Full text of Survey of Current Business : July 1998
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JULY 1$98 ^ VOLUME 78 NUMBER I N THIS ISSUE . , , •,• > - • . . . r ... .. ... ... U.S Travel and Tourism Satellite Accounts jbri992 U. S. International Trdnsacti&nSi Revised Estimates U.S; D E M R T M E O T Of COMMERCE W "••..- '"- :• •; " . ECONOMICS AND STATISTICS ADMINISTRATION BUREAU OP ECONOMIC ANALYSIS ' "' ";V;'.. "-.":; JULY I998 VOLUME 7 8 NUMBER 7 SURVEY 0/ SURVEY OF CURRENT BUSINESS (ISSN 0039-6222). Published monthly by the Bureau of Economic Analysis of the U.S. Department of Commerce. Editorial correspondence should be addressed to the U*S* Department of Commerce William M. Daley, Secretary • • • • JSSk Economics and Statistics Administration Robert J. Shapiro, Under Secretary for Economic Affairs Editor-in-Chief, SURVEY OF CURRENT BUSINESS, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230. Subscriptions to the SURVEY OF CURRENT BUSINESS are maintained, and their prices set, by the Government Printing Office, an agency of the U.S. Congress. Postmaster: Send address changes to: Superintendent of Documents, U.S. Government Printing Office, Washington, DC 20402. Bureau of Economic Analysis J. Steven Landefeld* Director Rosemary D, Marcuss, Deputy Director Robert R Parker* Chief Statistician : Hugh W* KnoK, Associate^DirectW for Regional Economics Brent RMoulfon* AssociateDirectorforNationallncome, Expenditure, andWealth Accounts Siimiye O, Okubo, Associate Director for Industry Accounts Gerald A, Pollack, Associate Director for International Economics The GPO order desk number is (202) 5121860. The subscription complaint desk number is (202) 512-1806. Subscription and single-copy prices: Periodicals: $39.00 domestic, $48.75 foreign. First-class mail: $88.00. Single copy. $14.00 domestic, $17.50 foreign. Make checks payable to the Superintendent of Documents. Periodicals postage paid at Washington, DC and at additional mailing offices, (USPS 337790). The Secretary of Commerce has determined that the publication of this periodical is necessary in the transaction of the public business required by law of this Department. Editor-in-Chief Managing Editor Manuscript Editor Graphics Designer Production Editors Douglas R Fox Eric B, Manning M GretcEen Gibson W: Ronnie Foster Ernestine X Gladden* Laura A. 0ppel THIS ISSUE of the SravOTwentto the printer on July 10, i It incorporates data from the following monthly BEA news releases: JU& IntematioMlTrade in Goods aial Semces Qum ia)» Gross DomesticProduct Qutm 25), and PersonMlricbme and Outlays (June 26% July 1998 SURVEY OF CURRENT BUSINESS TABLE OF CONTENTS {special in this issue 8 U.S. Travel and Tourism Satellite Accounts for 1992 The new satellite accounts for U.S. travel and tourism present a comprehensive picture of the importance of travel and tourism in the U.S. economy. The travel and tourism satellite accounts (TTSA'S) are developed from the 1992 benchmark input-output accounts, but they integrate information from a variety of public and private sources. According to the TTSA'S, travel and tourism activities accounted for 4.6-5.3 percent of total demand in the U.S. economy, for 1.9-2.2 percent of value added, and for 3.2-3.7 percent of employment. 47 U.S. International Transactions, Revised Estimates for 1986-97 This year's annual revision of the balance of payments accounts incorporates major improvements to the investment income, capital, services, and goods accounts. The investment income accounts incorporate newly available results of the U.S. Treasury Department's benchmark survey of foreign portfolio investment in the United States for 1994, final results of the U.S. Treasury Department's benchmark survey of U.S. portfolio investment abroad for 1994, revised estimates of banks' income receipts and payments on foreign-currencydenominated claims and liabilities, and the results of BEA'S benchmark survey of U.S. direct investment abroad for 1994. In addition, several types of transactions are reclassified. The revised estimate of the U.S. current-account balance for 1997 is -$155.2 billion, compared with the previously published estimate of -$166.4 billion. l\egular features 1 Business Situation The "final" estimate of real GDP indicates a 5.4-percent increase in the first quarter of 1998, 0.6 percentage point higher than the "preliminary" estimate issued last month. The upward revision was largely due to upward revisions to the change in nonfarm business inventories, to exports, and to nonresidential structures. Corporate profits increased $9.6 billion in the first quarter after decreasing $9.2 billion in the fourth; profits of domestic nonfinancial corporations and profits from the rest of the world turned up, but profits of domestic financial corporations increased less than in the fourth quarter. — Continued on next page — ii SURVEY OF CURRENT BUSINESS 24 The International Investment Position of the United States in 1997 The net international investment position of the United States became more negative in 1997: On a current-cost basis, it changed from -$767.1 billion to —$1,223.6 billion, and on a market-value basis, it changed from —$743.7 billion to -$1,322.5 billion. The change in both positions was primarily attributable to large net capital inflows, particularly for U.S. securities and U.S. banking, and to a net negative exchange rate adjustment that resulted from the appreciation of the U.S. dollar against most foreign currencies. 35 Direct Investment Positions for 1997: Country and Industry Detail In 1997, the U.S. direct investment position valued at historical cost increased 11 percent, reflecting record equity capital outflows and reinvested earnings that were only partly offset by negative currency translation adjustments. By country, the largest increases were with the United Kingdom, the Netherlands, and Canada. The foreign direct investment position in the United States valued at historical cost increased 15 percent, as a result of record capital inflows that reflected strength in equity capital, intercompany debt, and reinvested earnings. By country, the largest increases were with the Netherlands, Germany, and Canada. 59 U.S. International Transactions, First Quarter 1998 The U.S. current-account deficit increased $2.2 billion, to $47.2 billion, in the first quarter of 1998. An increase in the deficit on goods and services was partly offset by decreases in the balance on investment income and in net unilateral transfers. In the capital account, capital outflows decreased sharply, but capital inflows decreased even more sharply. U.S. assets abroad increased $44.7 billion after increasing $123.4 billion, and foreign assets in the United States increased $90.9 billion after increasing $220.5 billion. l\eports and statistical presentations 6 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 cover: Schedule of Upcoming BEA News Releases LOOKING AHEAD Annual Revision of the National Income and Product Accounts. An article presenting the revised NIPA estimates and discussing the major sources of the revisions will be published in the August SURVEY. Selected estimates will be made available on July 31 as part of the release of the "advance" GDP estimates for the second quarter of 1998. For more information on the NIPA revision, see the box on page 5. July 1998 SURVEY OF CURRENT BUSINESS July 1998 BUSINESS Ralph W. Morris prepared the first section of this article, and Daniel Larkins prepared the section on corporate profits. SITUATION EAL GROSS domestic product (GDP) in\^ creased 5.4 percent in the first quarter of 1998, according to the "final" estimates of the national income and product accounts (NIPA'S) (chart 1).1 The step-up from the 3.7-percent increase in the fourth quarter was more than accounted for by accelerations in consumer spending, in business inventory investment, and in residential investment and by an upturn in business fixed investment. In contrast, net exports and government spending turned down (table 1). 1. Quarterly estimates in the NIPA'S are expressed at seasonally adjusted annual rates unless otherwise specified. Quarter-to-quarter dollar changes are differences between published 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. Table 1.—Real Gross Domestic Product, Real Gross Domestic Purchases, and Real Final Sales to Domestic Purchasers [Seasonally adjusted at annual rates] Billions of chained (1992) dollars Level Percent change from preceding quarter Change from preceding quarter 1998 1997 1998 1998 1997 The "final" estimate of the change in real GDP is 0.6 percentage point higher than the 4.8percent increase indicated by the "preliminary" estimate reported in the June "Business Situation" (table 2). The revision is larger than the average revision—0.3 percentage point, without regard to sign—from the preliminary estimate to the final estimate for 1976-97. The first-quarter revision primarily reflected upward revisions to net exports and business inventory investment. In net exports, the incorporation of the annual revision of Census Bureau and Bureau of Economic Analysis (BEA) data for U.S. international trade in goods and services resulted in an upward revision to exports and a downward revision to imports. (Imports are subtracted from final expenditures in the calculation of GDP.) The annual revision reflected updated source data and, for net exports of goods, revised seasonal factors.2 In inventory investment, the upward revision was mostly to wholesale trade and retail trade, reflect2. For additional information on the annual revisions to the estimates of U.S. international trade in goods and services, see "U.S. International Transactions, Revised Estimates for 1986-97" in this issue. I Gross domestic product 7,375.7 58.0 95.7 54.4 66.0 -3.1 46.2 Less: Exports of goods and services Plus: Imports of goods and services 989.6 1,198.0 39.8 50.2 10.5 38.0 19.7 14.7 Equals: Gross domestic purchases 7,563.5 66.0 77.7 61.5 137.4 4,998.7 682.7 11.3 -3.8 -7.8 25.9 32.4 28.1 -2.4 32.7 4.9 66.8 27.1 15.5 26.3 37.9 37.5 3.2 36.0 1.9 29.9 3.2 -4.6 30.3 5.3 -1.2 -.5 6.2 72.6 23.4 23.5 27.7 47.6 36.5 -1.4 41.3 11.4 26.5 26.2 31.7 32.2 Personal consumption expenditures Durable goods Nondurable goods Services Gross private domestic fixed investment Nonresidential fixed investment Structures Producers' durable equipment Residential investment Change in business inventories Nonfarm Farm Government consumption expenditures and gross investment Federal National defense Nondefense State and local Addenda: Final sales to domestic purchasers Final sales of domestic product .... 1,484.4 2,834.1 1,202.2 909.2 194.1 726.1 297.7 105.7 96.7 9.0 1,264.1 444.3 295.5 148.2 819.9 7,453.6 7,266.4 13.9 -30.1 11.8 -31.8 2.2 2.0 9.6 7.3 5.5 1.7 2.4 3.3 -1.3 .9 -2.2 4.6 51.6 106.2 43.6 82.6 -1.8 5.4 3.1 3.7 4.4 14.6 8.3 5.3 3.7 4.3 3.4 7.6 .9 -5.4 -2.1 3.9 12.6 14.6 -4.7 23.0 7.4 5.6 18.4 4.3 3.9 14.4 19.2 6.7 24.1 2.7 2.5 1.9 -1.2 4.4 1.8 -.8 -2.3 -.3 9.1 6.0 15.0 6.6 4.0 17.6 17.8 -3.0 26.4 16.9 3.3 18.4 20.5 -1.2 17.1 Percent 10 5 0 10 1.0 -10.3 -2.7 -11.8 .8 -15.6 3.4 -3.2 1.6 3.6 3.1 6.6 7.5 4.9 1.2 1.2 -5.7 2.3 36.0 106.7 65.3 2.9 2.5 6.0 4.7 40.8 1.1 -1.1 .3 -3.2 -2.3 -10.0 1.0 -18.6 -8.6 9.8 1.8 .8 2.0 2.3 5.9 3.7 NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates usually are not additive. Chained (1992) dollar levels and residuals, which measure the extent of nonadditivity in each table, are in NIPA tables 1.2, 1.4 and 1.6. Percent changes are calculated from unrounded data. Percent changes in major aggregates are in NIPA table 8.1. Selected Product Measures: Change From Preceding Quarter REAL GROSS DOMESTIC PRODUCT iiJ.llnil REAL GROSS NATIONAL PRODUCT .111 I 1995 1996 5 On a Command-Basis 1997 Note.—Percent change at annual ratefrompreceding quarter; based on seasonally adjusted estimates. U.S. Department of Commerce, Bureau of Economic Analysis 1998 2 • July 1998 SURVEY OF CURRENT BUSINESS ing the incorporation of revised Census Bureau data on inventory book values for March and newly available data on used-car inventories. Real final sales of domestic product increased 3.7 percent in the first quarter, 0.3 percentage point more than the preliminary estimate.3 The revision was smaller than that to GDP because the upward revision to change in business inventories, which is not included in final sales of domestic product, was large. Real gross domestic purchases increased 7.6 percent, 0.3 percentage point more than the preliminary estimate. The revision was smaller than that to GDP because the upward revision to ex3. Final sales of domestic product equals GDP less change in business inventories. Table 2.—Revisions to Real Gross Domestic Product and Prices, First Quarter 1998 [Seasonally adjusted at annual rates] Percent change from preceding quarter Final estimate minus preliminary estimate Billions of chained (1992) dollars Final estimate Percentage points 4.8 5.4 0.6 10.1 Less: Exports of goods and services Goods Services -3.0 -5.4 3.3 -1.2 -1.5 -.5 1.8 3.9 -3.8 4.6 7.7 -2.3 Plus: Imports of goods and services Goods Services 17.7 17.3 20.0 17.1 18.6 9.3 1.3 -10.7 -1.8 2.8 -4.0 Equals: Gross domestic purchases ., 7.3 7.6 Personal consumption expenditures Durable goods Nondurable goods Services 6.1 15.9 6.5 4.0 6.0 15.0 6.6 4.0 -.1 -.9 .1 0 Fixed investment Nonresidential Structures Producers' durable equipment. Residential 16.9 17.2 -7.4 27.5 16.1 17.6 17.8 -3.0 26.4 16.9 .7 .6 4.4 -1.1 Preliminary estimate Gross domestic product Addenda: Final sales of domestic product Gross domestic purchases price index * GDP price index 1 -1.4 .2 .1 1.7 1.2 2.3 -1.6 .5 5.0 4.9 .1 Change in business inventories . Nonfarm Farm Government consumption expenditures and gross investment Federal National defense Nondefense State and local 4.7 -3.0 -9.8 -3.2 -10.0 -18.4 -18.6 9.8 10.1 .9 3.4 0 1.0 3.7 .1 1.2 -.5 -.2 -.1 -.1 -.3 5.5 1. Based on chained-type annual (1992) weights. NOTE.—The final estimates for the first quarter of 1998 incorporate the following revised or additional major source data that were not available when the preliminary estimates were prepared. Personal consumption expenditures: Revised retail sales for March, hospital expenses for February, and residential electricity usage for February. 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 March. Exports and imports of goods and services: Revised data on exports and imports of goods for October 1997 through March 1998 and revised balance-of-payments data on exports and imports of services for the fourth and the first quarters. Government consumption expenditures and gross investment: Revised State and local construction put in place for February and March. Wages and salaries: Revised employment, average hourly earnings, and average weekly hours for October 1997 through March 1998 and revised seasonal factors. GDP prices: Revised export and import prices for December through March, revised values and quantities of petroleum imports for March, and revised prices of single-family homes under construction for the first quarter. ports, which are not included in gross domestic purchases, was large. Real final sales to domestic purchasers increased 5.9 percent, the same as the preliminary estimate. The revision (zero) was smaller than the revision to final sales of domestic product because final sales to domestic purchasers excludes both exports and change in business inventories. The price index for gross domestic purchases increased o.i percent, o.i percentage point more than the preliminary estimate; in the fourth quarter, it increased 1.4 percent. The price index for GDP increased 1.2 percent, 0.2 percentage point more than the preliminary estimate; in the fourth quarter, it also increased 1.4 percent. Real disposable personal income increased 4.5 percent, 0.2 percentage point less than the preliminary estimate. The personal saving rate was 3.6 percent, 0.1 percentage point less than the preliminary estimate. Gross national product (GNP)-In the first quarter, real GNP—goods and services produced by labor and property supplied by U.S. residents— increased 5.6 percent, 0.2 percentage point more than real GDP (table 3).4 Receipts of factor income from the rest of the world increased, and payments of factor income decreased; corporate profits accounted for most of the increase in receipts and more than accounted for the decrease in payments. Real GNP on a command basis—a measure of the goods and services produced by the U.S. economy in terms of their purchasing power— increased 6.6 percent, 1.0 percentage point more than the increase in real GNP, reflecting a substantial improvement in the terms of trade.5 The first-quarter increase in the terms of trade roughly matches the increase in the second quarter of 1997; the two are among the half-dozen largest increases since the end of 1990. In 4. GNP equals GDP plus receipts of factor income from the rest of the world less payments of factor income to the rest of the world. 5. In the estimation of command-basis GNP the current-dollar value of the sum of exports of goods and services and of receipts of factor income is deflated by the implicit price deflator (IPD) for the sum of imports of goods and services and of payments of factor income. The terms of trade is a measure of the relationship between the prices that are received by U.S. producers for exports of goods and services and the prices that are paid by U.S. purchasers for imports of goods and services. It is measured by the following ratio, with the decimal point shifted two places to the right: In the numerator, the IPD for the sum of exports of goods and services and of receipts of factor income; in the denominator, the IPD for the sum of imports of goods and services and of payments of factor income. Changes in the terms of trade reflect the interaction of several factors, including movements in exchange rates, changes in the composition of the traded goods and services, and changes in producers' profit margins. For example, if the U.S. dollar depreciates against a foreign currency, a foreign manufacturer may choose to absorb this cost by reducing the profit margin on the product it sells to the United States, or it may choose to raise the price of the product and risk a loss in market share. SURVEY OF CURRENT BUSINESS July 1998 Table 3.—Relation of Real Gross Domestic Product, Real Gross National Product, and Real Command-Basis Gross National Product [Seasonally adjusted at annual rates] Billions of chained (1992) dollars Percent change from p receding quarter Change from preceding quarter Level 1997 1998 1997 II I II 1998 1998 III IV III I IV I 7,375.7 58.0 54.4 66.0 95.7 3.3 3.1 3.7 5.4 245.6 257.9 11.7 16.8 6.2 6.1 -.5 1,8 3.6 -.8 22.4 31.8 10.9 10.1 -.7 2.9 6.0 -1.2 7,362.6 52.6 54.4 63.8 100.0 3.0 3.1 3.6 5.6 Less: Exports of goods and services and receipts of factor income from the rest of the world 1,235.7 1,300.6 51.6 69.8 17.1 20.2 18.7 19.4 1.0 19.3 19.3 26.0 5.8 6.7 6.3 6.3 .3 6.2 Plus: Command-basis exports of goods and services and receipts of factor income 7,427.5 70.8 57.6 64.5 118.2 4.0 3.2 3.6 6.6 105.3 1.5 7 1.5 6.0 .8 0 5.9 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 Equals: Command-basis gross national product Addendum: l 1.Terms Ratio of of trade 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 0 point shifted two places to the right. NOTE.-Levels of these series are in NIPA tables 1.10 and 1.11. the fourth quarter, command-basis GNP and real GNP both increased at the same rate—3.6 percent—reflecting no change in the terms of trade. Table 4.—Corporate Profits [Seasonally adjusted at annual rates] Level Change from preceding quarter 1998 1997 1998 Corporate Profits Billions of dollars Profits from current production increased $9.6 billion in the first quarter after decreasing $9.2 billion in the fourth (table 4).6 Profits of domestic industries increased $2.9 billion after decreasing $5.7 billion. Profits of domestic nonfinancial corporations increased $1.8 billion, as an increase in real product offset a decrease in unit profits; the decrease in unit profits resulted from a rise in unit labor costs while unit prices were unchanged. (In the fourth quarter, profits of domestic nonfinancial corporations decreased $10.7 billion.) Profits of domestic financial corporations increased $1.1 billion after increasing $5.0 billion. Profits from the rest of the world increased $6.y billion after decreasing $3.6 billion; receipts increased, and payments decreased.7 Cash flow from current production, a profitsrelated measure of internally generated funds available for investment, increased $15.9 billion after decreasing $4.5 billion. The ratio of cash flow to nonresidential fixed investment, an in6. Profits from current production is estimated as the sum of profits before tax, the inventory valuation adjustment, and the capital consumption adjustment; it is shown in NIPA tables 1.9,1.14,1.16, and 6.16c (see "Selected NIPA Tables," which begins on page D-2 of this issue) as corporate profits with inventory valuation and capital consumption adjustments. 7. Profits from the rest of the world is calculated as (1) receipts by U.S. residents of earnings from their foreign affiliates plus dividends received by U.S. residents from unaffiliated foreign corporations minus (2) payments by U.S. affiliates of earnings to their foreign parents plus dividends paid by U.S. corporations to unaffiliated foreign residents. These estimates are derived from BEA'S international transactions accounts. 827.7 724.7 115.4 609.3 103.0 148.6 45.6 15.5 12.2 .9 11.3 3.4 8.4 5.0 32.2 33.1 1.6 31.5 -.9 2.2 3.1 -9.2 -5.7 5.0 -10.7 ^3.6 -5.5 -1.9 9.6 2.9 1.1 1.8 6.7 3.6 -3.1 30.1 73.7 723.8 246.0 477.9 2.4 1.7 11.4 3.3 8.1 -2.3 .9 33.6 13.7 19.9 5.6 1.3 -16.1 -4.6 -11.5 20.9 2.1 -13.5 -7.6 -5.8 Cash flow from current production 719.3 11.3 17.7 ^.5 15.9 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 754.0 651.0 125.8 525.2 221.5 94.1 53.0 60.2 96.5 103.0 13.8 10.4 1.0 9.4 12.8 -1.9 .5 -.2 -1.8 3.4 31.4 32.3 1.9 30.4 19.4 .4 4.6 3.0 2.9 -.9 -10.6 -7.0 5.1 -12.1 -11.4 1.5 -2.4 -2.7 2.9 ^3.6 7.5 .8 1.3 -.5 -7.5 2.6 1.3 5.0 -1.7 6.7 0.001 .007 -.001 -.004 0 .002 0 -.002 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 Dollars Unit price, costs, and profits of nonfinanciat corporations: Unit price Unit labor cost : Unit nonlabor cost Unit profits from current production 1.073 .704 .227 .143 0.003 .001 0 .001 0 -.003 -.001 .005 NOTE.-Levels of these and other profits series are in NIPA tables 1.14,1.16, 6.18C, and 7.15. IVA Inventory valuation adjustment CCAdj Capital consumption adjustment 4 • July 1998 SURVEY OF CURRENT BUSINESS dicator of the share of the current level of investment that could be financed by internally generated funds, decreased for the fourth consecutive quarter, to 80.1 percent from 81.0 percent; the ratio averaged 84.7 percent in 1990-97. Industry profits and related measures.—Industry profits increased $7.5 billion after decreasing $10.6 billion.8 Profits of domestic financial corporations increased $1.3 billion after increasing $5.1 billion; banking more than accounted for the slowdown. Profits of domestic nonfinancial corporations decreased much less than in the fourth quarter. Trade turned up, manufacturing decreased less than in the fourth quarter, and the transportation and public utility group increased more than in the fourth quarter; the strength in these industries was partly offset by "other" nonfinancial corporations, which turned down. In 8. Industry profits, which are estimated as the sum of corporate. prpj;its before tax and the inventory valuation adjustment, are shown in NIPA table 6.16c (on page D-16 of this issue). Estimates of the capital consumption adjustment are available only for total financial and total nonfinancial industries. trade, most of the upturn occurred at the retail level; auto dealers, food stores, and general merchandise stores contributed to the upturn. In manufacturing, the largest swings were a downturn in food and an upturn in motor vehicles. In the transportation and public utility group, transportation turned up and communications increased after no change, but public utilities changed little after an increase. Profits before tax (PBT) decreased $13.5 billion after decreasing $16.1 billion. The difference between the $13.5 billion decrease in PBT and the $9.6 billion increase in profits from current production mainly reflected a $20.9 billion decrease in inventory profits, about two-thirds of which was accounted for by manufacturing.9 Q 9. As prices change, companies that value inventory withdrawals at original acquisition (historical) costs may realize inventory profits or losses. Inventory profits—a capital-gains-like element in profits—result from an increase in inventory prices, and inventory losses—a capital-loss-like element in profits—result from a decrease in inventory prices. In the NIPA'S, inventory profits or losses are shown as adjustments to business income (corporate profits and nonfarm proprietors' income), as reported on tax returns of businesses; they are shown as the inventory valuation adjustment with the sign reversed. SURVEY OF CURRENT BUSINESS July 1998 Annual Revision of the NIPA'S On July 31,1998, BEA will release summary results from the annual revision of the national income and product accounts (NIPA'S). AS usual, this year's revision, which primarily affects the estimates beginning with the first quarter of 1995, consists of the incorporation of better source data and of improvements in methodology. The regular source data that will be incorporated include the following: Census Bureau annual surveys of manufactures, merchant wholesale and retail trade, services, and State and local governments; BEA balance of payments accounts; Federal Government budget data; Internal Revenue Service tabulations of tax returns for corporations and for sole proprietorships and partnerships; Bureau of Labor Statistics (BLS) tabulations of wages and salaries of employees covered by State unemployment insurance; and Department of Agriculture farm statistics. In addition, data from new sources will be incorporated for several dinicult-to-measure consumer services, including computer online services, cellular telephone services, motor vehicle leasing, brokerage?: and investment counseling, and casino gambling. A new method will be introduced for the current quarterly estimates of the expenditures for light trucks (including minivans and sports utility vehicles). Several new price deflators will also be introduced: Many personal consumption expenditures categories will be deflated using newly available geometric-mean-type BLS consumer price indexes that allow for consumer substitution within categories, and several services categories will be deflated using newly available BLS producer price indexes. This year's annual revision will also incorporate a number of changes designed to better separate "income from current production" from "income attributable to capital gains on existing assets." In the most important of these changes, dividend payments will be redefined to exclude payments that reflect identifiable capital gains distributions; at present, dividend payments includes capital gains distributions of regulated investment companies—that is, mutual funds. The redefinition will result in a reduction in dividends and an offsetting increase in undistributed corporate profits; gross domestic product and national income will not be affected. The reduction in dividends will also result in reductions in personal income and in personal saving; however, national saving and private saving will not be affected, because the reduction in personal saving will be offset by the increase in business saving (undistributed corporate profits). All series affected by the redefinition will be revised back to 1982. Publication schedule The results of the annual revision will be published as follows in the SURVEY OF CURRENT BUSINESS: • The August issue will include an article that presents the revised estimates and discusses the major sources of the revisions. In addition, the August issue will include thefivesummary accounts of the NIPA'S; a complete list of the NIPA tables; and the full set of NIPA tables except for the tables showing government expenditures by type and function and the government reconciliation tables (tables 3.15-3.20) and the seasonally unadjusted tables (tables 9.1-9.6). • The September issue will include "Updated Summary NIPA Methodologies." In addition, it will present revised estimates of fixed reproducible tangible wealth in the United States for 1995-97. • The October issue will include NIPA tables 3.15-3.20 and 9.19.6. In addition, it will present revised estimates of real inventories, sales, and inventory-sales ratios for manufacturing and trade for 1995:1-1998:1. Shortly after the release on July 31, the revised estimates for the major NIPA series will be posted on BEA'S Web site at <http://www.bea.doc.gov>. In addition, all the revised estimates will be posted on STAT-USA'S Economic Bulletin Board and on STAT-USA'S Web site at <http://www.stat-usa.gov> (for more information or to subscribe, call STAT-USA at 202-482-1986). About 2 weeks later, the August issue of the SURVEY will be posted on the BEA and STAT-USA Web sites. Later in August, the revised estimates will also be made available on computer diskettes. SURVEY OF CURRENT BUSINESS July 1998 Real Inventories, Sales, and Inventory-Sales Ratios for Manufacturing and Trade Tables 1, 2, and 3 show quarterly and monthly estimates of real inventories, sales, and inventory-sales ratios, respectively. Table 4 shows real manufacturing inventories by stage of fabrication. Real estimates are in chained (1992) dollars. Data availability Quarterly estimates for 1992:^-1997:11 of real manufacturing and trade inventories, sales, and inventorysales ratios and of real manufacturing inventories by stage of fabrication were published in the October 1997 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 1959-96 are also available from BEA on the underlying NIPA historical data diskette: Product number NDN-0162, price $60.00. To order using Visa or MasterCard, call the BEA Order Desk at 1-800-704-0415 (outside the United States, 202-6069666). To order by mail, send a check made payable to "Bureau of Economic Analysis, BE-53" to BEA Order Desk (BE-53), Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230. Table 1.—Real Manufacturing and Trade Inventories, Seasonally Adjusted, End of Period Table 2.—Real Manufacturing and Trade Sales, Seasonally Adjusted at Monthly Rate [Billions of chained (1992) dollars] [Billions of chained (1992) dollars] 1997 1998 IV I 1997 Jan. r Feb. r Mar.r Apr.* Nov. Dec. 990.9 1,011.6 985.5 990.9 993.9 1,003.5 1,011.6 1,014.8 431.2 441.0 429.8 431.2 434.1 438.5 441.0 444.t 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» 273.6 22.4 26.1 61.9 40.6 66.6 13.7 52.9 57.9 279.5 22.5 27.0 63.3 41.8 67.9 14.3 53.6 58.9 273.3 22.1 26.2 61.8 40.4 66.7 13.7 53.0 58.0 273.6 22.4 26.1 61.9 40.6 66.6 13.7 52.9 57.9 275.2 22.6 26.3 61.7 41.1 67.2 13.8 53.4 58.1 277.8 22.4 26.7 63.0 41.6 67.7 13.9 53.7 58.4 279.5 22.5 27.0 63.3 41.8 67.9 14.3 53.6 58.9 282.0 22.7 27.2 63.9 41.8 69.1 14.0 55.0 59.3 Nondurable goods Food and kindred products Paper and allied products Chemicals and allied products Petroleum and coal products Rubber and miscellaneous plastic products Other nondurable goods 2 157.8 33.4 14.2 39.9 14.2 14.9 41.1 161.7 34.0 14.3 41.2 15.7 15.0 41.4 156.7 33.0 14.1 39.9 13.6 14.9 41.0 157.8 33.4 14.2 39.9 14.2 14.9 41.1 159.1 33.8 14.3 40.4 14.2 15.0 41.0 160.8 34.1 14.3 41.0 15.3 15.0 41.1 161.7 34.0 14.3 41.2 15.7 15.0 41.4 162.3 34.1 14.4 41.6 15.8 15.0 41.4 260.0 266.5 257.2 260.0 259.9 264.0 266.5 265.3 164.5 95.5 27.4 68.5 170.4 96.2 27.3 69.3 162.5 94.7 28.0 67.0 164.5 95.5 27.4 68.5 165.6 94.4 27.4 67.4 168.2 95.9 27.8 170.4 96.2 27.3 69.3 170.3 95.2 26.9 68.6 299.7 304.1 298.4 299.7 299.9 300.9 304.1 305.4 157.5 75.5 82.2 141.9 28.7 113.2 157.7 74.3 83.7 146.1 29.4 157.3 76.0 81.5 140.7 28.9 111.8 157.5 75.5 82.2 141.9 28.7 155.8 73.8 82.2 143.8 29.0 114.8 156.3 73.7 82.8 144.4 29.1 115.4 157.7 74.3 83.7 146.1 29.4 116.7 158.1 74.7 83.6 147.0 29.6 117.4 Manufacturing and trade . Manufacturing Merchant wholesalers Durable goods Nondurable goods Groceries and farm products Other nondurable goods Retail trade . Durable goods Motor vehicle dealers 3 .... Other durable goods 3 Nondurable goods Food stores Other nondurable goods. 116.7 113.2 1997 1998 IV I 1997 Nov. Dec. Jan.' Feb/ Mar.' Apr.'' 726.1 745.0 723.0 731.9 736.3 745.0 753.8 753.0 316.5 323.1 314.7 319.4 318.5 323.4 327.5 324.7 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' 181.1 13.8 17.7 43.1 31.8 40.4 28.0 12.8 36.7 185.8 14.0 18.0 46.0 32.2 41.1 28.1 13.5 37.3 180.0 13.7 17.7 42.2 31.6 40.7 27.7 13.4 36.3 182.8 13.8 17.7 44.2 32.1 40.4 27.9 12.9 37.2 181.3 14.0 17.6 44.8 31.2 39.7 26.8 13.3 36.8 186.8 14.1 18.2 46.0 32.7 41.2 28.4 13.3 37.4 189.3 14.0 18.2 47.1 32.7 42.5 29.0 13.9 37.8 187.1 14.0 17.9 47.9 32.2 41.2 28.3 13.4 37.1 Nondurable goods Food and kindred products Paper and allied products Chemicals and allied products Petroleum and coal products Rubber and miscellaneous plastic products Other nondurable goods 2 135.8 37.2 12.4 28.5 14.4 11.6 32.0 137.7 38.8 12.1 28.4 15.3 11.5 32.1 135.0 37.1 12.2 28.3 14.2 11.4 32.0 136.9 37.6 12.5 28.7 14.4 11.8 32.1 137.4 38.9 12.2 28.4 14.7 11.4 32.2 137.1 38.6 12.1 28.2 15.0 11.5 32.0 138.7 38.8 12.1 28.5 16.2 11.5 32.0 138.1 38.8 12.2 28.3 15.7 11.5 32.0 201.3 208.2 200.2 203.3 205.9 207.4 211.4 211.8 107.6 93.8 34.1 60.2 111.0 97.3 34.4 63.4 106.9 93.4 34.0 108.2 95.1 34.3 61.3 109.7 96.2 34.4 62.3 110.7 96.8 34.5 62.8 112.6 98.8 34.4 65.0 113.9 98.0 34.6 64.0 209.8 215.3 209.7 210.9 213.5 215.8 216.7 218.1 86.1 44.5 42.7 123.5 33.2 89.9 89.2 45.5 44.9 125.9 33.2 92.3 86.0 44.3 42.7 123.5 33.3 87.3 45.4 42.8 123.3 33.1 89.7 88.7 45.2 44.7 124.7 33.0 91.3 45.5 45.1 126.2 33.2 92.6 45.7 44.9 127.0 33.5 93.1 90.1 46.2 45.0 127.8 33.7 93.7 Manufacturing and trade . Manufacturing Mercnam wnoiesaiers . Durable goods Nondurable goods Groceries and farm products , Other nondurable goods Retail trade . Durable goods Motor vehicle dealers 3 Other durable goods 3 Nondurable goods Food stores Other nondurable goods... p Preliminary. 1. Includes lumber and wood products; furniture and fixtures; stone, clay, and glass products; instruments and related products; and miscellaneous manufacturing industries. 2. Includes tobacco manufacturers; textile mill products; apparel products; printing and publishing; and leather and leather products. 3. Prior to 1981, inventories and sales of auto and home supply stores are included in motor vehicle dealers. Beginning with 1981, these inventories are included in "other durable goods." p Preliminary. 1. Includes lumber and wood products; furniture and fixtures; stone, clay, and glass products; instruments and related products; and miscellaneous manufacturing industries. 2. Includes tobacco manufacturers; textile mill products; apparel products; printing and publishing; and leather and leather products. 3. Prior to 1981, inventories and sales of auto and home supply stores are included in motor vehicle dealers. Beginning with 1981, these inventories are included in "other durable goods." NOTES.—Manufacturing inventories are classified by the type of product produced by the establishment holding the inventory. Trade inventories are classified by the type of product sold by the establishment holding the inventory. Chained (1992) dollar inventory series are calculated as the product of the chain-type quantity index and the average of the end-of-year fixed-weighted inventories for 1991 and 1992, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. NOTES.—Manufacturing inventories are classified by the type of product produced by the establishment holding the inventory. Trade inventories are classified by the type of product sold by the establishment holding the inventory. Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. SURVEY OF CURRENT BUSINESS July 1998 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] 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 goods 2 Merchant wholesalers Durable goods Nondurable goods Groceries and farm products Other nondurable goods Retail trade Durable goods Motor vehicle dealers3 Other durable goods 3 Nondurable goods Food stores Other nondurable goods 1998 1997 1997 1998 IV 1 1.37 1.36 1.36 1.35 1.35 1.35 1.34 1.35 1.36 1.37 1.37 1.35 1.36 1.36 1.35 1.37 1.51 1.62 1.48 1.44 1.28 1.65 1.50 1.60 1.50 1.38 1.30 1.65 1.52 1.61 1.48 1.47 1.28 1.64 1.50 1.63 1.48 1.40 1.27 1.65 1.52 1.62 1.50 1.38 1.32 1.70 1.49 1.59 1.47 1.37 1.27 1.64 1.48 1.60 1.49 1.34 1.28 1.60 1.51 1.62 1.52 1.33 1.30 1.67 Nov. Dec. Jan.'- Feb.' Mar.' Apr/" .49 .51 .49 .49 .52 .49 .49 .50 4.14 1.57 3.97 1.58 3.95 1.60 4.09 1.56 4.00 1.58 4.04 1.56 3.86 1.56 4.11 1.60 1.16 1.17 1.16 1.15 1.16 1.17 1.17 1.18 .90 .88 .89 .89 .87 .88 .88 .88 1.15 1.40 1.16 1.41 1.14 1.39 1.17 1.42 .96 .98 .97 1.30 1.28 1.26 1.28 1.31 1.28 1.18 1.45 1.01 1.31 1.28 1.18 1.45 1.28 1.29 1,18 1.45 1.03 1.31 1.29 1.30 1.29 1.19 1.47 1.01 1.31 1.29 1.29 1.28 1.28 1.28 1.26 1.27 1.26 1.25 1.53 1.02 1.54 1.52 1.01 1.52 1.01 1.51 1.52 1.51 1.50 .98 .80 .99 .81 .97 .79 .97 .78 .99 .97 .80 .99 .79 .83 .80 1.14 1.09 1.12 1.12 1.08 1.09 1.07 1.07 1.43 1.41 1.42 1.42 1.40 1.39 1.40 1.40 1.83 1.70 1.93 1.15 1.77 1.63 1.86 1.16 1.83 1.72 1.91 1.14 1.80 1.66 1.92 1.15 1.76 1.64 1.84 1.15 1.75 1.62 1.84 1.14 1.76 1.76 1.62 1.62 1.86 ..4.86 1.15 1.15 .86 .88 .87 .87 .88 .88 .88 .88 1.26 1.26 1.25 1.25 1.25 1.26 1.26 1.25 p Preliminary. 1. Includes lumber and wood products; furniture and fixtures; stone, clay, and glass products; instruments and related products; and miscellaneous manufacturing industries. 2. Includes tobacco manufacturers; textile mill products; apparel products; printing and publishing; and leather and leather products. 3. Prior to 1981, inventories and sales of auto and home supply stores are included in motor vehicle dealers. Beginning with 1981, these inventories are included in "other durable goods." 1998 IV 1 1997 1998 Nov. Dec. Jan.' Feb.' Mar.' Apr/" 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' Nondurable goods Food and kindred products Paper and allied products Chemicals and aliied products Petroleum and coal products Rubber and miscellaneous plastic products Other nondurable goods 2 137.7 142.0 136.7 137.7 139.4 140.8 142.0 142.7 80.2 82.5 80.1 80.2 81.1 81.9 82.5 83.2 7.7 9.5 7.7 9.8 7.6 9.5 7.7 9.5 7.6 9.6 7.6 9.8 7.7 9.8 17.0 13.6 17.7 13.8 17.2 13.5 17.0 13.6 17.1 13.9 17.4 13.9 17.7 13.8 7.8 10.0 18.0 13.7 6.6 5.7 6.6 6.3 6.6 5.7 6.6 5.7 6.8 5.9 6.8 6.1 6.6 6.3 6.6 6.2 20.2 20.6 20.2 20.2 20.3 20.4 20.6 21.0 57.5 10.4 59.5 10.7 56.6 10.2 57.5 10.4 58.3 10.5 58.9 10.7 59.5 10.7 59.5 10.8 6.9 7.1 6.8 6.9 7.0 7.0 7.1 7.1 12.8 13.4 12.8 12.8 13.1 13.3 13.4 13.4 4.2 5.7 4.9 5.8 4.0 5.6 4.2 5.7 4.4 5.8 4.8 5.8 49 5.8 4.6 5.9 17.4 17.7 17.1 17.4 17.5 17.5 17.7 17.7 145.8 147.9 145.2 145.8 146.0 147.5 147.9 150.5 118.3 119.9 118.0 118.3 118.5 119.5 119.9 122.0 7.6 7.4 7.6 7.7 7.5 7.5 7.6 7.4 7.8 7.5 7.7 7.4 7.6 7.7 24.6 15.9 24.6 16.5 24.0 15.7 24.6 15.9 24.2 16.1 24.7 16.4 24.6 16.5 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 1 Nondurable goods Food and kindred products Paper and allied products Chemicals and allied products Petroleum and coal products Rubber and miscellaneous plastic products Other nondurable goods 2 7.7 7.7 25.1 16.8 4.0 4.4 4.2 4.0 3.7 3.7 4.4 4.0 43.5 15.5 43.6 15.8 43.6 15.7 43.5 15.5 44.0 15.5 44.2 15.5 43.6 15.8 45.2 15.6 27.5 28.0 27.2 27.5 27.5 28.0 28.0 28.5 4.9 1.6 7.7 3.1 2.1 8.1 4.9 1.6 7.8 3.8 2.1 7.9 4.9 1.6 7.5 3.1 2.1 8.1 4.9 1.6 7.7 3.1 2.1 8.1 4.9 1.6 7.7 3.2 2.1 8.0 4.9 1.7 7.8 3.6 2.1 8.0 4.9 1.6 7.8 3.8 2.1 7.9 4.9 1.6 8.0 3.7 2.1 8.1 147.9 151.2 148.2 147.9 148.8 150.3 151.2 151.1 75.1 77.1 75.2 75.1 75.7 76.5 77.1 76.8 7.1 9.1 7.1 9.5 7.0 9.2 7.1 9.1 7.2 9.2 7.1 9.5 7.1 9.5 7.1 9.5 20.4 11.2 21.2 11.5 20.8 11.3 20.4 11.2 20.5 11.1 21.1 11.3 21.2 11.5 20.8 11.4 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 goods l 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. 1997 Nondurable goods Food and kindred products Paper and allied products Chemicals and allied products Petroleum and coal products Rubber and miscellaneous plastic products Other nondurable goods 2 3.1 3.8 3.3 3.7 2.9 3.7 3.1 3.8 3.3 3.6 3.4 3.4 3.3 3.7 3.4 3.6 20.9 21.2 20.8 20.9 21.1 21.2 21.2 21.4 72.9 18.0 74.3 18.4 73.0 18.0 72.9 18.0 73.3 18.4 73.9 18.5 74.3 18.4 74.4 18.3 5.7 5.7 5.7 5.7 5.7 5.7 5.7 5.7 19.4 20.0 19.7 19.4 19.7 20.0 20.0 20.1 6.8 7.1 7.1 7.0 6.5 7.2 6.8 7.1 6.6 7.2 6.9 7.1 7.1 7.0 7.4 7.1 15.8 16.0 15.9 15.8 15.7 15.8 16.0 15.8 p Preliminary. 1. Includes lumber and wood products; furniture and fixtures; stone, clay, and glass products; instruments and related products; and miscellaneous manufacturing industries. 2. Includes tobacco manufacturers; textile mill products; apparel products; printing and publishing; and leather and leather products. NOTES.—Manufacturing inventories are classified by the type of product produced by the establishment holding the inventory. Chained (1992) dollar inventory series are calculated as the product of the chain-type quantity index and the average of the end-of-year fixed-weighted inventories for 1991 and 1992, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. July 1998 SURVEY OF CURRENT BUSINESS U.S. Travel and Tourism Satellite Accounts for 1992 By Sumiye Okubo and Mark A. Planting presents prototype travel and tourism satellite accounts (TTSA'S), which are a second set of extensions developed in 1998 to the U.S. input-output (1-0) accounts.1 Satellite accounts are rearrangements of information from the national economic accounts and other sources for the purpose of analyzing specific economic activities more completely than is possible within the structure of the basic accounts (see the box "Satellite Accounts").2 The TTSA'S integrM information on the flows of commodities that are related to travel and tourism activities but that are not identified in the standard presentation of the 1-0 accounts.3 T HIS ARTICLE There is strong motivation to develop analytical measures of travel and tourism activities in the United States. Travelers are important consumers of U.S. production, and the industries that cater to travelers use a substantial share of output from other industries, add substantial economic value to other industries' outputs, and employ large numbers of people. Furthermore, both travel in the United States by foreigners and travel abroad by U.S. residents have grown dramatically in recent years. The TTSA'S define travel and tourism as the economic activity generated inside the United States by "visitors" of all types—for business and pleasure, by residents and nonresidents alike—and 1. The first set of extensions covered transportation activities; see Bingsong Fang, Xiaoli Han, Ann M. Lawson, and Sherlene K.S. Lum, "U.S. outside the United States by U.S. residents.4 The TTSA'S extend the i-o accounts in that they attempt to measure an economic activity (travel and tourism) undertaken by only a subset of purchasers (visitors) and involving only a subset of purchases (tourism demand). This task first requires the identification of the* commodities that are purchased by visitors and the corresponding industries that produce these commodities. This task is further complicated because tourism is inherently defined in relative geographic terms— like distance from home—and because many of the activities that are undertaken by visitors— such as dining out in restaurants—are also undertaken by nonvisitors, that is, people who are close to their homes. Therefore, deriving the output and value added of tourism industries is less straightforward than for a conventional industry producing a conventional commodity, such as iron and steel. The basic building blocks of i-o accounts are commodities, most of which are not readily distinguishable by type of consumer. Therefore, in developing the TTSA'S, the share of each commodity purchased by visitors had to be estimated. The information available to allocate commodities between visitors and nonvisitors is generally based on relatively small sample surveys and indirect methods. In the prototype TTSA'S, three different methodologies were used, and estimates 4. The term "visitor" is used because it is more descriptive of the travel activities included in the TTSA'S than the term "tourist," which connotes a person who travels for leisure only. Transportation Satellite Accounts for 1992," SURVEY OF CURRENT BUSINESS 78 (April 1998): 16-27. These accounts were developed jointly with the Bureau of Transportation Statistics, U.S. Department of Transportation. The TTSA'S were developed by the Bureau of Economic Analysis with the support of the Tourism Industries Office of the International Trade Administration, U.S. Department of Commerce. 2. For descriptions of the other satellite accounts that have been developed by BEA, see "Integrated Economic and Environmental Satellite Accounts" and "Accounting for Mineral Resources: Issues and BEA'S Initial Estimates," SURVEY 74 (April 1994): 33-72; and "A Satellite Account for Research and Development," SURVEY 74 (November 1994): 37-71. 3. For a description of the 1-0 accounts, see Ann M. Lawson, "Benchmark Input-Output Accounts for the U.S. Economy, 1992: Make, Use, and Supplementary Tables," SURVEY 77 (November 1997): 36-82; and Ann M. Lawson, "Benchmark Input-Output Accounts for the U.S. Economy, 1992: Requirements Tables," SURVEY 77 (December 1997): 22-47. Table 1.—Key Indicators of Tourism Activity: Range of Estimates, 1992 Method 1 Method 2 . Method 3 Percent Demand (billions of dollars) Value added (billions of dollars) Employment (thousands) 284.2 294.9 332.8 120.5 124.5 135.7 3,749 3,933 4,353 Share of GDP Demand 4.6 4.7 5.3 Value added Share of employment 1.9 2.0 2.2 3.2 3.3 3.7 NOTE.—See the section "Methodological Overview" for a discussion of the three methods. SURVEY OF CURRENT BUSINESS July 1998 • Background are presented as a range, rather than as a single estimate. The following are highlights from the new TTSA'S for 1992 (table 1): The activities of travel and tourism are covered in the national economic accounts, but the system underlying the classification of output in the 1-0 accounts—the Standard Industrial Classifica• Value added in travel and tourism repretion (sic) system—does not facilitate separately sented 1.9-2.2 percent of U.S. gross domestic identifying tourism, as the sic was primarily product (GDP). The industry with the highdesigned to present industry statistics without est value added was the hotels and lodging regard to the purpose of the purchase of outindustry. put. A measure of tourism activities would be understated if it included only the output • Expenditures for travel and tourism accounted for 4.6-5.3 percent of U.S. GDP. of industries that are typically associated with tourism activities—hotels and air, water, and The largest category of expenditures was rail transportation—because it would exclude exexpenditures for passenger air travel services. penditures on other types of commodities, such • Employment in travel and tourism activias eating and drinking places, that represent a ties accounted for 3.2-3.7 percent of total relatively important share of tourism expendiemployment in the United States. The avertures but that cannot be separately identified. On age compensation per tourism employee was the other hand, that measure would be grossly $21,400 per year, but compensation varied overstated if it included all the expenditures on widely by industry. eating and drinking because it would also include expenditures by local residents. Various measures of tourism have been deThe first section of this article describes the veloped, including the number of travelers, the development of the TTSA'S. The second section number of trips made by U.S. residents in the provides a conceptual overview of the TTSA'S, inUnited States and abroad, and the level of cluding their relationship to the 1-0 accounts. expenditures of U.S. resident and nonresident The third section describes the major compovisitors on passenger fares, lodgings, and other nents of the TTSA'S. The fourth section provides goods and services.5 However, these measures do an overview of the methodology used to estimate the TTSA'S. The fifth section summarizes 5. U.S. Travel Center, Travel Industry Association, National Travel Surthe TTSA estimates for 1992. The final section vey (Washington, DC: Travel Industries Association of America, 1992); U.S. Department of Commerce, International Trade Administration, Tourism Inoutlines future work and extensions. Satellite Accounts BEA has developed several satellite accounts for transportation services, environment and mineral resources, and research and development. Satellite accounts are frameworks designed to expand the analytical capacity of the national accounts without overburdening them or interfering with their general-purpose orientation. In this role, satellite accounts organize information in an internally consistent way that suits the particular analytical focus at hand, yet they maintain links to the existing national accounts. Further, because they supplement the existing accounts, rather than replace them, they can serve as a laboratory for economic accounting in that they provide room for conceptual development and methodological refinement. Satellite accounts can add detail or other information about a particular aspect of the economy to that in the existing accounts; for instance, they can integrate monetary and physical data. They can arrange information differently, perhaps by cutting across sectors to assemble information on both intermediate and final consumption. For example, a satellite account can assemble business expenditures on training—treated as intermediate consumption in the existing accounts—and education-related expenditures by households and government to analyze the role of education in the economy. They can use a classification other than that used in the existing accounts. For example, they can identify expenditures on "research in education" as part of research expenditures even though they are included in education expenditures in the national accounts. The terminology and concepts associated with satellite accounts reflect the experiences of several countries that have constructed them, largely on an ad hoc basis, for fields such as health, education, agriculture, research and development, and transportation. The System of National Accounts i993y which presents the newly revised international accounting guidelines, includes a chapter that provides a general framework for satellite accounts and demonstrates how that framework can be used for some of the fields in which such accounts would be most useful. This chapter represents, in a real sense, the coming of age of satellite accounts as an analytical tool. 9 SURVEY OF CURRENT BUSINESS 10 • July 1998 not provide a consistent way to compare travel and tourism with other economic activities. A White House Conference on Travel and Tourism, held in October 1995, highlighted the difficulty in linking these measures to other production and consumption activities in the economy. The Conference delegates recommended that the U.S. Department of Commerce, in partnership with the travel and tourism industries, develop travel and tourism satellite accounts to provide measures that are consistent with the U.S. national economic accounts. This recommendation was strongly supported by the Tourism Policy Council, headed by the Secretary of Commerce. As a result, in 1997, the Tourism Industries Office of the International Trade Administration, U.S. Department of Commerce, entered into an agreement with the Bureau of Economic Analysis to develop the U.S. TTSA'S. Efforts to develop travel and tourism satellite accounts The definitions, framework, and estimating methods used for the U.S. TTSA'S follow, as closely as practicable, the guidelines for similar accounts that were developed by the World Tourism Organization (WTO) and the Organisation for Economic Co-operation and Development (OECD). Over the past decade and a half, the WTO and the OECD have prepared a series of reports that define tourism, provide recommendations on the dustries Office, Summary and Analysis of International Visitors to the United States (Washington, DC: U.S. Government Printing Office, 1992); U.S. Department of Transportation, Bureau of Transportation Statistics, American Travel Survey (Washington, DC: U.S. Government Printing Office, 1995). Acknowledgments The U.S. Travel and Tourism Satellite Accounts for 1992 were prepared by the staff of the Bureau of Economic Analysis under the direction of Sumiye Okubo, Associate Director for Industry Accounts. The project was initiated by J. Steven Landefeld, Director of BEA, Robert Parker, Chief Statistician of BEA, and Helen N. Marano, Director of Tourism Development, Tourism Industries Office, International Trade Administration, U.S. Department of Commerce. At BEA, Mark A. Planting, Branch Chief, Industry Economics Division, developed the framework for the production, demand, and value-added accounts, and the estimates of these accounts. David I. Kass developed the method for estimating tourism expenditures on eating and drinking places, the framework for measuring tourism employment and compensation of employees, and the estimates for the accounts for employment and compensation of employees; he also drafted the sections of the article describing tourism employment and compensation of employees. John Turner assisted in the data processing of the accounts. Michael Mann from the Balance of Payments Division provided assistance on evaluating data from the In-Flight Survey, and Clint McCully from the National Income and Wealth Division, on evaluating the data from the Consumer Expenditures Survey. collection and organization of tourism statistics, and establish guidelines for estimating travel and tourism satellite accounts.6 The definitions and concepts developed by the WTO have been followed, with minor modifications, by the OECD, by the Statistical Office of the European Communities (EUROSTAT), and by countries collecting tourism statistics and estimating tourism satellite accounts. The WTO and the OECD are working cooperatively to develop manuals for estimating tourism satellite accounts. With these TTSA'S, the United States joins Canada and Norway as countries that have designed and implemented travel and tourism accounts in accord with the WTO and 7 OECD initiatives. The OECD and WTO frameworks include sets of tables that measure similar aspects of travel and tourism. The measures common to both frameworks include the production and value added of tourism industries, purchases of tourism commodities and other commodities by domestic and international visitors, employment in tourism industries, and investment and capital stock in tourism industries.8 Conceptual Overview of Travel and Tourism Satellite Accounts The purpose of the travel and tourism satellite accounts is to provide a framework for analyzing tourism expenditures in a systematic and consistent way that links tourism demand expenditures to the industries that produce tourism goods and services. 6. See World Tourism Organization, "Tourism Satellite Account (TSA)," 3rd Draft, Rev. 1 (Madrid, January 1998) for the most recent description of WTO definitions and guidelines, and Tourism Committee, Organisation for Economic Co-operation and Development, Manual on Tourism Economic Accounts^ OECD/GD(9I)82 (Paris, 1991). 7. See Jocelyn Lapierre and Duane Hayes, "The Tourism Satellite Account," National Income and Expenditure Accounts, Quarterly Estimates^ Second Quarter 1994 (Ottawa: Statistics Canada); and Trude Nygaard, "Satellite Accounts for Tourism in Norway" (Division of National Accounts, Statistics Norway, August 1996). Other OECD countries that are currently developing their own accounts include Australia, Spain, France, New Zealand, Switzerland, and Poland. More recently, the European Union issued a directive to its member states to collect harmonized European Community statistical information on tourism supply and demand; EUROSTAT began collecting data in 1997. 8. The OECD recommends a set of 13 tables that show the following: The production account of tourism industries; the demand for tourism commodities; the value added of tourism industries; employment in tourism industries; visitor characteristics; investment by tourism industries; capital stock; and 6 other tables measuring these variables in real terms. The WTO recommends a set of 12 tables that consist of the following: Domestic tourism consumption by commodity and origin (domestic and foreign); outbound tourism consumption; inbound tourism consumption; internal and national tourism consumption by forms—summary; tourism consumption by payer (by sector, or households, business, government); tourism consumption by function (domestic tourism, outbound tourism, and inbound tourism); importance of tourism consumption within supply; supply of tourism commodities according to activities; production accounts of tourism industries; tourism-related net acquisition of nonfinancial assets; employment in tourism industries; and imports and exports of goods and services generated by tourism. SURVEY OF CURRENT BUSINESS TTSA definitions July 1998 • Tourism demand, commodities, and industries The TTSA'S for the United States rely primarily on the WTO and OECD definitions of visitors, tourism, and tourism expenditures (table 2). The TTSA'S define visitors as persons taking a trip or traveling outside of their "usual environment," and tourism as the activities of visitors while traveling. The accounts require the following definitions: The visitor and the usual environment. Visitor. A visitor is a person who either travels outside of his or her "usual environment" for a period of less than 1 year or who stays overnight in a hotel or motel. The visitor may travel for personal pleasure or on industry or government business. Visitors do not include travelers whose main purpose is to be compensated within the place visited—such as migrant workers, persons traveling to new assignments, and diplomatic and military personnel traveling between their duty stations and home countries. The l-year time period is consistent with the internationally accepted limit that is usually used to define a "resident." Usual environment The usual environment is defined as the place of normal (or everyday) activities—such as residence, leisure, study, and work—and the criterion is distance. For the U.S. TTSA'S, the usual environment is defined as the area within 50-100 miles of home, depending on available data sources.9 9. The distance criterion differs by survey: The Consumer Expenditures Survey (Bureau of Labor Statistics) uses 75 miles from home; the American Travel Survey (Bureau of Transportation Statistics), 100 miles from home; In the TTSA'S, tourism activities are measured by tourism demand, which is defined as the travelrelated expenditures made by all visitors, before, during, and immediately after each trip taken. Tourism demand consists of business travel and travel by government employees inside and outside the United States, U.S. resident household travel inside and outside the United States, and travel in the United States by nonresidents (international visitors).10 Tourism commodities are the commodities that are typically purchased by visitors directly from producers. The identification of tourism commodities partly depends on the locale and the activities of visitors, but several commodities, such as hotels and transportation services, are obvious. Classification of tourism commodities in the TTSA'S is based on a list of predominant activities tff visitors that was developed from WTO and OECD recommendations and from five different sets of surveys of U.S. visitors.11 The commodities so classified are grouped into the following broad private surveys by the Travel Industry Association, 50 or 100 miles from home; and surveys by D.K. Shifflet and Associates, 50 miles from home. 10. Resident household travel refers to tourism of residents within the country, and travel by nonresidents refers to tourism of nonresidents within the country (inbound international tourism). 11. The WTO and OECD recommendations were modified to agree with the U.S. national income and product accounts and expanded where additional data on tourism demand were available. The five sets of surveys reviewed were the Consumer Expenditures Survey, prepared by the Bureau of Labor Statistics; the In-Flight Survey, prepared by the International Trade Administration, U.S. Department of Commerce; the American Travel Survey, prepared by the Bureau of Transportation Statistics, U.S. Department of Transportation; the National Travel Survey of the Travel Industry Association; and surveys by D.K. Shifflet and Associates. Table 2.—Alternative Frameworks For Measuring Travel And Tourism Activities BEA WTO OECD Statistical unit Visitor Visitor Visitor Concept of visitor Person traveling outside of usual environment for less than 12 months. Same as BEA Same as BEA Concept of usual environment Place of usual activities—residence, work, leisure. Minimum distance determined by available data sources—between 50 and 100 miles from residence. Place of usual activities—residence, work, leisure. Tourism determined by minimum distance from usual environment. Minimum distance defined by country Same as OECD Criteria distinguishing tourism from nontourism expenditures. Direct contact between visitor and supplier of tourism commodities. Same as BEA Same as BEA Tourism demand Expenditures by visitors Same as BEA Tourism commodities/tourism industries . Determined by what U.S. visitors do Determined by share of commodity purchased by visitors or produced primarily as an attraction for visitors. Same as BEA Same as OECD Infrastructure investments—private and public. Future extension of TTSA's Private purchases of fixed assets, for example, capital investment in hotel structures. Public purchases include airports, longdistance bus stations. List still under discussion BEA Bureau of Economic Analysis OECD Organisation for Economic Co-operation and Development WTO World Tourism Organization Private purchases of fixed assets are same as OECD Public purchases not discussed 11 SURVEY OF CURRENT BUSINESS 12 • July 1998 categories: Tourism commodities, such as hotels and lodging, eating and drinking places, other types of leisure activities, and modes of transportation; and non-tourism commodities, such as gasoline and oil (see table 3). Several commodities are included in order to account for shopping and other purchases and to provide estimates in purchasers' prices (that is, to compute values in producers' prices from the production table). These commodities are petroleum products retail margins, other retail margins, gasoline and oil, and wholesale trade margins and transportation costs. Petroleum retail margins and other retail margins are classified as tourism commodities because the retailers have direct contact with visitors. Other commodities, while supplying tourism demand, are classified as nontourism commodities because the producers do not have direct contact with visitors. The TTSA'S exclude a number of commodities that could be viewed as tourism commodities— consumer durables, imputed rents from vacation homes, skiing, health spas, financial services, and retail food (off-premise food consumption); many of these commodities are not separately identified in the 1-0 accounts. However, two of these commodities—consumer durables and imputed rents from vacation homes and related lodging accommodations, such as time-shares— are important tourism commodities, and their exclusion results in an understatement of travel and tourism activities. Including them would require additional analysis to develop estimates of tourism's share and, in the case of consumer durables, to determine which items to include. Tourism industries are identified by analyzing the relationships shown in the 1-0 accounts between tourism commodities and the producing industries. Industries that include tourism commodities as a primary product are classified as tourism industries. These industries generally sell a significant portion of their output to visitors, Table 3.—Classification of Commodities in the Travel and Tourism Accounts Content Description of commodity Tourism commodities: Hotels and lodging places Includes lodging receipts from hotels, motels, guestrooms, and rooming and boarding houses serving the general public; other receipts of hotels and motels, sporting and recreational camps, and recreational vehicle parks and camp sites Excludes meals served by hotels or motels Eating and drinking places Includes food and beverage receipts and tips Excludes catering services and school lunch sales by State and local governments Passenger rail Includes receipts from rail passengers for travel and dining and tips Passenger bus and other local transportation Includes receipts from passengers for intercity, charter, and local bus services and subway and limousine services Taxicabs Includes taxi fares and tips Domestic passenger air fares Includes receipts from domestic air passengers for airfares, meals and beverages, movies, and other receipts International air fares Includes receipts from international air passengers Passenger water Includes receipts from passengers for water transportation Auto and truck rental Includes receipts for rental of automobiles and trucks Other vehicle rental Includes receipts for rental of recreational vehicles and utility trailers Arrangement of passenger transportation Includes commissions for the arrangement of passenger transportation and net receipts for tours Recreation and entertainment Includes miscellaneous entertainment receipts such as amusement parks, fairs, museums, gambling, and other recreation and amusements Participant sports Includes participant sports such as golf and tennis Movie, theater, ballet, and musical events Includes receipts for admissions to movies and theater and music programs Sports events Includes admissions to sports events Petroleum retail margins Includes retail margins on petroleum sales Other retail margins Includes retail margin on all other goods Travel by U.S. residents abroad Includes travel expenditures by U.S. residents abroad Nontourism commodities:1 Gasoline and oil Includes sales of gasoline, diesel fuel, lubricating oils, and grease PCE nondurable commodities Includes sales of all other nondurable commodities Selected services Includes receipts for selected services that may be used by tourists on, during, or after a trip, such as parking, tolls, and automotive repair services Wholesale trade margins and transportation costs Includes wholesale margins and transportation costs on all goods All other commodities Includes all other commodities not considered above 1. Nontourism commodities are commodities not classified as tourism commodities. PCE Personal consumption expenditures SURVEY OF CURRENT BUSINESS where "significant" indicates that the industries' revenues and profits would be substantially affected if tourism ceased to exist. Examples include airline transportation, hotels, and local public transportation. With modifications, the TTSA'S follow the tables developed by the OECD. Of the 13 tables suggested by the OECD, the TTSA'S include 4 that are considered high priority—the tables for production, demand, value added, and employment. A fifth table, on estimates of gross domestic investment in tourism industries, is also considered high priority but is left for future work. The WTO and OECD definitions, classification of tourism commodities and industries, and tables have been modified to account for differences in U.S. national accounting practices, tourism activities in the United States, and the availability of data on tourism. July 1998 • identify tourism expenditures by type of visitor. Third, the 1-0 accounts provided the analytical framework that links these expenditures to industry output and to national aggregates, such as GDR The TTSA'S are adapted from the 1-0 accounts by rearranging selected outputs and inputs in the 1-0 accounts to fit the classification of the TTSA'S. The TTSA'S generally maintain the conventions of the 1-0 accounts, but they differ in the following ways: • 1-0 industries and commodities are regrouped to follow the classification system for the TTSA'S. Relationship to the 1-0 accounts • Personal consumption expenditures (PCE) for tourism commodities is disaggregated into resident and nonresident purchases— $ distinction that is not made in the 1-0 accounts. The 1-0 accounts formed the basis of the preparation of the TTSA'S in three ways. First, the 1-0 accounts provided detailed measures of output by commodity and industry that were used to identify commodities purchased by visitors. Second, the 1-0 accounts provided the detailed estimates of industry and final use expenditures required to • Resident household and nonresident tourism expenditures from nonprofit institutions and from government—primarily admissions to national parks, museums, and other services sold to visitors—are included as admissions paid by visitors. In the 1-0 accounts, the outputs of nonprofit institutions and of govern- Table 4—TTSA Industries and Commodities Industry Hotels and lodging places Commodity Hotels and lodging places Eating and drinking places Eating and drinking places Railroads and related services Passenger rail Local and suburban transit and interurban highway passenger transportation, except taxicabs Passenger bus and other local transportation Taxicabs Taxicabs Air transportation Domestic passenger air fares International air fares Water transportation Automotive rental and leasing, without drivers Passenger water , Auto and truck rental Other vehicle rental Arrangement of passenger transportation Arrangement of passenger transportation Miscellaneous amusement and recreation services (except membership sports and recreation clubs); racing, including track operation; marinas; libraries, museums, art galleries, and botanical and zoological gardens. Recreation and entertainment Membership sports and recreation clubs Participant sports (golf, tennis, etc.) Motion picture theaters; dance studios, schools, and halls; theatrical producers (except motion pictures), bands, orchestras, and entertainers. Movie, theater, ballet, and musical events Professional sports clubs and promoters Sports events Gasoline service stations Petroleum retail margins Retail, excluding eating and drinking places and gasoline service stations Other retail margins Industries producing nondurable PCE goods PCE nondurable commodities Automobile parking, automotive repair shops and services, and toll highways Parking, automotive repair, and highway tolls All other industries Wholesale trade margins and transportation costs Gasoline and oil Travel by U.S. residents abroad 1. Travel by U.S. residents abroad has no industry counterpart. U.S. residents traveling abroad purchase commodities that are produced abroad, and the TTSA's include only domestically produced commodities. PCE Personal consumption expenditures 13 14 SURVEY OF CURRENT BUSINESS • July 1998 ment are measured as current expenditures.12 Estimates of employment for tourism industries are included; the 1-0 accounts do not include employment by industry. Employee and business travel expenditures are included in tourism demand. The 1-0 accounts include these expenditures as intermediate inputs and not as final expenditures. nents of tourism. The production of tourism commodities is shown in table 5; the supply and consumption of tourism commodities, in table 6; tourism demand, in table 7; tourism gross domestic product (GDP), in table 8; and tourism employment, in table 9. In the TTSA'S, there is generally a one-to-one relationship between industries and commodities (table 4). Exceptions are the "passenger air transportation5' and "automotive rental" industries, both of which produce more than one tourism commodity. In addition, the commodity "travel by U.S. residents abroad" has no industry counterpart, because no U.S. production is associated with overseas expenditures by U.S. residents. The production table (table 5) is similar to the 1-0 make table, but with three modifications. First, the rows and columns are reversed; TTSA commodities are shown across the rows, and TTSA industries down the columns. Second, detail is shown only for TTSA commodities and industries; the production for all other commodities and industries is aggregated. Third, the intermediate inputs and the value-added components—compensation of employees, indirect business taxes, and other value added—are shown as rows at the bottom of the table. Similar to the 1-0 make table, the TTSA production table shows the value of each commodity produced by each industry in producers' prices. Each cell on the main diagonal (that is, from Components of TTSA'S The TTSA'S expand the four "priority" OECD tables to five tables to show clearly the major compo12. In the 1-0 accounts, government expenditures are the net of expenditures less government sales. The production account of tourism industries Table 5.—Production Account of Tourism Industries and All Other Industries, 1992 [Millions of dollars] Industry > Hotels and lodging places Eating and drinking places Hotels and lodaina Dlaces Eating and drinking places Passenger rail Passenger bus and other local transportation Taxicabs Domestic passenger air fares International air fares Passenger water Auto and truck rental Other vehicle rental . . Arranaement of Dassenoer transDortation Recreation and entertainment Participant sports Movie, theater, ballet and musical events Sports events Petroleum retail margins Other retail margins Travel by U.S. residents abroad Gasoline and oil Personal consumption expenditures nondurable commodities other than gasoline and oil Parking, automotive repair, and highway tolls Wholesale trade margins and transportation costs All other commodities 55,913 16,613 220,685 758 Industry output Intermediate inputs Compensation of employees Indirect business taxes Other value added Commodity Railroads and related services 2 Local and suburban transit and interurban highway passenger transportation, except taxicabs 2 Industries Taxicabs Air transportation Water transportation 2 Arrangement of passenger transportation ducing recreation and entertainment commodities 3 1,222 239 3,256 Professional sports clubs and promoters 13 Gasoline services stations Retail excluding eating and drinking places and gasoline services stations 2,165 14,484 Industries Autoproducing mobile nonparkdurable ing, personal autoconsump- motive tion repair expendshops iture and commodservities other ices, than and toll gasoline highand oil ways 2 All other industries 68 9,710 1,226 13,158 6,614 17 48,449 22,605 4,000 14,318 420 31 4 58 628 30 59 13,030 27,595 1,956 10,428 295 10 8,231 553 1,054 21,468 2,867 531 13 579 48 1,111 84 14,847 30,110 2,506 6 2,714 84,243 236,124 33,842 15,878 32,449 32,615 6,372 12,807 124,678 81,265 14,115 16,066 12,934 14,727 815 5,366 10,222 13,635 111 -8,090 9,522 7,252 7,416 15,265 6,588 78 3,868 6,614 87,828 26,681 21,410 13,108 35,800 2,853 2,258 24 1,479 50,188 29,740 5,629 2,271 17,108 4,650 492 4,431 10,669 3,733 1,621 5,387 4,781 5,037 520 2,770 13,788 10,973 2,249 8,790 1. Industries are defined on an SIC basis. 2. Includes government enterprises. 3. Miscellaneous amusement and recreation services (except membership sports and recreation clubs); racing including track operation; marinas; and libraries and museums, art galleries, and botanical and zooologicaJ gardens. Automotive rental and leasing, without drivers Industries producMeming bership sports movies, theaand ters, recreballet, ation and clubs musical events 4 25,488 184 79 27 95 783 482,384 2,939 9,511 39,123 98 1,660 272 14,165 Domestic production (producers' prices) 5 56,220 268,148 1,226 13,158 6,614 48,466 22,605 4,000 15,094 454 13,030 39,935 10,187 21,566 4,527 25,916 499,927 106,426 7,653 114,079 821,872 43,796 4,566 875,179 114,982 609,457 7,538,648 671,972 7,995,362 2,086 3,550 530 13,653 15,461 381,576 11,920 23,646 6,444 31,157 560,108 1,325,888 5,026 5,348 640 906 13,252 6,042 1,043 3,309 1,844 3,716 265 619 9,307 10,038 3,720 8,092 185,152 228,000 71,394 75,562 817,218 237,576 28,492 242,602 "T4.4.3. 70,733 8,231,223 10,822,647 32,236 3,245,037 19,474 2,936,215 3,040 365,049 15,983 1,684,922 4. Motion picture theaters; dance studios, schools, and halls; theatrical producers (except motion pictures), bands, orchestras, and entertainers. 5. The industry output for domestic production is in purchasers' prices because it includes margins and transportation costs. SURVEY OF CURRENT BUSINESS the top left to bottom right) shows the value for the commodity produced by the industry that has been designated its primary producer. For example, the "hotels and lodging places" industry (column) produces mostly the commodity "hotels and lodging places" (row). "Eating and drinking places" are the main producers of meals and beverages (the "eating and drinking places" commodity). The other cells in each column show the value of production by that industry of commodities for which the industry is a secondary producer. For example, the industry "participant sports" is a secondary producer of "hotels and lodging." The sum of the row entries is the total output for the commodity. Because tourism industries are the primary producers of tourism commodities, and only a few other industries are secondary producers, most of the cells outside of the main diagonal are zero. For example, the "railroad" industry produces only transportation services sold to visitors. Supply and consumption of tourism commodities The table on supply and consumption of tourism commodities (table 6) rearranges and modifies the 1-0 use table to show the supply of tourism commodities and all other commodities, as well as the intermediate and final demand for these same commodities. Supply is defined as the total July 1998 • 15 amount of the commodity available to be purchased by business, households, and government and to be exported. It is the sum of domestic production, imports, government sales, inventory changes, wholesale and retail margins, and transportation costs. On the consumption side, it shows the intermediate (business) and final purchases (personal consumption expenditures, investment, exports, and government expenditures excluding sales) of these commodities in purchasers' prices. The categories of consumption in the TTSA'S are the same as in the 1-0 use table. Tourism demand by type of commodity and type of visitor The TTSA demand table (table 7), a subset of the 1-0 use table, rearranges information from the supply and consumption table (table 6) and separates tourism demand from nontourism demand. It shows the major components of tourism demand in purchasers5 prices, including the following: Consumption by business as intermediate use and consumption by government, resident households, and nonresidents as final uses. Household consumption is equivalent to PCE that has been adjusted to exclude the expenses of nonprofit institutions that are not covered by admissions fees and to exclude travel by nonresidents in the United States. Nonresident tourism includes PCE nonresident travel Table 6.—Supply and Consumption of Tourism and All Other Commodities, 1992 [Millions of dollars] Supply Commodity Hotels and lodging places Eatina and drinkino places .. Passenger rail Passenger bus and other local transportation Taxicabs Domestic passenger air fares International air fares Passenaer water Auto and truck rental Other vehicle rental Arrangement of passenger transportation Recreation and entertainment Participant sports Movie, theater, ballet, and musical events Sports events Petroleum retail margins Other retail margins Travel by U S. residents abroad Gasoline and oil Personal consumption expenditures nondurable commodities other than gasoline and oil Parkina automotive reoair and hiahwav tolls Wholesale trade margins and transportation costs All other commodities Total Domestic production (producers' prices)1 56,220 268,148 1,226 13,158 6,614 48,466 22,605 4,000 15,094 454 13,030 39,935 10,187 21,566 4,527 25,916 499,927 114,079 875,179 114,982 671 972 7,995,362 10,822,647 Imports Government sales Change in business inventories Retail margins 357 9,808 301 3,708 145 101 444 39,964 5,283 518 62,204 25,916 Total supply2 Intermediate Personal consumption expenditures 56,577 268,148 1,226 13,158 6,614 48,466 32,413 4,301 15,094 454 13,030 43,643 10,187 21,711 5,072 27,260 32,335 310 2,612 3,641 21,971 3,073 10,668 245 9,004 770 1,284 8,194 1,303 23,680 231,193 829 10,455 2,586 21,308 12,377 4,125 3,234 209 2,814 42,057 8,903 13,313 3,096 39,964 206,964 10,361 78,264 29,603 115,234 Gross private domestic fixed investment Exports of goods and services Government expenditures excluding sales3 5,637 4,311 87 91 387 5,187 568 1,107 105 816 43 320 161 353 56,577 268,148 1,226 13,158 6,614 48,466 32,413 4,301 15,094 454 13,030 43,643 10,187 21,711 5,072 2,994 10,472 39,964 206,964 1,501,524 115,163 309 16,395 176 1,192 — • " • • Total consumption • 137,493 1,219 181 9,432 197,752 299,313 1,501,524 115,163 415,108 37,134 972,568 75,560 2,564 72,583 17 38,701 2,452 438,542 121,167 -4,520 412,016 200,614 9,172,221 3,925,205 2,635,574 788,427 508,665 1,314,350 9,172,221 5,430 671,972 525,843 11,575,930 4,588,742 4,208,718 790,991 602,609 1,384,870 11,575,930 631,637 127,076 1. The total for domestic production is in purchasers' prices because it includes margins and transportation costs. 2. Total supply in purchasers' prices is equal to domestic production in producers' prices plus imports, government sales, wholesale trade margins and transportation costs, and retail margins less change in business inventories. Wholesale and retail margins and transportation costs are not shown explicitly in this column, because they are Consumption Wholesale trade margins and transportation costs included in the purchasers' values for the gasoline and oil, personal consumption expenditure nondurable commodities other than gasoline and oil, and all other commodities. 3. Includes consumption and investment expenditures and excludes government sales. Government sales are included as part of supply. 16 • July 1998 SURVEY OF CURRENT BUSINESS expenditures plus exports of international air and water transportation fares. Table 7 also shows the proportions of tourism commodities compared with nontourism commodities. These proportions provide the basis for estimating tourism value added and tourism employment. They are also used to derive the "tourism-commodity ratio" for each tourism commodity—that is, the proportion of the supply of the commodity that is purchased by visitors. For example, 100 percent of supply of "hotels and other lodging" was used by visitors, but only 18 percent of the supply of "eating and drinking places" was purchased by visitors. other industries in producing tourism output and tourism value added. For each tourism industry and for "all other industries," it shows intermediate consumption, value added, and the "tourism-industry ratio," that is, the share of an industry's output that is purchased by visitors. The tourism-industry ratio for each industry is derived by applying the tourism-commodity ratio to each of the tourism commodities produced by that industry. For example, the hotel industry's ratio is derived by summing the output of hotel services times 1.0 (the tourism-commodity ratio for hotel services), the output of eating and drinking places times 0.18, the output of recreation and entertainment (gambling) times 0.90, and the output of other retail times 0.03 and then dividing that sum by hotel industry output. The tourism-industry ratio for each industry is applied to the industry output, intermediate consumption, and value added. The ratio ap- Tourism GDP of tourism industries and other industries The tourism GDP table (table 8), which is derived from the supply and consumption table (table 6) and the demand table (table 7), shows the relative importance of tourism industries and Table 7.—Tourism Demand by Type of Visitor, 1992 [Millions of dollars in purchasers' prices] Tourism demand Commodity Total tourism demand Total demand Method 1 Hotels and lodging places Eating and drinking places Passenger rail Passenger bus and other local transportation Taxicabs Domestic passenger air fares International air fares Passenger water Auto and truck rental Other vehicle rental Arrangement of passenger transportation Recreation and entertainment Participant sports Movie, theater, ballet, and musical events Sports events Travel by U.S. residents abroad Gasoline and oil Personal consumption expenditure nondurable commodities other than gasoline and oil Parking, automotive repair, and highway tolls All other commodities Total Method 2 Business Method 3 32,159 4,150 12,132 125 2,919 14,509 3,575 3,973 1,464 39,964 11,208 56,577 48,685 1,226 3,934 3,002 48,466 32,159 4,150 12,132 209 2,919 15,500 3,678 4,673 1,385 39,964 11,864 56,577 58,484 1,226 4,898 4,624 48,466 32,159 4,150 12,689 209 2,919 17,547 4,781 6,475 1,800 39,964 17,485 1,501,524 115,163 9,172,221 35,384 6,077 37,362 7,008 47,443 10,852 11,575,930 324,184 334,893 372,748 56,577 45,431 1,226 56,577 268,148 1,226 13,158 6,614 48,466 32,413 4,301 15,094 454 13,030 43,643 10,187 21,711 3,367 1,478 48,466 5,072 39,964 206,964 11,342 13,812 653 2,170 531 16,773 12,377 3,138 2,207 101 1,975 9,820 1,747 2,326 775 Method 2 11,342 17,066 653 2,620 1,130 16,773 12,377 3,138 2,207 185 1,975 10,811 1,850 3,026 29,603 696 29,603 7,251 7,751 2,490 21,971 3,073 71 5,187 314 8,400 1,055 1,055 1,055 105 105 105 181 194 300 101 158 16,585 16,837 8,400 8,400 1,207 820 413 10,361 2,210 1,207 820 413 10,361 3,434 197 303 96,429 16,449 5,637 3,696 5,637 3,696 87 61 237 5,187 314 Tourism commodity ratio' Method 1 Method 2 11,342 26,865 653 3,385 1,769 16,773 12,377 3,138 2,764 185 1,975 12,858 2,953 4,828 1,111 29,603 12,042 12,338 10,006 176 559 128 4,535 16,395 1,012 470 24 222,717 219,463 209,664 9,791 5,136 9,224 3,612 8,260 1,990 3,687 254 151 2,405 245 10,111 26,096 5,406 15,236 3,272 254 151 254 151 2,962 329 2,962 245 10,111 10,111 28,143 29,134 6,509 621 827 276 6,612 17,738 3,608 1,709 195,756 195,100 189,479 1,454,081 104,311 9,172,221 11,203,182 17,038 18,599 5,769 20,577 6,572 30,658 10,253 16,785 138 1,466,140 109,086 9,172,221 140,969 150,352 185,532 71,527 11,251,746 11,241,037 NOTE.—See the section "Methodological Overview" for a discussion of the three methods. Method 3 Method 1 Method 2 Method 3 Method 3 1,464,162 108,155 9,172,221 1. The tourism commodity ratio is total tourism demand divided by total demand. 1,592 21,971 3,073 Nontourism demand Nonresidents Method 1 Total. Method 3 87 57 152 5,187 314 109 Tourism demand Method 2 5,637 3,696 87 55 27,260 17,917 310 698 95,239 Method 1 27,260 17,917 310 893 27,260 17,917 310 583 748 21,971 3,073 1,207 820 413 10,361 2,067 Government expenditures excluding sales Method 3 Resident households Commodity Hotels and lodging places Eating and drinking places Passenger rail Passenger bus and other local transportation Taxicabs Domestic passenger air fares International air fares Passenger water Auto and truck rental Other vehicle rental Arrangement of passenger transportation Recreation and entertainment Participant sports Movie, theater, ballet, and musical events Sports events Travel by U.S. residents abroad Gasoline and oil Personal consumption expenditure nondurable commodities other than gasoline and oil Parking, automotive repair, and highway tolls All other commodities Method 2 Method 1 1.00 .17 1.00 .26 .22 1.00 .99 .28 .22 .33 .35 .18 .29 1.00 .05 1.00 .18 1.00 .30 .45 1.00 .99 .96 .80 .46 .22 .36 .36 .22 .27 1.00 .06 1.00 .22 1.00 .37 .70 1.00 .99 .96 .84 .46 .22 .40 .47 .30 .35 1.00 .02 .05 .02 .06 .03 July 1998 SURVEY OF CURRENT BUSINESS plied to the industry value added is the estimated tourism-industry contribution to GDP. Tourism employment and compensation of employees The tourism employment and compensation of employees table (table 9) has no counterpart in the 1-0 accounts, but it includes 1-0 compensation values. Total employment is equal to the number of full- and part-time employees; com- • 17 pensation of employees consists of wages and salaries and supplements to wages and salaries, such as employer contributions to pension plans, social security, and fringe benefits. The table shows total employment, tourism employment, tourism compensation, and average compensation in each tourism industry. Tourism employment is determined by the total employment in each industry and the tourism-industry ratio (from table 8). Similarly, tourism compensation Table 8.—Tourism GDP of Tourism Industries and Other Industries, 1992 [Millions of dollars] Intermediate consumption Industry output Industry Hotels and lodging places Eating and drinking places Railroads and related services Local and suburban transit and interurban highway passenger transportation, except taxicabs Taxicabs Air transportation Water transportation Automotive rental and leasing, without drivers Arrangement of passenger transportation Miscellaneous amusement and recreation services (except membership sports and recreation clubs); racing including track operation; marinas; and libraries and museums, art galleries, and botanical and zoological gardens Membership sports and recreation clubs Motion picture theaters; dance studios, schools, and halls; theatrical producers (except motion pictures), bands, orchestras, and entertainers Professional sports clubs and promoters Gasoline service stations Retail excluding eating and drinking places and gasoline services stations Tourism industry ratio' Value added Method 2 Method 3 Method 1 Method 2 Method 3 Total Tourism industry value added Method 1 Method 2 Method 3 Method 1 Method 2 Method 3 84,243 236,124 33,842 32,449 124,678 12,934 51,794 111,446 20,908 0.80 .16 .04 0.81 .17 .04 0.82 .20 .04 67,603 37,403 1,226 68,326 40,082 1,226 69,457 48,149 1,226 26,039 19,749 469 26,318 21,164 469 26,754 25,424 469 41,563 17,653 757 42,008 18,918 757 42,704 22,726 757 15,878 6,614 87,828 26,681 21,410 13,108 10,222 2,853 50,188 17,108 10,669 4,781 5,656 3,761 37,640 9,573 10,741 8,327 .21 .22 .81 .14 .54 .22 .25 .45 .81 .14 .55 .22 .31 .70 .81 .14 .57 .22 3,367 1,478 70,877 3,860 11,626 2,919 3,934 3,002 70,877 3,860 11,704 2,919 4,898 4,624 70,877 3,860 12,322 2,919 2,168 638 40,426 2,475 5,793 1,065 2,533 1,295 40,426 2,475 5,832 1,065 3,153 1,995 40,426 2,475 6,096 1,065 1,199 840 30,451 1,385 5,832 1,854 1,401 1,707 30,451 1,385 5,871 1,854 1,745 2,629 30,451 1,385 6,137 1,854 35,800 11,920 13,788 5,026 22,012 6,894 .18 .31 .19 .32 .24 .40 6,465 3,686 6,963 3,810 8,738 4,821 2,490 1,554 2,682 1,606 3,365 2,033 3,975 2,132 4,281 2,203 5,372 2,788 23,646 6,444 31,157 560,108 13,252 1,844 9,307 185,152 10,394 4,600 21,850 374,956 .17 .13 .07 .02 .20 .12 .07 .03 .27 .16 .11 .03 3,932 828 2,199 13,376 4,625 783 2,328 14,140 6,408 1,018 3,285 16,916 2,204 237 657 4,422 2,592 224 695 4,674 3,591 291 981 5,592 1,729 591 1,542 8,954 2,033 559 1,632 9,466 2,817 727 2,304 11,324 230,844 238,578 259,517 110,384 114,049 123,708 120,460 124,528 135,720 1,270,477 741,432 529,045 9,552,170 4,059,697 5,492,473 10,822,647 4,588,742 6,233,905 Total tourism industries Total all other industries Tourism industry intermediate consumption Tourism output Method 1 1. The industry tourism ratio is equal to tourism output divided by industry output. 2. The industry tourism output is derived from table 5 and table 7. The tourism-commodity ratio (table 7) is multiplied by the tourism commodities produced by industries (table 5) and summed by industry. For example, the air industry produces $48,449 million domestic passenger air fares of which 100 percent is tourism; it also produces »22,605 million international air fares of which 99 percent is tourism. The total tourism output of the industry is .70,877 million. NOTE.—See the,section "Methodological Overview" for a discussion of the three methods. Table 9.—Tourism Employment and Compensation of Employees, 1992 Industry Hotels and lodging places 2 Eating and drinking places 3 Railroads and related services Local and suburban transit and interurban highway passenger transportation, except taxicabs4 Taxicabs5 Air transportation Water transportation Automotive rental and leasing, without drivers Arrangement of passenger transportation6 Miscellaneous amusement and recreation services (except membership sports and recreation clubs); racing, including track operation; marinas; and libraries and museums, art galleries, and botanical and zoological gardens Membership sports and recreation clubs Motion picture theaters; dance studios, schools, and halls; theatrical producers (except motion pictures), bands, orchestras, and entertainers Professional sports clubs and promoters Gasoline service stations Retail excluding eating and drinking places and gasoline services stations Total employment (thousands of employees) Tourism industry ratio Method 1 Method 2 Method 3 Method 1 Method 2 Method 3 1,347 1,158 1,362 1,364 Method 3 tourism employee (dollars)1 19,636 11,917 60,605 13,635 1,088 29,740 4,650 3,733 5,037 2,863 239 24,089 651 2,016 1,122 3,378 494 24,060 673 2,041 1,122 4,206 761 24,060 673 2,128 1,122 32,776 34,000 47,584 46,500 20,972 26,372 152 119 10,973 5,348 1,975 1,658 2,085 1,711 2,634 2,139 17,335 18,007 76 7 67 6,042 3,716 10,038 1,027 483 703 1,208 446 750 1,631 595 1,064 21,426 80,783 15,883 228,000 1,329 1,091 10 416 32 625 100 178 191 .21 .22 .81 .14 .54 .22 .25 .45 .81 .14 .55 .22 .31 .70 .81 .14 .57 .22 87 7 103 15 506 14 96 43 506 14 97 43 128 22 506 14 101 43 114 92 120 95 56 6 47 1. Average compensation per tourism employee was calculated as the arithmetic mean of the average compensation per tourism employee for methods 1, 2 and 3. 2. Self-employment for SIC 70 (Hotels and lodging) for 1992 is estimated at 56,000. (Source: Derived from Bureau of Labor Statistics, Current Population Survey, 1992.) 3. Self employment for SIC 58 (Eating and drinking places) for 1992 is estimated at 490,000. (Source: Derived from Bureau of Labor Statistics, Current Population Survey, 1992.)) 4. Employment for this category includes 206,000 State and local government "transit" employees. (Source: Table 7.—Employment and Payrolls of State and Local Governments by Type of Government and Function: October 1992, 1992 Census of Governments, Compendium of Public Employment). Compensation for the State and local government "transit"" employees is estimated at $9,804,000,000, which is added to the national income and product account Method 2 26,744 16,253 534 0.82 .20 .04 12,572 Method 1 compen- 26,453 13,795 534 0.81 .17 .04 282 46 Tourism compensation (millions of dollars) 26,092 13,002 589 0.80 .16 .04 633 297 Compensation (millions of dollars) 32,615 81,265 14,727 1,661 6,819 243 Total tourism industries Total industries Tourism share (percent). Tourism employment (thousands of employees) 262 318 383 3,749 3,933 117,998 3.2 117,998 3.3 4,353 117,998 3.7 4,750 5,762 6,941 18,136 81,260 3,645,042 2.2 84,511 3,645,042 2.3 91,483 3,645,042 2.5 21,393 30,891 estimate for compensation. 5. Self employment for SIC 41 for 1992 is estimated at 54,000, all of which is assumed to occur in SIC 4120 (Taxicabs). (Source: Derived from Bureau of Labor Statistics, Current Population Survey, 1992.) 6. Self-employment for SIC 47 for 1992 is estimated at 27,000, all of which is assumed to occur in SIC 4720 (Arrangement of Passenger Transportation). NOTE.-See the section "Methodological Overview" for a discussion of the three methods. Sources: Bureau of Labor Statistics, U. S. Department of Labor, Employment and Wage Annual Averages, 1992, Bureau of the Census, U. S. Department of Commerce, 1992 Census of Governments, Compendium of Public Employment, and Bureau of Labor Statistics, U. S. Department of Labor, Current Population Survey, 1992. 18 • July 1998 SURVEY OF CURRENT BUSINESS is derived by multiplying compensation of employees in each industry by the tourism-industry ratio for that industry. Average compensation in each tourism industry is tourism compensation divided by tourism employment. Methodological Overview The TTSA estimates were based on the 1992 benchmark 1-0 accounts, but not all were taken directly from them. The estimates that were taken directly from the 1-0 accounts include the output of tourism and nontourism commodities, the output of the industries that produce these commodities, the value added of these industries, compensation of employees in these industries, and the consumption of the tourism and nontourism commodities (tables 5 and 6). The tables show the supply of output of tourism commodities that are produced and are available for purchase, and they identify the economic units that consume TTSA commodities: Business, persons, and government. The estimates that were not taken directly from the 1-0 accounts include tourism demand and tourism GDP (tables 7 and 8). For a number of tourism commodities, tourism expenditures were separated from nontourism expenditures on the basis of assumptions about allocations between the two types of expenditures. There are several sources on which to base these allocations, and each provides significantly different allocations. Because BEA was not able to reconcile these differences, three alternative sets of TTSA estimates were prepared. Tourism expenditures in the 1-0 accounts In the 1-0 accounts, the expenditures of visitors are included as purchases by business and final users. Expenditures for business travel are included in intermediate purchases, and travel by government employees are included in government final expenditures. Expenditures by nonresidents for international air and water fares are included in exports. All other travel expenditures by visitors (resident and nonresident) are included in personal consumption expenditures (PCE). PCE for selected commodities consists of all purchases by resident and nonresident visitors in the United States, and it excludes purchases abroad by U.S. residents. In contrast, total PCE consists of all expenditures by U.S. residents, including expenditures made during foreign travel, and it excludes expenditures made in the United States by nonresidents. The differences between PCE for specific commodities and total PCE are in two PCE categories: "Foreign travel by U.S. residents" and "Expenditures in the United States by nonresidents."13 Alternative methods of estimating tourism demand The tourism expenditures in the TTSA'S were derived from the 1-0 estimates of consumption. The procedures used to develop the estimates of the visitors' share of consumption depended on the source of demand: Consumer demand, business and government demand, and international demand. Consumer demand.—The tourism commodities purchased by consumers were separated into two types. "Pure-tourism" commodities are commodities for which all or most of the expenditures are by visitors, such as hotels and lodging places. "Mixed-use" commodities are commodities for which the expenditures are by both visitors and nonvisitors, such as restaurant meals. For pure-tourism commodities, commodityflow estimates taken directly from the relevant PCE categories in the 1992 1-0 accounts were used for each of these commodities.14 To provide separate figures for expenditures of resident households and nonresidents, estimates of the expenditures by nonresidents were subtracted from the total (see the section "Other procedures" for a description of these estimates). For mixed-use commodities, the Bureau of Labor Statistics (BLS) Consumer Expenditure Survey (CEX) is the only national source of data that is available to allocate the shares of consumer spending between visitors and nonvisitors.15 The CEX is a quarterly survey of 5,000 U.S. households that collects data on consumer expenditures, including expenditures on tourism, or out-of-town trips, for selected categories of commodities.16 13. The expenditures in these two PCE categories are also included in net exports. Expenditures in the United States by nonresidents consist of both travel and other (not travel-related) expenditures. For the purposes of the TTSA'S, only travel expenditures are included as part of tourism demand. Excluded are medical expenditures by nonresidents, nonresident student expenditures, expenditures by nonresidents in the U.S. working for foreign governments and international organizations, expenditures by Mexican, West Indian, and Puerto Rican workers in the United States, and expenditures by foreign ocean and air crews in the United States. 14. Household tourism expenditures from nonprofit institutions include only the portion of expenses of nonprofit institutions covered by admissions. 15. The acronym "CEX" is used for this survey because the acronym "CES" is usually used for the BLS Current Employment Survey. 16. The CEX includes overseas trips and trips within the United States that are greater than 75 miles and that are not reimbursed by an employer. Data collected on expenditures made on out-of-town trips include lodging, food, alcoholic beverages, intercity train fares, intercity bus fares, local transportation, taxi fares, airline fares, ship fares, auto rental, truck rental, rental of SURVEY OF CURRENT BUSINESS Surveying households to collect expenditure data is difficult, and several evaluations of the CEX have highlighted some of these problems.17 The problems include small sample size; the length, complexity, and degree of detail of the questionnaire; high nonresponse rates; and high rates of recall error. As a result, certain types of expenditures tend to be underreported or misreported. Large purchases, such as automobiles, and regular and recurring expenditures, such as rent and utilities, appear to be well reported. However, smaller and/or infrequent expenditures (such as food, apparel, public transportation, alcohol, tobacco, and gambling) appear to be underreported. Unfortunately, there are few studies that have evaluated the relative accuracy of the individual components of the PCE and the CEX or the completeness of reporting in the CEX.18 The PCE estimates are largely based on Census Bureau data on sales of goods and services and BEA inputoutput estimates of the allocation of purchases of goods and services between consumers, business, and government. The PCE estimates may also be subject to errors; for example, some of the PCE estimates may be overstated because they include purchases by businesses not correctly identified in the 1-0 estimates. For a comparable list of commodities, the CEX estimates tend to be lower than PCE estimates for less frequently consumed or small-value items, but similar for big-ticket and frequently purchased items. Overall, the CEX estimates are about 30 percent lower than the PCE estimates for 1992. Because the CEX is a general-purpose household survey and was not designed as a travel survey, it is difficult to assess how well tourism expenditures are reported. Some of the limitations of the CEX for use as a travel survey are the following: The questions on out-of-town trips are at the end of the survey; a single respondent, rather than the individual traveler, is asked about all expenditures for the household; the survey is campers and other vehicles, boat and trailer rental, recreation expenses and other entertainment, participant sports, movie and other admissions, admissions to sports events, gasoline and oil purchases, and parking and tolls. For additional information on this survey, see U.S. Department of Labor, Bureau of Labor Statistics, BIS Handbook ofMethodst "Consumer Expenditures and Income" (Washington DC: U.S. Government Printing Office, September 1992): 170-175, and U.S. Department of Labor, Bureau of Labor Statistics, Consumer Expenditure Survey, 1992-93, Bulletin 2462 (Washington, DC: U.S. Government Printing Office, September 1995): 1-13, 224-234. 17. See E. Raphael Branch, "The Consumer Expenditure Survey: A Comparative Analysis/'Mowf/i/y Labor Review (December 1994): 47-55; Jack E. Triplett, "Measuring Consumption: The Post-1973 Slowdown and the Research Issues," Federal Reserve Bank of St. Louis Review (May/June 1997): 15-22; and Constance F. Citro and Robert T. Michael, ed., Measuring Poverty, A New Approach (Washington, DC: National Academy Press, 1995): 85-88, 392-95. 18. Triplett, 16. a large questionnaire that covers all household expenditures rather than a smaller one that focuses on specific types of expenditures such as travel; and the sample size for households reporting travel is likely to be far smaller than the samples for other types of consumer spending. Surveys specific to travel have tended to yield higher estimates of travel expenditures than has the CEX. Expanding the sample and making other improvements to the CEX may help address some of these issues. In the meantime, for purposes of this study, the following three methods were used to provide a range of estimates for mixed-use TTSA commodities. • Under "Method 1," the CEX estimates for tourism expenditures were assumed to be fully and accurately reported. Thus, tourism expenditures were estimated under this method as the CEX estimates minus estimated overseas expenditures. • Under "Method 2," the CEX estimates for tourism expenditures were assumed to be as accurate as the estimates of nontourism expenditures for the same commodities; thus, PCE was used as the control total for total spending for each commodity. Tourism expenditures were estimated under this method as the ratio of CEX expenditures on tourism activities (less estimated pverseas expenditures) to total CEX expenditures (less overseas expenditures), multiplied by PCE less nonresident expenditures. Under this method, the tourism estimates for mixed-use commodities were about 16 percent above those under method 1. • Under "Method 3," the CEX estimates for tourism activities were assumed to be more understated than the estimates of other consumer expenditures; thus, the travel estimates were first adjusted using trade-source data and information on the reporting ratio of CEX to PCE for comparable expenditure categories. The adjustment factor for the CEX was I.5.19 Tourism expenditures were estimated under this method as the ratio of adjusted CEX expenditures on out-of-town trips (less estimated overseas expenditures) divided by the total CEX expenditures (less 19. This factor was calculated by (1) computing the average ratio of the CEX estimate to the PCE estimate for all corresponding expenditure categories; (2) identifying the expenditure categories with a CEX-to-PCE ratio that was less than the average ratio; (3) computing the average CEx-to-PCE ratio for the expenditure categories; and (4) dividing the average CEX-to-PCE ratio from (1) by the average CEx-to-PCE ratio from (3). July 1998 • 19 20 • July 1998 SURVEY OF CURRENT BUSINESS overseas expenditures), multiplied by PCE less nonresident expenditures. For eating and drinking places, the method 3 estimates were further adjusted using estimates from two trade sources—the Travel Industry Association (TIA) and D.K. Shifflet and Associates.20 This adjustment consisted of using a weighted average of the TIA estimate, the Shifflet estimate, and the method 3 estimate for resident households. The estimate of PCE on nondurable commodities, other than gasoline and oil, by resident households was based on an average of the ratios from the D.K. Shifflet and Associates survey and the In-Flight Survey for visitor shopping to the sum of expenditures for hotels, meals, and recreation.21 This average ratio was applied to the three sets of estimates of the sum of resident household purchases that were based on the three alternative methods of the following TTSA commodities: Hotels and lodging places; eating and drinking places; arrangement of passenger transportation (tours); recreation and entertainment; participant sports; movie, theater, ballet, and musical events; and sports events (table 7). For all three methods, the estimate of resident household purchases of auto repair was based on the ratio of CEX resident household purchases of gasoline on out-of-town trips to PCE gasoline purchases, multiplied by PCE purchases of auto repair. Business and government demand.