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JULY 2 0 0 0 ^
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VOLUME 80 NUMBER
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7
! I
SURVEY of CURRENT BUSINESS
IN THIS ISSUE . . .
U.S. Travel and Tourism Satellite Accounts
for 1996 and 1997
U.S. International Transactions, Revised Estimates
for 1982-99
Comprehensive Revision of Local Area Personal
Income for 1969-98
U.S. DEPARTMENT OF COMMERCE * ^ ECONOMICS AND STATISTICS ADMINISTRATION
BUREAU OF ECONOMIC ANALYSIS
JULY 2OOO
VOLUME 8 0
NUMBER
7
SURVEY of
CURRENT BUSINESS
The SURVEY OF CURRENT BUSINESS (ISSN
0039-6222) is 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
Economics and Statistics Administration
Robert J. Shapiro, Under Secretary for Economic Affairs
Editor-in-Chief, SURVEY OF CURRENT BUSI-
NESS, Bureau of Economic Analysis, U.S.
Department of Commerce, Washington,
DC 20230.
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Bureau of Economic Analysis
J. Steven Landefeld, Director
Rosemary D. Marcuss, Deputy Director
Barbara M. Fraumeni, Chief Economist
Hugh W. Knox, Associate Director for Regional Economics
Ralph Kozlow, Associate Director for International
Economics
Brent R. Moulton, Associate Director for National Income,
Expenditure, and Wealth Accounts
Sumiye O. Okubo, Associate Director for Industry Accounts
Douglas R. Fox, Editor-in-Chief
W. Ronnie Foster, Graphic Designer
M. Gretchen Gibson, Manuscript Editor
Ernestine T. Gladden, Production Editor
Laura A. Oppel, Production Editor
THIS ISSUE of the SURVEY went to the printer on July 19,2000.
It incorporates data from the following monthly BEA news releases:
U.S. International Trade in Goods and Services (June 20),
Gross Domestic Product (June 29), and
Personal Income and Outlays (June 30).
July 2000
SURVEY OF CURRENT BUSINESS
TABLE OF CONTENTS
imperial in this issue
8
U.S. Travel and Tourism Satellite Accounts tor T996 and 1997
The U.S. travel and tourism satellite accounts (TTSA's) have been updated to
present estimates for 1996 and 1997. Like the 1992 TTSA's, the 1996 and 1997
TTSA's extend the input-output accounts to present a more comprehensive picture of the impact of travel and tourism activities on the U.S. economy. According
to the TTSA's, final domestic demand for travel and tourism grew at an average
annual rate of 6.9 percent from 1992 to 1997, while GDP increased at an average
annual rate of 5.6 percent.
70
U.S. International Transactions, Revised Estimates for 1982-98
This year's annual revision of the international transactions accounts incorporates improvements to the investment income and portfolio capital accounts. The
estimates of investment income are revised to incorporate the final results of the
U.S. Treasury Department's Benchmark Survey of U.S. Portfolio Investment
Abroad as of December 31, 1997. Net U.S. purchases of foreign securities are revised to reflect improvements in the accounting for large-scale foreign acquisitions of U.S. companies and to reflect other improvements in the coverage of U.S.
transactions in foreign securities. The revised estimate of the U.S. current-account deficit for 1999 is -$331.5 billion, compared with the previously published
estimate of-$338.9 billion.
124 Comprehensive Revision of Local Area Personal Income: Revised
Estimates for 1969-97 and New Estimates for 1998
On June 15, 2000, BEA released estimates of local area personal income for
1969-98 that incorporated the results of the most recent comprehensive revisions
of State personal income and of the NIPA's as well as improved methods for preparing the estimates and newly available data from regular sources. In general, the
local area estimates were revised up, primarily reflecting the NIPA definitional
change that reclassified government employee retirement plans. This release represents a speedup of about a year in the availability of local area estimates of/personal income that are consistent with the recently revised State personal income
estimates and NIPA estimates.
l\egularfematures
1
Business Situation
Real GDP increased 5.5 percent in the first quarter of 2000 after increasing 7.3
percent in the fourth quarter of 1999; the price index for gross domestic purchases increased 3.5 percent after increasing 2.3 percent. Corporate profits increased $46.2 billion (5.0 percent at a quarterly rate) in the first quarter.
— Continued on the next page —
U
SURVEY OF CURRENT BUSINESS
26
U.S. Multinational Companies: Operations in 1998
Growth slowed in three key measures—gross product, employment, and capital
expenditures—of the operations of U.S. multinational companies in 1998 after
strong growth in 1997. The gross product of U.S. parent companies increased 2.2
percent in 1998 after increasing 6.3 percent in 1997, and the gross product of the
majority-owned affiliates of U.S. companies declined 1.9 percent after increasing
4.5 percent.
46
TKef International Investment Position of the United States at Yearend
1999
The net international investment position of the United States changed little in
1999: At yearend, it was -$1,082 billion on a current-cost basis and -$1,474 billion
on a market-value basis. Large net financial inflows were offset by greater price
appreciation in U.S.-owned assets abroad than in foreign-owned assets in the
United States.
58
Direct Investment Positions for 1999: Country and Industry Detail
The U.S. direct investment position abroad valued at historical cost increased 12
percent in 1999, and the foreign direct investment position in the United States
valued at historical cost increased 24 percent. The strong growth in both positions
reflected the global boom in merger and acquisition activity, favorable economic
conditions in the United States, Europe, and Canada, and improved economic
conditions in the Asia and Pacific area.
79
U.S. International Transactions, First Quarter 2000
The U.S. current-account deficit increased $6.1 billion, to $102.3 billion, in the
first quarter of 2000; the increase was more than accounted for by a large increase
in the deficit on goods. In the financial account, net recorded inflows increased
$2.0 billion, to $71.7 billion; financial inflows increased more than financial outflows.
l\eports and statistical presentations
6
Real Inventories, Sales, and Inventory-Sales Ratios
for Manufacturing and Trade
D-l
BEA Current and Historical Data
Inside back cover: Getting BEA's Estimates
Back cover:
Schedule of Upcoming BEA News Releases
LOOKING AHEAD
Annual Revision of the National Income and Product Accounts. An article presenting the revised estimates for 1997-2000:1 and discussing the major sources
of the revisions will be published in the August SURVEY. Selected revised estimates will be available on July 28 as part of the release of the "advance" GDP estimates for the second quarter of 2000.
July 2000
July 2000
Ralph W. Morris
prepared the first
section of this
article, and Daniel
Larkins prepared
the section on
corporate profits.
SURVEY OF CURRENT BUSINESS
B U S I N E S S
S I T U A T I O N
C73 EAL gross domestic product (GDP) in-*-\j:reased 5.5 percent in the first quarter of
2000, according to the "final" estimates of the national income and product accounts (NIPA's), after increasing 7.3 percent in the fourth quarter of
1999 (table 1 and chart I). 1 The general picture of
the economy that is indicated by the final estimates is little changed from that shown by the
"preliminary" estimates.
Real GDP growth decelerated in the first quarter but remained strong. The deceleration primarily reflected downturns in private inventory
investment and in defense spending that were
partly offset by accelerations in private nonresidential fixed investment and in consumer spending.
The largest contributors to the first-quarter increase in real GDP were consumer spending and
private fixed investment (table 2). The increase
was moderated by an increase in imports of goods
and services (which are subtracted in the calculation of GDP) and by decreases in private inventory investment and in defense spending.
The final estimate of the change in real GDP is
0.1 percentage point more than the 5.4-percent
increase indicated by the preliminary estimate reported in the June "Business Situation" (table 3).
For 1978-99, the average revision (without regard
to sign) from the preliminary estimate to the final
estimate was 0.3 percentage point. The upward reTable 2.—Contributions to Percent Change in Reai Gross
Domestic Product
1. Quarterly estimates in the NIPA's are expressed at seasonally adjusted
annual rates. Quarter-to-quarter dollar changes are the differences between
the published estimates. Quarter-to-quarter percent changes are annualized
and are calculated from unrounded data unless otherwise specified.
Real estimates are calculated using a chain-type Fisher formula with annual
weights for all years except 1999 and quarterly weights for all quarters; real estimates are expressed both as index numbers (1996=100) and as chained (1996)
dollars. Price indexes (1996=100) are also calculated using a chain-type Fisher
formula.
Table 1.—Real Gross Domestic Product, Real Gross Domestic Purchases, and Real
Final Sales to Domestic Purchasers
[Seasonally adjusted at annual rates]
Billions of chained (1996) dollars
Level
Percent change from
preceding quarter
Change from preceding
quarter
2000
1999
1999
2000
2000
[Seasonally adjusted at annual rates]
Gross domestic product
9,158.2
40.7
Less: Exports of goods and services .,
Plus: Imports of goods and services ...
1,094.6
1,462.1
10.0
44.5
Equals: Gross domestic purchases .
9,500.6
70.7
138.3
28.0 -36.1
34.0 -30.0
-6.5 -6.5
24.0
28.1
-4.1
Less: Change in private inventories ....
Nonfarm
Farm
Equals: Final sales to domestic purchasers
9,462.6 102.8
121.5
28.3
47.6
114.1
121.0
1.9
16.4
39.8
4.0
14.4
160.8
142.0
3.2
28.7
31.1
-2.9
^38.7
-38.3
.2
157.4
25.6
29.3
132.9 176.6
4.7
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Gross private domestic fixed investment
Nonresidential fixed investment
Structures
Equipment and software
Residential investment
Government consumption expenditures and
gross investment
...
Federal
National defense
Nondefense
State and local
6,217.8
894.1
1,837.9
3,501.2
1,688.7
1,311.3
257.5
1063.6
381.6
73.2
17.3
14.2
42.5
25.1
20.2
-3.4
25.2
5.1
71.2
15.1
15.6
41.1
26.3
31.4
-2.4
35.7
-3.7
87.2 114.9
25.5
47.4
32.7
25.9
31.3
46.5
10.5
70.9
8.9 68.1
-.3
11.7
9.8 57.2
1.7
4.8
5.1
9.1
3.3
5.2
6.6
7.0
-5.3
11.2
5.5
1,563.8
535.7
340.2
195.3
1027.6
4.9
2.9
-2.2
5.0
2.2
17.0
5.4
9.1
^3.6
11.5
34.3
-5.8
18.8 -22.6
14.1 -22.2
4.8
-.6
15.6
16.5
1.3
2.1
-2.6
Addendum: Final sales of domestic product
9,120.1
72.5
97.5
129.6 155.5
3.4
10.9
5.7
11.5
14.9
6.2
5.1
4.9
7.7
3.6
5.0
7.3
5.5
10.1
8.7
6.2
11.7
7.2
6.2
5.9
7.8
7.7
24.3
5.8
15.7
-3.8
5.9
13.0
7.6
3.7
2.6
2.9
-.5
4.0
1.8
4.5
4.1
11.2
-7.1
4.8
9.3 -1.5
14.7 -15.2
17.2 -22.3
10.3 -1.2
6.4
6.7
6.8
10.9
-3.8
4.5
6.0
5.5
18.7
23.7
20.6
24.7
5.2
7.1
NOTE.—Chained (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996 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 (1996) dollar levels and residuals,
which measure the extent of nonadditivity in each table, are shown in NIPA tables 1.2, 1.4, and 1.6. Percent changes are calculated
from unrounded data. Percent changes in major aggregates are shown in NIPA table S.1. (See "Selected NIPA Tables," which
begin on page D-2 in this issue.)
1999
Percent change at annual rate:
Gross domestic product
Percentage points at annual rates:
Personal consumption expenditures
Durable goods
Nonduraole goods
Services
Gross private domestic investment
Fixed investment
Nonresidential
Structures
Equipment and software
Residential
Change in private 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
2000
1.9
5.7
7.3
5.5
3.36
.71
3.33
.62
.73
1.98
2.26
1.16
1.33
-.11
1.44
-.17
1.09
-.73
1.19
1.19
0
-1.92
-1.84
4.07
1.03
1.51
5.18
.64
2.00
-.36
1.10
.86
-.16
1.02
.24
-1.46
-1.35
.42
.32
.10
-1.77
-1.59
-.19
.23
.13
-.10
.23
.10
.81
.26
.42
-.16
.55
1.53
1.72
.48
.39
-.01
.40
.09
1.24
-.12
1.08
.83
.24
-1.20
-1.12
-.08
1.61
.87
.65
.22
.75
1.84
1.17
2.17
1.44
2.98
2.75
.56
2.19
.23
-1.54
-.91
.68
.46
.22
-1.59
-1.30
-.29
-.24
-1.01
-.98
-.03
.77
NOTE.—More detailed contributions to percent change in real gross domestic product are
shown in NIPA table 8.2. Contributions to percent change in major components of real gross
domestic product are shown in tables 8.3 through 8.6.
July 2000
SURVEY OF CURRENT BUSINESS
vision to real GDP primarily reflected upward revisions to consumer spendingfordurable goods
and to exports and a downward revision to imports. These revisions were partly offset by downward revisions to business investment in
equipment and software and to private inventory
investment. For consumer spending, the upward
revision mainly reflected the incorporation of revised sales data from the annual retail trade survey
from the Census Bureau.2 For exports and imports, the revision reflected the incorporation (on
Table 3.—Revisions to Change in Real Gross Domestic Product and Prices, First
Quarter 2000
[Seasonally adjusted at annual rates]
Percent change from
preceding quarter
Final estimate
minus preliminary
estimate
Change in real
GDP
Preliminary
estimate
Final
estimate
Percentage
points
Billions
of
chained
(1996)
dollars
Gross domestic product
5.4
5.5
0.1
1.5
Less: Exports of goods and services
Goods
Services
5.5
6.8
2.2
6.2
6.0
6.8
.7
-.8
4.6
2.0
-1.6
3.2
12.7
13.5
8.3
11.7
11.3
13.5
-1.0
-2.2
5.2
-3.4
-6.2
2.5
6.4
6.2
-.2
-3.4
Plus: Imports of goods and services ....
Goods
Services
Equals: Gross domestic purchases
-2.5
.3
-2.7
Less: Change in private inventories
Farm
Nonfarm
7.9
7.8
Personal consumption expenditures ...
Durable goods
Nondurable goods
Services
7.5
22.4
5.6
5.6
7.7
24.3
5.8
5.5
.2
1.9
.2
-.1
Fixed investment ...
Nonresidential ...
Structures
Equipment and software
Residential
19.8
25.2
20.7
26.6
5.2
18.7
23.7
20.6
24.7
5.2
-1.1
-1.5
-1.9
0
-3.8
-3.9
-.1
-4.1
0
-1.2
-15.1
-22.3
-.9
7.0
-1.5
-15.2
-22.3
—3
-1
0
-.3
-.3
-1.0
-1
0
-.1
-.9
6.9
3.2
2.7
7.1
3.5
3.0
Equals: Final sales to domestic purchasers
Government consumption expenditures and gross investment
Federal
National defense
Nondefense
State and local
Addenda:
Final sales of domestic product
Gross domestic purchases price index ...
GDP price index
-1.2
6.7
-1.1
-.1
3.5
3.5
2. The revised sales data were incorporated on a "best-change" basis. The
final estimates of consumer spending in the first quarter incorporate the
quarterly change implied by the revised estimates of retail sales. The revised
estimates of retail sales will be incorporated in the annual revision of the
NIPA's that is scheduled for release at end of July.
3. These data were also incorported on a "best-change" basis. The final estimates of exports and imports in the first quarter incorporate the quarterly
change implied by the revised 1TA estimates. The quarterly levels of the
revised ITA estimates will be incorporated in the upcoming annual NIPA revision. For further information, see "U.S. International Transactions Accounts,
Revised Estimates for 1982-1999" in this issue.
4. Gross domestic purchases—a measure of purchases by U.S. residents
regardless of where the purchased goods and services were produced—is calculated as the sum of personal consumption expenditures, gross private
domestic investment, and government consumption expenditures and gross
investment.
5. Final sales of domestic product is calculated as GDP less change in private
inventories.
1.2
-6
Selected Product Measures:
Change from Preceding Quarter
Illil.ill.ill
3.8
NOTE—The final estimates for the first quarter ol 2000 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 October 1999 through March 2000 that include the incorporation (on
a "best- change" basis) of data reflecting the results of the 1998 Annual Retail Trade Survey. Nonresidential fixed investment: Revised construction put-in-place for February and March, revised manufacturers' shipments of machinery and equipment for March,
and revised petroleum drilling footage for the quarter. Residential fixed investment Revised construction put in-place tot February
and March and revised sales of new homes for January through March.
Change in private inventories; Revised manufacturing and trade inventories for March.
Exports and imports ol goods and services: Revised data on exports and imports of goods and services for October 1999 through
March 2000 that include the incorporation (on a "best-change" basis) of revised seasonal lactors reflecting the results of the annual
revision of BEA's international transactions accounts.
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 1999 through March
2000 that include the incorporation (on a "best-change" basis) of revised seasonal factors reflecting the results of the annual revision
of BLS's establishment survey.
GDP prices: Revised export and import prices for January through March, revised unit-value index for petroleum imports for March,
and revised prices of single-family homes under construction for the quarter.
a "best-change" basis) of data on international
trade in goods and services from the annual revision of BEA's international transactions accounts
(ITA's).3 The data resulted in a downward revision to imports and an upward revision to exports. The downward revision to equipment
and software was more than accounted for by
transportation equipment, primarily aircraft, reflecting the incorporation of revised Census Bureau data. In private inventory investment, the
revision was widespread, reflecting the incorporation of revised Census Bureau data.
Real gross domestic purchases increased 6.2
percent, 0.2 percentage point less than the preliminary estimate; in the fourth quarter, this
measure increased 7.2 percent.4 Real final sales of
domestic product increased 7.1 percent, 0.2 percentage point more than the preliminary estimate; in the fourth quarter, this measure
increased 6.0 percent.5
The price index for gross domestic purchases
increased 3.5 percent, 0.3 percentage point more
10
REAL GROSS NATIONAL PRODUCT
On a Command-Basis
ili.l.fh.lll
1997
1998
Mote.-Percent change at annual rate from preceding quarter;
basad on seasonally adjusted estimates.
U.S. Department at Commerce, Bureau of Economic Analysis
2000
SURVEY OF CURRENT BUSINESS
July 2000
payments was partly offset by an upward revision
to personal interest income that was due to the incorporation of newly available data from the Federal Reserve Board flow-of-funds and the Federal
Deposit Insurance Corporation. The downward
revision to real DPI reflected the downward revision to current-dollar DPI and an upward revision to the implicit price deflator for personal
consumption expenditures, which is used to deflate current-dollar DPI.
The personal saving rate—personal saving as a
percentage of current-dollar DPI—was 0.3 percent, 0.3 percentage point less than the preliminary estimate; in the fourth quarter, the rate was
1.8 percent. The downward revision reflected the
downward revision to current-dollar DPI and an
upward revision to personal outlays (largely personal consumption expenditures).
The
first-quarter rate is the lowest since 1946, the first
year for which quarterly estimates are available.
Gross national product (GNP).—In the first
quarter, real GNP—goods and services produced
by labor and property supplied by U.S. residents—increased 5.8 percent, 0.3 percentage
point more than real GDP (table 4).6 Income receipts from the rest of the world increased more
than income payments to the rest of the world;
corporate profits accounted for most of the increase in receipts, and interest income accounted
for most of the increase in payments.
than the preliminary estimate; in the fourth quarter, the index increased 2.3 percent. The upward
revision primarily reflected upward revisions to
"other" personal consumption expenditures
prices—specifically, revisions to the implicit
prices of brokerage and investment counseling
that resulted from the incorporation of newly
available data from the Securities and Exchange
Commission and revisions to the implicit price of
imputed financial charges that resulted from the
incorporation of newly available data from the
Federal Deposit Insurance Corporation. The
price index for GDP increased 3.0 percent, also
0.3 percentage point more than the preliminary
estimate; in the fourth quarter, this measure increased 2.0 percent.
Real disposable personal income (DPI) increased 1.5 percent in the first quarter, 0.7 percentage point less than the preliminary estimate;
in the fourth quarter, real DPI increased 4.7 percent. Current-dollar DPI increased 5.0 percent,
0.5 percentage point less than the preliminary estimate; in the fourth quarter, current-dollar DPI
increased 7.3 percent. The downward revision to
current-dollar DPI reflected an upward revision
to personal tax and nontax payments that was due
to the incorporation of newly available data on
Federal income tax collections from the Monthly
Treasury Statement and of updated projections of
tax collections for the remainder of the calender
year on the basis of historical collection patterns.
The upward revision to personal tax and nontax
6. GNP equals GDP plus income receipts from the rest of the world less
income payments to the rest of the world.
Table 4.—Relation of Real Gross Domestic Product, Real Gross National Product, and Real Command-Basis Gross National
Product
[Seasonally adjusted at annual rates]
Percent change from preceding
Billions of chained (1996) dollars
Level
Change from preceding quarter
2000
1QQQ
2000
I
1999
2000
II
IV
I
III
IV
9,158.2
40.7
121.5
157.4
121.0
1.9
5.7
7.3
5.5
324.4
350.0
10.6
10.3
9.9
10.6
11.7
30.7
16.2
9.9
16.3
15.1
14.5
15.0
16.7
45.8
22.7
12.2
Equals: Gross national product
9,132.4
40.9
120.8
138.4
127.2
1.9
5.6
6.4
5.8
Less: Exports of goods and services and income receipts from the rest of the
world
1,420.2
21.1
38.4
37.5
33.3
6.7
12.2
11.6
10.0
Plus: Command-basis exports of goods and services and income receipts from
the rest of the world l
1,444.4
10.2
26.4
32.1
22.8
3.0
8.0
9.6
6.6
Equals: Command-basis gross national product
9,156.6
30.0
108.9
133.0
116.6
1.4
5.0
6.1
5.3
101.7
-.9
-1.0
-.5
-.8
-3.4
-3.8
-1.9
-3.1
Gross domestic product
Plus: Income receipts from the rest of the world
Less: Income payments to the rest of the world
Addendum: Terms of trade 2
1. Exports of goods and services and income receipts deflated by the implicit price deflator
for imports of goods and services and income payments.
.
.
2. Ratio of the implicit price deflator for exports of goods and services and income receipts
I
III
II
to the corresponding implicit price deflator for imports divided by 100.
NOTE. See note to table 1 for an explanation of chained (1996) dollar series. Levels of these
s e r j e s are ^own in NIPA tables 1.10 and 1.11.
July 2000
SURVEY OF CURRENT BUSINESS
Real GNP on a command basis, which measures the purchasing power of goods and services
produced by the U.S. economy, increased less than
real GNP—5.3 percent, compared with 5.8 percent—reflecting a deterioration in the terms of
trade.7 The terms of trade have deteriorated in
each of the last four quarters.
The national saving rate—gross saving as a percentage of GNP—was 18.2 percent in the first
quarter, down slightly from 18.3 percent in the
fourth quarter; the rate remained higher than the
average rate over the current expansion.
7. In the estimates of command-basis GNP, the current-dollar value of the
sum of exports of goods and services and income receipts is deflated by the
implicit price deflator (IPD) for the sum of imports of goods and services and
income payments.
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 income receipts; in the denominator, the IPD for the sum of imports of
goods and services and of income payments.
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.
Corporate Profits
According to revised estimates, profits from current production increased $46.2 billion (or 5.0
percent at a quarterly rate) in the first quarter after increasing $35.3 billion (4.0 percent) in the
fourth (table 5).8 First-quarter profits were reduced about $5.5 billion by tobacco company
payments related to out-of-court settlements; in
the fourth quarter, profits had been reduced
about $11.2 billion by these payments.
Profits of domestic nonfinancial corporations
increased $36.4 billion (5.9 percent). An increase
in the unit profits of these corporations resulted
from increased unit prices and slightly lower unit.
costs; the real product of domestic nonfinancial
corporations increased 7.5 percent (annual rate).
Profits of domestic financial corporations increased $1.7 billion (0.8 percent). Profits from the
rest of the world increased $8.3 billion (8.5 percent), as receipts of earnings from foreign affili8. 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.
Percent changes in profits are shown at quarterly, not annual, rates.
Table 5.—Corporate Profits
[Seasonally adjusted]
Percent change (quarterly rate)
Billions of dollars (annual rate)
Change from preceding quarter
Level
1
2000
1999
2000
II
III
2000
1999
IV
II
I
I
IV
III
965.6
859.8
203.2
656.7
105.8
187.0
81.3
-6.4
-5.5
-7.8
2.3
-1.0
7.1
8.1
3.6
-1.1
4.4
-5.5
4.8
5.4
.6
35.3
45.9
19.5
26.3
-10.6
4.5
15.1
46.2
37.9
1.7
36.4
8.3
13.0
4.8
-.7
-.7
-4.2
.4
-.9
4.5
15.2
.4
-.1
2.5
-.9
4.6
3.3
1.0
4.0
5.9
10.7
4.4
-9.8
2.7
24.6
5.0
4.6
.8
-26.7
55.7
936.5
290.8
645.8
-26.9
2.7
17.7
6.4
11.3
-13.1
-1.2
18.0
5.0
12.9
1.8
1.0
32.5
16.3
16.3
-1.8
-2.3
50.2
15.1
35.2
2.2
2.6
2.0
2.1
2.0
2.2
3.8
6.3
2.7
5.7
5.5
5.8
Cash flow from current production
990.7
-6.7
12.3
20.9
40.8
-.7
1.3
2.2
4.3
Domestic industry profits:
Corporate profits of domestic industries with IVA
Financial
Nonfinancial
Manufacturing
Transportation and public utilities
Wholesale trade
Retail trade
Other
804.1
228.4
575.8
179.6
132.1
45.3
82.5
136.3
-8.2
-7.0
-1.3
-0.2
^.0
.9
-.3
5.4
.1
5.6
-5.5
-4.7
9.4
-5.2
-7.7
2.7
44.9
21.0
23.9
-2.8
10.7
3.7
4.9
7.4
40.2
3.5
36.8
19.3
4.1
2.5
9.9
1.0
-1.1
-3.4
-.2
-1.9
-3.6
2.2
-.4
4.5
0
2.8
-1.1
-2.8
8.8
-11.9
-10.2
2.2
6.2
10.3
4.6
-1.7
9.1
9.5
7.2
5.7
5.3
1.5
6.8
12.0
3.2
6.0
13.6
.8
0.002
-.002
.001
.003
0.004
-.001
0
.005
Profits from current production
Domestic industries
Financial
Nonfinancial
Rest of the world
.
ReceiDts (inflows)
Payments (outflows)
.
IVA
CCAdj
Profits before tax
Profits tax liability
Profits after tax
Dollars
Unit price, costs, and profits of nonfinancial corporations:
Unit price
.
Unit labor cost
Unit nonlabor cost
Unit profits from current production
1.018
.656
.236
.126
0.003
.003
0
-.001
NOTE.—Levels of these and other profits series are in NIPA tables 1.14,1.16, 6.16C, and 7.15.
IVA inventory valuation adjustment
CCAdj Capital consumption adjustment
0
0
.003
-.003
5.9
8.5
7.5
6.3
SURVEY OF CURRENT BUSINESS
ates of U.S. corporations increased more than
payments by U.S. affiliates of foreign corporations.9
The revised estimate of profits from current
production is $11.7 billion higher than the preliminary estimate. Profits from the rest of the
world were revised up $6.9 billion, mainly reflecting a downward revision to payments by U.S. affiliates of foreign corporations.
Profits of
domestic nonfinancial corporations were revised
up $3.8 billion, and profits of domestic financial
corporations were revised up $1.1 billion.
Cash flow from current production, a profits-related measure of internally generated funds
available for investment, increased $40.8 billion
after increasing $20.9 billion.10 The ratio of cash
flow to nonresidential fixed investment, an indicator of the share of the current level of investment that could be financed by internally
generated funds, decreased from 79.8 percent to
78.8 percent. During 1991-99, the ratio fluctuated between 78.6 percent and 94.0 percent; it averaged 85.1 percent.
Domestic industry profits and related measures.—Domestic industry profits increased $40.2
9. Profits from the rest of the world is calculated as (1) receipts by U.S. residents of earnings from their foreign affiliates plus dividends received by U.S.
residents from unaffiliated foreign corporations minus (2) payments by U.S.
affiliates of earnings to their foreign parents plus dividends paid by U.S. corporations to unaffiliated foreign residents. These estimates include capital consumption adjustments (but not inventory valuation adjustments) and are
derived from BEA's international transactions accounts.
10. Cash flow from current production is undistributed profits with inventory valuation and capital consumption adjustments plus the consumption of
fixed capital.
July 2000
billion after increasing $44.9 billion.11 Profits of domestic nonfinancial corporations increased $36.8 billion after increasing $23.9 billion. The step-up was accounted
for by an upturn in manufacturing profits and a step-up
in retail trade profits; in contrast, profits of the transportation and public utilities group, of wholesale trade,
and of "other" nonfinancial corporations increased less
than in the fourth quarter. Profits of domestic financial
corporations increased $3.5 billion after increasing
$21.0 billion; the large fourth-quarter increase had reflected a rebound from the effects of Hurricane Floyd in
the third quarter.
Profits before tax (PBT) increased $50.2 billion after
increasing $32.5 billion. The first-quarter increase in
PBT was slightly larger than the increase in profits from
current production because of decreases in the inventory valuation adjustment and the capital consumption
adjustment. 12 ^
11. Domestic industry profits are estimated as the sum of corporate profits before tax
and the inventory valuation adjustment; they are shown in NIPA table 6.16C (on page
D-17 of this issue). Estimates of the capital consumption adjustment do not exist at a
detailed industry level; they are available only for total financial and total nonfinancial
industries.
12. As prices change, companies that value inventory withdrawals at original acquisition (historical) costs may realize inventory profits or losses. Inventory profits—a capital-gains-like element in profits—result from an increase in inventory prices, and
inventory losses—a capital-loss-like element in profits—result from a decrease in inventory prices. In the NIPA's, inventory profits or losses are removed from business incomes
by the inventory valuation adjustment (IVA); a negative IVA removes inventory profits,
and a positive IVA removes inventory losses.
The capital consumption adjustment converts depreciation valued at historical cost
and based on service lives and depreciation patterns specified in the tax code to depreciation valued at replacement cost and based on empirical evidence on the prices of used
equipment and structures in resale markets. For more information on depreciation in
the NIPA's, see Shelby W. Herman, "Fixed Assets and Consumer Durable Goods: Estimates for 1925-98," SURVEY OF CURRENT BUSINESS 80 (April 2000): 17-30.
July 2000
SURVEY OF CURRENT BUSINESS
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 (1996) dollars.
Data availability
Quarterly estimates for 1977:1-1999:111 of real
manufacturing and trade inventories, sales, and
inventory-sales ratios and real manufacturing inventories
by stage of fabrication were published in the January
2000 SURVEY OF CURRENT BUSINESS.
The quarterly estimates for 1967-1999 are available
as downloadable files on BEA's Web site at
<www.bea.doc.gov>, click on "GDP and related data"
and look under "time series estimates."
The most recent estimates are also available by
subscription from BEA: On diskette as part of the
NIPA monthly update (product number NDS-0171,
price $204.00) and as separate monthly printouts
(product number NLS-0166, price $108.00). To
order using Visa or MasterCard, call the BEA Order
Desk at 1-800-704-0415 (outside the United States,
202-606-9666). Q
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 (1996) dollars]
[Billions of chained (1996) dollars]
Manufacturing and trade .
1999
2000
IV
I
1,162.8
1999
Nov.
1,169.0 1,156.6
1999
2000
Dec.
Jan.'
1,162.8 1,164.6
Feb. r
Mar.'-
1,166.7 1,169.0
1,173.0
477.6
480.5
477.7
477.6
478.7
481.4
480.5
481.9
Durable goods
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electric
equipment
Transportation equipment
Motor vehicles and equipment
Other transportation equipment ...
Other durable goods •
296.3
24.5
31.9
64.0
298.1
24.7
32.0
64.1
296.6
24.5
32.0
63.9
296.3
24.5
31.9
64.0
297.1
24.8
32.1
64.3
299.0
24.8
32.2
64.6
298.1
24.7
32.0
64.1
299.3
25.0
32.0
64.1
46.6
64.9
17.8
47.2
64.7
46.8
65.4
17.7
47.8
65.3
45.5
66.5
17.8
48.8
64.5
46.6
64.9
17.8
47.2
64.7
46.5
64.6
17.8
46.9
65.2
47.0
65.3
18.0
47.5
65.5
46.8
65.4
17.7
47.8
65.3
47.4
65.3
18.0
47.4
65.9
Nondurable goods
Food and kindred products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastic
products
Other nondurable goods 2
181.3
41.1
16.4
49.5
13.0
182.4
41.3
16.7
49.5
13.3
181.1
40.9
16.5
49.4
13.1
181.3
41.1
16.4
49.5
13.0
181.6
41.1
16.7
49.4
13.2
182.4
41.2
16.8
49.4
13.3
182.4
41.3
16.7
49.5
13.3
182.6
17.7
43.6
17.9
43.6
17.9
43.3
17.7
43.6
17.7
43.4
18.0
43.6
17.9
43.6
18.0
43.3
321.6
325.5
321.2
321.6
323.0
324.0
325.5
327.5
207.2
114.3
40.8
74.0
210.3
115.2
40.8
74.8
207.0
114.1
41.0
73.6
207.2
114.3
40.8
74.0
208.1
114.9
40.9
74.4
209.3
114.7
40.7
74.5
210.3
115.2
40.8
74.8
212.4
115.2
40.7
74.9
363.3
362.8
357.6
363.3
362.7
361.2
362.8
363.4
200.9
103.9
96.9
162.5
32.0
130.6
200.5
102.9
97.6
162.3
196.4
101.5
94.9
161.2
200.8
104.5
96.3
162.0
202.1
104.2
97.9
161.4
31.8
129.4
198.4
101.9
96.5
162.8
32.0
130.8
200.5
102.9
31.9
130.4
200.9
103.9
96.9
162.5
32.0
130.6
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 .
31.9
130.1
97.6
162.3
31.9
130.4
41.0
16.8
49.7
13.7
31.9
129.5
2000
1999
2000
Nov.
Apr.
Dec.
Jan/
900.8
378.5
373.9
220.6
16.8
20.1
53.3
217.8
16.6
19.9
52.2
223.1
16.6
20.2
53.7
221.0
16.3
19.9
56.3
38.1
50.0
34.5
15.5
44.0
40.2
48.7
34.8
14.0
43.4
40.2
47.0
33.5
13.5
43.7
41.1
48.9
34.9
14.1
44.4
41.0
46.6
32.5
14.1
43.4
155.9
42.9
14.3
34.5
16.2
156.2
42.9
14.4
34.1
16.4
155.5
42.3
14.0
33.9
17.0
156.2
42.5
14.1
34.7
16.4
155.9
42.7
14.3
34.2
15.8
153.5
42.7
13.8
33.8
15.0
14.3
33.8
14.4
34.1
14.3
34.0
14.4
34.1
14.5
34.5
14.3
34.1
886.4
370.2
376.0
371.0
373.2
375.7
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»
215.2
16.5
19.9
50.0
220.5
16.7
20.1
53.1
215.3
16.6
20.2
50.1
217.2
16.7
19.8
49.7
37.4
48.6
33.8
14.9
43.9
40.5
48.2
34.4
13.8
43.8
37.3
48.3
33.6
14.7
44.0
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
155.3
42.8
14.1
34.2
16.1
155.9
42.5
14.1
34.3
16.4
14.2
33.9
14.4
34.2
Merchant wholesalers .
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
Retail trade .
Durable goods
Motor vehicle dealers 3 ...
Other durable goods 3 ....
Nondurable goods
Food stores
Other nondurable goods.
246.3
Apr.
373.8
901.8
Manufacturing
Mar.'
904.7
901.4
885.3
Manufacturing and trade
Feb.'
247.0
248.6
250.4
247.4
248.7
250.7
134.3
112.0
45.1
66.9
135.9
113.0
45.0
68.0
134.3
112.6
45.5
67.2
136.4
112.2
44.6
67.5
136.5
113.9
44.9
68.9
135.3
112.1
44.9
67.2
135.8
112.9
45.1
67.8
136.4
114.3
45.8
68.4
268.7
276.8
268.3
273.1
275.2
278.0
277.3
276.0
119.4
63.1
54.3
124.6
66.7
55.5
153.9
37.2
113.9
116.9
119.5
63.2
54.4
151.4
37.5
113.7
122.0
64.4
55.3
151.9
37.8
125.7
67.0
56.1
154.7
37.4
126.6
67.9
56.1
155.0
37.4
117.2
125.8
66.5
56.8
155.2
37.5
117.2
124.4
65.5
56.2
155.5
38.1
116.9
154.1
38.8
115.1
116.4
p Preliminary.
r
Revised.
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.
r
Revised.
1. Includes lumber and wood products; furniture and fixtures; stone, clay, and glass products; instruments and
related products; and miscellaneous manufacturing industries.
2. Includes tobacco manufacturers; textile mill products; apparel products; printing and publishing; and leather
and leather products.
3. Prior to 1981, inventories and sales of auto and home supply stores are included in motor vehicle dealers.
Beginning with 1981, these inventories are included in "other durable goods."
NOTE.—Manufacturing inventories are classified by the type of product produced by the establishment holding
the inventory. Trade inventories are classified by the type of product sold by the establishment holding the inventory.
Chained (1996) dollar inventory series are calculated to ensure that the chained (1996) dollar change in inventories for 1996 equals the current-dollar change in inventories for 1996 and that the average of the 1995 and 1996
end-of-year chain-weighted and fixed-weighted inventories are equal. Chained (1996) dollar final sales are calculated
as the product of the chain-type quantity index and the 1996 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.
NOTE.—Chained (1996) dollar sales are calculated as the product of the chain-type quantity index and the 1996
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.
7
July 2000
SURVEY OF CURRENT BUSINESS
Table 3.—Real Inventory-Sales Ratios for Manufacturing and Trade,
Seasonally Adjusted
Table 4.—Real Manufacturing Inventories by Stage of Fabrication,
Seasonally Adjusted, End of Period
[Ratio, based on chained (1996) dollars]
[Billions of chained (1996) dollars]
1999
2000
1999
Nov.
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'
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
1999
2000
Dec.
Jan.'
Feb.'
Mar/
1.31
1.30
1.31
1.30
1.29
1.30
1.29
1.30
1.29
1.28
1.29
1.28
1.27
1.29
1.27
1.29
1.38
1.49
1.60
1.28
1.35
1.48
1.59
1.21
1.38
1.48
1.59
1.28
1.36
1.47
1.61
1.29
1.35
1.47
1.60
1.21
1.37
1.49
1.62
1.24
1.34
1.49
1.58
1.19
1.36
1.53
1.61
1.14
1.25
1.34
.53
3.17
1.47
1.16
1.36
.52
3.45
1.49
1.22
1.38
.53
3.32
1.46
1.22
1.30
.52
3.04
1.47
1.16
1.33
.51
3.36
1.50
1.17
1.39
.54
3.53
1.50
1.14
1.34
.51
3.40
1.47
1.16
1.40
.55
3.37
1.52
1.17
.96
1.16
1.45
.81
1.17
.97
1.18
1.44
.81
1.16
.95
1.16
1.43
.81
1.16
.96
1.14
1.45
.79
1.17
.97
1.19
1.46
.78
1.17
.97
1.19
1.42
.81
1.17
.97
1.17
1.45
.84
1.19
.96
1.22
1.47
.91
1.25
1.29
1.25
1.27
1.25
1.28
1.23
1.28
1.24
1.28
1.25
1.28
1.24
1.26
1.26
1.27
1.31
1.31
1.30
1.29
1.29
1.31
1.31
1.31
1.54
1.02
.91
1.11
1.55
1.02
.91
1.10
1.54
1.01
.90
1.10
1.52
1.02
.92
1.10
1.52
1.01
.91
1.08
1.55
1.02
.91
1.11
1.55
1.02
.91
1.10
1.56
1.01
.89
1.09
1.35
1.31
1.33
1.33
1.32
1.30
1.31
1.32
1.68
1.65
1.79
1.07
.85
1.15
1.60
1.53
1.74
1.05
.85
1.12
1.64
1.61
1.74
1.07
.85
1.14
1.65
1.61
1.75
1.05
.82
1.14
1.61
1.57
1.74
1.05
.86
1.12
1.57
1.50
1.72
1.05
.85
1.12
1.59
1.55
1.72
1.05
.85
1.11
1.63
1.59
1.74
1.04
.84
1.11
''Preliminary.
'Revised.
1. Includes lumber and wood products; furniture and fixtures; stone, clay, and glass products; instruments and
related products; and miscellaneous manufacturing industries.
2. Includes tobacco manufacturers; textile mill products; apparel products; printing and publishing; and leather
and leather products.
3. Prior to 1981, inventories and sales of auto and home supply stores are included in motor vehicle dealers.
Beginning with 1981, these inventories are included in "other durable goods."
NOTE.—Manufacturing inventories are classified by the type of product produced by the establishment holding
the inventory. Trade inventories are classified by the type of product sold by the establishment holding the inventory.
1999
2000
Apr./'
2000
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 allied products
Petroleum and coal products
Rubber and miscellaneous plastic
products
Other nondurable goods 2
164.7
164.9
163.0
164.7
163.9
164.9
164.9
164.7
98.5
8.1
11.5
21.8
98.2
8.4
11.6
21.3
97.2
8.0
11.4
21.4
98.5
8.1
11.5
21.8
97.5
8.2
11.5
20.7
98.5
8.2
11.6
21.0
98.2
8.4
11.6
21.3
98.3
8.3
11.5
21.0
18.6
9.4
5.5
23.7
19.0
9.4
5.1
23.5
18.0
9.0
6.1
23.4
18.6
9.4
5.5
23.7
18.7
9.5
5.7
23.4
19.1
9.5
5.6
23.6
19.0
9.4
5.1
23.5
19.0
9.6
5.4
23.6
66.2
13.0
66.7
12.8
8.3
16.3
3.9
65.8
12.6
66.2
13.0
8.2
16.3
3.7
8.2
16.0
66.4
12.8
8.2
16.3
3.9
66.4
12.7
8.3
16.2
66.7
12.8
8.3
16.3
3.9
8.2
16.3
3.7
3.9
3.9
66.4
12.6
8.3
16.1
4.1
7.5
17.6
7.7
17.6
7.5
17.5
7.5
17.6
7.5
17.5
7.7
17.4
7.7
17.6
7.6
17.5
143.6
143.6
145.8
143.6
143.7
144.3
143.6
144.3
112.8
8.3
9.1
22.1
112.9
8.3
9.1
21.6
114.9
8.3
9.2
22.3
112.8
8.3
9.1
22.1
113.1
8.4
9.3
22.7
113.7
8.4
9.4
22.7
112.9
8.3
9.1
21.6
113.5
8.5
9.3
21.9
16.0
4.4
36.4
16.6
15.8
4.3
37.1
16.8
15.8
4.7
37.6
17.0
16.0
4.4
36.4
16.6
15.8
4.3
36.0
16.9
15.8
4.4
36.4
17.0
15.8
4.3
37.1
16.8
16.0
4.4
36.6
17.0
30.8
6.7
1.8
8.7
3.3
30.7
6.8
1.7
8.6
3.2
30.9
6.7
1.8
8.7
3.2
30.8
6.7
1.8
8.7
3.3
30.6
6.7
1.8
8.4
3.2
30.5
6.8
1.8
8.4
3.2
30.7
6.8
1.7
8.6
3.2
30.8
6.9
1.7
8.6
3.3
2.3
8.2
2.3
8.1
2.3
8.2
2.3
8.2
2.2
8.3
2.2
8.3
2.3
8.1
2.3
8.0
169.3
172.0
168.9
169.3
171.0
172.3
172.0
172.9
85.1
8.1
11.3
20.1
87.2
8.1
11.3
21.3
84.6
8.2
11.3
20.2
85.1
8.1
11.3
20.1
86.5
8.2
11.4
20.9
8.2
11.3
21.0
87.2
8.1
11.3
21.3
87.6
8.2
11.2
21.2
12.0
4.0
5.3
24.4
12.0
4.1
5.5
25.0
11.7
4.1
5.2
24.0
12.0
4.0
5.3
24.4
12.0
4.0
5.2
25.0
12.1
4.1
5.5
24.8
12.0
4.1
5.5
25.0
12.4
4.1
5.5
25.2
84.2
21.5
6.5
24.5
6.0
84.9
21.6
6.7
24.6
6.2
84.3
21.5
6.5
24.7
5.9
84.2
21.5
6.5
24.5
6.0
84.6
21.6
6.6
24.7
6.0
85.4
21.7
6.7
24.8
6.2
84.9
21.6
6.7
24.6
6.2
85.4
21.4
6.8
25.0
6.3
7.9
17.8
7.9
17.8
8.2
17.5
7.9
17.8
7.9
17.6
8.1
17.8
7.9
17.8
8.1
17.8
Work-in-process
Manufacturing
Durable goods
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electric
equipment
Motor vehicles and equipment
Other transportation equipment
Other durable goods'
Nondurable goods
Food and kindred products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastic
products
Other nondurable goods 2
Finished goods
Manufacturing
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
/'Preliminary.
'Revised.
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.
NOTE.—Manufacturing inventories are classified by the type of product produced by the establishment holding
the inventory.
Chained (1996) dollar inventory series are calculated to ensure that the chained (1996) dollar change in inventories for 1996 equals the current-dollar change in inventories for 1996 and that the average of the 1995 and 1996
end-of-year chain-weighted and fixed-weighted inventories are equal. Chained (1996) dollar final sales are calculated
as the product of the chain-type quantity index and the 1996 current-dollar
tdollar value of the corresponding series, divided
by 100. Because the formula for the chain-type quantity indexes uses
us
i h t off more than
th
i d th
weights
one period,
the corresponding chained-dollar estimates are usually not additive.
8
SURVEY OF CURRENT BUSINESS
July
2000
U.S. Travel and Tourism Satellite Accounts
for 1996 and 1997
By David I. Kass and Sumiye Okubo
Ll HIS article presents estimates of the travel and
JL tourism satellite accounts (TTSA's) for 1996
and 1997, which update the 1992 TTSA's.1 The
1996 and 1997 TTSA's show that travel and tourism continue to be significant and growing activities in the U.S. economy. They identify the
industries that benefit directly and indirectly from
travel and tourism.
The TTSA's are particularly useful because tourism is not generally treated as a separate industry,
so comprehensive data on tourism do not exist in
most nations' economic statistics. These data are
instead scattered among other industries—such as
transportation services, restaurants, and sporting
goods. Thus, statistics on tourism and on its economic impact tend to be an assembly of anecdotal
and partial information on the numbers of travelers, recreational activities, and other physical measures of travel and tourism. The estimates of
spending on travel and tourism that are available
from trade associations, State agencies, and consultants often use different definitions and vary in
terms of quality and timeliness.
The TTSA framework links tourism expenditures to the industries that produce tourism goods
and services in the United States, and it is directly
related to the U.S. national economic accounts.
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
outside the United States by U.S. residents.2
The TTSA's are based on the input-output (I-O)
accounts, which trace the full range of commodities that are produced by each industry in the U. S.
economy and are used by final consumers and
which include the industry distribution of value
1. For an overview of the 1992 TTSA's, see Sumiye Okubo and Mark A. Planting, "U.S. Travel and Tourism Satellite Accounts for 1992," SURVEY OF CURRENT
BUSINESS 78 (July 1998): 8-22.
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. 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.
added. The TTSA's, as an extension of the 1-0 tables, focus on the travel and tourism commodities;
they expand the detail provided for these commodities, and they simplify the rest of the commodity flows into an aggregate "other" category
(see table 12.1). In the TTSA's, the travel and tourism commodities are identified, the total available
supplies of these commodities are estimated, the
share of each travel and tourism commodity and
of "other" commodities that are purchased by
"visitors" is calculated, and the sum of the shares is
traced through the accounts to estimate travel and
tourism demand. The TTSA's also provide estimates of travel and tourism value added that consist of the total value added of only the travel and
tourism industries.
The 1996 TTSA's are based on the 1992 TTSA's
and the 1996 annual 1-0 accounts, which is the latest year currently available. The 1997 TTSA's are
derived by extending the 1996 estimates in order to
provide more recent information.
As in the 1992 TTSA's, three alternative methodologies are used to prepare the estimates of
shares of commodities purchased by visitors and
nonvisitors. The results are presented as a range,
rather than as a single estimate (tables 10-14). One
important reason for providing a range is that the
information available to allocate commodities between visitors and nonvisitors is generally based
on relatively small sample surveys and indirect
methods. The discussion focuses on the midrange, method 2, estimates (tables 2-6).
From 1992 to 1997, the output and the employment of the travel and tourism industries grew
more rapidly than those of the overall economy.
Highlights include the following:
• Final domestic demand (in nominal terms) for
travel and tourism grew at an average annual
rate of 6.9 percent from 1992 to 1997, and its
share of gross domestic product (GDP)
increased from 3.1 percent to 3.3 percent.3
3. "Tourism final demand" now excludes business tourism demand; as a
result, the shares of GDP that are presented in this article are lower than the
shares that were estimated in the earlier TTSA article (see Okubo and Planting,
"U.S. Travel and Tourism Satellite Accounts for 1992," 8; table 1).
SURVEY OF CURRENT BUSINESS
• Leisure travel expenditures by U.S. households
accounted for the largest share of tourism
expenditures in the United States in 1997—43
percent, up from 41 percent in 1992.
• International visitors to the United States
account for about a third of the U.S. trade surplus in services. The trade surplus for tourism
rose from $21.5 billion in 1992 to $24.5 billion
in 1997.
• Value added (in nominal terms) of all travel and
tourism industries grew at an average annual
rate of 7.5 percent from 1992 to 1997—faster
than the annual GDP growth rate of 5.6 percent
and faster than the growth rates for the manufacturing (5.3 percent), communications (5.6
percent), and services (6.6 percent) industries.4
Among the tourism industries, automotive
rental and leasing grew the fastest at 13.8 percent.
• The tourism industries with the highest value
added in 1997 were hotels and lodging ($54.6
billion), passenger air ($46.1 billion), eating and
drinking places ($26.7 billion), and gifts, souvenirs, and other spending ($14.1 billion). The
relative size of tourism industries has not
changed since 1992.
• Employment in travel and tourism industries
rose steadily from 3.9 million in 1992 to 4.8 million in 1997; the annual rate of increase of 2.7
percent exceeded the 2.0-percent growth in total
U.S. employment. Travel and tourism industries
employed twice the number of workers in agriculture, eight times that in mining, and three
times that in communications.
• The TTSA's show the ripple effects of tourism
expenditures on other industries. In 1996, for
every dollar of tourism expenditures, $1.68 of
industry output was generated—that is, U.S.
travel and tourism expenditures of $435 billion
generated an additional $295 billion of industry
output for a total of $729 billion of gross output
(direct plus indirect).
The first section of this article summarizes the
TTSA estimates for 1906 and 1997. The second
section provides an overview of the methodologies
that were used to estimate the TTSA's for 1996 and
1997.
Estimates of Travel and Tourism
for 1996 and 1997
The 1996 and 1997 TTSA's provide a basis for mea4. See Sherlene K. S.Lum, Brian C. Moyer, and Robert E. Yuskavage,
"Improved Estimates of Gross Product by Industry for 1947-98," SURVEY 80
(June 2000): Table 1,41.
July 2000
suring changes in travel and tourism activities
since 1992. They show changes in visitor spending
by type of visitor and commodity, the growth of
travel and tourism industries and employment in
these industries, and the ripple effects of this
spending on other U.S. industries.
Tourism demand
In 1992-97, domestic tourism's final demand—total tourism demand, less travel by U.S. residents
abroad, less business tourism demand—increased
at an average annual rate of 6.9 percent, while
GDP increased at an average annual rate of 5.6
percent.5 Tourism final demand purchases in the
United States increased from $198.5 billion, or 3.1
percent of GDP, in 1992 to $277.6 billion, or 3.3
percent of GDP, in 1997 (table 1).
By category, the relative ranking of expenditures
in 1997 was unchanged from that in 1992 (chart
1). The largest expenditures were in passenger air
travel, followed by hotels and lodging, meals and
beverages, and gifts, souvenirs, and other spending
(PCE for nondurable commodities other than gasoline and oil) (table 2).
In 1992-97, the tourism expenditure categories
with the fastest growth rates were other vehicle
rental (18.3 percent annual growth rate) and recre5. These expenditures were deducted from total tourism demand so that
domestic tourism final demand would be comparable with GDP. (Business
expenditures are treated as intermediate expenditures in the NIPA's.) Including
business tourism demand results in total domestic tourism demand of $295 billion in 1992, $385 billion in 1996, and $408 billion in 1997 (see chart 1).
tourism final demand includes all tourism expenditures for tourism commodities as well as nontourism commodities. It differs from tourism industry
value added, which includes only the value added that is generated by tourism
industries and excludes value added from nontourism industries (for example,
industries that produce personal consumption expenditures nondurable commodities).
These results are similar to the corresponding 5-year average annual growth
rates in tourism expenditures derived from the surveys by D.K. Shifflet and
Associates (6.9 percent) and by the Travel Industry Association of America (5.9
percent).
Table 1.—Key Indicators of Tourism Activity in 1992, 1996,
and 1997
Percent
Tourism
Tourism
Comindustry
final
pensa- EmployShare of GDP
value
Share of
demand
tion
ment
added
(billions
(billions (thouTourism
(billions
Tourism
of
of dol- sands)
industry Comof
Employfinal
dollars)
lars)
pensavalue
dollars)
demand
ment
tion
added
1992
Method 1
Method 2
Method 3
189.0
198.5
233.9
120.5
124.5
135.7
81.3
84.5
91.5
3,749
3,933
4,353
3.0
3.1
3.7
1.9
2.0
2.2
2.2
2.3
2.5
3.2
3.3
3.7
1996
Method 1
Method 2
Method 3
249.4
262.4
311.7
160.2
166.0
186.3
98.5
102.0
114.7
4,255
4,440
5,206
3.2
3.4
4.0
2.1
2.1
2.4
2.2
2.3
2.6
3.4
3.5
4.1
1997
Method 1
Method 2
Method 3
264.0
277.6
329.0
172.3
178.7
200.6
102.9
106.6
119.9
4,302
4,491
5,263
3.2
3.3
4.0
2.1
2.2
2.4
2.2
2.3
2.6
3.3
3.5
4.0
Note.—See the section "Estimating Methods" for a discussion of the three methods.
•
9
10
July
SURVEY OF CURRENT BUSINESS
ation and entertainment (15.7 percent). Other vehicle rental accounted for only 0.1 percent of total
tourism demand in 1997, and recreation and entertainment accounted for 7 percent.
The TTSA's show the share of spending by different types of visitors. Resident households in the
United States spent more (43 percent of total tourTable 2.—Tourism Demand by Commodity in 1992,1996,
and 1997
[Millions of dollars in purchasers' prices]
Tourism demand
Average annual
growth rate
Commodity
1992
Hotels and lodging places
Eating and drinking places
Passenger rail
Passenger bus and other local transportation
Taxicabs
Domestic passenger air lares
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
Total
1996
1997
56,577
48,685
1,226
3,934
3,002
48,466
32.159
4,150
12.132
70,229
58,256
1.217
4,603
4.043
60,529
40,760
4.490
20,553
74,103
61,022
1,296
4,841
4,298
64,856
45,156
4.384
21.092
209
452
485
2.919
15.500
3.678
4,673
1.385
39,964
11.864
3,761
29,434
5,103
5,987
1,738
49,452
14.217
3.766
32.202
5.311
6,511
1,763
53,451
14,371
37,362
7,008
50.722
9,066
334,893
434,613
1992-
1992-
96
97
5.6
4.6
-02
4.0
5.5
46
1 1
4.2
74
77
5.7
6.1
20
14.1
21.3
6.5
17.4
60
7.0
1.1
11 7
18.3
52
15.7
8.5
6.4
58
55
46
7.6
6.9
49
60
39
52,745
9,514
7.9
66
7.1
6 3
461,166
6.7
6.6
Note.—The estimates shown in this table are those that were derived using method 2; see
the section "Estimating Methods" in the text.
ism expenditures in the United States6 in 1997, up
from 41 percent in 1992) than the business sector
(29 percent in 1992 and 1997) and the government
sector (5 percent in 1997, down from 6 percent in
1992). Nonresident or international visitors accounted for 24 percent of tourism expenditures in
the United States in 1992 and 1997.
International visitors to the United States have
played an important role in international trade.
The U.S. trade surplus for tourism was $21.5 billion in 1992, $26.9 billion in 1996, and $24.5 billion in 1997—which accounted for almost a third
of the total U.S. trade surplus in services.7 International visitors to the United States generated $96.2
billion of tourism demand in 1997, up 6.1 percent
at an average annual rate from $71.6 billion in
1992. Expenditures by U.S. residents overseas were
$40.0 billion in 1992 and $53.5 billion in 1997;
they accounted for 12 percent of total tourism expenditures in 1997.
6. Total tourism demand less travel expenditures by U.S. residents abroad.
7. The tourism trade surplus is calculated by subtracting imports (travel by
U.S. residents abroad plus international air fares plus "passenger water") from
exports (nonresident tourism demand) (see tables 11 and 12). These estimates
of the tourism trade surplus differ from those calculated from the U.S. international transactions accounts (ITA's) tables (see Douglas B. Weinberg, "U.S.
International Transactions, First Quarter 1999," SURVEY 79 (July 1999): 75-119).
In the I-O accounts and the NIPA's, U.S. territories and Puerto Rico are included
in the rest of the world; in the ITA's, they are treated as part of the United States.
Tourism Demand1
Billion $ (Percent of total)
450 i
$407.7
$385.2
400
«,..> » I ' l s m *
Recreation & Entertainment (7,9%)
Recreation & Entertainment (7.6%)
350
$294 9
300
Domestic Air Fares (15.9%)
Recreation & Entertainment (5.3%
250
200
150
100
Hotels i 1 9 ? ,)
50
Other (27 6%)
1992
1. Method 2
US. Department of Commerce, Bureau of Economic Analysis
Hotels (18.2%)
Hotels (18.2%)
Other (27 4%)
Other (26 8%)
1996
1997
July 2000
SURVEY OF CURRENT BUSINESS
Tourism value added
In 1992-97, the total value added of the travel and
tourism industries rose at an annual rate of 7.5
percent, compared with a 5.6-percent increase in
GDP (table 3). Furthermore, the tourism industries grew more rapidly than manufacturing (5.3
percent), communications (5.6 percent), and services (6.6 percent).8 Tourism industry value added
was $178.7 billion, or 2.2 percent of GDP, in 1997,
up from $124.5 billion, or 2.0 percent of GDP, in
1992 (table 1).
This relatively faster pace of growth may have
resulted because expenditures for travel and tourism tend to be income elastic—that is, they tend to
grow faster than the overall economy during periods of expansion. Several economic studies have
concluded that various components of tourism expenditures are income elastic—such as spending
on airline travel, hotels (number of nights away
from home), restaurant meals away from home,
auto repairs, parking, and tolls, and gasoline.9
The two fastest growing travel and tourism industries were the automotive rental and leasing industry and the miscellaneous amusement and
recreation services industry. Value added for auto8. See table 3 and Lum, Moyer, and Yuskavage, "Improved Estimates of Gross
Product by Industry for 1947-98," 41, table 1.
9. For example, see Rodney E. Falvey and Norman Gemmell, "Are Services
Income-Elastic? Some New Evidence," The Review of Income and Wealth 42
(September 1996): 257-269; and Thomas C. Jensen, "Income and Price Elasticities by Nationality for Tourists in Denmark," Tourism Economics 4(2) (June
1998): 101-130. See also Paul A. Samuelson and William D. Nordhaus, Economics, 15th edition (New York: McGraw-Hill, 1995): 79-82.
Table 3.-Tourism Value Added by Industry in 1992,1996,
and 1997
motive rental and leasing grew at an annual rate of
13.8 percent; in 1997, its value added was $11.2
billion, or 6 percent of tourism GDP. Miscellaneous amusement and recreation services grew
12.3 percent; its value added was $7.6 billion, or 4
percent of tourism GDP.
Tourism employment
Employment in the travel and tourism industries
increased 14 percent—from 3.9 million in 1992 to
4.5 million in 1997. Its average annual growth rate
of 2.7 percent exceeded the 2.0-percent growth in
total employment in the United States (table 4).10
Employment growth in the travel and tourism industries also exceeded that in manufacturing (0.6
percent) and communications (2.3 percent), but it
lagged that in services (4.0 percent). Employment
in the travel and tourism industries accounted for
3.5 percent of total employment in 1997, up from
3.3 percent in 1992 (table 1).
In 1997, the largest tourism industry employers
were hotels and lodging places, with 1.5 million
employees, and eating and drinking places, with
1.3 million employees. These two industries were
also the largest tourism employers in 1992 (table
4). In 1992-97, the tourism industry with the fastest employment growth rate was miscellaneous
10. The estimates of tourism employment do not include self employment
because this information is only available at the two-digit Standard Industrial
Classification level. Total tourism employment is, therefore, higher than the levels shown in the TTSA's (table 4, table 14).
Table 4.—Tourism Employment by Industry in 1992,1996,
and 1997
[Thousands of employees]
[Millions of dollars]
Tourism employment
Tourism industry value added Average annual
growth rate
Average annual
growth rate
Industry
1992
1996
1997
1992-
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; 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
199296
199297
1992
1996
1997
42,008
18,918
757
51,275
24,382
694
54,625
26,660
720
5.1
6.5
-2.2
5.4
7.1
-1.0
1,401
1,707
30,451
1,385
5,871
1,854
1,803
2,482
42,121
1,567
11,291
2,186
2,128
2,715
1,972
11,186
2,106
6.5
9.8
8.4
3.1
17.8
4.2
8.7
9.7
8.6
7.3
13.8
2.6
4,281
2,203
6,950
2,797
7,647
2,781
12.9
6.2
12.3
4.8
2,033
559
2,213
711
2,287
2,725
703
13,271
8.3
14,119
9,466
7.5
166,029
124,528
1,347
1,158
1,452
1,317
7
1,474
1,327
7
1.9
3.3
-5.4
1.8
2.8
-3.7
103
15
506
14
97
43
106
15
575
14
125
109
15
565
17
126
0.6
0.0
3.3
-0.7
6.4
3.2
1.2
0.1
2.3
3.0
5.3
1.8
120
95
184
103
196
105
11.1
2.1
10.3
2.0
318
Total tourism industries .
Total industries
Tourism share (percent) .
3,933
56
6
47
63
6
50
2.1
0.4
1.3
378
384
3.9
4,440
127,009
3.5
4,491
130,085
3.5
117,998
3.3
2.7
2.0
178,659
Note.—The estimates shown in this table are those that were derived using method 2; see
the section "Estimating Methods" in the text.
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; 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
2,473
1,632
Total tourism industries
6.0
4.7
8.7
199297
Note.—The estimates shown in this table are those that were derived using method 2; see
the section "Estimating Methods" in the text.
11
12
July
SURVEY OF CURRENT BUSINESS
2000
amusement and recreation services (10.3 percent).
Tourism employee compensation
The average compensation of employees in the
tourism industries in 1997 ($23,475) remained below that of all employees in the United States
($35,944). Compensation of tourism employees
ranged from $93,765 for professional sports clubs
and promoters to $13,395 for eating and drinking
places (table 5). In 1992-97, tourism compensation increased at an average annual rate of 4.7 percent, while total compensation increased 5.1
percent. Compensation of tourism employees accounted for 2.3 percent of total compensation of
employees in 1997, the same as in 1992 (table 5).
Employees' share of income, as measured by the
ratio of compensation to value added, in tourism
industries tends to be larger than in other industries. In 1992, the ratio was 68 percent, while the
ratio of total compensation to GDP was 58 percent. By 1997, the difference between these ratios
had narrowed considerably: The tourism compensation ratio was 60 percent, and the national ratio
was 56 percent. The decline in the tourism compensation ratio reflected the fact that tourism
Table 5.—Compensation of Tourism Employees by Industry
in 1992,1996, and 1997
compensation grew more slowly than tourism
value added.
Indirect effects of tourism expenditures
Because the TTSA's are tied to the I-O accounts,
the ripple effects of tourism expenditures on other
industries can also be estimated. The total (direct)
U.S. travel and tourism expenditures in 1996 of
$435 billion generated an additional (indirect)
$295 billion, or total industry output of $729 billion—that is, every $1.00 of tourism expenditures
generated an additional $0.68 of industry output
(table 6).11 The ripple effects of these expenditures
differ for each tourism commodity.12 For example,
in 1996, every $1.00 spent on restaurants and food
services generated an additional $1.05 in the agriculture, food-processing, distribution, and other
industries. Similarly, every $1.00 spent on hotels
generated an additional $0.76 of industry output,
every $1.00 spent on air travel generated an additional $0.84 of industry output, and every $1.00
spent on amusements generated an additional
$0.79 of industry output.
The multipliers for 1996 are very similar to
those derived from the 1992 TTSA's and the 1992
benchmark input-output accounts. For example,
every $1.00 of tourism expenditures in 1992 generated an additional $0.69 of industry output.
Estimating Methods
[Millions of dollars]
Tourism employment
Average annual
growth rate
Industry
199296
1997
32,240
16,856
33,847
17,778
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; libraries and
museums, art galleries, and
botanical and zoological gardens ....
Membership sports and recreation
dubs
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
26,453
13,795
534
5,762
7,444
7,828
Total tourism industries
Total industries
Tourism share (percent) .
84,511
102,015
106,571
3,645,042
2.3
4,395,585
2.3
4,675,738
2.3
3,378
494
24,060
461
4,063
578
27,179
673
715
2,041
2,762
1,122
1,466
491
5.1
5.1
-3.6
4,261
576
27,736
199297
The TTSA's are presented as a set of five tables that
show the industry sources of supply of tourism
commodities, the demand for tourism commodi-
5.1
5.2
-1.7
4.8
3.1
2.9
5.5
11. The multipliers for 1997 were not estimated, because input-output
accounts for 1997 are not yet available.
12. For multipliers for each travel and tourism commodity, see Table 5.—Industry-by-Commodity Total Requirements, 1996, SURVEY 80 (January 2000):
84-86.
877
7.3
2,909
5.9
1,495
Table 6.—Direct and Indirect Required Industry Output from
Tourism Demand in 1996
[Millions of dollars]
10.0
2,085
3,058
3,356
1,711
2,024
2,110
4.3
4.3
1,208
1,796
1,909
10.4
9.6
446
750
526
847
529
869
10.1
3.5
3.0
6.6
6.3
4.7
5.1
Note.—The estimates shown in this table are those that were derived using method 2; see
the section "Estimating Methods" in the text.
Major industry group
Tourism demand by
input-output
commodity'
Indirect industry output by
industry2
Direct and
indirect required industry output by
industry
Agriculture
Minerals
Construction
Manufacturing
Transportation, utilities,and communication
Trade
Finance
Services
Other
1,430
13
29
34,742
121,771
29,186
3,139
194,746
49,557
16,434
20,230
10,552
102,129
50,037
20,118
48,542
65,702
-39,159
17,864
20,243
10,581
136,871
171,808
49,304
51,681
260,448
10,398
Total
434,612
294,586
729,198
1. The estimates shown in this table are those that were derived using method 2; see the
section "Estimating Methods" in the text.
2. See "Table 5.—Industry-by-Commodity Total Requirements, 1996," SURVEY OF CURRENT
BUSINESS 80 (January 2000): 84-86.
SURVEY OF CURRENT BUSINESS
ties, tourism GDP, and tourism employment and
compensation of tourism employees (see tables
10-14). The following section briefly explains the
methods used to develop these estimates.
The production account of tourism industries
Estimates of industry output for 1996 and 1997 are
presented in table 10, which shows the production
of tourism commodities by industries. The 1996
estimates are from the 1996 annual I-O accounts.
Because annual I-O tables for 1997 are not yet
July 2000 •
available, the 1997 estimates were extrapolated
from 1996 levels using methods similar to those
that are used to estimate output levels for the annual I-O accounts. For more information, see table
7.
Supply and consumption of tourism commodities
Estimates for supply and consumption of tourism
and all other commodities are presented in table
11. The 1996 estimates are from the 1996 annual
I-O accounts. The 1997 estimates for the supply
Table 7.—Methods of Estimating the Output of TTSA Industries
TTSA industry
Standard
Industrial
Classification
Sources for extrapolation
Hotels and lodging places
70
Service Annual Survey
Eating and drinking places
58
Annual Retail Trade Survey
Railroads and related services
401
Total operating revenue for Class I railroads from trade
source, and AMTRAK.
Local and suburban transit and inter-urban highway passenger transportation, except taxicabs
411,413,414
Transit Fact Book (directly generated funds)
Taxicabs
412
Taxicab PCE
Air transportation
451,452
Operating revenues of air carriers from Air Carrier Financial
Statistics
Water transportation
441,442,443,
444, 448, 4492,
4499
Freight and passenger revenue data from trade source
Automotive rental and leasing, without drivers
751
Service Annual Survey
Arrangement of passenger transportation
472
Service Annual Survey
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
4493,7948,7992,7993,
7996, 7999, 823, 84
Service Annual Survey
Membership sports and recreation clubs
7997
Service Annual Survey
Motion picture theaters; dance studios, schools, and halls;
theatrical producers (except motion pictures), bands,
orchestras, and entertainers
783,791,792
Service Annual Survey
Professional sports clubs and promoters
7941
Service Annual Survey
Gasoline service stations
5541
Annual Retail Trade Survey
Retail, excluding eating and drinking places and gasoline
service stations
52-59 (excluding 58 and
5541)
Annual Retail Trade Survey
Industries producing nondurable PCE goods
20,21,22,23,26,27,
28, 29, 30, 31
Annual Survey of Manufactures
Automobile parking, automotive repair shops and services, and toll highways
7521,7530,7549
Service Annual Survey
PCE Personal consumption expenditures
TTSA Travel and tourism satellite accounts
13
14
July 2000
SURVEY OF CURRENT BUSINESS
components are from the NIPA's or are extrapolations of the 1996 I-O accounts. Estimates of the
consumption components excluding intermediate
consumption are from the NIPA's; intermediate
consumption is the residual of supply less all other
consumption.13 For TTSA commodity definitions
and details for estimating personal consumption
expenditures for the TTSA commodities, see table
8.
Tourism demand by type of commodity and type of
visitor
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 mixed-use commodities, data from the Bureau of Labor Statistics (BLS) Consumer Expenditure Survey (CEX) were used to allocate the shares
of consumer spending between visitors and nonvisitors. The 1992 CEX data were extrapolated by
appropriate PCE components to estimate mixeduse expenditures for 1996 and 1997.
Because of data limitations, the three methods
that were used to provide a range of estimates for
mixed-use commodities in the 1992 TTSA's were
13. Supply is defined as the total amount of the commodity available to be
purchased by business, households, and government and for export. It is the
sum of domestic production, imports, government sales, inventory changes,
wholesale and retail margins, and transportation costs.
The consumption side of this table shows the intermediate (business) and
final purchases (personal consumption expenditures, investment, exports, and
government expenditures excluding sales) of these commodities in purchasers'
prices.
Acknowledgments
The U.S. Travel and Tourism Satellite Accounts for 1996
and 1997 were prepared by the staff of the Bureau of
Economic Analysis under the direction of Sumiye
Okubo, Associate Director for Industry Accounts.
David I. Kass developed the time-series methodology
and estimates for the accounts. Mark A. Planting
assisted in the development of the methodology and
provided insights, suggestions, and comments as well as
the source data from the 1996 annual 1-0 accounts.
Greg Thomas and Mahnaz Fahim-Nader provided
technical support. Ann M. Lawson and Karen J.
Horowitz provided a critical review of the early estimates. Clint McCully supplied the personal consumption expenditure data.
also used to estimate those commodities in the
1996 and 1997 TTSA's.14
• Under "Method 1," the CEX estimates for tourism expenditures were assumed to be accurately
reported. Thus, tourism expenditures were estimated under this method as the CEX estimates
minus estimated overseas expenditures by U.S.
residents.
• 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 as the ratio of CEX
expenditures (adjusted for overseas spending)
on tourism commodities to total CEX expenditures, multiplied by PCE less nonresident
expenditures. The ratios of CEX were applied to
the corresponding PCE values for 1996 and
1997.
• Under "Method 3/' the CEX estimates for travel
and tourism activities were assumed to be more
understated than the estimates of other consumer expenditures; thus, the travel estimates
were first adjusted using data from the Travel
Industry Association (TIA) and from D.K. Shifflet and Associates and information on the ratio
of CEX to PCE for comparable expenditure categories. The 1992 adjustment factor for the
CEX of 1.5 was then used for the 1996 and 1997
estimates.15 Tourism expenditures were estimated as the ratio of adjusted CEX expenditures
on out-of-town trips (less overseas expenditures) divided by the total CEX expenditures
(less overseas expenditures), multiplied by PCE
less nonresident expenditures.
The method 3 estimates for eating and drinking
places were further adjusted using estimates from
TIA and from D.K. Shifflet and Associates. This
adjustment consisted of using a weighted average
of the TIA estimate, the Shifflet estimate, and the
method 3 estimate for resident households.
The CEX does not provide an estimate of
"shopping"—PCE for nondurable commodities
14. For a further discussion of the limitations of using the CEX to estimate the
TTSA's, see Okubo and Planting, "U.S. Travel and Tourism Satellite Accounts
for 1992," 18-19.
15. This factor was calculated for 1992 by (1) computing the average ratio of
the CEX estimate to the PCE estimate for all corresponding expenditure categories; (2) identifying the matched expenditure categories with a CEX-to-PCE
ratio that was less than the average ratio; (3) computing the average CEX-toPCE ratio for the expenditure categories identified in step (2); and (4) dividing
the average CEX-to-PCE ratio from (1) by the average CEX-to-PCE ratio from
(3).
SURVEY OF CURRENT BUSINESS
July 2000 •
15
Table 8.—TTSA Commodity Definitions and Methods of Estimating Personal Consumption Expenditures
TTSA commodity
Commodity definition
Personal consumption expenditures
Hotels and other lodging places
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
campsites
1996—level from annual I-O accounts
1997—extrapolated from 1996 by PCE for other housing
Excludes meals served by hotels or motels
Eating and drinking places
Food and beverage receipts and tips
1996—level from annual I-O accounts
1997—extrapolated from 1996 by PCE for meals and beverages
Excludes catering services and school lunch
sales by State and local governments
Passenger rail
Receipts from rail passengers—including
fares, tips, and dining-car receipts
1996—level from annual I-O accounts
1997—extrapolated from 1996 by PCE for passenger rail
Passenger bus and other local
transportation
Receipts from bus passengers—including
intercity, charter, local bus, and subway—and
limousine services
1996—level from annual I-O accounts
1997—extrapolated from 1996 by PCE for passenger bus and other local transportation
Taxi
Taxi fares, including tips
1996—level from annual I-O accounts
1997—extrapolated from 1996 by PCE for taxicab
Domestic passenger air fares
Receipts from domestic air passengers
including airfares, meal and beverage
receipts, movie receipts, and other receipts
1996—level from annual I-O accounts
1997—extrapolated from 1996 by PCE for domestic air passenger fares
International air fares
Receipts from international air passengers
1996—level from annual I-O accounts
1997—extrapolated from 1996 by PCE for foreign air passenger fares
Passenger water
Receipts from passengers
1996—level from annual I-O accounts
1997—extrapolated from 1996 by PCE for passenger water transportation
Auto and truck rental
Receipts from rental of automobiles
1996—level from annual I-O accounts
1997—extrapolated from 1996 by PCE for auto and truck rental
Other vehicles
Receipts from rental of recreation vehicles
and utility trailers
1996—level from annual I-O accounts
1997—extrapolated from 1996 by PCE for trailer and recreational vehicle rental
Arrangement of passenger transportation
Commissions for the arrangement of passenger transportation and tour receipts
1996—level from annual I-O accounts
1997—extrapolated from 1996 by PCE for arrangement of passenger transportation
Recreation and entertainment
Miscellaneous entertainment receipts—
including amusement parks, fairs, museums,
gambling, and other recreation and amusements
1996—level from annual I-O accounts
1997—extrapolated from 1996 by PCE for recreation and entertainment
Participant sports
Participant sports, such as golf and tennis
1996—level from annual I-O accounts
1997—extrapolated from 1996 by PCE for participant sports
Movie, theater, ballet, and musical
events
Receipts for admissions to movies, theater,
and music programs
1996—level from annual I-O accounts
1997—extrapolated from 1996 by PCE for movie, theater, ballet, and musical events
Sports events
Admissions to sports events
1996—level from annual I-O
1997—extrapolated from 1996 by PCE for sports events
Travel by U.S. residents abroad
Travel expenditures by U.S. residents abroad
1996—level from annual I-O accounts
1997—PCE travel by U.S. residents abroad
Gasoline and oil
Sales of gasoline, diesel fuel, lubricating oils,
and grease
1996—level from annual I-O accounts
1997—extrapolated from 1996 by PCE for gasoline and oil
PCE nondurable commodities
Sales of all commodities that are sold primarily to PCE nondurabies
1996—level from annual I-O accounts
1997—extrapolated from 1996 by PCE for nondurables excluding gasoline
Selected services
Parking, tolls, and automotive repair services
1996—level from annual I-O accounts
1997—extrapolated from 1996 by PCE for parking and automotive repair
16
•
July 2000
SURVEY OF CURRENT BUSINESS
other than gasoline and oil by resident households.
PCE for nondurable commodities by visitors was
estimated using an average of the ratios of visitor
shopping (from the Shifflet survey and the InFlight Survey) to the sum of expenditures for hotels, meals, and recreation.16 This average ratio was
applied to the three sets of estimates of the sum of
resident household purchases 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.
The methods and sources used to prepare the
estimates of visitor expenditures presented in table
12 are shown in table 9. For each of the TTSA
commodities, the methods and sources for resident, nonresident, business, and government demand are shown.
16. The 1992 In-Flight Survey ratios were applied to 1996 and 1997 because of
the large unexplained variation in these ratios between 1996 and 1997.
Estimating tourism employment and
compensation of employees
The TTSA estimates of tourism employment and
compensation were developed from BLS estimates
of average monthly employment by industry at the
four-digit Standard Industrial Classification (SIC)
level and from BEA estimates at the two-digit SIC
level. Employment and compensation were estimated at the four-digit SIC level by applying employment and compensation weights from the BLS
estimates to the BEA estimates.17 Employment and
compensation by SIC industry were assigned to
the TTSA industries. Tourism employment and
compensation of tourism employees were estimated by multiplying employment and industry
compensation, respectively, by the tourism-industry ratio for each of the three methods.
17. BEA adjusts the BLS data for industries that are not covered or that are
partially covered, such as railroads, agriculture, and membership organizations.
Other adjustments include additions for employees of nonprofit institutions
and for misreporting on employment tax returns. (See State Personal Income,
1969-98 [CD-ROM] (Washington, DC: Bureau of Economic Analysis, 2000.)
Tables 9 through 14 follow.
17
•
SURVEY OF CURRENT BUSINESS
July 2000
Table 9.—Methods of Estimating Demand for TTSA Commodities
TTSA commodity
Methods and sources for visitor expenditures
Hotels and other lodging places
Resident—All PCE less nonresident expenditures.
Nonresident—Total expenditures in the United States by nonresidents times BEA estimate of weight of lodging expenditures from the In-Right Survey.
Business—All intermediate expenditures.
Government—All government expenditures.
Eating and drinking places
Resident—PCE less nonresident expenditures times CEX weight of expenditures on trips.
Nonresident—Total expenditures in the United States by nonresidents times BEA estimate of weight of meals expenditures from the In-Flight Survey.
Business—Intermediate expenditures times BEA derived weight from American Express Survey of Business Travel Management.
Government—Government expenditures times business ratio of meals to lodging expenditures.
Passenger rail
Resident—All PCE less nonresident expenditures.
Nonresident—Total expenditures in the United States by nonresidents times BEA estimate of weight from the In-Flight Survey and resident tourism.
Business—All intermediate expenditures.
Government—All government expenditures.
Passenger bus and other local transportation
Resident—All intercity bus PCE less nonresident expenditures. Local transportation is PCE less nonresident expenditures times CEX weight of expenditures on trips.
Nonresident—Total expenditures in the United States by nonresidents times BEA estimate of weight from the In-Flight Survey and resident tourism.
Business—All intercity bus intermediate expenditures. Local transportation is intermediate expenditures times resident ratio of tourism expenditures to
total expenditures.
Government—All intercity bus government expenditures. Local transportation is government expenditures times resident ratio of tourism expenditures to
total expenditures.
Taxi
Resident—PCE less nonresident expenditures times CEX weight of expenditures on trips.
Nonresident—Total expenditures in the United States by nonresidents times BEA estimate of weight from the In-Flight Survey and resident tourism.
Business—Intermediate expenditures times resident ratio of tourism expenditures to total expenditures.
Government—Government expenditures times resident ratio of tourism expenditures to total expenditures.
Domestic passenger air fares
Resident—All PCE less nonresident expenditures.
Nonresident—Total expenditures in the United States by nonresidents times BEA estimate of weight from the In-Flight Survey and resident tourism.
Business—All intermediate expenditures.
Government—All government expenditures.
International air fares
Resident—All PCE less nonresident expenditures.
Nonresident—All exports of international air fares.
Business—All intermediate expenditures.
Government—All government expenditures excluding military airlift command expenditures.
Passenger water
Resident—All PCE except ferries less nonresident expenditures.
Nonresident—Total expenditures in the United States by nonresidents times BEA estimate of weight from the In-Flight Survey plus exports of water passenger fares.
Auto and truck rental
Resident—CEX for auto and truck rental on trips.
Nonresident—Total expenditures in the United States by nonresidents times BEA estimate of weight from the In-Flight Survey and resident tourism.
Business—All intermediate expenditures.
Government—All government expenditures.
Other vehicles
Resident—CEX for rental of campers and other vehicles on trips.
Nonresident—Total expenditures in the United States by nonresidents times BEA estimate of weight from the In-Flight Survey and resident tourism.
Arrangement of passenger transportation
Resident—All PCE for tours.
Nonresident—Total expenditures in the United States by nonresidents times BEA estimate of weight from the In-Flight Survey and resident tourism.
Government—All government expenditures.
Recreation and entertainment
Resident—PCE gambling times estimated tourism ratio less nonresident expenditures. All other recreation was the CEX adjusted to PCE levels (nonprofit institutions tourism estimates are admissions paid rather than expenses).
Nonresident—Total expenditures in the United States by nonresidents times BEA estimate of weight from the In-Flight Survey and resident tourism.
Business—BEA estimates based on business, travel, and entertainment estimates reported in the 1992 Census of Services.
Participant sports
Resident—PCE less nonresident expenditures times CEX weight of expenditures on trips.
Nonresident—Total expenditures in the United States by nonresidents times BEA estimate of weight from the In-Flight Survey and resident tourism.
Movie, theater, ballet, and musical events
Resident—PCE less nonresident expenditures times CEX weight of expenditures on trips.
Nonresident—Total expenditures in the United States by nonresidents times BEA estimate of weight from the In-Flight Survey and resident tourism.
Sports events
Resident—PCE less nonresident expenditures times CEX weight of expenditures on trips.
Nonresident—Total expenditures in the United States by nonresidents times BEA estimate of weight from the In-Flight Survey and resident tourism.
Travel by U.S. residents abroad
Resident—International transactions accounts and estimated PCE share.
Business—International transactions accounts and estimated business share.
PCE nondurable commodities
Resident—Estimated as 25 percent of resident tourism demand for lodging, eating and drinking, recreation, and tours.
Nonresident—Total expenditures in the United States by nonresidents times BEA estimate of weight from the In-Flight Survey.
Selected services
Resident—Tolls and parking PCE less nonresident expenditures times CEX weight of expenditures on trips. Automotive repair estimated by applying the
ratio of PCE automotive repair to PCE gasoline times resident tourism gasoline.
Nonresident—Total expenditures in the United States by nonresidents times BEA estimate of weight from the In-Flight Survey and resident tourism.
Business—Tolls and parking estimated as intermediate expenditures times the ratio of resident tourism tolls and parking to PCE tolls and parking. No
estimates are made for automotive service.
Government—Tolls and parking estimated as government expenditures times the ratio of resident tourism tolls and parking to PCE tolls and parking. No
estimates are made for automotive service.
Note: (1) The 1992 CEX weights were applied to 1996 and 1997.
(2) The 1992 CEX levels were extrapolated by PCE.
(3) The 1992 In-Flight Survey weights were applied to 1996 and 1997.
CEX Consumer expenditure survey
PCE Personal consumption expenditures
July 2000
SURVEY OF CURRENT BUSINESS
18
Table 10.1.—Production Account of Tourism Industries and All Other Industries, 1996
[Millions of dollars]
Industry'
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
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
Industry output
Intermediate inputs
Compensation of employees
Other value added
Hotels
and
lodging
places
69,317
20,765
Eating
and
drinking
places
Railroads
and related
services 2
Local
and
suburban
transit
and
interurban
highway
passenger
transportation,
except
taxicabs 2
Taxicabs
Air
transportation
Water
transportation 2
Industries
producing
AutoArrangerecremotive
ment of
ation
rental
pasand
and
senger
enterleasing,
transtainwithout
portation
ment
drivers
commodities 3
1,824
262,923
329
4,488
20
Gasoline
services
stations
Retail
excluding eating and
drinking
places
and
gasoline
services
stations
2,661
16,382
Industries
producing
nondurable
personal
consumption
expenditure
commodities
other than
gasoline
and oil
Automobile
parking,
automotive
repair
shops
and
services,
and toll
highways 2
All other
industries
83
11,781
1,217
16,038
8,898
19
60,509
26,124
4,245
24,606
38
5
931
79
950
46
81
16,966
13,048
44,047
2,981
415
14
11,232
805
27,042
4,375
662
15
690
56
1,468
120
133
1,061
35,836
254
117
60
628,568
120,530
10,938
3,612
7
4,111
977,047
52,811
16,038
8,898
60,528
26,124
4,245
25,754
982
95
1,359
275
17,559
27,137
5,733
36,315
650,559
8,424
128,954
10,220
998,205
87,127
5,074
148,624
878,273
10,290,449
13,789,458
1,018
17,693
8,988
113
4,992
3,139
7,919
1,261
17,443
i',934
803,536
9,759,292
104,810
281,321
38,411
20,156
8,898
110,869
28,430
34,644
17,079
55,368
16,317
30,318
12,354
43,413
727,554
1,550,042
90,335
10,619,140
41,459
39,833
23,518
137,644
99,330
44,346
16,517
14,548
7,346
12,260
17,790
-9,894
3,436
2,638
2,824
56,881
34,836
19,152
17,497
4,987
5,946
15,151
4,768
14,726
7,150
6,658
3,271
20,791
15,214
19,362
7,512
6,373
2,432
18,997
9,190
2,132
4,847
5,552
1,955
12,128
11,586
19,699
243,013
271,796
212,745
967,159
44,554
25,858
19,922
2,756
21,428
69,729
320,842
1,217
16,966
59,670
14,214
19,535
432,126
17,469
6,767
Domestic
production
(producers'
prices)5
1,342
34,970
2,224
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; libraries and museums, art galleries, and botanical and zooological gardens.
Membership
sports
and
recreation
clubs
Industries
Profesproducsional
ing movsports
ies,
clubs
theaters,
and
ballet,
promotand
ers
musical
events 4
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.
19
•
July 2000
SURVEY OF CURRENT BUSINESS
Table 10.2.—Production Account of Tourism Industries and Ail Other Industries, 1997
[Millions of dollars]
Industryl
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
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
Industry output
Intermediate inputs
Compensation of employees
Other value added
Hotels
and
lodging
places
73,154
21,323
Eating
and
drinking
places
Railroads
and related
services 2
Local
and
suburban
transit
and
interurban
highway
passenger
transportation,
except
taxicabs 2
Taxicabs
Air
transportation
Water
transportation 2
AutoArrangemotive
ment of
rental.
pasand
senger
leasing,
transporwithout
tation
drivers
280,245
1,999
Membership
sports
and
recreation
clubs
348
4,743
Industries
producing movies,
theaters,
ballet,
and
musical
events 4
Professional
sports
clubs
and
promoters
21
Gasoline
services
stations
2,771
AutoIndustries
mobile
Retail
producing
parking,
excludnondurable
autoing eatpersonal
motive
ing and
repair
drinking consumption
expenditure
shops
places
and
and gas- commodities
other than
services,
oline
services gasoline and and toll
oil
highstations
ways 2
All other
industries
84
12,275
16,763
1,296
16,877
9,443
21
64,835
27,476
4,631
25,188
997
40
5
82
1,049
52
86
16,970
13,402
48,779
3,286
449
15
11,534
890
29,415
4,548
679
16
717
57
1,563
129
141
1,113
38,642
268
124
68
665,878
115,386
11,236
3,762
1,022,407
56,879
29,508
5,690
39,130
688,905
8,649
124,036
8,506
1,042,149
90,234
5,112
155,988
942,878
n.a.
n.a.
2,189
17,952
9,215
1,255
4,661
5,287
8,996
1,477
21,918
7,733
110,746
298,930
39,001
21,149
9,443
121,794
26,836
35,529
18,225
60,345
16,908
34,847
13,613
46,698
774,223
1,608,881
99,303
n.a.
42,805
42,097
25,844
140,417
105,704
52,809
17,318
14,767
6,916
11,853
18,617
^9,320
3,478
2,626
3,339
60,887
36,645
24,261
14,931
5,294
6,611
16,187
5,029
14,312
8,035
7,236
2,955
22,854
16,455
21,036
8,102
6,683
2,123
20,091
10,339
4,416
5,752
5,907
1,954
12,819
11,911
21,968
257,919
286,254
230,050
1,010,904
46,932
27,571
24,799
2,306
19,899
16,877
9,443
64,856
27,476
4,631
26,445
1,054
92
1,142
274
18,366
862,659
n.a.
21,369
8,114
73,586
340,141
1,296
16,970
64,944
14,820
20,768
449,430
6
4,265
Domestic
production
(producers'
prices)5
1,410
35,770
1,935
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; libraries and museums, art galleries, and botanical and zooological gardens.
Industries
producing
recreation
and
entertainment
commodities 3
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.
July 2000 •
SURVEY OF CURRENT BUSINESS
20
Table 11.1.—Supply and Consumption of Tourism and All Other Commodities, 1996
[Millions of dollars]
Supply
Commodity
Domestic production (producers'
prices)
Imports
Government
sales
Consumption
Change in
private
inventories
Wholesale
trade
margins
and
transportation
costs
878,273
10,290,449
654,062
184,276
24,002
560,215
Total
13,789,458
903,728
191,867
29,994
878,273
69,729
320,842
1,217
14,847
453
16,966
59,670
14,214
27,137
5,733
36,315
650,559
Total supply'
500
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
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
16,038
8,898
60,528
26,124
4,245
25,754
982
Retail
margins
5,158
200
140
128,954
49452
7,280
998,205
177,294
148,624
625
1,055
Intermediate
Personal
consumption
expenditures
Gross private
fixed investment
Exports of
goods and
services
Government
expenditures
excluding
sales 2
Total
consumption
70,229
320,842
1,217
33,459
33,353
304
29,913
281,479
820
16,038
8,898
60,528
40,971
4,698
25,754
982
3,060
4,872
28,236
4,019
18,520
687
12,891
3,530
26,227
16,327
4,505
5,674
295
16,966
64,828
14,214
11,857
1,546
1,689
3,622
62,102
12,525
1,348
139
1,180
16,966
64,828
14,214
27,337
6,499
10,246
1,498
16,668
4,156
150
392
273
453
27,337
6,499
2,976
12,847
49,452
244,540
102,204
47,993
1,784,530
12
3,351
148,877
390
20,039
333
6,857
5,620
93
70,229
320,842
1,217
87
496
6,065
587
16,038
8,898
60,528
40,971
4,698
25,754
982
1,560
1,313
73,303
36,315
49,452
244,540
12,821
91,546
36,631
137,171
4,679
244,755
367,900
1,784,530
481,474
1,149,402
148,877
47,825
97,689
282,659
11,947,659
5,189,412
3,335,872
1,209,239
686,926
1,526,209
11,947,659
686,874
14,855,059
5,976,424
5,237,500
1,212,696
814,769
1,613,810
14,855,059
252
1. 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 private inventories. Wholesale and retail margins and transportation costs are not shown explicitly in this column, because they are included
in the purchasers' values for the gasoline and oil, personal consumption expenditure nondurable commodities other
3,457
than gasoline and oil, and all other commodities.
2. Includes consumption and investment expenditures and excludes government sales. Government sales are included as part of supply.
Table 11.2.—Supply and Consumption of Tourism and All Other Commodities, 1997
[Millions of dollars]
Consumption
Supply
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
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
Total
Domestic production (producers' prices)
Imports
Retail
margins
17,891
358
16,970
64,944
14,820
29,508
5,690
39,130
688,905
Change in
private
inventories
516
73,586
340,141
1,296
16,877
9,443
64,856
27,476
4,631
26,445
1,054
Government
sales
Wholesale
trade
margins
and
transportation
costs
5,331
273
248
124,036
53,451
7,968
1,042,149
190,130
155,988
646
1,091
Personal
consumption
expenditures
Exports of
goods and
services
Government
expenditures
excluding
sales 2
Total
consumption
7,096
5,817
96
74,103
340,141
1,296
90
514
6,277
607
16,877
9,443
64,856
45,367
4,989
26,445
1,054
35,443
35,518
326
31,563
298,410
873
16,877
9,443
64,856
45,367
4,989
26,445
1,054
3,222
5,183
29,482
5,086
19,004
737
13,566
3,746
29,096
19,102
4,587
5,826
316
16,970
70,275
14,820
11,838
2,430
1,761
3,623
66,624
13,059
1,366
143
1,221
16,970
70,275
14,820
29,780
6,584
11,168
1,532
18,158
4,210
172
374
283
468
29,780
6,584
2,971
13,296
53,451
248,509
110,204
49,672
1,851,067
12
3,468
156,249
76,078
38,915
53,451
248,509
13,858
92,845
39,593
139,398
3,491
246,088
368,118
1,851,067
490,392
1,197,063
156,249
50,242
102,526
261
Gross private
fixed investment
74,103
340,141
1,296
1,511
396
20,572
398
1,614
3,736
942,878
n.a.
690,351
n.a.
63,323
n.a.
n.a.
n.a.
n.a.
3,533,059
1,311,664
735,906
n.a.
n.a.
n.a.
960,669
n.a.
68,325
n.a.
n.a.
n.a.
n.a.
5,524,400
1,315,400
872,369
n.a.
n.a.
1. 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 private inventories. Wholesale and retail margins and transportation costs are not shown explicitly in this column, because they are included
in the purchasers' values for the gasoline and oil, personal consumption expenditure nondurable commodities other
than gasoline and oil, and all other commodities.
Total supply'
Intermediate
2. Includes consumption and investment expenditures and excludes government sales. Government sales are included as part of supply.
Note.—Several columns do not have a control total (currently there are no annual input-output data for 1997).
In these columns, the column totals and the estimates of "All other commodities" and "Total" are shown as n.a.
(not available).
21
•
July 2000
SURVEY OF CURRENT BUSINESS
Table 12.1.—Tourism Demand by Type of Visitor, 1996
[Millions of dollars in purchasers' prices]
Tourism demand
Commodity
Total tourism demand
Total demand
Method 1
Method 2
70,229
54.310
1,217
3,912
1.995
60,529
40,760
4,490
20,553
272
3,761
27,650
4.969
5,085
1,853
49,452
13,450
70,229
58,256
1,217
4,603
4,043
60,529
40,760
4,490
20,553
452
3.761
29,434
5,103
5.987
1,738
49,452
14,217
70,229
79,005
1,217
5,781
6,225
60,529
40,760
4,490
21,476
452
3,761
32,548
6,630
8,233
2,266
49,452
20,851
1,784,530
148,877
11,947,659
47,817
7,859
50,722
9,066
14,855,059
420,164
434,613
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 o i l .
Personal consumption expenditure nondurable commodities
other than gasoline and oil
Parking, automotive repair, and highway tolls
All other commodities
70,229
320,842
1,217
16,038
8,898
60,528
40.971
4,698
25,754
982
16,966
64,828
14,214
27,337
6,499
49,452
244.540
Total
Method 2
Method 1
6,857
4,203
93
53
91
6,065
376
6,857
4,203
93
54
195
6,065
376
6,857
4,203
93
58
304
6,065
376
14,583
14,583
14,583
1,376
1,376
1,376
139
139
139
1,588
1,025
475
12,821
2,585
1,588
1,025
475
12,821
4,017
222
238
368
58,997
14,039
140
254
390
83
138
216
486,942
121,263
122,808
125,806
19,557
19,733
20,054
Nontourism demand
Tourism commodity ratio'
Method 2
14,254
Method 1
Method 2
Method 3
14,254
41.592
639
4,007
2,409
20.456
16,327
3.395
21,638
2,746
4,039
950
36,631
9.302
2.652
24,752
4,273
6,285
1,478
36,631
14,374
2,092
231,090
230,323
223,689
26,430
7,458
29,335
8,496
37,610
13,255
21,387
178
1,736,713
141,018
11,947,659
1.733,808
139,811
11,947,659
1,725,533
134,838
11,947,659
187,738
200,466
249,476
91,605
14,434,897
14,420,448
14,368,119
20,843
639
3,061
1,538
20,456
16,327
3,395
3,766
398
2,652
Method 1
Method 2
Method 3
Method 3
14,254
16,897
639
2,506
723
20.456
16,327
3,395
3,766
218
2.652
19,854
2,612
3,137
1,065
36,631
8,718
1. The tourism commodity ratio is total tourism demand divided by total demand.
Method 3
33,459
20,511
304
1,046
3,332
28,236
4,019
1.588
1,025
475
12,821
2,418
Nonresidents
Total .
Method 2
33,459
20,511
304
818
2,130
28,236
4,019
Resident households
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
Method 1
Method 3
33,459
20,511
304
683
1,001
28,236
4,019
Tourism demand
Commodity
Government expenditures excluding sales
Business
Method 3
15,659
12,699
181
670
180
5,771
20.039
1,095
829
54
970
7,796
769
923
313
266,532
262,586
241,837
12,126
6,903
11,435
4,855
10,257
2,673
211
208
5,201
710
13,205
37,178
9,245
22,252
4,646
211
208
5,201
530
13,205
35,394
9,111
21,350
4,761
211
208
4,278
530
13,205
32,280
7,584
19,104
4,233
1.00
0.17
1.00
0.24
0.22
1.00
0.99
0.96
0.80
0.28
0.22
0.43
0.35
0.19
0.29
1.00
0.06
1.00
0.18
1.00
0.29
0.45
1.00
0.99
0.96
0.80
0.46
0.22
0.45
0.36
0.22
0.27
1.00
0.06
1.00
0.25
1.00
0.36
0.70
1.00
0.99
0.96
0.83
0.46
0.22
0.50
0.47
0.30
0.35
1.00
0.09
0.03
0.05
0.03
0.06
0.03
0.09
July 2000 •
SURVEY OF CURRENT BUSINESS
22
Table 12.2.—Tourism Demand by Type of Visitor, 1997
[Millions of dollars in purchaser's prices]
Tourism demand
Commodity
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
Passenoer water
Auto and truck rental
Other vehicle rental
Arrangement of passenger transportation
Recreation and entertainment
Participant sports
Movie, theater, baliet, 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
Business
Total tourism demand
Total demand
Method 2
Method 3
74,103
340,141
1,296
16,877
9,443
64,856
45,367
4,989
26,445
1,054
16,970
70,275
14,820
29,780
6,584
53,451
248,509
74,103
56,886
1,296
4,108
2,122
64,856
45,156
4,384
21,092
293
3,766
30,240
5,170
5,529
1,878
53,451
13,588
74,103
61,022
1,296
4,841
4,298
64,856
45,156
4,384
21,092
485
3,766
32,202
5,311
6,511
1,763
53,451
14,371
74,103
82,640
1,296
6,082
6,611
64,856
45,156
4,384
22,054
485
3,766
35,582
6,905
8,960
2,299
53,451
21,116
1,851,067
156,249
n.a.
49,727
8,247
52,745
9,514
n.a.
445,891
461,166
Method 1
Method 3
7,096
4,342
96
54
94
6,277
396
7,096
4,342
96
56
202
6,277
396
7,096
4,342
96
60
315
6,277
396
14,964
14,964
14,964
1,424
1,424
1,424
143
143
143
1,655
1,118
486
13,858
2,622
1,655
1,118
486
13,858
4,074
230
246
381
61,242
14,731
147
267
410
86
143
223
515,718
128,489
130,122
133,237
20,240
20,423
20,755
No n tour ism demand
Method 2
Tourism commodity ratio'
Method 1
Method 2
Method 3
Method 1
15,107
43,263
662
4,229
2,563
8,814
15,107
21,645
662
3,233
1,642
22,796
19,102
3,315
3,867
428
2,653
23,634
2,851
4,383
958
39,593
9,411
14,569
2,092
234,921
234,138
227,393
27,251
7,827
30,269
8,917
38,766
13,911
22,476
187
1,801,340
148,002
n.a.
1,798,322
146,735
n.a.
1,789,825
141,518
n.a.
201,007
214,466
265,571
96,154
15,107
17,509
662
2,644
775
22,796
19,102
3,315
3,867
236
2,653
21,672
2,710
3,401
1,073
39,593
Method 2
Method 3
Method 3
22,796
19,102
3,315
4,829
428
2,653
27,014
4,445
6,832
1,494
39,593
1. The tourism commodity ratio is total tourism demand divided by total demand.
Note.—Several columns do not have a control total (currently there are no annual input-output data for 1997).
In these columns, the column totals and the estimates of "All other commodities" and "Total" are shown as n.a.
(not available).
Method 2
35,443
21,689
326
1,102
3,545
29,482
5,086
1,655
1,118
486
13,858
2,452
Nonresidents
Total ...
Method 1
35,443
21,689
326
861
2,266
29,482
5,086
Resident households
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
Method 3
35,443
21,689
326
719
1,065
29,482
5,086
Tourism demand
Commodity
Government expenditures excluding sales
Method 2
16,456
13,346
211
691
188
6,300
20,572
1,069
837
57
970
8,568
805
1,010
319
283,255
279,119
257,501
12,769
7,321
12,036
5,145
10,795
2,832
211
605
5,353
211
605
5,353
569
13,204
38,073
211
605
4,391
761
13,204
40,035
9,650
24,251
4,706
9,509
23,269
4,821
569
13,204
34,693
7,915
20,820
4,285
1.00
0.17
1.00
0.24
0.22
1.00
1.00
0.96
0.80
0.28
0.22
0.43
0.35
0.19
0.29
1.00
0.05
1.00
0.18
1.00
0.29
0.46
1.00
1.00
0.96
0.80
0.46
0.22
0.46
0.36
0.22
0.27
1.00
0.06
1.00
0.24
1.00
0.36
0.70
1.00
1.00
0.96
0.83
0.46
0.22
0.51
0.47
0.30
0.35
1.00
0.03
0.05
0.03
0.06
0.03
0.09
July 2000 •
SURVEY OF CURRENT BUSINESS
23
Table 13.1.—Tourism GDP of Tourism industries and Other Industries, 1996
[Millions of dollars]
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;
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 tourism industries
.-.
Intermediate
consumption
Tourism industry ratio l
Value
added
Tourism output 2
Tourism industry intermediate
consumption
Method
1
Method
Method
Method
1
Method
Method
Tourism industry value
added
Method
Method
Method
Method
1
Method
Method
104,810
281,321
38,411
41,459
137,644
16,517
63,351
143,677
21,894
0.81
0.16
0.03
0.81
0.17
0.03
0.82
0.23
0.03
84,576
44,506
1,217
84,831
47,740
1,217
86,174
64,743
1,217
33,455
21,776
523
33,556
23,358
523
34,087
31,677
523
51,121
22,730
694
51,275
24,382
694
52,087
33,066
694
20,156
8,898
110,869
28,430
34,644
17,079
12,260
3,436
56,881
17,497
15,151
7,150
7,896
5,462
53,988
10,933
19,494
0.19
0.22
0.78
0.14
0.57
0.22
0.23
0.45
0.78
0.14
0.58
0.22
0.29
0.70
0.78
0.14
0.60
0.22
3,912
1,995
86,499
4,075
19,895
3,761
4,603
4,043
5,781
6,225
4,075
20,066
3,761
4,075
20,947
3,761
2,380
770
44,378
2,508
8,700
1,574
2,800
1,561
44,378
2,508
8,775
1,574
3,516
2,404
44,378
2,508
9,161
1,574
1,532
1,225
42,121
1,567
11,195
2,186
1,803
2,482
42,121
1,567
11,291
2,186
2,265
3,821
42,121
1,567
11,787
2,186
55,368
16,317
20,791
7,512
34,576
8,805
0.18
0.31
0.20
0.32
0.26
0.41
10,195
5,022
11,130
5,183
14,218
6,681
3,828
2,312
4,179
2,386
5,339
3,076
6,367
2,710
6,950
2,797
8,879
3,605
30,318
12,354
43,413
727,554
18,997
4,847
12,128
243,013
11,321
7,507
31,284
484,541
0.17
0.10
0.07
0.02
0.20
0.27
0.12
0.11
0.03
5,033
1,247
2,967
18,002
5,926
1,170
3,173
19,927
8,149
4,686
25,369
3,154
489
829
6,013
3,713
459
887
6,656
5,106
598
1,309
8,474
1,880
758
2,138
2,213
711
2,287
13,271
3,043
927
3,377
16,895
1,529,940
615,283
914,657
292,902
303,343
340,051
132,691
137,314 153,731
160,212
166,029
186,319
1. The industry tourism ratio is equal to tourism output divided by industry output.
2. The industry tourism output is derived from table 10 and table 12. The tourism commodity ratio, table 12,
is multiplied by the tourism commodities produced by industries, table 10, and summed by industry. For example,
0.07
0.03
1,525
the air industry produces $60,509 million domestic passenger air fares of which 100 percent is tourism, and it also
produces $26,124 million international air fares of which 99 percent is tourism; the total tourism output of the industry
is $86,499 million.
Table 13.2.—Tourism GDP of Tourism Industries and Other Industries, 1997
[Millions of dollars]
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;
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 tourism industries
Industry
output
Intermediate
consumption
Tourism industry ratio»
Value
added
Tourism industry intermediate
consumption
Method
1
Method
Method
Method
1
Method
Method
89,041
50,277
1,296
Method
1
Method
2
Method
3
90,397
68,088
1,296
34,316
22,016
575
34,416
23,616
575
34,940
4,841
4,298
92,183
4,446
20,548
6,082
6,611
92,183
4,446
21,465
2,302
782
46,084
2,474
3,409
2,435
46,084
2,474
9,779
3,766
3,766
1,660
2,713
1,583
46,084
2,474
9,362
1,660
110,746
298,930
39,001
42,805
140,417
17,318
67,941
158,513
21,683
0.80
0.16
0.03
0.80
0.17
0.03
0.82
0.23
0.03
88,782
21,149
9,443
121,794
26,836
35,529
18,225
11,853
3,478
60,887
14,931
16,187
8,035
9,296
5,965
60,907
11,905
19,342
10,191
0.19
0.22
0.76
0.17
0.57
0.21
0.23
0.46
0.76
0.17
0.58
0.21
0.29
0.70
0.76
0.17
0.60
0.21
4,108
2,122
92,183
4,446
20,367
3,766
60,345
22,854
8,102
37,491
8,806
0.19
0.31
0.20
0.32
0.26
0.41
11,273
5,171
12,308
5,339
15,723
4,269
2,478
4,661
2,559
34,847
13,613
20,091
5,752
12,819
257,919
14,756
7,861
33,879
0.16
0.10
0.07
0.02
0.18
0.09
0.07
0.03
0.25
0.12
0.11
0.03
5,465
1,297
3,189
19,135
6,435
1,218
3,408
21,172
8,855
1,588
5,025
26,911
3,151
548
875
6,374
309,469
320,576
359,318
137,184
774,223
1,628,287
516,304
984,839
1. The industry tourism ratio is equal to tourism output divided by industry output.
2. The industry tourism output is derived from table 10 and table 12. The tourism commodity ratio, table 12,
is multiplied by the tourism commodities produced by industries, table 10, and summed by industry. For example,
Tourism output 2
1,296
9,279
31,983
575
Tourism industry value
added
Method
1
54,466
24,853
720
Method
2
Method
3
54,625
26,660
720
55,457
36,105
720
2,128
2,715
1,340
46,099
1,972
11,087
2,106
1,972
11,186
2,106
2,673
4,176
46,099
1,972
11,685
2,106
5,955
3,298
7,004
2,693
7,647
2,781
9,768
3,584
3,710
515
936
7,053
5,106
671
1,379
8,965
2,314
2,313
12,760
2,725
703
2,473
14,119
3,750
917
3,646
17,946
141,917
158,713
172,284
178,659
200,605
749
the air industry produces $64,835 million domestic passenger air fares of which 100 percent is tourism, it also produces $27,476 million international air fares of which 99.5 percent is tourism; the total tourism output of the industry
is $92,183 million.
/
July 2000 •
SURVEY OF CURRENT BUSINESS
24
Table 14.1.—Tourism Employment and Compensation of Employees, 1996
Tourism industry ratio
Total
employment
(thousands
of
employees)
Industry
Hotels and lodging places
Eating and drinking places
Railroads and related services
Local and suburban transit and interurban highway passenger
transportation, except taxicabs2
»
Taxicabs
Air transportation3
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; 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 employment (thousands of
employees)
Tourism compensation (millions of
dollars)
Method 2
Method 3
Compensation
(millions of
dollars)
1,448
1,228
7
1,452
1,317
7
1,475
1,786
7
39,833
99,330
14,548
32,143
15,714
461
0.29
0.70
0.78
0.14
0.60
0.22
90
7
575
14
123
48
106
15
575
14
125
48
133
22
575
14
130
48
17,790
1,271
34,836
4,987
4,768
6,658
3,453
285
27,179
715
2,738
1,466
0.20
0.32
0.26
0.41
168
100
184
103
234
133
15,214
6,373
0.17
0.10
0.07
0.20
0.09
0.07
0.27
0.12
0.11
52
6
47
61
6
50
84
7
74
9,190
5,552
11,586
0.02
0.03
0.03
271,796
Method 1
Method 2
Method 3
1,794
7,761
223
0.81
0.16
0.03
0.81
0.17
0.03
0.82
0.23
0.03
463
32
737
98
215
219
0.19
0.22
0.78
0.14
0.57
0.22
0.23
0.45
0.78
0.14
0.58
0.22
913
325
0.18
0.31
314
60
687
13,808
Total tourism industries .
Total industries
Tourism share (percent) .
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. Employment for this category includes 197,000 State and local government "transit" employees. (Source: Public
Employment Payrolls Survey, 1996, Bureau of the Census)
Method 1
342
378
481
4,255
127,009
3.4
4,440
127,009
5,206
3.5
127,009
4.1
Method 1
Method 2
Method 3
Average
compensation per
tourism
employee
(dollars) l
32,240
16,856
461
32,750
22,860
4,063
578
38,424
39,728
47,268
715
2,762
1,466
5,103
889
27,179
715
2,883
1,466
2,801
1,961
3,058
2,024
3,907
2,609
16,664
19,610
1,526
561
792
1,796
526
847
2,470
686
29,266
92,541
16,864
27,179
461
1,251
22,203
12,799
65,236
22,177
30,401
6,725
7,444
9,477
19,684
98,520
4,395,585
2.2
102,015
4,395,585
2.3
114,706
22,721
34,608
4,395,585
2.6
3. Air transportation employment and compensation adjusted to remove United Parcel Service employees.
Sources: Bureau of Labor Statistics, U. S. Department of Labor, Employment and Wage Annual Averages, 1996;
Bureau of the Census, U. S. Department of Commerce, Public Employment Payrolls Survey, 1996.
Table 14.2.— Tourism Employment and Compensation of Employees, 1997
Tourism industry ratio
Total
Industry
Hotels and lodging places
Eating and drinking places
Railroads and related services
Local and suburban transit and interurban highway passenger
transportation, except taxicabs2
Taxicabs
Air transportation3
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; 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
employment
(thousands
of
employees)
Compensation
(millions of
dollars)
Tourism compensation (millions of
dollars)
Method 1
Method 2
Method 3
1,833
7,891
220
0.80
0.16
0.03
0.80
0.17
0.03
0.82
0.23
0.03
1,469
1,237
7
1,474
1,327
7
1,496
1,797
7
42,097
105,704
14,767
33,748
16,573
491
33,847
17,778
477
32
747
101
218
225
0.19
0.22
0.76
0.17
0.57
0.21
0.23
0.46
0.76
0.17
0.58
0.21
0.29
0.70
0.76
0.17
0.60
0.21
93
7
565
17
125
46
109
15
565
17
126
137
22
565
17
132
46
18,617
1,265
36,645
5,294
5,029
7,236
3,616
284
27,736
877
2,883
1,495
4,261
576
27,736
877
962
332
0.19
0.31
0.20
0.32
0.26
0.41
180
102
196
105
251
135
16,455
6,683
339
63
0.16
0.10
0.07
0.18
0.09
0.07
0.25
0.12
0.11
53
6
47
63
6
50
7
74
10,339
5,907
11,911
0.02
0.03
0.03
286,254
14,055
Total tourism industries .
Total industries
Tourism share (percent) .
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. Employment for this category includes 199,000 State and local government "transit" employees. (Source: Public
Employment Payrolls Survey, 1997, Bureau of the Census)
Tourism employment (thousands of
employees)
Method 1
Method 2
Method 3
347
384
489
4,302
130,085
3.3
4,491
130,085
3.5
5,263
130,085
4.0
Method 1
Method 2
Method 3
34,362
24,076
Average
compensation per
tourism
employee
(dollars)»
491
22,966
13,395
67,123
1,495
5,354
886
27,736
877
3,038
1,495
39,545
49,056
52,418
23,070
32,158
3,074
2,044
3,356
2,110
2,720
17,105
20,128
1,621
563
813
1,909
529
2,627
689
2,909
1,282
30,499
93,765
17,263
7,075
7,828
9,950
20,367
102,894
106,571
4,675,738
2.2
4,675,738
2.3
119,871
4,675,738
2.6
23,475
35,944
3. Air Transportation employment and compensation adjusted to remove United Parcel Service employees.
Sources: Bureau of Labor Statistics, U. S. Department of Labor, Employment and Wage Annual Averages, 1997;
Bureau of the Census, U. S. Department of Commerce, Public Employment Payrolls Survey, 1997.
26
July
SURVEY OF CURRENT BUSINESS
2000
U.S. Multinational Companies
Operations in 1998
By Raymond J. Mataloni, Jr.
ROWTH in the combined domestic and for^ ^ g n operations of nonbank U.S. multinational
companies (MNC's) slowed in 1998, according to
preliminary estimates from the annual survey of
U.S. direct investment abroad conducted by the
Bureau of Economic Analysis (BEA).1 Currentdollar estimates of the worldwide gross product of
U.S. MNC's—U.S. parents and their majorityowned foreign affiliates (MOFA's)—increased 1.2
percent in 1998, compared with a 5.8-percent increase in 1997 (table I). 2 Two other key measures
1. This article presents highlights from the 1997 and 1998 annual surveys.
More detailed estimates will be available later this year (see the box "Data Availability" on page 36).
of MNC operations also grew more slowly in 1998
than in 1997. MNC employment increased 2.3
percent after increasing 6.0 percent, and capital expenditures increased 5.4 percent after increasing
16.9 percent.
The slower growth in MNC operations in 1998
was most pronounced in the petroleum industry.
In that industry, MNC gross product decreased 23
percent, as steep declines in the prices of petro2. An MNC comprises a U.S. parent company and its foreign affiliates. The
examination of the foreign operations of U.S. MNC's primarily uses the data for
MOFA's rather than for all foreign affiliates, because parents and MOFA's are
usually under U.S. managerial control (whereas other foreign affiliates are usually under the control of foreign owners) and because the necessary data items
for this analysis are collected only for MOFA's.
Table 1.—Gross Product, Employment, and Capital Expenditures
of Nonbank U.S. MNC's, U.S. Parents, and Foreign Affiliates, 1982-98
Affiliates
MNC's worldwide
Parents
and all
affiliates
Parents
and
MOFA's
Parents
Total
MOFA's
Gross product
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
1,019,734
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
1,364,878
n.a.
n.a.
n.a.
n.a.
1,717,488
1,831,046
1,978,948
2,094,318
2,119,380
796,017
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
1,044,884
n.a.
n.a.
n.a.
n.a.
1,313,792
1,365,470
1,480,638
1,573,451
1,608,645
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
223,717
216,683
220,331
220,074
231,644
269,734
297,556
319,994
356,033
355,963
361,524
359,179
403,696
465,576
498,310
520,867
510,735
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
4.9
5.5
5.8
1.2
4.6
5.3
6.3
2.2
n.a.
n.a.
n.a.
n.a.
5.8
6.3
4.5
-1.9
n.a.
n.a.
n.a.
n.a.
25,345
24,783
24,548
24,532
24,082
24,255
24,141
25,388
25,264
24,837
24,190
23,727
23,253
22,973
22,923
22,543
22,650
22,498
23,879
23,786
23,345
22,812
18,705
18,400
18,131
18,113
17,832
17,986
17,738
18,765
18,430
17,959
17,530
6,640
6,383
6,418
6,419
6,250
6,270
6,404
6,622
6,834
6,878
6,660
5,022
4,854
4,842
4,810
4,711
4,664
4,761
5,114
5,356
5,387
5,282
1,618
1,530
1,576
1,609
1,539
1,605
1,643
1,508
1,478
1,492
1,378
Percent change at
annual rates:
1982-97
1989-97
1996-97
1997-98
Number of
employees
Thousands:
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
p Preliminary.
r
Revised.
n.a. Not available.
Parents
and all
affiliates
Other
Millions of dollars:
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997'
1998'
Affiliates
MNC's worldwide
1993
1994
1995
1996
1997'
1998'
Parents
and
MOFA's
Parents
Total
MOFA's
Other
24,222
25,670
25,921
26,334
27,851
28,456
22,760
24,273
24,500
24,867
26,358
26,968
17,537
18,565
18,576
18,790
19,878
20,068
6,685
7,105
7,345
7,544
7,973
8,388
5,223
5,707
5,924
6,077
6,480
6,900
1,461
1,398
1,421
1,467
1,493
1,488
0.6
1.2
5.8
2.2
0.7
1.2
6.0
2.3
0.4
0.7
5.8
1.0
1.2
2.3
5.7
5.2
1.7
3.0
6.6
6.5
-0.5
-0.1
1.8
-0.3
248,262
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
276,790
n.a.
n.a.
n.a.
n.a.
328,240
n.a.
n.a.
n.a.
n.a.
233,078
197,534
203,791
221,509
203,809
199,171
223,814
260,488
274,614
269,221
272,049
271,661
303,364
323,616
340,510
398,037
419,620
188,266
160,656
168,692
185,027
169,131
162,139
177,203
201,808
213,079
206,290
208,834
207,437
231,917
248,017
260,048
309,247
323,181
59,996
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
74,982
n.a.
n.a.
n.a.
n.a.
