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JULY 1997
<**>> VOLUME 77 NUMBER
7
IN THIS ISSUE ...
The Measurement of Depreciation in the NIPA's
U.S. International Transactions,
Revised Estimates for 1974-96
U.S. DEPARTMENT OP COMMERCE ^ ECONOMICS AND 'STATISTICS ADMINISTRATION
BUREAU OF ECONOMIC ANALYSIS
JULY 1997
VOLUME 77
NUMBER
7
SURVEY of
CURRENT BUSINESS
SURVEY OF CURRENT BUSINESS (ISSN
0039-6222)0 Published monthly by the
Bureau of Economic Analysis of the
U.S. Department of Commerce. Editorial correspondence should be addressed to the Editor-in-Chief, SURVEY
OF CURRENT BUSINESS, Bureau of Economic Analysis, U.S. Department of
Commerce, Washington, DC 20230.
U.S. Department of Commerce
William M, Daley, Secretary
Economics and Statistics Administration
Bureau of Economic Analysis
J. Steven Landefeld, Director
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THIS ISSUE of the SURVEY went to the printer on July 11,1997*
It incorporates data from the following monthly SEA news releases:
U.S. International Trade in Goods and Services (June 19),
Gross Domestic Product (June 27), and
Personal Income and Outlays (June 30).
July 1997
SURVEY OF CURRENT BUSINESS
TABLE
OF
CONTENTS
Special in this issue
1 The Measurement of Depreciation in the U.S. National Income
and Product Accounts
As part of the recent comprehensive revision of the NIPA'S, BEA introduced an
improved methodology for calculating depreciation and capital stocks. This
article by Barbara Fraumeni, a professor at Northeastern University and a
consultant for BEA, reviews the empirical liturature that supports BEA'S use of
geometric patterns of depreciation in the revised estimates.
43 U.S. International Transactions, Revised Estimates for 1974-96
This year's annual revision of the balance of payments accounts incorporates
significant improvements in the investment income, capital, and services accounts. In the investment income accounts, the estimates of income receipts
incorporate the results of the first benchmark survey of the stock of U.S. portfolio investment abroad in over 50 years. In the capital accounts, estimates
of the international flows of U.S. currency appear for the first time. In the
services accounts, preliminary results from the first annual surveys of financial services are incorporated. On the revised basis, the U.S. current-account
deficit is $148.2 billion in 1996* compared with $165.1 billion on the previously
published basis; the revision is more than accounted for by an upward revision
to exports of goods, services, and income.
l\egular features
1
Business Situation
Real GDP increased 5.9 percent in the first quarter 0/1997. Real GNP increased
5.0 percent, and real GNP on a command basis increased 5.6 percent. Corporate profits jumped $42.4 billion, as profits of both financial and nonfinancial
domestic corporations rebounded strongly from fourth-quarter decreases.
24
The International Investment Position of the United States in 1996
The net international investment position of the United States became more
negative in 1996: On a current-cost basis, it increased $182.8 billion, to -$870.5
billion; and on a market-value basis, it increased $193.8 billion, to -$831.3
billion. The change in the position in 1996 was attributable to large net capital
inflows to the United States. However, for the direct investment component
of the position, U.S. assets abroad continued to exceed foreign assets in the
United States.
— Continued on next page —
U
SURVEY OF CURRENT BUSINESS
34
Direct Investment Positions for 1996: Country and Industry Detail
In 1996, the U.S. direct investment position abroad valued at historical cost
increased n percent, reflecting large capital outflows that were mainly in the
form of reinvested earnings. Nearly half of the increase in the position was
accounted for by Europe, mostly by the United Kingdom. The foreign direct
investment position in the United States valued at historical cost increased 12
percent, reflecting large capital inflows that were mainly in the form of equity
capital—both from capital contributions to existing U.S. affiliates and from
acquisitions of U.S. business by foreigners. Most of the increase in the position
was accounted for by Europe.
56
U.S. International Transactions, First Quarter 1997
The U.S. current-account deficit increased $4.1 billion, to $41.0 billion, in the
first quarter o/ipp/. A shift to a deficit on investment income and an increase
in the deficit on goods and services were partly offset by a decrease in net
unilateral transfers. In the capital account, net recorded inflows were $59.1
billion in the first quarter, $19.0 billion higher than in the fourth.
l\eports and statistical presentations
5
D-l
Real Inventories, Sales, and Inventory-Sales Ratios
for Manufacturing and Trade
BEA Current and Historical Data
Inside back cover: BEA Information
(A listing of recent BEA publications available from GPO)
Back covers Schedule of Upcoming BEA News Releases
LOOKING AHEAD
Annual Revision of the National Income and Product Accounts. An article presenting
revised NIPA estimates and discussing major sources of the revisions will appear in the
August SURVEY. Selected data will be made available on July 31 as part of the release
of the advanced GDP estimates for the second quarter of 1997. For more information
on the annual NIPA revision, see the box on page 4.
Comprehensive Revision of Local Area Personal Income. An article presenting the
results of a comprehensive revision of the estimates of county and metropolitan area
personal income for 1969-95 will appear in the September SURVEY. The revision will
incorporate the recent comprehensive revisions of the NIPA'S and of State personal
income, as well as several improvements in the methodology for the estimates of
county personal income.
July 1997
July 1997
SURVEY OF CURRENT BUSINESS
BUSINESS
Larry R. Moran
prepared the first
section of this
article, and Daniel
Larkins prepared
the section on
corporate profits.
SITUATION
HE "FINAL" estimate of growth in real gross
JL domestic product (GDP) for the first quarter
of 1997 is 5.9 percent, o.i percentage point higher
than the "preliminary estimate reported in the
June "Business Situation" (table i and chart i);
for 1981-96, the average revision from the pre-
liminary to the final estimate, without regard to
sign, was 0.3 percentage point.1
Table 1.—Revisions to Real Gross Domestic Product and Prices,
First Quarter 1997
[Seasonally adjusted at annual rates]
Percent change from
preceding quarter
Preliminary
estimate
Gross domestic product
Less: Exports of goods and services
Goods
Services
Plus" Imports of aoods and services
Goods.
..
Services
5.8
11.2
12.8
6.6
LL
I
Equals-. Gross domestic purchases
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential
23.2
24.9
14.4
7.3
5.7
19.3
4.9
3.3
10.0
11.5
6.5
13.4
6.0
Final
estimate
5.9
10.8
14.4
1.2
19.9
19.1
24.7
Final estimate minus
preliminary estimate
Percentape
points
0.1
2.3
-.4
1.6
-.7
2.3
-5.4
-2.9
-3.3
-5.8
10.3
-10.4
3.3
7.1
-.2
5.6
-.1
-.5
18.8
4.6
3.4
-.3
.1
9.8
-.2
-.5
.1
-.7
.7
11.0
6.6
12.7
6.7
Change in business inventories
Nonfarm
Addenda:
Final sales of domestic product
Gross domestic purchases price index (chain-type weights) 1
GDP price index (chain-type weights) *
-S.9
-3.6
-.7
-.7
-1.1
1.0
.1
Selected Product Measures:
Change From Preceding Quarter
Pwcent
10
.1
.1
2.0
2.1
0
-.1
-.1
-.4
.1
3.8
2.2
2.8
4.1
2.2
2.7
.3
0
-.1
-a.1
-3.2
-10.0
-10.1
11.7
11.3
.2
-.1
-.1
-.2
.4
5.0
0
REAL GROSS D OMESTICPROC UCT
il
..l_l l 1
i l
•..
. . H. I
|.B
1
1. Based on chained (1992) weights.
NoiE.-The final estimates for the first quarter of 1997 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 March.
Nonresidential fixed investment Revised construction put in place for February and March and revised manufacturers' shipments
of machinery and equipment for March.
Residential fixed investment Revised construction put in place for February and March.
Change in business inventories: Revised manufacturing and trade inventories for February and March.
Exports and imports of goods and services: Revised exports and imports for October 1996 through March; revised balance of
payments data on exports and imports of services for the first quarter; and revised seasonal factors
Government consumption expenditures and gross investment Revised State and local construction put in place for February and
March and revised State and local government employment for January, February, and March.
Wages and salaries: Revised employment, average hourly earnings, and average weekly hours for October 1996 through March
and revised seasonal factors.
GDP prices: Revised values and quantities of petroleum imports for March and revised prices of single-family homes under construction for the first quarter.
i. Quarterly estimates in the national income and product accounts are
expressed at seasonally adjusted annual rates, and quarter-to-quarter dollar
changes are differences between these estimates. Quarter-to-quarter percent
changes are annualized and are calculated from unrounded data. Real estimates are expressed in chained (1992) dollars, and price indexes are chain-type
indexes.
-.3
-.8
.1
-.9
.5
-2.6
-2.8
Farm
Government consumption expenditures and gross
investment
Federal
National defense
Nondefense
State and local
Bilions of
chained
(1J92)
dollars
The general picture of the economy that is
indicated by the final estimates of the national
income and product accounts (NIPA'S) is little
changed from that shown by the preliminary estimates. GDP increased more in the first quarter
than in the fourth quarter of 1996, and the larger
increase was more than accounted for by an upturn in the change in business inventories, by an
acceleration in consumer spending, and by an
upturn in business investment in equipment. In
addition, small upturns in residential investment
and in government spending also contributed to
the step-up in GDP. In contrast, exports and business investment in structures increased less in
the first quarter than in the fourth, and imports
increased more.
10
5
REAL GROSS NATIONAL PRODUCT
On a Command-Basis-
1994
1996
based on seasonally adjusted
U.S. Department of Commerce, Bureau of Economic Analysis
Mfff:
SURVEY OF CURRENT BUSINESS
2 « July 1997
Revisions to the components of GDP were
small. A downward revision to imports, which
are subtracted from final expenditures in the calculation of GDP, more than offset a downward
revision to the change in business inventories.
The revision to imports was to goods and primarily reflected the incorporation of the annual
revisions of Census Bureau and BEA data for U.S.
international trade in goods and services, and
the revision to the change in business inventories
primarily reflected the incorporation of revised
Census Bureau data for manufacturing and trade
inventories for March,2
Real final sales of domestic product increased
4.1 percent in the first quarter, 0.3 percentage
point more than the preliminary estimate. Real
gross domestic purchases increased 7.1 percent,
0.2 percentage point less than the preliminary
estimate.
The price index for gross domestic purchases
increased 2.2 percent, the same as the preliminary
estimate, and the price index for GDP increased
2.7 percent, o.i percentage point less than the
preliminary estimate.
Real disposable personal income increased 4.0
percent, 0.2 percentage point less than the pre2. For additional information on the annual revisions to the U.S. international trade in goods and services estimates, see "U.S. International
Transactions, Revised Estimates for 1974-96" in this issue.
Table 2.—Relation of Real Gross Domestic Product, Real
Gross National Product, and Real Command-Basis Gross
National Product
Billions of chained
(1992) dollars
Level
1997
Plus: Receipts of factor income from the
rest of the world
Less Payments of factor income to the
rest of the world
1996
I
Gross domestic product
Change from
preceding
quarter
IV
Percent
change from
preceding
quarter
1996
1997
IV
I
3.8
I
5.9
7,094.4
65.2
101.1
219.7
14.0
-1.3
30.0
-2.4
14.2
14.5
27.3
243.2 ,
7.6
Equals-. Gross national product
7,070.4
71.7
85.4
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
1,105.8
61.0
20.8
26.0
1,126.8
53.1
30.6
22.0
Equals: Command-basis gross national
7,091.4
product
63.7
95.2
Addendum:
Terms of trade l
1997
101.9
-.9
.9
4.2
3.7
-3.5
5.0
7.9
11.6
5.6
3.6
1. 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.-tevels of these series are found in NIPA tables 1.10 and 1.11.
liminary estimate. The personal saving rate was
4.7 percent, o.i percentage point less than the
preliminary estimate.
Gross national product (GNP).—Real GNP increased 5.0 percent in the first quarter, 0.9
percentage point less than the increase in real
GDP (chart i and table 2).3 Receipts of factor
income from the rest of the world decreased,
and payments of factor income increased sharply;
corporate profits more than accounted for the decrease in receipts, and interest income accounted
for a little more of the increase in payments than
did profits.
Real GNP on a command basis increased more
than real GNP in the first quarter—5.6 percent, compared with 5.0 percent—reflecting an
improvement in the terms of trade.4 In the
fourth quarter, command-basis GNP increased
less than real GNP—3.7 percent, compared with
4.2 percent—reflecting a deterioration in the
terms of trade.
Corporate Profits
Profits from current production jumped $42.4
billion in the first quarter after decreasing $7.2
billion in the fourth (table a).5
Profits of domestic industries increased $52.5
billion after decreasing $20.5 billion. Profits
of both financial and nonfinancial corporations
rebounded strongly. For nonfinancial corporations, the first-quarter increase in profits reflected
increases in both real output and in unit profits. Profits from the rest of the world decreased
3. GNP—goods and services produced by labor and property supplied by
U.S. residents—equals GDP plus receipts of factor income from the rest of
the world less payments of factor income to the rest of the world.
4. In the estimation of command-basis GNP—a measure of the goods and
services produced by the U.S. economy in terms of their purchasing power—
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 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 implicit price deflator for the sum of exports
of goods and services and of receipts of factor income; in the denominator,
the implicit price deflator 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, adjustment lags,
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.
5. 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.i6c as "corporate
profits with inventory valuation and capital consumption adjustments."
SURVEY OF CURRENT BUSINESS
$10.2 billion after increasing $13.3 billion; receipts
turned down, and payments picked up.6
Cash flow from current production, a profitsrelated measure of internally generated funds
available for investment, increased $24.9 billion
6. Profits from the rest of the world is calculated as (i) 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.
Table 3.—Corporate Profits
Level
1997:1
Change from
preceding
quarter
1996
1997
IV
I
Billions of dollars
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
Profits by industry:
Corporate profits with IVA
Domestic industries
Financial
Nonfinancial
Manufacturing
Transportation and public utilities
Wholesale trade
Retail trade
Other
Rest of the world
712.5
-7.2
632.7
-20.5
-14.4
123.7
509.0
79.7
134.3
-6.1
13.3
14.1
-10.2
-2.7
7.4
.8
54.5
-.4
42.4
52.5
28.0
24.5
8.8
2.2
-11.2
2.5
1.5
44.4
668.5
246.2
422.3
-4.5
683.5
-1.1
24.9
-9.7
40.1
50.3
28.6
21.7
-1.3
668.0
588.3
149.9
438.4
168.1
102.2
44.8
45.7
77.6
79.7
6.0
-23.0
-13.7
-4.4
-1.2
-9.3
31.4
17.3
14.1
9.0
3.3
7.0
9.0
1.7
-7.8
2.0
13.3
1.069
0
.709
.234
.127
0
.002
-.003
0.003
.001
0
.004
NoTE.-Levels of these and other profits series are found in NIPA tables 1.14, 1.16, 6.16C,
and 7.15.
IVA Inventory valuation adjustment
CCAdj Capital consumption adjustment
Industry profits.—Industry profits increased $40.1
billion after decreasing $9.7 billion.7 For domestic financial corporations, a sharp first-quarter
increase followed a fourth-quarter decrease that
had reflected a special assessment on thrift institutions to recapitalize the Savings Association
Insurance Fund. For domestic nonfinancial
corporations, an upturn in profits reflected upturns in the transportation and public utilities
group and in retail trade; in contrast, profits in
manufacturing and in "other" nonfinancial corporations posted relatively small changes, as they
had in the fourth quarter, and profits in wholesale
trade increased less than in the fourth quarter.
Related measures.—Profits before tax (PBT) increased $3104 billion after increasing $1.5 billion.
The difference between the $29.9 billion stepup in PBT and the $49,6 billion upturn in
profits from current production was accounted
for by inventory profits, which decreased after
increasing.8
A box on the upcoming annual revision of the
NIPA'S follows. £2
-10.2
Dollars
Unit price, costs, and profits of nonfinancial
corporations.0
Unit price
Unit labor cost
Unit nonlabor cost
Unit profits from current production
after decreasing $1.1 billion. The ratio of cash
flow to nonresidential fixed investment, an indicator of the share of the current level of
investment that could be financed by internally
generated funds, increased to 82.3 percent from
80.9 percent. These levels are near the low end of
the range in which the ratio has fluctuated during most of this decade, but they are substantially
higher than its average level, 73.5 percent, in the
1980*8.
7. Industry profits, which are estimated as the sum of corporate profits
before tax and the inventory valuation adjustment, are shown in NIPA table
6.160. 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.
8. In periods of changing prices, 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, results
from an increase in inventory prices, and inventory losses, a capital-loss-like
element in profits, results from a decrease in inventory prices. Inventory
profits or losses are recorded in the national income and product accounts
as the inventory valuation adjustment with the sign reversed.
July 1997 • 3
4 • July 1997
SURVEY OF CURRENT BUSINESS
Annual Revision of the NIPA'S
On July 31,1997, BEA will release summary results from
an annual revision of the national income and product
accounts (NIPA'S). This year's revision, which covers the
estimates beginning with the first quarter of 1993, consists
of the usual incorporation of better source data and improved methodology, including an improvement in the
calculation of real output and prices for recent periods
(see below).
Publication of the revised NIPA estimates
The August SURVEY OF CURRENT BUSINESS will feature
an article that presents the revised NIPA estimates and
discusses the major sources of the revisions. The issue
will contain the summary accounts of the NIPA'S for 1996;
the summary historical NIPA tables; a complete list of the
NIPA tables; and most of the full set of NIPA tables. Tables 7.5, 7.7, 7.8,7.12, and 7.13 (detailed components of the
annual estimates of personal consumption expenditures,
private purchases of structures and producers' durable
equipment, national defense spending, and government
investment), which currently show only price indexes,
will be expanded to include quantity indexes and reorganized into separate panels for the quantity indexes and
the price indexes. Tables 7.4, 7.6, 7.9, 7.10, 7.118, and
7.14 (quarterly quantity and price indexes for the major components of gross domestic product) will also be
reorganized into this easier-to-use format. In addition,
the following quantity-index tables will be added: 7.17
(GDP by type of product), 7.18 (auto output), 7.19 (truck
output), and 7.20 (gross and net investment).
The September SURVEY will include an article that describes the major methodologies and source data used to
prepare the NIPA estimates and that features the two tables that summarize the methodology for preparing the
estimates of GDP (these tables were last presented beginning on page 84 of the August 1996 SURVEY). The
September SURVEY will also contain the new and revised
estimates of fixed reproducible tangible wealth in the
United States (tables 1-15) that are consistent with the
revised NIPA estimates.
The October SURVEY will contain the NIPA tables that
were not published in the August issue—the government
expenditures by type and function tables and the government reconciliation tables (3.15-3.20) and the seasonally
unadjusted tables (9.1-9.6).
In the November SURVEY, revised estimates of gross
product originating by industry for 1993-96 will be
presented.
The estimates associated with the annual revision
will be made available from STAT-USA on the Economic Bulletin Board and on their Internet site
(httpi//www.stat-usa.gov). (For more information, call STAT-USA at (202) 482-1986.) Selected estimates will also be posted on the BEA Internet site
(httpt//www.bea.doc.gov). In addition, the published estimates will be available on computer diskettes;
to order, write to the Bureau of Economic Analysis,
BEA Order Desk (BE-53), Washington, DC 20230 or call
1-800-704-0415.
Improved estimates of real output and prices
As indicated in the May 1997 SURVEY, this year's annual
revision will introduce an improvement in the calculation of real output and prices for recent periods when
prices and quantities for the 2 adjacent years are not
yet available. BEA'S current procedure would have used
the prices and quantities from the most recently completed year (1996) as fixed weights in the calculation of
the estimates beginning with the third quarter of 1996;
instead, BEA will introduce a new procedure that uses the
prices and quantities from the two adjacent quarters as
weights to calculate Fisher chain-type measures for these
estimates.
July 1997
SURVEY OF CURRENT BUSINESS
Real Inventories, Sales, and Inventory-Sales Ratios
for Manufacturing and Trade
Tables i, 2, and 3 show quarterly and monthly estimates of real inventories, sales, and inventory-sales
ratios, respectively. Real manufacturing inventories
by stage of fabrication are shown in table 4. Real
estimates are in chained (1992) dollars.
Data availability
Quarterly estimates for 1977-95 of real manufacturing
and trade inventories, sales, and inventory-sales ratios
and of real manufacturing inventories by stage of fabrication were published in the May 1996 SURVEY OF
CURRENT BUSINESS.
Estimates for 1967 forward are available electronically to subscribers to STAT-USA'S Economic Bulletin
Board or Internet services. For information, call (202)
482-1986.
The estimates for 1967-95 are also available on
printouts and diskette. To order, write to the National Income and Wealth Division, BE-54, Bureau of
Economic Analysis, U.S. Department of Commerce,
Washington, DC 20230. Specify "Real Manufacturing
and Trade Inventories, Sales, and Ratios" (Accession
Nos. BEA 54-91-20-014 for printouts, BEA 54-91-40409 for diskette), and include a check or money order
for $55.00 for printouts or $20.00 for diskette, payable
to the Bureau of Economic Analysis. To order by telephone, call (202) 606-9700; MasterCard and VISA are
accepted.
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]
1996
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 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 goods2
Merchant wholesalers
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
Retail trade
Durable goods
3
Motor vehicle dealers3
Other durable goods ..!!!".!!."..!.....,!.!"!.!!!".!
Nondurable goods
Food stores
Other nondurable goods
1997
IV
I
1996
Dec.
Jan/
Feb.' Mar/
Apr./'
936.0 944.8 937.0 936.0 939.8 9444 944.8 948.3
406.5 411.0 407.9 406.5 407.8 409.9 411.0 414.1
261.8
264.8
263.3
261.8
263.3
264.4
264.8
267.4
22.7
23.4
57.4
44.4
58.6
13.4
45.2
55.9
22.3
23.8
58.0
44.1
61.0
13.7
47.3
22.7
23.4
57.4
44.4
58.6
13.4
45.2
55.9
22.3
23.5
57.7
44.2
60.1
13.5
46.7
56.2
22.2
23.7
58.0
44.2
60.9
13.7
47.2
22.3
23.8
58.0
44.1
61.0
13.7
47.3
22.1
23.9
58.8
44.6
62.2
13.9
48.3
0
22.5
23.4
58.4
44.7
58.9
13.3
45.6
56.1
0
0
0
144.9
146.5
144.9
144.9
144.8
145.7
146.5
147.0
31.4
15.0
35.6
31.3
14.9
35.8
10.6
14.2
31.4
15.0
35.4
31.4
15.0
35.6
31.3
14.9
35.5
31.5
14.8
35.6
31.3
14.9
35.8
10.6
14.2
31.2
14.9
36.1
10.6
14.2
9.3
14.0
39.3
0
9.4
9.3
9.6
9.9
13.9
39.5
14.0
39.3
14.1
38.7
14.1
0
0
0
247.1
251.0
246,5
247.1
249.4
249.8
251.0
249.3
157.5
160.0
157.5
157.5
158.6
159.0
160.0
159.9
89.8
27.5
62.5
91.2
89.2
27.6
61.8
89.8
27.5
62.5
90.9
27.7
63.8
90.8
91.2
89.6
0
0
0
0
0
0
284.2 282.2
0
0
284.3
281.9
282.2
282.0
281.9
282.0
148.3
148.5
148.9
148.3
148.1
150.0
148.5
149.7
67.9
80.8
67.0
67.9
80.8
67.6
80.0
68.5
67.0
67.8
133.4
0
133.5
68.0
81.3
132.9
133.4
133.8
0
134.0
0
133.5
0
134.5
27.4
27.6
27.2
27.4
27.5
27.5
27.6
27.5
106.2
0
105.8
106.2
106.3
0
0
0
* Preliminary.
1. Includes lumber and wood products; furniture and fixtures; stone, day, 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 induded 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 hdding
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
The residual line is the difference between the first line and the sum of the most detailed lines for inventories.
Manufacturing and trade
Manufacturing
Durable goods
Primary metal industries
Fabricated metal products
Industrial machinery and equipment"!!!!!!!!!!!
Electronic and other electric equipment
' Motor vehidSandequipmentl
Other transportation equipment
Other durable goods1 ._
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 goods2
Merchant wholesalers
Durable goods
Nondurable goods ....
Groceries and farm products
Other nondurable goods
Retail trade
Durable goods
Motor vehide dealers3
Other durable goods3
Nondurable goods ....
Food stores
Other nondurable goods
1997
IV
1997
1996
Nov.
1
1997
1996
Nov.
Dec.
Jan/
Feb/
Mar/
Apr."
695.8 711.4 697.4 696.4 704.5 715.4 714.4 7ia2
303.0 308.8 304.4 302.6 306.3 309.6 310.5 314.4
167.7
172.1
168.5
167.5
169.2
172.7
174.5
176.4
13.9
16.3
36.7
29.5
37.3
24.8
11.1
41.1
14.2
16.5
37.8
30.2
38.4
25.5
11.4
13.9
16.2
37.6
29.4
36.8
24.0
11.4
40.7
14.2
16.4
37.3
38.3
26.1
10.8
41.6
14.3
16.6
37.6
30.4
38.3
25.5
11.4
14.2
16.5
38.7
31.5
38.4
25.1
11.9
14.4
16.9
39.3
30.3
39.7
26.0
12.2
0
14.0
16.4
36.3
30.0
37.6
25.0
11.2
41.3
0
0
0
134.7
136.3
135.4
134.4
136.6
136.5
135.7
137.8
36.3
12.0
28.5
14.3
11.4
32.8
36.8
12.1
29.0
14.1
11.7
36.7
11.9
28.5
14.4
11.5
33.1
35.9
12.0
28.6
14.3
11.4
33.1
36.9
12.0
29.1
14.2
11.7
33.3
36.7
12.1
29.1
14.0
11.8
36.6
12.1
28.8
14.2
11.7
36.9
12.5
29.5
14.1
12.0
0
0
189.1
194.1
189.7
189.8
191.1
196.3
194.8
195.9
100.8
103.0
101.1
101.1
101.4
104.5
103.0
104.8
88.3
32.6
52.1
91.1
88.5
32.9
52.3
88.7
32.8
52.4
89.7
32.7
53.0
91.8
91.7
91.1
0
0
0
0
0
0
203.6
208.5
203.2
203.9
207.0
209.5
209.0
207.8
82.4
43.7
38.8
85.5
45.4
82.2
43.5
38.8
82.7
43.9
38.8
84.3
44.8
39.2
86.5
46.1
85.6
45.3
85.1
44.7
120.8
121.1
122.5
0
122.7
0
123.1
0
122.4
33.0
87.8
33.1
88.0
33.2
89.5
33.1
33.4
33.2
0
0
0
121.0
33.1
87.9
0
0
0
0
122.8
33.2
0
286
0
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 milll 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 inducted 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 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 Tine and the sum of the most detailed lines for inventories.
6 « July 1997
SURVEY OF CURRENT BUSINESS
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]
1996
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
l
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 goods2
Merchant wholesalers
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
Retail trade
Durable goods
Motor vehicle dealers3
Other durable goods3
Nondurable goods
Food stores
Other nondurable goods
p Preliminary.
1997
IV
I
1.35
1.33
1.34
1.34
1.34
1.33
1.34
1.56
1.63
1.44
1.56
1.51
1.57
1.54
1.57
1.44
1.53
1.46
1.59
1.56
1.61
1.42
1.61
1.49
1.57
.54
.54
4.09
1.36
1996
Nov.
1996
Mar/
1.33
1.32
1.32
1.32
1.34
1.33
1.32
1.32
1.32
1.56
1.63
1.45
1.53
1.51
1.59
1.56
1.57
1.44
1.55
1.54
1.57
1.53
1.55
1.42
1.54
1.45
1.59
1.52
1.57
1.44
1.50
1.40
1.59
1.52
1.53
1.41
1.50
1.47
1.57
.53
.56
.52
.54
.55
.54
4.15
1.33
4.07
1.36
3.96
1.37
4.31
1.35
4.15
1.31
3.97
1.32
3.96
1.30
1.08
1.08
1.07
1.08
1.06
1.07
1.08
1.07
.87
.85
.86
.88
.85
.86
.85
1.25
1.25
1.24
1.23
1.26
1.24
1.25
1.25
1.24
1.22
1.23
.86
124
124
.75
1.19
1.22
Apr.'
.65
.75
.65
.66
122
.67
1.23
1.20
1.21
1.20
1.21
1.20
1.18
1.20
1.19
1.21
1.18
120
1.23
1.19
121
121
1.31
1.29
1.30
1.30
1.31
1.27
129
127
1.56
1.02
1.55
1.00
1.56
1.01
1.56
1.01
1.56
1.01
1.52
1.55
1.53
.99
.84
.99
.86
.98
.83
.70
.75
.84
.84
.84
.84
1.20
1.19
1.18
1.19
.85
120
1.17
1.18
1.17
1.38
1.35
1.39
1.38
1.36
1.36
1.35
1.37
1.80
1.55
2.08
1.10
1.74
1.48
2.04
1.09
1.81
1.57
2.10
1.10
1.79
1.55
2.08
1.10
1.76
1.51
2.05
1.09
1.74
1.49
2.03
1.09
1.73
1.48
2.02
1.08
1.76
1.52
2.03
1.10
.83
.82
.83
.83
.83
.83
.82
.83
1.21
1.18
1.21
1.21
1.19
1.19
1.18
1.20
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.
Materials and supplies
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 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 goods2
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 x
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 goods2
Finished goods
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 goods1
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 goods2
1997
IV
1997
Jan/
Feb/
Dec.
1
1997
1996
Nov.
Dec.
Jan/
Feb/
Mar/
Apr.'
133.0
134.4
133.6
133.0
133.0
133.6
134.4
134.6
79.7
80.5
79.7
79.8
79.7
80.5
80.5
7.5
8.6
7.5
8.8
802
7.6
8.7
7.5
8.6
7.5
8.7
7.5
8.8
17.1
15.5
6.3
17.5
15.5
6.5
17.4
15.6
6.2
17.1
15.5
6.3
17.1
152
6.5
7.5
8.7
172
7.5
8.8
172
15.2
6.5
17.5
15.5
6.5
5.4
5.3
5.6
5.4
5.5
5.4
5.3
5.4
19.4
19.5
19.4
19.4
19.4
19.4
19.5
19.6
53.3
10.3
54.0
53.4
10.3
53.3
10.3
53.3
10.3
53.9
10.4
54.0
7.0
7.0
7.0
102
7.0
54.1
10.0
7.0
15.7
6.5
7.0
102
7.0
11.4
11.5
11.4
11.4
11.4
11.5
11.5
11.6
3.1
3.6
32
3.1
3.3
3.4
3.6
3.6
5.3
16.1
5.3
16.4
5.3
162
5.3
16.1
5.4
16.0
5.3
16.3
5.3
16.4
5.3
16.6
134.8
136.8
135.4
134.8
135.5
136.3
136.8
1382
111.6
113.2
112.1
111.6
1122
112.8
113.2
114.3
82
6.5
8.0
6.7
8.1
6.6
82
6.5
8.0
6.6
8.0
6.7
8.0
6.7
7.9
6.8
22.0
16.1
22.1
15.8
22.1
16.4
22.0
16.1
21.9
15.9
21.8
15.9
22.1
15.8
22.5
15.8
4.1
382
7.0
4.1
3.7
3.7
4.0
4.0
17.0
37.8
17.0
39.1
17.1
39.8
17.1
39.9
17.0
40.6
16.9
23.8
23.3
23.3
23.3
23.6
23.8
24.0
4.3
1.7
5.9
4.5
1.6
5.5
4.3
1.7
5.7
4.4
1.6
5.7
4.4
1.6
5.7
4.3
1.7
5.9
4.4
1.6
6.0
1.9
1.9
7.7
22
2.0
7.6
2.0
1.9
7.8
1.9
1.9
7.7
2.0
1.9
7.6
2.1
2.0
7.7
2.2
2.0
7.6
22
2.0
7.7
138.8
139.9
139.1
138.8
139.4
140.1
139.9
141.5
70.5
71.1
70.9
70.5
71.9
71.1
72.6
6.9
8.2
6.8
8.4
6.9
82
6.9
8.2
712
6.8
82
6.7
8.3
6.8
8.4
6.7
8.4
18.3
12.8
3.0
18.4
12.8
3.3
19.0
12.7
3.1
18.3
12.8
3.0
18.7
13.1
3.3
19.0
132
3.4
18.4
12.8
3.3
19.1
132
3.4
4.1
4.0
37.8
17.0
39.9
17.0
23.3
4.3
1.7
5.7
2.1
2.0
1.9
2.1
2.0
2.1
2.0
2.3
19.6
19.7
19.6
19.6
19.6
19.7
19.7
19.9
68.4
16.7
68.8
16.8
682
16.6
68.4
16.7
68.3
16.6
68.3
16.6
68.8
16.8
69.0
16.7
6.4
6.3
6.4
6.4
6.3
62
6.3
6.3
18.6
18.4
18.5
18.6
18.4
18.4
18.4
18.5
4.3
4.8
4.2
4.3
4.3
4.4
4.8
4.8
6.8
15.5
6.9
15.5
6.7
15.6
6.8
15.5
6.8
15.7
6.9
15.6
6.9
15.5
7.0
15.6
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. 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 106. 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 for inventories.
July 1997
SURVEY OF CURRENT BUSINESS
The Measurement of Depreciation in the
U.S. National Income and Product Accounts
By Barbara M. Fraumeni
As part of the recent comprehensive revision of the NIPA'S,
BEA introduced an improved methodology for calculating depreciation. The improved methodology uses empirical evidence
on the prices of used equipment and structures in resale markets, which has shown that depredation for most types of assets
approximates a geometric pattern. Previously, the depredation estimates were derived using straight-line depredation
and assumed patterns of retirements.
This article describes the theoretical and empirical literature that supports the new BEA methodology. The authort
a professor of economics at Northeastern Universityf Bostont
Massachusetts, drafted the article while she was serving as a
consultant to BEA for this project. The views expressed are the
author's and do not necessarily represent those of BEA.
HIS ARTICLE describes the basis for the new
depreciation methodology used by the Bureau of Economic Analysis (BEA)/ The new BEA
methodology reflects the results of empirical
studies on the prices of used equipment and
structures in resale markets, which have shown
that depreciation for most kinds of equipment
and structures does not follow a straight-line
pattern,,
For most assets, empirical studies
on specific assets conclude a geometric pattern
of depreciation is appropriate.2 The new BEA
methodology also uses a geometric pattern of
depreciation as the default option when information on specific assets is unavailable.3 In either
case, the geometric (constant) rate of depreciation is determined from empirical studies of used
assets. For some assets (autos, computers, missiles, and nuclear fuel), empirical studies, BEA
data, or technological factors justify the use of
a nongeometric pattern of depreciation by BEA.
This article reviews the empirical research on depreciation, the basis for the improvement in BEA
methodology.
Previous BEA estimates of depreciation were
based on a straight-line pattern for depreciation;
the switch is to a geometric pattern for depre-
T
1. The improved methodology was summarized in Parker and Triplett
(i995)' The new estimates of capital stock were described in Katz and Herman
(1997).
2. These assets are listed as type A and B assets in table 3.
3. These assets are listed as type C assets in table 3.
ciation for most assets. A straight-line pattern
assumes equal dollar depreciation over the life of
the asset. For example, with straight-line depreciation, depreciation in the first year is equal to
depreciation in the second year, which is equal
to depreciation in the third year, and so on. A
geometric pattern is a specific type of accelerated
pattern. An accelerated pattern assumes higher
dollar depreciation in the early years of an asset's
service life than in the later years. For example, with accelerated depreciation, depreciation
in the first year is greater than that in the second year, which is in turn greater than that in
the third year, and so on. In BEA calculations,
in the absence of investment, geometric depreciation is calculated as a constant fraction of detailed
constant-dollar net stocks.
In most cases, the rates of geometric depreciation are based on the Hulten-Wykoff estimates
(Hulten and Wykoff i98ib). For some assets
(computer equipment and autos), nongeometric
depreciation rates estimated in empirical studies
or from BEA data are used. For a few assets (missiles and nuclear fuel rods), BEA has
retained its prior methodology of deriving estimates of depreciation using straight-line depreciation and Winfrey retirement patterns.4 The
original Hulten-Wykoff rates are modified to
reflect service lives currently used by BEA.
The first section of this article briefly describes
the relevant depreciation concepts. The second
section discusses previous BEA methodology and
Hulten-Wykoff methodology in the context of
these depreciation concepts. The empirical research on depreciation is summarized in the third
section. In the fourth section, the new BEA
depreciation rates for all assets except autos, computers, missiles, and nuclear fuel are listed and
their derivation documented. The fifth section
consists of a brief conclusion.
4. Retirement patterns refer to the patterns of assets withdrawn from
service.
dee.
8 • July 1997
SURVEY OF CURRENT BUSINESS
Depreciation Concepts 5
Definitions
The value of an asset changes as the result of depreciation and revaluation.6 Depreciation is the
change in value associated with the aging of an
asset. As an asset ages, its price changes because
it declines in efficiency, or yields fewer productive
services, in the current period and in all future
periods. Depreciation reflects the present value of
all such current and future changes in productive
services.
Revaluation is the change in value or price per
unit that is associated with everything other than
aging. Revaluation includes pure inflation, obsolescence, and any other impact on the price of an
asset not associated with aging.
The decomposition of the change in the value
of an asset is illustrated in table i for an asset with
price per unit. The price of an asset, Ptime,age>
in time o and the price of an asset in time i is
observed. There are two possible sources of the
price change: The first being a change in the price
of an asset because it has aged and the second
5. The sources for this section include papers by Triplett (i99aa> *992b,
1996), by Jorgenson (1989,1996), by Young and Musgrave (1980), and by BEA
(1993).
6. BEA and the author of this article differ in their definition of depreciation in national accounts. This will be discussed briefly in the section "BEA
definition."
Table 1.—Depreciation Versus Revaluation
Represent the price of an asset by (Ptime,age).
A change in the price of an asset at time = 1, (Ptime=i,age=i — Ptime=o,age=o)>
is equal to
depreciation, (Ptime=o,age=i ~ ^time=o,age=o)>
or age effects, holding time constant
plus
revaluation, (Ptime=i,age=i ~ J\ime=o,age=i)>
or time effects, holding age constant.
Schematically, representing the decomposition of the observed price change
(•Ptime=i,age=i - J°time=o,age=o)> in bold and with arrows, and the matrix of price
changes over time = 0,1,... T and age = 0,1,... A, where D is depreciation and
R is revaluation:
TIME
"time=i,age=o
* time=2,age=o
•Ptime=T,age=o
being a change in the price of an asset because it
is a different time period. The decomposition can
be illustrated in the simplest case by reference to
the well-known used-car price book. Prices for iyear-old cars of the same make and model in the
1997 book and their prices when new provide an
estimate of depreciation because everything but
age is held constant. Prices for i-year-old cars of
the same make and model in the 1996 and 1997
price books provide an estimate of revaluation,
because age is held constant while everything else
changes.
Obsolescence is a decrease in the value of an
asset because a new asset is more productive, efficient, or suitable for production. A new asset
might be more suited for production because it
economizes on an input that has become relatively more expensive. Obsolescence has played a
big part in the debate about the impact of the oil
embargo on productivity.7 Other impacts on the
price of an asset include the price effect of any
changes in taxes or interest rates facing business
not anticipated when the asset was new. If depreciation and retirement patterns did not change
over time, revaluation could be estimated from a
used-asset-price book, as described above.
BEA definition
BEA defines depreciation as "the decline in value
due to wear and tear, obsolescence, accidental
damage, and aging" (Katz and Herman 1997,
70), which includes retirements, or discards as
they are frequently called.8 BEA includes the destruction of privately owned fixed assets that is
associated with natural disasters in depreciation.9
BEA focuses on depreciation as the consumption
of fixed capital or as a cost of production. Depreciation is viewed as a cost incurred in the
production of gross domestic product (GDP), as a
deduction in the calculation of business income,
7. Martin N. Baily (1981) argues that the rapid increase in energy prices
during the oil embargo rendered certain types of assets obsolete, leading to
a decline in the rate of productivity change. A rebuttal to this argument is
contained in Hulten, Robertson, and Wykoff (1989).
8. Retirements or discards are assets withdrawn from service.
9. The current BEA treatment of natural disasters in part reflects the
absence from the national income and product accounts of an integrated
balance sheet and raises another set of issues that will not be discussed here.
\
D
4
AGE
P,ime=o,age=si
t
time=i,age*i
*•time=2,age=i
•ftime=o,age=A
•Ptime=i,age=A
•Ptime=2,age=A
',age=i
•••
-Ptime=T,age=A
The author wishes to thank Ernst Berndt, Eric Brynjolsson, Terry Burnham, Madeline Feltus, Michael Harper,
Charles Hulten, Dale Jorgenson, Peter Koumanakos,
Stephen Oliner, Keith Shriver, Kevin Stiroh, and Frank
Wykoff, as well as staff at BEA, for their comments and
assistance on this article.
SURVEY OF CURRENT BUSINESS
and as a partial measure of the value of services
of government fixed assets. BEA'S conceptualization of depreciation as such is generally consistent
with the work of Fabricant (1938, 12-14) and
Denison (1957) and the definition of depreciation
in the System of National Accounts (SNA).10 It is
also consistent with the concept of the consumption of fixed capital in the context of estimates
of sustainable product, or income, where depreciation is subtracted from GDP to derive net
domestic product and net domestic income—a
rough measure of that level of income or consumption that can be maintained while leaving
capital intact.
The essential difference between BEA'S depreciation definition and the definition in this article
is the treatment of obsolescence. Obsolescence
shows up in the national income and product
accounts (NIPA'S) in at least two ways. One,
BEA depreciation estimates include obsolescence
through a service-life effect and through the use
of depreciation rates estimated from used-asset
prices unadjusted for the effects of obsolescence.
Assets may be retired early, when they are still
productive, because of obsolescence; this is reflected in BEA'S depreciation estimates, as service
lives affect the estimate of the geometric rates of
depreciation used for most assets.11 Two, obsolescence is reflected in the constant-quality prices
that are part of the NiPA's.12 In addition to the
theoretical usefulness of separating the effects of
obsolescence from those associated with the physical deterioration of an asset, BEA'S use of hedonic
and other quality-adjusted price indexes suggests
an empirical reason why greater attention may
have to be paid to the effects of obsolescence.
In its future work, BEA plans to conduct studies
focusing on quality change and obsolescence.13
10. The SNA defines depreciation as "the decline, during the course of the
accounting period, in the current value of the stock of fixed assets owned and
used by a producer as a result of physical deterioration, normal obsolescence,
or normal accidental damage" (SNA 1993,147, 6.179).
11. See the next section and "BEA default geometric-depreciation rates."
12. See Oliner (1993, 55) for a discussion of constant-quality prices and
depreciation in the context of a study of mainframe computers. BEA is using
Oliner's partial depreciation measure, which is consistent with BEA'S hedonic
price index for computers.
13. The author of this article and BEA both agree that further work needs
to be done to quantify obsolescence and to identify the impact of obsolescence and quality change on national income accounting measures. Further
consideration of the major issues surrounding the definitional differences described above could be one component of future work on obsolescence and
quality change.
Specifics of BEA Methodology and
Hulten-Wykoff Methodology
Specifics of BEA methodology14
As noted, BEA has used a straight-line pattern of
depreciation since the 1950*8. Depreciation is an
equal dollar amount per period over the lifetime
of the asset.
Retirements for a group of assets depended on
the group's average service life and on the pattern
of retirements (the distribution of retirements
around the mean service life)0
Once retirements have begun, the combined
effects of straight-line depreciation and retirements result in a depreciation pattern that is
more accelerated than a straight-line depreciation pattenio An accelerated depreciation pattern
assumes higher dollar depreciation in the early
years of an asset's service life than in the later
years.
Mean service lives are estimated from a wide
variety of sources, both government and private,, In general, information is not available to
provide different mean service lives by industry
Production-type manufacturing equipment is a
notable exception. Similarly, in general, information is not available on changes in mean service
lives over time, if they do occur; aircraft is one
exception to this general rule. When a mean
service life is changed, the new mean service life
is applied only to new assets. There is no effect
on depreciation of existing assets.
A modified S-3 Winfrey curve was used for
most assets to estimate the pattern of actual retirements around the mean; a L-2 Winfrey curve
was used for consumer durables (Winfrey 1967;
Russo and Cowles 1980), The 8-3 curve is a bellshaped distribution centered on the mean service
life of the asset. It was used for private nonresidential equipment (except autos) and structures,
private residential equipment, and government
residential equipment and structures. The L-2
curve is an asymmetrical distribution with heavier discards before the mean service life. Both sets
of Winfrey curves were modified to reflect different assumptions about when retirements begin
and end as a percentage of the mean service life
of the asset.
Expected obsolescence implicitly enters into
BEA estimates of depreciation through shorter asset lifetimes and through the retirement pattern
previously used. The mean service life of a class
of assets could be shorter because obsolescence
14. See BEA (1993).
July 1997
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1O » July
has occurred consistently over the historical period or is reflected in the occasional revision of
mean service lives. In addition, as obsolescence
can result in early retirement, the modified Winfrey patterns may have been picking up some of
the obsolescence effects.15
BEA adjusts depreciation estimates to capture
the effect of natural disasters that destroy large
amounts of fixed capital.
Specifics of Hulten-Wykoff
methodology16
Initially, Hulten and Wykoff made no assumption
about what form depreciation patterns take0 Instead, they estimated used-asset age-price profiles
for eight producers' durable equipment or nonresidential equipment assets, which they called
type A assets, with a Box-Cox model (Box
and Cox 1964) ,17 They tested to see whether
the resulting depreciation patterns most nearly
resembled patterns arising from one-hoss-shay,
straight-line, or geometric efficiency patterns,,18
There is a direct correspondence between
efficiency patterns and depreciation patterns.
Present and future declines in efficiency result in
depreciation or declines in the value of an asset as it ages. A one-hoss-shay efficiency pattern
assumes that no loss in efficiency occurs until
the asset is retired. The corresponding depreciation pattern is less accelerated than a straight-line
pattern of depreciation with lower dollar depreciation in the early years of an asset's service life
than in the later years. A straight-line efficiency
pattern assumes equal declines in efficiency in
each period over the life of the asset. The corresponding depreciation pattern, which has higher
dollar depreciation in the early years of an asset's
service life than in the later years, is accelerated
relative to a straight-line pattern of depreciation.
A geometric efficiency pattern also gives rise to an
accelerated depreciation pattern. The geometric
pattern is a special case because the efficiency pattern and the depreciation pattern have the same
form, with declines in efficiency and depreciation
occurring at the same rate.
Hulten and Wykoff concluded that depreciation patterns for eight assets are accelerated.
In addition, although all three patterns were
15. Young and Musgrave maintain that expected obsolescence should be
charged when the asset is retired (Young and Musgrave 1980, 34, figure 1.1).
BEA'S methodology does not do this.
16. The information on Hulten-Wykoff methodology is taken from three
sources: Hulten and Wykoff (i98ia and i98ib) and Wykoff and Hulten (1979).
17. Age-price profiles map ages of assets with their prices.
18. An efficiency pattern is a pattern describing the productive services
from an asset as it ages. The efficiency of a new asset is typically normalized
to 1.0. As an asset declines in efficiency, its efficiency has a value of less than
rejected statistically, they concluded that the
depreciation pattern was approximately geometric in all cases. In 1977, the eight producers'
durable equipment or nonresidential equipment
assets—tractors, construction machinery, metalworking machinery, general industrial equipment, trucks, autos, industrial buildings, and
commercial buildings—amounted to 55 percent
of investment expenditures on producers' durable
equipment and 42 percent of spending on nonresidential structures. They assumed that the depreciation pattern for the remaining 24 out of 32
producers' durable equipment and nonresidential structures NIPA classes contemporary to their
study was geometric. These were categorized as
type B or type C assets.
Since used-asset prices reflect only surviving assets (a censored-sample problem), Hulten
and Wykoff weighted used-asset prices by the
probability of survival before estimating the depreciation patterns.19 Weighted used-asset prices
reflect surviving and retired assets. The probability of survival, the weight, depends upon the
mean service lives of assets and on the deviation of retirements around the mean service life.
Mean service lives were assumed to be 100 percent of Bulletin F. An LO Winfrey curve was
used to estimate the pattern of actual retirements
about the mean for structures. The LO curve
is an asymmetrical distribution that allows for
some assets to survive to very old ages relative to
the mean service lives. An 8-3 curve, described
above, was used for metalworking machinery and
general industrial machinery.20 Finally, an assumption was needed about the net value of an
asset (scrappage value less demolition costs) to
complete the transformation of a surviving-asset
sample to an estimated sample of both surviving
and retired assets. Hulten and Wykoff assumed
that the net value of an asset retired from service
was on average zero. The used-asset prices inputted to the Box-Cox model were thus weighted
and net value adjusted. As a result, the depreciation estimates from the Box-Cox model reflected
both efficiency declines and retirements.
19. The censored-sample problem can be illustrated by the following example. Suppose that two cars are bought new in 1980. By 1990, one is still
in service and one has been junked. The one that is still is service is sold
as a used car, say for $1,000. If we take the used-car sales price to be representative of all cars bought new in 1980, we would assume that the 1990
value of all cars bought new in 1980 is $2,000. In fact, the 1990 value of the
cars is $1,000 or on average $500 per car. Hulten and Wykoff, by weighting
used-asset prices by the probability of survival, are calculating the used-asset
price equivalent of an average 1990 value of $500 per car bought new in 1980.
Their procedure assumes that the used-asset price of nonsurvivors is zero.
20. BEA at the time typically assumed mean service lives were 85 percent
of Bulletin F and used a modified 8-3 Winfrey curve for most assets except
consumer durables.
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The used-asset prices were adjusted for the effects of inflation on these prices by the inclusion
of a time variable in the Box-Cox estimation
procedure.
With a geometric pattern, the rate of depreciation, 5, depends only on the declining-balance
rate and the asset's service life:
R
*
5G=
T
where T is the average asset service life from Bulletin F, and 1? is the estimated declining-balance
rateo21 SG is constant over the lifetime of the asset, and depreciation is higher in the early years of
an asset's service life. With a geometric pattern,
depreciation, ditG* for i dollar of investment
1 = 1,2,3,...
where i is the age of the asset. The higher the
declining-balance rate, R, the higher the geometric rate of depreciation, £G> and the higher
depreciation is in the early years of an asset's
service life. This contrasts with a straightline depreciation pattern. With a straight-line
pattern:
July 1997 • 11
rate for producers' durable equipment was 1.65,
and for private nonresidential structures, o.pi.22
In both cases, the declining-balance rate was estimated on average to be significantly less than a
double-declining-balance rate (R = 2).23
Summary of Empirical Research
Empirical research on depreciation has been conducted on most asset categories included in the
U.S. national income and wealth accounts. These
studies can be broadly classified into studies
that looked at market-based used-asset prices to
estimate depreciation and those that did not.24
Research based on used-asset prices
A large number of studies have employed price
data from individual market transactions, dealers5
price lists, insurance records, or rental prices to
estimate actual depreciation. Table 2 lists these
studies. Two studies cover a large number of
asset classes or industries: Hulten-Wykoff covering U.S. assets and Koumanakos-Hwang covering
Canadian assets. Of the 29 studies listed, half deal
22. With truncation, 0.9 was frequently used in the actual calculations.
23. At the time of Hulten and Wykoff s research, researchers commonly
assumed that the appropriate declining-balance rate was double declining.
24. This section draws heavily on three previous surveys of empirical research on depreciation. They are Hulten and Wykoff (i98ib), Jorgenson
(1996), and Brazell, Dworin, and Walsh (1989).
l,2,3 ..... n
Table 2-—Studies of Depreciation Based on Used-Asset Prices
where i is the age of the asset, and n is the retirement age of the asset, which can be distributed
about the average service life of the asset, T. 8
32 classes of assets
for a siraigm line nattemror a straio-ht \\r\e pattern.
n
27 cjasses Qf assetg Qf 43 industrjes
i
i
_ V _ 1)
(i
;
i=123
*
*-**>*
Hulten and W koff 1981b
Koumanokos y
and Hwang 1988
Automobiles
Ackerman 1973; Cagan 1971
Chow 1957, 1960
Ohta and Griliches 1975
Ramm1970
Of*106 of Tax Analysis 1991 a
Wykoff 1970, 1989
Trucks
Hail 1971
°®* of Tax Ana|ysis 1991b
GrilichesHu hes and Nelson 1977
i960
Penson
» 9 »
Penson, Romain, and Hughes 1981
Perr and G| er 1988
v
v
n
n
where i and n are, as before, increases with the
age of the asset.
For some assets, called type B assets, empirical
i.
J
*
research u others and *u judgement ofr T*r u
by ^
the • J
Hulten
and Wykoff were used to estimate 5. For the remaining assets, called type C assets, an average
, ,. . ° u ,
* D
+•
+ A
declining-balance rate R was estimated A. Ju
from the
8 assets and combined with information on the
Studies1
Assets
Farm tractors
Ships:
Oil tankers
pjshjng t,oats
Residential housing
Cockburn and Frank 1992
Lee 1973
an asset-specific 8. Hulten and Wykoff determined that, on average, the declining-balance
office buildings
Ogjg.—^
Taubman and Rasche 1969
ggenso^andStiroh 1994
Mainframe computers
Oliner 1993
21. The rate of declining-balance depreciation is the multiple of the comparable straight-line rate used to calculate the geometric rate of depreciation.
For example, a 1.65 declining-balance depreciation rate refers to a geometric
rate of depreciation of 1.65/1, where L is the service life of the asset in years
and i/I, is the straight-line rate.
Machine tools
Industrial machinery and equipment
Scientific instruments
Beidelman 1976; Oliner 1996
Shriver 1988
Office of Tax Analysis 1990
lifetime of the 24 assets still remaining to produce
Chinloy 1977
Malpezzi, Ozanne, and Thibodeau 1987
'
1. See the list of references at the end of this article.
12
<• July 1997
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with mechanized vehicles (automobiles, trucks,
or farm tractors). Data on used prices are readily available for these assets. Three studies each
investigate depreciation for computers and real
estate. Two studies each cover ships (fishing
boats and oil tankers) and machine tools. One
study, by Shriver, deals with industrial machinery and equipment. The remaining study is a
study of scientific instruments by the Office of
Tax Analysis. A variety of methodological approaches were used. They include hedonics, an
analysis of variance, and Box-Cox or polynomial
forms for the estimated equation.25
General issues affecting used-asset-price studies
All used-asset-price studies are potentially biased,
because the asset sample may not be representative of the population as a whole or because
economic conditions affect prices.26 First, asset
samples normally represent only surviving assets. Second, surviving-asset samples or their
sale prices may not represent the population of
surviving assets. Third, changes in economic
conditions, including taxes and interest rates,
may affect used-asset prices. Finally, a used-asset
price may be affected by the value of an associated
input.
If asset samples represent only surviving assets, then age-price profiles of used-asset samples
underestimate depreciation for the population as
a whole because retirements are not included.27
Hulten and Wykoff estimated for commercial and
industrial buildings that such an error would
reduce depreciation estimates by more than onehalf, There are two possible solutions to this
problem,, One, retirements can be added to depreciation, similar to the way BEA modifies its
straight-line depreciation pattern to allow for the
pattern of retirements. Two, a censored-sample
adjustment can be made to the used-asset prices
before the depreciation pattern is estimated, in
a manner similar to Hulten and Wykoff. It
is important for the researcher and user to
know whether the depreciation pattern includes
retirements (as in Hulten-Wykoff) or excludes
retirements (as in the BEA accounts). A straightline pattern excluding retirements will no longer
be a straight-line pattern once retirements are
25. Triplett (1989,128) defines a hedonic function as a relation between
prices of varieties or models of heterogeneous goods—or services—and the
quantities of characteristics contained in them. A Box-Cox model is a model
that transforms the form of the variables in the model (Box and Cox 1964).
26. The authors who have addressed the question of sample bias in
used-asset-price studies include Triplett (1996), DeLeeuw (1981), Hulten and
Wykoff (i98ib) and Boskin, Robinson, and Roberts (1989).
27. An example illustrating this point is given in footnote 19.
included, and a geometric pattern excluding retirements will no longer be a geometric pattern
once retirements are included.
Surviving-asset samples or their prices may
not represent the population of surviving assets.
Business may put up for sale their superior or
inferior assets. Assets may be worth more or less
to the buyers than to the sellers. Finally, buyers
may not be able to accurately perceive the value
of the assets for sale.
It is not clear what is the extent or direction of
a possible surviving-asset-sample bias. Whether
or not businesses put up for sale their superior or
inferior assets depends on whether they are trying to maximize the proceeds from such sales or
to sell off less desirable or obsolete assets. Differences in buyer-versus-seller asset value may bias
used-asset prices in either direction as well. A
declining business may be selling off an asset that
represents idle capacity and that another business
in the same industry could fully utilize or an asset
that has limited use to businesses in other industries. Assets may be configured to meet the needs
of a particular business so that they are more
valuable to their seller than to their buyer. Finally, buyers may underestimate or overestimate
the value of used assets for sale.
The lemons hypothesis maintains that the value
of assets for sale will underestimate the value of
all assets in the stock (Ackerlof 1970). It argues
that a disproportionate number of assets sold will
be lemons, particularly if inspection by buyers
does not reveal which assets are lemons. Under
the lemons hypothesis, buyers will assume that
assets for sale are lemons; therefore, they will offer lower prices for all used assets. Sellers have
an incentive to offer lemons, since they will be
paid lemons prices for both lemons and more
desirable assets. Therefore, buyers* assumptions
are validated. If sellers have superior assets for
sale, the incentive will be to sell these privately
to obtain a reasonable price for the asset. Usedasset prices will be less than the average price of
the stock of assets because of the disproportionate number of lemons for sale and because buyers
will assume all used assets are lemons. The existence of asymmetric information between buyer
and seller is crucial in this hypothesis. Depreciation would be overestimated if inferred from
used-asset prices because the average price for
assets in the stock would be underestimated.
Hulten and Wykoff argue that most assets are
sold in markets with professional buyers who frequently buy and sell assets. Furthermore, these
buyers, who have the knowledge and expertise
SURVEY OF CURRENT BUSINESS
to identify lemons, are not affected by asymmetric information. Hulten and Wykoff tested for
the existence of a lemons bias by comparing the
depreciation profiles of assets that might have
a lemons bias to an asset that arguably would
not (heavy construction equipment). Heavy construction equipment is commonly sold at the end
of a construction project and repurchased at the
beginning of the next construction project. They
found that the depreciation profiles for assets
possibly with and without a lemons bias were
both approximately geometric; therefore, they
concluded that the lemons bias is unimportant
in depreciation estimates.
Changes in tax laws, interest rates, and other
economic conditions might affect the value of
secondhand assets independently of any sample bias problems. For example, changes in
allowable tax depreciation taken for corporate income tax purposes may change the prices that
businesses are willing to pay for used assets.
Changes in interest rates may affect the cost of
borrowing to finance asset acquisition Finally,
demand conditions determine whether businesses
are expanding or contracting, affecting both the
demand for and supply of used assets. Obsolescence can also affect used-asset prices, as, for
example, discussed above in the context of the
energy crisis,28
If changes in tax laws, interest rates, and other
economic conditions significantly affect the value
of secondhand assets, age-price profile or retirement patterns would change over time unless
these changes are counterbalanced by offsetting
effects- The question of whether the age-price
profile or retirement patterns change over time
has been discussed in the context of several empirical studies. Hulten and Wykoff (ipSia, I98ib)
tested the stability of the age-price profiles for
office buildings, one of their largest samples. In
almost all cases, estimates of the rate of depreciation were stable over time. Hulten, Robertson,
Wykoff, and Shriver reached similar conclusions.
Hulten, Robertson, and Wykoff (1989) looked
at the effect of the energy crisis on used-asset
prices for four types of used machine tools and
five types of construction equipment. Shriver
(i986b) looked at the rates of economic depreciation for industrial machinery and equipment
in 3 different years with different demand characteristics. Cockburn and Frank (1992) found in
a study of oil tankers that economic depreciation or decay was largely unaffected by economic
conditions, but that retirements are quite senFor example, see footnote 7.
sitive to economic conditions. Powers (1988),
using book values, found that retirements for
two-digit Standard Industrial Classification manufacturing industries exhibit a cyclical pattern.
Taubman and Rasche (1971) and Feldstein and
Rothschild (1974) discuss in general the impact
of variables that change over time on age-price
profileSo Taubman and Rasche (1969) in their
study of office buildings found that changes in
rents and tax laws had little effect on depreciation rates. In most cases, studies have not been
done on different vintages of assets to determine
whether age-price profiles do significantly change
over time. Therefore, there is no definitive answer to the question of whether age-price profiles
shift over time.
In addition, used-asset prices can reflect the
fact that it may be difficult for buyers to separate
the value of an asset such as a building from the
value of the land on which it sits (the shoppingmall effect). The building may be incorrectly
valued because of the value of the site or the land
on which it sits.
Summary of research based on used-asset prices
Most of the used-asset studies do not directly
deal with possible biases arising from samples, such as those discussed in the previous
section (see table 2). In any case, the extent and the net direction of the possible biases are unclear. Four studies—Hulten-Wykoff,
Koumanakos-Hwang, Oliner (1996), and PerryGlyer—did adjust used-asset prices downward to
reflect zero valuation of retired assets in the original cohort. In addition, the Cockburn-Frank
paper illustrates how misleading it can be to estimate patterns of depreciation without accounting
for retirements.
Of the two studies covering a large number of
asset classes or industries, Hulten and Wykoffs
has already been discussed. The KoumanakosHwang study of Canadian assets, the other study,
bears a number of similarities to the HultenWykoff study. It used a modified Box-Cox model
to estimate depreciation for up to 27 different
asset classes for manufacturing and nonmanufacturing separately. Depreciation for building
construction and machinery and equipment for
up to 43 different industries were calculated from
a weighted average of the depreciation functions
of individual assets. Some depreciation estimates
were done for engineering construction as well.
Koumanakos and Hwang conclude that depreciation patterns for individual assets are approximately geometric for both the manufacturing
July 1997 o 13
14 • July 1997
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and nonmanufacturing sectors, with the degree
of convexity more pronounced in the manufacturing sectors.29 At the industry level, they
conclude that the geometric pattern is preferred
because it is the simplest pattern that gives a best
approximation of the actual data0
The 15 papers on motorized vehicles (automobiles, pickup trucks, or farm tractors) can be distinguished by whether a depreciation pattern was
assumed, whether the validity of such assumptions were tested econometrically, and whether
any general statements were made about the pattern of the used asset-price profile observed or
estimated.
Ackerman (1973) and Cagan (1971) for automobiles and Griliches (1960) for farm tractors
assumed a geometric rate of depreciation, and in
the case of Ackerman and Cagan, the assumption
allowed for the separate identification of quality.
None of these models were tested to see if the
assumption of a geometric rate was appropriate.
Seven studies—one for trucks (Hall 1971), three
for automobiles (Ohta and Griliches 1975; Wykoff
1970, 1989), and three for farm tractors (Penson, Hughes, and Nelson 1977; Penson, Romain,
and Hughes 1981; Perry and Glyer 1988)—tested
the appropriateness of a geometric assumption.
With the exception of the two studies by Penson and others and one by Perry-Glyer, these
studies concluded that although the assumption
of a geometric rate was not proven, that a geometric rate, in the words of Hall (1971, 258),
"is probably a reasonable approximation for most
purposes." Perry and Glyer found in their econometric model, which excluded tractor care and
usage, that depreciation rates were constant over
time. However, they found that depreciation
rates were not constant when these variables
were omitted. In their two studies, Penson and
others estimated from engineering data that the
pattern of productive-capacity depreciation for
farm tractors lies in between straight-line and
one-hoss-shay. However, if productive-capacity
depreciation is one-hoss-shay, depreciation as
defined in this article follows a concave, or
bowed-away-from-the-origin, pattern.30 Some
researchers found that the first-year decline in
asset prices was significantly greater than the de29. A convex depreciation pattern is bowed towards the origin in a graph
of price versus age.
30. Productive-capacity depreciation is measured by the additions to productive capacity required to maintain productive capacity at a constant level.
If an asset does not decline in efficiency or productive services yielded over
its lifetime until it is retired, (the lightbulb example), depreciation as defined
in this article still occurs because as the asset ages, it is getting closer to its
retirement (or light-going-out) date. The present value of future declines in
efficiency increases or depreciation occurs even if there is no current decline
in efficiency.
cline suggested by a geometric rate (Wykoff 1970;
Ackerman 1973), but question whether listed
prices accurately represent transactions prices.
Ohta and Griliches (1975, 362), though concluding that a geometric assumption is "not too
bad an assumption 'on the average'," conclude
without empirically testing that actual depreciation occurs at a faster rate with age. There is
evidence among the other studies that geometric rates may change over time (Ackerman 1973;
Perry and Glyer 1988; Wykoff 1970), but there is
no conclusive econometric evidence or consensus about the direction of the cliange. None of
the motorized-vehicle studies performed econometric tests for the existence of other than a
geometric depreciation pattern.
Three studies—one for trucks (OTA i99ib)
and two for automobiles (OTA i99ia; Ramm
1970)—calculated or econometrically estimated
used-asset age-price profiles, but did not report
any attempts to determine\the general shape of
the depreciation pattern. However in each study,
in general the age-price profile initially declined
more rapidly than it would under a straight-line
pattern of depreciation.
Lee (1978) and Cockburn and Frank (1992)
studied ships. The Lee study looked at data on
the insured value of Japanese fishing boats as a
proxy for new- and used-asset prices. The estimated depreciation pattern was geometric in
some cases (in general for steel boats) and not in
others (in general for wooden boats), Cockburn
and Frank concluded that a geometric pattern
is an appropriate pattern for surviving-asset ageprice profiles, but with proper accounting for
retirements as a component of economic depreciation, the pattern of economic depreciation is
clearly not geometric. Neither study considered
or tested for other commonly used depreciation patterns, such as patterns arising from
straight-line or one-hoss-shay efficiency patterns.
Beidleman (1976) and Oliner (1996) estimated
depreciation for machine tools or assets sold by
machine-tool builders. Beidleman's study of sales
by machine-tool builders, which are primarily
machine tools, concluded that a negative exponential function was best able to explain assetvalue variation in the majority of cases.31 This
supports the assumption of a geometric depreciation pattern. Beidleman tested linear, exponential, reciprocal, polynomial, and parabolic functions as possible alternativeSc Oliner concluded
that when used-machine-tool prices are adjusted
31. A negative exponential function estimates a geometric rate of
depreciation.
SURVEY OF CURRENT BUSINESS
for retirements, the pattern of depreciation is
not geometric. However, based on the evidence
from machine tools, actual depreciation for metalworking machinery is more rapid during the
early years and the pattern more accelerated than
BEA formerly had assumed.
Two studies—Chinloy (1977) and Malpezzi,
Ozanne, and Thibodeau (1987)—looked at residential real estate and one study—Taubman and
Rasche (1969)—looked at commercial real estate.
The Chinloy study of sale prices for residential
real estate concluded that the hypothesis of a
geometric rate of depreciation could not be rejected. The Malpezzi-Ozanne-Thibodeau study
on the other hand concluded that the decline in
the value of owner-occupied housing with age
occurs at an increasing, not a constant, rate but
that rents for residential real estate decline with
age of the property at a nearly constant or geometric rate. The Taubman-Rasche study of office
buildings, in contrast to most other studies of
depreciation, concluded that depreciation occurs
at a rate slower than straight-line and, in fact,
that a depreciation pattern arising from a onehoss-shay efficiency pattern is a more appropriate
pattern. This result may be due to the existence of relatively long-term, fixed-price leases for
office buildings,32
Three studies measure depreciation of computers or computer peripheral equipment—two
by Oliner (1992, 1993) and one by Jorgenson
and Stiroh (1994). All three studies assume
that the efficiency of assets in this category is
constant over time or best described by a onehoss-shay pattern, but Oliner includes a measure
of partial depreciation. Oliner defines partial depreciation as the effect of age on price that is
not captured by a hedonic equation and that is
unmeasured, because researchers are unable to
identify all relevant characteristics. The pattern
of partial depreciation appears to be approximately geometric for all the computer peripheral
equipment studied, except for disk drives. The
pattern of partial depreciation for mainframe
computers was decidedly not geometric, because
the values of mainframes did not always consistently decline with age. The issue of the
appropriate measure of depreciation for computers will be discussed in the section "The New BEA
Depreciation Estimates/'
Shriver's study of machinery and equipment
(1988) concluded that used-asset values decline
32. Leases are payments for office building services, most likely reflecting
productive capacity (see footnote 30), not the present value of future (postlease) declines in efficiency.
at a rate that is faster than straight-line depreciation but slower than double-declining-balance
depreciation.
The Office of Tax Analysis study of scientific
instruments (1990) did not report any attempts to
determine the general shape of the depreciation
pattern. However, the age-value profile appears
to approximate a geometric pattern, even after
adjusting for retirements.
Other research
The major approaches used in nonprice-based
research on depreciation include a retirement approach, an investment approach, a polynomial
benchmark approach, and a factor-demand, or
production-model, approach. In addition, there
are a number of studies whose primary emphasis is on the estimation of retirement patterns or
useful lives.
With a retirement approach, retirements are
estimated. These retirements are then applied
to an assumed depreciation pattern to derive
an estimate of actual depreciation. Former BEA
methodology is an example of such an approach, modified with adjustments to reflect
natural disasters. Retirements depended upon
service lives and the assumed Winfrey distribution of retirements around the mean retirement
age. The pattern of depreciation was assumed to
be straight-Knee
With an investment approach, an investment
model is used to estimate depreciation or the
pattern of depreciation. Robert Coen (1975,
1980) used a neoclassical investment model to
determine which of 4 possible loss-of-efficiency
patterns—one-hoss-shay, straight-line, geometric, or sum-of-the-years'-digits—best explained
investment flows into 21 manufacturing industries. A one-hoss-shay loss-of-efficiency pattern
translates into a depreciation pattern that is less
accelerated than straight-line; the other three patterns translate into depreciation patterns that are
convex, or bowed towards the origin. For equipment, the best results obtained were from the
following patterns: A geometric pattern in 11 industries, a straight-line pattern in 7 cases, and
a sum-of-years'-digits in 3 cases. For structures,
the best results obtained were from the following patterns: A geometric pattern in 11 industries,
a straight-line pattern in 5 industries, a sum-ofyears'-digits in 3 industries, and a one-hoss-shay
pattern in 2 industries. Coen (1980, 125) concludes "that something approximating geometric
decay rather than straight-line loss of efficiency
is typical of capital used in manufacturing."
July 1997 •
15
l6 • July 1997
SURVEY OF CURRENT BUSINESS
The polynomial benchmark approach begins with the perpetual inventory method of
estimating capital stock:
studies. Later, under the auspices of the Office
of Tax Analysis, a used-asset-price approach was
employed. These studies, listed in table 2, are
discussed in the previous section.
where K t is capital stock, It is gross investment,
and 5 is the constant rate of depreciation under
a geometric assumption. By repetitively substituting this expression for prior periods' capital
stock, an expression is derived that depends only
on gross investment, 5, and the initial or benchmark capital stock and the final capital stock,
Kt. A parametric estimate for 8 can then be
determined with an econometric model of investment and capital stock. These studies routinely
assume that the pattern of depreciation is geometric. They do not address the question of
an appropriate pattern for depreciation, only the
appropriate geometric rate.
The factor-demand, or production-model, approach estimates a rate of depreciation affecting
capital entering into the demand for factors or
the production function directly. Nadiri and
Prucha (1996) looked at the demands for labor
and materials in the manufacturing sector that
depend on the level of output and the capital
stock of research and development (R&D) and
other types of capital. These two factor-demand
equations plus the perpetual inventory equations
for R&D and other types of capital are used in
a system of equations to estimate the geometric
rate of depreciation for R&D and other types of
capital. Doms (1996) substituted an investment
stream into a value-added production function
for a group of steel plants to estimate the efficiency pattern of assets. He estimated three
different efficiency schedules—one assuming a
geometric pattern, one using a Box-Cox model,
and one using a polynomial model. Even though
the Box-Cox and polynomial models can exhibit
other than a geometric pattern of depreciation,
in both cases the best model fits were obtained
from geometric-like patterns.
There were a number of studies related to
depreciation undertaken by the Treasury Department.33 Forty-six studies of survival probabilities
were undertaken by the Office of Industrial Economics over the 1971 to 1981 period. Of these
studies, 27 provide information on useful lives.
These studies provide estimates of the actual retention periods for the assets covered. It is
possible that more information from these studies could be incorporated into other depreciation
The New BEA Depreciation Estimates
33. See Brazell, Dworin, and Walsh (1989) for a summary of 27 of these
studies.
Empirical basis for the new BEA methodology: A
summary
The largest and most complete studies of depreciation are those of Hulten and Wykoff and
Koumanakos and Hwang, followed by that of
Coen. Hulten and Wykoff (i98ia, i98ib) and
Koumanakos and Hwang (1988) concluded that
the pattern of geometric depreciation is approximately geometric. Coen (1975) concluded that
a geometric pattern provided the best fit in the
majority of manufacturing industries studied. In
addition, he concluded that a convex pattern (geometric being a special case) provided the best
fit for all manufacturing industries for equipment and all but two manufacturing industries
for structures.
The results of the other depreciation studies
based on used-asset prices in table 2 in general
support an accelerated pattern of depreciation.
Most conclude that a geometric pattern is preferred, none determine that overall a straight-line
pattern is the best choice, and with the exception of computers, only a few maintain that some
other pattern is the appropriate pattern.
The Bureau of Labor Statistics (BLS) uses a hyperbolic efficiency function that is concave, or
bowed away from the origin, rather than a geometric efficiency function that is convex, or
bowed towards the origin (Harper 1982; Gullickson and Harper 1987; BLS 1983, n.d.).34 BLS
tested their hyperbolic efficiency function with
the Hulten-Wykoff Box-Cox estimated age-price
functions by constructing the age-price function
corresponding to their hyperbolic efficiency function. BLS found there was no statistically significant difference between the geometric and their
hyperbolic form.35 However, the maintained hypothesis of a hyperbolic age-price function that
34. The hyperbolic function is a general function whose special cases include the one-hoss-shay and straight-line cases. A hyperbolic function can
also approximate a geometric function. The particular form of the hyperbolic
function used by BLS is concave, being intermediate between one-hoss-shay
and straight-line.
35. Because both the geometric and the hyperbolic efficiency functions
have an age-price counterpart that is convex, or bowed towards the origin,
the likelihood of there being no statistical difference between the age-price
functions is increased. Note that under a geometric assumption, the efficiency
function and the age-price function are identical and bowed towards the
origin.
SURVEY OF CURRENT BUSINESS
corresponds to a concave hyperbolic efficiencyfunction was rejected,36
One disadvantage of the hyperbolic function
is that age-price functions estimated from a hyperbolic function (or alternatively, hyperbolic
functions estimated from an age-price function)
require an assumption to be made about a real
discount rate. The geometric function does not
require such an assumption.
Geometric depreciation as the default
There are several arguments for the adoption of
a geometric pattern for depreciation as the default.37 First, the empirical evidence is that a
geometric depreciation pattern is a better approximation to reality than a straight-line pattern
and is at least as good as any other pattern.
Second, estimates of an appropriate default geometric rate of depreciation are readily available
from Hulten and Wykoff (i98ia, 1981!)). Third,
the geometric pattern is a simple default rule. Finally, the geometric pattern is one that can readily
be used if and when a balance sheet or a production account is implemented by BEA, thereby
minimizing future potential revisions.38
BEA default geometric-depreciation rates
The new BEA rates of economic depreciation are
listed in table 3« All assets except for computers and computer peripherals, nuclear fuel, autos,
and missiles are depreciated at a geometric rate.
These rates are derived from the HultenWykoff estimates. If new estimates of service
lives have become available since the original
Hulten-Wykoff research (Hulten and Wykoff
1981!); Wykoff and Hulten 1979), the geometric
rate, <5, is recalculated from the earlier formula
by substituting in the new service life:
^old
T
i
•* new
36. As noted earlier in "Specifics of Hulten-Wykoff methodology," Hulten
and Wykoff tested three age-price functions—one-hoss-shay, straight-line,
and geometric. In each case, the maintained hypothesis was rejected.
37. As previously noted, a geometric pattern of depreciation will be used
for all assets except for computers and computer peripherals, missiles, nuclear
fuel, arid autos.
38. This article contains only a brief explanation of this theoretical point.
The most complete explanation is presented in Triplett (1997), but the reader
should also refer to Jorgenson (1974,1996). Triplett (1997, 31) discusses "the
distinctions between the capital data needed for production analysis .... and
the capital data needed for income and wealth accounting," concluding that
"the crucial distinctions are between the wealth capital stock and the productive capital stock and between two related yet different declines in a cohort
of capital goods as the cohort is employed in production—deterioration, the
decline in productiveness or efficiency of the cohort, and depreciation, the
decline in the cohort's value." Replacement is the term used by Jorgenson to
describe the investment necessary to offset the effects of what Triplett calls
deterioration. In general, only when depreciation is geometric is the value
of replacements equal to depreciation. This is because under a geometric
assumption, the efficiency function and the age-price function are identical.
July 1997 • 17
or equivalently,
= ( Told / Tliew) 5old •
Similarly, whenever BEA uses different service
lives for different time periods, the geometric rate
of depreciation, 5, varies and is recalculated with
the above formula.
The formula above presumes that the decliningbalance rate R is not changing. Recall the
question previously discussed of whether ageprice profiles or retirement patterns have been
changing over time. In addition, since T's or
service lives were used to center the retirement
distribution when the Hulten-Wykoff used-asset
prices were adjusted to correct for censoredsample bias, it presumes that a "re-centering" on
the new service life would not significantly affect
the estimate offl.39
Table 3 documents how the geometric rates of
depreciation were calculated on the basis of the
declining-balance rate and the service life of the
asset as well as indicating the Hulten-Wykoff asset type. Hulten and Wykoff classified assets
into one of three types—A, B or C (Hulten and
Wykoff ipSib; Wykoff and Hulten 1979). Hulten and Wykoff had extensive data on type A
assets. These data were used to estimate geometric rates of depreciation. For type B assets,
there were some existing studies on depreciation,
or some data existed. Hulten and Wykoff concluded that defensible estimates of the rate of
geometric depreciation could not be generated
based solely on the data. They used the results
of empirical research by others—the treatment
of depreciation by BEA, Dale Jorgenson, BLS, and
Jack Faucett Associates (1973) —and their own
judgement to determine the geometric rate of depreciation for type B assets on a case by case basis.
For type C assets, Hulten and Wykoff had no data
whatsoever. The average best-guess-assumption
rates of declining-balance and service lives were
used to calculate the geometric rate of depreciation as described in "Specifics of Hulten-Wykoff
methodology" (Wykoff and Hulten 1979, 30-38).
Computers and computer peripherals, nuclear
fuel, autos, and missiles
An alternative approach to estimating depreciation is used when detailed data are currently
available or when a geometric pattern seems
inappropriate.
For computers and computer peripherals,
Oliner's studies provide a solid base for
39. This is one of the issues discussed in Hulten and Wykoff (1996).
l8 • July 1997
SURVEY OF CURRENT BUSINESS
Table 3.—BEA Rates of Depreciation, Service Lives, Declining-Balance Rates, and Hulten-Wykoff Categories
Type of asset
Private nonresidential equipment
Office, computing, and accounting
machinery2:
Before 1978
1978 and later
Communications equipment:
Business services
Other industries3
Instruments4
Photocopy and related equipment5
Nuclear fuel6
Other fabricated metal products7
Steam engines and turbines8
Internal combustion engines 8
Metalworking machines9
Special industrial machinery, n.e.c
General industrial, including materials
handling equipment
Electrical transmission, distribution, and
industrial apparatus
Trucks, buses, and truck trailers:
Local and interurban passenger transit 10
Trucking and warehousing; and10
auto
repair, services, and parking
Other industries
Autos 1 1
Aircraft:
Transportation by air, depository
Rate of
depreciation
Service life
(years)
Decliningbalance
rate
HultenWykoff
category1
20
Other structures
Equipment23 .. .
B.^WIf/1 1 IWI 1
1
0.2729
.3119
8
7
2.1832
2.1832
B
B
.1500
.1100
1.6500
1.6500
16203
1.6203
C
C
1.6500
1.6500
1.6500
19600
1.6500
C
C
.1031
11
15
12
9
4
18
32
8
16
16
.1072
16
1.7150
A
1350
.1800
.0917
.0516
.2063
1225
c
C
c
A
C
0500
33
16500
c
.1232
14
1.7252
A
1.7252
1.7252
A
A
.1725
.1917
10
9
inQtiti itinnQ anrl hiiQinooft Qorviros*
Before 1960
1960 and later
Other industries:
Before 1960
1960 and later
Ships and boats
Railroad equipment
Household furniture and fixtures12
Other furniture 12
Farm tractors 13
Construction tractors 13
Agricultural machinery, except tractors
Construction machinery, except tractors
Mining and oil field machinery
Service industry machinery: 14
Wholesale and retail trade
Other industries 14
Household appliances 15 16
Other electrical equipment
Private nonresidential structures
Industrial buildings ....
Mobile officesn
Office buildings 17
Commercial warehouses 17 17
Other commercial buildings
Religious buildings
Educational buildings
Hospital and institutional buildings
Hotels and motels 18
Amusement and recreational buildings 18
18
All other nonfarm buildings 19
Railroad replacement track
Other railroad structures 19
Telecommunications 19 19
Electric light and power :
Before 1946
1946 and later
Gas19
Pfltrolfliirn ninftlinA^ 19
Farm20
!!!"'.'.'.'.'.".'.'.".!!!!!!'.!!!!!!"'.'.'.'.!'.
1.6500
1.6500
c
.1375
.1100
.0611
.0589
.1375
.1179
.1452
.1633
.1179
.1550
.1500
12
15
27
28
12
14
9
8
14
10
11
1.6500
1.6500
1.6500
1.6500
1.6500
1.6500
1.3064
1.3064
1.6500
1.5498
1.6500
C
C
B
C
C
C
A
A
C
A
C
.1650
.1500
.1650
.1834
.1473
10
11
10
9
11
1.6500
1.6500
1.6500
1.6500
1.6230
C
C
C
C
C
.0314
.0556
.0247
.0222
.0262
.0188
.0188
.0188
.0281
.0300
.0249
.0275
.0166
.0237
31
16
36
40
34
48
48
48
32
30
38
38
54
40
.9747
.8892
.8892
.8892
.8892
.9024
.9024
.9024
.8990
.8990
.8990
.9480
.9480
.9480
A
A
A
A
A
C
C
B
B
B
B
C
C
C
.0237
.0211
.0237
.9480
.9480
.9480
C
.0239
40
45
40
An
4U
38
.9100
C
.0563
.0751
.0450
.0237
.0225
16
12
20
38
40
.9008
.9008
.9008
.8990
.8990
C
C
C
.0114
80
.9100
A
.0227
.0364
.0140
40
25
65
.9100
.9100
.9100
A
A
A
.0284
32
9100
A
.0455
.0455
20
20
.9100
.9100
A
A
ftOO7
r\AQ(\
c
c
c
c
siir™™
Surface ships
Submarines
Government furnished equipment:
Electrical
Prooulsion
Hull, mechanical
Ordnance
Other
Vehicles:
Tanks, armored personnel carriers,
and other combat vehicles
Noncombat vehicles:
Trucks31
Autos
Other
Electronic equipment:
Computers and peripheral
equipment 32
Electronic countermeasures
Other
Other equipment:
Medical
Construction
Industrial
Ammunition plant
Atomic energy
Weapons ana fire control
General
Other
Nondefense:
General government:
Computers and peripheral
equipment 32
Aerospace equipment
Vehicles
Other
Enterprises:
U.S. Postal Service:
Computers and peripheral
equipment 32
Vehicles
Other
Tennessee Valley Power Authority ...
Bonneville Power Authority
State and local'
Power tools, lawn and garden equipment
HultenWykoff
category1
.0227
.1500
40
11
.9100
1.6500
A
C
.1179
.1500
.1650
.1650
14
11
10
10
1.6500
1.6500
1.6500
1.6500
B
C
C
C
.1833
.1500
9
11
1.6500
1.6500
B
C
.2750
.1650
6
10
1.6500
1.6500
C
C
.1650
10
1.6500
C
2316
.6177
8
3
i".8530
1.8530
A
A
.0660
.0868
.0825
.1100
.0717
.0660
.0825
.2750
25
19
20
15
23
25
20
6
1.6500
1.6500
1.6500
1.6500
1.6500
1.6500
1.6500
1.6500
C
C
C
C
C
C
C
C
.1179
.1650
14
10
1.6500
1.6500
C
C
1.6500
1.6500
c
c
tion
20
15
15
10
20
.0550
.0660
30
25
c
1R3A
npoi;
?n
.0660
.1650
.1650
25
10
10
1 fiftfn
1 fi*»flfl
1.6500
1.6500
1.6500
r>
C
C
C
.0825
20
1.6500
C
.2875
6
1.7252
C
2465
7
17252
c
!2357
.1650
7
10
'f.6500
1.6500
c
.1834
.1550
.0917
.0868
.1375
.1375
.1650
.1375
9
10
18
19
12
12
10
12
1.6500
1.5498
1.6500
1.6500
16500
1.6500
1.6500
1.6500
C
C
C
C
Ii()6
.4533
.1650
15
5
10
l".6500
2.2664
1.6500
c
I3238
.1100
.0500
.0500
7
15
33
33
£0
2.2664
1.6500
1.6500
1.6500
1 .DOUU
1 ccnn
10
1.6500
nccn
.1650
AC
C
c
c
c
c
-ooooc
!
16
20
Government nonresidential equipment29
Federal:
National defense:
Aircraft:
Airframes:
Bombers
,
F-14 type
Attack, F-15 and F-16 types
F-18 type
Electronic warfare
Cargo and trainers
Helicopters
Engines
Other:
Before 1982
1982 and later
Missiles:30
Strategic
Tactical
Torpedoes
Fire control equipment
Decliningbalance
rate
:
:
:
:
Residential capital (private and
government)
1-to-4-unit structures-new20
1-tc-4-unit structures-additions and
alterations *°
1-to-4-unit structures-major replacements20
5-or-more-unit structures-new20
5-or-more-unit structures-additions and
alterations20
5-or-more-unrt structures-major
replacements 20
Mobile homes20
C
.1031
.0825
Durable goods owned by consumers24
Furniture, including mattresses and
bedsprings
Kitchen and other household appliances
China, glassware, tableware, and utensils25
Other durable house furnishings25
Video and audio products, computers and
peripheral equipment, and musical
instruments 26
Jewelry and watches25
Ophthalmic products and orthopedic
appliancesM
BOOKS and maps25
Wheel goods, sports and photographic 27
equipment, boats, and pleasure aircraft
Autos11
.'.
Other motor vehicles28
Tires, tubes, accessories, and other parts28
Service life
(years)
Rate of
oo
Mining exploration, shafts, and wells:
Petroleum and natural gas21:
Before 1973
1973 and later
Other21 22
Local transit
Other22
Type of asset
VJ
C
SURVEY OF CURRENT BUSINESS
estimating depreciation. His depreciation estimates are therefore used. For personal computers, a category of computers for which there are
no studies of depreciation, the depreciation-rate
estimate is proxied from a computer category he
did study (Oliner 1992,1993).
BEA has information on automobiles from
which it has determined depreciation figures
for both private nonresidential equipment and
consumer durable autos.
For nuclear fuel, a geometric pattern does not
seem appropriate. Nuclear fuel is assumed to depreciate at a straight-line rate, not a geometric
rate, to reflect the pattern of rotation and replacement of nuclear fuel in the core. A Winfrey 8-3
pattern is used to determine retirements,,40
BEA has decided to continue to use a straightline pattern of depreciation and Winfrey retire-
July 1997 •
ment patterns for missiles, because of the special
characteristics of this category of assets.
Conclusion
The improvement in the methodology used in
figuring depreciation is justified on empirical and
theoretical grounds. The recent article "Improved Estimates of Fixed Reproducible Tangible
Wealth, 1929-95" in the SURVEY OF CURRENT
BUSINESS (Katz and Herman 1997) presents and
discusses the new capital stock estimates. Results
of current and future research can be used to
refine and modify the rates listed in table 3, to
further question the specific form of the depreciation profile, to adjust for quality differences
across vintages, and to update service lives.
References
40. The information on nuclear fuel was obtained from Professor Madeline Feltus of Pennsylvania State University. A reference on nuclear fuel
management is Robert Cochran and Nicholas Tsoulfanidis, The Nuclear Fuel
Cycle: Analysis and Management (LaGrange Park, Illinois: American Nuclear
Society, 1990),
Ackerlof, George. 1970. "The Market for
Lemons." Quarterly Journal of Economics (August): 488-500.
Table 3.—BEA Rates of Depreciation, Service Lives, Declining-Balance Rates, and Hulten-Wykoff Categories—Continued
Type of asset
Miscellaneous metal products
Agricultural machinery and equipment
Construction machinery and equipment ....
Metalworking machinery and equipment ...
General purpose machinery and
equipment
Specialindustry machinery and equipment
Integrating and measuring instruments
Motors, generators, motor generator sets
Switchgear and switchboard equipment ....
Electronic components and accessories ....
Miscellaneous electrical machinery
Calculating and accounting machines
Typewriters
Computers and peripheral equipment
Machine shop products
Wood commercial furniture
Metal commercial furniture
Household appliances
Home electronic equipment
Motor vehicles
Motorcycles
Rate of
depreciation
Service life
(years)
Decliningbalance
rate
HultenWykoff
category1
.0917
.1833
.1650
.1031
18
9
10
16
1.6500
1.6500
1.6500
1.6500
C
C
C
C
.1500
.1500
.1375
.0516
.0500
.1833
.1375
.2357
.2357
11
1.6500
11
12
32
33
9
12
7
7
1.6500
1.6500
1.6500
1.6500
1.6500
1.6500
1.6500
1.6500
C
C
C
C
C
2063
.1179
.1179
.1500
.1500
.1650
.1650
8
14
14
11
11
10
10
16500
1.6500
1.6500
1.6500
1.6500
1.6500
1.6500
c
c
c
c
c
c
c
c
c
c
c
1. This column refers to Hulten-Wykoff categories (Hulten and Wykoff 1981b; Wykoff and Hulten 1979). Type
A assets are types of assets for which Hulten and Wykoff specifically estimated age-price profiles. Type B assets
are those for which they used empirical research by others and their judgement to estimate the depreciation rate.
Type C assets are assets for which they estimated an average declining-balance rate from data for all type A and
Bassets.
2. The depreciation rate for this type of asset is not used for computers and peripheral equipment Depreciation
rates for these assets are taken from Oliner as described in the text.
3. The declining-balance rate is from the Hulten-Wykoff communications equipment aggregate.
4. Instruments and other private nonresidential equipment, called producer durable equipment by Hulten-Wykoff,
are classified by them as type C but appear to be type B as they were given a declining-balance rate of 1.6203.
5. The declining-balance rate is from the Hulten-Wykoff other producer durable equipment aggregate.
6. The depreciation rates for nuclear fuel are based on a straight-line rate pattern and a Winfrey retirement pattern.
7. The declining-balance rate is from the Hulten-Wykoff fabricated metal products aggregate.
8. The declining-balance rate is from the Hulten-Wykoff engines and turbines aggregate.
9. The depreciation rate and service life listed apply to nonmanufacturing industries; the service lives and depredation rates used for manufacturing industries differ by industry. The Hulten-Wykoff type of asset listed applies to
all industries.
11. Depreciation rates for autos are derived from a on new- and used-auto prices.
12. The declining-balance rate is from the Hultenff furniture and fixtures aggregate.
13. The declining-balance rate is from the Hulten-!
ff tractors aggregate,
14. The declining-balance rate is from the K " '
ff service industry machinery aggregate.
15. The declining-balance rate is set to the
>ff producer durable equipment default.
, i electrical equipment (not elsewhere classified) aggregate,
16. The declining-balance rate is from the '
17. The declining-balance rate is from the Hulten-Wykoff commercial aggregate.
18. The declining-balance rate is from the Hulten-Wykoff other private nonresidential structures aggregate, which
Rate of
depreciation
Type of asset
Aircraft
Railroad equipment
Sporting and athletic goods
Photographic and photocopying equipment
Mobile classrooms, mobile offices, etc
Musical instruments
Other equipment
Service life
(years)
.1650
.1650
.1650
.1834
15
28
10
10
10
9
.1375
12
.0285
.0182
32
50
50
.1100
.0590
Decliningbalance
rate
HultenWykoff
category1
1.6500
1.6500
1.6500
1.6500
1.6500
1.6500
1.6500
C
C
C
C
C
C
C
.9100
.9100
c
c
c
c
c
c
c
c
c
33
Government nonresidential structures
Federal, State and local:
National defense:
Buildings:
Industrial
Educational
Hospital
Nonbuildings:
Highways and streets
Conservation and development
Sewer systems
Water systems
Other
0182
0182
.0152
.0152
.0152
.0152
.0152
50
9100
9100
60
60
60
60
60
.9100
.9100
,9100
.9100
.9100
19. The declining-balance rate is from the Hul
utilities aggregate.
20. The declining-balance rate is set to the Hi
private nonresidential structures default,
21. The declining-balance rate is from the Hul
mining exploration, shafts, and wells aggregate,
22. The declining-balance rate is from the H
ff other private nonresidential structures aggregate, which
consists of streets, dams and reservoirs, and sewer
water facilities.
23. The declining-balance rate is set to the Hulten-Wykoff producer durable equipment default.
24. For all consumer durables except for motor vehicles and parts and computing equipment, the declining-balance rate is set to the Hulten-Wykoff producer durable equipment default.
25. The corresponding Hulten-Wykoff consumer durables category is other.
26. Depreciation rates for computers and peripheral equipment are taken from Oliner as described in the text
of the article. The information listed applies to video and audio products and musical instruments. The corresponding
Hulten-Wykoff aggregate is radio and television receivers, recorders, and musical instruments. Radio and television
receivers, recorders, and musical instruments are classified by Hulten-Wykoff as type B but are indistinguishable
from type C as their declining-balance rate is 1.65.
27. The corresponding Hulten-Wykoff consumer durables category is wheel goods, durable toys, sports equipment.
28. The declining-balance rate is from the Hulten-Wykoff motor vehicles and parts aggregate. The declining-balance rate for this category is calculated under the assumption that the service life for consumer durables motor
vehicles and parts is equal to the service life for producer durable equipment autos previously used by BEA.
29. For most government nonresidential equipment, the declining-balance rate is set to the Hulten-Wykoff producer
durable equipment default. Where possible, the rate is set equal to the rate used for comparable equipment in
the private sector.
30. Missiles are depreciated using straight-line patterns of depreciation and a Winfrey retirement pattern.
31. Depreciation rates for government-owned autos are derived from data on autos that are privately owned.
32. Depreciation rates for these assets are taken from Oliner as described in the text of the article.
33. For all government nonresidential structures, the declining-balance rate is set to the Hulten-Wykoff private
nonresidential structures default
2O • July 1997
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July 19971*
SURVEY OF CURRENT BUSINESS
July 1997
The International Investment Position
of the United States in 1996
By Russell B, Scholl
Harlan W. King
directed the
preparation of the
estimates;
Christopher A.
Gohrband
prepared several of
the accounts with
the assistance of
Dena A. Holland;
Douglas B.
Weinberg prepared
the direct
investment
accounts at current
cost.
NET international
position
T HE the United States atinvestment valuedwas
of
yearend 1996
-$870.5 billion with direct investment
at
the current cost of tangible assets, and it was
-$831.3 billion with direct investment valued at
the current stock-market value of owners' equity
(table A, chart i). For both measures, the value
of foreign assets in the United States continued to
exceed the value of U.S. assets abroad. However,
for the direct investment component of the position valued on either basis, U.S. assets abroad
continue to exceed foreign assets in the United
States,
The net position on both bases became more
negative as a result of large net capital inflows
to the United States in 1996; valuation changes
nearly offset each other (table B). A negative adjustment for net exchange rate changes mainly
represented translation losses in U.S. assets denominated in Western European currencies and
the Japanese yen, as these currencies declined
against the U.S. dollar. A positive price change
reflected a larger price appreciation in U.S. portfolio and direct investments in foreign stocks
than in corresponding foreign investments in
U.S. stocks. Stock prices in all the major world
markets except Japan's advanced strongly.
In 1996, U.S. assets abroad increased strongly,
as large private capital outflows were augmented
by substantial price appreciation in foreign
CHART 1
Net International Investment Position
of the United States, 1982-96
Billion $
6,000
5,000
WITH DIRECT INVESTMENT POSITIONS VALUED
AT CURRENT COST
US. Assets Abroad
— Foreign Assets in the United States
--Net
4,000
3,000
2,000
1,000
0
Table A.—Summary Components of the U.S. Net Position
(Billions of dollars]
1995
1996
Net position:
At current cost
At market value
-6877
-637.5
-8705
-831.3
U S Government and foreign official assets
-4205
229.8
280.0
-5268
29.8
241.7
281.0
-6923
141.8
6,000
WITH DIRECT INVESTMENT POSITIONS VALUED
AT MARKET VALUE
-661 8
Direct investment:
At current cost
At market value
U S and foreign securities and U S currency
Bank- and nonbank-reported claims and liabilities
li-
-1,000
5,000
4,000
3,000
2,000
Table B.—Changes In the Net International Investment
Position, 1996
1,000
pillions of dollars]
At current
cost
Total change
Capital flows
Price changes
Exchange rate changes
Other valuation chanaes
At market
value
-182.8
-193.8
-195.1
-195.1
391
-463
8.6
320
-22.2
2.4
-1,000
I
1982
I
84
I
I
86
I
I
88
I
I
90
I
I
92
as. Department of Commerce, Bureau ol Economic Analysis
I
I
l>
94
96
SURVEY OF CURRENT BUSINESS
stocks. U.S. banks and nonbanking concerns lent
heavily to overseas banks and international bond
mutual fiinds, especially during a surge in overseas demand for dollar loans in the second half
of the year. U.S. direct investment abroad on
a current-cost basis was boosted by record capital outflows, including record reinvested earnings
from widespread growth in overseas affiliates'
earnings. On a market-value basis, the directinvestment increase was augmented by a large
increase in owners' equity as a result of widespread advances in overseas stock prices; partly
offsetting were currency translation losses, primarily in European affiliates. The market value
of ILS, portfolio holdings of foreign securities
rose not only because of the advance in stock
prices overseas, but also because of strong U.S,
net purchases of foreign stocks and bonds.
Foreign assets in the United States increased
mainly as a result of record capital inflows
that included large net foreign purchases of
UoS. Treasury, corporate, and federally-sponsored
agency bonds, a large increase in foreign direct investment, and a large increase in foreign official assets. Foreign demand for U.S.
bonds accelerated through the year; demand
July 1997
was buoyed by a substantial widening in the
differential between U.S. and foreign long-term
interest rates, a second-half recovery in U.S.
bond prices, and widespread strength of the
U.S. dollar in exchange markets throughout the
year. The foreign direct investment buildup reflected continued growth in foreign acquisitions
of U.S0 businesses and record reinvested earnings,
as the sustained U.S0 economic growth further
strengthened affiliates' earnings. On a marketvalue basis, the direct-investment buildup also
reflected the strong rise in U.S. stock prices.
Foreign portfolio holdings of U.S. stocks also
benefited from the rising U.S. stock market.
These substantial increases in foreign private assets in the United States were augmented for
the second straight year by a record buildup of
foreign official assets, largely of U.S. Treasury
securities.
This article presents the major changes in U.S.
assets abroad and in foreign assets in the United
States, including direct investment valued both
at current cost and at market value. Tables i,
2, and 3 at the end of the article present detailed estimates of the yearend position, showing
a breakdown of the changes by account from 1995
Data Improvements
As is customary each July, the estimates of the U.S. international
investment position incorporate new source data and methodological improvements that relate to the changes incorporated in the
annual revision of the U.S. international transactions accounts. This
year, the following changes are introduced:
• The estimates of U.S. holdings of foreign bonds and stocks are
revised to incorporate the results of the U.S. Treasury Department's
new benchmark survey of U.S. portfolio investment abroad as of
March 1994. This survey is the first such survey in more than 50
years, and its completion represents a major milestone in the multiyear program for statistical improvement developed jointly by BEA,
the Treasury Department, and the Federal Reserve Board.
Based on the survey results, BEA'S previous estimates of holdings
of foreign securities at yearend 1993 are raised by $302.9 billion,
to $853.6 billion. Holdings of foreign stocks are raised by $241.1
billion, to $543.9 billion: The understatement was widespread and
was especially large for British stocks; the only overstatement was in
Asian stocks other than Japanese stocks. Holdings of foreign bonds
increased $62.0 billion, to $309.7 billion: The understatement was
widespread; the only overstatement was in Canadian bonds.
• Estimates of foreign holdings of U.S. currency appear for the
first time in the international position accounts of the United States.
With this addition, BEA closes what had grown into a sizable gap in
coverage in the international investment position and international
transactions accounts. Currency flows do not appear in the international accounts of most countries because of the difficulties of
accurate measurement. The estimates were developed by the Federal
Reserve Board.
The new estimates added $209.6 billion to foreign assets in the
United States. These holdings of U.S. currency are classified as unallocated in the area breakdown in table 2, in as much as no country
detail is available.
• Estimates of the foreign direct investment position in the United
States for 1992 (on both the current-cost and market-value bases)
have been revised to incorporate data collected in BEA'S 1992 benchmark survey of foreign direct investment in the United States. For
years after 1992, the estimates have been revised by extrapolating the
1992 universe data on the basis of data collected in BEA'S quarterly
sample surveys for 1993-96 and by incorporating new or adjusted
data from those surveys.
For yearend 1992, the incorporation of the data from the benchmark survey increased the position $1.1 billion on the current-cost
basis and $2.0 billion on the market-value basis. No area breakdown
for either basis is available; however, for the position at historical
cost, small upward revisions were made to investments by Latin
America and the Middle East, and small downward revisions were
made to investments by the United Kingdom and Japan.
• Currency translation gains and losses have been removed
from certain banking transactions in the international transactions
accounts to provide a more accurate measure of U.S. banks' international activity; they are now classified more appropriately as
valuation adjustments in the investment position accounts.
For a further explanation of these changes, see "U.S. International
Transactions, Revised Estimates for 1974-96" in this issue.
SURVEY OF CURRENT BUSINESS
26 « July 1997
to 1996, aggregate estimates by area for 1995-96,
and historical estimates for 1982-96, respectively.
This issue also contains a companion article,
"Direct Investment Positions for 1996: Country and Industry Detail." The detailed estimates
presented in that article are available only on a
historical-cost basis.
to invest strongly in foreign commercial paper
placed in the U.S. market.
U.S. banks' foreign currency claims declined
until the fourth quarter, when lending resumed
and brought yearend total outstandings to $81.1
billion, marginally higher than at the end of 1995.
Foreign securities
Changes in U.S. Assets Abroad
Bank claims
U.S. banks' claims increased $96.0 billion, to
$864.1 billion, in 1996 (table C). The increase in
claims was especially strong in the second half of
the year, reflecting a surge in demand for dollar credits in the overseas interbank market and
the step-up in foreign demand for U.S. securities,.
Most of the increase was accounted for by claims
payable in dollars, which were augmented by a
large increase in U.S. banks' customers' claims.
U.S. banks' own claims payable in dollars increased $68.3 billion, to $600.7 billion, mostly
reflecting an increase in claims on their own
foreign offices and unaffiliated banks. Interbank lending was particularly strong to banks in
Europe, where in the second half of the year,
general credit demands were swelled by financing demands for mergers and acquisitions and for
purchases of U.S. securities. Lending to banks
in Canada and in Asia excluding Japan occurred
mostly in the first half of the year. Stepped-up
bank lending to Latin America reflected the improved credit standing of several countries. A
substantial increase in claims on the Caribbean
reflected increased lending to international bond
mutual funds by U.S. securities dealers during
the bond rally in the fourth quarter. Claims on
Japan, though large, changed little, as moderate economic activity and the continued financial
difficulties of Japanese banks limited demand.
U.S. banks' customers' claims payable in dollars increased $26.8 billion, to $182.3 billion, as
the customers' deposits at foreign banks increased
to accommodate the rising overseas demand for
dollar loans. In addition, customers continued
Table C.-U.S. Claims Reported by U.S. Banks at Yearend
[Billions of dollars]
1995
Total bank-reported claims
Bank own claims, payable in dollars
On unaffiliated foreign banks
On own foreign offices
On other foreigners
,
Bank customer claims, payable in dollars
Total claims payable in foreign currencies
....
1996
768.1
532.4
101.6
307.4
123.4
155.5
864.1
600.7
113.5
342.5
144.7
182.3
80.2
81.1
Between yearend 1995 and yearend 1996, U.S.
holdings of foreign securities increased $219.1 billion, to $1,273.4 billion, as a result of strong net
purchases and of large, widespread price appreciation in foreign stocks (table D) 0 Partly offsetting
these increases were exchange rate losses, mostly
in securities denominated in Continental European currencies and the Japanese yen. These
estimates incorporate the results of the new
U.S. Treasury Department's Benchmark Survey
of U.S. Ownership of Foreign Long-term Securities as of March 31, 1994.1 Based on this survey,
a ranking by country of issue of U.S, foreign
portfolio holdings is presented in table E,
In 1996, U.S. holdings of foreign stocks increased $176.4 billion, to $875.5 billion, as
i. For more information, see "U.S. International Transactions, Revised
Estimates for 1974-96," page 46.
Table D.—Changes in U.S. Holdings of Foreign Securities,
1996
[Billions of dollars]
Total change
Net U.S. purchases
219.1
108.2
118.6
Exchange rate changes
-7.7
Table E.-U.S. Holdings of Foreign Securities Ranked by
Largest Holdings, as of March 31,1994
[Billions of dollars]
Investments In Foreign Stocks
Total holdings
1 United Kingdom
2
Japan
3
Canada
4
Netherlands
5
Mexico
6
France
Germany
7
8
Switzerland
9
Hong Kong
Australia
10
566.7
99.7
99.4
39.7
38.1
34.7
25.6
25.6
21.0
17.5
16.9
Investments in Foreign Bonds
1
2
3
4
5
6
7
8
9
10
Total holdings
Canada
Japan
Germany
United kingdom
Italy
Mexico
France
Spain
Sweden
Australia
303.6
68.5
31.8
22.1
19.8
17.8
16.8
16.7
10.7
10.2
9.7
Source: The Treasury Department's Benchmark Survey of U.S. Ownership of Foreign LongTerm Securities.
SURVEY OF CURRENT BUSINESS
near-record US, net purchases of $58.8 billion
were augmented by $117.8 billion in price appreciation (table F). During the year, stock prices in
most foreign markets rose strongly in response
to widespread economic growth and to declining
short-term interest rates. Additional factors contributing to the increase in the U.S. position in
foreign stocks were U.S. investor participation in
the privatization issues of several countries, the
recovery of stock prices in emerging countries,
and the efforts of U.S. institutional investors to
further diversify their portfolio investments. Investments, mostly in Japanese stocks, slowed in
the second half of the year.
• Holdings of European stocks increased 30
percent, primarily as a result of U.S» net
purchases of $31.2 billion and price appreciation of $75.5 billion. Exchange rate changes
were offsetting: Substantial appreciation in
holdings of British stocks due to the rise of
the pound over the U.S. dollar was offset
by the effects of depreciation in the holdings of Continental European stocks as a
result of the depreciation of these currencies against the dollar. U.S. purchases of
stocks were strongest from Britain, Germany,
France, Switzerland, and Italy, where market
prices advanced 6 to 26 percent (according
to Morgan Stanley's international stock market indexes). U.S. purchases were spurred by
merger and acquisition activity, the prospects
of the European monetary union, and strong
corporate profits.
• Holdings of Japanese stocks, which account
for 14 percent of total U.S. holdings of foreign stocks, declined $2.1 billion mostly as a
result of the depreciation of the Japanese yen
against the U.S. dollar. Net purchases of $9.6
billion, mostly in the first half of the year
Table F.-U.S. Holdings of Foreign Stocks by Major Area at
Yearend
[Billions of dollars]
when Japanese stock prices rose, partly offset
the exchange rate depreciation. In the second
half, stock prices and U.S. purchases fell, reflecting growing concerns about the strength
and sustainability of Japan's economic recovery and the continuing problems in its
finance industry.
» Holdings of Canadian stocks increased $19.7
billion, or 42 percent. The increase consisted of $14.5 billion in price appreciation,
$3.5 billion in net purchases, and $1.7 billion
in exchange rate appreciation. Market prices
in Canada rose 30 percent.
• Holdings of other countries' stocks, mostly
emerging countries' stocks, increased as stock
prices and investor confidence recovered
from concerns arising from the Mexican financial crisis in 1994. Holdings of Latin
American stocks increased $8.7 billion, reflecting $2.0 billion in price appreciation,
$3.6 billion in net purchases, and $3.1 billion in exchange rate appreciation. U.S.
investments were boosted by privatization
sales in Brazil. All other stock holdings increased $26.4 billion in price appreciation,
$5.4 billion in exchange rate appreciation,
and $10.9 billion in net purchases. Most
of these increases occurred in the stocks of
Asian emerging countries, particularly those
of Hong Kong where prices advanced 30
percent.
U.S. holdings of foreign bonds increased $42.7
billion, to $398.0 billion, reflecting $49.4 billion
in net purchases that was partly offset by $7.5 billion in exchange rate depreciation of European
and Japanese bonds (table G). U.S. institutional
investors in search of high-yielding assets absorbed a large volume of newly issued foreign
dollar bonds in the U.S. market, including many
noninvestment grade foreign issues. Foreign
Table G.—U.S. Holdings of Foreign Bonds by Major Area at
Yearend
[Billions of dollars]
1994
Total holdings
Western Europe
Of which United Kingdom
France
Germany
Netherlands
Spain
Sweden
Switzerland .„
Canada
Japan
Latin America
Of which: Mexico
Other countries
Of which1. Australia
Hong Kong
July 1997 •
1996
1995
586.6
288.2
108.8
699.1
362.0
137.6
875.5
469.5
185.4
26.7
27.3
41.8
13.0
15.6
20.7
40.6
31.3
31.7
52.9
17.7
23.6
30.4
46.9
42.8
40.4
64.8
22.8
34.2
33.9
66.5
108.1
128.5
126.4
37.9
23.7
32.0
18.8
40.7
22.0
111.8
129.7
172.4
19.3
18.6
21.8
24.3
26.1
37.3
1994
Total holdings
Western Europe
Of which: United Kingdom
France ..
Germany
Italy
Netherlands
Spain
Sweden
Canada
japan
Latin America
Of which: Mexico
Other countries
Of which: Australia
1995
1996
303.1
127.4
355.3
155.8
398.0
167.1
21.8
22.3
17.1
17.1
11.1
11.6
10.0
65.0
28.0
41.5
16.4
41.2
28.6
27.4
20.9
17.2
13.5
14.2
12.3
73.8
32.7
44.2
17.7
48.8
11.1
29.6
28.0
24.5
17.1
15.1
15.0
13.1
79.2
34.0
40.7
20.3
77.0
12.6
9.2
27
SURVEY OF CURRENT BUSINESS
28 * July 1997
new issues, at $52.4 billion, approached the 1993
record. Emerging countries in Latin America and
Asia accounted for over 60 percent of the new
issues, more than double their new issues in 1995.
Europeans and Canadians continued as large
borrowers, though not as large as in 1995, as longterm interest-rate differentials against borrowing
dollars increased in most of these countries. Net
U.S. trading in other foreign bonds amounted to
net sales of $3.0 billion. The widening interestrate differential in favor of U.S, bonds slowed
U.S. diversification into most foreign bonds, with
the notable exception of British gilt-edged bonds.
Net U.S. purchases from the United Kingdom became large in the second half of the year, when
U.S. interest rates fell more than British rates.
U.S. direct investment abroad and other private
assets
U.S. direct investment abroad at current cost increased $86.5 billion, to $970.8 billion; at market
value, it increased $222.6 billion, to $1,534.6 billion (table H). Net capital outflows exceeded the
strong outflows of 1995. By account, reinvested
earnings increased to a record high, reflecting
record profits of foreign affiliates and a continued high rate of reinvestment; net equity outflows
slowed but remained strong due to numerous
mergers and acquisitions; and net intercompany
debt shifted to an outflow, as U.S.-parent firms
cut back borrowing from their finance affiliates
overseas. The strong outflows reflected widespread economic growth, especially in Europe
and emerging Asian countries, and economic
recovery in several Latin American countries.
At current cost, the direct investment position
increased mostly as a result of capital outflows;
valuation adjustments were small and offsetting.
At market value, the increase in the position due
to capital outflows was augmented by a substantial increase in U.S. owners' equity as a result
of the worldwide rise in stock prices. In Europe, where 50 percent of U.S. investments are
located, the rise in stock prices averaged 20 perTable H.-Changes in U.S. Direct Investment Abroad, 1996
[Billions of dollars]
At current
cost
Total change
Capital outflows
Equity capital
Intercompany debt
Reinvested earnings
Price changes
Exchange rate changes
Other valuation chances
86.5
87.8
21.6
8.3
57.9
7.4
-4.7
-4.0
cent, ranging from 6 percent in Italy to 40 percent
in Sweden (according to Morgan Stanley's international indexes); in several of the emerging
countries, stock prices recovered substantially.
These increases were partly offset by negative
exchange rate changes, mostly in Continental
Europe.
U.S. claims on unaffiliated foreigners reported
by U.S. nonbanking concerns increased $61.1 billion, to $369.1 billion, as these U.S. firms sharply
accelerated their overseas deposits in the second
half of the year. The acceleration, mostly in dollar deposits in European and Caribbean banks,
represented funding to meet the surge in overseas
demand for bank credit.
17.S. official reserve assets and other U.S.
Government assets
U.S. official reserve assets declined $15.3 billion, to $160.7 billion. Foreign-currency holdings
decreased $10.8 billion; holdings of pesos declined as Mexico repaid $8.3 billion in short-term
and medium-term swap arrangements with U.S.
authorities, and holdings of Japanese yen and
German marks decreased as these currencies
depreciated against the dollar.
Other U.S. Government assets increased $0.7
billion, to $82.6 billion; long-term credits
extended exceeded repayments.
Changes in Foreign Assets
in the United States
Foreign official assets
Foreign official assets in the United States increased $126.7 billion, to $805.1 billion; record
capital inflows accounted for most of the increase. These inflows represented acquisitions
of dollars through exchange market intervention
and investment of the unused proceeds of funds
borrowed by governments in the international
markets during the year. Dollar placements were
mainly in U.S. Treasury securities: Industrial
countries accounted for $65.5 billion, and developing countries, mainly in Latin America and
Asia, for $56.9 billion.
At market
value
222.6
87.8
21.6
8.3
57.9
153.9
-28.4
9.4
Bank liabilities
U.S. banks' liabilities to private foreigners and
international financial institutions increased $6.5
billion, to $819.9 billion, reflecting a further
reduction in U.S. banks' use of foreign funds
SURVEY OF CURRENT BUSINESS
(table I). U.S. banks borrowed little from overseas until a surge in domestic and foreign demand for bank credit late in the year. Through
much of the year, the growth in domestic deposits
provided banks with ample funding and enabled banks to pay down their liability positions
with their own foreign offices. Late in the year,
banks in the United States, especially foreignowned banks, financed strong growth in loans by
supplementing domestic funds with large-scale
borrowing from their overseas offices. Japaneseowned banks in the United States, which made
large loan repayments, were the exception.
Foreign-owned banks in the United States,
which accounted for much of the increase in interbank liabilities, borrowed heavily from their
home offices in Europe and Canada and affiliated offices in the Caribbean, particularly in the
fourth quarter, to fund their heavy domestic and
foreign lending. This borrowing was partly offset by Japanese banks' large net repayments to
their offices abroad throughout much of the year.
U.So-owned banks also borrowed in the fourth
quarter, mostly from their own foreign offices in
the United Kingdom and the Caribbean; however, this borrowing was not enough to keep net
repayments to those offices earlier in the year
from resulting in a decline in their interbank
liabilities.
Liabilities to nonbank foreigners increased $14.5
billion, to $116.5 billion, reflecting a widening of
the short-term interest-rate differentials that favored dollar deposits and the strong exchange
value of the dollar in the second half of the
year. Large inflows came from the United Kingdom, Canada, Japan, and international financial
institutions.
U.S. banks' foreign-currency liabilities declined
$5.9 billion, to $103.8 billion, mostly because
of repayments to Western Europe and Japan.
This cutback in funding coincided with a sharp
reduction in foreign-currency lending by U.S.
banks.
Custody liabilities reported by U.S. banks increased $2.7 billion, to $36.6 billion. Repayments
by U.S. nonbank customers early in the year were
more than offset by a surge in their borrowing
in the second half, mainly from banks in the
Caribbean and the United Kingdom.
U.S. Treasury securities
Foreign holdings of U.S. Treasury securities by
both private foreigners and international financial institutions increased $141.2 billion, to $530.6
billion (table J). Net purchases of U.S. Treasury bonds reached a record that was two-thirds
higher than the previous record in 1995. A negative price adjustment reflected a drop in bond
prices in the first half of the year that was not fully
offset by a recovery in prices in the second half.
Foreign purchases of Treasury bonds accelerated
throughout the year, as the U.S. interest-rate
differential in favor of Treasury bonds widened
substantially and as the dollar remained strong.
The U.S.-Japanese long-term interest-rate differential reached a j-year high of over 400 basis
points, which induced heavy demand from Japan
and other countries in Asia. Purchases from the
United Kingdom and international bond funds
in the Caribbean were especially strong during
the second half, when U.S. bond prices rallied.
By country, Japan and the United Kingdom are
the largest investors in foreign official and private
holdings of U.S. Treasury securities (table K).
U.S. currency
Foreign holdings of U.S. currency increased $17.3
billion, to $209.6 billion, or 53 percent of U.S.
currency outstanding at yearend 1996. These
newly introduced estimates of foreign holdings
indicate that overseas demand for U.S. currency has strengthened considerably in the 1990*8,
Table J.—Changes in Foreign Holdings of U.S.
Securities, 1996
[Billions of dollars]
Total change
Net foreign purchases
Price changes
Exchange rate changes
813.4
669.8
171.5
396.3
102.0
33.9
109.7
1996
819.9
679.5
161.5
401.5
116,5
36.6
103.8
155.6
-14.4
0
[Billions of dollars]
[Billions of dollars]
1995
141.2
Table It-Foreign Official and Private Holdings of U.S.
Treasury Securities by Country, as of December 31,1996
Table I.-U.S. Liabilities Reported by U.S. Banks at Yearend
Total liabilities
Bank own liabilities, payable in dollars
To unaffiliated foreign banks
To own foreign offices
To other foreigners
Bank custody liabilities
Total liabilities payable in foreign currencies
July 1997 • 29
1
2
3
4
5
6
7
8
9
10
Total holdings
Japan
United Kingdom
Germany
Netherlands Antilles
Peoples Republic of China
Spain
Singapore
Hong Kong
Taiwan
Middle Eastern oil-exporters
1,109.5
276.0
188.5
72.1
63.2
46.6
45.5
38.5
33.2
31.7
31.5
SURVEY OF CURRENT BUSINESS
JO • July 1997
mostly as a result of economic and political upheavals in several areas. No country detail of
these currency holdings is available.2
Other U.S. securities
Foreign holdings of U.S. securities, other than
U.S. Treasury securities, increased $226.0 billion, to $1,225.5 billion. The increase reflected
the record net purchases of U.S. corporate and
agency bonds and the large price appreciation
of U.S. stocks (table L). Despite the swing in
U.S. long-term interest rates—rising steeply early
in the year and falling in the second half—the
change in the differential against most major foreign bond markets increased in favor of U.S.
investments.
This yield advantage was augmented by the dollars' strength against most
major currencies during the year.
Foreign holdings of U.S. bonds increased $120.0
billion, to $654.1 billion, as foreign buying outpaced the record buying in 1995 by 50 percent.
In response to this strong foreign demand, U.S.
corporations issued a near-record $53.4 billion in
new bonds overseas; issues of fixed-rate bonds
slowed, but issues of floating-rate bonds and of
asset-backed bonds accelerated. Foreigners accelerated investments in U.S. federally-sponsored
agency bonds to a record $44.6 billion; some of
these bonds were newly issued abroad by U.S.
corporations that have sought to diversify their
sources of funds in the past 2 years. Foreign
investments in other outstanding U.S. corporate
bonds also accelerated to $23.2 billion, following
small net sales in the past 2 years.
Foreign holdings of U.S. stocks increased $105.9
billion, to $571.3 billion, reflecting $93.3 billion in
price appreciation and $12.6 billion in net foreign
purchases. Foreign purchases in the last 2 years
have been moderate in comparison with the very
strong rises in U.S. stock market prices—34 percent in 1995 and 20 percent in 1996 (according
to Standard and Poor's combined index of 500
2. For more information about the new estimates, see "U.S. International
Transactions, Revised Estimates for 1974-96 " page 43.
stocks). Notwithstanding the moderate pace of
foreigners' purchases in those 2 years, the gains
in foreign holdings were considerable, adding
over 60 percent to the value of their investments.
Western Europeans, who accounted for half of
the 1996 net purchases, slowed their purchases
from those in 1995. Net purchases by financial
centers in the Caribbean and in Asia excluding
Japan also slowed.
Foreign direct investment in the United States
and other liabilities
Foreign direct investment in the United States at
current cost increased $74.6 billion, to $729.1 billion; at market value, it increased $221.7 billion,
to $1,253.6 billion (table M). At current cost, net
capital inflows more than accounted for the total change. At market value, capital inflows were
augmented by substantial price appreciation in
owners5 equity as a result of the steep rise in U.S.
stock prices. These estimates incorporate the results of BEA'S 1992 benchmark survey of foreign
direct investment in the United States.3 In 1996,
net capital inflows reached a record high. By account, net equity inflows approached their 1990
peak, reflecting continued growth in acquisitions
of U.S. businesses, and record reinvested earnings
reflected the favorable effect on U.S. affiliates'
earnings of the sustained economic growth in the
United States; in contrast, net intercompany debt
inflows were slightly lower than in 1995.
Liabilities to unaffiliated foreigners reported by
U.S. nonbanking concerns increased $38.6 billion,
to $271.5 billion, principally reflecting U.S. corporations' borrowing from banks in the Caribbean
and the United Kingdom after midyear.
Tables i through 3 follow. Eg
3. For more information, see "U.S. International Transactions, Revised
Estimates for 1974-96," page 50.
Table M.—Changes in Foreign Direct Investment in the
United States, 1996
[Billions of dollars]
At current At market
cost
value
Table L-Changes in Foreign Holdings of Other U.S.
Securities, 1996
[Billions of dollars]
Total change
Net foreign purchases
Price changes
Exchange rate changes ...
226.0
133.8
94.0
-1.9
Total change
Capital inflows
Equity capital
Intercompany debt
Reinvested earnings ..
Price changes
Exchange rate changes
Other valuation changes
... .
74.6
77.0
53.0
11.8
122
5.4
-.4
-7.4
221.7
77.0
53.0
11.8
12.2
144.8
0
-.1
SURVEY OF CURRENT BUSINESS
July 1997 • 31
Table 1.-International Investment Position of the United States at Yearend, 1995 and 1996
[Millions of dollars]
Changes in position in 1996 (decrease (-))
Attributable to:
Position
1995 '
Type of investment
Line
Valuation adjustments
Capital
flows
Price Exchange Other
rate
changes changes1 changes2
(a)
1
2
Net international investment position of the United States:
With direct investment positions at current cost (line 3 less line 24) ...
With direct investment positions at market value (line 4 less line 25)
3
4
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) ....
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
U.S. Government assets, other than official4 reserve assets
U.S. credits and other long-term assets
Repayable in dollars
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)
-21,849
-45,567
-3,964
9,373
447,998
584,108
3,720,729
4,284,540
-4,073 •••••—»
-15,322
160,739
^370
1,280
-7,578
^355
-494
-3,224
-725
786
-10,802
10,312
15,435
38,294
690
796
846
-50
-34
-1
-6,668
-4,581
-4,581
3
-i'
-33
-106
1
1
-12
13
QC CQQ
<7O,000
657
796
834
-38
-139
82,554
80,754
80,012
742
1,800
125,948
272,439
-17,742
-41,460
^3,965
9,372
462,663
598,773
3,477,436
4,041,247
87,813
87,813
108,189
49,403
58,786
64,234
7,375
153,866
118,573
806
117,767
-4,726
-28,444
-7,675
-7,521
-154
-3,161
-3,954
9,383
86,508
222,618
219,087
42,688
176,399
61,073
970,798
1,534,609
1,273,439
397,972
875,467
369,055
98,186
-2,180
-11
95,995
864,144
547,555
547,555
89,329
228,795
346
772
-6,410
809
630,820
777,931
4,591,253
5,115,843
122,354
115,634
111,253
4,381
720
4,722
1,278
4,345
-4,333
•^,802
-1
126,698
111,301
107,451
3,850
719
4,722
9,956
805,149
610,207
578,959
31,248
25,944
112,116
56,882
3,281,982
3,659,461
425,201
425,201
84,984
224,450
346
772
-6,409
810
504,122
651,233
3,786,104
4,310,694
654,502
1,031,981
389,383
192,300
999,537
534,116
465,421
232,891
76,955
76,955
155,578
17,300
133,798
121,194
12,604
31,786
5,356
144,822
-14,411
•426
-7,335
74,550
221,661
141,167
17,300
225,950
120,028
105,922
38,644
729,052
1,253,642
530,550
209,600
1,225,487
654,144
571,343
271,535
813,369
33
34
358,422
358,422
678,451
498,906
471,508
27,398
25,225
107,394
46,926
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) ....
121,367
267,858
352,444
352,444
3,960,433
4,337,912
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
43
-870,524
-831,303
768,149
Foreign assets in the United States:
With direct investment at current cost (lines 26+33)
With direct Investment at market value (lines 26+34)
' Preliminary.
' Revised.
1. Represents gains or losses on foreign-currency-denominated assets due to their revaluation
at current exchange rates.
2. Includes changes in coverage, statistical discrepancies, and other adjustments to the value
of assets
3. Reflects changes in the value of the official gold stock due to fluctuations in the market
price of gold.
-182,822
-193,823
884,290
1,311,991
1,054,352
355,284
699,068
307,982
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
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
2,446
8,564
3,014,773
3,442,474
26
27
28
29
30
31
32
35
36
37
38
39
40
41
42
(a+b+c+d)
(d)
-22,195
-46,339
3,272,731
3,700,432
81,897
79,958
79,178
780
1,939
(c)
Position
1996*
32,038
39,063
-687,702 -195,111
-637,480 -195,111
176,061
101,279
11,037
14,649
49,096
U S official reserve assets
(b)
Total
9,784
-531
-1
8J678
-116
"'_87
H039
721
93,318
-1,887
5,932
-3,273
926
6,511
819,880
4. 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.
5. 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.
6. Primarily U.S. Government liabilities associated with military sales contracts and other transactions arranged with or through foreign official agencies.
SURVEY OF CURRENT BUSINESS
32 • July 1997
Table 2.-U.S. Assets Abroad and Foreign Assets In the United States by Area
[Millions of dollars]
Amounts outstanding, by area
Line
Type of investment
Western Europe
1995'
1996'
21,089
20,261
1995'
Latin America and Other countries,
international
Other Western
organizations,
Hemisphere
and unallocatedl
Japan
Canada
1995 "
1996"
1995'
16,207
1996"
14,533
11,800
1996"
1995-
1996"
U.S. assets abroad:
1
2
3
4
5
U.S. official reserve assets
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
6
7
8
9
10
U.S. Government assets, other than official2 reserve assets
U.S. credits and other long-term assets
Reoavable in dollars
Other3
U.S. foreign currency holdings and U.S. short-term assets
11
12
13
14
15
16
U.S. private assets:
Direct investment abroad
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
3,500 126,965 122,445
101,2'rg 96,698
11,037 10,312
14,fr19 15,435
!!!!!!!!!!!!!! !!!!!!!!"!!!! !»"!!»!!!!! »!!!!!!""!! !!!"!!!»!!!! "!!""!!"" """!"!"!!
'Ti',689 '"20J261
£500
"'1&207 "'l4i533 ""ii"8o6
7,186
-1
38 16,212 15,811
6,859
6
76
".""".....\
7,261
7,216
45
-75
517,842
155,826
362,016
116,905
241,812
6,892
6,858
34
-33
6
-1
76
38
16,169
16,034
135
43
15,728
15,612
116
83
58,417
56,528
55$28
6(JO
1,839
59,847
58,134
57,542
592
1,713
636,599 120,665 145,696 161,139 160,391 114,180 144,764 140,526 185,98<
167,094 73,793 79,235 32,683 34,004 55,490 69,095 37,492 48,544
469,505 46,872 66,461 128,456 126,387 58,690 75,669 103,034 137.44E
2,741
3,100 159,313 190,243 17,312 18,691
144,006 11,711 13,015
282,417 41,251 52,292 100,584 95,102 297,369 326,204 87,133 108,18
Foreign assets in the United States:
17
18
19
20
21
22
23
Foreign official assets in the United States
U.o. Government securities
U.S. Treasury securities
Other
Other US Government liabilities7
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets
24
25
26
27
28
29
30
31
Other foreign assets in the United States:
Direct investment in the United States
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 for- eigners reported by U.S. nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
1
2
208,174 236,847
(6)
(6)
(/
5,159
8
8
R
8
8
?!
26,224
(6)
(6
\
197
(5
(5)
(5
(5
P)
(5)
(5)
2500
2573
25,220
28,370
67,425
82,151
5
« 5)
)
i
i 5)
16,7!58
'
5
( /
R '8 '8
R R R
602i293 THWI "92J461 7f2,977 7ii"398
346,870 421,429 20,023 23,947 67,909
255,423 312,952 72,438 89,030 43,489
47,789 82,140
2,119
2,770
8,905
(5)
(5)
(5)
(5)
(5)
Addenda:
309,497 413,923
U.S. Treasury securities, foreign official plus private holdings (lines 19 + 25, above)
U.S. liabilities reported by U.S. banks, foreign official plus private (lines 22 + 31, above) 335,480 350,312
p Preliminary.
' Revised.
1. Includes U.S. gold stock valued at market price.
. go stoc vaue at maret prce.
2. Also includes p
s paid-in capital subscription to international financial institutions and outstanding amounts of miscellaneous claims tthat have been settled through international agreements to be payable to the U.S. Government
s
xcess
over periods in excess of 1 year. Excludes World War I debts that are not being serviced.
3. 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.