—The estimates of the share of business and government expenditures for tourism were based on a variety of sources and different methods, depending on the commodity. For pure-tourism commodities, the estimates were taken directly from the 1-0 tables, following the method used for consumer demand. For mixed-use commodities, the business and government tourism expenditures for various commodities were estimated differently from those for consumers. Expenditures on "eating and drinking places" were estimated by applying the ratio of meals and beverage expenditures to hotel expenditures from the American Express Survey of Business Travel Management to 1-0 purchases of this commodity.22 Expendi20. The TIA estimate was the product of the number of travelers staying in hotels by state (monthly survey of 20,000) times an average cost for three meals in each state, summed for all states. The D.K. Shifflet estimates were based on a monthly survey sample of 25,000. 21. This ratio equaled 0.35 for the D.K. Shifflet and Associates survey and 0.57 for the In-Flight Survey; see footnote 11. 22. The 1992 American Express Survey of Business Travel Management, unpublished. tures for "local transportation/' "taxicabs," and "gasoline and oil" were estimated using the ratio of resident household tourism purchases to total PCE by category. Because the resident household tourism purchases were calculated using the three alternative methods (see the discussion on page 19), the business and government expenditures also show three different estimates. Business expenditures on "participant sports, movie, theater, ballet, and musical events" and on "sports events" were estimated from underlying data in the i-o accounts on expenditures for business travel and entertainment by industries. International demand.—The estimates of total travel expenditures by U.S. residents abroad and by foreign residents in the United States were largely based on BEA balance of payments data. Data from the In-Flight Survey were used to separate total travel expenditures in the United States into five categories: Hotels and lodging places; eating and drinking places; transportation within the United States; recreation and entertainment; and shopping. Expenditures for transportation, recreation, and entertainment in the United States were disaggregated into TTSA commodities using weights calculated from resident household tourism expenditures. A single value for each category was estimated under all three methods. Estimating tourism employment and compensation of employees The TTSA estimates of tourism employment were developed from BLS estimates of average monthly employment by industry at the four-digit sic level and from BEA estimates at the two-digit sic level. Employment was estimated at the four-digit sic level by applying employment weights from the BLS estimates to the BEA estimates.23 Employment by sic industry was assigned to the TTSA industries. Tourism employment and compensation of tourism employees were each estimated by multiplying industry employment and industry compensation, respectively, by the tourismindustry ratio for each of the three methods. Estimates of compensation of employees were from the 1-0 accounts. 23. BEA adjusts the four-digit BLS data to extend coverage to partially covered industries, such as membership organizations, and to excluded industries, such as railroads. Other adjustments include the addition of excluded nonprofits as well as misreporting adjustments. (Source: Bureau of Economic Analysis, U.S. Department of Commerce, State Personal Income, 1929-93 (Washington, DC: U.S. Government Printing Office, 1995): M-9—M-13.) SURVEY OF CURRENT BUSINESS Estimates of Travel and Tourism for 1992 The 1992 estimates of tourism expenditures help to gauge the size and importance of travel and tourism in the United States. Because three different methods were used in estimating tourism expenditures (see the section "Alternative methods for estimating tourism demand"), these estimates are presented as ranges. In terms of output, travel and tourism represented 2.1-2.4 percent of total U.S. production or output in 1992 ($23O.8-$259.5 billion as a share of total industry output) and 1.9-2.2 percent of U.S. GDP (tourism value added of $120.5$135.7 billion as a share of GDP). These shares are similar to those derived in Canada's tourism satellite accounts, which showed a 2.3-percent share of Canadian GDP; Norway's tourism satellite accounts showed a 4.3-percent share.24 The "hotels and lodging" industry had the highest value added among the tourism industries, at $4i.6-$42.7 billion, or 31-35 percent of tourism GDP (table 8). The second highest industry was "passenger air" (domestic and international), at $30.5 billion, or 22-25 percent of tourism GDP. Third was "eating and drinking places," at $17.7—$22.7 billion, or 15-17 percent of tourism GDP. Shopping ("retail excluding eating and drinking places, and gasoline service stations") was fourth, at $9.o-$n.3 billion, or 7.4-8.3 percent of tourism GDP. In terms of employment (table 9), "hotels and lodging" was the largest tourism industry employer, with 1.3-1.4 million employees, and "eating and drinking places" was the second largest, with 1.1-1.4 million employees. "Air transportation" employment was only 0.5 million, less than half that of hotels. In terms of demand, the TTSA'S show that tourism purchases in the United States were $284.2-$332.8 billion, or 4.6-5.3 percent of GDP. The TTSA'S also show expenditures by type of visitor. In 1992, resident households' expenditures in the United States accounted for 30-47 percent of domestic tourism expenditures (total tourism demand less travel expenditures by U.S. residents abroad); business sector expenditures, for 27-30 percent; and government expenditures, for 5-6 percent. Expenditures by nonresidents were $71.5 billion, or 21-25 percent of tourism expenditures in the United States. Expenditures by U.S. residents overseas accounted for 11-12 percent of total tourism purchases (table 7). By category, the largest expenditures were in passenger air travel, followed by hotels and lodg24. See footnote 7. ing, meals and beverages, and shopping (table 7). Expenditures for passenger air travel services (domestic air, at $48.5 billion, plus international air, at $32.2 billion) were 22-25 percent of total tourism expenditures. Expenditures for hotels and lodging places were $56.6 billion, or 15-17 percent, and those for meals and beverages were $454-$58.5 billion, or 14-15 percent. Shopping expenditures (personal consumption expenditures on nondurable, nontourism commodities) were $354-$474 billion, or 11-13 percent. Tourism employment in 1992 was 3.8-4.4 million in 1992, or 3.2-3.7 percent of total employment in the United States; this is similar to the 3.9-percent share of employment estimated in Canada's tourism satellite accounts. Tourism's share of employment is much higher than its share of value added to GDP (1.9-2.2 percent), indicating that tourism industries are more labor intensive than the economy as a whole. Compensation of tourism employees was 2.2-2.5 percent of total compensation of employees. The average compensation per tourism employee was $21,393 per year, but it ranged from a high of $80,783 in professional sports clubs and promoters to a low of $11,917 in eating and drinking places. The average compensation per tourism employee is lower than the average compensation per employee for the economy as a whole ($30,891). Future Work and Extensions This prototype satellite account represents a first step in producing satellite accounts for travel and tourism for the United States. Depending on additional funding, the next steps may include the following: Developing point estimates to replace ranges of travel and tourism expenditures; updating the TTSA'S annually; improving the quality of the estimates by collecting additional data; adding estimates of investment in tourism industries; expanding tourism commodities to include consumer durables, imputed rents for vacation homes, and the provision of public facilities used by visitors; and adding estimates by U.S. region (or by State). Point estimates, updates, and additional data requirements To develop point estimates, the accuracy and reliability of source data by tourism commodity must be examined to determine the adjustments required for a number of commodities, especially for "eating and drinking places," "shopping," July 1998 • 21 22 • July 1998 SURVEY OF CURRENT BUSINESS "recreational" activities, and business expenditures. Over time, the proposed expansion of the CEX should provide improved data on tourism expenditures. Updates of the TTSA'S could be made annually using NIPA estimates of final uses and gross product by industry estimates. This updating would require assuming that the input-output relationships in producing tourism commodities remain the same, that the proportions of tourism demand for many tourism commodities do not change, and that the mix of output by the tourism industries does not change. Improved estimates of tourism demand are needed in a number of categories of tourism commodities. Specifically, better estimation approaches or the collection of additional data would improve measures of "eating and drinking places," "shopping on out-of-town trips," "recreation and entertainment," "participant sports," "movie theater, ballet, and musical events," "sports events," and business expenditures made on trips. Investment in tourism industries One important estimate that could be added is private and public investment in fixed capital by tourism industries. The OECD- and WTOrecommended criterion for the inclusion of this investment in the satellite accounts is that the main use of the okitput of the industry should be by tourism or by visitors. For private investment, investment in fixed capital by hotels, airlines, and restaurants should be included. For public investment, investment in airports and long-distance bus stations should be included. Both public and private investment in railroads, highways, and seaports should also be included if a method could be developed to separate use for freight transportation services from use for passenger travel. items such as cameras be included? Should large, single-purpose consumer durables such as recreational vehicles be included, or should multipurpose consumer durables such as personal automobiles be included? Second, how these durables would be included needs to be determined. Should they be treated as a final consumption item, as they are now in the 1-0 accounts and the NIPA'S, or should they be treated as investment, as is owner-occupied housing and government purchases of plant and equipment?25 Rental of vacation homes Rents from vacation homes used for tourism purposes conceptually should be included in the TTSA'S. The inclusion of imputed rents for owner-occupied homes is a standard treatment in the NIPA'S, but applying this approach to vacation homes is difficult. One difficulty is separating vacation homes from primary residence homes. A second difficulty is the lack of data on the length of time the vacation home is used by the owner and the time it is rented to others. If the home is rented to others, information on rental costs is needed; these costs are not readily available, and indirect estimates are difficult to make. Public facilities used by visitors Public facilities, such as parks and museums, are attractions to visitors as well as nonvisitors. However, the costs of providing these public facilities are not included in the TTSA'S. Estimating these expenditures would be a lengthy and time-consuming project. Regional analysis One extension of the TTSA'S would be to estimate travel and tourism expenditures by region (or by State) in the United States. It would focus on tourism GDP and employment and employee compensation by State. [jjgf Consumer durables Consumer durables—such as recreation vehicles, automobiles, and sports equipment (for example, skis)—are currently not included in the TTSA'S. Whether and how consumer durables might be incorporated requires additional analysis. First, which consumer durables to include needs to be determined. Should only small, low-value 25. If these durables were treated as investment, the services of these assets would be included in GDP. For estimates of the stock of consumer durables that would be used to estimate these services, see U.S. Department of Commerce, Bureau of Economic Analysis, Fixed Reproducible Tangible Wealth in the United States, 1925-96, CD-ROM (Washington, DC: Bureau of Economic Analysis, 1998). For the treatment of owner-occupied housing in the 1-0 accounts and the NIPA'S, see U.S. Department of Commerce, Bureau of Economic Analysis, Personal Consumption Expenditures, Methodology Paper Series MP-6 (Washington, DC: U.S. Government Printing Office, 1990): ACCESSING BEA INFORMATION BEA's ECONOMIC INFORMATION ON THE INTERNET BEA web site (http://vnvw.bea.doc.gov), access to summary estimates and other information covering all aspects of BEA's work. • Latest figures on GDP, personal income, balance of payments, and other national, regional, and international estimates • A complete electronic version of BEA's monthly SURVEY OF CURRENTBUSINESS, featuring: presentations of new and improved data sets descriptions of source data and estimating procedures discussions of statistical research and analysis • Updates on new developments and an e-mail link to BEA STAT-USA web site (http://www.stat-usa.gov), a subscription service that offers detailed data files for BEA's national, regional, and international accounts, timely access to BEA news releases, as well as a host of economic statistics from other Federal agencies. 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Publications In addition to the SURVEY, BEA publishes comprehensive statistical volumes that also include descriptions of methodology. For more information on BEA programs and products, contact the Public Information Office of the Bureau of Economic Analysis at (202) 606-9900. SURVEY OF CURRENT BUSINESS July 1998 The International Investment Position of the United States in 1997 By Russell B. Scholl Harlan W. King directed the preparation of the estimates; Christopher A. Gohrband prepared several of the accounts, and Douglas B. VVeinberg prepared the direct investment accounts at current cost. HE NET international investment position of the United States—-U.S. assets abroad less foreign assets in the United States—at yearend 1997 was a negative $1,223.6 billion with direct investment valued at the current cost of tangible assets, and it was a negative $1,322.5 billion with direct investment valued at the current market value of owners' equity (table A, chart 1).1 For both measures, the net positions were more negative in 1997 than they were in 1996. The net position on both bases became more negative primarily as a result of large net capital inflows, particularly for U.S. securities and U.S. banking, and of a net negative exchange rate adjustment that mainly affected U.S. assets abroad (table B). That adjustment reflected the large decrease in the translation value of U.S. assets denominated in foreign currencies, as most major currencies and the currencies of many emerging Asian countries declined against the dollar from yearend 1996 to yearend 1997. A small net neg- T ative price adjustment reflected a sizable rise in the stock market value of foreign portfolio investment and of foreign direct investment in the United States that more than offset a substantial CHART 1 Net International Investment Position of the United States, 1983-87 Billion $ 6,000 WITH DIRECT INVESTMENT POSITIONS VALUED AT CURRENT COST — U.S. Assets Abroad — Foreign Assets in the United States " " Net 5,000 4,000 3,000 2,000 1,000 0 1. For a description of the current cost and market value of direct investment, see J. Steven Landefeld and Ann M. Lawson, "Valuation of the -1,000 U.S. Net International Investment Position," SURVEY OF C U R R E N T BUSINESS -2,000 71 (May 1991): 4 0 - 4 9 . WITH DIRECT INVESTMENT POSITIONS VALUED Table A.—Summary Components of the U.S. Net Position [Billions of dollars] 1997 Net position: At current cost At market value -1,223.6 -1,322.5 U.S. Government and foreign official assets Direct investment: At current cost At market value U.S. and foreign securities and U.S. currency Bank- and nonbank-reported claims and liabilities -617.6 272.0 173.1 -1,005.3 127.3 Table B.—Changes in the Net International Investment Position, 1997 [Billions of dollars) -1,000 At market value Total change Capital flows Valuation adjustments: Price changes Exchange rate changes Other valuation changes -578.8 -254.9 -116.1 -197.8 -10.0 -2,000 1983 85 87 89 91 93 U.S. Department of Commerce, Bureau of Economic Analysis 95 97 SURVEY OF CURRENT BUSINESS price appreciation in the stock market value of U.S. portfolio and direct investment abroad. In 1997, U.S. assets abroad increased strongly as continued large capital outflows and price appreciation in foreign stocks and in direct investment more than offset the exchange rate depreciation. U.S. banks' and nonbanking concerns' claims increased as they lent heavily, mostly in dollars, to meet large demands for bank credit in Europe, the Caribbean, and Latin America. U.S. holdings of foreign securities increased as a result of strong net U.S. purchases, particularly in new foreign issues of dollar bonds; in addition, substantial price appreciation in non-Asian foreign stocks was only partly offset by exchange rate depreciation. U.S. direct investment abroad at current cost and at market value increased as a result of record capital outflows that were bolstered by strong earnings of foreign affiliates and by large acquisitions. On a market-value basis, the increase also reflected a large price appreciation in owners' equity as a result of the sizable rise in foreign stock prices. Foreign assets in the United States increased as a result of the substantial foreign capital inflows and the exceptionally strong price appreciation in holdings of U.S. stocks. Inflows surged to record levels in all major categories of foreign private assets except net foreign purchases of U.S. Treasury securities, which were just below last year's record. Foreign holdings of U.S. bonds were bolstered by rising U.S. bond prices and large net purchases; foreign capital inflows were attracted by the rise in bond prices, stable U.S. inflation, growing prospects for a budget surplus, relatively high—though falling—U.S. interest rates, and a strong dollar in exchange markets. The strong foreign demand induced record new issues of bonds overseas by U.S. corporations. Robust U.S. corporate earnings, rising U.S. stock prices, and strong demand for stocks by Europeans bolstered foreign holdings of U.S. stocks. Foreign direct investment in the United States at current cost and at market value increased as a result of record capital inflows, reflecting continued strong new acquisitions and record reinvested earnings. On a Data Improvements As is customary each July, the estimates of the U.S. international investment position incorporate new source data and 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 foreign portfolio holdings of U.S. securities are revised to incorporate the results of the U.S. Treasury Department's Benchmark Survey of Foreign Portfolio Investment in the United States that covered foreign ownership of U.S. long-term securities as of December 31, 1994. The position estimates for 1990-97 are revised, and the survey results also enabled BEA to develop improved estimates of the associated flows of interest and dividend income payments, which have been incorporated into BEA'S international transactions accounts. Based on the survey results, BEA'S previous estimates of foreign holdings of U.S. securities at yearend 1994 are revised down $53.0 billion, to $1,414.0 billion. Holdings of U.S. Government securities are revised down $54.0 billion, to $740.0 billion; holdings of U.S. corporate bonds are revised down $28.0 billion, to $276.0 billion; and holdings of U.S. corporate stocks are revised up $29.0 billion, to $398.0 billion. • Estimates of U.S. direct investment abroad positions on both current-cost and market-value bases are revised to incorporate data collected in BEA'S Benchmark Survey of U.S. Direct Investment Abroad for 1994. For the years after 1994, the estimates have been benchmarked to (that is, extrapolated from) that survey and include new or corrected data from BEA'S quarterly sample surveys. Previously, the estimates for 1994-96 were benchmarked to the 1989 benchmark survey. . For yearend 1994, the benchmark results and the reclassification of certain direct investment financial affiliates' positions (discussed below) lower the position on the current-cost basis by $45.7 billion and the position on the market-value basis by $9.0 billion. • Certain position estimates of direct investment financial affiliates that are not depository institutions and that primarily serve as intermediaries in the financial markets are reclassified for 1994-97. The reclassification is from both U.S. direct investment abroad and foreign direct investment in the United States to U.S. claims and liabilities reported by U.S. nonbanking concerns. For yearend 1994, the reclassification raised U.S. claims reported by U.S. nonbanking concerns by $49.3 billion and U.S. liabilities reported by U.S. nonbanking concerns by $42.5 billion. • The 1973 estimate of U.S. currency held by foreigners—the first year such data were introduced— was lowered as a result of research by the Federal Reserve Board. A more consistent measure was developed for that year's foreign holdings by changing the basis for computing the portion of foreign holdings from all U.S. currency in circulation to only $100 notes in circulation. Position estimates for each year since 1973 were lowered by $23 billion; annual net shipments were unaffected. For further explanations of these changes, see "U.S. International Transactions, Revised Estimates for 1986-97" in this issue. July 1998 SURVEY OF CURRENT BUSINESS 26 • July 1998 market-value basis, the increase was substantially augmented by the appreciation in owners' equity from rising U.S. stock prices. U.S. bank and nonbank inflows were also quite strong. Banks in the United States drew on foreign funds especially in the fourth quarter when financing opportunities arose at their overseas offices. In addition, the spillover of strong demand for bank credit in the United States resulted in record borrowing from banks overseas by U.S. nonbanking concerns. 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 1, 2, and 3 at the end of the article present detailed estimates of the yearend position. This issue also contains a companion article, "Direct Investment Positions for 1997: Country and Industry Detail." The detailed estimates presented in that article are available only on a historical-cost basis. Changes in U.S. Assets Abroad owned banks' foreign lending increased sharply in the fourth quarter as uncertainties related to financial problems in Asia spurred the demand for short-term credit. U.S. banks' claims on foreign public borrowers in Latin American countries accelerated late in the year as the financial problems of countries in Asia caused capital markets to increase risk premiums applicable to bond issues of emerging countries. Claims on Caribbean international bond mutual funds increased sharply, particularly in the third quarter, reflecting U.S. securities dealers' lending to those funds to finance purchases of U.S. Treasury securities. U.S. banks' domestic customers' claims increased $8.4 billion, to $189.0 billion; the increase, mostly in deposits overseas and in foreign commercial paper, was moderated by heavy net liquidations in the fourth quarter. U.S. bank-reported foreign currency claims increased $14.2 billion—the strongest increase since 1987—to $91.2 billion; strong bank lending to Western Europe in the first half of the year accounted for much of the increase. Bank claims Foreign securities U.S. claims on foreigners reported by U.S. banks increased a record $130.9 billion, to $988.4 billion in 1997 (table C). The increase primarily reflected especially strong lending, mostly in dollars, to banks' own foreign offices in Europe and the Caribbean and, to a much lesser extent, to international bond mutual funds in the Caribbean and to several emerging countries in Latin America. U.S. banks' own claims, payable in dollars, increased $108.3 billion, to $708.2 billion. Foreignowned banks in the United States accounted for over two-thirds of the increase, mostly in lending to affiliated offices in Europe where credit demand was high. European funding needs rose with a quickening of both economic growth and the pace of mergers and acquisitions, some of which may have reflected the progression toward European Monetary Union. Lending also financed foreign purchases of U.S. Treasury securities, which were strong throughout 1997. U.S.Table C.-U.S. Claims Reported by U.S. Banks at Yearend Foreign securities held by U.S. residents increased $166.1 billion, to $1,446.3 billion in 1997; the increase reflected both strong net purchases and substantial price appreciation in foreign stocks (table D). A partly offsetting exchange rate depreciation, mostly in stocks, reflected the widespread, large decline in foreign exchange rates against the dollar from yearend 1996 to yearend 1997. A strong U.S. buildup in foreign securities holdings continued until the fourth quarter, when financial markets reacted negatively to the deteriorating financial situation in Asia. Despite the fourth-quarter slowdown, U.S. holdings of foreign stocks increased 20 percent, and holdings of foreign bonds increased 9 percent, mostly as a result of record new issues of foreign dollar bonds in the U.S. market. U.S.-held foreign stocks increased $124.5 billion, to $1,001.3 billion; substantial price appreciation of $177.9 billion and strong net purchases of $41.3 billion were partly offset by a $94.7 billion [Billions of dollars] 1996 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 857.5 599.9 113.7 341.6 144.6 180.6 77.0 1997 988.4 708.2 109.2 431.7 167.3 189.0 91.2 Table D.—Changes in U.S. Holdings of Foreign Securities, 1997 [Billions of dollars] Total change Net U.S. purchases Price changes Exchange rate changes . 166.1 88.0 186.5 -108.4 July 1998 SURVEY OF CURRENT BUSINESS exchange rate depreciation. Strong net purchases, largely in the first three quarters, were not as widespread as in past years and were mainly from Britain, France, Japan, and Australia, and, to a lesser extent, Canada. In the fourth quarter, U.S. net purchases slowed from all areas, including Western Europe, in response to the financial problems in Asia. • Holdings of Western European stocks increased 25 percent as a result of $15.0 billion in net purchases and $167.0 billion in price appreciation that was partly offset by exchange rate depreciation (table E). European stock market prices rose steeply—between 20 and 55 percent—mostly in the first three quarters, bolstered by sustained economic growth, by merger activity, and by the progression toward the European Monetary Union. • Holdings of Japanese stocks decreased 5 percent, as $9.5 billion in net purchases was more than offset by price and exchange rate depreciation. Buying opportunities due to the low Japanese stock prices and a weak yen attracted U.S. fund managers until the Table E —U.S. Holdings of Foreign Stocks by Major Areas at Yearend [Billions of dollars] 995 Total holdings Western Europe Of which: United Kingdom France Germany Netherlands Spain Sweden Canada Switzerland Japan Latin America and Other Western Hemisphere Of which: Mexico Other countries Of which: Australia Hong Kong 699.1 362.0 137.6 31.3 31.7 52.9 17.7 23.6 30.4 46.9 128.5 32.0 18.8 129.7 21.8 24.3 1996 1997 876.8 1,001.3 468.8 585.5 185.4 277.8 56.7 42.8 40.5 47.9 77.4 64.8 25.9 22.8 34.2 36.6 47.6 33.9 67.0 79.0 120.4 126.4 76.8 103.3 26.1 22.1 113.1 137.8 33.9 26.1 27.7 37.3 Table F.—U.S. Holdings of Foreign Bonds by Major Areas at Yearend [Billions of dollars] Total holdings Western Europe Of which' United Kingdom France Germany Netherlands Spain Sweden Switzerland Canada Japan Latin America and Other Western Hemisphere Of which: Mexico . Other countries Of which: Australia 1995 1996 1997 355.3 155.8 28.6 27.4 20.9 17.2 13.5 14.2 12.3 73.8 32.7 44.2 17.7 48.8 11.1 403.4 166.8 33.9 28.0 24.5 17.1 15.1 15.0 13.1 80.8 33.8 71.2 20.3 50.8 12.6 445.0 170.1 41.1 28.0 27.4 17.0 19.4 15.6 13.5 82.7 30.1 93.1 24.6 69.0 14.5 fourth quarter, when the decline in the yen and stock prices quickened and when the problems with Japan's financial institutions unfolded. • Other U.S. holdings, primarily of stocks of emerging market countries, had large offsetting changes: Asian securities suffered severe price depreciation, while Latin American securities gained from price appreciation until they were affected by the financial problems in Asia in the fourth quarter. U.S. holdings of foreign bonds increased $41.7 billion, to $445.0 billion; net purchases of $46.7 billion and price appreciation of $8.7 billion were partly offset by $13.7 billion in exchange rate depreciation (table F). Net U.S. purchases were mostly of newly issued dollar bonds in the United States. Foreign new issues surged to a record level; the surge was encouraged by falling U.S. long-term interest rates, stable inflation, and ample liquidity. Latin American and Asian corporations led the list of foreign borrowers, significantly accelerating their placements until the fourth quarter, when few new issues were placed by emerging market countries. Western European corporations also accelerated their new issues. Most of the increase in U.S. holdings of European bonds was offset by net sales of outstanding European bonds and by exchange rate depreciation. -t U.S. direct investment abroad and other private assets U.S. direct investment abroad at current cost increased $86.9 billion, to $1,023.9 billion in 1997; at market value, it increased $276.6 billion, to $i>793-7 billion (table G).2 Net capital outflows were a record $121.8 billion: Reinvested earnings increased to a record as a result of continued, widespread strong earnings of foreign affiliates and of an increase in the rate of reinvestment; 2. These estimates incorporate the final results of BEA'S 1994 benchmark survey of U.S. direct investment abroad; for more information, see "U.S. International Transactions, Revised Estimates for 1986-97" in this issue. Table G.—Changes in U.S. Direct Investment Abroad, 1997 [Billions of dollars] At current cost Total change Capital outflows Equity capital Intercompany debt Reinvested earnings Price changes Exchange rate changes Other valuation changes 86.9 121.8 457 11.8 64.3 9.3 -29.0 -15.2 At market value 276.6 121.8 45.7 11.8 64.3 250.2 -97.7 2.3 • 27 28 SURVEY OF CURRENT BUSINESS • July 1998 net equity outflows increased substantially, bolstered by numerous large acquisitions; and net intercompany debt outflows increased sharply. At current cost, capital outflows were partly offset by foreign exchange rate depreciation due to the translation into U.S. dollars of the foreign affiliates' asset and liability positions, which reflected the significant depreciation of many European and Asian currencies. At market value, capital outflows were augmented by a substantial increase in the U.S. owners' equity as a result of the sharp rise in prices in most non-Asian stock markets from yearend 1996 to yearend 1997; this increase was partly offset by negative valuation adjustments, primarily for exchange rate depreciation. Claims on unaffiliated foreigners reported by U.S. nonbanking concerns increased a record $112.4 billion, to $562.4 billion. The increase reflected continued large deposits in banks in Europe and the Caribbean and strong lending to European financial affiliates by U.S. financial affiliates in the first half of the year. U.S. official reserve assets and other U.S. Government assets 1994 (table H). 3 The accumulation of dollars as reserve assets by industrial countries and by non-oPEC developing countries slowed sharply between 1996 and 1997; inflows from industrial countries dropped to $11.9 billion, and nonOPEC developing countries shifted to net outflows of $6.9 billion. Inflows by members of OPEC continued strong at $10.8 billion. Bank liabilities U.S. liabilities to private foreigners and international financial institutions reported by U.S. banks surged a record $141.8 billion, to $970.0 billion in 1997. U.S. banks' dollar positions increased $102.0 billion, to $781.6 billion, representing substantial borrowing of dollars from 3. For more information, see "U.S. International Transactions, Revised Estimates for 1986-97" in this issue and the "Report on Foreign Portfolio Investment in the United States, as of December 31, 1997" by the Office of the Assistant Secretary Economic Policy, U.S. Department of the Treasury. Table H—Foreign Official and Private Holdings of U.S. Securities Ranked by Largest Holdings, from U.S. Treasury Department's Benchmark Survey of Foreign Ownership of U.S. Long-Term Securities as of December 31,1994 [Billions of dollars] Investments in U.S. stocks U.S. official reserve assets decreased $25.9 billion, to $134.8 billion; most of the decrease was accounted for by a sharp decline in the market price of gold and by exchange rate depreciation in foreign-currency reserve assets. In addition, U.S. holdings of Mexican pesos were eliminated when Mexico repaid its medium-term swap line, and the U.S. reserve position in the International Monetary Fund (IMF) increased as several Asian countries drew dollars from the IMF'S credit facilities in the fourth quarter. Other U.S. Government assets declined $0.2 billion, to $81.5 billion, as repayments exceeded disbursements in the U.S. Governments' foreign credit programs. 10 397.7 89.6 46.5 39.1 33.8 21.7 14.9 12.8 12.8 10.8 10.3 Total holdings United Kingdom Canada Switzerland Japan Netherlands Germany British West Indies Belgium Bermuda France Investments in U.S. agency bonds Total holdings Japan United Kingdom British West Indies Taiwan Belgium Hong Kong Bermuda Singapore 107.5 38.8 10.3 9.1 6.0 4.2 3.2 3.2 2.5 Investments in U.S. corporate bonds Total holdings United Kingdom Japan British West Indies Bermuda Switzerland Belgium Germany France Netherlands Canada Changes in Foreign Assets in the United States Foreign official assets , 275.7 169.7 29.9 10.0 7.5 6.8 5.8 4.5 3.8 3.8 3.6 Investments in U.S. Treasury bonds Foreign official assets in the United States increased $32.8 billion, to $833.9 billion in 1997, largely as a result of small net capital inflows and price appreciation in holdings of U.S. stocks. These estimates incorporate the results of the U.S. Treasury Department's survey of foreign portfolio investment in the United States for Total holdings Japan Germany United Kingdom Taiwan Singapore Spain China Hong Kong Switzerland 10 463.5 127.7 46.1 45.3 27.4 20.7 19.5 17.2 10.7 10.2 8.9 SURVEY OF CURRENT BUSINESS Table 1.—U.S. Liabilities Reported by U.S. Banks ai Yearend [Billions of dollars] July 1998 Table J.—Changes in Foreign Holdings of U.S. Treasury Securities, 1997 [Billions of dollars] 1996 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 828.2 679.6 161.4 401.5 116.7 45.3 103.3 1997 970.0 781.6 157.6 485.0 139.0 71.6 116.8 offices in Europe, the Caribbean, and Asia that intensified in the fourth quarter (table I). This surge reflected three major developments. First, U.S. banks stepped up their borrowing, partly to support lending to the overseas interbank market, where credit demands strengthened along with the expansion in economic growth, particularly in Western Europe. Second, substantial liquidity was available in the overseas interbank market in the fourth quarter as a result of investors' inflows in response to the uncertainties created by financial problems in Asia. Third, in the fourth quarter, Japanese bank offices in the United States drew heavily on funds from their home offices to offset deposit losses and to avoid the sharp rise in their interbank borrowing costs that had resulted from the failure of several large financial institutions in Japan. U.S. banks' dollar liabilities to other foreigners increased $22.3 billion, to $139.0 billion. Most of the increase was attributable to borrowing by U.S. securities dealers through repurchase agreements with international bond mutual funds in the Caribbean and the United Kingdom. U.S. banks' custody liabilities increased $26.3 billion, to $71.6 billion, largely reflecting borrowing from Western European and Caribbean banks by U.S. nonbanking concerns. U.S. banks' foreign currency liabilities increased $13.5 billion, to $116.8 billion, mostly reflecting borrowing from Caribbean banking centers and Asia to finance strong growth in U.S. banks' foreign-currency lending. 157.2 Total change Net foreign purchases ... Price changes Exchange rate changes . 146.7 10.5 0 Table K.—Foreign Official and Private Holdings of U.S. Treasury Securities by Country at Yearend [Billions of dollars] 1995 Total holdings Japan United Kingdom Germany Spain China Singapore Netherlands Antilles ... Hong Kong British West Indies Taiwan 880.0 208.3 93.3 59.5 18.3 36.8 31.6 25.0 17.4 26.2 29.3 1996 1,097.7 271.3 157.9 77.2 45.0 47.8 40.5 38.1 23.2 30.8 37.0 1997 1,251.8 289.1 257.7 96.9 53.1 49.0 36.4 36.2 35.9 35.5 35.1 shift to a Federal budget surplus, a dwindling supply of new Treasury issues, and yield differentials favoring U.S. Government bonds over most foreign government bonds all led to strong net purchases. These net purchases, which were only slightly below the 1996 record level, strengthened markedly from Western Europe, where bond yields dropped sharply, partly reflecting the convergence of fiscal policies in preparation for the European Monetary Union. Asian net purchases were strong until financial problems intensified in the last half of the year. Complementing foreign demand was a strong dollar exchange rate throughout the year. When foreign official holdings and private investor holdings are combined, the largest holders are Japan, the United Kingdom, and Germany (table K). The United Kingdom has unusually large holdings because as a major world market center for U.S. Treasury securities, it holds inventories for trading and it serves as an intermediary for non-British beneficial owners. U.S. currency U.S. Treasury securities U.S. Treasury securities held by private foreigners and international financial institutions increased $157.2 billion, to $662.0 billion in 1997, reflecting strong net purchases of U.S. Treasury bonds throughout most of the year and price appreciation in U.S. bond holdings (table J). These estimates incorporate the results of the U.S. Treasury Department's survey of foreign portfolio investment for 1994 (table H). 4 Low U.S. inflation, a 4. See footnote 3. U.S. currency held by foreigners increased $24.8 billion, to $211.6 billion in 1997. In 1997 as in the past several years, the increase in the use of U.S. currency abroad has been largely due to demand from Russia and other members of the Commonwealth of Independent States. Other U.S. securities Foreign holdings of U.S. securities other than U.S. Treasury securities increased $378.5 billion, to $1,578.0 billion in 1997, mostly as a result of • 29 30 SURVEY OF CURRENT BUSINESS • July 1998 Table L—Changes in Foreign Holdings of Other U.S. Securities, 1997 Table N.—Foreign Private Holdings of U.S. Corporate and Agency Bonds by Major Areas at Yearend [Billions of dollars] [Billions of dollars] 378.5 196.8 202.1 -20.4 Total change Net foreign purchases ... Price changes Exchange rate changes . record net purchases and a sizable rise in U.S. stock prices (table L). These estimates incorporate the results of the U.S. Treasury Department's survey of foreign portfolio investment for 1994 (table H).5 Foreign holdings of U.S. stocks reached $860.0 billion at yearend 1997, reflecting $182.5 billion in price appreciation and record net purchases of $66.0 billion. This year is the third consecutive year of large increases in U.S. stock prices and of large price appreciation in foreign holdings. Buying from nearly all areas accelerated, but it was especially strong from Western Europe, particularly the United Kingdom. Japanese investors shifted to net purchases from net sales in 1995-96. Latin American net purchases were strong, particularly by Caribbean investment funds. Canadian holdings increased, all from price appreciation. By country, the United Kingdom, Canada, and Japan were the largest holders of U.S. stocks abroad (table M). Foreign holdings of U.S. corporate bonds and federally sponsored agency bonds increased $130.0 billion, to $718.1 billion, mainly as a result of record new corporate issues placed abroad. Record new bond issues and record net foreign purchases occurred despite a marked slowdown in the fourth quarter, when financial problems in Asia created considerable uncertainty in the bond markets that led to the postponement of many issues. U.S. banks and other financial corporations sharply increased their new bond issues abroad. U.S. federally sponsored agencies also issued large amounts of new bonds, primarily 5. See footnote 3. Table M.—Foreign Private Holdings of U.S. Corporate Stocks by Major Areas at Yearend [Billions of dollars] 1995 1996 490.1 273.1 125.4 12.8 18.6 5.5 27.1 57.7 40.6 611.4 1997 1995 1996 1997 481.2 588.0 383.8 309.3 10.6 13.6 2.0 8.5 10.8 88.9 64.5 40.0 718.1 455.3 365.6 Total holdings Western Europe Of which: United Kingdom France Germany Italy Netherlands Canada Japan Latin America and Other Western Hemisphere Other countries 315.7 255.5 6.3 9.3 2.1 6.6 6.7 76.4 50.0 32.4 13.6 16.1 2.0 12.2 17.0 98.8 97.8 49.2 mortgage-backed securities. Issues payable in dollars were most popular due to the dollar's strength, but issues payable in foreign currencies, including several nonmajor currencies, were used in combination with foreign currency swaps. The United Kingdom accounted for most of the purchases of U.S. new issues overseas because market underwriters are mainly located there, and Caribbean international bond funds stepped up their purchases. European and Asian investors continued their large purchases of the agency bonds. By country, the United Kingdom is the largest foreign holder of U.S. bonds because of its unique role as the world market center for Eurobonds (table N). Foreign direct investment in the United States and other liabilities Foreign direct investment in the United States valued at current cost increased $84.9 billion, to $751.8 billion in 1997; at market value, it increased $396.9 billion, to $1,620.5 billion (table O). In 1997, net capital inflows of $93.4 billion exceeded the 1996 record: Net equity inflows slowed slightly from 1996; reinvested earnings doubled, reflecting further strong growth in affiliates' earnings; and net intercompany debt inflows more than doubled. Sustained economic growth in the United States attracted new investments, and growth in Europe and Canada bolstered funding of forTable 0.—Changes in Foreign Direct Investment in the United States, 1997 [Billions of dollars] Total holdings Western Europe 0 / which: United Kingdom France Germany Italy Netherlands Canada Japan Latin America and Other Western Hemisphere Other countries 62.5 56.2 15.6 22.6 499.4 226.6 23.9 34.7 6.6 32.9 72.8 10.2 50.6 93.0 49.1 82.5 67.6 111.9 339.4 157.7 68.0 87.6 At current cost Total change Capital inflows Equity capital Intercompany debt Reinvested earnings Price changes Exchange rate changes Other valuation changes 84.9 93.4 46.5 24.4 22.5 -2.7 -1.3 -4.5 At market value 396.9 93.4 46.5 24.4 22.5 302.7 0 .8 SURVEY OF CURRENT BUSINESS eign parents' financing of these investments. New investments by Japanese parents were constrained by economic and financial problems in Japan. At current cost, net capital inflows accounted for nearly all of the change in foreign direct investment. At market value, net capital inflows were augmented by the substantial price appre- July 1998 • ciation in owners' equity that resulted from the sharp rise in U.S. stock prices. Liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns increased $106.8 billion, to $453.6 billion, reflecting U.S. corporate borrowing from banks in the Caribbean and the United Kingdom, especially in the fourth quarter. Tables 1 through 3 follow. 0 31 SURVEY OF CURRENT BUSINESS 32 • July 1998 Table 1.—International Investment Position of the United States at Yearend, 1996 and 1997 [Millions of dollars] Changes in position in 1997 (decrease (-)) Attributable to: Line Type of investment Position 1996 r Valuation adjustments Capital flows Total Price changes (b) Net international investment position of the United States: With direct investment positions at current cost (line 3 less line 24) With direct investment positions at market value (line 4 less line 25) U.S. assets abroad: With direct investment positions at current cost (lines 5+10+15) .... With direct investment positions at market value (lines 5+10+16) ... U.S. official reserve assets Gold Special drawing rights Reserve position in the International Monetary Fund Foreign currencies U.S. Government assets, other than official reserve assets U.S. credits and other long-term assets5 Repayable in dollars Other6 U.S. foreign currency holdings and U.S. short-term assets U.S. private assets: With direct investment at current cost (lines 17+19+22+23) .. With direct investment at market value (lines 18+19+22+23) . Direct investment abroad: At current cost At market value , Foreign securities Bonds Corporate stocks U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns U.S. claims reported by U.S. banks, not included elsewhere Foreign assets in the United States: With direct investment at current cost (lines 26+33) .. With direct investment at market value (lines 26+34). Foreign official assets in the United States U.S. Government securities U.S. Treasury securities Other Other U.S. Government liabilities7 U.S. liabilities reported by U.S. banks, not included elsewhere . Other foreign official assets Other foreign assets: With direct investment at current cost (lines 35+37+38+39+42+43) .. With direct investment at market value (lines 36+37+38+39+42+43) Direct investment in the United States: At current cost At market value U.S. Treasury securities U.S.currency U.S. securities other than U.S. Treasury securities Corporate and other bonds Corporate stocks U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns U.S. liabilities reported by U.S. banks, not included elsewhere pr 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 3. Reflects changes in the value of the official gold stock due to fluctuations in the market price of gold. 4. Reflects changes in gold stock from U.S. Treasury sales of gold medallions and commemorative and bullion coins; also reflects replenishment through open market purchases. These de- Exchange rate (c) Position 1997' Other changes2 (a+b+c+d) (d) -51,669 -127,725 -116,094 -197,805 -22,159 -9,961 -456,492 -1,223,568 -578,799 -1,322,455 175,135 416,045 -155,352 -224,102 -27,992 -10,474 470,293 4,237,311 659,971 5,007,119 -20,762 -20,762 -6,144 -767,076 -743,656 -254,939 -254,939 3,767,018 4,347,148 478,502 478,502 160,739 96,698 10,312 15,435 38,294 1,010 350 3,575 -2,915 -635 -939 -4,570 81,677 79,786 79,114 672 1,891 -174 -202 -168 -34 28 -17 -8 3,524,602 4,104,732 477,666 477,666 195,897 -149,191 436,807 -217,941 -27,982 -10,464 496,390 4,020,992 686,068 4,790,800 936,954 1,517,084 1,280,159 403,373 876,786 121,843 121,843 87,981 46,723 41,258 9,325 -28,998 250,235 -97,748 186,572 -108,411 8,671 -13,718 177,901 -94,693 -15,252 2,266 86,918 276,596 166,142 41,676 124,466 1,023,872 1,793,680 1,446,301 445,049 1,001,252 449,978 857,511 120,403 .1.47,439 -7,724 -4,058 -261 -12,469 112,418 130,912 562,396 988,423 4,534,094 5,090,804 733,441 733,441 226,804 532,139 801,062 612,656 592,891 19,765 23,099 113,098 52,209 15,817 -2,936 -7,270 4,334 -2,521 21,928 -654 16,968 4,615 4,174 441 3,733,032 4,289,742 717,624 717,624 209,836 515,171 -27,627 -26,297 666,962 1,223,672 504,792 186,843 1,199,460 588,043 611,417 93,449 93,449 146,710 24,782 196,845 130,879 65,966 -2,680 302,655 10,459 -1,330 202,057 19,532 182,525 -20,378 -20,378 346,727 828,248 107,779 148,059 3 -27,627 -26,297 4 -7 -7 134,836 75,929 10,027 18,071 30,809 -194 -213 -172 -41 19 81,483 79,573 78,942 631 1,910 -5,833 926,785 5,460,879 -513 1,238,770 6,329,574 54 55 55 -1 12,353 380 -6,299 -25,903 -20,769 -285 2,636 -7,485 32,839 1,734 -3,041 4,775 -2,522 21,928 11,699 833,901 614,390 589,850 24,540 20,577 135,026 63,908 -5,887 893,946 4,626,978 -567 1,205,931 5,495,673 -4,556 764 84,883 396,868 157,169 24,782 378,524 130,033 248,491 751,845 1,620,540 661,961 211,625 1,577,984 718,076 859,908 -1,331 106,828 141,760 453,555 970,008 monetizations/monetizations are not included in international transactions capital flows. 5. Also includes paid-in capital subscriptions to international financial institutions and outstanding amounts of miscellaneous claims that have been settled through international agreements to be payable to the U.S. Government over periods in excess of 1 year. Excludes World War I debts that are not being serviced. 6. Includes indebtedness that the borrower may contractually, or at its option, repay with its currency, with a third country's currency, or by delivery of materials or transfer of services. 7. Primarily U.S. Government liabilities associated with military sales contracts and other transactions arranged with or through foreign official agencies. July 1998 SURVEY OF CURRENT BUSINESS • 33 Table 2.—U.S. Assets Abroad and Foreign Assets in the United States by Area [Millions of dollars] Amounts outstanding, by area Type of investment Line Western Europe 1996' U.S. assets abroad: U.S. official reserve assets Gold Special drawing rights Reserve position in the International Monetary Fund Foreign currencies U.S. Government assets, other than official reserve assets U.S. credits and other long-term assets2 Repayable in dollars Other3 U.S. foreign currency holdings and U.S. short-term assets 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 Foreign assets in the United States: Foreign official assets in the United States U.S. Government securities U.S. Treasury securities Other Other U.S. Government liabilities7 U.S. liabilities reported by U.S. banks, not included elsewhere Other foreign official assets Other foreign assets 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 &k Corporate and other bonds ,.r Corporate stocks U.S. liabilitjes to unaffiliated foreigners reported by U.S. nonbanking concerns U.S. liabilities reported by U.S. banks, not included elsewhere Addenda: 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) p Preliminary. Revised. 1. Includes U.S. gold stock valued at market price. 2. Also includes paid-in capital subscription 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. r 1997" 1996' Latin America and Other Western Hemisphere Japan Canada 1997" 1996' 1997' 1996' 1997" 20,261 17,942 14,533 12,867 3,500 20,261 17,942 14,533 12,867 3,500 6,855 6,901 6,876 25 -46 6,322 6,328 6,307 21 -6 24 39 30 24 39 30 15,702 15,647 15,532 115 55 635,608 166,776 468,832 207,287 287,960 1996' 1997" 122,445 104,027 96,698 75,929 10,312 10,027 15,435 18,071 15,228 15,168 15,059 109 60 59,057 57,238 56,706 532 1,819 59,903 58,077 57,576 501 1,826 () () () 755,592 147,830 161,672 160,218 150,515 148,007 196,384 188,496 182,13 170,058 80,849 82,699 33,830 30,107 71,209 93,089 50,709 585,534 66,981 78,973 126,388 120,408 76,798 103,295 137,787 113,042 265,902 13,387 13,531 8,890 10,880 198,212 248,281 22,202 23,802 349,164 52,558 56,518 92,172 86,609 323,818 391,461 101,003 104,671 223,435 231,715 13,364 11,248 79,640 6 97,444 455 448 () Pi(6) 8 8 8 8 8 I} 6) () 207 5,90; 226 8 0 8 723,194 383,832 339,362 137,428 Other countries, international organizations, and unallocated] 8 2,625 6 954,730 83,539 109,945 137,968 166,839 147,070 64,544 455,337 10,751 16,991 88,875 499,393 72,788 92,954 49,093 67,996 82,526 7,722 19,444 21,381 154,531 215,1935 5,9635 /5\ () (5) () (5) 393,246 527,547 354,066 417,372 13,788 38,360 13,905 /5' 209,688 97,767 111,921 177,2565 () 186,843 211,625 107,689 136,682 40,041 49,138 67,648 87,544 29,361 32,003 (5) 12,176 271,332 289,072 134,545 132,784 284,772 290,232 31,069 60,855 100,375 363,085 418,782 124,980 137,436 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 for 1997: 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. 34 SURVEY OF CURRENT BUSINESS • July 1998 Table 3.—International Investment Position of the United States at Yearend, 1983-97 [Millions of dollars] Line Type of investment Net international investment position of the United States: With direct investment positions at current cost (line 3 less line 24) With direct investment positions at market value (line 4 less line 25) U.S. assets abroad: With direct investment at current cost (lines 5+10+15) With direct investment at market value (lines 5+10+16) U.S. official reserve assets Gold 1 Special drawing rights Reserve position in the International Monetary Fund Foreign currencies U.S. Government assets, other than official reserve assets U.S. credits and other long-term assets 2 Repayable in dollars Other 3 U.S. foreign currency holdings and U.S. short-term assets 1983' 1984' 1985' 1986' 1987' 1989' 1990' 1991' 1992' 1993' 1994' 1995' 1996' 1997" 326,245 190,556 91,924 7,103 -33,672 -140,584 -222,374 -206,287 -269,131 -398,173 -275,626 -351,897 -603,100 -767,076 -1,223,568 255,356 132,115 94,846 98,569 48,729 8,691 -49,140 -166,845 -263,096 -454,604 -180,371 -232,943 -537,064 -743,656 -1,322,455 1,229,600 1,222,423 1,309,080 1,493,840 1,671,760 1,127,635 1,125,158 1,300,672 1,592,439 1,756,910 2,006,590 2,348,081 107,434 168,714 105,164 1,840,953 2,076,030 2,180,003 2,285,121 2,324,992 2,742,525 2,901,776 3,296,785 3,767,018 4,237,311 2,291,734 2,468,351 2,464,196 3,055,316 3,217,431 3,754,289 4,347,148 5,007,119 174,664 102,406 159,223 92,561 11,240 147,435 87,168 8,503 164,945 102,556 9,039 163,394 100,110 10,039 176,061 101,279 11,037 160,739 96,698 10,312 134,836 75,929 10,027 9,048 44,551 9,076 52,193 9,488 45,934 11,759 40,005 11,818 41,532 12,030 41,215 14,649 49,096 15,435 38,294 18,071 30,809 86,117 84,489 83,903 1,613 82,421 1,482 81,993 81,365 80,040 1,325 79,144 77,498 76,272 1,226 80,722 79,087 77,987 1,100 81,029 79,106 78,100 1,006 80,430 78,249 77,474 775 81,005 78,975 78,252 723 81,677 83,923 1,465 672 81,483 79,573 78,942 631 781 729 586 628 1,646 1,635 1,923 2,181 2,030 1,891 1,910 123,110 100,484 5,025 105,040 81,202 5,641 117,930 85,834 7,293 139,875 102,428 8,395 162,370 127,648 10,283 144,179 9,637 9,951 11,312 6,289 11,541 6,656 11,947 12,856 11,730 17,322 11,349 13,090 9,745 17,363 79,626 84,971 82,883 89,637 88,710 87,112 1,598 927 75,991 1,823 81,103 1,780 87,752 85,814 84,087 1,727 1,812 2,088 1,938 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 2,657,952 3,039,719 3,524,602 4,020,992 924,899 935,147 1,094,990 1,362,927 1,505,660 1,776,294 2,094,878 2,035,077 2,229,984 2,236,039 2,809,342 2,973,607 3,497,223 4,104,732 4,790,800 376,307 274,342 84,723 58,569 26,154 367,839 270,574 88,804 62,810 25,994 394,760 386,352 119,403 75,020 44,383 431,475 530,074 158,123 85,724 72,399 505,096 590,246 188,589 93,889 94,700 526,824 692,461 232,849 104,187 128,662 560,409 832,460 314,294 116,949 197,345 620,031 731,762 342,313 144,717 197,596 644,307 827,537 455,750 176,774 278,976 659,426 714,756 752,148 849,651 936,954 798,630 1,027,547 1,067,803 1,307,155 1,517,084 515,083 853,528 889,706 1,054,352 1,280,159 200,817 309,666 303,079 355,284 403,373 314,266 543,862 586,627 1,023,872 1,793,680 1,446,301 445,049 1,001,252 131,329 130,138 141,872 167,392 177,368 197,757 234,307 265,315 256,295 254,303 242,022 322,980 434,505 445,631 447,363 507,338 549,457 653,227 713,817 695,687 690,402 668,023 686,245 693,118 77,814 79,786 79,114 U.S. private assets: With direct investment at current cost (lines 17+19+22+23) With direct investment at market value (lines 18+19+22+23) Direct investment abroad: At current c o s t 4 5 At market value 4 Foreign securities6 Bonds 6 Corporate stocks 6 :... U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns 7 U.S. claims reported by U.S. banks, not included elsewhere * Foreign assets in the United States: With direct investment at current cost (lines 26+33) With direct investment at market value (lines 26+34) Foreign official assets in the United States U.S. Government securities U.S. Treasury securities9 Other 9 Other U.S. Government liabilities 10 - f U.S. liabilities reported by U.S. banks, not included elsewhere Other foreign official assets 9 699,068 876,786 367,567 449,978 768,149 857,511 562,396 988,423 903,355 1,031,867 1,217,156 1,486,737 1,705,432 1,981,537 2,298,404 2,386,290 2,554,252 2,723,165 3,018,151 3,253,673 3,899,885 4,534,094 5,460,879 872,279 993,043 1,205,826 1,493,870 1,708,181 1,997,899 2,397,121 2,458,579 2,731,447 2,918,800 3,235,687 3,450,374 4,291,353 5,090,804 6,329,574 194,468 136,987 129,716 7,271 14,231 199,678 144,665 138,168 6,497 14,959 202,482 145,063 138,438 6,625 15,803 241,226 178,916 173,310 5,606 17,993 283,058 373,293 291,228 285,911 5,317 17,243 398,538 15,200 341,746 263,612 257,201 6,411 15,374 801,062 612,656 592,891 19,765 23,099 833,901 614,390 589,850 24,540 20,577 25,534 17,716 26,090 13,964 26,734 14,882 27,920 16,397 31,838 15,005 31,520 14,382 36,495 26,265 113,098 52,209 135,026 63,908 708,887 832,189 1,014,674 1,245,511 1,422,374 677,811 793,365 1,003,344 1,252,644 1,425,123 184,394 153,318 33,846 36,775 211,201 172,377 62,121 40,796 231,326 219,996 87,954 46,036 265,833 272,966 96,078 50,122 313,451 316,200 82,588 55,583 375,168 391,530 100,877 61,261 113,811 17,454 96,357 128,477 32,421 96,056 207,868 82,290 125,578 309,803 140,863 168,940 341,732 166,089 175,643 392,292 191,314 200,978 90,703 110,187 354,497 432,972 518,833 220,548 213,713 6,835 15,667 322,036 260,934 252,962 7,972 509,422 381,687 373,050 8,637 22,113 535,217 407,152 305,994 5,205 18,610 437,263 329,317 322,600 6,717 20,801 10,265 23,678 671,631 497,810 482,807 15,003 23,460 39,880 24,942 38,396 30,333 54,967 32,178 69,721 35,901 73,386 31,001 107,394 42,967 1,659,501 1,956,658 2,012,997 2,155,714 2,285,902 2,508,729 2,718,456 3,228,254 3,733,032 4,626,978 1,675,863 2,055,475 2,085,286 2,332,909 2,481,537 2,726,265 2,915,157 3,619,722 4,289,742 5,495,673 435,917 534,734 166,541 67,117 467,312 539,601 152,452 85,932 491,942 669,137 170,295 101,316 500,542 696,177 197,739 114,803 550,862 768,398 221,501 133,732 561,152 757,853 235,684 157,183 614,258 1,005,726 357,691 482,864 231,673 251,191 460,644 238,903 221,741 546,008 274,136 271,872 599,447 299,287 300,160 696,449 355,822 340,627 739,695 368,077 371,618 971,356 481,214 490,142 1,199,460 588,043 611,417 1,577,984 718,076 144,548 167,093 213,406 208,908 220,666 229,038 239,817 300,424 346,727 453,555 585,355 637,126 633,251 637,245 652,705 677,147 784,925 815,043 828,248 970,008 311,199 Other foreign assets in the United States: With direct investment at current cost (lines 35+37+38+39+42+43) With direct investment at market value (lines 36+37+38+39+42+43) Direct investment in the United States: At current cost 5 u At market value 11 U.S. Treasury securities9 U.S. currency U.S. securities other than U.S. Treasury securities9 Corporate and other bonds 9 Corporate stocks 9 U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns 12 U.S. liabilities reported by U.S. banks, not included elsewhere 61,731 77,415 278,330 312,179 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. A break in series in 1994 reflects the incorporation of results of the 1994 benchmark survey of U.S. direct investment abroad and the reclassification from the direct investment capital accounts to the nonbank investment accounts of intercompany debt transactions between parent companies and affiliates that are not depository institutions and that are primarily engaged in financial intermediation. Estimates for 1983-93 are linked to the 1982 and 1989 benchmark surveys of U.S. direct investment abroad. 5. Estimates for 1983 forward reflect 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 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. 7. Breaks in series reflect the following: 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, 666,962 751,845 1,223,672 1,620,540 504,792 661,961 169,482 186,843 211,625 Norway, Spain, Sweden, Switzerland, Caribbean banking centers, 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 banking centers was also improved in 1989. BEA methodology for estimating positions vis-a-vis Canada and Germany was adjusted beginning in 1993, and vis-avis Asian financial centers in 1994. In 1994, intercompany debt transactions between parent companies and affiliates that are not depository institutions and that are primarily engaged in financial intermediation are reclassified from the direct investment capital accounts to the nonbank investment accounts. 8. A break in series in 1988 reflects the introduction of data on holdings of foreign commercial paper. 9. Estimates include results of 1978, 1984, 1989, and 1994 portfolio benchmark surveys conducted by the U.S. Department of the Treasury. 10. Primarily U.S. Government liabilities associated with military sales contracts and other transactions arranged with or through foreign official agencies. 11. Estimates for 1983 forward are linked to the 1987 and 1992 benchmark surveys of foreign direct investment in the United States. 12. A break in series in 1994 reflects the reclassification of intercompany debt transactions between parent companies and affiliates that are not depository institutions and that are primarily engaged in financial intermediation from the direct investment capital accounts to the nonbank investment accounts. NOTE.—Revised area tables for 1983-97 are available upon request from the Balance of Payments Division B E 58, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230. SURVEY OF CURRENT BUSINESS July 1998 35 Direct Investment Positions for 1997 Country and Industry Detail By Sylvia E. Bargas and industry detail underlying the positions of U.S. direct investment T abroad and foreign direct investment HE COUNTRY (USDIA) in the United States (FDIUS) are prepared on a historical-cost basis; thus, the estimates reflect prices at the time of investment rather than prices of the current period.1 Because of inflation, the estimates prepared on this basis tend to understate the current value of the positions. Table 1 shows the revised estimates of the positions for 1996 and preliminary estimates for 1997 on the historical-cost basis and in terms of two measures of current prices—current cost and market value—that correct for this downward bias. In 1997, the USDIA and FDIUS positions on a historical-cost basis were $860.7 billion and $681.7 billion, respectively, compared, with $1,023.9 billion and $751.8 billion on a current-cost basis and $!>793-7 billion and $1,620.5 billion on a marketvalue basis. The current-cost and market-value estimates—which are available only at an aggregate level—are discussed in "The International Investment Position of the United States in 1997" in this issue. On a historical-cost basis, the USDIA position grew 11 percent in 1997, and the FDIUS position grew 15 percent; for FDIUS, the rate of increase was the largest since 1989. The growth in both measures was largely attributable to favorable economic conditions in the United States, in several European countries, and in Canada. The favorable conditions enhanced the profit potential of direct investments in those countries and boosted the earnings of affiliates and their parents. Strong earnings by affiliates, coupled with unusually high rates of reinvestment, generated readily available financing in the form of reinvested earnings. Strong earnings by parents provided a source of funds for new investments 1. Historical-cost basis is used for valuation in company accounting records in the United States and is the basis on which companies report data in the direct investment surveys conducted by BEA. For consistency, the estimates of earnings and reinvested earnings that are 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. and reduced the parents' need to draw funds from affiliates. In contrast, economic conditions were unfavorable in much of Asia; currency values, stock prices, and financial asset values declined, particularly during the last half of the year. For USDIA, the increase in the position was dampened somewhat by large negative currency-translation adjustments, and a reduction in the dollar value of reinvested earnings, among affiliates in Asia. For FDIUS, new investment from Japan dropped considerably; however, inflows of capital from Japanese parents to their existing U.S. affiliates remained strong. Additionally, the financial problems in Asia may have resulted in some investments in the United States that otherwise would have been made in that area. In addition, the growth in the positions was affected by factors that are specific to particular industries. For USDIA, U.S. utility companies— energy providers and telephone companies— acquired several foreign companies, largely in response to the new investment opportunities created by privatizations of Government-owned utilities abroad. For FDIUS, foreign insurance companies' desire to diversify risk and to consolidate into larger, more efficient units led to acquisitions of U.S. insurance companies. Both Table 1.—Alternative Direct Investment Position Estimates, 1996 and 1997 [Millions of dollars] Valuation method Position at yearend 1996' Changes in 1997 (decrease (-)) Total Capital flows Valuation adjustments Position at yearend 1997' U.S. direct investment abroad: Historical cost Current cost Market value 777,203 936,954 1,517,084 83,521 86,918 276,596 114,537 121,843 121,843 -31,016 860,723 -34,925 1,023,872 154,753 1,793,680 Foreign direct investment in the United States: Historical cost Current cost Market value 594,088 666,962 1,223,672 87,563 84,883 396,868 90,748 93,449 93,449 681,651 -8,185 -8,566 751,845 303,419 1,620,540 p Preliminary. r Revised. SURVEY OF CURRENT BUSINESS 36 • July 1998 direct investment positions were boosted by acquisitions of investment companies, reflecting the trend towards integration of the global securities markets and the recent growth in the equity markets in the United States and Europe. The capital flows underlying the changes in the two positions differed in composition. 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.2 The largest component of capital inflows for FDIUS continued to be equity capital, which includes capital contributions to existing ILS. affiliates and funds used to acquire and establish new U.S. affiliates.3 Revisions of USDIA and FDIUS estimates.—The position estimates for 1994-96 reflect revisions from two sources. First, for USDIA, the estimates for 1994 incorporate the data collected in BEA'S 1994 benchmark survey of U.S. direct investment abroad, which covered the universe of USDIA. For years after 1994, the estimates have been benchmarked to (that is, extrapolated from) that survey and include new or corrected data from BEA'S quarterly sample survey. Previously, the estimates for 1994-96 were benchmarked to the 1989 benchmark survey of USDIA. Second, for both USDIA and FDIUS, the estimates for 1994-96 exclude intercompany debt between parent companies and their affiliates that are nondepository financial intermediaries. This debt, which was previously classified as direct investment, is now grouped with transactions with 2. 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. 3. 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. unaffiliated foreigners reported by U.S. nonbank concerns.4 Change in industry designation.-—For USDIA, the industry that was previously designated "banking" is now designated "depository institutions," and the industry that was previously designated "finance, except banking" is now designated "finance, except depository institutions." 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 $860.7 billion at the end of 1997 (table 2 and chart 1). The largest positions remained those in the United Kingdom ($138.8 billion, or 16 percent of the total), in Canada ($99.9 billion, or 12 percent of the total), and in the Netherlands ($64.6 billion, or 8 percent of the total) (table 3.2 and chart 2). In 1997, the USDIA position increased $83.5 billion, or 11 percent—the same rate as in 1996. The following table shows the change in position in 4. This reclassification results in a discontinuity between the 1993 and 1994 estimates of the USDIA and FDIUS positions. For additional information on both the 1994 benchmark revision and the reclassification of intercompany debt (as well as related interest transactions) with financial intermediaries, see "U.S. International Transactions, Revised Estimates for 1986-97" in this issue. A further discussion of the changes will accompany the publication of detailed tables on USDIA and FDIUS in the SURVEY OF CURRENT BUSINESS later this year. Table 2.—U.S. Direct Investment Position Abroad and Foreign Direct investment Position in the United States on a Historical-Cost Basis, 1982-97 Millions of dollars Acknowledgments The data for the U.S. direct investment position abroad were drawn from a survey that was conducted under the supervision of Mark W. New, assisted by Laura A. Downey, Javier J. Hodge, Marie K. Laddomada, Sherry Lee, Leila C. Morrison, Gary M. Solamon, and Dwayne Torney. Computer programming for data estimation and the generation of data tables was provided by Marie Colosimo and Arnold Gilbert. The data for the foreign direct investment position in the United States were drawn from a survey that was conducted under the supervision of Gregory G. Fouch, assisted by Howard S. Chenkin, Peter J. Fox, Tracy K. Leigh, Beverly E. Palmer, Nancy F. Steffen, and Linden L. Webber. Karen E. Poffel generated the tables. Yearend 1982 1983 1984 1985 1986 .... 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 U.S. direct investment position abroad Foreign direct investment position in the United States 207,752 212,150 218,093 238,369 270,472 326,253 347,179 381,781 430,521 467,844 502,063 564,283 '612,893 '"699,015 '777,203 "860,723 124,677 137,061 164,583 184,615 220,414 263,394 314,754 368,924 394,911 419,108 423,131 467,412 '480,667 '535,553 '594,088 "681,651 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 n 14.1 11.2 10.7 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 (l) 11.4 10.9 14.7 fr Preliminary. Revised. 1. The USDIA and FDIUS positions reflect a discontinuity between 1993 and 1994 due to the reclassification from direct investmenttoother investment accounts of intercompany debt between parent companies and affiliates that are nondepository financial intermediaries. SURVEY OF CURRENT BUSINESS 1997 by the type of capital flow and valuation adjustment:' [Billions of dollars) Total Capital outflows Equity capital Intercompany debt Reinvested earnings Valuation adjustments Currency translation Other Of which: Capital gains and losses 83.5 114.5 45-7 11.8 57.0 -31.0 -23.1 -7-9 9.6 Capital outflows were at record levels in 1997 (the previous record was set in 1995). Half of the outflows were accounted for by reinvested earnings, which were up $8.7 billion; the other half was accounted for by net equity capital outflows, 5. Valuation adjustments to the historical-cost position are made to account for 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, adjustments are not made to account for changes in the replacement cost of the tangible assets of affiliates or in the market value of parent companies' equity in affiliates. Currency-translation adjustments to the position are made to account for 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 these 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 foreign-currencydenominated 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 include adjustments for differences between the proceeds from the sale or liquidation and the book values of affiliates, for differences between the purchase prices and the book values of affiliates, 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 exchangerate changes, such as the partial sale of those assets for an amount different from their historical cost. July 1998 • which were up $20.7 billion, and by intercompany debt outflows, which were up $10.4 billion. Reinvested earnings reflected strong affiliate earnings and high rates of reinvestment. As a result of the expanded earnings base that reflected large increases in the position in recent years, the earnings of affiliates reached a record level in 1997, despite the U.S. dollar's appreciation against several major currencies, which reduced earnings in dollar terms. Additionally, the share of affiliate earnings that was reinvested (rather than distributed to owners) was unusually high—58 percent; the share was 54 percent in 1996 and averaged 38 percent in 1982-95. Equity capital outflows—the net of equity capital increases and equity capital decreases—also reached a new record (the previous record was set in 1995). Equity capital increases rose sharply, reflecting acquisitions and, to a lesser extent, capital contributions to existing affiliates. In contrast, equity capital decreases rose only slightly, reflecting increased sales of affiliates by, and returns of capital to, U.S. direct investors (these transactions are recorded as U.S. capital inflows). Acquisition activity by U.S. direct investors was strong. Rising equity prices in the United States increased the wealth of U.S. investors, enhancing their ability to fund acquisitions. Additionally, foreign acquisitions were less expensive for U.S. investors because of the appreciation of the U.S. dollar against several foreign currencies. Some of the largest transactions involved acquisitions of investment firms; as noted, these CHART2 CHART 1 Direct Investment Positions on a Historical-Cost Basis, 1982-97 U.S. Direct Investment Position Abroad, 1997: Host-Country Shares Billion $ 900 800 — U.S. Direct Investment Position Abroad .."..Foreign Direct Investment Position in the United States Netherlands ( 7 . 5 % ) , Canada (11.6%) -^. Germany ( 5 . 1 % ) ^ ^ f l A Brazil (4.2%) 700 600 Japan (4.1%) ^ ^ ^ ^ V Switzerland ^ ^ ^ ^ ^ ^ 500 (4.1%) v---"~^5 France ( 4 . 0 % ) \ ^ ^ ^ f Bermuda ( 3 . 8 % ) ^ ^ ^ H Australia (3 0 % ) ^ ^ B 400 300 / / / ^ ^ ^ H \ United Kingdom V16.1%) w ^ ^ ^ ^ O t h e r (36.4%) 200 100 1982 84 86 88 90 92 U.S. Department of Commerce, Bureau ot Economic Analysis 94 96 \ U.S. Department of Commerce, Bureau of Economic Analysis 3J SURVEY OF CURRENT BUSINESS 38 • July 1998 acquisitions may have been spurred by growth in, and increased integration of, the U.S. and European equity markets. As in 1995-96, there were also several acquisitions of energy providers and telephone companies as a result of opportunities created by the recent privatizations of Government-owned utilities abroad. The increase in intercompany debt outflows was more than accounted for by increased lending by parents to their foreign affiliates. The capital outflows were partly offset by negative valuation adjustments of $31.0 billion, three-fourths of which was accounted for by negative currency-translation adjustments resulting from the U.S. dollar's appreciation against several foreign currencies. The appreciation of the dollar against the Japanese yen and several other Asian currencies was particularly large. Changes by country The $83.5 billion increase in the USDIA position in 1997 was concentrated in Europe and Latin America, which together accounted for over three-fourths of the total increase. Major changes in the position by area and by country are shown in the following table: [Billions of dollars] All countries 83.5 Europe Of which: United Kingdom Netherlands Switzerland Ireland 38.6 Latin America and Other Western Hemisphere Of which: Brazil Mexico Panama 24.9 16.1 10.2 5.0 4.3 7.0 5.5 4-9 Canada 8.6 Asia and Pacific Of which: Hong Kong Singapore 6.2 44 3-5 The position in Europe increased 10 percent and accounted for nearly half of the increase worldwide. Capital outflows of $60.6 billion were partly offset by negative valuation adjustments of $22.0 billion. Within Europe, the largest increase was in the United Kingdom, followed by the Netherlands, Switzerland, and Ireland. In each of the four countries, a substantial portion of the increase was accounted for by holding companies—classified within finance (except depository institutions), insurance, and real estate ("FIRE"); these increases reflected strong earnings of the operating affiliates held by the holding companies. For the United Kingdom and the Netherlands, the increases in the position in holding companies also reflected substantial new investments by U.S. parent companies. In the case of the Netherlands holding companies, the new investments were primarily in operating affiliates in Asia. In the case of the British holding companies, the new investments were in investment companies in several geographic areas. In addition to the new investments channeled through holding companies, the equity capital outflows for other acquisitions in the United Kingdom, Switzerland, and Ireland were substantial. In the United Kingdom, large outflows were related to the acquisitions of water transportation and telephone companies (both in "other industries") and beverage makers (in food manufacturing). In Switzerland, substantial outflows resulted from the acquisitions of banks (in depository institutions). In Ireland, large outflows resulted from the acquisitions of investment companies (in FIRE). The position in Latin America and Other Western Hemisphere increased 17 percent as a result of capital outflows of $23.8 billion and positive valuation adjustments of $1.2 billion. Within the area, the largest increases were in Brazil, Mexico, and Panama. In Brazil, the largest increases were in "other industries" and FIRE. In "other industries," the increase reflected acquisitions of telephone companies. In FIRE, the increase was related to the acquisitions of insurance companies; these acquisitions appear to have been motivated both by U.S. insurers' desire to access Brazil's rapidly growing insurance market and by Government policy that has become more open to such investments by foreigners. The largest increases in Mexico were in FIRE, "other industries" (primarily retail trade), and food manufacturing. The increase in FIRE primarily reflected reinvested earnings of holding companies; the increases in retail trade and food manufacturing reflected equity capital outflows for acquisitions. In Panama, the increase reflected the capital gains and the reinvested earnings of affiliates in FIRE. The position in Canada increased 9 percent. In dollar terms, the increase was the third-largest of any country. Two-thirds of the increase was accounted for by reinvested earnings. By indus- SURVEY OF CURRENT BUSINESS try, the largest increases were in transportation equipment manufacturing, FIRE, and petroleum. The position in Asia and Pacific increased 5 percent, the smallest percentage increase of any major area. Capital outflows of $13.8 billion were substantially offset by negative valuation adjustments of $7.6 billion. The valuation adjustments were more than accounted for by currencytranslation adjustments resulting from the sharp depreciation of several Asian currencies against the U.S. dollar. Within Asia and Pacific, the largest increases in positions were in Hong Kong and Singapore. In Hong Kong, the increase resulted from acquisition-related U.S. outflows of equity capital, reflecting the global expansion by U.S. utility companies. In Singapore, most of the increase resulted from reinvested earnings—particularly in industrial machinery and electronic equipment. The increases in Hong Kong and Singapore were partly offset by decreases elsewhere in Asia and Pacific, particularly Australia and Thailand. 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 $681.7 billion at the end of 1997 (table 2 and chart 1). The largest positions remained those of the United Kingdom ($129.6 billion, or 19 percent CHART3 Foreign Direct Investment Position in the United States, 1997: Parent-Country Shares United Kingdom (19.0%) Netherlands (12.5%) \^^£ ^ ^ ^ ^ V a h e r (18.2%) Germany ( 1 0 . 2 % ] ^ ^ Canada (9.4%) France (6.9%) U.S. Department of Commerce, Bureau of Economic Analysis of the total), Japan ($123.5 billion, or 18 percent), and the Netherlands ($84.9 billion, or 12 percent) (table 4.2 and chart 3). In 1997, the FDIUS position increased $87.6 billion, or 15 percent, following an increase of 11 percent in 1996. The strong increase in the position reflected favorable economic conditions in the United States, Europe, and Canada. Growth in the U.S. economy attracted new investments from abroad and expanded the earnings of existing U.S. affiliates. As a result of economic growth in Europe and Canada, parents from those areas were able to make new investments in the United States and to contribute additional capital to their existing U.S. affiliates. In contrast, economic growth slowed substantially (or, in some countries, turned negative) in Asia. In Japan, financial problems made it difficult for Japanese investors—who in recent years have accounted for a large share of foreign investment in the United States—to finance new overseas investments. Japanese investors' outlays to acquire or establish U.S. businesses fell 79 percent in 1997; this drop was the most significant factor underlying the decrease in foreign investors' total outlays to acquire or establish U.S. businesses.6 However, this factor's effect on the FDIUS position was overshadowed by an increase in capital flows from Japanese parents to their existing affiliates, which resulted in an 8-percent increase in Japan's direct investment position in the United States. Additionally, financial difficulties in Asia may have indirectly boosted investment in the United States by reducing the attractiveness of potential investments in Asia. The following table shows the change in the position in 1997 by type of capital flow and valuation adjustment:7 FDIUS 6. See "Foreign Direct Investment in the United States: New Investment in 1997 and Affiliate Operations in 1996," SURVEY 78 (June 1998): 39-67. 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 $70.8 billion in 1997, down 11 percent from 1996. These data 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, the changes in the FDIUS position described in this article reflect transactions of both new and existing U.S. affiliates with their foreign parents 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 parent groups 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 $39.1 billion, or 55 percent, of outlays to acquire or establish new U.S. affiliates in 1997, compared with $54.7 billion, or 68 percent, in 1996. 7. For a discussion of the different types of valuation adjustments, see footnote 6. July 1998 40 SURVEY OF CURRENT BUSINESS • July 1998 [Billions of dollars] Total Capital inflows Equity capital Intercompany debt Reinvested earnings Valuation adjustments Currency translation Other Of which: Capital gains and losses 87.6 90.7 46.5 244 19.8 -3-2 -1.3 -1.9 3-5 Capital inflows for foreign direct investment in the United States were a record $90.7 billion in 1997) up from $76.5 billion in 1996. Net inflows of equity capital were down $8.9 billion from 1996, but they still accounted for about half of total capital inflows in 1997. The other half was accounted for by intercompany debt flows, which were up $13.4 billion, and by reinvested earnings, which were up $9.8 billion. Equity capital inflows—the net of equity capital increases and equity capital decreases—were $46.5 billion, down from $55.4 billion in 1996. Equity capital increases fell, reflecting reduced capital contributions to existing U.S. affiliates and a reduction in acquisitions of U.S. businesses by foreigners. However, equity capital decreases also fell, reflecting reduced sales of affiliates by, and returns of capital to, foreign direct investors.8 Total acquisition activity by foreign direct investors was lower in 1997 than in 1996, but it was still strong. By industry, capital inflows for acquisitions were largest in chemicals—particularly Pharmaceuticals—reflecting the trend towards global consolidation of the pharmaceutical industry. Inflows for acquisitions were also large in services and in insurance. Intercompany debt inflows were $24.4 billion, up from $11.0 billion. The increase primarily reflected increased borrowing by affiliates from their foreign parents, but reduced lending by affiliates to their foreign parents also contributed. Reinvested earnings were a record $19.8 billion in 1997—almost double the record set in 1996. All industries except real estate and services had positive reinvested earnings. The increase reflected record earnings that were $9.8 billion higher than in 1996 and an unusually high rate of reinvestment.9 To some extent, the high level of earnings reflected an increase in affiliates' rate of return on equity that resulted from the strength of the U.S. 8. Because equity capital decreases are recorded as U.S. capital owrflows, the reduction in decreases had the effect of mitigating the overall drop in equity capital inflows. 9. The reinvestment rate was 60 percent in 1997 and 43 percent in 1996; in contrast, reinvested earnings were negative in 1989-93 (negative reinvested earnings are recorded when affiliates incur losses or distribute earnings to their foreign parents in excess of their current earnings). economy and, possibly, from a tendency for profitability to improve as affiliates—many of which were acquired or established in the last several years—become older and gain more experience. It also reflected an expanded earnings base, resulting from the large increases in the FDIUS position in recent years. Earnings increased in almost all industries; the largest increases were in insurance and machinery manufacturing. Changes by country The $8j.6 billion increase in the FDIUS position in 1997 was concentrated among parents in Europe; outside Europe, the largest increases were by parents in Canada and Japan. Major changes in the positions by area and by country are shown in the following table: [Billions of dollars] All countries. 87.6 Europe Of which: Netherlands Germany United Kingdom . Switzerland France 56.9 Asia and Pacific. Of which: Japan Australia... 13.1 Canada. 10.5 9.8 8.3 8.2 6.0 9.0 24 9.2 The position of European investors increased 15 percent and accounted for nearly two-thirds of the overall increase in 1997, reflecting the large number of mature companies in Europe that have the ability and resources to take advantage of investment opportunities beyond their national and regional borders. Within Europe, the largest dollar increase was in the position of parents in the Netherlands, followed by parents in Germany, the United Kingdom, Switzerland, and France. Nearly two-thirds of the increase in the position of parents in the Netherlands was accounted for by equity capital inflows, which were the largest of any country; the rest of the increase was largely accounted for by reinvested earnings. By industry, insurance accounted for nearly half of the overall increase. The increase in insurance resulted from acquisitions and capital contributions to existing affiliates. The largest increases in the position of Germany were in "other manufacturing'' (particularly medical instruments and supplies), wholesale trade, and depository institutions. The increases in medical instruments and in wholesale SURVEY OF CURRENT BUSINESS trade reflected borrowing by affiliates. In depository institutions, the increase reflected capital contributions to existing affiliates. The largest increases in the position of British parents we£e in insurance, wholesale trade, and metals. The increases in insurance and in metals primarily reflected valuation adjustments that were due to capital gains on insurers' investment portfolios and industry reclassifications. In wholesale trade, the increase reflected equity capital contributions to existing affiliates, affiliate borrowing, and repayment of loans by parents. More than two-thirds of the increase in the position of Swiss parents was accounted for by intercompany debt inflows that reflected borrowing by affiliates in chemical manufacturing and, to a lesser extent, in insurance. Valuation adjustments—in wholesale trade and insurance—also contributed to the increase. The largest increases in the position of French parents were in chemical manufacturing (particularly pharmaceuticals), food manufacturing, and finance. The increase in pharmaceuticals resulted from equity capital inflows for acquisitions, reflecting the trend toward global consolidation of the pharmaceutical industry. In food manufac- turing and finance, the increase resulted from affiliate borrowing. More than half of the increase in the position of Japanese parents was accounted for by equity capital inflows—primarily capital contributions to existing affiliates rather than acquisitions (as noted earlier, acquisitions by Japanese investors declined substantially). By industry, the increase was concentrated in wholesale trade and in services. In wholesale trade, the increase reflected equity capital contributions to existing affiliates, reinvested earnings, and valuation adjustments. The increase in services reflected valuation adjustments. The increase in the position of Australian parents was more than accounted for by services, reflecting valuation adjustments, acquisitionrelated equity capital inflows, and affiliate borrowing. More than half of the increase in the position of Canadian parents was accounted for by equity capital inflows, which were the third largest of any country. By industry, the largest increases were in "other industries," "other manufacturing," and chemicals. Tables 3.1 through 4.2 follow. 0 July 1998 • 41 42 • July 1998 SURVEY OF CURRENT BUSINESS Table 3.1 .—U.S. Direct Investment Position Abroad on a Historical-Cost Basis, 1996 [Millions of dollars] Manufacturing All ndustries Petroleum Total 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 Wholesale trade Depository institutions Finance (except depository institutions), insurance, and real estate Services Other industries 50,384 777,203 74,499 272,244 32,998 72,209 14,178 31,597 31,623 33,839 55,801 69,638 33,673 240,972 35,793 Canada 91,301 11,331 42,257 4,690 7,081 3,915 3,035 1,048 10,718 11,769 7,931 1,014 16,777 4,066 7,925 Europe 382,366 27,153 138,269 15,198 45,678 6,613 18,621 13,069 13,604 25,486 34,874 14,735 129,121 21,722 16,493 Austria Belgium Denmark Finland France 2,929 17,985 2,664 1,115 33,746 A 1,059 8,251 32 687 P) 5 865 1,111 16,591 A 2,647 4,354 2,221 715 298 3,299 4 $ 48 P) 14 280 127 649 129 P) P) P) 645 157 87 323 187 5,273 Germany Greece Ireland 44,651 P) P) P) P) 21,495 1,637 112 -13 396 2,025 16,820 All countries Italy .....""" Luxembourg Netherlands Norway Portugal Spain Sweden 567 10,198 17,994 7,666 54,437 5,787 1,490 12,227 6,823 30,208 1,059 122,692 8,127 470 42 3,814 P) 195 82 42 n 1,636 -6 12 3,097 $ 1,167 116 95 3,039 3,828 1,519 3,678 1,581 5,842 3,410 2,912 85 0 159 550 0 221 6 989 33 111 357 2,555 1,729 0 -7 468 0 553 8 P) 6,012 11,982 1,661 1,942 3,150 P) 0 0 1,000 11,133 735 426 P) 73 19 219 6,802 4,994 3,363 1,735 1,096 10 653 P) 515 2 1,707 1,409 6,929 3,256 2,681 P) 128 621 201 8 98 3,599 8,247 916 33,540 2,393 654 553 P) 74 147,535 6,584 41,233 9,343 9,642 1,927 1,924 South America Argentina Brazil Chile Colombia Ecuador Peru Venezuela Other 55,687 7,930 28,699 7,075 3,610 920 2,094 4,346 1,013 5,013 27,203 3,616 19,304 5,128 1,267 2,738 6,529 1,409 4,069 1,514 1,116 P) 647 123 304 1,172 705 1,251 110 368 132 742 152 1,933 P) Central America Costa Rica Guatemala Honduras Mexico Panama Other 38,007 1,284 Other Western Hemisphere Bahamas;Barbados Bermuda Dominican Republic Jamaica Netherlands Antilles Trinidad and Tobago United Kingdom Islands, Caribbean Other 53,841 1,836 Latin America and Other Western Hemisphere 331 129 19,900 16,065 298 922 30,919 400 1,494 7,401 786 9,492 589 10,971 2,086 3,917 6,762 2,416 3,293 7,963 3,156 P) 407 874 495 1,301 7,683 1,269 3,529 2,210 350 17 2,115 P) P) 212 32 12 31 12,407 89 25 3,910 26 9 2,461 689 188 514 66 98 921 74 4 39 0 0 0 466 264 105 4 P) o 4 P) 70 P) 0 0 392 180 51 2 1,962 22 1 0 4 0 243 0 1 0 0 0 0 6 P) 0 0 0 0 230 8 14 0 o 2,440 2,287 0 0 0 67 29 5 1,798 0 0 2,303 869 18 2 826 8 548 23 0 0 0 0 0 0 0 0 290 3,023 1,899 P)4 141 255 0 220 35 0 7 2 1,141 430 20 0 32 15 327 0 0 187 -50 8 312 158 40 706 0 209 118 102 128 8 9 5 4 190 121 43 318 192 60 0 8 112 P)0 93 1 8 P) P) 27 66 233 ( ) P) 817 816 1 8 86 127 185 53 7,793 2,062 2,592 594 2,545 3,038 1,503 1,334 127 91 84 14 97 54 50 55 -14 0 -7 6 -13 D 0 <°i 136,481 28,409 3,843 14,690 1,353 7,520 35,684 6,516 5,300 5,225 3,519 14,019 4,640 4,777 19,187 1,603 1,017 47,457 7,476 1,823 2,563 3,285 1,050 9,517 2,840 1,406 7,673 13,356 3,681 293 293 135 245 581 168 201 149 -6 191 744 1,051 4,778 2,326 105 621 -175 2,865 13 4 1,467 15,894 2,486 3,237 1,016 1,627 5,834 2,926 1,656 986 P) 55 269 122 204 23 14 358 35 19 28 29 190 44 69 2 849 186 10 42 21 557 265 8 4,896 3,589 6,651 337,184 17,641 20,678 7,952 P) 196 274 543 58 4,387 4,385 P) 840 419 333 2,900 36 908 423 440 AP) 92 109 18 2,568 482 187 113 404 294 1,291 344 29 0 0 33 71 n P) 35 27 P) 2455 '146 1,261 3,592 A 0 0 0 50 174 422 -3 911 409 P) P) s 1,798 140 fi 140 64 619 289 0 P) () 549 8 877 90 299 47 111 16 0 251 8 5,065 13,727 37 415 34 0 0 (D 0 127 797 498 627 -1 0 18 1,254 36 16 p) 8 527 0 4 17,703 A 18 226 66 P) P) 1> P) P)7 2,873 14,740 45,527 1,047 1,437 579 395 1,326 1,250 82 51 3 738 2 6 0 685 Pi P) 1 242 377 2,587 46 -25 2,583 8 1,536 326 29 188 28,942 1,173 (*) 5 21 26 7,349 421 49 31 12 ?! 1 96 124 106 -6 0 378 -39 66 89 23 109 646 0 538 1,652 276 107 125 66 1 P) P) 8 58 -14 359 (D) 189 40 8,538 1,696 18,602 2,133 11,247 3,783 21,804 4,833 5,233 1,822 12,951 6,760 P) 234 86 402 5,322 1,578 2,863 64 34 524 191 443 76 992 29 26 204 828 65 6,709 1,237 P) 295 88 84 336 31 30 161 n 769 14 P) 2,852 6,745 833 332 468 231 909 289 290 266 8 1,406 304 P) 454 423 33 A 1,900 383 7> P) P) 292 1,357 433 1,441 307 488 573 577 310 993 2,768 326 2& A 184 34 8 P) P) P) 193 141 387 1,307 2,179 131,157 2,600 654 366 99 74 13,650 43,621 6,258 17,954 806 572 151 40 * Less than $500,000 (±). > Suppressed to avoid disclosure of data of individual companies. 1. "International" consists of affiliates that have operations spanning more than one country and that are engaged — t .~i u:~~:-.. other ~n water ^ . *transportation, •-*:—. or —« «i — i gas — drilling. j.:n:-> in petroleum shipping, offshore oil:i and 2. "Eastern Europe" comprises Albania, Armenia, Azerbaijan, Belarus, Bulgaria, Czech Republic, Estonia, Georgia, Hungary, Kazakhstan, Latvia, Lithuania, Moldova, Poland, Romania, Russia, Slovakia, Tajikistan, Turkmenistan, 4,389 P)0 193 -60 16 Middle East Israel Saudi Arabia United Arab Emirates Other Addenda: Eastern Europe 2 European Union (15) 3 OPEC 4 P) 70,912 862 75 0 0 783 58 2,160 8 5,719 P) 1,526 0 7,727 P) p) 1,980 296 9,492 115 41 2 0 107 1,572 459 268 638 715 5,715 2,646 9 282 156 P) 3,192 58 65 108 0 313 468 7,244 4,175 P) 105 8 991 501 95 336 137 116 P) P) P) 13,109 P) P) 122 P) P) P) P) 84 0 0 0 0 0 1,722 241 136 511 732 3,710 P) 1,057 o 0 3,233 1,370 18 28 190 p) 24 121 740 111 P) o 19 5,298 26,805 6,331 0 76 0 P)Q P) 58 5 1 36 1 P) 1,176 48,289 1,876 2 0 7 919 72 2 107 0 n 8 369 6,161 61 269 44 P) 67 601 2,238 P) 3,105 82 337 37 0 0 0 1,941 87 2,312 1,869 7,715 3 21 2 1 12,946 64 962 7,745 14 8 805 89 P) P) P) 1,209 996 7,368 S 7,419 378 3,616 1,055 1,488 3,420 International1 P) |D\ 830 1,329 70 62 3,586 846 529 4 158 123 1,106 -127 44 5 788 6,832 1,297 Africa Egypt'-"-"" Nigeria South Africa Other Asia and Pacific Australia China Hong Kong India Indonesia japan Korea, Republic of Malaysia New Zealand Philippines Singapore Taiwan Thailand Other 1,617 P) P) /D\ 996 36 445 -2 6 187 13,412 Turkey United Kingdom Other P) 1,596 64 4 70 322 529 0 P) 1,388 Switzerland 138 13 148 Ukraine, and Uzbekistan. 3. The European Union (15) compi Italy, Luxembourg, the Netherlands, 4 OPEC is the Organization of I P) 89 13,444 24,059 26,613 11,057 283 600 466 986 1,657 113,053 1,825 25 19,921 226 14,706 3,587 Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, I, Spain, Sweden, and the United Kingdom. turn Exporting Countries. Its members are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. July 1998 SURVEY OF CURRENT BUSINESS • 43 Table 3.2.—U.S. Direct Investment Position Abroad on a Historical-Cost Basis, 1997 [Millions of dollars] Manufacturing All ndustries Petroleum Total Finance (except 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 Wholesale trade Depository institutions depository institutions), insurance, and rea estate Services Other industries 61,475 860,723 85,726 288,290 38,380 73,487 14,732 33,563 33,833 36,439 57,855 69,080 34,359 280,920 40,874 Canada 99,859 12,738 45,892 5,227 7,783 3,986 2,726 1,127 12,996 12,047 7,307 1,047 19,050 4,667 9,159 Europe 420,934 29,793 142,528 17,997 44,907 6,863 20,104 13,666 13,656 25,333 34,620 17,312 153,625 24,824 18,232 Austria Belgium Denmark Finland France 2,621 17,403 2,576 1,338 34,615 (D' 237 404 946 30 636 (D 312 175 349 (D B (D 252 1,009 4,066 144 5,857 92 48J 398 1,36< -14 594 8 (D) 49 781 P 91 1,045 8,788 575 765 15,887 8,996 4,118 930 Germany Greece Ireland Italy Luxembourg Netherlands 43,931 2,648 20,462 13,816 1,713 1,689 108 5,113 56 321 40 22 842 1,089 7,490 35,732 4,617 500 322 639 989 216 45 432 934 All countries 638 14,476 17,749 9,796 64,648 Norway Portugal Spain Sweden Switzerland Turkey United Kingdom Other Latin America and Other Western Hemisphere South America Argentina Brazil Chile Colombia Ecuador Peru Venezuela Other Central America Costa Rica Guatemala Honduras Mexico Panama Other Asia and Pacific Australia China Hong Kong India Indonesia japan Korea, Republic of Malaysia New Zealand Philippines Singapore •. Taiwan Thailand . . Other International1 Addenda: Eastern Europe2 European Union (15) 3 OPEC 4 2,974 1,233 _c 3,927 1,495 3,665 77 635 2,768 2,960 0 157 529 (D 510 0 561 1,708 0 0 1,121 8,179 D 1,065 94 352 154 (D1 379 252 (D) 2,769 10 741 9 1,993 j (D] 123 4,936 D 16 33 91 36 490 -6 (D; A 125 ( ) 8 930 (D) 853 (D) 6,088 10,038 1,479 7,788 2,877 3,223 (D) 570 (D) 48 641 47,496 10,892 11,161 2,115 1,995 3,157 6,824 1,427 1,769 31,005 4,017 22,584 5,497 1,014 3,412 7,561 1,563 4,867 1,676 1,405 2,086 (D) 743 1 120 1,210 730 166 193 201 1,232 1,833 (D) 225 141 356 62 57 375 79 385 297 55 85 258 51 581 14,228 1,560 38,267 2,616 172,481 9,462 67,112 9,766 35,727 7,767 3,727 1,175 2,595 5,176 1,177 (D) 194 82 1,264 A 21 109 724 1,374 (D) 248 (D) 20 237 8 -1 120 28 0 163 R 90 2 154 8 246 (D) 1 3 1,063 1,062 3,438 R 1,744 1,582 95 89 13 77 53 56 0 -7 7 -39 142,704 26,125 5,013 19,065 1,684 7,395 35,569 6,528 5,623 5,191 3,403 17,514 4,944 3,537 1,113 20,442 1,206 3,632 1,271 9,312 2,394 203 2 32 18 408 755 6 350 309 143 189 5,533 3,982 49 298 370 2,720 899 624 175 4,768 4,686 (D) 1 367 451 342 3,329 40 930 (D) 1,558 22,701 10,485 n 206 0 1 (D) 0 0 0 0 (D 8,959 2,286 3,079 682 2,912 139 59 48,731 7,506 2,696 2,755 380 358 14,293 2,674 3,222 1,067 1,616 7,851 3,193 1,090 n 365 0 96 (D) 12 29 2,732 515 197 122 433 299 1,350 271 9 15,399 4,673 3,851 1,181 1,489 9,395 1,337 4,711 2,480 2,779 10,962 78 38 3 (D) 40 (D) -3 0 0 0 0 0 6 (D) 48 5,424 0 0 0 0 (D) (D) 0 0 0 0 0 0 (D) R 81,403 3,114 865 56 0 0 803 234 71 0 0 26 100 0 (D) (D 148 146 4,939 1,920 1 H o 0 39 0 0 0 21 -1 4 (D) 1,013 549 8,358 15 0 474 0 572 80 283 54 11,584 R R 537 (D) 6,593 203 (D) 57 54 480 93 0 5 1,899 95 (D) 29 1 0 89 0 0 0 5,872 1,263 1,373 (D) 2 1 0 10 10,253 1,570 1,465 2,347 4,872 147 506 656 437 135 67 123 294 79 361 73 10,402 549 2,297 3,157 DO 7,569 33 54,023 2,279 (D) 5,025 30 10 236 402 6,886 6,186 15,119 102 36 602 34 7,389 8,107 124 50 3 12,143 778 7 6 774 345 68 69 152 321 139 4 60 150 3,603 160 159 Q5 0 3,341 61 (D) ( ) 15 2 0 0 62 (D) 16 (D o (D d o n0 1 0 0 1,468 8,372 14,657 298 153 353 -54 13 349 11 23 30 39 149 57 48 2 684 515 205 183 -9 206 3,885 20 2 862 509 24 0 0 2 22 102 120 (D) (D) 475 (*) 198 -54 15 o 19 38 18 n 319 156 136 101 9 5 4 191 111 49 271 94 86 0 R 91 1 n 2,309 1,744 2,865 5,628 152 0 0 0 53 42 (D) -5 573 348 (D) 192 379 462 182 14 715 235 263 229 33 n 565 38 582 2,449 4,521 1,023 249 2 20 0 34 15 4 (D) 8 21 4,079 19,585 18,327 2,569 1,880 711 588 1,602 2,915 218 84 R (P)P)) 45 87 30 971 1 c 56 22 3,792 33 8 -63 1,674 * 565 28 159 29,822 1,407 'l 20 33 13 { (D) 3,873 0 924 (D) 5,316 51 R RM R (D) 170 634 11,040 24 4 299 134 43 834 0 115 -4 0 1,038 P) n 284 713 14 (D) 2,784 48,250 1,434 466 -297 1,401 529 23 218 59 38 23,758 164 237 1,607 16,786 622 0 4 D ( ) 510 89 3,587 55 41 16 (D) 14 5 A 362 12 4 0 274 39 0 8 47 62 103 639 (D) (D) (D) 0 0 0 0 0 0 0 0 8,226 1,639 -136 164 314 -5 1,920 0 0 2,475 1,057 3,065 1,014 1,136 1,132 P) (D) 166 1,936 8 21 (D) 8,151 24 D 63 442 46 177 126 1,340 3,366 57 76 150 (D) (D) 9 327 220 2,031 401 49 3 5 121 0 P) 289 455 1,472 1,240 -143 5,355 15,919 ; 342 2,122 1,630 1,671 4,272 R P) 27 741 0 (D) 1,878 3 R 10,020 2,181 82 37 -52 (D) 747 344 408 112 1,453 P) 479 105 330 5,437 1,805 15,616 6,080 24,131 4,779 97 R 363 107 636 63 250 5,237 1,859 3,049 1,155 4,387 43 39 598 (D) 565 206 42 47 31 235 8,839 1,177 -15 407 294 90 62 -93 528 204 42 33 380 (D) 1,874 526 567 40 1,784 (D) (D) 269 694 615 437 336 1,545 956 3,154 288 84 161 M M 85 85 77 389 1,551 2,341 134,851 2,414 D 693 320 83 48 104 16,357 42,778 ( ) 6,510 19,465 12,537 13,477 23,728 25,972 437 491 161 40 152 452 682 524 12,168 1,012 * Less than $500,000 (±). Suppressed to avoid disclosure of data of individual companies. 1. "International" consists of affiliates that have operations spanning more than one country and that are engaged in petroleum shipping, other water transportation, or offshore oil and gas drilling. 2. "Eastern Europe" comprises Albania, Armenia, Azerbaijan, Belarus, Bulgaria, Czech Republic, Estonia, Georgia, Hungary, Kazakhstan, Latvia, Lithuania, Moldova, Poland, Romania, Russia, Slovakia, Tajikistan, Turkmenistan, D 2,538 \ 2586 2,'14O 22 116 7,743 368,997 20,554 3,173 0 6 390 0 508 1,021 1,454 476 5,646 60 306 538 0 29 196 183 1,687 5,393 1,323 tJQ 1,727 91 54 1,144 33,092 2,713 • | ^ c 16 217 1,036 801 68C -6 (D 1,080 2,102 701 267 2,857 -2 212 6 189 (D! ( ) 83 56,489 1,515 .. 1,844 1,504 25,395 20,958 408 Middle East Israel Saudi Arabia United Arab Emirates Other A 757 364 357 183 Africa EqvDt Nigeria South Africa Other M 47 2,623 115 8,462 12,223 1,800 14,682 W 3,446 6,432 5,082 3,723 6,262 1,498 11,642 7,299 35,203 1,076 138,765 9,396 48,881 1,580 Other Western Hemisphere Bahamas Barbados Bermuda Dominican Republic Jamaica Netherlands Antilles Trinidad and Tobago United Kingdom Islands, Caribbean Other 71 (Dl 143 8 3,147 45 2,061 134,053 1,577 18 22,598 436 16,654 4,106 Ukraine, and Uzbekistan. 3. The European Union (15) comprises Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain, Sweden, and the United Kingdom. 4. OPEC is the Organization of Petroleum Exporting Countries. Its members are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. 44 SURVEY OF CURRENT BUSINESS • July 1998 Table 4.1.—Foreign Direct Investment Position in the United States on a Historical-Cost Basis, 1996 [Millions of dollars] Manufacturing All industries Petroleum Total Food and kindred products Chemicals and allied products Primary and fabricated metals WholeMachinery Other manufacturing trade Retail trade Depository institutions Finance, except depository institutions Insurance Real Services Other industries 29,080 594,088 43,770 242,320 27,897 76,708 17,364 39,114 81,238 75,115 13,733 32,161 37,658 54,715 33,179 32,358 Canada 54,799 3,515 22,298 7,422 1,277 3,323 2,543 7,734 4,020 849 2,243 4,946 6,055 4,126 1,642 5,105 Europe 368,322 29,285 174,326 18,139 68,621 10,561 26,041 50,964 32,743 8,188 17,451 10,051 42,887 12,330 21,082 19,978 q 261 2,219 745 31 212 209 361 482 1,455 369 1,694 806 23 -30 209 8 75 8 3 57 114 2 2,311 1,671 -2 4 240 9 129 223 2,281 1 423 191 163 1,939 1,453 2,439 1,382 770 0 0 5,077 1,614 17 3,381 6,850 476 2,764 566 53 a 2,195 1,567 82 980 2,798 212 -7 15 38 2,266 1,622 16 All countries Austria Belgium Denmark Finland France 1,769 4,838 2,765 2,495 41,132 Germany Ireland 59,863 6,621 3,327 165 4,276 74,320 . . 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 United Kingdom Islands, Caribbean Other Africa South Africa Other Middle East Israel Kuwait I Lebanon! i Saudi Arabia United Arab Emirates Other Asia and Pacific Australia Hong Kong Japan Korea, Republic of Malaysia New Zealand Philippines Singapore Taiwan Other Addenda: European Union (15)' OPEC 2 , 2,484 2,405 9,479 30,390 P) 429 401 -2 0 12,516 356 -1 P) 1,798 26,978 3,160 4,333 8,802 689 -98 1,436 5,817 10 -18 -312 365 355 -168 504 166 -15 -132 3,258 3,978 141 2,701 aJB J 1,943 6,276 784 281 25 10,176 1,067 558 58 -1 1,593 8,901 1,344 5,651 1,616 167 4,746 394 226 2,529 -5 21,435 12 2,274 104 1,280 1,275 2,803 3,691 3,635 158 -93 -135 -3 7 253 2 234 31 3 99 60 18 4 7 -3 2 9 3,112 1,000 2,784 579 834 8,330 19,690 8 1,629 -15 -33 2,116 0 151 -187 2,510 1,453 51 -17 239 148 1,027 3 n 8 23 149 -41 15 -83 1,176 263 251 219 -36 255 -18 -2 -16 6 -10 5,977 1,857 2,572 -11 1,390 87 82 942 92 119 -5 0 135,166 6,454 13,877 1,644 114,534 310 475 139 79 1,232 2,225 650 334,714 4,235 4 118 P) 0 -2 -1 0 4,086 230 -16 3,586 -A -4 -1 40,201 2,890 235 35,178 59 296 1 0 -13 -1 -6 -18 3 273 1,201 82 28,449 1,003 157,136 -64 n -26 343 -21 15,698 n 59,447 -20 0 0 0 3,392 758 P) 2,554 -31 1 7 0 26 -2 9,956 n 24,388 P) 698 8 8 175 419 3,577 P) 161 -237 5,692 15,917 0 156 -7 -13 2,132 9,200 10 1,897 191 25 276 251 12,672 7 4,734 3,645 1,497 406 9,596 n 2,635 122 128 1,915 n 1,851 4 16 19,019 40 30 -25 1 39 635 -7 34,972 377 1,783 47,646 30,401 27 s 7,928 8,054 76 146 6,570 1,035 7,783 37,038 162 P) -8 1,496 264 238 162 735 98 133 -283 44 149 -307 -1 -306 126 1 124 130 114 -36 150 18,420 580 26 17,593 187 55 3,306 399 166 683 1,942 116 n 43 36,961 274 647 P) 340 12 109 200 4 15 5 21,187 1,423 32 2,554 2,471 -21 15 34 10,374 626 244 8,755 24 3 -16 0 11,304 2,535 P) n 8 8,314 643 255 7,120 74 126 3,502 1,700 70 1,670 -11 -7 15 -1 15 42 6 18,835 16 19,485 76 59 97 474 458 16,355 642 70 36 37 11 546 910 2,118 6 0 & P) 318 1,608 79 162 6,281 8 •3 12 119 22 142 375 22 839 215 (D) 109 2 914 P) 230 2,374 £2 844 645 -30 675 4 0 7 74 i 82 111 1,962 1,850 5,176 348 857 11 * Less than $500,000 (+). Suppressed to avoid disclosure of data of individual companies. 