96,323
n.a.
n.a.
n.a.
n.a.
44,812
36,878
35,099
36,482
34,678
37,032
46,611
58,680
61,535
62,931
63,215
64,224
71,447
75,599
80,462
88,790
96,439
15,184
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
16,302
n.a.
n.a.
n.a.
n.a.
24,876
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
3.6
5.4
16.9
5.4
3.4
5.5
18.9
4.5
n.a.
n.a.
n.a.
n.a.
4.7
5.3
10.4
8.6
n.a.
n.a.
n.a.
n.a.
Percent change at
annual rates:
1982-97
1989-97
1996-97
1997-98
Capital
expenditures
Millions of dollars:
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997'
1998'
Percent change at
annual rates:
1982-97
1989-97
1996-97
1997-98
MNC Multinational company
MOFA Majority-owned foreign affiliate
SURVEY OF CURRENT BUSINESS
leum products outweighed increases in worldwide
production and consumption of crude oil and petroleum products.3
The growth patterns of the domestic (U.S.-parent) and foreign (foreign-affiliate) operations of
U.S. MNCs differed partly because of differences
in local economic conditions. The gross product of
U.S. parents increased 2.2 percent. Excluding the
gross product of parents in the petroleum industry, parent gross product increased 4.6 percent, reflecting continued robust economic growth in the
United States (current-dollar gross domestic prod3. Crude oil prices fell 34 percent in 1998 on the basis of 12-month averages of
the refiners' acquisition cost of domestic and imported crude oil from the
Energy Information Administration of the U.S. Department of Energy. In contrast, worldwide production of crude oil increased only 2 percent.
uct (GDP) in the United States grew 6.2 percent in
1997 and 5.5 percent in 1998).
The gross product of MOFA's decreased 1.9 percent—the first decrease since 1993; the decrease
reflected the fall in petroleum prices, a rise in the
exchange value of the U.S. dollar (which lowers the
dollar-denominated measures for affiliates whose
books are kept in host-country currencies), and
weak or negative economic growth in much of
Asia and Latin America. In terms of affiliate gross
product, the growth rate of real GDP in the top 5
Asian host countries averaged a negative 0.9 percent in 1998. In the top 5 Latin American host
countries, real GDP increased, but the average
growth rate, at 1.7 percent, was less than half that
in the United States.
Key Terms
ate in which the combined ownership of all U.S. parents
exceeds 50 percent. MOFA's comprise the foreign operations of U.S. MNCs that are controlled by the U.S. parent
or parents. In 1998, MOFA's accounted for 82 percent of
U.S. Multinational Companies," SURVEY OF CURRENT BUSINESS the employment of all foreign affiliates of U.S. MNCs, up
from 77 percent in 1989 (table 1).
75 (March 1995): 38-55.
The following key terms are used to describe U.S. multinational companies (MNCs) and their operations. For a comprehensive discussion of the terms and the concepts used,
see Raymond J. Mataloni, Jr., "A Guide to BEA Statistics on
U.S. MNCs
Operations of U.S. MNCs
U.S. multinational company (MNC). The U.S. parent and its
foreign affiliates. (In most of this article, an MNC is defined
as the U.S. parent and its majority-owned foreign affiliates.)
U.S. parent. A person, resident in the United States, who
owns or controls 10 percent or more of the voting securities, or the equivalent, of a foreign business enterprise. "Person" is broadly defined to include any individual, branch,
partnership, associated group, association, estate, trust,
corporation, or other organization (whether organized or
not under the laws of any State), or any government entity.
If incorporated, the U.S. parent is the fully consolidated
U.S. enterprise consisting of (1) the U.S. corporation whose
voting securities are not owned more than 50 percent by
another U.S. corporation and (2) proceeding down each
ownership chain from that U.S. corporation, any U.S. corporation whose voting securities are more than 50 percent
owned by the U.S. corporation above it. A U.S. parent comprises the domestic operations of a U.S. MNC, covering
operations in the 50 States, the District of Colombia, the
Commonwealth of Puerto Rico, and all other U.S. areas.
17.5. direct investment abroad (USDIA). The ownership or
control, directly or indirectly, by one U.S. person of 10 percent or more of the voting securities of an incorporated foreign business enterprise or the equivalent interest in an
unincorporated business enterprise.
Foreign affiliate. A foreign business enterprise in which
there is U.S. direct investment, that is, in which a U.S. person owns or controls (directly or indirectly) 10 percent or
more of the voting securities or the equivalent. Foreign
affiliates comprise the foreign operations of a U.S. MNC
over which the parent is presumed to have a degree of managerial influence.
Majority-owned foreign affiliate (MOFA). A foreign affili-
Gross product. The contribution to the gross domestic
product of the country of operations, which is the goods
and services produced by labor and property located in
that country. Gross product, often referred to as "value
added," can be measured as gross output (sales or receipts
and other operating income plus inventory change) minus
intermediate inputs (purchased goods and services). Alternatively, it can be measured as the sum of the costs
incurred (except for intermediate inputs) and the profits
earned in production. The gross product estimates presented here were prepared by summing cost and profit
data collected in the annual and benchmark surveys of
USDIA. For the derivation of the current-dollar estimates
of gross product, see Raymond J. Mataloni, Jr., and Lee
Goldberg, "Gross Product of U.S. Multinational Companies, 1977-91," SURVEY 74 (February 1994): 57.
Capital expenditures. Expenditures made to acquire, add
to, or improve property, plant, and equipment (PP&E).
PP&E includes land, timber, mineral and like-rights
owned, structures, machinery, equipment, special tools,
and other depreciable property; construction in progress;
and tangible and intangible exploration and development
costs. Changes in PP&E due to changes in entity—such as
mergers, acquisitions, and divestitures—or to changes in
accounting principles are excluded. Capital expenditures
are measured on a gross basis; sales and other dispositions
of fixed assets are not netted against them.
Employment. The number of full-time and part-time
employees on the payroll at yearend. If the employment of
a parent or an affiliate was unusually high or low because
of temporary factors (for example, a strike) or large seasonal variations, the number that reflected normal operations or an average for the year was requested.
July 2000 •
27
28
•
July 2000
SURVEY OF CURRENT BUSINESS
Additional highlights of U.S.-MNC operations
in 1998 follow:
• Worldwide production and the productive
resources of U.S. MNCs remained concentrated
in the United States: U.S. parents accounted for
about three-fourths, and MOFA's for about
one-fourth, of their combined gross product,
capital expenditures, and employment. These
shares have been relatively stable since 1989.4
• The real gross product of both parents and
MOFA's increased modestly. For U.S. parents,
the growth in current-dollar gross product
exceeded U.S. price inflation. For MOFA's in
manufacturing, real gross product increased 3.0
percent, and evidence suggests that the real
gross product in other industries also increased.
• U.S. exports of goods that involve U.S. parents
or their foreign affiliates decreased for the first
time since 1982, the first year of this annual
series. The decrease in MNC-associated exports
partly reflected reduced shipments to Canadian
affiliates in the transportation equipment man4. In addition to examining changes from 1997, changes from 1989 are sometimes used to provide historical perspective; the year 1989 is a benchmark survey year for U.S. direct investment abroad, and until 1994, the estimates of gross
product for U.S. parents (the basis for much of the analysis in this article) were
available only for benchmark survey years.
ufacturing industry and reduced shipments to
Asian affiliates.
• MNC-associated U.S. imports of goods increased substantially. The increase mainly reflected shipments to U.S. parents from affiliates
in the drug manufacturing industry and in the
computer and office equipment manufacturing
industry.
• Newly acquired or established MOFA's continued to be concentrated in countries with large
and prosperous markets rather than in countries with low labor costs. Although low-wage
countries have been attracting a rising share of
the new investments, MOFA's in high-wage
countries still accounted for 84 percent of the
gross product of all new MOFA's.
The first part of this article analyzes the worldwide operations of U.S. MNCs, the second part
analyzes their domestic operations, and the third
part analyzes their foreign operations.
Revisions to the 1997 estimates.—The estimates
of U.S.-MNG operations for 1997 were revised to
incorporate the final results of the 1997 Annual
Survey of U.S. Direct Investment Abroad.5 The
5. The preliminary 1997 estimates were published in Raymond J. Mataloni,
Jr., "U.S. Multinational Companies: Operations in 1997," SURVEY OF CURRENT
BUSINESS 79 (July 1999): 8-35.
Data on U.S. Direct Investment Abroad
BEA collects two broad sets of data on U.S. direct investment abroad (USDIA): (1) Financial and operating data of
U.S. parent companies and their foreign affiliates, and (2)
international transactions and direct investment position
data.1 This article presents the first set of data; the international transactions and direct investment position data
appear in the following articles in this issue of the SURVEY OF
CURRENT BUSINESS: Russell B. Scholl, "The International
Investment Position of the United States at Yearend 1999";
Douglas B. Weinberg, "U.S. International Transactions,
First Quarter 2000"; and Sylvia E. Bargas, "Direct Investment Positions for 1999: Country and Industry Detail."
The data on USDIA in this article are classified by International Surveys Industry (ISI) groups that were adapted
from the Standard Industrial Classification (SIC) Manual,
1987—the classification system used until recently as the
standard for industry classification in Federal economic
statistics. The SIC system has been superceded by the 1997
North American Industry Classification System (NAICS).
BEA has developed new ISI codes that are based on NAICS;
these codes will be used for the data collected in the 1999
benchmark survey of USDIA.
Financial and operating data.—The data on the overall
operations of U.S. parent companies and their foreign affil1. For a comprehensive discussion of these two sets of data, see Raymond J.
Mataloni, Jr., "A Guide to BEA Statistics on U.S. Multinational Companies,"
SURVEY 75 (March 1995): 38-55. This guide is available on BEA's Web site; go
to <www.bea.doc.gov> and click on "International, Articles."
iates are collected in BEA's annual and benchmark surveys
of USDIA. The data include balance sheets and income
statements, employment and compensation of employees,
research and development expenditures, sources of finance,
trade in goods, and sales of goods and services. In addition,
the gross product of U.S. parent companies and their
majority-owned foreign affiliates is estimated from the data
reported in these surveys.
Except in benchmark survey years, these data cover only
nonbank U.S. multinational companies (MNCs); U.S.
MNCs in banking (1987 Standard Industrial Classifications 6011, 602, 606, 6712, and 608) are exempt from
reporting. All the financial and operating data are on a fiscal-year basis. The data cover the entire operations of U.S.
parent companies and their foreign affiliates, irrespective of
the percentage of U.S.-parent ownership.
International transactions and direct investment position
data.--These data, covering bank and nonbank U.S.
MNCs, are collected in quarterly surveys of USDIA. The
data cover the cross-border transactions and positions
between U.S. parents and their foreign affiliates, so they
focus on the parent's share, or interest, in the affiliate rather
than on the affiliate's size or scale of operations. The major
items that are included in the U.S. international transactions accounts are direct investment capital flows, direct
investment income, royalties and license fees, and other services transactions between U.S. parents and their foreign
affiliates.
SURVEY OF CURRENT BUSINESS
year-to-year percent changes for two other key
measures were revised less than 1 percentage point
from the changes shown in the preliminary estimates: The increase in gross product was revised
up 0.2 percentage point to 5.8 percent, and the increase in employment was revised down 0.1 percentage point to 6.0 percent. In contrast, the
increase in capital expenditures was revised up 3.2
percentage points to 16.9 percent.
Worldwide Operations of U.S. MNCs
This section examines worldwide U.S.-MNC operations and compares the domestic and foreign aspects of these operations.
Changes in gross product
Current-dollar gross product of U.S. MNCs grew
1.2 percent in 1998, to $2,119 billion; the U.S.-parent component of U.S.-MNC gross product increased 2.2 percent, and the MOFA component
decreased 1.9 percent. Available evidence suggests
that after accounting for price and exchange-rate
changes, the real gross product of both parents and
MOFA's increased modestly. For U.S. parents, the
2.2-percent increase in current-dollar gross product exceeded the 0.6-percent rate of US. price inflation (as measured by the GDP implicit price
deflator for all private U.S. businesses). For
MOFA's, the 1.9-percent decrease in current-dollar
gross product and a 3.2-percent average inflation
rate in host countries suggests an inflation-adjusted decrease of about 5 percent; however, because the exchange value of the U.S. dollar
increased more than 5 percent, it is likely that the
real gross product of MOFA's actually increased at
a modest rate.6 A more formal calculation of the
changes in real gross product of MOFA's in manufacturing also suggests a modest increase (see the
section "Real gross product of MOFA's in manufacturing").
Acknowledgments
The estimates presented in this article were derived
from BEA's Annual Survey of U.S. Direct Investment
Abroad. The survey was conducted under the supervision of James Y. Shin with contributions by Joan O.
Adams, Margo R. Collier, Jeanne Hicks, Barbara S.
Huang, Barbara K. Hubbard, Christine J. Lee, Nefertari
I. Lee, Shu-Fen Lee, Marcia S. Miller, Juanita L. Mortimer, Pearl Rivers, Nancy R Steffen, Rubena I. Thomas, and Dwayne Torney.
Computer programming for data estimation and the
generation of data tables was provided by Fritz Mayhew
and Carole Henry.
July 2000 •
U.S.-MNC-associated trade in goods
In 1998, U.S.-MNC-associated trade—U.S. trade
involving US. parents or their foreign affiliates—
accounted for 64 percent of total U.S. exports of
goods and for 39 percent of total U.S. imports of
goods (table 2 and chart I). 7 These large shares re6. In 1998, the weighted average (in terms of MOFA gross product) U.S.-dollar price of the currencies of 7 euro-area countries and of 16 other major host
countries fell 8.0 percent. (Collectively, these countries accounted for 86 percent
of total MOFA gross product in 1998.) This decrease lowered the dollar value of
MOFA gross product by a similar amount when the data reported to BEA in
dollars were translated from foreign currencies, as is believed to generally be the
case.
The average rate of price inflation in these host countries was derived as a
weighted average (in terms of MOFA gross product), using, in most cases, the
GDP implicit price deflators for the countries.
Table 2.-U.S. Trade in Goods Associated with Nonbank
U.S. MNCs, 1989,1997, and 1998
[Millions of dollars, unless otherwise noted]
1989
Line
MNC-associated U.S. exports, total
Intra-MNC trade
Shipped by U.S. parents to their MOFA's
Shipped by U.S. parents to their other
foreign affiliates
MNC trade with others
Shipped by U.S. parents to foreigners
other than their own affiliates
Of which:
Shipped by U.S. parents to their
foreign parent groups
Shipped to foreign affiliates by U.S.
persons other than their own parents
To MOFA's
To other foreign affiliates
MNC-associated U.S. imports, total
Intra-MNC trade
Shipped by MOFA's to their U.S. parents
Shipped by other foreign affiliates to their
U.S. parents
MNC trade with others
Shipped to U.S. parents by foreigners
other than their own affiliates
Of which:
Shipped to U.S. parents by their
1997
1998
236,371
441,272 438,292
89,539
86,050
186,526 185,372
185,065 184,378
3,489
994
1,461
146,832
254,746
252,920
133,813
220,730
221,139
10,413
23,054
22,517
13,019
11,437
1,582
34,016
27,689
6,327
31,781
26,256
5,525
201,182
350,822
355,976
77,307
71,283
147,452
143,841
158,146
154,763
6,024
3,611
3,383
123,875
203,370
197,830
103,788
174,149
168,366
32,398
67,336
65,663
20,087
13,015
7,072
29,221
23,216
6,005
29,464
23,387
6,077
All U.S. exports of goods
U.S.-MNC-associated U.S. exports as a
percentage of total (line 1/ line 21) *
100 .;
Intra-U.S.-MNC exports as a percentage
of total (line 2/line 21) MOO
:.
363,836 689,182
682,138
65
64
64
25
27
27
All U.S. imports of goods
U.S.-MNC-associated U.S. imports as a
percentage of total (line 11/ line 24) *
100
Intra-U.S.-MNC imports as a percentage
of total (line 12/line 24)* 100
473,647 869,704
911,896
42
40
39
16
17
17
Shipped by foreign affiliates to U.S.
persons other than their own parents
By MOFA's
By other foreign affiliates
Addenda:
23
26
27
U.S. exports of goods by U.S. parent
companies that are also U.S. affiliates of
foreign companies
59,537
75,276
28
U.S. imports of goods by U.S. parent
companies that are also U.S. affiliates of
foreign companies
92,539
112,905
MNC Multinational company
MOFA Majority-owned foreign affiliate
n.a. Not available.
NOTE: The MNC-associated trade contains some duplication. See footnote 7 to the text.
29
30
•
July 2000
SURVEY OF CURRENT BUSINESS
fleet the significant presence of U.S. MNC's in the
U.S. economy and the global orientation of U.S.
parents.8
U.S.-MNC-associated exports decreased $3 billion, to $438 billion, the first decrease since this
annual data series began in 1982. Both intra-MNC
exports and MNC exports to others decreased. The
decrease in intra-MNC exports was concentrated
in exports to Canada and Asia. The decrease in exports to Canada was mainly in transportation
equipment manufacturing and reflected a temporary decrease in auto production by Canadian affiliates that was related to a labor strike. The
decrease in exports to Asia was widespread by
country and reflected a decrease in total U.S. ex7. MNC-associated trade consists of intra-MNC trade (trade between U.S.parent companies and their own foreign affiliates) and MNC trade with "others" (trade between U.S.-parent companies and foreigners other than their own
affiliates and trade between foreign affiliates and U.S. residents other than their
own parents). The MNC-associated shares of total U.S. trade are overstated to
the extent that the trade with others includes trade between U.S.-parent companies and foreign affiliates of offer U.S.-parent companies. Such trade cannot be
separately identified, but in most cases, it would be reported twice on the
annual survey—once for the U.S. parent that exports or imports the goods and
once for the foreign affiliate that is involved. However, the effect of this duplication on the shares of total trade accounted for by MNC-associated trade is relatively small; even if all MNC trade with others were accounted for by duplicated
transactions, the MNC-associated shares of total U.S. trade would differ from
those given in the text and in table 2 by only a few percentage points.
8. MNC-associated trade accounts for an even larger share of U.S. trade in
goods if trade involving U.S. businesses owned by foreign MNC's is included. In
1997—the latest year for which data are available—U.S. affiliates of foreign
MNC's accounted for 20 percent of U.S. exports of goods and for 30 percent of
U.S. imports of goods. However, as noted in footnote 9, these U.S.-affiliate
shares overlap the U.S.-MNC shares because some U.S. parents are also U.S.
affiliates of foreign companies. In 1998, trade of these U.S. parents accounted
for 17 percent of MNC-associated exports and for 31 percent of MNC-associated imports. (See the addenda to table 2.)
ports to the region; affiliates that produced or distributed durable goods accounted for most of the
decrease.
U.S.-MNC-associated imports of goods increased $5 billion, to $356 billion. The increase
was more than accounted for by a $10 billion increase in intra-MNC imports. The increase in intra-MNC imports was concentrated in imports
from affiliates in Ireland, Eastern Europe, and
Thailand. The increase in imports from Ireland
was mainly in drug manufacturing. The increases
from Eastern Europe and Thailand were mainly in
computer and office equipment manufacturing.
U.S. Parents' Operations
This section examines the changes in U.S.-parent
gross product by industry and the U.S.-parent
share of private U.S. GDP in 1989 and 1998.9
Changes in gross product
The gross product of all U.S. parents increased 2.2
percent in 1998, to $1,609 billion, compared with
an average annual increase of 5.3 percent in
1989-97 (table 3).
In 1998, U.S.-parent gross product increased
most rapidly in transportation equipment manufacturing (9.9 percent), in "other" industries (8.3
percent), in wholesale trade (8.2 percent), and in
9. A U.S. parent may be under the control of a foreign-parent company; in
1998, U.S. parents that were ultimately controlled by foreign parents accounted
for 9 percent of the gross product of all U.S. parents.
U.S. Trade in Goods Associated with U.S. Multinational Companies in 1998
U.S. Exports
$682 Billion
CTJ MNC-Associated Exports (64%)
\
I
Intra-MNC Exports
(27%)
/
/
Exports Shipped by
U.S. Parents
to Foreigners Other Than
! Their Own Affiliates
\
(32%)
U.S. Imports
$912 Billion
| MNC-Associated Imports (39%)
Intra-MNC Imports \
(17%)
I
/
;
Imports Shipped to
U.S. Parents by
/
\ Foreigners Other
,7
\
Than Their
\ Own Affiliates / ' /
\
(18%) /
/
with US. MNC's
(36%)
Exports Shipped to Foreign
Affiliates by U.S. Persons Other
Than Their Own Parents
(5%)
Imports Shipped by Foreign Affiliates
to U.S. Persons Other
Than Their Own Parents
(3%)
MNC Multinational company
Note.-The MNC-associated trade contains some duplication. See footnote 7 to the text.
U.S. Department of Commerce, Bureau of Economic Analysis
Imports Not Associated
with US. MNC's
(61%)
/
I
SURVEY OF CURRENT BUSINESS
services (8.0 percent).10 U.S.-parent gross product
decreased substantially in the petroleum industry
(24.5 percent) and in electronics and industrial
machinery manufacturing (6.1 percent).
The increase in transportation equipment manufacturing and the decrease in electronics manufacturing primarily reflected the reclassification of
some U.S.-parent companies from electronics to
transportation equipment.11 The increases in
"other" industries (mainly communication) and in
wholesale trade primarily reflected the entry of
U.S. companies that acquired or established their
first foreign affiliate in 1998. The increase in the
services industry was mainly in computer and data
processing services and reflected strong demand;
the increase also reflected the entry of new parent
companies.
The substantial decrease in the petroleum industry was concentrated among parents involved
in integrated petroleum refining and extraction; it
reflected weak demand and the fall in petroleum
prices. The decrease in industrial machinery man-
July 2000 •
ufacturing partly reflected the industry reclassification of U.S.-parent companies.
U.S.-parent shares of private GDP
U.S. parents accounted for 24 percent of the gross
product of all private U.S. businesses in 1998,
down slightly from 25 percent in 1989 and in 1997
(table 4).12 The decrease was more than accounted
for by U.S. parents in manufacturing.13 In that industry, the U.S.-parent share fell to 58 percent in
1998 from 60 percent in 1997 and from 62 percent
in 1989. The 1997-98 decrease mainly reflects the
concentration of U.S.-parent companies in petroleum manufacturing—the major manufacturing
industry in which current-dollar U.S. GDP had the
largest percentage decrease (down 5 percent) in
12. Generally, at the all-industries level, the estimates of U.S.-parent gross
product are conceptually consistent with the estimates of gross product for all
U.S. businesses in the national income and product accounts. However, for individual industries, inconsistencies may result from differences in the basis for the
industrial distribution of the estimates. The industrial distributions of gross
product for all U.S. businesses are based on data collected from establishments,
which are classified by the principal product or service produced at each establishment, whereas the industrial distributions of U.S.-parent gross product are
based on data collected from enterprises (companies), which are classified by
the principal product or service produced by all of their establishments combined. Because large companies usually have establishments that are classified in
several different industries, the distributions of data by industry of establishment can differ significantly from those by industry of enterprise. In this article,
U.S.-parent gross product as a share of the gross product for all private U.S.
businesses is computed only at the highly aggregated level shown in table 4.
13. In table 4, unlike in other tables in this article, manufacturing includes
some petroleum-related industries in order to be consistent with all-U.S. data
on gross product originating by industry (see the note to table 4).
10. "Other" industries consists of agriculture, forestry, and fishing; mining;
construction; transportation; communication; electric, gas, and sanitary services; and retail trade.
11. Each U.S. parent is classified in the industry that accounts for the largest
portion of its sales. Many U.S. parents are involved in a variety of business activities; changes in the mix of these activities can cause a parent's industry classification to change, but a parent is reclassified only if the change in the primary
activity from the prior year is significant or if the change has persisted for 2
years.
Table 3.-Gross Product of Nonbank U.S. Parents by Major Industry for 1989,1997, and 1998
Millions of dollars
1997
All industries
Petroleum
Manufacturing
Food and Kindred products
Chemicals and allied products
Primary and fabricated metals
Industrial machinery and equipment
Electronic and other electric equipment
Transportation equipment
Other manufacturing
Wholesale trade
Finance (except depository institutions), insurance, and real estate ...
Services
Other industries
1,044,884
93,128
586,568
60,310
97,119
37,556
70,887
56,139
121,141
143,417
22,587
50,535
57,090
234,975
Percent change at annual rates
Change, 199798
1998
1,573,451
125,800
770,508
74,652
126,879
41,950
93,786
97,774
165,702
169,766
50,384
83,867
128,859
414,033
1,608,645
95,015
788,728
77,328
128,339
1997-98
35,194
-30,785
18,220
2,676
1,460
1,743
-3,964
-5,956
16,477
5,783
4,135
-1,142
10,252
34,514
89,822
91,818
182,179
175,549
54,519
82,725
139,111
448,547
2.2
-24.5
2.4
3.6
1.2
4.2
-4.2
-6.1
9.9
3.4
8.2
5.3
3.8
3.5
2.7
3.4
1.4
3.6
7.2
4.0
2.1
10.5
6.5
-1.4
8.0
8.3
10.7
7.3
Table 4.—Gross Product of Nonbank U.S. Parents and Gross Product of All Nonbank U.S. Private
Businesses by Major Industry for 1989,1997, and 1998
Millions of dollars
Gross product of
U.S. parents
All industries
Manufacturing
Services
All other industries
1,044,884
671,911
57,524
315,449
Gross product of all
private U.S.
businesses'
4,101,607
1,080,915
962,528
2,058,164
Gross product of
U.S. parents
1998
Gross product of all
private U.S.
businesses'
1,573,451
879,365
132,619
561,467
1. For improved comparability with U.S.-parent gross product, gross product of all private U.S.
businesses was adjusted to remove categories not applicable to nonbank U.S. parents—such as
gross product of depository institutions. In addition, housing product of owner-occupied farm housing (part of farm product) and nonfarm housing product (part of real estate product) were removed
because U.S. parents are not involved in these activities. Business transfer payments were also
removed because few U.S. parents are in industries that receive most of the business transfer
payments in the United States.
Note.—In this table, petroleum is not shown as a separate major industry. Instead, in order
to be consistent with the all-U.S. data on gross product originating by industry, U.S.-parent gross
product in the various petroleum subindustries is distributed among the other major industries.
Percent
1997
1989
6,302,747
1,458,986
1,672,366
3,171,395
Gross product of
U.S. parents
1,608,645
866,861
143,581
598,203
U.S.-parent share of gross product of
all private U.S. businesses
Gross product of all
private U.S.
businesses'
6,671,592
1,498,129
1,818,929
3,354,534
1997
1989
25
62
6
15
1998
25
60
8
18
24
58
8
18
Thus, manufacturing includes petroleum and coal products manufacturing; "all other industries"
includes petroleum wholesale trade, gasoline service stations, petroleum tanker operations, pipelines, and storage; and services includes oil and gas field services. A significant portion of U.S.parent gross product in petroleum and coal products is accounted for by integrated petroleum
companies that have, in addition to their manufacturing activities, significant petroleum extraction
activities; because the extraction activities cannot be identified separately in the U.S.-parent data,
and to improve comparability between the estimates for U.S. parents and those for ail U.S. businesses, they are included in manufacturing. For consistency, gross product estimates for the "oil
and gas extraction without refining" industry are also included in manufacturing rather than in "all
other industries," which includes mining.
31
32
•
SURVEY OF CURRENT BUSINESS
July 2000
1998. The decrease since 1989 reflects both the
concentration of U.S. parents in slower growing
industries, such as petroleum manufacturing, and
the reclassfication of some U.S. parents from manufacturing to other industries.
However, the U.S.-parent share in manufacturing was still higher (58 percent) than that in the
services industry (8 percent) or in all other industries (18 percent) in 1998. The high share in manufacturing partly reflects the firm-specific intangible
assets (such as patents or brand images) that allow
these firms to earn profits that are sufficient to
overcome the additional costs of producing in foreign markets. The low share in the services industry partly reflects the impediments to investing in
some host countries; for example, U.S. direct investment in health care services, one of the largest
service industries in the United States, is constrained or precluded in countries where the government plays a prominent role in the delivery of
health care. In addition, some service industries
that are characterized by small-scale production
(such as dry cleaners and hair stylists) may lack the
financial resources and the firm-specific advantages that often provide the basis for direct investment in other industries.
Operations of Majority-Owned
Foreign Affiliates
This section examines selected aspects of the operations of majority-owned foreign affiliates
(MOFA's) of U.S. MNC's: The 1997-98 change in
gross product, the country and industry distribu-
tions of newly acquired or established MOFA's,
the MOFA shares of host country GDP, and the
1997-98 changes in the real gross product of
MOFA's in manufacturing.
Changes in gross product
The gross product of MOFA's decreased 1.9 percent in 1998, to $510.7 billion, compared with an
average annual increase of 7.2 percent in 1989-97
(table 5). The gross product of MOFA's in Europe
increased, but this increase was more than offset
by decreases in all the other geographic areas. The
decreases mainly reflected the aforementioned
changes in host-country economic conditions, in
the exchange value of the U.S. dollar, and in petroleum prices.
In percentage terms, the gross product of
MOFA's in Africa decreased the most, 21 percent,
but the gross product of MOFA's in Asia and Pacific decreased 13 percent and that of MOFA's in
the Middle East, 12 percent. The decreases in Africa and the Middle East were concentrated in the
petroleum-extraction industry and reflected the
drop in crude oil prices. In Asia and Pacific, the
decreases were widespread by country and by industry and reflected either economic recession or
weak economic growth in most host countries.
In Europe, MOFA gross product increased 2.0
percent; the increases were largest in Ireland, the
United Kingdom, Switzerland, and the Netherlands. In Ireland, the increase was mainly in the
drug industry and partly reflected the introduction
of new pharmaceutical products by existing affiliates; the increase also reflected the acquisition or
Table 5.—Gross Product of Nonbank Majority-Owned Foreign Affiliates, by Major Area
and Industry of Affiliate, 1989,1997, and 1998
Millions of dollars
1989
All areas, all industries
Change,
1997-98
1997
Percent change at annual
rates
1989-97
1997-98
319,994
520,867
510,735
-10,132
7.2
-1.9
52,114
179,758
29,601
5,299
4,891
46,875
1,457
56,454
297,441
61,702
8,530
4,294
90,924
1,522
54,739
303,505
61,336
6,752
3,764
79,129
1,510
-1,715
6,064
-366
-1,778
-530
-11,795
-12
1.2
7.5
11.1
7.0
-1.8
9.9
0.6
-3.0
2.0
-0.6
-20.8
-12.3
-13.0
-0.8
77,195
172,008
13,643
32,059
7,623
30,430
12,646
33,764
41,843
37,947
3,439
14,612
14,793
111,838
254,623
25,640
52,695
10,619
36,088
25,714
44,558
59,308
55,909
22,534
47,050
28,913
89,484
251,442
26,570
55,040
10,729
34,758
22,774
41,618
59,952
59,109
22,912
52,509
35,279
-22,354
-3,181
930
2,345
110
-1,330
-2,940
-2,940
644
3,200
378
5,459
6,366
5.4
5.8
9.4
7.4
4.9
2.5
10.7
4.0
5.1
5.7
30.8
18.2
10.1
-20.0
-1.2
3.6
4.5
1.0
^3.7
-11.4
-6.6
1.1
5.7
1.7
11.6
22.0
By major area
Canada
Europe
Latin America and Other Western Hemisphere
Africa
Middle East
Asia and Pacific
International'
~.
By major industry
Petroleum
Manufacturing
Food and Kindred products
Chemicals and allied products
Primary and fabricated metals
Industrial machinery and equipment
Electronic and other electric equipment
Transportation equipment
Other manufacturing
Wholesale trade
Finance (except depository institutions), insurance and real estate
Services
Other industries
1. 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.
July 2000
SURVEY OF CURRENT BUSINESS
MOFA's at a rapid pace. In 1998, the gross product
of newly acquired or established MOFA's was $7.3
billion, down from $7.8 billion in 1997, but up significantly from $5.0 billion in 1996 and $4.8 billion in 1995 (tables 6 and 7). The rapid increases in
new investments partly reflected opportunities
created by the deregulation and privatization of
some industries in host countries and the availability of funds for investment as a result of rising
equity markets and strong economic growth in the
United States.
In 1998, new MOFA's continued to be acquired
or established primarily in high-wage countries.14
These MOFA's accounted for 84 percent of the
gross product of all new MOFA's. This tendency
suggests that U.S. direct investment abroad is more
attracted by access to large and prosperous markets than by access to low-wage labor. Among the
high-wage countries, the United Kingdom accounted for the largest share (44 percent) of the
establishment of new affiliates. In the United Kingdom, the increases were widespread by industry
and partly reflected increased economic growth in
goods-producing industries (as measured by hostcountry industrial production) and the acquisition
or establishment of new affiliates in various industries. In Switzerland and the Netherlands, the increases were concentrated in wholesale trade and
reflected increased sales to customers throughout
Europe.
By industry, the decreases in MOFA gross product were largest in the petroleum industry and in
electronics manufacturing. The decrease in the petroleum industry mainly reflected falling petroleum prices and depressed demand for petroleum
products (especially in Asia), and the decrease in
electronics manufacturing primarily reflected
weak economic conditions and financial-market
instability in Asia and Latin America. These decreases were partly offset by increases in "other"
industries (mainly communication and retail
trade) and services.
Newly acquired or established MOFA's.—Despite the weakness in ongoing MOFA operations,
U.S. parents continued to acquire or establish new
14. The distinction between "high-wage" countries and "low-wage" countries
is based on the estimates of average hourly wages of production workers of
MOFA's in manufacturing; the estimates were derived from data collected in the
1994 benchmark survey of U.S. direct investment abroad, and the analysis is
restricted to host countries in which employment by manufacturing MOFA's
totaled at least 10,000 employees in 1994.
Table 6.-Newly Acquired or Established Nonbank MOFA's by Major Area and Industry of Affiliate, 1998
Number of newly acquired or established
affiliates
Total
All areas, all industries
Acquired
Millions of dollars
Total assets
Established
Sales
Gross
product
Thousands of
employees
477
276
201
144,364
28,849
7,258
38
263
23
165
15
98
8,839
92,148
2,285
17,860
573
9.3
5,245
103.1
27
36
36
84
78
18
26
15
56
44
9
10
21
28
34
4,498
5,114
15,288
50,990
20,752
1,065
2,395
327
599
-16
21.4
9,321
4,731
3,196
22
14
7
6
85
15
8
1
1
42
7
6
6
5
43
13,283
1,649
4,072
1,129
17
19
0
9
14
0
8
5
0
309
109
59
193
51
32
116
58
27
111,722
23,018
9,624
21
175
7
30
21
22
27
18
50
34
149
54
44
15
125
5
19
17
13
22
15
34
24
48
39
25
6
50
2
11
4
9
5
3
16
10
101
15
19
8,607
23,388
4,097
2,770
3,834
3,033
1,687
1,570
6,398
1,801
68,499
11,694
30,375
199.7
By major area
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
International1
f
:
.,...;
'.
!
:
,
Addenda 2 :
High-wage country sample
Low-wage country sample
Non-sample countries
927
215
381
276
206
33
22,028
2,572
13,069
0
890
7.3
3.6
52.0
62.3
52.4
3,734
25
26
8
517
6.7
1.0
0.4
23.6
447
803
0
88
205
0
4.1
7.4
0.0
20,791
7,193
6,102
1,206
119.9
72.4
865
-50
7.4
By major industry
Petroleum
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Industrial machinery and equipment
Electronic and other electric equipment
Transportation equipment
Other manufacturing
Wholesale trade
Finance (except depository institutions), insurance, and real estate
Services
Other industries
,
MOFA Majority-owned foreign affiliate
1. See footnote 1 to table 5.
2. The distinction between "high-wage" countries and "low-wage" countries is based on estimates of average hourly wages of production workers of MOFA's in manufacturing; the estimates
were derived from data collected in the 1994 benchmark survey of U.S. direct investment abroad.
To ensure the significance of the data underlying this distinction, the analysis is restricted to host
countries in which employment by manufacturing MOFA's totaled at least 10,000 employees in
722
-54
2.0
11,255
1,183
1,452
1,807
1,578
1,482
1,610
2,143
3,768
2,083
2,578
8,444
3,134
91.4
18.4
552
331
765
273
343
457
413
429
722
761
2,266
6.4
7.3
12.9
8.8
10.5
27.1
6.7
7.4
45.4
46.9
1994.
NOTE.—The data in this table coyer only newly acquired or established MOFA's. They exclude
data for businesses that were acquired or established during the year and were consolidated into
existing foreign affiliates. They also exclude data for MOFA's that were exempt from reporting
on the 1998 Annual Survey of U.S. Direct Investment Abroad, namely, those whose assets, sales,
and net income were all below $20 million in absolute value.
33
34
•
SURVEY OF CURRENT BUSINESS
July 2000
gross product of all new MOFA's. The United
Kingdom is a favored location for MOFA operations partly because of its language and its cultural
similarities with the United States, its relatively low
level of market regulation (compared with most
other countries in the region), and its duty-free access to customers in other member countries of
the European Union.
New investments have been concentrated in
high-wage countries, but low-wage countries have
been attracting a rising proportion of these investments. Their share of the gross product of all new
MOFA's grew from 4 percent in 1995 to 17 percent
in 1998. Among these countries, Brazil accounted
for the largest share (16 percent) of the gross product of all new MOFA's in 1998; although its economy was in recession, Brazil remained a favored
location for MOFA operations, partly because its
economy is by far the largest in Latin America.
Manufacturing continued to be the largest industry for new investments. In 1998, it accounted
for 43 percent of the gross product of all new
MOFA's.
MOFA share of host-country GDP
In 1998, the share of host-country gross domestic
product (GDP) accounted for by the gross product
of MOFA's ranged from 16.1 percent in Ireland to
0.1 percent in India (table 8). The wide range in
the MOFA shares reflected differences in the attractiveness, and in the openness to foreign direct
investment, of host economies.
Since 1989, the MOFA share in Ireland has been
the largest and the fastest growing (up 3.7 percentage points) of the selected host countries shown in
table 8. About two-thirds of the increase was accounted for by affiliates in manufacturing (particularly drug manufacturing). A variety of factors
attracted manufacturing affiliates, including IanTable 8.—Gross Product of MOFA's as a Percentage of GDP
of Selected Host Countries, 1989,1997, and 1998
1989
Table 7.—Gross Product of Newly Acquired or Established
Nonbank MOFA's by Major Area and Industry
of Affiliate, 1995-98
All areas, all Industries
1995
1996 1997
4,781
4,979
7,822
Canada
Europe
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
International1
Addenda 2 :
High-wage country sample
Low-wage country sample
Non-sample countries
Malaysia
Indonesia
Switzerland
Norway
Chile
Mexico
Philippines
Brazil
Germany2
Venezuela
4.6
4.2
2.9
4.6
2.7
2.4
2.4
5.0
2.5
3.1
4.1
4.0
2.9
2.6
2.9
2.7
3.2
4.2
4.2
3.7
3.5
3.4
3.4
3.2
2.8
2.6
2.6
2.3
2.5
2.6
2.3
2.3
2.1
5.7
2.6
1.9
1.8
1.8
1.6
2.5
2.4
2.4
2.3
2.3
2.2
1.9
1.9
1.8
1.7
1.5
2.1
1.1
1.0
1.0
1.1
1.1
1.2
.6
.5
1.5
1.5
1.4
1.2
1.2
1.1
372
3,371
391
6,053
573
5,245
488
266
233
550
157
378
771
217
927
275
483
1,145
308
2,995
327
599
-16
3,196
890
121
18
-105
0
240
45
161
5
675
182
-13
202
19
685
1,129
25
26
8
517
France
Thailand
Argentina
Sweden
Costa Rica
Portugal
89
10
3
226
271
121
144
12
0
205
0
Spain
Finland
Guatemala
4,534
168
79
3,842
379
758
6,490
950
6,102
1,206
-60
114
3,141
26
1,803
67
380
151
344
370
201
596
2,563
149
931
158
359
55
141
770
478
332
4,060
188
573
286
763
157
1,289
805
738
-54
3,134
552
331
765
273
343
457
413
429
38
339
948
73
879
390
284
899
1,509
722
761
2,266
Italy
Denmark
Peru
Ecuador
South Africa
Israel
By major industry
Petroleum
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Industrial machinery and equipment
Electronic and other electric equipment
Transportation equipment
Other manufacturing
VVholesale trade
Finance (except depository institutions), insurance, and
real estate
Services
Other industries
16.1
9.2
9.1
6.5
6.2
5.5
5.5
5.3
4.6
4.5
630
3,856
ofwhich:
MOFA Majority-owned foreign affiliate
1. See footnote 1 to table 5.
2. The distinction between "high-wage" countries and low-wage" countries is based on estimates of average hourly wages of production workers of MOFA's in manufacturing; the estimates
were derived from data collected in the 1994 benchmark survey of U.S. direct investment
abroad. To ensure the significance of the data underlying this distinction, the analysis is restricted to host countries in which employment by manufacturing MOFA's totalled at least 10,000
employees in 1994.
NOTE.—The data in this table cover only newly acquired or established MOFA's. They exclude
data for businesses that were acquired or established durina the year and were consolidated
into existing foreign affiliates. They also exclude data for MOFA's that were exempt from reporting on the 1998 Annual Survey of U.S. Direct Investment Abroad, namely, those whose assets,
sales, and net income were all below $20 million in absolute value.
1998
14.8
9.7
8.9
6.8
6.4
4.5
5.3
5.3
4.7
4.1
7,258
By major area
1997
12.4
8.0
9.5
6.2
5.6
2.3
5.6
5.8
4.9
5.0
Ireland
Singapore
Canada
United Kingdom ....
Honduras
New Zealand
Belgium
Netherlands
Australia
Hong Kong
Turkey
Greece
Egypt
Japan
Korea, Republic of
China
India
(i)
3.0
1.7
(i)
1.2
4.0
2.2
1.9
1.9
.9
1.9
1.2
(O
2.8
.4
.2
* Less than 0.05 percent.
1. A share could not be calculated for this country for 1989, because the dollar-denominated
estimate of host-country GDP was incompatible with the dollar-denominated estimate of MOFA
gross product. Because the economy of the host country was experiencing hyperinflation in
1989, most MOFA's operating there translated their financial statements from host-country currency to dollars daily, in accordance with U.S. generally accepted accounting principles. These
daily translations, which are used to derive the dollar-denominated estimate of MOFA gross
product, are not comparable to the annual average exchange rate that is used to derive the
dollar-denominated estimate of host-country GDP.
2. On October 3, 1990, the former German Democratic Republic became of the Federal Republic of Germany (FRG). Accordingly, the 1989 data shown in this table pertain to the FRG
before unification and the post-1990 data pertain to the FRG after unification.
NOTE.—The countries are sorted in descending order of their 1998 values. Where two countries have the same 1998 value in the table, they were sorted using unrounded values. Hostcountry GDP data for all countries except Hong Kong are from the International Monetary Fund,
International Financial Statistics, April 2000 Edition (Washington, DC: International Monetary
Fund, 2000). Data for Hong Kong are from the Web site for the Census and Statistics Department of the Hong Kong Special Administrative Region.
GDP Gross domestic product
MOFA Majority-owned foreign affiliate
SURVEY OF CURRENT BUSINESS
guage and cultural similarities with the United
States, an educated workforce, wages and corporate income taxes that are relatively low for the region, and duty-free access to other markets in the
European Union.
July 2000 •
35
The real gross product of MOFA's in manufacturing grew slower in 1998 (1.4 percent) than in
1997 (7.3 percent) and in 1989-95 percent) (table
9).17 The slower growth was more than accounted
for by Asian and Latin American affiliates and reflected unfavorable economic conditions, including the Asian financial crisis and the economic
recession in Brazil.
In contrast, in the 19 member countries of the
Organisation for Economic Co-Operation and Development (OECD) shown in table 9, the real gross
product of manufacturing MOFA's grew faster in
1998 (3.6 percent) than in 1989-97 (1.6 percent).18
The rapid growth mirrored the growth in total
Real gross product of MOFA's in manufacturing
Estimates of real gross product of MOFA's are prepared because changes in the current-dollar measures of MOFA operations can be strongly
influenced by changes in prices and exchange
rates.15 These estimates of real gross product provide more meaningful comparisons across countries because they are based on purchasing-powerparity exchange rates rather than on market exchange rates, and they provide more meaningful
comparisons across time because they are in
chained (1993) dollars.16
16, The 1993 (reference year) estimates of real gross product are based on
purchasing-power-parity (PPP) exchange rates for 1993, the latest year for
which PPP exchange rates were available on a timely basis and in enough detail
to compute the real gross product estimates. In early 2000, the Organisation for
Economic Co-Operation and Development released detailed PPP exchange
rates for 1996, and these 1996 rates will be incorporated next year into the real
gross product estimates for MOFA's.
17. Real gross product grew 1.4 percent in 1998, while the current-dollar gross
product decreased 1.2 percent. The decrease in the current-dollar gross product
reflected the dampening effect of the appreciation of the U.S. dollar.
15. For a summary of the methodology used to derive the real gross product
estimates and for the estimates of real gross product for 1982-93, see Raymond
J. Mataloni, Jr., "Real Gross Product of U.S. Companies' Majority-Owned Foreign Affiliates in Manufacturing," SURVEY 11 (April 1997): 8-17.
Table 9.—Current-Dollar and Real Gross Product of Majority-Owned Foreign Affiliates in Manufacturing, by Country, 1989 and 1994-98
Percent change, at annual rates
Billions of current dollars
1994
1989
All countries
19 OECD countries .
Australia
Austria
Belgium ..'
Canada
Denmark
Finland
France
Germany1
Greece
Ireland
Italy
Japan
Luxembourg
Netherlands
New Zealand
Norway
Spain
Sweden
United Kingdom ..
All other countries ...
1995
1997
1996
Change, 199798
1998
1989-97
1997-98
172.0
205.2
238.9
250.4
254.6
251.4
-3.2
5.0
141.4
159.3
185.0
189.8
185.9
185.5
6.9
.7
5.0
5.8
1.3
6.8
5.9
1.2
8.3
6.8
1.5
7.5
7.4
1.4
7.2
6.7
1.6
7.4
28.9
25.3
26.9
25.9
27.9
27.5
.4
.1
.6
.3
.7
.4
.7
.7
7
.9
.8
1.0
3.5
.9
9.3
4.8
-.4
9.2
11.8
25.8
16.5
36.7
18.9
41.0
20.7
40.4
20.0
39.4
19.3
38.7
.2
3.5
7.8
7.7
.5
7.8
.3
.1
5.7
1.0
.3
4.8
8.3
.4
6.9
8.6
.4
7.0
9.1
10.9
12.6
13.3
.7
7.2
.4
.4
5.5
.8
.8
9.0
.4
.3
6.4
2.7
.6
8.8
1.5
.5
6.1
2.4
.4
9.2
9.4
8.6
.6
9.4
1.9
.4
6.7
2.2
.4
9.5
8.5
7.5
.6
9.6
1.7
.4
7.4
2.2
-.4
-.6
.2
.2
-.4
.1
.1
-.7
-.7
(*)
3
-.9
26.7
45.9
33.6
53.9
35.7
60.5
32.3
68.7
34.6
65.9
27.4
30.6
-1.0
n.2
-.2
(*)
8
37.1
6.8
5.4
9.1
12.8
2.5
1.4
2.3
2.4
-1.2
-.2
-8.4
13.9
2.4
-1.5
13.9
12.2
^3.6
-1.7
(*'
32
-94
-11.9
n
1.9
25.8
17.7
-6.0
1.9
9.9
2.1
116
-2.8
10.6
-4.1
&
(*]
n
6.9
Billions of chained (1993) dollars
All countries .
19 OECD countries .
Australia
Austria
Belgium
Canada
Denmark
Finland
France
Germany 1
Greece
Ireland
Italy
Japan
Luxembourg
Netherlands
New Zealand
Norway
Spain
Sweden
United Kingdom ..
All other countries ...
Residual
160.1
171.4
185.7
197.1
211.4
214.4
3.0
3.5
1.4
126.1
125.8
131.9
136.9
143.0
148.2
6.5
.6
4.7
5.2
.9
5.3
5.1
.7
5.4
5.5
1.0
5.2
6.2
1.0
5.7
6.7
1.2
6.0
27.4
25.0
23.9
25.7
26.7
.3
.3
.2
.4
.3
.4
.5
.4
.6
.5
.8
1.6
-.6
7.6
2.4
-.8
5.7
3.6
7.4
25.3
23.3
11.6
26.2
11.6
25:3
13.4
26.0
14.5
29.0
14.3
29.2
5.2
.5
.1
.3
1.0
.1
.1
-.3
.1
.3
3.4
6.7
5.0
.3
4.2
7.2
5.4
.3
5.6
7.0
5.7
.4
5.7
6.9
7.1
.4
8.0
7.7
5.0
.4
8.7
7.1
4.8
-.6
-.2
1.9
.4
6.5
.5
5.5
.5
5.9
.5
6.0
.5
7.1
.5
7.5
n
.3
.1
5.0
.7
.4
.2
4.7
.6
.4
.2
4.8
1.7
1.3
.3
4.6
1.4
1.7
.3
5.7
1.4
1.9
.3
6.5
1.5
0
1.6
1.1
23.4
15.7
25.8
33.9
22.4
45.6
25.8
53.9
27.3
60.0
-.3
-.5
-.3
23.4
69.1
-2.1
24.7
66.6
-1.4
o
9.5
* Less than $50 million or 0.5 percent.
1. See footnote 2 to table 8.
NOTE.—Chained (1993) dollar series were derived by extrapolating the base-year (1993) PPP-exchange-rate-based
current-dollar value of the corresponding series by a Fisher quantity index. Because the formula for the Fisher quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not addi-
n
n.7
.4
.2
38.3
5.5
2.8
4.0
14.7
4.6
3.8
14.4
18.3
-1.9
.5
11.1
n
-7.8
-3.5
<S
12.7
O
.8
.1
1.3
-1.2
4.2
5.8
-2.5
9.3
-3.6
1.8
8.8
14.5
tive. The residual line is the difference between the total line and the sum of the most detailed lines.
For a summary of the methodology used to derive the chained-dollar estimates, and for the 1982-88 and 1990—
93 estimates, see "Real Gross Product of U.S. Companies' Majority-Owned Foreign Affiliates in Manufacturing," S U R VEY OF CURRENT, BUSINESS 77 (April 1997): 8-17.
OECD Organisation for Economic Co-Operation and Development
36
•
July 2000
SURVEY OF CURRENT BUSINESS
host-country output; in 1998, industrial production in these countries grew 3.5 percent, compared
with 1.7 percent in 1989-97 (chart 2).19
The real gross product of MOFA's in manufacturing increased $3.0 billion in 1998. This increase
was concentrated in the United Kingdom (up $1.3
billion), Canada (up $1.0 billion), Spain (up $0.8
billion), and Ireland (up $0.7 billion). The increase
in the United Kingdom was widespread by industry and reflected increases both in total manufacturing output in the United Kingdom and in the
acquisition and establishment of new affiliates.
The increases in Canada and Ireland were concentrated in the chemicals industry and mainly reflected the introduction of new pharmaceutical
products. The increase in Spain was concentrated
in the primary and fabricated metals industry and
mainly reflected the acquisition and establishment
of new affiliates.
18. The estimates of the real gross product of MOFA's in manufacturing in
individual countries are restricted to these OECD member countries because of
source data limitations.
19. The changes in the estimates of the real gross product of manufacturing
MOFA's tend to be more volatile than the changes in host-country industrial
production, mainly because the changes in the real gross product of MOFA's are
much more sensitive to the entry and exit of firms and because manufacturing
MOFA's tend to be more heavily concentrated in cyclical industries (such as durable-goods manufacturing). These changes were especially volatile in 1989-94,
primarily reflecting the economic recession and recovery in Europe.
CHART 2
Real Gross Product of MOFA's in
Manufacturing and Industrial Production
in 19 OECD Countries, 1982-98
Index (1993=100)
135 r
130'
125
"1982
84
86
88
90
92
94
96
98
MOFA Majority-owned foreign affiliate
OECD Organisation (or Economic Co-Operation and Development
NOTE.-The 19 OECD countries covered in this chart are Australia, Austria,
Belgium, Canada, Denmark, Finland, France, Germany, Greece, W a n d , Italy, Japan,
Luxembourg, the Netherlands, New Zealand, Noway, Spain, Sweden, and t i e
United Kingdom.
The composite index of industrial production was derived by weighting each
country's index by the country's share in the cumulative dollar value of real
gross product of MOFA's In manufacturing In 1982-98.
U.S. Department of Commerce, Bureau of Economic Analysis
Data Availability
This article presents a summary of the preliminary estimates of the worldwide operations of U.S. multinational
companies (MNC's) from the 1998 Annual Survey of U.S.
Direct Investment Abroad and the final estimates from the
1997 Annual Survey of U.S. Direct Investment Abroad.
More detailed estimates, including the gross product estimates, will be available later this year on BEA's Web site, on
diskettes, and in publications; the availability of these estimates will be announced on the inside back cover of the
SURVEY OF CURRENT BUSINESS.
The results of the 1994 benchmark survey are available on
BEA's Web site, on diskette, and in U.S. Direct Investment
Abroad: 1994 Benchmark Survey, Final Results.
Detailed estimates of U.S.-MNC operations for 1983-93
and for 1995-96 and preliminary estimates for 1997 are
also available on BEA's Web site at <www.bea.doc.gov>;
click on Catalog of Products, and look under "International
Accounts Products," "U.S. Direct Investment Abroad."
For information on the diskettes, see the Catalog of Products, or for a copy of the catalog, call 1-800-704-0415
(outside the United States, call 202-606-9666).
For information on publications, see the Product Guide
of the International Investment Division on the Web site, or
write to the International Investment Division, BE-50,
Bureau of Economic Analysis, Washington, DC 20230.
Among the recent publications is a collection of BEA studies on international direct investment; see the inside back
cover of the SURVEY.
Tables 10 through 14 follow.
July 2000 •
SURVEY OF CURRENT BUSINESS
37
Table 10.1.-Selected Data for Nonbank U.S. Parents, by Industry of U.S. Parent, 1997
Millions of dollars
Sales
Net
income
Investment
income •
Total assets
Capital
expenditures
Research
and development
expenditures
Gross product
Compensation
of employ-
Thousands
of employees
Total
Goods
8,811,175
4,886,330
3,309,783
1,360,396
216,151
328,065
309,247
106,800
1,573,451
899,352
19,877.7
458,704
37,387
20,790
16,597
346,807
316,718
25,617
4,472
44,677
29,834
413,241
12,952
6,447
6,505
308,651
273,581
31,450
3,620
77,132
14,506
375,890
37,072
(D)
431
( )
11,467
7,993
(D)
r)
n0
125,800
7,189
3,429
3,760
105,428
95,751
8,651
1,026
6,532
6,651
1,945
24,114
21,622
1,910
0
30
813
113
833
217
32,749
5,083
2,526
2,557
23,413
21,232
2,020
31,036
2,692
296,948
265,351
31,097
1,014
-145
1,159
29,034
28,108
1,775
(D)
278
12
12
0
236
236
1,981
2,250
481.3
51.4
10.3
41.0
371.0
312.4
45.1
13.5
31.7
27.2
2,714,340
2,244,144
2,085,502
116,678
41,964
246,672
70,527
118,619
57,527
237,517
54,416
98,441
84,660
232,833
54,397
94,427
84,009
4,683
Chemicals and allied products
Industrial chemicals
Drugs
Soap, cleaners, and toilet goods
Agricultural chemicals
Chemical products, nee
486,585
151,255
197,403
76,413
24,437
37,077
334,757
109,127
125,440
52,641
17,376
30,173
328,405
108,052
122,250
51,254
17,083
29,766
5,830
1,075
2,839
1,227
Primary and fabricated metals
Primary metal industries
Ferrous
Nonferrous
Fabricated metal products
125,074
59,164
26,794
32,370
65,910
125,158
65,657
31,121
34,536
59,501
123,325
1,804
301,817
27,320
40,582
147,586
86,329
306,552
23,586
34,113
162,680
86,172
272,503
21,602
32,287
134,935
83,680
31,493
Electronic and other electric equipment
Household appliances
Audio, video, and communications equipment
Electronic components and accessories
Electronic and other electric equipment, nee
438,540
11,004
69,191
293,647
64,698
305,772
15,913
79,896
144,204
65,759
Transportation equipment
Motor vehicles and equipment
Other
643,219
512,284
130,935
Other manufacturing
Tobacco products
Textile products and apparel
Lumber, wood, furniture, and fixtures
Paper and allied products
Printing and publishing
Rubber products
Miscellaneous plastics products
Glass products
Stone, clay, and nonmetallic mineral products
Instruments and related products
Other
All Industries
....:
'....,
:...,
Petroleum
Oil and gas extraction
Crude petroleum and gas
Oil and gas field services
Petroleum and coal products
Integrated refining and extraction
Refining without extraction
Petroleum and coal products, nee
Petroleum wholesale trade
Other
Manufacturing
Food and kindred products
Grain mill and bakery products
Beverages
Other
,
Industrial machinery and equipment
Farm and garden machinery
Construction and mining machinery
Computer and office equipment
Other ..,
.',
:
Wholesale trade
Durable goods
Nondurable goods
Finance (except depository institutions), insurance, and real estate
Finance, except depository institutions
Insurance
Real estate
Holding companies
Services
Hotels and other lodging places ....:
Business services
Advertising
Equipment rental (except automotive and computers)
Computer and data processing services
Business services, not elsewhere classified
Automotive rental and leasing
Motion pictures, including television tape and film
Health services
Engineering and architectural services
Management and public relations services
Other
Other Industries
Agriculture, forestry, and fishing
Mining
Construction
Transportation
Communication
Electric, gas, and sanitary services
Retail trade
c
6,004
(D]
(D)
\)
65,890
(D)
D
( )
31,025
(D)
(D)
11 242
>)
18
4,014
651
290
399
D
( )
69
B
B
770,508
465,967
8,646.8
1
0
1
0
20,107
1,418
14,715
3,973
9,767
2,298
4,882
2,587
1,534
74,652
16,300
38,972
19,379
31,907
7,079
13,334
11,495
747.6
135.8
272.8
339.0
521
(*)
351
160
2
8
39,657
8,885
21,257
6,149
22,750
3,834
15,448
1,582
2,567
23,215
10,244
7,601
2,786
1,035
1,550
126,879
41,499
51,628
17,486
5,762
10,504
67,681
20,917
27,492
9,713
3,567
5,991
980.6
273.4
373.2
171.2
48.5
114.4
29
26
26
0
3
6,184
3,270
1,593
1,677
2,914
5,522
3,195
1,437
1,757
2,327
1,093
41,950
20,776
10,944
9,832
21,174
27,126
12,874
6,992
5,882
14,252
613.5
281.1
128.8
152.3
332.4
2,556
13,918
16,612
691
1,561
7,988
3,679
538
668
12,509
2,897
93,786
7,042
11,379
41,987
33,378
60,286
4,268
6,449
27,681
21,889
1,110.7
71.4
122.8
424.0
492.5
22,474
19,138
799
(D)
265,885
15,913
76,288
110,425
63,258
24,794
15,093
26,357
0
0
0
(D)
(D)
B
525,007
388,839
136,168
472,818
347,558
125,260
28,778
17,985
10,792
23,412
23,296
472,433
3,451
30,193
39,968
131,079
54,670
24,801
14,921
26,589
18,977
111,298
16,485
409,381
5,308
36,025
46,495
96,025
48,903
25,413
17,690
21,319
16,124
81,470
14,609
389,733
5,274
35,926
19,296
16,071
71,922
13,543
9,543
211,422
123,618
87,804
395,355
206,694
188,660
382,297
197,271
185,026
11,896
8,720
3,177
1,161
3,740,786
1,547,328
2,175,687
8,213
9,558
569,354
175,219
390,500
3,633
5,613
393,186
93,177
297,219
2,790
170,555
334,845
37,317
133,443
11,526
3,883
84,734
33,299
13,016
65,668
45,457
7,839
6,136
25,968
248,353
22,086
106,201
6,635
2,032
63,948
33,586
7,195
12,794
10,674
20,969
1,351,077
3,939
23,204
18,720
162,488
510,242
423,296
209,188
1,015,883
4,709
13,861
35,481
128,181
273,304
186,726
373,622
435,867
4,380
13,732
27,564
1,692
20,630
2,017
365,851
B
621
529
637
369
B
502
199
304
591
366
462
201
1,814
20,493
3,683
4,453
14,625
2,935
8,437
8,343
2,157
97,774
4,267
23,895
44,903
24,709
60,550
2,847
17,733
22,050
17,920
1,179.9
74.2
305.5
449.2
351.0
23,829
18,726
5,103
18,776
14,342
4,434
23,499
14,938
8,561
165,702
106,821
58,881
108,578
67,124
41,454
1,655.4
903.8
751.7
351
0
14
0
110
93
0
0
21,305
109,839
2,359.1
385
9.4
•3
169,766
1,227
14,857
15,189
39,732
20,544
10,521
6,449
9,651
6,465
39,551
5,578
9,971
9,827
22,622
13,881
7,577
3,972
5,420
2,908
29,809
3,466
309.2
262.5
422.0
329.1
144.7
103.2
111.7
68.6
509.5
89.2
50,384
24,717
25,667
32,049
17,230
14,819
733.6
333.8
399.8
83,867
41,829
40,800
1,488
-250
83,203
39,972
42,215
1,085.8
336.8
732.6
15.9
128,859
10,528
59,141
4,148
1,185
32,028
21,780
3,248
12,910
17,759
5,670
6,261
13,343
89,731
6,949
43,783
3,337
414,033
1,323
6,220
10,006
74,747
136,815
89,766
95,156
197,365
116
23,787
10,166
588
60
1,954
1,526
3,295
2,301
1,177
9
102
341
1,535
1,430
5,610
1,517
2,163
7,557
2,311
1,493
1,014
2,150
1,044
3,788
962
690
291
7,454
2,524
4,929
10,094
6,567
3,528
1,955
1,485
57,590
16,929
39,896
-552
1,116
13,254
4,462
8,665
303
(D)
(D)
14,715
7,607
21,707
2,163
7,367
470
152
220
365
0
5
5,973
1,012
5,794
5,703
988
(D)
17
(D)
808
5
669
0
0
73
595
0
1,288
36,339
11,502
R
(D)
634
20,335
4
0
0
B
3,152
223
776
(D)
578,631
1,385
56,007
113,984
1,913
328
91
1
38
33
598
267
292
157
247
209
1,003
1,210
6,851
23,539
11,278
11,880
1,715
1,125
12,902
65,503
19,666
12,863
77
42
(D)
(D)
34
84
(D)
95,208
43,868
n
H
(°)
(D)
5,092
(D)
1
24,614
D
( )
14,489
0
250
13,601
638
(D)
853
4,942
(D)
r)
(D)
45
946
0
222,932
D
( )
91,044
6,635
1,783
50,274
32,352
7,885
125,891
252,407
184,416
7,613
582
94,791
1,610
1
5
39
117,458
(D)
3,607
8
1,611
1,567
747
161,202
23,764
1,580
2,455
13,925
5,804
(D)
161
59
ees
2,220
2,032
1,205
26,135
* Less than $500,000 (±).
Suppressed to avoid disclosure of data of individual companies.
1. Some parents and majority-owned foreign affiliates (MOFA's), primarily those in finance and insurance, include
investment income in sales or gross operating revenues. Most parents and MOFA's not in finance or insurance
D
Services
5
120
704
457
(D)
88,190
(D)
0
926
361
272
146
998
98
28
2,590
2,933
1,436
200
574
263
548
226
6,178
470
o
0
6,064
0
5,724
n
36
135
B
1,480
116
47
940
76
584
21,948
17,914
1,780
4,657
13,941
5,127
5,108
8,386
844
3,225
8,283
49,424
56,476
24,455
54,657
0.5
3,008.1
318.9
1,505.7
51.4
11.9
365.4
1,077.0
67.6
210.5
446.7
84.3
99.9
274.4
5,922.0
29.3
50.9
153.5
1,032.2
1,039.8
403.9
3,212.4
consider investment income an incidental revenue source and include it in their income statements in a separate
"other income" category, rather than in sales. BEA collects separate data on investment income to ensure that—
where it is included in total sales—it is not misclassified as sales of services.
38
• July 2000.
SURVEY OF CURRENT BUSINESS
Table 10.2.—Selected Data for Nonbank U.S. Parents, by Industry of U.S. Parent, 1998
Millions of dollars
Sales
Total
assets
Total
Goods
Services
Investment
income •
9,700,441
5,026,348
3,329,653
1,430,669
266,025
406,281
68,698
49,034
19,664
276,850
247,287
25,623
3,940
26,553
34,179
288,971
29,854
20,803
9,051
194,924
159,930
32,338
2,656
258,778
21,974
19,900
2,074
184,512
152,460
29,795
399
(D)
(D)
2,929,274
2,300,085
Food and kindred products
Grain mill and bakery products
Beverages
Other
259,047
76,755
125,469
56,823
Chemicals and allied products
Industrial chemicals
Drugs
Soap, cleaners, and toilet goods
Agricultural chemicals
Chemical products, nee
All Industries
Petroleum
Oil and gas extraction
Crude petroleum and gas
Oil and gas field services
Petroleum and coal products
Integrated refining and extraction
Refining without extraction
Petroleum and coal products, nee
Petroleum wholesale trade
Other
(D)
(D)
6 977
10J83
7,248
o
Net
income
Capital
expenditures
Research
and development
expenditures
1,608,645
926,214
20,067.6
11,818
30,001
7,463
5,126
2,337
19,471
17,104
2,254
1,807
95,015
10,764
6,294
4,470
71,839
62,324
8,876
28,441
4,813
2,055
2,758
18,705
16,269
1,974
639
463
5,534
6,877
2,228
2,695
436.1
72.9
24.7
48.1
297.7
235.8
50.6
11.2
40.7
24.9
101,010
788,728
477,557
8,696.1
1,370
77,328
17,465
40,438
19,425
32,310
7,982
13,181
11,147
750.4
151.1
260.8
338.5
128,339
37,925
55,785
17,410
4,421
12,799
68,718
20,589
29,116
9,088
2,785
7,141
965.7
256.2
366.8
166.9
47.3
128.4
43,693
21,680
13,268
8,412
22,013
28,443
13,762
8,719
5,043
14,681
628.9
292.2
160.8
131.4
336.7
89,822
6,933
11,861
37,910
33,118
61,952
4,433
7,316
26,911
23,292
1,092.1
74.8
134.8
396.2
486.4
9,726
8,939
2,521
91,818
4,660
25,943
33,667
27,548
60,599
2,964
19,729
18,748
19,158
1,092.3
77.6
304.3
329.7
380.7
28,558
17,820
10,738
24,660
14,564
10,096
182,179
105,621
76,558
116,261
66,280
49,981
1,770.5
883.2
887.3
24,597
25,075
10,663
100
1,797
2,250
3,966
4,636
1,395
6,717
2,094
1,981
6,993
2,089
2,156
1,149
1,974
1,009
4,946
9
198
388
103
586
200
175,549
1,372
15,026
16,546
39,791
23,740
11,884
7,012
9,084
5,733
41,858
3,501
109,275
637
10,413
10,320
21,248
14,471
8,321
4,202
5,330
2,751
29,017
2,759
2,396.2
11.4
307.9
264.0
400.2
333.2
153.5
109.9
113.0
63.2
561.4
78.6
6,708
4,741
1,967
10,813
6,700
4,114
1,818
1,345
473
54,519
28,324
26,194
33,590
17,313
16,276
737.9
330.9
407.0
54,615
20,306
34,364
-100
15,214
5,541
8,945
RD
()
82,725
47,499
33,358
2,084
-215
91,660
48,309
42,087
1,193
1,199.6
428.1
752.9
17.9
71
0.5
6,789
139,111
9,685
67,079
5,859
1,479
38,398
21,342
3,645
12,978
18,636
4,790
5,838
16,462
94,696
5,943
46,839
4,267
3,044.4
332.8
1,456.1
70.2
14.7
399.4
971.9
68.5
227.5
418.1
67.7
93.2
380.4
448,547
1,429
6,158
6,462
73,691
163,713
96,921
100,173
200,269
-24
-1,197
1,173
10,836
10,127
367
(D)
r)
46,986
174,192
127,626
238,901
57,656
97,869
83,376
237,156
1,745
(D)
(DD)
()
0
n0
20,264
2,774
13,700
3,790
10,227
2,347
4,689
3,191
506,677
145,266
217,717
63,777
31,590
48,328
344,098
101,836
133,489
52,593
18,212
37,968
338,400
100,838
130,955
51,366
17,917
37,325
2,438
1,067
341
69
96
160
2
13
43,907
8,602
27,302
6,879
-221
1,344
25,200
10,762
8,348
2,822
1,059
2,209
25,540
4,241
16,725
1,636
Primary and fabricated metals
Primary metal industries
Ferrous
Nonferrous
Fabricated metal products
133,644
64,820
35,769
29,050
68,825
130,353
67,656
35,872
31,785
62,697
127,933
65,903
2,326
1,662
5,847
3,132
1,645
1,488
2,715
6,240
3,554
2,218
1,336
2,687
1,129
()
(D)
664
94
92
92
0
3
Industrial machinery and equjpment
Farm and garden machinery
Construction and mining machinery
Computer and office equipment
Other
323,021
31,021
50,681
154,404
86,915
308,843
24,954
39,591
157,583
86,715
270,286
22,729
37,479
128,006
82,072
35,662
2,895
14,476
1,175
1,547
8,772
2,982
14,971
16,226
834
1,869
8,545
3,723
581
839
11,967
2,839
Electronic and other electric equipment
Household appliances
Audio, video, and communications equipment
Electronic components and accessories
Electronic and other electric equipment, nee
268,617
13,431
77,665
104,450
73,071
260,406
18,068
84,249
85,470
72,619
250,205
18,068
80,560
10,157
15,054
17,356
21,423
-22
538
237
(D)
(D)
(D)
(D)
1,075
8,905
5,096
4,550
8,073
4,195
Transportation equipment
Motor vehicles and equipment
Other
1.!.
924,305
560,303
364,002
590,834
372,888
217,946
505,881
330,804
175,077
41,647
15,921
25,726
43,306
26,163
17,143
50,047
33,591
16,457
Other manufacturing
Tobacco products
Textile products and apparel
Lumber, wood, furniture, and fixtures
Paper and allied products
Printing and publishing
Rubber products
Miscellaneous plastics products
Glass products
Stone, clay, and nonmetallic mineral products
Instruments and related products
Other
513,964
4,444
31,154
42,827
135,356
55,875
27,917
20,369
29,663
18,188
135,182
12,989
426,650
5,618
35,990
50,222
94,830
49,272
27,000
19,614
21,509
15,352
95,386
11,856
406,711
5,584
35,886
19,632
94,182
43,941
26,391
$
307
0
6
138
37
108
0
0
1
8
8
0
228,141
132,414
95,727
422,987
224,967
198,020
408,238
213,809
194,428
13,198
10,200
2,997
1,552
4,227,232
1,823,847
2,375,888
13,484
14,013
628,088
225,721
398,349
4,017
5,807
408,053
103,649
300,571
3,832
214,227
387,477
32,849
170,410
23,267
7,106
105,317
34,721
12,415
79,372
43,217
7,570
6,641
35,002
265,528
19,609
118,412
10,130
2,155
73,005
33,121
7,627
33,899
36,153
12,902
9,995
26,931
1,522,035
3,776
26,797
15,632
152,876
598,864
498,339
225,751
1,120,689
4,579
13,608
28,678
128,743
273,903
262,441
408,736
495,300
4,158
13,452
22,483
1,825
24,372
27,267
401,742
Wholesale trade
Durable goods
Nondurable goods
Finance (except depository institutions), insurance, and real estate
Finance, except depository institutions
Insurance
Real estate
Holding companies
Services
Hotels and other lodging places
Business services
Advertising
Equipment rental (except automotive and computers)
Computer and data processing services
Business services, not elsewhere classified
Automotive rental and leasing
Motion pictures, including television tape and film
Health services
Engineering and architectural services
Management and public relations services
Other
Other industries
Agriculture, forestry, and fishing
Mining
Construction
Transportation
Communication
Electric, gas, and sanitary services
Retail trade
* Less than $500,000 (±).
Suppressed to avoid disclosure of data of individual companies.
1. Some parents and majority-owned foreign affiliates (MOFA's), primarily those in finance and insurance, include
investment income in sales or gross operating revenues. Most parents and MOFA's not in finance or insurance
consider investment income an incidental revenue source and include it in their income statements in a separate
D
1
a
82$
D
()
(D)
62,030
21,416
15,306
85,457
11,685
s
116,525
R
5,357
929
293
630
D
o
R R
28,000
4,492
0
3,689
34
98
5,222
609
(D)
92
38
9,920
171
151
1,577
43
0
0
43
n
957
595
0
(D)
(D)
49
0
24,956
239,189
1,382
(D)
1
16,278
101,109
10,130
2,019
57,250
31,709
1,025
(D)
(D)
136
1
0
136
15,640
503
(D)
3,004
921
1,361
(D)
829
708
1
R
841
1,346
909
113
45
688
40
20,429
1,294
12,156
24,632
2,599
8,222
1,477
189
635
273
587
190
6,516
0
0
0
6,605
0
4
6,593
1,479
6,148
126,402
249,516
234,443
6,863 '
477
186
290
652
433
310
623,910
567
(D)
1,907
3120
2>57
187
-42
527
82,421
114,893
n
171
-93
1,603
131
1,252
5,699
50,229
9,690
15,473
13,844
53,736
29,969
14,707
40
46
516
15
732
R
6,477
1,002
208
816
(D)
421
116
547
482
341
551
111
3,833
(D)
7
36
9,888
1,606
26,076
(D)
1,321
1,278
R R
0
0
115
910
0
284
22
25
0
26
30,610
35,211
11,516
ees
114,201
2,136,574
Manufacturing
Thousands
of employees
323,181
R
()
Compensation of
employ-
350,183
229
222
7
0
0
D
Gross
product
184
850
7
(*)
2
(D)
24
(D)
92
(D)
92
37
7
21
1,772
304
(D)
443
646
24,471
17,454
1,842
5,507
13,672
4,681
5,141
11,071
821
3,352
4,919
50,227
56,003
28,184
56,763
5,953.5
30.1
52.5
109.2
1,030.6
1,022.1
442.4
3,266.6
"other income" category, rather than in sales. BEA collects separate data on investment income to ensure that—
where it is included in total sales—it is not misclassified as sales of services.
July 2000 •
SURVEY OF CURRENT BUSINESS
39
Table 11.—Selected Data for Nonbank Foreign Affiliates, by Country of Affiliate, 1997 and 1998
1997
1998
Millions of dollars
Total
assets
Net income
Millions of dollars
U.S.
exports
of goods
shfpped
to
affiliates
3,416,071
2,350,939
159,738
Canada
290,443
271,792
13,734
Europe
1,932,621
1,211,126
81,103
220,543
70,026
59,570
14,087
53,280
8,438
5,040
129,684
594
2,831
266
344
4,256
1,138
3,695
142
71
(D)
7,878
149
8,576
2,344
2,233
17,497
1,174
462
1,728
864
8,791
40
1,629
2,741
437
(D)
241
158
(D)
515
9,056
210
7,703
215
458,146
232,136
4,300
30,462
73,977
3,649
136,055
14,172
8,183
44,697
19,461
67,386
9,723
332,318
24,077
264,861
South America
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Venezuela
Other
174,919
37,166
79,213
20,549
10,586
2,059
5,755
16,073
3,517
Central America
Costa Rica
Guatemala
Honduras
Mexico
Panama
Other
Other Western Hemisphere
Bahamas
Barbados
Bermuda
Dominican Republic
Jamaica
Netherlands Antilles
Trinidad and Tobago
United Kingdom Islands, Caribbean ....
Other
All countries
Austria
Belgium
Denmark
Finland
France
8,359
3,695
:
: ...
Germany
Greece
Ireland
Italy
Luxembourg
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Other
.
Latin America and Other Western Hemisphere
Africa
Egypt
Nigeria
South Africa
Other
Middle East
Israel
Saudi Arabia
United Arab Emirates
Other
Asia and Pacific
Australia
China
Hong Kong
India
Indonesia
japan
;
Korea, Republic of
Malaysia
New Zealand
Philippines
Singapore
Taiwan
Thailand
Other
International
1
Addenda:
Eastern Europe 2
European Union (15) 3
OPEC 4
214,033
(D)
57,700
65,623
18,751
188,754
16,930
6,293
35,335
(D)
95,616
5,148
924,096
30,402
1,401
13,522
436
31,201
35,947
133,246
23,531
67,227
11,085
10,686
2,183
3,983
12,309
2,242
10,174
10,060
1,528
4,541
749
810
116,222
3,006
875
700
83,413
(D)
95,236
2,323
1,378
1,211
86,482
10,455
306
67
167,004
1,841
(D)
36,380
956
10,573
229
(D)
5,756
99,379
(D)
()
14,996
2,342
35,438
(D)
40,557
3,828
6,445
12,923
17,362
B
825
1,133
7,361
(D)
29,068
3,565
4,595
11,543
9,365
24,465
19,241
890
4,955
1,233
1,008
54
489
1,489
56
-8
8,276
R
200
86
2,604
(D)
2,611
357
719
735
800
10,190
15,257
1,909
9,912
8,495
9,147
2,604
623
849
636,378
541,041
27,011
74,597
15,235
49,087
4,519
1,124
2,781
-14
1,511
6,001
733
1,894
1,784
607
5,254
1,191
^92
119
1,473
99,297
18,592
57,161
7,233
22,604
268,009
17,952
18,697
19,764
10,014
55,409
20,873
17,054
3,719
4,534
10,325
204,890
22,494
19,510
11,606
8,778
83,033
17,611
16,805
2,537
20,657
8,587
28,548
1,784,525
71,713
22,583
1,095,767
41,275
1,272
69,262
4,901
U.S.
imports
of goods
shipped
by
affiliates
Compensation
of employees
176,673
261,373
29,487
144,259
165
1,196
160
140
1,533
7,538
3,319
21,834
4,518
33,575
615
1,341
632
2,113
9,130
437
2,747
1,660
7,796
(D)
646
23,115
29.8
134.7
14.2
501.1
171,797
141,586
253,825
4,506
48,062
74,055
3,782
140,385
34,069
649
2,384
9,418
412
8,400
643.1
21.7
70.4
203.4
9.2
179.9
3,538
4,391
11,759
186
12,271
2,919
3,637
1,908
2,572
487
(D)
372
154
D
161
129
3,907
4,542
(D)
5,624
1,478
K
31,792
37,081
37,759
7,679
761
9,293
4,689
235
2,882
(D)
129
254
233
154
18,502
2,845
11,037
1,051
1,086
154
-438
1,640
250
760.4
114.7
395.1
63.3
55.4
14.1
17.9
88.0
12.0
28,800
964
199
259
27,223
28
126
12,635
234
127
149
996.2
25.2
14.1
28.2
11,900
(D)
907.1
J
I
1,193
56
52
50.7
1.7
3.7
4.8
2,766
214
155
1,780
618
2,519
1,230
850
195
244
53,454
4,770
2,056
9,986
240
50,793
9,563
1,305
3,255
434
792
23,758
1,798
1,307
1,938
728
3,074
1,612
1,045
184
145
27,720
1,929
203
1,786
279,338
(D)
82,782
75,764
(D)
(D)
58,170
(D)
5,594
154,143
24,181
83,715
12,262
9,996
2,102
3,920
13,466
4,502
786
(D)
186
175
(D)
422
50,975
2,953
1,016
3,692
167
104
(D)
8,322
41
627.5
21.0
65.8
(D)
297,670
( )
1,510
60
3,532.2
570,042
293
(D)
142
21
73
231
D
7,983
2,436
154,985
1,613.6
1,142
48
53
2,282
2,874
301
(D)
36,638
1,331,199
29,553
10,582
184
64
8
935.3
63,782
2,302,253
8,388.0
39,760
2,122
11,271
199
106
136
756
85
130
291
249
30,511
263,849
()
1,224
160
9,924
2,063
1,027
135
443
1,439
241
47
271,386
70,577
2,443,350
313,647
8,566
352
13,839
521
9,954
1,017
1,523
70
65
344
187,610
67,776
4,000,842
357
15,646
644
2,883
165
23,204
537
86
217,153
10,666
7,972.5
937.5
3,301.7
27.6
132.7
26.5
13.2
464.4
244,324
19,695
8,380
46,041
17,140
()
(D)
155,292
Sales
70,361
9,008
366,114
31,533
2,788
3,741
559
1,671
116
24,364
Compensation
of employees
115,043
6,471
1,025,588
38,888
111
5,928
35,629
U.S.
imports
of goods
shipped
by
affiliates
Net
income
97,234
17,637
4,489
Thousands of
employees
U.S.
exports
of goods
shipped
to
affiliates
Total
assets
198.7
9.2
170.4
41.5
32.2
158.6
55.6
51.0
30.9
976.5
198.5
8,140
1,696
8
* Less than $500,000 (±).
i
D
Suppressed to avoid disclosure of data of individual companies.
1. See footnote 1 to table 5.
2. "Eastern Europe" comprises Albania, Armenia, Azerbaijan, Belarus, Bulgaria, Czech Republic, Estonia, Georgia,
Hungary, Kazakhstan, Latvia, Lithuania, Moldova, Poland, Romania, Russia, Slovakia, Tajikistan, Turkmenistan,
Ukraine, and Uzbekistan.
3. The European Union (15) comprises Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland,
31,010
Thousands
of employ-
106.4
338.7
58.2
51.8
13.6
18.0
88.6
10.8
16,601
13,158
8,897
50,323
911
616
3,032
(D)
(D)
11,136
5,003
825
5
627
6
876.2
26.6
12.7
24.3
790.6
15.5
6.5
106,961
(D)
11,210
1,532
41
1,342
98,344
2,123
(D)
8,861
2,282
51.3
1.8
3.7
5.4
J
5.6
0.8
4.8
6.4
G
36,565
680
(D)
14,565
(D)
1,205
(D)
1,174
9,875
3,542
187.3
24.5
9.8
103.7
28,033
3,412
3,438
12,320
8,863
22,443
8,857
7,815
2,747
3,023
492,388
65,874
17,434
47,067
5,262
7,740
182,288
17,894
18,304
10,249
7,819
76,987
18,009
14,971
2,489
49.4
79.7
47.9
21.2
4.6
6.0
1,839.7
314.4
178.0
118.9
73.7
66.0
403.9
59.6
138.6
51.8
91.8
123.8
69.7
132.9
16.4
12,903
230
()
1,788
4,168
540
8
440
1,453
25,665
(D)
(D)
115
116
24,660
2,123
122
59
6,473
(
2
n
115
£
188
5
3,953
107
2,155
94
958
538
565
887
79
176
382
249
1,506
938
(D)
185
327
D
629
409
188
279
17,224
2,629
389
3,143
-18
1,093
4,006
53
-113
1,567
645
3,222
888
-93
-188
472
13.0
19,032
7,768
1,060
1,966
136,141
3,649
189.4
2,979.8
194.4
37,245
2,122,157
95,542
30,143
1,207,139
37,321
570
77,841
3,373
4,761
2,107
9,989
302
298
13,514
1,530
2,098
230
1,472
6,799
2,294
1,237
59
505
53,971
2,593
()
1,061
n
39,734
1,290
(D)
5,610
69
227
4,773
390
5,756
37
1,234
14,734
A
()
1,898
875
6,287
(D)
4,003
671
44,227
2,618
32,330
299
(D)
144
21
83
240
(D)
2,907
229
51.1
34.8
165.8
L
54.8
38.0
1,038.7
227.4
1,807.4
J
5.3
0.8
4.6
5.7
G
173
1,888
618
202.9
26.6
9.9
114.8
51.6
2,735
1,373
875
221
266
88.6
54.8
22.5
5.1
6.1
47,505
9,098
1,526
3,364
507
604
21,390
1,597
1,810.8
1,182
1,771
582
3,253
1,552
895
187
291.0
215.7
104.7
80.0
65.3
404.2
59.3
129.9
51.7
75.3
118.0
70.9
128.0
16.8
413
10.9
2,462
220.9
3,160.9
196.7
145,795
3,769
33,139
Italy, Luxembourg, the Netherlands, Portugal, Spain, Sweden, and the United Kingdom. 1,107
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.
NOTE.—Size ranges are given in employment cells that are suppressed. The size ranges are A—1 to 499; F—
500 to 999; G—1,000 to 2,499; H-2,500 to 4,999; 1-5,000 to 9,999; J—10,000 to 24,999; K—25,000 to 49,999;
L-50,000 to 99,999; M—100,000 or more.
40
• July 2000
SURVEY OF CURRENT BUSINESS
Table 12.1-Selected Data for Majority-Owned Nonbank Foreign Affiliates, by Country of Affiliate, 1997
M Ilions of dollars
Sales
Total
assets
Total
Goods
Services
Capital
expenditures
Net
income
Investment income 1
Research
and
development
expenditures
U.S.
exports of
goods
shipped to
MOFA's
U.S.
imports of
goods
s
Gross
product
Compensation of
employees
Thousands of
employees
»
2,952,021
1,972,515
1,659,312
269,604
43,599
140,512
88,790
14,593
212,755
167,057
520,867
219,104
Canada
259,351
246,449
214,959
25,201
6,290
12,334
11,040
1,823
67,626
65,856
56,454
27,622
851.5
Europe
1,782,251
1,082,504
905,015
152,982
24,507
76,687
44,843
10,003
58,937
28,572
297,441
131,080
2,968.6
Austria
Belgium
Denmark
Finland
France
7,648
67,297
7,545
3,662
131,462
13,598
46,839
7,988
4,982
119,902
12,329
41,534
6,108
4,404
103,570
1,206
4,554
1,748
165
3,932
12,987
2,470
2,141
36,869
1,501
5,823
1,283
27.3
101.9
25.4
12.8
419.0
Germany
Greece
Ireland
Luxembourg
Netherlands
179,070
2,692
56,727
56,920
17,988
175,336
183,603
3,935
30,260
68,016
3,348
113,841
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Other
15,573
5,866
30,680
16,925
94,783
3,995
888,132
19,950
Italy
547
436
2,581
1,845
1,195
331
199
77
310
(D)
51
1,138
3,691
281
337
142
70
160
140
4,569
4,189
1,281
4,919
3,213
6,422
8,771
4,505
507
63
751
132
71
14,962
1,371
161,300
3,586
28,071
61,325
3,225
98,675
19,847
2,456
284
81
65
725
312
42
11,517
3,650
12,912
8,028
40,778
16,640
66,668
8,034
314,839
18,293
10,975
6,869
37,324
13,623
61,413
7,727
225,855
17,103
1,849
1,104
3,195
2,891
4,277
295
88
54
260
127
977
12
75,833
13,151
18,508
992
198
787
17,232
1,962
1,464
6,378
7,238
2,940
104
97
8,546
2,035
2,250
16,020
1,457
1,797
2,601
7
320
569
(D)
480
1,112
1,760
127
441
422
1,764
1,192
9,041
1,366
150
640
741
402
359,242
209,503
176,799
27,286
5,418
23,056
11,355
South America
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Venezuela
Other
135,436
27,585
66,720
15,298
7,801
1,517
5,129
9,618
1,769
112,959
19,489
58,580
9,275
8,904
1,495
3,759
9,571
1,886
98,408
16,424
52,724
7,563
8,189
1,204
3,393
7,146
1,765
12,528
2,743
4,637
1,425
2,024
7,901
322
936
1,219
4,126
8,262
1,579
3,673
999
549
6
475
754
56
697
553
127
551
947
135
Central America
Costa Rica
Guatemala
Honduras
Mexico
Panama
Other
69,442
2,946
63,238
2,234
1,236
1,211
54,951
2,283
1,321
59,141
2,206
1,171
1,087
51,457
1,998
1,222
3,587
287
88
24
24
50
10
509
5,133
2,478
28
57
121
•2
154,363
1,634
4,206
94,872
1,674
3,302
11,360
2,021
32,561
2,734
33,306
19,249
Latin America and Other Western Hemisphe
790
700
40,759
23,554
;
695
Other Western Hemisphere
Bahamas
Barbados
Bermuda
Dominican Republic
Jamaica
Netherlands Antilles
Trinidad and Tobago
United Kingdom Islands, Caribbean
Other
,
Africa
EavDt
NSeria":::::::::::::::::::::::
South Africa
Other
International
2
Addenda:
Eastern Europe 3
European Union (15) 4
OPEC*
. . .
302
53
-8
61
48
56
3,666
1,065
2,209
265
98
3
476
21
1
11,171
2,885
10,022
3,018
67
1,131
7,336
362
157
218
56
1,832
(D)
30,263
3,189
6,380
6,702
13,993
22,182
2,843
4,494
6,484
8,362
19,906
2,457
4,278
5,500
7,670
2,144
14,979
3,939
4,426
1,639
4,975
9,656
3,232
1,157
2,365
2,903
7,180
2,580
2,402
492,903
72,092
14,355
54,875
3,624
16,048
200,603
5,383
16,318
14,524
7,316
53,007
18,472
12,783
3,504
397,491
55,651
12,137
47,265
2,612
9,273
114,126
9,169
18,611
8,137
7,662
80,408
15,635
14,745
2,060
335,454
44,858
11,322
39,504
2,341
8,675
88,400
7,788
16,753
6,907
6,967
76,157
10,989
13,005
1,785
54,861
9,895
258
91
183
149
97
370
628
226
16
13,032
4,729
0
4,729
0
18,372
1,647,950
43,566
17,012
976,598
28,841
15,989
807,797
23,807
842
145,569
4,903
,
2,008
2,446
645
996
334
427
7,176
791
898
23
6,425
1,336
229
557
42
41
22,651
1,290
1,674
1,081
3,075
598
3,880
4,018
1,514
3,339
(D)
3
260
7
399
(D)
133
0
0
23
110
74
7
14
23
30
(D)
147
1,914
206
853
5,575
4,354
386
216
960
582
59
8
149
6,585
4,746
1,368
54
50
615
7
4
81
65
75
11
273
52
45
55
2,055
(D)
67
50
95
* Less than $500,000 (±).
Suppressed to avoid disclosure of data of individual companies.
1. See footnote 1 to table 10.1.
2. See footnote 1 to table 5.
D
(D)
111
68
891
:..:::::::...
,
785
663
5,174
2,375
379
993
Middle East
Israel
Saudi Arabia
United Arab Emirates
Other
Asia and Pacific
Australia
China
Hong Kong
India
Indonesia
Japan
Korea, Republic of
Malaysia
New Zealand
Philippines
Singapore
Taiwan
Thailand
Other
861
1,944
14,565
1,797
1,438
627
267
342
2,535
266
717
177
754
490
807
262
1,781
161
162
172
528
916
288
33
79
516
24,701
4,122
1,031
2,589
16,946
3,560
1,578
1,316
1,023
23
300
1,470
4,154
1,556
2,190
23
30
181
405
230
6
398
8.4
7,556
158.6
1,533
83
54
663
347
163
34,031
33,923
61,702
21,492
1,217.2
9,377
1,460
4,253
3,923
14,710
2,421
8,867
619
749
100
482
565.8
81.0
298.8
41.2
44.0
10.9
15.1
66.6
110
472
143
302
223
103
115
41,074
6,733
23,642
3,027
2,550
23,161
523
43
437
7
12
1
11
11
1
131
4
1
(*)
126
1
0
1,487
510
7,693
1,604
1,332
173
2,393
226
1,383
2,866
196
8.2
192
134
165
839
141
251
557
290
304
186
92
136
22,057
24,766
11,816
5,206
527
127
60
126
294
610.0
25.5
11.2
24.3
527.8
15.0
7,242
398
(D)
n
1,191
219
171
59
931
39
43
272
143
118
9
56
170
80
701
51
130
275
246
534
234
25
142
132
2,340
8,530
1,650
921
2,951
1,449
3,209
160
150
807
533
4,294
1,409
953
392
( )
1,152
1,798
640
372
178
219
50,922
4,742
1,745
9,964
35,544
1,274
1,659
5,089
90,924
19,048
3,194
7,053
35,422
7,873
1,083
3,071
86
70
65
339
180
197
7
(D)
5
(D)
168
198
3,063
O
-138
0
8
0
26
1
8
2
208
208
n
0
1,869
369
35
82
22
5
1,089
180
669
65,598
3,419
1,911
39,978
4,293
48
23,232
9,691
18
1,015
5,850
n
•3
805
903
103
399
13,386
1,493
o
444
26,184
3,817
0
(*)
36,938
1,435
37.9
31.3
143.1
45.4
47.7
25.2
896.5
151.2
756
5,420
2,389
3,602
646
8
0
3. See footnote 2 to table 11.
4. See footnote 3 to table 11.
5. See footnote 4 to table 11.
MOFA Majority-owned foreign affiliate
579.3
11.7
65.0
180.9
9,038
350
131
135
114
768
421
373
2,086
8,318
190
796
1,841
227
157
2 $
30,680
13,440
669
133
557
5,354
1,006
561
459
437
11,335
57,336
1,320
11,677
21,709
1,063
19,162
2,843
441
890
438
361
1,455
2850
1^477
6,479.8
6,248
2,696
9,664
4,741
7,977
2,178
89,055
4,216
41
32
18
12
73
84
5
1
320
2,026
1,249
40
1,629
2,715
609
19,935
333
All countries
D
()
(D)
30
1,232
822
(D)
o
4
D
183
992
735
379
618
6.1
41.5
1.5
3.3
5.0
17.0
4.8
0.3
3.3
4.1
2.2
102.1
11.9
8.1
40.5
41.7
44.1
28.4
7.7
3.7
4.3
826
801
174
1,284.3
229.1
138.4
108.0
38.8
51.3
178.6
32.3
129.0
35.5
57.5
110.0
61.5
99.3
15.1
0
1,522
429
11.9
334
134
50,480
2,516
26,858
1,694
3,901
276,822
13,805
1,322
124,067
2,494
144.0
2,706.5
139.6
162
446
85
399
15,496
2,174
2,799
2,444
301
39
1,341
7,920
2,328
1,451
1,029
15,825
1,446
262
5,262
54
712
20
4
684
5,352
26,578
2,343
4,903
2,936
2,124
9,379
3,011
3,493
216
591
13,227
993
1,207
1,350
530
2,873
1,434
July 2000 •
SURVEY OF CURRENT BUSINESS
41
Table 12.2—Selected Data for Majority-Owned Nonbank Foreign Affiliates, by Country of Affiliate, 1998
Millions of dollars
Sales
Total
assets
Investment income 1
Services
Goods
Total
Net
income
Capital
expenditures
Research
and
development
expenditures
U.S.
exports of
goods
shipped to
MOFA's
U.S.
imports of
goods
Gross
product
Compensation of
employees
Thousands of
employees
3,434,808
2,027,782
1,657,587
323,918
46,277
136,957
96,439
14,986
210,634
178,150
510,735
228,318
Canada
284,995
242,668
209,454
27,285
5,929
9,992
12,298
1,771
65,988
67,601
54,739
27,475
862.1
Europe
2,093,970
1,148,312
928,680
193,054
26,578
84,422
49,665
10,580
62,802
35,463
303,505
138,862
3,145.2
Austria
Belgium
Denmark
Finland
France
8,984
83,382
8,627
4,451
146,118
12,322
50,926
8,323
5,532
123,941
10,995
45,274
6,092
4,896
103,204
1,270
5,002
2,072
1,589
5,973
1,416
28.7
102.8
27.4
13.8
447.9
Germany
Greece
....
Ireland
Italy
Luxembourg
Netherlands
233,313
3,229
81,840
64,933
29,353
226,984
188,259
3,626
47,862
68,038
3,679
118,114
163,050
3,214
41,360
59,966
3,492
100,262
All countries
3,042
151
90
12,226
2,166
3,612
14,904
1,980
2,191
8
261
586
138
501
132
551
55
14,107
3,745
2,210
1,310
3,568
3,607
5,451
92
109
252
145
145
2,497
788
489
2,265
2,471
1,363
11,186
1,575
-40
434,375
230,736
187,055
37,014
6,667
22,728
13,166
162,649
32,443
84,673
16,789
7,663
1,868
5,458
11,554
2,201
123,221
21,056
64,555
9,673
8,488
1,659
3,643
10,129
4,018
101,145
17,567
52,930
7,552
7,642
1,345
3,194
7,098
3,817
19,493
3,126
10,045
1,740
2,584
4,538
8,531
1,244
3,912
88,818
2,947
1,145
73,090
2,056
1,409
1,342
65,147
1,866
1,271
67,998
2,006
1,306
1,210
60,791
1,579
1,107
4,296
182,907
2,097
4,185
104,775
2,060
3,442
14,419
3,203
45,960
2,766
34,425
17,912
1,025
9,531
3,215
7,027
3,117
1,964
35,867
3,681
8,562
6,905
16,719
20,830
2,723
3,366
7,137
7,604
18,260
2,371
3,102
5,930
6,857
2,444
16,591
4,614
4,954
1,750
5,273
9,340
3,447
1,680
2,181
2,033
6,253
2,738
3,015
155
1,510
1,792
1,568
365
435
558,121
75,555
19,070
61,498
5,121
18,540
232,322
6,971
17,369
15,312
8,834
55,911
21,702
14,901
5,015
371,509
52,315
14,911
45,907
3,213
6,819
103,644
6,966
17,470
7,226
7,381
74,234
16,429
12,922
2,073
307,885
40,336
13,936
37,566
2,787
6,208
77,238
5,728
16,154
6,111
6,681
70,530
11,543
11,522
1,547
56,720
11,229
483
86
122
164
89
310
625
239
44
10,888
4,387
0
4,387
0
II.:
Middle East
Israel
Saudi Arabia
United Arab Emirates
Other
2
26,925
1,929,726
52,469
* Less than $500,000 (±).
Suppressed to avoid disclosure of data of individual companies.
1. See footnote 1 to table 10.1.
2. See footnote 1 to table 5.
8,304
7,743
69
1,076
77
South Africa
Other
D
9,820
343
5,425
7,520
19,513
2,262
Other Western Hemisphere
Bahamas
Barbados
Bermuda
Dominican Republic
Jamaica
Netherlands Antilles
Trinidad and Tobago
United Kingdom Isfands, Caribbean
Other
International
5,362
222
797
Addenda:
Eastern Europe3
European Union (15) 4
OPEC 5
1,321
16,128
55,006
27,721
1,202
Hong Kong
India
Indonesia
japan
Korea, Republic of
Malaysia
New Zealand
Philippines
Singapore
Taiwan
Thailand
Other
4,110
34
Central America
Costa Rica
Guatemala
Honduras
Mexico
Panama
Other
China
4,538
13,445
:
Asia and Pacific
Australia
161
129
344
;.
'..'. I
3,380
1,786
167
102
97,118
1,912
Brazil .
Z
21,829
93
326
71
64
1,016
3,689
386
235
9,612
5,973
40,057
14,812
63,021
7,032
224,010
22,357
South America
Argentina
Nigeria
1,464
474
1,837
294
373
11,915
7,391
43,877
18,564
69,615
7,410
334,572
24,347
Latin America and Other Western Hemisphere
Africa
EavDt
19,272
560
3,170
18,010
7,387
38,332
19,048
113,534
4,423
973,745
28,276
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Other
Chile
Colombia
Ecuador
Peru
Venezuela
Other
560
57
649
159
75
578
2,293
14,047
1,985
1,090
662
23,160
1,035,025
25,922
441
535
3,458
1,319
1,018
125
872
21,408
826,658
19,662
1,144
353
784
883
341
363
474
1,580
3,239
761
69
28
505
473
186
662
-33
9
1,377
5,709
3,663
-80
31
-30
269
37
56
4,114
1,567
3,191
260
157
381
98
26
26
84
26
797
12
24
3
723
27
7
13,226
3,287
12,481
748
289
423
2,947
175
38
79
129
3,634
68
1,568
8,602
91
68
41
972
9
4
54
21
71
12
450
227
123
126
0
11
26
89
1,551
3,836
30
959
97
465
501
695
235
72
5
14
23
30
784
247
250
120
166
1,077
6,905
16,796
2,209
16,200
2,994
1,738
69
191
1,986
665
69
53
142
95
352
253
1,181
658
705
173
1
3
483
11
540
3
107
203
1,196
6,476
392
42
231
-35
3,884
2,405
457
30
84
507
942
750
33
6,773
1,568
3,115
383
584
43
27
131
963
23,600
1,152
1,194
2,806
3,133
1,449
2,149
-70
143
1,179
952
611
3,394
4,262
1,161
1,692
183,136
6,097
60
25,231
163
354
975
397
22
35
198
448
234
6
30,709
971
380
13,669
22,433
1,290
20,243
2,359
8,588
411
9.0
7,761
167.5
1,728
41,051
1,904
47.6
33.2
146.9
51.4
51.1
29.5
953.5
178.6
487
(D)
13,605
2,739
360
153
50
(D)
836
535
590.0
11.8
69.8
184.5
113
81
753
550
56
448
6
11
1
11
15
2
198
6
1
0
191
1
449
9,854
2,051
35,677
36,271
61,336
23,805
1,416.4
8,808
1,757
4,015
4,363
15,871
2,545
9,715
423
587
102
413
619.9
94.3
341.5
44.2
41.9
11.5
14.9
62.5
122
405
122
254
233
91
269
37,606
7,071
21,922
2,487
1,842
24,765
231
114
116
0
5
(*)
o
«2
0
0
0
5
0
35
2
S
3
157
157
(*)
{*)
0
1,690
302
56
38
23
4
1,030
2,008
832
376
1,138
-173
1,057
454
684
198
0
3. See footnote 2 to table 11.
4. See footnote 3 to table 11.
5. See footnote 4 to table 11.
MOFA Majority-owned foreign affiliate
56,464
5,624
1,473
306
642
2,215
43,914
4,733
4,519
41
1,908
2,548
622
13,803
3,355
-102
72,266
2,440
21,033
3,144
34
30
16
10
63
80
4
1
319
3,729
3,274
13,653
2,643
2,316
35,915 .
5,067
2,321
10,563
5,281
9,610
2,121
90,735
4,933
470
636
1,024
203
6,899.9
1,345
592
8,566
1,389
1,224
235
2,753
489
285
910
824
898
127
403
2,457
1,163
632
197
9.1
27,638
15,674
6,926
964
199
259
240
315
333
227
112
149
23,802
26,061
13,961
6,246
430
72
28
126
483
342
134
60
753.9
24.7
12.5
28.2
668.9
13.2
2,104
4,271
8,056
1,008
42.7
188
1.4
3.2
4.2
122
59
(D)
264
166
7
111
(D)
(D)
856
73
174
363
246
D
639
(D)
1,832
293
45
42
263
168
115
16
64
218
76
1,542
6,752
1,846
656
158
168
986
534
( )
5
(D)
300
188
D5
( )
696
242
35
296
123
36
(D)
38
(D)
855
(D)
0
6
(D)
44,615
4,731
1,967
9,963
36,419
1,217
2,026
5,595
1,333
2,850
822
279
35
424
1,821
1,606
2,669
3,764
1,138
1,245
79,129
16,756
3,047
7,342
34,477
7,711
1,284
3,238
222
249
62
224
2,003
230
37
1,472
6,757
2,228
1,229
1,191
14,733
1,165
2,254
3,936
23,648
1,544
3,206
2,921
2,057
7,774
2,698
3,521
54
10
337
0
153
5,750
0
D
79
433
( )
53,121
2,296
32,025
903
1,476
680
350
205
242
533
848
12,185
1,320
2,009
10,236
20
825
5,628
2,568
3,827
340
300
425
12,458
866
1,096
1,332
485
3,066
1,373
1,510
665
178
377
4,641
281,773
10,501
1,787
130,914
2,535
6.3
18.7
4.5
0.4
3.1
5.1
2.1
111.2
12.9
8.5
45.7
44.1
49.5
32.6
8.2
4.3
4.5
1,305.4
221.6
178.8
95.7
45.2
50.3
187.8
32.6
121.2
36.7
58.8
105.2
62.4
93.7
15.5
10.1
174.0
2,838.4
137.4
42
• July 2000
SURVEY OF CURRENT BUSINESS
Table 13.1.—Employment of Majority-Owned Nonbank Foreign Affiliates, Country by Industry of Affiliate, 1997
[Thousands of employees]
Manufacturing
All
ustries
Petroleum
Food and
kindred
products
Total
Chemicals
and allied
products
Primary
and
fabricated
metals
Industrial
machinery
and equipment
Electronic
and other
electric
equipment
Transportation
equipment
Other
manufacturing
Wholesale
trade
Finance
(except
depository
institutions),
insurance,
and real
estate
Other
industries
Services
6,479.8
177.0
3,852.8
378.9
545.4
181.3
562.2
713.1
616.1
855.8
557.4
198.5
846.2
847.9
Canada
851.5
18.5
370.5
38.3
40.9
28.3
35.9
26.8
102.2
98.0
77.3
27.0
94.1
264.0
Europe
2,968.6
49.2
1,740.7
149.9
265.8
97.5
292.3
225.3
313.4
396.6
303.1
102.5
500.1
272.9
Austria
Belgium
Denmark
Finland
France
27.3
101.9
25.4
12.8
419.0
15.8
61.8
10.4
1.1
.2
2.6
.5
.9
2.2
6.6
1.6
.4
1.9
3.8
1.6
.8
5.4
3.1
6.7
2.7
10.9
13.0
14.9
.6
.3
2.9
2.7
7.9
3.4
.9
4.6
F
2.1
Germany
Greece
Ireland
Italy
579.3
11.7
65.0
180.9
Luxembourg
Netherlands
158.6
.6
1.8
.3
.4
4.1
4.6
.5
.3
3.2
.1
3.9
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Other
37.9
31.3
143.1
45.4
47.7
25.2
896.5
151.2
All countries
8.4
Latin America and Other Western Hemisphere
South America
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Venezuela
Other
Nigeria
South Africa
Other
Middle East
Israel
Saudi Arabia
United Arab Emirates
Other
Asia and Pacific
Australia
China
Hong Kong
India
Indonesia
Japan
Korea, Republic of
Malaysia
New Zealand
Philippines
Singapore
.'.
Taiwan
Thailand
Other
International
1
Addenda:
Eastern Europe 2
European Union (15) 3
O P E £
4
:
* Fewer than 50 employees.
1. See footnote 1 to table 5.
2. See footnote 2 to table 11.
3. See footnote 3 to table 11.
15.4
56.1
21.2
22.6
67.9
48.0
41.3
25.1
65.6
64.9
134.4
67.8
35.5
6.6
3.2
2.2
8.3
0
9.6
1.7
8.1
24.1
.3
1.2
6.5
.6
5.8
.1
.1
4.3
.1
.5
.4
55.3
123.8
6.6
80.3
41.5
1.5
3.3
5.0
17.0
4.8
.3
3.3
4.1
2.2
8.1
40.5
41.7
44.1
28.4
7.7
3.7
4.3
1,284.3
229.1
138.4
108.0
38.8
51.3
178.6
32.3
129.0
35.5
57.5
110.0
61.5
99.3
15.1
3.2
.1
.2
.2
.3
.2
12.5
11.9
H
A
3.3
G
1.3
2.9
.1
5.5
3.0
8.6
144.0
2,706.5
139.6
39.0
32.5
2.6
2.0
.6
7.7
4.9
2.5
0
.4
9.9
9.3
1.6
2.8
2.9
189.1
44.3
87.0
27.6
14.2
8.7
23.9
65.5
10.9
45.5
F
G
0
0
6.5
0
H
H
.6
.9
8.1
1.0
2.5
3.4
6.1
.9
.3
12.5
n
22.2
.4
.8
0
0
2.6
0
4.3
9.0
4.4
3.0
.9
1.9
3.6
.6
161.2
97.0
89.0
14.5
.8
.6
.1
0
0
0
H
0
0
0
0
0
H
1.1
3.7
.6
A
.2
43.9
10.4
22.2
156.4
97.0
77.7
11.9
.8
.5
3.2
.2
0
0
.8
.9
0
(*)
Q
A
.1
.5
.2
0
0
0
0
0
0
.1
.1
0
4.0
.7
0
1.4
2.0
.3
.2
(*)
(*)
0
0
0
0
G
.2
0
0
.2
0
0
0
0
n
0
0
0
0
0
0
0
0
0
0
0
0
1.4
0
0
1.4
0
0
0
0
0
0
1.1
G
G
.4
2.1
.1
.1
.8
.3
.2
.1
.2
.3
12.1
n
8.0
n.9
1.0
.2
4.1
2.7
1.2
.5
.1
.6
.1
0
0
.2
.7
.4
1.7
.5
.5
24.6
3.9
4.0
2.0
5.5
2.0
1.7
39.8
12.0
1.6
3.4
1.1
.3
.3
1.6
0
.4
.1
0
0
.8
3.2
3.7
6.6
1.0
1.2
8.2
.4
485.1
11.7
54.9
48.5
2.2
1.8
6.2
1.2
1.8
.2
44.0
.3
.4
1.5
0
0
0
.8
.1
(*)
.4
0
.2
H
.3
.1
.7
H
G
G
0
0
.2
109.3
1,590.0
63.0
22.2
121.3
13.3
73.0
11.5
20.0
162.5
28.2
12.3
6.6
139.9
47.6
10.7
17.8
189.5
26.3
20.5
3.7
.2
2.9
1.2
3.6
1.1
.8
H
8.0
.3
1.5
8.2
G
97.6
48.5
33.2
55.3
19.4
130.7
11.2
1.1
21*
76.1
11.6
43.3
791.7
99.9
115.1
59.0
30.6
21.1
64.8
16.8
115.3
18.6
45.0
83.4
34.6
81.0
6.4
59.2
15.4
127.8
.3
.3
.4
201.0
101.8
30.0
72.1
12.2
35.0
14.9
14.0
63.7
66.8
14.7
128.4
5.3
1.5
20.4
41.1
21.8
375.7
46.1
244.4
13.9
20.5
26.1
23.0
.2
A
2.1
1.3
1.4
.1
5.6
6.4
4.6
879.0
11.1
28.3
2.0
.2
.4
3.0
.4
.2
.2
14.3
4.1
5.1
88.4
18.2
.4
23.3
17.7
11.9
13.7
5.7
2.3
4.0
5.8
19.9
2.7
2.4
22.5
.9
1.8
27.4
10.2
451.5
0
8.3
.2
.9
1.2
17.5
26.3
17.5
60.9
17.0
5.4
0
.6
14.6
.6
1.9
F
.1
4.6
7.0
.3
.6
2.0
.1
30.6
37.6
22.2
55.9
5.1
1.2
.9
.3
0
10.4
6.9
2.7
1.8
17.6
41.5
.2
11.5
2.5
1.6
2.9
1.1
.1
i.i
1.5
6.3
G
I
6.8
0
1.6
1.6
3.5
.1
14.8
16.1
1.0
2.4
2.8
.1
.6
2.6
.5
n
0
14.7
n
11.0
28.0
16.1
27.6
6.0
4.2
G
4.6
1.0
1.3
8.5
F
4.0
.1
.4
.1
1.5
.9
1.0
1.0
1.2
1.9
5.2
34.9
17.9
18.8
14.0
6.5
565.8
81.0
298.8
41.2
44.0
10.9
15.1
66.6
102.1
11.9
W
44.6
15.2
1,217.2
6.1
Africa
13.2
414.3
2.7
610.0
25.5
11.2
24.3
527.8
15.0
Other Western Hemisphere
Bahamas
Barbados
Bermuda
Dominican Republic
Jamaica
Netherlands Antilles
Trinidad and Tobago
United Kingdom Islands, Caribbean
Other
241.1
21.0
99.4
23.6
16.6
13.1
423.8
114.4
8.2
Central America
Costa Rica
Guatemala
Honduras
Mexico
Panama
Other
5.8
.4
.7
.4
1.1
.6
6.3
1.9
6.2
2.3
.1
12.4
2.3
1.4
5.7
3.0
1.4
1.1
.3
0
.1
97.0
16.6
16.6
2.5
4.3
5.6
20.7
2.6
2.6
1.1
7.3
2.5
6.0
4.4
4.3
13.5
243.2
15.5
18.1
3.1
4.0
H
F
.2
2.1
.3
.4
.3
.5
.4
.8
.9
.1
O0
(
0
0
0
0
0
]0
4.3
1.5
0
2.6
.1
1.2
1.1
0
n.1
180.1
13.5
12.2
1.5
12.0
o
3.0
.5
0
2.5
0
8.4
8.4
0
0
0
260.1
2.8
58.2
32.9
3.2
3.4
1.2
7.1
2.5
16.3
30.0
64.1
.2
.6
50.7
G
K
4.9
.1
21.7
21.7
15.5
15.0
n
.3
36.6
21.0
4.9
.5
G
F
1.0
.6
0
0
0
3.1
H
A
.2
59.9
13.1
.1
.2
0
9.5
1.7
.1
(
2
A
K
.1
0
11.6
J
G
G
0
.2
.1
8.3
144.5
23.4
15.5
123.5
17.4
J
6.2
I
17.7
14.1
33.7
4.8
17.4
J
6.9
4.7
I
I
A
7.8
4.5
1.8
6.3
3.9
3.0
4.3
8.5
6.5
4.8
3.4
n.9
n
4.0
0
.2
.2
3.2
.3
.1
3.4
n
.1
<2
.3
0
.2
.2
46.1
6.5
.7
6.8
.7
g
U.9
.9
1.9
.9
G
2.4
5.1
2.4
A
16.8
5.4
.5
102.1
19.2
56.0
61.7
1.3
4.1
.3
2.3
19.0
10.4
.5
.7
8.4
3.5
1.0
G
13.2
10.0
4.7
12.0
2.2
5.1
5.1
1.0
.5
7.1
.3
42.7
.1
1.5
0
41.1
.1
n
7.4
.2
2.8
1.2
.5
A
0
F
.9
.6
11.6
H
0
6.2
G
18.0
13.9
3.3
.7
.1
124.7
41.2
2.0
7.6
2.2
.4
49.4
3.2
2.9
5.2
A
5.7
2.2
1/1
G
3.5
3.0
.9
J
10.0
3.9
7.4
6.6
H
59.7
13.1
H
13.7
18.6
J
.5
7.2
.7
0
0
4.7
G
0
F
n
n
8.0
A
.1
G
5.9
2.7
0
2.3
.3
.1
157.0
59.1
11.7
16.0
.4
14.5
J
H
1.7
H
7.2
13.0
4.6
F
3.4
5.7
3.0
90.8
284.8
20.8
197.4
14.7
297.8
1.8
1.9
6.0
7.2
29.3
354.8
17.3
15.2
261.7
1.0
5.3
99.7
6.3
2.1
459.2
11.5
10.6
256.8
24.2
4. See footnote 4 to table 11.
NOTE.—Size ranges are given in employment cells that are suppressed. The size ranges are A—1 to 499; F—
500 to 999; G—1,000 to 2,499; H—2,500 to 4,999; 1-5,000 to 9,999; J—10,000 to 24,999; K-25,000 to 49,999;
L—50,000 to 99,999; M-100,000 or more.
SURVEY OF CURRENT BUSINESS
43
July 2000
Table 13.2.—Employment of Majority-Owned Nonbank Foreign Affiliates, Country by Industry of Affiliate, 1998
[Thousands of employees]
Manufacturing
All
ustries
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
Finance
(except
depository
institutions),
insurance,
and real
estate
Services
Other
industries
6,899.9
176.9
3,977.3
434.9
543.6
190.0
563.6
721.4
642.0
881.7
569.7
222.0
962.8
862.1
18.2
376.6
37.9
40.1
27.4
35.4
28.1
102.9
104.8
76.0
26.3
101.9
263.0
3,145.2
50.1
1,794.4
160.8
256.9
108.7
301.8
239.1
322.0
405.1
313.3
108.3
574.1
305.1
Austria
Belgium
Denmark
Finland
France
28.7
102.8
27.4
13.8
447.9
.4
2.0
.4
.4
3.2
18.2
61.2
10.5
.9
.2
3.0
.5
.7
2.1
6.2
1.7
.4
2.6
4.4
G
G
.6
2.3
F
.1
7.3
1.9
.9
4.8
F
2.1
Germany
Greece
Ireland
Italy
590.0
11.8
69.8
184.5
Luxembourg
Netherlands
167.5
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Other
47.6
33.2
146.9
51.4
51.1
29.5
953.5
178.6
5.1
.4
.3
3.1
.1
3.6
5.7
.2
.5
.3
1.1
.4
All countries
Canada
Europe
9.0
17.5
5.4
5.8
4.7
6.8
10.6
12.3
16.3
.6
.3
H
H
8.8
3.9
6.8
1.9
8.3
2.0
.1
239.1
12.6
44.1
16.0
55.7
21.1
26.0
63.7
49.1
414.2
14.2
32.7
25.0
66.8
70.4
126.2
78.9
36.2
6.5
3.0
2.3
5.3
.1
9.4
1.7
4.8
1.7
8.8
.7
1.0
6.3
.7
6.1
.3
.1
6.3
.4
.5
.5
57.4
116.4
7.0
82.3
6.5
23.2
102.9
26.1
16.2
13.5
460.4
126.0
16.4
1.0
1.3
23.7
0
15.6
.8
2.4
n
.1
11.5
18.4
15.7
16.7
.2
0
9.9
.4
13.0
2.2
.7
8.0
5.5
2.3
0
12.0
0
.7
17.9
0
9.5
.2
.8
16.3
6.2
.5
129.7
19.5
63.7
61.2
6.0
.4
9.6
.3
1.5
2.2
.1
18.7
24.8
16.2
31.7
.9
2.3
4.1
5.6
29.5
18.4
12.1
15.1
.2
A
1.6
1.3
1.1
.1
1.1
17.4
28.1
2.9
2.6
21.7
991.1
1.4
4.4
.3
3.6
30.9
10.1
.7
.7
9.0
1.6
G
8.8
6.6
4.5
1.0
2.6
9.1
2.0
3.0
4.0
31.3
16.9
2.6
.2
.4
6.2
5.7
5.0
41.5
23.2
70.3
18.6
101.9
29.7
58.9
17.1
61.4
210.4
6.1
1.4
5.6
144.9
23.0
14.0
17.3
2.2
1.7
1.6
7.2
2.8
1.9
54.2
21.3
60.4
17.8
31.1
100.9
9.3
8.5
14.8
5.0
13.0
5.9
1,416.4
34.4
950.9
174.5
129.8
31.8
56.3
189.5
177.1
191.8
46.5
26.2
122.2
236.2
South America
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Venezuela
Other
619.9
94.3
341.5
44.2
41.9
11.5
14.9
62.5
27.3
364.5
48.5
236.1
13.3
18.4
69.8
12.5
33.5
77.5
12.7
43.6
19.8
29.1
26.0
82.1
28.9
17.9
1.3
1.0
.5
8.6
12.5
27.0
23.5
60.2
11.9
41.0
2.3
4.7
2.0
1.7
2.9
1.1
.4
.1
0
0
.7
.4
.7
0
0
.8
0
F
G
.5
0
4.7
H
H
1.5
1.0
7.2
1.6
2.8
6.5
I
1.4
A
.1
.9
104.2
11.9
50.2
11.2
.3
5.1
8.6
4.9
3.5
.8
1.8
3.6
.6
77.1
20.7
36.1
Central America
Costa Rica
Guatemala
Honduras
Mexico
Panama
Other
753.9
24.7
12.5
28.2
668.9
13.2
4.6
0
.2
.2
3.9
.3
.1
3.7
Latin America and Other Western Hemisphere
Other Western Hemisphere
Bahamas
Barbados
Bermuda
Dominican Republic
Jamaica
Netherlands Antilles
Trinidad and Tobago
United Kingdom Islands, Caribbean
Other
Africa
6.3
42.7
1.4
3.2
4.2
18.7
4.5
.4
3.1
5.1
2.1
111.2
12.9
W
Nigeria
South Africa
Other
Middle East
Israel
Saudi Arabia
United Arab Emirates
Other
Asia and Pacific
Australia
China
Hong Kong
India
Indonesia
Japan
Korea, Republic of
Malaysia
New Zealand
Philippines
Singapore
Taiwan
Thailand
Other
International
9.1
1
Addenda:
Eastern Europe 2
European Union (15) 3
OPEC 4
* Fewer than 50 employees.