23,078
R
R
R
fl
'iSySo 7J6$e "iSioso
80,634 59,538 80,540
51,646 51,408 67,490
10,539 148,469 148,490
(5)
(5)
(5)
p
p
p
p
16,86$
>!
'
R
Pi
? 209.60C
192,3 30
82,439
39,776
42,663
25,609
(5)
97,815
47,594
50,22£
27,596
(5
25,813 223,750 276,044 91,574 123,521 210,850 270,206
38,074 86,840 59,164 346,252 363,544 123,821 120,902
4. Positions at current costs or market value are not available by area; country detail are available only at historical costs in the article "Direct Investment Positions on a Historical Cost Basis, 1996; Country and Industry Detail,"
elsewhere in this issue of the SURVEY.
5. Details are not shown separately.
6. Details not shown separately are included in totals in line 17.
7. Primarily U.S. Government liabilities associated with military sales contracts and other transactions arranged
with or through foreign official agencies.
SURVEY OF CURRENT BUSINESS
July 1997 • 33
Table 3.-lnternational Investment Position of the United States at Yearend, 1982-96
[Millions of dollars]
•j
1982-
Type of investment
Une
Net International Investment position of the United States:
2
line 24).
With direct investment positions at market value (line 4 less
line 25).
3
4
U.S. assets abroad:
With direct Investment at current cost 0lnes 5+10+15)
With direct Investment at market value (lines 5+10+16)
5
6
7
8
9
U S. official reserve assets
Gold '
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
..
"....!" !...!.!.'...!."...."!.'...!."...."."..!."!.
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 43
abroad:
At current cost 6
At market value
Foreign securities 7
Bonds7
Corporate stocks7
U.S. claims on unaffiliated foreigners reported by U.S.
nonbanking concerns8.
U.S. claims reported by U.S. banks, not included
elsewhere9.
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 securities10
U.S. Treasury securities
Other10
Other U.S. Government liabilities "
U.S. liabilities reported by U.S. banks, not included
elsewhere.
Other foreign official assets10
Other foreign assets in the United States:
With direct investment at current cost (lines
35+37+38+39+42+43).
Witt) direct investment at market value (lines
36+37+38+39+42+43).
Direct investment in the United States:
At current cost512
At market value 12
U.S. Treasury securities 10
U.S. currency
U.S. securities other than U.S.10
Treasury securities10
Corporate and other bonds
10
Corporate stocks
U.S. liabilities to unaffiliated foreigners reported by U.S.
nonbanking concerns 13.
U.S. liabilities14
reported by U.S. banks, not included
elsewhere .
194 711 «V0,4£V
we*!/ Iw 4A3490
1984''
1985'
1A7&59
lOfgOwc
89060
210,791 232,531 109,211
71,982
1987"
_49354
1990"
1991"
1992'
1993"
1994"
-&4-B90 —lOljOtO
-9«,MU _1fi1 BAR
-IJjtfP*
78,112
1988 "
1989"
1995"
1996"
949 750 — *1v,»W«
—«'M,(9v -946309 -325964 -47302$ -370122 -411 681
-670524
'
27,581 -12,570 -70,525 -206,950 -319,929 -529,460 -274,867 -321,469 -637,480 -831,303
143,445
120,635
5,250
7,348
10,212
123,110
100,484
5,025
11,312
6.289
105,040
81,202
5,641
11,541
6,656
117,930
85,834
7,293
11,947
12,856
139,875
102,428
8,395
11,730
17,322
162,370
127,648
10,283
11,349
13,090
144,179
107,434
9,637
9,745
17,363
168,714
105,164
9,951
9,048
44,551
174,664
102,406
10,989
9,076
52,193
159^23
92,561
11240
9,488
45,934
147,435
87,168
8,503
11,759
40,005
164,945
102,556
9,039
11,818
41,532
163,394
100,110
10,039
12,030
41215
176,061
101279
11,037
14,649
49,096
160,739
96,698
10,312
15,435
38294
74,682
72,884
70,948
1,936
1,798
79,626
77,814
75,991
1,823
1,812
84,971
82,883
81,103
1,780
2,088
87,752
85,814
84,087
1,727
1,938
89,637
88,710
87,112
1,598
927
88,880
88,099
86,486
1,613
781
86,117
85,388
83,923
1,465
729
84,489
83,903
82,421
1,482
586
81,993
81,365
80,040
1,325
628
79,144
77,498
76272
1226
1,646
80,722
79,087
77,987
1,100
1,635
81,029
79,106
78,100
1,006
1,923
81,362
79272
78,411
861
2,090
81,897
79,958
79,178
780
1,939
82,554
80,754
80,012
742
1,800
901,031 1,026,864 1,032,412 1,103,398 1,264,328 1,420,510 1,610,657 1,822,827 1,923,346 2,046,754 2,096,835 2,496,551 2,654291 3,014,773 3,477,436
740,667
924,899 935,147 1,094,990 1,362,927 1,505,660 1,776,294 2,094,878 2,035,077 2,229,984 2236,039 2,809,342 2,933267 3,442,474 4,041247
387,002 376,307 367,839 394,760 431,475 505,096 526,824
226,638 274,342 270,574 386,352 530,074 590,246 692,461
74,046 84,723 88,804 119,403 158,123 188,589 232,849
56,604 58,569 62,810 75,020 85,724 93,889 104,187
17,442 26,154 25,994 44,363 72,399 94,700 128,662
35,405 131,329 130,138 141,872 167,392 177,368 197,757
404,578
434,505
445,631 447,363
507,338
649,457
560,409
832,460
314,294
116,949
197,345
234,307
620,031
731,762
342,313
144,717
197,596
265,315
644,307
827,537
455,750
176,774
278,976
256295
659,426
798,630
515,083
200,817
314266
254,303
653,227 713,817
695,687
690,402
668,023
714,756
1,027,547
853,528
309,666
543,862
242,022
797,781
1,076,757
889,706
303,079
586,627
273,686
884290
1,311,991
1,054,352
355284
699,068
307,982
970,798
1,534,609
1,273,439
397,972
875,467
369,055
686245 693,118 768,149
864,144
794,445 926,180 1,054,771 1,240,020 1,507,194 1,726,580 2,002,798 2,319,789 2,426,395 2,611,085 2,798,021 3,112,647 3,310,736 3,960,433 4,591,253
748,003 895,104 1,015,947 1,228,690 1,514,327 1729329 2,019,160 2,418,806 2,498,684 2,788,280 2993656 3,330,183 3,499,492 4,337,912 5115.843
«*• • '«*i^**
*»•**»«"'
189,109
132,587
124,929
7,658
13,639
24,989
194,468
136,987
129,716
7,271
14,231
25,534
17,894
17,716
199,678 202,482
144,665 145,063
138,168 138,438
6,497
6,625
14,959 15,803
26,090 26,734
13,964
14,882
241,226 283058 322,036 341,859 375,339 401,678 442,753 516202 545,744 678,451 805,149
178,916 220,548 260,934 263,725 295,005 315,932 335,695 388,312 415,006 498,906 610207
173,310 213,713 252,962 257,314 287,885 307,096 322,968 371,163 393,437 471,508 578,959
7,972
8,836 12,727 17,149 21,569 27,398 31248
5,606
6,835
6,411
7,120
17,993 15,667 15,200 15,374 17,243 18,610 20,801 22,113 24,481 25225 25,944
27,920 31,838 31,520 36,495 39,880 38,396 54,967 69,721 73,386 107,394 112,116
16,397
15,005
14,382
26,265
23^11
28,740
31290
36,056
32,871
46,926
56,882
605,336 731,712 855,093 1,037,538 1,265,968 1,443,522 1,680,762 1,977,930 2,051,056 2,209,407 2,355268 2,596,445 2,764,992 3281,982 3,786,104
558,894
700,636 816,269 1,026,208 1,273,101 1,446,271 1,697,124 2,076,747 2 123,345 2386602 2,550,903 2,813,981 2,953,748 3,659,461 4,310,694
176,870
130,428
25,758
54,200
92,988
16,709
76,279
27,532
184,394 211,201 231,326
153,318 172,377 219,996
33,846 62,121 87,954
59,600 63,700 68,900
113,811 128,477 207,868
17,454 32,421 82,290
96,357 96,056 125,578
61,731 77,415 86,993
265,833 313,451
272,966 316,200
96,078 82,588
73,000 78,400
309,803 341,732
140,863 166,089
168,940 175,643
90,703 110,187
375,168
391,530
100,877
84,200
392,292
191,314
200,978
144,548
435,917
534,734
166,489
90,100
482,864
231,673
251,191
167,093
467,312
539,601
162,404
108,900
467,437
245,696
221,741
213,406
491,942 500,542
669,137 696,177
189,506 225,110
124,300 137,700
559,180 620219
287,308 319,823
271,872 300,396
208,908 220,666
227,988
278,330
430,551
583,677
635,467
631,597
635,571
312,179
354,497
p Preliminary.
" Revised.
1. U.S. official gold stock valued at market price.
2. 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.
3. 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.
4. Estimates for 1982 forward are linked to both the 1982 and 1989 benchmark surveys of U.S. direct investment
abroad.
5. Estimates for 1982 forward reflect new 1992 base-year price indexes for tangible assets, which replace the
1987 base-year price indexes previously used in the national income and product accounts,
6. Estimates are linked to both the 1982 and 1989 benchmark surveys of U.S. direct investment abroad.
7. Estimates include results of the Benchmark Survey of U.S. Ownership of Foreign Long-term Securities as of
March 31,1994, conducted by the U.S. Department of the Treasury.
8. Breaks in series reflect the following: in 1982, an increase in reporters' exemption levels; in 1983, the introduction of data from the United Kingdom and from the Bank for International Settlements (BIS) for Austria, Belgium,
Denmark, Finland, Germany, Ireland, Luxembourg, Norway, Spain, Sweden, Switzerland, Caribbean banking centers,
1986 '
1,119,158 1,229,600 1,222,423 1 309 080 1,493,840 1,671,760 1,840,953 2,076,030 2,180,003 2,285,121 2,324,992 2,742,525 2,899,047 3,272,731 3,720,729
958,794 1,127,635 1,125,158 1,300,672 1,592,439 1,756,910 2006590 2348,081 2,291,734 2,468,351 2,464,196 3,055,316 3,178,023 3,700 432 4,284,540
U.S. Government assets, other than official2 reserve assets
U.S. credits and other long-term assets
Repayable in dollars
3
other
1983-
517,164
550,862
768,398
253,903
156,600
730,569
389,942
340,627
229,038
651,031 675,473
654,502
1,031,981
389,383
192,300
999,537
534,116
465,421
232.891
729,052
1253,642
530,550
209,600
1,225,487
654,144
571,343
271.535
783251 813,369
819,880
584,970
773,726
266,662
180,000
752,784
413,858
338,926
197,325
and Asian banking centers. BIS data was introduced for the Netherlands in 1986, and for France and Italy in 1989.
BIS coverage for Switzerland was also improved in 1989. BIS coverage for Austria, Switzerland and Asian financial
centers was adjusted in 1991. BEA methodology for estimating positions vis-a-vis Canada and Germany was adjusted beginning in 1993, and vis-a-vis Asian financial centers in 1994.
9. Breaks in the series reflect the following: in 1982, an increase in reporters' exemption levels; in 1988, the
introduction of data on holdings of foreign commercial paper.
10. Estimates include results of 1978,1984, and 1989 portfolio benchmark surveys conducted by the U.S. Department of the Treasury.
11. Primarily U.S. Government liabilities associated with military sales contracts and other transactions arranged
with or through foreign official agencies.
12. Estimates for 1982 forward are linked to both the 1987 and 1992 benchmark surveys of foreign direct investment in the United States.
13. Breaks in series reflect the following: In 1982, an increase in reporters' exemption levels; in 1983, the introduction of data from the United Kingdom and BIS-source data for Caribbean and Asian banking centers.
14. A break in series in 1982 reflects an increase in reporters' exemption levels.
MoiE.-Revised area tables for 1982-96 are available upon request from the Balance of Payments Division (BE58), Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230.
SURVEY OF CURRENT BUSINESS
34
July 1997
Direct Investment Positions for 1996
Country and Industry Detail
By Sylvia E. Bargas
HE DETAILED estimates by country and industry of the direct investment positions of
the United States, which are presented in this
article, are prepared only on the basis of historical cost; thus, these estimates reflect prices
at the time of investment rather than prices of
the current period.1 In contrast, the estimates
of the direct investment positions presented elsewhere in this issue are on a current-cost and a
market-value basis; those estimates are conceptually and analytically superior to the historical-cost
estimates, but they are available only at an aggregate level.2 For perspective, table i shows the
aggregate direct investment positions on all three
valuation bases.
On a historical-cost basis, the position for U.S.
direct investment abroad (USDIA) grew 11 percent
in 1996, and the position for foreign direct investment in the United States (FDIUS) grew 12
percent. The strong growth in both measures was
largely attributable to favorable economic con-
T
1. Historical cost is the basis used for valuation in company accounting
records in the United States, and it is the only basis on which companies
can report data in the direct investment surveys conducted by BEA. For consistency, the estimates of earnings and reinvested earnings used in analyzing
changes in the historical-cost positions are also on this basis and are not
adjusted to current cost; country and industry detail for these items, like the
positions, is not available with such an adjustment.
2. See "The International Investment Position of the United States in
1996" in this issue.
ditions in the United States and in a number
of foreign countries. Robust earnings by affiliates generated readily available financing in the
form of reinvested earnings, and strong earnings
by parents reduced the need to draw funds from
affiliates and—particularly for FDIUS—provided
a source of funds for mergers and acquisitions.
In addition, USDIA was spurred by new investment opportunities abroad resulting from
privatizations of government-owned enterprises.
As in previous years, the largest component of
capital outflows for USDIA was reinvested earnings, which tend to be used mainly to finance
the ongoing operations of foreign affiliates.3 The
largest component of capital inflows for FDIUS
continued to be equity capital, which includes
capital contributions to existing U.S. affiliates and
funds used to acquire and establish new U.S.
affiliates.4 To some extent, this difference in composition reflects the greater average maturity of
foreign affiliates relative to U.S. affiliates and the
relatively greater role of acquisitions in recent
growth in FDIUS. Many foreign affiliates of U.S.
companies were acquired or established decades
ago and can now be sustained largely through
3. A foreign affiliate is a foreign business enterprise in which a single U.S.
investor owns at least 10 percent of the voting securities, or the equivalent.
4. A U.S. affiliate is a U.S. business enterprise in which a single foreign
investor owns at least 10 percent of the voting securities, or the equivalent.
Table 1.—Alternative Direct Investment Position Estimates,
1995 and 1996
Acknowledgments
[Millions of dollars] ^
Valuation method
U.S, direct investment
abroad:
Historical cost
Current cost
Market value
Foreign direct
investment in the
United States:
Historical cost
Current cost
Market value
f Preliminary.
' Revised.
Changes in 1996
Position
at year-
end
1995'
Total
Capital
flows
Valuation
adjustments
The survey from which the data for the U.S. direct
Position
at year-
investment position abroad were drawn was conducted
end
under the supervision of Mark W. New, assisted by
1996*
Laura A. Downey, Javier J. Hodge, Marie K. Laddomada,
717,554
884,290
1,311,991
78,940
86,508
222,617
85,561
87,812
87,812
-6,620 796,494
970,798
-1,304
134,805 1,534,609
Sherry Lee, Leila C. Morrison,
Gary M.
Solamon, Dwayne Torney, and Wendy P. Warcholik.
Smith W. Allnutt in programmed the tables.
The survey from which the data for the foreign
direct investment position in the United States were
drawn was conducted under the supervision of Gregory
560,850
654,502
1,031,981
69,195
74,550
221,661
78,828
76,955
76,955
-9,633 630,045
-2,405 729,052
144,706 1,253,642
G. Fouch, assisted by Peter J. Fox, Nancy F. Halvorson, Tracy K. Leigh, Beverly E. Palmer, and Linden L.
Webber. Karen E. Poffel programmed the tables.
SURVEY OF CURRENT BUSINESS
the retention of their own earnings. In contrast,
U.S. affiliates of foreign companies tend to be of
more recent vintage and to rely more heavily on
contributions of equity capital from their foreign
parents to build their operations.
Benchmark revision of FDIUS estimates.—The estimates of the FDIUS position for 1992 have been
revised to incorporate data collected in BEA'S 1992
benchmark survey of foreign direct investment
in the United States, which covered the universe
of FDIUS. For years after 1992, the estimates have
been revised by extrapolating the 1992 universe
data on the basis of data collected in BEA'S quarterly sample survey and by incorporating new or
adjusted data from that survey. The revisions
for all of these years were small—i percent or
less for all countries and industries combined.
Previously, the estimates for 1992 forward were
extrapolated from the 1987 benchmark survey of
FDIUS. 5
U.S. Direct Investment Abroad
The U.S. direct investment position abroad valued at historical cost—the book value of U.S.
direct investors' equity in, and net outstanding
loans to, their foreign affiliates—was $796.5 billion at yearend 1996 (table 2 and chart i). The
largest positions by far remained those in the
United Kingdom ($142.6 billion, or 18 percent
of the total) and in Canada ($91.6 billion, or n
percent of the total) (table 3 and chart 2).
5. For additional information, see "U.S. International Transactions, Revised Estimates for 1974-96" in this issue. A more complete explanation of
these revisions will accompany the presentation of the detailed estimates of
the FDIUS position scheduled to be published in the September 1997 SURVEY
OF CURRENT BUSINESS.
July 1997 •
In 1996, the USDIA position increased $78.9 billion, or 11 percent, compared with an increase of
12 percent in 1995 and an average increase of 10
percent in 1982-94. The following table shows the
change in position in 1996 by the type of capital
flow and valuation adjustment:6
[Billions of dollars]
78.9
Total
8s 6
2l6
8.3
55.6
Intercompany debt
Reinvested earnings
Valuation adjustments
-6.6
—4 o
Other
of which:
Capital gains and losses
— 1.7
4.1
6. Valuation adjustments to the historical-cost position are made to reflect differences between changes in the position, measured at book value,
and capital flows, measured at transactions value. Unlike the positions on a
current-cost and market-value basis, no adjustment is made to reflect changes
in the replacement cost of the tangible assets of affiliates or in the market
value of parent companies' equity in affiliates. (However, as explained below,
adjustments are made for realized capital gains and losses of affiliates, such
as gains or losses on partial sales of affiliate assets.)
Currency-translation adjustments to the position are made to reflect
changes in the exchange rates that are used to translate affiliates' foreigncurrency-denominated assets and liabilities into U.S. dollars. The precise
effects of currency fluctuations on translation adjustments depend on the
value and currency composition of affiliates' assets and liabilities. Depreciation of foreign currencies against the dollar usually results in negative
translation adjustments, because it tends to lower the dollar value of foreigncurrency-denominated net assets. Similarly, appreciation of foreign currencies
usually results in positive adjustments, because it tends to raise the dollar
value of foreign-currency-denominated net assets.
"Other" valuation adjustments includes adjustments for differences between the proceeds from the sale or liquidation of affiliates by U.S. parents
and the book values of the affiliates that are sold or liquidated, for differences
between the purchase prices and the book values of affiliates that are acquired
by U.S. parents, for writeoffs resulting from uncompensated expropriations
of affiliates, and for capital gains and losses. Capital gains and losses represent the revaluation of the assets of ongoing affiliates for reasons other than
exchange-rate changes, such as the partial sale of those assets for an amount
different from their historical cost.
CHART 1
Table 2.—U.S. Direct Investment Position Abroad and
Foreign Direct Investment Position in the United States
on a Historical-Cost Basis, 1982-96
Millions of dollars
Yearend
U.S. direct
investment
position abroad
1982 .
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
207,752
212,150
218,093
238,369
270,472
326,253
347,179
381,781
430,521
467,844
502,063
564,283
'640,320
'717,554
'796,494
' Preliminary.
' Revised.
Foreign direct
investment
position in the
United States
124,677
137,061
164,583
184,615
220,414
263,394
314,754
368,924
394,911
419,108
'423,130
'467,412
'496,539
'560,850
"630,045
Percent change from preceding
year
U.S. direct
investment
position abroad
2.1
2.8
9.3
13.5
20.6
6.4
10.0
12.8
8.7
7.3
12.4
13.5
12.1
11.0
Foreign direct
investment
position in the
United States
9.9
20.1
12.2
19.4
19.5
19.5
17.2
7.0
6.1
1.0
10.5
62
13.0
12.3
Direct Investment Positions
on a Historical-Cost Basis, 1982-96
Billion $
800
— U.S. Direct Investment Position Abroad
— Foreign Direct Investment Position
in the United Stales
700
600
500
400
300
200
100
1982
84
86
88
90
92
U.S. Department ol Commerce, Bureau ol Economic Analysis
94
96
35
SURVEY OF CURRENT BUSINESS
36 o July 1997
Table 3.—U.S. Direct Investment Position Abroad on a Historical-Cost Basis at Yearend
[Millions of dollars]
1996
1995
All
industries
All countries
Petroleum
Manu- Wholesale
facturing trade
Finance
(except
banking),
Banking insur- Services
ance,
and real
estate
Other
industries
All
industries
Petroleum
Manu- Wholesale
facturing trade
Finance
(except
banking),
Banking insur- Services
ance,
and real
estate
Other
industries
717,554
70,229
25Q253
67,222
28,123
228,744
32,769
40,213
796,494
75,479
272,564
72,462
32,504
257,213
36,673
Canada
85,441
10,397
42,215
7,177
927
14,304
4,055
6,366
91,587
10,997
43,817
7,764
974
15,816
4,729
7,490
Eurooe
Mwiwgrw
360,994
25,877
123,216
34,361
13,261
130,809
22,136
11,335
399,632
28,907
134,733
37,602
14,005
146,379
23,832
14,174
2,777
17,969
2,123
192
325
925
302
3,126
2225
1,007
4,130
2,274
P)
46
668
3
480
91
4,173
7,302
3,019
1,232
P)
370
349
P)
1,021
8,425
626
5
15,187
P)
P)
P)
882
3,450
213
360
2,902
18,604
2,171
1,033
34,000
300
2,237
502
321
-14
P)
19
384
8522
7,392
2,939
^23
897
8
P)
1,086
1,296
11,710
1,124
2,019
44,259
52
P)
299
221
139
1,965
2,128
3,750
20,052
P)
618
2,645
P)
50
149
P)
P)
61
863
2,261
1,487
126
P)
514
137
707
893
114
281
443
539
15,975
-1
59,631
1,313
285
2,093
109
4,649
1,136
107
6
184
-13
154
Austria
Belgium
Denmark
Rnland
France
Germany
Greece
Ireland
Italy.
Luxembourg
Netherlands
Noway .
Portugal
Spam
Sweden
Switzerland
Turkey
United Kingdom
'Oher
Latin America and Other Western Hemisphere
825
32,950
.
P)
343
44,226
2,308
22,899
2,871
424
P)
P)
530
34
137
5,396
10,471
81
290
2,227
9,734
3,059
3,370
591
538
312
391
912
373
8,400
17,587
5,857
39,344
5,133
1,755
10,770
7,339
33,532
948
122,767
6,269
P)
186
P)
825
P)
777
6,601
5,452
3,650
603
27,638
1,772
13,222
2,667
0
9,322
43
6,429
1,537
P)
1,342
P)
n
506
11,749
18,687
6,377
44,667
49,600
P)
461
249
358
1,103
16,600
4,141
P)
282
P)
P)
739
O
P)
P)
549
39
22,741
2,886
1,395
11,597
145
83
470
2,564
10,472
3,910
89
P)
320
P)
134
2,780
1,900
4,179
23,592
2,424
1,571
3,898
705
689
353
451
1,023
0
P)
763
148
733
961
P)
331
517
635
73
P)
248
-19
131
7,457
11,549
P)
989
6$
98
3
4,665
1,213
6,103
1,854
11,393
7,629
35,751
1,025
142,560
8,361
87
14,889
1,465
7,109
5,554
4,426
594
32,341
2,175
P)
191
P)
703
2,537
0
378
1 572
>)
66
10,341
75
7,365
2,083
373
1,422
16,826
-1
68,339
1,292
5$
1,474
P)
1,241
P)
74
358
42
'80
2
5,846
1,554
8521
128,252
5,990
36,883
7,439
5,802
60,612
2,696
8,830
144,209
6,488
40,611
7,686
5,632
69,181
3,512
11,100
South America
Argentina ,
Brazil .
Chile ..
Colombia
Ecuador
Peru ..
Venezuela
Other.
46,914
7,496
23,706
5,878
3,352
4,065
25,321
3,233
18,362
2,773
1,061
2,648
5,762
5,775
26,919
3,703
19,346
2,263
3,191
6,847
1,097
3,019
2,046
1,225
1,119
1,122
1,325
833
652
95
125
74
855
697
194
489
P)
98
94
P)
688
206
264
0
P)
0
27
P)
P)
7,756
2,604
1,762
52,153
8,060
26,166
6,745
3,468
4,489
837
888
523
570
180
176
P)
16
0
P)
28
P)
Central America
Costa Rica
Guatemala
Honduras
Mexico
Panama
Other.
33,688
870
152
19,488
635
^1
25
8
0
Other Western Hemisphere
Bahamas
Barbados
47,650
1,806
1,279
3,220
1,150
191
15,960
16,216
278
755
29,980
745
679
P)
1,713
245
148
1,176
10,642
277
91
8
P)
9,843
749
45
171
920
P)
2
6
224
172
649
Africa
Egypt ....
Nigeria
South Afnca
Other ....
6,383
1,388
3,248
1,063
706
&
P
Middle East
Israel
Saudi Arabia
United Arab Emirates
Other ....
7,669
1,662
3,245
Asia and Pacific
Australia
China ....
Hong Kong
India
Indonesia
Japan ....
Korea, Republic of
Malaysia
New Zealand
Philippines ,
Singapore
Taiwah..
Thailand
Other ....
International
Addenda:
Eastern Europe
European Union (15) l
OPEC2
394
1,402
2,877
845
8,941
1,275
3,014
219
134
818
180
p)
P)
P)
445
115
259
Dominican Republic
Jamaica
Netherlands Antilles
Trinidad and Tobago
United Kingdom Islands, Caribbean
Other
547
1,314
2,412
P)
155
P)
193
18
687
326
141
47
60
390
61
(P)
P)
P)
195
1,735
368
8
15
0
3
959
315
n
1
88
35
16,968
52
9
24
P)
299
P)
P)
2,263
14,615
4
368
121
P)
2,930
2,787
37,882
1,625
145
281
1,155
662
PI
0
(*)
P)
P)
781
P)
27,492
1
6
2,923
o
15
6,141
P)
4
-9
P)
1,365
301
86
239
135
712
P)
P)
P)
644
2,181
1,208
n
o
783
387
P)
86
98
58
657
552
501
n
149
66
JD\
/D\
71
270
7
P)
175
P)
516
0
P)
-68
M
P)
P)
-41
30
1,212
43
134
1,388
482
309
2,355
P)
P)
1,014
744
P)
2,075
3,592
1,193
2,298
9
P)
38,905
1,205
217
-92
145
2,289
18,747
18,256
757
P)
0
P)
P)
10
P)
56
631
59
P)
86
P)
8,743
1,886
3,098
21,096
3,968
3,379
1,217
10,595
4,734
794
598
P)
997
106
2,349
4,602
P)
1,386
P)
3,949
27
64
P)
419
16,006
1,575
2,896
6,888
592
157
465
P)
386
144
612
326
204
P)
710
27
P)
806
730
105
205
1,559
3,267
789
237
P)
228
90
1,822
215
61
778
768
4,415
6,461
1,413
1,210
5,264
2,654
1,492
689
179
74
2,981
985
4,739
315,112
16,036
20,793
6,930
1,601
116,399
2,960
1,808
462
363
28
1,665
282
P)
259
424
489
342
267
7,258
394
176
1,777
P)
2207
223
165
P)
61
-1
P)
P)
381
156
42
-1
156
260
764
44
24,399
9,798
840
113,332
1,562
20,532
678
324
1,455
-3
P)
P
0
-82
P)
175
29
n
119
957
1,164
565
P)
P)
P)
P)
229
541
0
P)
5
443
80
P)
1,900
390
P)
0
P)
P)
P)
P)
1(365
323
2,864
16,527
P)
42,847
1,188
P)
30,600
1
6
3,534
13
6,954
P)
P)
308
151
740
P)
o
P)
673
27
515
108
P)
2,189
56
138
1,826
P)
P)
1
2
82
3
13
P)
P)
P)
331
P)
127
51
0
19
57
483
P)
0
P)
337
468
216
P)
47
P)
468
109
212
106
42
10,932
3,742
23,738
3,395
4,005
1,437
13,495
6,715
74
5,022
1,506
P)
4,656
348
353
P)
93
67
431
187
823
P)
16,534
2,107
3,711
7,344
452
172
516
P)
379
P)
815
51
830
86
259
857
278
74
4,352
1,176
9,858
2,742
6,480
348,391
18,288
1,424
22,754
8,554
167
1,964
291
268
P)
499
P)
2,799
P)
844
P)
(*)
P)
108
1,830
1,691
733
470
P)
-7
90
18,907
2,511
1,530
5,870
2,778
1,782
8
4,742
4,816
2,500
-30
7
-145
2,585
49,382
9,360
1,504
2,601
2,702
19,943
1,609
601
952
502
1,360
140,402
28,769
2,883
16,022
1,139
7,571
39,593
5,510
5,277
5,519
3,349
14,150
4,509
5,254
n
1,295
397
-5
1,475
652
0
P)
P)
-22
906
7
-43
2,971
904
599
51
512
1,146
2,777
329
P)
69
192
P)
2,199
1,329
1,996
6,607
38,406
5,169
4,200
4,845
2,531
12,689
4,210
4,315
737
170
370
447
185
63
42
157
7,377
1,069
P)
3,246
P)
9
17
284
187
P)
48
17,674
2,266
2,338
1,401
P)
P)
44,393
8,616
2,176
724
70
165
3,913
1,189
21,320
3,132
12,290
353
114
150
27
978
1,437
3,506
166
11,408
7,568
1,647
o
125,834
25,003
2,127
14,206
P)
465
1,597
169
839
193
33,783
1,675
3,594
1,057
9,006
591
733
530
367
131
56
60
325
62
f°)
P)
764
559
6
461
0
0
140
320
57
P)
1,925
fi
389
865
8
P)
683
P)
P)
P)
2,103
838
53,151
2,021
1,275
P)
P)
7
479
130
212
P)
P)
2
49
2
976
5
-9
660
336
851
698
P)
1,777
540
449
P)
1,671
0
P)
371
507
575
549
299
9,150
228
233
1,799
1,687
816
96
7
8
2,142
P)
2,521
243
222
148
555
158
40
P)
395
189
P)
382
8
2,389
1,926
126,834
2,894
192
340
26,460
10,212
1,006
678
1,051
127,498
1,687
27
22,218
319
1,520
12,415
3,150
* Less than $500,000 (±).
2. OPEC is the Organization of Petroleum Exporting Countries. Its members are Algeria, Gabon, Indonesia, Iran,
Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.
Suppressed to avoid disclosure of data of individual companies.
1. The European Union (15) comprises Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland,
Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, and the United Kingdom.
D
July 1997 • 37
SURVEY OF CURRENT BUSINESS
Most—nearly two-thirds—of capital outflows
in 1996 were accounted for by reinvested earnings, which were up $3.2 billion from 1995. The
remainder were accounted for by net equity capital outflows, which were down $15.0 billion from
1995, and intercompany debt flows, which shifted
$12.2 billion, to outflows.
Reinvested earnings reflected record affiliate
profits and a continued high rate of reinvestment.
Affiliate profits in many countries were boosted
by the large capital flows that have expanded the
earnings base in recent years. In 1996, 60 percent
of total earnings were reinvested, slightly below
the 61-percent share of 1995 but well above the 36percent average of 1982-94. If past relationships
between growth in capital spending by affiliates
and growth in earnings held in 1996, it seems
likely that much of the reinvested earnings were
used to finance capacity expansion by existing
foreign affiliates.
The decrease in equity capital outflows was
primarily due to a sharp drop in equity capital increases, as a number of multibilliondollar mergers and acquisitions in 1995—
mainly in pharmaceuticals, but also in utilities
and telecommunications—were not matched by
similar-sized transactions in 1996. Also contributing to the decrease in outflows was a rise
in equity capital decreases (which are recorded
as U.S. capital inflows); these decreases, which
were concentrated in finance (except banking),
insurance, and real estate ("FIRE") and in petroCHART 2
U.S. Direct Investment Position Abroad,
1996: Host-Country Shares
leum, largely resulted from sales of affiliates by
U.S. direct investors.
Merger and acquisition activity by U.S. direct
investors, though lower than in 1995, occurred
in a number of industries, particularly "other
industries," metals, and FIRE. As in 1995, several of the transactions in "other industries" and
in FIRE involved acquisitions of energy providers
and telephone companies. These acquisitions—
in the United Kingdom, Australia, Belgium, and
Brazil—were made in response to opportunities
created by recent privatizations.
The shift to outflows in intercompany debt primarily reflected reduced borrowing by parents
from their affiliates in FIRE, particularly from affiliates in the United Kingdom, Bermuda, and
Japan.
Changes by country
The $78.9 billion increase in the U.S. direct investment position abroad was spread among all
major geographic areas. The largest increase by
far was in Europe.
The following table shows major changes in the
positions in 1996 by area and by country:
[Billions of dollars]
All countries
of which:
Netherlands
Ireland
inada(11.5%)
Japan (5.7%),
United Kingdom
(17.9%)
iermany (5.6%)^
Bermuda
(4.5%)
France (4.3%)
Netherlai
(4.2%)
Australia (3.6%)'
Brazil (3.3%)
Other (34.6%)
US. Department of Commerce, Bureau of Economic Analysis
19.8
«. »
3.3
Latin America and Other Western Hemisphere
of which:
Bermuda
Mexico
Brazil
Panama
,
16.0
Asia and Pacific
of which:
14 6
3.8
2.8
2.5
2.0
3.8
1.8
1.5
Canada
Switzerland (6.0%)
78.9
36.6
6.1
The position in Europe increased n percent
and accounted for nearly one-half of the overall
increase in the position worldwide. The increase
resulted from capital outflows of $45.3 billion that
were partly offset by negative valuation adjustments of $6.6 billion. Within Europe, more than
one-half of the increase in the position was in
the United Kingdom. Outside the United Kingdom, increases were largest in the Netherlands
and Ireland.
In the United Kingdom, nearly one-half of
the increase was in FIRE, where the increase was
about evenly split among reinvested earnings,
intercompany debt outflows, and equity capital
38 o July 1997
SURVEY OF CURRENT BUSINESS
outflows. Equity capital outflows in FIRE funded
the establishment of holding companies for the
purpose of acquiring electric utility companies.
Also contributing to the increase in position
were reinvested earnings of manufacturing affiliates (particularly in industrial machinery and
chemicals), loans to affiliates in petroleum and
chemicals, and positive currency-translation adjustments (due to the dollar's depreciation against
the British pound).
In the Netherlands, most of the increase
was in FIRE and mainly reflected the reinvested earnings of holding companies (generated
largely by operating affiliates located in other
countries) that were partly offset by negative
currency-translation adjustments.
The position in Ireland increased 40 percent—
by far the fastest pace among the European
countries. The increase reflected very strong
earnings—85 percent of which were reinvested—
by affiliates that mainly serve markets in
other foreign countries. Reinvested earnings
were largest in manufacturing—particularly in
chemicals and electronic equipment—and in
FIRE.
The position in Latin America and Other Western Hemisphere increased 12 percent as a result
of capital outflows of $14.3 billion and positive
valuation adjustments of $1.7 billion. Within
the area, the largest increases were in Bermuda,
Mexico, Brazil, and Panama. In Bermuda, the
increase was mainly due to reinvested earnings
and capital gains by affiliates in FIRE. Most of
the increase in Mexico was in manufacturing; it
reflected lending to affiliates in food and reinvested earnings by affiliates in chemicals. In
Brazil, the increase reflected reinvested earnings
of manufacturing affiliates and acquisitions of
electric utilities in "other industries." In Panama,
the increase reflected capital gains and reinvested
earnings among affiliates in FIRE.
The position in Asia and Pacific increased 12
percent as a result of capital outflows of $14.8 billion. Within Asia and Pacific, the largest increase
was in Australia and reflected valuation adjustments in banking and acquisitions of electric
utility companies in "other industries." Increases
were also large in Hong Kong and Singapore.
In Hong Kong, the increase was mainly due to
reinvested earnings by affiliates in FIRE, wholesale
trade, and electronic equipment. In Singapore,
almost all of the increase resulted from reinvested
earnings—particularly in electronic equipment,
FIRE, industrial machinery, and petroleum.
The increase in the position in Canada was
the second-largest dollar increase of any country,
despite a relatively low growth rate of 7 percent. The increase was more than accounted
for by reinvested earnings, which were largest
in transportation equipment, FIRE, petroleum,
and "other manufacturing." Also contributing
to the increase were large acquisitions of mining and waste management businesses in "other
industries."
Foreign Direct Investment
in the United States
The foreign direct investment position in the
United States valued at historical cost—the book
value of foreign direct investors' equity in, and
net outstanding loans to, their U.S. affiliates—
was $630.0 billion at the end of 1996 (table 2
and chart i). More than one-half of the position was accounted for by three countries—the
United Kingdom, Japan, and the Netherlands.
The United Kingdom's position remained the
largest ($142.6 billion, or 23 percent of the total).
Japan's position was the second largest ($118.1 billion, or 19 percent), and the Netherlands position
was the third largest ($73.8 billion, or 12 percent)
(table 4 and chart 3).
In 1996, the FDIUS position increased $69.2 billion, or 12 percent, following an increase of 13
percent in 1995 and an average increase of 12 percent in 1982-94. The increase in the position in
1996 was mainly due to the continued strength
CHART 3
Foreign Direct Investment Position
in the United States, 1996:
Parent-Country Shares
United Kingdom (22.6%)
Japan (18.8%)
Netherlands
(11.7%)
^^^^
^^^^
^^^^ ™ ^^^^Other(15.1%)
^F
l^^t ^^^f
Canada (9.9%)
^^_
' Switzerland (5.6%)
Germany (8.6%) France (7.8o/o)
US. Department of Commerce. Bureau of Economic Analysis
SURVEY OF CURRENT BUSINESS
of the U.S. economy, which attracted new investments from abroad and which expanded the
earnings existing U.S, affiliates could draw on to
finance growth. In addition, continued economic
expansion in certain major investor countries,
such as the United Kingdom and Japan, may
have increased the ability of parent companies
in those countries to make new acquisitions and
contribute additional capital to their existing U.S.
affiliates and may have reduced their need to draw
funds from their affiliates.
July 1997 • 39
Factors specific to particular industries and
to corporate restructuring in the United States
also contributed to the increase in the position. Rapid market growth in high technology
and information-related industries encouraged
acquisitions in these industries. Corporate restructuring has led many companies to shed
units that were either unprofitable or unrelated
to their main lines of business, thereby creating
new investment opportunities for foreign investors. These last two factors had an even more
Table 4.—Foreign Direct Investment Position in the United States on a Historical-Cost Basis at Yearend
[Millions of dollars]
1996
1995
All
industries
AID countries
Petroleum
Manufacturing
Trade
Finance,
Deposi- except
tory
depository
instiinstitutions
tutions
Insurance
Real
estate
Other
industries
All
industries
Petroleum
Manufacturing
Trade
Depository
institutions
Finance,
except
depository
institutions
Insurance
Real
estate
Other
industries
68,661
560,850
33,888
213,025
79,136
34,076
62,369
50,975
29,704
57,675
630,045
42,343
234,323
92,945
31,903
70,185
59,566
30,118
Canada
48,258
3,220
19,568
3.821
1,695
6864
w,«vr
5,241
2,276
5,571
53,845
«,<*! 1
3577
22,031
4,004
2,296
5,451
7,056
2.487
+f-nti
6,941
Europe
357,193
24,527
156,258
32,842
19,035
33,656
40,613
11,690
38,573
410,425
30,560
172,501
43,761
16,909
43,046
46,776
11,456
45,416
252
P)
1,086
P)
P
1,740
P)
P)
206
P)
2,072
P)
P)
P)
-6
3
59
P)
2
231
4
338
P)
P)
P)
1,791
3,979
2,118
2,818
49,307
P)
245
1,035
1,756
21,629
772
2,259
26,360
P)
1,278
1,469
373
2,709
2
2,173
3
58
P)
11
561
446
P)
6,974
P)
V>\
p\
-2
(*)
11,666
25,335
9696
11,402
2103
P)
840
73
P)
5,600
P)
776
47
25471
1,427
876
19
4,151
19,783
62,242
9,776
2,699
P)
916
51
P)
6,671
1,530
746
0
0
5,506
9,581
35,593
126,177
514
296
7
P)
485
9,696
P)
1,257
360
7,085
12,973
56,022
67
P)
1'102
84
981
2,661
232
25,240
1,965
5,997
7,878
-310
776
Austria
Belgium
Denmark
Finland
France
1,555
3,676
2,990
2,752
38,480
Germany
Ireland
Italy
Liechtenstein
Luxembourg
Netherlands
Norway
Spain
Sweden
Switzerland
United Kingdom
Other
Latin America and Other Western
Hemisphere
South and Central America
Brazil
Mexico
Panama
Venezuela
Other
Other Western Hemisphere
Bahamas
Bermuda
Netherlands Antilles
U. K. Islands, Caribbean
Other
49269
7,418
2750
135
5,957
65,806
2,089
2,452
....
751
1,980
4,721
-259
P)
P
5
P)
P)
4798
2,475
5352
4,698
2,367
9288
5,877
70
179
1,520
26
1,951
57
952
-6
P)
21
p)
153
P)
5,156
P)
32
300
801
P)
P)
238
1,857
5^849
5,464
2,689
20,227
P)
-1
16,689
188
0
18
2,827
3,589
971
4,114
-175
2,929
612
2
261
382
P)
P)
P)
P)
_•}
P)
-1
P)
P)
19
-92
12
-6
P)
P
0
P)
-198
P)
186
11,806
9,542
2,275
5,220
P)
132
114
842
2,904
1,332
27
3,001
163
399
P)
674
P)
660
0
6
204
451
0
275
-1
276
P)
P)
P°
P)
0
P)
730
307
P)
P)
2
P)
P)
1
P)
P)
533
P)
0
4
P)
66
P)
239
P)
17,362
-1,780
-1
1,164
-3
1,167
P)
Middle East
Israel ....
Kuwait ..
Lebanon
Saudi Arabia
United Arab Emirates
Other ....
6,008
P)
Addenda:
European Union (15)1
OPEC2
1 625
1,373
652
0
0
-106
Africa
South Africa
Other ....
Asia and Pacific ,
Australia
Hong Kong
Japan ...
Korea, Republic of
Malaysia
New Zealand
Philippines
Singapore
Taiwan .
Other ....
2,742
-122
-513
P)
1,995
P)
3,875
855
252
P)
270
P)
P)
-11
P)
685
1,592
8,481
8,417
651
2,230
pi
o
o
-139
922
133
-18
359
o
-2,558
-351
526
617
P)
P)
3,255
-4
P)
-9
1,310
98
88
P)
-4
n
P)
P)
-1
1
122,986
7,833
2,896
3,333
30,198
3,074
38,770
9,060
20,282
2
83
P)
P)
97
151
7,706
151
0
-19
-1
-7
238
25,010
80
239
9
4
316
1,137
90
12
651
36,485
P)
P)
P)
7
170
P]
218
-389
1,557
107,933
626
402
149
75
1,548
2,139
724
83
456
340
P)
-1
0
0
40
P)
4
23,746
141,939
30,936
17,968
21,898
720
348
10
456
20,497
3,270
2,506
24,627
2,241
4,551
3,949
359
5
105
228
8
14
P)
P)
545
-96
P)
-9
7,810
591
1,078
5,561
-12
591
-353
-17
P)
->331
126
-145
158
81
147
11
-2
-79
2,912
P)
260
769
1,575
P)
P)
245
378
294
832
P)
16,817
-1,859
2,594
4,376
3,791
P)
375
P)
523
P)
631
473
0
3,409
27
p)
P)
219
287
-2
288
0
206
-153
0
0
:v
-150
1,141
227
8,844
71
P)
P
1
4
35,304
10,771
36,433
* Less than $500,000 (±).
Suppressed to avoid disclosure of data of individual companies.
1. The European Union (15) comprises Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland,
D
8
10,652
I
1
P)
854
127
108
192
P)
3,341
9,577
p)
P)
247
8,602
14
2
-21
1
P)
41
42
-3
705
P)
0
P)
-3
573
237
1399
1,385
424
6,549
14,668
59,434
77
10,124
1,004
9015
412
-2
P)
463
11,610
P)
86
P)
P)
0
1
-4
318,995
3,740
o
45
5,195
2,762
P)
3,121
2,421
1,128
9470
35,101
142,607
718
2,124
P)
2,039
-18
P)
16
30
P)
-1
r)
P)
_8
7,348
13,191
161
2
0
3
0
-1
0
0
o
P)
442
P)
10,284
73,803
&
0
385
2,067
1,934
763
36
8,423
21,635
0
0
0
P)
2,527
1 094
183
73
87
209
R
5
2,111
a
34
98
921
9,124
8,368
262
-2
0
175
-233
P)
137
p)
410
163
-20
152
-181
2,670
<n
P
849
5,815
-2
428
4,697
3,342
482
P)
2
P)
P)
(*)
P)
326
5
104
196
4
18
P)
-46
P)
P)
P)
-6
P)
3,016
278
171
579
1,806
182
P)
507
P)
334
190
71
869
195
303
P)
427
P)
P)
-53
-3,151
-428
90
-48
P)
px
8
P)
6,177
1,960
2,572
-11
1,484
87
84
P)
400
372
P)
585
P)
-1
P)
736
P)
2
P)
P)
0
3
M
p)
222
134,255
9,747
4,528
P)
34,581
2,958
40544
269
8.249
00
238
29,454
-2
282
-17
3
350
1,225
90
675
38,021
P)
8
P)
21
128
6,816
120
24
P)
31
97
514
415
156,348
39,857
15,782
-68
10
563
372,161
4,237
29,685
1,062
1,704
3,715
258
-1
259
-6
310
P)
247
2,419
22,588
16
3,084
P)
1
P)
-8
-1
5,492
P)
161
o
717
-44
761
-2
128
P)
P)
1
0
9,898
-15
6,437
17,140
1,684
51
947
118,116
394
445
136
81
1,468
2,298
623
P)
72
79
213
23
9
469
834
2,359
6
P)
-192
r)
0
4
0
P)
-5
0
rj
P)
o
P)
4
P)
43
0
o
-237
5,959
17,237
o
534
3
0
4
0
P)
4
o
20,590
1,034
P)
-736
-632
21,322
P)
p!
0
0
523
P)
2
36,632
-7
0
2
771
P)
Q
P)
-4
9
-3
68
S
P)
0
2583
'P)
2,492
-21
P)
15
33
10,044
458
236
8,823
23
3
-24
o
3
426
42
54
40,660
3
10,520
2,564
P)
P)
1
1208
'301
12,781
96
87
16
4
55
105
32
42,677
111
Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, and the United Kingdom.
2. OPEC is the Organization of Petroleum Exporting Countries. Its members are Algeria, Gabon, Indonesia, Iran,
Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.
SURVEY OF CURRENT BUSINESS
4O • July 1997
pronounced effect on foreign investors' total outlays to acquire or establish U.S, businesses than
on the position: In 1996, these outlays, including those financed by capital inflows from foreign
parents, rose 41 percent, following a 25-percent
increase in 1995/
The following table shows the change in position in 1996 by type of capital flow and valuation
adjustment:
[Billions of dollars]
Total
6Q.2
788
Equity capital
Intercompany debt
Reinvested earnings
Valuation adjustments
Currency translation
Other
of which:
Capital gains and losses
increase in earnings and a reinvestment rate of
54 percent, up from 49 percent in 1995. By industry, the increase in earnings was more than
accounted for by "other manufacturing," petroleum, and insurance; however, it was partly offset
by a large decrease in the earnings of banking
affiliates. The two industries that continued to
show losses—albeit small ones—were real estate
and services.
Intercompany debt inflows were $11.7 billion,
down from $12.6 billion.
M.O
Changes by country
11.7
14.1
-9.6
— .4
—p.!
—2.0
Capital inflows for foreign direct investment in
the United States were at a record $78.8 billion in
1996, up from $69.4 billion in 1995. More than
two-thirds of the 1996 total was accounted for
by equity capital inflows, which were $8.0 billion higher than in 1995. These inflows were at
their highest level since the peak year of 1990,
The high level of equity capital inflows reflected
both capital contributions to existing U.S. affiliates and continued growth in acquisitions of U.S.
businesses by foreigners.
For the third consecutive year, the position was
boosted by reinvested earnings; in contrast, in
1989-93, growth in the position was reduced by
negative reinvested earnings (negative reinvested
earnings occur when affiliates incur losses or distribute earnings to their foreign parents in excess
of their current earnings). Reinvested earnings
were at a record $14.1 billion in 1996, $2.3 billion higher than the previous record in 1995. All
industries except real estate, services, and banking had positive reinvested earnings. The high
level of reinvested earnings reflected a $2.1 billion
7. See "Foreign Direct Investment in the United States: New Investment
in 1996 and Affiliate Operations in 1995," SURVEY 77 (June 1997): 42-69.
Preliminary data from BEA'S survey of new foreign direct investments, summarized in that article, indicate that total outlays to acquire or establish U.S.
businesses were $80.5 billion in 1996, up from $57.2 billion in 1995. Unlike
the changes in the foreign direct investment position presented in this article,
these figures cover only transactions involving U.S. businesses newly acquired
or established by foreign direct investors and include financing other than
that from the foreign parent, such as local borrowing by existing U.S. affiliates. In contrast, changes in the position reflect transactions of both new
and existing U.S. affiliates—but only transactions with the foreign parent or
other members of the foreign parent group—and valuation adjustments.
Notwithstanding these differences, the two types of data are related. Any
outlays to acquire or establish U.S. businesses that are funded by foreign
parents (or other members of the foreign parent group) are part of capital
inflows, a component of the change in the position. Data from the new
investments survey indicate that foreign parent groups funded $58.4 billion,
or 73 percent, of outlays to acquire or establish new U.S. affiliates in 1996,
compared with $30.8 billion, or 54 percent, in 1995.
The $69.2 billion increase in the foreign direct
investment position in the United States in 1996
was concentrated among parents located in Europe. Outside Europe, the largest increases were
by parents in Japan and Canada.
The following table shows the major changes
in the positions in 1996 by area and by country:
[Billions of dollars]
All countries
Europe
of which:
United Kingdom
Germany
France
Netherlands
Japan
Canada
,
69.2
53.2
,
16.4
13.0
10.8
8.0
10.2
5.6
The position of European investors increased
15 percent—a faster pace than that for any other
major area—and accounted for more than threequarters of the overall increase in 1996. The
increase resulted from capital inflows of $59.8
billion that were partly offset by negative valuation adjustments of $6.6 billion. Within Europe,
parents in the United Kingdom had by far the
largest dollar increase, followed by parents in
Germany, France, the Netherlands, Luxembourg,
and Ireland.
The largest increase in the position of British
parents was in "finance, except depository institutions" ("finance") and resulted from lending
by foreign parents. Acquisitions in other manufacturing, services, and wholesale trade also
contributed to the increase.
The increase in the position of German parents
was more than accounted for by equity capital
inflows, which were the largest from any country.
The largest equity capital inflows were in services,
insurance, petroleum, and "other industries." In
insurance and services, the equity capital inflows
reflected acquisitions; in petroleum and "other
SURVEY OF CURRENT BUSINESS
industries/' they reflected capital contributions to
existing affiliates.
The largest increases in the position of French
parents were in finance, metals, and "other industries" In finance, the increase reflected loans
to affiliates; in metals, it reflected acquisitions
and loans to affiliates; and in "other industries," it reflected capital contributions to existing
affiliates.
The largest increases in the position of Netherlands parents were in finance, manufacturing—
particularly in chemicals and "other manufacturing"—and petroleum. The increase in finance
reflected parents' loans to their affiliates and valuation adjustments. The increases in chemicals
and in petroleum mostly resulted from reinvested
earnings. The increase in "other manufacturing"
reflected lending by parents.
The increase in the position of Japanese parents
was more than accounted for by equity capital
inflows, almost all of which were capital contributions to existing affiliates,, By industry, the
largest increases in the position were in services
and "other manufacturing."
The largest increases in the position of
Canadian parents were in manufacturing—
particularly chemicals and "other manufacturing"—and insurance. In chemicals, the increase
reflected borrowing from parents; in "other manufacturing," it reflected equity capital inflows and
reinvested earnings. The increase in insurance
reflected repayment by parents of loans from
affiliates. [3
July 1997 • 41
Now Available!
New information on foreign-owned U.S. establishments!
FOREIGN DIRECT INVESTMENT IN THE UNITED STATES:
Establishment Data for 1992
This publication presents the results of a project that links the enterprise, or company, data on the U.S. affiliates
of foreign companies from the Bureau of Economic Analysis with the establishment data for all U.S. companies
from the Bureau of the Census.
It presents the following detailed information on foreign-owned U.S. establishments for more than 800 industries at
the Standard Industrial Classification (SIC) four-digit level and by State and by country of owner:
• Number of establishments
• Employment
• Payroll
• Shipments or sales
FOREIGN DIRECT INVESTMENT
IN THE UNITED STATES
h>tor 1992
Additional information that includes the following items is presented for
manufacturing establishments:
• Value added
• Employee benefits
• Hourly wage rates of production workers
• Expenditures for plant and equipment
This publication also includes a methodology that provides the definitions and a description of how the link
was done.
These data are also available on diskette. For more information, call (202) 606-9827, or fax (202) 606-5318.
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SURVEY OF CURRENT BUSINESS
43
U.S. International Transactions,
Revised Estimates for 1974-96
By Christopher L Bach
fTis is customary each June, the estimates of
J/-lu.S. international transactions have been
revised to incorporate methodological and statistical revisions. This year, like last year, a number
of improvements have been implemented as part
of a multiyear effort by the Bureau of Economic
Analysis (BEA) to address gaps in coverage of
transactions. These gaps and plans to fill them
were outlined by BEA in its Mid-Decade Strategic
Plan for improving BEA'S economic accounts (see
the February and April 1995 and June 1996 issues
of the SURVEY OF CURRENT BUSINESS). The improvements also address various gaps noted by
the International Monetary Fund, the National
Academy of Sciences, and the General Accounting Office.1 In large part, the gaps have arisen
because of the dynamic nature of the internai. Report on the World Current Account Discrepancy (Washington, DC:
International Monetary Fund, September 1987).
Report on the Measurement of International Capital Flows (Washington,
DC: International Monetary Fund, September 1992).
Behind the Numbers: U.S. Trade in the World Economy (Washington, DC:
National Research Council, 1992).
following the Money; U.S. Finance in the World Economy (Washington
DC: National Research Council, 1994).
Measuring U.S.-Canada Trade: Shifting Trade Winds May Threaten Recent
Progress (Washington, DC: General Accounting Office, January 1994).
Economic Statistics: Status Report on the Initiative to Improve Economic
Statistics (Washington, DC: General Accounting Office, July 1995).
tional markets. The major improvements this
year respond to rapid changes in both the capital
markets and the services markets.
• In the investment income accounts, greatly
improved estimates of income receipts are
introduced based on results of a new benchmark survey of the stock of U.S. portfolio
investment abroad as of March 1994. Conducted by the Treasury Department, this
survey is the first such survey in more than
50 years, and its completion represents a major milestone in the multiyear program for
statistical improvements developed jointly by
BEA, the Treasury Department, and the Federal Reserve Board. The new position data
enable BEA to develop improved estimates of
bond interest and dividend income receipts.
The new position data also permit BEA to
greatly improve its estimates of U.S. bond
and stock holdings that are included in the
U.S. international investment position.
o In the capital accounts, estimates of international flows of U.S. currency appear for
the first time. With this addition, BEA
closes what had grown into a sizable gap
Acknowledgments
The revised estimates were prepared under the general direction of Anthony DiLullo, with the assistance
of Cynthia McPherson and staff in the Balance of Payments Division. Russell Scholl, Harlan King, Christopher
Gohrband, Jane Newstedt, and Dena Holland prepared
the benchmark estimates of U.S. portfolio investment
abroad and related income flows; Michael Mann, Chris
Emond, Shirley Davis, John Sondheimer, and Robert
Becker, the benchmark estimates on nonfinancial services transactions; Russell Scholl and Jane Newstedt,
the estimates of financial services transactions; Steven
Baldwin, the estimates of earnings and expenditures of
temporary workers; Ed Dozier, the estimates of truck
transportation and ocean port services receipts; Russell
SchoU and Barbara Berman, the estimates of U.S. currency flows and currency translation gains and losses;
Harlan King, the preliminary estimates of nonbank
claims and liabilities; and Kwok Lee, the estimates of
goods.
The revised estimates of the direct investment accounts
were prepared under the general direction of David Belli.
Gregory Fouch, with the assistance of Karen Poffel and
other staff in the International Investment Division, prepared the revised estimates of foreign direct investment
in the United States.
Special assistance was provided this year by Richard
Porter and Ruth Judson of the Federal Reserve Board,
who developed the estimates of U.S. currency flows; by
Milton Pappas and William Griever of the U.S. Treasury Department, who conducted the benchmark survey
of U.S. portfolio investment abroad and by Diane Oberg
and staff of the Bureau of the Census* Foreign Trade Division, who conducted the study of "residual" seasonality
for goods.
SURVEY OF CURRENT BUSINESS
44 • July 1997
selected services (largely business, professional, and technical services), to incorporate revised and more accurate estimates of
"other" transportation, and to include new
estimates of earnings and expenditures of
temporary workers in the United States.
• In addition, results of BEA'S 1992 benchmark survey of foreign direct investment
in the United States are incorporated into
the capital, investment income, and services
accounts. The survey covers the universe
of direct investment and is part of BEA'S
ongoing program of regular quinquennial
benchmark surveys.
• Finally, unrealized currency translation gains
and losses have been removed from certain
banking transactions to provide a more accurate measure of U.S. banks' international
activity.
in coverage in the international transactions
and investment position accounts. The gap
had developed in recent decades, as strong
foreign demand developed for U.S. currency,
particularly in the form of Federal Reserve
notes. Because of difficulty in accurate measurement, currency flows do not appear in
the international accounts of most countries.
The new estimates were developed by the
Federal Reserve Board.
• In the services accounts, "other" private
service receipts and "other* private service
payments are revised to include preliminary
results of BEA'S annual surveys of financial services for 1995 and 1996. These are
BEA'S first annual surveys of financial services, and they update the results of BEA'S first
benchmark survey of financial services with
unaffiliated foreigners, covering 1994. These
new surveys enable BEA to better capture
the diversity of transactions in financial services and more accurately portray the key role
of U.S. institutions in cross-border trade in
financial services.
• Also in the services accounts, estimates have
been revised to incorporate preliminary results from BEA'S 1996 benchmark survey of
In addition to these improvements, revisions
are made to all accounts to incorporate revised
and updated source data. Among the accounts
most affected by this type of change were travel
receipts for 1995 and 1996, which incorporated
updated source data from the Immigration and
Naturalization Service. Revisions were also made
to the inward and outward direct investment ac-
Table 1.—Revisions to the Current-Account Estimates
[Millions of dollars; quarterly data are seasonally adjusted]
Exports of goods, services, and
income
Previously
published
Revised
Revision
Imports of goods, services, and
income
Previously
published
1985
1986
1987
1988
1989
1990
382,747
401,258
449,292
560,233
641,659
697,083
382,749
400,842
449,272
560,620
642,921
700,455
1991
1992
1993
1994
1995
1996
717,726
736,704
762,851
840,006
969,189
1,032,478
722,557
743,358
773,387
854,156
991,490
1,055,233
1992:1
||
HI
IV
183,103
184,312
183,063
186,226
184,610
185,967
184,924
187,856
1,507
1,655
1,861
1,630
-183,077
-191,127
-192,693
-196,875
1993:1
||
Ill
IV
187,026
190,582
188,218
197,027
189,422
192,533
191,354
200,077
2,396
1,951
3,136
3,050
1994:1
II
HI
IV
197,420
204,809
214,287
223,494
200,670
208,713
217,714
227,062
1995:1
||
Ill
IV
233,086
241,497
244,479
250,128
1996:1
II
HI
IV .
252,656
257,035
254,405
268,380
Revised
Revision
Balance on current account
Unilateral transfers
Previously
published
Revised
Revision
Previously
published
Revised
Revision
-484,037
-529,356
-593,416
-662,876
-720,189
-757,758
'^843
-671
-473
-«50
-1,236
-22,954
-24,833
-23,939
-26,266
-27,696
-35,219
-22,700
-24,679
-23,909
-25,988
-26,963
-34,588
254
154
30
278
733
631
-124,243
-152,088
-167,392
-128,436
-105,575
-94,657
-123,987
-153,193
-168,053
-128,245
-104,231
-91,892
256
-1,105
-661
191
1,344
2,765
4,831 -731,753 -733,335
6,654 -763,773 -764,549
10,536 -825,147 -826,020
14,150 -948,544 -948,849
22,301 -1,082,268 -1,086,539
22,755 -1,155,101 -1,163,450
-1,582
-776
-673
-305
-4,271
-8,349
4,510
-35,514
-37,640
-39,866
-35,075
-42,472
5,122
-35,192
-38,137
-48,845
-54,046
-39,968
612
322
-497
1,021
1,029
2,504
-9,518
-62,583
-99,936
-148,405
-148,154
-165,095
-5,657
-56,383
-90,771
-133,538
-129,095
-148,184
3,861
6,200
9,165
14,867
19,059
16,911
-183,097
-191,301
-193,033
-197,118
-20
-174
-340
-243
-7,680
-8,580
-7,871
-11,383
-7,625
-8,462
-7,867
-11,237
55
118
4
146
-7,654
-15,395
-17,501
-22,032
-6,112
-13,796
-15,976
-20,499
1,542
1,599
1,525
1,533
-196,816
-206,269
-206,420
-215,643
-197,041
-206,335
-206,720
-215,928
-225
-66
-300
-285
-8,380
-6,533
-9,215
-11,513
-8,502
-8,501
-9,347
-11,787
-122
32
-132
-274
-18,170
-24,220
-27,417
-30,129
-16,121
-22,303
-24,713
-27,638
2,049
1,917
2,704
2,491
3,250
3,904
3,427
3,568
-218,959
-231,327
-244,323
-253,934
-218,852
-231,438
-244,405
-254,154
107
-111
-82
-220
-8,169
-9,507
-9,975
-12,215
-7,971
-$,275
-9,671
-11,928
198
232
304
287
-29,708
^6,025
-40,011
-42,655
-26,153
-32,000
-36,362
-39,020
3,555
4,025
3,649
3,635
237,587
246,787
250,734
256,382
4,501
5,290
6,255
6,254
-263,501
-274,183
-273,175
-271,409
-263,845
-274,363
-275,019
-273,316
-344
-180
-1,844
-1,907
-8,639
-8,290
-8,992
-9,154
-8,451
-8,128
-8,847
-8,620
188
162
145
534
-39,054
-40,976
^7,688
^0,435
-34,709
-35,704
-33,132
-25,554
4,345
5,272
4,556
4,881
256,382
262,335
261,979
274,545
3,726
5,300
7,574
6,165
-276,975
-288,208
-292,782
-297,139
-278,860
-289,231
-295,865
-299,493
-1,885
-1,023
-3,083
-2,354
-10,955
-9,420
-9,476
-12,621
-10,406
-8,689
-8,947
-11,926
549
731
529
695
-35,274
^0,593
-47,853
-41,380
-52,884
-35,585
-42,833
-36,874
2,390
5,008
5,020
4,506
2
-416
-20
387
1,262
3,372
-484,037
-528,513
-592,745
-662,403
-719,539
-756,522
SURVEY OF CURRENT BUSINESS
counts as a result of updated or revised annual
survey results.
Table i presents a summary of revisions from
all sources. Table 2 presents detail on the revisions due to new source data and methodologies.
For 1996, $22.8 billion is added to exports of
goods, services, and income, and $8.4 billion is
added to imports of goods, services, and income.
The largest single source of addition to exports
was the upward revision to income receipts of
$84 billion in 1996. Many of the revisions to
the services accounts were about offsetting for
exports and imports, but the upward revision
to travel receipts far exceeded the upward re-
July 1997 • 45
vision to travel payments. In total, the U.S.
current-account deficit was reduced $16.9 billion.
The remainder of this article discusses the major revisions and the years directly affected as
follows:
• Benchmark survey of U.S. portfolio investment abroad (1985-96)
• U.S. currency flows (1974-96)
• Financial services (1995-96)
• Benchmark survey of foreign direct investment in the United States (1992-96)
• Benchmark survey of selected services (1996)
• Transportation estimates (1995-96)
Table 2.-Ma]or Sources of Revisions, 1985-1996
[Millions of dollars]
(Credits +; debits -) '
1985
1987
1988
1990
1989
1992
1991
1993
1994
1995
1996
22,616
1986
23,050
24,941
27,412
246
-1,391
27,216
228
-2,299
International transactions:
Other transportation receipts (line 7):
Revised
!.
Changes due to truck freight charges
Changes due to ocean port services
Revisions due to updated source data
Previously published
Royalties and license fees receipts (line 8):
Revised
Changes due to 1992 foreign direct investment
benchmark
Revisions due to updated source data
Previously published
"-i',075
14
29,115
20,304
22,661
27,383
29,974
-19
(2)
P)
430
^961
(2)
19,715
27,303
28,701
30,709
36,204
39,540
47,024
20,323
22,272
26,953
1,145
28,829
50,294
54,517
61,093
66,850
73,569
920
438
338
222
322
799
488
1,302
983
1,070
1,241
1,303
243
626
74
-63
(2)
(2)
(2)
781
4,087
67,268
424
..
-64
-131
-202
-279
-373
-223
28,466
30,618
36,084
39,193
46,598
49,291
53,436
59,071
2,903
61,724
55,592
94,072
3,070
-46
81,186
2,946
1,459
66,826
4,327
2,479
63,495
4,076
6,087
91,048
76,781
60,020
53,332
79,498
6,012
3,846
694
68,946
101,836
7,995
3,400
1,377
89,064
102,866
8,947
^71
312
94,078
-24,894 -25,746 -27,255
26,929
-103
328
770
70,571
1,204
92,638
1,823
-117
-1,118
-1,026
-908
-681
57,631
53,596
55,848
70,275
91,496
57,633
119
52,806
-28,249
-28,453
728
233
723
256
391
-25,459 -26,328 -27,983
-29,205
-29,100
-6,503
-7,322
565
Royalties and license fees payments (line 22):
Revised
Changes due to 1992 foreign direct investment
benchmark
...
Revisions due to updated source data
Previously published
Direct investment income payments (line 26):
Revised
Changes due to 1992 foreign direct investment
benchmark
Revisions due to updated source data ..
Previously published
172
28,063
389
Other transportation payments (line 21):
Revised
Changes due to truck freight charges
Revisions due to updated source data
Previously published
Other private services payments (line 23):
Revised
Changes due to financial services
Changes due to earnings of temporary workers
Changes due to 1996 benchmark of selected
services
Changes due to 1992 foreign direct investment
benchmark
Revisions due to updated source data
Previously published
494
25,861
-59
Other private services receipts (line 9):
Revised
Changes due to financial services
Changes due to expenditures of temporary
workers
Changes due to 1996 benchmark of selected
services
Changes due to 1992 foreign direct investment
benchmark
Revisions due to updated source data
Previously published
Other private income receipts (line 13):
Revised
.........
Changes due to dividend income
Changes due to bond interest income
Revisions due to updated source data
Previously published
41
23,894
19,656
mmm
'^858
"23,691
582
-5,089
-4,819
-5,560
-15
-23
-31
-4,765
-5,518
-6,312
-7,036
-14,785 -17,999 -19,028 -20,548 -24,387 -28,098 -25,066 -29,356 -33,138
.._ . _
..
. „ "_7
^474
^675 "-l"232 "-'i',579
^671
'^844
-39,285
^2,796
-1,182
-2,506
-5,074
-8 -if]
-765
-2,499
-286
-231
<g
-13JSl -17,328
-iSiSSi
51
456
-59
659
(2)
(2)
(2)
219
-19,898 -23,150 -26,516 -23,687 -27,897 -30,980
-2,051
-33,970
-1,251
-37,626
-5,574 -20P154
-30,345
-32,132
25
-5
-3
-302
15
3l7
(2)
(2)
P)
1,076
^5,556 -21,230
1,073
-31,418
1,685
-33,817
-18
SURVEY OF CURRENT BUSINESS
46 • July 1997
• Earnings and expenditures of temporary
workers (1986-96)
• Currency translation gains and losses (1992-96)
• Nonbank claims and liabilities (1997)
• Goods (1994-96)
• Nonresident taxes (1985-96)
Benchmark survey of U.S. portfolio investment
abroad
The U.S. Department of the Treasury recently
completed a benchmark survey of U.S. portfolio
investment in foreign long-term securities. This
was the first such survey of U.S. ownership of foreign securities since a war-time survey conducted
in May 1943. The survey collected data on the aggregate market value and composition of foreign
long-term securities owned by U.S. persons as of
March 31, 1994. Long-terfn securities are bonds
with original maturities of more than i year
and all equities. The survey was conducted in
close consultation with the Bureau of Economic
Analysis, the Federal Reserve Board, the Federal
Reserve Bank of New York, the Securities and
Table 2.—Major Sources of Revisions, 1985-1996—Continued
[Millions of dollars]
(Credits +; debits -) '
Private remittances and other transfers (line 32):
Revised
Changes due to tax payments
Revisions due to updated source data
Previously published
1985
1986
1987
1988
1989
1990
1991
1993
1994
1995
1996
-9,295 -10,424 -11,192 -12,742 -13,308 -13,972 -15,309 -15,348 -17,235 -18,630
204
-27
1,149
254
668
547
370
529
113
-23
65
-22
-273
74
82
^72
41
83
53
-19,506
"'^549 -10,578 -11,222 -13,020 -14,041 -14,602 -15,920 -15,696 -16,736
-20,696
-20,704
2,540
361
-23,605
U.S. claims reported by U.S. banks (line 47):
Revised .
Changes due to removal of unrealized gains and
losses
Revisions due to updated source data
Previously published
-19,530
1,390
-224
21,175
30,615
-4,200
-75,108
-98,186
280
668
20,895
29,947
2,760
1,201
-8,161
87
-6,049
-69,146
-2,181
-7,786
-88,219
17,936
48,993
45,679
67,526
76,955
336
Direct investment in the United States, net capital
flows (line 57):
Revised
Changes due to 1992 foreign direct investment
benchmark
Revisions due to updated source data
Previously published
U.S. Treasury securities and U.S. currency flows
(line 58):
Revised
Changes due to new estimates of U.S. currency
flows
Revisions due to updated source data
Previously published
1992
5,971
P)
-4,081
49,760
P)
7,290
60,236
-6,995
83,950
43,281
57,674
111,848
172,878
""17J606 "43iQ22
26,039
35,518
5,200
4,100
5,400
5,800
20,433
3,809
-7,643
20,239
-2,243
U.S. liabilities reported by U.S. banks (line 61):
Revised
Changes due to removal of unrealized gains and
losses
Revisions due to updated source data
Previously published
34,226
5,900
18,800
15,400
13,400
18,900
29,618
-2,534
18,826
37,131
24,381
23,400
49
34,225
12,300
208
99,340
17,300
1,794
153,784
25,063 104,338
30,176
9,784
755
7,909
16,266
16216
25,633
621 -3,440
3,583 -4,064
20,859 111,842
58
4,835
25,283
3,272
8,070
-1,558
50,531
15,461
International investment position (at yearend):
Foreign securities (line 19):
Revised
Changes due to 1994 U.S. Treasury benchmark
Revisions due to updated source data
Previously oublished
119,403 158,123 188,589 232,849 314,294 342,313 455,750 515,083 853,528 889,706 1,054,352 1,273,439
5,115 14,692 34,637 56,873 96,682 113,620 153,325 178,537 302,895 333,465 332,603
114,288 143,431 153,952 175,976 217,612 228,693 302,425 336,546 550,633 556,241
721,749
r)
Direct Investment in the United States (lines 35
and 36):
Revised:
At current cost
At market value
Changes due to 1992 benchmark:
At current cost
At market value
Revisions due to updated source data:
At current cost
At market value
Previously published:
At current cost
At market value
U.S. currency (line 38):
Revised .
Previously published
500,542 550,862 584,970 654,502 729 052
696,177 768,389 773,726 1,031,981 1,253,642
2
P)
P
(3)
5144
1872
15983
12778
(3)
3
499 394 539 151 579,826 638,519
694212 760859 771 854 1 019203
P)
1 148
1,965
68,900
73,000
78,400
1. Credits +: An increase in U.S. receipts and U.S. liabilities, or a decrease in U.S. payments
and U.S. claims. Debits -: An increase in U.S. payments and U.S. claims, or a decrease in U.S.
receipts and U.S. liabilities.
2. Revisions due to the 1992 benchmark are not separately identifiable after 1993.
3. Estimates for 1996 were not published previously.
84,200
11 711
7,539
P)
90100 108900 124300 137700 156600 180 000
192300
3
3
209 600
NOTE.-For international transactions, line references are to table 1 of 'US. International Transactions, First Quarter 1997," in this issue of the SURVEY OF CURRENT BUSINESS. For the international investment position, line references are to table 1 of "The International Investment Position of the United States in 1996" in this issue of the SURVEY.
SURVEY OF CURRENT BUSINESS
Exchange Commission, other U.S. Government
agencies, and the financial community.
Both custodians and fund managers, including
qualified investors, were surveyed to ensure comprehensiveness. Custodians were identified as
entities located in the United States who managed
the safe-keeping of $20 million or more in foreign
long-term securities for themselves or on behalf
of other U.S0 persons; most foreign securities
are held by custodians or sub-custodians. Fund
mangers and investors were identified as entities
located in the United States who owned or managed investment in foreign long-term securities
of $5 million or more on behalf of institutional
or private investors.
Detailed data collected from fund managers
was compared with summary level data collected
from custodians, both to check on the completeness of coverage and to eliminate duplication of
coverage. In all, 3,344 fund managers and custodians participated in the survey. Survey data was
collected on an individual security basis by international security identification or CUSIP number
and then aggregated by industry, by country, by
type of security, by type of instrument, and by
currency.2
The results of the survey, as expected, show
large U.S. holdings. The total value of foreign
bond and stock holdings as of March 31, 1994,
was $870.3 billion. The survey results now replace
estimates based on transactions contained in
the Treasury Department's International Capital
Reporting system and BEA estimates.
The survey results are $302.6 billion higher than
the BEA estimated position of $550.6 billion at
yearend 1993, which was published in the article
on the net U.S. international investment position
in the July 1996 SURVEY OF CURRENT BUSINESS.
The differences between the two estimates can
be attributed both to incomplete coverage of
these transactions in the Treasury source data
upon which BEA'S position estimates are based
and to inexact valuation of price and exchange
rate adjustments applied to BEA'S estimated positions. However, it is not possible to determine
the amount of underestimation attributable to
each part of the estimation process.
Foreign bonds.—The benchmark survey estimate
of U.S. holdings of foreign bonds is $309.7 billion
at yearend 1993, compared with BEA'S previous
estimate of $247.8 billion.
2, For more detail on the methodology and survey results, see Milton
Pappas, "United States Long-Term Portfolio Investment Abroad," Treasury
Bulletin (Summer 1997).
BEA'S estimation procedures for bonds are divided between dollar-denominated and foreigncurrency-denominated bonds. This division reflects the conventions used by BEA for estimating
both positions and income. BEA'S estimates
of U.S. holdings of dollar-denominated bonds
were overstated because of underestimation of
the amount of redemptions and because of purchases by foreigners at the time bonds were
originally sold (issued) in the United States. BEA'S
estimates of U.S. holdings of foreign-currencydenominated bonds were understated because
of incomplete coverage and the lack of any
geographic information on the nationality and
currency of issuer, which is required in order
to apply appropriate price and exchange rate
valuations. The Treasury survey provides a
one-time measure of the geographic distribution by nationality and currency of issuer; BEA
has used this opportunity to revise its measures of valuation changes by applying appropriate
prices, exchange rates, and yields to the updated
geographic distribution of holdings.
The increase in reported bond holdings in the
Treasury survey has resulted in a re-estimation
of associated interest receipts. Receipts are estimated by applying market yields to revised
portfolio holdings. Interest income receipts on
bonds are revised upward $6.1 billion, to $23.3
billion, for 1993 as a result of the improved coverage of transactions. The benchmark survey
also permits improved geographic attribution of
bond interest income. The updated geography is
used to attribute income to the country of ownership of the securities rather than to the country
where transactions occur, which is the basis for
BEA'S estimates for the years between benchmark
surveys. This distinction is important because
allocations by country of transaction overstate income receipts from countries with well-developed
financial markets—such as the United Kingdom,
Switzerland, the Netherlands, and Hong Kong—
and correspondingly understate income receipts
from other countries.
Foreign stocks.—The benchmark survey estimate
of U.S. holdings of foreign stocks is $543.9 billion
at yearend 1993, compared with BEA'S previous estimate of $302.8 billion. As with foreign
bonds, the primary reasons for underestimation
are incomplete coverage and inexact valuation.
Acquisitions omitted from the position estimates
in the past would not have been included in the
accumulated appreciation of stock values that has
occurred over the past several decades. Continued undercoverage over the years would have
July 1997 • 47
SURVEY OF CURRENT BUSINESS
48 • July 1997
compounded this understatement. In addition,
necessary geographic detail to which to apply appropriate stock prices and exchange rate indexes
was lacking. BEA has used this opportunity to revise its measures of valuation changes by applying
appropriate prices, exchange rates, and dividend
yields to the updated geographic distribution of
holdings.
The increase in reported stock holdings in the
Treasury survey has resulted in a re-estimation
of the associated dividend receipts. Receipts are
estimated by applying market rates to revised
portfolio holdings. Dividend income receipts on
stocks are revised up $4.1 billion, to $10.9 billion, for 1993 as a result of improved coverage of
transactions. As with interest income on bonds,
the much more accurate picture of U.S. stock
holdings abroad by country of ownership has enabled BEA to improve its geographic allocation of
dividend receipts.
Historical revisions.—To avoid a major break
in series, the position estimates for bonds and
stocks were carried backward from yearend 1993
to yearend 1984. The adjustment is based on
the cumulative volume of trading over the entire
timespan, which is apportioned to each year by
the annual percentage of the cumulative volume
that occurred in that year. The 1984 starting point
was chosen because that was when the explosive
growth in gross trading volume of foreign bonds
and foreign stocks began (chart i). Adjustment
of the position estimates for the years prior to
1984 would have had only a marginal effect on
estimated positions.
flows in the past two decades, estimates of U.S.
currency flows have not been included in the international transactions accounts or international
investment position accounts because of this difficulty. This difficulty is not surprising, given
the diversity of channels through which currency
may flow abroad, the destinations of the currency,
and its varied uses.
Recently, however, the Federal Reserve Board's
research staff completed a multiyear research
project to measure such flows. The research uses
pioneering approaches to the measurement of
U.S. currency flows abroad by direct and indirect
methods of estimation that are based on numerous statistical measurement techniques and
multiple data sources. Major conclusions from
the study were the following: The amount of
U.S. currency going into domestic circulation
each year has not varied much over the past
two decades, while the amount of currency going abroad has risen strongly, particularly in the
1990*5; consequently, the share of U.S. currency
CHART 1
Gross Trading Volumes, Monthly
Billions
300
U.S. currency flows
U.S. currency—particularly Federal Reserve
notes—is widely held by foreigners. The currency is used for many of the same reasons as
in the United States. It serves as a unit of account, a medium of exchange, and a store of
value, especially when the purchasing power of
the domestic currency is uncertain. As a safe asset in an unpredictable world, dollars flow into a
country during periods of economic and political
upheaval and sometimes remain there well after
the crisis has subsided. In other situations, the
dollar co-circulates with the domestic currency
for extended time periods.
Although the amount of U.S. currency outstanding is known, the shares in domestic and
in foreign circulation are notoriously difficult to
measure accurately. Notwithstanding the growing importance of cross-border U.S. currency
1979 81
83
85
87
89
91
US. Department of Commeice, Bureau of Economic Analysis
93
95
97
SURVEY OF CURRENT BUSINESS
going into domestic circulation each year has
dropped over the past two decades, while the
share going abroad has risen strongly; these same
broad conclusions emerge regardless of which
measurement technique or set of source data was
used; and all measurement techniques identified the same periods of major accelerations and
decelerations in net outflows of currency.3
After a review of all the methods of measurement, a modification of one of the direct methods
of measurement was developed in close consultation with the Federal Reserve Board's research
staff. It is this modification that is used for the
new estimates.
The exact amount of currency flowing abroad
is not known. As a proxy, the new estimates use
total net disbursements of $100 notes from the
New York City and Los Angeles cash offices of
the Federal Reserve district banks.
Several institutional characteristics of the circulation of U.S. currency support this approach
to measurement and indicate that most of these
notes flow to and from foreigners. First, mostly
lower denomination notes ($5*8, $io's, $20*s, and
$5o's) circulate in the U.S. economy, whereas
mostly $100 notes circulate abroad. A1995 survey
of U.S. households found that they could account
at most for a little more than 3 percent of total
holdings of $100 notes. Second, the shipment of
$100 notes from the New York City cash office
is very large relative to the size of its district as
measured by several economic variables, including its regional share of vault cash, population,
income, and deposits. Third, the inclusion of
the Los Angeles cash office is based on information that suggests that $100 notes returned to the
United States from abroad (largely from Asian
countries) are shipped primarily to Los Angeles.
From 1990 to 1996, the New York City and Los
Angeles cash offices have placed on net almost
84 percent of the $142.7 billion increase in $100
notes in circulation.
The proxy is known to be deficient in that it
(1) excludes very small shipments of lower denomination notes sent abroad by these offices;
(2) excludes very small shipments of $100 notes
sent abroad by other Federal Reserve cash offices;
and (3) includes the very small amount of $100
notes that are distributed into the U.S. economy.
However, none of these deficiencies is thought
3. Richard D. Porter and Ruth A. Judson, "The Location of U.S. Currency: How Much Is Abroad?" Federal Reserve Bulletin (October 1996):
883-903. Similar empirical research and approaches to measurement were also
applied to Germany; see Franz Seitz, The Circulation of Deutsche Mark Abroad)
Economic Research Group of the Deutsche Bundesbank (May 1995). See
also Douglas B. Weinberg> "U.S. International Transactions, Second Quarter
1996," SURVEY 76 (October 1996): 99-100.
July 1997 • 49
to introduce major shortcomings to the proxy
chosen.
The broad geographic areas to which U.S. currency has flowed in recent years are known. From
1988 to 1991, U.S. currency flowed first to Latin
America, primarily to Argentina, and then to the
rest of the world in response to the uncertainties
created by the Persian Gulf War. In 1993 and
1994, the deteriorating situation in Russia and
other parts of the former Soviet Union led to
large outflows to those areas. Net U.S. currency
flows to Russia alone accounted for more than
half of total net flows of U.S. currency from 1994
to 1996. Additional flows have been to the Middle
East and Far East. Although net currency flows
tended to drop back after each of these surges,
the general upward path of net currency flows
abroad is unmistakable (table 3).
Quarterly estimates of net currency flows
abroad are introduced into the U.S. international transactions accounts for 1974-96, and
the amounts held by foreigners, into the annual
estimates of the U.S. international investment position accounts for 1973-96. At yearend 1973,
U.S. currency held abroad was $30.5 billion, or
49 percent of U.S. currency in circulation and
held outside of the U.S. Treasury, Federal Reserve banks, and vaults of depository institutions.
By yearend 1996, U.S. currency held abroad had
grown to $209.6 billion, or 53 percent of the
$398.0 billion of U.S. currency in circulation
(table 3).
The new measure of net currency flows is
believed to represent nearly all the currency
Table 3.-U.S. Currency, 1973-1996
[Millions of dollars]
Net flows to
foreigners
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
199$
Foreign holdings
at yearend
n.a.
1,100
1,500
1,500
1,900
3,000
3,000
4,500
3,200
4,000
5,400
4,100
5,200
4,100
5,400
5,800
5,900
18,800
15,400
13,400
18,900
23,400
12,300
17,300
1. Measured as a component of U.S. money stock.
n.a. Not available
30,500
31,600
33,100
34,600
36,500
39,500
42,500
47,000
50,200
54,200
59,600
63,700
68,900
73,000
78,400
84,200
90,100
108,900
124,300
137,700
156,600
180,000
192,300
209,600
Currency in circulation at yearendl
61,929
68,188
74,138
80,967
89,043
97,963
106,882
117,379
124,641
134,805
148,604
158,444
170,187
183,050
199,272
214,816
225,333
249,491
269,916
294,965
324,848
357,460
376,187
397,945
SURVEY OF CURRENT BUSINESS
JO • July 1997
transactions that occur through wholesale
banking channels. Currency that flows abroad
through other channels—through tourists,
through business persons, through personal
remittances, and through U.S. military personnel stationed overseas—is not covered in this
estimate. Currency smuggled and other illegal
activities involving cash, such as drug trafficking,
are also not covered in this estimate.
Partial estimates of U.S. currency held by
foreigners and changes in those holdings were
included in the international accounts and the
international investment position of the United
States from 1946 to 1962 (see Samuel Pizer
and Frederick Cutler, "U.S. International Investments," SURVEY 43 (August 1963)). The estimates
were discontinued when they were discovered to
be unreliable and inaccurate. Currency flows at
that time were based on a Federal Reserve survey
of currency shipments through banks, a Census
Bureau report of exports and imports of silver
coins, periodic information on the U.S. Treasury's currency shipments, and estimates of U.S.
currency spent abroad by U.S, troops. Growing uncertainty over the coverage and quality of
measurement led to the series' termination, partly
because evolving geographic statistical patterns
appeared to be seriously out of line with actual
developments.
Financial services
Estimates of financial services are further improved from last year's introduction of the comprehensive benchmark survey for 1994 by this
year's introduction of preliminary results from
the 1995 and 1996 Annual Survey of Financial Services Transactions Between U.S. Financial Services Providers and Unaffiliated Foreign
Persons.
The new annual surveys provide coverage comparable to that of the benchmark survey (which
included nearly a dozen types "of financial services), but in consideration of statistical reporting
burden, the exemption level in the annual survey is raised to $5.0 million from $1.0 million
in the benchmark survey. The loss in coverage
due to the higher exemption level is recovered
by statistical estimation of the exempt companies'
transactions in nonbenchmark years- In addition, because the follow-on annual surveys, like
the benchmark survey, cover only explicit fees
paid and received, BEA continues to estimate fees
paid and received on bond trading, which are not
separately identifiable and consequently can not
be reported.4
The largest revisions for 1995 and 1996 to both
receipts and payments were to underwriting and
private placement fees and, to a lesser extent, to
financial management fees and financial advisory
fees. The revisions resulted largely from a substantial step-up in financial activity in both 1995
and 1996 from levels of the 1992-94 period upon
which extrapolations were based. In contrast,
preliminary estimates for brokerage commission
receipts and payments were close to the revised
estimates.
Despite the underestimation, the basic approach of extrapolation from the benchmark year
using activity and fee-rate variables to produce
current estimates until annual survey results can
replace them still appears sound. In the future,
the approach will be maintained, but the availability of annual surveys will permit the estimates
for each type of financial service to be adjusted
more promptly.
The annual surveys confirm the benchmark
survey findings that much financial service activity takes place outside affiliated channels and
that at least for the United States, it is necessary
to survey transactions with unaffiliated foreigners
in order to obtain complete coverage of financial
services.
Estimates of receipts were revised up $0.9 billion, to $7.0 billion, for 1995 and up $0.4 billion,
to $8.0 billion, for 1996. Estimates of payments
were revised up $0.8 billion, to $2.5 billion, for
1995 and up $1.2 billion, to $3.2 billion, for 1996.
Benchmark survey of foreign direct investment
in the United States
Results of BEA'S 1992 benchmark survey of foreign
direct investment in the United States are introduced for 1992. For years after 1992, the estimates
are revised by extrapolating forward the 1992 universe data and by incorporating new or adjusted
data from BEA'S quarterly sample surveys for
1993-96. Previously, the estimates for 1992 forward were extrapolated from the 1987 benchmark
survey and sample surveys for 1993-96.
The 1992 benchmark survey covers the universe
of U.S. affiliates of foreign direct investors. In
nonbenchmark years, universe estimates of the
direct investment position and related capital, investment income, and services flows are derived
from data reported quarterly by a sample of affiliates and from estimates for affiliates not in the
4. See Christopher L. Bach, "U.S. International Transactions, Revised
Estimates for 1986-95." SURVEY 76 (July 1996).
SURVEY OF CURRENT BUSINESS
sample. The estimates for affiliates not in the
sample are derived by extrapolating data from
the benchmark survey using a matched sample
of data from reporting affiliates.
Direct investment capital—Net capital inflows for
foreign direct investment in the United States are
revised for 1992-96 to incorporate the results of
the 1992 benchmark survey and new or adjusted
data from the sample surveys for 1993-96. In
addition, a recalculation of permanent invested
capital in unincorporated bank affiliates, using
more detailed source data, resulted in revisions
for 1992 and 1993. The revisions for 1993-96 also
reflect revised estimates of depreciation, depletion, and expensed exploration and development
costs, which are used to adjust the reinvested
earnings component of capital to a current-cost
basis. Net capital inflows are revised up $0.3 billion for 1992, up $6.0 billion for 1993, down $4.1
billion for 1994, up $7.3 billion for 1995, and down
$7.0 billion for 1996.
A more complete explanation of the revisions
will accompany the presentation of the detailed
estimates of foreign direct investment in the
United States in the September 1997 SURVEY.
Direct investment income.—Net payments of income by U.S. affiliates to their foreign parents
are revised for 1992-96 to incorporate the results
of the 1992 benchmark survey and new or adjusted data from the sample surveys for 1993-96.
The revisions for 1993^96 also reflect revised estimates of depreciation, depletion, and expensed
exploration and development costs, which are
used to adjust the earnings component of direct
investment income to a current-cost basis, and
revisions to related withholding taxes. Net income payments are essentially unrevised for 1992
and 1993 and were revised down $1.1 billion for
1994, down $1.1 billion for 1995, and down $1.7
billion for 1996.
Royalties and license fees payments and receipts, affiliated.—Payments and receipts of royalties and
license fees between U.S. affiliates and their foreign parents (and foreign affiliates of their foreign
parents) are revised for 1992-96 to incorporate
the results of the 1992 benchmark survey and
new or adjusted data from the sample surveys for
1993-96. For 1992, U.S. affiliates' payments and
U.S. affiliates' receipts were essentially unrevised.
Other private service payments and receipts, affiliated.—Payments and receipts for other private
services between U.S. affiliates and their foreign
parents (and foreign affiliates of their foreign
parents) are revised for 1992-96 to incorporate
the results of the 1992 benchmark survey and
new or adjusted data from the sample surveys
for 1993-960 For 1992, U.S. affiliates' payments
are revised down $0.1 billion, and U.S. affiliates'
receipts are revised up $0.2 billion.
Benchmark survey of selected services
The estimates for 1996 incorporate the preliminary results of BEA'S 1996 Benchmark Survey
of Selected Services Transactions with Unaffiliated Foreign Persons. The survey covered a
number of business, professional, and technical
services and is one of many quinquennial benchmark surveys that are a regular part of BEA'S
ongoing benchmark survey program. Services
covered were primarily advertising, computer and
data processing, database and other information
services, and management, legal, and construction and engineering services. In addition, to
fill data gaps in new, growing, and volatile services categories, this benchmark survey covered a
number of other services for the first time: Financial services by firms that are not financial
services providers (purchases only); selling agent
services; and "other" private services, such as
satellite photography, security services, actuarial
services, salvage services, oilspill and toxic waste
cleanup services, language translation services,
and account collection services. (These services
had previously been covered in annual surveys
but not in a benchmark survey). The survey
was required from each U.S. person who had
transactions (either sales or purchases of any of
the covered services) in excess of $500,000 with
unaffiliated foreign persons.
For 1996, $0.4 billion in receipts and $0.2
billion in payments are added to the accounts.
Transportation estimates
Truck freight receipts and payments.—Estimates
of freight charges for the transportation of U.S.
goods exports by truck between the United States
and Canada are revised for 1995 and 1996, based
on newly available source data.
Beginning in April 1995, the Bureau of the
Census began collecting and providing to the
Department of Transportation survey data on
freight charges for the transportation of U.S.
goods exports by truck between the United States
and Canada. The survey data now replace BEA
projections that were previously used to estimate
truck freight receipts and payments. (Survey data
for freight charges on U.S» goods imports from
July 1997 • 5*
52 • July 1997
SURVEY OF CURRENT BUSINESS
Canada were available at the time the estimates
were introduced in 1995.)
For 1995, the revision raised truck freight receipts by $0.2 billion and reduced truck freight
payments by $0.2 billion0 For 1996, the revision
raised truck freight receipts by $0.2 billion and
reduced truck freight payments by $0.3 billion.
Ocean port receipts.—Estimates of foreignoperated ocean carriers' expenses in U.S. ports
are revised for 1992-96 to incorporate details
now available from BEA'S survey of ocean transportation. The new details identify the types
of primary expenses incurred in U.S. ports by
foreign ocean carriers.
Primary expenses include port call expenses
(pilotage, towing, and tugboat), cargo expenses
(stevedoring, container and barge rentals, and
warehouse), vessel expenses (stores and supplies,
vessel repairs, and officer and crew wages), and
other expenses (agents' and brokers' fees and expenses relating to maintaining U.S. offices). The
estimates of these nonfuel expenses are based on
the annual BEA survey "Foreign Ocean Carriers'
Expenses in the United States." From the annual
reports, a per ton expenditure "rate" is calculated
for each type of nonfuel expense and for each
type of carrier (liner, tanker, and tramp). These
implied per ton expenditure "rates" are used in
conjunction with Bureau of the Census data on
import and export tonnage of foreign-operated
ocean carriers to calculate total expenses.
Previously, no detail by type of primary expense was available; consequently, estimates were
developed only at the aggregate level. Estimates
based on type of primary expense yield substantially lower estimates of foreign-operated ocean
carriers' expenses in U.S. ports than estimates
based on aggregate port expenses.
Separate enumeration of different types of port
expenses also permits a more direct method of
estimation of fuel expenses. Estimates of fuel
expenses are now based on the Bureau of the
Census quarterly report "Bunker Fuel Laden on
Vessels Cleared for Foreign Countries." Previously, the estimates of fuel expenses were based
on indirect methods of estimation because they
could not be separated from other expenses
reported on BEA'S survey.
Estimates of primary expenses and of fuel
for each type of service are summed to total
ocean port services receipts. Downward revisions
to ocean port services receipts range from $1.1
billion for 1992 to $2.3 billion for 1996.
Earnings and expenditures of temporary workers
Migratory workers.—Earnings and expenditures
of foreign residents employed temporarily in the
United States are revised for 1986-96 to include
the earnings of "undocumented" migrant agricultural workers, mostly from Mexico. These
migrant workers are employed in the United
States 23 weeks a year, on average, to assist in the
growing and harvesting of crops. Until now, no
estimates of earnings and expenditures of "undocumented" migrant agricultural workers have
been included in the accounts.
Only the earnings and expenditures of "undocumented" migrant agricultural workers are
included in the new estimates. Earnings and
expenditures of nonagricultural Mexican and
Canadian residents who commute to work and
are employed in the border areas of the United
States are already included in the "other" private
services accounts. Resident immigrants, who also
earn income and make expenditures, are considered residents of the United States; the share of
their earnings that is sent abroad is included in
personal remittances.
The estimation methodology for "undocumented" migrant agricultural workers uses biennial data from the U.S. Department of Labor's
National Agricultural Workers Survey (NAWS)
and data from the U.S. Department of Agriculture's Quarterly Agricultural Labor Survey
(QALS). The NAWS survey, which is based on interviews with agricultural workers for the years
1989-95, covers crop workers (nursery, cash
grains, field crops, and fruits and vegetables) and
excludes livestock, poultry, and animal fodder
workers. The QALS is a telephone survey of farm
employers taken four times a year.
Several steps are necessary to combine the information from the two data sources. First, an
estimate of total crop workers is calculated by extrapolating the number of total crop workers in
1991 from the NAWS by the total QALS employment
of farm labor and agricultural service workers.
Second, "undocumented" migrant workers are
calculated by multiplying the NAWS percentage of
crop workers who are migrants and the NAWS
percentage of migrants who are "undocumented"
times the total number of crop workers. Third,
the number of "undocumented" migrant workers is multiplied by the average hours worked per
quarter from the NAWS and the average hourly
earnings, less withholding, from the QALS, to calculate earnings. It is assumed that 55 percent of
earnings are spent in the United States.
SURVEY OF CURRENT BUSINESS
Revisions are made for 1986-96. For 1996, $2.0
billion is added to earnings, and $1.1 billion is
added to expenditures. For 1986, $0.7 billion is
added to earnings, and $0.4 billion is added to
expenditures.
Professional workers.—Earnings and expenditures
of foreign residents employed temporarily in the
United States are revised to include the earnings
of self-employed foreign professionals—such as
artists, athletes, consultants, and teachers. Estimates of their earnings are based on data from
the Internal Revenue Service. It is assumed that
40 percent of professionals' earnings are spent in
the United States. (Earnings and expenditures
of professionals working in the United States for
foreign corporations are included in the direct
investment services accounts.)
Revisions are made for 1986-96. For 1996, $0.5
billion is added to earnings, and $0.2 billion is
added to expenditures. For 1986, $0.1 billion
is added to earnings, and the amount added to
expenditures is very small.
Currency translation gains and losses
Improved measures of U.S. banks' own claims
and liabilities denominated in foreign currencies are introduced for 1992-96. An adjustment
is made that improves the quality of the estimates by removing unrealized currency translation gains and losses from U.S. banks' capital
flows. These gains and losses occur because
foreign-currency-denominated assets and liabilities are reported in dollar equivalents, thereby
giving rise to apparent transactions any time
that exchange rates at the end of i month differ from those at the end of the next month.
Because foreign-currency-denominated positions
have increased in size in recent years, fluctuations
in the positions attributable to exchange rate
movements have become large enough to significantly distort the measure of capital transactions.
Therefore, the dollar-equivalent amounts will
now be adjusted to remove unrealized gains or
losses, which should more appropriately be considered as valuation adjustments in the net U.S.
international investment position. Bona fide capital transactions, as well as foreign exchange gains
and losses that are realized, will then constitute
capital flows in the balance of payments accounts.
The adjustment is made on the basis of banking data collected by the Bank for International
Settlements (BIS).
The improved flow estimates for U.S. banks'
own foreign-currency-denominated claims and
liabilities are derived by applying the distribution of foreign currencies in the BIS banking
data to the positions reported in the Treasury
International Capital (TIC) reporting system at
the beginning and end of quarters in order to
compute the dollar amount of TIC outstandings
held in each of nine key currencies—the British
pound, Japanese yen, German mark, Swiss franc,
French franc, Italian lire, Canadian dollar, the
European Currency Unit (ECU), and the Special Drawing Right (SDR) (for less developed
countries that transact largely in nondomestic
currencies).
The TIC dollar-reported outstandings for each
of the nine currencies are then converted into
domestic currency units using end-of-period
exchange rates. The difference between the
beginning- and end-of-period positions constitutes the estimated capital flow for each currency
in domestic units. The flow for each of the
nine currencies is then converted back into dollars using quarterly average exchange rates, and
the nine values are summed to compute global
capital flows excluding exchange rate gains and
losses.
The global flow without exchange gains and
losses is then subtracted from the global TIC capital flow with gains and losses; the difference
equals the exchange rate gains and losses incurred
during the period. Representatives in the banking industry suggest that about 25 percent of the
computed gains and losses are realized in a typical quarter and are thus appropriately included
in capital flows; therefore, only the 75 percent
that represent the unrealized exchange gains and
losses are removed from the Tic-reported capital
flow.
Unrealized gains and losses are removed from
U.S. banks' foreign-currency-denominated flows
for 1992-96. The adjustments for foreign currency claims ranged in size from -$3.1 billion in
the third quarter of 1995 to $3.3 billion in the
first quarter of 1995; the revisions were negative
when the dollar appreciated and positive when
the dollar depreciated. The adjustments for foreign currency liabilities ranged in size from -$4.3
billion in the first quarter of 1995 to $4.1 billion
in the third quarter of 1995; the revisions were
positive when the dollar appreciated and negative
when the dollar depreciated. In many quarters,
the changes were considerably smaller.
The improved estimates do not cover U.S.
banks' customers' claims denominated in foreign
currencies, because the currency composition of
these asset holdings is not available.
July 1997 • 53
SURVEY OF CURRENT BUSINESS
54 •frfy1997
Nonbank claims and liabilities
Beginning with estimates for the first quarter of
1997, BEA is including estimates of capital flows
for U.S. nonbank claims on and liabilities to unaffiliated foreigners in its preliminary estimates
for the current quarter. The last time these capital flows had been included in the preliminary
estimates was the fourth quarter of 1978.
Revisions to the Treasury Department's reporting forms at yearend 1978 extended the reporters'
filing date, which made data unavailable to BEA
for the preliminary estimates. From the first
quarter of 1979 onward, BEA has published an
"n.a." (not available) for these capital flows in
the current quarter because it had no basis on
which to make a reliable and accurate estimate.
In recent years, financing activity and capital flows in these accounts, particularly with
Caribbean finance centers, have become large and
significant. Consequently, BEA began exploring
data sources that would provide the basis for a
timely estimate of these capital flows. The Federal
Reserve Board has made available to BEA preliminary data from its reports of offshore banks'
asset and liability positions with U.S. banks and
nonbanks.
BEA'S estimates are based on changes in the
Caribbean banks' asset and liability positions
with U.S. nonbanks. Although U.S. nonbank
flows with banks in the Caribbean are a major
part of total U.S. nonbank flows, a substantial
part of U.S. nonbank flows remains uncovered. There are no acceptable source data upon
which to base reliable preliminary estimates of
transactions with other areas of the world.
Because of this difficulty, it is expected that
there will be large revisions between preliminary
and revised estimates. However, these revisions
should be smaller than those under the old procedure, which implicitly assumed that nonbank
flows were zero for the preliminary estimates.
The new procedure is used only for the preliminary estimates. For the revised estimates
published 90 days later, normal estimation procedures based on complete survey results from
several data sources will continue to be used.
Goods
BEA and the Bureau of the Census seasonally adjust the goods export and goods import estimates
at the five-digit end-use commodity category
levels, which is the most detailed level of enduse classification available. This level of detail is
chosen because of the need to track specific trade
patterns and to relate those patterns to categories
of final demand included in the national income
and product accounts. Nearly 150 commodity
categories are tested annually for seasonal variation. Almost 80 percent of total export value and
almost 90 percent of total import value exhibit
stable seasonality.
An aggregate series that is derived as the sum
of individually seasonally adjusted series may in
some instances exhibit "residual" seasonality. The
amount of "residual" seasonality is usually small,
and no adjustments are made to the aggregate
series, because of a strong preference to have as
accurate as possible measures for each of the individual series and to have individual series that
sum to the aggregate series. However, in recent
years, the amount of "residual" seasonality for
exports has increased. Consequently, a concerted
effort was made this year to reduce the "residual"
seasonality for goods exports. Little "residual"
seasonality exists for good imports.
For exports, "residual" seasonality is traceable
mostly to the commodity categories of civilian
aircraft and parts and of industrial, service, and
agricultural-type machinery. The component series of civilian aircraft and parts contain large
amounts of irregular and nonsystematic variation, which make it difficult to detect whether a
pattern of stable seasonality exists. Given the difficulty in determining reliable seasonality in this
series, this problem seems rather intractable, and
civilian aircraft and parts can be expected to continue as a contributor to "residual" seasonality in
total exports. However, some progress has been
made with the machinery category. By combining several of the individual machinery series into
a single category and by developing seasonal factors based on that single category, rather than on
each component series separately, it was possible to reduce significantly "residual" seasonality
in total exports. This combination of individual machinery categories will be reevaluated at
the time of next year's annual revision. Staff at
the Bureau of the Census' Foreign Trade Division
conducted this research.
A number of additional series are adjusted for
seasonal or for trading-day variations for the
first time this year, which also helps reduce the
"residual" seasonality of total exports.
BEA and the Census Bureau seasonally adjusted
end-use series continue to sum to seasonally
adjusted total exports and total imports.
SURVEY OF CURRENT BUSINESS
Nonresident taxes
suited from upward revisions to U.S. holdings
of foreign stocks. Taxes on bond interest were
Net tax payments to foreigners are revised for
lowered $3.8 billion for 1996, as higher taxes
1985-95 to reflect a higher level of income from resulting from upward revisions to U.S. holdabroad and to reflect a change in assumed ings of foreign bonds were more than offset
foreign withholding tax rates. Taxes on diviby the effect of a reduction in the assumed
dends were raised $1.3 billion for 1996, reflecting
foreign withholding tax rate on bond interest
the higher level of income receipts that re- income. Q
July 1997 • 55
SURVEY OF CURRENT BUSINESS
July 1997
U.S. International Transactions,
First Quarter 1997
By Christopher L Bach
but the slowdown was more pronounced for U.S.
assets abroad. Although somewhat reduced, both
increases remained large by historical standards.
The statistical discrepancy—errors and omissions in recorded transactions—was an outflow
of $18.1 billion in the first quarter, compared with
an outflow of $3.3 billion in the fourth.
The following are highlights for the first
quarter of 1997:
The international transactions accounts have undergone
substantial revision as a result of major improvements in estimating methodologies and in the development of new source
data. For a discussion of these changes, see "U.S. International
Transactions, Revised Estimates for 1974-96" in this issue.
HE
deficit increased to
T $41.0u.s. current-accountquarter ofquarter of
billion in the first
1997 from
$36.9 billion (revised) in the fourth
1996 (table A, chart i).1 A shift to a deficit on investment income and an increase in the deficit on
goods and services were partly offset by a decrease
in net unilateral transfers.
In the capital account, net recorded capital
inflows were $59.1 billion in the first quarter,
compared with $40.1 billion in the fourth. Increases in U.S. assets abroad and increases in
foreign assets in the United States both slowed,
• The balance on investment income shifted to
a deficit from a surplus, and the deficit on
goods and services increased.
• Capital outflows for U.S. assets abroad
slowed; outflows for claims reported by U.S.
banks slowed moderately, while outflows
for net U.S. purchases of foreign securities
slowed sharply.
« Capital inflows for foreign assets in the
United States also slowed, particularly for liabilities reported by U.S. banks and for net
foreign purchases of U.S. Treasury securities.
i. Quarterly estimates of U.S. current- and capital-account components
are seasonally adjusted when statistically significant seasonal patterns are
present. The accompanying tables present both adjusted and unadjusted
estimates.
Table A,—Summary of U.S. International Transactions
[Millions of dollars, seasonally adjusted]
Lines in tables 1 and 10 in which transactions are
included are indicated in ( )
1 ino
Exports of goods services and income (1)
Goods, adjusted, excluding military (2)
2
fl
Services (a)
4
Income receipts on investments (11)
1
5
6
7
8
Imports of goods, services, and income (15)
Goods, adjusted, excluding military (16)
Services (1 7)
Income payments on investments (25)
9
Unilateral transfers (29)
U.S. assets abroad, net (increase/capital outflow (-)) (33)
U.S. official reserve assets, net (34)
U.S. Government assets, other than official reserve assets,
net (39)
U S orivate assets net (43)
n
10
11
12
19$)5
1QQC
I
991 490 1 055 233
575,871
612,069
236,764
218,739
206,400
196,880
-1,086,539 -1,163,450
-749,431 -803,239
-147,036 -156,634
-190,072 -203,577
-34,046
-39,968
-307,207
-9,742
-352,444
6,668
-549
-296 916
Foreign assets in the United States.net (increase/ capital inflow
(+)] (48)
Foreign official assets, net (49)
15
16
Other foreign assets net (56)
451234
110,729
340505
Allocations of special drawing rights (62)
18 Statistical discrepancy (63)
19 96
Change:
1997
1QQfi IV-
1QQR
-690
-358422
II
III
IV
II
I
IV
III
\P
19971
279 468
162,527
61 991
54,950
4923
-263,845 -274,363 -275,019 -273,316 -278,860 -289,231 -295,865 -299,493 -611,725
-182,790 -190,739 -188,180 -187,722 -192,973 -200,973 -203,257 -206,036 -212,314
-35,884 -36,544 -37,308 -37,304 -38,671 -38,953 -39,345 -39,664 -41321
-45,171 -47,080 ^9,531 -48,290 -47,216 -49,305 -53,263 -53,793 -58,090
-12,232
-6,278
237,587
138,389
51,980
47,218
246,787
143,181
53,303
50,303
250734
145,360
56,244
49,130
256382
148,941
57,211
50,230
256 382
150,048
57057
49,277
262335
153,411
58736
50,188
-8,128
-8,847
-6,620
-10,406
-8,689
-59,625 -110,548
-2,722
-5,318
-40,679
-1,893
-06,356
-70,768
-49,698
-6,451
-158
-184
-54149 -107 642
266
-39052
191
17
-623
261 979
150,764
59322
51,893
274545
157,846
61656
55,043
4,681
335
-93
-1 657
-4,297
-11,926
-6,709
3,217
-77,542 -154,436
7,489
-615
-99,787
4,480
54,649
4,795
-8,947
162
31
315
-96074
-70 575
-48817
-85193 -153837 -104298
49539
106114
13,154
92960
158629
24,089
134540
194579
33,097
-473
-210
-358
-284
14
122714
37,138
85576
125839
39,585
86254
105029
11,908
425 201
97652
22,098
75554
93121
88233
52,014
36219
-14,931
-46,927
-3,318
23,538
-62,028
16,881
15,419
-20,831
-129,095
-148,184
-34,709
-35,704
-33,132
-25,554
-32,884
-35,585
547555
122,354
161 482
158867
28,337
130530
-65712
-4,760
-30952
-38,254
-3,269
-17,957
-14,688
•42,833
-66,874
-40,966
•4,092
17
Memorandum:
19 Balance on current account (70)
f Preliminary.
SURVEY OF CURRENT BUSINESS
• The U.S. dollar appreciated 7 percent on a
trade-weighted quarterly average basis for the
quarter.
CHART 1
U.S. Current-Account Balance and
Its Components
Billion $
30
July 1997 • 57
U.S. dollar in exchange markets
In the first quarter, the dollar appreciated 7 percent on a trade-weighted quarterly average basis
against the currencies of 10 industrial countries
(table B, chart 2). The dollar appreciated 8 percent against the German mark, 7 percent against
the Japanese yen, and i percent against the Canadian dollar. The dollar was unchanged against
the British pound.
20
10
CHART 2
0
Indexes of Foreign Currency Price
of the U.S. Dollar
-10
Balance on
>r^ current account
-20
March 1973-100
110
-30
-40
100
10 Currencies'
-50
-60
90
30
80
20
10
70
0
German mark
60
-10
-20
Japanese yen
50
-30
40
-40
Balance on goods
-50
30
I
-60
1990
U.S.
I
I
91
92
93
94
95
1994
1993
I
I
97
96
1996
1995
1997
1. Currencies of Belgium, Canada, Fiance. Germany, Italy, J«pan, Netherlands,
Sweden. Switzerland, and United Kingdom.
Monthly average tales. Indexes rebasad by BEA.
Data: Federal Reserve Board
U.S. Department of Commerce, Bureau of Economic Analysis
Seasonally adjusted
Department of Commerce, Bureau of Economic Analysis
Table B.—Indexes of Foreign Currency Price of the U.S. Dollar
[March 1973-100]
1996
1997
I
Trade-weighted average against 10 currencies '
Selected currencies:2
Canada
European currencies:
Belgium . ..
France
Germany
Italy
Netherlands
Switzerland
United Kingdom
jaoan
II
III
IV
86.4
88.0
87.1
87.9
1
93.7
Mar.
86.6
Apr.
May
87.5
88.3
June
88.2
Jury
87.3
1997
Aug.
86.5
Sept
87.5
Oct.
88.0
Nov.
Dec.
87.0
88.7
Jan.
91.0
Feb.
94.5
Mar.
95.6
137.4 1369 1375 1355 1364
1370 1364 1374 1370
76.7 79.4 78.3 80.1 86.8
111.6 114.2 112.8 114.6 123.9
522 541 53.2 544 589
2767 2736 2677 2679 2883
57.3 59.3 58.5 59.8 64.9
37.0 387 380 400 446
161.5 162.2 159.1 151 0 151 6
40.4 41.1 41.6 43.1 46.3
77.1 78.4 80.0 79.8 78.5 77.5 78.8 79.9 79.1 81 2. 84.0 87.7 887
112.0 113.0 114.8 114.7 112.7 112.1 113.6 114.4 113.3 116.1 119.9 125.2 1266
525 535 545 543 534 527 536 543 537 55.2 570 595 60.2
2750 2755 2740 271 4 2687 2669 2676 2682 2664 2690 2760 2913 2977
57.6 58.6 59.7 59.6 58.7 57.9 58.9 59.7 59.1 60.7 62.8 655 664
37.2 379 390 391 383 374 384 391 396 41 3 432 452 455
161 9 1631 1631 1604 1592 1595 1585 1558 1487 1486 1491 1521 1536
40.5 41.0 40.6 41.6 41.7 41 2 42.0 42.9 42.9 43.5 45.0 47.0 46.9
1. Currencies of Belgium, Canada, France, Germany, Italy, Japan, Netherlands. Sweden, Switzerland, and United
Kingdom. Data: FederaT Reserve Board. Monthly and quartern/ average rates. Index rebased by BEA.
2. Data: Federal Reserve Board. Monthly and quarterly average rates. Indexes prepared by BEA.
19 96
1374 1377 1374 1355 1343 1387 1354
1360 1377
SURVEY OF CURRENT BUSINESS
58 • July 1997
Quantity, measured in chained (1992) dollars,
increased 4 percent (table C).
Nonagricultural exports increased $5.8 billion,
or 4 percent, to $148.2 billion. Quantity increased
5 percent, and prices decreased i percent. In
value, capital goods accounted for nearly one-half
of the increase. Among capital goods, onethird of the increase was attributable to surges
in industrial engines, pumps, and compressors
and in other industrial, agricultural, and service
industry machinery. Another one-third was attributable to computers, peripherals, and parts
and to semiconductors; these shipments are just
above the levels reached at the end of 1995 before oversupply conditions limited shipments for
much of 1996. The remaining one-third was attributable to civilian aircraft, engines, and parts,
which remain exceptionally strong. Nonagricultural industrial supplies and materials increased
as a result of higher shipments of chemicals
and nonmonetary gold. Shipments of passenger
cars and parts were sharply higher, particularly
shipments to Canada, which rebounded from a
strike-depressed fourth quarter.
Agricultural exports decreased $1.1 billion, or
7 percent, to $14.3 billion. Quantity decreased 7
percent. Prices of most major agricultural commodities fell sharply in the last two quarters of
1996 but changed little in the first quarter of
1997. Previously, prices had risen strongly from
the fourth quarter of 1994 through the second
quarter of 1996.
Soybeans decreased $0.5 billion, or 23 percent,
mostly to China, Europe, and Brazil. In contrast to most major commodities, the price of
soybeans increased 12 percent in the first quarter,
following a rj-percent decline in the fourth quarter. Soybean prices are now only 3 percent below
last year's high in the third quarter.
Corn decreased $0.4 billion, or 20 percent,
mainly to Korea and Mexico. The price of corn
The dollar's sharp advance during the quarter was encouraged by a further increase in both
short- and long-term interest-rate differentials in
favor of U.S. dollar assets. U.S. interest rates were
pushed higher, partly by a strengthening rather
than a moderation in U.S. economic activity and
partly by expectations that U.S. monetary policy
might be tightened. In late March, the Federal Reserve raised the target federal funds rate
by 25 basis points to 5.5 percent Abroad, Germany's economic growth gained momentum but
remained below that in the United States, and
market participants remained concerned about
the economic health of Japanese financial institutions. Uncertainties concerning the start of the
European Monetary Union may have temporarily strengthened the mark against the dollar late
in the quarter.
The dollar's strong appreciation over the past
2 years has returned its level against the mark to
close to that in late 1993 and early 1994, while its
level against the yen is now well above that in the
same time period (chart 2).
Current Account
Goods and services
The deficit on goods and services increased to
$29.1 billion in the first quarter from $2602 billion
in the fourth. The deficit on goods increased to
$49.8 billion from $48.2 billion, and the surplus
on services decreased to $20.7 billion from $22.0
billion.
Goods.—The deficit on goods increased to $49.8
billion in the first quarter from $48.2 billion
in the fourth, as imports increased more than
exports.
Exports.—Exports increased $4.7 billion, or 3
percent, to $162.6 billion in the first quarter.
Table C.-U.S. Trade in Goods, Current and Chained (1992) Dollars
[Balance of payments basis, millions of dollars, quarters seasonally adjusted]
Chained (1992) dollars1
Current dollars
1997
1996
1995
Exports
Agricultural products
Nonagricultural products
Imports
Petroleum and products
Nonpetroleum products
.
..
..
1
II
III
IV
612,069
61,488
550,581
150,048
15,863
134,185
153,411
15,080
138,331
150,764
15,093
135,671
157,846
15,452
142,394
749,431 803,239
72,744
56,155
693,276 730,495
192,973
14,619
178,354
200,973
18,514
182,459
203,257
19,052
184,205
206,036 212,314
20,559
19,170
185,477 193,144
575,871
57,229
518,642
P Preliminary.
1. Because chain indexes use weights of more than one period, the corresponding chained dollar estimates are
usually not additive.
1997
1996
1995
1996
1996
I
II
III
IV
\P
606,009
48,674
558,093
146,818
12,660
134,319
150,995
11,398
139,870
149,716
11,718
138,158
158,480
12,898
145,746
164,668
11,955
153,104
797,115
63,530
731,397
190,873
14,417
176,065
198,786
16,384
182,095
202,649 204,807
16,816
15,913
185,317 187,920
214,893
15,535
198,300
\P
162,527 560,426
14,322
49,574
148,205 510,885
737,232
60,332
675,689
SURVEY OF CURRENT BUSINESS
increased i percent, following decreases of 31 percent in the fourth quarter and n percent in the
third. The price of corn is now 37 percent below
its high in the second quarter of 1996.
Wheat decreased $0.3 billion, or 25 percent,
mostly to Egypt. The price of wheat decreased 2
percent and is now 27 percent below its high in
the second quarter of 1996.
Imports.—Imports increased $6.3 billion, or 3
percent, to $212.3 billion in the first quarter.
Quantity, measured in chained (1992) dollars,
increased 5 percent (table C).
Nonpetroleum imports increased $7.7 billion,
or 4 percent, to $193.1 billion. Quantity increased
6 percent, and prices decreased i percent. In
value, $2.5 billion of the increase was attributable
to unusually large shipments of completed autos from Canada. Increases also occurred in
nonpetroleum industrial supplies and materials, mainly in nonmonetary gold and chemicals.
Among capital goods, computers, peripherals,
and parts increased; quarterly imports now exceed the levels reached in late 1995 before oversupply conditions limited imports for much of
1996, Semiconductors, which were subject to
the same oversupply conditions, have not yet
returned to their late-1995 quarterly level.
Petroleum imports decreased $1.4 billion, or 7
percent, to $19.2 billion. The average number
of barrels imported daily decreased to 9.85 million from 10.13 million. The average price per
barrel decreased to $21.31 from $22.22. Domestic consumption, production, and inventories all
decreased.
creased. U.S. travelers abroad spent $13.1 billion,
up from $12.2 billion. Expenditures overseas accounted for most of the increase; expenditures in
Mexico and Canada also increased.
Passenger fare receipts were unchanged at $5.3
billion, and passenger fare payments were $4.3
billion, up from $4.1 billion, as a result of an
increase in overseas travelers.
"Other" transportation receipts were unchanged at $7,1 billion. "Other" transportation
payments increased to $7.3 billion from $7.2
billion, as a result of an increase in freight
payments.
Royalties and license fee receipts were unchanged at $7.7 billion, and payments increased
to $1.9 billion from $1.8 billion.
"Other" private services receipts increased to
$19.7 billion from $19.1 billion, as most services
increased by small amounts. "Other" private
services payments increased to $11.3 billion from
$11.0 billion.
Transfers under U.S. military sales contracts
dropped to $3.3 billion from $4.0 billion in
the fourth quarter, when there were shipments
of unusually large amounts of major equipment. Direct defense expenditures abroad were
up slightly to $2.8 billion.
Investment income
The balance on investment income shifted to a
deficit of $3.1 billion in the first quarter from a
surplus of $1.3 billion in the fourth.
Balances by area.—As noted earlier, the deficit on
goods increased to $49.8 billion in the first quarter from $48.2 billion in the fourth. The deficit
with industrial countries increased to $23.5 billion from $23.0 billion; an increase in the deficit
with Japan was partly offset by a decrease in the
deficit with Western Europe. The deficit with
non-opEC developing countries increased to $20.1
billion from $18.4 billion; the rise was mostly accounted for by Asian countries. The deficit with
OPEC members decreased to $6.2 billion from $6.7
billion.
Direct investment income.—Receipts of income on
U.S. direct investment abroad were $25.7 billion
in the first quarter, down from $26.9 billion in
the fourth, but still the second-highest quarter
on record. Earnings remained strong in Western
Europe. Payments of income on foreign direct
investment in the United States were $9.5 billion,
up from $7.8 billion, and only slightly below the
record $9.6 billion in the third quarter. Continued expansion in the U.S. economy, fewer drastic
cost-reduction efforts with their high initial costs,
and an expanded base of foreign-owned businesses have all contributed to the strong increase
in earnings over the past several years.
Services.—The surplus on services decreased to
$20.7 billion in the first quarter from $22.0 billion
in the fourth, as payments increased more than
receipts.
Foreign visitors to the United States spent $18.6
billion, up from $18.2 billion,, Receipts from
overseas, Mexican, and Canadian visitors all in-
Portfolio investment income.—Receipts of income
on "other" private investment were $28.4 billion
in the first quarter, up from $27.2 billion in the
fourth, mostly as a result of higher claims. Payments of income on "other" private investment
were $27.5 billion, up from $26.1 billion, mostly
as a result of higher liabilities.
July 1997 • 59
60 • July 1997
SURVEY OF CURRENT BUSINESS
Receipts of income on U.S. Government assets
were $0.8 billion, down slightly from $0.9 billion. Payments of income on U.S. Government
liabilities were $21.1 billion, up from $19.9 billion, as a result of substantial accumulations of
U.S. Treasury securities by foreigners in recent
quarters.
Unilateral transfers
Net unilateral transfers were $8.7 billion in the
first quarter, down from $11.9 billion in the
fourth; fourth-quarter transactions had been
boosted by special grants to Israel to finance
military and economic purchases.
Capital Account
Net recorded capital inflows—that is, net changes
in U.S. assets abroad less net changes in foreign
assets in the United States—were $59.1 billion in
the first quarter, compared with $40.1 billion in
the fourth. Increases in U.S. assets abroad slowed
more than increases in foreign assets in the
United States. Although somewhat reduced, both
increases remained large by historical standards.
claims of foreign-owned banks, whose claims increased by an even larger amount in the first
quarter than in the fourth. The funding to support the increases in claims of foreign-owned
banks over the past two quarters came both
from domestic deposit growth and from foreign
sources.
As in the fourth quarter, some interbank
lending supported large net purchases of U.S.
Treasury and corporate securities, the gradual
strengthening of economic activity in Europe,
and the large numbers of acquisitions and mergers. Most interbank lending was to banks in
Europe, both in the United Kingdom and in continental Europe. Interbank demand for dollar
credits in Canada and Southeast Asian countries
strengthened.
The increase in claims on other private foreigners slowed sharply, largely as international bond
CHART 3
Stock and Bond Price Indexes
December 1992-100
U.S. assets abroad
U.S. assets abroad increased $99.8 billion in the
first quarter, compared with an increase of $154.4
billion in the fourth.
U.S. official reserve assets.—U.S. official reserve
assets decreased $4.5 billion in the first quarter, following an increase of $0.3 billion in the
fourth. The decrease in the first quarter resulted
from Mexico's final repayment of $3.5 billion
on its drawings under medium-term swap arrangements with the U.S. Treasury. With this
repayment, the medium-term swap arrangements
were terminated.
Claims reported by banks.—U.S. claims on foreigners reported by U.S. banks increased $56.6
billion in the first quarter, compared with an increase of $66.7 billion in the fourth. The increase
in interbank claims payable in dollars slowed
sharply from an exceptionally large increase in
the fourth quarter; the increase in claims on
other private foreigners, largely on international
bond mutual funds in the Caribbean, also slowed
sharply.
Interbank claims of U.S.-owned banks shifted
by a large amount to a sizable decrease. This
shift was partly offset by an increase in interbank
190
180
FOREIGN
170
160
150
140
130
120
110
100
90
80
1994
1997
1995
1996
Sources:
Slock Moot —Morgan Stanley Capital International: U.S. Index, and
world index excluding United States, in local currencies.
flwidndteies—Salomon Brothers Inc: Treasury/government
sponsored/corporate index, and non-US, wood gowmment bond index,
in local currencies.
Indexes rebased try BEA.
US. Department of Commerce, Bureau of Economic Analysis
SURVEY OF CURRENT BUSINESS
mutual funds in Caribbean financial centers sold
U.S. Treasury securities in the first quarter after
borrowing heavily to finance exceptionally large
net purchases in the fourth.
Banks' domestic customers' claims increased
$13.2 billion, compared with an increase of $11.5
billion. An increase in customers' deposits in European and Caribbean banks was especially large
and more than accounted for the increase in the
first quarter.
Banks' own claims payable in foreign currencies increased $7.7 billion; the increases were
widespread, including increases on banks' own
offices in the United Kingdom, Japan, and
Canada. These claims now exclude, for the first
time, the effect of unrealized currency translation
gains and losses.2
Foreign securities.—Net U.S. purchases of foreign
securities were $14.5 billion in the first quarter,
down from $30.2 billion in the fourth. The decline was more than accounted for by a drop in
net U.S. purchases of foreign bonds to $2.8 billion
from $19.6 billion. Net U.S. purchases of foreign
stocks increased to $11.8 billion from $10.6 billion
(chart 3).
Transactions in outstanding bonds shifted to
net sales of $8.6 billion, in contrast to net
purchases of $7.0 billion. Net sales occurred
in all major markets, including Western Europe, Canada, Latin America, and Asia excluding
Japan. Foreign new bond issues in the United
States remained strong at $15.0 billion but were
down from $17.4 billion.
Net U.S. purchases of foreign stocks were $11.8
billion, up $1.2 billion but still less than one-half
the record set in the first quarter of 1996. The
increase in the first quarter of 1997 was largely
from the Caribbean and Japan; net purchases
from Europe slowed.
Direct investment.—Net capital outflows for U.S.
direct investment abroad were $24.6 billion in
the first quarter, down from $30.9 billion in the
fourth. However, net equity capital outflows
more than doubled. The pickup was mostly in
Europe, where major acquisitions in soft drinks,
health products, pharmaceuticals, and financial
services boosted first-quarter outflows. Merger
and acquisition activity in Europe, as well as the
United States, remains near an all-time higho In
contrast to the merger boom of the late 1980'$,
when a large share of mergers were across industries, mergers in the mid-i99o's have been
2. For more information, see "U.S. International Transactions, Revised
Estimates for 1974-96" page 53.
highly focused, featuring consolidations within
industries and within major product lines. Intercompany debt transactions shifted by a very
large amount to net inflows. As has been the case
for the past several years, large quarter-to-quarter
swings in intercompany debt have resulted from
sizable swings in transactions between finance
affiliates and parents in the securities industry Reinvested earnings decreased but remained
strong.
Foreign assets in the United States
Foreign assets in the United States increased
$158.9 billion in the first quarter, compared with
an increase of $194.6 billion in the fourth.
Foreign official assets.—Foreign official assets in
the United States increased $28.3 billion in the
first quarter, compared with an increase of $33.1
billion in the fourth. Assets of industrial countries increased much more strongly in the first
quarter than in the fourth, while assets of developing countries increased much less strongly
than in the fourth (table D).
Liabilities reported by banks,—U.S. liabilities reported by U.S. banks increased $18.9 billion in
the first quarter, compared with a $39.0 billion
increase in the fourth. Interbank borrowing of
dollars by both U.S.-owned and foreign-owned
banks slowed sharply from an exceptionally large
increase in the fourth quarter. Although U.S.owned banks had little need for foreign funds to
support lending activity abroad in the first quarter, foreign-owned banks continued to use ftinds
borrowed from abroad, in addition to U.S. deposit growth, to support their lending activity
abroad.
Liabilities payable in foreign currencies increased $8.5 billion, in contrast to a $6.4 billion
decrease in the fourth quarter. Borrowing in the
first quarter was from all major geographic areas.
These liabilities now exclude, for die first time,
unrealized currency translation gains and losses.2
U.S. Treasury securities.—Net foreign purchases
of U.S. Treasury securities were strong at $42.9
billion in the first quarter, but were down from
an exceptional $67.5 billion in the fourth.
Most of the drop was attributable to international bond mutual funds in the Caribbean,
reflecting large net sales in February and March
that were perhaps generated by the large price
declines associated with the 40-basis-point rise in
U.S. interest rates over the quarter; net purchases
by mutual funds had been especially strong in
July 1997
•
6l
62 • July ipp/
SURVEY OF CURRENT BUSINESS
November and December. Net purchases from
other areas remained strong, especially from the
United Kingdom, where much foreign trading activity is centered, and from Japan and other Asian
countries. Interest yields on U.S. Government
bonds relative to mark and yen bonds were large
at the beginning of the quarter and increased further by the end of the quarter. These differentials
are now at levels last reached in 1989 (chart 4).
CHART4
Long-term Government Bond Yield
Differentials1
(Plus (+) indicates differentials in favor of US. dollar assets)
3.0
U.S. currency.—Net U.S. currency flows to foreigners were $3.5 billion, down from $7.8 billion.
This is the first time these flows have been included in the accounts.3 The flows are recorded
"net," that is, net of flows to and from foreigners.
The data were developed by the Federal Reserve
Board.
^- US vs. United Kingdom
Other U.S. securities.—Net foreign purchases of
U.S. securities other than U.S. Treasury securities
were a record $38.7 billion in the first quarter,
up from $32.4 billion in the fourth. Net foreign
purchases of foreign stocks were sharply higher
at $10.3 billion, up from $1.3 billion; net foreign
purchases of bonds were $28.4 billion, down from
$31.1 billion (chart 3).