1. The European Union (15) comprises Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, D 583 2,445 344 660 9$ 449 6,463 29,180 20,378 1,806 1,411 9,311 7,614 235 15,190 1,490 15,602 58,554 78 849 11,447 28,752 2,125 738 33 2,127 25,914 478 10,856 121,288 706 i 8 Italy, Luxembourg, the Netherlands, Portugal, Spain, Sweden, and the United Kingdom. 2. OPEC is the Organization of Petroleum Exporting Countries. Its members are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. July 1998 SURVEY OF CURRENT BUSINESS • 45 Table 4.2.—Foreign Direct Investment Position in the United States on a Historical-Cost Basis, 1997 [Millions of dollars] Finance, except depository institutions ChemiFood and cals and allied kindred products products All countries Canada Europe 306 3,690 Austria Belgium Denmark Finland France 1,831 6,771 3,025 3,089 47,088 636 2,387 29,157 Germany Ireland 69,701 10,514 3,318 126 6,218 84,862 33,063 2,919 591 10 2,820 29,411 3,971 2,643 13,147 38,574 129,551 790 1,601 632 7,683 18,923 61,204 103 Italy Liechtenstein Luxembourg Netherlands ".'.'.. Norway Spain Sweden Switzerland United Kingdom Other .:. 12,468 1,157 444 60 2,494 5,074 Latin America and Other Western Hemisphere South and Central America Brazil Mexico Panama Venezuela Other 10,049 698 1,723 Other Western Hemisphere Bahamas Bermuda Netherlands Antilles United Kingdom Islands, Caribbean Other 25,652 1,986 3,423 7,701 11,954 588 6,645 -18 1,000 3,458 363 220 393 2,269 212 Africa South Africa Other Middle East Israel Kuwait .... Lebanon . Saudi Arabia United Arab Emirates Other Asia and Pacific Australia . Hong Kong Japan Korea, Republic of Malaysia . New Zealand Philippines Singapore Taiwan Other 6,882 2,292 2,881 -14 1,573 76 73 148,218 16,229 1,757 123,514 -327 465 39,631 3,130 313 33,379 9 72 -32 15 1,085 1,552 108 Addenda: European Union (15) OPEC 2 * 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 Italy, Luxembourg, the Netherlands, Portugal, Spain, Sweden, and the United Kingdom. 2. OPEC is the Organization of Petroleum Exporting Countries. Its members are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. Business leaders, Marketers, Planners, Researchers, Economists Get the latest details about the worldwide operations of U.S. multinational companies in 1994 U.S. DIRECT INVESTMENT ABROAD 1994 Benchmark Survey, Final Results U.S. Direct Investment Abroad: 1994 Benchmark Survey, Final Results presents the data from the most recent comprehensive survey of U.S. direct investment abroad. The data are presented by industry of the parent and by industry and country of the affiliate. Find out about •The financial structure and operations of the parent companies and their affiliates •The direct investment position and balance of payments between the parents and their affiliates U.S. 5IRECT INVESTMENT ABROAD IMKft nchmark Sumy. Preliminary Rasultt Get the details on multinational companies9 •Balance sheets and income statements •Property, plant, and equipment •Gross product •Employment and employee compensation •Trade in goods •Sales of goods and services •Research and development expenditures These data are also available from BEA on diskette. For more information write to: International Investment Division, Direct Investment Abroad Branch, BE-69, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230, or call (202) 606-9827, or go to http://www.bea.doc.go^ea/data-i2.htm on the Internet. Superintendent of Documents Publications Order Form P3 Order Processing Code: *7135 Charge your order. | It's Easy! 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Box 371954, Pittsburgh, PA 15250-7954 July 1998 SURVEY OF CURRENT BUSINESS 47 U.S. International Transactions, Revised Estimates for 1986-97 By Christopher L Bach s is customary each June, the estimates of .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 continuing efforts by the Bureau of Economic Analysis (BEA) to address gaps in coverage of transactions. The gaps and the plans to fill them were outlined by BEA in its 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 im- provements also address various gaps noted by the International Monetary Fund and the National Academy of Sciences.1 In large part, the gaps have arisen because of the dynamic nature of international markets. The major improvements this year respond to rapid changes in both the capital markets and the services markets. • In the investment income accounts, improved estimates of income payments are introduced for 1990-97, reflecting the incorporation of newly available results of the U.S. Treasury Department's benchmark survey of foreign portfolio investment in the United States. The survey, which collected data on foreign holdings of U.S. stocks, U.S. corporate bonds, and U.S. Treasury and agency securities as of December 31, 1994, greatly improved the coverage of these holdings. • In the investment income accounts, improved estimates of income receipts are introduced for 1993-97, reflecting final results of the U.S. Treasury Department's benchmark survey of U.S. portfolio investment abroad as of March 31, 1994. Data on bond yields and maturities were not available at the time the other results from this benchmark survey were introduced last year. 1. See 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, 1994); and Following the Money: U.S. Finance in the World Economy (Washington, DC: National Research Council, 1995). • In the investment income accounts, improved estimates of banks' income receipts and payments on foreign-currencydenominated claims and liabilities are introduced for 1992-97, based on counterpart data obtained from the Bank for International Settlements. • In the investment income accounts, as well as in the capital, royalties and license fees, and "other" private services accounts, improved estimates are introduced for 1994-97, based on BEA'S benchmark survey of U.S. direct investment abroad for 1994. • In the capital accounts and related investment income accounts, certain transactions of direct investment financial affiliates that are not depository institutions and that primarily perform intermediation functions in the financial markets are removed from the direct investment accounts for 1994-97 and are combined with other transactions of U.S. nonbanking concerns with unaffiliated foreigners (referred to hereafter as "nonbank investment accounts"). The financial intermediation functions more closely resemble those of nonbank investment transactions than of direct investment transactions. • In the services accounts, operational leasing of transportation equipment without crew is reclassified from the "other" transportation accounts to the "other" private services accounts for 1986-97, in order to consolidate all operational leasing transactions in one account. Computer software royalties and license fees are reclassified from the "other" private services accounts to the royalties and license fees accounts for 1992-97, in order to better reflect their nature as transactions involving rights to intangible assets and to group these transactions with similar transactions in other types of intangible assets. For the "other" transportation accounts, revised estimates of freight charges for land 48 SURVEY OF CURRENT BUSINESS • July 1998 transportation between the United States and Canada are introduced for 1992-97. • In the goods accounts, improvements to the seasonal adjustment of exports have reduced the amount of "residual" seasonality in the export accounts. The newly available benchmark data, improved methodologies, and several reclassifications are discussed in detail in the remaining sections of this article. In addition to these major revisions, revisions result from the incorporation of regularly available data from BEA'S annual and quarterly surveys, from the U.S. Treasury Department's quarterly and monthly surveys, and supplemental data from other U.S. Government agencies and private sources. Among the estimates most affected by the regular updating of data are travel and passenger fares, which incorporate updated data from the U.S. Department of Commerce's Office of Tourism Industry's InFlight Survey; transfers under U.S. military sales contracts, which include more complete coverage; and private remittances, which also include more complete coverage. Revisions are also made to the outward and inward direct investment estimates to incorporate revised or new BEA quarterly survey results and to the services estimates to incorporate new BEA annual survey results. In most cases, quarterly patterns did not change much. However, the quarterly pattern for travel and passenger fares exports in the last half of 1996 was changed significantly. The quarterly pattern for goods exports was changed as a result of the introduction of a new approach to seasonal adjustment. Tables 1 and 2 in this article present a summary of revisions from all sources. Table 3 presents detail on the revisions due to new benchmark data, methodologies, and reclassifications. For 1997, $1.0 billion is added to goods exports, reducing the goods deficit by the same amount. For services, $5.0 billion is added to services receipts and $2.6 billion is added to services payments, resulting in an upward revision of $2.5 billion to the services surplus. With the exception of the addition to transfers under U.S. military sales contracts, other revisions to the services accounts were about offsetting. In the income accounts, $5.7 billion is added to income receipts and $3.2 billion is subtracted from income payments, resulting in a $9.0 billion reduction in the deficit on investment income. Net unilateral transfers were revised to reflect $1.2 billion more outflows. As a result of these revisions, the current-account deficit for 1997 is revised down $11.2 billion. In tables 1 and 10 in the standard presentation of the U.S. international accounts, net U.S. currency flows are now shown separately in line 59; previously, they had been combined with private transactions in U.S. Treasury securities in line 58. In table 3, the number of components of the "other" transportation estimates has been reduced; this change is described in the section Table 1.—Revisions to Current-Account Estimates [Millions of dollars; quarterly data seasonally adjusted] Imports of goods, services, and income Exports of goods, services, and income Previously published Revised Previously published Revision Revised 251 1,267 -24,679 -23,909 -25,988 -26,963 ^4,669 5,032 -758,481 -817,910 -946,008 -1,080,107 -1,158,309 -1,294,904 6,068 8,110 2,841 6,432 5,141 626 -35,192 -38,137 -38,845 -34,046 -39,968 -38,526 -35,230 -38,142 -69,391 -34,638 -40,577 -39,691 -263,845 -274,363 -275,019 -273,316 -262,749 -272,451 -273,127 -271,784 1,096 1,912 1,892 1,532 -8,451 -8,128 -8,847 -6,620 -8,623 -8,110 -8,938 -8,967 4,004 800 451 3,472 -278,860 -289,231 -295,865 -299,493 -278,128 -287,364 -293,777 -299,036 732 1,867 2,088 457 -10,406 -6,689 -8,947 -11,926 -10,473 -8,777 -9,043 -12,284 4,445 1,619 4,954 747 -310,659 -322,608 -329,571 -332,691 -311,881 -321,342 -329,130 -332,549 -1,222 1,266 441 142 -8,577 -8,855 -9,070 -12,024 400,881 449,312 560,664 643,012 700,552 722,653 39 40 44 91 97 96 -529,355 -593,416 -662,876 -720,189 -757,758 -733,335 -529,355 -593,416 -662,876 -720,189 -757,507 -732,068 743,358 773,387 854,156 991,490 1,167,610 742,337 769,919 861,574 999,491 1,063,971 1,179,380 -1,021 -3,468 7,418 8,001 8,738 11,770 -764,549 -526,020 -948,849 -1,086,539 -1,163,450 -1,295,530 1995:1 ... II .. til . IV. 237,587 246,787 250,734 256,382 240,452 247,013 253,187 258,837 2,865 226 2,453 2,455 1996:1 ... II .. III . IV. 256,382 262,335 261,979 274,545 260,386 263,135 262,430 278,017 1997:1 ... II .. III . IV. 279,320 293,668 295,527 299,096 283,765 295,287 300,481 299,843 1992 1993 1994 1995 1996 1997 .... .... .... .... .... 1,055,233 Revised -24,679 -23,909 -25,988 -26,963 -34,588 5,122 400,842 449,272 560,620 642,921 700,455 722,557 1986 1987 1988 1989 1990 1991 Revision Unilateral transfers Previously published -8,874 -9,035 -9,445 -12,337 Balance on current account Revision Previously published -153,193 Revised Revision -128,245 -104,231 -91,892 -5,657 -153,154 -168,013 -128,201 -104,139 -91,624 -4,383 1,274 -56,383 -90,771 -133,538 -129,095 -148,184 -166,446 -51,374 -86,133 -123,825 -115,254 -134,915 -155,215 5,009 4,638 9,713 13,841 13,269 11,231 -34,709 -35,704 -63,132 -25,554 -60,920 -33,548 -28,878 -21,914 3,789 2,156 4,254 3,640 -96 -<358 -62,884 -35,585 -42,833 -36,874 -28,215 -33,006 ^0,390 -33,303 4,669 2,579 2,443 3,571 -297 -180 -375 -313 -39,916 -37,795 -43,114 -45,619 -36,990 -35,090 -38,094 -45,043 2,926 2,705 5,020 576 -168,053 -81 -90 -38 -5 -546 -592 -609 -1,165 -172 18 -91 -347 -67 -88 39 40 44 92 268 July 1998 SURVEY OF CURRENT BUSINESS on transportation. In table 7, three lines have been added to accommodate the reclassification of transactions of financial intermediaries. In table 9, net U.S. currency flows are removed, since they are now shown separately in table 1. Other private dividend payments Dividend payments are revised to incorporate results of the U.S. Treasury Department's benchmark survey of foreign portfolio investment in the United States for 1994. Dividend payments on U.S. stocks are revised up $752 mil- lion for 1994 because of a higher position reported in the survey ($398 billion) than was previously estimated ($369 billion). Dividend payments are recomputed to reflect the higher outstanding positions. Differences in country and area totals are also adjusted to the new position estimates. An examination of the industry distribution of foreign holdings confirmed the continued ns6 of the Standard and Poor's composite index of ^00 stocks for estimating both the pricing of foreign stock holdings and the dividend yields applied to those holdings. Revisions are carried forward through Table 2.—Revisions to Estimates of Goods, Services, and Investment Income [Millions of dollars; quarterly data seasonally adjusted] Goods exports Previously published Revised Investment income receipts Services exports Revision Previously published Revised Previously published Revision Revision Revised 1986 .. 1987 1988 1989 1990 1991 223,344 250,208 320,230 362,120 389,307 416,913 223,344 250,208 320,230 362,120 389,307 416,913 86,312 98,553 111,024 127,142 147,824 164,236 86,350 98,593 111,068 127,233 147,922 164,333 39 40 44 91 97 96 91,186 100,511 129,366 153,659 163,324 141,408 91,186 100,511 129,366 153,659 163,324 141,408 1992 1993 .., 1994 1995 1996 1997 440,352 456,832 502,398 575,871 612,069 678,348 440,352 456,832 502,398 575,845 611,983 679,325 -26 -86 977 177,154 186,711 197,248 218,739 236,764 253,220 176,982 186,385 201,434 219,802 238,792 258,268 -172 -326 4,186 1,063 2,028 5,048 125,852 129,844 154,510 196,880 206,400 236,043 125,003 126,702 157,742 203,844 213,196 241,787 -849 -3,142 3,232 6,964 6,796 5,744 1995:1 II III IV 138,389 143,181 145,360 148,941 139,016 142,103 145,909 148,817 627 -1,078 549 -124 51,980 53,303 56,244 57,211 52,334 53,385 56,506 57,575 354 82 262 364 47,218 50,303 49,130 50,230 49,102 51,525 50,772 52,445 1,884 1,222 1,642 2,215 1996:1 II III IV 150,048 153,411 150,764 157,846 150,855 152,130 151,253 157,745 807 -1,281 489 -101 57,057 58,736 59,322 61,656 57,534 59,204 58,119 63,932 477 468 -1,203 2,276 49,277 50,188 51,893 55,043 51,997 51,801 53,058 56,340 2,720 1,613 1,165 1,297 1997:1 II Ill IV ... 162,341 171,227 170,255 174,525 163,499 169,240 172,302 174,284 1,158 -1,987 2,047 -241 61,736 63,335 64,397 63,754 62,685 64,776 65,628 65,175 949 1,441 1,231 1,421 55,243 59,106 60,875 60,817 57,581 61,271 62,551 60,384 2,338 2,165 1,676 -433 Goods imports Previously published Revised Services imports Revision Previously published Revised 1986 1987 .. 1988 1989 1990 1991 -368,425 -409,765 -447,189 ^77,365 -498,337 -490,981 -368,425 -409,765 -447,189 -477,365 -498,337 -490,981 -81,835 -92,349 -99,965 -104,185 -120,019 -121,195 -81,835 -92,349 -99,965 -104,185 -120,021 -121,196 1992 1993 1994 1995 1996 1997 -536,458 -589,441 -668,590 -749,431 -603,239 -877,282 -536,458 -589,441 -668,590 -749,574 -803,320 -877,279 -143 -81 3 -120,255 -126,403 -135,472 -147,036 -156,634 -167,929 1995:1 || Ill IV -182,790 -190,739 -188,180 -187,722 -183,093 -190,539 -188,077 -187,865 -403 200 103 -143 1996:1 || Ill IV -192,973 -200,973 -503,257 -206,036 -193,467 -200,965 -202,806 -206,082 1997:1 || ill IV -212,185 -218,415 -222,256 -224,426 -213,222 -218,336 -221,598 -224,123 Investment income payments Previously published Revision Revised Revision -2 -1 -79,095 -91,302 -115,722 -138,639 -139,402 -121,159 -79,095 -91,302 -115,722 -138,639 -139,149 -119,891 253 1,268 -119,561 -125,715 -136,155 -145,964 -156,029 -170,520 694 688 -*83 1,072 605 -2,591 -107,836 -110,176 -144,787 -190,072 -203,577 -250,320 -102,462 -102,754 -141,263 -184,569 -198,960 -247,105 5,374 7,422 3,524 5,503 4,617 3,215 -35,884 -56,544 -57,308 -37,304 -35,586 -36,388 -36,838 -37,156 298 156 470 148 -45,171 -47,080 -49,531 -48,290 -44,070 -45,524 -48,212 -46,763 1,101 1,556 1,319 1,527 -494 8 451 -46 -58,671 -38,953 -39,345 -39,664 -38,023 -38,573 -39,644 -39,786 648 380 -299 -122 -47,216 -49,305 -53,263 -53,793 -46,638 -47,826 -51,327 -53,168 578 1,479 1,936 625 -1,037 79 658 303 -41,216 -41,817 -42,303 -42,592 -^1,092 -42,195 -43,437 -43,795 124 -378 -1,134 -1,203 -57,258 -62,376 -65,012 -65,673 -57,567 -60,811 -64,095 -64,631 -309 1,565 917 1,042 • 49 50 SURVEY OF CURRENT BUSINESS • July 1998 1997 and back to 1989, the last benchmark year. Other private interest payments Interest payments are revised to incorporate results of the U.S. Treasury Department's benchmark survey of foreign portfolio investment in the United States for 1994. Interest payments on U.S. corporate bonds are revised down $4.7 billion for 1994 because of a lower position reported in the survey ($276 billion) than was previously estimated ($304 billion) and because of the introduction of lower yields into the interest computation. Revisions are carried forward through 1997 and back to 1989, the last benchmark year. The benchmark survey data include the amount outstanding, maturity, and yield on each Eurobond issue. Eurobonds, which are bearer instruments for which it is difficult to determine the nationality of ownership, account for over half of total U.S. bonds held by foreigners. The new details provide a more accurate measure of total Eurobonds outstanding and permit an application of interest yields that can be more closely tailored to the market characteristics of the Eurobond holdings. Newly introduced bond indexes provide a much closer matching of interest rates to the market sectors—domestic corporate bonds, corporate Eurobonds denominated in dollars, and corporate Eurobonds denominated in foreign currencies—than in the previous methodology. The new bond indexes also permit a more frequent revaluation of positions and computation of income estimates and therefore result in income estimates that are more sensitive to fluctu- ations in current market interest rates. Positions are now revalued quarterly; previously, they were revalued only semiannually. When the more detailed prices and yields by market sector and the more frequent revaluations for 1990 to 1994 are applied, the difference between the benchmark survey results for 1994 and the new method is considerably less than the comparable difference under the previous methodology. U.S. Government interest payments Interest payments on U.S. Government securities are revised to incorporate the results of the U.S. Treasury Department's benchmark survey of foreign investment in long-term securities in the United States for 1994 and a new methodology is introduced for estimating interest payments on U.S. Government agency securities. Interest payments on U.S. Government securities are revised down $2.8 billion in 1994, as a $4.7 billion downward revision from a lower estimate of foreign holdings from the survey is partly offset by a $1.8 billion upward revision from a new methodology for estimating interest payments on agency securities. The benchmark survey shows that foreign holdings of marketable long-term U.S. Government securities were $571.1 billion at the end of 1994, $53.8 billion less than the previous estimate of $624.9 billion. Revisions to U.S. Government interest payments based on the lower positions in the survey are made by country or geographic area and are carried forward through 1997 and back to 1989, the year of the previous benchmark. A new methodology for estimating interest payments on U.S. Government agency securities applies the market yield on mortgage-backed Acknowledgments The revised estimates were prepared under the general direction of Anthony DiLullo, with the assistance of Cynthia Thompson and the staff of the Balance of Payments Division. Russell Scholl, Harlan King, Christopher Gohrband, Elena Nguyen, and Erich Reuter prepared the benchmark estimates of foreign portfolio investment in the United States and U.S. portfolio investment abroad and related income accounts; Russell Scholl, Christopher Gohrband, Harlan King, Joshua Burkholder, and the staff of the International Investment Division (IID), the reclassified estimates of financial intermediaries; Barbara Berman, the revised estimates of banks* foreign currency income; Michael Mann, the staff of the Current-Account Services Branch, and David Galler of IID, the reclassification of service transactions; Kwok Lee and the staff of the Goods Branch, the revised estimates of goods, and John Rutter, the estimates of prepackaged software. The benchmark estimates for U.S. direct investment abroad were prepared under the supervision of Patricia Walker of IID. Other revisions to the direct investment accounts were prepared by Mark New and Gregory Fouch and their staffs. Special assistance was provided by Milton Pappas and William Griever of the U.S. Treasury Department who conducted the benchmark survey of U.S. portfolio investment abroad, by William Griever who conducted the benchmark survey of foreign portfolio investment in the United States, and by Diane Oberg and the staff of the Bureau of the Census* Foreign Trade Division, who conducted the study of "residual" seasonality of goods. SURVEY OF CURRENT BUSINESS securities to the outstanding position adjusted to market value. Previously, a mortgage-backed security coupon yield, averaged with a Eurodollar deposit rate, had been applied to positions at face value. The new methodology more closely reflects current market conditions and provides a more accurate estimate of interest payments. The revisions to interest payments caused by the change in estimation methodology for agency securities are made at the country or geographic area level and are carried forward through 1997 and back to 1989. In earlier periods, the new methodology has a negligible effect on the income estimate. Interest receipts Interest receipts on U.S. holdings of foreign bonds for 1993-97 are revised to incorporate the final results of the U.S. Treasury Department's benchmark survey of U.S. portfolio investment abroad for 1994. Data on maturities and applicable yields were not available at the time the other results from this benchmark survey were introduced last year. Except for revisions due to the routine updates of data, the position estimates remain unchanged from those introduced in the July 1997 SURVEY. Results of the survey on the geographic, currency, and sector composition of U.S. holdings led to a lowering of the yields applied to outstanding positions and provided the basis for a more detailed application of interest yields by market sector than was previously possible. The survey results also provided additional data on the maturity structure of these holdings, leading to the introduction of shorter term, and therefore lower, yields for estimating interest receipts. Because the pattern of the newly implemented yields converged with the previous yields for 1997, the revision to interest receipts for 1997 was negligible; annual revisions for 1993-96 were larger. Direct investment capital There are three sources of revision to the 1994-97 net capital outflows estimates for U.S. direct investment abroad. First, the estimates are revised to incorporate the results of the 1994 benchmark survey and new and corrected data from the sample surveys for 1995-97.2 Second, the 2. A more detailed explanation of the benchmark revisions will appear in the October 1998 SURVEY. See also U.S. Department of Commerce, Bureau of Economic Analysis, U.S. Direct Investment Abroad: 1994 Benchmark Survey, Final Results (Washington DC: U.S. Government Printing Office, May 1998). revisions also reflect revised estimates of depreciation, depletion, and expensed exploration and development costs, which are used to adjust the reinvested earnings component of fixed capital to a current-cost basis. These two sources of revision result in upward revisions to net capital outflows of $4.7 billion for 1994, $7.9 billion for 1995, $1.7 billion for 1996, and $13.8 billion for 1997. The third source of revision to the 1994-97 net capital outflows was the reclassification of intercompany debt transactions with foreign affiliates, other than depository institutions, that are financial intermediaries. Previously, these transactions were considered to be direct investment transactions; now, they are considered as nonbank investment transactions. For a more complete explanation of the reclassification, see "Reclassification of intercompany debt and associated interest transactions with financial intermediaries." Direct investment income Net receipts of income by U.S. parents from their foreign affiliates are revised for 1994-97 to incorporate the results of the 1994 benchmark survey and new and corrected data from the sample surveys for 1995-97. The revisions also reflect revised estimates of depreciation, depletion, and expensed exploration and development costs, which are used to adjust the earnings component of income to a current-cost basis, and revisions to related withholding taxes. These sources of revision result in upward revisions to net income receipts of $2.1 billion for 1994, $3.9 billion for 1995, $2.4 billion for 1996, and $2.3 billion for 1997. In addition, the revisions reflect the reclassification of receipts and payments of the interest component of income associated with intercompany debt transactions with foreign affiliates, other than depository institutions, that are financial intermediaries. Previously, these receipts and payments were considered to be direct investment income transactions; now, they are considered as nonbank investment income transactions. For a more complete explanation of the reclassification, see "Reclassification of intercompany debt and associated interest transactions with financial intermediaries.*5 Royalties and license fees receipts and payments, affiliated Receipts and payments of royalties and license fees between U.S. parents and their foreign affiliates are revised for 1994-97 to incorporate the July 1998 • 51 52 • July 1998 SURVEY OF CURRENT BUSINESS results of the 1994 benchmark survey and new and corrected data from the quarterly sample surveys for 1995-97. U.S. parents' receipts are revised up $2.5 billion for 1994, $1.2 billion for 1995, $0.9 billion for 1996, and $1.5 billion for 1997. U.S. parents' payments are revised up $0.2 billion for 1994) $o-i billion for 1995, $0.2 billion for 1996, and $0.2 billion for 1997. Other private services receipts and payments, affiliated Receipts and payments for "other" private services between U.S. parents and their foreign affiliates are revised for 1994-97 to incorporate the results of the 1994 benchmark survey and new and corrected data from the quarterly sample surveys for 1995-97. U.S. parents' receipts are revised up $1.4 billion for 1994, $0.5 billion for 1995, $1.0 billion for 1996, and $1.2 billion for 1997. U.S. parents' payments are revised up $1.1 billion for 1994, $0.6 billion for 1995, $0.6 billion for 1996, and $0.8 billion for 1997. Reclassification of intercompany debt and associated interest transactions with financial intermediaries Beginning with 1994, intercompany debt transactions between parent companies and affiliates that are not depository institutions and that are primarily engaged in financial intermediation are reclassified from the direct investment capital accounts to the nonbank investment accounts, where they are combined with other capital transactions between U.S. nonbanking concerns and unaffiliated foreigners. Similarly, interest receipts and payments associated with such intercompany transactions are reclassified from the direct investment income accounts to the "other" private income accounts. Although these transactions are between affiliated firms, in many ways, they are similar to the financial flows that are classified in the nonbank investment accounts. This treatment is similar to the treatment of nonpermanent debt investment and associated income transactions between affiliated depository institutions, and it is consistent with the guidelines in the International Monetary Fund's Balance of Payments Manual (fifth edition), which suggest that these transactions of financial intermediaries are to be excluded from the direct investment accounts.3 Equity capital transactions with these financial 3. The U.S. international transactions accounts are consistent in all major aspects with the principles set forth in the Balance of Payments Manual (fifth edition). intermediaries, and the associated earnings receipts and payments, continue to be classified as direct investment. For U.S. direct investment abroad, intercompany debt transactions and associated interest transactions between U.S. parents and the following three groups of nonbank foreign financial affiliates are reclassified: (1) Financial affiliates located in the Netherlands Antilles, (2) financial affiliates whose U.S. parents are depository institutions, and (3) financial affiliates whose U.S. parents are securities dealers. For foreign direct investment in the United States, intercompany debt transactions and associated interest transactions between foreign parents (and foreign affiliates of foreign parents) and the following two groups of U.S. nonbank financial affiliates are reclassified: (1) Financial affiliates whose ultimate beneficial owner (UBO) 4 is a foreign depository institution, and (2) financial affiliates whose UBO is a finance or insurance firm.5 In the process of reclassification, U.S. intercompany debt receivables from both U.S. direct investment abroad and foreign direct investment in the United States are added to claims reported by U.S. nonbanking concerns, and the associated interest receipts from both U.S. direct investment abroad and foreign direct investment in the United States are added to "other" private income receipts. U.S. intercompany debt payables from both U.S. direct investment abroad and foreign direct investment in the United States are added to liabilities reported by U.S. nonbanking concerns, and the associated interest payments from both U.S. direct investment abroad and foreign direct investment in the United States are added to "other" private income payments. Also in the process of reclassification, certain transactions were discovered to have been counted twice in the compilation of the accounts. This duplication occurred because transactions of U.S. affiliates of foreign depository institutions reporting to BEA on its survey of foreign direct investment in the United States were also covered in the depository institutions' reporting to the Bank for International Settlements and to various foreign central banks, which provide the basis for BEA'S estimates of nonbank transactions. There4. The UBO is that person, proceeding up a U.S. affiliate's ownership chain, beginning with and including the foreign parent, that is not owned more than 50 percent by another person. 5. Ideally, the reclassification should not have been extended to affiliates of UBO'S that are insurance companies. However, the industry of UBO for both foreign finance and insurance firms is reported under a single industry code, so it is not possible to exclude these affiliates from the reclassification. However, most of the UBO'S appear to be in finance rather than in insurance. SURVEY OF CURRENT BUSINESS fore, where duplication could be detected, not all of the capital and associated interest transactions that were removed from the foreign direct investment in the United States accounts were added to the nonbank investment and income accounts. For the capital accounts, the net amount of duplication was relatively small for 1994-96, but large for 1997. For the income accounts, the amount of duplication was sizable in 1996 and 1997. Institutional remittances Estimates of institutional remittances to foreign residents by charitable, religious, educational, and philanthropic organizations in the United States are raised considerably as a result of improved survey coverage and the use of supplemental annual data from government and selected private philanthropic organizations. These improvements increase the estimate of institutional remittances $0.8 billion for 1997. Banks' foreign currency income For the past 5 years, BEA has estimated U.S. banks' income receipts on foreign-currencydenominated claims and U.S. banks' income payments on foreign-currency-denominated liabilities separately from banks' income receipts and payments on dollar-denominated claims and liabilities. This change became necessary as the size of foreign-currency-denominated claims and liabilities grew, partly in response to the growth of international transactions themselves and partly in response to shifts in preferences by U.S. residents or foreign residents as to the proportions of their bank claims and liabilities that they wished to hold in foreign currencies or dollars to conduct international transactions. With this year's revisions, BEA has introduced three improvements to its estimates of banks' foreign currency income for 1992-97. First, BEA now uses foreign counterpart data from the Bank for International Settlements (BIS) that provide more accurate information on the currency composition of U.S. banks' foreign currency claims and liabilities outstanding. Second, these BIS data provide detail across a larger number of currencies than was available previously. Third, for purposes of computing income, currency translation effects on balances reported in dollars are removed by converting these balances into foreign currencies at the appropriate end-of-quarter rates. The new approach is based on data collected by the BIS, which is the same data source used by BEA to estimate unrealized gains and losses on foreign currency banking transactions and remove them from the capital flow data.6 The BIS data show, from the perspective of foreign resident banks, foreign banks' nondollar claims on U.S. banks and foreign banks' nondollar liabilities to U.S. banks—the counterparts of U.S. banks' foreign currency liabilities and U.S. banks' foreign currency claims, respectively. The BIS data on the composition of U.S. banks' foreign currency claims and liabilities are available quarterly. The percentage composition of foreign currency balances in the counterpart BIS data is applied to the balances reported in the Treasury International Capital (TIC) reporting system, which provides no currency-composition detail, at the end of each quarter to compute the dollar amount of TIC outstanding balances 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 Special Drawing Rights (SDR'S) (for less developed countries that transact largely in nondomestic currencies). For each currency, dollar reported balances at the end of the current and previous quarters are converted into foreign currencies using end-of-quarter exchange rates; then, average foreign currency balances for the quarter are computed. Monthly interest yields (averaged to a quarterly rate) are prepared by combining local overnight call money rates and 3-month rates for each currency; overnight Eurodollar deposit rates are used for SDR'S. The interest yields for each currency are multiplied by average foreign currency balances outstanding for each currency to calculate quarterly income, and the results are converted into dollars using quarterly average exchange rates. The result of these changes is to raise both U.S. banks' income receipts and U.S. banks' income payments in comparison with the previous estimates for 1992-97. For 1997, U.S. banks' foreign currency income receipts are raised $0.8 billion, to $2.9 billion, and U.S. banks' foreign currency income payments are raised $1.8 billion, to $4.1 billion. Computer software royalties and license fees Computer software royalties and license fees are reclassified to royalties and license fees from "other" private services for 1992-97. The purpose 6. For more information see, Christopher L. Bach, "U.S. International Transactions, Revised Estimates for 1974-96," SURVEY 77 (July 1997): 53. July 1998 • 53 54 SURVEY OF CURRENT BUSINESS • July 1998 of the reclassification is to better reflect the acquisitions and sales of rights to use or reproduce computer software as transactions involving intangible, nonproduced, nonfinancial assets and proprietary rights (such as patents, copyrights, trademarks, industrial processes, and franchises) and to combine them with other such transactions. For 1997, the amount reclassified was $2.4 billion for receipts an^$o.5 billion for payments. Operational leasing The operational leasing of transportation equipment without crew is reclassified from the "other" transportation accounts to the "other" private services accounts to consolidate all operational leasing in one account for 1986-97. In addition, coverage of equipment leasing is now more complete on BEA'S Annual Survey of Selected Services. In 1997, the total of the reclassified and the newly collected transactions is $1.4 billion for receipts and $0.4 billion for payments. Operational leasing of transportation equipment with crew remains in the "other" transportation accounts, because these transactions are closer in nature to the provision of transportation services than to the rental of equipment. 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 1992-97. Estimates by Statistics Canada provide the basis for key components of the truck transportation estimates in the U.S. accounts. A new analysis by Statistics Canada indicates an overstatement of freight charges on the transportation by Canadian truckers of U.S. exports from points of origin within the United States to the U.S.Canadian border (U.S. payments) and on the transportation by U.S. truckers of U.S. exports from the U.S.-Canadian border to points of destination within Canada (U.S. receipts). The new analysis suggests an implied average freight-tovalue ratio of about 1.8 percent, compared with an average of 3.5 percent suggested by earlier analyses. Consequently, for 1997, freight receipts are reduced $0.5 billion and freight payments are reduced $0.7 billion. Regrouping of transportation components Concurrent with the reclassification of operational leasing without crew from the "other" transportation account to the "other" private services accounts, operational leasing of transportation equipment with crew has been shifted to the freight component of the "other" transportation accounts. Thus, "other" transportation receipts and payments each now have only two subcomponents—freight services and port services—in table 3 of the standard presentation of the international accounts, rather than the three shown previously. "Residual" seasonality BEA and the Bureau of the Census seasonally adjust the goods export and goods import estimates at the five-digit end-use commodity category level, which is the most detailed level of end-use classification available. Aggregate goods series— total exports, total imports, and all major end-use categories—are derived as the sum of detailed seasonally adjusted series. An alternative set of aggregate series can be derived by directly seasonally adjusting each of the aggregate series. Comparisons of the directly adjusted series with the corresponding series that are derived as the sum of individually seasonally adjusted series show differences that are sometimes called "residual" seasonality. The amount of "residual" seasonality is usually small, so no adjustments are made to the aggregate series. However, in recent years, the amount of "residual" seasonality for total exports and for capital goods exports has increased. Consequently, a concerted effort was made last year and this year to reduce the "residual" seasonality for goods exports. Little "residual" seasonality exists for goods imports. Last year, some progress was made in reducing the amount of "residual" seasonality by combining several of the individual machinery export series into a single category and by developing seasonal factors based on that category, rather than on each component series separately. This year, the addition of trading-day factors to many export series and changes made to many trading-day groups led to a further reduction in "residual" seasonality. In addition, this year, the Bureau of the Census and BEA are introducing monthly seasonal adjustment for exports of civilian aircraft. This adjustment reduces the amount of "residual" seasonality and improves the reliability of the quarterly international transactions accounts and gross domestic product estimates. For 1997, the adjustment raised seasonally adjusted total exports significantly in the first and third quarters and lowered seasonally adjusted total exports SURVEY OF CURRENT BUSINESS significantly in the second and fourth quarters, relative to the previously published estimates. The monthly pattern of exports of civilian aircraft exhibits high variability and was not previously adjusted, because it did not meet all of the usual criteria for seasonal adjustment of individual series. This year, however, after considering the contribution of adjusting civilian aircraft to improving the accuracy of seasonally adjusted total exports, a decision was made to adjust this series. At this time next year, as part of the regular review of all goods series, BEA and the Census Bureau will assess the effects of seasonally adjusting exports of civilian aircraft on the monthly and quarterly goods statistics to determine whether to continue the practice. Prepackaged computer software For many years, a part of imports of prepackaged computer software has been valued at media value—that is, the value of the carrier medium itself, such as CD-ROM or diskette—rather than at market value, which reflects both the value of the carrier medium and the data or instructions included on the medium. This valuation practice is consistent with a General Agreement on Tariffs and Trade decision in 1984 that permits countries to value imports of prepackaged computer software for customs purposes at either media value or market value. BEA has prepared an estimate of the dollar amount that is necessary to bring computer software imports reported at media value to the full market value required for the international transactions accounts and the national income and product accounts. This amount—which was small for 1995, 1996, and 1997—will be added as a balance-of-payments adjustment to the Census basis data reported to BEA. A comparable adjustment to exports of prepackaged software is not required, because exports of prepackaged computer software are already reported to the Census Bureau at market value. Table 3 follows. £j| July 1998 • 55 56 • July1998 SURVEY OF CURRENT BUSINESS Table 3.—Major Sources of Revisions, 1986-97 [Millions of dollars] (Credits +; debits - ) l 1986 I 1987 I 1988 | 1989 | 1990 | 1991 | 1992 | 1993 1994 1995 1996 1997 26,074 26,911 -503 -1,248 International transactions Current account Other transportation receipts (line 7): Revised Changes due to trucking freight charges .... 15,438 17,027 -546 Revisions due to updated source data . Previously published "15784 19,311 20,526 22,042 -500 -579 -703 17,471 "2T1O6 "22745 22,631 ............. 21,531 -255 -832 21,958 -283 -809 23,754 -287 -900 26,081 -380 -951 23,331 22,616 23,050 24,941 27,412 ^59 -1,131 447 27,216 20,841 1,125 21,695 1,322 26,712 1,489 2,483 30,289 1,720 32,823 2,129 33,676 2,399 19,656 20,304 22,661 27,383 29,974 30,269 50,022 853 -1,125 -1,322 65,555 978 73,073 1,281 -2,129 -2,399 50,294 -54 54,517 A 82,681 Royalties and license fees receipts (line 8): Revised Changes due to rectification of computer software royalties . Changes due to 1994 U.S. direct investment benchmark Revisions due to updated source data Previously published Other private services receipts (line 9): Revised Changes due to rectification of operational leasing Changes due to rectification of computer software royalties Changes due to 1994 U.S. direct investment benchmark Revisions due to updated source data Previously published 79 27,687 384 27,303 29,186 485 28,701 31,253 544 30,709 36,875 671 36,204 40,341 801 39,540 47,821 797 47,024 53,975 834 72,391 998 -608 1,090 70,911 Other private income receipts (line 13): Revised Changes to bond interest income due to 1994 outward portfolio benchmark Changes to nonbank income due to ^classification of financial intermediaries Changes to bank income due to change in foreign currency methodology Revisions due to updated source data Previously published 65,977 -17,766 50 -17,817 -14,834 -50 60,353 -2,695 Unilateral transfers, net (line 29): Revised Changes due to institutional remittances methodology . Revisions due to updated source data Previously published See footnotes at the end of the table. 84,465 1,422 -608 99,802 (2) 105,967 -758 4,236 653 108,733 3 610 3 4,468 3 771 18 102,866 128,845 3 32 3 4,106 3 840 589 123,278 -27,403 788 335 -73 -58,453 -28,949 746 301 -225 -29,771 -7,854 -162 -9,411 -466 -447 79,498 101,836 -24,975 -23,767 -24,524 789 867 229 336 355 -26,019 836 401 -27,034 807 407 -19,057 -2b"969 -22"260 -25,168 ^25,204 -24,894 -25746 -27,255 -28,249 -5,852 -161 -159 28 -5,560 -6,919 -592 2 () -124 -6,503 -7,322 -54,588 -401 161 -1,064 -146 -33,138 -39,823 -407 292 ^3,138 -343 162 47 78 89 202 -18,047 -47 -5,161 -72 -5,032 -202 -5,089 -11 -4,819 -19,106 -20,636 -24,590 -28,328 -25,381 -29,580 -202 -78 -229 -336 -355 -89 72 202 -50 -70 -14,785 -17,999 -19,028 -20,548 -24,387 -28,098 -25,066 -29,356 2,323 109,227 -,<§ -7,512 ^8,421 -425 P) 466 (2) -39,285 -161 -42,796 -914 -47,548 -20,621 406 -873 -30,195 204 -54 -30,345 -33,641 -462 -1,047 -45,674 1,308 -5,455 -41,527 -76,450 -752 -97,004 -397 7,274 -3,396 -20,154 -95,508 -82,452 -$3,079 -57,804 -130 -200 -230 -247 111 811 4,048 5,559 4.9 -1,517 2,429 63,495 -19,010 -20,891 -22,172 109,407 -1,118 3,933 90,349 -849 Income on foreign direct investment in the United States (line 26): Revised Changes due to reclassification of financial intermediaries Revisions due to updated source data „, Previously published .. U.S. Government income payments (line 28): Revised Changes due to 1994 inward portfolio benchmark . Changes due to change in interest methodology ... Revisions due to updated source data : Previously published 81,230 93,164 (2) "66"826 Royalties and license fees payments (line 22): Revised «... Changes due to rectification of computer software royalties Changes due to 1994 U.S. direct investment benchmark Revisions due to updated source data Previously published Other private income payments (line 27): Revised Changes to dividend'income due to 1994 inward portfolio benchmark '. Changes to bond interest income due to 1994 inward portfolio benchmark Changes to nonbank income due to reclassification of financial intermediaries . Changes to bank income due to change in foreign currency methodology Revisions due to updated source data Previously published 48 1,993 347 Other transportation payments (line 21): Other private services payments (line 23): Revised Changes due to reclassification of operational leasing Changes due to reclassification of computer software royalties Changes due to 1994 U.S. direct investment benchmark Revisions due to updated source data Previously published -1,720 1,0$ 73,569 Income on U.S. direct investment abroad (line 12): Revised Changes due to 1994 benchmark survey Changes due to rectification of financial intermediaries . Revisions due to updated source data Previously published Changes due to trucking freight charges Changes due to rectification of operational leasing . Revisions due to updated source data Previously published 925 -1,489 1,392 -41 61,093 1.18 466 28,194 -32,132 -75 4,658 -2,163 -578 -95,489 -63,063 -67,054 -63,041 -77,614 -97,901 -113,959 3 3 -774 158 3 8,327 310,076, 3 3 -3,542 -4,563 3 -1,537 -1,751 M.790 -58 -128 -98,448 -100,103 -117,712 -40,770 -40,872 -39,081 -39,376 1,295 1,938 2,714 591 -638 -539 -529 -319 -44,192 4,670 -1,843 -57,370 5,245 -1,336 -67,418 5,002 -1,078 -37,472 4,787 -1,394 -41,042 -41,529 -40,480 -41,561 -47,019 -31,279 -71,342 -91,081 -34,669 -59,391 -34,638 -364 72 -40,577 -605 -39,691 -822 -343 157 -31 -34,588 5,032 -35,230 -38,142 -434 -90 -38 429 5,122 -35,192 -38,137 -595 49 -38,845 -34,046 196 216 -38,526 July 1998 • SURVEY OF CURRENT BUSINESS 57 Table 3.—Major Sources of Revisions, 1986-07—Continued [Millions of dollars] 1986 (Credits +; debits - ) > 1987 1988 1989 1990 1991 1992 1993 1994 1995 -75,214 -0,698 -1,282 -072 -69,262 -96,654 -36,336 -4,597 -45,286 -10,289 -31,739 -04,997 44,592 -1,900 813 45,679 57,653 -10,961 1,088 67,526 77,622 -1,346 2,013 76,955 93,449 -54,117 39,638 107,928 1,302 9,012 59,637 25,202 -153 34,588 39,404 6,517 1,101 31,786 107,779 45,865 17,174 44,740 1996 1997 Capita! account U.S. direct investment abroad, net capital flows (line 44): Revised Changes due to 1994 benchmark survey Changes due to reclassification of financial intermediaries Revisions due to updated source data Previously published U.S. claims reported by U.S. nonbanks (line 46): Revised Changes due to reclassification of financial intermediaries Revisions due to uDdated source data Previously published Direct investment in the United States, net capital flows (line 57): Revised Changes due to reclassification of financial intermediaries Revisions due to UDdated source data Previously published U.S liabilities reported by U.S. nonbanks (line 61): Revised Changes due to reclassification of financial intermediaries Revisions due to updated source data Previouslv published . . . -7,710 -,,& -7,935 -86,737 -81,072 -121,843 (2) 8,3$ 11,364 -1,645 -13,763 -87,813 -119,444 -86,333 -120,403 -15,302 -16,360 -6,797 -27,745 -64,234 -76,298 International investment position (at yearend) U.S. direct investment abroad (lines 17 and 18): Revised: At current cost At market value . Changes due to 1994 benchmark survey: At current cost At market value Changes due to reclassification of financial intermediaries Revisions due to updated source data: At current cost At market value Previously published: At current cost At market value 752,148 849,651 936,954 1,023,872 1,067,803 1,307,155 1,517,084 1,793,680 . . . . . . . . -29,589 7,090 -16,044 P (4) -20,803 -29,189 -13,836 15,967 -4,655 11,664 4 4 Pi 797,781 884,290 970,798 1,076,757 1,311,991 1,534,609 U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns (line 22): Revised Changes due to reclassification of financial intermediaries Revisions due to updated source data Previously published Direct investment in the United States (lines 35 and 36): Revised: At current cost At market value Changes due to reclassification of financial intermediaries Revisions due to updated source data: At current cost . ... At market value . . . Previously published: At current cost At market value 322,980 49,294 367,567 59,585 273,686 307,982 449,978 74,885 6,038 369,055 562,396 B 561,152 614,258 666,962 751,845 757,853 1,005,726 1,223,672 1,620,540 -15,873 -26,834 -28,180 -7,945 -13,410 579 -33,910 -1,790 584,970 654,502 729,052 773,726 1,031,981 1,253,642 8 8 U.S. Treasury securities (lines 28 and 37): Revised Changes due to 1994 inward benchmark survey Previouslv published 438,363 476,289 520,339 594,551 -11,926 -20,313 -27,740 -30,515 450,289 496,602 548,079 625,066 632,571 -57,528 660,099 U.S. securities other than U.S. Treasury securities (lines 29, 32, and 39): Revised Changes due to 1994 inward benchmark survey Previously published 490,903 581,546 638,342 740,987 -6,865 -15,210 -25,894 -42,787 497,768 596,756 664,236 783,774 780,961 1,029,326 1,271,434 1,666,432 -26,263 -44,535 M 2 . 1 8 3 807,224 1,073,861 1,313,617 U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns (line 42): Revised Changes due to reclassification of financial intermediaries Revisions due to updated source data Previouslv Dublishsd 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 benchmark surveys are not separately identifiable for this period. 3. Includes some revisions due to updated source data. 840,498 1,097,683 1,251,811 -20,393 3 -11,825 •I ) 4 860,891 1,109,508 4 8 239,817 42,492 197,325 300,424 67,694 -161 232,891 346,727 74,214 978 271,535 453,555 4. Estimates for 1997 were not published previously. NOTE.—For international transactions, line references are to table 1 of "U.S. international Transactions, First Quar- • ter 1998" 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 1997" in this issue of the SURVEY. Discover where the numbers come from Learn about the surveys of international services U.S. INTERNATIONAL TRANSACTIONS IN PRIVATE SERVICES A Guide to the Surveys Conducted by the Bureau of Economic Analysis This Guide provides detailed information about the 11 surveys of international transactions in private services that the Bureau of Economic Analysis conducts. For each survey, find out about •The types of services and transactions covered •Who reports •How the estimates are prepared •The release schedules U.$, INTERNATIONAL TRANSACTIONS IN PRIVATE SERVICES A Ouicte p the Surveys Conducted by the Bureau of Economic Analysis Learn the details about The surveys of selected services that cover •Computer and data-processing services •Industrial engineering services •Legal services •Telecommunication services The specialized surveys that cover •Construction, engineering, architectural, •And mining services •Financial services •Insurance services •Royalties and license fees if IS U.S.OEPARTMENT;OF C O M M E R C E £ c o n o r n f c $ oncf Sfofistfc$ A c f r J J t B u r e a u o f E c o n o m i c Analysis The surveys of transportation services that cover •Foreign airline operators' U.S. revenues and expenses •U.S. airline operators' foreign revenues and expenses •Foreign ocean carriers' expenses in the United States •U.S. ocean carriers' freight revenues and foreign expenses For a free copy of the Guide, call 202-606-9804 or write to Sylvia Bargas, BE-50, Bureau Of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230. The Guide is also available on BEA's Web site at <http:Wwww.bea.doc.gov/ai/itguide.pdf>. SURVEY OF CURRENT BUSINESS July 1998 59 U.S. International Transactions, First Quarter 1998 By Anthony J. DiLullo deficit on goods and services was partly offset by decreases in the balance on investment income and in net unilateral transfers. The international transactions accounts have been revised to reflect the incorporation of methodological and statistical improvements. In addition, some types of transactions have been redassified, and some table formats have been changed. For a discussion of these changes, see "U.S. International Transactions, Revised Estimates for 1986-97" in this issue. In the capital account, net recorded inflows were $46.1 billion in the first quarter, compared with $97.1 billion in the fourth. Recorded capital outflows and inflows both decreased sharply; however, the drop in net outflows was substantially larger than the drop in net inflows. The statistical discrepancy—errors and omissions in recorded transactions—was a positive $1.1 billion in the first quarter, in contrast to a negative $52.0 billion in the fourth quarter. The unusually large discrepancy in the fourth quarter is believed to reflect the imperfect recording of short-term capital flows. HE u.s. current-account deficit—the combined balances on trade in goods and T services, investment income, and unilateral transfers—increased to $47.2 billion in the first quarter of 1998 from $45.0 billion (revised) in the fourth (table A, chart 1).1 An increase in the 1. Quarterly estimates of U.S. current- and capital-account components are seasonally adjusted when statistically significant seasonal patterns are present. The accompanying tables present both adjusted and unadjusted data. Percentage changes are at quarterly rates. Table A.—Summary of U.S. International Transactions [Millions of dollars, quarters seasonally adjusted] Line Lines in tables 1 and 10 in which transactions are included are indicated in ( ) Exports of goods, services, and income (1) Goods, adjusted, excluding military (2) Services (3) Income receipts on investments (11) Imports of goods, services, and income (15) Goods, adjusted, excluding military (16) Services (17) Income payments on investments (25) 1996 1996 I 1,063,971 1,179,380 611,983 679,325 238,792 258,268 213,196 241,787 260,386 150,855 57,534 51,997 III 263,135 152,130 59,204 51,801 283,765 163,499 62,685 57,581 295,287 169,240 64,776 61,271 300,481 172,302 65,628 62,551 299,843 174,284 65,175 60,384 \P Change: 1997 IV1998 1 -3,292 -3,044 -303 55 -3,874 -12,337 -9,224 3,113 -60,623 -523 -33,101 -155,381 -145,139 -86,606 -123,317 -123,441 -4,524 -730 -236 -315 , 4,480 7,489 -44,747 -444 78,694 4,080 -210 -69,502 -377 -59,723 -22 -284 163 -90,753 -154,782 -149,597 -426 -43,877 -455 75,069 733,441 15,817 717,624 90,534 51,833 38,701 109,122 13,601 95,521 149,361 23,432 125,929 214,339 38,478 175,861 181,735 26,949 154,786 149,773 -5,411 155,184 181,438 21,258 160,180 220,491 -26,979 247,470 -59,641 -99,724 7,376 -15,493 -25,870 -25,655 394 -28,077 -20,027 -52,007 1,064 53,071 -191,337 -108,574 14,236 -134,915 194,556 -197,954 -110,206 -5,318 -155,215 254,939 -42,612 -23,101 5,359 -28,215 20,839 -48,835 -28,204 3,975 -33,006 48,499 -51,553 -33,078 1,731 -40,390 66,260 -48,337 -24,191 3,172 -33,303 58,958 -49,723 -28,130 14 -36,990 36,596 -49,096 -26,515 460 -35,090 63,167 -49,296 -27,105 -1,544 -38,094 58,121 ^9,839 -28,459 -4,247 -45,043 97,050 -55,698 -34,862 -3,124 -47,210 46,146 -5,859 -6,403 1,123 -2,167 -50,904 -3,777 -368,801 -478,502 -1,010 -69,695 17 -708 -374,761 174 -477,666 Foreign assets in the United States.net (increase/ capital inflow (+)) (48) Foreign official assets, net (49) Other foreign assets, net (56) 563,357 127,344 436,013 Allocations of special drawing rights (63) Statistical discrepancy (64) Memoranda: Balance on goods (65) Balance on poods and services (67) Balance on investment income (68) Balance on current account (71) Net capital flows (33 and 48) 278,017 157,745 63,932 56,340 IV -1,158,309 -1,294,904 -278,128 -287,364 -293,777 -299,036 -311,881 -321,342 -329,130 -532,549 -335,841 -803,320 -877,279 -193,467 -200,965 -202,806 -206,082 -213,222 -218,336 -221,598 -224,123 -227,167 -156,029 -170,520 -38,023 -^38,573 -39,644 -39,786 -41,092 -42,195 ^3,437 -43,795 -44,098 -198,960 -247,105 -46,638 -47,826 -51,327 -53,168 -57,567 -60,811 -64,095 -64,631 -64,576 -10,473 Preliminary. 1998 I -1,988 -2,815 -241 1,068 -39,691 U.S. assets abroad, net (increase/capital outflow (-)) (33) U.S. official reserve assets, net (34) U.S. Government assets, other than official reserve assets, net (39) U.S. private assets, net (43) 262,430 151,253 58,119 53,058 IV 297,855 171,469 64,934 61,452 -40,577 Unilateral transfers (29) 1997 1997 -9,043 -12,284 -9,035 -9,445 436 -269 29 -86,101 -123,023 -118,946 90,893 -129,598 10,181 37,160 80,712 -166,758 60 • July 1998 SURVEY OF CURRENT BUSINESS The following are highlights for the first quarter of 1998: CHART 1 U.S. Current-Account Balance and Its Components • The deficit on goods and services rose, as exports decreased and imports increased. • Sharp reversals occurred in U.S. bank claims and U.S. bank liabilities, as bank funds flowed out of the United States in the first quarter, when the Asian financial problems subsided and the demand for short-term credit abroad lessened. In the fourth quarter, large amounts of short-term funds had flowed into the United States to relend to the Eurodollar market as Asian financial problems intensified. • Net foreign purchases of U.S. securities other than U.S. Treasury securities surged to a record, following a temporary slowdown in the fourth quarter that reflected the developments in Asia. 30 20 10 0 -10 -20 -30 -40 -50 I i i i I 1 1 i I 1 1 i I i i i I i i i I t i i I i -60 30 Balance on services U.S. dollar in exchange markets 20 10 •^•Balance on investment income The developments described above both influenced and, in turn, were influenced by movements of the U.S. dollar in foreign exchange markets. Although economic fundamentals— relative rates of economic growth, inflation, and interest—were important in the markets' valuation of currencies, short-term factors also played a decisive role. These factors included market participants' changing perceptions of the seriousness of financial difficulties in Asian countries, including Japan, and the course of Europe's movement to monetary union and a single currency. In the first quarter, the U.S. dollar appreciated 3 percent on a trade-weighted quarterly average basis against the currencies of 10 industrial countries (table B, chart 2). The dollar appreciated 0 -10 -20 -30 -40 Balance on goods -50 I I ! I I , I I I I , I I I I I I I 1 I I , I I I -60 1991 92 93 94 95 96 Seasonally adjusted 97 98 U.S. Department of Commerce, Bureau ot Economic Analysis Table B.—Indexes of Foreign Currency Price of the U.S. Dollar [March 1973=100] 1997 Trade-weighted average against 10 currencies' Selected currencies:2 Canada . European currencies: Betaium France Germany Italy Netherlands Switzerland United Kingdom Japan .. 1997 1998 II III IV 93.7 95.7 98.6 97.4 100.3 95.6 96.4 95.3 95.4 97.5 100.0 98.3 97.1 96.4 98.8 100.5 99.9 100.5 136.4 139.1 139.0 141.3 143.5 137.7 139.9 138.5 138.9 138.2 139.5 139.2 139.1 141.7 143.2 144.6 143.8 142.1 86.8 123.9 58.9 288.3 64.9 44.6 151.6 46.3 89.8 128.0 61.0 297.6 67.2 44.9 151.2 45.7 94.7 134.7 64.2 310.1 70.9 46.3 152.2 45.1 92.0 130.3 62.4 302.8 68.9 44.5 148.9 47.9 95.3 135.0 64.7 315.3 71.4 45.9 150.2 48.9 88.7 126.6 60.2 297.7 66.4 45.5 153.6 46.9 89.6 127.7 60.9 298.2 67.1 45.4 151.7 48.0 89.3 127.3 60.6 296.4 66.8 44.5 1515 45.5 90.5 129.1 61.4 298.3 67.7 44.8 150.3 43.7 94.0 134.0 63.8 307.3 70.4 46.1 148.1 44.1 96.5 137.3 65.4 316.3 72.1 47.0 154.2 45.0 93.6 132.9 63.5 306.8 70.1 45.7 154.4 46.2 92.0 130.6 62.5 302.9 69.0 45.1 151.4 46.2 90.7 128.4 61.6 298.7 68.0 43.7 146.4 47.9 93.3 131.9 63.2 306.9 69.8 44.7 149.0 49.5 95.3 134.7 64.6 314.7 71.3 45.8 151.2 49.5 94.9 134.5 644 314.7 71.2 45.5 1507 48.0 95.7 135.7 650 316.6 71.7 46.3 1488 49.3 I Mar. Apr. 1. Currencies of Belgium. Canada. France. Germany, Italy, Japan, Netherlands, Sweden, Switzerland, and United Kingdom. Data: FederaTResenre Board. Monthly and quarterly average rates. Index rebased by BEA. 2 Data: Federal Reserve Board. MonMy and quarterly average rates. Indexes prepared by BEA. 1998 Oct I May June July Aug. Sept. Nov. Dec. Jan. Feb. Mar. SURVEY OF CURRENT BUSINESS 4 percent against the major European continental currencies and 1 percent against the British pound. The dollar appreciated 2 percent against the Japanese yen and the Canadian dollar. The dollar appreciated 4 percent on a quarterly average basis against the German mark and other major continental currencies. Most of the gain was early in the quarter. The dollar traded in a narrow range thereafter, mainly because little change was expected in business conditions and monetary polices in the United States or in Germany and the other major European economies. Agreement on many details of membership in the European Monetary Union (EMU) and the expectation that interest rates in key EMU countries would converge to the level of German interest rates enhanced stability between the dollar and the major continental currencies. In addition, the dollar was boosted as long-term interest-rate differentials in favor of the dollar edged up. The U.S. dollar continued to appreciate against the Canadian dollar, but the appreciation moderated when Canadian authorities increased Canadian interest rates. The dollar continued to appreciate against the Japanese yen, but less than in the fourth quarter. Apparent progress in stabilizing financial conditions in some Asian countries and anticipation of a fiscal stimulus program in Japan, where economic growth continued to deteriorate, allowed the yen to recoup some of its losses of late 1997. Despite the announcement of the fiscal stimulus program in late February, the yen lost most of the gains it had achieved earlier in the quarter, partly reflecting expectations of a continuing divergence in the prospects for a strong U.S. economy and a weakening Japanese economy. Appreciation of the dollar against the currencies of several Asian countries other than Japan was less than in the fourth quarter, as financial conditions appeared more stable. The implementation of the International Monetary Fund's support programs for the Republic of Korea and for Thailand and the initiation of business and commercial reforms in some countries were contributing factors. CHART 2 Indexes of Foreign Currency Price of the U.S. Dollar December 31,1996-100 600 540 480 420 360 260:: 240 220 200 180 160 140 120 100 'Malaysian ringgit I 80 I 180 Philippine peso. (\ 160 140 Taiwan dollar 120 Singapore dollar 100 'Hong Kong dollar I 80 1997:1 I I 1997:11 1997:111 1997:1V Maxes preparedly BEA from weekly data. Dan: Fads* R o m Boat) and T * e « M Street Journal U & Department 01 Commerce, Bureau or Economto Analysis 1998:1 Current Account Goods and services The deficit on goods and services increased to $34.9 billion in the first quarter from $28.5 billion in the fourth. The deficit on goods increased to $55.7 billion from $49.8 billion, and the surplus July 1998 • 6l SURVEY OF CURRENT BUSINESS 62 • July 1998 on services decreased to $20.8 billion from $21.4 billion. CHART 3 Growth in U.S. Nonpetroteum Exports and Imports of Goods Goods.—The deficit on goods increased $5.9 billion, to $55.7 billion, in the first quarter. The decrease reflected both a decrease in exports and an increase in imports. 1996:1-100 140 EXPORTS Exports.— Exports decreased $2.8 billion, or 2 percent, to $171.5 billion in the first quarter. Quantities, measured in chained (1992) dollars, were virtually unchanged (table C). Prices decreased 2 percent. Nonagricultural exports decreased $1.8 billion, or 1 percent, to $157.4 billion. Quantities decreased less than 1 percent, and prices decreased 1 percent. In value, most major commodity categories—capital goods, industrial supplies and materials, and consumer goods—decreased (chart 3). The exception was automotive vehicles and parts, which increased. Capital goods decreased $1.1 billion, or 1 percent, to $75.5 billion and accounted for nearly two-thirds of the decrease in nonagricultural exports. Capital goods other than civilian aircraft, engines, and parts decreased $2.4 billion. Almost half of the decrease was accounted for by computers, peripherals, and parts and by semiconductors, which had also decreased substantially in the fourth quarter. In value, computers, peripherals, and parts decreased 7 percent, reflecting falling prices, a buildup in inventories abroad, and weakened purchases from Asian countries; prices decreased 10 percent, and quantities increased 3 percent. In value, semiconductors decreased 2 percent, reflecting falling chip prices and weakened purchases of computers; prices decreased 2 percent, and quantities were virtually unchanged. Industrial-type machinery accounted for most of the remainder of the decrease in capital goods. In contrast, civilian aircraft, engines, . Consumer goods (nonfood), except automotive Capital goods, except automotive •Foods, feedsVand beverages ' Automotive vehicles, engines, and . Parts Industrial supplies and ' materials, excluding petroleum 130 120 110 100 90 I 80 I I I I I I I [ 1 1 I 130 IMPORTS 120 110 100 90 80 I I II III 1998 IV I II III 1997 1 IV I" 1998 U.& Department of Commerce, Bureau of Economic Analysis Table C.-U.S. Trade in Goods, Current and Chained (1992) Dollars [Balance of payments basis, millions of dollars, quarters seasonally adjusted] Chained (1992) dollars' Current dollars 1997 1996 1997 1998 1997 1996 1 II III IV 1998 1997 \P I II III IV \P 186,201 13,057 173,950 186,379 12,732 174,473 Exports , Agricultural products Nonagricultural products . 611.983 61,487 550,496 679,325 58,425 620,900 163,499 14,669 148,830 169,240 14,319 154,921 172,302 14,317 157,985 174,284 15,120 159,164 171,469 622,710 14,094 48,548 157,375 575,658 717,708 49,428 671,574 171,024 12,214 159,518 177,960 11,972 166,941 182.523 12.185 171,165 Imports Petroleum and products Nonpetroleum products.. 803,320 72,743 730,577 877,279 71,771 805,508 213,222 19,357 193,865 218,336 17,681 200,655 221,598 17,577 204,021 224,123 227,167 817,465 17,156 13,728 63,814 206,967 213,439 751,869 935,452 66,675 868,966 222,106 15,686 206,459 232,768 16,968 215,758 238,021 242,557 254,102 16,738 17,075 17,283 220,802 225,947 237,154 'Preliminary. 1. Because chain indexes use weights of more than one period, the corresponding chained dollar estimates are usually not additive. SURVEY OF CURRENT BUSINESS and parts increased $1.3 billion in value; the increase, which was more than accounted for by deliveries to Western Europe, partly reflected a catchup in deliveries that were slowed by production problems and parts shortages toward the end of 1997. Nonagricultural industrial supplies and materials decreased $0.9 billion, or 3 percent, to $36.0 billion. Fuels and lubricants dropped $0.8 billion, reflecting worldwide weakness in petroleum prices; there were smaller decreases in most other types of industrial supplies and materials. In contrast, precious metals, largely nonmonetary gold, increased substantially. Consumer goods decreased $0.1 billion, or 1 percent, to $19.6 billion. Automotive vehicles and products increased $0.3 billion, or 1 percent, to $19.4 billion; the increase was led by automotive parts to Europe, where U.S. auto manufacturers are expanding operations. "Other" exports were virtually unchanged at $5.8 billion. Agricultural exports decreased $1.0 billion, or 7 percent, to $14.1 billion; quantities decreased 2 percent, and prices decreased 4 percent. In value, soybeans to Western Europe, Asia, and Latin America fell $0.9 billion and accounted for nearly all the decrease. Soybean prices, which have declined for the last three quarters, are now 20 percent below their peak in the second quarter of 1997. Exports of wheat, mainly to Pakistan, and corn, mainly to Taiwan, also decreased. Wheat prices are now 15 percent and corn prices are now 13 percent below their prices of a year ago. Imports.—Imports increased $3.0 billion, or 1 percent, to $227.2 billion in the first quarter. Quantities, measured in chained (1992) dollars, increased 5 percent (table C). Prices decreased 3 percent. In value, an increase in nonpetroleum imports was partly offset by a sharp drop in petroleum imports. Nonpetroleum imports increased $6.5 billion, or 3 percent, to $213.4 billion. All major commodity categories increased strongly, but especially consumer goods and automotive products (chart 3). Consumer goods increased $1.8 billion, or 3 percent, to $52.3 billion. Entertainment equipment, apparel, and household goods accounted for most of the increase. Consumer goods have increased in each of the last eight quarters, reflecting strength in domestic consumer spending. Automotive vehicles, engines, and parts increased $1.7 billion, or 5 percent, to $37.0 billion; the strong gain in the first quarter, following a pause in the fourth, was attributable to passenger cars from Japan and Canada. Nonpetroleum industrial supplies and materials increased $1.3 billion, or 3 percent, to $37.8 billion. Over half of the increase was in nonmonetary gold. Smaller increases were posted for building materials, reflecting an increase in domestic construction, and for most other categories. Capital goods increased $1.0 billion, or 2 percent, to $67.2 billion. The increase was led by computers, peripherals, and parts; telecommunications equipment; and oil-drilling, mining, and construction machinery. In value, semiconductors decreased 2 percent; prices decreased 5 percent, and quantities increased 1 percent. Petroleum imports decreased $3.4 billion, or 20 percent, to $13.7 billion—the lowest level since the first quarter of 1995. The large decrease was more than accounted for by a sharp drop in prices to $13.89 per barrel from $17.72. The average number of barrels imported daily increased to 10.82 million from 10.61 million. The sharp drop in petroleum prices reflected abundant supplies and slower growth in worldwide demand for petroleum. Balances by area.—The deficit on goods increased $5.9 billion, to $55.7 billion, in the first quarter. Since the beginning of financial difficulties in Asia in mid-1997, the deficit with most of the Asian countries has increased because of a slowing in exports to the area. The deficit with Asia, excluding Japan, increased $3.5 billion, to $27.1 billion; the Republic of Korea accounted for $1.9 billion of the increase. The deficit with Japan increased $1.6 billion, to $16.8 billion. In North America, the deficit with Canada increased $1.5 billion, to $5.8 billion. The balance with Latin America shifted from a surplus of $0.3 billion to a deficit of $1.4 billion, reflecting both a decrease in the surplus with Brazil and an increase in the deficit with Mexico. In contrast to the changes in most areas, the deficit with Western Europe decreased $2.3 billion, to $4.8 billion. Services.—The services surplus decreased $0.5 billion, to $20.8 billion, in the first quarter. The decrease reflects both a decrease in exports and an increase in imports. Travel receipts from foreign visitors to the United States were virtually unchanged at $18.2 billion. Receipts from all areas—overseas, Canada, and Mexico—were virtually the same as in the fourth quarter. Payments by U.S. residents for travel abroad increased $0.4 billion, to $13.2 billion, as U.S. travelers increased their expenditures in overseas countries and in Mexico. Expenditures in Canada decreased. July 1998 • 63 SURVEY OF CURRENT BUSINESS 64 • July 1998 Passenger fare receipts, at $5.4 billion, and passenger fare payments, at $4.6 billion, were each unchanged from the fourth quarter. "Other" transportation receipts decreased $0.3 billion, to $6.5 billion. Most of the decrease was in freight receipts, reflecting a drop in receipts of U.S. carriers on shipments to Asia as a result of a decrease in exports and of depressed freight rates on Pacific routes. A drop in receipts for port services reflected a sharp drop in prices paid for bunker fuel by foreign ocean carriers in U.S. ports. "Other" transportation payments decreased $0.2 billion, to $7.2 billion. Freight payments to foreign air carriers decreased slightly. Payments for port services also decreased as a result of lower fuel prices paid by U.S. air carriers abroad. Royalties and license fees receipts decreased $0.1 billion, to $8.3 billion, and royalties and license fees payments increased $0.3 billion, to $2.9 billion. In the first quarter, payments included fees for the U.S. rights to broadcast the winter Olympics. "Other" private services receipts decreased $0.4 billion, to $21.7 billion. Affiliated receipts decreased $0.2 billion, to $6.5 billion, and unaffiliated receipts decreased $0.2 billion, to $15.2 billion.2 Among unaffiliated transactions, financial services decreased $0.4 billion, largely as a result of reduced placements of new issues; the decrease was partly offset by an increase in other types of business services. "Other" private services payments decreased $0.3 billion, to $12.5 billion. A decrease in affiliated payments was only partly offset by an increase in unaffiliated payments. Among unaffiliated transactions, financial services were virtually unchanged; other types of business services increased. Transfers under U.S. military agency sales contracts increased $0.5 billion, to $4.7 billion. The increase included a surge in shipments of electronic equipment to Japan. Direct defense expenditures abroad increased $0.1 billion, to $3.2 billion. Investment income The deficit on investment income decreased to $3.1 billion in the first quarter from $4.2 billion in the fourth. Income receipts increased; payments were virtually unchanged. Direct investment income.—Income on U.S. direct investment abroad increased $0.7 billion, to 2. Affiliated receipts and payments comprise transactions between U.S. - parents and their foreign affiliates and transactions between U.S. affiliates and their foreign parents. $26.1 billion, in the first quarter. All of the increase was in earnings; net interest receipts were virtually unchanged. Earnings in several European countries were boosted by a pickup in economic activity. In Germany and France, earnings of manufacturing affiliates increased. In the United Kingdom, earnings of financial affiliates were up. In Canada, earnings of automotive affiliates were raised by the strong pickup in passenger car exports to the United States. These increases were partly offset by a decrease in earnings of Latin American affiliates, mainly in Brazil. The decrease was in earnings of manufacturing and banking affiliates, whose earnings may have been dampened by substantial interest rate increases in Brazil. In Asia, earnings of affiliates stabilized in the first quarter after dropping in the fourth. Earnings of Japanese affiliates were up, and affiliates in the Republic of Korea reported small profits following losses. Changes in affiliated earnings in other Asian countries were small and offsetting. Payments of income on foreign direct investment in the United States decreased $0.9 billion, to $10.7 billion. The decrease was more than accounted for by a decrease in earnings of U.S. branches of Japanese banks and of U.S. manufacturing and petroleum affiliates. "Other" private and U.S. Government income.— "Other" private income receipts increased $0.4 billion, to $34.5 billion, in the first quarter, reflecting increases in U.S. holdings of foreign securities and in outstanding nonbank claims. "Other" private income payments increased $1.0 billion, to $31.4 billion, as foreign holdings of U.S. securities and outstanding bank liabilities increased. U.S. Government income payments decreased $0.2 billion, to $22.5 billion. Unilateral transfers Net unilateral transfers decreased $3.1 billion, to $9.2 billion, in the first quarter. Almost all of the decrease was in U.S. Government grants, which had been boosted by an increase in grants to Israel in the fourth quarter. Capital Account Net recorded capital inflows—the difference between changes in net U.S. assets abroad and changes in net foreign assets in the United States—were $46.1 billion in the first quarter, compared with $97.1 billion in the fourth. July 1998 SURVEY OF CURRENT BUSINESS 65 eigners in Western Europe increased, and foreign dollar deposits of U.S. banks' domestic customers shifted sharply to an increase. Recorded capital outflows and inflows both decreased sharply; however, the drop in net inflows for foreign assets in the United States was substantially larger than the drop in net outflows for U.S. assets abroad. U.S. assets abroad U.S. assets abroad increased $44.7 billion in the first quarter, compared with an increase of $123.4 billion in the fourth. The slowdown largely reflected a shift to a decrease in bank-reported claims. U.S. official reserve assets.—U.S. official reserve assets increased $0.4 billion in the first quarter, compared with an increase of $4.5 billion in the fourth (table D). Claims reported by U.S. banks.—U.S. claims on foreigners reported by U.S. banks shifted to net inflows of $12.9 billion in the first quarter from net outflows of $27.5 billion in the fourth. The huge expansion in interbank activity in the fourth quarter, when financial problems in Asia intensified, was largely reversed in the first quarter, when many of the problems appeared to subside. The reversal was more than accounted for by a shift to decreases in U.S.-owned banks' claims on their own foreign offices and, to a lesser extent, in foreign-owned banks' claims on their own foreign offices. The reversal reflected the repayment by foreign banks of large amounts of funds they had borrowed in the fourth quarter to meet heavy demand for credit in the Eurodollar market. The reduction in claims was concentrated in banks' own foreign offices in Western Europe, particularly the United Kingdom, and in the Caribbean. Bank claims on Japan also shifted to a decrease, and claims on other Asian countries continued to decline. In contrast, claims on unaffiliated for- • Foreign securities.—Net U.S. purchases of foreign securities decreased to $5.2 billion in the first quarter from $8.0 billion in the fourth. U.S. transactions in foreign stocks shifted to net purchases of $2.3 billion from net sales of $0.1 billion. Net purchases were small as U.S. investors remained cautious and were slow to reenter foreign markets after the intensification of Asian financial problems in the fourth quarter. In Europe, U.S. investors made small net purchases in some of the major markets and were net sellers in the United Kingdom and the Netherlands, even though strong stock price gains in many markets substantially exceeded those in U.S. markets. Net purchases were modest in Asia, where many stock markets recovered strongly in the first quarter— particularly in the Republic of Korea, Thailand, and the Philippines. Transactions with Japan, where stock prices also increased, shifted to net purchases. Net U.S. purchases of foreign bonds decreased to $2.9 billion from $8.1 billion, as corporate new issues in the United States decreased sharply and as new issues by foreign governments changed little after dropping sharply in the fourth quarter. These developments partly reflected the downgrading of Asian debt by international credit rating agencies as a result of financial conditions in Asia. Although the risk premiums on new issues of most Asian countries narrowed in the first quarter, no new Asian issues, other than Japanese issues, were offered in the U.S. market; in contrast, quarterly issues had averaged almost $4.0 billion in 1997. Trading in outstanding bonds shifted to net U.S. sales in the first quarter. Table D.—Selected Transactions with Official Agencies [Millions of dollars] 1997 1996 1996 Changes in foreign official assets in the United States, net (decrease - ) (table 1, line 49) Industrial countriesl Members of OPEC 2 Other countries Changes in U.S. official reserve assets, net (increase - ) (table 1, line 34) 1998 1997 I II Ill IV I II 26,949 -5,411 6,642 17,872 1,970 7,103 1,974 -14,023 127,344 70,179 14,911 42,254 15,817 11,888 10,822 -6,893 51,833 39,881 -1,063 13,015 13,601 9,868 5,435 -1,702 23,432 11,369 5,121 6,942 38,478 9,061 5,418 23,999 6,668 -1,010 17 -523 7,489 -315 -8,300 -3,500 -1,300 -7,000 -3,500 -5,300 -3,500 -1,300 -7,000 -3,500 4,480 -236 III IV \P Change: 1997 IV1998 1 21,258 -26,979 4,751 -17,377 3,031 -1,282 13,476 -8,320 10,181 -2,288 348 12,121 37,160 15,089 1,630 20,441 -4,524 ^44 4,080 -730 Activity under U.S. official reciprocal currency arrangements with foreign monetary authorities:3 Foreign drawings, or repayments (-), net ReDavments , . ... p Preliminary. 1. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa. 2. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries. Excludes Ecuador beginning January 1993 and Gabon beginning in January 1995. 3. Consists of transactions of the Federal Reserve System and the U.S. Treasury Department's Exchange Stabilization Fund. 66 • July 1998 SURVEY OF CURRENT BUSINESS Direct investment.—Net outflows for U.S. direct investment abroad decreased to $30.9 billion in the first quarter from $35.5 billion in the fourth. Smaller net outflows for equity capital and for intercompany debt more than accounted for the decrease. Reinvested earnings were up slightly. Outflows of equity capital for acquisitions were substantial, though less than in the fourth quarter. Several large acquisitions were made in the manufacturing, telecommunications, and natural resources industries. In intercompany debt, net lending by U.S. parents to their foreign affiliates decreased sharply, and borrowing by U.S. parents shifted to repayments. Foreign assets in the United States Foreign assets in the United States increased $90.9 billion in the first quarter, compared with an increase of $220.5 billion in the fourth. The slowdown was more than accounted for by a shift to a decrease in liabilities to foreigners reported by U.S. banks. Net inflows for purchases of U.S. securities other than U.S. Treasury securities were a record high. Foreign official assets.—Foreign official assets in the United States increased $10.2 billion in the first quarter, in contrast to a decrease of $27.0 billion in the fourth (table D). Assets of developing countries increased as some countries rebuilt reserve positions after reductions in the fourth quarter, while assets of industrial countries decreased a small amount. Liabilities reported by U.S. banks.—U.S. liabilities reported by U.S. banks, excluding U.S. Treasury securities, decreased $41.2 billion in the first quar- ter, in contrast to an increase of $89.6 billion in the fourth. U.S. banks repaid funds that had been borrowed from foreign offices in the fourth quarter to fund strong interbank demand in the Eurodollar market related to the intensification of Asian financial problems. Japanese banks in the United States continued to rely on the unusually large amount of funds advanced to them by parent banks in Japan in the fourth quarter and repaid only a small part of the borrowing in the first. The availability of these funds permitted the Japanese banks in the United States to avoid some borrowing in interbank markets, where elevated risk premiums remained on Japanese bank borrowing, though at levels much below those in the fourth quarter. Banks' custody liabilities increased sharply. Most of the inflows were from financial centers in the Caribbean and Western Europe. U.S. securities other than U.S. Treasury securities. —Net foreign purchases of U.S. securities other than U.S. Treasury securities were $76.7 billion in the first quarter, more than twice as large as the net purchases of $36.8 billion in the fourth quarter (chart 4). Net foreign purchases of U.S. stocks were a record $29.4 billion, compared with $9.9 billion in the fourth quarter. (The previous record was $23.2 billion, in the third quarter of 1997.) Net purchases from Western Europe and the Caribbean increased sharply, reflecting a rise of more than 10 percent in U.S. stock prices, a favorable outlook for stable interest rates, and positive prospects for continued economic growth. Hong Kong, Singapore, and other Asian countries continued to be net sellers of U.S. stocks. Trans- Data Availability The current and historical estimates for tables I-IOA of the U.S. international transactions accounts are available on diskette from BEA as follows: • U.S. International Transactions. The most recently released annual and quarterly estimates are available by a i-year subscription (four installments); also included as part of the subscription is the diskette of the historical estimates (see below)—product number IDS-OOOI, price $80.00. • U.S. International Transactions, First Quarter 1998. Annual estimates for 1995-97 and quarterly estimates for 1996:1-1998:1 are available on a single diskette—product number IDN-0203, price $20.00 • U.S. International Transactions, Historical Series. The historical annual and quarterly estimates that be- gin with the earliest period available for individual tables are available on a single diskette—product number iDN-0204, price $20.00 To order using Visa or MasterCard, call the BEA Order Desk at 1-800-704-0415 (outside the United States, call 202-606-9666). To order by mail, send a check made payable to "Bureau of Economic Analysis, BE-53" to BEA Order Desk, BE-53, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230. In addition, this article is available on BEA'S Web site at <http://www.bea.doc.gov>. It is also available through the Department of Commerce's STAT-USA on the Economic Bulletin Board and on the Web site at <http://www.stat-usa.gov>; for more information or to subscribe, call STAT-USA at 202-482-1986. SURVEY OF CURRENT BUSINESS CHART 4 Net Foreign Transactions in U.S. Securities1 BHion$ 120 •Stocks Corporate and U.S. agency bonds Net purchases I I -20 1995 1996 i I 1997 I i i i 1998 1. Exdudng transactions of foreign officM SQKiciw. US. Department of Commarce, Bureau of Economic Analysis actions with Japan shifted to net sales from net purchases. Net foreign purchases of U.S. bonds were a record $47.3 billion, compared with net purchases of $26.9 billion in the fourth quarter. (The previous record was $37.1 billion, in the third quarter of 1997.) Net foreign purchases of U.S. federally sponsored agency bonds increased sharply to a record $20.8 billion from $10.0 billion. The increase in U.S. agency bonds included a sharp increase in new issues abroad, reflecting U.S. agencies' increased demand for funds and some continuation of the increased preference for dollar-denominated assets. Net foreign purchases of outstanding bonds increased strongly to $12.8 billion from $5.0 billion. New issues sold abroad by U.S. corporations were $13.7 billion, compared with $11.8 billion; despite the pickup, new issues were at half the peak levels of the second and third quarters of 1997. U.S. Treasury securities.—Foreign transactions in U.S. Treasury securities shifted to net sales of $1.4 billion in the first quarter from net purchases of $35.3 billion in the fourth. Net purchases by Western Europe were down but remained strong, and transactions with the Caribbean shifted to net sales. U.S. currency.—U.S. currency shipments slowed to $0.7 billion in the first quarter from $9.9 billion in the fourth. Shipments slowed as foreign demand for U.S. banknotes subsided. Direct investment.—Net inflows for foreign direct investment in the United States decreased to $25.0 billion in the first quarter from $28.5 billion in the fourth. A slowdown in net intercompany debt inflows accounted for most of the decrease. U.S. affiliates' receivables continued to be reduced, but at a sharply slower pace, and U.S. affiliates' payables decreased; payables had been boosted in the fourth quarter by inflows from foreign parents for acquisitions. Net inflows for equity decreased slightly as the pace of large acquisitions slowed, but they remained substantial—only 12 percent below the record quarterly inflows of the fourth quarter of 1997. In contrast to the fourth quarter, there were fewer large acquisitions. Among the largest were acquisitions in transportation, information services, and financial services. Tables 1 through IOA follow. ^ Changes in Table Formats As part of the annual revision of the international transactions accounts, the following changes have been made to the tables. In tables 1 and 10, net U.S. currency flows are shown separately in line 59; previously, they had been combined with private transactions in U.S. Treasury securities in line 58. In table 3, there will now be only two subcomponents of "other" transportation receipts and payments—freight services and port services. The third subcomponent— "other"—has been eliminated as a result of the redassifkation of leasing of transportation equipment to the "other" private services accounts and the reclassification of the remaining "other" components to freight services. In table 7, three lines have been added: Line A6, "financial intermediaries accounts (claims)"; line B5, "financial intermediaries accounts (liabilities)"; and line B6, "other liabilities." In table 9, U.S. currency flows have been removed from line B2; that line now comprises only U.S. Treasury securities. July 1998 • 67 SURVEY OF CURRENT BUSINESS 68 • July 1998 Table 1.—U.S. International [Millions 1970 1971 1972 1973 1974 1975 1976 1977 72,384 81,986 113,050 148,484 157,936 172,090 184,655 220,516 42,469 43,319 49,381 71,410 98,306 107,088 114,745 120,816 142,075 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 36,353 8,209 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 7,183 1,603 8,136 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 5,885 4,717 620 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 42,088 25,458 14,788 1,843 1965 1966 1967 1968 Exports of goods, services, and income 42,722 46,454 49,353 54,911 60,132 Goods, adjusted, excluding military2 26,461 29,310 30,666 33,626 36,414 8,824 2,465 9,616 2,721 10,667 3,191 11,917 3,939 12,806 4,138 1,380 271 2,175 1,590 317 2,333 1,646 371 2,426 1,775 411 2,548 1,534 714 285 1,516 814 326 1,747 951 336 7,437 5,506 1,421 510 7,528 5,260 1,669 8,021 5,603 1,781 636 (Credits +; debits - ) ' Line 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 . 2 Goods, adjusted, excluding military 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 -32,708 599 -38,468 1978 -41,476 -48,671 -53,998 -59,901 -66,414 -79,237 -$8,997 -137,274 -132,745 -162,109 -193,764 -229,870 -21,510 -25,493 -26,866 -32,991 -35,807 -39,866 ^5,579 -55,797 -70,499 -103,811 -9,111 -10,494 -11,863 -12,302 -13,322 -14,520 -15,400 -16,868 -18,843 -21,379 -5,032 -5,952 -3,764 -4,378 ^,535 -•,856 -4,855 -4,819 -4,784 -4,629 -98,185 -124,228 -151,907 -176,002 -21,996 -4,795 -54,570 -4,895 -27,640 -5,823 -32,189 -7,352 -2,438 -717 -1,951 -2,657 -753 -2,161 -3,207 -829 -2,157 -3,030 -385 -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 -5,526 -1,790 -4,694 -5,980 -2,095 -5,942 -6,417 -2,263 -5,708 -6,856 -2,568 -6,852 -7,451 -2,748 -7,972 -3,475 -2,896 -9,124 -135 ^61 -457 -140 -506 -513 -166 -665 -561 -186 -668 -631 -221 -751 -586 -224 -827 -576 -241 -956 -592 -294 -1,043 -589 -385 -1,180 -640 -346 -1,262 -722 -472 -1,551 -789 -482 -2,006 -911 -504 -2,190 -951 -671 -2,573 -1,099 -2,088 -657 -942 -489 -2,481 -711 -1,221 -549 -2,747 -821 -1,328 -598 -3,378 -876 -1,800 -702 -4,869 -848 -3,244 -777 -5,515 -875 -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 -12,084 -1,331 -6,491 -4,262 -12,564 -2,234 -5,788 ^,542 -13,311 -3,110 -5,681 H520 -14,217 -2,834 -5,841 -5,542 -21,680 -4,211 -3,795 -8,674 -4,583 -4,955 -5,294 -5,629 -5,735 -6,156 -7,402 -8,544 -6,913 -3,444 -463 -677 -3,802 -499 -655 -3,844 -571 -879 -4,256 -537 -836 -4,259 -537 -939 -4,449 -611 -1,096 -5,589 -696 -1,117 -6,665 -770 -1,109 -4,748 -915 -1,250 -5,716 -7,321 -9,757 -10,977 -11,585 1,225 1,665 570 571 53 1,170 -870 1,173 -9,337 -12,475 -14,497 -22,874 14 -9,249 -7,075 -5,686 -5,226 -5,788 -7,293 -939 -1,017 -5,101 -1,068 -906 -3,519 -1,250 -917 -2,990 -1,378 -859 -3,412 -1,532 -844 -34,745 -39,703 -51,269 -34,785 -61,130 2,349 866 -249 1,350 382 -4 547 -703 153 -1 158 -1,467 -849 -2,558 182 -172 -1,265 -30 -66 -466 -317 -78 -2,212 -268 -375 -118 -121 -294 158 732 -65 1,249 4,231 -4,683 -1,884 -4,181 2,115 182 -1,568 -3,819 2,086 165 -2,644 -4,638 2,596 -602 -94 -346 537 -538 -94 -1,023 -870 -1,173 -1,034 822 2,481 787 -851 389 2,156 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 -1,605 -2,463 874 -16 -1,543 -2,513 1,235 -265 -2,423 -3,638 1,005 209 -2,274 -3,722 1,386 62 -2,200 -3,489 1,200 89 -1,589 -3,293 1,721 -16 366 -5,001 4,826 541 -3,474 -5,941 2,475 -9 •4,214 -6,943 2,596 133 -3,693 -6,445 2,719 33 -4,660 -7,470 2,941 -131 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 -5,336 -5,011 -759 -6,347 -5,418 -720 -7,386 -4,805 -1,308 -7,833 -5,295 -1,569 -8,206 -10,229 -12,940 -12,925 -20,388 -33,643 -9,052 -5,960 -7,590 -7,618 -7,747 -11,353 -671 • -1,854 -618 -1,549 -1,076 -1,113 -35,380 -14,244 -6,247 -44,498 -11,949 -6,885 -30,717 -11,890 -5,460 -57,202 -16,056 -3,626 341 93 ^42 233 -779 -495 -1,203 233 -1,179 -967 -126 -570 -596 -967 14 -1,229 -2,980 -1,054 -3,506 -2,383 -5,980 -3,221 -19,516 -1,357 -13,532 -2,296 -21,368 -1,940 -11,427 -3,853 -33,667 742 3,661 7,379 9,928 12,702 6,359 22,970 21,461 18,388 35,341 17,170 38,018 53,219 67,036 Foreign official assets in the United States, net U.S. Government securities U.S. Treasury securities9 Other10 Other U.S. Government liabilities lV "" U.S. liabilities reported by U.S. banks, not included elsewhere Other foreign official assets12 134 -141 -134 -7 65 210 -672 -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 9,439 9,411 28 -456 -2,075 26,879 26,570 26,578 -8 -510 819 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 2,308 1,400 773 2,105 33,678 24,221 23,555 666 2,476 5,551 1,430 Other foreign assets in the United States, net Direct investment U.S. Treasury securities U.S. currency U.S. securities other than U.S. Treasury securities U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns U.S. liabilities reported by U.S. banks, not included elsewhere 607 415 -131 4,333 425 -356 -135 10,703 807 136 14,002 1,263 -68 -550 1,464 81 -3,909 367 -24 10,986 949 -39 12,362 2,800 -216 4,414 3,130 2,189 2,289 4,507 4,041 24,796 4,760 697 1,100 378 10,143 2,603 2,590 1,500 2,503 20,326 4,347 2,783 1,500 1,284 16,403 3,728 534 1,900 2,437 1,475 3,871 792 2,014 -6,298 369 -6,911 815 4,754 1,035 4,702 1,844 16,017 319 -578 10,990 6,719 16,141 867 717 710 Foreign assets in the United States, net (increase/capital inflow (+)) . -358 906 178 503 476 2,882 584 1,765 63 Allocations of special drawing rights Statistical discrepancy (sum of above items with sign reversed) Memoranda: Balance on goods (lines 2 and 16) Balance on services (lines 3 and 17) Balance on goods and services (lines 65 and 66) Balance on investment income (lines 11 and 25) Balance on goods, services, and income (lines 1 and 15 or lines 67 and 68) 13 Unilateral transfers, net (line 29) Balance on current account (lines 1,15, and 29 or lines 69 and 70) 13 33,358 7,897 2,178 3,000 2,254 15 -457 629 -205 438 -1,516 -219 -9,779 -1,879 -2,654 -2,558 4,417 8,955 -4,099 9,236 4,951 -287 4,664 5,350 3,817 -877 2,940 5,047 3,800 -1,196 2,604 5,274 635 -385 250 5,990 607 -516 91 6,044 2,603 -349 2,254 6,233 -2,260 957 -1,303 7,272 -6,416 973 -5,443 8,192 911 989 1,900 12,153 -5,505 1,213 -4,292 15,503 8,903 3,501 12,404 12,787 -9,483 3,401 -6,082 16,063 -31,091 3,845 -27,246 18,137 -33,927 4,164 -29,763 20,408 10,014 -4,583 5,431 7,987 -4,955 3,031 7,878 -5,294 2,583 6,240 -5,629 611 6,135 -5,735 399 8,486 -6,156 2,331 5,969 -7,402 -1,433 2,749 -8,544 -5,795 14,053 -6,913 7,140 11,210 -9,249 1,962 25,191 -7,075 18,116 9,982 -5,686 4,295 -9,109 -5,226 -14,335 -9,355 -5,788 -15,143 SURVEY OF CURRENT BUSINESS July 1998 • 69 1996 1997 Line Transactions of dollars] 1979 1981 1980 1983 1982 1984 1985 1986 1987 1988 1989 1990 1991 1992 1994 1995 769,919 861,574 999,491 1,063,971 1,179,380 1 1993 287,965 344,440 380,928 361,436 351,306 395,850 382,749 400,881 449,312 560,664 643,012 700,552 722,653 742,337 184,439 224,250 237,044 211,157 201,799 219,926 215,915 223,344 250,208 320,230 362,120 389,307 416,913 440,352 456,832 502,398 575,845 611,983 679,325 2 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 86,350 8,549 98,593 11,106 111,068 9,284 127,233 8,564 147,922 9,932 164,333 11,135 176,982 12,387 186,385 13,471 201,434 12,787 219,802 14,755 238,792 15,765 258,268 18,269 3 4 54,742 16,618 21,531 57,875 16,528 21,958 58,417 16,997 23,754 63,395 18,909 26,081 69,751 20,413 26,074 73,268 20,895 26,911 5 6 7 20,841 50,022 841 21,695 53,975 883 26,712 61,880 887 30,289 65,555 818 32,823 73,073 893 33,676 84,465 784 8 9 10 125,003 51,912 65,977 7,114 126,702 61,241 60,353 5,108 157,742 72,391 81,230 4,121 203,844 93,164 105,967 4,713 213,196 99,802 108,733 4,661 241,787 109,407 128,845 3,535 11 12 13 14 8,441 2,156 9,971 10,588 2,591 11,618 6,184 5,439 520 7,085 6,276 398 63,834 38,183 23,356 2,295 72,606 37,146 32,898 2,562 16 12,913 3,111 12,560 12,393 3,174 12,317 10,947 3,610 12,590 7,284 10,250 517 5,603 17,444 576 86,200 23,922 58,160 4,118 86,529 32,549 50,300 3,680 16 16 17,177 4,067 13,809 17,762 4,411 14,674 5,778 18,192 666 6,177 19,255 714 6,678 20,035 878 85,200 26,950 53,418 4,832 104,756 31,262 68,267 5,227 93,679 30,547 57,633 5,499 16 16 20,385 5,582 15,438 23,563 7,003 17,027 29,434 8,976 19,311 36,205 10,657 20,526 43,007 15,298 22,042 48,385 15,854 22,631 8,113 27,687 595 10,183 29,186 526 12,146 31,253 664 13,818 36,875 587 16,634 40,341 668 17,819 47,821 690 91,186 31,968 52,806 6,413 100,511 39,608 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 10,512 141,408 52,198 81,186 8,023 16 -758,481 -617,910 -546,008 -1,080,107 -1,158,309 -1,294,904 15 -477,365 -498,337 ^90,981 -536,458 -589,441 -668,590 -749,574 -803,320 -877,279 16 -119,561 -125,715 -136,155 -13,835 -12,202 -10,292 -145,964 -9,986 -156,029 -11,081 -170,520 -11,488 17 18 -281,657 -533,774 -364,196 -555,804 -377,573 -474,203 -484,037 -529,355 -593,416 -662,876 -720,189 -757,507 -732,068 -212,007 -249,750 -265,067 -247,642 -268,901 -532,418 -338,088 -368,425 ^09,765 ^47,189 -36,689 -8,294 -45,503 -11,564 -41,491 -10,851 -54,973 -13,087 16 -67,748 -12,516 -72,862 -13,108 -22,913 -5,735 -14,843 -24,558 -6,444 -15,643 -51,835 -13,730 -92,349 -14,950 -99,965 -104,185 -120,021 -121,196 -15,604 -15,313 -17,531 -16,409 -25,913 -6,505 -17,766 -29,310 -7,283 -19,010 -32,114 -7,729 -20,891 -33,416 -8,249 -22,172 -37,349 -10,531 -24,966 -35,322 -10,012 -24,975 -1,401 -14,834 -1,686 -1,857 -18,047 -1,893 -2,601 -19,106 -1,921 -2,528 -20,636 -1,871 -3,135 -24,590 -1,919 -4,035 -28,328 -2,116 -91,302 -115,722 -138,639 -139,149 -119,891 -2,871 3,433 -7,425 -11,693 -6,507 -57,659 -72,314 -93,768 -95,508 -82,452 -26,218 -31,715 -38,364 -40,770 -40,872 -38,552 -10,603 -23,767 -40,713 -11,410 -24,524 -43,782 -13,062 -26,019 -44,916 -14,663 -27,034 ^8,048 -15,818 -27,403 -51,220 -18,235 -28,949 19 20 21 -5,161 -25,381 -2,263 -5,032 -29,580 -2,255 -5,852 ^4,588 -2,560 -6,919 -39,823 -2,623 -7,854 -43,138 -2,687 -9,411 -48,421 -2,796 22 23 24 -102,462 -102,754 -141,263 -5,574 -20,621 -302 -63,079 -57,804 -76,450 -39,081 -39,376 -44,192 -184,569 -30,195 -97,004 -57,370 -198,960 -33,641 -97,901 -67,418 -247,105 -45,674 -113,959 -87,472 25 26 27 28 -59,391 ^4,638 -40,577 -39,691 29 -15,508 ^,545 -19,338 -11,170 -3,433 -20,035 -15,023 ^4,442 -21,112 -12,090 -4,193 -23,408 30 31 32 -68,774 -194,537 -171,102 -327,453 -368,801 -478,502 33 -1,379 5,346 -9,742 6,668 -1,010 -11,479 -4,487 -12,474 -12,394 -4,772 -11,710 -13,149 -6,003 -12,222 -650 -3,562 -1,287 -795 -8,159 -1,460 -943 -8,001 -1,568 -1,168 -9,040 -1,534 -1,170 -10,203 -1,735 -56,412 -1,943 -35,187 -19,282 -53,700 -4,206 -30,501 -18,993 -74,036 -8,723 ^4,158 -21,155 -73,087 -7,213 -42,745 -23,129 -79,095 -7,058 -47,412 -24,625 -11,702 -17,075 -17,718 -20,598 -22,700 -24,679 -23,909 -25,988 -26,963 -34,669 5,032 -35,230 -38,142 -5,145 -2,041 16 -4,516 -6,087 -2,251 -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 -14,053 24,160 -3,730 -15,399 -15,826 -4,018 -15,386 -16,821 -4,081 -17,240 -86,967 -114,147 -122,335 -61,573 -36,313 -59,889 -106,753 -72,617 -100,221 -168,744 -74,011 -57,881 -4,965 -1,196 -3,131 -3,858 312 9,149 -3,912 -25,293 -2,158 5,763 3,901 -9,413 -3,184 -10,906 -10,397 -5,607 -11,790 -831 -2,822 -1,239 -724 -2,909 -1,214 -32,961 -6,357 -15,481 -11,122 -42,532 -8,635 -21,214 -12,684 -53,626 -5,898 -29,415 -17,313 -6,593 -8,349 -4,015 -1,658 -920 -5,486 -1,818 -1,044 -66,054 -51,749 -12,460 16 16 16 16 16 16 16 -1,133 -65 -1,136 -189 257 -8,155 -5,175 -16 -1,667 -6,472 -1,824 -2,491 -861 -1,371 -2,552 -1,041 -66 -4,434 3,304 -979 -995 -1,156 -897 908 -5,869 -246 1,501 -942 -509 2,070 7,588 127 1,025 -5,064 -535 471 -25,229 -192 731 -2,697 -177 -367 6,307 2,316 -2,692 4,277 -537 -44 -797 -441 494 5,293 -808 -2,466 -6,468 370 -1,280 7,578 -350 -3,575 2,915 34 35 36 37 38 -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 -560 -5,006 -9,967 5,012 -51 -5,489 -9,599 4,490 -379 -2,821 -7,657 4,719 117 -2,022 -9,084 6,089 973 1,006 -6,506 7,625 -113 2,967 -7,680 10,370 277 1,259 -5,590 6,723 125 2,307 -8,430 10,867 -130 2,911 -12,874 16,776 -992 -1,657 -7,398 5,807 -66 -542 -6,299 6,270 -313 -389 -5,272 5,068 -185 -589 ^,843 4,115 139 -708 -5,011 4,197 106 174 -5,302 5,504 -28 39 40 41 42 -61,176 -25,222 -4,726 -73,651 -103,875 -111,239 16 -9,624 991 -19,222 -5,699 -7,983 -3,568 -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 -99,275 -144,710 -16,175 -36,834 -7,980 -22,070 -74,160 -29,950 -28,765 -66,555 -51,369 -45,673 -71,018 -192,817 -176,059 -42,640 -77,945 -75,214 -49,166 -146,253 -60,309 -317,122 -96,654 -100,074 -374,761 -81,072 -115,801 -477,666 -121,843 -87,981 43 44 45 -5,014 -26,213 -4,023 -46,838 -4,377 6,823 -84,175 -111,070 -10,954 -29,928 533 -11,127 -10,342 -1,323 -21,773 -59,975 -7,046 ^2,119 -21,193 -53,927 -27,646 -58,160 -27,824 12,379 11,097 -610 -387 21,175 766 30,615 -36,336 ^,200 -45,286 -75,108 -56,333 -91,555 -120,403 -147,439 46 47 40,852 62,612 86,232 96,418 88,780 118,032 146,383 230,211 248,383 246,065 224,390 140,992 109,641 168,776 279,671 304,460 465,449 563,357 733,441 48 -13,665 -21,972 -22,435 463 -40 7,213 1,135 15,497 11,895 9,708 2,187 615 -159 3,145 4,960 6,322 5,019 1,303 -338 -5,670 2,646 3,593 5,085 5,779 -694 605 -1,747 -350 5,845 6,496 6,972 -476 602 545 -1,798 3,140 4,703 4,690 13 739 555 -2,857 -1,119 -1,139 -838 -301 844 645 -1,469 35,648 33,150 34,364 -1,214 2,195 1,187 -884 45,387 44,802 43,238 1,564 -2,326 3,918 -1,007 39,758 43,050 41,741 1,309 -467 -519 -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 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 -688 71,753 53,014 48,952 4,062 1,313 14,841 2,585 39,583 36,827 30,750 6,077 1,564 3,665 -2,473 109,768 72,712 68,977 3,735 -217 34,008 3,265 127,344 120,679 115,671 5,008 -562 5,704 1,323 15,817 -2,936 -7,270 4,334 -2,521 21,928 -654 49 50 51 52 53 54 55 82,934 10,457 8,689 5,400 8,164 114,892 24,748 23,001 4,100 12,568 147,501 20,010 20,433 5,200 50,962 194,563 35,623 3,809 4,100 70,969 202,996 58,219 -7,643 5,400 42,120 206,307 57,278 20,239 5,800 26,353 215,887 67,736 29,618 5,900 38,767 107,082 47,915 -2,534 18,800 1,592 92,253 22,004 18,826 15,400 35,144 128,299 17,936 37,131 13,400 30,043 207,918 48,993 24,381 18,900 80,092 264,877 44,592 34,274 23,400 56,971 355,681 57,653 99,548 12,300 96,367 436,013 77,622 154,996 17,362 130,151 717,624 93,449 146,710 24,782 196,845 56 57 58 59 60 -2,383 65,633 -118 50,342 16,626 33,849 9,851 41,045 3,325 76,737 18,363 86,537 32,893 63,744 22,086 51,780 45,133 -3,824 -3,115 3,994 13,573 16,216 10,489 25,063 1,302 104,338 59,637 30,176 39,404 16,478 107,779 148,059 61 62 17,231 17,494 29,696 -7,753 -17,644 48,494 24,643 -47,378 -48,628 999 -9,533 -22,742 -59,641 -99,724 64 -145,081 -159,557 -126,959 -115,245 -109,030 6,244 11,103 23,048 27,901 4,515 -140,566 -153,313 -115,856 -92,197 -81,129 13,644 9,209 15,020 24,174 12,091 -74,068 43,137 -30,931 21,517 -96,106 -132,609 -166,192 65,279 57,421 60,670 -38,685 -71,939 -100,913 16,479 22,541 23,948 -173,729 73,838 -99,891 19,275 -191,337 82,763 -108,574 14,236 -197,954 87,748 -110,206 -5,318 65 66 67 68 -54,434 ^7,991 -38,142 -39,391 -56,133 -123,825 -50,616 -54,638 -115,254 -94,338 -40,577 -134,915 -115,524 -39,691 -155,215 69 70 71 54,516 11,877 4,060 3,000 1,351 15 1,621 32,607 47,115 16,918 2,645 4,500 5,457 15 6,852 10,743 n 81,272 25,195 2,927 3,200 6,905 15 917 42,128 16 92,826 12,464 7,027 4,000 6,085 15 15 1,139 1,152 1,093 24,349 20,886 21,792 37,359 16,779 -27,568 3,003 -24,565 30,873 -25,500 6,093 -19,407 30,073 -28,023 11,852 -16,172 32,903 -56,485 12,329 -24,156 29,788 -67,102 9,335 -57,767 31,500 -112,492 -122,173 294 3,419 -109,073 -121,880 20,592 30,720 6,308 -6,593 -285 10,666 -5,349 2,317 16,732 -11,702 5,030 5,632 -17,075 -11,443 -26,267 -17,718 -43,985 -78,353 -101,288 -20,598 -22,700 -98,951 -123,987 63 -128,475 -144,105 -102,212 -77,177 -24,679 -23,909 -25,988 -26,963 -153,154 -168,013 -128,201 -104,139 -56,955 -34,669 -91,624 -9,414 5,032 -4,383 -16,144 -35,230 -51,374 SURVEY OF CURRENT BUSINESS JO • July 1998 Table 1.