1. See footnote 1 to table 5.
2. See footnote 2 to table 11.
3. See footnote 3 to table 11.
8.5
45.7
44.1
49.5
32.6
8.2
4.3
4.5
5.4
4.1
G
4.7
F
1.2
8.8
.9
3.8
.1
.4
.1
1.2
.9
1.0
3.7
1.6
3.5
6.5
1.0
1.1
8.6
.5
566.0
12.7
103.1
48.9
11.9
27.2
163.3
116.9
94.5
15.3
2.2
1.8
7.1
1.2
1.9
.2
.8
.6
.1
H
0
0
0
0
0
44.3
10.1
158.5
116.9
.3
.4
1.6
0
0
0
.8
.2
.8
.5
3.3
.3
0
0
.8
.9
0
.1
G
A
.1
.3
.2
0
0
0
0
0
0
.1
.1
0
3.9
.8
0
1.3
1.8
.3
.2
0
G
.2
0
0
.2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2.5
0
0
2.2
H
1.5
3.8
L
.8
G
F
F
.2
91.3
G
0
0
K
0
0
5.4
3.9
35.4
5.8
11.3
530.4
1.9
3.9
3.2
.1
.1
.2
.2
.2
.2
1.2
.1
1.0
20.4
18.3
60.1
1.8
6.6
G
I
7.2
0
1.3
2.2
3.7
5.8
1.6
1,305.4
221.6
178.8
95.7
45.2
50.3
187.8
32.6
121.2
36.7
58.8
105.2
62.4
93.7
15.5
42.0
10.1
6.7
174.0
2,838.4
137.4
37.5
33.8
4.9
1.4
.8
.6
12.5
H
.1
3.1
G
1.2
3.0
.2
5.5
3.2
5.3
55.0
.4
.2
.2
13.1
2.5
.1
.7
3.0
.4
29.0
23.8
14.4
13.6
.2
.2
.4
781.0
93.9
142.4
43.7
33.6
20.7
64.4
16.8
108.7
19.3
46.3
75.1
32.4
76.8
6.8
123.8
1,632.1
58.1
11.7
n.4
0
.1
H
.3
.1
.5
H
G
G
0
0
.2
55.0
18.0
5.1
.2
3.0
F
3.5
1.0
.9
H
8.2
.3
1.1
8.6
G
21.3
134.4
12.8
14.5
2.5
1.4
8.0
2.6
1.4
1.2
.2
0
.1
100.9
19.1
18.9
2.5
4.5
5.6
20.3
2.9
2.5
1.2
6.0
3.3
5.4
4.3
4.3
17.7
233.6
15.8
.1
1.6
0
n
n0
0
0
0
0
0
n0
0
4.5
1.5
0
2.8
.1
.6
.6
0
«2
2.9
.5
0
2.4
n
8.2
i
n.1
8.2
0
0
0
18.0
164.9
253.7
{n
3.9
3.7
H
G
.2
1.9
.6
.4
.5
.4
.4
.8
.8
.1
9.4
2.6
17.6
74.0
19.5
1.4
11.9
4.0
3.2
1.1
7.2
2.1
15.6
23.7
59.9
.2
.8
46.5
G
K
4.1
.1
24.0
16.5
15.0
14.9
n
.3
n
.3
0
0
0
0
0
37.5
20.2
4.7
.5
2.4
.5
1.1
.9
0
(*)
o
3.7
H
nA
15.2
.1
.2
0
11.5
1.4
.1
(*)
G
A
K
.3
0
12.8
F
.4
2.3
A
.1
.5
.3
A
.1
.2
.8
n
n
&
.1
.1
(*)
2
!3
0
7.5
4.7
1.0
.5
6.4
.2
38.7
.1
1.5
0
37.1
.1
2.8
.4
.5
.5
0
.6
.9
.6
1.1
0
0
.2
.9
.4
151.0
20.8
18.3
124.2
18.7
59.6
J
I
I
17.6
4.8
1.0
6.6
1.0
9.5
.8
.7
14.8
33.6
25.5
47.6
5.3
6.2
4.3
2.7
4.2
1.1
1.8
.7
G
2.5
5.4
1.9
A
3.3
1.3
J
G
G
0
.2
.1
21.4
J
6.9
4.3
H
I
.2
5.6
11.3
7.0
4.0
3.1
n.1
.2
.2
125.5
J
H
16.4
83.6
.1
n
6.5
7.7
.9
.2
4.2
2.5
2.0
1.2
A
F
.1
11.8
9.3
3.1
7.4
7.4
3.7
14.3
4.3
0
8.5
1.6
21.4
17.8
3.0
.5
.1
128.9
44.8
2.6
7.6
4.7
.6
6.3
.7
5.5
1.7
1.0
1.1
.7
6.5
F
0
0
4.5
G
0
.3
R
9.6
.2
.1
G
I
4.0
0
H
F
.1
169.9
52.7
25.9
16.5
.7
14.8
J
5.1
1.9
I
H
7.8
15.7
4.5
F
3.4
9.3
6.1
98.0
291.2
21.7
208.6
18.6
302.7
1.8
1.8
4.0
5.2
29.0
363.7
16.6
16.9
268.4
1.4
4.2
105.5
5.5
1.8
520.0
10.5
22.5
274.9
27.7
4. See footnote 4 to table 11.
NOTE.—Size ranges are given in employment cells that are suppressed. The size ranges are A—1 to 499; F—
500 to 999; G—1,000 to 2,499; H-2,500 to 4,999; 1-5,000 to 9,999; J—10,000 to 24,999; K—25,000 to 49,999;
L—50,000 to 99,999; M—100,000 or more.
44
• July 2000
SURVEY OF CURRENT BUSINESS
Table 14.1—Gross Product of Majority-Owned Nonbank Foreign Affiliates, Country by Industry of Affiliate, 1997
[Millions of dollars]
Manufacturing
All
industries
Petroleum
Total
520,867
56,454
297,441
111,838
Austria
Belgium
Denmark
Finland
France
3,932
12,987
2,470
2,141
36,869
1,249
1,895
332
585
5,901
Germany
Greece
Ireland
Italy
Luxembourg
Netherlands .
57,336
1,320
11,677
21,709
1,063
19,162
7,051
603
809
7,308
174
3,311
6,248
2,696
9,664
4,741
7,977
2,178
89,055
4,216
4,772
815
213
308
757
299
29,160
23
All countries .
Canada
Europe
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
"United Kingdom
Other
Latin America and Other Western Hemisphere .
41,074
Central America
Costa Rica
Guatemala
Honduras
Mexico
Panama
Other
13,386
557
290
304
11,816
126
294
Bermuda
Dominican Republic
Jamaica
Netherlands Antilles
Trinidad and Tobago
United Kingdom Islands, Caribbean .
Other
6,733
23,642
3,027
2,550
226
1,383
2,866
646
7,242
183
992
3,063
735
379
-138
618
1,191
219
Africa
Egypt
Nigeria
South Africa ,
Other
8530
921
2,951
1,449
3,209
Middle East
Israel
Saudi Arabia
United Arab Emirates .
Other
4,294
Asia and Pacific
Australia
China
Hong Kong
India
Indonesia
Japan
Korea, Republic o f .
Malaysia
New Zealand
Philippines
Singapore
Taiwan
Thailand
Other
International'
Addenda:
Eastern Europe 2
European Union (15) 3
OPEC 4
953
392
1,152
1,798
90,924
19,048
3,194
7,053
684
5,352
26,578
2,343
4,903
2,936
2,124
9,379
3,011
3,493
826
1,522
3,901
276,822
13,805
* Less than $500,000 (±).
Suppressed to avoid disclosure of data of individual companies.
1. See footnote 1 to table 5.
D
65,564
61,702
South America
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Venezuela
Other
Other Western Hemisphere .
Bahamas
8,883
4,859
1,274
1,400
A
80
235
573
12
124
31
182
127
1,045
58
66
35
49
47
34
577
34
176
6,083
757
2,901
R
2,777
961
1,726
20,771
4,831
481
600
50
3,805
R
1,427
254,623
27,862
148,473
1,415
7,190
736
850
20,038
39,400
403
9,162
9,418
620
9,407
443
773
6,674
2,151
3,055
1,289
32,343
3,106
39,497
27,219
3,922
19,277
816
1,145
72
191
1,613
183
10,881
238
123
129
10,242
83
67
1,397
28
6
18
217
114
3
-6
1,000
17
1,289
73
30
702
484
722
659
25
29
10
36,779
7,366
2,116
1,434
514
363
8,550
947
2,965
1,897
1,189
6,753
1,558
1,043
85
25,640
2,422
14,117
222
522
169
6
1,844
2,244
150
986
843
0
1,233
122
218
643
232
161
200
3,926
396
5,618
2,992
140,581
2,062
396
13,238
352
fi
964
28
1,816
611
1,190
-<35
59,713
9,364
Food and
kindred
products
4,177
741
2,497
171
262
24
72
315
96
1,408
50
41
101
1,201
0
3
3,268
1,059
129
29
48
23
1,153
104
17
(D)
275
19
81
69
n
Chemicals
and allied
products
52,695
3,834
32,669
99
3,351
95
183
4,990
4,818
180
4,464
2,448
0
2,036
55
184
1,475
156
5,924
375
8,803
5,441
1,030
3,319
192
401
28
61
386
22
2,361
45
36
4
2,239
25
13
1,001
24
0
0
24
74
0
1
378
78
16
204
79
62
39
24
1
-2
6,950
1,776
405
192
129
136
2,736
161
87
84
397
179
434
190
44
300
31,244
564
Primary
and
fabricated
metals
10,619
1,985
6,028
15
171
29
73
1,220
1,657
11
77
361
41
349
12
5
56
35
1,489
125
1,732
1,437
102
992
216
61
4
15
48
0
259
18
7
2
218
36
0
0
0
0
0
0
-13
50
0
160
9
0
61
90
33
27
n
184
186
13
6
16
24
24
22
38
2
125
5,800
63
Industrial
machinery
and
equipment
Electronic
and other
electric
equipment
36,088
2,598
23,254
183
510
79
25
4,819
6,207
2
561
2,183
10
731
162
26
600
294
244
0
6,572
45
2,263
1,294
15
1,248
9
-1
0
0
23
1
968
0
0
0
968
0
0
1
0
0
0
0
0
0
1
0
0
91
18
0
70
3
41
35
0
1
5
7,841
619
374
79
159
18
658
178
676
10
6
4,591
D
()
25,714
1,751
12,298
131
263
109
238
1,323
2,688
9
1,850
1,020
Other
manufacturing
44,558
24,045
8
20
246
508
71
197
56
2,148
382
2,637
1,103
13
1,017
9
19
9,435
45
0
1,446
1,715
45
22,803
44
359
11,642
119
55,909
5,057
35,646
855
2,162
988
578
4,622
3,522
162
1,274
3,094
151
4,000
666
715
1,684
1,429
2,509
500
6,105
630
4,199
2,146
471
890
213
212
22
100
187
51
891
204
536
1,162
51
122
768
22
121
-150
8
54
2
321
62
5
197
57
98
32
12
46
8
10,587
1,457
361
1,991
59
50
3,659
869
204
225
177
655
621
219
40
7
0
77
2
416
416
0
0
0
8,527
174
833
n
Wholesale
trade
q
0
1,369
0
(D)
88
0
2
18
0
0
0
0
74
2,084
153
1,719
30
363
1,577
594
211
10
2. See footnote 2 to table 11.
3. See footnote 3 to table 11.
4. See footnote 4 to table 11.
Transportation
equipment
331
23,619
511
1,437
32,235
582
31,341
299
Finance
(except
depository
institutions),
insurance,
and real
estate
22,534
3,958
8,704
53
237
(D)
687
1,787
69
244
123
64
-788
-223
fi
103
261
12
5,636
146
2,864
559
156
127
183
30
10
15
33
5
-243
23
-270
2
2,547
-7
677
2,046
1
-31
n
105
0
12
90
-3
5
37
51
6,814
1,176
46
1,417
10
31
2,428
93
217
-158
(D)
492
522
334
D
124
8,508
122
Services
47,050
3,808
28,269
282
1,343
305
46
4,717
3,703
63
85
1,271
43
2,747
478
181
646
502
1,208
63
10,461
125
3,497
2,361
423
1,484
125
118
6
15
160
31
594
n
576
12
2
542
25
122
200
7
(D)
134
23
403
337D
()
546
265
241
42
-1
10,526
2,328
79
575
33
24
6,187
354
56
288
a
Other
industries
28,913
6,886
10,784
79
159
(D)
77
904
1,873
20
102
495
12
485
112
fl
250
187
14
5,350
187
5,075
3,930
488
463
£
36
828
300D
()
597
103D
()
147
257
SI
548
28
0
-4
438
-1
1
329
61
0
20
37
4
5,446
1,890
112
1,036
20
1,079
(D)
R
120
32
119
162
48
(D)
332
66
26,394
464
172
10,285
1,493
SURVEY OF CURRENT BUSINESS
July
45
2000
Table 14.2—Gross Product of Majority-Owned Nonbank Foreign Affiliates, Country by Industry of Affiliate, 1998
[Millions of dollars]
Manufacturing
All
industries
All countries
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
Finance
(except
depository
institutions),
insurance,
and real
estate
Services
Other
industries
510,735
89,484
251,442
26,570
55,040
10,729
34,758
22,774
41,618
59,952
59,109
22,912
52,509
Canada
54,739
7,508
27,452
2,533
4,887
1,768
2,327
1,759
8,281
5,898
4,947
3,407
4,139
7,285
Europe
303,505
53,708
150,634
14,399
33,211
6,642
22,538
12,312
23,779
37,753
40,655
11,225
33,960
13,324
455
1,612
7,362
92
145
561
128
15
194
259
(D)
r)
604
960
47
46
339
830
1,616
1,265
56
192
n
361
40
4,805
1,260
1,449
H
P
2,382
1,062
83
504
240
1,948
4,045
4,892
854
5,840
91
878
6,654
12,199
1,859
3,274
13,653
2,643
2,316
35,915
247
535
838
954
225
805
213
6
4,144
19,308
1,508
5,366
12
302
30
66
875
Germany
Greece
Ireland
Italy
Luxembourg
Netherlands
56,464
6,343
38,728
2,164
4,251
1,691
971
204
832
428
201
5,892
2,302
2,513
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Other
5,067
2,321
10,563
5,281
9,610
2,121
90,735
4,933
48
61
377
38
87
34
Austria
Belgium
Denmark
Finland
France
.,
13,669
22,433
1,290
20,243
164
629
122
982
591
10
2,434
9,582
1,220
425
831
89
207
624
161
169
69
7,784
3,181
150
49
320
718
38
9,459
8,535
2,861
95
190
2,900
8,870
2
9
-263
1,286
1,518
0
54
990
0
994
936
978
799
170
846
25
57
59
13
722
168
28
661
330
185
0
21
313
510
102
212
62
4,880
5,290
1,814
6,669
2,474
7,069
356
276
221
429
341
0
52
185
1,698
n
78
6
29
2,113
695
3,738
1,764
4,032
47
189
1,214
2,054
1,325
3,056
59
550
568
328
67
560
333
105
3,328
5,516
-946
3,205
718
809
17
A
589
179
910
576
55
69
996
425
1,687
1,615
4,193
47
7,447
2,161
2,766
1,339
34,589
3,641
61,336
5,404
38,220
6,168
9,703
1,543
2,379
1,862
7,946
8,619
4,326
37,606
7,071
21,922
2,487
1,842
3,778
1,305
1,485
23,942
3986
16,235
3,815
5,408
1,022
3,208
1,208
1,405
6,402
1,519
4,122
2,139
AD
()
19
753
969
108
230
65
1,489
174
183
399
28
102
445
22
12,129
2,318
2,596
275
143
148
58
43
103
38
41
4
11,407
2,099
2,459
79
79
9
7
35
0
2
0
17
3
3
3
0
8
25
29
293
120
787
12
125
53
213
178
206
839
11
30
60
47
63
19
342
31
238
217
256
25
71
296
77
442
8
371
9
20
(*)
5,262
2,119
Africa
Egypt
Nigeria
South Africa
Other
6,752
3,925
1,388
1,821
1,606
2,669
1,769
466
Middle East
Israel
Saudi Arabia
United Arab Emirates
Other
3,764
1,138
1,919
98
42
736
512
811
753
25
22
12
Latin America and Other Western Hemisphere
South America
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Venezuela
Other
285
910
2,457 ;
632
15,674
Central America
Costa Rica
Guatemala
Honduras
Mexico
Panama
Other
240
315
333
13,961
483
342
Other Western Hemisphere
Bahamas
Barbados
Bermuda
Dominican Republic
Jamaica
Netherlands Antilles
Trinidad and Tobago
United Kingdom Islands, Caribbean
Other
188
1,333
2,850
822
279
35
424
1,832
656
533
848 :
1,245
79,129
16,756
3,047
7,342
Asia and Pacific
Australia
China
Hong Kong
India
340
Indonesia
Japan
Korea, Republic of
Malaysia
8,056
:
New Zealand
Philippines
Singapore
Taiwan
Thailand
Other
International1
Addenda:
Eastern Europe 2
European Union (15) 3
OPEC 4
,
B
(*)
102
665
1,152
15,911
3,688
265
508
99
2,149
20
6
20
255
115
5
39
1,667
21
32,935
6,744
2,311
1,157
552
310
3,936
23,648
1,544
3,206
2,921
2,057
7,774
2,698
3,521
2,391
1,152
1,795
1,745
1,189
5,286
1,426
1,956
337
29
90
1,510
1,109
4,641
281,773
10,501
-37.
49,723
5,681
* Less than $500,000 (+).
D
Suppressed to avoid disclosure of data of individual companies.
1. See footnote 1 to table 5.
24,114
1,072
A
868
22
755
1,699
17
0
0
29
76
0
35
P)
(D)
0
0
3
446
102
10
241
94
72
47
24
1
-1
3,215
1,070
6,721
1,585
116
31
69
(D)
580
201
149
209
5
33
21
(D)
P)
p
7,536
1,314
2,513
839
64
9
147
52
3,585
142,462
1,890
A27
41
92
(D)
100
846
138
56
4
2
62
0
292
25
7
2
247
9
1
44
0
0
0
0
0
0
-2
46
0
138
20
0
71
47
31
25
n5
0
608
201
88
B
9
142
12
6
75
372
20
-2
274
363
167
35
19
33
19
2
54
1,310
9
-1
0
0
32
1
o
34
0
973
(D)
0
0
D
)
0
0
1
0
0
0
0
0
0
1
0
0
98
17
0
78
3
40
34
0
1
5
1,325
7,375
6,280
414
438
77
146
4
572
209
328
104
929
477
23
32
10
30
3,745
D\
D\
o
0
141
21
26
637
6,262
6,953
1,353
_ 72
12,207
362
722
94
116
313
2,455
3,590
7,340
66
114
2,378
5,303
535
631
-174
1,413
2,143
158
72
6
11
159
23
596
888
253
59
554
542
234
527
4,259
P)
P)
25
0
324
n
2,684
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
61
0
0
44
17
0
0
0
0
0
145
959
7
492
763
582
225
9
1,324
P)
P)
26
55
297
74
1,942
839
502
820
222
228
28
114
156
70
526
P)
P)
2
568
P)
14
275
4
2
0
210
36
2
2
8
D
)
9
0
203
P)
P)
1,661
P)
103
884
26
P)
14
9
560
2
324
35
5
226
59
114
35
P)
30
P)
-18
46
11
278
1
10
4
152
111
-1
2,111
55
1,037
1,616
1
6
5
13
-624
1
59
0
3
-32
89
-3
-9
0
14
5
P)
P)
-111
1,551
1,146
7,185
2,223
8,743
1,383
5,775
31
17
-9
-5
65
11
0
130
-7
0
181
P]
16
(D)
356
273
220
429
307
362
13,716
31,914
6,271
21,755
11,676
23,364
343
688
76
40
66
319
2. See footnote 2 to table 11.
3. See footnote 3 to table 11.
4. See footnote 4 to table 11.
P)
228
448
296
16
953
2,684
1,532
23
944
410
12
452
137
6,394
1,656
0
(D)
95
0
2
20
0
0
0
0
73
0
87
6
0
79
2
474
474
0
52
P]
161
284
19
1,248
0
0
2,315
35,279
8
158
D
)
D
)
D
2,150
)
128
20
1,398
2,898
250
441
268
143
3
237
132
44
66
615
40
O
4
5 S6
2
617
21
156
183
7
22
-8
7
198
30
535
49
0
461
25
576
359
179
35
2
9,709
2,491
6,611
1,358
P!
pi
126
1,037
P'
43
679
P]
0
87
486
P)
(*)
15
n
0
520
9
3
B
354
0
P
P!5
6,056
1,836
22
105
485
88
33
1,160
2,372
5,312
97
119
38
274
42
p;
543
473
244
359
108
26
29
1,607
-548
314
42
168
1,434
21
66
35
fi
D
D)
2
578
503
106
37
1,637
33,765
659
81
52
301
34,386
10,810
31,830
358
252
19
407
12,561
2,251
277
)
P)
166
38
P)
401
46
July
SURVEY OF CURRENT BUSINESS
2000
The International Investment Position
of the United States at Yearend 1999
By Russell B. Scholl
Harlan W.King
directed the preparation of the
estimates; Christopher A. Gohrband and Dena
A. Holland made
significant contributions, and
Douglas B. Weinberg prepared the
direct investment
accounts at current cost.
C7 HE NET international investment position of
J- the United States—U.S.-owned assets abroad
less foreign-owned assets in the United States—at
yearend 1999 was a negative $1,082.5 billion with
direct investment valued at the current cost of tangible assets, and it was a negative $1,473.7 billion
with direct investment valued at the stock market
value of owners' equity (table A, chart I). 1 On either basis, the net foreign ownership of assets in
the United States remains a small share of the total
financial wealth of all U.S. households and nonprofit organizations—roughly 3 to 4 percent at
yearend 1999.2
The net position on both bases changed little
from 1998 to 1999; large net financial inflows were
offset by large, positive net price appreciation (that
resulted from greater price appreciation in U.S.1. The current-cost method values the U.S. and foreign parents' share of their
affiliates' investment in plant and equipment using the current cost of capital
equipment, in land using general price indexes, and in inventories using estimates of their replacement cost. The market-value method values the owners'
equity position of the direct investment using indexes of stock market prices.
For additional information about the different measures of direct investment,
see J. Landefeld and A. Lawson, "Valuation of the U.S. Net International Invest-
owned assets abroad than in foreign-owned assets
in the United States) (table B). Both financial inflows and outflows were strong, and U.S. direct investment abroad, foreign direct investment in the
United States, and net foreign purchases of U.S. securities other than U.S. Treasury securities were all
CHART 1
Net International Investment Position
of the United States at Yearend, 1982-99
:
10*000
WITH DIRECT INVESTMENT POSITIONS VALUED
AT CURRENT COST
;
0,000
—
U;S; Assets Abroad
Foreign Assets in the United States
- - - Net
4,000
2,000
ment Position," SURVEY OF CURRENT BUSINESS, May, 1991.
2. The wealth data are from the Board of Governors of the Federal Reserve
System, Flow of Funds Accounts of the United States, (Washington, DC, March,
2000): 62.
Table A—Summary Components of the U.S. Net Position at
Yearend
-2,000
I I I I I I I I I I I I I II
10,000
[Billions of dollars]
WITH DIRECT INVESTMENT POSITIONS VALUED
AT MARKET VALUE
1998
1999
&00O
Net position:
At current cost
At market value
-1,111.8
-1,407.7
-1,082.5
-1,473.7
-604.9
-648.9
278.5
17.5
-917.5
132.2
206.0
-185.2
-537.3
197.5
6,000
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
Table B.—Changes in the Net International Investment
Position, 1999
[Billions of dollars]
At market value
Total change
Financial flows
Valuation adjustments:
Price changes
Exchange rate changes .
Other valuation changes
-66.0
-323.4
301.9
-57.4
12.8
•2,000,
1982
I I I I I
84
88
88
90
92
I
SURVEY OF CURRENT BUSINESS
at record levels. The strong, widespread recovery
in overseas stock prices between yearend 1998 and
yearend 1999 substantially increased the value of
foreign stocks in U.S. portfolios and the value of
U.S. owners' equity of U.S. direct investment
abroad on a market-value basis. The rise in U.S.
stock prices increased the value of foreign holdings
of U.S. stocks and the value of foreign owners' equity in foreign direct investment in the United
States on a market-value basis. Net exchange-rate
depreciation, mostly on U.S.-held foreign stocks,
primarily reflected depreciation of the euro against
the dollar.
In 1999, U.S.-owned assets abroad increased
strongly as a result of large financial outflows and
substantial price appreciation of U.S.-held foreign
stocks; the increases were partly offset by price depreciation of foreign bonds and exchange-rate depreciation of European stocks. Net U.S. purchases
of foreign securities included several large-scale
exchanges of stock with European firms and a
large step-up in net purchases of Japanese stocks.
Sizable stock price appreciation resulted from a
worldwide recovery in stock prices. The gains in
stock prices were partly offset by price depreciation of foreign bonds and by the euro's depreciation against the dollar. U.S. direct investment
abroad on both bases increased, reflecting record
outflows, including several large-scale acquisitions, and strong earnings growth of foreign affiliates. At market value, the increase included a large
increase in owners' equity as a result of the sizable,
widespread recovery in stock markets abroad. U.S.
bank and nonbank claims on foreigners recovered;
lending to Europe and the Caribbean increased,
fueled by acquisition-related financing require-
ments abroad and by renewed lending to international bond funds overseas.
In 1999, foreign-owned assets in the United
States increased substantially, reflecting record financial inflows and strong price appreciation of
foreign-held U.S. stocks. Record foreign inflows
for U.S. securities other than Treasury securities
and for foreign direct investment in the United
States were attracted partly by continued strong
U.S. economic growth and by the U.S. dollar's
strength against the euro. In addition, rising yield
differentials favoring U.S. corporate bonds led to
record net inflows into U.S. bonds, and sharply
higher stock prices led to record net inflows into
U.S. stocks and large price appreciation of stocks.
Foreign direct investment in the United States on
both bases was increased by record financial inflows—which included numerous large-scale acquisitions, mostly by European firms—and by
strong earnings growth of U.S. affiliates. The market value of foreign direct investment was further
increased by the rise in U.S. stock prices. U.S. liabilities reported by U.S. banks and nonbanking
concerns increased in response to strong demand
for credit in the United States and abroad. However, holdings of U.S. Treasury securities by private
foreigners and international financial institutions
decreased.
This article presents the major changes in U.S.
assets abroad and in foreign assets in the United
States, including direct investment valued at both
current cost and at market value, in 1999. Tables 1,
2, and 3 present detailed estimates of the yearend
positions.
Revisions.—The estimates of the U.S. international investment position have been revised back
Improvements in the Estimates
As is customary each July, the estimates of the U.S. international investment position incorporate new source data and
methodological improvements that relate to the changes incorporated in the annual revision of the U.S. international
transactions accounts (ITA's). This year, the following major changes are introduced.
The estimates of U.S. portfolio holdings of foreign securities have been revised for 1997 and 1998, reflecting the incorporation of the final results of the U.S. Treasury
Department's Benchmark Survey of U.S. Portfolio Investment Abroad as of December 31, 1997, which covered U.S.
ownership of outstanding foreign long-term securities. The
preliminary results were introduced in last year's article on
the 1998 position. (The availability of new position data
and the data on reported yields on foreign securities also
enabled BEA to develop improved estimates of the related
dividend and interest income receipts, which have been incorporated as part of the annual revision of the ITA's).
The revised estimates of the position of U.S. holdings of
foreign securities are based on revised estimates of financial
flows for 1995-99. Revised net purchases result from a
more complete accounting for large-scale foreign acquisitions of U.S. companies that were accomplished through
exchanges of stock and from increases to account for other
transactions that were not fully reflected in the previously
published estimates. (These improvements also affected related dividend and interest income receipts in the ITA's.)
The estimates of the positions of U.S. direct investment
abroad and foreign direct investment in the United States
on the current-cost basis have been revised back to 1976 to
incorporate improved estimates of the current-cost adjustment that now includes revised estimates of prices for
equipment and structures. (These improvements also affected income and financial flows in the ITA's).
For additional information, see "U.S. International Transactions, Revised Estimates for 1982-99" in this issue.
July 2000 •
47
48
•
July 2000
SURVEY OF CURRENT BUSINESS
to 1976. For yearend 1998, the net negative position was revised from $1,239.2 billion to $1,111.8
billion with direct investment at current cost and
from $1,537.5 billion to $1,407.7 billion with direct investment at market value (table 3). A major
revision was to U.S.-owned foreign securities,
where additional financial flows were added to account for undercoverage of securities transactions.
On the current-cost basis, revisions to the direct
investment positions of both U.S. direct investment abroad and foreign direct investment in the
United States reflected the incorporation of improved estimates of the current-cost adjustment.
(For more information, see the box "Improvements in the Estimates.")
Changes in U.S. Assets Abroad
Bank claims
U.S. claims on foreigners reported by U.S. banks
increased $89.2 billion, to $1,110.1 billion, in 1999
as a result of renewed lending to home offices by
European-owned U.S. banking offices, renewed
lending to overseas bond funds by U.S. brokers
and dealers, and a strong increase in U.S. banks'
domestic customers' assets abroad (table C).
Table C—U.S. Claims Reported by U.S. Banks at Yearend
[Billions of dollars]
1999
1,110.1
Total bank-reported claims
793.4
101.2
528.0
164.2
216.7
100.0
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
Table D.—U.S. Holdings of Foreign Stocks by Major Areas at Yearend
U.S. banks' own claims on banks abroad payable in dollars increased $38.5 billion, to $629.2
billion. Interbank funding, mostly by Europeanowned banks in the United States, was concentrated largely in Europe, where demand was strong
as a result of strong merger and acquisition activity
associated with the evolution of the European
Union and the recoveries in economic growth in
many European countries. In contrast, interbank
claims on Japan decreased, primarily in the first
half of the year, as demand remained weak and
Japanese banks shifted some of their dollar funding to the capital market as their capital positions
improved. Large outstanding interbank claims on
offices in the Caribbean changed only slightly;
strong seasonal lending toward yearend nearly reversed a reduction in claims in the first half.
U.S. banks' own claims on nonbank foreigners
payable in dollars increased $19.9 billion, to $164.2
billion. U.S. brokers and securities dealers resumed
lending to investment funds in the Caribbean and
the United Kingdom, largely through securities resale agreements in order to fund the surge in foreign demand for U.S. securities. Claims on other
nonbank foreigners remained weak, partly because
of net repayments by Latin America and partly because attractive financing conditions were available in global capital markets.
U.S. banks' domestic customers' claims payable
in dollars increased $29.8 billion, to $216.7 billion,
reflecting strengthened customer demand for foreign short-term paper, mostly in the last half of the
year when short-term interest rates rose sharply.
U.S. bank-reported claims payable in foreign
currencies increased slightly to $100.0 billion, reflecting spikes in lending that were quickly repaid
in the year.
[Billions of dollars]
Total holdings
Western Europe
Of which: United Kingdom
Finland
France
Germany
Ireland
Italy
Netherlands
Spain
Sweden
Switzerland
Canada
Japan
Latin America
Of which: Argentina
Brazil
Mexico
Other Western Hemisphere
Of which: Bermuda
Netherlands Antilles
Other countries
,
Of which: Australia ..I
Hong Kong
Singapore
1,207.8
721.1
217.5
14.8
85.0
65.0
14.1
41.5
107.0
25.2
38.8
61.9
70.8
136.4
92.5
12.9
31.3
35.0
45.8
22.6
15.8
141.2
31.1
28.1
10.2
Foreign securities
1999
1997
1,476.2
2,026.6
960.5
295.6
45.6
130.4
1,167.8
374.8
160.2
183.2
117.6
18.2
53.5
141.9
35.7
74.8
104.4
19.5
59.1
115.4
37.7
43.7
73.6
62.0
145.9
54.0
8.9
17.4
27.8
77.8
37.2
24.8
176.0
34.3
27.0
10.3
64.3
100.7
273.7
89.1
11.3
28.9
30.2
129.0
45.9
26.7
266.3
39.2
38.7
16.3
U.S. holdings of foreign securities increased $530.5
billion, to $2,583.4 billion, in 1999, reflecting net
U.S. purchases of foreign stocks, which included
large exchanges of stock related to numerous largescale acquisitions of U.S. companies by foreign
companies, and substantial price appreciation in
most foreign stocks. The increase was partly offset
by exchange-rate depreciation in European stocks
and a decrease in foreign bond holdings.
U.S. holdings of foreign stocks increased $550.5
billion, to $2,026.6 billion (table D). The increase
resulted from $114.4 billion in net purchases,
$480.3 billion in price appreciation, and $44.3 billion in exchange-rate depreciation. Most of the increase in financial flows was accounted for by
July 2000 •
SURVEY OF CURRENT BUSINESS
substantial step-ups in European acquisitions of
U.S. companies through exchanges of stock and in
net U.S. purchases of Japanese stocks. Large price
appreciation reflected widespread, substantial recoveries in foreign stock prices from yearend 1998
to yearend 1999.
U.S. holdings of Western European stocks increased 21 percent, mostly as a result of acquisitions through exchanges of stock and of sizable
price appreciation. European stock prices advanced 28 percent on average; however, the gain
was cut in half after accounting for the euro's depreciation against the dollar between yearends.
U.S. holdings of Japanese stocks increased 88
percent, as a result of record net purchases, of a 46percent increase from price appreciation, and of
significant exchange-rate appreciation due to appreciation of the yen against the U.S. dollar. The
demand for Japanese stocks was partly related to
restructuring in some industries and to efforts toward fiscal and monetary policy reforms, both of
which were tempered by an uneven economic recovery.
U.S. holdings of Canadian stocks increased 62
percent, mostly reflecting stock price appreciation
of 43 percent and exchange-rate appreciation. Net
U.S. purchases resumed in 1999, following net
sales in 1998.
U.S. holdings of other foreign stocks also increased significantly. Holdings of Latin American
stocks increased 65 percent, mostly reflecting a recovery in stock prices. Holdings of Asian stocks
also increased dramatically, reflecting a strong recovery in stock prices. However, net purchases
from these areas remained small.
U.S. holdings of foreign bonds decreased $20.0
billion, to $556.7 billion (table E). Net purchases
slowed to a 5-year low of $14.2 billion; the net purchases were more than offset by price depreciation
of $31.3 billion, as foreign bond yields turned up,
and by exchange-rate depreciation of $2.8 billion.
A faster rise in U.S. bond yields than in overseas
bond yields encouraged many foreign borrowers
to use overseas bond markets, so foreign new issues in the United States, particularly by foreign
corporations, slowed sharply. Only new issues
from Latin America continued unchanged, and
new issues from all other areas declined. New issues of bonds of many emerging-market countries
continued to include an elevated credit-risk premium, but the premium fell slowly over the year.
Table E.—U.S. Holdings of Foreign Bonds by Major Areas at Yearend
[Billions of dollars]
1997
~"
543.4
197.9
54.2
17.7
43.4
17.6
13.2
13.1
105.9
30.1
94.1
26.7
20.3
28.8
20.3
13.6
78.3
15.9
10.8
16.8
Total holdings
Western Europe
Of which: United Kingdom .
France
Germany
Italy
Netherlands
Sweden
Canada
Japan
Latin America
Of which: Argentina
Brazil
Mexico
Other Western Hemisphere ....
Of which: Cayman Islands .
Other countries
Of which: Australia
Korea
International organizations
'
1998
576.7
205.9
61.6
14.1
44.9
15.4
12.6
13.3
110.8
29.8
101.6
28.2
19.6
31.7
23.8
14.8
87.8
30.6
14.0
17.0
U.S. direct investment abroad and other private
assets
U.S. direct investment abroad valued at current
cost increased $124.1 billion, to $1,331.2 billion, in
1999; at market value, it increased $442.0 billion,
to $2,615.5 billion (table F). Net financial outflows
increased to a record $150.9 billion, reflecting a
few especially large acquisitions and a pickup in
economic growth in many countries, particularly
in Europe. Net equity capital outflows were $52.1
billion, slightly below last year's record but still
strong; outflows associated with strong acquisition
activity abroad were partly offset by inflows from
several large sales of U.S.-owned foreign affiliates.
Reinvested earnings increased sharply to $69.6 billion as a result of growth in total overseas earnings
and of U.S. parent companies' reduced need to repatriate funds from overseas at a time when U.S.
domestic earnings growth was strong. Intercompany debt outflows strengthened to $29.2 billion.
At current cost, the large financial outflows more
than accounted for the increase in the position. At
market value, price change accounted for most of
the increase, reflecting the widespread recovery in
most foreign stock markets, especially in Europe,
Canada, and Latin America where U.S. investTable F.—Changes in U.S. Direct Investment Abroad, 1999
[Billions of dollars]
At current cost
Total change
Financial outflows
Equity capital
Intercompany debt
Reinvested earnings
Price changes
Exchange rate changes
Other valuation changes
124.1
150.9
52.1
29.2
69.6
5.5
-17.6
-14.7
At market value
442.0
150.9
52.1
29.2
69.6
305.8
-9.6
-5.1
1999
556.7
205.8
59.0
12.7
43.9
12.8
12.4
12.2
97.9
24.5
108.3
26.2
19.6
33.8
27.5
14.0
78.0
27.5
12.5
14.7
49
50
•
July 2000
SURVEY OF CURRENT BUSINESS
ments are large.
U.S. claims on foreigners reported by nonbanking concerns increased $78.3 billion, to $643.7 billion, as U.S. nonbanking concerns significantly
raised their deposits in banks in Western Europe
and the Caribbean banking centers. The sharp rise
in U.S. deposits abroad helped finance the heightened demand for bank credit among borrowers in
industrial countries, including U.S. borrowers, in
the second half of the year.
U.S. official reserve assets and other U.S.
Government assets
U.S. official reserve assets decreased $9.6 billion, to
$136.4 billion, in 1999, mostly reflecting decreases
in the U.S. reserve position with the International
Monetary Fund (IMF) and in U.S. foreign currency reserves. The U.S. reserve position at the
IMF decreased as a result of large dollar repayments by member countries that exceeded members' drawings in dollars. The decrease in foreign
currency reserves was attributable to the U.S. payment in euros of its quota increase with the IMF.
In exchange for this payment, the U.S. reserve position at the IMF increased by an equal amount,
resulting in no change in total U.S. official reserve
assets. The negative exchange-rate adjustment to
U.S. foreign currency holdings resulted mostly
from depreciation of the special drawing rights
and of the euro against the dollar.
U.S. Government assets other than reserve assets decreased $2.5 billion, to $84.2 billion. The
decrease primarily reflected the transfer of the U.S.
Government's assets in the Panama Canal Commission to the Republic of Panama.
Table G.—U.S. Liabilities Reported by U.S. Banks at
Yearend
[Billions of dollars]
1999
1,082.5
878.4
126.2
603.2
149.0
106.9
97.2
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
Table H.—Foreign Official and Private Holdings of U.S. Treasury
Securities by Country at Yearend
[Billions of dollars]
1997
Rank
Total holdings ...
United Kingdom
Germany
China
Hong Kong
France
Singapore
Taiwan
British West Indies
Belgium & Luxembourg ,
1,252.0
288.6
259.2
96.8
49.3
36.0
13.7
36.4
34.8
35.5
26.8
1998
1,318.8
292.6
276.9
100.2
48.7
46.0
30.6
45.0
33.6
39.7
32.8
1999
1,238.8
320.9
238.9
96.1
51.3
45.8
30.8
30.5
29.8
28.2
27.9
Changes in Foreign Assets
in the United States
Bank liabilities
U.S. liabilities reported by U.S. banks increased
$66.3 billion, to $1,082.5 billion, in 1999, in response to strengthened demand for bank credit
domestically, to periodic surges in demand for
credit abroad, and to widening short-term interest-rate differentials that favored dollar deposits
(table G).
U. S. banks' own liabilities to own foreign offices payable in dollars increased $40.3 billion, to
$603.2 billion, primarily to Western Europe and
the Caribbean banking centers. U.S. banks, particularly U.S.-owned banks, relied heavily on interbank funding from abroad to meet periodic surges
in lending to foreigners, including yearend credit
needs, and to meet strong U.S. demand for bank
credit in the last half of the year. This annual inflow was significantly less than in each of the past 2
years, when mostly foreign-owned banks in the
United States relied heavily on overseas home office funding to expand their dollar lending to foreigners. These inflows were partly offset by a large
repayment of outstanding liabilities to home offices in Japan by U.S. affiliates in the first half of
the year.
US. banks' liabilities to unaffiliated foreign
banks payable in dollars increased $13.0 billion, to
$126.2 billion, and U.S. banks' liabilities to other
private foreigners and international financial institutions increased $20.4 billion, to $149.0 billion.
In both cases, these increases represented significant turnarounds from declines in 1998. Dollar
deposits in the United States were encouraged by
the faster rise in U.S. short-term yields than in foreign yields and by the dollar's strength against the
euro.
U.S. banks' custody liabilities payable in dollars
decreased $3.4 billion, to $106.9 billion, following
2 years of strong growth. U.S. banks' foreign currency liabilities decreased $3.9 billion, to $97.2 billion.
U.S. Treasury securities
Holdings of US. Treasury securities by foreign private investors and by international financial institutions decreased $69.0 billion, to $660.7 billion,
in 1999; the decrease was attributable to $20.5 billion in net sales and to $48.6 billion in price depreciation resulting from sharply higher bond yields
(table H, which combines foreign official holdings
with these holdings). The popularity of U.S. Government bonds to foreign portfolio investors was
July 2000 •
SURVEY OF CURRENT BUSINESS
curtailed by their steep price decline, by the relative attractiveness of higher yielding U.S. agency
and high grade corporate bonds, and by concerns
over diminishing supplies of Treasury securities as
the U.S. Government's budget surplus was used to
reduce outstanding Treasury debt and to slow new
Treasury issues.
Other U.S. securities
Foreign holdings of U.S. securities other than U.S.
Treasury securities increased $496.9 billion, to
$2,509.3 billion, in 1999. Record net purchases of
U.S. securities and large stock price appreciation
were partly offset by bond price depreciation. The
record net purchases reflected strong growth in the
U.S. economy, in U.S. corporate earnings, in U.S.
stock prices, and in U.S. bond yields.
Foreign holdings of U.S. corporate and U.S.
agency bonds increased $161.6 billion, to $1,063.7
billion (table I). Record net foreign purchases of
$232.8 billion substantially exceeded price depreciation of $67.7 billion and exchange rate depreciation of $3.5 billion. Foreign investors were
attracted by the more rapid rise in U.S. corporate
bond yields than in most foreign bond yields, by
the strength of the dollar, and by sizable new issues
of U.S. agency bonds as new issues of Treasury
bonds fell.
Foreign holdings of U.S. corporate stocks increased $335.3 billion, to $1,445.6 billion (table J).
Record net purchases of $98.7 billion were augmented by $236.6 billion in price appreciation.
Global investment in stocks recovered in 1999 after
the international financial problems of 1998. Net
foreign purchases of U.S. stocks were encouraged
by the renewed interest in stocks globally, continued strong U.S. economic expansion, strong U.S.
corporate earnings growth, and a sharp rise in U.S.
stock prices (the broad-based Standard and Poors'
500 index gained 20 percent inl999 after a 27-percent gain in 1998, and the Nasdaq index, which
was more responsive to the information technology stock boom, gained 86 percent after a 40-percent gain).
Table I.—Foreign Private Holdings of U.S. Corporate and Agency Bonds
by Major Areas at Yearend
[Billions of dollars]
1997
1999
902.2
588.0
470.0
14.6
19.7
715.2
452.6
362.7
11.0
15.1
Total holdings
Western Europe
Of which: United Kingdom
France
Germany
Italy
Netherlands
Canada
Japan
Latin America
Other Western Hemisphere ..
Other countries
1,063.7
672.7
535.8
15.1
24.7
2.8
3.2
3.5
13.1
17.0
98.8
14.0
84.9
47.9
16.3
23.3
108.7
19.9
105.2
57.1
17.2
25.6
120.4
26.2
148.0
70.8
Table J.—foreign Private Holdings of U.S. Corporate Stocks by Major
Areas at Yearend
[Billions of dollars]
1997
Total holdings
Western Europe
Of which: United Kingdom
France
Germany
Italy
Netherlands
Canada
Japan
Latin America
Other Western Hemisphere ..
Other countries
1998
863.5
503.2
226.8
24.4
35.5
10.4
51.7
92.7
68.0
17.1
94.6
87.9
1999
1,110.3
686.3
302.4
35.4
51.5
15.1
74.9
108.1
81.6
21.5
114.2
98.6
Foreign direct investment in the United States and
other liabilities
Foreign direct investment in the United States valued at current cost increased $196.6 billion, to
$1,125.2 billion, in 1999; at market value, it increased $609.7 billion, to $2,800.7 billion (table
K). Record net financial inflows of $275.5 billion
substantially exceeded the 1998 record. Net equity
capital inflows increased sharply to a record $212.1
billion as a result of numerous large-scale acquisitions during the year, especially by Western European firms. Reinvested earnings increased to $23.2
billion partly as a result of strong earnings growth
of U.S. affiliates. Net intercompany debt inflows
increased to $40.2 billion. At current cost, net fiTable K.—Changes in Foreign Direct Investment in the
United States, 1999
[Billions of dollars]
U.S. currency
U.S. currency held by foreigners increased $22.4
billion, to $250.7 billion, in 1999. U.S. currency
shipments abroad accelerated in the fourth quarter, partly reflecting concerns over potential Y2K
disruptions
1998
At current cost
Total change
Financial inflows
Equity capital
Intercompany debt
Reinvested earnings .
Price changes
Exchange rate changes
Other valuation changes
196.6
275.5
212.1
40.2
23.2
1.8
0
-80.7
At market value
609.7
275.5
212.1
40.2
23.2
344.4
0
-10.2
1,445.6
925.8
407.9
49.1
73.3
21.0
103.9
128.8
103.8
27.7
140.3
119.2
51
52
•
July 2000
SURVEY OF CURRENT BUSINESS
nancial inflows were partly offset by a large negative valuation adjustment, mainly to reconcile
market values with the smaller book values for the
exceptionally large acquisitions. At market value,
net financial inflows were augmented by substantial price appreciation in foreign owners' equity
that resulted from the rise in U.S. stock prices.
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns increased
$35.9 billion, to $473.8 billion. U.S. borrowing,
particularly from financial institutions in Western
Europe, picked up strongly in the first half of the
year; the pickup reversed large net repayments in
the last quarter of 1998.
Foreign official assets
Foreign official assets increased $31.6 billion, to
$869.3 billion, in 1999, reflecting $42.9 billion in
financial inflows that were partly offset by $11.2
billion in price depreciation. The increase in financial inflows included large intervention sales of
foreign currencies for dollars in exchange markets
by a few countries in Asia. Other countries replenished dollar reserves after the reductions during
the global financial problems in 1998. Inflows in
1999 were concentrated in U.S. agency bonds and,
to a lesser extent, in U.S. Treasury bonds and in
U.S. bank deposits.
Tables 1,2, and 3 follow.
July 2000 m 53
SURVEY OF CURRENT BUSINESS
Table 1. International Investment Position of the United States at Yearend, 1998 and 1999
[Millions of dollars]
Changes in position in 1999 (decrease (-))
Attributable to:
Position,
1998'
Type of investment
Line
Valuation adjustments
Financial
flows
(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.-owned 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-owned 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
zzzz....:.:.
Other U.S. Government liabilities7
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets
z
Other foreign assets:
With direct investment at current cost (lines 35+37+38+41+42+43) ..
With direct investment at market value (lines 36+37+38+41+42+43)
Direct investment in the United States:
At current cost
At market value
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities
Corporate and other bonds
Corporate stocks
U.S. currency
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-
Total
Price
changes
(b)
Position,
1999^
Exchange
Other
rate
changes2
changes l
(c)
(d)
(a+b+c+d)
-1,111,813 -323,377
-1,407,670 -323,377
344,215
301,897
-€0,235
-57,364
68,702
12,829
5,079,056
6,045,544
430,187
430,187
455,115
755,413
-71,115
-63,035
-4,215
809,972
5,264 1,127,829
146,006
75,291
10,603
24,111
36,001
-5,747
642
3
642
-1,500
-10
-5,484
-3,253
-257
-677
-566
86,768
84,850
84,528
322
1,918
-2,751
-3,384
-3,363
-21
633
7
-11
4,846,282
5,812,770
441,685
441,685
1,207,059
2,173,547
2,052,929
576,745
1,476,184
150,901
150,901
128,594
14,193
114,401
565,466
1,020,828
92,328
69,862
6,190,869
7,453,214
753,564
753,564
110,900
453,516
837,701
620,285
589,023
31,262
18,000
125,883
73,533
42,864
32,527
12,177
20,350
-3,255
12,692
900
-11,231
-23,905
-22,975
-930
5,353,168
6,615,513
710,700
710,700
122,131
464,747
-10,880
-5,671
928,645
2,190,990
729,738
2,012,431
902,155
1,110,276
228,250
275,533
275,533
-20,464
331,523
232,814
98,709
22,407
1,766
344,382
-48,552
168,917
-67,690
236,607
-5,209
437,973
1,016,131
34,298
67,403
29,305 -1,082,508
-66,015 -1,473,685
7,173,373
17
4
17
-9,588
659
-267
-6,161
-3,819
136,418
75,950
10,336
17,950
32,182
202
202
202
-11
18
-2,542
-3,193
-3,161
-52
651
84,226
81,657
81,367
290
2,569
454,473
754,771
-69,622
-61,542
-4,434
822,102
5,045 1,139,959
5,668,384
6,952,729
5,475
305,773
448,998
-31,341
480,339
-17,646
-9,566
-47,135
-2,849
-44,286
-14,602
-5,123
124,128
441,985
530,457
-19,997
550,454
1,331,187
2,615,532
2,583,386
556,748
2,026,638
-8,037
3,196
-6,010
16,178
78,281
89,236
643,747
1,110,064
-72,917
780,667
-7,565 1,193,844
6,971,536
8,647,058
31,633
8,622
-10,798
19,420
-3,255
12,692
13,574
869,334
628,907
578,225
50,682
14,745
138,575
87,107
-72,917
749,034
-7,565 1,162,211
6,102,202
7,777,724
-75,521
-10,169
196,569
609,746
-69,016
496,891
161,575
335,316
22,407
1,125,214
2,800,736
660,722
2,509,322
1,063,730
1,445,592
250,657
2,604
35,852
66,331
473,825
1,082,462
-10,880
-5,671
12,674
-3,549
-3,549
-1,050
-1,072
monetizations/monetizations are not included in international transactions financial 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.
54
• July 2000
SURVEY OF CURRENT BUSINESS
Table 2.—International Investment Position
[Millions
1976"
1977"
1978"
1979"
1980'-
1981"
1982"
1983"
1984"
164,832
171,440
206,423
316,926
360,838
339,767
328,954
235,947
298,304
257,393
160,695
134,088
456,964
512,278
621,227
786,701
929,806
1,001,667
1,108,436
961,015
1,210,974
1,129,673
1,204,900
1,127,132
U.S. official reserve assets
Gold 1
Special drawing rights
!..""'.."""""""".!....'.."
Reserve position in the International Monetary Fund .
Foreign currencies
44,094
36,944
2,395
4,434
321
53,376
45,781
2,629
4,946
20
69,450
62,471
1,558
1,047
4,374
143,260
135,476
2,724
1,253
3,807
171,412
155,816
2,610
2,852
10,134
124,568
105,644
4,096
5,054
9,774
143,445
120,635
5,250
7,348
10,212
123,110
100,484
5,025
11,312
6,289
105,040
81,202
5,641
11,541
6,656
U.S. Government assets, other than official reserve assets
U.S. credits and other long-term assets 2
Repayable in dollars
Other3
U.S. foreign currency holdings and U.S. short-term assets
44,978
44,124
41,309
2,815
854
48,567
47,749
45,154
2,595
818
53,187
52,252
49,817
2,435
935
58,851
57,909
54,616
3,293
942
65,573
63,731
60,731
3,000
1,842
70,893
69,320
66,591
2,729
1,573
76,903
75,105
72,635
2,470
1,798
81,664
79,852
77,618
2,234
1,812
86,945
84,857
82,819
2,038
2,088
367,892
410,335
498,590
584,590
692,821
806,206
Line
Type of investment
Netinternational 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.-owned assets abroad:.
With direct investment at current cost (lines 5+10+15)
With direct investment at market value (lines 5+10+16)
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 4
At market value 4
Foreign securities5
Bonds5
Corporate stocks5
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns6 .
U.S. claims reported by U.S. banks, not included elsewhere7
740,667
374,059
226,638
74,046
56,604
17,442
35,405
404,578
355,643
274,342
84,723
58,569
26,154
131,329
434,505
62,810
25,994
130,138
445,631
661,900
779,482
725,068
912,670
872,280
1,044,205
993,044
176,062
118,189
111,336
6,853
13,367
30,381
14,125
180,425
125,130
117,004
8,126
13,029
26,737
15,529
189,109
132,587
124,929
7,658
13,639
24,989
17,894
194,468
136,987
129,716
7,271
14,231
25,534
17,716
199,678
144,665
138,168
6,497
14,959
26,090
13,964
309,923
392,906
481,475
590,373
535,959
718,202
677,812
844,527
793,366
68,976
88,579
127,105
164,623
8,910
53,554
11,457
42,097
16,569
16,019
77,719
14,210
58,587
10,269
48,318
19,552
18,669
110,326
16,113
74,114
9,545
64,569
24,079
30,426
121,069
18,505
75,085
10,694
64,391
27,295
30,606
165,361
184,842
130,428
25,758
193,708
153,318
33,846
113,811
17,454
96,357
36,776
61,731
278,330
223,538
172,377
62,121
128,477
32,421
96,056
40,797
77,415
312,179
222,283
246,078
285,005
336,301
388,072
407,804
44,157
34,704
9,453
20,317
81,135
49,439
39,329
10,110
22,256
92,562
53,384
42,148
11,236
29,385
130,816
56,769
41,966
14,803
34,491
157,029
62,454
43,524
18,930
38,429
203,866
62,142
45,675
16,467
42,752
293,508
292,132
340,838
414,804
469,775
568,968
Foreign official assets in the United States
U.S. Government securities
U.S. Treasury securities8
Other8
Other U.S. Government liabilities9
U.S. liabilities reported by U.S. banks, not included elsewhere .
Other foreign official assets8
„
104,445
72,572
70,555
2,017
8,860
17,231
5,782
140,867
105,386
101,092
4,294
10,260
18,004
7,217
173,057
128,511
123,991
4,520
12,749
23,327
8,470
159,852
106,640
101,748
4,892
12,749
30,540
9,923
Other foreign assets in the United States:
With direct investment at current cost (lines 35+37+38+41+42+43) ...
With direct investment at market value (lines 36+37+38+41+42+43).
187,687
199,971
241,747
47,528
55,413
7,028
54,913
11,964
42,949
11,792
12,961
53,465
7,562
51,235
11,456
39,779
13,656
11,921
60,184
Foreign-owned assets in the United States:
With direct investment at current cost (lines 26+33) ..
With direct investment at market value (lines 26+34).
Direct investment in the United States:
At current cost 10
At market value 10
U.S. Treasury securities8
U.S. securities other than U.S. Treasury securities8
Corporate and other bonds 8
Corporate stocks8
U.S. currency
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns l
U.S. liabilities reported by U.S. banks, not included elsewhere
p Preliminary.
" Revised.
1. U.S. official gold stock is 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 reclassification of intercompany debt positions between parent companies
and affiliates that are not depository institutions and that are primarily engaged in financial intermediation from the
direct investment accounts to the nonbank investment accounts. Estimates for 1976 forward are linked to the 1977,
1982,1989, and 1994 benchmark surveys of U.S. direct investment abroad.
5. Estimates include results of the 1994 and 1997 Benchmark Surveys of U.S. Ownership of Foreign Long-term
Securities conducted by the U.S. Department of the Treasury.
6. A break in series in 1983 reflects the introduction of data from the United Kingdom and from the Bank for
1,006,200 1,012,915
935,147
924,899
16,709
76,279
31,265
27,532
227,988
348,342
270,574
International Settlements (BIS) for several European countries, Caribbean banking centers, and Asian banking centers. Additional coverage from BIS data was introduced in 1986, 1989, 1993, and 1994. In 1994, intercompany debt
positions between parent companies and affiliates that are not depository institutions and that are primarily engaged
in financial intermediation are reclassified from the direct investment accounts to the nonbank investment accounts.
7. A break in series in 1988 reflects the introduction of data on holdings of foreign commercial paper.
8. Estimates include results of 1978, 1984, 1989, and 1994 Benchmark Surveys of Foreign Portfolio Investment
in the United States conducted by the U.S. Department of the Treasury.
9. Primarily U.S. Government liabilities associated with military sales contracts and other transactions arranged
with or through foreign official agencies.
10. Estimates for 1976 forward are linked to the 1980, 1987, 1992, and 1997 benchmark surveys of foreign
direct investment in the United States.
11. A break in series in 1983 reflects the introduction of data from the United Kingdom. A break in series in
1994 reflects the reclassification of intercompany debt positions between parent companies and affiliates that are
not depository instiutions and that are primarily engaged in financial intermediation from the direct investment accounts to the nonbank investment accounts.
July 2000 •
SURVEY OF CURRENT BUSINESS
55
of the United States at Yearend, 1976-1999
of dollars]
1987-
1985'
1988'
1989'
1990'
1991'
1992'
1993'
1994'
1995'
1996'
1997'
1998'
1999"
Line
54,343
96,886
-36,209
100,782
-80,007
50,529
-178,470
10,466
-259,506
-46,987
-245,347
-164,495
-309,259
-260,819
-431,198
-452,305
-306,956
-178,020
-311,872
-170,505
-514,637
-418,648
-596,554
-642,751
-970,503
-1,065,480
-1,111,806
-1,407,663
-1,082,508
-1,473,685
1
2
1,287,396
1,302,712
1,469,396
1,594,652
1,646,527
1,758,711
1,829,665
2,008,365
2,070,868
2,350,235
2,178,978
2,294,085
2,286,456
2,470,629
2,331,696
2,466,496
2,753,648
3,057,669
2,998,633
3,279,871
3,451,983
3,873,632
4,008,872
4,548,579
4,557,945
5,277,399
5,079,063
6,045,551
5,889,028
7,173,373
3
4
117,930
85,834
7,293
11,947
12,856
139,875
102,428
8,395
11,730
17,322
162,370
127,648
10,283
11,349
13,090
144,179
107,434
9,637
9,745
17,363
168,714
105,164
9,951
9,048
44,551
174,664
102,406
10,989
9,076
52,193
159,223
92,561
11,240
9,488
45,934
147,435
87,168
8,503
11,759
40,005
164,945
102,556
9,039
11,818
41,532
163,394
100,110
10,039
12,030
41,215
176,061
101,279
11,037
14,649
49,096
160,739
96,698
10,312
15,435
38,294
134,836
75,929
10,027
18,071
30,809
146,006
75,291
10,603
24,111
36,001
136,418
75,950
10,336
17,950
32,182
5
6
7
8
9
89,792
87,854
85,978
1,876
1,938
91,850
90,923
89,271
1,652
927
90,681
89,900
88,344
1,556
781
87,892
87,163
85,768
1,395
729
86,643
86,057
84,734
1,323
586
84,344
83,716
82,602
1,114
628
81,422
79,776
78,814
962
1,646
83,022
81,352
80,498
854
1,670
83,382
81,435
80,660
775
1,947
83,908
81,884
81,389
495
2,024
85,064
82,802
82,358
444
2,262
86,123
83,999
83,606
393
2,124
86,198
84,130
83,780
350
2,068
86,768
84,850
84,528
322
1,918
84,226
81,657
81,367
290
2,569
10
11
12
13
14
1,079,674
1,094,990
1,237,671
1,362,927
1,393,476
1,505,660
1,597,594
1,776,294
1,815,511
2,094,878
1,919,970
2,035,077
2,045,811
2,229,984
2,101,239
2,236,039
2,505,321
2,809,342
2,751,331
3,032,569
3,190,858
3,612,507
3,762,010
4,301,717
4,336,911
5,056,365
4,846,289
5,812,777
5,668,384
6,952,729
15
16
371,036
386,352
119,403
75,020
44,383
141,872
447,363
404,818
530,074
158,123
85,724
72,399
167,392
507,338
478,062
590,246
188,589
93,889
94,700
177,368
549,457
513,761
692,461
232,849
104,187
128,662
197,757
653,227
553,093
832,460
314,294
116,949
197,345
234,307
713,817
616,655
731,762
342,313
144,717
197,596
265,315
695,687
643,364
827,537
455,750
176,774
278,976
256,295
690,402
663,830
798,630
515,083
200,817
314,266
254,303
668,023
723,526
1,027,547
853,528
309,666
543,862
242,022
686,245
786,565
1,067,803
948,668
321,208
627,460
322,980
693,118
885,506
1,307,155
1,169,636
392,827
776,809
367,567
768,149
986,536
1,526,243
1,467,985
465,057
1,002,928
449,978
857,511
1,058,735
1,778,189
1,751,183
543,396
1,207,787
544,891
982,102
1,207,059
2,173,547
2,052,929
576,745
1,476,184
565,473
1,020,828
1,331,187
2,615,532
2,583,386
556,748
2,026,638
643,747
1,110,064
17
18
19
20
21
22
23
1,233,053
1,205,826
1,505,605
1,493,870
1,726,534
1,708,182
2,008,135
1,997,899
2,330,374
2,397,222
2,424,325
2,458,580
2,595,715
2,731,448
2,762,894
2,918,801
3,060,604
3,235,689
3,310,505
3,450,376
3,966,620
4,292,280
4,605,426
5,091,330
5,528,448
6,342,879
6,190,869
7,453,214
6,971,536
8,647,058
24
25
202,482
145,063
138,438
6,625
15,803
26,734
14,882
241,226
178,916
173,310
5,606
17,993
27,920
16,397
283,058
220,548
213,713
6,835
15,667
31,838
15,005
322,036
260,934
252,962
7,972
15,200
31,520
14,382
341,746
263,612
257,201
6,411
15,374
36,495
26,265
373,293
291,228
285,911
5,317
17,243
39,880
24,942
398,538
311,199
305,994
5,205
18,610
38,396
30,333
437,263
329,317
322,600
6,717
20,801
54,967
32,178
509,422
381,687
373,050
8,637
22,113
69,721
35,901
535,217
407,152
396,887
10,265
23,678
73,386
31,001
671,710
497,776
482,773
15,003
23,573
107,394
42,967
798,368
610,469
590,704
19,765
22,592
113,098
52,209
835,800
614,530
589,792
24,738
21,550
135,384
64,336
837,701
620,285
589,023
31,262
18,000
125,883
73,533
869,334
628,907
578,225
50,682
14,745
138,575
87,107
26
27
28
29
30
31
32
1,030,571
1,003,344
1,264,379
1,252,644
1,443,476
1,425,124
1,686,099
1,675,863
1,988,628
2,055,476
2,051,032
2,085,287
2,197,177
2,332,910
2,325,631
2,481,538
2,551,182
2,726,267
2,775,288
2,915,159
3,294,910
3,620,570
3,807,058
4,292,962
4,692,648
5,507,079
5,353,168
6,615,513
6,102,202
7,777,724
33
34
247,223
219,996
87,954
207,868
82,290
125,578
46,036
86,993
354,497
284,701
272,966
96,078
309,803
140,863
168,940
50,122
90,703
432,972
334,552
316,200
82,588
341,732
166,089
175,643
55,584
110,187
518,833
401,766
391,530
100,877
392,292
191,314
200,978
61,261
144,548
585,355
467,886
534,734
166,541
482,864
231,673
251,191
67,118
167,093
637,126
505,346
539,601
152,452
460,644
238,903
221,741
85,933
213,406
633,251
533,404
669,137
170,295
546,008
274,136
271,872
101,317
208,908
637,245
540,270
696,177
197,739
599,447
299,287
300,160
114,804
220,666
652,705
593,313
768,398
221,501
696,449
355,822
340,627
133,734
229,038
677,147
617,982
757,853
235,684
739,695
368,077
371,618
157,185
239,817
784,925
680,066
1,005,726
358,537
971,356
481,214
490,142
169,484
300,424
815,043
743,214
1,229,118
502,562
1,199,461
588,044
611,417
186,846
346,727
828,248
825,334
1,639,765
662,228
1,578,694
715,196
863,498
211,628
443,789
970,975
928,645
2,190,990
729,738
2,012,431
902,155
1,110,276
228,250
437,973
1,016,131
1,125,214
2,800,736
660,722
2,509,322
1,063,730
1,445,592
250,657
473,825
1,082,462
35
36
37
38
39
40
41
42
43
56
•
July 2000
SURVEY OF CURRENT BUSINESS
Table 3.—Revisions to the International Investment Position of the United States at Yearend, 1998
[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.-owned assets abroad:
With direct investment at current cost (lines 5+10-1-15)
With direct investment 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 assets
Repayable in dollars
Other
U.S. foreign currency holdings and U.Sshort-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.Sbanks, not included elsewhere
Foreign-owned 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 liabilities
U.S. liabilities reported by U.Sbanks, not included elsewhere
Other foreign official assets
Other foreign assets in the United States:
With direct investment at current cost (lines 35+37+38+41+42+43)
With direct investment at market value (lines 36+37+38+41+42+43)
Direct investment in the United States:
At current cost
At market value
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities
Corporate and other bonds
Corporate stxks
U.S. currency
U.S. liabilities to unaffiliated foreigners reported by U.S nonbanking concerns
U.S. liabilities reported by U.Sbanks, not included elsewhere
Previously published
Revised
Revision
-1,239,168
-1,537,466
-1,111,813
-1,407,670
127,355
129,796
4,930,896
5,947,983
5,079,056
6,045,544
148,160
97,561
146,006
75,291
10,603
24,111
36,001
146,006
75,291
10,603
24,111
36,001
0
0
0
0
0
82,382
80,179
79,874
305
2,203
86,768
84,850
84,528
322
1,918
4,386
4,671
4,654
17
-285
4,702,508
5,719,595
4,846,282
5,812,770
143,774
93,175
1,123,441
2,140,528
1,968,956
561,826
1,407,130
596,222
1,013,889
1,207,059
2,173,547
2,052,929
576,745
1,476,184
565,466
1,020,828
83,618
33,019
83,973
14,919
69,054
-30,756
6,939
6,170,064
7,485,449
6,190,869
7,453,214
20,805
-32,235
836,053
620,249
588,987
31,262
18,346
123,915
73,543
837,701
620,285
589,023
31,262
18,000
125,883
73,533
1,648
36
36
0
-346
1,968
-10
5,334,011
6,649,396
5,353,168
6,615,513
19,157
-33,883
878,717
2,194,102
727,344
2,021,820
900,749
1,121,071
228,250
460,787
1,017,093
928,645
2,190,990
729,738
2,012,431
902,155
1,110,276
228,250
437,973
1,016,131
49,928
-3,112
2,394
-9,389
1,406
-10,795
0
-22,814
-962
58
SURVEY OF CURRENT BUSINESS
July
2000
Direct Investment Positions for 1999
Country and Industry Detail
By Sylvia E. Bargas
(TN 1999, the historical-cost position of foreign
1 direct investment in the United States (FDIUS)
grew 24 percent, while that of U.S. direct investment abroad (USDIA) grew 12 percent. The difference between the two growth rates was the largest
since 1988.
This article presents the country and industry
detail underlying the two positions. The estimates
are prepared on a historical-cost basis, which is not
adjusted for inflation. Because most investments
reflect price levels of earlier periods, the estimates
on this valuation basis understate the current values of the positions. Current-cost and marketvalue estimates of the positions are also prepared,
but only at an aggregate level. The revised estimates of the positions for 1998 and preliminary estimates for 1999 are shown on all three valuation
bases in table I.1
The strong growth in both positions reflected a
global boom in merger and acquisition activity, favorable economic conditions in the United States,
Europe, and Canada, and improved economic
conditions in the Asia and Pacific area. The favor1. The current-cost and market-value estimates are discussed in "The International Investment Position of the United States in 1999" in this issue.
Table 1.—Alternative Direct Investment Position Estimates,
1998 and 1999
[Millions of dollars]
Valuation method
Position
at
yearend
1998'
Changes in 1999
(decrease (-))
Total
Capital
flows
Valuation
adjustments
Position
at
yearend
1999"
U.S. direct investment
abroad:
Historical cost
Current cost
Market value
1,014,012 118,610
1,207,059 124,128
2,173,547 441,985
138,510 -19,901 1,132,622
150,901 -26,773 1,331,187
150,901 291,084 2,615,532
793,748
928,645
2,190,990
271,169 -78,249
986,668
275,533 -78,964 1,125,214
275,533 334,213 2,800,736
Foreign direct investment
in the United States:
Historical cost
Current cost
Market value
p Preliminary.
r
Revised.
192,920
196,569
609,746
able conditions enhanced the profit potential of
direct investments and boosted the earnings of affiliates and their parents. Strong earnings by affiliates and high rates of reinvestment led to high
levels of reinvested earnings. Strong earnings byparents provided a source of funds for new investments and reduced the parents' need to draw
funds from their affiliates.
The much larger increase in the position of
FDIUS than in that of USDIA primarily reflected
the strength of the U.S. economy. Propelled by
technological innovation and strong gains in productivity, the U.S. economy has been growing rapidly in recent years, enhancing the attractiveness of
potential investments in the United States. Change
has been especially dramatic in the communications industry, which accounted for much of the
growth in the FDIUS position in 1999. Acquisition
activity for FDIUS was heavily tilted towards the
communications and related industries and included some unusually large transactions. Acquisitions of communications-related firms played a
less prominent role in the increase in the USDIA
position. In addition, some large foreign affiliates
were sold off in 1999, which dampened the growth
of the USDIA position.
The composition of capital flows underlying
the changes in the two positions differed. As in
most 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. The largest component of capital inflows for FDIUS continued to be equity capital, which consists of funds
used to acquire and establish new U.S. affiliates
and of capital contributions to existing U.S. affiliates. To some extent, this difference in composition reflects the greater average maturity of foreign
affiliates relative to U.S. affiliates and the relatively
greater role of acquisitions in recent growth in
FDIUS. Many foreign affiliates of U.S. companies
were acquired or established decades ago and can
now be sustained largely through the retention of
SURVEY OF CURRENT BUSINESS
July 2000 •
Key Terms
The key terms used in this article are described in this box. For a
more detailed discussion of these terms and the methodologies
used to prepare the estimates, see Foreign Direct Investment in the
United States: 1992 Benchmark Survey, Final Results (Washington,
DC: U.S. Government Printing Office, 1995) and U.S. Direct Investment Abroad: 1994 Benchmark Survey, Final Results (Washington,
DC: U.S. Government Printing Office, 1998). The methodologies
are also available at BEA's Web site at <www.bea.doc.gov>.
Direct investment. Investment in which a resident of one country obtains a lasting interest in, and a degree of influence over the
management of, a business enterprise in another country. In the
United States, the criterion used to distinguish direct investment
from other types of investment is ownership of at least 10 percent
of the voting securities of an incorporated business enterprise or
the equivalent interest in an unincorporated business enterprise.
U.S. direct investment abroad (USDIA). The ownership or control, directly or indirectly, by one U.S. resident of 10 percent or
more of the voting securities of an incorporated foreign business
enterprise or the equivalent interest in an unincorporated foreign
business enterprise.
Foreign direct investment in the United States (FDIUS). The
ownership or control, directly or indirectly, by one foreign resident
of 10 percent or more of the voting securities of an incorporated
U.S. business enterprise or the equivalent interest in an unincorporated U.S. business enterprise.
Foreign affiliate. A foreign business enterprise in which a single
U.S. investor (that is, a U.S. parent) owns at least 10 percent of the
voting securities, or the equivalent.
U.S. affiliate. A U.S. business enterprise in which a single foreign
investor (that is, a foreign parent) owns at least 10 percent of the
voting securities, or the equivalent.
Ultimate beneficial owner (UBO). That person (in the broad
legal sense, including a company), proceeding up the affiliate's
ownership chain beginning with the foreign parent, that is not
owned more than 50 percent by another person. The UBO ultimately owns or controls the affiliate and derives the benefits associated with ownership or control. Unlike the foreign parent, the UBO
of a U.S. affiliate may be located in the United States.
Foreign parent group. Consists of (1) the foreign parent, (2) any
foreign person, proceeding up the foreign parent's ownership
chain, that owns more than 50 percent of the person below it, up to
and including the UBO, and (3) any foreign person, proceeding
down the ownership chain(s) of each of these members, that is
owned more than 50 percent by the person above it. (For FDIUS,
the term "parent" in the definitions below refers to both the foreign
parent and other members of the foreign parent group.)
Direct investment capital flows. Funds that parent companies
provide to their affiliates net of funds that affiliates provide to their
parents. For USDIA, capital flows also include the funds that U.S.
direct investors pay to unaffiliated foreign parties when affiliates
are acquired and the funds that U.S. investors receive from them
when affiliates are sold. Similarly, FDIUS capital flows include the
funds that foreign direct investors pay to unaffiliated U.S. residents
when affiliates are acquired and the funds that foreign investors
receive from them when affiliates are sold. FDIUS capital flows also
include debt and equity transactions between U.S. affiliates and
other members of their foreign parent groups.
Direct investment capital flows consist of equity capital, intercompany debt, and reinvested earnings. Equity capital flows are
the net of equity capital increases and decreases. Equity capital
increases consist of payments made by parents to third parties for
the purchase of capital stock when they acquire an existing business, as well as funds that parents provide to their affiliates that
increase their ownership interest in the affiliates. Equity capital
decreases are funds parents receive when they reduce their equity
interest in existing affiliates. Intercompany debt flows result from
changes in net outstanding loans and trade accounts between parents and their affiliates; they include loans by parents to affiliates
and loans by affiliates to parents. Reinvested earnings are the parents' claim on the undistributed after-tax earnings of the affiliates.
Direct investment position. The value of direct investors' equity
in, and net outstanding loans to, their affiliates. The position may
be viewed as the parents' contributions to the total assets of their
affiliates or as the financing provided in the form of equity (including reinvested earnings) or debt by parents to their affiliates.
Financing obtained from other sources, such as local or foreign
third-party borrowing, is excluded.
BEA provides estimates of the positions for USDIA and for
FDIUS that are valued on three bases—historical cost, current cost,
and market value. At historical cost, the positions are valued
according to the values carried on the £>ooks of affiliates; thus, most
investments reflect price levels of earlier time periods. At current
cost, the portion of the position representing parents' shares of
their affiliates' tangible assets (property, plant, and equipment and
inventories) is revalued from historical cost to replacement cost. At
market value, the owners' equity portion of the position is revalued
to current market value using indexes of stock prices.
Valuation adjustments to the historical-cost position. Adjustments to account for the differences between changes in the historical-cost position, which are measured at book value, and direct
investment capital flows, which are measured at transaction value.
(Unlike the positions on a current-cost and market-value basis, the
historical-cost position is not adjusted 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.)
Valuation adjustments to the historical-cost position consist of
currency translation and "other" adjustments. Currency-translation adjustments are made to account for changes in the exchange
rates that are used to translate affiliates' foreign-currency-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-currency-denominated net assets. Similarly,
appreciation of foreign currencies usually results in positive adjustments because it tends to raise the dollar value of foreign-currencydenominated net assets.
"Other" adjustments are made to account for differences
between the proceeds from the sale or liquidation of affiliates and
their book values, for differences between the purchase prices of
affiliates and their book values, for writeoffs resulting from uncompensated expropriations of affiliates, for changes in industry of
affiliate or country of foreign parent, and for capital gains and
losses (other than currency translation adjustments). These capital
gains and losses represent the revaluation of the assets of ongoing
affiliates for reasons other than exchange-rate changes, such as the
sale of assets (other than inventory) for an amount different from
their book value.
59
60
•
July 2000
SURVEY OF CURRENT BUSINESS
their own earnings. In contrast, U.S. affiliates of
foreign companies tend to be of more recent vintage and to rely more heavily on contributions of
equity capital from their foreign parents to build
their operations. The less prominent role of reinvested earnings in FDIUS also reflects relatively
lower profitability for U.S. affiliates than for foreign affiliates.2
U.S. Direct Investment Abroad
The position of USDIA valued at historical cost—
the book value of U.S. direct investors' equity in,
and net outstanding loans to, their foreign affiliates—was $1,132.6 billion at the end of 1999 (table
2 and chart 1). The largest positions remained
those in the United Kingdom ($213.1 billion, or 19
percent of the total), Canada ($111.7 billion, or 10
percent), and the Netherlands ($106.4 billion, or 9
percent) (table 3.2 and chart 2).
The USDIA position increased $118.6 billion, or
12 percent, in 1999, less than the 16-percent increase in 1998 but in line with the 12-percent average increase in the preceding 3 years. The growth
in the position reflected reinvested earnings and
the global boom in mergers and acquisitions.
Acquisition activity by U.S. direct investors was
below the unusually high level of 1998, but it remained strong. Rising equity markets and the continued expansion of the U.S. economy increased
the wealth of U.S. investors, enhancing their ability
to fund acquisitions. Additionally, the appreciation
of the U.S. dollar against several European currencies made acquisitions in these countries less expensive for U.S. investors in dollar terms.
Relatively favorable economic conditions in the
United Kingdom and Canada (where a substantial
portion of the acquisition activity took place) increased the attractiveness of direct investments in
these countries.
Several large acquisitions in retail trade, in automobile and automobile parts manufacturing, and
CHART 1
Direct Investment Positions
on a Historical-Cost Basis, 1982-99
Billion $
1200
1100
—
—
1000
U.S. Direct Investment Position Abroad
Foreign Direct Investment Position
in the United States
900
800
700
600
500
400
300
200
2. Fora discussion of the profitability of U.S. affiliates, see Raymond J. Mataloni, Jr., "An Examination of the Low Rates of Return of Foreign-Owned U.S.
Companies," SURVEY OF CURRENT BUSINESS 80 (March 2000): 55-73.
100
1982
84
86
88
90
92
94
96
98
US. Department of Commerce, Bureau of Economic Analysis
Table 2.—U.S. Direct Investment Position Abroad and
Foreign Direct Investment Position in the United States
on a Historical-Cost Basis, 1982-99
Millions of dollars
Yearend
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
U.S. direct
investment
position
abroad
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
795,195
r
871,316
-•1,014,012
'•1,132,622
Foreign direct
investment
position in the
United States
124 677
137,061
164,583
184,615
220,414
263,394
314,754
368,924
394,911
419108
423,131
467,412
480,667
535,553
598,021
' 689,834
r
793,748
r 986,668
CHART 2
Percent change from
preceding year
U.S. direct
investment
position
abroad
l.\
2.8
9.3
13.5
20.6
6.4
10.0
12.8
87
7.3
12.4
Foreign direct
investment
position in the
United States
9.9
20.1
12.2
19.4
19.5
19.5
17.2
7.0
61
1.0
10.5
(i)
(i)
14.1
13.8
9.6
16.4
11.7
11.4
11.7
154
15.1
24.3
P Preliminary.
' Revised.
1. The USDIA and FDIUS positions reflect a discontinuity between 1993 and 1994 due to
the ^classification from direct investment to other investment accounts of intercompany debt
between parent companies and affiliates that are nondepository financial intermediaries.
U.S. Direct Investment Position Abroad,
1999: Host-Country Shares
Netherlands
(9.4%)^
Switzerland
(4.5%) ,
Germany /
(4.4%)
Canada (9.9%)
United Kingdom
(18.8%)
Japan (4.2%)'
Bermuda
(4.1%)
France (3.5%)
Brazil (3.1%)
Mexico (3.0%)
U.S. Department of Commerce, Bureau of Economic Analysis
SURVEY OF CURRENT BUSINESS
in telecommunications resulted from industryspecific factors. Acquisitions in retail trade reflected a mature retail market in the United
States and attractive opportunities to capture
market share overseas through, for example,
distribution efficiencies and price competition.
The acquisitions in automobile manufacturing,
some of which were made through holding
companies in finance (except depository institutions), insurance, and real estate ("FIRE"),
were part of a wave of consolidations in the global automobile industry.3 U.S. investors also
made acquisitions in automobile parts (in
transportation equipment manufacturing),
where pressure from carmakers to cut prices has
squeezed profit margins and led to consolidations. In telecommunications, rapidly changing
industry dynamics—brought about by new
technologies and deregulation—and a desire to
achieve economies of scale led to acquisitions of
foreign communications companies.
Among the foreign affiliates that were sold to
foreign firms in 1999, the largest were in tobacco products and in communications.
The following table shows the change in position in 1999 by the type of capital flow and
valuation adjustment:
[Billions of dollars]
Total
Capital outflows
Reinvested earnings
Equity capital
Increases
Decreases
Intercompany debt
Valuation adjustments
Currency translation
Other
118.6
138.5
57.3
52.1
80.7
28.6
29.2
-19.9
-12.5
-7.4
Capital outflows for USDIA were $138.5 billion in 1999. By account, the largest share of the
outflows—41 percent—was accounted for by
reinvested earnings. Net equity capital outflows
accounted for 38 percent of outflows. Intercompany debt accounted for the remainder.
Reinvested earnings, at $57.3 billion, were up
61 percent from 1998. The sharp rise resulted
primarily from an increase in the share of earnings that were reinvested (rather than distributed to owners) from 40 percent to 56 percent.
The increase in reinvested earnings also reflected a 13-percent rise in the overall earnings
of foreign affiliates. More than half of the rise in
3. The acquisitions made by holding companies were financed by capital
outflows from the U.S. parents to the holding companies.
July 2000 •
affiliate earnings was accounted for by affiliates in
the Asia and Pacific area—particularly in Japan
and Hong Kong; the rest was mostly accounted for
by affiliates in Canada. The large increase by affiliates in the Asia and Pacific area reflected improved
economic conditions after the financial crisis of
1997-98 and the substantial appreciation of several
Asian currencies, particularly the Japanese yen,
against the U.S. dollar, which raised the value of
the affiliates' earnings in dollar terms. The increase
by affiliates in Canada reflected economic growth
both in Canada and in the United States—Canada's largest export market. Despite recent growth
in the number of affiliates in Europe, the earnings
of European affiliates were flat in 1999, partly as a
result of the appreciation of the U.S. dollar against
the currencies of several major European countries—particularly those participating in the European Monetary Union (EMU).
Equity capital outflows, at $52.1 billion, were
down 29 percent from the record level in 1998, reflecting fewer large acquisitions and some large
selloffs. Acquisitions by U.S. parents and equity investments in existing foreign affiliates resulted in
equity capital increases of $80.7 billion. (The increases mostly reflected the acquisitions discussed
earlier.) These increases were partly offset by decreases in equity capital (which are recorded as
U.S. capital inflows) of $28.6 billion, which resulted from selloffs of a number of foreign affiliates
and—to a lesser extent—from the return of invested capital from existing foreign affiliates to
their U.S. parents.
Acknowledgments
The data for the U.S. direct investment position
abroad were drawn from BEA's quarterly survey of
transactions between U.S. parent companies and their
foreign affiliates. The survey was conducted under the
supervision of Mark W. New, assisted by Howard S.
Chenkin, Jennifer C. Chilzer, Laura A. Downey, Javier
J. Hodge, Marie K. Laddomada, Sherry Lee, Leila C.
Morrison, and Dwayne Torney. Computer programming for data estimation and tabulation was provided
by Marie Colosimo.
The data for the foreign direct investment position in
the United States were drawn from BEA's quarterly survey of transactions between U.S. affiliates of foreign
companies and their foreign parents. The survey was
conducted under the supervision of Gregory G. Fouch,
assisted by Peter J. Fox, Michelle L. Granson, Tracy K.
Leigh, Watthana Lim, Beverly E. Palmer, Christine L.
Perrone, and Linden L. Webber. Computer programming for data estimation and tabulation was provided
by Karen E. Poffel, assisted by Neeta B. Kapoor and
Fritz H. Mayhew.
61
62
July
SURVEY OF CURRENT BUSINESS
2000
Intercompany debt outflows increased 16 percent, primarily reflecting debt repayment by parents to their foreign affiliates. The largest outflows
were to Japan, the United Kingdom, Switzerland,
and Singapore.
The capital outflows were partly offset by a
$19.9 billion downward adjustment to the value of
the position: nearly two-thirds of the adjustment
was accounted for by negative currency-translation
adjustments that resulted from the U.S. dollar's appreciation against several foreign currencies—particularly those of the EMU participants. In
addition, acquisitions made for more than book
value required downward adjustments to reconcile
the purchase prices, which are reflected in capital
outflows (and would otherwise determine the
measured change in position), with the book values used in computing the historical-cost position.
(See valuation adjustments in the box "Key
Terms.")
Changes by country
Major changes in the position by area and by country are shown in the following table:
[Billions of dollars]
All countries
Europe
Of which:
United Kingdom
Netherlands
Switzerland
Asia and Pacific
Of which:
Japan
Singapore
Latin America and Other
Western Hemisphere
Of which:
Panama
Mexico
Bermuda
Canada
118.6
53.7
20.4
12.8
11.1
30.5
12.2
6.4
22.7
7.4
5.9
5.6
9.8
The position in Europe increased 10 percent
and accounted for nearly half of the increase
worldwide. Part of the increase for Europe was accounted for by holding companies. Holding companies are classified in FIRE, but their operating
affiliates may be in other industries; additionally,
the operating affiliates may be located in countries
other than those of the holding companies.4 Thus,
the increases accounted for by holding companies
reflected strong earnings and reinvested earnings
by existing operating affiliates in several industries
and countries and capital outflows to the holding
companies that were used to finance acquisitions
of new operating affiliates.
Within Europe, the United Kingdom had the
largest increase, followed by the Netherlands and
Switzerland. Most of the increase in the United
Kingdom was in the form of equity capital and reflected acquisitions. U.S. parent companies are attracted to the United Kingdom because of its large,
prosperous market and because of the similarity of
its business culture, legal framework, and language
to that of the United States; in addition, the United
Kingdom is often used as an entry point for investing elsewhere in Europe. The largest acquisitions
were in retail trade (in "other industries") and automobile parts (in transportation equipment manufacturing).
In the Netherlands, most of the increase in the
position was accounted for by reinvested earnings,
which were the highest of all countries. Reinvested
earnings were concentrated among holding companies (in FIRE), reflecting the earnings of operating affiliates, many of them outside the
Netherlands. The increase resulting from reinvested earnings was partly offset by a shift to equity
capital inflows that resulted from selloffs.
The position in Switzerland increased 28 percent, reflecting reinvested earnings in FIRE and intercompany lending in wholesale trade.
The position in Asia and Pacific increased 20
percent. Japan and Singapore accounted for most
of the increase. The position in Japan increased 34
percent, reflecting U.S. parent lending to affiliates
in FIRE, acquisitions of affiliates in communications and wholesale trade, and positive currency
translation adjustments. The position in Singapore
also increased 34 percent, reflecting lending to affiliates in FIRE, repayment of debt to affiliates in
industrial machinery, and the reinvested earnings
of affiliates in electronic equipment.
The position in Latin America and Other Western Hemsiphere increased 11 percent. Panama,
Mexico, and Bermuda accounted for most of the
increase. In Panama, the increase largely reflected
capital gains (which are recorded as valuation adjustments) in FIRE. The increase in Bermuda—
also concentrated in FIRE—reflected reinvested
earnings and capital contributions to existing affil4. Transactions between U.S. parents and their foreign affiliates that enter the
U.S. international transactions accounts and the related positions are classified
according to the countries and industries of the affiliates with which the U.S.
parents had direct transactions—in this case, those of the holding companies.
However, when the direct transaction is with a holding company, the transaction may create indirect claims on, or liabilities to, affiliates in other countries
and industries, or provide a channel for income to flow from the indirectly held
affiliate to the parent. In contrast, the financial and operating data on foreign
affiliates (for example, total assets, sales, and employment) are classified by the
country of location and industry of operation of each affiliate. For the most
recent financial and operating data for U.S. parents and their foreign affiliates,
see "U.S. Multinational Companies: Operations in 1998" in this issue.
July 2000 •
SURVEY OF CURRENT BUSINESS
iates. In Mexico, the increase mostly reflected the
reinvested earnings of affiliates in several industries.
The position in Canada increased 10 percent.
The increase reflected acquisitions of telecommunications companies and petroleum firms and the
reinvested earnings of affiliates in several industries.
Foreign Direct Investment
in the United States
The position of FDIUS valued at historical cost—
the book value of foreign direct investors' equity
in, and net outstanding loans to, their U.S. affiliates—was $986.7 billion at the end of 1999 (table 2
and chart 1). The largest positions remained those
of the United Kingdom ($183.1 billion, or 19 percent of the total), Japan ($148.9 billion, or 15 percent), the Netherlands ($130.7 billion, or 13
percent), and Germany ($111.1 billion, or 11 percent) (table 4.2 and chart 3).
The FDIUS position increased $192.9 billion, or
24 percent, in 1999, the fastest rate of increase
since 1981 and well above the 15-percent rate in
1998. The growth in the position reflected the global boom in merger and acquisition activity, which
also affected the growth in the USDIA position.
However, the growth in the FDIUS position was
particularly large because of several general and
industry-specific factors. Propelled by technological innovation and strong gains in productivity,
the U.S. economy continued to grow rapidly; real
GDP increased more than 4 percent for the third
consecutive year. The strong economy enhanced
the attractiveness of potential investments in the
United States, partly because it led to improved
earnings of U.S. businesses. Favorable business
conditions in most major investor countries increased the funds available to foreign investors to
acquire new U.S. affiliates and to contribute additional capital to their existing U.S. affiliates. Capital flows from British parents were especially large
and were mostly used for acquisitions.
Total acquisition activity for FDIUS reached a
record level in 1999.5 Many acquisitions reflected
industry-specific factors, the most important of
which was the rapidly changing dynamics of the
communications industry. The desire to gain access to advanced communications-related technologies and to the large and growing U.S. market for
communications services led foreign communications firms to acquire U.S. firms that are involved
in a range of communications-related activities,
including telecommunications services (in "other
industries") and manufacturing of fiber optic, Internet, and other communications equipment (in
machinery manufacturing).6
Foreign investors also acquired several U.S. depository institutions and insurance firms and several firms that provide products and services
related to water purification. The acquisitions of
depository institutions and insurance firms reflected the strong demand for financial services in
the United States and the need to remain competitive in an industry that is becoming increasingly
dominated by large institutions. The acquisitions
of water purification-related companies (in "other
5. See Ned G. Howenstine and Rosaria Troia, "Foreign Direct Investment in
the United States: New Investment in 1999," SURVEY 80 (June 2000): 55-63.
According to the preliminary data from BEA's survey of new foreign direct
investments, total outlays to acquire or establish U.S. businesses, including those
financed by capital inflows from foreign parents, were up 31 percent to $282.9
billion in 1999 after tripling in 1998. 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
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, and exclude financing not provided by the foreign parent group.
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 for FDIUS, a component of the change in the
position. Data from the new investments survey indicate that foreign parent
groups funded $226.9 billion, or 80 percent, of outlays to acquire or establish
new U.S. affiliates in 1999, compared with $159.8 billion, or 74 percent, in 1998.
6. These industry classifications are based on the 1987 Standard Industrial
Classification (SIC). In the article on new foreign direct investments, the data
on acquisitions and establishments by foreign investors in 1999 are presented
using new classifications derived from the 1997 North American Industry Classification System (NAICS); under the NAICS-based classifications, many of the
communications-related investments are included in the sector "Information."
(See Howenstine and Troia, "New Investment in 1999.") In coming years, BEA
will begin publishing the FDIUS and USDIA position and related capital-flow
and income data on a NAICS basis.
CHART 3
Foreign Direct Investment Position
in the United States, 1999:
Parent-Country Shares
Japan (15.1%)
^ ^ ^ k United Kingdom
,^ ^ ^ k
(18.6%)
i
m
Netherlands ^ B k
'
(13.2%) ^ ^ ^ ^
Germany \
^ ^ g
1i \
/Other (14.7%)
(11.3%) \ ^ m
1
Canada ( 8 . 1 % ) X j ^XLuxembourg (5.6%)
ly
France (7.9%)
Switzerland (5.6%)
U.S. Department of Commerce, Bureau of Economic Analysis ' -
63
64
•
July 2000
SURVEY OF CURRENT BUSINESS
industries") were prompted by a recent increase in
Federal water quality standards, which is expected
to lead to large expenditures in infrastructure replacement by municipal water suppliers.
In 1999, as in 1998, several of the largest acquisitions were through exchanges of stock; the shareholders of the U.S. firms exchanged their stock for
stock in the foreign firms. These self-financing
transactions resulted in large, but almost entirely
offsetting, financial flows in the U.S. international
transactions accounts: The large inflows on direct
investment that resulted from the foreign investors' acquisition of stock of the U.S. companies
were offset by the outflows on foreign securities
that resulted from the U.S. stockholders receiving
the stock of the foreign firms.7
The following table shows the change in the
FDIUS position in 1999 by type of capital flow and
valuation adjustment:
[Billions of dollars]
Total
Capital outflows
Equity capital
Increases
Decreases
Intercompany debt
Reinvested earnings
Valuation adjustments
Currency translation
Other
192.9
271.2
212.1
235.3
23.1
40.2
18.8
-78.2
-5.2
-73.0
Capital inflows for FDIUS were a record $271.2
billion in 1999 (the previous record was $181.8 billion in 1998). Most—78 percent—of the inflows
were net inflows of equity capital ($212.1 billion).
The rest were intercompany debt inflows ($40.2
billion) and reinvested earnings ($18.8 billion).
Equity capital inflows—the net of equity capital
increases and equity capital decreases—reached a
record $212.1 billion, 40 percent higher than the
previous record of $151.7 billion in 1998. Equity
capital increases—at $235.3 billion—reflected the
acquisitions of U.S. businesses by foreigners and
additional equity contributions to existing U.S. affiliates. These increases were partly offset by equity
capital decreases of $23.1 billion, which reflected
selloffs of affiliates by, and returns of capital to,
foreign direct investors (transactions that are recorded as U.S. capital outflows).
Intercompany debt inflows were a record $40.2
billion, up from $30.7 billion. More than a third of
7. The outflows were recorded as foreign securities transactions rather than as
U.S. direct investment abroad because the exchanges of stock did not result in
any single U.S. investor owning as much as 10 percent of the shares of the foreign firms.
the inflows were from parents in Luxembourg and
were used to finance acquisitions in manufacturing.
Reflecting a sizable dropoff in distributions and
a 58-percent increase in earnings, reinvested earnings shifted $19.5 billion to a record positive reinvested earnings of $18.8 billion.8 The share of
earnings that were reinvested was 53 percent.
Earnings rose $13.1 billion; almost all of the rise
was accounted for by affiliates in "other manufacturing," petroleum, and wholesale trade. The increases in "other manufacturing" and in
petroleum partly reflected the earnings of U.S.
companies that were acquired by foreign investors
in late 1998 (and thus did not significantly affect
affiliate earnings until 1999). In wholesale trade,
the increase primarily reflected growth in the earnings of Japanese-owned affiliates. Losses—and
thus negative reinvested earnings—occurred in
"other industries" and finance.
The capital inflows were partly offset by a substantial downward adjustment—$78.2 billion—to
the value of the position; the adjustment was primarily related to acquisitions. As is usually the
case, the acquired firms were purchased by foreign
direct investors for more than their book values: In
1999, transaction values were boosted by high valuations in the communications-related sectors of
the U.S. equity markets and by substantial premiums, in relation to preacquisition market prices,
that foreign investors paid for many of the acquired firms. The downward adjustment reconciled the transaction values of the acquisitions,
which are reflected in capital inflows (and would
otherwise determine the measured change in position), with the smaller book values that are recorded in the historical-cost position.
Changes by country
Most—82 percent—of the $192.9 billion increase
in the FDIUS position in 1999 was accounted for
by affiliates with parents in Europe. Within Europe, the largest dollar increase was in the position
of parents in the United Kingdom, followed by the
positions of parents in the Netherlands, Luxembourg, France, and Germany. After Europe, the
largest increases were by parents in Latin America
and Other Western Hemisphere, in Asia and Pacific, and in Canada. The increase in position by
parents in Latin America and Other Western
8. Reinvested earnings were negative in 1998, because the affiliates' distributions to their foreign parents exceeded their current earnings.
SURVEY OF CURRENT BUSINESS
Hemisphere was concentrated in Bermuda and in
U.K. Islands, Caribbean. The increase in position
by parents in Asia and Pacific was more than accounted for by Japan. Major changes in the positions by area and by country are shown in the
following table:
[Billions of dollars]
All countries
192.9
Europe
157.2
Of which:
United Kingdom
40.0
Netherlands
31.8
Luxembourg
28.2
France
19.6
Germany
16.7
Latin America and Other Western
Hemisphere
16.7
Of which:
Bermuda
9.3
U.K. Islands, Caribbean
4.9
Asia and Pacific
11.9
Of which:
Japan
14.4
Canada
5.6
The position of parents in the United Kingdom
increased 28 percent. A substantial portion of the
increase was accounted for by one very large transaction—the acquisition of a wireless communications company by a British firm in the same
industry; partly reflecting this acquisition, the
United Kingdom's position in "other industries"
more than doubled.9 Partly due to acquisitions of
communications equipment firms, the United
Kingdom's position in machinery manufacturing
more than tripled. Substantial reinvested earnings
of affiliates in petroleum, which partly reflected increased profits resulting from higher oil prices,
also raised the position of the United Kingdom.
9. The International Investment and Trade in Services Survey Act prohibits
BEA from disclosing information from its direct investment surveys in a manner that allows the data supplied by an individual respondent to be identified.
The act also provides that with the written consent of the respondent, information supplied by the respondent may be disclosed.
The position of parents in the Netherlands increased 32 percent; the increase mostly reflected
acquisitions of insurance companies and of depository institutions. The position of Luxembourg
parents more than doubled, reflecting acquisitions
in manufacturing by existing affiliates ultimately
owned by investors in other countries.10 The acquisitions were financed through loans to the U.S.
affiliates as well as through equity capital.
The position of French parents increased 34
percent, primarily reflecting acquisitions of companies that provide products or services related to
water purification. The position of German parents increased 18 percent; the increase reflected acquisitions of depository institutions, communications firms, and air freight companies. Germany's position was also boosted by reinvested
earnings in manufacturing.
The position of parents in Bermuda more than
tripled, and that of parents in the U.K. Islands,
Caribbean increased 54 percent. Both increases reflected acquisitions by firms ultimately owned by
investors in other countries. These acquisitions included telecommunications and Internet services
firms and property and casualty insurance companies.
The position of parents in Japan increased 11
percent. The increase primarily reflected lending
to affiliates and valuation adjustments; Japanese
investments in new U.S. affiliates remained well
below their peak levels of the late 1980's. By industry, the largest increase was in wholesale trade.
The position of Canadian parents increased 8
percent. By industry, increases in "other manufacturing," finance, and insurance were partly offset
by decreases in food.
10. BEA also prepares data on the FDIUS position by country of ultimate beneficial owner; the data are included in the detailed tables on FDIUS that are usually published in the September SURVEY.
Tables 3 and 4follow. Qj
July 2000 •
65
66
• July 2000
SURVEY OF CURRENT BUSINESS
Table 3.1 .—U.S. Direct Investment Position Abroad on a Historical-Cost Basis, 1998
[Millions of dollars]
Manufacturing
All
industries
All countries
Canada
Europe
Petroleum
Food and
kindred
products
Total
1,014,012
92,964
101,871
13,573
528,113
33,824
294,129
41,780
150,714
35,074
4,997
16,431
Wholesale
trade
Chemicals
and allied
products
Primary
and
fabricated
metals
Industrial
machinery
and
equipment
Electronic
and other
electric
equipment
Transportation
equipment
79,868
18,776
31,348
32,398
33,939
62,725
2,915
2,138
10,057
10,557
11,256
18,516
11,704
13,066
29,702
107
254
295
458
-8
186
909
504
2,617
7,989
50,041
3,128
395
335
209
Other
manufacturing
375,965
60,696
79,663
7,376
22,860
4,783
10,300
39,073
23,874
214,000
37,377
29,251
203
2,365
151
70
5,094
-31
-67
54
i\
fl 8
1,060
8,497
589
994
19,826
30
1,194
120
11
3,539
45
5,214
60
309
4,331
2
133
51
Germany
Greece
Ireland
Italy
Luxembourg
Netherlands
46,405
639
16,991
16,008
14,524
93,592
3,245
22,219
90
7,915
8,309
2,563
15,643
1,035
-9
572
806
2
1,139
2,619
43
2,908
3,124
0
9,623
2,016
1
175
97
9,465
3,801
199
79
5
82
18,372
1,665
841
359
8,414
1,809
5,197
594
43,633
2,163
1,684
18
47
211
4,840D
()
17
114
1,320
202
2,911
59
16,661
481
2
-5
1,593
6
172D
()
1,879D
()
180D
()
167
187
551
0
8,025
361
114
607
-17
3,337
17
58
557
229
344
1,525
298
8,128
-18
7,000
400
200,477
8,275
49,627
11,202
2,583
2,966
2,957
7,700
12,104
6,840
74,254
12,834
38,195
9,351
3,732
1,017
2,088
5,729
1,308
5,541
677
30,872
3,600
22,760
1,022
1,092
196
210
1,802
189
4,726
976
2,654
162
302D
()
75
479
7,652
1,112
5,507
294
352
70
83
190
43
2,087
351
1,348
209
1,595
50
1,530
21
-7
0
1
-1
1
2,464
4,233
445
3,190D
()
8,114
667
6,199
205
307
61
Central America
Costa Rica
Guatemala
Honduras
Mexico
Panama
Other
57,764
2,080
405
117
28,396
25,982
785
1,245
28
134
17,057
619
189
190
15,891
137
30
5,348
87
83
185
4,951
32
10
2,532
135
58
2
2,292
28
16
1,373
3,466
0
0
0
3,466
0
0
3,601
(D
Other Western Hemisphere
Bahamas
Barbados
Bermuda
Dominican Republic
Jamaica
Netherlands Antilles
Trinidad and Tobago
United Kingdom Islands, Caribbean
Other
68,459
1,489
58
82
1,018
-1
-3
0
0
0
0
0
2
0
0
0
0
0
0
0
0
0
0
0
0
389
161
421
7,015
1,476
13,676
5,339
40,144
1,074
192,663
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Other
Latin America and Other Western Hemisphere
South America
Argentina
Brazil
Chile
Colombia
Ecuador
Pgru
Venezuela
Other
!..'.'.'.
Z'ZZZ
Africa
w
Nigeria
South Africa
Other
Middle East
Israel
Saudi Arabia
United Arab Emirates
Other
Asia and Pacific
Australia
China
Hong Kong
India
Indonesia
japan
Korea, Republic of
Malaysia
New Zealand
Philippines
Singapore
Taiwan
Thailand
Other
International1
Addenda:
Eastern Europe2
European Union (15) 3
OPEC 4
'.'.'.
160
950
40,403
653
2,100
4,372
§
2,831
1,728
18
954
577
122
1,298
167
1,005
18,203
614
71
306
167
14,241
2,036
1,788
2,312
8,105
9,806
1,452
1,559
10,632
2,922
4,276
687
2,747
155,364
31,150
6,481
18,421
1,460
7,916
35,633
7,395
5,743
6,041
3,930
18,427
6,262
5,383
1,123
3,315
7,902
470,416
25,298
8
2,951
41
272
111
2,361
22,546
4,100
938
598
190
5,019
4,402
330
283
2,695
49
1,211
(D)
1,990
1,666
28,271
12,773
()
113
10,114
81
5
3
371
144
27
54
8
567
47,803
6,952
3,785
3,292
367
203
12,053
2,818
3,705
797
1,564
7,085
3,450
1,732
2,890
830
170
9
B
165
75
75
71
14
0
()
777
379
3
&
13
51
109
n
2,140
141,920
2,254
571
15,093
542
301
32
19
199
50
10,247
2,494
327
355
106
137
3,133
529
288
95
398
412
1,680
316
-23
491
46,573
* 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
0
2,333
24
94
0
()
78
0
0
(D)
0
-15
0
22
141
0
6
1,829
430
55
855
489
2,376
2,191
154
80
-48
675
9
1,382
757
4
1,372
235
5
8
1,531
424
189
380
-43
8
322
28
6
25
33
40
45
70
2
117
10,852
160
58
13
0
43
2
87
5
-16
1,541
1,539
1
0
0
643
244
234
-17
997
322
548
15
13
2,328
289
639
-5
361
17,423
-2
7,292
0
15
757
0
310
3,182
4,396
46
2,741
1,905
15
37
1,565
8
1,099
()
24
0
393
0
aD
D
r
(
75
12
13,972
165
1,757
1,206
75
35
1,944
554
2,624
35
599
3,651
1,100
222
3
-6
11,090
130
1,688
2,720
3,173
93
276
2,631D
()
7,799
281
140
2,082
46
1,103
2,448
37
7,220
2,115
1,549
262
515
1,500
22,268
309
122
548
1,059
1,519
57
12,844
100
2,588
224
10,491
8
58
12,626
336
361
(D)
438
(D)
13,689
3,533
5,173
3,634
807
86
279
64
112
3,334
905
1,777
201
59
4
32
327
28
14,038
1,856
4,577
3,461
486
67
1,288
1,891
412
2,843
29,362
1,725
4,689
60,848
1,306
308
37,788
1,914
117
313
1,277
2,710
51
0
r()
1
29
4,946
24,103
189
1,122
22
6
4,299
20
315
(*)
204
28
1
111
64
16,677
627
0
()
245
D
a
n
fit
1,648
1
114
35
o
n
178
1,257
13
4
^8
0
168
59
2,300
389
1,621
428
(D)
270
71
1,430
(D)
32,278
6,222
10,957
14,663
6,782
570
1
93
n
n
8
361
1,999
423
517
380
154
66
102
261
96
95
1
466
()
17
852
21,116
1,335
21,436
16,225
887
235
2,025
(D)
6,972
9,330
1,361
706
1,068
3,1
79,208
H
1,967
103,899
3,429
509
52
8
9,
12,153
128
7,170
882
11,089
59,154
612
2,946
1,041
-6
29
-61
(D)
1,653
119
0
0
0
176
(D)
4,748
1,507
155
(D)
334
257
93
3
3,421
68
0
327
Other
industries
1,199
152
156
582
40
1,083
4,187
0
122
863
9
1,007
Services
40,582
3,850
18,637
2,854
1,695
42,067
3
Finance
(except
depository
institutions),
insurance,
and real
70,014
Austria
Belgium
Denmark
Finland
France
2,492
Depository
2,210
222
795
4,604
343
207
4,319
3,823
638
183
245
157
2,786
487
8,649
23
352
3,491
1,204
4,419
1,449
452
66
1,003
2,299
44
997
38
58
5,785
453
276
36
199
627
77
39
28
2,844
26
(D)
370
234
79
138
461
31
1,325
548
28,261
719
238
30,334
479
313
19,560
1,160
2,221
187,688
2,257
17
35,392
787
1,307
27,252
5,588
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.
July 2000 •
SURVEY OF CURRENT BUSINESS
67
Table 3.2.—U.S. Direct Investment Position Abroad on a Historical-Cost Basis, 1999
[Millions of dollars]
Finance
Manufacturing
industries
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
depository
institutions),
insurance,
and real
estate
Services
Other
industries
1,132,622
99,925
318,121
36,126
82,794
18,803
37,833
38,449
36,013
68,103
80,148
39,937
436,024
68,763
Canada
111,707
16,416
44,023
4,983
7,637
3,123
3,269
2,455
9,965
12,592
8,982
1,977
25,084
6,438
8,785
Europe
581,791
33,990
161,627
17,366
51,743
10,730
20,116
15,386
14,869
31,417
46,466
23,368
237,659
42,379
36,301
3,696
17,285
3,887
1,355
39,984
1,115
7,176
1,449
486
17,210
31
1,037
148
7
3,246
53
4,176
78
357
3,947
1
132
67
205
351
331
-11
-2
527
603
3,456
(D)
351
2,839
iS
8
1,652
140
3,728
869
259
10,583
158
2,593
99
64
5,400
-65
-142
1,282
413
328
260
33
819
198
966
762
32
1,044
24,351
66
8,949
9,394
2,569
19,508
500
-32
621
813
-2
2,311
3,929
47
3,172
3,394
0
10,603
1,531
1
184
98
(D)
256
4,605
0
158
1,019
9
694
1,735
11
1,570
996
-1
3,636
7,481
0
38
913
0
112
4,571
39
3,206
2,162
(D)
1,895
3,197
85
235
2,129
(D)
1,388
138
-7
390
228
14,131
146
7,960
1,656
11,700
64,199
2,373
9
216
7
192
1,015
140
754
-10
3,562
-73
()
65
1,346
-132
314
355
1,245
-41
14,289
-27
7,175
494
(D)
(D)
2,022
(D)
2,844
292
9,778
(D)
640
173
435
5,604
25,684
7
3,085
273
158
465
1,039
1,865
67
14,285
50
304
(D)
571
146
28,031
(D)
12,818
7,620
2,371
124,072
6,203
22,908
7,915
773
5,839
195
(D)
78
(D)
434
105
1,761
488
355
365
130
66
81
149
126
5,595
2,205
2,034
656
(]
2,222
597
848
211
62
4
48
428
24
15,041
1,922
4,613
3,893
1
50
302
15,365
4,837
5,225
3,404
929
123
293
434
121
4,390
2,534
867
25
1,342
0
(D)
38,395
4
(D)
5,350
83
6,308
31,805
(D)
1,599
-2
4
0
1,303
285
9
2,382
154
289
1,657
20
46
2,516
55
All countries
Austria
Belgium
Denmark
Finland
France
Germany
Greece
Ireland
Italy
Luxembourg
Netherlands
49,617
602
19,823
17,595
15,263
106,436
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Other
6,601
1,478
12,456
9,595
51,227
1,299
213,070
10,522
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
....
Other Western Hemisphere ....;
Bahamas
Barbados
Bermuda
Dominican Republic
Jamaica
Netherlands Antilles
Trinidad and Tobago
United Kingdom Islands, Caribbean
Other
2,683
(D)
53
3,296
871
436
7,786
2,207
5,702
736
49,699
1,918
5,795
339
17
103
1,507
269
3,051
88
16,582
369
51,294
9,966
74,839
14,187
35,003
9,886
4,029
1,202
2,532
6,750
1,250
28,491
3,537
20,225
1,323
1,212
285
192
1,538
178
70,774
1,646
453
56
34,265
33,429
924
77,569
1,065
1,131
223,182
4,078
£t
86
271
79
17,443
2,028
8,715
45,959
952
2,469
4,377
1,094
1,579
192
480
0
1,953
10,066
151
413
11,759
3,055
3,141
2,906
4,109
876
2,149
192
305
76
66
414
32
6,895
1,299
4,617
231
304
94
83
230
37
2,472
1,744
1,988
-20
1,850
(D)
20,265
663
217
212
18,861
157
156
5,707
111
91
201
5,257
36
11
3,331
158
74
2
3,037
31
30
562
24
2
2,537
89
22
149
0
(D)
0
26
1,532
76
0
15,062
2,213
1,375
3,258
8,216
1,964
714
573
65
836
490
()
166
115
Middle East
Israel
Saudi Arabia
United Arab Emirates
Other
11,137
3,199
2,321
2,168
144
90
4,231
543
Addenda:
Eastern Europe 2
European Union (15) 3
OPEC 4
....
25,347
3,344
940
-386
7,378
4,419
1,550
1,041
177
601
2,815
60
2,529
430
3,832
2,580
8,840
512,141
2,071
27,534
15,284
56,891
7,646
4,789
3,798
466
66
13,332
3,651
3,555
768
1,270
11,367
3,631
2,571
-18
351
91
191
43
B
3,163
International1
3,027
862
150
-21
-65
20
850
479
5
221
351
-4
44
113
22
11,287
2,924
259
393
92
79
3,397
665
253
92
419
628
1,804
312
-27
361
62
1,359
1,647
20
-7
B
-1
,8
0
1
21
1
1,396
122
0
597
85
0
0
320
0
2
3,367
187
2,764
B
37
0
214
3
4,281
0
0
3
4,278
0
0
0
0
0
0
0
0
0
0
0
0
75
-2
0
60
17
251
n
197
35
7
15
13
0
1,609
471
203
396
-31
5
323
25
-6
44
41
23
3,213
(D)
7,648
11,219
693
946
381
355
-21
1,049
409
419
17
19
5,280
317
1,359
-5
1,536
1,534
2
0
0
-12
6
16,090
166
2,343
1,444
131
19
2,054
930
2,589
41
258
4,637
1,109
366
3
3,376
957
123
27
-123
1
2,£\
175
0
0
0
230
3
D
()
1,022
1,313
769
125
8,528
(D)
Q
6
2
4,198
1,167
1,182
72
(D)
442
31
131
(D)
514
14
(D)
Q
419
6
3,325
-4,567
-2,193
B
35
3
75
268
1,901
29
266
20
21
743
3
357
2
0
179
48
5
87
636
514
(D)
335
130
97
107
1
n
-3
10,283
1,573
765
1,178
108
968
296
355
181
573
(D)
311
0
16,566
2,146
201
4,851
128
8
5,429
810
139
255
184
1,354
614
416
31
5
25
0
71
14
0
70,312
2,871
389
42,367
1,493
(D)
9,031
B
1,516
2,104
401
()
5,257
-38
190
4,311
19,867
n
1
154
307
-81
0
317
72
1,715
11
2,448
405
1,701
(D)
777
381
290
65
41
1,177
111
45,856
8,465
784
5,766
263
287
14,928
47
483
3,676
1,028
8,103
1,577
385
62
12,659
2,190
260
1,141
50
53
7,132
533
343
32
223
519
101
49
33
17,568
905
0
D
11,025
2,705
69
1,873
420
287
608
2,110
440
(D)
283
532
691
625
(D)
1,994
2,397
1,257
B
7,167
673
3,022
247
2,424
1,938
48
-13
fl
91
185
391
1,252
1,878
152,400
1,838
16,173
481
364
48,218
339
* 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
u
418
178
173
Africa
Egypt
Nigeria
South Africa
Other
185,912
33,662
7,766
20,848
1,189
10,504
47,786
8,749
5,989
6,080
3,792
24,781
-8
1,191
262
27
48
1,271
(D)
19,948
573
Asia and Pacific
Australia
China
Hong Kong
India
Indonesia
Japan
Korea, Republic of
Malaysia
New Zealand
Philippines
Singapore
Taiwan
Thailand
Other
D
89,705
151
10,218
136
413
19,007
19
-103
14,708
143
145
14,234
60
568
29,842
661
335
31,396
367
18,442
(D)
2,792
208,242
2,793
-23
40,124
904
1,319
34,003
(D)
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.
68
• July 2000
SURVEY OF CURRENT BUSINESS
Table 4.1.—Foreign Direct Investment Position in the United States on a Historical-Cost Basis, 1998
[Millions of dollars]
Manufacturing
All
industries
All countries
Canada
Europe
Austria
Belgium
Denmark
Finland
France
Germany
Ireland
Italy
Liechtenstein
Luxembourg
Netherlands
Norway
Spain
Sweden
Switzerland
United Kingdom
Other
Latin America and Other Western Hemisphere
South and Central America
Brazil
Mexico
Panama
Venezuela
Other
Other Western Hemisphere
Bahamas
Bermuda
Netherlands Antilles
United Kingdom Islands, Caribbean
Other
.
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
Addenda:
European Union (15) >
!
!..