Net foreign purchases of U.S. stocks jumped
sharply, mostly as a result of net purchases
by Western Europe. Accelerating U.S. stock
prices, strong dollar appreciation, and continued
growth of the U.S. economy with stable inflation were contributing factors. Net sales by Japan
accelerated.
New bond issues sold abroad by U.S. corporations were a record $20.7 billion, up sharply from
$14.6 billion in the fourth quarter; the previous
1989
90
91
92
93
94
95
96
97
LTen^ear Government bond yields. Monthly Averages. DataOECtX
U.S. Department of Commerce. Bureau of Economic Analysis
3. For more information, see "U.S. International Transactions, Revised
Estimates for 1974-96," page 48.
Table D.—Selected Transactions with Official Agencies
[Millions of dollars]
19 95
1995
Changes in U.S. official reserve assets, net (increase -) (table 1, line 34)
1997
Change:
1996 W-
I
Changes in foreign official assets in the United States, net (decrease -) (table
1, fine 49)
Industrial countries '
Members of OPEC2
Other countries
19 96
1996
II
110,729
22,546
4,239
83,944
122,354
65,498
12,278
44,578
22,098
13,749
37,138
6,906
-91
-29
8,440
-9,742
6,668
-5,318
11,800
18,800
-7,000
-8,300
5,000
6,000
-1,000
III
IV
II
I
30,261
39585
5833
5933
27819
11908
-3942
-1574
17424
52014
39787
-1539
13766
-2,722
-1,893
191
17
5,000
7,000
-2,000
2500
4,500
-2,000
-700
1300
-1300
-2,000
-1,300
III
IV
\'
19971
13154
9434
5239
-1519
24089
11 367
5263
7459
33097
24872
3307
-4760
13403
3402
-21 565
-623
7,489
-315
4,480
4,795
-7000
-3500
-3500
-7,000
-3,500
-3,500
4910
3315
28337
18313
6717
Activity under U.S. official reciprocal currency arrangements with foreign
monetary authorities:3
Foreign drawings, or repayments (-), net
Drawings
Repayments
-8,300
' PnHMnary.
1. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
2. Baud on data tor Ecuador, Venezuela. Indonesia, and other Asian and African oi^exporting countries. Beginning In January 1993, excludes Ecuador.
3. Consists of transactions of the Federal Reserve System and the U.S. Treasury Department's Exchange Stabilization Fund.
SURVEY OF CURRENT BUSINESS
record was $16.5 billion in the first quarter of 19950
The upward trend in U.S. long-term interest
rates and continued strong demand for dollardenominated debt instruments led to record
placements by U.S. corporations in the Eurobond
markets, mostly as fixed-rate issues. Net foreign
purchases of federally-sponsored agency bonds
were $8»o billion, down from $12.3 billion.
Direct investment—Net capital inflows for foreign direct investment in the United States were
$21.7 billion in the first quarter, up from $17.7 bil-
lion in the fourth. Equity capital inflows, though
down somewhat from the fourth quarter when
acquisitions in the insurance and securities industries were especially large, remained strong in the
first quarter, when acquisitions in the chemicals
and securities industries were large. Intercompany debt inflows strengthened, also reflecting
the recent surge in foreign-affiliated funding of
new foreign investment in the United States.
Reinvested earnings were higher, partly reflecting
improved earnings of affiliates.
Tables i through IOA follow. H
July 1997 • 63
SURVEY OF CURRENT BUSINESS
64 • July 1997
Table 10—U.S, International
[Millions
1
Une
(Credits +; debits-)
1 Exports of goods, services, and Income
2
Goods, adjusted, excluding military2
3
Services3
4
Transfers under U.S. military agency sales contracts4
5
Travel
Passenger fares
6
1964
8
Royalties and license fees5
9
Other private services5
10
U.S. Government miscellaneous services
11
Income receipts on U.S. assets abroad
12
Direct investment receipts
13
Other private receipts
14
U.S. Government receipts
15 Imports of goods, services, and Income
16
Goods, adjusted, excluding military2
17
Services3
Direct defense expenditures
18
Travel
19
20
Passenger fares
21
Other transportation
Royalties and license fees5
22
Other private services5
23
24
U.S. Government miscellaneous services
income payments on foreign assets in the United States
25
26
Direct investment payments
27
Other private payments
U.S. Government payments
.
28
(X)
30
31
32
33
Unilateral transfers, net
U.S. Government grants4
U.S. Government pensions and other transfers
Private remittances and other transfers6
U.S. assets abroad, net (Increase/capital outflow (-))
34
35
36
37
38
U.S. official reserve assets, net7
39
40
41
42
43
44
45
46
QQ|<J
g
Special drawing rights ."^
Reserve position in the International Monetary Fund
Foreign currencies
1967
1968
1969
1970
1971
1972
1975
1976
46,454
49,353
54,911
60,132
68,387
72,384
81,986 113,050
148,484
157,936
172,090
184,655
25,501
26,461
29,310
30,666
33,626
36,414
42,469
43,319
49,381
71,410
98,306
107,088
114,745
120,816
8,824
2,465
9,616
2,721
10,667
3,191
11,917
3,939
12,806
4,138
14,171
4,214
16,358
5,472
17,841
5,856
19,832
5,369
22,591
5,197
25,497
6,256
27,971
5,826
31,485
7,554
1,207
241
2,076
1,380
271
2,175
1,590
317
2,333
1,646
371
2,426
1,775
411
2,548
2,043
450
2,652
2,331
544
3,125
2,534
615
3,299
2,817
699
3,579
3,412
975
4,465
4,032
1,104
5,697
4,697
1,039
5,840
5,742
1,229
6,747
6,150
1,366
7,090
1,314
651
265
1,534
714
285
1,516
814
326
1,747
951
336
1,867
1,024
353
2,019
1,160
343
2,331
1,294
332
2,545
1,546
347
2,770
1,764
357
3,225
1,985
401
3,821
2,321
419
4,300
2,920
446
4,353
3,584
489
4,920
3,848
557
6,824
5,106
1,256
462
Other transportation
1966
42,722
7,840
2,086
....
1965
40,165
7,437
5,506
1,421
510
7,528
5,260
1,669
599
8,021
5,603
1,781
636
9,367
6,591
2,021
756
10,913
7,649
2,338
925
11,748
8,169
2,671
907
12,707
9,160
2,641
906
14,765
10,949
2,949
866
21,808
16,542
4,330
936
27,587
19,157
7,356
1,074
25,351
16,595
7,644
1,112
29,375
18,999
9,043
1,332
32,354
19,673
11,057
1,625
1973
1974
-29,102 -32,708 -38,468 -41,476 -48,671
-69,901 -36,414 -79,237 -98,997 -137,274
-18,700 -21,510 -25,493 -26,866 -32,991 -35,807 -39,866 -45,579 -55,797 -70,499 -103,811
-8,619
-2880
-2,211
-9,111 -10,494 -11,863 -12,302 -13,322 -14,520 -15,400 -16,868 -18,843
-2952 -3764 -4378 -4535 -4856 -4855 -4819 -4784 -4629
-2,438
-2,657
-3,207
1977
-132,745 -162,109 -193,764
-98,185 -124,228 -1519907
-21,379
-5032
-21,996
-4795
-24,570
-4895
-27,640
-5823
-6,980
-2,095
-5,942
-6,417
-2,263
-5,708
-6,856
-2,568
-6,852
-7,451
-2,748
-7,972
-642
,
-717
-753
-629
-885
-1,817
-1,951
-2,161
-2,157
-2,367
-3,373
-1,080
-2,455
-3,980
-1,215
-2,843
-4,373
-1,290
-3,130
-5,042
-1,596
-3,520
-127
-627
-415
-135
-461
-457
-140
-506
-513
-166
-565
-661
-186
-668
-631
-221
-751
-586
-224
-827
-576
-241
-956
-592
-294
-385
-346
-472
-482
-504
-1,043
-1,180
-1,262
-1,551
-2,006
-2,190
-589
-640
-722
-789
-911
-1,783
-2,088
-2,481
-2,747
-3,378
-4,869
-5,515
-529
-802
-453
-657
-942
-489
-711
-821
-876
-648
-875
-1,221
-1,328
-1,800
^3,244
-549
-598
-702
-777
-3,617
-1,024
-5,435
-1,164
-2,428
-1,844
-6,572
-1,284
-2,604
-2,684
-9,655
-1,610
-4,209
-3,836
-4,240
-4,583
-4,955
-5,294
-6,629
-5,735
-6,156
-7,402
-8,544
-6,913
-3,227
-3,444
-3,802
-3,844
-4,256
-4,259
-4,449
-5,589
-6,665
-4,748
-399
-614
-463
-677
-499
-655
-571
-879
-637
-836
-637
-939
-611
-696
-770
-915
-939
-1,096
-1,117
-1,109
-1,250
-1,017
-9,560
-6,716
-7,321
-9,337 -12,475 -14,497 -22,874
-34,745
171
125
1,225
1,665
.._
..
570
571
266
537
-220
-346
-538
U.S. Government assets, other than official reserve assets, net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets8
U.S. foreign currency holdings and U.S. short-term assets, net
-1,680
-2,382
720
-19
-1,605
-2,463
874
-16
-1,543
-2,513
1,235
-8,050
-3760
-5,336
-5011
-6,347
-5418
-377
-759
-720
-1,108
-2,505
341
93
-442
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
48
Foreign assets In the United States, net (Increase/capital Inflow (+))
-265
233
-3,030
-9,757 -10,977 -11,585
53
1,170
-870
1,173
5?o
-1,179
-967
.._
..
-4
547
2,481
787
2,349
866
-851
-249
389
2,156
1,350
382
153
-1
-1,589
-3,293
1,721
-16
-1,884
-4,181
2,115
182
-1,568
-3,819
2,086
165
-703
-5,526
-1,790
-4,694
-13,311
-3,110
-5,681
-4,520
-9,249
-7,075
-5,686
-5226
-5,101
-1,068
-3,519
-1,250
-2,990
-1,378
14
-7,293
-1,467
9
-33
182
-172
-1,173
822
-2,423
-3,638
1,005
209
-2,274
-3,722
1,386
62
-2,200
^3,489
-7,386
-4805
-1,308
-7,833
-6295
-1,569
-8,206 -10,229 -12,940 -12,925 -20,388
-5960 -7590 -7618 -7747 -11353
-671
-1,549 -1,076 -1,113
-618
-779
-495
-1,203
233
"5
-12,564
-2,234
-5,788
-4,542
158
5
-1,023
-2,644
-4,638
2,596
-602
-951
-12,084
-1,331
-6,491
-4,262
-906
-39,703
-849
^66
-917
-61,269
-2,558
-78
-2,212
-14,217
-2,834
-5,841
-5,542
-659
-34,785
-375
-118
-121
-294
-1,265
^30
-466
-317
366
-5,001
14
4,826
541
-3,474
-5,941
2,475
-9
-4,214
-6,943
2,596
133
-3,693
-6,445
2,719
33
•^33,643
^9052
-1,854
^35,380
-14,244
-6,247
-44,498
-11949
-8,885
-30,717
-11890
-5,460
-268
158
-126
-670
-696
-967
-1,229
-2,980
-1,054
-3,506
-2,383
-6,980
-3,221
-19,516
-1,357
-13,532
-2,296
-21,368
-1,940
-11,427
3,643
742
3,661
7,379
9,928
12,702
6,359
22,970
21,461
18,388
35,341
17,170
38,018
53,219
49
Ffl
51
52
«fl
54
55
Foreign official assets in the United States, net
U.S. Government securities
U.S. Treasury securities9
Other10
.
Other U S Government liabilitiesn
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 12
1,660
432
434
-2
298
930
134
-672
-7
65
210
-1,527
-1,548
21
113
742
3,451
2,261
2,222
39
83
1,106
-774
-769
-798
29
-15
10
-1,301
-2,343
-2,269
-74
251
792
6,908
9,439
9,411
28
26,879
26,570
26,578
-8
-456
-510
10,475
8,470
8,213
257
182
1,638
185
6,026
641
59
582
936
4,126
323
10,546
4,172
3,270
902
301
5,818
254
7,027
5,563
4,658
905
1,517
-2,158
2,104
17,693
9,892
9,319
573
4,627
969
2,205
36,816
32,538
30,230
2308
1,400
773
2,105
56
57
58
59
60
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities and U.S. currency flows
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
1,983
322
607
415
4,333
425
3,928
698
-135
1,464
81
2,189
-3,909
367
-24
2.289
10,986
949
-39
4,507
12,362
2,800
-356
14,002
1,263
-68
3,130
4,041
24,796
4,760
1,797
378
10,143
2,603
4,090
2,503
20,326
4,347
4,283
1,284
16,403
3,728
2,434
2,437
369
-6,911
815
4,754
1,035
4,702
1,844
16,017
319
628
-578
10,990
1,086
6,719
8,955
-4,099
-9,483
61
6?
Statistical discrepancy (sum of above Items with sign reversed)
64
6*>
66
67
68
Memoranda:
Balance on goods (lines 2 and 16)
Balance on services (lines 3 and 17)
Balance on goods and services (lines 64 and 65)
Balance on investment income (lines 11 and 25)
Balance on goods, services, and income (lines 1 and 15 or lines 66 and
13
69
70
Unilateral transfers net (line 29)
Balance on current account (lines 1,15, and 29 or lines 68 and 69) 13
-85
75
1,818
-131
-358
178
503
67)
See footnotes on page 85.
-2,075
906
1,016
476
2,882
584
1,765
1,475
3,871
792
8,886
2,014
-6,298
717
710
438
-1,516
-219
-9,779
-1,879
-2,654
-2,558
4,417
2,603
-650
867
-907
-457
6,801
4,951
819
10,703
807
136
4,414
Allocations of special drawing rights
63
-146
-141
-134
629
3,817
-205
607
-216
16
-779
-287
-877
-516
-349
250
5,990
91
6,044
2,254
6,233
-6,416
973
-6,443
8,192
911
989
1,900
12,153
-6,505
1 213
-4,292
15,503
3401
2,940
5,047
-2,260
957
-1,303
7,272
3501
4,664
5,350
3,800
-1,196
2,604
5,274
-385
6,022
5,041
12,404
12,787
-6,082
16,063
-31,091
3845
-27,246
18,137
11,063
-4,240
6,823
10,014
-4583
5,431
7,987
-4955
3,031
7,878
-5294
2,583
6,240
-6629
611
6,135
-6735
8486
-6156
2,331
5969
-7402
-1,433
2749
-8544
-5,795
14053
-6913
7,140
11 210
-4,249
1,962
25191
-7075
18,116
9982
-6686
4,295
-9109
-6226
-14,335
635
"399
8,903
SURVEY OF CURRENT BUSINESS
July 199? • 65
Transactions
of dollars]
1978
1979
1980
1981
1982
1983
1984
1985
1987
1986
1988
1989
1990
1991
1992
1993
1,055,233
1
612,069
2
186,711
13,471
197,248
12,166
218,739
13,756
236,764
14,647
3
4
54,742
16,618
22,616
57,875
16,611
23,050
58,417
17,083
24,941
63,395
19,125
27,412
69,908
20,557
27,216
5
6
7
19,656
50,294
841
20,304
54,517
883
61
22,661
$
27,383
66,850
818
29,974
73,569
893
8
9
10
141,408
52,198
81,186
8,023
125,852
51,912
66,826
7,114
129,844
61,241
63,495
5,108
154,510
70,911
79,498
4,101
196,880
90,349
101,836
4,695
206,400
98,890
102,866
4,644
11
12
13
14
361,436
351,306
395,850
382,749
400,842
449,272
560,620
642,921
700,455
722,557
743,358
773,387
224,250
237,044
211,157
201,799
219,926
215,915
223,344
250,208
320,230
362,120
389,307
416,913
440,352
456,832
36,353
8,209
39,692
6,981
47,584
9(029
57,354
10,720
64,079
12,572
64,307
12,524
71,168
9,969
73,155
8,718
86,312
8,549
98,553
11,106
111,024
9,284
127,142
8,564
147,824
9,932
164,236
11,135
177,154
12,387
7,183
1,603
8,136
8,441
2,156
9,971
10,588
2,591
11,618
12,913
3,111
12,560
12,393
3,174
12,317
10,947
3,610
12,590
17,177
4,067
13,809
17,762
4,411
14,674
20,385
5,582
15,784
23,563
7,003
17,471
29,434
8,976
19,811
36,205
10,657
21,106
43,007
15,298
22,745
48,385
15,854
23,331
5,885
4,717
620
6,184
5,439
520
7,085
6,276
398
7,284
10,250
517
5,603
17,444
576
5,778
18,192
666
6,177
19,255
714
8,113
27,303
595
10,183
28,701
526
12,146
30,709
664
13,818
36,204
587
16,634
39,540
668
17,819
47,024
690
42,088
25,458
14,788
1,843
63,834
38,183
23,356
2,295
72,606
37,146
32,898
2,562
86,529
32,549
50,300
3,680
86,200
23,922
58,160
4,118
85,200
26,950
53,418
4,832
104,756
31,262
68,267
5,227
93,679
30,547
57,633
5,499
91,186
31,968
52,806
6,413
100,511
39,606
55,592
5,311
129,366
52,092
70,571
6,703
153,659
55,368
92,638
5,653
163,324
58,740
94,072
10,512
16
16
6,678
"88
16
Line
575,871
380,928
184,439
16
1996
854,156
344,440
142,075
16
1995
502,398
287,965
16
1994
991,490
220,516
16
-229,870
-281,657
-333,774
-364,196
-355,804
-377,573
-474,203
-484,037
-529,356
-593,416
-662,876
-720,189
-757,758
-733,335
-764,549
-626,020
-948,849 -1,086,539 -1,163,450
15
-176,002
-212,007
-249,750
-265,067
-247,642
-268,901
-332,418
-338 088
-368,425
-409,765
-447,189
-477,365
^98,337
-490,981
-636,458
-689,441
-668,590
-749,431
-803,239
16
-32,189
-7,352
-36,689
-8,294
-41,491
-10,851
-45,503
-11,564
-51,749
-12,460
-54,973
-13,087
-81,836
-13,730
-92,349
-14,950
-99,965
-15,604
-104,185
-15,313
-120,019
-17,531
-121,195
-16,409
-120,255
-13,835
-126,403
-12,202
-135,472
-10,292
-147,036
-9,890
-156,634
-10,861
17
18
-25,913
-6,505
-17,817
-29,310
-7,283
-19,057
-32,114
-7,729
-20,969
-33,416
-3,249
-22,260
-37,349
-10,531
-55,168
-35,322
-10,012
-25,204
^38,552
-10,556
-24,894
-40,713
-11,313
-25,746
-43,782
-12,885
-27,255
-46,053
-14,433
-28,249
-48,739
-15,776
-28,453
19
20
21
-1,401
-14,785
-1,686
-1,857
-17,999
-1,893
-2,601
-19,028
-1,921
-2,528
-20,548
-1,871
-3,135
-54,387
-1,919
^,035
-28,098
-2,116
-6089
16-25,066
-2,263
-4,819
-29,356
-2,255
-5,560
-33,138
-2,560
-6,503
-39,285
-2,623
-7,322
-42,796
-2,687
22
23
24
-91,302
-7,425
-57,659
-26,218
-115,722
-11,693
-72,314
-31,715
-138,639
-6,507
-53,768
-38,364
-139,402
-2,871
-95,489
-41,042
-121,159
3,433
-83,063
-41,529
-107,836
-110,176
-6,574
-63,041
-41,561
-144,787
-20,154
-77,614
-47,019
-190,072
-30,345
-98,448
-61,279
-203,577
-32,132
-100,103
-71,342
25
26
27
28
-8,475
-2,896
-9,124
-9,413
-3,184
-10,906
-10,397
-3,607
-11,790
-11,479
-4,487
-12,474
-671
-831
-724
-2,573
-1,099
-2822
-1,239
-2,909
-1,214
-21,680
-4,211
-8,795
-8,674
-52,961
-6,357
-15,481
-11,122
-42,532
-8,635
-21,214
-12,684
-53,626
-6,898
-29,415
-17,313
-12,394
-4,772
-11,710
-13,149
-6,003
-12,222
-67,748
-12,516
-72,862
-13,108
-22,913
-5,735
-14,843
-24,558
-6,444
-15,643
16
16
16
-795
-943
-8,159
-1,460
-8,001
-1,568
-1,168
-9,040
-1,534
-1,170
-10,203
-1,735
-66,412
-1,943
-35,187
-19,282
-53,700
-4,206
-30,501
-18,993
-74,036
-8,723
-44,158
-21,155
-73,087
-7,213
-42,745
-23,129
-79,095
-7,058
-47,412
-24,625
-650
16
-3,562
-1,287
16
16
-302
-67,054
-40,480
-5,788
-6,593
-6,349
-11,702
-17,075
-17,718
-20,598
-22,700
-24,679
-23,909
-25,988
-26,963
-34,588
5,122
-35,192
-38,137
-38,845
-34,046
-39,968
29
-3,412
-1,532
-4,015
-1,658
-844
-920
-5,486
-1,818
-1,044
-5,145
-2,041
16
-4,516
-6,087
-2,251
16
-8,738
-6,469
-2,207
-9,043
-8,696
-2,159
-9,742
-11,268
-2,138
-9,295
-11,883
-2,372
-10,424
-10,309
-2,409
-11,192
-10,537
-2,709
-12,742
-10,911
-2,744
-13,308
-17,433
-3,184
-13,972
24,160
-3,730
-15,309
-15,826
-4,018
-15,348
-16,821
-4,081
-17,235
-15,671
-4,544
-18,630
-11,096
-3,420
-19,530
-14,933
-4,331
-20,704
30
31
32
-61,130
-66,054
-86,967
-114,147
-122,335
-61,573
-36,313
-39,889
-106,753
-72,617
-100,221
-168,744
-74,011
-57,881
-68,774
-194,537
-160,516
-307,207
-352,444
33
732
-65
1,249
4,231
-4,683
-1,133
-65
-1,136
-8,155
-5,175
-1,196
-3,131
-3,858
312
9,149
-3,912
-25,293
-2,158
5,763
3,901
-1,379
5,346
-9,742
6,668
^66
-4,434
3,304
^979
'^897
908
-3,869
127
1,025
-5,064
^535
471
-25,229
-177
-367
2,316
-2,692
4,277
^637
-44
5ii
lij oS
1,501
'^609
2,070
7,588
-192
257
-16
-1,667
-6,472
-i.eS
•*»
-4,965
... „
.._
494
5,293
-2,466
-6,468
34
35
36
37
38
-4,660
-7,470
2,941
-3,746
-7,697
3,926
25
-5,162
-9,860
4,456
242
-5,097
-9,674
4,413
164
-6,131
-10,063
4,292
-2,821
-7,657
4,719
117
-2,022
-9,084
6,089
973
1,006
-6,506
7,625
2,967
-7,680
10,370
277
-57,202
-16,056
-3,626
-61,176
-25,222
-4,726
-73,651
-19,222
-4,568
-103,875
-9,624
-5,699
-3,853
-33,667
-5,014
-26,213
-4,023
-46,838
67,036
40,852
33,678
24,221
23,555
666
2,476
5,551
1,430
-13,665
-21 ,972
-22,435
463
^0
7,213
1,135
33,358
7,897
15
5,178
2,254
1,889
16,141
-189
-2,552
-1,041
-995
-1,156
-246
-942
731
-2,697
6,307
1,259
-5,590
6,723
125
2,307
-6,430
10,867
2,911
-12,874
16,776
-797
' 370
-1,280
7,578
-1,657
-7,398
5,807
-66
-342
-352
-549
-690
-6,299
6,270
-5,212
5,045
-4,803
4,115
139
-4,930
4,134
106
39
40
41
42
-71,018
-42,640
-49,166
-192,817
-77,945
-146,253
-165,510
-69,262
-60,309
-296,916
-86,737
-100,074
-358,422
-87,813
-108,189
43
44
45
21/175
766
30,615
-31,739
-4,200
^34,997
-75,108
-64,234
-98,186
46
47
109,641
168,776
279,671
297,337
451,234
547,555
48
17,389
16,147
14,846
1,301
1,367
-1,484
1,359
40,477
22,403
18,454
3,949
2,191
16,571
71,753
53,014
48,952
4,062
1,313
14,841
2,585
40,385
36,827
30,750
6,077
2,366
3,665
-2,473
110,729
72,712
68,977
3,735
744
34,008
3,265
122,354
115,634
111,253
4,381
720
4,722
1,278
49
50
51
52
53
54
55
107,082
47,915
16,266
1,592
92,253
22,004
34,226
35,144
128,299
17,936
50,531
30,043
207,918
48,993
43,281
80,092
256,952
45,679
57,674
56,971
340,505
67,526
111,848
96,367
425,201
76,955
172,878
133,798
56
57
58
59
22,086
51,780
45,133
-3,824
-3,115
3,994
13,573
16216
10,489
25,063
-7,710
104,338
34,588
30,176
31,786
9,784
60
-17,600
48,585
24,911
-46,103
-43,619
5,637
-3,283
-14,931
-46,927
63
-159,557
6,204
-153,353
9,209
-126,959
11,059
-115,900
13,644
-115,245
22,957
-92,288
15,020
-109,030
27,805
-81,225
23,921
-74,068
43,041
-31,027
20,249
-96,106
56,899
-39,207
18,016
-132,609
60,308
-72,301
19,666
-166,192
61,776
-104,416
9,723
-173,560
71,703
-101,857
6,806
-191,170
80,130
-111,040
2,824
64
65
66
67
-144,144
-23,909
-168,053
-102,256
-25,988
-128,245
-77,268
-26,963
-104,231
-57,304
-34,588
-91,892
-10,779
5,122
-5,657
-21,191
-35,192
-66,383
-52,634
-38,137
-90,771
-94,693
-38,845
-133,538
-95,049
-34,046
-129,095
-108,216
-39,968
-148,184
68
69
70
-5,006
-9,967
5,012
-61
-5,489
-9,599
4,490
-111,239
16
991
-7,983
-55,372
-7,728
-6,762
-27,694
-12,344
-4,756
-33,211
-14,065
-7,481
-105,044
-19,025
-4,271
-82,771
-28,355
-5,251
-09,275
-16,175
-7,980
-144,710
-36,834
-22,070
-74,160
-29,950
-28,765
-66,555
-31,369
-45,673
-4,377
-84,175
6,823
-111,070
-10,954
-29,928
533
-11,127
-10,342
-1,323
-21,773
-59,975
-7,046
-42,119
-21,193
-53,927
-27,646
-68,160
-27,824
12,379
11,097
-387
-610
62,612
86,232
96,418
88.780
118,032
146,383
230,211
248,383
246,065
224,390
140,992
15,497
11,895
9,708
2,187
615
3,593
5,085
5,779
5,845
6,496
6,972
-694
-476
602
545
-1,798
35,648
33,150
34,364
-1,214
2,195
1,187
45,387
44,802
43,238
1,564
-2,326
3,918
-1,007
39,758
43,050
41,741
1,309
605
-1,747
3,140
4,703
4,690
13
739
555
-2,857
-1,119
-1,139
3,145
4,960
6,322
5,019
1,303
^38
-3,670
2,646
-2,506
8,503
1,532
149
1,383
160
4,976
1,835
33,910
30,243
29,576
667
1,868
3,385
-1,586
54,516
11,877
15
7,060
1,351
47,115
16,918
15
7,1 45
5,457
81,272
25,195
15
6,127
6,905
92,826
16
12,464
13
11, 027
6,085
82,934
10,457
15
14,089
8,164
114,892
24,748
27,101
12,568
147,501
20,010
25,633
50,962
194,563
35,623
7,909
70,969
202,996
58,219
-2,243
42,120
206,307
57,278
26,039
26,353
215,887
67,736
35,518
38,767
1,621
32,607
6,852
10,743
917
42,128
-2,383
65,633
50,342
16,626
33,849
9,851
41,045
3,325
76,737
18,363
86,537
32,893
63,744
1,139
1,152
1,093
9,236
24,349
20,886
21,792
37,359
16,779
17,231
17,494
29,735
-7,713
-33,927
4,164
-29,763
20,408
-27,568
3,003
-24,565
30,873
-25,500
6,093
-19,407
30,073
-28,023
11,852
-16,172
32,903
-36,485
12,329
-24,156
29,788
-67,102
9,335
-57,767
31,500
-112,492
3,419
-109,073
30,720
-122,173
294
-121,880
20,592
-145,081
4,476
-140,605
12,091
-9,355
-6,788
-15,143
6,308
-6,593
10,666
-8,349
2,317
16,732
-11,702
5,030
5,632
-17,075
-11,443
-26,267
-17,718
-43,985
-78,353
-20,598
-98,951
-101,288
-22,700
-123,987
-128,514
-24,679
-153,193
-131
r
-285
-159
-360
-350
-118
-379
-838
^301
844
645
-1,469
-884
-113
-467
-319
-130
-992
-688
-313
-185
61
62
SURVEY OF CURRENT BUSINESS
66 * July 1997
Table 1.—U.S. International
[Millions
Not seasonally adjusted
(Credits +; debits-)1
Line
I
1 Exports of goods, services, and Income
1986
1985
II
III
I
IV
III
II
96,755
97,180
91,716
97,097
98,802
101,519
IV
98,358
102,163
2
Goods, adjusted, excluding military2
55,338
55,553
50,701
54,323
54,037
58,017
53,730
57,560
3
4
Services3
Transfers under U.S. military agency sales contracts4
17,865
2,609
17,945
2,268
18,901
1,954
18,445
1,887
20,370
1,908
20,517
1,955
23,116
2,120
22,309
2,566
Travel
Passenger fares
Other transportation
3,909
843
3,515
4,731
1,114
3,568
5,198
1,366
3,707
3,923
1,089
3,885
4,432
1,135
1*3,823
4,925
1,267
3,912
6,272
1,856
4,061
4,755
1,325
3,987
Royalties and license fees5
Other private services5
U.S. Government miscellaneous services
1,454
5,316
218
1,545
4,488
231
1,513
4,889
275
2,166
5,342
154
1,754
7,158
161
1,952
6355
1,967
6,712
129
2,441
7,079
155
23553
7,336
14,930
1,287
23,683
7,993
14,550
1,140
22,114
6,350
14,090
1,674
24,394
8,609
14,202
1,583
—194flfid
l&4,OOt
22,985
8,401
13,286
1,298
-1M Ma
— 1<M,9M
5
6
7
8
9
10
16
'151
449 KIM
-191 100
—lc4,lU¥
-.129 570
—lcc,9f v
24,330
8,868
14,063
1,398
191705
—14.9,199
115 110
—149,11V
22,294
8,207
12,693
1,394
-1 15841
—109|Otl
16
Goods, adjusted, excluding military2
-78,579
-85,585
-83,734
-90,190
-87,114
-92,674
-92,524
-96,113
17
18
Services3
Direct defense expenditures
-15,817
-4,246
-19,200
-3,170
-20,514
-3,053
-17,332
-4,640
-18,233
-3,434
-20,324
-3,510
-23,509
-3,320
-19,769
-3,467
-6,045
-1,409
-4,173
-6,445
-1,595
-4,377
-8,879
-2,031
-4,709
-5,544
-1,469
-4,558
11
12
13
14
Income receipts on U.S. assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
15
19
—1 <,9O<!
1
21,513
6,751
12,625
2,137
19
20
21
Travel
Passenger fares
Other transportation
-4,681
-1,253
-3,563
-7,169
-1,800
-3,984
-8,182
-2,044
-3,922
-4,526
-1,346
-4,175
22
23
24
Royalties and license fees5
Other private services5
U.S. Government miscellaneous services
-277
-2,364
-433
-272
-2,375
-431
-310
-2,537
-466
-2,928
-18,168
-1,896
-10,522
-5,750
-18,324
-1,945
-10,651
-6,728
-18,322
-1,952
-10,554
-5,816
-18,273
-1,420
-11,018
-6,835
-19,516
-1,487
-11,907
-6,122
-20,534
-2,640
-11,837
-6,057
-19,085
-1,440
-11,450
-6,195
-19,960
-1,491
-12,218
-6,251
25
26
27
28
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
U.S. Government payments
-412
-406
16
16
^319
-3,407
-446
-457
-460
-465
-3,653
-3,735
-3,991
-489
-476
-376
-5,225
-5,174
-5,882
-6,419
-6,369
-6,185
-4,483
-6,642
U.S. Government grants4
U.S. Government pensions and other transfers
Private remittances and other transfers6
-2,236
-484
-2,505
-2,591
-416
-2,167
-3,093
-459
-2,330
^,348
-2,106
-3,277
-3,485
-3,015
-779
-497
-553
-482
-839
-2,293
-2,766
-2,355
-2,515
-2,788
33 U.S. assets abroad, net (increase/capital outflow (-))
-6,269
-1,972
-4,843
-27,805
-17,057
-25,266
-32,248
-42,182
-233
-356
-121
-4,148
-115
16
280
-180
72
-248
-264
388
-245
-189
-274
168
-3,126
132
„
-31
283
-185
-246
-391
-120
-1,002
-2,553
1,285
266
-437
-1,733
1,278
18
-462
-381
-158
-1,581
1,217
-98
-1,826
1,423
22
-1,637
1,436
43
-1,576
-4,265
1,736
953
93
-1,356
1,494
-44
-24,195
•^3,824
-1,217
-10,375
-8,779
-16,561
-9,317
-6,930
-6,230
4,916
-25,124
-7,691
-1,051
-2,722
-13,660
-30,952
-4,586
181
-7,638
-18,909
-32,407
2,569
2,529
-5,183
-32,322
29 Unilateral transfers, net
30
31
32
34
35
36
37
38
U.S. official reserve assets, net7
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies .
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 assets8
U.S. foreign currency holdings and U.S. short-term assets, net
-264
281
-250
-920
-1,790
940
-70
43
44
45
46
47
U.S. private assets, net
Direct investment ...
Foreign securities ..
U.S. claims on unaffihated foreigners reported by U S nonbanking concerns
U.S. claims reported by U S banks, not included elsewhere
-4,116
-2,402
-2,474
475
284
-614
-4,058
-2,219
2,337
3,325
-4,285
-3,782
-1,572
-2,779
3,847
48 Foreign assets In the United States, net (Increase/capital inflow (+))
Foreign official assets in the United States, net
49
U.S. Government securities 9
50
U.S. Treasury securities
51
Other10
52
Other U.S. Government liabilities "
53
54
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 12
55
Other foreign assets in the United States, net
56
57
Direct investment
U.S. Treasury securities and U.S. currency flows
58
U.S. securities other than U.S. Treasury securities
59
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
60
U.S. liabilities reported by U.S. banks, not included elsewhere ....
61
344
-104
366
163
508
18,321
29,668
38,418
59,976
41,478
54,113
71,058
63,561
-10,962
-7,499
-7,177
-322
-443
-3,007
-113
8,502
8,886
8,750
136
560
-120
-824
2,506
-358
-414
56
320
2,927
-383
-1,165
-2,168
-1,997
2,712
3,061
3,238
15,918
13,896
14,540
15,789
11,895
12,171
1,229
4,298
4,415
29,284
4,893
3,390
9,615
-720
12,106
21,166
4,710
6,888
7,194
1,724
650
35,911
4,993
9,136
11,669
2,801
7,312
7,980
W|TVI
3407
3,161
-40,032
-1,255
-31,287
5,358
-25,929
-6,174
-31,103
-33,033
-1,612
-34,645
3,792
-30,854
-5,882
-36,736
-171
-177
-644
-276
1,081
1,472
1,153
3,043
-149
423
-1,131
359
-631
-302
-410
61,140
5,414
6,219
22,484
6,046
20,977
38,766
3,420
6,420
18,730
696
9,500
38,195
5,923
4,620
22,752
1,635
3,265
55,270
8,929
62,332
17,351
-2,277
12,380
*,9**V
2946
7,010
9351
9ptfWI
4,432
8,942
-35,867
1,113
-34,754
6057
-28,697
-€,419
-35,117
-33,077
2,137
-30,940
4878
-26,062
-6,369
-41,431
-34,657
193
-34,464
2,451
-32,014
-6,185
-38,199
-38,794
-38,553
2540
-36,013
2,335
-33,678
-6,642
-40,321
307
845
-854
17,107
1,947
28,141
-117
-462
-2,197
-953
35,831
62 Allocations of special drawing rights
63 Statistical discrepancy (sum of above Items with sign reversed)
64
65
66
67
68
69
70
Memoranda:
Balance on goods (lines 2 and 16)
Balance on services (lines 3 and 17)
Balance on goods and services (lines 64 and 65)
Balance on investment income (lines 1 1 and 25)
Balance on goods, services, and income (lines 1 and 15 or lines 66 and 67) 13
Unilateral transfers, net (line 29)
Balance on current account (lines 1, 15, and 29 or lines 68 and 69) 13
See footnotes on page 85.
-23,241
2,048
-21,193
5,385
-15,808
-5,225
-21,032
-394
^39,188
2,428
-36,760
-6,483
-43,243
SURVEY OF CURRENT BUSINESS
July 1997 • 67
Transactions—Continued
of dollars]
Not seasonally adjusted
1987
I
II
1988
ill
1
IV
II
I
1
IV
III
II
Line
1990
1989
IV
III
II
IV
III
103,347
110,736
112,741
122,448
133,768
139,421
139,679
147,751
155,288
163,570
159,190
164,874
170,169
174,725
171,589
183,972
1
57,646
61,683
61,614
69,265
77,006
81,222
77,852
84,150
88,559
94,076
87,030
92,455
96,328
99,590
92,910
100,479
2
23,031
3,113
24,285
3,235
26,457
2,584
24,780
2,174
25,823
2,441
27,097
2,540
30,338
2,536
27,766
1,767
29,569
2,161
30,433
2,142
34,609
2,417
32,531
1,844
33,873
2,147
35,195
2,327
39,952
2,954
38,805
2,502
3
4
4,756
1,325
4,037
5,827
1,784
4,278
7,288
2,231
4,557
5,691
1,664
4,600
5,933
1,820
4,801
7,117
2,233
4,999
9,201
2,930
5,041
7,182
1,993
4,970
7,553
2,270
5,145
8,643
2,483
5,329
11,003
3,387
5,232
9,007
2,517
5,400
9,289
3,192
5,493
10,541
3,663
5,510
12,466
4,526
5,856
10,712
3,917
5,886
5
6
7
2,242
7,455
2,380
6,658
2,504
7,117
3,057
7,471
2,689
8,016
2,892
7,137
2,871
7,571
3,695
7,986
3,178
9,106
3,301
8,388
3,307
9,122
4,032
9,588
3,579
10,028
3,966
8,987
4,120
9,860
4,970
10,665
103
124
177
122
124
179
189
173
155
146
143
144
145
200
170
153
8
9
10
22,669
8,668
12,617
1,384
24,769
10,124
13,366
1,279
24,670
9,293
13,872
1,505
28,403
11,524
15,737
1,143
30,939
12,279
15,936
2,725
31,103
13,668
16,227
1,207
31,489
11,664
16,502
1,323
35,835
14,482
19,906
1,447
37,159
13,646
22,363
1,150
39,061
14,203
23,870
37,551
12,785
22,898
1,869
39,888
14,734
23,507
1,647
39,969
14,889
23,001
2,079
39,940
15,032
23,073
1,835
38,727
13,031
23,660
2,036
44,688
15,788
24,338
4,562
11
12
13
14
-134,056
-147,608
-153,453
-158,299
-156,583
-164,885
-168,296
-173,112
-170,742
-183,436
-183,371
-182,640
-180,010
-186,572
-194,885
-196,292
15
-93,587
-101,248
-104,400
-110,530
-107,442
-111,540
-110,605
-117,602
-113,925
-120,776
-119,217
-123,447
-119,793
-121,451
-125,260
-131,833
16
-19,699
-3,613
-23,837
-3,606
-25,757
-3,788
-23,057
-3,942
-22,711
-0,831
-25,508
-3,868
-27,658
-3,851
-24,087
-4,054
-53,370
-3,946
-26,428
-3,908
-28,957
-3,722
-25,430
-3,736
-26,338
•4,006
-30,039
-3,910
-33,556
-4,463
-30,086
-6,152
17
18
-5,521
-1,489
-4,110
-8,221
-1,899
-4,722
-9,302
-2,248
-4,927
-6,266
-1,648
-5,298
-6,293
-1,648
-5,190
-8,498
-2,008
-5,350
-10,388
-2,320
-6,262
-6,935
-1,753
-5,167
-6,438
-1,739
-6,296
-8,827
-5,161
-6,523
-10,748
-2,560
-6,724
-7,403
-1,790
-5,717
-7,266
-2,171
-5,978
-10,289
-2,782
-6,050
-11,935
-3,224
-6,480
-7,859
-2,354
-6,660
19
20
21
22
23
24
988
-383
-465
-459
-550
-604
-640
-664
-693
-610
-636
-572
-710
-715
-698
-800
-923
-4,205
-4,486
-4,494
-4,815
-4,678
-4,685
-4,643
-6,021
-4,909
-4,935
-6,146
-5,558
-5,739
-6,816
-6,143
-6,688
-436
-640
-538
-468
-459
-530
-463
-431
-439
-486
-615
-463
-494
-510
-451
^79
-20,770
-2,024
-12,294
-6,452
-22,523
-1,989
-14,031
-6,503
-23,297
-2,337
-14,433
-6,527
-24,712
-1,075
-16,901
-6,736
-26,429
-2,754
-16,441
-7,234
-27,837
•4,293
-16,814
-7,730
-30,033
-2,958
-18,842
-8,233
-31,423
-2,688
-20,217
-8,518
-33,447
-1,841
-22,369
-9,237
-36,232
-5,813
-23,893
-9,526
-35,197
-1,949
-23,478
-9,770
-33,763
-23,407
-10,006
-35,082
-1,328
-23,604
-10,150
-36,070
-1,742
-54,011
-10,317
-34,372
-24,028
-9,831
-24,467
-10,569
25
26
27
28
--5,362
-5,426
-5,753
-7,367
-6,227
-5,585
-5,944
-4,232
-«,315
-6,536
-6,582
-8,530
-6,997
-7,484
-7,364
-12,744
29
-2,116
-2,283
-2,245
-3,665
-2,297
-1,982
-2,395
-3,863
-2,408
-1,955
-5,735
-3,813
-2,724
-3,569
-3,030
30
31
32
96
-33,879
-466
664
-543
-506
-574
-786
-552
-644
-568
-924
-653
-542
-639
-911
-714
-641
-721
-2,704
-2,637
-2,934
-2,917
-3,378
-2,959
-2,961
-3,444
-3,254
-3,039
-3,208
-3,807
-3,559
-3,274
-3,613
-8,110
-1,108
-3,526
9,166
-26,713
-26,712
-28,358
3,227
-24,833
-49,472
-29,144
-53,962
-9,185
-52,435
-53,162
38,192
-37,366
-43,235
-31,602
33
1,956
3,419
32
3,741
1,503
39
-7,380
1,925
-4,000
•12,095
-5,996
.........
.........
-3,202
-3,177
371
1,739
-1,091
-173
-188
-504
-247
363
8
-93
-4
34
35
36
37
36
n
>ttttt
76
606
1,274
-121
-978
1,010
-171
335
3,255
-210
407
-165
-205
722
3,225
-2,136
2,772
-1,274
1,223
1,368
-995
-703
-332
-1,869
1,240
-2,016
1,169
-1,349
1,044
4,176
-3,195
7,414
-29
93
-74
14
-28
-43
-3,294
-2,568
-28,489
3,194
-6,692
-6,192
-6,767
23,844
-47,046
-9,579
-9,149
-6,924
-22,394
-60,003
-6,237
-4,504
-6,662
-32,600
42,072
-10,080
-8,580
3,019
57,713
-36,903
-4,775
-11,037
-5,069
-16,022
-44,642
-17,423
-1,037
-15,514
-10,668
-34,687
2,328
-8,111
-10,260
-18,644
43
44
45
46
47
65,179
31,624
74,833
52,981
36,627
66,230
11,247
74,207
72,705
-23,083
41,971
63,933
58,171
48
19,980
19,776
19,120
24,925
27,568
27,730
6,006
6,055
5,853
-1,974
-3,197
-3,769
10,801
12,624
11,927
7,700
5,355
4,634
-6,115
-9,823
-9,726
13,060
12,966
12,776
-7,142
-6,966
-7,535
-6,421
-6,698
-6,177
6,207
4,081
3,735
13,937
12,469
12,335
20,186
20,391
19,683
57,767
83,276
10,445
11,340
11,084
764
^60
42
6
14,199
12,131
12,193
-35
607
493
94
-834
-60,855
-12,327
-2,225
-9,293
-27,010
42,161
-131
893
234
-3,164
86
-22,623
615
3,474
-1,388
4,776
-23
-2,975
-34,543
-22,873
256
1,988
-1,458
3,386
337
-6,122
60
-4
-27,033
-7,695
-1,159
-1,319
-16,860
-1,228
-820
-159
-12,004
-216
-44,081
-7,327
-1,500
-5,217
-30,037
159
-62
-4,128
Mm
23
-1,343
2,388
-1,115
3,543
316
1,791
-
-24,051
-4,032
1,318
-9,954
-11,383
-2,067
2,360
841
714
307
-7,547
-211
108
-2,118
1,867
1,555
202
-210
68
3,399
-4,625
-4,504
-3,454
15,982
929
712
'^35
39
40
41
42
289
-287
180
69
834
56
-92
-30,040
-7,592
-153
7,331
-5,442
-1,749
-5,715
20,237
155
446
901
-116
-33,028
-7,625
-2,056
-724
656
148
-1,675
-2,814
1,031
-162
-48
-1,751
-2,021
1,177
202
-442
810
572
-155
1,886
-192
697
178
-1,264
-1,007
1,894
721
-307
2,197
-284
-1,174
-97
314
3,823
190
-338
-211
569
492
-521
-195
598
346
134
1,160
1,240
-408
1,310
2,141
49
50
51
52
53
54
55
56
57
58
59
60
61
708
-417
-608
-737
455
572
643
165
-274
-265
-594
-921
31,978
6,699
8,021
6,511
2,423
12,593
-22,849
68,828
14,020
7,673
9,702
6,742
30,691
54,955
13,962
4,743
7,464
6,399
22,387
75,826
21,276
7,112
6,764
7,159
33,515
58,531
18,149
10,961
8,544
6,637
14,240
16,361
15,592
4,789
9,365
12,000
-25,385
61,148
11,659
12,744
10,270
-1,121
27,596
79,848
22,337
7,024
10,588
4,570
35,329
-16,662
15,515
1,709
1,311
12,904
^*8,101
35,764
14,529
6,257
2,114
6,713
6,151
49,996
9,015
6,044
-2,874
16,838
20,973
37,985
8,857
2,256
1,041
8,678
17,153
-10,099
6,397
-5,810
-18,952
31,053
-23,890
9,501
23,340
8,991
6,753
1,729
14,725
9,963
-1,507
63
^39,565
-42,786
448
701
-39,117
2,245
-36,872
-5,426
-42,298
-42,085
1,373
-40,712
-5,753
-46,465
-41,265
1,723
-39,542
3,691
^35,851
-7,367
-43,218
-30,436
3,112
-27,324
4,510
-22,814
-6,227
-29,041
-30,318
1,589
-28,729
3,265
-25,464
-5,585
-31,049
-32,753
2,680
-30,073
1,457
-28,617
-5,944
-34,561
-33,452
3,679
-59,773
4,412
-25,362
-8,232
-33,594
-25,366
6,199
-19,167
3,712
-15,455
-6,315
-21,769
-26,700
4,005
-22,695
2,829
-19,866
-5,536
-25,402
-32,187
5652
-26,535
2,354
-24,181
-6,582
-30,763
-30,992
7,101
-23,891
6,125
-17,766
-8,530
-56,296
-23,465
7,535
-15,930
6,090
-4,841
-6,997
-16,838
-21,861
5,155
-16,706
4,859
-11,847
-7,484
-19,331
-32,350
6,397
-25,954
2,657
-23,297
-7,364
-30,660
-31,354
8,718
-22,636
10,316
-12,320
-12,744
-25,063
64
65
66
67
68
69
70
-205
261
-283
-625
27,961
12,796
-2,326
18,372
6,151
-7,032
47,323
9,029
15,960
5,595
17,470
82,512
20,894
-1,835
12,676
6,656
44,121
45,200
15,500
2,649
-4,888
-15,255
11,244
-35,941
3,332
-32,609
1,900
-30,709
-5,362
-36,072
-731
-49
-844
-833
-126
62
SURVEY OF CURRENT BUSINESS
68 » July 1997
Table 1.-U.S. International
[Millions
Not seasonally adjusted
(Credits*; debits-)1
Line
1991
1993
IV
179,224
Services3
Transfers under U.S. military agency sales contracts4
Travel .
Passenger fares
Other transportation....
Royalties and license fees5 ,
Other private services5
U.S. Government miscellaneous services .
Income receipts 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
Passenger fares .
Other transportation
Royalties and license fees5
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 grants4
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, net7
Gold
Special drawing rights .
Reserve position in the International Monetary Fund ....
Foreign currencies ....
U.S. Government assets, other than official reserve assets, net,
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets8 ..........
U.§. 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
US. cWms report
Foreign assets In the United States, net pncrease/capltal Inflow (+)) .
Foreign official assets in the United States, net .........
U.S. Government securities9 ..
U.S. Treasury securities .
Other*0 .............................
Other U.S. Government liabilities11 .
U.S. liabilities reported by U.S. banks, not included elsewhere ....
Other foreign official assets1"
Other foreign assets in the United States, net .
Direct investment ............................................
U.S. Treasury securities and U.S. currency flows ....
US. securities other than US. Treasury securities .
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns
....................................................................................
<>...<
U.S. liaWIWes'rap^
Allocations of special drawing rights
181,357
178,100
184,296
186,681
183,761
188,465
192,983
190,972
101,891
37,041
2,688
9,544
3,094
5,557
106,511
108,175
42,762
3,112
12,072
3,908
6,059
109,192
110,856
108,080
200,966
120,740
43,025
3,006
13,680
4,034
5,618
114,555
43,607
2,824
115,849
42,868
3,399
12,283
3,834
5,546
105,749
47,654
3,158
15,977
4,944
5,689
112,163
39,760
2,748
12,033
3,818
5,734
100,336
44,674
2,586
14,736
5,034
5,981
44,833
3,690
45,457
3,419
50,265
3,625
46,157
2,736
12,802
3,806
5,763
14,410
4,008
5,776
17,156
4,988
5,717
13,599
3,791
5,895
4,095
11,864
200
4,272
11,010
145
4,263
11,860
213
5,189
12,290
132
4,829
11,586
272
4,840
12,747
32,939
13,141
18,200
1,597
5,059
12,499
286
31,677
15,436
15,145
1,096
-206,276
5,663
14,305
168
33,090
11,226
19,821
2,043
-187,592
5,356
12,917
139
30,458
11,962
16,620
1,877
4,897
13,656
225
35,086
12,924
20,486
1,677
-181,801
4,631
13,044
131
32,236
13,255
17,262
1,719
-177,025
12,710
3,824
5,662
4,684
14,058
204
40,293
14,907
22,679
2,706
-176,811
-116,404
-28,277
-5,169
-6,770
-2,033
-6,065
Exports of goods, services, and Income ,
Goods, adjusted, excluding military2
32628
15,111
16,077
1,440
-212,255
34,069
15,984
16,903
1,182
-119,828
-30,914
-3,933
-9,816
-2,641
-6,234
-124,518
-32,419
•^,597
-6,887
-472
-1,006
-6,796
-489
-1,080
-6,813
-618
-1,067
-7,603
-537
-32,130
1,404
-22,953
-10,581
13,642
-31,059
138
-20,837
-10,360
3,994
-30,655
-111
-20,091
-10,453
-6,828
-27,316
2,001
-19,182
-10,135
-5,686
18,368
-765
-3,961
8,226
-2,246
-754
-3,828
-353
........... 31
-341
3,908
2,331
3,629
9,539
5,023
-586
-15,274
-2,549
-23,771
-136,130
-28,252
-3,177
-146,411
-8,534
-2,531
-6,333
-8,108
-2,461
-6,183
-1,097
-6,452
-1,489
-5,224
-584
-1,156
-7,182
-572
-25929
'184
-15,959
-10,154
-3,398
-1,000
-3,660
55,249
12,879
13,690
12,615
7,562
11,689
30,321
42,370
5,772
6,022
4,939
20,988
15,380
14,916
464
-73
5,568
113
9,332
1,327
1,986
4,569
12,661
-4,741
30,378
-17,223
-1,195
-13,317
8,846
-4,471
4,027
3,550
-219
-143,646
-29,682
-3,374
1,075
-426
-768
383
-616
-27,400
-934
-16,336
-10,130
-7,759
-16,416
1,464
-3,025
-882
-3,851
-13,630
1,952
1
1,631
-173
-118
2,243
-365
-1,240
1,014
-139
-17,515
-10,386
-8,196
-321
-1,978
1,429
229
-15,262
-5,289
-13,059
-6,620
7,687
50,278
20,879
12,950
11,251
1,699
518
7,486
-3,737
6,823
35,628
-7,524
593
-319
912
607
-199,258
-218,111
-156,622
-32,128
-3,194
-150,278
^34,308
-2,919
-10,749
-2,867
-6,465
-12,265
-3,258
-6,534
-9,591
-2,727
-6,564
-1,163
-7,134
-1,264
-7,468
-601
-27,669
-1,368
-15,749
-10,552
-31,715
-2,912
-8,237
-9,124
-1,323
-6,075
-523
-29,774
-2,987
-16,178
-10,609
-12,382
-3,243
-1,029
-3,965
-45,447
-3,904
-603
-4,417
-62,477
-6,169
-1,656
-4,556
-75,594
1,542
822
-545
-673
2,829
-2,685
1,398
-644
-2,663
2,108
-166
-i'is
-48
-378
-113
-80
-480
-293
-764
891
-420
-197
-1,666
2,036
-567
-341
-2,926
1,580
1,006
-28,631
-6,772
-19,243
-45,976
-22,879
-29,833
-51,736
-12,654
-61,940
-74,581
-27,901
-36,272
-6,130
28,325
24,294
10,937
1,745
1,080
665
-469
8,257
1,404
13,357
7,255
16,363
-725
7,461
58,865
5,896
6,962
85,549
19,073
20,443
19,098
1,345
932
-2,486
184
41,399
11,213
5,608
15,205
66,476
11,543
9,658
17,782
1,725
-12,133
110,964
24,277
24,076
23,106
970
718
-415
-102
86,687
18,983
11,652
37,411
-215
-19,740
6,531
2,842
27,205
3,885
14,756
-11,765
-6,680
-575
-24,997
846
-15,650
-10,193
-8,394
-3,504
-6,461
-1,420
-3,885
-4,297
-27,733
-21,019
2,408
-5,024
52,549
6,133
-6,520
-7,394
874
1,138
11,241
274
46,416
7,662
26,206
12,476
-594
-556
-27,736
-2,065
-15,464
-10,207
313
675
17,466
6,750
5,668
1,082
132
29,398
5,889
11,331
10,467
-7,724
-1,000
43,152
3,057
11,008
2,531
5,689
-4,239
3,954
-2,243
4,854
21,702
-924
-13,660
-18,987
-21,669
-550
-2,413
6,034
8,112
-2,665
-5,845
-24,182
12,255
-11,927
2,436
-22,056
13,176
-8,880
5,623
14,917
1,218
6,053
-20,862
12,252
-8,611
4,475
-32,454
15,806
-16,648
2,959
-29,091
13,924
-15,167
4,529
-23,967
16,581
-7,386
6,472
-30,562
13,329
-17,233
3,941
-42,198
15,956
-26242
4,959
-35,882
14,442
-21,440
4,296
-9,491
-6,828
-16,319
-3,258
-5,686
-8,943
7,271
-7,610
^39
-4,135
-8,058
-12,193
-13,689
-7,759
-21,448
-10,637
-11,765
-22,403
-914
-8,394
-9,308
-13,293
-6,237
-21,530
-21283
-9,124
-30,407
-17,144
-12,382
-29,526
4,761
-75
.....................................................
-14,027
Statistical discrepancy (sum of above Items with sign reversed) .....
Memoranda:
Balance on goods (lines 2 and 16) .
-14,513
8,764
Balance on services (lines 3 and 17) .
-5,749
Balance on poods and services (lines 64 and 65) .
67 Balance on investment income (lines 11 and 25) ...
8,163
Balance on goods, services, and income (lines 1 and 15 or lines 66 and
67)i3 ........................................................................................................... 2,414
13,642
Unilateral transfers, net (line 29)
....................................................................
13
16,055
70 Balance on current account (lines 1,15, and 29 or lines 68 and 69) ....
See footnotes on page 85.
253
-1,517
115
17,927
13,714
15,661
14,872
13,013
-138,203
-31,848
-3,309
-11,787
-2,962
-6,494
-6,058
-9,610
-20,193
-8,668
3,341
^,914
-3,764
-3,545
-131,718
-30,773
-3,438
-10,459
-2,705
-6,006
-7,610
1,256
-68
31,470
14,709
15,370
1,390
-190,816
-28,325
-1,040
-17,141
-10,144
-328
-1,516
299
12,359
16,015
1,984
-197,451
-1,347
-6,208
^91
-26,183
1,487
-17,618
-10,052
16
-172
111
3,263
-6,724
12,442
-455
-23,107
-9,429
-12,550
-4,469
33,480
3,854
6,095
5,621
474
771
-3,107
95
29,626
-1,111
3,004
10,310
-7,772
-2,358
-6,061
-1,057
-114
3,986
619
-122,891
-27,951
-3,714
32,800
14,337
16,929
1,534
-2,941
-717
-3,952
-10,995
6
-2,018
2,700
-63
-10,194
-13,746
-9,960
126
155
-29
769
-130,231
-29,586
-3,710
-7,874
-2,455
-6,340
-15,966
3,877
-9,928
-40
13,552
7,900
5,569
-10,862
-2,884
-6,565
-187,133
16
July 1997 • 69
SURVEY OF CURRENT BUSINESS
Transactions—Continued
of dollars]
Not seasonally adjusted
1994
I
1995
Line
1997
1996
II
III
IV
1
II
III
IV
I
II
III
IV
\P
199,713
209,359
216,874
228,210
237,207
247,165
249,630
257,487
256,473
261,665
260,424
276,672
278,286
118,584
124,772
123,868
135,174
139,126
144,810
140,954
150,981
151,442
154,198
145,670
160,759
162,812
45,918
2,614
47,823
3,106
53,531
3,643
49,976
2,803
50,575
3,249
51,806
3,452
60,177
3,758
56,181
3,297
55,409
3,092
57,121
3,961
63,564
3,572
60,669
4,022
60,127
3,318
4
12,818
3,894
5,683
14,644
4,167
6,152
17,208
5,049
6,395
13,747
3,973
6,711
13,157
4,279
6,489
14,887
4,406
6,894
19,475
5,713
6,913
15,876
4,727
7,116
14,804
4,768
6,436
17,165
4,769
6,788
21,041
6,104
6,763
16,898
4,916
7,229
16,492
4,977
6,933
5
6
7
5,072
15,587
251
5,413
14,191
150
5,713
15,298
226
6,465
16,017
260
6,213
16,986
202
6,575
15,434
158
6,991
17,065
262
7,604
17,365
196
7,120
18,900
289
7,170
17,082
187
7,410
18,464
210
8,273
19,124
207
7,435
20,775
197
8
9
10
35,211
16,194
17,883
1,134
36,764
16,874
19,094
796
39,475
18,097
20,318
1,060
43,061
19,747
22,203
1,111
47,507
21,583
24,611
1,313
50,549
23,900
25,522
1,127
48,499
21,594
25,740
1,165
50,325
23,272
25,963
1,090
49,622
23,613
24,643
1,366
50,346
24,318
25,053
975
51,190
23,837
25,938
1,415
55,243
27,123
27,232
888
55,347
26,001
28,399
947
11
12
13
14
-211,062
-231,723
-249,526
-256,538
-255,499
-275,005
-280,500
-275,534
-270,428
-289,195
-301,469
-302,337
-300,901
15
-150,146
-162,953
-173,836
-181,655
-177,437
-190,020
-190,396
-191,578
-187,729
-199,450
-205,518
-210,542
-204,876
16
-30,665
-2,722
-34,511
-2,709
-37,171
-2,495
^33,125
-2,366
-33,227
-2,527
-37,612
-2,468
-40,275
-2,469
•^35,923
-2,426
-35,837
-2,607
-40,128
-2,747
-42,415
-2,780
-38,253
-2,727
-38,299
-2,800
17
18
-8,998
-2,862
-6,314
-11,848
-3,362
-6,705
-13,341
^3,748
-7,234
-9,595
-2,913
-7,002
-9,405
-3,072
-6,931
-12,563
-3,818
-7,051
-13,820
-4,163
-7,311
-10,265
-3,380
-6,956
-10,492
-3,545
-6,648
-13,236
-4,188
-7,222
-14,321
-4,406
-7,380
-10,690
-3,637
-7,203
-10,962
-3,941
-7,126
19
20
21
-1,513
-7,625
-1,201
-8,049
-1,367
-8,307
-1,479
-9,157
-1,483
-9,117
-1,490
-9,586
-1,697
-10,153
-1,833
-10,430
-1,697
-10,190
-1,606
-10,473
-2,154
-10,682
-1,865
-11,451
-1,878
-10,907
-630
-638
-679
-613
-692
-636
22
23
24
-30,252
-2,871
-16,576
-10,805
-34,259
-4,612
-18,426
-11,221
-38,519
-6,292
-20,393
-11,834
-41,757
-6,379
-22,219
-13,159
-662
-633
-657
-658
-44,835
-6,699
-23,897
-14,239
-47,374
-7,673
-24,640
-15,061
-49,830
-9,182
-24,841
-15,807
-48,033
-6,791
-25,070
-16,172
-46,862
-6,488
-24,210
-16,164
-49,616
-6,184
-24,600
-16,832
-692
-684
-680
1
2
3
-53,556
-9,905
-25,158
-18,493
-53,542
-7,554
-26,135
-19,853
-57,726
-9,095
-27,492
-21,139
25
26
27
28
-6,058
-8,789
-9,394
-12,604
-6,604
-7,747
-8,808
-8,887
-10,438
-8,122
-9,103
-12,305
-6,656
29
-2,387
-3,709
-6,097
-1,705
-4,802
-2,865
-2,399
-2,987
-4,321
-2,423
-709
-804
-900
-955
-781
-4,544
-4,921
-5,162
-4,918
-2,690
-1,188
-5,225
-6,499
-1,407
-5,399
-2,162
-5,030
-2,845
-1,007
-5,035
-5,660
30
31
32
-65,152
-61,547
-111,861
-41,657
-92,143
-72,816
-61,161
-76,636
-149,829
-101,902
33
2,033
-5,318
-2,722
-1,893
191
17
4,480
""362
-147
-526
-156
-786
-991
-163
-3,925
-1,780
-1,264
72
1,055
3,353
34
35
36
37
38
-184
-815
266
-1,014
1,522
31
-1,112
1,135
8
39
40
41
42
-843
-744
-4,828
-4,336
•^,478
-1,252
-4,664
-41,100
-33,737
-30,528
-59
3,537
"""""rjoi'
-3
45
-165
-108
-'ill
251
3,394
-327
490
399
273
-121
-27
2,181
^867
'
501
'-199
-849
1,065
-523
'
7,489
-315
-133
848
-146
-220
-170
6,824
-834
-183
162
-1,127
-28
-141
-284
'
-473
-210
-358
-1,352
882
-3
-1,076
1,013
-1,489
870
261
83
-1,238
1,045
-91
-40,030
-15,363
-36,144
-91,861
-40,352
-32,986
-72,623
-24,258
-34,455
-60,280
-25,097
-20,328
-86,289
-12,200
-23,206
-149,230
-26,258
-30,200
-106,413
-26,743
-14,510
43
44
45
-23,147
-47,520
6,988
4,489
-14,794
-3,729
-15,778
1,868
-5,047
192
-17,294
-33,589
-26,115
-66,657
-8,600
-66,560
46
47
97,419
123,135
126,379
104,302
88,018
106,568
159,231
193,738
158,612
48
22,098
11,258
10,132
1,126
39,585
21,116
20,598
518
13,154
-2,125
-3,383
1,258
-228
11,908
13,778
13,013
765
1,265
-3,415
280
52,014
55,652
55,600
52
10,995
265
37,138
26,560
25,234
1,326
120
7,510
2,948
33,097
35,418
33,564
1,854
160
-4,270
1,789
28,337
23,758
23,107
651
377
7,489
-3,287
49
50
51
52
53
54
55
77,253
20,216
32,699
10,160
75,321
12,640
36,411
15,734
85,997
10,630
32,339
20,606
86,794
25,108
39,195
32,128
-2,328
26,737
-6,135
20,313
9,075
1,461
7,286
15,136
12,554
-15,122
18,441
-8,976
-31,562
15,254
-16,308
4,959
-38,181
13,312
-24,870
2,505
-49,968
16,361
-33,607
955
-46,481
16,850
-29,631
1,303
-11,349
-8,058
-19,407
-22,365
-8,789
-31,154
-32,652
-9,394
-42,046
-28,327
-12,604
-40,931
-298
-943
-158
-1,223
1,346
-2,248
937
368
-1,622
1,069
395
-30,066
-8,641
-12,405
-56,242
-13,502
-19,135
-56,071
-16,048
-7,631
-108,955
-14,975
-23,313
-10,080
-1,959
-9,204
184
-10,951
-12,654
-4,044
-28,348
79,663
52,336
87,696
77,642
10,841
1,074
897
177
932
9,588
9,639
8,282
5,922
2,360
179
2,143
19,516
18,697
16,475
2,222
442
1,177
-753
-965
-800
389
8,774
7,456
1,318
813
-9,243
45
68,822
-1,605
15,412
21,070
42,697
7,047
12,352
68,180
20,021
10,361
13,389
2,454
31,491
-1,701
25,797
-19,157
-757
-984
1,120
36
1,642
-41,439
-40,624
-19,540
-37,763
-16,495
-9,229
-1,504
10,229
-168
-798
-421
642
-11
-242
-147
1206
-143
-204
-3,284
-211
14,198
1,285
24,089
26,689
25,472
1,217
907
-1,922
-1,585
92,394
19,149
3,903
27,899
36,004
15,662
10,602
36,475
93,414
17,894
36,152
29,761
135,142
26,579
50,798
35,115
160,641
16,820
75,326
32,447
130,275
21,445
46,401
38,738
56
57
58
59
6,968
-16,605
11,259
30,184
6,800
-33,535
7,288
2,319
20,610
2,040
-2,912
38,960
4,800
18,891
60
61
24,313
-45,043
14,775
9,191
-19,755
-30,424
-6,938
-25,439
63
-38,311
17,348
-20,963
2,672
-45,210
14,195
-31,016
3,175
-49,442
19,902
-29,540
-1,331
-40,597
20,258
-20,339
2,292
-36,287
19,572
-16,715
2,760
-45,252
16,993
-28,259
729
-59,848
21,149
-38,699
-2,367
-49,783
22,416
-27,367
1,701
-42,064
21,828
-20,236
-2,379
64
65
66
67
-18,292
-8,604
-26,896
-27,840
-7,747
-35,587
^30,871
-8,808
-39,679
-18,047
-8,887
-26,934
-13,955
-10,438
-24,393
-27,530
-8,122
-35,652
-41,066
-9,103
-50,169
-25,666
-12,305
-37,971
-22,615
-8,656
-31,271
68
69
70
-420
-221
18,918
62
SURVEY OF CURRENT BUSINESS
JO • July 1997
Table 1.-U.S, International
[Millions
Seasonally adjusted
(Credits +; debits-)1
Line
1
1 Exports of goods, services, and Income
2
Goods, adjusted, excluding military 2
3
4
5
6
7
8
9
10
11
12
13
14
Services3
Transfers under U.S. military agency sales contracts4
Travel
Passenger 'fares ....
Other transportation
Royalties and license fees5
Other private services5
U.S. Government miscellaneous services
Income receipts on U.S. assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
1986
1985
II
III
IV
I
IV
III
It
,
96,595
96,229
93,549
96,378
98,821
100,666
„
54,866
54,154
52,836
54,059
53,536
56,828
55,645
57,335
18,227
2,609
18,214
2.268
17,961
1,954
18,756
1,886
20,935
1,908
20,804
1,955
21,879
2,120
22,697
2,566
4,363
991
3,595
4,604
1,065
3,572
4,391
1,128
3,642
4,406
1,227
3,865
5,004
1,349
3,882
4,820
1,222
3,890
5,250
1,511
3,994
5,313
1,503
4,016
1,550
4,889
230
1,592
4,880
233
1,589
5,013
244
1,947
5,254
171
1,873
6,730
189
2,005
6,779
133
2,060
6,817
127
2,174
6,978
147
23,502
7,307
14,930
1,265
23,861
8,025
14,550
1,286
22,752
7,112
14,090
1,550
23,563
8,103
14,063
1,397
24,350
8,570
14,202
1,578
23,034
8,301
13,286
1,447
22,184
7,583
12,625
1,976
21,617
7,513
12,693
1,411
16
16
99,708
101,649
-116,271
-120,924
-120,349
-126,499
-129,152
-131,516
-132,680
-136,010
16
Goods, adjusted, excluding military2
-80,319
-84,565
-83,909
-89295
-89,220
-91,743
-92,801
-94,661
17
18
Services3
Direct defense expenditures
-17,707
-3,246
-18,276
-3,170
-18,151
-3,053
-18,732
-3,640
-20,298
-3,434
-19,492
-3,510
-20,847
^3,320
-21,200
-3,467
-6,566
-1,657
-4,391
-5,730
-1,528
-4,279
-6,732
-1,636
-4,594
-€,884
-1,683
-4,553
-527
-3,460
-463
-19,634
-1,605
-11,907
-6,122
-563
-3,686
-396
-563
-3,758
-444
-348
-3,882
-383
-20,281
-2,387
-11,837
-6,057
-19,032
-1,387
-11,450
-6,195
-20,149
-1,680
-12,218
-6,251
15 imports of goods, services, and Income
19
20
21
Travel
Passenger fares ....
Other transportation
-6,105
-1,486
-3,750
-6,374
-1,742
-5,883
-6,273
-1,660
-3,826
-5,807
-1,556
-4,184
22
23
24
Royalties and license fees5
Other private services5
U.S. Government miscellaneous services
-283
-2,387
-450
-280
-2,395
-432
-314
-2,589
^36
-295
-2,833
-417
-18,245
-1,973
-10,522
-5,750
-18,083
-1,704
-10,651
-5,728
-18,289
-1,919
-10,554
-5,816
-18,472
-1,619
-11,018
-5,835
25
26
27
28
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
U.S. Government payments
16
16
-5,170
-5,398
-6,007
-6,125
-5,318
-*341
-6,610
-6,409
U.S. Government grants4
U.S. Government pensions and other transfers
Private remittances and other transfers6
-2,236
-542
-2,392
-2,591
-522
-2,285
-3,093
-531
-2,383
-5,347
-544
-2,234
-2,106
-558
-2,654
-3,277
-563
-2,501
-3,485
-636
-2,589
-3,015
-714
-2,680
33 U.S. assets abroad, net (increase/capital outflow (-))
-4,291
-1,131
-4,555
-29,912
-16,231
-23,736
-31,355
-35,427
-233
-556
-121
-3,148
-115
16
280
132
-264
281
-250
-180
72
-248
-264
388
-245
-189
168
-3,126
-274
344
-185
-104
366
-246
163
508
-391
-51
283
-120
29
30
31
32
Unilateral transfers, net
34
35
36
37
38
U.S. official reserve assets, net7
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
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 assets8
U.S. foreign currency holdings and U.S. short-term assets, net
-760
-1,790
1,100
-70
-1,053
-2,553
1,234
266
-453
-1,733
1,262
18
-555
-1,581
1,124
-98
-266
-1,826
1,538
22
-230
-1,637
1,364
43
-1,554
-4,265
1,758
953
29
-1,356
1,429
^4
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
-3,298
-1,583
-2,474
475
284
278
-3,165
-2,219
2,337
3,325
29,370
-3,981
-3,477
-1,572
-2,779
3,847
-26,210
-5,839
-1,217
-10,375
-8,779
-23,522
-€,089
-1,051
-2,722
-13,660
53,797
^30,081
-5,715
181
-7,638
-18,909
-35,588
-612
2,529
-5,183
-32,322
48 Foreign assets In the United States, net (Increase/capital Inflow (+))
Foreign official assets in the United States, net
49
U.S. Government securities
50
U.S. Treasury securities 9
51
Other 10
52
Other U.S. Government liabilities11
53
54
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets12
55
Other foreign assets in the United States, net ,
56
Direct investment .
57
U.S. Treasury securities and U.S. currency flows
58
U.S. securities other than U.S. Treasury securities
59
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
60
U.S. liabilities reported by U.S. banks, not included elsewhere
61
60,311
70,935
63,923
-10,962
-7,499
-7,177
-522
-343
-3,007
-113
29,327
4936
3,390
9,615
-720
12,106
8,502
8,886
8,750
136
560
-120
-824
38,339
2,506
-358
-414
56
320
2,927
-383
-15,850
-8,606
-6,930
-6,230
4,916
41,557
-1,165
-2,168
-1,997
-171
307
845
-149
2,712
3,061
3,238
-177
423
-1,131
359
15,918
13,896
14,540
-644
1,081
1,472
-531
15,789
11,895
12,171
-276
1,153
3,043
-502
1,229
4,298
4,415
-117
-462
-2,197
-410
20,868
4,412
6,888
7,194
1,724
650
35,833
4915
9,136
11,669
2,801
7,312
61,476
5,750
6,219
22,484
6,046
20,977
38,845
3,499
6,420
18,730
696
9,500
37,879
5,607
4,620
22,752
1,635
3,265
55,146
8,805
-854
17,107
1,947
28,141
62,694
17,713
-2,277
12,380 !
-953
35,831
10,772
2,792
1,854
-1,553
-977
-4,138
5,847
2,901
10,323
3,313
7,130
-2,221
2
-4,430
12,274
3,332
-25,453
520
-24,933
5,257
-19,676
-5,170
-24,846
-30,411
-62
-30,473
5,778
-24,695
-5,398
-30,093
-31,073
-190
-31,263
4,463
-26,800
-6,007
-32,807
-35,236
24
-35,212
5,091
-30,121
-6,125
-36,246
-35,684
637
-35,047
4,716
-30,331
-5,318
-55,649
-34,915
1,312
-33,603
2,753
-30,850
-€,341
-37,191
-57,156
1,032
-36,124
3,152
-32,972
-6,610
-39,582
^37,326
1,497
-35,829
1,468
-34,361
-6,409
-40,770
18,365
62 Allocations of special drawing rights
63 Statistical discrepancy (sum of above Items with sign reversed)
Of which seasonal adjustment discrepancy ..
63a
64
65
66
67
68
69
70
Memoranda!
Balance on goods (lines 2 and 16)
Balance on services (lines 3 and 17)
Balance on goods and services (lines 64 and 65)
Balance on investment income (lines 1 1 and 25)
Balance on goods, services, and income (lines 1 and 15 or lines 66 and 67) 13
Unilateral transfers, net (line 29)
Balance on current account (lines 1,15, and 29 or lines 68 and 69) 13
See footnotes on page 85.
SURVEY OF CURRENT BUSINESS
July 1997 ° 7*
Transactions—Continued
of dollars]
Seasonally adjusted
1987
1
II
1988
IV
III
IV
1
II
Line
1990
1989
III
II
I
III
IV
1
II
III
IV
102,839
109,693
114,722
122,016
133,067
138,160
142,089
147,305
155,053
162,257
161,091
164,522
170,110
173,486
173,414
183,444
1
56,696
60,202
64,217
69,093
75,655
79,542
80,941
84,092
87,426
92,208
90,163
92,323
95,301
97,573
96,339
100,094
2
23,544
3,113
24,703
3,235
24,970
2,584
25,334
2,174
26,605
2,442
27,590
2,539
28,487
2,536
28,342
1J67
30,593
2,162
31,125
2,143
32,332
2,417
33,094
1,844
35,021
2,148
35,998
2,327
37,402
2,955
39,404
2,502
3
4
5,340
1,544
4,080
5,774
1,749
4,259
6,096
1,809
4,484
6,353
1,900
4,649
6,711
2,109
4,833
7,138
2,227
4,993
7,722
2,365
4,962
7,863
2,276
5,023
8,535
2,579
5,234
8,679
2,506
5,349
9,220
2,723
5,145
9,770
2,850
5,379
10,435
3,504
5,591
10,543
3,714
5,539
10,489
3,755
5,770
11,539
4,326
5,845
5
6
7
2,386
6,972
109
2,443
7,111
132
2,628
7,224
145
2,723
7,394
141
2,865
7,496
149
2,976
7,545
172
3,016
7,714
172
3,289
7,953
171
3,383
8,534
166
3,382
8,917
149
3,463
9,246
118
3,592
9,505
154
3,807
9,391
145
4,069
9,606
200
4,316
9,947
170
4,443
10,596
153
22,599
8,633
12,617
1,349
24,788
10,020
13,366
1,402
25,535
10,312
13,872
1,351
27,589
10,643
15,737
1,209
30,807
12,165
15,936
2,706
31,028
13,492
16,227
1,309
32,661
12,954
18,502
1,205
34,871
13,483
19,906
1,482
37,034
13,618
22,363
1,053
38,924
13,988
23,870
1,066
38,596
13,862
22,898
1,836
39,105
13,900
23,507
1,698
39,788
14,849
23,001
1,938
39,915
14,882
23,073
1,960
39,673
14,016
23,660
1,997
43,946
14,992
24,338
4,616
8
9
10
11
12
13
14
-138,677
-145,847
-150,813
-158,082
-161,534
-163,018
-165,704
-172,622
-175,851
-182,462
-180,066
-181,810
-185,633
-186,179
-191,531
-194,412
15
-96,023
-100,648
-104,412
-108,682
-109,963
-110,836
-110,901
-115,489
-116,477
-120,907
-118,873
-121,108
-122,447
-122,169
-125,389
-128,332
16
-21,691
-3,613
-22,957
-3,608
-23,192
-3,788
-24,512
-3,942
-24,852
-3,831
-24,657
-3,868
-24,921
-3,851
-25,538
-4,054
-25,545
-3,946
-25,663
-3,908
-26,207
^3,722
-26,771
-3,736
-28,785
-4,006
-29,309
-3,910
-30,509
-1,463
-31,412
-5,152
17
18
-7,094
-1,741
-4,222
-7,360
-1,821
-4,720
-7,187
-1,836
-4,846
-7,668
-1,886
-5,270
-7,990
-1,932
-5,295
-7,692
-1,917
-5,327
-8,081
-1,878
-5,212
-8,351
-2,003
-6,136
-3,154
-2,059
-5,396
-8,083
-2,060
-5,514
-8,404
-2,090
-5,673
-8,777
-2,040
-5,676
-9,197
-2,506
-6,091
-9,490
-2,669
-6,080
-9,385
-2,727
-6,368
-9,278
-2,627
-6,629
19
20
21
-393
-4,243
-385
-473
-4,522
-453
-465
-4,562
-508
-526
-4,673
-547
-616
-4,696
-492
-644
-4,736
-473
-671
-4,732
-496
-671
-4,863
-460
-622
-4,926
-442
-647
-5,013
-438
-581
-5,273
-464
-678
-5,337
-527
-732
-5,790
-463
-710
-5,956
-494
-797
-6,259
-510
-896
-6,379
-451
22
23
24
-20,963
-2,217
-12,294
-6,452
-22,242
-1,708
-14,031
-€,503
-23,209
-2,249
-14,433
-6,527
-24,888
-1,251
-16,901
-3,736
-26,719
-3,044
-16,441
-7,234
-27,525
-2,981
-16,814
-7,730
-29,882
-2,807
-18,842
-8,233
-31,595
-2,860
-20,217
-3,518
-33,829
-2,223
-22,369
-9,237
-35,892
-2,473
-23,893
-9,526
-34,986
-1,738
-23,478
-9,770
-33,931
-72
-24,028
-9,831
-34,401
-988
-23,407
-10,006
-34,701
-947
-23,604
-10,150
-35,633
-1,305
-24,011
-10,317
-34,668
368
-24,467
-10,569
25
26
27
28
-5,286
-5,675
-5,863
-7,084
-6,236
-5,854
-4,085
-7,813
-4,250
-6,874
-6,724
-8,117
-6,904
-7,829
-7,523
-12,335
29
-2,115
-597
-2,574
-2,283
-593
-2,799
-2,246
-612
-3,005
-3,664
-606
-2,814
-2,298
-678
-3,260
-1,981
-677
-3,196
-2,395
-677
-3,013
-2,409
-688
-3,153
-1,956
-660
-3,258
-2,735
-706
-3,283
-3,813
-690
-3,614
-2,725
-796
-3,383
-3,569
-798
-3,462
30
31
32
-25,074
-26,091
-31,235
4,515
-21,828
-48,389
-62,028
-6,529
-50,013
-60,176
39,529
-35,403
-3,030
-794
-3,699
-41,844
-8,110
-797
-3,428
9,785
-4,863
-677
-3,273
-34,521
-36,291
33
1,956
3,419
32
3,742
1,502
39
-7,380
1,925
-4,000
-12,095
-5,996
-3,202
-3,177
371
1,739
-1,091
76
606
1,274
-171
335
3,255
-210
407
-165
-205
722
3,225
155
446
901
180
69
-210
-35
202
-70547
-188
316
-4,128
68
-159
-12,004
-211
337
-6,122
-204
-23
-2,975
-247
234
-3,164
-216
493
94
363
8
1,368
^93
-4
-995
34
35
36
37
38
-5
-978
1,126
-153
-168
-2,118
1,791
159
310
-2,067
2,381
-4
868
-1,343
2,327
-116
-1,597
-2,814
1,109
108
-854
-2,021
1,144
23
1,960
-1,458
3,358
60
-173
307
1,791
3,457
-1,388
4,759
86
964
-1,007
1,965
6
-303
-1,174
815
56
505
-2,136
2,670
-29
92
-1,274
1,273
93
-743
-1,869
1,200
-74
-793
-2,016
1,209
14
-338
-1,349
1,039
-28
4,181
-3,195
7,419
-43
39
40
41
42
7,834
-4,939
-1,749
-5,715
20,237
-28 325
-5,877
-287
712
-22,873
-26,433
-7,095
-1,159
-1,319
-16,860
-35,845
-10,442
-2,056
-724
-22,623
4,610
-3,414
-4,504
-3,454
15,982
-21,013
-594
1,318
-9,954
-11,383
-42,969
-6,215
-1,500
-5,217
-30,037
-39,903
-5,552
-3,294
-2,568
-28,489
5,869
-6,016
-6,192
-5,767
23,844
-44,522
-7,055
-9,149
-5,924
-22,394
-57,066
-13,300
-4,504
-6,662
-32,600
43,449
-8,703
-3,580
3,019
57,713
-34,981
-2,853
-11,037
-5,069
-16,022
-43,245
-16,026
-1,037
-15,514
-10,668
-39,380
-2,365,
-8,1 11 '
-10,260
-18,644
43
44
45
46
47
42,271
57,276
83,041
65,795
31,877
74,408
52,699
87,080
-48,992
-10,464
-2,225
-9,293
-27,010
66,562
10,829
73,908
73,092
-22,947
41,100
63,090
59,749
48
14,199
12,131
12,193
-62
-1,115
3,543
-360
10,444
11,340
11,084
256
-1,228
615
-283
764
1,555
841
714
-131
-35
-625
19,980
19,776
19,120
656
148
-205
261
24,925
27,568
27,730
-162
-48
-1,751
-844
6,006
6,055
5853
202
-442
810
-417
-1,974
-3,197
-3,769
572
-155
1,886
-508
10,801
12,624
11,927
697
178
-1,264
-737
7,700
5,355
4,634
721
-307
2,197
455
-6,115
-9,823
-9,726
-97
314
3,823
572
13,060
12,966
12,776
190
-338
-211
643
-7,142
-6,966
-7,535
569
492
-833
165
-6,421
-6,698
-6,177
-521
-195
598
-126
6,207
4,081
3,735
346
1,160
1,240
-274
13,937
12,469
12,335
134
-408
2,141
-265
20,186
20,391
19,683
708
1,310
-594
-921
49
50
51
52
53
54
55
28,072
12,907
-2,326
18,372
6,151
-7,032
46,832
8,538
-731
15,960
5,595
17,470
82,277
20,659
-1,835
12,676
6,656
44,121
45,815
16,115
2,649
-4,888
-39
31,978
6,952
8,274
6,511
2,423
12,593
-22,849
68,402
13,594
7,673
9,702
6,742
30,691
54,673
13,680
4,743
7,464
6,399
22,387
76,279
21,729
7,112
6,764
7,159
33,515
58,862
18,480
10,961
8,544
6,637
14,240
15,943
15,174
4,789
9,365
12,000
-25,385
60,848
11,359
12,744
10,270
-1,121
27,596
80,234
22,723
7,024
10,588
4,570
35,329
-16,526
15,651
1,709
1,311
12,904
-48,101
34,893
13,658
6,257
2,114
6,713
6,151
49,153
8,172
6,044
-2,874
16,838
20,973
39,563
10,435
2,256
1,041
8,678
17,153
56
57
58
59
60
61
62
-10,932
4,323
9,627
-1,617
-14,996
-4,897
8,590
2,193
-1,689
4,121
-21,868
-2,916
25,390
-5,663
-19,429
4,461
12,514
3,013
21,779
-1,561
1,804
-7,187
12,489
5,736
5,845
4,116
14,825
100
4,394
-5,569
-155
1,352
63
63a
-39,327
1,853
-37,474
1,636
-35,838
-5,286
-41,124
-40,446
1,746
-38,700
2,546
^36,154
-5,675
-41,829
-40,195
1,778
-38,417
2,326
-36,091
-5,863
-41,954
-39,589
822
-38,767
2,701
-36,066
-7,084
-43,150
-34,308
1,753
-32,555
4,088
-28,467
-6,236
-34,703
-31,294
2,933
-28,361
3,503
-24,858
-5,854
-30,712
-29,960
3,566
-26,394
2,779
-23,615
-6,085
-29,700
-31,397
2,804
-28,593
3,276
-25,317
-7,813
-33,130
-29,051
5,048
-24,003
3,205
-20,798
-6,250
-27,048
-28,699
5,462
-23,237
3,032
-20,205
-5,874
-26,079
-28,710
6,125
-22,585
3,610
-18,975
-6,724
-25,699
-28,785
6,323
-22,462
5,174
-17,288
-8,117
-25,405
-27,146
6,236
-20,910
5,387
-15,523
-6,904
-22,427
-24,596
6,689
-17,907
5,214
-12,693
-7,829
-20,522
-29,050
6,893
-22,157
4,040
-18,117
-7,523
-25,640
-28,238
7,992
-20,246
9,278
-10,968
-12,335
-23,303
64
65
66
67
68
69
70
72
SURVEY OF CURRENT BUSINESS
® July 1997
Table 1.—U.S. International
[Millions
Seasonally adjusted
(Credits +; debits-)1
line
1 Exports of goods, services, and Income
2
Goods, adjusted, excluding military2
3
Services3
4
Transfers under U.S. military agency sales contracts4
5
Travel
6
Passenger fares
1
Other transportation
8
Royalties and license fees5
9
Other private services5.
10
U.S. Government miscellaneous services
11
Income receipts on U.S. assets abroad
12
Direct Investment receipts
13
Other private receipts ....
14
U.S. Government receipts
Iw
17
18
19
20
21
22
23
24
25
26
27
28
III
IV
1
II
III
IV
1
II
III
IV
Goods, adjusted, excluding military2
Services 3
Direct defense expenditures
Travel
Passenger fares
Other transportation .......
Royalties and license fees5
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
29 Unilateral transfers, net
U.S. Government grants4 .
U.S. Government pensions and other transfers
Private remittances and other transfers6
33 U.S. assets abroad, net (Increase/capital outflow (-))
34
U.S. official reserve assets, net7
35
Gold
36
Special drawing rights ...
37
Reserve position in the International Monetary Fund
38
Foreign currencies
39
U.S. Government assets, other than official reserve assets, net
40
U.S. credits and other long-term assets
41
Repayments on U.S. credits and other long-term assets8
42
U.S. foreign currency holdings and U.S. short-term assets, net
30
31
32
U.S. private assets, net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U S nonbanking
concerns
47
U.S. claims reported by U.S. banks, not included elsewhere
48 Foreign assets in the United States, net (increase/capital inflow {+))
49
Foreign official assets in the United States, net ...
50
U.S. Government securities
51
U.S. Treasury securities '
52
Other 10
Other U.S. Government liabilities11
53
54
U.S. liabilities reported by U.S. banks, not included elsewhere
55
Other foreign official assets12
Other foreign assets in the United States, net
56
57
Direct investment .
58
U.S. Treasury securities and U.S. currency flows
U.S. securities other than U.S. Treasury securities
59
60
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns
61
U.S. liabilities reported by U.S. banks, not included elsewhere
62 Allocations of special drawing rights
43
44
45
46
63 Statistical discrepancy (sum of above Items with sign reversed)
63a
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 64 and 65)
Balance on Investment income (lines 11 and 25)
Balance on goods, services, and income (lines 1 and 15 or lines 66 and
67) ^
69 Unilateral transfers, net (line 29)
70 Balance on current account (lines 1,15, and 29 or lines 68 and 69) 13
64
65
66
67
68
See footnotes on page 85.
179,343
180,518
179,217
183,486
184,610
185,967
184,924
187,856
189,422
192,533
191,354
200,077
101,345
37,918
2,689
104,529
103,732
107,307
108,344
109,025
109,593
114,185
41,849
2,586
43,706
3,112
44,118
3,399
44075
3,005
44,578
3,158
113,390
44383
2,824
111,862
40767
2,748
46,135
3,690
46,633
3,419
111,429
46,887
3,626
119,356
47,056
2,736
10,529
3,352
5,667
12,064
3,964
5,780
12,533
4,212
5,911
13,260
4,328
5,973
13,619
4,152
5,646
13,716
4,157
5,641
13,562
4,141
5,621
13,845
4,168
5,708
14,204
4,130
5,764
14,469
4,131
5,794
14,486
4,194
5,661
14,716
4,156
5,832
4,348
11,133
200
4,436
11,958
213
33,636
11,872
19,821
1,943
4,668
12,233
132
4,901
12,270
131
4,919
12,365
272
32,867
14,133
16,929
1,805
4,982
12,815
299
4,855
12,844
139
4,947
13,196
204
5,163
13,371
286
30,753
12,880
16,015
1,858
30,083
11,649
16,620
1,814
31,425
14,734
15,370
1,321
-181 790
— I01|f CV
_-flfl1 ftKO
— HO#,O9O
-184051
— lOtgVWl
-120,141
-30,411
-5,169
-8,434
-2,298
-6,158
-916
-€,964
-472
-120,705
-30,302
-3,933
-9,065
-2,527
-6,284
-123,479
-29,890
-3,597
-6,816
-2,516
-6,415
-126,656
-30,594
-3,710
-9,007
-2,672
-€,347
31,715
15,245
15,145
1,325
-206335
-147,571
5,013
13,682
225
33,038
15,641
16,077
1,320
-206720
5,180
14,268
168
40,080
14,790
22,679
2,611
4,366
11,700
145
35,222
12,883
20,486
1,853
-183 007
— HMgUVf
•1C
16
II
1993
1992
1991
1
-1,061
-6,867
-618
-30,289
255
-20,091
-10,453
-6,929
-1,025
-7,296
-537
-27,701
1,616
-19,182
-10,135
-5,244
-2,246
-860
-3,823
-14,331
3,877
-189
-1,146
-3,909
-8,819
-353
-1,033
-6,971
-489
-30,713
484
-20,837
-10,360
3,545
8,227
-863
-0,819
2,419
1,014
31
-341
-43
-190
72
1,132
549
-2,018
2,630
-63
-418
-1,056
840
-202
-9,015
-12,567
-9,960
1,823
439
-12,021
-40
13,552
8,129
5,569
126
155
-29
769
3,908
766
2,560
3858
9,539
5,023
7,902
5,503
12,417
-4,914
-3,764
-3,545
-219
253
-1,517
115
17,330
13,117
15,661
14,872
-586
-15,274
-32,455
1,079
-22,953
-10,581
32,473
12,656
18,200
1,617
16
32,148
13,250
17,262
1,636
—183097
— 4Q1, «V 1
1 1 301
9
-103033
— l9t),ViM
—197 118
-1Q7 041
— I9i ,WI1
-136,887
-140,010
-29,145
-3,309
-9,644
-2,586
-6,328
-60,811
-3,374
-9,858
-2,758
-€,287
-141,069
-30,647
-3,177
-9,475
-2,629
-6,194
-133,277
-60,024
-3,438
-9,575
-2,582
-6,085
-1,380
-€,391
-491
-26,539
1,131
-17,618
-10,052
-1,129
-6,599
-616
-28,000
-715
-17,141
-10,144
-1,466
-5,228
-584
-27,001
-535
-16,336
-10,130
-7,867
-1,114
-6,848
-572
-26,297
-184
-15,959
-10,154
-11,237
-9,830
-2,742
-6,326
-1,094
-6,903
-675
-25 325
518
-15,650
-10,193
-8,502
-3,025
-1,011
-6,831
-6,461
-917
-3,859
-31,812
-3,504
-900
-4,096
-20,024
1,542
-126,284
-30,274
-6,714
16
-147,926
-31,494
-2,919
-10,045
-2,852
-6,371
-1,202
-7,271
-556
-27,445
-1,774
-15,464
-10,207
-1,247
-7,459
-601
-27,300
-999
-15,749
-10,552
-152,875
-32,947
-2,912
-11,011
-2,980
-6,520
-1,277
-7,724
-523
-30,106
-3,319
-16,178
-10,609
-11,787
-8,501
-9,347
-3,243
-1,061
-4,197
-3,904
-1,061
-4,382
-61,461
-983
-44,338
822
-6,169
-1,060
-4,558
-78,714
-545
-673
2,829
-2,685
1,398
-140
-228
-615
-166
313
675
-118
-48
-678
-113
-80
-480
-390
-1,978
1,359
229
-13,747
-3,774
-13,059
-714
-2,663
2,038
-89
-32,640
-10,781
-19,243
489
-943
1,763
-331
-293
-764
891
-420
-197
-1,666
2,036
-567
-340
-2,926
1,580
1,006
-19,530
-13,517
-28,208
-44,867
-21,770
-29,833
-50,720
-11,638
-61,940
-77,701
-31,021
-36,272
-3,737
6,823
34,979
-7,524
593
-319
912
607
-7,724
-1,000
42,503
2,408
11,008
2,531
2,408
-5,024
53,357
6,133
-6,520
-7,394
874
1,138
11,241
274
47,224
8,470
26,206
12,476
-6,130
28,325
24,541
10,937
1,745
1,080
665
-469
8,257
1,404
13,604
7502
16]363
9,694
-725
7,461
20,988
15,380
14,916
464
-73
5,568
113
9,636
1631
l!986
4,569
-6,620
7,687
49,814
20,879
12,950
11,251
1,699
518
7,486
-75
28,935
5,426
11,331
10,467
58,453
17,466
6,750
5,668
1,082
132
9,485
1,099
40,987
10801
15,205
5,896
6,962
85,088
19,073
20,443
19,098
1,345
932
-2,486
184
66,015
11 082
9!658
17,782
1,725
-12,133
111,590
24,277
24,076
23,106
970
718
-415
-102
87,313
19609
1l',652
37,411
-4,741
30,378
5,689
-4,239
3,954
-2,243
4,854
21,702
-924
996
-215
-19,740
6531
2,842
288
27,205
3,885
14,756
-7,222
-6,028
-12,314
1,346
-14,549
4,438
-21,205
464
-6,818
-6,268
-1,046
1,367
11,604
5,570
8,188
76
-8,914
-£,249
-5,238
607
-16,176
10,465
-6,711
4,509
-19,747
11,959
-7,788
3,347
-19,349
13,112
-6,237
4,772
-17,940
13,844
-4,096
5,609
-24,252
14,051
-10,201
4,867
-27,294
15,433
-11,861
3,752
-26,620
13,572
-13,048
3,786
-29,207
15,488
-13,719
6,100
-63,386
15,314
-18,072
4,270
-66,497
15,393
-21,104
5,738
-33,519
14,109
-19,410
3,559
-1,202
3,545
2,343
-4441
-6,929
-11,370
-1465
-6,244
-6,709
1 513
-7!625
-6,112
-5334
-8>62
-13,796
-8109
-7',867
-15,976
-9,262
-11,237
-20,499
-7619
-8]502
-16,121
-13 802
-15,366
-9J347
-24,713
-15851
-11787
-27,638
-7,625
-8,462
-37,151
1,225
-2,941
-901
-3,783
-9,963
-1,057
-3,398
-1,189
-3,875
-14,813
1,464
-12,185
1,952
6
-114
3,986
-23
17
1,232
-172
111
-996
-168
1
1,631
-173
-118
2,243
3,238
-8,724
12,417
•-455
-21,447
-7,769
-12,550
-459
-1,077
890
-272
-258
-1,516
1,326
-68
-37,918
-11,474
-11,142
-8,648
-19,231
-8,668
-295
-1,240
1,084
-139
-15,982
-8853
-8,196
3,341
-4,469
32,923
3,854
6,095
5,621
474
771
-3,107
95
29,069
-1 667
3,004
10,310
-106
-15,196
56,174
12,879
13,690
12,615
1,075
-426
-768
383
43,295
6697
6,022
4,939
7,562
11,689
30,624
-2,549
-53,771
4,761
12,661
-9,394
4,633
-17i1S
-18,796
7,507
-11,289
7,625
-3664
13,748
10,084
13,748
18,367
-861
-3,758
-61,319
-3,194
-9,827
-2,739
-6,530
33,665
15,621
16,903
1,141
-215 928
sieos
-e&i
-22,303
SURVEY OF CURRENT BUSINESS
July 1997 • 73
Transactions—Continued
of dollars]
Seasonally adjusted
1994
1995
1997
1996
Line
II
III
IV
1
II
III
IV
I
II
III
IV
\p
200,670
208,713
217,714
227,062
237,587
246,787
250,734
256,382
256,382
262,335
261,979
274,545
279,468
1
118,382
123,025
127,629
133,362
138,389
143,181
148,941
150,764
157,846
162,527
2
49,071
3,106
50,095
3,643
50,833
2,803
51,980
3,249
53,303
3,452
57211
3,297
150,048
57,057
3,092
153,411
47,249
2r614
145,360
56,244
3,758
58,736
3,961
59,322
3,572
61,656
4,022
61,991
3,318
3
4
14,399
4,237
5,792
14,714
4,253
6,169
14,493
4,277
6,343
14,810
4,316
6,637
14,863
4,573
6,605
15,041
4,571
6,907
16,357
4,889
6,864
17,133
5,092
7,037
16,712
5,087
6,555
17,356
4,952
6,805
17,659
5,237
6,716
18,183
5,282
7,142
18,621
5,316
7,058
5
6
5,314
14,642
251
5,543
15,136
150
5,804
15,309
226
6,001
16,006
260
6,487
16,001
202
6,736
16,438
158
7,078
17,036
262
7,082
17,374
196
7,432
17,890
289
7,345
18,130
187
7,495
18,433
210
7,703
19,117
207
7,733
19,748
197
8
9
10
35,039
16,118
17,883
1,038
36,617
16,546
19,094
977
39,990
18,709
20,318
963
42,867
19,540
22,203
1,124
47,218
21,425
24,611
1,182
50,303
23,416
25,522
1,365
49,130
22,347
25,740
1,043
50230
23,162
25,963
1,105
49,277
23,389
24,643
1245
50,188
23929
25,053
1206
51,893
24,675
25,938
1280
55,043
26,898
27,232
913
54,950
25,705
28,399
846
11
12
13
14
-218,852
-231,438
-244,405
-254,154
-263,845
-274,363
-275,019
-273,316
-278,860
-289,231
-295,865
-299,493
-311,725
15
-155,009
-163,852
-171,977
-177,752
-182,790
-190,739
-188,180
-187,722
-192,973
-200,973
-203,257
-206,036
-212,314
16
-33,270
-2,722
-33,611
-2,709
-34,236
-2,495
-34,355
-2,366
^35,884
-2,527
-36,544
-2,468
-37,308
-2,469
-37,304
-2,426
-38,671
-2,607
-38,953
-2,747
-39,345
-2,780
-39,664
-2,727
-41,321
-2,800
17
18
-10,879
-3,152
-6,464
-10,882
-3,204
-€,755
-11,045
-3,299
-7,076
-10,976
-3,230
-6,960
-11,280
-3,358
-7,091
-11,493
-3,605
-7,088
-11,496
-3,706
-7,153
-11,784
-3,764
-6,918
-12,484
-3,860
-6,816
-12,099
-3,943
-7,253
-11,915
-3,920
-7,218
-12,241
-4,053
-7,166
-13,087
-4,277
-7,313
19
20
21
-1,539
-7,884
-630
-1,247
-8,176
-638
-1,356
-8,286
-679
-1,418
-8,792
-613
-1,511
-9,425
-€92
-1,563
-9,691
-636
-1,690
-10,132
-662
-1,740
-10,039
-633
-1,724
-10,522
-658
-1,684
-10,570
-657
-2,144
-10,676
-692
-1,770
-11,027
-680
-1,907
-11253
-684
22
23
24
-30,573
^3,192
-16,576
-10,805
-33,975
-4,328
-18,426
-11,221
-38,192
-5,965
-20,393
-11,834
-42,047
-6,669
-22,219
-139159
-45,171
-7,035
-23,897
-14,239
-49,531
-8,883
-24,841
-15,807
-48,290
-7,048
-25,070
-16,172
-47,216
-6,842
-24,210
-16,164
-49,305
-7,873
-24,600
-16,832
-53,263
-9,612
-25,158
-18,493
-53,793
-7,805
-26,135
-19,853
-58,090
-9,459
-27,492
-21,139
25
26
27
28
-7,971
-9,275
~*,671
-11,928
-*,451
-47,080
-7,379
-24,640
-15,061
-8,128
-8,847
-€,620
-10,406
-8,689
-8,947
-11,926
-8,709
29
-2,387
-963
-4,621
-3,709
-971
-4,595
-3,478
-1,550
-4,643
-6,097
-1,060
-4,771
-2,865
-758
-4,828
-2,399
-967
-4,762
-2,987
-964
-4,896
-2,845
-731
-6,044
-4,321
-1,136
-4,949
-2,423
-1,081
-5,186
-2,690
-1,064
-5,193
-5,499
-1,050
-5,377
30
31
32
-38,839
-32,429
3,537
-28,835
-60,415
-59,625
-110,548
-40,679
-96,356
-70,768
-49,698
-77,542
-154,436
-2,162
-1,098
-5,449
-99,787
-165
2,033
-5,318
-2,722
-1,893
191
17
-523
7,489
-315
4,480
-161
-3
45
-108
251
3,394
"-Ill
273
-327
-121
-27
2,181
'167
-526
-3,925
-156
-786
-1,780
362
-991
-1,264
-147
-163
501
-199
-849
1,065
-133
-220
-170
848
-183
6,824
'-146
-28
-141
72
1,055
3,353
33
34
35
36
37
38
399
-757
1,120
36
490
-984
1,642
-168
-298
-1,223
1,346
-421
-943
-2,248
937
368
-158
-1,622
1,069
395
-184
-815
642
-11
266
-1,014
1,522
-242
-210
-1,076
1,013
-147
39
40
41
42
-28,372
-6,947
-12,405
-61,505
-18,765
-19,135
-54,149
-14,126
-7,631
-107,642
-13,662
-23,313
-39,052
-14,385
-36,144
-70,575
-22,210
-34,455
-85,193
-11,104
-23,206
-284
-1,238
1,045
-91
-153,837
-30,865
-30200
31
-1,112
1,135
8
-36,456
-15,188
-9,229
-358
-1,489
870
261
-48,817
-23,634
-20,328
162
-1,127
1,206
83
-39,179
-28,364
-19,540
-473
-1,352
882
-3
-96,074
-44,565
-32,986
-104298
-24,628
-14,510
43
44
45
-1,504
10,229
-10,080
-1,959
-9,204
184
-10,951
-12,654
-4,044
-28,348
-23,147
-47,520
6,988
4,489
-14,794
-3,729
-15,778
1,868
-5,047
192
-17,294
-33,589
-26,115
-66,657
-8,600
-56,560
46
47
79,804
51,978
87,242
78,313
97,652
122,714
125,839
105,029
88,233
106,114
158,629
194,579
158,867
48
10,841
1,074
897
177
932
9,588
-753
9,639
8,282
5,922
2,360
179
2,143
-965
19,516
18,697
16,475
2222
442
1,177
-800
389
8,774
7,456
37,138
26,560
25,234
1,326
120
7,510
2,948
13,154
-2,125
-3,383
1,258
-204
14,198
1,285
-1,922
-1,585
33,097
35,418
33,564
1,854
160
-4,270
1,789
28,337
23,758
23,107
651
377
7,489
-3,287
49
50
51
52
53
54
55
42,339
6,689
-798
12,352
67,726
19,567
10,361
13,389
77,924
20,887
32,699
10,160
75,554
12,873
36,411
15,734
85,576
10,209
32,339
20,606
11,908
13,778
13,013
765
1,265
-3,415
280
93,121
19,876
3,903
27,899
52,014
55,652
55,600
52
-143
-3,284
-211
68,963
-1,464
15,412
21,070
39,585
21,116
20,598
518
-221
18,918
-228
86254
24,568
39,195
32,128
24,089
26,689
25,472
il3
^8
22,098
11,258
10,132
1,126
-420
10,995
265
36,219
15,877
10,602
36,475
92,960
17,440
36,152
29,761
134,540
25,977
50,798
35,115
161,482
17,661
75,326
32,447
130,530
21,700
46,401
38,738
56
57
58
59
2,454
31,491
-1,701
25,797
-2,328
26,737
-6,135
20,313
9,075
1,461
7,286
15,136
6,968
-16,605
11259
30,184
6,800
-33,535
7,288
2,319
20,610
2,040
-2,912
38,960
4,800
18,891
60
61
-14,812
4,345
12,451
-103
-22,045
-6,923
21,122
2,681
-3,318
5,658
23538
-775
-52,028
-6,985
16,881
2,106
15,419
6,228
-20,831
-1,076
-38,254
-7,830
-3,269
2,669
-18,114
7,325
63
63a
-36,627
13,979
-22,648
4,466
-40,827
15,460
-25,367
2,642
-44,348
15,859
-28,489
1,798
-44,390
16,478
-27,912
820
-44,401
16,096
-28,305
2,047
-47,558
16,759
-30,799
3,223
-42,820
18,936
-23,864
-401
-38,781
19,907
-18,874
1,940
-42,925
18,386
-24,539
2,061
^7,562
19,783
-27,779
883
-62,493
19,977
-32,516
-1,370
-48,190
21,992
-26,198
1,250
^9,787
20,670
-29,117
-3,140
64
65
66
67
-18,182
-7,971
-26,153
-22,725
-9,275
-32,000
-26,691
-9,671
-36,362
-27,092
-11,928
-39,020
-26,258
-8,451
-34,709
-27,576
-8,128
-35,704
-24,285
-3,847
-33,132
-16,934
-8,620
-25,554
-22,478
-10,406
-32,884
-26,896
-8,689
-35,585
-33,886
-8,947
-42,833
-24,948
-11,926
-36,874
-32257
-8,709
-40,966
68
69
70
1
-59
'
1 8
'ffi
62
74 • July 1997
SURVEY OF CURRENT BUSINESS
Table 2.-U.S. Trade
[Millions
1983
Line
A
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
201,708
218,743
212,621
226,471
253,904
323,335
363,836
392,924
421,764
448,161
465,090
512,626
584,742
1,181
848
809
816
88
38
264
1995
1996
625,075
Balance of payments adjustments to Census trade data:
EXPORTS
1 Exports of goods, Census basis 1 Including reexports and
Including military grant shipments
Adjustments:
2
Private gift parcel remittances
166
169
194
174
257
253
683
890
1,046
1,224
3
Gold exports, nonmonetary
350
330
406
457
718
593
544
741
225
398
4
5
6
Inland U.S. freight to Canada2
U.S.-Canadian reconciliation adjustments, n.e.c., net3
Exports transferred under U.S. military agency sales
contracts identified in Census documents4
Other adjustments, net5
1,164
5,014
1,373
5,164
1,345
6,812
1,298
1,607
1,845
1,980
-6,546
-57
-5,719
-134
-5,461
-2
-4,549
-607
-5,686
-592
-5,221
-575
-4,667
-256
-5,162
-86
-4,970
-1,152
-7,767
-1,664
-8,166
-1,273
-9,370
-1,794
-8,641
-1,077
-12,427
-1,659
8 Equals: Exports of<p
goods, adjusted to balance of payments
basis excluding military" (table 1, line 2)
201,799
219,926
215,915
223,344
250,208
320,230
362,120
389,307
416,913
440,352
456,832
502,398
575,871
612,069
261,723
330,510
336,383
365,672
406,283
441,926
473,647
495,980
488,452
532,663
580,658
663,256
743,543
795,289
999
290
1,325
1,292
1,067
474
1,504
-841
1,021
559
1,376
-859
872
2,163
1,643
-645
986
2,133
1,830
826
3,577
2,120
82
2,134
2,120
87
1,348
2,264
88
948
2,525
85
1,887
2,809
84
6,775
2,768
89
2,752
3,129
73
3,066
3,350
73
4,948
3,595
-446
3,718
-774
478
-1,005
613
-1,199
-1,330
-137
-1,686
426
-1,086
468
-1,050
-292
-936
-96
-871
-115
-676
-168
-546
-90
-471
-130
-504
-162
268,901
332,418
338*088
368,425
409,765
447,189
477,365
498,337
490,981
536,458
589,441
668,590
749,431
803,239
7
IMPORTS
9 Imports of goods, Census basis1 (general Imports)
Adjustments:
10
11
12
13
14
15
Electric energy
Gold imports, nonmonetary
Inland freight in Canada2
U.S.-Canadian reconciliation adjustment, n.e.c., net3
Imports of U.S. military agencies identified in Census
documents4
Other adjustments, net67
16 Equals: Imports of goods, adjusted to balance of payments
basis, excluding "military" (table 1, line 16)
B Trade In goods, by area and country, adjusted to balance
of payments basis, excluding military:8
EXPORTS
201,799
219,926
215,915
223,344
250,208
320,230
362,120
389,307
416,913
440,352
456,832
502,398
575,871
612,069
2
3
4
5
6
7
8
9
10
11
Western Europe
European union
Belgium and Luxembourg
France
Germany9
Italy ..
Netherlands
United Kingdom
Other
Western Europe, excluding EU
55,404
47,746
5,055
6,019
8,642
3,941
7,273
10,567
6,249
7,658
56,907
49,944
5,202
6,055
8,773
4,315
7,503
12,202
5,894
6,963
56,006
48,418
4,803
6,086
8,956
4,556
7,250
11,088
5,679
7,588
60,367
51,841
5,456
7,119
10,461
4,748
7,190
11,152
5,715
8,526
68,582
59,504
6,143
7,947
11,525
5,465
8,026
13,749
6,649
9,078
86,409
74,464
7,385
9,913
14,252
6,670
9,714
18,064
8,466
11,945
98,423
84,536
8,445
11,584
16,393
7,089
11,272
20,346
9,407
13,887
111,381
96,282
10,371
13,682
18,299
7,853
12,769
22,929
10,379
15,099
116,812
101,289
10,697
15,338
20,763
8,450
13,260
21,515
11,266
15,523
114,454
100,623
9,956
14,589
20,349
8,594
13,429
22,398
11,308
13,831
111,256
94,992
9,352
13,228
18,437
6,305
12,639
25,658
9,373
16,264
115,349
105,375
11,080
13,610
18,745
6,999
13,319
25,972
15,650
9,974
132,431
121,469
12,838
14,255
21,879
8,681
16,226
28,024
19,566
10,962
137,194
124,786
12,685
14,454
22,970
8,621
16,501
30,246
19,309
12,408
12
13
14
15
Canada3 ..
Japan .......
Australia, New Zealand, and South Africa10
Australia
44,521
21,792
6,604
3,885
53,035
23,230
7,849
4,858
55,425
22,148
6,966
5,060
56,495
26,352
62,009
27,630
74,290
37,185
81,090
43,864
83,464
47,806
85,891
47,213
91,361
46,874
101,156
46,683
114,830
51,813
5,073
5J289
6,809
8,101
£303
8,261
£697
£109
9,582
127,585
63,108
,„,„.
lb"495
16
Eastern Europe
2,984
4,301
3,249
2,070
2,259
3,805
5,522
4,338
4,839
5,630
6,183
5,346
5,723
7,359
17
18
19
20
21
Latin America and Other Western Hemisphere
Brazil ...
Mexico ,
Venezuela
Other ...
25,640
2,556
9,093
2,707
11,284
29,765
2,746
12,020
3,387
11,612
30,796
3,310
13,386
3,063
11,037
30,762
3,878
12,310
3,095
11,479
34,949
4,084
14,551
3,530
12,784
43,659
4,244
20,583
4,532
14,300
48,817
4,863
24,678
2,964
16,312
54,295
5,042
28,109
3,052
18,092
63,251
6,137
33,138
4,600
19,376
75,379
5,742
40,494
5,316
23,827
78,204
5,930
41,478
4,475
26,321
92,012
7,916
50,743
3,954
29,399
95,830
11,153
46,189
4,602
33,886
108,864
12,347
56,735
4,665
35,117
22
23
24
25
26
27
28
29
30
31
Other countries in Asia and Africa810
Asia810
Members of OPEC,
China
Hong Kong
Korea, Republic of
Singapore
Taiwan
Africa810
Members of OPEC
44,776
38,649
10,218
2,227
2,572
5,732
3,715
4,291
5,873
1,733
44,806
39,028
8,412
3,016
3,120
5,887
3,686
4,766
5,541
1,326
41,147
35,297
6,215
3,860
2,753
5,728
3,444
4,568
5,600
1,534
42,225
36,329
5,780
3,065
2,981
5,863
3,344
5,115
5,639
908
49,490
43,685
5,780
3,507
3,975
7,647
4,048
7,097
5,596
783
68,021
60,514
7,399
5,100
5,665
10,637
5,757
12,066
7,183
1,170
76,129
68,030
8,362
5,774
6,281
13,116
7,315
10,982
7,973
1,342
79,162
70,904
8,030
4,791
6,783
13,893
8,002
11,079
7,973
1,630
90,257
81,217
11,194
6,261
8,099
14,875
8,728
12,684
8,661
1,703
97,869
88,229
12,597
7,399
9,020
13,840
9,511
14,509
9,144
1,813
105,017
95,623
12,277
8,732
9,844
14,071
10,827
15,337
8,983
1,940
113,377
104,028
11,344
9,242
11,417
16,989
12,168
16,116
8,956
1,815
140,699
130,436
12,286
11,754
14,201
24,204
14,904
18,527
9,970
1,496
146,382
135,380
13,856
11,938
13,873
25,653
16,253
17,540
10,636
1,804
32
International organizations and unallocated
78
33
178
52
174
558
389
88
224
89
128,321
15,257
58,143
141,021
13,775
65,097
140,545
11,397
63,795
207,317
13,777
99,084
234,247
12,669
115,030
253,812
12,712
122,225
261,288
18,446
136,790
265,116
19,726
155,422
270,621
18,692
167,295
295,221
17,113
189,975
1 Total, all countries (A-8)
MMI
134,609
65,954
JIIIM
i'l',705"
2
Memoranda:
33
34
35
Industrial countries8
Members of OPEC8
Other countries8
See footnotes on page 85.
150,302
10,386
62,656
165,613
10,714
73,881
338,096
18,384
219,391
354,301
20,325
237,441
July 1997 • 75
SURVEY OF CURRENT BUSINESS
in Goods
of dollars]
Not seasonally adjusted
Seasonally adjusted
1995
1
1996
II
III
I
IV
II
1995
1997
\p
IV
III
I
1
IV
II
147,055
143,085
153,391
153,832
157,053
149,771
164,419
165,022
140,474
145,427
147,490
151,351
152,439
194
205
196
214
213
209
187
207
217
194
205
196
214
213
247
25
8
9
13
25
156,266
154,865
161,505
164,737
1
209
187
207
217
2
8
9
....zz.
4
5
-1,929
•498
6
7
...ZZIZ ZZZ!
!.'.".".'".""."!
-2,038
-2,239
-2,087
-2,277
-2,160
-2,943
-3,859
-3,465
-241
-224
-265
-347
-443
-368
-437
-411
-1,929
-498
Line
[f
IV
III
247
141,211
13
1997
1996
III
II
-2,038
-2,239
-2,087
-2,277
-2,160
-2,943
-3,859
-4,465
-241
-224
-265
-347
-443
-368
-437
-411
3
139,126
144,810
140,954
150,981
151,442
154,198
145,670
160,759
162,812
138,389
143,181
145,360
148,941
mm
153,411
150,764
157,846
162,527
8
176,094
187,080
189,723
190,646
mm
195,717
204,016
209,703
202,744
181,448
187,799
187,506
186,790
191,097
197,240
201,755
205,197
210,182
9
18
625
829
18
19
236
857
18
18
18
625
829
„..
..
19
236
857
18
2,205
1,056
2,973
913
18
1,352
917
18
2,973
935
19
125
885
18
1,056
18
794
862
18
2,205
935
913
18
794
862
19
125
885
18
1,352
917
10
11
12
13
-119
18
853
'
811
-18
-23
-56
-53
-98
-35
177,437
190,020
190,396
191,578
139,126
144,810
140,954
31,878
29,231
3,049
3,707
5,248
2,087
3,790
6,573
4,777
2,647
33,903
30,625
3,213
3,665
5,406
2,260
4,210
7,224
4,647
3,278
31,194
28,915
3,254
3,235
5,247
1,962
3,753
6,833
4,631
2,279
32,055
14,786
33,045
15,576
30,146
16,229
-111
-113
-120
853
-35
-41
-51
-36
14
15
192,973
200,973
203,257
206,036
212,314
16
148,941
150,048
153,411
150,764
157,846
162,527
1
35,064
32,327
3,283
3,610
5,908
2,343
4,416
7,325
5,442
2,737
34,668
31,457
3,133
3,729
5,815
2,391
4,083
7,243
5,063
3,211
35,853
32,294
3,101
3532
5,761
2,300
3,920
8,946
4,734
3,559
31,614
28,815
3,148
3,269
5,468
1,844
3,653
7,167
4,266
2,799
35,059
! 32,220
3303
!
3£24
i . ; . 5,926
!
2,086
!
4,845
1
6,890
5,246
!
2,839
38,553
35,040
3,435
3,848
6,133
2222
4>38
9,547
5,117
3,513
2
3
4
5
6
7
8
9
10
11
33027
16,910
34,124
16,474
33,323
16,768
;
34,135
15,802
36,921
16,336
-35
-41
-51
-36
-18
-23
-36
-53
-98
-35
187,729
199,450
205,518
210,542
204,876
182,790
190,739
188,180
187,722
150,981
151,442
154,198
145,670
160,759
162,812
138,389
143,181
145,360
35,456
32,698
3,322
3,648
5,978
2,372
4,473
7,394
5,511
2,758
34,930
31,663
3,148
3,742
5,853
2,406
4,129
7,275
5,110
3,267
36,075
32,501
3,126
3,560
5,805
2,312
3,917
9,025
4,756
3,574
30,568
27,890
3,056
3,175
5,295
1,780
3,523
6,954
4,107
2,678
35,621
32,732
3,355
3,977
6,017
2,123
4,932
6,992
5,336
2,889
38,645
35,089
3,429
3,842
6,136
2,229
4,755
9,554
5,144
3,556
31,721
29,107
3,042
3,712
5,242
2,082
3,756
6,540
4,733
2,614
33,510
30,267
3,174
3,613
5,334
2,235
4,172
7,138
4,601
3,243
32,136
29,768
3,339
3,320
5,395
2,021
3,882
7,021
4,790
2,368
32,339
16,517
33,204
17,166
34,378
16,476
32,353
16,131
34,674
16,181
36,823
16,448
32,645
15,451
30,922
16,825
-127
-136
-131
-139
-119
-111
-113
-120
-127
-136
-139
-131
2,587
2,662
2,606
2,640
2,985
2,910
2,895
2,915
2,823
32,040
14,610
« •••
2,584
2,622
2,676
31,978
16,222
. .
2,613
2,973
2,879
2,980
2,873
2,827
12
13
14
16
1,172
1,463
1,391
1,697
1,933
1,634
1,788
2,004
1,811
1,155
1,455
1,454
1,659
1,896
1,646
1,873
1,944
1,782
16
23,413
2,785
11,568
1,055
8,005
23,505
2,957
10,849
1,193
8,506
23,997
2,519
11,694
1,281
8,503
24,915
2,892
12,078
1,073
8,872
24,686
2,557
12,965
1,063
8,101
26,460
2,918
13,647
1,216
8,679
27,718
3,373
14,343
1.181
8,821
30,000
3,499
15,780
1,205
9,516
29,516
3,377
15,665
1,298
9,176
23,349
2,775
11,568
1,048
7,958
23,207
2,921
10,702
1,177
8,407
24,703
2,591
12,017
1,321
8,774
24,571
2,866
11,902
1,056
8,747
24,475
2,540
12,861
1,052
8,022
26,305
2,889
13,574
1,210
8,632
28,642
3,476
14,813
1,220
9,133
29,442
3,442
15,487
1,183
9,330
29,524
3,379
15,696
1,294
9,155
17
18
19
20
21
33,235
30,878
3,180
2,906
3,284
5,729
3,345
4,607
2,296
34,656
32,209
3,013
2,681
3,752
6,031
3,415
4,961
2,369
35,391
32,715
2,766
2,815
3,565
6,137
3,881
4,592
2,600
37,417
34,634
3,327
3,352
3,600
6,307
4,263
4,367
2,705
36,536
33,787
3,254
3,150
3,157
6,303
4,310
4,359
2,679
36,265
33,548
3,507
2,486
3,575
6,354
4,104
4,573
2,608
34,217
31,452
3,272
2,514
3,300
6,264
3,909
3,995
2,685
39,364
36,593
3,823
3,788
3,841
6,732
3,930
4,613
2,664
32,930
30,618
3,179
2,854
3,266
5,645
3,339
4,571
2,255
34,291
31,852
2,968
2,664
3,705
5,977
3,363
4,909
2,359
36,644
33,831
2,869
2,931
3,684
6,369
3,980
4,748
2,717
36,834
34,135
3,270
3,305
3,546
6,213
4,222
4,299
2,639
36,097
33,410
3,202
3,112
3,126
6,211
4,278
4,304
2,619
36,130
33,402
3,484
2,486
3,560
6,345
4,064
4,559
2,608
35,564
32,656
3,421
2,624
3,417
6,502
4,029
4,162
2,814
38,591
35,912
3,749
3,716
3,770
6,595
3,882
4,515
2,595
374
392
373
357
396
602
381
425
36,746
34,380
3,275
2,857
3,486
6,337
4,336
4,542
2,281
310
367
393
390
346
385
604
400
415
36,584
34,242
3250
2,844
3,472
6,296
4,348
4,515
2,259
306
22
23
24
25
26
27
28
29
30
31
.
t
.
82,311
4,609
52,206
86,341
4,598
53,871
81,390
4,420
55,144
88,054
4,757
58,170
89,483
4,713
57,244
32
2
2
91,044
5325
57,829
83,222
4,834
57,614
90,552
5,453
64,754
95,852
4,883
62,077
81,954
4,594
51,841
85,372
4,538
53,271
83,806
4,580
56,974
86,964
4,672
57,305
88,766
4,639
56,641
90,525
5,298
57,588
86,001
5,041
59,722
89,009
5,347
63,490
95,750
4,850
61,927
33
34
35
SURVEY OF CURRENT BUSINESS
76 o July 1997
Table 2.-U.S. Trade
[Millions
Line
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
B Trade In goods, by area and country, adjusted to balance
of payments basis, excluding military ^-Continued:
IMPORTS
268,901
332,418
338,088
368,425
409,765
447,189
477,365
498,337
490,981
536,458
589,441
668,590
749,431
803,239
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
56,184
45,767
2,484
6,233
13,101
5,701
3,017
13,294
1,937
10,417
72,064
57,784
3,089
7,957
17,425
8,055
4,125
14,418
2,715
14,280
77,455
62,595
3,270
8,908
19,526
9,354
4,121
14,475
2,941
14,860
88,959
74,163
3,938
9,542
24,526
10,347
4,097
15,056
6,657
14,796
96,129
81,455
4,223
10,506
26,941
10,916
4,814
17,210
6,845
14,674
102,597
86,036
4,504
12,498
26,313
11,513
5,950
17,651
7,607
16,561
102,388
85,508
4,537
12,909
24,675
11,895
4,937
17,965
8,590
16,880
109,162
91,342
4,584
13,042
28,000
12,665
4,930
19,960
8,161
17,820
101,986
85,786
4,110
13,202
26,036
11,702
4,852
18,259
7,625
16,200
111,384
93,983
4,695
14,651
28,731
12,247
5,741
19,939
7,979
17,401
120,948
102,239
7,056
15,214
28,494
13,197
8,481
21,494
8,303
18,709
132,918
120,967
8,464
16,674
31,678
14,782
6,004
24,861
18,504
11,951
147,680
134,221
8,756
17,175
36,764
16,333
6,396
26,766
22,031
13,459
161,629
146,293
9,499
18,630
38,831
18,294
7,473
28,832
24,734
15,336
47
48
49
50
Canada3
Japan
Australia, New Zealand, and South Africa10
Australia
55,249
43,348
5,363
2,215
67,628
60,210
5,631
2,752
70,244
65,653
5,601
2,697
69,693
80,753
73,600
84,578
89,935
93,530
93,098
90,373
93,032
92,251
100,867
97,401
3,854
4,409
4,073
3,682
131,120
119,137
...
3,203
158,640
115,167
"55?
113,310
107,228
.
3,297
147,110
123,453
2,595
84,612
89,800
.,.„„„,
3,519
3,401
3,869
51
Eastern Europe
1,384
2,217
1,847
1,979
1,919
2,165
2,067
2,267
1,799
1,976
3,524
5,828
7,013
7,003
52
53
54
55
56
Latin America and Other Western Hemisphere
Brazil.
Mexico
Venezuela
Other.
42,372
5,069
16,595
4,901
15,807
48,352
7,754
18,077
6,660
15,861
46,110
7,193
19,104
6,520
13,293
42,015
6,990
17,665
4,812
12,548
47,295
8,177
20,289
5,652
13,177
51,451
9,462
23,312
5,168
13,509
57,502
8,426
27,128
6,765
15,183
64,354
7,962
30,509
9,496
16,387
62,990
6,842
31,496
8,179
16,473
69,175
7,609
35,609
8,182
17,775
75,172
7,479
40,429
8,417
18,847
88,528
8,682
50,055
8,371
21,420
105,247
8,832
62,767
9,763
23,885
124,933
8,773
75,108
13,171
27,881
57
58
59
60
61
62
63
64
65
66
Other countries in Asia and Africa8 10
Asia810
Members of OPEC
China
Hong Kong
Korea, Republic of
Singapore
Taiwan
Africa810
Members of OPEC
65,001
52,640
10,789
2,274
6,658
7,445
3,012
11,548
12,237
7,788
76,316
64,422
11,631
3,114
8,355
9,857
3,959
15,430
11,793
6,801
71,178
61,054
8,613
3,830
7,935
9,978
4,126
15,482
9,891
5,946
82,431
72,262
8,319
4,689
8,782
12,804
4,589
19,757
10,064
4,309
103,283
91,259
11,557
6,299
9,830
16,963
6,149
24,611
11,950
5,938
113,045
102,098
11,325
8,540
10,243
20,160
7,947
24,864
10,865
5,287
128,089
113,810
14,843
11,998
9,710
19,753
8,966
25,482
14,149
7,565
134,674
118,464
17,887
15,204
9,475
18,436
9,800
22,642
16,102
9,641
134,850
120,304
15,532
19,002
9,279
16,983
9,968
23,020
14,406
8,381
151,973
136,986
16,206
25,727
9,792
16,649
11,310
24,594
14,799
7,989
165,962
150,281
15,734
31,540
9,554
17,088
12,798
25,095
15,445
8,493
187,856
173,481
16,213
38,787
9,696
19,605
15,357
26,706
14,090
7,090
215,527
199,698
17,689
45,542
10,284
24,148
18,557
28,968
15,494
8,157
231,998
212,788
21,011
51,511
9,854
22,611
20,338
29,902
18,940
10,211
67
International organizations and unallocated
160,144
24,919
83,838
205,533
26,853
100,032
218,953
22,834
96,301
245,352
18,893
104,180
259,666
24,416
125,683
283,229
23,016
140,944
292,477
29,243
155,645
299,922
37,024
161,391
294,282
33,431
163,268
316,281
32,377
187,800
347,842
32,644
208,955
389,836
31,674
247,080
425,311
35,609
288,511
443,093
44,393
315,753
-47,102 -112,492 -122,173 -145,081 -159,557 -126,959 -115,245 -109,030
-74,068
-96,106 -132,609 -166,192 -173,560
-191,170
36 Total, all countries (A-16)
Memoranda:
68
69
70
Industrial countries8
Members of OPEC8
Other countries8
BALANCE (EXCESS OF EXPORTS +)
71 Total, all countries
-780
1,979
2,571
-214
-4,459
-1,760
4,256
-2,727
4,312
-2,759
-15,157
-7,840
2,113
-1,902
-8,652
-3,740
3,378
-2,216
3,179
-7,317
-21,449
-14,177
1,533
-2,822
-10,570
-4,798
3,129
-3,387
2,738
-7,272
-28,592
-22,322
1,518
-2,423
-14,065
-6,599
3,093
-3,904
-942
-6,270
-27,547
-21,951
1,920
-2,559
-15,416
-5,451
3,212
-3,461
-196
•-€,596
-16,188
-11,572
2,881
-2,585
-12,061
-4,843
3,764
413
859
-4,616
-3,965
-972
3,908
-1,325
-8,282
-4,806
6,335
2,381
817
-2,993
2,219
4,940
5,787
640
-9,701
-4,812
7,839
2,969
2,218
-2,721
14,826
15,503
6,587
2,136
-5,273
-3,252
8,408
3,256
3,641
-677
3,070
6,640
5,261
-62
-8,382
-3,653
7,688
2,459
3,329
-3,570
-9,692
-7,247
2,296
-1,986
-10,057
-6,892
4,158
4,164
1,070
-2,445
-17,569
-15,592
2,616
•^3,064
-12,933
-7,783
7,315
1,111
-2,854
-1,977
-15,249
-12,752
4,082
-2,920
-14,885
-7,652
9,830
1,258
-2,465
-2,497
-24,435
-21,507
3,186
-4,176
-15,861
-9,673
9,028
1,414
-5,425
-2,928
-10,728
-21,556
1,241
1,670
-14,593
-36,980
2,218
2,106
-14,819
-43,505
1,365
2,363
-13,198
-54,401
-11,591
-66,948
-10,322
-52,615
-8,845
-49,666
-7,141
-45,038
-9,506
-50,527
-12,154
-60,545
-16,290
-67,324
-19,525
-60,345
-24,031
•49,213
2,478
2,328
3,290
4,247
-9,634
-42,567
.