—U.S. Internationa! [Millions Not seasonally adjusted (Credits +; debits - ) > Line 1987 1986 IV 98,811 Exports of goods, services, and income 101,528 IV 98,368 102,173 103,357 110,746 112,751 122,458 Goods, adjusted, excluding military2 54,037 58,017 53,730 57,560 57,646 61,683 61,614 Services 3 Transfers under U.S. military agency sales contracts4 20,380 1,908 20,527 1,955 23,125 2,120 22,318 2,566 23,041 3,113 24,295 3,235 26,467 2,584 24,790 2,174 4,432 1,135 3,737 4,925 1,267 3,826 6,272 1,856 3,974 4,755 1,325 3,901 4,756 1,325 3,926 5,827 1,784 4,167 7,288 2,231 4,446 5,691 1,664 4,489 1,754 "7,254 161 1,952 6,451 151 1,967 6,808 129 2,441 7,175 155 2,242 7,576 103 2,380 6,779 124 2,504 7,238 177 3,057 7,592 122 24,394 8,609 14,202 1,583 22,985 8,401 13,286 1,298 21,513 6,751 12,625 2,137 22,294 8,207 12,693 1,394 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 Imports of goods, services, and income -124,864 -133,533 -135,118 -135,841 -134,056 -147,608 -153,453 -158,299 Goods, adjusted, excluding military2 -87,114 -92,674 -92,524 -96,113 -93,587 -101,248 -104,400 -110,530 Services3 Direct defense expenditures -18,233 -3,434 -20,324 -3,510 -23,509 -3,320 -19,769 -3,467 -19,699 -3,613 -23,837 -3,608 -25,757 -3,788 -23,057 -3,942 -5,045 Travel Passenger fares Other transportation Royalties and license fees 5 Other private services 5 U.S. Government miscellaneous services 16 Income receipts on U.S. assets abroad Direct investment receipts Other private receipts U.S. Government receipts Travel Passenger fares Other transportation 16-1,409 H6 -6,445 -1,595 -4,365 -8,879 -2,031 -4,696 -5,544 -1,469 -4,544 -5,521 -1,489 -4,097 -8,221 -1,899 -4,710 -9,302 -2,248 -4,916 -6,266 -1,648 -5,287 Royalties and license fees 5 Other private services5 U.S. Government miscellaneous services I6 -319 -3,419 -446 -357 -3,664 -389 -360 -3,747 -476 -365 -4,004 -376 -383 -4,219 -379 ^65 -4,498 -436 -459 -4,504 -540 -550 -4,827 -538 -19,516 -1,487 -11,907 -6,122 -20,534 -5,640 -11,837 -6,057 -19,085 -1,440 -11,450 -6,195 -19,960 -1,491 -12,218 -6,251 -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 -5,369 -6,185 -6,483 -6,642 -5,362 -5,426 -5,753 -7,367 -2,106 -497 -2,766 -3,277 -553 -2,355 -3,485 -482 -2,515 -3,015 •-839 -2,788 -2,116 -543 -2,704 -2,283 -506 -2,637 -2,245 -574 -2,934 -3,665 -786 -2,917 U.S. assets abroad, net (increase/capital outflow (-)) ... -17,057 -25,266 -32,248 -32,182 9,166 -26,713 -26,712 U.S. official reserve assets, net 7 Gold Special drawing rights Reserve position in the International Monetary Fund . Foreign currencies -115 280 132 1,956 3,419 Income payments on foreign assets in the United States . Direct investment payments Other private payments U.S. Government payments Unilateral transfers, net U.S. Government grants 4 U.S. Government pensions and other transfers Private remittances and other transfers6 U.S. Government assets, other than official reserve assets, net U.S. credits and other long-term assets Repayments on U.S. credits and other long-term assets 8 U.S. foreign currency holdings and U.S. short-term assets, n e t . 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 32 3,741 -274 344 -185 -104 366 -246 163 508 -391 4 283 -120 76 606 1,274 -171 335 3,255 -210 407 -165 -205 722 3,225 -381 -1,826 1,423 22 -158 -1,637 1,436 43 -1,576 -4,265 1,736 953 93 -1,356 1,494 ; _44 -121 -978 1,010 -153 -92 -2,118 1,867 159 289 -2,067 2,360 -4 929 -1,343 2,388 -116 -16,561 -9,317 -5,930 -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 7,331 -5,442 -1,749 -5,715 20,237 -30,040 -7,592 -287 712 -22,873 -27,033 -7,695 -1,159 -1,319 -16,860 -33,028 -7,625 -2,056 -724 -22,623 41,478 54,113 71,058 63,561 42,161 57,767 83,276 65,179 Foreign official assets in the United States, net U.S. Government securities U.S. Treasury securities9 Other 10 Other U.S. Government liabilities11 U.S. liabilities reported by U.S. banks, not included elsewhere Other foreign official assets 12 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 -302 1,229 4,298 4,415 -117 ^62 -2,197 -410 14,199 12,131 12,193 -62 -1,115 3,543 -360 10,445 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 Other foreign assets in the United States, net Direct investment U.S. Treasury securities U.S. currency U.S. securities other than U.S. Treasury securities U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns . U.S. liabilities reported by U.S. banks, not included elsewhere 38,766 3,420 5,820 600 18,730 696 9,500 38,195 5,923 3,820 800 22,752 1,635 3,265 55,270 8,929 -1,754 900 17,107 1,947 28,141 62,332 17,351 -4,077 1,800 12,380 -953 35,831 27,961 12,796 -2,826 500 18,372 6,151 -7,032 47,323 9,029 -2,431 1,700 15,960 5,595 17,470 82,512 20,894 -2,835 1,000 12,676 6,656 44,121 45,200 15,500 449 2,200 -4,888 ^39 31,978 7,000 9,342 4,422 8,932 -15,265 11,234 -10,109 6,387 -33,077 2,147 -30,930 4,878 -26,052 -5,369 -31,421 -34,657 202 -34,455 2,451 -32,004 -6,185 -38,189 -38,794 -384 -39,178 2,428 -46,750 -6,483 -43,233 -38,553 2,550 -36,003 2,335 -33,668 -6,642 -40,311 -35,941 3,342 -32,599 1,900 -30,699 -5,362 -36,062 -39,565 458 -39,107 2,245 -36,862 -5,426 -42,288 •^2,786 711 ^2,075 1,373 -40,702 -5,753 -46,455 ^1,265 1,733 -39,532 3,691 -35,841 -7,367 ^3,208 Foreign assets in the United States, net (increase/capital inflow (+)) . Allocations of special drawing rights Statistical discrepancy (sum of above items with sign reversed) Memoranda: Balance on goods (lines 2 and 16) Balance on services (lines 3 and 17) Balance on goods and services (lines 65 and 66) Balance on investment income (lines 11 and 25) Balance on goods, services, and income (lines 1 and 15 or lines 67 and 68) 1 3 Unilateral transfers, net (line 29) Balance on current account (lines 1,15, and 29 or lines 69 and 70) 1 3 SURVEY OF CURRENT BUSINESS July 1998 • Jl Transactions—Continued of dollars] Not seasonally adjusted 1989 1988 I II III IV I II 1991 1990 III IV 1 II III IV 1 II Line III IV 133,779 139,432 139,690 147,762 155,310 163,592 159,213 164,897 170,194 174,749 171,613 183,996 179,248 181,381 178,125 183,900 1 77,006 81,222 77,852 84,150 88,559 94,076 87,030 92,455 96,328 99,590 92,910 100,479 101,891 106,511 100,336 108,175 2 25,834 2,441 27,108 2,540 30,349 2,536 27,777 1,767 29,592 2,161 30,456 2,142 34,632 2,417 32,554 1,844 33,898 2,147 35,219 2,327 39,976 2,954 38,829 2,502 37,065 2,688 39,784 2,748 44,699 2,586 42,786 3,112 3 4 5,933 1,820 4,676 7,117 2,233 4,874 9,201 2,930 4,916 7,182 1,993 4,845 7,553 2,270 5,000 8,643 2,483 5,184 11,003 3,387 5,087 9,007 2,517 5,255 9,289 3,192 5,318 10,541 3,663 5,334 12,466 4,526 5,680 10,712 3,917 5,710 9,544 3,094 5,382 12,033 3,818 5,559 14,736 5,034 5,806 12,072 3,908 5,884 5 6 7 2,689 8,152 124 2,892 7,273 179 2,871 7,707 189 3,695 8,122 173 3,178 9,274 155 3,301 8,555 146 3,307 9,290 143 4,032 9,756 144 3,579 10,228 145 3,966 9,188 200 4,120 10,060 170 4,970 10,866 153 4,095 12,063 200 4,272 11,209 145 4,263 12,060 213 5,189 12,489 132 8 9 10 30,939 12,279 15,936 2,725 31,103 13,668 16,227 1,207 31,489 11,664 18,502 1,323 35,835 14,482 19,906 1,447 37,159 13,646 22,363 1,150 39,061 14,203 23,870 988 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 40,293 14,907 22,679 2,706 35,086 12,924 20,486 1,677 33,090 11,226 19,821 2,043 32,939 13,141 18,200 1,597 11 12 13 14 15 -156,583 -164,885 -168,296 -173,112 -170,742 -183,436 -183,371 -182,640 -180,501 -186,485 -194,820 -195,701 -177,276 -181,758 -187,107 -185,927 -107,442 -111,540 -110,605 -117,602 -113,925 -120,776 -119,217 -123,447 -119,793 -121,451 -125,260 -131,833 -116,404 -119,828 -124,518 -130,231 16 -22,711 -3,831 -25,508 -3,868 -27,658 -3,851 -24,087 -4,054 -23,370 -3,946 -26,428 -3,908 -28,957 -3,722 -25,430 -3,736 -26,338 -4,006 -30,040 -3,910 -33,556 -4,463 -30,087 -5,152 -28,278 -5,169 -30,914 -3,933 -32,418 -3,597 -29,586 -3,710 17 18 -6,293 -1,648 -5,173 -8,498 -2,008 -5,329 -10,388 -2,320 -5,241 -6,935 -1,753 -5,147 -6,438 -1,739 -5,274 -8,827 -5,161 -5,499 -10,748 -2,560 -5,705 -7,403 -1,790 -5,694 -7,266 -2,171 -5,928 -10,289 -2,782 -5,996 -11,935 -3,224 -6,434 -7,859 -2,354 -6,608 -6,770 -2,033 -6,011 -9,816 -2,641 -6,181 -10,862 -2,884 -6,510 -7,874 -2,455 -6,273 19 20 21 -604 -4,694 -468 -640 -4,706 -459 -664 -4,664 -530 -693 -5,041 -463 -610 -4,931 -431 -636 -4,958 -439 -572 -5,164 -486 -710 -5,582 -515 -715 -5,790 -463 -698 -5,870 -494 -800 -6,190 -510 -923 -6,740 -451 -682 -6,941 -472 -1,006 -6,849 -489 -1,080 -6,867 -618 -1,067 -7,670 -537 22 23 24 -26,429 -2,754 -16,441 -7,234 -27,837 -3,293 -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 -2,813 -23,893 -9,526 -35,197 -1,949 -23,478 -9,770 -33,763 96 -24,028 -9,831 -34,370 ^66 -23,882 -10,022 -34,995 -1,328 -23,546 -10,121 -36,004 -1,742 -24,039 -10,223 -33,781 664 -24,041 -10,404 -32,595 1,404 -23,549 -10,450 -31,016 138 -20,934 -10,220 -30,171 -111 -19,794 -10,266 -26,110 2,001 -18,175 -9,936 25 26 27 28 -6,227 -5,585 -5,944 -6,232 -6,315 -5,536 -6,582 -8,530 -7,012 -7,505 -7,384 -12,769 13,627 3,974 -6,852 -5,717 29 -2,297 -552 -3,378 -1,982 -644 -2,959 -2,395 -588 -2,961 -3,863 -924 -3,444 -2,408 -653 -3,254 -1,955 -542 -3,039 -2,735 -639 -3,208 -3,813 -911 -3,807 -2,724 -714 -3,574 -3,569 -641 -3,295 -3,030 -721 -3,633 -8,110 -1,108 -3,551 18,368 -765 -3,976 8,226 -3,586 -2,246 -754 -3,852 -188 -1,545 -3,984 30 31 32 3,227 -24,833 -49,472 -29,144 -53,962 -9,185 -52,435 -53,162 38,192 -37,366 -43,235 -31,602 -9,928 660 -15,966 -32,646 33 1,503 39 -7,380 1,925 -4,000 -12,095 -5,996 -3,202 -3,177 371 1,739 -1,091 -353 1,014 3,877 1,225 155 446 901 180 69 -210 -35 202 -7,547 -173 307 1,791 -188 316 -4,128 68 -159 -12,004 ^21 i 337 -6,122 -204 -23 -2,975 -247 234 -3,164 -216 493 94 363 8 1,368 -63 -4 -995 31 -341 -43 -190 72 1,132 6 -114 3,986 -23 17 1,232 34 35 36 37 38 -1,675 -2,814 1,031 108 -820 -2,021 1,177 23 1,988 -1,458 3,386 60 3,474 -1,388 4,776 86 893 -1,007 1,894 6 -284 -1,174 834 56 607 -2,136 2,772 -29 42 -1,274 1,223 93 -703 -1,869 1,240 -74 -834 -2,016 1,169 14 -332 -1,349 1,044 -28 4,176 -3,195 7,414 -43 619 -2,018 2,700 -63 -503 -1,056 755 -202 3,263 -8,724 12,442 -455 -469 -1,077 880 -272 39 40 41 42 3,399 -4,625 -4,504 -3,454 15,982 -24,051 ^,032 1,318 -9,954 -11,383 -44,081 -7,327 -1,500 -5,217 -30,037 -34,543 -192 -3,294 -2,568 -28,489 -50,855 -12,327 -2,225 -9,293 -27,010 3,194 -8,692 -6,192 -5,767 23,844 -47,046 -9,579 -9,149 -5,924 -22,394 -50,003 -6,237 •^,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 -10,194 -13,746 -9,960 -40 13,552 149 -1,235 -12,021 7,902 5,503 -23,107 -9,429 -12,550 3,341 -4,469 -33,403 -6,959 -11,142 -106 -15,196 43 44 45 46 47 31,624 74,833 52,981 86,627 66,230 11,247 74,207 72,705 -23,083 41,971 63,933 58,171 7,900 13,013 33,480 55,249 48 24,925 27,568 27,730 -162 ^8 -1,751 -444 6,006 6,055 5,853 202 -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 -5,115 -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 ^08 2,141 -265 20,186 20,391 19,683 708 1,310 -594 -921 5,569 126 155 -29 769 3,908 766 -4,914 -3,764 -3,545 -219 253 -1,517 115 3,854 6,095 5,621 474 771 -3,107 95 12,879 13,690 12,615 1,075 -426 -768 383 49 50 51 52 53 54 55 6,699 8,021 5,911 600 2,423 12,593 -22,849 68,828 14,020 5,473 2,200 9,702 6,742 30,691 54,955 13,962 3,443 1,300 7,464 6,399 22,387 75,826 21,276 5,412 1,700 6,764 7,159 33,515 58,531 18,149 9,561 1,400 8,544 6,637 14,240 16,361 15,592 2,489 2,300 9,365 12,000 -25,385 61,148 11,659 12,544 200 10,270 -1,121 27,596 79,848 22,337 5,024 2,000 10,588 4,570 35,329 -16,662 15,515 -1,891 3,600 1,311 12,904 -48,101 35,764 14,529 1,857 4,400 2,114 6,713 6,151 49,996 9,015 544 5,500 -2,874 16,838 20,973 37,985 8,857 -3,044 5,300 1,041 8,678 17,153 2,331 3,629 4,739 4,800 5,023 -686 -15,274 17,927 13,714 13,461 2,200 14,872 -2,549 -23,771 29,626 -1,111 -1,196 4,200 10,310 4,761 12,661 42,370 5,772 1,822 4,200 4,939 -4,741 30,378 56 57 58 59 60 61 62 -5,821 -18,963 31,042 -23,901 9,478 23,317 8,968 6,731 2,211 14,636 9,893 -2,097 -13,570 -17,269 -1,679 -14,859 64 -30,436 3,123 -27,313 4,510 -22,803 -6,227 -29,030 -30,318 1,600 -28,718 3,265 -25,453 -5,585 -31,038 -52,753 2,691 -30,062 1,457 -28,606 -5,944 -34,550 -33,452 3,690 -29,762 4,412 -25,351 -6,232 -33,583 —25,366 6,222 -19,144 3,712 -15,432 -6,315 -21,747 -26,700 4,028 -22,673 2,829 -19,844 -5,536 -25,379 -32,187 5,675 -26,512 2,354 H24,158 -6,582 -30,740 -30,992 7,124 -23,868 6,125 -17,743 -8,530 -26,274 -23,465 7,559 -15,906 5,599 -10,307 -7,012 -17,319 -21,861 5,179 -16,682 4,946 -11,736 -7,505 -19,241 -32,350 6,420 -25,930 2,723 -23,207 -7,384 -30,591 -31,354 8,743 -22,611 10,907 -11,704 -12,769 -24,473 -14,513 8,787 -5,726 7,698 1,972 13,627 15,599 -13,317 8,869 -4,448 4,070 -377 3,974 3,597 -24,182 12,280 -11,902 2,920 -8,982 -6,852 -15,834 -22,056 13,200 -8,856 6,829 -2,027 -5,717 -7,744 65 66 67 68 69 70 71 —ODD 63 J2 SURVEY OF CURRENT BUSINESS • July 1998 Table 1.—U.S. Internationa! [Millions Not seasonally adjusted 1992 (Credits +; debits - ) ' 1994 1993 II 199,606 200,897 211,118 218,690 230,869 120,740 118,584 124,772 123,868 135,174 50,195 3,625 46,086 2,736 47,364 2,860 48,982 3,244 54,256 3,714 50,832 2,969 14,410 3,989 5,499 17,156 4,966 5,447 13,599 3,773 5,620 12,818 3,870 5,387 14,644 4,147 5,856 17,208 5,025 6,099 13,747 3,955 6,412 13,938 204 5,400 12,373 286 5,260 13,515 225 6,040 14,149 168 6,310 15,868 251 6,550 14,391 150 6,497 15,487 226 7,355 16,134 260 30,283 11,962 16,445 1,877 31,140 14,709 15,040 1,390 31,107 15,436 14,575 1,096 31,675 15,111 15,124 1,440 32,780 15,984 15,614 1,182 34,949 16,511 17,299 1,139 37,364 17,132 19,432 800 40,566 18,484 21,015 1,067 44,863 20,264 23,484 1,115 -195,608 -197,259 -187,563 -203,939 -209,626 -216,782 -210,254 -231,086 -248,911 -255,757 -138,203 -143,646 -136,130 -146,411 -150,278 -156,622 -150,146 -162,953 -173,836 -181,655 -30,580 -3,438 -31,696 -3,309 -29,510 -3,374 -28,094 -3,177 -31,949 -3,194 -34,140 -2,919 -31,532 -2,912 -30,887 -2,722 -34,662 -2,709 -37,328 -2,495 -33,278 -2,366 -7,772 -2,371 -5,768 -10,459 -2,716 -5,715 -11,787 -2,974 -6,239 -8,534 -2,542 -6,045 -8,108 -2,486 -5,887 -10,749 -2,894 -6,151 -12,265 -3,281 -6,239 -9,591 -2,749 -6,247 -8,998 -2,908 -6,024 -11,848 -3,401 -6,390 -13,341 -3,789 -6,934 -9,595 -2,964 -6,671 -1,359 -6,300 -491 -1,106 -6,530 -616 -1,520 -5,283 -584 -1,177 -7,268 -572 -1,118 -6,743 -575 -1,219 -7,187 -556 -1,317 -7,519 -601 -1,378 -6,132 -523 -1,591 -6,014 -630 -1,259 -6,417 -638 -1,432 -6,658 -679 -1,570 -9,499 -613 -25,637 1,487 -17,333 -9,791 -27,014 -1,040 -16,152 -9,822 -25,710 -934 -14,996 -9,780 -24,102 184 -14,598 -23,339 846 -14,483 -9,702 -25,578 -2,065 -13,826 -5,687 -25,208 -1,368 -13,878 -9,962 -28,629 -2,987 -15,617 -10,025 -29,221 -3,003 -16,032 -10,186 -33,471 -4,780 -18,112 -10,579 -37,747 -6,382 -20,225 -11,140 •40,824 -6,456 -22,081 -12,287 Exports of goods, services, and income 184,031 186,392 183,502 188,412 188,031 192,332 Goods, adjusted, excluding military2 109,192 110,856 105,749 114,555 112,163 115,849 42,782 3,399 42,987 3,006 47,639 3,158 43,573 2,824 44,729 3,690 45,376 3,419 12,283 3,834 5,276 13,680 4,034 5,343 15,977 4,944 5,420 12,802 3,806 5,492 12,710 3,800 5,392 4,883 12,976 131 5,113 11,540 272 5,153 12,688 299 5,692 12,818 139 Income receipts on U.S. assets abroad . Direct investment receipts Other private receipts U.S. Government receipts 32,057 13,255 17,083 1,719 32,549 14,337 16,678 1,534 30,115 12,359 15,771 1,984 Imports of goods, services, and income . -176,303 -189,311 -122,891 -131,718 -27,775 -3,714 Services3 Transfers under U.S. military agency sales contracts4 Travel Passenger fares Other transportation Royalties and license fees 5 Other private services5 U.S. Government miscellaneous services . Goods, adjusted, excluding military2 Services3 Direct defense expenditures Travel Passenger fares Other transportation Royalties and license fees5 Other private sen/ices5 U.S. Government miscellaneous services . Income payments on foreign assets in the United States Direct investment payments Other private payments U.S. Government payments 16 16 189,950 -7,613 -5,067 -7,772 -11,778 -8,479 -8,277 -9,096 -12,291 -6,113 -6,924 -9,528 -12,826 -2,941 -717 -3,955 -3,398 -1,000 -5,669 -3,025 -682 -3,864 -6,461 -1,420 -3,898 -3,504 -594 -4,381 -3,243 -1,029 -4,005 -3,904 -803 -4,389 -6,169 -1,656 -4,466 -2,365 -643 -4,905 -3,667 -744 -4,513 -3,396 -1,252 -4,880 -6,080 -1,706 -5,040 U.S. assets abroad, net (increase/capital outflow (-)) -10,995 -16,416 -13,630 -27,733 -21,019 -45,447 -52,477 -75,594 -40,826 -42,935 -31,742 -65,599 U.S. official reserve assets, net7 Gold Special drawing rights Reserve position in the International Monetary Fund Foreign currencies -1,057 1,464 1,952 1,542 -983 822 -545 -673 -59 3,537 -165 2,033 -172 111 -996 -168 1 1,631 -173 -118 2,243 2,829 -2,685 1,398 -140 -228 -615 -166 313 675 -118 -48 -378 -113 -80 -480 -101 -3 45 -108 251 3,394 -111 273 -327 -121 -27 2,181 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 -328 -1,516 1,256 -68 -365 -1,240 1,014 -139 -321 -1,978 1,429 229 -644 -2,663 2,108 -69 488 -943 1,763 -331 -293 -764 891 -420 -197 -1,666 2,036 -567 -341 -2,926 1,580 1,006 399 -757 1,120 36 477 -997 1,642 -168 -322 -1,270 1,369 -421 -943 -2,248 937 368 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 -9,610 -20,193 -8,668 -17,515 -10,386 -8,196 -15,262 -5,289 -13,059 -28,631 -6,772 -19,243 -20,525 -14,512 -28,208 -45,976 -22,879 -29,833 -51,736 -12,654 -51,940 -74,581 -27,901 -36,272 -41,166 -29,640 -19,540 -46,949 -14,795 -9,229 -31,255 -18,074 -12,405 -56,689 -12,705 -19,135 7,562 11,689 -6,620 7,687 -3,737 2,408 -5,024 -6,130 28,325 -725 7,461 5,896 6,962 1,725 -12,133 -2,215 10,229 -20,966 -1,959 -960 184 -12,195 -12,654 Foreign assets in the United States, net (increase/capital inflow (+)) ... 30,321 50,278 35,628 52,549 24,294 58,865 85,549 110,964 56,667 82,505 75,930 20,988 15,380 14,916 464 -73 5,568 113 20,879 12,950 11,251 1,699 518 7,486 -75 -7,524 593 -319 912 607 -7,724 -1,000 6,133 -6,520 -7,394 874 1,138 11,241 274 10,937 1,745 1,080 665 -469 8,257 1,404 17,466 6,750 5,668 1,082 132 9,485 1,099 19,073 20,443 19,098 1,345 932 -2,486 184 24,277 24,076 23,106 970 718 -415 -102 10,568 1,074 897 177 659 9,588 -753 9,455 8,282 5,922 2,360 -5 2,143 -965 19,358 18,697 16,475 2,222 284 1,177 -600 202 8,774 7,456 1,318 626 -9,243 45 9,332 1,327 686 1,300 4,569 29,398 5,889 10,231 1,100 10,467 43,152 3,057 4,908 6,100 2,531 46,416 7,662 21,306 4,900 12,476 13,357 7,255 13,363 3,000 9,694 41,399 11,213 -292 5,900 15,205 66,476 11,543 3,258 6,400 17,782 86,687 18,983 8,052 3,600 37,411 78,790 4,961 9,912 5,500 21,070 47,212 5,592 -7,098 6,300 12,352 63,147 14,280 5,661 4,700 13,389 75,728 19,759 25,799 6,900 10,160 -4,239 3,954 -2,243 4,854 21,70,7. -924 996 -215 -19,740 6,531 2,842 288 27,205 3,885 14,756 5,856 31,491 25,797 -1,620 26,737 -7,203 20,313 -19,441 -22,876 -2,120 -4,191 4,736 6,466 -4,300 -5,903 -31,062 15,160 -11,014 17,383 -32,454 15,943 -16,511 4,405 -29,091 14,063 -15,028 6,181 -23,967 16,635 -7,332 7,800 -30,562 13,426 -17,136 5,529 -42,198 16,055 -26,143 6,467 -35,882 14,554 -21,328 4,152 -31,562 16,477 -15,085 5,728 -38,181 14,320 -23,861 3,893 -49,968 15,007 1,308 6,420 -20,862 12,408 -6,454 5,535 -33,040 2,819 •46,481 17,554 -28,927 7,728 -7,613 115 -5,919 -6,067 -10,986 -12,106 -7,772 -19,878 -6,847 -11,778 -20,625 468 -8,479 -6,010 -11,607 -6,277 -19,884 -19,676 -9,096 -28,772 -17,176 -12,291 -29,467 -9,357 -8,113 -17,470 -19,968 -6,924 -58,892 -30,221 -9,528 -39,749 Unilateral transfers, net U.S. Government grants4 U.S. Government pensions and other transfers Private remittances and other transfers6 Foreign official assets in the United States, net U.S. Government securities U.S. Treasury securities9 Other10 Other U.S. Government liabilities11 U.S. liabilities reported by U.S. banks, not included elsewhere Other foreign official assets12 Other foreign assets in the United States, net Direct investment U.S. Treasury securities U.S. currency U.S. securities other than U.S. Treasury securities U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns U.S. liabilities reported by U.S. banks, not included elsewhere Allocations of special drawing rights Statistical discrepancy (sum of above items with sign reversed) Memoranda: Balance on goods (lines 2 and 16) Balance on services (lines 3 and 17) Balance on goods and services (lines 65 and 66) Balance on investment income (lines 11 and 25) Balance on goods, services, and income (lines 1 and 15 or lines 67 and Unilateral transfers, net (line 29) Balance on current account (lines 1,15, and 29 or lines 69 and 70) 13 See footnotes on page 89. -54,888 -12,826 -37,714 SURVEY OF CURRENT BUSINESS July 1998 • 73 Transactions—Continued of dollars] Not seasonally adjusted 1995 1 1997 1996 1998 Line II III IV I II III IV 1 II III IV \p 239,653 248,412 251,548 259,878 260,024 263,575 260,236 280,136 281,972 296,689 298,106 302,613 295,681 1 139,114 144,799 140,948 150,984 151,422 154,173 145,650 160,738 162,695 172,420 166,214 177,996 170,589 2 50,997 3,435 51,910 3,589 60,322 3,988 56,573 3,743 56,041 3,485 57,503 3,740 62,056 3,925 63,192 4,615 61,009 4,338 62,807 4,890 69,984 4,883 64,468 4,158 63,140 4,680 3 4 13,157 4,227 6,180 14,887 4,349 6,549 19,475 5,653 6,576 15,876 4,680 6,776 14,950 4,673 6,147 17,405 4,912 6,480 19,385 5,637 6,482 18,011 5,191 6,965 16,072 4,808 6,574 18,157 5,027 6,719 21,890 5,988 6,721 17,149 5,072 6,897 16,007 5,004 6,368 5 6 7 6,999 16,797 202 7,280 15,098 158 7,662 16,706 262 8,348 16,954 196 7,759 18,738 289 7,783 16,996 187 8,111 18,306 210 9,170 19,033 207 8,086 20,928 203 8,158 19,665 191 8,483 21,819 200 8,949 22,053 190 8,062 22,824 195 8 9 10 49,542 22,146 26,079 1,317 51,703 24,231 26,340 1,132 50,278 22,445 26,662 1,171 52,321 24,342 26,886 1,093 52,561 24,554 26,638 1,369 51,899 24,464 26,455 980 52,530 23,781 27,330 1,419 56,206 27,003 28,310 893 58,268 27,293 30,018 957 61,462 28,671 32,041 750 61,908 28,157 32,717 1,034 60,149 25,286 34,069 794 61,952 26,530 34,498 924 11 12 13 14 -254,227 -273,185 -278,925 -273,770 -269,469 -287,087 -600,235 -301,518 -300,949 -321,456 -336,982 -335,517 -324,222 15 -177,469 -190,053 -190,433 -191,619 -187,750 -199,474 -205,540 -210,556 -205,351 -217,227 -225,472 -229,229 -218,744 16 -32,992 -2,527 -37,269 -2,468 -39,890 -2,470 -35,813 -2,521 -35,418 -2,737 -39,403 -2,747 -42,942 -2,820 -38,266 -2,777 -38,372 -2,796 -43,026 -2,699 -46,952 -2,938 -42,170 -3,055 -41,243 -3,150 17 18 -9,140 -3,119 -6,595 -12,208 -3,883 -6,743 -13,457 -4,232 -7,019 -10,111 -3,429 -6,677 -10,110 -3,547 -6,389 -12,604 -4,161 -6,955 -14,755 -4,521 -7,124 -10,579 -3,589 -6,935 -10,868 -3,953 -6,894 -13,601 -4,975 -7,288 -15,667 -5,304 -7,330 -11,084 -4,003 -7,437 -11,242 -4,182 -7,006 19 20 21 -1,547 -9,372 ^692 -1,567 -9,764 -636 -1,787 -10,263 -662 -2,018 -10,424 -633 -1,796 -10,181 -658 -1,746 -10,533 -657 -2,299 -10,731 -692 -2,013 -11,693 -680 -2,086 -11,089 -686 -2,045 -11,739 -679 -2,573 -12,410 -730 -2,707 -13,183 -701 -2,870 -12,089 -704 22 23 24 -43,766 -6,552 -23,914 -13,300 -45,863 -7,366 -24,391 -14,106 ^8,602 -9,337 -24,413 -14,852 -46,338 -6,940 -24,286 -15,112 ^6,301 -7,576 -23,596 -15,129 -48,210 -8,457 -23,974 -15,779 -51,753 -9,402 -24,767 -17,584 -52,696 -8,206 -25,564 -18,926 -57,226 -10,323 -26,705 -20,198 -61,203 -11,279 -28,023 -21,901 -64,558 -13,011 -28,849 -22,698 -64,118 -11,061 -30,382 -22,675 -64,235 -10,359 -31,393 -22,483 25 26 27 28 -8,760 -7,772 -6,905 -9,201 -10,528 -6,220 -9,195 -12,634 -9,151 -6,626 -9,346 -12,568 -9,358 29 -2,887 -710 -5,163 -2,391 -810 -4,571 -0,004 -901 -5,000 -2,888 -1,012 -5,301 -4,372 -1,003 -5,153 -2,447 -738 -5,035 -2,720 -1,218 -5,257 -5,484 -1,483 -5,667 -2,241 -1,067 -5,843 -2,274 -836 -5,516 -2,362 -931 -6,053 -5,213 -1,359 -5,996 -2,257 -964 -6,137 30 31 32 -65,023 -113,819 -42,154 -106,457 -72,548 -62,145 -64,288 -149,820 -147,756 -88,005 -124,276 -118,465 -47,441 33 -5,318 -2,722 -1,893 191 17 -523 7,489 -315 4,480 -236 -730 -4,524 -444 -867 -626 -3,925 -156 -786 -1,780 362 -991 -1,264 -147 -163 501 -199 -649 1,065 -133 -220 -170 848 -183 6,824 -146 -28 -141 72 1,055 3,353 -133 54 -157 -139 -463 -128 -150 -4,221 -153 -182 -85 -177 34 35 36 37 38 -158 -1,622 1,069 395 -225 -656 642 -11 252 -1,028 1,522 -242 -458 -1,337 882 -3 -210 -1,076 1,013 -147 -377 -1,508 870 261 163 -1,189 1,269 83 -284 -1,238 1,045 -91 -22 -1,168 1,171 -25 -269 -1,616 1,358 -11 436 -1,421 1,878 -21 29 -1,097 1,097 29 -426 -1,199 1,187 -414 39 40 41 42 -59,547 -20,937 -7,631 -110,872 -15,459 -23,313 -40,513 -22,587 -36,144 -106,190 -37,671 -32,986 -72,355 -24,803 -34,611 -61,245 -16,263 -23,625 -91,940 -23,192 -25,881 -149,221 -16,814 -31,684 -152,214 -35,115 -15,521 -87,500 -27,787 -23,263 -123,982 -28,447 -41,167 -113,970 -30,494 -6,030 -46,571 -33,618 -5,173 43 44 45 -2,631 -28,348 -24,580 -47,520 13,729 4,489 -31,804 -3,729 -15,210 2,269 -22,000 643 -9,090 -33,777 -40,033 -60,690 -37,880 -63,698 -9,825 -26,625 -24,791 -29,577 ^7,907 -27,539 -20,683 12,903 46 47 219,472 102,663 129,113 125,425 108,248 90,073 109,466 150,573 213,225 181,302 150,160 182,507 90,536 48 21,928 11,258 10,132 1,126 -590 10,995 265 36,984 26,560 25,234 1,326 -34 7,510 2,948 39,356 21,116 20,598 518 -450 18,918 -228 11,500 13,778 13,013 765 857 -3,415 280 51,833 55,839 55,685 154 -492 -3,303 -211 13,601 -1,934 -3,378 1,444 33 14,217 1,285 23,432 26,135 24,908 1,227 559 -1,677 -1,585 38,478 40,639 38,456 2,183 -462 -3,533 1,834 26,949 23,065 22,311 754 -587 7,696 -3,225 -5,411 -10,862 -11,689 827 -523 5,043 931 21,258 9,353 6,686 2,667 -1,167 12,439 633 -26,979 -24,492 -24,578 86 -244 -3,250 1,007 10,181 13,947 11,337 2,610 -1,059 -1,751 -956 49 50 51 52 53 54 55 80,735 9,365 30,011 6,400 15,734 92,129 12,184 30,439 1,900 20,606 86,069 17,858 37,295 1,900 32,128 96,748 18,246 1,803 2,100 27,899 38,240 27,178 18,031 -2,391 29,365 95,885 14,589 26,967 4,542 31,161 127,141 17,236 38,727 7,382 35,095 174,747 18,619 71,271 7,829 34,530 154,353 25,446 33,363 3,484 45,477 155,571 20,536 42,614 4,822 54,258 161,249 20,033 35,432 6,576 60,327 246,451 27,434 35,301 9,900 36,783 80,355 24,663 -1,363 746 76,656 56 57 58 59 60 17,764 1,461 11,864 15,136 13,493 -16,605 16,516 30,184 -557 -33,386 16,367 2,259 25,629 3,072 -2,035 44,533 28,840 17,743 5,274 28,067 26,275 12,606 47,390 89,643 20,852 -41,199 61 62 -14,306 17,251 -46,989 21,302 2,448 -15,609 -17,091 -29,389 -5,418 -28,762 -10,009 -55,535 -5,196 64 -38,355 18,005 -20,350 5,776 -45,254 14,641 -30,613 5,840 -49,485 20,432 -29,053 1,676 -40,635 20,760 -19,875 5,983 -36,328 20,623 -15,705 6,260 -45,301 18,100 -27,201 3,689 -59,890 19,114 -40,776 777 -49,818 24,926 -24,892 3,510 -42,656 22,637 -20,019 1,042 ^4,807 19,781 -25,026 259 -59,258 23,032 -36,226 -2,650 -51,233 22,298 -28,935 -3,969 -48,155 21,897 -26,258 -2,283 65 66 67 68 -.14,574 --6,760 -23,334 -24,773 -7,772 -32,545 -27,377 -6,905 -56,282 -13,892 -9,201 -23,093 -9,445 -10,528 -19,973 -23,512 -8,220 -31,732 -39,999 -9,195 -49,194 -21,382 -12,634 -34,016 -18,977 -9,151 -28,128 -24,767 -6,626 -33,393 -38,876 -9,346 -48,222 -32,904 -12,568 -45,472 -28,541 -9,358 -37,899 69 70 71 63 SURVEY OF CURRENT BUSINESS 74 • July 1998 Table 1.—U.S. International [Millions Seasonally adjusted 1986 (Credits +; debits - ) • 1 1987 IV III II I II III IV 100,676 99,718 101,658 102,849 109,702 114,732 56,828 55,645 57,335 56,696 60,202 64,217 69,093 20,944 1,908 20,814 1,955 21,889 2,120 22,706 2,566 23,554 3,113 24,712 3,235 24,980 2,584 25,344 2,174 5,004 1,349 3,795 4,820 1,222 3,804 5,250 1,511 3,908 5,313 1,503 3,929 5,340 1,544 3,969 5,774 1,749 4,147 6,096 1,809 4,373 6,353 1,900 4,538 1,873 6,826 189 2,005 6,875 133 2,060 6,913 127 2,174 7,074 147 2,386 7,093 109 2,443 7,232 132 2,628 7,345 145 2,723 7,515 141 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 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 Imports of goods, services, and income -129,152 -131,516 -132,679 -136,009 -138,676 -145,847 -150,813 -158,082 Goods, adjusted, excluding military2 .... -89,220 -91,743 -92,801 -94,661 -96,023 -100,648 -104,412 -108,682 Services3 Direct defense expenditures -20,298 -3,434 -19,492 -3,510 -20,846 -3,320 -21,199 -3,467 -21,690 -3,613 -22,957 -3,608 -23,192 -3,788 -24,512 -3,942 -6,566 -1,657 -4,379 -5,730 -1,528 -4,267 -6,732 -1,636 -4,581 -6,884 -1,683 -4,539 -7,094 -1,741 -4,208 -7,360 -1,821 -4,708 -7,187 -1,836 -4,836 -7,668 -1,886 -5,258 -327 -3,472 -463 -363 -3,698 -396 -363 -3,770 -444 -348 -3,895 -383 -393 -4,256 -385 -473 -4,534 -453 -465 -4,572 -508 -526 -4,685 -547 -19,634 -1,605 -11,907 -6,122 -20,281 -2,387 -11,837 -6,057 -19,032 -1,387 -11,450 -6,195 -20,149 -1,680 -12,218 -6,251 -20,963 -2,217 -12,294 -6,452 -22,242 -1,708 -14,031 -6,503 -23,209 -2,249 -14,433 -6,527 -24,888 -1,251 -16,901 -6,736 -5,318 -6,341 -6,610 -6,409 -5,286 -5,675 -5,863 -7,084 -2,106 -558 -2,654 -3,277 -563 -2,501 -3,485 -536 -2,589 -3,015 -714 -2,680 -2,115 -597 -2,574 -2,283 -593 -2,799 -2,246 -612 -3,005 -3,664 -606 -2,814 -16,231 -23,736 -31,355 -35,427 9,785 -25,074 -26,091 -31,235 -115 16 280 132 1,956 3,419 32 3,742 -274 344 -185 -104 366 -246 163 508 -391 -31 283 -120 76 606 1,274 -171 335 3,255 -210 407 -165 -205 722 3,225 -266 -1,826 1,538 22 -230 -1,637 1,364 43 -1,554 -4,265 1,758 953 29 -1,356 1,429 -44 -5 -978 1,126 -153 -168 -2,118 1,791 159 310 -2,067 2,381 -4 868 -1,343 2,327 -116 -15,850 -8,606 -5,930 -6,230 4,916 -23,522 -6,089 -1,051 -2,722 -13,660 -30,081 -3,715 181 -7,638 -18,909 -35,588 -612 2,529 -5,183 -32,322 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 41,557 53,797 70,935 63,923 42,271 57,276 83,041 65,795 2,712 3,061 3,238 -177 423 -1,131 359 15,918 13,896 14,540 -644 1,081 1,472 -631 15,789 11,895 12,171 -276 1,153 3,043 -302 1,229 4,298 4,415 -117 -462 -2,197 -410 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 38,845 3,499 5,820 600 18,730 696 9,500 37,879 5,607 3,820 800 22,752 1,635 3,265 55,146 8,805 -1,754 900 17,107 1,947 28,141 62,694 17,713 -4,077 1,800 12,380 -953 35,831 28,072 12,907 -2,826 500 18,372 6,151 -7,032 46,832 8,538 -2,431 1,700 15,960 5,595 17,470 82,277 20,659 -2,835 1,000 12,676 6,656 44,121 45,815 16,115 449 2,200 ^,888 -39 31,978 10,314 3,314 7,120 -2,222 -9 H431 12,264 3,333 -10,943 4,322 9,618 -1,616 -15,006 ^,897 8,580 2,193 -35,684 646 -35,038 4,716 -30,322 -5,318 -35,640 -34,915 1,322 -33,593 2,753 -30,840 -6,341 -37,181 -37,326 1,507 -35,819 1,468 -34,351 -6,409 -40,760 -39,327 1,864 -37,463 1,636 -35,827 -5,286 -41,113 -40,446 1,755 -38,691 2,546 -36,145 -5,675 -41,820 -40,195 1,788 -38,407 2,326 -36,081 -5,863 -41,944 -39,589 832 -38,757 2,701 -36,056 -7,084 -43,140 98,830 Goods, adjusted, excluding military2 53,536 Services3 Transfers under U.S. military agency sales contracts 4 . Exports of goods, services, and income Travel Other transportation Royalties and license fees 5 Other private services5 U.S. Government miscellaneous services 16 16 Income receipts on U.S. assets abroad Direct investment receipts Other private receipts U.S. Government receipts Travel , Other transportation Royalties and license fees 5 Other private services5 U.S. Government miscellaneous services Income payments on foreign assets in the United States Direct investment payments Other private payments U.S. Government payments Unilateral transfers, net U.S. Government grants 4 U.S. Government pensions and other transfers Private remittances and other transfers6 U.S. assets abroad, net (increase/capital outflow (-)) U.S. official reserve assets, net 7 Gold Special drawing rights Reserve position in the International Monetary Fund Foreign currencies U.S. Government assets, other than official reserve assets, net U.S. credits and other long-term assets Repayments on U.S. credits and other long-term assets 8 U.S. foreign currency holdings and U.S. short-term assets, net U.S. private assets, net Direct investment Foreign securities U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns U.S. claims reported by U.S. banks, not included elsewhere Foreign assets in the United States, net (increase/capital inflow (+)) Foreign official assets in the United States, net U.S. Government securities U.S. Treasury securities9 . Other 10 Other U.S. Government liabilities11 .. U.S. liabilities reported by U.S. banks, not included elsewhere Other foreign official assets 12 Other foreign assets in the United States, net Direct investment U.S. Treasury securities U.S. currency U.S. securities other than U.S. Treasury securities U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns U.S. liabilities reported by U.S. banks, not included elsewhere l6 16 122,026 Allocations of special drawing rights .... Statistical discrepancy (sum of above items with sign reversed) Of which seasonal adjustment discrepancy Memoranda: Balance on goods (lines 2 and 16) Balance on services (lines 3 and 17) Balance on goods and services (lines 65 and 66) Balance on investment income (lines 11 and 25) Balance on goods, services, and income (lines 1 and 15 or lines 67 and 68) 1 3 Unilateral transfers, net (line 29) Balance on current account (lines 1,15, and 29 or lines 69 and 70) 1 3 -37,156 1,043 -36,113 3,152 -32,961 -6,610 -39,571 SURVEY OF CURRENT BUSINESS July 1998 • 75 Transactions—Continued of dollars] Seasonally adjusted 1989 1988 II I III IV I II 1991 1990 III IV I II III IV I II Line III IV 133,078 138,171 142,100 147,315 155,076 162,280 161,113 164,546 170,132 173,503 173,438 183,479 179,355 180,516 179,239 183,549 1 75,655 79,542 80,941 84,092 87,426 92,208 90,163 92,323 95,301 97,573 96,339 100,094 101,345 104,529 103,732 107,307 2 26,616 2,442 27,601 2,539 28,498 2,536 28,352 1,767 30,616 2,162 31,148 2,143 32,354 2,417 33,118 1,844 35,043 2,148 36,015 2,327 37,426 2,955 39,439 2,502 37,930 2,689 40,765 2,748 41,871 2,586 43,769 3,112 3 4 12,533 4,212 5,734 13,260 4,328 5,837 5 6 7 6,711 2,109 4,708 7,138 2,227 4,868 7,722 2,365 4,837 7,863 2,276 4,897 8,535 2,579 5,089 8,679 2,506 5,204 9,220 2,723 5,000 9,770 2,850 5,234 10,435 3,504 5,413 10,543 3,714 5,356 10,489 3,755 5,593 11,539 4,326 5,680 10,529 3,352 5,480 12,064 3,964 5,579 2,865 7,632 149 2,976 7,681 172 3,016 7,850 172 3,289 8,089 171 3,383 8,702 166 3,382 9,085 149 3,463 9,413 118 3,592 9,674 154 3,807 9,591 145 4,069 9,806 200 4,316 10,148 170 4,443 10,796 153 4,348 11,332 200 4,366 11,899 145 4,436 12,157 213 4,668 12,432 132 8 9 10 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 40,080 14,790 22,679 2,611 35,222 12,883 20,486 1,853 33,636 11,872 19,821 1,943 32,473 12,656 18,200 1,617 11 12 13 14 -161,534 -163,018 -165,704 -172,622 -175,851 -182,462 -180,065 -181,810 -186,107 -186,128 -191,452 -193,816 -183,490 -181,709 -183,166 -183,703 15 -109,963 -110,836 -110,901 -115,489 -116,477 -120,907 -118,873 -121,108 -122,447 -122,169 -125,389 -128,332 -120,141 -120,705 -123,479 -126,656 16 -24,852 -3,831 -24,657 -3,868 -24,921 -3,851 -25,538 -4,054 -25,545 -3,946 -25,663 -3,908 -26,206 -3,722 -26,771 -3,736 -28,768 ^,006 -29,345 -3,910 -30,496 -4,463 -31,407 -5,152 -30,429 -5,169 -30,334 -3,933 -29,882 -3,597 -30,552 -3,710 17 18 -7,990 -1,932 -5,278 -7,692 -1,917 -5,306 -8,081 -1,878 -5,191 -8,351 -2,003 -5,116 -6,154 -5,059 -5,374 -6,083 -2,060 -5,490 -8,404 -2,090 -5,654 -8,777 -2,040 -5,652 -9,197 -2,506 -6,023 -9,490 -2,669 -6,062 -9,385 -2,727 -6,308 -9,278 -2,627 -6,573 -8,434 -2,298 -6,122 -9,065 -2,527 -6,262 -8,816 -5,516 -6,352 -9,007 -2,672 -6,239 19 20 21 -616 -4,713 -492 -€44 -4,757 -473 -671 ^,753 ^96 -671 -4,883 -460 -622 H948 -442 -647 -5,037 -438 -581 -5,291 -464 -678 -5,361 -527 -732 -5,841 -463 -710 -6,010 -494 -797 -6,306 -510 -896 -6,430 -451 -916 -7,018 -472 -1,033 -7,025 -489 -1,061 -6,922 -618 -1,025 -7,362 -537 22 23 24 -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 -8,518 -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 -34,892 -988 -23,882 -10,022 -34,614 -947 -23,546 -10,121 -35,567 -1,305 -24,039 -10,223 -34,077 368 -24,041 -10,404 -32,920 1,079 -23,549 -10,450 -30,670 484 -20,934 -10,220 -29,805 255 -19,794 -10,266 -26,495 1,616 -18,175 -9,936 25 26 27 28 -6,236 -5,854 -6,085 -7,813 -6,250 -5,874 -6,724 -8,117 -6,919 -7,850 -7,543 -12,360 13,733 3,525 -6,953 -5,275 29 -2,298 -678 -3,260 -1,981 -677 -3,196 -2,395 -477 -3,013 -3,863 -677 -3,273 -2,409 -688 -3,153 -1,956 -660 -3,258 -2,735 -706 -3,283 -3,813 -690 -3,614 -2,725 -796 -3,398 -3,569 -798 -3,483 -3,030 -794 -3,719 -8,110 -797 -3,453 18,367 -661 -3,773 8,227 -863 -3,839 -2,246 -860 -3,847 -189 -1,146 -3,940 30 31 32 4,515 -21,828 -48,389 -34,521 -52,028 -6,529 -50,013 -60,176 39,529 -35,403 -41,844 -36,291 -8,819 2,419 -14,331 -37,151 33 1,502 39 -7,380 1,925 -4,000 -12,095 -5,996 -3,202 -3,177 371 1,739 -1,091 -353 1,014 3,877 1,225 155 446 901 180 69 -210 -35 202 -7,547 -173 307 1,791 -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 31 -341 -43 -190 72 1,132 6 -114 3,986 -23 17 1,232 34 35 36 37 38 -1,597 -2,814 1,109 108 -854 -2,021 1,144 23 1,960 -1,458 3,358 60 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 -43 549 -2,018 2,630 -63 -418 -1,056 840 -202 3,238 -8,724 12,417 M55 -459 -1,077 890 -272 39 40 41 42 4,610 -3,414 -4,504 -3,454 15,982 -21,013 -994 1,318 -9,954 -11,383 M2.969 -6,215 -1,500 -5,217 -30,037 -39,903 -5,552 -3,294 -2,568 -28,489 -48,992 -10,464 -2225 -9,293 -27,010 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 -8,580 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 -8,111 -10,260 -18,644 -5,015 -12,567 -9,960 M0 13,552 1,823 439 -12,021 7,902 5,503 -21,447 -7,769 -12,550 3,341 -4,469 -37,918 -11,474 -11,142 -106 -15,196 43 44 45 46 47 31,877 74,408 52,699 87,080 66,562 10,829 73,908 73,092 -22,947 41,100 63,090 59,749 8,129 12,417 32,923 56,174 48 24,925 27,568 27,730 -162 -48 -1,751 -844 6,006 6,055 5,853 202 M42 810 -417 -1,974 -0,197 -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 -5,115 -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 -633 165 -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 5,569 126 155 -29 769 3,908 766 -4,914 -3,764 -3,545 -219 253 -1,517 115 3,854 6,095 5,621 474 771 -3,107 95 12,879 13,690 12,615 1,075 -426 -768 383 49 50 51 52 53 54 55 6,952 8,274 5,911 600 2,423 12,593 -22,849 68,402 13,594 5,473 2,200 9,702 6,742 30,691 54,673 13,680 3,443 1,300 7,464 6,399 22,387 76,279 21,729 5,412 1,700 6,764 7,159 33,515 58,862 18,480 9,561 1,400 8,544 6,637 14,240 15,943 15,174 2,489 2,300 9,365 12,000 -55,385 60,848 11,359 12,544 200 10,270 -1,121 27,596 80,234 22,723 5,024 2,000 10,588 4,570 35,329 -16,526 15,651 -1,891 3,600 1,311 12,904 -48,101 34,893 13,658 1,857 4,400 2,114 6,713 6,151 49,153 8,172 544 5,500 -2,874 16,838 20,973 39,563 10,435 -3,044 5,300 1,041 8,678 17,153 2,560 3,858 4,739 4,800 5,023 -586 -15,274 17,330 13,117 13,461 2,200 14,872 -2,549 -23,771 29,069 -1,667 -1,196 4,200 10,310 4,761 12,661 43,295 6,697 1,822 4,200 4,939 -4,741 30,378 56 57 58 59 60 61 62 -1,700 4,121 -21,879 -2,916 25,379 -5,663 -19,439 4,462 12,491 3,013 21,756 -1,561 1,781 -7,187 12,465 5,735 6,312 4,102 14,778 142 4,311 -5,582 -761 1,336 -8,908 4,662 -17,168 101 -7,712 -6,033 -13,594 1,265 64 64a -34,308 1,764 -32,544 4,088 -28,456 -6,236 -34,692 -31,294 2,944 -28,350 3,503 -24,847 -5,854 -30,701 -29,960 3,577 -26,383 2,779 -23,604 -6,085 -29,689 -31,397 2,814 -28,583 3,276 -25,307 -7,813 -33,120 -29,051 5,071 -23,980 3,205 -20,775 -6,250 -27,025 -28,699 5,485 -23,214 3,032 -20,182 -5,874 -26,056 -28,710 6,148 -22,562 3,610 -18,952 -6,724 -55,676 -28,785 6,347 -22,438 5,174 -17,264 -8,117 -25,381 -27,146 6,275 -20,871 4,896 -15,975 -6,919 -22,894 -24,596 6,670 -17,926 5,301 -12,625 -7,850 -20,475 -29,050 6,930 -22,120 4,106 -18,014 -7,543 -25,557 -28,238 8,032 -20,206 9,869 -10,337 -12,360 -22,697 -18,796 7,501 -11,295 7,160 -4,135 13,733 9,598 -16,176 10,431 -5,745 4,552 -1,193 3,525 2,332 -19,747 11,989 -7,758 3,831 -3,927 -6,953 -10,880 -19,349 13,217 -6,132 5,978 -154 -5,275 -5,429 65 66 67 68 69 70 71 63 j6 SURVEY OF CURRENT BUSINESS • July 1998 Table 1.—U.S. International [Millions Seasonally adjusted (Credits +; debits - ) l Line 1992 1994 1993 IV Exports of goods, services, and income Goods, adjusted, excluding military2 185,678 184,665 187,647 188,987 191,885 190,366 198,679 201,700 210,537 219,577 229,761 108,344 109,025 109,593 113,390 111,862 114,185 111,429 119,356 118,382 123,025 127,629 133,362 44,032 3,399 44,037 3,005 44,563 3,158 44,349 2,824 46,030 3,690 46,555 3,419 46,852 3,626 46,947 2,736 48,611 2,860 50,259 3,244 50,947 3,714 51,620 2,969 13,619 4,152 5,376 13,716 4,157 5,365 13,562 4,141 5,352 13,845 4,168 5,436 14,204 4,106 5,493 14,469 4,115 5,517 14,486 4,207 5,391 14,716 4,100 5,557 14,399 4,176 5,496 14,714 4,280 5,873 14,493 4,292 6,046 14,810 4,251 6,339 5,153 12,202 131 5,203 12,319 272 5,295 12,756 5,192 5,504 13,245 139 5,257 13,076 204 286 5,376 13,541 225 5,557 14,113 168 6,541 14,888 251 6,655 12,745 299 15,343 150 6,668 15,508 226 6,849 16,142 260 31,969 13,250 17,083 1,636 32,616 14,133 16,678 1,805 30,509 12,880 15,771 1,858 29,908 11,649 16,445 1,814 31,095 14,734 15,040 1,321 31,145 15,245 14,575 1,325 32,085 15,641 15,124 1,320 32,376 15,621 15,614 1,141 34,707 16,366 17,299 1,042 37,253 16,848 19,432 973 41,001 19,023 21,015 963 44,779 20,152 23,484 1,143 -182,358 -189,784 -191,226 -195,115 -195,171 -203,987 -204,124 -214,629 -217,989 -230,785 -243,732 -253,503 -126,284 -133,277 -136,887 -140,010 -141,069 -147,571 -147,926 -152,875 -155,009 -163,852 -171,977 -177,752 -30,081 -3,714 -29,818 -0,438 -29,028 -0,309 -30,635 -3,374 -40,435 -3,177 -01,129 -3,194 -31,359 -02,793 -2,912 -33,467 -2,722 -33,763 -2,709 -04,405 -2,495 -34,521 -2,366 -9,475 -2,626 -5,902 -9,575 -2,579 -5,794 -9,644 -2,629 -6,074 -9,858 -2,769 -5,999 -9,830 -2,716 -6,030 -9,827 -2,754 -6,215 -11,011 -3,034 -6,203 -10,879 -3,179 -6,174 -10,882 -3,227 -11,045 -0,348 -6,776 -10,976 -3,308 -6,629 -1,392 -6,481 -1,137 -6,679 -616 -1,497 -6,291 -1,134 -1,143 -6,964 -575 -1,258 -7,325 -556 -1,331 -6,929 -572 -1,300 -7,512 -1,612 -0,271 -1,421 -0,641 -491 -679 -1,508 -9,121 -613 -25,993 -26,689 -715 -16,152 -25,311 -535 -14,996 -23,667 518 -14,483 -9,702 -25,287 -1,774 -13,826 -9,687 -24,839 1,131 -17,333 Travel Passenger fares Other transportation 16 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 fees 5 Other private services5 U.S. Government miscellaneous services . -7,779 -523 -28,961 -3,319 -1,312 -630 -6,556 -638 -29,513 -3,295 -16,032 -10,186 -03,170 -4,479 -18,112 -10,579 -37,350 -5,985 -20,225 -11,140 -41,230 -6,862 -22,081 -12,287 -9,791 -9,822 -9,780 -9,962 -8,471 -7,880 -11,250 -8,590 -8,538 -9,320 -11,694 -8,033 -9,374 -9,808 -12,176 -2,941 -3,025 -1,011 -3,844 -6,461 -901 -3,786 -0,398 -1,189 -0,884 -917 -3,872 -3,504 -900 -4,186 -3,243 -1,061 -4,234 -0,904 -1,061 -4,355 -6,169 -1,060 ^,465 -2,365 -963 -4,705 -3,667 -971 -4,736 -0,396 -1,549 ^,863 -6,080 -1,062 -5,034 U.S. assets abroad, net (increase/capital outflow (-))... -9,963 -14,813 -12,185 -31,812 -20,024 -44,338 -51,461 -78,714 -08,307 -41,744 -29,800 -61,253 U.S. official reserve assets, net 7 Gold Special drawing rights Reserve position in the International Monetary Fund . Foreign currencies -1,057 1,464 1,952 1,542 -983 822 -545 -673 -59 3,537 -165 2,033 -172 111 -168 1 1,631 -173 -118 2,243 2,829 -2,685 -140 -228 -615 -166 313 675 -118 -48 -378 -113 -80 -480 -101 -3 45 -108 251 3,394 -111 273 -327 -121 -27 2,181 U.S. Government assets, other than official reserve assets, net U.S. credits and other long-term assets Repayments on U.S. credits and other long-term assets 8 U.S. foreign currency holdings and U.S. short-term assets, net -258 -1,516 1,326 -714 -2,663 489 -943 1,763 -031 -293 -764 -197 -1,666 2,036 -567 -040 -2,926 399 -757 891 ^20 1,580 1,006 1,120 36 477 -997 1,642 -168 -322 -1,270 1,369 -421 -943 -2,248 937 368 U.S. private assets, net Direct investment Foreign securities U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns U.S. claims reported by U.S. banks, not included elsewhere Foreign assets in the United States, net (increase/capital inflow (+)) . Foreign official assets in the United States, net U.S. Government securities U.S. Treasury securities9 Other 10 Other U.S. Government liabilities11 U.S. liabilities reported by U.S. banks, not included elsewhere Other foreign official assets 12 Other foreign assets in the United States, net Direct investment U.S. Treasury securities U.S. currency U.S. securities other than U.S. Treasury securities U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns , U.S. liabilities reported by U.S. banks, not included elsewhere 70 71 -601 -7,628 U.S. Government grants 4 U.S. Government pensions and other transfers Private remittances and other transfers6 65 66 67 68 69 -584 -6,439 -15,617 -10,025 Unilateral transfers, net 64 64a 16 -2,919 -10,045 -2,906 -6,076 -24,470 -184 -14,598 -9,688 Income payments on foreign assets in the United States , Direct investment payments Other private payments U.S. Government payments 63 Ill 184,345 Services 3 Transfers under U.S. military agency sales contracts4 Royalties and license fees 5 Other private services5 U.S. Government miscellaneous services . I -996 1,398 -999 -13,878 -295 -390 -1,978 1,359 -68 -1,240 1,084 -139 229 2,038 -89 -0,648 -19,231 -0,668 -15,982 -8,853 -8,196 -13,747 -3,774 -13,059 -02,640 -10,781 -19,243 -19,530 -13,517 -28,208 -44,867 -21,770 -29,833 -50,720 -11,638 -51,940 -77,701 -01,021 -36,272 -38,647 -27,121 -19,540 -45,758 -13,604 -9,229 -29,313 -16,132 -12,405 -62,343 -18,359 -19,135 7,562 11,689 -6,620 7,687 -0,737 6,823 2,408 -5,024 -6,130 28,325 -725 7,461 5,896 6,962 1,725 -12,133 -2,215 10,229 -20,966 -1,959 -960 184 -12,195 -12,654 30,624 49,814 34,979 53,357 24,541 58,453 85,088 111,590 56,408 81,591 76,692 20,988 20,879 12,950 11,251 6,133 10,937 1,745 1,080 665 -469 8,257 1,404 17,466 6,750 5,668 1,082 132 9,485 1,099 19,073 20,443 19,098 1,345 24,277 24,076 23,106 19,358 18,697 970 177 932 -2,486 16,475 2,222 284 202 8,774 7,456 1,318 626 184 718 -415 -102 9,588 -753 9,455 8,282 5,922 2,360 -5 2,143 -965 1,177 -800 -9,243 45 76,490 20,521 25,799 6,900 10,160 10,568 5,568 113 1,699 518 7,486 -75 -7,524 593 -319 912 607 -7,724 -1,000 9,636 1,631 686 1,300 4,569 28,935 5,426 10,231 1,100 10,467 42,503 2,408 4,908 6,100 2,531 47,224 8,470 21,306 4,900 12,476 13,604 7,502 13,363 3,000 9,694 40,987 10,801 -292 5,900 15,205 66,015 11,082 3,258 6,400 17,782 87,313 19,609 8,052 3,600 37,411 79,201 5,372 9,912 5,500 21,070 46,953 5,333 -7,098 6,300 12,352 62,233 13,366 5,661 4,700 13,389 5,689 -4,239 3,954 -2,243 4,854 21,702 -924 -215 -19,740 6,531 2,842 27,205 3,885 14,756 5,856 31,491 4,269 25,797 -1,620 26,737 -7,203 20,313 -15,020 4,421 -22,424 452 -8,353 -2,827 1,364 10,257 6,525 59 -10,549 -5,232 671 -27,140 5,521 3,922 14,958 -202 -17,828 -6,814 20,479 3,096 -17,940 13,951 -24,252 14,219 -27,294 -10,033 5,927 15,535 -11,759 5,198 -26,620 13,714 -12,906 5,438 -29,207 15,595 -13,612 7,428 -43,386 15,426 -17,960 5,858 -36,497 15,493 -21,004 -03,519 14,154 -3,989 5,976 7,246 3,415 -06,627 15,144 -21,483 5,194 -40,827 16,496 -24,331 4,083 -44,348 16,542 -27,806 3,651 -44,390 17,099 -27,291 3,549 1,987 -7,628 -5,641 -4,106 -8,471 -12,577 -6,561 -7,880 -14,441 -7,468 -11,250 -18,718 -6,184 -8,590 -14,774 -12,102 -8,538 -20,640 -13,758 -9,320 -23,078 -15,950 -11,694 -27,644 -16,289 -0,033 -24,322 -20,248 -9,374 -29,622 -24,155 -9,808 -33,963 i -23,742 -12,176 -05,918 15,380 14,916 464 -73 -6,520 -7,394 874 1,138 11,241 274 1,074 897 659 Allocations of special drawing rights Statistical discrepancy (sum of above items with sign reversed) Of which seasonal adjustment discrepancy Memoranda: Balance on goods (lines 2 and 16) Balance on services (lines 3 and 17) Balance on goods and services (lines 65 and 66) Balance on investment income (lines 11 and 25) Balance on goods, services, and income (lines 1 and 15 or lines 67 and 68)13 Unilateral transfers, net (line 29) Balance on current account (lines 1,15, and 29 or lines 69 and 70) 1 3 .... See footnotes on page 89. -6,233 -6,249 -19,365 SURVEY OF CURRENT BUSINESS July 1998 • 77 Transactions—Continued of dollars] Seasonally adjusted 1996 1995 I IV 1997 1998 I II III IV I II III IV Line \p II III 240,452 247,013 253,187 258,837 260,386 263,135 262,430 278,017 283,765 295,287 300,481 299,843 297,855 1 139,016 142,103 145,909 148,817 150,855 152,130 151,253 157,745 163,499 169,240 172,302 174,284 171,469 2 52,334 3,435 53,385 3,589 56,506 3,988 57,575 3,743 57,534 3,485 59,204 3,740 58,119 3,925 63,932 4,615 62,685 4,338 64,776 4,890 65,628 4,883 65,175 4,158 64,934 4,680 3 4 14,863 4,538 6,295 15,041 4,500 6,561 16,357 4,869 6,528 17,133 5,001 6,697 16,847 4,989 6,263 17,651 5,058 6,490 16,163 4,869 6,438 19,090 5,497 6,882 18,197 5,130 6,698 18,542 5,189 6,724 18,325 5,212 6,678 18,204 5,364 6,809 18,205 5,360 6,538 5 6 7 7,219 15,782 202 7,429 16,107 158 7,822 16,680 262 7,819 16,986 196 7,989 17,672 289 7,999 18,079 187 8,257 18,257 210 8,577 19,064 207 8,306 19,813 203 8,407 20,833 191 8,580 21,750 200 8,381 22,069 190 8,283 21,673 195 8 9 10 49,102 21,830 26,079 1,193 51,525 23,838 26,340 1,347 50,772 23,066 26,662 1,044 52,445 24,430 26,886 1,129 51,997 24,101 26,638 1,258 51,801 24,172 26,455 1,174 53,058 24,447 27,330 1,281 56,340 27,082 28,310 948 57,581 26,716 30,018 847 61,271 28,286 32,041 944 62,551 28,935 32,717 899 60,384 25,470 34,069 845 61,452 26,124 34,498 830 11 12 13 14 -262,749 -272,451 -273,127 -271,784 -278,128 -287,364 -293,777 -299,036 -311,881 -321,342 -329,130 -332,549 -335,841 15 -183,093 -190,539 -188,077 -187,865 -193,467 -200,965 -202,806 -206,082 -213,222 -218,336 -221,598 -224,123 -227,167 16 -05,586 -2,527 -36,388 -2,468 -36,838 -2,470 -37,156 -2,521 -38,023 -2,737 -38,573 -2,747 -39,644 -2,820 -39,786 -2,777 -41,092 -2,796 -42,195 -2,699 -43,437 -2,938 -43,795 -3,055 ^4,098 -3,150 17 18 -10,982 -3,404 -6,754 -11,302 -3,655 -6,781 -11,084 -3,745 -6,861 -11,550 -3,861 -6,639 -11,942 -3,862 -6,526 -11,768 -3,893 -6,990 -12,139 -3,995 -6,991 -12,199 ^,068 -6,895 -12,736 -4,311 -7,034 -12,764 -4,663 -7,317 -12,897 -4,704 -7,200 -12,823 -4,557 -7,397 -13,179 -4,563 -7,189 19 20 21 -1,569 -9,658 -692 -1,654 -9,892 -636 -1,773 -10,243 -662 -1,923 -10,029 -633 -1,812 -10,486 -658 -1,840 -10,678 -657 -2,284 -10,723 -692 -1,917 -11,250 -680 -2,106 -11,423 -686 -2,168 -11,905 -679 -2,559 -12,409 -730 -2,578 -12,684 -701 -2,885 -12,428 -704 22 23 24 -44,070 -6,856 -23,914 -13,300 -45,524 -7,027 -24,391 -14,106 -48,212 -3,947 -24,413 -14,852 -46,763 -7,365 -24,286 -15,112 -46,638 -7,913 -23,596 -15,129 -47,826 -8,073 -23,974 -15,779 -51,327 -8,976 -24,767 -17,584 -53,168 -8,678 -25,564 -18,926 -57,567 -10,664 -26,705 -20,198 -60,811 -10,887 -28,023 -21,901 -64,095 -12,548 -28,849 -22,698 -64,631 -11,574 -30,382 -22,675 -64,576 -10,700 -31,393 -22,483 25 26 27 28 -8,623 -8,110 -6,938 -8,967 -10,473 -8,777 -9,043 -12,284 -8,874 -9,035 -9,445 -12,337 -9,224 29 -2,887 -759 -4,977 -2,391 -973 -4,746 -3,004 -965 -4,969 -2,888 -736 -5,343 -4,372 -1,150 -4,951 -2,447 -1,097 -5,233 -2,720 -1,100 -5,223 -5,484 -1,095 -5,705 -2,241 -1,013 -5,620 -2,274 -1,055 -5,706 -2,362 -1,056 -6,027 -5,213 -1,069 -6,055 -2,257 -1,071 -5,896 30 31 32 -62,664 -112,864 -40,903 -111,020 -69,695 -60,623 -83,101 -155,381 -145,139 -86,606 -123,317 -123,441 -44,747 33 -5,318 -2,722 -1,893 191 17 -523 7,489 -315 4,480 -236 -730 ^,524 -444 -867 -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 -133 54 -157 -139 -463 -128 -150 -4,221 -153 -182 -85 -177 34 35 36 37 38 -158 -1,622 1,069 395 -225 -856 642 -11 252 -1,028 1,522 -242 -458 -1,337 882 -3 -210 -1,076 1,013 -147 -377 -1,508 870 261 163 -1,189 1,269 83 -284 -1,238 1,045 -91 -22 -1,168 1,171 -25 -269 -1,616 1,358 -11 436 -1,421 1,878 -21 29 -1,097 1,097 29 ^26 -1,199 1,187 -414 39 40 41 42 -57,188 -18,578 -7,631 -109,917 -14,504 -23,313 -39,262 -21,336 -36,144 -110,753 -42,234 -32,986 -69,502 -21,950 -34,611 -69,723 -14,741 -23,625 -90,753 -22,005 -25,881 -154,782 -22,375 -31,684 -149,597 -32,498 -15,521 -86,101 -26,388 -23,263 -123,023 -27,488 -41,167 -118,946 -35,470 -8,030 -43,877 -30,924 -5,173 43 44 45 -2,631 -28,348 -24,580 -47,520 13,729 4,489 -31,804 -3,729 -15,210 2,269 -22,000 643 -9,090 -33,777 -40,033 -60,690 -37,880 -63,698 -9,825 -26,625 -24,791 -29,577 -47,907 -27,539 -20,683 12,903 46 47 103,148 128,803 124,329 109,169 90,534 109,122 149,361 214,339 181,735 149,773 181,438 220,491 90,893 48 21,928 11,258 10,132 1,126 -590 10,995 265 36,984 26,560 25,234 1,326 -34 7,510 2,948 39,356 21,116 20,598 518 -450 18,918 -228 11,500 13,778 13,013 765 857 -3,415 280 51,833 55,839 55,685 154 ^92 -3,303 -211 13,601 -1,934 -3,378 1,444 33 14,217 1,285 23,432 26,135 24,908 1,227 559 -1,677 -1,585 38,478 40,639 38,456 2,183 ^62 -3,533 1,834 26,949 23,065 22,311 754 -587 7,696 -3,225 -5,411 -10,862 -11,689 827 -523 5,043 931 21,258 9,353 6,686 2,667 -1,167 12,439 633 -26,979 -24,492 -24,578 86 -244 -3,250 1,007 10,181 13,947 11,337 2,610 -1,059 -1,751 -956 49 50 51 52 53 54 55 81,220 9,850 30,011 6,400 15,734 91,819 11,874 30,439 1,900 20,606 84,973 16,762 37,295 1,900 32,128 97,669 19,167 1,803 2,100 27,899 38,701 27,639 18,031 -2,391 29,365 95,521 14,225 26,967 4,542 31,161 125,929 16,024 38,727 7,382 35,095 175,861 19,733 71,271 7,829 34,530 154,786 25,879 33,363 3,484 45,477 155,184 20,149 42,614 4,822 54,258 160,180 18,964 35,432 6,576 60,327 247,470 28,453 35,301 9,900 36,783 80,712 25,020 -1,363 746 76,656 56 57 58 59 60 17,764 1,461 11,864 15,136 13,493 -16,605 16,516 30,184 -557 -33,386 16,367 2,259 25,629 3,072 -2,035 44,533 28,840 17,743 5,274 28,067 26,275 12,606 47,390 89,643 20,852 -41,199 61 62 -9,564 4,742 17,609 358 -54,548 -7,559 23,765 2,463 7,376 4,928 -15,493 116 -25,870 -3,779 -25,655 3,734 394 5,812 -28,077 685 -20,027 -10,018 -52,007 3,528 1,064 6,260 64 64a -44,077 16,748 -27,329 5,032 -48,436 16,997 -31,439 6,001 -42,168 19,668 -22,500 2,560 -39,048 20,419 -18,629 5,682 -42,612 19,511 -23,101 5,359 ^8,835 20,631 -28,204 3,975 -51,553 18,475 -33,078 1,731 -48,337 24,146 -24,191 3,172 -49,723 21,593 -28,130 14 -49,096 22,581 -26,515 460 -49,296 22,191 -27,105 -1,544 -^9,839 21,380 -28,459 -4,247 -55,698 20,836 -34,862 -3,124 65 66 67 68 -22,297 -8,623 -30,920 -25,438 -8,110 -33,548 -19,940 -8,938 -28,878 -12,947 -8,967 -21,914 -17,742 -10,473 -28,215 -24,229 -3,777 -33,006 -31,347 -9,043 ^0,390 -21,019 -12,284 -33,303 -28,116 -3,874 -36,990 -26,055 -9,035 -35,090 -28,649 -8,445 -38,094 -32,706 -12,337 -45,043 -37,986 -9,224 -47,210 69 70 71 63 j8 SURVEY OF CURRENT BUSINESS • July 1998 Table 2.—U.S. Trade [Millions 1984 Line 1985 1987 1997 1988 1989 1990 1991 1992 1993 1994 1995 1996 363,836 392,924 421,764 448,161 465,090 512,626 584,742 625,075 689,182 1,224 1,181 848 779 725 681 38 264 22 Balance of payments adjustments to Census trade data: EXPORTS Exports of goods, Census basis' including reexports and including military grant shipments 218,743 212,621 226,471 253,904 323,335 Adjustments: Private gift parcel remittances 169 194 174 257 253 683 890 1,046 Gold exports, nonmonetary 330 406 457 718 593 544 741 225 1,373 5,164 1,345 6,812 1,298 1,607 1,845 1,980 -5,719 -134 -5,461 -2 -4,549 -507 -5,686 -692 -5,221 -575 -4,667 -256 -5,162 -4,970 -1,152 -7,767 -1,664 -6,166 -1,273 -9,370 -1,794 -8,641 -1,073 -12,427 -1,654 -9,116 -1,444 219,926 215,915 223,344 250,208 320,230 362,120 389,307 416,913 440,352 456,832 502,398 575,845 611,983 679,325 365,672 406,283 441,926 473,647 495,980 488,452 532,663 663,256 743,543 795,289 870,671 Inland U.S. freight to Canada 2 U.S.-Canadian reconciliation adjustments, n.e.c, net 3 Exports transferred under U.S. military agency sales contracts identified in Census documents4 Other adjustments, net 5 Equals: Exports of goods, adjusted to balance of payments basis excluding "military" (table 1, line 2) IMPORTS Imports of goods, Census basis' (general imports) 330,510 Adjustments: Electric energy Gold imports, nonmonetary Inland freight in Canada 2 U.S.-Canadian reconciliation adjustment, n.e.c, net 3 Imports of U.S. military agencies identified in Census documents4 Other adjustments, net 6 7 Equals: Imports of goods, adjusted to balance of payments basis, excluding "military" (table 1, line 16) 1,067 474 1,504 -641 1,021 559 1,376 -859 872 2,163 1,643 -645 826 3,577 2,120 82 2,134 2,120 87 1,348 2,264 89 948 2,525 85 1,887 2,809 84 2,133 1,830 6,775 2,768 2,752 3,129 92 3,066 3,350 45 4,948 3,595 3,536 3,704 -774 478 -1,005 613 -1,199 -61 -1,330 -137 -1,686 426 468 -1,050 -292 -936 -46 -671 -115 -676 -168 -546 -90 -6 -504 -53 -634 2 332,418 338,088 368,425 409,765 447,189 477,365 536,458 589,441 668,590 749,574 803,320 877,279 Trade in goods, by area and country, adjusted to balance of payments basis, excluding military:8 EXPORTS 416,913 440,352 456,832 502,398 575,845 611,983 679,325 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 9,974 132,481 121,441 12,835 14,240 21,877 8,674 16,226 28,018 19,571 11,040 138,339 124,759 12,683 14,442 22,965 8,616 16,498 30,238 19,317 13,580 152,962 138,851 13,894 15,804 24,202 8,927 19,671 35,912 20,441 14,111 81,090 43,864 83,464 47,806 47,213 91,361 46,874 101,156 46,683 114,830 51,813 127,553 63,131 134,516 65,969 152,047 64,600 8,101 8,303 8,261 8,109 9,582 10,501 11,713 11,913 5,522 4,338 4,839 5,630 6,183 5,346 5,721 7,289 7,750 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 78,204 5,930 40,494 5,316 23,827 41,478 4,475 26,321 92,012 7,916 50,743 3,954 95,830 11,152 46,189 4,602 33,887 108,866 12,348 56,740 4,664 35,114 134,272 15,806 71,152 6,583 40,731 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 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 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 12,168 16,116 8,956 1,815 140,628 130,436 12,287 11,754 14,203 24,205 14,904 18,528 9,905 1,437 145,289 135,399 13,857 11,938 13,874 25,654 16,254 17,540 9,487 1,753 155,781 144,777 16,045 12,723 15,065 24,602 17,550 19,159 10,615 1,528 52 174 558 207,317 13,777 99,084 234,247 12,669 115,030 253,812 12,712 122,225 295,221 17,113 189,975 338,129 18,326 219,390 355,388 20,274 236,319 386,458 24,156 268,711 219,926 215,915 223,344 250,208 320,230 362,120 Western Europe European Union Belgium and Luxembourg France Germany 9 Italy Netherlands United Kingdom . Other Western Europe, excluding EU 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 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 86,409 11,525 5,465 8,026 13,749 6,649 9,078 74,464 7,385 9,913 14,252 6,670 9,714 18,064 8,466 11,945 98,423 84,536 Canada 3 Japan Australia, New Zealand, and South Africa 10 Australia 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 5,073 5,289 6,809 4,301 3,249 2,070 2,259 3,805 Latin America and Other Western Hemisphere Brazil Mexico Venezuela Other 29,765 2,746 30,762 3,878 12,310 3,095 11,479 34,949 4,084 12,020 3,387 11,612 30,796 3,310 13,386 3,063 11,037 14,551 3,530 12,784 43,659 4,244 20,583 4,532 14,300 Other countries in Asia and Africa 8 1 0 Asia810 Members of OPEC China Hong Kong Korea, Republic of Singapore Taiwan ... .. Africa 8 1 0 Members of OPEC 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 33 178 141,021 13,775 65,097 140,545 11,397 63,795 Total, all countries (A-8) Eastern Europe International organizations and unallocated .... 5,679 7,588 8,445 11,584 16,393 224 Memoranda: Industrial countries8 Members of OPEC 8 Other countries8 150,302 10,386 165,613 10,714 73,881 261,288 18,446 136,790 265,116 19,726 155,422 270,621 18,692 167,295 SURVEY OF CURRENT BUSINESS July 1998 • 79 in Goods of dollars] Seasonally adjusted Not seasonally adjusted 1997 1996 I II 153,832 192 I IV III II 1998 I \p IV III 1997 1996 II 157,053 149,771 164,419 164,945 174,967 169,041 180,229 172,915 153,264 181 165 187 185 174 169 153 158 192 247 8 9 22 1 IV III II 1998 Line \p IV III 155,010 155,374 161,427 165,748 171,787 175,129 176,518 173,794 1 181 165 187 185 174 169 153 158 2 247 8 9 22 3 4 5 -2,160 -442 -2,943 -565 -3,859 -435 -3,465 -412 -1,932 -503 -2,177 -666 -2,754 -242 -2,253 -133 -5,338 -146 -2,160 -442 -2,943 -365 -3,859 -435 -3,465 -412 -1.932 -603 -2,177 -566 -2,754 -242 -2,253 -133 -2,338 -145 6 151,422 154,173 145,650 160,738 162,695 172,420 166,214 177,996 170,589 150,855 152,130 151,253 157,745 163,499 169,240 172,302 174,284 171,469 8 185,854 195,717 204,015 209,703 203,211 214,417 224,733 228,310 217,432 191,571 197,209 201,281 205,228 211,082 215,526 220,859 223,204 225,855 9 12 794 862 16 1352 1980 2973 913 917 982 914 204 891 1 686 926 10 11 935 125 885 1,980 914 12 794 862 1352 982 204 891 1056 917 1 686 926 17 125 885 -98 -14 -136 -131 -139 -118 -144 -178 -194 -9 -12 -18 -11 -8 3 18 17 16 1 056 2973 935 913 -98 -14 -136 -131 -139 -118 -144 -178 -194 -9 -12 -18 -11 -8 3 18 187,750 199,474 205,540 210,556 205,351 217,227 225,472 229,229 218,744 193,467 200,965 202,806 206,082 213,222 218,336 221,598 151,422 154,173 145,650 160,738 162,695 172,420 166,214 177,996 170,589 150,855 152,130 151,253 157,745 163,499 169,240 34,963 31,659 3,148 3,738 5,853 2,404 4,129 7,275 5,112 3,304 36,310 32,494 3,126 3,558 5,803 2,310 3,916 9,021 4,760 3,816 31,211 27,882 3,054 3,170 5,295 1,780 3,522 6,953 4,108 3,329 35,855 32,724 3,355 3,976 6,014 2,122 4,931 6,989 5,337 3,131 38,600 35,044 3,432 3,827 6,132 2,228 4,752 9,535 5,138 3,556 39,862 35,143 3,383 3,964 6,271 2,329 4,820 9,331 5,045 4,719 35,340 32,381 3,399 3,724 5,741 2,006 4,776 8,158 4,577 2,959 39,160 36,283 3,680 4,289 6,058 2,364 5,323 8,888 5,681 2,877 41,590 38,711 3,905 4,686 6,339 2,374 5,119 10,070 6,168 2,879 34,889 31,627 3,150 3,743 5,846 2,404 4,104 7,285 5,095 3,262 35,755 31,987 3,071 3,494 5,704 3,890 8,856 4,694 3,768 32,399 28,933 3,160 3,280 5,491 1,851 3,663 7,203 4,285 3.466 35,296 32,212 3,302 3,925 5,924 2,083 4,841 6,894 5,243 3,084 38,797 35,257 3,459 3,858 6,171 2,241 4,780 9,581 5,167 3,540 39,081 34,434 3,307 3,875 6,141 2,286 4,732 9,131 4,962 4,647 33,182 17,177 34,351 16,475 32,330 16,137 34,653 16,180 36,812 16,401 38,779 16,604 36,813 15,736 39,643 15,859 39,575 14,782 33,170 17,017 33,793 16,383 33,448 16,800 34,105 15,769 37,132 16,403 2,987 2,912 2,896 2,918 2,823 3,100 3,091 2,899 3,109 2,990 2,850 2,995 2,878 1,868 1,634 1,788 1,999 1,807 2,111 1,742 2,090 2,008 1,846 1,642 1,870 1,931 24,680 2,556 12,965 1,063 8,096 26,464 2,918 13,651 1,215 8,680 27,719 3,374 14,345 1,181 8,819 30,003 3,500 15,779 1,205 9,519 29,474 3,374 15,639 1,296 9,165 32,485 3,831 17,001 1,663 9,990 34,813 4,106 18,498 1,827 10,382 37,500 4,495 20,014 1,797 11,194 35,281 3,453 19,526 1,840 10,462 24,604 2,552 12,930 1,058 8,064 26,096 2,859 13,469 1,200 8,568 28,735 3,492 14,861 1,224 9,158 36,563 33,789 3,254 3,150 3,157 6,303 4,310 4,359 2,639 379 36,027 33,563 3,508 2,486 3,576 6,354 4,105 4,573 2,375 33,569 31,453 3,272 2,514 3,300 6,265 3,909 3,995 2,041 39,130 36,594 3,823 3,788 3,841 6,732 3,930 4,613 2,432 36,778 34,417 3,270 2,867 3,486 6,345 4,343 4,548 2,277 39,479 36,828 3,948 2,926 3,938 6,986 4,290 4,551 2,554 38,679 35,399 3,699 2,971 3,809 5,850 4,727 4,594 3,159 40,845 38,133 5,128 3,959 3,832 5,421 4,190 5,466 2,625 34,244 31,675 4,111 3,155 3,199 3,366 3,915 4,698 2,475 35,611 33,154 3,452 2,468 3,533 6,304 4,021 4,531 2,366 589 372 413 296 365 496 371 421 36,337 33,604 3,220 3,132 3,144 6,247 4,297 4,331 2,599 371 592 -301 2 89,508 4,696 57,216 y 2,278 ( 83,857 4,825 56,968 90,769 5,441 64,528 95,752 4,862 62,081 99,622 5,976 66,822 92,231 6,022 67,961 98,853 7,296 71,847 100,272 6,372 63,945 89,260 4,649 56,944 12 13 -301 14 15 224,123 227,167 16 172,302 174,284 171,469 1 36,645 33,547 3,513 3,852 5,942 2,083 4,950 8,449 4,758 3,098 38,439 35,613 3,615 4,219 5,948 2,317 5,209 8,751 5,554 2,826 41,810 38,924 3,929 4,715 6,426 2,388 5,148 10,110 6,208 2,886 2 3 4 5 6 7 8 9 10 11 37,979 16,404 38,033 16,364 38,903 15,429 39,791 14,826 2,840 3,030 3,193 2,850 3,132 1,797 2,097 1,826 2,030 1,981 16 29,431 3,445 15,480 1,182 9,324 29,656 3,396 15,753 1,300 9,207 31,874 3,746 16,672 1,635 9,821 36,022 4,245 19,130 1,890 10,757 36,720 4,419 19,597 1,758 10,946 35,472 3,476 19,652 1,851 10,493 17 18 19 20 21 35,006 32,763 3,438 2,632 3,428 6,518 4,051 4,171 2,166 38,335 35,878 3,747 3,706 3,769 6,585 3,885 4,507 2,356 36,874 34,526 3,271 2,884 3,494 6,350 4,371 4,555 2,264 38,775 36,163 3,878 2,884 3,874 6,869 4,181 4,481 2,517 40,219 36,792 3,860 3,092 3,954 6,091 4,877 4,791 3,301 39,913 37,296 5,036 3,863 3,743 5,292 4,121 5,332 2,533 34,457 31,891 4,138 3,184 3,214 3,374 3,952 4,735 2,473 22 23 24 25 26 27 28 29 30 389 401 292 363 517 356 417 2 91,254 5,312 57,607 7 12 13 14 15 31 32 89,967 5,244 56,919 86,971 5,051 59,231 89,190 5,330 63225 96,296 4,863 62,340 97,746 5,876 65,618 95,530 6,267 70,505 96,886 7,150 70,248 100,781 6,406 64,282 33 34 35 SURVEY OF CURRENT BUSINESS 80 * July 1998 Table 2.-U.S. Trade [Millions 1984 Line 1985 1986 1987 1990 1991 1992 1993 1994 1995 1996 1997 Trade in goods, by area and country, adjusted to balance of payments basis, excluding military«—Continued: IMPORTS 332,418 338,088 368,425 409,765 447,189 477,365 498,337 490,981 536,458 589,441 749,574 803,320 877,279 Western Europe European Union Belgium and Luxembourg France Germany 9 Italy Netherlands United Kingdom Other Western Europe, excluding EU 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 14,674 102,597 102,388 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 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 11,951 147,722 134,260 8,757 17,179 36,770 16,335 6,408 26,774 22,037 13,462 161,665 146,327 9,499 18,633 38,839 18,294 7,481 28,839 24,742 15,338 175,770 160,145 10,849 20,607 43,018 19,382 7,601 32,496 26,192 15,625 Canada 3 japan Australia, New Zealand, and South Africa 10 . Australia 70,244 65,653 5,601 2,697 80,753 73,600 84,578 84,612 60,210 5,631 2,752 93,530 93,098 90,373 93,032 92,251 100,867 97,401 113,310 107,228 131,120 119,137 147,142 123,461 158,669 115,171 171,024 121,658 £595 2,961 3,519 3"854 4,409 4,073 3,682 3,297 3,203 3,402 3,869 4,881 2,217 1,847 1,979 1,919 2,165 2,067 2,267 1,799 1,976 3,524 5,828 7,014 7,004 8,481 Latin America and Other Western Hemisphere . Brazil Mexico Venezuela Other 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 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 8,682 50,055 8,371 21,420 105,268 8,832 62,787 9,764 23,885 124,904 8,773 75,080 13,419 27,632 140,378 9,625 5,652 13,177 51,451 9,462 23,312 5,168 13,509 Other countries in Asia and Africa 8 1 0 . Asia810 Members of OPEC China Hong Kong Korea, Republic of Singapore Taiwan Africa 8 1 0 Members of OPEC 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 9,279 151,973 136,986 16,206 25,727 9,792 16,649 11,310 24,594 14,799 165,962 150,281 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 7,090 215,565 199,734 17,689 45,544 10,286 24,148 18,583 28,971 15,605 6,804 232,038 212,825 21,011 51,511 9,854 22,611 20,348 29,909 18,950 8,234 255,087 234,887 21,753 62,555 10,285 23,145 20,077 32,631 19,924 8,789 205,533 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 31,674 247,080 425,394 34,257 289,923 443,162 42,664 317,494 477,425 44,018 355,836 Total, all countries (A-16) Eastern Europe 4,504 12,498 26,313 11,513 5,950 17,651 7,607 16,561 9,968 23,020 14,406 8,381 13,476 30,616 International organizations and unallocated Memoranda: 70 Industrial countries 8 . Members of OPEC 8 Other countries8 BALANCE (EXCESS OF EXPORTS +) -112,492 -122,173 -145,081 -159,557 -126,959 -115,245 -109,030 -74,068 -96,106 -132,609 -166,192 -173,729 -191,337 -197,954 Western Europe European Union Belgium and Luxembourg France Germany 9 Italy Netherlands , United Kingdom Other Western Europe, excluding EU , -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 -5,599 3,093 -3,904 -942 -6,270 -27,547 -21,951 1,920 -2,559 -15,416 -5,451 3,212 -3,461 -196 -5,596 -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 -15,241 -12,819 4,078 -2,939 -14,893 -7,661 9,818 1,244 -2,466 -2,422 -23,326 -21,568 3,184 -4,191 -15,874 -9,678 9,017 1,399 -5,425 -1,758 -22,808 -21,294 3,045 -4,803 -18,816 -10,455 12,070 3,416 -5,751 -1,514 Canada 3 Japan Australia, New Zealand, and South Africa 10 . Australia -14,593 -36,980 2,218 2,106 -14,819 -43,505 1,365 2,363 -13,198 -54,401 -11,591 -56,948 -10,322 -52,615 -8,845 -49,666 -9,634 ^2,567 -7,141 -45,038 -9,506 -50,527 -12,154 -60,545 -16,290 -67,324 -19,589 -60,330 -24,153 -49,202 -18,977 -57,058 2,478 2,328 3,290 4,247 3,894 4,188 5,015 4,812 6,379 7,099 7,844 7,032 2,084 1,402 91 340 1,640 3,455 2,071 3,040 3,654 2,659 -482 -1,293 285 -731 Latin America and Other Western Hemisphere Brazil Mexico Venezuela Other -18,587 -5,008 -6,057 -3,273 -4,249 -15,314 -3,883 -5,718 -3,457 -2,256 -11,253 -3,112 -5,355 -1,717 -1,069 -12,346 ^,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 -9,438 2,320 -16,598 -5,162 10,002 -16,038 3,575 -18,340 -8,755 7,482 -6,106 6,181 -15,509 -6,893 10,115 100 101 Other countries in Asia and Africa 8 1 0 Asia810 Members of OPEC China Hong Kong Korea, Republic of Singapore Taiwan Africa 8 1 0 Members of OPEC -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 -35,933 -2,539 -1,624 -5,801 -6,941 -1,245 -14,642 -4,425 -3,401 -53,793 -47,574 -5,777 -2,792 -5,855 -9,316 -2,101 -17,514 -6,354 -5,155 -45,024 -41,584 -3,926 ^3,440 -4,578 -9,523 -2,190 -12,798 -3,682 -4,117 -51,960 ^5,780 -6,481 -6,224 -3,429 -6,637 -1,651 -14,500 -6,176 -6,223 -55,512 -47,560 -9,857 -10,413 -2,692 -4,543 -1,798 -11,563 -8,129 -8,011 ^4,593 -39,087 -4,338 -12,741 -1,180 -2,108 -1,240 -10,336 -5,745 -6,678 -54,104 -48,757 -3,609 -18,328 -772 -2,809 -1,799 -10,085 -5,655 -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 -5,134 -5,275 -74,937 -69,298 -5,402 -33,790 3,917 57 -3,679 -10,443 -5,700 -5,367 -66,749 -77,426 -7,154 -39,573 4,020 3,043 -4,094 -12,369 -9,463 -6,481 -99,306 -30,110 -5,708 -49,832 4,780 1,457 -2,527 -13,472 -9,309 -7,261 102 International organizations and unallocated . 33 178 52 174 558 389 -64,512 -13,078 -34,935 -78,408 -11,437 -32,506 -75,912 -9,239 -41,860 -58,230 -16,574 -40,615 -46,110 -24,312 -39,166 -32,994 -14,985 -26,478 -94,615 -14,561 -57,105 -67,265 -15,931 -70,533 -87,774 -22,390 -81,175 -90,967 -19,862 -67,125 Total, all countries . Eastern Europe 87 224 Memoranda: 103 104 105 Industrial countries 8 . Members of O P E C 8 . Other countries8 See footnotes on page 89. -95,050 -6,507 ^1,524 -94,053 -13,702 -51,802 -51,165 -12,651 -32,378 -77,221 -13,952 -41,660 SURVEY OF CURRENT BUSINESS July 1998 • 8l in Goods—Continued of dollars] Seasonally adjusted Not seasonally adjusted 1997 1996 I II IV III II I \p IV III 1997 1996 1998 I II IV III I II 1998 III IV Line \p 187,750 199,474 205,540 210,556 205,351 217,227 225,472 229,229 218,744 193*467 200,965 202,806 206,082 213,222 218,336 221,598 224,123 227,167 36 38,105 34,601 2,602 4,327 9,060 4,478 1,526 6,698 5,910 3,504 41,994 37,561 3,307 4,653 9,589 4,468 1,905 7,383 •6,256 4,433 39,835 36,216 1,733 4,680 9,810 4,661 2,294 7,013 6,025 3,619 41,731 37,949 1,857 4,973 10,380 4,687 1,756 7,745 6,551 3,782 40,937 37,295 2,708 4,578 10,062 4,499 1,815 7,593 6,040 3,642 45,147 41,252 3,959 5,024 11,015 4,784 1,869 7,953 6,648 3,895 43,076 39,294 2,065 5,490 10,299 4,911 1,949 8,112 6,468 3,782 46,610 42,304 2,117 5,515 11,642 5,188 1,968 8,838 7,036 4,306 44,938 40,618 2,152 5,389 11,446 5,009 1,675 8,111 6,836 4,320 39,256 35,652 2,655 4,465 9,347 4,620 1,574 6,896 6,095 3,604 42,276 37,816 3,322 4,691 9,655 4,500 1,919 7,431 6,298 4,460 39,290 35,726 1,711 4,620 9,673 4,592 2,273 6,915 5,942 3,564 40,843 37,133 1,811 4,857 10,164 4,582 1,715 7,597 6,407 3,710 42,507 38,737 2,783 4,768 10,462 4,680 1,880 7,885 6,279 3,770 45,387 41,474 3,972 5,057 11,068 4,809 1,881 8,003 6,684 3,913 42,306 38,590 2,024 5,394 10,108 4,827 1,916 7,974 6,347 3,716 45,570 41,344 2,070 5,388 11,380 5,066 1,924 8,634 6,882 4,226 46,638 42,184 2,238 5,599 11,870 5,205 1,742 8,425 7,105 4,454 37 38 39 40 41 42 43 44 45 46 38,088 28,769 40,980 27,954 38,917 28,434 40,684 30,014 42,172 30,102 43,313 29,398 41,329 30,730 44,210 31,428 43,891 30,353 39,206 29,687 41,252 28,151 38,375 28,045 39,836 29,288 43,752 31,316 43,489 29,532 40,576 30,158 43,207 30,652 45,592 ' 31,591 47 827 882 992 1,168 1,201 1,125 1,294 1,261 1,262 853 890 979 1,147 1,239 1,133 1,275 1,234 1,312 50 1,376 1,680 1,766 2,182 1,854 2,030 2,350 2,247 2,418 1,421 1,694 1,745 2,144 1,926 2,044 2,312 2,199 2,516 51 28,116 2,060 17,107 2,672 6,277 31,404 2,176 18,789 3,517 6,922 32,031 2,320 19,188 3,452 7,071 33,353 2,217 19,996 3,778 7,362 32,846 2,327 19,878 3,320 7,321 34,956 2,506 21,506 3,289 7,655 36,096 2,545 22,171 3,400 7,980 36,480 2,247 23,106 3,467 7,660 34,847 2,284 22,549 2,531 7,483 28,904 2,124 17,624 2,707 6,449 31,651 2,190 18,946 3,542 6,973 31,606 2,287 18,942 3,404 6,973 32,743 2,172 19,568 3,766 7,237 34,014 2,421 20,643 3,359 7,591 35,121 2,516 21,623 3,295 7,687 35,518 2,497 21,804 3,373 7,844 35,725 2,191 22,591 3,449 7,494 36,094 2,378 23,387 2,576 7,753 52 53 54 55 52,469 48,440 4,291 10,061 2,270 6,198 5,064 6,869 3,980 1,765 54,580 49,626 4,973 11,313 2,237 5,508 5,024 7,247 4,890 2,262 63,565 58,272 5,709 15,792 2,741 5,299 5,196 7,947 5,195 2,373 61,424 56,487 6,038 14,345 2,606 5,606 5,064 7,846 4,885 1,834 56,239 51,061 4,864 12,558 2,130 5,090 4,569 7,261 5,125 2,276 61,258 56,083 5,449 14,452 2,242 5,802 5,129 7,929 5,095 2,430 70,597 65,499 5,853 18,412 3,080 6,247 5,399 8,660 5,012 2,180 66,993 62,244 5,587 17,133 2,833 6,006 4,980 8,781 4,692 1,903 61,035 56,658 4,727 14,806 2,321 5,590 4,546 7,779 4,314 1,614 54,140 50,047 4,389 10,455 2,352 6,391 5,218 7,100 4,042 1,778 55,051 50,057 5,016 11,453 2,258 5,534 5,057 7,304 4,929 2,285 62,766 57,550 5,633 15,639 2,707 5,215 5,124 7,845 5,120 2,335 60,081 55,171 5,973 13,964 2,537 5,471 4,949 7,660 4,859 1,836 58,468 53,203 4,996 13,154 2,230 5,301 4,751 7,570 5,211 2,294 61,630 56,441 5,467 14,568 2,260 5,838 5,159 7,974 5,108 2,435 69,453 64,409 5,779 18,117 3,029 6,136 5,304 8,508 4,960 2,168 65,536 60,834 5,511 16,716 2,766 5,870 4,863 8,579 4,645 1,892 63,424 58,943 4,845 15,446 2,423 5,822 4,723 8,102 4,413 1,631 48 49 -.; 56 57 58 59 60 61 62 63 64 65 66 67 106,630 8,728 72,392 112,848 10,752 75,874 109,154 11,534 84,852 114,530 11,650 84,376 115,287 10,460 79,604 120,115 11,168 85,944 117,516 11,433 96,523 124,507 10,957 93,765 121,550 8,872 88,322 109,869 8,874 74,724 113,613 10,843 76,509 107,652 11,372 83,782 112,028 11,575 82,479 119,725 10,649 82,848 120,679 11,197 86,460 115,381 11,320 94,897 121,640 10,852 91,631 126,284 9,052 91,831 68 69 70 -56,328 -45,301 -59,890 -49,818 -42,656 -44,807 -59,258 -51,233 -48,155 -42,612 -48,835 -51,553 -48,337 -49,723 -49,096 -49,296 -49,839 -55,698 71 -3,142 -2,942 -3,624 -3,334 1,321 -1,510 -4,515 -2,881 1,228 -7,450 -6,021 1,563 -1,226 -5,584 -2,824 3,355 -7,131 -5,731 1,545 -1,169 -5,432 -2,749 3,285 46 50 -1,355 -1,429 -1,000 -342 -98 -910 -4,291 -2,439 2,900 1,696 -1,112 -230 -6,306 -7,040 -665 -1,182 -4,927 -2,523 2,851 1,128 -1,722 -5,661 -5,043 1,489 -1,542 -4,166 -2,744 3,034 -1,891 -823 -5,547 -4,921 1,491 -932 -4,240 -2,499 3,126 -703 -1,164 -626 -3,710 -3,480 824 -6,521 -5,829 -251 -1,197 -3,951 -2,222 1,971 1,425 -1,604 -692 -6,891 -6,793 1,449 -1,340 -1,182 -2,741 1,390 -36 -3,348 -1,907 1,753 -703 -5,057 -2,635 3,444 1,959 -668 -1,441 ^,367 -4,025 -751 -3,930 -2,271 2,937 1,942 -902 -5,285 -6,109 -576 -1,060 -4,744 -2,455 2,951 1,378 -1,603 -7,736 -6,913 1,334 -1,766 -4,558 -2,905 2,827 -1,917 -290 -5,876 -5,225 1,498 -997 -4,366 -2,565 3,175 -756 -1,214 -651 -2,337 -2,251 -798 -200 -5,684 -5,067 -181 -1,095 -3,786 -2,158 2,011 1,638 -1,496 -617 72 73 74 75 76 77 78 79 80 81 -4,906 -11,592 -6,629 -11,479 -6,587 -12,297 -6,031 -13,834 -5,360 -13,701 -4,534 -12,794 -4,516 -14,994 -4,567 -15,569 -4,316 -15,571 -6,036 -12,670 -7,459 -11,768 -4,927 -11,245 -5,731 -13,519 2,160 2,030 1,904 1,750 1,622 1,975 1,797 1,638 1,847 2,137 1,960 2,016 492 -46 22 -183 -47 81 -608 -157 -410 425 -52 125 -4,940 -4,312 1,054 -4,843 -2,271 1,748 -3,350 1,283 -4,217 -2,573 2,157 -3,372 1,047 -4,239 -2,024 1,844 -2,471 1,325 -4,505 -1,626 2,335 -1,283 1,561 -3,673 -1,573 2,402 1,020 2,248 -3,092 -1,670 3,534 434 -4,300 -5,555 1,169 -3,023 -691 2,979 428 669 -4,694 -1,649 1,615 -5,477 -2,342 1,595 -29,996 -26,819 -2,437 -13,278 -22,294 -19,893 -2,215 -10,557 1,235 1,126 -1,134 -3,233 -2,453 -1,421 -19,461 -16,644 -1,594 -9,691 1,356 1,255 -226 -2,713 -2,848 -1,980 -21,779 -19,255 -1,501 -11,526 1,696 1,184 -339 -3,378 -2,541 -2,065 -31,918 -30,100 -2,154 -15,441 -26,148 -24,111 -26,791 -24,983 -616 -11,651 -17,803 -16,443 -1,169 -7,323 546 -589 -3,207 -2,074 2,603 577 -3,436 496 742 -4,142 -1,609 1,819 -5,138 -2,302 1,758 -15,906 -14,651 -1,037 -6,911 -18,553 -16,063 -1,465 -3,827 1,339 887 105 -754 -2,510 -1,341 -1,386 -60 846 559 966 -919 -2,674 -2,515 -1,673 -1,287 -3,952 -3,154 -2,001 724 ^59 -13,174 -722 -3,501 -2,216 2,530 389 729 999 878 792 -397 -672 -4,066 -1,853 -1,684 -585 -790 -3,315 -2,067 -1,532 -2,224 -331 -3,081 -1,839 -1,193 -144 2 -17,122 ^,032 -15,176 495 T921 -2,769 -1,443 -1,407 475 117 734 -1,589 -618 -1,328 -1,400 -4,828 -3,260 1,691 -884 -5,444 -2,817 3,406 1,685 -897 -1,568 -6,620 -14,913 -5,510 -13,128 -2,543 -13,794 -4,304 -15,223 -5,801 -16,765 1,731 1,601 1,897 1,918 1,616 1,820 85 -213 -129 53 -486 -169 -535 86 -2,871 1,205 -4,081 -2,180 2,185 -3,312 1,273 -4,088 -2,584 2,087 -4,358 -3,247 1,230 -4,951 -1,66,0 2,134 504 995 -4,890 -2,059 1,616 1,748 -2,674 -1,483 2,913 2,228 -2,994 -1,691 3,452 -622 1,098 -3,735 -725 2,740 87 88 89 90 91 -19,440 -16,903 -1,564 -3,985 1,275 -27,760 -24,787 -2,195 -13,007 -22,855 -20,278 -1,589 -11,684 1,614 1,031 -978 -3,493 -2,591 -2,072 -25,623 -23,538 -475 -12,853 -28,967 -27,052 -707 -12,262 1,303 -1,073 -3,674 -2,954 -1,946 -21,594 -18,677 -1,725 -10,270 1,264 1,049 -380 -3,015 -2,947 -2,002 -29,234 -27,617 -1,919 -15,025 770 -21,746 -19,293 -2,226 -10,258 1,232 1,114 -1,064 -3,153 -2,503 -1,435 92 93 94 95 96 97 98 99 100 -1,036 -2,773 -2,563 -1,693 288 -1,657 721 676 975 925 -45 ^27 -3,717 -1,659 -1,651 977 791 -578 -742 -3,247 -2,112 -1,536 -2,448 -771 -3,367 -1,940 -1,214 2 -21,594 -5,440 -18,267 -25,297 -6,709 -27,884 -23,761 -6,209 -19,848 -19,535 -5,598 -17,523 -20,493 -5.192 -19,122 -25,285 -5,411 -28,562 -25,654 -3,661 -21,918 -21,278 -2,500 -24,377 -20,609 -4,225 -17,780 82 83 84 101 102 -23,646 -5,599 -19,590 -20,681 -6,321 -24,551 -22,838 -3,245 -19,254 -23,429 -5,786 -20,508 -22,933 -5,321 -20,842 -19,851 -5,053 -24,392 -24,754 -3,702 -51,383 -25,503 -2,646 -27,549 103 104 105 82 SURVEY OF CURRENT BUSINESS • July 1998 Table 2.—U.S. Trade [Millions 1984 Line 1987 1985 1990 1988 1991 1992 1993 1994 1995 1996 1997 Trade in goods, by principal end-use category, adjusted to balance of payments basis, excluding military: Exports of goods, balance of payments basis, excluding military (A-8) 219,926 215,915 223,344 250,208 320,230 362,120 389,307 416,913 440,352 456,832 502,398 575,845 611,983 679,325 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 57,229 518,616 61,487 550,496 58,425 620,900 32,196 24,566 23,522 25,229 33,770 37,475 35,172 35,829 40,336 40,692 41,957 50,475 55,533 51,507 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 46,102 18,612 5,688 7,642 5,428 6,618 7,869 7,575 51,203 21,230 6,413 8,874 7,363 7,185 8,080 7,345 47,541 16,137 4,329 5,682 7,506 7,244 8,270 8,384 1,170 921 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 3,966 2,791 64,120 61,159 64,720 70,052 90,019 105,503 109,826 109,592 111,870 121,547 146,372 147,980 158,274 7,329 2,493 1,554 1,385 1,897 6,346 1,617 1,509 1,319 1,901 5,358 842 1,220 1,544 1,752 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 1,576 1,295 1,297 2,700 2,644 1,305 1,535 3,505 10,889 3,717 1,390 1,762 4,020 10,037 2,744 1,366 1,693 4,234 10,603 2,718 1,554 1,665 4,666 56,791 11,299 11,276 4,281 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 3,445 135,483 13,778 13,673 4,295 137,943 15,539 15,404 4,439 9,631 147,671 16,530 16,291 4,122 10,419 Paper and paper base stocks Textile supplies and related materials Chemicals, excluding medicinals Building materials, except metals Other nonmetals 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 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 8,483 6,999 30,082 8,751 10,302 10,750 10,104 8,183 35,137 8,839 11,900 14,487 9,284 42,985 9,061 13,410 12,483 9,555 42,472 9,261 15,262 12,785 10,700 46,864 9,482 16,654 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 12,286 1,281 1,530 5,880 2,194 540 3,146 3,595 11,311 1,303 1,411 5,377 1,769 418 3,190 3,220 15,095 1,394 1,412 9,007 5,691 441 2,875 3,282 13,553 1,284 1,546 6,841 2,627 580 3,634 3,882 21,514 1,752 2,443 12,535 5,811 701 6,023 4,784 22,535 2,474 4,009 10,846 2,961 890 6,995 5,206 22,685 2,109 3,478 11,431 3,730 795 6,906 5,667 23,444 1,713 4,258 11,145 3,563 892 6,690 6,328 22,997 1,626 3,779 10,963 4,540 902 5,521 6,629 27,224 1,774 3,669 14,649 9,147 894 4,608 7,132 26,354 1,853 3,936 12,279 5,815 1,025 5,439 32,478 2,746 5,828 14,602 5,122 1,595 7,885 9,302 33,371 2,116 5,448 15,481 6,940 1,449 7,092 10,326 34,656 2,257 5,920 77,007 79,322 82,815 92,707 119,103 138,908 152,543 166,453 176,070 182,096 205,248 233,778 253,143 295,288 63,963 65,469 74,641 96,014 110,534 118,709 128,227 136,596 147,913 172,090 205,910 220,279 251,623 7,030 56,933 6,643 3,285 1,737 4,175 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 23,040 182,870 11,517 10,160 5,240 9,019 24,113 196,166 12,693 10,287 5,801 9,805 27,977 223,646 15,599 12,614 6,502 11,773 Agricultural products Nonagricultural products Foods, feeds, and beverages Agricultural Grains and preparations Wheat Corn Soybeans Meat products and poultry Vegetables, fruits, nuts, and preparations Other agricultural foods, feeds, and beverages Nonagricultural (fish, distilled beverages, etc.) Fish and shellfish Industrial supplies and materials Agricultural Raw cotton Tobacco, unmanufactured Hides and skins, including furskins Other agricultural industrial supplies Nonagricultural Energy products Fuels and lubricants 11 Coal and related fuels Petroleum and products Capital goods, except automotive Machinery, except consumer-type Electric generating machinery, electric apparatus, and parts Nonelectric, including parts and attachments Oil drilling, mining, and construction machinery Industrial engines, pumps, and compressors Machine tools and metalworking machinery Measuring, testing, and control instruments Other industrial, agricultural, and service industry machinery 1 13,898 13,058 13,163 14,975 19,472 22,869 23,735 25,017 26,291 28,422 31,922 37,088 40,097 45,540 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 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 35,769 20,323 2,925 14,747 49,360 13,324 9,398 2,136 7,712 27,293 14,348 10,294 2,490 9,221 23,995 3,288 16,114 Civilian aircraft, engines, parts Civilian aircraft, complete, all types Other transportation equipment 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 26,128 12,861 1,740 30,792 15,660 2,072 41,359 23,584 2,306 Automotive vehicles, engines, and parts 22,422 24,945 25,097 27,583 33,397 36,465 40,008 47,027 52,534 57,776 61,829 65,021 74,029 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 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 34,046 7,303 4,978 3,597 18,168 35,137 7,840 5,139 3,625 10,718 21,741 5,890 2,584 2,502 10,765 39,764 9,282 6,016 3,899 20,567 5,311 446 757 957 3,151 5,562 389 677 949 5,729 590 642 920 7,333 1,313 12,289 3,877 1,250 1,320 5,842 17,528 5,381 2,576 1,502 8,069 23,203 8,181 2,957 1,788 3,577 14,724 4,648 1,653 1,342 7,081 3,547 10,449 2,747 1,187 1,246 5,269 10,277 24,470 8,069 2,513 1,923 11,965 26,057 8,897 2,309 2,157 12,694 29,884 9,126 3,870 2,309 14,579 4,288 27,783 9,429 2,752 2,239 13,363 26,981 37,317 43,719 46,858 51,424 54,655 59,981 64,425 70,136 77,445 13,539 16,674 19,747 22,023 24,635 25,986 29,148 31,390 34,089 37,284 Computers, peripherals, and parts Semiconductors Telecommunications equipment Other office and business machines Scientific, hospital, and medical equipment and parts To Canada Passenger cars, new and used Trucks, buses, and special purpose vehicles Engines and engine parts Other parts and accessories .-. To other areas Passenger cars, new and used Trucks, buses, and special purpose vehicles Engines and engine parts Other parts and accessories 67 Consumer goods (nonfood), except automotive Exports, n.e.c See footnotes on page 89. 779 953 15,085 14,593 Consumer nondurable goods, manufactured Medical, dental, and pharmaceutical preparations, including vitamins Consumer durable goods, manufactured Household and kitchen appliances and other household goods Unmanufactured consumer goods (gem stones, nursery stock) 73 7,786 57,283 6,079 3,371 1,648 4,063 15,027 5,725 1,809 7,493 11,452 16,730 20,307 8,271 18,533 34,265 7,507 4,861 2,911 2,852 6,071 8,130 2,950 5,722 9,058 3,304 6,703 10,756 3,483 8,379 4,303 11,907 4,402 18,876 4,796 21,976 5,352 22,882 6,215 24,934 26,582 28,411 7,282 30,332 7,988 33,154 9,261 37,136 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 15,513 743 741 969 1,172 1,535 1,767 1,996 1,953 1,855 2,087 2,422 2,703 2,893 3,025 11,330 10,460 14,330 16,960 13,706 15,905 17,939 15,903 14,985 15,889 18,966 20,170 22,782 SURVEY OF CURRENT BUSINESS July 1998 • 83 in Goods—Continued of dollars] Seasonally adjusted Not seasonally adjusted 1997 1996 1 II III IV I II III IV \P 1997 1996 1998 I II III IV I II 1998 III IV Line \p 151,422 154,173 145,650 160,738 162,695 172,420 166,214 177,996 170,589 150,855 152,130 151,253 157,745 163,499 169,240 172,302 174,284 171,469 1 16,826 134,596 14,341 139,832 13,667 131,983 16,653 144,085 15,177 147,518 13,496 158,924 13,177 153,037 16,575 161,421 14,633 155,956 16,062 134,793 15,397 136,733 14,833 136,420 15,195 142,550 14,669 148,830 14,319 154,921 14,317 157,985 15,120 159,164 14,094 157,375 2 3 14,463 13,063 13,090 14,917 13,227 11,643 11,881 14,756 12,617 14,182 14,102 13,567 13,682 13,131 12,519 12,346 13,511 12,454 4 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 1,199 1,871 2,029 1,785 11,822 5,293 2,108 1,776 1,157 1,684 1,945 1,743 13,836 4,974 1,122 2,208 2,815 1,821 2,204 2,022 12,168 4,429 873 1,774 2,195 1,643 1,949 1,952 10,695 3,655 886 1,373 1,189 1,802 2,055 1,994 10,809 3,867 1,441 1,253 851 1,897 2,048 2,146 13,869 4,186 1,129 1,282 3,271 1,902 2,218 2,292 11,754 4,150 983 1,228 1,786 1,702 1,899 2,217 13,156 5,647 1,750 2,428 1,742 1,892 1,985 1,890 13,031 5,559 1,760 2,462 1,793 1,869 2,034 1,776 12,511 5,164 1,840 1,776 1,868 1,683 2,070 1,726 12,505 4,860 1,063 2,208 1,960 1,741 1,991 1,953 12,077 4,332 936 1,774 1,880 1,741 2,055 2,069 11,490 3,903 1,064 1,373 1,784 1,797 2,029 1,977 11,410 3,773 1,206 1,253 1,494 1,884 2,149 2,110 12,564 4,129 1,123 1,282 2,348 1,822 2,037 2,228 11,593 4,026 1,042 1,228 1,466 1,791 1,983 2,327 5 6 7 8 9 10 11 12 1,021 760 960 678 1,268 964 1,081 715 1,059 780 948 642 1,072 760 887 609 863 619 1,026 765 1,071 790 1,056 751 1,177 811 1,054 776 1,029 723 936 624 947 668 861 616 13 14 37,102 38,135 35,638 37,105 38,573 41,378 39,221 39,102 38,555 36,692 37,622 36,206 37,460 38,527 40,649 39,639 39,459 38,462 15 3,312 1,374 408 412 1,118 2,173 443 311 460 959 1,796 244 215 421 916 2,756 683 432 400 1,241 2,931 862 452 468 1,149 2,728 722 505 445 1,056 2,314 472 226 396 1,220 2,630 662 371 356 1,241 2,793 858 381 375 1,179 2,844 1,052 356 386 1,050 2,306 478 302 445 1,081 2,259 493 322 424 1,020 2,628 721 386 438 1,083 2,526 585 409 443 1,089 2,762 685 475 428 1,174 2,836 792 325 407 1,312 2,479 656 345 387 1,091 2,428 610 350 355 1,113 16 17 18 19 , 20 33,790 3,710 3,682 1,043 2,401 35,962 3,480 3,447 1,142 1,938 33,842 3,915 3,874 1,122 2,378 34,349 4,434 4,401 1,132 2,914 35,642 3,834 3,806 988 2,513 38,650 4,051 4,013 1,025 2,475 36,907 4,244 4,203 1,089 2,714 36,472 4,401 4,269 1,020 2,717 35,762 3,470 3,422 951 2,175 33,848 3,766 3,738 1,101 2,399 35,316 3,475 3,442 1,139 1,936 33,947 3,880 3,839 1,082 2,383 34,832 4,418 4,385 1,117 2,913 36,001 3,886 3,859 1,042 2,513 37,887 4,052 4,014 1,023 2,477 36,803 4,210 4,168 1,052 2,716 36,980 4,382 4,250 1,005 2,713 36,034 3,526 3,478 1,002 2,181 21 22 23 24 25 3,241 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 3,121 2,524 11,360 2,379 4,070 3,167 2,741 12,182 2,514 4,266 3,235 2,700 11,825 2,364 4,088 3,262 2,735 11,497 2,225 4,230 3,210 2,299 11,524 2,033 4,566 3,228 2,270 10,574 2,237 3,692 3,048 2,360 10,537 2,235 3,704 3,056 2,439 10,496 2,307 3,835 3,151 2,486 10,865 2,482 4,031 3,148 2,571 11,415 2,463 4,011 3,148 2,651 11,807 2,432 4,161 3,201 2,741 11,870 2,339 4,162 3,288 2,737 11,772 2,248 4,320 3,221 2,341 11,518 2,114 4,494 26 27 28 29 30 7,988 521 1,448 3,589 1,577 278 1,734 2,430 10,047 567 1,399 5,460 3,128 437 1,895 2,621 8,052 567 1,322 3,533 1,307 442 1,784 2,630 7,284 461 1,279 2,899 928 292 1,679 2,645 8,354 496 1,427 3,723 1,686 270 1,767 2,708 9,729 605 1,479 4,756 2,322 569 1,865 2,889 8,451 636 1,510 3,359 862 470 2,027 2,946 8,122 520 1,504 3,189 855 500 1,834 2,909 8,660 406 1,582 3,746 1,324 714 1,708 2,926 8,081 562 1,439 3,642 1,577 279 1,786 2,438 9,957 537 1,385 5,490 3,128 439 1,923 2,545 7,934 530 1,330 3,435 1,307 440 1,688 2,639 7,399 487 1,294 2,914 928 291 1,695 2,704 8,507 537 1,427 3,792 1,686 270 1,836 2,751 9,636 578 1,465 4,797 2,322 574 1,901 2,796 8,280 595 1,511 3,243 862 470 1,911 2,931 8,233 547 1,517 3,195 855 495 1,845 2,974 8,820 438 1,581 3,838 1,324 719 1,795 2,963 31 32 33 34 35 36 37 38 62,384 63,029 59,831 67,899 68,872 74,243 73,494 78,679 74,466 62,525 61,911 62,088 66,619 69,643 72,604 76,412 76,629 75,497 39 55,177 54,127 52,818 58,157 58,502 62,333 64,019 66,769 61,777 55,228 54,218 54,208 56,625 59,162 62,305 65,180 64,976 62,611 40 5,877 49,300 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 51,737 3,349 2,797 1,459 2,531 6,510 51,992 3,285 3,137 1,404 2,692 7,092 55,241 3,680 3,292 1,591 2,943 7,065 56,954 4,225 2,997 1,721 2,925 7,310 59,459 4,409 3,188 1,786 3,213 6,943 54,834 4,211 2,793 1,697 3,336 5,881 49,347 3,020 2,580 1,362 2,402 5,820 48,398 3,177 2,473 1,542 2,376 6,019 48,189 3,134 2,528 1,486 2,457 6,393 50,232 3,362 2,706 1,411 2,570 6,586 52,576 3,330 3,222 1,441 2,640 7,047 55,258 3,589 3,266 1,577 2,880 7,075 58,105 4,237 3,047 1,753 3,022 7,269 57,707 4,443 3,079 1,731 3,231 7,016 55,595 4,238 2,860 1,737 3,320 41 42 43 44 45 46 : 9,937 10,133 9,746 10,281 10,544 11,491 11,641 11,864 11,019 10,044 9,895 9,976 10,182 10,764 11,197 11,842 11,737 11,253 47 11,568 9,339 4,700 722 3,705 10,409 8,714 4,973 696 3,645 10,162 8,398 4,871 731 3,530 11,580 9,318 5,779 776 3,867 11,907 9,475 4,907 716 3,925 12,027 9,578 5,868 816 3,955 12,402 9,961 6,319 838 3,925 13,024 9,847 6,901 918 4,309 11,485 9,392 6,007 864 4,030 11,299 9,220 5,023 737 3,660 10,794 8,765 5,025 691 3,660 10,767 8,548 4,897 750 3,646 10,859 9,236 5,378 747 . 3,781 11,735 9,476 5,346 732 3,890 12,395 9,643 5,923 813 3,975 12,963 10,055 6,275 859 4,052 12,267 9,687 6,451 884 4,197 11,371 9,444 6,475 884 4,013 48 49 50 51 52 6,588 2,870 619 8,325 4,705 577 6,588 2,951 425 9,291 5,134 451 9,902 5,710 468 11,367 6,850 543 8,934 4,600 541 11,156 6,424 754 12,015 7,136 674 6,678 2,963 619 7,116 3,514 577 7,455 3,704 425 9,543 5,479 451 10,013 5,840 468 9,756 5,263 543 10,691 6,205 541 10,899 6,276 754 12,212 7,361 674 53 54 55 16,084 17,163 14,847 16,927 18,182 19,696 16,722 19,429 19,902 15,692 15,921 16,820 16,588 17,793 18,372 18,703 19,161 19,426 56 8,680 1,840 1,182 964 4,694 9,802 2,310 1,424 1,008 5,060 7,962 1,602 1,178 822 4,360 8,693 2,088 1,355 831 4,419 10,009 2,294 1,368 1,017 5,330 10,802 2,812 1,475 1,023 5,492 8,669 1,804 1,372 875 4,618 10,284 2,372 1,801 984 5,127 10,531 2,352 1,659 1,068 5,452 8,452 1,842 1,220 922 4,468 8,825 1,893 1,284 937 4,711 9,172 2,003 1,324 938 4,907 8,688 2,102 1,311 828 4,447 9,786 2,217 1,398 979 5,192 9,728 2,369 1,339 945 5,075 9,917 2,309 1,538 996 5,074 10,333 2,387 1,741 979 5,226 10,196 2,268 1,663 1,025 5,240 57 58 59 60 61 7,404 2,683 853 531 3,337 7,361 2,156 978 564 3,663 6,885 1,895 819 545 3,626 8,234 2,392 1,220 669 3,953 8,173 1,961 1,119 768 4,325 8,894 2,083 1,168 725 4,918 8,053 1,508 1,110 673 4,762 9,145 1,955 1,464 745 4,981 9,371 2,009 1,431 686 5,245 7,240 2,553 823 530 3,334 7,096 2,054 958 543 3,541 7,648 2,355 962 565 3,766 7,900 2,164 1,127 671 3,938 8,007 1,842 1,071 767 4,327 8,644 2,003 1,154 705 4,782 8,786 1,869 1,297 697 4,923 8,828 1,793 1,339 742 4,954 9,230 1,916 1,380 685 5,249 62 63 64 65 66 16,813 17,476 17,182 18,665 18,391 19,764 19,165 20,125 19,131 17,090 17,392 17,404 18,250, 18,837 19,551 19,368 19,689 19,584 67 9,188 8,441 8,525 8,391 8,732 9,210 9,359 9,229 9,486 9,462 68 69 70 8,229 8,459 8,556 8,845 8,935 9,343 9,398 9,608 1,989 7,889 2,079 8,209 1,887 8,005 2,033 9,051 2,210 8,768 2,367 9,568 2,189 9,044 2,495 9,756 2,409 9,166 1,984 7,964 2,075 8,065 1,890 8,377 2,039 8,748 2,203 8,950 2,370 9,346 2,204 9,399 2,484 9,441 2,420 9,357 3,422 3,496 3,380 3,593 3,647 3,999 3,868 3,999 3,834 3,406 3,416 3,497 3,572 3,690 3,891 3,965 3,967 3,890 71 695 808 621 769 688 853 723 761 777 685 802 636 770 677 846 740 762 765 72 4,576 5,307 5,062 5,225 5,450 5,696 5,731 5,905 5,918 4,674 5,182 5,168 5,146 5,568 5,545 5,834 5,835 6,046 73 SURVEY OF CURRENT BUSINESS 84 • July 1998 Table 2.—U.S. Trade [Millions 1984 Line 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 Trade in goods, by principal end-use category, adjusted to balance of payments basis, excluding militaryContinued: Imports of goods, balance of payments basis, excluding military (Ar-16) Petroleum and products 7 332,418 338,088 368,425 409,765 447,189 477,365 498,337 490,981 536,458 589,441 668,590 749,574 803,320 877,279 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 56,155 693,419 72,743 730,577 71,771 805,508 21,879 21,850 24,376 24,809 24,928 24,898 26,407 26,205 27,610 27,866 30,958 33,176 35,711 39,694 16,606 4,865 3,098 2,534 3,852 1,561 3,794 5,273 3,683 1,312 16,318 4,433 3,081 2,706 3,806 1,606 3,766 5,532 3,928 1,273 17,735 5,387 4,263 2,815 4,076 1,759 3,699 6,641 4,746 1,247 17,266 3,664 2,710 3,305 4,426 1,916 3,955 7,543 5,591 1,356 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 26,483 4,118 2,491 3,769 7,390 2,793 8,413 9,228 6,663 2,045 29,282 5,039 3,575 4,162 7,632 3,254 9,195 10,412 7,702 2,189 124,109 114,008 104,210 113,746 122,684 135,363 145,168 132,963 140,591 152,437 164,946 185,005 209,469 217,304 3,076 121,033 64,056 62,991 2,728 111,280 56,885 55,866 2,722 101,488 38,550 37,680 3,107 110,639 46,781 45,796 3,404 119,280 43,703 42,878 4,183 131,180 54,919 54,279 3,987 141,181 66,534 65,985 4,255 128,708 56,279 55,704 4,556 136,035 56,820 56,146 4,558 147,879 57,390 56,645 4,722 160,224 58,080 57,019 5,571 179,434 62,178 61,228 6,461 203,008 80,249 79,311 6,251 211,053 80,189 79,194 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 12,879 8,617 25,552 12,819 12,503 10,872 8,843 26,897 15,035 13,352 10,676 10,108 29,164 16,822 14,147 28,287 1,389 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 1,921 12,587 15,476 4,861 2,026 3,669 4,920 5,075 32,853 2,242 11,739 14,960 3,651 2,168 3,507 5,634 3,912 30,075 2,049 11,121 13,091 2,452 2,523 3,241 4,875 3,814 27,645 1,828 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 44,886 2,957 16,176 20,260 5,290 2,516 6,217 6,237 5,493 47,760 3,044 17,221 21,679 7,747 2,494 5,071 6,367 5,816 49,947 2,998 18,165 22,035 6,608 2,643 5,829 6,955 6,749 Nonpetroleum products 77 87 Foods, feeds, and beverages Agricultural Coffee, cocoa, and sugar Green coffee Meat products and poultry Vegetables, fruits, nuts, and preparations Wine and related products Other agricultural foods, feeds, and beverages Nonagricultural (fish, distilled beverages, etc) Fish and shellfish Whiskey and other alcoholic beverages Industrial supplies and materials Agricultural Nonagricultural products Energy products Fuels and lubricants 711 Paper and paper base stocks Textile supplies and related materials Chemicals, excluding medicinals Building materials, except metals Other nonmetals 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 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 Capital goods, except automotive Machinery, except consumer-type Electric generating machinery, electric apparatus and parts Nonelectric, including parts and attachments Oil drilling, mining, and construction machinery Industrial engines, pumps, and compressors Machine tools and metalworking machinery Measuring, testing, and control instruments Other industrial, agricultural, and service industry machinery Computers, peripherals, and parts Semiconductors Telecommunications equipment Other office and business machines Scientific, hospital, and medical equipment and parts Transportation equipment, except automotive Civilian aircraft, engines, parts Civilian aircraft, complete, all types 60,367 61,287 71,990 85,128 102,202 112,156 116,061 120,802 134,252 152,305 184,369 221,429 229,050 254,175 55,503 54,647 64,850 77,408 93,540 101,592 104,623 108,093 120,589 139,961 171,419 208,939 214,433 235,594 6,041 49,462 3,121 2,282 2,261 1,514 6,740 47,907 3,249 2,341 2,845 1,717 8,025 56,825 3,108 2,668 3,435 2,024 9,518 67,890 3,502 3,215 3,320 2,472 11,539 82,001 4,231 3,963 3,686 2,944 12,521 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 24,150 184,789 5,481 6,176 6,644 5,601 24,749 189,684 5,685 6,266 7,502 5,960 27,920 207,674 6,649 6,541 8,250 6,723 12,344 12,985 15,776 18,073 20,908 22,689 23,021 21,928 23,358 26,149 31,852 36,707 37,672 41,265 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 56,277 39,042 15,331 6,861 6,669 61,514 36,707 14,375 6,795 7,208 70,175 36,881 15,687 7,350 8,153 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 12,490 10,709 3,590 14,617 12,671 3,920 18,581 16,598 4,547 56,521 64,905 78,061 85,174 87,947 87,356 88,480 85,696 91,787 102,420 118,271 123,797 128,938 140,778 125 126 127 128 129 From Canada Passenger cars, new and used Trucks, buses, and special purpose vehicles Engines and engine parts Other parts and accessories 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 13,256 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 42,251 22,159 8,710 1,960 9,422 44,383 23,920 9,011 1,816 9,636 45,914 24,138 8,835 2,540 10,401 50,284 26,045 10,272 2,824 11,143 130 131 132 133 134 From other areas Passenger cars, new and used Trucks, buses, and special purpose vehicles Engines and engine parts Other parts and accessories 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 79,414 39,905 3,814 8,901 26,794 83,024 41,725 4,840 9,210 27,249 90,494 47,097 5,541 8,904 28,952 61,094 25,906 13,447 4,553 31,444 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 51,386 105,053 48,785 23,903 6,622 50,574 107,777 50,314 24,626 6,570 51,722 122,656 58,133 29,303 7,291 58,457 134,076 63,174 .31,671 8,402 63,829 146,274 68,413 34,565 9,063 70,013 160,030 75,382 37,783 9,347 76,535 171,115 80,779 39,604 9,772 81,611 193,042 93,493 46,812 10,576 89,669 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 34,706 18,102 10,546 3,432 3,446 4,222 4,851 5,634 5,624 5,329 5,991 6,810 7,082 8,596 9,277 8,494 8,686 6,066 7,073 7,848 8,113 8,725 9,880 135 136 137 138 139 140 141 142 143 145 146 147 Automotive vehicles, engines, and parts Consumer goods (nonfood), except automotive Consumer nondurable goods, manufactured Textile apparel and household goods, except rugs Footwear of leather, rubber, and other materials Consumer durable goods, manufactured Household and kitchen appliances and other household goods Toys, shooting, and sporting goods, including bicycles Television and video receivers Radio and stereo equipment, including records, tapes, and disks Unmanufactured consumer goods (gemstones, nursery stock) Imports, n.e.c, and U.S. goods returned U.S. goods returned Other products, including balance of payments adjustments not included above (minimum value shipments and miscellaneous imports) See footnotes on page 89. 3,744 3,947 4,549 4,499 5,544 6,003 5,694 5,741 8,448 5,795 9,702 6,222 10,433 6,450 12,084 7,191 13,003 7,878 13,971 9,238 17,168 10,331 17,538 10,577 19,562 11,790 20,337 12,344 23,772 15,042 26,137 16,406 29,037 18,553 32,286 20,582- 2,653 3,480 3,983 4,893 5,125 4,733 6,837 6,961 7,772 7,993 8,730 9,731 10,484 11,704 SURVEY OF CURRENT BUSINESS July 1998 • 85 in Goods—Continued of dollars] Seasonally adjusted Not seasonally adjusted 1997 1996 I II I IV III II IV III I I" 1997 1996 1998 II IV III 1 II 1998 III Line \P IV 187,750 199,474 205,540 210,556 205,351 217,227 225,472 229,229 218,744 193,467 200,965 202,806 206,082 213,222 218,336 221,598 224,123 227,167 74 14,532 173,218 18,404 181,070 19,129 186,411 20,678 189,878 19,168 186,183 17,664 199,563 17,700 207,772 17,239 211,990 13,575 205,169 14,659 178,808 18,580 182,385 18,837 183,969 20,667 185,415 19,357 193,865 17,681 200,655 17,577 204,021 17,156 206,967 13,728 213,439 75 76 8,498 8,987 8,791 9,435 9,371 9,977 9,947 10,399 10,241 8,600 8,952 8,961 9,198 9,534 9,965 10,133 10,062 10,432 77 6,468 1,172 6,839 6,346 1,068 6,830 7,207 1,244 7,589 1,382 1,040 1,113 2,015 7,083 1,369 7,403 1,044 6,344 1,172 6,658 6,666 1,068 6,815 7,105 1,244 7,332 1,044 792 928 792 1,022 1,475 1,048 1,843 7,408 1,382 1,040 1,080 1,853 7,437 1,369 928 7,839 1,449 1,043 1,080 2,410 1,051 1,882 1,069 1,980 7,744 1,449 1,043 1,071 1,989 78 79 80 81 82 83 84 85 86 87 712 944 1,993 968 599 ,- 927 2,183 561 970 910 619 928 1,460 1,754 523 718 745 1,837 2,030 1,462 2,042 2,148 1,553 2,103 2,445 1,737 807 2,431 2,605 1,911 815 979 2,299 712 920 968 599 902 1,644 2,008 561 993 910 619 954 1,826 1,912 815 962 1,917 622 835 861 936 729 647 699 722 725 776 810 831 837 907 2,062 2,164 1,577 2,245 2,388 1,734 2,356 2,864 2,144 2,532 2,996 2,247 2,171 2,402 1,816 1,962 2,256 1,616 2,081 2,294 1,661 2,057 2,295 1,628 2,313 2,383 1,758 2,206 2,429 1,762 2,283 2,557 1,864 2,304 2,696 2,028 2,402 2,730 2,048 2,328 2,688 2,031 441 465 574 565 465 518 586 620 461 513 503 532 497 543 558 536 552 533 47,443 54,306 53,287 54,433 54,782 55,560 53,740 53,222 51,153 47,551 53,919 53,195 54,804 55,215 54,798 53,608 53,683 51,525 88 1,599 45,844 16,356 16,148 1,612 52,694 20,024 19,805 1,726 51,561 20,918 20,637 1,524 52,909 22,951 22,721 1,614 53,168 21,542 21,325 1,686 53,874 19,374 19,155 1,518 52,222 19,701 19,412 1,433 51,789 19,572 19,302 1,544 49,609 15,860 15,659 1,572 45,979 16,357 16,134 1,595 52,324 20,321 20,086 1,766 51,429 20,775 20,531 1,528 53,276 22,796 22,560 1,593 53,622 21,494 21,252 1,659 53,139 19,544 19,308 1,558 52,050 19,775 19,528 1,441 52,242 19,376 19,106 1,511 50,014 15,775 15,547 89 90 91 92 3,072 2,019 6,962 3,140 3,146 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 2,542 2,375 7,432 3,722 3,303 2,625 2,609 7,401 4,459 3,604 2,713 2,595 7,270 4,469 3,647 2,796 2,529 7,061 4,172 3,593 2,830 2,561 7,831 4,087 3,474 3,096 2,069 6,601 3,324 3,266 2,591 2,150 6,708 3,566 3,313 2,600 2,248 6,669 4,089 3,381 2,585 2,376 6,919 4,056 3,392 2,574 2,466 7,141 4,022 3,472 2,615 2,507 7,195 4,241 3,532 2,703 2,547 7,445 4,249 3,544 2,784 2,588 7,383 4,310 3,599 2,864 2,650 7,522 4,411 3,654 93 94 95 96 97 11,149 13,898 11,625 11,088 12,252 13,802 11,827 12,066 12,966 11,266 13,675 11,667 11,152 12,453 13,505 11,787 12,202 13,138 794 592 613 577 859 712 495 556 741 705 952 887 1,670 1,600 1,774 1,276 1,566 1,407 1,298 1,730 1,425 1,251 1,525 1,502 1,246 1,546 1,482 1,315 1,666 1,651 1,454 1,779 1,648 1,458 1,863 1,708 1,602 1,647 1,742 1,646 1,589 1,794 98 99 100 101 102 103 104 105 106 107 731 840 736 737 606 745 784 863 811 814 809 700 721 691 713 745 849 928 3,887 5,133 1,690 4,206 7,393 3,659 4,578 4,818 1,539 4,550 4,335 4,385 5,633 2,176 4,711 6,653 2,739 4,595 4,743 4,474 5,006 4,644 5,737 1,673 3,921 5,124 1,690 4,141 7,300 3,659 4,573 4,892 1,539 4,586 4,363 4,459 5,652 2,176 4,616 6,528 2,739 4,567 4,767 4,523 5,088 4,719 5,697 1,673 589 612 576 859 717 490 556 741 715 952 882 1,293 1,561 1,398 1,395 1,727 1,459 1,182 1,521 1,493 1,201 1,558 1,466 1,318 1,649 1,628 1,575 1,783 1,693 1,402 1,885 1,705 1,534 1,638 1,723 789 56,479 56,106 57,039 59,426 57,493 62,562 66,015 68,105 64,760 58,175 56,575 56,486 57,814 59,840 62,918 65,229 66,188 67,224 53,181 52,421 53,304 55,527 53,615 58,180 60,753 63,046 59,623 54,868 52,881 52,777 53,907 55,964 58,534 59,962 61,134 62,082 108 5,820 47,361 1,394 1,561 1,803 1,424 6,006 46,415 1,498 1,595 1,901 1,445 6,371 46,933 1,371 1,572 1,885 1,530 6,552 48,975 1,422 1,538 1,913 1,561 6,330 47,285 1,545 1,551 2,054 1,517 6,884 51,296 1,854 1,708 2,105 1,627 7,188 53,565 1,593 1,585 1,916 1,722 7,518 55,528 1,657 1,697 2,175 1,857 7,060 52,563 2,038 1,801 2,060 1,840 6,043 48,825 1,374 1,569 1,811 1,451 5,998 46,883 1,390 1,543 1,813 1,455 6,299 46,478 1,413 1,587 1,961 1,529 6,409 47,498 1,508 1,567 1,917 1,525 6,652 49,312 1,531 1,571 2,093 1,566 6,841 51,693 1,722 1,640 2,011 1,634 7,082 52,880 1,640 1,596 1,981 1,715 7,345 53,789 1,756 1,734 2,165 1,808 7,393 54,689 2,011 1,817 2,079 1,898 109 110 111 112 113 114 9,371 9,592 9,248 9,461 9,507 10,628 10,283 10,847 10,910 9,404 9,301 9,418 9,549 9,656 10,265 10,393 10,951 11,028 115 14,598 10,538 3,328 1,689 1,655 14,558 9,136 3,349 1,594 1,747 15,704 8,499 3,572 1,687 1,865 16,654 8,534 4,126 1,825 1,941 15,614 8,523 3,502 1,712 1,760 16,938 9,025 3,653 1,836 1,922 18,735 9,721 4,008 1,849 2,153 18,888 9,612 4,524 1,953 2,318 16,945 8,861 4,173 1,886 2,049 15,456 10,768 3,510 1,715 1,767 15,184 9,249 3,536 1,636 1,776 15,217 8,336 3,526 1,668 1,823 15,657 8,354 3,803 1,776 1,842 16,665 8,859 3,718 1,750 1,903 17,601 9,143 3,844 1,883 1,950 18,197 9,444 3,972 1,834 2,108 17,712 9,435 4,153 1,883 2,192 18,089 9,218 4,413 1,933 2,203 116 117 118 119 120 3,298 2,719 3,685 3,182 1,010 3,735 3,289 5,262 4,744 1,472 5,059 4,529 1,254 5,137 4,464 1,211 965 3,907 3,489 1,049 3,876 3,430 896 3,694 3,191 1,010 3,709 3,263 754 4,382 3,892 1,067 3,307 2,728 965 3,899 3,481 1,049 3,878 3,433 896 754 4,384 3,894 1,067 5,267 4,749 1,472 5,054 4,525 1,254 5,142 4,469 1,211 121 122 123 31,024 33,407 30,920 33,587 35,187 35,890 32,987 36,714 36,883 30,922 32,400 33,328 32,288 35,347 34,745 35,427 35,259 36,996 124 11,090 5,840 2,114 12,845 6,929 2,437 11,029 5,830 2,097 10,950 5,539 2,187 12,755 6,847 2,453 13,266 7,009 2,683 11,472 5,694 2,506 12,791 6,495 2,630 13,249 7,029 2,547 11,098 5,981 2,110 11,937 6,318 2,322 12,286 6,500 2,328 10,593 5,339 2,075 12,917 7,017 2,493 12,295 6,374 2,539 12,592 6,325 2,713 12,480 6,329 2,527 13,263 7,061 2,589 654 679 581 626 695 766 675 688 741 604 638 659 639 661 719 733 711 710 2,482 2,800 2,521 2,598 2,760 2,808 2,597 2,978 2,932 2,403 2,659 2,799 2,540 2,746 2,663 2,821 2,913 2,903 125 126 127 128 129 19,934 9,807 1,054 2,327 6,746 20,562 9,988 1,190 2,423 6,961 19,891 9,765 1,295 2,153 6,678 22,637 12,165 1,301 2,307 6,864 22,432 11,383 1,429 2,368 7,252 22,624 11,857 1,303 2,211 7,253 21,515 11,236 1,418 2,021 6,840 23,923 12,621 1,391 2,304 7,607 23,634 12,459 1,319 2,337 7,519 19,824 9,887 1,065 2,273 6,599 20,463 10,075 1,203 2,375 6,810 21,042 10,517 1,313 2,252 6,960 21,695 11,246 1,259 2,310 6,880 22,430 11,456 1,464 2,337 7,173 22,450 11,891 1,315 2,162 7,082 22,835 12,156 1,428 2,116 7,135 22,779 11,594 1,334 2,289 7,562 23,733 12,560 1,351 2,326 7,496 130 131 132 133 134 37,390 18,253 8,729 2,274 16,922 39,263 18,470 8,621 2,214 18,816 48,350 23,080 12,025 2,734 22,957 46,112 20,976 10,229 2,550 22,916 41,106 20,380 9,950 2,560 18,315 45,144 21,919 10,490 2,644 21,033 54,677 27,169 14,539 2,917 24,765 52,115 24,025 11,833 2,455 25,556 47,367 23,645 11,655 2,640 20,901 41,079 19,351 9,377 2,342 19,624 41,821 19,644 9,590 2,309 19,996 43,533 20,326 9,992 2,443 21,007 44,682 21,458 10,645 2,678 20,984 45,561 21,886 10,894 2,665 21,377 47,926 23,205 11,607 2,743 22,327 48,988 23,828 11,987 2,597 22,597 50,567 24,574 12,324 2,571 23,368 52,322 25,302 12,733 2,736 24,335 135 136 137 138 139 6,673 2,933 1,950 7,351 3,236 2,220 8,798 4,531 2,976 8,254 4,724 2,864 7,439 3,214 2,058 8,439 4,034 2,393 9,587 5,179 3,117 9,241 5,675 2,978 8,528 3,766 2,376 7,334 3,769 2,396 7,515 3,727 2,474 8,056 3,933 2,612 8,171 3,995 2,528 8,262 4,170 2,546 8,585 4,626 2,631 8,711 4,518 2,719 9,148 4,788 2,650 9,390 4,884 2,938 140 141 142 1,678 1,961 2,503 2,352 1,624 1,965 2,531 2,566 1,968 2,061 2,141 2,184 2,108 2,025 2,141 2,210 2,310 2,444 143 2,215 1,977 2,313 2,220 2,411 2,192 2,743 2,534 2,821 2,104 2,181 2,200 2,240 2,298 2,394 2,563 2,625 2,685 144 6,916 4,353 7,405 4,685 7,153 4,601 7,563 4,914 7,412 4,599 8,094 5,129 8,106 5,238 8,674 5,616 8,340 5,495 7,140 4,527 7,298 4,601 7,303 4,740 7,296 4,685 7,725 4,850 7,984 5,049 8,213 5,331 8,364 5,352 8,668 5,762 145 146 2,563 2,720 2,552 2,649 2,813 2,965 2,868 3,058 2,845 2,613 2,697 2,563 2,611 2,875 2,935 2,882 3,012 2,906 147 86 • July 1998 SURVEY OF CURRENT BUSINESS Table 3.