Petroleum
Food and
kindred
products
Total
Chemicals and
allied
products
Primary
and
fabricated
metals
Other
manufacturing
22,026
95,662
62,067
135,803
4,402
2,425
5,327
11,079
4,216
528,601
1,969
10,966
3,312
4,106
58,051
251,750
15,734
85,933
36,590
142
180
(D)
2,538
45,513
393
1,096
1,871
1,799
2,426
16,723
831
1,262
38,087
101,653
108
599
273
582
9,038
94,404
12,484
4,143
109
26,650
98,926
54,392
2,674
918
141
896
-51
-1
206
2,731
26,671
1,298
467
9,226
3,433
329
56
2,504
51,729
74,143
2,526
360
4,068
D
()
38,041
3,833
2,285
15,139
48,403
143,165
654
1,938
728
7,335
24,253
54,765
27,854
9,819
635
2,432
6,504
13,919
6,738
381
41
4
18,052
l
,S
D
304
5
3,644
1,483
4,571
11,311
771
1,159
-176
1,315
1,069
-11
1,082
1
-501
-236
-100
-58
-10
-14
-53
290
22
330
-58
3
-7
283
-30
451
-104
-2
-32
1,007
0
1,107
4
1,826
474
213
3,192
147
219
788
2,054
-16
862
-92
121
741
-85
-7
-62
-426
1,238
1
(D)
1,004
(D)
-11
35
163
907
-3
-14
-14
867
1
-102
51,691
2,142
385
47,347
15
54
23
11
243
1,454
16
1,294
-67
(E
1,15
225,196
-55
13,276
n
n
(DD
333
509
0
0
0
3
-1
()
0
0
0
0
0
44,637
113
2,109
1,038
18,034
2,077
3,740
2,844
9,009
363
155,943
12,883
1,578
134,590
974
100
337
93
1,561
3,144
683
2
84
(D)
258
4,265
(D)
643
n
-1
5,793
247
-B
4,671
54
1
-2
1
-39
928
-58
3,741
70,032
-15
10,833
546
3 $
-A2
(D)
19,060
581
183
17,600
-32
39
n
28
20,791
(D)
12
217
437
19
89
-31
34,535
-51
96,520
-19
25,547
16,817
63,117
1
2
0
5,140
2,i
5,644
1,111
116
3,451
-5
-75
(D)
1,232
10,196
1,799
1
()
16,855
2
168
831
15,021
12,266
11,869
7
49
2
n
41,271
11,171
21,396
-1
(D)
316
(D)
2,552
1,420
10
13
2,034
5,750
358
3,002
33
72
42
(D)
5,561
44
48
924
230
1,452
111
2,150
11,055
(D)
J
4,057
1,261
2,802
680
75
428
190
290
148
109
-4
173
-45
925
D
5
D
A
3
47
0
47
157
156
0
2,652
-94
0
0
0
115
116
R
R
3,297
138
54
2
1
-5
0
0
0
0
0
0
0
18,545
1,423
R
1
991
15,139
744
204
12,688
445
R
201
0
1
37,887
-37
413
35,462
844
22
176
-4
299
595
117
597
-2
D
16,518
16,463
25
22,912
595
3,867
385
594
331
1,152
309
40
-45
715
134
1,585
(D)
-21
21
(D)
24
15,581
(D)
g
340
342
D
108
1,606
114
308
D
114
-1
115
10
15
n
o
8
D
42
8,404
(
3
8,161
6,285
12
2,152
2
1,303
35
-24
7,564
15
130
-4
0
12
53
(D)
11,681
3,290
27,431
71
20,874
(D)
46
74
71
-2
48,095
1,347
213
37
204
16
1
5
3
2
5
-1
1,878
2,273
2,013
n
43,741
29,861
(D)
3,728
5,620
Other
industries
1,491
909
17
0
17
42,856
1,673
-203
(D)
Jl
43,558
Services
2,933
4
D
(38
)
R
164
162
1
0
2
0
0
7,624
Real
estate
11
n
-293
77,785
7,874
1,089
0
0
7,089
161
151
4,350
2,307
10,692
139
4,351
«8
45,895
2,664
1
8
115
21
Insurance
43,804
&
1,326
5,755
5,031
20,115
81
1,397
-123
3
R
16,635
0
801
14,978
21,337
-6
-529
778
475,725
4,132
110
10,839
21,090
19
0
2,360
6,520
47
165
-23
6,346
2,084
3,173
19
Finance,
except
depository
institutions
Depository
institutions
Retail
26,507
793,748
* 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
Machinery
Wholesale
-8
23
-8
-404
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 2000 •
SURVEY OF CURRENT BUSINESS
69
Table 4.2.—Foreign Direct Investment Position in the United States on a Historical-Cost Basis, 1999
[Millions of dollars]
Manufacturing
All
ndustries
Petroleum
Total
Food and
kindred
products
Chemicals and
allied
products
Primary
and
fabricated
metals
Machinery
Other
manufacturing
Wholesale
trade
Depository
institutions
Retail
trade
Finance,
except
depository
institutions
Insurance
Real
estate
Services
Other
industries
91,106
986 668
55,940
391,013
16,717
103,465
21,808
76,584
172,440
108,936
23,386
60,118
52,133
101,760
44,720
57,558
Canada
79,716
2,836
26,270
610
2,286
3,832
5,109
14,433
4,467
982
2,905
10,718
9,712
9,925
1,375
10,526
Europe
685,845
2,483
11,448
4,959
4,816
77,622
49,642
305,543
13,716
93,358
12,576
54,183
131,710
49,312
18,991
43,815
18,630
78,355
13,252
45,623
62,682
674
n
194
H
P
n
1
1
-4
5
-8
536
265
(D)
1,005
13,377
10,099
2,191
2,778
5,093
4,827
7
46
(D)
18
(D)
8
20
11,829
7
(D)
159
(D
)
(D)
(D)
(D)
26
&
129
1,516
3,617
(D)
0
(D)
318
518
392
623
425
9
8
150
3,195
3,687
18,513
59,303
3,868
1,050
7,188
15,073
-712
4,509
1,199
0
292
88
1,299
-1
490
(D)
0
0
40
76
64
54,894
130,703
45,305
42,922
66
1,745
15,833
8,353
(D)
15,647
1,565
6,659
R
0
14,257
1,024
3,578
440
170
(D)
(D)
11,083
428
1,345
-49
(D)
(D)
5,948
1,233
293
(D)
(D)
10,882
5,930
3,802
654
63
5
10,013
3,534
2,149
n
29,778
2,147
135
98
917
32
-2
2,003
Liechtenstein
Luxembourg
Netherlands
173
699
(D)
0
20,236
Italy
111,138
17,969
4,982
145
5,754
5^958
Norway
Spain
Sweden
Switzerland
United Kingdom
Other
4,201
2,629
17,904
55,280
183,145
1,537
1,240
354
-1
66
(D)
221
160
2
82
7
888
(D)
-24
(D)
(D)
(D)
1
162
D
( )
4,820
3,322
8
2,044
1,014
6,856
27,814
68,242
1,000
All countries
Austria
Belgium
Denmark
Finland
France
Germany
Ireland
(D)
204
3
(D)
(D)
33,446
3,972
956
1,435
39,087
2 $
D
(D)
(D)
(D)
2,465
(D)
(D)
2,402
948
2,750
2,332
113
2
709
(D)
328
43
1,868
651
158
65
141
348
56
(
°3
199
108
-42
1
1
0
1
-20
-73
5
-6
2
-122
2
(D)
271
865
Other Western Hemisphere
Bahamas
Bermuda
Netherlands Antilles
United Kingdom Islands, Caribbean
Other
33,984
2,163
13,054
2,695
13,883
2,189
2,206
172
(D)
3
1,040
1,756
2,075
0
( )
-2
847
511
(D)
835
(D)
268
882
(D)
4
1,623
D
169
745
-3
1,552
fl
113
587
11
1,014
s
Africa
South Africa
Other
1,545
427
1,118
20
-361
426
22
41
494
0
41
Middle East
Israel
Kuwait
Lebanon
Saudi Arabia
United Arab Emirates
Other
7,087
2,680
3,391
868
934
848
Addenda:
European Union (15)'
OPEC 2
-20
329
116
1,049
2,983
932
624,807
4,528
737
763
(D)
165
(D)
-14
1,034
1
-61
(D)
—73
30
S
8
-77
1,141
1
( )
D
H(D)
H
1,055
18
(D)
-172
-103
-69
n
1,150
1,144
1
H
3D
()
DO
-6
/D\
/D\
(
°o
n
8
8
530
155
164
22
153
1
174
0
522
0
0
0
0
(D)
(D)
-4
-1
(D)
0
2
0
0
24,590
1,270
-4
(D)
52,195
2,574
1,483
-145
6,310
3,794
16,019
276
-2
551
623
198
47,277
(°)
1,348
3 $
5,166
(D)
425
-12
0
22
0
(*)
_3
0
34
14,572
23,075
74
22
10
11
212
270
27
89
15
-5
5
45
72
-11
1
(D)
-143
(D)
0
3,932
1,305
371
591
305
29
278
2,603
88
-66
992
45
168
235
8
Ro
330
1,646
-2
8
•3
8
8
104
0
0
145
49
3,305
0
0
0
0
(D)
38
11
43
1,523
13,992
8,592
1
483
175
334
51
52,165
2,419
9,673
-1
362
17
10
(D)
206
49,454
1,205
2,345
7,478
17,593
1,074
11,836
7,995
36
8
138
-19
234
565
219
33
0
(D)
0
(D)
10
6
146
(D)
(D)
142
114
953
693
-26
,15
5
36
3
102
-2
(D)
33
(D)
1
125
-6
0
35
60
-3
17,619
13,130
3,331
42,185
47,831
274,729
12,138
76,593
11,288
51,658
123,052
46,427
18,102
40,239
398
-29
1
-32
0
-17
19
2
25
591
o
D
(J
o
0
(D)
311
3,371
44
19,629
2,094
(D)
106
(D)
96
n0
-3
(DJ
2
1
(D)
(D!
-6
173
(D)
60
1
-49
913
-52
(D)
53
D
o
9
1,257
R
fl
-2
-2
(D)
-4
-17
4
1
(D)
2
41
(D)
990
140
D
n0
(D)
1
3
-2
(D)
1
(D)
234
38
20
15
237
* Less than $500,000 (+/-).
D
Suppressed to avoid disclosure of data of individual companies.
1. The European Union (15) comprises Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland,
n
-6
-6
0
0
0
0
484
-64
4
(D)
1,914
167,884
10,818
1,210
148,947
1,520
7
11
4
750
Asia and Pacific
Australia
Hong Kong
Japan
Korea, Republic of
Malaysia
New Zealand
Philippines
Singapore
Taiwan
Other
(D)
-22
44C
180
-290
-128
-66
-3
o
(D
D)
(D
)
()
57
90
0
1,479
DO
1
(D)
1,652
-21
949
16
72
8
(D)
751
1
19
10,524
283
-1
229
182
-390
-110
1,268
1,789
-6
1,589
81
-6
2
962
a
4,012
15,538
8,683
-13
1,022
607
1,247
12,170
1,020
6,056
(D)
1,980
-157
2,243
89
136
862
3.J3
-3
2,290
7,852
19,966
6,028
4,048
-10
3,545
1,989
15,780
334
696
-370
-154
3,134
16,851
125
4,328
1,836
617
1,716
15,824
21,973
10,606
13
(D)
9
264
62
370
1,453
6,195
1,177
218
41
364
-12
(D)
4,856
2,386
8,751
8
44,591
3,612
5,896
-170
30$
( )
15
0
951
-23
688
South and Central America
Brazil
Mexico
Panama
Venezuela
Other
Latin America and Other Western Hemisphere
317
0
1,719
o
(-8D)
n
62,782
7
Do
()
o
12
(D)
r!
4(*
6
(D)
6,958
4,118
-91
3,729
-7
23
-11
-879
84
1
61,764
98
Italy,
.. Luxembourg,
„ . 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.
70
SURVEY OF CURRENT BUSINESS
July
2000
U.S. International Transactions
Revised Estimates for 1982-99
By Christopher L. Bach
IS customary each lune, the estimates of
. international transactions have been revised to incorporate statistical and methodological
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. 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 services markets.
• Net U.S. purchases of foreign securities are
revised for 1995-99 as a result of a more
complete accounting for large-scale foreign
acquisitions of U.S. companies. Net U.S. purchases of foreign securities are also revised
for 1995-99 to account for other transactions
that are not completely captured by the statistical reporting system.
• "Other" private income receipts are revised
for 1998-99 to incorporate the final results of
the U.S. Treasury Department's Benchmark
Survey of U.S. Portfolio Investment Abroad
as of December 31, 1997. Previously, only
preliminary results were available. "Other"
private income receipts are also revised to
reflect the previously mentioned changes
made to net U.S. purchases of foreign securities.
• "Other" private services receipts and payments are revised for 1997-99 to reflect revisions to financial services receipts and
payments. "Other" private services receipts
are also revised as follows: For 1986-99, to
incorporate improved estimates of expenditures of international organizations in the
United States; for 1996-99, to incorporate
improved estimates of expenditures of foreign embassies in the United States; and for
1986-99, to incorporate newly developed
estimates of expenditures of temporary
nonagricultural workers in the United States.
• Direct investment income and capital flows
are revised for 1982-99 to reflect revised estimates of the current-cost adjustment.
Revised estimates of prices for equipment
and structures are now incorporated into the
current-cost adjustment.
The newly available benchmark data, improved
methodologies, and improved coverage of the accounts are discussed in the remaining sections of
this article. In addition to these major changes, revisions also result from the incorporation of regularly available data from BEA's annual and
quarterly surveys, from the U.S. Treasury Department's and Federal Reserve System's quarterly and
monthly surveys, and supplemental data from
other U.S. Government agencies and private
sources. For 1999, as a result of all the changes, the
current-account deficit is reduced $7.4 billion, to
$331.5 billion (table 1). By account, $1.3 billion is
added to goods exports and $0.2 billion is removed
from goods imports, resulting in a deficit that is
$1.6 billion lower than previously estimated. For
services, $5.2 billion is removed from services exports and $6.2 billion is removed from services imports, resulting in a surplus that is $1.0 billion
higher than previously estimated. For income, $2.3
billion is added to income receipts and $4.0 billion
is removed from income payments, resulting in a
deficit that is $6.3 billion lower than previously estimated. For net current unilateral transfers, $1.4
billion in outflows is added, resulting in an increase in net transfers of the same amount. Net financial account inflows were revised down $54.8
billion, to $323.4 billion. Details on revisions to individual series are shown in table 2 at the end of
the article.
Foreign securities
Additional offsets to direct investment—Estimates
of U.S. transactions in foreign securities are adjusted to account more completely for large-scale
acquisitions that have occurred over the past 5
years.
July 2000 •
SURVEY OF CURRENT BUSINESS
The treatment in the international accounts of
foreign acquisitions of U.S. companies can involve
entries in the direct investment, foreign securities
(portfolio investment), and banking accounts, depending on the type of financing.
For acquisitions financed by an exchange of
stock, the amount of the acquisition is entered as a
financial inflow in the foreign direct investment in
the United States account. This amount is probably captured completely and valued correctly in
the direct investment statistical reporting system.
However, net U.S. purchases of foreign securities
in the Treasury International Capital (TIC) portfolio investment reporting system, which records the
contra- or offsetting entry, often does not effectively capture the receipt by U.S. investors of stock
in a foreign company in exchange for stock in a
domestic company, because this exchange of securities does not normally go through the TIC reporting system. Consequently, when BEA can
confirm that an exchange of stock has occurred
and that net U.S. purchases of foreign securities
are underreported, it has adjusted its estimates to
assure more complete coverage of securities transactions. BEA makes these adjustments for some
medium-size transactions and for large-size transactions. These additional securities offsets have
been entered in the appropriate periods for 199599—a period in which foreign acquisitions were
prevalent and in which their number and size
reached new levels: $7.4 billion was added for
1995, $10.8 billion for 1996, $3.0 billion for 1997,
$10.5 billion for 1998, and $8.9 billion for 1999.
For acquisitions financed either partly or entirely with cash, the cash portion of the acquisition
is included in the U.S. bank-reported accounts,
typically as a reduction in foreign-held dollar deposits, and it is believed to be completely captured
and correctly valued.
Other adjustments for undercoverage.—Estimates of U.S. transactions in foreign securities are
also adjusted to account for other sources of incompleteness. Coverage problems were partly confirmed by information from the U.S. Treasury
Department's Benchmark Survey of U.S. Portfolio
Investment Abroad at yearend 1997, which indicated a 20-percent discrepancy between BEA's position estimates, based on accumulations and
revaluations of transactions in TIC reports, and
the benchmark survey results. The discrepancy
had arisen in the 3 years since the previous benchmark survey for yearend 1994.
When BEA adjusted its international investment position estimates last year using preliminary benchmark results, it attributed all of the
discrepancy to valuation changes and none to the
less than complete coverage of transactions, based
on its experience in presenting the accounts up
until that time. BEA is now changing that practice
and attributing a large part of the discrepancy to
Table 1.—Revisions to the Current-Account Estimates
[Millions of dollars; quarters seasonally adjusted]
Exports of goods and services and income
receipts
Previously
published
1982
1983
1984
1985
1986
1987
1988
1989
Revised
Revision
Imports of goods and services and income
payments
Previously
published
Revised
Revision
Unilateral current transfers, net
Previously
published
Revised
Revision
Balance on current account
Previously
published
Revised
Revision
366,926
356,156
400,052
387,806
406,060
456,227
567,260
649,902
708,135
366,983
356,106
399,913
387,612
407,098
457,053
567,862
650,494
708,881
57
-50
-139
-194
1,038
826
602
592
746
-355,964
-377,577
-474,144
-484,106
-530,478
-594,825
-664,167
-721,686
-759,646
-355,975
-377,488
-473,923
^83,769
-530,142
-594,443
-663,741
-721,307
-759,189
-11
89
221
337
336
382
426
379
457
-17,139
-17,778
-20,661
-22,762
-24,818
-24,047
-26,139
-27,116
-27,821
-16,544
-17,310
-20,335
-21,998
-24,132
-23,265
-25,274
-26,169
-26,654
595
468
326
764
686
782
865
947
1,167
-6,177
-39,198
-94,753
-119,062
-149,236
-162,645
-123,046
-98,900
-79,332
-5,536
-38,691
-$4,344
-118,155
-147,177
-160,655
-121,153
-96,982
-76,961
641
507
409
907
2,059
1,990
1,893
1,918
2,371
729,513
748,431
776,404
868,041
1,005,715
1,074,425
1,197,206
1,192,231
1,233,944
730,387
749,324
776,933
868,867
1,006,576
1,075,874
1,194,283
1,191,422
1,232,407
874
893
529
826
861
1,449
-2,923
-809
-1,537
-735,048
-763,187
-523,167
-950,529
-1,083,844
-1,161,533
-1,298,705
-1,368,718
-1,526,281
-734,524
-762,035
-821,977
-949,212
-1,081,976
-1,159,111
-1,294,029
-1,364,531
-1,515,861
524
1,152
1,190
1,317
1,868
2,422
4,676
4,187
10,420
9,819
-35,873
-38,522
-39,192
-35,437
-42,187
-41,966
-44,075
-46,581
10,752
-35,013
-37,637
-38,260
-34,057
-40,081
-40,794
-44,029
^8,025
933
860
885
932
1,380
2,106
1,172
46
-1,444
4,284
-50,629
-85,286
-121,680
-113,566
-129,295
-143,465
-220,562
-338,918
6,616
-47,724
-82,681
-118,605
-109,457
-123,318
-140,540
-217,138
-331,479
2,332
2,905
2,605
3,075
4,109
5,977
2,925
3,424
7,439
1996:1
II .„
Ill
IV
262,090
265,687
266,217
280,425
262,540
266,135
266,709
280,484
450
448
492
59
-277,914
-287,958
-595,037
-300,625
-277,301
-287,269
-594,421
-300,121
613
689
616
504
-10,920
-9,185
-9,507
-12,574
-10,519
-8,744
-8,940
-11,878
401
441
567
696
-26,744
-31,456
-38,327
-32,774
-25,280
-29,878
-36,652
-31,515
1,464
1,578
1,675
1,259
1997:1
II
III
IV
287,363
300,113
305,865
303,869
286,666
299,955
305,537
302,129
-697
-158
-328
-1,740
-312,914
^322,090
-331,384
-332,317
-311,988
-320,660
-329,383
-331,999
926
1,430
2,001
318
-9,347
-9,494
-10,096
-13,030
-9,054
-9,280
-9,561
-12,902
293
214
535
128
-34,898
-31,471
-35,615
-41,478
-34,376
-29,985
-33,407
-42,772
522
1,486
2,208
-1,294
1998:1
II
III
IV
302,289
298,463
291,493
299,985
301,732
298,857
291,341
299,489
-657
394
-152
-496
-335,380
-340,977
-344,182
-348,180
-334,328
-340,233
-341,992
-347,980
1,052
744
2,190
200
-9,927
-9,886
-10,787
-13,474
-9,794
-10,099
-10,658
-13,474
133
-213
129
0
-43,018
-52,400
-63,476
-61,669
-42,390
-51,475
-61,309
-61,965
628
925
2,167
-296
1999:1
II
III
IV
295,503
300,939
313,183
324,317
293,717
300,994
313,084
324,612
-1,786
55
-99
295
-354,099
-370,921
-391,060
-410,204
-349,513
-368,439
-391,337
-406,575
4,586
2,482
-277
3,629
-10,306
-11,175
-11,208
-13,892
-10,831
-11,537
-11,396
-14,260
-525
-362
-188
-368
-68,902
-81,157
-89,085
-99,779
-66,627
-78,982
-89,649
-96,223
2,275
2,175
-564
3,556
1990 ZZ'IZ
1991
1992
1993
1994
1995 ....
1996
1997
1998
1999
71
72
• July 2000
SURVEY OF CURRENT BUSINESS
transactions. This change permits the international transactions accounts to more accurately reflect several major changes that were taking place
in financial markets: Strong growth in direct transactions between U.S. and foreign residents that
was not captured by a U.S. reporting system based
primarily on recording transactions between financial intermediaries; a new emphasis on global
investing by mutual and pension funds that may
not have conducted transactions through financial
intermediaries; and greatly improved electronic
communications networks that permitted direct
transactions with foreign institutions at lowered
transactions costs. The adjustment for undercoverage of transactions is assumed to rise in each of
the 3 years between the benchmark surveys. Net
transactions in foreign stocks and in foreign bonds
are each adjusted proportionately. The amount of
adjustment for additional net U.S. purchases in
foreign securities is $15.0 billion for 1995, $23.2
billion for 1996, and $26.8 billion for 1997. Adjustments for subsequent years will be held constant at
the 1997 level until the next outbound benchmark
portfolio survey reveals the extent of undercoverage. The next benchmark survey is planned for
yearend2001.
BEA is working with the Federal Reserve System
and the U.S. Treasury Department to improve the
coverage of the quarterly TIC reports.
Related income receipts.—A result of the changes
for offsets to direct investment and for other undercoverage is to boost related dividend and interest income receipts. Dividend receipts are raised
$0.8 billion for 1998 and $2.4 billion for 1999, and
interest income receipts are raised $0.8 billion for
1998 and $1.6 billion for 1999. No revisions are
made for 1995-97, because the position estimates
and related income estimates had already been adjusted by the preliminary benchmark survey results last year.
Other private income receipts
The final results of the U.S. Treasury Department's
benchmark survey of U.S. holdings of foreign securities at yearend 1997 showed a slight increase in
U.S. holdings from the preliminary results introduced into the accounts last year. In addition, the
survey's dividend and interest data available this
year showed lower average yields than had been
used by BEA to estimate income.
Dividend rates on foreign stocks obtained from
the benchmark survey at yearend 1997 were lower
than those included in BEA's accounts. The differ-
ence is mostly attributable to the geographic composition of U.S. holdings. The benchmark data
showed higher holdings in emerging market countries; many dividend rates in these countries were
especially low and lower than those used in BEA's
accounts. When BEA's market-based average dividend rate was adjusted downward on the basis of
the new, lower Treasury benchmark dividend rate,
the result was to lower dividend income receipts
$5.0 billion for 1998 and $3.6 billion for 1999.
Interest yields on foreign bonds on average were
close to those included in BEA's accounts at
yearend 1997. A minor adjustment to average interest yields in BEA's accounts was necessary to account for a slightly lower proportion of dollardenominated bonds and for a slightly higher proportion of foreign currency-denominated bonds.
When BEA's market-based average interest yield
was adjusted on the basis of the new Treasury
benchmark interest yield, the result was to raise interest receipts $1.0 billion for 1998 and to lower receipts $1.5 billion for 1999.
Revisions are not made for 1995-97, because
the position estimates and related income estimates had already been adjusted by the preliminary benchmark survey results last year.
Financial services
This year, BEA completed its quinquennial Benchmark Survey of Financial Services Transactions
Between U.S. Financial Services Providers and Unaffiliated Foreign Persons for 1999. The benchmark survey is more comprehensive than BEA's
annual surveys of financial services transactions
and included a refinement in the categories of
cross-border services reported by U.S. financial
services providers. The current major categories
are brokerage commissions, underwriting and private placement fees, financial management fees,
credit-related fees, credit card services, financial
advisory and custody services, securities lending
fees, electronic funds transfer charges, and all
other financial services.
The benchmark survey results led to significant
changes for brokerage commissions and for underwriting and for private placement fees. The revisions to brokerage commissions were larger than
revisions to underwriting fees, and for both, the
revisions were larger for receipts than for payments. Both receipts and payments were revised
down.
Based on the benchmark survey results, BEA is
now assuming a more rapid decline than previ-
SURVEY OF CURRENT BUSINESS
ously in the explicit fees and commissions charged
on brokerage transactions and, to a smaller extent,
on underwriting transactions. These declines are
directly attributable to increased competition
among financial institutions, mergers among
large-scale financial services providers, improved
telecommunications networks, greater ease in conducting transactions on foreign exchanges, and
technological advances that have dramatically lowered unit transactions costs in recent years. Conversations with industry participants confirm the
new survey results. In addition, an increasing portion of securities transactions may be occurring
through affiliated companies, which would result
in a lower level of financial services transactions
with unaffiliated foreign persons. Therefore, the
estimates of commissions and underwriting fees
are reduced for 1997-99 to bring them in line with
current developments in the financial services industry. Receipts were reduced $1.3 billion for 1997,
$2.4 billion for 1998, and $1.8 billion for 1999.
Payments were reduced $0.2 billion for 1997, $0.2
billion for 1998, and $0.3 billion for 1999.
Other services
Several changes are introduced for "other" private
services receipts.
Foreign embassies and international organizations.—Improved estimates for noncompensation
expenditures of foreign embassies and consulates
and for international organizations in the United
States are introduced. Previously, these estimates
were included only implicitly as part of total receipts; now, the estimation techniques have been
improved. As extraterritorial entities located in the
United States, both foreign embassies and consulates and international organizations incur non-
compensation expenses in the U.S. economy.
For foreign embassies and consulates in Washington, DC, source data on noncompensation expenditures in the United States (such as expenditures for office supplies, contractual services,
equipment, rent, utilities, and food) were used to
calculate an average noncompensation expenditure per employee. This average expenditure was
multiplied by the total number of personnel employed by all embassies and consulates in the
United States, as supplied by the Department of
State, to derive total noncompensation expenditures of foreign embassies and consulates. Revisions are for 1996-99. For international organizations, a similar approach was used, based on
data for noncompensation expenditures and the
number of personnel provided by the organizations themselves. Revisions are for 1986-99.
An additional aspect of the improved estimates
is that they now include a measure of the spending
of foreign employees of the foreign embassies and
consulates and of foreign employees of international organizations in the United States. These
expenditures are estimated as a share of foreign
employees' total earnings. Estimates are for
1986-99.
Expenditures of temporary nonagricultural workers.—In last year's annual revision, a new measure
of the earnings of temporary undocumented
nonagricultural workers in the United States was
introduced.1 The estimate of total compensation
was calculated as the number of such workers multiplied by annual hours worked and an average
hourly wage, based on data obtained from several
sources. This year, based on the same data sources,
1. See Christopher L. Bach, "U.S. International Transactions, Revised Estimates for 1982-98," SURVEY OF CURRENT BUSINESS 79 (July 1999): 70-71.
Acknowledgments
The revised estimates were prepared under the general
direction of Anthony DiLullo, with the assistance of Paul
Farello and other staff of the Balance of Payments Division.
Harlan King prepared the new estimates of foreign securities and related changes to "other" private income; Russell
Scholl and Jane Newstedt, the new estimates of financial
services; Michael Mann and Vicki Schepker, the new estimates of other services; Steve Baldwin, the new estimates of
expenditures of temporary nonagricultural workers; Douglas Weinberg, the new estimates of the current-cost adjustment; D. Timothy Dobbs, William McCormick, and Douglas Weinberg, the new estimates for the revalued assets of
the Panama Canal Commission; and Kwok Lee and the staff
of the Goods Branch, the revised estimates of goods.
July 2000 •
The revisions to the estimates of U.S. direct investment
abroad were prepared under the supervision of Patricia
Walker of the International Investment Division (IID), the
revisions to the estimates of foreign direct investment in the
United States were prepared under the supervision of Gregory Fouch of IID, and the revisions of several of the estimates of unaffiliated private services were prepared under
the supervision of Christopher Emond of IID.
Special assistance was provided by William L. Griever of
the Federal Reserve Board, who conducted the benchmark
survey of U.S. portfolio investment abroad, 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.
73
74
•
July 2000
SURVEY OF CURRENT BUSINESS
estimates of these workers' expenditures in the
United States are introduced and entered as receipts in the "other" private services account. Estimates are for 1986-99. For 1999, receipts are raised
$1.6 billion.
Current-cost adjustment
The current-cost adjustment to direct investment
income and capital has been revised to reflect revised estimates of economic depreciation and updated source data for historical-cost depreciation,
depletion, and expensed exploration and development expenditures reported by direct investment
affiliates. (The current-cost adjustment consists of
(1) the difference between historical-cost economic depreciation, which is computed using consistent service lives and prices of the current
period, and depreciation reported by direct investment affiliates using financial accounting principles, and (2) adjustments to reported earnings for
charges taken by direct investment affiliates for depletion and for expensed exploration and development expenditures.)
The revised estimates of economic depreciation
reflect revised prices for equipment and structures
investment in the United States, based on estimates incorporated in the 1999 comprehensive revision of BEA's national income and product
accounts (NIPA's), and revised prices for equipment and structures investment in foreign countries. U.S. prices are revised for all years, but the
largest revisions are for recent years. Foreign prices
are revised only for recent years.
Additional revisions to economic depreciation
reflect revised investment data reported by direct
investment affiliates and revised assumptions
about the relationship between equipment and
structures that are used to compute separate estimates of equipment and structures. For 1999, revisions to the current-cost adjustment for U.S. direct
investment abroad raised income receipts $1.0 billion, and revisions for the current-cost adjustment
for foreign direct investment in the United States
reduced income payments $0.6 billion. Offsetting
entries were made in the direct investment capital
accounts.
This work extends the significant improvements
to the current-cost adjustment estimates that were
introduced last year. This year's revisions are for
1982, the first year for which current-cost adjustments are included in the accounts, through 1999.2
Taxes
Taxes received from nonresidents by the U.S. Government are revised for 1997-99 to incorporate
updated source data from the Internal Revenue
Service (IRS), and for 1982-99 to include an additional component that was introduced in the 1999
comprehensive revision of the NIPA's.
Previously, tax receipts from nonresidents were
estimated on the basis of IRS-reported receipts
from nonresident aliens only; these receipts were
entered in the unilateral current transfers account
as offsets to corresponding entries in the services
and income accounts. Now, the methodology is
adjusted to account for taxes received from nonresident U.S. citizens. This adjustment is made to
maintain consistency with the NIPA's. For 1999,
the revision raised U.S. tax receipts $2.2 billion.
Panama Canal
The U.S. Government's assets in the Panama Canal
Commission have been revalued to reflect prices of
the current period. The revaluation affects the
transaction value of the transfer of the U.S. assets
to the Republic of Panama in the fourth quarter of
1999 in the U.S. international transaction accounts. The revaluation also affects the value of the
assets in the U.S. international investment position
from October 1, 1979, when the Panama Canal
Commission was created, to December 31, 1999
(at noon), when the United States last owned the
assets.
The net stock of fixed assets on the Panama Canal Commission's balance sheet is revalued from
historical cost to current cost. The current-cost net
stock is constructed using a perpetual inventory
method. This method is consistent with the
method that BEA uses to estimate the current-cost
value of the net stock of fixed assets and consumer
durable goods in its domestic wealth estimates and
the current-cost direct investment positions in its
international accounts.3 In the perpetual inventory
method, each year's capital investment is first de2. See Bach, "Revised Estimates for 1982-98," 65-67.
3. For a discussion of the methods used to derive net stocks, see U.S. Department of Commerce, Bureau of Economic Analysis, Fixed Reproducible Tangible
Wealth of the United States, 1925-94 (Washington, DC: U.S. Government Printing Office, August 1999): M-l—M-36.
July 2000 •
SURVEY OF CURRENT BUSINESS
flated from historical cost to constant cost using
capital goods investment price indexes. The constant-cost net capital stock for a given year is then
calculated as the cumulative value of past investment less the cumulative value of past depreciation
and discards. The constant-cost capital stock is
then reflated to current cost using capital goods investment price indexes.
The data required to construct the current-cost
value of the net stock of fixed assets on the Panama
Canal Commission's balance sheet were assembled
from various sources and, in cases in which
sources were less than fully adequate, were derived
using assumptions based on BEA's experience in its
other capital stock work. Investment data were derived from accounting statements of the Panama
Canal Company, the Panama Canal Commission,
and the Budget of the United States. Service lives
were based largely on rates of depreciation implied
by accounting statements. A price index for capital
investment in canals does not exist, so BEA chose a
NIPA index that is used to deflate investment in
certain heavy construction.
"Residual" seasonality
BEA and the Bureau of the Census seasonally adjust estimates of goods exports and goods imports
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. Differences between directly adjusted aggregate series and corresponding
series that are derived indirectly as the sum of individually seasonally adjusted series are sometimes
called "residual" seasonality.
This year, building on the gains in reducing "residual" seasonality in recent years, BEA and the
Bureau of the Census applied adjustments for
trading-day variation at the five-digit level, which
is the same level at which seasonal adjustments are
applied. The change allows a consistent applica-
tion of trading-day and seasonal factors to the
most detailed level of unadjusted data available. As
a result, "residual" seasonality was reduced significantly for exports and changed little for imports.
It was possible to make this change this year because of the adoption last year of a regression
methodology to calculate trading-day factors. The
regression method is better able to distinguish irregular movements from trading-day variation
than the old multiplicative method. Therefore, it is
no longer necessary to apply trading-day factors at
the three-digit level. The old procedure was also
found to contribute to more, rather than less, "residual" variation (1) because it sometimes forced a
combination of series that were unrelated by nature of product, (2) because it sometimes forced
the combination of series that had offsetting trading-day patterns, and (3) because trading-day factors for large series were sometimes applied to
many smaller series that when adjusted individually, showed no trading-day variation. Development and testing for trading-day variation at the
five-digit level should remove the problems sometimes encountered by grouping series to a threedigit level.
The process that BEA and the Bureau of the
Census use to develop seasonally adjusted estimates is complex and detailed. Nearly 300 series
are tested for seasonality and trading-day variation
each year. Tests are conducted using the X-12
ARIMA program, which provides the diagnostic
measures used in making both seasonal adjustment and trading-day adjustment decisions. Currently, based on diagnostics developed for each
individual series, 95 percent of the value of total
exports and 97 percent of the value of total imports receive at least one type of adjustment.
About 115 of 144 export series and 127 of the 149
import series receive at least one type of adjustment. Revisions are made for 1997-99.
Table 2 follows.
75
76
• July 2000
SURVEY OF CURRENT BUSINESS
Table 2.—Major Sources of Revisions, 1982-1999
[Millions of dollars]
(Credits +; debits - ) '
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
53,532
61,477
65,094
73,858
1997
1998
1999
International transactions
Current account
Other private services receipts (line 10):
Revised
28,027
29,263
31,111
36,729
40,251
47,748
49,956
84,505
1 QQfi
Changes due to expenditures of
temporary nonagricuitural workers
Changes due to expenditures of
international organizations in the
United States
Changes due to expenditures of
foreign embassies in the United
States
Revisions due to updated source
data
Previously published
Direct investment receipts (line 14):
Revised
Changes due to improved estimates
of current-cost adjustment
Revisions due to updated source
data
Previously published
96,508
inr
600
466
247
354
667
777
1,005
1,093
1,345
1,369
1,358
1,454
1,515
1,589
647
604
606
517
415
441
355
-102
11
224
264
181
408
145
36
-191
-211
-231
-218
- 1 189
85,566
-469
92,116
-2517
99,357
26,779
28,193
30,222
35,858
39,170
46,531
48,597
52,541
60,121
63,502
15
72,412
29,469
31,750
35,325
35,410
36,938
46,288
58,445
61,981
65,973
58,718
57,538
67,246
77,344
95,260
102,505
115,536
106,407
118,802
57
-50
-139
-194
-210
-244
-287
-279
-336
-044
-467
-462
-530
-731
-809
-1,192
785
1,010
103,314
933
115,795
2,776
102,846
1,109
116,683
146,503
150,001
151,958
152,104
23,467
30,602
-5,011
-3,619
790
2,373
2
27,686
848
31,000
39,246
40,321
990
-1,484
29,412
31,800
35,464
35,604
37,148
46,532
58,732
62,260
66,309
59,062
58,005
67,708
77,874
95,991
Dividends on foreign stocks:
Revised
Changes to dividends due to
revised yields based on 1997
outward portfolio benchmark
survey final results
Revisions to dividends due to
adjustments to account for
undercoverage of securities
transactions
Revisions due to updated source
data
Previously published .
interest on foreign bonds:
Revised
Changes to bond interest due to
revised yields based on 1997
outward portfolio benchmark
survey final results
Revisions to bond interest due to
adjustments to account for
undercoverage of securities
transactions
Revisions due to updated source
data
Previously published
839
1,584
-157
37,574
4
40,217
83,790
81,035
-951
84,741
148
80,887
^3,280
216
-49,051
210
-46,657
349
411
-43,909
-1,589
-47,670
4 584
-51,591
-56,098
Other:
Revised
Revisions due to updated source
data
Previously published
Other private services payments (line
27):
Revised
Changes due to financial services ....
Revisions due to updated source
data
Previously published
Private remittances and other transfers
(line 38):
Revised
Changes due to revision of tax
receipts
Revisions due to updated source
data
• Previously published
n
-2,425
Other private income receipts (line 15):
Revised
Previously published
;.
Direct investment payments (line 31):
Revised
Changes due to improved estimates
of current-cost adjustment
Revisions due to updated source
data
Previously published
90,914
-1,296
-2,114
-4,120
-8,443
-6,945
-6,856
-7,676
-12,150
-7,045
-3,450
2,266
-2,189
-7,943
-22,150
-30,318
-33,093
-43,601
-38,679
-11
89
221
337
336
382
426
379
457
524
1,152
1,190
1,317
1,868
2,475
1,257
-136
632
4 898
-43,441
1520
-58,250
-29,850
-2,103
-4,209
-8,664
-7,282
-7,192
-8,058
-12,576
-7,424
-5,907
1,742
-3,341
-9,133
-23,467
-32,186
-35,568
1 717
-46,575
-8,207
-8,635
-9,479
-8,593
-9,877
-10,548
-12,028
-12,534
-13,070
-14,665
-14,650
-16,497
-18,726
-19,416
-20,214
-24,131
-26,454
594
468
326
764
687
782
865
947
1,168
934
860
886
932
1,380
2,170
1,838
2,059
2,174
-22,384
-628
-25,341
-1,845
-56,668
-2394
-29,630
-8,801
-9,103
-9,805
-9,357
-10,564
-11,330
-12,893
-13,481
-14,238
-15,599
-15,510
-17,383
-19,658
-20,796
Capital and financial account
Capital account
Capital account transactions, net (line
39):
Revised
Revisions due to revaluation of
Panama Canal transfer
Revisions due to updated source
data
Previously published
See footnotes at the end of the table.
-3500
- 3 303
-25
-172
July 2000 •
SURVEY OF CURRENT BUSINESS
77
Table 2.—Major Sources of Revisions, 1982-1999
[Millions of dollars]
(Credits +; debits - ) »
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
^,556
-12,528
-16,407
-18,927
-23,995
-35,034
-22,528
-43,447
-37,183
-37,889
-48,266
-83,950
-80,167
-98,750
-91,885
-105,016
-146,052
-150,901
-57
50
139
194
210
244
287
279
336
344
467
462
530
731
809
1,192
-785
-1,010
-99,481
-92,694
3,747
-109,955
-12,438
-132,829
2,261
-152,152
-122,506
-100,074
-149,829
-115,859
-118,976
-89,174
-135,995
-102,817
-128,594
-97,882
-65,412
-82,848
-67,578
-101,235
-114,402
-7,426
-10,800
-3,000
-10,520
-8,900
-7,561
-12,008
-12,590
-12,600
-12,600
-50,425
-60,040
-18
-41,970
-362
-77,753
4,869
-97,771
-67,094
-66,981
r€1,398
-34,760
-14,192
-7,445
-11,162
-14,162
-14,200
-14,200
-55,819
-32
-47,204
4,504
-55,064
119
-111
275,533
Financial account
U.S. direct investment abroad (line 51):
Revised
Changes due to improved estimates
of current-cost adjustment
Revisions due to updated source
data
Previously published
-4,499
-12,578
-16,546
-19,121
-24,205
-35,278
-22,815
-43,726
-37,519
-38,233
-48,733
-84,412
-80,697
Foreign securities (line 52):
Revised
Previously published .
. . .
Foreign stocks:
Revised
Changes due to additional foreign
direct investment offsets
Changes due to adjustment for
undercoverage of securities
transactions
Revisions due to updated source
Previously published
Foreign bonds:
Revised
Changes due to adjustment for
undercoverage of securities
transactions
Revisions due to updated source
data ..
Previously published
Foreign direct investment in the United
States (line 64):
Revised . ..
Changes due to improved estimates
of current-cost adjustment
Revisions due to updated source
data
Previously published
'^49,649
12,635
10,372
24,468
19,742
35,420
58,470
57,735
68,274
48,494
23,171
19,823
51,362
46,121
57,776
86,502
106,032
186,316
11
-89
-521
-337
-336
-382
-426
-379
-457
-524
-1,152
-1,190
-1,317
-1,868
-2,475
-1,257
136
-632
-1,975
109,264
-7,195
193,375
-6,342
282,507
12,624
10,461
24,689
20,079
35,756
58,852
58,161
68,653
48,951
23,695
20,975
52,552
47,438
59,644
88,977
International investment position (at yearend)
U.S. direct investment abroad (lines 17
and 18):
Revised:
At current cost
At market value
Changes due to improved methods:
At current cost
At market value
Revisions due to updated source data:
At current cost
At market value
Previously published:
At current cost
At market value
U.S. Government assets, other than
official reserve assets (line 10):
Revised
Changes due to Panama Canal
adjustment
Revisions due to updated source data
Previously published
374,059
355,643
348,342
371,036
404,818
478,062
513,761
553,093
616,655
643,364
663,830
723,526
786,565
885,506
986,536
5,606
9,548
10,979
12,582
14,681
18,082
21,452
23,211
26,645
29,672
30,756
32,871
38,060
42,253
46,293
368,453
346,095
337,363
358,454
390,137
459,980
492,309
50,599
-6,305
-6,305
33,019
33,019
(2)
529,882
590,010
613,692
633,074
690,655
748,505
843,253
940,243
1,004,228 1,123,441
1,784,494 2,140,528
(2)
(2)
(2)
(2)
76,903
81,664
86,945
89,792
91,850
90,681
87,892
86,643
84,344
81,422
83,022
83,382
83,908
85,064
86,123
86,198
86,768
84,226
2,221
2,038
1,974
2,040
2,213
1,801
1,775
2,154
2,351
2,278
2,300
2,353
3,785
3,969
4,077
4,238
(2)
74,682
79,626
84,971
87,752
89,637
88,880
86,117
84,489
81,993
79,144
80,722
81,029
80,123
81,095
82,046
81,960
3,646
740
82,382
(2)
(?)
1,751,183 2,052,929 2,583,386
11,783
13,813
22,246
184,842
193,708
223,538
247,223
284,701
334,552
401,766
467,886
505,346
533,404
540,270
593,313
617,982
680,066
743,214
10,336
12,482
15,182
17,680
20,269
23,074
26,347
29,945
33,790
39,659
43,158
46,919
53,237
60,689
68,884
174,506
181,226
208,356
229,543
264,432
311,478
375,419
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. Estimates were not published previously.
60,812
(2)
Foreign securities (line 19):
Revised
Changes due to 1997 outward
portfolio benchmark
Changes due to additional foreign
direct investment offsets
Changes due to adjustment for
undercoverage
. .
Revisions due to updated source
data
Previously published
Foreign direct investment in the United
States (lines 35 and 36):
Revised:
At current cost
At market value
. . .
Changes due to improved methods:
At current cost
At market value
Revisions due to updated source data:
At current cost
At market value
Previously published:
At current cost
At market value
1,058,735 1,207,059 1,331,187
1,778,189 2,173,547 2,615,532
437,941
471,556
493,745
497,112
546,394
564,745
619,377
(2)
(2)
56,673
(2)
-8,759
1,739,400 1,968,956
(2)
(2)
825,334
928,645 1,125,214
1,639,765 2,190,990 2,800,736
63,889
53,040
(2)
-2,600
-2,600
-3,112
-3,112
(2)
(2)
674,330
878,717
764,045
1,642,365 2,194,102
(2)
(2)
(2)
NOTE.—For international transactions, line numbers refer to table 1 of the article on U.S. international transactions
in this issue of the SURVEY. For the international investment position, line numbers refer to table 1 of the article
on the U.S. international investment position also in this issue of the SURVEY.
79
SURVEY OF CURRENT BUSINESS
July 2000
U.S. International Transactions, First Quarter 2000
By Douglas B. Weinberg
The international transactions accounts have been revised to
reflect the incorporation of methodological and statistical
improvements. For a discussion of these changes, see "U.S. International Transactions, Revised Estimates for 1982-99" in this
issue.
HE U.S. current-account deficit—the combin-i. ed balances on trade in goods and services, income, and net unilateral current transfers—increased to $102.3 billion in the first quarter of
2000 from $96.2 billion (revised) in the fourth
quarter of 1999 (table A, chart I).1 The increase
was more than accounted for by a large increase in
the deficit on goods, as imports increased much
more than exports, and by a small decrease in the
1. Quarterly estimates of U.S. current- and financial-account components are
seasonally adjusted when statistically significant seasonal patterns are present.
The accompanying tables present both adjusted and unadjusted estimates. The
tables present current-dollar estimates; table C also presents real estimates.
surplus on services. The deficit on income and net
outflows for unilateral current transfers both decreased.
In the financial account, net recorded financial
inflows—the difference between changes in U.S.owned assets abroad and changes in foreignowned assets in the United States—were $71.7 billion in the first quarter, up from $69.7 billion (revised) in the fourth. Financial outflows for U.S.owned assets abroad increased less than financial
inflows for foreign-owned assets in the United
States.
The statistical discrepancy—errors and omis-
Table A.—Summary of U.S. International Transactions
[Millions of dollars, seasonally adjusted]
Line
Lines in tables 1 and 10 in which transactions are
included are indicated in ( )
1999
1998
2000
1999
Change:
1999 IV2000 I
Current account
Exports of goods and services and income receipts (1) ...
Goods, balance of payments basis (3)
Services (4)
Income receipts (12)
1,191,422
670,324
262,653
258,445
Imports of goods and services and income payments (18)
Goods, balance of payments basis (20)
Services (21)
Income payments (29)
-1,364,531
-917,178
-182,697
-264,656
Unilateral current transfers, net (35)
1,232,407
684,358
271,884
276,165
301,732
170,609
65,127
65,996
298,857
166,054
66,297
66,506
291,341
164,378
64,494
62,469
299,489
169,283
66,732
63,474
293,717
163,949
66,372
63,396
300,994
166,443
67,854
66,697
313,084
173,881
68,088
71,115
324,612
180,085
69,568
74,959
334,786
183,728
71,309
79,749
10,174
3,643
1,741
4,790
-18,587
-13,248
-2,032
-3,307
-76,650
^25,162
-289,566
-51,647
-80,642 -83,949
^4,029
-48,025
-9,794
-10,099
-10,658
-13,474
-10,831
-11,537
-11,396
-14,260
-11,925
2,335
637
-3,500
149
157
155
176
157
165
171
-3,993
166
4,159
-335,436
-6,783
-430,187 -68,887 -141,617
-444
8,747
-1,945
-53,027
-2,025
-71,904
-2,369
-21,555 -170,842
4,068
1,159
-122,909 -114,882
1,951
1,569
-143,283
-554
-28,401
-2,123
-422
^328,231
2,751
-441,685
-483
-30
-68,363 -139,189
188
-51,190
-47
-69,488
118
-392
-25,741 -171,609
3,711
-686
-124,174 -120,162
-82
-142,647
^3,793
-22,485
482,235
-20,127
502,362
753,564
42,864
710,700
86,840
10,967
75,873
167,085
-10,235
177,320
82,790
-46,651
129,441
145,520
25,792
119,728
102,780
4,274
98,506
272,008
-1,096
273,104
194,210
12,191
182,019
184,567
27,495
157,072
215,008
20,442
194,566
30,441
-7,053
37,494
69,702
11,602
24,288
25,850
31,391
-11,827
-14,755
-22,349
18,177
30,531
30,410
-121
-246,854
79,956
-166,898
-6,211
-44,029
-217,138
637
146,799
-345,559
80,588
-264,971
-18,483
-48,025
-331,479
-3,500
323,377
-54,646
21,033
-33,613
1,017
-9,794
-42,390
149
17,953
-62,621
21,013
-41,608
232
-10,099
-51,475
157
25,468
-64,564
18,230
-46,334
-4,317
-10,658
-61,309
155
29,763
-65,023
19,675
^5,348
-3,143
-13,474
-61,965
176
73,616
-73,024
20,348
-52,676
-3,120
-10,831
-66,627
157
81,225
-83,984
20,684
-63,300
-4,145
-11,537
-78,982
165
101,166
-92,318
19,600
-72,718
-5,535
-11,396
-89,649
171
71,301
-96,233
19,953
-76,280
-5,683
-14,260
-96,223
-3,993
69,685
-105,838
-9,605
-291
-9,896
1,483
2,335
-6,078
4,159
2,040
-1,515,861 -334,328 -340,233 -341,992 -347,980 -349,513 -368,439
-1,029,917 -225,255 -228,675 -228,942 -234,306 -236,973 -250,427
-191,296 -44,094 -45,284 -46,264 -47,057 -46,024 -47,170
-294,648 -64,979 -66,274 -66,786 -66,617 -66,516 -70,842
-391,337 -406,575
-266,199 -276,318
-48,488
^9,615
Capital and financial account
Capital account
10 Capital account transactions, net (39)
Financial account
U.S.-owned assets abroad, net (increase/financial outflow
BH40)
U.S. official reserve assets, net (41)
U.S. Government assets, other than official reserve
assets, net (46)
U.S. private assets, net (50)
Foreign-owned assets in the United States.net (increase/
financial inflow (+)) (55)
Foreign official assets in the United States, net (56) ....
Other foreign assets in the United States, net (63)
Statistical discrepancy (sum of above items with sign
reversed) (70)
19
20
21
22
23
24
25
26
Memoranda:
Balance on goods (71)
Balance on services (72) •.
Balance on poods and services (73)
Balance on income (74)
Unilateral current transfers, net (75)
Balance on current account (76)
Capital account transactions, net (39)
Net financial flows (40 and 55)
»Preliminary.
19,662
-86,176
-4,200
-11,925
-102,301
166
71,725
80
• July 2000
SURVEY OF CURRENT BUSINESS
sions in recorded transactions—was a positive
$30.4 billion in the first quarter, virtually unchanged from $30.5 billion in the fourth.
The following are highlights for the first quarter
of 2000:
• Imports of goods were boosted by a surge in
petroleum imports that largely reflected a rise in
average petroleum prices.
• Imports of services increased strongly.
• Net foreign purchases of U.S. stocks surged to a
record high, and net foreign purchases of U.S.
corporate bonds also increased to a record.
• Net financial inflows for foreign direct investment in the United States slowed but remained
strong.
• U.S. banks' claims on foreigners increased
strongly, partly reflecting a rise in the demand
for U.S. bank credit in Western Europe.
CHART 1
U.S. Current-Account Balance and
Its Components
Billion $
40
Balance on
current account
U.S. dollar in exchange markets
In the first quarter, the U.S. dollar appreciated 1
percent on a nominal, trade-weighted quarterly
average basis against the group of 26 currencies of
important U.S. trading partners (table B, chart 2).
Within the broad group, the dollar appreciated 2
percent against the group of seven major currencies that trade widely in international markets, and
it depreciated 1 percent against the group of remaining currencies.
The U.S. dollar appreciated 5 percent against
the euro, increasing the dollar's total appreciation
since the euro's inception at the beginning of 1999
to 18 percent on a quarterly average basis. In the
first quarter, the dollar was boosted by indications
that the U.S. economy was expanding strongly and
by exceptionally strong Western European purchases of U.S. securities. The strength of the U.S.
economy prompted U.S. monetary authorities to
raise their target for the Federal funds rate by 50
basis points over the quarter to 6.0 percent, which
brought the cumulative increase to 125 basis
points since June 1999. Other U.S. short-term interest rates also increased, and U.S. long-term interest rates rose early in the quarter but fell sharply
thereafter. In the euro area, economic growth continued to be much weaker than in the United
States. The European Central Bank increased its
interest rate on short-term refinancing operations
by 50 basis points over the quarter to 3.5 percent.
The U.S. dollar appreciated 2 percent against
the Japanese yen in the first quarter after depreciCHART 2
Nominal Indexes of Foreign Currency
Price of the U.S. Dollar
-120
January 1999=100
110
40
Major currencies
Balance on services - .
20
100
. . , Balance on income
90
80
Other important trading partners
70
ftf\
60
-120
1993
94
95
96
97
98
Seasonally adjusted
U.S. Department of Commerce, Bureau of Economic Analysis
99
2000
i i i i i i i i
J
i i i i i i i i i i i i i i i i i i i I I I I I •
1996
1997
J
i I I i I I i I I I I I. I I
1998
1999
Note.-See table B for definitions of the indexes.
Monthly average rates.
Data: Federal Reserve Board. Indexes febased by BEA.
U.S. Department of Commerce, Bureau of Economic Analysis
!
J I I I - •' I I
2000
July 2000 •
SURVEY OF CURRENT BUSINESS
ating sharply against the Japanese currency in the
last half of 1999. The reversal was largely attributable to indications that the Japanese economy
would contract for the second consecutive quarter.
The dollar's appreciation was partly held in check
by the repatriation of capital to Japan by some Japanese-owned companies in the United States toward the end of their fiscal year on March 31.
Against other currencies, the U.S. dollar appreciated 1 percent against the British pound and 6
percent against the Swiss franc. The U.S. dollar depreciated 1 percent against the Canadian dollar, as
the Canadian dollar continued to appreciate from
its record quarterly low in the fourth quarter of
1998. The U.S. dollar depreciated 1 percent against
the Mexican peso and 7 percent against the Brazilian real.
81
unchanged (table C).2 The value of agricultural
products and nonagricultural products both increased.
Exports increased for the fourth consecutive
quarter, and average quarterly export growth ac2. Quantity (real) estimates are calculated using a chain-type Fisher formula
with annual weights for all years and quarterly weights for all quarters. Real estimates are expressed as chained (1996) dollars. Price indexes (1996=100) are also
calculated using a chain-type Fisher formula.
Revisions to the Estimates
for the
Fourth Quarter of 1999
The international transactions accounts estimates for the fourth quarter of 1999 were revised
to incorporate improved estimating methodologies and newly available source data (see "U.S.
International Transactions, Revised Estimates for
1982-1999" in this issue). The current-account
deficit for the fourth quarter was revised down
to $96.2 billion from $99.8 billion. The goods
deficit was unchanged from the preliminary estimate of $96.2 billion, the services surplus was
revised down to $20.0 billion from $20.7 billion
(reflecting newly available source data), the deficit on income was revised down to $5.7 billion
from $10.4 billion (reflecting updated capital
flow and position data), and unilateral current
transfers were revised up to net outflows of $14.3
billion from net outflows of $13.9 billion
(reflecting newly available source data). Net
recorded financial inflows were revised down to
$69.7 billion from $90.9 billion.
Current Account
Goods and services
The deficit on goods and services increased to
$86.2 billion in the first quarter from $76.3 billion
in the fourth. The increase was accounted for by a
large increase in the deficit on goods and a small
decrease in the surplus on services.
Goods.—The deficit on goods increased $9.6
billion, to $105.8 billion, in the first quarter. Imports increased much more than exports.
Exports.—Exports increased $3.6 billion, or 2
percent, to $183.7 billion in the first quarter.
Quantities increased 2 percent, and prices were
Table B.—Indexes of Foreign Currency Price of the U.S. Dollar
[January 1999=100]
1999
Apr.
May
June
July
Aug.
101.6
103.2
99.5
102.7
103.6
101.4
102.1
103.8
100.0
101.9
103.8
99.5
102.4
104.7
99.6
102.4
104.9
99.4
101.6
102.8
100.1
101.0
102.0
99.8
102.2
104.9
98.9
102.5
103.7
101.0
102.4
104.1
100.3
102.0
104.0
99.6
102.6
104.9
99.7
102.9
105.5
99.7
102.0
103.3
100.4
96.9
95.6
99.9
97.9
96.2
96.7
98.0
117.5
102.7
117.6
94.4
92.8
117.4
106.5
101.8
105.8
105.5
96.1
126.0
108.3
102.5
108.0
105.7
93.1
112.6
109.0
102.1
108.8
107.7
92.8
111.5
111.7
103.4
111.0
106.6
93.9
116.9
101.4
101.7
100.9
102.1
104.1
99.7
101.7
103.0
100.1
100.7
101.0
100.4
Real:»
Broad2
Major currencies3
Other important trading partners4
101.2
101.8
100.5
102.3
104.3
99.9
102.1
103.6
100.3
99.5
96.9
97.8
103.3
101.1
102.9
102.8
98.3
117.8
109.7
102.7
109.3
106.7
93.3
113.7
110.5
103.0
110.2
99.8
92.5
123.2
111.7
101.2
111.3
92.1
93.5
126.6
1. For more information on the nominal and real indexes of the foreign exchange value of the U.S. dollar, see
Federal Reserve Bulletin, vol. 84 (October 1998): 811-18.
2. Weighted average of the foreign exchange value of the U.S. dollar against the currencies of a broad group
of U.S. trading partners, including the currencies of the euro-area countries, Australia, Canada, Japan, Sweden,
Switzerland, United Kingdom, Argentina, Brazil, Chile, Colombia, Mexico, Venezuela, China, Hong Kong, India, Indonesia, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, Israel, Saudi Arabia, and Russia. Data: Federal
Reserve Board. Monthly and quarterly average rates. Index rebased by BEA.
3. Weighted average of the foreign exchange value of the U.S. dollar against broad-index currencies that circulate
widely outside the country of issue, including the currencies of euro-area countries, Australia, Canada, Japan, Sweden, Switzerland, and the United Kingdom. The weight for each currency is its broad-index weight divided by the
sum of the broad-index weights for all of the currencies included in the major currency index. Data: Federal Reserve
Board. Monthly and quarterly average rates. Index rebased by BEA.
4. Weighted average of the foreign exchange value of the U.S. dollar against broad-index currencies that do
2000
Mar.
Nominal:l
Broad2
Major currencies3
Other important trading partners4
Selected currencies: (nominal)5
Canada
European currencies:
Euro area 6
United Kingdom
Switzerland
Japan
Mexico
Brazil
1999
2000
111.8
104.7
111.7
105.3
92.5
119.2
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
101.1
101.3
100.8
100.6
100.2
101.2
100.8
101.2
100.3
100.8
101.6
99.8
100.7
101.5
99.7
102.0
103.9
99.7
102.0
104.2
99.2
101.5
102.0
100.7
100.9
101.1
100.7
101.1
102.3
99.6
101.0
102.6
99.1
100.9
102.8
98.7
102.6
105.5
103.0
106.3
99.1
98.3
97.2
97.2
96.6
96.9
95.3
95.5
96.1
109.3
102.7
108.9
99.9
92.8
124.7
110.4
101.5
110.1
94.3
92.2
125.6
112.2
101.8
112.2
92.4
93.0
127.7
114.6
102.3
114.3
90.5
93.1
122.0
114.4
100.6
114.8
92.9
93.7
119.4
117.9
103.1
118.0
96.6
93.1
117.5
120.2
104.4
120.1
93.8
91.7
115.2
Sept.
108.3
99.6
107.5
93.5
94.5
130.2
not circulate widely outside the country of issue, including the currencies of Argentina, Brazil, Chile, Colombia, Mexico, Venezuela, China, Hong Kong, India, Indonesia, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand,
Israel, Saudi Arabia, and Russia. The weight for each currency is its broad-index weight divided by the sum of
the broad-index weights for all of the currencies included in the other important trading partners index. Data: Federal
Reserve Board. Monthly and quarterly average rates. Index rebased by BEA.
5. Data: Federal Reserve Board. Monthly and quarterly average rates. Indexes prepared by BEA.
6. The euro area includes Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands,
Portugal, and Spain. Exchange rates (but not index values with January 1999=100) for the individual euro-area currencies can be derived from the euro exchange rate by using the fixed conversion rates (in currencies per euro)
as shown below: 13.7603 Austrian schillings; 40.3399 Belgian francs; 5.94573 Finnish markkas; 6.55957 French
francs; 1.95583 German marks; .787564 Irish pounds; 1936.27 Italian lira; 40.3399 Luxembourg francs; 2.20371
Netherlands guilders; 200.482 Portuguese escudos; 166.386 Spanish pesetas.
82
•
July 2000
SURVEY OF CURRENT BUSINESS
stocks. Consumer goods increased strongly for the
second consecutive quarter; the first-quarter increase, which was the largest since the fourth quarter of 1989, resulted from continued strong growth
in durable goods and a sharp increase in nondurable goods. Automotive products were boosted by a
strong increase in engines and other parts to Mexico. In contrast, capital goods changed little; a
strong increase in capital goods other than civilian
aircraft—largely resulting from surges in computers, peripherals, and parts and in telecommunications equipment—was offset by a sharp drop in
complete civilian aircraft that resulted from a
strike at a major aircraft manufacturer.
Agricultural exports increased $0.6 billion, or 5
percent, to $13.1 billion; quantities increased 6
percent, and prices decreased 1 percent. In value,
most of the increase was accounted for by rebounds in soybeans and in raw cotton and by the
fourth consecutive quarterly increase in meat
products and poultry.
Imports.—Imports increased $13.2 billion, or 5
percent, to $289.6 billion in the first quarter.
Quantities increased 3 percent, and prices increased 2 percent (table C). The value of petroleum imports surged, largely as a result of a rise in
petroleum prices, and the value of nonpetroleum
imports also increased.
Imports increased strongly for the fourth consecutive quarter, and average quarterly import
growth accelerated. The increases in the last four
quarters were partly attributable to rapidly rising
petroleum prices, but they also reflected strong
celerated (chart 3). The increases in the last four
quarters were widespread by major commodity
category.
In the first quarter, nonagricultural exports increased $3.0 billion, or 2 percent, to $170.6 billion;
quantities and prices both increased 1 percent. The
value of nonagricultural industrial supplies and
materials, which increased sharply in the previous
two quarters, continued to rise in the first quarter,
partly as a result of increases in nonmonetary gold,
iron and steel products, and paper and paper
CHART 3
Average Growth in U.S. Goods Trade
Average Quarterly Percent Change over Four Quarters
1993 1994 1995 1996 1997 1998 1999 2000
US. Department of Commerce, Bureau of Economic Analysis
Table C—U.S. Trade in Goods, Current and Chained (1996) Dollars, and Percent Changes from Previous Period
[Balance of payments basis, millions of dollars, quarters seasonally adjusted]
Chained (1996) dollars'
Current dollars
2000
1999
1998
i
I!
III
IV
I''
Exports
Agricultural products
Nonagricultural products
670.324
53,105
617,219
684,358
49,619
634,739
163,949
11 711
152.238
166.443
12.236
154.207
173.881
13,178
160,703
180.085
12.494
167.591
183,728
13,126
170,602
Imports
Petroleum and products
Nonpetroleum products
917,178
50,903
866,275
1,029.917
67.807
962,110
236.973
10.532
226.441
250.427
15,940
234.487
266,199
19.903
246.296
276.318
21,432
254,886
289,566
27,010
262,556
I
II
III
IV
I"
736.199
63.212
672,845
176,669
14.566
161,955
179,550
15,647
163,876
187,170
16,960
170,417
192,810
16.039
176.597
195.872
16.959
178,828
1,016,854 1.141.067
81,445
81,566
935,199 1,056,784
268.069
20.023
247.477
279,807
21,339
257,961
293,171
21,017
271.251
300,020
19,187
280.095
309,365
20,431
288,206
711,246
62,641
648,371
2000
1999
II
III
IV
2000
1999
1998
1999
I
1999
Percent change from previous period (chained (1996) dollars)
Percent change from previous period (current dollars)
1998
2000
1999
1998
1999
1999
\p
II
I
IV
III
I/'
Exports
Agricultural products
Nonagricultural products
-1.4
-9.1
-.7
2.1
-6.6
2.8
-3.2
-11.4
-2.4
1.5
4.5
1.3
4.5
7.7
4.2
3.6
-5.2
4.3
2.0
5.1
1.8
1.8
.1
2.0
3.5
.9
3.8
-2.7
-9.7
-2.2
1.6
7.4
1.2
4.2
8.4
4.0
3.0
-5.4
3.6
1.6
5.7
1.3
Imports
Petroleum and products
Nonpetroleum products
4.7
-29.1
7.7
12.3
33.2
11.1
1.1
-8.5
1.6
5.7
51.3
3.6
6.3
24.9
5.0
38
7.7
3.5
4.8
26.0
3.0
11.3
7.0
11.6
12.2
.1
13.0
1.9
7
2.0
4.4
6.6
4.2
4.8
-1.5
5.2
2.3
-8.7
3.3
3.1
6.5
2.9
p Preliminary.
1. Because chain indexes use weights of more than one period, the corresponding chained doilar estimates are
usually not additive.
SURVEY OF CURRENT BUSINESS
U.S. domestic demand, which boosted most types
of nonpetroleum imports.
In the first quarter, nonpetroleum imports increased $7.7 billion, or 3 percent, to $262.6 billion;
quantities increased 3 percent, and prices were unchanged. In value, capital goods were boosted by
an acceleration in telecommunications equipment,
which was the fastest growing component for the
fifth consecutive quarter, and by continued strong
increases in semiconductors, in electric generating
machinery, electric apparatus, and parts, and in
scientific, hospital, and medical equipment. Consumer goods were strengthened by a broad-based
rise in durable goods. Nonpetroleum industrial
supplies and materials, which increased sharply in
the previous two quarters, continued to rise in the
first quarter, partly as a result of increases in iron
and steel products. Automotive products increased, largely reflecting increases in passenger
cars, mostly from Mexico, and in parts and accessories other than engines.
Petroleum imports increased $5.6 billion, or 26
percent, to $27.0 billion. The increase was mostly
attributable to a rise in prices, to an average of
$25.99 per barrel from $22.11 per barrel. Average
petroleum prices have increased 151 percent since
the first quarter of 1999, reaching the highest level
since the fourth quarter of 1990. In the first quarter of 2000, the average number of barrels imported daily increased to 11.36 million from 10.61
million in the fourth quarter of 1999.
Balances by area.—The deficit on goods with
"Latin America and Other Western Hemisphere"
increased $4.3 billion, to $11.0 billion, in the first
quarter.3 The deficit with "Other countries in Asia
and Africa" increased $2.8 billion, to $45.3 billion.
The deficit with Canada increased $2.7 billion, to
$12.8 billion. In contrast, the deficit with Japan decreased $0.6 billion, to $20.1 billion, and the deficit with Western Europe decreased $0.5 billion, to
$15.8 billion.
Services.—The surplus on services decreased
$0.3 billion, to $19.7 billion, in the first quarter.
Receipts increased to $71.3 billion from $69.6 billion, and payments increased to $51.6 billion from
$49.6 billion.
3. Seasonally adjusted estimates for exports for areas and countries are
derived by applying seasonal factors for total U.S. agricultural and nonagricultural exports to the unadjusted agricultural and nonagricultural exports for
areas and countries and then summing the seasonally adjusted estimates. Seasonally adjusted estimates for imports for areas and countries are derived by
applying seasonal factors for total U.S. petroleum and nonpetroleum imports to
the unadjusted petroleum and nonpetroleum imports for areas and countries
and then summing the seasonally adjusted estimates. (The seasonal factors are
derived from the seasonal adjustment of U.S. exports and U.S. imports by fivedigit end-use commodity category.)
July 2000 •
Travel receipts increased to $19.8 billion from
$19.5 billion. The increase was largely attributable
to an increase in receipts from overseas visitors to
the United States. Travel payments increased to
$15.8 billion from $15.3 billion. The increase was
largely attributable to increases in payments by
U.S. travelers to countries overseas and to Mexico.
Passenger fare receipts were unchanged at $5.0
billion, and passenger fare payments increased to
$5.8 billion from $5.6 billion.
"Other" transportation receipts increased
slightly to $7.2 billion from $7.1 billion as a result
of an increase in freight receipts. "Other" transportation payments increased to $9.5 billion from
$9.2 billion. The increase was attributable to an increase in freight payments, largely reflecting a rise
in air freight payments, and to an increase in port
expenditure payments.
Receipts for "other" private services increased to
$26.4 billion from $25.1 billion. The increase was
mostly accounted for by rises in U.S. affiliates' service receipts and in unaffiliated financial services
receipts. Payments for "other" private services increased to $12.6 billion from $11.9 billion, mostly
as a result of rises in U.S. parents' service payments, in U.S. affiliates' service payments, and in
unaffiliated financial service payments.
Income
The deficit on income decreased to $4.2 billion in
the first quarter from $5.7 billion in the fourth. Income receipts increased to $79.7 billion from $75.0
billion, and income payments increased to $83.9
billion from $80.6 billion.
Investment income.—Receipts of investment income on U.S.-owned assets abroad increased to
$79.2 billion from $74.4 billion, and payments of
investment income on foreign-owned assets in the
United States increased to $82.0 billion from $78.7
billion.
Receipts of income on U.S. direct investment
abroad increased to $33.9 billion from $31.7 billion. Earnings of foreign affiliates in most geographic areas and in most industries increased.
Nearly half of the increase was accounted for by finance and banking affiliates in the United Kingdom; affiliates in those industries in Japan and in
Singapore also had large increases. Interest receipts
changed little.
Payments of income on foreign direct investment in the United States increased to $16.2 billion from $15.4 billion. Earnings of petroleum and
"other" affiliates increased, and earnings of manu-
83
84
July
2000
SURVEY OF CURRENT BUSINESS
facturing affiliates decreased. By area, earnings of
Netherlands-owned, French-owned, and Britishowned affiliates increased the most, and earnings
of Japanese-owned affiliates decreased.
"Other" private income receipts increased to
$44.2 billion from $42.0 billion. Receipts were
boosted in the last three quarters by rising average
yields and by rising average holdings. In the first
quarter, receipts on foreign securities increased,
largely as a result of a rise in average holdings. Receipts on bank and nonbank claims increased,
mostly as a result of a rise in average yields.
"Other" private income payments increased to
$39.7 billion from $38.1 billion. Payments were
boosted in the last three quarters by rising average
yields and by rising average holdings. In the first
quarter, payments on U.S. securities increased,
largely as a result of a rise in average holdings. Payments on bank liabilities increased, mostly as a result of a rise in average yields.
U.S. Government income receipts increased to
$1.1 billion from $0.7 billion. U.S. Government income payments increased to $26.1 billion from
$25.2 billion, as a result of increases in average
holdings and in average yields.
Compensation of employees.—Receipts for compensation of employees were unchanged at $0.6
billion, and payments for compensation of employees edged up to $2.0 billion from $1.9 billion.
Unilateral current transfers
Unilateral current transfers were net outflows of
$11.9 billion in the first quarter, down from net
outflows of $14.3 billion in the fourth. The decrease was more than accounted for by a decline in
U.S. Government grants, which were boosted in
the fourth quarter by grants to Israel.
changes in foreign-owned assets in the United
States—were $71.7 billion in the first quarter, up
from $69.7 billion (revised) in the fourth. Financial outflows for U.S.-owned assets abroad increased less than financial inflows for foreignowned assets in the United States.
Securities transactions were exceptionally
strong net financial inflows in the first quarter and
have been strong net inflows in most quarters of
recent years (chart 4). Net inflows have been partly
attributable to the greater attractiveness of the returns on U.S. securities in comparison with those
on foreign securities; this difference largely
stemmed from the more robust economic expansion in the United States than in most foreign
countries.
Direct investment transactions were net financial inflows for the fourth consecutive quarter.
Outflows for U.S. direct investment abroad were
strong, but inflows for foreign direct investment in
the United States were even stronger.
U.S.-owned assets abroad
Net U.S.-owned assets abroad increased $143.3 billion in the first quarter, following an increase of
$114.9 billion in the fourth. Net U.S. purchases of
foreign securities strengthened, and net outflows
for U.S. direct investment abroad rose by a small
amount. Claims on foreigners reported by U.S.
banks increased about the same in the first quarter
as in the fourth.
CHART 4
Securities Transactions
Billion $
150
Capital Account
Capital account transactions shifted to net inflows
of $0.2 billion in the first quarter from net outflows of $4.0 billion in the fourth. The usually
large net outflows in the fourth quarter were attributable to the transfer of the U.S. Government's
assets in the Panama Canal Commission to the Republic of Panama. The value of the transfer of the
assets was revised from a historical-cost basis to a
current-cost basis. (For more information, see
"U.S. International Transactions, Revised Estimates for 1982-99" in this issue.)
Financial Account
Net recorded financial inflows—the difference between changes in U.S.-owned assets abroad and
Foreign Transactions in
U.S. Securities1
(Net Foreign Purchases 4
Net Financial Flows on
Securities Transactions
100
\
50
-50
U.S. Transactions in Foreign Securities
(Net U.S. Purchases -)
-100
i
y
i I i i i I i i i I i
1995
1996
1997
199B
1999
1. Includes net foreign private transactions in U.S. Treasury securities.
Note.-Estimates exclude transactions of foreign official agencies.
U.S. Department of Commerce, Bureau of Economic Analysis
2000
July 2000 •
SURVEY OF CURRENT BUSINESS
U.S. official reserve assets.—Net U.S. official reserve assets increased $0.6 billion in the first quarter, in contrast to a decrease of $1.6 billion in the
fourth (table D). The first-quarter increase was
partly accounted for by an increase in the U.S. reserve position in the International Monetary Fund
(IMF) that was associated with net foreign borrowings of U.S. dollars from the IMF. U.S. holdings of special drawing rights and of foreign
currencies also increased.
Claims reported by banks.—U.S. claims on foreigners reported by U.S. banks increased $45.1 billion in the first quarter, following an increase of
$45.3 billion in the fourth. Claims have increased
strongly in three of the last four quarters, partly reflecting increased demand for U.S. bank credit in
Western Europe to finance business consolidations
and a pickup in economic growth.
In the first quarter, banks' own claims payable
in dollars increased $18.5 billion, following an increase of $34.3 billion. The first-quarter increase
was more than accounted for by lending by foreign-owned banks in the United States to banks
abroad. Lending to banks in Western Europe was
particularly strong, partly in response to demand
for U.S. bank credit to finance a strong increase in
Western European purchases of U.S. corporate
stocks and bonds. U.S.-owned banks' claims on
banks abroad decreased sharply, mostly as a result
of repayments from banks in the Caribbean.
Banks' domestic customers' claims payable in
dollars increased $37.4 billion, following an increase of $10.6 billion. The exceptionally large
first-quarter increase was attributable to a sharp
rise in deposits abroad and to the second consecutive strong quarterly increase in foreign commercial paper outstanding in the United States.
Banks' own claims payable in foreign currencies
decreased $10.8 billion, in contrast to an increase
85
of $0.4 billion. The decrease was largely accounted
for by repayments from banks in the Caribbean
and in the United Kingdom.
Foreign securities.—Net U.S. purchases of foreign securities increased to $27.5 billion in the first
quarter from $17.2 billion in the fourth. U.S.
transactions in foreign bonds shifted to net U.S.
purchases of $12.0 billion from net U.S. sales of
$0.7 billion, and net U.S. purchases of foreign
stocks decreased to $15.6 billion from $17.8 billion.
Net U.S. purchases of foreign bonds were
boosted by rises in new foreign issues in the United
States and in net U.S. purchases of outstanding
foreign bonds. New foreign issues in the United
States rebounded from a low level in the fourth
quarter, partly as a result of an easing of concerns
about possible Y2K problems in financial markets
and a decrease in U.S. long-term interest rates in
the last half of the first quarter. First-quarter new
foreign issues included increased placements by
borrowers from Latin America, mostly from Mexico, and by borrowers from Japan. The increase in
net U.S. purchases of outstanding foreign bonds
was more than accounted for by a step-up in net
purchases from the United Kingdom, partly reflecting a favorable change in the yields available
on European long-term bonds relative to the yields
available on U.S. long-term bonds.
Net U.S. purchases of foreign stocks slowed, as a
sharp drop in net purchases from Japan was only
partly offset by increased net purchases and by
shifts to net purchases from several other countries
and regions. The drop in net U.S. purchases from
Japan, following four quarters of strong net purchases, was partly attributable to indications that
the Japanese economy contracted for the second
consecutive quarter.
Direct investment.—Net financial outflows for
Table D.-Selected Transactions with Official Agencies
[Millions of dollars]
1998
1998
I
Changes in foreign official assets in the United States, net (decrease - ) (table
1, line 56)
Industrial countries1
Members of OPEC 2
Other countries
Changes in U.S. official reserve assets, net (increase - ) (table 1, line 41)
2000
1999
1999
-20,127
-6,611
-11,531
-1,985
42,864
31,119
1,331
10,414
-6,783
8,747
II
III
10,967 -10,235 -46,651
-42
-9,743 -6,158
-1,191
-629 -11,669
137 -28,824
12,200
-444
-1,945
-2,025
Change:
1999 IV2000 I
IV
I
II
III
IV
25,792
9,332
1,958
14,502
4,274
3,342
2,155
-1,223
-1,096
1,314
1,632
-4,042
12,191
13,988
-783
-1,014
27,495
12,475
-1,673
16,693
20,442
10,397
5,951
4,094
-7,053
-2,078
7,624
-12,599
-2,369
4,068
1,159
1,951
1,569
-554
-2,123
\p
Activity under U.S. official reciprocal currency arrangements with foreign
monetary authorities:3
Foreign drawings, or repayments (—), net
Drawings
Repayments
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 January 1995.
3. Consists of transactions of the Federal Reserve System and the U.S. Treasury Department's Exchange Stabilization Fund.
86
•
July 2000
SURVEY OF CURRENT BUSINESS
U.S. direct investment abroad were $34.8 billion in
the first quarter, up from $33.3 billion in the
fourth. The pickup was more than accounted for
by a rise in net equity capital outflows that resulted
from a greater slowdown in divestitures of existing
foreign affiliates than in acquisitions of new foreign affiliates. Acquisitions included U.S. purchases of several technology companies in Western
Europe. Reinvested earnings increased as a result of
a rise in earnings. In contrast, net intercompany
debt outflows decreased.
Foreign-owned assets in the United States
Net foreign-owned assets in the United States increased $215.0 billion in the first quarter, following
an increase of $184.6 billion in the fourth. Net foreign purchases of U.S. securities other than U.S.
Treasury securities surged, and net foreign sales of
U.S. Treasury securities slowed. U.S. liabilities reported by U.S. banks decreased in the first quarter
after increasing in the fourth, U.S. currency transactions shifted to net foreign shipments to the
United States from net U.S. shipments to foreign
countries, and net inflows for foreign direct investment in the United States slowed.
Foreign official assets.—Net foreign official assets in the United States increased $20.4 billion in
the first quarter, following an increase of $27.5 billion in the fourth (table D). The first-quarter increase was largely accounted for by an increase in
assets of industrial countries, partly reflecting intervention sales of foreign currencies for U.S. dollars by a few countries in Asia. Assets of OPEC
countries and of "other" countries also increased.
Liabilities reported by banks.—U.S. liabilities to
foreigners reported by U.S. banks, excluding U.S.
Treasury securities, decreased $6.7 billion in the
first quarter, in contrast to an increase of $19.6 billion in the fourth. The downturn was more than
accounted for by a sharp slowdown in U.S. banks'
dollar borrowing from their own offices abroad,
partly reflecting a greater abundance of funds
available from U.S. domestic sources.
Banks' own liabilities payable in dollars increased $15.7 billion in the first quarter, following
an increase of $26.7 billion in the fourth. Interbank liabilities decreased by a small amount. A decrease in U.S.-owned banks' liabilities to banks
abroad, mostly as a result of repayments to banks
in the Caribbean, was largely offset by an increase
in foreign-owned banks' liabilities to banks abroad
that largely resulted from a rise in borrowings from
banks in Western Europe. Liabilities to nonbank
private foreigners increased sharply, partly as a result of an increase in borrowing from the United
Kingdom and from international investment funds
in the Caribbean.
Banks' custody liabilities payable in dollars decreased $12.0 billion, in contrast to an increase of
$6.4 billion. The first-quarter decrease was largely
accounted for by a decrease in custody liabilities to
Western Europe.
Banks' own liabilities payable in foreign currencies decreased $10.4 billion, following a decrease of
$13.5 billion. The first-quarter decrease was almost
entirely accounted for by repayments to Western
Europe.
U.S. Treasury securities.—Net foreign sales of
U.S. Treasury securities decreased to $9.3 billion in
the first quarter from $17.2 billion in the fourth.
Yields on long-term U.S. Treasury securities rose
early in the first quarter but then fell sharply over
the remainder of the quarter. By quarter's end,
yields on long- and intermediate-term securities
had fallen below yields on short-term securities.
The slowdown in net foreign sales was largely accounted for by a decrease in net sales by international investment funds in the Caribbean.
Transactions by Western Europe shifted to net sales
from net purchases as a result of substantial net
sales in the later part of the quarter when longterm yields were falling. Foreigners have been net
sellers of U.S. Treasury securities in four of the last
five quarters, shifting some funds into higher
yielding U.S. corporate debt securities and U.S.
stocks.
Other U.S. securities.—Net foreign purchases of
U.S. securities other than U.S. Treasury securities
surged to a record $133.0 billion in the first quarter
from $92.3 billion in the fourth. Net foreign purchases of both U.S. stocks and U.S. bonds have
been very strong in recent quarters.
In the first quarter, net foreign purchases of U.S.
stocks soared to a record $61.3 billion from the
previous record of $34.4 billion in the fourth quarter, and gross foreign trading rose sharply for the
second consecutive quarter. The increase in net
foreign purchases was fostered by indications that
the U.S. economy and U.S. corporate profits continued to grow robustly. U.S. stock prices became
more volatile in the first quarter, and prices of
technology companies often moved in opposite directions from prices of nontechnology companies.
After unprecedented increases in the fourth quarter, stock prices of many technology companies
again rose sharply in February and early March but
July 2000 •
SURVEY OF CURRENT BUSINESS
slumped toward the end of the quarter. Net purchases of U.S. stocks by Western European investors were particularly strong, partly reflecting the
attractiveness of continued robust U.S. economic
growth relative to the weaker growth in some
Western European countries. In contrast, transactions by Japanese investors shifted to net sales from
net purchases, partly reflecting Japanese investors'
desire to reduce foreign holdings at the end of the
Japanese fiscal year.
Net foreign purchases of U.S. corporate and
other bonds increased to a record $71.7 billion
from $57.9 billion. New issues sold abroad by U.S.
corporations stepped up, partly in response to the
easing of concerns surrounding the Y2K date
change. Net foreign purchases of U.S. federally
sponsored agency bonds increased to a record
level; U.S. agencies sharply increased their debt issuance in international markets as part of their
continued effort to expand the frequency and size
of their issues in all markets. Net foreign purchases
of other outstanding U.S. bonds decreased but remained very strong.
U.S. currencyflows.—U.S.currency transactions
shifted to net foreign shipments to the United
States of $6.8 billion in the first quarter from large
net U.S. shipments to foreign countries of $12.2
billion in the fourth. In the first quarter, currency
returns by foreigners, partly associated with past
stockpiling as a precaution against possible disruptions from Y2K problems, exceeded U.S. shipments abroad.
Direct investment.—Net financial inflows for
foreign direct investment in the United States were
$42.3 billion in the first quarter, down from $49.4
billion in the fourth. The slowdown was more than
accounted for by a decline in net equity capital inflows that resulted from the absence of very large
acquisitions of U.S. companies by foreign companies. However, net equity capital inflows remained
strong as a result of several large acquisitions and
of equity contributions to existing U.S. affiliates.
Reinvested earnings decreased as a result of a decline in the share of earnings that was reinvested.
Net intercompany debt inflows increased.
Data Availability
The current and historical estimates that are presented
in tables 1-1 Oa of the U.S. international transactions
accounts are available as compressed files on our Web
site at <www.bea.doc.gov>; click on Catalog of Products, and look under "International Accounts Products," "Balance of Payments."
The estimates are also available on the following diskettes:
U.S. International
Transactions. The most recently
released annual and quarterly estimates are available as
a 1-year subscription (four installments)—product
number IDS-0001, price $80.00. The subscription also
includes the diskette of the historical series estimates
(see below).
U.S. International
Transactions, First Quarter 2000.
Annual estimates for 1997-99 and quarterly estimates
for 1998:1-2000:1 on a single diskette—product number IDN-0260, price $20.00.
U.S. International Transactions, Historical Series. All
the available historical annual and quarterly estimates
on a single diskette—product number IDN-0261, price
$20.00.
To order, call the BEA Order Desk at 1-800-704-0415
(outside the United States, call 202-606-9666).
Tables 1 through 10a follow.
87
88
• July 2000
SURVEY OF CURRENT BUSINESS
Table 1.—-U.S. International
[Millions
1967
1968
49,353
54,911
41,333
45,543
Goods, balance of payments basis 2
30,666
Services3
Transfers under U.S. military agency sales contracts4
10,667
3,191
1,646
Line
(Credits +; debits - ) »
1970
1971
1972
1975
1976
1977
60,132
68,387
72,384
81,986
113,050
49,220
56,640
59,677
67,222
91,242
148,484
157,936
172,090
184,655
120,897
132,585
142,716
152,301
33,626
36,414
42,469
43,319
49,381
11,917
3,939
12,806
4,138
14,171
4,214
16,358
5,472
17,841
5,856
71,410
98,306
107,088
114,745
120,816
19,832
5,369
22,591
5,197
25,497
6,256
27,971
5,826
4,697
1,039
5,840
4,300
2,920
446
25,351
25,351
16,595
7,644
1,112
1973
1974
1978
1979
Current account
Exports of goods and services and income receipts
Exports of goods and services
287,965
31,485
7,554
220,516
178,428
142,075
36,353
8,209
5,742
1,229
6,747
6,150
1,366
7,090
7,183
1,603
8,136
8,441
2,156
9,971
4,353
3,584
489
4,920
3,848
557
5,885
4,717
620
5,439
520
344,440
271,834
224,250
47,584
9,029
10,588
2,591
11,618
7,085
6,276
398
29,375
29,375
32,354
32,354
19,673
11,057
1,625
42,088
42,088
25,458
14,788
1,843
63,834
63,834
38,183
23,356
2,295
72,606
72,606
37,146
32,898
2,562
-53,998 -59,901 -66,414 -79,237 -98,997 -137,274 -132,745 -162,109 -193,764 -229,870 -281,657
-45,293 -49,129 -64,386 -60,979 -72,665 -89,342 -125,190 -120,181 -148,798 -179,547 -208,191 -248,696
-26,866 --32,991 -35,807
-45,579 -55,797 -70,499 -103,811 -98,185 -124,228 -151,907 -176,002 -212,007
-32,1d9 -46,689
-21,996
-24,570
-27,640
-21,379
-11,863 -12,302 -13,322 -14,520 -15,400
-18,843
-8,294
-5,823
-5,032
-4,535
-4,819
-4,784
^,795
-4,895
-4,378
-4,856
-4,855
-4,629
-7,352
-6,417
-8,475
-9,413
-6,856
-7,451
-3,207
-3,030
-3,980
-^,373
-5,042
-5,980
-3,373
-5,526
-2,896
-3,184
-2,263
-2,568
-2,748
-1,215
-1,290
-2,095
-829
-885
-1,080
-1,596
-1,790
-9,124
-10,906
-6,852
-7,972
-6,942
-5,708
-5,157
-5,367 -2,455 -2,843 -3,130 -3,520 -4,694
-333,774
Travel
Passenger fares
Other transportation
1,775
411
2,548
2,043
450
2,652
2,331
544
3,125
2,534
615
2,817
3,412
371
2,426
699
3,299
3,579
975
4,465
4,032
1,104
5,697
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services .
1,747
951
336
1,867
1,024
353
2,019
1,160
343
2,331
1,294
332
2,545
1,546
347
2,770
1,764
357
3,225
1,985
401
3,821
2,321
419
8,021
8,021
5,603
1,781
636
9,367
9,367
6,591
2,021
756
10,913
10,913
7,649
2,338
925
11,748
11,748
8,169
2,671
907
12,707
12,707
9,160
2,641
906
14,765
14,765
10,949
2,949
21,808
21,808
16,542
4,330
936
27,587
27,587
19,157
Income receipts
Income receipts on U.S.-owned assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
Compensation of employees
Imports of goods and services and income payments .
Imports of goods and services
Goods, balance of payments basis 2
Services3
Direct defense expenditures
Travel
Other transportation
Royalties and license fees 5
Other private services 5
U.S. Government miscellaneous services .
Income payments
Income payments on foreign-owned assets in the United States ...
Direct investment payments
Other private payments
U.S. Government payments
Compensation of employees
Unilateral current transfers, net
U.S. Government grants 4
U.S. Government pensions and other transfers
Private remittances and other transfers6
-41,476
7,356
1,074
9,043
1,332
224,131
184,439
39,692
6,981
6,184
-48,671
-38,729
-166
-565
-561
-186
-668
-631
-221
-751
-586
-224
-827
-576
-241
-956
-592
-294
-1,043
-589
-385
-1,180
-640
-1,262
-722
-2,747
-2,747
-821
-1,328
-598
-3,378
-5,378
-876
-1,800
-702
-5,515
-5,515
-875
-3,617
-1,024
-5,435
-5,435
-1,164
-2,428
-1,844
-6,572
-4,869
-848
-3,244
-777
-9,655
-9,655
-1,610
^,209
-3,836
-12,084
-12,084
-1,331
-6,491
-4,262
-5,294
-5,629
^,256
-637
-836
-6,156
-4,449
-611
-1,096
-7,402
-5,589
-8,544
-9,249
-3,844
-571
-879
-5,735
-4,259
-537
-696
-1,117
-6,572
-1,284
-2,604
-2,684
-770
-1,109
-6,913
-4,748
-915
-1,250
-346
14
-7,293
-939
-1,017
-604
-291,241
-249,750
-41,491
-10,851
-10,397
-4,607
-11,790
-482
-2,006
-911
-2,190
-951
-671
-2,573
-1,099
-831
-2,822
-1,239
-724
-2,909
-1,214
-12,564
-12,564
-2,234
-5,788
-4,542
-13,311
-13,311
-3,110
-6,681
-4,520
-14,217
-14,217
-2,834
-5,841
-6,542
-21,680
-21,680
-4,211
-8,795
-8,674
-32,961
-32,961
-6,357
-15,481
-11,122
-42,532
-42,532
-8,635
-21,214
-12,684
-7,075
-6,101
-1,068
-5,686
-6,226
-2,990
-1,378
-859
-5,788
-3,412
-6,593
-3,519
-1,250
-917
-920
-8,349
-5,486
-1,818
-1,044
-51,269
-2,558
-34,785
-61,130
-64,915
-45,815
-375
-118
-121
-294
158
732
-65
6
-65
3
-7,003
-472
-906
-1,532
-844
-4,015
-1,658
Capital and financial account
Capital account
Capital account transactions, net
Financial account
U.S.-owned assets abroad, net (increase/financial outflow (-))
U.S. official reserve assets, net
Gold 7
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-owned assets in the United States, net (increase/financial
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. securities other than U.S. Treasury securities
U.S. currency
U.S. liabilities to unaffiliated foreigners reported by U.S.
nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
-9,757 -10,977 -11,585
-470 -1,179
53
-567
1,170
1,173
-8,470 -11,758 -13,787 -22,874
158
3,066
3,348
706
547
866
787
7
468
16
-33
1,350
389
153
-1
382
2,156
182
-1,589 -1,884 -1,568 -2,644
-3,293 -4,181 -4,819 -4,638
2,115
1,721
2,086
2,596
182
-16
165
-602
-10,229 -12,940 -12,925 -20,388
-7,590 -7,618 -7,747 -11,353
-1,076 -1,113
-671
-618
-34,745
-1,467
-39,703
-172
-1,265
-30
-66
^66
-317
366
-5,001
4,826
541
-3,474
-5,941
2,475
-3
-4,214
-6,943
-3,693
2,596
133
-33,643
-9,052
-1,854
-35,380
-14,244
-6,247
-4,683
-189
257
1,136
-1,667
-6,472
2,719
33
-4,660
-7,470
2,941
-131
-3,746
-7,697
3,926
25
-5,162
-9,860
4,456
242
-44,498
-11,949
-8,885
-30,717
-11,890
-5,460
-57,202
-16,056
-3,626
-61,176
-25,222
-4,726
-73,651
-19,222
-3,568
-1,357
-13,532
-2,296
-21,368
-1,940
-11,427
-3,853
-33,667
-5,014
-26,213
-4,023
^6,838
35,341
17,170
38,018
53,219
67,036
40,852
62,612
10,546
4,172
3,270
7,027
5,563
4,658
-13,665
905
1,517
-2,158
2,104
969
2,205
36,816
32,538
30,230
2,308
1,400
773
2,105
33,678
24,221
23,555
902
17,693
9,892
9,319
573
4,627
15,497
11,895
9,708
2,187
615
-159
3,145
10,143
2,603
2,590
2,503
1,500
20,326
4,347
2,783
1,284
1,500
16,403
3,728
534
2,437
1,900
33,358
7,897
15
2,178
2,254
3,000
-94
-1,023
-2,423
-4,638
1,005
209
-7,386
-4,805
-1,308
-870
-1,173
-2,274
-4,722
1,386
62
-7,833
-5,295
-1,569
-1,034
822
-2,200
-3,489
1,200
89
-8,206
-5,960
-1,549
-779
-495
-1,203
233
-126
-570
-596
-967
-1,229
-2,980
-1,054
-3,506
-2,383
-5,980
-3,221
-19,516
7,379
3,451
2,261
2,222
39
83
1,106
-774
-769
-798
29
-15
10
12,702
-1,301
-2,343
-2,269
-74
251
792
9,439
9,411
28
^56
-2,075
22,970
26,879
26,570
26,578
-8
-510
819
18,388
6,026
641
59
582
936
4,126
323
3,928
698
-135
1,016
10,703
807
136
4,414
14,002
1,263
-68
3,130
-550
1,464
81
2,189
-3,909
367
-24
2,289
21,461
10,475
8,470
8,213
257
182
1,638
185
10,986
949
-49
4,507
12,362
2,800
-216
4,041
24,796
4,760
697
378
14
301
5,818
254
1,100
-78
-2,212
-268
-6,445
1,249
4,231
666
2,476
5,551
1,430
-21,972
-22,435
463
-40
7,213
1,135
54,516
11,877
15
4,060
1,351
3,000
47,115
16,918
2,645
5,457
4,500
15
584
1,765
1,475
3,871
792
2,014
-6,298
369
-6,911
815
4,754
1,035
4,702
1,844
16,017
319
628
-678
10,990
1,086
6,719
1,889
16,141
1,621
32,607
6,852
10,743
-205
438
-1,516
-219
-9,779
-1,879
-2,654
-2,558
4,417
8,955
-4,099
9,236
24,349
20,886
Balance on goods (lines 3 and 20)
Balance on services (lines 4 and 21)
3,800
-1,196
607
-516
91
8,192
-8,544
911
989
1,900
12,153
-€,913
-5,505
1,213
-4,292
15,503
-9,249
12,404
6,044
-5,735
-2,260
957
-1,303
7,272
-7,402
-6,416
973
-5,443
-5,629
2,603
-449
2,254
6,233
-6,156
12,787
-7,075
-9,483
3,401
-6,082
16,063
-6,686
-31,091
3,845
-27,246
18,137
-6,226
-43,927
4,164
-29,763
20,408
-5,788
-27,568
3,003
-24,565
30,873
-6,593
-25,500
6,093
2,604
5,274
-6,294
635
-485
250
5,990
8,903
Balance on goods and services (lines 2 and 19)
Balance on income (lines 12 and 29)
Unilateral current transfers, net (line 35)
Balance on current account (lines 1,18, and 35 or lines 73, 74, and
75) 13
2,583
611
399
2,331
-1,433
-5,795
7,140
1,962
18,116
4,295
-14,335
-15,143
-285
2,317
Statistical discrepancy (sum of above items with sign reversed)
Memoranda:
See footnotes on page 109.
3,501
-19,407
30,073
-8,349
July 2000 •
SURVEY OF CURRENT BUSINESS
89
Transactions
of dollars]
1982
1983
1984
1985
1986
380,928
294,398
237,044
366,983
275,236
211,157
399,913
291,094
387,612
407,098
289,070
215,915
310,033
223,344
57,354
10,720
12,913
3,111
12,560
7,284
l6
10,250
517
64,079
12,572
12,393
3,174
12,317
356,106
266,106
201,799
64,307
12,524
10,947
3,610
12,590
73,155
8,718
17,762
4,411
14,674
86,689
8,549
20,385
5,582
16
15,438
1981
86,529
86,529
32,549
50,300
3,680
-364,196
-310,570
-265,067
-45,503
1-11,564
-11,479
^,487
-12,474
5,603
17,444
576
91,747
91,747
16
29,469
58,160
4,118
219,926
5,778
18,192
666
71,168
9,969
16
17,177
16
4,067
13,809
6,177
19,255
714
90,000
90,000
31,750
53,418
4,832
108,819
108,819
35,325
68,267
5,227
-355,975 -377,488
-299,391 -323,874
-247,642 -268,901
6,678
20,035
878
98,542
98,542
35,410
57,633
5,499
-473,923 -483,769
-400,166 -410,950
-332,418 -338,088
-67,748 -72,862
-12,516 -13,108
16
-22,913 -24,558
16
-5,735
-6,444
-14,843 -15,643
-1,168
-1,170
-9,040 -10,203
-1,534
-1,735
-73,756 -72,819
-73,756 -72,819
-8,443
-6,945
-44,158 ^2,745
-21,155 -23,129
8,113
28,027
595
97,064
96,156
36,938
52,806
6,413
908
16
-53,626
-53,626
-6,898
-29,415
-17,313
-54,973
-13,087
-13,149
-6,003
-12,222
-943
-8,001
-1,568
-53,614
-53,614
—4,120
-30,501
-18,993
-11,702
-5,145
-2,041
16
-4,516
-16,544
-6,087
-2,251
-8,207
-17,310
-6,469
-2,207
-8,635
-20,335
-6,696
-2,159
-9,479
-21,998
-11,268
-2,138
-8,593
-81,571
-78,893
-6,856
-47,412
-24,625
-2,678
-24,132
-11,883
-2,372
-9,877
199
209
235
315
301
-113,054
-127,882
-66,373
-40,376
^4,752
-4,082
-4,965
-1,196
-0,131
-3,858
-111,723
312
-7$
-2,491
-861
-5,097
-9,674
4,413
164
-1,371
-2,552
-1,041
-66
-4,434
3,304
-6,131
-10,063
4,292
-360
-5,006
-9,967
5,012
-51
-979
-995
-1,156
-5,489
-9,599
4,490
-379
-897
908
-3,869
-2,821
-7,657
4,719
117
-103,875
-9,624
-5,699
^,377
-84,175
-116,786
'M,556
-7,983
6,823
-111,070
-60,172
-12,528
-6,762
-10,954
-29,928
-31,757
-16,407
^,756
533
-11,127
-38,074
-18,927
-7,481
-10,342
-1,323
86,232
4,960
6,322
5,019
1,303
-338
-3,670
2,646
96,589
3,593
5,085
5,779
-694
605
-1,747
-350
88,694
5,845
6,496
6,972
^176
602
545
-1,798
117,752
3,140
4,703
4,690
13
739
555
-2,857
82,849
10,372
8,689
8,164
5,400
-650
-3,562
-1,287
81,272
25,195
2,927
6,905
3,200
15
92,997
12,635
7,027
6,085
4,000
16
15
15
1996
1997
1998
1999
1,006,576
795,074
1,075,874
852,064
612,057
1,194,283
936,937
679,702
1,191,422
932,977
670,324
1,232,407
956,242
240,007
16,446
69,809
20,422
26,074
257,235
16,836
73,426
20,868
27,006
262,653
17,628
71,286
20,098
25,604
32,470
73,858
928
33,639
84,505
955
36,197
90,914
926
36,467
96,508
885
2
3
4
5
6
7
8
9
10
11
223,810
222,054
102,505
114,958
4,591
1,756
257,346
255,544
115,536
136,449
3,559
1,802
258,445
256,511
106,407
146,503
3,601
1,934
276,165
273,957
118,802
151,958
3,197
2,208
12
13
14
15
16
17
-762,035 -821,977 -949,212 -1,081,976 -1,159,111 -1,294,029 -1,364,531 -1,515,861
-652,934 -711,722 -800,468 -891,021 -954,177 -1,042,869 -1,099,875 -1,221,213
-536,458 -589,441 -668,590 -749,574 -803,327 -876,367 -917,178 -1,029,917
-116,476 -122,281 -131,878 -141,447 -150,850 -166,502 -182,697 -191,296
-12,241
-11,061
-13,650
-10,043
-11,698
-13,835 -12,086 -10,217
-48,078
-52,051
-59,351
-56,509
-44,916
-38,552 -40,713 -43,782
-21,405
-15,809
-18,138
-19,971
-14,663
-10,603 -11,410 -13,062
-34,137
-27,403
-28,959
-30,363
-27,034
-23,767 -24,524 -26,019
-7,837
-9,614
-13,275
-11,713
-5,852
-6,919
-5,161
-5,032
16
-37,975
^6,657
^3,280
-49,051
-35,249
-22,296 -26,261 -30,386
-2,687
-2,821
-2,849
-2,623
-2,762
-2,263
-2,255
-2,560
-109,101 -110,255 -148,744 -190,955 -204,934 -251,160 -264,656 -294,648
-104,349 -105,123 -142,792 -184,692 -198,634 -244,494 -257,547 -287,059
^3,601
-2,189
-38,679
-30,318
-33,093
-56,098
-7,943 -22,150
-63,079 -57,804 -76,450
-97,004
-97,901 -112,843 -127,749 -135,830
-88,050
-39,081 -39,376 ^4,192
-91,119
-57,370
-67,640
-95,131
-6,666
^,752
-7,109
-6,263
-5,132
-6,300
-7,589
-5,952
-40,081
-40,794
-48,025
-44,029
-34,057
-35,013 -37,637 -38,260
-12,472
-13,774
-13,270
-15,401
-16,320 -17,036 -14,978
-11,190
-4,191
-4,401
^,305
-4,466
-4,043
-4,556
-3,451
-4,104
-24,131
-29,850
-26,454
-20,214
-14,650 -16,497 -18,726
-19,416
18
19
20
21
22
1989
1990
1991
1992
1993
1994
457,053
348,869
250,208
567,862
650,494
730,387
581,174
416,913
776,933
642,773
456,832
868,867
703,429
502,398
98,661
11,106
23,563
7,003
17,027
10,174
29,263
526
110,919
9,284
29,434
8,976
19,311
12,139
31,111
664
489,207
362,120
127,087
8,564
708,881
537,139
389,307
749,324
431,149
320,230
164,261
11,135
48,385
15,854
22,631
176,916
12,387
54,742
16,618
21,531
20,841
16
49,956
841
185,941
13,471
201,031
12,787
58,417
16,997
23,754
13,818
36,729
587
147,832
9,932
43,007
15,298
22,042
16,634
40,251
668
108,184
107,190
46,288
55,592
5,311
994
136,713
135,718
58,445
70,571
6,703
995
161,287
160,270
61,981
92,638
5,651
1,017
171,742
170,570
65,973
94,072
10,525
1,172
-93,891 -118,026
-91,553 -116,179
-7,676 -12,150
-57,659 -72,314
-26,218 -31,715
-2,338
-1,847
-23,265 -25,274
-10,309 -10,537
-2,709
-2,409
-10,548 -12,028
365
493
36,205
10,657
20,526
17,819
47,748
690
149,214
147,924
58,718
81,186
8,019
1,290
-721,307 -759,189 -734,524
-579,844 -615,996 -609,440
-477,365 -498,337 -490,981
-102,479 -117,659 -118,459
-15,313 -17,531 -16,409
-33,416 -37,349 -35,322
-8,249 -10,531 -10,012
-22,172 -24,966 -24,975
-2,528
-3,135
^,035
-18,930 -22,229 -25,590
-1,871
-1,919
-2,116
-141,463 -143,192 -125,084
-139,177 -139,728 -121,058
2,266
-3,450
-7,045
-93,768 -95,508 -82,452
-38,364 -40,770 -40,872
-4,026
-3,464
-2,286
10,752
-26,169 -26,654
29,193
-10,860 -10,359
^3,224
-2,775
-3,775
-12,534 -13,070 -14,665
Line
1995
1988
-630,142 -594,443 -€63,741
-448,572 -500,552 -545,715
-368,425 -409,765 -447,189
-80,147 -90,787 -98,526
-13,730 -14,950 -15,604
-25,913 -29,310 -32,114
-7,729
-7,283
-6,505
16
-17,766 -19,010 -20,891
-1,857
-2,601
-1,401
16
-13,146 -16,485 -17,667
-1,893
-1,921
-1,686
-51,749
-12,460
-12,394
^,772
-11,710
-795
-8,159
-1,460
-56,583
-56,583
16
-2,114
-35,187
-19,282
16
1987
617,268
440,352
132,056
130,631
57,538
65,977
7,115
1,425
57,875
16,528
21,958
21,695
53,532
883
134,159
132,725
67,246
60,353
5,126
1,434
26,712
61,477
887
165,438
163,895
77,344
82,423
4,128
1,543
575,845
219,229
14,643
63,395
18,909
26,081
30,289
65,094
818
211,502
209,741
95,260
109,768
4,713
1,761
684,358
271,884
16,334
74,881
19,776
27,033
1
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
-469
372
693
350
637
-3,500
39
-74,410 -200,552 -176,056
-352,376
-9,742
-413,923
-488,940
-335,436
-430,187
6,668
-1,010
-6,783
8,747
-808
-2,466
-6,468
-984
-4,859
4,125
-250
370
-1,280
7,578
^350
-3,575
2,915
-147
-5,119
-1,517
10
5,484
3,253
40
41
42
43
44
45
68
-5,417
5,438
47
^22
^,678
4,111
145
2,751
-6,175
9,560
-634
-341,650
-98,750
-122,506
-45,286
-75,108
-989
-5,025
3,930
106
-419,602
-91,885
-149,829
-86,333
-91,555
-487,998
-105,016
-118,976
-122,888
-141,118
-328,231
-146,052
-135,995
-10,612
-35,572
^441,685
-150,901
-128,594
-92,328
-69,862
46
47
48
49
50
51
52
53
54
612
336
-6,579
-4,479
-79,296 -106,573 -175,383
-3,912 -25,293
9,149
-81,234
-64,388
-2,158
5,763
3,901
-1,379
5,346
2,316
-2,692
4,277
-537
-44
-797
-441
494
5,293
-88
-246
1,501
-942
-509
2,070
7,588
127
1,025
-5,064
-535
471
-25,229
-192
731
-2,697
-2,022
-9,084
6,089
973
-110,014
-23,995
-4,271
1,006
-6,506
7,625
-113
2,967
-7,680
10,370
277
1,233
-5,608
6,725
115
2,317
-8,410
10,856
-130
-177
-367
6,307
2,924
-12,879
16,776
-974
-21,773
-59,975
-89,450 -105,628 -151,323
-35,034 -22,528 -43,447
-5,251
-7,980 -22,070
-7,046 -21,193 -27,646
-42,119 -53,927 -58,160
-81,393
-37,183
-28,765
-27,824
12,379
-73,075
-37,889
-45,673
11,097
-610
-1,667
-390
-351
-7,408
-5,383
-6,311
5,807
5,088
6,270
-66
-95
-310
-76,644 -198,822 -181,012
-48,266 -83,950 -80,167
-49,166 -146,253 -60,309
-387
766 -36,336
-4,200
21,175
30,615
146,115
-1,119
-1,139
-638
-301
844
645
-1,469
230,009
35,648
33,150
34,364
-1,214
2,195
1,187
-884
248,634
45,387
44,802
43,238
1,564
-2,326
3,918
-1,007
246,522
39,758
43,050
41,741
1,309
-467
-319
-2,506
224,928
8,503
1,532
149
1,383
160
4,976
1,835
141,571
33,910
30,243
29,576
667
1,868
3,385
-1,586
110,808
17,389
16,147
14,846
1,301
1,367
-1,484
1,359
170,663
40,477
22,403
18,454
3,949
2,191
16,571
-688
282,040
71,753
53,014
48,952
4,062
1,313
14,841
2,585
305,989
39,583
36,827
30,750
6,077
1,564
3,665
-2,473
465,684
109,880
72,712
68,977
3,735
-105
34,008
3,265
571,706
126,724
120,679
115,671
5,008
-982
5,704
1,323
756,962
18,876
-2,161
-6,690
4,529
-1,041
22,286
-208
482,235
-20,127
-3,589
-9,921
6,332
-3,550
-9,501
-3,487
753,564
42,864
32,527
12,177
20,350
-3,255
12,692
900
55
56
57
58
59
60
61
62
114,612
24,468
23,001
12,568
4,100
147,233
19,742
20,433
50,962
5,200
194,360
35,420
3,809
70,969
4,100
203,247
58,470
-7,643
42,120
5,400
206,764
57,735
20,239
26,353
5,800
216,425
68,274
29,618
38,767
5,900
107,661
48,494
-2,534
1,592
18,800
93,420
23,171
18,826
35,144
15,400
130,186
19,823
37,131
30,043
13,400
210,287
51,362
24,381
80,092
18,900
266,406
46,121
34,274
56,971
23,400
355,804
57,776
99,548
96,367
12,300
444,982
86,502
154,996
130,240
17,362
738,086
106,032
146,433
197,892
24,782
502,362
186,316
48,581
218,075
16,622
710,700
275,533
-20,464
331,523
22,407
63
64
65
66
67
917
42,128
-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
16,162
16,733
16,478
28,590
-*,048
-19,289
47,101
23,204
-48,557
-49,141
1,281
-10,859
-4,223
-35,158
69,702
34,298
67,403
11,602
68
69
36,630
113,921
149,026
-127,832
-7,001
39,769
21,792
-28,023
11,852
-16,172
32,903
-11,702
-36,485
12,329
-24,156
35,164
-16,544
-67,102
9,335
-57,767
36,386
-17,310
-112,492 -122,173
3,419
294
-109,073 -121,880
35,063
25,723
-20,335 -21,998
-145,081 -159,557 -126,959 -115,245 -109,030
12,393
7,874
6,543
24,607
30,173
-138,538 -151,684 -114,566 -90,638 -78,857
18,687
15,494
19,824
28,550
14,293
-24,132 -23,265 -25,274 -26,169 -26,654
-74,068
45,802
-28,266
24,130
10,752
-96,106 -132,609 -166,192
60,440
69,153
63,660
-35,666 -68,949 -97,039
22,954
16,694
23,904
-35,013 -37,637 -38,260
-173,729
77,782
-95,947
20,547
-34,057
-191,270
89,157
-102,113
18,876
-40,081
-196,665
90,733
-105,932
6,186
-40,794
-246,854
79,956
-166,898
-6,211
^4,029
-345,559
80,588
-264,971
-18,483
-48,025
71
72
73
74
75
5,030
-5,536
-38,691
-94,344 -118,155
-47,724
-109,457
-123,318
-140,540
-217,138
-331,479
76
-147,177 -160,655 -121,153
-96,982
-76,961
6,616
-62,681 -118,605
70
90
•
July 2000
SURVEY OF CURRENT BUSINESS
Table 1.—U.S. International
[Millions
Not seasonally adjusted
Line
(Credits +; debits - ) >
1989
1988
Current account
135,633
102,822
77,006
25,816
2,441
141,245
141,468
149,516
157,191
165,474
161,079
166,750
108,295
108,155
111,878
118,111
124,494
121,623
124,979
81,222
77,852
84,150
88,559
94,076
87,030
92,455
27,073
2,540
30,303
2,536
27,728
1,767
29,552
2,161
30,418
2,142
34,593
2,417
32,524
1,844
Travel
Passenger fares
Other transportation
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
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services .
2,686
8,136
124
2,890
7,240
179
2,869
7,662
189
3,694
8,073
173
3,178
9,234
155
3,301
8,518
146
3,307
9,251
143
4,032
9,726
144
32,812
32,563
13,902
15,936
2,725
249
32,950
32,703
15,269
16,227
1,207
33,313
33,064
13,239
18,502
1,323
37,638
37,388
16,035
19,906
1,447
39,080
38,831
15,318
22,363
1,150
40,731
15,873
23,870
988
39,456
39,200
14,434
22,898
1,869
41,771
41,508
16,356
23,507
1,645
247
249
250
249
249
256
263
-156,858
-165,109
-168,484
-173,290
-170,953
-183,715
-183,687
-182,952
-129,801
-136,691
-137,941
-141,281
-136,886
-146,806
-147,773
-148,380
-107,442
-52,359
-3,831
-111,540
-25,151
-3,868
-110,605
-27,336
-3,851
-117,602
-23,679
^,054
-113,925
-22,961
-3,946
-120,776
-26,030
-3,908
-119,217
-28,556
-3,722
-123,447
-24,933
-3,736
Other transportation
-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
-2,161
-5,499
-10,748
-2,560
-5,705
-7,403
-1,790
-5,694
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services
-603
^,343
-468
-640
-4,349
-459
-664
-4,341
-530
-694
-4,633
^63
-610
^,522
-431
-636
-4,560
^39
-572
^,763
-486
-710
-5,085
-515
-27,057
-26,581
-2,906
-16,441
-7,234
-476
-28,418
-27,960
-3,416
-16,814
-7,730
-458
-30,543
-30,130
-3,055
-18,842
-6,233
-413
-32,009
-31,509
-2,774
-20,217
-8,518
-500
-34,067
-33,551
-1,945
-22,369
- -9,237
-516
-36,910
-36,383
-2,964
-23,893
-9,526
-527
-35,914
-35,357
-2,109
-23,478
-9,770
-557
-34,572
-33,886
-27
-24,028
-9,831
-686
-6,064
-2,297
-552
-3,215
-5,369
-1,982
-644
-2,744
-5,768
-2,395
-588
-2,784
-8,073
-3,863
-924
-3,285
-6,115
-2,422
-659
-3,034
-5,418
-1,995
-552
-2,871
-6,501
-2,830
-652
-3,019
-6,135
-3,614
-912
-5,609
109
118
130
136
128
133
139
-64
1,604
-26,433
-51,048
-30,697
-55,637
-10,858
-54,099
-54,789
1,503
39
-7,380
1,925
-4,000
-12,095
-5,996
-3,202
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
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
-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
891
-1,007
1,894
3
-287
-1,174
834
53
592
-2,136
2,759
-32
37
-1,292
1,238
91
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
1,776
-6,248
-4,504
-3,454
15,982
-25,652
-5,633
1,318
-9,954
-11,383
-45,656
-8,902
-1,500
-5,217
-30,037
-36,096
-1,745
-3,294
-2,568
-28,489
-52,527
-13,999
-2,225
-9,293
-27,010
1,524
-10,362
-6,192
-5,767
23,844
-48,695
-11,228
-9,149
-5,924
-22,394
-51,625
-7,859
-4,504
-6,662
-32,600
Foreign-owned assets in the United States, net (increase/financial inflow (+)) ..
31,776
74,956
53,078
86,713
66,334
11,398
74,367
72,828
24,925
27,568
27,730
-162
-48
-1,751
-844
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
6,850
8,172
5,911
2,423
600
12,593
-22,849
68,950
14,142
5,473
9,702
2,200
6,742
30,691
55,053
14,060
3,443
7,464
1,300
6,399
22,387
75,912
21,362
5,412
6,764
1,700
7,159
33,515
58,635
18,253
9,561
8,544
1,400
6,637
14,240
16,512
15,743
2,489
9,365
2,300
12,000
-25,385
61,308
11,819
12,544
10,270
200
-1,121
27,596
79,971
22,460
5,024
10,588
2,000
4,570
35,329
-6,200
-19,408
30,623
-24,305
9,051
22,986
8,702
6,362
-30,436
3,456
-56,980
5,755
-6,064
-57,289
-30,318
1,922
-28,396
4,532
-5,369
-29,233
-32,753
2,967
-29,787
2,770
-5,768
-32,784
-33,452
4,049
-29,403
5,629
-6,073
-31,847
-25,366
6,591
-18,775
5,013
-6,115
-19,877
-26,700
4,388
-22,312
4,070
-5,418
-23,660
-32,187
6,037
-26,150
3,542
-6,501
-29,109
-30,992
7,591
-23,401
7,199
-8,135
-24,337
Exports of goods and services and income receipts
Exports of goods and services
Goods, balance of payments basis 2
Services3
Transfers under U.S. military agency sales contracts4
Income receipts
Income receipts on U.S.-owned assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
Compensation of employees
imports of goods and services and income payments .
Imports of goods and services
Goods, balance of payments basis 2
3
Services
Direct defense expenditures
Travel
Income payments
Income payments on foreign-owned assets in the United States
Direct investment payments
Other private payments
U.S. Government payments
Compensation of employees
Unilateral current transfers, net
U.S. Government grants 4
U.S. Government pensions and other transfers .
Private remittances and other transfers6
Capital and financial account
Capital account
Capital account transactions, net .
Financial account
U.S.-owned assets abroad, net (increase/financial outflow (-))
U.S. official reserve assets, net
Gold 7
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
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. securities other than U.S. Treasury securities
U.S. currency
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns .
U.S. liabilities reported by U.S. banks, not included elsewhere
Statistical discrepancy (sum of above Hems with sign reversed)
Memoranda:
Balance on goods (lines 3 and 20)
Balance on services (lines 4 and 21)
Balance on goods and services (lines 2 and 19)
Balance on income (lines 12 and 29)
Unilateral current transfers, net (line 35)
Balance on current account (lines 1,18, and 35 or lines 73, 74, and 75) 1 3
See footnotes on page 109.
