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JULY 1$98 ^
VOLUME 78 NUMBER
I N THIS ISSUE . , ,
•,• > - • . . .
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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
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ECONOMICS AND STATISTICS ADMINISTRATION
BUREAU OP ECONOMIC ANALYSIS
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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
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Robert J. Shapiro, Under Secretary for Economic Affairs
Editor-in-Chief, SURVEY OF CURRENT
BUSINESS, Bureau of Economic Analysis,
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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):
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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.
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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
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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
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14,013
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1,460
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18
18)
118)
18
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13,722
3,169
18
54
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(18)
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£
134
-64
R
3
R
R
R
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11
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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.
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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^$Qr Bureau of Ecpnoipfc Analysis^ U.S. D e p a r t o
i n g t b n » i > G 20230,;or call ( 2 0 2 ) ^ 0 6 - 9 8 0 4 ,
r
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1800 or fai (202) 512-2^0. Pay by check to the Superintendent of Pdcuments m'
;
';..!., • , : . : \'- - \ :- .;:• - :/ ' 'ch&£& to ia GBO/.deposit accptirit, to Visar otto MasterCard/ : ~ >
Natfeiial Income ancl FrJodlict Accounts of the United S t a t e s , i ^ j H ^ ;
(i99S);This^ Iwb^volume set |>reserit$,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/$58.00, stock:
no, 003-010-00272^7,
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Benchmark InputrOutptit Accounts of t & tlnlted States, 1987. (1994)
Presents summary and detailed make^ and use tables for industrtes aiid ',
commodities; tables;: sho^H»jgf- commodity- aridiridustryfoutput-require-ixjents per dollar of commodity demanded; arid fables showing
the input-output ( P O ) commodity composition of personal; cohsumpX%<m expeniiitjLire^" and pj^fluters^jji^
trie national inconte and product accounts; Presents concepts and
methods used in the 19S7; benchmarkaccourit$; 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>; ; :
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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, $ao>oo^ stock
nO» O O 3 - O I O - O O 2 5 9 - O .
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Foreign Direct Myestiiieiit in the Hnited Statet Operations of U.S,
Affiliates of Foreigti Compaajfe* (1997}, Two publkatiori$: 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^;'
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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,
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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.
@FedFRASER