3,894
4,188
5,015
4,812
6,379
7,094
7,836
1,600
2,084
1,402
91
340
1,640
3,455
2,071
3,040
3,654
2,659
-482
-1,290
356
Latin America and Other Western Hemisphere
Brazil
Mexico
Venezuela
Other
-16,732
-2,513
-7,502
-2,194
-4,523
-18,587
-5,008
-6,057
-3,273
-4,249
-15,314
^,883
-5,718
-3,457
-2,256
-11,253
-3,112
-5,355
-1,717
-1,069
-12,346
-4,093
-5,738
-2,122
-393
-7,792
-5,218
-2,729
-636
791
-8,685
-3,563
-2,450
-3,801
1,129
-10,059
-2,920
-2,400
-6,444
1,705
261
-705
1,642
-3,579
2,903
6,204
-1,867
4,885
-2,866
6,052
3,032
-1,549
1,049
-3,942
7,474
3,484
-766
688
-4,417
7,979
-9,417
2,321
-16,578
-6,161
10,001
-16,069
3,574
-18,373
-8,506
7,236
92
93
94
95
96
97
98
99
100
101
Other countries in Asia and Africa810
Asia810
Members of OPEC
China
Hong Kong
Korea, Republic of
Singapore
Taiwan
Africa810
Members of OPEC ,
-20,225
-13,991
-571
-47
-4,086
-1,713
703
-7,257
-6,364
-6,055
-31,510
-25,394
-3,219
^98
-5,235
-3,970
-273
-10,664
-6,252
-5,475
-30,031
-25,757
-2,398
30
-5,182
-4,250
-682
-10,914
^4,291
-4,412
-40,206 -53,793
-35,933 -47,574
-5,777
-2,539
-2,792
-1,624
-5,855
-5,801
-6,941
-9,316
-1,245 , -2,101
-14,642 i -17,514
-6,354
-4,425
-5,155
-3,401
-45,024
-41,584
-3,926
^,440
-4,578
-9,523
-2,190
-12,798
-3,682
-4,117
-51,960
-45,780
-6,481
-6,224
-3,429
-6,637
-1,651
-14,500
-6,176
-6,223
-65,512
-47,560
-9,857
-10,413
-2,692
-4,543
-1,798
-11,563
-8,129
-6,011
-44,593
-39,087
-4,338
-12,741
-1,180
-2,108
-1,240
-10,336
-6,745
-6,678
-64,104
-48,757
-3,609
-18,328
-772
-2,809
-1,799
-10,085
•^,655
-6,176
-60,945
-54,658
-3,457
-22,808
290
^3,017
-1,971
-9,758
-6,462
-6,553
-74,479
-69,453
-4,869
-29,545
1,721
-2,616
-3,189
-10,590
-6,134
-5,275
-74,828
-69,262
-6,403
-33,788
3,917
56
-3,653
-10,441
-5,524
-6,661
-65,616
-77,408
-7,155
-39,573
4,019
3,042
-4,085
-12,362
-8,304
-8,407
102
International organizations and unallocated
78
33
178
52
174
558
389
88
224
89
-31,823
-9,662
-25,695
-64,512
-13,078
-54,935
-78,408
-11,437
-32,506
-75,912
-3,239
•41,860
-58,230
-16,574
-40,615
-46,110
-24,312
-39,166
-32,994
-14,985
-26,478
-51,165
-12,651
-32,378
-77,221
-13,952
-41,660
-94,615
-14,561
-57,105
72
73
74
75
76
77
78
79
80
81
Western Europe
European Union
Belgium and Luxembourg
France
Germany9
Italy
Netherlands
United Kingdom
Other
Western Europe, excluding EU
82
83
84
85
Canada3
Japan
Australia, New Zealand, and South Africa10
Australia
86
Eastern Europe
87
88
89
90
91
2
Memoranda:
103
104
105
Industrial countries 88
Members of OPEC
Other countries 8
See footnotes on page 85.
-95,050
-3,507
-41,524
-94,053
-13,702
-61,802
-8f,215
-17,225
-69,120
-88,792
-24,068
-78,312
SURVEY OF CURRENT BUSINESS
July 1997 •
77
In Goods—Continued
of dollars]
Not seasonally adjusted
Seasonally adjusted
1995
!
1997
1996
II
IV
III
II
1
IV
IN
\P
1996
1995
1
II
Hi
IV
I
II
1997
III
IV
Line
1*
177,437
190,020
190,396
191,578
187,729
199,450
205,518
210,542
204,876
182,790
190,739
188,180
187J22
192,973
200,973
203,257
206,036
212,314
36
34,548
31,476
2,197
4,195
8,258
3,869
1,416
6,421
5,120
3,072
39,590
35,956
3,446
4,412
9,649
4,089
1,630
6,910
5,820
3,634
35,568
32,225
1,463
4,221
9,269
4,048
1,548
6,460
5,216
3,343
37,974
34,564
1,650
4,347
9,588
4,327
1,802
6,975
5,875
3,410
38,100
34,596
2,602
4,327
9,059
4,478
1,525
6,696
5,909
3,504
41,986
37,553
3,307
4,652
9,587
4,469
1,903
7,381
6,254
4,433
39,823
36,204
1,733
4,679
9,806
4,661
2,292
7,012
6,021
3,619
41,720
37,940
1,857
4,972
10,379
4,686
1,753
7,743
6,550
3,780
40,901
37,268
2,701
4,581
10,041
4,497
1,817
7,578
6,053
3,633
35,560
32,401
2,249
4,320
8,498
3,992
1,463
6,602
5,277
3,159
39,727
36,080
3,448
4,439
9,676
4,102
1,638
6,939
5,838
3,647
35,172
31,862
1,448
4,175
9,155
4,002
1,533
6,390
5,159
3,310
37,221
33,878
1,611
4,241
9,435
4,237
1,762
6,835
5,757
3,343
39,153
35,560
2,651
4,453
9,322
4,609
1,569
6,877
6,079
3,593
42,286
37,827
3322
4,693
9,659
4,502
1,917
7,434
6,300
4,459
39,350
35,773
1,715
4,626
9,683
4,599
2,274
6,927
5,949
3,577
40,840
37,133
1,811
4,858
10,167
4,584
1,713
7,594
6,406
3,707
42,364
38,611
2,770
4,752
10,422
4,668
1,873
7,849
6,277
3,753
37
38
39
40
41
42
43
44
45
46
36,252
30,697
37,588
32,569
35,025
31,056
38,245
29,131
38,081
28,768
40,971
27,953
38,910
28,434
40,678
30,012
42,004
30,096
37,341
31,573
34,567
30,662
. ..
836
37,469
28,513
39,106
29,614
41,254
28,166
38,456
28,085
39,824
29,302
43,540
31,250
906
825
848
822
827
882
992
1,168
1,159
939
37,733
32,705
.......
825
801
851
889
981
1,148
1,192
47
48
49
50
1,958
1,956
1,624
1,475
1,376
1,679
1,766
2,182
1,864
2,006
1,962
1,600
1,445
1,418
1,694
1,748
2,143
1,931
51
25,385
2,183
15,165
2,366
5,671
26,106
2,081
15,466
2,483
6,076
26,450
2222
15,667
2,499
6,062
27,306
2,346
16,469
2,415
6,076
28,117
2,060
17,108
2,672
6,277
31,405
2,176
18,791
3,269
7,169
32,039
2,320
19,195
3,452
7,072
33,372
2,217
20,014
3,778
7,363
32,831
2,327
19,891
3,297
7,316
26,094
2252
15,613
2,405
5,824
26,195
2,085
15,526
2,486
6,098
26,154
2,192
15,490
2,479
5,993
26,804
2,303
16,138
2,393
5,970
28,833
2,119
17,585
2,698
6,431
31,643
2,191
18,943
3,288
7,221
31,724
2,290
18,998
3,438
6,998
32,733
2,173
19,582
3,747
7,231
33,952
2,419
20,608
3,347
7,578
52
53
54
55
66
47,691
44,007
4,203
9,362
2,220
5,185
3,893
6,635
3,631
1,946
51,386
47,244
4,393
10,764
2,361
5,724
4,339
6,997
3,991
2,075
59,825
55,695
4,600
13,700
2,984
6,613
5,071
7,711
4,063
2,152
56,625
52,752
4,493
11,716
2,719
6,626
5,254
7,625
3,809
1,984
52,460
48,432
4,291
10,061
2,270
6,198
5,059
6,868
3,980
2,086
54,574
49,620
4,973
11,313
2,237
5,508
5,022
7,246
4,889
2,727
63,554
58,262
5,709
15,792
2,741
5,299
5,194
7,945
5,187
2,997
61,410
56,474
6,038
14,345
2,606
5,606
5,063
7,843
4,884
2,401
56,021
50,880
4,754
12,520
2,131
5,086
4,566
7,256
5,078
2,794
49,277
45,513
4,302
9,736
2,310
5,364
4,018
6,853
3,710
1,976
51,592
47,443
4,401
10,817
2,370
5,752
4,360
7,027
3,996
2,080
59,189
55,099
4,556
13,561
2,952
6,543
5,018
7,621
4,024
2,135
55,469
51,643
4,430
11,428
2,652
6,489
5,161
7,467
3,764
1,966
53,998
49,915
4,373
10,428
2,346
6,377
5200
7,082
4,033
2,098
55,041
50,060
5,010
11,455
2,259
5,537
5,058
7,306
4,916
2,741
62,913
57,653
5,671
15,660
2,712
5,223
5,130
7,853
5,155
2,984
60,046
55,160
5,957
13,968
2,537
5,474
4,950
7,661
4,836
2,388
58,085
52,840
4,890
13,044
2,218
5,279
4,735
7,543
5,179
2,828
57
58
59
60
61
62
63
64
65
66
67
103,260
8,515
65,662
111,582
8,951
69,487
103,428
9,251
77,717
107,041
8,892
75,645
106,617
9,049
72,063
112,830
10,969
75,651
109,135
12,158
84,225
114,511
12,217
83,814
115,035
10,845
78,996
106,297
8,683
67.810
112,001
8,967
69,771
102,155
9,170
76,855
104,858
8,789
74,075
109,589
9,169
74,215
113,640
11,039
76,294
107,836
12,093
83,328
112,028
12,092
81,916
119,254
11,065
81,995
68
69
70
-38,311
-45,210
-49,442
-40,597
-36,287
-45,252
-59,848
-49,783
-42,064
-44,401
-47,558
-42,820
-38,781
-42,925
-47,562
-62,493
-48,190
-49,787
71
-2,670
-2,245
852
-5,687
-5,331
-4,374
-3,310
1,791
-2,518
-1,866
1,672
-3,170
-2,933
546
-5,911
-5,052
-5,099
-6,208
1,498
-2,256
-2,179
728
-3,839
-3,294
793
-6,217
-5,813
^,036
-2,094
1,891
-2,157
-1,551
1,672
-4,485
-4,103
482
-6,433
-5,533
-3,811
-3,571
665
-1,161
-3,898
-2,202
2,003
1,512
-1,566
-7,736
-6,958
1,433
-1,357
-4,215
-2,755
1,379
240
-1,683
-5,781
-4,913
1,492
-1,092
-3,782
-2,157
2,014
1,644
-1,498
-9,255
-3,314
1,323
-1,504
-4,511
-2,881
1,231
-58
-1,914
-859
-€41
-900
-778
72
73
74
75
76
77
78
79
80
81
-488
-3,010
-1,782
2,374
152
-343
-425
-4,197
-15,911
-233
-747
-386
-699
-585
-4,243
-1,829
2,580
314
-1,173
-4,022
-2,086
2,205
373
-3,610
-1,955
2,671
419
-3,206
-2,072
2,604
579
-585
-356
-1,064
-364
-652
-799
-237
-4,543
-16,993
-4,879
-14,827
-5,906
-12,614
-4,877
-11,602
-181
-6,593
-11,477
-6,557
-12,303
-995
-739
-608
-4,362
-2,563
3,179
-751
-3,905
-2,268
2,938
1,976
-3,256
-1,910
2,293
-62
-1,214
-909
-544
-645
-891
-6,004
-13,831
-77
-5,181
-13,648
-6,301
-16,963
-274
-826
-4,342
-1,867
2,534
199
-1,237
-404
-5,088
-17,254
-855
-631
-724
-3,760
-1,981
2,349
631
-3,527
-1,894
2,654
490
-369
-942
-315
-606
-3,507
-2,218
2,514
366
-1,016
^382
-3,645
-13,837
-6,491
-12,291
-6,079
-12,704
-221
-7,130
-11,692
it
1,837
1,758
-786
-493
-233
-1,972
602
-3,597
-1,311
2,334
-2,601
876
-4,617
-1,290
2,430
-14,456
-13,129
-1,023
-6,456
1,064
544
-16,730
-15,035
-1,380
-8,083
1,391
307
-548
-924
-2,036
-1,622
-1,683
1,818
'2"i'58
"2"028
i"903
222
557
-45
22
-2,453
297
-3,973
-1,218
2,441
-2,391
546
-4,391
-1,342
2,796
-3,431
497
-4,143
-1,609
1,824
-4,945
742
-5,144
-2,053
1,510
-4,321
1,053
-4,852
-2,271
1,749
-3,372
1,282
-4,234
-2,573
2,153
-24,434
-22,980
-1,834
-10,885
581
-19,208
-18,118
-1,166
-8,364
881
-15,924
-14,645
-1,037
-6,911
887
105
-18,309
-16,072
-1,466
-8,827
1,338
846
-29,337
-26,810
-2,437
-13,278
559
965
-1,285
-3,950
-2,502
-2,616
-22,046
-19,881
-2,215
-10,557
1,235
1,126
-1,133
-3,230
-2,220
-1,976
-476
-1,190
-3,119
-1,463
-1,779
-319
-991
-3,258
-1,104
-1,627
-749
-918
-2,509
-1,301
-1,690
-2,673
-2,281
-2,125
1,747
-178
i664
1,645
7,797
i"840
-53
-851
-507
-146
-25,241
-4,353
-15,616
-704
-1,160
-868
-240
-5,133
-11,317
-5,689
-13,500
-6,619
-14,914
" 1,635
-3,315
1,050
-4,226
-1,999
1,860
-2,745
523
-4,045
-1,357
2,134
-2,988
836
-4,824
-1,309
2,309
-19,275
-16,500
-1,479
-9,663
1,355
1,251
-16,347
-14,895
-1,123
-6,882
956
281
-17,301
-15,591
-1,433
-8,153
1,335
225
-230
-679
-997
-2,714
-2,797
-2,484
-2,282
-1,455
-1,609
-2,118
-1,637
-1,687
-22,038
-4,831
-22,573
-18,987
-4,135
-17,475
-17,134
-4,336
-14,819
'2"l22
i"990
i"999
1,725
214
478
-48
125
-199
-149
86
-1,451
399
-3,473
-1,158
2,781
-2,233
563
-4,236
-1,337
2,777
-4,358
421
-4,724
-1,646
1,591
-6,338
698
-5,369
-2,078
1,411
-3,082
1,186
-4,185
-2,218
2,135
-3,291
1,269
-4,095
-2,564
2,099
-4,428
960
87
88
89
90
91
-22,545
-21,268
-1,687
-10,630
732
-18,635
-17,508
-1,160
-8,123
894
-17,901
-16,505
-1,171
-7,316
780
-18,911
-16,658
-1,526
-8,969
1,301
808
-27,349
-24,997
-2,250
-13,036
705
1,279
-1,101
-3,691
-2,341
-2,584
-21,455
-19,248
-2,208
-10,252
1,233
1,121
-1,068
-3,146
-2,241
-1,973
-21,501
-18,598
-1,640
-10,200
1,254
1,017
-174
-1,038
-2,873
-1,307
-1,745
-276
-939
-166
-922
-3,168
-1,125
-1,620
-2,778
-1,414
-1,713
-994
-2,747
-2,308
-2,137
H912
-2,053
1,577
-387
-3,028
-2,920
-2,522
2
-21,786
-5,644
-17,822
-25,913
-7,324
-26,611
-23,959
-6,764
-19,060
-19,183
-5,962
-16,919
-24,343
-4,089
-15,969
-26,629
-4,429
-16,500
82
83
84
85
i",812
2
-20,949
-3,906
-13,456
-904
-4,289
-2,446
2,865
1,698
-1,160
t
1,681
-2,028
-1,335
-1,572
-934
-4,241
-2,498
3,132
-18,349
-4,590
-19,881
-17,894
-4,117
-16,770
-20,823
-4,530
-17,574
92
93
94
95
96
97
98
99
100
101
102
-23,115
-6,741
-18,706
-21,835
-7,052
-23,606
-23,019
-6,745
-18,426
-23,504
-6,215
-20,068
103
104
105
SURVEY OF CURRENT BUSINESS
July 1997
Table 2.-U.S. Trade
[Millions
Line
1983
1984
1985
1986
1987
1989
1988
1991
1990
1992
1993
1994
1995
1996
C Trade In goods, by principal end-use category, adjusted to
balance of payments basis, excluding military:
1 Exports of goods, balance of payments basis, excluding
military (A-8)
201,799
219,926
215,915
223,344
250,208
320,230
362,120
389,307
416,913
440,352
456,832
502,398
575,871
612,069
2
3
Agricultural products
Nonagricultural products
37,135
164,664
38,430
181,496
29,631
186,284
27,174
196,170
29,847
220,361
38,810
281,420
42,195
319,925
40,197
349,110
40,144
376,769
44,049
396,303
43,705
413,127
47,062
455,336
57,229
518,642
61,488
550,581
4
Foods, feeds, and beverages
32,091
32,196
24,566
23,522
25,229
33,770
37,475
35,172
35,829
40,336
40,692
41,957
50,472
55,533
30,860
17,914
6,656
6,532
5,940
1,286
2,853
2,867
31,026
17,947
6,672
7,045
5,424
1,312
2,889
3,454
23,219
12,525
3,866
5,213
3,733
1,264
2,854
2,843
21,738
9,795
3,288
2,677
4,306
1,559
3,238
2,840
23,059
10,505
3,272
3,267
4,311
1,897
3,484
2,862
30,788
15,398
5,105
5,120
4,915
2,698
4,148
3,629
34,038
18,061
6,122
6,835
3,996
3,141
5,010
3,830
31,405
14,790
4,016
6,246
3,570
3,335
5,614
4,096
31,784
13,256
3,485
5,199
3,994
3,872
5,995
4,667
35,921
14,838
4,647
5,103
4,452
4,477
6,427
5,727
36,589
14,400
4,904
4,688
4,594
4,561
6,698
6,336
37,832
13,583
4,269
4,345
4,364
5,445
7,393
7,047
46,099
18,612
5,688
7,642
5,426
6,618
7,868
7,575
51,203
21,230
6,413
8,874
7,364
7,184
8,080
7,345
1,231
1,170
990
921
1,347
1,104
1,784
1,507
2,170
1,843
2,982
2,550
3,437
2,886
3,767
3,102
4,045
3,319
4,415
3,613
4,103
3,210
4,125
3,180
4,373
3,324
4,330
3,117
58,936
64,120
61,159
64,720
70,052
90,019
99,826
105,503
109,826
109,592
111,870
121,547
146,374
147,973
6,193
1,854
1,477
1,018
1,844
7,329
2,493
1,554
1,385
1,897
6,346
1,617
1,509
1,319
1,901
5,358
1,220
1,544
1,752
6,389
1,660
1,106
1,762
1,861
7,388
1,988
1,261
1,868
2,271
7,977
2,266
1,300
1,775
2,636
8,591
2,800
1,461
1,761
2,569
8,144
2,517
1,422
1,382
2,823
7,904
2,014
1,640
1,365
2,885
6,868
1,576
1,295
1,297
2,700
8,989
2,644
1,305
1,535
3,505
10,889
3,717
1,391
1,762
4,019
10,038
2,744
1,366
1,693
4,235
52,743
11,201
11,186
4,181
5,586
56,791
11,299
11,276
4,261
5,434
54,813
11,800
11,774
4,599
5,707
59,362
9,945
9,911
4,123
4,430
63,663
9,207
9,180
3,490
4,633
82,631
9,660
9,580
4,193
4,480
91,849
12,828
12,614
4,678
6,392
96,912
15,237
14,722
5,040
8,362
101,682
15,170
15,104
5,289
8,357
101,688
14,364
14,260
4,924
7,620
105,002
12,713
12,571
3,643
7,502
112,558
12,041
11,959
3,445
6,968
135,485
13,777
13,673
4,295
8,096
137,935
15,533
15,404
4,439
9,631
5
6
7
8
9
10
11
12
Agricultural
Grains and preparations
Wheat
! !!"!.....'" .'" """.'!..'"
Corn
Soybeans
Meat products and poultry
Vegetables, fruits, nuts, and preparations
Other agricultural foods, feeds, and beverages
13
14
Nonagricultural (fish, distilled beverages, etc.)
Fish and shellfish
15
Industrial supplies and materials
16
17
18
19
20
Agricultural
Raw cotton
Tobacco, unmanufactured
Hides and skins including furskins
Other agricultural industrial supplies
21
22
23
24
25
Nonagricultural
Energy products
Fuels and lubricants11
Coal and related fuels
Petroleum and products
842
26
27
28
29
30
Paper and paper base stocks
Textile supplies and related materials
Chemicals, excluding medicinals
Building materials, except metals
Other nonmetals
4,302
2,856
15,622
3,332
4,019
4,623
3,139
17,820
3,201
4,423
4,143
3,077
17,155
3,183
4,144
4,883
3,272
17,862
3,592
4,713
6,106
3,711
20,987
4,562
5,537
7,672
4,595
26,116
6,105
6,969
8,411
5,603
26,983
7,371
8,118
8,399
6,313
27,563
7,585
9,130
8,706
6,620
30,444
7,592
9,706
9,298
6,809
29,840
8,078
10,302
8,483
6,999
30,082
8,751
10,750
10,104
8,183
35,137
8,839
11,900
14,488
9,284
42,985
9,061
13,410
12,482
9,555
42,472
9,261
15,262
31
32
33
34
35
36
37
38
Metals and nonmetallic products
Steelmaking materials
Iron and steel products
Nonferrous metals
Nonmonetary gold
Other precious metals
Other nonferrous metals
Other metals and nonmetallic products
11,411
12,286
1,281
1,530
5,880
2,194
11,311
1,303
1,411
5,377
1,769
15,095
1,394
1,412
9,007
5,691
13,553
1,284
1,546
6,841
2,627
21,514
1,752
2,443
12,535
5,811
22,535
2,474
4,009
10,846
2,961
22,685
2,109
3,478
11,431
3,730
23,444
1,713
4,258
11,145
3,563
22,997
1,626
3,779
10,963
4,540
27,224
1,774
3,669
14,649
9,147
32,480
2,747
5,828
14,602
5,122
1,595
7,885
9,303
33,370
2,116
5,448
15,480
6,940
1,448
7,092
10,326
39
40
41
42
43
44
45
46
47
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
777
540
418
441
580
701
890
795
892
902
894
2,823
3,406
3,146
3,595
3,190
3,220
2,875
3,282
3,634
3,882
6,023
4,784
6,995
5,206
6,906
5,667
6,690
6,328
5,521
6,629
4,608
7,132
26,354
1,853
3,936
12,279
5,815
1,025
5,439
8,286
71,660
77,007
79,322
82,815
92,707
119,103
138,908
152,543
166,453
176,070
182,096
205,248
233,776
253,141
58,674
65,069
63,963
65,469
74,641
96,014
110,534
118,709
128,227
136,596
147,913
172,090
205,907
220,277
7,043
51,631
6,199
3,601
1,533
3,730
7,786
57,283
6,079
3,371
1,648
4,063
7,030
56,933
6,643
3,285
1,737
4,176
7,390
58,079
5,647
3,061
1,999
4,052
8,596
66,045
4,974
3,133
2,178
4,438
11,210
84,804
6,564
4,026
2,638
5,412
11,796
98,738
8,445
5,150
3,060
5,500
13,390
105,319
8,848
5,359
3,044
5,875
14,608
113,619
9,644
6,220
3,032
6,060
15,480
121,116
9,620
6,658
3,406
6,430
16,959
130,954
9,474
7,506
3,613
7,037
19,674
152,416
10,216
9,176
4,379
7,941
23,040
182,867
11,514
10,160
5,240
9,019
24,113
196,164
12,693
10,287
5,801
9,805
937
1,661
5,407
1,807
13,000
48
49
50
51
52
Computers, peripherals, and parts
Semiconductors
Telecommunications equipment
Other office and business machines
Scientific, hospital, and medical equipment and parts
53
54
55
Civilian aircraft, engines, parts
Civilian aircraft, complete, all types
Other transportation equipment
56
Automotive vehicles, engines, and parts
13,898
13,058
13,163
14,975
19,472
22,869
23,735
25,017
26,291
28,422
31,922
37,088
40,096
11,057
4,171
3,777
1,527
3,036
14,223
5,532
3,752
1,569
3,148
14,703
4,412
4,170
1,444
3,306
15,649
5,054
4,438
1,315
3,701
18,817
6,560
5,097
1,647
4.226
23,965
9,035
6,534
1,787
5,371
24,476
11,795
8,232
2,232
6,979
25,888
13,324
9,398
2,136
7,712
27,293
14,348
10,294
2,490
9,221
28,763
15,987
11,450
2,581
9,930
29,317
19,122
13,513
2,381
10,569
33,320
25,178
16,296
2,465
11,523
39,654
34,153
20,248
2,718
13,073
43,719
35,768
20,323
2,925
14,747
11,145
5,837
1,841
10,162
4,221
1,776
13,528
6,897
1,831
15,449
7,476
1,897
16,387
7,717
1,679
21,209
10,538
1,880
26,582
13,722
1,792
32,195
18,415
1,639
36,587
22,765
1,639
37,725
24,457
1,749
32,678
20,144
1,505
31,475
18,704
1,683
26,129
12,861
1,740
30,792
15,660
2,072
18,461
22,422
24,945
25,097
27,583
33,397
34,888
36,465
40,008
47,027
52,534
57,776
61,828
65,022
57
58
59
60
61
To Canada
Passenger cars, new and used
Trucks, buses, and special purpose vehicles
Engines and engine parts
Other parts and accessories
13,783
4,298
1,225
1,828
6,432
17,111
5,020
1,862
2,068
8,161
19,383
6,322
2,312
2,236
8,513
19,368
6,649
2,734
2,098
7,887
20,250
6,610
3,169
2,109
8,362
22,948
7,275
3,113
2,508
10,052
22,599
6,922
2,157
2,802
10,718
21,741
5,890
2,584
2,502
10,765
22,480
6,311
2,847
2,882
10,440
23,824
6,087
2,602
3,178
11,957
28,064
6,434
3,254
3,940
14,436
31,719
7,548
4,402
3,365
16,404
34,044
7,303
4,977
3,596
18,168
35,138
7,840
5,140
3,625
18,533
62
63
64
65
66
To other areas
Passenger cars, new and used
Trucks, buses, and special purpose vehicles
Engines and engine parts
Other parts and accessories
4,678
5,311
5,562
5,729
482
946
728
446
757
957
389
677
949
590
642
920
7,333
1,313
2,522
3,151
3,547
3,577
4,288
10,449
2,747
1,187
1,246
5,269
12,289
3,877
1,250
1,320
5,842
14,724
4,648
1,653
1,342
7,081
17,528
5,381
2,576
1,502
8,069
23,203
8,181
2,957
1,788
10,277
24,470
8,069
2,513
1,923
11,965
26,057
8,897
2,309
2,157
12,694
27,784
9,429
2,752
2,240
13,363
29,884
9,126
3,870
2,309
14,579
14,925
15,085
14,593
16,730
20,307
26,981
37,317
43,719
46,858
51,424
54,655
59,981
64,425
70,138
8,049
8,271
8,130
9,058
10,756
13,539
16,674
19,747
22,023
24,635
25,986
29,148
31,390
34,090
2,710
6,068
2,852
6,071
2,950
5,722
3,304
6,703
3,483
8,379
4,303
11,907
4,402
18,876
4,796
21,976
5,352
22,882
6,215
24,934
6,589
26,582
6,986
28,411
7,282
30,332
7,988
33,154
2,697
2,709
2,341
2,455
3,031
4,193
6,718
7,624
8,927
10,077
10,747
11,608
12,189
13,891
808
743
741
969
1,172
1,535
1,767
1,996
1,953
1,855
2,087
2,422
2,703
2,894
5,726
9,096
11,330
10,460
14,330
16,960
13,706
15,905
17,939
15,903
14,985
15,889
18,996
20,262
67
68
69
70
71
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
72
73
Unmanufactured consumer goods (gem stones, nursery
stock)
f"
Exports, n.e.c
See footnotes on page 85.
779
953
SURVEY OF CURRENT BUSINESS
July 1997 ®
79
in Goods—Continued
Not seasonally adjusted
Seasonally adjusted
1995
I
ill
!i
IV
IS
I
1995
1997
1996
\p
IV
II8
i
III
II
I
line
1997
1996
IV
III
II
IP
IV
138,120
144,810
140,954
150,981
151,442
154,196
145,670
160,759
162,812
136,389
143,181
145,360
146,941
150,046
153,411
150,764
157,846
162,527
1
14,683
124,443
13,084
131,726
13,431
127,523
16,031
134,950
16,827
134,615
14,341
139,857
13,667
132,003
16,653
144,106
15,196
147,616
13,802
124,587
13,478
129,703
14,816
130,544
15,133
133,808
15,863
134,185
15,080
138,331
15,093
135,671
15,452
142,394
14,322
148,205
2
3
12,226
11,407
12,864
13,975
14,463
13,063
13,090
14,917
13,199
11,902
11,893
13,359
13,318
14,032
13,762
13,785
13,954
12,779
4
11,202
4,336
1,291
1,673
1,605
1,417
1,913
1,932
10,459
3,956
1,056
1,664
12,995
5,305
1,728
2,153
1,790
1,852
2,124
1,924
13,442
5,744
1,712
2,428
2,192
1,809
1,902
1,795
12,103
5,219
1,471
2,462
1,199
1,871
2,029
1,785
11,822
5,293
2,108
1,776
1,158
1,683
1,945
1,743
13,836
4,974
1,122
2,208
2,815
1,821
2,204
2,022
12,139
4,400
1,770
2,178
1,645
1,956
1,960
10,873
4,232
1,291
1,673
1,184
1,484
1,995
1,978
10,794
4,003
1,056
1,664
1,345
1,588
1,935
1,923
12,213
5,110
1,613
2,152
1,571
1,760
1,988
1,784
12,219
5,267
1,728
2,153
1,326
1,786
1,950
1,890
13,001
5,624
1,712
2,428
1,675
1,877
1,978
1,847
12,674
5,270
1,471
2,462
1,730
1,852
2,023
1,799
12,746
5,408
2,108
1,776
1,821
1,700
2,090
1,727
12,782
4,928
1,122
2,208
2,138
1,755
1,989
1,972
11,703
4,246
1,600
1,993
1,915
11,443
5,016
1,613
2,152
1,036
1,749
1,838
1,804
5
6
7
8
9
10
11
12
1,024
948
675
1,421
1,155
980
679
1,021
1,081
1,060
1,029
1,099
1,146
1,099
1,031
1,088
1,039
1,172
1,076
760
960
678
1,268
815
964
715
780
819
827
880
798
770
805
734
808
796
13
14
36,156
38,133
36,180
35,905
37,101
38,131
35,636
37,105
38,656
35,703
37,501
36,770
36,400
36,625
37,757
36,175
37,416
38,542
15
3,414
1,463
2,560
1,940
2,975
3,312
1,374
2,173
1,797
2,756
2,979
2,626
2,543
2,607
2,553
862
452
468
892
318
428
988
740
325
456
2,801
1,012
2,284
683
432
400
2,850
1,017
2,346
244
215
421
917
2,870
1,068
378
437
352
389
485
340
440
532
304
424
715
370
440
581
389
447
1,022
1,018
1,048
1,081
1,024
1,082
1,136
16
17
18
19
20
34,227
3,333
3,301
1,144
1,857
33,550
3,740
3,716
1,132
2,281
33,824
3,764
3,737
1,100
2,400
35,411
3,465
3,435
1,131
1,937
33,891
3,888
3,850
1,094
2,382
34,809
4,416
4,382
1,114
2,912
35,989
3,923
3,903
1,043
2,507
21
22
23
24
25
995
846
846
1,770
1,653
1,723
2,052
2,029
909
323
447
381
371
213
447
909
1,166
1,118
443
311
460
959
1,241
1,197
370
441
991
34,240
3,347
3,315
1,173
1,842
32,930
3,734
3,711
1,139
2,268
33,789
3,710
3,682
1,043
2,401
35,958
3,476
3,447
1,142
1,938
33,839
3,913
3,874
1,122
2,378
34,349
4,434
4,401
1,132
2,914
35,677
3,869
3,849
32,833
3,297
3,271
988
945
1,955
35,573
3,417
3,395
1,082
2,031
2,508
1,930
34,875
3,407
3,385
1,074
2,028
3,372
2,296
10,455
2,248
3,311
3,839
2,414
11,202
2,472
3,398
3,929
2,271
10,824
2,182
3,313
3,348
2,303
10,504
2,159
3,388
3,240
2,252
10,654
2,185
3,760
3,063
2,432
10,843
2,315
3,782
3,054
2,394
10,344
2,307
3,776
3,125
2,477
10,631
2,454
3,944
3,119
2,526
11,347
2,380
4,067
3,380
2,322
10,384
2,295
3,276
3,789
2,340
10,919
2,385
3,319
3,864
2,316
10,940
2,183
3,331
3,455
2,306
10,742
2,198
3,484
3,233
2,268
10,556
2,224
3,701
3,038
2,359
10,628
2,246
3,716
3,022
2,449
10,478
2,312
3,793
3,189
2,479
10,810
2,479
4,052
3,158
2,573
11,358
2,443
4,027
26
27
28
29
30
7,781
8,831
8,374
7,494
7,988
10,047
8,051
7,284
8,369
7,879
8,716
8,260
7,625
8,078
9,959
7,949
7,384
8,507
31
32
33
34
35
36
37
38
422
466
1,063
32,742
3,279
3,252
901
974
433
402
408
412
672
803
695
577
521
567
567
461
495
720
752
666
609
554
535
539
488
525
1,208
3,647
1,406
1,364
4,300
1,934
1,714
3,597
1,542
3,058
1,448
3,589
1,577
1,399
5,460
3,128
1,322
3,532
1,307
1,279
2,899
1,434
3,716
1,684
1,200
3,694
1,406
1,363
4,324
1,934
1,729
3,484
1,536
3,100
1,449
3,639
1,577
1,400
5,488
3,128
1,325
3,433
1,307
1,274
2,920
1,443
3,773
1,684
373
272
845
614
937
336
278
437
441
928
292
272
374
272
845
609
937
340
279
438
439
928
292
1,868
2,254
2,094
2,364
2,138
2,368
1,785
2,317
1,734
2,430
1,895
2,621
1,784
2,630
1,679
2,645
1,760
2,724
1,914
2,265
2,118
2,277
2,030
2,381
1,823
2,380
1,783
2,436
1,922
2,536
1,687
2,652
1,700
2,702
54,392
58,216
57,918
63,250
62,383
63,029
59,831
67,898
68,869
54,428
58,102
59,337
61,909
61,974
63,153
61,694
66,320
68,983
39
47,819
50,015
51,668
56,405
55,176
54,127
52,818
58,156
58,484
47,839
49,908
52,998
55,162
54,763
54,254
54,573
56,687
58,605
40
5,403
42,416
2,831
2,442
1,120
2,230
5,765
44,250
2,924
2,505
1,336
2,263
5,886
45,782
2,882
2,427
1,310
2,230
5,986
50,419
2,877
2,786
1,474
2,296
5,877
49,299
2,986
2,541
1,345
2,457
5,855
48,272
3,238
2,487
1,549
2,428
5,961
46,857
3,120
2,462
1,448
2,389
6,420
51,736
3,349
2,797
1,459
2,531
6,508
51,976
3,292
3,118
1,403
2,680
5,407
42,432
2,847
2,466
1,128
2,204
5,695
44,213
2,863
2,489
1,331
2,221
5,924
47,074
2,913
2,500
1,349
2,293
6,014
49,148
2,891
2,705
1,432
2,301
5,857
48,906
3,005
2,540
1,341
2,404
5,805
48,449
3,203
2,488
1,548
2,399
6,039
48,534
3,131
2,551
1,499
2,475
6,412
50,275
3,354
2,708
1,413
2,527
6,558
52,047
3,318
3,150
1,416
2,642
41
42
43
44
45
46
8,710
9,285
9,219
9,874
9,937
10,133
9,746
10,280
10,552
8,818
9,015
9,414
9,841
9,986
9,871
10,038
10,201
10,693
47
9,230
7,496
4,618
9,088
8,196
4,834
9,719
8,941
5,130
11,617
9,520
5,666
11,568
9,338
4,700
10,409
8,714
4,973
10,162
8,398
4,871
11,580
9,318
5,779
11,906
9,471
4,903
9,016
7,468
4,819
9,407
8,184
4,885
10,330
9,017
5,196
10,901
9,484
5,348
11,158
9,190
4,929
10,846
8,712
5,036
10,885
8,613
4,934
10,830
9,253
5,424
11,582
9,450
5,225
48
49
50
51
52
271
1,818
2,766
633
677
667
741
722
696
731
776
717
643
673
687
715
733
692
753
3,106
3,142
3,257
3,568
3,705
3,645
3,530
3,867
3,934
3,023
3,145
3,375
3,530
3,620
3,654
3,655
3,818
3,842
6,208
3,169
7,761
4,460
5,808
2,439
6,352
2,793
6,588
2,870
8,325
4,705
6,588
2,951
9,291
5,134
9,914
5,708
6,224
3,169
7,754
4,460
5,897
2,439
6,254
2,793
6,592
2,870
8,322
4,705
6,696
2,951
9,182
5,134
9,907
5,708
365
440
442
493
619
577
425
451
471
365
440
442
493
619
577
425
461
471
53
54
55
16,285
16,296
13,565
15,682
16,085
17,163
14,846
16,928
18,093
15,934
15,062
15,232
15,600
15,669
16,048
16,552
16,753
17,735
56
9,235
2,093
1,254
9,130
2,162
1,348
7,177
1,234
1,105
8,502
1,814
1,270
8,681
1,840
1,182
7,961
1,602
1,178
8,694
2,088
1,356
9,054
2,149
1,289
8,121
1,777
1,199
8,217
1,583
1,240
8,652
1,794
1,249
8,430
1,835
1,220
8,845
1,972
1,281
9,086
1,962
1,307
8,777
2,071
1,332
9,686
2,295
1,420
822
831
909
843
890
954
923
932
939
831
978
4,359
4,419
9,896
2,327
1,371
1,011
5,187
4,707
4,302
4,504
4,655
4,452
4,660
4,878
4,543
4,993
57
58
59
60
61
8,234
2,392
1,220
8,197
1,962
1,124
6,880
2,242
6,941
2,335
7,015
2,483
6,948
2,369
7,239
2,553
7,203
2,127
7,466
2,307
674
570
665
575
721
535
859
524
980
545
816
567
7,976
2,139
1,215
8,049
1,859
1,135
747
729
946
923
792
935
964
4,942
4,697
4,046
4,483
4,695
9,802
2,310
1,424
1,008
5,060
7,050
2,364
7,166
2,415
6,388
2,025
7,180
2,625
7,404
2,683
7,361
2,156
6,885
1,895
700
566
676
592
660
549
716
533
853
531
978
564
819
545
669
770
692
560
673
761
3,420
3,483
3,154
3,306
3,337
3,663
3,626
3,953
4,341
3,386
3,362
3,292
3,323
3,303
3,551
3,776
3,949
4,294
62
63
64
65
66
15,427
16,167
16,070
16,761
16,814
17,477
17,182
18,665
18,403
15,721
16,150
16,191
16,363
17,078
17,485
17,348
18,227
18,814
67
7,298
7,723
8,207
8,162
8,229
8,460
8,556
8,845
8,940
7,542
7,778
8,049
8,021
8,452
8,513
8,418
8,707
9,234
68
1,692
7,438
1,787
7,712
1,866
7,253
1,937
7,929
1,989
7,889
2,079
8,209
* 1,887
8,005
2,033
9,051
2,212
8,775
1,695
7,498
1,787
7,647
1,865
7,518
1,935
7,669
1,983
7,942
2,074
8,170
1,896
8,294
2,035
8,748
2,208
8,903
69
70
3,031
3,066
2,956
3,136
3,422
3,496
3,380
3,593
3,652
2,981
2,995
3,081
3,132
3,359
3,435
3,517
3,580
3,614
71
691
732
610
670
696
808
621
769
688
681
725
624
673
684
802
636
772
677
72
4,640
4,591
4,357
5,408
4,596
5,335
5,085
5,246
5,592
4,701
4,473
4,471
5,351
4,670
5,206
5,210
5,176
5,674
73
80
SURVEY OF CURRENT BUSINESS
® July 1997
Table 2,-U.S. Trade
[Millions
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
268,901
332,418
338,088
368,425
409,765
447,189
477,365
498,337
490,981
536,458
589,441
668,590
749,431
803,239
55,088
213813
Une
58,050
274,368
51,384
286,704
34,279
334,146
42,944
366,821
39,632
407,557
50,901
426,464
62,284
436,053
51,740
439,241
51,579
484,879
51,475
537,966
51,275
617,315
56,155
693,276
72,744
730,495
1996
C Trade In goods, by principal end-use category, adjusted to
balance of payments basis, excluding militaryContinued:
74 Imports of goods, balance of payments basis, excluding
military (A-16)
.".
75
76
Petroleum and products7
Nonpetroleum products
77
Foods, feeds, and beverages
78
79
80
81
82
83
84
85
Rfi
87
RR
R9
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
ins
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
18,824
Agricultural
Nonagricultural products
Energy products
Fuels and lubricants711
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
.
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
24,898
26,407
26,205
27,610
27,866
30,958
33,176
35,711
17,467
3,145
2,284
3,475
4,640
1,906
4,303
7,461
5,423
1,504
17,561
3,275
2,274
3,385
4,855
1,799
4,247
7,337
5,405
1,590
19,131
3,009
1,766
4,080
5,711
1,865
4,466
7,276
5,207
1,730
18,613
2,908
1,738
4,031
5,299
1,773
4,604
7,592
5,651
1,595
19,738
2,669
1,563
4,071
5,593
1,982
5,424
7,872
5,670
1,828
19,828
2,431
1,382
4,257
5,559
1,943
5,638
8,038
5,900
1,737
22,007
3,259
2,270
3,916
5,943
2,133
6,754
8,951
6,642
1,826
24,085
4,078
2,986
3,928
6,467
2,368
7,246
9,091
6,734
1,845
26,484
4,118
2,491
3,769
7,390
2,793
8,413
9,227
6,663
2,045
124,109
114,008
104,210
113,746
122,684
135,363
145,168
132,963
140,591
152,437
164,946
184,987
209,497
4,722
160,224
58,080
57,019
5,571
179,416
62,159
61,228
6,461
203,036
80278
79,311
Civilian aircraft, complete, all types
Automotive vehicles, engines, and parts
From other areas
Passenger cars, new and used
Trucks, buses, and special purpose vehicles
Engines and engine parts .
Other parts and accessories
... .
135
136
137
138
139
140
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
141
142
143
Toys, shooirijTaS' sp^
Television and video receivers
Radio and stereo equipment, including records, tapes,
and disks
Unmanufactured consumer goods (gemstones, nursery
stock)
imports, n.e.c., and U.S. goods returned
U S goods returned
Other products, including balance of payments
adjustments not included above (minimum value
shipments and miscellaneous imports)
2,728
111,280
56,885
55866
2,722
101,488
38,550
37680
3,107
110639
46,781
45796
3,404
119,280
43,703
42878
4,183
131,180
54,919
54279
3,987
141,181
66,534
65985
4,255
128,708
56,279
55704
4,556
136,035
56,820
56146
5,383
3,076
6,853
4,918
2,423
7,090
4,046
8,652
5,679
3,223
6,906
3,957
8,608
6,240
3,640
7,372
4,642
8,936
7,427
4,428
8,669
5,417
9,812
7,391
4,546
10,211
5,499
12,380
7,401
5,027
9,633
5,503
13,954
7,647
6,671
9,471
5,656
15,021
7,337
7,087
8,450
6,135
15,290
6,825
8,084
8,232
6,866
16,872
8,282
9,455
8,320
7,550
18,081
10,556
10,330
8,931
8,182
21,359
12,684
11,047
12,880
8,617
25,551
12,819
12,503
10,871
8,843
26,897
15,035
13,353
28,287
1389
11,577
11,430
3,356
2,000
2,743
3,331
3,891
25,044
1,244
10,083
10,031
3,176
1,988
2,120
2,747
3,686
30,133
1 190
9,961
15,243
7,856
2,156
2,645
2,586
3,739
28,023
1 277
10,822
11,893
3,784
1,889
2,981
3,239
4,031
35,059
1921
12,587
15,476
4,861
2,026
3,669
4,920
5,075
32,853
2242
11,739
14,960
3,651
2,168
3,507
5,634
3,912
30,075
2049
11,121
13,091
2,452
2,523
3,241
4,875
3,814
27,645
1828
10,076
12,145
2,897
2,342
2,790
4,116
3,596
29,508
1,719
10,884
13,228
3,808
2,065
2,895
4,460
3,677
35,652
1 840
11,751
18,128
8,821
1,823
3,588
3,896
3,933
39,941
2,255
16,122
16,728
4,738
2,028
5,260
4,702
4,836
44,887
2,957
16,177
20,260
5,290
2,516
6,217
6,237
5,493
47,759
3,044
17,221
21,679
7,747
2,494
5,071
6,367
5,815
60367
61,287
71,990
85,128
102,202
112,156
116,061
120,802
134,252
152,305
184,369
221,429
229,049
39865
55,503
54,647
64,850
77,408
93,540
101,592
104,623
108,093
120,589
139,961
171,419
208,938
214,433
4544
35,321
1,460
1,616
1,729
1,109
6,041
49,462
3,121
2,282
2,261
1,514
6740
47,907
3,249
2,341
2,845
1,717
8,025
56,825
3,108
2,668
3,435
2,024
9518
67,890
3,502
3,215
3,320
2,472
11,539
82,001
4,231
3,963
3,686
2,944
12521
89,071
4,118
3,406
4,213
3,003
13,846
90,777
3,919
3,464
4,063
2,948
14,260
93,833
3,209
3,264
4,098
3,074
15,336
105,253
2,948
3,618
3,599
3,456
17,421
122,540
4,314
4,094
4,263
3,777
20,030
151,389
5,325
5,758
5,163
4,641
24,150
184,788
5,481
6,176
6,644
5,600
24,749
189,684
5,685
6,266
7,503
5,960
9353
12344
12985
15776
18073
20908
22689
23021
21928
23358
26149
31,852
36707
37,671
5,528
5,588
5,614
1,875
1,449
8,299
7,846
7,428
2,592
1,775
8,365
5,596
6,031
2,686
2,092
10,989
5,939
6,920
3,310
2,656
14,839
7,784
8,129
3,605
2,951
18,358
10,963
9,408
4,134
3,406
21,434
12,329
9,583
4,435
3,861
22,941
12,169
9,492
4,153
4,607
26,000
13,084
9,939
4,197
5,040
31,686
15,475
10,776
4,901
5,436
38,026
19,482
11,275
5,414
5,746
46,160
26,156
14,184
6,242
5,908
56,276
39,042
15,332
6,861
6,669
61,515
36,707
14,375
6,794
7,208
4,864
3,717
1,082
6,640
5,314
1,833
7,140
6,085
1,903
7,720
6,577
2,081
8,662
7,889
3,030
10,564
9,436
2,927
11,438
10,471
2,708
12,709
11,737
3,326
13,663
12,581
3,806
12,344
11,275
3,800
12,950
11,298
3,698
12,491
10,709
3,590
14,616
12,671
3,920
43,044
Transportation equipment, except automotive
130
131
132
133
134
3,076
121,033
64,056
62991
4,558
147,879
57,390
56645
3,870
3,130
1,012
Computers, peripheials, and parts
Semiconductors
Telecommunications equipment
Other office and business machines
Scientific, hospital, and medical equipment and parts
24,928
17,266
3,664
2,710
3,305
4,426
1,916
3,955
7,543
5,591
1,356
43735
.......
Passenger cars new and used
Trucks, buses, and special purpose vehicles
Engines and engine parts .
Other parts and accessories
145
146
147
24,809
17,735
5,387
4,263
2,815
4,076
1,759
3,699
6,641
4,746
1,247
22,364
1 146
7,828
10,636
2,433
2,958
2,171
3,074
2,754
Paper and paper base stocks
Textile supplies and related materials
Chemicals, excluding medicinals
Building materials, except metals
Other nonmetals
125
1?fi
127
128
129
144
24,376
16,318
4,433
3,081
2,706
3,806
1,606
3,766
5,532
3,928
1,273
2,749
106045
61,028
60026
,
Capital goods except automotive
21,850
16,606
4,865
3,098
2,534
3,852
1,561
3,794
5,273
3,683
1,312
108,794
Industrial supplies and materials
21,879
13,721
3,961
2,562
2,427
2,959
1,419
2,956
5,103
3,558
1,235
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
Nonagriculiurai (fish, distilled beverages, etc)
Fisn and shellfish
Whiskey and other alcoholic beverages
56,521
64,905
78,061
85,174
87,947
87,356
88,480
85,696
91,787
102,420
118^71
123,796
128,938
17,496
7,464
3,673
1,469
4,890
22,716
10,039
4,673
1,871
6,133
24,355
11,090
4,769
1,795
6,701
24,618
11,764
4,213
1,577
7,064
24,531
10,185
5,261
1,720
7,365
29,198
13256
6,081
1,977
7,884
29,600
12,878
6,928
2,075
7,719
29,862
13,701
6,926
1,794
7,441
28,785
14,048
6,725
1,383
6,629
31,703
14,403
8,274
1,565
7,461
37,334
18,269
8,744
1,910
8,411
42251
22,159
8,710
1,960
9,422
44,383
23,920
9,011
1,816
9,636
45,915
24,139
8,835
2,540
10,401
25,548
16,475
2,335
1,658
5,080
33,805
20,601
3,604
2,225
7,375
40,550
24,897
4,775
2,541
8,337
53,443
33,469
6,198
3,035
10,741
60,643
37,738
5,483
3,696
13,726
58,749
33,797
4,267
4,558
16,127
57,756
31,600
3,481
5,748
16,927
58,618
32,929
2,738
5,502
17,449
56,911
32,260
2,490
5,264
16,897
60,084
32,630
2,377
5,502
19,575
65,086
33,970
2,477
6,517
22,122
76,020
38,952
3,086
8,146
25,836
79,413
39,905
3,814
8,901
26,793
83,023
41,725
4,840
9,210
27,248
47,277
19,579
9,881
3,636
24,400
61,094
25,906
13,447
4,553
31444
66,336
27,681
14,519
4,562
34,708
79,355
33,355
17,432
4,878
41,451
88,824
39,432
20,292
5,558
44,893
96,425
43,118
20,775
5,904
47,763
103,621
46,232
22,756
5,959
51386
105,053
48,785
23,903
6,622
50574
107,777
50,314
24,626
6,570
51 722
122,656
58,133
29,303
7,291
58457
134,076
63,174
31,671
8,402
63829
146274
68,413
34,565
9,063
70013
159,906
75,382
37,783
9,347
76412
171,007
80,780
39,604
9,772
81 502
8,183
3,311
3,198
10,501
4,377
5,327
11,161
4,647
6,780
13,604
5,773
8,091
16,066
7,196
6,410
17,218
7,984
5,824
18,656
8,873
6,862
18,729
9,729
6,380
18,920
9,396
6,662
21,182
11,335
7,458
22,536
12,425
8,253
25,265
12,754
9,148
27,777
13,943
9,819
31,076
15,424
10,010
2,513
3,432
3,446
4,222
4,851
5634
5,624
5,329
5991
6810
7082
8596
9153
8385
3298
3744
3947
4549
4499
5544
6003
5694
5741
6066
7073
7848
8112
8725
7,227
5016
8,448
5795
9,702
R999
10,433
6450
12,084
7191
13,003
7878
13,971
9238
17,168
10331
17,538
10577
19,562
11 790
20,337
12344
23,772
15042
26,137
16406
29,037
18552
2,211
2,653
3,480
3,983
4,893
5,125
4,733
6,837
6,961
7,772
7,993
8,730
9,731
10,485
SURVEY OF CURRENT BUSINESS
July 1997 •
8l
in Goods—Continued
of dollars]
Not seasonally adjusted
Seasonally adjusted
1995
\
Si
IV
III
il
I
1995
1997
1996
\f
IV
III
II
8
1997
1996
IV
III
II
I
Una
\P
IV
III
177,437
190,020
190,396
191,578
187,729
199,450
205,518
210,542
204,876
182,790
190,739
188,180
187,722
192,973
200,973
203,257
206,036
212,314
74
13,026
164,411
14,855
175,165
14,492
175,904
13,782
177,796
14,533
173,196
18,403
181,047
19,130
186,388
20,678
189,864
18,891
185,985
13,207
169,583
14,893
175,846
14,381
173,799
13,674
174,048
14,619
178,354
18,514
182,459
19,052
184,205
20,559
185,477
19,170
193,144
75
76
8,473
8,204
8,053
8,446
8,498
8,987
8,791
9,435
9,375
8,544
8,197
8,243
8,192
8,605
8,980
8,953
9,173
9,507
77
6,415
1,231
6,031
5,636
1,008
6,003
6,469
1,172
6,839
6,346
1,066
6,830
7,211
1,244
6,256
1,231
5,934
5,967
6,352
1,172
6,716
6,630
1,068
6,786
7,098
1,244
815
979
912
939
754
5,928
1,008
1,032
1,604
78
79
80
81
82
83
84
85
86
87
912
939
754
1,077
1,986
465
1,657
2,058
1,527
1,032
1,715
634
911
900
686
908
1,299
577
604
1,768
2,173
1,588
1,814
2,417
1,800
712
944
968
599
927
1,467
1,993
722
523
2,007
2,443
1,819
1,837
2,029
1,462
712
944
968
599
927
1,628
2,032
910
619
928
561
970
910
619
928
2,183
1,460
1,754
2,296
1,072
1,611
718
745
807
622
573
562
592
641
645
704
723
721
766
2,042
2,148
1,553
2,103
2,445
1,737
2,431
2,605
1,911
2,070
2,164
1,577
1,770
2,288
1,677
1,797
2,263
1,647
1,769
2,315
1,735
1,910
2,225
1,675
1,962
2,253
1,607
2,084
2,264
1,630
2052
2,323
1,661
2,315
2,387
1,765
2,209
2,409
1,742
634
914
900
686
910
1,645
1,607
561
970
1,817
1,913
815
980
1,898
416
418
493
518
441
465
574
565
464
498
448
456
443
519
504
529
493
545
44,686
49,810
45,674
44,817
47,444
54,308
53,294
54,451
54,384
44,792
49,298
45,778
45,119
47,533
53,933
53,377
54,654
54,925
88
1,360
43,326
14,460
14,225
1,488
48,322
16,349
16,099
1,370
44,304
15,980
15,720
1,353
43,464
15,370
15,184
1,599
45,845
16,357
16,148
1,612
52,696
20,026
19,805
1,726
51,568
20,925
20,637
1,524
52,927
22,970
22,721
1,614
52,770
21,130
20,910
1,326
43,466
14,550
14,315
1,469
47,829
16,422
16,172
1,403
44,375
15,966
15,706
1,373
43,746
15,221
15,035
1,571
45,962
16,318
16,108
1,597
52,336
20,179
19,958
1,756
51,621
21,002
20,714
1,537
53,117
22,779
22,531
1,582
53,343
21,223
21,003
89
90
91
92
2,867
2,183
6,567
3,088
2r902
3,239
2,264
6,690
3,269
3,180
3,329
2,136
6,198
3,278
3,245
3,445
2,034
6,096
3,184
3,176
3,071
2,019
6,962
3,140
3,147
2,588
2,228
6,872
3,723
3,361
2,602
2,278
6,453
4,221
3,464
2,610
2,318
6,610
3,951
3,381
2,548
2,375
7,439
3,731
3,298
2,912
2,231
6,187
3,222
3,008
3,246
2,180
6,513
3,135
3,128
3,315
2,116
6,479
3,188
3,173
3,407
2,090
6,372
3,274
3,194
3,106
2,069
6,606
3,296
3,262
2,595
2,158
6,721
3,587
3,313
2,597
2,246
6,702
4,091
3,381
2,573
2,370
6,868
4,061
3,397
2,594
2,468
7,161
3,984
3,457
93
94
95
96
97
11,259
13,331
10,138
10,159
11,149
13,898
11,625
11,087
12,249
11,356
13,205
10,138
10,188
11,305
13,783
11,602
11,069
12,456
575
686
631
644
858
611
589
612
576
859
717
488
571
683
631
648
858
614
591
613
577
859
713
1,752
1,574
1,352
1,870
1,568
1,466
1,335
1,499
1,342
1,260
1,596
1,333
1,293
1,561
1,398
1,395
1,727
1,459
1,182
1,521
1,493
1,201
1,558
1,465
1,318
1,651
1,626
1,740
1,562
1,359
1,872
1,566
1,430
1,341
1,506
1,353
1,264
1,603
1,351
1,296
1,565
1,409
1,398
1,729
1,425
1,185
1,525
1,500
1,192
1,548
1,481
1,336
1,669
1,652
98
99
100
101
102
103
104
105
106
50r125
54,714
56,959
59,631
56,479
56,105
57,040
59,425
57,463
51,318
54,813
56,979
58,319
57,776
56,572
56,846
57,855
59,326
107
46,991
51,408
53,948
56,591
53,181
52,420
53,305
55,527
53,595
48,189
51,510
53,969
55,270
54,470
52,878
53,143
53,942
55,469
108
5,678
41,313
1,489
1,486
1,468
1,306
6,075
45,333
1,593
1,595
1,819
1,425
6,213
47,735
1,247
1,545
1,659
1,416
6,184
50,407
1,152
1,550
1,698
1,453
5,820
47,361
1,394
1,561
1,803
1,424
6,006
46,414
1,498
1,595
1,901
1,445
6,371
46,934
1,371
1,572
1,885
1,530
6,552
48,975
1,422
1,538
1,914
1,561
6,331
47,264
1,547
1,547
2,055
1,508
5,873
42,316
1,468
1,503
1,471
1,332
6,009
45,501
1,487
1,557
1,727
1,424
6,166
47,803
1,308
1,550
1,722
1,415
6,102
49,168
1,218
1,566
1,724
1,429
6,045
48,425
1,372
1,587
1,810
1,460
5,982
46,896
1,404
1,562
1,813
1,450
6,294
46,849
1,422
1,570
1,938
1,514
6,428
47,514
1,487
1,547
1,942
1,536
6,649
48,820
1,532
1,593
2,098
1,564
109
110
111
112
113
114
8,934
9,746
9,076
8,951
9,371
9,592
9,248
9,460
9,502
8,917
9,456
9,284
9,050
9,390
9,364
9,405
9,512
9,647
115
1498
12,920
9,222
3,683
1,688
1,642
14,850
10,505
3,882
1,828
1,727
16,577
11,482
4,019
1,723
1,802
14,598
10,538
3,328
1,689
1,655
14,558
9,136
3,349
1,593
1,747
15,705
8,499
3,572
1,687
1,865
16,654
8,534
4,126
1,825
1,941
15,625
8,521
3,495
1,710
1,754
12,507
7,926
3,954
1,646
1,592
13,401
9,197
3,849
1,737
1,666
14,650
10,561
3,823
1,802
1,688
15,718
11,358
3,706
1,676
1,723
15,205
10,606
3,516
1,713
1,766
15,189
9,138
3,536
1,655
1,785
15,423
8,573
3,524
1,666
1,814
15,698
8,390
3,799
1,760
1,843
16,363
8,674
3,714
1,744
1,891
116
117
118
119
120
3,134
2,651
3,306
2,815
3,011
2,594
3,040
2,649
3,298
2,719
3,735
3,289
3,898
3,481
1,049
3,868
3,423
3,129
2,646
3,303
2,812
3,010
2,593
3,049
2,658
3,306
2,727
893
896
965
3,913
3,495
1,049
3,857
3,412
754
3,694
3,191
1,010
3,703
3,258
965
745
121
122
123
613
701
821
822
731
840
736
737
605
689
670
786
812
823
799
703
719
689
4,295
4,999
4,337
6,827
2,703
3,866
4,109
3,679
4,325
3,887
5,133
1,690
4,206
7,393
3,659
4,578
4,818
1,539
4,550
4,335
4,391
5,627
2,170
4,337
4,971
1,098
4,281
6,824
2,703
3,873
4,126
3,686
4,339
3,931
5,142
1,690
4,160
7,399
3,659
4,573
4,826
1,539
4,557
4,312
4,447
5,668
2,170
1098
11,929
7,833
3,748
1,622
493
965
978
754
893
896
3,685
3,182
1,010
745
965
978
32,005
32,599
28,278
30,914
31,025
33,406
30,920
33,587
35,156
32,338
31,543
30,169
29,746
31,008
32,274
33,420
32,236
35,561
124
11,615
6,254
2,373
11,504
6,227
2,337
9,593
5,070
1,988
11,671
6,369
2,313
11,091
5,840
2,114
12,845
6,929
2,437
11,029
5,830
2,097
10,950
5,540
2,187
12,754
6,848
2,454
12,003
6,760
2,366
10,663
5,707
2,209
10,342
5,348
2,196
11,375
6,105
2,240
11,211
6,129
2,087
11,870
6,303
2,305
12,215
6,400
2,360
10,619
5,307
2,083
13,161
7,309
2,478
511
469
381
455
654
679
581
626
694
476
436
427
477
598
640
660
642
648
2,477
2,471
2,154
2,534
2,483
2,800
2,521
2,597
2,758
2,401
2,311
2,371
2,553
2,397
2,622
2,795
2,587
2,726
125
126
127
128
129
20,390
10,132
21,095
10,792
18,685
9,180
19,243
9,801
953
968
975
2,384
6,967
2,120
6,433
2,045
6,402
22,402
11,384
1,430
2,365
7,223
918
2,352
6,991
22,637
12,165
1,301
2,307
6,864
18,371
8,871
995
19,891
9,765
1,295
2,153
6,678
19,827
9,987
952
20,561
9,988
1,190
2,423
6,960
20,880
10,845
952
19,934
9,807
1,054
2,327
6,746
20,335
10,202
915
2,319
6,896
2,321
6,761
2,205
6,667
2,056
6,469
19,797
9,831
1,048
2,286
6,632
20,404
10,096
1,184
2,360
6,764
21,205
10,688
1,332
2,245
6,940
21,617
11,110
1,276
2,319
6,912
22,400
11,433
1,437
2,345
7,185
130
131
132
133
134
36,160
17,673
8,941
2,233
16,377
38,172
18,042
8,765
2,291
18,344
44,893
21,720
11,433
2,635
20,991
40,681
17,947
8,644
2,188
20,700
37,367
18,253
8,729
2,274
16,899
39,238
18,470
8,621
2,214
18,791
48,321
23,081
12,025
2,734
22,927
46,081
20,976
10,229
2,550
22,885
41,077
20,375
9,951
2,559
18,308
39,606
18,702
9,498
2,337
18,887
40,505
19,097
9,679
2,373
19,480
40,299
19,121
9,545
2,336
19,087
39,496
18,462
9,061
2,301
18,958
40,944
19,298
9,281
2,376
19,519
41,905
19,694
9,640
2,311
20,078
43,308
20,264
9,982
2,415
20,832
44,850
21,524
10,701
2,670
21,073
45,300
21,743
10,700
2,712
21,261
135
136
137
138
139
6,227
2,699
2,144
6,975
2,945
2,304
7,636
4,098
2,701
6,939
4,201
2,670
6,673
2,933
1,950
7,351
3,236
2,220
8,798
4,531
2,976
8,254
4,724
2,864
7,432
3,213
2,054
6,808
3,407
2,592
7,080
3,410
2,548
6,999
3,649
2,373
6,890
3,577
2,306
7,331
3,700
2,392
7,516
3,779
2,494
8,020
3,915
2,629
8,209
4,030
2,495
8,265
4,059
2,528
140
141
142
1,944
2,156
2,666
2,387
1,656
1,936
2,473
2,320
1,616
2,379
2,336
2,313
2,125
2,043
2,119
2,149
2,074
2,015
143
2,110
1,786
2,182
2,034
2,215
1,977
2,313
2,220
2,394
2,017
1,928
2,091
2,076
2,127
2,133
2,212
2,253
2,296
144
5,938
3,695
6,521
4,033
6,539
4,120
7,089
4,558
6,916
4,353
7,406
4,685
7,152
4,600
7,563
4,914
7,421
4,613
6,192
3,836
6383
3^922
6,712
4,288
6,850
4,360
7,107
4,496
7,309
4,611
7,353
4,787
7,268
4,658
7,695
4,824
145
146
2,293
2,488
2,419
2,531
2,563
2,721
2,552
2,649
2,808
2,356
2,461
2,424
2,490
2,611
2,698
2,566
2,610
2,871
147
82 o July 2997
SURVEY OF CURRENT BUSINESS
Table 3.—Private
[Millions
Not seasonally adjusted
Line
1994
1995
1995
1996
1
II
III
IV
184195
204,165
221,224
47,124
48,196
56,157
52,688
Travel (table 1, line 5)
Passenger fares (table 1, line 6)
Other transportation (table 1, line 7)
Freight
Port services
Other
58,417
17,083
24,941
9,697
14,180
1,065
63,395
19,125
27,412
11,420
14,810
1,184
69,908
20,557
27,216
11,161
14,691
1,364
13,157
4,279
6,489
2,594
3,606
289
14,887
4,406
6,894
2,883
3,710
302
19,475
5,713
6,913
2,865
3,751
297
15,876
4,727
7,116
3,078
3,743
296
8
9
10
11
12
13
14
Royalties and license fees (table 1, line 8)
Affiliated
U.S. parents' receipts
U.S. affiliates' receipts
Unaffiliated
Industrial processes1
Other2
22,661
17,793
16,768
1,025
4,869
3,026
1,843
27,383
21,670
20,210
1,460
5,713
3,583
2,131
29,974
23,760
21,916
1,844
6,214
3,979
2,235
6,213
4,858
4,495
363
1,355
846
509
6,575
5,162
4,868
294
1,413
884
530
6,991
5,534
5,158
376
1,457
914
543
7,604
6,117
5,689
428
1,488
939
549
15
16
17
18
19
20
21
22
23
24
25
26
27
Other private services (table 1, 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
61,093
18,651
12,138
6,513
42,442
7,175
5,763
1,676
4,921
3,245
2,865
15,893
9,070
66,850
20,272
12,795
7,477
46,578
7,512
7,029
1,390
5,524
4,133
3,183
17,765
9,699
73,569
22,810
13,763
9,047
50,759
7,807
8,034
2,121
6,179
4,058
3,405
19,247
10,145
16,986
4,628
2,938
1,690
12,358
3,028
1,578
353
1,331
978
765
4,310
2,323
15,434
4,899
3,148
1,751
10,535
965
1,678
327
1,361
1,034
787
4,394
2,383
17,065
5,155
3,202
1,953
11,910
1,976
1,796
335
1,396
1,061
807
4,503
2,494
17,365
5,590
3,506
2,084
11,775
1,543
1,977
376
1,436
1,060
824
4,558
2,498
122,620
134,523
143,086
30,008
34,508
37,144
32,864
43,782
12,885
27,255
16,324
10,013
919
46,053
14,433
28,249
16,759
10,579
911
48,739
15,776
28,453
16,879
10,792
783
9,405
3,072
6,931
4,277
2,424
231
12,563
3,818
7,051
4,150
2,674
226
13,820
4,163
7,311
4,312
2,765
234
10,265
3,380
6,956
4,020
2,716
220
5,560
3,776
261
3,515
1,784
1,034
750
6,503
5,128
446
4,680
1,373
962
411
7,322
5,301
553
4,748
2,021
1,126
895
1,483
1,143
99
1,044
341
239
102
1,490
1,156
102
1,054
334
235
99
1,697
1,346
122
1,224
352
239
113
1,833
1,486
126
1,360
347
249
98
33,138
11,860
5,948
5,912
21,278
816
1,654
4,034
14,075
10,041
6,928
3,628
4,217
39,285
13,597
6,820
6,777
25,689
949
2,472
5,383
15,187
9,804
7,773
4,691
4,420
42,796
16,026
7,505
8,521
26,770
1,041
3,184
4,387
15,473
11,086
8,385
5,253
4,520
9,117
3,071
1,459
1,612
6,046
193
597
1,342
3,749
2,407
1,862
1,076
976
9,586
3,242
1,637
1,605
6,344
232
570
1,422
3,793
2,371
1,932
1,150
1,037
10,153
3,451
1,705
1,746
6,702
286
649
1,424
3,819
2,395
1,965
1,210
1,169
10,430
3,833
2,019
1,814
6,597
238
656
1,195
3,826
2,631
2,015
1,255
1239
-166,192
61,575
-104,617
-173,560
69,642
-103,918
-191,170
78,138
-113,032
-38,311
17,116
-21,195
-45,210
13,688
-31,522
-49,442
19,013
-30,429
-40,597
19,824
-20,773
1 Exports of private services
2
3
4
5
6
7
28
Imports of private services
29
30
31
32
33
34
Travel (table 1, line 19)
Passenger fares (table 1, line 20)
Other transportation (table 1, line 21)
Freight
Port services
Other
35
36
37
38
39
40
41
Royalties and license fees (table 1, line 22) .
Affiliated
U.S. parents' payments
U.S. affiliates' payments
Unaffiliated
Industrial processes l
Other2
42
43
44
45
46
47
48
49
50
51
52
53
54
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 recovered
Telecommunications
Business, professional, and technical services
Other Unaffiliated services3
55
56
57
Memoranda:
Balance on goods (table 1 line 64)
Balance OP private services (line 1 minus line 28)
Balance on goods and private services (lines 55 and 56)
See footnotes on page 85.
.....
SURVEY OF CURRENT BUSINESS
July 1997 • 83
Service Transactions
of dollars]
Not seasonally adjusted
Seasonally adjusted
1996
!
il
52,029
14,804
4,768
6,436
2,629
3,467
1997
\P
IV
III
1995
1
II
II
Line
1997
1996
1
IV
III
\f
IV
III
52,974
59,782
56,440
56,612
48,529
49,693
52,224
53,718
53,676
54,588
55,540
57,427
58,476
1
17,165
4,769
6,788
2,844
3,603
21,041
6,104
6,763
2,736
3,683
16,898
4,916
7,229
2,952
3,938
16,492
4,977
6,933
2,895
3,669
14,863
4,573
6,605
2,615
3,701
15,041
4,571
6,907
2,862
3,743
16,357
4,889
6,864
2,875
3,692
17,133
5,092
7,037
3,068
3,673
16,712
5,087
6,555
2,649
3,565
17,356
4,952
6,805
2,823
3,639
17,659
5,237
6,716
2,747
3,625
18,183
5,282
7,142
2,941
3,861
18,621
5,316
7,058
2,918
3,771
2
3
4
5
6
7
340
342
343
339
369
289
302
297
296
340
342
343
339
369
7,121
5,616
5,232
7,170
5,639
5,322
7,410
5,845
5,456
8,273
6,661
5,907
7,435
5,769
5,219
6,487
5,132
4,767
6,736
5,323
4,983
7,078
5,621
5,221
7,082
5,594
5,239
7,432
5,927
5,531
7,345
5,814
5,436
7,495
5,929
5,505
7,703
6,091
5,445
7,733
6,067
5,517
384
317
389
754
550
365
340
400
355
396
378
424
646
550
1,505
1,531
1,612
1,040
1,666
1,080
1,413
1,457
1,488
1,505
1,531
978
554
1,566
1,006
1,355
956
549
939
549
956
549
978
554
1,667
1,080
587
846
509
1,612
1,040
573
914
543
1,566
1,006
560
884
530
18,900
5,474
3,400
2,074
13,426
3,147
1,847
17,082
5,477
3,389
2,088
11,605
18,464
5,674
3,358
2,316
12,790
2,071
1,925
19,124
6,186
3,617
2,569
12,938
1,589
2,325
20,775
6,032
3,648
2,384
14,743
3,266
2,203
16,001
4,754
3,021
1,733
11,247
1,843
1,578
16,438
4,985
3,189
1,796
11,453
1,868
1,678
17,036
5,252
3,255
1,997
11,784
1,913
1,796
17,374
5,280
3,329
1,951
12,094
1,887
1,977
17,890
5623
3,494
2,129
12,267
1,916
1,847
18,130
5,571
3,429
2,142
12,559
1,938
1,938
560
573
587
18,433
5,777
3,410
2,367
12,656
1,998
1,925
19,117
5,840
3,431
2,409
13,277
1,955
2,325
19,748
6,198
3,753
2,445
13,550
1,992
2,203
8
9
10
11
12
13
14
863
854
838
850
845
978
765
787
807
824
863
854
838
850
845
4,681
2,438
4,734
2,568
4,847
2,547
4,985
2,592
5,279
2,531
4,310
2,397
4,394
2,398
4,503
2,430
4,558
2,472
4,681
2,510
4,734
2,583
4,847
2,486
4,985
2,565
5,279
2,612
15
16
17
18
19
20
21
gg
23
24
25
26
27
32,572
36,725
38,943
34,846
34,814
32,665
33,440
34,177
34,245
35,406
35,549
35,873
36,257
37,837
28
10,492
3,545
6,648
3,970
2,485
13,236
4,188
7,222
4,386
2,643
14,321
4,406
7,380
4,326
2,857
10,690
3,637
7,203
4,197
2,807
10,962
3,941
7,126
4,213
2,709
11,280
3,358
7,091
4,330
2,530
11,493
3,605
7,088
4,178
2,684
11,496
3,706
7,153
4,297
2,622
11,784
3,764
6,918
3,955
2,743
12,484
3,860
6,816
4,025
2,598
12,099
3,943
7,253
4,414
2,647
11,915
3,920
7,218
4,312
2,709
12,241
4,053
7,166
4,130
2,838
13,087
4,277
7,313
4,273
2,834
29
30
31
32
33
34
999
1,938
450
513
561
597
620
353
327
335
376
450
513
561
597
620
1,480
1,030
1,524
1,011
1,567
1,006
1,609
1,012
1,650
1,030
1,331
1,361
1,034
1,396
1,061
1,436
1,060
1,480
1,030
1,524
1,011
1,567
1,006
1,609
1,012
1,650
1,030
193
193
198
199
205
231
226
234
220
193
193
198
199
205
1,697
1,331
1,606
1,226
2,154
1,274
1,865
1,471
1,878
1,483
1,511
1,170
1,563
1,229
1,690
1,338
1,740
1,393
1,724
1,358
1,684
1,304
2,144
1,264
1,770
1,376
1,907
1,511
117
137
136
164
167
99
102
122
126
117
137
136
164
167
1,214
1,089
1,138
1,307
1,316
1,071
1,127
1,216
1,267
1,241
1,167
1,128
1,212
1,344
366
267
99
380
279
101
880
288
592
394
292
103
396
291
106
341
239
102
334
235
99
352
239
113
347
249
98
366
267
99
380
279
101
880
288
592
394
292
103
396
291
106
10,190
3,677
1,714
1,963
6,513
10,473
3,905
1,783
2,122
6,568
10,682
3,968
1,879
2,089
6,714
11,451
4,476
2,129
2,347
6,975
10,907
4,004
1,645
2,359
6,904
9,425
3,245
1,636
1,609
6,180
9,691
3,291
1,649
1,642
6,400
10,132
3,542
1,762
1,780
6,590
10,039
3,519
1,773
1,746
6,520
10,522
3,877
1,914
1,963
6,645
10,570
3,945
1,788
2,157
6,625
10,676
4,073
1,935
2,138
6,603
11,027
4,130
1,867
2,263
6,897
11,253
4,199
1,840
2,359
7,054
35
36
37
38
39
40
41
213
774
256
781
315
769
259
859
231
874
231
597
232
570
237
649
249
656
253
774
256
781
262
769
269
859
275
874
1,188
3,816
2,629
2,127
1,234
978
1,089
3,833
2,745
2,103
1,278
1,062
1,047
3,877
2,830
2,066
1,335
1,181
1,064
3,947
2,884
2,089
1,406
1,299
1,139
4,046
2,907
2,076
1,540
1,043
1,342
3,749
2,407
1,862
1,076
1,072
1,422
3,793
2,371
1,932
1,150
1,093
1,424
3,819
2,395
1,965
1,210
1,104
1,195
3,826
2,631
2,015
1,255
1,161
1,188
3,816
2,629
2,127
1,234
1,070
1,089
3,833
2,745
2,103
1,278
1,119
1,047
3,877
2,830
2,066
1,335
1,122
1,064
3,947
2,884
2,089
1,406
1,210
1,139
4,046
2,907
2,076
1,540
1,149
42
43
44
45
46
47
48
49
50
51
52
53
54
-36,287
19,457
-16,830
-45,252
16,249
-29,003
-59,848
20,839
-39,009
-49,783
21,594
-28,189
-42,064
21,798
-20,266
-44,401
15,864
-28,537
-47,558
16,253
-<31,305
-42,820
18,047
-24,773
-38,781
19,473
-19,308
-42,925
18,270
-24,655
-47,562
19,039
-28,523
-52,493
19,667
-32,826
-48,190
21,170
-27,020
-49,787
20,639
-29,148
55
56
57
§4 • July 1997
SURVEY OF CURRENT BUSINESS
Table 4.—Selected U.S. Government Transactions
[Millions of dollars]
Not seasonally adjusted
One
1994
1995
I
5
6
7
8
9
By category
Grants, net (table 1, line 30, with sign reversed)
1
Financing military purchases
..
Other grants
Cash contributions received from coalition partners for Persian Gulf operations
, .
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
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 19)
Other (including changes in administrative cash holdings), net
12
13
14
15
16
III
IV
1997
II
1
III
IV
\p
15,761
19,758
4,093
3,225
4,244
4,199
5,544
3,652
3,735
6,828
3,267
15,671
4,953
10,719
11,096
2,460
8,637
14,933
5,461
9,472
2,865
611
2,255
2,399
443
1,957
2,987
553
2,434
2,845
854
1,991
4,321
1,739
2,582
2,423
527
1,896
2,690
812
1,878
5,499
2,383
3,116
2,162
562
1,601
5,212
1,417
3,240
4
550
4,803
1,498
2,719
-10
595
4,930
1,814
2,487
-6
636
1,622
312
1,165
1,014
403
461
-9
159
1,352
526
675
-2
153
1,076
438
498
-6
145
1,489
358
974
1,127
433
531
1,238
586
484
143
815
258
418
-1
141
158
iS
;;
1,112
425
531
1
156
185
23
-139
17
-106
-20
-<J95
9
11
-8
242
17
3
n
147
4
-261
-20
-83
-6
91
2
-8
6
8
38
8
1
11
4
10
8
40
9
9
(
36
1
4
Q
14
25
6
3
2
17
4
4
1
4
3
4
2
3
n
n
1
54
74
0
58
-209
0
77
-147
0
4
-395
0
24
14
13
100
89
54
60
^9
1,417
2,005
13,266
1,054
1,663
639
1,498
1,116
9,733
1,148
442
1,153
79
58
649
1,814
823
13,710
1,356
216
1,161
58
77
696
312
247
2,417
415
105
452
15
4
133
14,584
5,757
2,872
3,551
662
10,160
3,822
2,837
2,422
518
12,012
6,282
2,635
2,553
457
2,889
1,472
1,319
1,904
557
639
P)
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
.7.
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, net2
Other short-term assets (including changes in administrative cash holdings), net
10
11
II
21,068
A1 U.S. Government grants and transactions Increasing Government assets, total
2
3
4a
4b
1996
1995
1996
8
'if
n
1
21
3
10
n
1
1
...
12
1
n . „..„
n
5
71
20
70
34
-215
16
25
6
-27
12
4
'^68
73
-26
-103
lie
-i'S
258
239
2,120
122
86
263
16
24
146
403
259
2,615
310
122
234
30
13
285
526
371
2,582
301
129
205
18
17
86
438
207
4,173
218
109
176
25
20
218
358
196
2,143
478
71
295
14
34
132
433
175
2,461
,392
31
187
11
16
61
586
245
4,933
269
6
503
8
6
285
425
189
1,999
322
27
162
18
12
137
2559
763
755
664
104
2,065
737
678
537
126
2,828
920
794
638
122
2,707
1,403
609
583
166
3,337
2,135
662
447
151
2,458
869
669
813
67
3,888
2,603
586
638
92
2,045
765
626
616
77
2,096
413
233
560
105
304
411
28
114
516
366
140
416
58
81
297
42
70
2,329
674
718
654
147
. „....
231
93
746
91
50
545
48
19
539
38
14
0
n
n
n
n
n
n
n
n
n
n
332
54
6,485
59
58
5,601
27
77
7,747
28
4
1,533
5
24
1,160
17
13
1,416
9
17
1,492
2,206
S
8
34
1,323
19
16
1,277
2,940
S
1
12
1,222
B1 Repayments on U.S. Government long-term assets, total (table 1, line 41)
2
Receipts of principal on U.S. Government credits
Under Agricultural Trade Development and Assistance Act and related programs
3
4
Under Foreign Assistance Act and related programs
Under Export-Import Bank Act
5
Under Commodity Credit Corporation Charter Act
6
7
Under other credit programs
Receipts on other long-term assets
8
5,045
4,468
672
1,719
1,001
950
126
577
4,115
3,480
337
1,870
904
229
141
635
4,134
3,482
402
1,585
1,145
175
175
652
1,069
911
43
548
265
53
2
158
642
484
35
265
144
38
3
159
1,522
1,365
103
850
341
60
10
157
882
721
157
207
154
78
126
161
1,013
850
69
558
172
51
870
704
72
213
398
21
:-
1,045
887
169
249
279
41
149
157
1,135
962
62
530
337
33
,S
1,206
1,040
92
565
295
63
26
167
C1 U.S. Government liabilities other than securities, total, net increase (+) (table 1, line 53)
2
Associated with military sales contracts2
U.S. Government cash receipts from foreign governments (including principal repayments on
3
credits financing military sales contracts) net of refunds 1
4
Less U.S. Government receipts from principal repayments
Less U.S. Treasury securities issued in connection with prepayments for military purchases in the
5
2,366
2,406
744
715
720
724
-420
-451
120
107
-221
-219
1,265
1,278
-143
-107
-204
-209
907
854
160
187
377
403
10,739
741
11,953
795
14,993
867
2,410
359
2,827
85
2,754
307
3,962
44
3,561
368
2,913
31
3,714
386
4,804
83
2,790
333
-1,022
3,551
662
-692
2,422
518
1,307
2,553
457
-84
664
104
-280
537
126
-454
638
122
-74
583
166
657
447
151
-216
654
147
-285
813
67
1,151
638
92
-648
616
77
2,889
Less transfers of goods and services (including transfers financed by grants for military purchases,
12,166
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/US Enrichment Corporation
-32
Sales of space launch and other services by National Aeronautics and Space Administration
9
Other sales and miscellaneous operations
.
.
...
-15
i"904
2,096
560
i'i'i
516
416
297'
508
746
13,756
14,647
3,249
3,452
3,758
3,297
3,092
3,961
3,572
<2
fl
Q
18
8
3
-10
8
-8
22
-9
-3
33
34
35
36
37
38
39
40
41
42
43
44
45
6
8
9
10
11
12
13
14
15
By disposition3
Estimated transactions involving no direct dollar outflow from the United States
Expenditures on U.S. goods 4
Expenditures on U S services
Financing of military sales contracts by U.S. Government5 (line C6)
By long-term credits 1
.
By short-term credits
By grants1
U.S. Government grants and credits to repay prior U.S. Government credits14 6
U.S. Government long- and short-term credits to repay prior U.S. private credits and other assets
Increase in liabilities associated with U.S. Government grants and transactions increasing
Government assets (including changes in retained accounts)7 (line 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.
Less foreign currencies used by U.S. Government other than for grants or credits (line 19)
Estimated dollar payments to foreign countries and international financial institutions
Plus financing of military sales contracts by U.S. Government5 (line A36)
By long-term credits 1
By short-term credits
See footnotes on page 85.
'"
"8
54
$
8
-4
34
-1
34
^3
5
n
n
-6
3
-10
n
-39
2
n
"?
8
-4
n
S
44
-<J
12
n
.
n
173
£„
.
539
4,022
J
-11
-10
3,3ie
J
-34
!)
()
SURVEY OF CURRENT BUSINESS
July 1997 • 85
FOOTNOTES TO U.S. INTERNATIONAL TRANSACTIONS TABLES 1-1OA
Genera! notes for all tables: P Preliminary. 'Less than $500,000 (±)
D
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 March 31,1997, were as follows in millions of dollars: Line 34,67,222; line 35,
11,050; line 36,9,879; line 37,13,846; line 38,32,447. 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 70 and 62 is equal to "net foreign investment" in the national income and product
accounts (NIPA's). However, the foreign transactions account in the NIPA's(a) includes adjustments to the international
transactions accounts for the treatment of gold, (b) 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 Ml PA net exports appears in the "Reconciliation and Other Special Tables"
section in this issue of the SURVEY OF CURRENT BUSINESS. A reconciliation of the other foreign transactions in the two sets of
accounts appears in table 4.5 of the full set of NIPA tables (published annually in the July issue of the SURVEY).
Additional footnotes for historical data in June 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, July 1996,
and July 1997 issues of the SURVEY,
Table 2:
1. Exports, Census basis, represent transactions values, f.as. U.S. port of exportation, for all years; imports, Census
basis, represent Customs values (see Technical Notes in the June 1982 SURVEY), except for 1974-81, when they 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
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. Deduction of foreign charges for repair of U.S. vessels abroad, which are included in tables 1 and 10, line 21 (other
transportation); coverage adjustments for special situations in which shipments were omitted from Census data; and the
deduction of the value of repairs and alterations to U.S.-owned equipment shipped abroad for repair. Also includes addition
of understatement of inland freight in f.as values of U.S. imports of goods from Canada in 1974-61; 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, Ubya,
Nigeria, and Gabon (beginning in January 1993, excludes Ecuador); 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.lncludes 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.
Tabi03:
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:
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.
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 oil and gas, and the transportation, refining, and marketing of petroleum products, exclusive of petrochemicals.
"Other industries includes wholesale trade; banking; finance (except banking), insurance, and real estate; services; and
other industries—agriculture, forestry, and fishing; mining; construction; transportation, 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)D 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
inlineA30
Table 7:
1. Estimates of transactions other than those with U.S. banks' Caribbean branches are not available.
2. Deposits (line AS) include other financial claims (line A6) 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. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries. Beginning
in January 1993, excludes Ecuador.
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. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries. Beginning
in January 1993, excludes Ecuador.
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. U.S. currency flows are not included, because no geographic data are available.
7. Western Europe, Canada Japan, Australia, New Zealand, and South Africa
8. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama
9. Based on data for Ecuador, Venezuela Indonesia and other Asian and African oil-exporting countries. Beginning
in January 1993, excludes Ecuador.
10. 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 a
international shipping, in operating oil and gas d
taxes withheld; current-cost adjustments associated v
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 61.
Table 10a: For footnotes 1-13, see table 1.
14. Details not shown separately are included in line 61.
NOTE.—Country data are based on information available from U.S. reporting sources, in some instances the statistics
may not necessarily reflect the ultimate foreign transactor. For instance: U.S. export statistics reflect country of reported
destination; in many cases the exports may be transshipped to third countries (especially true for the Netherlands and
Germany). The geographic breakdown of security transactions reflects country with which transaction occurred but may not
necessarily reflect the ultimate sources of foreign funds or ultimate destination of U.S. funds. Data for individual countries
within the European Union (6) may not add to the published totals for the European Union (6), because in several instances
estimates for the group are not available for each country. In addition, country data may not add to the European Union (6)
totals because of rounding.
SURVEY OF CURRENT BUSINESS
86 * July 1^97
Table 5.—Direct Investment: Income, Capital, Royalties and
[Millions
Not seasonally adjusted
(Credits +; debits -)
Une
1994
1995
1995
1996
IV
III
I
II
23,900
22,995
7,306
15,689
U.S. direct Investment abroad:
1 Income with current-cost adjustment, before deduction of withholding taxes (table 1, line 12)
Earnings
2
3
Distributed earnings .
4
Reinvested earnings
5
Interest 1
6
U.S. parents' receipts
U.S. parents' payments
7
8
9
10
11
12
13
Less: Current-cost adjustment (line 8 with sign reversed)
25
26
27
28
29
30
31
32
33
34
35
21,583
20,755
6,989
13,767
1,622
1,278
2,252
1,572
343
344
385
273
427
289
467
373
68,597
7,177
26,699
34,721
87,449
9,730
35,065
42,654
95,067
11,960
34,975
48,132
20,896
2,504
8,518
9,874
23,243
2,526
9,739
10,978
20,878
2,190
8,228
10,460
22,432
2,510
8,581
11,342
-69,262
-20,491
-35,331
14,840
-30,138
-18,633
-21,763
3,130
Equals Income without current-cost adjustment, after deduction of withholding taxes
Petroleum
Manufacturing
Other
Capital with current-cost adjustment (table 1, line 44)
Equity capital
Increases in equity capital34
Decreases in equity capital
Reinvested earnings ....
Intercompany debt
U.S. parents' receivables
U.S. parents' payables
23
24
23,272
22,534
12,116
10,418
98,890
95,514
37,629
57,885
3,377
6,737
-3,360
-66,737
-36,611
-47,957
11,346
-54,007
3,881
-21,642
25,522
-87,813
-21,605
-38,895
17,290
-57,885
-8,323
-8,563
-16,048
-6,450
-7,234
1,784
-13,767
3,169
-7,851
11,020
-14,975
1,430
-3,790
5,219
-15,689
-15,363
-7,904
-10,207
2,303
-14,134
6,675
5,573
1,101
-40,352
-24,687
-26,727
2,039
-10,418
-5,247
-15,201
9,954
990
2
22
21,594
20,714
6,581
14,134
90,349
86,998
32,991
54,007
3,350
7,041
-3,691
1,324
Less: Current-cost adjustment
Less: Withholding taxes ...
16
17
18
19
20
21
14
15
70,911
68,402
38,265
30,138
2,509
5,074
-2,565
-990
Equals: Capital without current-cost adjustment2
Equity capital (line 15)
Petroleum
Manufacturing
Other
.7.
Reinvested earnings without current-cost adjustment (line 18 less line 22)
Petroleum
Manufacturing
Other
.;.
Intercompany debt (line 19)
Petroleum
Manufacturing Other
-68,272
-20,491
-653
-3,269
-16,670
-29,148
19
-14,667
-14,500
-18,633
-1,156
-6,018
-11,459
241
-1,622
-2,252
-85,115
-36,611
1,449
-17,292
-20,767
-52,385
-3,400
-23,990
-24,995
3,881
-85,561
-21,605
827
905
879
738
1,599
1,856
1,795
-772
-951
-915
1,791
-1,053
-343
-15,705
-6,450
352
-31
-9,024
-12,933
-55,633
-6,533
-21,248
-28,852
-6,323
-3,478
-1,940
-13,424
-1,408
-5,388
-6,629
3,169
-716
-4,163
3,448
-385
-14,590
1,430
2,322
-394
-499
-15,304
-427
-14,936
-7,904
-401
-802
-6,701
-13,707
-467
-39,885
-54,687
-441
-12,619
-11,627
-9,951
-571
-648
-773
-7,459
-7,273
-6,927
-7,131
6,675
-5,216
-3,962
-5,247
-716
-486
-963
455
851
-1,248
5,615
1,743
-9,102
3,405
161
-1,224
7,443
-6,393
4,397
4,495
4,766
4,866
5,036
5,158
5,563
5,689
-102
-122
-126
212
-448
-2,004
1,128
-704
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)
16,506
16,768
19,762
20,210
21,363
21,916
38
-261
-448
-554
39
40
41
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)
6,190
12,138
-5,948
5,975
12,795
-6,820
6,259
13,763
-7,505
1,479
2,938
-1,459
1,512
3,148
-1,637
1,497
3,202
-1,705
1,487
3,506
-2,019
-20,154
-12,812
-10,271
-2,541
-7,342
-10,097
2,755
-30,345
-22,080
-12,254
-9,826
-8,265
-12,546
4,281
-32,132
-24,211
-12,024
-12,187
-7,921
-13,220
5,299
-6,699
-4,747
-2,355
-2,393
-1,952
-2,989
1,038
-7,673
-5,588
-2,680
-2,908
-2,085
-2,988
902
-9,182
-7,065
-3,927
-3,138
-2,117
^3,198
1,081
-6,791
^,680
-3,293
-1,387
-2,112
-3,371
1,260
1,316
1,888
1,873
-184
-204
-245
432
-49
467
-38
490
-71
499
-46
-8,102
-9,601
-7,245
36
37
-99
Foreign direct Investment In the United States:
42
43
44
45
46
47
48
49
50
51
52
Income with current-cost adjustment, before deduction of withholding taxes (table 1, line 26)
Distributed earnings
Reinvested earnings
Interest1
U.S. affiliates' payments ,
U.S. affiliates' receipts
Less: Current-cost adjustment
Less: Withholding taxes
2
Equals: Income without current-cost adjustment, after deduction of withholding taxes
Petroleum ...
Manufacturing
Other
-21,286
-1,902
-10,788
-8,596
-32,029
-2,970
-15,886
-13,173
-33,759
-4,190
-17,262
-12,308
-7,082
-375
-729
-966
-900
-3,289
-3,418
-4,016
-3,357
•4,933
-3,702
-3,649
-2,696
45,679
37,210
43,387
-6,176
2,541
5,927
3,673
2,254
67,526
45,057
51,696
-6,639
9,826
12,643
19,451
-6,808
76,955
53,030
62,739
-9,709
12,187
11,739
24,102
-12,363
12,640
10,889
12,302
-1,413
2,393
10,630
6,833
8,616
-1,784
2,908
25,108
12,310
13,074
59
60
61
62
Capital with current-cost adjustment (table 1, line 57)
Equity capital ..
Increases in equity capital3 4
Decreases in equity capital
Reinvested earnings
Intercompany debt ..,
U.S. affiliates' payables
U.S. affiliates' receivables
19,149
15,026
17,704
-2,679
1,387
2,736
6,837
-4,101
63
Less: Current-cost adjustment (line 49 with sign reversed)
-1,316
-1,888
64
65
66
67
68
69
70
71
72
73
74
75
76
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 ...
Manufacturing
Other
46,995
37,210
1,159
13,377
22,674
3,857
77
78
79
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)
80
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)
53
54
55
56
57
58
81
82
See footnotes on page 85.
-642
230
889
-764
3,138
9,660
9,921
-672
2,463
-1,574
-1,873
-432
-467
-490
-499
78,828
53,030
4,608
14,764
33,659
14,060
2,320
9,574
2,166
11,739
1,186
4,774
5,779
13,072
10,889
11,097
6,833
25,598
12,310
2,091
5,811
4,408
3,628
19,648
15,026
1,765
3,984
69,414
45,057
2,748
18,488
23,821
11,714
1,447
7,113
3,153
12,643
-1,044
2,248
11,439
-2,490
-3,515
1,025
-3,221
-4,680
1,460
-2,905
-4,748
1,844
-681
-760
-648
-932
-1,044
-1,054
-1,224
-1,360
363
294
376
428
600
701
526
78
146
207
270
-6,912
6,513
-6,777
7,477
-8,521
9,047
-1,612
1,690
-1,605
1,751
-1,746
1,953
-1,814
2,084
327
4,531
-1,000
5,927
179
-316
4,981
6,224
2825
373
2,193
4,267
3,375
-261
600
5,504
8,923
1,886
49
418
677
303
1,915
2,324
633
889
545
1,615
1,336
9,660
-2,148
1,128
10,679
1,260
861
-642
283
725
-1,649
-256
599
323
2,736
276
650
1,810
SURVEY OF CURRENT BUSINESS
July 1997 •
87
License Fees, and Other Private Services
of dollars]
Not seasonally adjusted
Seasonally adjusted
1996
II
I
23,613
22,821
6,697
16,124
IV
III
24,318
23,496
9,091
14,405
1995
1997
23,837
22,993
8^35
14,758
1
\P
27,123
26,204
13,606
12,598
26,001
25,167
6,645
18,522
il
21,425
23,416
22,511
8,135
14,376
20,597
8,752
11,845
1
IV
22,347
21,468
8,312
13,156
23,162
22,424
7,793
14,631
II
23,389
22,597
8,521
14,076
23,928
23,107
10,165
12,942
Line
1997
1996
ill
IV
III
24,675
23,831
10,169
13,662
\P
26,898
25,978
8,773
17,205
25,705
24,871
8,463
16,408
792
822
843
920
834
827
905
879
738
792
822
843
920
834
1,622
1,667
1,678
1,769
1,610
1,599
1,856
1,795
1,667
1,678
1,769
1,610
-646
-835
-850
-776
-772
-951
-915
1,791
-1,053
1,622
-830
-830
-846
-835
-850
-776
1
2
3
4
5
6
7
504
289
543
396
583
355
622
532
662
347
343
374
385
304
427
325
467
275
504
318
543
459
583
409
622
385
662
388
8
9
22,820
3,007
8,990
10,823
23,379
2,858
9,356
11,165
22,899
2,611
8,194
12,094
25,969
3,484
8,436
14,050
24,992
3,775
8,651
12,566
20,708
2,367
8,467
9,874
22,727
2,620
9,128
10,978
21,595
2,365
8,770
10,460
22,420
2,378
8,700
11,342
22,567
2,831
8,913
10,823
22,926
2,969
8,792
11,165
23,683
2,864
8,725
12,094
25,891
3296
8,545
14,050
24,655
3,530
8,559
12,566
10
11
12
13
-24,258
-9,370
-12,469
3,098
-16,124
1,237
7,254
-6,017
-25,097
-2,161
-7,949
5,788
-14,405
-8,531
-10,528
1,997
-12200
-4,788
-7,545
2,757
-14,758
7,346
4,505
2,841
-26,258
-5,286
-10,932
5,646
-12,598
-8,374
-9,793
1,419
-26,743
-11242
-12,580
1,338
-18,522
3,021
2,790
-14,127
-5,450
-7,234
1,784
-11,845
3,169
-7,851
11,020
-13,661
1,430
-3,790
5,219
-14,376
-14,385
-7,904
-10,207
2,303
-13,156
6,675
5,573
1,101
-44,565
-24,687
-26,727
2,039
-14,631
-5,247
-15,201
9,954
-22,210
-9,370
-12,469
3,098
-14,076
1,237
7,254
-6,017
-23,633
-2,161
-7,949
5,788
-12,942
-8,531
-10,528
1,997
-11,104
-4,788
-7,545
2,757
-13,662
7,346
4,505
2,841
-30,866
-5,286
-10,932
5,646
-17205
-8,374
-9,793
1,419
-24,628
-11,242
-12,580
1,338
-16,408
3,021
2,790
14
15
16
17
18
19
20
21
-504
-23,754
-9,370
-331
-643
-583
-24,554
-2,161
2,215
-1,378
-2,998
-13,862
-1,141
-6,542
-6,179
-8,531
-1,722
-11,617
-4,788
772
-910
-873
-622
-25,636
-5,286
-623
231
-662
-26,081
-11242
-826
^343
-13,784
-5,450
-31
-716
-4,163
3,448
-385
-13276
1,430
2,322
-427
-467
-13,958
-7,904
-44,098
-24,687
-401
-802
-441
-604
-21,706
-9,370
-331
-543
-23,090
-2,161
2215
-683
-10,521
-4,788
-910
-873
455
851
947
-1,378
-2,998
-12,399
-1,420
-5274
-5,705
-8,531
-1,722
-438
-448
-8,704
2,272
3,405
161
-1,224
7,443
-6,393
1,987
-1,698
-7,581
-1,953
8,880
5,319
5,456
5,742
5,907
5,053
5,219
4,668
4,767
4,881
4,983
5,099
5,221
5,113
5,239
5,415
5,531
5299
5,436
-136
-164
-167
-102
-122
-126
-117
-137
1,606
3,389
-1,783
1,479
3,358
-1,879
1,488
3,617
-2,129
2,003
3,648
-1,645
1,385
3,021
-1,636
1,540
3,189
-1,649
1,493
3,255
-1,762
1,556
3,329
-1,773
1,580
3,494
-1,914
-6,488
-5,259
-2,652
-2,607
-1,230
-2,935
1,706
-8,184
-6,079
-2,496
-3,583
-2,105
-5,077
-9,905
-7,569
-2,131
-5,438
-2,336
-3,596
-7,554
-5,304
-4,745
-2,250
-3,612
1,363
-9,095
-6,836
-2,230
-4,606
-2,260
-3,563
1,303
-7,035
-6,083
-2,457
-2,626
-1,952
-2,989
1,038
-7,379
-5293
-2,806
-2,487
-2,085
-2,988
902
-8,883
-6,766
-4,168
-2,599
-2,117
-3,198
1,081
-7,048
-4,937
-2,823
-2,114
-2,112
-3,371
1,260
468
-47
468
^38
468
-64
469
-96
471
-48
432
-49
467
-38
490
-71
--6,909
-8,615
-7,927
-1,072
-4,176
-2,679
-9,518
-1,187
•^,332
-3,999
-7,807
-988
-10,309
-1,426
-4,662
-4,221
-7,418
-704
26,579
12,993
16,116
-3,123
5,438
8,148
8,345
16,820
15,900
17,804
-1,904
21,445
11,368
12,464
-1,096
4,606
5,472
10,696
-5,224
-4,668
-4,371
-15,620
-1,640
-6,589
-7,391
1,237
947
-3,005
-14,175
-1,000
-4,518
-8,658
7,346
419
1,987
-1,698
-7,581
-1,953
8,880
5,115
5^32
5,185
5,322
-117
-137
1,686
3,400
-1,714
972
-3,562
-2,643
-4,863
-2,764
15,662
16,996
18,194
-1,198
2,607
-3,940
5,317
-9,257
17,894
7,141
10,625
-3,484
3,583
7,170
5,528
1,642
1260
-197
-2,105
-2,559
-11,976
-1,753
-3,599
-6,624
-8,374
-607
937
-559
559
360
4,912
-4,552
-4,106
-6,310
-17,860
-2,754
-5,835
-9,271
3,021
1,187
-3,478
-1,940
-11,502
-1,044
-5,125
-6,333
3,169
212
-99
-394
-499
-13,991
-12,619
-11,627
-14,164
-6,701
-12,729
-788
-601
-967
-6,349
-6,854
-6,149
-5,979
6,675
-6,367
-6,830
-5247
-716
-2,004
1,128
-4,668
-4,371
-13,572
-1,166
-6,370
-6,036
1,237
5,369
5,505
5281
5,445
5,351
5,517
-136
-164
-167
36
37
38
1,641
3,429
-1,788
1,475
3,410
-1,935
1,564
3,431
-1,867
1,914
3,753
-1,840
39
40
41
-6,842
-6,612
-2,792
-2,821
-1,230
-2,935
1,706
-7,873
-5,767
-2,639
-3,129
-2,105
-3,077
972
-9,612
-7,276
-2,439
-4,836
-2,336
-3,596
1,260
-7,805
-6,555
-4,155
-1,400
-2250
-3,612
1,363
-9,459
-7,200
-2,339
-4,861
-2,260
-3,563
1,303
42
43
44
45
46
47
48
499
-46
468
-47
468
-38
468
-64
469
-96
471
-48
49
50
-10,016
-1,426
-4,368
-4,221
-8,178
-1,072
-4,427
-2,679
-9,882
-1,187
-4,696
^3,999
51
52
53
54
25,977
12,993
16,116
-3,123
4,836
8,148
8,345
17,661
15,900
17,804
-1,904
1,400
21,700
11,368
12,464
-1,096
4,861
5,472
10,696
-5,224
55
56
57
58
59
60
61
62
-7,502
-7,263
-8,303
-966
-900
-704
-988
-3,625
-3,418
-4,634
-3,702
-3,905
-2,696
-3,916
-2,643
-4,551
-2,764
12,873
10,889
12,302
-1,413
2,626
10209
6,833
8,616
-1,784
2,487
24,568
12,310
13,074
19,876
15,026
17,704
-2,679
2,114
2,736
6,837
-4,101
15,877
16,996
18,194
-1,198
2,821
-3,940
5,317
-9,257
17,440
7,141
10,625
-3,484
3,129
7,170
5,528
1,642
230
-872
2,463
-1,574
-261
-607
-4,106
-6,310
-15,746
-2,257
-5,552
-7,937
3,021
1,187
23
24
25
26
27
28
29
30
31
32
33
34
35
^38
-9,302
-764
-2,105
-2,559
-16,583
-1,900
-5,173
-9,510
-8,374
-826
22
2,272
-729
2,599
9,660
9,921
-623
-23,966
-11,242
937
772
-3,722
-3,357
889
419
-30,244
-5,286
231
-662
-8,704
-704
-375
-642
-3,005
-13,079
-1,047
-4,431
-7,601
7,346
-622
•
-197
360
4,912
-4,552
-468
-468
-468
-469
-471
-432
-467
-490
-499
-468
-468
-468
-469
-471
63
16,130
16,996
1,896
5,825
9,275
3,075
18,362
7,141
2,202
2,306
2,633
4,051
27,047
12,993
17,289
15,900
21,916
11,368
13,305
10,889
10,676
6,833
20,375
15,026
22,171
11,368
424
211
299
424
2,306
13,295
1,028
5,457
5,487
5,077
17,908
7,141
2,202
2,306
2,633
3,597
18,130
15,900
299
16,345
16,996
1,896
5,825
9275
3,289
26,445
12,993
211
25,058
12,310
2,091
5,811
4,408
3,089
2,306
13,295
1,869
5,457
5,487
5,332
-602
-602
64
65
66
67
68
69
70
71
72
73
74
75
76
375
713
2,135
3,244
565
94
-3,940
3,097
-1,442
-5,595
7,170
4,327
8,456
5,906
1,052
2,832
2,021
8,148
-$92
-317
7,467
960
695
7,505
-316
373
600
180
872
49
418
677
303
375
713
1,363
2,658
1,547
5,472
2,148
1,903
2,349
2,790
323
565
94
2,736
283
725
-992
-317
4,155
-1,649
-3,940
3,097
-1,442
-5,595
7,170
625
691
633
889
545
1,075
1,336
9,660
-2,148
1,128
10,679
1,987
861
4,327
8,456
5,304
1,052
2,231
2,021
8,148
-515
360
-2,212
3,174
4,981
6,224
3,058
-642
2,193
4,267
2,954
-256
599
5,504
8,923
2,613
276
650
1,810
7,467
960
695
7,505
180
872
2204
2,914
1,547
5,472
-515
360
-2212
3,174
625
691
4,155
-831
-772
-749
-553
-766
-706
-787
-816
-845
-789
-703
-567
-794
-1,214
-1,089
-1,138
-1,307
-1,316
-1,071
-1,127
-1,216
-1267
-1,241
-1,167
-1,128
-1,212
-1,344
384
317
389
754
550
365
340
400
355
396
378
424
646
550
-912
111
-34
227
222
25
124
154
217
205
166
-15
229
146
86
-1,963
2,074
-2,122
2,088
-2,089
2,316
-2,347
2,569
-2,359
2,384
-1,609
1,733
-1,642
1,796
-1,780
1,997
-1,746
1,951
-1,963
2,129
-2,157
2,142
-2,138
2,367
-2,263
2,409
-2,359
2,445
77
78
79
80
81
82
SURVEY OF CURRENT BUSINESS
88 « July 1997
Table 6.—Securities Transactions
[Millions of dollars]
Not seasonally adjusted
Une
(Credits +; debits -)
1994
1995
1996
1996
1995
1997
I
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
IV
\p
-7,631
-23,313
-36,144
-32,986
-34,455
-20,328
-23,206
-30,200
-14,510
-58,786
-4,108
-10,264
-22,085
-13,964
-22,520
-17,519
-8,164
-10,583
-11,757
New issues in the United States
Of which Western Europe
Canada
Latin America
-14,303
-8,075
-201
-2,992
-8,863
-5,365
P)
P)
-11,353
-5,796
P)
P)
-428
-152
P)
-2,216
-1,253
-156
P)
-1,183
-715
-102
P)
-5,036
-3,245
-621
-224
-2,920
-757
-645
-394
-4,908
-3,341
-661
-92
-1,342
-644
P)
-119
-2,183
-1,054
P)
-603
-2,007
-647
P)
P)
Transactions in outstanding stocks, net
Western Europe
Of which United Kingdom
Canada
Japan
Other
-33,798
-9,222
-4,869
-2,261
-14,555
-7,760
-41,558
-15,558
-8,203
1,058
-19,411
-7,647
-47,433
-25,408
-12,983
-2,152
-9,561
-10,312
-3,680
-2,027
-1,666
910
^03
-2,160
-8,048
-3,799
-2,056
459
-3,106
-1,602
-20,902
-6,613
-2,880
-668
-11,755
-1,866
-8,928
-3,119
-1,601
357
^4,147
-2,019
-19,600
-6,919
-2,054
-689
-7,929
-3,863
-12,611
-6,917
-4,843
-933
-2,527
-2,234
-6,822
-6,088
-1,958
372
-102
-2,004
-8,400
-6,484
-4,128
-702
997
-2,211
-9,750
-4,824
-3,122
1,506
-1,920
-4,512
-12,208
-49,653
-49,403
-3,523
-13,049
-14,059
-19,022
-11,935
-2,809
-15,042
-19,617
-2,753
-48,967
-39,350
-52,472
-6,471
-7,268
-12,645
-12,966
-12,895
-8,411
-13,800
-17,366
-14,959
-8,473
-10,754
-28,542
-3,095
-4,838
-30,258
-1,159
-9,867
-10,206
-31,280
-1,119
-912
-1,472
-4,075
-12
-532
-210
-6,243
-283
-1,262
-2,017
-9,032
-334
-389
-1,139
-10,908
-630
-3,022
-2,716
-6,957
-200
-89
-1,587
-6,725
-10
-5,517
-1,014
-6,423
-846
-1,239
-4,889
-11,175
-63
-3,990
-910
-9,859
-200
-14,102
-8,062
-110
-11,797
-13,698
-1,198
-13,005
-10,732
-330
-6,083
-9,041
-1,159
-11,380
-7,531
-197
-16,169
-16,076
-1,119
-2,877
-1,975
-2,617
-2,835
-4,152
-2,175
-310
-938 "-l",536
-945
^,788
^334
-283
-4,676
-2,430
-20
-1,659
-3,651
-530
-3,942
-3,042
-1,420
-963
-197
-2,785
-3,036
-10
-1,989
-1,493
-4,029
-2,033
-4,023
-1,220
-6,518
-2,954
-846
-3,536
-7,705
-63
-5,825
-3,691
-200
9,216
2,552
2830
2,572
1,262
10,579
2,734
3,509
2,437
1,899
16,176
6,125
3,141
5,813
1,097
1,210
321
415
474
3,186
1,384
986
543
273
2,731
518
998
1,015
200
3,452
511
1,110
405
1,426
3,475
2,508
388
579
3,438
977
1,206
1,230
25
4,500
1,578
983
1,764
175
4,763
1,062
564
2,240
897
3,633
888
678
517
1,550
27,543
25,265
22,383
231
-3,410
5,457
-20,882
-16,773
-14,141
-602
-5,794
2,487
-13,107
-20,645
-17,577
1,524
3,419
2,595
1,738
3,575
3,370
232
-1,964
-105
-8,967
-9,400
-9,454
-1,738
1,110
1,061
-4,145
-3,700
-2,791
-1,721
-3,215
4,491
-9,508
-7,248
-5,266
2,425
-1,725
-2,960
-2,515
-1,820
-2,668
-356
-478
139
2,164
1,491
4,818
1,148
-689
114
-5,742
-10,458
-8,872
2,057
3,216
-557
-7,014
-9,858
-10,855
-1,325
1,270
2,899
8,573
5,141
2,848
1,518
-1,471
3,385
56,971
96,367
133,798
15,734
20,606
32,128
27,899
36,475
29,761
35,115
32,447
38,738
3,342
13,516
12,604
-3,753
2,095
5,009
10,165
3,530
6,068
1,681
1,325
10,299
6,152
2,077
-125
594
-1,289
1,100
-2,621
10,842
-1,868
-2,390
7,893
-1,677
-2,799
7,150
6,307
1,252
2,606
3,942
2,156
-443
4,584
-1,957
-460
-963
-155
-228
-1,741
173
401
-1,020
-1,377
2,726
-903
-365
2,962
2,385
-242
-888
2,602
-645
-1,552
4,821
10,013
-146
838
2,720
99
859
-806
2,129
277
736
-682
1,059
-807
1,149
491
352
531
120
-274
2,309
3,542
3,273
542
1,008
1,484
-35
-1,314
-243
414
81
331
3,020
1,406
-631
136
10,539
2,727
1,331
3,206
1,131
-2,339
968
53,629
82,851
121,194
19,487
18,511
27,119
17,734
32,945
23,693
33,434
31,122
28,439
40,862
15,577
-2,810
59,261
24,973
-1,383
53,445
44,558
23,191
16,499
5,378
-2,390
12,107
5,046
1,358
16,279
11,722
-682
14,376
2,827
531
13,511
14,392
5,042
11,643
5,662
6,388
13,716
12,162
7,556
14,575
12,342
4,205
20,740
7,973
-274
34,100
658
1,052
31,489
1,295
5,473
12,247
514
69,803
5,963
526
57,989
2,372
2,275
8,948
-647
74,561
5,218
888
54,991
3,902
13,749
28,941
41
17,693
2,005
166
15,392
652
309
1,047
-214
14,600
575
-85
15,223
647
1,442
1,917
-95
19,870
2,144
569
14,434
709
1,681
5,033
-174
17,640
1,239
-124
12,940
364
-1,157
951
-64
21,356
2,329
-60
14,963
504
984
10,026
75
16,090
1,658
271
10,462
1,420
2,601
3,593
-11
20,656
1,237
785
15,366
1,000
5,464
6,323
-9
16,459
-6
-108
14,200
978
4,700
8,999
-14
20,621
400
-151
18,581
1,794
2,973
3,052
-1
41,822
6,077
-18
-2,455
36,546
39,631
3,735
219
3,046
94,094
86,875
4,381
1,636
-358
157,259
7,961
1,126
178
87
24,811
12,322
1,326
-458
3,406
31,185
11,901
518
-117
-111
34,875
7,447
765
616
-336
3,223
26,044
52
-9
-202
11,500
8,087
1,258
831
454
30,538
30,404
1,217
905
-2,490
44,479
22,340
1,854
-91
1,880
70,742
24,878
651
415
-3,702
43,334
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 corporations l
Private corporations
International financial institutions2
30
31
32
33
34
35
Other transactions in outstanding bonds, net3
Western Europe
Of which United Kingdom
Canada
japan
Other
B1 U.S. securities, excluding Treasury securities and transactions of foreign official
agencies, net foreign purchases {+), (table 1, line 59 or lines 2 + 10 below)
14
15
16
17
18
19
20
21
III
-108,189
Redemptions of U.S.-held foreign bonds3
Western Europe
Canada
I...
Other countries
international financial institutions2
11
12
13
11
-50,421
25
26
27
28
29
10
«
-100,074
By area:
Western Europe
Canada
japan
Latin America ..
Other countries
International financial institutions2
3
4
5
6
7
8
9
IV
-48,101
Stocks, net U.S. purchases
19
20
21
22
23
24
2
III
-40,309
A1 Foreign securities, net U.S. purchases (-), (table 1, line 45 or lines 2 + 13 below)
2
II
Stocks, net foreign purchases
By area:
Western Europe
,
Of which Germany ,
Switzerland
United Kingdom
Canada ....
Japan
Corporate and other bonds, net foreign purchases
New 'issues sold abroad by U.S. corporations
U.S. federally-sponsored agency bonds, net
Other outstanding bonds, net
By area:
Western Europe
Of which Germany ,
Switzerland
United Kingdom
Canada ...
Japan
Other countries
International financial institutions2
'^950
-657
-12
-3,330
-2,381
-200
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)
1
Other U.S. Government securities (line A6)
2
U.S. corporate and other bonds (part of line A14)
3
U.S. stocks (part of line A14)
4
5 Other foreign transactions in U.S. Treasury bonds and notes (table 9, line B5)
See footnotes on page 85.
SURVEY OF CURRENT BUSINESS
July 1997 •
89
Table 7.—Claims on and Liabilities to Unaffiliated Foreigners Reported by U.S. Nonbanking Concerns
[Millions of dollars]
Amounts
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.)
out1994
1995
1996
-31,739
-34,997
-64,234
2
3
4
5
6
-4,044
-23,147
6,988
-29,144
-26,065
-3,079
-33,885
-25,477
-8,408
-61,568
•41,661
-19,907
-5,425
-5,296
-129
-22,284
-23,041
757
7,042
11,819
-4J77
-29,048
-96
7
8
9
10
11
12
13
14
Financial claims
Denominated in U.S. dollars
Denominated in foreign currencies
By type: Deposits2
Other claims"
4
-33832
-53
-60,856
-712
-5,916
491
-42227
-57
By area: Industrial countries
Of which United Kingdom
Canada
Caribbean banking centers9
Other
-1,660
2,318
-6,518
-23,388
-4,096
-24,294
-11,266
274
-9,809
218
-29,780
-18,167
-1,061
-30,719
-1,069
-175
-1,102
1,724
-6,856
606
Commercial claims
Denominated in U.S. dollars
Denominated in foreign currencies
-2,595
-2,348
-347
-1,112
-1,600
488
-2,666
-2,657
-d
1997
standing
Mar. 31,
I
II
III
IV
I1
-14,794
-15,778
-5,047
-17,294
-26,115
-8,600
377,655
-13,218
-8,959
-4259
-16,257
-4,470
-11,787
-4,832
-4,891
59
-17,774
-4,639
-9,735
-22,705
-23,661
956
-8,600
-4,600
349,815
272,041
77,774
7,450
-408
-13,139
-79
-16,147
-110
-4,672
-160
-17,563
-211
-22,474
-231
-8,600
344,981
4,834
-6,127
-1,071
-1,846
-16,022
-135
-11,521
-2,547
754
18,804
-241
-6,471
-6,546
-658
-6,735
-12
-14,987
-10,672
-141
-1,234
-36
6,319
3,180
55
-10,854
-297
-8,112
^,072
3,126
-9,399
-263
-13,000
-6,603
-4,101
-9,232
-473
1,381
753
598
-663
-723
-140
-54
-195
141
-1,576
-1,465
-111
479
410
69
-215
-166
-49
480
432
48
-3,410
-3,333
-77
27,840
25,801
2,039
1
A1 Claims, total (table 1, line 46)
1996
1995
II
III
IV
-8,600
1997
146,444
67,007
10,813
191,094
12,277
15
16
By type: Trade receivables
Advance payments and other claims
-2,733
138
-1,840
728
-2,227
-439
743
638
-911
48
-83
29
-1,589
13
875
-396
-153
-62
266
214
-3,215
-195
25,225
2,615
17
18
19
By area: Industrial countries4 .
Members of OPEC*
Other
-1,056
-87
-1,452
353
-171
-1,294
-1,161
-278
-1,227
1,323
118
-60
-470
-20
-373
345
-94
-305
-845
-175
-556
-231
-100
810
-72
120
-263
645
-91
-74
-1,503
-207
-1,700
15,468
1,279
11,093
-7,710
34,588
31,786
9,075
7,286
6,968
11,259
6,800
7,288
20,610
-2,912
4,800
276,335
-7,483
-15217
7,734
34,715
32,203
2,512
26,194
12,420
13,774
8,938
6,281
2,657
9,169
9,871
-702
6,124
6,395
-271
10,484
9,656
828
5,774
3,574
2,200
7,108
3,100
4,008
18,375
11,156
7e219
-6,063
-5,410
347
4,800
4,800
243,867
206,996
36,871
6,631
3,735
-14,342
228
7,649
10,203
26,899
167
27,031
25,140
-657
-180
3,008
1,342
6,096
-166
-2022
-651
11,190
1
3,575
4,711
2,508
41
3,088
4,501
7,105
291
10,054
7,757
-4,105
-175
6,530
7,738
900
-322
10,247
9,176
7,897
231
200
469
-5,349
86
4,800
77,291
63,820
150,300
16,276
-227
-914
687
-127
541
-668
5,592
5,919
-327
137
799
-662
-1,883
-2,108
225
844
882
-38
775
965
-793
1,026
7,336
-312
180
102
78
2,235
2,356
-121
2,151
2,123
28
32,468
37,556
660
1,203
-1,430
1,008
-1,135
1,506
4,086
-161
298
683
-2,566
-466
1,310
952
-177
-198
1,224
266
-66
524
1,711
914
1,237
12,519
19,949
275
151
-£53
-57
440
-510
3,967
632
993
579
205
-647
-1,912
-19
48
990
-138
-6
286
392
97
1,371
-225
-120
-143
304
19
1,217
260
758
1,522
293
336
19,331
3,273
9,864
81 Liabilities, total (table 1, line 60)
2
3
4
5
6
7
8
9
10
11
Financial liabilities
Denominated in U.S. dollars
Denominated in foreign currencies
By area: Industrial countries4 ..
Of which United Kingdom
Caribbean banking centers5 ..
Other
Commercial liabilities
Denominated in U.S. dollars
Denominated in foreign currencies
12
13
By type: Trade payables
Advance receipts and other liabilities
14
15
16
By area: Industrial countries46..
Members of OPEC .
Other
See footnotes on page 85.
July 1997
SURVEY OF CURRENT BUSINESS
Table 8.—Claims on Foreigners Reported by U.S. Banks
[Millions of dollars]
Amounts
Not seasonally adjusted
Line
(Credits +; decrease in U.S. assets. Debits -; increase in U.S. assets.)
out-
1994
1996
1995
standing
Mar. 31,
1997
1996
1995
I
1 Total, net (table 1, line 47)
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
By type:
Banks' own claims
Payable in dollars
By borrower:
Claims on:
own foreign offices
unaffiliated foreign banks
foreign public borrowers 1
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
Banks' domestic customers' claims
Payable in dollars
Deposits
Foreign commercial paper3
Other negotiable ana readily transferable instruments4
Outstanding collections and other
Payable in foreign currencies
22
23
24
25
26
27
By area:
Industrial countries5
Western Europe ....
Of which United Kingdom
Canada
Japan
Other.
28
Caribbean banking centers6
29
30
31
32
33
34
Other areas
Of which Members of OPEC, included below7
Latin America
Asia
Africa 8
Other
II
III
IV
IP
-4,200
-75,108
-98,186
-28,348
-47,520
4,489
-3,729
1,868
192
-33,589
-66,657
-66,560
917,421
III
IV
I
II
1997
8,858
-60,394
-62,878
-19,633
-38,566
7,846
-10,041
5,304
-1,932
-11,136
-55,114
-43,407
709,024
4,792
-47,175
-68258
-10,966
-34,624
3,472
-5057
1,257
-4,736
-8,734
-56,045
-35,663
636,355
2,495
-8,703
5,786
5,214
-24,412
8,814
838
-32,415
-35,084
-11,929
294
-21,539
-9,355
2,334
-12,781
-8,797
331
-13,377
2,582
2,985
1,025
-3,120
-4,858
12,292
-75
-12,416
9,811
-2,107
-5,338
-1,109
-9,802
-1,814
4,775
2,105
-4,170
-4,033
153
-684
-30,923
-3,975
704
-21,851
-17,615
-4,832
-6,715
-6,501
360,126
118,355
28,935
128,939
-6,416
2,961
9,679
-4,198
-28,658
-17,794
-11,568
-11,389
-5,968
-601
-851
8,748
-2,854
-14,392
8,419
-3,118
-2,616
-1,520
2,575
-10,799
-1,317
3,727
-4,213
582
736
-6,760
7,364
-5,814
-4,784
3,991
-11,245
-3,751
-18,531
7,062
1,605
-1,624
135,979
49,024
94,175
10,911
-11,664
10264
-34,091
13,012
-2,919
-17,290
-3,387
3,135
-3,094
-21,529
-5,943
1,346
-5,837
6,103
11,128
-5,834
-2,234
-19,678
521
-3,338
9,717
-1,692
1,644
-9,856
-24,677
-6,437
-11,592
224,147
69,331
63,699
4,066
-13,219
5,380
-8,667
-3,942
4,374
-4,984
4,047
2,804
-2,402
931
-7,744
72,669
-13,058
-15,034
-23,095
9,848
-14,714
-19,447
6,310
-13,330
-7,782
-4,645
4,733
-35,308
-26,840
-19,131
-10,668
-1,993
4,952
-8,468
-8,715
-10,714
-2,323
-6,859
81
-1,613
1,999
-8,954
-7,589
-2,462
910
-3,297
-2,740
-1,365
-3,357
-6,977
2,779
-6,860
-4,104
1,208
3,620
6,312
5,833
8,316
-3,436
-3,197
-10,431
3,577
1,387
2,270
2,124
3,294
-1,453
-2,142
5,377
1,512
-1,170
-22,453
-22,617
-10,292
-10,163
-2,060
-11,543
-4,320
3,045
-1,940
-6,697
1,272
-7,223
-13,153
-18,851
-17,497
861
-43
-2,172
5,698
208,397
199,482
95,147
65,429
21,599
17,307
8,915
-52,753
-40,870
-17,842
-10,760
2,305
-3,428
-27,718
-17,673
-6,651
-8,420
-3,254
1,629
-17,031
-3,963
-8,273
-18,031
-16,512
3,396
3,737
2,625
-6,637
-7,479
1,857
-4,189
2,416
-22,432
-7,885
-11,687
-1,333
8,620
7,437
8,986
1,202
1,171
-1,190
-33,987
-24,806
-16,076
-6,129
-1,276
1,567
-44,402
-32,230
-13,842
-3,870
-10033
1,731
-60,665
-50,677
-20,754
-12,722
2,348
615
-2,842
386
504,350
337,047
159,471
65296
89,735
12,272
-10,912
-25,311
-17,366
6,561
-20,460
-10,396
-1,016
-2,497
14,461
-3,663
-25,667
9,541
233209
7,168
3,113
2,110
6,456
-6,395
4,123
-2,517
-6,407
-28,067
-7,191
1,138
-1,098
-7,927
-10,029
6,265
5,560
4,001
-1,447
6,353
-7,938
2,609
-5,632
4,061
-1,862
-1,449
4,729
-18,558
-6,436
-746
-1,041
1,976
-456
-1,597
-6,852
850
-361
-589
-10,505
-15,430
-443
-3,502
335
-48
-521
-462
-1,500
479
-239
12,303
-700
-4,309
2,487
10,724
-208
-10,384
4,946
-484
751
-4,522
-102
164
-210
-224
-2,616
686
-2,929
-10,625
-993
281
373
-78
-30
-75
2,567
213
568
23
-3,623
-1,772
-1,769
179,862
16282
80,911
86,307
2,805
9,839
4,884
3,793
3,223
1,012
2,326
-23,760
-10,277
229,887
-4,523
8,892
6,264
-3,870
-3,304
4,443
2,744
-21,427
-4,107
-3,798
859
-30
963
145
-38
-773
-243
-2,149
-9,556
2,177
4,723
530
383
128
461
-112
-247
-1,928
3,146
-2260
1,373
1,788
-388
-17,468
9,685
-17,199
5,405
-4,397
-8,798
-12,775
4,481
-7,496
18,593
1,127
-2,539
-15,723
673
4,174
4,872
-22,071
-1,214
677
-4,914
-733
-675
-7,494
-603
-9,058
-7,751
131
-861
-2,731
Memoranda:
1 International banking facilities' (IBPs) own claims, payable in dollars (lines 1-13
By borrower:
Claims on:
own foreign offices
2
unaffiliated foreign banks
3
foreign public borrowers
4
all other foreigners
5
By bank ownership:2
U.S.-owned IBPs
6
7
Foreign-owned IBF's
8 Banks' dollar acceptances payable by foreigners
See footnotes on page 85.
-376
-10,210
-7,258
-507
5,11
563
5,380
-4,455
-3,235
8,776
1,495
-3,534
846
290
590
-411
-410
235
5,170
-12
-905
6,059
-10,456
^353
-599
-1,247
23
676
-2,796
6,589
356
4,208
26
-1,090
-525
-278
-141
3,309
3,501
1,153
-983
-622
-303
-61
-2,376
-2,674
135,056
59,497
6577
29,057
1,982
-25,742
-1,340
-8,937
-1,623
54,860
175,027
11,247
515
-472
-228
302
SURVEY OF CURRENT BUSINESS
July 1997 •
91
Table 9.—Foreign Official Assets and Other Foreign Assets in the United States Reported by U.S. Banks
[Millions of dollars]
Amounts
Not seasonally adjusted
Une
(Credits +; increase in foreign assets. Debits -; decrease in foreign assets.)
out-
1994
1995
1997
1996
1995
standing
Mar. 31,
1997
40,385
22,098
37,138
39,585
11,908
52,014
13,154
24,089
33,097
28,337
818,687
30,750
-11,529
41,822
457
6,077
2,366
6,7
897
2,6
893
39,631
111,253
24,901
86,875
-523
4,381
10,132
2,145
55,600
29,848
26,044
-292
52
-143
-3,383
-11,211
8,087
-259
1,258
-204
25,472
-5,049
30,404
720
20598
8,576
11,901
121
518
-221
13,013
5,441
7,447
125
1,126
-420
25,234
12301
12,322
111
1,326
120
33,564
11,313
22,340
-89
1,854
160
23,107
-1,887
24,878
116
651
377
605,861
191,548
408,229
6,084
30,281
28,851
3,665
-4,209
-36
1,858
-6,031
7,874
-2,473
3,0
408
23,512
10,995
9,945
341
470
9,134
1,050
-3,415
-3,309
736
-1,565
-2,480
280
-3,284
5,206
-$75
1,735
4,146
-8,490
-211
14,198
3,322
788
6,464
-3,930
10,876
1,285
-1,922
-5,948
-162
-4,014
-1,772
4,026
-1,585
-4,270
-6,687
265
7,510
3,557
-607
3,518
546
3,953
2,946
18,918
13,319
726
,0
15,772
10,496
3,265
4,722
-4,107
-588
2,947
-6,467
8,829
1,278
7,489
11,085
879
-1,006
11,212
-3,596
-3,287
119,536
90,356
2,390
32,671
55,295
29,180
34,158
162,012
142,024
182,662
37,872
47,475
22,590
34,087
-22,933
38,471
52,838
114,286
111,848
172378
36,411
32,339
39,195
3,903
10,602
36,152
50,798
75,326
46,401
776,736
99,548
5,454
94,094
12,300
155,578
-1,681
157,259
17,300
30,011
5,200
24,811
6,400
30,439
-746
31,185
1,900
37,295
2,420
34,875
1,900
1,803
-1,420
3,223
2,100
13,002
1,502
11,500
-2,400
31,652
1,114
30,538
4,500
43,398
-1,081
44,479
7,400
67,526
-3,216
70,742
7,800
42,917
-417
43,334
3,484
563,652
26,723
536,929
213,084
104,338
103,440
95,881
Banks'TiSl^
Demand deposit;
Time deposits12
Other liabilities
Banks' custody liabilities, payable in dollars13.