July 2000 •
SURVEY OF CURRENT BUSINESS
91
Transactions—Continued
of dollars]
Not seasonally adjusted
199C)
II
1
1992
1991
III
IV
I
II
III
172,149
176,811
173,753
186,168
181,276
183,347
130,199
134,781
132,862
139,298
138,917
146,274
96,328
33,871
2,147
99,590
35,191
2,327
10,541
3,663
5,334
I
IV
II
IV
III
185,847
188,157
185,223
190,096
189,754
194,070
191,715
201,393
1
150,958
153,847
156,810
161,114
158,148
166,701
2
115,849
108,080
120,740
3
44,647
3,690
45,265
3,419
50,068
3,625
45,961
2,736
4
5
12,283
3,834
5,276
114,555
43,515
2,824
12,802
3,806
5,492
112,163
12,072
3,908
5,884
110,856
42,991
3,006
13,680
4,034
5,343
153,363
105,749
47,614
3,158
15,977
4,944
5,420
158,070
108,175
42,783
3,112
151,989
109,192
42,797
3,399
12,710
3,800
5,392
14,410
3,989
5,499
17,156
4,966
5,447
13,599
3,773
5,620
6
7
8
4,883
12,990
131
5,113
11,544
272
5,153
12,663
299
4,994
13,856
204
5,400
12,262
286
5,260
13,388
225
6,040
14,025
168
9
10
11
33,859
33,521
14,719
17,083
1,719
338
-177,156
-149,958
-122,891
34,310
33,964
15,752
16,678
1,534
346
31,861
31,498
13,742
15,771
1,984
363
-196,523
-169,103
-138,203
-30,900
-3,309
-11,787
-2,974
-6,239
5,692
12,760
139
32,027
31,649
13,326
16,445
1,878
378
32,945
32,605
16,174
15,040
1,390
340
32,955
32,605
16,930
14,575
1,100
350
33,567
33,202
16,628
15,124
1,450
365
34,692
34,313
17,513
15,614
1,186
379
12
13
14
15
16
17
-188,551
-204,963
-210,690
-217,774
-163,509
-177,583
-183,552
-187,078
-136,130
-146,411
-150,278
-156,622
18
19
20
-3,374
-27,379
-3,177
-31,172
-3,194
-33,274
-2,919
-30,456
-2,797
21
22
-8,534
-2,542
-6,045
-6,108
-2,486
-5,887
-10,749
-2,894
-6,151
-12,265
-3,281
-6,239
-9,591
-2,749
-6,247
23
24
25
100,479
101,891
106,511
38,819
2,502
37,026
2,688
39,763
2,748
12,466
4,526
5,680
10,712
3,917
5,710
9,544
3,094
5,382
12,033
3,818
5,559
100,336
44,688
2,586
14,736
5,034
5,806
3,966
9,160
200
4,120
10,035
170
4,970
10,855
153
4,095
12,024
200
4,272
11,189
145
4,263
12,049
213
5,189
12,487
132
42,030
41,738
16,830
23,073
1,835
292
40,891
40,599
14,903
23,660
2,036
292
46,870
46,564
17,663
24,338
4,563
306
42,359
42,041
16,658
22,679
2,704
318
37,073
36,754
14,593
20,486
1,675
319
35,002
34,677
12,813
19,821
2,043
325
34,780
34,452
14,654
18,200
1,597
328
-186,858
-150,947
-195,254
-196,230
-177,765
-182,326
-158,226
-161,261
-144,068
-150,117
-121,451
-29,496
-3,910
-10,289
-2,782
-5,996
-125,260
-131,833
-116,404
-119,828
-32,966
^,463
-29,428
-5,152
-27,664
-5,169
-30,289
-3,933
-11,935
-3,224
-6,434
-7,859
-2,354
-6,608
-6,770
-2,033
-6,011
-9,816
-2,641
-6,181
-187,761
-156,239
-124,518
-31,721
-3,597
-10,862
-2,884
-6,510
-698
-5,326
-494
-800
-5,600
-510
-923
-6,081
-451
-682
-6,328
^72
-1,006
-6,224
^189
-37,028
-36,145
-1,883
-24,039
-10,223
-683
-34,969
-33,981
464
-24,041
-10,404
-988
-33,697
-32,813
1,186
-23,549
-10,450
-884
-32,209
-31,277
-123
-20,934
-10,220
-932
-6,643
-2,556
-721
-3,366
-35,912
—35,110
-1,443
-23,546
-10,121
-602
-7,331
-3,613
-655
-3,063
-1,080
-6,170
-618
-31,522
-30,484
-424
-19,794
-10,266
-1,038
-186,673
-159,016
-130,231
-28,785
-3,710
-7,874
-2,455
-6,273
-1,067
-6,869
-537
-7,213
-3,088
-739
-3,386
-5,467
-1,102
-1,109
-3,256
14,897
19,445
-773
-3,775
4,211
8,285
-680
-3,394
-19
157
165
-6,882
-941
36,491
-3,177
-39,166
371
-45,107
-33,452
1,739
-1,091
-247
234
-3,164
-216
493
94
363
8
1,368
-716
-1,871
1,229
-74
40,384
-11,768
-8,580
3,019
57,713
-836
-2,019
1,169
14
-38,701
-715
-5,222
-463
-35,284
-34,493
-589
-23,882
-10,022
-791
I
IV
185,738
92,910
41,951
41,669
16,577
23,001
2,091
282
-180,847
-145,563
-119,793
-25,770
-4,006
-7,266
-2,171
-5,928
Line
1993
III
180,026
145,024
39,952
2,954
9,289
3,192
5,318
3,579
10,201
145
II
16
-27,067
-3,714
-7,772
-2,371
-5,768
-198,138
-172,298
-143,646
-28,652
-27,657
-26,485
1,626
-18,175
-9,936
-1,172
-27,198
-26,092
1,032
-17,333
-9,791
-1,106
-2,721
1,730
-774
-3,677
-5,635
-267
-1,548
-3,820
-7,526
-3,040
-722
-3,763
-1,106
-5,808
-616
-28,643
-27,504
-1,530
-16,152
-9,822
-1,139
-8,029
-3,532
-1,008
-3,489
73
-3,786
175
152
111
173
176
-459
147
83
141
39
-11,679
-1,015
-12,459
-46,952
40
1,542
-983
822
-53,991
-545
-77,122
-1,057
-15,015
1,952
-22,486
1,225
-17,838
1,464
-29,098
1,014
-17,536
3,877
-34,159
-353
-673
-93
^4
-995
31
-341
-43
-190
72
1,132
6
-114
3,986
-23
17
1,232
-172
111
-996
-140
-228
-615
-166
313
675
41
42
43
44
45
619
-2,018
2,700
-63
-508
-1,061
755
-202
3,281
-8,724
12,442
-437
^69
-1,077
880
-272
-644
-2,664
2,108
-89
487
-945
1,763
-331
-304
-773
891
-422
-340
-2,925
1,580
1,005
46
47
48
49
-6,573
-11,037
-5,069
-16,022
-46,514
-19,295
-1,037
-15,514
-10,668
-36,562
453
-8,111
-10,260
-18,644
-11,945
-15,497
-9,960
^0
13,552
-1,520
-2,904
-12,021
7,902
5,503
-24,694
-11,016
-12,550
3,341
-4,469
-29,995
-8,136
-19,243
2,408
-5,024
-21,990
-15,977
-28,208
-6,130
28,325
-47,470
-24,373
-29,833
-725
7,461
-53,253
-14,171
-51,940
5,896
6,962
-76,110
-29,430
-36,272
1,725
-12,133
50
51
52
53
54
-22,960
42,086
64,074
58,371
8,118
13,274
59,450
55
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
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
86,155
19,073
20,443
19,098
1,345
932
-2,486
184
111,584
13,937
12,469
12,335
134
-408
2,141
-265
36,118
-7,524
593
-319
912
607
-7,724
-1,000
24,852
6,207
4,081
3,735
346
1,160
1,240
-274
24,277
24,076
23,106
970
718
-415
-102
56
57
58
59
60
61
62
-16,539
15,638
-1,891
1,311
3,600
12,904
-48,101
35,879
14,644
1,857
2,114
4,400
6,713
6,151
50,137
9,156
544
-2,874
5,500
16,838
20,973
38,185
9,057
-3,044
1,041
5,300
8,678
17,153
2,549
3,847
4,739
5,023
4,800
-586
-15,274
18,188
13,975
13,461
14,872
2,200
-2,549
-23,771
29,939
-798
-1,196
10,310
4,200
4,761
12,661
42,745
6,147
1,822
4,939
4,200
-4,741
30,378
30,776
20,988
15,380
14,916
464
-73
5,568
113
9,787
1,782
686
4,569
1,300
5,689
-4,239
53,001
-6,421
-6,698
-6,177
-521
-195
598
-126
33,793
3,854
6,095
5,621
474
771
-3,107
95
-34,916
-6,472
-11,142
-106
-15,196
55,624
-329
-1,517
1,256
-68
-11,074
-21,657
-8,668
7,562
11,689
-118
-48
-378
-194
-1,668
2,036
-562
-113
-60
-480
4,201
-3,171
7,414
-43
-173
-118
2,243
-322
-1,980
1,429
229
-16,645
-6,672
-13,059
-3,737
6,823
2,829
-2,685
1,398
-332
-1,349
1,044
-28
-168
1
1,631
-372
-1,247
1,014
-139
-18,930
-11,801
-8,196
-6,620
7,687
50,768
20,879
12,950
11,251
1,699
518
7,486
-75
29,888
6,379
10,231
10,467
1,100
3,954
-2,243
43,642
3,547
4,908
2,531
6,100
4,854
21,702
46,868
8,114
21,306
12,476
4,900
-924
996
13,915
7,813
13,363
9,694
3,000
-215
-19,740
41,984
11,798
-292
15,205
5,900
6,531
2,842
67,082
12,149
3,258
17,782
6,400
288
27,205
87,307
19,603
8,052
37,411
3,600
3,885
14,756
63
64
65
66
67
68
69
1,829
14,301
9,582
-2,508
-13,906
-17,565
-2,016
-15,070
-19,634
-22,951
-2,234
-4,322
4,677
6,578
-4,149
-5,825
70
-23,465
8,101
-15,365
6,667
-6,643
-15,341
-21,861
5,695
-16,166
6,119
-7,331
-17,378
-32,350
6,986
-25,364
3,863
-7,213
-28,714
-31,354
9,391
-21,963
11,901
-5,467
-15,529
-14,513
9,362
-5,151
8,663
14,897
18,408
-13,317
9,475
-3,843
4,864
4,211
5,232
-24,182
12,967
-11,215
3,481
-2,721
-10,455
-22,056
13,998
-8,058
7,123
-5,635
-6,570
-13,699
15,729
2,030
6,661
-7,526
1,165
-20,862
13,134
-7,728
5,667
-8,029
-10,089
-32,454
16,714
-15,740
4,440
-7,742
-19,042
-29,091
14,863
-14,228
6,187
-11,716
-19,757
-23,967
17,268
-6,699
7,902
-7,787
-6,584
-30,562
14,093
-16,469
5,576
-8,329
-19,223
-42,198
16,794
-25,404
6,429
-9,123
-28,098
-35,882
15,505
-20,377
3,997
-12,397
-28,778
71
72
73
74
75
76
12,879
13,690
12,615
1,075
-426
-768
383
16
-1,359
-5,592
-491
-190,218
-161,575
-131,718
-29,857
-3,438
-10,459
-2,716
-5,715
-1,520
^,487
-584
-1,177
-6,409
-572
-1,118
-6,028
-575
-1,219
-6,410
-556
-1,317
-6,652
-601
-1,378
-7,172
-523
26
27
28
-27,421
-26,200
-1,424
-14,996
-9,780
-1,221
-7,742
-3,161
-892
-3,689
-25,840
-24,554
-268
-14,598
-9,688
-1,286
-25,042
-23,897
288
-14,483
-9,702
-1,145
-27,379
-26,163
-2,650
-13,826
-9,687
-1,216
-27,138
-25,814
-1,974
-13,878
-9,962
-1,324
-30,696
-29,249
-3,607
-15,617
-10,025
-1,447
29
30
31
32
33
34
-11,716
-6,586
-1,421
-3,709
-7,787
-3,007
-598
-4,182
-8,329
-3,468
-1,036
-3,825
-9,123
-4,097
-813
-4,213
-12,397
-6,463
-1,657
-4,277
35
36
37
38
92
• July 2000
SURVEY OF CURRENT BUSINESS
Table 1.—U.S. International
[Millions
Not seasonally adjusted
Line
(Credits +; debits - )
l
1994
1996
1995
Current account
Exports of goods and services and income receipts
Exports of goods and services
Goods, balance of payments basis 2
Services3
Transfers under U.S. military agency sales contracts 4 .
Travel
Passenger fares
Other transportation
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services
Income receipts
,
Income receipts on U.S.-owned assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
Compensation of employees
Imports of goods and services and income payments .
Imports of goods and services
Goods, balance of payments basis 2
Services3
Direct defense expenditures
Travel
Other transportation
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services .
Income payments
Income payments on foreign-owned assets in the United States .
Direct investment payments
Other private payments
U.S. Government payments
Compensation of employees
Unilateral current transfers, net
U.S. Government grants 4
U.S. Government pensions and other transfers .
Private remittances and other transfers 6
202,577
165,827
118,584
47,243
2,860
12,818
3,870
5,387
6,310
15,747
251
36,750
36,384
17,944
17,301
1,139
366
-211,138
-180,048
-150,146
-29,902
-2,695
-8,998
-5,908
-6,024
-1,591
-7,056
-630
-31,090
-29,732
-3,514
-16,032
-10,186
-1,358
-8,053
-2,488
-445
-^,720
212,895
173,655
124,772
48,883
3,244
220,606
232,789
178,034
185,913
123,868
135,174
54,166
3,714
50,739
2,969
14,644
4,147
5,856
17,208
5,025
6,099
6,497
15,397
226
42,572
42,179
19,668
21,437
1,074
393
250,108
253,378
261,619
196,506
201,205
207,394
139,114
144,799
140,948
150,984
50,855
3,407
51,707
3,502
60,257
4,041
56,410
3,693
13,747
3,955
6,412
13,157
4,227
6,180
19,475
5,653
6,576
7,355
16,041
260
6,999
16,683
202
46,876
46,467
21,272
24,080
1,115
51,502
51,063
22,893
26,855
1,315
15,876
4,680
6,776
8,348
16,841
196
54,225
53,785
24,681
28,011
1,093
440
-274,266
-226,218
-191,619
-34,599
-2,578
-10,111
-3,429
-6,677
-2,018
-9,153
-633
-48,048
-46,371
-6,973
-24,286
-15,112
-1,677
-9,168
-3,037
-1,012
-6,119
241,471
262,599
207,489
151,467
56,022
3,610
266,164
263,901
283,210
211,983
208,313
224,279
154,189
145,650
160,751
57,794
3,902
62,663
4,341
63,528
4,593
14,950
4,675
6,147
17,462
4,914
6,480
7,682
18,633
325
7,682
17,161
193
55,110
54,671
25,367
27,935
1,369
439
54,181
53,743
24,891
27,942
910
-268,948
-287,326
-221,890
-237,559
-187,742
-34,148
-2,745
-199,469
-38,090
-2,691
-10,119
-3,542
-6,389
-12,611
-4,158
-6,955
-1,780
-8,915
-658
-1,741
-9,277
-657
-•7,058
-45,639
-6,892
-23,596
-15,151
-1,419
-19,767
-48,264
-8,467
-23,974
-15,823
-1,503
-10,573
-4,509
-1,010
-5,054
-8,174
-2,566
-744
-4,864
19,386
5,639
6,482
8,013
18,576
226
55,588
55,148
24,721
29,008
1,419
440
-300,375
-247,178
-205,550
-41,628
-2,811
-14,762
-4,521
-7,124
-2,284
-9,434
-692
-53,197
-51,568
-9,150
-24,767
-17,651
-1,629
-9,101
-2,780
-1,229
-5,092
253
156
173
178
186
409
439
14,887
4,349
6,549
7,280
14,982
158
53,602
53,162
24,805
27,225
1,132
440
-231,913
-249,701
-256,460
-254,783
-273,604
-196,569
-210,059
-213,792
-209,488
-226,221
-229,094
-173,836
-177,469
-32,019
-2,572
-190,053
-56,223
-5,487
-181,655
-32,137
-2,366
-36,168
-2,447
-190,433
-38,661
-2,446
-11,848
-3,401
-6,390
-13,341
-3,789
-6,934
-9,595
-2,964
-6,671
-9,140
-3,119
-6,595
-12,208
-3,883
-6,743
-13,457
-4,232
-7,019
-1,259
-7,411
-638
-1,432
-7,561
-679
-1,570
-8,358
-613
-1,547
-8,354
-692
-1,567
-8,684
-636
-1,787
-9,058
-662
-35,344
-33,905
-5,214
-18,112
-10,579
-1,439
-09,642
-38,090
-6,725
-20,225
-11,140
-1,552
^2,668
-41,065
-6,697
-22,081
-12,287
-1,603
-45,295
-43,840
-6,626
-23,914
-13,300
-1,455
-47,383
-45,877
-7,380
-24,391
-14,106
-1,506
-50,229
-48,604
-9,339
-24,413
-14,852
-1,625
-8,033
-2,946
-747
-4,340
-9,332
-3,323
-1,257
^,752
-12,842
-6,221
-1,707
-4,914
-8,715
-2,964
-713
-5,038
-7,742
-2,491
-616
-4,435
-8,432
-2,698
-910
-4,824
152
-704
-70
153
146
272
-42,259
-59
-44,263
-32,927
-56,607
-118,914
-48,010
-70,244
2,033
-5,318
-2,722
-1,893
17
-523
-93,349
7,489
-166,421
-165
-118,143
191
-83,909
3,537
-101
-3
45
399
-757
1,120
36
-42,599
-31,073
-19,540
-108
251
3,394
-111
273
-327
-121
-27
2,181
-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
477
-1,006
1,648
-165
-323
-1,372
1,383
-334
-943
-2,248
937
368
-553
-1,622
1,072
-3
-225
-862
649
-12
252
-1,028
1,522
-242
-458
-1,347
-210
-1,076
1,013
-147
-568
-1,512
683
261
105
-1,192
1,214
83
-316
-1,245
1,020
-91
-48,277
-16,123
-9,229
-32,439
-19,258
-12,405
-57,697
-13,713
-19,135
-61,438
-21,684
-8,775
-115,967
-16,033
-27,834
-46,369
-23,023
-41,564
-117,876
-38,010
-44,333
-83,716
-26,732
-44,043
-69,153
-16,828
-30,968
-100,943
-24,803
-33,273
-165,790
-23,522
-41,545
-2,215
10,229
-20,966
-1,959
184
-12,195
-12,654
-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
^0,033
-60,690
6,550
14,292
150
39,240
18,460
19,605
800
375
-162,953
-33,616
-2,669
7,662
16,588
262
52,173
51,731
22,881
27,677
1,173
442
-279,323
438
18,011
5,194
6,965
9,093
19,488
184
58,931
58,492
27,526
30,073
893
439
-302,462
-247,550
-210,566
-36,984
-2,814
-10,586
-3,588
-6,935
-2,032
-10,349
-680
-54,912
-53,163
-8,584
-25,564
-19,015
-1,749
-12,233
-5,546
-1,483
-5,204
Capital and financial account
Capital account
39
Capital account transactions, net
Financial account
U.S.-owned assets abroad, net (increase/financial outflow (-))
U.S. official reserve assets, net
Gold 7
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
-315
assets in the United States, net (increase/financial inflow
57,101
82,848
76,171
102,765
129,215
125,373
108,331
90,992
111,515
149,544
219,655
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
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
-800
202
8,774
7,456
1,318
626
-9,243
45
21,956
11,258
10,132
1,126
-562
10,995
265
37,072
26,560
25,234
1,326
54
7,510
2,948
39,302
21,116
20,598
518
-504
18,918
-228
11,550
13,778
13,013
765
907
-3,415
280
51,771
55,839
55,685
154
-554
-3,303
-211
13,503
-1,934
-3,378
1,444
-65
14,217
1,285
23,020
26,135
24,908
1,227
147
-1,677
-1,585
38,430
40,639
38,456
2,183
-510
-3,533
1,834
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities
U.S. currency
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns
;
U.S. liabilities reported by U.S. banks, not included elsewhere
79,301
5,472
9,912
21,070
5,500
47,646
6,026
-7,098
12,352
6,300
63,490
14,623
5,661
13,389
4,700
.75,969
20,000
25,799
10,160
6,900
80,809
9,439
30,011
15,734
6,400
92,143
12,198
30,439
20,606
1,900
86,071
17,860
37,295
32,128
1,900
96,781
18,279
1,803
27,899
2,100
39,221
28,133
18,031
29,391
-2,391
98,012
16,698
26,967
31,179
4,542
126,524
16,596
38,727
35,118
7,382
181,225
25,075
71,271
34,552
7,829
5,856
31,491
25,797
-1,620
26,737
-7,203
20,313
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
Statistical discrepancy (sum of above items with sign reversed)
-31,148
14,917
-11,424
16,796
-13,575
20,665
-42,687
31,374
9,683
-12,108
-10,798
-21,935
Memoranda:
Balance on goods (lines 3 and 20)
Balance on services (lines 4 and 21)
Balance on goods and services (lines 2 and 19)
Balance on income (lines 12 and 29)
Unilateral current transfers, net (line 35)
Balance on current account (lines 1,18, and 35 or lines 73, 74, and 75) 1 3
-31,562
17,341
-14,221
5,660
-8,053
-16,614
-38,181
15,267
-22,914
3,896
-8,033
-27,051
-49,968
17,943
-32,025
2,930
-9,332
-38,427
-46,481
18,602
-27,879
4,208
-12,842
-36,513
-38,355
18,836
-19,519
6,207
-8,715
-22,027
-45,254
15,539
-29,715
6,219
-7,742
-31,238
-49,485
21,596
-27,889
1,944
-8,432
-34,377
-40,635
21,811
-18,824
6,177
-9,168
-21,815
-36,275
21,874
-14,401
8,052
-10,573
-16,922
-45,280
19,704
-25,576
4,414
-8,174
-29,336
-59,900
21,035
-38,865
2,391
-9,101
-45,575
-49,815
26,544
-23,271
4,019
-12,233
-31,485
See footnotes on page 109.
July 2000 •
SURVEY OF CURRENT BUSINESS
93
Transactions—Continued
of dollars]
Not seasonally adjusted
199 7
1999
1998
2000
Line
\p
I
II
III
304,012
291,589
301,400
310,234
329,184
333,989
1
240,983
227,801
234,416
239,133
254,892
253,592
2
157,402
174,495
163,524
168,279
166,831
185,724
184,593
3
68,551
4,005
66,488
4,490
64,277
4,240
66,137
4,561
72,302
3,944
69,168
3,589
68,999
3,492
4
5
18,128
5,021
6,300
20,363
5,756
6,682
17,134
4,717
6,551
15,784
4,466
6,205
18,569
4,756
6,693
21,908
5,760
7,079
18,620
4,794
7,056
17,191
4,632
6,857
6
7
8
8,547
23,322
200
8,654
21,723
250
8,654
22,884
207
10,342
22,985
269
8,861
24,518
203
8,889
22,446
223
9,007
24,365
239
9,710
25,179
220
8,991
27,632
204
9
10
11
66,424
65,959
28,571
36,464
924
465
66,636
66,161
28,296
37,099
766
475
62,356
61,866
23,795
37,066
1,005
490
63,029
62,525
25,745
35,874
906
504
63,788
63,253
27,284
35,004
965
535
66,984
66,436
29,228
36,535
673
548
71,101
70,542
31,246
38,449
847
559
74,292
73,726
31,044
41,970
712
566
80,397
79,825
34,508
44,210
1,107
572
12
13
14
15
16
17
-334,680
-323,410
-341,131
-349,258
-350,732
-338,803
-369,684
-397,633
-409,741
-415,668
-270,198
-258,874
-274,269
-282,451
-284,281
-272,735
-298,247
-320,955
-329,276
-332,167
-225,244
-228,999
-218,033
-227,633
-232,394
-239,118
-230,298
-249,586
-268,507
-281,526
-284,485
18
19
20
^6,063
-2,998
-41,199
-3,154
-40,841
-2,934
-46,636
-2,907
-50,057
^3,178
-45,163
-3,222
-42,437
^3,293
-48,661
-3,373
-52,448
-3,626
-47,750
-3,358
-47,682
-3,410
21
22
-13,761
-4,941
-7,290
-16,013
-5,298
-7,332
-11,247
-3,969
-7,440
-11,652
^,242
-7,126
-15,185
-5,337
-7,511
-17,226
-5,735
-7,795
-12,446
-4,657
-7,931
-12,242
-4,771
-7,493
-15,945
-5,655
-8,218
-18,017
-5,964
-9,185
-13,147
-5,015
-9,241
-13,355
-5,303
-9,128
23
24
25
-2,185
-9,775
-666
-2,133
-10,390
-696
-2,623
-11,077
-722
-2,673
-12,038
-678
-2,893
-11,322
-672
-2,665
-12,364
-667
-2,839
-12,519
-765
-3,316
-12,846
-745
-3,021
-10,927
-690
-3,150
-11,645
-675
-3,223
-11,667
-766
-3,881
-12,418
-690
-3,710
-12,062
-714
26
27
28
-59,256
-57,746
-10,878
-26,559
-20,309
-1,510
-62,535
-60,951
-11,280
-27,637
-22,034
-1,584
-64,887
-€3,150
-11,783
-28,513
-22,854
-1,737
-64,482
-62,647
-9,660
-30,134
-22,853
-1,835
-64,536
-62,912
-9,161
-31,068
-22,683
-1,624
-66,862
-65,183
-10,574
-31,649
-22,960
-1,679
-66,807
-64,951
-9,234
-32,940
-22,777
-1,856
-66,451
-64,501
-9,710
-32,092
-22,699
-1,950
-66,068
-64,313
-10,593
-31,051
-22,669
-1,755
-71,437
-69,646
-14,790
-31,701
-23,155
-1,791
-76,678
-74,696
-15,607
-34,942
-24,147
-1,982
-80,465
-78,404
-15,108
-38,136
-25,160
-2,061
-63,501
-61,673
-15,900
-39,699
-26,074
-1,828
29
30
31
32
33
34
-9,332
-2,281
-1,080
-5,971
-8,838
-2,308
-652
-5,678
-9,478
-2,476
-900
-6,102
-13,146
-5,407
-1,359
-6,380
-9,963
-2,365
-1,026
-6,572
-9,681
-2,209
-919
-6,553
-10,431
-2,882
-615
-6,734
-13,954
-5,814
-1,545
-6,595
-10,876
-2,574
-894
-7,408
-11,104
-3,097
-856
-7,151
-11,355
-2,847
-1,010
-7,498
-14,690
-5,256
-1,641
-7,793
-12,126
-2,797
-1,057
-6,272
35
36
37
38
138
68
41
103
149
157
155
176
157
165
171
-3,993
166
39
-156,134
-95,852
-121,978
-114,976
-72,268
-144,085
-55,231
-63,852
-24,627
-172,748
-124,257
-108,555
-146,277
40
4,480
-236
-730
-4,524
-444
-1,945
-2,025
-2,369
4,068
1,159
1,951
1,569
-554
72
1,055
3,353
-133
54
-157
-139
-463
-128
-150
-4,221
-153
-182
-85
-177
73
-1,032
-986
189
-2,078
-136
-227
-1,924
-518
562
3
3,503
-190
1,413
-64
-184
2,268
-133
-178
1,800
-53
-180
-237
-137
41
42
43
44
45
-76
-1,170
1,119
-25
-298
-1,616
1,329
-11
377
-1,426
1,832
-29
65
-1,205
1,158
112
-80
-1,192
1,134
-22
-483
-1,156
699
-26
188
-1,286
1,336
138
-47
-1,044
942
55
118
-1,314
1,554
-122
-392
-2,167
1,887
-112
-686
-1,595
1,026
-117
3,711
-1,099
5,093
-283
-82
-1,561
1,190
289
46
47
48
49
-160,538
-32,690
-23,836
-95,318
-27,426
-31,739
-121,625
-23,433
-51,297
-110,517
-21,467
-12,104
-71,744
-61,039
-20,798
-141,657
-47,720
-44,229
-53,394
-21,687
6,201
-61,436
-25,606
-77,169
-28,813
-44,184
1,107
-173,515
-34,864
-71,131
-125,522
-44,900
-41,420
-113,835
-26,953
-17,150
-145,641
-37,839
-27,535
50
51
52
-38,887
-65,125
-9,578
-26,575
-22,652
-24,243
-51,771
-25,175
4,890
-4,797
-21,521
-28,187
-9,579
-28,329
15,598
25,741
-14,223
28,487
-25,734
-41,786
-27,943
-11,259
-24,428
^5,304
-35,183
^5,084
53
54
183,635
152,229
184,938
236,160
87,053
168,082
84,051
143,049
102,829
272,809
194,924
183,002
215,094
55
27,751
23,105
22,351
754
-167
8,123
-3,310
-6,046
-11,411
-12,373
962
-313
4,643
1,035
23,461
10,316
7,604
2,712
-575
12,817
903
-26,290
-24,171
-24,272
101
14
-3,297
1,164
10,967
13,946
11,336
2,610
-1,059
-964
-956
-10,235
-20,051
-20,305
254
-760
9,744
832
-46,651
-30,917
-32,823
1,906
-292
-12,948
-2,494
25,792
33,433
31,871
1,562
-1,439
-5,333
-669
4,274
6,793
800
5,993
-1,485
-1,139
105
-1,096
-916
-6,708
5,792
-1,099
1,436
-517
12,191
14,798
12,963
1,835
-760
-2,032
185
27,495
11,852
5,122
6,730
89
14,427
1,127
20,442
24,305
16,198
8,107
-644
-4,150
931
56
57
58
59
60
61
62
155,884
25,403
33,050
45,364
3,484
158,275
22,282
37,928
54,286
4,822
161,477
22,543
40,133
63,131
6,576
262,450
35,804
35,322
35,111
9,900
76,086
21,971
-2,535
76,983
746
178,317
20,815
25,814
70,552
2,349
130,702
24,896
918
21,136
7,277
117,257
118,634
24,384
49,404
6,250
98,555
26,828
-7,505
62,815
2,440
273,905
144,603
-5,407
80,838
3,057
182,733
56,277
9,639
95,620
4,697
155,507
47,825
-17,191
92,250
12,213
194,652
42,419
-9,254
133,000
-6,847
63
64
65
66
67
28,049
20,534
6,231
32,726
24,013
5,081
55,628
90,685
27,863
-48,942
24,919
33,868
1,161
75,314
-60,944
-20,471
27,928
-13,951
13,663
37,151
-8,085
24,585
792
19,618
42,035
-6,701
68
69
-1,998
-26,432
-19,276
-80,126
18,568
27,428
42,405
-18,699
-20,269
-20,838
27,916
24,793
24,822
70
-42,418
23,321
-19,097
2,788
-9,332
-25,641
•^4,576
20,887
-23,689
2,514
-8,838
-30,013
-58,692
23,314
-35,378
1,131
-9,478
-43,725
-50,979
23,211
-27,768
-247
-13,146
-41,161
-47,653
22,226
-25,427
1,888
-9,963
-33,502
-59,586
17,911
-41,675
-226
-9,681
-51,582
-74,992
18,494
-56,498
-4,451
-10,431
-71,380
-64,623
21,325
^3,298
-3,422
-13,954
-60,674
-66,774
21,840
-44,934
-2,280
-10,876
-58,090
-81,307
17,476
-63,831
-4,453
-11,104
-79,388
-101,676
19,854
-81,822
-5,577
-11,355
-98,754
-95,802
21,418
-74,384
-6,173
-14,690
-95,247
-99,892
21,317
-78,575
-3,104
r-12,126
-93,805
71
72
73
74
75
76
II
I
II
III
IV
285,383
300,288
301,947
306,665
299,871
223,339
235,239
235,929
242,430
233,447
162,703
172,427
166,552
178,020
170,380
60,636
3,888
62,812
4,699
69,377
4,317
64,410
3,932
63,067
4,662
16,084
4,800
6,591
18,167
5,018
6,755
21,902
5,980
6,719
17,273
5,070
6,941
8,045
20,968
260
8,122
19,841
210
8,497
21,718
244
62,044
61,593
28,981
31,655
957
451
65,049
64,599
30,226
33,623
750
450
-301,692
-242,436
1
III
IV
299,230
288,309
232,594
225,953
168,047
64,547
4,471
15,661
4,604
6,071
8,975
21,978
241
66,018
65,567
29,898
34,635
1,034
451
64,235
63,785
26,431
36,536
818
450
-321,463
-336,194
-258,928
-271,307
-205,121
-217,003
-37,315
-2,832
-41,925
-2,714
-11,030
-3,930
-6,897
IV
94
•
July 2000
SURVEY OF CURRENT BUSINESS
Table 1.-—U.S. International
[Millions
Seasonally adjusted
(Credits +; debits - ) l
Line
1989
Current account
134,932
102,253
75,655
26,598
2,442
139,984
107,109
79,542
27,567
2,539
143,879
Travel
Passenger fares
Other transportation
6,711
2,109
4,708
7,138
2,227
4,868
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services
2,863
7,616
149
2,974
7,649
172
32,679
32,430
13,788
15,936
2,706
249
-161,810
-134,466
-109,963
-24,503
-3,831
-7,990
-1,932
-5,278
-616
-4,364
-492
-27,344
-26,870
-3,195
-16,441
-7,234
-474
-€,074
-2,298
-678
-3,098
32,875
32,628
15,092
-677
-2,957
7,722
2,365
4,837
3,015
7,806
172
34,485
34,236
14,529
18,502
1,205
249
-165,901
-135,489
-110,901
-24,588
-3,851
-8,081
-1,878
-5,191
-672
-4,419
-496
-30,412
-29,987
-2,912
-18,842
-8,233
-425
-5,902
-2,395
-677
-2,830
109
118
2,892
1,502
-23,428
Exports of goods and services and income receipts
Exports of goods and services
Goods, balance of payments basis 2
Services3
Transfers under U.S. military agency sales contracts 4
Income receipts
Income receipts on U.S.-owned assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
Compensation of employees
Imports of goods and services and income payments
Imports of goods and services
Goods, balance of payments basis 2
Services3
Direct defense expenditures
Travel
Passenger fares
Other transportation
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services
Income payments
Income payments on foreign-owned assets in the United States .
Direct investment payments
Other private payments
U.S. Government payments
Compensation of employees
Unilateral current transfers, net
U.S. Government grants 4
U.S. Government pensions and other transfers .
Private remittances and other transfers 6
16,227
1,309
247
-163,265
-135,118
-110,836
-24,282
-3,868
-7,692
-1,917
-5,306
-644
^,382
-473
-28,147
-27,671
-3,127
-16,814
-7,730
-476
-5,615
-1,981
109,394
80,941
28,453
2,536
149,068
112,394
84,092
28,302
1,767
156,957
164,161
162,980
166,398
118,002
123,318
122,479
125,410
87,426
92,208
90,163
92,323
30,576
2,162
31,110
2,143
32,316
2,417
33,087
1,844
7,863
2,276
4,897
8,535
2,579
5,089
8,679
2,506
5,204
9,220
2,723
5,000
3,288
8,040
171
3,383
8,662
166
3,382
3,463
9,375
149
118
36,674
36,424
15,036
38,955
38,706
15,290
22,363
1,053
40,843
40,501
40,245
15,511
249
256
-172,770
249
-176,065
-182,745
-180,394
-140,646
-141,617
-146,148
-144,665
-115,489
-25,157
-4,054
-116,477
-120,907
-25,140
-3,946
-118,873
-25,792
-3,722
-8,351
-2,003
-5,116
-8,154
-2,059
-5,374
-671
-4,502
^60
-622
-4,543
-442
-25,241
-3,908
-8,083
-2,060
-5,490
-647
-32,124
-31,650
-2,915
-20,217
-8,518
-474
-7,685
-3,863
-2,931
-671
-3,087
-2,830
-719
-3,081
9,770
2,850
5,234
3,591
9,644
154
40,988
40,725
15,522
23,507
1,696
263
-182,103
-147,414
-121,108
-26,306
-3,736
-8,777
-2,040
-5,652
-678
-4,896
-527
-34,689
-34,035
-176
-24,028
-9,831
-654
-7,739
-3,614
-691
-3,434
136
128
133
139
-64
-56,074
-53,703
-6,202
-51,678
1,925
-4,000
-12,095
-61,803
-3,202
-173
307
1,791
-4,128
-159
-12,004
-211
337
-6,122
19,906
1,482
250
9,047
40,594
15,658
23,870
1,066
22,898
1,836
-8,404
-2,090
-5,654
-4,615
-438
-581
-4,877
-464
-34,448
-33,936
-2,330
-22,369
-9,237
-512
-36,597
-36,046
-2,627
-23,893
-9,526
-551
-35,729
-35,158
-1,910
-23,478
-9,770
-571
-6,048
-2,422
-695
-5,753
-1,995
-6,630
-677
-3,145
130
-49,965
-7,380
Capital and financial account
Capital account
Capital account transactions, net
Financial account
U.S.-owned assets abroad, net (increase/financial outflow (-))
U.S. official reserve assets, net
Gold 7
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
.-.
-306
-1,174
815
53
489
-2,136
2,657
-32
-44,545
-7,791
-1,500
-5,217
-30,037
-41,456
-7,105
-3,294
-2,568
-28,489
-50,664
-12,136
-2,225
-9,293
-27,010
4,199
-7,686
-6,192
-5,767
23,844
-46,171
-8,704
-9,149
-5,924
-22,394
74,531
52,797
87,166
10,980
74,068
6,006
6,055
5,853
202
-442
810
-417
-1,974
10,801
12,624
7,700
5,355
4,634
721
-307
2,197
455
-5,115
-9,823
-9,726
-97
13,060
12,966
12,593
-22,849
68,525
13,717
5,473
9,702
2,200
6,742
30,691
54,771
13,778
3,443
7,464
1,300
6,399
22,387
58,966
18,584
9,561
8,544
1,400
6,637
14,240
16,094
15,325
2,489
9,365
2,300
12,000
-25,385
61,008
11,519
12,544
10,270
200
-1,121
27,596
-2,077
4,123
-22,325
-2,917
24,962
-6,661
-19,841
4,464
12,065
21,426
3,014
-1,560
1,515
-7,187
-34,308
2,095
-32,213
5,335
-31,294
3,285
-28,009
4,728
-5,615
-29,960
3,865
-26,095
4,073
-5,902
-27,924
-31,397
3,145
-28,252
4,550
-7,685
-29,051
5,436
-23,615
4,507
-6,048
-31,387
-25,156
-28,699
5,869
-22,830
4,246
-5,753
-24,337
-28,710
6,524
-22,186
4,772
-6,630
-24,044
-28,785
6,781
-22,004
6,299
-7,739
-23,444
-1,597
-2,814
1,109
108
-854
-2,021
U.S. private assets, net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. claims reported by U.S. banks, not included elsewhere
2,987
-5,037
^,504
-3,454
15,982
-22,613
-2,594
1,318
Foreign-owned assets in the United States, net (increase/financial inflow (+))
32,028
24,925
27,568
27,730
-162
-48
-1,751
-844
7,103
8,425
5,911
2,423
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities
U.S. currency
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns.
U.S. liabilities reported by U.S. banks, not included elsewhere
71
72
73
74
75
76
-1,007
1,965
3
180
69
-210
U.S. Government assets, other than official reserve assets, net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets 8
U.S. foreign currency holdings and U.S. short-term assets, net
Foreign official assets in the United States, net
U.S. Government securities
U.S. Treasury securities9
Other 10
Other U.S. Government liabilities n
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 12
70
70a
4,759
86
-204
-23
-2,975
87
-1,292
1,288
91
-58,688
-14,922
-4,504
-6,662
-32,600
73,215
-7,142
-6,966
-7,535
569
492
-833
165
80,357
22,846
5,024
10,588
2,000
4,570
35,329
12,096
5,734
155
446
901
Statistical discrepancy (sum of above Herns with sign reversed)
Of which seasonal adjustment discrepancy
Memoranda:
Balance on goods (lines 3 and 20)
Balance on services (lines 4 and 21)
Balance on goods and services (lines 2 and 19)
Balance on income (lines 12 and 29)
Unilateral current transfers, net (line 35)
Balance on current account (lines 1,18, and 35 or lines 73, 74, and 7 5 ) l 3
See footnotes on page 109.
600
-6,074
-32,952
1,144
23
-9,954
-11,383
202
-7,547
1,960
-1,458
3,358
60
-3,197
-3,769
572
-155
1,886
-508
3,457
-1,388
11,927
697
178
-1,264
-737
76,365
21,815
5,412
6,764
1,700
7,159
33,515
-188
316
961
314
3,823
572
12,776
190
-338
-211
643
July 2000 •
SURVEY OF CURRENT BUSINESS
95
Transactions—Continued
of dollars]
Seasonally adjusted
1990
II
I
IV
III
I
II
III
IV
I
II
Line
1993
1992
1991
I
IV
III
II
IV
III
172,087
175,566
175,578
185,652
181,383
182,482
181,141
185,387
186,161
187,443
186,386
189,333
190,710
193,624
192,131
200,466
1
130,317
133,561
133,741
139,522
139,236
145,274
145,592
151,073
152,390
153,066
154,131
157,681
157,810
160,629
158,154
166,179
2
95,301
97,573
96,339
100,094
101,345
104,529
103,732
107,307
108,344
109,025
109,593
113,390
111,862
114,185
111,429
119,356
3
35,016
2,148
35,988
2,327
37,402
2,955
39,428
2,502
37,891
2,689
40,745
2,748
41,860
2,586
43,766
3,112
44,046
3,399
44,041
3,005
44,538
3,158
44,291
2,824
45,948
3,690
46,444
3,419
46,725
3,626
46,823
2,736
4
5
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
12,533
4,212
5,734
13,260
4,328
5,837
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
6
7
8
3,807
9,564
145
4,070
9,778
200
4,317
10,123
170
4,442
10,786
153
4,348
11,293
200
4,366
11,879
145
4,436
12,146
213
4,668
12,429
132
5,153
12,216
131
5,203
12,323
272
5,295
12,731
299
5,192
12,687
139
5,257
12,994
204
5,504
13,134
286
5,376
13,414
225
5,557
13,989
168
9
10
11
41,770
41,488
16,537
23,001
1,950
282
42,005
41,713
16,680
23,073
1,960
292
41,837
41,545
15,888
23,660
1,997
292
46,130
45,824
16,867
24,338
4,619
306
42,147
41,829
16,541
22,679
2,609
318
37,208
36,889
14,552
20,486
1,851
319
35,549
35,224
13,459
19,821
1,944
325
34,314
33,986
14,169
18,200
1,617
328
33,771
33,433
14,714
17,083
1,636
338
34,377
34,031
15,548
16,678
1,805
346
32,255
31,892
14,263
15,771
1,858
363
31,652
31,274
13,013
16,445
1,816
378
32,900
32,560
16,199
15,040
1,321
340
32,995
32,645
16,739
14,575
1,331
350
33,977
33,612
17,158
15,124
1,330
365
34,287
33,908
17,150
15,614
1,144
379
12
13
14
15
16
17
-186,462
-186,533
-191,921
-194,269
-183,982
-182,297
-183,831
-184,419
-183,209
-190,705
-192,155
-195,968
-196,153
-205,027
-205,196
-215,604
-150,620
-150,933
-155,312
-159,127
-149,942
-150,365
-152,679
-156,455
-155,587
-162,325
-165,165
-169,858
-170,725
-177,868
-178,459
-184,671
-122,447
-122,169
-125,389
-128,332
-120,141
-120,705
-123,479
-126,656
-126,284
-133,277
-136,887
-140,010
-141,069
-147,571
-147,926
-152,875
18
19
20
-28,173
^,006
-28,764
-3,910
-29,923
^,463
-30,795
-5,152
-29,801
-5,169
-29,660
-3,933
-29,200
-3,597
-29,799
-3,710
-29,303
-3,714
-29,048
-3,438
-28,278
-3,309
-29,848
-3,374
-29,656
-3,177
-30,297
-3,194
-30,533
-2,919
-31,796
-2,797
21
22
-9,197
-2,506
-€,023
-9,490
-2,669
-6,062
-9,385
-2,727
-6,308
-9,278
-2,627
-6,573
-3,434
-2,298
-6,122
-9,065
-2,527
-6,262
-8,816
-2,516
-6,352
-9,007
-2,672
-6,239
-9,475
-2,626
-5,902
-9,575
-2,579
-5,794
-9,644
-2,629
-6,074
-9,858
-2,769
-5,999
-5,830
-2,716
-6,030
-9,827
-2,754
-6,215
-10,045
-2,906
-6,076
-11,011
-3,034
-6,203
23
24
25
-732
-5,246
^63
-710
-5,429
^94
-797
-5,733
-510
-896
-5,818
-451
-916
-6,390
-472
-1,033
-6,351
-489
-1,061
-€,240
-618
-1,025
-6,609
-537
-1,392
-5,703
-491
-1,137
-5,909
-616
-1,497
-4,541
-584
-1,134
-6,142
-572
-1,143
-6,185
-575
-1,258
-6,493
-556
-1,300
-6,686
-601
-1,331
-6,897
-523
26
27
28
-35,842
-35,024
-1,120
-23,882
-10,022
-818
-35,600
-34,761
-1,094
-23,546
-10,121
-639
-36,609
-35,742
-1,480
-24,039
-10,223
-867
-35,142
-34,201
244
-24,041
-10,404
-941
-34,040
-33,141
858
-23,549
-10,450
-899
-31,932
-30,951
203
-20,934
-10,220
-981
-31,152
-30,129
-69
-19,794
-10,266
-1,023
-27,964
-26,838
1,273
-18,175
-9,936
-1,126
-27,622
-26,445
679
-17,333
-9,791
-1,177
-28,380
-27,194
-1,220
-16,152
-5,822
-1,186
-26,990
-25,816
-1,040
-14,996
-9,780
-1,174
-26,110
-24,894
-€08
-14,598
-9,688
-1,216
-25,428
-24,218
-33
-14,483
-9,702
-1,210
-27,159
-25,888
-2,375
-13,826
-9,687
-1,271
-26,737
-25,454
-1,614
-13,878
-9,962
-1,283
-30,933
-29,564
-3,922
-15,617
-10,025
-1,369
29
30
31
32
33
34
-6,540
-2,556
-803
-3,181
-7,644
-3,613
-811
-3,220
-7,339
-3,088
-812
-3,439
-5,133
-1,102
-798
-3,233
15,004
19,444
-869
-3,571
3,780
8,285
-877
-3,628
-2,812
1,730
-680
-3,662
-5,224
-267
-1,150
-3,807
-7,545
-3,040
-907
-3,598
-8,418
-3,532
-1,197
-3,689
-7,837
-3,161
-1,021
-3,655
-11,214
-6,586
-919
-3,709
-7,905
-3,007
-904
-3,994
-8,576
-3,468
-1,068
^,040
-9,339
-4,097
-1,071
-4,171
-11,816
-€,463
-1,061
-4,292
35
36
37
38
-19
157
165
-6,882
-941
73
-3,786
175
152
111
173
176
-459
147
83
141
39
16
16
37,828
-37,204
-43,716
-38,142
-10,570
745
-15,900
-38,664
-11,428
-16,235
-13,570
-33,177
-21,491
-45,843
-52,975
-80,243
40
-3,177
371
1,739
-1,091
-353
1,014
3,877
1,225
-1,057
1,464
1,952
1,542
-983
822
-545
-€73
-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
-172
111
^996
-168
1
1,631
-173
-118
2,243
2,829
-2,685
1,398
-140
-228
-€15
-166
313
675
-118
-48
-378
-113
-80
•^80
41
42
43
44
45
-756
-1,871
1,189
-74
-796
-2,019
1,209
14
^38
-1,349
1,039
-28
4,205
-3,171
7,419
-43
549
-2,018
2,630
-63
-423
-1,061
840
-202
3,256
-8,724
12,417
^37
-459
-1,077
890
-272
-259
-1,517
1,326
-68
-302
-1,247
1,084
-139
-392
-1,980
1,359
229
-715
-2,664
2,038
-89
487
-945
1,763
-331
-304
-773
891
-422
-194
-1,668
2,036
-562
-340
-2,925
1,580
1,005
46
47
48
49
41,761
-10,391
-8,580
3,019
57,713
-36,779
-4,651
-11,037
-5,069
-16,022
-45,117
-17,898
-1,037
-15,514
-10,668
-41,255
-4,240
-8,111
-10,260
-18,644
-10,766
-14,318
-9,960
-40
13,552
154
-1,230
-12,021
7,902
5,503
-23,034
-9,356
-12,550
3,341
^,469
-39,431
-12,987
-11,142
-106
-15,196
-10,112
-20,695
-8,668
7,562
11,689
-17,397
-10,268
-8,196
-6,620
7,687
-15,130
-5,157
-13,059
-3,737
6,823
-34,004
-12,145
-19,243
2,408
-5,024
-20,995
-14,982
-28,208
-6,130
28,325
-46,361
-23,264
-29,833
-725
7,461
-52,237
-13,155
-51,940
5,896
6,962
-79,230
-32,550
-36,272
1,725
-12,133
50
51
52
53
54
-22,824
41,215
63,231
59,949
8,347
12,678
33,236
56,549
31,079
50,304
35,469
53,809
25,099
59,038
85,694
112,210
55
-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
-321
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
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
56
57
58
59
60
61
62
-16,403
15,774
-1,891
1,311
3,600
12,904
-48,101
35,008
13,773
1,857
2,114
4,400
6,713
6,151
49,294
8,313
544
-2,874
5,500
16,838
20,973
39,763
10,635
-3,044
1,041
5,300
8,678
17,153
2,778
4,076
4,739
5,023
4,800
-586
-15,274
17,591
13,378
13,461
14,872
2,200
-2,549
-23,771
29,382
-1,354
-1,196
10,310
4,200
4,761
12,661
43,670
7,072
1,822
4;,939
4,200
-4,741
30,378
10,091
2,086
686
4,569
1,300
5,689
-4,239
29,425
5,916
10,231
10,467
1,100
3,954
-2,243
42,993
2,898
4,908
2,531
6,100
4,854
21,702
47,676
8,922
21,306
12,476
4,900
-924
996
14,162
8,060
13,363
9,694
3,000
-215
-19,740
41,572
11,386
-292
15,205
5,900
6,531
2,842
66,621
11,688
3,258
17,782
6,400
288
27,205
87,933
20,229
8,052
37,411
3,600
3,885
14,756
63
64
65
66
67
68
69
5,930
4,102
14,443
142
4,002
-5,580
-1,175
1,333
-9,241
4,665
-17,461
104
-«,048
-€,032
-13,804
1,266
-15,210
4,424
-22,500
451
-8,466
-6,232
-2,959
1,363
10,199
5,522
6,637
59
-10,398
-6,249
-5,154
671
70
70a
-27,146
6,843
-20,303
5,928
-6,540
-20,915
-24,596
7,224
-17,372
6,405
-7,644
-18,611
-29,050
7,479
-21,571
5,228
-7,339
-23,682
-28,238
8,633
-19,605
10,988
-5,133
-13,750
-18,796
8,090
-10,706
8,107
15,004
12,405
-16,176
11,085
-5,091
5,276
3,780
3,965
-19,747
12,660
-7,087
4,397
-2,812
-5,502
-19,349
13,967
-5,382
6,350
-5,224
-4,256
-17,940
14,743
-3,197
6,149
-7,545
-4,593
-24,252
14,993
-9,259
5,997
-8,418
-11,680
-27,294
16,260
-11,034
5,265
-7,837
-13,606
-26,620
14,443
-12,177
5,542
-11,214
-17,849
-29,207
16,292
-12,915
7,472
-7,905
-13,348
-33,386
16,147
-17,239
5,836
-8,576
-19,979
-36,497
16,192
-20,305
7,240
-9,339
-22,404
-33,519
15,027
-18,492
3,354
-11,816
-26,954
71
72
73
74
75
76
96
•
July 2000
SURVEY OF CURRENT BUSINESS
Table 1.—U.S. International
[Millions
Seasonally adjusted
Line
1994
(Credits +; debits - ) »
1995
1996
Current account
203,393
212,324
221,478
166,881
173,180
178,475
118,382
123,025
127,629
48,499
2,860
50,155
3,244
50,846
3,714
Other transportation
14,399
4,176
5,496
14,714
4,280
5,873
Royalties and license fees 5
Other private services 5
U.S. Government miscellaneous services
6,541
14,776
251
6,655
15,239
150
36,512
36,146
17,799
17,301
1,046
366
39,144
Exports of goods and services and income receipts
Exports of goods and services
Goods, balance of payments basis 2
Services3
Transfers under U.S. military agency sales contracts 4
Travel
Income receipts
Income receipts on U.S.-owned assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
Compensation of employees
imports of goods and services and income payments .
Goods, balance of payments basis
2
Services3
Direct defense expenditures
Travel
Passenger fares
Other transportation
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services .
Income payments
Income payments on foreign-owned assets in the United States .
Direct investment payments
Other private payments
U.S. Government payments
Compensation of employees
Unilateral current transfers, net
U.S. Government grants 4
U.S. Government pensions and other transfers .
Private remittances and other transfers6
242,285
191,219
139,016
52,203
3,407
133,362
51,534
2,969
14,863
14,810
4,538
4,251
6,295
6,339
7,219
6,849
15,679
16,056
202
260
51,066
46,778
50,627
46,369
22,577
21,160
24,080
26,855
1,195
1,129
439
409
-254,193 -263,321
-211,206 -217,626
-177,752 -183,093
-33,454 -34,533
-2,572
-2,366
-10,976 -10,982
-3,404
-3,308
-6,754
-6,629
-1,569
-1,508
-8,560
-6,054
-692
-613
-42,987 -45,695
-^1,469 -44,144
-6,930
-7,101
-23,914
-22,081
-12,287 -13,300
-1,518
-1,551
-12,194
-8,577
-2,964
-6,221
-762
-1,063
-4,910
-4,851
15,041
4,500
6,561
7,429
15,974
158
53,446
53,006
24,412
27,225
1,369
440
-272,874
-225,775
-190,539
-35,236
-2,447
-11,302
-3,655
-6,781
-1,654
-8,761
-£36
-47,099
-45,538
-7,041
-24,391
-14,106
-1,561
-8,080
-2,491
-380
-4,609
254,995
202,342
145,909
56,433
4,041
16,357
4,869
6,528
7,822
16,554
262
52,653
52,211
23,502
27,677
1,032
442
-273,522
-223,742
-188,077
-35,665
-2,446
-11,084
-3,745
-6,861
-1,773
-9,094
-662
-49,780
-48,219
-8,954
-24,413
-14,852
-1,561
-8,460
-2,698
-973
-4,789
248,714
195,268
142,103
53,165
3,502
260,578
206,242
148,817
57,425
3,693
262,540
266,135
266,709
280,484
207,983
212,085
210,799
221,193
150,438
152,612
151,991
157,016
57,545
3,610
59,473
3,902
58,808
4,341
64,177
4,593
17,133
5,001
6,697
16,814
5,015
6,263
17,722
5,075
6,490
16,194
4,900
6,438
19,079
5,432
6,882
7,819
16,886
196
7,911
17,607
325
7,898
18,193
193
8,198
18,511
226
8,463
19,544
184
54,336
53,896
24,769
54,557
54,118
24,915
54,050
53,612
24,563
28,011
1,116
27,935
27,942
59,291
58,852
27,840
30,073
1,268
1,107
55,910
55,470
25,183
29,008
1,279
440
439
438
440
939
439
-272,260
-277,301
-287,269
-294,421
-300,121
-223,880
-229,726
-241,574
-187,865
-36,015
-2,578
-193,038
-36,688
-2,745
-237,890
-200,763
-244,988
-206,330
-11,550
-3,861
-6,639
-1,612
-7,242
-630
-1,312
-7,500
-638
-31,467
-30,024
-3,806
-16,032
-10,186
-1,443
-35,098
-33,604
-7,971
-2,488
-964
^,519
-8,482
-2,946
-974
^,562
14,493
4,292
6,046
6,668
15,407
226
43,003
42,610
20,207
21,437
966
393
-244,516
-205,325
-171,977
-33,348
-2,487
-11,045
-3,348
-6,776
-1,421
-7,592
-679
-39,191
-37,695
-6,330
-20,225
-11,140
-1,496
-9,610
-3,323
-1,555
-4,732
152
-704
-70
153
146
272
-299
253
156
173
178
186
-39,740
-43,072
-62,261
2,033
-117,959
-2,722
-46,759
-1,893
-122,706
-80,936
-€8,512
-91,675
-172,797
3,537
-30,985
-165
-64,950
-59
191
17
-623
7,489
-315
-111
273
-327
-121
-27
2,181
-867
-526
-156
-786
-1,780
362
-991
-1,264
-147
-163
501
-199
-849
1,065
-133
-220
-170
848
-183
6,824
-28
-141
-943
-2,248
937
368
252
-1,028
1,522
-242
^58
-1,347
882
7
-210
-1,076
1,013
-147
-568
-1,512
683
261
105
-1,192
1,214
-122,439
-42,573
-44,333
-80,743
-23,759
-44,043
-67,421
-15,096
-30,968
-23,129
-33,273
-172,166
-29,898
-41,545
-218,887
-187,420
Imports of goods and services
231,674
-155,009
-32,411
-5,695
-10,879
-3,179
-6,174
38,769
18,176
19,605
988
375
-231,617
-196,519
-163,852
-32,667
-2,669
-10,882
^3,227
-6,439
-4,913
-18,112
-10,579
-1,494
-37,127
-2,691
-203,196
-38,378
-2,811
-11,949
-3,867
-6,526
-11,727
-3,894
-6,990
-12,140
-4,002
-6,991
-12,262
-4,046
-6,895
-1,923
-1,794
-8,831
-633
-9,149
-1,812
-9,356
-657
-2,291
-9,451
-£58
-1,941
-10,020
-680
^8,380
-46,791
-7,393
-24,286
-15,112
-1,589
^7,575
-46,065
-7,318
-23,596
-15,151
-1,510
^9,379
-47,819
-8,022
-23,974
-15,823
-1,560
-52,847
-51,277
-8,859
-24,767
-17,651
-1,570
-55,133
-53,473
-8,939
-3,037
-736
-5,166
-10,519
^,509
-1,157
-4,853
-8,744
-2,566
-1,103
-5,075
-8,940
-2,780
-1,111
-5,049
-11,878
-5,546
-1,095
-5,237
-692
-38,658
-2,814
-6,894
-25,564
-19,015
-1,660
Capital and financial account
Capital account
39
Capital account transactions, net
Financial account
U.S.-owned assets abroad, net (increase/financial outflow (-)) ....
U.S. official reserve assets, net
Gold 7
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
-101
-3
45
251
3,394
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
399
-757
477
-1,006
1,120
36
1,648
-165
-323
-1,372
1,383
-334
-40,080
-28,554
-19,540
-47,086
-14,932
-9,229
-30,497
-17,316
-12,405
-2,215
10,229
-20,966
-1,959
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
-5,318
-3,925
-553
-1,622
-225
-862
649
-316
-1,245
-63,351
-19,367
-19,135
1,072
-3
-59,079
-19,325
-6,775
-115,012
-15,078
-27,834
-960
184
-12,195
-12,654
-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
-12
,
-21,772
-41,564
1,020
-91
in-owned assets in the United States, net (increase/financial inflow
70
70a
71
72
73
74
75
76
90,280
56,842
81,934
76,933
103,250
128,905
124,277
109,252
91,377
111,001
148,205
221,122
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
10,568
1,074
897
177
9,455
8,282
5,922
2,360
-5
202
8,774
7,456
1,318
626
21,956
11,258
10,132
1,126
-562
37,072
26,560
25,234
1,326
54
39,302
21,116
11,550
13,778
13,013
765
51,771
13,503
-1,934
-3,378
1,444
2,143
-965
-9,243
45
10,995
265
14,217
1,285
23,020
26,135
24,908
1,227
147
-1,677
-1,585
38,430
40,639
9,588
-753
19,358
18,697
16,475
2,222
284
1,177
-800
38,456
2,183
-510
-3,533
1,834
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities
U.S. currency
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
79,712
5,883
9,912
21,070
5,500
47,387
5,767
-7,098
12,352
6,300
62,576
13,709
5,661
13,389
4,700
76,731
20,762
25,799
10,160
6,900
81,294
9,924
30,011
15,734
6,400
97,498
16,184
26,967
31,179
4,542
125,185
15,257
38,727
35,118
7,382
182,692
26,542
71,271
34,552
7,829
25,629
3,072
-2,035
44,533
-20,056
-9,258
-16,996
4,939
-51,205
20,430
-30,775
3,063
-8,940
-36,652
^9,314
659
20,598
55,839
55,685
7,510
2,948
518
-504
18,918
-228
-3,415
280
154
-554
-3,303
-211
91,833
11,888
30,439
20,606
1,900
84,975
16,764
37,295
32,128
1,900
97,702
19,200
1,803
27,899
2,100
39,606
28,518
18,031
29,391
-2,391
907
-65
5,856
31,491
4,269
25,797
-1,620
26,737
-7,203
20,313
17,764
1,461
11,864
15,136
13,493
-16,605
16,516
30,184
-557
-33,386
16,367
2,259
Statistical discrepancy (sum of above items with sign reversed)
Of which seasonal adjustment discrepancy
-27,227
3,921
14,709
-208
-18,231
19,888
3,092
21,022
357
-50,232
-7,545
33,822
2,448
14,683
5,000
-12,784
-6,807
-8,833
4,742
Memoranda:
Balance on goods (lines 3 and 20)
Balance on services (lines 4 and 21)
Balance on poods and services (lines 2 and 19)
Balance on income (lines 12 and 29)
Unilateral current transfers, net (line 35)
Balance on current account (lines 1,18, and 35 or lines 73, 74, and 75) 1 3
-36,627
16,088
-20,539
5,045
-7,971
-23,465
-40,827
17,488
-44,348
17,498
-26,850
3,812
-3,610
-32,648
^4,390
^4,077
17,670
-48,436
17,929
^0,507
6,347
-8,080
-32,240
-42,168
20,768
-21,400
2,873
-8,460
-39,048
21,410
-17,638
5,956
-8,939
-48,151
22,346
-25,805
4,671
-8,744
-26,987
-20,621
-42,600
20,857
-21,743
6,982
-10,519
-25,280
See footnotes on page 109.
-23,339
4,046
-8,482
-27,775
18,080
-26,310
3,791
-12,194
-34,713
-26,407
5,371
-6,577
-29,613
-676
-29,878
25,519
-23,795
4,158
-11,878
-31,515
July 2000 •
SURVEY OF CURRENT BUSINESS
97
Transactions—Continued
of dollars]
Seasonally adjusted
1997
1
II
1998
III
I
IV
II
2000
1999
III
IV
I
II
Line
\p
IV
III
286,666
299,955
305,537
302,129
301,732
298,857
291,341
299,489
293,717
300,994
313,084
324,612
334,786
1
225,252
235,074
239,319
237,295
235,736
232,351
228,872
236,015
230,321
234,297
241,969
249,653
255,037
2
162,670
170,614
173,957
172,461
170,609
166,054
164,378
169,283
163,949
166,443
173,881
180,085
183,728
3
62,582
3,888
64,460
4,699
65,362
4,317
64,834
3,932
65,127
4,662
66,297
4,471
64,494
4,005
66,732
4,490
66,372
4,240
67,854
4,561
68,088
3,944
69,568
3,589
71,309
3,492
4
5
18,351
5,184
6,701
18,276
5,179
6,761
18,595
5,234
6,691
18,204
5,271
6,855
17,898
4,960
6,385
18,179
5,179
6,293
17,284
5,078
6,328
17,925
4,881
6,599
18,140
4,814
6,515
18,564
4,902
6,692
18,695
5,105
6,728
19,482
4,955
7,097
19,762
5,001
7,189
6
7
8
8,269
19,929
260
8,351
20,984
210
8,623
21,658
244
8,398
21,933
241
8,825
22,197
200
8,952
22,973
250
8,787
22,805
207
9,631
22,937
269
9,114
23,346
203
9,140
23,772
223
9,106
24,271
239
9,107
25,118
220
9,243
26,418
204
9
10
11
61,414
60,963
28,446
31,655
862
451
64,881
64,431
29,842
33,623
966
450
66,218
65,767
30,251
34,635
881
451
64,834
64,384
26,998
36,536
850
450
65,996
65,531
28,213
36,464
854
465
66,506
66,031
28,011
37,099
921
475
62,469
61,979
24,025
37,066
888
490
63,474
62,970
26,159
35,874
937
504
63,396
62,861
26,946
35,004
911
535
66,697
66,149
28,804
36,535
810
548
71,115
70,556
31,361
38,449
746
559
74,959
74,393
31,691
41,970
732
566
79,749
79,177
33,911
44,210
1,056
572
12
13
14
15
16
17
-311,988
-320,660
-329,383
-331,999
-334,328
-340,233
-341,992
-347,980
-549,513
-368,439
-591,337
-406,575
-425,162
-252,299
-258,649
-264,599
-267,324
-269,349
-273,959
-275,206
-281,363
-282,997
-297,597
-314,687
-325,933
-541,213
-212,153
-217,884
-222,114
-224,216
-225,255
-228,675
-228,942
-234,306
-236,973
-250,427
-266,199
-276,318
-289,566
18
19
20
-40,146
-2,832
-40,765
-2,714
-42,485
-2,998
-43,108
-3,154
-44,094
-2,934
-45,284
-2,907
-46,264
-3,178
-47,057
-3,222
-46,024
-3,293
^7,170
-3,373
-48,488
-3,626
^9,615
-3,358
-51,647
-3,410
21
22
-12,895
-4,306
-7,121
-12,840
-4,629
-7,225
-13,150
^,730
-7,113
-13,166
-4,473
-7,502
-13,770
-4,650
-7,404
-14,096
^,981
-7,456
-14,164
-5,139
-7,567
-14,479
-5,201
-7,937
-14,560
-5,215
-7,784
-14,718
-5,274
-8,187
-14,799
-5,348
-8,953
-15,274
-5,568
-9,214
-15,844
-5,821
-9,480
23
24
25
-2,215
-10,111
-666
-2,194
-10,467
-696
-2,672
-11,100
-722
-2,533
-11,602
-678
-2,940
-11,724
-672
-2,735
-12,442
-667
-2,910
-12,541
-765
-3,129
-12,344
-745
-3,081
-11,401
-690
-3,224
-11,719
-675
-3,314
-11,682
-766
-3,656
-11,855
-690
-3,779
-12,599
-714
26
27
28
-59,689
-58,083
-11,215
-26,559
-20,309
-1,606
-62,011
-60,361
-10,690
-27,637
-22,034
-1,650
-64,784
-63,102
-11,735
-28,513
-22,854
-1,682
-64,675
-62,948
-9,961
-30,134
-22,853
-1,727
-64,979
-63,244
-9,493
-31,068
-22,683
-1,735
-66,274
-64,524
-9,915
-31,649
-22,960
-1,750
-66,786
-64,995
-9,278
-32,940
-22,777
-1,791
-66,617
-64,784
-9,993
-32,092
-22,699
-1,833
-66,516
-64,636
-10,916
-31,051
-22,669
-1,880
-70,842
-68,962
-14,106
-31,701
-23,155
-1,880
-76,650
-74,749
-15,660
-34,942
-24,147
-1,901
-80,642
-78,712
-15,416
-38,136
-25,160
-1,930
-83,949
-61,997
-16,224
-59,699
-26,074
-1,952
29
30
31
32
33
34
-9,054
-2,281
-1,027
-5,746
-9,280
-2,308
-1,071
-5,901
-9,561
-2,476
-1,024
-6,061
-12,902
-5,407
-1,069
-6,426
-9,794
-2,365
-1,080
-6,349
-10,099
-2,209
-1,094
-6,796
-10,658
-2,882
-1,055
-6,721
-13,474
-5,814
-1,075
-6,585
-10,831
-2,574
-1,066
-7,191
-11,537
-3,097
-1,074
-7,366
-11,396
-2,847
-1,080
-7,469
-14,260
-5,256
-1,181
-7,823
-11,925
-2,797
-1,084
-8,044
35
36
37
38
39
138
68
41
103
149
157
155
176
157
165
171
-3,993
166
-153,009
-93,350
-119,826
-122,757
-68,887
-141,617
-53,027
-71,904
-21,555
-170,842
-122,909
-114,882
-143,283
40
4,480
-236
-730
-4,524
-444
-1,945
-2,025
-2,369
4,068
1,159
1,951
1,569
-554
72
1,055
3,353
-133
54
-157
-139
•^63
-128
-150
-4,221
-153
-182
-85
-177
73
-1,032
-986
189
-2,078
-136
-227
-1,924
-218
562
3
3,503
-190
1,413
-64
-184
2,268
-133
-178
1,800
-53
-180
-237
-137
41
42
43
44
45
-76
-1,170
1,119
-25
-298
-1,616
1,329
-11
377
-1,426
1,832
-29
65
-1,205
1,158
112
-80
-1,192
1,134
-22
-483
-1,156
699
-26
188
-1,286
1,336
138
-47
-1,044
942
55
118
-1,314
1,554
-122
-392
-2,167
1,887
-112
-686
-1,595
1,026
-117
3,711
-1,099
5,093
-283
-82
-1,561
1,190
289
46
47
48
49
-157,413
-29,565
-23,836
-92,816
-24,924
-31,739
-119,473
-21,281
-51,297
-118,298
-29,248
-12,104
-68,363
-47,658
-20,798
-139,189
-45,252
-44,229
-51,190
-19,483
6,201
-69,488
-33,658
-77,169
-25,741
-41,112
1,107
-171,609
-32,958
-71,131
-124,174
^3,552
-41,420
-120,162
-33,280
-17,150
-142,647
-34,845
-27,535
50
51
52
-38,887
-65,125
-9,578
-26,575
-22,652
-24,243
-51,771
-25,175
4,890
-4,797
-21,521
-28,187
-9,579
-28,329
15,598
25,741
-14,223
28,487
-25,734
-41,786
-27,943
-11,259
-24,428
-45,304
-55,183
-45,084
53
54
183,682
151,459
183,959
237,862
86,840
167,085
82,790
145,520
102,780
272,008
194,210
184,567
215,008
55
27,751
23,105
22,351
754
-167
8,123
-3,310
-6,046
-11,411
-12,373
962
-313
4,643
1,035
23,461
10,316
7,604
2,712
-575
12,817
903
-26,290
-24,171
-24,272
101
14
-3,297
1,164
10,967
13,946
11,336
2,610
-1,059
-964
—956
-10,235
-20,051
-20,305
254
-760
9,744
832
-46,651
-30,917
-32,823
1,906
-292
-12,948
-2,494
25,792
33,433
31,871
1,562
-1,439
-5,333
-869
4,274
6,793
800
5,993
-1,485
-1,139
105
-1,096
-916
-6,708
5,792
-1,099
1,436
-517
12,191
14,798
12,963
1,835
-760
-2,032
185
27,495
11,852
5,122
6,730
89
14,427
1,127
20,442
24,305
16,198
8,107
-644
-4,150
931
56
57
58
59
60
61
62
155,931
25,450
33,050
45,364
3,484
157,505
21,512
37,928
54,286
4,822
160,498
21,564
40,133
63,131
6,576
264,152
37,506
35,322
35,111
9,900
75,873
21,758
-2,535
76,983
746
177,320
19,818
25,814
70,552
2,349
129,441
23,635
918
21,136
7,277
119,728
121,105
24,384
49,404
6,250
98,506
26,779
-7,505
62,815
2,440
273,104
143,802
-5,407
80,838
3,057
182,019
55,563
9,639
95,620
4,697
157,072
49,390
-17,191
92,250
12,213
194,566
42,333
-9,254
133,000
-6,847
63
64
65
66
67
28,049
20,534
6,231
32,726
24,013
5,081
55,628
90,685
27,863
-48,942
24,919
33,868
1,161
75,314
-60,944
-20,471
27,928
-13,951
13,663
37,151
-8,085
24,585
792
19,618
42,035
-6,701
68
69
3,565
5,563
-28,192
-1,760
-50,767
-11,491
-72,436
7,690
24,288
5,720
25,850
-1,578
31,391
-11,014
-11,827
6,872
-14,755
5,514
-22,349
-1,511
18,177
-9,739
30,531
5,738
30,410
5,588
70
70a
-49,483
22,436
-27,047
1,725
-3,054
-34,376
-47,270
23,695
-23,575
2,870
-9,280
-29,985
-48,157
22,877
-25,280
1,434
-9,561
-03,407
-51,755
21,726
-30,029
159
-12,902
-42,772
-54,646
21,033
-33,613
1,017
^9,794
^2,390
-62,621
21,013
-41,608
232
-10,099
-51,475
-64,564
18,230
-46,334
^,317
-10,658
-61,309
-65,023
19,675
-45,348
-3,143
-13,474
-61,965
-73,024
20,348
-52,676
-3,120
-10,831
-66,627
-83,984
20,684
-63,300
-4,145
-11,537
-78,982
-92,318
19,600
-72,718
-5,535
-11,396
-89,649
-96,233
19,953
-76,280
-5,683
-14,260
-96,223
-105,838
19,662
-86,176
-4,200
-11,925
-102,301
71
72
73
74
75
76
98
•
SURVEY OF CURRENT BUSINESS
July 2000
Table 2.-4J.S. Trade
[Millions
Line
1986
1987
1988
226,471
253,904
323,335
Private gift parcel remittances
174
257
253
Gold exports, nonmonetary
457
718
593
544
1,298
1,607
1,845
1,980
-4,549
-507
-5,686
-592
-5,221
-575
223,344
250,208
365,672
1990
1991
1992
1993
1994
1995
1996
1997
1998
Balance of payments adjustments to Census trade data:
EXPORTS
Exports of goods, Census basis including reexports and
including military grant shipments1
363,836
625,075
682,136
695,797
646
650
392,924
421,764
448,161
465,090
512,626
584,742
890
1,046
1,224
1,181
848
779
751
685
741
225
398
38
264
22
-4,667
-256
-5,162
-66
-4,970
-1,152
-7,767
-1,664
-8,166
-1,273
-9,370
-1,794.
-8,641
-1,073
-12,427
-1,606
-9,116
-1,071
-10,903
-1,557
320,230
362,120
389,307
416,913
440,352
456,832
502,398
575,845
612,057
679,702
670,324
406,283
441,926
473,647
495,980
488,452
532,663
743,543
795,289
869,704
911,896
1,024,618
872
2,163
1,643
9645
2,133
1,830
826
3,577
2,120
82
2,134
2,120
87
1,348
2,264
948
2,525
1,887
2,809
84
6,775
2,768
2,752
3,129
92
3,066
3,350
53
4,948
3,595
54
3,536
3,704
2,907
3,571
48
2,727
3,654
-1,199
-81
-1,330
-137
-1,086
-1,050
-592
-936
-96
-871
-115
-676
-168
-546
-90
-471
-6
-503
-55
-634
3
-1,200
426
-1,043
-87
368,425
409,765
447,189
477,365
490,981
536,458
589,441
668,590
749,574
803,327
876,367
917,178
1,029,917
223,344
250,208
320,230
362,120
389,307
416,913
440,352
456,832
502,398
575,845
612,057
679,702
670,324
684,358
60,367
51,841
5,456
7,119
10,461
4,748
7,190
11,152
5,715
8,526
68,582
59,504
6,143
7,947
11,525
5,465
8,026
13,749
6,649
9,078
86,409
74,464
7,385
9,913
14,252
6,670
9,714
18,064
8,466
11,945
98,423
84,536
8,445
11,584
16,393
7,089
11,272
20,346
9,407
13,887
111,381
96,282
10,371
13,682
18,299
7,853
12,769
22,929
10,379
15,099
116,812
101,289
10,697
15,338
20,763
8,450
13,260
21,515
11,266
15,523
114,454
100,623
9,956
14,589
20,349
8,594
13,429
22,398
11,308
13,831
111,256
94,992
9,352
13,228
18,437
6,305
12,639
25,658
9,373
16,264
115,349
105,375
11,080
13,610
18,745
6,999
13,319
25,972
15,650
9,974
132,481
121,441
12,835
14,240
21,877
8,674
16,226
28,018
19,571
11,040
138,022
124,457
12,662
14,441
22,940
8,607
16,332
30,221
19,254
13,565
153,158
139,031
13,904
15,805
24,241
8,927
19,783
35,910
20,461
14,127
159,296
146,114
14,306
17,523
26,441
8,949
18,829
37,899
22,167
13,182
162,518
148,907
13,252
18,472
26,565
9,892
19,304
37,321
24,101
13,611
56,495
26,352
62,009
27,630
74,290
37,185
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
135,166
65,961
151,718
64,603
156,241
56,633
166,533
56,352
5,073
5,289
8,101
8,303
8,261
8,697
8,109
9,582
10,501
11,713
11,911
11,775
11,664
2,070
2,259
3,805
5,522
4,338
4,839
5,630
6,183
5,346
5,721
7,271
7,750
7,366
5,560
30,762
3,878
34,949
4,084
43,659
4,244
14,551
3,530
12,784
20,583
4,532
14,300
54,295
5,042
28,109
3,052
18,092
63,251
6,137
33,138
4,600
19,376
75,379
5,742
40,494
5,316
23,827
78,204
5,930
12,310
3,095
48,817
4,863
24,678
2,964
16,312
26,321
92,012
7,916
50,743
3,954
29,399
95,830
11,152
46,189
4,602
33,887
108,838
12,335
56,758
4,660
35,085
134,685
15,849
71,145
6,585
41,106
141,768
15,029
78,388
6,466
41,885
141,310
13,124
86,621
5,328
36,237
49,490
43,685
5,780
3,507
3,975
7,647
4,048
7,097
5,596
783
68,021
60,514
7,399
5,100
5,665
12,066
7,183
1,170
76,129
68,030
8,362
5,774
6,281
13,116
7,315
10,982
7,973
1,342
79,162
70,904
8,030
4,791
6,783
13,893
8,002
11,079
7,973
1,630
90,257
81,217
11,194
6,261
8,099
14,875
8,728
12,684
8,661
1,703
97,869
88,229
12,597
7,399
9,020
13,840
9,511
14,509
9,144
1,813
105,017
95,623
12,277
8,732
9,844
14,071
10,827
15,337
8,983
1,940
113,377
104,028
11,344
9,242
11,417
16,989
12,168
16,116
8,956
1,815
140,628
130,436
12,287
11,754
14,203
24,205
14,904
18,528
9,905
1,437
145,084
135,326
13,857
11,927
13,874
25,636
16,254
17,540
9,325
1,708
155,877
144,856
16,095
12,736
15,065
24,606
17,550
19,159
10,633
1,530
137,245
126,174
15,455
14,022
12,849
15,864
15,557
17,243
10,641
1,466
140,421
130,045
12,148
13,033
12,558
22,379
16,066
17,683
9,596
1,090
52
174
558
389
401,530
104,892
18,566
264,262
Adjustments:
Inland U.S. freight to Canada
U.S.-Canadian reconciliation adjustments, n.e.c, net 2
Exports transferred under U.S. military agency sales
contracts identified in Census documents 3
•....,
Other adjustments, net 4
Equals: Exports of goods, adjusted to balance of payments
basis excluding "military" (table 1, line 3)
27
-9,893
-2,223
IMPORTS
Imports of goods, Census basis (general imports)
Adjustments:
Electric energy
Gold imports, nonmonetary
Inland freight in Canada
U.S.-Canadian reconciliation adjustment, n.e.c, net 2
Imports of U.S. military agencies identified in Census
documents3
Other adjustments, n e t 5 6
Equals: Imports of goods, adjusted to balance of payments
basis, excluding ^'military" (table 1, line 20)
Trade in goods, by area and country, adjusted to balance
of payments basis, excluding military:7
EXPORTS
Total, all countries .
Western Europe
European Union
Belgium and Luxembourg
France
Germany8
Italy
Netherlands
United Kingdom
Other
Western Europe, excluding EU ,
Canada 2
Japan
Australia, New Zealand, and South Africa 9 .
Eastern Europe
Latin America and Other Western Hemisphere ,
Mexico
Venezuela ....
Other
Other countries in Asia and Africa 7 9 .
Asia79
Members of OPEC
China
Hong Kong
Korea, Republic of
Singapore
Taiwan
Africa 7 9
Members of OPEC
11,479
42,225
36,329
5,780
3,065
2,981
5,863
3,344
5,115
5,639
International organizations and unallocated .
10,637
5,757
41,478
4,475
224
Memoranda:
Industrial countries7
Of which Euro Area 1 0 .
Members of OPEC 7
Other countries7
See footnotes on page 109.
150,302
165,613
207,317
234,247
253,812
261,288
265,116
270,621
295,221
338,129
355,699
386,329
389,416
10,386
62,656
10,714
73,881
13,777
99,084
12,669
115,030
12,712
122,225
18,446
136,790
19,726
155,422
18,692
167,295
17,113
189,975
18,326
219,390
20,225
236,131
24,210
269,163
23,387
257,521
SURVEY OF CURRENT BUSINESS
July 2000 •
99
2000
Line
in Goods
of dollars]
Not seasonally adjusted
Seasonally adjusted
1998
I
II
1999
I
IV
III
II
2000
1999
1998
\p
IV
III
I
II
1
IV
III
II
\p
IV
III
172,702
170,341
160,625
178,470
166,605
171,596
169,868
187,728
187,286
172,931
168,348
167,601
173,258
167,030
169,760
176,917
182,090
186,422
168
173
148
157
160
166
156
168
166
168
173
148
157
160
166
156
168
166
27
27
1
2
3
4
5
-2,338
-152
-2,095
-372
-2,837
-534
-0,633
-499
-2,669
-599
-2,853
-630
-2,401
-792
-1,970
-202
-2,313
-546
-2,338
-152
-2,095
-372
-2,837
-534
-3,633
-499
-2,669
-599
-2,853
-630
-2,401
-792
-1,970
-202
-2,313
-546
6
7
170,380
168,047
157,402
174,495
163,524
168,279
166,831
185,724
184,593
170,609
166,054
164,378
169,283
163,949
166,443
173,881
180,085
183,728
8
216,714
226,659
230,785
237,738
229,688
248,825
266,768
279,337
282,258
223,936
227,701
227,333
232,926
236,363
249,666
264,461
274,128
287,339
9
8
686
926
9
333
938
11
12
12
12
12
12
1532
1535
835
907
12
112
925
1083
999
20
795
872
12
1 093
934
9
333
938
12
1535
888
8
686
926
11
1532
907
12
112
925
1083
835
20
795
872
12
1093
888
934
999
12
13
-301
-306
-011
-282
-273
-265
-228
-277
-321
-301
-011
-282
-273
-265
-228
-021
-19
-25
-36
-23
-16
-12
2
-19
-25
-36
-23
-16
-12
2
14
15
16
^06
-111
10
11
218,033
227,633
232,394
239,118
230,298
249,586
268,507
281,526
284,485
225,255
228,675
228,942
234,306
236,973
250,427
266,199
276,318
289,566
170,380
168,047
157,402
174,495
163,524
168,279
166,831
185,724
184,593
170,609
166,054
164,378
169,283
163,949
166,443
173,881
180,085
183,728
1
41,239
38,359
3,907
4,688
6,391
2,379
5,103
10,085
5,806
2,880
39,604
36,460
3,559
4,404
6,561
2,168
4,481
9,771
5,516
3,144
37,203
34,173
3,375
3,863
6,288
2,020
4,285
9,302
5,040
3,030
41,250
37,122
3,465
4,568
7,201
2,382
4,960
8,741
5,805
4,128
41,274
38,482
3,467
5,016
6,876
2,259
4,740
9,802
6,322
2,792
40,175
36,851
3,204
4,622
6,546
2,562
4,667
9,308
5,942
3,324
37,735
34,452
3,169
3,959
6,078
2,248
4,678
8,972
5,348
3,283
43,334
39,122
3,412
4,875
7,065
2,823
5,219
9,239
6,489
4,212
43,726
38,838
3,354
4,761
6,931
2,505
5,202
10,030
6,055
4,888
41,310
38,430
3,914
4,706
6,411
2,386
5,115
10,091
5,807
2,880
39,071
35,958
3,504
4,339
6,472
2,142
4,425
9,622
5,454
3,113
38,804
35,632
3,523
4,024
6,552
2,107
4,473
9,678
5,275
3,172
40,111
36,094
3,365
4,454
7,006
2,314
4,816
8,508
5,631
4,017
41,445
38,645
3,465
5,057
6,878
2,270
4,758
9,867
6,350
2,800
39,671
36,382
3,167
4,556
6,471
2,531
4,620
9,161
5,876
3,289
39,288
35,862
3,298
4,114
6,335
2,351
4,865
9,328
5,571
3,426
42,114
38,018
3,322
4,745
6,881
2,740
5,061
8,965
6,304
4,096
43,603
38,696
3,334
4,751
6,885
2,499
5,169
10,023
6,035
4,907
2
3
4
5
6
7
8
9
10
11
39,650
14,800
40,786
14,070
35,840
14,055
39,965
13,708
40,167
14,460
42,840
13,319
39,734
13,515
43,792
15,058
45,587
15,366
39,755
14,755
40,270
13,975
37,316
14,736
38,900
13,167
40,290
14,444
42,356
13,252
41,304
14,160
42,583
14,496
45,380
15,212
12
3,117
2,838
2,918
2,902
2,525
2,757
2,958
3,424
2,960
3,126
2,790
3,037
2,822
2,540
2,722
3,072
3,330
2,963
15
1,999
2,299
1,655
1,413
1,208
1,306
1,535
1,511
1,646
1,960
2,294
1,747
1,365
1,196
1,306
1,616
1,442
1,650
16
35,315
3,470
19,507
1,850
10,488
35,541
3,786
19,175
1,762
10,818
34,410
3,677
19,129
1,433
10,171
36,502
4,096
20,577
1,421
10,408
32,339
2,982
18,899
1,445
9,013
33,856
3,214
20,301
1,276
9,065
35,540
3,322
22,321
1,375
8,522
39,575
3,606
25,100
1,232
9,637
39,310
3,178
25,865
1,244
9,023
35,351
3,483
19,546
1,853
10,469
35,105
3,728
18,938
1,737
10,702
35,928
3,830
19,948
1,500
10,650
35,384
3,988
19,956
1,376
10,064
32,446
3,010
18,955
1,442
9,039
33,470
3,162
20,066
1,258
8,984
37,032
3,446
23,246
1,441
8,899
38,362
3,506
24,354
1,187
9,315
39,119
3,176
25,741
1,233
8,969
17
18
19
20
21
34,260
31,684
4,104
3,180
3,192
3,369
3,914
4,688
2,482
32,909
30,299
3,490
3,116
3,410
3,710
3,805
4,107
2,496
31,321
28,552
3,043
3,172
3,097
3,548
3,948
3,753
2,639
38,755
35,639
4,818
4,554
3,150
5,237
3,890
4,695
3,024
31,551
29,226
2,819
2,767
2,968
4,738
3,863
3,779
2,251
34,026
31,454
2,555
3,550
2,996
5,641
3,700
4,229
2,434
35,814
33,358
2,320
3,541
3,264
6,038
4,389
4,577
2,335
39,030
36,007
4,454
3,175
3,330
5,962
4,114
5,098
2,576
35,998
33,759
2,368
3,173
3,156
6,400
4,021
5,209
2,167
34,352
31,792
4,116
3,207
3,193
3,370
3,932
4,709
2,465
32,549
29,957
3,449
3,083
3,378
3,695
3,735
4,063
2,477
32,810
29,884
3,197
3,317
3,235
3,731
4,103
3,933
2,790
37,534
34,541
4,693
4,415
3,043
5,068
3,787
4,538
2,909
31,588
29,272
2,814
2,766
2,957
4,723
3,892
3,789
2,243
33,666
31,101
2,546
3,502
2,970
5,589
3,634
4,188
2,427
37,409
34,823
2,463
3,691
3,409
6,302
4,542
4,792
2,460
37,758
34,849
4,325
3,074
3,222
5,765
3,998
4,914
2,466
35,801
33,575
2,383
3,133
3,127
6,354
4,000
5,184
2,153
22
23
24
25
26
27
28
29
30
421
310
359
376
310
239
300
241
362
415
311
382
358
309
238
318
225
366
31
13
14
32
100,022
98,618
91,264
99,512
6,375
63,983
5,562
63,867
4,835
61,303
6,615
68,368
99,437
26794
4^574
59,513
100,054
25846
4^070
64,155
95,164
23983
3,995
67,672
106,875
28,269
72,922
108,595
26995
3]974
72,024
100,165
97,410
95,198
96,643
6,384
64,060
5,497
63,147
5,079
64,101
6,427
66,213
99,733
26886
4]565
59,651
98,954
25546
4,042
63,447
99,092
24973
4,222
70,567
103,751
27487
5,737
70,597
108,111
26859
3,982
71,635
33
34
35
36
100
• July 2000
SURVEY OF CURRENT BUSINESS
Table 2.—U.S. Trade
[Millions
1986
Line
1987
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Trade in goods, by area and country, adjusted to balance
of payments basis, excluding military7—Continued:
IMPORTS
409,765
447,189
477,365
498,337
490,981
536,458
589,441
749,574
803,327
876,367
917,178
1,029,917
102,597
86,036
4,504
12,498
26,313
11,513
102,388
85,508
4,537
12,909
24,675
11,895
111,384
93,983
4,937
17,965
7,607
16,561
8,590
16,880
4,110
13,202
26,036
11,702
4,852
18,259
7,625
16,200
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
146,328
9,498
18,633
38,840
18,295
7,481
28,838
24,743
15,337
175,769
160,144
10,849
20,607
43,018
19,382
7,601
32,495
26,192
15,625
194,016
176,081
5,950
17,651
109,162
91,342
4,584
13,042
28,000
12,665
4,930
19,960
8,161
17,820
101,986
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
34,416
30,678
17,935
214,756
194,527
9,502
25,685
55,151
22,339
8,428
38,789
34,633
20,229
80,753
73,600
84,578
84,612
89,800
89,935
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
115,171
170,058
121,659
175,806
121,850
201,268
130,877
2,595
2,961
3,519
3,854
4,409
4,073
3,682
3,297
3,203
3,402
4,882
5,372
5,271
1,979
1,919
2,165
2,067
2,267
1,799
1,976
3,524
5,828
7,014
7,004
8,481
10,899
11,813
Latin America and Other Western Hemisphere
Brazil
Mexico
Venezuela
Other
42,015
6,990
47,295
8,177
17,665
4,812
12,548
20,289
5,652
51,451
9,462
23,312
5,168
13,509
57,502
8,426
27,128
6,765
15,183
64,354
7,962
30,509
9,496
140,431
9,625
86,714
13,476
30,616
145,730
10,102
95,453
9,181
30,994
169,069
11,314
110,590
11,334
35,831
Other countries in Asia and Africa 7 9 ....
79
Members of OPEC
China
Hong Kong
Korea, Republic of
Singapore
Taiwan
Africa 7 9
Members of OPEC
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
6,149
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
245,352
259,666
283,229
18,893
104,180
24,416
125,683
-145,081
-28,592
-22,322
1,518
-2,423
-14,065
Total, all countries (A-16)
Western Europe
European Union
Belgium and Luxembourg
France
Germany8
Italy
Netherlands
United Kingdom
Other
Western Europe, excluding EU ....
Canada 2
Japan
Australia, New;Zealand, and South Africa 9 .
Australia
Eastern Europe
368,425
74,163
3,938
9,542
24,526
8,769
24,005
49,727
20,942
7,544
62,990
6,842
69,175
7,609
16,387
35,609
8,182
17,775
75,172
7,479
40,429
8,417
18,847
88,528
8,682
50,055
8,371
21,420
105,268
8,832
31,496
8,179
16,473
23,885
124,913
8,773
75,088
13,419
27,633
134,674
118,464
17,887
15,204
9,475
18,436
9,800
22,642
16,102
9,641
134,850
120,304
15,532
19,002
9,279
16,983
9,968
23,020
14,406
8,381
151,973
136,986
16,206
25,727
9,792
16,649
11,310
24,594
14,799
7,989
165,962
150,281
15,734
31,540
9,554
17,088
12,798
25,095
15,445
8,493
187,856
173,481
16,213
38,787
9,696
19,605
15,357
26,706
14,090
7,090
215,565
199,734
17,689
45,544
10,286
24,148
18,583
28,971
15,605
6,804
232,037
212,825
21,012
51,511
9,854
22,611
20,348
29,909
18,950
8,234
255,087
234,887
21,752
62,555
10,285
23,145
20,077
32,631
19,924
8,789
263,505
247,324
18,906
71,170
10,540
23,914
18,353
33,111
15,844
5,832
296,863
279,537
24,432
292,477
299,922
294,282
316,281
347,842
389,836
425,394
443,162
476,460
501,737
23,016
140,944
29,243
155,645
37,024
161,391
33,431
163,268
32,377
187,800
32,644
208,955
31,674
247,080
34,257
289,923
42,665
317,500
44,017
355,890
33,919
381,522
557,111
144,289
41,976
430,830
-159,557
-126,959
-115,245
-74,068
-96,106
-132,609
-166,192
-173,729
-191,270
-196,665
-246,854
-345,559
-27,547
-21,951
1,920
-16,188
-11,572
2,881
-2,585
-12,061
-4,843
3,764
-3,965
-972
3,908
-1,325
-8,282
14,826
15,503
6,587
2,136
3,070
6,640
5,261
-62
-8,382
-3,653
7,688
-17,569
-34,720
-29,967
5,537
2,381
817
-6,482
-23,286
-11,993
11,285
3,483
-8,511
^,753
-52,238
^5,620
3,750
-7,213
-28,586
-12,447
413
-23,643
-21,871
3,164
-4,192
-15,900
-9,688
8,851
1,383
-19,565
-65,217
13,177
6,299
9,830
16,963
62,787
9,764
81,789
10,524
31,152
18,200
35,208
16,981
6,210
International organizations and unallocated
Memoranda:
Industrial countries 7
Of which: Euro Area 1 0 .
Members of OPEC 7
Other countries7
BALANCE (EXCESS OF EXPORTS +)
Total, all countries
Western Europe
European Union
Belgium and Luxembourg
France
Germany8
Italy
Netherlands
United Kingdom
Other
Western Europe, excluding EU
87
94
95
96
97
98
99
100
101
102
103
104
-2,559
-15,416
-5,451
3,212
-3,461
^,806
6,335
4,940
5,787
640
-9,701
-4,812
7,839
-6,273
-3,252
8,408
3,256
3,641
-7,247
2,296
-1,986
-10,057
-6,892
4,158
4,164
1,070
-2,445
-15,592
-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
-1,772
-22,611
-21,113
3,055
-4,802
-18,777
-10,455
12,182
3,415
-5,731
-1,498
-19,589
-60,330
-23,502
-49,210
-18,340
-57,056
2,616
-3,064
10,876
-196
-5,596
859
-4,616
-2,993
2,218
-2,721
-677
2,459
3,329
-3,570
-13,198
-54,401
-11,591
-56,948
-10,322
-52,615
-8,845
-49,666
-9,634
-42,567
-7,141
^5,038
-9,506
-50,527
-12,154
-60,545
-16,290
-67,324
2,478
2,328
3,290
4,247
3,894
4,188
5,015
4,812
6,379
7,099
7,844
7,029
6,403
6,393
91
340
1,640
3,455
2,071
3,040
3,654
2,659
-482
-1,293
267
-731
-3,533
-6,25
Latin America and Other Western Hemisphere
Brazil
Mexico
Venezuela
Other
-11,253
-3,112
-5,355
-1,717
-1,069
-12,346
-4,093
-5,738
-2,122
-393
-7,792
-5,218
-10,059
-2,920
-2,400
-6,444
1,705
261
-705
3,484
-766
688
-9,438
2,320
-5,162
10,002
-5,746
6,224
-15,569
-6,891
10,490
-3,962
4,927
-17,065
-4,417
7,979
-16,075
3,562
-18,330
-8,759
7,452
-27,759
-16,598
-3,579
2,903
6,204
-1,867
4,885
-2,866
6,052
3,032
-1,549
1,642
791
-8,685
-3,563
-2,450
-3,801
1,129
Other countries in Asia and Africa 7
Asia79
Members of OPEC
China
Hong Kong
Korea, Republic of
Singapore
Taiwan
Africa 7 9
Members of OPEC
-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
-45,780
-6,481
-6,224
-3,429
-6,637
-1,651
-14,500
-6,176
-6,223
-55,512
-47,560
-9,857
-44,593
-54,104
^8,757
-3,609
-60,945
-54,658
-3,457
-22,808
290
-3,017
-1,971
-5,758
-6,462
-6,553
-74,479
-69,453
-4,869
-29,545
-74,937
-69,298
-5,402
-33,790
-86,953
-77,499
-99,210 -126,260
-90,031 -121,150
-5,657
-3,451
-10,413
-2,692
-4,543
-1,798
-11,563
-6,129
-8,011
-39,087
-4,338
-12,741
-1,180
-2,108
-1,240
-10,336
-5,745
-6,678
1,721
3,917
57
-3,679
-10,443
-5,700
52
174
558
389
Canada 2
-.
Japan
Australia, New Zealand, and South Africa 9 .
Australia
Eastern Europe
90
91
92
93
-5,599
3,093
-3,904
-942
-6,270
2,219
International organizations and unallocated
-2,729
-636
2,969
-18,328
-772
-2,809
-1,799
-10,085
-5,655
-6,176
1,049
-3,942
7,474
-2,616
-3,189
-10,590
-5,134
-5,275
-5,367
-5,489
-7,155
-39,584
4,020
3,025
^,094
-12,369
-9,625
-6,526
-49,819
4,780
1,461
-2,715
10,891
-57,148
2,309
-6,050
-2,796
-2,527
-13,472
-5,291
-7,259
-15,868
-5,203
-4,366
-112,321
-1,468
-10,532
-6,618
-34,735
-74,525
1,810
-23,969
-6,006
406
-156,442
-149,492
-12,284
-68,756
2,034
-8,773
-2,134
-17,525
-7,385
-5,120
224
Memoranda:
105
106
107
108
Industrial countries7
Of which: Euro Area 1 0 .
Members of OPEC 7
Other countries7
See footnotes on page 109.
-95,050
-54,053
-75,912
-58,230
-46,110
-32,994
-51,165
-77,221
-94,615
-87,265
-87,463
-90,131
-8,507
-41,524
-13,702
-51,802
-9,239
-41,860
-16,574
-40,615
-54,312
-39,166
-14,985
-26,478
-12,651
-32,378
-13,952
-41,660
-14,561
-57,105
-15,931
-70,533
-22,440
-81,369
-19,807 -10,532
-86,727 -124,001
-155,581
-39,397
-23,410
-166,568
July 2000 •
SURVEY OF CURRENT BUSINESS
101
in Goods—Continued
of dollars]
Seasonally adjusted
Not seasonally adjusted
1998
I
II
2000
1999
III
IV
I
II
III
IV
\P
1998
1
II
2000
1999
III
IV
I
II
III
IV
Line
I"
218,033
227,633
232,394
239,118
230,298
249,586
268,507
281,526
284,485
225,255
228,675
228,942
234,306
236,973
250,427
266,199
276,318
289,566
37
45,018
40,692
2,164
5,392
11,468
5,022
1,686
8,110
6,850
4,326
48,154
43,974
2,139
6,120
12,355
5,139
1,888
8,703
7,630
4,180
48,533
44,029,
2,176
6,022
12,042
5,240
1,897
8,579
8,073
4,504
52,311
47,386
2,290
6,471
13,862
5,541
2,073
9,024
8,125
4,925
48,263
44,445
2,447
5,972
12,436
5,206
1,851
8,776
7,757
3,818
52,545
48,041
2,414
6,270
13,756
5,600
1,953
9,636
8,412
4,504
54,390
49,099
2,191
6,594
13,853
5,676
2,063
9,927
8,795
5,291
59,558
52,942
2,450
6,849
15,106
5,857
2,561
10,450
9,669
6,616
58,413
52,155
2,538
7,065
14,143
5,901
2,350
10,523
9,635
6,258
46,491
42,048
2,238
5,578
11,826
5,190
1,747
8,381
7,088
4,443
48,400
44,197
2,150
6,153
12,429
5,158
1,898
8,742
7,667
4,203
47,827
43,380
2,138
5,935
11,871
5,165
1,870
8,445
7,956
4,447
51,298
46,456
2,243
6,339
13,601
5,429
2,029
8,848
7,967
4,842
49,620
45,705
2,506
6,149
12,767
5,352
1,902
9,031
7,998
3,915
52,733
48,210
2,423
6,293
13,811
5,615
1,962
9,666
8,440
4,523
53,954
48,694
2,174
6,533
13,746
5,628
2,047
9,837
8,729
5,260
58,449
51,918
2,399
6,710
14,827
5,744
2,517
10,255
9,466
6,531
59,395
53,055
2,575
7,207
14,393
6,015
2,392
10,684
9,789
6,340
38
39
40
41
42
43
44
45
46
47
43,231
30,327
44,796
29,952
41,778
29,837
46,001
31,734
47,568
31,012
50,225
30,784
49,840
33,187
53,635
35,894
57,105
34,684
44,625
31,360
45,003
30,072
41,121
29,357
45,057
31,061
48,920
31,877
50,395
30,885
49,353
32,901
52,600
35,214
58,137
35,324
1,262
1,435
1,315
1,360
1,084
1,378
1,443
1,366
1,346
1,304
1,441
1,295
1,332
1,122
1,380
1,430
1,339
1,379
48
49
50
51
2,423
2,858
2,874
2,744
2,401
3,107
2,851
3,454
4,018
2,509
2,868
2,830
2,692
2,461
3,120
2,829
3,403
4,073
52
34,759
2,281
22,522
2,480
7,476
36,683
2,647
23,961
2,347
7,728
36,492
2,683
23,814
2,192
7,803
37,796
2,491
25,156
2,162
7,987
37,291
2,383
24,905
1,844
8,159
41,173
2,880
27,161
2,626
8,506
44,767
3,072
28,871
3,387
9,437
45,838
2,979
29,653
3,477
9,729
49,353
3,244
31,836
4,290
9,983
35,831
2,362
23,244
2,518
7,707
36,852
2,657
24,089
2,350
7,756
35,978
2,642
23,475
2,172
7,689
37,069
2,441
24,645
2,141
7,842
38,300
2,457
25,596
1,876
8,371
41,321
2,889
27,262
2,636
8,534
44,400
3,043
28,628
3,370
9,359
45,048
2,925
29,104
3,452
9,567
50,130
3,317
32,374
4,315
10,124
53
54
55
56
57
61,013
56,614
4,652
14,811
2,317
5,619
4,545
7,777
4,332
1,614
63,755
59,345
4,563
16,823
2,486
5,917
4,686
8,009
4,334
1,809
71,565
67,611
5,088
20,462
3,134
6,076
4,616
8,686
3,837
1,312
67,172
63,754
4,603
19,074
2,603
6,302
4,506
8,639
3,341
1,097
62,679
59,178
4,518
16,421
2,233
6,438
4,170
7,976
3,434
1,166
70,374
66,221
5,560
19,300
2,361
7,485
4,513
8,702
4,081
1,506
82,029
77,305
6,882
23,626
3,084
8,135
4,753
9,110
4,611
1,831
81,781
76,833
7,472
22,442
2,846
9,094
4,764
9,420
4,855
1,707
79,566
73,637
7,660
19,914
2,599
8,897
4,305
9,086
5,868
2,719
63,135
58,649
4,762
15,410
2,411
5,820
4,693
8,056
4,417
1,631
64,039
59,622
4,581
16,928
2,496
5,938
4,704
8,042
4,340
1,812
70,534
66,629
5,029
20,179
3,088
5,980
4,543
8,551
3,789
1,300
65,797
62,424
4,534
18,653
2,545
6,176
4,413
8,462
3,298
1,089
64,673
61,099
4,627
17,034
2,316
6,636
4,291
8,220
3,504
1,179
70,593
66,429
5,578
19,367
2,366
7,513
4,528
8,725
4,091
1,512
81,332
76,640
6,838
23,418
3,056
8,069
4,713
9,023
4,581
1,820
80,265
75,369
7,389
21,970
2,786
8,934
4,668
9,240
4,805
1,699
81,128
75,157
7,736
20,401
2,669
9,089
4,394
9,28.7
5,911
2,727
58
59
60
61
62
63
64
65
66
67
68
120,945
125,571
122,682
132,539
8,746
88,342
8,719
93,343
8,592
101,120
7,862
98,717
129,016
33,086
7,528
93,754
136,199
35,374
9,692
103,695
140,123
36,547
12,100
116,284
151,773
39,282
12,656
117,097
-47,653
-69,586
-74,992
-64,623
-66,774
-81,307
-101,676
-3,779
-2,333
1,743
-704
-6,077
-2,643
3,417
1,975
-1,044
-1,446
-8,550
-7,514
1,420
-1,716
-5,794
-2,971
2,593
1,068
-2,114
-1,036
-11,330
-9,856
1,199
-2,159
-5,754
-3,220
2,388
723
-3,033
-1,474
-11,061
-10,264
1,175
-1,903
-6,661
-3,159
2,887
-283
-2,320
-797
-6,989
-6,963
1,020
-856
-5,560
-2,947
2,889
1,026
-1,435
-1,026
-12,370
-11,190
790
-1,648
-7,210
-3,038
2,714
-328
-2,470
-1,180
-16,655
-14,647
978
-2,635
-7,775
-3,428
2,615
-955
-3,447
-2,008
-3,581
-15,527
-4,010
-15,882
-5,938
-15,782
-6,036
-18,026
-7,401
-16,552
-7,385
-17,465
-10,106
-19,672
1,855
1,403
1,603
1,542
1,441
1,379
1,515
^24
-659
-1,219
-1,331
-1,193
-1,801
-1,316
556
1,189
-3,015
-630
3,012
-1,142
1,139
-4,786
-685
3,090
-2,082
994
^,685
-759
2,368
-1,294
1,605
^,579
-741
2,421
^,952
599
-6,006
-399
854
-7,317
334
-6,860
-1,350
559
-8,227
250
-6,550
-2,012
-915
-26,753
-24,930
-548
-11,631
875
-2,250
-631
-3,089
-1,850
-30,846
-29,046
-1,073
-13,707
-24
-2,207
-881
-3,902
-1,838
-40,244
-39,059
-2,045
-17,290
-37
-2,528
-£68
^,933
-1,198
-28,417
-28,115
215
-14,520
547
-1,065
-616
-3,944
-317
-31,128
-29,952
-1,699
-13,654
735
-1,700
-307
-4,197
-1,183
-36,348
-34,767
-3,005
-15,750
635
-1,844
-813
-4,473
-1,647
-1,193
-1,499
-953
-721
-856
-20,923
-26,953
-31,418
-33,027
-2,371
-54,359
-3,157
-29,476
-3,757
-39,817
-1,247
-30,349
-29,579
-6,292
-2,954
, -34,241
152,885
38,447
14,669
116,931
124,925
126,152
120,800
129,860
8,911
91,419
8,743
93,780
8,501
99,641
7,764
96,682
132,662
34,025
7,682
96,629
136,664
35,500
9,726
104,037
-95,802
-99,892
-54,646
-62,621
-64,564
-65,023
-73,024
-16,224
-13,820
962
-1,974
-8,041
-3,034
2,658
-1,211
-3,180
-2,404
-14,687
-13,317
816
-2,304
-7,212
-3,396
2,852
^93
-3,580
-1,370
-5,181
-3,618
1,676
-872
-5,415
-2,804
3,368
1,710
-1,281
-1,563
-9,329
-8,239
1,354
-1,814
-5,957
-3,016
2,527
880
-2,213
-1,090
-9,023
-7,748
1,385
-1,911
-5,319
-3,058
2,603
1,233
-2,681
-1,275
-11,187
-10,362
1,122
-1,885
-6,595
-3,115
2,787
-340
-2,336
-825
-8,175
-7,060
959
-1,092
-5,889
-3,082
2,856
836
-1,648
-1,115
-9,843
-20,836
-11,518
-19,318
-4,870
-16,605
-4,733
-16,097
-3,805
-14,621
-6,157
-17,894
-3,630
-17,433
2,058
1,614
1,822
1,349
1,742
1,490
1,418
1,342
1,642
1,991
-1,943
-2,372
-549
-574
-1,083
-1,327
-1,265
-1,814
-1,213
-1,961
-6,263
627
-4,553
-2,245
-92
-10;043
••-66
-5,971
-3,046
-860
-480
1,121
-3,698
-665
2,762
-1,747
1,071
-6,151
-613
2,946
-60
1,188
-3,527
-672
2,961
-1,685
1,547
-4,689
-765
2,222
-5,854
553
-6,641
-434
668
-7,851
273
-7,196
-1,378
450
-7,368
403
-5,382
-1,929
-460
-6,686
581
^,750
-2,265
-252
-11,011
-141
-6,633
-3,082
-1,155
89
90
91
92
93
-46,215
-43,947
^,562
-20,085
180
-2,097
-364
^,533
-2,276
-42,751
-40,826
-3,018
-19,267
484
-3,132
-650
-4,322
-2,279
•43,568
-39,878
-6,292
-16,741
557
-2,497
-284
-3,877
-3,701
-28,783
-26,857
-646
-12,203
782
-2,450
-761
-3,347
-1,952
-31,490
-29,665
-1,132
-13,845
882
-2,243
-969
-3,979
-1,863
-37,724
-36,745
-1,832
-16,862
147
-2,249
-440
-4,618
-999
-28,263
-27,883
159
-14,238
498
-1,108
-626
-3,924
-389
-33,085
-31,827
-1,813
-14,268
641
-1,913
-399
-4,431
-1,261
-36,927
-35,328
-3,032
-15,865
604
-1,924
-894
^,537
-1,664
^3,923
-41,817
^,375
-19,727
353
-1,767
-171
-4,231
-2,121
-42,507
-40,520
-3,064
-18,896
436
-3,169
-670
^,326
-2,339
-45,327
-41,582
-5,353
-17,268
458
-2,735
-394
-4,103
-3,758
94
95
96
97
98
99
100
101
102
-1,267
-1,531
-1,466
-2,357
-1,216
-1,501
-418
-731
-870
-1,274
-1,502
-1,474
-2,361
103
-36,145
-9,528
-5,622
-39,540
-44,959
-12,564
-8,105
^8,612
-44,898
-11,013
-6,729
-44,175
-44,290
-11,452
-10,695
^4,907
-24,760
-28,742
-25,602
-33,217
-2,527
-27,359
-3,246
-30,633
-3,422
-35,540
-1,337
-30,469
-32,929
-7,139
-3,117
-36,978
-37,710
-9,954
-6,684
-40,590
-39,797
-11,277
-7,806
-44,715
-45,145
-11,027
-6,803
-44,285
^7,483
-12,273
-10,796
-47,559
104
105
106
107
108
138,889
36,250
12,028
115,282
148,896
38,514
12,540
114,882
155,594
39,132
14,778
119,194
69
70
71
72
-83,984
-92,318
-96,233
-105,838
73
-13,062
-11,828
744
-1,737
-7,340
-3,084
2,658
-505
-2,564
-1,234
-14,666
-12,832
1,124
-2,419
-7,411
-3,277
2,818
-609
-3,158
-1,834
-16,335
-13,900
923
-1,965
-7,946
-3,004
2,544
-1,290
-3,162
-2,435
-15,792
-14,359
759
-2,456
-7,508
-3,516
2,777
-661
-3,754
-1,433
74
75
76
77
78
79
80
81
82
83
-8,039
-17,633
-3,049
-18,741
-10,017
-20,718
-12,757
-20,112
1,584
84
85
8R
87
-2,423
88
102
• July 2000
SURVEY OF CURRENT BUSINESS
Table 2.-U.S. Trade
[Millions
Line
1990
1991
1992
1993
1994
1995
1996
1997
1998
362,120
389,307
416,913
440,352
456,832
502,398
575,845
612,057
679,702
670,324
684,358
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
550,570
58,425
621,277
53,105
617,219
49,619
634,739
1986
1987
1988
223,344
250,208
320,230
27,174
196,170
29,847
220,361
1999
Trade in goods, by principal end-use category, adjusted to
balance of payments basis, excluding military:
Exports of goods, balance of payments basis, excluding
military ( A - 8 )
.Agricultural products
Nonagricultural products
Foods, feeds, and beverages
23,522
25,229
33,770
37,475
35,172
35,829
40,336
40,692
41,957
50,475
55,534
51,507
46,397
45,532
Agricultural
Grains and preparations
Wheat
C
21,738
-.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
51,204
21,230
6,413
8,874
7,364
7,185
8,080
7,345
47,540
16,136
4,329
5,682
7,506
7,244
8,270
8,384
43,020
14,361
3,808
4,802
4,942
6,751
8,102
41,540
13,910
3,730
5,267
4,623
6,850
7,956
8,201
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
3,967
2,791
3,377
2,352
3,992
2,970
64,720
70,052
90,019
105,503
109,826
109,592
111,870
121,547
146,372
147,998
158,274
148,269
147,029
5,358
842
1,220
1,544
1,752
6,389
1,660
1,106
1,762
1,861
7,388
1,988
1,261
1,868
2,271
7,977
2,266
1,300
1,775
2,636
8,591
2,800
1,461
1,761
2,569
8,144
2,517
1,422
1,382
2,823
7,904
2,014
1,640
1,365
1,576
1,295
1,297
2,700
8,989
2,644
1,305
1,535
3,505
10,889
3,717
1,390
1,762
4,020
10,037
2,743
1,367
1,693
4,234
10,602
2,718
1,553
1,665
9,779
2,576
1,451
1,270
4,482
7,776
969
1,299
1,148
4,360
59,362
9,945
9,911
4,123
4,430
63,663
9,207
9,180
3,490
4,633
82,631
9,660
9,580
4,193
4,480
91,849
12,828
12,614
4,678
6,392
96,912
15,237
14,722
5,040
8,362
101,682
15,170
15,104
5,289
8,357
101,688
14,364
14,260
4,924
7,620
105,002
12,713
12,571
3,643
7,502
112,558
12,041
11,959
3,445
6,968
135,483
13,778
13,673
4,295
137,961
15,556
15,404
4,439
9,631
147,672
16,521
16,291
4,122
10,419
138,490
13,294
13,034
3,683
8,075
139,253
12,819
12,540
2,749
8,620
Paper and paper base stocks
Textile supplies and related materials
Chemicals, excluding medicinals
Building materials, except metals
Other nonmetals
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
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
10,750
10,104
8,183
35,137
8,839
11,900
14,487
9,284
42,985
9,061
13,410
12,483
9,555
12,785
10,700
12,151
8,918
12,174
9,215
45,959
8,166
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 .
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
26,354
1,853
3,936
10,963
4,540
902
5,521
6,629
27,224
1,774
3,669
14,649
9,147
894
4,608
7,132
12,279
5,815
1,025
5,439
8,286
32,478
2,746
5,828
14,602
5,122
1,595
7,885
9,302
33,372
2,117
5,448
15,481
6,940
1,449
7,092
10,326
82,815
92,707
119,103
138,908
152,543
166,453
176,070
182,096
205,248
233,778
253,252
295,741
300,129
311,775
74,641
96,014
110,534
118,709
128,227
136,596
147,913
172,090
205,910
220,359
252,069
243,654
255,808
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
24,112
196,247
12,693
10,287
5,801
27,977
224,092
15,964
12,614
6,502
11,773
27,301
216,353
15,943
11,727
6,275
12,540
29,403
226,405
11,987
11,899
6,193
13,142
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
Coal and related fuels ....
Petroleum and products .
Capital goods, except automotive
Machinery, except consumer-type
Electric generating machinery, electric apparatus, and
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
9,482
16,655
34,664
2,266
5,920
15,027
5,725
1,809
7,493
11,451
18,010
18,467
33,160
1,565
5,763
14,234
5,485
2,018
6,731
11,598
32,453
1,397
5,741
13,540
5,263
1,812
6,465
11,775
13,163
14,975
19,472
23,735
25,017
26,291
28,422
31,922
37,088
40,178
45,620
42,802
43,097
18,817
6,560
5,097
1,647
4,226
23,965
9,035
6,534
1,787
5,371
24,476
11,795
8,232
2,232
6,979
25,888
13,324
9,398
2,136
7,712
27,293
14,348
10,294
2,490
9,221
28,763
15,987
11,450
2,581
9,930
29,317
19,122
13,513
2,381
10,569
33,320
25,178
16,296
2,465
11,523
39,654
34,153
20,248
2,718
13,073
43,719
35,768
20,323
2,924
14,748
49,361
38,861
23,995
3,288
16,114
45,246
37,649
24,956
3,442
15,773
46,724
46,962
26,622
2,999
16,780
Civilian aircraft, engines, parts
Civilian aircraft, complete, all types ,
Other transportation equipment
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
2,101
41,358
23,584
2,314
53,548
31,819
2,927
52,921
28,996
3,046
Automotive vehicles, engines, and parts .
25,097
27,583
33,397
34,888
36,465
40,008
47,027
52,534
57,776
61,829
65,021
74,028
73,157
75,755
To Canada
Passenger cars, new and used
Trucks, buses, and special purpose vehicles .
Engines and engine parts
Other parts and accessories
19,368
6,649
2,734
2,098
7,887
20,250
6,610
3,169
2,109
8,362
22,948
7,275
3,113
2,508
10,052
22,599
6,922
2,157
2,802
10,718
21,741
5,890
2,584
2,502
10,765
22,480
6,311
2,847
2,882
10,440
23,824
6,087
2,602
3,178
31,719
7,548
4,402
3,365
16,404
34,046
7,303
4,978
3,597
11,957
28,064
6,434
3,254
3,940
14,436
35,138
7,840
5,140
3,625
18,533
39,762
9,281
6,016
3,899
20,566
40,574
8,612
6,326
4,326
21,310
45,952
9,211
6,814
5,408
24,519
To other areas
Passenger cars, new and used
Trucks, buses, and special purpose vehicles .
Engines and engine parts
Other parts and accessories
5,729
590
642
920
7,333
1,313
779
12,289
3,877
1,250
1,320
5,842
14,724
4,648
1,653
1,342
7,081
17,528
5,381
2,576
1,502
23,203
8,181
2,957
1,788
10,277
24,470
8,069
2,513
1,923
11,965
26,057
8,897
2,309
2,157
12,694
27,783
9,429
2,752
2,239
13,363
29,883
9,125
3,870
2,309
14,579
34,266
7,508
4,860
2,911
18,987
32,583
7,585
4,130
2,562
3,577
10,449
2,747
1,187
1,246
5,269
4,288
18,306
29,803
7,243
2,690
3,202
16,668
26,981
37,317
43,719
46,858
51,424
54,655
59,981
64,425
70,056
77,366
79,262
80,768
13,539
16,674
19,747
22,023
24,635
25,986
29,148
31,390
34,090
37,285
38,438
39,115
7,988
33,072
9,261
37,055
10,642
37,570
12,424
37,807
15,592
Consumer goods (nonfood), except automotive
73
15,262
44,980
7,977
15,649
5,054
4,438
1,315
3,701
Computers, peripherals, and parts
Semiconductors
Telecommunications equipment
Other office and business machines
Scientific, hospital, and medical equipment and parts
72
7,390
58,079
5,647
3,061
1,999
4,052
10,302
42,472
9,261
Consumer nondurable goods, manufactured
Medical, dental, and pharmaceutical preparations,
including vitamins
Consumer durable goods, manufactured
Household and kitchen appliances and other household
gOOdS
Unmanufactured consumer goods (gem stones, nursery
stock)
Exports, n.e.c
See footnotes on page 109.