—Private [Millions Not seasonally adjusted Line 1995 1996 1997 1996 204,229 222,134 239,215 52,267 53,576 57,921 58,370 Travel (table 1, line 5) Passenger fares (table 1, line 6) Other transportation (table 1, line 7) Freight Port services 63,395 18,909 26,081 11,273 14,809 69,751 20,413 26,074 11,146 14,929 73,268 26,911 11,773 15,137 14,950 4,673 6,147 2,619 3,528 17,405 4,912 6,480 2,822 3,659 19,385 5,637 6,482 2,740 3,742 18,011 5,191 6,965 2,965 4,000 Royalties and license fees (table 1, line 8) Affiliated U.S. parents' receipts U S affiliates' receipts Unaffiliated Industrial processes' Other 2 30,289 22,859 21,399 1,460 7,430 3,513 3,917 7,759 5,778 5,478 300 1,981 892 1,089 7,783 5,768 5,446 322 2,015 8,111 6,066 5,604 462 2,045 866 1,179 9,170 7,098 6,253 4,625 33,676 25,515 23,457 2,058 8,161 3,272 4,889 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 65,555 20,791 13,341 7,450 44,764 7,515 7,029 1,296 5,491 4,195 3,228 16,064 9,633 73,073 23,779 14,772 9,007 49,295 7,888 8,382 1,971 5,978 4,007 3,270 17,599 10,185 84,465 26,336 16,164 10,172 58,128 8,278 11,064 2,391 5,952 3,561 3,771 21,304 11,321 18,738 5,597 3,575 2,022 13,141 3,178 1,913 418 1,471 1,053 16,996 5,700 3,614 2,086 11,296 133,355 142,261 156,236 44,916 14,663 27,034 16,455 10,579 48,048 15,818 27,403 16,539 10,864 6,919 5,257 Exports of private services Imports of private services Travel (table 1, line 19) Passenger fares (table 1, line 20) Other transportation (table 1, line 21) Freight Port services Royalties and license fees (table 1, line 22) Affiliated U.S. parents' payments U.S. affiliates' payments Unaffiliated Industrial processes' 2 Other 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 Memoranda: Balance on goods (table 1, line 65) Balance on private services (line 1 minus line 27) Balance on goods and private services (lines 53 and 54) See footnotes on page 89. 32,823 24,710 22,781 1,929 8,113 3,488 881 1,134 18,306 5,865 3,579 2,286 845 2,072 849 1,223 19,033 6,616 4,004 2,612 12,417 1,618 2,391 557 1,505 1,006 2,028 474 12,441 2,085 2,050 522 1,496 1,507 2,412 1,022 820 4,404 2,563 4,415 2,564 948 817 4,388 2,646 32,023 35,999 39,430 34,809 51,220 18,235 28,949 17,644 11,305 10,110 3,547 6,389 3,888 2,500 12,604 4,161 6,955 4,295 2,660 14,755 4,521 7,124 4,248 2,875 10,579 3,589 6,935 4,107 2,828 7,854 5,506 766 4,740 2,347 1,233 1,115 9,411 7,087 955 6,132 2,324 1,265 1,060 1,796 1,339 158 1,181 457 285 172 1,746 1,277 2,299 2,013 1,552 221 1,331 48,421 18,324 9,407 8,917 30,098 1,347 3,906 5,208 15,036 9,828 8,113 6,571 4,952 10,181 3,747 1,810 1,937 6,434 257 717 1,036 3,714 2,678 2,107 1,308 1,010 10,533 4,058 15,284 9,925 7,305 4,822 4,524 43,138 16,668 8,089 8,579 26,469 1,247 2,995 3,773 14,652 10,879 8,304 5,550 4,600 -173,729 70,874 -102,855 -191,337 79,873 -111,464 -197,954 82,979 -36,328 20,244 -16,084 583 4,674 1,663 948 714 39,823 14,215 7,443 6,772 25,607 1,125 2,472 5,360 -114,975 829 4,392 985 804 1,079 1,339 189 1,150 469 306 163 319 641 198 1,924 2,134 6,475 309 732 909 3,660 2,751 2,083 1,361 1,083 960 10,731 4,079 1,992 2,087 6,652 380 737 878 3,634 2,756 2,046 461 323 138 11,693 4,785 2,363 2,422 6,908 301 809 951 3,644 2,693 2,069 1,414 1,197 1,468 1,310 -45,301 -59,890 17,577 -27,724 18,491 -41,399 -49,818 23,561 -26,257 SURVEY OF CURRENT BUSINESS July 1998 • 87 Service Transactions of dollars] Seasonally adjusted Not seasonally adjusted 1998 1997 I \p IV III II 1997 1996 I II III IV I II 1998 IV III Line I" 56,468 57,726 64,901 60,120 58,265 53,760 55,277 53,984 59,110 58,144 59,695 60,545 60,827 60,059 1 16,072 4,808 6,574 2,895 3,679 18,157 5,027 6,719 2,943 3,775 21,890 5,988 6,721 2,899 3,822 17,149 5,072 6,897 3,036 3,861 16,007 5,004 6,368 2,777 3,591 16,847 4,989 6,263 2,634 3,630 17,651 5,058 6,490 2,794 3,697 16,163 4,869 6,438 2,757 3,682 19,090 5,497 6,882 2,963 3,920 18,197 5,130 6,698 2,913 3,785 18,542 5,189 6,724 2,910 3,814 18,325 5,212 6,678 2,919 3,759 18,204 5,364 6,809 3,031 3,778 18,205 5,360 6,538 2,814 3,724 2 3 4 5 6 8,086 6,047 5,736 8,158 6,124 5,757 8,483 6,446 5,808 8,949 6,898 6,156 8,062 5,987 5,348 7,989 6,008 5,660 7,999 5,984 5,566 8,257 6,212 5,749 8,577 6,505 5,806 8,306 6,267 5,905 8,407 6,373 5,897 8,580 6,543 5,929 8,381 6,330 5,724 8,283 6,208 5,502 7 8 9 10 11 12 13 311 367 638 742 639 348 418 463 699 362 476 614 606 706 2,039 2,034 2,037 2,051 2,075 1,981 2,015 2,045 2,072 2,039 2,034 2,037 2,051 2,075 832 819 812 809 811 892 881 866 849 832 819 812 809 811 1,207 1,215 1,225 1,242 1,264 1,089 1,134 1,179 1,223 1,207 1,215 1,225 1,242 1,264 20,928 6,113 3,736 2,377 14,815 3,340 2,395 19,665 6,431 3,998 2,433 13,234 1,053 2,598 21,819 6,708 4,031 2,677 15,111 2,200 2,914 22,053 7,085 4,400 2,685 14,968 1,685 3,157 22,824 6,360 3,998 2,362 16,464 3,471 2,806 17,672 5,721 3,626 2,095 11,951 1,915 1,913 18,079 5,822 3,657 2,165 12,257 1,952 2,028 18,257 5,958 3,662 2,296 12,299 2,004 2,050 19,064 6,276 3,827 2,449 12,788 2,016 2,391 19,813 6,250 3,794 2,456 13,563 2,013 2,395 20,833 6,579 4,045 2,534 14,254 2,052 2,598 21,750 6,791 4,128 2,663 14,959 2,108 2,914 22,069 6,717 4,198 2,519 15,352 2,105 3,157 21,673 6,497 4,059 2,438 15,176 2,100 2,806 578 592 605 616 629 418 474 522 557 578 592 605 616 629 1,494 1,485 1,483 1,491 1,508 1,494 1,485 1,483 1,491 1,508 879 956 875 987 880 969 1,496 1,022 1,505 892 938 1,471 1,053 1,507 916 889 829 820 985 804 948 817 916 889 892 938 879 956 875 987 880 969 4,946 2,666 5,293 2,759 5,500 2,936 5,564 2,959 5,669 2,920 4,392 2,484 4,404 2,578 4,415 2,503 4,388 2,620 4,946 2,742 5,293 2,780 5,500 2,876 5,564 2,923 5,669 3,003 14 15 16 17 18 19 20 21 22 23 24 25 26 34,890 39,648 43,284 38,414 37,389 34,628 35,169 36,132 36,329 37,610 38,817 39,769 40,039 40,244 27 10,868 3,953 6,894 4,150 2,744 13,601 4,975 7,288 4,555 2,733 15,667 5,304 7,330 4,418 2,912 11,084 4,003 7,437 4,521 2,916 11,242 4,182 7,006 4,330 2,676 11,942 3,862 6,526 3,943 2,583 11,768 3,893 6,990 4,323 2,667 12,139 3,995 6,991 4,235 2,756 12,199 4,068 6,895 4,039 2,856 12,736 4,311 7,034 4,201 2,833 12,764 4,663 7,317 4,581 2,736 12,897 4,704 7,200 4,408 2,792 12,823 4,557 7,397 4,454 2,943 13,179 4,563 7,189 4,392 2,797 28 29 30 31 32 2,086 1,546 2,045 1,477 2,573 1,955 2,707 2,109 2,870 1,897 1,812 1,355 1,840 1,371 2,284 1,324 1,917 1,456 2,106 1,566 2,168 1,600 2,559 1,941 2,578 1,980 2,885 1,912 217 220 235 284 259 158 198 189 221 217 220 235 284 259 1,329 1,257 1,720 1,825 1,638 1,197 1,173 1,135 1,235 1,349 1,380 1,706 1,696 1,653 540 320 221 568 315 253 618 313 305 598 317 282 973 324 649 457 285 172 469 306 163 960 319 641 461 323 138 540 320 221 568 315 253 618 313 305 598 317 282 973 324 649 33 34 35 36 37 38 39 11,089 4,225 1,991 2,234 6,864 11,739 4,375 2,314 2,061 7,364 12,410 4,511 2,368 2,143 7,899 13,183 5,212 2,733 2,479 7,971 12,089 4,255 1,964 2,291 7,834 10,486 3,916 1,979 1,937 6,570 10,678 4,145 1,951 2,194 6,533 10,723 4,192 2,046 2,146 6,531 11,250 4,415 2,113 2,302 6,835 11,423 4,414 2,179 2,235 7,009 11,905 4,473 2,355 2,118 7,432 12,409 4,635 2,427 2,208 7,774 12,684 4,801 2,445 2,356 7,883 12,428 4,433 2,144 2,289 7,995 269 846 332 417 1,002 1,261 3,735 2,474 1,999 1,615 1,155 1,093 1,381 3,787 2,406 2,028 1,676 1,305 330 965 294 952 303 717 1,115 3,683 2,568 2,006 1,543 1,085 1,452 3,832 2,380 2,080 1,737 1,407 1,477 3,869 2,392 2,121 1,832 1,159 1,036 3,714 2,678 2,107 1,308 1,100 310 732 909 316 737 878 317 809 951 3,660 2,751 2,083 1,361 1,139 3,634 2,756 •2,046 1,414 1,139 3,644 2,693 2,069 1,468 1,222 1,115 3,683 2,568 2,006 1,543 1,181 ^2,656 21,578 -21,078 -44,807 18,078 -26,729 -59,258 21,617 -37,641 -51,233 21,706 -29,527 -48,155 20,876 -27,279 -42,612 19,132 -23,480 -48,835 20,108 -28,727 -51,553 17,852 -33,701 -48,337 22,781 -25,556 -49,723 20,534 -29,189 318 846 333 346 1,002 1,261 3,735 2,474 1,999 1,615. 1,221 1,093 1,381 3,787 2,406 2,028 1,676 1,251 349 965 348 952 1,452 3,832 2,380 2,080 1,737 1,299 1,477 3,869 2,392 2,121 1,832 1,266 40 41 42 43 44 45 46 47 48 49 50 51 52 -49,296 20,776 -28,520 ^9,839 20,788 -59,051 -55,698 19,815 -35,883 53 54 55 -49,096 20,878 -28,218 SURVEY OF CURRENT BUSINESS 88 • July 1998 Table 4.—Selected U.S. Government Transactions [Millions of dollars] Not seasonally adjusted 1995 Line 1997 1996 1997 1998 I" 3,827 6,813 3,433 3,901 3,804 6,280 3,871 2,720 817 5,484 2,354 3,130 2,241 606 1,635 2,274 394 2,362 514 1,848 5,213 2,308 2,905 2,257 634 1,623 1,238 586 484 1,168 427 586 1 154 1,616 411 1,033 1,097 336 589 -6 178 1,199 385 655 173 1,421 415 839 1 166 25 12 11 21 21 26 -29 414 7 15,875 19,929 17,419 5,595 11,170 2,498 8,673 15,023 5,498 9,525 12,090 3,822 4,372 1,783 2,589 2,447 543 1,904 Credits and other long-term assets (table 1, line 40, with sign reversed) Capital subscriptions and contributions to international financial institutions, excluding IMF . Credits repayable in U.S. dollars Credits repayable in other than U.S. dollars Other long-term assets 4,843 1,517 2,740 -10 5,011 1,833 2,549 5,302 1,588 3,047 -4 1,508 377 974 595 636 670 1,076 438 498 -6 145 Foreign currency holdings and short-term assets, net (table 1, line 42 with sign reversed) Foreign currency holdings (excluding administrative cash holdings), net Receipts from: Sales of agricultural commodities Interest Repayments of principal Reverse grants Other sources Less currencies disbursed for: Grants and credits in the recipient's currency Other grants and credits Other U.S. Government expenditures Assets acquired in performance of U.S. Government guarantee and insurance obligations, net . Other assets held under Commodity Credit Corporation Charter Act, net Assets financing military sales contracts, net 2 Other short-term assets (including changes in administrative cash holdings), net -139 17 -106 -20 28 71 147 4 -261 -20 H n H 21 10 U.S. Government grants and transactions increasing Government assets, t o t a l . By category Grants, net (table 1, line 30, with sign reversed) Financing military purchases' Other grants Cash contributions received from coalition partners for Persian Gulf operations . 58 -209 0 40 18 27 77 -147 -17 -18 1,903 433 593 -1 164 -83 -5 34 -215 0 n 54 60 -25 73 1,517 1,118 1,833 843 13,780 1,418 216 1,161 58 77 1,588 438 207 4,224 218 109 176 25 20 218 n 1,880 -27 -15 -7 O 0 -103 116 377 196 2,166 478 71 295 14 34 132 433 188 2,478 586 251 4,911 427 195 2,032 454 31 269 6 503 396 29 2,543 881 674 819 67 2,609 589 608 92 11 18 6 405 n -34 By program Capital subscriptions and contributions to international financial institutions, excluding IMF Under Agricultural Trade Development and Assistance Act and related programs Under Foreign Assistance Act and related programs Under Export-Import Bank Act Under Commodity Credit Corporation Charter Act Under other grant and credit programs Other foreign currency assets acquired (lines A13, A14, and A16) Less foreign currencies used by U.S. Government other than for grants or credits (line A19)., Other (including changes in administrative cash holdings), net 9,842 1,133 442 1,153 79 58 905 11,004 1,620 505 187 11 16 61 171 17 5 172 385 132 2,046 385 546 209 13 6 162 411 217 2,140 405 346 192 6 -15 169 415 279 2,040 418 118 347 20 -6 161 336 214 4,792 2,557 765 752 476 102 2,495 979 536 65 3,786 2,630 570 501 16 2,619 758 580 674 608 206 410 400 13 371 10 -1 144 696 -17 646 10,198 3,807 2,849 2,460 518 12,144 6,299 2,648 2,589 457 11,012 5,157 2,617 2,172 259 3,385 2,135 665 492 151 2,348 674 721 670 147 1,942 559 639 2,132 477 233 1,913 1,005 342 43 70 523 232 93 751 153 50 516 49 19 583 97 4 375 523 34 472 309 5 485 76 17 58 5,677 27 77 7,785 17 -17 6,406 8 8 34 1,346 19 16 1,284 2,945 1 5 1,259 -15 1,344 1 -6 1,309 4,197 3,543 402 1,013 850 69 558 172 51 870 704 72 213 398 21 163 i8 1,269 1,102 92 565 358 63 25 167 1,045 175 175 652 5,504 4,817 499 1,753 1,819 501 246 687 1,358 1,191 96 340 421 331 3 167 1,878 1,715 181 578 730 113 113 163 7 -1 2,494 1,097 913 182 306 271 24 130 184 -546 -362 -057 -2,521 -2,450 -492 -456 559 506 11,953 795 14,993 867 11,872 3,561 368 33 28 2,913 31 -462 ^35 4,804 83 -587 -562 2,803 333 -523 -511 3,645 83 -1,167 -1,172 3,085 342 -244 -205 2,340 111 -1,059 -1,117 3,038 342 -892 2,460 518 1,307 2,589 457 -2,643 657 492 151 -216 670 147 1,151 608 92 -648 660 77 -341 476 102 536 65 -1,222 501 16 -195 674 66 608 285 By disposition 3 Estimated transactions involving no direct dollar outflow from the United States Expenditures on U.S. goods Expenditures on U.S. services4 Financing of military sales contracts by U.S. Government5 (line C6) By long-term credits , By short-term credits l By grants' U.S. Government grants and credits to repay prior U.S. Government credits' 4 U.S. Government long- and short-term credits to repay prior U.S. private credits 6 and other assets Increase in liabilities associated with U.S. Government grants and transactions increasing Government assets (including changes in retained accounts)7 (line C11) Less receipts on short-term U.S. Government assets (a) financing military sales contracts • (b) financing repayment of private credits and other assets, and (c) financing expenditures on U.S. goods Less foreign currencies used by U.S. Government other than for grants or credits (line A19) Estimated dollar payments to foreign countries and international financial institutions tepayments on U.S. Government long-term assets, total (table 1, line 41) Receipts of principal on U.S. Government credits Under Agricultural Trade Development and Assistance Act and related programs Under Foreign Assistance Act and related programs Under Export-Import Bank Act Under Commodity Credit Corporation Charter Act Under other credit programs Receipts on other long-term assets U.S. Government liabilities other than securities, total, net increase (+) (table 1, line 53) Associated with military sales contracts2 , U.S. Government cash receipts from foreign governments (including principal repayments on. credits financing military sales contracts), net of refunds.' Less U.S. Government receipts from principal repayments Less U.S. Treasury securities issued in connection with prepayments for military purchases in the United States Plus financing of military sales contracts by U.S. Government5 (line A36) By long-term credits By short-term credits' By grants l Less transfers of goods and services (including transfers financed by grants for military purchases, and by credits)/1 2/(table 1, line 4) Associated with U.S. Government grants and transactions increasing Government assets (including changes in retained accounts)7 (line A42) Associated with other liabilities Sales of nuclear material by Department of Energy/U.S Enrichment Corporation Sales of space launch and other services by National Aeronautics and Space Administration Other sales and miscellaneous operations See footnotes on page 89. 4,115 3,481 337 1,870 904 229 141 -217 1,585 1,207 2,173 259 2,210 0 3,714 -585 819 67 249 279 41 149 157 2,174 784 635 1,171 998 39 529 398 33 ,53 1,942 2,132 1,913 342 523 751 516 583 375 472 485 14,755 15,765 18,269 3,485 3,740 3,925 4,615 4,338 4,890 4,883 4,158 0 8 O -5 34 -43 5 -8 -61 -18 7 1 -39 2 1 44 -3 12 -11 -10 -6 -8 -S3 -34 3 5 -3 -3 -7 ( 3 42 18 -19 6 -41 1,252 1,187 1,002 41 535 267 159 18 62 -5 O SURVEY OF CURRENT BUSINESS July 1998 • 89 FOOTNOTES TO U.S. INTERNATIONAL TRANSACTIONS TABLES 1-10 General notes for all tables: V Preliminary. ^ 'Less than $500,000 ( ± ) Suppressed to avoid disclosure of data of individual companies. Table 1: 1. Credits, +: Exports of goods, services, and income; unilateral transfers to United States; capital inflows (increase in foreign assets (U.S. liabilities) or decrease in U.S. assets); decrease in U.S. official reserve assets; increase in foreign official assets in the United States. Debits, - : Imports of goods, services, and income; unilateral transfers to foreigners; capital outflows (decrease in foreign assets (U.S. liabilities) or increase in U.S. assets); increase in U.S. official reserve assets; decrease in foreign offical assets in the United States. 2. Excludes exports of goods under U.S. military agency sales contracts identified in Census export documents, excludes imports of goods under direct defense expenditures identified in Census import documents, and reflects various other adjustments (for valuation, coverage, and timing) of Census statistics to balance of payments basis; see table 2. 3. Includes some goods: Mainly military equipment in line 4; major equipment, other materials, supplies, and petroleum products purchased abroad by U.S. military agencies in line 18; and fuels purchased by airline and steamship operators in lines 7 and 21. 4. Includes transfers of goods and services under U.S. military grant programs. 5. Beginning in 1982, these lines are presented on a gross basis. The definition of exports is revised to exclude U.S. parents' payments to foreign affiliates and to include U.S. affiliates1 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 31,1998, were as follows in millions of dollars: Line 34,69,353; line 35, 11,049; line 36,10,108; line 37,17,976; line 38, 30,220. Data are preliminary. 8. Includes sales of foreign obligations to foreigners. 9. Consists of bills, certificates, marketable bonds and notes, and nonmarketable convertible and nonconvertible bonds and notes. 10. Consists of U.S. Treasury and Export-Import Bank obligations, not included elsewhere, and of debt securities of U.S. Government corporations and agencies. 11. Includes, primarily, U.S. Government liabilities associated with military agency sales contracts and other transactions arranged with or through foreign official agencies; see table 4. 12. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and State and local governments. 13. Conceptually, the sum of lines 71 and 63 is equal to "net foreign investment" in the national income and product accounts (NIPA's). However, the foreign transactions account in the NIPA's(a) includes adjustments to the international transactions accounts for the treatment of gold, (b) includes adjustments for the different geographical treatment of transactions with U.S. territories and Puerto Rico, and (c) includes services furnished without payment by financial pension plans except life insurance carriers and private noninsured pension plans. A reconciliation of the balance on goods and services from the international accounts and the NIPAnet exports appears in the "Reconciliation and Other Special Tables" section in this issue of the SURVEY OF CURRENT BUSINESS. A reconciliation of the other foreign transactions in the two sets of accounts appears in table 4.5 of the full set of NIPA tables (published annually in the August issue of the SURVEY). Additional footnotes for historical data in July issues of the SURVEY: 14. For 1974, includes extraordinary U.S. Government transactions with India. See "Special U.S. Government Transactions," June 1974 SURVEY, p. 27. 15. For 1978-83, includes foreign currency-denominated notes sold to private residents abroad. 16. Break in series. See Technical Notes in the June 1989, June 1990, June 1992, June 1993, June 1995, and July 1996-98 issues of the SURVEY. Table 2: 1. Exports, Census basis, represent transactions values, f.a.s. U.S. port of exportation, for all years; imports, Census basis, represent Customs values (see Technical Notes in the June 1982 SURVEY), except for 1974-61, when they represent transactions values, f.a.s. foreign port of exportation (see June issues of the SURVEY for historical data). From 1983 forward, both unadjusted and seasonally adjusted data have been prepared by BEA from "actual" and "revised statistical" month data supplied by the Census Bureau (see Technical Notes in the December 1985 SURVEY). Seasonally adjusted data reflect the application of seasonal factors developed jointly by Census and BEA. The seasonally adjusted data are the sum of seasonally adjusted five-digit end-use categories (see Technical Notes in the June 1980 SURVEY, in the June 1988 SURVEY, and in the June 1991 SURVEY). Prior to 1983, annual data are as published by the Census Bureau, except that for 1975-60 published Census data are adjusted to include trade between the U.S. Virgin Islands and foreign countries. 2. Beginning in 1990, the Census Bureau replaced its compiled export statistics with counterpart Canadian import statistics. Similarly, Statistics Canada replaced its compiled export statistics with counterpart U.S. import statistics. This exchange of data has eliminated the need for the inland freight adjustment on U.S. exports, but not on U.S. imports. 3. Adjustments in lines A5 and A13, B12, B47, and B82 reflect the Census Bureau's reconciliation of discrepancies between the goods statistics published by the United States and the counterpart statistics published in Canada. These adjustments are distributed to the affected end-use categories in section C. Beginning in 1986, estimates for undocumented exports to Canada, the largest item in the U.S.-Canadian reconciliation, are included in Census basis data shown in line A1. 4. Exports of military equipment under U.S. military agency sales contracts with foreign governments (line A6), and direct imports by the Department of Defense and the Coast Guard (line A14), to the extent such trade is identifiable from Customs declarations. The exports are included in tables 1 and 10, line 4 (transfers under U.S. military agency sales contracts); the imports are included in tables 1 and 10, line 18 (direct defense expenditures). 5. Addition of electrical energy; deduction of exposed motion picture film for rental rather than sale; net change in stock of U.S.-owned grains in storage in Canada; coverage adjustments for special situations in which shipments were omitted from Census data; deduction of the value of repairs and alterations to foreign-owned equipment shipped to the United States for repair; and the inclusion of fish exported outside of U.S. customs area. Also includes deduction of exports to the Panama Canal Zone before October 1,1979, and for 1975-82, net timing adjustments for goods recorded in Census data in one period but found to have been shipped in another (see June issues of the SURVEY for historical data). 6. Coverage adjustments for special situations in which shipments were omitted from Census data; the deduction of the value of repairs and alterations to U.S.-owned equipment shipped abroad for repair; and the adjustment of software imports to market value. Also includes addition of understatement of inland freight in f.a.s values of US. imports of goods from Canada in 1974-81; deduction of imports from the Panama Canal Zone before October 1,1979; and for 1975-62, 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 1988-69, correction for the understatement of crude petroleum imports from Canada. 8. Annual and unadjusted quarterly data shown in this table correspond to country and area data in table 10, lines 2 and 16. Trade with international organizations includes purchases of nonmonetary gold from the International Monetary Fund, transfers of tin to the International Tin Council (ITC), and sales of satellites to Intelsat. The memoranda are defined as follows: Industrial countries. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa; Members of OPEC: Venezuela, Ecuador, Iraq, Iran, Kuwait, Saudi Arabia, Qatar, United Arab Emirates, Indonesia, Algeria, Libya, Nigeria, and Gabon (Excludes Ecuador beginning in January 1993 and Gabon beginning in January 1995.); Other countries: Eastern Europe, Latin America and Other Western Hemisphere, and other countries in Asia and Africa, less OPEC. Before 1984, complete geographic area detail was not available for some balance of payments adjustments. Therefore, the detail shown does not always sum to the values shown for the area aggregates. For all years, "Asia" and "Africa" exclude certain Pacific Islands and unidentified countries included in "Other countries in Asia and Africa." 9.Includes the former German Democratic Republic (East Germany) beginning in fourth quarter of ,1990. In earlier periods, the German Democratic Republic was included in Eastern Europe. 10. Beginning in 1986, New Zealand and South Africa are included in "Other countries in Asia and Africa," with New Zealand included as part of "Asia" and South Africa as part of "Africa." 11. Includes nuclear fuel materials and fuels. Table 3: 1. Patented techniques, processes, and formulas and other intangible property rights that are used in goods production. 2. Copyrights, trademarks, franchises, rights to broadcast live events, and other intangible property rights. 3. Other unaffiliated services receipts (exports) include mainly expenditures of foreign governments and international organizations in the United States. Payments (imports) include mainly wages of foreign residents temporarily employed in the United States and Canadian and Mexican commuters in U.S. border areas. Table 4: 1. Expenditures to release foreign governments from their contractual liabilities to pay for military goods and services purchased through military sales contracts—first authorized (for Israel) under Public Law 93-199, section 4, and subsequently authorized (for many recipients) under similar legislation—are included in line A3. Deliveries against these military sales contracts are included in line C10; see footnote 2. Of the line A3 items, part of these military expenditures is applied in lines A40 and A43 to reduce short-term assets previously recorded in lines A38 and C8; this application of funds is excluded from lines C3 and C4. A second part of line A3 expenditures finances future deliveries under military sales contracts for the recipient countries and is applied directly to lines A39 and C9. A third part of line A3, disbursed directly to finance purchases by recipient countries from commercial suppliers in the United States, is included in line A34. A fourth part of line A3, representing dollars paid to the recipient countries to finance purchases from countries other than the United States, is included in line A45. 2. Transactions under military sales contracts are those in which the Department of Defense sells and transfers military goods and services to a foreign purchaser, on a cash or credit basis. Purchases by foreigners directly from commercial suppliers are nor 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), 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 and with financial intermediaries (F.l.s) are not available. Preliminary estimates of transactions with F.l.s, by area, are commingled in "other" to avoid disclosure of individual companies' area data. 2. Deposits (line A5) include other financial claims (line A7) for some countries due to the commingling of these categories in foreign source data. 3. Primarily mortgages, loans, and bills and notes drawn on foreigners. 4. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa. 5. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama. 6. Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries. Excludes Ecuador beginning in January 1993. Table 8: 1. Includes central governments and their agencies and corporations; state, provincial, and local governments and their agencies and corporations; and international and regional organizations. 2. U.S.-owned banks are mainly U.S.-chartered banks and Edge Act subsidiaries. U.S. brokers' and dealers' accounts may be commingled in some categories. Foreign-owned banks include U.S. branches and agencies of foreign banks and majority-owned bank subsidiaries in the United States. 3. Commercial paper issued in the U.S. market by foreign incorporated entities; excludes commercial paper issued through foreign direct investment affiliates in the United States. 4. Negotiable and readily transferable instruments other than commercial paper, payable in dollars; consists largely of negotiable certificates of deposit. 5. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa. 6. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama. 7. Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries. Excludes Ecuador beginning in January 1993. 8. Includes Eastern Europe and international and regional organizations. Table 9: 1. Negotiable certificates of deposit issued by banks in the United States are included in banks' custody liabilities and are separately identified in memorandum line 8. Nonnegotiable certificates of deposit are included in time deposits. 2. Includes borrowing under Federal funds or repurchase arrangements, deferred credits, and liabilities other than deposits. 3. Mainly negotiable and readily transferable instruments, excluding U.S. Treasury securities. 4. Mainly International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), International Finance Corporation (IFC), Asian Development Bank (ADB), Inter-American Development Bank (IDB), and the Trust Fund of the International Monetary Fund. 5. U.S.-owned banks are mainly U.S.-chartered banks and Edge Act subsidiaries. U.S. brokers' and dealers' liabilities may be commingled in some categories. Foreign-owned banks are U.S. branches and agencies of foreign banks and majority-owned bank subsidiaries in the United States. 6. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa. 7. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama. 8. Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries. Excludes Ecuador beginning in January 1993. 9. Includes Eastern Europe and international and regional organizations. Table 10: For footnotes 1-13, see table 1. 14. The "European Union" includes the "European Union (6)," United Kingdom, Denmark, Ireland, Greece, Spain, and Portugal. Beginning with the first quarter of 1995, the "European Union" also includes Austria, Finland, and Sweden. 15. The "European Union (6)" includes Belgium, France, Germany (includes the former German Democratic Republic (East Germany) beginning in the fourth quarter of 1990), Italy, Luxembourg, Netherlands, European Atomic Energy Community, European Coal and Steel Community, and European Investment Bank. 16. Includes, as part of international and unallocated, the estimated direct investment in foreign affiliates engaged in international shipping, in operating oil and gas drilling equipment internationally, and in petroleum trading. Also includes taxes withheld; current-cost adjustments associated with U.S. and foreign direct investment; small transactions in business services that are not reported by country; and net U.S. currency flows, for which geographic source data are not available. 17. Details not shown separately; see totals in lines 49 and 56. 18. Details not shown separately are included in line 62. 90 • July 1998 SURVEY OF CURRENT BUSINESS Table 5.—Direct Investment: Income, Capital, Royalties and [Millions Not seasonally adjusted Line 995 (Credits +; debits - ) 1997 1996 1996 1 II 24,464 23,960 9,862 14,098 III IV U.S. direct investment abroad: Income with current-cost adjustment, before deduction of withholding taxes (table 1, line 12) Earnings Distributed earnings Reinvested earnings Interest1 U.S. parents'receipts U.S. parents' payments Less. Current-cost adjustment Less: Withholding taxes ." Equals: Income without current-cost adjustment, after deduction of withholding taxes 2 Petroleum Manufacturing Other Capital with current-cost adjustment (table 1, line 44) Equity capital Increases in equity capital 3 Decreases in equity capital 4 Reinvested earnings Intercompany debt U.S. parents' receivables U.S. parents' payables 93,164 90,704 38,891 51,812 2,459 4,342 -1,883 99,802 97,629 43,046 54,584 2,172 4,123 -1,950 109,407 107,036 42,726 64,310 2,371 4,456 -2,085 24,554 24,014 7,453 16,561 540 504 523 605 1,021 -481 1,002 -498 1,001 -477 1,099 -494 4,580 1,237 6,239 1,459 7,307 1,397 1,436 1,525 1,604 1,674 274 387 303 495 87,347 9,036 34,325 43,986 92,104 11,692 34,365 46,048 100,703 12,114 37,532 51,057 22,844 2,883 9,058 10,903 22,552 2,745 9,003 10,804 21,874 2,594 8,034 11,246 24,834 3,470 8,270 13,095 -96,654 -40,484 -51,171 10,686 -51,812 ^,356 -14,446 10,088 -81,072 -25,048 -41,003 15,954 -54,584 -1,439 -1,981 -121,843 -45,705 -62,201 16,495 -64,310 -11,828 -14,188 2,360 -24,803 -10,820 -13,413 2,592 -16,561 2,578 6,773 -4,195 -16,263 -2,852 -8,385 5,533 -14,098 -23,192 -5,473 -7,980 2,507 -14,305 -3,414 -1,939 -1,475 -16,814 -5,903 -11,225 5,322 -9,620 -1,291 -7,217 5,926 542 688 402 286 23,781 23,257 8,953 14,305 27,003 26,398 16,778 9,620 ^,580 -6,239 -7,307 -1,436 -1,525 -1,604 -1,674 -92,074 -40,484 -590 -19,724 -20,169 -47,232 -524 -22,432 -24,476 -4,356 -114,537 -45,705 -4,421 -6,499 -52,786 -57,003 -5,411 -20,807 -30,785 -11,828 -1,622 -2,973 -7,233 -23,367 -10,820 -359 -4,727 -5,735 -15,125 -1,411 -6,486 -7,228 2,578 -14,738 -2,852 1,614 -932 -3,534 -12,573 -854 -5,868 -5,851 -21,588 -5,473 -1,057 -893 -3,523 -12,701 -929 -4,126 -7,646 -3,414 137 -716 425 -2,315 -2,281 -74,833 -25,048 -207 -6,533 -16,310 -48,345 -4,343 -19,383 -24,619 -1,439 -508 2,767 -3,698 1,950 491 886 518 -1,555 -2,284 -15,140 -5,903 -405 -1,981 -3,518 -7,946 -1,149 -2,903 -5,894 -1,291 -354 1,486 -2,423 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) 20,814 21,399 -583 22,015 22,781 -766 22,502 23,457 -955 5,320 5,478 -158 5,248 5,446 -198 5,415 5,604 -189 6,032 6,253 -221 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) 5,897 13,341 -7,443 6,683 14,772 -8,089 6,758 16,164 -9,407 1,766 3,575 -1,810 1,690 3,614 -1,924 1,587 3,579 -1,992 1,640 4,004 -2,363 -30,195 -22,059 -13,757 -8,303 -6,136 -9,671 1,535 -33,641 -24,777 -13,564 -11,213 -8,864 -10,359 1,495 ^5,674 -56,129 -13,606 -22,524 -9,545 -11,378 1,833 -7,576 -5,622 -2,827 -2,795 -1,954 -2,277 -6,457 -6,406 -2,810 -3,597 -2,051 -2,409 -9,402 -7,053 -2,795 -4,258 -2,349 -2,743 -8,206 -5,696 -5,132 -564 -2,510 -2,929 323 359 394 419 1,119 -383 -1,170 -501 -2,701 -471 -72 -230 -137 -80 -373 -117 -495 -167 -30,931 -3,274 -15,431 -12,226 -01,970 ^,369 -16,220 -11,381 ^2,502 -4,721 -19,172 -18,610 -7,367 -815 -5,593 -2,958 -6,147 -1,107 -4,432 -2,608 -6,912 -1,428 -4,327 -5,158 -7,544 -1,018 -3,868 -2,658 Capital with current-cost adjustment (table 1, line 5 7 ) . Equity capital Increases in equity capital 3 Decreases in equity capital 4 Reinvested earnings Intercompany debt U.S. affiliates' payables U.S. affiliates' receivables 57,653 47,890 56,444 -8,553 8,302 1,461 2,664 -1,203 77,622 55,383 66,687 -11,304 11,214 11,026 17,461 -6,435 93,449 46,481 53,801 -7,321 22,524 24,444 27,345 -2,901 27,178 17,296 18,439 -1,144 2,795 7,088 8,128 -1,040 14,589 9,479 12,910 -5,430 3,597 1,513 3,852 -2,339 17,236 10,843 14,568 -5,724 4,258 2,135 5,262 -5,128 18,619 17,765 20,770 -3,006 Less. Current-cost adjustment (line 49 with sign reversed) -1,119 1,170 2,701 72 230 373 495 Equals: Capital without current-cost adjustment2 Equity capital (line 56) Petroleum Manufacturing- 58,772 47,890 3,484 19,999 24,409 9,421 1,425 6,240 1,756 1,461 -1,047 2,501 90,748 46,481 1,560 17,850 27,070 19,823 2,090 10,445 7,287 24,444 27,106 17,296 2,349 6,518 8,429 2,723 14,359 9,479 2,284 2,312 4,884 3,367 16,863 10,843 18,124 17,765 5 76,452 55,383 5,394 16,487 33,502 10,044 2,206 8,076 -239 11,026 1,242 9,937 -153 -5,213 -4,674 1,460 -2,811 ^,740 1,929 -4,074 -6,132 2,058 -881 -1,181 677 428 -6,772 7,450 -6,579 9,007 1,255 -8,917 10,172 Less. Current-cost adjustment (line 8 with sign reversed) Equals. Capital without current-cost adjustment2 Equity capital (line 15) Petroleum Manufacturing Other '...'. '. Reinvested earnings without current-cost adjustment (line 18 less line 2 2 ) . Petroleum Manufacturing Other Intercompany debt (line 19) Petroleum Manufacturing Other 239 688 Foreign direct investment in the United States: Income with current-cost adjustment, before deduction of withholding taxes (table 1, line 26) . Earnings Distributed earnings Reinvested earnings Interest1 U.S. affiliates' payments U.S. affiliates' receipts Less: Current-cost adjustment Less: Withholding taxes Equals'. Income without current-cost adjustment, after deduction of withholding taxes 2 Petroleum . Manufacturing Other Other LIIIIZIZIIZI—IIZIZIIZ'Z Reinvested earnings without current-cost adjustment (line 59 less line 6 3 ) . Petroleum Manufacturing Other Intercompany debt (line 60) Petroleum Manufacturing Other '..'. .'..LI Royalties and license fees, before deduction of withholding taxes, net . U.S. affiliates' payments (table 1, part of line 22) U.S. affiliates' receipts (table 1, part of line 8) Other private services, before deduction of withholding taxes, n e t . U.S. affiliates' payments (table 1, part of line 23) U.S. affiliates' receipts (table 1, part of line 9) See footnotes on page 89. 812 7,933 15,700 487 781 1,952 2,842 -257 1,513 -588 1,911 284 564 290 219 72 304 457 3,731 6,808 3,885 1,060 2,407 3,926 13,381 69 -122 875 418 -684 190 2,135 -1,102 -347 3,584 -123 2,639 -2,226 -757 -1,079 -688 -1,150 -1,331 300 322 462 845 86 -47 199 190 -1,937 2,022 -5,134 2,086 -2,087 2,286 -2,422 2,612 7,088 3,055 5,734 -1,701 290 ^86 SURVEY OF CURRENT BUSINESS July 1998 • 91 License Fees, and Other Private Services of dollars] Seasonally adjusted Not seasonally adjusted 1997 I II III \P IV 1997 1996 1998 I II IV III I II 1998 III Line \p IV 27,293 26,744 7,488 19,256 550 1,033 -483 28,671 28,094 11,068 17,026 577 1,077 -501 28,157 27,580 9,942 17,638 577 1,121 -544 25,286 24,619 14,228 10,391 667 1,225 -558 26,530 25,857 7,496 18,362 672 1,236 -564 24,101 23,561 9,853 13,708 540 1,021 -481 24,172 23,668 11,091 12,577 504 1,002 -498 24,447 23,923 10,805 13,118 524 1,001 -477 27,082 26,477 11,296 15,181 605 1,099 ^94 26,716 26,166 9,528 16,638 550 1,033 ^83 28,286 27,710 12,084 15,626 576 1,077 -501 28,935 28,358 11,678 16,680 577 1,121 -544 25,470 24,803 9,437 15,366 667 1,225 -558 26,124 25,452 9,784 15,668 672 1,236 -564 1 2 3 4 5 6 7 1,723 290 1,791 354 1,861 319 1,932 434 2,004 252 1,436 301 1,525 418 1,604 355 1,674 385 1,723 322 1,791 374 1,861 365 1,932 336 2,004 278 8 9 25,280 3,695 9,381 12,204 26,526 2,981 10,031 13,514 25,977 3,143 9,382 13,452 22,920 2,295 8,739 11,887 24,274 2,104 9,019 13,150 22,365 2,619 8,843 10,903 22,228 2,918 8,506 10,804 22,488 2,813 8,429 11,246 25,024 3,342 8,587 13,095 24,670 3,320 9,146 12,204 26,122 3,156 9,452 13,514 26,709 3,422 9,835 13,452 23,203 2,216 9,100 11,887 23,842 1,895 8,797 13,150 10 11 12 13 -35,115 -12,039 -14,843 2,805 -19,256 -3,821 -560 -3,261 -27,787 -8,259 -14,429 6,170 -17,026 -2,503 -3,550 1,047 -28,447 -8,247 -11,768 3,521 -17,638 -2,561 -4,128 1,567 -30,494 -17,161 -21,160 4,000 -10,391 -2,943 -5,950 3,008 -33,618 -14,148 -18,219 4,071 -18,362 -1,108 -48 -1,061 -21,950 -10,820 -13,413 2,592 -13,708 2,578 6,773 -4,195 -14,741 -2,852 -6,385 5,533 -12,577 688 402 286 -22,005 -5,473 -7,980 2,507 -13,118 -3,414 -1,939 -1,475 -22,375 -5,903 -11,225 5,322 -15,181 -1,291 -7,217 5,926 -32,498 -12,039 -14,843 2,805 -16,638 -3,821 -560 -3,261 -26,388 -6,259 -14,429 6,170 -15,626 -2,503 -3,550 1,047 -27,488 -6,247 -11,768 3,521 -16,680 -2,561 -4,128 1,567 -35,470 -17,161 -21,160 4,000 -15,366 -2,943 -5,950 3,008 -30,924 -14,148 -18,219 4,071 -15,668 -1,108 -48 -1,061 14 15 16 17 18 19 20 21 -1,723 -1,791 -1,861 -1,932 -2,004 -1,436 -1,525 -1,604 -1,674 -1,723 -1,791 -1,861 -1,932 -2,004 22 -33,392 -12,039 -616 -3,528 -7,894 -17,533 -2,563 -6,201 -6,769 -3,821 -161 -3,038 -622 -25,996 -8,259 -839 -1,169 -6,250 -15,235 -750 -5,915 -8,570 -2,503 -1,281 -599 -623 -26,586 -8,247 -1,112 -1,928 -5,208 -15,777 -1,868 -5,598 -8,312 -2,561 652 2,894 -6,107 -28,562 -17,161 -1,855 -1,873 -13,433 -6,459 -230 -3,095 -5,134 -2,943 -832 -2,231 120 -31,614 -14,148 -3,499 -5,272 -5,377 -16,358 -934 -5,979 -9,445 -1,108 -295 895 -1,708 -20,514 -10,820 -359 ^,727 -5,735 -12,272 -731 -6,049 -5,492 2,578 137 1,950 491 -13,216 -2,852 1,614 -932 -3,534 -11,052 -1,317 -4,620 -5,115 688 -716 886 518 -20,401 -5,473 -1,057 -893 -3,523 -11,514 -607 -4,134 -6,573 -3,414 425 -1,555 -2,284 -20,701 -5,903 -405 -1,981 -3,518 -13,507 -1,489 ^,579 -7,439 -1,291 -354 1,486 -2,423 -30,775 -12,039 -616 -6,528 -7,894 -14,915 -1,824 -5,692 -7,399 -3,821 -161 -3,038 -622 -24,597 -8,259 -839 -1,169 -6,250 -13,835 -1,253 -4,392 -8,190 -2,503 -1,281 -599 -623 -25,627 -8,247 -1,112 -1,928 -5,208 -14,819 -1,817 -5,800 -7,202 -2.561 652 2,894 -6,107 -33,538 -17,161 -1,855 -1,873 -13,433 -13,434 -518 -4,922 -7,994 -2,943 -832 -2,231 120 -28,920 -14,148 -3,499 -5,272 -5,377 -13,664 -332 -5,501 -7,831 -1,108 -295 895 -1,708 23 24 25 26 27 28 29 30 31 32 33 34 35 5,519 5,736 -217 5,536 5,757 -220 5,573 5,808 -235 5,873 6,156 -284 5,089 5,348 -259 5,502 5,660 -158 5,368 5,566 -198 5,560 5,749 -189 5,585 5,806 -221 5,688 5,905 -217 5,677 5,897 -220 5,694 5,929 -235 5,440 5,724 -284 5,243 5,502 -259 36 37 38 1,744 3,736 -1,991 1,684 3,998 -2,314 1,663 4,031 -2,368 1,667 4,400 -2,733 2,034 3,998 -1,964 1,647 3,626 -1,979 1,706 3,657 -1,951 1,616 3,662 -2,046 1,714 3,827 -2,113 1,615 3,794 -2,179 1,690 4,045 -2,355 1,701 4,128 -2,427 1,753 4,198 -2,445 1,915 4,059 -2,144 39 40 41 -10,323 -8,234 -2,306 -5,928 -2,090 -2,441 351 -11,279 -8,949 -3,942 -5,007 -2,330 -2,721 391 -13,011 -10,520 -2,728 -7,792 -2,491 -2,989 498 -11,061 -8,426 -4,630 -3,796 -2,634 -3,227 593 -10,359 -7,658 -6,419 ^,239 -2,701 -3,145 445 -7,913 -5,959 -2,705 -3,254 -1,954 -2,277 323 -6,073 -6,022 -2,789 -3,233 -2,051 -2,409 359 -8,976 -6,627 -3,581 -3,046 -2,349 -2,743 394 -8,678 -6,168 -4,490 -1,678 -2,510 -2,929 419 -10,664 -8,574 -2,213 -6,361 -2,090 -2,441 351 -10,887 -8,557 -3,936 -4,621 -2,330 -2,721 391 -12,548 -10,057 -3,334 -6,723 -2,491 -2,989 498 -11,574 -6,940 -4,124 -4,816 -2,634 -3,227 593 -10,700 -7,999 -3,403 -4,596 -2,701 -3,145 445 42 43 44 45 46 47 48 -566 -88 -648 -109 -716 -118 -771 -156 -811 -99 -72 -115 -230 -107 -373 -129 -495 -150 -566 -71 -648 -141 -716 -123 -771. -136 -811 49 -62 50 -9,669 -1,271 -3,845 -4,553 -10,522 -1,049 -5,617 -3,856 -12,177 -1,358 -5,626 -5,193 -10,134 -1,044 -4,083 -5,007 -9,449 -768 -3,891 -4,790 -7,726 -615 -3,953 -2,958 -7,736 -1,107 -4,021 -2,608 -8,475 -1,428 -6,889 -3,158 -8,033 -1,018 -4,357 -2,658 -10,027 -1,271 -4,203 H553 -10,098 -1,049 -5,193 -3,856 -11,709 -1,358 -5,158 -5,193 -10,668 -1,044 -4,617 -5,007 -9,807 -768 -4,249 ^,790 51 52 53 54 25,446 10,291 11,087 -796 5,928 9,227 8,590 637 20,536 9,814 11,160 -1,346 5,007 5,714 4,679 1,036 20,033 10,493 13,075 -2,583 7,792 1,748 8,170 -6,422 27,434 15,882 18,478 -2,596 3,796 7,755 5,906 1,849 24,663 15,594 17,133 -1,539 4,239 4,830 4,744 85 27,639 17,296 18,439 -1,144 3,255 7,088 8,128 -1,040 14,225 9,479 12,910 -3,430 3,233 1,513 3,852 -2,339 16,024 10,843 14,568 -6,724 3,046 2,135 5,262 -6,128 19,733 17,765 20,770 -3,006 1,678 290 219 72 25,879 10,291 11,087 -796 6,361 9,227 8,590 637 20,149 9,814 11,160 -1,346 4,621 5,714 4,679 1,036 18,964 10,493 13,075 -2,583 6,723 1,748 8,170 -6,422 28,453 15,882 18,478 -2,596 4,816 7,755 5,906 1,849 25,020 15,594 17,133 -1,539 4,596 4,830 4,744 85 55 56 57 58 59 60 61 62 566 648 716 771 811 72 230 373 495 566 648 716 771 811 63 24,880 10,291 225 5,059 5,008 5,362 974 2,165 2,223 9,227 879 1,528 6,820 19,888 9,814 190 2,151 7,474 4,359 508 3,271 580 5,714 1,183 1,442 3,089 19,317 10,493 505 2,704 7,284 7,076 977 3,456 2,643 1,748 196 1,490 62 26,663 15,882 641 7,936 7,305 3,025 -369 1,553 1,841 7,755 -1,447 3,473 5,729 23,852 15,594 644 3,666 11,284 3,428 262 1,303 1,863 4,830 3,410 1,217 203 27,567 17,296 2,349 6,518 8,429 3,183 487 2,232 464 7,088 3,055 5,734 -1,701 13,995 9,479 2,284 2,312 4,884 3,003 781 2,275 -53 1,513 -588 1,911 190 15,651 10,843 304 3,731 6,808 2,673 1,060 1,648 ^35 2,135 -1,102 -347 3,584 19,238 17,765 457 3,926 13,381 1,183 -122 1,920 -615 290 -123 2,639 -2,226 25,313 10,291 225 5,059 5,008 5,795 974 2,491 2,330 9,227 879 1,528 6,820 19,501 9,814 190 2,151 7,474 3,973 508 2,665 800 5,714 1,183 1,442 3,089 18,248 10,493 505 2,704 7,284 6,007 977 2,769 2,261 1,748 196 1,490 62 27,682 15,882 641 7,936 7,305 4,045 -369 2,519 1,895 7,755 -1,447 3,473 5,729 24,209 15,594 644 3,666 11,284 3,785 262 1,547 1,976 4,830 3,410 1,217 203 64 65 66 67 68 69 70 71 72 73 74 75 76 -1,018 -1,329 311 -891 -1,257 367 -1,082 -1,720 638 -1,083 -1,825 742 -1,000 -1,638 639 -649 -1,197 348 -755 -1,173 418 -672 -1,135 463 -536 -1,235 699 -987 -1,349 362 -904 -1,380 476 -1,092 -1,706 614 -1,090 -1,696 606 -947 -1,653 706 77 78 79 143 -2,234 2,377 372 -2,061 2,433 534 -2,143 2,677 206 -2,479 2,685 71 -2,291 2,362 158 -1,937 2,095 -29 -5,194 2,165 150 -2,146 2,296 147 -2,302 2,449 221 -2,235 2,456 416 -2,118 2,534 455 -2,208 2,663 163 -2,356 2,519 149 -2,289 2,438 80 81 82 92 • July 1998 SURVEY OF CURRENT BUSINESS Table 6.—Securities Transactions [Millions of dollars] Not seasonally adjusted (Credits +; debits - ) Line 1995 1996 1996 1997 I 1997 III IV I 1998 \P III -100,074 -115,801 -67,981 -34,611 -23,625 -25,881 -31,684 -15,521 -23,263 -41,167 -6,030 -50,421 -60,017 -41,258 -22,509 -18,850 -8,097 -10,561 -11,653 -13,595 -16,086 76 -2,346 -8,863 -5,365 (D) -14,491 -7,062 -15,239 -4,888 -2,920 -757 -645 -394 -5,065 -3,397 -561 -143 -2,932 -670 -3,574 -2,038 -2,255 -709 -2,724 -1,104 -56 -917 -3,366 -631 -182 -1,555 -6,894 -2,244 -1,172 -138 -1,042 -41 -41,558 -15,558 -6,203 1,058 -19,411 -7,647 ^5,526 -23,496 -12,866 -2,164 -9,562 -10,304 -26,019 -10,092 -15,979 257 -9,445 -6,739 -19,589 -6,779 -1,921 -890 -7,925 -6,995 -13,785 -7,787 -5,079 -933 -2,529 -2,536 -5,165 -3,568 -1,922 354 -100 -1,851 -6,987 -5,362 -3,944 -695 992 -1,922 -9,398 -4,674 -3,025 1,480 -1,930 -4,274 -10,871 688 -2,500 -806 -6,684 -2,069 -12,720 -7,136 -8,063 -1,580 -3,057 -947 6,970 1,030 -2,391 1,163 4,226 551 -1,304 2,098 2,203 166 -2,525 -49,653 -55,784 -46,723 -12,102 -4,775 -17,784 -21,123 -3,868 -9,668 -25,081 -8,106 -39,350 -58,912 -70,948 -12,895 -9,607 -15,747 -20,663 -16,257 -15,956 -24,389 -14,346 Central governments and their agencies and corporations . Other governments and their agencies and corporations! . Private corporations International financial institutions2 -0,095 -4,838 -30,258 -1,159 -10,950 -10,501 -35,846 -1,615 -5,232 -55,141 -587 -3,022 -2,716 -6,957 -200 -89 -1,687 -7,821 -10 -6,506 -1,209 -7,186 -646 -1,333 H889 -13,882 -559 -3,990 -1,100 -11,167 -2,861 -111 -12,984 -2,237 -3,899 -17,666 -587 -900 -122 -13,324 -300 Western Europe Canada Japan Latin America Other countries International financial institutions2 ... -13,005 -10,732 -330 -5,083 -9,041 -1,159 -12,314 -9,268 -197 -18,529 -16,989 -1,615 -20,353 -6,323 -135 -19,962 -23,588 -587 -3,942 -3,042 -1,585 -1,397 -197 -3,110 -3,308 -10 -2,758 -1,994 -4,029 -2,835 -4,857 -1,220 -2,614 -5,860 -2,157 -7,761 -2,388 -646 -4,328 -6,912 -559 -5,925 -4,255 -5,625 -6,049 -7,022 -1,278 -135 -1,536 -4,375 -3,085 -625 -2,271 -1,765 -680 Redemptions of U.S.-held foreign bonds3 Western Europe Canada Other countries International financial institutions2 ... 10,579 2,734 3,509 2,437 1,899 16,176 6,125 3,141 5,813 1,097 15,912 4,852 3,019 4,684 3,357 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 1,566 273 493 701 99 3,947 988 1,042 1,403 515 6,766 2,704 806 2,062 1,193 3,102 1,065 890 1,147 -20,882 -16,773 -14,141 -802 -5,794 2,487 -13,048 -20,874 -17,857 2,290 3,419 2,117 8,313 2,875 -1,769 812 -1,171 5,797 -2,682 -1,735 -2,633 -349 ^63 -135 1,394 1,455 4,720 947 -588 ^20 -6,537 -10,572 -9,020 2,224 3,200 -1,389 -5,223 -10,022 -10,924 -532 1,270 4,061 8,756 5,023 2,705 1,501 -1,492 3,724 4,722 7,258 5,738 -698 -1,590 -548 -4,639 -7,464 -6,959 -1,629 513 3,941 -526 -1,942 -1,253 1,338 1,398 -1,320 2,497 -637 -1,650 1,094 815 1,425 96,367 130,151 196,845 29,365 31,161 35,095 34,530 45,477 54,258 60,327 36,783 76,656 13,516 11,241 65,966 3,860 5,825 264 1,292 11,815 21,077 23,198 9,876 29,384 10,842 -1,868 -2,390 7,893 -1,677 -2,799 7,150 4,964 1,200 2,582 4,256 2,153 -456 4,580 57,345 9,008 7,683 21,649 -1,165 4,689 5,097 2,406 262 728 -378 1,061 -810 1,203 502 341 525 221 -272 2,305 3,290 1,804 530 995 1,495 -36 -1,318 -186 252 68 334 2,918 1,400 -633 273 11,066 2,778 1,334 3,423 1,155 -2,333 1,927 14,504 2,045 2,003 6,141 148 4,156 2,269 15,080 2,021 1,030 6,610 -1,284 1,403 7,999 16,695 2,164 3,317 5,475 -1,184 1,463 -7,098 26,299 1,888 3,712 10,602 -205 -3,233 6,523 Foreign securities, net U.S. purchases (-), (table 1, line 45 or lines 2 + 13 below) . Stocks, net U.S. purchases New issues in the United States .... Of which Western Europe Canada Latin America Transactions in outstanding stocks, net. Western Europe Of which United Kingdom Canada Japan Other Bonds, net U.S. purchases New issues in the United States . Other transactions in outstanding bonds, net3 Western Europe Of which United Kingdom Canada Japan Other U.S. securities, excluding Treasury securities and transactions of foreign official agencies, net foreign purchases (+), (table 1, line 60 or lines 2 + 10 below) Stocks, net foreign purchases Western Europe Of which Germany Switzerland United Kingdom . Canada Japan Other 8 -6,330 -2,381 -200 -6,909 -587 -5,173 -1,043 -2,827 -8,426 82,851 118,910 130,879 25,505 25,336 34,831 33,238 33,662 33,181 37,129 26,907 47,272 By type: New issues sold abroad by U.S. corporations U.S. federally sponsored agency bonds, net Other outstanding bonds, net 59,261 24,973 -1,383 53,445 36,693 28,772 84,778 45,228 873 13,511 6,428 5,566 11,643 7,179 6,514 13,716 11,702 9,413 14,575 11,384 7,279 18,400 12,557 2,705 25,579 10,188 -2,586 28,953 12,471 -4,295 11,846 10,012 5,049 13,722 20,754 12,796 By area: Western Europe Of which Germany Switzerland United Kingdom Canada Japan Other countries International financial institutions2 69,803 5,963 526 57,989 2,372 2,275 8,948 -547 76,499 4,443 1,174 60,676 4,187 14,178 24,005 41 73,528 2,587 -29 58,310 6,292 9,324 41,667 64 21,500 1,769 -199 17,661 529 1,022 2,379 75 16,271 1,432 500 11,876 1,417 2,770 4,889 -11 21,131 1,257 1,013 15,483 1,108 5,302 7,299 17,597 -15 -140 15,656 1,133 5,084 9,438 -14 20,274 486 -339 17,835 1,803 3,160 8,426 -1 19,563 192 369 15,922 879 3,366 9,370 3 23,617 2,123 -1,193 18,428 1,513 4,243 7,756 -4 10,074 -213 1,134 6,125 2,097 -1,445 16,115 25,035 956 364 20,054 1,874 673 19,664 26 39,631 3,735 219 3,046 94,094 85,807 5,008 1,522 -199 145,864 43,379 4,334 1,121 -1,775 139,639 26,129 154 8,092 1,444 831 454 25,853 29,840 1,227 905 -2,490 39,808 21,746 2,183 -205 2,039 63,674 24,897 754 365 -3,590 37,461 20,953 827 16 915 34,627 8,913 2,667 642 -9 32,938 -11,384 86 98 909 34,613 6,187 2,610 97 -1,053 5,425 Corporate and other bonds, net foreign purchases . Memoranda: Other foreign transactions in marketable, long-term U.S. securities included elsewhere in international transactions accounts: Foreign official assets in the United States (lines in table 9): U.S. Treasury marketable bonds (line A4) Other U.S. Government securities (line A6) U.S. corporate and other bonds (part of line A14) U.S. stocks (part of line A14) , Other foreign transactions in U.S. Treasury bonds and notes (table 9, line B4) . See footnotes on page 89. -202 16,529 July 1998 SURVEY OF CURRENT BUSINESS • 93 Table 7.—Claims on and Liabilities to Unaffiliated Foreigners Reported by U.S. Nonbanking Concerns [Millions of dollars] Not seasonally adjusted Line 1995 1996 1997 I II III IV I II III IV I' Amounts outstanding Mar. 31, 1998 -45,286 -86,333 -120,403 -15,210 -22,060 -9,090 -40,033 -37,880 -9,825 -24,791 -47,907 -20,683 583,079 -44,174 -35,766 -8,408 -83,078 -62,631 -20,447 -117,698 -104,542 -13,156 -15,689 -3,902 -11,787 -21,692 -51,751 59 -9,144 180 -9,324 -36,553 -37,158 605 -38,701 -33,907 -4,794 -9,833 -2,182 -7,651 -23,641 -19,771 -3,870 ^5,523 -48,682 3,159 -20,683 -20,683 551,946 466,733 85,213 By type: Deposits2 Financial intermediaries' accounts.... Other claims 23 -33,832 -10,289 -53 -67,034 -15,302 -742 -101,026 -16,360 -312 -16,147 568 -110 -4,672 -16,860 -160 -17,620 8,687 -211 -58,595 -7,697 -261 -30,350 -8,837 486 -5,012 -4,571 -250 -20,079 -3,198 -664 -45,585 246 -184 -2,100 -18,583 436,895 109,831 5,220 By area: Industrial countries4 Of which United Kingdom Canada Caribbean banking centers5 Other -34,558 -18,019 149 -9,090 -526 -46,033 -34,100 -1,227 -35,566 -1,479 -65,352 ^3,292 256 -51,178 -1,168 -14,041 -7,506 -184 -1.223 -425 -11,550 -12,979 219 -10,228 86 -44 1,192 3,140 -6,997 -103 -20,398 -14,807 -4,402 -15,118 -1,037 -23,898 -16,704 894 -14,245 -558 -6,768 -6,867 2,757 -3,269 204 -10,014 -4,223 -1,143 -12,003 -1,624 -24,672 -15,498 -2,252 -21,661 810 -1,112 -1,600 488 -3,255 -2,841 -414 -2,705 -3,287 582 479 410 69 -308 -259 -49 54 -662 716 -3,480 -2,330 -1,150 821 -314 1,135 8 135 -127 -1,150 -842 -308 -2,384 -2,266 -118 31,133 29,271 1,862 By type: Trade receivables Advance payments and other claims -1,840 728 -2,753 -502 -1,703 -1,002 875 -396 -230 -78 -101 155 -3,297 -183 950 -129 -57 65 -252 -898 -2,344 -40 27,454 3,679 By area: Industrial countries4 Members of OPEC 6 Other 353 -171 -1,294 -1,372 -322 -1;561 -2,004 -355 -346 -231 -100 810 -102 65 -271 486 -102 -330 -1,525 -185 -1,770 455 78 288 144 -87 -49 -1,001 -122 -27 -1,602 -224 -558 17,681 2 485 10^967 (Credits +; increase in U.S. liabilities or decrease in U.S. assets. Debits - ; decrease in U.S. liabilities or increase in U.S. assets.) Claims, total (table 1, line 46) Financial claims Denominated jn U.S. dollars Denominated in foreign currencies Commercial claims Denominated in U.S. dollars Denominated in foreign currencies 1997 1996 1998 -2,100 -18,583 276,272 169,179 10,848 241,791 33,883 59,637 39,404 107,779 -657 16,367 25,629 -2,035 28,840 5,274 26,275 47,390 20,852 474,407 59,764 55,971 3,793 33,169 13,918 19,251 102,493 97,454 5,039 -1,583 -4,158 2,575 16,187 12,054 4,133 23,233 13,114 10,119 -4,668 -7,092 2,424 27,549 25,699 1,850 5,029 9,581 -4,552 24,900 24,805 95 45,015 37,369 7,646 20,852 20,852 437,341 395,096 42,245 By type: Financial intermediaries' accounts .... Other Liabilities 25,202 34,562 6,517 26,652 45,865 56,628 -7,382 5,799 8,954 7,233 4,563 18,670 382 -6,050 13,682 13,867 8,512 -3,483 948 23,952 22,723 22,292 8,052 12,800 128,129 309,212 By area: Industrial countries4 Of which United Kingdom Caribbean banking centers5 Other 33,894 20,144 26,017 -147 32,254 30,254 -156 1,071 78,823 36,831 22,875 795 2,374 7,830 -3,970 13 15,186 11,907 1,045 -44 14,992 12,481 7,368 873 -298 -1,964 -4,599 229 27,831 21,553 -787 505 4,242 -4,411 783 4 12,066 11,605 11,326 1,508 34,684 8,084 11,553 -1,222 ""12,800 8,052 223,578 131,587 186,870 26,893 -127 541 -668 6,235 6,338 -103 5,286 4,798 488 1,026 1,338 -312 180 102 78 2,396 2,312 84 2,633 2,586 47 1,291 1,375 -64 245 236 9 1,375 1,233 142 2,375 1,954 421 37 066 35,474 1,592 1,008 -1,135 1,506 4,729 -1,822 7,108 -198 1,224 266 -86 524 1,872 914 1,719 -1,200 2,491 -393 638 -168 1,543 -61 2,436 10,900 26,166 -57 440 -510 4,314 631 1,290 3,792 848 646 1,371 -225 -120 -143 304 19 1,298 219 879 1,788 333 512 604 308 379 120 -111 236 847 661 -133 2,221 -10 164 22,147 3,989 10,930 Liabilities, total (table 1, line 61) Financial liabilities Denominated in U.S. dollars Denominated in foreign currencies Commercial liabilities Denomjnated in U.S. dollars Denominated in foreign currencies By type: Trade payables Advance receipts and other liabilities 4 By area: Industrial countries Members of OPEC6 Other See footnotes on page 89. 94 SURVEY OF CURRENT BUSINESS • July 1998 Table 8.—Claims on Foreigners Reported by U.S. Banks [Millions of dollars] Not seasonally adjusted Line 1995 (Credits +; decrease in U.S. assets. Debits -; increase in U.S. assets.) 1996 1997 Amounts outstanding Mar. 31, 1998 1997 1996 I -75,108 Total, net (table 1, line 47) By type:, Banks own claims Payable in dollars By borrower: Claims on: own foreign offices unaffiliated foreign banks foreign public borrowersl other private foreigners J 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 and readily transferable instruments4 Outstanding collections and other Payable in foreign currencies By area: Industrial countries5 Western Europe Of which United Kingdom Canada Japan Other , , Caribbean banking centers6 Other areas . .. Of which Members of OPEC, included below7 .' Latin America .. .. .. Asia Africa Other8 Memoranda: international banking facilities' (IBF's) own claims, payable in dollars (lines 1-13 above) By borrower: Claims on: own foreign offices unaffiliated foreign banks foreign public borrowers all other foreigners '. By bank ownership:2 U.S.-owned IBFs Foreign-owned IBFs Banks' dollar acceptances payable by foreigners See footnotes on page 89. -91,555 -147,439 2,269 643 -33,777 -63,698 -26,625 -29,577 -27,539 12,903 974,323 -60,394 -61,675 -129,080 5,705 -1,481 -11,324 -54,575 -44,859 -26,678 -11,313 -46,230 20,157 769,610 -47,175 -67,493 -108,308 1,658 -4,285 -8,922 -55,943 -36,639 -14,904 -3,951 -52,814 20,766 687,467 -24,412 8,814 838 -32,415 -34,147 -12,090 298 -21,553 -90,111 4,458 1,556 -24,211 10,246 -2,107 -5,294 -1,187 -9,374 -1,814 4,776 2,127 -4,153 -4,043 ^3 -683 -30,866 -4,126 859 -21,810 -18,767 -4,766 -6,622 -6,484 -19,085 -1,097 -562 5,840 4,974 14,801 525 -24,251 -57,233 -4,480 8,215 684 29,590 ; 1,381 -7,515 -2,690 402,095 107,843 28,175 149,354 9,679 -4,198 -28,658 -17,794 -11,734 -11,452 -27,616 11,771 -15,236 -1,317 3,727 -4,273 582 -6,760 7,365 -5,814 -4,794 3,792 -11,245 -3,907 -18,335 6,127 1,716 -1,494 3,428 586 3,059 2,424 7,681 -12,691 -39,595 1,788 -4,110 22,626 -6,632 -9,272 170,723 55,214 139,456 ^4,091 13,012 -2,919 -16,353 -356 -9,804 -62,495 -7,313 -7,419 11,563 -5,834 -2,208 -9,956 4,946 ^62 1,661 751 -4,518 -19,621 -519 -2,616 -24,894 -6,482 -11,612 -22,513 -1,683 2,219 2,550 7,120 -11,035 -17,638 -6,268 13,009 6,964 8,013 -933 231,372 52,629 38,073 -13,219 5,817 -20,772 4,047 2,804 -2,401 1,368 -8,220 -11,774 -7,362 6,584 -609 82,143 -7,255 -7,805 -12,296 492 -845 4,844 550 204,713 196,787 85,406 72,444 21,124 17,813 7,926 -14,714 -19,447 6,310 -13,330 -7,782 -4,645 4,733 -29,879 -25,046 -19,138 -11,099 234 4,957 -4,833 -18,360 -20,861 -7,923 -6,933 1,521 -7,527 2,502 -3,436 -3,197 -10,431 3,577 1,387 2,270 -239 2,125 3,295 -1,453 -2,142 5,378 1,512 -1,170 -22,453 -22,617 -10,292 -10,163 -2,060 -102 164 -6,115 -2,527 3,038 -2,371 -4,470 1,277 -3,588 -18,839 -19,621 -17,490 -1,107 1,153 -2,177 782 53 122 556 1,131 -1,508 -58 -69 -18,264 -18,319 -8,717 -3,079 -654 55 18,691 16,957 14,880 1,760 4,955 -4,638 1,734 -44,402 -32,230 -13,842 -3,870 -10,033 1,731 -49,030 -38,333 -18,566 -10,740 3,396 -3,353 -63,400 -65,715 -25,136 -3,688 5,806 197 12,724 -274 ^,309 2,487 10,719 -208 -8,214 -7,061 1,857 -4,189 2,421 615 -33,958 -24,768 -16,082 -6,129 -219 -2,842 -19,582 -6,230 -32 -2,909 -9,525 -918 -62,299 -51,373 -21,116 -12,763 1,451 -3,019 1,848 3,634 -2,487 -1,190 -1,190 3,619 -19,999 -192 14,387 7,829 1,402 -1,701 3,809 -7,462 -2,825 -2,284 -401 -855 -8,930 10,674 -2,850 9,996 929 499,679 358,425 152,998 58,402 71,327 11,525 -25,311 -17,358 -65,721 -2,495 14,464 -3,660 -25,667 9,355 -15,666 -33,352 -26,058 4,679 295,942 -5,395 4,123 -2,517 -6,407 383 3,146 -25,166 -376 -11,096 -11,932 129 -2,268 -18,319 -2,645 -16,700 -1,550 -519 450 -7,960 2,836 650 -4,990 -78 -3,542 -5,607 -1,257 -677 -7,700 -30 2,800 3,841 -1,333 -1,649 4,693 213 584 -15,441 -622 -9,420 -3,935 24 -2,109 -10,754 120 -1,798 -6,655 -61 -2,240 -7,940 -155 -4,104 -5,743 -571 2,478 155 1,217 -2,639 4,087 82 -1,375 220 -3,827 -8,159 6,761 31 1,587 9,079 2,760 -4,276 10,816 -288 2,827 178,702 16,269 101,610 65,744 3,399 7,949 9,685 -17,189 -07,068 3,223 1,017 2,321 -23,750 -10,361 -2,405 2,724 -27,026 24,257 232,411 -7,496 18,593 1,127 -2,539 -15,713 563 1,495 -3,534 -23,167 -3,893 15 -10,023 6,264 -3,870 859 -30 -3,299 4,443 963 -1,090 2,739 -525 145 -38 -21,417 515 ^72 -2,376 -4,188 -3,853 339 -2,659 1,574 -4,704 670 55 -634 5,534 -86 -2,090 -19,919 -670 -908 -5,329 17,562 7,454 -96 -663 136,544 52,138 6,660 37,069 4,174 5,511 17 4,872 -22,061 -1,978 -10,084 -26,984 765 -278 3,501 -613 -141 1,158 -280 3,309 -988 -59 1,982 -25,732 -1,026 -1,963 -8,398 -614 2,497 -4,902 -235 1,513 1,211 556 -12,131 -14,895 1,258 122 24,135 2,128 67,901 164,510 9,587 July 1998 SURVEY OF CURRENT BUSINESS • 95 Table 9.—Foreign Official Assets and Other Foreign Assets in the United States Reported by U.S. Banks [Millions of dollars] Not seasonally adjusted Line (Credits +; increase in foreign assets. Debits - ; decrease in foreign assets.) 1997 Amounts outstanding Mar. 31, 1997 1995 1996 109,768 127,344 15,817 51,833 13,601 23,432 38,478 26,949 -5,411 21,258 -26,979 10,181 818,134 68,977 28,963 39,631 383 3,735 115,671 30,387 85,807 -523 -7,270 -50,620 43,379 -59 4,334 -2,521 55,685 29,848 26,129 -292 154 -3,378 -11,211 8,092 38,456 16,799 21,746 -492 1,444 33 24,908 -5,049 29,840 117 1,227 22,311 -2,702 24,897 116 754 -587 -32,269 20,953 -573 827 -523 6,686 -2,340 8,913 113 2,667 -1,167 -24,578 -13,309 -11,384 115 86 -244 11,337 5,034 6,187 116 2,610 -1,059 591,239 153,335 431,849 6,055 37,201 20,539 21,928 22,204 803 7,784 13,617 -276 14,217 3,341 788 6,433 -3,880 10,876 1,285 1,834 5,043 6,853 -586 7,210 529 -1,810 931 12,439 7,722 263 83 7,376 4,717 633 -1,751 952 -263 -1,760 4,026 -1,585 11,473 857 -645 11,261 -3,777 -5,225 -3,250 -3,844 -654 -3,303 5,187 -675 1,616 4,246 -3,490 -211 594 1,007 2,975 -2,703 -956 133,275 102,562 2,051 39,360 61,151 30,713 35,880 1996 IV A1 Foreign official assets in the United States, net (table 1, line 49) U.S. Treasury securities (table 1, line 51) Bills and certificates Bonds and notes, marketable Bonds and notes, nonmarketable Other U.S. Government securities (table 1, line 52) Other U.S. Government liabilities (table 1, line 53) U.S. liabilities reported by U.S. banks, not included elsewhere (table 1, line 54) Banks' liabilities for own account, payable in dollars' Demand deposits Time deposits' Other liabilities2 Banks' custody liabilities, payables in dollars 13 -217 5,008 -362 -259 559 -89 2,183 -462 1998 23,512 534 5,704 -4,041 -587 7,206 15,772 10,496 3,265 2,619 -6,073 9,745 1,323 129,724 171,474 294,769 -15,355 29,226 41,799 115,804 51,106 70,681 48,038 124,944 -42,562 1,578,421 Treasury securities (line 58) .... 99,548 154,996 146,710 18,031 26,967 38,727 71,271 33,363 42,614 35,432 35,301 -1,363 660,447 By security: Bills and certificates Marketable bonds and notes... 5,454 94,094 9,132 145,864 7,071 139,639 1,502 16,529 1,114 25,853 -1,081 39,808 7,597 63,674 -4,098 37,461 7,987 34,627 2,494 32,938 34,613 -6,788 5,425 38,236 622,211 30,176 31,871 11,358 16,478 6,521 9,578 148,059 121,690 102,036 -33,386 -29,903 -28,950 2,259 3,072 1,340 1,731 44,533 33,003 39,814 17,743 22,205 12,362 28,067 11,368 12,298 12,606 1,448 -10,435 —41,199 2,081 -3,017 87,811 -56,497 -41,127 917,974 840,602 740,501 -21,924 -10,360 -7,166 44,704 11,996 5,144 -6,723 72,990 -46,152 438,799 3,135 -1,611 7,227 3,281 2,068 -5,693 -3,265 -216 2,514 -1,932 2,756 -9,083 13,481 -1,476 -3,087 3,203 9,531 2,087 -13,386 17,811 30,390 144,001 127,311 11,996 -7,393 5,144 3,167 2,299 -6,723 -5,205 3,465 -1,972 72,990 5,649 9,510 -338 -11,458 12,175 4,308 438,799 146,114 140,094 15,494 34,008 -1,677 -5,703 -162 -4,149 -1,392 -3,533 -6,866 -538 -1,281 -6,047 3,333 7,696 569 1,136 -5,549 Other foreign official assets (table 1, line 55) By area: (see text table D). Other foreign assets in the United States, net (table 1, lines 58 and 62) U.S. liabilities reported by U.S. banks (line 6 2 ) . Banks' own liabilities» Payable in dollars By account: Liabilities to own foreign offices Liabilities to unaffiliated foreigners: demand deposits time deposits1 other liabilities2 812 5,254 83,407 528 -1,160 11,178 3,173 -8,267 9,418 4,267 3,813 10,549 By holder: Liabilities to: own foreign offices unaffiliated foreign banks other private foreigners international financial institutions4 812 3,405 4,970 2,171 5,254 -10,190 11,506 3,008 -19,074 7,665 3,556 By bank ownership:5 U.S.-owned banks' liabilities to: own foreign offices unaffiliated foreign banks other private foreigners and international financial institutions4 Foreign-owned banks' liabilities to: own foreign offices unaffiliated foreign banks other private foreigners and international financial institutions4 Payable in foreign currencies Banks' custody liabilities, payable in dollars > 3 Of which negotiable and readily transferable instruments . By area: Industrial countries 6 Western Europe Canada Other Caribbean banking centers 7 Other areas Of which Members of OPEC, included below 8 .... Latin America Asia Africa Other 9 { Memoranda: International banking facilities' (IBF's) own liabilities, payable in dollars (in lines A9, and B7 above) By holder: Liabilities to: own foreign offices unaffiliated foreign banks foreign official agencies other private foreigners and international financial institutions4 By bank ownership:5 U.S.-owned IBFs Foreign-owned IBF's Negotiable certificates of deposit held for foreigners' (in lines A13 and B23 above) See footnotes on page 89. ^,260 3,585 851 -1,486 -5,121 -10,315 14,523 83,407 -3,782 24,580 -2,169 -21,924 -10,360 -6,433 1,160 -1,753 123 4,900 2,320 -7,166 3,774 2,184 2,939 44,704 -7,654 3,262 -498 -1,547 -12,363 4,327 8,175 42,722 -4,197 18,226 -13,019 2,226 -3,102 -7,698 6,794 9,191 -4,495 435 -2,576 12,849 -5,128 4,662 3,252 -2,568 332 -2,555 7,327 4,147 2,001 -580 1,868 40,024 -8,576 11,879 -11,748 2,854 12,561 189,185 50,670 106,561 17,617 -14,517 40,685 415 4,185 -8,905 -2,671 3,339 7,699 31,855 -2,526 -1,898 8,744 -4,825 7,427 -160 -5,724 -4,825 -375 32,966 14,225 -2,707 -34,404 -14,312 2,509 -2,662 -6(671 -1,971 7,699 -4,160 6,339 3,922 249,614 95,444 49,027 19,654 -953 5,098 -6,811 9,843 -930 11,883 -1,142 -15,370 100,101 21,648 -3,483 -3,084 178 115 1,732 2,023 11,530 11,094 -4,462 -5,175 11,158 10,812 2,974 2,022 15,298 5,756 77,372 66,149 2,184 3,849 4,387 25,141 94,050 -39,545 2,950 205 72,521 -1,163 22,692 20,484 10,410 -244 20,513 -3,057 -1,695 -697 9,957 10,148 72,699 25,250 4,469 42,980 32,785 24,240 410 -2,391 17,359 396 8,876 116,683 96,147 11,106 9,430 39,958 14,833 3,098 8,433 9,258 267 -3,125 228,592 11,584 644 -4,200 8,156 -8,659 9,306 45,437 59,412 -46,152 23,089 -15,823 -1,716 438 1,067 3,841 997 2,363 -62 -6,562 22,373 18,616 3,559 198 2,355 4,498 310 2,353 2,009 ^6 182 -16,779 54,455 -5,842 -8,294 -12,750 10,107 -2,114 8,248 644 47,677 -53,728 373,608 47,615 -6,394 16,104 -2,870 -1,445 -7,420 1,414 1,609 -7,696 -3,165 333 5,660 -5,613 -1,038 -1,123 -5,316 12,249 1,217 2,990 -2,576 2,465 -2,235 38,867 7,111 2,428 -729 -19,542 -16,696 -973 -10,244 49 -4,696 2,141 16,622 -3,683 6,984 -2,763 -18,207 1,081 3,110 -1,939 4,449 189,633 97,190 54,473 32,312 2,192 9,392 -13,660 -3,119 -664 55,119 2,030 -7,872 -1,857 -6,437 -15,013 2,263 1,180 8,927 -3,543 1,429 -4,925 13,173 -2,265 2,909 10,069 37,608 -4,622 -29,106 64,355 309,253 -8,792 5,470 1,473 902 -360 821 4,107 -646 1,844 101 174 6,338 22,384 -6,069 39,775 36,148 30,029 921 3,580 -6,052 -7,153 7,528 26,041 -224 -676 5,655 2,484 5,934 146 2,439 47,641 3,384 15,960 47,771 1,048 -319 2,529 -2,526 229 816 11,003 2,669 40,950 28,167 -349 13,132 832 1,050 -579 10,969 117 -1,183 48,155 34,786 5,078 8,291 15,181 7,345 -90 -500 1,768 877 5,200 210 4,449 -13,706 -3,445 -22,394 -23,252 20,235 3,234 8,370 5,215 -245 -2,230 5,137 248 576 8,041 982,135 722,087 30,721 229,327 350,346 245,940 36,432 84,256 125,574 5,740 30,370 9,324 -9,635 -4,340 -349 3,903 -79 96 SURVEY OF CURRENT BUSINESS • July 1998 Table 10.—U.S. International [Millions European Union Western Europe Line 1997 (Credits +; debits - ) > 1995 1996 1997 I III 74,846 76,559 39,862 35,340 39,160 41,590 121,441 124,759 138,851 35,044 35,143 21,043 1,206 23,702 1,320 22,695 1,108 21,192 1,065 66,494 1,954 72,766 2,305 77,816 2,917 17,669 665 18,710 745 4,481 1,407 1,868 5,247 1,622 1,922 6,819 2,018 1,948 5,491 1,616 1,966 4,785 1,532 18,293 5,803 6,240 20,004 6,390 6,092 20,246 6,416 6,409 4,120 1,356 1,538 4,769 1,569 1,569 16,320 29,755 160 4,074 6,962 42 3,933 3,925 7,629 43 4,388 8,086 40 3,978 7,923 40 14,690 16,145 7,078 35 19,318 21,685 145 15,465 26,224 196 3,874 6,079 37 3,727 6,301 30 101,111 24,408 11,818 12,308 282 25,025 11,801 25,331 11,616 13,054 170 13,439 276 26,347 11,945 14,209 75,149 35,698 38,225 41,038 193 28,122 13,188 14,657 277 1,226 926 22,133 10,452 11,439 242 22,706 10,418 12,143 145 -82,977 -93,019 -93,549 -94,544 -93,062 -264,617 -286,645 -329,621 -74,889 -84,131 -40,937 -45,147 ^3,076 -46,610 -44,938 -134,260 -146,327 -160,145 -37,295 -41,252 -14,663 -1,806 -18,078 -1,598 -18,957 -1,774 -16,047 -1,731 -15,599 -1,740 -52,478 -5,768 -52,585 -5,722 -59,526 -5,410 -12,891 -1,438 -15,747 -1,266 138,339 152,962 38,600 81,660 3,440 87,517 4,877 20,077 1,243 Travel Passenger fares Other transportation . 19,974 6,135 7,693 21,958 6,762 7,663 22,038 6,663 7,704 Royalties and license fees 5 Other private services 5 U.S. Government miscellaneous services , 15,437 21,770 16,963 24,707 219 167 83,185 40,873 40,845 87,824 1,467 1,071 Goods, adjusted, excluding military2 -293,135 -317,750 II 307,694 73,613 2,385 Imports of goods, services, and income . 1997 I 277,418 132,481 42,908 43,845 1997 263,084 83,085 Income receipts on U.S. assets abroad Direct investment receipts Other private receipts U.S. Government receipts 1996 90,904 341,590 Services3 Transfers under U.S. military agency sales contracts4 1995 \P 88,202 307,823 Goods, adjusted, excluding military2 IV 84,373 289,279 Exports of goods, services, and income . 1998 h 47,180 53,010 921 -364,089 139 91,027 79,893 37,929 41,024 49,214 789 -147,722 -161,665 -58,696 -6,533 -60,263 -7,187 -175,770 -67,745 -6,909 Passenger fares Other transportation . -15,409 -7,117 -9,049 -14,712 -7,525 -9,436 -16,906 -8,859 -10,284 -3,026 -1,726 -2,433 -5,164 -2,620 -2,666 -6,517 -2,792 -2,565 -3,199 -1,721 -2,620 -3,192 -1,824 -2,483 -14,379 -6,477 -7,045 -13,158 -6,848 -7,456 -15,104 -8,051 -6,141 -2,757 -1,553 -1,910 ^,482 -2,379 -2,047 Royalties and license fees 5 Other private services 5 U.S. Government miscellaneous services , -4,552 -14,898 -1,138 -4,883 -15,310 -1,210 -5,903 -17,716 -1,168 -1,359 ^,020 -1,382 -4,360 -288 -1,501 -4,515 -1,661 -4,821 -1,630 ^,436 -293 -293 -294 -294 -3,875 -13,939 -995 -4,131 -14,209 -1,061 -5,035 -16,781 -1,004 -1,169 -3,812 -252 -1,161 •4,165 -247 -86,717 -21,742 ^4,551 -20,424 -95,822 -24,752 -46,583 -24,487 -120,574 -31,233 -55,253 -34,088 -27,377 -7,059 -29,794 -8,037 -12,863 -7,455 -13,538 -8,219 -31,516 -8,743 -13,862 -8,911 -31,887 -7,394 -14,990 -9,503 -52,525 -7,657 -15,201 -9,667 -77,879 -20,426 -40,398 -17,055 -87,733 -23,514 -43,036 -21,183 -109,950 -28,184 -50,758 -31,008 -24,703 -6,275 -11,773 -6,655 -27,132 -7,266 -12,445 -7,421 206 246 -29 -11 -282 539 Services3 Direct defense expenditures . Travel Income payments on foreign assets in the United States Direct investment payments Other private payments U.S. Government payments 480 256 -231 -120 21 -49 -S3 -16 1,215 1,158 -370 -1,261 2,111 -502 -1,327 2,085 -560 -1,300 -137 -308 -151 -310 412 -58 -387 362 -85 -310 -107 -1,080 2,402 -123 -1,097 2,378 -1,116 1,629 -214 -295 389 1,945 -17 -253 476 -160,529 -176,210 -217,475 -95,561 -15,000 -63,422 -43,492 -29,298 -149,925 -161,944 -193,597 -88,211 -12,245 U.S. official reserve assets, net 7 Gold Special drawing rights Reserve position in the International Monetary Fund . Foreign currencies 2,574 -649 -611 -196 -139 -142 -134 -151 2,648 -1,377 12 -227 2,574 -649 -611 -196 -139 -142 -134 -151 2,648 -609 -1,377 U.S. Government assets, other than official reserve assets, net U.S. credits and other long-term assets Repayments on U.S. credits and other long-term assets 8 U.S. foreign currency holdings and U.S. short-term assets, net 97 -643 734 327 -563 934 -44 531 -332 -16 -112 109 -13 185 -71 281 -25 205 -63 259 171 -93 274 -10 17 ^55 474 -2 223 -247 507 -37 356 -166 564 -42 141 -35 188 -12 -61 904 -41 157 -86 255 -12 -29,318 -152,590 -19,585 -48,834 -799 -45,913 -161,558 -32,435 -54,353 -192,576 -52,898 -26,893 -88,364 -14,082 -3,058 -11,957 -11,292 4,122 -8,934 -33,251 -24,592 -44,719 -30,051 -62,796 -49,989 -24,304 -46,920 -7,138 2,351 162,635 292,264 434,595 109,284 80,058 Unilateral transfers, net U.S. Government grants 4 U.S. Government pensions and other transfers Private remittances and other transfers6 U.S. assets abroad, net (increase/capital outflow (-)) 379 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 -163,200 -51,163 -47,969 -175,888 -34,491 -57,617 -217,395 -59,037 -27,606 -95,522 -15,454 -4,330 -14,845 -13,503 4,502 -63,465 -12,734 -20,303 -43,563 -17,346 -7,475 -32,295 -31,773 -45,564 -38,216 -65,039 -65,713 -24,279 -51,459 -7,698 1,854 -10,509 -19,919 -22,553 3,811 Foreign assets in the United States, net (increase/capital inflow (+)) 171,647 296,740 472,494 117,068 127,671 146,863 51,625 -6,755 33,968 -5,517 -5,586 Foreign official assets in the United States, net U.S. Government securities U.S. Treasury securities9 Other 10 Other U.S. Government liabilities11 U.S. liabilities reported by U.S. banks, not included elsewhere Other foreign official assets 12 Other foreign assets in the United States, net Direct investment U.S. Treasury securities U.S. currency U.S. securities other than U.S. Treasury securities U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns U.S. liabilities reported by U.S. banks, not included elsewhere 11,019 1,434 il 17) R «? & (.7) ( 17 ) -51 4 -14 18) I •3 95 C7) (17) -227 (18) (18) (.8) 57,211 19,549 (17) 35,131 51,334 82,071 (18) (18) 106,049 15,731 (17) 79,458 12,171 (17) 127,003 13,254 (17) 152,380 18,819 130,871 31,341 34,066 38,696 26,768 33,726 (17) 79,246 (17) 30,681 -1,474 (17) 15,574 (17) 34,465 (17) -7,742 -110,859 -232,289 -21,495 -58,824 -55,024 -96,946 -20,153 -12,392 -122,251 -219,871 -21,236 -15,241 14,917 -324 -3,532 -23,326 21,397 -1,929 -7,998 -22,808 19,772 -3,036 -19,463 -2,337 5,414 3,077 -7,736 4,745 -2,991 -6,185 -7,450 6,648 -802 -5,540 -3,348 5,593 2,245 -4,403 -12,819 14,016 -2,969 -5,285 2,965 -2,320 -4,769 1,197 -2,730 -21,568 20,181 -1,387 -7,840 -21,294 18,290 -3,004 -18,923 -2,251 4,778 2,527 -2,570 2,963 -3,146 ^,426 -3,856 480 -3,376 -9,927 256 -9,671 108 -120 -12 -7,089 21 -7,068 -9,176 -49 -5,225 -6,342 -83 -6,425 -2,158 -231 -22,730 -16 -2,174 -1,533 1,215 -318 -9,227 1,158 -8,069 -21,927 800 -21,127 -43 206 163 -7,572 246 -7,326 178,402 39,663 (17) 262,772 51,465 (17) 80,643 81,465 32,824 (17) 48,113 8 26,379 18,608 12,902 50,2 (18) (18) (.8) 77,442 18 39,364 127,250 29,970 121,597 18 64,421 198,185 18 29,269 34,931 31,538 8 -3,798 39,502 Allocations of special drawing rights Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above items with sign reversed) Memoranda: Balance on goods (lines 2 and 16) Balance on services (lines 3 and 17) Balance on goods and services (lines 65 and 66) Balance on investment income (lines 11 and 25) Balance on goods, services, and income (lines 1 and 15 or lines 67 and 68) 1 3 ..: Unilateral transfers, net (line 29) Balance on current account (lines 1,15, and 29 or lines 69 and 70) 1 3 ... See footnotes on page 89. -22,499 -6,109 SURVEY OF CURRENT BUSINESS July 1998 • 97 Transactions, by Area of dollars] European Union 14 1997 1997 1995 76,293 79,996 I 82,905 II 1996 1995 \p IV III > 1997 1998 1997 1996 \p IV III European Union (6)' United Kingdom 1998 1998 Line 1997 II I \P IV III 75,845 82,769 97,947 24,066 24,540 24,189 25,152 26,281 143,627 149,401 161,149 38,785 39,994 40,265 42,105 43,545 1 35,912 9,535 9,331 8,158 8,888 10,070 73,852 75,204 82,498 20,371 20,767 19,646 21,714 22,473 2 32,381 36,283 38,711 28,018 30,238 21,186 808 20,251 699 18,839 675 19,254 447 20,663 398 24,191 516 5,397 212 5,807 111 6,479 105 6,508 88 5,765 89 35,007 703 37,991 939 39,202 670 9,015 157 9,329 160 10,918 188 9,940 165 9,461 160 3 4 6,306 1,936 1,650 5,051 1,555 1,652 4,400 1,477 1,597 6,662 1,456 1,229 6,450 1,804 1,359 7,090 2,191 1,715 1,344 477 454 1,754 551 414 2,134 631 416 1,858 532 431 1,435 521 401 8,887 3,484 3,303 10,119 3,645 2,823 9,760 3,390 2,993 2,020 707 696 2,202 808 722 3,240 1,061 790 2,298 814 785 2,157 769 775 5 6 7 3,730 6,719 37 4,134 7,125 35 3,727 6,928 35 2,663 6,738 59 3,035 7,576 41 3,175 9,460 44 697 2,201 12 730 2,236 11 815 2,370 8 933 2,653 13 770 2,536 13 8,949 9,611 70 9,565 10,823 77 9,356 12,964 69 2,403 3,017 15 2,239 3,184 14 2,259 3,357 23 2,455 3,406 17 2,204 3,379 17 8 9 10 22,726 10,013 12,481 232 23,462 10,141 13,151 170 25,355 11,507 13,612 236 28,573 10,921 17,621 31 31,868 12,015 19,825 28 37,844 12,898 24,920 26 9,134 3,407 5,727 9,402 3,242 6,160 9,552 3,216 6,336 9,756 3,033 6,697 26 10,446 3,474 6,972 34,768 19,472 14,329 967 36,206 20,585 14,958 663 39,449 21,534 17,377 538 9,399 5,176 4,082 141 9,898 5,497 4,269 132 9,701 5,184 4,381 136 10,451 5,677 4,645 129 11,611 6,697 4,769 145 11 12 13 14 -84,753 -85,848 -64,370 -89,922 -95,988 -119,457 -27,404 -29,589 -30,902 -31,562 -30,643 -139,785 -151,091 -166,013 -37,889 -43,031 -42,295 -42,798 -42,693 15 -39,294 -42,304 -40,618 -26,774 -28,839 -32,496 -7,593 -7,953 -8,112 -8,838 -8,111 -85,449 -92,746 -101,457 -53,662 -26,651 -24,714 -26,430 -25,671 16 -16,775 -1,351 -14,113 -1,355 -13,713 -1,340 -16,833 -519 -16,973 -^57 -21,914 -578 -4,688 -142 -5,682 -135 -6,132 -166 -5,412 -135 -5,185 -140 -27,766 -4,863 -27,720 -4,763 -29,128 -4,429 -6,596 -1,179 -7,734 -1,044 -8,038 -1,100 -6,760 -1,106 -6,748 -1,100 17 18 -4,953 -2,551 - 2 063 -2,912 -1,568 -2,121 -2,908 -1,640 -2,052 -4,304 -2,616 -1,450 -3,788 -2,756 -1,605 -4,703 -3,209 -2,205 -682 -618 -555 -1,360 -949 -507 -1,406 -1,040 -568 -1,055 -602 -575 -931 -656 -561 -7,543 -2,717 -3,740 -7,046 -2,815 -3,818 -7,749 -3,366 -4,063 -1,483 -666 -956 -2,315 -1,017 -999 -2,507 -1,010 -1,019 -1,444 -673 -1,089 -1,564 -705 -1,043 19 20 21 -1,308 ^,296 -253 -1,397 -4,508 -252 -1,386 -4,135 -252 -1,846 -6,008 -90 -1,914 -6,361 -92 -2,116 -9,013 -90 -530 -1,938 -23 -506 -2,202 -23 -566 -2,366 -20 -514 -2,507 -24 -579 -2,294 -24 -1,765 -6,412 -726 -1,889 -6,586 -803 -2,379 -6,386 -756 -550 -1,576 -186 -562 -1,613 -184 -607 -1,596 -199 -660 -1,601 -187 -663 -1,486 -187 22 23 24 -28,684 -7,807 -12,727 -6,150 -29,431 -6,836 -13,813 -8,782 -30,039 -7,103 -13,997 -8,939 -46,315 -10,630 -28,280 -7,405 -50,176 -9,594 -30,440 -10,142 -65,047 -11,700 -36,188 -17,159 -15,123 -3,006 -6,580 -3,537 -15,954 -2,890 -6,894 -4,170 -16,658 -3,018 -9,129 H511 -17,312 -2,786 -9,585 -4,941 -17,347 -2,423 -9,852 -5,072 -26,570 -9,143 -10,391 -7,036 -30,625 -12,407 -10,648 -7,570 -35,428 -14,072 -12,170 -9,186 -7,631 -2,893 -2,685 -2,053 -6,646 -3,557 -2,983 -2,106 -9,543 -4,133 -3,001 -2,409 -9,608 -3,489 -3,501 -2618 -10,274 -4,148 -3,470 -2,656 25 26 27 28 215 133 203 1,144 1,221 1,323 329 350 365 279 357 852 782 272 70 93 50 59 39 29 -282 497 -1 -299 433 -268 471 -4 -176 1,324 -184 1,405 -189 1,512 -44 373 -48 398 -48 413 •^9 328 -44 401 -1 -615 1,468 -612 1,394 -631 903 -145 215 -157 250 -157 207 -172 231 -153 192 30 31 32 -50,942 -42,199 -25,998 -74,243 -102,924 -119,436 -43,932 -7,669 -26,997 -40,838 4,562 -52,808 -55,611 -54,496 -32,792 -918 -20,189 -597 -20,223 33 189 -1,351 -420 2,648 -609 -1,377 12 227 189 -1,351 -420 189 -1,351 -420 2 648 -609 -1377 12 791 189 -1 351 49fi 34 35 36 37 38 157 -35 212 -on 119 -45 160 4 119 -77 204 -8 119 128 129 2 -38 -42 -6 -17 -15 -2 -6 122 -3 125 3 127 2 I5 -51,288 -10,782 -20,301 -40,967 -16,742 -7,656 -25,697 -17,162 -730 -74,362 -13,830 -28,571 -103,052 -12,080 -38,016 -119,565 -22,436 -27,995 -43,927 -4,325 -2,102 -10,222 -9,983 -21,132 4,563 -7,805 -18,119 -13,842 -34,390 -18,566 -43,998 -25,136 -16,384 -21,116 117,181 128,072 47,853 104,187 192,742 257,531 84,412 1 (18) (18) (18) (18) 18 18 M M 155 10 (18) (18) (18) (18) 7, 7 (18) (.8) 14,513 18) 17,518 (18) 38,440 21,649 10,591 18 60,356 28,359 18 63,396 (18) 18 (.8) 18 18 18 (18) (18) 1R (18) (18) 6 R 16,251 (.8) -5 § •76 (18) (.8) (18) 11| n fl8) 7,718 (18) 4 -4 134 4 -4 127 7 2 -38 -42 -17 -15 _2 -ft 39 40 41 42 -7,673 -5,799 1,569 -26,993 -2,645 -19,865 -40,972 -9,667 -7,597 4,562 -5,574 -538 -55,458 -22,711 -9,853 -54,964 -15,489 -14,097 -53,077 -24,311 1,839 -32,796 -7,770 626 -674 -4,181 926 -20,363 -6,767 -884 756 -5,593 1,171 -19,795 -9,401 462 43 44 45 -7,077 3,634 -4,291 -192 -16,246 -7,462 ib"674 -15,270 -7,624 -11,645 -13,733 -12,619 -17,986 -7,037 -18,615 1,762 819 -3,516 -9,196 -3,828 9,006 ""-10,856 46 47 36,780 65,092 71,247 35,561 42,455 66,873 143,229 15,895 38,775 41,018 47,541 10,321 48 I R R R R R R 18) 76 I 33 49 50 51 52 53 54 55 B 2 R (18) 3,715 (18) i 18\ 18\ (18) -3,585 (18) ") 46,813 65,881 64,932 79,957 21,258 22,063 25,037 11,599 -16,488 20,260 18 1,770 31,206 18 85,597 37,822 18 131,228 21,232 18 34,280 -4,166 18 15,200 11,589 18 32,046 9,167 18 49,702 13 R C8) 30,656 -34 12J3 (18) (18) -177 R 311 (18) (.8) (18) 32,736 •(18) (18) 9 18) 65 94 R .8) 7,314 6,525 (18) (18) ;8) .8) ,8) (18) (18) 8, 18) (18) 10,015 7,805 .8) 7,465 10,501 34,370 6,770 7,899 11,771 7,930 4,909 18 17,452 8,200 18 12,687 25,413 18 50,399 8,209 18 -6,474 235 18 24,051 -1,334 18 21,623 18,303 11,199 l8 56 57 58 59 13,265 60 -10,786 61 62 63 -57,994 -60,154 -20,593 -17,011 -77,820 -117,908 -37,471 -24,412 -31,747 -24,278 -36,118 5,659 -10,354 -84,141 15,931 -34,913 -18,849 -46,310 9,011 64 -6,913 4,411 -2,502 -5,958 -6,460 -6,021 6,138 117 -5,969 -5,852 -1,907 5,126 3,219 -4,684 -1,465 1,244 2,421 3,665 -17,742 -14,077 1,399 3,690 5,089 -18,308 -13,219 3,416 2,277 5,693 -27,203 -21,510 1,942 709 2,651 -5,989 -3,338 1,378 125 1,503 -6,552 -5,049 46 347 393 -7,106 -6,713 50 1,096 1,146 -7,556 -6,410 1,959 580 2,539 -6,901 -4,362 -11,597 7,241 -4,356 8,198 3,842 -17,542 10,271 -7,271 5,581 -1,690 -18,959 10,074 -8,885 4,021 -4,864 -3,291 2,419 -672 1,768 896 -5,884 1,595 -4,289 1,252 -3,037 -5,068 2,880 -2,188 158 -2,030 -4,716 3,180 -1,536 843 -693 -3,198 2,713 -485 1,337 852 65 66 67 68 69 215 -8,245 133 -5,719 203 -1,262 1,144 -12,933 1,221 -11,998 1,323 -20,187 329 -3,009 350 -4,699 365 -6,348 279 -6,131 357 -4,005 852 4,694 782 -308 272 -4,592 70 966 93 -2,944 50 -1,980 59 -634 39 891 70 71 98 SURVEY OF CURRENT BUSINESS • July 1998 Table 10.-U.S. International [Millions Canada Eastern Europe Line 1997 (Credits +; debits - ) > 1995 1998 I IV \P 1997 1995 1997 1996 1996 1997 I 9,342 12,181 13,294 3,132 3,521 3,297 3,344 3,454 163,865 172,719 193,232 47,153 49,474 Goods, adjusted, excluding military2 5,721 7,289 7,750 1,807 2,111 1,742 2,090 2,008 127,553 134,516 152,047 36,812 38,779 Services3 Transfers under U.S. military agency sales contracts 4 3,051 370 3,875 493 3,884 339 900 83 950 75 1,065 969 112 949 101 18,220 134 20,084 146 20,645 93 5,371 25 5,367 22 691 57 535 1,213 104 475 1,249 144 442 228 30 101 354 36 98 385 42 131 282 36 112 243 33 84 6,207 1,284 2,275 1,331 2,394 6,824 1,409 2,384 1,972 382 564 1,929 358 611 138 1,211 147 1,401 42 221 1,445 44 51 398 52 325 10 57 366 15 61 356 10 62 416 10 6,879 54 1,541 7,767 63 1,561 49 8,323 51 374 2,037 17 404 2,027 16 570 -20 366 224 1,017 269 467 281 1,660 688 711 261 425 211 145 460 255 169 36 490 169 198 123 285 53 199 33 497 236 175 86 18,092 8,799 9,293 18,119 9,024 9,095 20,540 10,692 9,848 4,970 2,535 2,435 5,328 2,773 2,555 -10,417 -11,264 -12,679 -2,814 -3,102 -3,625 -3,138 -3,383 -166,898 -179,335 -193,637 -47,331 -49,131 -2,418 -147,142 -158,669 -171,024 -42,172 ^13,313 Exports of goods, services, and income . Travel Passeni Other transportation . Royalties and license fees 5 Other private services 5 U.S. Government miscellaneous services . Income receipts on U.S. assets abroad Direct investment receipts 1 Other private receipts U.S. Government receipts imports of goods, services, and income . Goods, adjusted, excluding military 2 Services3 Direct defense expenditures . Travel , Passenc Other transportation . Other private services 5 . U.S. Government miscellaneous services . Income payments on foreign assets in the United States Direct investment payments Other private payments U.S. Government payments -7,014 -7,004 -8,481 -1,854 -2,030 -2,350 -2,247 -2,323 -2,855 -379 -2,519 -276 -578 -79 -653 -51 -301 -62 ^87 -84 -606 -60 -11,660 -54 -12,942 -47 -14,260 -57 -2,730 -18 -3,565 -14 -1,080 -299 -<367 -1,223 -250 -317 -946 -317 -272 -215 -43 -82 -256 -98 -71 -369 -113 -75 -106 -63 -44 -227 -46 -62 -4,319 -306 -2,513 -4,670 -391 -2,790 -4,901 ^70 -6,037 -616 -62 -690 -1,283 -122 -784 -8 -468 -57 -12 -612 -62 -15 -631 -62 -142 -14 -158 -15 -4 -160 -18 -4 -171 -15 -4 -172 -15 -151 -4,178 -139 -217 -4,726 -101 -617 -5,338 -140 -73 -1,219 -32 -70 -1,259 -1,080 -4 -1,405 -1,679 -12 -382 -5 -105 -272 -419 -4 -106 -309 ^74 -404 -3 -142 -359 -2 -120 -237 -6,096 -3,658 -3,314 -1,124 -7,724 -6,295 -3,387 -1,042 -6,353 -3,215 ^,083 -1,055 -2,429 -1,102 -1,012 -315 -2,253 -938 -1,076 -239 -€77 -804 -641 -710 -397 -348 -366 -104 -81 -342 -10 -325 -474 -10 -320 -292 -10 -339 -319 -8 -383 -453 56 -408 60 -407 41 -100 -4 -102 21 -318 -20,125 -27,164 -18,432 -13,984 -3,718 -365 -711 Unilateral transfers, net U.S. Government grants 4 U.S. Government pensions and other transfers .... Private remittances and other transfers 6 U.S. assets abroad, net (increase/capital outflow (-)) . 1,387 -6 ^25 -972 -479 -1,188 -126 -348 -259 -3,075 -3,332 -2,780 -1,800 -35 -1,394 ^39 -1,240 -1,994 -36 -1,302 -1,347 -286 -9 -363 -2,160 -3,980 -4,060 -4,015 854 -3,101 2,202 -255 -276 63 -42 -122 -132 47 11 -28 27 12 -16 -650 615 43 -631 315 20 -235 226 29 -7 -56 47 2 -1,905 -1,112 -3,858 -1,500 -643 ^,026 -762 -178 870 -649 -673 -3,121 -591 -602 2,209 -593 ^,068 -1,520 -1,960 -208 50 -1,565 -250 -338 -64 -3,002 2 2,290 16,383 3,543 -581 1,312 3,624 -63 U.S. official reserve assets, net 7 Gold Special drawing rights Reserve position in the International Monetary Fund . Foreign currencies U.S. Government assets, other than official reserve assets, net U.S. credits and other long-term assets Repayments on U.S. credits and other long-term assets 8 U.S. foreign currency holdings and U.S. short-term assets, net U.S. private assets, net Direct investment Foreign securities U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns U.S. claims reported by U.S. banks, not included elsewhere Foreign assets in the United States, net (increase/capital inflow (+)) .... 23 382 -107 -20,130 -6,602 -7,852 -27,171 -7,259 -7,739 -18,455 -10,733 -3,827 -6,720 -1,474 -2,435 -54 -1,674 -114 2,048 194 -3,870 -1,433 -10,740 -207 -3,688 2,676 -2,487 1,934 -7,451 15,164 26,685 7,235 2,236 1,801 -2,527 17 ) 18) Foreign official assets in the United States, net U.S. Government securities U.S. Treasury securities9 Other 10 Other U.S. Government liabilities11 U.S. liabilities reported by U.S. banks, not included elsewhere Other foreign official assets 12 Other foreign assets in the United States, net Direct investment U.S. Treasury securities U.S. currency U.S. securities other than U.S. Treasury securities U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concGrns * « U.S. liabilities reported by U.S. banks, not included elsewhere -67 23 !3 76 (18) 1 R S3 219 (18) 47 95 8 16,050 -51 8 3,234 -10,073 2,852 -1,293 728 -565 -510 285 1,020 1,305 -688 -1,075 -3,075 -4,150 917 -3,332 -2,415 ( (18) -53 (.8) 3 (.8) 271 259 ( 3 n R 24,884 8,236 9,762 9,412 (17) 6,339 5,127 2,958 1,027 -797 1,292 (17) -112 1,808 (17) 760 8,391 7,443 11,968 6,095 -4,410 -410 343 -67 138 -19,589 6,560 -13,029 9,996 -24,153 7,142 -17,011 16 -157 482 325 -119 -18,977 6,385 -12,592 12,187 -5,360 2,641 -2,719 2,541 -4,534 1,802 -2,732 3,075 -328 -804 -1,132 206 -641 -435 71 -3,033 -397 -3,430 -6,616 ^05 ^366 -771 -178 -104 -282 343 -61 262 1,413 -63 18 -7,439 6,806 3,043 -4,220 2,299 5,684 -731 1,365 634 -19 -47 322 275 43 81 297 378 -608 264 -644 615 -2,780 -2,165 318 -658 -440 419 -677 -258 18 -2 2,940 (17) 189 330 I8 1,315 -1,143 12,928 4,824 (18) -14 8 3,568 18 R( 3 R -25 Allocations of special drawing rights Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above items with sign reversed) Memoranda: Balance on goods (lines 2 and 16) Balance on services (lines 3 and 17) Balance on goods and services (lines 65 and 66) Balance on investment income (lines 11 and 25) Balance on goods, services, and income (lines 1 and 15 or lines 67 and 68)' 3 Unilateral transfers, net (line 29) Balance on current account (lines 1,15, and 29 or lines 69 and 7 0 ) l 3 See footnotes on page 89. 41 -710 -639 10,395 -348 -6,964 SURVEY OF CURRENT BUSINESS July 1998 • 99 1998 Line Transactions, by Area-Continued of dollars] 1997 1998 1997 1998 1995 1997 1996 1995 IV III Japan Latin America and Other Western Hemisphere Canada 1997 1 I* II 1997 1996 \p IV III I in II \p IV 47,279 49,326 49,938 175,767 193,799 235,434 52,454 56,935 62,078 63,967 60,821 110,233 110,492 109,000 27,311 27,908 27,722 26,059 25,69 1 36,813 39,643 39,575 95,830 108,866 134,272 29,474 32,485 34,813 37,500 35,281 63,131 65,969 64,600 16,401 16,604 15,736 15,859 14,782 2 5,067 22 4,840 24 5,099 23 32,828 445 35,617 423 42,724 420 9,818 100 9,845 75 11,646 89 11,415 156 10,624 155 34,459 1,073 33,651 502 34,619 559 8,236 151 8,448 99 9,669 197 8,266 112 8,906 638 3 4 1,641 324 604 1,282 345 605 1,762 348 579 13,482 3,584 3,363 14,984 4,098 3,178 18,113 4,713 3,692 4,144 1,058 833 3,964 1,115 913 5,226 1,278 924 4,779 1,262 1,022 4,436 1,143 857 11,760 6,043 3,270 11,790 5,790 3,190 11,068 5,442 3,231 2,372 1,378 794 2,941 1,313 818 3,288 1,518 829 2,467 1,233 790 2,387 1,453 729 5 6 7 393 2,069 14 390 2,190 4 354 2,029 4 1,449 10,362 143 1,599 11,189 146 2,116 13,520 150 462 3,182 39 541 3,200 37 529 3,564 36 584 3,574 38 511 3,484 38 5,889 6,384 40 5,991 6,299 89 6,643 7,618 58 1,544 1,983 14 1,546 1,721 10 1,787 2,027 23 1,766 1,887 11 1,610 2,078 1 8 9 10 5,399 2,967 2,432 4,843 2,417 2,426 5,264 2,790 2,471 47,109 16,208 29,870 1,031 49,316 17,810 30,160 1,346 58,438 19,992 37,998 448 13,162 4,393 8,628 141 14,605 5,301 9,233 71 15,619 5,670 9,820 129 15,052 4,628 10,317 107 14,916 4,112 10,737 67 12,643 4,091 8,295 257 10,872 3,413 7,392 67 9,781 3,197 6,532 52 2,674 996 1,671 2,856 1,119 1,715 22 2,317 738 1,580 -1 1,934 344 1,566 24 2,007 516 1,463 28 11 12 13 14 -47,877 -49,298 -48,523 -171,349 -194,604 -220,175 -51,663 -54,854 -56,639 -57,019 -55,751 -165,529 -156,806 -172,956 -41,451 -41,708 -44,783 -45,014 -42,326 15 -41,329 ^4,210 -43,891 -105,268 -124,904 -140,378 -32,846 -34,956 -36,096 -36,480 -34,847 -123,461 -115,171 -121,658 -30,102 -29,398 -30,730 -31,428 -30,353 16 -4,590 -13 -3,375 -12 -2,993 -15 -28,024 ^06 -30,860 -458 -33,320 -363 -8,063 -85 -8,159 -84 -6,573 -101 -8,525 -93 -8,309 -91 -14,968 -1,273 -14,162 -1,055 -15,540 -1,170 -3,410 -273 -6,537 -303 -4,341 -299 -4,252 -295 -6,686 -311 17 18 -2,169 -157 -763 -633 -109 -800 -642 -93 -735 -12,621 -2,240 -2,279 -14,108 -2,438 -2,253 -14,956 -2,781 -2,464 -3,779 -748 -592 -3,651 -644 -675 -3,749 -741 -598 -3,777 -648 -599 -3,771 -781 -567 -2,754 -613 ^,600 -2,905 -712 -4,207 -2,939 -757 -4,182 -560 -167 -951 -697 -205 -989 -975 -187 -1,145 -707 -198 -1,097 -591 -178 -985 19 20 21 -83 -1,366 -39 -91 -1,494 -36 -88 -1,384 -36 -91 -9,958 -429 -173 -11,029 -401 -187 -12,121 ^48 -33 -2,716 -110 ^5 -2,949 -111 -59 -3,209 -116 -50 -3,247 -111 -52 -2,936 -111 -1,561 -4,071 -96 -1,432 -6,753 -58 -2,082 -4,298 -117 -416 -1,019 -24 -343 -976 -24 -657 -1,043 -35 -666 -1,255 -34 -496 -1,091 -34 22 23 24 -1,958 -708 -989 -261 -1,713 -467 -1,006 -240 -1,639 -413 -1,008 -218 -38,057 -1,205 -29,815 -7,037 -38,840 -1,567 -28,203 -9,070 -46,477 -2,003 -32,913 -11,561 -10,754 -315 -7,560 -2,879 -11,739 -613 -8,135 -2,991 -11,970 -601 -8,498 -2,871 -12,014 -474 -8,720 -2,820 -12,595 -631 -9,069 -2,895 -27,100 -3,608 -7,578 -15,914 -27,473 -3,158 -6,972 -17,343 -35,758 -6,361 -7,993 -21,404 -7,939 -1,244 -1,764 -4,931 -8,773 -1,393 -2,006 -5,374 -9,712 -2,022 -2,065 -5,625 -9,334 -1,702 -2,158 -5,474 -8,287 -834 -2,377 -5,076 25 26 27 28 -97 -84 -118 -10,132 -10,484 -11,236 -2,697 -2,722 -2,885 -2,932 -2,854 -140 -130 -137 -72 -27 -19 -19 -69 29 -1,411 -650 -6,423 -1,186 -668 -9,382 -280 -163 -2,254 -324 -166 -2,232 -225 -165 -2,495 -357 -174 -2,401 -270 -146 -2,438 -83 -57 -88 -42 -91 ^6 -22 -50 -23 -4 -23 4 -23 4 -21 -48 30 31 32 -41,332 -57,889 -65,653 -4,469 -36,219 -1,926 -6,887 -2,249 -13,459 5,446 3,375 5,597 33 2,758 -73 26 49 -18 14 -19 -26 2758 -73 26 49 -18 14 -19 -26 34 35 36 37 38 -19 27 13 8 3 2 2 2 -103 6 -102 18 -111 -7 -1,590 -671 -7,871 5,373 -6,103 -4,350 -73,211 -68,031 -179,308 -14,434 -11,800 8,300 3,500 3,500 -11 800 8300 3 500 3500 10 12 602 -1,000 1,543 384 -1,047 1,489 477 -1,083 1,562 106 -270 386 228 -219 437 49 -644 385 94 -250 354 10 12 59 -58 -2 -10 10 8 -10 1 -19 27 13 8 3 2 42 5,363 -3,191 -4,507 -6,115 -1,910 857 ^,350 -2,982 1,482 -62,013 -16,040 -8,529 -56,715 -16,081 -14,815 -183,285 -23,784 -25,516 -18,040 -4,614 -7,177 -41,560 -6,097 -11,976 -57,938 -6,303 -3,163 -65,747 -6,770 -3,200 -4,572 ^,856 1,936 -68,958 -2,335 -24,971 -1,880 326 -5,815 -6,926 -783 -9,959 -2,306 -472 -3,288 -13,444 -612 -10,191 5,432 -257 -2,444 3,392 458 5,964 5,621 -394 -3,981 43 44 45 -1,326 14,387 -2,237 -2,825 -9,600 -27,844 -37,199 -28,620 -51,569 -82,416 -13,986 7,737 -3,605 -19,882 -12,578 -35,894 -21,400 -64,377 -2,100 1,451 -1,551 -1,190 304 3,396 -1,990 5,806 3 448 -1,619 -10,033 213 -2,850 7,829 -746 -2,284 9,996 46 47 95,234 86,919 122,200 7,252 34,828 30,601 49,519 20,910 74,817 68,210 70,182 21,765 25,004 6,644 16,769 -19,363 -8,688 -114 951 642 -2,476 (17) 1, 531 §(17I7) () n R 18) 18) \ 12 18\ 18J -9,330 1,063 (17) 2,362 2,029 (17) -580 1,196 (17) 229 -987 913 583 1,669 n (17) 17 ) (18) (18) 11,330 24,893 56,238 21,395 362 18 62,004 (.8) 18 1, )23 37,849 23,047 6,647 -633 55,391 18 157 1, •1,512 18) (18) 9,739 881 18 22,685 1 •a n (18) (18) .8) 8,805 11,665 12,658 11,134 18 5,397 18 27,152 (.8) 22,777 12,800 18 -14,626 -524 -2,192 18 69,857 40,971 .8) 9,431 2,299 18 21,085 7,522 4,137 18 11,456 ki R -625 (18) (18) 3,135 (18, 827 -2,292 14,013 2,038 44,431 1,460 .8) (18) 18 18) 118) 18 3 3 .8) (.8 13,722 3,169 18 54 R (18) (18) "I £ 134 -64 R 3 R R R -B R R «aR & 100 R 11 3 5,920 (.8) (.8) (.8) (18) 3$ 2,885 18 \ -7 R (18) 1l !? s 18\ 103 -245 347 2,537 (18) 5,646 -1,719 18 -548 2,140 (18) (18) 18 1,912 18 12,438 -2,560 18 -18,318 39 40 41 48 49 50 51 52 53 54 55 56 57 58 59 60 81 62 63 4,010 6,273 2,102 -16,309 12,401 53,085 9,088 7,145 24,734 12,118 -18,657 16,838 -19,840 798 -5,304 2,282 4,990 -1,170 30,466 64 -4,516 477 -4,039 3,441 -4,567 1,465 -3,102 3,130 -4,316 2,106 -2,210 3,625 -9,438 4,804 -4,634 9,052 -16,038 4,757 -11,281 10,476 -6,106 9,404 3,298 11,961 -3,372 1,755 -1,617 2,408 -2,471 1,686 -785 2,866 -1,283 3,073 1,790 3,649 1,020 2,890 3,910 3,038 434 2,315 2,749 2,321 -60,330 19,491 -40,839 -14,457 -49,202 19,489 -29,713 -16,601 -57,058 19,079 -67,979 -25,977 -13,701 4,826 -8,875 -5,265 -12,794 4,911 -7,883 -5,917 -14,994 5,328 -9,666 -7,395 -15,569 4,014 -11,555 -7,400 -15,571 5,220 -10,351 -6,280 65 66 67 68 -598 -97 -695 28 -84 -56 1,415 -118 1,297 4,418 -10,132 -5,714 -805 -10,484 -11,289 15,259 -11,236 4,023 791 -5,697 -1,906 2,081 -2,722 -641 5,439 -2,885 2,554 6,948 -2,932 4,016 5,070 -2,854 2,216 -55,296 -140 -55,436 -46,314 -130 -46,444 -63,956 -137 -64,093 -14,140 -72 -14,212 -13,800 -27 -13,827 -17,061 -19 -17,080 -18,955 -19 -18,974 -16,631 -69 -16,700 69 70 71 100 SURVEY OF CURRENT BUSINESS • July 1998 Table 10.—U.S. International [Millions Australia 1997 (Credits +; debits - ) > Line 1995 1998 1997 1996 I III Exports of goods, services, and income 20,112 21,852 23,320 5,375 6,138 6,073 Goods, adjusted, excluding military2 10,501 11,713 11,913 2,823 3,100 3,091 4,587 252 4,851 204 5,390 377 1,150 35 1,248 45 1,469 76 1,523 221 1,398 212 Travel . Passent Other transportation . 1,639 431 279 1,709 540 304 1,839 621 324 396 137 73 433 144 79 567 179 85 443 161 87 398 144 76 Royalties and license fees 5 Other private services5 U.S. Government miscellaneous services .... 658 1,320 1,391 13 1,520 12 163 343 3 173 371 3 179 381 2 182 425 4 165 399 4 Services3 Transfers under U.S. military agency sales contracts 4 . 5,734 5,775 3,109 Income receipts on U.S. assets abroad Direct investment receipts Other private receipts U.S. Government receipts 5,024 2,770 2,254 5,288 2,846 2,442 6,017 3,287 2,730 1,402 755 647 1,790 1,117 673 1,513 811 702 1,312 604 708 1,268 569 699 Imports of goods, services, and income . -6,871 -7,768 -8,624 -2,067 -1,609 -2,493 -2,455 -2,489 -3,402 -3,869 -4,881 -1,201 -1,125 -1,294 -1,261 -1,262 -2,267 -68 -2,703 -53 -2,762 -73 -690 -21 -571 -15 -782 -25 -719 -12 -756 -12 Travel Passenger fares Other transportation . -331 ^52 -258 -1,068 -507 -308 -965 -546 -229 -265 -152 -57 -154 -110 -57 -295 -136 -52 -251 -148 -63 -280 -161 -67 Royalties and license fees 5 Other private services5 U.S. Government miscellaneous services .... -22 -598 -38 -32 -690 -45 -85 -810 -54 -10 -168 -17 -10 -214 -11 -56 -204 -14 -9 -224 -12 -16 -208 -12 -1,202 •^35 -379 -388 -1,196 -362 -413 -421 -981 -62 -546 -373 -176 24 -115 -85 87 310 -135 -88 -417 -181 -148 -88 -475 -215 -148 -112 -471 -180 -179 -112 -116 -105 -117 -35 -27 -31 -24 -31 -84 -71 -36 -81 -9 -26 -18 -22 -15 -8 -23 -4,338 -11,199 -5,819 -415 -1,577 139 -1,966 -219 15 1 -1 -1 -4,340 -5,536 -4 -281 1,481 -11,214 -3,070 -4,519 -658 -2,967 -3,820 -1,100 -3,032 -10 322 -414 -689 -1,036 160 1,151 -1,576 -128 -185 -46 -1,217 137 259 -1,245 563 560 -1,967 -542 -566 -687 -172 -219 -307 2,831 6,582 3,881 -1,701 3,008 1,299 1,275 -446 Goods, adjusted, excluding military 2 Services3 Direct defense expenditures., 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, net 7 Gold Special drawing rights Reserve position in the International Monetary Fund . Foreign currencies U.S. Government assets, other than official reserve assets, net U.S. credits and other long-term assets Repayments on U.S. credits and other long-term assets8 U.S. foreign currency holdings and U.S. short-term assets, net U.S. private assets, net Direct investment Foreign securities U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns . U.S. claims reported by U.S. banks, not included elsewhere Foreign assets in the United States, net (increase/capital inflow (+)) 1 /18\ (18) Foreign official assets in the United States, net U.S. Government securities U.S. Treasury securities9 Other10 Other U.S. Government liabilities11 U.S. liabilities reported by U.S. banks, not included elsewhere Other foreign official assets12 i R (18) -27 Other foreign assets in the United States, net Direct investment U.S. Treasury securities U.S. currency U.S. securities other than U.S. Treasury securities U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns U.S. liabilities reported by U.S. banks, not included elsewhere 2,ffl (18) : -51 aj3 . 2,5S1 (18) (18) 24 -16 PI 43 (18) (18) 325 -161 2,174 -14,641 -1,157 -5,933 7,844 2,148 9,992 4,092 14,084 -105 13,979 7,032 2,628 9,660 5,036 14,696 -117 14,579 1,622 460 2,082 1,226 3,308 -35 3,273 1,975 677 2,652 1,877 4,529 -27 4,502 7,099 2,320 9,419 3,822 13,241 -116 13,125 1,545 (18) -9,362 -11,618 (18) (18) (18) (18) -93 886 26 177 -78 (18) 668 280 149 -1,961 -848 417 8 3,326 8 97 18 18 -173 -68 1,392 M.987 -4,987 -2,564 -2,590 1,797 687 2,484 1,096 3,580 -31 3,549 1,638 804 2,442 837 3,279 -24 3,255 1,847 642 2,489 797 3,286 -31 3,255 l8 249 7 -719 8 174 Allocations of special drawing rights Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above items with sign reversed).. Memoranda: 65 Balance on goods (lines 2 and 16) Balance on services (lines 3 and 17) Balance on goods and services (lines 65 and 66) Balance on investment income (lines 11 and 25) Balance on goods, services, and income (lines 1 and 15 or lines 67 and 68) 13 Unilateral transfers, net (line 29) Balance on current account (lines 1,15, and 29 or lines 69 and 70) 13 See footnotes on page 89. » , , SURVEY OF CURRENT BUSINESS July 1998 • 101 Transactions, by Area—Continued of dollars] International organizations and unallocated16 Other countries in Asia and Africa 1996 1995 212,449 1995 1997 223,999 240,817 1997 1998 1997 I II III IV 58,008 61,208 61,539 60,062 53,256 18,444 1998 Line 1997 1996 \p I 21,106 22,693 II 5,454 III 5,575 \P IV 5,745 5,919 1 5,838 2 2 140 628 145,289 155 781 36 778 39479 38 679 40,845 34,244 47,911 10 079 53,134 10,544 57,617 11 598 13,937 2701 14,496 3362 15,880 3110 13,304 2,425 13,485 2,486 5,133 17 5,920 13 5,872 6 1,520 1,410 6 1,486 1,456 1,487 9,642 1,375 8,296 11,255 1,788 8,341 12,137 1,903 8,602 2,479 416 2,154 3,289 439 2,169 3,964 629 2,088 2,405 419 2,191 1,996 351 2,042 370 529 532 187 109 112 124 132 7 3,755 14,459 305 4,156 16,677 373 4,377 18,691 309 995 5,113 79 1,086 4,071 80 1,177 4,845 67 1,119 4,662 83 967 5,555 88 1,576 3,170 1,736 3,642 1,741 3,593 423 910 423 872 436 938 459 873 415 940 8 9 10 23,910 14,459 8,316 1,135 25,576 15,512 8,798 1,266 27,419 15,290 10,841 1,288 7,293 4,495 2,482 316 7,233 4,063 2,853 317 6,980 3,892 2,720 368 5,913 2,840 2,786 287 5,527 2,781 2,465 281 13,311 5,984 6,728 599 15,184 8,020 6,534 630 16,821 9,081 7,175 565 3,934 2,090 1,702 142 4,165 2,242 1,789 134 4,259 2,294 1,826 139 4,463 2,455 1,858 150 4,351 . 2,338 1,831 182 11 12 13 14 -261,880 -283,412 -314,046 -70,546 -75,974 -65,832 -61,694 -75,960 -4,028 -7,370 -8,698 -2,100 -2,059 -2,184 -2,355 -2,728 -215 565 -232 038 -255 087 -56 239 -61 258 -70 597 -66,993 -61,035 -25,736 - 1 608 -29,286 -1,902 -31,800 - 2 640 -7,538 -514 -7,873 -634 -8,293 -664 -8,096 -628 -6,281 -901 -2,290 -2,958 -2,574 -700 -590 -615 -669 -1,013 -7,902 -3,636 -7,097 -9,362 -3,995 -7,114 -9,607 ^,505 -7,388 -2,407 -1,035 -1,732 -2,396 -1,176 -1,811 -2,593 -1,178 -1,903 -2,211 -1,116 -1,942 -2,539 -1,099 -1,817 -871 -978 -1,093 -357 -235 -229 -272 -290 -102 -1,668 -723 -182 -5,963 -768 -183 -6,670 -807 -53 -1,601 -196 -50 -1,609 -197 -38 -1,702 -215 -42 -1,758 -199 -37 -1,686 -202 -432 -984 -3 -923 -1,055 -2 -639 -842 -139 -204 -141 -214 -175 -211 -184 -213 -547 -176 22 23 24 -20,579 -279 -8,561 -11,739 -22,088 1,172 -9,199 -14,061 -27,159 384 -9,746 -17,797 -6,769 32 -2,543 ^,258 -6,843 153 -2,316 -4,680 -6,942 78 -2,427 -4,593 -6605 121 -2,460 - 4 266 -6,644 268 -2,635 -4,277 -1,738 736 -2,441 -33 -4,412 -1,671 -2,719 -22 -6,124 -3,172 -2,946 -6 -1,400 -654 -743 -3 -1,469 -757 -711 -1 -1,569 -634 -734 -1 -1,686 -927 -758 -1 -1,715 -910 -804 -1 25 26 27 28 -12,462 -17,285 -15,422 -3,126 -2,854 -3,269 -6,173 -3,325 -8,796 -9,149 -9,402 -2,339 -2,259 -2,192 -2,612 -2,235 29 -6,201 -238 -6,023 -10,230 -516 -6,539 -8,132 -502 -6,788 -1,212 -125 -1,789 -1,213 -129 -1,512 -1,338 -126 -1,805 -4,369 -122 -1,682 -1,331 -119 -1,875 -1,209 -660 -6,927 -886 -1,383 -6,880 -818 -1,150 -7,434 -249 -344 -1,746 -258 -89 -1,912 -174 -185 -1,833 -137 -532 -1,943 -252 -241 -1,742 30 31 32 -24,706 -49,864 -38,600 -18,731 -11,155 -8,339 -375 7,535 3 4 5 6 15 16 17 18 19 20 21 -6,165 -10,427 -9,921 1,633 -2,618 -2,483 -6,453 -21,919 33 -3,274 -910 -3,925 1,127 -79 -602 ^1,371 -267 34 -808 -2,466 370 -1,280 -350 -3,575 72 1,055 -133 54 -139 —463 -150 -1,221 -182 -85 35 36 37 38 199 -1,704 1,775 128 -40 -1,963 1,727 196 341 -2,017 2,423 -65 31 ^51 503 -21 -129 -614 497 -12 463 -478 986 -45 -24 -474 437 13 -689 -102 420 -407 -1,220 -1,220 -1,306 -1,306 -1,220 -1,220 -333 -333 -340 -340 -293 -293 -254 -254 -285 -285 39 40 41 42 -24,905 -7,702 -9,692 -1,704 -5,807 -19,824 -10,724 -25,146 -1,690 -12,264 -38,941 -16,834 -19,132 -1,380 -1,595 -18,762 -7,169 -3,283 ^32 -7,878 -11,026 -3,612 -2,238 400 -5,576 -8,802 -3,678 -9,172 -1,193 5,241 -351 -2,375 -4,439 -155 6,618 7,924 -2,866 -3,661 14,451 -1,671 -4,164 -464 11 2,946 -8,211 -6,273 693 -52 -579 -4,776 -8,052 3,051 42 183 839 -1,797 1,513 58 1,065 -2,199 -1,912 133 -3 -417 -1,588 -1,952 469 2 -107 -1,828 -2,391 936 -15 -358 -21,367 -2,027 -107 -18,583 -650 43 44 45 46 47 76,120 54,122 32,051 25,448 -13,531 17,569 2,565 20,315 13,253 20,556 25,979 1,987 8,469 5,477 10,046 16,347 R R (jj) R 5 2 1 1 5 2 1 1 13,248 -1,119 20,554 1,170 25,978 2,701 1,986 566 R (18) 18 18 18 (18) (18) -1,113 (18) (18) (18) 1,257 (18) (18) -2,S (.8) R -675 3,407 jl8) (18) (.8) (18) M Vo R •(18) (18^ ( 8 8) 8) i( 3 54 (18) 2,751 (18) 8 { ( ) 8) -1,1 ( 18 1 17 IS R 1 8 8) (18) (18) -1,415 (18) 9 8,469 648 5,477 716 12,300 -560 251 18 2,376 -115 255 18 1,882 24,782 -43 157 18 -1,619 9 24 18 -2,097 -22 57 18 2,964 6,576 -68 57 l8 -1,804 10,046 771 (.8) 9900 38 19 18 -682 -1,821 -12,708 -14,716 -20,651 -4,635 -7,108 -4,363 -4,545 4,697 -26 791 5,204 -21,587 -1,117 -22,704 -3,325 -26,029 2,843 2,843 11,573 14,416 -6,796 5,620 2,962 2,964 10,772 13,736 -9,149 4,587 3,298 3,298 10,697 13,995 -9,402 4,593 820 820 2,534 3,354 -2,339 1,015 820 820 2,696 3,516 -2,259 1,257 871 871 2,690 3,561 -2,192 1,369 787 787 2,777 3,564 -2,612 952 474 474 2,636 3,110 -2,235 875 3,912 800 18 70,989 8,146 2,293 18 45,471 8,076 1,833 18 21,151 3,447 1,017 l8 20,311 1,528 40 18 -16,996 2,728 1,879 18 15,546 373 -1,103 18 2,290 3,216 10,479 72,440 95,200 8,947 42,306 18,332 25,615 -74 937 22,175 -52,762 3,331 -49,431 -12,462 -61,893 -66 749 23,848 -62,901 3,488 -59,413 -17,285 -76,698 -99 306 25,817 -73,489 260 -73,229 -15,422 -68,651 -19461 6,399 -13,062 524 -12,538 -3,126 -15,664 -21 779 6,623 -15,156 390 -14,766 -2,854 -17,620 -31 918 7,587 -24,331 38 -24,293 -3,269 -27,562 -26,148 5,208 -20,940 -692 -21,632 -6,173 -27,805 ,r,S (18) aft 48 49 50 51 52 53 54 55 4,0 (18) 16,347 811 (18) 746 -45 8,052 18 6,783 56 57 58 59 60 61 62 63 2 64 65 66 67 68 69 70 71 SURVEY OF CURRENT BUSINESS 102 • July 1998 Table 10a.