Other foreign official assets (table 1, line 55),
122,354
34,274
-2,272
36,546
23,400
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
110,729
57,674
A1 Foreign official assets in tht United States, net (table 1, lint 49).
30,176
31,871
11,358
9,784
7,037
9,657
1,461
340
-2,158
15,136
19,638
9,636
-16,605
-13,190
-12,920
30,184
25,083
16,800
-33,535
-29,897
-28,944
2,319
2,107
-2,991
2,040
295
34,532
40,906
18,891
20,379
11,921
833,359
800,763
691,593
383
3,735
744
534
-36
4,783
8,572
5,599
-228
765
1,265
-106
117
1,217
907
-539
-1,238
-4,911
2,417
1,789
By area (see text table D):
B1
Other foreign assets In the United States, net (table 1, lines 58 and 61).,
U.S^Treasury securities and US currency flows (line 58) .
U.S. Treasury securities
Bills and certificates........
Marketable bonds and notes..
U.S. currencyflows.
U.S. liabilities reported by U.S. banks (line 61).
Banks9 own liabilities1
Payable in dollars
By account:
Liabilities to own foreign offices
Liabilities to unaffiliated foreigners
demand deposits
time deposits12 .
other liabilities
65,292 1,610,095
77,205
1,153
2,029
-7,739
5,369
-21,934
-10,350
-7,473
44,995
11,199
412,727
-775
-1,160
11,178
3,172
-6,788
8,035
-193
6,194
1,606
1,488
-11,599
4,930
6,330
5,093
-418
-872
-5,720
3,226
-10,429
14,562
-1,703
7,083
2,779
2,067
-2,570
•^,586
1,719
-1,096
25,622
156,772
96,472
77,205
7,657
8,482
2,537
By bank ownership:9
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
5,238
528
9,548
7,275
By holder:
Liabilities to:
own foreign offices ....
unaffiliated foreign banks .
other private foreigners ....
international financial institutions4 .
812
1,853
812
3,405
4,970
2,171
5,238
-10,077
11,488
3,008
-3,282
543
2,029
3,615
3,549
443
-7,739
-10,097
1,958
2,958
5,369
10,459
2,745
-1,773
-21,934
-6,418
1,161
-1,753
-10,350
140
4,899
2,320
-7,473
3,046
2,184
2,929
44,995
-6,845
3,244
11,199
-6,918
9,202
-1,562
412,727
154,550
112,523
11,793
59,578
466
,0
14,628
-19,074
7,665
3,556
-12,363
4,374
8,175
-14,272
4,532
1,433
-7,994
-4,262
5,195
-2,580
6,795
-13,019
2,241
-3,102
-7,698
6,811
9,191
-4,562
-293
-2,576
12,916
-4,385
4,662
2,542
-2,125
-3,760
224
157,445
40,904
72,280
17,627
19,886
-4,260
3,585
17,601
-14,451
-4,619
-1,172
1,021
255
-5,835
-279
7,949
3,664
284
-8,915
-8,659
2,510
-2,911
6,321
-6,671
-1,972
32,079
-2,460
-1,906
8,657
-4,793
7,416
255,282
113,646
52,036
3,051
-,0
369
-2,085
•451
1,153
-572
5,772
600
16,301
-917
2,559
7,559
20,513
-2,620
2,498
10,002
-270
8,283
-953
5,098
-391
-6,374
8,458
109,170
-1,695
Payable in foreign currencies
Banks' custody liabilities, payable in dollars13
Of which negotiable and readily transferable instruments
2,747
1,121
1,847
-4,502
-4,354
-3,415
-3,280
5,101
5,090
-3,638
-3,084
212
115
1,745
4,428
4,039
-1,488
-4,644
32,596
26,888
129,724
72,699
25,250
4,469
42,980
32,785
24,240
410
-2,391
17,359
31,472
30,005
4,857
25,370
-5,410
6,877
385
-1,751
7,839
-233
1,022
45,575
18,682
-2,654
5,867
15,469
19,778
7,115
-116
-1,691
6,234
394
2,178
20,690
34,540
30,024
-2,138
6,654
31,987
-10,528
-1,898
-4,117
-4,513
38,910
-20,533
1,662
3,263
4,434
-€,035
-20,485
-1,710
796
-360
367
7,568
1,983
3,646
-132
-1,892
3,848
33,971
22,833
19,077
3,574
182
6,618
4,520
586
2,342
2,046
-48
180
45,438
24,824
25,747
-243
-680
5,184
15,430
2,466
2,351
10,559
140
2,380
106,486
51,267
43,955
2,561
4,751
50,515
4,704
-311
2,300
1,302
186
916
-1,513
6
U.S. Treasury securities and U.S. liabilities reported by U.S. banks, by area .....
Western Europe .
Canada
Other...,
Caribbean banking centers8.
Other areas
Of which Members of OPEC, included below9
Latin America .
Asia .
Africa.,
Other10.,
Memoranda:
International banking facilities' (IBPs) own liabilities, payable in dollars (in lines
A9 and B9 above) ....
61,808 1,396,002
821,742
40,159
23,366
563,488
-159
47,830
16,952
210,424
7,718
360,129
13,931
214,131
1,167
34,762
-601
53,086
14,458
124,045
27
6,853
30,147
47
-1,944
8,876
165,362
100,586
92,042
10,326
-1,782
41,832
22,944
3,537
8,066
17,755
216
-3,093
42,347
11,584
-16,782
-6,380
4,975
2,967
10,022
-5,842
-8,316
-13,832
11,208
-2,138
350,740
25,759
8,563
644
-4,200
8,156
6,984
-18,151
974
1,161
-1,742
3,134
2,422
4,313
5,420
-546
835
-1,445
-7,420
1,414
1,609
-7,696
-7,155
7,508
3,094
-7,695
-1,380
-324
3,019
2,865
6,114
1,911
-973
-10,311
-701
-4,961
2,141
16,753
-2,875
-2,987
317
5,665
-6,619
-1,088
-1,096
167,289
114,717
39,113
29,621
22,369
19,978
2,192
9,392
-13,645
-3,137
2,727
-9,107
-5,552
10,527
660
2,307
4,357
5,665
2,030
-7,872
-1,857
-6,459
-16,065
2,233
2,247
8,961
-3,770
1,632
95,886
254,854
328
-8,792
831
-1,086
-4,652
-2,214
-840
902
-360
821
-632
-602
9,332
138,612
69,923
47,724
8,224
13,975
65,667
3,022
2,373
-269
5,112
123
396
-222
6,643
635
-932
1,073
-62
By holder:
own foreign offices
unaffiliated foreign banks
foreign official agencies
other private foreigners and international financial institutions4
By bank ownership:5
U.S.-owned IBFs
Foreign-owned IBF's
Negotiable certificates of deposit held for foreigners1 (in lines A13 and B26
above)
See footnotes on page 85.
5,892
708
92 « July 1997
SURVEY OF CURRENT BUSINESS
Table 10.-U.S. International
[Millions
European Union
Western Europe
(Credits +; debits-)1
Line
1QQA
1994
I99O
5
6
7
8
9
10
11
12
13
14
69,424
30,568
35,621
38,645
105,375
121,469
124,786
31,663
32,501
22,123
879
21,287
859
19,824
946
56,496
1,991
66,160
1,871
72288
2,334
16,040
406
17,644
995
7,091
2,274
1,870
5,427
1,621
2,062
4,678
1,444
1,959
15219
5,041
5,967
18,293
5,780
6,432
20,092
6,443
6,113
3,782
1,310
1,505
5,010
1,451
1,478
3,622
5,807
49
3,717
6,256
36
4,441
6,840
37
3,857
6,897
42
10,717
17,437
124
13,601
19,987
196
14,804
22,357
145
3,568
5,432
37
3,451
5,214
45
21,575
11,417
9,805
353
21,322
11,274
9,856
192
20,757
10,104
10,331
322
24,051
12,891
10,956
204
23,572
11,725
11,566
281
52,545
24,692
26,451
1,402
73,560
36,162
36,172
1,226
78,720
39,496
38298
926
19,452
9,919
9,222
311
19279
9,868
9,243
168
-261,022 -298,343 -524,755
-74,888
-63,768
-83,307
-82,791
-84,147 -233,167 -270,635
-293,572
-67,811
-74,890
-132,918 -147,680 -161,629
-38,100
-41,986
-39,823
-41,720
-40,901 -120,967 -134,221
-146293
-54,596
-37,553
132,431
137,194
34,930
36,075
73,123
2,428
80,819
3,451
17,818
538
19,591
1,175
Travel
Passenger fares
Other transportation .
18,111
5,631
7,707
19,974
6,112
7,911
22,166
6,804
7,703
4,166
1,380
1,844
5,482
1,529
1,927
Royalties and license fees9
Other private services5
U.S. Government miscellaneous services
11,831
20,089
155
14,279
22,200
219
15,522
25,007
167
3,742
6,104
45
62,234
30,609
30,051
1,574
81,450
41,209
38,774
1,467
87,705
45,686
40,948
1,071
Goods, adjusted, excluding military2
17
16
Services3
Direct defense expenditures
19
20
21
Travel
Passenoer fares
Other transportation
22
23
24
Royalties and license fees5
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
29 Unilateral transfers, net
30
31
32
67,155
66,548
3,024
16
25
26
27
28
275,794
115,349
15 Imports of goods, services, and Income
U.S. Government grants4
. .
U.S. Government pensions and other transfers
Private remittances and other transfers6
33 U.S. assets abroad, net (Increase/capital outflow (-))
-58,983
-6,473
-61,827
-7,043
-13,435
-1,725
-16,581
-1,748
-16,982
-1,801
-14,829
-1,769
-14,814
-1,794
-47,186
-6,221
-52,892
-5,768
-54,592
-5,678
-12,005
-1,454
-14,421
-1,322
-15,167
-6,144
-9,305
-16,097
-7,140
^9,1 77
-16,738
-7,863
-9,527
-2,961
-1,602
-2,181
-5,189
-2,224
-2,478
-5,334
-2,343
-2,386
-3,254
-1,694
-2,482
-3,049
-1,753
-2,418
-13,545
-5,510
-6,998
-15,067
-6,497
-7,172
-15,573
-7,102
-7,545
-2,781
-1,458
-1,799
-4,749
-1,999
-1,878
-0,886
-12,523
-1,083
-4,268
-14,689
-1,138
-4,543
-14,903
-1,210
-1,044
-5,621
-301
-1,080
-3,577
-285
-1,137
-3,666
-315
-1,282
-4,039
-309
-1,287
-4,203
-510
-2,802
-11,189
-921
-3,619
-13,774
-995
-3,820
-13,812
-1,061
-682
-3,368
-263
^909
-3,313
-252
-73,242
-16,053
-39,447
-17,742
-91,681 -101,299
-22,971 -25,805
-45,491 -48,444
-23,219 -27,050
-23,353
-5,675
-11,527
-6,151
-25,201
-7,066
-11,857
-6,278
-26,503
-7,255
-12,197
-7,051
-26,242
-6,809
-12,863
-79570
-28,432
-6,766
-13,602
-8,064
-65,014
-14237
-36,064
-14,713
-83,521
-21,217
-42,310
-19,994
-92,688
-23,311
-45,539
-23,838
-21,210
-5,004
-10,858
-5,348
-22,916
-6276
-11,155
-5,485
294
708
360
166
198
42
-46
55
1,037
1,404
1,230
309
323
-346
-1,278
1,918
-350
-1,253
2,311
-476
-1259
2,095
-22
-314
502
-70
^303
571
-167
^316
525
-217
-326
497
-144
-297
496
-126
-1,020
2,183
-84
-1,072
2,560
-37
-1,049
2,376
-4
-270
583
-37
-273
633
-26,005 -145,890 -171,397
-38,456
-27,375
-51,036
-64,530
-46,355
-26,237 -134,136
-154,604
-41,192
-19,823
-212
154
-482
-109
-196
2,648
-609
201
•457
US official reserve assets net7
. . . .
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
2,440
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 assets8 .
U.S. foreign currency holdings and U.S. short-term assets, net
43
44
45
46
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
49
50
51
52
53
54
55
Foreign official assets in the United States, net
U.S. Government securities9
US. Treasury securities
Other10
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
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities and U.S. currency flows
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
2,574
-649
otii
„..„„..
2,440
2,574
-649
-212
154
-482
-109
-196
3,198
2,648
-609
201
-457
-247
-902
687
-42
97
-643
734
6
326
-663
933
-44
122
-158
288
-8
-128
-158
53
-23
243
-141
369
15
89
-106
223
-28
167
-86
255
-2
-120
-642
426
-4
17
-455
474
-2
222
-247
506
-37
85
-91
171
5
-96
-81
14
-29
-28,198 -148,561 -171,074
-27,692 -43,964 -43,470
-3,636 -47,969 -67,674
-38,366
-12,212
-10,931
-27,401
-16,532
-9,210
-60,797
1,498
-17,172
-54,510
-16,224
-20,361
-66,326
-12,278
-3,366
-29,315 -136,801
-24,884 -40260
-3,151 -45,913
-154217
-38,973
-54,498
-41,478
-10,706
-10,529
-19270
-15,996
-7,841
4,750
-1,620
-24,855
-31,773
-29,176
-40,754
-14,638
-685
5,818
-7,477
-10,293
-24,830
-10,063
-7,862
-60,682
2,451
-3,731
-26,036
-24,592
-28,199
-52,547
-14,289
-5,954
6,285
-1,718
126,957
48
61
73,448
-54,862
-6,754
34
35
36
37
38
47
II
261,189
76,988
Income receipts on U.S. assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
1
214,416
74,323
Services3
Transfers under U.S. military agency sales contracts4
1999
82,041
305,718
3
4
1QQfi
199D
1QQ5
80,959
287,004
Goods, adjusted, excluding military2
\p
IV
III
II
244,131
2
1996
«99*r
1QQA
1QQfi
I99O
1QQK
1
1 Exports of goods, services, and Income
1997
1996
14
164,044
290,120
66,907
67,697
78202
f Q,«V£
77,314
81,704
120069
I£U,W9
155,153
284,192
74,947
64932
Q*t,9d&
6,976
(17)
-6,814
(17j
29,320
(17)
18,073
(17)
5,105
2,992
3,150
11,489
m
tg
(17
8
8
8
8
119,981
28002
(17)
40,251
170,858
55294
(1?)
80,643
260,800
59,640
(17)
80,868
48,834
12,021
(17)
23,485
62,592
20,650
(17)
16,581
4,224
(17)
9,649
(l7)
28,281
(l7)
10,107
(17)
6,266
(17)
-7,522 -100,047
-28,053
17
( )
103
I )
1,143
686
R
(17)
R
8
17
279
17
oiitt
mn
(17)
(17)
(17)
R
(17)
14
(18)
(18)
(17)
(18)
-90
509
P)
! 44
86
8
8
8
8
(18)
(18)
(18)
8
70,215
15562
23,929
16,873
31.S
10,408
(n)
1,500
-33,740
-17,349
-20,906
(17)
(17,
(18)
18)
18)
(18)
74,164
11 840
(17)
(|»)
(17)
(")
310
imi
mmm
(18)
75,210
15129
)
<€
(18)
60
(17)
(17)
83
1?
(
3,198
(18)
R
8
(18)
18)
-329
(18)
(18)
44,226
59898
15071
20120
38$
82,071
77,13
22,699
15,896
4,506
18
58,164
9,739
18
18,608
28,090
18
119,003
9,652
18
27,439
-13,298
-76,118
-12,975
-113,039
-33,409
-59,966
. . .
17
<
)
19012
'(18)
'(18)
6,581
22,664
18
62 Allocations of special drawing rights
63 Statistical discrepancy, and transfers of funds between foreign areas,
net (sum of above Items with sign reversed)
64
65
66
67
68
69
70
Memoranda:
Balance on goods (lines 2 and 16)
Balance on services (lines 3 and 17)
Balance on goods and services (lines 64 and 65)
Balance on investment income (lines 11 and 25)
Balance on goods, services, and income (lines 1 and 15 or lines 66 and
67) is
Unilateral transfers, net (line 29)
Balance on current account (lines 1,15, and 29 or lines 68 and 69) 13
See footnotes on page 85.
-84,355
-17,569
11,686
-5,883
-11,008
-15,249
14,141
-1,108
-10,231
-24,435
18,993
-5,442
-13,594
^3,170
4,383
1,213
-1,778
-6,911
3,010
-2,901
-3,879
-9^55
5,141
-4,114
-6,746
-6,099
6,458
359
-2,191
-2,256
5,010
2,754
-4,860
-15,592
9,310
-6,262
-12,469
-12,752
13,268
516
-9,961
-21,507
17,696
-3,811
-13,968
-2,933
4,034
1,101
-1,757
-5,052
3223
-1,829
-3,636
-16,891
294
-16,597
-11,339
708
-10,631
-19,036
360
-18,676
-564
166
-398
-6,780
198
-6,582
-9,860
42
-9,818
-1,832
-46
-1,878
-2,106
55
-2,051
-18,751
1,037
-17,714
-9,446
1,404
-8,042
-17,779
1230
-16,549
-656
309
-347
-5,466
323
-5,143
SURVEY OF CURRENT BUSINESS
July 1997 °
93
Transactions, by Area
of dollars]
European Union 14
1996
European Union (6) 1S
United Kingdom
1997
IV
1997
1996
1994
ill
1995
I
II
IV
III
1996
1995
I"
I
II
Line
1997
1996
1994
1996
\P
Hi
IP
IV
66,287
72,927
73,974
63,319
73,673
82,363
19,239
21,530
20,235
21,359
23,902
121,165
144,099
148,524
36,921
36,781
35,257
39,566
38,463
1
27,890
32,732
35,089
25,972
28,024
30,246
7,275
9,025
6,954
6,992
9,554
63,753
73,879
75,231
19,278
18,720
16,829
20,404
20,391
2
19,826
477
18,779
456
17,554
578
18,059
679
19,048
443
20,916
393
4,622
5,122
147
5,598
79
5,575
72
5,374
213
30,368
627
34,917
721
37,642
1,051
8,280
141
9,257
576
10,470
163
9,635
171
8,918
162
3
4
6,484
2,164
1,516
4,816
1,518
1,614
4,247
1,371
1,554
6,119
1,575
1,176
6,662
1,451
1,319
7,306
1,645
1,433
1,427
341
327
1,881
336
356
2,194
527
353
1,804
441
397
1,602
357
431
7,633
2,906
3,235
8,887
3,469
3,341
9,654
3,815
2,727
1,725
782
638
2,358
892
674
3,338
1,319
724
2,233
822
691
1,937
819
677
5
6
7
3,554
5,599
32
4,231
6,113
31
3,672
2,148
6,309
53
2,339
2,665
7,433
41
586
1,836
9
625
1,767
10
612
1,822
11
842
2,008
11
619
2,140
12
7,054
8,861
52
8,417
10,012
70
8,832
11,486
77
2,221
2,751
22
2,048
2,685
24
2,025
2,884
16
2,538
3,165
15
2,271
3,037
15
8
9
10
18,571
8,646
9,655
270
21,416
11,061
10,178
177
21,331
10,379
10,711
241
19,289
8,082
11,173
34
26,602
11,384
15,187
31
31,201
13,862
7,342
3,248
4,094
7,383
3,269
4,114
7,683
3,320
4,363
8,793
4,025
4,740
28
8,974
3,980
4,994
27,044
13,908
11,982
1,154
35,304
19,621
14,716
967
35,652
20,076
14,913
663
9,362
5,572
3,584
206
8,804
5,013
3,635
156
7,958
4,014
3,780
164
9,527
5,476
3,914
137
9,154
4,916
4,097
141
11
12
13
14
-75r382
-75,489
-76,222
-81,712
-96,656
-102,700
-23,563
-25,669
-25,806
-27,662
-29,091
-123,286
-138,338
-150,141
-44,624
•48,989
-39,217
-07,311
-37,142
is
-36,204
-37,940
-37,268
-24,861
-26,766
-28,832
-6,696
-7,381
-7,012
-7,743
-7,578
-77,602
-85,424
-92,727
-21,991
-23,918
-23,171
-23,647
-23,637
16
-15,126
-1,437
-13,040
-1,465
-13,111
-1,484
-15,300
-16,967
-17,658
-3,925
-4,649
-4,787
-666
-519
-437
-139
-108
-111
-4,297
-79
-4,885
-90
-26,195
-5,328
-28,082
-4,863
-29,012
-4,742
-6,424
-1,196
-7,610
-1,127
-8,096
-1,202
-6,883
-1,217
-6,664
-1,224
17
18
-4,989
-2,119
-1,936
-3,054
-1,526
-1,932
-2,864
-1,594
-1,890
-4,375
-2,259
-1,583
-4,613
-2,623
-1,505
-4,790
-2,844
-1,646
-988
-674
-362
-1,341
-1,421
-1,040
-1,018
-1,609
-1,550
-632
-521
-8,216
-2,946
-3,863
-2,669
-563
-459
-7,922
-2,728
-3,808
-2,533
-854
-430
-7,295
-2,336
-3,782
-1,505
-853
-395
-618
-878
-787
-980
-651
-1,045
-690
-960
-679
-Q45
19
20
21
-946
-1,083
-3,710
-1,084
-3,924
-1,405
-5,005
-1,875
-5,974
-1,301
-5,532
-1,575
-6,459
-1,740
-6,702
^15
-1,612
^386
-1,606
-483
-478
-1,662
-1,823
-1,586
-277
-269
-270
-108
-1,803
-5,815
-90
-456
-3,422
-620
-726
-603
-200
-191
-211
-201
-202
22
23
24
-24,053
-6,386
-11,441
-6,226
-24,509
-6,645
-12,085
-6,779
-427
-474
-443
-532
-537
-1,414
-21
-1,457
-22
-1,501
-27
-1,602
-22
-2,065
-22
-25,843
-5,876
-12,676
-7,291
-41,550
-7,232
-27,413
-6,905
-52,922
-11,006
-31,402
-10,514
-56,210
-9,220
-34,129
-12,861
-12,942
-2,189
-8,047
-2,706
-13,639
-2,399
-8,327
-2,913
-14,007
-1,997
-8,575
-3,435
-15,622
-2,635
-9,180
-3,807
-16,628
-2,752
-9,692
-4,184
-19,490
-6,656
-7,562
-5,272
-24,833
-9,490
-9,126
-6,217
-28,402
-12,155
-9,406
-6,841
-6,209
-2,318
-2,294
-1,597
-7,461
-3,472
-2,324
-1,665
-7,950
^3,815
-2,383
-1,752
-6,782
-2,550
-2,405
-1,827
-2[534
-2,428
-1,879
25
26
27
28
1,091
1,221
1,206
289
322
330
265
338
673
926
809
202
208
190
209
117
29
316
282
288
-32
-24
-23
-171
-176
-178
1,262
1,397
1,384
368
-43
373
-44
309
-43
381
-599
576
35
-609
556
-45
334
-598
604
1,271
1,535
1,408
354
361
340
353
308
30
31
32
-47,230
-46,360
-59,015
465
-58,175
-92,218
-20,688
-*,483
-27,498
-35,549
-25,574
-20,017
-52,961
-56,708
-16,717
-14,191
-15,032
-1Q8768
-23,315
33
3,198
2,648
-609
201
-457
104
•457
12
-609
201
-457
104
-457
34
35
36
37
38
-256
-265
-250
104
-457
104
-457
12
152
-35
188
-1
119
119
128
120
-1
122
-3
125
3
-47,519
2,804
-16,830
-45,951
-15,076
-19,298
-59,179
-11,021
-2,135
346
-7,177
12,236
-58,294
-4,515
-28,571
-92,346
-18,310
-37,776
-6,926
-24,567
-11,269
"35,023
2,139
-6,852
-11,366
-13,842
-18,418
-17,842
70,351
73,962
73,946
103,382
98,438
18)
g-sr«-Sg-s^
37
R
14,
21,
18)
R
10,625
18
22,895
13,267
18
•3
R
8
29,655
'n
32,083
30 942
3,932
18
59,253
(18)
16,704
1,232
18
46,005
R
18
-2
-151
12
2,648
-1
2
125
2
1
1
-2
2
-38
8
-32
21
-35
-1
39
40
41
42
-35,676
-11,666
-17,700
-25,575
-2,808
-2,013
-23,214
-15,882
-7,670
-55,611
-23,318
-9,853
-56,061
-14,984
-13,889
-16,926
-8,642
-1,452
-13,702
-1,632
-6,404
-15,157
-2,762
-4,446
-10,276
-1,948
-2,587
-23,326
-6,345
1,504
43
44
45
-6,996
686 TE784
415
-77
-14,816
-7,624
-11,184
-16,004
-5,220
-1,612
2,649
-5,315
-4,153
-3,796
-4,460
-1,281 '"~18,'485°
46
47
19,973
40,486
66,972
24,067
3
127
-2
3
-20,686
520
-6,274
-8,486
-11,322
-2,157
-27,498
4,158
-11,645
-10,623
-4,309
3,136
1,857
-3,935
-16,076
187,456
38,765
34,865
48,768
65,058
R
18)
R
18}
i 9
R
20.Q
(18)
18
18
18)
18,929
(18)
65,881
58,933
10,319
18
1,770
26,082
18
83,500
R
R
18
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3,198
48
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18
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18
18
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10,582
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7,540
18
17,131
9,366
18
16,346
8, 385
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17, 220
21
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24,279
12,028
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6, m.
6,671
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49
50
51
52
53
54
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16,850
18
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58,155
-32
8
-38
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1,329
18
38,1 17 '1827255
R
9
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547
18
4,824
R
H
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16,269
40.S
7,465
14,503
(18)
18
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17,452
1,819
18
10,841
R
9,
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1,681
18
5,776
17$
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3,909
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m
5,912
56
57
58
59
382
60
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4,547
-1,243
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18
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62
18
4,863
18_4
62
-14,341
-25,323
-12,971
-86,546
-18,502
-76,108
-14,042
-22,564
-16,030
-23,472
-8,314
4,700
^3,614
-5,481
-5,208
5,739
531
-3,093
-2,179
4,443
2,264
-4,512
1,111
2,758
3,869
-22,261
1,258
2,080
3,338
-26,321
1,414
3,258
4,672
-25,009
579
697
1,276
-5,600
1,644
473
2,117
-6,256
-58
811
753
-6,324
-9,095
316
-8,779
-2,562
282
-2,280
-2,248
288
-1,960
-18,392
1,091
-17,301
-22,982
1,221
-21,761
-20,337
1,206
-19,131
-4,324
289
-4,035
-4,140
322
-3,818
-5,571
330
-5,241
-27,730
1,493
5,788
-9,456
-9,849
-4,088
6,775
1,706
15,166
63
1,278
527
-6,829
1,976
489
2,465
-7,654
-13,849
4,173
-9,676
7,554
-11,545
6,835
-4,710
10,471
-17,496
8,629
-8,867
7,250
-2,713
1,856
-6,342
2,374
-3,968
8
-3,243
2,752
-3,246
2,254
-491
-992
3,154
-5,198
1,647
-3,551
1,342
2,746
2,313
64
65
66
67
-6,303
265
-6,038
-6,189
338
-4,851
-2,122
673
-1,449
5,761
926
6,687
-1,617
809
2,297
202
2,499
-2,209
208
-2,001
-3,960
190
-3,770
2,255
209
2,464
1,321
157
1,478
68
69
70
-751
-808
-857
SURVEY OF CURRENT BUSINESS
94 • July 1997
Table 10.-U.S. Internationa!
[Millions
Canada
Eastern Europe
(Credits*; debits-)1
Line
1996
1994
1995
1994
1
1 Exports of goods, services, and Income
1996
1997
1996
II
III
IV
1996
1995
I*
II
1
7,983
9,357
12,028
3,027
2,702
3,101
3,199
3,122
146,003
163,922
172,286
42,451
43,816
2
Goods, adjusted, excluding military2
5,346
5,723
7,359
1,933
1,634
1,788
2,004
1,811
114,830
127,585
134,609
33,204
34,378
3
4
Services3
Transfers under U.S. military agency sales contracts4
2,369
138
3,018
355
3,548
477
794
67
843
115
1,012
208
899
87
906
97
17,450
158
18,437
136
20,181
166
5,310
88
5,164
39
558
94
445
691
57
535
842
100
474
154
17
120
211
20
113
270
28
93
207
35
148
173
20
125
6,252
1,186
2,293
6,207
1,284
2,688
6,763
1,331
2,889
1,957
367
696
1,819
348
732
81
1,020
33
104
1,227
49
127
1,485
42
24
398
14
30
344
10
35
371
7
38
373
11
38
442
11
1,154
6,366
42
1,212
6,856
54
1,416
7,552
63
311
1,875
16
359
1,853
14
268
235
174
616
111
284
221
1,122
497
348
277
300
106
94
100
225
101
88
36
301
147
77
77
296
143
89
64
405
238
98
69
13,722
5,873
7,844
5
17,899
8,812
9,087
17,497
8,642
8,855
3,938
1,826
2,112
4,275
2,072
2,203
§
6
7
8
9
10
Travel
Passenger fares
Other transportation
Royalties and license fees5
Other private services5
U.S. Government miscellaneous services
11
12
13
14
Income receipts on U.S. assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
15
Imports of goods, services, and income ,
16
Goods, adjusted,, excluding military2
17
18
-141
,
-«,375
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
-2,859
-3,133
-2,819
-150,825
-170,357
-182,614
-43,448
-47,062
-1,679
-1,766
-2,182
-1,864
-131,120
-147,110
-158,640
^38,081
-40,971
-2,300
-9
-2,612
-525
-694
-783
-611
-114
-608
-100
-11,396
-57
-12,736
-13,967
-47
-2,788
-12
-3,610
-12
-1,080
-1,087
-190
-211
-3,914
-585
-1,215
-369
-276
-309
-38
-4,606
-300
-363
-5
-14
-376
-480
-57
-50
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
U.S. Government payments
-309
-8
-561
-62
-47
-59
-205
-313
-47
-70
-91
-72
-2
-2
-137
-138
-16
-20
-89
-379
-89
-70
-49
-97
-2
-52
-88
-4
-2
-147
-138
-16
-144
-11
-10
-6,357
-671
-105
-918
-47
-1,192
-18
-37
-1,301
-23
^391
-68
-3,696
-139
-192
-4,421
-5,022
-159
-139
-101
-1,282
-319
-410
-871
-117
-201
-220
-216
-234
-246
-8,309
-2,996
-3,346
-1,967
-3,702
,
,
U.S. assets abroad, net (Increase/capital outflow Hi
-3,037
-3,283
-814
-807
-925
-737
-822
-370
-372
-338
-2,496
-64
-1,172
-1,782
-34
-1,221
-1,972
-36
-1,275
-460
-474
-618
-420
-452
^38
68
^53
81
-408
-763
-2,326
-3,816
-18874
-19,965
U.S. Government assets, other than official reserve assets, net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets8
U.S. foreign currency holdings and U.S. short-term assets, net
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
48
Foreign assets In the United States, net (Increase/capital Inflow (+))
-313
41
-1
-4
-9
-9
-324
-345
127
-341
-310
-347
-2
-99
-1$
-93
-9
-S
-8
-298
-308
-362
-1,234
-835
-3,396
U.S. official reserve assets, net7
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
39
40
41
42
49
50
51
52
53
54
55
Foreign official assets in the United States, net
U.S. Government securities9
U.S. Treasury securities
Other 10
Other U.S. Government liabilities11
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 12
56
57
58
59
60
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities and U.S. currency flows
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
-64
-6,607
-349
-€21
-974
-6
34
35
36
37
38
61
-302
-3,200
-159
-330
-495
Unilateral transfers, net
U S Government grants *
U.S. Government pensions and other transfers
Private remittances and other transfers6
-2,686
-1,376
-224
Royalties and license fees5
Other private services5
U.S. Government miscellaneous services
-2,219
-7,003
-1,021
Travel
Passenger fares
Other transportation
-10,897
-7,013
-2,052
Services3
Direct defense expenditures
-10,287
-5,828
,.
-10,511
-3,911
-4,202
-2,398
-10,007
-3,285
-4,429
-2,293
-2,578
-2,481
-975
-«22
-1,052
-1,081
-551
-578
-99
-103
-71
-103
70
4
32
-19,833
-25,200
-4,249
-3,832
5
7
0
0
-13
-30
3
14
-29
-52
8
15
38
-19
27
30
-1,861
156
-1,272
63
-42
47
-37
-782
-1,093
-2,101
-1,328
-6,694
-1,804
-600
-693
•421
-414
-141
-769
-195
98
-1,567
146
-1,452
-5
1,125
3,467
1,821
-2,076
28
-119
930
-208
2,934
16,362
18)
1S
(
)
=!
3
R
q
0
18
( )
(18)
R
<r!
<3
33
18
2,865
R
R
$ ' Pi
a S3
s •a •a
(18)
32
28
-4, 189
-1,248
-10,760
-1,055
4,777
1,355
15,142
14,716
2,235
1,829
4
24,647
1,921
73
I?
3
S3
(>
3
(18)
-44
(1
9
3
49
4,717
..._
...
-3,271
18
(17)
S
R
R
13,221
4,960
12,481
7,080
17
R
22
229
251
-10
(17)
!
/18\
-45
149
104
-88
356
936
1,292
-233
2,487
4
319
-6,870
557
269
826
-19
-1,290
717
-3, 336
429
103
-6,717
850
2,972
2,501
-4,249
-1,959
-4,544
-2,958
2,739
-10,069
18
-25,207
-6,875
-6,324
-607
60
-27
18
1,847
7
-19,838
-8,435
-7,852
-633
12
18
-1,268
-44
18
3,179
5
-20,089
-6,760
-7,462
-064
141
-47
-78
-2,117
90
16,050
18
R
R
R*
-366
-226
4
120
4
-85
-51
9
-96
124
-3,407
-717
-255
-225
-246
-122
-132
11
-28
26
13
-118
19
-1,138
878
279
( )
17
( )
31
17
130
17
( )
(17)
$
-41
R
13
R
22,818
5,670
4,579
-1,679
17
T
5, 254
1,310
( )
R
4, 324
422
(17)
1,
Q
6,058
237
17
1,563
765
261
318
17
( )
-544
1,895
-4,877
2,521
-2,356
1,360
-6,593
1,553
-5,040
1,794
-996
-3,246
-71
-3,317
17
( )
( )
( )
2,561
10,015
11,925
11,219
-53
298
245
58
-16,290
6,054
-10,236
5,414
-19,525
5,702
-13,824
7,388
-24,031
303
-4,822
-€,436
-10,327
( )
17
62
63
64
65
66
67
68
69
70
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 64 and 65)
Balance on investment income (lines 1 1 and 25) .
Balance on goods, services, and income (lines 1 and 15 or lines 66 and
67)« tn*m
iMMMi
MiiM
o
MMM
Unilateral transfers, net (line 29)
Balance on current account (lines 1, 15, and 29 or lines 68 and 69) 13
See footnotes on page 85.
1,923
-482
316
-166
-226
-573
-358
-392
-930
-3,702
-4,094
-3,037
-3,967
-161
1,131
-3,283
-2,152
808
-814
-7
17
-807
-791
242
-925
-683
-178
288
110
-45
66
-737
-672
-822
-519
-370
-372
-5,192
-€,808
6^14
-17,817
7,490
-338
-10,665
-99
-1,095
July 1997 •
95
1997
SURVEY OF CURRENT BUSINESS
Line
Transactions, by Area-Continued
of dollars]
Latin America and Other Western Hemisphere
Canada
1996
1994
ill
IV
Japan
1996
1997
1997
1996
1996
I*
I
1996
1994
\p
IV
III
II
1995
1996
I
ill
II
IV
\f
41,949
44,070
47,281
162,605
174,612
191,974
44,378
46,431
49,552
51,614
51,367
89,661
108,693
111,326
28,588
27,204
28,128
27,407
28,490
1
32,353
34,674
36,823
92,012
95,830
108,864
24,686
26,460
27,718
30,000
29,516
51,813
63,108
65,954
17,166
16,476
16,131
16,181
16,448
2
4,953
21
4,754
5,521
25
32,252
32,744
8,005
149
8,103
131
94
29,556
617
34,376
1,061
8,926
' 96
9,173
99
35,907
488
34,694
475
8,880
384
664
144
8,506
193
9,619
131
8,856
96
9,584
157
3
4
1,628
289
729
1,359
327
732
2,025
14,122
14,379
3,933
3,438
3,122
908
791
4,135
1,119
883
3,833
1,028
897
3,544
9,868
5,092
3,086
11,760
6,017
3,314
13,163
6,174
3,206
3,102
1,659
774
3,015
1,440
793
3,832
3,361
3,392
13,482
3,572
3,695
3,289
343
728
1,695
792
3,214
1,380
846
3,486
1,737
801
5
6
381
1,889
16
365
1,936
17
1,191
1,256
10,108
145
143
315
2,668
53
396
2,887
33
4,595
6,236
62
5,430
6,754
40
1,360
9,656
17
1,401
10,922
146
5,484
2,035
1,364
1,696
5
1,354
1,803
13
1,406
1,886
28
1,345
2,039
19
8
9
10
4,643
2,385
2,258
4,642
2,360
2,282
4,937
2,602
2,335
38,341
16,299
21,635
46,038
15,221
29,801
48,417
17,404
29,680
1,333
11509
4,117
6,835
257
9,466
3,960
2,222
868
1,331
23
2,378
2,370
1,033
1,334
11
946
1,418
6
2,458
1,048
1,403
11
12
13
14
-45,954
-46,150
-48,132
-141,345
-170,813
-38,910
-40,678
-42,004
-88,528
-4,425
-12
-3,143
-3,059
-26,086
-11
-10
18
348
407
-2,050
-131
-907
-53
-1,240
-32
-2,619
-910
-1,107
-602
-90
-353
346
344
2,562
2,805
29
31
11,686
4,163
7,136
387
11,868
4,353
7,204
12,421
4,442
7,498
311
-194,558
-45,115
-48,545
-105,247
-124,933
-28,117
-28,046
-30,929
-458
1,016
-405
975
837
373
3,009
29
12,972
481
4,531
8,308
133
8,291
2,370
5,482
430
-49,691
-61,207
-51,310
-152,362
-165,508
-157,101
-38,079
-38,041
-39,617
-41,364
-41,308
15
-31,405
-32,039
-33,372
-32,831
-119,137
-123,453
-115,167
-28,768
-27,953
-28,434
^30,012
-30,096
16
-7,528
-137
-7,686
-7,888
-7,6*
-15,108
-1573
-14,392
-1,050
-3,577
-296
-3,557
-3,567
-129
-13,920
-1527
-3,691
-113
-7,826
-79
-227
-267
-3,569
-300
17
18
-3,484
^3,428
-3,426
-3,709
-562
-592
-615
-682
-2,917
-646
H791
-2,983
-614
-4,770
-679
-765
-173
-4,340
-1,092
-788
-190
-1,001
19
20
21
-1,005
-3,313
-121
-1,491
-3,881
-96
-1,398
-450
-926
-27,541
^3,106
-6,188
-18,247
-12,803
-2,194
-2,126
-13,850
-2,426
-2,241
-3,512
-638
-645
-9,739
-144
-11,409
-401
-27
-2,572
-97
-37,520
-1,349
-29,993
-6,178
-38,697
-1,557
-28,438
-8,702
-9,471
-486
-6,976
-2,009
-7,120
-2,258
-10,008
-249
-7,324
-2,435
-10,811
-7,018
-2,000
-7,675
-2,802
-19,305
-985
-6,625
-12,695
-26,947
-3,405
-6,707
-16,835
-9,520
-76
-929
-12,876
-2,241
-2,278
-78
-665
-91
-9,897
-10,423
-2,508
-2,543
-2,687
-2,685
-2,607
-140
-1,605
-305
-169
-2,034
-374
-137
-384
-169
-267
-135
-2,032
-2,134
-370
-185
-2,130
-5,126
-17,778
-45,953
-56
-62
-1,290
-1,289
-8,118
-28
-28
^24
-2,329
-1,189
-3,069
-1,257
-1,283
-662
-629
-26,731
-1,392
-20,084
-5,255
-78
-126
"8
12,441
4,445
7,842
154
-1,629
-756
-911
-578
878
867
113
-429
-42
-49
-2,796
-2,984
-97
-9,454
-436
-101
-9,764
-386
-622
-26
-3,057
-106
-742
-564
-27
-2,451
-105
-334
-3,166
-•5
11
-4,054
2
2
^,056
-3,002
1,904
3,171
-6,129
-7,626
-1,387
-1,522
-4,717
-7,786
-1,325
-1,526
-4,935
-7,643
-890
-1,608
-6,145
25
26
27
28
-22
-37
-22
12
-21
-20
-21
10
-21
-90
30
31
32
-7,412
-7,473
-18,596
-32,477
-5,729
8,300
1,300
7,000
3,600
2,853
2,768
-73
-11,800
8,300
i",300
"7556
'"""3"506
2,863
2,758
594
-1,008
1,543
59
384
-1,047
1,489
-68
-8
-304
379
-83
135
10
-19
27
10
-19
27
-35
"
-73
1,482
2,096
-3,701
-1,463
33
-23
-324
306
-32
49
-23 "
"-324
306
^32
34
35
36
37
38
22
-14
31
-12
4
22
-14
31
-12
"4
39
40
41
42
-8,657
-1,506
-696
-3558
43
44
45
-606
443
18
-8,704
-2,135
-3,671
-6,244
-6,435
-2,418
-24,997
-3,677
-6,800
^6,008
-3,053
2569
-11,108
-4,376
-6,992
-21,460
-2,385
-17,358
-35516
-1,079
-24,971
-5,683
-1,817
-6,812
388
1
-12,972
-2,550
2,300
-68,290
-19,010
-16,462
-61,393
-14,753
-8,629
-4,214 . . . .
.„_
-2,929
-23,897
-8,931
-10,267
-27,844
-32,072
-27,961
-1,052
-1,846
-11,331
13,940
-9,427
-5,093
-10562
-34,962
-8,600
8,860
-441
-1,276
867
-10,033
-359
-440
2,305
92,350
90,776
-2,677
6,468
20,583
66,402
11,135
49,324
72,697
57,710
18)
18)
18\
18
18)
R
,18)
b
R
R
R
6,238
6,59°i
11,
-624
14
lo,
-13,066
-2,342
-3,581
9,235
6,014
42,068
3
567
(J )
17)
17)
17)
17)
-15
11
R
R
8
9,232
3,800
8
(18)
B
M
-112
R
5,347
2,581
13
R
a
.;i
R
18)
-39
R
11,330
487
(17)
26,516
ie&
10,S3
H3
26,015
18
56,238
^386
18
64,628
-3,877
18
-13,334
629
18
4,650
4,767
2,384
335
18
I )
-14,102
18
48,362
131
4, 376
4,155
R
\
P)
8)
8)
8)
B -1$
(18)
18)
ZII
49
-254
318
16
-84,952
-14^99
-10,620
86
4,183
3,127
-6,511
-671
-1,530
-4,410
176
'^86
-76,268
4,269
17)
-1,610
-4,185
-5,619
^83
-41
-72,599
1
22
23
24
-2,205
-67,847
-242
-332
-935
-24
29
-12,972
-216
-25
-111
-13,065
:
-318
-956
-24
-11
-667
55
-285
349
-9
-311
-869
-41
-7,625
219
-783
-160
-1,057
-10
-734
118
^318
-910
-24
-818
-174
-1,134
-69
-7,157
443
-1,034
1,499
-22
-25
-800
-172
-1,057
-121
-15
1
-260
-124
23
-161
1,103
1,366
27
1
-78
-63
-1,433
-*60
-8,330
-11,800
-161
2,496
8 a
18
C )
(18)
4,231
7,902
125
6,573
8,153
18
7,657
-5591
18
65,655
4,800
18
6,125
2550
18
33,976
-1,033
-148
3,192
2,297
10,724
452
2,416
-190
-210
-10,625
2,348
46
47
15,849
7,530
20,705
13,627
j
28,327
48
18)
18)
18)
18)
I?
18)
18)
-181
R
R
271
(18)
-2,795
18
69,857
§
I?
(18)
27
1,759
1,820
2,032
-3,080
-605
-2,668
-8,221
S3
S3
1,709
18
30,691
18)
-223
(18,
8
(18)
1525
(18,
177
4,910
1,050
18
15,018
259
18
1,025
1
849
18
8564
18
54
(18,
634
56
57
58
59
24,688
60
61
3
4,
3,159
a
-449
6,394
49
50
51
52
63
54
55
(18)
>i8
62
3,880
u.
7,935
14,039
-13,653
-1,501
13,335
3,315
21
-18,172
-1,112
32,114
16,718
-6,086
-5,693
1,835
-11,271
9,043
-13,946
63
-6,557
528
-6,029
2,024
-6,004
-5,181
2,462
-2,719
1,868
3,484
-9,417
4,698
-4,719
8,518
-16,069
3,765
-12,304
9,720
^3,431
478
-2,953
2516
-4,945
-3,372
1,347
-2,025
2,433
-37,324
15,637
-61,687
-11,014
-60,345
19568
-41,077
-15,738
-49,213
21,514
-27,699
-18,075
-11,602
5,234
-6,368
-3,123
-11,477
4,929
-6,548
-4589
-12,303
6,062
-6,241
-6,248
-13,831
5,289
-8,542
-5,416
-13,648
2,414
-4,321
1,524
-2,797
2,657
-3,315
6,166
9,650
11,610
64
65
66
67
-4,005
-90
-4,095
-2,080
-651
-126
-977
21,260
-9,520
11,740
3,799
-9,897
-6,098
-2,584
-10,423
-13,007
-738
-2,508
-3546
-2,114
-2,543
-4,657
-140
-2,687
-2,827
408
-2,685
-2577
-62,701
-140
-62,841
-56,815
-45,774
-9,491
-10,837
-10
-10,847
-11,489
-13,958
-12,818
1,611
-4,393
2,313
-78
-2,158
416
-4,529
1,211
-2,104
2,161
57
-2,607
-2,550
-124
-66,939
-121
-45,895
-69
-9,550
-41
-11
-11,530
-13,969
6,015
-7,633
-6,184
-111
-12,929
68
69
70
July 1997
SURVEY OF CURRENT BUSINESS
Table 10.—U.S. International
[Millions
Aus ralia
(Credits +; debits-)1
Line
1994
19 96
1996
1995
1i97
I
II
III
IV
I
'
1 Exports of goods, services, and Income .
17,906
20,521
21,726
5,149
5,366
5,643
5,568
5,214
2
Goods, adjusted, excluding military2
9,582
10,495
11,705
2,985
2,910
2,895
2,915
2,823
3
4
Services3
Transfers under U.S. military agency sales contracts4
4,159
425
4,534
253
4,792
204
1,049
41
1,183
66
1,334
56
1,226
41
1,116
35
Travel
Passenger fares
Other transportation
1,431
427
219
1,639
429
280
1,819
461
297
349
95
65
446
117
72
572
137
80
452
112
80
392
100
72
Royalties and license fees5
Other private services5
U.S. Government miscellaneous services
513
1,139
5
529
1,396
8
575
1,423
13
131
358
9
138
344
146
341
2
160
379
2
136
379
2
4,165
2,392
1,773
5,492
3,402
2,090
5,229
2,979
2,250
1,116
581
535
1,272
720
552
1,413
849
564
1,428
829
599
1,276
678
598
-5,264
-6,187
-6,820
-1,556
-1,468
-1,704
-2,092
-2,129
-3,203
-3,401
-3,869
-627
-882
-992
-1,168
-1,159
-2,009
-53
-2,245
-68
-2,501
-63
-700
-15
-521
-12
-565
-9
-715
-17
-758
-15
5
6
7
8
9
10
11
12
13
14
Income receipts on U.S. assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
15 Imports of goods, services, and Income
16
Goods adjusted excluding military2 . .
17
18
,
,
Services3
Direct defense expenditures
.
,
19
20
21
Travel
Passenger fares ....
Other transportation
-784
-422
-243
-831
-452
-289
-943
-503
-326
-315
-142
-76
-162
-108
-81
-183
-121
-60
-283
-132
-89
-325
-157
-87
22
23
24
Royalties and license fees5
Other private services5
U.S. Government miscellaneous services
-20
-444
-43
-19
-548
-38
-32
-599
-45
-6
-134
-13
-7
-141
-10
-8
-153
-11
-12
-171
-11
-9
-152
-12
-52
268
-241
-79
-540
-112
-319
-109
-450
31
-333
-148
-29
82
-72
-39
-66
55
-85
-36
-147
-15
-94
-38
-209
-92
-82
-35
-213
-108
-66
-19
-63
-85
-92
-27
-19
-25
-21
-23
^JJ2
-51
'^g2
-53
-34
-58
_Q
-19
Jg
-11
-9
-16
-9
-12
-15
129
-3164
—w, urt
^»,WJ
-4887
-595
2
12
25
26
27
28
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
U.S. Government payments
29 Unilateral transfers, net
30
31
32
U.S. Government grants4
U S Government pensions and other transfers
Private remittances and other transfers6
-11,507
-684
33
34
35
36
37
38
U.S. official reserve assets, net7
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
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 assets8
U.S. foreign currency holdings and U.S. short-term assets, net
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
_g
6
2
15
1
2
12
-890
-32
-2,339
-273
1,754
-5,065
-6,450
-4
-92
1,481
-11,522
-3,789
-4,470
-222
-3,041
-3,586
-1,364
-2,010
90
-302
129
-635
-240
-123
1,127
-3,166
-1,162
566
-141
-2,429
-4,899
-628
-2,786
-48
-1,437
-595
-605
-1,092
3,919
1,571
4,280
1,582
2,376
-1,269
1,592
-1,155
18)
(")
(18)
(18)
(18)
(18)
(18)
- 86
-28
-53
R
R
(18)
48 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 securities9
U.S. Treasury securities
Other10
Other U.S. Government liabilities11
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 12
56
57
58
59
60
61
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities and U.S. currency flows
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
1
15
2
2
4
18)
18)
18)
8
18
266
177
(18)
18)
18
)
18)
d
R
(18)
(18)
(18)
(18)
-38
-13
R
R
R
:?
R
(18)
(18)
(18)
(18)
(18)
(18,
'(18)
777
326
43
(18)
660
166
2,1 78
(18)
(18)
1, 01
18
(18)
1,102
(18)
427
2,391
-232
154
18
36
I8
18
155
2,991
18
-127
-1,421
18
18)
18)
-9
23
R
-206
245 ..._„„..
785
18
62 Allocations of special drawing rights
63 Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above Items with sign reversed)
64
65
66
67
68
69
70
Memoranda:
Balance on goods (lines 2 and 16)
Balance on services (lines 3 and 17)
Balance on goods and services (lines 64 and 65)
Balance on investment income (lines 11 and 25)
Balance on goods, services, and income (lines 1 and 15 or lines 66 and 67) 13
Unilateral transfers net (line 29)
Balance on current account (lines 1, 15, and 29 or lines 68 and 69) 13
See footnotes on page 85.
-15,593
-10,758
-7,587
-1,563
-6,383
519
6,379
2,150
8,529
4,113
12,642
-83
12,559
7,094
2,289
9,383
4,952
14,335
-65
14,250
7,836
2,291
10,127
4,779
14,906
-92
14,814
2,158
348
2,506
1,087
3,593
-27
3,566
2,028
663
2,691
1,207
3,898
-19
3,879
1,903
769
2,672
1,266
3,939
-25
3,914
-160
-1,312
1,747
511
2,258
1,219
3,477
-21
3,456
1,664
358
2,022
1,063
3,085
-23
3,062
SURVEY OF CURRENT BUSINESS
July 1997 •
97
Transactions, by Area—Continued
of dollars]
International organizations and unallocated16
Other countries in Asia and Africa
1996
1994
1995
1996
I
1997
III
II
IV
1995
1996
211,703
222,809
54,492
54,792
54,282
59,243
56,374
13,989
113,377
140,699
146,382
36,536
36565
34517
39,364
36,746
89
40,330
7,345
47,484
8,982
51,121
9,297
12,129
2,056
12550
2542
13,694
13,048
2,820
12,850
4,584
1,942
75
8,075
9,642
10,776
1,654
8,618
8,683
1,954
' 342
2,051
2,903
437
2,145
3,513
562
2,145
2,406
1,292
7,523
2,342
2,194
358
2550
2,124
13,528
444
3,150
15,133
305
3,899
16,339
373
869
4,748
109
939
3,503
80
1,052
4,139
105
1,039
3,949
79
18,192
11,061
23,520
14577
25,306
15,429
5,827
3,530
6577
3,849
6,061
1,070
8,108
1,135
8,611
1,266
1,997
300
2,149
279
6,371
3,836
2,162
373
-226,744
-261,867
—282,525
-64,362
-66,670
-187,856
-215,527
-231,998
-52,460
-53,391
-1,844
-25325
-1,608
-27,379
-1,901
-7,176
-3,053
-6,587
-7,867
-3,380
-7,138
-8,349
-3,638
-7,125
1,754
15,679
4,366
\f
IV
III
17,384
4,065
2
5,024
5,704
13
1,378
9
1,482
53
1,416
2
276
371
527
95
139
952
5,078
77
1,173
3,059
1
1,423
3,176
1,550
3,614
369
906
6,631
4,214
2,303
314
6,777
4,030
2,432
9,296
2,438
11,659
4,304
6,725
315
6,417
441
10,656
3,200
6,857
-76,883
-74,610
-70,038
-2,912
-54,574
-63,554
-61,410
-6,745
-7,024
-6,964
-7,136
-411
-607
-513
-470
-500
-2,149
-2,073
-2,129
-1,998
4,397
-56,021
-6,646
4,611
2
-2515
2,179
413
-679
-926
-933
-900
-1,667
-1,710
-1,899
-1,849
1,427
2
1,447
3
3
4
171
122
161
5
6
7
371
972
382
861
428
874
387
897
8
9
10
2,684
2,884
2,906
1,080
1,670
134
1,041
1,714
151
3,184
1,295
1,743
146
2,950
887
1,598
199
11
12
13
14
-781
-955
-991
-1,019
itit
599
630
-3,177
-4,181
-1,756
-2593
-2
-39
-1,508
-1,471
-193
-190
-193
-5,351
-6,305
-6536
-2
-302
-104
-295
-674
-296
-119
-282
-122
-262
-108
-270
-904
-1,144
-49
-1,337
-197
-196
...
-3
-20
-1,315
-188
-322
-146
-418
-17
-1,337
-768
-314
-978
•fin
-1,001
-14
-5,497
-687
-714
-450
-664
-64
-723
-698
-524
-871
H525
-1,474
1,149
1,659
142
-1,192
-3,028
-640
-60
1
2
15
16
-971
-678
4,323
tt
-1,747
-4,003
-101
II
I
171,900
Line
1997
1996
1994
\p
-1
-1
-1
17
18
19
20
21
22
23
24
-36
-31
224
-163
1,132
1,684
1,628
-6,691
-8,684
-9,078
-11,660
-9,271
-13,841
-2548
-2,978
-2,303
^3572
-2,373
-3,577
-2,347
-4,014
-2,412
-4,306
-2,021
-2,309
-2,590
-267
-259
-190
-60
-38
-34
-68
-28
25
26
27
28
-16,065
-12,229
-16,610
-6,139
-2,557
-3,042
-5,872
-2,913
-9,259
-9,010
-9,461
-1,958
-2,313
-2,335
-2,855
-2,109
29
-10,122
-6,124
-10,180
-3,373
-1,104
-1,424
-4579
-1,074
-1535
-872
-401
-660
-448
-213
-647
-225
-132
-7,115
-1,340
-7549
-161
-158
-1,639
-1,825
-1,790
-1,995
-1,752
30
31
32
-702
-15,498
-123
-21,015
-277
-23,148
-6557
-355
125
-6,881
-1,156
-884
-1,153
-237
421
-608
-241
430
-633
-282
404
-652
-97
-392
373
-697
-332
423
-727
-446
-238
-508
-172
-112
-115
-109
-122
-6,497
-6,867
-5,922
-1,594
-1,341
-1,503
-1,484
-1,717
-1,079
-1,504
-6,676
-22,147
-25,800
-51,803
-12,656
-15,868
-2,767
-20,514
-12,325
-4,309
-3,220
-8,725
-3,979
-700
53
-3574
-910
-1,048
-353
'^808
-2,466
'-199
494
-1,280
-849
-133
-220
-183
-1,011
-1,011
-1,201
-1501
-1587
-1,287
-319
-319
-234
-234
-321
-321
-413
-413
-333
-333
39
40
41
42
1,255
-1538
-4,528
-4,348
-2,612
-113
-760
-100
-1,046
-2,271
-758
-699
1,873
526
-62
"*"
-441
370
304
198
-40
-1,127
-1,705
-1,901
1,859
1,775
128
1,665
196
343
-93
491
263
367
-15
464
41
-25,998
-9,491
-9,692
-1,008
-6,807
-51,763
-11,412
-53,394
-12,641
-2,888
-4,842
-15,791
-3,426
-4,982
-20,616
-2,910
-9,015
-12,372
-5,134
-3,665
-3,350
-1,012
-464
-1503
358
108
-6569
-7,491
-1597
-7,394
43
9
-15,754
-2,715
-2,188
-4,555
^372
4,400
-3,573
-2,390
2,946
-654
-95
-9
-1,889
33,103
77,019
59,216
1,967
13,714
29,228
14,309
30,103
23,890
12,475
17,340
^j
i)
i)
i)
1
(18)
(18)
(18)
(")
21
-4
21
H
R
R
£5
R
23,869
-1,316
-1,345
2,667
33
665
-174
1,127
848
-146
34
<se
00
36
37
38
-28
""72
1,055
466
-8
-22,451
-11,278
-12,605
-5,051
6,483
-87
-428
J
(18)
{
(18)
(18)
1,927
1 060
(18)
R
'(18)
89
R
3,912
875
779
"70,989
"51,493
-62
-404
18
(18)
R
-S3
R
R
R
(18)
(18)
-658
-75
-629
( )
-695
-840
"23,476
5,867
-15
-265
1594
-923
R
(18)
18
")
H
-12
R
47
-411
(18)
(")
(18)
873
-1 ,071
327
(in
3,648
... .
.._g
350
861
I'Q
"11,066
"25,354
"13,407
(18)
"1,666
fit*
102
-403
3576
1631
491
6
741
5
1,335
-841
i"065
43
44
45
46
47
-3,317
5,806
8,569
8,482
1,130
48
2
1
1
1
-1
-4
2
1
1
1
-1
12,479
-1,888
17,338
-1,873
-3,318
5,605
8,568
6,483
1,130
-468
-468
-468
-469
-471
11
-619
-115
836
-64
-840
1,648
49
50
51
52
53
54
55
,„,
S3
46
43
251
J3
255
SJ
55
(Uj
25
-17
119
-25
56
"24,622
"14,676
"19,074
"-5,831
"6,050
"8,934
"6,921
"i',592
62
:.
59,954
11,175
68,913
25,699
16,587
-74,479
16,939
-57,540
2,695
-64,845
-16,065
-70,910
-74,828
22,159
-52,670
2,505
-50,165
-12529
-62,394
-85,616
23,742
-61,874
-15,924
5,483
-10,441
-18,309
5,505
-12,804
-617
-29,337
6,670
-52,667
27,443
-1,200
-22,046
6,084
-15,962
-19575
5714
-13,561
-104
-13,665
-5,913
-16,578
2,158
570
927
66
596
-59,716
-16,610
-76,326
-9,871
-5,139
-15,010
-11,878
-2,557
-14,435
-22,601
-3,042
-25,643
-15,367
-5,872
-21539
-21,379
-12,747
-14,338
5,950
-6,005
-8,381
-6,903
-5,067
63
2
2730
2,730
9,772
12,502
-9,010
3,492
2,676
2,678
10,506
13,184
-9,461
3,723
2
855
857
2,447
3,304
-1,958
1,346
768
768
2,643
3,411
-2,313
1,098
225
225
2,624
2,848
-2,335
513
828
828
2,792
3,621
-2,855
766
761
761
2,618
3,379
-2,109
1,270
64
65
66
67
68
69
70
89
2,828
2,917
8,140
11,057
-9559
1,798
56
57
58
59
60
61
SURVEY OF CURRENT BUSINESS
July 1997
Table 10a.—U.S. International Transactions,
[Millions
Belgium-Luxembourg
(Credits +; debits-)1
Une
1994
1 Exports of goods services and Income
29,157
30,813
38,518
45,457
46,694
11,080
12,838
12,685
13,610
14,255
14,454
18,745
21,879
22,970
2,568
50
2,830
110
"8
6,630
116
8,051
44
8,831
63
11,637
192
13,213
250
14227
389
Travel
Passenger feres
Other transportation
442
218
348
486
272
361
539
320
323
«
428
2,063
972
439
2,255
991
418
3,577
1,296
1,177
4,212
1,584
1,172
4,573
1,757
840
Royalties and license fees5
Other private services3
U.S. Government miscellaneous services
676
833
1
744
856
1
723
895
1
1,587
2,031
6
1,991
2526
16
2,257
2,828
19
2,337
3,018
40
2,748
3,203
44
2,653
3.967
3,636
2,676
960
0
-12^08
4,406
3,103
3,920
2,634
1,286
4,542
1,296
3,246
0
6,851
2,728
4,123
0
7,528
8,136
3,107
3,876
1,153
10,365
4,783
4,615
967
88
-13,703
-14,956
-25,362
-28,779
-31,356
-51,491
-57,139
-60,726
-8,464
-8,756
-9,499
-16,674
-17,175
-18,630
-31,678
-36,764
-38,831
-1,395
-86
-1,712
-118
-1,795
-104
-5,904
-47
-6,466
-66
-6,609
-51
-12,157
-4,585
-12,284
-4,082
-12,935
-4,010
-295
-345
-107
-439
-312
-132
-455
-2,511
-460
-$75
-2,801
-639
-645
-2,865
-691
-713
-2,458
-763
-1,449
-2,407
-849
-1,519
-2,455
-949
-1,567
-114
-517
-72
-132
-680
-250
-1,775
-186
-296
-1,894
-225
-351
-1,789
-249
-609
-2,015
-278
-652
-2,468
-307
-719
-2,896
-339
18
-1,280
-1,482
-2,784
63
-2,345
-502
-6,138
-1,722
-2,764
-652
-6,117
-2,654
-2,825
-638
-7,656
-2256
-2,192
-3208
-6,091
-1,908
-2,677
-3,506
-8,960
-2,097
-2,765
-4,098
-56
-155
-133
-142
1,190
1,425
1,325
-72
'^68
-74
'3£i
1,471
-291
1,716
-288"
1,613
-10,506
-20,751
-3,664
-13,332
3,198
2,648
-609
3J9B
-7
2,648
'^609"
-44
Income receipts on U.S. assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
15 Imports of floods, services, and Income
Goods, adjusted, excluding military2
16
11
12
13
14
Services3
Direct defense expenditures
.
19
20
21
22
23
24
...
.
Travel
Passenger fares
Other transportation
Royalties and license fees5
Other private services3
U.S. Government miscellaneous services
"8
-98
-408
-86
-561
-61
Income payments on foreign assets in the United States
Direcfinvestment payments
Other private payments
U.S. Government payments
-2,349
-264
-1,018
-1,067
-41
29 Unilateral transfers net
30
31
32
U.S. Government grants4
U.S. Government pensions and other transfers
Private remittances and other transfers
34
35
36
37
38
-49
.„„„
-ie
-33
-39
^o
-95
-6,321
-7,040
-1,721
-4,155
U.S. Government assets, other than official reserve assets, net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets8
U.S. foreign currency holdings and U.S. short-term assets, net
f
"3T
1
US official reserve assets net7
39
40
41
42
-3,235
-617
-1,360
-1,358
-80
-17
-24
33 U.S. assets abroad, net (Increase/capital outflow (-))
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
1996"
24,782
Services3
Transfers under U S military agency sales contracts4
25
26
27
28
1995
19,495
3
17
18
1994
1996"
1995
20,074
Goods, adjusted, excluding military2
8
9
10
1994
17,284
2
5
6
Germany
France
1996*
1995
Gold
. . . rr.7z^rizzzzzzzzzrz".zzzzi
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
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 § Government securities9
U.S. Treasury securities
Other10....
Other US Government liabilitiesn
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assetsl2
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities and U.S. currency flows
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
5
6
„
5
-5,326
-2,397
-1,392
-130
-1,407
-4,883
-7,046
-2,080
-1,952
-1,241
-1,773
"^
-1,716
-1,190
1,577
-2,963
860
8,147
8,648
...
B
s
fi
£
M
311
H
3$
43
-36
-3
-5
if
-1
'^3
-4,155
-2,586
-10,503
-5,726
241
-1,215
6,864
-1,672
-2,685
811
-595
-420
1
8
£
«J3
400
8
46
-7
'-13
-10,104
-2,438
15,320
-15,967
-4,373
-898
-8,982
-1,714
-20,503
-955
-7,805
-7,498
-4245
26,381
39,485
-952
9,616
R
H
3
R
R
40
10$
u
B
7.53
-594
I4
-3,121
2,745
631
14
-4,766
2
-13
—6,855
-2,217
-1,248
i
3$
n
-21,156
-20,752
-5,221
-5,379
(14)
a
4,548
663
()
"IS"
(14)
8 "8
(14)
(14)
16283
2,735
810
"4,655
10,229
(u)
4,095
220
14
11,876
(14)
5,425
Meoo
-156
-449
14
3,614
5,169
-7,429
-11,410
-1,974
9,450
11,820
127
-2,792
-5,622
2,616
1,173
3,789
1,287
5,076
-41
5,035
4,082
1,118
5,200
1,171
6,371
-49
6,322
3,186
1,095
4,281
258
-3,064
726
-2,338
1,758
-580
-155
-735
-2,920
1,585
-1,335
1,713
378
-133
245
-4,176
2,222
-1,954
1,411
-12,933
-520
-13,453
480
-12,973
1,190
-11,783
-14,885
929
-13,956
2,274
-11,682
1,425
-10,257
-15,861
1292
-14,569
537
-14,032
1,325
-12,707
"-3,797
14
14
^
30
16,903
62 Allocations of special drawing rights
63 Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above Ham
with sign reversed)
64
65
66
67
68
69
70
Memoranda:
Balance on goods (lines 2 and 16)
Balance on services (lines 3 and 17)
Balance on goods and services (lines 64 and 65)
Balance on investment income (lines 11 and 25)
Balance on goods, services, and income (lines 1 and 15 or lines 66 and 67) 13
Unilateral transfers, net (line 29)
Balance on current account (lines 1,15, and 29 or lines 68 and 69) 13
See footnotes on page 85.
^
4,483
-543
-142
-685
SURVEY OF CURRENT BUSINESS
July 1997 • 99
by Selected Countries (published annually)
of dollars]
Italy
Venezuela
Mexico
Netherlands
South Africa
Une
1996"
1995
1994
1994
1996"
1995
1994
1994
1996"
1995
1996"
1995
1994
1996"
1995
15,028
17,623
17,518
25,554
31,788
34,001
66,390
58,627
71,790
6,892
8^24
8,154
3,164
4,062
4,459
1
6,999
8,681
8,621
13,319
16,226
16,501
50,743
46,189
56,735
3,954
4,602
4,665
2,168
2,791
3,115
2
4,269
4,629
4,952
5,265
9,898
2,339
802
158
315
6
2,150
17
2,509
196
7,316
2
7,950
54
6,193
264
6,738
111
17
21
973
3
3
4
1,219
437
492
1,344
482
452
1,440
519
318
756
132
791
782
159
916
847
228
827
4,866
2,857
733
589
515
473
3,001 7
647 t 1,534
603 3
288
344
1
14
34
84
403
12
84
5
6
7
980
1,026
4
1,111
1,180
6
1,095
1,378
6
1,474
1,953
1,822
2,248
1
2
2,102
2,417
2
3,760
4,313
2,117
2,196
3,945
1,843
2,102
6,970
5,081
1,888
9,369
6,890
2,479
10,762
1,748
2,012
1
n
-19,884
-21,896
-24,101
-14,337
-16,826
-14,782
-16,333
-18,294
-6,004
•4,021
-4,360
-4,316
-511
-545
-1,651
-458
-651
4
80
208
3
130
241
2
152
316
3
8
9
10
662
488
n
369
188
181
0
469
177
292
371
112
259
n
11
12
13
14
-11,356
-14,797
-2,369
-2,693
-2,883
15
-8,371
-9,763
-13,171
-2,031
-2,209
-2,321
16
-778
-723
-731
-426
-446
-521
17
18
67
94
550
7,105
2,931
3,196
978
788
321
466
1
1,113
625
488
1,150
-75,512
-89,093
-9,831
-50,055
-62,767
-75,108
-3,358
-10,625
-10,889
-11,749
-77
-12
-8
-3
-515
-746
-702
-6,334
-6,316
-5,971
-601
-476
-669
-481
-618
-625
-408
-867
-29
-3,978
-46
-4,275
-53
-4,395
-195
-194
-184
-1,558
-1,856
-2,236
401
469
3,044
3,203
22
24
5,749
2,497
3,185
67
5,122
1,369
3,202
551
-19,003
-62,238
-6,396
-7,473
-2,714
-3,264
-600
-99
-53
-1,927
-2,069
^80
-532
-526
-528
-427
-557
-600
-442
-701
-681
-129
-571
-303
-745
-438
-909
-75
-672
-64
-83
-1,081
7,991
2,771
-92
-30
-40
-43
-7,166
-5,212
-1,459
-8,172
-6,294
-1,503
-495
-375
-41
-1,203
-1,491
-819
-184
-131
-866
-206
-1,033
-248
-5,619
-4,120
-1,188
-311
-276
-272
-265
-37
-78
-210
I
1,669 R
K
532
593
3,089
1
23 }
-1
-2
-81
8
-918
-605
-970
-1,326
-4,604
-4,802
-4,150
-4
-48
-609
-947
-4
-29
n
-1
89
r
560 1
n
n
-1
27
-504
-205
-870
52
-712
-210
-730
n
-12
22
23
24
-41
1
-30
-12
-48
(*)
-27
-11
n
7
-712
-190
-1
25
26
27
28
-113
-50
-56
-44
-159
-162
-167
29
-1
-4
-39
-109
-123
-121
-4
-42
30
31
32
109
-1,026
-1,482
33
-19
'-19
-218
-217
-54
-63
-18
-22
-19
-29
-234
-64
-4,367
-4,580
-3,904
_4
-46
-1
-4
-51
401
-3,509
-2,847
-7,277
-18,574
-10,235
-6,143
-13,560
2,878
312
120
-11,800
..........
..........
8,300
.,„
.. .
,
-212
-202
-218
,
..
,.
Me
-4
-46
-4
-35
-711
34
35
36
37
38
t
-1
8
10
nmn
-ii"5bo
....
....
2
3
1
..
-1
10
8
2
3
1
402
-2,351
-3,519
-2,720
-2,469
-2,855
-18,577
-8,420
-4,114
-2,829
-3,214
-10,236
-7,140
208
209
-1
163
-13
173
3
-6,380
-3,674
-3,630
-1,968
-2,955
-1,094
-6,585
-2,747
-2,900
419
1,662
-2
64
n
4
4
n
n
n
-6
1
311
116
109
-1,020
n
3,400
-92
1,662
-1,079
-595
2,740
487
3,26$
2,407
8,735
-17,325
14,599
8,501
775
-2,352
6,014
(14)
(14)
(14)
14)
(14)
(14)
14)
(14)
jiij
8
(M)
iij
8
(")
(14)
ji:|
8
(")
jiij
jlij
189
48
8
8
-244
"-1,548
8
"'33
"3,620
-479
-1,298
1
—105
51
~525
"1,187
8
3
^174
4*13
'119
"1,900
-64
i£2
~&
-270
"-348
-984
-676
-1,436
-104
1,028
1 fe
-71
-2
8
3$
233
8
il2
S3
90
"-3,283
"-18,971
8J26
MM
1
-7,279
-6,331
-3,598
1,067
1,583
-836
m
t>>>>
t<
8,300
237
-7
247
-4
V
_•]
8
-470
420
-67
"14,717
-644
-381
-391
71
1,265
315
-47
232
3
8
43
£3
8
241
-654
390
66
214
_4
"8,248
19
20
21
-37
-64
-34
-12
-895
-17
-22
-61
-41
-682
-233
-109
-198
-119
-77
-16
-722
-11
-9
-141
• -777
-52
-634
1,848
627
a
43
157
"876
81
-6
-138
-108
560
-250
48
(14)
Sol
96
4
S3
-61
"-2,397
"5,411
"-4
-60
-1,504
165
-34
::fit
8
''!
21
-19
39
40
41
42
-109
8
1
n
1
43
44
45
46
47
-154
-723
8
(*)
8
3
22
-23
-4
P
-688
-436
-338
-179
(|j
n
i")
(")
128
-9
"440
-258
-1,170
62
(14)
8
8
2
n
(
87
28
"-326
49
50
51
52
53
54
55
56
57
58
59
60
61
62
5,327
5,314
9,208
-7,169
1,246
-13,450
-7,783
-7,652
-9,673
7,315
2,551
9,866
1,351
11,217
-37
11,180
9,830
2,929
12,759
2,203
14,962
9,028
3,380
12,408
2,590
14,998
248
269
636
-7,535
2,679
-4,856
-7,383
-9,037
2,454
-6,583
-265
-6,848
3,110
-4,273
-276
-272
-5,132
-4,545
-41
14,921
-48
14,950
22,920
19,648
10,074
1,902
5,420
564
498
-1,056
323
63
688
-16,578
-3,573
-20,151
3,266
-16,885
-3,802
-20,687
-18,373
-3,799
-22,172
4,869
-17,303
-4,150
-21,453
-4,417
-6,161
-8,506
137
301
438
357
795
582
356
938
431
1,369
794
452
1,246
330
1,576
64
65
66
67
68
69
70
-727
-39
4,191
4,152
-3,604
548
1,372
1,786
1,608
-3,045
-4,375
-6,898
106
243
255
-2939
-3,132
-6,643
-50
-56
-3,188
-44
-6,687
-2,989
-159
636
-162
-167
1,207
1,409
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5/97
SURVEY OF CURRENT BUSINESS
July 1997
Contents
D-l
BEA CURRENT AND H I S T O R I C A L 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'S data are available at three web sites: The Federal Statistical Briefing Room (FSBR) on the White House web site
(http://www.whitehouse.gov/fsbr) provides summary statistics for GDP and other major aggregates on its output, income, and international statistics pages; BEA'S web site (http: //www.bea. doc. gov) provides summary tables and charts on
BEA'S national, international, and regional data; and the Commerce Department's STAT-USA (http://www.stat-usa.gov)
provides detailed BEA databases and news releases 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 (voice).
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
A. Selected NIPA Tables: [QA]
1. National product and income
2. Personal income and outlays
3. Government receipts, current expenditures,
and gross investment
4. Foreign transactions
5. Saving and investment
6. Income and employment by industry
7. Quantity and price indexes
8. Supplementary tables
D-2
D-6
D-7
D-n
D-13
D-i6
D-ij
0-24
B. Other NIPA and NiPA-related tables:
Monthly estimates: [MA]
B.i. Personal income
B.2. Disposition of personal income
D-2j
D-27
Annual estimates: [A]
6.3. GDP by industry
D-28
6.4. Personal consumption expenditures by type of
expenditure
D-29
6.5. Private purchases of structures by type
D~3O
B.6. Private purchases of producers' durable
equipment by type
D-3O
B./. Compensation and wage and salary accruals
by industry
D-3i
B.8. Employment by industry
D-32
6.9. Wage and salary accruals and employment
by industry per full-time equivalent
D-33
B.io. Farm sector output, gross product,
and national income
D-34
B.n. Housing sector output, gross product,
and national income
D-34
B.12. Net stock of fixed private capital, by type... 0-35
E. Charts:
Selected NIPA series
Other indicators of the domestic economy
D-49
0-55
International Data
F. Transactions tables
(*)
G. Investment tables:
G.i. International investment position of the United
States [A]
.
D-58
G.2. USDIA: Selected items [A]
D-59
G.3. Selected financial and operating data for nonbank
foreign affiliates of U.S. companies [A]
D-6o
G.4. FDIUS: Selected items [A]
D-6i
G.S. Selected financial and operating data of nonbank
U.S. affiliates of foreign companies [A]
D-62
H. International perspectives [MA, QA]
I. Charts....,
D-63
(*)
Regional Data
]. State and regional tables:
J.i. Total and nonfarm personal income [QA]
J.2. Percent of personal income for selected
components [A]
J.3. Per capita personal income and
disposable personal income [A]
J.4. Gross state product [A]
D-65
D-66
, D-67
D-68
K. Local area table:
K.i. Personal income by metropolitan area [A]... D-69
L. Charts
D-71
Appendixes
C. Historical tables: [A]
C.i. Historical estimates for major NIPA
aggregates
0-36
C.2.-C.25. Growth rates of selected components
of real GDP
D-39
Appendix A: Additional information about
BEA'S NIPA estimates:
Statistical conventions
Reconciliation tables [QA]
0-73
D-74
D. Domestic perspectives [MA, QA]
Appendix B: Suggested reading
D-75
D-47
* These sections are not included in this issue because of the annual
revision of the international transactions accounts (see the note on page
D-57).
D-2
SURVEY OF CURRENT BUSINESS
• National Data
July 1997
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 June 27,1997 and include the "final" estimates for the first quarter of 1997.
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. For a guide to which issues of the SURVEY OF
CURRENT BUSINESS contain the "annual only" NIPA tables, see the headnote to "Revised and Newly Available
NIPA Estimates, 1991-95" in the May SURVEY.
The selected NIPA tables are available electronically on the day of the gross domestic product (GDP) news
release by subscription from STAT-USA'S Economic Bulletin Board and Internet services; for information, call
(202) 482-1986. The tables are also available on printouts or diskettes; for subscription information, write to
the National Income and Wealth Division (BE-54), Bureau of Economic Analysis, Washington, DC 20230 or call
(202) 606-9700.
NOTE.—The 1997 annual revision of the NIPA'S will be presented in the August SURVEY; see the box on
page 4 for more information.
i. National Product and Income.
Table 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
1995
1996
1995
IV
Gross domestic product
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
Gross private domestic
investment
Fixed investment
Nonresidential
Structures
Producers' durable
equipment
Residential
Change in business
inventories
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
II
III
JV
4,924.9 5,151.4 4,990.5 5,060.5 5,139.4 5,165.4 5,240.3 5,336.0
606.4 632.1 612.8 625.2 637.6 630.5 635.2 658.9
1,485.9 1,545.1 1,494.2 1,522.1 1,544.7 1,546.5 1,566.8 1,593.7
2,832.6 2,974.3 2,883.5 2,913.2 2,957.1 2,988.5 3,038.3 3,083.4
1,065.3 1,117.0 1,064.0 1,068.9 1,096.0 1,156.2 1,146.6 1,204.3
1,028.2 1,101.5 1,046.2 1,070.7 1,088.0 1,119.6 1,127.8 1,149.8
738.5 791.1 749.7 769.0 773.8 807.0 814.5 830.8
199.7
214.3 204.0 208.4 207.4 213.5 227.8 232.5
593.5
312.6
586.7
313.3
598.3
319.0
36.6
18.8
54.5
538.8
289.8
576.8
310.5
545.7
296.5
560.6
301.7
37.0
15.4
17.8
-1.7
-94.7
-98.7
-67.2
-S6.3
-99.2 -120.2
807.4
581.4
225.9
902.0
757.0
145.1
855.2
614.9
240.3
953.9
802.2
151.7
837.0
604.5
232.5
904.2
759.0
145.2
839.5
603.6
235.9
925.8
776.7
149.2
850.0
610.4
239.7
949.2
798.2
151.0
8.0
844.3
605.4
239.0
964.5
812.1
152.5
-89.1
523.1
347.1
176.0
883.3
507.7
337.1
170.6
855.7
518.6
343.9
174.7
865.1
529.6
353.7
175.8
879.2
525.5
348.8
176.7
889.3
518.5
341.9
176.7
899.8
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
-99.5
887.0 904.5
640.2 655.9
246.8 248.6
976.0 1,004.0
842.9
821.6
154.4 161.1
1,358.3 1,406.4 1,363.4 1,383.7 1,408.8 1,414.8 1,418.3 1,430.3
516.6
345.5
171.0
841.7
1996
520.4
336.5
183.9
909.9
1995
IV
I
7,253.8 7,576.1 7,350.6 7,426.8 7,545.1 7,616.3 7,716.1 7,871.0
566.3
314.2
1995
1997
1996
I
Gross domestic product
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
Gross private domestic
investment
Fixed investment
Nonresidential
Structures
Producers' durable
equipment
Residential
Change in business
inventories
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
Residual .
1996
I
II
1997
III
IV
I
6,742.2 6,906.8 6,780.2 6,813.8 6,892.1 6,928.1 6,993.3 7,094.4
4,577.8 4,690.7 4,609.4 4,649.1 4,687.6 4,693.5 4,732.5 4,798.0
579.8 611.4 587.5 599.2 615.6 611.6 619.1 646.4
1,421.9 1,442.0 1,423.2 1,436.1 1,440.9 1,442.2 1,448.6 1,464.9
2,577.0 2,638.3 2,599.3 2,614.7 2,632.3 2,640.6 2,665.6 2,688.2
1,009.4 1,056.6 1,004.3 1,011.4 1,038.1 1,093.1 1,083.9 1,141.0
975.9 1,042.1
714.3 766.8
181.1 190.0
988.5 1,013.3 1,031.1 1,057.5 1,066.6 1,091.9
723.3 743.5 750.5 781.4 792.0 813.0
183.2 186.6 184.9 188.6 199.8 203.0
534.5
262.8
578.6
276.7
541.4
266.3
558.3
271.1
32.7
13.6
13.7
-3.5
-107.6 -113.6
775.4
565.9
210.4
883.0
744.7
138.8
825.9
608.8
218.2
939.5
796.3
143.8
567.5
281.5
6.7
595.0
277.8
593.7
276.6
611.7
281.1
34.1
17.1
48.6
-84.9 -104.0 -114.7 -137.4
803.1
588.8
215.3
888.0
750.0
138.5
806.7
590.9
216.7
910.7
768.4
142.8
817.9
600.6
218.3
932.6
789.9
143.2
816.1
601.1
216.1
953.5
810.0
144.1
-98.4 -120.7
862.9 885.3
642.6 664.6
221.7 222.4
961 3 1,006.0
853.4
817.0
145.0
153.2
1,260.2 1,270.6 1,249.6 1,254.7 1,278.2 1,276.1 1,273.4 1,273.3
472.3
319.6
152.3
788.6
467.1
313.9
152.8
804.3
—9
-1 7
456.2
308.8
147.0
794.4
462.9
311.9
150.6
792.6
__ t
473.4
319.4
153.7
805.5
469.3
314.9
153.9
807.7
462.9
309.4
153.1
811.4
459.2
301.2
157.2
815.7
-1.7
-1.4
-3.4
-4.0
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 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.
National Data • D-3
SURVEY OF CURRENT BUSINESS
July 1997
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
1995
1996
1995
IV
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
Services
Structures
Addenda:
Motor vehicle output
Gross domestic product less
motor vehicle cutout
I
II
III
7,216.7 7,560.7 7,332.8 7,428.6 7,537.1 7,579.6 7,697.4 7,816.5
15.4
17.8
-1.7
8.0
36.6
18.8
54.5
2,699.2 2,799.8 2,715.8 2,747.5 2,790.1 2,821.6 2,839.9 2,933.8
2,662.2 2,784.4 2,698.0 2,749.3 2,782.0 2,785.0 2,821.1 2,879.3
-1.7
15.4
18.8
37.0
17.8
8.0
36.6
54.5
1,182.1 1,232.3 1,193.6 1,204.4 1,229.1 1,260.1 1,235.7 1,297.1
1,147.3 1,219.6 1,166.4 1,192.1 1,219.1 1,225.5 1,241.7 1,271.2
12.7
12.3
34.7
-6.0
34.8
27.3
9.9
25.9
1,517.1 1,567.5 1,522.2 1,543.1 1,561.0 1,561.5 1,604.3 1,636.7
1,514.9 1,564.8 1,531.7 1,557.1 1,562.9 1,559.5 1,579.5 1,608.1
2.7
-9.4
24.8
2.2
-14.0
-1.9
2.0
28.6
3,926.9 4,105.2 3,992.4 4,027.9 4,087.0 4,122.0 4,183.8 4,233.3
627.6 671.1 642.3 651.4 668.0 672.6 692.5 703.9
262.4
260.5
263.1
242.6
270.6
269.7
258.9
1996
I
IV
7,253.8 7,576.1 7,350.6 7,426.8 7,545.1 7,616.3 7,716.1 7,871.0
37.0
1995
1997
1996
267.6
6,991.3 7.315.6 7.087.5 7.184.2 7.P74.5 7.346.6 7.457.2 7.603.5
NOTE—Percent changes from preceding period for selected items in this table are shown in table 8.1.
1995
IV
1997
1996
I
II
IV
III
I
6,742.2 6,906.8 6,780.2 6,813.8 6,892.1 6,928.1 6,993.3 7,094.4
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
6,70:8.9 6,892.1 6,764.2 6,815.2 6,884.7 6,892.7 6,975.9 7,045.8
13.7
-3.5
6.7 34.1
17.1
13.6
48.6
.6
1.1
2.3
2.1
.7
1.3
.3
0
2,588.5 2,662.0 2,596.9 2,615.2 2,646.7 2,681.8 2,704.2 2,784.9
2 555.1 26477 2581.5 2617.6 2,640.0 2,646.2 2,687.1 2,735.7
32.7
13.7
32.7
34.1
13.6
-3.5
6.7
17.1
48.6
1,157.4 1,212.0 1,169.1 1,177.9 1,205.0 1,240.2 1,224.9 1,290.7
1,124.1 1,200.3 1,143.0 1,166.3 1,196.4 1,206.9 1,231.6 1,266.2
32.8
12.1
25.8
11.8
9.3 33.0
-5.6
24.4
1,432.3 1,451.9 1,429.4 1,438.8 1,443.7 1,444.2 1,481.1 1,497.1
1,431.8 1,449.5 1,439.4 1,452.6 1,445.7 1,441.7 1,458.1 1,472.6
1.2
-.3
1.5 -12.0 -15.2
-2.6
24.1
22.6
3,583.9 3,649.2 3,605.6 3,614.2 3,648.8 3,652.0 3,681.7 3,696.5
571.8 598.3 579.4 586.4 598.8 597.5 610.5 618.1
-4.1
-1.9
-1.0
-2.3
-42
-4.3
-5.6
-7.5
235.1
229.3
233.6
215.4
238.2
236.2
227.3
233.3
6,507.2 6,678.0 6,546.7 6,599.2 6,654.0 6,692.1 6,766.7 6,861.5
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 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
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
7,253.8 7,576.1 7,350.6 7,426.8 7,545.1 7,616.3 7,716.1 7,871.0
807.4
855.2
837.0
839.5
850.0
844.3 887.0
902.0
953.9
904.2
925.8
949.2
964.5 976.0 1,004.0
904.5
7,348.4 7,674.8 7,417.8 7,513.2 7,644.3 7,736.5 7,805.2 7,970.6
37.0
15.4
17.8
-1.7
8.0
36.6
18.8
54.5
7,311.4 7,659.3 7,400.0 7,514.9 7,636.2 7,699.8 7,786.4 7,916.1
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
6,742.2 6,906.8 6,780.2 6,813.8 6,892.1 6,928.1 6,993.3 7,094.4
775.4
825.9
883.0
939.5
806.7
817.9
816.1
862.9
885.3
910.7
803.1
932.6
953.5
961.3
1,006.0
6,846.4 7,016.2 6,862.4 6,914.1 7,002.6 7,060.3 7,087.7 7,209.8
32.7
13.6
13.7
-3.5
6.7
34.1
17.1
48.6
6,813.0 7,001.5 6,846.4 6,915.5 6,995.2 7,024.9 7,070.3 7,161.1
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.
Percent changes from preceding period for selected items in this table are shown in table 8.1.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Table 1.7.—Gross Domestic Product by Sector
Table 1.8.—Real Gross Domestic Product by Sector
[Billions of dollars]
[Billions of chained (1992) dollars]
Gross domestic product
Business!
Nonfarm!
Nonfarm less housing
Housing
Farm
Households and institutions ...
Private households
Nonprofit institutions
General government2
Federal
State and local
7,545.1 7,616.3
6,334.6 6,394.2
6,237.0 6,290.3
5,591.6 5,634.9
645.4 655.4
89.1
97.6 103.9
333.5 338.3 343.2
7,253.8 7,576.1 7,350.6 7,426.8
6,078.2 6,360.6 6,162.1 6,226.3
5,999.6 6,262.3 6,079.8 6,137.3
5,375.0 5,611.05,440.45,496.9
624.6 651.3 639.4 640.4
78.6
98.3
82.2
323.0
340.9
329.6
11.1
11.7
11.3
11.5
11.6
11.8
311.8
329.1
874.7
318.2
322.0
867.0
279.0
588.0
326.7
872.2
331.4
878.9
276.6
602.3
852.6
278.2
574.4
277.0
597.7
859.0
276.8
582.2
277.8
594.4
7,716.1
6,487.1
6,384.7
5,720.8
663.9
102.5
348.5
12.0
7,871.0
6,624.8
6,523.6
5,852.4
671.2
101.2
354.8
12.2
336.5 342.6
880.5 891.4
274.5 279.5
606.1 611.9
1. Gross domestic business product equals gross domestic product less gross product of households and institutions and of general government. 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 3.7B.
Gross domestic product
Business!
Nonfarm *
Nonfarm less housing
Housinq
Farm
Households and institutions ...
Private households
Nonprofit institutions
General government2
Federal
State and local
Residual
6,742.2
5,662.7
5,587.2
5,013.4
573.8
6,906.8
5,824.0
5,740.7
5,159.0
581.8
6,780.2
5,705.1
5,630.0
5,049.4
580.7
6,813.8
5,741.1
5,662.4
5,085.0
577.4
6,892.1
5,806.9
5,724.5
5,146.2
578.6
6,928.1
5,840.9
5,754.3
5,170.8
583.7
6,993.3
5,907.3
5,821.6
5,234.2
587.6
7,094.4
6,005.0
5,917.3
5,327.3
590.2
75.3
83.4
74.7
78.6
82.4
86.7
85.9
87.8
302.5
309.2
305.0
305.5
308.4
310.1
312.5
315.2
10.1
10.3
10.2
10.3
10.3
10.3
292.3 298.8 294.8
777.5 774.6 770.8
246.4 238.5 238.6
531.7 536.9 533.0
-.8 -1.9
-1.2
295.3 298.1 299.8
768.0 777.7 778.1
238.7 240.4 239.0
530.0 538.1 539.9
-1.5
-2.0
-2.1
10.4
10.5
302.2
774.7
236.1
539.5
304.7
775.7
235.5
541.2
-2.6
-2.8
1. Gross domestic business product equals gross domestic product less gross product of households and institutions and of general government. 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 3.8B.
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.
SURVEY OF CURRENT BUSINESS
D-4 • National Data
July 1997
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
1995
1996
1995
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
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
enterorises
Equals: National income
II
III
IV
1996
208.3
228.4
213.4
220.4
223.9
226.4
242.9
242.3
215.3
237.3
219.7
220.6
231.4
243.8
253.5
270.3
7,246.7 7,567.1 7,344.3 7,426.6 7,537.5 7,598.9 7,705.6 7,843.0
811.1
664.4
845.5
696.4
833.1
685.0
831.4
683.1
839.8
691.2
851.0
701.6
859.8
709.8
868.4
717.1
660.9
699.1
676.9
683.6
693.8
704.3
714.8
725.3
-3.5
2.7
149.1
-8.1
146.7
148.2
.5
148.4
2.6
148.6
2.7
149.4
5.0
150.0
8.2
151.3
125.3
126.8
126.4
126.4
126.4
126.9
127.2
128.3
21.3
22.4
21.8
22.0
22.2
22.5
22.8
23.0
6,435.7 6,721.6 6,511.1 6,595.2 6,697.7 6,747.9 6,845.7 6,974.6
595.5
617.9
604.1
604.1
608.7
614.6
644.0
30.8
-1.5
32.2
31.2
31.5
32.4
32.2
32.6
32.6
-75.1
-47.0
-50.6
-58.1
-98.7
-93.2
-95.4
18.2
17.5
16.8
17.3
17.6
16.8
18.3
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
Government
General
government
Government
enterprises
Equals: Net national product
Addenda:
Gross domestic income2l
Gross national income
Net domestic product
6,742.2 6,906.8
1997
1996
I
II
III
IV
I
6,780.2 6,813.8 6,892.1 6,928.1 6,993.3 7,094.4
194.2
209.2
197.6
203.2
205.4
207.0
221.0
219.7
199.7
215.9
202.4
202.3
211.1
221.4
229.0
243.2
6,736.4 6,899.7
6,775.0 6,814.4 6,886.1 6,913.3 6,985.0 7,070.4
757.0
623.4
133.6
783.7
648.9
134.7
772.9
638.7
134.1
772.2
637.6
134.5
779.5
645.0
134.3
787.5
652.7
134.7
795.8
660.5
135.1
805.9
670.1
135.6
113.9
114.3
114.1
114.4
114.1
114.3
114.6
114.9
19.7
20.3
20.0
20.1
20.3
20.4
20.6
20.7
5,979.4 6,115.2
6,001.3 6,041.5 6,106.0 6,125.0 6,188.3 6,263.6
6,743.4 6,975.3
6,737.6 6,968.1
5,985.1 6,122.3
6,823.5 6,860.2 6,945.2 7,017.9 7,077.8 7,180.4
6,818.4 6,860.8 6,939.1 7,003.2 7,069.4 7,156.5
6,006.4 6,040.9 6,112.0 6,139.7 6,196.7 6,287.7
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.
17.7
628.6
1995
IV
I
7,253.8 7,576.1 7,350.6 7,426.8 7,545.1 7,616.3 7,716.1 7,871.0
Table 1.11.—Command-Basis Real Gross National Product
[Billions of chained (1992) dollars]
5,828.9 6,164.2 5,939.7 6,027.5 6,132.2 6,216.6 6,280.6 6,426.5
Less: Corporate profits with
inventory valuation and capital
604.8
consumption adjustments
403.6
Net interest
Contributions for social
660.0
insurance
Wage accruals less
2.7
disbursements
Plus: Personal interest income ... 717.1
Personal dividend
214.8
income
Government transfer
payments to persons 1,000.0
Business transfer
22.6
payments to persons
Gross national product
670.2
403.3
628.3
401.9
661.2
399.5
672.1
402.3
677.3
405.6
670.1
405.7
712.5
412.0
689.7
668.6
676.0
686.2
694.4
702.2
717.6
0
738.2
.9
727.2
1.9
726.1
0
733.1
0
742.9
-1.9
750.5
1.9
755.6
230.6
221.7
226.6
229.3
231.5
234.8
240.0
1,056.7 1,018.7 1,040.1 1,052.6 1,062.1 1,071.9 1,096.7
23.0
22.7
22.9
23.0
23.1
23.2
23.3
Equals: Personal income
6,112.4 6,449.5 6,230.2 6,304.5 6,409.6 6,498.9 6,584.9 6,698.1
Addenda:
Gross domestic income
Gross national income
Net domestic product
7,255.2 7,651.2 7,397.6 7,477.4 7,603.2 7,715.0 7,809.3 7,966.5
7,248.2 7,642.3 7,391.3 7,477.2 7,595.6 7,697.6 7,798.7 7,938.5
6,442.7 6,730.6 6,517.5 6,595.4 6,705.3 6,765.3 6,856.3 7,002.6
1995
1997
1996
I
Seasonally adjusted at annual rates
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!
6,736.4 6,899.7 6,775.0 6,814.4 6,886.1 6,913.3 6,985.0 7,070.4
970.4 1,036.0 1,001.4 1,010.8 1,024.1 1,024.0 1,085.0 1,105.8
985.9 1,053.0 1,020.9 1,030.6 1,042.1 1,043.1 1,096.2 1,126,8
Equals: Command-basis gross
national product
6,751.8 6,916.7 6,794.5 6,834.2 6,904.0 6,932.5 6,996.2 7,091.4
Addendum:
2
Terms of trade
101.6 101.6 101.9 102.0 101.8 101.9 101.0 101.9
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.
SURVEY OF CURRENT BUSINESS
July 1997
Table 1.14.—National Income by Type of Income
Seasonally adjusted at annual rates
1996
1995
IV
National income
Compensation of employees ...
Wage and salary accruals
Government
Other
Supplements to wages and
salaries
Employer contributions for
social insurance
Other labor income
Proprietors' income with
inventory valuation and
capital consumption
adjustments
Farm
Proprietors' income with
inventory valuation
adjustment
Capital consumption
adjustment
Nonfarm
Proprietors' income
Inventory valuation
adjustment
Capital consumption
adjustment
Rental income of persons with
capital consumption
adjustment
Rental income of persons
Capital consumption
adjustment
Corporate profits with
inventory valuation and
capital consumption
adjustments
Corporate profits with
inventory valuation
adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits ...
Inventory valuation
adjustment
Capital consumption
adjustment
Net interest
Addenda:
Corporate profits after tax with
inventory valuation and
capital consumption
adjustments
Net cash flow with inventory
valuation and capital
consumption adjustments ...
Undistributed profits with
inventory valuation and
capital consumption
adjustments
Consumption of fixed
capital
Less: Inventory valuation
adjustment
Equals: Net cash flow
1996
I
II
Seasonally adjusted at annual rates
1997
III
IV
1995
I
1996
4,222.7 4,448.5 4,301.1 4,344.3 4,420.9 4,482.9 4,546.0 4,636.2
3,433.2 3,630.1 3,501.1 3,540.2 3,606.5 3,659.6 3,714.2 3,793.3
621.7 641.2 626.9 634.0 638.9 644.6 647.2 655.5
2,811.5 29889 2,874.2 2,906.1 2,967.5 3,015.1 3,067.0 3,137.7
365.5
424.0
818.4
382.2
436.2
800.1
369.8
430.2
804.1
375.0
429.1
814.4
380.4
434.0
823.3
384.6
438.6
831.8
388.8
442.9
842.9
396.8
446.1
486.1
527.3
494.9
508.1
524.6
535.6
540.9
549.0
27.9
44.7
30.1
36.6
44.1
50.1
47.9
45.8
35.8
52.4
37.9
44.4
51.9
57.9
55.5
53.3
-7.9
-7.8
-7.8
-7.8
-7.8
-7.8
-7.7
-7.6
458.2
434.6
482.6
457.2
464.8
439.6
471.5
446.4
480.5
455.2
485.5
459.4
493.1
467.7
503.3
476.5
-.8
-.8
-1.3
-1.2
-.1
-.7
-1.8
0
25.4
26.3
26.0
26.3
26.5
26.2
26.0
26.8
111.7
158.7
115.0
162.1
113.5
164.7
114.5
160.9
112.4
159.0
115.2
162.7
117.9
165.6
116.8
164.4
-47.0
-47.1
-51.2
-46.5
-46.7
-47.4
-47.7
-47.6
604.8
670.2
628.3
661.2
672.1
677.3
670.1
712.5
570.8
598.9
218.7
380.2
227.4
152.8
631.0
639.9
233.0
406.8
244.2
162.6
595.3
604.2
218.7
385.5
234.7
150.8
624.8
642.2
233.4
408.8
239.9
168.9
633.5
644.6
236.4
408.1
243.1
165.1
637.6
635.6
233.4
402.2
245.2
156.9
627.9
637.1
228.9
408.2
248.7
159.5
668.0
668.5
246.2
422.3
254.2
168.1
-28.1
-8.9
-8.8
-17.4
-11.0
2.0
34.0
39.2
32.9
36.4
38.6
39.7
42.2
44.4
403.6
403.3
401.9
399.5
402.3
405.6
405.7
412.0
-9.2
-.4
386.1
437.1
409.6
427.8
435.7
443.9
441.2
466.3
594.6
650.8
622.0
637.4
647.3
659.7
658.6
683.5
158.7
192.9
174.9
187.9
192.6
198.6
192.5
212.1
435.9
457.9
447.1
449.6
454.7
461.1
466.1
471.4
-28.1
622.7
-8.9
-8.8
659.7
630.8
-17.4
654.8
-11.0
658.4
2.0
657.7
-9.2
667.8
-.4
683.9
1995
1996
I
IV
5,828.9 6,164.2 5,939.7 6,027.5 6,132.2 6,216.6 6,280.6 6,426.5
789.5
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
[Billions of dollars]
1995
National Data •
II
1997
III
IV
I
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 nonfmancial
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
4,331.1 4,592.0 4,424.9 4,481.8 ,565.6 4,629.8 4,691.0 4,799.9
435.9
457.9
447.1
449.6
454.7
461.1
466.1
471.4
3,895.2 4,134.2 3,977.8 4,032.3 4,110.9 4,168.7 4,224.9 4,328.5
441.0 458.0 447.3 445.6 450.3 454.3 481.7 465.0
3,454.1 3,676.2 3,530.5 3,586.7 3,660.6 3,714.4 3,743.2 3,863.5
2,804.5 2,965.3 2,862.0 2,888.5 2,945.3 2,989.8 3,037.8 3,102.7
2,303.3 2,448.6 2,354.6 2,380.8 2,431.1 2,470.0 2,512.6 2,570.5
501.3
516.7
507.4
507.7
514.2
519.8
525.2
532.2
528.1
522.2
218.7
303.5
205.6
546.6
522.5
218.7
303.8
211.3
92.5
578.0
559.0
233.4
325.6
216.8
108.8
593.7
566.1
236.4
329.7
218.0
111.7
600.7
559.0
233.4
325.6
215.3
110.3
580.2
547.2
228.9
318.3
222.0
97.9
588.2
557.8
233.0
324.8
218.0
106.8
96.3
632.7
588.7
246.2
342.5
220.9
121.7
-28.1
-8.9
-8.8
-17.4
-11.0
2.0
-9.2
-.4
34.0
39.2
32.9
36.4
38.6
39.7
42.2
44.4
121.5
122.7
121.9
120.2
121.6
123.8
125.2
128.1
445.3
484.3
451.8
470.2
484.0
486.6
496.2
504.7
3,885.8 4,107.8 3,973.2 4,011.6 4,081.6 4,143.1 4,194.8 4,295.2
377.9
395.2
387.3
388.7
392.7
397.7
401.6
405.8
3,507.9 3,712.6 3,585.9 3,622.9 3,688.9 3,745.4 3,793.2 3,889.4
400.9 407.5 406.9 405.3 403.0 406.6 415.2 424.6
3,106.9 3,305.1 3,179.0 3,217.6 3,285.9 3,338.8 3,378.0 3,464.9
2,574.9 2,721.8 2,627.6 2,651.3 2,703.4 2,744.3 2,788.2 2,847.8
2,111.9 2,245.1 2,159.0 2,182.9 2,229.0 2,264.7 2,303.7 2,356.8
463.1
476.7
468.6
468.4
474.4
479.6
484.5
491.0
430.7
403.0
140.7
262.4
175.9
480.6
425.9
148.0
277.9
187.8
450.0
403.2
140.6
262.6
180.3
466.4
424.1
147.7
276.4
185.6
481.0
429.5
149.2
280.3
187.9
490.6
424.1
146.9
277.1
186.2
484.5
425.9
148.1
277.8
191.5
509.0
438.8
151.8
287.0
191.3
86.5
90.1
82.4
90.8
92.4
90.9
86.3
95.7
-28.1
-8.9
-8.8
-17.4
-11.0
2.0
-9.2
-.4
55.7
63.7
55.6
59.7
62.5
64.6
67.8
70.6
101.3
102.6
101.4
100.0
101.5
103.9
105.2
108.1
Billions of chained (1992) dollars
Gross domestic product
of nonfinancial
corporate business ' ...
3,691.2 3,858.7 3,758.6 3,779.2 3,831.4 3,888.4 3,935.8 4,018.0
Consumption of fixed 3
capital2 ....
Net domestic product
356.9 371.1 363.9 365.0 369.0 373.1 377.3 381.5
3,334.3 3,487.6 3,394.7 3,414.2 3,462.4 3,515.4 3,558.6 3,636.4
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.
SURVEY OF CURRENT BUSINESS
D-6 • National Data
July 1997
2. Personal Income and OutlaysTable 2.2.—Personal Consumption Expenditures by Major Type of
Product
[Billions of dollars]
Table 2.1.—Personal Income and Its Disposition
[Billions of dollars]
Seasonally adjusted at annual rates
1995
1996
1995
IV
Personal income
Wage and salary
disbursements
Private industries
Commodity-producing
industries
Manufacturing
Distributive industries
Service industries
Government
..
Other labor income
Proprietors' income with
inventory valuation and
capital consumption
adjustments
Farm
Nonfarm
Rental income of persons
with capital consumption
adjustment
Personal dividend income ...
Personal interest income
Transfer payments to
persons
. .
Old-age, survivors,
disability, and health
insurance benefits
Government unemployment
insurance benefits
Veterans benefits
Government employees
retirement benefits
Other transfer payments ....
Aid to families with
dependent children ....
Other
Less: Personal
contributions for social
insurance
Less: Personal tax and nontax
payments
Equals: Disposable personal
income
Less: Personal outlays
Personal consumption
expenditures
Interest paid by persons
Personal transfer payments to
the rest of the world (net)
Equals: Personal saving
Addenda:
Disposable personal income:
Total, billions of chained
(1992) dollars1
Per capita:
Current dollars
Chained (1992) dollars
Population (mid-period,
millions)
Personal saving as a
percentage of disposable
personal income
,112.4 ,449.5
1996
II
I
,230.2
IV
Ill
,304.5 ,409.6 ,498.9
,430.6 ,630.1 ,500.2 ,538.2
,808.8 ,988.9 ,873.3 ,904.2
,606.5
,967.5
Seasonally adjusted at annual rates
1997
1995
I
920.9 935.6
685.0 693.6
846.5 864.3
,301.5 ,336.0
647.2 655.5
424.0
436.2
430.2
429.1
434.0
438.6
442.9
446.1
486.1
527.3
494.9
508.1
524.6
535.6
540.9
549.0
27.9
44.7
30.1
36.6
44.1
50.1
47.9
45.8
458.2
482.6
464.8
471.5
480.5
485.5
493.1
503.3
111.7
115.0
113.5
114.5
112.4
115.2
117.9
116.8
214.8
230.6
221.7
226.6
229.3
231.5
234.8
240.0
717.1
738.2
727.2
726.1
733.1
742.9
750.5
755.6
,022.6 ,079.7 1,041.4 1,063.0 1,075.6 1,085.1 ,095.0 1,119.9
507.4
539.1
516.1
529.9
536.3
541.7
548.2
21.6
20.9
22.1
21.9
22.2
21.0
22.2
21.7
22.0
22.0
22.0
21.9
22.1
21.9
135.5
337.2
142.3
354.4
137.3
344.8
138.4
350.8
142.1
353.2
143.5
356.0
145.4
357.5
23.3
20.0
22.8
22.5
22.0
21.6
14.0
313.9
334.3
322.0
328.3
331.2
334.4
343.5
354.2
294.5
307.5
298.8
301.0
305.8
309.7
313.4
320.8
794.3
863.8
807.2
824.9
870.6
872.5
887.2
562.2
22.8
149.7
363.1
8.9
918.6
5,071.5 5,314.0 5,144.7 5,218.1 5,300.7 5,329.8 5,407.5 5,505.3
4,924.9 5,151.4 4,990.5 5,060.5 5,139.4 5,165.4 5,240.3 5,336.0
131.7 146.3
137.8 141.9 145.1 148.2 150.2 151.9
14.9
16.3
16.5
15.7
16.2
16.2
17.1
17.4
246.6
271.6
278.4
261.5
238.3
296.6
290.2
274.1
4,943.3 5,086.0 5,009.0 5,034.0 5,052.0 5,112.3 5,145.7 5,196.7
21,04
19,15
263.
265.
4.
4.
20,539 20,712 20,890 21,167 21,387 21,654
18,97 19,028 19,053 19,233 19,31 19,471
264.0
5.
264.
4.
265.2
4.
265.
5.
266.4
5.
266.9
4.7
1. 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 aoods
Motor vehicles and parts
Furniture and household
eauioment
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
1997
1996
I
II
III
IV
I
4,924.9 5,151.4 4,990.5 5,060.5 5,139.4 5,165.4 5,240.3 5,336.0
606.4
632.1
612.8
625.2
637.6
630.5
635.2
658.9
247.8
252.5
248.3
254.2
256.2
249.8
249.9
259.3
241.9
116.7
254.4
125.2
247.0
117.4
248.7
122.3
255.9
125.6
255.9
124.7
257.1
128.2
265.0
134.5
1,485.9 1,545.1 1,494.2 1,522.1 1,544.7 1,546.5 1,566.8 1,593.7
747.2
254.4
114.6
772.3
264.4
121.8
754.9
254.8
110.8
765.8
261.2
115.9
767.9
266.3
127.0
773.3
265.1
119.8
782.1
265.0
124.6
790.5
274.2
127.7
10.0
11.1
10.3
11.3
11.0
10.6
11.6
10.4
359.7
375.4
363.4
368.0
372.5
377.6
383.5
390.8
2,832.6 2,974.3 2,883.5 2,913.2 2,957.1 2,988.5 3,038.3 3,083.4
743.7
294.2
118.0
176.2
192.5
784.2
818.0
779.4
309.5
123.0
186.5
204.6
815.8
865.0
758.1
298.1
118.4
179.7
196.9
798.5
831.8
767.0
302.1
120.8
181.3
198.5
800.4
845.3
775.2
310.4
124.7
185.7
202.4
811.2
857.9
783.3
309.2
122.3
186.9
206.4
818.9
870.6
792.2
316.4
124.3
192.1
210.9
832.6
886.2
801.9
317.8
124.4
193.4
215.2
844.7
903.8
Table 2.3.—Real Personal Consumption Expenditures by Major Type of
Product
[Billions of chained (1992) dollars]
222
5,318.1 5,585.7 5,423.1 5,479.6 5,539.0 5,626.4 5,697.7 5,779.5
20,21
18,78
1995
IV
,584.9 ,698.1
,659.6 ,716.1 ,791.3
,015.1 ,068.9 ,135.8
863.5 902.7 873.9 878.7 900.3 911.0
648.4 672.5 654.7 654.8 671.8 678.5
783.7 827.9 800.7 810.5
822.3 832.4
,161.6 ,258.3 ,198.6 ,215.1 ,244.9 ,271.6
621.7
641.2 626.9 634.0 638.9 644.6
1996
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
4,577.8
4,690.7 4,609.4 4,649.1
611.4 587.5 599.2
4,687.6 4,693.5 4,732.5 4,798.0
615.6
611.6
619.1
646.4
221.1
222.4
220.6
224.2
225.9
220.0
219.4
227.2
251.1
109.8
275.8
117.1
259.9
109.9
264.1
113.9
276.0
117.4
279.0
116.9
284.2
120.3
298.2
126.1
579.8
1,421.9 1,442.0 1,423.2 1,436.1 1,440.9 1,442.2
703.0
257.3
113.7
709.2
262.5
112.6
1,448.6 1,464.9
702.1
257.2
113.3
704.6
268.2
113.8
10.3
339.
10.2
10.7
10.7
10.1
10.1
10.0
345.9
338.8
341.6
343.5
347.0
351.4
2,577.0
2,638.3
681.7
276.8
113.6
163.1
177.0
684.1
757.6
692.9
283.9
115.8
-3.5
778.8
280.8
115.4
165.3
182.5
691.1
771.8
-5.8
-3.8
-4.8
184.7
698.
701.6
271.0
113.4
702.8
270.3
114.9
707.9
277.6
115.3
9.0
356.1
2,599.3 2,614.7 2,632.3 2,640.6 2,665.6 2,688.2
686.3 689.0 691.6
693.9 697.2 700.7
278.9
113.4
165.4
180.0
691.2
763.0
168.0
704.9
268.9
114.3
285.6
117.9
167.6
183.3
696.1
776.1
-6.0
287.0 285.8
115.4 113.7
171.4 171.9
187.9 191.5
706.5 711.7
779.9 787.2 798.9
282.
114.4
167.6
185.2
699.7
-6.4
-7.8
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.
SURVEY OF CURRENT BUSINESS
July 1997
National Data • D-7
3. Government Receipts, Current Expenditures, and Gross InvestmentTable 3.1.—-Government Receipts and Current Expenditures
[Billions of dollars]
Seasonally adjusted at annual rates
1995
1996
1995
1996
To the rest of the world (net)
Net interest paid
Interest paid
To persons and business
To the rest of the world
Less.* Interest received by government
Less: Dividends received by government
Subsidies less current surplus of government enterprises
Subsidies
Less: Current surplus of government enterprises
Less1 Wage accruals less disbursements
Current surplus or deficit (-), national income and product accounts
Social insurance funds
II
I
IV
Receipts
Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax accruals
Contributions for social insurance
Current expenditures
Consumption expenditures
Transfer oavrnents (net)
•^•wi\*i r*«Ajinvii»w \ii"/
1997
III
I
IV
2,268.4 2,404.4 2,298.6 2,338.5 2,402.0 2,414.9 2,462.3 2,511.0
794.3
218.7
595.5
660.0
863.8
233.0
617.9
689.7
807.2
218.7
604.1
668.6
824.9
233.4
604.1
676.0
870.6
236.4
608.7
686.2
872.5
233.4
614.6
694.4
887.2
228.9
644.0
702.2
918.6
246.2
628.6
717.6
2,335.1 2,438.5 2,365.0 2,402.7 2,427.6 2,446.5 2,477.3 2,498.0
1,136.4 1,173.1 1,143.3 1,154.9 1,173.7 1,180.6 1,183.0 1,195.7
1,011.5 1,073.1 1,030.3 1,059.1 1,064.5 1,073.8 1,095.1 1,107.1
1,000.0 1,056.7 1,018.7 1,040.1 1,052.6 1,062.1 1,071.9 1,096.7
11.5
16.4
11.6
19.0
11.8
11.7
23.3
10.5
181.7
318.0
256.7
188.5
321.8
250.5
187.5
322.8
258.1
184.8
319.8
255.2
185.6
319.7
252.3
189.1
322.3
248.3
194.7
325.5
246.1
191.6
321.3
236.8
61.3
71.3
64.7
64.7
67.3
74.0
79.4
84.6
136.3
133.3
135.3
135.0
134.0
133.2
130.9
129.7
12.6
13.7
13.0
13.3
13.7
13.7
13.9
14.2
18.2
33.4
15.3
17.5
32.1
14.6
16.8
31.7
14.8
17.3
31.7
14.4
17.6
31.8
14.2
16.8
32.0
15.2
18.3
32.8
14.4
17.7
32.9
15.3
0
0
0
0
0
0
0
-S6.7
-34.1
-66.4
-64.3
-25.7
-31.6
-15.0
117.7
112.8
118.3
109.9
111.7
114.5
115.2
0
13.0
113.5
-184.4 -146.9 -184.7 -174.1 -137.4 -146.1 -130.2 -100.5
SURVEY OF CURRENT BUSINESS
D-8 • National Data
Table 3.2.—Federal Government Receipts and Current Expenditures
July 1997
Table 3.3.—State and Local .Government Receipts and Current
Expenditures
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
1995
1995
1996
II
I
IV
Receipts
Personal tax and nontax receipts
Income taxes
Estate and gift taxes
Nontaxes
Corporate profits tax accruals ....
Federal Reserve banks
Other
Indirect business tax and nontax
accruals
Excise taxes
Customs duties
Nontaxes
Contributions for social insurance
Current expenditures
Consumption expenditures
Transfer payments (net)
To persons
To the rest of the world (net)
Grants-in-aid to State and local
governments
Net interest paid
Interest paid
To persons and business
To the rest of the world
Less: Interest received by
government
Subsidies less current surplus of
government enterprises
Subsidies
Less: Current surplus of
government enterprises
Less: Wage accruals less
disbursements
Current surplus or deficit
(-), national income
and product accounts
Social insurance funds
Other
1996
Seasonally adjusted at annual rates
1997
III
IV
1995
1995
1996
Receipts
Personal tax and nontax receipts
Income taxes
Nontaxes
Other
996.1
,044.0 1,007.1 1,023.0
Corporate profits tax accruals ....
Indirect business tax and nontax
accruals
Sales taxes ..
Property taxes
I
IV
1,478.4 1,575.0 1,494.7 1,523.1 1,575.6 1,581.9 ,619.3 ,653.6
614.9
598.1
673.1
653.7
623.3
605.5
639.6
622.2
681.4
661.3
680.2
659.6
691.1
671.5
718.8
698.3
14.8
17.3
15.7
15.2
18.0
18.5
17.4
18.4
2.0
184.3
2.2
196.2
2.2
184.3
2.2
196.4
2.2
199.0
207.3
23.2
24.0
176.0
173.7
169.6
183.4
83.2
50.2
19.4
13.5
85.7
51.4
20.7
13.6
108.7
86.2
53.0
20.5
12.6
22.9
22.7
23.0
161.1
173.2
161.3
173.7
91.2
56.5
19.5
15.2
90.5
52.2
20.3
18.1
91.3
57.7
19.6
13.9
84.4
51.1
20.1
13.3
595.9
602.6
2.1
192.8
22.9
615.2
196.5
2.2
22.8
23.1
588.0
2.2
612.0
619.4
56.0
20.9
31.8
626.7
641.3
1,640.1 1,702.1 1,649.3 1,678.3 1,702.3 1,702.6 1,725.2 1,735.9
453.8
459.0
451.4
453.6
463.5
461.3
457.7
462.8
719.9
708.4
764.2
747.7
730.9
719.3
756.2
737.2
757.9
746.0
762.9
751.2
779.8
756.6
786.8
776.4
11.5
16.4
11.6
19.0
11.8
11.7
23.3
10.5
206.1
214.6
203.3
207.6
219.3
214.5
216.8
219.4
229.1
254.0
192.7
233.4
258.0
186.7
233.9
258.9
194.2
230.5
255.9
191.3
230.8
255.8
188.5
233.7
258.5
184.5
238.8
261.8
182.4
235.3
257.6
173.1
61.3
71.3
64.7
64.7
67.3
74.0
79.4
84.6
24.9
24.6
25.0
25.4
25.0
24.8
23.0
22.3
31.3
33.1
1.8
0
30.9
31.7
.8
0
29.9
31.3
1.4
0
30.4
31.3
.9
0
30.8
31.4
.6
0
30.3 . 32.0
31.7
32.4
1.4
0
ti
0
-161.7 -127.1 -154.5 -155.2 -126.7 -120.8 -105.9
59.5
57.2
60.7
53.0
55.2
59.1
61.2
31.6
32.6
1.0
0
-82.3
60.7
-221.2 -184.3 -215.2 -208.3 -181.9 -179.9 -167.1 -143.0
other:..!!
:..:
Contributions for social insurance
Federal grants-in-aid
Current expenditures
Consumption expenditures
Transfer payments to persons ...
Net interest paid
Interest paid
Less: Interest received by
government
Less: Dividends received by
government
Subsidies less current surplus of
government enterprises
Subsidies
Less: Current surplus of
government enterprises
Less: Wage accruals less
disbursements
Current surplus or deficit
(-), national income
and product accounts
Social insurance funds
Other
1996
II
I
1997
I
IV
III
,045.7 1,047.6 1,059.8 1,076.8
179.4
133.5
190.8
142.9
183.8
137.3
185.3
138.1
189.2
141.7
192.3
144.2
196.2
147.3
199.8
150.4
23.9
22.0
24.7
23.2
24.1
22.4
24.4
22.8
24.5
23.0
24.8
23.3
25.2
23.7
25.4
24.0
34.4
36.8
34.4
36.9
37.4
36.9
36.1
38.9
504.3
238.3
216.3
527.3
249.3
225.5
512.8
241.8
220.2
519.7
245.9
222.2
525.5
248.8
224.6
528.9
249.5
226.5
535.2
252.9
228.8
542.4
257.6
230.6
49.7
52.5
50.8
51.6
52.2
52.9
53.6
54.1
71.9
74.5
72.8
73.4
74.2
74.9
75.5
76.3
206.1
214.6
203.3
207.6
219.3
214.5
216.8
219.4
901.1
951.0
919.0
932.0
944.7
958.4
968.9
981.5
682.6
714.0
691.9
701.3
710.2
719.3
725.3
732.9
291.6
308.9
299.4
302.9
306.6
310.9
315.3
320.3
-47.4
-44.9
-46.4
-45.7
-45.1
-44.6
-44.1
64.0
63.8
63.9
63.9
63.8
63.8
63.7
^3.7
63.7
111.4
108.7
110.3
109.6
109.0
108.4
107.9
107.4
12.6
13.7
13.0
13.3
13.7
13.7
13.9
14.2
-13.1
./
-13.4
/
-13.0
-13.1
-13.3
.4
-13.4
.4
-13.7
.4
-13.9
.4
13.5
13.7
13.4
13.5
13.6
13.8
14.1
14.3
0
0
0
0
0
0
0
0
95.0
93.0
88.1
91.0
101.0
89.2
90.9
95.3
58.2
36.8
55.6
37.4
57.6
30.5
56.8
34.1
56.4
44.6
55.3
33.8
54.0
36.9
52.9
42.5
^
SURVEY OF CURRENT BUSINESS
July 1997
D-9
National Data
Table 3.7B.—Government Consumption Expenditures and Gross
Investment by Type
Table 3.8B.—Real Government Consumption Expenditures and Real
Gross Investment by Type
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
1995
1996
1996
1995
IV
II
I
Seasonally adjusted at annual rates
IV
516.6
523.1
507.7
518.6
529.6
525.5
518.5
520.4
345.5
302.3
347.1
303.9
337.1
300.1
343.9
298.7
353.7
307.4
348.8
304.7
341.9
304.7
336.5
302.5
20.7
18.9
22.9
18.8
37.9
38.1
31.7
40.1
41.2
39.0
32.2
29.5
Nondefense
Consumption expenditures
Durable goods2
Nondurable goods
Commodity Credit
Corporation
inventory change ...
Other nondurables
Services
Compensation of
general government
employees, except
force-account
construction 3
Consumption of
general government
fixed capital4
Other services
Gross investment
Structures
Equipment
171.0
151.5
.8
7.6
176.0
155.2
1.0
7.2
170.6
151.3
.7
7.6
174.7
154.9
.9
7.8
175.8
156.1
1.0
7.3
176.7
156.6
1.2
7.0
176.7
153.0
1.0
6.8
183.9
160.4
.9
7.8
-.2
7.8
143.2
-.3
7.6
146.9
-.1
7.6
143.1
-.1
7.9
146.3
-.5
7.8
147.8
-.5
7.5
148.4
-.3
7.1
145.2
0
7.8
151.6
76.4
77.7
76.3
77.7
77.9
77.6
77.4
79.8
10.7
56.1
19.5
10.1
10.9
58.4
20.8
10.8
55.9
19.3
10.9
57.7
19.8
10.9
59.8
20.1
9.4
10.9
10.1
9.7
10.5
11.0
56.9
23.7
10.4
13.2
11.1
60.7
23.5
9.9
9.4
10.8
59.0
19.7
10.0
State and local
Consumption expenditures
Durable goods2
Nondurable goods
Services
Compensation of general
government
employees, except
force-account
construction 3
Consumption of general
government fixed
capital4
Other services
Gross investment
Structures
Equipment
841.7
682.6
883.3
714.0
855.7
691.9
865.1
701.3
879.2
710.2
889.3
719.3
899.8
725.3
909.9
732.9
Addenda:
Compensation of general
government employees 3 ....
Federal
State and local
19.1
22.1
6.2
275.2
5.7
7.9
275.2 275.5
7.7
271.9
8.3
276.9
7.2
8.5
273.4 278.7
7.6
275.1
130.6
129.4
129.2
130.8
129.9
129.3
127.9
130.1
60.5
84.1
43.3
58.9
86.9
43.2
60.3
86.0
37.0
59.6
81.5
45.2
59.1
87.9
46.3
58.7
85.4
44.1
58.2
92.7
37.2
58.4
86.6
34.1
5.3
5.0
9.9
5.3
5.0
9.7
5.1
5.1
9.6
4.9
19.8
4.6
9.9
13.6
14.7
72.8
15.5
78.3
15.2
73.6
15.3
76.1
15.4
78.3
15.6
78.4
15.7
80.4
15.9
81.3
595.1
620.2
603.2
609.9
616.5
625.3
629.1
635.8
516.2
536.5
522.9
528.1
533.6
540.7
543.6
548.7
54.2
24.7
57.0
26.7
55.3
25.0
55.9
25.9
56.5
26.3
57.4
27.3
58.0
27.5
58.8
28.3
159.1
130.0
169.3
138.9
163.8
134.0
163.8
133.8
169.1
138.7
170.0
139.4
174.5
143.6
177.0
145.8
29.1
30.5
29.7
30.0
30.3
30.6
30.9
31.2
747.9
207.2
540.7
732.6
205.6
526.9
740.6
208.5
532.1
745.8
207.9
537.9
751.9
207.0
544.9
753.3
205.3
548.0
763.2
210.0
553.2
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.
1996
II
I
1997
III
IV
I
Government consumption
expenditures and
1,260.2 1,270.6 1,249.6 1,254.7 1,278.2 1,276.1 1,273.4 1,273.8
gross investment '
472.3 467.1 456.2 462.9 473.4 469.3 462.9 459.2
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
319.6
280.1
313.9
275.7
20.5
,6.2
2511
7.3
248.0
308.8 311.9 319.4 314.9 309.4 301.2
275.1 271.6 279.6 276.5 275.3 270.1
18.7
18.6
21.5
22.3
18.4
19.3
7.3
5.5
7.7
7.7
6.4
6.8
250.5 245.4 250.2 246.4 250.2 243.8
120.9
115.7
117.5
116.6
116.5
115.8
113.9
113.0
52.2
79.9
39.6
51.0
81.4
38.2
51.6
77.1
40.3
51.0
82.8
39.9
50.8
79.8
38.5
50.7
85.8
34.2
50.6
80.3
31.3
35.0
34.0
51.8
81.2
33.8
4.5
29.2
36.0
35.6
34.3
30.1
27.4
Nondefense
Consumption expenditures
Durable goods2
Nondurable goods
Commodity Credit
Corporation
inventory change ...
Other nondurables
Services
Compensation of
general government
employees, except
force-account
construction 3
Consumption of
general government
fixed capital4
Other services
Gross investment
Structures
Equipment
152.3
133.5
.9
6.8
152.8
132.8
1.2
6.5
147.0
128.6
.8
6.8
150.6
131.6
1.0
7.0
153.7
134.7
1.2
6.5
153.9
134.4
1.3
6.3
153.1
130.5
1.2
6.1
157.2
134.7
1.2
7.0
-.2
7.1
125.7
-.3
6.7
125.2
-.1
6.9
121.0
-.1
7.0
123.7
-.4
6.9
126.9
-.4
6.6
126.8
-.2
6.4
123.2
0
7.0
126.5
62.9
61.2
58.9
60.0
62.3
61.7
60.8
61.1
10.2
53.2
18.7
10.3
54.4
20.0
10.3
52.5
18.4
10.3
54.2
18.9
10.3
55.1
18.9
10.3
55.6
19.4
10.4
52.6
22.8
10.5
55.8
22.7
State and local
Consumption expenditures
Durable goods2
Nondurable goods
Services
Compensation of general
government
employees, except
force-account
construction 3
Consumption of general
government fixed
capital4
Other services
Gross investment
Structures
Equipment
788.6
639.1
Residual
727.3
207.1
520.2
1995
IV
National defense
Consumption expenditures
Durable goods2
Nondurable goods
Services
Compensation of
general government
employees, except
force-account
construction 3
Consumption of
general government
fixed capital 4
Other services
Gross investment
Structures
.. . .
Equipment
20.8
1996
I
Government consumption
expenditures and
1,358.3 1,406.4 1,363.4 1,383,7 1,408.8 1,414.8 1,418.3 1,430.3
gross investment '
Federal
1995
1997
III
Addenda:
Compensation of general
government employees 3 ....
Federal
State and local
4.6
9.3
9.5
20.2
4.2
8.9
11.2
804.3
649.0
8.9
9.5
794.4
642.1
4.3
8.8
10.2
792.6
640.9
4.3
9.0
9.9
805.5
649.7
4.2
8.5
4.1
9.2
3.8
8.6
11.0
13.8
14.3
807.7
652.4
811.4
653.2
815.7
656.3
14.1
69.2
14.7
72.0
14.3
70.2
14.4
70.9
14.6
71.6
14.7
72.3
14.9
73.0
562.5
557.7
15.0
73.8
556.0
555.7
563.6
565.5
565.4
567.7
476.4
479.9
477.1
473.8
481.3
482.7
481.8
483.0
51.7
28.1
53.3
29.9
52.3
28.7
52.7
29.8
53.1
29.8
53.5
29.7
53.9
30.3
54.3
31.1
149.4
121.1
155.3
125.6
152.3
123.4
151.7
122.5
155.8
126.3
155.3
125.5
158.3
128.1
159.5
129.0
28.4
29.7
28.9
29.2
29.5
29.9
30.2
30.5
-1.0
-1.9
-1.3
-1.6
-1.7
-1.7
-2.4
-2.6
663.7
184.1
480.0
660.3
177.2
483.7
656.7
176.5
480.8
653.6
176.8
477.4
663.6
179.2
485.0
663.8
177.9
486.5
660.1
175.1
485.7
660.8
174.5
487.0
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 is the difference between the first line and the sum of the most detailed lines, excluding the
lines in the addenda.