16,730
953
20,307
18,168
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
6,589
26,582
28,411
7,282
30,332
2,455
3,031
4,193
6,718
7,624
8,927
10,077
10,747
11,608
12,189
13,811
15,435
15,344
1,172
1,535
1,767
1,996
1,953
1,855
2,087
2,422
2,703
2,894
3,026
3,254
3,846
14,330
16,960
13,706
15,905
17,939
15,903
14,985
15,889
18,966
20,196
22,786
23,110
23,499
10,460
SURVEY OF CURRENT BUSINESS
103
July 2000
in Goods—Continued
of dollars]
Not seasonally adjusted
Seasonally adjusted
1998
I
I
IV
III
II
2000
1999
II
III
IV
\P
1998
1
II
2000
1999
I
IV
III
IV
III
II
Line
\P
170,380
168,047
157,402
174,495
163,524
168,279
166,831
185,724
184,593
170,609
166,054
164,378
169,283
163,949
166,443
173,881
180,085
183,728
1
14,638
155,742
12,507
155,540
11,267
146,135
14,693
159,802
12,118
151,406
11,597
156,682
11,949
154,882
13,955
171,769
13,709
170,884
14,023
156,586
13,306
152,748
12,553
151,825
13,223
156,060
11,711
152,238
12,236
154,207
13,178
160,703
12,494
167,591
13,126
170,602
2
3
12,621
10,735
10,214
12,827
10,960
10,552
11,220
12,800
12,057
12,378
11,496
10,850
11,673
10,726
11,265
11,955
11,586
11,768
4
11,759
4,142
974
1,228
1,787
1,707
1,903
2,220
10,012
3,252
819
1,093
635
1,817
2,120
2,188
9,265
3,121
972
1,096
542
1,621
1,872
2,109
11,984
3,846
1,043
1,385
1,978
1,606
2,207
2,347
10,042
3,407
798
1,231
1,294
1,486
1,934
1,921
9,694
3,363
936
1,391
714
1,586
2,036
1,995
10,064
3,496
1,054
1,398
881
1,736
1,881
2,070
11,740
3,644
942
1,247
1,734
2,042
2,105
2,215
11,160
3,449
722
1,235
1,716
2,104
1,914
1,977
11,507
3,942
1,040
1,157
1,511
1,780
1,976
2,298
10,687
3,543
921
1,171
1,056
1,798
2,087
2,203
10,021
3,259
846
1,188
1,006
1,623
2,013
2,120
10,805
3,617
1,001
1,286
1,369
1,550
2,026
2,243
9,808
3,238
872
1,132
1,015
1,546
2,013
1,996
10,272
3,643
1,041
1,478
1,072
1,572
1,984
2,001
10,945
3,659
924
1,521
1,454
1,746
2,006
2,080
10,515
3,370
893
1,136
1,082
1,986
1,953
2,124
10,863
3,260
780
1,150
1,423
2,146
1,986
2,048
5
6
7
8
9
10
11
12
862
619
723
444
949
693
843
596
918
695
858
605
1,156
910
1,060
760
897
668
871
604
809
528
829
579
868
641
918
674
993
736
1,010
767
1,071
793
905
656
13
14
38,753
37,695
35,383
36,438
33,973
35,804
36,756
40,496
42,193
38,661
37,127
36,157
36,324
34,098
35,195
37,276
40,460
41,795
15
2,793
855
381
375
1,182
2,413
593
455
347
1,018
1,948
430
233
288
997
2,625
698
382
260
1,285
1,991
186
405
301
1,099
1,821
220
401
274
926
1,833
219
177
285
1,152
2,131
344
316
288
1,183
2,465
629
386
364
1,086
2,441
639
332
346
1,124
2,544
673
394
340
1,137
2,458
661
388
300
1,109
2,336
603
337
284
1,112
1,829
129
363
275
1,062
1,887
251
342
267
1,027
2,160
307
306
293
1,254
1,900
282
288
313
1,017
2,191
489
341
326
1,035
16
17
18
19
20
35,960
3,565
3,530
936
2,299
35,282
3,424
3,385
975
2,084
33,435
3,216
3,165
923
1,938
33,813
3,089
2,954
849
1,754
31,982
2,618
2,540
692
1,600
33,983
3,079
3,020
674
2,043
34,923
3,269
3,196
720
2,217
38,365
3,853
3,784
663
2,760
39,728
3,744
3,699
609
2,752
36,220
3,634
3,597
982
2,321
34,583
3,426
3,388
974
2,087
33,699
3,174
3,124
893
1,927
33,988
3,060
2,925
834
1,740
32,269
2,681
2,603
735
1,619
33,308
3,085
3,026
673
2,050
35,116
3,216
3,143
688
2,197
38,560
3,837
3,768
653
2,754
39,604
3,767
3,722
647
2,736
21
22
23
24
25
3,214
2,300
11,613
2,030
4,571
3,145
2,387
11,538
2,028
4,570
2,936
2,099
10,883
1,939
4,400
2,856
2,132
10,946
1,980
4,469
2,853
2,169
10,849
1,967
4,417
2,938
2,412
11,347
2,092
4,563
3,039
2,284
11,350
2,042
4,567
3,344
2,350
12,413
2,065
4,920
3,559
2,496
12,360
2,140
5,260
3,210
2,328
11,603
2,076
4,566
3,113
2,280
11,242
1,958
4,475
2,948
2,151
11,120
1,951
4,483
2,880
2,159
11,015
1,992
4,486
2,850
2,192
10,903
2,004
4,413
2,908
2,298
11,069
2,029
4,458
3,053
2,340
11,521
2,060
4,640
3,363
2,385
12,466
2,073
4,956
3,519
2,490
12,253
2,159
5,205
26
27
28
29
30
8,667
410
1,583
3,745
1,324
718
1,703
2,929
8,190
426
1,499
3,283
1,094
545
1,644
2,982
7,962
359
1,312
3,420
1,303
364
1,753
2,871
8,341
370
1,369
3,786
1,764
391
1,631
2,816
7,109
274
1,342
2,741
739
504
1,498
2,752
7,552
376
1,403
2,812
811
460
1,541
2,961
8,372
364
1,452
3,577
1,521
386
1,670
2,979
9,420
383
1,544
4,410
2,192
462
1,756
3,083
10,169
389
1,716
4,747
2,405
576
1,766
3,317
8,803
446
1,576
3,814
1,324
718
1,772
2,967
8,089
399
1,470
3,317
1,094
545
1,678
2,903
7,872
341
1,340
3,312
1,303
364
1,645
2,879
8,396
379
1,377
3,791
1,764
391
1,636
2,849
7,226
301
1,338
2,800
739
504
1,557
2,787
7,461
354
1,377
2,848
811
460
1,577
2,882
8,286
354
1,476
3,478
1,521
386
1,571
2,978
9,480
388
1,550
4,414
2,192
462
1,760
3,128
10,211
419
1,696
4,792
2,405
576
1,811
3,304
31
32
33
34
35
36
37
38
74,537
77,060
75,287
75,730
79,440
81,318
81,575
39
62,604
65,593
67,012
69,992
40
8,002
61,990
3,012
3,028
1,753
3,589
41
42
43
44
45
46
74,548
74,008
71,530
80,043
74,646
75,819
76,684
84,626
81,376
75,078
73,454
61,866
60,459
58,573
62,756
59,926
62,036
64,445
69,401
70,035
62,597
60,852
59,586
60,619
60,599
6,949
54,917
4,210
2,815
1,697
3,362
6,766
53,693
4,136
3,042
1,572
3,179
6,594
51,979
3,877
2,795
1,463
2,869
6,992
55,764
3,720
3,075
1,543
3,130
6,849
53,077
2,935
3,009
1,373
3,107
7,160
54,876
2,984
2,898
1,576
3,216
7,443
57,002
3,016
2,847
1,568
3,299
7,951
61,450
3,052
3,145
1,676
3,520
8,038
61,997
2,998
2,989
1,731
3,678
7,031
55,566
4,242
2,883
1,737
3,329
6,751
54,101
4,046
3,027
1,562
3,133
6,623
52,963
3,929
2,883
1,507
2,964
6,896
53,723
3,726
2,934
1,469
3,114
6,929
53,670
2,987
3,071
1,398
3,061
7,153
55,451
2,908
2,887
1,571
3,169
7,475
58,118
3,019
2,959
1,633
3,422
7,846
59,166
3,073
2,982
1,591
3,490
11,060
11,223
10,211
10,308
9,951
10,841
10,799
11,506
12,130
11,210
10,945
10,451
10,196
10,052
10,582
11,066
11,397
12,164
47
11,473
9,406
5,991
869
4,034
10,873
8,809
6,031
853
3,975
10,719
9,327
6,151
843
3,724
12,181
10,107
6,783
877
4,040
11,117
10,583
6,150
694
4,158
11,233
11,085
6,289
711
4,043
11,543
12,158
6,957
730
4,085
12,831
13,136
7,226
864
4,494
12,874
13,234
7,167
749
4,447
11,500
9,455
6,326
905
3,979
11,300
9,010
6,203
873
4,002
11,126
9,275
6,089
854
3,885
11,320
9,909
6,338
810
3,907
11,184
10,603
6,486
730
4,098
11,649
11,372
6,504
733
4,076
11,954
12,156
6,909
741
4,259
11,937
12,831
6,723
795
4,347
12,799
13,130
7,397
786
4,332
48
49
50
51
52
12,011
7,136
671
12,905
7,654
644
12,122
6,464
835
16,510
10,565
111
13,904
7,918
816
13,192
7,230
591
11,654
5,844
585
14,171
8,004
1,054
10,666
4,559
675
11,810
6,933
671
11,958
6,714
644
14,116
8,313
835
15,664
9,859
111
13,872
7,875
816
12,535
6,577
591
13,262
7,319
585
13,252
7,225
1,054
10,908
4,768
675
53
54
55
19,821
19,319
14,997
19,020
18,937
20,210
16,804
19,804
20,909
19,279
18,094
17,042
18,742
18,241
18,775
19,355
19,384
20,086
56
10,796
2,350
1,696
1,092
5,658
11,004
2,514
1,989
1,092
5,409
7,806
1,366
1,176
910
4,354
10,968
2,382
1,465
1,232
5,889
11,486
2,258
1,550
1,370
6,308
12,566
2,759
1,887
1,459
6,461
9,972
1,673
1,527
1,230
5,542
11,928
2,521
1,850
1,349
6,208
12,535
2,598
1,872
1,530
6,535
10,439
2,331
1,718
1,033
5,357
10,020
2,118
1,766
1,026
5,110
9,091
1,779
1,372
1,026
4,914
11,024
2,384
1,470
1,241
5,929
10,925
2,195
1,548
1,266
5,916
11,387
2,305
1,657
1,354
6,071
11,831
2,238
1,809
1,428
6,356
11,809
2,473
1,800
1,360
6,176
11,872
2,547
1,861
1,403
6,061
57
58
59
60
61
9,025
2,016
1,431
686
8,315
1,918
1,034
646
7,191
1,546
759
613
8,052
2,105
906
617
7,451
1,940
747
678
7,644
2,088
651
791
6,832
1,351
530
853
7,876
1,864
762
880
8,374
1,776
769
1,080
8,840
1,947
1,357
678
8,074
1,782
1,058
630
7,951
1,934
910
644
7,718
1,922
805
610
7,316
1,868
711
673
7,388
1,939
665
769
7,524
1,722
641
891
7,575
1,714
673
869
8,214
1,693
721
1,074
62
63
64
65
4,892
19,146
4,717
20,146
4,273
19,705
4,424
20,265
4,086
19,375
4,114
20,128
4,098
19,790
4,370
21,475
4,749
21,516
4,858
19,594
4,604
19,893
4,463
20,111
4,381
19,664
4,064
19,835
4,015
19,868
4,270
20,167
4,319
20,898
4,726
21,825
66
67
.
9,210
9,751
9,805
9,672
9,629
9,738
9,793
9,955
10,044
9,473
9,689
9,728
9,548
9,888
9,669
9,734
9,824
10,173
68
2,413
9,154
2,709
9,578
2,681
9,112
2,839
9,726
2,964
8,809
3,035
9,413
3,090
9,194
3,335
10,391
3,255
10,362
2,446
9,334
2,653
9,431
2,751
9,540
2,792
9,265
2,999
8,998
2,980
9,290
3,172
9,550
3,273
9,969
3,242
10,529
69
70
3,819
3,974
3,723
3,828
3,711
3,857
3,847
4,177
4,185
3,867
3,896
3,815
3,766
3,760
3,779
3,921
4,132
4,181
71
782
817
788
867
937
977
803
1,129
1,110
787
773
843
851
949
909
883
1,105
1,123
72
5,491
6,144
5,573
5,902
5,633
5,766
5,577
6,523
6,542
5,619
5,990
5,681
5,820
5,762
5,610
5,688
6,439
6,679
73
104
•
July 2000
SURVEY OF CURRENT BUSINESS
Table 2.-U.S. Trade
[Millions
Line
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1999
Trade in goods,
y, adjusted
j
to
g , by
y principal
p p end-use category,
ilitarybalance of payments basis, excluding militar
Continued:
Imports of goods, balance of payments basis, excluding
Military (A—16)
1 . .
.
Petroleum and products 6
368,425
409,765
447,189
477,365
498,337
490,981
536,458
589,441
749,574
803,327
876,367
917,178
1,029,917
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
730,584
71,772
804,595
50,903
866,275
67,807
962,110
24,376
24,809
24,928
24,898
26,407
26,205
27,610
27,866
30,958
33,176
35,710
39,694
41,243
43,578
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
9,227
6,663
2,045
29,282
5,039
3,575
4,162
7,632
3,254
9,195
10,412
7,702
2,189
30,312
4,484
3,069
4,314
8,245
3,627
9,640
10,931
8,117
2,300
31,476
3,712
2,534
4,498
9,135
4,163
9,970
12,102
8,914
2,618
104,210
113,746
122,684
135,363
145,168
132,963
140,591
152,437
164,946
185,005
209,476
217,357
203,095
224,800
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
203,015
80,257
79,311
6,251
211,106
80,242
79,194
5,890
197,205
59,436
58,327
5,529
219,271
78,222
76,879
7,372
4,642
8,936
7,427
4,546
5,417
9,812
7,391
5,027
10,211
5,499
12,380
7,401
6,671
9,633
5,503
13,954
7,647
7,087
9,471
5,656
15,021
7,337
8,084
8,450
6,135
15,290
6,825
9,455
8,232
6,866
16,872
8,282
10,330
8,320
7,550
18,081
10,556
11,047
8,931
8,182
21,359
12,684
12,503
12,879
8,617
25,552
12,819
13,353
10,871
8,843
26,897
15,035
14,147
10,676
10,107
29,164
16,822
14,618
11,223
10,348
29,238
17,909
15,821
11,614
10,303
30,173
21,824
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
2,957
16,176
20,260
5,290
2,516
6,217
6,237
5,493
47,759
3,044
17,221
21,679
7,747
2,494
5,071
6,367
5,815
49,948
2,998
18,165
22,035
6,608
2,643
5,829
6,955
6,750
54,433
3,273
21,184
22,836
6,527
51,314
2,791
18,125
22,797
5,768
4,463
6,400
71,990
85,128
102,202
112,156
116,061
120,802
134,252
152,305
184,369
221,429
228,075
253,281
Nonpetroleum products
Foods, feeds, and beverages
87
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 lubricants6
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
463
144
145
146
147
Paper and paper base stocks
Textile supplies and related materials
Chemicals, excluding medicinals
Building materials, except metals
Other nonmetalsD4,428
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
3,942
6,210
6,157
6,166
7,140
7,601
269,557
297,112
244,883
270,226
32,836
237,390
7,026
8,258
7,665
7,831
64,850
77,408
93,540
101,592
104,623
108,093
120,589
139,961
171,419
213,458
234,701
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
5,201
6,266
7,503
5,960
27,920
206,781
6,381
6,541
8,250
6,723
29,074
215,809
8,007
7,338
8,813
7,360
15,776
18,073
20,908
22,689
23,021
21,928
23,358
26,149
31,852
36,707
38,195
41,552
44,400
45,849
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
61,513
36,707
13,360
6,795
7,209
70,176
36,881
14,774
7,350
8,153
72,474
33,417
17,073
7,347
9,580
81,456
37,628
23,939
6,398
11,340
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
18,580
16,598
4,547
24,674
21,814
7,049
23,773
9,217
91,787
102,420
118,271
123,797
128,939
139,812
149,054
179,392
42,251
22,159
8,710
1,960
9,422
44,383
23,920
9,011
1,816
9,636
45,916
24,138
8,835
2,541
10,402
49,317
25,125
10,226
2,823
11,143
51,373
27,314
9,191
3,340
11,528
63,871
33,791
12,865
4,114
13,101
78,061
85,174
87,947
87,356
88,480
From Canada
Passenger cars, new and used
Trucks, buses, and special purpose vehicles
Engines and engine parts
Other parts and accessories
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
From other areas
Passenger cars, new and used
Trucks, buses, and special purpose vehicles
Engines and engine parts
Other parts and accessories
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
83,023
41,725
4,840
9,210
27,248
90,495
47,097
5,542
8,905
28,951
97,681
52,049
5,775
9,195
30,662
115,521
62,508
7,552
10,153
35,308
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
172,091
80,779
9,772
82,587
193,937
93,495
46,812
10,576
90,563
216,654
104,089
52,689
10,873
101,699
239,607
114,693
55,936
10,879
112,492
13,604
5,773
8,091
16,066
7,196
6,410
17,218
7,984
5,824
18,656
8,873
18,729
9,729
6,380
18,920
9,396
21,182
11,335
7,458
22,536
12,425
8,253
25,265
12,754
9,148
27,777
13,943
9,819
31,037
15,424
11,023
34,687
18,102
11,458
39,186
19,256
14,325
44,339
19,756
16,381
6,810
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
Radio and stereo equipment, including records, tapes,
and disks.
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 109.
4,222
4,851
5,634
5,624
5,329
5,991
4,549
4,499
5,544
6,003
5,694
5,741
10,433
6,450
12,084
7,191
13,003
7,878
13,971
9,238
17,168
10,331
17,538
10,577
3,983
4,893
5,125
4,733
6,837
6,961
7,082
8,596
9,277
8,494
9,556
9,824
7,073
7,848
8,113
8,725
9,879
10,866
12,422
19,562
11,790
20,337
12,344
23,772
15,042
26,137
16,406
29,036
18,552
32,286
20,582
37,575
24,044
45,428
28,780
7,772
7,993
8,730
9,731
10,484
11,704
13,531
16,648
July 2000 .
SURVEY OF CURRENT BUSINESS
105
in Goods—Continued
of dollars]
Not seasonally adjusted
Seasonally adjusted
1998
I
II
2000
1999
III
IV
I
II
\P
IV
III
1998
I
II
2000
1999
I
IV
III
II
Line
\P
IV
III
218,033
227,633
232,394
239,118
230,298
249,586
268,507
281,526
284,485
225,255
228,675
228,942
234,306
236,973
250,427
266,199
276,318
289,566
74
13,449
204,584
13,336
214,297
12,526
219,868
11,592
227,526
10,393
219,905
15,875
233,711
19,993
248,514
21,546
259,980
26,918
257,567
13,601
211,654
13,361
215,314
12,429
216,513
11,512
222,794
10,532
226,441
15,940
234,487
19,903
246,296
21,432
254,886
27,010
262,556
75
76
10,246
10,421
9,939
10,637
10,410
11,082
10,627
11,459
11,076
10,271
10,323
10,296
10,353
10,516
10,909
11,010
11,143
11,143
77
7,841
1,450
1,044
1,079
2,409
7,711
1,154
7,109
1,009
7,651
7,927
1,155
8,248
7,381
7,920
8,355
1,090
7,551
1,246
7,506
1,154
7,622
1,125
7,633
7,693
7,966
7,917
7,900
8,085
464
550
587
699
513
598
711
796
602
544
585
548
623
598
633
669
718
689
78
79
80
81
82
83
84
85
86
87
50,815
52,634
51,054
48,594
46,219
54,311
60,632
63,638
71,317
51,424
51,723
50,859
49,089
46,796
53,379
60,340
64,285
71,516
88
1,540
49,273
15,489
15,275
1,632
51,002
15,368
15,071
1,392
49,662
14,778
14,396
1,326
47,268
13,801
13,585
1,360
44,859
12,401
12,207
1,395
52,916
18,342
18,021
1,294
59,338
22,859
22,389
1,480
62,158
24,620
24,262
1,449
69,868
29,875
29,566
1,501
49,923
15,566
15,305
1,558
50,165
15,520
15,208
1,452
49,407
14,752
14,437
1,379
47,710
13,598
13,377
1,315
45,481
12,484
12,234
1,339
52,040
18,538
18,197
1,341
58,999
22,855
22,470
1,534
62,751
24,345
23,978
1,381
70,135
29,919
29,518
89
90
91
92
2,830
2,562
7,841
4,086
3,474
2,857
2,746
7,611
4,599
3,708
2,773
2,590
6,878
4,748
3,757
2,763
2,450
6,908
4,476
3,679
2,736
2,421
7,562
4,563
3,580
2,693
2,637
7,391
5,746
3,917
2,976
2,634
7,511
6,121
4,097
3,209
2,611
7,709
5,394
4,227
3,294
2,792
8,685
5,422
4,251
2,866
2,640
7,477
4,399
3,628
2,833
2,632
7,397
4,373
3,642
2,778
2,561
7,169
4,470
3,656
2,746
2,515
7,195
4,667
3,692
2,765
2,484
7,214
4,907
3,723
2,670
2,523
7,168
5,462
3,846
2,971
2,605
7,740
5,789
3,998
3,208
2,691
8,051
5,666
4,254
3,301
2,827
8,191
5,761
4,369
93
94
95
96
97
12,991
14,113
14,138
13,191
11,596
12,190
13,140
14,388
15,549
13,347
13,768
14,021
13,297
11,904
11,833
13,041
14,536
15,767
98
99
100
101
102
103
104
105
106
797
605
1,077
2,197
1,059
1,629
729
926
940
2,174
2,405
1,817
2,356
2,710
2,029
2,471
2,830
2,114
871
623
1,099
2,010
1,032
2,639
2,986
2,157
776
1,019
2,615
867
2,271
2,483
1,847
985
653
808
545
764
560
1,150
2,589
1,077
2,448
2,834
2,087
1,092
1,832
1,092
2,557
3,246
2,386
1,237
2,099
1,127
2,694
3,539
2,594
807
878
794
697
959
700
974
631
985
650
917
634
836
619
893
646
1,249
2,653
1,083
1,997
1,045
2,021
1,093
2,073
1,093
2,154
1,027
2,203
1,029
2,461
2,823
2,101
1,117
2,356
1,033
2,476
2,943
2,161
1,130
2,317
1,055
2,499
3,093
2,276
1,224
2,259
1,046
2,534
3,243
2,376
1,260
2,224
1,122
2,586
3,058
2,241
955
883
891
902
951
2,408
2,721
1,990
2,343
2,720
2,051
2,395
2,817
2,102
2,429
2,674
1,997
2,473
2,720
1,967
810
961
881
621
584
672
676
859
800
901
906
850
616
645
632
655
859
864
4,656
5,754
1,687
5,767
5,736
1,833
5,202
5,606
1,643
1,027
1,418
1,518
1,762
4,248
4,996
4,559
5,079
5,109
7,528
2,394
1,575
1,804
1,755
2,112
4,904
5,763
1,687
5,457
5,604
1,364
1,161
1,495
1,584
1,801
5,634
5,771
1,833
5,189
5,698
1,643
1,037
1,512
1,506
1,794
4,463
5,014
4,447
4,931
1,681
1,592
1,771
5,559
5,740
1,364
1,164
1,645
1,567
1,853
4,721
6,926
2,317
1,247
1,634
1,728
2,030
5,326
7,469
2,394
1,528
1,770
1,777
2,108
794
957
1,466
1,480
1,754
814
788
4,630
5,867
1,849
1,244
1,491
1,447
1,768
1,053
1,795
1,443
1,880
1,579
1,541
1,967
4,688
6,855
2,317
1,268
1,535
1,735
1,986
898
802
1,665
1,609
1,779
942
1,538
1,458
1,766
814
788
4,494
5,926
1,849
1,239
1,474
1,487
1,782
1,059
1,632
1,452
1,823
1,660
1,499
1,966
918
64,594
67,084
67,304
70,575
67,487
72,736
76,032
80,857
79,271
66,699
67,235
66,986
68,637
69,815
72,974
75,641
78,682
81,068
107
59,461
60,646
61,033
63,743
61,091
66,210
68,901
74,024
72,667
61,527
60,867
60,702
61,787
63,361
66,522
68,527
71,816
74,460
108
7,069
52,392
2,035
1,787
2,065
1,837
7,191
53,455
2,145
1,806
2,251
1,860
7,335
53,698
1,976
1,817
2,262
1,804
7,479
56,264
1,851
1,928
2,235
1,859
7,340
53,751
1,901
1,915
1,934
1,819
7,953
58,257
1,991
1,978
1,921
1,930
8,527
60,374
1,573
2,076
1,863
1,985
9,016
65,008
1,561
2,289
1,947
2,097
8,977
63,690
1,840
2,522
1,998
2,189
7,329
54,198
2,002
1,796
2,117
1,854
7,207
53,660
1,959
1,770
2,180
1,872
7,236
53,466
2,069
1,837
2,322
1,811
7,302
54,485
1,977
1,935
2,194
1,823
7,601
55,760
1,880
1,917
1,978
1,830
7,977
58,545
1,802
1,941
1,861
1,938
8,425
60,102
1,658
2,105
1,909
1,996
8,833
62,983
1,686
2,295
1,917
2,067
9,170
65,290
1,780
2,483
2,026
2,181
109
110
111
112
113
114
10,931
11,558
10,691
11,220
11,066
11,556
11,265
11,962
12,145
11,040
11,153
10,974
11,233
11,160
11,180
11,538
11,971
12,109
115
16,942
8,857
4,014
1,870
2,054
17,258
8,277
4,128
1,865
2,307
18,381
8,120
4,338
1,828
2,481
19,893
8,163
4,593
1,784
2,738
18,292
8,243
4,443
1,655
2,483
19,808
9,215
5,619
1,511
2,728
21,091
9,600
6,427
1,565
2,929
22,265
10,570
7,450
1,667
3,200
19,894
10,756
7,668
1,575
3,103
17,981
9,008
4,278
1,899
2,223
17,903
8,336
4,238
1,908
2,341
17,849
8,074
4,275
1,820
2,435
18,741
7,999
4,282
1,720
2,581
19,486
8,376
4,790
1,673
2,670
20,512
9,247
5,752
1,550
2,762
20,509
9,575
6,346
1,566
2,900
20,949
10,430
7,051
1,609
3,008
20,962
10,812
8,096
1,568
3,273
116
117
118
119
120
5,133
4,460
1,204
6,438
5,710
1,948
6,271
5,590
1,935
6,832
6,054
1,962
6,396
5,548
1,853
6,526
5,830
2,150
7,131
6,407
2,698
6,833
5,988
2,516
6,604
5,803
2,325
5,172
4,500
1,204
6,368
5,640
1,948
6,284
5,603
1,935
6,850
6,071
1,962
6,454
5,606
1,853
6,452
5,755
2,150
7,114
6,390
2,698
6,866
6,022
2,516
6,608
5,807
2,325
121
122
123
36,476
37,087
33,433
42,058
43,282
44,606
42,859
48,645
49,994
35,954
36,343
36,107
40,650
42,039
43,661
46,693
46,999
48,330
124
12,860
6,649
2,537
12,732
6,940
2,024
10,723
5,480
1,989
16,448
8,963
3,169
1,068
3,248
16,399
8,531
3,465
1,040
3,363
14,461
7,344
2,989
17,853
9,540
3,518
1,150
3,645
12,307
6,237
2,499
12,057
6,539
1,912
12,202
6,478
2,207
703
778
804
2,868
2,828
2,713
14,807
8,060
2,573
1,055
3,119
15,399
8,172
3,068
1,015
3,144
15,481
8,031
3,266
3,176
16,563
8,953
3,242
1,054
3,314
3,218
16,664
8,836
3,324
1,054
3,450
16,327
8,752
3,207
1,079
3,289
16,533
8,592
3,368
1,085
3,488
125
126
127
128
129
741
834
724
2,933
2,934
2,530
15,058
8,245
2,641
1,041
3,131
23,616
12,423
1,318
2,355
7,520
24,355
12,988
1,465
2,300
7,602
22,710
11,724
1,521
2,161
7,304
27,000
14,914
1,471
2,379
8,236
26,834
14,377
1,723
2,427
8,307
28,207
15,083
1,875
2,388
8,861
28,398
15,282
1,843
2,540
8,733
32,082
17,766
2,111
2,798
9,407
32,141
17,341
2,017
2,732
10,051
23,647
12,554
1,369
2,313
7,411
24,286
13,034
1,457
2,278
7,517
23,905
12,604
1,482
2,249
7,570
25,843
13,857
1,467
2,355
8,164
26,640
14,465
1,738
2,352
8,085
28,180
15,175
1,861
2,371
8,773
30,029
16,382
1,863
2,661
9,123
30,672
16,486
2,090
2,769
9,327
31,797
17,413
2,037
2,632
9,715
130
131
132
133
134
47,577
23,646
11,658
2,645
21,102
51,657
24,912
12,093
2,665
24,126
60,787
30,060
16,279
3,017
27,835
56,633
25,471
12,659
2,546
28,636
52,393
26,463
12,874
2,703
23,035
55,668
26,500
12,480
2,638
26,405
66,869
32,353
16,744
2,932
31,197
64,677
29,377
13,838
2,606
31,855
60,572
29,415
14,318
2,899
27,362
52,390
25,195
12,671
2,709
24,486
54,318
26,135
13,262
2,729
25,354
54,750
26,517
13,493
2,729
25,502
55,196
26,242
13,263
2,706
26,357
57,103
27,896
13,842
2,768
26,453
58,311
27,646
13,609
2,692
27,702
60,923
28,920
13,962
2,635
28,828
63,270
30,231
14,523
2,784
29,509
65,159
30,594
15,114
2,930
30,967
135
136
137
138
139
8,530
3,767
2,577
9,700
4,173
3,350
10,619
5,354
4,273
10,337
5,962
4,125
9,446
3,747
3,071
10,943
4,495
3,748
12,176
5,702
4,754
11,774
5,812
4,808
11,052
4,149
4,026
9,400
4,837
3,173
9,781
4,714
3,606
9,766
4,715
3,726
10,239
4,990
3,820
10,356
4,804
3,729
11,019
5,063
4,006
11,284
4,998
4,195
11,680
4,891
4,451
11,948
5,217
4,847
140
141
142
1,968
2,347
2,753
2,488
1,835
2,280
2,813
2,896
2,250
2,454
2,490
2,383
2,229
2,305
2,421
2,463
2,635
2,768
143
2,829
2,754
2,963
3,598
144
952
966
2,829
2,619
2,892
2,526
2,895
2,763
3,319
3,445
3,795
2,709
2,731
2,597
3,175
3,530
8,327
5,487
8,750
5,893
9,877
6,066
10,621
6,598
10,507
6,703
11,183
7,071
11,488
7,203
12,250
7,803
12,255
7,829
8,517
5,608
8,733
5,892
9,944
6,109
10,381
6,435
10,704
6,770
11,193
7,115
11,592
7,307
11,939
7,588
12,350
7,823
145
146
2,840
2,857
3,811
4,023
3,804
4,112
4,285
4,447
4,426
2,909
2,841
3,835
3,946
3,934
4,078
4,285
4,351
4,527
147
106
.
July 2000
SURVEY OF CURRENT BUSINESS
Table 3.—Private
[Millions
Not seasonally adjusted
1997
1998
1999
239,444
244,099
254,665
58,205
59,826
64,339
61,729
Travel (table 1, line 6)
Passenger fares (table 1, line 7)
Other transportation (table 1, line 8)
Freight
Port services
73,426
20,868
27,006
11,789
15,217
71,286
20,098
25,604
11,048
14,557
74,881
19,776
27,033
11,667
15,365
15,661
4,604
6,071
2,781
3,290
18,128
5,021
6,300
2,774
3,526
20,363
5,756
6,682
2,650
4,033
17,134
4,717
6,551
2,843
3,708
Royalties and license fees (table 1, line 9)
Affiliated
U.S. parents' receipts
U.S. affiliates' receipts
Unaffiliated
Industrial processes •
Other 2
33,639
24,876
23,091
1,785
8,763
3,544
5,219
36,197
26,809
24,720
2,089
9,388
3,573
5,814
36,467
26,307
24,576
1,731
10,160
3,551
8,547
6,258
5,787
471
2,289
892
1,397
8,654
6,329
5,977
352
2,325
894
1,431
8,654;
6,289
5,918
371
2,365
10,342
7,933
7,038
894
1,470
895
2,409
893
1,516
Other private services (table 1, line 10)
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 services 3
84,505
27,253
17,288
9,965
57,252
8,346
10,243
2,473
6,118
3,645
3,918
21,450
10,821
90,914
28,397
18,232
10,165
62,517
9,037
11,273
2,189
7,265
5,076
5,538
22,175
12,305
96,508
28,943
18,111
10,832
67,565
9,572
13,925
2,295
8,259
5,964
4,460
24,368
12,946
23,322
6,655
4,421
2,234
21,723
6,974
4,583
2,391
16,667
3,636
2,632
628
1,749
1,121
1,417
5,433
2,921
14,749
1,145
3,117
593
1,824
1,232
1,389
5,505
3,000
22,884
7,110
4,311
2,799
15,774
2,418
2,711
526
1,853
1,326
1,363
5,581
3,175
22,985
7,658
4,917
2,741
15,327
1,839
2,813
442
1,840
1,397
1,369
5,656
3,208
152,042
167,607
174,825
37,235
43,062
46,114
41,196
52,051
18,138
28,959
17,654
11,305
56,509
19,971
30,363
19,412
10,950
59,351
21,405
34,137
22,214
11,925
11,652
4,242
7,126
4,485
2,641
15,185
5,337
7,511
4,829
2,682
17,226
5,735
7,795
5,016
2,779
12,446
4,657
7,931
5,082
2,848
9,614
7,202
1,379
5,823
2,412
1,417
11,713
8,754
1,755
6,999
2,959
1,536
1,423
13,275
10,208
2,134
8,074
3,067
1,883
1,185
1,951
386
1,565
942
363
579
2,665
2,011
2,839
2,165
486
1,679
674
3,316
2,627
389
285
411
278
43,280
17,817
9,012
8,805
25,463
1,396
3,347
5,873
15,211
9,338
8,346
6,047
453
49,051
19,756
11,322
12,846
5,746
3,117
1,940
1,641
116
12,364
4,838
2,535
2,303
7,526
391
949
2,440
5,018
2,578
1,923
1,700
124
12,519
5,019
2,565
2,454
7,500
509
6,869
507
46,657
22,437
11,427
11,010
24,220
1,840
3,574
4,078
21,242
17,164
6,766
7,430
532
-196,665
-246,854
76,492
-170,362
-345,559
79,840
-265,719
-47,653
20,970
-26,683
-59,586
16,764
-74,992
-42,822
-56,767
Line
1998
IV
Exports of private services
Imports of private services
Travel (table 1, line 23)
Passenger fares (table 1, line 24)
Other transportation (table 1, line 25)
Freight
Port services
Royalties and license fees (table 1, line 26)
Affiliated
U.S. parents' payments
U.S. affiliates' payments
Unaffiliated
Industrial processes'
Other 2
Other private services (table 1, line 27)
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 71)
Balance on private services (line 1 minus line 27)
Balance on goods and private services (lines 53 and 54)
See footnotes on page 109.
87,402
-109,263
10,406
9,350
29,295
1,591
3,561
9,080
20,290
11,210
7,687
4,153
2,189
1,964
7,169
301
885
2,286
4,661
2,375
369
1,642
654
373
281
871
2,344
5,255
2,911
1,904
1,744
127
18,225
514
2,113
689
2,629
7,100
390
856
2,010
5,356
3,346
1,921
1,783
139
-64,623
20,533
^4,090
July 2000 •
SURVEY OF CURRENT BUSINESS
107
Services Transactions
of dollars]
Not seasonally adjusted
Seasonally adjusted
1999
II
I
2000
\P
IV
III
1998
I
II
IV
II
61,929
63,070
63,905
65,759
67,613
1
18,695
5,105
6,728
2,927
3,801
19,482
4,955
7,097
3,142
3,956
19,762
5,001
7,189
3,227
3,962
2
3
4
5
6
9,106
6,540
6,097
9,107
6,484
6,238
9,243
6,564
6,100
7
8
9
10
61,353
68,119
65,359
65,303
60,265
61,576
60,282
15,784
4,466
6,205
2,737
3,468
18,569
4,756
6,693
2,839
3,854
21,908
5,760
7,079
2,903
4,175
18,620
4,794
7,056
3,188
3,868
17,191
4,632
6,857
3,171
3,686
17,898
4,960
6,385
2,830
3,555
18,179
5,179
6,293
2,742
3,551
17,284
5,078
6,328
2,665
3,663
17,925
4,881
6,599
2,811
3,788
18,140
4,814
6,515
2,785
3,730
18,564
4,902
6,692
2,813
3,880
8,861
6,402
5,941
8,889
6,377
5,955
9,007
6,441
5,999
9,710
7,087
6,681
8,991
6,312
5,917
8,825
6,536
5,970
8,952
6,627
6,145
8,787
6,422
6,024
9,631
7,222
6,580
9,114
6,655
6,127
9,140
6,628
6,114
461
422
442
406
395
566
2,566
2,623
2,679
2,289
ftftfi
OOD
AP.fi
1,680
1,737
ooo
1,793
OQO
Ouc.
1,568
2,512
000
000
1,624
1,397
24,518
7,089
4,399
2,690
17,429
3,872
2,901
22,446
6,810
4,309
2,501
15,636
1,208
3,496
24,365
6,995
4,423
2,572
17,370
2,563
3,613
25,179
8,049
4,980
3,069
17,130
1,930
3,915
27,632
7,974
4,743
3,231
19,658
4,093
4,244
22,197
6,882
4,530
2,352
15,315
2,201
2,632
OQ-t
09 1
ftP.fi
000
482
2,325
ft 04
oyi
1,431
22,973
7,104
4,615
2,489
15,869
2,242
3,117
61,973
Line
\P
IV
III
I
59,834
2,459
2000
1999
III
398
642
528
514
443
246
464
2,365
2,409
2,459
2,512
2,566
2,623
2,679
P.Q4
out
OQO
ftftfi
ftftfi
OOD
ftftfi
OOD
1,737
1,793
13
25,118
7,527
4,693
2,834
17,591
2,435
3,915
26,418
8,273
4,865
3,408
18,145
2,484
4,244
14
15
16
17
18
19
20
21
22
23
24
25
26
QQ1
oyi
OOQ
OOO
1,470
oyo
1,516
1,568
1,624
000
1,680
22,805
7,230
4,446
2,784
15,575
2,285
2,711
22,937
7,180
4,641
2,539
15,757
2,309
2,813
23,346
7,351
4,512
2,839
15,995
2,343
2,901
23,772
6,937
4,336
2,601
16,835
2,377
3,496
24,271
7,127
4,569
2,558
17,144
2,417
3,613
11
12
553
563
579
599
625
628
593
526
442
553
563
579
599
625
1,991
1,437
1,162
5,871
3,070
2,043
1,480
1,152
6,055
3,163
2,091
1,512
1,099
6,172
3,344
2,135
1,536
1,048
6,269
3,369
2,178
1,553
1,015
6,378
3,303
1,749
1,121
1,417
5,433
3,004
1,824
1,232
1,389
5,505
3,023
1,853
1,326
1,363
5,581
3,109
1,840
1,397
1,369
5,656
3,168
1,991
1,437
1,162
5,871
3,165
2,043
1,480
1,152
6,055
3,192
2,091
1,512
1,099
6,172
3,264
2,135
1,536
1,048
6,269
3,325
2,178
1,553
1,015
6,378
3,400
38,454
44,613
48,056
43,702
43,558
40,488
41,710
42,321
43,090
42,041
43,122
44,096
45,567
47,523
27
12,242
4,771
7,493
4,790
2,704
15,945
5,655
8,218
5,348
2,871
18,017
5,964
9,185
6,053
3,132
13.147
5,015
9,241
6,023
3,218
13,355
5,303
9,128
5,939
3,189
13,770
4,650
7,404
4,653
2,751
14,096
4,981
7,456
4,747
2,709
14,164
5,139
7,567
4,893
2,674
14,479
5,201
7,937
5,121
2,816
14,560
5,215
7,784
4,977
2,808
14,718
5,274
8,187
5,273
2,914
14,799
5,348
8,953
5,915
3,038
15,274
5,568
9,214
6,049
3,165
15,844
5,821
9,480
6,172
3,308
28
29
30
31
32
3,021
2,302
3,150
2,396
3,223
2,439
3,881
3,071
3,710
2,881
2,940
1,998
2,735
2,081
2,910
2,236
3,129
2,440
3,081
2,362
3,224
2,470
3,314
2,530
3,656
2,846
3,779
2,950
500
508
536
590
572
386
369
486
514
500
508
536
590
572
1,802
1,888
1,903
2,481
2,309
1,612
1,712
1,750
1,926
1,862
1,962
1,994
2,256
2,378
719
436
283
754
461
293
784
483
301
810
502
308
829
515
314
942
363
579
654
373
281
674
389
285
689
411
278
719
436
283
754
461
293
784
483
301
810
502
308
829
515
314
33
34
35
36
37
38
39
10,927
4,873
2,477
2,396
6,054
11,645
5,630
2,817
2,813
6,015
11,667
5,543
2,803
2,740
6,124
12,418
6,391
3,330
3,061
6,027
12,062
5,644
2,778
2,866
6,418
11,724
4,483
2,443
2,040
7,241
12,442
4,913
2,575
2,338
7,529
12,541
5,141
2,629
2,512
7,400
12,344
5,219
2,758
2,461
7,125
11,401
5,262
2,761
2,501
6,139
11,719
5,703
2,852
2,851
6,016
11,682
5,677
2,873
2,804
6,005
11,855
5,795
2,941
2,854
6,060
12,599
6,082
3,090
2,992
i 6,517
347
767
373
885
394
949
409
871
415
856
432
767
2,286
4,661
2,375
1,940
1,641
2,440
5,018
2,578
1,923
1,700
2,344
5,255
2,911
1,904
1,744
2,010
5,356
3,346
1,921
1,783
1,233
5,348
4,115
1,779
1,807
453
845
988
469
985
884
486
977
972
5,301
4,329
1,571
1,911
1,175
1,182
5,367
4,185
1,565
1,949
5,308
4,320
1,759
1,840
5,284
4,400
1,658
1,873
5,301
4,329
1,571
1,911
1,175
1,182
: 5,367
4,185
1,565
1,949
136
143
144
116
124
127
139
121
132
136
143
144
40
41
42
43
44
45
46
47
48
49
50
51
52
-101,676
20,063
-81,613
-95,802
21,657
-74,145
-99,892
21,745
-78,147
-54,646
19,777
-34,869
-62,621
19,866
-42,755
-64,564
17,961
-46,603
-65,023
18,883
-46,140
-73,024
19,888
-53,136
-83,984
19,948
-64,036
-92,318
19,809
-72,509
-96,233
20,192
-76,041
-105,838
20,090
-65,748
53
54
55
1,233
5,348
4,115
1,779
1,807
452
845
988
588
985
884
453
977
972
5,308
4,320
1,759
1,840
5,284
4,400
1,658
1,873
121
132
-66,774
21,380
-45,394
-81,307
16,740
-64,567
403
502
108
.
July 2000
SURVEY OF CURRENT BUSINESS
Table 4.—Selected U.S. Government Transactions
[Millions of dollars]
Not seasonally adjusted
Line
U.S. Government grants and transactions increasing Government assets, total
1997
1998
1999
18,026
17,828
20,651
3,585
3,392
4,048
6,804
4,019
5,379
4,564
12,656
12,472
3,874
8,598
13,294
13,270
4,152
9,118
13,842
13,774
3,911
9,862
2,371
2,365
621
1,744
2,209
2,209
369
2,899
2,882
591
1,840
2,292
5,814
5,814
2,571
3,244
2,582
2,574
506
2,068
3,100
3,097
662
2,434
2,852
2,847
630
2,217
183
22
5,417
1,588
3,163
-4
670
4,678
1,580
2,434
667
-47
71
-145
22
1999
1998
2000
4,074
By category
Grants, net
U.S. Government current grants, net (table 1, line 36, with signs reversed)
Financing military purchases'
Other grants
Cash contributions received from coalition partners for Persian Gulf operations .
Debt forgiveness (table 1, part of Line 39, with sign reversed)
Credits and other long-term assets (table 1, line 47, with sign reversed)
Capital subscriptions and contributions to international financial institutions, excluding IMF .
Credits repayable in U.S. dollars
Credits repayable in other than U.S. dollars
Other long-term assets
Foreign currency holdings and short-term assets, net (table 1, line 49 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
n
17
1,286
413
628
2
243
1,044
338
549
728
1,156
444
610
-7
109
634
-24
26
-5
-138
38
6,175
1,451
3,999
-3
1,192
385
648
5,307
5,256
2,113
3,143
2,802
2,797
945
1,853
51
1,099
272
626
1
201
1,561
343
167
1,595
329
1,094
2
170
112
-38
117
4
283
2
-289
2
41
139
-2
96
1
74
1
-218
n
n
2,167
456
1,544
1
157
1,314
394
736
-6
191
-65
-17
122
7
n
1,220
-3
0
1
2
18
27
1
-17
-18
42
328
n
-100
-210
1,588
1,331
11,152
1,729
505
1,080
53
-17
571
1,580
1,144
11,617
1,530
325
1,150
65
42
457
11,725
5,311
2,999
2,225
259
1,966
971
220
n
R
330
"'-176
-72
413
338
471
5,116
385
33
393
32
49
394
497
1,964
456
571
2,458
192
467
211
10
2
287
1,204
282
3
41
178
n
n
206
-74
272
432
4,657
425
55
439
3
343
494
2,483
567
44
215
3
1
-74
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 A16, A17, and A19)
Less foreign currencies used by U.S. Government other than for grants or credits (line A22).
Other (including changes in administrative cash holdings), net
1,058
176
444
194
1,909
512
6
202
7
12
130
11,446
5,536
3,061
2,381
215
13,705
5,655
3,203
2,644
264
2,318
786
670
661
66
2,084
943
726
378
37
2,608
925
836
631
4,437
2,882
829
711
44
2,581
818
727
527
48
992
874
648
24
2,166
391
133
2,380
1,858
407
595
161
51
341
13
45
564
187
3
667
30
34
478
493
20
9
12
1,308
2
-29
1,440
1
49
2,367
578
30
276
238
32
3
121
1,336
1,090
106
471
246
153
113
246
1,451
2,003
11,575
1,636
1,806
1,147
18
42
385
180
2,100
388
140
209
16
10
298
2,493
244
147
347
10
-29
269
329
502
2,496
750
80
215
2
-2
1
407
By disposition3
Estimated transactions involving no direct dollar outflow from the United States
Expendjtures on U.S. merchandise
Expenditures on U.S. services4
Financing of military sales contracts by U.S. Government5 (line C6)
By long-term credits
By short-term credits 1
By grants 1
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.
merchandise
Less foreign currencies used by U.S. Government other than for grants or credits (line A22)
Estimated dollar payments to foreign countries and international financial institutions
Repayments on U.S. Government long-term assets, total (table 1, line 48)
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 60)
Associated with military sales contracts2
U.S. Government cash receipts from foreign governments (including prinipal 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 A39)
By long-term credits
By short-term credits i
By grants 1
Less transfers of goods and services (including transfers financed by grants for military purchases,
and by credits)/1 2/(table 1, line 5)
Associated with U.S. Government grants and transactions increasing Government assets (including
changes in retained accounts)7 (line A45)
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
3,220
1,504
831
776
182
4,101
2,342
771
3,044
1,245
926
675
67
1,191
142
594
11
110
683
164
135
609
153
47
1
2
1,438
3
41
1,576
13
-2
1,344
3
1
2,588
1,030
942
746
134
227
220
32
133
196
1,554
1,359
52
574
252
473
8
196
1,887
1,701
31
370
208
1,089
3
5,093
955
178
253
372
16
1,190
1,182
178
573
384
48
136
4,138
n
-292
-280
-1,439
-1,441
-1,485
-1,482
624
-17
14
42
6,301
6,382
20
42
6,946
2
10
1,267
5,438
4,751
506
1,753
1,745
501
246
687
4,111
3,362
302
9,560
4,862
366
1,509
927
375
249
748
1,066
1,604
155
1,134
949
32
535
223
159
4,697
-1,041
-963
-3,550
-3,539
-3,255
-3,248
-1,113
-760
-705
-1,099
-760
-758
11,874
12,486
10,442
748
3,036
342
3,166
105
2,446
274
3,838
87
1,730
1,917
84
2,860
278
3,936
97
2,111
174
-2,643
2,225
259
-32
2,381
215
-748
2,643
264
-195
-327
378
37
-922
631
68
1,412
711
44
-791
527
-981
648
24
171
776
182
852
-241
675
67
17
1,672
f
18
1,026
848
106
475
233
26
8
178
1
1
-640
693
9
1,966
2,166
2,380
595
341
564
667
478
624
594
683
16,836
17,628
16,334
4,662
4,471
4,005
4,490
4,240
4,561
3,944
3,589
3,492
3
3
3
-1
-1
-1
-1
-61
-18
H
-10
-11
3
-2
n
n
54
62
-4
-4
-55
-53
-1
-1
n
-20
2
-3
-2
2
609
n
-5
See footnotes on page 109.
SURVEY OF CURRENT BUSINESS
July 2000 •
109
FOOTNOTES TO U.S. INTERNATIONAL TRANSACTIONS TABLES 1-10A
General notes for all tables: V Preliminary.
* Less than $500,000 ( ± )
D Suppressed to avoid disclosure of data of individual companies,
n.a. Not available.
Table 1:
1. Credits, +: Exports of goods and services and income receipts; unilateral current transfers to the United States;
capital account transactions receipts; financial inflows-nncrease in foreign-owned assets (U.S. liabilities) or decrease in
U.S.-owned assets (U.S. claims).
Debits, - : Imports of goods and services and income payments; unilateral current transfers to foreigners; capital
accounts, transactions payments; financial outflows—decrease in foreign-owned assets (U.S. liabilities) or increase in
U.S.-owned assets (U.S. claims).
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 5; major equipment, other materials, supplies, and petroleum
products purchased abroad by U.S. military agencies inline 22; and fuels purchased by airline and steamship operators in
lines 8 and 25.
4. Includes transfers of goods and services under U.S. military grant programs.
5. Beginning in 1982, these lines are presented on a gross basis. The definition of exports is revised to exclude U.S.
parents' payments to foreign affiliates and to include U.S. affiliates' receipts from foreign parents. The definition of imports
is revised to include U.S. parents' payments to foreign affiliates and to exclude U.S. affiliates' receipts from foreign parents.
6. Beginning in 1982, the "other transfers" component includes taxes paid by U.S. private residents to foreign
governments and taxes paid by private nonresidents to the U.S. Government.
7. At the present time, all U.S. Treasury-owned gold is held in the United States.
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, line 76 is equal to "net foreign investment" in the national income and product accounts (NIPA's).
However, the foreign transactions account in the NIPA's (a) includes adjustments to the international transactions accounts
for the treatment of gold, (b) includes adjustments for the different geographical treatment of transactions with U.S. territories
and Puerto Rico, and (c) includes services furnished without payment by financial pension plans except life insurance
carriers and private noninsured pension plans. A reconciliation of the balance on goods and services from the international
accounts and the NIPA net exports appears in reconciliation table 2 in appendix A 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 and articles on revisions to the international accounts in the June 1989, June
1990, June 1992, June 1993, June 1995, and July 1996-2000 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 1974-81, when they represent
transactions values, f.a.s. foreign port of exportation (see June issues of the SURVEY for historical data).
From 1983 forward, both unadjusted and seasonally adjusted data have been prepared by BEA from "actual" and
"revised statistical" month data supplied by the Census Bureau (see Technical Notes in the December 1985 SURVEY).
Seasonally adjusted data reflect the application of seasonal factors developed jointly by Census and BEA. The seasonally adjusted data are the sum of seasonally adjusted five-digit end-use categories (see Technical Notes in the June
1980 SURVEY, in the June 1988 SURVEY, and in the June 1991 SURVEY). Prior to 1983, annual data are as published by
the Census Bureau, except that for 1975-80 published Census data are adjusted to include trade between the U.S. Virgin
islands and foreign countries.
2. Adjustments in lines A5 and A13, B12, B48, and B84 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.
3. 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 5 (transfers under U.S. military agency sales
contracts); the imports are included in tables 1 and 10, line 22 (direct defense expenditures).
4. 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).
5. Coverage adjustments for special situations in which shipments were omitted from Census data; the deduction of
the value of repairs and alterations to U.S.-owned equipment shipped abroad for repair; and the adjustment of software
imports to market value. Also includes addition of understatement of inland freight in f.a.s values of U.S. imports of goods
from Canada in 1974-81; deduction of imports from the Panama Canal Zone before October 1,1979; and for 1975-82,
net timing adjustments for goods recorded in Census data in one period but found to have been shipped in another (see
June issues of the SURVEY for historical data).
6. For 1988-89, correction for the understatement of crude petroleum imports from Canada.
7. Annual and unadjusted quarterly data shown in this table correspond to country and area data in table 10, lines 3
and 20. 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.); Othercountries:
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 "Othercountries in Asia and Africa."
8. 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.
9. 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."
10. The "Euro area," which formed in January 1999, includes Austria, Belgium, Finland, France, Germany, Ireland,
Italy, Luxembourg, Netherlands, Portugal, and Spain.
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 A4. Deliveries against these military
sales contracts are included in line C10; see footnote 2. Of the line A4 items, part of these military expenditures is applied
in lines A43 and A46 to reduce short-term assets previously recorded in lines A41 and C8; this application of funds is
excluded from lines C3 and C4. A second part of line A4 expenditures finances future deliveries under military sales
contracts for the recipient countries and is applied directly to lines A42 and C9. A third part of line A4, disbursed directly to
finance purchases by recipient countries from commercial suppliers in the United States, is included in line A37. A fourth
part of line A4, representing dollars paid to the recipient countries to finance purchases from countries other than the United
States, is included in line A48.
2. Transactions under military sales contracts are those in which the Department of Defense sells and transfers
military goods and services to a foreign purchaser, on a cash or credit basis. Purchases by foreigners directly from
commercial suppliers are not included as transactions under m iI itary sales contracts. The entries for the several cat egories
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 A38 includes foreign currency collected as interest and line A43 includes foreign currency collected as principal,
as recorded in lines A16 and A17, 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, Edge Act subsidiaries, and U.S. bank holding companies.
Foreign-owned banks include U.S. branches and agencies of foreign banks and majority-owned bank subsidiaries in the
United States. U.S. brokers and dealers are identified separately beginning with the first quarter of 1997; prior to 1997,
they are commingled with U.S.-owned banks' accounts.
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
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, Edge Act subsidiaries, and U.S. bank holding companies.
Foreign-owned banks include U.S. branches and agencies of foreign banks and majority-owned bank subsidiaries in the
United States. U.S. brokers and dealers are identified separately beginning with the first quarter of 1997; prior to 1997,
they are commingled with U.S.-owned banks' accounts.
6. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
7. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama.
8. Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries. Excludes Ecuador beginning
in January 1993.
9. Includes Eastern Europe and international and regional organizations.
Table 10: For footnotes 1-13, see table 1.
14. The "European Union" includes the "European Union (6)," United Kingdom, Denmark, Ireland, Greece, Spain, and
Portugal. Beginning with the first quarter of 1995, the "European Union" also includes Austria, Finland, and Sweden.
15. The "European Union (6)" includes Belgium, France, Germany (includes the former German Democratic Republic
(East Germany) beginning in the fourth quarter of 1990), Italy, Luxembourg, Netherlands, European Atomic Energy
Community, European Coal and Steel Community, and European Investment Bank.
16. Includes, as part of international and unallocated, the estimated direct investment in foreign affiliates engaged in
international shipping, in operating oil and gas drilling equipment internationally, and in petroleum trading. Also includes
taxes withheld; current-cost adjustments associated with U.S. and foreign direct investment; before 1996, small transactions
in business services that are not reported by country; and net U.S. currency flows, for which geographic source data are
not available.
17. Details are not shown separately; see totals in lines 56 and 63.
18. Details not shown separately are included in line 69.
Table 10a: For footnotes 1-13, see table 1.
14. Details not shown separately are included in line 69.
NOTE.—Country data are based on information available from U.S. reporting sources. In some instances the statistics
may not necessarily reflect the ultimate foreign transactor. For instance: U.S. export statistics reflect country of reported
destination; in many cases the exports may be transshipped to third countries (especially true for the Netherlands and
Germany). The geographic breakdown of security transactions reflects country with which transaction occurred but may not
necessarily reflect the ultimate sources of foreign funds or ultimate destination of U.S. funds. Data for individual countries
within the European Union (6) may not add to the published totals for the European Union (6), because in several instances
estimates for the group are not available for each country. In addition, country data may not add to the European Union (6)
totals because of rounding.
110
•
July 2000
SURVEY OF CURRENT BUSINESS
Table 5.—Direct Investment: Income, Capital, Royalties and
[Millions
Not seasonally adjusted
Line
1997
(Credits+; debits-)
1998
1998
1999
III
I
II
28,296
27,494
10,538
16,956
IV
U.S. direct investment abroad:
Income with current-cost adjustment, before deduction of withholding taxes (table 1, line 14) ,
Earnings
Distributed earnings
25,745
24,852
22,102
2,750
115,536
113,421
55,196
58,225
2,115
4,866
-2,751
106,407
103,166
55,545
47,622
3,241
5,925
-2,684
118,802
115,132
45,492
69,640
3,670
6,527
-2,856
28,571
27,873
10,973
16,900
698
802
848
893
1,352
-654
1,455
-653
1,526
-678
1,592
-699
9,247
1,495
11,970
1,662
12,390
1,411
2,820
2,966
3,066
3,118
277
277
400
708
104,794
12,507
38,468
53,817
92,775
7,597
29,880
55,299
105,001
10,213
32,472
62,316
25,474
2,621
8,571
14,282
25,053
2,359
8,403
14,291
20,329
1,913
6,217
12,200
21,919
-105,016
-40,792
-63,516
22,724
-58,225
-5,999
-16,995
10,995
-146,052
-73,332
-97,221
23,888
^7,622
-25,099
-41,122
16,023
-150,901
-52,093
-80,733
28,640
-69,640
-29,167
-38,025
8,858
-51,039
-22,153
-56,993
4,840
-16,900
-11,986
-11,706
-280
-47,720
-15,576
-20,774
5,198
-16,956
-15,188
-15,827
-21,687
-14,820
-20,150
5,329
-11,016
4,149
-1,433
5,581
-25,606
-20,783
-29,304
8,521
-2,750
-2,074
-12,156
10,083
-9,247
-11,970
-12,390
-2,820
-2,966
-3,066
-3,118
-95,769
-40,792
-4,904
-7,570
-28,318
-48,978
-4,194
-18,590
-26,196
-5,999
-2,456
-2,167
-1,376
-134,082
-73,332
-8,125
-15,703
-49,503
-55,652
-838
-10,386
-24,426
-25,099
-48,219
-22,153
-3,297
-3,583
-15,272
-14,080
-670
-5,200
-8,209
-11,986
-683
-992
-10,311
-44,754
-15,576
-2,053
-3,903
-9,620
-13,990
-1,054
-4,681
-8,256
-15,188
-18,621
-14,820
-961
-6,081
-7,778
-7,950
-684
-1,962
-5,303
4,149
-22,488
-20,783
-1,814
-2,136
-16,833
193
999
-62
3,963
-29,510
-138,511
-52,093
-5,395
-14,323
-32,376
-57,250
-4,513
-14,099
-38,637
-29,167
1,015
-7,101
-23,083
1,269
-16,650
2,009
1,140
1,677
-3,689
Royalties and license fees, 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 26)
21,712
23,091
-1,379
22,964
24,720
-1,755
22,444
24,576
-2,134
5,401
5,787
-386
5,607
5,977
-369
5,432
5,918
-486
6,524
7,038
-514
Other private services, before deduction of withholding taxes, n e t .
U.S. parents' receipts (table 1, part of line 10)
U.S. parents' payments (table 1, part of line 27)
8,277
17,288
-9,012
7,825
18,232
-10,406
6,683
18,111
-11,427
2,232
4,421
-2,189
2,048
4,583
-2,535
1,746
4,311
-2,565
1,799
4,917
-3,117
-43,601
-04,408
-17,851
-16,557
-9,193
-11,064
1,872
-38,679
-28,292
-24,456
-3,835
-10,386
-12,248
1,862
-56,098
^0,543
-17,390
-23,155
-15,555
-17,316
1,764
-9,161
-6,761
-4,539
-2222
-2,400
-2,761
-10,574
-8,026
-4,963
-3,063
-2,547
-3,009
-9,234
-6,632
-4,707
-1,924
-5,603
-3,042
-9,710
-6,873
-10,247
3,374
-2,836
-3,436
361
462
440
599
-2,519
-721
-4,551
-1,346
^,364
-730
-1,019
-148
-1,128
-143
-1,193
-242
-1,211
-813
Equals: Income without current-cost adjustment, after deduction of withholding taxes 2
Petroleum
Manufacturing
Other
^0,361
-4,109
-17,842
-18,406
-32,782
-1,384
-19,793
-11,605
-61,004
-5,114
-27,569
-18,320
-7,994
-377
-4,664
-2,953
-9,303
-365
-5,737
-3,201
-7,799
-489
-3,860
-3,450
-7,686
-153
-5,532
-2,001
Capital with current-cost adjustment (table 1, line 6 4 ) .
Equity capital
Increases in equity capital 3
Decreases in equity capital 4
Reinvested earnings
Intercompany debt
U.S. affiliates' payables
U.S. affiliates' receivables
106,032
63,669
75,063
-11,395
16,557
25,808
28,493
-2,684
186,316
151,741
182,784
-31,043
3,835
30,739
46,398
-15,659
275,533
212,140
235,284
-23,145
23,155
40,239
49,333
-9,093
21,971
14,358
16,827
-2,469
2,222
5,391
4,988
20,815
13,037
15,996
-2,958
3,063
4,714
4,711
403
3
24,896
16,271
29,256
-12,985
1,924
6,701
7,655
-954
118,634
108,075
120,705
-12,631
-3,374
13,933
29,044
-15,111
2,519
4,551
4,364
1,019
1,128
1,193
1,211
103,513
63,669
1,097
20,362
42,209
14,038
1,385
6,743
5,910
25,808
1,365
7,111
17,330
181,765
151,741
57,451
62,363
31,927
-716
-679
1,787
-1,821
30,739
2,042
22,861
5,837
271,169
212,140
1,574
40,280
170,286
18,791
3,217
12,219
3,354
40,239
20,952
14,358
-514
3,850
10,721
1,203
-338
1,423
19,687
13,037
-164
4,684
8,518
1,935
23,703
16,271
-1,485
17,218
Royalties and license fees, before deduction of withholding taxes, net
U.S. affiliates' payments (table 1, part of line 26)
U.S. affiliates' receipts (table 1, part of line 9)
^,038
-5,823
1,785
-4,909
-6,999
2,089
-6,344
-8,074
1,731
Other private services, before deduction of withholding taxes, net.
U.S. affiliates' payments (table 1, part of line 27)
U.S. affiliates' receipts (table 1, part of line 10)
1,160
-8,805
9,965
816
-177
-11,010
10,832
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
Petroleum
Manufacturing
Other
2
Capital with current-cost adjustment (table 1, line 5 1 ) .
Equity capital
Increases in equity capital 3
Decreases in equity capital 4
Reinvested earnings
Intercompany debt
U.S. parents' receivables
U.S. parents' payables
Less: Current-cost adjustment (line 8 with sign reversed)
Equals: Capital without current-cost adjustment2
Equity capital (line 15)
Petroleum
Manufacturing
Other
Reinvested earnings without current-cost adjustment (line 18 less line 2 2 ) .
Petroleum
Manufacturing
Other
Intercompany debt (line 19)
Petroleum
Manufacturing
Other
447
639
23,795
22,947
11,932
11,016
704
6,689
14,526
368
1,570
1,457
-2,658
-2,074
Foreign direct investment in the United States:
Income with current-cost adjustment, before deduction of withholding taxes (table 1, line 31) .
Earnings
Distributed earnings
Reinvested earnings
Interest1
U.S. affiliates'payments
U.S. affiliates' receipts
Less: Current-cost adjustment
Less: Withholding taxes
Less: Current-cost adjustment (line 49 with sign reversed)
Equals: Capital without current-cost adjustment2
Equity capital (line 56)
Petroleum
Manufacturing
Other
Reinvested earnings without current-cost adjustment (line 59 less line 63)
Petroleum
Manufacturing
Other
Intercompany debt (line 60)
Petroleum
Manufacturing
Other
See footnotes on page 109.
-9,350
10,165
768
20,111
19,361
214
883
2,049
2,451
4,715
1,104
117,423
108,075
59,314
36,611
12,150
^,585
-307
-2,533
-1,745
13,933
-1,291
9,262
5,962
-1,094
-1,565
-1,290
-1,642
-1,308
-1,679
-1,217
-2,113
471
352
371
895
270
87
346
113
-1,964
2,234
-2,303
2,391
-2,454
2,799
-2,629
2,741
119
5,391
2,236
6,835
-3,680
-64
2,170
-170
4,714
538
731
30
111
-25
6,701
SURVEY OF CURRENT BUSINESS
July 2000 •
111
License Fees, and Other Private Services
of dollars]
Not seasonally adjusted
Seasonally adjusted
1999
I
II
27,284
26,370
10,809
15,561
2000
29,228
28,350
8,830
19,520
\p
IV
III
31,246
30,296
10,348
19,948
1998
31,044
30,116
15,505
14,611
34,508
33,602
8,632
24,971
I
II
28,213
27,515
13,996
13,519
28,011
27,209
12,721
14,488
1999
III
IV
24,025
23,177
14,365
8,812
26,159
25,266
14,465
10,801
I
II
26,946
26,031
13,542
12,489
28,804
27,926
10,311
17,615
Line
2000
\P
IV
III
31,361
30,411
11,811
18,600
31,691
30,763
9,825
20,938
33,911
33,005
11,028
21,977
1
2
3
4
5
6
7
914
878
950
928
906
698
802
848
893
915
878
950
928
906
1,567
-652
1,550
-672
1,660
-710
1,750
-822
1,701
-795
1,352
-654
1,455
-653
1,526
-678
1,592
-699
1,567
-652
1,550
-672
1,660
-710
1,750
-822
1,701
-795
3,030
3,068
3,116
3,176
3,247
2,820
2,966
3,066
3,118
3,030
3,068
3,116
3,176
3,247
351
280
324
456
325
342
348
466
507
428
325
346
311
394
8
9
23,903
1,824
7,239
14,840
25,880
2,127
8,455
15,298
27,806
2,868
8,710
16,228
27,412
3,394
8,068
15,950
30,936
3,909
9,573
17,454
25,051
2,355
8,414
14,282
24,696
2,454
7,951
14,291
20,495
2,018
6,277
12,200
22,534
7,238
14,526
23,487
1,585
7,062
14,840
25,411
2,147
7,966
15,298
27,899
2,957
8,714
16,228
28,204
3,524
8,730
15,950
30,270
3,478
9,338
17,454
10
11
12
13
-44,184
-15,470
-18,667
3,197
-15,561
-13,153
-11,652
-1,501
-34,864
-8,580
-20,294
11,714
-19,520
-6,763
-9,333
2,570
-44,900
-21,452
-24,956
3,504
-19,948
-3,500
-6,152
4,652
-26,953
-6,591
-16,816
10,225
-14,611
-5,751
-8,888
3,137
-37,839
-11,564
-13,599
2,034
-24,971
-1,304
-2,689
1,385
-47,658
-22,153
-26,993
4,840
-13,519
-11,986
-11,706
-280
-45,252
-15,576
-20,774
5,198
-14,488
-15,188
-15,827
-19,483
-14,820
-20,150
5,329
-8,812
4,149
-1,433
5,581
-33,658
-20,783
-29,304
8,521
-10,801
-2,074
-12,156
10,083
-41,112
-15,470
-18,667
3,197
-12,489
-13,153
-11,652
-1,501
-32,958
-8,580
-20,294
11,714
-17,615
-6,763
-9,333
2,570
-43,552
-21,452
-24,956
3,504
-18,600
-3,500
-6,152
4,652
-33,280
-6,591
-16,816
10,225
-20,938
-5,751
-8,888
3,137
-34,845
-11,564
-13,599
2,034
-21,977
-1,304
-2,689
1,385
14
15
16
17
18
19
20
21
-3,030
-3,068
-3,116
-3,176
-3,247
-2,820
-2,966
-3,066
-3,118
-3,030
-3,068
-3,116
-3,176
-3,247
22
-41,154
-15,470
-1,249
-2,621
-11,599
-12,531
-502
-3,565
-6,464
-13,153
-1,845
-6,445
-4,863
-31,796
-8,580
-721
^,895
-2,965
-16,452
-876
-5,273
-10,302
-6,763
1,392
-778
-7,378
-41,784
-21,452
-433
^,266
-16,754
-16,832
-1,710
-4,109
-11,013
-3,500
-34,592
-11,564
-483
-6,098
•^,984
-21,724
-3,177
-6,540
-12,006
-1,304
-137
-1,530
-16,417
-14,820
-961
-6,081
-7,778
-5,746
-423
-1,568
-3,755
4,149
-30,540
-20,783
-1,814
-2,136
-16,833
-7,683
193
999
-62
1,269
-16,650
2,009
1,140
1,677
-3,689
-38,082
-15,470
-1,249
-2,621
-11,599
-9,459
-185
-2,373
-6,901
-13,153
-1,845
-6,445
^,863
-29,890
-8,580
-721
-4,895
-2,965
-14,547
-797
-4,036
-9,714
-6,763
1,392
-778
-7,378
-40,436
-21,452
-2,833
-639
-30,104
-6,591
-2,992
-2,541
-1,058
-17,762
-2,070
-3,924
-11,768
-5,751
1,496
2,955
-10,203
-31,598
-11,564
-483
-6,098
-4,984
-18,730
-2,708
-5,538
-10,484
-1,304
-137
-1,530
363
-44,838
-22,153
-3,297
-3,583
-15,272
-10,699
-265
-4,166
-6,268
-11,986
-683
-992
-10,311
-42,286
-15,576
-2,053
-3,903
-9,620
-11,522
-1,089
-3,250
-7,183
-15,188
-2,833
-639
-23,777
-6,591
-2,992
-2,541
-1,058
-11,435
-1,425
-1,152
-8,858
-5,751
1,496
2,955
-10,203
363
23
24
25
26
27
28
29
30
31
32
33
34
35
5,441
5,941
-500
5,447
5,955
-608
5,464
5,999
-536
6,092
6,681
-590
5,345
5,917
-572
5,584
5,970
-386
5,776
6,145
-369
5,538
6,024
^86
6,066
6,580
-514
5,627
6,127
-600
5,606
6,114
-508
5,561
6,097
-536
5,648
6,238
-690
5,528
6,100
-572
36
37
38
1,922
4,399
-2,477
1,492
4,309
-2,817
1,620
4,423
-2,803
1,649
4,980
-3,330
1,965
4,743
-2,778
2,087
4,530
-2,443
2,040
4,615
-2,575
1,817
4,446
-2,629
1,883
4,641
-2,758
1,751
4,512
-2,761
1,484
4,336
-2,852
1,696
4,569
-2,873
1,752
4,693
-2,941
1,775
4,865
-3,090
39
40
41
-10,593
-7,351
-3,347
-4,004
-5,242
-3,646
-14,790
-11,088
-5,585
-5,504
-3,702
-4,124
-15,607
-11,512
-3,615
-7,897
^,095
-•,525
-15,108
-10,592
-4,843
-5,750
-4,516
-5,021
-15,900
-11,473
-4,940
-6,533
-4,426
^,927
-9,493
-7,093
-5,084
-2,009
-2,400
-2,761
-9,915
-7,368
-6,301
-2,067
-2,547
-3,009
-9,278
-6,675
-6,012
-663
-2,603
-3,042
-9,993
-7,157
-8,060
-10,916
-7,674
-3,719
-3,955
-3,242
-3,646
-14,106
-10,404
-5,701
-4,703
-3,702
-4,124
-15,660
-11,565
-4,382
-7,183
-4,095
^,525
-15,416
-10,900
-3,586
-7,314
-4,516
-6,021
-16,224
-11,798
-6,352
-6,446
-4,426
^,927
-58
639
770
939
-1,404
-7,218
-2,074
^33
-4,266
-16,754
-15,484
-1,461
-3,768
-10,255
-3,500
-28
405
423
431
505
501
361
462
440
599
405
423
431
505
501
42
43
44
45
46
47
48
-1,091
-160
-1,086
-201
-1,089
-138
-1,098
-231
-1,115
-255
-1,019
-144
-1,128
-191
-1,193
-303
-1,211
-709
-1,091
-150
-1,086
-260
-1,089
-164
-1,098
-156
-1,115
-249
49
50
-9,342
-13,503
-1,403
-7,232
-4,867
-14,380
-2,310
-6,892
-5,178
-13,779
-1,498
-7,677
-4,604
-14,530
-2,457
-6,992
-5,081
-8,330
-377
-5,000
-2,953
-6,597
^365
-5,031
-3,201
-7,781
-489
-3,842
-3,450
-6,074
-153
-5,920
-2,001
-4,675
-5,768
-3,671
-6,101
-3,671
-12,758
-1,403
-6,488
-4,867
-14,408
-2,310
-6,920
-5,178
-14,162
-1,498
-8,060
-4,604
-14,862
-2,457
-7,324
-5,081
51
52
53
54
26,828
6,286
14,271
-7,984
4,004
16,538
18,720
-2,182
144,603
133,444
137,250
-3,806
5,504
5,655
8,575
-2,919
56,277
33,724
35,380
-1,657
7,897
14,656
14,621
42,419
28,108
29,642
-1,534
6,533
7,779
9,730
-1,951
21,758
14,358
16,827
-2,469
2,009
5,391
4,988
19,818
13,037
15,996
-2,958
2,067
4,714
4,711
23,635
16,271
29,256
-12,985
403
3
6,701
7,655
-954
121,105
108,075
120,705
-12,631
-903
13,933
29,044
-15,111
26,779
6,286
14,271
-7,984
3,955
16,538
18,720
-2,182
143,802
133,444
137,250
-3,806
4,703
5,655
8,575
-2,919
55,563
33,724
35,380
-1,657
7,183
14,656
14,621
35
47,825
38,686
48,383
-9,698
5,750
3,390
7,417
-4,027
49,390
38,686
48,383
-9,698
7,314
3,390
7,417
-4,027
42,333
28,108
29,642
-1,534
6,446
7,779
9,730
-1,951
55
56
57
58
59
60
61
62
1,091
1,086
1,089
1,098
1,115
1,019
1,128
1,193
1,211
1,091
1,086
1,089
1,098
1,115
63
25,737
6,286
143,517
133,444
55,188
33,724
46,727
38,686
41,304
28,108
20,739
14,358
-214
3,850
10,721
18,690
13,037
-164
4,684
8,518
22,442
16,271
-1,485
17,218
25,688
6,286
142,716
133,444
54,474
33,724
48,292
38,686
41,218
28,108
990
939
-64
939
64
-630
16,538
-223
14,193
2,568
1,612
1,057
5,655
1,140
1,181
3,335
64
65
66
67
68
69
70
71
72
73
74
75
76
97
20
382
5,885
2,913
-437
3,052
596
326
632
689
21,581
111,266
4,418
9,515
23,883
6,808
1,880
3,097
1,831
14,656
8,802
29,252
4,652
9,767
17,652
5,418
1,995
2,204
1,219
7,779
948
2,676
298
794
16,538
-223
14,193
2,568
5,655
1,140
1,181
3,335
-1,341
-1,802
461
294
-2,396
2,690
826
3,394
431
5,776
1,744
-338
1,449
-121
5,391
2,236
6,835
-3,680
663
903
-2,836
-3,436
4,714
-641
6,701
214
883
2,049
2,451
4,715
1,104
119,894
108,075
59,314
36,611
12,150
-2,114
-307
-682
-1,125
13,933
-1,291
9,262
5,962
538
30
81
97
20
382
5,885
2,864
-437
3,316
-15
6,405
8,213
3,390
-187
-1,668
5,245
-1,466
-1,888
-1,461
-1,903
-2,076
-2,481
-1,915
-2,309
-1,046
-1,612
-1,230
-1,712
-1,352
-1,750
-1,284
-1,926
-1,334
-1,862
422
442
406
395
566
482
398
642
528
-312
-2,813
2,501
-167
-2,740
2,572
8
365
312
151
272
78
338
-3,061
3,069
-2,866
3,231
-2,040
2,352
-2,338
2,489
-2,512
2,784
-2,461
2,539
-2,501
2,839
38
259
35
596
326
632
689
21,581
111,266
3,617
9,515
23,883
6,094
1,880
2,841
1,373
14,656
8,802
29,252
6,216
9,767
17,652
5,331
1,995
2,293
1,043
7,779
948
826
4,449
941
6,405
8,213
3,390
-187
-1,668
5,245
-1,448
-1,962
-1,551
-1,994
-2,010
-2,256
-1,914
-2,378
514
443
246
464
-250
-2,851
2,601
-246
-2,804
2,558
-20
416
-2,854
2,834
-2,992
3,408
38
259
5,776
1,744
77
78
79
80
81
82
112
•
July 2000
SURVEY OF CURRENT BUSINESS
Table 6.—Securities Transactions
[Millions of dollars]
Line
(Credits +; debits - )
1997
2000
1999
I
I
IV
III
IV
\P
-118,976
-135,995
-128,594
-20,798
-44,229
6,201
-77,169
1,107
-71,131
-41,420
-17,150
-27,535
-57,577
-101,235
-114,401
-6,873
-13,075
1,260
-82,547
4,951
-71,091
-30,430
-17,831
-15,565
New issues in the United States
Of which Western Europe
Canada
Latin America
-15,255
-4,904
-11,608
-3,949
-8,770
(D)
-1,144
-138
-4,856
-1,963
-2,707
-1,679
-2,901
-169
-1,121
(D)
-3,047
(D)
8
8
8
-665
(D)
Transactions in outstanding stocks, net
Western Europe
Of which United Kingdom
Canada
Japan
Other
^2,322
-18,094
-22,413
32
-9,438
-14,822
-69,627
-70,546
-44,521
3,777
-1,545
-21,313
8
-2,614
(D)
-1,496
-61,399
-34,760
-73,148
-58,295
-9,988
-5,432
-67,341
-387
-8,701
-2,764
-46,420
-410
-21,398
-6,554
-135
-20,032
-24,642
-387
-17,474
-9,940
-2,271
-13,216
-14,984
-410
-8,797
Redemptions of U.S.-held foreign bonds 3
Western Europe
Canada
Other countries
International financial institutions2
15,912
4,852
3,019
4,684
3,357
17,525
3,682
3,136
10,707
18,469
4,705
4,275
8,086
1,403
3,102
1,065
Other transactions in outstanding bonds, net 3
Western Europe
Of which United Kingdom
Canada
Japan
Other
-4,163
-3,832
-8,034
1,931
-1,176
-1,086
6,010
-7,363
-10,328
1,628
3,247
8,498
2,113
-3,369
-2,298
-2,692
-4
197,892
218,075
69,573
45,637
61,049
8,993
7,698
21,957
-1,385
4,701
5,208
62,201
8,880
4,108
21,784
-5,633
-1,680
-9,251
91,276
12,930
4,659
39,973
-1,875
5,127
4,181
27,391
1,912
3,727
10,688
-175
-3,212
6,689
Corporate and other bonds, net foreign purchases
128,319
172,438
232,814
46,290
By type:
New issues sold abroad by U.S. corporations
U.S. federally sponsored agency bonds, net ...
Other outstanding bonds, net
84,778
45,287
-1,746
53,977
50,397
68,064
41,843
73,738
117,233
71,079
2,599
-17
55,757
6,305
9,355
41,494
125,530
4,406
3,553
99,086
5,911
8,378
32,364
255
4,123
6,332
202
Foreign securities, net U.S. purchases (-), (table 1, line 52 or lines 2 + 13 below) ....
Stocks, net U.S. purchases
;
8
. . . .
Bonds, net U.S. purchases
New issues in the United States
By issuer:
Central governments and their agencies and corporations
Other governments and their agencies and corporations'
Private corporations
International financial institutions2
By area:
Western Europe
Canada
Japan
Latin America
Other countries
International financial institutions2
U.S. securities, excluding Treasury securities and transactions of foreign official
agencies, net foreign purchases (+), (table 1, line 66 or lines 2 + 10 below)
Stocks, net foreign purchases
By area:
Western Europe
Of which Germany
Switzerland
United Kingdom
Canada
japan
Other
By area:
Western Europe
Of which Germany
Switzerland
United Kingdom
Canada
Japan
Other countries
International financial institutions2
,
,
8
-5,729
-79,646
-79,727
-1,361
(D)
-63,125
1,061
6,072
15,630
12,994
^6
-1,975
995
-6,722
-790
-1,174
-880
-68,044
-59,414
-56,822
1,280
-8,583
-1,327
-27,816
-2,961
-188
-3,355
-8,913
-12,587
-15,843
3,057
-14,391
-558
-2,322
-3,550
-1,421
-8,862
-3,294
-8,219
254
5,668
283
2,744
-11,500
-14,193
-13,925
-31,154
4,941
5,378
-3,844
-40
-10,990
-34,775
-13,658
-24,270
-10,702
-9,665
-7,791
-14,208
-9,673
-3,103
-9,856
-11,605
-1,450
-51,720
-300
-7,142
-1,971
-15,157
-3,790
-225
-3,776
-4,843
-1,175
-6,190
-1,150
-500
-9,218
-275
-293
-8,687
•^523
-1,822
-50
-1,231
-6,750
-650
-3,456
-3,797
-724
-5,000
-1,545
-700
-6,760
-2,927
-550
-2,578
-2,064
-339
-581
-135
-2,000
-5,570
-1,570
2,354
423
1,008
923
-105,631
-43,688
-45,258
-2,456
-46,059
-13,428
338
103
-102
-2,671
-13"358
3,967
8,589
2,833
2,535
357
-7,514
-410
-4,794
-50
-12,834
-8,300
-3,629
-2,452
-6,196
-775
-2,271
-2,199
-2,217
890
1,147
-1,615
-3,689
-6,970
-10,209
-2,466
-1,188
-2,581
-1,370
-410
5,580
886
1,018
3,676
4,607
2,959
4,236
674
637
2,925
3,463
798
1,123
1,542
2,352
1,237
572
543
6,573
1,234
1,785
3,083
471
6,081
1,436
795
2,918
-12,464
11,036
-1,379
-4,580
3,767
3,160
5,488
10,807
9,174
7,468
-1,344
5,778
-2,801
484
1,890
1,250
-257
-1,718
11,816
9,356
10,358
334
3,206
-7,890
-2,297
-5,850
^,989
569
-1,080
-12,860
-10,524
1,057
591
-1,825
-50
-3,460
-2,456
76,983
70,552
21,136
49,404
62,815
13,116
-6,619
8,447
9,767
29,887
20,438
3,640
4,045
3,880
-1,971
-37
11,866
-6,264
-198
3,185
-889
530
-18,126
2,506
38
-3,466
4,031
-2,598
1,089
7,450
18,306
2,348
2,078
7,073
1,171
-2,899
57,436
27,755
40,957
15,829
19,345
11,116
15,664
17,273
24,499
13,314
3,837
10,604
134,787
6,394
4,159
106,720
4,476
17,564
75,551
436
24,244
850
366
19,413
1,881
673
35,863
1,714
1,789
27,709
1,541
3,894
15,886
252
27,353
1,129
1,281
20,875
1,529
-1,254
232
-105
-9,861
6,186
2,610
-1,426
254
802
30
29,168
-26,755
1,906
26,118
1,562
-608
-89
5,993
-310
-1,886
-780
7,518
-9,085
19,466
26
-11,970
-3,907
-3,141
-791
-2,855
4,042
331,523
-19,841
1,276
-5,756
-5,335
-2,836
1,769
328
2,222
3,192
-1,242
-335
3,290
-9,025
-9,071
-37
-788
1,960
932
288
1,522
-1,468
-9,581
-9,436
-778
1,743
1,825
4,066
95,620
92,250
133,000
24,704
34,351
61,318
22,308
988
31,325
-585
-6,811
19,337
3,798
3,105
4,658
-825
2,059
9,316
461
10,750
-1,415
2,516
1,925
58,023
15,605
6,875
13,479
1,748
-5,346
6,893
53,048
50,951
70,916
9,170
9,942
21,845
9,332
18,099
25,617
7,823
17,044
26,084
18,298
21,161
31,457
6,390
17,434
34,075
13,560
26,577
31,545
38,070
31,169
1,846
1,088
23,549
1,082
1,318
19,656
-177
31,429
1,389
41,897
2,359
1,442
32,024
1,067
8,900
18,503
549
30,292
1,794
5,819
19,927
67
44,803
186
770
40,134
3,384
4,303
19,303
-111
-7,081
-3,076
5,792
-1,093
1,835
1,590
-1,405
13,899
1,389
6,730
941
186
7,971
8,107
423
508
713
117
31,089
960
5,065
-3,220
82
471
25,286
533
1,527
17,465
-3
17,492
-806
3,451
-549
5,796
71,682
800
1,158
25,861
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 109.
43,959
4,529
1,519
-1,727
139,448
-3,689
44,202
20,350
1,543
-643
-767
97
-1,053
4,167
3,349
415
-€78
161
4,657
-10,238
-9,742
July 2000 •
SURVEY OF CURRENT BUSINESS
113
Table 7.—Claims on and Liabilities to Unaffiliated Foreigners Reported by U.S. Nonbanking Concerns
[Millions of dollars]
II
III
IV
I1
Amounts
outstanding
Mar 31
2000
Not seasonally adjusted
Line
(Credits +; increase in U.S. liabilities or decrease in U.S. assets.
Debits - ; decrease in U.S. liabilities or increase in U.S. assets.)
1997
1998
1999
1998
I
2000
1999
II
III
IV
I
-122,888
-10,612
-92,328
4,890
-21,521
-9,579
15,598
-14,223
-25,734
-27,943
-24,428
-05,183
678,928
-120,102
-105,122
-14,980
-10,584
-11,189
605
-87,134
-71,604
-15,530
4,422
6,756
-1,734
-21,378
-18,338
-3,040
-9,713
-5,282
-4,431
16,085
6,275
9,810
-14,590
-7,663
-6,927
-24,647
-22,559
-2,088
-26,183
-23,011
-3,172
-21,714
-18,371
-3,343
-35,183
-35,183
642,494
553,554
88,940
-102,730
-17,061
-311
-2,300
-7,361
-923
-68,362
-14,406
-4,366
21,682
-16,070
-1,190
-19,114
-2,390
126
-22,865
12,033
1,119
17,997
-934
-978
-15,048
802
-344
-19,821
-4,311
-515
-17,365
-7,685
-1,133
-16,128
-3,212
-2,374
-02,300
-2,883
515,390
116,595
10,509
-66,014
-41,806
261
-52,872
-1,216
969
9,614
3,908
-11,822
269
-58,628
-01,046
-4,238
-26,149
-2,357
1,391
1,041
-292
5,225
-2,194
-21,125
-7,635
-1,696
-1,947
1,694
3,229
-021
3,845
-13,355
413
17,474
16,529
2,051
-1,745
356
-24,918
-17,695
-2,918
11,006
-678
-11,994
-13,613
805
-12,339
-314
-5,312
6,861
-235
-19,307
-1,564
-16,404
-6,599
-1,890
-5,509
199
-2,786
-3,368
582
-28
-261
233
-5,194
-4,616
-578
468
86
382
-143
-375
232
134
607
-673
^87
-779
292
367
107
260
-1,087
-1,099
12
-1,760
-926
-834
-2,714
-2,698
-16
36,434
34,227
2,207
By type: Trade receivables
Advance payments and other claims
-1,785
-1,001
334
-362
-6,393
199
648
-180
124
-267
434
-300
-872
385
478
-111
-1,067
-20
-1,606
-154
-3,198
484
32,595
3,839
By area: Industrial countries4
Members of OPEC 6
Other
-5,057
-361
-368
-681
603
-60
-3,973
-539
-682
-548
374
642
56
-211
12
-112
465
-219
23
-25
-485
47
22
298
-139
-362
-586
-1,444
-68
-248
-2,437
-131
-146
22,288
2,453
11,693
Liabilities, total (table 1, line 68)
113,921
-7,001
34,298
27,863
24,919
1,161
-60,944
27,928
13,663
-8,085
792
42,035
515,860
108,585
103,332
5,253
-5,911
8,495
-11,406
38,975
47,488
-8,513
28,380
30,201
-1,821
24,152
12,528
11,624
1,126
-2,573
3,699
-56,569
-31,661
-24,908
31,079
27,063
4,016
13,814
22,511
-8,697
-8,023
-9,295
1,272
2,105
7,209
-5,104
42,035
42,035
484,576
462,468
22,108
By type: Financial intermediaries' accounts ....
Other Liabilities
54,216
54,369
-7,087
4,176
42,600
-3,625
11,004
17,376
6,858
17,294
-4,274
5,400
-20,675
-35,894
17,909
13,170
15,441
-1,627
3,462
-11,485
5,788
-0,683
28,535
13,500
190,998
293,578
By area: Industrial countries 4
Of which United Kingdom
Caribbean banking centers 5
Other
„
85,192
37,473
22,669
724
-15,110
15,372
12,674
-475
54,682
38,868
-17,681
1,974
18,928
19,780
7,775
1,677
22,077
29,283
1,464
611
-6,802
12,387
8,801
-873
-49,313
-46,078
-5,366
-1,890
26,176
23,021
3,398
1,505
24,003
13,299
-12,435
2,246
-^,382
-4,697
-2,363
-1,278
8,885
7,245
-6,281
^99
13,500
28,535
267,972
186,255
168,808
47,796
5,336
4,848
488
-4,090
-3,516
-574
-4,677
-4,977
300
-517
-225
-292
767
994
-227
35
-242
277
-4,375
-4,043
-332
-0,151
-3,533
382
-151
-203
52
-62
-102
40
-1,313
-1,139
-174
31,284
29,966
1,318
-1,816
7,152
74
-4,164
1,886
-6,563
-797
280
-570
1,337
739
-704
702
-5,077
-979
-5,172
936
-1,087
1,716
-1,778
213
-1,526
12,864
18,420
3,818
848
670
-1,581
1,083
-3,592
-4,013
-162
-502
-698
-98
279
774
56
-63
736
403
-1,104
-2,393
722
-2,704
-2,713
-478
40
382
-240
-293
-822
695
65
-860
-139
-014
19,957
3,426
7,901
Claims, total (table 1, line 53)
Financial claims
Denominated in U.S. dollars
Denominated in foreign currencies
By type: Deposits2
Financial intermediaries' accounts....
Other claims 2 3
By area: Industrial countries4
Of which United Kingdom
Canada
Caribbean banking centers 5
Other
Commercial claims
Denominated in U.S. dollars
Denominated in foreign currencies
Financial liabilities
Denominated in U.S. dollars
Denominated in foreign currencies
Commercial liabilities
Denominated in U.S. dollars
Denominated in foreign currencies
By type: Trade payables
Advance receipts and other liabilities
By area: Industrial countries 4
Members of OPEC 6
Other
See footnotes on page 109.
^02,300
-2,883
330,741
187,859
11,130
291,436
20,317
114
•
July 2000
SURVEY OF CURRENT BUSINESS
table 8*—Claims on Foreigners Reported by U.S. Banks
[Millions of dollars]
Not seasonally adjusted
Line
(Credits +; decrease in U.S. assets, Debits - ; increase in U.S. assets.)
1997
1998
1999
III
IV
\p
Amounts
outstanding Mar.
31,2000
-45,304
-45,084
1,168,430
1999
1998
2000
Total (table 1, line 54)
-141,118
-35,572
-69,862
-4,797
-28,187
-28,329
25,741
28,487
-41,786
-11,259
By type:
Banksown claims
-129,378
-18,739
-45,800
15,656
-30,178
-26,390
22,173
34,518
-29,125
-16,486
-34,707
-7,707
875,511
-108,300
-26,770
-42,247
15,857
-43,979
-29,076
30,428
40,271
-39,990
-8,191
-34,337
-18,517
811,938
-90,111
4,452
1,635
-52,850
3,024
-2,961
26,017
24,512
1,505
-7,535
-2,625
-36,220
-43
295
-8,011
-39,935
-1,054
1,160
10,753
-1,207
2,616
3,119
25,900
32,666
-24,276
-27,322
4,976
-11,671
-6,230
12,237
-11,211
6,579
-20,826
-10,092
-2,596
-6,476
54
2,049
2,347
-12,641
-39,216
782
-211
4,308
-23,866
5,203
-917
1,063
551,902
96,027
36,130
127,879
-24,085
1,218
-4,131
4,432
1,033
-5,366
11,709
-9,211
1,778
18,572
7,219
2,499
-12,020
-6,622
-2,493
11,153
5,223
5,352
-13,273
-4,787
-10,724
26,433
-2,345
4,415
9,355
906
-65
-13,068
2,061
138
-11,011
-9,833
-2,710
13,659
11,391
-1,273
153,505
25,928
32,719
-66.026
-4,024
-10,319
-57,282
5,296
-39,031
15,624
-6,767
5,940
2,303
-4,728
-24,200
3,324
-3,915
-51,088
-4,941
-4,832
12,066
4,610
11,637
6,233
10,062
-5,302
-30,181
-5,024
-615
13,122
1,661
532
-28,205
8,925
-1,082
-37,525
-5,217
1,765
398,397
51,210
69,214
7,258
-8,191
-3,305
-1,437
-14,912
-8,017
-7,931
3,255
-1,308
-1,336
11,393
2,793
28,106
4,520
-3,745
-5,974
-8,092
-1,673
-10,964
1,690
7,889
-971
-346
62,076
-3,553
-201
13,801
2,686
-6,255
-5,753
10,865
-8,295
-370
10,810
63,573
-16,833
-24,062
-29,710
3,568
15,833
10,451
459
3,455
1,468
-12,265
-6,031
-15,710
-13,668
-12,661
-226
-1,544
5,248
-10,597
-7,061
-12,572
-11,195
-1,939
-640
-3,806
1,770
1,586
-390
-1,099
5,227
-6,713
-4,306
-6,253
-6,563
6,579
1,991
1,419
-602
2,005
-37,377
-36,450
-22,730
-14,414
65
629
-927
292,919
271,166
127,077
107,497
24,589
12,003
21,753
-1,125
1,283
-10,147
-7,220
4,543
-152
-1,113
-65,832
-78,705
-7,551
-5,937
890
-2,080
695,781
582,679
220,724
66,275
33,389
13,438
Payable in dollars
By borrower:
Claims on:
own foreign offices
unaffiliated foreign banks
foreign public borrowers'
other private foreigners
By type of reporting institution: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
U.S. brokers' and dealers' claims on:
unaffiliated foreign banks
other foreigners
i
Payable in foreign currencies
Banks' domestic customers' claims
Payable in dollars
Deposits
Foreign commercial paper 3
Other negotiable and readily transferable instruments4
Outstanding collections and other
Payable in foreign currencies
By area:
Industrial countries 5
Western Europe
Of which United Kingdom
Canada
Japan
Other
30,260
-21,078
8,031
-11,740
-14,527
-7,923
3,931
-12,527
5,648
-20,453
-20,718
-12,296
-12,797
4,638
-263
265
-36,776
-50,296
-14,984
-22,068
36,548
-63,433
-105,283
-36,433
19,126
20,917
1,807
3,752
-17,186
6,555
-500
20,937
501
-6,783
-25,308
-1,490
-32,620
-9,085
11,730
-15,066
-6,229
-240
-13,944
-20,423
-12,760
-25,398
2,120
15,148
4,211
2,238
13,879
-220
-2,905
3,994
1,997
^60
2,728
1,511
215
2,171
-4,874
2,777
1,504
-588
-3,103
13,994
5,587
6,197
6,990
942
-135
-37,046
39,271
-26,321
24,228
-23,167
-3,958
102
-10,023
32,970
5,582
-163
-34,334
5,505
336
-10,084
-1,120
40,391
5,104
-10,682
-5,946
1,762
-5,420
2,787
-57,876
-60,757
-25,628
-3,155
5,656
380
Caribbean banking centers 6
Other areas
;
Of which Members of OPEC, included below 7
Latin America
Asia
Africa""'."!!"'"""'"""
!!
!!!.""!!!"."!'!'!!"'!.'!!"!!!"'!!!!!"!!!!!"!!!!"'!!!"
Other 8
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 IBPs
Foreign-owned IBF's
Banks' dollar acceptances payable by foreigners
See footnotes on page 109.
-1,838
-16,351
-2,242
-16,301
3
-514
461
-26,962
764
-7,917
1,587
16,156
508
-6,930
987
2,172
-15,639
-152
-3,100
3,116
572
-3,367
300
1,025
9,679
-6,168
2,238
-12,435
7,353
-2,939
-7,347
-3,780
11,940
929
-11,514
2,020
1,504
-3,536
-12,668
9,256
9,398
5,816
159
15,089
-3,001
-2,482
-9,566
-2,201
1,158
164
5,762
22,094
11,407
11,186
-9,588
-33,428
34,771
326,230
7,912
6,419
4,205
5,643
402
-2,338
4,479
3,864
1,161
1,059
182
2,077
811
-1,557
2,783
-3,189
30
1,187
792
-3,139
-1,522
4,772
-7,278
5,813
-1,955
-195
1,109
-1,952
3,477
328
-1,061
5,977
2,779
4,099
624
114
1,140
146,419
18,558
85,051
52,554
1,679
7,135
-7,469
6,663
15,849
18,188
-7,122
-25,462
-11,925
-30,634
274,330
17,547
7,531
-164
-686
-9,595
2,860
-590
-144
9,867
-3,084
15,151
-1,725
-375
2,798
10,721
7,453
298
-284
-6,683
344
279
-25,319
-401
-355
-11,053
-1,891
114
613
905
-38,012
6,844
90
444
193,482
41,726
6,214
32,908
174
24,054
2,129
-2,456
-5,013
896
-3,401
10,064
4,563
11,286
1,548
3,559
14,629
34
-4,594
-2,528
30
-7,515
-17,947
-164
-2,132
-9,793
-52
-39,442
206
203,313
4,466
-6,543
-23,122
718
19,297
531
-6,063
6,185
-57,451
-78,937
-40,742
-10,717
325
-686
71,017
July 2000 •
SURVEY OF CURRENT BUSINESS
115
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
1997
(Credits +; increase in foreign assets. Debits - ; decrease in foreign assets.)
1999
1998
2000
\p
III
Amounts
outstanding Mar.
31,2000
18,876
-20,127
42,864
10,967
-10,235
-46,651
25,792
4,274
-1,096
12,191
27,495
20,442
891,379
-6,690
-50,620
43,959
-29
-9,921
-14,124
4,123
80
6,332
-3,550
12,177
22,000
-9,861
38
20,350
-3,255
11,336
5,034
6,186
116
2,610
-32,823
800
7,764
-7,081
117
-1,439
-1,485
-6,708
-3,423
-3,076
-209
5,792
-1,099
12,963
13,939
-1,093
117
1,835
-760
5,122
3,720
1,389
1,906
-292
31,871
6,030
26,118
-277
1,562
-1,059
-20,305
-18,998
-1,426
119
254
-760
16,198
8,604
7,971
-377
8,107
-644
595,753
164,781
425,237
5,735
58,549
.14,005
22,286
22,622
803
8,060
13,759
-336
-208
-9,501
-21,772
12,692
17,117
338
-964
1,734
-267
9,744
-12,948
-17,258
1,025
-5,333
-4,810
-602
-1,139
-606
17,585
-4,425
-1,430
3,431
-2,032
-1,665
-20
-1,052
-593
-367
14,427
20,593
-10,571
12,271
-3,487
105
1,436
1,448
-441
2,783
-894
-12
-517
185
3,429
16,755
-6,166
1,127
-4,150
-12,001
-505
1,173
-12,669
7,851
931
134,425
85,372
2,836
29,873
52,663
49,053
88,647
295,459
U.sTTreasury securities (line 65)
By security:
Bills and certificates
Marketable bonds and notes
Foreign official assets in the United States, net (table 1, line 56)
U.S. Treasury securities (table 1, line 58)
Bills and certificates
Bonds and notes, marketable
Bonds and notes, nonmarketable
Other U.S. Government securities (table 1, line 59)
Other U.S. Government liabilities (table 1, line 60)
U.S. liabilities reported by U.S. banks, not included elsewhere (table 1, line
61)
„
Banks' liabilities for own account, payable in dollars'
Demand deposits
Time deposits'
:
Other liabilities2
Banks' custody liabilities, payable in dollars • 3
4,529
-1,041
900
-2,698
-956
-1,438
533
-4,045
2,074
11,182
832
88,350
46,939
-51,477
146,433
48,581
-20,464
6,985
139,448
4,379
44,202
149,026
122,560
102,120
39,769
1,945
-6,190
-26,755
122
5,993
-3,259
390
-5,966
2,317
13
6,730
89
409
-6,161
1,746
-10,122
4,310
-2,494
-5,954
-523
-869
59,682
76,232
3,913
-21,456
31,744
34,224
2,427
-15,955
1,731,812
-2,535
25,814
918
24,384
-7,505
-5,407
9,639
-17,191
-9,254
659,673
-19,697
-767
-6,702
4,167
-3,354
29,168
-2,431
3,349
7,518
1,580
-9,085
-10,064
4,657
-4,260
13,899
-6,953
-10,238
649
-9,903
30,269
629,404
23,731
67,403
70,905
73,735
-48,942
-56,250
-40,500
33,868
28,855
41,464
75,314
50,484
48,434
-20,471
-21,144
-25,667
-13,951
-4,139
-8,423
37,151
43,990
45,717
24,585
17,883
9,740
19,618
13,171
26,701
-6,701
5,322
15,713
1,072,139
979,475
894,131
83,535
77,789
40,339
-44,965
37,747
64,153
20,854
-29,803
41,637
-8,982
37,487
2,309
605,516
4,267
3,576
10,742
-2,475
-34,895
13,021
16,227
4,148
1,470
-13,961
2,963
7,623
-3,542
-4,575
-7,602
-3,366
-23,982
-19,173
5,221
15,194
5,850
2,476
-4,246
8,292
1,093
9,337
-2,086
7,437
-16,137
-1,494
1,897
13,001
38,082
140,379
110,154
Other foreign official assets (table 1, line 62)
2,120
By area: (see text table D).
Other foreign assets in the United States, net (table 1, lines 65 and 69)
U.S. liabilities reported by U.S. banks (line 69)
Banks' own liabilities •
Payable in dollars
By account:
Liabilities to own foreign offices
Liabilities to unaffiliated foreigners:
demand deposits
time deposits •
other liabilities2
By holder:
Liabilities to:
own foreign offices
unaffiliated foreign banks
other private foreigners
international financial institutions4
Payable in foreign currencies
Banks' custody liabilities, payable in dollars' 3
Of which negotiable and readily transferable instruments
By area:
Industrial countries6
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
37,747
9,055
-3,855
-1,483
64,153
-10,714
-5,842
837
20,854
-30,693
-12,400
-3,428
-29,803
2,840
14,769
3,771
41,637
4,817
-2,118
1,381
-8,982
5,979
9,866
2,877
37,487
-634
-5,226
-4,926
2,309
-2,898
12,749
3,553
605,516
123,293
147,816
17,506
-636
41,349
1,089
2,027
17,484
155
8,444
50,067
7,763
18,970
-6,882
-1,322
-5,212
5,826
5,379
5,671
12,727
-3,598
1,940
5,813
-304
6,045
-2,628
-6,121
154
24,386
1,056
2,457
7,325
2,557
15,625
20,984
10,271
734
-5,347
-10,427
-135
258,456
.25,008
75,917
42,186
-3,114
1,602
60,305
-44,176
-4,823
-9,728
5,220
7,429
-38,083
-13,249
5,740
31,921
5,477
-2,194
51,426
-8,852
-255
15,041
-27,552
-8,114
-27,175
6,912
8,476
17,251
-691
3,454
-16,307
5,808
-1,925
16,503
-6,609
-2,576
7,656
3,324
6,072
347,060
79,627
54,918
-2,201
19,182
842
-14,500
19
-6,005
3,744
14,764
-1,801
-8,815
1,736
-6,690
-2,837
-13,759
2,049
9,910
4,652
-6,648
-5,386
-957
^,296
-8,310
4,205
10,365
18,658
34,487
20,440
-51,786
-2,830
-15,750
-12,609
2,050
4,523
4,284
-1,727
8,143
-13,530
-10,391
85,344
21,745
37,824
36,256
-3,502
-5,323
7,308
5,761
5,013
5,158
24,830
25,178
673
159
-9,812
-10,609
-6,839
-8,804
6,702
7,760
6,447
6,330
-12,023
-12,662
92,664
78,761
-39,237
-11,462
10,017
14,860
65,565
41,426
-11,616
^,839
709
-20,363
-6,116
11,853
465
3,558
-10,335
-17,561
-17,215
5,241
-5,587
10,598
-12,849
-5,539
959
20,930
-25,846
725
-25,193
3,404
-6,247
53,650
-3,985
-4,565
4,596
4,052
5,935
998
2,663
-697
2,365
11,998
24,187
-70
3,451
-40,385
-14,396
-3,439
-22,550
-30,644
19,553
3,200
8,065
23,280
56,127
16,044
1,649
38,434
-825
33,049
-647
14,186
17,395
441
2,532
1,011,219
734,483
51,980
224,756
426,721
293,872
34,411
102,609
154,732
5,047
31,484
54,455
-36,911
47,615
16,404
-2,868
229,093
194,602
,
11,854
3,438
40,339
13,002
17,291
3,103
83,535
-4,226
24,680
By type of reporting institution: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
U.S. brokers' and dealers' liabilities to:
unaffiliated foreign banks
other private foreigners and international financial institutions4
77,789
16,956
-6,081
40,572
-43,179
-10,243
13,794
-41,569
46,610
39,566
5,506
-44,965
-10,827
-180
3,385
2,712
15,133
16,131
4,286
-5,284
10,188
8,903
86
2,425
4,893
16
1,569
-24,867
-23,365
8,364
4,640
3,748
-10,860
352,952
1,121
-20,574
-2,759
-2,655
-21,576
596
7,700
-2,306
1,226
10,129
-398
52,195
-11,804
-7,135
-536
^,667
-29,112
2,781
-13,766
2,307
30,413
-6,568
-18,299
6,348
-1,131
6,155
^29
23,180
-5,972
16,639
2,003
6,067
4,959
1,084
375
166
6,363
-899
-4,545
2,308
46,051
-17,859
842
-1,285
-1,030
3,800
-167
-1,761
-6,613
-33,779
-10,985
32,720
21,084
-40,141
-4,084
1,148
-19,621
-18,059
205
-6,049
2,372
-1,544
3,794
-12,611
8,645
-6,621
-684
55,139
-6,147
-30,764
16,174
-22,787
1,510
10,943
3,319
36,159
30,207
922
3,266
8,261
3
33,940
9,420
351
911
-138
9,390
4,604
-958
14,331
232
-4,215
6,966
2,342
-22,157
-911
-2,195
-3,742
591
-5,759
-337
8,943
-6,085
1,744
-3,582
-384
1,503
-1,799
-20,268
2,642
5,443
1,323
205,907
77,233
38,047
31,765
-1,809
-21,556
2,882
5,482
6,041
-1,401
9,060
-5,312
-11,784
924
67,200
285,752
-3,991
^66
1,798
5,978
-2,469
27,876
-5,196
2,811
5
By bank ownership:
U.S.-owned IBPs
Foreign-owned IBF's
Negotiable certificates of deposit held for foreigners' (in lines A13 and B25
above)
See footnotes on page 109.
116
.
July 2000
SURVEY OF CURRENT BUSINESS
Table 10.—U.S. International
[Millions
Western Europe
Line
European Union'
1999
(Credits +; debits - ) '
1997
1999
2000
1999
1997
1998
1999
Current account
Exports of goods and services and income receipts
Exports of goods and services
Goods, balance of payments basis 2
Services3
Transfers under U.S. military agency sales contracts 4
Travel
Other transportation
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services .
Income receipts
Income receipts on U.S.-owned assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
Compensation of employees
Imports of goods and services and income payments .
Imports of goods and services
Goods, balance of payments basis 2
Services3
Direct defense expenditures
Travel
Other transportation
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services .
Income payments
Income payments on foreign-owned assets in the United States .
Direct investment payments
Other private payments
U.S. Government payments
Compensation of employees
Unilateral current transfers, net
U.S. Government grants 4
U.S. Government pensions and other transfers ,
Private remittances and other transfers6
347,876
368,894
379,767
92,740
92,230
94,209
100,588
103,363
312,971
333,147
342,301
84,307
83,231
241,490
254,503
259,788
63,695
63,705
63,713
68,675
67,838
217,422
231,481
236,481
58,455
58,074
153,158
159,296
162,518
41,274
40,175
37,735
43,334
43,726
139,031
146,114
148,907
38,482
36,851
88,332
5,081
95,207
4,797
97,270
4,479
22,421
1,172
23,530
1,175
25,978
1,263
25,341
869
24,112
958
78,391
2,957
85,367
3,276
87,574
2,764
19,973
593
21,223
734
22,065
6,678
7,790
16,106
30,460
152
22,855
6,865
8,556
24,397
7,015
8,085
4,826
1,445
1,894
6,003
1,704
1,958
7,260
2,133
2,155
6,308
1,733
2,078
5,202
1,494
2,097
20,273
6,431
6,487
20,963
6,646
7,405
22,369
6,700
7,092
4,416
1,408
1,651
5,528
1,624
1,722
18,817
33,156
161
18,757
34,361
176
4,684
4,559
4,954
9,360
39
4,525
9,796
40
17,680
29,259
138
17,648
30,851
150
4,412
8,090
41
4,560
8,552
55
15,229
8,359
4,300
7,279
36
119,979
106,386 114,391
106,244 114,247
119,823
52,634
47,815
53,136
57,491
60,642
65,896
971
938
791
144
142
156
-364,209 -398,952 -447,023
-243,440 -269,745 -293,280
-175,769 -194,016 -214,756
-67,671 -75,729 -78,524
-6,382
-7,118
-7,789
-16,920 -19,155 -20,137
-8,764 -10,102 -10,683
-10,287 -11,104 -11,181
29,045
29,007
13,676
15,040
291
30,496
30,457
13,406
16,829
222
31,913
31,873
13,313
18,408
152
35,525
35,488
15,823
19,413
252
95,419
41,288
53,341
790
101,666
101,534
44,856
55,833
845
105,820
12,741
15,619
126
38
39
39
40
37
130
132
144
35
36
-99,907 -110,444 -116,726 -119,946 -120,779
-65,083 -73,300 -76,169 -78,728 -77,398
^8,263 -52,545 -54,390 -59,558 -58,413
-329,740
-362,570
-402,925
-90,599
-100,418
-219,847
-243,104
-264,422
-194,527
-59,529
-44,445
-66,661
-160,144
-69,895
-6,455
-15,084
-1,565
-48,041
-18,620
-1,617
41
28,525
28,486
126
95,549
105,676
45,302
59,726
648
7,459
34
25,852
25,817
25,157
25,121
10,802
14,209
110
11,823
13,750
244
-16,820
-1,796
-20,755
-1,901
-21,779
-2,068
-19,170
-2,024
-18,985
-2,070
-59,703
-5,833
-176,081
-67,023
-5,426
-3,454
-2,280
-2,534
-6,243
-2,994
-2,680
-6,456
-3,062
-3,017
-3,984
-2,347
-2,950
-3,826
-2,533
-2,936
-15,118
-7,956
-8,144
-17,261
-9,135
-6,969
-18,325
-9,577
-9,284
-3,206
-2,025
-2,084
-5,747
-2,673
-2,221
-1,753
-4,741
-262
-1,776
^,888
-273
-1,791
-5,074
-311
-2,113
-5,470
-282
-1,953
-5,384
-283
^,832
-5,967
-16,879
-19,326
-939
-6,113
-19,179
-941
-962
-1,512
-4,472
-220
-1,472
^,656
-234
-120,769 -129,207 -153,743 -34,824
-120,489 -128,903 -153,421 -34,736
-30,873 -25,711 -42,495 -9,005
-55,337 -63,919 -70,217 -15,654
-34,279 -39,273 -40,709 -10,077
-304
-88
-280
-322
-37,144
-37,067
-10,660
-16,426
-9,981
-77
-40,557
-40,485
-12,015
-18,280
-10,190
-72
-41,218
-41,133
-10,815
-19,857
-10,461
-85
-43,381
^3,295
-11,757
-20,701
-10,837
-86
-109,893
-109,660
-27,506
-50,856
-31,298
-233
-119,466
-119,219
-23,829
-58,972
-36,418
-247
-138,503
-138,243
-36,962
-63,702
-37,579
-260
-31,070
-31,000
-7,457
-14,255
-9,288
-70
-33,757
-33,694
-9,573
-14,891
-255
-181
-329
255
-131
-119
-330
318
-299
-234
-338
273
-392
-142
-384
-324
-173
-342
607
-59
191
252
-10
-1,187
1,449
82
-4
134
368
-54
-1,206
1,628
126
-4
-298
428
37
36
-14
37
132
134
34
-35,065
-63
-113,045
-198,358
-211,270
-239,284
-32,787
-379
-1,377
4,598
-2,257
G
8
-5,712
-17,777
-1,093
-6,875
-21,017
-1,094
-7,433
-20,173
-1,128
^81
-661
-1,341
1,421
-783
-563
-1,399
1,179
-1,077
-676
-1,381
100
148
96
-1,157
1,823
-9,230
-63
-294
380
Capital and financial account
Capital account
39
Capital account transactions, net
Financial account
U.S.-owned assets abroad, net (increase/financial outflow (-))
U.S. official reserve assets, net
Gold 7
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. nonpanking
concerns
U.S. claims reported by U.S. banks, not included elsewhere
-214,756 -243,484 -276,996 -35,212 -150,307
5,477
5,295
-2,735
348
-611
8
&
n
0
5,4f)
5,295
-611
206
572
655
61
504
-62
-278
-36
^25
-335
294
91
981
915
928
-26
16
18
6
-69
-214,717 -241,404 -282,977 -40,713 -150,716
-46,989 -92,312 -70,907 -25,249
-8,019
18,319
-52,685
-43,376 -95,650 -52,588
-63,596
-60,756
Foreign-owned assets in the United States, net (increase/financial
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
-3,104
-50,338
-54,231
-105,251
-56,412
-103
8n
-103
-2,257
-1,986
441
-174
139
-37
196
-20
i!
n
413
-166
564
15
602
13
244
-275
590
-71
-56,396
-27,836
-16,198
-35,152
-9,803
-2,024
-112,920
-23,928
-10,297
-197,394
-46,910
-42,643
-216,309
-82,498
-97,843
-237,271
-58,212
-57,510
-30,940
-22,084
17,482
-12,624
-10,701
-61,354
^6,487
-1,133
-34,835
-52,723
-68,826
-27,267
-78,695
-9,762
-53,664
348,123
446,550
(.8)
(18)
89,760
167,495
-2,796
-9,566
487,998
92,131
192,337
111,299
139,610
455,512
5,957
-15,231
-4,417
-9,845
-1,055
R
-SI
R R
R
-358
( 17 )
R
C177 )
( )
4,598
254
-73
294
33
-11,078
-78,934
-1,41.
Pn
150
^0
255
-65
-27,733
-6,050
(
-159
n
n
o
87
-197
288
-4
359,229
R
R
-126,777
1
iin
n
n
-187
()
(18)
F
-530
(18)
17
-159
9
-29
35
3
-126,627
-6,074
-55,127
-50
(18)
(18)
(18)
(18)
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities
U.S. currency
U.S. liabilities to unaffiliated foreigners reported by U.S.
nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
485,089
71,849
86,601
( 17 )
-12,057
( 17 )
55,107
25,691
( 17 )
25,230
(17)
-3,884
(17)
8,070
( 17 )
Statistical discrepancy (sum of above items with sign reversed)
-259,460
-85,052
-142,765
-49,534
-23,721
-32,108
-37,402
-6,862
-241,078
-107,930
-147,028
-50,797
-23,690
-22,611
20,661
-1,950
-14,383
-481
-34,720
19,478
-15,242
-14,816
-783
-52,238
18,746
-33,492
-33,764
-1,077
-6,989
-12,370
2,775
-16,655
4,199
-12,456
-10,061
-16,224
6,171
-10,053
-14,687
5,127
-9,560
-21,113
18,688
-2,425
-29,967
-45,620
17,679
-5,963
4,889
-11,190
2,603
-9,305
-299
-392
-7,856
-324
-14,344
607
18,344
-11,623
-17,800
368
-27,941
-32,683
252
-1,074
-5,218
82
-8,600
126
-16,814
-30,841
-68,333
-7,422
-22,816
-19,750
-17,740
-16,162
-29,055
-60,372
-6,210
-17,061
Memoranda:
Balance on goods (lines 3 and 20)
Balance on services (lines 4 and 21)
Balance on goods and services (lines 2 and 19)
Balance on income (lines 12 and 29)
Unilateral current transfers, net (line 35)
Balance on current account (lines 1,18, and 35 or lines 73, 74, and
75) 13
See footnotes on page 109.