—U.S. International Transactions, [Millions Belgium-Luxembourg Germany France (Credits +; debits-) 1 Line 1997* 1995 1997* 1996 1995 1995 1996 1997* 20,011 19,938 22,629 28,999 30,893 31,834 44,617 45,826 47,708 12,835 12,683 13,894 14,240 14,442 15,804 21,877 22,965 24,202 2,823 99 2,988 82 3,010 133 8,071 49 8,924 62 9,535 82 13,086 237 13,715 388 13,779 243 Travel Passenger fares Other transportation 486 272 355 557 294 326 514 294 350 2,063 976 410 2,327 954 417 2,485 929 577 4,212 1,592 1,172 4,403 1,714 860 4,142 1,366 957 Royalties and license fees 5 Other private services5 U.S. Government miscellaneous services 770 840 1 810 918 1 705 1,013 1 2,126 2,431 16 2,447 2,698 19 2,214 3,231 17 2,945 2,884 44 2,871 3,431 48 2,750 4,277 44 4,353 3,048 1,305 4,267 2,949 1,318 5,725 2,858 2,867 2,707 3,981 7,527 3,389 4,138 6,495 2,637 3,858 n n 9,654 4,215 4,472 967 9,146 3,842 4,641 663 9,727 4,117 5,072 538 -14,690 -15,753 -18,056 -29,125 -31,481 -35,467 -56,736 -60,130 -65,836 Goods, adjusted, excluding military2 -8,757 -9,499 -10,849 -17,179 -18,633 -20,607 -36,770 -38,839 ^3,018 Services3 Direct defense expenditures -1,690 -118 -1,732 -104 -1,986 -135 -6,396 -66 -6,310 -52 -7,209 -92 -12,006 -4,082 -12,151 -4,010 -11,906 -6,572 Travel Passenger fares Other transportation -312 -106 -426 -268 -149 -445 -236 -221 -454 -2,615 -537 -632 -2,427 -524 -706 -2,752 -615 -687 -2,247 -645 -1,489 -2,013 -939 -1,545 -1,984 -1,225 -1,748 Royalties and license fees 5 Other private services5 U.S. Government miscellaneous services . -121 -535 -72 -123 -563 -80 -138 -727 -75 -374 -1,947 -225 -445 -1,907 -249 -723 -2,106 -234 -714 -2,322 -307 -731 -2,574 -339 -904 -2,154 -319 ^,243 -615 -2,396 -1,232 -4,522 -703 -2,552 -1,267 -5,221 -584 -2,818 -1,819 -5,550 -1,729 -2,914 -907 -6,538 -2,570 -2,952 -1,016 -7,651 -3,037 -3,584 -1,030 -7,960 -1,642 -2,450 -3,868 -9,140 -2,283 -2,523 ^,334 -10,912 -6,003 -2,839 -5,070 -61 -63 -76 -157 -121 -151 1,426 1,311 -62 -59 -61 -90 -291 1,717 -288 1,599 -294 1,163 -20,155 -12,346 -12,724 -19,911 -21,547 2,648 -609 -1,377 2,648 -609 -1,377 -13 -44 -10 -20,160 -3,0.02 2,294 -6,055 -11,397 47,293 Exports of goods, services, and income . Goods, adjusted, excluding military2 Services3 Transfers under U.S. military agency sales contracts4 Income receipts on U.S. assets abroad Direct investment receipts Other private receipts U.S. Government receipts Imports of goods, services, and income . Income payments on foreign assets in the United States . Direct investment payments Other private payments U.S. Government payments Unilateral transfers, net U.S. Government grants 4 U.S. Government pensions and other transfers Private remittances and other transfers6 U.S. assets abroad, net (increase/capital outflow (-)) ... n -16 -18 -45 -30 -46 -1 -68 -68 -7,234 -2,179 -2,288 -9,963 n U.S. official reserve assets, net 7 Gold Special drawing rights Reserve position in the International Monetary Fund . Foreign currencies -13 U.S. Government assets, other than official reserve assets, net U.S. credits and other long-term assets Repayments on U.S. credits and other long-term assets 8 U.S. foreign currency holdings and U.S. short-term assets, net U.S. private assets, net Direct investment Foreign securities U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns . U.S. claims reported by U.S. banks, not included elsewhere Foreign assets in the United States, net (increase/capital inflow (+)) 1 n -13 -7,240 -2,274 -1,952 -1,241 -1,773 -2,174 -1,571 1,604 -3,067 860 -2,275 -2,804 2,582 -2,422 -9,960 -5,196 -420 -1,659 -2,685 -20,156 -•,750 -5,344 -24 -10,038 -12,346 -3,166 -5,448 -1,096 -2,636 -15,359 -6,349 -898 -1,714 -19,258 -1,467 -7,820 -7,895 -2,076 8,403 1,891 28,071 849 8,541 29,695 27,799 42,185 -13 -10 (14) (.4) Foreign official assets in the United States, net U.S. Government securities U.S. Treasury securities9 Other 10 Other U.S. Government liabilities11 !..„""!.."""."'."."!!.' U.S. liabilities reported by U.S. banks, not included elsewhere Other foreign official assets 12 Other foreign assets in the United States, net Direct investment U.S. Treasury securities U.S. currency U.S. securities other than U.S. Treasury securities U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns U.S. liabilities reported by U.S. banks, not included elsewhere -3 (14) (14) 124 R (14) 3,361 (14, i.l3 (14) (.4) (.4) 3,157 (14) 2,721 (14) 8,728 5,983 (14) 10,712 18,9! (14) (14) (14) -501 130 14 5,425 817 961 4 1,250 5,949 ^88 4 19,472 -20 1,219 4 -3,121 1,970 4,557 14 -4,047 -6,429 ^,834 -30,280 9,397 12,323 -13,565 -4,382 -9,281 -8,487 4,078 1,133 5,211 110 5,321 -61 5,260 3,184 1,256 4,440 -255 4,185 -63 4,122 3,045 1,024 4,069 504 4,573 -76 4,497 -2,939 1,675 -1,264 1,138 -126 -157 -283 -4,191 2,614 -1,577 989 -588 -121 -709 -4,803 2,326 -2,477 -1,156 -3,633 -151 -3,784 -14,893 1,080 -13,813 1,694 -12,119 1,426 -15,874 1,564 -14,310 6 -14,304 1,311 -12,993 -18,816 1,873 -16,943 -1,185 -18,128 869 -17,259 4 6,255 6,977 7,611 4 4,095 3,954 11,876 14 5,645 523 17,220 4 11,599 1,325 23,662 Allocations of special drawing rights Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above item with sign reversed) Memoranda: Balance on goods (lines 2 and 16) Balance on services (lines 3 and 17) Balance on goods and services (lines 65 and 66) Balance on investment income (lines 11 and 25) Balance on goods, services, and income (lines 1 and 15 or lines 67 and 68) 1 3 Unilateral transfers, net (line 29) Balance on current account (lines 1,15, and 29 or lines 69 and 70) 1 3 See footnotes on page 89. SURVEY OF CURRENT BUSINESS July 1998 • 103 by Selected Countries (published annually) of dollars] Italy 1997' 1995 1997' 1996 Venezuela Mexico Netherlands 1996 1995 1997' 1996 1995 1995 1996 South Africa 1997' 1995 1997' 1996 17,448 17,337 17,907 32,552 35,407 41,072 59,290 72,261 88,016 8,320 8,336 10,721 4,075 4,374 4,597 1 8,674 8,616 8,927 16,226 16,498 19,671 46,189 56,740 71,152 4,602 4,664 6,583 2,775 3,124 2,985 2 4,610 53 4,927 91 5,064 47 6,416 264 7,436 315 7,815 165 7,434 2 8,183 10 9,350 12 2,533 17 2,471 22 2,803 21 807 855 9 1,040 1 3 4 1,344 483 452 1,691 461 338 1,647 613 347 782 161 914 1,141 222 883 972 188 761 2,857 515 420 3,004 761 549 3,430 859 j 576 1,852 f 1,934 i 344 1 285 7 84 370 1,763 5 6 7 1,182 1,090 6 1,177 1,163 6 1,032 1,373 1,926 2,367 2 2,260 2,613 2 2,656 3,071 2 434 3,182 24 477 3,359 23 627 3,824 22 151 168 29$ 151 386 8 9 10 4,164 2,047 2,117 3,794 1,739 2,055 3,916 1,682 2,234 9,910 7,456 2,454 11,473 8,667 2,806 13,586 10,240 3,346 7,338 2,862 3,498 978 395 99 296 0 5,667 1,585 3,531 551 572 208 364 11 12 13 14 -22,301 -24,321 -25,816 -16,933 -19,405 -20,837 -75,759 -16,335 -18,294 -19,382 -6,408 -7,481 -7,601 -1,377 -545 -519 ^,357 -550 -3,298 -53 -3,374 -77 -1,927 -530 -617 -1,843 -515 ^22 -2,107 -440 -467 ^42 -699 -676 -98 -677 -83 -143 -619 -92 -116 -590 -87 -1,589 -153 -927 -509 -1,874 -258 -1,013 -603 -306 -292 132 112 114 145 552 572 703 7,514 3,969 3,500 45 1,185 631 554 1,201 697 504 1,335 871 464 493 170 323 0 0 0 0 -89,441 -102,787 -11,329 -15,128 -15,463 -2,694 -2,967 -3,324 15 -62,787 -75,080 -66,661 -9,764 -13,419 -13,476 -2,208 -2,321 -2,509 16 -3,670 -80 -10,993 -8 -11,958 -3 -13,314 •4 -730 -1 -603 -1 -758 -1 -446 -9 -595 -11 -725 -1 17 18 -495 -688 -700 -670 -865 -707 -5,316 -569 -481 -5,972 -650 -525 -6,443 -111 -800 -198 -119 -268 -124 -18 -267 -239 -30 19 20 21 -459 -929 -448 -923 -43 -498 -609 -52 -4,373 -194 -60 -4,564 -184 -117 -4,983 -190 -64 -5 -132 -37 -9 -139 -40 22 23 24 -2,077 -272 -940 -665 -7,227 -6,003 -1,704 -520 -6,550 -6,592 -1,608 -350 -9,566 -7,175 -1,989 ^02 -1,979 -23 -916 -1,040 -2,403 -28 -986 -1,389 -2,812 -180 -1,312 -1,320 -635 51 -680 -206 -906 4 -719 -191 -1,229 38 -696 -371 -40 -51 1 -40 -12 -90 6 -65 -31 25 26 27 28 -302 -47 -50 -57 -3,823 -4,166 -4,547 -68 -62 -73 -176 -180 -220 29 -4 -218 -3,601 -32 -220 -3,914 -5 -223 -4,319 -1 -4 -63 -1 -4 -57 -1 -4 -68 -123 -4 -49 -126 -4 -50 -156 -4 -60 30 31 32 -10,321 20 -216 -2,008 -688 -1,447 -2,978 0 } 0 0 -802 -729 -218 -88 -221 -71 -213 -69 -19 -28 -20 -30 -22 -35 -3,346 -3,351 213 -19,540 -10,015 -18,531 1 -13,588 -147 -11,800 8,300 -11800 8300 208 103 -1 105 -1 4 -757 J -22 I -44 33 34 35 36 37 38 1 10 8 -10 3 1 -10 _-| 163 -13 173 3 -19 22 _g 39 40 41 42 -3,356 -2,506 -2,469 -143 1,762 -3,359 -786 -1,534 40 -1,079 223 -1,012 2,141 -392 -614 -19,543 -9,386 -4,114 -2,829 -3,214 -10,016 -6,914 -1,003 -699 -1,400 -18,521 -14,329 270 -654 -3,808 -1,996 -2,983 -1,094 419 1,662 -6,610 -2,713 -5,360 -38 -499 -10,424 -5,933 -3,246 -337 -S08 16 -654 390 66 214 -216 -703 326 -71 232 -2,009 -735 -693 -224 -357 -665 -289 -338 -203 165 -1,470 -194 -1,174 36 -138 -2,972 -1,189 -1,456 -111 -216 43 44 45 46 47 2,948 1,002 4,896 2,458 13,253 33,273 14,644 7,233 5,625 -2,242 5,948 6,444 564 -218 2,362 48 r (14) (14) (14) R R 49 50 51 52 53 54 55 8 10 (14) (14) S (14) (14) (14) ( -2 (14) (14) 197 349 (14) (14) -1,247 470 1,432 14 -10 M !• s 14) (14) (.4) -1,007 89 3,620 3 q (.4) (14) 14 -10 ;;| (14 (14) (14 - 3 h 2,902 5 2,118 4,898 -483 -348 1 I r 8 (14 (14 (14) 14 3,315 1,689 -3,168 14 7,665 17,594 -2,464 (14) £ 10,274 11,487 38 14 420 -229 14,717 14 649 113 6,437 14 (14) (14 145 111 147 (14) (14 1,760 -62 3,774 14 101 -58 -2,397 01 -23 -4 r» (14) .4) (14) (14) (14 R ( i< (14 "'(14 14 (14 (.4) 14) 14 (14 8 ()(*) 4 14 283 104 5,413 R £3 23 -6 -1 n I 1 (.4 14) B n R (14) n (14) 14 1,189 -68 5,089 14 128 -5 440 14 83 50 -326 14 512 134 1,739 56 57 58 59 60 61 62 63 5,557 9,625 3,102 1,510 -19,190 -34,920 19,236 14,260 24,014 5,299 1,122 379 -1,081 438 -437 64 -7,661 233 -7,428 2,575 -4,853 -306 -5,159 -9,678 774 -8,904 1,920 -6,984 -292 -7,276 -10,455 707 -9,748 1,839 -7,909 -302 -8,211 9,818 3,118 12,936 2,683 15,619 -47 15,572 9,017 4,062 13,079 2,923 16,002 -50 15,952 12,070 4,145 16,215 4,020 20,235 -67 20,178 -16,598 -3,559 -20,157 3,688 -16,469 -3,823 -20,292 -18,340 -3,775 -22,115 4,935 -17,180 -4,166 -21,346 -15,509 -4,964 -19,473 4,702 -14,771 ^,547 -19,318 -5,162 1,803 -3,359 350 -3,009 -68 -3,077 -6,755 1,668 -7,087 295 -6,792 -62 -6,854 -6,893 2,045 -4,848 106 -4,742 -73 567 361 928 453 1,381 -176 1,205 803 260 1,063 344 1,407 -180 1,227 476 315 791 482 1,273 -220 1,053 65 66 67 68 69 70 71 Comprehensive Information on the U.S. Economy. . . i i/ in it 1]NT SURVEY of i u[ f 1i "I I . . . /s iVitiw O/i BUSINESS Website! In a searchable, retrievable electronic format that preserves the look and feel of the printed version Now SURVEY OF CURRENT BUSINESS readers who have access to the Worldwide Web can get the latest issue at least a week before the printed version. The electronic SURVEY, beginning with January 1998, is available on BEA's website at: <http://www.bea.doc.gov>. In addition to full issues, key SURVEY articles are offered by subject area. The SURVEY is published electronically in portable document format (pdf), a graphically oriented format that preserves document fidelity across all major computer platforms—including Windows, Macintosh, and Unix—and printers. A user can view and print pages as well as m Copy andpaste text. $ Search for words andphrases. $ Follow hypertext links connecting references to footnotes, tables, and charts. Easilyfollow the SUR VETS multicolumnformat on screen byjumping into predefined article "threads." Quickly locate any portion ofan article by looking through the article's "bookmarks." THE BUSINESS SITUATION Contents SURVEY OF CURRENT BUSINESS July 1998 D-l BEA CURRENT AND HISTORICAL DATA National, International, and Regional Estimates This section presents an extensive selection of economic statistics prepared by the Bureau of Economic Analysis (BEA) and a much briefer selection of collateral statistics prepared by other Government agencies and private organizations. Series originating in Government agencies are not copyrighted and may be reprinted freely. Series from private sources are provided through the courtesy of the compilers and are subject to their copyrights. BEA makes its economic information available on three World Wide Web sites. The BEA Web site <http:// www.bea.doc.gov> contains data, articles, and news releases from BEA'S national, international, and regional programs. The Federal Statistical Briefing Room (FSBR) on the White House Web site <http://www.whitehouse.gov/fsbr> provides summary statistics for GDP and a handful of other NIPA aggregates. The Commerce Departments STAT-USA Web site <http://www.stat-usa.gov> provides detailed databases and news releases from BEA and from other Federal Government agencies by subscription; information about STAT-USA'S Economic Bulletin Board (EBB) and Internet services may be obtained at the Web site or by calling 202-482-1986. The tables listed below present annual, quarterly, and monthly estimates, indicated as follows: [A] Annual estimates only; [Q] quarterly estimates only; [QA] quarterly and annual estimates; [MA] monthly and annual estimates. National Data A. Selected NIPA Tables: [QA] 1. National product and income D-2 2. Personal income and outlays D-6 3. Government receipts, current expenditures, and gross investment D-7 4. Foreign transactions D-11 5. Saving and investment D-13 6. Income and employment by industry D-16 7. Quantity and price indexes.. D-17 8. Supplementary tables D-24 B. Other NIPA and NiPA-related tables: Monthly estimates: [MA] B.i. Personal income B.2. Disposition of personal income D-27 D-27 Annual estimates: [A] B.3. GDP by industry D-28 B.4. Personal consumption expenditures by type of expenditure D-29 B.5. Private purchases of structures by type D-30 B.6. Private purchases of producers* durable equipment by type D-30 B.7. Compensation and wage and salary accruals by industry D-31 B.8. Employment by industry D-32 B.9. Wage and salary accruals and employment by industry per full-time equivalent D-33 B.10. Farm sector output, gross product, and national income D-34 B.11. Housing sector output, gross product, and national income D-34 B.12. Net stock of fixed private capital, by type... D-35 C. Historical tables: [A] C.i. Historical estimates for major NIPA aggregates D-36 C.2.-C.7. Growth rates of selected components of real GDP D-39 * These sections are not included in this issue because of the annual revision of the international transactions accounts (see the note on page D-51). D. Domestic perspectives [MA, QA] D-41 E. Charts: Selected NIPA series Other indicators of the domestic economy D-43 D-49 International Data F. Transactions tables (*) G. Investment tables: G.i. International investment position of the United States [A] D-52 G.2. USDIA: Selected items [A] D-53 G.3. Selected financial and operating data for nonbank foreign affiliates of U.S. companies [A] D-54 G.4. FDIUS: Selected items [A] D-55 G.5. Selected financial and operating data of nonbank U.S. affiliates of foreign companies [A] D-56 H. International perspectives [MA, QA] I. Charts D-57 (*) Regional Data J. State and regional tables: J.i. Total and nonfarm personal income [QA] ....D-59 J.2. Percent of personal income for selected components [A] D-60 J.3. Per capita personal income and disposable personal income [A] D-61 J.4. Gross state product [A] D-62 K. Local area table D-63 L. Charts D-65 Appendixes Appendix A: Additional information about BEA'S NIPA estimates: Statistical conventions Reconciliation tables [QA] D-67 D-68 Appendix B: Suggested reading D-69 D-2 National Data SURVEY OF CURRENT BUSINESS July 1998 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 25, 1998 and include the "final" estimates for the first quarter of 1998. The selected set of NIPA tables shown in this section presents quarterly estimates, which are updated monthly. In most tables, the annual estimates are also shown. Most of the "annual only" NIPA tables were presented in the August 1997 SURVEY OF CURRENT BUSINESS; tables 8.20-8.26 were presented in the September 1997 SURVEY; and the remaining "annual only" tables—tables 3.15-3.20 and 9.1-9.6—were presented in the October 1997 SURVEY. The selected NIPA tables are available on printouts or diskettes from BEA. TO order NIPA subscription products using Visa or MasterCard, call the BEA Order Desk at 1-800-704-0415 (outside the United States, 202-606-9666). The news release on gross domestic product (GDP) is available at the time of release, and the selected NIPA tables are available later that day, on STAT-USA'S Economic Bulletin Board and Internet services; for information, call STAT-USA on 202-482-1986. In addition, the GDP news release is available the afternoon of the day of the release, and the selected NIPA tables are available about 2 weeks later (when the SURVEY is sent to the printer), on BEA'S Internet site <http://www.bea.doc.gov>. NOTE.—The 1998 annual revision of the NIPA'S will be presented in the August SURVEY; see the box on page 5 for more information. 1. National Product and IncomeTable 1.1 .—Gross Domestic Product Table 1.2.—Real Gross Domestic Product [Billions of dollars] [Billions of chained (1992) dollars] Seasonally adjusted at annual rates Seasonally adjusted at annual rates 1996 1997 IV Gross domestic product 1997 1996 I 1996 1998 IV II 7,636.0 8,079.9 7,792.9 7,933.6 8,034.3 8,124.3 8,227.4 8,359.3 Gross domestic product Personal consumption expenditures 5,207.6 5,485.8 5,308.1 5,405.7 5,432.1 5,527.4 5,577.8 5,667.3 Persona! consumption expenditures Durable goods Nondurable goods Services 634.5 659.3 638.2 658.4 644.5 667.3 666.8 687.4 1,534.7 1,592.0 1,560.1 1,587.4 1,578.9 1,600.8 1,600.9 1,621.5 3,038.4 3,234.5 3,109.8 3,159.9 3,208.7 3,259.3 3,310.0 3,358.4 Durable goods Nondurable goods Services Gross private domestic investment 1,116.5 1,242.5 1,151.1 1,193.6 1,242.0 1,250.2 1,284.1 1,359.5 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 1,090.7 1,174.1 1,119.2 1,127.5 1,160.8 1,201.3 1,206.8 1,250.7 781.4 846.9 807.2 811.3 836.3 872.0 868.0 897.9 215.2 230.2 227.0 227.4 226.8 232.9 233.9 233.6 566.2 309.2 616.7 327.2 580.2 312.0 583.9 316.2 609.5 324.6 639.1 329.3 634.2 338.8 664.3 352.8 25.9 68.4 31.9 66.1 81.1 48.9 77.2 108.8 -88.7 -111.3 -105.3 -130.2 -94.8 -101.1 -88.6 870.9 957.1 617.5 686.3 253.3 270.8 965.7 1,058.1 809.0 888.5 156.7 169.6 904.6 922.2 960.3 965.8 980.0 965.0 640.5 656.2 690.0 691.1 707.9 693.6 264.2 266.0 270.3 274.8 272.1 271.4 993.2 1,021.0 1,049.0 1,077.1 1,085.4 1,095.2 834.6 855.8 880.1 905.6 912.6 921.2 158.6 165.2 168.9 171.6 172.7 174.0 -98.8 1,406.7 1,452.7 1,422.3 1,433.1 1,449.0 1,457.9 1,470.9 1,462.6 520.0 352.8 167.3 886.7 523.8 350.3 173.5 928.9 517.6 350.6 167.0 904.7 516.1 343.3 172.8 917.0 526.1 350.6 175.5 923.0 525.7 352.1 173.6 932.3 527.3 355.2 172.0 943.6 NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1. 1997 1997 1996 1998 I 515.1 339.3 175.8 947.5 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. 6,928.4 7,188.8 7,017.4 7,101.6 7,159.6 7,214.0 7,280.0 7,375.7 4,714.1 4,867.5 4,756.4 4,818.1 4,829.4 4,896.2 4,926.1 4,998.7 611.1 645.5 617.1 1,432.3 1,458.5 1,441.2 2,671.0 2,764.1 2,698.2 637.8 629.0 656.1 659.3 682.7 1,457.8 1,450.0 1,465.5 1,460.9 1,484.4 2,723.9 2,749.8 2,776.1 2,806.4 2,834.1 1,069.1 1,197.0 1,104.8 1,149.2 1,197.1 1,204.6 1,237.2 1,318.3 1,041.7 1,123.6 1,068.7 1,079.0 1,111.4 1,149.3 1,154.6 1,202.2 771.7 848.3 800.8 808.9 837.0 874.5 872.7 909.2 188.7 195.4 196.9 195.9 193.5 196.7 195.5 194.1 586.0 272.1 659.0 279.5 606.7 271.1 616.6 273.3 649.3 278.2 685.3 280.1 684.8 286.3 726.1 297.7 25.0 65.7 32.9 63.7 77.6 47.5 74.0 105.7 -114.4 -146.5 -105.6 857.0 962.7 901.1 628.4 725.0 666.2 229.9 241.7 236.8 971.5 1,109.2 1,006.6 823.1 947.5 857.5 149.0 163.0 150.0 1,257.9 -126.3 -136.6 922.7 962.5 686.2 725.8 238.9 240.8 1,048.9 1,099.1 891.3 938.4 158.4 161.8 -164.1 -159.1 -208.4 973.0 992.7 989.6 731.8 756.3 753.5 245.0 241.8 241.5 1,137.1 1,151.8 1,198.0 972.7 987.6 1,030.6 165.8 165.9 169.6 1,261.8 1,260.5 1,270.1 1,273.4 1,274.4 1,264.1 464.2 317.8 146.1 793.7 457.0 308.6 147.9 812.7 459.6 313.6 145.7 802.3 452.8 303.9 148.5 807.7 460.1 309.4 150.2 810.1 458.8 310.3 148.0 814.7 456.1 311.1 144.8 818.3 444.3 295.5 148.2 819.9 -1.6 -4.3 -3.8 -2.9 -3.9 -4.6 -6.0 -7.5 NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the difference between the first line and the sum of the most detailed lines. 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. D-3 National Data SURVEY OF CURRENT BUSINESS July 1998 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 1996 1997 1996 1998 1997 IV 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 output 1996 1997 7,610.2 8,011.5 7,761.0 7,867.4 7,953.2 8,075.3 8,150.2 8,250.5 68.4 48.9 77.2 108.8 81.1 31.9 25.9 66.1 2,785.2 2,945.1 2,826.9 2,904.6 2,936.0 2,952.1 2,987.6 3,062.9 2,759.3 2,876.7 2,795.0 2,838.4 2,854.9 2,903.2 2,910.4 2,954.1 81.1 68.4 25.9 77.2 108.8 48.9 31.9 66.1 1,228.9 1,317.0 1,232.4 1,279.8 1,322.1 1,323.9 1,342.1 1,388.5 1,212.0 1,284.0 1,233.5 1,248.0 1,275.3 1,305.3 1,307.3 1,335.5 53.0 18.6 46.8 -1.1 16.9 34.8 31.8 33.0 1,556.3 1,628.1 1,594.5 1,624.7 1,613.9 1,628.2 1,645.5 1,674.4 1,547.3 1,592.7 1,561.5 1,590.4 1,579.6 1,597.9 1,603.1 1,618.6 34.4 42.4 9.0 55.8 30.3 33.0 35.3 34.3 4,187.3 4,430.4 4,282.7 4,338.2 4,400.1 4,462.3 4,521.0 4,564.5 663.6 704.4 683.3 690.8 698.2 709.8 718.8 731.8 271.4 284.2 267.2 281.4 270.4 287.4 297.8 290.5 Gross domestic product Final sales of domestic product Change in business inventories Residual Goods Final sales Change in business inventories Durable goods Final sales Change in business inventories Nondurable goods Final sales Change in business inventories Services Structures 7,364.7 7,795.7 7,525.8 7,652.2 7,764.0 7,836.9 7,929.6 8,068.8 NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1. 1998 Residual Addenda: Motor vehicle output Gross domestic product less motor vehicle output I IV I I 7,636.0 8,079.9 7,792.9 7,933.6 8,034.3 8,124.3 8,227.4 8,359.3 1997 1996 6,928.4 7,188.8 7,017.4 7,101.6 7,159.6 7,214.0 7,280.0 7,375.7 6,901.0 7,118.3 6,981.7 7,034.1 7,077.7 7,160.3 7,201.1 7,266.4 65.7 4.8 105.7 3.6 2,662.6 2,808.3 2,704.1 2,769.3 2,796.7 2,815.4 2,851.8 2,927.2 2,635.5 2,735.6 2,668.4 2,699.6 2,711.8 2,760.7 2,770.0 2,812.7 25.0 2.4 32.9 2.8 63.7 77.6 47.5 3.8 4.3 6.2 74.0 4.9 63.7 65.7 25.0 32.9 47.5 77.6 74.0 105.7 1,222.1 1,326.4 1,228.5 1,277.0 1,327.5 1,338.4 1,362.9 1,416.1 1,205.8 1,294.0 1,230.1 1,245.8 1,281.4 1,320.4 1,328.4 1,363.0 31.0 15.9 50.2 32.9 17.5 43.8 29.9 1,443.7 1,488.4 1,477.9 1,496.1 1,476.2 1,484.3 1,496.9 1,521.3 1,433.2 1,448.9 1,442.6 1,458.3 1,437.5 1,449.0 1,450.7 1,460.6 34.7 9.1 33.8 33.8 55.6 41.1 30.1 33.8 3,686.6 3,789.1 3,723.9 3,743.9 3,774.4 3,804.8 3,833.3 3,849.3 582.2 598.7 592.9 595.1 595.7 600.7 603.1 611.7 -4A -7.6 -5.0 -5.2 -7.0 -8.5 -9.5 -14.7 241.3 252.2 236.5 247.5 240.6 254.0 266.7 259.0 6,687.1 6,936.7 6,781.0 6,854.1 6,919.1 6,960.1 7,013.4 7,116.6 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 7,636.0 8,079.9 7,792.9 7,933.6 8,034.3 8,124.3 8,227.4 8,359.3 870.9 957.1 965.7 1,058.1 904.6 922.2 960.3 965.8 980.0 965.0 993.2 1,021.0 1,049.0 1,077.1 1,085.4 1,095.2 7,730.9 8,181.0 7,881.5 8,032.4 8,123.1 8,235.6 8,332.7 8,489.4 25.9 68.4 31.9 66.1 81.1 48.9 77.2 108.8 7,705.0 8,112.6 7,849.6 7,966.3 8,042.0 8,186.6 8,255.5 8,380.7 NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1. 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 6,928.4 7,188.8 7,017.4 7,101.6 7,159.6 7,214.0 7,280.0 7,375.7 857.0 962.7 901.1 922.7 962.5 973.0 7,037.7 7,324.6 7,118.4 7,220.9 7,286.9 7,364.6 7,426.1 7,563.5 25.0 65.7 32.9 63.7 77.6 47.5 [Billions of chained (1992) dollars] 6,311.6 6,699.4 6,450.0 6,573.1 6,657.9 6,736.8 6,829.8 6,952.1 Nonfarml 5,652.8 6,010.1 5,777.1 5,892.5 5,971.0 6,044.2 6,132.7 6,251.2 Nonfarm less housing 658.8 689.3 673.0 680.6 686.8 692.7 697.1 700.8 Housing 89.4 94.6 93.0 93.0 Farm 97.1 86.2 95.0 93.4 Households and institutions ... 346.0 366.3 352.0 357.7 363.6 369.3 374.8 380.7 11.6 11.3 11.8 11.4 11.1 Private households 11.5 11.4 11.1 334.6 355.0 341.0 346.6 352.3 357.9 363.2 368.9 Nonprofit institutions 889.0 919.6 897.8 909.4 915.8) 923.2 929.9 940.3 General government2 281.4 285.8 281.1 286.2 286.2 286.1 284.9 288.3 Federal State and local 607.6 633.7 616.7 623.3 629.6 637.1 644.9 652.0 1. Gross domestic business product equals gross domestic product less gross product of households and institutions and of general government. Gross nonfarm product equals gross domestic business product less gross farm product. 2. Equals compensation of general government employees plus general government consumption of fixed capital as shown in table 3.7. 105.7 7,010.2 7,253.9 7,082.7 7,153.1 7,204.7 7,310.9 7,346.9 7,453.6 Table 1.8.—Real Gross Domestic Product by Sector 7,636.0 8,079.9 7,792.9 7,933.6 8,034.3 8,124.3 8,227.4 8,359.3 6,401.0 6,794.0 6,543.1 6,666.5 6,755.0 6,831.8 6,922.7 7,038.3 74.0 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. Percent changes from preceding period for selected items in this table are shown in table 8.1. [Billions of dollars] Gross domestic product 989.6 971.5 1,109.2 1,006.6 1,048.9 1,099.1 1,137.1 1,151.8 1,198.0 Table 1.7.—Gross Domestic Product by Sector Business[ 992.7 Gross domestic product Business1 6,928.4 7,188.8 7,017.4 7,101.6 7,159.6 7,214.0 7,280.0 7,375.7 5,842.9 6,092.1 5,928.5 6,009.6 6,064.4 6,114.4 6,180.0 6,271 .1 5,766.8 6,011.8 5,853.3 5,929.7 5,983.2 6,034.0 6,100.1 6,189.8 Nonfarm1 5,181.4 5,417.3 5,261.3 5,335.3 5,388.2 5,439.2 5,506.6 5,598.6 Nonfarm less housing 585.7 595.3 592.3 594.9 595.6 595.7 594.8 593.0 Housing Farm 79.5 74.7 75.5 79.6 79.1 79.0 80.4 80.6 Households and institutions ... 311.2 320.5 314.4 316.9 319.2 321.7 324.3 326.4 9.6 9.6 Private households 10.1 9.7 9.7 9.6 9.6 9.8 301.1 310.9 304.8 307.4 309.6 312.1 314.6 316.6 Nonprofit institutions 775.9 779.3 776.6 General government2 777.7 778.8 781.1 779.4 782.5 240.9 235.9 238.9 Federal 238.2 237.1 236.3 232.2 233.2 535.2 543.7 537.9 State and local 539.9 542.1 545.2 547.8 549.8 -1.5 Residual -3.4 -2.1 -4.8 -3.0 -3.8 -2.7 -5.9 1. Gross domestic business product equals gross domestic product less gross product of households and institutions and of general government. Gross nonfarm product equals gross domestic business product less gross farm product. 2. Equals compensation of general government employees plus general government consumption of fixed capital as shown in table 3.8. NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the difference between the first line and the sum of the most detailed lines. D-4 SURVEY OF CURRENT BUSINESS • National Data July 1998 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 Seasonally adjusted at annual rates 1996 1997 1996 IV I II Plus: Receipts of factor income from the rest of the world Less: Payments of factor income to the rest of the world III Equals: Net national product 262.2 248.8 248.2 261.6 269.4 269.8 273.9 232.6 282.0 245.6 262.5 282.3 290.1 293.1 292.5 Less: Indirect business tax and nontax liability Business transfer payments Statistical discrepancy ... Plus: Subsidies less current surplus of government enterprises Equals: National income Less: Corporate profits with inventory valuation and capital consumption adjustments Net interest ... . Contributions for social insurance Wage accruals less disbursements Plus: Personal interest income ... Personal dividend Government transfer payments to persons Business transfer payments to persons 8301 682 7 867 9 7169 845 6 697 2 855 0 705 4 863 0 712 3 871 6 720 3 881 9 729 4 8891 7363 709.9 750.4 725.3 736.6 745.9 754.3 764.8 774.7 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 28.1 148.4 31.2 149.6 33.6 150.6 34.0 151.3 35.5 152.6 ^ 2 7 Equals: Net national product 125.1 127.8 125.8 126.8 127.4 128.0 129.0 128.9 Addenda: Gross domestic i n c o m e l Gross national i n c o m e 2 23.3 22.6 22.9 23.3 23.4 23.6 23.8 5 " 604.8 619.4 625.3 610.2 616.2 625.8 6343 33.6 -59.9 35.3 -86.0 34.2 -59.5 34.4 -64.3 36.0 35.0 35.9 -73.5 -103.2 -103.1 qa 1 2J-J —yo.O 25.4 26.1 26.0 26.1 26.7 26 3 625.4 1997 I II 1998 III IV I 6,928.4 7,188.8 7,017.4 7,101.6 7,159.6 7,214.0 7,280.0 7,375.7 214.2 236.3 226.0 224.6 236.3 242.5 242.0 245.6 210.2 250.1 219.8 234.0 250.8 256.9 258.7 257.9 6,932.0 7,174.4 7,023.1 7,091.8 7,144.4 7,198.8 7,262.6 7,362.6 776.4 642.4 134.2 812.7 677.6 135.4 786.7 652.2 134.6 797.3 662.6 135.0 806.5 671.5 135.3 816 0 680.8 135.6 831 0 8421 695.7 7068 135.8 135.9 114.1 114.9 114.4 114.6 114.8 115.0 115.1 115.1 20.0 20.5 20.2 20.3 20.4 20.6 20.7 20.8 *}Q A 33.6 151.0 Net domestic product 6,155.6 6,362.1 6,236.4 6,294.5 6,338.2 6,383.3 6,432.6 6,521.4 6,982.7 7,265.3 7,070.9 7,159.2 7,225.2 7,305.6 7,371.2 7,462.1 6,986.3 7,250.9 7,076.7 7,149.4 7,210.0 7,290.5 7,353.8 7,449.1 6,151.9 6,376.5 6,230.7 6,304.4 6,353.3 6,398.3 6,449.8 6,534.5 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. Table 1.11.—Command-Basis Real Gross National Product 26.0 25.8 6 254 5 6 649 7 6 3765 6 5100 6 599 0 6 6996 6 7901 6905 6 [B Ilions of chained (1992) dollars] Gross national product 735.9 425.1 805.0 448.7 747.8 430.6 779.6 440.5 795.1 448.1 827.3 451.8 818.1 454.2 827.7 465.1 692 0 7321 7051 719.5 726 9 735.0 746.9 763.3 1 -2 785.4 1.1 1.2 1.1 1.2 1.2 1.2 1.2 735.7 768.6 749.8 757.2 766.1 772.6 778.4 291 2 321 5 295 2 3125 318 3 324 5 330 7 336 8 ..07n 1,042.0 1,094.1 1,055.1 1,080.5 1,090.0 1,098.4 1,107.3 1 ' 1 2 7 - 0 26.0 27.1 26.4 26.7 26.9 27.2 27.5 Equals: Personal income 6,495.2 6,873.9 6,618.4 6,746.2 6,829.1 6,906.9 7,013.5 Addenda: Gross domestic income Gross national income Net domestic product 7,695.9 8,165.9 7,852.4 7,997.9 8,107.9 8,227.4 8,330.5 7,697.6 8,146.2 7,855.5 7,983.6 8,087.2 8,206.7 8,307.3 6,805.9 7,212.0 6,947.3 7,078.5 7,171.4 7,252.6 7,345.5 Gross domestic product 27.1 147.4 22.3 1996 IV 234.3 6,807.6 7,192.2 6,950.4 7,064.2 7,150.7 7,231.9 7,322.3 1997 I IV . . 7,637.7 8,060.1 7,796.1 7,919.2 8,013.6 8,103.5 8,204.2 8,340.7 Less: Consumption of fixed capital Private Capital consumption allowances Less: Capital consumption adjustment Government General government Government enterprises 1996 1998 7,636.0 8,079.9 7,792.9 7,933.6 8,034.3 8,124.3 8,227.4 8,359.3 Gross domestic product Equals: Gross national product . 1997 97 ft '° 7125 4 ' ' c/ 8 457 3 O'AOO'-T 7A7T\o /,4/u.^ 6,932.0 7,174.4 7,023.1 7,091.8 7,144.4 7,198.8 7,262.6 7,362.6 Less: Exports of goods and services and receipts of factor inrnrnp frnm thp rp^t nf thp 1,071.7 1,199.2 1,127.6 1,147.3 1,198.9 1,216.0 1,234 7 1 235 7 world plus: Command-basis exports of goods and services and 1,091.1 1,239.2 1,143.4 1,171.9 1,241.7 1,261.9 1,281.3 1,300.6 receipts of factor income l , „ .u . r Equals: Command-basis gross 6,951.4 7,214.4 7,038.9 7,116.4 7,187.2 7,244.8 7,309.3 7,427.5 national product Addendum: Terms of trade2 101.8 103.3 101.4 102.1 103.6 103.8 103.8 105.3 1. Exports of goods and services and receipts of factor income deflated by the implicit price deflator for imports Q 0 0 ^ a n d s e r v i c e s a n d 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. of D-5 National Data SURVEY OF CURRENT BUSINESS July 1998 Table 1.16.—Gross Domestic Product of Corporate Business in Current Dollars and Gross Domestic Product of Nonfinancial Corporate Business in Current and Chained Dollars Table 1.14.—National Income by Type of Income [Billions of dollars] Seasonally adjusted at annual rates 1996 1997 Seasonally adjusted at annual rates 1998 1997 1996 1996 IV National income Rental income of persons with capital consumption adjustment Rental income of persons Capital consumption adjustment Corporate profits with inventory valuation and capital consumption adjustments Corporate profits with inventory valuation adjustment Profits before tax Profits tax liability Profits after tax Dividends Undistributed profits ... Inventory valuation adjustment Capital consumption adjustment Net interest Addenda: Corporate profits after tax with inventory valuation and capital consumption adjustments Net cash flow with inventory valuation and capital consumption adjustments ... Undistributed profits with inventory valuation and capital consumption adjustments Consumption of fixed capital Less: Inventory valuation adjustment Equals: Net cash flow IV 6,254.5 6,649.7 6,376.5 6,510.0 6,599.0 6,699.6 6,790.1 6,905.6 Compensation of employees ... 4,426.9 4,703.6 4,520.7 4,606.3 4,663.4 4,725, 4,819.6 4,914.5 Wage and salary accruals 3,633.6 3,878.6 3,718.0 3,792.7 3,842." 3,897.3 3,981.6 4,064.1 682.0 642.6 665.3 648.9 657.8 662.0 667.' 673. Government Other 2,991.0 3,213.3 3,069.0 3,134.9 3,180.8 3,229.6 3,307.9 3,382.1 Supplements to wages and 827.9 837.9 850.4 salaries 793.3 825.0 802.7 813.6 820.; Employer contributions for social insurance 385.7 408.4 393.6 401.3 405.6 410.2 416.6 425.3 421.4 425.1 Other labor income 407.6 416.6 409.1 412.3 415.1 417.' 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 1996 1997 520.3 37.2 544.5 40.7 528.3 40.4 534.6 40.2 543.6 43.6 547.2 40.9 552.5 38.2 554.5 31.0 45.0 48.( 48.1 47.9 51.2 48.5 45.7 38.3 -7.8 483.1 455.3 -7.6 503.8 474.5 -7.8 487.' 460.0 -7.7 494.4 466.3 -7.6 500.0 470.8 -7.5 506.3 477.0 -7. 514.3 484.1 -7.4 523.5 491.5 -.2 .3 -.1 .6 28.0 28.9 27.5 28.1 28.7 29.1 29.8 30.3 146.3 193.3 147.9 149.2 197.3 149.0 148.7 197.6 148.0 197.7 145.7 196.0 144.0 197.9 ^7.0 ^9.4 ^8.9 -48.9 -49.7 -50.3 -50.0 735.9 197.3 805.0 747.8 779.6 795.1 1.7 827.3 818.1 194.0 827.7 674.1 676.6 229.0 447.6 304.8 142.8 735.3 729.8 249.4 480.3 336.1 144.2 683.4 680.0 226.0 454.0 309.1 144.9 711.9 708.4 241.2 467.2 326.8 140.3 725.7 719.8 244.5 475.3 333.0 142.3 757.1 753.4 258.2 495.2 339.1 156.1 746.5 737.3 253.6 483.7 345.6 138.1 754.0 723.8 246.0 477.9 352.2 125.7 -2.5 5.5 3.3 3.5 5.9 3.6 9.2 30.1 61.8 69.7 64.4 67.7 69.4 70.3 71.6 73.7 425.1 448.7 430.6 440.5 448.1 451.8 454.2 465.1 506.9 555.6 521.8 538.4 550.6 569.1 564.5 581.7 654.3 695.1 674.6 678.9 690.2 707.9 703.4 719.3 202.1 219.5 212.6 211.5 217.6 230.0 218.9 229.5 452.3 475.6 462.0 467.4 472.6 478.0 484.5 489.8 5.5 689.6 3.3 671.3 3.5 675.5 5.9 684.4 3.6 704.3 9.2 694.2 30.1 689.2 -2.5 656.8 1997 I II 1998 III I IV I Billions of dollar* Gross domestic product of corporate business Consumption of fixed capital Net domestic product Indirect business tax and nontax liability plus business transfer payments less subsidies Domestic income Compensation of employees Wage and salary accruals Supplements to wages and salaries Corporate profits with inventory valuation and capital consumption adjustments Profits before tax Profits tax liability Profits after tax Dividends Undistributed profits Inventory valuation adjustment Capital consumption adjustment Net interest Gross domestic product of financial corporate business Gross domestic product of nonfinancial corporate business Consumption of fixed capital Net domestic product Indirect business tax and nontax liability plus business transfer payments less subsidies Domestic income Compensation of employees Wage and salary accruals Supplements to wages and salaries Corporate profits with inventory valuation and capital consumption adjustments Profits before tax Profits tax liability Profits after tax Dividends Undistributed profits Inventory valuation adjustment Capital consumption adjustment Net interest 4,624.9 4,942.6 4,733.2 4,824.8 4,897.2 4,989.2 5,059.3 5,146.7 452.3 462.0 475.6 467.4 472.6 478.0 484.5 489.8 4,172.6 4,467.0 4,271.2 4,357.4 4,424.6 4,511.3 4,574.9 4,656.9 463.9 476.3 485.0 465.9 474.4 483.1 481.9 489 5 3,708.7 3,990.7 3,786.2 3,891.5 3,950.2 4,028.2 4,093.0 4,167.4 2,926.7 3,127.3 2,997.9 3,056.5 3,098.2 3,142.3 3,212.2 3,280.3 2,433.5 2,614.4 2,500.7 2,550.7 2,588.0 2,627.6 2,691.3 2,751.6 493.2 512.9 497.3 505.8 510.2 514.7 520.9 528.6 640.0 580.7 229.0 351.6 270.8 80.8 706.5 631.2 249.4 381.8 298.2 83.6 640.3 572.5 226.0 346.5 281.6 64.9 682.2 611.0 241.2 369.8 292.7 77.1 694.4 619.1 244.5 374.5 293.6 80.9 727.5 653.5 258.2 395.3 292.0 103.3 721.8 641.0 253.6 387.4 314.4 73.0 724 7 620.9 246.0 374.9 316.7 58.2 -2.5 55 3.3 3.5 5£ 3.6 9.2 30.1 61.8 142.1 69.7 157.0 64.4 148.0 67.7 152.8 69.4 157.6 70.3 158.4 71.6 159.0 73.7 162.4 492.5 539.9 513.2 525.1 536.1 543.0 555.3 564.9 4,132.4 4,402.8 4,220.1 4,299.7 4,361.1 4,446.3 4,504.1 4,581.8 393.4 413.3 401.8 406.3 410.7 415.3 420.8 425.3 3,739.0 3,989.5 3,818.3 3,893.4 3,950.4 4,031.0 4,083.3 4,156.5 421.8 439.6 430.0 432.2 437.0 445.3 443.8 451.1 3,317.2 3,549.9 3,388.3 3,461.2 3,513.3 3,585.7 3,639.4 3,705.4 2,682.9 2,866.8 2,745.3 2,801.9 2,840.1 2,880.6 2,944.6 3,007.0 2,228.6 2,394.2 2,287.5 2,335.8 2,370.0 2,406.3 2,464.6 2,519.9 454.4 472.6 457.8 466.0 470.1 474.2 480.0 487.1 545.8 477.2 154.8 322.4 196.4 126.0 596.9 511.7 165.4 346.3 211.1 135.2 561.7 484.4 159.0 325.5 199.4 126.1 575.4 494.5 159.4 335.1 207.0 128.2 586.7 501.5 161.8 339.8 208.1 131.7 618.2 534.2 174.1 360.1 207.7 152.4 607.5 516.5 166.4 350.2 221.8 128.4 6093 495.1 157.6 337.5 223.8 113.7 -2.5 5.5 3.3 3.5 5.9 3.6 9.2 30.1 71.1 88.5 79.7 86.2 74.0 81.3 77.4 83.9 79.3 86.6 80.4 87.0 81.8 87.3 84.1 89.2 Billions c)f chained (1992) dollars Gross domestic product of nonfinancial corporate business' ... 3,887.8 4,108.4 3,963.5 4,022.2 4,068.9 4,146.5 4,196.1 4,269.3 374.4 405.6 381.7 396.0 402.2 408.2 415.7 423.0 Consumption of fixed capital 2 .... 3,513.5 3,702.9 3,581.8 3,626.2 3,666.7 3,738.3 3,780.3 3,846.3 Net domestic product3 1. Chained-dollar gross domestic product of nonfinancial corporate business equals the current-dollar product deflated by the implicit price deflator for goods and structures in gross domestic product. 2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100. 3. Chained-dollar net domestic product of nonfinancial corporate business is the difference between the gross product and the consumption of fixed capital. D-6 • National Data SURVEY OF CURRENT BUSINESS July 1998 2. Personal Income and Outlays. Table 2.2.—Personal Consumption Expenditures by Major Type of Product Table 2.1.—Personal Income and Its Disposition [Billions of dollars] [Billions of dollars] Seasonally adjusted at annual rates 1996 1997 1997 1996 IV IV Personal income Wage and salary disbursements Private industries Goods-producing industries Manufacturing Distributive industries Service industries Government 3,632.5 3,877.4 3,716.9 3,791.5 3,841.6 3,896.1 3,980.4 4,063.0 2,989.9 3,212.1 3,067.9 3,133.7 3,179.6 3,228.4 3,306.7 3,380.9 909.1 960.3 927.8 942.9 952.8 961.4 984.1 998.6 674.7 706.0 685.6 694.1 700.3 706.0 723.4 731.6 823.3 876.3 840.6 856.8 867.0 880.8 900.6 918.4 1,257. 1,375. 1,299.5 1,334.1 1,359.8 1,386.3 1,422.0 1,464.0 642.6 665.3 648.9 657.8 662.0 667.7 673.7 682.0 416.6 409.1 412.3 415.1 417.7 421.4 425.1 Proprietors' income with inventory valuation and capital consumption adjustments Farm Nonfarm 520.3 37.2 483.1 544.5 40.7 503.8 528.3 40.4 487.9 534.6 40.2 494.4 543.6 43.6 500.0 547.2 40.9 506.3 552.5 38.2 514.3 554.5 31.0 523.5 Rental income of persons with capital consumption adjustment 146.3 147.9 149.2 149.0 148.7 148.0 145.7 144.0 Personal dividend income ... 291.2 321.5 295.2 312.5 318.3 324.5 330.7 336.8 Personal interest income 735.7 768.6 749.8 757.2 766.1 772.6 778.4 785.4 Transfer payments to persons 1,068.0 1,121.1 1,081.5 1,107.2 1,117.0 1,125.7 1,134.8 1,154.8 Old-age, survivors, disability, and health insurance benefits 537.6 566.7 545.6 558.9 564.4 569.4 574.2 585.2 Government unemployment 21.5 21.3 insurance benefits 21.6 22.1 21.9 21.6 22.0 21.8 23.4 22.3 21.4 22.4 22.4 22.4 22.5 Veterans benefits 21.6 Government employees retirement benefits 142.5 153.4 145.9 150.4 152.7 154.2 156.3 159.9 Other transfer payments .... 344.2 356.9 347.0 353.5 355.6 358.0 360.5 365.1 18.1 17.9 20.7 19.7 19.0 18.2 Family assistance1 21.7 18.8 Other 322.5 338.2 326.2 333.8 336.6 339.8 342.4 347.2 306.3 886.9 323.7 988.7 311.5 922.6 318.2 955.7 321.3 979.2 324.8 330.4 338.1 998.0 1,022.1 1,059.8 Equals: Disposable personal income 5,608.3 5,885.2 5,695.8 5,790.5 5,849.9 5,908.9 5,991.4 6,065.6 Less: Personal outlays 5,368.8 5,658.5 5,475.4 5,574.6 5,602.8 5,700.8 5,755.6 5,844.6 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) dollars2 Per capita: Current dollars Chained (1992) dollars Population (mid-period, millions) Personal saving as a percentage of disposable personal income 5,207.6 5,485.8 5,308.1 5,405.7 5,432.1 5,527.4 5,577.8 5,667.3 145.2 154.8 150.5 151.9 153.1 155.1 159.1 159.0 15.9 17.9 16.7 17.0 17.6 18.2 18.7 18.2 239.6 226.7 220.4 215.9 247.0 208.2 235.8 221.0 1997 1996 21,117 21,969 21,373 21,689 21,865 22,034 22,285 22,513 19,116 19,493 19,152 19,331 19,439 19,518 19,681 19,857 265.6 267.9 266.5 267.0 267.5 269.4 268.2 268.9 4.3 3.9 3.9 3.7 4.2 3.5 3.6 1998 III 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 IV I 5,207.6 5,485.8 5,308.1 5,405.7 5,432.1 5,527.4 5,577.8 5,667.3 634.5 659.3 638.2 658.4 644.5 667.3 666.8 687.4 261.3 263.4 258.9 265.7 252.7 268.7 266.3 270.2 252.6 120.6 267.4 128.5 255.9 123.4 263.8 128.9 265.4 126.5 269.! 128.8 270.6 129.9 283.9 133.2 1,534.7 1,592.0 1,560.1 1,587.4 1,578.9 1,600.8 1,600.9 1,621.5 756.1 264.3 122.6 11.6 380.1 776.4 277.3 124.6 10.8 402.8 766.6 266.2 126.0 12.0 389.3 775.5 275.2 128.5 11.0 397.1 771.4 274.8 121.6 11.0 400.0 779.3 280.5 123.5 10.9 406.5 779.4 278.7 124.7 10.5 407.6 787.4 289.8 115.1 9.3 420.0 3,038.4 3,234.5 3,109.8 3,159.9 3,208.7 3,259.3 3,310.0 3,358.4 787.2 315.9 125.3 190.6 218.4 808.1 908.9 826.5 327.8 126.2 201.6 236.3 854.2 989.7 800.7 321.8 126.8 195.0 224.8 826.9 935.6 810.5 320.8 124.9 195.9 228.9 841.0 958.8 821.2 831.9 842.4 853.9 326.7 328.8 334.9 329.1 127.2 125.2 127.5 118.7 199.5 203.6 207.4 210.4 233.4 238.5 244.4 247.9 849.6 859.7 866.5 880.9 977.9 1,000.4 1,021.9 1,046.6 Table 2.3.—Real Personal Consumption Expenditures by Major Type of Product [Billions of chained (1992) dollars] Personal consumption expenditures Durable goods Motor vehicles and parts .... Furniture and household equipment Other Nondurable goods Food Clothing and shoes .. Gasoline and oil Fuel oil and coal Other Services Housing Household operation Electricity and gas Other household operation Transportation Medical care Other Residual. 5,076.9 5,221.9 5,103.8 5,161.1 5,200.9 5,234.1 5,291.4 5,350.0 3.9 1. Consists of aid to families with dependent children and, beginning with 1996, assistance programs operating under the Personal Responsibility and Work Opportunity Reconciliation Act of 1996. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. NOTE—Percent changes from preceding period for selected items in this table are shown in table 8.1. 1997 6,495.2 6,873.9 6,618.4 6,746. 6,829.1 6,906.9 7,013.5 7,125.4 407.6 Less: Personal tax and nontax payments 1996 I Other labor income Less: Personal contributions for social insurance Seasonally adjusted at annual rates 1998 4,714.1 4,867.5 4,756.4 4,818.1 4,829.4 4,896.2 4,926.1 611.1 645.5 617.1 637.8 629.0 656.1 659.3 682.7 231.3 233.1 228.0 233.4 223.1 238.7 237.3 240.8 269.5 113.3 296.4 121.4 276.8 116.3 287.4 121.4 292.3 119.7 301.1 121.7 304.9 123.1 324.1 125.6 1,432.3 1,458.5 1,441.2 1.457.8 1,450.0 1,465.5 1,460.9 1,484.4 689.7 267.7 114.1 10.6 351.2 689.7 278.0 116.0 10.0 366.7 689.0 270.0 114.8 10.3 358.3 694.6 277.1 114.7 9.4 363.7 688.2 273.8 116.1 10.1 363.4 689.5 281.3 116.2 10.4 370.0 279.6 117.0 9.9 369.8 691.3 291.7 117.6 9.1 377.7 2,671.0 2,764.1 2,698.2 2.723.9 2,749.8 2,776.1 2,806.4 2,834.1 700.2 289.6 117.8 171.7 194.6 688.1 799.4 713.8 294.5 116.1 178.2 202.7 711.1 842.5 704.8 291.7 117.7 173.9 197.0 697.1 808.4 708.3 288.0 113.8 174.0 199.3 704.4 824.3 712.0 294.2 117.8 176.2 200.9 708.8 834.5 -5.1 -8.2 -6.0 -7.7 -7.5 715.6 295.7 115.7 179.7 203.9 714.2 847.1 719.3 300.1 116.9 182.9 206.8 716.9 864.0 723.4 298.1 112.4 185.1 209.3 722.4 881.4 -8.9 -13.2 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 1998 National Data • 3. Government Receipts, Current Expenditures, and Gross InvestmentTable 3.1.—Government Receipts and Current Expenditures [Billions of dollars] T Seasonally adjusted at annual rates 1996 1997 IV . Consumption expenditures Transfer payments (net) To persons 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 I 1998 II 2,412.7 2,589.6 2,479.0 2,526.6 2,566.8 2,616.7 2,648.5 2,703.4 886.9 988.7 922.6 955.7 979.2 998.0 1,022.1 1,059.8 229.0 249.4 226.0 241.2 244.5 258.2 253.6 246.0 604.8 619.4 625.3 610.2 616.2 625.4 625.8 634.3 692.0 732.1 705.1 719.5 726.9 735.0 746.9 763.3 2,417.8 2,510.6 2,455.8 2,477.4 2,498.7 2,516.1 2,550.5 2,548.6 1,182.4 1,226.8 1,197.0 1,209.7 1,221.6 1,230.8 1,244.8 1,239.4 1,058.3 1,107.3 1,078.0 1,091.0 1,100.8 1,108.5 1,128.9 1,137.0 1,042.0 1,094.1 1,055.1 1,080.5 1,090.0 1,098.4 1,107.3 1,127.0 10.8 13.2 10.0 21.6 22.9 9.9 10.5 16.3 Receipts Personal tax and nontax receipts Corporate profits tax accruals Indirect business tax and nontax accruals Contributions for social insurance Current expenditures 1997 1996 , 165.4 317.7 246.4 71.3 152.3 , 165.1 319.2 228.1 91.1 154.1 168.8 320.7 241.3 79.4 152.0 164.9 317.9 233.3 84.6 153.0 164.9 319.1 227.9 91.2 154.1 165.6 319.7 225.9 93.9 154.1 165.0 320.0 225.3 94.7 155.0 161.3 316.2 222.3 93.9 155.0 Less: Dividends received by government 13.6 14.6 14.0 14.3 14.7 14.7 14.9 15.3 Subsidies less current surplus of government enterprises Subsidies Less: Current surplus of government enterprises 25.4 33.5 8.1 26.1 26.1 34.1 26.0 34.6 25.8 34.7 8.0 8.6 8.8 26.7 34.9 8.2 26.3 35.1 8.4 Less: Wage accruals less disbursements 0 -5.1 26.0 33.7 7.7 0 0 0 0 0 Current surplus or deficit (-), national income and product accounts Social insurance funds Other , 126.6 -131.7 34.6 79.0 23.2 135.1 132.0 -56.1 -108.8 49.2 129.9 -S0.7 0 68.1 100.6 98.0 132.0 135.8 142.8 -63.9 -35.1 ^ 4 . 8 8.8 0 154.8 146.7 8.1 D-7 D-8 • National Data SURVEY OF CURRENT BUSINESS Table 3.2.—federal Government Receipts and Current Expenditures July 1998 Table 3.3.—State and Local Government Receipts and Current Expenditures [Billions of dollars] [Billions of dollars] Seasonally adjusted at annual rates 1996 1997 IV Receipts IV I 1996 I 686.7 666.8 17.5 2.5 774.4 751.1 717.5 697.2 17.7 2.6 746.9 725.0 19.3 2.6 744.1 21.1 2.6 781.9 758.5 20.7 2.7 801.0 20.6 2.7 776.9 21.4 2.7 835.7 809.7 23.2 2.9 Corporate profits tax accruals .... Federal Reserve banks Other 194.5 20.1 174.4 211.9 21.5 190.4 192.0 20.4 171.7 204.9 20.9 184.0 207.7 21.2 186.5 219.3 21.7 197.7 215.5 22.1 193.4 209.1 22.5 186.6 767.9 Indirect business tax and nontax accruals Excise taxes Customs duties Nontaxes 95.8 56.4 19.2 20.2 91.3 58.7 19.7 12.9 110.2 59.6 16.8 33.7 88.2 56.5 18.6 13.2 92.2 59.0 20.5 12.7 92.4 59.0 20.9 12.6 92.3 60.4 19.0 13.0 92.4 60.5 19.1 12.8 Contributions for social insurance 610.5 645.9 622.0 635.3 641.5 648.2 658.6 673.3 1,698.1 1,752.2 1,718.8 1,730.8 1,746.0 1,752.6 1,779.5 1,763.0 468.4 456.5 Consumption expenditures 451.5 463.8 453.6 458.0 464.2 464.7 Transfer payments (net) To persons To the rest of the world (net) 763.5 795.5 747.2 782.3 13.2 16.3 777.3 754.4 22.9 785.9 775.5 10.5 791.4 780.5 10.8 794.5 784.5 10.0 810.2 788.6 21.6 813.4 803.5 9.9 Grants-in-aid to State and local governments 218.3 224.2 217.5 219.6 222.5 224.2 230.6 225.9 227.1 230.3 253.1 254.5 181.8 163.5 71.3 91.1 231.8 256.1 176.7 79.4 228.9 253.2 168.7 84.6 229.8 254.4 163.3 91.2 231.2 255.1 161.2 93.9 231.3 255.4 160.6 94.7 228.4 251.6 157.6 93.9 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 1997 26.0 24.2 24.3 24.4 24.6 23.9 24.1 23.2 37.7 33.1 38.4 34.2 38.5 33.4 38.4 33.8 38.1 34.3 37.9 34.3 39.0 34.5 38.8 34.8 -4.6 -4.2 -5.1 -4.7 -3.9 -3.6 -4.5 -4.0 0 0 0 -77.1 0 0 0 0 0 -110.5 -28.8 -55.5 -36.8 -10.8 -12.1 47.5 55.3 -165.8 58.7 63.7 60.6 -92.5 -137.7 -114.2 60.4 -97.2 64.4 -75.2 71.3 -83.4 74.9 -27.4 Receipts 1997 1996 IV 1,587.6 1,723.4 1,641.6 1,675.3 1,709.3 1,741.8 1,767.4 1,810.5 Personal tax and nontax receipts Income taxes Estate and gift taxes Nontaxes Current expenditures Seasonally adjusted at annual rates 1998 1997 1996 1998 I 1,043.4 1,090.4 1,054.9 1,070.9 1,080.0 1,099.1 1,111.7 1,118.8 Personal tax and nontax receipts Income taxes Nontaxes Other 200.2 149.1 28.8 22.3 214.3 159.8 31.0 23.5 205.1 153.1 29.6 22.5 208.7 155.7 30.1 22.9 211.3 157.4 30.7 23.3 216.1 161.2 31.3 23.7 221.1 165.1 31.8 24.1 224.0 166.9 32.4 24.7 Corporate profits tax accruals .... 34.5 37.6 34.0 36.4 36.8 38.9 38.1 36.8 Indirect business tax and nontax accruals Sales taxes Property taxes Other 508.9 249.8 202.3 528.1 257.4 208.8 515.1 251.9 204.7 522.0 256.2 206.2 524.0 255.6 207.8 533.0 258.4 209.4 541.9 262.9 214.3 56.8 62.0 58.5 59.6 60.6 65.2 533.5 259.3 211.9 62.4 81.4 86.2 83.1 84.2 85.4 86.8 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 218.3 224.2 217.5 219.6 222.5 938.0 982.6 954.5 966.1 975.1 751.7 757.4 88.4 64.7 90.1 224.2 230.6 225.9 987.7 1,001.5 1,011.5 766.1 776.4 782.8 314.0 318.7 323.5 730.9 762.9 743.3 294.8 -61.7 64.6 311.8 -65.2 64.6 300.6 305.1 309.5 -63.0 -64.0 -64.9 -65.6 -66.3 -67.1 64.7 64.6 64.6 64.6 64.7 64.7 126.3 129.8 127.7 128.6 129.5 130.3 130.9 131.8 13.6 14.6 14.0 14.3 14.7 14.7 14.9 15.3 -12.3 .3 -12.2 .3 -12.5 .3 -12.3 .3 -12.2 .3 -12.1 .3 -12.4 .3 -12.5 .3 12.7 12.6 12.8 12.7 12.5 12.4 12.7 12.8 0 0 0 0 0 0 105.3 107.8 100.4 104.7 104.9 111.4 110.1 107.3 71.3 34.1 71.4 36.3 71.4 28.9 71.3 33.5 71.6 33.3 71.4 40.0 71.5 38.6 71.9 35.4 D-9 National Data SURVEY OF CURRENT BUSINESS July 1998 Table 3.7.—Government Consumption Expenditures and Gross Investment by Type Table 3.8.—Real Government Consumption Expenditures and Real Gross Investment by Type [Billions of dollars] [Billions of chained (1992) dollars] Seasonally adjusted at annual rates Seasonally adjusted at annual rates 1996 Government consumption expenditures and gross investmentl 1997 1,406.7 1,452.7 1,422.3 1,433.1 1,449.0 1,457.9 1,470.9 1,462.6 520.0 523.8 517.6 516.1 526.1 525; 527.3 515.1 National defense Consumption expenditures Durable goods2 Nondurable goods Services Compensation of general government employees, except force-account construction3 Consumption of general government fixed capital4 Other services Gross investment Structures Equipment 352.8 305.7 22.3 7.9 275.6 350.3 310.9 20.9 7.1 282.9 350.6 307.6 20.6 7.2 279.8 343.3 306.4 20.6 7.6 278.2 350.6 311.3 21.9 6.8 282/ 352.1 311.6 20.5 7.2 283.9 355.2 314.4 20: 7.0 286.6 339.3 301.4 20.3 6.5 274.5 135.: 135.9 134.7 136.8 136.1 135.8 134.8 136.6 57.3 83.0 47.0 6.8 40.2 57.0 90.0 39.4 6.2 33.1 57.1 87.9 42. 6.6 36.3 57.1 84.3 37.0 6.3 30.7 57.0 89.6 39,3 6.2 33.1 56.9 91.2 40.5 6.2 34.3 57.0 94.9 40.8 6.3 34.5 56.6 81.3 37.9 6.3 31.7 Nondefense Consumption expenditures Durable goods2 Nondurable goods Commodity Credit Corporation inventory change ... Other nondurables Services Compensation of general government employees, except force-account construction3 Consumption of general government fixed capital4 Other services Gross investment Structures Equipment 167.3 145.7 .9 5.7 173.5 152.9 .7 6J 167.0 146.0 172.8 151.7 g 175.5 152.! .8 6.7 173.6 153.1 .6 6.6 172.0 154.0 .6 7.6 175.8 155.2 .8 7.3 -.4 6.1 139.2 -.1 6.9 145.4 -.3 5.9 139.9 0 6.6 144.2 -.2 6.8 145.5 -.2 6.8 145.9 .2 7.4 145.8 0 7.3 147.1 77.5 81.1 77.8 80.6 81.4 81.4 81.1 83.0 11.2 50.4 21.5 11.3 10.2 11.8 52.5 20.6 10.2 10.3 11.4 50.7 21.0 11.4 9.6 11.5 52.0 21.1 11.2 9.9 11.7 52.5 22.6 10.5 12.0 11.8 52.7 20.5 10.9 9.6 12.0 52.7 18.0 8.2 9.8 12.1 52.0 20.6 10.6 10.1 State and local Consumption expenditures Durable goods 2 Nondurable goods Services Compensation of general government employees, except force-account construction3 Consumption of general government fixed capital4 Other services Gross investment Structures Equipment 886.7 730.9 15.3 78.2 637.5 928.9 762.9 15.8 80.6 666.5 904.7 743.3 15.5 80.3 647.6 917.0 751.7 15.6 81.0 655.1 923.0 757.4 15.7 79.9 661.8 932.3 766.1 15.9 80.3 669.9 943.6 776.4 16.1 81.2 679.1 947.5 782.8 16.2 79.5 687.1 547.2 570.6 555.4 561.1 566.7 573.7 580.8 587.6 56.6 33.7 155.7 128.5 27.3 59.0 36.9 166.0 138.4 27.6 57.3 34.9 161.4 133.9 27.4 58.1 36.0 165.2 137.7 27.5 58.7 36.3 165.6 138.0 27.6 59.2 37.0 166.2 138.5 27.7 60.0 38.4 167.2 139.5 27.7 60.3 39.2 164.6 136.7 28.0 791.8 217.1 574.7 772.0 212.6 559.4 782.7 217.5 565.2 788.4 217.5 570.9 795.2 217.3 577.9 800.9 216.0 585.0 811.4 219.7 591.7 Federal Addenda: Compensation of general government employees3.... Federal State and local c 5.6 Government consumption expenditures and gross investmentl 1997 1996 1997 1998 1,257.9 1,269.6 1,261.8 1,260.5 1,270.1 1,273.4 1,274.4 1,264.1 464.2 457.0 459.6 452.8 460.1 458.8 456.1 444.3 National defense Consumption expenditures Durable goods2 Nondurable goods Services Compensation of general government employees, except force-account construction3 Consumption of general government fixed capital4 Other services Gross investment Structures Equipment 317.8 275.5 21.8 7.2 246.5 308.6 272.! 20.3 6.6 245.8 313.6 274, 20.2 6.2 247.8 303.9 270.3 20.0 6.6 243.5 309. 273.9 21 6.3 246.3 310.3 273.6 19.9 6.9 246.6 311.1 273.9 20.2 6.6 246.9 295.5 260.9 19.8 6.6 234.4 117.2 112.9 115.4 114.5 113.3 113.0 111.0 110.7 51.4 78.0 42.3 5.6 36.5 50.4 83.0 35/ 5.0 30.6 51.0 81.6 39.2 5.4 33.7 50.8 78.4 33.5 5.0 28.2 50. 83.0 35.4 4.9 30.3 50.3 83.9 36.7 4.9 31.7 50.0 86.7 37.2 5.0 32.1 49.6 74.2 34.6 5.0 29.4 Nondefense Consumption expenditures Durable goods 2 Nondurable goods Commodity Credit Corporation inventory change ... Other nondurables Services Compensation of general government employees, except force-account construction3 Consumption of general government fixed capital4 Other services Gross investment Structures Equipment 146.1 125.3 1.1 5.1 147.9 127.6 1.1 6.: 145.7 125.1 9 5.*1 148.5 127. 1.2 6.0 150.: 128.2 1.2 6.0 148.0 127.8 1.0 5.9 144.8 126.6 1.1 6.8 148.2 127.7 1.2 6.6 —.1 5.4 119.1 -.1 6.2 120.4 5.3 119.1 0 6.0 120.6 6.1 121.1 6.1 120.9 6.6 118.9 .1 6.6 120.0 61.3 61.2 61.4 61.6 61.9 61.5 59.7 61.2 10.8 47.4 21.0 10.0 11.1 11.3 48.5 20.3 8.8 11.9 11.0 47.2 20.6 10.0 10.7 11.1 48.3 20.8 9.8 11.3 11.2 48.6 22.2 9.1 13.8 11.3 48.7 20.3 9.3 11 11.5 48.6 17.8 6.9 11,6 11.6 47.8 20.6 8.9 12.1 State and local Consumption expenditures Durable goods2 Nondurable goods Services Compensation of general government employees, except force-account construction3 Consumption of general government fixed capital4 Other services Gross investment Structures Equipment 793.7 653.6 14.4 71.5 567.9 812.7 666.6 14.8 74.1 577.9 802.3 657.8 14.6 .72.5 570.9 807.7 661.1 14.7 73.2 573.5 810.1 664 14.8 73.8 576.0 814.7 668.6 14.9 74.4 579.5 818.3 672.5 15.0 75.1 582.7 819.9 676.4 15.1 75.8 585.8 479.9 486.9 482.0 483.5 485.4 488.2 490.5 492.4 52.0 37.4 140.1 112.8 27.4 53.4 39.4 146.1 117.4 28.8 52.6 37.9 144.5 116.6 28.0 52.9 38.8 146.6 118.4 28.3 53.2 39.0 145.8 117.2 28.6 53.5 39.6 146.1 117.2 29.1 53.8 40.2 145.8 116.8 29.3 54.2 41.4 143.4 113.9 30.1 -2.1 -2.9 -2.2 -2.1 -3.1 -3.0 -4.1 661.9 178.9 483.2 664.5 174.6 490.5 662.3 177.2 485.4 663.2 176.5 487.1 664.1 175.6 489.0 666.2 175.0 491.7 664.4 171.1 494.0 Federal Residual 763.9 212.8 551.0 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 tne value of the services of general government fixed assets; use of depreciation assumes a zero net return on these assets. 1996 1998 1997 1996 Addenda: Compensation of general government employees3.... Federal State and local 667.5 172.4 495.8 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, excluding the lines in the addenda. See footnotes to table 3.7. D-10 • National Data SURVEY OF CURRENT BUSINESS July 1998 Table 3.10.—National Defense Consumption Expenditures and Gross Investment Table 3.11.—Real National Defense Consumption Expenditures and Real Gross Investment [Billions of dollars] [Billions of chained (1992) dollars] Seasonally adjusted at annual rates Seasonally adjusted at annual rates 1996 1997 1997 1996 National defense consumption expenditures and gross investmentJ 1996 1997 1996 1997 1998 National defense consumption expenditures and gross investment' ... 352.8 350.3 350.6 343.3 350.6 352.1 355.2 339.3 317.8 308.6 313.6 303.9 309.4 310.3 311.1 295.5 Consumption expenditures .. 305.7 310.9 307.6 306.4 311.3 311.6 314.4 301.4 Consumption expenditures 275.5 272.9 274.4 270.3 273.9 273.6 273.9 260.9 22.3 9.7 3.2 .9 1.0 2.6 5.0 20.9 20.6 10.1 3.1 .7 .9 2.6 4.4 20.5 9.2 3.2 .7 .8 2.6 4.0 20.7 9.8 2.9 .6 .6 2.4 4.4 20.3 9.5 2.8 .6 .7 2.5 4.2 Durable goods2 Aircraft , Missiles Ships Vehicles Electronics Other durable goods 21.8 9.3 3.4 .8 .9 2.7 4.6 20.3 9.3 3.0 .7 .8 2.7 3.9 20.2 8.9 3.1 .5 21.2 9.8 3.1 .7 .9 2.8 4.0 8.9 3.2 .7 .7 2.8 3.7 20.2 9.6 2.9 .6 .6 2.5 4.0 19.8 9.2 2.8 .9 2.4 4.4 20.0 8.9 2.9 .7 1.2 2.6 3.8 19.9 9.2 2.8 .6 .9 2.3 4.8 20.6 9.2 2.8 .7 1.2 2.5 4.1 21.9 9.6 3.0 .7 .9 2.5 4.3 7.9 7.1 7.2 7.6 6.8 7.2 7.0 6.5 7.2 6.6 6.2 6.6 6.3 6.9 6.6 6.6 3.4 1.1 3.4 2.9 1.3 3.0 3.0 .7 3.6 3.1 1.5 3.0 3.0 1.1 2.7 3.0 1.1 3.2 2.5 1.5 3.1 2.0 1.4 3.1 3.1 1.0 3.2 2.8 1.1 2.8 2.4 .6 3.4 2.6 1.3 2.8 2.9 .9 2.6 3.1 .9 3.0 2.5 1.3 2.9 2.5 1.2 2.9 275.6 282.9 279.8 278.2 282.7 283.9 286.6 274.5 246.5 245.8 247.8 243.5 246.3 246.6 246.9 234.4 117.2 76.9 40.4 112.9 74.9 38.2 115.4 76.1 39.4 114.5 75.5 39.0 113.3 74.8 38.6 113.0 74.9 38.2 111.0 74.4 36.9 110.7 73.8 37.1 51.4 78.0 50.4 •83.0 51.0 81.6 50.8 78.4 50.5 83.0 50.3 83.9 50.0 86.7 49.6 74.2 23.5 24.9 5.7 27.0 24.2 6.0 19.6 26.0 23.8 7.1 25.7 23.5 5.2 17.7 27.1 24.2 29.9 19.8 25.4 25.2 6.7 20.5 23.5 21.9 4.3 18.4 4.1 3.6 4.0 3.4 Durable goods2 Aircraft Missiles Ships Vehicles Electronics Other durable goods Nondurable goods Petroleum products Ammunition Other nondurable goods Services Compensation of general government employees, except force-account construction3 Military Civilian Consumption of general government fixed capital4 Other services Research and development Installation support Weapons support Personnel support Transportation of material Travel of persons Other Gross investment... Structures Equipment Aircraft Missiles Ships Vehicles Electronics Other equipment. Addendum: Compensation of general government employees 3 . 135.2 85.8 49.4 135.9 86.7 49.1 134.7 86.2 48.5 136.8 87.1 49.7 136.1 86.7 49.4 135.8 86.8 49.0 134.8 86.3 48.5 136.6 87.3 49.3 57.3 83.0 57.0 90.0 57.1 87.9 57.1 84.3 57.0 89.6 56.9 91.2 57.0 94.9 56.6 81.3 23.5 27.4 6.3 19.0 27.5 26.8 6.8 22.3 26.2 26.4 8.0 20.5 25.8 25.9 5.9 20.2 27.5 26.7 6.9 22.4 25.9 27.9 7.7 23.3 30.7 26.7 6.8 23.5 24.1 24.3 5.0 21.5 4.7 4.3 4.7 4.1 4.5 3.9 4.2 3.9 4.7 3.7 -1.9 -1.8 -2.0 4.1 3.7 -1.5 4.6 3.7 -2.1 4.4 3.8 -1.6 -1.1 -2.0 47.0 39.4 42.9 37.0 39.3 40.5 40.8 37.9 6.8 6.2 6.6 6.2 6.2 33.1 36.3 5.9 3.7 6.3 .8 3.2 16.3 33.1 4.0 3.4 6.7 1.3 3.4 14.3 34.3 6.8 2.9 6.4 1.3 3.3 13.5 6.3 34.5 7.5 2.9 5.8 1.2 3.1 14.0 6.3 40.2 9.3 4.1 6.8 .9 3.6 15.5 6.3 30.7 4.7 2.9 5.6 1.0 3.3 13.2 5.8 3.0 6.1 1.2 3.3 13.7 31.7 4.6 3.0 6.3 1.2 3.3 13.3 Petroleum products Ammunition Other nondurable goods ... Services Compensation of general government employees, except force-account construction3 Military Civilian Consumption of general government fixed capital4 Other services Research and development Installation support Weapons support Personnel support Transportation of material Travel of persons Other Gross investment. Structures Equipment Aircraft Missiles Ships Vehicles Electronics Other equipment Residual 135.2 135.9 134.7 136.8 136.1 135.8 134.8 136.6 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. Nondurable goods Addendum: Compensation of general government employees3 17.2 18.1 6.1 4.7 4.1 -1.9 4.3 3.5 4.6 3.8 -1.4 -1.6 4.4 3.6 -1.6 -1.7 42.3 35.7 39.2 33.5 35.4 5.6 5.4 33.7 5.0 4.0 5.6 .7 4.2 14.7 5.0 28.2 4.0 2.9 4.9 .9 4.3 11.8 4.9 7.1 4.4 6.1 .8 4.4 14.1 5.0 30.6 4.9 3.0 5.4 1.0 4.5 12.3 -.6 -1.3 -.9 117.2 112.9 115.4 36.5 114.5 23.9 5.9 20.3 .6 .6 2.7 3.9 -1.3 4.6 3.4 -1.0 -1.6 36.7 37.2 34.6 4.9 31.7 5.0 5.0 32.1 29.4 5.9 2.9 5.6 1.1 4.5 12.0 6.5 2.8 5.1 1.0 4.4 12.6 3.9 2.9 5.6 1.1 4.7 11.9 -1.3 -.9 -1.5 -.9 113.3 113.0 30.3 3.3 3.4 5.9 1.1 4.6 12.7 111.0: 4.6 3.3 110.7 NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. 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. D-ll National Data SURVEY OF CURRENT BUSINESS July 1998 4. Foreign Transactions. Table 4.1.—Foreign Transactions in the National Income and Product Accounts Table 4.2.—-Real Exports and Imports of Goods and Services and Receipts and Payments of Factor Income [Billions of dollars] [Billions of chained (1992) dollars] Seasonally adjusted at annual rates Seasonally adjusted at annual rates 1996 1997 1997 1996 1996 1998 1997 1996 IV Receipts from the rest of the world 1,170.4 1,221.9 904.6 922.2 960.3 640.5 656.2 690.0 438.8 455.9 486.3 201.6 200.3 203.7 264.2 266.0 270.3 248.8 248.2 261.6 1,235.2 1,249.9 1,238.9 1,170.4 1,221.9 1,235.2 1,249.9 1,238.9 1,105.1 1,219.3 1,153.4 Exports of goods and services . Goods 1 Durable Nondurable Servicesl 870.9 617.5 421.2 196.3 253.3 957.1 686.3 481.5 204.8 270.8 Receipts of factor income 234.3 262.2 965.8 691.1 485.6 205.4 274.8 980.0 707.9 498.2 209.8 272.1 965.0 693.6 494.8 198.7 271.4 269.4 269.8 273.9 Capital grants received by the United States (net) Payments to the rest of the, world Imports of goods and services . Goods1 Durable Nondurable Servicesl 1,105.1 1,219.3 1,153.4 965.7 1,058.1 809.0 888.5 533.6 589,9 275.5 298.6 156.7 169.6 . Payments of factor income 232.6 282.0 Transfer payments (net) From persons (net) From government (net) From business 39.8 15.9 16.3 7.6 39.4 17.9 13.2 8.2 Net foreign investment -132.9 -160.2 993.2 1,021.0 1,049.0 1,077.1 1,085.4 1,095.2 834.6 855.8 880.1 905.6 912.6 921.2 541.3 563.4 583.8 603.2 609.2 626.3 293.3 292.5 296.3 302.4 303.4 294.9 158.6 165.2 168.9 171.6 172.7 174.0 245.6 47.4 16.7 22.9 7.8 -132.9 262.5 282.3 290.1 293.1 292.5 35.2 17.0 10.5 7.7 36.5 17.6 10.8 8.1 36.9 18.2 10.0 8.7 48.9 18.7 21.6 8.5 36.4 18.2 9.9 8.3 -148.4 -146.0 -168.9 -177.4 -185.2 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 were reclassified from goods to services. Exports of goods and services Goods l Durable Nondurable Servicesl 1997 I 1998 IV I 857.0 628.4 463.3 169.1 229.9 962.7 725.0 553.2 180.6 241.7 901.1 666.2 494.0 177.0 236.8 922.7 686.2 517.0 176.0 238.9 962.5 725.8 555.8 179.2 240.8 973.0 731.8 559.8 181.1 245.0 992.7 756.3 580.0 186.1 241.8 989.6 753.5 583.5 181.1 241.5 236.3 226.0 224.6 236.3 242.5 242.0 245.6 Receipts of factor income 214.2 Imports of goods and services Goods1 Durable Nondurable Services1 971.5 1,109.2 1,006.6 1,048.9 1,099.1 1,137.1 1,151.8 1,198.0 823.1 947.5 857.5 891.3 938.4 972.7 987.6 1,030.6 569.9 671.1 596.6 630.8 660.7 688.5 704.2 738.4 253.5 279.5 261.6 263.3 280.1 287.2 287.4 296.9 149.0 163.0 150.0 158.4 161.8 165.8 165.9 169.6 Payments of factor income 210.2 250.1 219.8 234.0 250.8' 256.9 258.7 257.9 1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are included in services. Beginning with 1986, repairs and alterations of equipment are 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. D-12 • National Data SURVEY OF CURRENT BUSINESS July 1998 Table 4.3.—Exports and Imports of Goods and Services by Type of Product Table 4.4.—Real Exports and Imports of Goods and Services by Type of Product [Billions of dollars] [Billions of chained (1992) dollars] Seasonally adjusted at annual rates Seasonally adjusted at annual rates Exports of goods and services Exports of goods l Foods, feeds, and beverages Industrial supplies and materials Durable goods Nondurable goods Capital goods, except automotive Civilian aircraft, engines, and parts Computers, peripherals, and parts Other Automotive vehicles, engines, and parts Consumer goods, except automotive Durable goods Nondurable goods Other Durable goods Nondurable goods Exports of services* Transfers under U.S. military agency sales contracts Travel Passenger fares Other transportation Royalties and license fees Other private services Other Imports of goods and services Imports of goods l Foods, feeds, and beverages Industrial supplies and materials, except petroleum and products Durable goods Nondurable goods Petroleum and products Capital goods, except automotive Civilian aircraft, engines, and parts Computers, peripherals, and parts Other Automotive vehicles, engines, and parts Consumer goods, except automotive Durable goods Nondurable goods Other Durable goods Nondurable goods Imports of servicesl Direct defense expenditures ... Travel Passenger fares Other transportation Royalties and license fees Other private services Other Addenda: Exports of agricultural goods 2 Exports of nonagricultural goods Imports of nonpetroleum 1997 1998 1996 1997 1996 870.9 617.5 55.5 957.1 686.3 51.0 904.6 640.5 55.8 922.2 656.2 51.1 960.3 690.0 48.6 965.8 691.1 49.6 980.0 707.9 54.9 965.0 693.6 50.6 141.0 51.0 90.1 152.7 55.0 97.7 145.9 51.9 94.0 147.4 53.2 94.3 154.0 55.7 98.3 155.3 55.5 99.8 154.0 55.8 98.2 148.2 56.5 91.7 253.1 294.3 265.3 275.9 296.9 298.4 306.1 301.6 30.8 41.4 36.7 39.6 45.5 36.3 44.3 49.5 52.6 209.5 48.8 213.1 45.2 206.9 73.4 73.1 77.0 78.1 78.9 41.2 37.7 38.2 19.1 19.1 270.3 77.0 39.8 37.2 37.7 18.8 18.8 274.8 79.0 40.7 38.2 36.9 18.5 18.5 272.1 78.5 40.4 38.1 36.5 18.3 18.3 271.4 14.0 72.6 21.2 28.8 31.9 80.2 21.5 14.2 74.1 21.5 29.2 31.8 82.5 21.6 13.0 73.0 21.3 30.3 31.5 81.5 21.6 15.1 73.0 21.2 29.2 31.1 79.9 21.9 43.7 178.6 49.5 203.5 43.3 185.2 46.3 190.0 50.1 201.3 65.0 73.6 67.0 70.9 70.1 35.8 34.3 32.7 16.3 16.3 253.3 77.5 40.0 37.6 ) 37.1 18.5 18.5 270.8 72.9 37.8 35.1 33.5 16.8 16.8 264.2 75.3 38.1 37.2 35.6 17.8 17.8 266.0 13.5 69.9 20.6 27.2 30.0 72.2 19.9 13.4 73.6 21.3 29.1 31.5 80.5 21.5 14.9 72.7 21.1 28.6 30.8 75.2 20.8 12.3 74.5 21.3 28.2 30.9 77.7 21.0 965.7 1,058.1 809.0 888.5 39.7 35.7 993.2 1,021.0 1,049.0 1,077.1 1,085.4 1,095.2 834.6 855.8 880.1 905.6 912.6 921.2 41.6 40.5 40.1 40.0 38.0 36.7 125.2 63.1 62.1 72.7 135.0 69.1 65.9 71.8 128.7 64.9 63.8 82.2 130.7 65.7 65.0 76.7 134.3 69.4 64.9 71.0 137.6 70.3 67.3 70.4 137.5 71.0 66.6 69.2 139.9 72.7 67.3 55.4 229.0 254.2 231.4 237.3 251.7 262.5 265.4 269.6 12.7 16.7 14.0 13.6 15.5 19.0 18.6 18.4 61.5 154.9 70.1 167.4 62.8 154.6 65.5 158.2 70.5 165.6 73.6 169.9 70.9 175.9 72.4 178.8 128.9 141.4 128.9 142.2 138.3 143.7 141.4 148.3 171.0 89.3 81.7 46.4 23.2 23.2 156.7 10.9 48.7 15.8 28.5 7.3 38.9 6.6 192.8 98.4 94.4 53.5 26.8 26.8 169.6 11.6 53.2 17.5 29.9 8.2 42.5 6.8 179.4 92.4 87.0 47.2 23.6 23.6 158.6 10.9 49.0 16.2 28.7 7.1 40.0 6.8 181.2 93.2 88.0 49.6 24.8 24.8 165.2 11.2 52.3 17.1 29.3 7.6 40.9 6.8 192.0 98.0 94.1 52.8 26.4 26.4 168.9 11.4 52.6 17.2 30.0 8.4 42.4 6.8 195.1 98.8 96.3 55.8 27.9 27.9 171.6 11.5 53.0 17.6 29.9 8.8 43.9 6.9 203.0 103.5 99.5 56.0 28.0 28.0 172.7 12.2 54.7 18.1 30.4 7.9 42.7 6.8 210.0 107.6 102.5 56.2 28.1 28.1 174.0 12.6 56.1 18.1 29.5 9.2 41.6 6.9 61.5 58.3 61.8 57.3 56.4 58.1 61.4 57.3 556.0 628.0 578.7 598.9 633.5 632.9 646.5 636.3 736.3 816.7 752.4 779.1 809.1 835.2 843.5 865.7 1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods to services. 2. Includes parts of foods, feeds, and beverages; of nondurable industrial supplies and materials; and of nondurable nonautomotive consumer goods. Exports of goods and services Exports of goods l Foods, feeds, and beverages Industrial supplies and materials Durable goods Nondurable goods Capital goods, except automotive Civilian aircraft, engines, and parts Computers, peripherals, and parts Other Automotive vehicles, engines, and parts : Consumer goods, except automotive Durable goods Nondurable goods Other Durable goods Nondurable goods Exports of services] Transfers under U.S. military agency sales contracts Travel Passenger fares Other transportation Royalties and license fees Other private services Other Residual Imports of goods and services Imports of goods l Foods, feeds, and beverages Industrial supplies and materials, except petroleum and products Durable goods Nondurable goods Petroleum and products Capital goods, except automotive Civilian aircraft, engines, and parts Computers, peripherals, and parts Other Automotive vehicles, engines, and parts Consumer goods, except automotive Durable goods Nondurable goods Other Durable goods Nondurable goods Imports of servicesl 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 1997 1996 1997 1996 857.0 628.4 44.0 962.7 725.0 43.8 901.1 666.2 47.2 922.7 686.: 43.; 962.5 725.8 40.9 973.0 731.8 42.7 992.7 756.3 48.3 989.6 753.5 46.5 121.9 44.8 77.1 132.4 48.8 83.7 126.6 46.3 80.4 127.6 46.9 80.8 133. 49.1 84.5 134.3 48.9 85.4 134.2 50.2 84.1 132.4 51.4 81.1 310.4 388.0 337.2 356.1 388.7 396.0 411.4 412.5 27.0 35.0 31.8 33.7 38.7 30.6 37.2 41.5 97.2 203.3 145.9 241.9 106.8 217.2 122.3 224.7 142.5 238.7 160.7 249.4 158.0 254.7 162.0 248.2 62.4 70.1 64.1 67.6 69.8 69.5 73.2 74.2 67.3 34.9 32.4 31.5 15.8 15.8 229.9 73.8 38.5 35.3 36.8 18.4 18.4 241.7 69.8 36.8 33.0 33.0 16.5 16.5 236.8 71.8 36.8 35.0 35.1 17.6 17.6 238.9 75.2 39.7 35.5 37.8 18.9 18.9 240.8 73.2 38.4 34.8 37.5 18.7 18.7 245.0 75.0 39.2 35.8 36.7 18.4 18.4 241.8 74.6 39.0 35.6 36.8 18.4 18.4 241.5 12.2 62.6 18.7 25.8 27.4 67.0 16.3 -27.7 12.1 64.0 20.1 27.5 28.4 73.6 16.4 -59.2 13.5 64.4 18.8 26.7 28.0 69.3 16.2 -32.4 11.1 65.3 20.7 26.5 28.0 71.4 16.3 ^2.8 12.6 63.4 19.4 27.2 28.8 73.5 16.3 -55.9 12.8 64.6 19.9 27.8 28.6 75.4 16.4 -70.3 11.7 62.8 20.3 28.6 28.3 74.2 16.4 -67.1 13.7 62.5 20.2 28.4 27.9 72.7 16.5 -68.6 1998 971.5 1,109.2 1,006.6 1,048.9 1,099.1 1,137.1 1,151.8 1,198.0 823.1 947.5 857.5 891.3 938.4 972.7 987.6 1,030.6 34.2 36.2 33.2 35.3 35.5 32.3 36.1 38.0 114.2 57.3 56.8 63.8 123.2 61.7 61.5 66.7 117.7 59.1 58.5 64.0 118.3 59.1 59.2 62.2 123.3 61.7 61.6 68.1 125.5 62.2 63.2 69.2 125.7 63.7 61.9 67.5 131.3 66.5 64.8 68.9 294.5 377.7 319.6 340.3 369.4 393.4 407.6 429.4 11.2 14.2 12.2 11.7 13.2 16.1 15.7 15.4 118.3 177.6 170.3 217.6 130.2 191.8 144.4 202.8 165.2 214.5 183.7 221.2 188.1 231.8 212.5 239.2 118.8 130.0 118.7 131.0 127.6 132.0 129.4 135.8 165.3 86.6 78.7 43.2 21.6 21.6 149.0 10.1 44.6 14.9 27.6 6.7 39.2 6.0 -22.2 188.6 97.6 91.0 50.3 25.1 25.1 163.0 11.5 50.3 15.7 28.9 7.4 43.0 6.3 -50.2 173.9 90.0 83.9 44.0 22.0 22.0 150.0 10.0 44.7 15.1 27.4 6.4 40.3 6.2 -29.1 176.5 91.5 84.9 46.4 23.2 23.2 158.4 11.0 49.1 15.7 28.1 6.9 41.4 6.3 -37.0 187.6 97.0 90.5 49.6 24.8 24.8 161.8 11.2 49.9 15.3 28.9 7.6 42.9 6.3 -47.3 191.0 98.2 92.7 52.4 26.2 26.2 165.8 11.7 50.6 15.6 29.1 7.9 44.7 6.3 -55.9 199.2 103.5 95.8 52.8 26.4 26.4 165.9 12.3 51.7 16.1 29.5 7.1 43.1 6.2 -60.5 206.9 108.4 98.6 53.6 26.8 26.8 169.6 13.5 54.0 16.2 29.2 8.2 42.3 6.3 -73.4 48.6 49.3 51.7 47.7 47.2 49.5 53.0 51.7 581.3 679.3 616.0 641.6 682.8 686.1 706.7 705.4 757.8 881.1 792.7 829.7 870.3 903.7 920.5 962.1 NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line 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. D-13 National Data SURVEY OF CURRENT BUSINESS July 1998 5. Saving and Investment. Table 5.1.—Gross Saving and Investment [Billions of dollars] Seasonally adjusted at annual rates 1996 1997 1997 1996 IV 1998 I 1,267.8 1,394.3 1,303.0 1,332.9 1,396.9 1,411.6 1,435.8 1,495.6 Gross saving 1,125.5 1,164.2 1,131.4 1,134.0 1,178.1 1,159.6 1,185.2 1,188.1 239.6 226.7 220.4 215.9 247.0 208.2 235.8 221.0 202.1 219.5 212.6 211.5 217.6 230.0 218.9 229.5 142.8 144.2 144.9 140.3 142.3 156.1 138.1 125.7 -2.5 5.5 3.3 3.5 5.9 3.6 9.2 30.1 61.8 69.7 64.4 67.7 69.4 70.3 71.6 73.7 452.3 475.6 462.0 467.4 472.6 478.0 484.5 489.8 230.5 241.2 235.2 238.0 239.7 242.4 244.9 246.5 1.1 1.2 1.2 1.2 1.1 1.2 1.2 1.2 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 142.3 Gross government saving Federal -39.2 71.2 -110.5 181.5 76.2 105.3 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 Capitalgrants received by the United States (net) 107.8 0 , 171.6 -5.9 71.3 -77.1 177.5 77.2 100.4 0 218.8 34.7 251.9 60.8 71.4 71.5 -55.5 -36.8 71.6 198.9 15.9 182.9 78.2 104.7 0 184.1 79.2 104.9 -10.8 191.1 79.7 111.4 250.6 59.7 71 £ -12.1 190.9 80.8 110.1 307.5 119.0 71.5 47.5 188.6 81.3 107.3 0 0 1,268.6 1,323.4 1,308.4 1,332.7 1,397.6 1,116.5 1,151.1 1,242.0 1,250.2 1,284.1 1,359.5 1,193.6 1,242.5 224.3 225.3 223.3 227.4 227.1 226.1 223.2 226.0 1,207.9 Gross investment Gross private domestic investment Gross government investment 230.0 42.8 71.6 -28.8 187.3 79.5 , -132.9 Net foreign investment Statistical discrepancy Addendum: Gross saving as a percentage of gross national product 0 1,308.3 -59.9 -160.2 -S6.0 16.6 17.3 1,243.5 -132.9 -148.4 -146.0 -168.9 -177.4 -185.2 -59.5 -64.3 -73.5 -103.2 -103.1 -98.0 16.7 16.8 17.4 17.4 17.5 17.9 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 1997 1996 IV 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 1996 1997 I IV 807.2 811.3 836.3 872.0 897.9 215.2 230.2 227.0 227.4 226.8 232.9 233.9 233.6 159.8 33.3 174.8 33.1 171.2 34.1 174.0 32.0 172.1 33.7 177.5 33.2 175.6 33.6 177.2 34.9 16.1 6.2 15.9 6.4 16.0 5.8 16.1 5.3 15.6 5.5 16.2 5.9 15.8 8.9 15.5 5.9 566.2 616.7 580.2 583.9 609.5 639.1 634.2 664.3 195.1 212.3 200.3 202.8 208.4 219.5 218.7 231.6 78.7 116.3 127.5 85.4 127.0 134.8 81.0 119.3 127.9 81.8 121.0 127.7 84.5 123.9 134.9 88.1 131.3 137.5 87.1 131.5 138.9 95.9 135.7 142.0 134.5 109.1 150.0 119.5 140.1 111.9 137.7 115.7 147.1 119.1 159.9 122.2 155.3 121.3 162.6 128.2 309.2 327.2 312.0 316.2 324.6 329.3 338.8 352.8 301.7 304.4 160.6 20.1 123.7 308.3 161.0 21.9 125.3 316.7 162.5 23.0 131.2 321.4 163.1 22.3 135.9 330.9 159.1 20.3 122.3 319.3 163.6 22.9 132.8 167.9 24.2 138.8 344.6 175.9 25.5 143.2 7.5 7.9 7.6 7.9 7.9 8.0 7.9 8.2 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 equipmentl Other Industrial equipment Transportation and related equipment Other Residential .... Structures Single family Multifamily Other structures .... Producers' durable equipment Residual 1. Includes new computers and peripheral equipment only. 1996 IV I 1,090.7 1,174.1 1,119.2 1,127.5 1,160.8 1,201.3 1,206.8 1,250.7 781.4 1997 1997 1998 I IV I 1,041.7 1,123.6 1,068.7 1,079.0 1,111.4 1,149.3 1,154.6 1,202.2 771.7 848.3 800.8 808.9 837.0 874.5 872.7 909.2 188.7 195.4 196.9 195.9 193.5 196.7 195.5 194.1 140.0 29.3 148.5 28.1 148.4 29.5 150.1 27.5 147.1 28.7 150.1 28.0 146.9 28.2 147.4 29.3 13.9 5.5 13.; 5.5 13.8 5.1 13.6 4.6 13.0 4.7 13.4 5.1 12.8 7.5 12.4 5.0 586.0 659.0 606.7 616.6 649.3 685.3 684.8 726.1 253.1 306.2 270.4 281.4 296.9 320. 325.9 357.9 160.8 116.3 117.0 225.5 127.3 123.1 182.4 119.3 116.9 195.8 121.5 116.8 216.1 124.4 123.5 240.5 131.5 125.6 249.5 131,9 126.6 299.8 136.3 129.3 125.0 100.8 138.3 109.6 129.7 102.5 127.5 106.1 136.0 109.1 146.8 112.1 143.1 111.0 150.0 116.9 272.1 279.5 271.1 273.3 278.2 280.1 286.3 297.7 265.0 136.6 18.6 110.2 272.0 136.7 20.2 115.7 263.9 265.9 136.2 19.6 110.5 272.6 135.7 19.6 117.9 278.7 138.4 21.1 119.9 289.9 136.2 18.0 110.0 270.8 136.5 20.4 114.4 7.6 7.8 7.1 7.5 7.2 7.4 7.5 7.6 -39.4 -75.6 -50.3 -58.2 -70.0 -84.6 145.5 22.3 122.8 -89.9 -122.6 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 SURVEY OF CURRENT BUSINESS • National Data July 1998 Table 5.10.—Change in Business Inventories by Industry Table 5.11.-—Real Change in Business Inventories by Industry [Billions of dollars] [Billions of chained (1992) dollars] Seasonally adjusted at annual rates Seasonally adjusted at annual rates 1996 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 25.9 2.9 23.0 28.2 -5.1 10.6 10.2 .4 3.3 2.5 .8 2.4 1.9 .5 .9 .6 .3 4.1 1.9 -1.6 3.5 2.3 5.0 2.3 2.6 1997 1997 1996 68.4 6.7 61.7 50.5 11.2 22.9 13.2 9.7 21.8 12.3 9.4 18.2 10.6 7.6 3.6 1.8 1.8 7.5 5.5 1.0 4.5 1.9 9.5 1.9 7.7 31.9 3.2 28.7 32.6 -3.9 13.3 6.8 6.4 10.1 -5.5 15.6 11.7 -3.2 14.8 -1.6 -2.3 .8 1.1 -6i3 2.0 4.4 4.3 .8 3.4 66.1 3.9 62.2 44.5 17.7 22.3 12.9 9.3 24.3 15.4 8.9 18.9 12.3 6.6 5.4 3.1 2.3 .6 1.4 -2.9 4.2 -.8 15.2 2.1 13.0 81.1 6.2 74.9 57.5 17.4 30.9 19.1 11.8 26.0 23.5 2.4 18.4 18.6 -.2 7.6 4.9 2.7 8.3 2.4 -4.0 6.4 1996 48.9 8.1 40.9 38.2 2.6 15.8 10.3 5.5 15.8 4.0 11.8 15.1 4.3 10.9 .7 -.3 1.0 3.0 1.7 -.6 2.3 5.9 1.3 9.8 1.8 8.0 6.3 2.6 3.7 77.2 108.8 7.2 8.5 68.7 101.6 61.8 52.9 7.0 48.7 22.7 40.9 10.6 24.5 12.1 16.5 21.0 32.9 6.4 28.0 5.0 14.6 20.3 27.1 7.1 24.2 2.9 13.3 5.8 3.8 2.0 1.3 18.1 18.7 1.3 16.8 11.7 -5.2 5.1 6.5 1.3 17.4 6.9 9.0 1.0 -.7 9.7 5.9 NOTE.—Estimates for nonfarm industries other than manufacturing and trade for 1986 and earlier periods are based on the 1972 Standard Industrial Classification (SIC). Manufacturing estimates for 1981 and earlier periods and trade estimates for 1966 and and earlier periods are based on the 1972 SIC; later estimates for these industries are based on the 1987 SIC. The resulting discontinuities are small. 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 25.0 2.6 22.5 9.9 9.7 .4 4.0 2.4 1.1 3.2 1.8 1.3 .8 .6 .3 4.0 1.7 -1.4 3.3 2.3 4.5 2.1 2.4 -.4 1997 1996 65.7 8.0 57.8 21.5 12.6 8.9 20.6 11.9 8.6 17.1 10.2 6.9 3.4 1.7 1.7 7.0 5.0 .9 4.2 1.9 8.7 1.6 7.1 0 32.9 6.4 26.5 12.3 6.6 5.7 9.4 -5.2 13.9 10.9 -3.0 13.3 -1.5 -2.3 .6 1997 III IV 63.7 5.3 58.3 77.6 7.5 70.1 47.5 9.5 38.3 20.9 12.3 8.5 22.9 14.8 29.0 18.2 10.8 24.6 22.7 2.3 17.5 17.9 -.1 7.2 4.8 2.5 7.7 2.0 -4.7 5.9 5.8 8.9 1.5 7.5 -1.0 14.8 9.9 5.0 14.9 3.8 10.8 14.3 4.1 74.0 105.7 9.8 9.0 64.5 96.7 21.5 39.1 10.2 23.6 11.2 15.5 19.7 31.6 6.2 27.2 13.2 4.8 19.0 25.9 6.8 23.5 11.9 2.8 5.8 .7 3.7 -.6 2.1 1.3 17.0 17.7 15.4 1.2 8.1 17.8 11.8 6.0 5.1 3.0 2.1 .9 .6 -3.0 1.2 -4.7 -2.5 1.8 3.9 4.1 3.9 .7 3.2 .5 1998 -.7 13.7 1.8 12.0 .2 9.9 .6 -.3 .9 2.8 1.5 -.6 2.1 1.3 5.7 2.3 3.4 0 -4.7 6.1 17.0 8.4 .9 -.6 5.5 9.5 .4 -1.8 10.6 4.8 1.2 6.3 NOTE.—Chained (1992) dollar series for real change in business inventories are calculated as the period-to-period change in chained-dollar end-of-period inventories. Quarterly changes in end-of-period inventories are stated at annual rates. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the difference between the first line and the sum of the most detailed lines. See note to table 5.10. SURVEY OF CURRENT BUSINESS July 1998 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 Seasonally adjusted quarterly totals III I 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 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 IV 294.1 296.1 301.1 302.4 307.2 2.39 2.20 2.37 2.18 2.37 2.18 2.36 2.17 2.35 2.16 2.35 2.16 4.11 4.08 4.09 4.07 4.08 4.07 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. 1997 1998 I 1,294.5 1,306.1 1,318.1 1,334.1 1,342.5 1,356.8 102.6 107.2 107.7 109.1 108.1 108.0 1,191.9 1,198.9 1,210.4 1,225.0 1,234.4 1,248.8 675.2 684.4 693.2 697.0 703.6 713.8 516.7 514.! 517.2 528.0 530.8 535.0 440.3 443.; 448.0 453.5 457.1 461.8 273.7 277.0 280.7 283.2 285.6 289.2 166.6 166.3 167.3 170.3 171.5 172.6 300.8 306.2 310.8 316.1 318.6 323.5 184.9 188.7 194.4 195.0 195.6 201.6 116.0 117.5 116.4 121.2 123.0 121.9 258.6 263.4 266.6 271.4 274.3 279.0 160.7 163.9 168.4 169.0 170.0 175.2 97.9 98.2 102.4 104.4 103.8 99.5 44.6 42.3 44.2 44.7 44.3 42.8 24.1 26.4 25.9 25.6 26.1 24.9 18.1 18.6 18.1 18,2 18.8 17.9 313.0 313.3 313.2 314.7 318.1 322.4 167.7 168.7 167.7 168.0 171.5 172.3 80.7 83.2 82.4 83.9 80.9 83.6 83.9 86.7 87.3 88.3 89.9 85.1 145.3 144.6 145.6 146.7 146.6 150.1 137.7 136.1 138.3 140.7 140.6 141.1 50.7 48.9 50.8 50.0 50.5 50.9 90.4 88.8 86.2 87.9 89.9 89.6 542.6 550.0 556.2 565.2 570.5 577.5 289.9 1996 1998 1997 1996 Inventoriesl Farm Nonfarm Durable goods Nondurable goods Manufacturing Durable goods Nondurable goods f Wholesale trade Durable goods Nondurable goods Merchant wholesalers Durable goods Nondurable goods Nonmerchant wholesalers Durable goods : Nondurable goods Retail trade Durable goods Motor vehicle dealers Other Nondurable goods Other Durable goods Nondurable goods Residual Final sales of domestic business2 Final sales of goods and structures of domestic business2 Ratio of inventories to final sales of domestic business Inventories to final sales Nonfarm inventories to final sales Nonfarm inventories to final sales of goods and structures 1,208.9 1,224.8 1,244.2 1,256.1 1,274.6 1,301.1 102.5 103.8 105.7 108.0 110.5 112.7 1,105.9 1,120.5 1,138.0 1,147.6 1,163.7 1,187.9 634.0 641.5 652.5 656.8 665.0 677.6 471.7 478.8 485.4 490.6 498.5 510.1 409.7 414.9 422.1 425.8 431.2 441.0 260.9 264.0 268.6 271.0 273.6 279.5 148.9 151.1 153.8 155.0 157.8 161.7 282.4 288.1 294.3 298.0 303.0 310.9 177.9 181.6 187.3 188.3 189.8 196.6 104.6 106.6 107.2 109.9 113.2 114.4 242.8 247.3 251.7 255.2 260.0 266.5 154.3 157.3 161.8 162.8 164.5 170.4 88.6 90.1 90.1 95.5 96.2 92.6 40.8 39.5 42.6 44.4 43.0 42.8 23.6 24.3 25.5 25.3 26.2 25.5 16.5 17.1 16.0 18.2 17.6 17.3 292.7 292.8 294.7 295.4 299.7 304.1 152.4 152.7 153.2 153.6 157.5 157.7 74.5 73.9 73.0 75.5 72.8 74.3 78.0 79.0 80.4 82.2 81.0 83.7 140.0 139.8 141.2 141.5 141.9 146.1 121.1 124.5 126.7 128.2 129.7 131.9 42.5 42.9 43.3 44.1 43.9 43.9 81.4 78.4 83.3 85.6 84.2 87.9 .7 .7 .4 .5 .5 .3 491.1 495.1 498.5 505.0 508.4 513.4 271.8 274.5 275.6 280.0 281.0 285.3 2.46 2.25 2.47 2.26 2.50 2.28 2.49 2.27 2.51 2.29 2.53 2.31 4.07 4.08 4.13 4.10 4.14 4.16 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. D-16 • National Data SURVEY OF CURRENT BUSINESS July 1998 6. Income and Employment by Industry. Table 6.16C—Corporate Profits by Industry Table 6.1 C—National Income Without Capital Consumption Adjustment by Industry [Billions of dollars] [Billions of dollars] Seasonally adjusted at annual rates Seasonally adjusted at annual rates 1996 National income without capital consumption adjustment 1997 1996 1997 1996 1997 1996 III Corporate profits with inventory valuation and capital consumption adjustments 6,219.6 6,608.0 6,340.4 6,470.8 6,557.3 6,657.5 6,746.5 6,859.0 Domestic industries Domestic industries 6,217.9 6,627.8 6,337.3 6,485.1 6,578.0 6,678.2 6,769.7 6,877.6 Financial Private industries 5,362.6 5,741.7 5,472.0 5,608.9 5,696.1 5,788.8 5,873.0 5,970.1 Nonfinancial Agriculture, forestry, and fishing Mining Construction Manufacturing Durable goods .•:: Nondurable goods Transportation and public utilities Transportation Communications Electric, gas, and sanitary services Wholesale trade Retail trade Finance, insurance, and real estate Services Government Rest of the world Rest of the world 105.6 46.9 285.2 113.1 48.4 305.6 109.6 45.0 291.4 110.8 48.2 298.2 115.5 49.2 302.2 114.1 48.0 307.4 112.0 48.1 314.5 105.5 50.2 321.3 1,110.1 1,170.3 1,122.1 1,134.6 1,160.5 1,187.8 1,198.5 1,202.1 634.5 677.0 639.4 651.0 669.7 691.2 696.2 696.6 475.6 493.3 482.8 483.6 490.8 496.6 502.3 505.4 456.7 191.0 135.0 475.5 205.7 137.6 457.3 192.3 133.1 467.1 199.6 135.5 471.5 203.0 135.2 477.2 207.6 139.0 486.4 212.7 140.8 497.6 213.2 148.9 130.8 132.2 131.9 132.0 133.3 130.6 132.9 135.5 349.1 503.7 383.3 538.4 364.8 512.3 372.4 527.7 379.3 533.0 388.7 542.6 392.8 550.2 400.0 564.6 1,095.3 1,192.0 1,116.5 1,168.9 1,185.0 1,199.2 1,215.1 1,242.0 1,410.1 1,515.0 1,452.9 1,481.1 1,500.1 1,523.7 1,555.2 1,586.9 855.3 886.1 865.2 876.2 881.9 889.4 896.8 907.5 1.7 -19.8 3.1 -14.3 -20.7 -20.7 -23.3 -18.6 1998 1997 1998 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 IV 735.9 805.0 747.8 779.6 795.1 827.3 818.1 827.7 640.0 706.5 640.3 682.2 694.4 727.5 721.8 724.7 94.2 109.5 78.5 106.8 107.7 109.3 114.3 115.4 545.8 596.9 561.7 575.4 586.7 618.2 607.5 609.3 107.5 95.9 97.4 100.8 99.9 96.3 103.0 132.7 145.9 142.6 139.9 148.3 150.5 145.0 148.6 36.7 47.3 35.0 42.5 47.5 50.6 48.7 45.6 674.1 735.3 683.4 711.9 725.7 757.1 746.5 754.0 578.2 636.7 575.8 614.5 624.9 657.2 650.2 103.5 119.5 88.1 116.5 117.5 119.4 124.5 22.0 23.5 22.3 22.8 23.2 23.7 24.2 81.5 96.0 65.8 93.7 94.3 95.7 100.3 474.7 517.2 487.8 498.0 507.4 537.8 525.7 205.5 224.7 209.7 208.2 221.0 240.4 229.0 99.0 114.5 99.7 101.3 111.8 128.1 116.6 3.9 5.1 6.0 5.6 7.0 7.6 5.6 17.1 18.9 18.1 17.4 18.4 20.8 18.8 25.8 28.8 24.6 24.0 27.8 32.5 30.8 651.0 125.8 24.6 101.2 525.2 221.5 110.7 8.6 17.6 23.8 23.9 33.8 29.6 31.4 33.3 36.7 33.7 30.8 -3.2 -1.9 -8.3 -1.3 -3.5 .4 -3.3 1.3 29.8 28.9 30.6 25.9 30.2 30.0 29.7 28.5 106.5 110.2 109.9 106.9 109.2 112.3 112.4 110.8 28.5 29.9 34.2 28.0 28.2 29.1 34.4 29.8 31.2 29.3 28.9 28.8 29.9 30.0 28.6 29.6 10.0 12.2 11.9 12.4 10.3 12.4 13.9 13.0 36.8 38.7 34.9 37.7 40.8 40.9 35.6 38.3 91.7 90.7 90.5 91.5 89.6 90.0 91.5 94.1 11.7 16.1 11.4 14.9 16.4 16.9 16.3 16.8 36.0 32.8 34.8 33.8 30.8 33.4 33.4 35.4 44.0 41.7 44.3 42.8 42.4 39.8 41.8 41.9 38.3 51.1 47.4 49.0 49.5 54.1 51.7 53.0 48.9 55.8 48.3 55.1 54.9 57.9 55.2 60.2 90.3 95.0 91.9 94.2 92.4 95.3 98.2 96.5 95.9 98.6 107.5 97.4 100.8 99.9 96.3 103.0 N O T E — Estimates in this table are based on the 1987 Standard Industrial Classification. National Data • D-17 SURVEY OF CURRENT BUSINESS July 1998 7. Quantity and Price Indexes. Table 7.1.—Quantity and Price Indexes for Gross Domestic Product [Index numbers, 1992=100] Seasonally adjusted Seasonally adjusted 1996 1996 1997 1996 122.29 110.95 110.22 110.21 129.39 115.12 112.4! 112.40 124.80 112.38 111.10 111.05 127.05 113.73 111.78 111.71 128.66 114.66 112.27 112.22 130.10 115.53 112.67 112.62 131.76 116.58 113.07 113.01 133.87 118.12 113.40 113.34 123.41 111.71 110.4' 110.4' 130.00 115.35 112.71 112.70 125.79 112.7: 111.61 111.60 128.10 114.18 112.21 112.20 128.73 114.45 112.49 112.48 130.99 116.03 112.91 112.89 132.18 116.7' 113.2' 113.23 134.30 118.46 113.39 113.38 Exports of goods: Current dollars Chain-type quantity index .., Chain-type price index Implicit price deflator 137.63 152.96 142.75 146.26 153.78 154.02 157.78 154.58 140.05 161.59 148.48 152.94 161.76 163.1 168.57 167.94 98.27 94.60 96.06 95.55 94.99 94.35 93.52 91.97 98.27 94.66 96.1 95.63 95.0' 94.43 93.60 92.05 Durable goods: Current dollars Chain-type quantity index ... Chain-type price index Implicit price deflator 129.88 125.09 103.83 103.83 134.95 132.14 102.17 102.12 130.64 126.32 103.45 103.41 134.77 130.55 103.2; 103.24 131.92 128.75 102.50 102.46 136.60 134.31 101.74 101.71 136.50 134.96 101.18 101.14 140.71 139.75 100.72 100.69 Exports of services: Current dollars Chain-type quantity index ... Chain-type price index Implicit price deflator 132.81 120.51 110.21 110.21 Nondurable goods: Current dollars Chain-type quantity index ... Chain-type price index Implicit price deflator 116.11 108.36 107.15 107.15 120.44 110.34 109.16 109.15 118.03 109.03 108.26 108.25 120.09 110.29 108.90 108.89 119.45 109.70 108.89 108.88 121.10 110.8" 109.24 109.23 121.11 110.52 109.59 109.59 122.67 112.30 109.24 109.23 Services: Current dollars Chain-type quantity index ... Chain-type price index Implicit price deflator Imports of goods and services: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 144.36 158.18 148.47 152.63 156.81 161.0! 162.2' 163.71 145.22 165.82 150.48 156.80 164.30 169.98 172.18 179.09 99.41 95.52 98.75 97.42 95.52 94.81 94.31 91.49 99.40 95.39 98.66 97.34 95.44 94.73 94.23 91.41 126.10 110.86 113.76 113.76 134.24 114.72 117.02 117.02 129.07 111.99 115.26 115.25 131.15 113.05 116.02 116.01 133.17 114.13 116.70 116.69 135.27 115.22 117.42 117.41 137.38 116.48 117.96 117.95 139.39 117.63 118.51 118.50 Imports of goods: Current dollars Chain-type quantity index ... Chain-type price index Implicit price deflator 148.49 163.08 153.18 157.0: 161.53 166.21 167.50 169.07 151.06 173.90 157.3; 163.58 172.24 178.53 181.25 189.14 93.18 92.49 89.47 98.30 93.91 97.42 96.11 93.8; 98.29 93.78 97.34 96.02 93.78 93.10 92.41 89.38 141.26 135.26 104.50 104.43 157.19 151.44 104.13 103.79 145.63 139.77 104.50 104.19 151.01 145.39 104.23 103.86 157.12 151.45 104.07 103.75 158.17 152.40 104.11 103.78 162.45 156.53 104.10 103.78 172.00 166.78 103.47 103.13 Imports of services: Current dollars Chain-type quantity index ... Chain-type price index Implicit price deflator 126.23 120.06 105.13 105.13 136.66 131.33 104.08 104.06 136.09 130.41 104.3' 104.36 138.23 133.58 103.49 103.48 139.19 133.6; 104.15 104.13 140.20 136.67 102.60 102.59 139.22 132.97 104.70 104.70 149.87 143.42 104.52 104.50 142.86 143.91 148.17 153.34 136.41 137.73 141.86 146.70 104.47 104.55 104.75 104.73 104.49 104.45 104.52 154.05 147.37 104.56 104.53 159.65 153.46 104.06 104.03 155.60 156.43 99.49 99.47 160.95 162.98 98.78 98.76 111.31 99.54 111.83 111.83 114.95 112.54 113.40 114.66 100.46 99.85 99.74 100.50 114.47 112.76 113.74 114.14 114.42 112.71 113.69 114.09 115.37 100.77 114.54 114.49 116.39 100.84 115.46 115.41 115.73 100.02 115.76 115.70 Gross domestic product: Current dollars Chain-type quantity index Chain-type price index ... Implicit price deflator Personal consumption expenditures: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator Gross private domestic investment: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 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 1997 1998 140.07 151.81 144.69 138.33 152.06 143.54 101.26 99.87 100.82 101.26 99.84 100.80 145.43 145.00 100.31 100.29 149.90 156.30 150.03 156.75 99.93 99.73 99.91 99.71 127.22 136.09 134.16 134.40 134.05 111.51 115.50 116.40 114.09 117.86 115.30 114.09 117.82 115.26 115.79 114.39 116.11 117.23 116.07 117.19 116.26 118.44 118.40 115.58 119.65 119.61 145.67 158.65 149.27 150.23 156.80 164.42 150.77 96.62 96.62 169.55 93.62 93.57 156.09 158.63 167.05 95.65 94.72 93.88 95.63 94.70 93.86 137.10 120.64 113.64 113.64 145.07 123.91 117.06 117.07 138.33 120.18 115.10 115.10 140.16 121.17 115.68 115.68 143.90 123.36 116.65 116.65 Government consumption expenditures and gross investment: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 1998 1997 1996 136.19 149.68 141.48 144.22 150.18 151.0E 153.27 150.92 134.03 150.56 140.92 144.30 150.53 152.1' 155.25 154.77 101.6" 99.38 100.35 99.90 99.72 99.2 98.68 97.47 101.6 99.4 100.39 99.95 99.77 99.26 98.73 97.51 141.96 126.69 112.04 112.06 138.49 124.1 111.55 111.56 127.76 120.90 105.69 105.68 139.43 125.27 111.2! 111.30 133.13 127.64 104.31 104.30 141.70 126.25 112.23 112.2- 144.05 128.46 112.12 112.1' 142.67 126.78 112.51 112.53 142.30 126.61 112.38 112.39 Federal: Current dollars Chain-type quantity index ... Chain-type price index Implicit price deflator 98.49 99.20 98.03 97.75 99.64 99.56 99.86 97.56 87.92 86.55 87.04 85.76 87.14 86.89 86.39 84.14 112.03 114.74 112.74 114.10 114.46 114.71 115.71 116.07 112.02 114.62 112.62 113.98 114.34 114.58 115.59 115.95 114.70 120.45 120.40 National defense: Current dollars Chain-type quantity index Chain-type price index ... Implicit price deflator 93.87 93.22 93.29 91.37 93.29 93.70 94.53 90.29 84.56 82.14 83.44 80.86 82.33 82.58 82.78 78.63 111.02 113.64 111.94 113.14 113.46 113.62 114.35 114.98 111.02 113.50 111.80 112.99 113.31 113.47 114.20 114.83 163.16 170.90 176.32 176.19 93.27 92.62 93.25 92.60 186.82 91.49 91.48 Nondefense: Current dollars Chain-type quantity index Chain-type price index ... Implicit price deflator 109.90 113.97 109.72 113.52 115.31 114.04 113.02 115.50 96.01 97.16 95.69 97.54 98.71 97.27 95.11 97.37 114.47 117.38 114.72 116.44 116.87 117.30 118.89 118.69 114.47 117.31 114.66 116.39 116.82 117.24 118.83 118.63 150.20 126.93 118.33 118.33 156.42 131.99 118.51 118.51 State and local: Current dollars Chain-type quantity index ... Chain-type price index Implicit price deflator 137.65 138.24 138.10 146.01 124.19 117.57 117.56 NOTE.— Chain-type quantity and price indexes are calculated from weighted averages of the detailed output and prices used to prepare each aggregate and component. Implicit price deflators are weighted averages of the detailed price indexes used to prepare each aggregate and component and are calculated as the ratio of current- to chained- Exports of goods and services: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 1997 120.51 107.88 111.71 111.71 126.25 110.46 114.31 114.30 122.96 109.04 112.77 112.76 124.63 109.78 113.54 113.52 125.44 110.10 113.95 113.94 126.70 110.73 114.44 114.43 128.25 111.22 115.32 115.31 128.77 111.43 115.58 115.56 dollar output multiplied by 100. Percent change from preceding period for items in this table are shown in table 8.1. (Contributions to the percent change in real gross domestic product are shown in table 8.?). D-18 • National Data SURVEY OF CURRENT BUSINESS July 1998 Table 7.2.—Quantity and Price Indexes for Gross Domestic Product, Final Sales, and Purchases Table 7.4.—Chain-Type Quantity and Price Indexes for Personal Consumption Expenditures by Major Type of Product [Index numbers, 1992=100] [Index numbers, 1992=100] Seasonally adjusted Gross domestic product: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator Final sales of domestic product: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator Gross domestic purchases: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator Final sales to domestic purchasers: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator Addenda: Chain-type price indexes for gross domestic purchases: Food Energy Gross domestic purchases less food and energy 1996 1997 1996 122.29 110.95 110.22 110.21 129.39 115.12 112.45 112.40 124.80 112.38 111.10 111.05 Seasonally adjusted 122.01 110.64 110.28 110.28 123.22 112.17 109.86 109.85 128.44 114.12 112.55 112.55 130.39 116.75 111.76 111.69 124.43 111.93 111.17 111.16 125.62 113.46 110.79 110.72 126.13 112.77 111.85 111.85 128.03 115.09 111.32 111.24 128.66 114.66 112.27 112.22 127.51 113.47 112.37 112.37 129.47 116.14 111.55 111.48 130.10 115.53 112.67 112.62 129.47 114.80 112.78 112.78 131.27 117.38 111.90 111.83 131.76 116.58 113.07 113.01 130.67 115.45 113.18 113.18 132.81 118.36 112.28 112.21 133.87 118.12 113.40 113.34 132.27 116.50 113.55 113.54 135.31 120.55 112.32 112.24 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 122.95 111.86 109.91 109.91 129.45 115.75 111.86 111.84 125.25 113.02 110.85 110.83 127.11 114.14 111.39 111.37 128.32 114.96 111.65 111.62 130.63 116.66 112.00 111.98 131.73 117.23 112.39 112.37 133.73 118.94 112.46 112.44 109.42 112.23 111.02 111.35 111.79 112.67 113.12 113.43 107.01 107.42 109.23 110.89 105.91 106.16 106.71 100.24 110.06 111.93 110.86 111.36 111.81 112.10 112.47 112.78 Table 7.3.—Quantity and Price Indexes for Gross National Product and Command-Basis Gross National Product [Index numbers, 1992=100] 122.10 110.81 110.19 110.18 128.85 114.69 112.40 112.35 124.63 112.27 111.06 111.01 126.60 113.37 111.73 111.67 128.10 114.21 112.22 112.17 129.54 115.08 112.62 112.57 131.15 116.10 113.02 112.96 133.33 117.70 113.34 113.29 Less: Exports of goods and services and receipts of factor income: Chain-type quantity index 137.88 154.28 145.06 147.60 154.24 156.43 158.84 158.97 Plus: Command-basis exports of goods and services and receipts of factor income: Chain-type quantity index 140.35 159.40 147.07 150.74 159.72 162.32 164.82 167.30 Equals: Command-basis gross national product: Chain-type quantity index 111.12 115.33 112.52 113.76 114.89 115.81 116.84 118.73 NOTE—Percent changes from preceding period for selected items in this table are shown in table 8.1. 1997 1997 1996 1998 Chain-type quantity indexes 127.05 113.73 111.78 111.71 NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1., Gross national product: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 1996 1998 1997 Housing Household operation Electricity and gas Other household operation Transportation Medical care Other 111.71 115.35 112.72 114.18 114.45 116.03 116.74 118.46 125.09 132.14 126.32 130.55 128.75 134.31 134.96 139.75 111.82 112.68 110.19 112.83 107.82 115.39 114.69 116.37 142.35 156.53 146.18 151.75 154.35 159.01 161.00 171.17 122.72 131.58 125.98 131.48 129.70 131.81 133.33 136.13 108.36 110.34 109.03 110.29 109.70 110.87 110.52 112.30 104.51 118.70 107.02 97.19 110.16 104.51 123.25 108.83 91.28 115.03 104.39 119.73 107.69 94.75 112.37 105.25 122.88 107.56 86.25 114.07 104.28 121.39 108.95 92.53 113.98 104.48 124.74 109.05 95.48 116.06 104.04 123.98 109.74 90.87 115.99 104.75 129.34 110.29 83.14 118.46 110.86 114.72 111.99 113.05 114.13 115.22 116.48 117.63 110.09 118.51 110.55 124.38 127.14 109.61 117.59 110.64 119.14 108.60 126.86 129.02 110.45 119.36 111.21 120.90 109.73 129.09 130.81 110.87 121.74 111.85 120.07 105.50 130.68 132.41 111.71 124.19 110.47 112.71 111.61 112.21 112.49 112.91 101.74 112.55 113.24 101.18 113.39 100.72 112.24 108.25 116.65 110.55 121.17 123.11 106.42 112.64 110.36 118.64 108.92 125.78 128.27 109.96 118.71 108.97 117.51 110.47 122.71 124.64 107.81 113.91 109.52 116.02 106.82 122.79 126.10 108.93 116.15 Chain-type price indexes Personal consumption expenditures Durable goods Motor vehicles and parts Furniture and household equipment Other Nondurable goods Food Clothing and shoes Gasoline and oil Fuel oil and coal Other Services Housing Household operation Electricity and gas Other household operation Transportation Medical care Other Addenda: Price indexes for personal consumption expenditures: Food Energy1 Personal consumption expenditures less food and energy 103.83 102.17 103.45 103.27 102.50 112.95 112.97 113.55 113.84 113.26 93.71 90.29 92.50 91.84 90.84 106.48 105.82 106.14 106.22 105.64 107.15 109.16 108.26 108.90 108.89 109.63 98.75 107.44 108.92 108.22 112.57 99.75 107.47 108.81 109.85 111.27 98.56 109.83 116.17 108.67 111.65 99.29 112.13 116.49 109.21 112.09 100.37 104.77 108.78 110.08 113.76 117.02 115.26 116.02 116.70 112.43 109.08 106.35 111.01 112.22 117.43 113.69 115.78 111.29 108.69 113.14 116.56 120.13 117.49 113.60 110.32 107.73 112.16 114.15 118.62 115.76 114.42 111.37 109.66 112.63 114.88 119.41 116.33 115.34 111.05 107.98 113.21 116.14 119.88 117.20 112.23 89.67 88.81 87.64 105.85 105.58 106.03 109.24 109.59 109.24 113.02 113.51 113.90 99.68 99.67 99.32 106.31 106.66 97.90 104.55 105.42 102.67 109.87 110.24 111.22 117.42 117.96 118.51 116.25 117.11 118.03 111.17 111.58 110.40 108.16 108.98 105.58 113.28 113.43 113.64 116.98 118.23 118.47 120.38 120.87 121.96 118.12 118.30 118.77 109.63 112.57 111.27 111.65 112.09 113.02 113.51 106.96 108.10 109.07 111.11 106.47 107.11 107.71 113.90 101.73 110.88 113.06 111.87 112.41 112.97 113.28 113.58 114.05 1. Consists of prices for gasoline and oil, fuel oil and coal, and electricity and gas. Table 7.6.—Chain-Type Quantity and Price Indexes for Private Fixed Investment by Type [Index numbers, 1992=100] D-19 National Data SURVEY OF CURRENT BUSINESS July 1998 Table 7.9.—Chain-Type Quantity and Price Indexes for Exports and Imports of Goods and Services and for Receipts and Payments of Factor Income [Index numbers, 1992=100] Seasonally adjusted 1996 1997 Seasonally adjusted 1998 1997 1996 1996 1997 1996 134.03 140.05 153.97 114.40 120.51 155.36 145.22 151.06 164.50 127.78 120.06 165.78 150.56 161.59 183.85 122.22 126.69 173.90 193.70 140.86 131.33 197.20 140.92 148.48 164.19 119.77 124.14 163.87 150.48 157.37 172.22 131.83 120.90 173.34 101.61 98.27 90.93 116.09 110.21 109.36 99.41 1997 1998 Chain-type quantity indexes Private fixed investment Nonresidential Structures Nonresidential buildings, including farm Utilities Mining exploration, shafts, and wells Other structures Producers' durable equipment Information processing and related equipment Computers and peripheral equipment* Other Industrial equipment Transportation and related equipment Other Chain-type quantity indexes 111.51 115.50 116.40 137.73 145.00 115.79 114.39 116.26 115.58 114.70 123.6 131.25 131.15 84.83 81.52 85.66 132.58 79.80 129.98 132.61 129.83 130.19 81.32 81.88 84.95 83.0 132.97 143.42 136.41 138.33 152.06 143.54 150.03 156.75 156.43 162.98 92.87 60.75 99.21 103.54 66.64 61.90 102.45 55.98 150.77 169.55 156.09 158.63 167.05 176.32 176.19 186.82 188.61 228.19 201.54 209.70 221.31 238.88 242.88 266.76 104.18 66.68 97.40 100.62 57.50 61.86 96.38 91.22 365.81 513.06 414.95 128.90 141.1 132.21 131.01 137.88 130.91 445.54 134.66 130.81 491.73 547.14 567.82 682.10 137.85 145.77 146.20 151.01 138.25 140.6 141.77 144.75 145.10 160.53 150.54 127.58 138.65 129.66 157.79 170.32 166.09 174.10 138.07 141.85 140.4; 147.98 123.36 124.19 126.93 131.99 123.91 125.40 124.86 128 20 Structures Single family Multifamily Other structures ... 120.71 117.22 142.27 122.54 120.21 116.95 137.49 122.33 Producers' durable equipment 118.12 124.25 119.28 122.83 120.64 123.91 120.18 123.91 117.34 154.15 128.64 123.35 117.14 156.03 127.25 124.17 116.45 149.56 131.15 126.99 118.82 161.16 133.31 132.08 124.85 170.30 136.58 Chain-type price indexes Private fixed investment Nonresidential. Structures Nonresidential buildings, including farm Utilities Mining exploration, shafts, and wells Other structures Producers' durable equipment. Information r.processing and related equipment Computers and peripheral equipmentl Other Industrial equipment Transportation and related equipment Other Residential 114.09 117.86 115.30 116.11 117.23 118.44 104.56 104.06 99.49 98.78 119.65 120.45 114.14 117.74 115.38 116.02 117.03 118.33 113.70 117.76 115.29 116.17 117.45 118.42 119.58 120.35 119.00 119.25 115.89 120.83 116.21 118.47 120.25 121.28 112.33 116.64 113.43 114.82 116.51 116.93 123.33 125.84 118.30 118.73 104.70 104.52 104.75 104.52 104.47 104.55 101.26 99.87 100.82 100.31 99.93 99.73 96.62 93.62 95.65 94.72 93.88 93.27 77.09 69.44 74.05 72.06 70.16 92.62 91.49 68.46 67.07 64.68 48.98 37.84 44.10 41.47 38.81 36.41 100.04 99.74 100.07 99.65 99.67 99.89 108.96 109.43 109.41 109.34 109.23 109.47 34.67 31.77 99.75 99.61 109.69 109.79 107.56 108.47 108.03 108.09 108.22 108.97 108.24 109.11 109.20 109.05 109.16 108.99 108.58 109.26 118.33 118.71 121.26 114.82 115.82 113.64 117.06 115.10 115.68 116.65 117.57 Structures Single family Multifamily Other structures .... 113.88 116.50 109.10 111.02 117.38 119.68 113.32 114.81 115.36 117.84 111.69 112.50 115.94 118.15 111.87 113.47 Producers' durable equipment 104.84 105.23 105.59 106.27 105.27 104.89 1. Includes new computers and peripheral equipment only. Exports of goods and services Goods1 Durable Nondurable Servicesl Receipts of factor income Imports of goods and services Goods1 Durable Nondurable Servicesl Payments of factor income 171.39 165.82 144.30 152.94 171.81 119.12 125.27 162.90 156.80 150.53 161.76 184.74 121.23 126.25 171.33 164.30 152.17 163.11 186.07 122.57 128.46 155.25 168.57 192.76 125.95 126.78 154.77 167.94 193.92 122.54 126.61 175.83 175.51 178.11 172.24 190.72 141.15 130.41 169.98 172.18 179.09 178.53 181.25 189.14 198.74 203.25 213.12 144.77 144.85 149.66 133.58 133.67 136.67 197.73 202.54 203.98 203.38 99.38 100.35 99.90 99.72 99.21 98.68 94.60 96.06 95.55 94.99 94.35 93.52 87.02 88.77 88.13 87.43 86.69 85.84 113.26 113.78 113.67 113.55 113.28 112.54 112.04 111.55 111.29 112.23 112.12 112.51 110.95 110.08 110.49 110.73 111.10 111.48 95.52 98.75 97.42 95.52 94.81 94.31 97.47 91.97 84.75 109.60 112.38 163.58 182.08 132.70 127.64 184.53 Chain-type price indexes 147.92 134.23 121.17 121.13 116.95 149.84 122.86 Residential 141.86 146.70 147.37 153.46 116.96 119.05 112.73 114.66 117.91 120.26 113.87 115.29 108.42 109.61 118.51 118.87 120.96 114.53 116.60 104.49 105.36 Exports of goods and services Goods l Durable Nondurable Servicesl Receipts of factor income Imports of goods and services Goods l Durable Nondurable Services * Payments of factor income 98.30 93.91 97.42 96.11 93.87 93.18 92.49 93.63 87.95 90.73 89.31 88.36 87.61 86.53 108.65 107.12 112.34 111.27 105.99 105.47 105.75 105.13 104.08 105.69 104.31 104.37 103.49 104.15 110.63 112.81 111.81 112.24 112.65 113.00 113.35 111.52 91.49 89.47 84.82 99.49 102.60 113.45 1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods to services. D-20 • National Data SURVEY OF CURRENT BUSINESS July 1998 Table 7.10.--Chain-Type Quantity and Price Indexes for Exports and Imports of Goods and Services by Type of Product [Index numbers, 1992=100] Seasonally adjusted 1996 1997 Seasonally adjusted 1997 1996 Exports of goods* Foods, feeds, and beverages Industrial supplies and materials Durable goods Nondurable goods Capital goods, except automotive Civilian aircraft, engines, and parts Computers, peripherals, and parts Other Automotive vehicles, engines, and parts Consumer goods, except automotive .... Durable goods Nondurable goods Other : Durable goods Nondurable goods Exports of servicesl Transfers under U.S. military agency sales contracts Travel Passenger fares ..., Other transportation Royalties and license fees Other private services Other 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 servicesl Direct defense expenditures ... Travel Passenger fares Other transportation Royalties and license fees Other private services Other Addenda: Exports of agricultural goods 2 Exports of nonagricultural goods Imports of nonpetroleum goods NOTE.-See footnotes to table 4.3. 1997 1996 1997 1998 Chain-type price indexes Chain-type quantity indexes Exports of goods and services 1996 1998 134.03 150.56 140.92 144.30 150,53 152.17 155.25 154.77 140.05 161.59 148.48 152.94 161.76 163.11 168.57 167.94 109.04 108.52 117.01 107.05 101.39 105.81 119.82 115.33 116.02 126.05 120.53 121.51 127.10 127.82 121.61 132.47 125.69 127.44 133.28 132.87 113.07 122.68 117.81 118.39 123.86 125.15 127.79 126.01 136.27 139.55 123.34 118.95 176.29 220.39 191.52 202.24 220.74 224.90 233.66 234.30 71.59 92.88 84.26 89.29 102.57 81.03 98.65 110.03 337.98 507.27 371.25 425.35 495.59 558.7; 549.44 563.30 185.57 220.73 198.17 205.08 217.82 227.57 232.46 226.50 132.62 148.96 136.33 143.80 148.52 147.80 135.65 138.38 132.80 114.59 114.60 114.59 120.51 126.69 124.14 130.81 131.21 130.37 109.60 109.60 109.60 143.52 145.03 141.91 127.90 127.90 127.90 139.66 138.59 140.75 122.19 122.20 122.19 146.32 149.53 142.95 131.33 131.33 131.33 125.27 126.25 155.73 157.85 145.76 147.60 143.8; 127.71 127.71 127.71 128.46 126.78 142.33 144.41 140.13 130.36 130.36 130.35 145.02 146.74 143.20 127.81 127.82 127.81 126.61 Exports of goods and services Exports of goods' Foods, feeds, and beverages Industrial supplies and materials Durable goods Nondurable goods Capital goods, except automotive Civilian aircraft, engines, and parts Computers, peripherals, and parts Other Automotive vehicles, engines, and parts Consumer goods, except automotive Durable goods Nondurable goods Other Durable goods Nondurable goods Exports of servicesl 126.17 114.23 121.69 119.80 139.42 145.83 110.39 Transfers under U.S. military agency sales contracts Travel Passenger fares Other transportation Royalties and license fees Other private services Other 145.22 165.82 150.48 156.80 164.30 169.98 172.18 179.09 Imports of goods and services 111.75 114.43 112.61 108.78 136.87 134.38 109.14 110.70 116.92 120.72 116.13 141.92 147.67 109.66 124.35 117.69 113.35 112.55 139.76 139.03 108.73 101.68 119.26 124.53 111.72 139.78 143.25 109.21 115.54 115.75 116.59 114.98 143.74 147.40 109.45 117.72 117.95 119.52 117.26 142.94 151.24 109.87 107.86 114.74 122.23 120.55 141.23 148.79 110.10 151.06 173.90 157.37 163.58 172.24 178.53 181.25 189.14 116.82 128.46 120.16 123.78 127.97 131.19 130.92 137.76 138.73 146.42 131.63 123.72 149.66 157.49 142.42 129.41 142.95 150.97 135.54 123.98 143.73 150.80 137.18 120.50 149.80 157.53 142.64 132.12 152.42 158.96 146.42 134.16 152.70 162.66 143.45 130.86 159.54 169.70 150.11 133.64 219.36 281.32 238.05 253.47 275.14 293.05 303.62 319.88 88.71 112.51 96.77 92.67 105.06 127.72 124.60 122.47 373.29 537.57 410.89 455.71 521.20 579.68 593.67 670.58 197.41 241.77 213.17 225.32 238.34 245.82 257.60 265.77 129.38 141.62 129.32 142.67 138.97 143.84 140.99 147.92 134.78 135.52 133.96 124.65 124.65 124.65 153.74 152.64 154.90 145.18 145.18 145.18 141.81 140.82 142.86 127.07 127.07 127.07 143.88 143.19 144.62 133.79 133.79 133.79 152.92 151.76 154.15 143.13 143.13 143.13 155.69 153.68 157.83 151.38 151.38 151.38 162.44 161.91 163.03 152.43 152.43 152.43 168.71 169.61 167.80 154.85 154.85 154.85 120.06 131.33 120.90 127.64 130.41 133.58 133.67 136.67 72.71 115.75 141.57 108.20 131.88 156.64 107.59 83.39 130.51 148.33 113.46 145.54 171.94 112.04 72.34 115.97 143.35 107.70 126.69 161.19 109.99 79.33 127.31 149.12 110.16 135.99 165.61 111.87 81.05 129.34 144.58 113.41 149.43 171.31 112.06 84.47 131.36 147.33 114.41 156.31 178.47 113.05 88.71 134.05 152.27 115.83 140.44 172.37 111.16 97.34 139.99 153.07 114.75 162.08 168.94 112.77 110.25 112.00 117.38 108.28 107.13 112.27 120.32 117.39 143.68 167.89 152.24 158.58 168.75 169.57 174.65 174.34 153.63 178.61 160.69 168.20 176.44 183.20 186.62 195.05 Imports of goods l Foods, feeds, and beverages Industrial supplies and materials, except petroleum and products Durable goods Nondurable goods Petroleum and products Capital goods, except automotive Civilian aircraft, engines, and parts Computers, peripherals, and parts Other Automotive vehicles, engines, and parts Consumer goods, except automotive Durable goods Nondurable goods Other Durable goods Nondurable goods Imports of services[ Direct defense expenditures ... Travel Passenger fares Other transportation Royalties and license fees Other private services Other Addenda: Exports of agricultural goods 2 Exports of nonagricultural goods Imports of nonpetroleum 99.38 100.35 99.90 99.72 99.21 98.68 97.47 94.60 96.06 95.55 94.99 94.35 93.52 91.97 126.2; 115.97 117.48 117.60 117.98 115.48 112.81 108.16 101.61 98.27 115.72 115.34 115.29 115.52 115.36 115.71 114.77 111.95 i 13.74 112.73 112.12 113.19 113.30 113.32 111.13 109.74 116.78 116.78 117.06 116.81 116.48 117.03 116.81 113.11 81.56 75.84 78.60 77.42 76.31 75.28 114.01 118.34 115.70 117.81 117.63 118.8! 