See footnotes to table 3.7B.
SURVEY OF CURRENT BUSINESS
D-10 • National Data
July 1997
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
1995
1996
1995
IV
1995
1997
1996
II
I
Seasonally adjusted at annual rates
1995
1996
I
IV
III
1997
1996
I
IV
II
III
I
IV
345.5
347.1
337.1
343.9
353.7
348.8
341.9
336.5
National defense
consumption
expenditures and
gross investment 1
319.6
313.9
308.8
311.9
319.4
314.9
309.4
301.2
Consumption expenditures
302.3
303.9
300.1
298.7
307.4
304.7
304.7
302.5
Consumption expenditures
280.1
275.7
275.1
271.6
279.6
276.5
275.3
270.1
Durable goods 2
Aircraft
Missiles
Ships
Vehicles
Electronics
Other durable goods
20.8
20.7
18.9
19.1
22.1
22.9
18.8
19.8
20.5
20.2
18.6
18.7
21.5
22.3
18.4
19.3
National defense
consumption
expenditures and
gross investment »
Nondurable goods
Petroleum products
Ammunition
Other nondurable goods ....
Services
Compensation of general
government employees,
except force-account
construction 3
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 3
government employees ....
8.6
3.2
1.2
1.1
2.5
4.4
8.9
3.1
.8
.9
2.6
4.3
8.0
2.8
.8
.8
2.2
4.1
8.0
2.9
.7
1.0
2.3
4.2
9.5
3.2
.9
1.0
2.9
4.7
9.8
3.6
1.3
1.0
2.9
4.3
8.3
2.7
.5
.8
2.3
4.1
9.0
2.7
1.0
.8
2.5
3.8
Durable goods2
Aircraft
Missiles
Ships
Vehicles
Electronics
Other durable goods
Nondurable goods
6.2
7.9
5.7
7.7
8.3
8.5
7.2
7.6
2.7
1.2
2.4
3.4
1.1
3.4
2.4
.9
2.4
3.2
1.2
3.3
3.5
1.5
3.4
4.1
1.1
3.3
3.0
.7
3.6
3.1
1.5
3.0
275.2
275.2
275.5
271.9
276.9
273.4
278.7
275.1
130.6
129.4
129.2
130.8
129.9
129.3
127.9
130.1
80.1
50.5
78.4
51.1
78.3
51.0
79.1
51.7
78.4
51.5
78.1
51.1
77.8
50.1
79.3
50.8
60.5
84.1
58.9
86.9
60.3
86.0
59.6
81.5
59.1
87.9
58.7
85.4
58.2
92.7
58.4
86.6
22.9
26.8
26.9
25.9
25.6
26.3
25.9
24.2
28.1
26.4
26.4
25.5
27.0
27.5
25.3
26.4
8.4
19.4
7.7
19.4
7.9
19.3
7.3
18.0
7.7
19.0
73
19J
8.4
21.5
7.6
20.4
4.2
5.3
4.8
4.6
4.6
5.0
4.9
4.2
5.0
4.9
4.7
4.7
-2.7
-2.4
-2.7
-3.0
-3.1
-2.3
-1.4
-2.0
43.3
43.2
37.0
45.2
46.3
44.1
37.2
34.1
5.3
37.9
8.2
4.8
8.0
c
3'.5
12.5
5.0
38.1
10.2
3.8
6.8
.8
3.7
12.9
5.3
31.7
4.9
3.6
7.2
.8
3.3
12.1
5.0
40.1
12.7
4.0
7.0
c
3il
12.5
5.1
41.2
12.4
3.8
7.2
(
3.8
13.1
5.1
39.0
11.2
3.9
6.5
.8
4.3
12.4
4.8
4.8
4.9
32.2
4.5
3.6
6.3
.6
3.7
13.5
4.5
4.4
4.6
29.5
4.1
3.3
5.8
.9
3.6
11.7
Services
Compensation of general
government employees,
except force-account
construction 3
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
Eauioment
Aircraft
Missiles
Ships
Vehicles
Electronics
Other equipment
8.6
3.3
.8
.9
2.7
4.0
6.2
3.0
1.1
2.2
7.8
3.2
.8
.8
2.2
3.9
7.7
3.1
.6
1.0
2.3
3.9
9.1
3.5
.8
.9
2.9
4.3
9.5
3.9
1.2
.9
3.0
3.9
8.0
2.9
.5
.7
2.4
3.8
7.3
5.5
7.3
7.7
7.7
6.4
6.8
3.1
1.0
3.2
2.5
.8
2.2
3.2
1.1
3.1
3.3
1.2
3.3
3.7
1.0
3.2
2.4
.6
3.4
2.6
1.3
2.8
253.1
248.0
250.5
245.4
250.2
246.4
250.2
243.8
120.9
115.7
117.5
116.6
116.5
115.8
113.9
113.0
78.3
42.6
75.4
40.4
76.8
40.8
76.1
40.5
75.4
41.1
75.2
40.6
74.6
39.4
74.1
39.0
52.2
79.9
51.0
81.4
51.8
81.2
51.6
77.1
51.0
82.8
50.8
79.8
50.7
85.8
50.6
80.3
22.5
24.6
26.6
23.5
25.3
24.0
25.6
22.2
27.9
24.1
26.2
23.1
26.8
24.7
25.1
23.9
7.9
18.1
4.2
5.0
7.0
17.4
4.8
4.3
7.4
17.8
130.6
129.5
129.2
130.8
129.9
129.3
127.9
130.1
Addendum:
Compensation of general
government employees 3 ....
6.8
16.6
7.1
17.2
6.6
17.0
4.6
4.7
4.9
3.9
5.0
4.5
4.7
4.4
7.6
8.7
2.8
.9
.7
2.6
3.5
6.7
18.8
17.9
-2.5
-2.1
-2.5
-2.7
-2.7
-2.0
4.8
4.3
-12
-1.6
39.6
38.2
33.8
40.3
39.9
38.5
34.2
31.3
4.6
35.0
4.2
34.0
4.5
29.2
4.3
36.0
4.3
35.6
6.6
4.8
7.1
7.2
4.0
6.(
4.0
3.5
6.(
9.4
4.1
6.2
8.0
4.0
3J
44
37
3.5
4A
11.9
11.8
11.4
11.6
6
-!
12.0
4.2
34.3
7.4
4.2
&*
5.2
11.2
4.1
30.1
3.9
3.8
5.6
.6
4.6
12.3
5
Residual
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.
Petroleum products
Ammunition
Other nondurable goods ....
8.3
3.4
1.1
1.0
2.5
4.2
120.9
115.7
117.5
116.6
4.5
3.8
3.8
27.4
3.4
3.3
5.2
.8
4.7
10.6
-.5
116.5
115.8
113.9
113.0
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 is the difference between the first line and the sum of the most detailed lines, excluding the
line in the addendum.
See footnotes to table 3.10.
SURVEY OF CURRENT BUSINESS
July 1997
D-ll
National Data
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
1995
1996
1995
IV
Receipts from the rest of
the world
1,015.6 1,083.6 1,050.3 1,059.9 1,073.9 1,070.7 1,129.8 1,146.8
855.2
614.9
419.5
195.4
240.3
837.0
604.5
409.8
194.7
232.5
839.5
603.6
408.3
195.3
235.9
850.0
610.4
417.3
193.1
239.7
844.3
605.4
413.6
191.8
239.0
887.0
640.2
438.9
201.3
246.8
904.5
655.9
455.9
200.0
248.6
Receipts of factor income
208.3
228.4
213.4
220.4
223.9
226.4
242.9
242.3
0
0
0
0
0
0
0
0
1,015.6 1,083.6 1,050.3 1,059.9 1,073.9 1,070.7 1,129.8 1,146.8
Imports of goods and services ...
Goods '
Durable
Nondurable
Services l
902.0
757.0
510.9
246.0
145.1
953.9
802.2
533.0
269.1
151.7
904.2
759.0
514.8
244.2
145.2
925.8
776.7
524.8
251.9
149.2
949.2
798.2
529.4
268.8
151.0
964.5
812.1
539.4
272.7
152.5
976.0 1,004.0
821.6 842.9
538.5 560.6
283.1 282.3
154.4 161.1
Payments of factor income
Transfer payments (net)
From persons (net)
From government (net)
From business
Net foreign investment
215.3
237.3
219.7
220.6
231.4
243.8
253.5
270.3
34.6
14.9
11.5
41.9
16.3
16.4
36.6
16.5
11.6
43.3
15.7
19.0
37.4
16.2
11.8
36.9
16.2
11.7
49.8
17.1
23.3
37.2
17.4
10.5
8.2
9.2
8.5
8.6
9.4
9.1
9.5
9.4
-136.3 -149.5 -110.2 -129.9 -144.2 -174.6 -149.4 -164.7
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are included in services. Beginning with 1986, repairs and alterations of equipment were reclassified from
goods to services.
1995
IV
807.4
581.4
393.0
188.5
225.9
Payments to the rest of
the world
1996
I
IV
III
Exports of goods and services ...
Goods 1
Durable
Nondurable
Services!
Capital grants received by the
United States (net)
1995
1997
1996
II
I
Exports of goods and services
Goods1
Durable
Nondurable
Services *
775.4
565.9
403.2
163.7
210.4
825.9
608.8
442.4
168.8
218.2
1996
I
II
1997
III
IV
I
803.1
588.8
422.3
167.9
215.3
806.7
590.9
424.0
168.4
216.7
817.9
600.6
437.9
165.3
218.3
816.1
601.1
439.0
164.8
216.1
862.9
642.6
468.8
176.6
221.7
885.3
664.6
492.5
176.2
222.4
207.0
221.0
219.7
Receipts of factor income
194.2
209.2
197.6
203.2
205.4
Imports of goods and services
Goods1
Durable
Nondurable
Services l
883.0
744.7
507.1
237.2
138.8
939.5
796.3
547.7
248.5
143.8
888.0
750.0
514.0
235.8
138.5
910.7
768.4
529.7
238.5
142.8
Payments of factor income
199.7
215.9
202.4
202.3
932.6 953.5 961.3 1,006.0
789.9 810.0 817.0 853.4
542.1 556.9 561.9 595.3
247.7 253.0 255.0 258.2
143.2 144.1 145.0 153.2
211.1 221.4 229.0 243.2
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods
to services.
NOTE.-Chained (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.
SURVEY OF CURRENT BUSINESS
D-12 • National Data
July 1997
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
1995
1996
1995
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 services!
Transfers under U.S. military
agency sales contracts
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Other
Imports of goods and
services
Imports of goods !
Foods, feeds, and beverages
Industrial supplies and
materials, except petroleum
and products
Durable goods
Nondurable goods
Petroleum and products
Capital goods, except
automotive
Civilian aircraft, engines,
and parts
Computers, peripherals,
and parts
Other
Automotive vehicles, engines,
and parts
Consumer goods, except
automotive
Durable goods
Nondurable goods
Other
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
1995
1997
1996
II
I
IV
Seasonally adjusted at annual rates
IV
Ill
1996
II
I
IV
1997
IV
Ill
I
Exports of goods and services .... 775.4 825.9 803.1 806.7 817.9 816.1 862.9
807.4
855.2
837.0
839.5
850.0
844.3
887.0
904.5
581.4
614.9
604.5
603.6
610.4
605.4
640.2
655.9
50.5
55.6
53.3
56.0
55.6
55.0
55.6
50.9
141.3
140.4
142.3
140.1
138.3
137.4
145.9
147.4
49.8
91.4
50.8
89.6
49.5
92.7
49.5
90.7
51.2
87.2
50.7
86.6
51.9
94.1
53.1
94.3
233.8
252.9
249.2
248.2
252.0
244.3
267.0
277.6
26.1
30.8
25.1
26.5
33.4
26.7
36.7
39.6
39.7
43.8
43.5
45.4
43.2
43.0
43.4
46.4
168.0
178.3
180.6
176.3
175.4
174.5
186.9
191.6
61.8
64.3
62.0
62.0
63.0
66.9
65.3
69.2
64.4
32.7
31.7
29.6
14.8
14.8
70.2
35.8
34.5
31.5
15.7
15.7
65.8
33.1
32.7
32.0
16.0
16.0
67.9
34.0
33.9
29.5
14.7
14.7
70.5
35.6
34.9
30.8
15.4
15.4
69.2
35.3
33.8
32.6
16.3
16.3
73.4
38.3
35.2
32.9
16.4
16.4
75.8
38.5
37.3
34.9
17.5
17.5
225.9
240.3
232.5
235.9
239.7
239.0
246.8
248.6
12.5
61.1
18.5
28.1
27.0
60.5
18.3
13.9
64.3
19.7
29.0
27.8
66.5
19.3
12.5
63.5
19.3
28.8
28.1
61.7
18.5
12.0
64.7
19.5
28.1
28.0
64.8
18.8
13.6
64.2
19.7
29.1
27.8
66.3
19.0
13.8
62.3
19.3
29.0
27.7
67.3
19.5
16.1
65.8
20.2
29.7
27.6
67.4
19.8
13.5
67.6
20.3
29.4
27.8
70.0
20.0
902.0
953.9
904.2
925.8
949.2
964.5
976.0 1,004.0
757.0
802.2
759.0
776.7
798.2
812.1
821.6
842.9
33.2
35.6
32.8
34.2
35.9
35.8
36.6
37.9
119.8
124.6
117.8
120.9
123.6
127.1
126.9
129.0
59.6
60.2
55.1
63.1
61.5
68.0
57.7
60.1
53.5
59.2
61.7
55.9
62.7
60.9
70.1
65.3
61.8
71.5
65.4
61.5
74.4
66.3
62.7
68.9
221.4
228.5
232.0
233.6
225.7
225.1
229.5
235.4
10.7
12.7
10.6
11.0
12.7
13.2
14.0
13.6
56.3
61.4
61.9
62.2
60.5
61.4
61.4
64.0
154.4
154.4
159.5
160.4
152.5
150.6
154.2
157.7
124.8
130.1
119.3
125.0
131.1
135.7
128.6
141.9
160.0
170.4
158.6
163.4
83.8
76.3
42.7
21.4
21.4
88.8
81.6
45.0
22.5
22.5
83.3
75.2
45.0
22.5
22.5
85.2
78.2
43.6
21.8
21.8
151.7
145.2
149.2
10.2
9.4
10.0
48.6
14.4
27.7
145.
9.
45.
14.
29.
6.
32.
7.
57.
48.
14.
28.
7.
35.
7.
61.
46.2
14.3
28.
6.
33.
7.
60.
6.8
34.5
7.2
63.2
166.3
87.
79.2
45.6
22.8
22.8
151.
10.3
47.
14.
28.
6.
36.
7.
60.
172.4
179.4
181.2
91.0
81.4
44.5
22.2
22.2
91.9
87.5
46.2
23.1
23.1
92.7
88.5
48.6
24.3
24.3
152.5
154.4
161.1
10.4
46.8
13.9
28.6
10.3
49.4
14.6
10.6
52.8
15.5
29.1
8.7
36.4
7.7
59.9
28.
7.
36.
7.
61.
7.5
37.8
7.8
57.0
524.
553.
543.
540.4
550.
545.
578.
598.9
701.
734.
705.
720.
728.
740.
747
774.0
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods
to services.
2. Includes parts of foods, feeds, and beverages; of nondurable industrial supplies and materials; and of nondurable nonautomotive consumer goods.
1995
1996
I
Exports of aoods '
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 .
565.9 608.8
588.8 590.9 600.6 601.1 642.6
43.5
44.7
42.1
42.9
885.3
664.6
46.8
43.1
116.7 121.6 120.1 120.0 120.2 119.5 126.8
42.3
44.6
42.3
42.6
44.6
45.1
46.1
74.4
77.1
77.4
77.8
75.7
74.5
80.8
256.1 289.1 275.2 277.4 286.2 281.8 310.9
27.2
23.7
23.9
22.6
29.6 23.4
31.9
62.6
74.2
90.0
83.3
87.3 91.1
98.5
176.1 185.5 188.0 182.8 181.7 182.2 195.3
128.0
44.6
44.1
59.6
63.7
32.5
31.2
30.7
15.4
15.4
59.6
65.3
33.1
32.1
28.2
14.1
14.1
60.6
67.6
34.6
33.0
29.4
14.7
14.7
64.2
66.3
34.3
31.9
31.3
15.7
15.7
46.8
81.3
330.1
33.9
115.4
200.2
62.5
70.3
37.1
33.1
31.8
15.9
15.9
66.0
72.3
37.2
35.1
33.8
16.9
16.9
210.4 218.2 215.3 216.7 218.3 216.1 221.7
222.4
60.0
62.6
32.2
30.4
28.5
14.2
14.2
11.1
57.2
16.8
27.2
25.1
56.6
16.3
61.7
67.4
34.8
32.6
30.2
15.1
15.1
12.2
57.7
17.9
27.5
25.4
61.0
16.6
11.0
58.6
17.8
28.2
26.0
57.4
16.4
10.7
59.0
17.8
27.1
25.8
59.9
16.5
11.8
57.9
18.1
27.6
25.4
60.9
16.5
12.0
55.4
17.5
27.5
25.3
61.7
16.7
14.1
58.3
18.1
27.8
25.1
61.6
16.7
11.6
59.1
18.6
27.5
25.1
63.7
16.7
Residual
-9.8 -20.2 -14.8 -17.6 -18.9 -21.0 -22.7 -29.8
Imports of goods and services .... 883.0 939.5 888.0 910.7 932.6 953.5 961.3 1,006.0
Imoorts of aoods!
744.7 796.3 750.0 768.4 789.9 810.0 817.0 853.4
Foods, feeds, and beverages
29.3
32.2
31.4
29.5
31.7
32.5
33.1
34.0
Industrial supplies and materials,
107.7 113.9 104.8 109.0 112.7 117.0 116.7 118.2
except petroleum and products
53.4
51.4
Durable goods
57.4
53.8
59.4 59.6
56.8
59.8
53.4
Nondurable goods .
54.3
56.4
55.2
55.8
57.5
58.4
57.0
59.2
58.7
Petroleum and products
55.2
59.5
62.0
63.1
57.6
55.8
Capital goods, except automotive
240.4 268.0 256.5 263.6 263.1 267.3 278.2 297.1
Civilian aircraft, engines, and parts
9.9 11.2
9.7
9.9 11.3 11.5 12.2
11.7
Computers, peripherals, and parts
84.1 112.5 97.9 104'.1 109.6 115.2 121.3
135.5
Other
. .
151.8 156.5 157.4 159.5 153.9 153.8 158.9 167.2
Automotive vehicles, engines, and
parts
115.4 119.4 109.3 114.7 120.5 124.5 117.9 130.1
Consumer goods, except automotive
155.0 164.4 153.1 157.2 160.3 166.6 173.6 176.1
Durable goods .
81.3
86.1
80.7
82.2
84.4 88.5
89.5
91.0
Nondurable goods
72.4
73.8
74.9
78.3
75.9
84.1
78.1
85.1
Other
40.6
43.0
42.9
41.6
43.5
42.6
44.3
47.0
Durable goods
20.3
21.5
21.5
20.8
21.7
21.3
222
23.5
Nondurable goods
20.3
21.5
21.5
20.8
21.7
21.3
22.2
23.5
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
138.8 143.8 138.5 142.8 143.2 144.1 145.0
9.0
43.7
13.7
28.9
5.9
31.0
6.5
-8.8
49.6
516.4
684.
9.5
45.8
13.5
27.5
6.7
33.7
7.0
-167
48.
561.
735.
8.4
9.2
9.4
9.4
9.8
44.2
13.6
28.2
47.0
13.6
27.3
45.9
13.2
27.7
44.3
13.3
27.7
46.0
13.7
27.3
6.3
312
6.6
32.5
8.0
342
7.
34.6
6.3
6.
-13.9 -14.
49.
539.
689.
50.
540.
711.
6.3
33.7
6.8
6.3
7.1
-15.7 -172 -19.
45.
556.
726.
46.5
555.
745.
51.3
592.
757.3
153.2
10.8
50.5
14.3
27.9
6.8
35.5
7.3
-22.7
47.6
618.6
795.0
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 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.
See footnotes to table 4.3.
SURVEY OF CURRENT BUSINESS
July 1997
National Data • D-13
5. Saving and InvestmentTable 5.1.—Gross Saving and investment
[Billions of dollars]
Seasonally adjusted at annual rates
1995
1995
1996
IV
Gross saving
Gross private saving
Personal saving
Undistributed corporate profits with inventory valuation and capital consumption adjustments
Undistributed profits
Inventory valuation adjustment
Capital consumption adjustment
Corporate consumption of fixed capital
.
Noncorporate consumption of fixed capital
Wage accruals less disbursements
1996
II
I
1997
III
I
IV
1,152.3 1,275.9 1,220.9 1,218.4 1,245.0 1,314.6 1,325.7 1,369.6
1,072.3 1,161.0 1,139.1 1,134.3 1,122.1 1,196.7 1,190.6 1,205.3
246.6 271.6 278.4 261.5 238.3 296.6 290.2 274.1
158.7
192.9 174.9
187.9 192.6 198.6 192.5 212.1
152.8 162.6 150.8 168.9
165.1 156.9
159.5 168.1
-8.9
-8.8
-17.4
2.0
-9.2
-28.1
-.4
-11.0
36.4
38.6
39.7
42.2
44.4
449.6
233.5
1.9
454.7
236.5
0
461.1
240.5
0
466.1
243.7
-1.9
471.4
245.8
1.9
115.0
-54.6
81.7
84.1
117.8
-80.7
-82.0
122.9
-54.1
135.0
-34.0
164.3
-10.1
73.8
.
32.9
447.1
237.9
.9
-87.8
..
39.2
457.9
238.6
0
80.0
Gross government saving
Federal
Consumption of fixed capital
Current surplus or deficit (-) national income and product accounts
State and local
Consumption of fixed capital
Current surplus or deficit (-) national income and product accounts
Capital grants received by the United States (net)
Gross investment
Gross private domestic investment
Gross government investment
Net foreign investment
Statistical discrepancy
Addendum:
Gross saving as a percentage of gross national product
34.0
435.9
228.5
2.7
72.5
73.8
73.2
72.6
76.6
93.0
74.3
88.1
75.1
91.0
0
. ..
71.9
-161.7 -127.1 -154.5 -155.2 -126.7 -120.8 -105.9
162.4
167.9
169.6
177.0 166.3 169.0
166.1
72.9
95.0
....
^8.4
72.3
0
0
0
72.2
-82.3
174.4
0
77.1
89.2
78.1
90.9
79.0
95.3
0
76.0
101.0
0
0
1,150.9 1,200.8 1,173.9 1,167.9 1,187.0 1,215.9 1,232.5 1,274.1
1,065.3 1,117.0 1,064.0 1,068.9 1,096.0 1,156.2 1,146.6 1,204.3
221.9 233.3 220.1 228.8 235.1 234.2 235.3 234.6
-136.3 -149.5 -110.2 -129.9 -144.2 -174.6 -149.4 -164.7
-1.5
-75.1
15.9
16.9
-50.6
-58.1
16.6
16.4
16.5
-98.7
-93.2
-95.4
17.3
-47.0
17.2
17.5
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
Seasonally adjusted at annual rates
1996
1995
1995
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
Structures
Single family
Multifamily
Other structures
Producers' durable
equipment
II
I
IV
183.2
206.0
191.8
198.2
200.8
212.2
212.6
217.0
63.6
76.9
69.7
73.7
74.2
79.3
80.6
80.8
119.6
124.5
129.0
128.9
122.0
124.9
124.5
127.9
126.6
131.2
132.9
128.7
132.0
128.0
136.2
128.9
124.9
106.2
129.5
112.4
123.0
106.1
125.3
109.2
123.7
110.7
137.7
114.9
131.5
114.7
133.4
119.0
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 l
Other
Industrial equipment
Transportation and related
equipment
Other
289.8
310.5
296.5
301.7
314.2
312.6
313.3
319.0
Residential
303.0
155.2
289.2
147.0
294.4
150.6
306.7
156.8
305.1
157.2
305.7
156.1
738.5
791.1
749.7
769.0
773.8
807.0
814.5
830.8
199.7
214.3
204.0
208.4
207.4
213.5
227.8
232.5
142.0
152.0
145.8
147.3
146.2
151.1
163.5
168.0
38.5
41.6
40.2
40.9
41.5
41.3
42.9
41.8
12.0
14.3
11.4
13.9
14.1
15.0
14.4
15.2
7.1
6.3
6.6
6.4
5.7
6.1
7.1
7.5
538.8
576.8
545.7
560.6
566.3
593.5
586.7
598.3
282.5
144.5
18.6
119.4
7.2
1995
1996
I
IV
III
1,028.2 1,101.5 1,046.2 1,070.7 1,088.0 1,119.6 1,127.8 1,149.8
311.1
157.8
20.6
19.6
20.3
22.3
19.1
20.6
22.6
127.2
122.6
123.5
127.7
128.8
128.9
130.8
7.5
7.3
7.3
7.5
7.5
7.6
7.9
1. Includes new computers and peripheral equipment only.
1997
1996
IV
1995
Structures
Single family
Multifamily
Other structures
Producers' durable
eauioment
Residual
1996
II
I
1997
III
I
IV
975.9 1,042.1
988.5 1,013.3 1,031.1 1,057.5 1,066.6 1,091.9
714.3
766.8
723.3
743.5
750.5
781.4
792.0
813.0
181.1
190.0
183.2
186.6
184.9
188.6
199.8
203.0
127.9
134.2
130.3
131.4
129.7
133.0
142.8
146.4
35.1
36.7
36.0
36.4
36.8
36.4
37.4
36.2
11.2
13.0
10.5
12.8
12.9
13.5
12.9
13.4
6.8
5.8
6.2
5.9
5.3
5.6
6.4
6.8
534.5
578.6
541.4
558.3
567.5
595.0
593.7
611.7
201.1
241.9
214.4
225.5
234.1
250.5
257.4
269.5
91.5
114.2
116.2
132.8
122.0
118.4
105.6
116.2
115.4
117.2
118.1
117.8
126.3
119.7
120.6
138.9
125.5
118.0
148.9
124.9
117.1
159.2
128.6
118.0
118.1
100.8
120.0
103.6
115.4
99.4
117.5
101.5
114.9
102.6
126.5
105.7
121.1
104.8
122.7
109.0
262.8
276.7
266.3
271.1
281.5
277.8
276.6
281.1
255.8
127.7
269.6
135.4
259.3
129.1
264.1
132.5
274.3
137.6
270.6
136.7
269.4
134.7
273.7
136.3
17.6
19.3
18.5
19.2
21.0
17.9
19.1
20.9
110.9
115.5
112.4
113.0
116.3
116.6
116.2
117.0
7.0
-9.1
7.1
-21.7
7.0
-13.5
7.0
-17.0
7.2
-19.8
7.2
-24.0
7.2
-26.9
7.4
-30.0
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.
D-14 • National Data
SURVEY OF CURRENT BUSINESS
Table 5.10.—Change in Business Inventories by Industry
[Billions of dollars]
July 1997
Table 5.11.—Real Change in Business Inventories by Industry
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
1995 1996
1995
IV
Change in business inventories ....
Farm
Nonfarm
Change in book value
Inventory valuation adjustment
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
Durable goods
Motor vehicle dealers
Other
Nondurable goods
Other
Durable goods
Nondurable goods
37.0
-2.6
39.6
69.7
-30.1
12.7
11.8
.9
15.2
13.3
1.9
13.6
12.1
1.5
1.5
1.2
.3
3.6
3.7
.9
2.9
-.1
8.1
6.0
2.1
1996
I
15.4
-1.7
17.8
-1.9 -2.1 -4.4
2.7
17.3
19.9
25.6 28.6
19.6
-8.3 -8.7 -16.9
6.0 11.9
12.6
6.8 12.5
14.6
-.7
-.6 -2.0
6.7
4.6
4.5
3.7 12.7
9.5
.9 -8.2 -2.8
3.4
4.2
4.0
2.7 11.7
6.2
1.5 -3.3 -2.2
.4
2.7
1.0
1.0
.9
3.3
.1
-.7
-.6
2.5 -7.8 -22.9
1.0 ^.1 -19.4
.4 -26.1
-3.6
4.7 -45
6.7
1.5 -37 -3.5
4.1 11.4
6.3
1.2
6.2
7.6
5.2 -1.3
2.9
II
8.0
-3.3
11.3
21.7
-10.4
-4.6
.5
-5.1
7.3
3.0
4.3
6.6
1.6
4.9
.8
1.4
-.6
5.4
7.5
2.2
5.3
-2.1
32
-1.1
42
Seasonally adjusted at annual rates
1995 1996
1997
III
IV
36.6
18.8
1.2
-.9
35.4
19.7
32.0
28.9
3.4 -9.2
12.2
3.9
12.0
0
2
3.9
9.4
-5.1
6.1 -3.9
-11.3 13.3
-5.2 11.4
4.8 -2.1
-10.1 13.5
.1 -2.0
1.3 -1.8
-1.2
-.2
243
3.3
-2.0
11.5
-2.2
0
6.5
•w
6.3
5.3
4.0
3.1
r
-1.5
—.£.
55
3.3
is!o
54.5
.6
53.9
46.7
7.2
20.6
12.7
7.9
20.2
12.5
7.8
16.6
10.5
6.0
3.7
1.9
1.7
1.3
.8
-4.0
4.8
.6
11.7
0
11.7
NOTE.—Estimates for nonfarm industries other than manufacturing and trade for 1986 and earlier periods are
b the 1972 Standard Industrial Classification (SIC). Manufa estimates for 1981 and earlier periods and trade estimates and earlier periods are based on the 1972 SIC; later estim these industries are based on the 1987 SIC.
The resulting discontinuities are small.
1995
IV
I
Change in business inventories ....
Farm
Nonfarm
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
1997
1996
I
II
32.7
13.6
13.7
6.7
-3.5
-5.2 -4.0 -5.0 -7.0 -6.6
17.1
37.2
19.0
2.9 11.7
11.8
6.0 11.2
12.0
-3.9
11.2
6.5 12.0
14.0
.5
.8
-.3
-.6 -1.6 -4.2
14.3
4.8
4.4
6.4 7.3
12.7
3.5 12.1
9.0 2.8
1.7
1.3 -7.4 -2.3
4.4
4.4
12.8
3.5
3.8
6.5
11.5
2.6 11.2
5.9
1.5
1.4
1.8 -7.4 -1.8
4.8
g 2.6
1.4
.4
.7
1.2
1.0
!9
3.1
1.3
_K
.1 -.5 -.5
.3
3.5
2.3 -7.1 -21.7
5.2
1.0 -3.7 -17.9
3.5
6.9
,4 -23.6
.9 -3.3
2.0
4.4 -42
2.7
6.3 5.0
0
1.3 -3.4 ^3.7 -1.8
7.6
4.0 10.6
6.1 3.1
1.1
5.3
5.5
6.7 _ g
2.0
2.9
4.1
4.9 -1.0
.1
.6
-.7 -3
.5
III
IV
34.1
17.1
-.8 -2.6
34.6
11.9
11.5
.6
-3.6
6.0
-9.0
-3.8
4.7
-3.0
.2
1.3
-1.0
22.7
16.9
10.6
6.2
5.8
3.6
-1 3
5.1
-.6
19.3
4.2
.1
4.0
9.1
-3.6
12.2
10.9
-1.9
12.2
-1.9
-1.7
-.1
2.9
-1.9
-2.1
.2
4.8
3.1
_1
3.3
1.0
I
48.6;
-1 1
49.2
18.2
11.8
6.4
18.8
11.9
6.9
15.6
10.0
5.6
3.3
1.9
1.4
1.2
.9
-3.5
4.6
.3
10.8
0
11.1
.1
NOTE.—Chained (1992) dollar series for real chanae in business inventories are calculated as the period-toperiod
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.
See note to table 5.10.
July 1997
SURVEY OF CURRENT BUSINESS
National Data • D-15
Table 5.12.—Inventories and Domestic Final Sales of Business by
Industry
Table 5.13.—Real Inventories and Real Domestic Final Sales of Business
by Industry
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted quarterly totals
1995
IV
Inventories l
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 Qoods
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
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
II
Seasonally adjusted quarterly totals
1997
1996
III
1,260.4
100.2
1,160.2
660.9
499.3
430.4
269.2
161.3
304.0
187.9
116.1
263.0
163.6
IV
1995
I
IV
1,262.9 1,270.7 1,278.7 1,284.7
97.4
101.6 102.7
97.6
1,165.3 1,169.0 1,176.0 1,187.3
662.7 665.4 673.3 673.8
502.6 503.6 502.7 513.5
432.7 430.9 433.7 437.8
271.8 272.0 274.1 276.5
160.9 158.9 159:5 161.3
307.3 309.8 306.2 307.3
189.7 190.3 191.6 190.2
117.6 U9.5 114.6 117.1
265.2 267.9 264.0 265.5
164.7 165.0 166.0 165.1
99.4
100.3
98.0
100.5 102.9
78.1
80.3
72.0
81.7
72.0
83.3
74.4
85.3
140.8
126.7
140.7
130.8
140.7
132.3
143.0
133.4
45.5
81.2
47.4
83.4
47.9
84.5
47.8
85.6
512.0
519.0
527.2
529.8
1,295.2
,295.2
100.6
,194.6
1,194.6
684.9
509.7
509 7
440.7
440 7
279.6
161.2
312.5
193.8
118.8
1188
270.3
168.2
102.1
41.8
42.2
42 2
25.1
25.6
25.6
16.8
16.6
16.6
303.5 304.3
159.4 163.3
74.2
77.2
77.2
85.2
86.1
86.1
144.2 141.0
141 0
138.6 137.0
47.7
48.3
48.3
90.9
88.8
88 8
539.0 547.5
278.4 283.4 287.5
288.1
292.8
41.0
24.3
16.7
42.0
25.0
17.0
41.9
25.3
16.6
42.2
25.6
16.6
299.1
158.4
294.5
153.8
296.0
155.3
302.7
159.7
298.6
2.46
2.27
2.43
2.25
2.41
2.22
2.41
2.22
2.38
2.20
2.37
2.37
2.18
2.18
4.17
4.11
4.07
4.08
4.05
4
4.00
-00
om
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.
Inventories !
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
Fjna| sa|es Of gOOCjs and structures of
2
domestic business
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
1997
1996
I
II
III
IV
I
1,184.5 1,183.7 1,185.3 1,193.9 1,198.1 1,210.3
104.5 102.8 101.4 101.2 100.5 100.2
1,079.6 1,080.4 1,083.3 1,091.9 1,096.7 1,109.0
621.4 624.4 626.7 634.9 633.6 639.7
458.1 456.0 456.6 457.1 463.2 469.3
400.4 403.4 402.4 405.4 406.5 411.0
255.3 258.8 258.9 261.8 261.8 264.8
145.2 144.8 143.8 143.9 144.9 146.5
281.5 283.1 284.9 284.0 286.3 291.0
178.2 180.5 181.2 182.7 181.8 184.8
103.4 102.8 103.9 101.6 104.7 106.4
242.7 243.7 245.3 244.4 247.1 251.0
154.9 156.4 156.7 157.9 157.5 160.0
88.0
87.5
88.7
86.7
89.8
91.2
38.7
39.3
39.6
39.5
39.1
39.9
24.1
23.3
24.5
24.8
24.3
24.8
15.2
15.3
14.8
15.1
14.8
15.2
279.6 274.2 275.5 281.1 281.9 282.2
147.3 142.8 144.5 148.7 148.3 148.5
71.1
65.2
68.4
65.7
67.9
67.0
76.4
78.0
79.2
80.8
80.8
81.9
132.1 131.2 130.8 132.2 133.4 133.5
117.9 119.5 120.2 121.1 121.9 124.6
40.4
42.1
41.5
41.8
41.5
41.5
77.5 77.2
78.3
79.5
80.4
83.1
5
.4
.4
.4
.5
.6
474.1 478.5 483.3 483.8 490.8 496.4
263.4
267.0
269.9
270.3
274.8
279.5
2.50
2.28
2.47
2.26
2.45
2.24
2.47
2.26
2.44
2.23
2.44
2.23
4.10
4.05
4.01
4.04
3.99
3.97
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-dollar estimates are usually not additive. The residual line is the difference between the first line and the sum of the most detailed lines for inventories.
July 1997
SURVEY OF CURRENT BUSINESS
D-16 • National Data
6. Income and Employment by Industry.
Table 6.1C.—National Income Without Capital Consumption Adjustment
by Industry
[Billions of dollars]
Table 6.16C.—Corporate Profits by Industry
[Billions of dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1995
1996
1995
IV
National income without
capital consumption
adjustment
Domestic industries
Private industries
Agriculture, forestry, and
fishing
Mining
Construction
Manufacturing
Durable goods
Nondurable goods
Transportation and public
utilities
Transportation
Communications
Electric, gas, and
sanitary services
Wholesale trade
Retail trade
Finance, insurance, and
real estate
Services
Government
Rest of the world
I
II
1995
III
IV
I
5,824.5 6,153.6 5,939.7 6,019.0 6,121.6 6,206.0 6,267.7 6,410.5
5,831.5 6,162.5 5,946.0 6,019.2 6,129.2 6,223.4 6,278.3 6,438.4
5,011.3 5,319.4 5,120.3 5,184.3 5,288.7 5,376.5 5,428.2 5,578.4
93.2
43.6
114.1
263.6
117.2
103.9
44.4
96.7
44.6
43.6
44.7
45.2
44.2
46.4
281.5
267.4
274.3
278.9
284.0
288.8
294.8
113.6
120.3
118.6
1,026.3 1,069.1 1,044.5 1,041.2 1,065.9 1,081.4 1,087.9 1,100.0
597.1 628.6 606.6 608.7 628.4 637.0 640.3 644.7
429.3 440.5 437.8 432.5 437.5 444.4 447.7 455.3
451.0
189.4
136.6
471.4
196.5
148.5
459.4
193.3
138.9
462.5
193.4
143.5
474.9
195.4
149.3
477.6
199.2
151.9
470.6
198.0
149.1
486.1
202.6
152.5
125.0
126.5
127.1
125.6
130.2
126.5
123.5
131.0
327.0
478.6
351.2
506.6
335.0
487.8
345.2
495.4
344.5
506.3
351.4
510.7
363.7
514.1
374.5
532.3
992.0 1,037.0 1,007.6 1,018.6 1,032.4 1,047.6 1,049.5 1,100.1
1,335.9 1,444.1 1,377.3 1,399.5 1,427.5 1,458.3 1,490.9 1,526.9
820.3
843.1
825.7
-7.0
-8.9
-6.3
834.9
__ f
1995
1996
1997
1996
840.5
846.8
850.1
860.0
-7.6
-17.4
-10.6
-28.0
IV
Corporate profits with inventory
valuation and capital
consumption adjustments
Domestic industries
Financial
Nonfinancial
Rest of the world
Receipts from the rest of the world
Less: Payments to the rest of the world
Corporate profits with inventory
valuation adjustment
Domestic industries
Financial
Federal Reserve banks
Other
Nonfinancial
Manufacturing
Durable goods
Primary metal industries
Fabricated metal products
Industrial machinery and
equipment
Electronic and other electric
equipment
Motor vehicles and equipment
Other
.?......
Nondurable goods
Food and kindred products
Chemicals and allied products
Petroleum and coal products ....
Other
Transportation and public utilities
Transportation
Communications
Electric, gas, and sanitary services
Wholesale trade
Retail trade
Other
Rest of the world
1997
1996
I
II
III
IV
I
604.8 670.2 628.3 661.2 672.1 677.3 670.1 712.5
528.1 5882 546.6 578.0 593.7 600.7 580.2 632.7
96.6 111.6 112.7 110.1 95.7 123.7
97.4 107.5
430.7 480.6 450.0 466.4 481.0 490.6 484.5 509.0
76.7
82.0
81.7
83.2
78.4
111.1 126.2 113.9 122.2 122.6
34.5
44.1
32.3
39.0
44.2
76.6
89.9
122.9 137.0
46.3
47.1
79.7
134.3
54.5
570.8 631.0 595.3 624.8 633.5 637.6 627.9 668.0
494.1 548,9 513.7 541.6 555.1 561.0 538.0 588.3
119.1 131.9 119.3 134.9 136.6 135.0 121.3 149.9
21.9
97.3
21.7
77.2
92.7
21.7
21.5
21.7
21.6
22.0
22.6
110.2 97.6 113.4 114.9 113.4 99.3 127.3
375.0 417.0 394.4 406.7 418.5 426.1 416.7 438.4
145.7 166.5 157.3 161.3 164.7 170.6 169.4 168.1
3.0
2.0
80.8
2.7
89.5
2C
92.4
1.4
94.6
3.2
94.5
1.1
89.8
-.1
11.1
15.1
12.2
ii9
14.4
16.0
15.9
13.9
12.1
13.3
11.1
14.3
13.6
13.0
12.4
12.2
25.6
29.0
29.5
27.1
27.4
10.6
25.0
72.3
13.2
21.9
29.2
10.2
23.0
76.1
18.3
23.0
-1.2
35.9
32.2
26.5
74.9
23.0
18.7
32.1
10.7
21.0
78.3
17.2
21.3
337
35.7
4.4
20.9
68.5
17.7
2QJ
29/
94.8
14.4
41.0
39.4
29.6
38.7
66.2
76.7
8.8
24.6
73.8
17.6
21.1
-1.2
36.4
99.0
13.9
45.4
39.7
36.6
41.8
3.6
21.7
76.5
17.5
22.;
8.1
73.
95.8
15.4
40.1
40.3
31.2
39.6
70.5
23.8
71.8
15.7
20.7
-4.5
39.9
95.6
13.1
43.3
39.3
37.5
41.7
70.6
82.0
81.7
83.2
361
•j j
353
104.5 102.5
6.4
_i
4.1
15.2
47.6
39.7
34.5
44.5
73.9
93.2
13.2
44.4
35.7
41.5
36.7
75.9
102.2
14.0
46.5
44.1
32.8
44.3
72.2
78.4
76.6
89.9
79.7
NOTE.- Estimates in this table are based on the 1987 Standard Industrial Classification.
15.3
44.7
42.2
44.8
45.7
77.6
SURVEY OF CURRENT BUSINESS
July 1997
D-17
National Data
7. Quantity and Price IndexesTable 7.1.—Quantity and Price Indexes for Gross Domestic Product
[Index numbers, 1992=100]
Seasonally adjusted
1995
1996
Seasonally adjusted
IV
I
II
III
IV
121.33
110.61
109.88
109.69
117.71
108.58
108.42
108.41
118.94
109.12
109.03
109.00
120.83
110.37
109.62
109.47
121.97
110.95
110.17
109.93
123.57
111.99
110,69
110.34
126.05
113.61
111.43
110.95
122.08
111.16
109.97
109.82
118.26
109.23
108.28
108.27
119.92
110.17
108.91
108.85
121.79
111.09
109.76
109.64
122.41
111.23
110.23
110.06
124.18
112.15
110.98
110.73
126.45
113.70
111.62
111.21
129.39
125.15
104.11
103.39
125.43
120.27
104.35
104.30
127.98
122.65
104.55
104.34
130.51
126.02
104.14
103.57
129.05
125.19
103.99
103.08
130.01
126.73
103.76
102.59
134.87
132.31
103.70
101.93
116.89
109.09
107.22
107.15
113.04
107.67
105.00
104.99
115.15
108.65
106.01
105.99
116.86
109.01
107.26
107.21
117.00
109.11
107.32
107.23
118.54
109.59
108.31
108.16
120.57
110.83
108.95
108.79
117.56
106.96
109.92
109.92
123.44
109.50
112.77
112.73
119.67
107.88
110.94
110.93
120.91
108.52
111.46
111.42
122.73
109.25
112.38
112.34
124.03
109.59
113.20
113.17
126.10
110.63
114.05
113.98
127.97
111.57
114.83
114.70
134.77
127.71
105.39
105.53
141.31
133.68
106.22
105.71
134.61
127.06
105.89
105.94
135.24
127.95
105.79
105.69
138.66
131.34
105.84
105.58
146.28
138.29
106.42
105.78
145.06
137.13
106.84
105.79
152.36
144.35
106.80
105.55
131.25
124.57
105.37
105.36
140.60
133.02
106.30
105.70
133.53
126.18
105.89
105.83
136.66
129.34
105.86
105.66
138.88
131.61
105.98
105.52
142.91
134.98
106.55
105.87
143.96
136.14
106.81
105.74
146.76
139.38
106.78
105.30
132.38
128.04
103.39
103.39
141.80
137.46
103.95
103.16
134.39
129.66
103.73
103.64
137.84
133.27
103.69
103.43
138.70
134.53
103.72
103.10
144.65
140.06
104.17
103.28
146.01
141.97
104.24
102.85
148.92
145.73
104.11
102.19
118.01 126.65 120.56 123.18 122.62 126.17 134.65 137.43
107.06 112.30 108.30 110.32 109.27 111.51 118.09 120.01
110.23 112.77 111.31 111.66 112.22 113.16 114.03 114.55
110.23 112.78 111.32 111.66 112.21 113.15 114.02 114.51
138.63 148.39 140.40 144.22 145.71 152.70 150.95 153.93
13750 148.87 139.29 143.65 146.00 153.08 152.74 157.37
100.83 100.72 100.91 100.74 100.59 100.88 100.67 100.33
100.82 99.68 100.80 100.40 99.80 99.75 98.83 97.81
128.46
116.49
110.28
110.28
137.64
122.69
112.22
112.18
131.43
118.08
111.31
111.31
133.75
120.19
111.30
111.28
139.31
124.81
111.67
111.62
138.59
123.16
112.58
112.53
138.90
122.61
113.34
113.28
141.43
124.61
113.55
113.49
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-
1996
1
Gross domestic product:
Current dollars
116.16
Chain-type quantity index 107.97
Chain-type price index ... 107.57
Implicit price deflator
107.59
Personal consumption
expenditures:
116.71
Current dollars
Chain-type quantity index
108.49
Chain-type price index
107.58
Implicit price deflator
107.58
Durable goods:
Current dollars
124.13
Chain-type quantity index ... 118.69
Chain-type price index
104.58
Implicit price deflator
104.58
Nondurable goods:
112.41
Current dollars
Chain-type quantity index ... 107.57
104.50
Chain-type price index
Implicit price deflator
104.50
Services:
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
Fixed investment:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
Nonresidential:
Current dollars
Chain-type quantity index
Chain-type price index ...
Implicit price deflator
Structures:
Current dollars
Chain-type quantity
index
Chain-type price index
Implicit price deflator
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
1995
1997
1996
1995
Exports of goods:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
.
c
exports OT 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
Imports of goods:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
Imports of 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
C AH Aral*
reaerai:
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
State and local:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
1997
II
III
IV
I
133.75 130.89 131.29
121.27 129.16 125.60 126.16
104.12 104.26 104.32 104.37
104.12 103.55 104.22 104.06
132.94
127.91
104.73
103.93
132.05
127.63
104.26
103.46
138.72
134.95
103.67
102.79
14146
138.45
103.69
102.17
IV
Exports of goods and
services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
1996
1995
I
126.26
129.59
126.12
102.75
102.75
137.05
135.69
101.88
101.00
134.73
131.23
102.80
102.67
134.54
131.71
102.55
102.15
136.04
133.87
102.65
101.62
134.92 142.68 146.19
133.97 143.23 148.13
101.71 100.62 100.48
100.72 99.62 98.69
118.44
110.28
107.40
107.40
125.99
114.40
110.25
110.13
121.86
112.86
107.99
107.98
123.65
113.62
108.86
108.83
125.65
114.42
109.94
109.81
125.28
113.31
110.73
110.56
129.39
116.25
111.49
111.31
134.84
132.00
102.16
102.16
142.59
140.45
102.00
101.53
135.17
132.75
101.88
101.82
138.40
136.14
101.90
101.66
141.89
139.40
102.07
101.78
144.19
142.54
101.55
101.15
145.90 150.09
143.70 150.38
102.45 101.39
101.53 99.81
138.93
136.67
101.65
101.65
147.22
146.16
101.26
100.73
139.30
137.65
101.27
101.20
142.55
141.03
101.36
101.08
146.51
144.97
101.38
101.06
149.05
148.67
100.70
100.25
150.79 154.70
149.95 156.64
101.61 100.58
100.56 98.76
11690
11l!82
104.55
104.54
122.27
115!86
105.57
105.54
11699
11l'.60
104.82
104.83
120.18
115^05
104.47
104.46
121.64
11541
105.41
105.39
122.84
11&15
105.75
105.76
124.44
11&81
106.64
106.53
129.85
12343
105.43
105.20
107.48
99.72
107.78
107.78
111.29 107.88 109.49 111.48
100.54 98.88 99.28 101.14
110.69 109.11 110.22 110.15
110.69 109.11 110.28 110.22
111.95
100.98
110.84
110.87
112.23
100.76
111.56
111.38
113.18
100.79
112.52
112.29
130.31
116.59
111.95
111.77
97.84 99.07 96.16
98.22 100.30 99.53 98.21 98.56
89.45 88.48 86.40 87.67 89.67 88.88 87.68 86.96
109.38 111.96 111.28 111.83 111.64 111.88 112.50 113.95
109.38 111.97 111.30 112.03 111.86 111.98 112.01 113.34
91.95 92.36 89.71 91.50 94.14 92.83 90.98 89.56
85.05 83.53 82.17 83.00 85.00 83.81 82.33 80.16
108.12 110.53 109.16 109.97 110.44 110.60 111.12 112.53
108.11 110.57 109.17 110.25 110.75 110.76 110.52 111.72
112.37
100.07
112.29
112.29
115.62 112.08 114.80 115.52
100.40 96.60 98.96 100.96
115.22 115.98 116.00 114.41
115.15 116.02 116.00 114.42
114.40
107.18
106.74
106.74
120.06
109.31
109.84
109.83
116.30
107.97
107.73
107.72
117.57
107.72
109.16
109.15
119.50
109.48
109.17
109.15
dollar output multiplied by 100.
Percent changes from preceding period for items in this table are shown in table 8.1.
116.08
101.12
114.81
114.80
116.06
100.58
115.65
115.39
120.79
103.30
117.21
116.93
120.87
109.77
110.13
110.11
122.29
110.28
110.91
110.89
123.67
110.87
111.57
111.55
D-18 • National Data
SURVEY OF CURRENT BUSINESS
July 1997
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
1995
1996
1995
Seasonally adjusted
1997
1996
IV
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
I
II
III
IV
I
116.16
107.97
107.57
107.59
121.33
110.61
109.88
109.69
117.71
108.58
108.42
108.41
118.94
109.12
109.03
109.00
120.83
110.37
109.62
109.47
121.97
110.95
110.17
109.93
123.57
111.99
110.69
110.34
126.05
113.61
111.43
110.95
115.70
107.56
107.57
107.57
121.21
110.50
109.90
109.70
117.56
108.45
108.43
108.41
119.10
109.26
109.05
109.00
120.84
110.38
109.66
109.48
121.52
110.51
110.20
109.97
123.41
111.84
110.70
110.34
125.32
112.96
111.45
110.94
117.13
109.12
107.31
107.33
122.33
111.83
109.57
109.39
118.23
109.38
108.10
108.09
119.75
110.20
108.71
108.66
121.84
111.61
109.27
109.16
123.31
112.53
109.80
109.58
124.41
112.97
110.50
110.12
127.04
114.92
111.09
110.55
116.67
108.71
107.32
107.32
122.22
111.72
109.60
109.40
118.08
109.25
108.11
108.09
119.91
110.35
108.73
108.67
121.85
111.62
109.31
109.16
122.86
112.09
109.83
109.61
124.24
112.82
110.51
110.13
126.31
114.27
111.11
110.54
106.38 109.56 107.34 107.91 108.79 110.16 111.39 111.77
101.92 106.70 100.36 103.73 108.31 106.22 108.53 110.19
107.69 109.72 108.57 109.05 109.39 109.93 110.49 111.06
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Table 7.3.—Quantity and Price Indexes for Gross National Product and
Command-Basis Gross National Product
[Index numbers, 1992=100]
Gross national product:
115.85
Current dollars
107.69
Chain-type quantity index
107.55
Chain-type price index
107.58
Implicit price deflator
Less: Exports of goods and
services and receipts of
factor income:
124.84
Chain-type quantity index
Plus: Command-basis exports
of goods and services and
receipts of factor income:
126.81
Chain-type quantity index
Equals: Command-basis gross
national product:
107.93
Chain-type quantity index
120.97
110.30
109.88
109.67
117.40
108.31
108.41
108.40
118.72
108.93
109.03
108.98
120.49
110.08
109.62
109.46
121.47
110.52
110.17
109.92
123.18
111.66
110.69
110.32
133.28 128.83 130.03 131.76 131.74 139.58 142.26
135.45 131.32 132.57 134.04 134.18 141.00 144.94
110.57 108.61 109.25 110.36 110.82 111.84 113.36
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
125.38
113.03
111.43
110.93
1995
1996
1995
IV
1996
I
II
1997
III
IV
I
Personal consumption
expenditures:
Quantity index
108.49 111.16 109.23 110.17 111.09 111.23 112.15 113.70
Price index
107.58 109.97 108.28 108.91 109.76 110.23 110.98 111.62
Durable goods:
Quantify index
118.69 125.15 120.27 122.65 126.02 125.19 126.73 132.31
Price index
104.58 104.11 104.35 104.55 104.14 103.99 103.76 103.70
Motor vehicles and parts:
Quantity index
106.86 107.49 106.65 108.37 109.17 106.34 106.06 109.85
Price index
112.08 113.64 112.53 113.41 113.48 113.73 113.94 114.22
Furniture and household
equipment:
Quantity index
132.59 145.67 137.26 139.46 145.77 147.35 150.09 157.49
Price index
96.35 93.61 95.17 94.63 93.80 93.34 92.66 92.22
Other:
Quantity index
119.00 126.89 119.09 123.36 127.23 126.69 130.29 136.63
Price index
106.29 106.92 106.83 107.38 106.94 106.70 106.65 106.75
Nondurable goods:
107.57 109.09 107.67 108.65 109.01 109.11 109.59 110.83
Quantity index
Price index
104.50 107.22 105.00 106.01 107.26 107.32 108.31 108.95
Food:
106.39 106.77 106.53 107.45 106.81 106.31 106.50 107.27
Quantity index
106.42 109.69 107.39 108.01 108.99 110.31 111.43 111.81
Price index
Clothing and shoes:
114.02 118.91 114.07 116.41 119.23 120.17 119.85 123.08
Quantity index
Price index
98.91 98.62 99.06 99.50 99.06 97.84 98.09 98.80
Gasoline and oil:
Quantity index
106.30 106.76 106.68 105.65 107.25 106.39 107.76 108.17
Price index
101.13 107.01 97.40 102.88 111.03 105.65 108.47 110.73
Fuel oil and coal:
Quantity index
94.32 93.71 97.76 97.96 92.60 92.37 91.93 82.50
Price index
97.27 108.74 96.70 105.39 108.75 105.20 115.61 116.04
Other:
Quantity index
106.42 108.48 106.27 107.13 107.74 108.85 110.22 111.70
Price index
106.03 108.58 107.26 107.76 108.48 108.86 109.21 109.84
Services:
Quantity index . . .
106.96 109.50 107.88 108.52 109.25 109.59 110.63 111.57
Price index
109.92 112.77 110.94 111.46 112.38 113.20 114.05 114.83
Housing:
Quantity index
105.40 107.13 106.11 106.52 106.93 107.29 107.79 108.33
Price index
109.09 112.48 110.46 111.32 112.08 112.89 113.64 114.45
Household operation:
Quantity index
111.50 114.37 112.37 113.12 115.07 113.67 115.63 115.15
Price index
106.30 109.03 106.88 107.59 108.70 109.59 110.26 111.29
Electricity and gas:
Quantity index
106.57 108.65 106.43 108.32 110.65 107.34 108.31 106.72
Price index
103.89 106.26 104.45 104.67 105.77 106.94 107.67 109.50
Other household operation:
Quantity index
115.13 118.57 116.73 116.65 118.33 118.32 120.99 121.31
Price index
108.03 111.02 108.64 109.68 110.80 111.49 112.12 112.60
Transportation:
Quantity index
111.98 116.87 113.87 115.45 115.97 117.16 118.90 121.14
Price index
108.75 110.79 109.40 108.87 110.52 111.51 112.26 112.51
Medical care:
Quantity index
105.79 107.99 106.90 106.87 107.64 108.21 109.26 110.06
Price index
114.63 116.81 115.52 115.82 116.54 117.03 117.84 118.68
Other:
Quantity index
106.76 109.73 107.5
108.75 109.36 109.89 110.93 112.57
Price index
107.97 111.18 109.04 109.63 110.62 111.7 112.76 113.49
Addenda:
Price indexes for personal
consumption expenditures:
Food !
106.4 109.69 107.3 108.0 108.99 110.3 111.4 111.81
Energy
102.2 106.7 100.7 103.8 108.42 106.2 108.4 110.38
Personal consumption
expenditures less food
and energy
108.1 110.2 108.9 109.4 110.0 110.4 111.0 111.67
1. Consists of prices for gasoline and oil, fuel oil and coal, and electricity and gas.
SURVEY OF CURRENT BUSINESS
July 1997
Table 7.6.—Chain-Type Quantity and Price Indexes for Private Fixed
Investment by Type
[Index numbers, 1992=100]
National Data • D-19
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
1995
1996
1995
IV
Private fixed
investment:
Quantity index
Price index
Nonresidential:
Quantity index
Price index
Structures:
Quantity index
Price index
Nonresidential buildings,
including farm:
Quantity index
Price index
Utilities:
Quantity index
Price index
Mining exploration, shafts,
and wells:
Quantity index
Price index
Other structures:
Quantity index
Price index
Producers' durable
equipment:
Quantity index
Price index
Information processing and
related equipment:
Quantity index
Price index
Computers and
peripheral
equipment »:
Quantity index
Price index
Other:
Quantity index
Price index
Industrial equipment:
Quantity index
Price index
Transportation and related
equipment:
Quantity index
Price index
Other:
Quantity index
Price index
Residential:
Quantity index
Price index
Structures:
Quantity index
Price index
Single family:
Quantity index
Price index
Multifamily:
Quantity index
Price index
Other structures:
Quantity index
Price index
....
Producers' durable
equipment:
Quantity index
Price index
II
III
IV
1995
I
1996
1995
IV
124.57 133.02 126.18 129.34 131.61 134.98 136.14 139.38
105.37 106.30 105.89 105.86 105.98 106.55 106.81 106.78
128.04 137.46 129.66 133.27 134.53 140.06 141.97 145.73
103.39 103.95 103.73 103.69 103.72 104.17 104.24 104.11
107.06 112.30 108.30 110.32 109.27 111.51 118.09 120.01
110.23 112.77 111.31 111.66 112.22 113.16 114.03 114.55
113.04 118.60 115.15 116.09 114.62 117.49 126.21 129.38
111.00 113.20 111.88 112.12 112.66 113.59 114.42 114.73
101.75 106.56 104.50 105.64 106.75 105.41 108.43 105.03
109.76 113.31 111.51 112.17 112.76 113.62 114.69 115.37
83.94 98.01 78.79 95.90 96.89 101.87 97.36 100.92
107.38 109.81 108.20 108.55 109.20 110.49 111.01 112.94
83.02 70.80 75.47 72.22 64.32 68.46 78.19 82.40
104.80 108.43 106.44 107.15 107.83 108.84 109.92 111.17
137.50 148.87 139.29 143.65 146.00 153.08 152.74 157.37
100.83 100.72 100.91 100.74 100.59 100.88 100.67 100.33
149.91 180.25 159.80 168.04 174.49 186.67 191.83 200.87
91.09 87.05 89.55 88.47 87.23 86.75 85.75 84.91
208.15 302.23 240.29 266.72 287.35 315.95 338.89 362.35
69.49 59.35 65.77 62.92 59.61 58.48 56.39 54.42
126.57 135.26 128.83 130.94 132.61 139.11 138.38 142.48
104.78 105.77 105.00 105.40 105.87 105.94 105.87 105.97
130.06 132.54 129.24 131.86 135.01 132.15 131.14 132.16
107.17 108.94 108.23 108.59 108.78 109.06 109.31 109.32
137.07 139.29 133.87 136.36 133.36 146.85 140.57 142.39
105.75 107.91 106.63 106.64 107.58 108.71 108.69 108.75
127.53 131.15 125.83 128.48 129.77 133.73 132.61 137.93
105.43 108.34 106.66 107.48 107.86 108.67 109.34 109.11
116.49 122.69 118.08 120.19 124.81 123.16 122.61 124.61
110.28 112.22 111.31 111.30 111.67 112.58 113.34 113.55
116.52 122.82 118.14 120.32 124.97 123.29 122.72 124.67
110.45 112.42 111.51 111.48 111.87 112.78 113.55 113.75
109.64 116.18 110.77 113.69 118.13 117.30 115.60 117.03
113.11 114.64 113.90 113.69 113.92 115.00 115.94 115.73
134.69 147.39 141.18 146.74 160.33 136.49 146.00 159.84
105.35 106.74 106.05 105.86 106.08 107.08 107.96 107.76
123.38 128.47 124.99 125.68 129.34 129.67 129.19 130.16
107.67 110.23 109.08 109.29 109.88 110.59 111.15 111.87
115.34 117.84 115.85 115.48 118.94 118.28 118.67 122.64
103.91 104.82 104.01 104.58 104.21 104.92 105.57 106.23
1. Includes new computers and peripheral equipment only.
I
Seasonally adjusted
1997
1996
Exports of goods and
services:
Quantity index
Price index
Goods1:
Quantity index
Price index
Durable:
Quantity index
Price index
Nondurable:
Quantity index
Price index .
Services l:
Quantity index
Price index
Receipts of factor income:
Quantity index
Price index
Imports of goods and
services:
Quantity index
Price index
Goods1:
Quantity index
Price index
Durable:
Quantity index
Price index
Nondurable:
Quantity index
Price index
Services1:
Quantity index
Price index
Payments of factor income:
Quantity index
Price index
121.27
104.12
1996
I
II
1997
III
IV
I
129.16 125.60 126.16 127.91 127.63 134.95 138.45
104.26 104.32 104.37 104.73 104.26 103.67 103.69
126.12 135.69 131.23 131.71 133.87 133.97 143.23 148.13
102.75 101.88 102.80 102.55 102.65 101.71 100.62 100.48
134.02 147.04 140.35 140.92 145.54 145.89 155.82 163.69
97.45 95.73 97.15 96.73 96.04 95.25 94.89 94.77
110.76 114.20 113.63 113.95 111.84 111.50 119.50 119.22
115.14 116.39 116.07 116.23 118.28 116.97 114.09 113.89
110.28 114.40 112.86 113.62 114.42 113.31 116.25 116.59
107.40 110.25 107.99 108.86 109.94 110.73 111.49 111.95
140.85 151.69 143.31 147.36 148.98 150.12 160.30 159.32
107.23 109.17 107.97 108.47 108.97 109.37 109.87 110.28
132.00 140.45 132.75 136.14 139.40 142.54 143.70 150.38
102.16 102.00 101.88 101.90 102.07 101.55 102.45 101.39
136.67 146.16 137.65 141.03 144.97 148.67 149.95 156.64
101.65 101.26 101.27 101.36 101.38 100.70 101.61 100.58
146.39 158.08 148.36 152.91 156.46 160.75 162.18 171.84
100.75 98.02 100.33 99.41 98.24 97.54 96.89 95.86
119.57 125.27 118.85 120.23 124.82 127.50 128.52 130.14
103.70 108.36 103.45 105.68 108.27 107.63 111.85 110.83
111.82 115.86 111.60 115.05 115.41 116.15 116.81 123.43
104.55 105.57 104.82 104.47 105.41 105.75 106.64 105.43
157.49 170.26 159.61 159.50 166.48 174.54 180.54 191.78
107.80 109.86 108.51 109.03 109.58 110.12 110.69 111.13
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 redassified from goods
to services.
SURVEY OF CURRENT BUSINESS
D-20 • National Data
July 1997
Table 7.10.—Chain-Type Quantity and Price Indexes for Exports and Imports of Goods and Services by Major Type of Product
[Index numbers, 1992=100]
Seasonally adjusted
Seasonally adjusted
1995
1996
1995
IV
Exports of goods and
services:
Quantity index
Price index
Exports of goods ':
Quantity index
Price index
Foods, feeds, and beverages:
Quantity index
Price index
Industrial supplies and
materials:
Quantity index
Price index
Durable goods:
Quantity index
Price index
Nondurable goods:
Quantity index
Price index
Capital goods, except
automotive:
Oi lantitu inrlpy
Price index
Civilian aircraft, engines,
and parts:
Quantity index
Price index
Computers, peripherals, and
parts:
Quantity index
Price index
Other
Quantity index
Price index
Automotive vehicles, engines,
and parts:
Quantity index
Price index
Consumer goods, except
automotive:
Quantity index
II
1995
1997
1996
I
III
IV
1996
121,27 129.16 125.60 126.16 127.91 127.63 134.95 138.45
104.12 104.26 104.32 104.37 104.73 104.26 103.67 103.69
126.12 135.69 131.23 131.71 133.87 133.97 143.23 148.13
102.75 101.88 102.80 102.55 102.65 101.71 100.62 100.48
110.60 109.44 107.84 110.89 104.29 106.45 116.12 106.93
113.28 127.46 122.71 125,93 135.24 130.02 118.66 118.55
111.05 115.77 114.34 114.20 114.43 113.73 120.71 121.85
121.08 115.55 118.33 116.80 115.48 114.83 115.10 115.21
114.71 121.02 114.84 115.53 121.06 122.41 125.10 126.97
117.92 113.89 117.06 116.18 114.74 112.40 112.26 113.25
109.12 113.01 114.05 113.48 110.96 109.21 118.40 119.16
122.83 116.47 119.03 117.13 115.88 116.18 116.69 116.29
145.45 164.17 156.32 157.54 162.54 160.04 176.58 187.48
91.29 88.79 90.67 90.08 89.12 88.28 87.69 87.19
63.35 72.00 60.01 62.84 78.55 62.04 84.57 89.98
109.34 113.39 110.84 111.71 112.68 114.06 115.11 117.10
217.55 313.05 257.92 289.51 303.63 316.62 342.43 401.08
63.37 49.40 58.16 54.43 49.87 47.97 45.33 42.43
160.66 169.27 171.54 166.79 165.82 166.23 178.25 182.65
96.14 96.50 96.62 95.89 95.83 95.87
95.42 9621
127.56 131.25 126.65 126.72 128.79 136.54 132.95 140.40
103.07 104.18 104.04 104.00 104.09 104.16 104.46 104.84
121.75 130.98 123.86 126.94 131.54 128.84 136.61 140.65
1995
IV
I
Price index
Durable goods:
Quantity index
Price index
Nondurable goods:
Quantity index
Price index
Other:
Quantity index
Price index
Durable goods:
Quantity index
Price index
Nondurable goods:
Quantity index
Price index
Exports of services >:
Quantity index
Price index
Transfers under U.S. military
agency sales contracts:
Quantity index
Price index
Travel:
Quantity index
Price index
Passenger fares:
Quantity index
Price index
Other transportation:
Quantity index
Price index
Royalties and license fees:
Quantity index
Price index
Other private services:
Quantity index
Price index
Other:
Quantity index
Price index
102.90
1997
1996
I
II
III
IV
I
104.32
103.30
103.95 104.29 104.42 104.61 104.91
121.29 130.99
101.53 102.87
122.19
101.87
124.76 130.31 129.13 139.75 140.09
102.45 102.90 102.98 103.15 103.63
122.22 130.97 125.58 129.20 132.81 128.53 133.34 141.23
104.37 105.88 104.84 105.57 105.79 105.98 106.18 106.28
99.06 104.90 106.84 98.06 102.16 108.90 110.49 117.44
103.96 104.23 104.22 104.40 104.87 104.17 103.47 103.43
99.06 104.90 106.84 98.06 102.16 108.90 110.49 117.44
103.96 104.25 104.24 104.43 104.89 104.20 103.49 103.46
99.06 104.90 106.84 98.06 102.16 108.90 110.49 117.44
103.96 104.25 104.24 104.43 104.89 104.20 103.49 103.46
110.28 114.40 112.86 113.62 114.42 113.31 116.25 116.59
107.40 110.25 107.99 108.86 109.94 110.73 111.49 111.95
101.88 111.73 101.22 98.38 108.64 110.61 129.30 106.12
112.47 115.02 113.24 112.26 116.52 115.58 115.71 117.57
104.43 105.33 107.05 107.81 105.69 101.28 106.55 107.96
106.95 111.56 108.30 109.95 111.02 112.38 112.89 114.38
101.37 107.51 107.08 106.84 109.03 105.48 108.67 112.20
110.02 110.05 108.71 109.65 108.60 110.04 111.92 109.14
114.90 116.04 118.97 114.40 116.66 115.91 117.19 116.13
103.08 105.53 102.28 103.61 105.33 105.86 107.31 107.07
125.49 126.89 129.76 128.81 126.94 126.39 125.42 125.49
107.30 109.43 108.03 108.73 109.23 109.63 110.13 110.54
113.55 122.40 115.03 120.09 122.18 123.73 123.58 127.85
106.81 108.97 107.62 108.26 108.90 109.17 109.55 109.92
109.42 111.23 109.94 110.79 110.54 111.68 111.92 112.10'
112.00 116.13 112.91 113.74 115.01 117.17 118.61 119.49
SURVEY OF CURRENT BUSINESS
July 1997
National Data • D-21
Table 7.10.—Chain-Type Quantity and Price Indexes for Exports and Imports of Goods and Services by Major Type of Product—Continued
[Index numbers, 1992=100]
Seasonally adjusted
1995
1996
1995
IV
Imports of goods and
services:
Quantity index
Price index
Imports of goods ':
Quantity index
Price index
Foods, feeds, and beverages:
Quantity index
Price index
Industrial supplies and
materials, except petroleum
and products:
Quantity index
I
II
III
IV
1995
140.45 132.75 136.14 139.40 142.54 143.70 150.38
102.00 101.88 101.90 1.02.07 101.55 102.45 101.39
136.67
101.65
146.16 137.65 141.03 144.97 148.67 149.95 156.64
101.26 101.27 101.36 101.38 100.70 101.61 100.58
106.19
113.16
116.50 106.71 113.69 114.85 117.62 119.83 123.07
110.66 111.46 109.18 112.71 110.20 110.56 111.78
130.86
111.18
138.30 127.30 132.39 136.93 142.13 141.75 143.59
109.46 112.38 110.94 109.46 108.49 108.93 110.55
146.62 131.19 137.27 145.13 151.79 152.29 152.71
109.91 112.28 109.96 110.32 109.80 109.56 111.22
130.64 123.70 127.89 129.37 133.24 132.06 135.19
109.10 112.59 112.00 108.70 107.30 108.42 109.98
115.29 113.86 106.93 120.25 122.31 111.68 108.20
114.22 91.15 101.40 112.95 113.31 129.20 123.41
199.66 191.07 196.34 195.95 199.14 207.21 221.29
86.43 90.60 89.16 86.81 85.51 84.24 82.02
89.24 76.75 78.47 89.76 91.72 97.01 92.94
113.08 109.72 111.39 112.65 113.85 114.42 116.04
355.18 308.95 328.44 345.87 363.68 382.72 427.50
55.61 62.93 59.82 55.81 54.36 52.46 50.34
173.94 174.91 177.26 171.01 170.89 176.59 185.84
98.70 101.45 100.80 99.22 97.89 96.91 94.46
130.12 119.12 125.01 131.31 135.67 128.49 141.72
108.81 109.00 108.81 108.65 108.85 108.92 108.95
134.02 124.84 128.12 130.67 135.79 141.50 143.59
103.63 103.55 103.93 103.75 103.51 103.34 102.87
134.73 126.31 128.61 131.97 138.39 139.95 142.32
103.11 103.22 103.63 103.23 102.91 102.68 101.86
1996
1995
IV
1
132.00
102.16
Durable goods:
136.35
Quantity index
111.67
Price index
Nondurable goods:
125.78
Quantity index
110.80
Price index
Petroleum and products:
114.72
Quantity index
93.08
Price index
Capital goods, except
automotive:
179.08
Quantity index
92.10
Price index
Civilian aircraft, engines,
and parts:
78.35
Quantity index
108.64
Price index
Computers, peripherals, and
parts:
265.56
Quantity index
66.88
Price index
Other:
168.68
Quantity index
101.75
Price index
Automotive vehicles, engines,
and parts:
125.71
Quantity index
108.13
Price index
Consumer goods, except
automotive:
126.38
Quantity index
103.22
Price index
Durable goods:
127.12
Quantity index
103.07
Price index
NOTE.-See footnotes to table 4.3.
Seasonally adjusted
1997
1996
Nondurable goods:
Quantity index
Price index
Other:
Quantity index
Price index
Durable goods:
Quantity index
Price index
Nondurable goods:
Quantity index
Price index
Imports of services1:
Quantity index
Price index
Direct defense expenditures:
Quantity index
Price index
Travel:
Quantity index
Price index
Passenger fares:
Quantity index
Price index
Other transportation:
Quantity index
Price index
Royalties and license fees:
Quantity index
Price index
Other private services:
Price index
Other:
Quantity index
Price index
Addenda:
Exports of agricultural
goods2:
Quantity index
Price index
Exports of nonagricultural
Quantity index
Price index
Imports of nonpetroleum
Quantity index
Price index
1996
I
II
1997
III
IV
I
125.57 133.24 123.24 127.59 129.25 132.96 143.16 144.96
103.39 104.21 103.91 104.26 104.32 104.18 104.08 104.00
117.31 124.20 123.87 120.19 125.54 123.10 127.97 135.67
105.13 104.51 104.96 104.76 104.82 104.26 104.20 103.47
117.31 124.20 123.87 120.19 125.54 123.10 127.97 135.67
105.13 104.51 104.96 104.76 104.82 104.26 104.20 103.47
117.31 124.20 123.87 120.19 125.54 123.10 127.97 135.67
105.13 104.51 104.96 104.76 104.82 104.26 104.20 103.47
111.82 115.86 111.60 115.05 115.41 116.15 116.81 123.43
104.55 105.57 104.82 104.47 105.41 105.75 106.64 105.43
64.94 68.37 60.86 66.60 67.68 68.17 71.02
109.30 108.46 112.07 108.74 109.78 110.04 105.29
77.85
98.93
113.29 118.83 114.67 121.97 119.19 114.80 119.39 131.00
104.99 105.18 104.43 103.31 104.30 105.81 107.32 104.50
129.96 127.51 128.39 129.03 125.22 126.37 129.43 135.21
104.34 105.73 105.17 105.42 106.48 104.01 107.02 108.73
113.50 107.95 110.80 107.Q8 108.87 108.76 107.08 109.57
101.05 103.12 101.25 101.59 103.03 103.19 104.69 104.41
115.95 132.40 123.33 123.77 124.14 156.98 124.70 134.01
107.30 109.38 108.03 108.53 109.23 109.63 110.13 110.54
124.00 134.86 124.66 129.89 134.87 136.51 138.18 141.68
105.10 106.48 105.66 106.14 106.52 106.52 106.75 106.75
116.83 124.14 118.25 120.66 121.66 127.35 126.90 129.62
106.31 107.59 106.48 106.33 107.15 107.99 108.89 108.01
112.54 110.01 112.05 114.57 103.37 105.55 116.55 108.04
115.45 127.49 123.46 126.29 134.33 129.74 119.60 119.81
127.63 138.68 133.41 133.64 137.45 137.29 146.33 152.88
101.51 99.40 100.79 100.24 99.58 98.99 98.77 98.60
138.70 149.02 139.85 144.20 147.26 151.11 153.52 161.17
102.59 100.39 102.39 101.60 100.63 99.86 99.47 98.85
SURVEY OF CURRENT BUSINESS
D-22 • National Data
July 1997
Table 7.11B.—Chain-Type Quantity and Price Indexes for Government Consumption Expenditures and Gross Investment by Type
[Index numbers, 1992=100]
Seasonally adjusted
1995
1996
IV
Government consumption
expenditures and gross
investment1:
Quantity index
Price index
Federal:
Quantity index
Price index
. ..
National defense:
Quantity index
Price index
Consumption
expenditures:
Quantity index
Price index
Durable goods2:
Quantity index
Price index
Nondurable goods:
Quantity index
Price index
Services:
Quantity index
Price index
Compensation of
general government
employees, except
force-account
construction 3:
Quantity index
Price index
Consumption of
general government
fixed capital4:
Quantity index
Price index
Other services:
Quantity index
Price index
Gross investment:
Quantity index
Price index
Structures:
Quantity index
Price index
Equipment:
Quantity index
Price index
Nondefense:
Quantity index
Price index
Consumption
expenditures:
Quantity index
Price index
Durable goods2:
Quantity index
Price index
Nondurable goods:
Quantity index
Price index
Commodity Credit
Corporation
inventory change:
Quantity index
Price index
Other nondurables:
Quantity index
Price index
Services:
Quantity index
Price index
NOTE—See footnotes to table 3.7B.
Seasonally adjusted
I
II
III
IV
89.45 88.48 86.40 87.67 89.67 88.88 87.68 86.96
109.38 111.96 111.28 111.83 111.64 111.88 112.50 113.95
85.05 83.53 82.17 83.00 85.00 83.81 82.33 80.16
108.12 110.53 109.16 109.97 110.44 110.60 111.12 112.53
87.63 86.26 86.07 84.97 87.46 86.49 86.12 84.50
107.92 110.20 109.07 109.97 109.92 110.18 110.75 112.12
68.14 67.15 61.89 61.98 71.43 74.21 60.97 64.15
101.39 102.66 101.42 102.33 102.96 102.71 102.63 103.03
66.08 76.98 58.66 76.74 81.90 81.91 67.38 71.56
99.99 110.20 102.65 106.24 108.29 109.29 117.00 113.73
90.34 88.55 89.43 87.62 89.33 87.96 89.31 87.03
108.76 110.94 109.97 110.80 110.65 110.93 111.38 112.94
84.49 80.83 82.12 81.46 81.38 80.91 79.58 78.95
108.02 111.88 109.94 112.17 111.49 111.61 112.26 115.13
96.20 94.11 95.50 95.16 94.09 93.75 93.44 93.22
115.94 115.01 116.40 115.55 115.34 114.94 114.20 114.86
96.58 98.34 98.12 93.21 100.09 96.38 103.70 96.99
105.26 106.90 105.87 105.68 106.37 107.33 108.24 108.41
70.53 68.15 60.23 71.86 71.14 68.67 60.95 55.73
109.31 112.66 109.60 109.82 113.88 113.39 113.53 115.22
87.19 80.75 86.05 82.35 82.33 80.75 77.59 72.42
116.83 119.33 117.84 117.18 118.34 120.03 121.77 122.18
68.68 66.76 57.38 70.70 69.90 67.33 59.11 53.88
108.54 112.00 108.73 109.07 113.52 112.74 112.68 114.54
100.07 100.40 96.60 98.96 100.96 101.12 100.58 103.30
112.29 115.22 115.98 116.00 114.41 114.81 115.65 117.21
101.58 101.09 97.85 100.19 102.51 102.33 99.33 102.52
113.52 116.77 117.64 117.67 115.87 116.31 117.24 118.99
94.15
112.3
111.8
100.8
113.9
100.4
117.3
118.2
98.8
95.7
97.0
98.12
96.58 92.77 89.15 98.15
112.19 112.80 112.4 111.72 111.59
99.28 101.88 101.7
118.2 116.28 116.8
98.8
117.8
1996
I
99.72 100.54 98.88 99.28 101.14 100.98 100.76 100.79
107.78 110.69 109.11 110.22 110.15 110.84 111.56 112.52
110.4
1995
1997
1996
1995
101.55
119.76
1995
IV
Compensation of
general government
employees, except
force-account
construction3:
Quantity index
Price index . .
Consumption of
general government
fixed capital4:
Quantity index
Price index
Other services:
Quantity index
Price index
1997
1996
I
II
III
IV
I
92.95
121.51
90.45 87.07 88.66 92.07
126.65 129.31 129.22 124.85
91.20 89.89 90.28
25.56 126.96 130.45
109.42
104.79
111.08 110.54 111.27 110.30
105.62 105.40 105.54 105.48
11.01 111.76 112.52
05.59 105.85 106.04
111.58 114.10 110.24 113.70 115.67 116.62 110.42 117.21
105.54 107.35 106.38 106.45 107.06 107.65 108.23 108.57
Gross investmentPrice index
Structures:
Quantity index
Price index
Equipment:
Quantity index
Price index
State and local:
Quantity index
Price index
Consumption expenditures:
Quantity index
Price index
Durable goods2:
Quantity index
Price index
Nondurable goods:
Quantity index
Price index
Services:
Quantity index
Price index
Compensation of general
government
employees, except
force-account
construction3:
Quantity index
Price index
Consumption of general
government fixed
capital 4:
Quantity index
Price index
Other services:
Quantity index
Price index
Gross investment:
Quantity index
Price index
Structures:
Quantity index
Price index
Equipment:
Quantity index
Price index
Addenda:
Compensation of general 3
government employees :
Quantity index
Price index
Federal:
Quantity index
Price index
State and local:
Quantity index
Price index
89.95 96.03 88.34 90.89 90.60 93.12 109.52 109.01
104.22 104.86 104.89 104.81 104.70 104.86 105.07 105.20
90.19 86.28 86.88 85.42 87.52 82.78 89.39 84.03
108.82 111.91 110.32 110.79 111.43 112.25 113.19 114.07
89.97 106.69
99.44 97.65
90.12
99.26
96.95
98.67
94.11 104.40 131.30 135.95
97.81 97.32 96.82 96.21
107.18 109.31 107.97 107.72 109.48 109.77 110.28 110.87
106.74 109.84 107.73 109.16 109.17 110.13 110.91 111.57
105.89 107.52 106.38 106.17 107.64 108.08 108.21 108.72
106.80 110.02 107.76 109.44 109.31 110.26 111.05 111.70
113.55 118.12 115.24 116.40 117.54 118.70 119.85 121.01
104.70 105.66 106.16 105.95 105.49 105.60 105.60 105.63
113.55 118.21 115.30 116.46 117.62 118.79 119.95 121.11
105.23 108.79 104.84 107.31 109.36 108.38 110.12 110.22
104.85 106.08 105.17 104.78 106.29 106.63 106.62 107.05
107.03 110.26 108.15 109.77 109.38 110.60 111.28 112.01
104.31 105.08 104.47 103.74 105.38 105.70 105.50 105.77
108.37 111.80 109.60 111.46 110.89 112.01 112.83 113.60
110.87 114.28 112.12 112.98 113.84 114.70 115.57 116.45
104.78 106.85 105.67 106.03 106.47 107.22 107.69 108.24
104.38 110.85 106.38 110.37 110.47 110.30 112.28 115.16
87.57 89.52 87.19 87.16 88.27 91.84 90.80 91.13
113.08 117.49 115.22 114.79 117.89 117.52 119.76 120.68
106.47 109.09 107.56 107,98 108.55 109.53 110.29 111.02
111.99 116.17 114.15 113.34 116.80 116.06 118.49 119.31
107.38 110.60 108.64 109.20 109.90 111 14 112.16 113.10
117.99 123.47 120.05 121.42 122.79 124.16 125.53 126.91
102.56 102.62 102.92 102.7 102.74 102.64 102.3 102.11
98.9
98.4
97.9
97.4
98.9
98.9
109.5
113.2
111.5
113.3
112.3
113.2
98.40 98.50
114.10 115.51
87.2
84.0
83.7
83.8
84.9
84.3
83.0
112.5
116.8
116.4
117.8
115.9
116.2
117.1
82.76
120.24
104.3
108.3
105.1
111.8
104.5
109.6
103.8
111.4
105.4
110.8
105.7
112.0
105.6
112.8
105.87
113.60
SURVEY OF CURRENT BUSINESS
July 1997
D-23
National Data
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
[Index numbers, 1992=100]
[Index numbers, 1992=100]
Seasonally adjusted
1995
1996
1995
IV
Gross domestic
product:
Quantity index
Price index
Business!:
Quantity index
Price index
Nonfarm >:
Quantity index
Price index
Nonfarm less housing:
Quantity index
Price index
Housing:
Quantity index
Price index
Farm:
Quantity index
Price index
Households and institutions:
Quantity index
Price index
Private households:
Quantity index
Price index
>
Nonprofit institutions:
Quantity index
Price index
General government2:
Quantity index
Price index
Federal:
Quantity index
Price index
State and local:
Quantity index
Price index
Se;asonally adjusted
1996
I
II
III
IV
!
107.97
110.61 108.58 109.12 110.37 110.95 111.99 113.61
107.57 109.88 108.42 109.03 109.62 110.17 110.69 111.43
109.23 112.34 110.04 110.74 112.01 112.66 113.95 115.83
107.31 109.43 108.01 108.48 109.26 109.75 110.24 110.89
109.47 112.48 110.31 110.94 112.16 112.75 114.06 115.94
107.39 109.37 108.02 108.47 109.20 109.67 110.14 110.86
109.93 113.12 110.72 111.50 112.84 113.38 114.77 116.81
107.22 109.08 107.78 108.19 108.93 109.37 109.81 110.53
105.63 107.12 106.90 106.31 106.51 107.46 108.18 108.67
108.85 111.92 110.11 110.90 111.57 112.26 112.96 113.70
93.43 103.51 92.73 97.55 102.26 107.66 106.56 109.04
102.08 115.77 107.75 110.61 115.43 117.94 119.10 114.83
108.39 110.78 109.29 109.48 110.51 111.13 111.99 112.94
106.78 110.26 108.07 109.15 109.70 110.67 111.50 112.57
100.54 102.40 101.13 101.68 102.51 102.44 102.95 103.99
109.67 113.64 111.20 112.04 112.65 114.38 115.49 115.98
108.68 111.10 109.60 109.78 110.82 111.46 112.34 113.28
106.67 110.13 107.95 109.04 109.59 110.53 111.36 112.45
99.56 99.18 98.70 98.34 99.58 99.62 99.19 99.32
109.65 112.87 111.44 112.90 112.10 112.90 113.60 114.89
89.79 86.94 86.94 86.99 87.61 87.10 86.05 85.82
112.93 115.98 116.00 116.89 115.39 115.56 116.09 118.54
104.94 105.97 105.21 104.62 106.21 106.57 106.49 106.82
108.03 111.33 109.23 110.94 110.47 111.56 112.34 113.09
Table 7.15.—Current-Dollar Cost and Profit Per Unit of Real Gross
Domestic Product of Nonfinancial Corporate Business
[Dollars]
1.053
1.065
1.057
1.062
1.065
1.066
1.066
1.069
.102
.102
.103
.103
.103
.102
.102
.101
.950
.962
.954
.959
.963
.963
.964
.968
.109
.842
.106
.857
.108
.846
.107
.851
.105
.858
.105
.859
.105
.858
.106
.862
.698
.705
.699
.702
.706
.706
.708
.709
.117
.038
.125
.038
.120
.037
.123
.039
.126
.039
.126
.038
.123
.038
.127
.038
.079
.027
.086
.027
.082
.027
.084
.026
.087
.026
.088
.027
.085
.027
.089
.027
1. Equals the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted
two places to the left.
IV
1
NoTE.-See footnotes to table 1.7.
Current-dollar cost and
profit per unit of real
gross domestic
product f
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
adustments
Profits tax liability
Profits after tax with
inventory valuation
and capital
consumption
adjustments
Net interest
1995
1997
Inventories
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
19 96
I
II
1997
III
IV
I
106.41 106.70 107.20 107.11 107.22 107.01
95.87
95.02 100.28 101.56
9693 10036
107.47 107.86 107.92 107.70 108.25 107.71
106.35 106.14 106.18 106.04 106.35 107.07
108.99 110.22 110.29 109.99 110.85 10859
107.50 107.27 107.07 106.97 107.71 107.23
105.43 105.03 105.05 104.72 105.61 10559
111 04 111 12 11053 11085 111 33 11001
108.01 108.56 108.76 107.81 107.35 107.40
10541 10510 10502 10487 10464 10487
112.34 114.39 115.07 112.77 111.89 111.62
10835
105.61
112.99
105.92
104.09
108.77
10884
105.32
114.86
106.86
103.66
111.87
10920
105.26
115.97
106.08
103.52
110.12
10801
105.11
112.97
106.61
103.33
111.87
10742
104.88
111.73
106.98
103.06
113.26
10768
105.13
112.00
105.75
103.21
109.77
107.00
107.54
109.73
105.17
106.53
107.43
107.70
110.46
104.86
107.25
107.45
107.45
109.51
105.19
107.59
107.68
10738
108.80
105.67
108.16
107.68
10748
109.30
105.42
10804
107.84
10998
115.23
105.09
10561
107.40 109.46 110.05 110.15 11371 10996
112.65 112.75 114.45 115.25 115.15 116.40
104.81 107.94 107.92 107.65 11310 10678
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.
SURVEY OF CURRENT BUSINESS
D-24 • National Data
July 1997
8. Supplementary TablesTable 8.1.—Percent Change From Preceding Period in Selected Series
[Percent]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1995
1996
1996
1995
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-tvoe orice index
ImnliHt nrirp rlpflatnr
Durable goods:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Nondurable goods:
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
Gross private domestic investment:
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
Nonresidential:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Structures:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
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
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
II
I
IV
1995
1997
IV
I
IV
III
4.6
2.0
2.5
2.5
4.4
2.4
2.1
2.0
2.3
.3
2.1
2.0
4.2
2.0
2.3
2.2
6.5
4.7
2.2
1.8
3.8
2.1
2.0
17
5.4
3.8
1.9
1.5
8.3
5.9
2.7
2.2
4.8
2.3
2.4
2.4
4.6
2.5
2.2
2.1
27
1.1
1.6
1.6
57
3.5
2.4
2.2
6.4
3.4
3.2
2.9
2.0
.5
17
1.5
5.9
3.4
2.8
2.5
7.5
5.6
2.3
1.8
4.4 4.2 -2.0
3.2 5.4 -1.0
1.2 -.5 -7
1.2 -1.1
-.9
8.4
8.2
.8
.2
8.2
11.4
-1.6
-2.9
-4.4
-2.6
-.6
-1.9
3.0
5.0
-.9
.8
-.4
1.3
1.2
7.7
37
3.9
3.9
6.1
1.3
4.8
47
.5
.4
.2
.1
3.9
2.3
i!e
5.3
2.2
3.0
3.0
5.0
3.1
1.7
1.9
7.7
6.0
1.6
1.6
10.7
9.5
1.0
1.0
10.8
7.3
3.3
3.3
10.6
10.'
4.0
1.4
2.6
2.5
5.0
2.4
2.6
2.6
4.9
4.7
.8
r
.£.
7.1
6.8
.£
7.1
7.4
5
3.1
3.1
12.3
8.9
3.
3.
14?
10
3.
3
7.
4.
2.
-4.0
-4.0
4
0
3.7
3.5
.4
1.8
2.5
4.2
2.4
1.9
1.8
1.9
2.9
-.4
-.9
97
10.4
-.1
-.6
10.7
11.6
_r
-le
7.3
4.9
2(
2.9
1.0
1.8
1.9
7.0
8.3
1.4
3.0
-1.1
-2^3
4.6
23
2.3
2.3
9.0
77
1.2
1.2
11.3
13.1
-1.0
-1.5
6.2
27
3.3
3.4
10.5
11.0
-!4
6.6
7.2
5
4.3
13
s'.o
3.0
23.8
22.9
2.2
.8
12.1
10.6
2.2
1.3
2.5
3.8
.1
-1.3
18.3
17.5
-1.8
-37
2.0
2.0
12.1
4.2
67
-.6
-2.4
20.6
20.9
-1.9
5.4
1.8
37
3.5
6.8
3.8
3.0
2.9
1.1
7.1
5.3
1.8
17
8.8
6.4
2.2
2.2
7.3
7.4
0
177
16.3
1.3
1.2
5.9
6.5
9.0
1.2
1.J
5.1
5.6
1.4
-2.7
5.8
7.6
-1!
6.4
3.
2.
10.7
-1.0
-1.5
-.1
12.5
15.3
-1.8
-2.4
-.6
1.5
-1.0
-2.0
1!
6.0
27
3.2
-1J
-1.8
4.5
67
-2.
6.6
2.8
4.0
-3?
-3.6
-3.5
-1.2
-3.8
2.9
-.3
-2.5
7.0
4.6
2.4
2.4
6.1
3.4
2.8
2.6
217
1.6
0
-1
-.9
3.0
3.5
1.0
-5
3.8
5.5
8.0
9.8
-.1
-1.7
8.2
11.0
-.5
297
3.1
3.1
8.5
6.6
1.8
1.7
-4.5
8.1
—.I
12.7
-1.4
-4.0
25.8
2J
27
21.8
25.0
-2.2
-2.6
7.5
6.7
7
7
8.1
10.8
.1
-2.4
25.
30.
-4.
-4.
-.6
-37
13.
10.
2.
2.9
1.2
17
10.2
14.4
NOTE.—Except for disposable personal income, the quantity and price indexes are calculated from weighted averages of the detailed output and prices used to prepare each aggregate and component. Prior to the third quarter
of 1995, these indexes use the geometric mean of weights that reflect the composition of output for the preceding
and current years. Beginning with the third quarter of 1995, these indexes use weights that reflect the composition
Implicit price deflator
Imports of goods and services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Imports of goods:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Imports of 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
22.8
-2.5
-2.0
-52
3.3
3.3
15.8
18.8
-3.3
-3.3
1.8
7
8.4
3.4
3.4
1995
1996
National defense:
Current dollars
Chain-type quantity index
Chain-type price index
Imnlirit nrirp ripflatnr
Nondefense:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
State and local:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Addenda:
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
Gross national product:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Command-basis gross national product:
Chain-type quantity index
Disposable personal income:
Current dollars
Chained (1992) dollars
997
1996
I
II
1.0
3.2
37
2.8
27
1.7
10.9
8.0
2.7
27
5.7 -1.1
6.4
1.6
-.2 -2.3
-.6 -2.6
9.9
10.6
.1
-6
10.5
9.9
7
.5
6.6
9.3
-2.0
-2.5
4.8
3.3
3.6
1.5
12.0
19.9
-4.1
-6.6
11.8
8.9
2.7
27
6.0 -.3
2.4
6.9
-.4 -2.3
-.9 -27
9.6
10.2
.3
-.5
7.1
11.6
117 10.6
.1 -2.7
-1 -3.1
4.8
3.5
3.6
1.2
10.8
19.1
-4.0
6.3
37
2.5
2.5
4.6 -47
3.6 -2.4
1.0 -2.3
1.0 -2.3
11.4
13.0
13
-1.4
4.9
1.3
3.6
3.6
4.0
2.6
1.3
5.3
2.3
3.4
3.0
18.5
24.7
-4.5
-4.9
3.3
0
3.3
3.3
3.5
.8 -4.3
4.2
27
27 4.1
6.1
1.6
4.1
4.4
75
77
1.0
_c
-.2
1.7
-.6
2.5
2.4
2.Q
1.9
3.4
.1
3.5
3,3
0
1.2 -6.9
-U -13.2
7.4
2.4
2.4 7.2
8.9
6.0
2.0
2.6
8.7
9.4
-7
-.6
-3.0
-3.5
.9
.4
-5.2
-5.3
-3.2
2.2
.1
5.3
4.8
8.2
4.1
3.0
4.0
12.0
10.0
1.7
1.8
-5.5
-5.5
.6
0
-77
10.1
10.1
2.5
8.3
-5.4
-5.3
2.0
.6
1.4
1.3
-2*.1
3.0
2.1
27
3ie
3.8
-1.8
-5.2
2.5
ji
-9.6
3.5
3.5
-12.3
3.2
2.2
2.3
3.1
4.1
2.9
-1.2
-14.8
16.2
16.0
IV
Ill
I
70
1.4
-6.1
-6.9 -10.1
1.9
5,,2
_c
4,4
17.3
11.3
5.5
5.4
4.J
2^5
5.4
2.4
3.0
3.0
4.9
2.0
2.9
2.9
3.8
1.5
2i
2.3
4.5
_c
5A
5.4
67
67
0
0
47
1.1
3.6
3.5
4.8
1.9
2.9
2.8
4.6
2.1
2.4
2.4
5.0
2.4
3.4
1.4
2.1
2.0
5.3
3.0
2.3
2.2
6.0
4.1
2.2
1.8
2.1
1
2.5
4.8
27
2.2
2.0
U
6.4
4.9
1.8
1.4
6.3
4.1
2.7
2.2
4.5
2.0
2.4
2.5
4.4
2.5
2.1
1.9
1.1
5.2
3.1
2.3
2.1
7.2
5.2
2.1
1.8
4.9
3.3
1.9
1.5
3.6
1.6
2.6
2.0
8.7
7.1
2.2
1.6
4.9
?4
2.4
2.4
4.8
2.8
2.
1.9
22
6.4
4.1
2.3
2.2
6.6
47
2.1
1.8
34
1.7
1.9
1.6
4.6
2.6
2.5
1.9
6.8
5.2
2.2
1.5
4.5
2.0
2.5
2.5
4.4
2.
2.2
2.
2.
2.
2.
4.6
2.3
2.3
2.2
6.
4.3
2.2
1.8
3.3
1.
2.
1.
5.7
4.2
1.9
1.5
7.3
5.0
27
2.2
2.
2.
1.
24
4.
1.
3.7
5.6
5.
3.
5.
2.
5.
4.
4.2
2.
4.
1.
6.
4.
5
2.
5.9
4.0
ill
1.9
1.8
of output in 1995. 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-dollar output multiplied by 100.
(Contributions to the percent change in real gross domestic product are shown in table 8.2.)
SURVEY OF CURRENT BUSINESS
July 1997
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
[Dollars]
Seasonally adjusted at annual rates
1995
1995
1996
IV
Percent change at annual rate:
Gross domestic product
II
I
1995
I
IV
III
1996
1995
IV
2.0
2.4
0.3
2.0
4.7
2.1
3.8
5.9
1.6
1.7
.7
2.4
2.3
.3
2.3
3.8
.3
.5
.9
.5
.3
.9
-.1
-.1
.8
.7
.7
.9
.9
.3
1.1
-.2
.1
.5
.4
.4
1.5
1.5
.9
1.3
.4
.7
-.5
.4
1.5
3.2
-.5
3.2
.8
.9
.2
.7
-.1
-.4
1.0
.8
.1
.6
.2
-.3
.5
.2
0
.2
.2
1.4
1.1
.2
.9
.3
1.5
1.7
.2
1.5
-.2
1.6
.5
.6
.7
-.1
-.1
-1.0
1.0
.4
-.1
.5
.6
.5
1.4
1.2
.2
1.0
.3
1.8
0
-.1
.9
-1.1
-.6
.9
.8
.1
-.9
-.9
-.1
.7
.6
.1
-.8
-7
-.1
1.1
1.1
0
_2
-2
0
Percentage points at annual rates:
Personal consumption expenditures
Durable goods
Nondurable goods
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
Seasonally adjusted at annual rates
1997
1996
-1.0
.2
.1
.1
-1.3
-1.0
.6
.5
.1
-1.2
-1.2
-.2
0
-1.3
-.1
0
-.1
-1.2
-1.1
-.1
-1.0
2.2
2.6
2.3
.3
-.4
-.4
0
-1.2
1.2
1.2
0
-2.4
-2.0
-.5
0
.2
-.8
.3
1.4
-.1
-.2
0
-.3
-.3
0
.3
-.1
-.1
0
.2
-.9
-.6
_3
.4
.2
.2
-.1
.6
.4
.2
.8
-.2
_g
-.4
d
.1
0
-.2
-.5
.2
.2
2
0
f\
.£.
D-25
National Data
1996
I
II
1997
III
IV
I
Current dollars:
Gross domestic
product
Gross national
product
Personal income
Disposable personal
income
Personal
consumption
expenditures
Durable goods ....
Nondurable
goods
Services
Chained (1992)
dollars:
Gross domestic
product
Gross national
product
Disposable personal
income
Personal
consumption
expenditures
Durable goods ....
Nondurable
goods
Services
Population (mid-period,
thousands)
27,571
28,537
27,840
28,072
28,455
28,653
28,964
29,490
27,545
23,233
28,503
24,294
27,816
23,597
28,071
23,830
28,427
24,173
28,588
24,450
28,924
24,718
29,386
25,096
20,214
21,040
20,539
20,712
20,890
21,167
21,387
21,654
18,719
2,305
19,404
2,381
18,901
2,321
19,128
2,363
19,383
2,405
19,433
2,372
19,670
2,384
19,992
2,469
5,648
10,767
5,820
11,203
5,659
10,921
5,753
11,011
5,826
11,152
5,818
11,243
5,881
11,405
5,971
11,552
25,627
26,016
25,679
25,755
25,993
26,064
26,251
26,581
25,605
25,989
25,660
25,757
25,970
26,009
26,219
26,491
18,789
19,158
18,971
19,028
19,053
19,233
19,315
19,471
17,400
2,204
17,669
2,303
17,458
2,225
17,573
2,265
17,679
2,322
17,657
2,301
17,764
2,324
17,977
2,422
5,404
9,795
5,431
9,938
5,390
9,845
5,428
9,883
5,434
9,927
5,426
9,934
5,438
10,006
5,489
10,072
263,090 265,482 264,032 264,563 265,155 265,806 266,405 266,901
D-26
SURVEY OF CURRENT BUSINESS
• National Data
July 1997
Table 8.4.—Auto Output
Table 8.5.—Real Auto Output
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
1995 1996
1995
II
III
IV
IV
133.8 131.1 133.7 132.1 134.0 132.0 126.4 129.3
137.3 136.3 134.8 137.4 140.9 134.6 132.2 141.2
84.6
52.7
42.2
72.4
87.2
47.6
39.9
68.0
85.1
52.3
40.0
70.2
82.5
58.4
42.7
75.8
76.7
57.9
46.6
82.4
81.1
51.1
40.0
67.8
84.6
56.6
44.0
76.5
-30.2 -31.7 -28.1 -30.2 -33.1 -35.8 -27.8 -32.4
-48.1 -49.8 -43.9 -47.9 -51.5 -51.1 -48.8 -58.4
16.7
64.8
2.4
Change in business inventories of new
and used autos
New
Used
Addenda:
Domestic output of new autos!
Sales of imported new autos 2
81.4
54.9
42.3
74.0
1.0
0
1.0
17.2
67.0
2.4
-2.9
-3.3
.4
16.7
60.6
3.0
17.3
65.2
2.6
-1.2 -19.1
-3.7 -21.4
2.5
2.3
15.7
67.2
1.9
2.3
3.3
-1.0
18.6
69.7
1.9
7.0
6.1
.9
17.1
65.9
3.1
-1.6
-1.0
-.6
16.9
75.2
2.4
-1.4
-.7
-.8
Auto output
118.9 116.7 113.3 102.5 123.2 129.4 111.6 114.5
55.8
57.8
58.3
53.8
54.9
56.1
64.1
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.
Change in business inventories of new
and used autos
New
Used
Addenda:
Domestic output of new autos »
Sales of imported new autos2
Change in business inventories
1. Includes new trucks only.
58.4
71.0
-4.7
9.0
13.7
58.7
67.1
59.6
68.4
-49
7.8
-4?
8.3
12.7
7.5
8.3
9.2
12.5
11.1
2.1
-.8
.4
-5.1
12.8
I
78.3
39.3
43.2
66.9
73.9
40.9
41.8
67.3
80.2
35.8
40.2
62.5
77.9
38.4
40.6
64.3
75.2
43.5
42.5
69.1
69.3
43.5
45.3
74.4
73.3
38.3
38.8
61.3
76.5
42.2
42.9
69.2
-23.8 -25.2 -22.4 -23.6 -26.2 -28.7 -22.4 -26.0
-43.0 -44.3 -38.9 -42.6 -46.0 -45.4 -43.4 -52.0
16.0
59.1
2.2
.2
-.6
.6
16.2
60.5
2.2
-2.7
-2.9
15.7
54.6
2.8
2.4
-2.8 -16.8
-5.0 -19.3
.1
1.8
1.6
.6
.<:
1.0
110.2 106.6 103.3
52.1
16.3
58.9
50.7
53.1
94.6
53.5
14.8
60.8
17.5
62.9
16.1
59.5
15.9
67.8
1.7
1.7
1.4
2.6
5.8 -1.0 -1.7
5.5 _ 3
-.8
.5 -.6 -.8
5
.4
.6
-1.0
.7
2.8
2.1
112.4 117.7 101.8 104.0
49.1
49.7
50.7
58.0
[Billions of chained (1992) dollars]
125.5 133,0 130.1 1348 1?9,4 1?95 138,1 137,6
56.9
66.3
IV
Table 8.7.—Real Truck Output
127.6 13?? 130.5 1?97 134.4 130,7 134,1 139.7
-51
7.7
III
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.
[Billions of dollars]
Truck output *
II
120.2 115.2 119.8 117.0 118.2 115.4 110.4 112.8
118.1 115.9 115.8 116.7 120.0 114.6 112.3 119.8
.7
Table 8.6.—Truck Output
Final sales
Personal consumption expenditures
Producers' durable equipment
Net exports
Exports
Imports
Gross government investment
1997
1996
I
120.5 112.6 117.0 100.1 119.6 121.3 109.4 111.1
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
Residual
56.3
1995
I
134.8 128.3 132.6 112.9 136.2 139.0 124.8 127.8
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
Exoorts
Imports
Gross government investment
1995 1996
1997
1996
I
IV
Seasonally adjusted at annual rates
58.0
56.8
59.1
58.7
7R5
75.0
69.1 71.6
-5? -64 -31 -53
9.0 8.6 10.0 10.1
150 13? 154
14.2
7.1 7.8
7.5 7.5
4.9
1.2
-4.0
2.1
Truck output
!
Final sales
Personal consumption expenditures
Producers' durable equipment
Net exports
Exports
Imports
Gross government investment
Change in business inventories
Residual
114.5 116.6 116.4 115.2 118.5 1148
1178
112.6 117.2 116.0 119.7 114.1 1138
121 4 1202
50.9
59.3
50.9
62.9
51.9
60.0
-43
75
11 8
6.7
-38
87
124
7.3
-40 -34 -42
80
75
87
11 5 11 4 129
8.2
66
98
1.9
0
-.7
-1
52.5
60.8
.4 -4.5
-1
o
50.7
61.1
4.3
0
1221
50.4
67.4
49.4
63.1
51.0
66.4
-53
83
136
66
-22 -43
96
97
11 9 139
68
63
1.1 -3.6
_1
_1
1.8
o
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.
July 1997
National Data • D-27
SURVEY OF CURRENT BUSINESS
B. Other NIPA and NiPA-Related TablesMonthly Estimates:
Tables B.i and B.2 include the most recent estimates of personal income and its components; these estimates
were released on June 30, 1997 and include "preliminary" estimates for May 1997 and "revised" estimates for
January-April 1997.
Table B,1,—Personal Income
[Billions of dollars; monthly estimates seasonally adjusted at annual rates]
1997
1996
1995
1996
May
June
July
6,368.6
3,579.1
2,941.8
894.6
668.3
814.4
1,2328
637.3
6,402.6
3,597.2
2,958.0
900.0
671.9
819.0
12390
639.2
3,457.6
3,643.1
3,002.8
906.3
675.1
833.6
1,2629
640.3
6,460.4
3,630.8
2,988.3
906.8
675.4
823.8
1,257.8
642.5
437.1
Apr.
Personal Income
Wage and salary disbursements
Private industries
Commodity-producing industries
Manufacturing
Distributive industries
Service industries
Government
6,112.4
3,430.6
2,808.8
863.6
648.4
783.7
1,161.6
621.7
.......
,
6,449.5
3,630.1
2,988.9
902.7
672.5
827.9
1,258.3
Other labor income
6412
Jan."
Sept.
Oct
6,499.9
3,660.9
3,016.5
913.3
680.7
832.5
12707
644.4
6,536.4
3,6872
3,040.4
913.1
679.5
841.0
12863
646.8
6,541.8
3,682.3
3,035.5
913.8
679.7
836.6
1,285.1
646.8
6,583.5
3,713.5
3,066.3
918.7
683.2
848.5
1,299.0
647.3
Nov.
Dec.
6,629.4
Feb."
Mar."
Apr."
May
6,653.5
3,752.2
3,099.0
929.1
690.0
854.3
1,315.6
653.2
3,752.5
3,105.0
930.2
692.0
854.4
1,320.4
647.4
Aug.
6,701.3
3,7972
3,1412
935.9
692.7
864.7
1340.7
655.9
6,739.3
3,824.7
3,1672
941.8
6982
873.8
13516
657.5
6,754,2
3,828.0
3,169.9
943.6
699.5
873.8
1 352.5
658.1
6,773.6
3,837.7
3,179.4
946.6
700.0
875.7
1 357.0
658.4
553.9
424.0
486.1
436.2
432.4
519.8
434.0
525.5
435.6
528.4
532.0
438.6
535.2
440.1
539.6
441.5
540.1
442.9
541.0
444.3
541.6
445.2
527.3
545.7
446.1
549.8
447.0
551.7
447.9
5532
27.9
Proprietors' income with IVA and CCAdj
Farm
Nonfarm
44.7
41.5
44.5
46.3
48.3
50.6
51.5
49.5
47.9
46.3
45.8
45.7
45.9
46.0
46.2
478.3
111.9
228.7
481.0
112.7
229.4
482.1
112.5
229.9
483.7
488.1
116.4
490.7
117.7
505.8
5072
117.1
507.6
118.4
733.6
1,075.4
536.1
737.5
1,078.9
538.3
740.6
1,082.5
540.2
743.0
1,085.6
542.3
745.1
1,087.3
542.8
243.6
759.6
1,128.4
566.4
245.4
728.1
1,072.5
534.6
233.3
747.7
1,090.2
544.5
499.9
117.5
238.2
504.0
232.3
493.1
118.0
234.7
495.4
114.3
230.8
484.6
114.9
231.5
458.2
Rental income of persons with CCAdj
Personal dividend income
482.6
115.0
230.6
738.2
1,079.7
539.1
111.7
214.8
717.1
1,022.6
507.4
Personal interest income
Transfer payments to persons
Old-age, survivors, disability, and health insurance benefits
Government unemployment insurance benefits
Other
!....;.
Less* Personal contributions for social insurance
118.1
236.5
753.4
750.5
1,096.1
549.0
754.7
1,098.8
551.2
1,118.1
562.6
21.6
22.1
22.1
21.9
21.9
22.1
21.9
22.0
22.0
22.0
22.2
22.3
493.6
294.5
518.6
515.7
518.7
522.5
311.7
523.6
525.1
525.4
303.9
520.2
307.7
521.4
307.5
517.4
305.2
311.0
3132
315.9
533.2
318.0
308.4
CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
309.8
116.8
239.9
755.5
1,1172
558.9
222
536.1
1162
241.7
756.7
1,124.5
565.0
448.7
762.5
1,131.3
568.0
22.2
3212
22.2
22.2
537.3
3232
539.9
541.1
324.3
323.5
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table B.2.—The Disposition of Personal Income
1997
1990
1995
1996
May
Apr.
July
June
Sept.
Aug.
Oct
Dec.
Nov.
Jan."
Feb."
Mar."
Apr,"
May*
6,629.4
894.7
5,734.7
6,653.5
6,701.3
920.4
6,739.3
6,754.2
6,773.6
929.9
5,809.5
5,514.9
5,345.4
654.6
1,595.5
3,095.3
152.1
933.5
937.5
5,836.1
Billions of dollars, unless otherwise indicated
Personal Income
Less: Personal tax and nontax payments
....
6,112.4
794.3
Equals: Disposable personal Income
Less: Personal outlays
5,318.1
5,071.5
Personal consumption expenditures
Durable goods
,
Nondurable goods
Services
Interest paid by persons
Personal transfer payments to rest of world
Eously. Personal savings
4,924.9
606.4
1,485.9
2,832.6
131.7
Addenda:
Disposable personal income:
Billions of chained (1992) dollars1
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 income
6,449.5
863.8
5,585.7
5,314.0
5,151.4
632.1
1,545.1
2,974.3
146.3
6,368.6
896.1
6,402.6
852.7
6,457.6
863.0
5,472.5
5,280.8
5,120.8
632.4
1,544.9
2,943.5
143.9
5,549.9
5,323.3
5,594.5
14.9
16.3
16.2
246.6
271.6
191.7
4,943.3
20214
18,789
263,090
5,086.0
21,040
19,158
265,482
4,997.4
20,655
18,862
264,946
5,162.0
648.4
1,548.7
2,964.9
1452
162
226.6
5,060.6
5,297.9
5,135.6
632.0
1,540.5
2,963.0
1462
16.2
296.6
5,097.9
21,082
19,211
265,367
20,931
19,086
265,151
6,460.4
6,499.9
6,536.4
863.9
5,596.5
873.3
5,626.7
5,336.7
§,172.4
642.8
1,542.7
2,986.9
148.2
880.4
6,541.8
8802
5,656.0
5,339.8
5,661.6
5,385.9
5,175.1
624.0
1,552.6
2,998.5
148.6
5,219.5
632.3
1,563.0
3,0242
149.4
5,313.0
5,148.9
624.7
1,544.2
2,980.0
147.9
6,583.5
886.7
5,696.7
5,408.4
5,428.2
5240.8
636.6
1,566.4
3,037.8
150.5
5,260.5
636.6
1,571.1
3,052.9
150.6
905.5
5,780.9
5,504.9
5,748.0
5,496.1
5,3272
663.0
1,590.7
3,073.5
151.5
5,335.3
659.0
1,595.0
3,081.3
152.2
5,820.8
5,522.3
5,351.8
643.7
1,585.3
3,122.8
16.2
16.2
16.2
17.1
17.1
17.1
17.4
17.4
17.4
1532
17.4
283.5
290.0
316.2
275.7
288.4
306.5
252.0
275.9
294.5
298.4
5,089.8
21,072
19,164
265,590
5,115.2
21,168
19,244
265,807
5,131.9
21,261
19,291
266,022
5,121.1
4,577.8
579.8
1,421.9
2,577.0
107.6
4,690.7
611.4
1,441.9
2,638.3
109.8
4,676.2
608.4
1,442.8
2,626.2
109.5
4,706.9
626.6
1,443.3
2,638.5
109.7
4,679.7
611.9
1,436.6
2,6322
109.7
4,682.7
605.3
1,438.5
2,639.6
110.0
4,702.2
623.3
1,441.9
2,638.3
110.0
4,695.5
606.3
1,446.3
2,643.9
4.6
4.9
3.5
4.1
5.3
5.1
52
5.6
1102
5,144.0
21,384
19,309
266,406
21,266
19236
266,222
5,171.6
21,512
19,399
266,586
5,194.5
5,178.5
21,549
19,414
266,739
5,217.0
21,752
19,534
267,075
21,660
19,463
266,889
5,223.0
21,779
19,542
267,268
5,538.6
5,367.7
644.9
1,583.4
3,139.3
153.5
17.4
297.5
5240.1
21,821
19,592
267,454
4,721.2
614.3
1,449.9
2,657.9
110.6
4,732.3
620.1
1,448.1
2,664.9
110.7
4,744.0
622.9
1,447.7
2,674.0
110.9
4,799.4
649.6
1,463.3
2,688.0
111.0
4,794.1
645.7
1,464.8
2,685.2
111.3
4,800.3
643.9
1,466.6
2,6912
111.4
4,802.1
638.3
1,455.2
2,709.2
111.4
4,819.5
642.1
1,455.9
2,721.9
111.4
4.9
5.1
5.3
4.4
4.8
5.1
5.1
5.1
Percent change from preceding period
Personal Income, current dollars
Disposable personal income:
Current dollars
Chained (1992) dollars
Personal consumption expenditures:
Current dollars
Chained (1992) dollars
6.1
5.5
0.5
0.5
0.9
5.7
3.3
5.0
2.9
-.5
-.9
1.4
1.3
.8
.7
4.8
2.3
4.6
2.5
.5
2
.8
.7
-.5
-.6
-
1. Disposable personal income in chained (1992) dollars equals the current-dollar figure 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.
0.6
0.6
0.1
0.6
0.7
0.4
0.7
0.6
0.2
0.3
0
-2
.5
.5
.5
.3
.1
-2
.6
.4
.7
.5
2
.1
.6
.3
.5
.4
2
.1
.3
.3
.3
.1
.5
.4
.1
-.1
.9
.5
.4
2
.4
2
1.3
1.2
.2
-.1
2
.1
.1
.3
.4
0
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
0
D-28 • National Data
July 1997
SURVEY OF CURRENT BUSINESS
Annual Estimates:
Except as noted, these tables are derived from the NIPA tables published in the August 1996 SURVEY OF CURRENT
BUSINESS; they are consistent with the most recent benchmark and annual revisions.
Table B.3.—Gross Domestic Product by Industry, Current-Dollar and Real Estimates for 1992-94
Billions of dollars
1992
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
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 miscellaenous plastics
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
1994
1993
Billions of dollars
Billions of chained
(1992) dollars
1992
1992
1994
1993
6,244.4 6,550.2 6,931.4 6,244.4 6,383.8 6604.2
5,370.8 5,650.0 6,000.0 5,370.8 5,508.7 5,728.7
112.4
105.3
117.8
112.4
103.3
115.7
80.5
31.9
72.0
33.3
82.2
35.7
80.5
31.9
70.9
32.3
83.9
32.1
92.2
89.0
90.1
92.2
90.7
96.7
5.5
13.6
65.0
4.9
12.5
63.6
5.0
13.8
62.8
5.5
13.6
65.0
5.2
13.9
63.3
16.2
67.7
8.1
8.5
8.2
8.3
8.6
229.7
243.6
269.2
229.7
236.1
253.1
1,063.6 1,116.5 1,197.1 1,063.6 1,095.3 1,168.0
573.4 612.3 673.1 573.4 601.2 657.9
32.0
16.2
25.1
39.0
70.1
35.3
17.6
25.7
40.8
74.5
41.0
19.0
27.9
44.2
82.5
32.0
16.2
25.1
39.0
70.1
28.7
17.8
25.0
41.9
74.2
31.5
18.4
26.2
42.9
82.9
108.6
111.9
111.8
119.3
130.0
108.6
127.6
138.4
66.2
53.2
53.6
21.8
84.1
47.6
54.5
23.1
98.6
52.8
56.5
54.2
20.1
115.8
113.6
60.6
51.6
51.3
21.1
72.8
45.1
50.9
22,4
490.2
102.1
504.3
103.7
524.0
108.1
490.2
102.1
494.1
102.2
510.2
104.8
18.4
25.4
27.2
45.8
79.7
16.5
25.5
27.3
47.6
81.7
16.6
25.6
27.8
49.0
85.7
18.4
25.4
27.2
45.8
79.7
17.5
25.9
26.9
49.9
77.3
22.0
27.3
27.8
49.7
78.2
120.5
126.5
132.4
120.5
122.1
125.1
28.2
38.1
29.8
41.1
29.7
45.0
28.2
38.1
27.1
40.9
26.8
45.7
4.8
4.6
4.1
4.8
4.6
3.9
528.8
192.8
566.2
207.6
606.4
222.8
528.8
192.8
555.8
205.1
585.3
215.5
22.1
10.9
82.2
10.3
43.0
4.9
23.0
11.3
88.4
10.3
48.6
5.2
24.3
11.7
95.1
10.6
51.1
5.7
22.1
10.9
82.2
10.3
43.0
4.9
24.0
10.9
88.3
10.4
45.2
5.7
26.2
11.1
89.6
10.9
49.9
6.0
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 product.
2. Equals GDP in chained (1992) dollars less the statistical discrepancy and the sum of GPO of the detailed
industries.
1994
1992
1993
1994
31.5
35.9
39.7
175.0
185.2
195.3
19.6 20.8
161.0 170.1
129.5 136.3
31.5 33.7
175.0 180.6
Wholesale trade
406.5
423.1
461.9
406.5
418.6
450.0
Retail trade
544.3
571.1
609.9
544.3
563.2
595.4
19.6
20.8
24.3
161.0
129.5
173.4
137.4
188.3
148.6
21.9
182.1
143.7
38.1
188.0
4.5
8.2
98.6
52.8
56.5
54.2
20.1
Transportation services
Communications
Telephone and telegraph
Radio and television
Electric, gas, and sanitary services
1993
Billions of chained
(1992) dollars
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
1,148.8 1,214.0 1,273.7 1,148.8 1,159.8 1,192.8
200.1 202.0 212.1 200.1
196.9 197.2
28.3
35.3
31.0
28.3
32.0
34.0
74.4
49.5
62.9
69.5
49.5
65.1
104.1
83.4
99.6
83.4
76.3
74.0
39.5
42.0
45.3
39.5
40.2
41.9
735.8 762.4 802.3 735.8 740.4 758.4
553.5 568.7 605.2 553.5 552.9 571.9
182.3 193.7 197.1 182.3
187.6 186.4
9.8
9.3
12.3
12.9
12.3
12.8
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
1,200.8 1,266.1 1,342.7 1,200.8 1,222.1 1,249.6
56.1
54.6
51.0
52.6
51.0
52.5
41.0
44.5
46.5
41.0
42.8
43.1
234.3 247.0
218.9 233.4 253.5 218.9
57.4
54.0
51.6
51.1
51.1
51.0
19.2
19.4
17.2
16.9
17.5
17.5
22.1
24.8
23.6
20.0
20.0
21.9
48.4
48.7
52.2
47.9
47.9
47.0
369.1 384.8 408.3 369.1
363.1 368.3
94.4
86.7
90.1
92.3
90.1
87.9
51.4
48.5
46.3
46.8
47.6
46.3
43.4
41.2
40.1
36.9
39.3
36.9
42.1
44.5
38.9
40.8
42.8
38.9
171.2 180.0 162.2
170.6
167.5
162.2
10.7
10.8
10.2
10.1
10.1
10.3
Statistical discrepancy J
Government
.
43.7
55.1
31.3
43.7
53.7
29.8
873.6
900.2
931.3
873.6
875.1
875.8
Federal
General government
Government enterprises
321.4
274.4
322.5
276.6
327.1
275.7
321.4
274.4
314.7
267.3
305.0
256.8
47.0
45.9
51.4
47.0
47.5
48.4
State and local
General government
Government enterprises
552.2
506.6
577.7
529.9
604.3
551.4
552.2
506.6
560.3
515.6
570.8
525.8
45.6
47.8
52.9
45.6
44.7
45.1
Not allocated by industry2
0
7.0 -14.5
NOTE.-Estimates in this table are based on the 1987 Standard Industrial Classification. The table is derived from
tables 10 and 14 in "Improved Estimates of Gross Product by Industry, 1959-94" in the August 1996 SURVEY OF
CURRENT BUSINESS.
July 1997
National Data • D-29
SURVEY OF CURRENT BUSINESS
Table B.4.—Personal Consumption Expenditures by Type of Expenditure
Billions of dollars
1993
1994
Billions of dollars
Billions of chained
(1992) dollars
1995
1993
1994
1993
1995
4,454.1 47000 4.824.0 4,3395 4.473.2 4x778
Food and tobacco
Food purchased for off-premise consumption (n.d.)
Purchased meals and beverages1 (n.d.)
Food furnished to employees (including military) (n.d.)
Food produced and consumed on farms (n.d.)
Tobacco products (n d )
Addenda: Food excluding alcoholic beverages (n.d.)
Alcoholic beverages purchased for offpremise consumption (n.d.)
Other alcoholic beverages (n.d.)
.....
Clothing, accessories, and jewelry
Shoes (n.d.)
Clothing and accessories except shoes2
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.)
Other* (s.)
B
0
Toilet articles and preparations (n.d.)
Barbershops, beauty parlors, and health clubs (s.)
Housing
Owner-occupied nonfarm dwellings-space rent4 (s.)
Tenant-occupied nonfarm dwellings-rent5 (s.)
Rental value of farm dwellings (s.)
Other « (s.)
Household operation
Furniture, including mattresses and bedsprings (d.)
Kitchen and other household appliances* (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 writinc supplies (n.d.)
Household utilities ..!......„:.
Electricity (s )
Qas (s.)
„.
Water and other sanitary services (s.)
Fuel oil and coal (n.d.)
Telephone and telegraph (s.)
Domestic service (s.)
Other 10 (s.)
Medical care
Drug preparations and sundries " (n.d.)'
Ophthalmic products and orthopedic appliances (d.)
Physicians (s.)
...»
Dentists (s.)
Other professional services 12 is.)
Hospitals and nursing homes ..
Hospitals
.!.
Nonprofit (s.)
Proprietary (s.)
Government (s.)
Nursing homes (s.)
Health insurance
Medical care15 hospitalization 14 (s.)
and
Income loss (s.)
Workers' compensation 16 (s.)
732.7
434.9
242.9
7.5
.5
763.3
449.1
258.4
7.7
.5
794.4
466.8
271.9
8.1
.4
47.0
47.7
47.2
607.7
634.3
662.4
719.4
428.2
238.2
7.3
.5
452
597.1
738.7
4322
249.0
7.4
.5
748.1
437.9
256.1
7.6
.5
47.6
46.0
609.5
53.5
27.8
56.0
28.8
51.5
25.6
53.4
26.3
55.6
26.5
296.6
310.5
306.4
318.4
35.5
34.1
35.3
36.0
201.2
131.5
212.3
136.7
3202
362
218.1
140.3
292.7
34.4
211.9
136.3
221.1
143.3
69.7
75.6
77.8
199.1
130.0
692
0
75.6
77.8
0
0
11.3
35.6
14.0
11.6
36.7
14.3
11.9
38.8
15.1
11.0
34.7
13.6
11.0
34.8
13.6
362
AC 1
Kt 7
7rt A
At 0
644
AK A
43.1
22.0
45.1
22.6
46.7
23.4
42.0
21.4
42.8
21.4
44.0
21.6
673.2
481.1
162.3
5.5
706.6
502.6
172.5
5.7
743.7
5285
161.6
5.8
655.0
4682
158.3
5.1
668.2
475.4
163.7
4.9
681.7
483.7
168.3
4.8
0
.1
11.1
14.1
24.3
25.9
27.8
23.5
24.3
25.0
503.5
528.1
554.3
494.0
507.9
525.6
42.6
23.9
22.0
45.4
25.9
23.5
52.1
26.9
47.7
27.3
24.7
53.8
28.8
41.6
23.8
220
42.7
25.3
23.0
47.8
24.6
25.4
43.9
26.7
24.4
52.6
26.8
50.6
14.7
522
482
24.9
48.5
14.2
1602
83.0
32.9
33.7
10.6
74.1
11.5
33.3
162.2
84.1
31.6
36.5
10.1
79.8
11.7
35.3
15.5
1662
87.1
30.9
382
10.0
85.6
12.2
402
512
48.3
14.0
50.1
14.1
49.9
14.1
155.0
154.8
157.3
81.4
31.0
31.9
10.7
73.4
11.1
32.4
82.4
83.5
30.2
33.3
10.3
292
32.9
10.3
76.8
11.0
33.7
822
112
36.6
787.1
833.7
883.1
745.6
757.9
77.9
11.8
81.7
12.9
85.7
75.2
11.5
76.8
12.3
172.9
179.8
163.8
163.1
165.8
40.9
87.5
43.8
94.8
39.7
88.4
40.3
94.3
344.4
289.1
196.5
363.8
306.0
205.9
102.9
383.6
323.0
216.6
38.8
84.8
337.6
284.1
192.8
343.3
2892
195.5
31.0
61.6
55.3
51.7
41.9
32.5
67.6
57.8
57.0
44.5
34.4
72.0
60.5
61.3
47.1
329.7
276.6
189.3
292
29.7
61.6
53.5
40.8
37.4
30.3
63.4
54.0
41.4
2.7
7.1
32
9.3
132
189.8
46.6
3.4
10.7
58.1
53.1
41.9
37.1
2.4
2.9
2.4
2.3
775.6
792
12.3
382
2.5
2.2
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, dubs, and industrial lunchrooms. Includes meals and beverages consumed both on- and off-premise.
2. Includes luggage.
3. Consists of watch, clock, and jewelry repairs, costume and dress suit rental, and miscellaneous personal services.
4. Consists of rent for space and for heating and plumbing facilities, water heaters, lighting fixtures, kitchen cabinets, linoleum, storm windows and doors, window screens, and screen doors, but excludes rent for appliances and
furniture and purchases of fuel and electricity.
5. Consists of space rent (see footnote 4) and rent for appliances, furnishings, and furniture.
6. Consists of transient hotels, motels, clubs, schools, and other group housing.
7. Consists of refrigerators and freezers, cooking ranges, dishwashers, laundry equipment, stoves, room air conditioners, sewing machines, vacuum cleaners, and other appliances.
8. Includes such house furnishings as floor coverings, comforters, quilts, blankets, pillows, picture frames, mirrors,
art products, portable lamps, and clocks. Also includes writing equipment and hand, power, and garden tools.
9. Consists largely of textile house furnishings, including piece goods allocated to house furnishing use. Also
includes lamp shades, brooms, and brushes.
10. Consists of maintenance services for appliances and house furnishings, moving and warehouse expenses,
postage and express charges, premiums for fire and theft insurance on personal property less benefits and dividends, and 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 Blue Cross and Blue Shield plans and of other independent prepaid 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.
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.
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.)
620.1
51.7
26.3
.1
Billions of chained
(1992) dollars
Funeral and burial expenses (s.)
Other 18 (s)
* '
User-operated transportation
New autos (d.)
Net purchases of used autos (d.)
Other motor vehicles (d.)
Tires, tubes, accessories, and other parts (d.)
Repair, greasing, washing, parking, storage, rental, and
leasing (s.)
Gasoline and oil (n.d.)
Bridge, tunnel, ferry, and road tolls (s.)
Insurance l9 (s.) ..:.
Purchased local transportation
Mass transit systems (s.) . . .
Taxicabis.)
Purchased intercity transportation
Railway (s )
Bus (s )
Airline (s )
Other » (s.)
Recreation
Books and maps (d.)
Magazines, newspapers, and sheet music (n.d.)
Nondurable toys ana 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 sports21 (s.)
Clubs and fraternal organizations22 (s.)
Commercial participant amusements2^ (s.)
Pari-mutuel net receipts (s.)
Other w f* s* ) ,
:
Education and research
25
Higher education (s.)
Nursery, elementary, and secondary schools26 (s.)
Other ** (s.)
Religious and welfare activities28 (s.)
Foreign travel and other, net
Foreign travel by U.S. residents (s.)
Expenditures abroad by U.S. residents (n.d.)