132,12
353,272
161,112
( 17 )
187,733
503,229
233,626
n
226,061
n
96,548
26,981
( 17 )
49,473
5,601
-1,388
-5,779
-255
202,182
130,899
(")
50,765
-9,595
-8,619
-131
-18,345
n
139,968
30,186
(17)
102,827
112,354
36,112
(")
64,206
62,452
18
71,978
198,138
153,573
228,1
179,1,077
215,821
(18)
18
6,486
9,174
18
46,451
-43,270
132,757
24,9(
18
21,266
-2,552
18
23,376
-35,332
-6,587
July 2000 •
SURVEY OF CURRENT BUSINESS
117
Transactions, by Area
of dollars]
European Union
4
European Union (6) 1 5
United Kingdom
1999
2000
1999
1997
III
IV
\p
1998
1999
2000
1999
1997
II
I
III
IV
\P
Line
2000
1999
1998
I
II
\P
IV
HI
84,985
89,778
91,821
99,386
105,257
108,060
26,204
25,845
27,367
28,644
30,670
164,923
174,784
179,061
44,321
43,755
44,282
46,703
46,840
1
57,827
62,125
60,421
60,298
64,897
64,988
15,964
15,877
16,423
16,724
16,903
121,920
128,131
130,427
32,183
32,101
31,722
34,421
33,172
2
34,452
39,122
38,838
35,910
37,899
37,321
9,802
9,308
8,972
9,239
10,030
82,660
86,048
87,485
22,358
21,601
20,132
23,394
22,753
3
23,375
799
23,003
638
21,583
594
24,388
516
26,998
386
27,667
404
6,162
118
6,569
97
7,451
85
7,485
104
6,873
90
39,260
658
42,083
1,248
42,942
979
9,825
169
10,500
288
11,590
339
11,027
183
10,419
209
4
5
6,660
2,008
1,901
5,765
1,660
1,818
4,760
1,456
1,823
7,102
2,199
1,726
7,600
2,258
1,742
8,398
2,535
1,719
1,643
502
394
2,016
617
415
2,499
732
464
2,240
684
446
1,771
519
417
9,775
3,397
3,014
9,819
3,464
3,925
10,197
3,390
3,676
2,004
719
833
2,561
823
889
3,106
1,048
1,010
2,526
800
944
2,160
745
963
6
7
8
4,293
7,666
48
4,643
8,447
32
4,244
8,670
36
2,995
9,806
44
3,623
11,338
51
3,518
11,055
38
873
2,624
8
829
2,587
8
887
2,768
16
929
3,076
6
910
3,159
7
9,188
13,168
60
10,061
13,510
56
9,881
14,751
68
2,509
3,581
10
2,424
3,502
13
2,346
3,717
24
2,602
3,951
21
2,290
4,028
24
9
10
11
27,158
27,122
11,705
15,239
178
36
27,653
27,616
10,972
16,528
116
37
31,400
31,366
13,689
17,466
211
34
39,088
39,029
13,469
25,534
26
59
40,360
40,296
13,199
27,074
23
64
43,072
43,004
14,464
28,519
21
68
10,240
10,224
3,736
6,488
9,968
9,951
3,135
6,816
10,944
10,927
3,521
7,406
13,767
13,751
5,704
8,047
16
17
17
11,920
11,902
4,072
7,809
21
18
43,003
42,940
22,538
19,863
539
63
46,653
46,593
24,729
21,251
613
60
48,634
48,574
24,972
23,164
438
60
12,138
12,123
6,492
5,467
164
15
11,654
11,639
6,058
5,488
93
15
12,560
12,545
6,701
5,742
102
15
12,282
12,267
5,721
6,467
79
15
13,668
13,654
6,466
7,053
135
14
12
13
14
15
16
17
-105,108
-106,800
-107,948
-119,330
-127,676
-142,631
-31,471
-35,244
-37,586
-38,330
-39,892
-166,286
-183,226
-205,092
-46,866
-51,408
-53,034
-53,784
-53,659
-68,278
-69,954
-69,001
-54,539
-58,289
-63,300
-14,394
-15,891
-16,450
-16,565
-16,786
-130,585
-144,100
-156,078
-35,454
-39,565
-39,883
-41,176
^0,253
-49,099
-52,942
-52,155
-32,495
-34,416
-38,789
-8,776
-9,636
-9,927
-10,450
-10,523
-101,457
-110,987
-121,105
-27,912
-59,993
-30,377
-32,823
-31,997
18
19
20
-19,179
-1,642
-17,012
-1,631
-16,846
-1,675
-22,044
-588
-23,873
-574
-24,511
-663
-5,618
-154
-6,255
-182
-6,523
-173
-6,115
-154
-6,263
-160
-29,128
-4,841
-33,113
^,477
-34,973
-5,324
-7,542
-1,313
-9,572
-1,332
-9,506
-1,352
-8,353
-1,327
-8,256
-1,365
21
22
-5,732
-2,743
-2,521
-3,640
-2,136
-2,458
-3,551
-2,248
-2,421
-4,703
-0,212
-2,205
-5,142
-3,896
-2,397
-5,457
-3,818
-2,507
-1,110
-908
-551
-1,603
-964
-577
-1,589
-1,037
-696
-1,155
-909
-683
-1,231
-1,015
-631
-7,750
-3,363
^,065
-8,647
-3,773
-4,488
-9,381
-4,044
-4,445
-1,604
-797
-1,003
-3,072
-1,245
-1,083
-2,879
-1,125
-1,189
-1,826
-677
-1,170
-1,777
-887
-1,161
23
24
25
-1,438
-4,835
-268
-1,691
-5,216
-240
-1,605
-5,102
-244
-2,114
-9,121
-101
-2,059
-9,713
-92
-1,749
-10,220
-97
-512
-2,364
-19
-469
-2,440
-20
-373
-2,625
-30
-495
-2,791
-28
-388
-2,819
-19
-2,187
-6,227
-695
-3,197
-7,823
-708
-3,281
-7,788
-710
-630
-1,820
-175
-740
-1,943
-157
-832
-1,938
-191
-879
-2,087
-187
-908
-1,961
-197
26
27
28
-36,830
-36,770
-10,823
-16,541
-9,406
-60
-36,846
-36,779
-9,109
-18,015
-9,655
-67
-38,947
-38,879
-10,173 .
-18,706
-10,000
-68
-64,791
-64,722
-10,925
-36,172
-17,625
-69
-69,387
-69,309
-6,930
-41,652
-20,727
-78
-79,331
-79,248
-12,355
^5,660
-21,233
-83
-17,077
-17,056
-1,743
-10,132
-5,181
-21
-19,353
-19,333
-3,219
-10,928
-5,186
-20
-21,136
-21,116
-3,960
-11,826
-5,330
-20
-21,765
-21,743
-3,433
-12,774
-5,536
-22
-23,106
-23,084
-3,851
-13,519
-5,714
-22
-35,701
-35,556
-14,265
-12,267
-9,024
-145
-39,126
-38,980
-13,705
-14,423
-10,852
-146
-49,014
-48,861
-21,667
-14,944
-12,250
-153
-11,412
-11,370
-4,960
-3,435
-2,975
-42
-11,843
-11,805
-5,501
-3,280
-3,024
-38
-13,151
-13,116
-6,076
-3,950
-3,090
-35
-12,608
-12,570
-5,130
-4,279
-3,161
-38
-13,406
-13,367
-5,913
-4,196
-3,258
-39
29
30
31
32
33
34
99
-2
-297
398
28
-2
-297
327
1,274
1,306
1,509
377
385
399
348
389
211
120
-189
-19
10
-42
-138
-71
-298
243
-189
1,463
-195
1,501
-206
1,715
-51
428
-51
436
-52
451
-52
400
-48
437
-672
883
-690
810
-651
462
-162
143
-162
172
-163
121
-164
26
-170
99
35
%
37
38
34
33
35
36
44
48
12
12
12
12
13
60
63
62
16
15
16
15
16
39
-43,972
-35,748
-72,878
-132,494
-108,216
-150,080
-1,670
-115,060
-20,351
-12,999
-26,379
-48,215
-79,966
-83,922
-19,908
-15,366
-23,033
-25,615
-33,652
-66
i:i
-46
-100
-1377
4 598
40
41
n
n
0
4J
R
•fl
8
-55
n
n
J
-15
-196
190
-9
111
-13
169
-45
-43,891
-25,789
-16,950
-35,813
-2,265
-2,915
-72,970
-21,881
-10,241
-3,739
2,587
-11,955
-18,678
99,213
90,082
a
192
-29
188
33
(18)
iS
18
7,039
-15,567
n
131
0
R
11
-1,377
16
nn
11
n
n
J
R
:
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n
n
n
n
10
-16
-47
ij
I)
I]
i)
Ii
R
i:i
6
7
)
-30
? I .8
42
43
44
45
19
46
47
48
49
J
-20,347
-14,956
-9,876
-5
-13,130
708
-6,531
16
-115,058
-10,630
-49,987
-26,390
-6,590
-12,249
-46,854
-20,406
666
-84,574
-35,275
-27,689
-47
-83,875
-19,099
-9,885
-19,892
-10,778
3,091
-15,372
2,959
-8,067
-23,026
-9,306
-8,722
-25,585
-1,974
3,813
-33 671
-11,816
2,393
50
51
52
*A
-42,520
-25,628
8,504
-14,984
-32,101
-36,433
-17,456
6,185
-13,699
-40,742
6,686
-2,201
-7,632
325
n
-7,551
-12,780
-14,334
-7,022
-14,588
-20,543
-34,348
-7,390
-4,815
2,716
-12,980
-10,916
5,918
-4,953
-22,471
-24,248
53
54
108,409
258,676
208,728
273,884
51,989
117,885
62,313
41,697
61,689
162,995
122,969
172,478
42,015
58,066
32,268
40,129
33,069
55
:?
:»
56
57
58
59
60
61
62
(18)
11,395
77J3
-15,542
l8
38,467
131,160
-15
3
R
14,896
7,238
(18)
(18)
(18)
(18)
-116
(18)
(18)
(18)
18
39,012
-28,036
5,996
81,251
(18)
18
23,028
-7,540
::»
29,944
18
13,180
-6,396
I
(18)
(18)
(18)
-80
10,
(18)
30,621
iS
(18)
R
(.8)
116,604
(.8)
146,693
3
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(18)
(18)
65,701
(.8)
120,870
18
n
(18)
R
B(
R
93,593
18
I
-2
R
R
-1,666
-4,946
14,551
30,596
60,019
*)
121
Rn
-150,201
-29,824
-51,843
(18)
62,574
-5230
10,181
n
n
n
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-108,346
-36,552
-65,314
(18)
l8
130
(18)
38,9
31,870
128
R
R
*)
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127
1
-132,622
-22,962
-41,512
R
R
(18)
R
n
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-182
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16
49,
:?
-2
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-5,320
7,628
18
2
n
(18)
(18)
J3
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(18)
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65
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17
-89
18)
18)
(.8)
(.8)
C8)
18,789
10,309
(18)
(18)
36,611
18
8,124
-21,728
53,613
18
-2,149
18
42,501
(.8)
37,823
81,470
31,959
50,388
-12,175
18
3,987
18
15,278
102,845
52,757
(18)
(18)
49,890
-39
!
(18)
«$
6,006
8,117
(18)
12,846
18
-1,739
15,565
13,426
18
9,097
-17,125
18,068
10,268
18
-851
4,900
(.8)
(.8)
16,742
18,392
(18)
18,937
18
-501
4,777
31,816
l8
63
64
65
66
67
-17,100
68
69
-35,251
-37,290
-19,467
-107,548
-79,443
-90,790
-45,441
6,177
-32,154
-19,372
-26,490
-113,688
-34,744
-€2,398
-19,559
-35,072
-457
-7,310
7,457
70
-14,647
4,196
-10,451
-9,672
99
-13,820
5,991
-7,829
-9,193
-55
-13,317
4,737
-3,580
-7,547
28
3,415
2,344
5,759
-25,703
1,274
3,483
3,125
6,608
-29,027
1,306
-1,468
3,156
1,688
-36,259
1,509
1,026
544
1,570
-6,837
377
-328
314
-14
-9,385
385
-955
928
-27
-10,192
399
-1,211
1,370
159
-9,845
348
-493
610
117
-9,339
389
-18,797
10,132
-8,665
7,302
211
-24,939
8,970
-15,969
7,527
120
-33,620
7,969
-25,651
-380
-189
-5,554
2,283
-3,271
726
-19
-8,392
928
-7,464
-189
10
-10,245
2,084
-8,161
-591
-42
-9,429
2,674
-6,755
-326
-138
-9,244
2,163
-7,081
262
-71
71
72
73
74
75
-20,024
-17,077
-16,099
-18,670
-21,113
-33,062
-4,890
-9,014
-9,820
-9,338
-8,833
-1,152
-8,322
-26,220
-2,564
-7,643
-8,794
-7,219
-6,890
76
118
•
SURVEY OF CURRENT BUSINESS
July 2000
Table 10.—U.S. International
[Millions
Canada
Eastern Europe
Line
2000
(Credits +; debits - ) •
1997
1997
1999
1998
1999
Current account
13,358
13,223
12,182
2,731
2,833
3,398
3,220
3,627
194,501
194,490
209,897
50,132
53,955
11,535
11,380
9,523
2,174
2,256
2,608
2,485
2,711
172,372
187,873
45,374
48,286
Goods, balance of payments basis 2
7,750
7,366
5,560
1,208
1,306
1,535
1,511
1,646
151,718
175,579
156,241
40,167
42,840
Services3
Transfers under U.S. military agency sales contracts4
3,785
349
4,014
346
3,963
344
966
69
950
83
1,073
104
974
88
1,065
100
20,654
91
19,338
105
5,207
27
5,446
34
Travel
Passenger fares
Other transportation
1,249
144
434
1,257
159
270
1,184
78
344
265
22
64
295
18
103
340
18
100
284
20
77
286
23
65
6,945
1,361
2,414
6,206
1,478
2,317
166,533
21,340
115
6,670
1,540
2,479
1,676
443
579
1,810
368
626
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services
216
288
1,648
46
267
1,705
41
67
472
7
64
377
10
67
429
65
513
13
59
1,651
7,504
77
1,696
8,188
15
69
427
9
1,596
1,353
40
8,749
91
411
2,052
19
2,189
23
1,823
1,815
519
1,035
261
8
1,843
1,835
-15
1,612
238
8
2,659
2,639
448
2,047
144
20
557
552
24
472
56
5
577
572
70
492
10
5
790
785
205
532
48
5
735
730
149
551
30
5
916
911
311
555
45
5
22,129
22,051
11,025
11,026
18,911
18,836
7,527
11,309
22,024
21,948
11,102
10,846
4,758
4,739
1,983
2,756
5,669
5,650
3,005
2,645
78
75
76
19
19
-12,678
-15,392
-16,220
-3,275
-4,312
-4,161
-4,472
-5,012
-192,168
-198,243
-224,395
-52,132
-56,298
-10,946
-13,710
-14,526
-2,855
-5,898
-3,746
-4,027
-4,489
-183,836
-191,207
-216,796
-50,469
-54,342
-11,813
-2,401
-3,107
-2,851
-3,454
-4,018
-170,058
-175,806
-201,268
-47,568
-50,225
Exports of goods and services and income receipts
Exports of goods and services
Income receipts
Income receipts on U.S.-owned assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
Compensation of employees
Imports of goods and services and income payments .
Imports of goods and services
396
Goods, balance of payments basis 2
-8,481
Services3
Direct defense expenditures
-2,465
-253
-2,811
-167
-2,713
-169
^54
-50
-791
-47
-895
-42
-573
-30
-471
^30
-13,778
-57
-15,401
-68
-15,528
-72
-2,901
-14
-4,117
-16
Travel
Passenger fares
Other transportation
-946
-317
-279
-1,326
-452
-219
-1,274
-670
-229
-365
-146
-66
^98
-109
-69
-4,904
^70
-3,037
-5,718
-587
-2,910
-6,135
-712
-3,224
-875
-125
-728
-1,527
-189
-822
-18
-588
-64
-13
-549
-85
-10
-586
-75
-2
-148
-17
-3
-148
-26
-260
-65
-53
-4
-145
-16
-167
-56
-48
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services .
-151
-60
-41
-1
-10
-146
-14
-322
-4,812
-176
-425
-5,486
-207
-607
-4,543
-235
-126
-977
-56
-1,385
-1,732
-1,692
-11
^83
-1,198
-40
-1,682
-1,617
-13
^98
-1,106
-65
-1,694
-1,622
-8
^00
-414
-398
-3
-93
-302
-16
-415
^00
-4
-96
-300
^45
-424
-1
-114
-309
-21
-623
-502
-6
-181
-316
-21
-8,332
-8,083
-5,840
-4,083
-1,160
-249
-7,036
-6,733
-4,295
-875
-303
-7,599
-7,287
-1,482
-4,661
-1,144
-312
-1,663
-1,584
-295
-1,082
-207
-79
-1,956
-1,879
-524
-1,107
-248
-77
-1,026
-590
-11
-425
-1,065
-645
-13
-407
-1,027
-548
-10
-469
-516
-614
-€43
-175
-145
-408
-108
-477
-137
^82
-161
-120
-55
-121
-24
Income payments
Income payments on foreign-owned assets in the United States .
Direct investment payments
Other private payments
U.S. Government payments
Compensation of employees
Unilateral current transfers, net
U.S. Government grants4
U.S. Government pensions and other transfers
Private remittances and other transfers6
-2,963
-3,413
-1,519
-39
-1,405
-1,903
^0
19
20
-4,242
-1,759
-1,470
-145
-16
-420
-400
-1
-1,213
-72
-97
-302
-20
-2,393
-47
-1,649
-1,038
-603
-12
-423
-15
-960
-655
-11
-394
-1,563
-122
-56
Capital and financial account
Capital account
39
Capital account transactions, net
6
7
7
231
347
87
14
-5,066
3,226
Financial account
U.S.-owned assets abroad, net (increase/financial outflow (-))
U.S. official reserve assets, net
Gold 7
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-owned assets in the United States, net (increase/financial
inflow (+))
Foreign official assets in the United States, net
U.S. Government securities
U.S. Treasury securities9
Other 10
Other U.S. Government liabilities"
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 12
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities
U.S. currency
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
-1,652
-1,751
8n
r
n
n
-650
614
45
70
^70
446
94
^,251
-1,330
-2,333
-1,829
-1,492
-2,117
-1,351
-250
-338
229
1,551
27
35
1,048
(18)
-2,790
5,311
(18)
-1,183
-230
R
R
259
526
8
-103
-2,964
r
1,086
-5
-1,732
-489
-119
909
-162
-29
-866
-475
-6
338
-67
-76
-14,186
-7,642
-3,163
-29,191
-9,152
-1,930
-5,066
-14,268
-5,570
-1,193
13
1,087
-138
-247
83
388
-226
-3,155
3,959
-22,068
^,354
19,126
3,056
-2,640
4,456
8,260
18,017
R
13 R
R
-2,526
(17)
160
-15
167
3,972
18
75
2,923
113
-13
8
-122
-2,561
171
is-82
5,458
10,111
4,443
271
4,287
1,873
Memoranda:
Balance on goods (lines 3 and 20)
Balance on services (lines 4 and 21)
Balance on goods and services (lines 2 and 19)
Balance on income (lines 12 and 29)
Unilateral current transfers, net (line 35)
Balance on current account (lines 1,18, and 35 or lines 73, 74, and 75) 1 3
-731
-3,533
1,203
-2,330
161
-3,413
-5,582
-6,253
1,250
-5,003
965
-1,193
1,320
589
91
-1,801
159
-1,642
163
-1,026
-2,505
-1,316
178
-1,138
375
-1,065
-1,828
See footnotes on page 109.
-2,963
-2,283
-4,089
-8,127
137
-1,038
-1,582
8
18
43
3,692
18
3,905
-1,988
-2,398
-1,943
401
-2,372
594
-1,778
393
-1,542
290
-960
-2,212
-1,027
-2,412
513
R
2
17,504
16,011
-18,340
6,876
-11,464
13,797
-516
1,817
29,118
8,128
8,561
1,953
2,905
-598
27,165
12,229
101
935
R
R
1
5,223
2,344
9,159
5,516
2,253
-1,459
( 17 )
-8,998
-9,193
-19,565
^4,735
5,812
-28,923
14,425
-7,401
2,306
-5,095
3,095
-175
-2,175
3,937
n
4,489
-6,945
^34
(17)
15,459
-15,628
11,875
-614
-4,367
8
3,226
-1,742
-1,006
-3,282
9,256
£3
1,108
(17)
8
(.7)
(l7:
7
10,786
10,838
(.8)
84
Statistical discrepancy (sum of above items with sign reversed)
512
-681
n
3,962
141
(.8)
(18)
(.8)
15
18
n
-107
•a
18
-29,191
n
-57
-1,138
438
(18)
(18)
R
-14,183
-118
-139
22
-1
-19
-164
B
a (
-984
n
-301
-1,550
1,276
-27
852
-643
-15,141
377
(17)
-10,579
-7,385
1,329
-6,056
3,713
-145
-2,488
119
July 2000
SURVEY OF CURRENT BUSINESS
Transactions, by Area—Continued
of dollars]
Canada
Latin America and Other Western Hemisphere
1999
1997
1998
2000
1999
1999
\P
IV
III
Japan
1999
2000
1997
I
II
III
Line
2000
1999
\p
IV
1
II
III
\p
IV
50,964
54,846
57,548
238,133
250,691
254,340
57,791
61,343
65,118
70,088
69,470
109,710
95,660
98,034
24,424
23,139
24,970
25,501
26,230
1
45,213
49,000
51,324
177,820
189,477
191,921
43,949
45,875
49,253
52,844
52,419
99,429
87,527
88,039
22,202
20,595
22,111
23,131
23,469
2
39,734
43,792
45,587
134,685
141,768
141,310
32,339
33,856
35,540
39,575
39,310
64,603
56,633
56,352
14,460
13,319
13,515
15,058
15,366
3
5,479
25
5,208
29
5,737
26
43,135
468
47,709
471
50,611
619
11,610
165
12,019
141
13,713
117
13,269
196
13,109
134
34,826
520
30,894
964
31,687
1,157
7,742
499
7,276
173
8,596
203
8,073
282
8,103
240
4
5
1,689
383
633
1,495
346
641
1,871
439
647
18,123
4,713
3,657
19,498
5,600
3,282
19,799
5,455
3,368
4,335
1,310
759
4,682
1,292
830
5,740
1,533
883
5,042
1,320
896
4,783
1,381
818
11,068
5,442
3,230
9,424
3,616
2,819
9,711
3,585
3,089
2,182
806
716
2,140
846
792
2,884
1,066
802
2,505
867
779
2,353
836
780
6
7
8
431
2,285
33
458
2,223
16
433
2,306
15
2,123
13,898
153
2,683
16,031
144
2,721
18,453
196
632
4,368
41
666
4,334
74
669
4,729
42
754
5,022
39
685
5,267
41
6,701
7,809
56
5,978
8,051
42
6,053
8,059
33
1,374
2,151
14
1,488
1,831
6
1,554
2,080
7
1,637
1,997
6
1,572
2,308
14
9
10
11
5,751
5,732
3,142
2,590
5,846
5,827
2,972
2,855
6,224
6,203
3,161
3,042
61,214
61,074
17,263
43,429
382
140
62,419
62,295
18,580
43,300
415
124
13,842
13,811
3,759
9,946
106
31
15,468
15,437
5,042
10,268
127
31
15,865
15,834
4,937
10,815
82
31
17,244
17,213
4,842
12,271
100
31
17,051
17,018
4,280
12,625
113
33
10,281
10,269
3,511
6,706
52
12
8,133
8,120
1,918
6,116
86
13
9,995
9,987
4,103
5,869
15
8
2222
2,220
1,126
1,087
7
2
2,544
2,542
888
1,651
3
2
2,859
2,857
1,129
1,724
4
2
2,370
2,368
960
1,407
1
2
2,761
2,759
1,431
1,326
2
2
12
13
14
15
16
17
18
19
19
19
21
60,313
60,179
21,724
38,004
451
134
-56,510
-59,455
-63,092
-221,786
-233,158
-256,983
-57,755
-62,247
-67,652
-69,329
-74,060
-172,097
-171,273
-185,592
-42,416
-44,529
-47,363
-51,284
-49,443
-54,842
-57,143
-60,435
-171,113
-178,962
-202,209
-45,601
^9,087
-53,501
-54,020
-58,243
-137,028
-136,781
-147,995
-34,751
-35,064
-37,595
-40,585
-39,251
^9,840
-53,635
-57,105
-140,431
-145,730
-169,069
-37,291
-41,173
-44,767
^5,838
^9,353
-121,659
-121,850
-130,877
-31,012
-30,784
-33,187
-35,894
-34,684
20
-5,002
-23
-3,508
-19
-3,330
-20
-30,682
-363
-33,232
-373
-33,140
-300
-6,310
-94
-7,914
-76
-8,734
-64
-6,182
-66
-8,890
-65
-15,369
-1,180
-14,931
-1,284
-17,118
-1,332
-3,739
-288
-4,280
-366
^,408
-317
-4,691
-361
-4,567
^50
21
22
-2,638
-240
-826
-1,095
-158
-848
-938
-133
-875
-15,375
-2,781
-2,464
-15,725
-2,894
-2,351
-16,403
-3,039
-2,607
-4,205
-801
-607
-3,847
-695
-621
-4,481
-638
-642
-3,870
-705
-737
-4,481
-684
-767
-3,036
-757
-4,182
-2,719
-784
-4,219
-2,845
-858
-4,986
-633
-183
-1,056
-634
-236
-1,187
-741
-226
-1,378
-637
-213
-1,365
-702
-204
-1,310
23
24
25
-158
-1,052
-65
-201
-1,129
-58
-204
-1,109
-51
-622
-8,597
^80
-858
-10,537
•494
-1,052
-9,243
^96
-260
-2,225
-118
-264
-2,289
-122
-267
-2,308
-134
-261
-2,421
-122
-255
-2,307
-131
-2,067
-4,013
-134
-2,364
-3,435
-126
-3,162
-3,842
-93
-657
-888
-34
-756
-879
-22
-744
-984
-18
-1,005
-1,091
-19
-1,001
-964
-36
26
27
28
-1,668
-1,593
-78
-1,193
-322
-75
-2,312
-2,231
-585
-1,279
-367
-81
-2,657
-2,573
-871
-1,310
-392
-84
-50,673
-45,086
-1,728
-31,940
-11,418
-5,587
-54,196
-48,295
-905
-35,986
-11,404
-5,901
-54,774
-48,470
-1,156
-36,793
-10,521
-6,304
-12,154
-10,761
-196
-8,263
-2,302
-1,393
-13,160
-11,659
^03
-8,729
-2,527
-1,501
-14,151
-12,434
-387
-9,273
-2,774
-1,717
-15,309
-13,616
-170
-10,528
-2,918
-1,693
-15,817
-14,362
-243
-11,081
-3,038
-1,455
-35,069
-34,999
-5,513
-7,809
-21,677
-70
-34,492
-34,419
-5,159
-9,302
-19,958
-73
-37,597
-37,521
-5,893
-10,020
-21,608
-76
-7,665
-7,642
206
-2,845
-5,003
-23
-9,465
-9,449
-2,140
-2,178
-5,131
-16
-9,768
-9,754
-1,738
-2,466
-5,550
-14
-10,699
.-10,676
-2,221
-2,531
-5,924
-23
-10,192
-10,169
-1,568
-2,507
-6,094
-23
29
30
31
32
33
34
-171
-152
-183
-14,748
- 1 797
-697
-12,254
-3,545
-412
-154
-2,979
-3,619
-452
-155
-3,012
-3,671
•457
-167
-3,047
-3,913
—476
-221
-3,216
-3,845
-380
-167
-3,298
-239
-94
-51
-65
-29
-101
-125
-58
-12,989
-1342
-687
-10,960
-228
-120
^32
-11,786
-1260
-669
-9,857
-167
-121
-50
-92
-75
-102
-126
-106
-133
-26
-68
-26
-25
-27
-38
-27
-2
-23
-78
35
36
37
38
28
28
21
99
246
^,855
68
67
64
^1,054
64
24
24
24
6
6
6
6
6
39
-6,881
-5,900
-12,686
-193,150
-68,793
-86,341
17,141
-23,779
-44,626
-35,077
-6,763
-8,055
35,134
-39,513
-1,614
5,957
-15,248
-28,608
-452
40
26
1,218
-2,224
-1,792
-412
-30
m
242
R
8
R
n
R
8
J
:
1.2O
41
42
43
44
45
3,500
r
n
r
n
R0
n
n
n
R
n
8
R
n
n
158
1
-1,313
1,474
-3
170
-612
775
7
87
—401
497
-9
132
-233
362
3
-197,129
-21,537
-39,132
-68,951
-16,829
-26,844
-90,731
-19,523
-29,713
16,971
-5,259
-4,240
-23,866
-10,374
-13,123
n
R
*
4,390
-1,571
5,991
-30
R
n
3,500
479
-1,085
1,562
2
n
r
r
n
R
n
n
4,001
n
-,,78
2
a.
i J
-325
4,357
-31
20
-204
237
-13
§
0
-31
R
46
47
48
49
-44,758
-3,605
-14,388
-39,078
-285
2,038
-6,783
-2,432
-10,936
-8,086
339
-9,958
33,926
-1,395
-1,794
-37,291
-10,616
-•3,580
166
-850
-10,490
6,339
-1,548
-5,377
-15,209
-1,997
-9,677
-28,587
-6,221
-18,036
37
-731
-147
-1,474
50
51
52
-10
9 .p.
12
-9
30
n
s
n
-6,881
-3,375
-4,648
-5,900
-3,206
-17
-12,686
-3,203
-3,546
-16
1,158
-1,991
-686
-5,937
-53,272
-63,188
-12,866
-12,412
-27,430
-14,065
10,725
15,745
-12,704
12,335
-20,232
-6,533
-5,219
-35,612
-32,300
38,885
-4,123
5,656
567
36,548
-4,012
20,917
5,690
5,816
-1,825
15,089
-3,699
164
-4,178
-152
8,040
4,389
16,839
119,596
29,561
116,001
5,330
58,308
33,751
18,612
34,955
71,364
37,624
28,081
-22,843
5,573
25,874
328
-682
1,162
S § ii
R
R
R
R
R
R
R
19,477
(.8)
n
(18)
jl7)
-11
-18
(17
(1?
7,712
4,157
( 17
261
5,071
212
-992
-761
£3
R
R
(18)
15,677
8,204
5,131
n
18
(18
R
(18)
(18)
3,766
16,788
1,965
37,579
23,527
62,943
9,486
22,811
55,385
8 12,508
-16,880
53,191
,8)
.8)
-2,817
3,432
-9,540
-12,399
43,685
322
(18)
(18)
14,634
18
-1,996
10,401
15,542
(18)
-711
(.8)
18,209
-5,917
8,645
18
18
307
(.8)
(.8)
(.8)
\
(.8)
10,735
23,281
18
p,
(18
(18)
(18)
18
R
.8)
(.8)
3,819
18
.8)
-25
-13
-41
§
\
13,500
3,965
(.8)
.8)
(18)
,8)
6$
14,056
1,257
45,185
•85
18)
18
-5,475
28,946
\
-52
(18)
3,586
22,692
-2,568
-743
I8
I8
-1,894
-15,425
-1,416
-334
18
18
-150
10,539
55
R
56
57
58
59
60
61
62
(18)
J
'l8)
53
54
-11,139
(.8)
(18)
(18)
88
3 .8
15
-14
18)
•3
7J2
(18)
18
\
•A329
-106
10,559
R
R
::»
37
-31
2,210
(18)
(18)
8,335
18
892
4,477
-1,043
l8
63
64
65
66
67
-12,068
68
69
4,530
6,244
1,553
68,894
34,442
-6,414
-19,030
-30,073
17,016
23,673
-19,821
-779
3,059
99,205
42,537
9,905
11,826
34,937
34,899
70
-10,106
477
-9,629
4,083
-171
-5,717
-9,843
1,700
-8,143
3,534
-152
-4,761
-11,518
2,407
-9,111
3,567
-183
-5,727
-5,746
12,453
6,707
9,640
-11,786
4,561
-3,962
14,477
10,515
7,018
-12,989
4,544
-27,759
17,471
-10,288
7,645
-14,748
-17,391
^,952
3,300
-1,652
1,688
-3,545
-3,509
-7,317
4,105
-3,212
2,308
-3,619
-9,227
4,979
-4,248
1,714
-3,671
-6,205
-6,263
5,087
-1,176
1,935
-3,913
-3,154
-10,043
4,219
-5,824
1,234
-3,845
-8,435
-57,056
19,457
-37,599
-24,788
-167
-62,554
-65,217
15,963
-49,254
-26,359
-228
-75,841
- 7 4 525
14,569
-59,956
-27,602
-239
-67,797
-16,552
4,003
-12,549
-5,443
-94
-18,086
-17,465
2,996
-14,469
-6,921
-51
-21,441
-19,672
4,188
-15,484
-6,909
-65
-22,458
-20,836
3,382
-17,454
-8,329
-29
-25,812
-19,318
3,536
-15,782
-7,431
-101
-23,314
71
72
73
74
75
76
-4,523
120
•
July 2000
SURVEY OF CURRENT BUSINESS
Table 10.—U.S. International
[Millions
Australia
Line
2000
(Credits +; debits -)»
1997
Current account
435
128
89
394
116
76
175
411
1
180
420
2
195
440
3
181
468
2
1,297
1,296
426
870
1,436
1,435
513
1,524
1,523
1,773
1,690
1,772
877
1,689
750
922
844
895
939
1
1
1
1
1
2,757
4,880
152
1,191
44
1,357
90
1,839
621
307
1,562
548
282
1,735
520
360
365
112
82
453
137
90
1,450
5
727
1,604
5
723
1,685
7
173
414
1
6,566
6,558
3,674
2,884
5,284
5,276
1,880
3,396
6,030
6,026
2,495
3,531
5,159
252
Travel
Passenger fares
Other transportation
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services .
Income receipts
Income receipts on U.S.-owned assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
Compensation of employees
482
143
99
2,525
4,381
2,958
1,423
97
11,775
"
1,302
65
5,905
4,114
11,911
Services3
Transfers under U.S. military agency sales contracts 4 ....
1,355
65
5,550
3,716
16,655
Goods, balance of payments basis 2
5,952
5,013
21,939
17,070
Exports of goods and services
6,552
4,779
3,424
23,020
16,990
11,664
5,326
296
23,636
Exports of goods and services and income receipts
Imports of goods and services and income payments .
679
4,262
2,960
-9,587
-3,411
-2,096
-2,304
-2,583
-2,428
-2,558
-7,688
-8,749
-$,852
-1,961
-2,256
-2,354
-2,281
Goods, balance of payments basis 2
-4,882
-5,372
-5,271
-1,084
-1,378
-1,443
-1,366
Services3
Direct defense expenditures
-2,806
-75
-3,377
-43
-3,581
-62
-877
-22
-878
-3
-911
-10
-915
-22
Other transportation
-997
-546
-230
-1,201
-587
-214
-1,243
-642
-197
-321
-154
-46
-351
-135
-51
-269
-192
-53
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services .
-90
-814
-54
-40
-1,243
-49
-12
-313
-9
-8
-16
-333
-15
-26
-343
-10
-26
-308
-9
-911
-904
-35
-544
-325
-7
-838
-830
245
-717
-358
-8
-69
-1,326
-42
-559
-302
-161
-47
-15
-337
-2,293
-1,346
-947
-20
-356
-173
-55
-787
-333
-8
-135
-133
109
-171
-71
-2
-48
^6
207
-172
-81
-2
-229
-227
66
-210
-83
-2
-147
-145
187
-234
-98
-2
-265
-263
105
-266
-102
-2
-271
-296
-296
-73
-83
-67
-73
-80
-36
-235
-39
-257
-256
-10
-63
-10
-73
-10
-57
-10
-S3
-71
2
2
2
2
-1,992
-4,448
4,503
-1,583
Imports of goods and services
Travel
Income payments
Income payments on foreign-owned assets in the United States .
Direct investment payments
Other private payments
U.S. Government payments
Compensation of employees
Unilateral current transfers, net
U.S. Government grants 4
U.S. Government pensions and other transfers
Private remittances and other transfers 6
-551
569
Capital and financial account
Capital account
39
Capital account transactions, net
Financial account
U.S.-owned assets abroad, net (increase/financial outflow (-))
-4,844
-3,224
U.S. official reserve assets, net
Gold 7
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
-3,520
i!
0
n
n
-1
n
n
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
n
-2
S
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
•^,845
-1,209
-1,465
-12
841
-3,519
-4,062
-1,699
58
2,184
-2,935
-85
498
524
Foreign-owned assets in the United States, net (increase/financial inflow (+)) .
3,277
3,465
-1,214
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities
U.S. currency
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns.
U.S. liabilities reported by U.S. banks, not included elsewhere
Statistical discrepancy (sum of above Herns with sign reversed)
Memoranda:
Balance on goods (lines 3 and 20)
Balance on services (lines 4 and 21)
Balance on goods and services (lines 2 and 19)
Balance on income (lines 12 and 29)
Unilateral current transfers, net (line 35)
Balance on current account (lines 1,18, and 35 or lines 73, 74, and 75) 1 3
See footnotes on page 109.
4,505
-961
-116
-301
5,883
714
8
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
1
n
n
-1,584
-183
-422
-22
-957
-1,793
2,900
1,646
IR
!2
•3
n
(IS)
1,160
45
-182
n
595
-196
18
649
138
18
1,467
-144
18
-329
-202
18
2,681
-3,057
-404
18
4,468
-13,266
360
218
-3,474
-5,370
6,403
1,503
7,906
4,446
-596
12,056
6,393
1,745
8,138
5,471
-296
13,313
1,441
314
1,755
1,162
-73
2,844
1,379
479
1,515
512
2,027
2,058
440
1,858
1,388
-83
3,163
1,295
-67
3,255
1,626
-73
4,051
1,365
18
-3,117
-13,203
7,029
2,353
9,382
5,655
-271
14,766
-637
874
(18)
)
(18)
-92
18
883
-1,792
2,498
£3
a
18
560
-3,170
1,614
355
1,969
1,425
-80
3,314
July 2000 •
SURVEY OF CURRENT BUSINESS
121
Transactions, by Area—Continued
of dollars]
International organizations and unallocated 16
Other countries in Asia and Africa
1999
1997
2000
1997
I
II
III
IV
\P
2000
1999
1999
1998
1998
Line
1999
II
I
IV
III
\p
239,623
214,424
221,704
50,676
54,172
57,289
59,567
59,023
27,446
32,101
33,463
8,082
8,178
8,381
8,822
8,776
1
211,509
191,668
196,110
45,243
48,097
50,337
52,433
50,060
5,712
6,188
5,998
1,448
1,488
1,517
1,545
1,509
155877
137245
140,421
31551
34,026
35814
39030
35,998
2
3
55,632
10,069
54,423
10,793
55,689
9,324
13,692
2,264
14,071
2,865
14,523
2,135
13,403
2,060
14,062
1,969
5,712
6
6,188
5,998
1,448
1,488
1,517
1,545
1,509
4
5
12,137
1,909
8,625
10,484
1,832
7,510
11,385
1,583
8,753
2,135
328
1,992
3,186
391
2,142
3,513
484
2,267
2,551
380
2,352
2,302
343
2,241
549
568
555
119
152
140
144
133
4,402
18,000
490
4,178
19,175
451
4,333
19,970
341
1,059
5,834
80
1,074
4,345
68
1,070
4,969
85
1,130
4,822
108
1,052
6,076
79
1,810
3,347
1,875
3,745
1,917
3,526
461
868
467
869
476
901
513
888
478
898
9
10
11
28,114
28,054
16,111
10,651
1,292
60
22,756
22,691
10,921
10,661
1,109
65
25,594
25,519
14,866
9,602
1,051
75
5,433
5,414
2,726
2,399
289
19
6,075
6,057
3,534
2,313
210
18
6,952
6,933
4,305
2,328
300
19
7,134
7,115
4,301
2,562
252
19
8,963
8,943
5,188
3,241
514
20
21,734
20,374
11,157
8,652
565
1,360
25,913
24,432
14,279
9,338
815
1,481
27,465
25,720
14,072
10,867
781
1,745
6,634
6,214
3,564
2,434
216
420
6,690
6,257
3,435
2,625
197
433
6,864
6,421
3,443
2,787
191
443
7,277
6,828
3,630
3,021
177
449
7,267
6,814
3,564
3,069
181
453
12
13
14
15
16
17
-314,382
-326,628
-365,989
-78,747
-87,025
-100,065
-100,152
-97,849
-8,110
-11,298
-10,248
-2,475
-2,525
-2,573
-2,675
-2,875
18
-286,898
-298,181
-335,570
-71,530
-79,808
-92,250
-91,982
-69,478
-1,920
-2,540
-1,985
^85
-492
^98
-510
-580
-255 087
-263 505
-296,863
-62,679
-70,374
- 8 2 029
-81781
-79 566
19
20
-31,811
-2652
-34,676
-3924
-38,707
-3926
-8,851
-1029
-9,434
-959
-10,221
- 1 102
-10,201
-836
-9,912
-655
-1,920
-2,540
-1,985
-485
^92
^98
-510
-580
21
22
-9,873
-4,503
-7,387
-10,665
-4,565
-7,962
-11,314
-5,101
-10,566
-2,603
-1,178
-2,199
-2,827
-1,234
-2,497
-2,852
-1,354
-2,904
-3,032
-1,335
-2,966
-2,885
-1,320
-2,849
-1,093
-1,384
-1,147
-282
-298
-298
-269
-288
-295
-6,340
-761
-241
-6,527
-792
-309
-6,739
-752
-66
-1,581
-195
-63
-1,677
-177
-90
-1,722
-197
-90
-1,759
-183
-65
-1,728
-190
^88
-339
-897
-257
-2
-633
-205
-146
-57
-152
^2
-154
-46
-181
-60
-176
-116
26
27
28
-27,484
-27,051
639
-9,703
-17,987
-433
-28,447
-27,992
324
-10,191
-18,125
-455
-30,419
-29,924
-538
-9,807
-19,579
-495
-7,217
-7,067
-160
-2,204
-4,703
-150
-7,217
-7,115
20
-2,256
^,879
-102
-7,815
-7,728
-224
-2,585
-4,919
-67
-8,170
-8,014
-174
-2,762
-5,078
-156
-8,371
-8,214
-191
-2,734
-5,289
-157
-6,190
-6,190
-3,240
-2,944
-6
-8,758
-8,758
-5,897
-2,841
-20
-6,263
-6,263
-5,094
-3,145
-24
-1,990
-1,990
-1,251
-735
-4
-2,033
-2,033
-1,287
-740
-6
-2,075
-2,075
-1,227
-839
-9
-2,165
-2,165
-1,329
-631
-5
-2,295
-2,295
-1,370
-919
-6
29
30
31
32
33
34
-15,943
-8,131
-456
-7,356
-17,215
-6,394
-414
-6,407
-16,873
-7,388
-483
-9,002
-3,510
-1,008
-119
-2,383
-3,592
-1,385
-119
-2,088
-3,686
-1,213
-124
-2,349
-6,085
-3,782
-121
-2,182
-4,063
-1,330
-122
-2,611
-8,667
-1,001
-1,150
-6,516
-8,491
-1,068
-1,147
-6,276
-10,060
-1,520
-1,165
-7,375
-2,186
-370
-124
-1,692
-2,457
-551
-84
-1,822
-2,331
-598
-210
-1,823
-3,086
-301
-747
-2,038
-2,503
-366
-559
-1,878
35
36
37
38
24
113
115
24
31
28
32
29
-38,086
2,745
-9,241
-350
-3,927
-4,519
-445
-5,571
I
s
n
0
8
S
n
8
n
I
n
-11,624
-20,864
-7,858
-4,075
-1,585
-90
-2,108
-6,315
40
-3,925
-5,266
5,494
565
1,223
2,084
1,622
-417
-350
-3,575
-147
-5,119
2~268
-178
1,800
41
42
43
44
45
n
0
n
-132
-1,456
1,276
48
-791
-1,667
1,365
-489
10
-209
325
-106
n
-218
-303
213
-128
-528
-778
354
-104
-55
-377
473
-151
-73
-941
637
231
-1,220
-1,220
-1,161
-1,161
-38,305
-16,918
-19,575
-1,451
-331
2,877
-7,576
-5,949
1,785
14,617
-8,450
-17,402
3,103
-2,399
8,248
-360
-4,367
-1,282
-183
5,472
-3,709
-5,700
1,085
-980
1,886
-3,991
-3,497
2,816
-761
-2,549
-390
-3,838
484
^75
3,439
-5,498
-3,921
-2,223
646*
-6,479
-9,730
3,026
42
183
-14,437
-12,600
-574
3
-1,266
36,162
18,378
53,170
12,594
3,492
4,844
32,240
3,022
26,325
(18
ii
R
(18)
4,614
R
R
R
R
(.8)
(18)
18)
18
R
(18)
-639
(18)
(18)
-534
(.8)
(.8)
(.8)
-2,861
R
SS
I
i
(18)
18)
18\
(18)
j2
s
(18)
n
-1,742
15,165
3,272
3,611
2,630
8,140
1,820
18
22,461
5,i 52
-3,021
18
26,619
177
18
38,535
885
18
9,428
1,818
18
-1,575
-1,142
18
3,500
-1,384
18
27,182
92,602
108,183
117,114
19,313
36,849
46,109
14,843
-99,210
23,821
-75,389
630
-15,943
-90,702
-126,260
19,747
-106,513
-5,691
-17,215
-129,419
-156,442
16,982
-139,460
-4,825
-16,873
-161,158
-31,128
4,841
-26,287
-1,784
-3,510
-31,581
-36,348
4,637
-31,711
-1,142
-3,592
-36,445
-46,215
4,302
-41,913
-863
-3,686
-46,462
-42,751
3,202
-39,549
-1,036
-6,085
^6,670
n
n
n
10
5,484
562
3
-190
1,413
n
n
n
n
n
-2,519
-3,133
-27
22
619
-1,926
-3,154
797
21,995
30,420
5,647
6,113
1
1
1
1
1
1
1
1
1
26,324
2,519
21,994
4,551
5,647
1,091
(.8)
-148
2,440
18
18
2,246
-130
3,057
37
18
2,063
474
4,697
52
18
3,156
8
^4,8(J4
16,622
216
18
554
45,409
-25,370
-13,443
-35,717
-4,993
-7,724
-43,568
4,150
-39,418
592
^,063
-42,889
3,792
3,792
15,544
-8,667
10,669
3,648
3,648
17,155
-8,491
12,312
4,013
4,013
19,202
-10,060
13,155
963
963
4,644
-2,186
3,421
996
996
4,657
-2,457
3,196
18
n
-4,373
-3,293
10
-7
-1,083
8
117
24,782
157
18
-1,251
7,357
0
-12,300
-12,940
1,683
13
-1,056
8
-1,052
-1,052
30,419
4,364
(.8)
293
22,407
158
18
3,197
.8)
o
-180
-237
-289
-289
•
(18)
n
-267
-267
18\
ii
23
24
25
39
219
-2,037
2,281
-25
(18)
6
7
8
(18)
6,113
1,086
(18)
-248
-248
-248
-248
-248
-248
48
-3,482
-3,360
903
-2
-1,023
-5,650
-3,173
175
-2,883
231
50
51
52
53
54
9,469
9,191
25,705
55
1
56
57
58
59
60
61
62
8
9,468
1,089
9,191
1,098
n
n
25,704
1,115
46
47
48
49
-121
-6,847
28,535
18
3,022
-12,856
12,213
51
18
-4,268
-10,144
63
64
65
66
67
68
69
-22,788
70
1,019
1,019
4,789
-5,331
3,477
1,035
1,035
5,112
-3,086
3,061
929
929
4,972
-5,503
3,398
71
72
73
74
75
76
(18)
•3
(18)
122
•
SURVEY OF CURRENT BUSINESS
July 2000
Table 10a.—U.S. International Transactions,
[Millions
Belgium-Luxembourg
Line
Germany
France
(Credits +; debits - ) »
1997
1999'
1998
1997
1999'
1997
1999'
1998
Current account
Exports of goods and services and income receipts
Exports of goods and services
Goods, balance of payments basis 2
Services3
Transfers under U.S. military agency sales contracts 4
Travel
Passenger fares
Other transportation
Royalties and license fees 5
Other private services 5
U.S. Government miscellaneous services .
Income receipts
Income receipts on U.S.-owned assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
Compensation of employees
49,375
55,436
55,777
38,537
41,595
42,239
18,472
24,241
26,441
26,565
9,815
143
10,008
167
14,296
240
15,154
208
15,674
307
2,496
932
580
2,348
993
893
2,330
1,002
845
4,146
1,370
964
4,155
1,341
1,153
4,398
1,287
1,037
669
1,187
2
2,260
3,131
15
2,246
3,178
14
2,149
3,495
20
2,765
4,773
38
3,227
5,036
34
5,495
40
6,242
6,238
4,381
1,857
7,639
7,631
2,688
4,943
7,274
7,266
2,066
5,200
7,293
7,287
1,644
5,643
10,838
10,791
3,707
6,545
539
13,841
13,797
5,256
13,538
7,929
8,814
438
47
44
43
-77,911
-86,302
-63,445
^49,727
-69,776
21,789
23,190
22,633
32,937
34,612
16,898
17,632
16,391
25,298
27,338
13,904
14,306
13,252
15,805
17,523
2,994
131
3,326
319
3,139
87
9,493
79
514
294
355
487
262
423
562
232
400
682
1,017
1
1,145
1
4,891
4,889
3,009
1,880
5,558
5,556
3,663
1,893
35,773
2
612
3,110
13,495
4,243
-18,427
-17,666
-20,822
-34,833
-37,905
-41,950
-12,783
-10,890
-11,789
-27,688
-8,769
-9,502
-20,607
-31,877
-24,005
-33,987
-10,849
-25,685
-66,657
-55,252
^3,018
-1,934
-135
-5,121
-139
-2,287
-226
-7,081
-92
-7,872
-49
-8,302
^9
-12,234
-3,978
-13,718
-3,604
-55,151
-14,625
-4,138
Travel
Passenger fares
Other transportation
-236
-221
^54
-385
-297
-513
-369
-266
-522
-2,751
-611
-687
-2,997
-723
-758
-3,118
-805
-765
-1,984
-1,225
-1,748
-2,063
-1,454
-1,873
-2,230
-1,685
-1,786
Royalties and license fees 5
Other private services 5
U.S. Government miscellaneous services
-135
-686
-67
-160
-662
-65
-219
-620
-65
-632
-2,089
-219
-335
-2,284
-226
-895
-2,444
-226
-896
-2,110
-293
-1,310
-3,109
-305
-1,287
-3,193
-6,644
-6,626
-804
-2,985
-18
-6,776
-6,758
-1,508
-3,331
-1,919
-18
-9,033
-9,014
-3,241
-3,359
-2,414
-19
-7,145
-7,094
-2,851
-3,241
-1,002
-51
-6,028
-6,977
-1,475
-3,252
-1,250
-51
-7,963
-7,909
-3,035
-3,149
-1,725
-54
-11,405
-11,359
-3,361
-3,005
-4,993
-46
-14,466
-14,419
-4,860
-3,387
-6,172
-47
-16,526
-16,477
-6,244
-4,162
-6,071
-49
-81
-73
-162
-211
-234
779
763
-31
-60
-19
-54
-19
-60
-66
-96
-72
-139
-71
-163
-337
1,160
-351
1,130
-313
1,076
3
2
2
10
11
34
35
34
-2,044
-6,940
-6,870
-4,790
-10,498
-20,908
-46,365
4,598
-33,546
-1,377
-1,377
4,598
45
22
Imports of goods and services and income payments .
Imports of goods and services
Goods, balance of payments basis 2
3
Services
Direct defense expenditures
Income payments
Income payments on foreign-owned assets in the United States .
Direct investment payments
Other private payments
U.S. Government payments
Compensation of employees
Unilateral current transfers, net
U.S. Government grants 4
U.S. Government pensions and other transfers
Private remittances and other transfers 6
-1,837
-306
Capital and financial account
Capital account
39
Capital account transactions, net
Financial account
U.S.-owned assets abroad, net (increase/financial outflow (-))
-9,612
U.S. official reserve assets, net
Gold 7
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
-5,033
-5,398
2,649
-5,653
Foreign-owned assets in the United States, net (increase/financial inflow (+))...
31,757
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities
U.S. currency
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns .
U.S. liabilities reported by U.S. banks, not included elsewhere
Statistical discrepancy (sum of above Hems with sign reversed)
Memoranda:
Balance on goods (lines 3 and 20)
Balance on services (lines 4 and 21)
Balance on goods and services (lines 2 and 19)
Balance on income (lines 12 and 29)
Unilateral current transfers, net (line 35)
Balance on current account (lines 1,18, and 35 or lines 73, 74, and 75) 1 3
See footnotes on page 109.
0
369
-14
45
22
-20
-6,868
-1,247
3,696
-1,627
-7,690
-9,612
-2,971
-6,566
-1,090
1,015
-4,794
-3,805
-4,225
-139
3,375
-10,484
-786
-50,985
-3,284
-8,137
-19,576
-2,464
2,272
-7,987
-11,397
-11,888
-33,526
-5,875
-2,249
-13,679
-11,723
32,000
(14)
41,467
35,342
16,498
30,569
55,381
48,048
, 45,669
42,110
22,701
-17
-28,715
-7,098
(14)
(.4)
0,371
10,932
(14)
5,857
3,055
1,060
4,115
-753
-81
3,281
-983
-578
27
(14)
(14)
«0
-173
14
19,473
-32,997
-20
-6,944
-4,758
1,788
-5,268
-1,706
-11
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 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
-14
n
9,783
-850
879
14
591
14
13,321
-5,209
7,608
14
3,161
1,279
14
5,187
7,936
14
23,656
-3,898
14
-4,493
3,869
-488
14
-30,513
-36,341
-23,681
-6,214
-13,671
-18,048
19,978
17,605
5,537
1,205
6,742
-1,218
-73
3,750
852
4,602
-2,791
-4,802
2,412
-7,213
1,706
-18,777
2,062
-16,715
-23,286
1,436
-21,850
-69
-162
-625
779
1,742
-2,058
-667
823
-16,459
-58,586
1,049
-27,537
-2,988
763
5,451
-6,482
1,943
-4,539
1,246
-211
-3,504
-21,696
-59,762
-2,390
494
-6,507
-670
-234
-6,411
SURVEY OF CURRENT BUSINESS
July 2000 •
123
by Selected Countries (published annually)
of dollars]
Netherlands
Italy
1997
1997
1999*
1998
Mexico
1999*
1998
1997
South Africa
Venezuela
1998
1997
1999*
1997
1999*
1998
I ino
1999*
1998
17,900
19,075
19,931
42,923
42,471
44,945
89,779
98,362
108,347
10,612
10,607
9,875
4,639
5,614
4,984
1
13,971
14,496
15,311
27,218
27,071
28005
81,987
90,119
99,196
9,306
9,581
8,620
3,995
4,666
3,818
8,927
8,949
9,892
19,783
18,829
19,304
71,145
78,388
86,621
6,585
6,466
5,328
2,988
3,607
2,574
2
3
5,044
47
5,547
43
5,419
113
7,435
162
8,242
534
8,701
304
10,842
28
11,731
3
12,575
9
2,721
21
3,115
36
3,292
27
1,007
1,059
1
1,244
1
4
5
1,647
613
349
1,907
651
411
1,691
517
379
972
188
766
922
217
1,046
1,216
352
1,015
3,440
859
567
3,818
958
549
4,112
952
690
1,440
291
201
1,592
323
192
1,697
275
159
370
386
386
132
77
97
6
7
8
1,062
1,321
5
1,060
1,470
5
964
1,750
5
2,419
2,926
2
2,839
2,682
2
2,990
2,823
1
652
5,274
22
762
5,619
22
798
5,992
22
131
632
5
141
826
5
143
986
5
160
342
3
188
405
2
268
487
5
9
10
11
3, 929
3,926
1, 546
2, 380
4,579
4,576
1,939
2 637
4,620
4,617
2222
2,395
15,705
15,702
11,587
4,115
15,400
15,397
11,805
3,592
16,940
16 937
12482
4,455
8,243
8,218
3,885
4,309
24
25
9,151
9,128
4,721
4,391
16
23
1,306
1,301
799
502
1,255
1,250
536
713
1
5
644
642
244
397
1
2
948
946
336
610
1,166
1,164
370
794
12
13
14
15
16
17
18
19
3
7,792
7,768
3,893
3,830
45
24
n
1,026
1,020
385
634
1
6
-25,804
-27,955
-30,515
-20,562
-21,790
-25,502
-105,054
-114,491
-130,096
5
-15,471
-11,282
-13,420
-3,372
-4,099
-4,158
-53,686
-55,753
-57,954
-11,174
-12,135
-12,570
-96,745
-105,524
-120,585
-14,210
-9,917
-12,079
-3,274
-3,944
-4,096
-19,382
-50,942
-22,339
-7,601
-7,544
-8,428
-86,714
-95,453
-110,590
-13,476
-9,181
-11,334
-2,509
-3,045
-3,186
20
-4,304
-654
—4,811
-591
-6,615
-799
-3,573
-80
-4,591
-94
-4,142
-112
-10,031
-4
-10,071
-8
-9,995
-17
-734
-1
-736
-3
-745
-2
-765
-1
-899
-6
-910
-2
21
22
-2,109
-441
-468
-2,446
-389
-647
-5,865
-488
-535
-670
-865
-708
-756
-910
-797
-799
-800
-837
-6,480
-777
-800
-6,396
-809
-957
-6,074
-960
-1,070
-581
-104
-182
-358
-122
-82
-355
-111
-105
-272
-239
-29
-362
-273
-36
-283
-308
-64
23
24
25
-125
-528
-79
-115
-648
-75
-98
-755
-75
-399
-814
^37
(D)
-1,222
(D)
-782
-775
-37
-116
-1,664
-190
-107
-1,600
-194
-104
-1,575
-195
-2
-139
-25
-7
-140
-25
-11
-174
-39
-m
-1
-39
-4
-207
-42
26
27
28
-5,118
-2,101
-291
-992
-818
-17
-2,202
-2,185
-245
-1,146
-794
-17
-2,561
-2,543
-609
-899
-1,135
-18
-9,388
-9,375
-6,957
-5,044
-374
-13
-9,655
-9,642
-6,618
-3,307
-717
-13
-12,932
-12,918
-8,638
-3,375
-905
-14
-8,309
-2,793
-199
-1,305
-1,289
-5,516
-8,967
-3,179
-246
-1,611
-1,322
-6,788
-9,511
-3,340
-260
-1,661
-1,419
-6,171
-1,261
-1,255
40
-924
-371
-6
i
-1,365
-1,359
65
-958
-466
-6
-1,341
-1,334
61
-974
-421
-7
-98
-93
3
-65
-31
-5
-155
-145
8
-84
-69
-10
-62
-62
38
-64
-26
-10
29
30
31
32
33
34
-309
-317
-599
-58
-57
-47
-223
-376
-22
-36
-53
-34
-22
-25
-4,837
-10
-229
^,598
-5,317
-14
-231
-5,072
-88
-3
-4
-81
-129
-224
-93
-1,623
-29
-223
-4,371
-104
-214
-95
-4
-98
-4
-124
-270
-121
-4
-145
-265
-99
-4
-162
-282
-117
-4
-161
35
36
37
38
10
11
12
4
4
4
145
190
179
-43
2
2
1,055
-1,174
2,836
-16,706
-20,695
-35,847
-9,639
-9,486
-6,262
-2,233
-1,679
-1,727
3
•3
3
•3
•3
39
-3,082
-475
-156
40
41
42
43
44
45
-8
-23
-14
-9
5
1
105
-1
135
132
137
132
n
n
-3
-6
2
-6
-4
1
-2
6
1
1
-5
I'M
6
1
-5
-1
46
47
48
49
-8
-23
-14
-9
5
1
105
1
1,063
-123
2,091
-393
-512
-1,151
606
891
197
-2,845
2,850
-3,211
5,963
-363
461
-16,697
-12,451
220
-657
-3,809
-20,700
-24,034
2,572
2,286
-1,524
-35,848
-7,981
-16,312
-4,296
-7,259
-9,744
-5,596
-3,274
-344
-530
-9,621
-4,718
-1,437
-1,034
-2,432
-6,394
-5,355
-3,780
-723
4,464
-2,233
-668
-724
-222
-619
-1,676
-668
-662
156
-502
-1,722
-980
-205
-34
-503
-3,077
-1,298
-1,450
-113
-216
-481
91
-913
149
192
-157
-949
799
-61
54
50
51
52
53
54
4,795
9,549
11,751
35,718
(.4)
(14)
(14)
(.4)
16,875
43,022
5,975
7,619
812
6,116
-1,143
2,373
132
198
55
::j
(.4)
208
-71
I
1,816
.4)
14)
56
57
58
59
60
61
62
!
(14)
•54
.4)
(14)
(.4)
1,044
(.4)
-245
(14)
2,907
6,521
8
14
2,116
246
l4
1,718
:§
n
n
7,669
10,474
32,845
(14)
9,601
-342
14
2,692
17,596
14
-2,465
-2,464
14
-670
321
14
135
12,710
I4
( J
-2
14
14
14)
14)
4
14
n
I
J
4
|i
)
s
1,057
(.4)
2,446
1,214
(.4)
1,901
-100
14
3,971
^88
14
4,200
469
14
-2,771
(.4
(.4)
H
ji;
7
P
n
j
i
(;
Q
-67
14
5,089
-58
14
-1,684
\4)
8
3
14\
J
n
;:
14
(14)
54
111
£3
102
14
333
138
14
1,739
-80
l4
-616
11
63
64
65
66
67
68
69
2,353
811
-3,416
-41,319
-16,808
-26,575
23,417
22,643
31,337
1,107
3,599
3,583
-288
-907
-586
70
-10,455
740
-9,715
1,811
-309
-3,213
-11,993
736
-11,257
2,377
-317
-9,197
-12,447
-196
-12,643
2,059
-699
-11,183
12,182
3,862
16,044
6,317
-68
22,303
11,285
3,651
14,936
5,745
-57
20,624
10,876
4,559
15,435
4,008
-47
19,396
-15,569
811
-14,758
-517
^*,623
-19,898
-17,065
1,660
-15,405
-724
-4,837
-20,966
-23,969
2,580
-21,389
-360
-6,317
-27,066
-6,891
1,987
-4,904
45
-88
-4,947
-5,715
2,379
-336
-339
-104
-779
-6,006
2,547
-3,459
-86
-129
-3,674
479
242
721
546
-270
997
562
160
722
793
-265
1,250
-612
334
-278
1,104
-282
544
71
72
73
74
75
76
124
SURVEY OF CURRENT BUSINESS
July 2000
Comprehensive Revision of Local Area
Personal Income
Revised Estimates for 1969-97
New Estimates for 1998
By Jeffrey L. Newman, KathyA. Albetski, Robert L. Brown, andAdrienne T. Pilot
O
N JUNE 15, 2000, the Bureau of Economic
Analysis released the results of a comprehensive, or benchmark, revision of personal income
for local areas. In general, the estimates for local
areas for 1969-97 were revised up, primarily reflecting the incorporation of major definitional
and statistical improvements that were introduced
as part of the recent comprehensive revision of
State personal income and the comprehensive revision of the national income and product accounts (NIPA's).1 The upward revisions were
mainly accounted for by the incorporation of the
NIPA definitional change that reclassified government employee retirement plans. Although this
change raises personal income for all years, it does
not affect the national estimates of gross domestic
1. See Robert L. Brown et al.,"Comprehensive Revision of State Personal
Income: Revised Estimates for 1969-98 and Preliminary Estimates for 1999,"
SURVEY OF CURRENT BUSINESS 80 (June 2000): 64-129; Eugene P. Seskin, "Improved
Estimates of the National Income and Product Accounts for 1959-98: Results of
the Comprehensive Revision," SURVEY 79 (December 1999): 15-43; Brent R.
Moulton and Eugene P. Seskin, "A Preview of the 1999 Comprehensive Revision
of the National Income and Product Accounts: Statistical Changes," SURVEY 79
(October 1999): 6-17; Brent R. Moulton and David F. Sullivan, "A Preview of
the 1999 Comprehensive Revision of the National Income and Product
Accounts: New and Redesigned Tables," SURVEY 79 (September 1999): 15-28;
and Brent R. Moulton, Robert P. Parker, and Eugene P. Seskin, "A Preview of the
1999 Comprehensive Revision of the National Income and Product Accounts:
Definitional and Classificational Changes," SURVEY 79 (August 1999); 7-20.
Release Schedule for the Revised State and
Local Area Estimates
The comprehensive revision of the State and
local area estimates of personal income and the
incorporation of the national and State comprehensive revisions into gross state product will be
completed with the following releases in the fall of
2000.
• The results of the comprehensive revision of State
personal income for 1929-68
• The revised annual State estimates for 1997-99
• The revised estimates of gross state product for
1977-98
product, gross domestic income, or national income.
The incorporation of the results of comprehensive revisions of State personal income and of the
NIPA's represents a significant acceleration in the
availability of local area estimates that are consistent with State personal income and the NIPA's;
these estimates are available about a year sooner
than previous comprehensive revisions. (See the
box "Release Schedule for the Revised State and
Local Area Estimates.")
A comprehensive revision of estimates of personal income for local areas, which is made every 4
or 5 years, also incorporates newly available
benchmark source data, improved methods for
preparing the estimates, and newly available local
area data that consist of quarterly data, annual
data, and data that are available less frequently—
for example, data from the most recent quinquennial census of agriculture.2
The highlights are the following:
• For 1998, the growth rates of the 10 metropolitan areas with the fastest personal
income growth were at least 3.4 percentage
points higher than the 5.9-percent growth
rate of the Nation; the growth rates of the 10
areas with the slowest growth were at least
3.2 percentage points lower than the growth
rate of the Nation.
• For 1998, personal income grew the fastest, at
15.1 percent, in Austin-San Marcos, TX, and
it grew the slowest, at 0.4 percent, in Florence, AL.
• For 1998, San Francisco, CA, at $45,199, had
the highest per capita personal income, 166
2. For a detailed description of the sources and methods used to prepare the
estimates, see the methodology under "Documents" on the CD-ROM Regional
Economic Information System, 1969-98* or go to BEA's Web site at
<www.bea.doc.gov> , select "Methodologies," select "regional programs," and
then select "Comprehensive Revision of Local Area Personal Income, 1969-95."
SURVEY OF CURRENT BUSINESS
percent of the per capita personal income for
the Nation. McAllen-Edinburg-Mission, TX,
at $12,759, had the lowest per capita personal
income, 47 percent of the national average.
• For 1991-97, the comprehensive revision had
little effect on growth rates. The rankings of
the fastest and the slowest growing metropolitan areas changed little. Las Vegas, NV-AZ,
at 10.6 percent, still has the fastest growth
rate, and Binghamton, NY, at 2.2 percent,
still has the slowest growth rate.
• For 1997, personal income for more than 90
percent of all metropolitan areas was revised
up, mainly reflecting the reclassification of
government employee retirement plans.
This article presents the preliminary estimates
of local area personal income and per capita personal income for 1998, and it describes the sources
of the revisions to the estimates for 1969-97 and
the effects of the revisions on the estimates for
metropolitan areas. The local areas consist of
counties, metropolitan areas, and BEA economic
areas (see the box "Definitions of Local Areas").
The estimates for 1996-98 are presented in tables
1-3 at the end of this article; for the availability of
Definitions of Local Areas
Local areas consist of metropolitan areas, BEA
economic areas, and counties.
The metropolitan areas are defined in terms of
counties and county equivalents by the Office of
Management and Budget (OMB) for Federal statistical purposes (see table I). 1 These areas now
include Auburn-Opelika, AL, and Corvallis, OR,
which were recognized as metropolitan statistical
areas by OMB in June 1999.
The BEA economic areas each consist of one or
more economic nodes—usually metropolitan
areas—and the surrounding counties that are economically related to the node (see table 2).2 These
economic areas encompass all counties and
county equivalents in the Nation.
The counties include county equivalents, such
as the independent cities in Virginia that have at
least 100,000 people; the estimates for the smaller
independent cities in Virginia are combined with
the estimates for the adjacent counties to create
combination areas (see table 3).
1. For the New England region, OMB's preferred definitions of the
metropolitan areas are in terms of cities and towns, but the available data
for cities and towns are not sufficient to prepare estimates of personal
income.
For the list of the metropolitan areas and their constituent counties and
county equivalents, go to BEA's Web site at <www.bea.doc.gov/bea/
regional/docs/msalist.htm>, or call the National Technical Information
Service at 1-800-553-6847 (accession no. PB99-132698).
2. For a description of the economic areas and the methodology used to
define them, see Kenneth P. Johnson, "Redefinition of the BEA Economic
Areas," SURVEY 75 (February 1995): 75-81.
July
additional estimates, see the box "Data Availability."
Personal income and per capita personal
income for metropolitan areas for 1998
Austin-San Marcos, TX, and Seattle-BellevueEverett, WA, had the fastest rates of growth in personal income in 1998. Personal income grew 15.1
percent in Austin-San Marcos and 10.4 percent in
Seattle-Bellevue-Everett, substantially faster than
the 5.9-percent growth of the Nation. The rapid
growth of personal income reflected large increases in net earnings: For Austin-San Marcos, it
reflected large increases in earnings in industrial
machinery and equipment manufacturing and in
wholesale trade; for Seattle-Bellevue-Everett, it reflected large increases in earnings in business services.
Fastest and slowest growing areas.—In 1998, the
growth rates of the 10 metropolitan areas with the
fastest personal income growth were at least 3.4
percentage points higher than the 5.9-percent
growth rate of the Nation (table A). In eight of the
fastest growing areas, their population grew faster
than that of the Nation. In 4 of the 10 areas, the
population was more than 1 million in 1998,
whereas less than 20 percent of all the metropolitan areas have populations of more than a million.
The growth rates of the 10 slowest growing metropolitan areas in 1998 were at least 3.2 percentage
points lower than the growth rate of the Nation.
All of these areas had populations less than 1 million, and in nine of these areas, population grew
slower than that of the Nation.
Highest and lowest per capita personal income.—
In 8 of the 10 metropolitan areas with the highest
per capita personal income in 1998, both personal
income and population were large (table B). In
1998, San Francisco, CA, at $45,199, had the highest per capita personal income.
In 1998, per capita personal income for 9 of the
10 metropolitan areas with the lowest per capita
personal income increased less than the national
increase. In six of the areas, the population was less
than 200,000. In all these areas, the growth in population was more than, or was equal to, the national increase of 0.9 percent. McAllen-EdinburgMission, TX, at $12,759, had the lowest per capita
personal income.
Sources of the Revisions
The comprehensive revision of the estimates of local area personal income incorporated the definitional and classificational changes and the
2000
125
126
•
July 2000
SURVEY OF CURRENT BUSINESS
statistical changes that were introduced as part of
the comprehensive revision of the estimates of
State personal income.3 However, some of the
changes to the sources and methods that were incorporated into the State estimates involve detailed
estimation that cannot be replicated at the local
area level, because the underlying source data are
not available for local areas; these changes are implicitly incorporated into the local area estimates
through the use of the State estimates as the control totals for the local area estimates.
Definitional changes
The comprehensive revisions of the estimates of
local area personal income incorporate the following definitional and classificational changes: The
reclassification of government employee retirement plans; the modified treatment of private
noninsured pension plans; the reclassification of
directors' fees; and the reclassification of special
3. See Brown, "Comprehensive Revision of State Personal Income," 71-75.
Table A.—Personal Income for Metropolitan Areas for 1998: Areas with the Fastest and Slowest Growth
Population
Personal income
Millions of dollars
United States
Percent change
1997-98
Percent change
Thousands
1996-97
1997
1998
6,942,114
7,351,547
6.2
5.9
267,784
270,248
1.0
0.9
27,912
77,181
3,332
8,746
3,391
5,818
2,200
71,417
3,180
94,986
32,130
85,191
3,670
9,619
3,730
11.4
10.6
3.3
10.3
7.8
9.2
6.2
9.9
7.3
9.0
15.1
10.4
10.1
10.0
10.0
9.7
9.6
9.5
9.4
9.3
1,068
2,272
162
261
143
225
129
2,841
156
3,117
1,105
2,312
163
267
144
231
132
2,931
160
3,203
3.1
2.1
1.3
1.6
1.4
1.8
3.2
3.2
3.3
2.8
3.5
1.8
.6
2.3
.7
2.7
2.3
3.2
2.6
2.8
3.9
1.8
5.5
2.7
5.3
4.9
7.2
6.4
5.6
4.9
.4
1.7
1.7
1.7
1.9
2.0
2.6
2.6
2.7
2.7
137
435
123
873
250
450
160
233
151
596
137
436
123
872
247
450
160
233
153
593
0
0
0
.1
-.8
.2
-.6
1.3
1.3
-.5
0
.2
0
-.1
-1.2
0
0
0
1.3
-.5
1996-97
1997
1998
1997-98
Fastesi
Austin-San Marcos, TX
Seattle-Bellevue-Everett, WA ..
St. Cloud, MN
Boulder-Longmont, CO
Kenosha, Wl
Fort Collins-Loveland, CO
Yuma, AZ
Phoenix-Mesa, AZ
Greeley, CO
Dallas, TX
6,380
2,411
78,210
3,478
103,788
Slowest growing areas
Florence, AL
Flint, Ml
Texarkana, TX-Texarkana, AR
Honolulu, HI
New London-Norwich, CT
Lansing-East Lansing, Ml
Benton Harbor, Ml
Bremerton, WA
Yolo, CA
Youngstown-Warren, OH
2,887
10,433
2,535
2,875
10,258
2,492
24,570
7,257
10,690
3,776
5,210
3,851
13,339
24,994
7,392
10,909
3,874
5,347
3,954
13,693
Data Availability
This article presents summary estimates of personal
income and per capita personal income for 1996-98. More
detailed estimates for 1969-98 are available in other
media.
The entire set of estimates for all areas is available on a
new CD-ROM that also contains the quarterly State estimates of personal income for 1969-99 and an updated
description of the sources and methods that are used to
prepare the estimates of local area personal income. To
order the CD-ROM Regional Economic Information Sys-
tem, 1969-98 (price $35, product number RCN-0250), call
the Order Desk at 1-800-704-0415 (outside the United
States, call 202-606-9666).
The estimates of personal income are also available
through the members of the BEA User Group, which consists of State agencies and universities that help BEA to disseminate the estimates within their States.
For the detailed estimates, go to <www.bea.doc.gov/bea/
regional/reis/index.html> , and look for the local area estimates that are organized in the following files:
• Personal income, per capita personal income, and
population for 1969-98
•
Personal income by major source and earnings by
Standard Industrial Classification (SIC) two-digit
industry for 1994-98
• Full-time and part-time employment by SIC division-level industry for 1994-98
• Regional economic profile (which includes a selection of data from several other tables) for 1994-98
• Transfer payments (by major program) for 1994-98
• Farm income and expenses (which include the
major categories of gross receipts and expenses for
all farms and for measures of farm income) for
1994-98
• Counties with the highest and lowest per capita personal income in 1998
• Personal income and per capita personal income,
with 1998 rankings of per capita personal income,
for 1996-98
• Total wage and salary disbursements, total wage
employment, and average wages for counties and
metropolitan statistical areas for 1969-98
For more information about these estimates, call the
Regional Economic Information System at 202-606-5360,
fax 202-606-5322, or E-mail reis.remd@bea.doc.gov.
July 2000 •
SURVEY OF CURRENT BUSINESS
supplemental nutrition program for women, infants, and children (WIC).
In some cases, the State estimates were allocated
to the counties by related source data. The following series could not replicate the State estimating
procedures because county data for these items are
not available: For employer contributions for State
and local government employees, the State controls are allocated to the counties in proportion to
State and local government wages and salaries by
place-of-work; for dividends and interest received
by State and local government employee retirement plans, the State controls are allocated to the
counties by State and local government wages and
salaries by place-of-residence; for WIC benefits,
the State controls are allocated to the counties by
family assistance payments.
Statistical changes
This comprehensive revision incorporates the statistical changes that were introduced as part of the
comprehensive revision of State personal income.
However, in some cases, the State estimating procedures could not be replicated, because county
data for these items were not available. The improved State estimates of employer contributions
for workers' compensation insurance were allocated to counties on the basis of private wages and
salaries; the State estimates of dividends for S-corporations are allocated to counties on the basis of
tabulations of dividends received by individuals
from the IRS, and the State estimates of the payments for foster care are distributed to counties on
the basis of civilian population.4
Revisions to Metropolitan Area Personal
Income
The comprehensive revision resulted in large percentage revisions to the estimates of personal income for a few metropolitan areas. For all years,
personal income for the Nation and for most metropolitan areas was revised up. The effects of the
revisions to the national totals of the components
of personal income on the estimate for each metropolitan area differed because of the differing
structures of the economy of each area, but the
primary source of the revisions was the reclassification of government employee retirement plans.
As a result of the reclassification, other labor income, personal interest income, and personal dividend income were raised, and personal
contributions for social insurance (which is subtracted in calculating personal income) and transfer payments to persons were reduced.
Revisions to long-term growth rates for 199197.—The average annual percent change in personal income for the United States was unrevised
at 5.4 percent for 1991—the beginning of the current expansion—through 1997. The average annual percent changes in personal income were
unrevised for 48 metropolitan areas, were revised
4. "S-corporations" are generally small corporations.
Table B.—Metropolitan Areas with the Highest and Lowest Per Capita Personal Income for 1998
Population
Per capita personal income
Percent
change
Dollars
United States
Percent
change
Thousands
1997
1998
25,924
27,203
4.9
267,784
270,248
0.9
42,706
41,913
40,383
37,974
38,272
37,057
36,473
35,557
35,878
35,172
45,199
42,813
42,346
40,828
40,044
39,750
38,414
37,551
37,381
37,136
5.8
2.1
4.9
7.5
4.6
7.3
5.3
5.6
4.2
5.6
1,671
193
1,626
1,622
1,015
1,334
1,105
330
2,659
1,943
1,683
200
1,630
1,642
1,033
1,337
1,117
331
2,672
1,948
.7
3.6
.2
1.2
1.8
.2
1.1
.3
.5
.3
18,529
17,047
17,189
17,337
16,650
15,832
15,751
13,508
13,210
12,330
18,831
18,277
17,956
17,732
17,294
16,599
16,359
13,870
13,766
12,759
1.6
7.2
4.5
2.3
3.9
4.8
3.9
2.7
4.2
3.5
98
129
329
194
111
166
685
180
318
504
100
132
340
197
112
169
695
187
324
520
2.0
2.3
3.3
1.5
.9
1.8
1.5
3.9
1.9
3.2
1997-98
1997
1998
1997-98
Highest per capita personal income
San Francisco, CA
Naples, FL
New Haven-Bridgeport-Stamford-Danbury-Waterbury, CT
San Jose, CA
West Palm Beach-Boca Raton, FL
Bergen-Passaic, NJ
Middlesex-Somerset-Hunterdon, NJ
Trenton, NJ
Nassau-Suffolk, NY
Newark, NJ
Lowest per capita personal income
Aubum-Opelika, AL
Yuma, AZ
Provo-Orem, UT
Merced, CA
Sumter, SC
Las Cruces, NM
El Paso, TX
Laredo, TX
Brownsville-Harlingen-San Benito, TX
McAllen-Edinburg-Mission, TX
127
128
July
2000
SURVEY OF CURRENT BUSINESS
Alternative Measures of County Employment and Wages
Three widely used measures of county employment and wages
by place of work are the employment and payroll data in the Census Bureau's County Business Patterns (CBP) series, employment
and wage tabulations from the unemployment insurance program
by the Bureau of Labor Statistics' (BLS), and total wage and salary
disbursements and employment by the Bureau of Economic Analysis (BEA).
The CBP data are an annual extension of the data from the Census Bureau's quinquennial economic censuses; the data are derived
from Federal administrative records and from survey information
of business establishments. The BLS data are the product of a Federal-State cooperative program known as the Covered Employment and Wages, or ES-202, program; the data are derived from
tabulations of monthly employment and quarterly total wages of
workers covered by State unemployment insurance (UI) legislation and of Federal workers covered by the unemployment compensation for Federal employees (UCFE) program. BEA publishes
total employment and total wage and salary disbursements as part
of its local area estimates of personal income, a measure of the
local area economies; the estimates are derived from the BLS data,
which account for 94 percent of the wage and salary component of
the personal income estimates.
The coverage of the BLS data differs from that of the CBP data
primarily because the BLS data cover civilian government employees, whereas CBP data exclude most government employees
(exhibit A).1 In addition, the CBP coverage of the employees of
educational and membership organizations and of small nonprofit
organizations in other industries is more complete than the coverage of these employees in the BLS data. In contrast, the BLS data
cover some agricultural production employees and household
employees that are excluded from the CBP data. Finally, the BLS
employment data are an annual average of monthly data, whereas
CBP reports employment for the month of March.
The BEA employment and wage estimates differ from the BLS
data because BEA adjusts the estimates to account for employment
and wages not covered, or not fully covered, by the State UI and
UCFE programs. First, additional source data are used to estimate
most, or all, of the employment and wages for the following:
Farms, farm labor contractors, private households, private elementary and secondary schools, religious membership organizations, railroads, military, and U.S. residents who are employed by
international organizations and by foreign embassies and consulates in the United States. Second, employment and wage estimates
are added to the BLS data to bridge small gaps in UI coverage for
nonprofit organizations not participating in the UI program (several industries), for students and their spouses employed by colleges or universities (private education and State and local
government), for elected officials and members of the judiciary
(State and local government), for interns employed by hospitals
1. The CBP coverage of government employees is limited to those working in government hospitals, depository institutions, Federal and federally sponsored credit
agencies, liquor stores, and wholesale liquor establishments.
and by social service agencies, and for insurance agents classified
as statutory employees (insurance agencies). Third, the employment and wage data are adjusted for misreporting under the UI
and UCFE programs.2
The Census Bureau released 1997 county total employment and
payrolls on October 5, 1999, on its Web site.3 BLS released 1998
annual county total employment and average annual pay on January 15, 1999, on its Web site.4 BEA's revised local area estimates of
total wage employment and total wage and salary disbursements
for 1997 and 1998 were released April 5, 2000, on its Web site.5
Exhibit A.—National Estimates of Wages and Salaries
in the BEA County Series and Payrolls and Wages
From the Bureau of the Census and BLS
[Billions of dollars]
Line
Total payroll, Census Bureau
'
1997
1 3,047.9
1998
n.a.
Plus: Civilian government wages, BLS 2
Other differences, net 3
2
3
Equals: Total wages, BLS
4 3,674.0 3,961.4
Plus: Adjustments for
Misreporting on employment tax returns 4
Thrift savings plans 5
Selected industries6
Other 7
5
6
7
8
Equals: Wage and salary disbursements, BEA
9 3,885.7 4,184.1
602.2
23.9
89.9
1.5
105.1
15.2
97.4
0
108.4
16.9
1. From County Business Patterns 1997 (Washington, DC: U.S. Government Printing Office
(GPO), 1999).
2. From Employment and Wages Annual Averages, 1998 (Washington, DC: U.S. GPO, 1999).
3. Includes differences of coverage in private education, membership organizations, and government.
4. Consists of unreported wages and salaries paid by employers and of unreported tips.
5. Consists of voluntary contributions by employees that employers have been required to
report since 1985, when reporting requirements were enacted by over half of the States; since
1990, the reports are required by almost all of the States.
6. Consists of the difference between estimates from more comprehensive source data (excluding the adjustments in lines 5 and 6) and BLS wages and salaries for these industries:
Agriculture, forestry and fishing; railroad transportation; health services; educational services; social services; membership organizations; private households; and the Federal Government.
7. Consists of adjustments for the coverage of wages and salaries for insurance agents classified as statutory employees, for students and their spouses employed by public colleges or
universities, for nonprofit organizations not in the State unemployment insurance program (in industries not listed in footnote 6), and of other adjustments.
BEA Bureau of Economic Analysis
BLS Bureau of Labor Statistics
n.a. Not available
2. For more information, see Local Area Personal Income, 1969-92 (Washington,
DC: U.S. Government Printing Office, September 1994): M-9—M-13. This information is available on BEA's Web site at <www.bea.doc.gov>; under "Regional," select
"Articles."
3. Data are available on the Census Bureau's Web site at <www.census.gov>; under
"Business," select "More," then "County Business Patterns." In addition, see the
Bureau of the Census, County Business Patterns, 1997 (Washington, DC: U.S. Government Printing Office, September 1999).
4. Data are available on the BLS Web Site at <www.bls.gov>; select "Surveys and
Programs," then "Employment and Unemployment," and then "Covered Employment and Wages." See also Employment and Wages Annual Averages, 1998 (Washington, DC: U.S. Government Printing Office, December 1999).
5. See the BEA Web site at <www.bea.doc.gov>; under "Regional," select "Data,"
then "Local area personal income," and then "CA34."
SURVEY OF CURRENT BUSINESS
July 2000 •
129
The revisions ranged between 26.6 percent for
up for 154 metropolitan areas, and were revised
Jacksonville, NC, and -3.7 percent for Wilmingdown for 114 metropolitan areas. The revisions to
ton-Newark, DE-MD. In Jacksonville, which conthe growth rates in personal income ranged from
tains a large Marine Corps base, the revision
an upward revision of 2.3 percentage points to a
downward revision of 1.1 percentage points.
Eight of the ten metropolitan areas with the
Table C—Revisions to Average Annual Growth Rates in
Personal Income for 1991-97
highest growth rates in personal income in the
[Percent]
previously published estimates are ranked among
the top 10 areas in the revised estimates. Las Vegas,
1991-97
NV-AZ, with a revised 10.6-percent growth rate,
PreRevised Revision
viously
still has the highest growth rate (table C).
published
Eight of the eleven metropolitan areas with the
5.4
5.4
United States
lowest growth rates in the previously published estimates are ranked among the bottom 11 areas in
Areas with the fastest growth rates for
the revised estimates
the revised estimates. Binghamton, NY, with a 2.2.4
Las Vegas, NV-AZ
10.2
10.6
percent revised growth, still has the lowest 1991—
2.3
7.5
Naples, FL
9.8
0
9.3
Austin-San Marcos, TX
9.3
97 growth rate.
.1
9.1
Laredo, TX
9.2
0
9.1
9.1
Boise
City,
ID
Revisions to personal income for 1997.—The up- Fort Collins-Loveland, CO
.3
8.4
8.7
.6
8.1
8.7
Killeen-Temple, TX
ward revisions to the estimates of personal income
.2
8.3
8.5
Phoenix-Mesa, AZ
for most local areas for 1997 largely reflected the
.9
7.6
8.5
Boulder-Longmont, CO
-1
8.5
8.4
Provo-Orem, UT
reclassification of government employee retireAreas with the slowest growth rates for
ment plans. This change resulted in large upward
the revised estimates
revisions to other labor income and to the diviWheeling, WV-OH
3.2
.2
3.0
3.2
-.1
Syracuse, NY
3.3
dends and interest portions of dividends, interest,
3.1
-.6
Santa Barbara-Santa Maria-Lompoc, CA
3.7
3.1
-.2
and rent and in downward revisions to the estiJamestown, NY
3.3
3.0
-.8
3.8
Merced, CA
mates of transfer payments and personal contribu2.9
-.4
3.3
Los Angeles-Long Beach, CA
2.7
-.1
2.8
Steubenville-Weirton, OH-WV
tions for social insurance (table D).
2.7
-.4
3.1
Honolulu, HI
2.7
-.3
3.0
Utica-Rome,
NY
Personal income for the Nation was revised up
2.6
-1.1
3.7
Pittsfield, MA
2.2
2.0
Binghamton, NY
.2
$171.5 billion, or 2.5 percent, to $6,942.1 billion.
Table D.—Metropolitan Areas with the Largest Percentage Revisions in Personal Income for 1997
Millions of dollars
Previously published
United States
Revised
Percent revision 1
Revision
Components2
6,770,650
6,942,114
171,464
2.5
2,421
6,969
3,410
5,742
5,348
1,993
3,519
2,019
3,582
1,852
1,793
3,066
8,082
3,950
6,621
6,086
2,211
3,851
2,200
3,870
1,993
1,929
645
1,113
540
879
738
218
332
181
288
141
136
26.6
16.0
15.8
15.3
13.8
10.9
9.4
9.0
8.0
7.6
7.6
OLI
DIR
OLI
OLI
OLI
OLI
DIR
DIR
DIR
DIR
DIR
17,262
5,887
3,643
12,070
16,628
5,706
3,529
11,729
1,856
65,661
10,628
-634
-181
-114
-341
^32
-901
-132
-289
-433
3
-3.1
-3.1
-2.8
-1.7
-1.4
-1.2
-1.1
-1.1
-1.0
NFPI (-4.4), TP (-1.5), OLI (.9), AFR (.9)
DIR (-3.3), TP (-1.2), OLI (.7)
DIR (-3.8), TP (-1.4), OLI (1.0), NFPI (1.0)
AFR (-5.4), DIR (-1.7), TP (-1.7), OLI (4.1)
TP (-1.5), DIR (-1.1), OLI (.8)
DIR (-1.5), TP (-1.0), OLI (.7)
TP (-2.7), DIR -.8), OLI (1.7)
TP (-2.3), DIR (-.8), OLI (1.9)
AFR (-1.3), TP (-1.2), DIR (-1.0), NFPI (1.5), OLI (.8)
TP (-3.4), FPI (-1.6), DIR (1.6), OLI (1.1)
DIR (2.2), TP (-2.2), OLI (1.5)
Areas with the largest upward revisions
Jacksonville, NC
Naples, FL
Clarksville-Hopkinsville, TN-KY
Fayetteville, NC
Killeen-Temple, TX
Lawton, OK
Yolo.CA
Yuma, AZ
Lafayette, IN
Rapid City, SD
Cheyenne, WY
(21.5), DIR (9.4), TP (-5.9)
(13.2), AFR (2.2), NFPI (1.4), TP (-1.3)
(11.8), DIR 6.1), TP -3.9)
(14.4), DIR 6.9), TP -5.6)
(13.5), DIR 5.9), TP -6.0)
(12.5), DIR 6.4), TP (-7.8)
(5.1), OLI (2.4), AFR (2.3), PCSI (1.3), TP(-2.5)
(4.7), OLI (4.5), AFR (1.2), TP (-2.7), NFPI (-1.0)
(6.5), OLI • "
"
(8.7), OLI 3.7), TP (-3.4), NFPI (-1.2)
(5.1), OLI 4.9), TP (-4.6)
Areas with the largest downward revisions
Wilmington-Newark, DE-MD
Odessa-Midland, TX
Pittsfield, MA
Trenton, NJ
Victoria, TX
New Haven-Bridgeport-Stamford-Danbury-Waterbury, CT
Santa Barbara-Santa Maria-Lompoc, CA
Richmond-Petersburg, VA
West Palm Beach-Boca Raton, FL
Merced, CA
1,888
66,562
10,760
26,312
39,269
26,023
38,836
3,394
3,361
1. The revision to personal income as a percent of the previously published estimate.
2. This column shows the revised components of personal income and the adjustment for residence that substantially contributed to the revisions to personal income. The revision is shown as a percentage of the previously published estimate of personal income for the area.
AFR Adjustment for residence
DIR Dividends, interest, and rent
FPI Farm proprietors' income
NFPI Nonfarm proprietors' income
OLI Other labor income
PCSI Personal contributions for social insurance
TP Transfer payments
130
•
July 2000
SURVEY OF CURRENT BUSINESS
largely reflected the reclassification of government
employee retirement plans. Personal income was revised up for 297 areas, was revised down for 17
areas, and was unrevised for 4 areas.
Revisions to per capita personal income for 1997.—
The rankings of the 10 metropolitan areas with the
highest per capita personal income remained unchanged (table E). San Francisco, CA, at $42,706,
still has the highest per capita personal income.
The ranking of 1 area in the bottom 10 changed:
Merced, CA, shifted from 305th to 310th. The ranking of Jacksonville, NC, shifted from 310th to 226th.
McAllen-Edinburg-Mission, TX, at $12,330, still
has the lowest per capita personal income.5
Tables 1 to 3 follow, r g
5. The previously published estimates had 316 metropolitan areas: AuburnOpelika, AL, and Corvallis, OR, were recognized as new metropolitan areas in
June 1999.
Table E.—Revisions to Per Capita Personal Income for 1997
Dollars
Previously
published
United States
Rank
Revised
Previously
published »
Revised
25,288
25,924
41,128
36,210
42,706
41,913
1
2
40,928
38,772
37,856
36,769
35,734
34,902
36,598
35,038
40,383
38,272
37,974
37,057
36,473
35,878
35,557
35,172
3
4
5
6
7
8
9
10
17,116
17,485
16,567
15,629
16,883
14,923
15,216
12,999
12,857
12,005
17,943
17,337
17,189
17,047
16,650
15,832
15,751
13,508
13,210
12,330
Areas with the highest per capita personal income
San Francisco, CA
Naples, FL
New Haven-Bridgeport-Stamford-Danbury-Water-
bury, CT
West Palm Beach-Boca Raton, FL
San Jose, CA
Bergen-Passaic, NJ
Middlesex-Somerset-Hunterdon, NJ
Nassau-Suffolk, NY
Trenton, NJ
Newark, NJ
Areas with the lowest per capita personal
income
Visalia-Tulare-Porterville, CA
Merced, CA
Provo-Orem, UT
Yuma, AZ
Sumter, SC
Las Cruces, NM
El Paso TX
Laredo, TX
Brownsville-Harlingen-San Benito, TX
McAllen-Edinburg-Mission, TX
307
305
310
311
309
313
312
314
315
316
309
310
311
312
313
314
315
316
317
318
1. Aubum-Opelika, AL, and Corvallis, OR, were recognized as new metropolitan areas in June 1999, so the
revised rankings now total 318 metropolitan areas instead of 316.
Acknowledgments
The comprehensive revision of local area personal income was prepared by the Regional Economic MeasurementDivision under the direction of Robert L. Brown, Chief. Hugh W. Knox, Associate Director for Regional Economics,
provided general guidance. The preparation of the revised estimates was a divisionwide effort.
The estimates of nonfarm wages and salaries and other labor income were prepared by the Regional Wage Branch
under the supervision of Sharon C. Carnevale, Chief. Major responsibilities were assigned to Elizabeth P. Cologer, Lisa
C. Ninomiya, Michael G. Pilot, John A. Rusinko, and James M. Scott. Contributing staff members were Susan P. Den
Herder, Lisa B. Emerson, John D. Laffrnan, Lela S. Lester, Russell C. Lusher, Richard A. Lutyk, Paul K. Medzerian, Mauricio Ortiz, Michael Phillips, Adrienne T. Pilot, Curtis Roberson, Victor A. Sahadachny, Elizabeth R Stell, and Jaime
Zenzano.
The annual estimates of farm wages and salaries and other labor income and of proprietors' income, property income,
transfer payments, personal contributions for social insurance, and the adjustment for residence were prepared by the
Regional Income Branch under the supervision of James M. Zavrel, Chief. Major responsibilities were assigned to
Charles A. Jolley and James P. Stehle. Contributing staff members were Elaine M. Briccetti, Carrie L. Case, Daniel R.
Corrin, Ann E. Dunbar, Toan A. Ly, W. Tim McKeel, Jeffrey L. Newman, Suet M. Ng, Ellen M. Wright, and Marianne A.
Ziver.
The public use tabulations and data files were assembled and the tables and text for this publication were prepared by
the Regional Economic Information System Branch under the supervision of Kathy A. Albetski, Chief. Gary V. Kennedy
guided the preparation of the materials for the publication. Contributing staff members were Wallace K. Bailey, H
Steven Dolan, Michael J. Paris, Albert Silverman, Nancy E. Smith, Callan S. Swenson, Monique B. Tyes, and Mary C.
Williams.
July 2000 •
SURVEY OF CURRENT BUSINESS
131
Table 1.—Personal Income and Per Capita Personal Income by Metropolitan Area, 1996-98
Personal income
Millions of dollars
Area name
1996
2
1997
Per capita personal income'
Percent
change
1998
United States
Metropolitan portion
Nonmetropolitan portion
Dollars
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-VA-
wv
Metropolitan Statistical Areas
254,130
48,223
75,742
123,313
30,795
26,624
27,434
28,785
31,236
28,330
28,352
Columbia, MO
Columbia, SC
Columbus, GA-AL
Columbus, OH
Corpus Christi, TX
Corvallis, OR
Cumberland, MD-WV
Dallas, TX*
Danville, VA
32,389
27,975
28,694
30,541
33,485
29,775
30,026
145,721
112,191
51,501
80,003
134,468
72,406
154,172
122,128
54,505
83,577
146,431
79,121
162,363
132,134
29,201
25,132
25,954
27,089
29,116
26,863
26,551
377,560
85,943
44,336
396,704
89,340
47,230
422,989
94,488
49,779
24,566 25,491 26,778
24,209 24,755 25,826
26,936 28,718 30,258
731,539
33,119
186,297
61,184
46,278
28,014 29,576 31,119
25,848 27,391 28,453
24,487 25,701 27,102
219,438 237,395
93,370 102,812
254,915
112,135
33,161 35,333 37,414
28,241 30,528 32,762
218,231
230,658
244,282
30,564
32,019 33,602
2,576
16,675
2,395
21,743
15,296
2,559
15,193
2,643
4,340
7,561
2,708
17,681
2,473
2,652
16,183
2,765
4,633
7,949
2,808
18,530
2,546
23,884
16,806
2,790
17,002
2,900
4,865
8,348
21,251
24,341
20,472
24,794
22,925
20,274
24,799
20,139
21,204
30,295
22,270
25,740
21,059
26,005
23,900
20,988
26,335
21,113
22,480
31,622
23,012
26,934
21,619
27,433
24,842
22,062
27,599
22,216
23,495
32,659
210
96
265
86
146
252
82
241
194
23
15,119
2,175
8,166
4,791
2,897
98,182
9,462
1,700
9,434
25,054
16,207
2,287
8,691
5,141
3,026
106,039
9,787
1,824
9,882
27,912
17,316
2,379
9,194
5,405
3,211
115,272
10,326
1,892
10,379
32,130
4.0
5.8
5.1
6.1
8.7
5.5
3.7
5.0
15.1
28,517
18,658
24,066
22,914
21,226
27,803
28,433
17,823
20,878
24,176
30,067
19,522
25,411
24,370
21,917
29,194
29,288
18,529
21,722
26,136
31,616
20,315
26,659
25,347
23,160
30,788
30,735
18,831
22,665
29,087
29
294
104
137
205
35
36
309
227
54
11,399
66,109
2,836
11,893
69,915
2,984
12,407
73,308
3,140
4.3
4.9
5.2
18,444 19,042 19,643
26,785 28,252 29,548
19,466 20,573 21,743
304
45
262
5,908
12,676
7,543
3,175
3,521
46,267
2,784
6,358
13,173
8,114
3,371
3,776
49,416
2,918
6,799
14,013
8,571
3,575
3,874
53,165
3,083
6.9
6.4
5.6
6.1
2.6
7.6
5.7
29,175
22,415
20,174
20,836
21,855
34,853
22,173
30,987
23,107
21,661
21,766
23,543
37,057
23,168
32,612
24,403
22,848
22,732
24,235
39,750
24,425
24
165
216
223
169
6
164
6,617
5,430
21,981
1,954
2,355
3,480
9,107
6,997
5,691
23,064
2,041
2,486
3,695
9,710
7,602
5,919
24,168
2,186
2,639
3,908
10,479
8.6
4.0
4.8
7.1
6.2
5.8
7.9
19,378
21,427
24,547
21,697
20,468
24,822
24,442
20,303
22,723
25,583
22,489
21,442
26,077
25,316
21,828
23,775
26,582
23,885
22,636
27,260
26,461
256
182
106
179
228
90
108
174,216
7,929
4,498
187,231
8,746
4,944
200,107
9,619
5,228
10.0
5.7
30,096 32,133 34,127
30,885 33,454 36,071
20,585 22,139 22,844
16
13
217
34,749 36,582
3
Biloxi-Gulfport-Pascagoula, MS
Binghamton, NY
,.
Birmingham, AL
Bismarck, ND
;...
Bloomjngton, IN
Bloomington-Normal, IL
Boise City, ID
Boston-Worcester-Lawrence-LowellBrockton, MA-NH (NECMA)
Boulder-Lonomont, CO*
Brazoria, TX*
4,895
5,210
5,347
2.6
21,309 22,368
22,957
211
3,942
2,289
27,359
4,594
8,913
1,576
4,641
3,686
4,197
2,501
28,418
4,855
9,374
1,714
4,983
3,889
4,461
2,674
29,541
5,162
9,888
1,784
5,421
4,034
10,274
10,926
11,674
6.3
6.9
4.0
6.3
5.5
4.1
8.8
3.7
6.8
12,653
17,515
23,324
24,232
22,125
24,772
25,808
21,676
19,655
13,210
18,918
24,450
25,380
23,278
26,900
27,446
22,812
20,461
13,766
20,121
25,654
26,787
24,590
28,217
29,656
23,753
21,529
317
296
128
99
159
67
44
186
267
5,991
6,247
6,505
4.1
23,574 24,640
25,745
126
34,209
39,795
3,771
10,233
1,826
234,617
36,881
3,985
10,650
1,929
249,126
3,678
40,904
3,743
59,067
3,893
43,599
3,950
62,322
4,083
65,047
7.9
6.9
4.0
4.4
5.9
4.0
5.8
3.4
4.4
25,959
26,120
23,025
23,193.
29,940
19,144
25,649
19,279
26,449
27,305
27,175
23,791
24,535
31,572
20,164
27,137
19,987
27,956
28,784
28,513
24,622
25,613
33,181
20,838
28,507
20,456
29,239
56
63
157
129
21
284
64
291
51
10,953
11,853
12,873
8.6
23,184
24,697 26,270
112
Bremerton, WA*
Brownsville-Harlingen-San Benito,
Bryan-ColIiieSiJSrTX'"!!!!!'.!'.'.!'.'.'.
Buffalo-Niagara Falls, NY
Burlington, VT (NECMA)
Canton-Massillon, OH
Casper WY
Cedar Rapids, IA
Champaign-Urbana, IL
Charleston-North Charleston, SC ...
Charleston, WV
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
Cleveland-Lorain-Elyria, OH*
Colorado Springs, CO
See footnotes at the end of the table.
4,259
11,071
2,013
263,763
4,050
46,109
1997
3,119
12,412
5,791
39,39t
7,840
2,050
1,907
1997-98
3,302
13,256
6,091
41,914
8,242
2,125
1,961
103,788
Rank in
U.S.
Dollars
1996
1997 1998
23,294
23,598
20,017
25,361
19,555
24,643
18,010
28,723
18,116
24,394
24,721
21,288
27,069
20,380
26,442
19,132
30,471
19,046
25,606
25,995
22,435
28,454
21,326
27,307
19,776
32,406
19,738
130
120
235
66
271
88
300
26
302
2,072
2,137
8,302
23,362
9,167
2,952
2,704
55,187
11,428
120,526
2,666
2,555
24,636
9,762
3,110
2,799
60,480
12,107
127,707
2,795
2,602
9,304
25,406
10,229
3,248
2,918
66,024
12,897
134,613
2,931
2,757
5.0
3.1
4.8
4.4
4.3
9.2
6.5
5.4
4.9
6.0
23,248
24,214
20,249
21,012
23,465
29,643
26,710
27,029
19,870
21,003
24,810
25,622
21,186
21,954
24,522
31,813
28,037
28,585
20,820
21,212
26,003
26,422
21,869
22,767
25,674
34,092
29,527
30,118
21,790
22,178
119
110
255
221
127
17
46
40
260
242
Dubuque, IA
Duluth-Superior, MN-WI
Dutchess County, NY*
Ea'u Claire, Wl
El Paso, TX
Elkhart-Goshen, IN
Elmira, NY
Enid, OK
Erie, PA
Eugene-Springfield, OR
1,971
5,274
6,818
2,948
10,165
3,910
1,927
1,172
6,053
6,727
2,054
5,520
7,256
3,156
10,796
4,109
1,996
1,251
6,341
7,178
2,153
5,838
7,913
3,369
11,363
4,409
2,077
1,294
6,570
7,568
4.8
5.8
9.1
6.7
5.3
7.3
4.1
3.4
3.6
5.4
22,296
22,206
25,949
20,649
15,081
23,164
20,648
20,603
21,617
21,960
23,293
23,215
27,525
22,003
15,751
24,056
21,565
22,019
22,685
23,072
24,499
24,676
29,812
23,431
16,359
25,527
22,524
22,720
23,622
24,151
162
153
43
197
315
133
233
225
192
173
Evansville-Henderson, IN-KY
Fargo-Moorhead, ND-MN
Fayetteville, NC
Fayetteville-Springdale-Rogers, AR
Flagstaff, AZ-UT
Flint, Ml*
Florence, AL
Florence, SC
Fort Collins-Loveland, CO
Fort Lauderdale, FL*
6,804
3,754
6,299
5,563
2,138
10,077
2,766
2,490
5,326
39,01
7,159
3,933
6,621
5,952
2,269
10,258
2,875
2,632
5,818
40,657
7,569
4,223
6,851
6,384
2,412
10,433
2,887
2,757
6,380
43,041
5.7 23,552 24,677 26,079
7.4 22,761 23,601 25,073
3.5 22,205 23,183 24,104
7.3 20,870 21,731 22,895
6.3 18,112 18,942 20,050
1.7 23,148 23,564 23,947
21,054
.4 20,252
4.7 20,218 21,161 22,114
9.7 24,060 25,799 27,607
5.9 27,042 27,530 28,546
117
142
175
213
297
177
282
248
81
62
Fort Myers-Cape Coral, FL
Fort Pierce-Port St. Lucie, FL
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*
9,533
7,539
3,683
3,650
11,466
36,200
16,165
1,922
4,312
5,370
10,245
8,039
3,910
3,935
12,197
39,481
16,714
2,035
4,567
5,706
10,860
8,485
4,118
4,155
12,830
42,643
17,345
2,113
4,887
5,954
6.0
5.5
5.3
5.6
5.2
8.0
3.8
3.8
7.0
4.3
25,114
26,332
19,311
22,040
24,188
23,826
18,946
18,701
21,948
22,399
26,557
27,604
20,326
23,471
25,549
25,404
19,365
19,616
23,114
23,548
27,640
28,732
21,257
24,655
26,659
26,790
19,947
20,328
24,656
24,303
79
57
273
155
104
98
298
293
154
167
Gary, IN*
Glens Falls, NY
Goldsboro, NC
Grand Forks, ND-MN
Grand Junction, CO
Grand Rapids-Muskegon-Holland,
14,220
2,474
2,037
2,164
2,173
15,059
2,569
2,139
2,125
2,373
15,963
2,685
2,205
2,243
2,539
6.0
4.5
3.1
5.6
7.0
22,797
20,267
18,240
20,908
20,081
24,072
21,121
19,106
20,955
21,430
25,451
22,109
19,710
22,921
22,491
135
249
303
212
234
24,493
1,730
2,964
5,336
26,338
1,787
3,180
5,761
27,727
1,863
3,478
6,043
5.3
4.3
9.4
4.9
24,122
21,421
19,619
25,119
25,618
22,629
20,447
26,910
26,694
23,721
21,803
28,114
101
190
258
70
28,536
25,056 26,119 27,283
DaytofrSpringfeldrOH""!!!"!"!!!!!!!"
Daytona Beach, FL
Decatur, AL
Decatur, IL
Denver, CO*
Des Moines, IA
Detroit, Ml*
Dothan, AL
Dover, DE
691,794
Bakersfield, CA
Baltimore, MD*
Bangor, ME (NECMA)
Bamstable-Yarmouth, MA
(NECMA)
Baton Rouge, LA
Beaumont-Port Arthur, TX
Bellingham, WA
Benton Harbor, Ml
Bergen-Passaic, NJ*
Billings, MT
Millions of dollars
2,928
11,695
5,433
36,54"
7,445
1,895
1,814
87,113
1,978
Per capita personal income'
Percent
change
Davenport-Moline-Rock Island, IA-
167,458 176,777
53,575 57,945
40,520 43,160
Abilene, TX
Akron, OH*
Albany, GA
Albany-Schenectady-Troy, NY
Albuquerque, NM
Alexandria, LA
Allentown-Bethlehem-Easton, PA ...
Altoona, PA
Amarillo, TX
Anchorage, AK
Ann Arbor, Ml*
Anniston, AL
Appleton-Oshkosh-Neenah, Wl
Asheville, NC
Athens, GA
Atlanta, GA
Atlantic-Cape May, NJ*
Auburn-Opelika, AL
Augusta-Aiken, GA-SC
Austin-San Marcos, TX
Area name
1996
24,651 25,924 27,203
26,104 27,471 28,872
18,844 19,719 20,478
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
Personal income
1997
1997-98
6,538,103 6,942,114 7,351,547
5,537,748 5,888,223 6,251,031
1,000,355 1,053,891 1,100,516
Rank in
U.S.
Great Faiis7MT Il!Z!!!!I""!!""Z
Greeley, CO*
Green Bay, Wl
Greensboro-Winston-Salem-High
Point, NC
30,119
31,857
5.8
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
2,600
2,780
2,884
3.7
21,314 22,342 22,772
220
19,445
2,618
7,319
15,488
33,333
1,907
6,803
23,914
3,359
20,606
2,818
7,901
16,261
35,472
2,041
7,211
24,570
3,765
21,787
2,968
8,395
17,132
37,318
2,133
7,637
5.7
5.3
6.3
5.4
5.2
4.5
5.9
1.7
7.3
21,727
20,593
22,587
25,240
30,098
17,676
21,668
27,436
17,746
22,733
22,141
24,112
26,461
32,043
18,644
22,665
28,140
19,675
23,729
23,282
25,372
27,767
33,647
19,130
23,720
28,670
20,861
188
201
136
74
19
307
191
60
283
Houston, TX*
Huntington-Ashland, WV-KY-OH ....
Huntsville, AL
Indianapolis, IN
Iowa City, IA
Jackson, Ml
Jackson, MS
Jackson, TN
Jacksonville, FL
Jacksonville, NC
102,323
5,757
7,587
38,930
2,525
3,225
9,388
2,100
24,808
2,860
111,479
6,048
8,074
41,234
2,679
3,420
9,992
2,255
26,622
3,066
120,951
6,217
8,610
44,079
2,850
3,525
27,161
18,231
22,967
26,123
24,896
20,884
22,279
21,364
24,587
20,004
29,016
19,197
24,209
27,399
26,281
21,994
23,493
22,726
25,861
21,674
30,801
19,804
25,305
29,022
27,785
22,576
24,542
23,725
27,244
22,109
34
299
138
55
72
231
160
28,435
3,170
8.5
2.8
6.6
6.9
6.4
3.1
5.6
5.7
6.8
3.4
Jamestown, NY
Janesville-Beloit, Wl
Jersey City, NJ*
Johnson City-Kingsport-Bristol, TN-
2,618
3,341
13,623
2,699
3,526
14,329
2,820
3,671
14,915
4.5
4.1
4.1
18,621 19,367
22,292 23,482
24,692 25,882
20,387
24,356
26,970
292
166
95
9,090
4,547
1,439
2,877
10,223
2,146
44,001
9,487
4,729
1,543
3,098
10,703
2,238
46,864
9,791
4,887
1,604
3,228
11,030
2,312
49,464
3.2
3.3
4.0
4.2
3.1
3.3
5.5
19,902
19,022
19,137
19,757
23,072
21,116
25,946
21,201
20,729
20,771
21,691
24,726
22,596
28,473
277
287
286
264
150
230
65
Johnstown, PA
Jonesboro, AR
Joplin, MO
Kalamazoo-Battle Creek, Ml
Kankakee,IL*
Kansas City, MO-KS
24,994
4,041
10,547
2,384
20,635
19,877
20,233
21,022
24,091
21,905
27,278
249
132
• July 2000
SURVEY OF CURRENT BUSINESS
Table 1.—Personal Income and Per Capita Personal Income by Metropolitan Area, 1996-98—Continued
Area name
Percent
change
Millions of dollars
Personal income
Per capita personal income'
Personal income
1996
1997
Kenosha, Wl*
Killeen-Temple, TX
Knoxville, TN
Kokomo, IN
La Crosse, WI-MN
Lafayette, LA
Lafayette, IN
Lake Charles, LA
3,147
5,784
14,733
2,426
2,706
7,005
3,627
3,648
3,391
6,086
15,544
2,536
2,848
7,655
3,870
3,844
3,730
6,289
16,420
2,644
3,011
8,062
4,067
3,988
10.0
Lakeland-Winter Haven, FL
Lancaster, PA
8,990
10,760
9,461
11,384
Lansing-East Lansing, Ml
Laredo, TX
Las Cruces, NM
Las Vegas, NV-AZ
Lawrence, KS
Lawton, OK
Lewiston-Aubum, ME (NECMA)
Lexington, KY
Lima, OH
Lincoln, NE
10,192
2,200
2,490
30,650
1,731
2,154
2,116
10,595
3,224
5,752
Little Rock-North Little Rock, AR ..,
Longview-Marshall, TX
Los Angeles-Long Beach, CA*
Louisville, KY-IN
Lubbock, TX
Lynchburg, VA
Macon, GA
Madison, Wl
Mansfield, OH
McAllen-Edinburg-Mission, TX
Rank in
U.S.
Dollars
1996
1997
1998
3.3
5.6
4.3
5.7
5.3
5.1
3.7
22,266
19,633
22,490
24,185
22,337
19,041
21,139
20,476
23,725
20,615
23,500
25,306
23,477
20,585
22,539
21,450
25,833
21,178
24,640
26,423
24,742
21,487
23,312
22,139
123
278
156
109
149
268
200
245
10,234
12,012
8.2
5.5
20,428 21,179 22,609
23,895 25,094 26,303
229
111
10,690
2,436
2,635
33,792
1,886
2,211
2,218
11,360
3,399
6,050
10,909
2,591
2,805
36,686
1,993
2,299
2,296
12,098
3,521
6,474
2.0
6.4
6.5
8.6
5.7
4.0
3.5
6.5
3.6
7.0
22,692
12,617
15,383
25,654
18,671
19,613
20,834
24,108
20,740
24,907
23,738
13,508
15,832
26,813
19,878
20,336
21,973
25,593
21,949
25,926
24,226
13,870
16,599
27,780
20,645
21,257
22,671
26,912
22,818
27,487
170
316
314
73
289
273
226
97
219
85
13,066
4,126
225,144
24,826
4,906
4,265
6,824
11,367
3,527
5,789
13,777
4,418
233,234
26,134
5,108
4,427
7,051
12,106
3,737
6,215
14,468
4,615
246,949
27,717
5,352
4,624
7,362
12,831
3,853
6,631
5.0
4.5
5.9
6.1
4.8
4.4
4.4
6.0
3.1
6.7
23,919
20,086
24,860
25,102
21,243
20,769
21,889
27,377
19,914
11,815
25,028
21,315
25,557
26,290
22,201
21,401
22,306
28,678
21,108
12,330
26,105
22,131
26,773
27,749
23,451
22,268
23,067
30,214
21,784
12,759
116
246
100
75
195
240
209
39
261
318
Medford-Ashland, OR
Melboume-Titusville-Palm Bay, FL
Memphis, TN-AR-MS
Merced, CA
Miami, FL*
Middlesex-Somerset-Hunterdon,
NJ*
Milwaukee-Waukesha, Wl*
Minneapolis-St. Paul, MN-WI
Missoula, MT
Mobile, AL
3,583
9,830
26,848
3,241
46,930
3,815
10,530
28,009
3,361
48,682
4,022
11,043
30,053
3,498
51,448
5.4
4.9
7.3
4.1
5.7
21,301
21,680
24,991
16,972
22,270
22,368
22,934
25,886
17,337
22,833
23,214
23,758
27,511
17,732
23,919
204
185
83
312
178
37,384
39,791
82,373
1,852
10,156
40,288
42,358
88,381
1,951
10,715
42,920
44,637
94,991
2,066
11,200
6.5
5.4
7.5
5.9
4.5
34,287
27,224
29,836
20,981
19,504
36,473
29,022
31,621
21,963
20,332
38,414
30,582
33,561
23,234
21,062
7
37
20
203
281
Modesto, CA
Monmouth-Ocean, NJ*
Monroe, LA
Montgomery, AL
Muncie, IN
Myrtle Beach, SC
Naples, FL
Nashville, TN
Nassau-Suffolk, NY*
New Haven-Bridgeport-StamfordDanbury-Waterbury, CT*
7,954
30,560
2,949
7,127
2,537
3,437
7,218
29,754
89,857
8,479
32,687
3,011
7,415
2,619
3,761
8,082
32,036
95,415
9,022
34,639
3,117
7,745
2,739
4,030
8,553
33,910
99,865
6.4
6.0
3.5
4.5
4.6
7.2
5.8
5.8
4.7
19,237
28,688
20,103
22,523
21,477
20,984
38,806
26,687
33,870
20,214
30,289
20,489
23,219
22,252
22,202
41,913
28,171
35,878
21,136
31,682
21,230
24,084
23,545
23,088
42,813
29,344
37,381
280
28
276
176
193
207
2
49
9
61,489
65,661
69,039
5.1
37,874 40,383 42,346
3
6,891
29,928
286,900
64,525
8,215
7,257
31,508
298,107
68,333
8,573
7,392
32,955
315,195
72,343
9,099
1.9
4.6
5.7
5.9
6.1
27,394
22,876
33,273
33,274
22,701
28,993
24,104
34,463
35,172
23,439
29,933
25,225
36,316
37,136
24,595
42
139
12
10
158
33,903
67,449
4,531
5,236
22,137
35,449
72,802
4,853
5,706
23,054
36,855
77,940
5,195
6,029
24,220
4.0
7.1
7.0
5.7
5.1
22,000
30,206
19,691
22,050
21,688
22,877
32,048
20,585
23,746
22,378
23,771
33,667
21,533
24,718
23,337
183
18
266
151
199
4,433
18,066
75,749
32,591
1,850
2,945
3,080
7,743
8,219
139,319
4,764
19,269
81,931
35,366
1,956
3,119
3,245
8,329
8,752
147,324
5,035
20,311
88,634
38,406
2,013
3,252
3,346
8,726
9,231
154,763
5.7
5.4
8.2
8.6
2.9
4.3
3.1
4.8
5.5
5.0
22,565
26,572
29,062
22,911
20,400
20,366
20,370
20,209
23,751
28,145
23,851
28,036
30,737
24,154
21,532
21,314
21,527
21,149
25,300
29,806
24,895
29,307
32,541
25,555
22,126
22,163
22,304
21,719
26,679
31,295
145
50
25
132
247
243
238
263
103
31
25,134
18,642
26,909
26,352
18,967
28,390
28,319
New London-Norwich, CT
(NECMA)
New Orleans, LA
New York, NY*
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*
1998
1997-98
64,964
1,490
60,346
3,329
1,340
6,702
46,765
71,417
1,531
63,488
3,529
1,402
7,157
50,709
78,210
1,579
66,013
3,684
1,468
7,623
53,563
9.5
3.1
4.0
4.4
4.7
6.5
5.6
23,593
18,030
25,422
24,781
18,251
26,795
26,660
26,686
19,357
28,149
27,731
19,759
29,960
29,430
102
306
69
76
301
41
47
22,543
5,285
2,521
24,037
5,662
2,716
25,350
6,103
2,884
5.5
7.8
6.2
24,909 26,591 28,007
16,456 17,189 17,956
19,291 20,505 21,379
71
311
269
Punta Gorda, FL
Racine, Wl*
Raleigh-Durham-Chapel Hill, NC ..
Rapid City, SD
2,832
4,546
27,660
1,909
3,044
4,872
30,467
1,993
3,201
5,142
32,804
2,083
5.2
5.5
7.7
4.5
21,758
24,655
27,069
22,022
23,752
27,712
30,394
23,858
187
77
38
180
1. Per capita personal income was computed using Census Bureau midyear population estimates. Estimates for
1996-98 reflect county population estimates available as of March 2000. See footnote 1 to table 3.