44.97 87.85 34.06 84.08 40.46 85.25 37.77 84.49 35.06 84.28 32.64 83.96 74.34 73.04 119.10 119.45 30.78 83.60 27.81 83.31 104.25 105.12 104.53 104.92 105.15 105.21 105.21 105.22 105.04 103.70 106.50 100.76 100.81 100.81 110.21 112.04 111.55 111.29 112.23 112.12 112.51 112.38 111.29 111.60 109.86 105.61 109.41 107.81 122.10 110.18 114.93 106.2! 105.87 111.01 109.28 131.07 109.65 112.89 112.16 107.16 110.14 108.43 128.28 99.41 98.30 95.52 93.91 104.27 102.71 105.95 103.61 103.61 103.61 104.53 102.92 106.27 101.61 101.65 101.65 104.80 103.38 106.32 101.12 101.16 101.16 110.56 114.09 102.75 106.69 110.55 108.78 129.06 104.86 103.7! 106.05 101.12 101.17 101.17 110.84 114.62 109.52 105.73 110.79 109.16 131.79 105.18 103.77 106.72 100.38 100.42 100.42 105.34 105.31 103.90 103.72 106.90 107.04 100.43 99.36 100.47 99.41 100.47 99.41 109.69 114.78 108.05 105.06 111.15 109.36 131.76 109.63 116.24 104.67 105.99 111.54 109.83 131.65 109.13 116.76 105.06 102.83 111.58 109.88 132.75 94.31 91.49 92.49 89.47 110.72 111.93 98.75 97.42 95.52 94.81 97.42 96.11 93.87 93.18 110.71 111.37 113.17 112.05 111.12 109.50 109.62 110.07 109.26 113.99 109.60 112.06 107.26 107.93 109.35 109.86 108.95 128.60 109.40 106.54 111.42 109.37 107.49 103.80 102.46 80.44 77.78 110.46 111.36 109.66 123.38 108.90 112.51 105.41 104.18 109.65 112.95 106.47 101.73 67.34 72.32 69.65 68.05 66.63 113.54 118.15 114.99 117.21 52.01 87.18 41.38 76.98 48.16 80.62 45.26 78.03 65.04 62.69 117.65 118.63 119.13 119.75 42.64 77.23 40.00 76.79 108.57 108.84 108.67 108.67 103.45 103.06 103.87 107.43 107.43 107.43 102.27 100.85 103.81 106.43 106.43 106.43 102.14 100.57 103.84 106.34 106.34 106.34 105.13 107.97 109.23 105.58 103.29 109.42 99.25 109.36 104.08 103.14 102.67 102.38 102.61 101.84 101.00 103.72 103.57 103.89 107.24 107.05 106.36 107.24 107.05 106.36 107.24 107.05 106.36 105.69 104.31 104.37 100.22 105.70 111.73 103.46 111.01 98.71 108.92 108.89 109.53 107.13 104.57 110.14 99.08 109.96 101.94 106.66 108.68 104.33 110.55 98.61 109.04 98.05 104.74 112.86 102.65 111.15 98.34 108.61 37.61 75.89 34.01 74.75 108.50 108.90 109.28 109.28 101.45 105.58 112.91 103.88 110.79 98.98 108.74 101.88 99.99 103.94 105.99 105.99 105.99 101.49 99.21 103.96 104.81 104.81 104.81 103.49 104.15 102.60 99.45 105.82 112.48 102.96 111.54 98.92 109.28 93.45 103.97 112.04 101.08 111.58 98.51 108.57 126.61 117.53 118.80 119.38 118.84 116.80 115.08 110.07 95.65 92.44 93.91 93.31 92.75 92.22 91.46 90.17 97.16 92.74 94.93 93.92 92.98 92.43 91.64 89.99 D-21 National Data SURVEY OF CURRENT BUSINESS July 1998 Table 7.11.—Chain-Type Quantity and Price Indexes for Government Consumption Expenditures and Gross Investment by Type [Index numbers, 1992=100] Seasonally adjusted Seasonally adjusted 1996 1997 1997 1996 Federal National defense Consumption expenditures Durable goods2 Nondurable goods Services Compensation of general government employees, except force-account construction3 Consumption of general government fixed capital4 Other services Gross investment Structures Equipment Nondefense Consumption expenditures Durable goods2 Nondurable goods Commodity Credit Corporation inventory change ... Other nondurables Services Compensation of general government employees, except force-account construction3 Consumption of general government fixed capital4 Other services Gross investment Structures Equipment State and local Consumption expenditures Durable goods2 Nondurable goods Services Compensation of general government employees, except force-account construction3 Consumption of general government fixed capital4 Other services Gross investment Structures Equipment Addenda: Compensation of general government employees3 .... State and local NOTE.-See footnotes to table 3.7. 1997 1997 1996 Chain-type price indexes Chain-type quantity indexes Government consumption expenditures and gross investment* 1996 1998 99.54 100.46 99.85 99.74 100.50 100.77 100.84 100.02 86.55 87.04 85.76 87.14 86.89 86.39 82.14 83.44 86.20 85.38 85.84 67.50 67.04 72.2 76.05 69.83 66.02 88.01 87.76 88.45 80.86 84.57 66.3 70.26 86.93 82.33 85.69 70.43 66.46 87.94 82.58 85.60 66.16 72.52 88.05 82.78 78.63 85.68 81.62 67.05 65.82 70.08 69.81 88.14 83.68 78.91 79.99 79.14 78.93 77.58 77.34 93.62 93.17 92.70 92.19 94.74 100.30 101.42 104.70 59.66 63.13 65.42 66.25 96.54 94.56 93.91 95.67 55.49 59.61 62.26 62.98 91.42 89.62 61.60 95.09 57.82 87.92 84.56 81.89 80.64 94.82 92.92 94.12 94.25 100.29 98.60 75.34 63.61 69.89 107.11 95.17 102.80 71.80 60.08 66.21 84.14 96.01 97.16 95.69 95.11 97.09 95.21 97.54 .98.71 97.18 97.60 97.27 95.37 97.24 96.34 97.37 97.16 75.08 95.57 86.91 96.62 74.38 95.61 83.75 96.75 85.82 97.23 85.41 97.03 92.66 95.46 91.53 96.31 90.66 90.43 90.70 91.10 91.42 90.91 88.28 90.45 115.70 121.31 117.80 99.49 101.89 99.16 100.61 97.46 99.08 97.44 85.27 97.41 104.93 113.31 101.49 119.30 101.47 100.06 94.95 106.77 120.73 122.01 123.19 124.24 102.05 102.13 101.90 100.36 106.81 97.31 85.67 98.83 88.29 90.52 67.31 86.25 130.76 105.85 109.86 114.85 107.88 110.46 109.04 109.78 110.10 110.73 111.22 111.43 108.28 110.44 108.98 109.53 110.06 110.77 111.41 112.06 115.98 119.47 117.32 118.18 119.04 119.90 120.76 121.79 117.38 121.71 119.06 120.12 121.18 122.24 123.30 124.43 107.08 108.98 107.66 108.15 108.61 109.28 109.87 110.46 Government consumption expenditures and gross investment1 Federal National defense Consumption expenditures Durable goods2 Nondurable goods Services Compensation of general government employees, except force-account construction3 Consumption of general government fixed capital4 Other services Gross investment Structures Equipment Nondefense Consumption expenditures Durable goods2 Nondurable goods Commodity Credit Corporation inventory change ... Other nondurables Services Compensation of general government employees, except force-account construction3 Consumption of general government fixed capital4 Other services Gross investment Structures Equipment 111.83 114.4 112.76 113.74 114.1 114.54 115.46 115.76 112.03 114.74 112.74 114.10 114.46 114.71 115.71 116.07 111.02 110.96 102.41 109.95 111.78 113.64 113.97 102.96 108.29 115.11 111.94 113.1 113.46 113.62 114.35 114.98 112.16 102.17 116.27 112.96 113.70 103.22 107.47 114.81 113.39 102.89 114.1 114.31 113.95 103.0 105.14 115.1 114.83 115.57 102.73 102.70 106.43 99.14 116.13 117.15 115.40 120.33 116.76 119.51 120.16 120.26 121.41 123.45 111.40 106.45 111.22 121.50 110.07 113.13 108.49 111.17 125.40 109.40 111.91 112.50 112.78 113.26 113.99 114.07 107.82 107.65 108.07 108.71 109.55 109.73 110.29 111.26 111.65 111.10 110.68 110.58 123.5 124.09 125.35 126.1 125.99 126.29 108.6 109.72 109.95 109.19 108.72 108.56 114.47 117.38 114.72 116.44 116.87 117.30 118.89 118.69 116.32 119.92 116.74 118.80 119.30 119.87 121.70 121.58 112.73 111.18 109.98 110.0 111.40 111.61 111.64 110.79 116.89 120.79 117.48 119.65 120.14 120.73 122.65 122.60 126.39 132.74 126.91 130.91 131.68 132.41 135.95 135.76 104.51 106.39 102.76 113.14 92.16 104.23 108.10 101.45 116.64 86.86 104.15 107.29 101.99 113.92 90.00 104.08 107.60 101.63 114.63 88.66 103.77 107.92 101.67 116.18 87.56 104.43 108.29 101.24 117.11 86.1 104.65 108.58 101.26 118.63 85.10 104.40 108.74 100.49 119.24 83.45 111.71 114.31 112.77 113.54 113.95 114.44 115.32 115.58 111.84 114.44 113.01 113.71 114.02 114.58 115.45 115.74 106.39 106.79 106.45 106.42 106.45 107.01 107.30 107.51 109.36 108.76 110.70 110.77 108.30 107.82 108.16 104.90 112.25 115.32 113.43 114.23 114.90 115.60 116.56 117.30 114.02 117.18 115.24 116.04 116.75 117.52 118.40 119.35 116.10 153.35 108.52 105.31 125.09 State and local Consumption expenditures Durable goods2 Nondurable goods Services Compensation of general government employees, except force-account construction3 Consumption of general government fixed capital4 ' Other services Gross investment Structures Equipment 108.74 110.56 108.95 109.84 110.41 110.57 90.09 93.72 92.13 92.76 93.05 93.55 111.14 113.71 111.69 112.73 113.64 113.78 113.93 117.95 114.90 116.36 117.75 118.20 99.35 95.94 98.20 97.49 96.39 95.28 111.40 95.51 114.70 119.51 94.59 111.31 94.90 114.82 120.07 93.04 98.66 99.06 98.72 98.87 99.00 99.31 99.05 99.50 84.83 82.79 84.02 83.73 83.27 82.98 81.17 81.77 105.06 106.63 105.54 105.89 106.31 106.91 107.41 107.79 Addenda: Compensation of general government employees3 .... Federal State and local 115.42 119.17 116.59 118.03 118.73 119.38 119.00 124.43 120.08 123.26 123.94 124.26 114.03 117.18 115.24 116.04 116.75 117.53 120.55 121.58 126.25 127.50 118.41 119.35 105.08 106.62 105.54 105.87 106.30 106.90 107.40 107.81 111.57 138.73 106.03 104.30 114.13 114.41 146.07 110.52 108.59 119.81 112.66 140.65 109.35 107.84 116.33 113.37 143.86 110.95 109.49 117.57 114.07 144.66 110.28 108.43 119.08 114.76 146.73 110.52 108.39 120.88 115.43 149.02 110.35 108.03 121.73 D-22 • National Data SURVEY OF CURRENT BUSINESS July 1998 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 Seasonally adjusted 1996 1997 1997 1996 1996 1998 Inventories' Chain-type quantity indexes Gross domestic product l 110.95 115.12 112.38 113.73 114.66 115.53 116.58 118.12 Business 112.70 117.51 114.35 115.92 116.98 117.94 119.20 120.96 Nonfarml Nonfarm less housing Housing Farm 112.99 117.79 114.69 116.18 117.23 118.23 119.52 121.28 113.61 118.79 115.36 116.99 118.15 119.27 120.74 122.76 107.83 109.59 109.05 109.53 109.66 109.67 109.50 109.18 93.75 98.71 92.75 98.07 99.75 98.78 98.24 100.01 Households and institutions 111.52 114.86 112.66 113.55 114.40 115.28 116.20 116.96 100.06 95.64 95.09 94.77 95.54 95.97 96.28 97.20 111.96 115.59 113.33 114.27 115.11 116.02 116.96 117.71 Private households Nonprofit institutions General government2 99.34 99.78 99.43 99.58 99.72 100.01 99.80 100.19 87.79 85.99 87.08 86.80 86.40 86.12 84.63 85.00 105.65 107.33 106.18 106.56 107.00 107.61 108.13 108.53 Federal State and local Chain-type price indexes Gross domestic product Business 110.22 112.45 111.10 111.78 112.27 112.67 113.07 113.40 l Nonfarml Nonfarm less housing Housing Farm 109.56 111.58 110.43 111.00 111.45 111.80 112.08 112.30 , Households and institutions . Private households Nonprofit institutions General government2 Federal State and local 109.46 109.11 112.48 118.34 111.45 110.96 115.81 122.39 110.21 109.82 113.63 128.16 110.88 110.47 114.42 121.56 111.29 110.83 115.32 124.35 111.67 111.14 116.29 122.82 111.98 111.39 117.21 120.83 112.34 111.68 118.19 110.36 113.51 117.66 115.40 115.86 116.84 118.22 119.72 120.48 111.10 114.17 111.86 112.77 113.79 114.68 115.45 116.51 114.58 118.02 115.62 116.95 117.60 118.21 119.31 120.18 116.82 121.20 117.71 120.19 120.74 121.11 122.75 123.67 113.53 116.55 114.64 115.46 116.15 116.86 117.74 118.58 Table 7.15.—Current-Dollar Cost and Profit Per Unit of Real Gross Domestic Product of Nonfinancial Corporate Business [Dollars] 1.063 1.072 1.065 1.069 1.072 1.072 1.073 1.073 Consumption of fixed capital .101 .101 .101 .101 .101 .100 .100 .100 Net domestic product .962 .971 .963 .968 .971 .972 .973 .974 .108 .853 .107 .864 .108 .855 .107 .861 .107 .863 .107 .865 .106 .867 .106 .690 .698 .693 .697 .698 .695 .702 .704 .140 .040 .145 .040 .142 .040 .143 .040 .144 .040 .149 .042 .145 .040 .143 .037 .101 .023 .105 .021 .102 .021 .103 .021 .104 .021 .107 .021 .105 .021 .106 .021 Indirect business tax and nontax liability plus business transfer payments less subsidies Domestic income Compensation of employees Corporate profits with inventory valuation and capital consumption adjustments Profits tax liability Profits after tax with inventory valuation and capital consumption adjustments Net interest 1. Equals the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left. 100.15 103.26 101.90 101.00 Nonfarm Durable goods Nondurable goods ... 107.77 107.00 106.36 106.74 106.49 106.69 106.25 106.12 109.53 107.45 106.54 107.62 Manufacturing Durable goods Nondurable goods ... 107.47 106.84 106.13 106.49 104.89 104.92 104.52 104.50 111.85 110.06 108.80 109.84 Wholesale Durable goods Nondurable goods ... 106.53 106.26 105.62 106.08 103.90 103.91 103.80 103.56 110.90 110.16 108.61 110.27 106.48 104.14 110.43 106.86 102.26 113.64 106.50 104.17 110.44 104.87 102.24 108.77 105.93 104.06 109.05 103.79 102.07 106.34 106.35 103.83 110.61 104.50 101.79 108.52 Retail trade Durable goods Motor vehicle dealers. Other Nondurable goods 106.96 110.06 112.57 107.52 103.80 107.01 110.48 113.16 107.79 103.44 106.28 109.42 110.90 107.83 103.08 106.53 109.38 110.89 107.76 103.64 Other Durable goods Nondurable goods 113.73 109.34 109.15 109.74 115.15 116.40 116.50 115.80 113.22 105.81 105.46 106.73 97.87 106.07 105.80 106.47 106.00 104.39 108.68 105.17 103.05 108.68 105.52 103.31 109.25 103.09 101.31 105.74 106.16 108.94 110.30 107.46 103.35 108.34 115.50 104.75 95.81 105.13 105.35 104.87 104.72 103.49 106.75 104.08 102.55 106.59 104.69 102.82 107.85 100.39 100.77 99.92 106.01 109.22 110.89 107.46 102.72 107.03 115.45 102.80 111.19 114.29 111.98 112.87 113.90 114.79 115.59 116.64 NOTE.—See footnotes to table 1.7. Current-dollar cost and profit per unit of real gross domestic product1 107.08 106.63 105.93 106.21 105.33 104.28 Farm Merchant wholesalers Durable goods Nondurable goods Nonmerchant wholesalers Durable goods Nondurable goods 1998 1997 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 July 1998 National Data • D-23 Table 7.18.—Chain-Type Quantity Indexes for Auto Output Table 7.17.--ehain-Type Quantity Indexes for Gross Domestic Product by Major Type of Product [Index numbers, 1992=100] [Index numbers, 1992=100] Seasonally adjusted Seasonally adjusted 1996 1997 IV Gross domestic product Final sales of domestic product Change in business inventories Goods 1996 1997 1996 I II HI IV 110.95 115.12 112.38 113.73 114.66 115.53 116.58 118.12 110.64 114.12 111.93 112.77 113.47 114.80 115.45 116.50 114.72 120.99 116.51 119.31 120.49 121.30 122.87 126.12 113.89 118.22 115.32 116.66 117.19 119.31 119.71 121.55 Durable goods Final sales Change in business inventories 127.97 138.89 128.64 133.71 139.00 140.14 142.71 148.28 124.84 133.96 127.35 128.97 132.66 136.70 137.53 141.10 Nondurable goods Final sales Change in business inventories 105.69 108.96 108.19 109.52 108.07 108.66 109.58 111.37 106.32 107.48 107.01 108.17 106.63 107.49 107.61 108.35 1996 1997 I IV I Final sales Change in business inventories Auto output Final sales Personal consumption expenditures New autos Net purchases of used autos Producers' durable equipment New autos Net purchases of used autos Net exports Exports Imports Gross government investment II 1998 III IV I 98.69 98.77 93.58 98.45 96.09 100.49 100.04 93.11 101.94 97.99 99.35 99.31 94.84 100.39 93.75 103.07 103.22 100.38 105.11 95.25 95.86 93.83 96.91 97.41 99.69 106.36 101.74 102.73 89.70 100.20 96.61 96.70 128.03 132.71 127.22 136.19 130.82 136.50 127.34 130.09 126.10 126.82 121.72 130.80 126.22 129.36 120.92 123.74 112.16 110.83 110.84 109.44 119.00 106.05 108.81 108.98 126.62 140.15 125.96 143.81 139.60 143.34 133.87 147.00 102.75 98.19 115.71 103.02 82.28 100.78 106.68 88.33 Change in business inventories of new and used autos New Used Services 108.08 111.08 109.17 109.76 110.65 111.54 112.38 112.85 Structures 113.63 116.85 115.73 116.16 116.27 117.26 117.72 119.40 Addenda: Motor vehicle output Gross domestic product less motor vehicle output 110.73 114.86 112.28 113.50 114.57 115.25 116.13 117.84 1997 1998 117.55 122.87 115.23 120.59 117.22 123.72 129.92 126.18 Addenda: Domestic output of new autos l Sales of imported new autos 2 110.93 110.36 103.63 109.88 108.14 114.28 109.16 103.67 98.06 107.19 99.15 108.82 102.63 109.56 107.75 112.63 1. Consists of final sales and change in business inventories of new autos assembled in the United States. 2. Consists of personal consumption expenditures, producers' durable equipment, and gross government investment. Table 7.19.—Chain-Type Quantity Indexes for Truck Output [Index numbers, 1992=100] Truck output1 Final sales Personal consumption expenditures Producers' durable equipment Net exports Exports Imports Gross government investment Change in business inventories 1. Includes new trucks only. 144.61 157.51 146.38 152.43 147.62 157.14 172.86 173.71 147.62 156.53 152.03 150.72 147.96 158.65 168.80 172.46 121.78 123.02 120.90 119.17 113.36 126.05 133.49 135.40 181.34 199.56 190.80 193.20 192.36 202.08 210.60 217.45 156.23 185.31 177.17 175.57 169.89 176.36 219.43 216.12 116.45 135.16 113.92 133.14 130.75 145.62 131.15 133.52 91.90 105.17 82.80 97.68 109.59 120.72 92.70 95.39 D-24 • National Data July 1998 SURVEY OF CURRENT BUSINESS 8. Supplementary Tables. Table 8.1.—Percent Change From Preceding Period in Selected Series [Percent] Seasonally adjusted at annual rates 1996 1997 1996 IV Gross domestic product: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator I II Seasonally adjusted at annual rates 1998 1997 IV III 6.2 4.3 1.9 1.9 7.4 4.9 2.4 2.4 5.2 3.3 1.8 1.8 4.6 3.1 1.4 1.4 5.2 3.7 1.4 1.4 6.6 5.4 1.2 1.1 5.0 2.6 2.4 2.4 5.3 3.3 2.0 2.0 6.3 3.3 3.0 2.9 7.6 5.3 2.2 2.2 2.0 .9 1.0 1.0 7.2 5.6 1.5 1.5 3.7 25 i!2 1.2 6.6 6.0 .5 .5 Durable goods: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 4.3 3.9 4.7 5.6 — 4 -1.6 -A -1.6 2.4 3.5 13.3 14.1 -.7 -.7 15.0 18.4 -2.9 -2.9 _3 i!9 -1.0 -1.1 -6.2 -5.4 -3.0 -3.0 12.9 15.0 -1.8 -1.8 Nondurable goods: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 4.0 1.4 2.6 2.6 3.7 1.8 1.9 1.9 5.8 2.1 3.7 3.7 7.2 4.7 2.4 2.4 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 5.7 2.7 2.9 2.9 6.5 3.5 2.9 2.9 7.4 3.9 3.4 3.4 6.6 3.9 2.6 2.6 6.5 3.9 2.5 2.5 -.4 -.6 -.4 7.7 7.9 -.2 -.2 2.6 3.0 -.4 -.4 12.4 12.6 14.7 14.4 -.2 -.2 .3 .3 8.2 8.3 -.1 _ -| 3.0 3.9 -.9 -.9 4.4 5.9 2.1 4.1 -1.5 -1.5 -2.0 -2.0 7.3 4.8 2.3 2.3 7.0 3.6 3.3 3.3 18.2 15.3 -2.1 2.5 2.5 2.8 2.8 8.4 10.9 -2.3 -2.3 8.9 12.5 -3.1 -3.2 -.5 2.6 2.6 6.7 -3.0 ^3.0 -3.8 ^3.8 Residential: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 8.5 5.9 2.4 2.4 5.8 2.7 3.0 3.0 -1.8 -4.3 Exports of goods and services: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 6.4 8.3 -1.8 -1.8 9.9 12.3 -2.2 -2.2 20.4 25.5 -4.3 -4.1 -3.4 -3.4 11.1 15.4 -3.7 -3.7 8.0 5.5 2.4 6.9 5.1 1.7 5.8 9.5 6.3 3.9 2.4 2.4 2.7 2.5 .2 .1 8.4 9.9 Exports of goods: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 0 0 5.2 5.7 0 4.3 -1.2 6.6 1.3 1.3 -1.3 1.3 -1.3 1.3 17.2 17.7 11.3 12.0 -1.4 -1.4 Producers' durable equipment: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator -2.1 -2.1 .7 15.6 1.6 17.1 -.5 -1.0 -.9 -1.3 . 7.5 7.8 -.2 -.3 8.1 9.2 -1.0 -1.0 Structures: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator -.6 6.4 4.4 1.9 1.9 11.3 11.3 0 0 6.0 4.0 1.9 1.9 25.7 28.9 -2.4 -2.5 1.9 15.4 1.8 17.6 0 -1.9 0 -1.9 14.5 17.8 -2.8 -2.8 12.9 14.6 -1.5 -1.5 18.2 19.2 -1.8 -.8 -.8 -1.0 -1.0 .7 -1.0 11.2 1.7 -.4 -4.7 -2.3 -3.0 3.9 3.9 6.7 4.2 4.2 4.1 4.1 2.7 2.7 18.7 23.0 -3.5 -3.5 20.9 24.1 -2.6 -2.6 -3.0 20.4 26.4 -4.8 -4.8 5.4 3.3 2.0 2.0 11.1 12.0 7.4 3.4 3.4 6.0 2.7 3.2 3.2 8.0 9.9 17.6 18.4 2.3 4.4 6.0 8.3 -1.8 -1.8 -.7 -.7 -2.0 -2.0 -2.1 -2.1 -6.0 -1.2 -4.8 -4.8 21.8 30.7 -7.3 -6.9 10.2 12.6 -2.1 -2.1 22.2 25.1 -2.3 -2.3 .6 3.4 -2.6 -2.6 10.1 14.1 -<3.5 -3.5 -7.9 -1.5 -£.5 -6.5 17.1 13.5 2.7 3.7 -.9 6.7 3.2 3.4 6.8 7.2 -.4 -3.8 -5.1 -1.0 2.6 2.6 -.8 -.3 -2.8 -2.8 9.1 2.6 2.6 17.6 16.9 .6 .6 Exports of services: Current dollars Chain-type quantity index Chain-type price index 3.1 NOTE.—Contributions to the percent change in real gross domestic product are shown in table 8.2. 2.4 1.7 Imports of goods and services: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 1.4 1997 1998 6.8 9.1 -2.; -2.2 9.6 14.2 -0.9 -4.0 Imports of goods: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator , 6.8 9.9 -2.8 -2.8 9.8 15.1 7. 7.7 -4.6 Imports of services: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 6.6 5.5 1.1 1.1 3.8 -.5 -.5 3.1 —.9 3.4 -.4 11.7 17.9 -5.3 -5.3 11.4 20.5 -7.6 -7.6 11.2 14.6 -3.0 ^3.0 3.1 3.7 5.3 17.1 -2.1 -11.4 -2.1 -11.4 -.4 10. 16.7 -5.3 -5.3 11.8 22.! -9.0 -9.0 12.1 15.4 -2.9 -2.9 3.8 18.6 -2.9 -12.5 -12.5 8.3 9.4 -1.0 -1.0 2.8 2.1 .7 .7 17.9 24,2 -5.1 -5.1 &3 3.3 3.3 .9 2.4 2.3 2.5 .1 2. 2.4 3.1 -.4 3.5 3.5 4.5 3.1 1.4 1.4 2.1 -1.3 3.4 3.4 -1.6 2.4 2.3 -5.2 2.5 2.3 -1.1 -5.8 4.9 4.9 7.9 6.6 1.3 1.3 2.4 -1.5 3.9 39 -.7 -2.9 2.4 2.2 -4.7 -6.0 -7.1 -11.8 2.8 4.3 2.6 4.3 8.7 7.5 1.1 1.1 1.8 1.2 .6 .6 1.4 —9 2.3 2.3 3.7 1.2 2.5 2.5 .5 -1.0 1.7 1.5 14.6 8.0 6.1 6.1 6.4 4.9 1.5 1.5 -4.3 -5.7 1.5 1.5 -3.5 -8.6 5.5 5.5 9.1 9.8 -.7 -.7 4.8 1.6 3.2 3.2 4.8 2.4 2.3 2.3 5.9 3.3 2.5 2.5 5.5 2.7 2.7 2.7 2.6 1.2 1.5 1.5 4.1 2.3 1.7 1.7 5.0 1.8 3.1 3.1 1.6 .8 .9 .9 Addenda: Final sales of domestic product: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 5.2 2.8 2.3 2.3 5.3 3.1 2.1 2.1 6.6 4.5 1.9 2.0 5.6 3.0 2.5 2.5 4.4 2.5 1.9 1.9 6.3 4.7 1.5 1.5 5.0 3.7 1.3 1.3 Gross domestic purchases: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 5.2 2.9 2.2 2.2 5.8 4.1 1.7 1.7 4.8 2.5 2.4 2.3 7.9 5.9 1.9 1.9 4.6 3.7 5.7 4.3 1.3 1.3 7.7 7.6 .1 .1 Final sales to domestic purchasers: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 5.2 3.0 2.2 2.2 5.3 3.5 1.8 1.8 5.1 2.7 2.4 2.4 3.9 2.9 .9 .9 7.4 6.0 1.3 1.3! Gross national product: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 5.0 2.7 2.3 2.3 5.5 3.5 2.0 2.0 6.8 4.9 1.9 1.8 4.9 3.0 1.8 1.8 Command-basis gross national product: Chain-type quantity index 2,8 3.8 4.4 4.5 4.0 Disposable personal income: Current dollars Chained (1992) dollars 4.7 2.3 4.9 2.9 3.7 6.8 4.6 4.2 3.1 Implicit price deflator 5.8 3.8 2.0 2.0 -2.2 -2.2 1997 1996 I 5.1 2.8 2.3 2.3 Personal consumption expenditures: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 1996 Government consumption expenditures and gross investment: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator Federal: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator National defense: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator Nondefense: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator State and local: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 6.8 6.4 10.1 -3.3 -3.3 2.5 1.1 1.4 1.4 1.4 -.5 3.1 6.: 2.8 2J 2.! 3.6 .0 3.3 3.3 2.9 9.3 -5.8 -5.8 -2.2 -3.2 1.0 1.0 -.3 1.2 -8.9 -1.1 -2.3 -10.0 .9 3.5 1.3 1.2 3.6 3.2 3.6 -16.8 1.0 -18.6 2.6 2.2 2.6 2.2 3.4 2.0 1.4 1.4 6.2 5.9 .2 .2 5.1 3.6 1.4 1.4 6.8 5.6 1.2 1.1 3.6 6.6 5.7 4.5 5.0 4.5 National Data • SURVEY OF CURRENT BUSINESS July 1998 D-25 Table 8.3.—Selected Per Capita Product and Income Series in Current and Chained Dollars Table 8.2.—Contributions to Percent Change in Real Gross Domestic Product [Dollars] Seasonally adjusted at annual rates 1996 1997 IV I II Seasonally adjusted at annual rates 1998 1997 1996 IV III I 1996 1997 1997 1996 1998 Percent change at annual rate: Gross domestic product .. . . 2.8 3.8 4.3 4.9 3.3 3.1 3.7 5.4 1.8 2.2 2.2 3.6 .6 3.8 1.7 4.1 Percentage points at annual rates: Personal consumption expenditures .4 .3 1.1 .4 .4 1.4 .3 .4 1.5 1.1 .9 1.5 -.5 -.4 15 1.4 .8 1.5 .2 -.2 18 1.2 1.3 16 Gross private domestic investment... 1.1 1.6 .2 2.4 2.5 .4 1.7 4.1 Fixed investment Nonresidential Structures ... Producers' durable equipment Residential Change in business inventories 1.1 .9 .1 .8 .2 0 1.1 1.0 .1 .9 .1 .6 .4 .6 4 .2 -.2 -.2 .6 .4 -.1 .5 .1 1.8 17 1.4 -1 1.6 .3 .8 ?0 1.9 .2 1.7 .1 -1.6 3 -.1 -.1 0 .4 1.4 Net exports of goods and services ... -.2 -.3 1.8 -1.0 -.4 -1.3 .3 -2.2 .9 .7 .2 -1.1 -1.0 -1 1.3 1.2 .2 -1.7 -1.5 -.2 2.7 2.2 .4 -.8 -.8 0 1.1 1.0 .1 -2.1 -17 -.5 2.0 1.9 .1 -2.5 -2.3 .5 .3 1.0 1.1 -.1 -1 Exports Goods Services Imports Goods Services ... Federal National defense Nondefense State and local 1.9 7 17 -17 -1.6 -1 -7 -7 0 -1.9 0 -.1 .6 .2 .1 -.6 -.1 -1 -.4 -.4 .4 -.1 -1 -7 -1 -1 -.3 -fi .1 0 -9 0 .2 0 .3 0 .4 CMCO I Government consumption expenditures and gross investment ?4 18 -1 0 .1 .1 -.1 .3 .1 .2 ho ho Durable goods Nondurable goods Services .2 1 Current dollars: Gross domestic product Gross national product Personal income Disposable personal income Personal consumption expenditures Durable goods .... Nondurable goods Services 28,752 30,161 29,243 29,715 30,030 30,295 30,602 31,026 28,759 24,457 30,088 25,660 29,254 24,835 29,662 25,268 29,952 25,525 30,218 25,756 30,515 26,087 30,957 26,446 21,117 21,969 21,373 21,689 21,865 22,034 22,285 22,513 19,608 2,389 20,478 2,461 19,919 2,395 20,247 2,466 20,303 2,409 20,612 2,488 20,747 2,480 21,035 2,551 5,779 11,441 5,943 12,074 5,854 11,669 5,945 11,836 5,901 11,993 5,969 12,154 5,955 12,312 6,018 12,465 Chained (1992) dollars: Gross domestic product Gross national product Disposable personal income Personal consumption expenditures Durable goods .... Nondurable goods Services Population (mid-period, thousands) 26,088 26,835 26,333 26,599 26,760 26,901 27,078 27,375 26,101 26,781 26,354 26,562 26,704 26,844 27,013 27,327 19,116 19,493 19,152 19,331 19,439 19,518 19,681 19,857 17,750 2,301 18,170 2,410 17,848 2,316 18,046 2,389 18,051 2,351 18,258 2,447 18,323 2,452 18,553 2,534 5,393 10,057 5,445 10,318 5,408 10,125 5,460 10,202 5,420 10,278 5,465 10,352 5,434 10,438 5,510 10,519 265,579 267,889 266,491 266,987 267,545 268,171 268,854 269,429 D-26 • National Data SURVEY OF CURRENT BUSINESS July 1998 Table 8.4.—Auto Output Table 8.5.—Real Auto Output [Billions of dollars] [Billions of chained (1992) dollars] Seasonally adjusted at annual rates Seasonally adjusted at annual rates 1996 1997 1996 1997 1996 1998 1997 1996 1997 1998 III 134.6 134.9 128.7 136.4 130.2 Auto output. Final sales Personal consumption expenditures New autos Net purchases of used autos Producers1 durable equipment New autos Net purchases of used autos Net exports Exports Imports Gross government investment Change in business inventories of new and used autos New Used Addenda: Domestic output of new autos l Sales of imported new autos2 138.1 134.7 126.8 140.0 141.3 86.1 55.3 45.3 79.2 -33.9 ^8.9 17.0 65.9 2.3 134.7 140.8 86.8 54.1 48.4 79.8 -31.4 -56.7 16.9 73.6 2.2 138.0 138.4 85.3 53.2 45.9 76.9 -31.1 -48.8 16.8 65.7 2.6 137.9 145.2 87.9 57.3 48.8 82.5 -33.7 -58.4 16.6 75.0 2.3 131.1 136.7 81.3 55.4 47.4 79.5 -32.1 -54.9 18.1 73.0 1.9 137.4 144.0 90.7 53.3 50.4 81.4 -31.0 -59.4 16.2 75.5 2.3 132.6 137.3 87.2 50.1 47.0 75.9 -28.9 -54.2 16.6 70.8 2.5 127.6 138.7 87.1 51.6 47.9 77.5 -29.6 -61.0 16.6 77.6 2.0 -5.4 -5.6 .2 .1 .7 -.6 -9.3 -9.0 -.4 -1.5 -.9 .3 -1.2 .7 1.1 -.4 2.2 2.3 -.1 -.8 .3 -1.1 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. 119.6 121.4 78.7 41.8 46.8 72.4 -25.6 -50.1 15.8 65.9 2.0 121.3 118.0 77.0 40.2 44.9 69.5 -24.6 -43.4 15.8 59.2 2.3 121.2 123.6 79.6 43.1 48.0 74.7 -26.6 -52.0 15.6 67.6 2.1 115.8 117.2 73.7 42.4 46.1 72.1 -25.9 -48.7 17.0 65.7 1.7 -4.7 -5.2 .3 .3 1.1 -.7 -7.9 -8.1 0 -1.8 -1.0 -.7 .9 2.3 -1.2 Change in business inventories -.7 3.2 -5.1 3.8 1.8 1.0 6.0 3.4 118.9 119.6 79.3 39.7 44.9 69.0 -24.2 -47.4 15.5 63.0 2.2 114.4 120.8 79.4 40.6 45.9 70.7 -24.8 -53.6 15.5 69.1 1.8 2.5 2.9 -.2 -1.5 -.2 -1.1 110.9 110.3 103.6 109.8 108.1 114.2 109.1 103.6 52.9 57.8 53.5 58.7 55.3 59.1 58.1 60.7 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 chained (1992) dollars] 136.7 149.4 138.5 145.0 140.2 149.3 163.1 163.6 -.6 0 -.5 121.6 113.2 .4 Table 8.7.—Real Truck Output 137.4 146.2 141.6 141.1 138.3 148.3 157.0 160.2 63.7 65.2 63.9 63.2 60.1 66.8 70.7 71.6 71.6 78.3 74.9 76.1 75.5 79.3 82.0 84.5 -4.7 -5.0 -3.2 -5.4 -5.4 -6.7 -2.5 -2.9 9.0 10.9 10.2 10.2 10.0 10.4 13.0 12.9 13.7 15.9 13.4 15.7 15.3 17.1 15.5 15.8 7.0 6.8 8.9 8.1 6.1 7.2 7.8 6.8 122.6 125.0 82.3 42.0 48.1 73.9 -25.8 -52.3 15.1 67.4 2.0 .6 Addenda: Domestic output of new autos * Sales of imported new autos2 [Billions of dollars] Truck output1 Change in business inventories of new and used autos New Used 124.4 121.2 78.2 42.1 45.1 72.0 -26.6 -43.6 16.0 59.6 2.1 Table 8.6.—Truck Output Final sales Personal consumption expenditures Producers1 durable equipment Net exports Exports Imports Gross government investment 1. Includes new trucks only. 119.9 120.0 113.7 119.7 116.8 122.1 Auto output Final sales Personal consumption expenditures New autos Net purchases of used autos Producers' durable equipment New autos Net purchases of used autos Net exports Exports Imports Gross government investment Residual 121.1 120.7 113.5 120.8 116.8 126.3 118.8 113.6 58.2 63.7 59.2 64.8 61.1 65.1 63.8 66.6 IV Truck output1 Final sales Personal consumption expenditures Producers' durable equipment Net exports Exports Imports Gross government investment 121.1 131.9 122.6 127.6 123.6 131.6 144.7 145.5 121.7 129.0 125.3 124.2 121.9 130.7 139.1 142.1 55.8 56.4 55.4 54.6 51.9 57.7 61.2 62.0 63.7 70.0 67.0 67.8 67.5 70.9 73.9 76.3 -3.7 -4.1 -2.3 -4A -4.5 -5.7 -1.8 -2.2 9.8 8.7 10.3 9.4 9.8 9.8 12.2 12.0 12.4 14.4 12.1 14.2 13.9 15.5 14.0 14.2 6.4 5.5 6.9 6.1 7.2 6.3 6.1 8.0 Change in business inventories -.6 3.0 -2.9 3.6 1.7 .9 5.7 3.3 Residual -.2 -.3 -.1 -.4 -.2 -.2 -.4 -.2 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. National Data • SURVEY OF CURRENT BUSINESS July 1998 B. Other NIPA D-27 and NiPA-Related Tables. Monthly Estimates: Tables B.i and B.2 include the most recent estimates of personal income and its components; these estimates were released on June 26, 1998 and include "preliminary" estimates for May 1998 and "revised" estimates for January-April 1998. Table B.1.—Personal Income [Billions of dollars; monthly estimates seasonally adjusted at annual rates] 1998 1997 1997 1996 May June Sept. Oct. Nov. Dec. Jan/ Feb.' Mar/ Apr.' May*" 6,495.2 6,873.9 6,800.9 6,822.8 6,863.5 6,873.1 6,912.2 6,935.5 6,970.4 7,019.8 7,050.4 7,089.6 7,130.5 7,156.2 7,184.8 7,223.1 3,632.5 2,989.9 909.1 674 7 823.3 1,257.5 642 6 3,877.4 3,212.1 960.3 706 0 876.3 1,375.5 665 3 3,822.1 3,161.2 950.3 699 5 863.1 1,347.7 660 9 3,835.1 3,173.1 953.7 700.3 865.0 1,354.5 661.9 3,867.6 3,204.5 954.5 701.2 872.9 1,377.1 663.1 3,870.0 3,204.6 955.5 701.5 872.2 1,376.8 665.4 3,902.3 3,234.5 962.0 706.5 883.7 1,388.9 667.8 3,916.1 3,246.2 966.6 710.0 886.4 1,393.3 669.8 3,943.6 3,271.7 975.4 717.8 893.1 1,403.1 671.9 3,989.9 3,316.0 984.9 724.4 904.1 1,427.0 673.9 4,007.9 3,332.5 992.1 728.1 904.7 1,435.7 675.4 4,038.7 3,358.9 996.1 729.6 913.6 1,449.2 679.8 4,069.6 3,387.1 999.9 732.0 921.0 1,466.2 682.5 4,080.6 3,396.8 999.9 733.3 920.5 1,476.4 683.8 4,097.4 3,411.4 1,002.9 732.6 925.9 1,482.5 686.0 4,121.7 3,433.7 1,003.3 7325 936.0 1,494.4 688 0 Other labor income 407.6 416.6 414 4 415.3 415.6 416.6 417.6 418.9 420.1 421.4 422.6 423.9 425.1 426.3 427.5 428.7 Proprietors' income with IVA and CCAdj Farm Nonfarm 520 3 37.2 4831 544.5 40.7 503 8 540 9 43.0 497 9 543.6 43.8 499.8 546.5 44.0 502.4 546.8 43.0 5039 546.1 40.8 505.3 548.7 39.0 509.6 551.6 38.5 513.1 552.2 38.1 514.1 553.9 38.1 515.8 551.9 33.9 518.0 553.6 30.5 523.1 558.0 28.6 529.4 563.0 30.6 5324 567.1 32.7 534 3 Apr. Personal income Wage and salary disbursements Private industries Commodity-producing industries Manufacturing Distributive industries Service industries Government Rental income of persons with CCAdj - . Personal dividend income July Aug. 146.3 147.9 149.3 148.9 147.8 147.4 148.5 148.2 146.6 145.5 145.0 144.4 144.1 143.4 145.2 147.8 291 2 321.5 316 3 318.3 320.3 322.4 324.5 326.6 328.6 330.7 332.8 334.9 336.8 338.8 340.9 3430 ; 735.7 768.6 763.4 766.0 768.9 771.0 772.5 774.3 776.3 778.3 780.5 782.9 785.5 787.7 789.7 791.6 Transfer payments to persons Old-age, survivors, disability, and health insurance benefits Government unemployment insurance benefits Other 1,068.0 537.6 22.0 508 4 1,121.1 566.7 21.8 532 7 1,114.6 562.4 22.0 530 2 1,116.6 564.8 21.9 529.9 1,119.7 565.9 21.9 531.9 1,122.1 567.3 21.7 533.1 1,125.9 570.4 21.4 534.1 1,129.0 570.4 21.6 537.0 1,131.5 572.0 21.4 538.1 1,132.9 572.7 21.4 538.8 1,140.0 577.8 21.6 540.6 1,149.3 582.4 21.3 545.6 1,154.4 584.7 21.2 548.4 1,160.7 588.4 21.3 551.1 1,161.6 588.1 21.1 5523 1,165.2 590.3 21.3 553 6 306.3 323.7 320.1 320.9 323.0 323.1 325.2 326.1 327.9 331.0 332.2 336.5 338.5 339.3 340.3 341.9 Personal interest income Less' Personal contributions for social insurance ... . VA Inventory valuation adjustment Source: U.S. Department of Commerce, Bureau of Economic Analysis. p Preliminary. r Revised. CCAdj Capital consumption adjustment Table B.2.—The Disposition of Personal Income [Monthly estimates seasonally adjusted at annual rates] 1998 1997 1996 1997 Apr. May I June I July [Aug. Sept. [ Oct. I Nov. I Dec. Jan.r Feb.r Mar.r Apr.r May 7,223.1 Billions of dollars, unless otherwise indicated Personal income 6,495.2 Less: Personal tax and nontax payments. 886.9 Equals: Disposable personal income .... 5,608.3 Less: Personal outlays 5,368.8 5,207.6 634.5 1,534.7 3,038.4 Personal consumption expenditures. Durable goods Nondurable goods Services Interest paid by persons Personal transfer payments to rest of world . Equals: Personal savings Addenda: Disposable personal income: Billions of chained (1992) dollars' 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 2 6,873.9 988.7 5,885.2 6,800.9 6,822.8 970.4 978.3 5,830.5 5,844.5 5,658.5 5,592.3 5,592.7 5,485.8 659.3 1,592.0 3,234.5 5,422.0 642.9 5,422.4 643.5 1,577.1 3,201.8 1,577.0 3,202.1 6,863.5 988.9 6,873.1 5,874.5 5,623.5 5,881.9 5,690.4 5,699.3 5,712.6 5,735.8 5,752.4 5,778.8 5,451.9 5,518.7 670.8 1,597.6 3,250.3 5,525.8 670.5 1,599.8 3,255.5 5,537.8 660.7 1,604.9 3,272.2 5,559.3 655.4 1,604.8 3,299.1 5,575.4 670.0 1,600.9 3,304.5 5,598.8 675.1 1,597.0 3,326.6 1,611.4 3,334.0 647.0 1,582.6 3,222.3 991.2 6,912.2 999.3 5,913.0 6,935.5 6,970.4 7,019.8 7,050.4 7,089.6 7,130.5 7,156.2 7,184.8 1,003.5 1,012.1 1,024.4 1,029.7 1,050.5 1,062.8 1,065.9 1,072.3 1,082.7 5,932.0 5,958.3 5,995.3 6,020.8 6,039.0 6,067.6 6,090.3 6,112.6 6,140.4 5,815.7 5,847.9 5,870.1 5,890.8 5,926.6 5,638.1 5,671.0 691.1 1,625.2 3,354.8 5,693.0 678.5 5,714.0 680.2 1,628.0 3,386.5 1,636.4 3,397.4 5,749.9 699.7 1,643.4 3,406.9 692.6 145.2 15.9 154.8 17.9 152.7 17.6 152.7 17.6 154.0 17.6 153.5 18.2 155.2 18.2 156.6 18.2 157.8 18.7 158.3 18.7 161.3 18.7 159.4 18.2 158.8 18.2 158.9 18.2 158.6 18.2 158.5 18.2 239.6 226.7 238.2 251.8 251.0 191.4 213.7 219.4 222.5 243.0 242.0 223.3 219.7 220.2 221.7 213.8 5,076.9 5,221.9 5,185.5 5,198.7 5,218.3 5,214.8 5,239.8 5,247.8 5,264.7 5,293.6 5,316.1 5,331.4 5,350.8 5,367.8 5,379.9 5,394.7 21,117 19,116 21,969 19,493 21,845 19,431 267,541 21,941 21,951 19,462 19,490 267,741 267,952 22,049 19,539 268,171 22,102 19,553 268,391 22,183 19,601 22,299 19,689 22,521 19,860 268,594 22,373 19,754 269,108 22,428 19,800 265,579 267,889 21,808 19,396 267,354 269,263 269,423 22,590 19,910 269,602 22,657 19,941 269,791 22,744 19,981 269,984 4,714.1 611.1 1,432.3 2,671.0 110.47 4,867.5 645.5 1,458.5 2,764.1 112.70 4,822.2 625.9 1,446.3 2,749.1 112.44 4,823.2 628.1 1,449.1 2,745.5 112.42 4,842.9 633.0 1,454.7 2,755.0 112.58 4,892.8 657.7 1,466.0 2,771.0 112.79 4,896.8 659.9 1,464.8 2,774.1 112.85 4,899.0 650.9 1,465.6 2,783.2 113.04 4,912.2 647.0 1,464.0 2,800.7 113.17 4,922.8 663.0 1,460.6 2,800.3 113.26 4,943.4 667.9 1,458.1 2,818.2 113.26 4,977.5 686.7 1,472.7 2,821.3 113.27 5,001.0 686.2 1,486.6 2,831.5 113.40 5,017.6 675.3 1,494.1 2,849.6 113.46 5,029.1 676.5 1,499.7 2,854.5 113.62 5,051.6 699.2 1,498.9 2,857.4 113.82 4.3 3.9 4.1 4.3 4.3 3.3 3.6 3.7 3.7 4.1 4.0 3.7 3.6 3.6 3.6 3.5 5.6 5.8 0.2 0.3 0.6 0.1 0.4 0.6 0.4 0.4 0.5 Percent change from preceding period Personal income, current dollars .. 0.6 0.3 0.5 0.7 Disposable personal income: Current dollars Chained (1992) dollars Personal consumption expenditures: Current dollars Chained (1992) dollars p Preliminary. r Revised. 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. Source: U.S. Department of Commerce, Bureau of Economic Analysis, D-28 • National Data SURVEY OF CURRENT BUSINESS July 1998 Annual Estimates: Except as noted, these tables are derived from the NIPA tables published in the August 1997 SURVEY BUSINESS; they are consistent with the most recent comprehensive and annual revisions. OF CURRENT Table B.3.—Gross Domestic Product by Industry, Current-Dollar and Real Estimates for 1994-96 Billions of dollars 1994 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 1995 1996 1994 1995 6,013.5 6,301.3 6,639.8 5,763.6 5,921.4 6,094.1 119.2 83.5 35.7 111.0 73.5 37.5 129.8 89.4 40.5 119.1 84.9 34.9 111.4 74.2 37.0 111.7 75.5 37.6 94.9 99.8 6.8 12.3 71.0 113.6 6.8 12.3 84.4 10.2 102.5 5.7 15.5 72.2 9.2 108.4 5.5 15.7 77.7 9.5 101.9 6.3 16.6 69.4 10.1 286.4 306.1 249.8 254.1 264.3 268.7 1,216.1 1,286.3 1,332.1 1,193.2 1,273.7 1,323.7 Manufacturing 679.2 716.8 749.0 671.3 731.2 785.5 Durable goods 33.6 31.6 40.7 41.4 29.8 38.4 Lumber and wood products 18.8 18.7 18.0 19.4 20.5 18.5 Furniture and fixtures 29.1 27.7 30.7 27.0 32.7 28.8 Stone, clay, and glass products 44.4 46.8 45.0 50.6 52.0 46.3 Primary metal industries 94.0 89.7 84.5 98.2 89.5 84.2 Fabricated metal products , 122.3 142.4 150.2 131.5 164.5 186.1 Industrial machinery and equipment 217.4 175.6 145.8 143.8 132.9 134.0 Electronic and other electric equipment ... 76.1 79.3 78.0 87.4 87.3 85.1 Motor vehicles and equipment 44.5 43.8 46.9 49.7 47.6 49.5 Other transportation equipment 42.6 38.3 48.7 49.7 52.3 45.1 Instruments and related products 23.3 22.8 21.5 24.6 24.3 22.2 Miscellaneous manufacturing industries ... 536.9 569.5 583.1 522.0 543.2 541.0 Nondurable goods 109.6 118.7 122.6 106.5 120.9 112.9 Food and kindred products 23.9 24.3 22.3 18.1 17.6 16.3 Tobacco products 26.6 25.4 27.3 23.6 25.5 25.4 Textile mill products 26.9 28.5 28.3 27.3 26.6 28.2 Apparel and other textile products 47.3 45.4 52.1 51.3 59.9 57.1 Paper and allied products , 74.3 77.5 85.0 90.4 78.0 86.0 Printing and publishing ,.... 140.6 155.9 157.8 131.2 138.9 142.2 Chemicals and allied products 33.8 27.6 32.2 30.1 30.2 30.4 Petroleum and coal products 45.4 50.9 48.2 49.7 46.1 44.4 Rubber and miscellaenous plastics 4.8 4.7 4.5 5.2 4.7 5.1 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 598.7 219.9 24.2 11.4 95.0 10.9 51.7 4.6 622.4 228.7 24.5 12.4 97.5 10.8 54.9 5.7 645.3 235.1 25.3 13.6 92.2 11.2 63.2 5.5 584.1 593.8 608.9 214.3 25.9 11.0 88.7 10.8 51.4 4.8 216.0 27.7 12.0 87.4 11.0 49.8 5.4 220.8 31.0 12.2 80.3 10.7 59.0 5.0 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. Billions of chained (1992) dollars 1994 1995 1996 1994 1995 1996 22.1 184.6 142.1 42.5 194.2 23.0 19.1.6 144.1 47.5 202.0 24.0 200.3 149.6 50.6 210.0 21.7 176.9 137.9 38.8 193.1 23.2 178.4 136.4 41.7 199.6 24.0 181.6 141.2 40.4 207.0 Wholesale trade 468.0 484.4 516.8 448.6 457.5 493.3 Retail trade 615.3 637.6 667.9 601.2 622.5 648.5 1996 6,947.0 7,265.4 7,636.0 6,610.7 6,742.1 6,928.4 5.9 13.1 66.7 9.2 Billions of dollars Billions of chained (1992) dollars Transportation services Communications Telephone and telegraph Radio and television Electric, gas, and sanitary services 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 1,267.6 1,361.3 1,448.5 1,196.9 1,231.1 1,258.5 207.4 229.6 247.4 197.0 193.4 192.0 49.9 39.0 33.9 36.1 32.6 35.4 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 1,350.4 1,440.3 1,539.5 1,256.5 1,298.8 1,342.9 57.4 60.6 63.7 54.4 55.4 55.8 45.8 46.6 49.1 42.6 42.4 43.3 Statistical discrepancy' 78.5 108.8 45.0 802.9 607.3 195.6 -11.1 79.5 126.5 47.1 842.7 642.8 199.9 -3.2 90.0 136.6 50.4 886.2 673.3 212.9 -12.0 256.0 59.3 19.2 23.0 51.4 410.2 93.8 52.3 43.2 45.1 182.6 11.0 283.3 61.1 20.7 25.9 56.2 428.9 96.5 55.1 46.7 47.0 199.9 11.8 318.5 65.0 22.5 29.9 60.8 447.0 100.0 58.2 49.3 48.9 215.2 11.5 14.6 -28.2 -59.9 83.0 91.3 41.6 758.3 573.3 185.0 12.9 247.1 53.3 16.7 21.8 47.5 369.7 86.0 48.9 41.6 42.1 175.4 10.4 81.9 105.1 42.1 775.6 92.2 110.1 43.6 793.3 587.9 596.8 187.7 196.6 12.6 12.6 271.3 53.3 17.0 23.9 49.7 371.6 85.5 49.6 43.7 42.5 184.6 10.8 295.7 55.3 15.9 26.2 51.6 376.6 85.1 50.7 44.9 43.1 192.9 10.1 13.9 -26.3 -54.7 933.5 964.1 996.3 878.3 877.4 874.1 Federal General gvernment Government enterprises . 324.9 275.2 49.7 326.2 275.5 50.7 331.5 281.4 50.2 306.9 258.4 48.6 297.1 248.1 49.0 290.6 240.9 49.7 State and local General government Government enterprises . 608.6 557.5 51.1 637.9 664.7 583.4 607.6 54.5 57.1 571.3 524.2 47.1 580.3 532.2 48.0 583.4 535.2 48.2 -60.4 -87.9 -101.1 Government Not allocated by industry2 .. NOTE—Estimates are based on the 1987 Standard Industrial Classification. The table is derived from tables 7 and 10 in "Gross Product by Industry, 1947-96" in the November 1997 SURVEY OF CURRENT BUSINESS. National Data • SURVEY OF CURRENT BUSINESS July 1998 D-29 Table B.4.—Personal Consumption Expenditures by Type of Expenditure Billions of dollars Billions of chained (1992) dollars Billions of dollars 1994 1995 1996 1994 1995 1996 4,717.0 4,957.7 5,207.6 4,486.0 4,595.3 4,714.1 Food and tobacco Food purchased for off-premise consumption (n.d.) Purchased meals and beverages' (n.d.) Food furnished to employees (including military) (n.d.)., Food produced and consumed on farms (n.d.) Tobacco products (n.d.) Addenda: Food excluding alcoholic beverages (n.d.) Alcoholic beverages purchased for off-premise consumption (n.d.) Other alcoholic beverages (n.d.) 761.7 451.6 254.3 783.8 462.2 264.1 805.7 478.4 268.7 735.0 434.5 245.1 737.9 433.4 248.7 736.5 434.7 246.6 8.1 .5 8.4 .4 8.7 .4 7.8 .5 7.9 .5 8.0 .4 47.3 633.6 48.7 652.0 49.6 669.9 47.2 608.7 47.4 610.2 46.8 608.7 53.9 27.0 54.9 28.2 57.3 28.9 53.7 25.6 54.5 25.9 55.5 25.7 Clothing, accessories, and jewelry Shoes (n.d.) Clothing and accessories except shoes 2 Women's and children's (n.d.) Men's and boys' (n.d.) Standard clothing issued to military personnel (n. d) Cleaning, storage, and repair of clothing and shoes (s.) Jewelry and watches (d.) Other* (s.) 312.7 36.0 211.6 137.5 74.1 323.4 36.8 217.7 141.3 76.4 336.3 38.1 226.0 145.8 80.2 308.5 35.7 211.2 137.0 74.1 321.8 36.6 220.6 144.2 76.4 335.3 37.6 229.9 150.7 79.2 Personal consumption expenditures .3 .3 .3 .3 .3 .3 11.6 37.7 15.6 12.3 39.3 17.1 12.3 41.6 18.1 11.0 35.6 14.7 11.5 36.8 16.0 11.3 39.7 16.6 68.4 45.3 23.0 71.9 47.2 24.7 75.7 49.9 25.7 65.5 43.7 21.8 67.9 45.0 22.9 70.1 47.0 23.0 Housing Owner-occupied nonfarm dwellings space rent 4 (s.) Tenant-occupied nonfarm dwellings rent 5 (s.) Rental value of farm dwellings (s.) Other 6 (s.) 712.7 507.0 174.0 750.3 532.2 184.6 787.2 558.3 193.6 674.3 479.6 165.2 688.2 487.2 171.1 700.2 495.3 174.9 5.8 5.9 6.1 5.2 5.2 5.1 26.0 27.5 29.1 24.3 24.8 25.0 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 writing supplies (n.d.) Household utilities Electricity (s.) Gas (s.) Water and other sanitary services (s.) Fuel oil and coal (n.d.) Telephone and telegraph (s.) Domestic service (s.) Other 10 (s.) 535.0 45.9 25.6 24.0 52.3 27.2 562.8 48.0 27.2 25.3 54.5 28.9 591.9 49.6 27.8 27.4 58.2 30.1 514.5 43.2 25.0 23.5 51.4 25.7 533.6 44.2 26.6 25.0 53.1 26.9 548.4 44.6 27.1 26.9 56.1 28.2 50.8 15.1 163.8 84.2 32.4 36.6 10.5 82.6 11.9 35.8 52.3 15.8 168.5 88.0 31.5 38.8 10.2 90.2 12.8 39.4 54.5 17.0 177.9 90.3 34.9 41.1 11.6 96.9 12.5 40.1 50.2 14.4 156.3 82.6 30.0 33.0 10.7 79.6 11.2 34.2 50.0 14.4 159.4 84.3 30.7 33.8 10.5 86.6 11.7 35.9 50.6 14.8 163.1 85.2 32.7 34.6 10.6 91.1 11.0 35.3 Medical care Drug preparations and sundries n (n.d.) Ophthalmic products and orthopedic appliances (d.) Physicians (s.) Dentists (s.) Other professional services 12 (s.) Hospitals and nursing homes 13 Hospitals Nonprofit (s.) Proprietary (s.) Government (s.) Nursing homes (s.) Health insurance Medical care and hospitalization14 (s.) Income loss ls .(s.) Workers' compensation16 (s.) 826.1 81.6 12.9 180.0 43.9 95.7 357.0 298.1 200.2 32.1 65.8 58.9 55.0 42.9 871.6 85.7 13.1 191.4 47.6 104.4 375.9 310.6 207.9 34.5 68.2 65.2 53.6 40.7 912.8 90.9 13.9 196.5 50.9 110.2 394.2 325.1 217.3 37.1 70.7 69.1 56.3 41.8 751.0 76.7 12.3 162.4 39.8 89.2 331.5 276.9 187.8 29.2 59.9 54.6 40.0 36.6 766.2 79.1 12.2 166.1 41.1 95.6 336.6 278.5 188.2 30.3 60.0 58.1 37.5 35.2 782.4 81.7 12.6 169.3 42.0 99.1 343.1 284.4 191.8 31.9 60.7 58.7 36.9 34.7 2.5 1.8 2.6 1.8 Personal care Toilet articles and preparations (n.d.) Barbershops, beauty parlors, and health clubs (s.) 2.7 9.4 2.9 3.2 10.0 11.3 2.4 2.3 1. Consists of purchases (including tips) of meals and beverages from retail, service, and amusement establishments, hotels, dining and buffet cars, schools, school fraternities, institutions, clubs, and industrial lunchrooms. Includes meals and beverages consumed both on-and off-premise. 2. Includes luagage. 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. 1994 1995 Billions of chained (1992) dollars 1996 1994 1995 1996 38.8 421.1 47. 352.1 37.8 350.7 41.8 363.6 50.0 31.6 33.9 37.3 27.5 27.8 28.9 151.5 72.6 48.8 11.1 18.5 159.8 75.4 49.1 12.2 19.9 169.9 79.9 52.2 12.8 21.8 146.5 68.1 45.3 10.1 17.1 141.9 67.9 44.0 10. 17.6 143.9 68.5 45.2 10.4 18.7 Transportation User-operated transportation New autos (d.) ; '. Net purchases of used autos (d.) Other motor vehicles (d.) Tires, tubes, accessories, and other parts (d.) Repair, greasing, washing, parking, storage, rental, and leasing (s.) Gasoline and oil (n.d.) .:..! Bridge, tunnel, ferry, and road tolls (s.) Insurance19 (s.) Purchased local transportation Mass transit systems (s.) Taxicab (s.) Purchased intercity transportation Railway (s.) : Bus (s.) Airline (s.) .... Other 26 (s.) . 542.2 502.6 91.2 44.1 76.8 34.5 572.3 530.1 87.1 52.4 79.4 35.8 602.2 557.7 86.1 55.3 82.1 37.9 515.3 476.6 86.2 37.5 71.4 35.1 528.0 487.8 80.6 40.8 71.7 36.2 540.3 497.7 78.2 42.1 72.5 38.3 116.4 109.4 2.6 128.7 114.4 2.8 140.1 122.6 108.5 109.8 2.4 27.5 8.9 5.9 3.0 29.4 9.2 6.0 3.2 30.7 .7 1.1 25.8 3.2 116.5 113.1. 2.4 26.0 8.5 5.5 3.0 31.7 .7 1.4 26.8 2.8 123.3 114.1 2.5 26.2 8.5 5.6 3.0 34.2 .7 1.4 28.8 3.3 Recreation Books and maps (d.) Magazines, newspapers, and sheet music (n.d.) Nondurable toys and sport supplies (n.d.) Wheel goods, sports and photographic equipment, boats, and pleasure aircraft (d.) Video and audio products, computing equipment, and musical instruments (d.) Radio and television repair (s.) Flowers, seeds, and potted plants (n.d.) .-....: Admissions to specified spectator amusements Motion picture theaters (s.) Legitimate theaters and opera, and entertainments of nonprofit institutions (except athletics) (s.) Spectator sports 21 (s.) Clubs and fraternal organizations22 (s.) Commercial participant amusements23 (s.) Pari-mutuel net receipts (s.) 24 395.7 424.4 20.8 22.7 43.9 Education and research Higher education25 (s.) Nursery, elementary, and secondary schools 26 (s.) Other 27 (s.) Personal business Brokerage charges and investment counseling (s.) Bank service charges, trust services, and safe deposit box rental (s.) Services furnished without payment by financial intermediaries except life insurance carriers and private noninsured pension plans (s.) Expense of handling life insurance 17 (s.) Legal services (s.) Funeral and burial expenses (s.) Other 18 (s.) 370.4 36.2 Other (s.) ...11 2.9 30.9 25.6 8.6 5.7 2.9 33.0 .8 1.3 27.7 3.3 10.1 6.6 3.5 34.4 .8 1.3 28.2 4.0 30.1 .7 1.1 25.5 2.8 370.2 20.6 24.5 39.7 402.5 22.1 25.5 42.2 431.1 23.2 26.5 45.4 365.2 19.6 22.9 38.9 35.6 39.1 42.0 34.8 37.7 40.3 78.5 4.5 13.4 19.0 5.6 85.2 4.9 13.9 20.2 6.0 5.1 14.9 22.1 6.3 87.4 4.2 13.4 17.8 5.2 101.8 4.5 13.2 18.2 5.4 119.5 4.5 14.4 18.9 5.4 8.2 5.2 11.8 36.2 3.3 83.1 8.7 5.5 12.7 41.5 3.3 91.9 9.3 6.4 13.0 46.2 3.5 99.6 7.7 4.9 11.2 34.1 3.1 79.1 7.9 5.0 11.5 38.0 3.1 85.5 8.0 5.5 11.8 41.1 3.1 89.3 104.7 59.0 21.4 24.4 112.2 96.8 53.1 20.4 23.4 99.4 53.7 20.8 25.0 62.2 22.8 27.2 119.6 65.2 24.0 30.3 20.6 22.9 41.4 102.7 54.0 21.7 27.2 Religious and welfare activities28 (s.) 131.2 139.8 150.5 125.6 128.6 136.6 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. Personal remittances in kind to nonresidents (n.d.) -18.3 50.1 2.7 -22.1 51.9 2.6 -26.5 54.9 2.6 -16.2 48.8 2.8 -19.5 48.9 2.4 -21.5 50.8 2.4 69.7 1.4 75.2 1.4 66.4 1.3 69.5 1.3 73.5 1.1 -5.7 -10.6 -17.8 Residual 82.7 1.2 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 (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 Private purchases of structures Nonresidential 1994 1995 463.6 478.4 184.5 200.6 Billions of dollars Billions of chained (1992) dollars Billions of dollars 1996 1994 1995 517.0 432.8 430.0 453.7 215.2 172.5 179.9 188.7 1995 483.0 529.6 573.7 483.5 535.2 593.1 476.1 522.4 566.2 476.8 528.3 586.0 Information processing and related equipment Office, computing, and accounting machinery Computers and peripheral equipmentl ... Other Communication equipment Instruments Photocopy and related equipment 152.1 59.3 51.8 7.5 52.8 22.1 17.9 172.8 73.5 65.6 7.9 59.4 22.4 17.6 195.1 88.1 78.7 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 109.3 10.5 4.8 24.4 121.5 11.1 4.2 28.2 127.5 11.7 105.5 10.4 4.0 4.6 26.9 29.6 32.8 23.3 25.9 31.2 28.5 22.6 Private purchases of producers' durable equipment Nonresidential buildings, excluding farm Industrial Commercial Office buildings' Other2 184.3 200.2 214.7 172.2 179.5 188.2 125.5 28.9 61.9 25.8 156.1 116.9 27.0 57.7 126.1 32.1 45.5 4.4 7.5 13.4 21.1 24.1 33.3 4.6 11.9 11.0 4.7 Educational 36.1 3.8 5.6 Hospital and institutional . Other3 13.7 11.6 140.8 32.5 70.8 29.8 41.0 4.2 6.2 12.5 14.5 32.0 3.3 10.1 13.0 4.6 1.0 33.2 3.5 11.0 12.3 5.5 .9 Utilities Railroads Telecommunications Electric light and power Gas ; rti ., Petroleum pipelines Farm Mining exploration, shafts, and wells . Petroleum and natural gas Other Other4 Brokers' commissions on sale of structures Net purchases of used structures . Residential New New housing units Permanent site Single-family structures . Multifamily structures .... Mobile homes Improvements Other5 Brokers' commissions on sale of structures Net purchases of used structures . Residual . 3.2 16.7 32.1 77.6 1.0 33.6 3.5 5.2 29.1 63.4 26.7 36.7 3.8 5.6 12.7 10.8 11.2 13.0 136.7 28.1 68.0 28.2 39.8 3.9 6.6 11.7 18.5 29.9 3.0 9.6 30.0 3.1 10.1 11.0 5.0 29.3 3.9 10.4 9.8 4.2 12.1 4.2 .9 1.8 6.6 2.7 14.3 13.0 1.3 6.3 3.2 13.9 12.7 1.1 5.0 14.7 1.9 3.0 16.3 14.8 1.5 6.9 6.9 3.7 16.1 14.8 1.3 5.7 1.5 1.6 1.8 1.4 1.5 1.6 -1.2 -1.3 -1.3 -1.2 -1.1 -1.2 279.1 277.8 301.7 260.3 250.0 265.0 248.5 246.9 267.0 230.8 220.8 233.6 177.2 174.4 163.1 145.2 17.9 11.3 72.0 .5 192.1 179.4 159.1 20.3 12.6 74.4 162.0 153.7 140.1 153.1 143.5 126.9 16.9 9.5 67.3 .4 165.2 154.8 136.6 167.9 153.8 14.1 9.3 71.0 .3 31.6 -1.0 32.1 -1.1 .6 36.3 -1.6 3.0 15.8 14.0 13.6 8.3 68.4 .3 18.6 10.3 67.7 .5 30.4 -.9 30.3 -1.0 32.7 -1.4 .3 -.1 .3 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. 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. Transportation and related equipment Trucks, buses, and truck trailers .... Autos Aircraft Ships and boats Railroad equipment 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 Less: Sale of equipment scrap, excluding autos Residential equipment 1996 Billions of chained (1992) dollars 1994 1996 Nonresidential equipment New July 1998 9.3 65.9 23.4 17.7 1994 201.8 253.1 108.1 164.2 102.8 160.8 7.3 7.5 9.0 53.7 62.0 69.9 21.2 21.2 21.8 17.3 16.6 16.4 25.8 19.0 20.9 18.6 20.9 125.7 63.3 42.3 12.8 1.5 5.7 134.5 68.9 45.3 13.4 1.6 5.3 113.2 50.6 47.8 8.4 1.5 4.9 106.9 28.1 10.4 10.4 13.5 1.8 14.4 10.8 17.5 113.7 30.2 10.9 10.9 14.4 2.3 15.2 11.1 18.6 96.0 24.5 9.5 9.2 11.4 1.5 13.0 8.9 1.5 5.1 99.9 25.6 9.9 9.7 12.0 1.5 13.4 10.7 16.9 3.7 6.9 4.5 4.6 7.2 7.5 Residual 1996 165.1 73.9 67.2 23.6 118.6 55.0 48.0 1995 113.4 10.6 4.0 26.0 117.0 11.0 3.7 26.6 29.0 29.9 24.0 26.0 19.8 19.7 125.0 61.3 45.1 11.8 1.4 4.6 118.9 56.7 43.4 11.6 1.4 5.2 100.3 26.2 9.8 9.6 12.4 1.7 13.5 10.6 10.4 16.3 16.5 3.1 3.4 6.7 7.0 -1.4 -10.3 104.6 27.4 10.2 9.9 13.0 2.1 14.0 10.8 17.2 3.8 7.1 -33.8 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 . 483.0 4.9 1.0 31.3 1.5 3.8 513.7 529.6 5.3 573.7 5.8 1.1 37.6 .6 4.6 566.0 1.2 39.7 .7 4.6 611.8 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. D-31 National Data SURVEY OF CURRENT BUSINESS July 1998 Table B.7.—Compensation and Wage and Salary Accruals by Industry [Millions of dollars] 1994 Total Domestic industries Private industries 1994 1995 1995 1996 4,012,002 4,215,434 4,426,912 3,254,030 3,442,583 3,633,641 4,014,482 4,217,968 4,429,472 3,256,510 3,445,117 3,636,201 39,619 16,385 29,852 12,325 31,915 13,309 1995 1996 1994 1995 1996 67,070 51,679 15,391 53,856 71,112 53,701 17,411 54,741 75,153 56,202 18,951 54,946 55,320 42,517 12,803 42,894 58,933 44,315 14,618 43,727 62,279 46,361 15,918 43,978 Wholesale trade 259,828 276,202 289,438 217,964 234,467 246,452 34,476 14,163 Retail trade 365,722 383,120 399,951 313,776 329,936 345,994 20,313 Finance, insurance, and real estate ... 310,211 260,045 273,124 296,112 Depository institutions Nondepository institutions Security and commodity brokers Insurance carriers Insurance agents, brokers, and service Real estate Holding and other investment offices 77,101 21,474 53,798 70,378 324,894 80,243 21,677 59,450 72,737 350,180 27,644 2,707 4,739 83,793 25,089 68,973 75,871 62,949 18,087 46,857 58,148 65,664 18,317 51,967 60,125 69,013 21,223 60,688 63,079 29,514 41,284 16,662 31,008 42,182 17,597 32,828 44,906 18,720 25,039 34,567 14,398 26,384 35,442 15,225 28,031 37,910 16,168 970,992 1,051,394 1,125,269 35,886 37,676 34,231 23,495 24,609 22,439 193,888 168,265 221,473 27,830 25,924 30,388 11,247 10,222 12,103 16,837 14,426 18,956 34,526 31,264 37,235 344,680 325,041 359,179 58,333 60,452 51,755 49,079 54,601 821,544 28,966 19,383 142,292 22,053 8,709 12,224 26,179 271,678 48,407 41,294 30,557 20,405 165,300 23,824 9,650 14,399 29,150 289,564 49,761 43,697 31,764 303,790 51,905 46,503 34,780 14,477 37,011 15,588 20,303 21,423 23,234 17,527 Mining Metal mining Coal mining Oil and gas extraction Nonmetallic minerals, except fuels .. 32,656 2,791 6,375 19,069 4,421 32,892 3,145 6,174 18,929 4,644 33,678 3,358 5,974 19,539 4,807 26,378 2,187 4,993 15,606 3,592 26,843 2,518 4,884 15,628 3,813 Construction 182,016 193,746 209,279 147,425 157,684 172,234 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 ana 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 792,034 486,844 23,018 14,927 21,564 36,102 56,398 95,407 816,853 505,167 23,802 15,443 22,129 37,261 58,594 100,891 839,754 521,750 24,832 15,754 22,920 37,888 60,161 105,182 625,496 379,616 18,495 11,986 17,054 26,841 44,496 76,720 651,750 675,067 416,061 20,459 12,964 18,548 72,726 61,771 47,367 44,806 77,181 65,047 46,243 45,579 80,895 65,911 47,105 47,745 58,302 42,384 36,861 35,960 12,758 305,190 59,381 2,768 19,274 21,352 32,236 58,652 63,653 10,769 12,997 311,686 61,042 2,949 18,956 20,996 32,936 60,387 65,393 10,834 13,357 318,004 62,422 3,014 18,744 20,379 33,661 62,308 67,538 10,738 10,517 245,880 47,614 2,062 15,840 17,442 26,230 48,193 50,743 34,133 2,972 35,322 2,871 265,575 144,649 15,346 276,517 8,911 63,763 7,757 34,424 1,126 13,322 398,272 19,401 12,584 17,706 27,990 46,794 82,191 16,240 3,958 48,553 86,528 44,886 36,172 37,013 66,179 46,377 37,186 39,158 7,796 10,854 253,478 49,527 2,215 15,697 17,322 27,058 50,087 52,582 7,837 11,243 259,006 50,746 2,268 15,544 16,816 27,672 51,718 54,411 7,791 36,478 2,722 27,527 2,433 28,784 2,369 29,803 2,237 287,023 156,924 15,525 211,840 113,626 11,249 221,770 231,072 150,664 15,313 119,110 11,271 124,815 11,422 9,374 10,101 7,895 46,492 7,731 52,594 6,323 8,381 47,040 7,843 35,714 1,051 14,455 7,292 49,750 6,238 27,189 28,339 1,007 15,066 929 10,979 869 11,983 38,220 829 12,494 Services Hotels and other lodging places Personal services Business services Auto repair, services, and parking Miscellaneous repair services Motion pictures Amusement and recreation services... Health services Legal services Educational services Social services and membership organizations Social services Membership organizations Other services • Private households Government Federal General government Civilian Military2 Government enterprises State and I x a l General government Education Other Government enterprises Rest of the world Receipts from the rest of the world Less: Payments to the rest of the world 3 -.. 964,556 32,322 21,518 190,526 26,212 10,455 86,121 42,375 43,746 136,059 11,035 91,565 45,862 45,703 149,531 11,821 95,877 48,350 47,527 161,263 11,457 73,364 35,109 38,255 116,205 10,790 78,346 38,282 40,064 128,432 11,563 82,749 40,766 41,983 139,316 11,207 825,339 258,006 208,312 123,976 84,336 49,694 542,662 506,154 265,457 240,697 36,508 258,051 207,288 123,427 83,861 50,763 567,288 529,188 279,024 250,164 38,100 855,281 264,853 212,849 125,174 87,675 52,004 590,428 551,031 292,665 258,366 39,397 602,190 173,413 139,744 84,864 54,880 622,980 175,045 140,708 84,540 56,168 34,337 447,935 417,381 217,962 199,419 30,554 642,594 177,228 142,038 85,541 56,497 35,190 465,366 433,845 228 252 205,593 31,521 -2,480 1,239 3,719 -2,534 1,323 3,857 -2,560 1,338 -2,534 1,323 3,857 -2,560 312,741 331,760 ,972,798 3,134,144 346,034 3,303,173 428,777 399,489 207,472 192,017 -2,480 1,239 3,719 1,338 6,429 1. Consists of museums, botanical, zoological gardens; engineering and management services; and services, not elsewhere classified. 2. Includes Coast Guard. 3. Beginning with 1993, incjudes estimates of foreign professional workers and undocumented Mexican migratory workers employed temporarily in the United States. Communications Telephone and telegraph Radio and television Electric, gas, and sanitary services Wage and salary accruals 1994 3,574,191 2,654,320 2,822,137 2,993,607 3,213,814 Agriculture, forestry, and fishing Farms Agricultural services, forestry, and fishing Transportation and public utilities ... Transportation Railroad transportation Local and interurban passenger transit Trucking and warehousing Water transportation Transportation by air Pipelines, except natural gas Transportation services Compensation Wage and salary accruals Compensation Addenda: Households and institutions Nonfarm business NOTE.—Estimates in this table are based on the 1987 Standard Industrial Classification (SIC). Compensation equals wage and salary accruals plus supplements to wages and.salaries. "Supplements" are listed in table 8.15 of the August 1997 SURVEY OF CURRENT BUSINESS. D-32 • National Data SURVEY OF CURRENT BUSINESS July 1998 Table B.8.—Employment by Industry [Thousands] Full-time and part-time employment Full-time and part-time employment production' 1994 1995 1996 1994 1995 1996 121,695 124,602 126,992 118,560 121,370 123,666 Domestic industries 122,258 125,171 127,543 119,042 121,858 124,151 Private industries 100,326 103,195 105,596 100,750 103,531 105,947 1,936 840 1,096 2,004 868 1,136 2,069 860 1,209 3,148 1,791 1,357 3,199 1,810 1,389 3,300 1,818 1,482 606 587 52 106 321 108 583 54 99 321 109 607 49 110 345 103 590 586 49 113 339 105 52 103 327 108 54 97 327 108 5,197 5,383 5,669 6,406 6,654 6,954 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 18,428 10,507 776 505 535 18,592 10,722 18,574 18,445 10,834 790 801 506 547 10,584 835 18,613 10,802 857 525 550 701 1,441 2,083 1,616 952 816 834 427 7,811 1,659 42 661 952 686 1,560 18,577 10,911 858 521 558 707 1,446 2,100 Transportation and public utilities Transportation Railroad transportation Local and interurban passenger transit Trucking and warehousing Water transportation Transportation by air Pipelines, except natural gas Total Agriculture, forestry, and fishing Farms ; Agricultural services, forestry, and fishing Mining Metal mining Coal mining Oil and gas extraction Nonmetallic minerals, except fuels Construction 697 1,396 2,000 1,582 900 852 860 404 7,921 1,683 43 681 982 512 542 708 1,443 2,069 1,626 969 817 841 405 7,870 1,688 42 664 515 544 709 1,452 693 1,390 2,115 1,658 1,996 1,573 967 895 850 820 855 404 7,740 1,697 42 853 440 7,861 1,654 43 676 1,653 960 819 850 439 7,666 693 946 692 629 874 682 1,566 1,056 147 1,570 1,039 143 1,565 1,032 139 1,551 1,039 145 142 1,664 42 631 881 677 1,536 1,024 138 954 116 978 108 981 99 951 118 967 110 971 102 6,060 3,834 233 407 1,843 179 750 17 6,175 6,292 4,063 224 440 1,658 177 1,119 14 6,045 3,922 220 437 6,176 4,048 220 431 2,054 178 731 15 6,318 4,182 212 444 1,854 174 1,050 14 3,962 232 420 1,916 178 778 15 1,977 175 704 17 1,032 1. Equals the number of full-time equivalent employees (table 6.5) plus the number of self-employed persons (table 6.7). Unpaid family workers are not included. 2. Consists of museums, botanical, zoological gardens; engineering and management services; and services, not elsewhere classified. 1994 Transportation services Communications Telephone and telegraph Radio and television .' Electric, gas, and sanitary services .. 405 1,293 916 377 933 1995 423 1,307 915 392 906 1996 431 1,347 production' 1994 392 1,192 844 348 931 1995 1996 419 1,219 ,851 368 909 434 1,258 873 385 878 6,589 6,235 6,475 6,558 6,324 6,559 21,159 21,867 22,256 18,897 19,476 7,021 2,068 488 543 1,522 723 1,422 255 6,926 2,023 463 7,051 554 1,497 732 1,410 247 2,018 513 582 1,503 746 1,441 248 7,251 1,973 485 592 1,468 853 1,635 245 7,216 1,937 466 622 1,449 856 1,648 238 7,315 1,923 506 648 1,447 873 1,680 238 Services Hotels and other lodging places Personal services Business services Auto repair, services, and parking Miscellaneous repair services Motion pictures Amusement and recreation services Health services Legal services Educational services Social services and membership organizations Social services Membership organizations Other services* Private households 33,684 1,712 1,276 6,352 1,075 350 458 1,421 9,318 1,059 2,024 35,186 1,754 1,300 6,935 1,132 374 506 1,519 9,568 1,056 2,075 36,544 1,791 1,317 7,484 1,205 389 553 1,593 9,809 1,063 2,141 33,627 1,549 1,725 6,538 1,338 568 498 1,264 8,677 1,184 1,860 35,048 1,587 1,776 7,109 1,362 591 543 1,327 8,903 1,173 1,915 36,442 4,478 2,328 2,150 2,877 1,284 4,637 2,454 2,183 3,049 1,281 4,760 2,534 2,226 3,193 1,246 4,351 2,563 1,788 3,254 821 4,504 2,689 1,815 3,439 819 4,623 2,772 1,851 3,572 796 Government Federal General government Civilian Military3 Government enterprises State and local General government Education Other Government enterprises 21,932 5,720 4,748 2,100 2,648 972 16,212 15,295 8,220 7,075 917 21,976 5,560 4,573 2,026 2,547 987 16,416 15,485 8,389 7,096 931 21,947 18,292 4,661 3,867 2,052 1,815 794 13,631 12,754 6,635 6,119 877 18,327 4,530 3,725 1,984 1,741 805 13,797 12,910 6,770 6,140 18,204 5,357 4,366 1,952 2,414 991 16,590 15,655 8,542 7,113 935 -563 -569 -551 -482 -488 Wholesale trade Retail trade Finance, insurance, and real estate Depository institutions Nondepository institutions Security and commodity brokers Insurance carriers Insurance agents, brokers, and service Real estate Holding and other investment offices ... Rest of the world 4 1,625 1,805 7,664 1,480 573 583 1,420 9,168 1,147 1,986 4,368 3,562 1,912 1,650 806 13,836 12,945 6,791 6,154 891 -485 3. Includes Coast Guard. 4. Beginning with 1993, includes estimates of foreign professional workers and undocumented Mexican migratory workers employed temporarily in the United States. NOTE.-Estimates in this table are based on the 1987 Standard Industrial Classification (SIC). SURVEY OF CURRENT BUSINESS July 1998 D-33 National Data Table B.9.—Wage and Salary Accruals Per Full-Time Equivalent Employee and Full-Time Equivalent Employees by Industry Dollars Thousands Dollars Thousands Wages and salaries per full-time equivalent Full-time equivalent employees Wages and salaries per full-time equivalent Full-time equivalent employees 1994 1995 1996 1994 1995 1996 30,131 31,032 32,121 107,996 110,935 113,125 Domestic industries 30,020 30,919 32,006 108,478 111,423 113,610 Private industries Total 1 29,432 30,314 31,378 90,186 93,096 95,406 Agriculture, forestry, and fishing Farms Agricultural services, forestry, and fishing 17,833 17,118 18,372 18,331 17,888 18,662 18,870 18,709 18,984 1,674 720 954 1,741 744 997 1,827 757 1,070 Mining Metal mining Coal mining Oil and gas extraction Nonmetallic minerals, except fuels 44,482 44,633 45,391 47,006 35,216 46,683 48,423 47,417 49,613 36,314 48,329 50,130 48,856 51,556 37,340 49 110 332 102 575 52 103 315 105 572 54 97 315 106 Construction 30,191 30,453 31,649 4,883 5,178 5,442 18,013 10,337 758 493 528 692 1,371 1,964 1,564 892 844 846 385 7,676 1,633 43 670 960 685 1,449 1,037 145 18,179 10,550 772 502 531 698 1,420 2,050 1,607 950 18,164 10,660 782 497 533 704 1,425 2,072 1,643 958 814 843 389 7,504 1,654 42 623 846 676 1,445 1,020 138 , 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 34,725 36,724 24,400 24,312 32,299 38,788 32,455 39,063 37,277 47,516 43,674 42,506 27,317 32,032 29,157 47,953 23,642 18,169 38,292 33,259 48,932 53,766 39,558 34,543 51,200 55,190 37,165 39,030 26,162 26,085 34,799 41,003 34,072 41,761 40,279 48,410 45,683 46,451 28,902 34,516 30,681 54,000 24,950 19,877 40,935 35,791 53,344 56,457 29,253 21,531 29,921 22,349 30,884 23,547 941 113 962 106 95 Transportation and public utilities Transportation Railroad transportation Local and interurban passenger transit Trucking and warehousing Water transportation Transportation by air Pipelines, except natural gas 37,401 31,882 51,132 19,655 28,924 37,353 38,953 54,647 38,369 32,279 51,232 20,133 29,366 37,862 39,088 57,933 39,278 32,994 53,877 20,848 30,348 38,729 36,644 59,214 5,664 3,564 220 371 1,720 167 698 17 5,780 3,690 220 384 1,791 167 725 15 5,883 3,783 212 402 1,550 166 1,043 14 35,852 37,751 25,131 25,068 33,345 40,100 32,954 40,093 39,005 47,248 44,712 44,810 28,192 33,226 30,163 52,738 24,002 385 7,629 1,642 42 654 920 684 1,450 1,027 142 1. Full-time equivalent employees equals the number of employees on full-time schedules plus the number of employees on part-time schedules converted to a full-time basis. The number of full-time equivalent employees in each industry is the product of the total number of employees and the ratio of average weekly hours per employee for all employees to average weekly hours per employee on full-time schedules. 2. Consists of museums, botanical, zoological gardens; engineering and management services; and services, not elsewhere classified. Transportation services Communications Telephone and telegraph Radio and television Electric, gas, and sanitary services . 29,593 50,736 37,218 46,725 1995 1996 30,884 49,316 52,945 40,832 31,551 50,716 54,287 42,561 50,433 1994 371 1,182 838 344 918 1995 388 1,195 837 358 1996 396 1,228 854 374 872 Wholesale trade 36,504 37,817 39,256 5,971 6,200 6,278 Retail trade . 18,130 18,300 18,821 17,307 18,029 18,383 Finance, insurance, and real estate Depository institutions Nondepository institutions Security and commodity brokers Insurance carriers Insurance agents, brokers, and services. Real estate Holding and other investment offices 39,282 31,921 38,647 89,937 39,610 36,447 27,456 58,767 41,698 33,935 41,070 97,499 41,494 37,854 28,308 63,971 44,629 35,926 43,224 108,760 43,593 39,648 29,780 67,933 6,620 1,972 468 521 1,468 687 1,259 245 6,550 1,935 446 533 1,449 697 1,252 238 6,635 1,921 491 558 1,447 707 1,273 238 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 27,886 19,585 17,337 24,554 21,943 27,216 34,434 22,904 32,780 51,497 23,637 28,987 20,117 17,915 25,942 22,454 28,134 36,639 23,680 34,098 53,107 24,263 29,935 20,733 18,518 27,713 23,074 29,204 37,706 24,509 34,624 54,984 24,895 29,461 1,479 • -1;T18 5,795 1,005 320 355 1,143 8,288 940 1,747 30,864 1,519 1,139 6,372 1,061 343 393 1,231 8,492 937 1,801 32,222 1,559 1,162 6,875 1,136 358 432 1,296 8,774 944 19,266 17,381 21,395 43,984 13,143 19,834 17,931 22,074 45,754 14,118 20,346 18,396 22,681 47,146 14,079 3,808 2,020 1,788 2,642 821 3,950 2,135 1,815 2,807 819 4,067 2,216 1,851 2,955 796 Government Federal General government Civilian Military3 Government enterprises ... State and local General government Education Other Government enterprises .... 32,921 37,205 36,138 41,357 30,237 42,404 31,456 31,323 31,269 31,380 33,396 33,992 38,641 37,774 42,611 32,262 42,655 32,466 32,330 32,195 32,479 34,446 35,300 40,574 39,876 44,739 34,241 43,660 33,634 33,514 33,611 33,408 35,377 18,292 4,661 3,867 2,052 1,815 794 13,631 12,754 6,635 6,119 877 18,327 4,530 3,725 1,984 1,741 805 13,797 12,910 6,770 6,140 18,204 4,368 3,562 1,912 1,650 806 13,836 12,945 6,791 6,154 891 Rest of the world 4 ... -482 -485 3. Includes Coast Guard. 4. Beginning with 1993, includes estimates of foreign professional workers and undocumented Mexican migratory workers employed temporarily in the United States. NOTE.-Estimates in this table are based on the 1987 Standard Industrial Classification (SIC). v ' D-34 • National Data SURVEY OF CURRENT BUSINESS Table B.10.—Farm Sector Output, Gross Product, and National Income Farm output. Cash receipts from farm marketings Crops Livestock Farm housing Farm products consumed on farms Other farm income Change in farm inventories Crops Livestock Less: Intermediate goods and services purchased Intermediate goods and services, other than rent Rent paid to nonoperator landlords Equals: Gross farm product 1994 1995 1996 202.9 197.9 219.9 180.9 92.8 88.1 5.8 .5 4.9 10.8 9.7 1.1 193.9 106.9 87.0 5.9 .5 5.6 -7.9 -8.2 .2 204.2 111.4 92.9 6.1 .4 6.3 2.9 4.1 -1.3 1994 1995 1996 199.4 192.0 193.1 178.2 88.4 89.9 5.2 .5 4.8 11.7 9.2 1.2 188.5 96.9 91.3 5.2 .5 5.2 -9.2 -7.7 .3 179.0 88.9 90.5 5.1 .4 5.3 2.6 3.0 -1.5 119.4 124.4 130.6 114.7 117.6 117.3 105.3 14.1 110.0 14.3 113.7 16.8 100.7 14.0 103.4 14.2 101.2 16.2 83.5 73.5 89.4 85.0 74.2 75.5 Less: Consumption of fixed capital 23.7 24.7 25.6 22.4 22.8 23.2 Equals: Net farm product 59.8 48.8 63.8 62.9 51.3 52.2 Less: Indirect business tax and nontax liability .". Plus: Subsidies to operators Equals: Farm national income Compensation of employees Wage and salary accruals Supplements to wages and salaries Proprietors' income and corporate profits with IVA and CCAdj Proprietors' income Corporate profits Net interest 4.8 6.6 64.9 14.6 12.3 2.2 49.7 15.7 13.3 2.4 37.8 36.9 .9 9.1 24.7 23.4 1.2 9.4 38.6 37.2 1.4 9.8 61.5 16.5 14.2 2.3 NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. CCAdj Capital consumption adjustment IVA Inventory valuation adjustment Table B.11.—Housing Sector Output, Gross Product, and National Income Billions of chained (1992) dollars Billions of dollars July 1998 Billions of dollars Housing output' Nonfarm housing .... Owner-occupied . Tenant-occupied Farm housing Less: Intermediate goods and services consumed Equals: Gross housing product. Nonfarm housing Owner-occupied Tenant-occupied Farm housing Billions of chained (1992) dollars 1994 1995 1996 1994 1995 1996 686.7 722.7 758.1 649.9 663.4 675.2 680.9 507.0 174.0 5.8 716.8 532.2 184.6 5.9 752.0 558.3 193.6 6.1 644.8 479.6 658.3 487.2 171.1 5.2 670.2 495.3 174.9 5.1 165.2 5.2 87.6 88.5 94.1 83.1 82.1 85.3 599.1 634.2 629.2 462.8 166.4 5.0 664.0 658.8 484.0 174.9 5.1 566.8 562.7 415.6 147.1 4.2 581.3 577.0 423.1 153.9 4.3 589.9 585.7 428.3 157.5 4.2 594.4 439.5 155.0 4.7 Less: Consumption of fixed capital ... Capital consumption allowances ... Less: CCAdj 114.8 59.6 -55.1 118.2 62.8 -55.4 112.2 103.6 104.6 -59.6 Equals: Net housing product 478.6 519.4 545.8 454.5 477.8 485.5 Less: Indirect business tax and nontax liability plus business transfer payments 112.9 116.2 119.5 20.6 20.8 22.6 386.4 424.0 448.9 7.7 17.6 8.1 8.5 27.1 115.8 5.6 Plus: Subsidies less current surplus of government enterprises Equals: Housing national income . Compensation of employees Proprietors' income with IVA and CCAdj . Rental income of persons with CCAdj Corporate profits with IVA and CCAdj Net interest 120.5 60.9 96.7 4.2 260.2 25.2 104.3 5.1 281.3 292.0 1. Equals personal consumption expenditures for housing less expenditures for other housing as shown in table B.4. NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. CCAdj Capital consumption adjustment IVA Inventory valuation adjustment National Data • SURVEY OF CURRENT BUSINESS July 1998 D-35 Table B.12.—Net Stock of Fixed Private Capital, by Type [Yearend estimates] Current-cost valuation (billions of dollars) Fixed private capital Private producers' durable equipment Nonresidential equipment Information processing and related equipment Office, computing, and accounting machinery Computers and peripheral equipment Other office equipment Communication equipment Instruments Photocopy and related equipment Chain-type quantity indexes (1992=100) 1991 1992 1993 1994 1995 1996 12,955.2 13,484.1 14,198.8 15,064.5 15,738.6 16,503.4 98.49 1991 1992 1993 1994 1995 1996 100.00 101.94 104.15 106.67 109.58 2,570.3 2,642.7 2,742.1 2,881.7 3,050.3 3,232.9 98.37 100.00 102.74 106.62 111.68 117.63 2,519.5 2,590.0 2,686.7 2,823.1 2,989.3 3,168.9 98.39 100.00 102.72 106.61 111.70 117.69 603.2 119.0 99.5 19.5 629.0 120.7 101.0 19.7 330.8 109.9 67.5 650.4 128.3 107.9 20.4 333.0 117.9 71.2 673.8 138.5 118.0 20.6 335.3 124.1 75.8 704.0 151.: 130.4 20.9 342.7 130.6 79.4 785.4 175.7 153.9 21.8 391.5 136.1 82.0 94.86 87.31 85.14 99.35 97.21 95.09 97.52 100.00 100.00 100.00 100.00 100.00 100.00 100.00 106.40 120.18 124.20 101.27 102.41 105.34 104.27 113.96 144.51 154.49 101.08 106.50 109.32 109.02 125.25 189.3 211.49 101.82 112.84 112.73 112.00 140.31 264.83 308.42 108.04 120.39 116.19 113.98 916.8 991.4 90.3 56.8 51.5 5.4 183.0 218.2 202.5 240.! 1,050.3 93. 58.4 52. 5.9 197.0 232.1 212.5 256.7 1,083.6 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 101.38 100.07 102.12 102.13 102.06 100.48 101.85 100.70 102.57 103.55 100.95 104.56 104.33 106.76 102.74 104.03 102:25 105.65 106.34 101.72 105.58 104.68 114.34 106.16 107.46 104.37 109.13 108.92 102.72 105.86 104.57 118.43 109.54 109.64 107.35 112.29 318.9 101.4 64.0 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 898.3 87.7 50.8 46.0 4.8 167.1 193.4 185.7 213.6 221.0 945.7 87.0 53.2 48.2 5.0 174.4 207.5 194.9 228.7 261.6 99.38 100.79 97.84 97.48 101.47 100.38 99.14 100.53 97.65 Transportation and related equipment Trucks, buses, and truck trailers Autos Aircraft Ships and boats Railroad equipment 491.2 160.6 102.5 114.4 45.5 68.2 510.0 169.1 107.6 121.2 45.1 67.1 538.9 185.5 111.7 127.1 45.6 69.0 581.2 210.1 124.6 129.; 44.7 72.7 .627.2 236.8 131.1 136.2 44.3 78.8 660.5 259.6 138.0 140.3 44.4 78.3 98.93 98.99 97.44 97.17 103.69 101.16 100.00 100.00 100.00 100.00 100.00 100.00 102.30 105.33 100.93 102.25 98.25 99.65 106.91 115.39 109.20 100.57 95.33 100.79 111.8 127.18 113.03 101.80 92.42 102.22 116.89 139.25 117.20 103.08 89.79 102.81 Other equipment Furniture and fixtures Household furniture Other furniture Tractors Farm tractors Construction tractors Agricultural machinery, except tractors Construction machinery, except tractors Mining and oilfield machinery Service industry machinery Electrical equipment, n.e.c Household appliances Other Other nonresidential equipment 526.8 140.0 9.0 131.0 534.2 146.1 9.1 137.0 54.1 42.4 11.7 551.8 153.8 9.4 144.4 55.1 43.2 11.9 65.6 576.6 163.0 9.7 153.3 57.2 45.1 12.1 67.1 607.7 175.0 10.1 164.9 59.1 46.8 100.42 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 98.81 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 101.19 103.04 100.43 103.21 99.71 100.28 97.68 98.79 69.6 14.0 64.5 48.9 639.4 186.2 10.5 175.7 60.9 48.2 12.7 72.2 77.1 13.3 76.7 50.9 5.2 45.7 102.1 93.67 99.38 104.87 101.98 105.20 103.18 103.29 105.84 101.74 106.1; 101.34 102.61 96.85 99.07 100.51 87.79 103.02 107.43 104.43 107.77 106.40 106.0' 110.10 103.22 110.55 103.25 105.11 96.65 99.89 103.15 83.85 107.46 109.26 107.35 109.47 109.34 109.92 115.18 105.88 115.79 105.60 107.84 97.69 101.40 106.11 78.91 117.36 111.42 110.74 111.49 112.59 Residential equipment Private structures Nonresidential structures Nonresidential buildings, excluding farm Industrial buildings Office buildingsl Commercial buildings Mobile structures Other commercial2 Religious buildings Educational buildings Hospital and institutional buildings Other Hotels and motels Amusement and recreational buildings Other nonfarm buildings3 54.1 42.3 11.8 65.4 86.7 51.8 47.1 4.7 168.8 199.4 189.0 66.7 64.9 66.0 16.7 61.0 41.5 4.5 37.0 15.3 60.3 44.6 4.6 40.1 12.3 69.9 73.2 13.8 69.2 50.3 5.1 45.2 81.2 83.0 66.8 14.6 61.0 47.2 4.7 42.5 87.7 92.4 97.2 50.8 52.6 55.4 58.6 61.0 10,384.9 10,841.4 11,456.7 12,182.8 12,688.3 4,177.2 2,593.9 589.7 611.2 653.7 6.4 647.4 4,302.7 2,686.1 613.0 625.4 678.7 6.6 672.1 123.5 108.0 4,528.9 2,834.9 636.2 670.1 717.2 7.2 710.1 129.4 114.7 276.7 4.9 44.0 4,775.6 3,011.3 673.6 707.8 765.0 7.9 4,970.8 3,144.1 700.7 736.5 803.8 95.7 59.7 53.5 6.3 205.8 240.0 220.8 64.1 97.03 100.00 103.36 107.18 111.01 114.80 13,270.4 98.52 100.00 101.75 103.57 105.50 107.74 5,163.3 98.92 100.00 101.16 102.20 103.61 105.43 3,299.0 725.9 767.1 855.8 8.7 98.44 173.3 88.7 78.5 98.47 99.10 97.05 96.87 99.67 99.51 98.63 101.07 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 101.38 100.17 101.51 101.96 101.54 101.97 101.10 102.47 102.72 100.79 101.03 101.25 99.84 102.97 101.44 102.54 103.93 103.27 103.94 102.06 105.40 105.71 101.88 101.79 103.20 100.73 105.02 103.03 104.24 106.63 105.36 106.64 103.23 108.64 108.08 103.76 104.25 106.83 99.60 107.92 104.54 106.37 111.20 107.95 111.24 104.47 112.77 110.59 108.01 109.82 111.45 100.81 1,236.4 311.1 229.9 481.8 170.4 43.2 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 99.08 101.66 100.86 101.42 100.18 100.76 98.22 103.71 100.77 101.99 100.25 101.29 97.42 106.33 101.20 102.88 100.00 101.73 96.92 109.22 101.28 103.23 99.92 98.72 98.46 119.7 102.6 246.2 270.8 135.6 67.8 67.4 1,032.3 266.7 181.1 410.9 136.8 36.8 259.8 277.6 290.6 757.1 136.6 123.5 297.9 307.0 139.2 70.2 68.2 1,062.0 272.4 185.3 423.8 143.1 37.5 145.9 73.7 71.0 1,120.2 290.1 194.0 443.4 153.0 39.6 153.7 78.6 74.7 1,159.7 294.0 204.8 459.6 160.0 41.2 8.3 795.5 141.4 130.2 311.6 319.9 161.0 83.2 75.7 1,199.7 300.3 218.3 476.5 163.1 41.5 182.0 263.8 234.7 29.0 105.2 183.5 259.0 229.3 29.7 112.1 194.3 260.1 229.2 31.0 119.4 201.6 274.5 241.6 32.9 128.4 204.6 283.7 250.0 33.7 138.7 206.1 278.5 244.5 34.1 143.3 101.36 101.90 102.17 99.81 94.60 100.00 100.00 100.00 100.00 100.00 102.10 99.14 98.97 100.48 104.32 101.29 98.31 97.82 101.99 107.95 100.48 97.36 96.76 101.92 111.30 99.14 95.89 95.21 101.14 113.37 Residential structures 6,207.7 6,538.7 6,927.8 7,407.2 7,717.5 8,107.1 98.25 100.00 102.14 104.47 106.75 109.25 Housing units Permanent site 1-to-4-unit 5-or-more-unit Mobile homes Improvements Other residential5 5,057.2 4,959.6 4,226.4 733.2 97.6 1,124.7 25.9 5,327.0 5,226.1 4,465.3 760.7 100.9 1,185.1 26.6 5,667.3 5,557.9 6,078.4 5,956.2 5,182.3 773.8 6,322.4 6,190.1 6,639.3 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 99.67 104.20 104.17 105.01 99.05 105.56 105.87 98.53 106.43 106.36 107.45 99.64 110.07 WB.42 97.95 108.99 108.86 110.22 100.47 115.21 110.75 97.69 Utilities Railroad Telecommunications Electric light and power Gas Petroleum pipelines Farm related buildings and structures Mining exploration, shafts, and wells Petroleum and natural gas Other mining Other nonfarm structures4 1. Consists of office buildings, except those occupied by electric and gas utility companies. 2. Consists primarily of stores, restaurants, garages, service stations, warehouses, and other buildings used for commercial purposes. 3. Consists of buildings not elsewhere classified, such as passenger terminals, greenhouses, and animal hospitals. 4. Consists primarily of streets, dams, reservoirs, sewer and water facilities, parks, and airfields. 5. Consists primarily of dormitories, fraternity and sorority houses, and nurses' homes. 4,796.1 761.9 109.4 1,232.6 27.8 5,398.5 791.5 122.2 132.3 1,299.8 29.0 1,365.8 29.3 847.1 146.2 138.0 325.6 340.5 6,497.7 5,662.9 834.8 141.5 1,438.0 29.9 NOTE.—The data in this table are from "Fixed Reproducible Tangible Wealth in the United States: Revised Estimates for 1993-95 and Summary Estimates for 1925-96" in the September 1997 SURVEY OF CURRENT BUSINESS. n.e.c. Not elsewhere classified. D-36 • National Data SURVEY OF CURRENT BUSINESS July 1998 C. Historical Tables. The tables in this section are derived from the "Summary National Income and Product Series" tables that were published in the August 1997 issue of the SURVEY OF CURRENT BUSINESS and from the "Selected NIPA Tables" that are published in this issue. (Changes in prices are calculated from indexes expressed to three decimal places.) Table C.1.—Historical Measures of Real Gross Domestic Product, Real Gross National Product, and Real Gross Domestic Purchases [Quarterly estimates are seasonally adjusted at annual rates] Percent change from preceding period Billions of chained (1992) dollars Year and quarter Gross domestic Final sales of domestic product product Chain-type price indexes Implicit price deflators Percent change from preceding period Implicit pric 3 deflators Gross national Gross domestic Final sales of Gross domestic Gross domestic Gross domestic Gross national purchases product Gross domestic Gross domestic Gross domestic Gross national domestic product product product product purchases product product product product Chain-type price index 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 2454 8 2,559.4 2,708.4 2,264.2 2,318.0 24454 2,552.4 2,705.1 2,276.0 2,329.1 2471 5 2,577.3 2,727.8 2.4 2.3 61 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 2385 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 13 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 33145 3,413.3 6.4 6.5 2.5 4.7 3.0 5.7 6.1 3.0 4.9 3.0 24.95 25.66 26.48 27.64 28.94 24.39 25.07 25.83 26.95 28.21 24.96 25.67 26.49 27.64 28.94 24.97 25.68 26.50 27.66 28.96 1.9 2.8 3.2 4.4 4.7 1.9 2.8 3.0 4.3 4.7 2.0 2.8 3.2 4.4 4.7 2.0 2.8 3.2 4.4 4.7 1970 1971 1972 1973 1974 3,397.6 3,510.0 3,702.3 3,916.3 3,891.2 3,406.5 3,499.8 3,689.5 3,883.9 3,873.4 3,417.1 3,532.1 3,726.3 3,950.1 3,930.2 .1 3.3 5.5 5.8 -.6 .9 2.7 5.4 5.3 -.3 30.48 32.05 33.42 35.30 38.46 29.73 31.32 32.71 34.64 38.17 30.48 32.06 33.42 35.30 38.47 30.50 32.08 33.44 35.32 38.49 5.3 5.2 4.2 5.6 8.9 5.4 5.3 4.5 5.9 10.2 5.3 5.2 4.2 5.6 9.0 5.3 5.2 4.2 5.6 8.9 3,873.9 4,082.9 4 273 6 4,503.0 4,630.6 3,906.4 4,061.7 4,240.8 4,464.4 4,614.4 3,903.3 4,118.8 4,314.5 4,543.7 4,687.4 -.4 5.4 4.7 5.4 2.8 .9 4.0 4.4 5.3 3.4 42.09 44.55 47.42 50.88 55.22 41.72 44.15 47.18 50.65 55.22 42.09 44.55 47.43 50.89 55.23 42.11 44.58 47.46 50.92 55.26 9.4 5.8 6.5 7.3 8.5 9.3 5.8 6.9 7.4 9.0 9.4 5.8 6.5 7.3 8.5 9.4 5.9 6.5 7.3 8.5 1980 1981 1982 1983 1984 4,615.0 4,720.7 4,620.3 4,803.7 5,140.1 4,641.9 4,691.6 4,651.2 4,821.2 5,061.6 4,670.8 4,769.9 4,662.0 4,844.8 5,178.0 -.3 2.3 -2.1 4.0 7.0 .6 1.1 -.9 3.7 5.0 60.34 66.01 70.18 73.16 75.92 61.10 66.72 70.64 73.31 75.90 60.33 66.01 70.17. 73.16 75.92 60.36 66.05 70.21 73.20 75.97 9.3 9.4 6.3 4.3 3.8 10.7 9.2 5.9 3.8 3.5 9.2 9.4 6.3 4.3 3.8 9.2 9.4 6.3 4.3 3.8 1985 1986 1987 1988 1989 5,323.5 5,487.7 5,649.5 5 865 2 6,062.0 5,296.9 5,480.9 5,626.0 5 855.1 6,028.7 5,346.7 5,501.2 5,658.2 5 878.5 6,075.7 3.6 3.1 2.9 3.8 3.4 4.6 3.5 2.6 4.1 3.0 78.53 80.58 83.06 86.10 89.72 78.34 80.40 83.11 86.13 89.78 78.53 80.58 83.06 86.09 89.72 78.57 80.62 83.09 86.12 89.75 3.4 2.6 3.1 3.7 4.2 3.2 2.6 3.4 3.6 4.2 3.4 2.6 3.1 37 4.2 3.4 2.6 3.1 37 4.2 1990 1991 1992 1993 1994 6,136.3 6 0794 6,244.4 6,389.6 6,610.7 6,126.7 60826 6,237.4 6,368.9 6,551.2 6,157.0 60949 6,255.5 6,408.0 6,619.1 1.2 -9 2.7 2.3 3.5 1.6 -.7 2.5 2.1 2.9 93.64 97.32 100.00 102.64 105.09 93.83 97.30 100.00 102.48 104.85 93.60 97.32 100.00 102.64 105.09 93.63 97.33 100.00 102.63 105.08 4.4 3.9 2.8 2.6 2.4 4.5 3.7 2.8 2.5 2.3 4.3 40 2.8 2.6 2.4 4.3 40 2.7 2.6 2.4 1995 1996 1997 6,742.1 6,928.4 7,188.8 6,712.7 6,901.0 7,118.3 6,748.7 6,932.0 7,174.4 2.0 2.8 3.8 2.5 2.8 3.1 107.76 110.22 112.45 107.52 109.86 111.76 107.76 110.21 112.40 107.73 110.18 112.35 2.5 2.3 2.0 2.5 2.2 1.7 2.5 2.3 2.0 2.5 2.3 2.0 1959: I 2,165.0 2,223.3 2,221.4 2,231.0 2,165.5 2,204.2 2,232.6 2,225.3 2,176.2 2,234.5 2,233.5 2,243.9 8.6 11.2 -.3 1.7 9.2 7.3 5.3 -1.3 22.86 22.92 22.96 23.05 22.35 22.41 22.45 22.53 22.92 22.91 22.94 23.03 22.93 22.91 22.95 23.04 .8 1.1 .7 1.5 1.1 1.1 .7 1.5 .8 -.3 .6 1.6 .8 -.3 .6 1.6 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 -5.4 .5 -5.1 4.2 3.6 -.6 1.7 23.10 23.21 23.32 23.44 22.57 22.69 22.80 22.92 23.13 23.22 23.32 23.40 23.14 23.23 23.33 23.41 .9 2.0 2.0 2.1 .8 2.1 2.0 2.1 1.8 1.5 1.7 1.4 1.9 1.5 1.7 1.4 1961:I II Ill IV 2,251.7 2,292.0 2,332.6 2,381.0 2,277.7 2,301.1 2,320.4 2,372.8 2,266.8 2,306.3 2,347.1 2,395.9 2.4 7.4 7.3 8.6 .5 4.2 3.4 9.3 23.48 23.51 23.55 23.61 22.96 22.97 23.01 23.06 23.45 23.51 23.56 23.63 23.46 23.52 23.57 23.64 .7 .5 .7 1.1 .6 .2 .7 .9 .9 1.0 .8 1.2 .9 1.0 .8 1.2 1962: I II Ill IV 2,422.6 2,448.0 2,471.9 2,476.7 2,400.3 2,440.7 2,462.0 2,478.7 2,437.4 2,464.4 2,488.4 2,495.9 7.2 4.3 4.0 .8 4.7 6.9 3.5 2.7 23.73 23.80 23.86 23.96 23.17 23.24 23.31 23.41 23.75 23.81 23.87 23.94 23.76 23.81 23.87 23.95 2.0 1.1 1.1 1.7 1.9 1.4 1.1 1.8 2.0 1.0 1.0 1.2 2.0 1.0 1.0 1.2 1963- I II Ill IV 2,508.7 2,538.1 2,586.3 2,604.6 2,492.4 2,533.8 2,578.0 2,605.3 2,526.9 2,555.5 2,604.0 2,622.9 5.3 4.8 7.8 2.9 2.2 6.8 7.2 4.3 24.03 24.07 24.11 24.26 23.48 23.53 23.58 23.72 24.00 24.07 24.12 24.29 24.01 24.08 24.13 24.30 1.2 .6 .7 2.4 1.3 .8 .9 2.5 1.1 1.1 .8 3.0 1 1 1.1 .8 3.0 1964: I II Ill IV 2,666.7 2,697.5 2,729.6 2,739.7 2,663.1 2,695.0 2,727.6 2,734.5 2,686.8 2,716.8 2,749.5 2,758.1 9.9 4.7 4.8 1.5 9.2 4.9 4.9 1.0 24.33 24.41 24.53 24.64 23.80 23.89 23.99 24.09 24.35 24.41 24.52 24.64 24.36 24.42 24.53 24.65 1.2 1.3 1.9 1.8 1.3 1.5 1.8 1.6 .9 .9 1.8 2.1 .9 .9 1.8 2.1 2,808.9 2,846.3 2,898.8 2,970.5 2,777.2 2,826.7 2,879.8 2,957.8 2,830.0 2,868.2 2,918.9 2,988.6 10.5 5.4 7.6 10.3 6.4 7.3 7.7 11.3 24.76 24.88 25.01 25.16 24.19 24.31 24.44 24.61 24.77 24.88 25.01 25.17 24.78 24.89 25.02 25.18 2.0 2.0 2.1 2.5 1.6 2.0 2.2 2.8 2.0 1.9 2.1 2.6 2.0 1.9 2.1 2.6 1966: 1 II 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 1.7 2.8 3.4 7.1 1.9 3.2 1.0 25.30 25.50 25.82 26.03 24.73 24.93 25.22 25.41 25.32 25.53 25.79 26.02 25.34 25.54 25.81 26.03 2.2 3.2 5.1 3.4 1.9 3.2 4.8 3.1 2.5 3.2 4.2 3.5 2.5 3.3 4.2 3.5 1967:1 II III IV 3,127.2 31295 3,154.2 3,178.0 3,085.6 3,119.0 3,134.2 3,161.5 3,145.9 3,147.7 3,174.4 3,197.5 3.2 3 3.2 3.1 4.1 44 2.0 3.5 26.16 2632 26.57 26.87 25.52 25.67 25.92 26.21 26.14 26.31 26.60 26.90 26.15 26.32 26.61 26.91 2.0 2.5 3.9 4.6 1.6 2.5 3.9 4.5 1.9 25 4.5 4.6 2.0 25 4.5 4.6 1975 1976 1977 1978 1979 .. . in""!!!".!!!! IV 1960:1 II Ill IV 1965:1 II . Ill IV ... D-37 National Data SURVEY OF CURRENT BUSINESS July 1998 Table C.1.—Historical Measures of Real Gross Domestic Product, Real Gross National Product, and Real Gross Domestic Purchases—Continued [Quarterly estimates are seasonally adjusted at annual rates] Billions of chained (1992) dollars Year and quarter Percent change from preceding nannri periou Gross, domestic product Final sales of domestic product Gross national product 1968-1 II Ill IV 3,236.2 3,292.1 3,316.1 3,331.2 3,225.3 3,258.0 3,303.9 3,325.1 1969:1 II Ill IV 3,381.9 3,390.2 3,409.7 3,392.6 1970:1 II Ill. IV Chain-type price indexes Implicit price deflators Percent change from preceding period Hpflatnr^ Implicit pric pt? VjcMuLUio Chain-type price index Gross domestic Gross domestic Gross domestic purchases product product Gross nationa product 26.52 26.80 27.06 27.43 27.21 27.49 27.75 28.12 28.38 28.74 29.14 29.51 27.66 28.02 28.40 28.77 -.8 29.92 30.36 30.60 31.02 5.3 2.6 3.3 4.7 8.3 9.6 4.2 7.1 3,921.5 3,950.4 3,944.1 3,984.4 3,889.1 3,899.7 3,882.5 3,822.2 3,800.9 3,835.2 3,907.0 3,952.5 1976:1 II Ill IV 1977: Gross domestic product Final sales of domestic product 3,256.2 3,312.5 3,337.3 3,352.2 75 7.'1 3.0 1.8 8.3 4.1 5.8 2.6 27.19 27.50 27.75 28.12 3,357.5 3,373.0 3,389.6 3,388.9 3,402.8 3,410.3 3,428.5 3,411.4 6.2 1.0 2.3 -2.0 4.0 1.9 2.0 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 1971:1 II Ill IV 3,481.4 3,500.9 3,523.8 3,533.8 3,458.9 3,481.2 3,509.4 3,549.5 3,503.3 3,524.3 3,544.7 3,556.0 11.3 2.3 2.6 1.1 1972:1 II Ill IV 3,604.7 3,687.9 3,726.2 3,790.4 3,608.0 3,665.7 3,700.0 3,784.3 3,627.9 3,710.7 3,751.2 3,815.3 1973- I II Ill 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 1974:1 II Ill IV 3,908.1 3,922.6 3,880.0 3,854.1 1975:1 II Ill IV Gross domestic product Gross domestic purchases 27.22 27.50 27.76 28.13 4.8 4.5 3.7 5.5 4.9 4.2 4.0 5.5 4.7 4.1 3.8 5.5 4.8 4.1 3.8 5.5 28.39 28.73 29.14 29.51 28.40 28.75 29.16 29.52 3.7 5.2 5.7 5.2 3.5 5.3 5.6 5.2 3.8 5.0 5.8 5.1 3.9 5.0 5.8 5.1 29.18 29.59 29.87 30.29 29.94 30.36 30.61 31.02 29.95 30.37 30.63 31.03 5.7 6.0 3.2 5.9 5.8 3.8 6.0 5.7 3.4 6.0 57 3.4 5.6 5.7 5.4 5.4 31.50 31.93 32.25 32.53 30.75 31.18 31.52 31.81 31.50 31.93 32.27 32.54 31.52 31.94 32.29 32.55 6.3 5.7 4.1 3.5 6.2 5.7 45 3.7 6.4 5.5 4.4 3.3 6.4 5.5 4.4 3.3 6.8 6.5 3.8 9.4 33.01 33.23 33.50 33.93 32.28 32.53 32.82 33.23 33.02 33.20 33.49 33.95 33.03 33.22 33.51 33.97 6.0 2.6 3.3 5.2 6.0 3.1 3.6 5.1 6.0 2.2 3.5 5.6 6.1 2.2 3.5 5.6 11.2 2.8 -1.2 4.2 9.0 1.8 .7 34.38 34.96 35.63 36.24 33.69 34.33 34.95 35.60 34.36 34.94 35.61 36.29 34.38 34.96 35.63 36.31 5.5 6.9 7.8 7.0 5.6 7.8 7.5 7.6 5.0 6.9 7.9 7.8 5.0 6.9 7.9 7.8 3,952.4 3,964.3 3,917.6 3,886.1 ^3.9 1.5 -4.3 -2.6 -.4 1.1 -1.8 -6.1 36.98 37.79 38.93 40.14 36.55 37.59 38.71 39.84 37.01 37.79 38.96 40.13 37.03 37.81 38.98 40.15 8.4 9.0 12.7 13.0 11.1 11.9 12.5 12.2 8.2 8.7 12.9 12.6 8.2 8.7 12.9 12.5 3,848.3 3,887.9 3,922.7 3,966.7 3,827.3 3,861.8 3,936.1 3,987.9 -5.4 3.7 7.7 4.7 2.8 4.2 3.6 4.6 41.04 41.67 42.44 43.21 40.69 41.34 42.05 42.79 41.05 41.66 42.41 43.19 41.07 41.68 42.44 43.22 9.2 6.3 7.6 7.4 8.8 6.5 7.0 7.2 9.5 6.1 7.4 7.6 9.5 6.1 7.4 7.6 4,044.6 4,072.2 4,088.5 4,126.4 4,027.0 4,039.1 4,061.7 4,119.0 4,078.8 4,107.9 4,124.8 4,163.7 9.7 2.8 1.6 3.8 6.2 1.2 2.3 5.8 43.68 44.17 44.78 45.56 43.26 43.76 44.42 45.16 43.69 44.15 44.77 45.57 43.72 44.18 44.80 45.60 4.4 4.6 5.7 7.2 4.5 47 6.1 6.9 4.7 4.2 5.7 7.3 47 4.2 5.7 7.3 I II Ill IV 4,176.3 4,260.1 4,329.5 4,328.3 4,161.4 4,228.4 4,270.0 4,303.3 4,219.4 4,302.2 4,371.2 4,365.0 4.9 8.3 6.7 -.1 4.2 6.6 4.0 3.2 46.31 47.08 47.74 48.55 45.99 46.81 47.55 48.36 46.32 47.07 47.66 48.63 46.34 47.10 47.69 48.66 6.7 6.8 5.7 7.0 7.6 7.3 6.4 7.1 6.8 6.6 5.1 8.4 6.7 6.7 5.1 8.4 1978:1 . 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 .3 49.42 50.41 51.27 52.35 49.45 50.44 51.30 52.39 6.7 6.7 16.6 3.4 4.9 49.19 50.22 51.11 52.08 7.0 16.1 3.7 4.6 49.39 50.43 51.32 52.37 7.1 III IV 8.6 7.3 8.4 8.6 7.3 7.9 8.2 7.0 8.7 8.2 7.1 87 1979:1 II Ill 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 1.2 -.2 5.5 2.0 53.46 54.70 55.82 56.92 53.21 54.52 55.89 57.25 53.51 54.65 55.82 56.92 53.54 54.68 55.85 56.95 8.6 9.6 8.5 8.1 9.0 10.2 10.4 10.2 9.1 8.8 8.9 8.1 9.1 8.8 8.9 8.1 198011 4 679 0 4,566.6 4,562.3 4,651.9 4 675 3 4,579.0 4 6371 4,676.1 4,743.0 4,625.6 46178 4,696.6 2.0 1.1 3.4 58.18 59.55 61.01 62.59 58.22 59.58 61.05 62.64 9.6 9.3 11.2 12.0 10.7 9.3 10.5 92 8.1 58.89 60.41 61.77 63.33 9.2 -8.0 5.2 58.25 59.59 60.93 62.57 9.7 -9.3 -.4 9.7 10.2 10.8 97 102 10.8 4,739.2 4,696.8 4,753.0 4,693.8 4,692.9 4,699.0 4,702.5 4,672.0 4,787.7 4,742.6 4,801.4 4,747.9 7.7 -3.5 4.9 -4.9 1.4 .5 .3 -2.6 64.19 65.35 66.65 67.85 64.96 66.15 67.27 68.48 64.15 65.37 66.65 67.87 64.20 65.42 66.69 67.91 10.7 7.4 8.2 7.4 10.7 7.5 7.0 7.3 10.3 7.8 8.0 7.5 10.4 7.8 8.0 7.5 || || III IV 1981' I II Ill IV . . . is Gross domestic Gross national product product 1982: I || III IV 4,615.9 4,634.9 4,612.1 4,618.3 4,655.4 4,651.2 4,616.9 4,681.3 4,658.5 4,682.9 4,651.1 4,655.6 -6.5 1.7 -2.0 .5 -1.4 -.4 -2.9 5.7 68.85 69.71 70.69 71.46 69.42 70.17 71.10 71.85 68.86 69.72 70.66 71.44 68.91 69.77 70.70 71.47 6.0 5.1 5.7 4.5 5.6 4.4 5.4 4.3 6.0 5.1 5.5 4.4 6.0 5.1 5.5 4.4 1983: I II Ill IV 4,663.0 4,763.6 4,849.0 4,939.2 4,719.4 4,785.3 4,860.7 4,919.5 4,700.1 4,804.4 4,891.3 4,983.5 3.9 8.9 7.4 7.7 3.3 5.7 6.4 4.9 72.12 72.84 73.50 74.19 72.33 73.03 73.65 74.24 72.08 72.83 73.48 74.19 72.12 72.87 73.52 74.24 3.7 4.1 3.7 3.8 2.7 3.9 3.4 3.2 3.7 4.2 37 3.9 37 4.2 37 3.9 1984: I II Ill IV 5,053.6 5,132.9 5,170.3 5,203.7 4,961.0 5,050.0 5,085.6 5,149.9 5,092.6 5,172.4 5,209.5 5,237.5 9.6 3.4 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 4.5 4.5 7.4 2.9 5.2 75.00 75.62 76.25 76.82 4.4 6.4 3.0 2.6 3.3 3.4 3.0 3.3 2.9 2.7 3.1 3.5 3.0 3.1 3.6 2.9 1985:1 II III 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 4.2 2.0 5.9 2.6 6.5 2.3 5.9 1.6 77.64 78.25 78.80 79.44 77.38 78.02 78.58 79.37 77.63 78.25 78.76 79.45 77.67 78.29 78.80 79.49 4.3 3.2 2.8 3.3 3.6 3.3 2.9 4.1 4.4 3.3 2.6 3.5 4.3 32 2.6 3.5 1986-1 II Ill IV 5 4608 5,466.9 5,496.3 5,526.8 5,410.5 5,448.4 5,518.2 5,546.6 5,481.1 5,480.1 5,510.4 5,533.1 5.1 4.0 79.77 79.97 80.60 81.25 79.81 80.22 80.84 81.45 79.85 80.26 80.88 81.49 2.0 1.8 1.8 2.8 5.2 2.1 79.81 80.26 80.81 81.44 1.9 .4 2.2 2.2 ' 2.2 2.8 3.2 1.0 3.2 3.3 2.1 3.1 3.1 2.1 3.1 3.0 1987:1 II Ill IV 5,561.8 5,618.0 5,667.4 5,750.6 5,535.8 5,608.4 5,671.5 5,688.3 5,568.7 5,628.7 5,676.0 5,759.6 2.6 4.1 3.6 6.0 -.8 5.4 4.6 1.2 82.11 82.68 83.35 84.08 82.07 82.74 83.44 84.19 82.09 82.68 83.33 84.09 82.12 82.71 83.36 84.12 3.3 2.8 3.3 3.6 4.1 3.3 3.4 3.6 3.2 2.9 3.2 3.7 3.2 2.9 3.2 37 1988:1 II Ill IV 5,785.3 5,844.0 5,878.7 5,952.8 5,774.2 5,840.1 5,869.2 5,937.0 5,802.3 5,857.5 5,889.4 5,964.9 2.4 4.1 2.4 5.1 6.2 4.6 2.0 4.7 84.69 85.56 86.67 87.46 84.81 85.68 86.58 87.44 84.67 85.56 86.66 87.44 84.69 85.59 86.69 87.47 2.9 4.2 5.3 3.7 3.0 4.2 4.3 4.0 2.7 4.3 5.2 3.7 2.8 4.3 5.2 37 D-38 • National Data SURVEY OF CURRENT BUSINESS July 1998 Table C.1.—Historical Measures of Real Gross Domestic Product, Real Gross National Product, and Real Gross Domestic Purchases—Continued [Quarterly estimates are seasonally adjusted at annual rates] Billions of chained (1992) dollars Year and quarter Percent change from preceding period Chain-type price indexes Implicit price deflators Percent change from preceding period Chain-type price index Implicit price deflators Gross domestic Gross domestic Gross domestic Gross national product product Gross domestic Gross domestic Gross domestic Gross national product product purchases product product Gross domestic product Final sales of domestic product 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 2.2 2.8 3.5 .5 88.44 89.40 90.13 90.91 88.47 89.52 90.14 90.98 88.45 89.39 90.13 90.88 88.48 89.42 90.16 90.91 4.5 4.4 3.3 3.5 4.8 4.8 2.8 3.8 4.7 4.3 3.3 3.4 4.7 4.3 3.3 3.4 1990:1 . II. Ill IV 6,152.6 6,171.6 6,142.1 6,079.0 6,144.6 6,127.5 6,126.6 6,108.1 6,172.8 6,188.0 6,155.7 6,111.3 3.9 1.2 -1.9 -4.0 5.0 -1.1 -.1 -1.2 92.01 93.20 94.19 95.14 92.17 93.14 94.32 95.68 92.00 93.18 94.14 95.11 92.04 93.21 94.17 95.13 4.9 5.2 4.3 4.1 5.4 4.2 5.2 5.9 5.0 5.2 4.2 4.2 5.1 5.2 4.2 4.2 1991:1 . II. Ill IV 6,047.5 6,074.7 6,090.1 6,105.3 6,065.4 6,095.9 6,083.8 6,074.3 6,086.4 6,099.2 6,119.5 -2.1 1.8 1.0 1.0 -2.8 2.0 -.7 -.1 96.26 97.02 97.70 98.30 96.42 96.95 97.58 98.27 96.27 97.00 97.70 98.31 96.29 97.01 97.71 98.32 4.8 3.2 2.8 2.5 3.1 2.2 2.6 2.9 5.0 3.1 2.9 2.5 4.9 3.1 2.9 2.5 1992:1 . IV . 6,175.7 6,214.2 6,260.7 6,327.1 6,175.8 6,203.8 6,249.5 6,320.7 6,192.0 6,225.2 6,270.3 6,334.6 4.7 2.5 3.0 4.3 6.2 1.8 3.0 4.6 99.14 99.81 100.17 100.88 99.04 99.76 100.28 100.92 99.13 99.79 100.17 100.88 99.13 99.79 100.17 100.88 3.4 2.8 1.4 2.8 3.2 2.9 2.1 2.6 3.4 2.7 1.5 2.9 3.4 2.7 1.5 2.9 1993:1 ... II... III.. IV . 6,327.9 6,359.9 6,393.5 6,476.9 6,297.3 6,344.9 6,379.3 6,453.8 6,351.3 6,375.9 6,415.3 6,489.7 .1 2.0 2.1 5.3 -1.5 3.1 2.2 4.8 101.85 102.38 102.83 103.52 101.71 102.28 102.64 103.28 101.84 102.35 102.83 103.51 101.84 102.34 102.83 103.50 3.9 2.1 1.8 2.7 3.2 2.3 1.4 2.5 3.9 2.0 1.9 2.7 3.8 2.0 1.9 2.6 1994:1 ... II... III.. IV . 6,524.5 6,600.3 6,629.5 6,473.0 6,526.7 6,580.4 6,624.8 6,540.5 6,609.3 6,635.6 6,691.2 3.0 4.7 1.8 3.6 1.2 3.4 3.3 2.7 104.16 104.74 105.39 106.07 103.80 104.46 105.24 105.88 104.13 104.71 105.39 106.09 104.14 104.71 105.38 106.06 2.5 2.2 2.5 2.6 2.0 2.6 3.0 2.5 2.4 2.2 2.6 2.7 2.5 2.2 2.6 2.6 1995:1 ... II... III.. IV . 1996:1 ... 6,703.7 6,708.8 6,759.2 6,796.5 6,654.3 6,685.3 6,739.3 6,771.9 6,711.3 6,721.0 6,758.3 6,804.2 .9 .3 3.0 2.2 1.8 1.9 3.3 2.0 106.93 107.49 108.03 108.60 106.66 107.33 107.79 108.29 106.94 107.46 108.02 108.61 106.91 107.43 107.99 108.59 3.3 2.1 2.0 2.1 3.0 2.5 1.7 1.9 3.3 2.0 2.1 2.2 3.2 2.0 2.1 2.2 IV 6,815.0 6,902.3 6,905.0 6,981.7 6,834.7 6,930.1 6,940.2 7,023.1 1.8 6.0 1.0 4.3 2.6 5.2 .2 4.5 109.35 109.86 110.59 111.10 109.01 109.50 110.15 110.79 109.39 6,926.0 6,943.8 7,017.4 110.54 111.05 109.37 109.82 110.50 111.01 2.8 1.9 2.7 1.9 2.7 1.8 2.4 2.4 2.9 1.7 2.6 1.9 2.9 1.6 2.5 1.8 1997:1 II Ill IV 7,101.6 7,159.6 7,214.0 7,280.0 7,034.1 7,077.7 7,160.3 7,201.1 7,091.8 7,144.4 7,198.8 7,262.6 4.9 3.3 3.1 3.7 3.0 2.5 4.7 2.3 111.78 112.27 112.67 113.07 111.32 111.55 111.90 112.28 111.71 112.22 112.62 113.01 111.67 112.17 112.57 112.96 2.4 1.8 1.4 1.4 1.9 .8 1.3 1.4 2.4 1.8 1.4 1.4 2.4 1.8 1.4 1.4 1998:1 7,375.7 7,266.4 7,362.6 5.4 3.7 113.40 112.32 113.34 113.29 1.2 Gross national Gross domestic product product Final sales of domestic product 1.1 National Data • SURVEY OF CURRENT BUSINESS July 1998 D-39 Table C.2.—Real Gross Domestic Product [Average annual percent change, based on chained (1992) dollar estimates] Initial year Terminal year 1971 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978 1977 1976 1975 1974 1973 1972 . . . . . . 2.8 28 2.8 2.8 2.8 2.8 2.8 3.0 3.1 31 3.0 3.0 30 3.0 2.6 2.5 30 31 3.5 3.6 3.3 3.1 2.5 3.5 5.6 5.5 1972 2.7 26 2.6 2.7 2.6 2.6 2.6 2.8 2.9 29 2.9 2.9 28 2.8 2.4 2.2 27 28 3.2 3.3 2.9 2.5 1.5 2.5 5.8 1973 2.6 25 2.5 2.5 2.5 2.5 2.5 2.7 2.8 27 2.7 2.6 26 2.5 2.1 1.9 2.4 24 2.8 2.8 2.2 1.4 -.5 -.6 1974 2.7 27 2.7 2.7 2.6 2.7 2.7 2.9 3.0 30 2.9 2.9 29 2.8 2.4 2.2 2.8 29 3.5 3.7 3.2 2.4 -.4 1975 2.9 2.8 2.8 2.9 2.8 2.8 2.9 3.1 3.3 32 3.2 3.2 32 3.2 2.7 2.5 3.3 36 4.6 5.1 5.0 5.4 1976 2.7 2.7 2.7 2.7 2.7 2.7 2.7 3.0 3.1 31 3.0 3.0 30 2.9 2.3 2.1 2.9 31 4.3 5.0 4.7 1977 1978 2.6 2.6 2.6 2.6 2.5 2.6 2.5 2.8 3.0 29 2.8 2.8 2.8 2.7 2.0 1.6 2.5 26 4.1 5.4 1979 2.5 2.4 2.4 2.4 2.4 2.4 2.3 2.6 2.7 27 2.6 2.5 24 2.2 1.3 .6 1.6 12 2.8 1980 2.5 24 2.4 2.4 2.3 2.3 2.3 2.6 2.7 27 2.5 2.5 24 2.1 .9 2.6 26 2.6 2.6 2.5 2.6 2.5 2.9 3.1 30 2.9 2.9 29 2.7 1.3 .1 2.3 _ -j i!o 1981 2.7 26 2.6 2.6 2.6 2.6 2.6 3.0 3.2 3.1 3.0 3.1 31 2.9 .9 1982 3.0 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 2.9 29 2.9 2.9 2.9 3.0 3.0 3.6 4.0 4.1 4.1 4.5 5.3 7.0 1985 2.6 25 2.5 2.5 2.4 2.5 2.4 3.0 3.4 3.4 3.2 3.3 3.6 1986 2.5 24 2.4 2.4 2.3 2.3 2.2 2.9 3.3 3.3 3.0 3.1 2.5 24 2.3 2.4 2.2 2.2 2.1 2.8 3.4 3.4 2.9 1987 2.4 2.3 2.2 2.3 2.1 2.0 1.9 2.8 3.6 3.8 1988 2.3 2.1 2.0 2.0 1.7 1.6 1.2 2.3 3.4 1989 2.2 1.9 1.8 1.7 1.3 1.0 .1 1.2 1990 2.3 2.0 1.9 1.9 1.4 .9 -.9 1991 1992 1993 1994 1995 1996 2.8 2.6 2.6 2.8 2.5 2.7 2.9 2.6 2.6 2.9 2.3 3.0 27 2.7 3.5 2.8 24 2.0 3.3 2.8 3.8 -2.1 -.3 Table C.3.—Chain-Type Price Index for Gross Domestic Product [Average annual percent change] Terminal year 1971 1997 . 1996 . 1995. 1994 . 1993. 4.9 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 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978 1977 1976 1975 1974 1973 1972 1972 5.0 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 19731974 1975 1976 1977 4.6 4.7 4.8 4.9 5.1 5.2 5.4 5.5 5.6 5.7 5.8 6.1 6.4 6.8 7.2 7.6 7.8 7.5 7.0 6.5 6.1 5.8 4.9 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 1978 4.4 4.5 4.7 4.8 4.9 5.1 5.3 5.4 5.5 5.6 5.8 6.1 6.5 7.0 7.5 8.2 8.6 8.4 7.9 7.3 1981 1979 4.0 4.1 4.3 4.4 4.5 4.7 4.8 4.9 5.0 5.1 5.2 5.5 6.0 6.6 7.3 8.3 9.3 9.3 3.7 3.8 3.9 4.0 4.2 4.3 4.4 4.5 4.5 4.5 4.7 4.9 5.4 5.9 6.6 7.8 9.4 3.4 3.5 3.6 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 1983 1984 3.2 3.3 3.4 3.4 3.5 3.6 3.7 3.7 3.6 3.5 3.4 3.5 3.8 4.0 4.3 1985 1987 1988 1989 1990 1991 1992 1993 1994 1995 2.4 2.5 2.5 2.5 2.6 3.0 3.1 3.2 3.3 3.4 3.5 3.6 3.6 3.4 3.1 2.8 2.6 1996 2.0 Table C.4.—Real Gross Domestic Purchases [Average annual percent change, based on chained (1992) dollar estimates] Initial year Terminal year 1971 1997 1996 1995 1994 1993 1992 ... 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978 1977 1976 1975 1974 1973 1972 . 2.8 2.7 2.7 27 2.7 2.7 2.7 2.9 30 3.0 3.0 3.1 3.0 3.0 25 2.3 2.7 2.7 33 3.5 3.2 2.7 1 8 2.9 5.2 5.7 1972 2.7 2.6 2.6 26 2.6 2.5 2.5 2.7 29 29 2.9 2.9 2.8 2.8 23 2.0 2.4 2.3 30 3.1 2.7 2.0 6 1.6 4.8 1973 2.6 2.5 2.5 25 2.4 2.4 2.4 2.6 27 27 2.7 2.7 2.7 2.6 20 1.6 2.1 2.0 27 2.B 2.2 1.1 -1.4 -1.5 1974 2.7 2.7 2.7 27 2.7 2.6 2.6 2.9 30 31 3.1 3.1 3.1 3.0 24 2.0 2.6 2.6 35 3.9 3.4 2.5 1975 2.9 2.9 2.9 29 2.9 2.9 2.9 3.2 3.4 3.4 3.4 3.5 3.5 3.5 29 2.5 3.2 3.4 48 5.7 5.9 6.4 1976 2.8 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 24 1.9 2.6 2.7 43 5.3 5.4 1977 2.6 2.6 2.5 2.6 2.5 2.5 2.5 2.8 2.9 3.0 3.0 3.0 2.9 2.8 19 1.2 1.9 1.8 37 5.3 1978 1979 2.5 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 2.5 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 .1 22 -2.0 .2 .9 1980 2.8 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 2.8 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 1982 3.1 3.1 3.1 3.2 3.1 3.1 3.1 3.7 4.2 4.4 4.7 5.2 5.9 6.9 5.3 -1.6 -1.3 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. 1983 3.0 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 2.6 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 2.4 2.3 2.2 2.3 2.1 1.9 1.8 2.5 2.9 3.0 3.0 3.3 1986 2.4 22 2.1 2.1 1.9 1.7 1.5 2.3 2.8 2.8 2.7 1987 2.3 2.1 2.0 21 1.8 1.5 1.2 2.1 2.8 2.9 1988 2.3 2.0 1.9 1.9 1.5 1.2 .6 1.8 2.7 1989 2.2 1.9 1.8 1.8 1.2 .7 —4 A 1990 2.4 2.1 2.0 2.0 1.4 .6 -1.6 1991 3.1 2.9 2.9 3.2 2.9 2.8 1992 3.1 2.9 2.9 3.4 2.9 1993 3.2 2.9 2.9 3.9 1994 3.0 2.4 1.9 1995 1996 3.5 2.9 4.1 D-40 • National Data SURVEY OF CURRENT BUSINESS July 1998 Table C.5.—Chain-Type Price Index for Gross Domestic Purchases [Average annual percent change] Initial year Terminal year 1971 1972 1973 1974 1975 1976 1977 1978 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978 1977 1976 1975 1974 1973 1972 1979 1981 1982 1983 1984 1985 1986 1987 4.0 4.1 4.3 4.4 4.5 4.7 4.8 4.9 5.0 5.1 5.2 5.5 6.0 6.6 7.3 , 8.6 '9.9 10.7 5.0 5.1 5.3 5.4 5.6 5.7 5.9 6.0 6.1 6.3 6.5 6.7 7.0 7.4 7.8 8.2 8.5 8.4 8.1 7.9 8.0 8.4 9.7 10.2 1990 1988 1991 1992 1993 1994 1995 2.9 3.1 3.2 3.3 3.5 3.8 4.1 4.4 -4.2 1996 1.7 Table C.6.—Real Final Sales of Domestic Product [Average annual percent change, based on chained (1992) dollar estimates] Initial year Terminal year 1971 1972 1973 1974 1975 1976 1977 1978 1981 1979 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978 1977 1976 1975 1974 1973 1972 1996 3.1 Table C.7.—Real Disposable Personal Income [Average annual percent change, based on chained (1992) dollar estimates] Initial year Terminal year 1971 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978 1977 1976 1975 1974 1973 1972 28 2.8 2.8 28 2.8 2.8 2.8 30 3.1 3.1 3.1 3.2 3.2 3.2 2.8 2.8 3.0 31 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 2.7 2.8 2.8 2,9 3.0 3.0 3.0 3.1 3.1 3.1 2.7 27 2.9 29 3.3 34 30 3.0 2.6 3.1 7.1 1973 25 2.5 2.5 25 2.5 2.5 2.5 27 2.7 2.8 2.7 2.8 2.7 2.7 2.3 22 2.4 24 2.7 26 20 1.6 .5 -7 1974 27 2.7 2.7 26 2.7 2.7 2.7 29 3.0 3.0 3.0 3.1 3.0 3.1 2.6 26 2.8 29 3.4 3.5 30 28 1.7 1975 27 2.7 2.7 27 2.7 2.8 2.8 30 3.0 3.1 3.1 3.2 3.2 3.2 2.7 27 3.0 31 3.8 4.1 36 39 1976 26 2.6 2.7 26 2.6 2.7 2.7 29 3.0 3.1 3.0 3.1 3.1 3.1 2.5 25 2.8 29 3.7 4.2 3.2 1977 26 2.6 2.6 26 2.6 2.7 2.7 29 3.0 3.0 3.0 3.1 3.1 3.1 2.4 2.3 2.7 28 3.9 5.2 1978 2.5 2.5 2.5 24 2.4 2.5 2.5 27 2.8 2.8 2.7 2.8 2.8 2.8 1.9 1.6 1.9 1 7 2.7 1979 25 2.4 2.5 24 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 26 2.6 2.6 25 2.6 2.6 2.6 29 3.0 3.1 3.0 3.2 3.2 3.3 2.0 1.6 2.3 1981 2.6 2.6 2.6 2.5 2.6 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 2.7 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 2.7 2.7 2.7 2.9 2.9 3.3 3.5 3.8 3.8 4.5 5.1 7.3 1984 2.4 2.3 2.3 2.2 2.2 2.3 2.2 26 2.8 3.0 2.6 3.1 3.0 1985 2.3 2.3 2.3 2.1 2.1 2.2 2.1 2.5 2.7 2.9 2.4 3.2 1986 2.2 2.2 2.1 2.0 2.0 2.0 1.9 23 2.5 2.8 1.6 1987 23 2.2 2.2 21 2.0 2.1 1.9 26 2.9 3.9 1988 21 2.0 2.0 1.7 1.7 1.7 1.3 1 9 2.0 1989 21 2.0 2.0 1 7 1.6 1.6 .9 18 1990 22 2.0 2.0 1.7 1.5 1.4 0 1991 25 2.4 2.5 22 2.2 2.8 1992 24 2.3 2.4 1.9 1.7 1993 26 2.6 2.7 2.2 1994 28 2.8 3.3 1995 26 £3 1996 2.9 D-41 National Data SURVEY OF CURRENT BUSINESS July 1998 D. Domestic Perspectives. This table presents data collected from other government agencies and private organizations, as noted. Quarterly data are shown in the middle month of the quarter. Table D.1.—Domestic Perspectives 1997 1996 1997 Apr. May June July 1998 Aug. Sept. Oct. Nov. I Dec. Consumer and producer prices, (seasonally adjusted) Jan. | Feb. | Mar. | Apr. I May l Consumer price index for all urban consumers, 1982-84=100: All items Less food and energy Services 156 9 165.6 174.1 160 5 169.5 179.4 160 0 169.2 178.5 1601 169.4 178.8 160 4 169.7 179.3 160 6 170.0 179.8 160 9 170.1 180.0 161 3 170.4 180.4 1616 170.8 181.0 1618 171.0 181.4 161 9 171.4 181.7 161 9 171.7 181.9 162 0 172.2 182.3 162 0 172.4 182.7 162 4 172.9 183.4 162.9 173.3 183.9 Producer price index, 1982=100: Finished goods Less food and energy Finished consumer goods Capital equipment Intermediate materials Crude materials 131.3 142.0 129.5 138.3 125.7 113.8 131.8 142.4 130.2 138.2 125.6 111.1 131.9 142.6 130.2 138.4 125.6 107.9 131.7 142.3 130.0 138.2 125.5 109.9 131.4 142.3 129.6 138.2 125.4 106.9 131.1 142.1 129.3 138.1 125.2 106.4 131.3 142.2 129.5 138.1 125.3 106.8 131.8 142.7 130.1 138.4 125.5 108.2 131.8 142.6 130.3 138.0 125.4 113.2 131.6 142.5 130.0 137.9 125.6 115.0 131.4 142.4 129.8 137.7 125.3 108.6 130.6 142.4 128.8 137.6 124.5 102.3 130.4 142.5 128.5 137.6 124.2 100.7 130.0 142.5 128.0 137.6 123.6 99.1 130.3 142.8 128.4 137.7 123.6 100.1 130.5 143.1 128.7 137.4 123.5 99.8 0.63 .58 -0.22 .63 0.26 0.42 .69 -0.02 .79 -0.26 .23 Money, interest rates, and stock prices Money stock (seasonally adjusted):2 Percent change: M1 ... M2 Ratio: Gross domestic product to M1 .. Personal income to M2 Interest rates (percent, not seasonally adjusted):2 Federal funds rate Discount rate on new 91-day Treasury bills Yield on new high-grade corporate bonds 10-Year U.S. Treasury bonds Yield on municipal bonds, 20-bond average Mortgage commitment rate Average prime rate charged by banks Index of stock prices (not seasonally adjusted):3 500 common stocks, 1941-43=10 -0.63 .54 -0.38 .06 0.10 .39 0.01 .37 0.51 .82 -0.71 .55 -0.16 .51 0.68 .62 7.696 6.904 1.734 7.551 1.749 1.748 7.537 1.753 1.756 1.752 7.616 1.748 1.744 1.744 1.745 1.743 1.741 7.761 1.738 1.732 1.725 1.730 5.30 5.02 7.62 6.44 5.76 7.80 8.27 5.46 5.07 7.40 6.35 5.52 7.60 8.44 5.51 5.17 8.04 6.89 5.88 8.14 8.50 5.50 5.13 7.90 6.71 5.70 7.94 8.50 5.56 4.92 7.71 6.49 5.53 7.69 8.50 5.52 5.07 7.44 6.22 5.35 7.50 8.50 5.54 5.13 7.30 6.30 5.41 7.48 8.50 5.54 4.97 7.04 6.21 5.39 7.43 8.50 5.50 4.95 6.90 6.03 5.38 7.29 8.50 5.52 5.15 6.79 5.88 5.33 7.21 8.50 5.50 5.16 6.68 5.81 5.19 7.10 8.50 5.56 5.09 6.62 5.54 5.06 6.99 8.50 5.51 5.11 6.66 5.57 5.10 7.04 8.50 5.49 5.03 6.63 5.65 5.21 7.13 8.50 5.45 5.00 6.59 5.64 5.23 7.14 8.50 5.49 5.03 6.63 5.65 5.20 7.14 8.50 670.83 872.72 763.93 833.09 876.29 925.29 927.74 937.02 951.16 938.92 962.37 963.36 1,023.74 1,076.83 1,112.20 1,108.42 Labor markets (thousands, seasonally adjusted, unless otherwise noted)1 Civilian labor force Labor force participation rates (percent): Males 20 and over Females 20 and over 16—19 years of age Civilian employment Ratio, civilian employment to working-age population (percent) Persons engaged in nonagricultural activities Employees on nonagricultural payrolls Goods-producing industries Services-producing industries Average weekly hours, manufacturing (hours) .... Average weekly overtime hours, manufacturing (hours) Number of persons unemployed Unemployment rates (percent): Total 15 weeks and over Average duration of unemployment (weeks) Nonfarm business sector, 1992=100: Output per hour of all persons Unit labor costs Hourly compensation See footnotes at the end of the table. 