Less: Expenditures in the United States by nonresidents
(s)
Less: Pereonai' remitonc^
Residual
1994
1995
1993
1994
1995
3540
361 9
3734
3476
3476
35.6
36.1
37.0
37.0
37.4
3512
40.7
30.5
31.0
32.8
28.8
27.0
26.9
143.9
682
1452
66.4
45.1
10.1
16.7
145.5
510.0
4722
862
511.2
4722
146.0
148.9
143.7
47.9
10.8
17.1
71.0
48.6
11.1
18.1
74.0
50.3
11.7
18.7
65.5
45.9
10.3
16.6
503.8
465.4
536.6
498.0
554.8
490.3
454.0
86.5
40.8
31.6
91.3
46.1
73.5
34.4
102.0
108.1
2.5
113.0
109.9
2.5
26.8
27.3
672
8.3
5.5
2.8
30.1
.8
.9
25.5
8.6
5.6
2.9
30.0
.7
.8
25.3
5142
84.6
52.7
73.8
36.6
84.4
372
64.9
32.1
67.3
45.2
10.0
16.4
38.9
68.3
35.0
78.3
39.3
66.5
37.0
1212
98.3
114.6
2.6
109.1
2.4
105.3
110.4
2.3
109.9
113.3
2.3
28.0
25.6
25.8
25.7
8.8
5.8
3.0
31.8
.7
.9
26.9
8.1
5.4
2.7
28.3
.8
.9
24.0
82
5.4
2.8
29.6
.7
.8
25.3
82
5.3
2.9
30.9
.7
.9
26.4
2.9
3.1
3.3
2.6
2.8
2.9
339.0
374.8
401.7
337.2
3699
395.5
19.0
22.6
36.5
20.1
24.0
40.1
20.9
25.6
42.7
18.4
21.8
36.2
19.1
22.5
39.3
19.4
23.0
41.8
32.6
39.1
43.8
32.5
382
42.1
80.0
88.3
73.4
89.0
106.0
4.6
68.8
4.6
12.8
182
5.2
7.9
5.1
11.2
31.4
3.3
4.7
14.0
19.5
5.1
14.2
19.9
4.4
12.9
17.9
4.4
14.0
18.3
5.5
5.6
5.1
52
8.7
5.3
9.0
5.3
7.8
5.0
82
4.9
12.1
34.9
12.9
37.0
3.3
11.0
30.4
3.1
11.5
32.9
13.5
17.9
5.1
8.1
4.8
11.7
33.9
3.3
832
88.2
75.5
79.3
99.3
55.9
20.2
23.2
105.4
110.7
59.7
24.5
63.5
20.7
26.6
95.1
52.7
19.7
22.7
97.0
53.6
20.0
23.4
242
121.3
131.2
137.4
118.7
125.3
126.4
-21.4
-18.9
-19.0
-19.2
-16.5
-16.2
46.0
49.6
52.8
46.3
48.7
50.3
78.1
212
3.0
3.0
82.1
97.3
542
18.9
2.8
2.7
2.7
2.7
2.6
2.3
687
1.4
699
1.4
731
1.4
669
1.4
665
1.3
675
1.3
-1.4
-5.9
-10.0
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.
NOTES.—Consumer durable goods are designated durable goods (d.), nondurable goods (n.d.), and services (s.).
Estimates of foreign travel by U.S. residents (line 108) expenditures were $0.3 billion in 1981. Beginning with
1984, estimates of foreign travel by U.S. residents include substantially improved estimates of U.S. residents' foreign
travel and passenger fare expenditures. Estimates of expenditures in the United States by nonresidents (line 110)
include, beginning with 1981, 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. Beginning with 1984, estimates
of expenditures in the United States by nonresidents include substantially improved estimates of nonresidents' travel
expenditures. Expenditures in the United States by nonresidents are subtracted from total personal consumption expenditures (line 110) because they are included in detailed type of expenditure estimates elsewhere in personal
consumption expenditures.
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
SURVEY OF CURRENT BUSINESS
Table B.6.—Private Purchases of Producers' Durable Equipment by Type
Table B.5.—Private Purchases of Structures by Type
1993
1993
Private purchases of structures .........
New
Nonresidential buildings, excluding farm
Industrial
Commercial
Office buildings *
..........
Other2
!
Religious
Educational
Hospital and institutional
Other 3
Utilities
Railroads
Telecommunications
Electric light and power
Gas
Petroleum pipelines
Farm
Mining exploration, shafts, and wells
Petroleum and natural gas
Other
Other 4
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
Other 5
Brokers' commissions on sale of
structures
Net purchases of used structures
Residual
1994
1995
1993
1994
1995
417.1
460.9
482.2
402.6
431.0
436.9
171.8
180.2
199.7
166.3
168.8
181.1
172.0
180.2
199.4
166.5
168.8
180.9
113.3
122.9
138.8
109.6
114.7
125.1
27.4
52.6
21.1
31.5
29.6
59.7
23.4
36.4
34.2
67.9
26.5
41.4
26.5
50.8
20.4
30.4
27.6
55.7
21.8
33.9
30.8
61.2
23.9
37.3
3.6
4.9
13.9
10.8
32.0
3.1
9.6
12.8
3.7
5.4
13.1
11.5
33.7
3.9
10.7
12.3
3.9
6.4
12.4
14.0
38.5
3.8
10.9
15.1
3.5
4.8
13.5
10.5
31.1
2.9
9.5
12.4
3.4
5.1
12.2
10.7
31.7
3.5
10.4
11.4
3.5
5.8
11.1
12.6
35.1
3.4
10.5
13.6
5.6
1.0
5.8
1.0
7.6
1.2
5.4
1.0
5.4
.9
65
1.1
3.3
3.2
3.2
3.2
3.0
2.9
15.6
14.1
1.5
7.8
13.5
11.7
1.7
6.9
12.0
10.1
1.9
6.9
14.8
13.3
1.5
7.7
12.6
11.0
1.6
6.8
11.2
9.4
1.7
6.6
1.4
1.6
1.3
1.4
1.5
-1.6
-1.5
-1.4
-1.5
-1.4
-1.3
245.3
280.7
282.5
236.3
262.1
255.8
217.9
248.5
249.0
209.1
230.6
224.0
151.1
144.1
133.3
177.3
167.9
153.8
175.0
163.1
144.5
144.1
137.5
127.1
162.3
154.0
140.5
155.1
145.1
127.7
14.1
18.6
11.9
73.9
13.5
64.5
17.6
10.0
68.8
10.8
7.0
66.4
.5
9.3
71.0
.3
.1
10.4
6.7
.4
8.3
68.0
.3
.1
Nonresidential equipment
Information processing and related equipment
Office, computing, and accounting machinery
Computers and peripheral equipment *
Other
Communication equipment
Instruments
Photocopy and related equipment
1995
1993
433.4 494.0
546.1
434.0 490.9 541.4
487.0
538.8
427.6 484.1
534.5
141.8
160.4
183.2
147.1
170.4
56.5
48.7
63.3
54.5
73.9
63.6
10.3
66.1
25.6
17.6
63.7
56.2
77.6
69.3
201.1
100.5
46.4
21.5
15.8
96.3
7.8
8.8
29.2
-1.8
33.5
-1.3
34.6
-1.1
28.9
-1.7
0
32.7
-1.2
.2
32.8
-1.0
-.1
7.7
1994
8.6
54.5
22.4
17.1
1995
91.5
9.9
63.4
24.2
16.7
47.1
22.0
16.1
56.1
23.3
17.7
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
97.6
109.7
9.8
5.1
124.5
20.4
25.2
23.9
29.1
28.5
34.8
20.0
24.7
22.9
27.9
26.3
32.3
21.1
22.6
25.4
20.7
21.7
23.6
17.2
19.2
21.1
17.1
18.8
20.0
Transportation and related equipment
Trucks, buses, and truck trailers
Autos
Aircraft
Ships and boats
Railroad eauioment
99.2
42.5
37.7
12.9
117.1
124.9
111.7
118.1
55.4
47.0
62.7
42.2
12.5
97.5
40.7
38.2
12.6
50.9
46.6
56.1
43.2
11.4
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
.
.
92.2
23.6
W^WIfSIIIWIft
0....
...
...
...
...
...
..
..
,
Less; Sale of equipment scrap, excluding autos
Residential equipment
9.2
4.4
2.1
4.0
8.9
8.3
10.2
1.6
11.9
11.4
16.3
7.9
1.6
5.3
10.0
4.7
1.1
6.4
104.6
112.5
26.2
10.8
10.0
11.9
28.6
11.4
10.4
14.0
2.1
14.4
10.6
18.6
2.6
15.4
10.8
19.2
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
9.2
4.4
2.0
3.9
90.6
23.3
8.8
8.0
9.9
1.6
11.7
11.2
16.0
105.9 116.2
9.6
9.5
5.0
4.4
7.5
1.5
5.1
105.4
25.0
10.3
26.6
10.8
9.5
11.3
2.1
13.9
10.4
17.9
4.9
6.2
3.9
4.3
6.4
7.0
7.2
6.4
6.8
-.1
433.4
494.0
546.1
5.0
4.9
1.0
5.8
100.5
3.9
Residual
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, fraternity and sorority houses, and nurses' homes.
NoiE.-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.
1994
427.0
Private purchases of producers' durable
equipment
I I II
MIW W
M
1.3
Billions of chained
(1992) dollars
Billions of dollars
Billions of chained
(1992) dollars
Billions of dollars
Nonresidential
July 1997
-1.4
9.6
12.9
2.4
14.5
10.4
18.0
4.7
7.0
-5.4
5.5
.9
29.8
1.2
33.4
t>t>ii
1.3
36.5
1.0
1.7
1.4
3.9
462.3
5.5
528.5
6.3
583.4
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 • D-31
SURVEY OF CURRENT BUSINESS
July 1997
Table B.7.—Compensation and Wage and Salary Accruals by Industry
[Millions of dollars]
Compensation
1993
Total
Domestic Industries
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 .....
1994
1993
1994
4,222,834
3,257,424 3,433,347
3,036,391 3,214,105 3,402,568 2,511,110 2,654,881 2,811,616
32,857
14,249
34,939
14,503
18,608
20,436
28,080
12,052
29,999
12,326
31,080
12,290
16,028
36,226
17,673
18,790
32,355
2,786
6,134
19,258
4,177
33,128
2,840
6,443
19,421
4,424
33,166
26,115
2,168
4,802
15,725
3,420
Construction
165,738
183,150
196,015
134,173
Manufacturing
26,364
2,173
5,015
15,587
3,589
26,482
2,395
4,828
15,446
3,813
157,579
749,301
788,590
817,973
596,001
625,358
650,015
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
455,411
21,204
14,121
19,989
32,311
52,275
90,139
484,020
22,996
14,924
21,365
34,569
56,382
95,829
506,295
358,366
16,915
11,319
15,880
25,085
41,031
71,972
379,414
18,464
11,986
17,052
26,884
44,528
76,729
398,260
19,370
12,462
17,703
27,884
46,861
81,918
68,219
50,889
49,391
44,634
72,313
60,040
47,835
44,868
54,672
36,780
38,583
36,186
58,037
42,246
36,871
368131
62,253
46,287
36,187
36,540
12,239
12,899
9,943
10,486
10,795
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
293,890
57,754
2,690
18,521
20,902
31,117
55,711
62,227
10,407
304,570
59,635
2,703
19,109
21,391
32,236
58,493
63,726
10,434
237,635
46,315
1,998
15,313
17,063
25,372
45,911
49,878
7,802
245,944
47,767
1,990
15,782
17,435
26,250
48,187
50,872
7,729
251,755
49,117
2,145
15,822
17,189
26,866
49,892
51,813
7,777
31,608
2,953
33,883
2,960
25,561
2,422
27,515
2,417
28,774
2,360
Transportation and public utilities
251,753
264,420
273,675
201,237
211,382
220,373
Transportation
Railroad transportation
Local and interurban passenger
transit
Trucking and warehousing
Water transportation
Transportation by air
Pipelines, except natural gas
Transportation services
136,330
15,639
144,069
15,394
151,343
106,903
11,207
113,239
10,914
118,732
11,149
8,254
58,616
7,375
33,215
1,135
12,096
8,883
63,640
7,667
34,129
1,112
13,244
6,750
45,551
5,994
26,504
948
9,949
7,266
49,811
6,222
27,162
921
10,943
7,683
52,608
6,313
28,171
853
11,955
311,678
1. Consists of museums, botanical, zoological gardens; engineering and management services; and services, not
elsewhere classified.
2. Includes Coast Guard.
Wage and salary accruals
1993
1995
3,809,500 4,009,754 4,222,722 3,095,293 3,257,335 3,433,238
3,809,547
Compensation
Wage and salary accruals
1995
Communications
Telephone and telegraph
Radio and television
Electric, gas, and sanitary services ....
1994
1995
1993
1994
1995
63,042
48,891
14,151
66,742
51,349
15,393
70,501
52,162
40,312
11,850
55,122
42,198
12,924
58,157
43,897
14,260
52,381
53,609
51,831
42,172
43,021
43,484
Wholesale trade
244,590
259,948
277,911
204,706
218,000
233,379
Retail trade
344,010
386,645
293,686
312,281
330,457
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
299,210
74,818
21,330
52,566
67,311
313,330
77,472
21,807
55,476
70,646
322,115
250,262
60,945
17,890
45,717
55,616
262,233
62,958
18,255
48,496
58,308
269,571
64,714
18,128
50,363
59,925
27,850
39,097
16,238
29,685
41,582
16,662
23,477
32,453
14,164
25,084
34,636
14,496
26,196
35,280
14,965
Services
Hotels and o\'he7Iodging 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
916,577
32,852
21,900
152,514
24,335
10,740
13,205
29,138
308,229
56,079
46,030
971,928 1,058,843
34,521
22,599
167,968
26,083
10,312
14,293
31,348
324,532
57,627
49,282
776,850
27,641
18,839
129,249
20,600
9,158
11,203
24,383
258,903
47,447
38,920
821,818
28,990
19,365
142,444
22,054
8,706
12,123
26,216
271,747
48,431
41,597
892,680
30,655
20,328
164,396
23,820
9,645
13,927
28,915
289,411
49,757
44,074
79,712
39,134
40,578
131,174
10,669
85,614
42,671
42,943
136,906
10,843
i'l',122
68,155
32,451
35,704
111,920
10,432
73,244
35,473
37,771
116,303
10,598
78,568
38,767
39,801
127,823
11,361
773,156
795,738
820,266
584,230
602,543
621,731
Federal .
General government
Civilian
Military2
Government enterprises
258,564
210,906
122,047
88,859
47,658
258,451
207,612
123,278
84,334
50,839
173,921
141,550
83,598
57,952
32,371
173,922
139,169
84,265
54,904
34,753
174,378
137,890
85,146
52,744
36,488
State and local
General government
Education
Other
Government enterprises
514,592
480,939
251,864
229,075
33,653
537,287
500,018
262,711
237,307
37,269
410,309
383,023
198,791
184,232
27,286
428,621
398,246
207,426
190,820
30,375
447,353
415,498
216,465
199,033
31,855
Other services *
Private households
Government
Rest of the world
Receipts from the rest of the world
Less: Payments to the rest of the world
Addenda:
Households and institutions
-47
-69
1,212
1,259
1,251
1,340
1
"WHS
520,174
-109
1,255
1,364
-47
-89
1,212
1,259
1,251
1,340
-109
1,255
1,364
310,303
322,965
294,861
2808592 2,977,407 3,172,608
NOTES.-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
in table 8.15 of the January/February 1996 SURVEY OF CURRENT BUSINESS.
D-32
o National Data
July 1997
SURVEY OF CURRENT BUSINESS
Table B.8.—Employment by Industry
[Thousands]
Full-time and part-time
employees
1993
Total
Domestic Industries
1994
1995
Persons engaged in
production1
1993
1994
AgricultufaTserv^
Mining
Metal mining
Coal mining
Oil and gas extraction
Nonmetallic minerals, except fuels
122,092
115,722
110,241
122,204
115,826
119,536
100,282
97,483
101,112
1,886
857
1,029
1,943
842
1,101
2,985
1|271
3,309
1,978
1,331
612
50
113
345
104
605
49
113
338
105
616
50
111
350
105
610
49
111
346
104
4,854
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
Textile mii 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
Transportation and public utilities
Transportation
Railroad transportation
Local and interurban passenger transit
Trucking and warehousing
Water transportation
Transportation by air
Pipelines, except natural gas
5,198
6,126
6,504
18,173
18,429
18,106
18,441
10,284
731
490
521
681
1,343
1,938
1,530
838
920
897
395
10,503
775
505
535
698
1,394
1,998
1,576
899 "I""!"!
852
866
405
10,336
10,576
498
522
675
1,334
1,935
1,515
834
920
887
428
515
542
694
1,388
1,994
1,567
894
850
859
441
680
996
693
1,539
1,077
150
7,926
1,684
42
681
982
694
1,565
1,060
148
7,770
1,635
44
671
980
686
1,519
1,064
149
7,865
1,655
42
676
997
687
1,550
1,043
146
911
120
954
116
902
120
951
118
5,870
6,053
5,833
6,163
3,657
238
386
1,731
174
734
19
3,838
235
408
.......
1,845 .......
179
749
17
3,719
223
414
1,833
169
685
19
3,974
225 — "°
445
2,000
177
712
18
7,889
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, zoological gardens; engineering and management services; and services, not
elsewhere classified
1993
1995
119,424
97,390
Agriculture, forestry, and fishing
119,137
Full-time and part-time
employees
Transportation services
Communications
Telephone and telegraph
Radio and television
Electric, gas, and sanitary services
Wholesale trade
Retell 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 services2
Private households
1994
1995
Persons engaged in
production 1
1993
1994
375
405
376
1,268
891
377
1,286
909
377
1,173
824
349
1,262
892
370
General Government
Civilian3
Military
Government enterprises
State and local
General Government
Education
Other
Government enterprises
Rest of the world
.
!!!
..
.. ..
945
929
941
927
6,056
6,236
6,140
6,320
20,429
21,158
18,242
18,880
6,877
2,077
461
496
1,513
702
1,374
254
7,026
2,067
488
544
1,522
725
1,425
255
7,118
1,972
458
553
1,454
845
1,593
243
7,255
1,975
486
593
1,470
853
1,633
245
32,633
1,679
1,272
5,890
1,036
375
422
1,322
9,074
1,058
1,948
33,634
1,708
1,277
6,354
1,075
350
460
1,423
9,319
1,059
1,985
32,317
1,499
1,731
6,004
1,325
583
468
1,163
8,449
1,163
1,799
33,630
1,548
1,717
6,526
1,315
565
510
1,262
8,762
1,203
1,826
4,288
2205
2,083
2,846
1,423
4,459
2,328
2,131
2,881
1,284
4,060
2,327
1,733
3,223
850
4,353
2,531
1,822
3,222
821
21,851
ftadfiral
1995
397
21,922
18,343
18,424
5,936
4,987
2,187
2,800
949
5,737
4,766
2,117
2,649
971
4,863
4,063
2,159
1,904
800
4,693
3,903
2,089
1,814
790
15,915
15,041
8,058
6,963
874
16,185
15,299
8,215
7,084
886
13,480
12,630
6,510
6,120
850
13,731
12,869
6,637
6,232
862
-104
-112
-104
-112
I!!!!!!!!!!
::::!:!!
3. Includes Coast Guard.
NoTE.-Estimates in this table are based on the 1987 Standard Industrial Classification (SIC).
!!!::!!!!;!!!!
!!!I
!!I!
July 1997
SURVEY OF CURRENT BUSINESS
National Data • D-33
Table 8,9,—Wage and Salary Accruals Per Full-Time Equivalent Employee and Full-Time Equivalent Employees by Industry
Thousands of dollars
Thousands
Thousands of dollars
Thousands
Wages and salaries
per full-time equivalent
Full-time equivalent
employees
Wages and salaries
per full-time equivalent
Full-time equivalent
employees
1993
Total1
Domestic Industries
Private Industries
Agriculture, forestry, and fishing
Agricultural services, forestry, and fishing ......
Mining
Metal mining
Coal mining
Oil and gas extraction
.
Nonmetallie minerals, except fuels
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
Transportation and public utilities
Transportation
Railroad transportation
Local and interurban passenger transit
Trucking and warehousing
Water transportation
Transportation by air
Pipelines, except natural gas
1994
29,380
29,952
105,355
108,752
29,351
29922
105,459
108,864
28,825
29,355
87,116
90,440
17,365
16420
18,152
18,404
17,459
19,127
1,617
734
1,630
706
883
924
43598
43360
43,655
46,524
33,861
44,161
44347
45,180
46,668
34,845
599
50
110
338
597
49
111
334
101
103
29,417
29,560
4,561
4,988
33,747
34,715
17,661
18,014
35,573
23,891
23,930
31,137
37,273
31,202
37,820
36,327
44,367
42,446
41,214
26,801
36,719
24,391
24,312
32,295
38,794 I Z
I !
32,526
39,108
37,251
47,414
43,686
42,407
27,166
10,074
708
473
510
673
1,315
1,903
1,505
829
10,333
757
493
528
693 ZIZ
1,369
1,962
I"
1,558 II
891
909
878
371
844
852 ..............
386
31,321
28,767
45,409
23,062
17,923
37,094
32,515
47,055
52,362
32,020
29,233
47,381
23,555
18,161
38,265
33,278
48,868
52,938
28,528
20,879
1995
~:i
ii>iti
1993
1994
7,587
1,610
44
664
952
684
1,412
1,060
149
7,681
1,634
42
670
960
686
1,448
1,041
146
29,240
21,389
896
116
36,565
5,461
5,781
31,675
50,256
19,286
28,398
37,230
39,149
49,895
31,325
48,507
19,273
28,545
36,817
38,473
54,176
3,375
223
350
1,604
161
677
3,615
225
377
1,745
169
706
19
Insurance agents, brokers, and service
113
36,850
Transportation services
Communications
Telephone and telegraph
Radio and television
Electric, gas, and sanitary services
Wholesale trade
Retail trade
Finance Insurance and real estate
Depository institutions
Nondepository institutions
Security and commodity brokers
941
17
ziii
ZZII
..............
.......
.......
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
• ••
'
j weekly hours per employee
each industry is the product of the• total' number of employees and the ratio of' average \
for all employees to average weekly hours per employee on full-time schedules.
1993
1995
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 services2
Private households
Government
Federal
General government
Civilian 3
Military
Government enterprises
State and local
General government
Education
Other
uovernmeni enterprises
Rest of the world
1994
29,176
45123
29,104
341
49,584
34,548
44027
47,628
35,311
1 156
813
343
45,346
47,069
930
914
35,367
36,504
5,788
5,972
1995
1994
1993
1995
376
1252
886
366
17,598
18,044
16,689
17,307
38,776
30,921
40,659
96,449
38,277
35,410
26,821
58,288
39,547
31,910
38,923
92,727
39,665
36,406
27,445
59,167
6,454
1,971
6,631
1,973
27,464
19,222
17,205
24,208
21,436
26,935
34,471
23,178
32,202
50,529
23,112
27,839
19,522
17,321
24,576
22,481
27,037
32,765
22,896
32,436
50,344
24,283
18,770
17,097
20,602
43,179
12,273
19,209
17,817
20,731
44,458
12,909
31,850
440
474
ZZI
f>s...
469
523
1,453
663
1,210
243
1,470
689
1,262
245
28,286
1,438
1,095
5,339
961
340
325
1,052
8,040
29,520
1,485
1,118
5,796
981
322
370
1,145
8,378
939
962
1,684
1,713
3,631
1,898
1,733
2,592
850
3,813
1,991
1,822
2,616
821
32,704
18,343
18,424
35,764
34,839
38,721
30,437
40,464
37,060
35,657
40,337
30,267
43,991
4!063
2,159
1,904
4,693
3,903
2,089
1,814
800
790
30,438
30,326
30,536
30,103
32,101
31,216
30,946
31,253
30,619
35,238
13,480
12,630
6,510
6,120
850
13,731
12,869
6,637
6,232
862
-104
-112
I
*""
it<
1
*
2. Consists of museums, botanical, zoological gardens; engineering and management services; and services, not
elsewhere classified.
-• - - 3. Includes Coast - Guard.
NOTE.-Estimates in this table are based on the 1987 Standard Industrial Classification (SIC).
D-34
• National Data
SURVEY OF CURRENT BUSINESS
Table B.11.—Housing Sector Output, Gross Product, and National
Income
Table B.10.—Farm Sector Output, Gross Product, and National Income
Billions of dollars
1993
Farm outout
Cash receipts from farm marketings
Crops
Livestock
Farm housing
Farm products consumed on farms
Other farm income
Change in farm inventories
Crops
Livestock
1994
186.0
Billions of chained
(1992) dollars
201.6
1995
1993
1994
181.9
Billions of dollars
900
5.5
.5
4.8
179.2
91.1
88.1
177.6
90.5
87.1
5.7
.5
4.7 ...o .
„
1993
5.1
.5
4.8
Housing output
176.7
87.1
89.7
4.9
.5
4.3
Nonfarm housing
Owner-occupied
Tenant-occupied
Farm housing
12.3 ' '^5.2
-6.2
-7.3
11.5
10.1
1.1
1.4
1.0
113.9
119.3
111.2
114.3
100.9
12.9
105.5
13.8
98.6
12.6
100.6
13.7
Equals', Gross farm product
72.1
82.3
78.6
70.7
83.7
Less: Consumption of fixed capital
23.4
23.9
Equals: Net farm product
48.7
58.4
4.6
5.0
11.3
6.6
Lessr. Intermediate goods and services
purchased
Intermediate goods and services,
other than rent
Rent paid to nonoperator landlords
Less: Indirect business tax nontax liability
Plus: Subsidies to operators
Equate 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
-7.3
-7.7
9.5
1.5 ............
1
75.3
36.4
34.3
1.7
8.3
2.1
9.1
1995
1993
1994
1995
649.0
680.7
716.0
631.5
644.0
656.8
643.4
675.0
502.6
710.1
528.5
172.5
5.7
181.6
5.8
626.4
468.2
158.3
5.1
639.1
475.4
163.7
4.9
652.1
483.7
168.3
4.8
86.8
83.1
86.7
84.8
78.8
79.3
562.1
597.6
629.3
546.8
565.1
577.5
557.6
593.1
4385
142.4
154.6
163.8
542.6
4037
138.9
4.2
561.3
4152
624.6
4608
573.8
4222
151.6
3.8
481.1
162.3
5.5
4.5
4.5
4.7
104.0
112.4
4147
146.6
3.9
106.6
23.7
52.9
60.3
-51.1
-52.1
54.9
Equals: Net housing product
458.1
485.2
Less: Indirect business tax and nontax
liability plus business transfer payments ...
114.0
120.6
Plus: Subsidies less current surplus of
government enterprises
2.2
32.7
31.1
1994
Less: Consumption of fixed capital
Capital consumption allowances ...
Less: CCAdj
60.0
14.6
12.3
2.3
Nonfarm housing
Owner-occupied
Tenant-occupied
Farm housing
Equals', Housing national income
ot
27.9
......
27.9 I.....
,..,..
....„
Compensation of employees
Proprietors' income with IVA and
CCAdj
Rental income of persons with
CCAdj
Corporate profits with IVA and
CCAdj
Net interest
o
„„..„
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
Less: Intermediate goods and services
consumed
Equals . Gross housing product
55.4
14.3
12.0
Billions of chained
(1992) dollars
197.8
1995
1
181.3
91.2
July 1997
18.8
20.6
362.9
522.7
385.2
7.3
7.7
18.3
20.8
74.7
89.4
3.5
259.0
3.9
263.4
1M
tto
1. Equals personal consumption expenditures for housing less expenditures for other housing as shown in table
B.4.
CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
July 1997
National Data • D-35
SURVEY OF CURRENT BUSINESS
Table B.12.-Nei Stock of Fixed Private Capital, by Type
Chain-type quantity indexes (1992-100)
Current-cost valuation (billions of dollars)
1990
Fixed private capital
Private producers' durable equipment
Nonresidentiai 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
Industrial equipment
Fabricated metal products
Engines and turbines
Steam engines
Internal combustion engines
Metalworking machinery
,
Special industry machinery, n.e.c
General industrial, including materials handling, equipment
Electrical transmission, distribution, and industrial apparatus ........
Transportation and related equipment
,
Trucks, buses, and truck trailers
Autos
Aircraft
Ships and boats
.
Railroad equipment
Other equipment
Furniture and fixtures
Household furniture
Other furniture
Tractors
...
Farm tractors
Construction tractors
Agricultural machinery, except tractors
,
Construction machinery, except tractors
Mining and oilfield machinery
Service industry machinery
Electrical equipment nee
Household appliances
Hotels and motels
Amusement and recreational buildings
Other nonfarm buildings3
Utilities
Railroad
Telecommunications
Electric liaht and cower
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
6-or-more-unit
Mobile homes
Improvements
Other residential5
M.IWVMIW
1 ^ •>
11
1 I
* M
1
1992
1993
1994
15,685.8
100.00
101.92
104.17
106.72
3,111.5
97.16
98.37
100.00
102.74
106.91
111.87
2,863.3
3,050.5
97.22
98.39
100.00
102.72
106.90
111.89
705.1
141.9
120.2
757.1
155.8
132.3
91.24
81.69
77.72
105.29
94.58
90.90
94.52
94.86
87.31
85.14
99.35
97.21
95.09
97.52
100.00
100.00
100.00
100.00
100.00
100.00
100.00
105.92
119.03
122.46
102.69
102.20
104.97
103.53
113.70
143.14
151.18
107.17
106.43
110.07
108.14
124.00
178.09
192.97
115.56
112.78
116.01
111.31
98.84
101.53
95.46
94.79
102.28
101.27
98.13
101.24
95.33
99.38
100.79
97.84
97.48
101.47
100.38
99.14
100.53
97.65
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
101.29
99.33
101.87
102.19
98.75
100.50
101.84
100.69
102.56
103.46
99.10
104.69
105.18
99.92
102.49
105.00
101.79
105.70
106.52
98.69
106.28
106.74
101.73
106.11
109.88
103.76
109.27
98.54
101.50
93.33
93.97
106.61
102.22
98.93
98.99
97.44
97.17
103.69
101.16
100.00
100.00
100.00
100.00
100.00
100.00
102.96
105.15
104.59
101.99
98.26
99.73
107.89
115.29
115.02
99.51
95.50
101.11
111.82
126.56
114.77
100.56
91.83
103.37
45.0
99.9
100.43
94.78
100.98
94.37
103.66
102.98
106.14
105.72
109.77
120.66
102.49
88.95
99.71
87.72
97.92
100.42
96.81
100.22
96.59
102.77
102.43
103.99
103.85
104.46
110.04
103.27
94.43
99.31
93.87
98.81
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
101.22
103.10
100.76
103.25
100.20
100.90
97.69
98.37
99.07
93.67
99.41
104.83
101.75
105.18
103.30
104.06
106.25
102.41
106.51
103.05
104.99
96.18
99.13
100.23
91.00
104.39
107.12
105.28
107.33
108.29
107.58
110.76
104.35
111.19
106.26
108.66
97.74
99.97
103.39
90.62
110.03
109.03
108.69
109.07
112.68
61.0
14,193.8
14,980.0
2,501.7
2,570.3
2,642.7
2-756,2
2,921.9
2,452.2
2,519.5
2,590.0
2,700.8
585.8
124.0
103.3
603.2
119.0
629.0
120.7
101.0
661.8
129.8
109.1
20.7
305.6
95.2
61.0
19.7
64.0
20.7
21.7
23.5
330.8
109.9
318.9
101.4
343.9
117.4
362.8
124.9
388.5
134.3
67.5
70.7
75.4
945.1
991.2
86.7
51.8
47.1
86.7
53.1
48.3
89.4
56.9
51.9
91.9
58.8
53.5
4.8
167.1
193.4
185.7
213.6
4.7
168.8
199.4
189.0
221.0
4.8
174.4
207.5
194.7
228.7
5.0
182.8
220.0
201.5
240.6
5.2
196.7
237.7
211.0
255.7
104.7
491.2
160.6
102.5
114.4
510.0
169.1
107.6
121.2
542.2
184.6
115.9
127.1
586.1
208.9
131.3
127.5
625.6
234.8
133.1
133.1
45.6
68.8
45.5
68.2
45.1
67.1
45.6
69.1
45.2
73.0
44.6
79.9
516.3
135.9
8.9
127.0
526.8
140.0
9.0
131.0
534.2
146.1
9.1
137.0
551.7
153.7
9.4
144.3
581.0
163.4
9.8
153.6
616.2
176.3
52.1
40.3
11.8
64.5
69.0
17.9
59.3
38.9
54.1
42.3
11.8
65.4
66.7
16.7
61.0
41.5
54.1
42.4
11.7
64.9
66.0
15.3
60.3
44.6
55.3
43.5
11.9
65.6
66.7
14.6
61.0
47.2
58.1
46.1
12.0
67.8
69.5
14.5
65.4
48.7
60.8
48.4
12.4
69.9
73.3
15.0
70.9
50.1
877.1
898.3
86.8
48.4
43.8
87.7
50.8
46.0
4.6
164.5
187.6
183.6
206.2
473.0
158.6
95.3
4.5
916.8
4.5
4.6
37.0
81.2
40.1
83.0
4.6
42.5
87.5
4.9
43.9
93.7
78.6
1,051.6
10.3
166.0
5.1
1991
1995
94.13
97.03
100.00
103.36
107.18
111.01
10,205.0
10,384.9
10,841.4
11,437.6
12,058.1
12,574.3
97.05
98.52
100.00
101.73
103.52
105.50
4,107.3
4,177.2
4,302.7
4,504.0
4,704.1
4,902.5
97.44
98.92
100.00
101.10
102.09
103.48
2,517.9
574.7
583.9
638.9
6.1
632.8
117.8
2,593.9
589.7
611.2
653.7
6.4
647.4
119.7
102.6
246.2
270.8
135.6
2,686.1
613.0
625.4
678.7
6.6
672.1
123.5
108.0
259.8
277.6
139.2
2,814.5
642.1
642.6
717.1
7.2
709.9
129.2
114.7
278.1
290.7
145.8
2,971.2
677.1
669.9
762.5
7.9
754.6
135.6
122.8
297.4
305.9
153.1
3,109.7
705.1
702.7
803.4
8.3
795.1
140.1
129.6
310.8
318.1
160.3
96.31
96.18
96.48
96.54
95.32
96.56
97.85
94.20
93.96
97.99
97.00
97.11
100.91
98.44
98.36
98.72
98.46
98.26
98.47
99.10
97.05
96.87
99.67
99.51
98.63
101.07
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
101.51
101.18
100.74
101.97
101.52
101.97
100.99
102.57
103.34
100.98
101.07
102.17
99.56
103.04
102.50
101.44
104.08
103.04
104.09
101.88
105.34
106.12
101.99
101.83
105.23
98.99
105.13
104.31
102.70
107.21
104.91
107.23
102.83
108.73
108.43
103.75
104.29
108.65
97.62
98.81
102.07
96.43
98.60
95.94
100.47
99.44
100.93
98.21
99.61
97.56
100.12
100.00
100.00
100.00
100.00
100.00
100.00
100.59
99.08
102.03
100.71
101.42
100.18
100.95
98.41
104.07
100.72
102.74
100.25
101.66
97.70
106.48
101.19
104.85
100.73
101.36
101.90
102.17
99.81
94.60
100.00
100.00
100.00
100.00
100.00
99.19
98.79
98.58
100.48
104.60
98.48
96.84
96.25
101.32
108.22
97.70
94.48
93.40
102.54
111.59
49.5
99.2
238.0
265.3
131.8
66.5
67.0
1,016.7
266.7
177.7
403.1
132.8
^WIIWI
52.6
S0.8
67.8
67.4
1,032.3
266.7
181.1
410.9
136.8
70.2
68.2
1,062.0
272.4
185.3
423.8
143.1
55.4
74.2
70.7
1,114.9
288.9
192.3
443.1
151.3
58.6
79.8
73.1
1,151.9
291.8
197.2
456.1
164.7
84.2
73.6
1,201.0
296.5
208.1
476.8
175.4
36.4
....
36.8
37.5
39.2
42.2
44.2
183.1
290.5
261.7
182.0
263.8
234.7
183.5
259.0
229.3
188.5
267.8
236.8
195.0
261.0
228.5
197.8
259.6
226.0
28.8
99.1
29.0
29.7
30.9
32.5
33.6
105.2
112.1
118.3
125.0
134.4
102.29
102.97
103.44
99.27
90.38
6,097.8
6,207.7
6,538.7
6,933.6
7,354.0
7,671.8
96.79
98.25
100.00
102.14
104.47
106.83
4,984.1
4,884.7
4,157.9
726.8
5,057.2
4,959.6
4,226.4
733.2
5,327.0
5,226.1
4,465.3
760.7
100.9
1,185.1
5,673.8
5,564.4
4,789.1
775.3
109.4
1,232.1
6,021.6
5,899.4
5,130.2
769.2
122.3
1,303.7
6,255.3
6,122.0
5,335.5
786.6
133.3
1,388.0
96.92
96.87
96.40
99.65
99.29
96.11
102.29
98.37
98.36
98.09
99.97
99.10
97.64
100.98
100.00
100.00
100.00
100.00
100.00
100.00
100.00
102.00
102.00
102.37
99.78
102.02
102.83
99.29
104.19
104.17
105.01
99.05
105.56
105.87
98.02
106.44
106.36
107.45
99.69
110.60
108.89
96.20
99.3
1,087.4
26.3
97.6
1,124.7
25.9
1. 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. 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.
§. Consists primarily of dormitories, fraternity and sorority houses, and nurses' homes.
1992
98.49
1995
13,484.1
99.5
19.5
1990
97.07
1994
1993
12,955.2
34.4
78.7
Other nonresidential equipment
Residential equipment
Private structures
Nonresidentiai structures
Nonresidential buildings, excluding farm
Industrial buildings
Office buildings *
Commercial buildings
Mobile structures
Other commercial2
Religious buildings
Educational buildings
Hospital and institutional buildings
1991
12,706.7
26.6
27.7
28.6
n.e.c. Not elsewhere classified.
28.4
D-36 • National Data
SURVEY OF CURRENT BUSINESS
July 1997
C. Historical Tables.
Table C.i is derived from the "Summary National Income and Product Series" tables that were published in the
May 1997 issue of the SURVEY OF CURRENT BUSINESS; tables C.2-C.25 are derived from NIPA tables published in
the May 1997 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 data are seasonally adjusted at annual rates]
Percent change firom preceding
peric
Billions of chained (1992) dollars
Year and
quarter
Chain-type price indexes
Percent change from preceding period
Implicit price deflators
Gross domestic Final sales of Gross national Gross domestic Final sales of Gross domestic Gross domestic Gross domestic
domestic
product
product
domestic
product
purchases
product
product
product
product
Chain-type price index
product
Implicit price deflators
Gross domestic Gross domestic Gross domestic Gross national
product
product
purchases
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
5.3
5.2
4.2
5.6
9.0
5.3
5.2
4.2
5.6
8.9
1975
1976
1977
1978
1979
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
5522
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
9.4
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
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
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
6,386.1
6,608.4
6,126.7
6,082.6
6,237.4
6,365.5
6,550.7
6,157.0
6,094.9
6,255.5
6,396.8
6,605.6
1.2
-.9
2.7
2.3
3.5
1.6
-.7
2.5
2.1
2.9
93.64
97.32
100.00
102.62
104.96
93.83
97.30
100.00
102.46
104.75
93.60
97.32
100.00
102.61
104.95
93.63
97.33
100.00
102.61
104.94
4.4
3.9
2.8
2.6
2.3
4.5
3.7
2.8
2.5
2.2
4.3
4.0
2.8
2.6
2.3
4.3
4.0
2.7
2.6
2.3
1995
1996
6,742.2
6,906.8
6,708.9
6,892.1
6,736.4
6,899.7
2.0
2.4
2.4
2.7
107.57
109.88
107.31
109.57
107.59
109.69
107.58
109.67
2.5
2.1
2.4
2.1
2.5
2.0
2.5
2.0
1959: 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
112
-.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
1.1
1.1
.7
1.5
.8
'.e
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
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
.8
1.1
.7
1.5
g
.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
HI
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
E
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
.6
.2
.7
1.1
c
.9
1.0
.8
1.2
.9
1.0
.8
1.2
1962* I
||
|||
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
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
II
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
7.2
4.3
24.03
24.07
24.11
2426
23.48
23.53
23.58
23.72
24.00
24.07
24.12
24.29
24.01
24.08
24.13
24.30
12
.(
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.i
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.J
i!s
1.1
1.1
.8
3.0
(
(
1.1
1.1
.8
3.0
1964: 1
II
Ill
IV
1.3
.8
j
2^5
•j 1
1.8
1.8
1.6
2.1
.9
.9
1.8
2.1
1965: 1
II
HI
IV
2,808.9
2,846.3
2,898.8
2,970.5
2,7772
2,826.7
2,879.8
2,957.8
2,830.0
2,868.2
2,918.9
2,988.6
10.5
6.4
7.3
7.7
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
19
2.1
2.6
2.0
1.9
2.1
2.6
1966: I
||
Ill
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
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.
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
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.
2.
3.
4.5
1.
2.
4.5
4.
2.C
2.5
4.5
4.6
-2.1
-2.4
c
-&1
7<3
sie
5.4
7.6
10.3
1.7
2.8
3.4
3.2
3!i
3.1
4.2
3.4
9.3
4.7
6.9
3.5
2.7
2j
e!s
11.3
2!o
2.0
2.1
.7
c
2'.4
i!s
i.<
10.2
9.3
5.8
6.9
7.4
9.0
10.7
i!a
SURVEY OF CURRENT BUSINESS
July 1997
National Data • D-37
Table C.1.—Historical Measures of Real Gross Domestic Product, Real Gross National Product, and Real Gross Domestic Purchases—Continued
[Quarterly data are seasonally adjusted at annual rates]
Billions of chained (1992) dollars
Year and
quarter
Percent change from preceding
period
Chain-type price indexes
Percent change from preceding period
Implicit price deflators
Chain-type price index
Implicit price deflators
Gross domestic hnal sales of Gross national Gross domestic Final sales of Gross domestic Gross domestic Gross domestic Gross national
domestic
product
product
purchases
product
product
domestic
product
Gross domestic Gross domestic Gross domestic Gross national
product
product
product
product
product
purchases
product
1968: I
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
3,2565
3,312.5
3,337.3
3,3525
7.5
7.1
3.0
1.8
8.3
4.1
5.8
2.6
27.19
27.50
27.75
28.12
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
45
4.0
5.5
4.7
4.1
3.8
5.5
4.8
4.1
3.8
5.5
1969: 1
II
HI
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
65
1.0
2.3
-2.0
4.0
1.9
2.0
-.1
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
55
5.7
55
3.5
5.3
5.6
5.2
3.8
5.0
5.8
5.1
3.9
5.0
5.8
5.1
1970: 1
II
in'!!.'!!'."!!!!
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
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
35
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
ii
ill
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
11.3
2.3
2.6
1.1
5.3
2.6
3.3
4.7
31.50
31.93
3255
32.53
30.75
31.18
31.52
31.81
31.50
31.93
32.27
32.54
31.52
31.94
3259
32.55
6.3
5.7
4.1
3.5
65
5.7
4.5
3.7
6.4
5.5
4.4
3.3
6.4
5.5
4.4
3.3
1972: 1
ii
HI
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
3,627.9
3,710.7
3,7515
3,815.3
8.3
9.6
45
7.1
6.8
6.5
3.8
9.4
33.01
33.23
33.50
33.93
3258
32.53
32.82
3353
33.02
3350
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
1973: 1
II
HI
IV
3,892.2
3,919.0
3,907.1
3,947.1
3,867.0
3,884.5
3,890.9
3,893.1
3,921.5
3,950.4
3,944.1
3,984.4
115
2.8
-15
45
34.38
34.96
35.63
3654
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
1974: 1
||
HI
IV
3,908.1
3,922.6
3,880.0
3,854.1
3,889.1
3,899.7
3,882.5
3,822.2
3,952.4
3,964.3
3,917.6
3,886.1
-3.9
1.5
-4.3
-2.6
9.0
1.8
.7
5
-.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
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
1975: 1
II
Ill
IV
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
45
3.6
4.6
41.04
41.67
42.44
4351
40.69
41.34
42.05
42.79
41.05
41.66
42.41
43.19
37.03
37.81
38.98
40.15
41.07
41.68
42.44
43.22
9.2
6.3
7.6
7.4
8.8
6.5
7.0
75
9.5
6.1
7.4
7.6
9.5
6.1
7.4
7.6
1976: 1
||
Ill
IV
1977: |
II
HI
IV
4,044.6
4,072.2
4,088.5
4,126.4
4,078.8
4,107.9
4,124.8
4,163.7
9.7
2.8
1.6
3.8
65
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
4.5
4.7
6.1
6.9
4.7
4.2
5.7
7.3
4,219.4
4,3025
4,3715
4,365.0
4.9
8.3
6.7
-.1
45
6.6
4.0
35
46.31
47.08
47.74
48.55
45.99
46.81
47.55
48.36
46.32
47.07
47.66
48.63
43.72
44.18
44.80
45.60
46.34
47.10
47.69
48.66
4.4
4.6
5.7
7.2
4,176.3
4,260.1
4,329.5
4,328.3
4,027.0
4,039.1
4,061.7
4,119.0
4,161.4
4,228.4
4,270.0
4,303.3
6.7
6.8
5.7
7.0
7.6
7.3
6.4
7.1
6.8
6.6
5.1
8.4
4.7
4.2
5.7
7.3
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
85
7.1
8.7
1979: 1
II
HI
IV
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
15
-5
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
105
10.4
10.2
9.1
8.8
8.9
8.1
9.1
8.8
8.9
8.1
1980: I
II
Ill
IV
1981; |
||
HI
IV
4,679.0
4,566.6
4,562.3
4,651.9
4,739.2
4,696.8
4,753.0
4,693.8
4,675.3
4,579.0
4,637.1
4,676.1
4,692.9
4,699.0
4,702.5
4,672.0
4,743.0
4,625.6
4,617.8
4,696.6
4,787.7
4,742.6
4,801.4
4,747.9
2.0
-9.3
-.4
8.1
7.7
-3.5
4.9
-4.9
5855
59.59
60.93
62.57
58.89
60.41
61.77
63.33
58.18
59.55
61.01
62.59
5852
59.58
61.05
62.64
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
9.7
9.6
9.3
115
10.7
7.4
85
7.4
12.0
10.7
9.3
10.5
10.7
7.5
7.0
7.3
9.2
9.7
10.2
10.8
10.3
7.8
8.0
7.5
9.2
9.7
10.2
10.8
10.4
7.8
8.0
7.5
1982: 1
II
HI
IV
4,615.9
4,634.9
4,612.1
4,618.3
4,655.4
4,6515
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
1.1
-8.0
55
3.4
1.4
.5
.3
-2.6
-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
42
6.0
5.1
5.5
4.4
6.0
5.1
5.5
4.4
1983; |
II
HI
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
7454
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
II
HI
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
5537.5
9.6
6.4
3.0
2.6
3.4
7.4
2.9
55
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
HI
IV
5,257.3
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
45
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
35
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: I
II
Ill
IV
1987: |
||
Ill
IV
5,460.8
5,466.9
5,496.3
5,526.8
5,410.5
5,448.4
5,5185
5,546.6
5,481.1
5,480.1
5,510.4
5,533.1
5.1
.4
25
25
4.0
2.8
55
2.1
79.81
8056
80.81
81.44
79.77
79.97
80.60
8155
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
35
3.3
1.8
2.1
3.1
3.1
1.8
2.1
3.1
3.0
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
15
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
1988: 1
II
Ill
IV
5,785.3
5,844.0
5,878.7
5,952.8
5,7745
5,840.1
5,8695
5,937.0
5,802.3
5,857.5
5,889.4
5,964.9
2.4
4.1
2.4
5.1
65
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
42
4.3
4.0
2.7
4.3
5.2
3.7
2.8
4.3
5.2
3.7
IV
1971- |
iv "!!!!!!!!!!!
SURVEY OF CURRENT BUSINESS
D-38 • National Data
July 1997
Table C.1.—Historical Measures of Real Gross Domestic Product, Real Gross National Product, and Real Gross Domestic Purchases—Continued
[Quarterly data are seasonally adjusted at annual rates]
Percent change from preceding
Chain-type price indexes
Implicit price deflators
Percent change from preceding period
period
Chain-type price index
Implicit price deflators
Final sales of
Final sales of Gross domestic Gross domestic Gross domestic Gross national
Gross national
Gross domestic
Gross domestic
domestic
product
domestic
product
purchases
product
product
product
Gross domestic Gross domestic Gross domestic Gross national
product
product
product
product
product
product
purchases
Billions of chained (1992) dollars
Year and
quarter
1989- 1
II
Ill
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
1990: 1
II
HI
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
-1.9
-4.0
-1.2
1991: |
II
HI
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
-2.8
1992- 1
II
HI
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
1993: 1
II
Ill
IV
6,326.2
6,356.3
6,393.2
6,468.7
1994: |
II
HI
IV
3.9
1.2
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
5.0
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
-1.1
-.1
1.8
1.0
1.0
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
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
6,307.1
6,334.5
6,371.3
6,449.2
6,342.3
6,366.7
6,406.0
6,472.2
-.1
2.3
4.8
-.9
1.7
2.3
5.0
101.83
102.39
102.83
103.42
101.70
102.29
102.63
103.20
101.84
102.36
102.83
103.40
101.83
102.35
102.83
103.39
3.8
2.2
1.8
2.3
3.1
2.4
1.3
2.2
3.8
2.1
1.9
2.2
3.8
2.1
1.9
2.2
6,508.5
6,587.4
6,644.8
6,692.9
6,467.7
6,514.9
6,582.1
6,638.1
6,514.0
6,586.1
6,640.0
6,682.5
2.5
4.9
3.5
2.9
1.2
3.0
4.2
3.5
104.15
104.63
105.25
105.80
103.80
104.38
105.15
105.67
104.11
104.60
105.24
105.83
104.10
104.59
105.23
105.82
2.9
1.9
2.4
2.1
2.4
2.3
3.0
2.0
2.8
1.9
2.5
2.3
2.8
1.9
2.5
2.3
1995: 1
II
Ill
IV
6,700.2
6,712.7
6,775.8
6,780.2
6,647.4
6,682.4
6,741.4
6,764.2
6,698.2
6,711.0
6,761.3
6,775.0
.4
.7
3.8
.3
.6
2.1
3.6
1.4
106.68
107.31
107.86
108.42
106.41
107.15
107.59
108.10
106.71
107.33
107.88
108.41
106.70
107.32
107.87
108.40
3.3
2.4
2.1
2.1
2.8
2.8
1.6
1.9
3.4
2.4
2.1
2.0
3.4
2.4
2.1
2.0
1996- 1
||
Ill
IV
6,813.8
6,892.1
6,928.1
6,993.3
6,815.2
6,884.7
6,892.7
6,975.9
6,814.4
6,886.1
6,913.3
6,985.0
2.0
4.7
2.1
3.8
3.0
4.1
.5
4.9
109.03
109.62
110.17
110.69
108.71
109.27
109.80
110.50
109.00
109.47
109.93
110.34
108.98
109.46
109.92
110.32
2.3
2.2
2.0
1.9
2.3
2.1
1.9
2.6
2.2
1.8
1.7
1.5
2.2
1.8
1.7
1.5
1997: I
7,094.4
7,045.8
7,070.4
5.9
4.1
111.43
111.09
110.95
110.93
2.7
2.2
2.2
2.2
1.9.
SURVEY OF CURRENT BUSINESS
July 1997
National Data • D-39
Table C.2.—Real Gross Domestic Product
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
Terminal year
1970
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
1971
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
2.7
2.6
3.0
3.1
3.5
3.6
3.3
3.1
2.7
3.4
4.9
4.4
3.3
1971
2.7
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
2.6
2.6
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
3.2
3.3
2.9
2.5
1.5
2.5
5.8
1973
2.5
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
2.8
2.8
2.2
1.4
-.5
-.6
1974
2.6
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
1975
2.8
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
1977
1976
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
4.3
5.0
4.7
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
2.4
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
1980
2.4
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
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
2.6
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
2.9
2.9
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
1984
2.8
2.9
2.9
2.9
3.0
3.0
3.6
4.0
4.1
4.1
4.5
5.3
7.0
2.5
2.5
2.5
2.4
2.5
2.4
3.0
3.4
3.4
3.2
3.3
3.6
1985
2.4
2.4
2.4
2.3
2.3
2.2
2.9
3.3
3.3
3.0
3.1
1986
1987
2.3
2.3
2.4
2.2
2.2
2.1
2.8
3.4
3.4
2.9
2.3
2.2
2.3
2.1
2.0
1.9
2.8
3.6
3.8
1988
1989
1990
2.1
2.0
2.0
1.7
1.6
1.2
2.3
3.4
1.9
1.8
1.7
1.3
1.0
.1
1.2
2.0
1.9
1.9
1.3
.9
-.9
1988
1989
1990
1991
2.6
2.6
2.8
2.5
2.7
1992
1993
2.6
2.6
2.9
2.3
2.6
2.7
3.5
2.2
2.0
2.4
1992
1993
1994
1995
Table C.3.—Chain-Type Price Index for Gross Domestic Product
[Average annual percent change]
Initial year
Terminal year
1970
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
1971
5.1
5.2
5.3
5.4
5.5
5.7
5.8
5.8
5.9
6.1
6.3
6.5
6.7
7.0
7.2
7.3
7.1
6.8
6.6
6.5
6.5
6.7
6.0
5.0
4.7
5.2
1971
5.1
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
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
5.1
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
4.9
5.0
5.1
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
1975
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
1977
1976
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
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
1978
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
4.1
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
3.8
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
3.5
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
3.3
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
3.2
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
3.1
3.2
3.3
3.4
3.5
3.6
3.6
3.4
3.2
3.0
3.0
3.4
1985
3.1
3.2
3.3
3.4
3.5
3.6
3.6
3.4
3.1
2.8
2.6
1986
3.1
3.3
3.4
3.5
3.7
3.8
3.8
3.6
3.4
3.1
1987
3.2
3.3
3.4
3.6
3.8
4.0
4.1
3.9
3.7
3.1
3.2
3.4
3.6
3.8
4.2
4.3
4.2
2.9
3.1
3.2
3.4
3.7
4.1
4.4
2.7
2.8
2.9
3.1
3.3
3.9
1987
1988
1989
1990
1991
2.5
2.5
2.6
2.7
2.8
1994
1995
2.4
2.5
2.4
2.6
2.3
2.4
2.3
2.3
2.5
2.1
1992
1993
1994
1995
Table C.4.—Real Gross Domestic Purchases
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
Terminal year
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
1971
1970
2.7
2.7
2.8
2.7
2.7
2.7
2.9
3.0
3.1
3.1
3.1
3.1
3.0
2.6
2.4
2.8
2.8
3.3
3.5
3.2
2.9
2.2
3.1
4.7
4.6
3.6
1971
2.7
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
2.6
2.6
2.6
2.5
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
2.5
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
2.7
2.7
2.7
2.6
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
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
2.7
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
2.6
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
2.4
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
2.4
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
2.7
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
2.7
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
NOTE.—In these triangles, the growth rate from one year to any other year can be found at the intersection
of the column for the earlier year and the row for the later year; thus, growth rates from one year to the next
are shown on the main diagonal. For example, from 1985 to 1995, real gross domestic product grew at an average
annual rate of 2.4 percent; from 1984 to 1985, it grew 3.6 percent
1982
3.0
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
2.9
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
2.4
2.4
2.4
2.3
2.2
2.1
2.7
3.1
3.2
3.3
3.6
3.9
1985
2.3
2.2
2.3
2.1
1.9
1.8
2.5
2.9
3.0
3.0
3.3
1986
2.2
2.1
2.1
1.9
1.7
1.5
2.3
2.8
2.8
2.7
2.1
2.1
2.1
1.8
1.5
1.2
2.1
2.8
2.9
2.0
1.9
1.9
1.5
1.2
.6
1.8
2.7
1.9
1.8
1.8
1.2
.7
-.4
.8
2.1
2.0
2.0
1.4
.6
-1.6
1991
2.8
2.9
3.2
2.9
2.8
2.8
3.0
3.4
2.9
2.8
3.0
3.9
2.2
2.0
2.5
SURVEY OF CURRENT BUSINESS
D-40 • National Data
July 1997
Table C.5.—Chain-Type Price Index for Gross Domestic Purchases
[Average annual percent change]
Initial year
Terminal year
1970
1996
5.1
5.3
5.4
5.5
5.7
5.8
5.9
6.0
6.1
6.2
6.4
6.7
6.9
7.2
7.5
7.6
7.5
7.1
6.9
6.8
6.8
7.0
6.4
5.2
4.9
5.3
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
1971
1971
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
5.2
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
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
1974
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
1975
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
1977
1976
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
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
1978
4.4
4.5
4.6
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
1979
1980
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
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
3.4
3.5
3.5
3.6
3.7
3.8
3.9
3.8
3.7
3J
3.8
4.1
4.4
4.8
5.9
1982
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
1984
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
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
3.1
3.2
3.3
3.4
3.5
3.7
3.7
3,5
3.2
3.0
2.6
1986
3.1
3.3
3.4
3.5
3.7
3.9
3.9
3.7
3.5
3.4
1987
3.1
32
3.4
3.5
3.8
40
.
4.1
3.9
3.6
1988
3.1
3.2
3.3
3.5
3.8
4.1
4.4
4.2
1989
2.9
3.0
3.1
3.4
3.7
4.1
4.5
1990
2.6
2.7
2.8
3.0
3.2
3.7
1991
2.4
2.5
2.5
2.6
2.8
1992
2.3
2.4
2.3
2.5
1993
2.3
2.3
2.2
1994
2.3
2.4
1995
2.1
Table C.6.—Real Final Sales of Domestic Product
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
i ermmai year
1970
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
1971
.. ..
2.7
2.7
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
3.1
3.4
3.4
3.2
3.0
2.8
3.3
4.5
4.1
2.7
1971
2.7
2.7
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
2.6
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
2.5
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
1974
2.7
2.7
2.7
2.6
2.7
2.7
2.9
3.0
3.0
2.9
2.9
2.9
2.7
2.5
2.3
2.8
3.1
3.6
3.6
3.1
2.4
.9
1975
2.7
2.7
2.8
2.7
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
2.7
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
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
1978
2.4
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
1979
1980
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
2.5
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
2.6
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
2.8
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
1984
2.8
2.8
2.8
2.8
2.9
2.9
3.5
3.8
4.0
3.9
4.4
4.8
5.0
2.6
2.6
2.6
2.6
2.6
2.7
3.2
3.6
3.7
3.6
4.1
46
.
1985
2.4
2.4
2.4
2.3
2.4
2.3
3.0
3.3
3.4
3.1
3.5
1986
2.3
2.3
2.3
2.2
2.2
2.1
2.8
3.2
3.4
2.6
1987
2.3
2.2
2.2
2.1
2.1
2.0
2.9
3.5
4.1
1988
2.1
2.0
1.9
1.7
1.6
1.3
2.3
3.0
1989
1990
1991
1992
1993
1994
1995
1.9
1.8
1.7
1.4
1.1
.4
1.6
2.0
1.8
1.7
1.3
.9
-.7
2.5
2.5
2.5
2.3
2.5
2.5
2.5
2.5
2.1
2.7
2.7
2.9
2.6
2.4
2.7
1989
1990
1991
1992
1993
1994
1995
Table C.7.—Chain-Type Price Index for Final Sales of Domestic Product
[Average annual percent change]
Initial year
i ermmai year
1970
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
1971
1971
5.1
5.2
5.3
5.4
5.6
5.7
5.8
5.9
6.0
6.1
6.3
6.5
6.8
7.0
7.2
7.3
7.1
6.8
6.6
6.5
6.5
6.7
6.0
5.0
4.7
5.2
5.1
5.2
5.3
5.5
5.6
5.7
5.8
5.9
6.0
6.2
6.4
6.6
6.9
7.1
7.4
7.5
7.3
7.1
6.8
6.8
6.8
7.1
6.3
5.0
4.2
1972
5.1
5.2
5.4
5.5
5.7
5.8
5.9
6.0
6.1
6.3
6.5
6.8
7.1
7.4
7.7
7.9
7.7
7.5
7.3
7.3
7.5
8.0
7.3
5.7
1973
5.1
5.2
5.3
5.5
5.7
5.8
5.9
6.0
6.2
6.3
6.6
6.9
7.2
7.6
8.0
8.2
8.0
7.8
7.6
7.7
8.1
9.2
8.9
1974
4.9
5.0
5.2
5.3
5.5
5.6
5.7
5.8
6.0
6.1
6.4
6.7
7.1
7.4
7.8
8.0
7.8
7.5
7.3
7.3
7.7
9.5
1975
4.7
4.8
5.0
5.1
5.2
5.4
5.5
5.6
5.7
5.9
6.1
6.5
6.8
7.2
7.6
7.8
7.5
7.1
6.6
6.2
5.9
1976
4.6
4.8
4.9
5.1
5.2
5.4
5.5
5.6
5.7
5.9
6.1
6.5
6.9
7.4
7.9
8.2
7.9
7.5
6.9
6.5
1977
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
7.5
8.2
8.6
8.4
7.9
7.3
1978
4.4
4.5
4.7
4.8
5.0
5.1
5.2
5.3
5.4
5.6
5.9
6.4
6.9
7.6
8.4
9.1
8.9
8.6
1979
4.1
4.3
4.4
4.5
4.7
4.9
4.9
50
.
5.1
5.3
5.6
6.1
6.6
7.3
8.3
9.3
9.2
1980
3.8
4.0
4.1
4.2
4.3
4.5
4.5
4.5
4.6
4.7
5.0
5.5
5.9
6.7
7.9
9.4
1981
3.5
3.6
3.7
3.8
3.9
4.0
4.0
3.9
3.9
3.9
4.1
4.5
4.8
5.3
6.4
1982
3.3
3.4
3.4
3.5
3.6
3.7
3.7
3.6
3.5
3.5
3.6
3.9
4.0
4.3
1983
32
3.3
3.4
3.5
3.6
3.7
3.6
3.5
3.3
3.3
3.3
3.7
3.8
1984
3.1
3.2
3.3
3.4
3.5
3.6
3.6
3.4
3.2
3.1
3.1
3.5
1985
3.1
3.2
3.3
3.4
3.5
3.7
3.6
3.4
3.1
2.9
2.6
1986
3.2
3.3
3.4
3.5
3.7
3.9
3.8
3.7
3.4
3.1
1987
3.2
3.3
3.4
3.6
3.8
4.1
4.1
4.0
3.7
1988
3.1
3.2
3.4
3.6
3.6
4.2
4.3
4.2
2.9
3.1
3.2
3.4
3.7
4.2
4.4
2.7
2.8
2.9
3.1
3.4
3.9
2.5
2.5
2.6
2.7
2.8
2.4
2.5
2.5
2.6
2.3
2.4
2.3
2.3
2.5
2.2
July 1997
SURVEY OF CURRENT BUSINESS
National Data • D-41
Table C.8.—Real Personal Consumption Expenditures
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
Terminal year
1970
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
1971
;.
3.0
3.0
3.0
3.0
3.0
3.0
3.2
3.3
3.3
3.3
3.3
3.3
3.2
3.0
2.9
3.0
3.2
3.6
3.8
3.7
3.6
3.2
3.4
4.8
4.8
3.7
1971
2.9
2.9
3.0
3.0
3.0
3.0
3.2
3.3
3.3
3.3
3.3
3.2
3.1
3.0
2.8
2.9
3.1
3.6
3.8
3.7
3.6
3.0
3.3
5.4
6.0
1972
2.8
2.8
2.8
2.8
2.8
2.8
3.0
3.1
3.2
3.1
3.1
3.0
2.9
2.7
2.5
2.6
2.8
3.2
3.4
3.2
3.0
2.1
2.0
4.8
1973
2.7
2.7
2.7
2.7
2.7
2.7
2.9
3.0
3.0
3.0
3.0
2.9
2.7
2.5
2.2
2.3
2.5
3.0
3.1
2.8
2.3
.7
-.7
1974
1975
2.9
2.9
3.0
3.0
3.0
3.0
3.2
3.3
3.4
3.4
3.4
3.3
3.2
2.9
2.6
2.9
3.2
4.1
4.7
4.9
5.6
2.9
2.9
2.9
2.9
2.9
2.9
3.2
3.3
3.3
3.3
3.3
3.2
3.1
2.9
2.6
2.8
3.0
3.7
4.1
4.0
3.9
2.2
1976
2.8
2.8
2.8
2.8
2.8
2.8
3.0
3.2
3.2
3.2
3.2
3.1
2.9
2.6
2.1
2.3
2.6
3.6
4.3
4.3
1977
2.7
2.7
2.7
2.7
2.7
2.7
3.0
3.1
3.1
3.1
3.1
2.9
2.7
2.3
1.7
1.9
2.1
3.3
4.3
1978
2.6
2.6
2.6
2.6
2.6
2.6
2.8
3:0
3.0
2.9
2.9
2.7
2.4
1.9
1.1
1.1
1.0
2.3
1979
1980
2.6
2.6
2.7
2.6
2.6
2.6
2.9
3.0
3.1
3.0
3.0
2.8
2.4
1.8
.7
.4
-.3
2.8
2.8
2.9
2.9
2.9
2.9
3.2
3.4
3.5
3.5
3.5
3.5
3.2
2.5
1.2
1.2
1981
2.9
3.0
3.0
3.0
3.0
3.0
3.4
3.7
3.9
3.9
4.0
4.0
3.8
3.1
1.2
1982
3.0
3.1
3.2
3.2
3.2
3.2
3.7
4.0
4.3
4.4
4.7
5.0
5.2
5.2
1983
1984
2.9
2.9
3.0
3.0
3.0
3.0
3.5
3.8
4.2
4.2
4.6
4.9
5.2
2.7
2.7
2.8
2.7
2.7
2.7
3.3
3.6
3.9
3.9
4.3
4.7
1985
2.5
2.5
2.5
2.5
2.4
2.4
3.0
3.3
3.7
3.5
4.0
1986
2.4
2.4
2.4
2.3
2.2
2.1
2.7
3.1
3.5
3.1
1987
2.3
2.3
2.3
2.1
2.0
1.8
2.6
3.1
3.9
1988
2.1
2.0
2.0
1.8
1.5
1.1
2.0
2.3
1989
2.1
2.0
1.9
1.6
1.3
.5
1.7
1990
2.1
2.1
2.0
1.6
1.1
-.6
1991
2.7
2.8
2.9
2.8
2.8
1992
2.7
2.8
3.0
2.8
1993
2.6
2.7
3.1
1994
2.4
2.3
1995
2.5
Table C.9.—Chain-Type Price Index for Personal Consumption Expenditures
[Average annual percent change]
Initial year
Terminal year
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
1971
1970
5.2
5.3
54
5.6
5.7
5.8
5.9
6.0
6.0
6.1
6.3
6.5
6.7
6.9
7.1
7.3
7.1
6.7
6.4
6.3
6.2
6.3
5.9
4.5
4.0
4.5
1971
5.2
5.3
55
5.6
5.8
5.9
6.0
6.0
6.1
6.2
6.4
6.6
6.9
7.1
7.4
7.5
7.4
7.0
6.7
6.6
6.6
6.8
6.3
4.5
3.5
1972
5.3
5.4
56
5.7
5.9
6.0
6.1
6.2
6.3
6.4
6.6
6.9
7.2
7.5
7.8
8.0
7.9
7.5
7.2
7.2
7.3
7.9
7.7
5.4
1973
5.3
5.4
5.6
5.7
5.9
6.1
6.2
6.2
6.3
6.5
6.7
7.0
7.3
7.7
8.0
8.3
8.2
7.8
7.6
7.6
8.0
9.1
10.1
1974
5.1
5.2
5.4
5.5
5.7
5.8
5.9
6.0
6.1
6.2
6.4
6.7
7.0
7.4
7.8
8.1
7.9
7.3
6.9
6.8
6.9
8.1
1975
4.9
5.1
5.2
5.4
5.5
5.7
5.8
5.8
5.9
6.0
6.2
6.6
6.9
7.3
7.7
8.1
7.9
7.1
6.5
6.2
5.7
1976
4.9
5.0
5.2
5.3
5.5
5.7
5.8
5.8
5.9
6.1
6.3
6.7
7.1
7.6
8.1
8.5
8.4
7.6
6.9
6.6
1977
4.8
4.9
5.1
5.3
5.4
5.6
5.7
5.8
5.8
6.0
6.3
6.7
7.1
7.7
8.4
9.0
9.0
8.1
7.3
1978
4.7
4.8
5.0
5.1
5.3
5.5
5.6
5.6
5.7
5.9
6.1
6.6
7.1
7.8
8.6
9.6
9.9
9.0
1979
4.4
4.6
4.7
4.9
5.0
5.2
5.3
5.3
5.3
5.5
5.7
6.2
6.7
7.5
8.5
9.9
10.9
1980
4.0
4.1
4.3
4.4
4.6
4.7
4.7
4.7
4.7
4.8
4.9
5.3
5.7
6.4
7.3
8.9
1981
3.7
3.8
3.9
4.1
4.2
4.3
4.3
4.2
4.1
4.1
4.1
4.4
4.7
5.2
5.8
1982
3.6
3.7
3.8
3.9
4.0
4.1
4.1
4.0
3.8
3.7
3.7
4.0
4.2
4.5
1983
3.5
3.6
3.7
3.8
4.0
4.1
4.0
3.9
3.7
3.5
3.4
3.7
3.8
1984
3.5
3.6
3.7
3.8
4.0
4.1
4.1
3.9
3.6
3.4
3.3
3.7
1985
3.4
3.6
37
3.9
4.0
4.2
4.1
3.9
3.6
3.3
2.8
1986
3.5
3.6
38
4.0
4.2
4.4
4.5
4.3
4.0
3.8
1987
3.5
3.6
38
4.0
4.3
4.6
4.7
4.5
4.2
1988
3.4
3.5
37
4.0
4.4
4.7
5.0
4.9
1989
3.2
3.3
35
3.8
4.2
4.6
5.1
1990
2.8
3.0
31
3.4
3.7
4.2
1991
2.6
2.7
28
3.0
3.3
1992
2.4
2.5
2.5
2.6
1993
2.3
2.4
24
1994
2.3
2.4
1995
2.2
Table C. 10.—Real Personal Consumption Expenditures, Durable Goods
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
Terminal year
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
1971
1970
4.7
4.6
4.7
4.6
4.5
4.4
5.0
5.3
5.4
5.4
5.6
5.4
5.1
4.4
3.6
3.9
4.2
5.7
6.5
6.6
6.2
4.9
6.2
11.0
11.3
10.0
1971
4.5
4.4
4.5
4.3
4.2
4.1
4.7
5.0
5.2
5.1
5.3
5.1
4.7
3.9
3.0
3.3
3.6
5.1
6.0
6.1
5.5
3.7
5.0
11.5
12.7
1972
4.1
4.1
4.1
4.0
3.8
3.7
4.3
4.6
4.7
4.6
4.8
4.5
4.1
3.2
2.1
2.4
2.5
4.1
4.9
4.8
3.7
.9
1.4
10.3
1973
3.9
3.8
3.8
3.7
3.5
3.3
3.9
4.2
4.3
4.2
4.4
4.0
3.5
2.5
1.2
1.4
1.4
3.1
3.8
3.5
1.6
-3.5
-6.9
1974
4.4
4.3
4.4
4.2
4.1
4.0
4.7
5.0
5.2
5.1
5.4
5.1
4.6
3.6
2.3
2.6
2.9
5.2
6.7
7.2
6.2
0
1975
4.6
4.6
4.6
4.5
4.3
4.2
5.0
5.4
5.6
5.5
5.9
5.6
5.2
4.1
2.6
3.1
3.5
6.6
9.1
11.0
12.8
1976
4.2
4.1
4.2
4.0
3.8
3.7
4.4
4.8
5.0
4.9
5.3
4.9
4.3
2.9
1.0
1.3
1.3
4.6
7.2
9.3
1977
3.9
3.9
3.9
3.7
3.5
3.3
4.1
4.5
4.6
4.5
4.8
4.3
3.6
1.8
-.5
-.6
-1.2
2.3
5.3
1978
3.9
3.8
3.8
3.6
3.3
3.1
4.0
4.4
4.6
4.4
4.8
4.2
3.3
1.2
-1.9
-2.5
-4.3
-.5
1979
4.1
4.0
4.1
3.9
3.6
3.5
4.4
4.9
5.2
5.0
5.5
5.0
4.1
1.6
-2.4
-3.6
-8.0
1980
4.9
4.9
5.0
4.9
4.7
4.6
5.7
6.5
6.9
7.0
8.0
7.8
7.3
5.0
.5
1.2
1981
5.2
5.2
5.3
5.2
5.0
4.9
6.3
7.1
7.8
8.1
9.4
9.5
9.5
7.0
-.1
1982
5.6
5.6
5.8
5.7
5.5
5.5
7.1
8.2
9.2
9.8
11.9
13.0
14.6
14.7
1983
4.9
4.9
5.0
4.8
4.5
4.4
6.0
7.2
8.1
8.6
11.1
12.1
14.5
1984
4.2
4.0
4.1
3.8
3.4
3.0
4.7
5.8
6.6
6.7
9.4
9.7
1985
3.7
3.5
3.5
3.1
2.5
2.0
3.7
4.8
5.5
5.2
9.0
1986
3.1
2.9
2.9
2.3
1.4
.6
2.4
3.4
3.8
1.5
1987
3.3
3.1
3.1
2.4
1.4
.4
2.7
4.4
6.3
1988
3.0
2.6
2.5
1.6
.3
-1.5
1.0
2.6
1989
3.0
2.6
2.5
1.4
-.5
-3.5
-.6
1990
3.6
3.3
3.3
2.0
-.5
-6.4
1991
5.8
5.8
6.8
6.5
5.8
1992
5.8
5.9
7.3
7.3
1993
5.3
5.2
7.2
1994
4.3
3.2
1995
5.4
D-42
• National Data
SURVEY OF CURRENT BUSINESS
July 1997
Table C. 11.—Real Personal Consumption Expenditures, Nondurable Goods
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
Terminal year
1970
1971
2.0
2.0
2.0
2.0
2.0
2.0
2.2
2.2
2.2
2.2
2.2
2.1
2.1
2.0
1.9
2.1
2.2
2.5
2.5
2.3
2.3
1.8
1.9
3.2
3.1
1.8
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
1971
2.0
2.0
2.0
2.0
2.0
2.0
2.2
2.2
2.2
2.2
2.2
2.2
2.1
2.0
1.9
2.1
2.2
2.5
2.6
2.4
2.4
1.8
1.9
3.8
4.4
1972
1.9
1.9
1.9
1.9
1.9
1.9
2.1
2.1
2.1
2.1
2.1
2.0
2.0
1.8
1.7
1.8
1.9
2.3
2.3
2.0
1.9
.9
.6
3.3
1973
1.9
1.9
1.9
1.8
1.8
1.8
2.0
2.0
2.0
2.0
2.0
1.9
1.8
1.7
1.5
1.6
1.8
2.1
2.1
1.7
1.5
-.2
-2.0
1974
2.0
2.1
2.1
2.0
2.0
2.0
2.2
2.3
2.3
2.3
2.3
2.2
2.2
2.1
2.0
2.2
2.4
3.0
3.1
3.0
3.2
1.5
1975
1977
1976
2.1
2.1
2.1
2.0
2.0
2.1
2.3
2.4
2.4
2.3
2.4
2.3
2.3
2.2
2.0
2.3
2.6
3.3
3.7
3.8
5.0
1.9
2.0
1.9
1.9
1.9
1.9
2.1
2.2
2.2
2.1
2.1
2.0
2.0
1.8
1.6
1.8
2.0
2.8
3.0
2.6
1.9
1.9
1.9
1.8
1.8
1.8
2.1
2.1
2.1
2.1
2.1
1.9
1.9
1.6
1.4
1.5
1.8
2.9
3.5
1978
1.8
1.8
1.8
1.7
1.7
1.7
1.9
2.0
2.0
1.9
1.9
1.7
1.6
1.2
.8
.9
.9
2.3
1979
1.8
1.8
1.8
1.7
1.6
1.7
1.9
2.0
2.0
1.9
1.8
1.6
1.5
1.0
.3
.2
-.4
1980
1.9
1.9
1.9
1.8
1.8
1.8
2.1
2.3
2.3
2.2
2.2
2.0
2.0
1.5
.7
.9
1981
2.0
2.0
2.0
1.9
1.9
1.9
2.3
2.4
2.5
2.4
2.5
2.3
2.3
1.8
.6
1982
2.1
2.1
2.1
2.0
2.0
2.1
2.5
2.7
2.8
2.8
3.0
2.9
3.2
2.9
1983
2.0
2.1
2.0
1.9
1.9
2.0
2.4
2.7
2.8
2.7
3.0
2.9
3.5
1984
1.9
1.9
1.9
1.8
1.7
1.8
2.2
2.5
2.6
2.5
2.7
2.3
1985
1.9
1.9
1.9
1.7
1.7
1.7
2.2
2.6
2.6
2.6
3.2
1986
1987
1.7
1.8
1.7
1.5
1.4
1.4
2.0
2.3
2.4
1.9
1.7
1.7
1.7
1.4
1.3
1.3
2.0
2.6
2.8
1988
1.6
1.6
1.5
1.1
.9
.7
1.6
2.3
1989
1.5
1.5
1.3
.9
.5
0
1.0
1990
1.5
1.6
1.4
.8
.2
-1.0
1991
1992
2.0
2.2
2.2
1.7
1.5
2.2
2.5
2.6
2.0
1993
2.3
2.7
3.1
1994
1995
1.8
2.3
1.4
Table C.12.—Real Personal Consumption Expenditures, Services
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
1970
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
1971
1971
3.2
3.2
3.3
3.3
3.4
3.4
3.5
3.6
3.7
3.7
36
3.6
3.5
3.5
3.4
3.5
3.8
4.0
4.1
4.0
4.0
3.9
4.1
4.9
5.4
3.2
3.3
3.3
3.4
3.4
3.4
3.5
3.6
3.7
3.7
36
3.6
3.5
3.5
3.4
3.6
3.8
4.0
4.1
4.0
3.9
3.9
4.0
4.5
4.5
3.7
1972
3.1
3.2
3.2
3.2
3.3
3.3
3.4
3.5
3.6
3.5
3.5
3.5
3.4
3.3
3.2
3.3
3.6
3.8
3.9
3.8
3.6
3.5
3.5
4.5
1973
3.1
3.1
3.1
3.2
3.2
3.2
3.4
3.4
3.5
3.5
3.4
3.4
3.3
3.2
3.0
3.2
3.4
3.7
3.8
3.6
3.4
2.9
2.4
1974
3.1
3.1
3.2
3.2
3.3
3.3
3.4
3.5
3.6
3.6
35
3.5
3.4
3.3
3.1
3.3
3.6
3.9
4.1
4.0
3.8
3.5
1975
3.1
3.1
3.2
3.2
3.3
3.3
3.4
3.5
3.6
3.6
35
3.5
3.4
3.3
3.1
3.3
3.6
4.1
4.4
4.2
4.2
1977
1976
3.0
3.0
3.1
3.1
3.2
3.2
3.4
3.4
3.5
3.5
3.4
3.5
3.3
3.1
2.9
3.1
3.5
4.0
4.4
4.2
3.0
3.0
3.0
3.1
3.1
3.1
3.3
3.4
3.5
3.4
3.3
3.4
3.1
3.0
2.6
2.8
3.2
3.9
4.7
1978
2.9
2.9
2.9
3.0
3.0
3.0
3.2
3.3
3.4
3.3
32
3.2
2.9
2.6
2.1
2.2
2.5
3.2
1979
2.8
2.9
2.9
3.0
3.0
3.0
3.2
3.3
3.4
3.3
3.2
3.2
2.8
2.5
1.8
1.7
1.9
1980
2.9
2.9
3.0
3.0
3.1
3.1
3.3
3.4
3.6
3.5
34
3.4
3.0
2.7
1.7
1.5
1981
3.0
3.0
3.1
3.2
3.2
3.3
3.5
3.7
3.9
3.8
38
3.9
3.5
3.3
1.9
1982
3.1
3.1
3.2
3.3
3.4
3.4
3.8
3.9
4.2
4.2
43
4.6
4.4
4.7
1983
2.9
3.0
3.1
3.2
3.2
3.3
3.6
3.8
4.1
4.1
41
4.5
4.1
1984
2.9
2.9
3.0
3.0
3.1
3.2
3.5
3.7
4.1
4.1
41
5.0
1985
2.7
2.7
2.7
2.8
2.9
2.9
3.3
3.4
3.8
3.7
32
1986
2.6
2.6
2.7
2.7
2.8
2.8
3.3
3.5
4.1
4.2
1987
2.4
2.4
2.5
2.5
2.5
2.4
3.0
3.1
4.0
1988
2.2
2.2
2.2
2.2
2.2
1.9
2.4
2.3
1989
2.2
2.2
2.2
2.2
2.1
1.7
2.6
1990
2.2
2.1
2.1
2.0
1.9
.8
1991
2.4
2.4
2.5
2.7
2.9
1992
2.3
2.3
2.3
2.4
1993
2.3
2.2
2.2
1994
2.3
2.2
1995
2.4
Table C.13.—Real Gross Private Domestic Investment
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
lermmai year
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
1971
.. .
1970
1971
3.6
3.5
3.5
3.1
2.8
2.7
3.3
3.8
3.8
3.9
4.1
4.5
4.9
3.2
2.7
4.4
4.0
5.8
6.3
5.6
3.9
.9
6.4
11.8
11.7
11.4
3.3
3.2
3.2
2.7
2.5
2.2
2.9
3.4
3.3
3.5
3.6
4.0
4.4
2.5
1.9
3.7
3.2
5.2
5.6
4.6
2.5
-1.5
4.8
12.0
12.0
1972
1973
2.9
2.5
2.4
2.8
2.4
2.8
2.3
1.8
1.5
2.0
1.7
1.2
2.4
1.9
2.3
2.9
2.2
2.8
2.3
2.9
2.4
3.1
3.4
2.7
3.1
3.8
1.7
.8
-.2
1.0
1.8
2.9
2.1
.8
4.2
3.0
3.1
4.5
3.2
1.1
.3 -3.4
-5.7 -13.4
1.4 -8.2
12.0
1974
3.0
3.0
3.0
2.4
2.1
1.8
2.5
3.1
3.0
3.2
3.4
3.8
4.3
1.8
.9
3.3
2.4
5.4
6.1
4.4
-.8
-18.3
1975
4.2
4.2
4.2
3.7
3.4
3.2
4.1
4.8
4.9
5.2
5.6
6.3
7.2
4.6
4.0
7.4
7.1
12.3
15.8
18.0
20.3
1976
3.4
3.4
3.4
2.8
2.4
2.1
3.0
3.7
3.7
3.9
4.2
4.9
5.6
2.6
1.5
5.0
4.0
9.7
13.6
15.8
1977
2.8
2.7
2.7
2.0
1.6
1.2
2.1
2.8
2.6
2.8
3.0
3.6
4.3
.5
-1.1
2.5
.3
6.8
11.5
1978
1979
2.4
2.4
2.2
2.2
2.2
2.2
1.4
1.4
.9
.8
.5
.3
1.4
1.3
2.0
2.0
1.7
1.8
1.9
1.8
1.9
2.0
2.5
2.5
3.3
3.1
-1.5
-2.5
-4.1 -6.1
-.4 -1.7
-4.8 -11.5
2.4
1980
1981
3.3
2.9
3.2
2.8
3.2
2.8
2.4
1.9
1.9
1.3
1.5
.7
2.6
1.9
3.6
2.9
3.5
2.7
3.9
3.1
4.4
3.4
5.6
4.7
7.3
6.7
.7 -3.3
-3.3 -14.4
9.2
1982
4.3
4.3
4.4
3.5
3.0
2.6
4.2
5.7
5.9
6.9
8.4
12.0
19.1
9.4
1983
3.9
3.8
3.9
2.9
2.3
1.8
3.5
5.1
5.2
6.4
8.1
13.3
29.8
1984
2.0
1.8
1.6
.3
-.7
-1.7
-.4
.7
-.2
-.5
-1.3
-1.1
1985
2.3
2.1
1.9
.5
-.6
-1.8
-.2
1.2
.2
-.1
-1.5
1986
2.7
2.5
2.4
.8
-.4
-1.9
.1
2.1
1.0
1.2
1987
2.8
2.6
2.5
J
-.8
-2.6
-.3
25
.8
1988
3.1
2.9
2.8
.7
-1.2
-3.8
-.8
4.3
1989
2.9
2.6
2.5
-.2
-2.9
-7.5
-5.6
1990
4.4
4.4
4.7
1.7
-1.5
-9.4
1991
7.4
8.1
9.9
7.8
7.1
1992
7.5
8.5
11.3
8.4
1993
7.2
8.5
14.3
1994
3.9
3.1
1995
4.7
SURVEY OF CURRENT BUSINESS
July 1997
National Data •
D-43
Table C.14.—Real Gross Private Domestic Fixed Investment
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
Terminal year
1970
1996
1995
3.4
3.3
3.2
2.9
2.7
2.6
3.2
3.5
3.6
3.7
4.0
4.2
4.1
3.2
2.9
3.9
4.1
5.4
5.5
4.6
3.1
1.7
5.2
9.5
9.7
7.6
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
1971
1971
3.3
3.1
3.0
2.7
2.5
2.4
2.9
3.3
3.4
3.4
3.7
3.9
3.9
2.9
2.5
3.6
3.8
5.2
5.2
4.2
2.2
.3
4.5
10.5
11.9
1972
2.9
2.8
2.6
2.3
2.1
1.9
2.5
2.8
2.9
2.9
3.2
3.4
3.2
2.1
1.6
2.7
2.8
4.2
4.1
2.7
-.1
-3.3
1.0
9.1
1973
1974
2.7
3.1
2.5
2.9
2.8
2.3
2.4
2.0
2.2
1.7
1.5
2.0
2.1
2.7
2.4
3.0
3.1
2.5
3.2
2.5
2.7
3.5
2.9
3.8
2.7
3.7
1.4
2.4
1.8
.8
3.2
1.9
3.4
1.9
3.5
5.6
5.7
3.1
1.1
3.8
-3.0 -1.2
-8.9 -11.2
-6.6
1975
3.9
3.7
3.6
3.2
3.0
2.9
3.6
4.1
4.3
4.5
5.0
5.4
5.5
4.2
3.8
5.8
6.6
10.2
11.9
12.3
9.9
1977
1976
3.6
3.4
3.3
2.9
2.6
2.4
3.2
3.7
3.9
4.0
4.5
4.9
5.0
3.4
2.8
5.0
5.8
10.4
13.0
14.7
3.0
2.8
2.6
2.2
1.9
1.6
2.4
2.9
3.0
3.0
3.4
3.8
3.6
1.6
.6
2.7
3.0
8.2
11.3
1978
2.6
2.3
2.1
1.6
1.2
.9
1.7
2.1
2.2
2.1
2.5
2.8
2.4
-.2
-2.0
0
-.9
5.3
1979
2.4
2.1
1.9
1.3
.9
.5
1.3
1.8
1.8
1.8
2.1
2.3
1.9
-1.5
-4.3
-2.5
-6.8
1980
3.0
2.8
2.5
2.0
1.6
1.2
2.2
2.8
3.0
3.0
3.7
4.3
4.1
.3
-3.0
1.9
1981
3.1
2.8
2.6
2.0
1.6
1.2
2.2
2.9
3.1
3.2
4.0
4.9
4.9
-.5
-7.6
1982
3.9
3.7
3.5
2.9
2.5
2.2
3.5
4.5
5.0
5.5
7.2
9.4
11.8
7.2
1983
3.6
3.4
3.2
2.5
2.0
1.6
3.0
4.1
4.6
5.1
7.2
10.5
16.5
1984
2.6
2.3
1.9
1.0
.3
-.4
.9
1.8
1.8
1.6
2.8
4.8
1985
2.4
2.0
1.6
.6
-.3
-1.2
.2
1.0
.8
0
.7
1986
1987
2.6
2.2
1.7
.5
-.5
-1.6
0
1.1
.8
-.7
3.0
2.5
2.0
.8
-.4
-1.9
.3
2.0
2.4
1988
3.1
2.5
2.0
.4
-1.1
-3.2
-.8
1.7
1989
1990
3.3
2.7
2.1
.1
-2.0
-5.6
-3.1
4.4
3.9
3.4
1.2
-1.4
-8.0
1989
1990
1991
7.1
7.1
7.5
6.2
5.7
1992
7.4
7.6
8.4
6.8
1993
7.6
8.0
10.1
1994
6.4
6.0
1995
6.8
Table C. 15.—Real Gross Private Domestic Fixed Investment, Nonresidential
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
Terminal year
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
1971
. . ..
1970
3.9
3.8
3.5
3.3
3.1
3.2
3.7
3.9
3.9
3.9
4.2
4.8
4.7
3.8
4.2
5.0
5.0
5.6
5.1
4.0
2.7
2.3
5.8
7.6
4.3
-.1
1971
4.1
3.9
3.7
3.4
3.3
3.4
3.9
4.2
4.2
4.2
4.5
5.1
5.0
4.1
4.6
5.6
5.6
6.4
5.9
4.7
3.3
3.0
7.9
11.7
9.0
1972
3.9
3.7
3.5
3.2
3.0
3.1
3.6
3.9
3.9
3.9
4.2
4.8
4.7
3.6
4.2
5.2
5.2
6.0
5.4
3.9
2.0
1.0
7.3
14.6
1973
1974
3.4
3.6
3.4
3.3
3.1
3.0
2.6
2.8
2.4
2.6
2.6
2.5
3.2
3.0
3.4
3.3
3.4
3.2
3.1
3.3
3.7
3.5
4.1
4.4
4.2
3.9
2.6
2.9
3.4
3.1
4.1
4.6
3.9
4.5
4.7
5.5
3.7
4.5
1.6
1.3
-1.9 -3.1
-5.1 -10.5
.5
1975
4.3
4.1
3.9
3.5
3.4
3.5
4.2
4.5
4.6
4.6
5.1
6.0
6.0
4.6
5.6
7.4
7.8
9.9
10.0
8.2
4.8
1977
1976
4.3
4.1
3.8
3.5
3.3
3.4
4.1
4.5
4.5
4.5
5.1
6.1
6.1
4.6
5.7
7.9
8.5
11.7
12.7
11.8
3.9
3.7
3.4
3.0
2.7
2.8
3.6
3.9
3.9
3.8
4.4
5.4
5.3
3.5
4.5
6.9
7.4
11.6
13.7
1978
3.4
3.1
2.7
2.3
2.0
2.0
2.7
3.1
3.0
2.8
3.3
4.3
4.0
1.6
2.4
4.7
4.5
9.6
1979
3.0
2.7
2.3
1.8
1.4
1.4
2.1
2.4
2.2
2.0
2.4
3.5
2.9
-.4
.1
2.4
-.5
1980
3.2
3.0
2.5
2.0
1.6
1.6
2.4
2.8
2.6
2.3
2.9
4.3
3.8
-.3
.3
5.3
1981
3.1
2.8
2.3
1.7
1.3
1.2
2.1
2.4
2.2
1.9
2.5
4.0
3.3
-3.1
-4.4
1982
3.6
3.4
2.9
2.3
1.9
1.9
2.9
3.5
3.4
3.2
4.3
7.0
7.4
-1.7
1983
4.1
3.8
3.3
2.7
2.3
2.3
3.6
4.3
4.4
4.4
6.3
11.6
17.3
1984
3.0
2.7
2.0
1.2
.5
.3
1.5
1.9
1.4
.4
1.2
6.2
1985
2.8
2.3
1.5
.5
-.3
-.6
.6
.9
-.1
-2.3
-3.5
1986
3.4
3.0
2.2
1.1
.3
0
1.6
2.4
1.6
-1.1
1987
3.9
3.5
2.7
1.5
.6
.2
2.6
4.2
4.4
1988
3.9
3.4
2.4
1.0
-.4
-1.1
1.7
4.0
3.8
3.3
2.1
.2
-1.8
-3.6
-.6
4.6
4.1
2.7
.5
-2.4
-6.4
1991
7.0
6.9
6.0
4.1
1.9
1992
8.3
8.6
8.1
6.4
1993
8.9
9.7
9.8
1994
8.4
9.5
1995
7.4
Table C. 16.—Real Gross Private Domestic Fixed Investment, Nonresidential Structures
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
Terminal year
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
1971
1970
1.1
1.0
.7
.7
.8
1.2
1.8
1.9
1.8
1.9
2.3
3.2
2.9
2.1
3.2
3.7
3.2
2.9
1.7
.5
-.3
-.8
1.8
3.1
.7
-1.6
1971
1.2
1.1
.8
.8
.9
1.3
2.0
2.1
2.0
2.1
2.5
3.6
3.3
2.4
3.7
4.2
3.8
3.4
2.2
.8
0
-.6
3.0
5.6
3.1
1972
1.2
1.0
.7
.7
.8
1.2
1.9
2.0
2.0
2.1
2.5
3.6
3.3
2.4
3.7
4.3
3.9
3.5
2.1
.4
-.7
-1.8
2.9
8.2
1973
1974
1.0
.9
.7
.8
.4
.5
.5
.3
.4
.6
1.0
.9
1.8
1.6
1.9
1.6
1.9
1.6
1.7
2.0
2.4
2.1
3.7
3.2
3.4
2.9
2.2
1.8
3.2
3.9
4.7
3.9
4.2
3.3
3.7
2.7
1.6
.9
-1.5 -1.3
-4.2
-3.5
-6.4 -10.5
-2.1
1975
1.6
1.4
1.1
1.1
1.3
1.8
2.7
2.8
2.9
3.1
3.7
5.3
5.0
4.0
6.2
7.5
7.4
7.6
6.0
3.7
2.5
1976
1.6
1.4
1.1
1.0
1.2
1.8
2.7
2.9
2.9
3.1
3.8
5.6
5.4
4.2
6.8
8.6
8.7
9.4
7.8
4.9
1977
1.4
1.2
.8
.8
1.0
1.6
2.6
2.7
2.7
3.0
3.7
5.7
5.4
4.0
7.2
9.5
10.0
11.7
10.9
1978
.9
.6
.2
.2
.3
.9
1.9
2.0
1.9
2.1
2.9
5.0
4.6
2.7
6.3
9.0
9.6
12.6
1979
.2
-.1
-.5
-.7
-.6
-.1
1.0
1.0
.8
.9
1.5
3.7
3.0
.4
4.3
7.3
6.7
1980
-.2
-.5
-1.0
-1.2
-1.2
-.6
.4
.3
.1
.1
.7
3.2
2.1
-1.6
3.1
7.9
1981
1982
-.7
-.6
-1.1 -1.0
-1.7 -1.7
-1.9 -2.0
-2.0
-2.0
-1.5 -1.5
-.4
-.2
-.4
-.6
-.9
-.9
-1.2 -1.1
-.7
-.5
3.2
2.0
.3
1.2
-6.0 -10.4
-1.5
1983
.2
-.2
-.9
-1.1
-1.0
-.3
1.3
1.3
1.2
1.3
3.1
10.7
14.3
1984
1985
-.9 -1.6
-1.4 -2.3
-2.3
-3.3
-2.7
-3.9
-2.8
-4.2
-2.2
-3.7
-.7 -2.2
-1.1 -3.1
-1.9 -4.7
-2.6
-7.3
-2.1 -10.8
7.3
1986
-.7
-1.3
-2.3
-2.8
-3.0
-2.2
0
-.3
-1.6
-3.6
1987
-.3
-1.0
-2.1
-2.7
-2.9
-1.9
1.3
1.3
.5
1988
-.4
-1.2
-2.5
-3.3
-3.7
-2.7
1.6
2.2
1989
1990
-.8 -1.1
-1.7 -2.3
-3.4
-4.5
-4.7 -6.5
-5.6
-8.8
-5.0 -10.7
1.1
1991
.9
-.1
-2.4
-4.3
-6.8
1992
2.9
2.3
-.1
-1.7
1993
4.5
4.4
1.5
1994
6.1
7.3
1995
4.9
D-44
• National Data
SURVEY OF CURRENT BUSINESS
July 1997
Table C.17.—Real Gross Private Domestic Fixed Investment, Nonresidential Producers' Durable Equipment
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
Terminal year
5.3
5.2
5.0
4.7
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
1971
1970
..
-.
4.4
4.4
4.8
5.1
5.2
5.1
5.4
5.7
5.7
4.7
4.7
5.8
6.0
7.3
7.1
6.1
4.5
4.2
8.3
10.4
6.6
.8
1971
5.5
5.4
5.2
4.9
4.6
4.5
5.0
5.4
5.4
5.4
5.7
6.0
6.1
5.1
5.1
6.3
6.6
8.1
8.1
7.0
5.3
5.1
10.9
15.6
12.7
1972
5.2
5.1
4.9
4.5
4.2
4.1
4.6
5.0
5.0
4.9
5.2
5.5
5.5
4.4
4.4
5.6
5.9
7.4
7.3
5.9
3.5
2.7
10.0
18.5
1973
1974
4.7
4.8
4.5
4.7
4.4
4.3
3.8
3.9
3.5
3.6
3.4
3.5
3.8
4.0
4.2
4.3
4.1
4.3
4.1
4.0
4.4
4.3
4.5
4.8
4.4
4.7
3.2
3.1
2.9
3.0
4.1
4.4
4.2
4.6
5.7
6.4
5.2
6.0
2.9
3.2
-1.0 -2.5
-4.4 -10.5
2.1
1975
5.6
5.5
5.2
4.8
4.5
4.4
5.0
5.5
5.5
5.4
5.9
6.4
6.5
5.0
5.1
7.1
7.8
11.1
12.2
10.8
6.1
1977
1976
5.1
4.9
4.6
4.1
3.7
3.5
4.1
4.6
4.6
4.4
4.9
5.4
5.3
3.2
2.9
5.4
5.9
11.5
15.1
5.6
5.4
5.2
4.7
4.4
4.3
4.9
5.4
5.5
5.4
5.9
6.4
6.6
4.9
4.9
7.3
8.3
12.9
15.3
15.6
1978
4.6
4.3
4.0
3.4
2.9
2.7
3.3
3.7
3.6
3.3
3.7
4.0
3.8
1.0
.1
2.3
1.6
8.1
1979
4.3
4.1
3.7
3.1
2.5
2.2
2.8
3.3
3.1
2.7
3.0
3.4
3.0
-.7
-2.5
-.5
-4.4
1980
4.9
4.7
4.3
3.7
3.1
2.9
3.6
4.2
4.1
3.7
4.3
5.0
4.9
.5
-1.5
3.7
1981
5.0
4.8
4.4
3.6
3.1
2.8
3.6
4.2
4.1
3.7
4.5
5.3
5.3
-1.0
-6.4
1982
5.9
5.7
5.3
4.6
4.1
3.9
4.9
5.9
6.0
5.9
7.4
9.6
11.7
4.6
1983
6.0
5.8
5.4
4.6
4.0
3.8
4.9
6.1
6.3
6.2
8.3
12.1
19.2
1984
4.9
4.6
4.1
3.1
2.3
1.7
2.7
3.6
3.3
2.2
3.2
5.5
1985
4.9
4.6
3.9
2.8
1.8
1.1
2.2
3.1
2.5
.6
1.0
1986
1987
5.3
5.0
4.3
3.1
2.0
1.1
2.5
3.9
3.3
.3
5.9
5.6
4.9
3.5
2.3
1.4
3.3
5.7
6.4
1988
5.8
5.4
4.6
3.0
1.3
-.3
1.7
5.0
1989
1990
5.9
5.5
4.5
2.5
.1
-2.8
-1.5
7.2
7.0
6.1
3.8
.9
-4.1
1989
1990
1991
9.6
9.9
9.8
8.1
6.2
1992
1993
1994
10.5
11.2
11.6
10.0
10.6
11.8
13.2
9.3
10.4
1992
1993
1994
1995
8.3
Table C. 18.—Real Gross Private Domestic Fixed Investment, Residential
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
Terminal year
1970
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
1971
... .
2.4
2.3
2.5
2.1
1.9
1.2
2.0
2.6
3.0
3.3
3.5
2.9
3.0
2.2
-.5
1.3
2.2
5.2
6.4
6.4
4.1
.6
4.3
14.2
22.5
27.4
1971
1972
1973
1974
2.1
.9
1.0
1.5
.7
.8
1.9
1.4
.8
.9
2.1
1.5
.4
.4
1.7
1.1
.1
1.4
0
.8
.1
-.8
-.8
.5
-.1
1.4
0
.8
1.4
.6
2.2
.5
1.7
.9
.8
2.6
1.1
.9
3.0
1.9
1.1
1.0
3.2
2.0
1.4
2.4
.2
.3
.1
.2
2.5
1.4
.3 -1.1 -1.2
1.3
-2.7
-4.6 -5.0 -2.8
-.4
-3.2
-1.0 -2.9
-.2 -2.3
-2.5
.9
2.8
.8
6.0
1.0
2.0
3.7
1.5
8.6
9.2
3.2
.5
.8
3.7
0 -4.0 -5.2
-5.2 -11.8 -16.9 -13.0
-2.4 -11.2 -20.6
-.6
8.2
17.8
1975
2.8
2.7
3.0
2.6
2.3
1.5
2.4
3.3
3.9
4.4
4.8
4.1
4.4
3.2
-1.3
1.8
3.9
11.4
16.9
22.4
23.6
1977
1976
1978
1979
1980
1981
.7
.9
2.5
3.3
1.0
.7
.4
.7
2.3
3.1
.9
.6
.9
2.7
3.5
-.1
.2
2.1
.3
2.9
-.1
-.6
-.3
2.5
1.6
.4
1.2
-1.2 -1.8 -1.6
1.7
-.3
-.9
-.6
2.9
-.1
.5
.3
3.0
4.5
5.7
.3
.8
3.9
.9
.6
4.8
1.1
7.0
1.1
1.2
.6
1.3
5.5
8.5
0
-.9
-.5
4.3
7.6
-.2 -1.3
-.8
5.0
9.8
7.4
-2.5
2.0
-4.2 -4.3
-9.4 -13.0 -16.0 -13.3 -18.2
-7.1 -11.3 -14.8
-8.0
-6.8 -12.8 -21.1
1.3 -3.7
6.6
1.9
1.7
2.0
1.5
1.1
.1
1.1
1.9
2.4
2.8
3.1
2.1
2.2
.6
-4.9
-2.0
-.5
7.6
13.7
21.2
1982
5.0
5.0
5.6
5.1
4.9
3.7
5.8
8.2
10.3
13.0
16.4
17.9
27.1
41.1
1983
2.6
2.4
2.8
2.1
1.5
-.3
1.6
3.5
5.0
6.9
9.2
7.8
14.6
1984
1.7
1.4
1.7
.8
0
-2.2
-.4
1.4
2.8
4.4
6.5
1.4
1985
1.7
1.4
1.8
.7
-.2
-2.8
-.8
1.5
3.2
5.9
12.0
1986
.7
.2
.6
-.8
-2.2
-5.5
-3.7
-1.8
-.9
.2
1987
1988
.8
.2
.6
-1.0
-2.6
-6.9
-5.0
-2.8
-2.0
1.2
1.9
3.9
.6
3.6
1.3
2.0
5.1
1.1
-.1
-.8
3.2
-2.5
1.1
-2.8
-8.5 -10.8 -12.3
-6.5 -9.3
-3.7
1987
1988
1991
7.4
8.0
11.6
12.0
16.6
5.2
5.2
9.2
7.6
4.5
4.1
10.8
1.4
-2.3
1995
5.3
Table C. 19.—Real Exports of Goods and Services
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
Terminal year
1970
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
1971
6.6
6.6
6.5
6.4
6.6
6.6
6.6
6.5
6.2
5.6
5.3
5.2
5.4
5.1
5.8
7.1
7.7
7.3
7.1
6.6
7.3
7.6
9.8
9.9
4.3
.7
1971
6.8
6.8
6.7
6.7
6.8
6.9
6.9
6.8
6.5
6.0
5.6
5.5
5.7
5.5
6.3
7.7
8.5
8.2
8.0
7.6
8.7
9.4
13.0
14.7
8.1
1972
6.8
6.8
6.7
6.6
6.8
6.8
6.8
6.7
6.4
5.8
5.5
5.3
5.5
5.3
6.1
7.7
8.5
8.2
8.0
7.5
8.9
9.9
15.6
21.8
1973
6.1
6.1
6.0
5.9
6.0
6.0
6.0
5.8
5.5
4.8
4.3
4.0
4.2
3.8
4.5
6.0
6.8
6.1
5.4
4.2
4.8
4.3
9.6
1974
6.0
6.0
5.8
5.7
5.9
5.8
5.8
5.6
5.2
4.4
3.9
3.6
3.6
3.1
3.9
5.5
6.3
5.4
4.4
2.5
2.5
-.7
1975
6.3
6.3
6.2
6.1
6.2
6.2
6.2
6.1
5.6
4.8
4.3
4.0
4.1
3.6
4.5
6.6
7.7
7.0
6.2
4.1
5.9
1976
6.3
6.3
6.2
6.1
6.3
6.3
6.2
6.1
5.6
4.7
4.1
3.8
3.9
3.3
4.3
6.8
8.2
7.4
6.3
2.4
1977
6.5
6.6
6.4
6.3
6.5
6.5
6.5
6.4
5.9
5.0
4.3
4.0
4.1
3.5
4.7
7.9
10.2
9.9
10.4
1978
6.3
6.3
6.2
6.0
6.3
6.2
6.2
6.0
5.5
4.4
3.6
3.1
3.1
2.1
3.3
7.1
10.2
9.5
1979
6.2
6.1
6.0
5.8
6.0
6.0
5.9
5.7
5.0
3.8
2.8
2.0
1.9
.4
1.4
5.9
10.8
1980
5.9
5.8
5.6
5.4
5.6
5.5
5.5
5.1
4.3
2.8
1.5
.4
-.2
-2.9
-3.1
1.2
1981
6.2
6.2
6.0
5.8
6.0
6.0
6.0
5.6
4.8
3.1
1.6
.2
-.7
-4.9
-7.1
1982
7.2
7.3
7.1
7.0
7.5
7.6
7.7
7.6
6.9
5.2
3.8
2.7
2.7
-2.6
1983
8.0
8.1
8.1
8.1
8.6
8.9
9.3
9.4
9.0
7.3
6.1
5.5
8.3
1984
8.0
8.1
8.0
8.0
8.7
9.0
9.4
9.6
9.1
7.0
5.0
2.7
1985
8.5
8.7
8.7
8.7
9.6
10.1
10.8
11.4
11.4
9.2
7.4
1986
8.6
8.8
8.8
8.9
9.9
10.6
11.7
12.8
13.4
11.0
8.3
8.6
8.5
8.6
9.7
10.5
12.0
13.8
15.9
7.4
7.6
7.3
7.2
8.2
8.8
10.1
11.7
1989
6.8
6.9
6.5
6.1
7.1
7.4
8.5
1990
6.5
6.6
6.0
5.3
6.4
6.3
1991
6.6
6.6
5.9
4.7
6.6
1992
6.6
6.6
5.5
2.9
1993
7.9
8.5
8.2
1994
7.7
8.9
1995
6.5
National Data • D-45
SURVEY OF CURRENT BUSINESS
July 1997
Table C.20.—Real Imports of Goods and Services
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
Terminal year
1970
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
1971
5.7
5.7
5.6
5.3
5.1
5.0
5.3
5.4
5.5
5.5
5.5
5.3
5.2
3.9
3.2
3.6
3.7
4.9
5.4
4.9
4.0
1.1
4.4
6.9
8.1
5.3
1971
5.7
5.7
5.6
5.3
5.1
5.0
5.3
5.4
5.5
5.6
5.5
5.3
5.2
3.8
3.0
3.4
3.5
4.9
5.4
4.8
3.7
0
4.1
7.7
11.0
1972
5.5
5.4
5.3
5.0
4.8
4.7
5.0
5.0
5.1
5.2
5.1
4.9
4.8
3.1
2.2
2.6
2.6
4.0
4.4
3.6
1.9
-3.4
.8
4.5
1974
1973
5.5
5.9
5.5
5.9
5.4
5.8
5.0
5.5
4.8
5.3
4.7
5.1
5.0
5.5
5.6
5.1
5.7
5.2
5.9
5.3
5.2
5.9
4.9
5.6
4.8
5.6
3.7
3.0
2.6
2.0
2.4
3.2
3.2
2.4
4.0
5.3
4.4
6.3
3.4
5.5
1.1
3.0
-7.1 -11.3
-2.7
1975
6.8
6.8
6.8
6.5
6.3
6.3
6.7
6.9
7.2
7.5
7.6
7.5
7.6
5.7
4.7
5.8
6.4
10.0
12.9
15.1
19.6
1977
1976
6.2
6.2
6.1
5.8
5.6
5.4
5.9
6.0
6.2
6.4
6.5
6.2
6.2
3.8
2.5
3.2
3.4
6.9
9.7
10.7
6.0
6.0
5.8
5.5
5.2
5.1
5.5
5.7
5.8
6.0
6.0
5.7
5.6
2.7
.9
1.4
1.0
5.1
8.7
1978
5.8
5.8
5.7
5.3
5.0
4.8
5.3
5.4
5.5
5.7
5.7
5.3
5.1
1.6
-1.0
-.9
-2.6
1.7
1979
6.1
6.1
5.9
5.5
5.2
5.1
5.6
5.8
6.0
6.2
6.2
5.9
5.8
1.6
-1.8
-2.1
-6.7
1980
6.9
7.0
6.9
6.5
6.3
6.2
6.9
7.2
7.7
8.2
8.6
8.6
9.1
4.5
.7
2.6
1981
7.2
7.3
7.2
6.9
6.6
6.6
7.4
7.8
8.4
9.2
9.8
10.1
11.4
5.5
-1.3
1982
7.9
8.0
8.0
7.6
7.5
7.5
8.5
9.2
10.1
11.4
12.7
14.2
18.3
12.6
1983
7.5
7.6
7.6
7.1
6.9
6.8
7.9
8.6
9.6
11.1
12.8
15.0
24.3
1984
6.2
6.2
6.0
5.4
4.9
4.5
5.4
5.8
6.2
7.0
7.4
6.5
1985
6.2
6.2
6.0
5.2
4.7
4.2
5.2
5.6
6.1
7.3
8.4
1986
6.0
5.9
5.7
4.8
4.1
3.4
4.5
4.6
5.0
6.1
1987
6.0
5.9
5.6
4.6
3.7
2.8
3.9
3.9
3.9
1988
6.2
6.2
5.9
4.7
3.6
2.4
3.9
3.9
1989
1991
1990
7.0
7.1
6.9
5.3
3.4
-.7
6.5
6.6
6.3
4.9
3.5
1.6
3.9
8.6
9.1
9.5
8.3
7.5
1992
8.9
9.7
10.6
9.2
1993
8.8
10.0
12.0
1994
7.2
8.0
1995
6.4
Table C.21.—Real Government Consumption Expenditures and Gross investment
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
Terminal year
1970
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
1971
1.5
1.5
1.6
1.6
1.7
1.8
1.8
1.8
1.7
1.8
1.7
1.5
1.2
1.0
.9
.8
.8
.7
.6
.3
.2
.2
-.1
-.7
-.7
-1.8
1971
1.6
1.6
1.7
1.8
1.9
2.0
2.0
2.0
1.9
2.0
1.9
1.7
1.4
1.2
1.1
1.1
1.1
1.0
1.0
.6
.6
.7
.5
-.2
.4
1972
1.7
1.7
1.8
1.9
2.0
2.1
2.1
2.1
2.0
2.1
2.1
1.8
1.5
1.3
1.2
1.2
1.2
1.1
1.1
.7
.7
.9
.5
-.7
1974
1973
1.8
1.8
1.9
2.0
2.1
2.2
2.3
2.3
2.2
2.3
2.3
2.0
1.7
1.5
1.4
1.4
1.5
1.4
1.4
1.1
1.1
1.6
1.7
1.8
1.8
1.9
2.0
2.1
2.2
2.3
2.3
2.3
2.3
2.3
2.1
1.7
1.5
1.3
1.3
1.5
1.4
1.4
.8
.8
1.5
1975
1.8
1.8
1.9
2.0
2.2
2.3
2.4
2.4
2.3
2.4
2.4
2.1
1.7
1.5
1.3
1.3
1.4
1.4
1.3
.5
.1
1977
1976
1.9
1.9
2.0
2.2
2.3
2.4
2.6
2.5
2.5
2.6
2.6
2.3
1.9
1.7
1.5
1.6
1.8
1.8
1.9
.9
1.9
2.0
2.1
2.2
2.4
2.5
2.7
2.7
2.7
2.8
2.8
2.5
2.0
1.8
1.6
1.7
2.1
2.2
2.9
1978
1.9
1.9
2.1
2.2
2.4
2.5
2.7
2.6
2.6
2.8
2.8
2.5
1.9
1.6
1.3
1.3
1.7
1.6
1979
1.9
2.0
2.1
2.2
2.4
2.6
2.8
2.8
2.8
2.9
3.0
2.6
1.9
1.6
1.3
1.2
1.8
1980
1.9
2.0
2.1
2.3
2.5
2.7
2.9
2.9
2.9
3.1
3.2
2.8
2.0
1.6
1.0
.7
1981
2.0
2.1
2.2
2.4
2.7
2.9
3.1
3.1
3.2
3.5
3.7
3.3
2.4
2.1
1.3
1982
2.0
2.1
2.3
2.5
2.8
3.0
3.4
3.4
3.5
4.0
4.3
4.0
3.0
2.8
1983
2.0
2.1
2.2
2.5
2.8
3.1
3.4
3.5
3.6
4.2
4.8
4.6
3.1
1984
1.9
2.0
2.2
2.4
2.7
3.1
3.5
3.6
3.8
4.6
5.6
6.1
1985
1.5
1.6
1.7
2.0
2.3
2.6
3.0
3.0
3.0
3.9
5.1
1986
1.1
1.2
1.3
1.5
1.8
2.1
2.4
2.3
2.0
2.7
1987
1.0
1.0
1.1
1.3
1.6
1.9
2.4
2.0
1.3
1988
.9
.9
1.1
1.3
1.7
2.1
2.9
2.8
1989
1990
.7
.6
.7
1.0
1.4
1.8
3.0
1991
.3
.2
.2
.3
.5
.6
.2
0
.1
.1
.5
1992
.1
-.1
-.1
-.2
1993
.3
0
-.1
1994
.4
0
1995
.8
Table C.22.—Real Government Consumption Expenditures and Gross Investment, Federal
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
Terminal year
1970
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
1971
.3
.4
.6
.8
1.0
1.1
1.2
1.2
1.1
1.3
1.2
1.0
.6
.4
0
-.2
-.7
-1.2
-1.5
-2.0
-2.6
-2.9
-3.6
-4.6
-4.4
-7.1
1971
.7
.7
.9
1.1
1.4
1.5
1.7
1.6
1.7
1.9
1.8
1.6
1.2
1.1
.7
.5
.1
-.4
-.7
-1.2
-1.7
-1.9
-2.4
-3.3
-1.7
1972
.8
.8
1.0
1.3
1.5
1.7
1.8
1.8
1.9
2.1
2.0
1.9
1.4
1.4
1.0
.7
.3
-.3
-.5
-1.1
-1.7
-1.9
-2.8
-4.9
1973
1.0
1.1
1.3
1.6
1.9
2.1
2.3
2.3
2.3
2.6
2.6
2.4
2.0
2.0
1.6
1.4
1.1
.5
.4
-.1
-.6
-.4
-.6
1974
1.1
1.2
1.4
1.7
2.0
2.3
2.4
2.5
2.5
2.9
2.9
2.7
2.3
2.3
1.9
1.7
1.3
.8
.6
.1
-.6
-.2
1975
1.1
1.3
1.5
1.8
2.1
2.4
2.6
2.7
2.8
3.2
3.2
3.0
2.6
2.6
2.2
2.1
1.7
1.0
.9
.3
-1.0
1976
1.3
1.4
1.7
2.0
2.3
2.7
2.9
2.9
3.1
3.5
3.6
3.5
3.1
3.2
2.8
2.7
2.3
1.7
1.8
1.6
1977
1.2
1.4
1.7
2.0
2.4
2.7
3.0
3.1
3.2
3.7
3.8
3.7
3.3
3.4
3.0
3.0
2.6
1.8
2.1
1978
1.2
1.3
1.6
2.0
2.4
2.8
3.1
3.2
3.3
3.9
4.0
4.0
3.5
3.7
3.3
3.3
2.8
1.5
1979
1.2
1.3
1.6
2.0
2.5
2.9
3.2
3.3
3.5
4.2
4.4
4.4
3.9
4.2
3.9
4.2
4.2
1980
1.0
1.1
1.5
1.9
2.4
2.8
3.1
3.2
3.5
4.2
4.4
4.4
3.8
4.3
3.7
4.2
1981
.8
.9
1.3
1.7
2.2
2.6
3.0
3.1
3.4
4.3
4.5
4.5
3.7
4.3
3.2
1982
.6
.7
1.1
1.6
2.1
2.6
3.0
3.1
3.4
4.5
4.8
4.9
3.9
5.4
1983
.2
.4
.7
1.2
1.7
2.2
2.6
2.7
3.0
4.2
4.6
4.6
2.4
1984
.1
.2
.5
1.0
1.6
2.2
2.6
2.8
3.1
4.8
5.7
6.9
1985
-.5
-.5
-.1
.3
.9
1.4
1.8
1.8
1.9
3.8
4.6
1986
-1.0
-1.0
-.7
-.3
.3
.8
1.1
.8
.6
3.1
1987
-1.5
-1.5
-1.2
-.8
-.2
.2
.5
-.3
-1.8
1988
-1.4
-1.5
-1.1
-.6
.2
.9
1.6
1.3
1989
-1.8
-2.0
-1.6
-1.1
-.2
.7
2.0
1990
-2.4
-2.7
-2.5
-2.1
-1.3
-.5
1991
-2.8
-3.3
-3.2
-2.8
-2.1
1992
-3.0
^3.6
-3.7
^3.6
1993
-2.8
-3.7
-3.8
1994
-2.3
-3.6
1995
-1.1
D-46
SURVEY OF CURRENT BUSINESS
• National Data
July 1997
Table C.23.—Real Government Consumption Expenditures and Gross Investment, State and Local
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
Terminal year
1970
2.3
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
1971
2.4
2.4
2.4
2.4
2.4
2.4
2.3
2.2
2.2
2.1
1.9
1.7
1.5
1.6
1.8
2.1
2.4
2.5
2.3
2.6
3.0
3.0
2.8
2.7
3.3
1971
2.3
2.3
2.3
2.3
2.3
2.3
2.4
2.3
2.2
2.1
2.1
1.8
1.6
1.4
1.4
1.6
2.0
2.3
2.4
2.2
2.5
2.9
2.9
2.6
2.2
1972
1973
2.3
2.3
2.3
2.3
2.3
2.3
2.4
2.3
2.2
2.1
2.0
1.8
1.5
1.3
1.4
1.5
2.0
2.3
2.4
2.1
2.6
3.2
3.3
3.0
2.3
2.3
2.3
2.3
2.3
2.3
2.3
2.2
2.1
2.0
2.0
1.7
1.4
1.1
1.2
1.4
1.8
2.1
2.2
1.9
2.4
3.2
3.6
1974
1975
2.2
2.2
2.2
2.2
2.2
2.2
2.3
2.2
2.0
1.9
1.8
1.5
1.1
.9
.9
1.0
1.6
1.9
1.9
1.4
1.9
2.9
1977
1976
2.2
2.2
2.2
2.2
2.2
2.2
2.2
2.1
2.0
1.8
1.7
1.4
.9
.6
.6
.7
1.3
1.6
1.6
.6
.8
1978
2.4
2.4
2.4
2.4
2.4
2.4
2.5
2.4
2.2
2.0
2.0
1.6
1.0
.6
.6
.8
1.7
2.6
3.6
2.3
2.3
2.3
2.3
2.3
2.3
2.3
2.2
2.1
1.9
1.8
1.4
1.0
.6
.5
.7
1.4
1.9
2.0
.4
1979
2.3
2.3
2.3
2.3
2.3
2.3
2.4
2.2
2.1
1.9
1.8
1.3
.6
0
-.2
-.1
.8
1.6
1980
2.3
2.4
2.4
2.3
2.4
2.4
2.4
2.3
2.1
1.9
1.8
1.2
.4
-.4
-.8
-1.0
0
1982
1981
2.5
2.5
2.5
2.5
2.6
2.6
2.7
2.6
2.4
2.2
2.1
1.5
.5
-.5
-1.1
-2.0
2.8
2.8
2.9
2.9
3.0
3.0
3.2
3.1
3.0
2.9
3.0
2.4
1.4
.2
-.3
1984
1983
3.0
3.1
3.1
3.2
3.3
3.4
3.7
3.6
3.6
3.5
3.8
3.2
2.2
.7
3.2
3.3
3.4
3.5
3.6
3.8
4.1
4.1
4.2
4.3
4.9
4.6
3.8
1985
3.1
3.2
3.3
3.4
3.6
3.8
4.2
4.2
4.3
4.4
5.4
5.3
1987
1986
2.7
2.8
2.8
2.9
3.0
3.1
3.5
3.4
3.2
2.4
2.9
3.0
3.1
3.2
3.3
3.5
3.9
3.9
3.9
3.9
5.5
1988
2.7
2.8
2.9
2.9
3.1
3.3
3.9
3.9
3.9
1990
1989
2.6
2.7
2.7
2.7
2.9
3.1
3.9
4.0
2.4
2.4
2.5
2.4
2.5
2.6
3.8
2.1
2.2
2.1
2.0
1.9
1.4
1991
1992
2.3
2.3
2.3
2.3
2.4
1994
1993
2.3
2.3
2.3
2.2
2.3
2.4
2.5
1995
2.2
2.4
2.0
Table C.24.—Real Disposable Personal Income
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
Terminal year
1970
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
1971
. .
.
2.8
2.8
2.8
2.8
2.9
2.9
3.0
3.1
3.2
3.1
3.2
3.2
3.2
2.9
2.9
3.1
3.2
3.5
3.6
3.4
3.4
3.3
3.7
5.2
4.3
4.0
1971
2.8
2.8
2.7
2.8
2.8
2.8
3.0
3.1
3.1
3.1
3.2
3.2
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
2.7
2.8
2.8
2.9
3.0
3.0
3.0
3.1
3.1
3.1
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
2.5
2.5
2.5
2.7
2.7
2.8
2.7
2.8
2.7
2.7
2.3
2.2
2.4
2.4
2.7
2.6
2.0
1.6
.5
-.7
1974
2.7
2.7
2.6
2.6
2.7
2.7
2.9
3.0
3.0
3.0
3.1
3.1
3.1
2.6
2.6
2.8
2.9
3.4
3.5
3.0
2.8
1.7
1975
2.7
2.7
2.7
2.7
2.8
2.8
3.0
3.0
3.1
3.1
3.2
3.2
3.2
2.7
2.7
3.0
3.1
3.8
4.1
3.6
3.9
1976
1977
2.6
2.6
2.6
2.6
2.7
2.7
2.9
3.0
3.1
3.0
3.1
3.1
3.1
2.5
2.5
2.8
2.9
3.7
4.2
3.2
2.6
2.6
2.6
2.6
2.7
2.7
2.9
3.0
3.0
3.0
3.1
3.1
3.1
2.4
2.3
2.7
2.8
3.9
5.2
1978
2.5
2.4
2.4
2.4
2.5
2.5
2.7
2.8
2.8
2.7
2.8
2.8
2.8
1.9
1.6
1.9
1.7
2.7
1979
2.5
2.4
2.4
2.4
2.5
2.5
2.7
2.8
2.8
2.7
2.9
2.8
2.8
1.6
1.3
1.5
.6
1980
2.6
2.6
2.5
2.5
2.6
2.6
2.9
3.0
3.1
3.0
3.2
3.2
3.3
2.0
1.6
2.3
1981
2.6
2.6
2.5
2.5
2.7
2.6
2.9
3.1
3.2
3.1
3.4
3.5
3.6
1.8
.9
1982
2.7
2.7
2.7
2.7
2.8
2.8
3.2
3.4
3.6
3.6
4.1
4.4
5.0
2.8
1983
2.7
2.7
2.6
2.7
2.9
2.9
3.3
3.5
3.8
3.8
4.5
5.1
7.3
1984
2.3
2.3
2.2
2.2
2.3
2.2
2.6
2.8
3.0
2.6
3.1
3.0
1985
2.3
2.2
2.1
2.1
2.2
2.1
2.5
2.7
2.9
2.4
3.2
1986
1987
2.2
2.2
2.0
2.0
2.1
1.9
2.6
2.9
3.9
2.2
2.1
2.0
1.9
2.0
1.9
2.3
2.5
2.8
1.6
1988
2.0
1.9
1.7
1.6
1.7
1.3
1.9
2.0
1989
2.0
1.9
1.6
1.5
1.6
.9
1.8
1990
2.1
1.9
1.6
1.3
1.4
0
1991
2.5
2.4
2.1
2.0
2.8
1992
2.4
2.2
1.7
1.2
1993
2.8
2.8
2.2
1994
3.1
3.3
1995
2.9
Table C.25.—Real Disposable Personal Income Per Capita
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
Terminal year
1970
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
1971
1.8
1.8
1.8
1.8
1.9
1.9
2.0
2.1
2.2
2.1
2.2
2.2
2.2
1.9
1.9
2.1
2.1
2.4
2.5
2.3
2.3
2.2
2.6
4.1
3.1
2.7
1971
1.8
1.8
1.7
1.8
1.8
1.8
2.0
2.1
2.1
2.1
2.2
2.1
2.2
1.8
1.8
2.0
2.1
2.4
2.5
2.3
2.3
2.1
2.6
4.7
3.5
1972
1.7
1.7
1.7
1.7
1.8
1.8
1.9
2.0
2.0
2.0
2.1
2.0
2.0
1.7
1.6
1.8
1.9
2.3
2.4
2.0
2.0
1.7
2.1
6.0
1973
1.5
1.5
1.5
1.5
1.5
1.5
1.7
1.7
1.8
1.7
1.8
1.7
1.7
1.2
1.2
1.3
1.3
1.6
1.6
1.0
.7
-.5
-1.6
1974
1.7
1.6
1.6
1.6
1.7
1.7
1.9
2.0
2.0
2.0
2.1
2.0
2.0
1.6
1.5
1.7
1.8
2.3
2.5
2.0
1.8
.7
1975
1.7
1.7
1.7
1.7
1.8
1.8
2.0
2.0
2.1
2.1
2.2
2.2
2.2
1.7
1.6
1.9
2.0
2.7
3.1
2.6
2.9
1976
1.6
1.6
1.6
1.6
1.7
1.7
1.9
2.0
2.1
2.0
2.1
2.1
2.1
1.5
1.4
1.7
1.8
2.6
3.1
2.2
1977
1.6
1.6
1.5
1.6
1.7
1.7
1.9
2.0
2.0
2.0
2.1
2.1
2.1
1.4
1.3
1.6
1.7
2.8
4.1
1978
1979
1.5
1.5
1.4
1.4
1.4 %J 1.4
1.4 • *r1 .4
1.5 / 1 5
1.5 ' l!5
1.7 1 1.7
1.8
1.8
1.9
1.9
1.7
1.7
1.8
1.9
1.8
1.8
1.7
1.8
.6
.8
.2
.6
.4
.8
.5
-.6
1.6
1980
1.6
1.6
1.5
1.5
1.7
1.7
1.9
2.1
2.2
2.1
2.3
2.3
2.3
1.0
.6
1.3
1981
1.6
1.6
1.5
1.6
1.7
1.7
2.0
2.1
2.3
2.2
2.5
2.5
2.7
.9
-.1
1982
1.7
1.7
1.7
1.7
1.9
1.9
2.3
2.5
2.7
2.7
3.1
3.4
4.1
1.9
1983
1.7
1.7
1.7
1.7
1.9
1.9
2.3
2.6
2.9
2.9
3.6
4.2
6.4
1984
1.4
1.3
1.2
1.2
1.3
1.3
1.7
1.8
2.0
1.7
2.2
2.1
1985
1.3
1.2
1.1
1.1
1.2
1.1
1.6
1.8
2.0
1.5
2.3
1986
1.2
1.1
.9
.9
1.0
.9
1.4
1.6
1.9
.7
1987
1.2
1.1
1.0
.9
1.1
.9
1.6
2.0
3.0
1988
1.0
.9
.6
.5
.6
.2
.9
1.0
1989
1.0
.9
.6
.4
.5
-.1
.8
1990
1.0
.9
.5
.3
.3
-1.0
1991
1.5
1.3
1.0
.9
1.7
1992
1.4
1.2
.7
.1
1993
1.8
1.8
1.2
1994
2.1
2.3
1995
2.0
SURVEY OF CURRENT BUSINESS
July 1997
National Data •
D-47
D. Domestic Perspectives.
These tables present 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
1996 ,
1995
1997
1996
May
Apr.
June
July
Aug.
Sept.
Oct.
Nov.
Jan.
Dec.
Mar.
Feb.
May
Apr.
Consumer and producer prices (seasonally adjusted) *
Consumer price index for all urban consumers,
1982-84=100:
All items
Less food and energy
Services
152.4
161.2
168.7
156.9
165.6
174.1
156.1
164.9
172.9
156.5
165.3
173.5
156.7
165.6
173.9
157.1
166.0
174.5
157.4
166.2
174.9
157.9
166.7
175.4
158.3
167.0
175.8
158.8
167.4
176.3
159.2
Producer price index, 1982=100:
Finished goods
Less food and energy .
Finished consumer goods
Capital equipment
Intermediate materials
Crude materials
127.9
140.0
125.6
136.7
124.9
102.7
131.3
142.0
129.5
138.3
125.7
113.5
130.6
141.6
128.7
138.1
125.6
114.2
130.8
141.9
128.9
138.1
126.1
115.4
131.2
142.1
129.4
138.3
125.7
112.6
131.2
142.1
129.4
138.3
125.5
115.1
131.6
142.2
129.9
138.5
125.7
115.8
132.0
142.4
130.3
138.7
126.2
112.8
132.5
142.3
131.0
138.5
126.0
112.0
1327
142.3
131.3
138.5
125.8
115.0
159.8
168.3
177.6
159.9
176.8
159.4
167.9
177.2
133.4
142.5
132.1
138.5
126.4
122.1
133.0
142.5
131.6
138.6
126.6
126.7
0.09
-0.12
.43
1677
178.0
160.0
169.2
178.5
160.1
169.5
178.8
132.5
142.2
131.1
138.5
126.6
118.2
132.4
142.7
130.8
138.9
125.9
110.0
131.6
142.5
129.9
138.3
125.5
109.0
131.2
142.1
129.4
138.0
125.3
110.4
0.07
-0.50
.42
-0.94
.49
-0.23
1736
1.731
1736
5.39
5.14
7.85
6.69
5.51
5.17
8.04
6.89
5.88
8.14
8.50
1687
Money, interest rates, and stock prices
Money stock (seasonally adjusted):
Percent change:
M1
2
-0.24
.29
-0.57
.03
-0.14
.44
-0.60
.22
-0.81
.34
-0.60
.33
-1.19
.33
6.852
1.721
1710
6.745
1.719
1726
1723
6.920
1.728
1731
1727
5.30
5.02
7.62
6.44
5.76
7.80
8.27
5.22
4.99
7.81
6.51
5.94
7.93
8.25
5.56
5.02
7.87
6.74
5.98
8.07
8.25
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
5.877
1.711
5.83
5.51
7.72
6.57
5.95
7.95
8.83
541.64
670.83
647.17
661.23
5.27
5.11
8.00
6.91
6.02
8.32
8.25
668.50
5.40
5.19
7.97
6.87
5.92
8.25
8.25
644.07
5.22
5.09
7.68
6.64
5.76
8.00
8.25
662.68
-0.02
.56
.62
7.142
5.30
5.15
7.84
6.83
5.87
8.23
8.25
674.88
5.24
5.01
7.69
6.53
572
7.92
8.25
701.46
1728
5.31
5.03
7.43
6.20
5.59
7.62
8.25
735.67
1730
5.29
4.87
7.45
6.30
5.64
7.60
8.25
743.25
1728
5.25
5.05
7.63
6.58
572
7.82
8.25
766.22
.42
7.298
1.733
5.19
5.00
7.54
6.42
5.63
7.65
8.25
798.39
576
7.90
8.30
792.16
763.93
-.02
5.50
5.13
7.90
671
5.70
7.94
8.50
833.09
Labor markets (thousands, 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
Caoods-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 end of table.
132,304 133,943 133,427 133,759 133,709 134,165 133,898 134,291 134,636 134,831 135,022 135,848 135,634 136,319 136,098 136,173
76.7
59.4
53.5
76.8
59.9
62.9
63.2
76.7
59.7
76.8
59.7
76.9
59.7
77.0
59.9
76.8
59.9
76.7
60.0
76.8
60.1
76.9
60.2
76.8
60.3
77.1
60.4
76.9
60.2
77.1
60.6
77.1
60.4
76.9
60.5
52.2
523
52.2
50.7
53.1
51.8
52.6
52.4
51.9
52.3
52.1
52.8
52.0
52.2
52.9
124,900 126,708 126,125 126,428 126,590 126,889 126,988 127,248 127,617 127,644 127,855 128,580 128,430 129,175 129,384 129,639
63.0
63.1
63.2
63.2
63.2
63.3
63.4
63.4
63.4
63.6
63.5
63.8
63.8
63.9
121,460 123,264 122,713 122,954 123,182 123,419 123,570 123,768 124,167 124,290 124,429 125,112 125,138 125,789 125,887 126,209
117,191 119,523 118,966 119,263 119,516 119,691 119,983 120,019 120,248 120,450 120,659 120,909 121,162 121,344 121,667 121,805
24,265 24,431 24,398 24,432 24,453 24,433 24,468 24,439 24,479 24,508 24,540 24,581 24,653 24,670 24,663 24,683
92,925 95,092 94,568 94,831 95,063 95,258 95,515 95,580 95,769 95,942 96,119 96,328 96,509 96,674 97,004 97,122
41.7
41.6
41.6
41.6
41.5
41.7
41.7
41.6
41.8
42.0
417
417
41.9
42.1
42.1
42.0
4.4
4.5
4.5
4.6
4.5
4.5
4.5
4.5
4.5
4.6
47
4.7
4.7
4.9
4.9
4.8
7,404
7,236
7,302
7,331
7,119
7,276
6,910
7,043
7,019
7,187
7,167
7,268
7,205
7,144
6,714
6,534
5.6
1.8
5.4
1.7
5.5
1.8
5.5
1.8
5.3
1.8
5.4
1.7
5.2
1.7
5.2
1.7
5.2
17
167
16.6
16.7
100.8
106.7
107.6
101.5
109.8
111.5
17.3
16.9
101.6
109.4
111.1
17.2
16.9
17.2
101.5
110.4
112.0
16.9
5.3
1.6
16.0
101.8
111.0
113.1
5.3
1.6
15.8
5.4
1.6
16.0
5.3
1.6
16.0
1025
111 7
114.5
5.2
1.5
15.3
4.9
1.5
15.2
4.8
1.5
15.1
D-48
SURVEY OF CURRENT BUSINESS
• National Data
July 1997
Table D.1.—Domestic Perspectives—Continued
1996
1995
1997
1QQR
May
Apr.
June
July
Aug.
Sept.
Nov.
Oct.
Dec.
Jan.
Mar.
Feb.
May
Apr.
Construction (seasonally adjusted at annual rates)4
Total new private construction put in
place (billions of dollars)
Residential
Nonresidential
410.2
236.6
133.9
427.4
246.5
140.7
424.2
248.0
135.5
418.1
247.5
130.9
423.1
246.9
137.7
419.3
244.9
136.2
426.7
246.0
140.7
428.4
246.4
142.2
437.0
246.9
150.2
446.1
249.2
154.4
445.4
250.3
149.8
446.6
250.1
154.3
455.6
255.4
157.2
453.7
257.8
154.9
450.2
258.2
150.9
Housing starts (thousands of units):
Total
1-unit structures
1,354
1,076
1,477
1,161
1,522
1,215
1,476
1,142
1,488
1,214
1,492
1,164
1,515
1,222
1,470
1,148
1,407
1,104
1,486
1,133
1,353
1,024
1,375
1,125
1,554
1,237
1,479
1,142
1,468
1,116
667
757
741
732
732
782
814
768
706
788
794
822
820
836
772
747,790
322,967
211,801
213,022
745,460
322,923
210,195
212,342
747,510
326,883
210,187
210,440
New 1 -family houses sold
(thousands of units)
Manufacturing and trade, inventories and sales (millions of dollars, seasonally adjusted)
Sales:
Total manufacturing and trade
Manufacturing
Merchant wholesalers
Retail trade
Inventories:
Total manufacturing and trade
Manufacturing
Merchant wholesalers
Retail trade
1397
1088
4
8,586,876
3,733,710
2,413,337
2,439,829
711,826
309,477
199,853
202,496
717,345
313,247
200,038
204,060
712,919
310,052
200,078
202,789
721,396
313,851
204,254
203,291
718,782
313,854
201,892
203,036
985,905 1,004,425
429,089 434,434
253,066 255,808
303,750 314,183
993,660
431,352
257,612
304,696
992,113
430,298
256,601
305,214
992,218
429,802
256,739
305,677
996,796
430,543
256,467
309,786
999,357 1,000,431 1,004,990 1,004,540 1,004,425 1,007,618 1,011,899 1,013,376 1,016,522
431,647 432,674 434,038 435,200 434,434 435,743 437,873 438,560 441,124
256,598 254,788 255,671 255,850 255,808 257,895 258,088 259,389 257,639
311,112 312,969 315,281 313,490 314,183 313,980 315,938 315,427 317,759
8,185,445
3,588,367
2,270,542
2,326,536
724,103
315,971
203,419
204,713
727,725
316,461
204,987
206,277
730,646
319,296
205,561
205,789
728,760
316,306
205,560
206,894
737,464
319,725
207,506
210,233
Industrial production indexes and capacity utilization rates (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
112.1
115.2
114.3
114.8
115.5
115.5
115.8
116.0
116.2
117.2
117.7
117.8
118.4
118.8
119.2 119.7
119.7
106.2
125.7
106.3
124.6
105.2
125.3
105.5
126.3
105.9
126.9
106.4
127.5
106.2
127.2
106.9
127.1
107.4
128.4
107.9
128.8
108.8
129.5
108.5
130.8
108.6
131.7
108.7
132.4 133.4
108.5 108.8
108.9
110.4
109.8
110.0
110.8
110.7
110.1
110.5
110.8
112.3
112.7
111.7
111.6
112.2
111.7 111.6
83.1
82.1
83.1
82.0
83.2
82.0
83.5
82.3
83.2
82.4
83.2
82.3
83.1
82.1
83.0
82.0
83.4
82.4
83.5
82.5
83.3
82.4
83.5
82.6
83.6
82.7
83.8
83.1
Credit market borrowing (billions of dollars, 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 nee
Other loans and advances
Mortgages
Consumer credit
Sources:
1. Bureau of Labor Statistics.
2. Federal Reserve Board.
1,236.3
74.3
348.5
-44.2
307.2
113.5
61.6
233.8
141.6
1,350.3
102.6
376.1
1.5
273.6
93.8
66.7
1,440.8
126.3
358.4
37.7
287.4
113.6
76.1
342.8
350.1
93.2
91.2
1,315.9
107.6
401.7
-76.2
248.2
143.1
116.5
280.9
94.2
3. Standard and Poor's, Inc.
4. Bureau of the Census,
n.e.c. Not elsewhere classified.
1,378.2
1368
366.5
1,124.7
203.4
206.2
63.5
26.8
302.4
142.4
135.4
43.8
45.8
17.9
354.5
312.4
65.0
80.2
83.6
82.6
83.7
82.7
SURVEY OF CURRENT BUSINESS
July 1997
National Data • D-49
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
28000
Dec Nov
Nov Mar
Jan Jly Jly
Nov
Jly Mar
28000
REALQROSS DOMESTIC PRODUCT PER CAPITA
26000-
-26000
24000-
-24000
22000-
•22000
20000-
-20000
18000-
-18000
16000-
-16000
14000 -\
14000
12000-
12000
10000
I
59'
I 1
I
'61
lee 1 "71" ITS' 'TS' '77'
Percent
REAL GROSS DOMESTIC PRODUCT (PERCENT CHANGE)
59! 'BI' !«> IBS' -ler"
"71"
US. Department of Commerce. Bureau of Economic Analysis
ITS' '75! '77
10000
D-50
SURVEY OF CURRENT BUSINESS
• National Data
July 1997
SELECTED NIPA SERIES
OF FEDERAL GOVERNMENT RECEI
Personal tax and nontax
59' l«l
W '77' "79"
Nov Mar
Dec Nov
Apr Feb
SH/1|S OF FEDERAL GOVERNMENT CURREhf||pENDITURES !/ •
70
1
60 .
'sif V
JanJyJy
>«»...>
'»>
'«' '93'
Jy Mar
NB»
"
97
70
-60
50 .
•50
Transfer payments
40 .
^ ^
Consumption expenditures
30 .
20 .
-40
-30
"20
Grants to State and local governments
10 .
- to
0
0
59" 'ei'
GOVERNMENT SURPLUS/DEFICIT! Nl
Total
'75' '77' '»' Ui1
59
U&DepartnertofC
uoieconoinlcABriy*
SURVEY OF CURRENT BUSINESS
July 1997
National Data • D-51
SELECTED NIPA SERIES
25
RATD. SAVING TO GROSS NATIONAL PRODUCT
-20
-15
Corporate and other private giving
RATK3, INVESTMENT TO GROSS NATIONAL PRODUCT
1
Gross private domestic
Net foreign investment
»67l
'69 1
'71
73
75
77
'831
'85'
f Producers' durable eQiMpmenL
Residential investment
59
871 'eg' '71' '73' '75' '77' '79' "BI" '«' 'as1 W W; .W "93! "as1 W
SURVEY OF CURRENT BUSINESS
D-52 • National Data
July 1997
SELECTED NIPA SERIES
SHARES OF NATIONAL INCOME
1959
Wage and salary
accruals, 62.8%
1996
Wage and salary
accruals, 58.9%
Net interest, 2.5%
Net interest, 6.5%
Corporate profits
with IVA and CCAdj, 12.8%
Corporate profits
with IVA and CCAdj, 10.9%
Supplements to
Supplements to
wages and salaries, 5.2%
Rental income of persons
Proprietors' income
wth IVA, 1.9%
with IVA and CCAdj, 8.6%
Proprietors' income
with IVA and CCAdj, 12.5%
SHARES OF GROSS DOMESTIC PRODUCT BY SECTOR
1959
1996
Business, 86.1%
Business, 84.0%
General
government, 11.4%
General
government, 11.5%
Households and
institutions, 2.4%
Households and
institutions, 4.5%
SHARES OF GROSS DOMESTIC PURCHASES
Personal
consumption
expenditures, 62.5%
Nonresidential
investment, 10.0%
1959
1996
Personal
consumption
expenditures, 67.1%
Government consumption
expenditures and gross
investment, 18.3%
Government consumption
expenditures and gross
investment, 22.0%
Residential investment 5.5%
Nonresidential
investment, 10.5%
Residential investment, 4.0%
SURVEY OF CURRENT BUSINESS
July 1997
National Data • D-53
SELECTED NIPA SERIES
Percent
60
Dec Nov
Apr Feb
JanJryJIy
NOT Mar
NOT
Jy Mar
60
SHARK OF GROSS DOMESTIC PRODUCT BY Tfl* OF PRODUCT
Output of services
50-
-50
40-
-40
Output of goods
30-
-30
20-
-20
10-
59' lei 1 I63I
Percent
14
-10
Output of structures
'671 'eg1 "ri 1 "73' "re1
Dec Nov
Apr Feb
EXPORTS AS SHARE OF GROSS DOMESTIC PBQKJCT
IMPORTS AS SHARE OF GROSS DOMESTIC PURCHASES
I
77I "79" Ui' ' 83] IBS'
NOT Mar
JanJyJy
'91 '
Nov
Jy Mar
14
12 -
-12
10 _
-10
8 _
- 8
Exports
6 _
- 6
- 4
'63'
69
71
73
75
77
79
81
83
W
85
'95'
'97
Percent
60
Dec Nov
Apr Feb
Nov
Mar
SHAMS OF PERSONAL CONSUMPTION EXPENDffURES BY TYPt@W»RODUCT
Janjyjty
Nov
Jy Mar
60
Services
50-
-50
40-
-40
30-
-30
20
"20
Durable goods
10
10
59
!
65 !
I
67 I
'711 '73' "75 ' '77'
'79' 'si' "as1 'as' W r
'91' '93' '95'
SURVEY OF CURRENT BUSINESS
D-54 • National Data
July 1997
SELECTED NIPA SERIES
Percent
Dec Urn
Aor Fab
Nov Mar
JanJIvJIv
Nov
Jlv Mar
MARGIN, DOMESTIC NONFINANCIAL CORPORATIONS'
'Ratio ol corporate profits per unit to cost and pfdil per unit
73
Dec Nov
75
77
Nov Mar
INVKIORY/SALES RATIOS, CURRENT-DOLLAR*
Nontarm inventoAfeto
final sales ol good* and structures
Inventories to
final sales of domestic business
Nonlarminventdriesto
final sales of domestic business
'Based on current-dollarpllmates of inventories and sales
73' '75
Dec Nov
]
'77!
I 9 i> '93! '95' <97
Nov Mar
INMlTORY/SALES RATIOS, REAL*
/ ~\
Nonfarm inventors to
final sales of gowk and structures
-4
-3
Inventories to
final sales of domestic business
-2
'Based on chained (1992) dollar estimates of inventories and sales
let!
;
63' W
l«> >7il '73'
US. Oepertment of Commerce, Bureau of Economic Analysis
ITS"
IT?'
'el' las1 'SB'
9i
'95!
SURVEY OF CURRENT BUSINESS
July 1997
National Data
OTHER INDICATORS OF THE DOMESTIC ECONOMY
Percent
18
Percent
NovMar
JanJIyJIyNov
JlyMar
NovMar
JanJIyJIyNov
JlyMar
R PRICE INDEX ffSRCENT CHANGE)
CONSUMER PRICE INDEX (PERCENT CHANGE)
16 -
14 -
All Kerns less food and
12 10 8 6 4 2 All Items'
MINIMI
72 74
Index
NovMar
76 78 80
I
82 84 86 88
JanJIyJIyNov
I I II I II I
90 92 94
I I I I I I I I I I I I M I I M I I I I I I I
74 76 78 80 82 84 88 88 90 92 04 96
96
JlyMar
72
95
Mar
JanJIyJIyNov
CABCrTY UTILIZATION RATE
JlyMar
90-
85-
80 -
75 -
70-
70-
Manufacturing
II I I I I I I I I I I I I I I I I I I I II I I
72 74 76 78 80 82 84 86 88 90 92 94 96
Hours
NovMar
JanJIyJIyNov
JlyMar
43
AVEfWGE WEEKLY HOBR^IANUFACTURING
65
72
HOUfS
6
74
I M I I I I I M I I I M I I I I I II
76 78 80 82848688 909294 96
Nov Mar
JanJIyJIyNov
JlyMar
I AVERAGE WEEKLY OVERTIME HOURS, MANUFACTURING
42-
41 -
40-
39-
38-
37
i i i i76i i78i i80i n i i 86i i i M 92i 94 i M
i 88 90 i i 96
82 84
72 74
U.S. Department ol Commerce. Bureau of Economic Analysis
J LJ U U LJ U I J LJ U I II
.
72
74
76 78 80
82 84 86 88
I I I LJ
96
D-55
D-56
• National Data
SURVEY OF CURRENT BUSINESS
July 1997
OTHER INDICATORS OF THE DOMESTIC ECONOMY
12
Nov Mar
JanJyJyNov
Percent NovMar
18
JtyMar
UNEMPLOYMENT RATE
10-
12-
6-
9-
4-
6-
2-
JvMaf
15-
8-
JanJyJIvNov
3-
I I I I I I I I II I I I J I I I I I I I I I I I
72 74 76 78 80 82 84 88 88 80 92 94 96
Percent
No* Mar
JanJvJIvNov
I I I I I I I I I I I I I I I I I
72 74 76 78 80 82 84 86 "
Ratio
NovMar
JanJvJvNov
I \ I Tl I I I
90- - - -94 —
92 - 96
JyMar
MOCY SUPPLY (PERCENT C«*NGE)
(
72' y y y u y y u ,' y u
MiHions
NovMar
JanJhJvNov
3.0
HOUSING STARTS
I I
96
JIvMar
2.5-
7
y
T^ ' ° y u u
Thousands
NovMar
JanJvJtvNov
1000
SALESOF NEW ONE-FAMItrHDUSES
II
88
I I I I I I I I
90 92 94 96
JlyMar
800
2.0600
1.5400
1.0
200
0.5
I I I I I I I I I I I I I I I I I I I I I I I I I
72 74 76 78 80 82 84 86 88 90 92 94 98
U.& Department of Commerce, Bureau of Economic Analysis
I I I I I I I I I II I I I I I I I I I I I I I I
72 74 76 78 80 82 84 86 88 90 92 94 96
July 1997
SURVEY OF CURRENT BUSINESS
International Data •
International Data
F. Transactions Tables
To accommodate the presentation of the annual revision of the international transactions accounts,
tables F.i-F.4 and the charts in section I are not shown this month. A description of the annual
revision appears in "U.S. International Transactions, Revised Estimates for 1974-96" in this issue.
The data usually shown in tables F.2-F.4 are presented in greater detail in tables i, 3, and 10 at
the end of "U.S. International Transactions, First Quarter 1997" in this issue.
D-57
SURVEY OF CURRENT BUSINESS
D-58 • International Data
July 1997
G. Investment TablesTable G.1.—International Investment Position of the United States at Yearend, 1995 and 1996
[Millions of dollars]
Changes in position in 1996 (decrease (-))
Attributable to:
Position
1995'
Type of investment
Line
Valuation adjustments
Capital
flows
Total
Exchange Other
Price
rate
changes changes * changes2
(a)
1
2
Net international investment position of the United States:
With direct investment positions at current cost (line 3 less line 24) ...
With direct investment positions at market value (line 4 less line 25)
3
4
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)
5
6
7
8
9
U S official reserve assets
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
176,061
101,279
11,037
14,649
49,096
:.:.:
::.:.::....: :
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)
-21,849
-45,567
-3,964
9,373
447,998
584,108
3,720,729
4,284,540
-4,581
-4,581
-4,073
-15,322
96,698
160,739
""^581
690
796
846
-50
3
^70
1,280
-7,578
-725
-355
-494
786
-10,802
-3,224
-34
-1
-1
-33
-106
1
1
-12
13
657
796
834
-38
-139
10,312
15,435
38,294
82,554
80,754
80,012
742
1,800
358,422
358,422
125,948
272,439
-17,742
-41,460
-3,965
9,372
462,663
598,773
3,477,436
4,041,247
87,813
87,813
108,189
49,403
58,786
64,234
7,375
153,866
118,573
806
117,767
-4,726
-28,444
-7,675
-7,521
-3,954
9,383
86,508
222,618
219,087
42,688
176,399
61,073
970,798
1,534,609
1,273,439
397,972
875,467
369,055
98,186
-2,180
-11
95,995
864,144
547,555
547,555
89,329
228,795
346
772
-6,410
809
630,820
777,931
4,591,253
5,115,843
678,451
498,906
471,508
27,398
25,225
107,394
46,926
122,354
115,634
111,253
4,381
720
4,722
1,278
4,345
^,333
-3,802
-1
126,698
111,301
107,451
3,850
719
4,722
9,956
805,149
610,207
578,959
31,248
25,944
112,116
56,882
3,281,982
3,659,461
425,201
425,201
84,984
224,450
-6,409
810
504,122
651,233
3,786,104
4,310,694
654,502
1,031,981
389,383
192,300
999,537
534,116
465,421
232,891
76,955
76,955
155,578
17,300
133,798
121,194
12,604
31,786
5,356
144,822
-14,411
7335
74,550
221,661
141,167
17,300
225,950
120,028
105,922
38,644
729,052
1,253,642
530,550
209,600
1,225,487
654,144
571,343
271,535
813,369
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) ....
121,367
267,858
3,960,433
4,337,912
33
34
f 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. Also includes paid-in capital subscriptions to international financial institutions and outstanding
-870,524
-831,303
768,149
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 o Government securities
U S Treasury securities
Other
Other US Government liabilities7
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets
43
-182,822
-193,823
884,290
1,311,991
1,054,352
355,284
699,068
307,982
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
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
2,446
8,564
3,014,773
3,442,474
26
27
28
29
30
31
32
35
36
37
38
39
40
41
42
(a+b+c+d)
(d)
-22,195
-46,339
-6,668
81,897
79,958
79,178
780
1,939
US foreign currency holdings and U S short-term assets
352,444
352,444
(c)
32,038
39,063
-687,702 -195,111
-637,480 -195,111
U.S. Government assets, other than official reserve assets
U S credits and other long-term assets 4
Reoavable in dollars
other*
(b)
3,272,731
3,700,432
Position
1996"
9,784
6,511
819.880
-154
-3,161
-531
-1
8,678
94,039
721
93,318
346
772
-426
-116
-1,887
-1,887
5,932
-3,273
926
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.
5. 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.
6. 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 1996" in this issue of the SURVEY OF CURRENT BUSINESS.
SURVEY OF CURRENT BUSINESS
July 1997
International Data • D-59
Table G.2.—U.S. Direct Investment Abroad: Selected Items, by Country and by Industry of Foreign Affiliate, 1993-95
[Millions of dollars]
Direct investment position on a
historical-cost basis
Capital outflows (inflows (-))
1993
1994
Income
1993
1995
1994
1995
1993
1994
1995
564,283
621,044
711,621
77,247
53,078
93,406
59,381
65,994
85,538
69,922
74,987
81,387
3,584
6,287
7,767
3,959
5,550
8,386
Europe
France
Germany
Netherlands
United Kingdom
285,735
24,312
36,811
20,911
109,208
310,031
27,860
39,622
25,127
111,255
363,527
32,645
43,001
37,421
119,938
45,914
4,263
1,398
25,355
20,050
2,770
1,846
3,212
1,920
52,828
5,954
2,481
7,134
11,624
26,660
1,319
3,064
2,389
9,680
29,220
1,639
3,679
2,410
8,761
40,910
2,910
4,833
6,075
10,585
Latin America and Other Western Hemisphere
100,482
112,226
122,765
16,895
14,797
14,614
14,275
15,562
14,840
5,469
5,530
6,516
837
173
970
1,226
1,413
1,866
All countries, all industries
By country
Canada
Africa
-495
6,571
6,794
7,982
775
598
1,164
875
967
1,436
92,671
19,047
31,095
108,075
19,900
36,677
125,968
24,713
39,198
8,895
1,981
1,625
11,143
721
2,522
16,001
5,711
1,583
12,117
2,271
1,801
13,120
2,384
2,843
17,886
2,759
4,504
3,433
3,401
3,476
348
30
62
269
163
214
64,175
66,272
69,653
5,539
2,090
2,667
8,582
7,544
9,338
192,244
217,416
257,589
18,522
25,533
43,520
21,699
27,868
35,775
25,858
45,623
9,937
26,927
16,842
22,957
44,100
28,931
50,385
10,811
29,000
20,414
29,159
48,716
31,079
68,082
13,026
33,551
25,579
32,353
53,920
6,088
4,247
752
755
1,052
1,734
3,894
3,661
5,681
743
1,970
3,615
5,365
4,498
2,487
18,215
2,314
6,537
5,050
3,373
5,544
4,110
6,103
632
1,227
1,808
3,123
4,696
4,256
7,343
1,004
2,427
3,104
3,847
5,887
4,547
9,426
1,447
4,337
4,009
4,052
7,958
Wholesale trade
57,534
67,272
71,354
5,700
8,969
8,339
6,700
8,184
9,752
Banking
27,074
29,224
30,441
1,673
1,277
587
3,725
3,252
2,742
174,684
186,558
212,089
41,358
6,712
18,815
15,643
15,073
21,839
Services
19,489
22,352
27,826
1,959
2,952
6,832
1,809
1,677
3,091
Other industries
29,083
31.950
42.668
2.497
5.545
12.646
1.223
2.397
3.001
Middle East
Asia and Pacific
Australia
japan
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
Finance (except banking), insurance, and real estate
,
NoiES.-ln 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, 1995" in the September 1996
SURVEY OF CURRENT BUSINESS.
D-60 • International Data
SURVEY OF CURRENT BUSINESS
July 1997
Table G.3.—Selected Financial and Operating Data for Nonbank Foreign Affiliates of U.S. Companies, by Country and by
Industry of Affiliate, 1994
Millions of dollars
Number of
affiliates
All countries, all industries
Total assets
21,300
Sales
Net income
2,359,964
1,754,852
94,031
Number of
employees
(thousands)
6,957.7
By country
Canada
,
Latin America and Other Western Hemisphere
2,064
218,783
210,892
7,341
886.7
10,468
1,227
1,361
756
1,008
519
2,430
Europe
France
Germany
Italy
Netherlands
Switzerland
United Kingdom
1,288,830
100,722
179,272
47,454
121,297
102,896
542,862
897,439
106,478
196,851
58,648
89,034
52,039
226,857
45,769
1,997
4,248
1,904
8,046
6,764
11,761
2,844.3
390.5
581.7
177.9
148.9
50.7
3,252
271,881
182,453
19,484
1,492.2
Africa
495
19,830
17,450
1,451
115.0
Middle East
343
28,602
18,000
2,058
4,574
838
986
517,250
67,537
260,817
421,230
59,789
196,724
17,460
2,516
3,045
104
14,788
7,389
467
Petroleum
1,507
252,462
293,661
9,752
228.1
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
8,105
800
1,935
724
1,033
846
453
2,314
681,082
92,563
146,983
31,600
98,935
53,079
118,889
139,031
845,487
104,910
151,358
29,769
128,553
73,379
207,917
149,601
40,835
6,614
11,465
1,147
3,998
4,027
5,936
7,647
4,116.2
559.6
578.5
189.7
488.6
605.5
738.7
955.5
Asia and Pacific
Australia
japan
International
83.7
1,511.1
251.0
419.6
24.7
By industry
Wholesale trade
,
,
5,035
184,956
314,186
12,080
556.5
Finance (except depository institutions), insurance, and real estate
2,688
979,910
91,303
25,194
172.8
Services
2,504
100,164
82,041
1,728
746.7
Other industries
1,461
161,391
128,173
4,443
1,137.4
NoTE.-The data in this table are from tables II.A.1 and II.A.2 in U.S. Direct Investment Abroad:
1994 Benchmark Survey, Preliminary Results.
SURVEY OF CURRENT BUSINESS
July 1997
International Data • D-61
Table G.4.—Foreign Direct Investment in the United States: Selected Items, by Country of Foreign Parent and by Industry of
Affiliate, 1993-95
[Millions of dollars]
Direct investment position on a
historical-cost basis
1993
All countries, all industries
466,666
1994
502,410
1995
560,088
Capital inflows (outflows (-))
Income
1993
1994
1995
43,534
49,903
60,848
1993
1994
5,893
1995
21,171
31,815
By country
40,487
42,133
46,005
3,799
4,031
4,489
856
2,705
3,513
287,940
30,672
35,086
71,860
103,270
309,415
34,139
40,297
68,212
111,058
360,762
38,240
47,907
67,654
132,273
34,996
6,778
7,698
2,967
13,232
30,153
3,987
6,551
-2,272
11,123
51,793
3,719
8,117
8,150
16,487
23,626
19,716
25,042
22,716
3,225
4,472
Africa
1,003
925
936
89
26
Middle East
5,220
5,565
5,053
410
276
112,299
7,040
100,272
119,331
7,928
104,529
124,615
7,788
108,582
1,014
214
1,058
10,945
1,090
7,654
Canada
Europe
France
Germany
Netherlands
United Kingdom
Latin America and Other Western Hemisphere
Asia and Pacific
Australia
Japan
-52
2,006
1,713
1,657
4,214
7,491
5,262
12,029
1
979
885
-58
-31
73
35
-71
94
•4,092
-534
-2,276
1,102
3,623
-168
159
3,231
-142
-184
8
1,944
22,081
5,593
-2,189
11
-035
7,079
473
5,252
973
By industry
32,057
33,103
35,636
1 630
2,016
3,660
1,382
1,830
2,768
164,995
23,105
56,021
12,422
29,585
43,861
185,293
20,869
66,948
14,351
32,535
50,590
210,312
26,054
76,523
15,255
36,619
55,861
13,311
68
4,395
946
1,951
5,951
22,725
-1,636
12,347
1,833
3,829
6,352
26,246
5,002
12,346
608
4,406
3,883
3,841
867
10,604
16,447
1,680
5,109
6,884
Wholesale trade
60,817
67,271
71,652
3,333
6,807
5,011
Retail trade
12,720
13,429
13,434
1,428
1,939
866
Banking
33,464
35,624
41,843
3,290
4,026
5,844
Finance, except banking
35,303
38,762
47,941
20,048
2,736
10,135
Insurance
40,601
40,401
47,283
1,254
2,716
4,057
Real estate
29,099
28,452
26,518
-255
426
-1,199
Services
35,886
36,251
37,930
-471
1,013
2,132
Other industries
21,725
23,825
27,539
3,226
5,500
4,096
Petroleum
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery
Other manufacturing
,
NOTES.—In this table, unlike in the international transactions accounts, income and capital
inflows are shown without a current-cost adjustment, and income is shown net of withholding
taxes. In addition, unlike in the international investment position, the direct investment position
is valued at historical cost.
The data in this table are from tables 16 and 17 in "Foreign Direct Investment in the United
4,349
-209
-1,757
1,690
-193
1,368
592
728
3,281
2,252
4,254
550
2,739
4,025
39
504
557
389
2,672
4,453
235
1,559
1,047
1,405
2,260
1,879
-1,661
-1,243
-1,296
-587
-571
282
818
1,653
301
States: Detail for Historical-Cost Position and Related Capital and Income Flows, 1995" in the
September 1996 SURVEY OF CURRENT BUSINESS.
SURVEY OF CURRENT BUSINESS
D-62 • International Data
July 1997
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, 1994
Millions of dollars
Number of
affiliates
All countries, 3ll industries
12,523
Millions of dollars
Thousands
Total
assets
Sales
2,208,329
Net
income
1,447,628
13,377
Gross
product
320,060
Of
employees
4,866.6
U.S.
merchandise
exports
shipped by
affiliates
U.S.
merchandise
imports
shipped to
affiliates
113,774
219,172
By country
Canada
1,304
262,334
145,221
3,214
43,256
682.4
7,368
12,636
Europe
France
Germany
Netherlands
United Kingdom
5,381
661
1,281
384
1,240
1,166,048
210,783
163,003
137,922
362,587
769,034
111,139
152,588
89,007
243,692
7,742
970
1,217
4,997
191,972
22,674
36,961
24,684
68,893
2,989.4
369.2
584.1
323.4
1,013.9
48,846
11,989
9,613
4,892
9,353
77,816
11,685
23,511
8,552
13,160
Latin America and Other Western Hemisphere
1,076
49,324
44,819
8,542
-254
Asia and Pacific
Australia
japan
United States
11,635
138.0
5,202
6,557
124
1,515
16.1
602
985
26,484
19,925
106
5,549
65.7
678
3,734
608,807
37,417
536,061
445,586
20,355
388,713
-1,347
21
61,156
4,795
50,992
934.9
50,447
522
45,103
114,940
972
101,425
84
Middle East
970
( )
4,229
172
3,281
..
68
381
Africa
(D)
16,486
2,569
630
519
D
-768
4,976
70.5
756.5
40.0
By industry
Petroleum
244
99,416
109,210
390
28,146
110.2
3,973
16,815
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery
Other manufacturing
2,928
269
327
404
754
1,174
546,422
52,028
190,512
57,286
91,532
155,064
518,517
49,227
144,256
64,255
114,080
146,699
7,640
136
5,513
584
1,897
157,815
12,599
48,858
17,054
31,465
47,839
2,251.6
195.5
508.5
264.0
517.4
766.3
48,365
2,584
14,198
4,023
16,130
11,430
66,981
3,369
13,870
7,597
25,563
16,581
Wholesale trade
-490
2,247
219,325
452,615
3,785
40,672
485.6
57,108
131,290
Retail trade
352
46,588
94,183
1,164
23,396
764.6
1,468
3,154
Finance, except depository institutions
872
523,641
33,527
689
2,027
46.7
12
6
Insurance
172
443,147
78,250
3,007
8,795
151.6
0
0
Real estate
3,457
104,823
14,968
-2,555
5,732
30.4
13
2
Services
1,258
121,337
61,741
-844
993
103,630
84,618
Other industries
D
Suppressed to avoid disclosure of data of individual companies.
NOTE.—The data in this table are from tables A1 and A2 in Foreign Direct Investment in the
United States: Operations of U.S. Affiliates of Foreign Companies, Preliminary 1994 Estimates.
101
24,892
595.5
698
387
28.583
430.3
2.136
537
SURVEY OF CURRENT BUSINESS
July 1997
International Data • D-63
H. International PerspectivesTable H.1.—International Perspectives
1996
1995
1997
1996
Mar.
May
Apr.
June
July
Aug.
Sept.
Oct.
Dec.
Nov.
Jan.
Feb.
Mar.
Apr.
Exchange rates (not seasonally adjusted)
Canada (Can.$/US$)
France (FFr/US$)
Germany (DM/US$)
Italy (L/US0)
Japan (¥/US0)
Mexico (Peso/US$)
.
United Kingdom (US$/£)
Addendum:
Exchange value of the U.S. dollar 1 ...
1.3725 1.3638
4.9864 5.1158
1.4321 1.5049
16.2945 15.4276
.9396 1.0878
6.4467 7.6004
1.5785 1.5607
84.25
8^.34
1.3656 1.3592 1.3693 1.3658 1.3697 1.3722 1.3694 1.3508 1.3381 1.3622 1.3494 1.3556 1.3725 1.3942
5.0583 5.1049 5.1855 5.1787 5.0881 5.0636 5.1307 5.1652 5.1156 5.2427 5.4145 5.6536 5.7154 5.7672
1.4776 1.5048 1.5324 1.5282 1.5025 1.4826 1.5080 1.5277 1.5118 1.5525 1.6047 1.6747 1.6946 1.7119
5.6243 15.6560 15.5671 15.4230 15.2682 15.1662 15.2048 15.2382 15.1366 15.2844 15.6791 16.5500 16.9121 16.9452
1.0594 1.0720 1.0634 1.0896 1.0919 1.0787 1.0993 1.1241 1.1230 1.1398 1.1791 1.2296 1.2277 1.2564
7.5472 7.4694 7.4368 7.5648 7.6179 7.5143 7.5441 7.7345 7.9119 7.8769 7.8289 7.8023 7.9562 7.9059
1.5271 1.5160 1.5152 1.5416 1.5530 1.5499 1.5593 1.5863 1.6623 1.6639 1.6585 1.6285 1.6096 1.6293
86.57
87.46
88.28
88.16
87.25
86.54
87.46
87.99
86.98
88.71
91.01
94.52
95.60
96.39
Unemployment rates (percent, seasonally adjusted)
Canada
France
Germany
Italy
Japan
Mexico
United Kingdom
9.6
11.6
9.4
12.0
3.1
6.3
8.2
Addendum:
United States
5.6
9.7
12.4
10.4
12.1
9.4
12.3
10.3
9.5
12.3
10.2
9.4
12.4
10.2
12.2
10.0
12.4
10.3
9.9
12.4
10.3
9.5
12.5
10.4
12.1
10.0
12.6
10.5
10.0
12.6
10.6
10.0
12.7
10.8
12.0
9.7
12.7
10.9
9.7
12.7
11.3
£5
9.7
12.8
11.3
12.2
9.3
12.8
11.2
9.6
12.8
11.2
3.4
5.5
7.5
3.2
5.9
7.8
3.4
5.7
7.8
3.5
5.4
7.7
3.5
5.6
7.7
3.4
5.4
7.6
3.3
5.0
7.5
3.3
5.2
7.4
3.3
5.2
7.2
3.3
5.2
6.9
3.3
5.0
6.7
3.3
4.1
6.2
3.2
4.2
6.1
3.3
4.6
6.5
5.4
5.5
5.5
5.5
5.3
5.4
5.2
5.2
5.2
5.3
5.3
5.4
5.3
5.2
4.9
115.2
115.0
117.9
5.9
Consumer prices (seasonally adjusted, 1990=100)
Canada
France
Germany (1991=100)
Italy
japan
Mexico
United Kingdom
111.8
111.6
114.8
127.7
107.0
224.5
118.2
113.5
113.8
116.5
132.7
107.1
301.7
121.1
112.9
113.8
116.2
131.8
106.9
282.8
120.1
113.3
114.0
116.3
132.4
107.1
290.8
121.0
113.6
114.2
116.5
132.9
107.2
296.1
121.2
113.5
114.1
116.6
133.2
107.1
300.9
121.3
113.5
113.9
117.0
132.9
107.4
305.2
120.8
113.6
113.6
116.9
133.0
107.1
309.3
121.4
113.8
114.0
116.8
133.2
107.1
314.2
121.9
114.0
114.3
116.8
133.4
107.2
318.2
121.9
114.5
114.2
116.7
133.9
107.3
323.0
122.0
114.5
114.4
117.0
133.9
107.5
333.3
122.4
114.8
114.7
117.6
134.3
107.5
341.9
122.4
114.9
114.9
118.1
134.6
107.5
347.6
122.9
115.2
115.0
117.9
134.8
107.4
352.0
123.2
355.8
123.9
Addendum:
United States
116.6
120.0
119.1
119.5
119.8
119.9
120.2
120.5
120.8
121.2
121.5
121.8
122.0
122.3
122.4
122.5
Real gross domestic product (percent change from preceding quarter, seasonally adjusted at annual rates)
Canada
France
German v
Italy
Japan
Mexico
United Kingdom
Addendum:
United States
See footnotes at end of table.
2.5
1.5
1.5
1.4
.6
3.6
5.1
2.1
2.0
2.4
2.3
2.1
2.0
3.0
1.4
-6.2
1.4
-.9
6.1
3.6
1.8
3.3
3.1
3.0
2.3
1.3
74
18
47
21
-1.4
-1.1
2.9
.7
3
34
-1.1
3.9
60
47
3.3
3.8
3.8
59
mi'
D-64
SURVEY OF CURRENT BUSINESS
• International Data
July 1997
Table H.1.—International Perspectives—Continued
1996
1995
1997
1996
Mar.
Apr.
June
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
Short-term, 3-month, interest rates (percent, not seasonally adjusted)
japan
Mexico
United Kingdom
7.07
6.58
4.53
10.46
1.23
48.24
6.68
4.43
3.94
3.31
8.82
.59
32.91
6.02
5.18
4.27
3.36
9.85
.65
43.05
6.04
5.03
4.00
3.33
9.62
.62
37.15
6.00
4.78
3.90
3.29
8.92
.64
31.07
6.01
4.83
3.97
3.39
8.77
.57
29.64
5.84
4.69
3.84
3.38
8.75
.68
31.66
5.73
4.24
3.96
3.29
8.81
.64
29.16
5.75
4.06
3.75
3.12
8.44
.54
27.79
5.76
3.49
3.51
3.12
8.02
.52
27.68
5.94
3.00
3.47
3.19
7.41
.52
28.94
6.29
3.08
3.44
3.23
7.25
.52
26.51
6.34
3.11
3.35
3.14
7.23
.53
24.60
6.32
3.10
3.33
3.19
7.36
.55
21.96
6.19
3.20
3.36
3.26
7.43
.56
22.32
6.20
3.41
3.40
3.23
7.13
.56
22.37
6.37
Addendum:
United States
5.51
5.02
4.96
4.99
5.02
5.11
5.19
5.09
5.15
5.01
5.03
4.87
5.05
5.00
5.14
5.17
Canada
France
Germany
Italy
Long-term interest rates, government bond yields (percent, not seasonally adjusted)
Canada
France
Germany
Italy
japan
Mexico
United Kingdom
Addendum:
United States
8.36
7.66
6.80
11.79
3.21
7.54
6.51
6.10
8.85
2.98
7.93
6.92
6.30
10.09
3.11
8.03
6.76
6.20
9.82
3.38
7.99
6.71
6.30
9.12
3.16
8.04
6.84
6.40
8.94
3.17
7.92
6.59
6.40
8.82
3.32
7.57
6.62
6.20
8.92
2.96
7.64
6.20
6.10
8.62
2.81
7.00
6.11
5.90
7.78
2.51
6.48
5.79
5.80
7.15
2.44
6.81
5.82
5.70
6.95
2.57
6.99
5.69
5.70
6.76
2.38
6.74
5.39
5.40
6.93
2.40
6.92
5.80
5.60
7.55
2.27
7.09
5.93
5.70
7.37
2.36
8.25
8.10
8.33
8.30
8.34
8.35
8.25
8.16
8.16
7.87
7.80
7.70
7.74
7.38
7.62
7.76
6.57
6.44
6.27
6.51
6.74
6.91
6.87
6.64
6.83
6.53
6.20
6.30
6.58
6.42
6.69
6.89
175.0
145.0
145.7
Share price indices (not seasonally adjusted, 1990=100)
Canada
France
Germany
Japan
Mexico
United Kingdom
130.0
103.0
102.4
95.0
63.0
389.3
147.0
154.0
118.0
115.6
96.0
74.0
554.8
167.0
145.0
113.0
112.2
91.0
72.0
538.9
163.0
150.0
119.0
113.3
95.0
77.0
559.0
169.0
153.0
120.0
112.9
102.0
77.0
562.2
168.0
147.0
120.0
115.0
102.0
78.0
563.2
167.0
144.0
116.0
114.0
97.0
75.0
527.4
163.0
150.0
114.0
115.0
93.0
73.0
579.8
167.0
155.0
116.0
116.7
92.0
72.0
567.6
170.0
164.0
121.0
120.3
96.0
73.0
563.6
173.0
176.0
125.0
121.9
99.0
72.0
577.3
170.0
173.0
128.0
124.9
100.0
69.0
589.5
171.0
179.0
135.0
130.0
114.0
63.0
639.7
176.0
180.0
145.0
138.9
119.0
64.0
673.7
179.0
171.0
148.0
145.8
114.0
63.0
657.4
182.0
635
658.9
179.0
Addendum:
United States
159.0
195.0
189.0
189.0
193.0
195.0
188.0
193.0
197.0
204.0
212.0
213.0
220.0
228.0
227.0
219.0
Italy
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 rate are from the Board of Governors of the Federal Reserve System. U.S. interest rates,
unemployment rate, and GDP growth rate 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, June 1997, OECD Main Economic Indicators and are reproduced
with permission of the OECO.
SURVEY OF CURRENT BUSINESS
July 1997
Regional Data • D-65
Regional Data
J. State and Regional Tables.
The annual estimates of State personal income in this section are from the 1996 comprehensive revision
of the annual estimates for 1969-95; updated annual estimates are shown for 1996. The quarterly estimates of
State personal income are from the 1996 comprehensive revision of the quarterly estimates for 1990 through the
fourth quarter of 1995; updated quarterly estimates are shown for 1996. In fall 1997, the revised quarterly State
estimates for 1969-89 will be released, and the quarterly estimates for 1990-96 will be revised again and released.
The annual estimates of gross state product are from the 1997 comprehensive revision of the estimates for
1977-94.
Table J.1.—Personal Income and Nonfarm Personal Income for States and Regions
Nonfarm personal income!
Personal income
Millions of dollars
Millions of dollars
2
Percent change
State and region
1996
1994
1995
I
II
III
IV
5,739,851 6,097,977 6,285,745 6,387,707 6,476,055 6,563,007
1996:111996:111
1996:1111996-.IV
1.4
1.3
389,978
110,451
26,361
183,498
31,470
24,921
13,277
1.1
.9
1.2
1.2
1.8
.4
1.1
1.3
1.2
1.2
1.5
1.0
1.3
1.5
1,133,015 1,193,674 1,226,324 1,240,000 1,251,204 1,266,093
19,434
20,604
17,579
18,843
19,778
20,270
18,541
18,897
18,697
19,047
18,068
19,261
126,637 132,784 135,858
137,496 138,744 140,110
224,474 237,155 243,611 247,626 249,211 251,758
476,626 501,965 517,208 520,151 524,829 531,422
269,632 284,386 291,316 296,250 299,105 302,938
.9
2.5
1.9
.9
.6
.9
1.0
Great Lakes
Illinois ....
Indiana ..
Michigan
Ohio .....
Wisconsin
958,103 1,016,245 1,042,720 1,060,744 1,075,938 1,089,481
281,732 298,413 308,999 312,665 317,319 321,381
117,815 124,384 127,604
130,313 132,163
134,171
214,473 228,369 231,931 237,644 239,832 242,721
236,614 251,037
256,835 261,084 265,432 268,536
117,351
107,469 114,042
119,036 121,192
122,672
Plains
Iowa
Kansas ..
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
382,751
57,073
53,255
104,783
108,952
33,366
11,620
13,702
United States
New England
Connecticut
Maine ....
Massachusetts .
New Hampshire
Rhode Island
Vermont
Mideast
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
Southeast .
Alabama
Arkansas
Florida ...
Georgia .
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
Virginia ..
West Virginia
Percent change2
1996
1994
1995
1
II
III
IV
5,695,861 6,064,095 6,247,637 6,344,025 6,426,997 6,514,431
1996:111996:111
1996:1111996:IV
1.3
1.4
389,374
110,258
26,322
183,339
31,427
24,888
13,140
1.1
.9
1.2
1.2
1.8
.4
.8
1.3
1.2
1.2
1.5
1.0
1.3
1.6
1.2
1.7
1.1
1.0
1.0
1.3
1.3
1,131,035 1,191,927 1,224,215 1,237,742 1,248,572 1,263,442
19,284
17,436
18,716
19,592
20,045
20,344
18,541
18,897
18,697
18,068
19,047
19,261
126,350
132,556 135,556 137,150 138,322
139,692
224,206 236,871 243,364 247,362 248,902 251,437
476,098 501,465 516,536 519,486 524,056 530,678
268,877 283,778 290,578 295,455 298,200 302,031
.9
2.3
1.9
.9
.6
.9
.9
1.2
1.5
1.1
1.0
1.0
1.3
1.3
1.4
1.5
1.4
.9
1.7
1.8
1.3
1.3
1.5
1.2
1.2
1.2
953,687 1,014,483 1,038,785 1,056,543 1,070,803 1,084,319
279,957 298,300 307,173 310,823 314,972 318,905
117,181 124,297 126,815 129,421 131,112 133,198
214,092 227,829 231,679 237,325 239,434 242,328
235,597 250,313 256,188 260,400 264,621 267,752
106,860 113,744 116,930 118,575 120,664
122,136
1.3
1.3
1.3
.9
1.6
1.8
1.3
1.2
1.6
1.2
1.2
1.2
443,113
65,717
61,552
121,783
124,962
39,200
13,626
16,273
1.7
1.9
1.8
1.9
1.1
1.5
2.9
2.8
1.4
1.1
2.1
1.0
1.5
2.3
0
1.5
373,220
54,479
51,903
103,500
108,245
31,578
10,902
12,614
430,633
62,294
59,979
120,027
124,326
36,428
12,691
14,888
1.3
1,2
1.4
1.7
1.1
1.1
1.4
1.2
1.4
1.2
2.0
1.2
1.5
1.3
1.3
1.3
1,249,083 1,333,148 1,374,196 1,398,103 1,419,364 1,438,428
83,676
77,018
81,578
85,120
86,549
87,448
45,953
47,432
42,142
44,958
48,001
48,640
304,114 326,668 340,359 344,070 349,275 354,663
171,307
145,420 156,555 161,617 165,914 169,095
77,304
72,762
74,515
77,941
68,620
76,083
82,422 • 84,315
78,050
85,936
86,850
87,883
42,458
44,998
46,295
47,255
47,975
48,283
151,841
141,017
156,849
160,392
162,177
165,299
71,280
72,527
74,584
69,786
65,735
73,878
112,893
114,900 116,962 118,357
103,398 110,579
150,305 158,669 163,409
165,073 167,368
169,690
33,035
33,929
34,334
30,806
32,333
33,401
1.5
1.7
1.2
1.5
1.9
1.6
1.1
1.5
1.1
1.9
1.8
1.4
1.6
1.3
1.0
1.3
1.5
1.3
.8
1.2
.6
1.9
1.0
1.2
1.4
1.2
1,235,974 1,321,257 1,363,640 1,385,046 1,404,769 1,424,267
75,846
80,733
82,787
84,071
85,328
86,221
40,807
43,642
44,732
45,611
46,166
46,741
302,469
324,770 338,793 342,214 347,286 352,652
143,416 154,619
160,100 164,099
166,994 169,151
73,857
67,535
71,948
75,310
76,240
77,151
81,917
86,064
77,550
83,785
85,239
87,265
41,752
44,476
45,635
46,430
47,029
47,476
158,757
138,029 148,958 154,360 157,317
161,877
12,614
70,952
13,766
72,156
73,475
74,180
102,835
110,258 112,638 114,636 116,699 118,108
149,741
158,195 162,955 164,559 166,806
169,116
30,754
32,324
33,404
33,046
33,924
34,330
1.4
1.5
1.2
1.5
1.8
1.2
1.0
1.3
.9
1.8
1.8
1.4
1.6
1.4
1.0
1.2
1.5
1.3
1.2
1.4
.9
2.0
1.0
1.2
1.4
1.2
342,546
98,434
23,703
159,142
27,390
22,145
11,733
364,595
104,056
24,957
170,185
29,381
23,601
12,415
403,508
59,453
56,028
110,494
116,154
35,161
11,945
14,272
373,777
106,863
25,414
174,544
30,102
24,070
12,785
422,221
62,822
58,441
115,807
120,171
37,009
12,833
15,139
380,545
108,180
25,745
178,579
30,590
24,503
12,948
429,806
63,794
59,229
118,399
121,793
37,765
13,231
15,594
384,866
109,179
26,054
180,800
31,152
24,596
13,085
437,047
65,009
60,312
120,590
123,162
38,328
13,620
16,026
341,910
98,269
23,591
158,988
27,338
22,111
11,613
363,938
103,862
24,846
170,031
29,331
23,560
12,308
398,882
58,233
55,341
109,853
116,070
33,902
11,717
13,766
373,315
106,715
25,403
174,413
30,065
24,042
12,677
413,110
60,292
57,275
114,434
119,606
35,182
12,059
14,261
380,016
108,010
25,721
178,435
30,550
24,472
12,827
419,104
60,833
57,956
116,651
121,205
35,573
12,362
14,523
384,243
108,982
26,017
180,638
31,109
24,561
12,936
424,722
61,579
58,788
118,655
122,522
35,953
12,531
14,693
Southwest
Arizona
New Mexico ,
Oklahoma
Texas
536,163
79,010
28,338
58,254
370,561
575,072
86,420
30,685
60,901
397,067
596,411
90,897
31,716
62,497
411,302
605,377
92,142
31,910
63,479
417,846
615,948
93,710
32,342
64,347
425,549
624,863
95,021
32,672
65,164
432,006
1.7
1.7
1.4
1.4
1.8
1.4
1.4
1.0
1.3
1.5
531,868
78,658
28,030
57,387
367,792
571,617
85,769
30,396
60,528
394,925
593,611
90,325
31,447
62,262
409,577
602,440
91,502
31,609
63,258
416,071
612,816
92,980
32,010
64,068
423,758
621,912
94,388
32,350
64,917
430,257
1.7
1.6
1.3
1.3
1.8
1.5
1.5
1.1
1.3
1.5
Rocky Mountain
Colorado
Idaho
Montana
Utah
Wyoming
161,175
83,009
20,559
15,158
32,940
9,509
173,325
89,771
21,993
16,052
35,577
9,932
179,418
93,303
22,676
16,383
37,055
10,003
182,925
95,074
23,199
16,572
37,928
10,153
186,448
96,970
23,403
16,873
38,879
10,323
188,899
98,208
23,669
17,170
39,420
10,432
1.9
2.0
.9
1.8
2.5
1.7
1.3
1.3
1.1
1.8
1.4
1.1
159,278
82,537
19,868
14,771
32,701
9,401
171,618
89,340
21,315
15,720
35,397
9,846
178,001
93,018
21,939
16,185
36,902
9,957
181,314
94,769
22,329
16,363
37,767
10,086
184,770
96,631
22,502
16,672
38,704
10,262
187,216
97,866
22,801
16941
39,250
10,359
1.9
2.0
.8
1.9
2.5
1.7
1.3
1.3
1.3
1.6
1.4
.9
Far West
Alaska
California
Hawaii
Nevada
Oregon
Washington
977,014 1,038,409 1,070,678 1,090,208 1,105,239 1,122,153
15,144
14,488
14,612
15,061
14,810
14,131
715,923 760,431 783,596 797,077 806,611 818,845
29,184
28,304
29,417
29,918
30,129
29,663
41,241
39,391
34,112
37,319
40,375
42,200
73,482
74,585
67,870
70,516
71,908
62,938
133,147
121,606 129,117
136,376 138,926 141,250
1.4
1.7
1.2
.9
2.1
2.2
1.9
1.5
.6
1.5
.7
2.3
1.5
1.7
968,890 1,030,373 1,062,961 1,081,821 1,096,303 1,113,268
14,120
14,476
14,605
14,802
15,051
15,135
709,991
754,400 778,081 791,073 800,247 812,491
28,122
29,268
29,023
29,512
29,765
29,974
37,274
34,053
39,342
40,325
41,188
42,149
62,228
67,329
69,960
71,345
72,914
74015
120,375
127,870
131,705 134,765
137,137 139,503
1.3
1.7
1.2
.9
2.1
22
1.8
1.5
.6
1.5
.7
2.3
1.5
1.7
1. Nonfarm personal income is personal income less farm earnings. Farm earnings consists of proprietors' net
income; the cash wages, pay-in-kind, and other labor income of farm employees; and the salaries of officers of
corporate farms.
2. Percent changes are expressed at quarterly rates and are calculated from seasonally adjusted 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 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.
Sources: Tables 1 and 5 in "Comprehensive Revision of State Personal Income, 1969-95" in the October 1996
SURVEY OF CURRENT BUSINESS and tables 1 and 5 in "Personal Income and Per Capita Personal Income by State
and Region" in the May 1997 issue of the SURVEY.
D-66
SURVEY OF CURRENT BUSINESS
• Regional Data
July 1997
Table J.2.—Percent of Personal Income for Selected Components for States and Regions
Personal income
Percent of personal income
Net earnings by place of residence1
Millions of dollars
State and region
1969
United States
1980
1996
772,027 2,279,172 6,428,129
New England
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
49,634
14,543
3,115
24,183
2,728
3,587
1,477
131,783
38,108
9,313
61,704
9,108
9,150
4,399
382,291
108,668
25,893
179,355
30,829
24,523
13,023
Mideast
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
182,246
2,396
3,465
16,176
32,157
83,309
44,744
458,491 1,245,905
20,021
6,316
7,962
18,975
46,024
138,052
86,327
248,052
193,271
523,403
118,592
297,402
Great Lakes
Illinois
Indiana
Michigan
Ohio
Wisconsin
160,459
48,244
19,011
35,797
41,240
16,166
425,095 1,067,221
125,702
315,091
51,115
131,063
95,087
238,032
106,648
262,972
46,543
120,063
433,047
64,336
59,883
119,145
122,522
38,075
13,328
15,758
Plains
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
57,810
10,196
7,912
14,100
16,476
5,278
1,872
1,976
Southeast
Alabama
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
West Virginia
;
133,361
9,413
5,011
24,271
14,406
9,399
10,467
5,281
15,213
7,194
11,501
16,346
4,859
1969
1980
Dividends, interest, and rent
1969
1996
1980
66.2
14.3
16.1
17.0
9.1
14.1
74.1
66.3
67.4
16.7
75.3
74.3
72.9
76.2
68.9
70.6
66.6
68.3
71.2
18.0
18.7
17.4
9.2
7.1
14.2
10.9
18.2
74.5
74.5
66.0
67.3
15.3
14.7
17.0
18.6
15.2
16.4
16.4
16.4
15.0
17.2
15.3
17.4
16.3
15.0
13.9
14.9
75.2
68.4
76.3
74.2
80.0
77.5
72.6
76.8
72.6
63.7
72.1
78.8
70.7
78.0
80.9
79.6
78.9
76.8
62.3
66.8
67.6
61.1
64.9
64.4
67.7
62.4
68.0
17.5
14.3
17.1
14.9
13.4
15.4
16.7
71.8
70.6
70.8
70.1
14.6
11.8
12.7
13.2
14.2
16.8
15.3
14.0
14.8
15.6
17.8
15.3
16.8
15.9
16.6
76.3
75.8
76.6
77.1
76.5
75.2
75.1
76.0
68.2
66.7
66.7
66.4
14.5
15.4
68.8
71.1
66.9
69.7
67.5
67.2
61.9
64.3
64.3
67.2
64.2
64.9
14.0
14.1
14.1
16.0
14.8
13.8
18.2
20.0
18.1
16.1
17.8
19.8
23.0
20.4
17.6
18.0
17.8
16.2
18.4
452,556 1,407,522
30,128
85,698
17,077
47,506
97,357
347,092
166,984
46,061
76,461
29,609
37,030
86,246
47,452
17,472
161,179
47,583
73,067
23,901
37,389
115,778
53,244
166,385
15,705
33,675
77.7
79.4
75.5
68.6
80.5
78.6
78.0
79.2
81.7
68.9
70.7
65.9
59.7
12.6
10.0
11.8
20.7
11.0
10.7
11.8
15.6
12.2
15.2
24.0
13.2
17.1
13.5
13.7
81.9
80.0
80.1
76.2
72.9
70.1
73.2
69.5
73.0
72.8
71.6
71.6
68.2
64.6
66.3
65.3
55.9
70.8
65.4
63.9
65.2
69.1
67.1
68.7
68.1
58.4
68.5
70.5
66.5
63.0
63.2
9.5
10.3
9.5
10.6
11.8
10.7
16.9
17.4
13.5
13.5
12.2
12.9
11.8
13.1
14.7
12.4
207,312
25,519
10,773
28,742
142,278
610,650
92,942
32,160
63,872
421,676
77.4
74.1
77.0
75.1
78.4
72.9
67.8
70.4
70.7
74.4
68.8
65.3
64.7
64.2
70.7
13.7
16.3
12.5
13.3
13.4
15.3
18.0
14.6
15.4
Rocky Mountain
Colorado
Idaho
Montana
Utah
Wvomina
16,915
8,031
2,282
2,242
3,192
1,168
63,456
31,163
8,129
6,962
11,785
5,417
184,423
95,889
23,237
16,749
38,321
10,228
76.3
75.1
78.2
74.8
79.1
76.0
72.3
72.7
70.4
65.9
74.5
76.0
68.8
69.4
14.5
15.8
12.5
14.9
12.0
15.7
16.0
16.4
377,038 1,097,070
14,907
5,611
801,532
280,601
10,514
29,782
40,802
9,376
26,251
72,623
44,686
137,425
75.3
86.9
74.7
78.9
79.4
75.4
76.6
70.2
82.9
69.8
72.9
73.1
68.5
70.6
66.7
70.3
66.4
66.7
70.2
65.4
67.2
15.0
16.7
117,184
1,374
89,097
3,330
2,150
7,568
13,665
1. Net earnings by place of residence is earnings by place of work—the sum of wage and
salary disbursements, other labor income, and proprietors' income—less personal contributions for
social insurance plus the adjustment for residence.
Source: The CD-ROM, "State Personal Income, 1969-95," October 1996 and table 5 in "Per-
17.5
18.6
17.9
18.7
67.5
67.5
69.8
67.6
66.0
67.9
70.6
66.4
13.7
12.5
15.0
17.0
13.4
54,417
6,016
2,937
8,084
37,380
Far West
Alaska
California
Hawaii
Nevada
Oregon
Washington
1996
69.7
17.7
18.3
16.0
17.0
19.2
17.3
17.7
163,442
27,716
23,412
41,457
45,987
14,308
5,123
5,438
1980
1969
76.6
Southwest
Arizona
New Mexico
Oklahoma
Texas
:
Transfer payments
1996
68.3
59.4
73.4
63.2
8.2
15.3
14.6
13.4
14.9
14.1
14.8
16.3
19.3
13.1
15.5
8.6
17.1
14.7
15.4
17.4
15.8
18.5
17.7
17.3
25.2
14.4
14.8
14.4
12.2
14.1
14.0
12.9
17.6
15.0
14.8
17.2
15.3
15.4
14.1
16.3
16.8
15.9
19.9
12.5
20.6
17.3
11.8
17.6
16.2
15.7
17.8
16.6
11.4
10.0
8.5
10.8
10.5
9.5
6.3
12.1
7.5
7.6
10.4
9.8
15.3
12.4
17.6
15.5
15.3
12.5
22.4
13.0
12.5
16.2
16.6
16.8
15.7
13.9
20.3
15.7
13.8
21.0
16.3
17.9
14.0
21.6
15.0
14.2
19.7
19.1
7.8
7.5
7.3
7.7
7.9
9.0
14.0
12.7
12.9
15.4
14.4
14.3
15.8
14.6
14.9
15.6
18.1
15.4
9.2
8.8
9.4
8.9
9.4
8.7
13.6
13.3
13.1
12.8
14.7
13.0
15.1
15.3
15.7
15.5
15.3
14.1
17.3
14.4
18.1
17.8
15.5
17.1
18.9
16.4
14.0
16.4
18.3
20.2
21.0
18.9
14.8
19.8
21.7
22.7
10.1
10.2
9.7
10.6
12.7
10.7
8.5
10.7
10.1
11.3
8.0
8.6
9.3
8.1
13.1
9.0
9.6
10.5
11.7
8.2
9.2
9.0
9.3
10.4
8.9
8.3
9.7
4.9
10.0
6.5
7.1
9.7
9.3
13.3
18.3
14.1
15.4
15.3
13.7
19.5
16.8
18.9
18.4
14.3
26.5
11.9
14.2
15.1
14.0
10.8
16.4
17.5
19.9
20.4
15.2
11.7
10.8
13.3
14.8
12.4
14.8
13.7
15.8
20.7
14.1
16.1
8.5
13.1
8.4
13.1
12.4
11.5
14.1
13.6
16.0
17.9
15.9
17.1
14.1
16.8
16.2
sonal Income and Per Capita Personal Income by State and Region" in the May 1997 issue of
the SURVEY OF CURRENT BUSINESS.
SURVEY OF CURRENT BUSINESS
July 1997
Regional Data •
Table J.3.—Per Capita Personal Income and Per Capita Disposable Personal Income for States and Regions, 1994-96
Per capita personal income '
State and region
Dollars
1994
United States
Per capita disposable personal income '
Rank in U.S.
1995
22,045
23,196
24,231
New England
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
25,823
30,074
19,146
26,339
24,125
22,231
20,206
27,403
31,814
20,150
28,032
25,587
23,798
21,231
28,633
33,189
20,826
29,439
26,520
24,765
22,124
Mideast
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
25,497
24,836
31,808
25,329
28,393
26,193
22,361
26,818
26,279
33,435
26,352
29,833
27,595
23,580
27,955
27,622
34,932
27,221
31,053
28,782
24,668
22,203
24,010
20,489
22,609
21,323
21,137
23,426
25,310
21,457
23,943
22,547
22,265
Plains
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
21,008
20,150
20,884
22,917
20,654
20,526
18,166
18,921
Southeast
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
West Virginia
Dollars
1994
1996
1996
1995
Rank in U.S.
1996
1996
19,239
20,178
20,979
22,079
25,313
16,884
22,351
21,450
19,492
17,770
23,345
26,718
17,733
23,660
22,626
20,874
18,685
24,263
27,706
18,219
24,720
23,329
21,659
19,381
6
2
4
18
21,931
21,481
27,141
21,757
24,401
22,342
19,545
23,008
22,605
28,406
22,526
25,674
23,451
20,560
23,882
23,654
29,567
23,158
26,570
24,380
21,410
7
2
4
16
24,470
26,598
22,440
24,810
23,537
23,269
7
29
16
21
23
19,241
20,742
17,821
19,621
18,555
18,174
20,251
21,775
18,719
20,712
19,581
19,076
21,052
22,778
19,433
21,376
20,340
19,858
8
30
17
21
25
21,989
20,911
21,855
23,944
21,836
21,450
18,621
19,564
23,448
22,560
23,281
25,580
22,864
23,047
20,710
21,516
28
22
9
25
24
38
34
18,325
17,675
18,281
19,536
18,150
18,090
16,142
17,103
19,100
18,293
19,051
20,337
19,090
18,832
16,452
17,597
20,298
19,723
20,225
21,597
19,906
20,180
18,351
19,381
26
22
14
24
23
36
32
19,898
18,271
17,167
21,777
20,589
17,936
18,090
15,913
19,922
18,044
19,980
22,948
16,906
20,971
19,212
18,093
23,030
21,718
18,866
19,000
16,690
21,082
19,031
21,076
23,985
17,714
21,880
20,055
18,928
24,104
22,709
19,687
19,824
17,471
22,010
19,755
21,764
24,925
18,444
39
47
20
26
42
40
50
32
41
33
14
49
17,614
16,316
15,359
19,295
18,019
15,792
16,355
14,544
17,417
16,068
17,979
19,882
15,183
18,498
17,089
16,086
20,351
18,931
16,535
17,105
15,224
18,362
16,879
18,895
20,712
15,877
19,218
17,785
16,783
21,185
19,664
17,192
17,786
15,911
19,110
17,467
19,441
21,434
16,494
40
44
20
27
42
39
50
34
41
29
15
48
19,541
19,310
17,079
17,904
20,102
20,486
20,074
18,158
18,596
21,119
21,373
20,989
18,770
19,350
22,045
36
48
44
31
17,448
16,981
15,235
15,865
18,031
18,240
17,606
16,184
16,403
18,889
18,936
18,308
16,674
16,980
19,621
37
46
43
28
Rocky Mountain
Colorado
Idaho
Montana
Utah
Wyoming
20,044
22,663
18,091
17,698
17,250
19,986
21,082
23,954
18,860
18,443
18,167
20,727
22,025
25,084
19,539
19,047
19,156
21,245
13
43
46
45
35
17,324
19,433
15,679
15,553
14,976
17,630
18,115
20,450
16,168
16,202
15,626
18,234
18,830
21,265
16,722
16,656
16,436
18,614
19
45
47
49
35
Far West
Alaska
California
Hawaii
Nevada
Oregon
Washington
22,697
23,496
22,828
24,137
23,300
20,340
22,726
23,884
24,045
24,091
24,749
24,336
21,554
23,701
24,928
24,558
25,144
25,159
25,451
22,668
24,838
19
12
11
10
27
15
19,838
20,506
19,973
20,907
20,253
17,311
20,088
20,794
20,925
20,986
21,543
21,019
18,342
20,858
21,566
21,277
21,760
21,776
21,805
19,189
21,740
18
11
10
9
33
12
Great Lakes
Illinois
Indiana .
Michigan
Ohio .
Wisconsin
Arizona
New Mexico
Oklahoma
Texas
....
.
,
1. Per capita personal income and per capita disposable personal income were computed using
midyear population estimates of 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 per-
1
37
3
8
17
30
5
1
38
3
6
13
31
5
sonal 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.
Source: Tables 1 and 2 in "Personal Income and Per Capita Personal Income by State and
Region" in the May 1997 issue of the SURVEY OF CURRENT BUSINESS.
D-67
D-68 • Regional Data
SURVEY OF CURRENT BUSINESS
July 1997
Table J.4.—Gross State Product for States and Regions by Industry, 1994
[Millions of dollars]
Rank of
total
gross
state
product
State and region
Total
gross
state
product
Farms
Agricultural
services,
forestry,
and
fishing
Manufacturing
Mining
6,835,641
82,197
35,651
90,058
389,259
110,449
26,069
186,199
29,393
23,867
13,282
1,182
280
221
296
94
56
234
1,915
504
267
777
138
147
82
237
38
12
113
29
14
31
4,504
221
0
601
479
1,399
1,805
*Z
13
16
8
2
6
1,327,798
26,697
48,028
132,703
254,945
570,994
294,431
Great Lakes
Illinois
Indiana
Michigan
Ohio
Wisconsin
4
15
9
7
19
1,111,598
332,853
138,190
240,390
274,844
125,321
Plains
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
29
31
20
17
36
49
46
Southeast
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
West Virginia
United States
Construction
Total
Durable
goods
Nondurable goods
Transportation
and
public
utilities
Wholesale
trade
Retail
trade
Finance,
insurance,
and real
estate
Services
Federal
civilian
government
Federal
military
government
State and
local
government
269,232 1,197,098
673,139
523,959
606,354
461,863
182,651
79,948
604,284
13,158
3,646
1,142
5,943
1,031
822
574
66,134
18,612
4,639
30,387
6,053
4,148
2,296
43,392
12,231
2,200
20,245
4,336
2,776
1,605
22,743
6,381
2,439
10,142
1,718
1,372
691
27,786
7,744
1,864
12,883
2,327
1,739
1,229
25,962
7,328
1,510
13,237
1,742
1,274
872
33,195
8,813
3,159
14,784
2,913
2,204
1,323
92,056
30,138
4,742
42,919
6,502
5,456
2,299
88,578
22,939
4,816
47,245
5,723
5,151
2,704
6,712
1,510
827
3,134
448
477
317
2,084
579
342
678
67
354
65
30,258
8,319
2,528
13,804
2,326
2,026
1,256
610
864
1,221
1,229
2,355
4
7
111
152
428
1,653
45,626
889
428
6,536
9,261
16,661
11,852
183,235
5,397
1,267
11,442
36,841
70,346
57,941
85,106
1,486
153
5,676
12,144
35,556
30,091
98,129
3,911
1,114
5,766
24,698
34,790
27,850
114,721
1,354
2,596
11,144
25,750
46,605
27,272
86,894
1,046
577
8,199
23,374
35,683
18,014
100,291
1,513
1,367
11,787
19,096
40,005
26,523
321,733
10,414
6,888
29,253
57,125
164,081
53,972
294,563
3,419
15,636
29,531
54,124
129,468
62,385
46,598
358
16,102
9,956
4,186
8,443
7,553
7,278
273
1,166
2,117
832
1,804
1,087
115,987
1,733
1,981
11,416
22,862
54,850
23,145
11,265
3,515
1,839
1,486
2,121
2,302
4,418
1,321
531
887
1,039
640
4,459
1,273
753
938
1,238
258
45,155
14,086
6,493
8,584
10,583
5,409
284,542
62,441
41,843
71,415
73,887
34,956
188,314
35,277
29,115
54,414
48,605
20,903
96,229
27,164
12,728
17,001
25,282
14,053
90,978
31,940
11,407
16,156
22,592
8,882
77,674
26,639
8,382
16,373
18,534
7,745
97,284
27,549
12,734
19,958
25,922
11,120
179,209
63,253
18,448
36,385
41,404
19,719
198,663
66,853
21,325
42,288
47,899
20,298
19,212
6,357
2,725
2,814
5,225
2,091
4,025
1,686
479
527
1,032
300
94,713
25,938
11,229
22,580
23,366
11,600
455,013
68,298
61,758
124,641
128,216
41,357
13,494
17,250
17,428
4,238
2,529
2,822
1,751
3,160
1,286
1,642
2,562
553
348
534
563
308
84
173
2,466
156
815
507
356
98
349
185
19,202
2,700
2,402
5,318
5,823
1,714
588
657
88,359
16,699
10,727
24,950
27,017
6,031
979
1,956
49,443
9,775
5,638
14,510
14,477
3,088
534
1,422
38,916
6,924
5,090
10,440
12,540
2,944
445
534
43,306
5,388
7,444
9,564
13,476
4,559
1,496
1,378
34,207
4,718
4,545
10,061
9,406
3,147
1,255
1,076
41,979
5,966
5,956
11,134
12,493
3,488
1,291
1,652
69,161
9,632
7,831
21,869
18,734
5,937
1,673
3,487
79,879
10,090
10,003
23,882
24,172
6,724
2,302
2,706
10,786
1,263
1,584
2,361
3,549
1,104
358
567
4,102
191
1,347
306
892
587
494
288
41,575
6,706
6,227
11,334
9,985
4,500
1,341
1,483
25
33
5
11
26
22
32
12
27
18
13
39
1,478,627
88,661
50,575
317,829
183,042
86,485
101,101
50,587
181,521
79,925
126,539
177,708
34,654
20,175
1,512
2,035
3,399
2,491
1,867
882
1,256
3,420
724
1,242
1,147
200
7,841
460
315
2,735
768
442
369
287
786
363
476
737
101
21,509
1,184
382
711
752
2,941
9,995
356
229
158
347
1,074
3,380
60,747
3,496
1,846
14,592
6,707
3,429
4,476
1,855
7,078
3,473
4,677
7,443
1,675
282,972
19,398
12,578
26,612
32,576
23,221
17,417
11,854
53,629
21,787
30,611
27,435
5,854
126,435
9,593
6,757
15,079
13,383
12,545
4,311
7,015
19,739
8,403
16,049
11,047
2,514
156,537
9,805
5,820
11,533
19,192
10,676
13,107
4,839
33,890
13,384
14,562
16,389
3,341
143,740
8,821
6,196
29,914
21,865
8,305
11,059
6,228
14,315
6,399
10,646
15,425
4,567
97,808
5,515
3,077
22,644
16,355
4,770
5,784
2,840
11,692
4,367
9,232
9,694
1,836
144,130
8,926
5,193
35,783
16,714
7,651
8,717
5,008
16,338
8,043
13,881
14,820
3,057
226,278
10,860
5,637
68,123
28,563
9,514
13,260
5,680
23,465
10,297
16,217
30,823
3,838
263,453
14,045
7,272
72,639
31,980
12,471
16,738
7,597
26,345
11,632
23,663
33,594
5,477
45,781
4,173
1,179
6,669
5,667
2,683
1,841
1,522
3,148
1,864
4,450
11,646
939
31,101
1,411
411
4,573
3,519
1,803
1,320
1,064
4,882
2,273
694
9,009
142
133,092
8,861
4,455
29,435
15,085
7,387
9,241
5,039
16,194
8,545
10,403
14,860
3,587
24
37
30
3
677,888
94,093
37,832
66,189
479,774
8,347
810
564
1,591
5,381
3,541
673
178
311
2,379
39,652
1,114
2,702
3,281
32,555
28,989
5,116
1,781
2,069
20,024
105,712
13,973
5,117
11,060
75,562
61,747
11,155
4,422
6,615
39,555
43,964
2,817
695
4,445
36,007
72,514
8,345
3,672
7,281
53,216
46,743
5,677
1,645
4,051
35,369
62,877
10,034
3,551
6,663
42,630
98,977
17,115
5,130
8,203
68,529
120,958
18,155
6,595
10,788
85,419
17,331
2,538
1,791
2,500
10,502
9,967
1,200
834
1,476
6,456
62,281
9,343
4,272
6,915
41,750
Rocky Mountain
Colorado
Idaho
Montana
Utah
Wyoming
23
43
47
35
48
198,132
99,767
24,185
16,862
41,657
15,660
3,989
1,180
1,260
835
418
297
1,120
506
276
135
123
79
8,816
1,660
169
837
1,484
4,666
10,271
5,234
1,536
758
2,151
591
24,790
12,299
4,612
1,317
5,891
670
15,011
7,197
3,030
763
3,806
215
9,779
5,102
1,583
555
2,086
455
22,017
11,014
2,181
2,152
4,008
2,662
11,869
6,341
1,456
1,049
2,532
492
19,563
10,039
2,502
1,714
4,268
1,040
29,743
16,825
3,092
2,261
5,905
1,661
37,142
20,626
3,771
3,061
8,221
1,464
7,215
3,424
760
742
1,901
388
3,034
1,885
268
266
412
202
18,564
8,736
2,301
1,734
4,346
1,447
Far West
Alaska
California
Hawaii
Nevada
Oregon
Washington
45
1
38
34
28
14
1,197,326
22,720
875,697
36,718
43,958
74,366
143,867
15,306
18
11,171
282
142
1,481
2,212
'IS
7,189
10,563
4,238
4,459
26
1,438
96
306
46,084
1,038
29,222
2,151
3,090
3,447
7,137
161,354
1,149
121,842
1,128
2,002
14,814
20,418
103,692
317
76,608
296
1,269
11,260
13,942
57,662
833
45,234
832
733
3,554
6,476
91,293
3,835
63,122
3,475
3,376
5,909
11,576
80,707
672
59,860
1,414
1,990
5,888
10,882
110,589
1,539
79,662
4,063
4,084
6,773
14,467
256,519
2,480
199,078
8,584
8,058
12,464
25,856
259,485
2,653
193,314
7,586
14,967
13,248
27,716
29,015
1,113
18,900
1,745
840
2,020
4,397
18,357
1,094
11,187
2,623
435
223
2,795
107,814
2,535
76,691
3,442
3,358
7,269
14,519
New England
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
21
42
10
40
44
50
Mideast
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
Southwest
Arizona
New Mexico
Oklahoma
Texas
41
~
198
178
734
1,586
NOTE.-Totals shown for the United States differ from the NIPA estimates of gross domestic product (GDP) because State data exclude the statistical discrepancy (the difference between GDP and gross domestic income), the
compensation of Federal civilian and military personnel stationed abroad, and government consumption of fixed capital for military structures located abroad and for military equ pment, except office equipment; they may also differ
from the GDP estimates because of differences in revision schedules.
609,908 1,273,678 1,342,720
Source: Tables 9 and 10 in "Comprehensive Revision of Gross State Product by Industry, 1977-94" in the June
1997 issue of the SURVEY OF CURRENT BUSINESS.
Regional Data •
SURVEY OF CURRENT BUSINESS
July 1997
D-69
K. Local Area Table.
Annual estimates of local area personal income are shown for 1992-94; in August 1997, a comprehensive
revision of the local area estimates for 1969-94 and new estimates for 1995 will be released.
Table K.1.—Total Personal Income and Per Capita Personal Income by Metropolitan Area, 1992-94
Per capita personal income 3
Total personal income
Area name
Millions of dollars
1992
United States!
Metropolitan portion
Nonmetropolitan portion
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
Percent
change2
1993
1994
,138,091 ,365,006 ,648,263
,334,364 4,524,575 ,754,997
803,727 840,431 893,266
1993-94
5.3
5.1
6.3
Rank in
U.S.
Dollars
1992
1993
1994
5.0
5.8
6.0
6.1
5.8
8.5
5.2
23,384
20,166
20,790
21,751
22,498
21,622
21,397
321,087 324,298
63,663 70,760
35,318 36,884
329,646
74,698
38,849
1.6
5.6
5.3
21,316 21,321 21,542
19,193 21,098 21,918
21,681 22,569 23,728
534,539
552,201
571,868
3.6
27,324 28,105 29,021
138,314
38,422
32,163
171,152
73,606
143,257
41,086
33,035
177,172
76,373
149,311
43,949
34,632
184,469
79,941
4.2
7.0
4.8
4.1
4.7
23,333
20,230
20,604
26,699
23,498
173,493
181,186
189,819
4.8
25,115 25,957 26,919
Metropolitan Statistical Areas4
Abilene, TX
Akron OH*
Albany GA
Albany-Schenectady-Troy, NY
Albuquerque, NM
Alexandria LA
Allentown-Bethlehem-Easton, PA
Altoona PA
Amarillo TX
Anchorage AK
2,047
12,761
1,772
18,267
10,987
1,955
12,353
2,156
3,416
6,198
2,158
13,363
1,885
19,075
11,845
2,082
12,816
2,260
3,645
6,597
2,264
14,221
2,032
19,868
12,839
2,252
13,353
2,379
3,899
6,855
4.9
6.4
7.8
4.2
8.4
8.1
4.2
5.3
7.0
3.9
16,933
19,094
15,407
20,941
17,829
14,990
20,384
16,402
17,879
25,221
17,778
19,864
16,226
21,820
18,801
16,627
21,038
17,148
18,805
26,358
18,572
21,012
17,376
22,700
19,889
17,804
21,827
18,048
19,788
27,026
216
115
267
60
153
247
84
238
159
16
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
11,259
1,760
6,331
3,574
2,096
68,433
7,711
7,703
16,992
9,388
11,982
1,829
6,611
3,833
2,251
73,325
8,005
8,009
18,450
9,846
13,153
1,899
7,039
4,023
2,421
78,720
8,328
8,406
19,869
10,057
9.8
3.9
6.5
5.0
7.5
7.4
4.0
5.0
7.7
2.1
22,324
15,159
19,535
18,065
16,235
21,828
23,615
17,399
18,881
15,963
23,526
15,633
20,116
19,082
17,217
22,711
24,401
18,053
19,793
16,411
25,525
16,251
21,189
19,764
18,158
23,633
25,236
18,745
20,611
16,505
23
293
110
160
235
46
26
207
129
292
Baltimore MD*
Bangor, ME (NECMA)
Barnstable-Yarmouth, MA (NECMA)
Baton Rouge, LA
Beaumont-Port Arthur, TX
54,696
2,478
4,364
9,712
6,613
2,507
2,857
38,111
2,237
4,755
56,450
2,574
4,611
10,101
6,699
2,630
3,008
39,375
2,391
5,272
59,115
2,680
4,883
10,820
7,060
2,790
3,207
40,587
2,520
5,767
4.7
4.1
5.9
7.1
5.4
6.1
6.6
3.1
5.4
9.4
22,511
16,961
22,930
17,791
17,902
18,146
17,686
29,544
18,937
14,729
23,098
17,606
23,897
18,259
18,010
18,494
18,601
30,344
19,782
15,953
24,046
18,291
24,889
19,385
18,940
19,190
19,828
31,121
20,530
17,005
42
228
29
175
198
182
157
4
132
279
4,965
16,578
1,535
1,802
2,641
6,144
5,017
17,457
1,611
1,894
2,748
6,815
5,099
18,503
1,701
2,002
3,002
7,481
1.6
6.0
5.6
5.7
9.3
9.8
18,693
19,357
17,851
16,280
19,775
19,194
18,979
20,191
18,454
16,880
20,219
20,391
19,464
21,214
19,300
17,590
21,819
21,511
172
109
176
258
85
96
136,289
5,631
3,552
3,923
141,685
6,032
3,719
4,081
149,517
6,406
3,945
4,246
5.5
6.2
6.1
4.0
24,020
23,660
17,489
18,607
24,858
24,697
17,953
18,962
26,093
25,661
18,648
19,264
20
22
208
178
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
2,960
1,731
23,149
3,659
7,070
1,336
3,533
3,009
8,561
4,829
3,193
1,866
23,952
3,835
7,403
1,405
3,714
3,075
8,912
5,136
3,399
1,985
25,067
3,95
7,835
1,458
3,992
3,222
9,19
5,42
6.5
6.4
4.7
3.0
5.8
3.8
7.5
4.8
3.1
5.7
10,619
13,838
19,406
20,218
17,733
21,428
20,422
17,181
16,251
19,096
10,988
14,510
20,086
20,896
18,460
22,312
21,232
18,039
16,954
20,212
11,346
15,225
21,079
21,247
19,468
22,824
22,577
19,237
17,598
21,304
311
300
114
107
171
58
64
181
256
106
Charlotte-Gastonia-Rock Hill, NC-SC
Charlottesville VA
Chattanooga, TN-GA
Cheyenne, WY
Chicago, IL*
Chico-Paradise CA
Cincinnati, OH-KY-IN*
24,123
2,875
7,744
1,457
181,057
3,068
31,978
25,773
3,105
8,230
1,560
188,945
3,161
33,356
27,659
3,26
8,73
1,63
198,32
3,29
35,26
7.3
5.1
6.1
4.5
5.0
4.4
5.7
19,930
21,193
17,994
19,317
23,973
16,192
20,529
20,894
22,441
18,912
20,281
24,822
16,542
21,220
21,945
23,208
19,890
20,903
25,865
17,161
22,303
80
49
152
119
21
274
73
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 Franciscc-Oakland-San Jose, CA
Seattle-Tacoma-Bremerton, WA
Washington-Baltimore, DC-MD-VA-
wv
Rollinnham WA
Benton Harbor Ml
Bergen-Passaic, NJ *
Billings MT
Biloxi-Gulfport-Pascagoula, MS
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*
See footnotes at end of table.
24,108
21,131
20,958
27,386
23,949
25,257
21,883
22,921
23,450
24,379
24,458
22,651
25,055
22,172
21,810
28,322
24,784
Percent
change2
Millions of dollars
1993-94
Rank in
U.S.
Dollars
1992
1993
1994
Clarksville-Hopkinsville, TN-KY
Cleveland-Lorain-Elyria, OH*
Colorado Springs, CO
215,361
41,447
66,444
102,300
53,390
128,545
92,840
24,223
20,830
21,669
22,536
23,517
22,585
21,913
Area name
2,514
47,261
7,716
2,635
49,346
8,208
2,780
52,222
8,873
5.5
5.8
8.1
14,061 14,618 14,946
21,301 22,216 23,502
18,341 18,870 19,612
304
48
162
Columbia, MO
Columbia, SC
Columbus, GA-AL
Columbus, OH
Corpus Christi, TX
Cumberland, MD-WV
Dallas, TX*
Danville, VA
Davenport-Moline-Rock Island, IA-IL
Dayton-Springfield, OH
2,120
8,694
4,330
27,810
5,943
1,564
62,931
1,711
6,836
18,577
2,245
9,182
4,503
29,405
6,195
1,606
66,679
1,784
7,058
19,317
2,412
9,718
4,708
31,386
6,518
1,673
70,946
1,838
7,458
20,434
7.4 18,138 18,823 19,853
5.8 18,449 19,122 19,982
4.6 16,063 16,603 17,175
6.7 19,990 20,866 22,058
5.2 16,475 16,772 17,351
4.2 15,401 15,859 16,547
6.4 22,558 23,444 24,480
3.0 15,676 16,310 16,719
5.7 19,173 19,753 20,844
5.8 19,380 20,145 21,366
155
149
273
77
268
290
35
286
122
101
Daytona Beach, FL
Decatur, AL
Decatur, IL
Denver, CO*
Des Moines, IA ....
Detroit, Ml*
Dothan, AL
Dover, DE
Dubuque, IA
Duluth-Superior, MN-WI
6,878
2,323
2,260
39,097
8,810
93,967
2,177
1,867
1,581
4,103
7,275
2,430
2,336
41,995
9,240
98,222
2,220
1,962
1,636
4,213
7,749
2,572
2,430
44,425
9,863
106,351
2,311
2,064
1,755
4,427
6.5 16,250 16,832 17,591
5.9 17,118 17,643 18,555
4.0 19,177 19,915 20,844
5.8 22,815 23,835 24,732
6.7 21,691 22,421 23,681
8.3 21,855 22,820 24,692
4.1 16,352 16,590 17,183
5.2 16,094 16,573 17,208
7.3 18,096 18,588 19,891
5.1 16,963 17,430 18,376
257
218
122
30
45
32
272
271
151
224
5,913
2,321
7,798
2,959
1,642
978
5,014
5,030
5,407
2,826
5,991
2,413
8,195
3,134
1,703
1,014
5,194
5,361
5,686
2,915
6,016
2,554
8,603
3,410
1,785
1,053
5,397
5,731
5,984
3,152
.4 22,518 22,791 23,006
5.8 16,565 17,099 17,995
5.0 12,421 12,669 12,940
8.8 18,579 19,389 20,796
4.8 17,253 17,921 18,886
3.9 17,320 17,951 18,496
3.9 17,968 18,564 19,253
6.9 17,284 18,162 19,167
5.2 19,093 19,954 20,878
8.1 17,921 18,233 19,502
54
239
310
126
202
221
179
184
120
170
Fayetteville NC
Fayetteville-Springdale-Rogers, AR ....
Flagstaff AZ-UT
Flint, Ml *
Florence AL
Florence SC
Fort Collins-Loveland, CO
Fort Lauderdale, FL*
Fort Myers-Cape Coral, FL
Fort Pierce-Port St. Lucie, FL
4,427
3,930
1,583
7,991
2,133
1,905
3,648
30,063
7,185
5,623
4,662
4,218
1,677
8,276
2,220
2,028
3,982
32,207
7,629
5,954
4,807
4,609
1,809
9,041
2,358
2,136
4,284
34,168
8,103
6,280
3.1 15,967 16,416 16,785
9.3 17,413 17,966 19,010
7.9 14,729 15,126 15,859
9.2 18,485 19,135 20,866
6.2 15,915 16,407 17,381
5.3 16,104 16,943 17,630
7.6 18,405 19,417 20,174
6.1 22,929 23,843 24,706
6.2 20,351 21,234 22,053
5.5 21,122 21,863 22,566
284
192
294
121
266
255
135
31
78
65
Fort Smith, AR-OK
Fort Walton Beach, FL
Fort Wayne IN
Fort Worth-Arlington, TX*
2,836
2,717
9,036
28,568
13,385
1,531
3,310
4,282
11,259
2,057
2,925
2,915
9,415
29,757
14,012
1,607
3,529
4,478
11,764
2,127
3,142
3,049
10,005
31,354
14,276
1,708
3,747
4,719
12,414
2,225
7.4
4.6
6.3
5.4
1.9
6.3
6.2
5.4
5.5
4.6
16,970
18,959
21,330
21,412
17,104
17,004
19,412
20,107
20,026
18,223
281
197
104
100
278
280
174
141
145
231
1994
20,147 20,812 21,696
21,303 21,996 22,888
15,588 16,136 16,984
205,074
39,188
62,709
96,436
50,477
118,481
88,264
196,420
37,549
60,022
91,499
46,969
113,216
84,527
Per capita personal income3
Total personal income
'I
II
""—
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
Gadsden AL
Gainesville, FL
Galveston-Texas City, TX*
Gary IN*
Glens Falls, NY
1992
15,713
17,770
19,513
20,163
16,629
15,324
17,519
18,846
18,327
17,019
1993
15,950
18,531
20,193
20,735
17,028
16,089
18,524
19,294
19,057
17,443
1994
1994
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
1,549
1,697
1,660
18,610
1,407
2,241
4,003
1,650
1,689
1,771
19,556
1,490
2,450
4,248
1,724
1,821
1,885
21,338
1,533
2,559
4,526
4.5 14,442 15,288 15,777
7.9 16,387 16,322 17,576
6.4 16,914 17,588 18,187
9.1 19,296 20,073 21,663
2.9 17,753 18,548 18,887
4.5 16,469 17,469 17,757
6.6 19,877 20,771 21,838
297
259
234
91
201
249
83
21,458
1,886
14,407
22,720
2,022
15,276
24,121
2,156
16,279
6.2
6.7
6.6
19,902 20,806 21,789
16,769 17,729 18,535
16,906 17,718 18,640
88
219
209
Hagerstown, MD*
Hamilton-Middletown, OH*
Harrisburg-Lebanon-Oarlisle, PA
Hartford, CT (NECMA)
Hattiesburg, MS
Hickory-Morganton-Lenoir, NC
Honolulu HI
Houma, LA
Houston, TX *
Huntington-Ashland, WV-KY-OH
2,087
5,571
12,398
28,445
1,417
5,160
20,910
2,464
76,693
4,910
2,146
5,832
12,935
29,138
1,514
5,494
21,549
2,624
80,067
5,087
2,241
6,181
13,590
29,988
1,64
5,862
22,145
2,834
84,176
5,357
4.4
6.0
5.1
2.9
8.4
6.7
2.8
8.0
5.1
5.3
16,641
18,308
20,639
25,361
14,056
17,287
24,285
13,271
21,788
15,606
17,70
19,758
22,289
26,842
15,83
19,170
25,328
15,135
23,046
16,928
251
161
74
17
295
183
25
301
52
282
Huntsville, AL
Indianapolis, IN
Iowa City IA
Jackson Ml
Jackson, MS
Jackson, TN
Jacksonville, FL
Jacksonville, NC
Jamestown, NY
Janesville-Beloit, Wl
6,193
30,024
1,853
2,535
6,874
1,386
18,218
1,820
2,276
2,664
6,407
31,817
1,986
2,660
7,28
1,464
19,284
1,908
2,38
2,784
6,682
33,865
2,155
2,847
7,882
1,588
20,348
1,982
2,47
2,99
4.3 20,167 20,427 21,137
6.4 21,077 22,048 23,169
8.5 18,894 20,06 21,545
7.1 16,722 17,432 18,574
8.3 17,027 17,870 19,13
8.5 17,258 17,977 19,24
5.5 19,180 20,038 20,93
3.9 12,599 13,148 13,54
3.7 16,020 16,767 17,42
7.4 18,637 19,288 20,48
112
50
95
215
188
180
117
309
265
133
17,036
18,847
21,362
26,025
14,817
18,19
24,868
14,079
22,31
16,074
SURVEY OF CURRENT BUSINESS
D-70 • Regional Data
July 1997
Table K.1.—Total Personal Income and Per Capita Personal Income by Metropolitan Area, 1992-94—Continued
Per capita personal income3
Total personal income
Area name
Percent2
hange
Millions of dollars
1992
1993
1994
11,717
7,176
3,908
2,216
8,229
1,684
33,733
2,421
3,757
11,155
11,920
7,450
3,997
2,350
8,640
1,807
35,103
2,557
4,137
11,835
12,255
7,778
4,187
2,525
9,165
1,918
37,296
2,699
4,467
12,600
1,883
2,156
5,223
2,803
2,735
6,821
8,710
8,148
1,551
1,915
2,021
2,276
5,516
2,959
2,874
7,114
9,241
8,377
1,685
2,013
2,166
2,412
5,982
3,165
3,108
7,661
9,656
9,048
1,841
2,130
19,651
1,321
1,725
1,823
7,917
2,726
4,288
9,703
3,368
195,661
21,546
1,392
1,741
1,885
8,263
2,764
4,491
10,164
3,488
196,416
Louisville KY-IN
Lubbock, TX
Lynchburg VA
Macon GA
Madison Wl
Mansfield OH
McAllen-Edinburg-Mission, TX
Medford-Ashland, OR
Melbourne-Titusville-Palm Bay, FL
Memphis, TN-AR-MS
19,597
3,823
3,427
5,188
8,441
2,818
4,140
2,678
7,958
20,168
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
Montgomery, AL
Muncie, IN
Myrtle Beach SC
Naples FL
Nashvil'le TN
Nassau-Suffolk NY*
New Haven-Bridgeport-StamfordDanbury-Waterbury, CT*
New London-Norwich, CT (NECMA)
New Orleans, LA
New York, NY*
Newark NJ*
Jersey City N J *
Johnson City-Kingsport-Bristol, TN-VA
Johnstown PA
jopijn, MO
Kalamazoo-Battle Creek, Ml
Kankakee IL*
Kansas City MO-KS
Kenosha Wl*
Killeen-Temple TX
Knoxville TN .'
Kokomo IN
La Crosse, WI-MN
Lafayette IN
Lake Charles LA
Lakeland-Winter Haven, FL
Lancaster, PA
Lansing-East Lansing, Ml
Laredo, TX
Las Vegas, NV-AZ
Lawrence KS
Lawton OK
Lewiston-Auburn, ME (NECMA)
Lexington KY
Lima OH
Lincoln NE
Little Rock-North Little Rock, AR
Longview-Marshall, TX
Los Angeles-Long Beach, CA*
993-94
Dollars
1992
1993
1994
2.8 21,179 1,563 2,186
4.4 6,150 6,618 7,260
4.7 6,218 6,618 7,462
7.4 6,098 6,821 7,813
6.1 8,858 9,629 0,705
6.2 6,999 7,997 8,939
6.2 20,897 1,524 2,641
5.6 8,067 8,782 9,587
8.0 4,725 5,364 5,554
6.5 8,287 9,079 9,966
75
270
264
245
128
199
61
165
299
150
87
143
289
194
241
244
86
127
312
308
24,043
1,478
1,774
1,975
8,688
2,939
4,779
10,743
3,694
197,289
11.6 20,332 21,325 22,339
6.1 15,658 16,112 6,785
1.9 14,332 14,740 5,085
4.8 17,533 18,145 9,012
5.1 18,877 19,402 20,165
6.3 17,492 17,725 8,858
6.4 19,486 20,083 21,169
5.7 18,470 19,071 19,986
5.9 17,051 17,470 18,346
.4 21,577 21,504 21,562
72
284
303
191
137
203
111
148
226
94
20,481
4,075
3,629
5,410
8,968
2,976
4,441
2,848
8,306
21,243
21,658
4,295
3,819
5,718
9,537
3,141
4,770
3,067
8,678
22,774
5.7 20,288 21,028 22,081
5.4 17,026 17,908 18,633
5.2 17,196 18,082 18,825
5.7 17,388 17,854 18,599
6.3 22,200 23,207 24,437
5.5 16,097 16,993 17,891
7.4 9,828 10,030 10,346
7.7 17,347 18,002 18,892
4.5 18,716 19,059 19,567
7.2 19,550 20,382 21,564
76
210
206
213
36
242
313
200
167
93
2,831
33,601
29,400
31,690
60,964
7,844
6,634
25,309
2,171
5,541
2,906
38,553
30,658
33,108
63,873
8,312
6,869
26,472
2,274
5,750
2,974
40,530
32,008
34,858
67,831
8,783
7,055
27,464
2,419
6,117
2.3
5.1
4.4
5.3
6.2
5.7
2.7
3.7
6.4
6.4
15,110
20,014
29,948
23,948
25,231
17,150
17,344
26,534
16,515
19,606
302
146
8
43
27
275
269
18
291
163
2,094
2,430
4,720
21,176
73,472
2,175
2,517
5,119
22,692
76,602
2,300
2,722
5,453
24,643
79,569
5.7 17,510 18,214 19,285
8.2 16,029 16,947 17,807
6.5 28,565 29,986 30,906
8.6 20,723 21,725 23,038
3.9 27,921 28,980 30,006
177
246
5
53
7
48,985
5,528
23,379
232,218
53,43
50,431
5,710
24,490
238,919
55,325
52,232
6,009
25,960
247,284
57,339
3.6
5.2
6.0
3.5
3.6
30,054
22,302
18,000
27,174
27,817
3.5
19,277 19,65
9,141
8,227
4,802
7,093
6,002
16,280
20,062
18,695
10,461
13,099
14,961
16,751
28,152
21,860
23,296
15,866
16,787
25,063
14,959
18,318
15,092
19,247
29,010
22,769
24,061
16,463
17,068
25,886
15,586
18,707
30,97
22,947
18,780
27,86
28,68
32,118
24,076
19,833
28,800
29,652
3
41
156
10
9
Newburgh NY-PA*
Norfolk-Virginia Beach-Newport News,
VA-NC
Oakland, CA*
Ocaia FL
Odessa-Midland, TX
Oklahoma City, OK
Olympia WA*
Omaha NE-IA
Orange County CA*
Orlando FL
6,709
6,930
7,174
20,152
139
26,940
53,828
3,24
4,33
17,54
3,51
13,48
62,13
24,206
27,908
55,799
3,415
4,518
18,327
3,734
14,03
62,84
25,802
29,065
57,899
3,65
4,69
19,17
3,95
14,92
64,89
27,39
4.1 18,01 18,435
3.8 25,05 25,72
7.0 15,63 16,09
4.0 18,63 19,26
4.6 17,87 18,40
5.8 19,90 20,364
6.4 20,57 21,32
3.3 24,99 24,98
6.2 18,57 19,34
19,00
26,53
16,62
19,79
19,03
21,10
22,51
25,51
20,11
193
19
287
158
190
113
68
24
140
Owensboro KY
Panama City, FL
Parkersburg-Marietta, WV-OH
Pensacola FL
Peoria-Pekin, IL
Philadelphia PA-NJ*
Phoenix-Mesa, AZ
Pine Bluff, AR
Pittsburgh PA
Pittsfield, MA (NECMA)
1,47
2,19
2,55
5,87
6,58
115,90
44,56
1,20
50,67
2,94
1,53
2,36
2,67
6,16
6,95
119,86
47,63
1,27
52,43
2,95
1,63
2,49
2,82
6,49
7,37
124,82
51,93
1,32
54,64
3,06
6.4 16,62
5.8 16,41
5.5 16,98
5.3 16,29
6.1 19,21
4.1 23,49
9.0 19,10
4.1 14,21
4.2 21,07
3.9 21,50
17,13
17,20
17,72
16,90
20,27
24,26
19,91
15,10
21,78
21,67
18,08
17,83
18,61
17,51
21,46
25,22
20,99
15,77
22,75
22,52
237
243
212
263
98
28
116
298
59
67
5,43
33,52
5,66
35,87
5,97
38,37
5.4
7.0
22,17 23,02
20,86 21,81
24,09
22,89
40
57
18,47
3,59
1,92
2,11
3,62
19,34
3,88
2,05
2,24
3,77
20,000
4,20
2,18
2,400
3,99
3.4
8.1
6.6
7.1
5.7
20,18 21,16
13,04 13,71
15,57 16,31
17,58 18,165
20,24 20,95
21,92
14,444
17,12
18,97
21,96
81
305
277
196
79
Portland, ME (NECMA)
Portland-Vancouver, OR-WA*
Providence-Warwick-Pawtucket, Rl
(NECMA)
Provo-Orem, UT
Pueblo, CO
Punta Gorda, FL
Racine Wl*
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.
Area name
1994
20,391 1,804
9,088 0,081
5,426 6,554
7,876 8,984
6,711 7,929
6,822 7,834
21,070 1,811
9,216 20,745
0,774 1,289
3,258 3,698
7.2
6.0
8.4
7.0
8.1
7.7
4.5
8.0
9.2
5.8
Per capita personal income3
Total personal income
Rank in
U.S.
Percent
hange2
Millions of dollars
ank in
U.S.
Dollars
1992
1993
1994
992
993
994
1994
Raleigh-Durham-Chapel Hill, NC
Rapid City, SD
Reading PA
19,344
1,506
7,130
20,778
1,574
7,437
22,190
1,657
7,810
6.8
5.3
5.0
1,235
7,758
0,788
2,149
8,296
1,521
2992
9,138
2,465
55
187
69
Redding CA
Reno NV
Richland-Kennewick-Pasco, WA
Richmond-Petersburg VA
Riverside-San Bernardino, CA*
Roanoke VA
Rochester, MN
Rochester NY
Rockford IL ....
Rocky Mount, NC
2,725
6,873
3,065
20,071
48,296
4,648
2,423
22,893
6,435
2,219
2,825
7,033
3,356
21,175
49,552
4,914
2,498
23,784
6,716
2,361
2,932
7,656
3,578
22,329
51,565
5,122
2,610
24,640
7,225
2,505
3.8
8.9
6.6
5.5
4.1
4.2
4.5
3.6
7.6
6.1
7,295
5,635
9,075
2,442
7,110
0,517
1,949
1,152
8,954
6,238
7,789
5,610
0,188
3,374
7,281
1,572
2,199
1,834
9,563
7,068
8,323
7,059
0,798
4,358
7,741
2,407
3,112
2,593
0,837
7,933
227
15
125
37
250
71
51
63
124
240
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
San Angelo TX
San Antonio, TX
29,323
7,507
2,409
1,645
54,898
4,900
7,798
19,034
1,661
23,642
30,075
7,836
2,523
1,677
56,775
5,209
7,923
20,400
1,756
25,038
31,504
8,411
2,689
1,785
60,066
5,576
7,935
21,944
1,843
26,542
4.7 20,708 1,022 1,855
7.3 8,660 9,440 0,908
6.6 5,710 6,240 7,139
6.4 6,755 7,061 8,216
5.8 21,819 22,457 3,685
7.0 6,738 7,373 8,234
.2 21,145 21,631 22,547
7.6 6,885 7,670 8,623
4.9 6,708 7,529 8,201
6.0 7,169 7,794 8,466
82
118
276
232
44
230
66
211
233
223
San Diego CA
San Francisco, CA*
San Jose, CA *
San Luis Obispo-Atascadero-Paso
Robles CA .
Santa Barbara-Santa Maria-Lompoc,
CA
Santa Cruz-Watsonville, CA*
Santa Fe, NM
Santa Rosa, CA*
Sarasota-Bradenton, FL
Savannah GA
53,829
52,262
40,896
55,046
54,057
42,300
56,923
56,424
43,992
3.4
4.4
4.0
4,032
4,141
4,286
8,916
5,340
2,642
9,229
12,497
4,868
9,050
5,521
2,866
9,572
13,161
5,088
9,316
5,717
3,081
9,979
14,026
5,398
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
South Bend, IN
Spokane, WA
11,638
54,674
2,017
2,021
1,661
6,343
2,164
2,987
4,631
6,937
11,988
56,511
2,026
2,143
1,705
6,722
2,229
3,172
4,919
7,329
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
3,992
4,820
11,405
2,127
2,284
8,637
1,378
14,177
11,49
4,19
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 ..
993-94
20,689 21,075 21,627
32,136 33,007 34,281
26,772 27402 28250
92
1
12
3.5
18,265 18,649 19,159
185
2.9
3.5
7.5
4.3
6.6
6.1
23,679
23,074
21,434
22,926
24,797
18,235
23,943
23,653
22,574
23,559
25,781
18,730
24,485
24,329
23561
24,328
27081
19,581
34
38
47
39
14
166
12,485
59,060
2,144
2,282
1,798
7,124
2,404
3,484
5,258
7,746
4.1
4.5
5.8
6.5
5.5
6.0
7.8
9.8
6.9
5.7
18,188
25,725
16,527
19,207
17,416
16,940
18,471
20,477
18,483
18,156
18,758
26,180
16,575
20,205
17,741
17,843
18,810
21,354
19,405
18,750
19,600
27,097
17,548
21,325
18,484
18,829
20,198
22,991
20,584
19,565
164
13
262
105
222
204
134
56
130
168
4,140
5,08
11,725
2,21
2,347
9,036
1,455
14,650
12,04
4,49
4,393
5,44
12,248
2,292
2,474
9,376
1,540
15,156
12,684
4,809
6.1 20,685 21,285 22,432
7.1 17,481 18,000 18,826
4.5 19,056 19,620 20,562
3.7 16,704 17,133 17,654
5.4 16,189 16,674 17,636
3.8 17,137 17,689 18,094
5.8 13,280 13,721 14,429
3.5 18,844 19,407 20,101
5.3 18,549 19,066 19,870
6.9 17,151 18,024 18,980
70
205
131
253
254
236
306
142
154
195
40,58
2,43
1,89
11,76
3,22
9,27
11,58
13,83
2,46
2,92
43,23
2,53
1,94
12,23
3,36
9,57
12,38
14,29
2,59
3,02
46,059
2,64
2,03
13,03
3,53
9,94
13,58
14,89
2,75
3,17
6.5 19,172 20,232
4.5 16,320 16,876
4.5 15,657 15,955
6.6 19,145 19,937
5.2 19774 20,472
3.8 28,335 29,154
9.8 16,746 17,43
4.2 18,938 19,35
6.3 16,03 16,72
5.3 18,882 19,19
103
252
288
108
99
6
214
144
261
147
5,37
9,59
14,99
1,41
2,62
5,08
3,12
116,71
2,16
2,11
5,57
9,92
15,48
1,50
2,70
5,22
3,25
122,59
2,24
2,21
5,77
10,45
15,89
1,60
2,80
5,41
3,46
128,46
2,40
2,34
3.6 16,85 17,55 18,25
5.4 20,23 20,69 21,67
2.7 21,83 22,31 22,62
6.7 18,42 19,19 20,16
3.4 18,86 19,47 20,17
3.7 15,34 15,45 15,78
6.4 16,29 16,73 17,56
4.8 26,81 27,79 28,76
7G 17,42 18,01 19,44
5'.9 17,86 18,52 19,52
229
90
62
138
136
296
260
11
173
169
West Palm Beach-Boca Raton, FL ...
Wheeling WV-OH
Wichita, KS
Wichita Falls, TX
Williamsport, PA
Wilmington-Newark, DE-MD*
Wilmington, NC
Yakima, WA
Yolo CA*
York PA
28,54
2,66
10,21
2,27
2,06
12,07
3,11
3,36
2,84
7,00
30,41
2,75
10,54
2,39
2,14
12,68
3,35
3,55
2,96
7,40
31,99
2,89
10,90
2,51
2,23
13,36
3,59
3,68
3,12
7,75
5.2
5.3
3.4
5.3
4.4
5.4
7.0
3.7
5.7
4.8
31,40
16,81
20,40
17,80
17,12
22,82
17,13
16,91
19,58
20,03
32,64 33,51
17,35 18,35
20,88 21,51
18,39 19,07
17,73 18,50
23,71 24,68
17,90 18,56
17,46 17,76
20,33 21,35
20,92 21,67
2
225
96
189
220
33
217
248
102
89
Youngstown-Warren, OH
Yuba City, CA
Yuma AZ
10,48
2,13
1,54
10,91
2,18
1,70
11,57
2,27
1,75
6.0
4.1
3.3
17,33
16,41
13,09
18,03
16,48
13,66
21,358
17,676
16,568
21,233
21,422
30,176
18,57
20,04
17,56
19,99
19,154
16,81
13,764
186
283
307
3. Per capita personal income was computed using Bureau of the Census midyear population estimates. Estimates for 1992-94 reflect county population estimates available as of October 1995.
4. Includes Metropolitan Statistical Areas, Primary Metropolitan Statistical Areas (PMSA's designated by *), and
New England County Metropolitan Areas (NECMA's). The New Haven-Bridgeport-Stamford-Danbury-Waterbury, CT
NECMA is presented as a PMSA (part of the New York CMSA).
Source: Table 1 in "Local Area Personal Income, 1992-94" in the June 1996 SURVEY OF CURRENT BUSINESS.
SURVEY OF CURRENT BUSINESS
July 1997
Regional Data • D-71
L. Charts.
SELECTED REGIONALESTIMATES
SHARES OF U.S. PERSONAL INCOME BY REGION
1969
1996
Great Lakes
16.6%
Great Lakes
20.8%
Plains
New England
6.7%
New England
6.4%
Far West
15.2%
Southeast
17.3%
Southwest
5.9%
Far West
17.1%
Southeast
21.9%
Rocky Mountain
2.2%
Rocky Mountain
2.9%
7.0%
SHARES OF U.S. GROSS STATE PRODUCT BY REGION
1994
1977
New England
New England
5.7%
5.2%
Far West
17.5%
Southeast
19.6%
Rocky Mountain
2.8%
Rocky Mountain
2.9%
AVERAGE ANNUAL GROWTH RATE OF PERSONAL INCOME, 1969-96
STATES WITH FASTEST GROWTH
STATES WITH SLOWEST GROWTH
U.S. average
8.2%
North Dakota
Nevada
Arizona
Rhode Island
Florida
West Virginia
Colorado
Indiana
Utah
Pennsylvania
Georgia
Michigan
Texas
Illinois
New Hampshire
Ohio
New Mexico
Iowa
Alaska
New York
Percent
U.S. Department of Commerce, Bureau of Economic Analysis
Percent
D-72 • Regional Data
SURVEY OF CURRENT BUSINESS
July 1997
SELECTED REGIONAL ESTIMATES
PER CAPITA PERSONAL INCOME.1996
United States $24,231
States with highest levels
States with lowest levels
All other States
PERSONAL INCOME GROWTH: AVERAGE QUARTERLY PERCENT CHANGE, 1995:IV-1996:IV
United States 1.4%
j States with largest percent change
[
States with smallest percent change
All other States
U.S. Department of Commerce, Bureau of Economic Analysis
SURVEY OF CURRENT BUSINESS
July 1997
Appendixes • D-73
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 price components. To compute the quantity
indexes, changes in the quantities of individual goods
and services are weighted by their prices. (Quantity
changes for GDP are often referred to as changes in
"real GDP.") For the price indexes, changes in the prices
for individual goods and services are weighted by
quantities produced. (In practice, the current-dollar
value and price indexes for most GDP components are
determined largely using data from Federal Government surveys, and the real values of these components
are calculated by deflation at the most detailed level
for which all the required data are available.)
Except for the most recent period, the annual and
quarterly changes in real GDP and prices are "chaintype" measures that are both based on the "Fisher
Ideal" formula that incorporates weights from two adjacent years. For example, the 1992-93 percent change
in real GDP uses prices for 1992 and 1993 as weights,
and the 1992-93 percent change in price uses quantities for 1992 and 1993 as weights. Because the quantity
and price index numbers calculated in this way are
symmetric, the product of the annual change in real
GDP and the annual change in prices equals the annual
change in current-dollar GDP.
In the most recent period, a variant of the formula is
used because only i year's information is available for
computing the index number weights. Accordingly,
BEA uses a single year's weights and, as a consequence,
the product of the percentage changes in the price
and quantity indexes does not equal the current-dollar
change during this period. For this reason, another
measure, known as the "implicit price deflator," is
presented in the NIPA tables. The implicit price deflator is calculated as the ratio of current-dollar value to
the corresponding chained-dollar value multiplied by
100.
In addition, BEA prepares measures of real GDP
and its components in a dollar-denominated form,
designated "chained (1992) dollar estimates" These estimates 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
(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. In cases where the residual is large,
the table of contributions of the major components
to the change in real GDP provides a better basis for
determining the composition of GDP growth than the
chained-dollar estimates.
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:
where r is the percent change at an annual rate;
Xt is the level of activity in the later period;
X0 is the level of activity in the earlier period;
nt is the yearly periodicity of the data (for
example, i for annual data, 4 for quarterly,
or 12 for monthly); and
n is the number of periods between the
earlier and later periods (that is, t - o).
Quarterly and monthly NIPA estimates are seasonally
adjusted, if necessary. Seasonal adjustment removes
from the time series the average impact of variations that 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-74 • Appendixes
SURVEY OF CURRENT BUSINESS
July 1997
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
1996
1994
1995
II
I
BEA-derived compensation per hour of all persons in the nonfarm business sector (less
housing)
2.1
Less* Contribution of supplements to wages and salaries per hour
1997
1996
III
IV
I
3.1
3.7
3.4
3.7
3.4
3.7
5.0
0
.1
-.3
-.3
-.4
-.2
-.4
-.6
Plus: Contribution of wages and salaries per hour of persons in housing and in nonprofit institutions
0
-.3
-.1
.3
-.2
-.2
.1
.1
Less: Contribution of wages and salaries per hour of persons in government enterprises, unpaid
family workers, and self-employed
-.2
0
.1
.1
.1
.3
-.2
.3
Equals: BEA-derived wages and salaries per hour of all employees in the private nonfarm
sector
2.1
2.8
3.8
3.9
3.9
3.1
4.3
5.3
.1
Less: Contribution of wages and salaries per hour of nonproduction workers in manufacturing
0
-.1
-.1
-.1
-.3
-.1
-.3
Less* Other differences l
-.5
-.1
.6
1.3
0
-.2
.5
1.5
Equals-. BLS average hourly earnings of production or nonsupervisory workers on private
nonfarm payrolls
2.6
2.9
3.3
2.7
4.0
3.7
3.9
4.2
Addendum:
BLS estimates of compensation per hour in the nonfarm business sector2
2.0
3.2
3.6
3.4
3.7
3.5
3.7
5.2
1. Includes BEA use of non-BLS data and differences in detailed weighting. Annual estimates
also include differences in BEA and BLS benchmark procedures; quarterly estimates also include
differences in seasonal adjustment procedures.
2. These estimates differ from the BEA-derived estimates (first line) because the BLS estimates
include compensation and hours of tenant-occupied housing.
NOTE: This table incorporates BLS revisions to reflect the benchmarking of employment levels
and the updating of seasonal adjustment factors.
BLS Bureau of Labor Statistics
Table 2.—Relation of Net Exports of Goods and Services and Net Receipts of Factor Income in the National Income and
Product Accounts (NIPA's) to Balance on Goods, Services, and Income in the Balance of Payments Accounts (BPA's)
[Billions of dollars]
Seasonally adjusted at annual rates
Line
1996
1995
1995
1,055.2
1,025.5
1996
IV
1997
I
II
III
IV
I
1,025.5
1,049.3
1,047.9
1,098.2
1,117.9
Exports of goods services, and income, BPA's
1
991.5
Less* Gold BPA's
Statistical differences1
Other items
.
2
3
4
22.0
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.
5
6
7
Equals: Exports of goods and services and receipts of factor income, NIPA's
8
1,015.6
1,083.6
1,050.3
1,059.9
1,073.9
1,070.7
1,129.8
1,146.8
Imports of goods, services, and income, BPA's
9
1,086.5
1,163.4
1,093.3
1,115.4
1,156.9
1,183.5
1,198.0
1,246.9
Less Gold BPA's
Statistical differences1
Other items
10
11
12
5.3
4.0
0
7.7
5.6
0
3.4
7.3
0
6.8
4.5
0
6.2
9.7
0
3.4
6.9
0
8.7
6.9
0
P/usGold 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
13
14
15
16
Equals: Imports of goods and services and payments of factor income,
NIPA's.
17
1,117.3
1,191.2
1,123.9
1,146.5
1,180.6
1,208.4
1,229.5
1,274.3
Balance on goods, services, and income, BPA's (1-9)
18
-95.0
-108.2
-67.8
-89.9
-107.6
-135.6
-99.8
-129.0
Less- Gold (2-1 0+1 3)
Statistical differences (3-11) l
Other items (4-12)
19
20
21
-3.9
18.0
-3.7
17.5
-3.9
Plus: Adjustment for U.S. territories and Puerto Rico (6-15)
22
8.4
Equals: Net exports of goods and services and net receipts of factor income,
NIPA's (8-17).
23
-101.7
1. Consists of statistical revisions in the BPA's that have not yet been incorporated in the
NIPA's.
5.1
6.9
18.4
3.7
24.8
.9
1.1
.8
8.0
8.7
9.3
30.2
14.0
-3.7
8.0
21.8
14.0
.9
31.4
14.8
-3.6
8.7
21.3
14.8
-4.4
12.8
1.1
10.1
-107.6
30.7
14.2
-4.0
9.3
21.9
14.2
6.3
13.3
.8
10.1
30.3
14.4
-3.4
10.1
21.1
14.4
12.5
15.1
5.2
24.8
3.7
20.3
6.7
20.3
1.0
1.5
1.1
1.0
7.3
8.4
8.9
8.3
31.3
14.6
14.6
1.4
0
-3.5
7.3
21.4
14.6
-5.6
13.7
31.1
15.0
-3.8
8.4
21.2
15.0
-4.8
15.1
.8
8.8
.8
1.0
1.5
8.8
9.2
9.9
9.9
-73.6
-86.6
-106.7
-137.7
32.8
15.2
-3.8
8.9
21.6
15.2
-3.5
13.4
1.1
11.2
-99.7
33.2
15.4
-3.1
8.3
22.4
15.4
-5.1
13.4
1.0
10.8
-127.5
Appendixes • D-75
SURVEY OF CURRENT BUSINESS
July 1997
Appendix B
Suggested Reading
Mid-Decade Strategic Plan
BEA has published the following articles in the SURVEY OF CURRENT BUSINESS on 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)*
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. i, 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)
GNP: An Overview of Source Data and Estimating Methods (NIPA Methodology Paper No. 4,
1987) [Also appeared in the July 1987 issue of the
SURVEY]
Government Transactions (NIPA Methodology
Paper No. 5,1988)
Personal Consumption Expenditures (NIPA Methodology Paper No. 6,1990)
* Items with an asterisk can be found on BEA'S Internet site at
http»//www.bea.doc.gov.
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 SURVEY articles that cover these
revisions.
"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 1996
issue,* describes the annual NIPA revisions and the
improvements in methodology.
The most recent comprehensive revision of the
NIPA'S is described in the following series of SURVEY
articles.
"Preview of the Comprehensive Revision of the
National Income and Product Accounts: BEA'S
New Featured Measures of Output and Prices"
(July 1995)*
"Preview of the Comprehensive Revision of the
National Income and Product Accounts: Recognition of Government Investment and Incorporation of a New Methodology for Calculating
Depreciation" (September 1995)*
"Preview of the Comprehensive Revision of the
National Income and Product Accounts: New and
Redesigned Tables" (October 1995)*
"Improved Estimates of the National Income
and Product Accounts for 1959-95: Results of
the Comprehensive Revision" (January/February
1996)*
"Completion of the Comprehensive Revision of
the National Income and Product Accounts,
1929-96" (May 1997)*
"Updated Summary Methodologies" (August 1996
SURVEY)* identifies the principal source data and estimating methods that are used to prepare the estimates
of gross domestic product (GDP).
Availability
For the availability of some of these publications, see
the inside back cover of this issue. See also the User's
Guide to BEA Information: To request a copy, write to the
Public Information Office, BE-SS, Bureau of Economic
Analysis, U.S. Department of Commerce, Washington
DC 20230, call 202-606-9900, or visit BEA'S Internet site
at http: //www. bea. doc. gov.
D-76
• Appendixes
SURVEY OF CURRENT BUSINESS
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.
The conceptual basis for the chain-type measures of
real output and prices used in the NIPA'S is described
in the following SURVEY articles.
"Alternative Measures of Change in Real Output
and Prices" (April 1992)*
"Economic Theory and BEA'S Alternative Quantity
and Price Indexes" (April 1992)*
"Alternative Measures of Change in Real Output and Prices, Quarterly Estimates for 1959-92"
(March 1993)*
"Preview of the Comprehensive Revision of the
National Income and Product Accounts: BEA'S
New Featured Measures of Output and Prices"
(July 1995)*
"BEA'S Chain Indexes, Time Series, and Measures
of Long-Term Economic Growth" (May 1997)*
"Reliability and Accuracy of the Quarterly Estimates
of GDP" (October 1993 SURVEY)* evaluates GDP estimates by examining the record of revisions in the
quarterly estimates.
"A Look at How BEA Presents the NIPA'S" (May
1996 SURVEY)* explains how to locate the NIPA estimates and some of the conventions used in their
presentation.
International
Balance of payments accounts (BPA'S)
The Balance of Payments of the United States: Concepts,
Data Sources, 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 1996 issue,* describes
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: 1989 Benchmark
Survey, Final Results (1992)*
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)*
Wealth and related estimates
"Improved Estimates of Fixed Reproducible Tangible Wealth, 1929-95" (May 1997 SURVEY)* describes
the most recent 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.
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 State Personal Income 1969-95 CD-ROM]
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 Regional Economic Information
System CD-ROM]
Input-output accounts
Gross state product
Benchmark Input-Output Accounts of the United States,
1987 (1994)* describes the concepts and methods used
in the generation of the benchmark input-output
tables for 1987.
"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, gj
July 1997
An essential tool for economic and industrial planners
REGIONAL MULTIPLIERS:
A User Handbook for the Regional Input-Output Modeling System (RIMS H)
Third Edition
This handbook is a guide to the RIMS II multipliers that are widely used to analyze the economic and industrial impact of public
and private projects and programs on State and local areas. RIMS II was developed by the Bureau of Economic Analysis to estimate
regional multipliers for the nearly 500 industries in the national input-output table. The multipliers are available for any county or
for any group of counties.
RIMS II multipliers have been used to estimate the total impact of a wide range of projects on output, earnings, and employment in
an area. For example, the multipliers have been used to estimate the impact of
• The construction and operation of a sports arena
HEOJONALMUUIPUERS:
• The construction and operation of an airport
• The opening or closing of a manufacturing plant
• The closing and conversion of a military base to a factory
The third edition of this handbook presents detailed information on the data that the users must have in order to effectively use the
five types of RIMS II multipliers. This handbook also details the uses of the multipliers, provides case studies of these uses, and
describes the methodology used to prepare the multipliers.
RIMS II multipliers are only available on diskette. For ordering information, call the Regional Economic Analysis Division at
(202) 606-5343, or send e-mail to RIMSREAD@BEA.DOC.GOV.
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The SURVEY OF CURRENT BUSINESS provides the broad scope
and the statistical detail to keep you informed, each month,
about U.S. economic conditions. The SURVEY is the journal of
record for many of the headline-making economic statistics used
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Other highlights include:
SURVEY «/CURRENT BUSINESS
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New! A statistical section that highlights BEA's national, regional, and international estimates. "BEA Current
and Historical Data" includes tables and charts ideally suited for use by economic analysts and forecasters.
To keep up with the rapidly changing U.S. economy, subscribe to the SURVEY OF CURRENT BUSINESS today.
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BEA INFORMATION
The economic information prepared by the Bureau of Economic Analysis (BEA) is
available in news releases, in publications, on computer diskettes, on CD-BOM'S, and on
the Internet For a description of these products in the free User's Guide to BEA
Information, write to the Public Information Office, BE-53, Bureau of Economic
Analysis, V»S. Department of Commerce, Washington, DC 20230, or call (202) 6069900. The; User'$ Guide and other information are also available on BEA'S home page at
http://www.bea.doc.gov*
In addition, the following publications are available from the Superintendent of
Documents of the Government Printing Office (GFO). To order, write to Superintendent of Documents, P.O. Box 37*954* Pittsburgh, PA 15250-7954, call (232) 512-1800
or fax (202) 512-2250, Pay by check to the Superintendent of Documents or charge to a
QPO deposit account, to VISA, or to MasterCard.
Benchmark Input-Output Accounts of the United States, 1987. (1994)
Presents summary and detailed make and use tables for industries and
commodities\ tables showing commodity- and industry-output-require-ments per dollar of commodity demanded; and tables showing
the input-output (i-o) commodity composition of personal consumption expenditures and producers* durable equipment expenditures in
the national income and product accounts. Presents concepts and
methods used in the 1987 benchmark accounts; concordance beween i-o
and 1987 Standard Industrial Classification codes; description of the
components of the measures of output, intermediate inputs, and value
added; and mathematical derivation of total requirements tables, (468
pages) $29.00, stock no, 003-010-00251-4,
Re^onal Multipliers: A User Handbook for the Regional Input- Output Modeling System (RIMS n), Third Edition, (1997) This handbook
describes the five types of EIMS n multipliers that are available for nearly
500 industries and for any county or for any group of counties. It details
the information that the users need in order to effectively use the EIMS n
multipliers 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 n multipliers
and a description of the methodology that the Bureau of Economic
Analysis uses to estimate the multipliers. (63 pages) $6.00, stock no. 003010-00264-6.
:
State Personal Income* 1929-93, (1995) Presents detailed annual estimates for States and regions of personal income for 1929-93, including
estimates of per capita personal income, personal income by major
source* and earnings by industry. Also presents annual estimates of disposable personal income and per capita disposable personal income for
1948-93 and quarterly estimates of persona! income for 1969-^3. Provides information about the sources and methods used to prepare the
estimates for 1987-93 and samples of all the detaHed tables of personal
income and employment that are available for regions. States, counties,
and metropolitan areas. (444 pages) $27,00, stock no. 003-010-00257-3.
Foreign Direct Investment in the United States: 1992 Benchmark Survey, Final Results* (1995) Presents detailed data on the financial structure and operations of U.S. afSHates of fofeign direct investors, on the
foreign direct investment position in the United States, and on the balance-of-payments transactions between U.S. afSHates and their foreign
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 and origin, that are only collected in
benchmark surveys. Benchmark surveys;are conducted every 5 years
and are BEA'S most comprehensive surveys in terms of both the number
of companies covered and the amount of information gathered. The
data are classified by industry of affiliate and by country of ultimate
beneficial owner, and selected data are classified by State, Provides information about the coverage, the concepts and definitions, and the
classifications used in the survey. (312 pages) $20.00, stock no, 003-01000259-0.
Foreign Direct Investment in the United States* Operations of U.S.
Affiliates of Foreign Companies. {1996} Two publications: One presents the revised estimates for 1993, and the other, the preliminary
estimates for 1994 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 (imo) and for selected estimates, by industry of use and by State, Preliminary 1994 Estimates (108
pages) $8,50, stock no, 003-010-00261-1; Revised 1993 Estimates (108
pages) $8.50, stock no. 003-010-00260-3,
Foreign Direct Investment in the United States? Establishment Data
for 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 four-digit 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. (364 pages) $28.00, stock no. 003-010-00265-4.
Foreign Direct Investment in the United States: Establishment Data
for Manufacturing, 1991. (1994) Ajoint effort by BEA and the Bureau of
the Census. Presents the most recently available data for foreign-owned
U,S. manufacturing establishments (plants)'.. by detailed industry (up to
459 industries), by State, and by country of investor. Includes data on
the number of plants, value added, shipments, employment, total employee compensation, employee benefits, the hourly wage rates; of production workers, the cost of materials and energy used, inventories by
stage of fabrication, and expenditures for new plant and equipment
(220 pages) $14.00, stock no. 003-010-00250-6,
U.S. Direct Investment Abroad:; 1994 Benchmark Survey, Preliminary
Results. (1997) Presents preliminary results from the latest benchmark
survey of the worldwide operations of U.S, multinational companies.
Contains detailed 1994 data on the operations of U.S. parent companies
and their foreign affiliates in 103 tables organized by country and by
industry. (140 pages) $14,00, stock no. 003-010-00263-8,
U.S* Direct Investment Abroad: Operations of U.S. Parent Companies
and Their Foreign Affiliates, Revised 1993 Estimates, (1996) Provides revised results for 1993 from BEA'S annual survey of the worldwide operations of U,S. multinational companies. Contains information on the
financial structure and operations of U.S. parent companies and their
foreign affiliates. Data are classified by country and industry of affiliate
and by industry of U.S. parent (120 pages) $11.00, stock no, 003-01000262-0.
@FedFRASER