133,943 136,297 136,043 136,060 136,206 136,294 136,404 136,439 136,406 136,864 137,169 137,493 137,557 137,523 137,242 137,364 77.0 76.9 77.1 77.0 76.8 60.5 60.5 60.4 60.5 59.9 51.2 51.9 52.0 51.6 52.3 126,708 129,558 129,275 129,494 129,392 77.1 76.7 76.9 77.0 76.8 76.9 77.0 76.8 77.0 76.9 76.8 60.7 60.6 60.6 60.7 60.4 60.6 60.6 60.3 60.5 60.5 60.4 53 53.3 53.1 51.0 51.0 51.6 51.8 50.9 51.4 51.8 52.3 129661 129,747 129,761 129,910 130,575 130,777 131,083 131,163 130,994 131,383 131,453 64.1 63.7 63.8 63.7 64.2 64.0 63.8 63.8 63.8 64.2 63.8 63.8 63.2 64.2 64.0 64.2 123,264 126,159 125,813 126,076 126,003 126,209 126,368 126,339 126,583 127,191 127,392 127,764 127,829 127,862 128,033 128,118 119,608 122,690 122,092 122,325 122,534 122,811 122,894 123,280 123,568 123,944 124,289 124,640 124,832 124,914 125,216 125,512 24,493 24,934 24,856 24,883 24,903 24,923 24,972 24,993 25,032 25,099 25,193 25,297 25,314 25,276 25,334 25,298 95,115 97,756 97,236 97,442 97,631 97,888 97,922 98,287 98,536 98,845 99,096 99,343 99,518 99,638 99,882 100,214 42.1 42.0 42.1 41.8 42.2 41.9 41.9 41.9 42.1 42.0 41.9 42.0 41.7 42.0 41.6 41.4 4.5 4.8 4.9 4.9 4.7 4.8 4.8 4.7 4.8 4.9 4.9 4.9 4.8 4.8 4.5 4.6 7,236 6,739 6,768 6,566 6,814 6,633 6,657 6,678 6,496 6,289 6,392 6,409 6,393 6,529 5,859 5,910 5.4 1.7 16.7 4.9 1.5 15.8 5.0 1.5 15.4 4.8 1.5 15.3 5.0 1.5 15.3 4.9 1.6 16.5 4.9 1.5 15.8 4.9 1.5 15.9 4.8 1.5 16.3 4.6 1.4 15.6 4.7 1.4 4.7 1.3 4.6 1.3 4.3 1.0 16.3 15.6 15.6 4.7 1.3 14.3 4.3 1.1 14.6 102.6 108.0 110.8 104.3 110.3 115.0 104.0 110.0 114.4 104.9 110.1 115.5 105.3 111.1 117.0 105.6 112.0 118.2 14.3 D-42 • National Data July 1998 SURVEY OF CURRENT BUSINESS Table D.1.—Domestic Perspectives—Continued 1997 1996 1997 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Construction (seasonally adjusted at annual rates)4 Total new private construction put in place (billions of dollars) Residential Nonresidential 446.3 256.5 150.4 471.2 265.6 165.1 466.9 266.1 161.1 466.3 265.8 161.0 465.2 262.9 161.8 473.3 283.2 168.5 475.5 263.5 170.0 475.9 266.1 167.3 477.5 268.6 166.4 475.3 268.9 164.8 478.4 273.0 164.9 487.8 279.0 167.6 490.9 282.5 167.0 494.3 286.0 165.4 497.5 493.4 288.7 168.1 165.3 1,477 1,161 1,474 1,134 1,480 1,134 1,404 1,095 1,502 1,132 1,461 1,144 1,383 1,076 1,501 1,174 1,529 1,124 1,523 ; 1,540 1,130 1,167 1,545 1,225 1,616 1,263 1,585 1,239 1,541 1,530 1,233 1,228 757 804 762 764 810 808 799 809 805 853 878 834 Housing, starts (thousands of units): Tota[ 1-unit structures New 1-family houses sold (thousands of units) 875 805 887 890 Manufacturing and trade, inventories and sales (millions of dollars, seasonally adjusted)4 Inventories: Total manufacturing and trade Manufacturing Merchant wholesalers Retail trade 1,007,352 1,050,536 1,020,298 1,022,394 1,029,681 1,031,527 1,032,780 1,040,059 1,043,457 1,046,599 1,050,536 1,051,959 1,059,340 1,065,896 1,067,874 434,434 453,591 441,508 443,460 444,823 446,602 448,447 449,152 452,139 454,182 453,591 455,122 458,058 459,090 461,514 256,442 273,298 259,404 260,210 265,152 263,299 265,112 268,772 269,182 270,955 273,298 272,130 275,750 277,624 275,831 316,476 323,647 319,386 318,724 319,706 321,626 319,221 322,135 322,136 321,462 323,647 324,707 325,532 329,182 330,529 Sales: Total manufacturing and trade Manufacturing Merchant wholesalers Retail trade 8,597,762 3,735,183 2,401,383 2,461,196 9,015,055 3,948,737 2,500,109 2,566,209 745,576 326,909 207,649 211,018 742,486 323,567 207,947 210,972 749,425 328,315 208,624 212,486 757,399 332,895 209,473 215,031 751,871 330,178 205,671 216,022 761,560 335,366 210,706 215,488 759,217 334,064 210,040 215,113 757,282 332,955 208,413 215,914 763,417 336,734 209,816 216,867 762,880 333,652 210,224 219,004 770,071 337,893 211,312 220,866 775,497 340,611 213,781 221,105 774,384 337,807 213,997 222,580 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 124.5 123.1 123.3 123.5 124.5 125.2 125.6 126.5 127.5 127.9 127.8 127.3 127.8 128.2 128.8 131.7 108.0 142.3 111.1 139.5 110.8 140.1 110.7 141.2 110.5 142.4 110.9 144.3 111.0 144.4 111.3 145.5 112.2 147.7 112.6 148.6 112.9 148.3 113.6 147.8 113.0 148.1 112.6 148.9 149.6 113.2 113.1 111.8 114.4 113.4 113.9 113.5 113.9 114.6 114.5 115.9 116.7 115.9 116.6 115.1 116.0 116.5 117.0 82.4 81.4 82.7 81.7 82.6 81.6 82.4 81.4 82.3 81.3 82.6 81.5 82.8 81.8 82.7 81.6 83.0 81.9 83.3 82.3 83.3 82.3 82.9 82.1 82.2 81.4 822 81.0 118.5 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, n.e.c Other loans and advances ... Consumer credit. Sources: 1. Bureau of Labor Statistics. 2. Federal Reserve Board. 1,354.5 102.6 376.5 2.6 301.7 92.1 62.5 327.9 88.8 1,464.9 184.1 235.9 71.4 338.8 129.6 100.4 352.3 52.5 1,360.4 108.5 242.6 96.7 355.2 126.8 81.7 288.9 60.0 1,477.8 171.1 191.3 56.4 419.5 48.4 111.3 429.3 50.5 3. Standard and Poor's, Inc. 4. Bureau of the Census, n.e.c. Not elsewhere classified. 1,940.5 258.1 338.9 89.3 426.6 189.5 190.5 418.7 28.8 1,830.0 346.6 197.2 124.3 470.3 88.4 117.8 428.5 56.9 82.1 81.1 82.2 80.9 National Data • SURVEY OF CURRENT BUSINESS July 1998 D-43 E. Charts. Percent 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 Nw Nw Mar JanJyJy Nw Jy Mar 28000 REAL GROSS DOMESTIC PRODUCT PER CAPTO 26000 -26000 24000- -24000 22000- 22000 20000- •20000 18000- -18000 16000- 16000 14000- 14000 12000- -12000 10000 Percent 20 59| 161 kl |«| hi kl UI . _. Dee Nw Apr Feb REALGROSS DOMESTIC PRODUCT (PERCENTCHANGE) Nw Mar 87| IT/I |T»| |SI| JanJyJIy Nw U | 9 i | \m\ Issl I 9T| Jy Mar 10000 20 15 - -15 10 • -10 5- - 5 .lllllllllllll.il,,IIII ill,Jill, -5 - -10 I 16iI kl |6s| kl kl hi kl kl US. Department of Commerce, Bureau of Economic Analysis W l«l ItH D-44 • National Data July 1998 SURVEY OF CURRENT BUSINESS SELECTED NIPA SERIES Percent Dec Nov Apr fab 60 Nov Mar JanJIy Jly Nov JIY Mar 60 SHAI^OF FEDERAL GOVERNMENT RECEIPT^?' >•' 50 - Personal tax and nontax paymei#- - 50 40 " -40 30 " - 30 -20 -10 10 Indirect business HBes ,9| 70 | 6 1 | |63| |65| |67| |69| |711 | 7 3 | |75| |77| |79| APT fab Dec Nov Nov Mar SHArfS OF FEDERAL GOVERNMENT CURRENTgXPENDITURE^' \* | 8 1 | |83| JanJIy Jly |85| |87| 1891 |911 | 9 3 | Nov |95| |97| Jty Mar 70 -60 60 - -50 Transfer payments ,;, -40 -30 -20 Granfct) State and local governments 10 Net interest 0 59| |et [ |63| |65| |67| |69| |711 173J 791 |7S | | 8 1 | |83| |85| |87| j 93) |95| |97| Percent Dec Nov Nov Mar fab RATIftloVERNMENT SURPLUS/DEFICfT( NIPA^it? GROSS D O I ^ K ; PRODUCT Jan Jly Jly Nov Jv Mar 6 -4 4 " State and local -2 2 " 0 —2 —4 —6 -8 1611 |63| 1651 |67| |69| |71 U.S. Dop&rUvtflrt d Cofwnorco, Biffo&u of Economic Arafysfs 73 75 77 79 81 83 85 87 89 91 [93 95 97 National Data • D-45 SURVEY OF CURRENT BUSINESS July 1998 SELECTED NIPA SERIES Percent Apr Fob Dec Nov 25 RAT& SAVING TO GROSS NATIONAL PRODUCT JanJtyJIy Nov Mar Nov Jv Mar 25 20 -20 -15 -10 5 -5 Gross government saving 59| 1611 |631 |65| Percent 25 \G7\ [751 ACT Feb Dec Nov RATIO, INVESTMENT TO GROSS NATIONAL PRODUCT |77| |8i| JanJIvJIv Nov Mar , I |911 |93| |95| |83| Nov •Bv Mar 25 -20 -15 15y/ Gross private domestic investment 10 -10 Gross government investment -5 |831 Percent 60 |65| |67| 1691 \n\ |TS| |7S | \n\ Dec Nov Nov Mar 3 OF GROSS PRIVATE DOMESTIC FIXED INVESTMENT |TB| | 8 1 | |83| JanJyJIy |85| |87| Nov |89| |9t | |95| Jrv Mar 60 50- -50 Producers' durable equipment, nomsidential 40- -40 Residential investmenj 30- -30 20- -20 10 -10 US. 811 | 6 3 | 1651 | 6 7 | | 6 9 | |71 of Commerce, Bureau of Economic Analysis 73 75 77 79 81 83 85 87 91 93 95 97 D-46 • National Data SURVEY OF CURRENT BUSINESS July 1998 SELECTED NIPA SERIES SHARES OF NATIONAL INCOME 1959 Wage and salary accruals, 62.8% 1997 Wage and salary accruals, 58.3% Net interest, 2.5% Net interest, 6.7% Corporate profits with IVA and CCAdj, 12.8% Corporate profits with IVA and CCAdj, 12.1% Supplements to wages and salaries, 5.2% Rental income of persons wthlVA,2.2% with IVA and CCAdj, 8.2% Proprietors' income with IVA and CCAdj, 12.5% SHARES OF GROSS DOMESTIC PRODUCT BY SECTOR 1959 1997 Business, 86.1% Business, 84.1% General government, 11.4% General government, 11.4% Households and institutions, 2.4% Households and institutions, 4.5% SHARES OF GROSS DOMESTIC PURCHASES 1959 Personal consumption expenditures, 62.5% Nonresidentjal investment, 10.0% Residential investment, 5.5% 1997 Government consumption expenditures and gross investment, 17.8% Government consumption expenditures and gross investment, 22.0% US. Department of Commerce, Bureau of Economic Analysis Personal consumption expenditures, 67.1% Nonresidential investment, 11.2% Residential investment, 4.0% National Data • D-47 SURVEY OF CURRENT BUSINESS July 1998 SELECTED NIPA SERIES Percent Anr Fab 60 Dae Mm Nw Mar JanJv Jv New Jv Mar 60 SHABfiS OF GROSS DOMESTIC PRODUCT BYT8>E OF 50- -50 40- -40 30- -30 -20 -10 61 63 65 67 69 71 14 EXflSPTS AS SHARE OF GROSS DOMESTIC IMPfiKTS AS SHARE OF GROSS DOMESTIC -12 -10 - 8 6 - 4 _ -6 - 4 lei I la. I | « | k l U M " I \ n i % \ \n\ \n\ W l « | | « | k l |89| ] M | I d 1951 |97| Percent Apr Fob Mar SHARES OF PERSONAL CONSUMPTION 10 10 59I | 6 i| H kl k l |69| |7i US. Department of Commeroe, Bureau 01 Economic Analyfe las! kl 14 Itil U kl |97| D-48 • National Data SURVEY OF CURRENT BUSINESS July 1998 SELECTED NIPA SERIES Fsricont Apr Feb DKNO» N W Mar PROFIT MARGIN, DOMESTIC NONFINANCIAL CORPORATIONS* '.' JanJtyJlY Nov JK Mar 20 -16 -12 ~ 8 unit to cost and profit per unit 73| Dec Nov |751 177| |79 Nov Mar JanJtyJfy Nov 911 |93| J95| |97| 1 Jy Mar INVaifiPORY/SALES RATIOS, REAL' -4 •"3 2- -2 59| |6i| |63| 1651 |67| 169 U.&Depafttrwmo<Cornrneroa. Bureau of Econornlc Analysis July 1998 National Data • D-49 SURVEY OF CURRENT BUSINESS OTHER INDICATORS OF THE DOMESTIC ECONOMY PWOe RwMar 18 JanJhrJIyNw JVMar C&NSUMER PRICE WDEX (PERCENT CHANGE) ^ 16- Ai U Jk 12- (fill 1 24All items less food and energy •iRnished goodstesafcdd and energy 20- I J • 16- 10- 8 fJW I'k 12- e # P 'fl, III 8- 1 l| All Items ' A wyyyyyyyw inusx ^ ^ M^ a^f ^^ I^A ™" jaruvJVNW 130 ^JlBTRIAL PRODUCTtol* INDEX it,* JivMar ; l> 120- Pera 95 90- 110- I H •A-O 85- » *NwMar JanJhJIvNov dHblTYUTILIZATfN M E 1 m m J\ w/ ^^» V 1/Finished goods ' 731 w y y y y w y y y y y y 100- / All ffir W J L ^ n V 0- 1.111 ; »ri(# ^ 4-^ A ^ y y JanJIvJtyNov Jhrttar PRICE 1 D S | > E R C E N T CHANGE) ?> 28- 1 ft m 14 - Percent „ Nw Mar fljfUCER M if JvMar h Toy A Aft ' * /Vs A • ALL-^I TB JIJV W^^^V 80- 90- f 80- 70- / 70- AJ 60 1 73 w y y y y y w y y y y y Hours Atp Mar B/ Bf ml 75- JarwSvJhjNov «d€RAGE WEEKLY HOURa MANUFACTURING JrfMa 1 .' ft wly B | w ^ Manufacturing 1 11111111 i l l1111111111111 1 73 75 77 79 81 83 85 87 89 91 93 95 97 Hou S 6 iwMar JanjvJIvjjjfav JhrMar H i A G E WEEKLY f v d ^ E HOURS, MANUFACTURING 42- 541 - 4- 40- H i t AA JJ 39- 338- ; US. Department of Commerce, Bureau of Economic Analysis w V , wy y y y y y y y y y y D-50 • National Data SURVEY OF CURRENT BUSINESS July 1998 OTHER INDICATORS OF THE DOMESTIC ECONOMY Percent NwMar 12 JanJIyJIyNw JlyMar JlyMar liiMPLOYMENTRATE 10- 4- 2- n 111 i n fgy-g1 111111111 T 1111111 73 75 77 79 81 83 85 87 89 91 93 95 97 Percent Nov Mar JanJIyJIyNw JlyMar 25 «e*IEY SUPPLY (PERCENT CHANGE) Nov Mar yiry yi:'si y u JanJIyJIyNw JlyMar JavllyJIyNw JlyMar 201510- -5-10 TTW '77 W V W a' s1 y y ^ j Millions Nov Mar JlyMar JanJIyJIyNw w 4.0 Thousdnds NovMar uuu S i p OF NEW Ohg f A l U HOUSES '•' 800- 600- 400- IW T 1.02000.5 - 731 W W W W 0 UUWi US. Department of Commerce. Bureau of Economic Analysis 73 75 77 79 81 83 85 87 89 91 93 95 97 July 1998 SURVEY OF CURRENT BUSINESS International Data • D-51 International Data F. Transactions Tables To accommodate the presentation of the annual revision of the international transactions accounts, tables F.1-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 1986-97" in this issue. The data usually shown in tables F.2-F.4 are presented in greater detail in tables 1, 3, and 10 at the end of "U.S. International Transactions, First Quarter 1998" in this issue. D-52 • International Data SURVEY OF CURRENT BUSINESS July 1998 G. Investment Tables. Table G.1.—International Investment Position of the United States at Yearend, 1996 and 1997 [Millions of dollars] Changes in position in 1997 (decrease (-)) Attributable to: Line Type of investment Position 1996' Valuation adjustments Capital flows Total Price changes (a) Net international investment position of the United States: With direct investment positions at current cost (line 3 less line 24) With direct investment positions at market value (line 4 less line 25) U.S. assets abroad: With direct investment positions at current cost (lines 5+10+15) .... With direct investment positions at market value (lines 5+10+16) ... U.S. official reserve assets , Gold Special drawing rights Reserve position in the International Monetary Fund , Foreign currencies U.S. Government assets, other than official reserve assets U.S. credits and other long-term assets5 Repayable in dollars Other6 U.S. foreign currency holdings and U.S. short-term assets U.S. private assets: With direct investment at current cost (lines 17+19+22+23) With direct investment at market value (lines 18+19+22+23) Direct investment abroad: At current cost At market value Foreign securities Bonds Corporate stocks U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns U.S. claims reported by U.S. banks, not included elsewhere Foreign assets in the United States: With direct investment at current cost (lines 26+33) .. With direct investment at market value (lines 26+34). Foreign official assets in the United States U.S. Government securities U.S. Treasury securities Other Other U.S. Government liabilities7 U.S. liabilities reported by U.S. banks, not included elsewhere Other foreign official assets Other foreign assets: With direct investment at current cost (lines 35+37+38+39+42+43) .. With direct investment at market value (lines 36+37+38+39+42+43) Direct investment in the United States: At current cost At market value U.S. Treasury securities U.S.currency U.S. securities other than U.S. Treasury securities Corporate and other bonds Corporate stocks U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns U.S. liabilities reported by U.S. banks, not included elsewhere p Preliminary. r Revised. 1. Represents gains or losses on foreign-currency-denominated assets due to their revaluation at current exchange rates. 2. Includes changes in coverage, statistical discrepancies, and other adjustments to the value of assets. 3. Reflects changes in the value of the official gold stock due to fluctuations in the market. price of gold. 4. Reflects changes in gold stock from U.S. Treasury sales of gold medallions and commemorative and bullion coins; also reflects replenishment through open market purchases. These demonetizations/monetizations are not included in international transactions capital flows. Exchange • rate changes (c) Position 1997/* Other (a+b+c+d) (d) -767,076 -743,656 -254,939 -254,939 -51,669 -116,094 -127,725 -197,805 -22,159 -9,961 3,767,018 4,347,148 478,502 478,502 175,135 416,045 -155,352 -224,102 -27,992 -10,474 470,293 659,971 4,237,311 5,007,119 160,739 96,698 10,312 15,435 38,294 1,010 -20,762 -20,762 -6,144 -7 -7 350 3,575 -2,915 -635 -939 -4,570 -25,903 -20,769 -285 2,636 -7,485 134,836 75,929 10,027 18,071 30,809 81,677 79,786 79,114 672 1,891 -174 -202 -168 -34 28 -17 -6 -194 -213 -172 -41 19 81,483 79,573 78,942 631 1,910 3,524,602 4,104,732 477,666 477,666 195,897 436,807 -149,191 -217,941 -27,982 -10,464 496,390 686,068 4,020,992 4,790,800 936,954 1,517,084 1,280,159 403,373 876,786 121,843 121,843 87,981 46,723 41,258 -28,998 9,325 -97,748 250,235 186,572 -108,411 -13,718 8,671 -94,693 177,901 -15,252 2,266 86,918 276,596 166,142 41,676 124,466 1,023,872 1,793,680 1,446,301 445,049 1,001,252 449,978 857,511 120,403 147,439 -7,724 -4,058 -261 -12,469 112,418 130,912 562,396 988,423 4,534,094 5,090,804 733,441 733,441 226,804 532,139 -27,627 -26,297 -5,833 -513 926,785 1,238,770 5,460,879 6,329,574 801,062 612,656 592,891 19,765 23,099 113,098 52,209 15,817 -2,936 -7,270 4,334 -2,521 21,928 -654 16,968 4,615 4,174 441 54 55 55 12,353 32,839 1,734 -5,041 4,775 -2,522 21,928 11,699 833,901 614,390 589,850 24,540 20,577 135,026 63,908 3,733,032 4,289,742 717,624 717,624 209,836 515,171 -27,627 -26,297 -5,887 -567 893,946 1,205,931 4,626,978 5,495,673 666,962 1,223,672 504,792 186,843 1,199,460 588,043 611,417 93,449 93,449 146,710 24,762 196,845 130,879 65,966 -2,680 302,655 10,459 -1,330 -4,556 764 202,057 19,532 182,525 -20,378 -20,378 84,883 396,868 157,169 24,782 378,524 130,033 248,491 751,845 1,620,540 661,961 211,625 1,577,984 718,076 859,908 346,727 828,248 107,779 148,059 -1,331 106,828 141,760 453,555 970,008 3 4 -1 380 -6,299 -456,492 -1,223,568 -578,799 -1,322,455 5. Also includes paid-in capital subscriptions to international financial institutions and outstanding amounts of miscellaneous claims that have been settled through international agreements to be payable to the U.S. Government over periods in excess of 1 year. Excludes World War I debts that are not being serviced. 6. Includes indebtedness that the borrower may contractually, or at its option, repay with its currency, with a third country's currency, or by delivery of materials or transfer of services. 7. Primarily U.S. Government liabilities associated with military sales contracts and other transactions arranged with or through foreign official agencies. NOTE.—The data in this table are from table 1 in "International Investment Position of the United States in 1997" in this issue of the SURVEY OF CURRENT BUSINESS. International Data • SURVEY OF CURRENT BUSINESS July 1998 Table G.2.—U.S. Direct Investment Abroad: Selected Items, by Country and by Industry of Foreign Affiliate, 1995-97 [Millions of dollars] Direct investment position on a historical-cost basis All countries, ail industries .. 1995 1996 1997 699,015 777,203 860,723 Income Capital outflows (inflows (-)) 1995 92,074 1996 74,833 1997 1995 1996 1997 114,537 87,346 92,105 100,703 By country 83,498 91,301 99,859 8,602 7,260 10,734 8,799 9,024 10,692 Europe Of which: France Germany Netherlands United Kingdom 344,596 382,366 420,934 52,275 35,992 60,558 40,853 43,179 47,869 33,358 44,242 42,113 106,332 33,746 44,651 54,437 122,692 34,615 43,931 64,648 138,765 5,196 3,349 9,386 13,830 4,750 1,467 6,914 12,080 3,166 3,002 14,329 22,435 2,707 4,215 7,456 10,921 3,389 3,842 8,667 12,016 2,637 4,117 10,240 12,898 Latin America and Other Western Hemisphere Of which: Brazil Mexico 131,377 147,535 172,481 16,040 16,081 23,784 16,210 17,810 19,992 25,002 16,873 28,699 19,900 35,727 25,395 6,954 2,983 3,812 2,713 6,545 5,933 3,759 1,585 4,104 2,862 4,551 3,969 Canada Africa 6,017 6,832 10,253 352 739 3,790 1,797 1,797 1,887 Middle East 7,198 7,793 8,959 879 538 1,111 1,373 1,411 1,562 122,711 136,481 142,704 14,342 12,190 13,815 18,146 18,562 18,325 24,328 37,309 28,409 35,684 26,125 35,569 5,537 2,336 3,071 -326 1,101 781 2,769 4,091 2,846 3,414 3,288 3,198 3,618 4,896 5,533 -416 2,034 746 167 322 376 Asia and Pacific Of which: Australia .... Japan International By industry 68,639 74,499 85,726 675 5,058 11,455 9,036 11,692 12,114 243,954 28,896 61,374 11,555 29,626 27,514 34,076 50,913 272,244 32,998 72,209 14,178 31,597 31,623 33,839 55,801 288,290 38,380 73,487 14,732 33,563 33,833 36,439 57,855 44,472 3,718 16,924 1,570 4,408 7,060 5,888 4,903 25,149 2,700 5,657 5,283 2,565 3,883 561 4,500 32,280 6,325 8,026 1,054 4,529 3,930 3,846 4,570 34,325 4,480 8,614 1,380 4,251 4,466 3,709 7,425 34,365 4,826 9,525 1,353 4,555 4,217 3,182 6,707 37,532 5,116 9,415 1,535 5,083 4,861 4,842 6,679 Wholesale trade 68,102 69,638 69,080 5,701 3,403 9,118 8,488 9,041 Depository institutions 29,181 33,673 34,359 1,032 1,488 2,935 3,242 3,083 2,953 Petroleum Manufacturing Food and T Chemicals and allied products . Primary and fabricated metals Industrial machinery and equipment Electronic and other electric equipment Transportation equipment Other manufacturing Finance (except depository institutions), insurance, and real estate * 218,313 240,972 280,920 22,001 23,035 45,410 24,589 27,817 29,815 Services 29,721 35,793 40,874 4,014 3,343 5,464 4,136 3,588 5,258 Other industries 41,105 50,384 61,475 11,000 11,061 13,591 2,902 3,072 3,991 NOTE.—In this table, unlike in the international transactions accounts, income and capital outflows are shown without a current-cost adjustment, and income is shown net of withholding taxes, In addition, unlike in the international investment position, the direct investment position is valued at historical cost. D-53 D-54 SURVEY OF CURRENT BUSINESS • International Data July 1998 Table G.3.—Selected Financial and Operating Data for Nonbank Foreign Affiliates of U.S. Companies, by Country and by Industry of Affiliate, 1995 Number of affiliates All countries, all industries Millions of dollars Total assets Sales Net income Number of employees (thousands) 21,318 2,815,141 2,140,438 2,023 10,435 246,242 1,567,904 231,081 8,313 918.1 1,176,126 63,083 3,014.5 1,226 1,358 757 999 505 2,393 3,256 135,906 219,538 59,468 139,078 132,464 641,348 316,495 124,457 234,169 68,550 112,182 60,128 363,372 4,303 6,467 2,315 11,492 7,203 14,338 413.9 596.3 198.7 138.8 50.6 928.8 191,340 23,419 1,485.2 400 823 502 338 4,665 48,477 59,115 22,604 30,231 614,555 44,536 61,122 5,073 4,732 299.9 743.6 20,587 1,845 126.5 21,703 2,899 73.4 492,181 24,464 1,747.6 855 1,006 99 81,055 280,164 63,056 211,821 2,944 4,979 258.7 414.9 17,110 653 11.8 7,421 272,087 779,339 99,571 180,964 35,266 112,921 71,483 124,721 154,413 206,015 1,229,643 114,995 213,062 984,868 113,166 189,096 36,862 159,205 95,395 218,333 172,811 367,515 108,441 100,035 151,548 124,675 7,377.0 By country Canada . Europe Of which: France Germany Italy Netherlands Switzerland United Kingdom Latin America and Other Western Hemisphere Of which: Brazil Mexico Africa Middle East Asia and Pacific Of which: Australia International. By industry Petroleum , 1,520 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 8,023 764 1,942 722 1,033 855 469 2,238 4,878 2,742 2,671 1,484 , Wholesale trade Finance (except depository institutions), insurance, and real estate Services Other industries NOTE.—The data in this table are from "U.S. Multinational Companies: Operations in 1995" in the October 1997 SURVEY OF CURRENT BUSINESS. 428,030 13,981 230.9 53,795 7,064 15,695 1,227 7,611 6,443 4,406 11,348 4,376.6 554.4 591.9 195.7 529.4 846.0 697.6 961.5 15,124 538.3 30,507 191.0 4,050 779.8 7,219 1,260.4 International Data • SURVEY OF CURRENT BUSINESS July 1998 Table G.4.—Foreign Direct Investment in the United States: Selected Items, by Country of Foreign Parent and by Industry of Affiliate, 1995-97 [Millions of dollars] Direct investment position on a historical-cost basis All countries, all industries .. Income Capital inflows (outflows (-)) 1995 1996 1997 1995 1996 1997 681,651 58,772 76,453 90,748 30,931 31,970 42,502 54,799 64,022 4,824 8,235 9,411 3,658 3,295 3,215 332,374 368,322 425,220 39,686 51,672 60,021 21,745 24,759 31,245 36,167 46,017 65,116 116,272 41,132 59,863 74,320 121,288 47,088 69,701 84,862 129,551 2,725 7,908 -1,526 16,255 5,983 18,995 11,487 11,000 8,728 10,712 10,274 8,582 1,729 1,642 5,003 10,630 2,570 2,283 6,592 9,593 3,037 3,003 7,175 11,700 27,873 29,180 35,701 2,886 3,266 5,921 1,206 1,566 2,003 750 1,850 689 1,436 698 1,723 116 -263 -60 38 48 145 91 23 48 28 44 180 1,113 645 1,608 -117 942 31 -118 -105 1995 1996 1997 535,553 594,088 45,618 By country Canada . Europe Of which: France Germany Netherlands United Kingdom , Latin America and Other Western Hemisphere Of which: Brazil Mexico Africa Middle East Asia and Pacific . Of which: Australia Japan 5,801 5,977 -360 538 140 166 607 122,774 135,166 148,218 11,854 13,202 13,587 4,152 2,303 5,537 10,356 104,997 13,877 114,534 16,229 123,514 2,003 8,118 3,739 10,214 2,557 9,430 435 3,611 362 3,159 61 6,363 By industry Petroleum Manufacturing Food and kindred products Chemicals and allied products ..... Primary and fabricated metals ...., Machinery Other manufacturing Wholesale trade 34,907 43,770 47,679 3,863 8,842 4,462 3,274 4,369 4,721 214,504 27,032 72,125 14,193 37,098 64,056 242,320 27,897 76,708 17,364 39,114 81,238 267,070 27,473 88,767 20,454 46,027 84,349 28,739 5,652 11,771 403 3,516 34,500 1,829 6,692 4,968 2,429 18,583 36,228 -133 14,494 2,235 7,400 15,431 1,736 5,806 1,245 2,209 4,435 16,220 1,983 5,159 1,046 1,207 6,824 19,172 1,838 6,125 1,487 2,836 66,871 75,115 87,564 3,847 2,448 3,617 7,398 Retail trade 12,533 13,733 16,093 Depository institutions 33,883 32,161 37,099 Finance, except depository institutions 34,803 37,658 42,526 Insurance 50,647 54,715 69,092 Real estate 30,170 33,179 34,118 Services 32,058 32,358 45,604 Other industries 25,176 29,080 34,806 NOTE—In this table, unlike in the international transactions accounts, income and capital inflows are shown without a current-cost adjustment, and income is shown net of withholding taxes. In 6,556 1,336 6,879 4,009 3,807 -639 1,551 2,672 8,247 2,506 555 4,443 7,409 12,233 11,275 1,320 5,840 5,078 11,090 538 513 669 4,578 2,883 3,489 472 1,182 2,108 1,837 2,794 5,050 511 -609 -69 3,838 7,164 -132 404 974 5,572 7,632 1,695 1,225 2,191 541 addition, unlike in the international investment position, the direct investment position is valued at historical cost. D-55 D-56 • International Data SURVEY OF CURRENT BUSINESS July 1998 Table G.5.—Selected Financial and Operating Data of Nonbank U.S. Affiliates of Foreign Companies, by Country of Ultimate Beneficial Owner and by Industry of Affiliate, 1996 Millions of dollars Millions of dollars Number of affiliates Total assets Sales Net income 12,626 2,613,985 1,596,022 21,110 Canada 1,289 263,862 121,650 Europe Of which: France Germany Netherlands Switzerland United Kingdom 5,411 1,507,678 667 1,328 397 623 1,203 274,775 249,891 180,292 275,890 413,966 Latin America and Other Western Hemisphere , Of which: Brazil Mexico 1,088 78 275 All countries, all industries Gross product Thousands of employees U.S. exports of shipped by affiliates 339,485 4,977.5 5,035 30,026 881,931 15,885 218,174 127,434 168,151 111,395 96,026 277,026 3,120 3,096 2,785 310 5,890 32,584 40,467 29,299 19,461 73,960 57,482 53,767 147 10,652 8,454 4,462 7,982 U.S. imports of goods shipped to affiliates 136,588 252,990 618.6 5,658 14,123 3,103.9 63,104 86,533 411.8 610.2 378.8 306.2 972.6 18,386 13,493 4,468 6,457 12,354 12,888 28,304 8,969 7,550 13,267 12,699 155.4 5,725 10,621 160 -643 283 1,439 4.5 35.8 1,192 688 1,241 2,248 By country Africa . Middle East Asia and Pacific Of which: Australia .... Japan United States. 74 11,708 10,605 733 2,555 22.7 522 560 430 26,501 21,024 -258 5,292 61.8 607 5,481 4,249 635,683 487,580 -3,370 65,469 972.9 60,077 134,416 171 3,240 44,617 549,408 23,013 418,320 243 -2,271 5,539 54,560 77.4 776.4 1,268 52,555 1,375 117,433 85 111,071 19,466 2,938 5,270 42.2 894 1,255 By industry 236 114,735 152,832 5,586 32,733 111.8 9,984 21,080 Manufacturing Food and kindred products Chemicals and allied products .... Primary and fabricated metals .... Machinery Other manufacturing 2,950 257 338 407 736 1,212 578,886 58,624 180,996 60,804 95,234 552,023 49,562 134,451 62,902 124,066 7,153 3,591 549 1,010 -737 2,738 156,354 11,783 42,095 16,079 31,863 54,534 2,213.6 205.4 409.8 233.3 536.8 828.4 58,821 2,848 15,656 4,066 20,575 15,677 78,531 3,379 14,254 7,390 28,733 24,776 Wholesale trade 2,230 2,839 41,973 488.6 62,792 147,958 377 24,544 821.0 1,507 3,408 64 6,001 49.3 15 21 5,306 10,658 152.0 0 0 -1,718 4,984 27.1 7 1 -3,402 21,840 633.8 738 1,173 4,907 40,398 480.3 2,725 818 Petroleum . Retail trade :L. 352 Finance, except depository institutions . 907 Insurance 161 183,228 181,042 233,829 466,700 50,063 705,181 575,947 94,028 58,230 89,625 Real estate 3,507 Services 1,283 105,297 56,247 Other industries 1,000 149,497 112,434 D 100,549 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 1996 Estimates (forthcoming). 13,903 D-57 International Data SURVEY OF CURRENT BUSINESS July 1998 H. International PerspectivesQuarterly data in this table are shown in the middle month of the quarter. Table H.1.—International Perspectives 1997 1996 1998 1997 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Exchange rates per U.S. dollar (not seasonally adjusted) Canada (Can $/US$) France (FFr/US$) Germany (DM/US$) Italy L/USd) Japan (¥/US0) Mexico (Peso/US$) United Kingdom (US$/£) Addendum: Exchange value of the U.S. dollari ... 1 3725 4.9864 1.4321 16 2945 .9396 6.4467 1.5785 1 3638 5.1158 1.5049 15 4276 1.0878 7.6004 1.5607 1 3725 5.7154 1.6946 169121 1.2277 7.9562 1.6096 1.3942 5.7672 1.7119 6 9452 1.2564 7.9059 1.6293 1.3804 5.7482 1.7048 16.8433 1.1919 7.9037 1.6322 1.3843 5.8293 1.7277 16.9454 1.1429 7.9498 1.6449 1.3775 6.0511 1.7939 17.4591 1.1538 7.8679 1.6694 1.3872 6.2010 1.8400 17.9712 1.1793 7.7818 1.6035 1.3872 6.0031 1.7862 17.4322 1.2089 7.7809 1.6013 1.3869 5.8954 1.7575 17.2109 1.2106 7.8708 1.6330 1.4128 5.8001 1.7323 16.9708 1.2538 8.2716 1.6889 1.4271 5.9542 1.7788 17.4386 1.2973 8.1271 1.6597 1.4409 6.0832 1.8165 17.8787 1.2955 8.2272 1.6350 1.4334 6.0744 1.8123 17.8828 1.2585 8.5021 1.6408 1.4166 6.1257 1.8272 17.9907 1.2908 8.5681 1.6619 1.4298 6.0782 1.8132 179124 1.3175 8.5017 1.6723 84.25 87.34 95.60 96.39 95.29 95.42 97.48 99.96 98.29 97.07 96.37 98.82 100.52 99.93 100.47 100.30 8.6 121 8.5 12.0 11.5 8.4 119 113 Unemployment rates (percent, seasonally adjusted) Canada France Germany Italy Japan Mexico United Kingdom Addendum: United States 9.7 123 104 121 123 3.4 55 7.5 3.4 3.7 5.6 5.4 4.9 9.5 9.4 9.1 9.0 9.0 9.0 9.1 9.0 8.6 8.9 11.2 12.5 11.2 12.5 11.4 12.6 11.4 12.5 11.5 12.5 11.6 12.5 11.7 12.5 11.8 12.4 11.8 12.2 11.8 12.1 11.6 3.3 4.1 6.1 3.3 4.1 5.9 3.5 3.9 5.8 3.4 3.5 5.7 3.4 3.8 5.5 3.4 3.4 5.4 3.4 3.3 5.3 3.5 3.2 5.2 3.5 3.4 5.1 3.5 3.4 5.0 3.5 3.5 5.0 3.6 3.4 4.9 3.9 33 4.9 4.1 32 4.8 5.2 5.0 4.8 5.0 4.9 4.9 4.9 4.8 4.6 4.7 4.7 4.6 4.7 4.3 9.2 125 9.3 125 11 5 124 122 121 11.5 120 Consumer prices (seasonally adjusted, 1990= 100) Canada France Germany (1991=100) Italy Japan Mexico United Kingdom 113.5 113.8 116.5 133.2 107.1 301.7 121.1 115.3 115.2 118.6 136.0 109.0 364.0 124.9 115.2 115.0 117.9 135.4 107.5 352.0 123.2 115.2 115.0 117.9 135.6 109.1 355.8 123.9 115.3 115.2 118.4 136.0 109.0 359.0 124.4 115.5 115.2 118.6 136.0 109.3 362.2 124.9 115.5 115.0 119.2 136.0 109.3 365.3 124.9 115.7 115.3 119.3 136.1 109.5 368.6 125.7 115.6 115.5 119.0 136.2 109.7 373.2 126.3 115.7 115.5 118.9 136.6 109.9 376.2 126.5 115.5 115.7 118.9 137.1 109.7 380.4 126.5 115.4 115.7 119.1 137.1 109.6 385.7 126.9 116.0 115.3 119.1 137.5 109.6 394.1 126.5 116.1 115.7 119.4 137.9 109.7 401.0 127.1 116.2 115.9 119.2 138.3 109.9 405.7 127.5 116.1 1162 119.5 138.4 109 6 409.5 128.9 Addendum: United States 120.0 122.9 122.3 122.5 122.5 122.8 122.9 123.1 123.5 123.7 123.8 123.9 123.9 124.0 124.0 124.3 Real gross domestic product (percent change from preceding quarter, seasonally adjusted at annual rates) Canada France Germany Italy , " Japan Mexico United Kingdom Addendum: United States See footnotes at the end of the table. 1.2 1 6 1.4 7 3.7 23 2.3 15 4.2 4.7 2.7 77 4.3 37 2.9 29 2.8 32 1.2 6 -7 3.7 22 39 39 52 9 70 -10 6 179 32 49 2.2 3.3 3.4 31 -1 7 1.3 4.0 2.8 3.8 33 31 37 54 D-58 • International Data SURVEY OF CURRENT BUSINESS July 1998 Table H.1.—International Perspectives—Continued 1997 1996 1998 1997 Mar. Apr. May June July Sept. Aug. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Short-term, 3-month, interest rates (percent not seasonally adjusted) Canada 4.43 3.53 3.20 3.41 3.29 3.22 3.51 3.63 3.60 3.76 3.99 4.58 4.62 4.96 4.85 4.88 France Germany Italy Jaoan Mexico United Kinadom 3.94 3.31 8.82 3.46 3.33 6.88 3.36 3.26 7.43 3.40 3.23 7.13 3.48 3.17 6.83 3.43 3.14 6.88 3.39 3.14 6.89 3.43 3.26 6.87 3.41 3.31 6.67 3.59 3.58 6.65 3.69 3.74 6.49 3.69 3.74 6.08 3.62 3.57 6.09 3.57 3 52 5.62 3.63 3 63 5 23 81 70 20 76 7 48 19 47 7 44 . Addendum: United States 59 60 56 56 58 61 67 59 56 53 .55 .89 32 91 6.02 21 26 6.83 22 32 6.20 22 37 6 37 20 59 6.45 21 40 6.66 1940 6.95 2015 7.15 20 51 7.20 19 91 7.25 22.01 7.54 19.88 7.62 19 37 7.48 3.57 3.51 6.13 1 10 19 63 7.45 5.02 5.07 5.14 5.17 5.13 4.92 5.07 5.13 4.97 4.95 5.15 5.16 5.09 5.11 5.03 5.00 95 Long-term interest rates , government bond yields (percent, not seasonally adjusted) Canada France Germany Italy , " japan Mexico United Kinadom Addendum: United States 7.54 6.51 6.10 8.85 2.98 6.47 5.67 5.50 6.55 2.11 6.92 5.80 5.60 7.55 2.27 7.09 5.93 5.70 7.37 2.36 6.90 5.96 5.60 7.02 2.55 6.63 5.67 5.60 6.82 2.37 6.30 5.50 5.40 6.38 2.12 6.30 5.65 5.50 6.53 2.01 6.19 5.55 5.50 6.10 1.88 5.94 5.80 5.50 5.90 1.62 5.76 5.66 5.50 5.81 1.73 5.85 5.45 5.30 5.44 1.66 5.58 5.26 5.10 5.21 1.77 5.60 5.11 4.90 5.15 1.66 5.64 5.04 4.90 4.92 1.58 5 50 5.12 4.90 4.90 1.46 782 7 04 7 46 7 65 716 713 7.04 7.08 6.80 6.50 6.61 6.36 6.08 6.03 5.95 5.79 6.44 6.35 6.69 6.89 6.71 6.49 6.22 6.30 6.21 6.03 5.88 5.81 5.54 5.57 5.65 5.64 Share price indices (not seasonally adjusted, 990=100) Canada France Germany Italy Japan Mexico United Kingdom 154.0 1180 115.6 96 0 74.0 554.8 167.0 189.0 152 0 158.4 131.0 64.0 779.2 189.0 171.0 148 0 145.8 114.0 63.0 657.4 182.0 175.0 145 0 145.7 116.0 63.0 658.9 179.0 187.0 1490 154.4 119.0 68.0 696.1 185.0 188.0 151 0 160.2 123.0 70.0 781.9 186.0 201.0 1610 174.8 138.0 70.0 888.9 190.0 193.0 161 0 176.4 139.0 68.0 815.3 194.0 206.0 1600 170.2 145.0 65.0 933.4 198.0 200.0 159.0 171.5 149.0 62.0 815.2 203.0 190.0 151.0 161.5 145.0 57.0 872.5 194.0 196.0 157.0 171.2 154.0 55.0 917.2 200.0 196.0 163 0 176.7 175.0 56.0 801.4 205.0 207.0 175 0 188.2 189.0 58.0 839.2 216.0 221.0 195 0 201.1 214.0 58.0 879.8 226.0 224 0 208 0 214.2 238 0 56.0 894.3 232.0 Addendum: United States 195.0 249.0 227.0 219.0 236.0 249.0 262.0 262.0 267.0 272.0 268.0 275.0 275.0 290.0 306.0 315.0 1. Index of weighted average exchange value of U.S. dollar against currencies of other G-10 countries. March 1973=100. Weights are 1972-76 global trade of each of the 10 countries. Series revised as of August 1978. For description and back data, see: Index of the weighted-average exchange value of the U.S. dollar: Revision" on page 700 of the August 1978 Federal Reserve Bulletin. NOTE.—All exchange rates are from the Board of Governors of the Federal Reserve System. U.S. interest rates, unemployment rates, and GDP growth rates are from the Federal Reserve, the Bureau of Labor Statistics, and BEA, respectively. All other data (including U.S. consumer prices and U.S. share prices, both of which have been rebased to 1990 to facilitate comparison) are © OECD, June 1998, OECD Main Economic Indicators and are reproduced with permission of the OECD. Regional Data • SURVEY OF CURRENT BUSINESS July 1998 D-59 Regional Data J. State and Regional Tables. The tables in this section include the most recent estimates of State personal income and gross state product. The sources of these estimates are noted. The quarterly and annual State personal income estimates and the gross state product estimates are available on diskettes or CD-ROM. For information on personal income, E-mail reis.remd@bea.doc.gov; write to the Regional Economic Information System, BE-55, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230; or call 202-606-5360. For information on gross state product, E-mail gspread@bea.doc.gov; write to the Regional Economic Analysis Division, BE-61, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230; or call 202-606-5340. Table J.1.—Quarterly Personal Income for States and Regions Percent change 1 Millions of dollars Area name I United States . 1997 1996 1995 IV I II IV III IV 6,040,250 6,102,128 6,166,444 6,242,690 6,344,988 6,446,115 6,526,158 6,602,863 6,723,734 6,805,778 6,883,976 6,990,833 1996:1V1997:1 1997:11997:11 1997:111997:111 1997:1111997:1V 1.8 1.2 1.6 419,084 120,860 27,820 197,053 33,507 25,856 13,987 2.1 2.5 1.6 2.1 1.4 1.4 1.5 1.1 1.1 1.0 1.0 1.5 1.0 1.1 1.5 1.7 1.3 1.6 .6 1.4 1.3 Mideast Delaware District of Columbia Maryland New Jersey New York Pennsylvania 1,184,607 1,194,810 1,203,048 1,215,160 1,236,233 1,252,392 1,262,579 1,280,273 1,301,621 1,311,797 1,327,342 1,346,025 20,257 20,879 21,804 19,646 19,838 20,658 20,793 21,453 18,476 18,586 19,190 18,853 18,518 18,765 19,210 18,308 18,231 18,655 18,764 19,118 17,953 18,017 18,068 18,002 132,154 133,215 133,879 135,000 137,463 139,238 140,788 142,701 145,396 146,623 148,282 150,008 235,237 237,700 239,500 241,671 245,793 249,200 251,390 254,333 259,356 260,360 264,085 268,037 499,539 503,400 506,656 511,888 521,731 527,781 530,585 539,518 548,633 553,639 560,270 568,495 281,248 283,891 286,159 289,342 293,291 298,104 301,041 304,407 308,593 311,618 314,133 318,472 1.7 1.1 .6 1.9 2.0 1.7 1.4 .8 -.4 0 .8 .4 .9 1.0 1.4 1.6 .5 1.2 1.5 1.5 1.4 Great Lakes Illinois Indiana Michigan Ohio Wisconsin 1,010,950 1,016,351 1,025,146 1,038,089 1,050,235 1,067,370 1,080,301 1,089,650 1,106,609 1,119,933 1,128,289 1,149,627 298,069 299,717 302,382 306,672 312,076 316,097 320,182 324,047 328,829 333,983 336,897 342,244 124,847 125,170 125,755 126,976 128,633 131,340 133,092 134,560 136,045 137,813 138,614 141,188 227,670 227,552 229,853 232,821 234,392 238,969 241,018 242,695 246,653 248,416 248,952 255,246 247,428 249,879 252,119 255,173 257,163 261,247 264,643 265,927 270,865 273,833 276,630 282,139 112,935 114,034 115,038 116,446 117,971 119,717 121,367 122,421 124,217 125,888 127,195 128,811 1.6 1.2 1.6 1.3 .7 1.1 1.3 1.9 .2 1.0 1.0 1.0 .4 1.1 1.0 1.1 .8 1.8 1.2 1.6 1.6 .8 .7 -.2 New England Connecticut Maine Massachusetts.... New Hampshire .. Rhode Island Vermont Plains Iowa Kansas Minnesota Missouri Nebraska North Dakota South Dakota .... Southeast Alabama Arkansas Florida Georgia Kentucky Louisiana Mississippi North Carolina South Carolina .... Tennessee Virginia West Virginia 362,015 104,786 24,632 168,234 28,837 23,105 12,420 367,472 105,960 24,963 171,018 29,518 23,505 12,508 371,338 106,986 24,985 173,444 29,576 23,709 12,637 375,980 108,293 25,272 175,714 30,038 23,850 12,813 411,800 60,355 57,063 113,325 118,667 35,956 12,141 14,292 380,053 109,680 25,588 177,343 30,485 23,944 13,014 422,960 62,423 58,652 116,338 120,825 36,982 12,861 14,880 385,795 111,186 25,970 180,394 30,828 24,250 13,16^ 389,569 112,010 26,261 182,374 31,242 24,370 13,312 435,915 64,116 60,082 120,788 124,025 38,067 13,345 15,492 395,684 113,754 26,651 185,460 31,689 24,735 13,394 440,337 64,558 60,607 121,864 125,565 38,803 13,334 15,608 403,796 116,652 27,064 189,284 32,129 25,076 13,591 408,187 117,974 27,334 191,194 32,621 25,320 13,743 450,456 65,812 62,933 124,922 128,705 39,337 12,905 15,842 412,742 118,809 27,468 193,855 33,306 25,493 13,811 454,792 66,092 63,611 126,176 130,110 39,634 13,138 16,030 1.5 1.1 1.6 1.9 1.5 1.6 1.9 2.5 2.0 1.3 461,043 66,759 64,707 128,146 132,231 39,965 13,233 16,002 1.6 0 -4.8 -1.1 1.4 1.4 1.8 1.6 .9 1.3 1.7 2.6 1,315,560 1,331,076 1,346,874 1,366,190 1,384,339 1,409,214 1,428,240 1,443,156 1,470,700 1,487,153 1,504,723 1,528,018 85,642 86,696 88,794 84,107 87,483 90,265 91,425 81,660 82,513 83,195 47,486 47,967 48,605 44,029 46,328 48,367 49,578 50,134 44,661 45,249 46,105 49,317 321,913 325,849 330,253 334,527 341,767 346,884 351,655 355,314 362,233 366,825 372,711 378,552 154,384 156,073 158,686 162,061 164,035 168,043 170,774 172,724 176,551 178,500 180,844 184,604 76,359 77,613 79,421 71,479 74,903 78,169 82,178 72,329 72,917 73,992 80,329 85,242 86,117 81,258 83,938 86,912 91,522 81,810 82,892 89,573 90,414 47,461 48,070 44,245 48,271 50,689 44,681 45,289 49,723 50,132 45,978 49,020 148,915 151,482 153,315 156,685 157,990 161,778 163,988 166,565 170,427 172,554 173,820 176,553 73,542 74,693 69,074 75,425 79,422 69,861 70,531 77,555 71,553 72,159 76,746 78,447 109,671 111,128 112,307 113,991 114,507 116,382 117,799 119,047 121,393 122,750 124,094 126,014 157,956 159,637 160,884 162,734 165,270 167,401 169,463 171,295 175,117 176,186 178,951 181,888 32,994 33,406 31,771 33,585 35,037 31,905 32,037 34,241 32,726 32,379 33,930 34,479 1.9 1.5 .5 1.9 2.2 1.6 1.8 1.6 2.3 1.8 2.0 2.2 1.0 1.1 .9 1.5 1.3 1.1 1.1 1.3 1.4 1.2 1.1 1.1 .6 .9 1.2 .7 .5 1.6 1.3 .8 .9 .8 .7 1.2 1.1 1.6 .7 1.5 1.3 1.1 1.6 2.1 1.5 1.2 1.1 1.6 1.2 1.5 1.6 1.6 1.6 1.7 1.7 .8 1.7 2 1.9 .8 .7 2.3 1.5 2.1 1.3 1.4 1.4 397,161 58,245 55,483 109,163 114,604 34,302 11,634 13,731 401,451 58,656 55,921 110,296 116,252 34,644 11,823 13,859 405,890 59,375 56,490 111,254 117,510 35,324 11,871 14,066 592,542 89,956 430,169 63,291 59,313 118,861 122,706 37,663 13,101 15,235 630,148 444,213 64,919 61,792 122,984 127,576 38,817 12,688 15,436 670,259 2.0 .9 1.4 1.0 1.7 Southwest Arizona New Mexico .. Oklahoma Texas 568,332 85,355 30,202 60,309 575,996 86,456 30,541 61,036 397,964 584,172 88,342 31,003 61,599 403,228 31,325 62,380 408,881 603,416 92,246 31,761 63,165 416,243 32,102 64,254 422,958 623,216 95,629 32,365 65,022 430,200 32,553 65,562 435,345 647,175 99,158 33,215 67,282 447,519 657,362 100,800 33,782 67,844 454,936 102,684 34,043 68,318 465,214 471,788 2.7 2.6 2.0 2.6 2.8 Rocky Mountain . Colorado Idaho Montana Utah Wyoming 172,959 90,017 21,940 15,906 35,211 174,619 90,798 22,121 16,042 35,692 9,966 177,461 92,439 22,438 16,246 36,282 10,057 180,763 93,682 22,960 16,447 37,476 10,199 183,516 95,758 23,111 16,584 37,888 10,175 187,099 97,504 23,563 16,810 38,883 10,340 190,028 99,179 23,798 17,011 39,601 10,439 192,116 100,466 23,897 17,199 40,059 10,495 195,748 102,484 24,240 17,261 41,042 10,721 198,862 104,303 24,566 17,500 41,675 10,818 202,815 106,642 25,032 17,720 42,477 10,945 205,117 107,770 25,292 17,984 43,094 10,977 1.9 1.6 2.0 1.4 .4 2.5 2.1 1.8 1.3 1.4 1.5 2.0 2.2 1.9 1.3 1.9 1.2 1.1 1.1 1.0 1.5 1.5 .3 1,040,352 1,052,513 1,062,166 1,084,236 1,100,895 1,116,309 1,131,498 1,153,872 1,172,027 1,183,013 1,201,518 15,437 14,811 14,921 14,990 15,188 15,422 15,628 14,640 14,799 14,513 14,599 760,910 769,110 775,349 791,319 803,049 813,415 824,940 840,203 853,423 861,125 874,667 31,203 29,905 30,989 30,052 30,171 30,159 30,568 30,808 29,713 29,655 29,638 45,842 40,283 44,997 41,313 42,213 43,054 44,049 44,809 39,041 37,505 38,337 80,822 71,919 79,703 73,282 74,621 75,661 77,528 78,426 70,634 68,220 69,377 129,549 131,453 132,789 136,011 138,388 140,968 142,695 146,336 149,140 150,762 153,357 2.0 1.3 1.9 1.4 2.3 2.5 2.6 1.6 1.5 1.6 .8 1.7 1.2 1.9 .9 .1 .9 .6 .4 1.6 1.1 1.6 1.2 1.6 .7 1.9 1.4 1.7 Far West Alaska California .... Hawaii Nevada Oregon Washington . 14,521 753,101 29,363 36,905 67,288 127,488 613,181 1. Percent changes are expressed at quarterly rates and are calculated from seasonally adjusted unrounded data, * asr^jsrssejra^^ it omits the earnings of Federal civilian and military personnel stationed abroad and of U.S. residents employed 680,401 104,834 34,485 abroad temporarily by private U.S. firms. It can also differ from the NIPA estimate because of different data sources 2 ? ? ™ ? ~ > rxrs TJ? c^Pe(sonalnlcome * **M "***•i99r in the *> 1998 s of t h e SuRVEY 0 F CURRENT BUSINESS D-60 • Regional Data SURVEY OF CURRENT BUSINESS July 1998 Table J.2.—Annual Personal Income and Disposable Personal Income for States and Regions Disposable personal ncome Personal income Area name Percent change' Millions of dollars 1995 1996 1997 1995-96 Millions of dollars 1996-97 Percent change' 1995 1996 5,343,659 5,594,105 5,863,470 1997 1995-96 1996-97 6,137,878 6,480,031 6,851,080 5.6 5.7 4.7 4.8 369,201 106,506 24,963 172,103 29,492 23,543 12,595 387,775 111,658 26,118 181,393 31,061 24,325 13,222 410,952 118,574 27,422 192,847 32,891 25,436 13,783 5.0 4.8 4.6 5.4 5.3 3.3 5.0 6.0 6.2 5.0 6.3 5.9 4.6 4.2 314,558 89,242 22,096 145,200 26,203 20,685 11,132 326,329 92,137 22,957 151,037 27,343 21,240 11,617 342,388 96,782 23,917 158,997 28,659 22,017 12,016 3.7 3.2 3.9 4.0 4.3 2.7 4.4 4.9 5.0 4.2 5.3 4.8 3.7 3.4 Mideast Delaware District of Columbia Maryland New Jersey New York Pennsylvania 1,199,406 18,776 18,010 133,562 238,527 505,371 285,160 1,257,869 20,100 18,428 140,048 250,179 529,904 299,211 1,321,696 21,232 18,964 147,577 262,960 557,759 313,204 4.9 7.0 2.3 4.9 4.9 4.9 4.9 5.1 5.6 2.9 5.4 5.1 5.3 4.7 1,028,840 16,093 15,393 114,434 204,777 429,079 249,064 1,070,096 17,074 15,748 119,119 212,327 446,280 259,549 1,115,016 17,873 16,066 124,230 220,828 466,370 269,650 4.0 6.1 2.3 4.1 3.7 4.0 4.2 4.2 4.7 2.0 4.3 4.0 4.5 3.9 Great Lakes Illinois Indiana Michigan Ohio Wisconsin 1,022,634 301,710 125,687 229,474 251,150 114,613 1,071,889 318,100 131,906 239,269 262,245 120,369 1,126,114 335,488 138,415 249,817 275,867 126,528 4.8 5.4 4.9 4.3 4.4 5.0 5.1 5.5 4.9 4.4 5.2 5.1 884,624 260,022 109,028 199,056 218,044 98,474 919,661 271,651 113,599 205,968 225,957 102,486 957,664 283,780 118,254 213,011 235,951 106,669 4.0 / 4.5 4.2 3.5 3.6 4.1 4.5 4.1 3.4 4.4 4.1 404,076 59,158 56,239 111,009 116,758 35,056 11,867 13,987 432,345 63,597 59,663 119,463 123,280 37,879 13,160 15,304 452,626 65,896 63,261 125,557 129,656 39,438 12,991 15,827 7.0 7.5 6.1 7.6 5.6 8.1 4.7 3.6 6.0 5.1 5.2 4.1 -1.3 10.8 -2.7 3.4 386,731 57,087 54,178 104,043 111,855 33,971 11,431 14,165 3.6 2.7 5.1 4.1 4.1 2.9 9.4 373,194 55,601 51,560 99,991 107,487 33,002 11,748 13,805 6.2 7.0 5.2 6.3 5.0 7.3 10.9 351,388 51,975 49,022 94,060 102,321 30,757 10,604 12,649 9.1 2.6 1,339,925 82,058 45,011 328,135 157,801 72,680 82,237 45,048 152,599 70,255 111,774 160,303 32,023 1,416,237 85,982 47,537 348,905 168,894 76,761 85,552 47,603 162,580 73,955 116,934 168,357 33,178 1,497,648 90,021 49,409 370,080 180,125 80,728 89,993 49,891 173,339 78,043 123,563 178,035 34,422 5.7 4.8 5.6 6.3 7.0 5.6 4.0 5.7 6.5 5.3 4.6 5.0 3.6 5.7 4.7 3.9 6.1 6.6 5.2 5.2 4.8 6.6 5.5 5.7 5.7 3.7 1,182,074 73,034 40,114 289,784 137,627 63,871 74,091 41,045 133,007 62,144 100,379 138,288 28,689 1,240,703 76,111 42,297 305,198 145,913 67,084 76,597 43,288 140,986 65,103 104,319 144,246 29,562 1,301,418 79,188 43,655 320,834 154,366 70,027 80,005 45,141 149,242 68,234 109,456 150,760 30,510 5.0 4.2 5.4 5.3 6.0 5.0 3.4 5.5 6.0 4.8 3.9 4.3 3.0 4.9 4.0 3.2 5.1 5.8 4.4 4.4 4.3 5.9 4.8 4.9 4.5 3.2 Southwest Arizona New Mexico . Oklahoma .... Texas 580,261 87,527 30,768 61,331 400,635 617,490 94,607 32,195 64,501 426,187 663,799 101,869 33,881 68,185 459,864 6.4 8.1 4.6 5.2 6.4 7.5 7.7 5.2 5.7 7.9 518,110 76,896 27,494 54,397 359,322 546,973 82,521 28,639 56,818 378,994 583,474 88,115 29,971 59,729 405,659 5.6 7.3 4.2 4.5 5.5 6.7 6.8 4.7 5.1 7.0 Rocky Mountain . Colorado Idaho Montana Utah Wyoming 176,451 91,734 22,364 16,160 36,165 10,027 188,190 98,227 23,592 16,901 39,108 10,362 200,636 105,300 24,783 17,616 42,072 10,865 6.7 8.1 3.3 6.6 7.2 5.0 4.2 7.6 4.9 152,757 78,794 19,585 14,262 31,238 8,877 161,495 83,492 20,546 14,797 33,541 9,119 170,582 88,562 21,406 15,348 35,767 9,499 5.7 6.0 4.9 3.8 7.4 2.7 5.6 6.1 4.2 3.7 6.6 4.2 1,045,924 14,568 764,617 29,592 37,947 68,880 130,320 1,108,234 14,880 808,180 30,072 41,716 73,871 139,516 1,177,608 15,419 857,355 30,892 44,924 79,120 149,899 6.0 2.1 5.7 1.6 9.9 7.2 7.1 6.3 3.6 6.1 2.7 7.7 7.1 7.4 911,309 12,660 665,792 25,916 32,866 58,952 115,124 955,654 12,848 695,973 26,119 35,734 62,781 122,199 1,006,197 13,226 731,649 26,736 38,135 66,547 129,904 4.9 1.5 4.5 .8 8.7 6.5 6.1 5.3 2.9 5.1 2.4 6.7 6.0 6.3 United States New England Connecticut Maine Massachusetts New Hampshire Rhode Island Vermont Plains Iowa Kansas Minnesota Missouri Nebraska North Dakota South Dakota Southeast Alabama Arkansas Florida Georgia Kentucky Louisiana Mississippi North Carolina .. South Carolina . Tennessee Virginia West Virginia ..., Far West Alaska California .... Hawaii Nevada Oregon Washington . 1. Percent changes are calculated from unrounded data. NOTE.—The personal income level shown for the United States is derived as the sum of the State estimates. It differs from the national income and product accounts (NIPA) estimate of per, sonal income because, by definition, it omits the earnings of Federal civilian and military personnel 7-.1 5.5 4.6 4.1 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, 1997" in the May 1998 issue of the SURVEY. Regional Data • SURVEY OF CURRENT BUSINESS July 1998 Table J.3.—Per Capita Personal Income and Per Capita Disposable Personal Income for States and Regions, 1995-97 Per capita personal income1 Area name 1995 1997 1996 1997 24,488 28,200 18,535 24,820 23,567 21,492 19,808 25,592 29,598 19,256 25,990 24,438 22,297 20,401 1 36 3 5 16 29 6 2 4 15 23,150 22,486 27 871 22,762 25,739 23,646 20,676 24,048 23,600 29202 23,540 26,535 24,610 21,557 25,020 24,430 30372 24,386 27,422 25,713 22,434 7 2 4 14 •7 29 18 21 22 20,344 22,046 18,837 20,616 19,586 19,259 21,038 22,933 19,492 21,166 20,242 19,915 21,820 23,855 20,166 21,794 21,093 20,634 8 31 19 21 25 24 10 26 27 45 37 19,145 18,298 19,077 20,418 19,216 18,797 16,534 17,211 20,207 19,522 19,991 21,510 20,040 20,017 18,282 18,717 20,825 20,014 20,879 22,205 20,706 20,503 17,837 19,195 33 22 17 24 28 43 37 23,014 20,842 19,585 25,255 24,061 20,657 20,680 18,272 23,345 20,755 23,018 26,438 18,957 38 48 20 25 41 40 50 31 39 33 14 49 18,609 17,136 16,170 20,434 19,135 16,563 17,117 15,255 18,507 16,871 19,173 20,949 15,746 19,296 17,753 16,876 21,167 19,895 17,280 17,646 15,969 19,289 17,516 19,655 21,639 16,239 19,998 18,334 17,304 21,894 20,620 17,918 18,384 16,532 20,099 18,147 20,390 22,388 16,803 39 48 18 26 42 38 50 32 40 30 15 49 21,642 21,335 18,814 19,574 22,324 22,857 22,364 19,587 20,556 23,656 35 47 42 28 18,502 17,849 16,305 16,628 19,177 19,170 18,609 16,736 17,242 19,85.2 20,091 19,345 17,327 18,006 20,868 35 47 41 23 21,445 24,517 19,199 18,602 18,317 20,954 22,462 25,740 19,865 19,278 19,384 21,587 23,547 27,051 20,478 20,046 20,432 22,648 9 43 46 44 34 18,565 21,059 16,813 16,417 15,822 18,551 19,276 21,878 17,301 16,878 16,625 18,997 20,020 22,751 17,687 17,465 17,370 19,801 10 44 45 46 34 24,073 24,214 24,229 25,103 24,809 21,915 23,974 25,209 24,597 25,368 25,421 26,059 23,111 25,277 26,407 25,305 26,570 26,034 26,791 24,393 26,718 19 13 16 11 23 12 20,975 21,042 21,097 21,984 21,487 18,757 21,178 21,738 21,237 21,846 22,079 22,323 19,642 22,139 22,563 21,707 22,674 22,531 22,742 20,517 23,154 20 12 13 11 27 9 27,800 32,603 20,227 28,397 25,726 23,783 21,609 29,099 34,174 21,087 29,808 26,772 24,613 22,545 30,717 36,263 22,078 31,524 28,047 25,760 23,401 Mideast Delaware District of Columbia . Maryland New Jersey New York Pennsylvania 26,988 26,235 32,609 26,567 29,982 27,850 23,673 28,267 27,782 34,172 27,676 31,265 29,221 24,851 29,658 29,022 35 852 28,969 32,654 30,752 26,058 Great Lakes . Illinois Indiana Michigan ... Wisconsin . 23 518 25,580 21,716 23,767 22,560 22,416 24 521 26,855 22,633 24,588 23,493 23,390 25,658 28,202 23,604 25,560 24,661 24,475 Plains Iowa Kansas Minnesota Missouri Nebraska North Dakota . South Dakota 22,015 20,826 21,886 24,097 21,927 21,424 18,504 19,032 23,410 22,330 23,133 25,699 22,984 22,975 20,479 20,749 24,373 23,102 24,379 26,797 24,001 23,803 20,271 21,447 Southeast Alabama Arkansas Florida Georgia Kentucky Louisiana Mississippi North Carolina South Carolina Tennessee 21,094 19,254 18,144 23,139 21,940 18,847 18,999 16,743 21,233 19,073 21,350 24,284 17,576 22,025 20,056 18,967 24,198 23,028 19,773 19,709 17,561 22,244 19,898 22,032 25,255 18,225 Southwest Arizona New Mexico Oklahoma Texas 20,721 20,316 18,246 18,748 21,381 Rocky Mountain ... Colorado Idaho Montana Utah Wyoming Far West Alaska California Hawaii Nevada Oregon Washington 1. Per capita personal income and per capita disposable personal income were computed using midyear population estimates from the Bureau of the Census. NOTE.—The personal income level shown for the United States is derived as the sum of the State estimates. It differs from the national income and product accounts (NIPA) estimate of per- Rank in U.S. 1997 23,686 27,318 17,904 23,958 22,857 20,897 19,099 New England Connecticut Maine Massachusetts New Hampshire Rhode Island Vermont West Virginia 1996 21,908 25,598 Virginia Dollars 1995 21,096 24,436 Ohio 1997 20,337 23,359 United States . Per capita disposable personal income' Rank in U.S. Dollars i" 36 3 8 17 30 5 32 6 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, 1997" in the May 1998 issue of the SURVEY. D-61 D-62 • Regional Data July 1998 SURVEY OF CURRENT BUSINESS Table J.4.—Gross State Product for States and Regions by Industry, 1996 [Millions of dollars] State and region AgriRank of Total culture, total gross gross state forestry, state product and fishing product Construction Mining Manufacturing Transportation and Wholesale public trade utilities Finance, Retail trade insurance, and real estate Services Government 7,631,022 129,842 1j13,631 306,052 1,332,093 648,280 516,777 667,903 1,445,535 1,539,525 931,384 435,880 124,046 28,894 208,591 34,108 25,629 14,611 3,409 893 513 1,212 252 208 332 292 52 15 130 31 19 46 14,686 4,055 1,297 6,606 1,198 895 635 72,794 20,712 5,333 32,265 7,557 4,282 2,645 28,636 7,698 2,151 13,128 2,590 1,835 1,234 29,226 8,229 1,723 14,845 2,113 1,426 890 35,538 9,211 3,197 16,373 3,098 2,242 1,416 107,237 35,041 5,340 50,880 7,566 5,802 2,607 101,792 27,029 5,410 53,879 6,617 5,814 3,043 42,271 11,126 3,915 19,273 3,088 3,106 1,762 1,440,922 28,331 51,197 17 143,190 276,377 613,287 328,540 9,244 290 14 1,338 1,524 2,780 3,298 2,464 6 12 100 128 471 1,748 48,440 970 442 7,216 9,675 17,629 12,509 5,993 1,285 12,317 37,985 72,154 68,074 121,614 1,509 2,769 11,307 27,540 49,518 28,971 92,909 1,124 580 9,046 25,132 37,741 19,286 106,168 1,698 1,369 12,514 20,221 42,056 28,310 358,390 10,026 8,863 30,573 64,187 182,389 62,352 324,047 4,042 16,684 33,229 60,211 140,228 69,654 179,839 2,673 19,180 25,552 29,773 68,323 34,338 1,233,424 370,778 155,797 263,336 304,353 139,160 16,660 5,052 2,735 2,526 3,331 3,016 4,670 1,282 715 1,173 1,134 365 50,574 15,476 7,228 10,131 11,753 5,986 313,739 71,444 49,338 71,683 82,669 38,605 97,437 34,029 12,578 17,509 23,506 9,816 87,053 28,507 9,382 18,874 21,535 8,756 107,524 29,877 14,212 23,420 27,984 12,030 201,866 71,023 20,426 41,538 46,511 22,367 226,610 76,832 23,893 48,791 53,989 23,105 127,292 37,257 15,289 27,691 31,941 15,114 Kansas Minnesota Missouri Nebraska North Dakota... South Dakota .., 514,201 76,315 68,014 141,573 145,123 47,187 15,701 20,289 23,553 5,771 2,986 4,174 2,621 4,330 1,668 2,003 3,406 177 983 877 522 114 482 251 22,473 3,138 2,838 6,195 6,697 2,097 764 745 99,777 18,292 12,451 27,115 31,122 6,662 1,184 2,951 47,400 6,123 7,340 10,876 14,920 4,853 1,695 1,591 39,066 5,213 5,311 11,776 10,659 3,495 1,377 1,236 45,461 6,296 6,540 12,275 13,223 3,906 1,427 1,795 79,404 10,915 8,608 25,352 21,345 7,007 1,989 4,188 92,293 11,655 11,360 27,558 27,768 8,055 2,741 3,156 61,367 8,735 9,597 15,374 16,246 Southeast Alabama Arkansas Florida Georgia Kentucky Louisiana Mississippi North Carolina ., South Carolina . Tennessee Virginia West Virginia .... 1,674,519 99,190 56,417 360,496 216,033 95,410 121,143 56,406 204,229 89,476 140,750 197,809 37,160 30,754 2,016 2,886 6,520 3,801 2,438 1,488 1,798 4,757 1,208 1,651 1,952 240 29,524 1,474 570 787 906 2,448 17,973 507 259 223 399 997 2,980 71,440 4,144 2,240 17,031 8,356 3,752 5,086 2,192 8,563 4,195 5,527 8,635 1,720 315,211 22,131 13,898 29,286 39,079 26,833 22,989 13,208 55,075 23,768 32,244 29,986 6,716 152,763 9,301 6,163 32,296 24,166 7,933 10,690 6,003 16,135 7,107 11,076 17,021 4,873 111,941 6,259 3,469 26,417 18,940 5,565 6,451 3,150 13,094 5,172 10,396 11,068 1,960 161,015 9,781 5,729 40,362 19,333 8,472 9,502 5,630 18,242 9,180 15,368 16,168 3,248 265,718 12,694 6,453 78,695 35,515 10,733 14,709 6,474 29,719 11,861 19,450 35,268 4,147 308,111 15,996 8,344 84,406 38,919 14,293 19,054 9,032 31,418 13,505 27,633 39,364 6,147 228,041 15,395 6,664 44,696 27,019 12,944 13,201 8,410 26,968 13,258 17,005 37,351 5,129 Southwest Arizona New Mexico .... Oklahoma Texas 778,815 111,520 42,698 72,767 551,830 11,565 1,899 808 1,531 7,327 1,480 3,050 3,879 41,278 34,892 6,442 1,979 2,332 24,138 125,482 16,143 7,027 12,587 89,725 77,631 8,644 3,262 7,289 58,436 53,480 6,997 1,823 4,421 40,239 70,763 11,743 3,800 7,267 47,953 115,141 21,120 5,937 9,064 79,020 141,929 22,546 7,468 12,634 99,282 98,243 14,505 7,545 11,762 64,431 Rocky Mountain Colorado Idaho Montana Utah Wyoming 229,833 116,227 27,898 18,509 50,352 16,847 5,684 2,053 1,744 943 583 361 9,956 1,936 174 903 1,620 5,323 12,246 6,219 1,653 893 2,858 622 29,427 14,226 5,754 1,430 7,051 967 24,530 12,957 2,442 2,331 4,400 2,400 13,873 7,355 1,689 1,192 3,094 543 22,154 11,274 2,774 1,839 5,167 1,101 35,767 19,815 3,431 2,473 8,304 1,744 44,767 25,161 4,548 3,557 9,892 1,610 31,430 15,231 3,691 2,948 7,383 2,177 1,323,429 24,161 962,696 36,317 53,687 86,967 159,602 28,973 355 20,564 445 406 2,590 4,612 13,631 5,424 5,776 28 1,969 104 332 51,301 983 31,656 1,753 4,495 4,731 7,683 177,855 1,161 134,179 1,123 2,589 17,868 20,934 98,269 3,770 67,135 3,732 4,146 6,711 12,775 89,229 710 65,857 1,446 2,478 6,937 11,802 119,281 1,576 85,443 4,192 5,053 7,586 15,432 282,013 2,584 218,439 7,768 9,877 14,140 29,205 299,977 2,871 222,748 8,077 17,336 15,939 33,006 162,901 4,728 110,900 7,752 5,339 10,361 23,823 United States' New England Connecticut Maine Massachusetts .. New Hampshire Rhode Island Vermont Mideast Delaware District of Columbia Maryland New Jersey New York Pennsylvania Great Lakes. Illinois Indiana Michigan ... Ohio Wisconsin . Plains Iowa Far West Alaska California Hawaii Nevada ;... Oregon Washington 42 1. The GSP estimates for transportation and public utilities and for finance, insurance, and real estate differ from BEA's November 1997 estimates of gross product originating (GPO) for the Nation for these industries because of the incorporation of source data that were not available when the GPO estimates were published. NOTE.—Totals shown for the United States differ from the national income and product account estimates of gross domestic product (GDP) because GSP is derived from gross domestic income, which differs from GDP by the statistical discrepancy. In addition, GSP excludes and GDP includes the compensation of Federal civilian and military 2,374 2,373 personnel stationed abroad and government consumption of fixed capital for military structures located abroad and for military equipment, except office equipment. Also, GSP and GDP have different revision schedules. Source: Tables 6 and 7 in "Gross State Product by Industry, 1977-96" in the June 1998 issue of the SURVEY OF CURRENT BUSINESS. SURVEY OF CURRENT BUSINESS July 1998 Regional Data • D-63 K. Local Area Table. Table K.1.—Personal Income and Per Capita Personal Income by Metropolitan Area, 1994-96 Per capita personal income3 Personal income Area name Millions of dollars 1994 United States1 Metropolitan portion Nonmetropolitan portion 1995 1996 Percent 1995-96 Rank in U.S. Dollars 1994 1995 Consolidated Metropolitan Statistical Areas Chicago-Gary-Kenosha, IL-IN-WI ... Cincinnati-Hamilton, OH-KY-IN Cleveland-Akron, OH Dallas-Fort Worth, TX Denver-Boulder-Greeley, CO Detroit-Ann Arbor-Flint, Ml Houston-Galveston-Brazoria, TX .... Los Angeles-Riverside-Orange County, CA Miami-Fort Lauderdale, FL Milwaukee-Racine, Wl New York-No. New Jersey-Long Island, NY-NJ-CT-PA Philadelphia-Wilmington-Atlantic City, PA-NJ-DE-MD Portland-Salem, OR-WA Sacramento-Yolo, CA San Francisco-Oakland-San Jose, CA Seattle-Tacoma-Bremerton, WA Washington-Baltimore, DC-MD-VAWV 222,978 42,644 68,194 106,085 56,092 132,287 98,543 238,05* 45,35" 72,542 114,31 f 60,77' 141,283 105,839 250,787 47,786 75,712 122,834 65,084 147,044 112,59" 5.3 5.4 4.4 7.5 7.1 4.1 6.4 26,24; 22,511 23,485 24,294 25,657 24,802 24,04f 27,866 23,787 24,957 25,663 27,262 26,264 25,424 341,769 75,283 39,656 360,329 80,18' 42,156 378,298 84,66f 44,08' 5.0 5.6 4.6 22,41' 22,150 24,268 23,533 24,522 23,294 24,34' 25,768 26,923 590,202 626,539 659.39G 5.2 29,971 31,732 33,303 152,556 44,697 35,322 161,128 48,636 37,783 169,71: 52,53" 39,619 5.3 8.0 4.9 25,58" 26,98$ 28,413 22,508 24,000 25,343 22,283 23,518 24,288 188,817 81,292 203,046 87,159 217,884 93,546 7.3 7.3 28,990 25,287 195,280 205,68 29,195 24,901 26,025 26,906 28,650 27,113 26,556 30,989 32,933 26,716 28,269 215,836 4.9 27,766 29,018 30,204 Metropolitan Statistical Areas 4 228 90 247 Abilene, TX Akron, OH* Albany, GA Albany-Schenectady-Troy, NY Albuquerque, NM Alexandria, LA Allentown-Bethlehem-Easton, PA ... Altoona, PA Amarillo, TX Anchorage, AK 2,161 14,721 2,066 20,327 13,132 2,303 13,828 2,391 3,930 6,907 2,333 15,812 2,187 21,010 14,255 2,413 14,551 2,488 4,211 7,057 2,452 16,562 2,305 21,708 14,943 2,477 15,228 2,616 4,377 7,209 5.1 4.7 5.4 3.3 4.8 2.7 4.7 5.1 4.0 2.2 17,8221,873 17,768 23,069 20,33 18,294 22,649 18,079 19,776 27,471 19,05; 23,386 18,790 23,850 21,598 19,048 23,804 18,849 20,610 28,129 20,198 24,371 19,688 24,695 22,353 19,656 24,866 19,919 21,215 28,908 82 146 249 77 239 187 28 Ann Arbor, Ml* Anniston, AL Appleton-Oshkosh-Neenah, Wl Asheville, NC Athens, GA Atlanta, GA Atlantic-Cape May, NJ* Augusta-Aiken, GA-SC Austin-San Marcos, TX Bakersfield, CA 13,561 1,921 7,201 4,119 2,424 81,442 8,582 8,442 20,642 10,255 14,687 2,034 7,730 4,430 2,623 89,020 9,060 8,868 22,704 10,671 15,464 2,107 8,158 4,706 2,802 96,193 9,413 9,134 24,632 11,073 5.3 3.6 5.5 6.2 6.8 8.1 3.9 3.0 8.5 3.8 26,441 16,553 21,704 20,205 18,187 24,451 26,067 18,848 21,350 16,790 28,165 17,439 23,026 21,407 19,487 25,938 27,360 19,604 22,615 17,335 29,137 18,082 24,030 22,454 20,463 27,241 28,266 20,161 23,669 17,810 290 98 142 218 37 31 230 109 295 59,932 2,61 62,952 2,706 65,994 2,805 4.8 3.7 24,429 25,558 26,731 17,909 18,728 19,495 44 261 5,115 11,251 6,996 2,760 3,234 42,747 2,510 5,814 5,515 11,880 7,354 2,956 3,422 44,777 2,674 6,061 5,870 12,404 7,598 3,170 3,523 46,943 2,791 6,291 6.4 4.4 3.3 7.2 3.0 4.8 4.4 3.8 26,188 20,176 18,729 18,938 20,063 32,518 20,468 17,259 Baltimore, MD* Bangor, ME (NECMA) Barnstable-Yarmouth, MA (NECMA) Baton Rouge, LA Beaumont-Port Arthur, TX Bellingham, WA Benton Harbor, Ml Bergen-Passaic, NJ* Billings, MT Biloxi-Gulfport-Pascagoula, MS 27,700 21,135 19,621 19,828 21,168 33,920 21,482 17,775 29,009 21,910 20,292 20,827 21,861 35,371 22,235 18,440 164 225 203 166 5 153 287 Binghamton, NY Birmingham, AL Bismarck, ND Bloomington, IN Bloomington-Normal, IL Boise City, ID Boston-Worcester-Lawrence-LowellBrockton, MA-NH (NECMA) Boulder-Longmont, CO* Brazoria, TX* Bremerton, WA* 5,152 19,172 1,710 2,037 3,067 7,804 5,255 20,521 1,816 2,154 3,226 8,555 5,403 21,659 1,914 2,277 3,420 2.8 5.5 5.4 5.7 6.0 5.0 19,680 21,787 19,440 17,933 22,483 22,408 20,403 23,101 20,386 18,687 23,271 23,693 21,274 24,227 21,227 19,646 24,504 24,096 154,929 6,705 3,990 4,330 166,492 7,217 4,235 4,560 175,769 7,705 4,498 4,812 5.6 6.8 6.2 5.5 27,095 26,897 18,798 20,024 28,925 28,448 19,631 20,193 30,366 29,914 20,405 20,815 221 204 Brownsville-Harlingen-San Benito, TX Bryan-College Station, TX Buffalo-Niagara Falls, NY Burlington, VT (NECMA) Canton-Massillon, OH Casper, WY Cedar Rapids, IA Champaign-Urbana, IL Charleston-North Charleston, SC ... Charleston, WV 3,505 1,986 25,457 4,035 8,083 1,468 4,105 3,238 9,195 5,465 3,684 2,083 26,750 4,369 8,558 1,578 4,354 3,405 9,501 5,653 3,911 2,202 27,677 4,632 8,890 1,620 4,592 3,580 9,889 5,889 6.1 5.7 3.5 6.0 3.9 2.6 5.5 5.1 4.1 4.2 1,734 5,207 21,464 21,673 20,133 23,008 23,237 9,495 7,709 21,513 12,029 15,862 22,659 23,279 21,278 24,733 24,323 20,400 18,643 22,225 12,461 16,748 23,588 24,445 22,077 25,454 25,521 21,312 19,678 23,149 313 306 114 88 157 62 61 178 248 124 28,714 3,354 8,926 1,604 205,523 3,349 36,190 2,851 31,350 3,607 9,538 1,685 219,619 3,482 38,440 3,091 33,556 3,826 10,009 1,729 231,378 7.0 6.1 4.9 2.6 5.4 5.8 5.3 6.3 22,819 23,926 20,357 20,588 26,897 7,453 22,925 15,486 24,350 25,338 21,571 21,518 28,587 8,040 24,216 25,446 26,461 22,517 21,974 29,948 9,084 25,359 6,465 6,933 63 49 138 159 18 276 65 304 Charlotte-Gastonia-Rock Hill, NCSC Charlottesville, VA Chattanooga, TN-GA Cheyenne, WY Chicago, IL* Chico-Paradise, CA Cincinnati, OH-KY-IN* Clarksville-Hopkinsville, TN-KY See footnotes at the end of the table. 3,682 40,465 3,287 Area name 180 94 185 251 16 19 Percent change Millions of dollars Rank in U.S. Dollars 1994 1995 1996 Cleveland-Lorain-Elyria, OH* Colorado Springs, CO 53,474 9,005 56.73C 9,81: 59,150 10,544 4.3 7.5 23,97- 25,434 26,52< 19,871 21,112 22.32C 46 148 Columbia, MO Columbia, SC Columbus, GA-AL Columbus, OH Corpus Christi, TX Cumberland, MD-WV Dallas, TX* Danville, VA Davenport-Moline-Rock Island, IA- 2,457 9,84i 4,82: 32,31 6,526 1,680 74,328 1,862 2,655 10,556 5,098 34,295 2,824 11,21 7,285 1,807 86,785 2,005 20,286 20,332 17,665 22,738 17,387 16,637 25,596 16,970 21,505 21,51 18,777 23,91 18,1Z 17,24! 27,145 17,806 22,424 22.52S 19.89C 24,863 19,034 18,052 28,51 18,404 144 137 243 1.73S 80,498 1,94' 6.4 6.2 5.9 4.9 6.1 3.9 7.8 3.0 Dayton-Springfield, OH 7,332 20,87f 7,729 22,184 8,122 23,01 5.1 3.8 20,543 21,635 21,885 23,292 22,746 24,238 132 93 Daytona Beach, FL Decatur, AL Decatur, IL Denver, CO* Des Moines, IA Detroit, Ml* Dotfian, AL Dover, DE Dubuque, IA Duluth-Superior, MN-WI 7,903 2,626 2,438 46,81' 10,016 109,265 2,364 2,162 1,770 4,539 8,460 2,788 2,546 50,815 10,669 116,66" 2,508 2,318 1,866 4,775 8,95$ 2,91 2,71' 54,44! 11,33$ 121,45* 2,57f 2,48 1,952 5,024 5.9 4.4 6.8 7.2 6.3 4.1 2.8 7.0 4.6 5.2 17,892 18,783 19,565 18,998 19,984 20,706 21,905 23,582 26,11 27,81 29,234 23,996 25,246 26,557 24,89 26,37c 27,250 17,66! 18,707 19,334 18,12c 19,155 20,374 20,086 21,135 22,096 18,863 20,068 21,141 255 210 116 24 45 36 268 223 156 191 6,133 2,587 9,004 3,632 1,769 1,07' 5,54' 5,782 6,146 3,179 6,479 2,766 9,49" 3,823 6,823 2,92' 6,748 3,680 23,519 18,2713,536 22,170 18,749 18,89; 19,775 19,35' 21,478 19,654 24,790 1,848 1,110 5,758 6,21 6,384 3,373 5.3 5.5 4.5 3.5 4.6 4.6 4.0 6.2 5.7 9.1 19,468 14,026 22,948 19.63C 19,41 20,552 20,520 22,24 20,622 21,389 21,534 23,430 22,335 55 219 312 118 212 220 176 172 119 147 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 4,892 4,711 1,829 9,461 2,401 2,194 4,449 34,500 8,340 6,428 5,251 5,12' 1,965 9,929 2,567 2,303 4,855 36,990 8,966 6,868 5,549 5,449 2,105 10,121 2,668 2,441 5,280 39,081 9,578 7,321 5.7 6.3 7.1 1.9 3.9 6.0 8.8 5.7 17,261 19,346 16,049 21,892 17,744 18,136 20,959 24,883 22,706 23,110 18,468 20,21 16,885 22,875 18,884 18,808 22,378 26,167 23,903 24,281 19,556 20,856 17,84' 23,240 19,508 19,808 23,841 27,129 25,144 25,269 256 202 294 123 259 245 103 40 71 68 Fort Smith, AR-OK Fort Walton Beach, FL Fort Wayne, IN Fort Worth-Arlington, TX* Fresno, CA Gadsden, AL Gainesville, FL Galveston-Texas City, TX* Gary, IN* Glens Falls, NY 3,249 3,071 10,391 31,757 14,666 1,743 3,681 4,759 12,795 2,242 3,449 3,211 11,017 33,817 15,260 1,834 3,936 5,046 13,435 2,347 3,599 3,51 - 1-1,513 ..-36,048 16,09^ 1,867 4,140 5,322 14,151 2,436 17,576 19,109 22,205 21,710 17,526 17,096 19,039 20,270 20,725 18,418 18,311 19,666 23,400 22,711 18,043 17,978 20,131 21,256 21,676 19,181 18,841 21,218 24,281 23,690 18,727 18,248 20,968 22,154 22,783 19,902 281 106 284 289 200 155 130 242 1,751 1,793 1,889 1,881 1,880 2,016 1,990 2,026 2,145 16,111 17,004 17,798 17,206 18,081 19,583 18,257 18,999 19,806 296 254 246 21,577 1,524 2,568 4,645 23,213 1,627 2,739 4,984 24,508 1,701 2,931 5,234 5.6 4.5 7.0 5.0 21,807 18,803 17,776 22,421 23,158 20,120 18,475 23,706 24,139 21,051 19,328 24,638 95 195 269 24,599 2,165 26,488 2,342 28,025 2,478 5.8 5.8 22,212 23,578 18,671 19,877 24,597 20,800 84 205 16,753 18,099 19,030 5.1 19,233 20,511 21,267 182 2,303 6,454 2,427 6,917 14,551 32,492 1,775 6,291 23,200 3,110 2,535 7,321 15,343 3,310 102,778 5,663 4.5 5.8 5.4 3.8 5.7 4.9 1.3 6.4 6.4 3.0 18,255 20,438 22,635 27,916 15,912 19,574 25,768 5,781 24,593 6,852 19,119 21,652 23,816 29,322 16,763 20,280 26,693 16,541 26,028 17,385 19,917 22,640 25,002 30,473 17,386 20,988 27,040 17,476 27,195 17,922 240 134 74 15 300 197 41 299 39 293 7,456 38,557 2,406 3,188 9,105 2,068 24,041 2,313 2,652 3,402 4.0 5.2 5.6 3.8 5.2 4.5 6.9 7.4 3.3 3.5 20,769 23,915 21,903 18,967 9,440 19,191 21,452 14,194 17,598 20,808 21,884 24,884 22,495 20,025 20,831 20,355 22,828 15,118 18,175 22,184 22,595 25,898 23,687 20,644 21,592 21,029 23,679 16,184 18,793 22,685 135 56 107 213 169 196 108 308 282 133 4.3 22,305 23,465 24,456 1996 22,186 23,359 24,436 23,494 24,794 25,926 16,999 17,675 18,530 5,774,875 6,137,878 6,480,031 4,883,837 5,201,691 5,490,338 891,038 936,187 Per capita personal income3 Personal income Dutchess County, NY* Eau Claire, Wl El Paso, TX Elkhart-Goshen, IN Elmira, NY Enid, OK Erie, PA Eugene-Springfield, OR Evansville-Henderson, IN-KY Fargo-Moorhead, ND-MN Goldsboro, NC Grand Forks, ND-MN Grand Junction, CO Grand Rapids-Muskegon-Holland, Great FaiisV'MT""."!!!."!!!".""."."!!."."!!."."! Greeley, CO* Green Bay, Wl Greensboro- Winston-Salem-High Point, NC Greenville, NC Greenville-Spartanburg-Anderson, SC Hagerstown, MD* Hamilton-Middletown, OH* Harrisburg-Lebanon-Carlisle, PA .... Hartford, CT (NECMA) Hattiesburg, MS Hickory-Morganton-Lenoir, NC Honolulu, HI Houma, LA Houston, TX* Huntington-Ashland, WV-KY-OH .... 13,782 31,062 1,646 5,988 22,372 2,952 89,794 5,330 6,866 96,557 5,499 5,39? 35,966 9,919 3,958 1,933 1,16 5,989 6,601 33,71." 1,876 6,598 23,507 Huntsville, AL Indianapolis, IN Iowa City, IA Jackson, Ml Jackson, MS Jackson, TN Jacksonville, FL Jacksonville, NC Jamestown, NY Janesville-Beloit, Wl 6,799 34,870 2,200 2,890 8,000 1,841 2,027 2,494 3,038 2,278 3,073 8,655 1,979 22,486 2,152 2,568 3,288 Jersey City, NJ* Johnson City-Kingsport-Bristol, TNVA Johnstown, PA 12,244 12,879 13,433 7,943 4,211 8,499 4,394 8,902 4,569 7,172 1995-96 4.0 1994 1995 1996 20,902 7,671 7,511 8,742 8,291 25,941 20,452 14,480 23,44$ 20,65 20,41 • 19,482 19,105 1996 78 277 292 29 87 264 274 D-64 • Regional Data SURVEY OF CURRENT BUSINESS July 1998 Table K.1 .—Personal Income and Per Capita Personal Income by Metropolitan Area, 1994—96—Continued Per capita personal income 3 Personal income Area name Percent change 2 Millions of dollars Dollars 1994 1995 1996 1994 1995 1996 Jonesboro, AR Joplin, MO Kalamazoo-Battle Creek, Ml Kankakee, IL* Kansas City, MO-KS Kenosha, Wl* Killeen-Temple, TX 1,219 2,554 9,241 1,898 38,562 2,761 4,555 1,337 2,754 9,771 2,040 41,353 2,964 4,875 1,415 2,942 10,204 2,159 43,810 3,098 5,114 5.8 6.8 4.4 5.8 5.9 4.5 4.9 16,638 18,024 20,967 18,783 23,281 20,102 15,816 17,891 19,182 22,078 20,142 24,738 21,268 16,744 18,590 20,195 22,962 21,261 25,949 21,913 17,117 286 229 128 183 54 162 301 Knoxville, TN Kokomo, IN La Crosse, WI-MN Lafayette, LA Lafayette, IN Lake Charles, LA Lakeland-Winter Haven, FL Lancaster, PA Lansing-East Lansing, Ml Laredo, TX 12,954 2,223 2,448 6,143 3,201 3,184 7,756 9,804 9,213 1,930 13,906 2,418 2,554 6,481 3,343 3,390 8,278 10,287 9,697 2,007 14,420 2,512 2,705 6,916 3,531 3,577 8,797 10,870 10,092 2,160 3.7 3.9 5.9 6.7 5.6 5.5 6.3 5.7 4.1 7.6 20,588 22,372 20,395 17,042 19,040 18,336 18,061 22,147 20,747 11,732 21,740 24,258 21,175 17,779 19,690 19,287 18,977 22,997 21,784 11,675 22,247 25,053 22,320 18,785 20,640 20,084 19,905 24,138 22,587 12,199 152 72 148 283 214 234 241 96 136 314 Las Cruces, NM Las Vegas, NV-AZ Lawrence, KS Lawton, OK Lewiston-Aubum, ME (NECMA) .... Lexington, KY Lima, OH Lincoln, NE Little Rock-North Little Rock, AR .. Longview-Marshall, TX 2,136 23,990 1,511 1,814 1,931 9,063 2,993 4,817 11,025 3,668 2,295 26,739 1,627 1,904 1,992 9,805 3,122 5,136 11,850 3,886 2,383 29,588 1,717 1,965 2,071 10,522 3,222 5,451 12,531 4,114 3.9 5.6 3.2 4.0 7.3 3.2 6.1 5.7 5.9 13,627 22,244 17,350 15,436 18,718 21,061 19,200 21,305 20,541 18,234 14,378 23,481 18,431 16,525 19,416 22,579 20,069 22,413 21,878 19,086 14,529 24,706 19,147 17,090 20,385 23,929 20,727 23,591 22,882 19,950 Los Angeles-Long Beach, CA* Louisville, KY-IN Lubbock, TX Lynchburg, VA Macon, GA Madison, Wl Mansfield, OH McAllen-Edinburg-Mission, TX Medford-Ashland, OR Melbourne-Titusville-Palm Bay, FL 204,873 21,942 4,373 3,942 5,755 9,797 3,214 4,954 3,150 8,961 216,269 23,298 4,586 4,133 6,127 10,510 3,379 5,303 3,392 9,412 226,592 24,487 4,874 4,309 6,487 11,080 3,517 5,680 3,605 9,836 4.8 5.1 6.3 4.3 5.9 5.4 4.1 7.1 6.3 4.5 22,584 22,418 19,000 19,435 18,771 25,161 18,340 10,680 19,447 20,245 23,885 23,666 19,824 20,256 19,853 26,798 19,275 11,032 20,502 20,922 24,945 24,764 21,065 20,962 20,791 28,087 20,067 11,478 21,410 21,640 311 81 272 302 222 101 209 113 129 238 75 79 193 201 206 32 236 315 175 168 Memphis, TN-AR-MS Merced, CA Miami, FL* Middlesex-Somerset-Hunterdon, NJ* Milwaukee-Waukesha, Wl* Minneapolis-St. Paul, MN-WI Mobile, AL Modesto, CA Monmouth-Ocean, NJ* Monroe, LA 23,677 3,068 40,783 25,603 2,999 43,190 26,826 3,294 45,579 4.8 9.8 5.5 22,492 24,048 24,945 15,641 15,505 17,064 20,268 21,292 22,370 75 303 145 33,091 35,578 70,644 9,038 7,149 28,071 2,537 35,459 37,815 75,469 9,608 7,404 29,758 2,728 37,473 39,526 80,878 10,156 7,884 31,199 2,881 31,051 24,510 26,246 17,664 17,602 27,162 17,398 32,928 26,040 27,682 18,627 18,037 28,359 18,619 34,366 27,202 29,299 19,508 18,953 29,343 19,621 Montgomery, AL Muncie, IN Myrtle Beach, SC Naples, FL Nashville, TN Nassau-Suffolk, NY* New Haven-Bridgeport-StamfordDanbury-Waterbury, CT* New London-Norwich, CT (NECMA) New Orleans, LA New York, NY* 6,217 2,311 2,800 5,820 25,676 82,459 6,620 2,411 3,092 6,073 27,852 85,472 6,956 2,491 3,318 6,577 29,266 89,919 5.7 4.5 7.2 5.7 6.5 4.8 5.6 5.1 3.3 7.3 8.3 5.1 5.2 19,989 19,435 18,407 32,737 24,040 31,187 21,088 20,304 19,626 33,204 25,507 32,237 21,973 21,063 20,271 34,830. 26,262 33,837 7 38 23 259 279 22 252 161 194 226 6 51 10 55,291 59,964 63,249 5.5 34,063 36,964 38,962 2 6,289 26,769 253,351 6,643 28,209 270,487 6,927 29,021 285,207 24,956 26,228 27,385 20,474 21,527 22,179 29,498 31,474 33,177 59,212 7,383 62,635 7,739 65,787 8,069 4.3 2.9 5.4 5.0 4.3 30,675 32,401 33,952 20,814 21,583 22,279 34 154 11 9 150 29,902 59,219 3,830 4,840 19,537 3,984 14,997 67,828 31,397 62,872 4,114 5,121 20,515 4,253 16,094 71,734 32,726 66,728 4,392 5,392 21,620 4,538 17,206 75,793 4.2 6.1 6.8 5.3 5.4 6.7 6.9 5.7 19,616 26,910 17,460 20,520 19,429 21,279 22,641 26,534 20,507 28,405 18,217 21,607 20,244 22,114 24,021 27,735 21,311 29,842 18,975 22,493 21,148 23,068 25,291 28,936 179 20 278 140 190 127 67 27 27,897 1,671 2,488 2,867 6,521 7,451 126,715 53,320 1,327 54,830 29,832 1,747 2,563 2,992 6,913 7,776 133,692 58,994 1,397 57,665 31,987 1,824 2,819 3,114 7,409 8,207 140,791 64,359 1,456 60,194 7.2 4.4 4.1 7.2 5.6 5.3 9.1 4.3 4.4 20,455 18,552 17,832 18,925 17,568 21,670 25,588 20,911 15,763 22,880 21,437 19,301 18,060 19,740 18,282 22,486 26,993 22,166 16,732 24,167 22,425 20,104 19,487 20,581 19,146 23,701 28,447 23,377 17,567 25,359 143 233 262 215 273 105 30 121 298 65 3,146 1,186 5,945 39,034 3,329 1,261 6,291 42,504 3,470 1,326 6,614 45,997 4.2 5.1 5.1 8.2 23,203 16,476 24,059 23,252 24,635 17,269 25,391 24,809 25,759 18,073 26,479 26,228 59 291 47 53 20,364 4,305 2,209 2,456 4,077 21,480 4,772 2,416 2,645 4,341 22,173 5,156 2,520 2,827 4,561 3.2 8.0 4.3 6.9 5.1 22,368 14,260 17,320 19,518 22,342 23,668 15,352 18,674 20,469 23,617 24,478 16,099 19,235 21,535 24,721 86 309 270 171 80 Newark, NJ* Newburgh, NY-PA* Norfolk-Virginia Beach-Newport News, VA-NC Oakland, CA* Ocala, FL Odessa-Midland, TX Oklahoma City, OK Olympia, WA* Omaha, NE-IA Orange County, CA* Orlando, FL Owensboro, KY Panama City, FL Parkersburg-Marietta, WV-OH Pensacola, FL Peoria-Pekin, IL Philadelphia, PA-NJ* Phoenix-Mesa, AZ Pine Bluff, AR Pittsburgh, PA Pittsfield, MA (NECMA) Pocatello, ID Portland, ME (NECMA) Portland-Vancouver, OR-WA* Providence-Warwick-Pawtucket, Rl (NECMA) Provo-Orem, UT Pueblo, CO Punta Gorda, FL Racine, Wl* 1995-96 10.7 10.0 Area name Percent change 2 Millions of dollars Rank in U.S. Dollars 1994 1995 1996 Raleigh-Durham-Chapel Hill, NC .. 22,796 24,901 26,843 7.8 23,643 25,061 26,255 Rapid City, SD Reading, PA Redding, CA Reno, NV Richland-Kennewick-Pasco, WA ... Richmond-Petersburg, VA Riverside-San Bernardino, CA* Roanoke, VA Rochester, MN Rochester, NY 1,630 8,085 3,053 7,495 3,581 22,776 52,445 5,192 2,652 25,426 1,734 8,481 3,137 8,178 3,709 23,991 54,696 5,566 2,792 26,696 1,805 8,890 3,262 8,819 3,808 25,213 57,446 5,804 2,996 27,751 4.1 4.8 4.0 7.8 2.7 5.1 5.0 4.3 7.3 4.0 18,848 23,198 19,111 26,468 20,597 24,860 17,979 22,730 23,486 23,399 19,917 24,209 19,499 28,126 20,690 25,909 18,453 24,382 24,834 24,588 20,770 25,248 20,144 29,528 21,120 26,974 19,090 25,387 26,478 25,543 207 69 231 21 192 43 275 64 48 60 Rockford, IL Rocky Mount, NC Sacramento, CA* Saginaw-Bay City-Midland, Ml St. Cloud, MN St. Joseph, MO St. Louis, MO-IL Salem, OR* Salinas, CA Salt Lake City-Ogden, UT 7,421 2,472 32,231 8,497 2,765 1,800 60,119 5,663 8,021 22,195 7,931 2,635 34,506 9,014 2,921 1,881 64,142 6,132 8,477 24,130 8,293 2,801 36,201 9,426 3,132 1,971 67,118 6,534 8,761 26,085 4.6 6.3 4.9 4.6 7.2 4.8 4.6 6.6 3.4 8.1 21,479 17,606 22,397 21,101 17,662 18,399 23,733 18,441 23,304 18,731 22,738 18,510 23,661 22,394 18,425 19,311 25,238 19,578 24,580 20,015 23,523 19,474 24,444 23,390 19,594 20,298 26,337 20,480 25,032 21,271 San Angelo, TX San Antonio, TX San Diego, CA San Francisco, CA* San Jose, CA* San Luis Obispo-Atascadero-Paso Robles, CA Santa Barbara-Santa MariaLompoc, CA Santa Cruz-Watsonville, CA* Santa Fe, NM Santa Rosa, CA* 1,843 27,806 58,191 57,102 46,175 1,947 29,887 61,380 61,301 51,238 2,040 31,553 65,008 65,512 56,218 4.8 5.6 5.9 6.9 9.7 18,276 19,457 22,111 34,932 29,757 19,193 20,499 23,201 37,391 32,707 19,996 21,237 24,282 39,746 35,395 117 265 89 120 253 224 50 217 73 181 237 184 91 1 4 4,397 4,652 4,941 6.2 19,645 20,515 21,483 173 9,415 5,835 3,113 10,196 9,874 6,207 3,421 10,761 10,395 6,631 3,535 11,524 24,589 24,846 23,714 24,813 25,764 26,288 25,255 25,860 Sarasota-Bradenton, FL Savannah, GA Scranton-Wilkes-Barre-Hazleton, PA Seattle-Bellevue-Everett, WA* Sharon, PA Sheboygan, Wl Sherman-Denison, TX Shreveport-Bossier City, LA Sioux City, IA-NE Sioux Falls, SD 14,472 5,596 15,575 5,952 16,443 6,320 5.3 6.8 3.3 7.1 5.6 6.2 27,937 29,674 30,931 20,299 21,343 22,477 42 33 58 35 14 141 12,364 60,298 2,156 2,331 1,751 7,310 2,325 3,500 12,924 64,801 2,267 2,478 1,880 7,630 2,492 3,719 13,398 69,844 2,370 2,581 2,014 7,865 2,659 4,018 3.7 7.8 4.5 4.2 7.1 3.1 6.7 8.0 19,470 27,736 17,695 21,729 17,998 19,395 19,475 22,632 20,462 29,494 18,579 22,811 19,159 20,156 20,693 23,724 21,363 31,372 19,386 23,583 20,080 20,756 21,974 25,246 177 13 267 115 235 208 159 70 South Bend, IN Spokane, WA Springfield, IL Springfield, MO Springfield, MA (NECMA) State College, PA Steubenville-Weirton, OH-WV Stockton-Lodi, CA Sumter, SC Syracuse, NY 5,472 7,803 4,403 5,704 12,639 2,389 2,441 9,456 1,552 15,479 5,782 8,303 4,579 6,139 13,451 2,538 2,531 9,885 1,638 16,133 5,943 8,701 4,819 6,444 13,949 2,662 2,615 10,410 1,743 16,581 2.8 4.8 5.3 5.0 3.7 4.9 3.3 5.3 6.4 2.8 21,468 19,712 21,779 19,766 21,240 18,435 17,445 18,274 14,616 20,622 22,543 20,691 22,556 20,884 22,687 19,460 18,165 18,845 15,357 21,552 23,095 21,555 23,633 21,702 23,601 20,135 18,919 19,531 16,298 22,253 Tacoma, WA* Tallahassee, FL Tampa-St. Petersburg-Clearwater, FL Terre Haute, IN 12,680 4,813 13,544 5,169 14,353 5,450 6.0 5.4 19,895 20,928 21,913 18,891 20,069 20,985 126 170 110 167 112 232 280 258 307 151 162 199 46,279 2,686 2,082 13,336 3,561 10,220 13,838 15,668 49,670 2,805 2,198 14,094 3,770 10,891 14,828 16,525 52,738 2,872 2,306 14,628 3,936 11,296 15,766 17,456 21,503 18,002 16,981 21,804 21,620 31,114 18,840 21,182 22,817 18,772 17,916 23,066 22,883 33,078 19,647 22,170 23,984 19,226 18,666 23,955 23,888 34,292 20,535 23,141 2,850 3,242 5,849 10,291 16,624 1,605 2,785 5,417 3,535 133,045 3,011 3,469 6,006 10,666 17,630 1,696 2,882 5,569 3,793 140,302 3,159 3,706 6,101 11,271 18,467 1,801 2,964 5,918 3,960 147,306 6.2 2.4 4.9 3.8 4.4 3.7 6.3 5.6 4.9 6.8 1.6 5.7 4.7 6.2 2.8 6.3 4.4 5.0 18,277 20,316 18,573 21,419 23,714 20,066 19,672 15,712 18,267 29,874 19,003 21,457 19,511 22,197 24,937 21,048 20,409 16,035 19,099 31,192 19,887 22,506 20,220 23,267 25,839 22,065 20,987 16,905 19,655 32,376 99 271 285 100 102 8 216 125 244 139 227 122 57 158 198 305 250 12 Waterloo-Cedar Falls, IA Wausau, Wl West Palm Beach-Boca Raton, FL Wheeling, WV-OH Wichita, KS Wichita Falls, TX Williamsport, PA Wilmington-Newark, DE-MD* Wilmington, NC Yakima, WA 2,401 2,366 32,694 2,835 10,952 2,507 2,169 14,474 3,774 3,718 2,522 2,519 35,409 2,917 11,630 2,716 2,239 15,494 4,083 3,885 2,624 2,656 37,933 3,023 12,430 2,849 2,325 16,548 4,388 4,204 4.0 5.4 7.1 3.6 6.9 4.9 3.8 6.8 7.5 8.2 19,419 19,700 34,066 17,991 21,317 18,961 17,986 26,844 19,518 17,751 20,565 20,864 36,213 18,657 22,470 20,081 18,689 28,429 20,389 18,216 21,463 21,865 38,081 19,483 23,753 20,706 19,538 30,103 21,187 19,454 174 165 3 263 104 210 257 17 189 266 Yolo, CA* York, PA Youngstown-Warren, OH Yuba City, CA Yuma, AZ 3,090 7,838 11,660 2,249 1,726 3,278 8,301 12,306 2,344 2,025 3,418 8,686 12,670 2,446 1,946 4.3 4.6 3.0 4.4 21,158 21,780 19,351 16,695 14,357 22,104 22,773 20,515 17,196 16,627 22,747 23,610 21,192 17,739 15,520 131 111 188 297 310 1996 1. The personal income level shown for the United States is derived as the sum of the county estimates; it differs from the national income and product accounts (NIPA) estimate of personal income because, by definition, it omits the earnings of Federal civilian and military personnel stationed abroad and of U.S. residents employed abroad temporarily by private U.S. firms. It can also differ from the NIPA estimate because of different data sources and revision schedules. 2. Percent change was calculated from unrounded data. 3. Per capita personal income was computed using Census Bureau midyear population estimates. Estimates for 1994-96 reflect county population estimates available as of March 1998. 4. Includes Metropolitan Statistical Areas, Primary Metropolitan Statistical Areas (PMSA's designated by *), and Per capita personal income 3 Persona income Rank in U.S. 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* 1995-96 -3.9 1994 1995 1996 27,003 27,896 25,774 27,353 1996 52 New England County Metropolitan Areas (NECMA's). The New Haven-Bridgeport-Stamford-Danbury-Waterbury, CT NECMA is presented as a PMSA (part of the New York CMSA). Source: Table 1 in "Local Area Personal Income, 1969-96" in the May 1998 issue of the SURVEY OF CURRENT BUSINESS. Regional Data • D-65 SURVEY OF CURRENT BUSINESS July 1998 L. Charts. SHARES OF U.S. PERSONAL INCOME BY REGION 1969 1997 Great Lakes 16.4% Mideast 23.6% Great Lakes 20.8% New England 6.4% Plains 7.5% Far West 15.2% Mideast 19.3% Plains 6.6% New England 6.0% Southeast 21.9% Rocky Mountain 2.2% Southwest 7.0% Rocky Mountain 2.9% Southwest 9.7% SHARES OF U.S. GROSS STATE PRODUCT BY REGION ^—T—-1977 Great Lakes 19.6% ^ \ \ 1996 Great Lakes 16.2% Mideast 20.1% ^ \ \ / Plains 7.5% A Plains / 6.7% / \ \ ^ ^ ^ ^ M New England ^ ^ ^ ^ ^ B 5.2% \ Southeast 19.7% / / Far West 15.7% • -^ Southwest 9.3% ^ ^ ^ ^ A ^ ^ ^ ^ ^ ^ ^ ^ H Southeast 21.9% ^ ~ Mideast 18.9% ^ ^ H ^ H Rocky Mountain 2.8% I_ ^ \ \ \ \ / New England 5.7% / F a r West 17.3% Rocky Mountain 3.0% Southwest 10.2% AVERAGE ANNUAL GROWTH RATE OF PERSONAL INCOME, 1969-97 STATES WITH FASTEST GROWTH ^ a ^ 8 Nevada • ^ ^ • • ^ • • j ^ M M Arz iona | ^ ^ H H ^ H H H ^ H | H | Fo l rd ia ^ ^ ^ • • H ^ ^ I H M | ^ ^ | ^ H ua th ^ ^ ^ H | H H | H ^ H Cool rado ^|A|iH|A|HHHi|| Georga i •MJ^^H^^^^H^HM^BB Texas H ^ ^ | ^ H | ^ ^ | H H ^ ^ B New Hampshrie New Mexci o North Carolina 5 6 7 8 Percent U.S. Department of Commerce, Bureau of Economic Analysis 9 Indiana 8j'%a9e ^ ^ ^ ^ ^ ^ ^ ^ ^ P Rhode Island ^ ^ ^ ^ ^ ^ ^ ^ B West Virginia Pennsylvania j^^^B^^J^P ^^Bl^BilW^B Michigan ^ ^ ^ ^ ^ ^ ^ ^ B Illinois ^ ^ ^ ^ ^ ^ ^ B North Dakota ^^^H^|H^^^^^^^H |H^^^^^^^HHH|H| ^ ^ ^ ^ ^ | H H H H | 4 US STATES WITH SLOWEST GROWTH ^^^B^^B^B New York B B B B B I Oho i ^B|^^^H| Iowa ^ ^ H ^ ^ ^ ^ ^ l 10 11 12 4 5 6 7 8 Percent 9 10 11 12 D-66 • Regional Data SURVEY OF CURRENT BUSINESS July 1998 SELECTED REGIONAL ESTIMATES PER CAPITA PERSONAL INCOME.1997 United States $25,598 | | States with highest levels | | States with lowest levels [ H ] All other States PERSONAL INCOME GROWTH: AVERAGE QUARTERLY PERCENT CHANGE, 1996:IV-1997:IV MA 1.5 United States 1.4% [ | States with largest percent change States with smallest percent change • All other States U.S. Department of Commerce, Bureau of Economic Analysis Appendixes • SURVEY OF CURRENT BUSINESS July 1998 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 index of real GDP and the index of prices equals the index of current-dollar GDP. In the most recent period, a variant of the formula is used because only 1 year's information is available for computing the index number weights. Accordingly, BEA uses the prices and quantities from the two adjacent quarters as weights to calculate Fisher chaintype measures for those estimates. For example, the 1996:11-1996:111 percent change in real GDP uses prices for 1996:11 and 1996:111 as weights, and the 1996:111996:111 percent change in the GDP price index uses quantities for 1996:11 and 1996:111 as weights. BEA also presents another measure, known as the "implicit price deflator," in the NIPA tables. The implicit price deflator is calculated as the ratio of currentdollar 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 es- timates are computed by multiplying the 1992 currentdollar value of GDP, or of a GDP component, by the corresponding quantity index number. For example, if a current-dollar GDP component equaled $100 in 1992 and if real output for this component increased by 10 percent in 1993, then the "chained (1992) dollar" value of this component in 1993 would be $110 ($100 X 1.10). Note that percentage changes in the chained (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. The table of contributions of the major components to the change in real GDP (NIPA table 8.2) 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: =[(!) m/n - 1 X 100, where r is the percent change at an annual rate; Xt is the level of activity in the later period; Xo is the level of activity in the earlier period; m is the yearly periodicity of the data (for example, 1 for annual data, 4 for quarterly, or 12 for monthly); and n is the number of periods between the earlier and later periods (that is, t - 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-67 D-68 • Appendixes SURVEY OF CURRENT BUSINESS July Reconciliation Tables Table 1.—Reconciliation of Changes in BEA-Derived Compensation Per Hour with BLS Average Hourly Earnings [Percent change from preceding period] Seasonally adjusted at annual rates 1995 1997 1997 1996 1998 BEA-derived compensation per hour of all persons in the nonfarm business sector (less housing) 2.5 3.8 3.8 4.3 3.2 3.8 5.2 5.3 Less: Contribution of supplements to wages and salaries per hour -.6 -.6 -.4 -.6 -.1 -1 -.6 -.5 Plus: Contribution of wages and salaries per hour of persons in housing and in nonprofit institutions 0 -.1 -.1 -.4 .3 -.2 -.4 -.2 -.1 .5 5.1 Less: Contribution of wages and salaries per hour of persons in government enterprises, unpaid family workers, and self-employed -.2 Equals: BEA-derived wages and salaries per hour of all employees in the private nonfarm sector 2.8 4.3 4.1 4.6 3.3 3.5 5.6 .1 -.2 -.2 -.1 -.3 -.1 .1 Less: Other differences1 0 1.2 .4 .8 .1 -.5 .9 1.5 Equals: BLS average hourly earnings of production or nonsupervisory workers on private nonfarm payrolls 2.8 3.4 3.9 4.0 3.5 4.0 4.6 3.9 Addendum: BLS estimates of compensation per hour in the nonfarm business sector2 2.5 3.8 3.8 4.3 3.2 3.8 5.2 4.2 Less: Contribution of wages and salaries per hour of nonproduction workers in manufacturing 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 SeaSOna adlUStmen procedures. 2. These estimates differ from the BEA-derived estimates (first line) because the BLS estimates include compensation and hours of tenant-occupied housing. N 0 T E . - T h i s table incorporates BLS revsions to reflect the benchmarking of employment levels an H the nnrfflHnn nf soacnnal artinctmoni fartr>rc a n d the u p d a t m g of s e a s o n a l a d u s t m e n i factors J - 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 Exports of goods, services, and income, BPA's Less: Gold, BPA's Statistical differences1 Other items Plus: Adjustment for grossing of parent/affiliate interest payments Adjustment for U.S. territories and Puerto Rico Services furnished without payment by financial intermediaries except life insurance carriers and private noninsured pension plans 1996 1997 1996 1,064.0 1,179.4 1,112.1 1,135.1 1,181.1 1,201.9 1,199.4 1,191.4 6.9 3.5 1.1 5.7 10.6 3.7 8.8 1.0 6.7 12.0 1.1 9.3 6.5 .6 3.4 20.0 .6 3.4 3.9 .9 5.3 3.9 3.4 34.0 3.9 36.2 3.7 34.9 3.3 35.4 3.6 36.5 4.2 36.0 4.6 37.0 4.0 36.2 1997 1998 15.3 16.9 16.3 16.5 17.0 17.1 17.1 17.3 Equals: Exports of goods and services and receipts of factor income, NIPA's 1,105.1 1,219.3 1,153.4 1,170.4 1,221.9 1,235.2 1,249.9 1,238.9 Imports of goods, services, and income, BPA's 1,158.3 1,294.9 1,196.1 1,247.5 1,285.4 1,316.5 1,330.2 1,343.4 7.7 -10.4 0 7.1 10.9 -6.5 0 11.0 -14.1 0 3.0 -5.7 0 3.4 -7.0 0 o" 3.8 -6.1 0 6.7 -6.1 0 -3.8 3.4 22.4 15.3 -3.7 3.9 26.5 16.9 -4.2 3.7 23.4 16.3 -3.6 3.3 24.1 16.5 -3.9 -3.6 4.2 27.9 -3.7 4.6 27.9 1,198.3 1,340.1 1,238.8 1,283.5 -94.3 -115.5 -S4.0 -4.6 13.9 1.1 -5.1 19.3 .8 -3.9 11.6 -93.2 Less: Gold, BPA's Statistical differences1 Other items Plus: Gold, NIPA's Adjustment for grossing of parent/affiliate interest payments Adjustment for U.S. territories and Puerto Rico Imputed interest paid to rest of world Equals: Imports of goods and services and payments of factor income, NIPA's 17 Balance on goods, services, and income, BPA's (1-9) Less: Gold (2-10+13) Statistical differences (3-11) ! Other items (4-12) Plus: Adjustment for U.S. territories and Puerto Rico (6-15) Equals: Net exports of goods and services and net receipts of factor income, NIPA's (8-17) 1. Consists of statistical revisions in the BPA's that have not yet been incorporated into the NIPA's (1996:1-1998:1). 23 17.1 17.1 -3.5 4.0 27.0 17.3 1,331.3 1,367.2 1,378.4 1,387.6 -112.4 -104.3 -114.6 -130.8 -152.0 15.8 1.0 -7.8 18.5 1.1 -5.6 20.6 .6 -3.2 28.1 .6 -4.1 10.0 .9 -4.9 10.0 .8 9.7 11.5 11.3 -120.8 -85.4 -113.1 3.6 26.1 17.0 10.4 -109.4 8.1 -132.0 9.1 -128.5 9.2 -148.7 Appendixes • SURVEY OF CURRENT BUSINESS July 1998 Appendix B Suggested Reading Mid-Decade Strategic Plan BEA has published the following articles in the SURon the development and implementation of its strategic plan for improving the accuracy, reliability, and relevance of the national, regional, and international accounts. "Mid-Decade Strategic Review of BEA'S Economic Accounts: Maintaining and Improving Their Performance" (February 1995) "Mid-Decade Strategic Review of BEA'S Economic Accounts: An Update" (April 1995) "BEA'S Mid-Decade Strategic Plan: A Progress Report" (June 1996) VEY OF CURRENT BUSINESS Mid-Decade Strategic Review of BEA'S Economic Accounts: Background Papers (1995) presents seven background papers that evaluate the state of the U.S. economic accounts and that identify the problems and the prospects for improving the accounts. Methodology BEA has published a wealth of information about the methodology used to prepare its national, regional, and international estimates. National National income and product accounts (NIPA'S) NIPA Methodology Papers: This series documents the conceptual framework of the NIPA'S and the methodology used to prepare the estimates. An Introduction to National Economic Accounting (NIPA Methodology Paper No. 1, 1985) [Also appeared in the March 1985 issue of the SURVEY] Corporate Profits: Profits Before Tax, Profits Tax Liability, and Dividends (NIPA Methodology Paper No. 2, 1985) Foreign Transactions (NIPA Methodology Paper No. 3,1987) [Revised version forthcoming] GNP: An Overview of Source Data and Estimating Methods (NIPA Methodology Paper No. 4, 1987) [Largely superseded by "A Guide to the NIPA'S" (March 1998 SURVEY)] Government Transactions (NIPA Methodology Paper No. 5, 1988) Personal Consumption Expenditures (NIPA Methodology Paper No. 6, 1990) The methodologies described in these papers are subject to periodic improvements that are typically introduced as part of the annual and comprehensive revisions of the NIPA'S; these improvements are described in the revisions. SURVEY articles that cover these "Annual Revision of the U.S. National Income and Product Accounts": This series of SURVEY articles, the latest of which was published in the August 1997 issue, describes the annual NIPA revisions and the improvements in methodology. "Completion of the Comprehensive Revision of the National Income and Product Accounts, 1929-96" (May 1997) is the last in a series of SURVEY articles that describe the most recent comprehensive revision of the NIPA'S. "A Guide to the NIPA'S" (March 1998 SURVEY) provides the definitions of the major NIPA aggregates and components; discusses the measures of real output and prices; explains how production is classified and how the NIPA'S are presented; describes the statistical conventions that are used; and lists the principal source data and methods used to prepare the estimates of gross domestic product (GDP). Information on the sources and methods used to prepare the national estimates of personal income, which provide the basis for the State estimates of personal income, can be found in State Personal Income, 1929-93 (1995). "Gross Domestic Product as a Measure of U.S. Production" (August 1991 SURVEY) briefly explains the difference between GDP and gross national product. "BEA'S Chain Indexes, Time Series, and Measures of Long-Term Economic Growth" (May 1997) is the most recent in a series of SURVEY articles that describe the conceptual basis for the chain-type measures of real output and prices used in the NIPA'S. "Reliability and Accuracy of the Quarterly Estimates of GDP" (October 1993 SURVEY) evaluates GDP estimates by examining the record of revisions in the quarterly estimates. Availability Most of the items listed here are available on BEA'S Web site at <http://www.bea.doc.gov>. In addition, see the inside back cover of this issue for the availability of some of the publications. The Catalog of BEA Products is available on BEA'S Web site; a printed copy can be obtained by writing to the Public Information Office, BE-53, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230, or by calling 202-606-9900. D-69 D-70 • Appendixes SURVEY OF CURRENT BUSINESS Wealth and related estimates "Improved Estimates of Fixed Reproducible Tangible Wealth, 1929-95" (May 1997 SURVEY) describes the most recent comprehensive revision of the estimates of fixed reproducible tangible wealth. Gross product by industry "Improved Estimates of Gross Product by Industry, 1959-94" (August 1996 SURVEY) describes the most recent comprehensive revision of the estimates of gross product by industry. "Gross Product by Industry, 1947-96" (November 1997 SURVEY) presents the most recent revision to the estimates of gross product by industry and briefly describes changes in methodology. Input-output accounts "Benchmark Input-Output Accounts for the U.S. Economy, 1992" (November 1997 SURVEY) describes the preparation of the 1992 input-output accounts and the concepts and methods underlying the U.S. input-output accounts. Satellite accounts Satellite accounts that extend the analytical capacity of the national accounts by focusing on a particular aspect of activity are presented in the following SURVEY articles. "Integrated Economic and Environmental Satellite Accounts" and "Accounting for Mineral Resources: Issues and BEA'S Initial Estimates" (April 1994) "A Satellite Account for Research and Development" (November 1994) "U.S. Transportation Satellite Accounts for 1992" (April 1998) "U.S. Travel and Tourism Satellite Accounts for 1992" (July 1998) International Balance of payments accounts (BPA'S) The Balance of Payments of the United States: Concepts, Data 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 is published in this issue, describes the annual BPA revisions and the improvements in methodology. r Direct investment The coverage, concepts, definitions, and classifications used in the benchmark surveys of U.S. direct investment abroad and of foreign direct investment in the United States are presented in the publications of the final results of the following benchmark surveys. U.S. Direct Investment Abroad: 1994 Benchmark Survey, Final Results (1998) Foreign Direct Investment in the United States: 1992 Benchmark Survey, Final Results (1995) The types of data on direct investment that are collected and published by BEA and the clarifications of the differences between the data sets are presented in the following SURVEY articles. "A Guide to BEA Statistics on U.S. Multinational Companies" (March 1995) "A Guide to BEA Statistics on Foreign Direct Investment in the United States" (February 1990) Surveys of international services U.S. International Transactions in Private Services: A Guide to the Surveys Conducted by the Bureau of Economic Analysis (1998) provides information on the 11 surveys that BEA conducts on these transactions— including classifications, definitions, release schedules, and methods used to prepare the estimates—and samples of the survey forms. Regional Personal income State Personal Income, 1929-93 (1995) includes a description of the methodology used to prepare the estimates of State personal income. [Also available on the CD-ROM "State Personal Income, 1958-96"] Local Area Personal Income, 1969-92 (1994) includes a description of the methodology used to prepare the estimates of local area personal income. [Also available on the CD-ROM "Regional Economic Information System, 1969-96"] Gross state product "Comprehensive Revision of Gross State Product by Industry, 1977-94" (June 1997 SURVEY) summarizes the sources and methods for BEA'S estimates of gross state product. "Gross State Product by Industry, 1977-96" (June 1998 SURVEY) presents the most recent revision to the estimates of gross state product by industry and briefly describes changes in methodology. £ 2 July 1998 BEA INFORMATION The economic information prepared by the Bureau of Economic Analysis (BEA) Is available m news releases, in publications, on computer diskettes, on CP~KOM% and oil ffie Internet, For a^escBptipn of these products in the free User% Guide to BBA InfarmaMoUy write to tile.Public Information Office, BE~~53> Bureau of Economic AiialysiSi 0.$. Departmentof Gdmnterce, Washington* i>c 20230, or call (zoz) 6069900. The User's Guide and other information are also available on BEA'S home pk%t at ; Thefee^publication l ^ „ •'• in Private Services; A 'Guide/., fo!_ '_'*ft^ j4^Mar**f^p>^' ^I^^wrfaur«&^i^ "'i'^f -*fc« ;sni3f##3r^*»aWE= /^^; JSM^arjEc^wwcr Analysis provides ihformaiioii aboiat li surveys. For each survey; it cletaiis the frequency of the survey* the transactions cbvere4> arid tlie methods; uied to prepare the estimates that are derived from the survey ciataj it iiictofe a sample of each survey* To receive your copy, write to Sylvia Bargas* BS^$Qr Bureau of Ecpnoipfc Analysis^ U.S. D e p a r t o i n g t b n » i > G 20230,;or call ( 2 0 2 ) ^ 0 6 - 9 8 0 4 , r . . •'.•"/'•' , - v /'. •/."' ^ ' " y : - - . ~ : ' . '." ":- m addife Documents of te ••-:;' ••; iritendent of JJocuments, RO. Box;"371954,- Pittsburgh, PA,-15^50^7954,call '{2oa)...$i2~;:~ •--;:: 1800 or fai (202) 512-2^0. Pay by check to the Superintendent of Pdcuments m' ; ';..!., • , : . : \'- - \ :- .;:• - :/ ' 'ch&£& to ia GBO/.deposit accptirit, to Visar otto MasterCard/ : ~ > Natfeiial Income ancl FrJodlict Accounts of the United S t a t e s , i ^ j H ^ ; (i99S);This^ Iwb^volume set |>reserit$,the estimates of thc| /ria^oiial.in-'-' • come;erid product''account; ( ^ 1 ^ ^ ' pjrehensiye revision and the 1997 aririual revision. The text describes the definitions and^classifications; that underlie the HiM^ arid the statistical conventions; used : in;the NiPA%:;ari;appeiidk lists the priri<:ipai $ource •[. data and melhotts that are used ^ f jpepari^; the estimates/$58.00, stock: no, 003-010-00272^7, \:\ \ . - y ; - \ ' : - . , L , : • • ' . " ' • - J : _ •'";'•.-,•-, •", ;' ' • ' • ; ' ' : '\"\ Benchmark InputrOutptit Accounts of t & tlnlted States, 1987. (1994) Presents summary and detailed make^ and use tables for industrtes aiid ', commodities; tables;: sho^H»jgf- commodity- aridiridustryfoutput-require-ixjents per dollar of commodity demanded; arid fables showing the input-output ( P O ) commodity composition of personal; cohsumpX%<m expeniiitjLire^" and pj^fluters^jji^ trie national inconte and product accounts; Presents concepts and methods used in the 19S7; benchmarkaccourit$; concordance beween 1-0 and 19S7 Staridardlndustirlai! Classification codes; description of the components of the measures of oiitputv intermediate inputs, and value added; and"'mathematical derivation of total requirements tables, ^29.oo> s t o c k n o , oo3-oio-^o025i-4v>; ; : ; ; .'•'• •/; • -'• • - v ; , '•:' •• ' •' '-'* :- Regional Multipliers: A User Handbook for the Regional Input* put Modeling System (fci&is:n)y Third Bditi^ii. (1997) f his h d 4escH!>es.the:five'^ 500 industries and for any county or for any group of counties^ It details the information that the usersneed in order tb etlfectively use the RIMS 11 multipliers t# analyze the economic and industrial^ impact of public and private projects and programs on and local areas. The handbook also includes case studies that iUustrate the uses of the RIMS 11 multipliers and a descrlptiori of the methodology that the Bureau of Econoaiic Analysis >ises to estimate the multipliers. $6.ob? stock ;ho> 003-010— Foreign Direct Investment in the tJmted St^tesi 1992 Beiichaiark Sprvey, FMal Results* (1995) Presents detailed d&& op the Inandal structure and operations of IJ;S; affiliates of foreigri direct investors, on the foreign direct investment position in the IJnited States, Md on the hal^ ance-of-payrnents transactions between; &$< affiliates a^d their fbreigii parent companies in 1992^ Include^ data for items^ such as e^mployment covered by collective bargaining agreernents^ and merchandise trade by product and country of destination and origin* that^ are only collected in comprehensive benchmark surveys. Th$^ data are^classified by industry of allliate and by country of ultimate beneficial owner, and selected data are classified by State. The text describes the coverage* the concepts arid definitions^ and the classifications psed in the survey, $ao>oo^ stock nO» O O 3 - O I O - O O 2 5 9 - O . ":•.;-.:::"-. " -;'"./"'•'. : : . : * / v:V:\'" //:'-.< Foreign Direct Myestiiieiit in the Hnited Statet Operations of U.S, Affiliates of Foreigti Compaajfe* (1997}, Two publkatiori$: One presents tfa£ revised estimates for 1994, and the other, the preliminary estimates for 1995 from BEAVannuat surveys of the financial structure and operations 0f;n6nbanky,S, affiliates of*^^foreign^direct;investors. The estimates are presented by industry of the IXSv affiliate and by; country of the ultimate beneficial owner; (TOO) an4 for selected estimates> by industty of 0BQ aiid by State, Preliminary 1995 Estimates; '$8^0, stock no* 003-010-^026^9; Revised 4994 Estmiates, $8,56^ stock no. 003-010'^OO247^1^;' ;:• /,• •' '/"/::• \:' •/ '• : ' . / ";"•.'' '••!'/ ' . ' : ' ' "'•"• '/''"'• Foreign Direct Inyestuient in the tjiiited States: Esttbiishnient Data •for 199a; (1997) This publkatioii, which preset results of % project by BBA and the Bureau of the Census, provides the most recentlywail&hie data 00 the number/; eiriploymenl^ payroll, anci. shipments or sales of foreign-owned UJS. establishments in morethaii $00 indiistries at the Standard Industrial Classification four-digit level aiid by State and by country of owner* Presents additional mformation~-such as data on value a4ded^ employee benefits, hourly wage rates of production workers? and expenditures for plant arid^ equipmerit-Hfcr manufacturing establishments. $28.00* stock B< 0»S* Direct Investment Abroad? 1^4 Benchmark Survey* Final Results, (195$) This publication presents the data on the worldwide operations of US. multinational companies ini^^from the niost recent comprehen- \ siye suryey of XJ.S. direct investment abroad* It contains 243 tables that present data on thefflnancial structure and operations'.of tJJS: parent companies arid their foreign 'affiliate-^4 .^^'.-o^-tti^ direct investment position and balance of payments between the parents and their affiliates* The data are presented by Industry of the parent; aiid by industry and country of the affiliate. The text describes the^coverage,-.the^ and concepts, and the classIfidatioBs used in'.^si'3PV^/ 003-010-00271-^9, '' /•'.:'•• : ;...'•..;•-, •' tXS. Direct Investtiient Abroad: Operations of U*S. and Their Foreign Affiliates^ Prelimmary 1995 Istto^tes/ (1997) Provides prelirrimary results for 1995 from BEA'S; annual, survey ofthe worldwide operations of KS. multinatipnal companies; Contains imforma^ tiori on the^financial structure and operations 6£-US"; parent companies aftd their foreign affiliates. Data are classiSed by country and industry of affiliate and by industry of ¥,$« parent $9v0o» stock no, UNITED STATES GOVERNMENT POINTING OFFICE STJFEEINTENBENT OF DOCUMENTS WASHINGTON* P C 10402 ,$;\GOirE&W OFFICIAL BUSINESS FKIVATE tTSE* $300 Schedule of Upcoming BEA News Releases Release Date Subject U.S. Travel and Tourism Satellite Accounts U.S. International Trade in Goods and Services, May 1998 State Personal Income, 1st quarter 1998 Gross Domestic Product, 2nd quarter 1998 (advance) , Personal Income and Outlays, June 1998 U.S. International Trade in Goods and Services, June 1998 Gross Domestic Product, 2nd quarter 1998 (preliminary) and Corporate Profits, 2nd quarter 1998 (preliminary). Personal Income and Outlays, July 1998 July 13 * July 17 July 23 July 31 Aug. 3 * Aug. 18 Aug. 27 Aug. 28 Summary of U.S. International Transactions, 2nd quarter 1998 Sept. 10 State Per Capita Personal Income, 1997 (revised) Sept. 14 U.S. International Trade in Goods and Services, July 1998 * Sept 17 Gross Domestic Product, 2nd quarter 1998 (final) and Corporate Profits, 2nd quarter 1998 (revised) Sept. 24 Personal Income and Outlays, August 1998 Sept. 25 U.S. International Trade in Goods and Services, August 1998 State Personal Income, 2nd quarter 1998 Oct. 20 Oct. 27 Gross Domestic Product, 3rd quarter 1998 (advance) Oct. 30 * Joint release by the Bureau of the Census and BEA. For information, call (202) 606-9900, Bureau of Economic Analysis, U.S. Department of Commerce.