2. The personal income level shown for the United States is derived as the sum of the county estimates. It
differs from the estimate of personal income in the national income and product accounts (NIPA's) because of differences in coverage, in the methodologies used to prepare the estimates, and in the timing of the availability of
source data. In particular, it differs from the NIPA estimate because, by definition, it omits the earnings of Federal
Millions of dollars
1996
1997
1996
1997
1998
8,814
3,282
9,134
3,872
24,626
58,143
9,356
3,467
9,706
3,992
26,023
61,729
9,787
3,609
10,342
4,170
27,267
66,385
4.6
4.1
6.6
4.5
4.8
7.5
25,046
20,344
30,611
21,637
26,400
19,411
26,439
21,322
31,687
22,072
27,602
20,246
27,511
21,986
33,040
22,829
28,635
21,300
83
253
22
218
61
272
Roanoke, VA
Rochester, MN
Rochester, NY
Rockford, IL
Rocky Mount, NC
Sacramento, CA*
Saginaw-Bay City-Midland, Ml
St. Cloud, MN
St. Joseph, MO
St. Louis, MO-IL
5,722
3,099
27,296
8,366
2,927
36,874
9,273
3,224
1,989
67,326
5,998
3,314
28,598
8,814
3,120
39,310
9,768
3,332
2,092
71,492
6,297
3,611
29,603
9,258
3,207
42,325
74,516
5.0
9.0
3.5
5.0
2.8
7.7
2.8
10.1
4.4
4.2
25,046
27,413
25,154
23,683
20,375
24,489
23,034
20,124
20,488
26,406
26,250
28,928
26,396
24,820
21,475
25,729
24,277
20,593
21,533
27,951
27,624
30,880
27,390
25,938
21,979
27,232
25,010
22,539
22,434
29,089
80
33
87
121
254
92
143
232
236
53
Salem, OR*
Salinas, CA
Salt Lake City-Ogden, UT
San Angeio, 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
6,810
9,036
27,043
2,072
32,119
66,403
66,781
55,782
7,235
9,769
29,335
2,156
34,585
71,126
71,370
61,581
7,621
10,333
31,201
2,273
36,655
76,502
76,080
67,034
5.3
5.8
6.4
5.4
6.0
7.6
6.6
8.9
21,377
26,018
22,007
20,360
21,688
24,836
40,398
35,003
22,277
27,221
23,448
21,075
22,840
26,129
42,706
37,974
23,072
28,185
24,698
22,140
23,800
27,657
45,199
208
68
152
244
181
78
1
5,024
5,492
5,807
5.7
21,984 23,730
24,807
10,149
10,628
11,177
5.2
26,554 27,476
28,698
Santa Cruz-Watsonville, CA*
Santa Fe, NM
Santa Rosa, CA*
Sarasota-Bradenton, FL
Savannah, GA
Scranton-Wilkes-Barre-Hazleton,
PA
Seattle-Bellevue-Everett, WA*
Sharon, PA
Sheboygan, Wl
Sherman-Denison, TX
6,651
3,669
11,484
16,405
6,575
7,188
3,875
12,440
17,653
6,779
7,613
4,145
13,408
18,558
7,170
5.9
7.0
7.8
5.1
5.8
28,225
26,766
27,392
31,015
23,414
30,093
27,729
29,173
32,980
23,896
31,302
29,375
30,911
34,178
25,135
59
30
48
32
15
141
13,593
69,785
2,360
2,612
2,017
14,157
77,181
2,475
2,715
2,150
14,641
85,191
2,585
2,876
2,287
3.4
10.4
4.4
5.9
6.4
21,663
31,356
19,310
23,882
20,187
22,792
33,968
20,275
24,734
21,356
23,764
36,854
21,231
26,149
22,417
184
11
275
114
237
Shreveport-Bossier City, LA
Sioux City, IA-NE
Sioux Falls, SD
South Bend, IN
Spokane, WA
Springfield, IL
Springfield, MO
Springfield, MA (NECMA)
State College, PA
Steubenville-Weirton, OH-WV
8,029
2,717
4,124
5,994
8,663
5,048
6,379
13,915
2,779
2,617
8,271
2,782
4,378
6,348
9,158
5,324
6,822
14,736
2,945
2,626
8,630
2,909
4,686
6,657
9,573
5,552
7,130
15,409
3,072
2,723
4.3
4.6
7.0
4.9
4.5
4.3
4.5
4.6
4.3
3.7
21,186
22,49
26,304
23,279
21,434
24,759
21,488
23,525
21,043
18,935
21,776
23,092
27,678
24,591
22,581
26,108
22,660
24,947
22,230
19,235
22,858
24,173
29,131
25,782
23,450
27,215
23,399
26,131
23,272
20,224
214
172
52
125
196
94
198
115
202
295
Stockton-Lodi, CA
Sumter, SC
Syracuse, NY
Tacoma, WA*
Tallahassee, FL
Tampa-St. Petersburg-Clearwater,
FL
Terre Haute, IN
Texarkana, TX-Texarkana, AR
Toledo, OH
Topeka, KS
10,345
1,798
16,439
14,257
5,762
11,015
1,855
17,079
15,657
6,071
11,440
1,943
17,797
16,561
6,472
3.9
4.7
4.2
5.8
6.6
19,462
16,191
22,099
21,785
22,464
20,398
16,650
23,122
23,617
23,497
20,813
17,294
24,219
24,500
24,978
313
171
161
144
53,581
2,918
2,363
14,643
3,969
57,542
3,006
2,492
15,437
4,138
61,373
3,144
2,535
15,907
4,345
6.7
4.6
1.7
3.0
5.0
24,408
19,450
19,168
24,002
23,486
25,861
20,149
20,235
25,290
24,424
27,224
21,154
20,640
26,077
25,508
93
279
290
118
134
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*
11,031
15,985
18,236
3,224
3,710
6,064
11,291
18,524
1,772
2,921
11,729
16,797
19,325
3,401
3,979
6,290
12,014
19,810
1,856
3,038
12,447
17,959
20,608
3,547
4,234
6,573
12,841
21,020
1,971
3,195
6.1
33,452
20,845
24,183
20,338
22,676
20,134
23,387
26,057
22,057
20,682
35,55;
21,570
25,269
21,269
24,016
21,143
24,567
27,432
23,019
21,557
37,551
22,723
26,533
22,063
25,190
22,302
25,874
28,711
24,131
22,756
224
107
251
140
239
122
58
174
222
6,040
3,966
149,504
2,667
2,710
37,819
3,071
12,618
2,899
2,348
6,284
4,212
157,925
2,842
2,904
38,836
3,152
13,477
3,016
2,451
6,698
4,435
168,006
2,961
3,050
41,361
3,316
14,255
3,126
2,558
17,427
19,720
32,896
21,811
22,318
38,070
19,531
23,984
21,115
19,756
17,943
20,813
34,318
23,418
23,755
38,272
20,209
25,239
22,032
20,754
18,893
21,826
36,043
24,484
24,781
40,044
21,348
26,21
22,851
21,79
308
257
14
163
148
5
270
113
215
259
15,756
4,584
4,177
3,646
8,693
12,718
2,480
2,071
16,628
4,998
4,331
3,851
9,123
13,339
2,551
2,200
18,012
5,298
4,533
3,954
9,565
13,693
2,676
2,411
28,464
22,17
19,51
24,458
29,736
23,492
20,035
25,418
23,609 24,599
21,235 22,383
18,205 18,676
16,572 17,04^
31,885
24,272
20,718
25,79
25,596
23,089
19,532
18,277
27
168
288
124
131
206
305
310
Visalia-Tulare-Porterville, CA
Waco, TX
Washington, DC-MD-VA-WV*
Waterloo-Cedar Falls, IA
Wausau, Wl
West Palm Beach-Boca Raton, FL
Wheeling, WV-OH
Wichita, KS
Wichita Falls, TX
Williamsport, PA
Wilmington-Newark, DE-MD*
Wilmington, NC
Yakima, WA
Yolo, CA*
York, PA
Youngstown-Warren, OH
Yuba City, CA
Yuma, AZ
1998
10,044
3,670
2,184
1997-98
Rank in
U.S.
Dollars
Reading, PA
Redding, CA
Reno, NV
Richland-Kennewick-Pasco, WA ....
Richmond-Petersburg, VA
Riverside-San Bernardino, CA*
1998
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
23,002
26,324
28,997
22,904
Area name
Per capita personal income >
Percent
change
1998
4
147
civilian and military personnel stationed abroad and of U.S. residents employed abroad temporarily by private U.S.
firms.
3. Includes Metropolitan Statistical Areas, Primary Metropolitan Statistical Areas (PMSA's designated by *), and
New England County Metropolitan Areas (NECMA's). The New Haven-Bridgeport-Stamford-Danbury-Waterbury, CT
NECMA is presented as a PMSA (part of the New York CMSA).
July 2000 •
SURVEY OF CURRENT BUSINESS
133
Table 2.—Persona! Income and Per Capita Personal Income by Economic Area, 1996-98
Per capita personal income l
Personal income
Area name and code
Millions of dollars
1996
United States 2 (000)
Percent
change
1997
1998
6,538,103 6,942,114 7,351,547
1997-98
Rank in
U.S.
Dollars
1996
24,651 25,924 27,203
BEA Economic Areas
Bangor, ME (001)
Portland, ME (002)
Boston-Worcester-Lawrence-LowellBrocktn, MA-NH-RI-VT (003)
Burlington, VT-NY (004)
Albany-Schenectady-Troy, NY (005)
Syracuse, NY-PA (006)
Rochester, NY-PA (007)
Buffalo-Niagara Falls, NY-PA (008) ...
State College, PA (009)
New York-No. New Jer.-Long Island,
NY-NJ-CT-PA-MA-VT (010)
Harrisburg-Lebanon-Carlisle, PA (011)
Philadelphia-Wilmington-Atl. City, PANJ-DE-MD (012)
Washington-Baltimore, DC-MD-VAWV-PA (013)
Salisbury, MD-DE-VA (014)
Richmond-Petersburg, VA 015)
Staunton, VA-WV (016)
Roanoke, VA-NC-WV (017)
Greensboro-Winston-Salem-High
Point, NC-VA (018)
Raleigh-Durham-Chapel Hill, NC (019)
Norfolk-Virginia Beach-Newport News,
VA-NC (020)
Greenville, NC (021)
Fayetteville, NC (022)
Charlotte-Gastonia-Rock Hill, NC-SC
(023)
Columbia, SC (024)
Wilmington, NC-SC (025)
Charleston-North Charleston, SC
(026)
Augusta-Aiken, GA-SC (027)
Savannah, GA-SC (028)
Jacksonville, FL-GA (029)
Orlando, FL (030)
Miami-Fort Lauderdale, FL (031)
Fort Myers-Cape Coral, FL (032)
Sarasota-Bradenton, FL (033)
Tampa-St. Petersburg-Clearwater, FL
(034)
Tallahassee, FL-GA (035)
Dothan, AL-FL-GA (036)
Albany, GA (037)
Macon, GA (038)
Columbus, GA-AL (039)
Atlanta, GA-AL-NC (040)
Greenville-Spartanburg-Anderson, SCNC (041)
Asheville, NC (042)
Chattanooga, TN-GA (043)
Knoxville, TN (044)
Johnson City-Kingsport-Bristol, TN-VA
(045)
Hickory-Morganton, NC-TN (046)
Lexington, KY-TN-VA-WV (047)
Charleston, WV-KY-OH (048)
Cincinnati-Hamilton, OH-KY-IN (049)
Dayton-Springfield, OH (050)
Columbus, OH (051)
Wheeling, WV-OH (052)
Pittsburgh, PA-WV (053)
Erie, PA (054)
Cleveland-Akron, OH-PA (055)
Toledo, OH (056)
Detroit-Ann Arbor-Flint, Ml (057)
Northern Michigan, Ml (058)
Green Bay, WI-MI (059)
Appleton-Oshkosh-Neenah, Wl (060)
Traverse City, Ml (061)
Grand Rapids-Muskegon-Holland, Ml
(062)
Milwaukee-Racine, Wl (063)
Chicago-Gary-Kenosha, IL-IN-WI
(064)
Elkhart-Goshen, IN-MI (065)
Fort Wayne, IN (066)
Indianapolis, IN-IL (067)
Champaign-Urbana, IL (068)
Evansville-Henderson, IN-KY-IL (069)
Louisville, KY-IN (070)
Nashville, TN-KY (071)
Paducah, KY-IL (072)
Memphis, TN-AR-MS-KY (073)
Huntsville, AL-TN (074)
Tupelo, MS-AL-TN (075)
Greenville, MS (076)
Jackson, MS-AL-LA (077)
Birmingham, AL (078)
Montgomery, AL (079)
Mobile, AL (080)
Pensaco\a, FL (081)
Biloxi-Gulfport-Pascagoula, MS (082)
10,122
16,312
10,578
17,307
11,073
18,242
4.7
5.4
19,032 19,928 20,943
22,987 24,227 25,379
137
49
219,337
12,361
27,762
39,307
34,976
33,588
15,627
235,338
12,946
28,972
40,788
36,516
34,867
16,372
251,018
13,674
30,496
42,572
37,874
36,235
17,037
6.7
5.6
5.3
4.4
3.7
3.9
4.1
28,979
21,096
23,747
20,462
23,602
22,172
19,249
30,914
22,052
24,890
21,405
24,693
23,222
20,210
32,781
23,250
26,254
22,468
25,673
24,339
21,122
37
97
46
62
134
768,626
26,352
810,076
27,696
855,312
29,120
5.6
5.1
31,630 33,233 34,971
24,218 25,340 26,487
1
33
192,619
203,279
214,121
5.3
27,306
28,799
30,271
10
233,636
6,563
33,218
6,182
15,983
247,023
6,871
35,084
6,496
16,795
261,585
7,262
36,810
6,803
17,564
5.9
5.7
4.9
4.7
4.6
29,539
20,466
24,652
19,580
20,329
30,957
21,178
25,767
20,494
21,291
32,489
22,099
26,746
21,416
22,198
5
109
30
128
103
39,907
39,324
42,096
42,898
44,305
45,612
5.2
6.3
23,279 24,301 25,328
24,261 25,886 26,937
50
27
36,662
15,740
9,724
38,310
16,805
10,268
39,811
17,138
10,543
3.9
2.0
2.7
21,664
20,112
19,808
22,507
21,329
20,725
23,373
21,546
21,223
77
124
132
43,699
18,129
15,883
46,961
19,182
17,081
50,402
20,339
17,956
7.3
6.0
5.1
24,086
20,640
19,845
25,332
21,622
20,920
26,609
22,659
21,610
31
94
122
10,84;
11,474
13,198
38,358
69,581
138,174
16,751
19,705
11,544
12,031
13,918
40,874
74,770
143,444
18,327
21,194
12,318
12,660
14,654
43,547
80,137
151,977
19,413
22,291
6.7 19,389
5.2 19,890
5.3 21,508
6.5 22,092
7.2 21,462
5.9 27,224
5.9 29,617
5.2 28,816
20,214
20,718
22,369
23,122
22,559
27,787
31,675
30,612
21,253
21,674
23,348
24,321
23,706
29,021
32,754
31,734
130
121
78
63
69
13
4
53,581
13,420
5,843
8,234
14,311
8,903
121,858
57,542
14,126
6,172
8,562
14,814
9,452
131,115
61,373
14,847
6,484
8,907
15,432
9,874
141,910
6.7
5.1
5.1
4.0
4.2
4.5
8.2
24,408
19,954
18,200
18,710
19,663
18,956
25,672
25,861
20,819
19,163
19,287
20,157
19,963
26,911
27,224
21,798
20,065
19,926
20,854
20,768
28,355
23
115
157
159
139
140
16
24,711
8,946
14,425
19,404
26,219
9,622
15,137
20,513
27,633
10,118
15,776
21,615
5.4
5.2
4.2
5.4
21,253
22,004
21,393
20,848
22,283
23,379
22,178
21,793
23,212
24,287
22,930
22,768
81
64
85
10,730
9,704
31,769
22,504
51,792
27,172
50,740
6,402
71,625
10,814
112,179
28,931
177,125
4,737
13,444
9,573
5,261
11,225
10,334
33,925
23,575
55,388
28,768
54,539
6,518
75,291
11,339
118,343
30,621
187,299
5,068
14,285
10,188
5,646
11,649
10,938
35,443
24,390
58,612
29,688
57,703
6,808
78,334
11,762
123,413
31,589
196,338
5,244
14,956
10,785
5,921
3.8
5.8
4.5
3.5
5.8
3.2
5.8
4.4
4.0
3.7
4.3
3.2
4.8
3.5
4.7
5.9
4.9
19,583
20,239
17,563
18,568
24,426
23,697
22,650
18,861
23,945
20,824
24,085
22,497
25,642
18,876
20,795
23,335
19,845
20,339
21,278
18,685
19,484
25,907
25,145
24,112
19,384
25,309
21,896
25,424
23,814
27,027
19,954
22,031
24,639
21,032
20,995
22,288
19,427
20,211
27,208
25,936
25,263
20,419
26,477
22,811
26,545
24,583
28,275
20,459
23,006
25,863
21,762
136
99
161
152
24
42
51
146
34
88
32
57
18
145
84
43
117
40,404
56,319
43,110
59,933
45,047
63,276
4.5
5.6
22,618
25,733
23,881
27,364
24,738
28,844
54
14
279,701
19,672
15,829
68,206
13,034
17,544
31,439
50,546
4,561
39,583
19,770
10,326
4,011
25,512
33,652
9,480
12,349
11,934
7,064
296,670
20,841
16,778
71,965
13,642
18,387
33,228
54,118
4,757
41,385
20,855
10,848
4,116
26,803
35,443
9,876
13,018
12,850
7,484
313,817
21,829
17,562
76,220
14,125
19,264
35,204
5.8
4.7
4.7
5.9
3.5
4.8
5.9
5.1
3.7
6.0
4.6
4.5
.8
5.0
4.7
4.4
4.1
5.1
8.7
28,427
21,812
22,932
23,407
21,002
20,747
23,179
22,518
20,562
22,235
20,686
17,173
15,684
18,465
21,945
20,420
29,958
22,993
24,187
24,533
21,980
21,684
24,306
23,690
21,296
23,089
21,653
17,923
16,210
19,285
22,950
21,135
19,681
20,437 21,487
18,959 19,880
31,480
23,988
25,154
25,814
22,813
22,691
25,556
24,555
22,010
24,284
22,406
18,670
16,479
20,130
23,847
21,967
20,356
22,221
21,349
53
44
87
93
48
58
110
65
98
166
171
154
68
111
149
102
129
4,933
43,869
21,804
11,341
4,149
28,130
37,101
10,309
13,557
13,505
8,136
1. Per capita personal income was computed using Census Bureau midyear population estimates. Estimates for
1996-98 reflect county population estimates available as of March 2000. See footnote 1 to table 3.
2. The personal income level shown for the United States is derived as the sum of the county estimates. It
differs from the estimate of personal income in the national income and product accounts (NIPA's) because of differences in coverage, in the methodologies used to prepare the estimates, and in the timing of the availability of
source data. In particular, it differs from the NIPA estimate 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.
Area name and code
1997
5.9
Per capita personal income •
Personal income
New Orleans, LA-MS (083)
Baton Rouge, LA-MS (084)
Lafayette, LA (085)
Lake Charles, LA (086)
Beaumont-Port Arthur, TX (087)
Shreveport-Bossier City, LA-AR (088)
Monroe, LA (089)
Little Rock-North Little Rock, AR
(090)
Fort Smith, AR-OK (091)
Fayetteville-Springdale-Rogers, ARMO-OK (092)
Joplin, MO-KS-OK (093)
Springfield, MO (094)
Jonesboro, AR-MO (095)
St. Louis, MO-IL (096)
Springfield, IL-MO (097)
Columbia, MO (098)
Kansas City, MO-KS (099)
DesMoines, IA-IL-MO (100)
Peoria-Pekin, IL (101)
Davenport-Moline-Rock Island, IA-IL
(102)
Cedar Rapids, IA (103)
Madison, WI-IL-IA (104)
LaCrosse, WI-MN (105)
Rochester, MN-IA-WI (106)
Minneapolis-St. Paul, MN-WI-IA (107)
Wausau, Wl (108)
Duluth-Superior, MN-WI (109)
Grand Forks, ND-MN (110)
Minot, ND (111)
Bismarck, ND-MT-SD (112)
Fargo-Moorhead, ND-MN (113)
Aberdeen, SD (114)
Rapid City, SD-MT-NE-ND (115)
Sioux Falls, SD-IA-MN-NE (116)
Sioux City, IA-NE-SD (117)
Omaha, NE-IA-MO (118)
Lincoln, NE (119)
Grand Island, NE (120)
North Platte, NE-CO (121)
Wichita, KS-OK (122)
Topeka, KS (123)
Tuisa, OK-KS (124)
Oklahoma City, OK (125)
Western Oklahoma, OK (126)
Dallas-Fort Worth, TX-AR-OK (127) ...
Abilene, TX (128)
San Angelo, TX (129)
Austin-San Marcos, TX (130)
Houston-Galveston-Brazoria, TX (131)
Corpus Christi, TX (132)
McAllen-Edinburg-Mission, TX (133)
San Antonio, TX (134)
Odessa-Midland, TX (135)
Hobbs, NM-TX (136)
Lubbock, TX (137)
Amarillo, TX-NM (138)
Santa Fe, NM (139)
Pueblo, CO-NM (140)
Denver-Boulder-Greeley, CO-KS-NE
(141)
Scottsbluff, NE-WY (142)
Casper, WY-ID-UT (143)
Billings, MT-WY (144)
Great Falls, MT (145)
Missoula, MT (146)
Spokane, WA-ID (147
Idaho Falls, ID-WY (148)
Twin Falls, ID (149)
Boise City, ID-OR (150)
Reno, NV-CA (151)
Salt Lake City-Ogden, UT-ID (152) ....
Las Vegas, NV-AZ-UT (153)
Flagstaff, AZ-UT (154)
Farmington, NM-CO (155)
Albuquerque, NM-AZ (156)
El Paso, TX-NM (157)
Phoenix-Mesa, AZ-NM (158)
Tucson, AZ (159)
Los Angeles-Riverside-Orange County, CA-AZ (160)
San Diego, CA (161)
Fresno, CA (162)
San Francisco-Oakland-San Jose, CA
(163)
Sacramento-Yolo, CA (164)
Redding, CA-OR (165)
Eugene-Springfield, OR-CA (166)
Portland-Salem, OR-WA (167)
Pendleton, OR-WA (168)
Richland-Kennewick-Pasco, WA (169)
Seattle-Tacoma-Bremerton, WA (170)
Anchorage, AK (171)
Honolulu, HI (172)
Percent
change
Millions of dollars
1998
1996
1997
6,295
4.9
6.2
5.3
4.1
5.6
4.0
2.2
21,565
21,317
18,271
18,453
19,604
19,668
18,193
22,803
22,064
19,777
19,338
21,047
20,330
18,536
23,859
23,273
20,647
20,071
22,183
21,251
18,991
67
79
143
156
105
131
164
33,518
6,169
4.5
4.6
19,942
18,099
20,882 21,731
19,094 19,867
120
160
7,880
5,188
16,386
5,467
92,728
12,196
8,199
62,704
40,601
13,076
6.8
3.3
4.5
1.5
4.0
3.1
4.6
4.8
3.4
4.8
19,574
19,038
18,426
17,611
24,066
21,649
21,344
23,809
22,733
22,137
20,462
20,167
19,496
18,359
25,444
22,784
22,501
25,066
23,914
23,508
21,482
20,700
20,120
18,555
26,419
23,492
23,396
26,025
24,679
24,635
126
141
155
167
35
73
75
41
55
56
14,000
22,685
24,409
23,267
20,142
23,346
26,539
20,595
21,274
20,423
21,121
19,722
21,353
21,335
18,428
22,801
22,350
25,016
24,093
21,412
20,378
22,273
20,969
21,381
20,101
16,555
24,375
18,957
17,413
23,696
25,052
18,388
11,854
19,907
19,280
17,372
20,653
20,448
21,399
18,181
24,066
25,944
24,387
21,044
24,454
27,922
21,769
22,302
19,651
20,113
19,761
21,403
21,803
19,423
23,230
22,967
26,115
24,598
21,393
20,903
23,520
21,894
22,415
20,912
18,037
25,921
20,336
18,220
25,579
26,747
19,299
12,357
21,042
20,861
18,097
21,271
21,777
22,265
19,238
25,178
27,575
25,670
22,198
26,106
29,651
22,882
23,533
21,789
22,109
21,591
23,008
23,151
20,372
24,515
23,552
27,082
26,060
22,250
22,157
24,426
22,766
23,410
21,762
18,512
27,419
20,691
19,040
28,359
28,290
20,161
12,824
21,912
21,496
18,972
22,126
22,761
23,528
20,362
52
21
47
103
39
11
8,598
3,706
8,000
10,730
5,724
5,437
4.6
6.9
5.7
5.9
7.7
7.2
5.5
5.4
8.6
8.9
9.3
8.0
5.2
4.7
5.5
2.4
4.3
6.5
3.7
5.6
4.8
4.0
5.5
4.5
3.1
7.9
1.9
5.2
14.6
7.9
4.9
6.5
6.1
4.0
5.3
3.4
4.2
6.4
7.2
112,872
1,921
9,369
8,672
3,470
8,083
17,520
6,052
3,568
13,003
18,311
44,403
39,123
6,909
3,609
19,430
15,773
80,718
20,610
9.1
3.8
3.1
5.0
4.6
5.7
4.9
5.0
8.4
7.5
5.6
6.7
8.5
6.7
6.3
4.6
5.3
9.3
6.7
26,867
19,091
21,182
20,069
19,578
19,069
20,013
18,991
20,570
22,672
27,062
20,216
24,783
16,684
18,270
20,552
15,296
23,197
20,103
28,764
20,009
22,660
20,849
20,069
19,939
20,898
19,558
21,045
23,467
27,971
21,463
25,943
17,392
19,227
21,353
15,932
24,684
20,815
30,762
20,928
23,392
21,848
21,161
3,173
17,704
14,134
67,287
18,358
103,448
1,851
9,085
8,258
3,316
7,645
16,709
5,766
3,291
12,093
17,337
41,625
36,058
6,476
3,394
18,573
14,983
73,843
19,307
21,741
20,340
22,701
24,543
29,075
22,532
26,910
18,204
19,986
22,224
16,577
26,187
21,905
138
76
114
133
135
119
151
92
59
12
95
28
169
158
101
170
38
113
408,662
66,403
24,010
429,540
71,126
24,848
457,605
76,502
25,882
6.5
7.6
4.2
24,212 25,132 26,387
24,836 26,129 27,657
18,284 18,716 19,275
36
20
162
258,369
50,081
6,328
15,543
65,857
3,599
12,881
104,676
15,762
30,393
278,866
53,256
6,664
16,556
71,021
3,768
13,320
114,827
16,433
31,278
298,479
56,798
6,898
17,386
74,867
3,939
13,965
124,734
17,124
31,856
7.0
6.7
3.5
5.0
5.4
4.5
4.8
8.6
4.2
1.8
30,307
23,304
19,120
20,509
24,764
18,796
20,287
27,130
26,057
25,661
2
45
144
96
25
150
127
8
19
29
1996
1997
1998
36,204
14,824
10,627
9,732
8,645
11,007
6,043
38,370
15,458
11,604
10,183
9,313
11,391
6,158
40,251
16,421
12,214
10,601
9,831
11,849
30,455
5,545
32,060
5,900
6,885
4,707
14,623
5,147
84,076
11,236
7,360
56,191
37,249
11,755
7,378
5,022
15,679
5,388
12,611
8,843
21,163
4,647
7,041
112,223
9,821
7,273
4,901
2,412
3,435
7,669
1,775
3,885
11,407
5,553
25,101
8,653
6,091
1,235
25,418
9,492
28,180
32,571
2,369
166,679
4,107
3,456
26,654
128,417
9,951
10,359
39,535
7,598
3,377
7,533
9,674
5,099
4,752
94,636
1,767
8,512
7,912
3,279
7,260
15,859
5,549
3,177
11,376
16,281
38,417
32,712
6,070
11,824
7,837
59,823
39,250
12,477
13,378
9,473
22,412
4,878
7,412
119,238
10,423
7,645
4,664
2,271
3,448
7,724
1,798
4,080
11,643
5,706
26,407
8,886
6,075
1,264
27,035
9,873
29,849
34,094
2,538
180,765
4,402
3,634
29,647
139,586
10,541
11,068
42,730
8,267
3,520
7,735
10,293
5,379
5,073
10,129
23,696
5,168
7,982
127,853
10,998
8,055
5,064
2,472
3,768
8,341
1,892
4,272
12,286
5,845
27,533
9,468
6,300
1,335
28,326
10,272
31,500
35,643
2,617
194,999
4,486
3,824
33,967
150,545
11,059
11,782
45,336
1997-98
Rank in
U.S.
Dollars
32,206
24,463
20,008
21,578
26,193
19,602
20,703
29,238
26,990
26,299
33,975
25,722
20,611
22,497
27,191
20,343
21,454
31,272
27,835
26,759
116
108
123
83
82
147
60
70
26
40
100
106
61
90
74
117
168
22
142
163
1
15
17
153
172
112
125
165
107
91
72
148
NOTE.—Codes are assigned, beginning with 001 in northern Maine, continuing south to Florida, then north to
the Great Lakes, and continuing in a serpentine pattern to the West Coast. Except for the Western Oklahoma economic area (126), the Northern Michigan economic area (058), and the 17 economic areas mainly corresponding
to CMSA's, each economic area is named for the metropolitan area or city that is the node of its largest Component
Economic Area (CEA) and that is usually, but not always, the largest metropolitan area or city in the economic
area. The name of each economic area includes each State that contains counties in the economic area.
134
• July 2000
SURVEY OF CURRENT BUSINESS
Table 3.—Personal Income and Per Capita Personal Income by County, 1996-98
Per capita personal income'
Personal income
Area name
Percent
change
Millions of dollars
1996
United States 2
Metropolitan portion
Nonmetropolitan portion
1997
1998
6,538,103 6,942,114 ',351,547
5,537,748 5,888,223
5,
6,251,031
1,000,355
1,100,516
1,053,891
87,221 91,848 95,956
65,097 68,498 71,664
22,124 23,350 24,292
Alabama
Metropolitan portion .
Nonmetropolitan portion
1997-98
Dollars
1996
1997
1998
5.9
6.2
4.4
24,651 25,924 27,203
26,104 27,471 28,872
18,844 19,719 20,478
4.5
4.6
4.0
21,260 22,054
21,706 22,650 23,499
17,132 18,016 18,667
837
2,953
487
326
853
170
350
2,287
670
377
890
3,203
521
346
917
179
363
2,379
692
387
6.3
8.5
7.0
6.1
7.5
5.3
3.7
4.0
3.3
2.7
19,092
21,410
17,233
16,564
17,990
13,840
15,643
18,658
17,121
16,355
20,276
22,935
18,203
17,515
19,008
15,048
16,082
19,522
18,289
17,463
21,093
24,109
19,360
18,214
19,813
15,833
16,776
20,315
681
272
516
260
245
860
1,156
244
195
675
716
281
522
273
257
912
1,160
251
204
5.1
3.3
1.2
5.0
4.9
6.0
.3
2.9
4.6
3.4
17,378
16,095
17,594
18,450
17,190
19,127
20,813
16,288
15,580
16,812
18,765
17,155
18,022
18,782
17,420
20,450
21,775
17,420
16,799
18,024
19,398
17,780
18,309
19,550
17,968
21,590
21,911
18,104
17,499
18,646
29
53
43
28
50
10
9
Covington
619
257
494
252
232
806
1,095
231
180
629
Crenshaw
Cullman
Dale
Dallas
DeKalb
Elmore
Escambia
Etowah
Fayette
Franklin
234
1,318
884
778
1,034
1,104
607
1,922
313
546
240
1,423
918
806
1,116
1,213
633
2,035
333
564
260
1,506
945
827
1,172
1,295
648
2,113
331
580
8.3
5.8
2.9
2.6
5.0
6.8
2.4
3.8
-.6
2.8
17,258
17,952
17,883
16,435
18,027
18,855
16,679
18,701
17,323
18,558
17,559
19,202
18,700
17,106
19,352
20,109
17,296
19,616
18,381
19,049
19,114
20,101
19,318
17,675
20,118
20,889
17,654
20,328
18,286
19,553
35
19
31
55
18
12
56
15
44
27
424
133
233
269
1,781
934
16,795
265
1,671
565
444
142
246
286
1,877
986
17,358
277
1,719
594
462
146
263
303
1,986
1,024
18,001
286
1,727
640
4.1
2.8
6.9
5.9
5.8
3.9
3.7
3.2
.5
7.7
17,141
13,308
14,233
17,264
21,031
18,447
25,356
16,651
19,900
17,090
17,863
14,266
14,955
18,225
22,043
19,448
26,292
17,378
20,489
17,844
18,576
14,874
15,711
19,164
23,203
19,952
27,272
42
64
61
32
7
21
2
17,883
20,51
19,127
52
13
34
Lee
Limestone
Lowndes
Macon
Madison
Marengo
Marion
Marshall
Mobile
Monroe
1,700
1,137
174
350
6,450
406
529
1,502
7,495
412
1,824
1,202
186
353
6,872
423
558
1,539
7,762
432
1,892
1,270
191
354
7,341
443
585
1,584
7,997
434
3.7
5.7
2.7
17,823
18,954
13,517
14,872
23,858
17,327
17,127
18,931
16,905
18,529
19,662
14,431
15,286
25,229
18,013
18,054
19,249
19,491
17,874
18,831
20,396
14,741
15,235
26,404
18,959
18,961
19,755
20,048
18,094
14
65
62
3
37
36
24
20
48
Montgomery
Morgan
Perry
Pickens
Pike
Randolph
Russell
St. Clair
Shelby
Sumter
5,254
2,386
162
329
508
328
842
1,043
3,359
221
5,364
2,516
173
346
535
352
903
1,145
3,708
229
5,560
2,608
180
362
563
363
945
1,222
4,029
238
3.7
3.7
4.0
4.6
5.2
3.1
4.7
6.7
8.7
3.9
24,145
22,219
12,868
15,699
17,903
16,233
16,317
17,570
25,807
13,659
24,640
23,216
13,728
16,539
18,747
17,645
17,799
18,872
27,303
14,390
25,575
23,882
14,190
17,226
19,648
18,119
18,756
19,698
Talladega
Tallapoosa
Tuscaloosa
Walker
Washington
Wilcox
Winston
1,256
767
3,224
1,273
277
172
430
1,337
797
3,401
1,341
299
178
446
1,390
819
3,547
1,408
316
185
462
4.0
2.8
4.3
5.0
5.7
3.9
3.6
16,431
19,131
20,338
18,135
15,916
12,607
18,124
17,439
19,778
21,269
18,978
17,026
13,252
18,619
18,041
20,282
22,063
19,828
17,91f
13,728
19,141
15,762
7,561
8,202
16,433
7,949
8,484
17,124
8,348
8,776
4.2
5.0
3.4
26,057 26,990
30,295 31,622
23,081 23,732
27,835
32,659
24,405
52
146
7,561
256
46
54
101
1,949
66
950
53
112
7,949
268
48
57
108
2,049
67
983
53
112
8,348
280
47
62
112
2,135
70
1,010
0
0
5.0
4.5
-2.1
8.8
3.7
4.2
4.5
2.7
22,826
30,744
30,295
16,446
43,771
26,908
22,873
23,325
28,878
31,749
24,069
28,356
32,659
17,524
43,439
32,152
25,046
25,341
30,059
33,516
Baldwin
Barbour
Bibb
Blount
Bullock
Butler
Calhoun
Chambers
Cherokee
Chilton
Choctaw
Clarke
Clay
Cleburne
Coffee
Colbert
Conecuh
Coosa
..
,
Geneva
Greene
Hale
Henry
Houston
Jackson
Jefferson
Lamar
Lauderdale
Lawrence
:
Alaska
Metropolitan portion
Nonmetropolitan portion
Aleutians East Borough
Aleutians West Census Area
Anchorage Borough
Bethel Census Area
Bristol Bay Borough
Denali Borough
Dillingham Census Area
Fairbanks North Star Borough
Haines Borough
Juneau Borough
See footnotes at end of table.
B.8
4.7
4.8
2.9
3.0
23,323
27,353
31,622
17,013
43,731
29,047
24,216
24,605
29,076
32,454
17,749
15,071
Area name
11
5
30
45
23
60
59
16
38
54
47
57
41
58
26
46
40
25
1
63
49
17
8
22
51
67
33
18
9
3
26
1
4
15
13
1996
Kenai Peninsula Borough
Ketchikan Gateway Borough
Kodiak Island Borough
Lake and Peninsula Borough
Matanuska-Susitna Borough
Nome Census Area
North Slope Borough
Northwest Artie Borough
Pr. of Wales-Outer Ketchikan Census Area
Sitka Borough
Skagway-Hoonah-Angoon Census
Area
Southeast Fairbanks Census Area
Valdez-Cordova Census Area
Wade Hampton Census Area
Wrangell-Petersburg Census Area
Yakutat Borough
Yukon-Koyukuk Census Area
Arizona
Metropolitan portion
Nonmetropolitan portion
1997
Dollars
Rank in
State
1996
1997
1998
23,683
30,905
22,486
16,919
18,140
19,308
28,234
18,804
24,376
30,849
23,449
17,664
18,281
20,151
27,670
19,971
Percent
change
Millions of dollars
1998
768
2,660
463
302
783
156
341
2,175
631
348
Autauga
Per capita personal income'
Personal income
Rank in
1998
1997-98
1,119
458
335
30
944
171
200
123
1,165
452
345
30
986
180
200
133
1,214
452
350
32
1,046
185
205
140
4.2
0
1.4
121
225
127
228
125
237
-1.6
3.9
17,239 18,217 18,278
26,620 26,820 28,480
87
121
271
78
168
21
111
126
281
84
174
22
112
129
290
87
177
22
114
-4.3
2.4
3.2
3.6
1.7
0
1.8
22,644
20,392
26,396
11,747
24,319
23,352
17,450
95,787 103,968 112,974
87,205 94,878 103,351
8,582
9,623
8.7
8.9
5.9
4.0
5.0
6.2
6.2
4.2
-1.1
5.6
9.7
7.5
4.7
6.7
6.1
2.8
2.5
5.3
24,398
21,514
27,187
12,427
25,292
25,409
25,120
31,803
24,166
18,419
18,752
20,508
29,271
20,700
24,086
21,614
28,256
12,684
25,983
27,352
18,005
14
5
16
23
22
21
7
20
17
19
10
27
12
11
25
21,611 22,839 24,206
22,457 23,772 25,222
15,632 16,203 16,894
Apache
Cochise
Coconino
Gila
Graham
Greenlee
La Paz
Maricopa
Mohave
Navajo
765
1,856
2,031
799
410
175
282
62,822
2,153
1,138
781
1,954
2,150
836
430
182
304
69,172
2,314
1,197
812
2,051
2,284
888
448
180
321
75,869
2,487
1,253
Pima
Pinal
Santa Cruz
Yavapai .
Yuma
15,985
2,142
517
2,640
2,071
16,797r
2,24.
557
2,848
2,200
17,959
2,341
600
3,071
2,411
48,700
26,223
22,478
51,344
27,743
23,601
53,725
29,226
24,499
4.6
5.3
3.8
19,442 20,342 21,167
21,611 22,607 23,620
17,405 18,199 18,833
440
457
705
2,799
567
217
80
386
235
393
441
481
757
3,052
613
230
87
407
239
404
456
493
797
3,353
655
236
90
425
240
416
3.4
2.5
5.3
9.9
6.9
2.6
3.4
4.4
.4
3.0
21,01!
18,754
19,614
22,174
17,970
18,799
14,115
17,275
15,369
17,860
21,246
19,794
20,917
23,434
19,346
20,047
15,211
18,168
15,672
18,209
22,09;
20,245
21,937
25,044
20,594
20,716
15,764
18,961
15,975
19,277
7
18
8
2
17
14
68
32
66
28
Clay
Cleburne
Cleveland
Columbia
Conway
Craighead
Crawford
Crittenden
Cross
Dallas
293
382
137
473
364
1,439
754
896
324
166
305
414
148
496
382
1,543
815
936
327
175
305
441
156
519
398
1,604
16,702
17,156
16,581
18,729
18,439
19,137
15,438
18,153
16,796
17,924
17,526
18,359
17,757
19,643
19,159
20,233
16,468
18,912
16,843
19,117
17,820
19,252
18,510
20,686
20,053
20,771
17,286
19,811
17,126
19,835
44
29
38
15
21
13
51
23
54
22
Desha
Drew
Faulkner
Franklin
Fulton
Garland
Grant
Greene
Hempstead
Hot Spring
249
305
1,524
270
136
1,789
276
584
377
435
256
314
1,670
290
147
1,909
297
623
406
466
258
329
1,829
301
153
2,000
312
652
412
488
4.8
9.5
3.8
4.1
4.8
5.1
4.7
1.5
4.7
16,117
17,187
20,591
16,463
12,673
21,891
17,948
16,714
17,162
15,348
16,798
17,863
21,821
17,493
13,582
23,054
18,966
17,584
18,475
16,276
17,142
18,852
23,381
17,917
13,972
23,900
19,691
18,112
18,675
16,900
52
34
5
43
72
4
24
42
37
58
Howard
Independence
Izard
Jackson
Jefferson
Johnson
Lafayette
Lawrence
Lee
Lincoln
277
598
185
324
1,490
341
135
277
177
184
287
627
198
323
1,531
361
141
287
172
192
292
663
211
347
1,579
376
145
292
176
199
1.7
5.7
6.6
7.4
3.1
4.2
2.8
1.7
2.3
3.6
19,906
18,233
14,525
17,778
18,030
16,342
14,744
15,937
13,984
12,933
20,929
19,168
15,230
18,059
18,642
17,027
15,675
16,475
13,514
13,402
21,348
20,142
16,070
19,597
19,357
17,537
16,261
16,950
13,620
13,858
10
20
65
25
26
47
63
57
74
73
251
370
915
213
217
267
391
982
232
231
272
395
1,046
243
240
1.9
1.0
6.5
4.7
3.9
18,851
17,51"
19,265
16,404
15,055
20,174
18,458
19,972
17,738
15,975
20,648
18,7t
20,925
18,380
16,172
16
36
11
40
64
Arkansas
Metropolitan portion
Nonmetropolitan portion
Arkansas
Ashley
Baxter
Benton
Boone
Bradley
Calhoun
Carroll
Chicot
Clark
Little River
Logan
Lonoke
Madison
Marion
....
332
180
11,141
16,852
18,127
16,919
13,369
18,735
19,325
24,032
17,11f
12,352
11,249
17,500
18,909
17,333
13,748
19,362
20,610
25,634
18,028
12,644
11,809
18,249
20,020
18,178
14,115
19,305
21,612
27,254
19,039
12,940
15
9
5
10
13
6
3
1
7
14
20,845
15,359
14,282
18,850
16,572
21,570
15,706
14,961
19,735
17,047
22,723
15,930
15,725
20,643
18,277
2
11
12
4
July 2000 •
SURVEY OF CURRENT BUSINESS
135
Table 3.—Personal Income and Per Capita Personal Income by County, 1996-98—Continued
Personal income
Area name
Millions of dollars
1997
Miller
Mississippi
Monroe
Montgomery
Nevada
1997-98
1998
16,984
18,627
17,003
15,362
15,705
17,827
18,829
16,828
16,422
16,699
18,321
18,899
17,300
16,679
17,369
41
33
50
104
505
143
411
196
434
330
1,005
159
109
521
149
413
201
439
345
1,050
160
4.8
3.2
4.2
.5
2.6
1.2
4.5
4.5
.6
3.9
12,146
17,127
14,789
14,523
17,794
17,136
16,086
18,623
17,342
26,114
12,708
18,046
15,212
14,874
18,751
17,694
16,906
19,607
17,129
27,372
13,388
18,752
15,422
15,140
19,021
17,804
17,577
20,174
17,137
28,445
75
35
70
71
31
45
46
19
53
1
1.8
4.4
6.0
6.3
5.1
5.2
2.9
4.1
5.1
4.9
14,598
15,793
19,845
16,407
14,183
22,294
17,877
14,989
15,161
21,390
15,555
16,125
20,764
17,508
15,111
23,450
18,839
16,029
16,087
22,279
15,754
17,010
21,645
19,075
15,935
24,664
19,334
16,448
16,721
23,373
56
9
30
67
3
27
61
59
349
4.5
4.6
5.9
-1.3
3.9
15,027
19,698
16,162
17,162
16,974
15,680
20,187
16,876
17,027
17,650
16,397
20,910
17,452
17,123
18,399
62
12
48
55
39
19,689
862,756
841,930
20,825
920,452
898,747
21,705
6.7
6.7
4.2
25,563
25,807
18,503
26,779 28,163
27,034 28,443
19,388 20,020
38,759
25
641
3,678
710
41,614
26
658
3,893
762
44,887
27
7.9
3.8
5.2
4.0
5.0
-4.3
6.0
5.0
6.9
3.7
28,672
20,365
19,310
19,144
18,449
21,651
32,558
15,078
24,401
19,329
30,327
21,283
19,673
20,164
19,471
21,385
34,673
15,498
25,868
19,722
32,130
20,721
20,838
20,172
20,287
36,006
16,385
27,046
20,333
28
39
37
44
42
5
57
16
41
-5.8
5.1
7.5
3.4
4.3
-.7
5.6
2.8
5.9
4.4
17,228
19,936
15,444
21,291
18,444
15,921
19,735
16,580
24,860
16,353
17,875
20,906
16,313
22,442
19,042
16,186
20,647
16,144
25,557
16,979
16,882
22,066
17,353
23,468
19,643
15,492
21,696
16,667
26,773
17,403
54
30
53
25
47
58
33
55
17
52
187
258
10,333
3,903
2,282
88,634
5.4
5.7
3.4
4.1
3.3
7.1
5.8
6.6
7.0
8.2
47,278
19,330
20,831
16,972
17,761
21,482
26,018
29,185
21,694
29,062
50,556
20,406
22,112
17,337
18,876
23,126
27,221
31,042
23,688
30,737
21,231
22,728
17,732
20,005
25,020
28,185
32,649
25,051
32,541
1
34
27
50
46
21
14
6
20
7
7,408
484
33,244
30,634
1,033
33,142
76,502
33,199
11,440
5,807
11.1
2.5
8.8
7.0
5.9
6.3
7.6
8.5
3.9
5.7
28,314
21,508
20,291
23,786
20,210
18,632
24,836
39,140
19,462
21,984
30,241
23,126
21,222
24,847
20,904
19,373
26,129
41,290
20,398
23,730
32,319
23,783
22,451
26,257
21,088
20,258
27,657
44,518
20,813
24,807
23
29
18
36
43
15
2
38
22
30,384
11,177
67,034
7,613
3,609
78
901
8,938
13,408
5.1
5.2
8.9
5.9
4.1
2.6
3.0
7.0
7.8
6.4
39,413
26,554
35,003
28,225
20,344
20,910
18,960
21,545
27,392
19,237
41,567
27,476
37,974
30,093
21,322
22,577
19,771
22,509
29,173
20,214
43,338
7,954
28,918
10,628
61,581
7,188
3,467
76
875
8,352
12,440
8,479
40,828
31,302
21,986
23,175
20,474
23,724
30,911
21,136
3
13
4
10
31
26
40
24
11
35
1,549
872
229
6,040
962
1,598
915
236
6,284
1,018
1,693
5.9
3.9
3.4
6.6
4.6
20,554
16,184
17,130
17,427
18,438
20,901
17,006
17,929
17,943
19,453
21,965
17,600
18,704
18,893
20,082
32
51
49
48
45
9,550
9,922
Randolph
St. Francis ,
Saline
Scott
Searcy
Sebastian
Sevier
Sharp
Stone
Union
257
447
1,472
176
109
2,348
260
247
164
978
275
458
1,576
190
11'
2,484
274
267
176
280
478
1,670
202
123
2,612
282
278
185
1,008
1,057
229
2,764
244
2,899
1,003
1,065
153
336
255
3,032
1,128
151
156
321
California
Metropolitan portion
Nonmetropolitan portion
Alameda
Alpine
Amador
Butte
Calaveras
Colusa
Contra Costa
Del Norte
El Dorado
Fresno
812,404
792,716
390
394
28,690
405
3,691
14,371
31,188
450
2,441
2,176
390
11,399
1,804
1,087
518
225,144
1,795
469
2,564
2,319
410
11,893
1,851
1,132
540
233,234
1,909
10,992
306
1,728
1,922
75,749
11,856
317
1,841
3,361
181
241
9,769
3,661
2,132
81,931
Placer
Plumas
Riverside
Sacramento
San Benito
San Bernardino
San Diego
San Francisco
San Joaquin
San Luis Obispo
6,040
439
28,545
27,143
6,667
472
30,553
28,638
San Mateo
Santa Barbara
Santa Clara
Santa Cruz
Shasta
Sierra
Siskiyou
Solano
Sonoma
Stanislaus
27,013
10,149
55,782
Glenn
Humboldt
Imperial
Inyo
Kern
Kings
Lake
Lassen
Los Angeles
Madera
„
Marin
Mariposa
Mendocino
Merced
Modoc
Mono
Monterey
Napa
Nevada
Orange
Sutter
Tehama
Trinity
Tulare
Tuolumne
See footnotes at end of table.
3,241
171
223
9,036
3,397
891
29,598
66,403
28,777
10,345
5,024
6,651
3,282
71
835
7,894
11,484
421
4,004
14,804
975
31,176
71,126
30,596
11,015
5,492
692
4,050
800
377
33,052
442
4,282
15,352
442
2,696
2,494
424
12,407
1,838
1,195
555
246,949
1,993
12,497
335
1,904
3,498
9,022
951
244
6,698
1,065
Area name
1998
1997
2.7
.6
.6
2.9
3.0
97
482
137
402
185
421
310
948
161
9,156
Van Buren
Washington
White
Woodruff
Yell
Dollars
724
955
175
144
173
Newton
Ouachita
Perry
Phillips
Pike
Poinsett
Polk
Pope
Prairie
Pulaski
,
Rank in
State
705
949
174
140
168
938
176
129
157
Personal income
Per capita personal income'
Percent
change
Ventura
Yolo
Yuba
.'
Colorado
Metropolitan portion
Nonmetropolitan portion
Adams
Alamosa
Arapahoe
Archuleta
Baca
Bent
Boulder
Chaffee
Cheyenne
Clear Creek
Conejos
Costilla
Crowley
Custer
Delta
Denver
Dolores
Douglas
Eagle
Elbert
Millions of dollars
1996
1997
18,524
3,646
931
19,810
3,851
953
100,012
87,053
12,959
Delaware
Metropolitan portion
Nonmetropolitan portion
Kent
21,966
18,553
35,814
16,648
20,990
17,825
33,454
17,571 18,637
18,504 22,199
24,122 26,843
23,533
19,858
38,333
16,919
26,120
16,894
36,071
19,655
25,031
29,018
30
47
2
57
17
58
6
49
21
13
12,997
15,065
13,967
17,245
16,395
32,926
16,186
30,779
32,440
21,390
13,810
15,180
15,214
18,132
17,657
35,143
18,550
32,310
35,252
22,106
13,880
15,662
16,713
18,336
18,270
37,670
18,363
34,088
37,000
24,311
63
61
60
53
54
3
52
8
4
24
12,873
745
945
124
258
268
16
127
28
16,701
8.6
6.7
9.6
10.7
9.3
8.1
6.7
8.5
0
9.0
23,184
15,408
21,368
26,104
22,959
18,454
20,747
16,093
16,417
28,498
24,697
16,183
22,835
28,238
24,105
20,232
21,413
17,479
18,491
30,871
26,270
16,837
24,011
29,565
25,504
21,572
21,807
18,739
18,477
33,348
47
165
141
959
5,818
238
91
422
2,373
21.3
17.6
7.8
6.7
9.7
7.1
8.8
5.9
7.0
7.1
23,637
23,497
20,912
22,816
24,060
15,616
16,158
22,629
20,081
19,423
28,679
22,939
22,356
23,922
25,799
16,505
16,164
23,341
21,430
21,512
34,789
26,550
14
57
194
152
1,023
6,380
255
99
447
2,539
15
65
240
93
658
257
259
422
611
510
390
72
271
100
728
281
266
458
644
544
408
76
309
104
789
313
2.7
8.5
5.4
6.7
4.6
5.6
14.0
4.0
8.4
11.4
20,525
18,040
19,034
19,824
17,897
20,865
20,516
21,575
49,185
18,986
20,224
20,363
18,694
22,425
21,413
23,221
53,681
20,566
2,521
123
217
461
75
10
141
61
552
428
2,716
136
214
506
76
11
158
57
625
472
2,884
139
235
556
86
12
175
65
686
502
6.2
2.2
9.8
9.9
13.2
9.1
10.8
14.0
9.8
6.4
105
2,964
204
103
3,180
210
109
3,478
222
109,354 116,477 122,191
101,713 108,391 113,748
8,087
8,442
7,640
248
396
561
488
371
Fairfield
Hartford
Litchfield
Middlesex
New Haven
New London
Tolland
Windham
9.7
7.8
9.3
9.2
11,853
698
862
112
236
248
15
117
28
15,316
91
408
2,173
13
Connecticut
Metropolitan portion
Nonmetropolitan portion
26,231 28,070 29,994
27,185 29,132 31,154
21,228 22,515 23,928
1,247
452
900
5,326
225
Washington
9.0
9.1
8.4
1.8
3.6
10.8
5.0
6.6
7.0
3.1
17.6
10.6
17.1
39
169
131
Yuma
109,228 119,044
95,165 103,798
14,063 15,246
111
57
72
63
487
18,775
33
4,822
105
25
13,974
12
19
56
26,057 27,432 28,711
24,458 25,418 25,791
15,295 15,849 16,405
109
55
65
60
457
17,548
32
4,100
1,127
386
Huerfano .
Jackson
Jefferson
Weld
1998
6.1
2.7
3.3
102
54
61
53
10,953
648
782
97
219
224
14
/.
1997
21,020
3,954
7,611
289
18,116
155
113
98
9,619
298
58
262
El Paso
Fremont
Garfield
Gilpin
Grand
Gunnison
Pueblo
Rio Blanco
Rio Grande
Routt
Saguache
San Juan
San Miguel
Sedgwick
Summit
Teller
1996
Rank in
State
6,938
268
16,578
142
92
97
8,746
279
50
239
981
347
Moffat
Montezuma
Montrose
Morgan
Otero
Ouray
Park
Phillips
Pitkin
Prowers
1997-98
Dollars
6,311
261
15,131
122
88
90
7,929
258
43
210
419
16,325
27
3,446
Kiowa
Kit Carson
Lake.
La Plata
Larimer
Las Animas
Lincoln
Logan
Mesa
Mineral
Per capita personal income'
Percent
change
22.8
1.0
10.0
6.8
16.0
20,410
18,361
33,299
15,369
19,868
16,344
26
12
19
41
37
50
51
25,241
27,607
17,561
17,395
24,969
22,491
21,595
7
15
28
20
14
55
56
22
34
40
20,972 21,179
20,464
20,924
21,699
19,729
22,932
23,081
24,075
59,123
22,853
43
45
44
39
48
32
31
25
1
33
19,291
19,334
19,240
27,137
13,029
18,437
27,086
22,986
30,962
22,865
20,505
21,503
18,830
29,238
12,861
20,138
29,782
21,944
33,828
23,777
21,379
22,236
20,450
31,795
14,257
22,141
32,069
25,505
36,508
24,415
42
35
46
11
62
36
10
18
5
23
5.8
9.4
5.7
22,559
19,619
22,063
22,510 23,977
20,447 21,803
22,457 23,546
27
38
29
4.9
4.9
4.4
33,472 35,636 37,338
34,103 36,333
26,858 28,352 29,501
38,442
25,529
5,207
4,457
23,047
6,891
3,347
2,434
41,272
27,104
5,517
4,792
24,389
7,257
3,576
2,570
43,437
28,593
5,786
4,995
25,602
7,392
3,730
2,656
5.2
5.5
4.9
4.2
5.0
1.9
4.3
3.3
46,261
30,748
28,954
30,184
29,080
27,394
25,834
23,255
49,497
32,754
30,571
32,205
30,789
28,993
27,363
24,529
51,866
34,544
31,914
33,298
32,290
29,933
28,393
25,328
19,369
16,593
2,776
20,291
17,376
2,914
21,863
18,740
3,123
7.7
7.8
7.2
26,640 27,605
27,843 28,906
21,169 21,768
29,383
30,879
22,766
2,555
2,602
2,757
6.0
21,003 21,212
22,178
136
• July 2000
SURVEY OF CURRENT BUSINESS
Table 3.—Personal Income and Per Capita Personal Income by County, 1996-98—Continued
Per capita personal income'
Personal income
Area name
Millions of dollars
1996
New Castle
Sussex
Percent
change
14,038
2,776
1997
14,774
2,914
1997-98
Dollars
1996
1997
15,983
3,123
8.2
7.2
29,597 30,878 33,121
21,169 21,768 22,766
18,517
18,628
1.9
34,401 35,230 36,415
376,559
355,393
21,166
400,209
377,913
22,295
6.3
6.3
5.3
24,616 25,645 26,845
25,008 26,044 27,268
19,486 20,400 21,250
4,312
336
2,945
373
9,830
39,013
170
2,832
1,993
2,790
4,567
357
3,119
403
10,530
40,657
182
3,044
2,158
3,002
4,887
383
3,252
420
11,043
43,041
191
3,201
2,259
3,236
7.0
7.3
4.3
4.2
4.9
5.9
4.9
5.2
4.7
7.8
21,948
16,333
20,366
15,412
21,680
27,042
13,612
21,758
18,217
21,646
23,114
17,156
21,314
16,397
22,934
27,530
14,725
23,002
19,386
22,452
24,656
18,191
22,163
16,893
23,758
28,546
15,380
23,752
19,878
23,519
18
47
30
54
22
11
62
23
40
24
Collier
Columbia
DeSoto
Dixie
Duval
Escambia
Flagler
Franklin
Gadsden
Gilchrist
7,218
887
468
169
17,548
5,593
848
177
702
185
8,082
951
497
178
18,568
5,951
939
184
738
200
8,553
1,006
533
190
19,569
6,160
1,007
192
782
214
5.8
5.8
7.2
6.7
5.4
3.5
7.2
4.3
6.0
7.0
38,806
17,540
18,936
13,750
24,334
20,372
19,996
17,443
15,950
14,299
41,913
18,411
20,086
14,018
25,429
21,252
20,910
18,185
16,727
15,002
42,813
19,004
21,560
14,726
26,637
21,682
21,413
17,771
15,450
1
43
35
65
13
33
37
44
48
61
Glades
Gulf
Hamilton
Hardee
Hendry
Hernando
Highlands
Hillsborough
Holmes
Indian River
129
217
166
373
558
2,390
1,512
21,366
256
3,310
137
226
171
398
599
2,596
1,593
22,992
272
3,442
147
226
177
423
652
2,733
1,661
24,389
282
3,618
7.3
0
3.5
6.3
8.8
5.3
4.3
6.1
3.7
5.1
15,188
16,154
13,306
17,786
19,435
19,736
20,225
23,914
14,248
34,311
16,228
16,720
13,718
18,915
20,457
20,934
21,233
25,277
14,805
35,156
17,139
16,754
13,967
20,081
22,193
21,587
22,175
26,355
15,149
36,501
53
55
66
39
28
34
29
15
63
5
723
227
91
3,889
9,533
5,060
488
94
261
6,354
747
239
99
4,221
10,245
5,333
531
100
274
6,901
775
254
105
4,498
10,860
5,690
560
102
283
7,294
3.7
6.3
6.1
6.6
6.0
6.7
5.5
2.0
3.3
5.7
16,288
17,572
14,490
20,801
25,114
23,814
16,129
14,333
14,894
27,387
16,777
18,306
15,846
21,689
26,557
24,891
17,086
14,880
15,618
29,365
17,425
19,228
16,675
22,256
27,640
26,453
17,668
15,139
15,959
30,440
51
41
56
27
12
14
50
64
60
9
Orange
Osceola
Palm Beach
4,531
4,139
46,930
2,352
1,234
3,650
525
17,959
2,389
37,819
4,853
4,408
48,682
2,484
1,348
3,935
568
19,397
2,592
5,195
4,653
51,448
2,628
1,450
4,155
599
21,066
2,801
41,361
7.0
5.6
5.7
5.8
7.6
5.6
5.5
8.6
8.1
6.5
19,691
36,979
22,270
28,906
23,654
22,040
17,132
23,504
17,581
38,070
20,585
38,744
22,833
30,699
24,977
23,471
18,396
24,707
18,393
38,272
21,533
40,133
23,919
32,501
26,175
24,655
18,725
26,186
19,216
40,044
36
2
21
7
17
19
46
16
42
3
Pasco
Pinellas
Polk
Putnam
St. Johns
St. Lucie
Santa Rosa
Sarasota
Seminole
Sumter
6,271
23,554
8,990
1,119
3,235
3,400
2,150
10,051
8,355
593
6,846
25,108
9,461
1,168
3,704
3,631
2,377
10,753
9,156
649
7,378
26,874
10,234
1,223
4,180
3,831
2,566
11,263
10,041
687
7.8
7.0
8.2
4.7
12.9
5.5
8.0
4.7
9.7
5.9
20,118
27,105
20,428
16,044
30,302
19,499
19,797
33,850
24,892
15,586
21,499
28,761
21,179
16,677
33,199
20,460
20,895
35,809
26,650
16,029
30,633
22,609
17,393
36,014
21,362
21,808
37,131
28,647
16,549
25
8
26
52
6
38
32
4
10
58
Suwannee
Taylor
Union
Volusia
Wakulla
Walton
Washington
549
307
136
8,319
361
540
292
580
319
147
8,823
409
587
314
617
333
153
9,221
450
624
332
6.4
4.4
4.1
4.5
10.0
6.3
5.7
17,739
16,444
11,031
20,275
20,107
15,370
14,790
18,219
17,097
11,839
21,216
22,178
16,040
15,515
18,972
17,669
12,194
21,920
24,169
16,664
16,381
45
49
67
31
20
57
59
172,935
129,907
43,029
184,113
139,050
45,063
197,319
149,933
47,386
7.2
7.8
5.2
Appling
Atkinson
Bacon
Baker
Baldwin
Banks
Barrow
Bartow
Ben Hill
Berrien
271
123
175
68
791
217
690
1,332
322
270
281
129
180
69
815
231
747
1,424
334
278
285
138
187
68
857
247
808
1,545
361
285
1.4
7.0
3.9
-1.4
5.2
6.9
8.2
8.5
8.1
2.5
Bibb
3,679
3,753
3,933
4.8
Florida
Metropolitan portion
Nonmetropolitan portion
Alachua
Baker
Bay
Bradford
Brevard
Broward
Calhoun
Charlotte
Citrus
Clay
Jackson
Jefferson
Lafayette
Lake
Lee
Leon
Levy
Liberty
Madison
Manatee
Marion
Martin
Miami-Dade
Monroe
Nassau
Okaloosa
Okeechobee
Georgia
Metropolitan portion
Nonmetropolitan portion
See footnotes at end of table.
23,586 24,594 25,839
25,872 27,069 28,513
18,618 19,183 19,926
16,634
17,731
16,902
18,494
18,995
18,262
18,419
20,119
18,611
17,145
17,166
18,022
17,410
18,443
19,443
18,544
19,195
20,576
19,232
17,432
Area name
1998 1998
355,136
335,200
19,936
District of Columbia
Personal income
Rank in
State
17,250
19,326
18,061
18,790
20,456
19,269
19,971
21,479
20,634
17,490
23,723 24,045 25,222
132
72
113
93
57
77
63
40
54
126
Millions of dollars
1996
1997
Per capita personal income •
Percent
change
1998
1997-98
Rank in
State
Dollars
1996
1997
1998 1998
210
197
254
391
845
335
297
93
224
209
269
427
888
346
320
94
725
235
226
268
467
924
356
340
96
765
4.9
8.1
-.4
9.4
4.1
2.9
6.3
2.1
5.5
19,287
15,232
16,156
17,602
17,166
15,330
17,975
19,004
16,252
20,222
15,710
17,032
18,480
17,810
15,394
18,562
18,568
15,918
21,078
16,698
16,839
19,976
18,279
15,607
19,079
19,214
16,159
46
142
137
62
107
154
84
79
148
164
1,473
842
135
5,568
308
398
2,822
1,936
53
168
1,559
903
141
5,669
344
412
3,001
2,003
54
169
1,676
960
149
5,944
374
429
3,485
2,106
55
.6
7.5
6.3
5.7
4.9
8.7
4.1
16.1
5.1
1.9
19,069
18,515
17,444
14,509
24,698
19,077
17,367
23,285
21,460
15,580
18,978
19,214
18,286
15,259
25,139
21,070
17,978
23,607
22,082
15,737
18,628
20,221
18,922
15,804
26,384
22,790
18,866
25,941
23,270
15,703
100
61
90
152
7
23
92
9
18
153
Clayton
Clinch
Cobb
Coffee
Colquitt
Columbia
Cook
Coweta
Crawford
Crisp
4,085
110
16,105
1,746
231
1,582
164
372
4,203
116
17,639
654
707
1,882
247
1,765
177
380
4,571
123
19,460
710
738
2,043
258
1,953
180
392
8.8
6.0
10.3
8.6
4.4
8.6
4.5
10.7
1.7
3.2
20,250
16,742
29,991
18,971
17,622
20,282
16,173
20,699
15,754
17,966
20,523
17,583
31,995
19,362
17,854
21,221
16,856
21,854
16,490
18,523
21,872
18,506
34,377
20,740
18,345
22,488
17,246
22,941
16,880
18,963
33
102
2
52
104
28
133
21
136
Dade
Dawson
Decatur
DeKalb
Dodge
Dooly
Dougherty
Douglas
Early
Echols
226
268
475
16,968
294
191
2,012
1,777
220
38
245
302
497
18,059
303
184
2,058
1,927
225
41
260
338
514
18,824
318
188
2,102
2,085
228
43
6.1
11.9
3.4
4.2
5.0
2.2
2.1
8.2
1.3
4.9
15,619
20,525
17,974
28,878
16,333
18,373
20,895
21,081
18,125
16,219
16,793
21,648
18,626
30,585
16,763
17,591
21,535
22,239
18,554
16,946
17,297
22,709
19,020
31,751
17,543
18,090
22,122
23,319
18,762
18,101
130
24
87
3
124
110
31
17
94
109
Effingham
Elbert
Emanuel
Evans
Fannin
Fayette
Floyd
Forsyth
Franklin
Fulton
616
346
345
174
294
2,282
1,830
1,936
363
26,467
682
361
358
180
309
2,478
1,892
2,279
385
28,135
758
380
368
190
327
2,684
1,957
2,565
41
30,466
11.1
5.3
2.8
5.6
5.8
8.3
3.4
12.5
7.0
8.3
18,575
18,021
16,449
18,265
16,541
27,900
21,713
28,001
20,028
37,023
19,470
18,795
17,058
18,559
17,026
29,130
22,330
29,850
20,773
38,877
20,743
19,641
17,498
19,161
17,598
30,247
22,987
29,687
21,590
41,325
51
67
125
80
123
5
20
6
38
1
Gilmer
Glascock
Glynn
Gordon
Grady
Greene
Gwinnett
Habersham
Hall
Hancock
310
47
1,645
741
344
229
12,909
612
2,493
143
334
48
1,677
787
362
245
14,457
655
2,645
145
362
49
1,756
846
372
264
16,024
712
2,863
151
8.4
2.1
4.7
7.5
2.8
7.8
10.8
8.7
8.2
4.1
18,406
19,276
24,973
18,888
16,043
17,561
27,075
19,953
22,226
15,948
18,569
19,186
25,206
19,543
16,838
18,338
28,876
20,975
22,837
16,103
19,294
19,572
26,129
20,601
17,392
19,315
30,657
22,445
23,991
16,547
75
70
8
56
129
74
4
29
16
145
Haralson
Harris
Hart
Heard
Henry
Houston
Irwin
Jackson
Jasper
Jeff Davis
412
462
372
150
1,804
2,111
165
717
182
213
434
507
404
160
2,037
2,225
167
788
196
221
461
550
435
169
2,289
2,315
173
854
211
228
6.2
8.5
77
5.6
12.4
4.0
3.6
8.4
7.7
3.2
17,368
21,736
17,687
15,304
19,836
20,873
18,784
20,372
19,133
16,974
17,962
22,804
18,768
15,961
20,840
21,443
18,693
21,621
18,747
24,672
19,955
16,772
21,819
21,914
19,159
22,634
20,749
17,411 17,946
95
15
64
141
34
32
81
26
50
116
134
136
445
244
101
815
383
875
133
295
141
142
466
258
107
853
416
913
140
296
142
148
482
270
114
884
444
944
148
.3
7
4.2
3.4
4.7
6.5
3.6
6.7
3.4
5.7
16,233
15,830
16,284
20,010
17,460
15,249
18,929
18,505
14,836
16,549
16,558
16,653
17,029
20,633
17,848
15,872
19,716
18,982
15,211
17,354
16,580
16,812
17,822
20,964
18,393
16,365
20,239
19,522
15,985
17,970
144
140
118
47
103
147
60
71
150
115
108
1,722
369
403
146
234
481
114
1,817
409
419
156
247
518
104
416
127
5.6
5.5
10.8
4.0
6.8
5.6
7.7
6.1
6.1
3.3
12,588
19,570
19,159
18,463
14,490
17,701
18,893
14,665
16,388
19,788
12,967
20,348
20,374
18,674
14,724
17,610
19,897
15,067
17,116
19,466
13,245
21,366
21,539
19,293
15,557
18,734
21,217
15,476
18,007
19,952
159
42
39
76
155
96
44
156
114
65
Bleckley
Brantley
Brooks
Bryan
Bulloch
Burke
Butts
Calhoun
Camden
Candler
Carroll
Catoosa
Charlton
Chatham
Chattahoochee
Chattooga
Cherokee
Clarke
Clay
Jefferson
Jenkins
Johnson
Jones
Lamar
Lanier
Laurens
Lee
Liberty
Lincoln
Long
Lowndes
Lumpkin
McDuffie
Mclntosh
Macon
Madison
Marion
Meriwether
Miller
103
1,643
331
395
138
232
451
93
373
123
123
July 2000 •
SURVEY OF CURRENT BUSINESS
137
Table 3.—Personal Income and Per Capita Personal Income by County, 1996-98—Continued
Personal income
Area name
Millions of dollars
1996
1998
1997-98
Dollars
1996
1997
1998
3,821
989
510
195
1,006
5.6
5.6
3.9
8.2
6.6
4.6
8.5
8.3
6.3
11.6
17,844
18,734
15,885
20,962
16,842
20,947
18,747
22,773
18,036
15,724
18,648
19,410
16,382
21,786
17,035
22,092
19,034
23,379
18,496
15,969
19,596
20,241
17,082
22,658
17,710
23,145
19,702
24,744
19,318
16,593
Peach
Pickens
Pierce
Pike
Polk
Putaski
Putnam
Quitman ....
Rabun
Randolph ..
438
397
261
214
601
173
325
39
246
131
454
435
280
232
640
181
349
40
264
133
471
490
298
248
676
187
373
43
276
134
3.7
12.6
6.4
6.9
5.6
3.3
6.9
7.5
4.5
18,704
22,554
17,132
18,374
17,024
21,016
19,657
15,757
18,842
16,410
19,014
23,356
18,029
19,035
17,841
21,799
20,672
16,195
19,956
16,678
19,245
24,845
18,913
19,587
18,625
22,197
21,228
17,261
20,609
16,838
78
12
91
69
101
30
43
131
55
138
Richmond .
Rockdale ..
Schley
Screyen ....
Seminole ..
4,147
1,525
67
245
162
1,128
482
88
621
93
4,237
1,611
67
255
167
1,178
513
93
637
4,375
1,706
71
256
170
1,233
528
97
652
104
3.3
5.9
6.0
.4
1.8
4.7
2.9
4.3
2.4
6.1
21,554
23,323
17,534
17,243
17,177
19,655
19,143
16,076
19,719
13,862
22,106
24,060
17,542
17,692
17,316
20,511
20,317
17,094
20,220
14,186
22,861
24,989
18,073
17,687
17,444
21,401
20,824
17,844
20,841
14,838
22
11
112
121
128
41
49
117
48
158
Toombs ...
Towns
Treutlen ...
29
333
136
188
168
853
724
437
152
91
30
355
138
194
169
882
766
457
163
93
32
363
146
201
172
905
802
473
176
96
6.7
2.3
5.8
3.6
1.8
2.6
4.7
3.5
8.0
3.2
15,259
17,755
16,719
16,214
15,150
20,418
19,852
17,161
19,060
15,281
15,849
18,655
16,880
16,984
15,236
20,720
20,930
17,816
19,913
15,570
16,455
19,068
17,805
17,450
15,405
21,089
21,799
18,321
20,708
16,043
146
86
119
127
157
45
35
105
53
149
Troup
Turner
jgg
Union
Upson
Walker
Walton
Ware
Warren
Washington
1,207
145
151
262
479
1,088
905
629
94
401
1,248
148
153
283
496
1,123
958
643
98
415
1,318
154
161
308
518
1,169
1,042
671
103
436
5.6
4.1
5.2
8.8
4.4
4.1
8.8
4.4
5.1
5.1
20,700
16,038
15,285
17,519
17,797
17,750
18,358
17,732
15,761
20,245
21,394
16,250
15,614
17,962
18,274
18,059
18,627
18,047
16,379
20,753
22,499
16,814
15,908
18,644
19,157
18,641
19,076
18,948
16,926
21,731
27
139
151
98
82
Taliaferro .
Tattnall
Taylor
Telfair
Terrell
Thomas ...
Tift
Wayne
Webster ...
Wheeler ...
White
Whitfield ...
Wilcox
Wilkes
Wilkinson .
Worth
427
40
80
335
1,837
129
202
182
374
447
42
84
361
1,919
133
210
192
30,393
23,914
6,479
18,294
19,110
17,671
21,642
24,834
18,670
20,397
18,266
59
134
25
120
14
73
143
89
135
36
106
83
42
87
378
2,037
137
216
198
406
3.8
0
3.6
4.7
6.1
3.0
2.9
3.1
4.1
17,338
18,215
16,221
20,822
23,030
17,842
19,148
16,918
17,022
31,278
24,570
6,709
31,856
24,994
6,862
1.8
1.7
2.3
25,661 26,299 26,759
27,436 28,140 28,670
20,713 21,216 21,532
2,615
23,914
1,220
2,645
2,720
24,570
1,240
2,748
2,792
24,994
1,256
2,815
2.6
1.7
1.3
2.4
18,842
27,436
21,602
22,493
24,173
10,447
13,726
25,440
11,112
14,327
27,177
11,946
15,231
6.8
7.5
6.3
20,353 21,013 22,079
23,422 24,290 25,403
18,507 19,023 20,024
Bonner
Bonneville
7,217
59
1,340
88
160
678
586
92
565
1,604
7,717
65
1,402
95
166
662
641
96
602
1,668
8,332
68
1,468
100
168
704
674
102
644
1,744
8.0
4.6
4.7
5.3
1.2
6.3
5.1
6.3
7.0
4.6
27,743
15,234
18,251
13,568
17,943
16,474
34,597
18,743
16,636
20,207
28,902
17,201
18,967
14,590
18,491
15,972
37,349
19,099
17,329
20,847
30,230
17,955
19,759
15,378
18,440
16,837
39,186
19,944
18,232
21,608
2
27
16
39
23
33
1
14
26
10
Boundary
Butte
Camas
Canyon
Caribou
Cassia
Clark
Clearwater
144
51
14
1,890
136
401
20
159
154
54
17
1,993
145
392
16
168
164
57
18
2,147
144
6.5
5.6
5.9
7.7
-.7
8.4
6.3
2.4
14,757
16,325
16,555
16,803
18,412
18,822
24,905
16,843
15,642
17,528 18,886
20,470 21,698
17,099 17,833
19,484
18,270 19,923
19,641 19,145
17,887 18,377
34
20
9
28
Hawaii
Metropolitan portion
Nonmetropolitan portion .
Hawaii
Honolulu
Kauai
Maui + Kalawao
Idaho
Metropolitan portion
Nonmetropolitan portion .
Ada
Adams
Bannock
Bear Lake
Benewah
Bincjham
Blaine
See footnotes at end of table.
425
17
172
1
17,873
18,450
16,921
21,440
23,639
18,159
19,736
17,775
17,515
19,315
28,140
22,048
23,071
Area name
122
37
13
97
58
108
111
19,686
28,670
22,340
23,325
17
15
19
24
Custer
Elmore
Franklin
Freemont (incl. Ylwstn. Natl. Pk.)
Gem
Gooding
Idaho
Jefferson
Jerome
Kootenai
Latah
Lemhi
Lewis
Lincoln
Madison
Minidoka
Nez Perce
Oneida
Owyhee
Payette
Power
Shoshone
Teton
Twin Falls
Valley
Washington
Illinois
Metropolitan portion
Nonmetropolitan portion
Adams
Alexander
Bond
Boone
Brown
Bureau
Calhoun
Carroll
Cass
Champaign
Christian
Clark
Clay
Clinton
Coles
Cook
Crawford
Cumberland
DeKalb
De Witt
Per capita personal income'
Percent
change
Millions of dollars
1996
1998
415
397
132
342
579
4,222
1,140
587
221
1,226
Stephens ..
Stewart
Sumter
Talbot
Personal income
Rank in
State
376
127
316
543
4,037
1,051
542
208
1,099
Mitchell
Monroe
Montgomery ,
Morgan
Murray
Muscogee
Newton
Oconee
Oglethorpe....
Paulding
375
360
121
297
519
1997
Per capita personal income'
Percent
change
1997
1997-98
82
462
91
494
93
524
2.2
6.1
146
175
236
269
235
286
344
1,937
636
132
154
173
245
275
246
302
350
2,094
642
144
179
260
328
259
324
408
2,233
681
150
9.7
3.5
6.1
19.3
5.3
7.3
16.6
6.6
6.1
4.2
65
313
328
793
57
143
309
157
240
322
320
830
59
155
322
142
254
73
71
341
337
873
61
168
350
147
267
1,169
172
147
74
1,231
178
154
Rank in
State
Dollars
1996
1997 1998
1998
18,886 21,329 22,666
19,586 20,029 20,679
7
13
13,823
15,169
16,766
20,286
15,812
15,079
19,841
20,280
19,385
16,327
14,203
14,718
16,941
20,270
16,359
15,812
19,945
21,193
19,363
17,906
15,230
14,979
17,516
24,032
17,226
16,564
22,702
22,038
20,846
18,671
41
42
29
3
31
36
12
22
7.4
7.6
5.9
5.3
5.2
3.4
8.4
8.7
3.5
5.1
16,874
17,238
12,731
15,958
21,674
14,651
14,563
15,566
19,247
17,194
16,873
17,262
12,944
15,588
22,537
14,820
15,373
15,958
17,221
18,241
18,269
18,854
13,553
16,669
23,707
15,260
16,370
17,096
17,427
19,296
25
21
44
34
4
40
37
32
30
18
81
1,307
185
161
9.5
6.2
3.9
4.5
13,234
19,360
21,577
15,066
13,907
20,007
22,066
15,314
14,826
21,008
23,100
15,761
43
11
5
38
322,790 341,938 360,317
285,830 303,237 320,349
36,960 38,701 39,968
5.4
5.6
3.3
27,005 28,468 29,853
28,384 29,938 31,439
19,631 20,557 21,257
1,550
156
330
981
107
773
106
365
284
3,889
1,607
160
349
1,063
117
772
106
402
298
4,034
793
758
328
313
292
269
761
717
1,115
1,046
149,443 157,446
374
393
226
216
1,983
1,853
376
358
797
333
301
806
1,151
165,150
402
235
1,469
152
310
905
101
743
99
351
268
3,686
2,137
390
Douglas
DuPage
Edgar
Edwards
Effingham
Fayette
Ford
Franklin
Fulton
Gallatin
405
32,715
379
140
714
363
310
658
705
122
424
34,894
397
146
756
384
329
680
751
127
434
37,191
437
137
803
398
330
697
768
123
Greene
Grundy
Hamilton
Hancock
Hardin
Henderson
Henry
Iroquois
Jackson
jasper
235
913
149
435
79
157
1,068
633
1,069
195
248
981
151
450
79
164
1,149
648
1,122
212
256
1,039
148
Jefferson
Jersey
Jo Daviess
Johnson
Kane
Kankakee
Kendall
Knox
Lake
La Salle
747
418
522
169
9,386
2,146
1,199
1,145
22,692
2,316
778
439
545
179
10,129
2,238
1,326
1,211
24,446
2,410
Lawrence
Lee
Livingston
Logan
McDonough
McHenry
McLean
316
719
867
596
625
6,268
3,480
326
753
887
619
3,695
462
81
166
1,205
652
1,174
202
3.7
2.6
5.8
8.4
9.3
-.1
0
10.1
4.9
3.7
1.5
3.1
5.9
3.2
4.9
2.3
4.0
7.8
3.7
2.4
6.6
10.1
-6.2
6.2
3.6
.3
2.5
2.3
-3.1
3.2
5.9
-2.0
2.7
2.5
1.2
4.9
.6
4.6
-4.7
21,708
14,890
18,212
24,341
15,014
20,825
19,885
20,815
20,166
21,676
20,493
38,049
18,855
19,648
21,482
16,849
21,921
16,076
18,065
18,136
21,357 21,820
40,111 42,215
22,094
20,746 19,679
22,645 23,939
17,397 17,997
23,249 23,483
16,755 17,232
19,357 19,849
19,128 18,605
53
2
51
75
27
91
32
94
74
89
15,048
25,624
17,411
20,371
15,803
18,429
20,675
20,117
17,414
18,343
15,810
27,066
17,547
21,255
15,957
18,973
22,320
20,646
18,364
19,968
16,268
28,277
17,206
21,864
16,407
19,235
23,384
20,863
19,294
18,958
99
5
95
52
98
81
33
65
79
87
19,929
20,624
25,169
13,571
26,528
21,905
26,596
21,755
40,874
21,914
21,088
20,999
21,021
27,442
13,767
27,736
22,596
28,026
22,830
43,174
22,782
64
63
10
102
7
40
6
36
1
38
22,699
21,083
22,575
19,358
19,080
29,179 31,721
26,077 27,260
39
62
42
77
84
4
12
2,510
348
758
895
617
677
7,646
3,908
6.7
.7
.9
-.3
2.3
11.0
5.8
20,062
20,074
21,875
19,005
17,634
27,189
24,822
186
10,864
2,312
1,452
1,269
26,265
28
100
69
9
96
54
57
29
47
31
82
61
21
35
19,119
19,752
24,018
12,955
25,290
21,116
25,091
20,546
590
15,868
20,168
27,446
17,070
21,750
21,569
23,795
22,430
23,753
21,141 22,138 22,253
19,137 20,008 20,142
20,310 20,788
20,337 21,560 22,582
20,038 21,390 22,148
28,788 30,341 31,806
17,752 18,698 19,174
19,337 20,275 21,102
22,046 23,357 24,882
21,419 22,447 23,276
5.4
3.0
8.3
3.9
7.3
3.3
9.5
4.8
7.4
4.1
820
452
22,943
15,564
19,265
25,880
15,816
21,629
21,304
21,621
21,397
22,812
20,989
20,923
22,285
19,710
70
66
41
49
3
138
SURVEY OF CURRENT BUSINESS
• July 2000
Table 3.—Personal Income and Per Capita Personal Income by County, 1996-98—Continued
Personal income
Area name
Millions of dollars
1996
1997
2,704
993
5,761
2,799
1,058
841
275
321
270
281
356
588
591
753
283
Ogle
Peoria
Perry
Piatt
Pike
Pope
Pulaski
Putnam
Randolph ..
Richland ...
Per capita personal income'
Percent
change
1998
1997-98
Dollars
1996
1997
23,465 24,522 25,674
20,287 21,639 22,561
22,366 23,533 24,514
19
43
24
881
289
338
290
299
382
651
626
784
290
911
294
358
303
315
397
705
629
797
297
3.4
1.7
5.9
4.5
5.4
3.9
8.3
.5
1.7
2.4
19,961
21,524
19,161
17,625
22,780
20,311
23,158
19,091
20,773
19,765
20,942
22,462
20,063
18,719
24,034
21,737
25,155
19,923
21,894
20,100
21,728
22,828
21,261
19,486
25,142
22,538
26,474
20,014
22,511
20,524
55
37
59
76
20
44
15
71
46
67
1,066
4,483
365
382
298
65
121
140
572
340
1,122
4,759
384
400
308
69
120
144
608
366
1,181
5,016
393
406
328
71
123
143
632
371
5.3
5.4
2.3
1.5
6.5
2.9
2.5
-.7
3.9
1.4
21,344
24,518
17,039
23,468
17,196
13,765
16,577
24,360
16,803
20,305
22,359
26,116
17,975
24,278
17,794
14,475
16,614
24,882
17,981
21,677
23,377
27,638
18,470
24,681
19,002
14,966
16,860
24,600
18,781
22,115
34
8
90
22
86
101
97
23
88
50
Rock Island .
St. Clair
Saline
Sangamon ...
Schuyler
Scott
Shelby
Stark
Stephenson .
Tazewell
3,539
5,473
474
4,767
128
94
421
133
1,175
2,961
3,779
5,727
488
5,025
137
99
436
137
1,214
3,163
3,952
5,897
501
5,237
144
100
453
137
1,303
3,358
4.6
3.0
2.7
4.2
5.1
1.0
3.9
0
7.3
6.2
23,878
20,683
17,884
24,886
16,734
16,858
18,578
20,933
23,966
23,049
25,525
21,716
18,603
26,242
17,869
17,627
19,216
21,613
24,742
24,543
26,719
22,527
19,145
27,351
19,019
17,804
19,979
21,709
26,666
25,966
13
45
83
11
85
93
72
56
14
18
Union
Vermilion
Wabash
Warren
Washington .
Wayne
White
Whiteside
Will
Williamson ...
314
1,662
240
332
315
307
322
1,294
10,149
1,183
335
1,692
242
338
349
329
336
1,364
11,035
1,238
348
1,726
242
340
369
338
335
1,422
12,018
1,298
3.9
2.0
0
.6
5.7
2.7
-.3
4.3
8.9
4.8
17,338
19,575
18,953
17,570
20,710
18,059
20,451
21,458
23,622
19,504
18,519
19,953
19,104
17,847
22,722
19,340
21,411
22,694
24,808
20,226
19,353
20,436
19,237
17,979
24,087
19,932
21,496
23,761
26,114
21,165
78
68
80
92
26
73
58
30
17
60
Winnebago ..
Woodford
6,396
774
6,710
830
7,014
857
4.5
3.3
24,030 25,132 26,203
22,312 23,829 24.352
16
25
132,890 140,405 148,651
99,931 105,705 112,306
32,959 34,700 36,345
5.9
6.2
4.7
22,775 23,909 25,163
23 886 25,104 26,511
19,959 20,882 21,744
Indiana
Metropolitan portion
Nonmetropolitan portion .
635
7,964
1,759
207
258
1,227
329
411
802
1,972
8,418
1,853
215
272
1,339
357
444
846
2,114
748
8,852
1,947
207
273
1,437
384
460
882
2,314
Clinton
Crawford ....
Daviess
Dearborn ...
Decatur
De Kalb
Delaware ...
Dubois
Elkhart
474
683
162
534
924
523
832
2,537
977
3,910
495
718
171
546
1,026
576
901
2,619
1,036
4,109
515
731
182
569
1,106
598
954
2,739
1,113
4,409
Fayette
Floyd
Fountain
Franklin
Fulton
Gibson
Grant
Greene
Hamilton
Hancock
512
1,631
338
390
386
639
1,489
573
5,141
1,306
539
1,722
344
431
408
664
1,535
597
5,776
1,392
Harrison
Hendricks .,
Henry
Howard
Huntington .
Jackson
Jasper
Jay
Jefferson ....
Jennings ....
644
2,234
1,022
2,045
798
780
523
373
567
501
683
2,430
1,085
2,134
854
818
556
393
592
522
Adams
Allen
Bartholomew ,
Benton
Blackford
Boone
Brown
Carroll
Clark .
Clay
See footnotes at end of table.
8.2
5.2
5.1
-3.7
.4
7.3
7.6
3.6
4.3
9.5
19,451
25,706
25,720
21,546
18,302
28,920
21,499
20,999
20,720
21,355
21,120
26,996
26,914
22,243
19,456
31,131
22,977
22,316
21,846
22,682
22,653
28,153
28,046
21,189
19,599
32,762
24,054
22,992
22,725
24,615
44
5
7
58
74
2
25
38
42
22
4.0
1.8
6.4
4.2
7.8
3.8
5.9
4.6
7.4
7.3
17,887
20,734
15,335
18,637
20,410
20,880
21,754
21,477
25,106
23,164
18,668
21,668
16,433
18,946
22,112
22,678
23,127
22,252
26,536
24,056
19,263
22,011
17,226
19,641
23,447
23,381
24,258
23,545
28,079
25,527
78
50
89
73
31
33
23
30
552
1,871
362
451
422
754
1,554
613
6,396
1,544
2.4 19,523 20,646 21,218
8.7 23,098 24,095 26,052
5.2 18,562 18,903 19,763
4.6 18,337 20,051 20,660
3.4 19,130 20,014 20,398
13.6 19,935 20,709 23,432
1.2 20,296 21,068 21,391
2.7 17,423 18,050 18,391
10.7 34,779 37,259 39,295
10.9 25,107 26,168 28,337
57
13
71
63
66
32
55
86
1
4
768
2,653
1,113
2,230
12.4
9.2
2.6
4.5
3.6
5.3
4.0
2.3
3.7
8.4
48
8
40
12
578
402
614
566
19,405
25,031
20,862
24,386
21,612
19,268
18,609
17,191
18,255
18,810
20,059
26,364
22,199
25,476
22,981
19,986
19,420
18,149
18,872
19,239
22,182
27,775
26,732
23,725
20,988
19,896
18,499
19,521
20,395
84
76
67
Johnson
Knox
Kosciusko
Lagrange
Lake
La Porte
Lawrence
Madison
Marion
Marshall
Percent
change
Millions of dollars
1996
4.3
4.0
4.3
Marion
Marshall
Mason
Massac
Menard
Mercer
Monroe
Montgomery ,
Morgan
Moultrie
Area name
1998
2,918
1,100
6,354
Macon
Macoupin
Madison
Per capita personal income'
Personal income
Rank in
State
2,530
805
1,589
547
10,667
2,303
880
2,765
21,477
921
1997
1997-98
Rank in
State
Dollars
1996
1997
1998
8.4
2.5
6.9
5.7
5.7
4.2
3.2
5.5
5.4
5.9
24,206
20,355
22,790
16,964
22,155
20,996
19,436
20,877
26,329
20,404
25,817
20,994
23,674
17,647
23,401
22,193
20,487
21,880
27,308
21,426
27,357
21,704
25,055
18,344
24,749
23,084
21,056
23,220
28,851
22,564
10
51
18
87
20
37
59
36
3
46
1,530
272
968
120
364
350
3.0
4.2
6.2
2.9
8.1
3.8
5.8
6.2
6.1
3.9
18,576
18,919
20,468
21,624
20,930
17,566
20,846
19,084
16,762
15,906
19,157
19,417
21,442
22,244
21,882
17,832
21,815
20,817
17,697
16,643
19,845
20,061
22,636
22,767
23,337
18,408
22,720
22,065
18,593
17,146
70
68
45
41
34
85
43
49
83
2,993
852
2,760
831
1,668
580
11,265
2,433
932
2,888
22,250
2,536
962
3,047
23,446
971
1,028
1,783
613
11,903
Martin
Miami
Monroe
Montgomery
Morgan
Newton
Noble
Ohio
Orange
Owen
197
615
2,355
783
1,323
256
864
104
322
319
202
645
2,486
807
1,416
262
915
113
343
337
Parke
Perry
Pike
Porter
Posey
Pulaski
Putnam
Randolph
292
329
246
3,553
619
263
610
519
545
352
309
353
250
3,794
644
284
642
549
582
368
328
378
266
4,060
671
290
679
576
635
387
6.1
7.1
6.4
7.0
4.2
2.1
5.8
4.9
9.1
5.2
17,843
17,181
19,565
24,972
23,427
19,841
18,305
18,879
20,238
19,262
18,649
18,305
19,521
26,313
24,335
21,296
18,918
19,967
21,433
20,064
19,473
19,563
20,588
27,758
25,357
21,566
19,653
20,945
23,311
21,228
77
75
64
9
17
53
72
61
35
56
St. Joseph
Scott
Shelby
Spencer
Starke
Steuben
Sullivan
Switzerland
Tippecanoe
Tipton
5,994
401
927
387
351
658
372
124
6,348
417
984
407
377
717
388
139
3,151
402
6,657
441
1,032
431
388
761
404
145
3,337
414
4.9
5.8
4.9
5.9
2.9
6.1
4.1
4.3
5.9
3.0
23,279
17,738
21,622
18,787
15,071
21,388
17,932
14,837
21,236
23,157
24,591
18,257
22,783
19,619
15,912
23,101
18,083
16,010
22,748
24,435
25,782
19,139
23,817
20,509
16,222
24,192
18,912
16,415
23,617
24,874
14
79
27
65
92
24
82
91
29
19
Union
Vanderburgh
Vermillion
Vigo
Wabash
Warren
Warrick
Washington
Wayne
127
4,128
322
2,122
720
151
1,123
131
4,302
132
4,536
354
2,276
775
159
1,309
531
1,641
664
.8
5.4
5.0
4.6
3.6
3.9
7.3
8.6
4.0
3.3
17,397
24,543
19,170
19,882
20,689
18,437
22,482
17,236
20,798
22,624
17,915
25,566
19,833
20,571
21,527
18,528
23,951
18,030
21,966
24,032
18,276
27,042
20,884
21,679
22,406
19,116
25,385
19,087
22,968
24,744
11
62
52
47
80
16
81
39
21
20,277 21,459
23,021 23,948
54
26
FJPley
Rush
2,945
381
459
1,498
337
2,175
748
153
1,220
489
1,578
643
208
672
2,639
830
Wells
601
White
Whitley
500
635
508
544
727
7.1
5.4
19,981
21,313
64,696
31,038
68,170
32,870
35,300
70,797
34,878
35,919
3.9
6.1
1.8
22,713 23,882 24,745
24,554 25,887 27,313
21,243 22,276 22,675
Iowa
Metropolitan portion
Nonmetropolitan portion
Adair
Adams
Allamakee
Appanoose
Audubon
Benton
Black Hawk
Boone
Bremer
Buchanan
167
90
261
239
149
510
2,667
599
513
412
93
273
251
154
549
2,842
631
545
436
173
91
287
259
143
579
2,961
641
567
445
3.0
-2.2
5.1
3.2
-7.1
5.5
4.2
1.6
4.0
2.1
20,257
20,275
18,598
17,555
21,714
20,633
21,811
23,140
21,998
19,439
20,617
21,115
19,499
18,560
22,614
21,962
23,418
24,086
23,406
20,580
21,382
20,639
20,441
20,984
22,814
24,484
24,554
24,275
21,050
67
75
78
92
73
40
21
18
24
71
Buena Vista
Butler
Calhoun
Carroll
Cass
Cedar
Cerro Gordo
Cherokee
Chickasaw
Clarke
439
316
246
494
301
405
1,051
290
279
138
458
320
241
524
309
429
1,102
296
295
156
450
324
227
531
320
439
1,147
291
300
165
-1.7
1.3
-5.8
1.3
3.6
2.3
4.1
-1.7
1.7
5.8
22,165
20,079
21,426
22,886
20,198
22,796
22,636
21,576
20,849
16,724
23,322
20,362
21,035
24,243
20,986
23,844
23,789
22,160
21,960
18,927
23,184
20,699
20,002
24,548
21,883
24,460
24,902
22,044
22,320
19,891
35
74
83
19
57
22
12
54
52
84
Clay
Clayton
Clinton
Crawford
Dallas
Davis
Decatur
Delaware
Des Moines
Dickinson
413
374
1,081
324
863
144
123
367
938
404
427
396
1,116
337
928
151
132
378
991
420
434
408
1,151
335
995
151
129
380
1,036
440
1.6
3.0
3.1
-.6
7.2
0
-2.3
.5
4.5
4.8
23,540
19,896
21,473
19,699
25,029
17,124
14,891
19,946
22,148
25,666
24,254
21,065
22,281
20,490
25,925
17,823
16,214
20,515
23,540
26,197
24,817
21,796
23,062
20,342
26,996
17,879
15,654
20,487
24,637
27,155
37
80
5
96
99
76
17
4
Dubuque
1,971
2,054
2,153
4.8
22,296 23,293 24,499
20
July 2000 •
SURVEY OF CURRENT BUSINESS
139
Table 3.—Personal Income and Per Capita Personal Income by County, 1996-98—Continued
Personal income
Area name
Millions of dollars
1996
1997
Per capita personal income'
Percent
change
1998
1997-98
Emmet
Fayette
Floyd
Franklin
Fremont
Greene
Grundy
Guthrie
Hamilton
235
421
337
245
165
226
291
238
393
244
435
354
245
167
217
318
238
402
253
439
361
245
158
212
313
243
397
3.7
.9
2.0
0
-5.4
-2.3
-1.6
Hancock
Hardin
Harrison
Henry
Howard
Humbpldt
Ida
Iowa . . .
Jackson
Jasper
259
420
306
408
200
250
17-i
359
364
815
265
434
308
429
215
250
183
406
383
866
34
2,525
355
212
379
807
4,641
231
167
246
Dollars
2.1
-1.2
23,283
20,122
22,025
22,567
20,392
21,010
25,595
21,154
24,769
33
82
56
46
79
72
9
70
16
262
440
303
443
222
243
180
418
395
908
-1.1
1.4
-1.6
3.3
3.3
-2.8
-1.6
3.0
3.1
4.8
21,334
22,527
20,071
20,548
20,532
24,075
21,555
23,390
18,073
22,994
22,025
23,492
20,175
21,629
22,17^
24,150
22,790
26,296
19,081
24,209
21,716
23,994
19,748
22,130
22,942
23,572
22,784
26,943
19,630
24,848
63
27
89
53
39
28
41
6
90
14
380
2,679
368
232
395
842
4,983
240
175
249
383
2,850
377
221
385
874
5,421
240
180
239
6.4
2.4
-4.7
-5.5
3.8
8.8
0
2.9
-4.0
20,221
24,896
17,461
18,352
21,103
20,843
25,808
19,374
18,448
20,623
22,250
26,281
18,098
20,211
22,052
21,766
27,446
20,207
19,262
20,843
22,494
27,785
18,715
19,268
21,726
22,701
29,656
20,149
19,817
19,871
47
3
94
91
62
43
2
81
88
85
280
437
675
855
334
253
2Q0
159
261
942
300
479
728
911
367
267
208
169
269
314
497
759
93:
374
259
200
175
273
1,04;
4.7
3.8
4.3
2.9
1.9
^3.0
-3.8
3.6
1.5
6.7
20,557
20,066
21,718
22,096
23,909
22,803
19,834
19,651
21,978
23,011
21,835
21,940
23,400
23,493
25,580
24,076
20,490
20,857
22,734
23,986
22,594
22,684
24,242
24,177
25,837
23,495
19,829
21,754
23,007
25,531
45
44
25
26
8
29
87
60
38
10
O'Brien
Osceola
Page
Palo Alto
Plymouth
Pocahontas
Polk
Pottawattamie
Poweshiek
Ringgold
336
155
363
227
539
201
9,740
1,756
411
92
352
156
373
231
554
204
10,289
1,857
444
103
347
152
374
219
559
197
10,960
1,927
456
99
-1.4
-2.6
.3
-5.2
.9
-3.9
22,371
22,025
20,978
22,446
21,790
22,468
27,517
20,731
21,696
17,223
23,485
22,164
21,507
22,935
22,449
23,126
28,881
21,767
23,454
19,171
23,291
21,841
21,674
21,743
22,728
22,353
30,468
22,356
24,333
18,447
31
58
64
61
42
51
1
50
23
95
Sac
Scott
Shelby
Sioux
Story
Tama
Taylor
Union
Van Buren
Wapello
254
3,694
277
672
1,698
345
121
232
136
702
259
3,936
290
713
1,800
373
128
247
150
722
236
4,146
280
706
1,894
377
126
256
150
749
-8.9
5.3
-3.4
-1.0
5.2
1.1
-1.6
3.6
0
3.7
21,190
23,499
21,212
21,663
22,815
19,562
16,840
18,421
17,510
19,696
21,696
24,952
22,175
22,784
24,019
21,071
17,997
19,767
19,231
20,340
19,832
26,186
21,664
22,476
25,296
21,216
17,676
20,473
19,023
21,168
86
7
65
48
11
68
97
77
93
69
825
454
113
868
247
417
2,357
159
334
890
489
118
891
255
439
2,413
171
341
942
484
113
908
267
462
2,525
167
327
5.8
-1.0
^.2
1.9
4.7
5.2
4.6
-2.3
-4.1
20,929
21,951
16,615
22,276
20,586
19,950
23,017
20,243
23,339
22,373
23,396
17,455
23,019
21,119
21,083
23,691
21,995
24,120
23,426
23,140
16,868
23,285
22,368
22,032
24,863
21,624
23,265
30
36
98
32
49
55
13
66
34
60,074
37,194
22,880
63,855
39,812
24,043
67,383
42,486
24,897
5.5
6.7
3.6
264
133
300
96
590
286
211
1,247
278
146
311
106
615
305
223
284
137
327
105
634
311
233
1,354
1,418
5
63
72
70
75
2.2
-6.2
5.1
-.9
3.1
2.0
4.5
4.7
11.1
4.2
18,022
16,650
17,821
17,584
20,295
18,932
19,217
20,909
19,066
15,166
19,235
18,119
18,457
19,709
21,139
20,000
20,200
22,274
21,707
16,477
19,513
17,069
19,386
19,714
21,922
20,535
21,092
22,909
23,693
17,247
90
103
92
89
53
77
63
34
29
102
381
70
48
198
204
172
37
685
395
63
56
203
211
183
41
713
404
69
58
201
214
182
41
733
2.3
9.5
3.6
-1.0
1.4
-.5
0
2.8
16,936
21,615
20,033
21,279
19,911
19,736
17,630
18,226
17,481
19,608
23,254
22,121
20,690
20,863
20,180
19,047
17,942
21,943
24,641
22,083
21,316
21,007
20,418
19,754
99
52
18
49
62
66
80
88
Linn
Z'Z'ZZ
Louisa
Lucas
Lyon
Madison
Mahaska
Marion
Marshall
Mills
Mitchell
Monona
Monroe
Montgomery
Muscatine
:.....'..
Warren
Washington
Wayne
Webster
Winnebago
Winneshiek
Woodbury
Worth
Wright
Kansas
Metropolitan portion
Nonmetropolitan portion
Allen
Anderson
Atchison
Barber
Barton ....
Bourbon .
Brown ....
Butler
Chase ...,
Chautauqua
Cherokee
Cheyenne
Clark
Clay
Cloud
Coffey
Comanche
Cowley
See footnotes at end of table.
^3.4
6.5
3.8
2.7
23,121 24,406 25,537
25,717 27,142 28,504
19,861 20,915 21,685
Percent
change
Millions of dollars
1996
22,307
19,835
21,458
22,421
21,350
21,554
25,899
20,700
25,078
Jefferson
Johnson
Jones
Keokuk
Kossuth
Lee
Area name
1996 1997
21,320
19,17'
20,38;
22,250
20,850
22,443
23,656
20,842
24,45:
Per capita personal income'
Personal income
Rank in
State
1997
1998
1997-98
1998
18,778
19,480
18,671
23,271
16,821
21,251
18,446
19,564
20,350
18,519
19,915
19,526
19,878
23,138
17,023
22,557
19,573
20,483
21,435
19,484
20,719
20,650
20,645
26,611
17,060
23,539
20,617
21,087
22,305
20,040
69
73
74
13
105
30
75
64
47
83
2.5
17.7
14.1
-5.4
17.8
31.4
4.2
17.7
-1.4
3.8
19,056
20,350
18,805
20,945
23,854
20,811
16,790
24,713
19,356
22,100
20,356
20,196
19,677
22,574
23,468
20,415
17,884
26,879
22,133
23,474
20,771
24,041
22,779
21,344
27,196
26,995
18,499
30,771
22,133
24,204
67
23
37
61
8
10
98
4
48
21
132
50
259
396
87
16,909
97
176
77
437
10.9
2.0
5.7
7.0
6.1
9.3
1.0
-4.3
4.1
2.8
28,855
20,233
19,743
20,310
22,303
34,865
21,317
19,237
20,482
17,087
29,559
21,821
20,350
20,601
20,823
36,921
22,989
21,506
21,349
18,390
33,412
22,465
21,416
21,788
22,450
39,355
23,508
20,598
22,513
18,976
2
45
59
56
46
1
31
76
43
96
61
1,422
70
162
68
723
678
242
269
115
22.0
3.7
6.1
1.3
22,805
19,430
19,653
17,626
19,901
20,466
23,610
17,746
23,643
21,668
27,155
19,980
21,083
17,637
22,632
21,390
23,753
17,781
24,445
25,993
85
65
101
39
60
25
100
20
15
735
79
753
83
2.4
5.1
Dickinson
Doniphan
Douglas
Edwards
Elk
Ellis
Ellsworth
Finney
Ford
Franklin
373
149
1,731
80
56
559
11
694
594
449
394
153
1,886
79
57
601
124
737
624
478
406
163
1,993
87
58
626
129
772
657
498
3.0
6.5
5.7
10.1
1.8
4.2
4.0
4.7
5.3
4.2
Geary
Gove
Graham
Grant
Gray
Greeley
Greenwood ..
Hamilton
Harper
Harvey
498
63
62
161
131
36
136
56
126
744
511
62
64
177
129
35
144
62
144
797
524
73
73
171
152
46
150
73
142
827
Haskell
Hodgeman ...
Jackson
Jefferson
113
45
237
356
89
14,277
119
49
245
370
82
15,469
96
184
74
425
Lane
Leavenworth
Lincoln
1997
71
24
700
69
89
163
73
396
Rank in
State
19,055 20,136 20,703
19,474 22,514 23,957
Crawford
Decatur
Johnson
Keamy
Kingman
Kiowa
Labette
1996
Dollars
Linn
59
150
Logan
Lyon
McPherson ..
Marion
Marshall
Meade
56
659
626
231
268
90
50
1,371
66
160
60
696
673
243
263
95
21.1
22,105
18,452
17,580
16,847
18,162
19,213
21,983
16,790
23,850
20,494
Miami
Mitchell
Montgomery
Morris
Morton
Nemaha
Neosho
Ness
Norton
Osage
532
148
683
105
72
242
321
78
113
304
569
160
715
115
78
250
341
84
123
313
598
165
736
118
75
247
345
86
130
326
5.1
3.1
2.9
2.6
^.8
-1.2
1.2
2.4
5.7
4.2
20,572
20,845
18,317
16,621
21,149
23,333
19,091
21,414
19,571
18,128
21,693
22,801
19,228
18,429
22,774
24,457
20,238
23,462
21,194
18,370
22,586
23,724
19,854
19,097
22,017
24,192
20,658
23,717
22,705
42
26
87
94
50
22
72
28
38
95
Osbome
Ottawa
Pawnee
Phillips
Pottawatomie
Pratt
Rawlins
Reno
Republic
Rice
91
114
151
131
342
206
61
1,353
133
187
96
120
159
141
361
217
60
1,386
126
205
97
120
163
148
374
221
68
1,431
125
208
1.0
0
2.5
5.0
3.6
1.8
13.3
3.2
-.8
1.5
19,210
19,589
20,480
21,333
19,092
21,305
18,858
21,495
21,338
17,994
20,536
20,494
21,756
23,092
19,776
22,456
18,799
22,002
20,489
19,570
20,711
20,407
22,487
24,529
20,082
22,790
21,629
22,622
20,455
19,933
70
81
44
19
82
36
57
40
79
1,233
111
63
153
1,268
116
10,627
424
3,969
67
1,275
112
73
163
1,339
130
11,327
451
4,138
70
1,325
117
73
170
1,403
135
12,011
460
4,345
83
3.9
4.5
0
4.3
4.8
3.8
6.0
2.0
5.0
18.6
18,671
19,045
17,954
19,872
24,468
22,880
24,554
21,383
23,486
24,397
19,727
19,589
21,361
21,306
25,922
25,972
25,786
22,567
24,424
25,615
20,728
20,503
21,567
22,606
27,294
26,926
26,821
22,899
25,508
30,613
68
78
58
41
7
11
12
35
16
5
Sherman
Smith
Stafford
Stanton
Stevens
Sumner
Thomas
Trego
Wabaunsee ..
Wallace
145
100
109
66
142
529
167
61
135
33
146
96
113
75
132
611
172
60
139
34
162
101
117
68
142
636
190
64
145
40
11.0
5.2
3.5
-9.3
7.6
4.1
10.5
6.7
4.3
17.6
21,671
20,986
21,210
28,862
26,594
19,775
20,080
17,776
20,227
18,128
22,225
20,810
22,151
32,492
24,641
22,690
21,043
18,124
20,759
18,722
24,731
21,959
23,208
30,330
26,309
23,393
23,720
19,363
21,859
21,887
17
51
33
6
14
32
27
93
55
54
Washington ..
Wichita
Wilson
Woodson
Wyandotte ....
136
86
185
63
2,778
133
87
195
70
2,903
130
82
192
67
2,964
-2.3
-5.7
-1.5
-4.3
2.1
20,321
31,499
17,950
15,657
18,127
20,049
31,937
18,906
17,488
18,997
20,003
30,952
18,740
17,061
19,434
84
3
97
104
91
Riley
Rooks
Rush
Russell
Saline
Scott
Sedgwick
Seward
Shawnee
Sheridan
49
1,289
13.3
3.9
.7
-.4
2.3
140
• July 2000
SURVEY OF CURRENT BUSINESS
Table 3.—Personal Income and Per Capita Personal Income by County, 1996-98—Continued
Personal income
Area name
Kentucky
Metropolitan portion
Nonmetropolitan portion
Adair
Allen
Anderson
Ballard
Barren
Bath
Bell
Boone
Bourbon
Boyd
Rank in
State
Millions of dollars
1996
1997
1998
1997-98
78,221
44,521
33,700
83,181
47,262
35,919
87,274
49,909
37,365
4.9
5.6
4.0
20,155 21,286 22,183
23,733 25,025 26,251
16,807 17,788 18,378
248
247
345
181
694
149
421
259
269
378
191
754
169
447
259
276
404
212
795
180
454
0
2.6
6.9
1,698
1,886
2,063
5.4
6.5
1.6
9.4
6.2
2.4
15,134
15,536
19,475
21,905
19,154
14,745
14,017
23,318
22,398
21,696
15,753
16,645
20,924
22,712
20,562
16,335
15,007
24,780
24,313
22,904
15,758
16,672
21,841
24,933
21,515
17,021
15,560
25,860
25,806
23,571
86
74
22
12
25
68
93
8
9
14
6.6
4.3
2.8
2.5
8.6
3.3
2.0
3.0
4.7
4.7
19,868
15,507
13,339
15,360
17,773
14,703
17,918
20,653
21,036
19,588
21,495
16,750
13,767
16,469
19,165
15,522
18,718
21,368
22,405
19,959
22,777
17,375
14,116
16,739
20,307
15,829
19,124
21,850
23,529
20,984
18
62
109
72
34
85
45
21
15
29
4.8 18,632 19,637 20,424
5.8 13,777 14,979 15,619
1.8 13,671 15,022 15,040
-.8 16,665 17,255 17,314
4.6 20,072 22,167 22,961
3.5 12,827 13,741 14,107
4.5 13,162 14,335 14,888
1.3 15,557 15,925 15,846
4.3 12,537 13,684 14,296
2.9 20,400 21,532 22,126
32
92
98
63
17
110
100
84
104
19
3.8 13,307 14,201 14,552
1.3 10,528 11,597 11,734
3.5 13,705 14,910 15,253
6.6 27,114 28,330 29,933
5.9 14,844 15,467 16,016
3.4 14,720 15,600 16,145
5.7 23,714 25,326 26,628
20,093 20,188 20,198
16,158 16,713 16,853
15,520 16,917 17,480
103
120
95
2
80
78
6
37
71
60
7.0 16,643 17,972 18,777
4.3 18,957 19,386 20,042
5.7 14,978 15,809 16,377
1.8 14,440 15,475 15,710
3.4 17,545 18,485 19,165
3.2 20,102 21,349 21,728
4.4 18,990 19,924 20,619
1.0 13,150 13,942 14,265
5.5 17,287 18,900 19,622
6.8 14,361 15,192 16,044
50
39
76
87
44
23
31
106
43
79
21,076
17,724
18,513
18,561
12,482
26,891
19,084
14,945
23,925
13,120
22,346
18,822
19,040
19,392
13,377
28,124
20,908
15,582
25,420
14,279
23,680
19,875
21,066
19,907
13,879
29,473
22,048
15,964
27,303
14,704
13
41
27
40
111
4
20
82
5
102
12,711
19,009
16,283
12,915
12,542
14,037
13,380
12,222
14,668
20,113
13,405
19,875
17,366
13,716
13,362
14,861
14,220
13,157
15,973
20,974
11.0
Dollars
1996
1997
1998
430
470
499
1,140
1,167
533
128
207
260
579
140
216
285
617
146
222
292
1,015
1,110
1,205
171
237
673
183
250
709
189
255
730
1,832
1,961
2,054
105
107
112
177
362
198
188
397
218
197
420
222
1,219
1,264
1,254
632
290
122
146
87
701
310
133
150
94
733
321
139
152
98
1,850
1,956
2,013
146
69
212
159
76
230
165
77
238
6,475
6,787
7,235
195
641
204
676
216
699
1,092
1,171
1,238
156
104
206
154
113
230
152
121
243
322
674
342
152
652
175
356
691
368
163
686
189
381
721
389
166
709
195
1,695
1,790
1,868
466
296
234
492
326
251
497
344
268
935
256
98
862
159
993
277
100
896
172
1,053
18,044
18,881
19,794
673
359
754
374
806
383
3,473
3,715
4,006
239
257
264
6.0
6.1
9.0
3.0
4.1
4.8
6.9
2.4
7.8
2.7
Knox
Larue
Laurel
Lawrence
Lee
Leslie
Letcher
Lewis
Lincoln
Livingston
399
242
800
199
99
189
356
165
320
185
422
256
870
212
107
200
377
178
353
197
441
264
912
221
110
213
387
182
378
204
4.5
3.1
4.8
4.2
2.8
6.5
2.7
2.2
7.1
3.6
13,839
20,183
17,928
14,160
13,673
15,684
14,769
13,495
16,886
21,628
112
38
57
108
113
89
101
114
70
24
Logan
Lyon
McCracken
McCreary
McLean
Madison
Magoffin
Marion
Marshall
Martin
471
116
483
124
492
125
1,526
1,587
1,640
192
166
206
176
210
188
1,152
1,274
1,347
161
280
594
180
172
304
612
185
178
320
631
190
1.9 18,192 18,478 18,766
.8 14,699 15,530 15,623
3.3 23,572 24,524 25,457
1.9 11,585 12,418 12,647
6.8 17,083 18,012 19,124
5.7 17,931 19,459 20,266
3.5 11,737 12,337 12,849
5.3 16,513 17,880 18,809
3.1 20,022 20,473 20,924
2.7 14,281 15,147 15,695
51
91
11
118
45
35
116
49
30
88
306
441
323
468
78
413
151
342
489
82
435
156
5.9
4.5
5.1
5.3
3.3
36
67
105
28
77
Carroll
Carter
Casey
Christian
Clark
Clay
Clinton
Crittenden
Cumberland
Daviess
Edmonson
Elliott
Estill
Fayette
Fleming
Floyd
Franklin
Fulton
Gallatin
Garrard
Grant
Graves
Grayson
Green
Greenup
Hancock
Hardin
Harlan
Harrison
Hart
Henderson
Henry
Hickman
Hopkins
Jackson
Jefferson
Jessamine
Johnson
Kenton
Knott
Mason
Meade
Menifee
Mercer
Metcalfe
See footnotes at end of table.
. 71
383
138
294
109
923
179
-1.3
7.1
5.7
18,082
16,038
12,871
18,842
14,784
19,041
16,607
13,888
20,219
15,923
20,222
17,029
14,284
21,046
16,255
Area name
1997
Per capita personal income •
Percent
change
Millions of dollars
1996
1998
1,086
Boyle
Bracken
Breathitt
Breckinridge
Bullitt
Butler
Caldwell
Calloway
Campbell
Carlisle
Persona income
Per capita personal income >
Percent
change
1998
1997-98
Rank in
State
Dollars
1996
1997
1998
1998
Monroe
Montgomery
Morgan
Muhlenberg
Nelson
191
353
149
508
662
205
395
163
531
712
211
417
171
559
768
2.9
5.6
4.9
5.3
7.9
16,842
17,215
11,124
15,950
19,359
18,146
19,059
12,077
16,614
20,256
18,967
19,828
12,574
17,438
21,388
47
42
119
61
26
Nicholas
Ohio
Oldham
Owen
Owsley
Pendleton
Perry
Pike
Powell
Pulaski
102
331
111
356
115
375
1,119
1,208
1,324
154
62
217
476
171
67
236
510
181
69
246
530
1,191
1,252
1,291
171
896
177
978
1,029
3.6
5.3
9.6
5.8
3.0
4.2
3.9
3.1
4.0
5.2
14,695
15,242
26,568
15,679
11,364
15,786
15,346
16,299
13,767
16,278
15,852
16,216
27,922
16,992
12,454
17,016
16,392
17,268
13,931
17,524
16,404
17,051
29,802
17,508
12,754
17,921
17,115
17,931
14,262
18,270
75
66
3
59
117
58
65
56
107
54
Robertson
Rockcastle
Rowan
Russell
Scott
Shelby
Simpson
Spencer
Taylor
Todd
30
212
297
240
651
638
288
139
383
208
34
229
321
259
733
715
302
153
403
209
35
239
337
259
785
769
309
166
391
212
2.9
4.4
5.0
0
7.1
7.6
2.3
8.5
13,799
13,599
13,726
14,813
22,881
22,638
17,903
16,024
16,866
18,545
15,321
14,590
14,628
15,880
24,857
24,793
18,756
16,714
17,626
18,664
15,649
14,998
15,215
16,004
25,503
25,960
18,741
17,130
17,017
18,844
90
99
96
81
10
7
52
64
69
48
Trigg
Trimble
Union
Warren
Washington
Wayne
Webster
Whitley
Wolfe
Woodford
198
107
304
206
118
301
207
122
298
1,824
1,959
2,014
186
239
244
507
89
582
206
271
246
536
94
641
222
287
249
556
98
692
2.8
7.8
5.9
1.2
3.7
4.3
8.0
16,710
14,855
18,407
21,341
17,315
12,828
18,115
14,296
12,150
26,413
17,003
16,124
18,179
22,639
19,079
14,455
18,147
15,062
12,928
28,712
16,715
15,877
18,031
23,066
20,423
15,065
18,422
15,507
13,259
30,458
73
83
55
16
33
97
53
94
115
1
87,879
70,153
17,726
92,486
73,880
18,606
96,878
77,596
19,282
4.7
5.0
3.6
20,254 21,254 22,206
21,513 22,573 23,653
16,446 17,252 17,817
3.7
5.8
8.7
4.1
2.2
3.2
3.1
7.3
3.3
3.7
15,544
14,356
20,870
16,391
15,000
16,957
16,209
20,074
22,336
20,476
16,789
15,210
21,981
18,251
15,784
17,474
16,554
20,916
22,757
21,450
17,352
15,833
23,326
18,852
16,091
17,935
17,102
22,726
23,630
22,139
42
57
9
27
55
36
44
11
7
12
0
15,719
17,417
16,126
15,450
16,253
17,891
23,655
15,380
16,938
15,000
16,249
19,052
15,229
16,278
16,494
19,098
24,241
15,100
17,702
16,023
16,196
21,615
15,396
16,727
16,130
20,012
25,592
14,872
18,646
16,191
50
14
58
48
53
24
4
63
30
51
15,468
14,816
18,053
18,492
17,425
23,607
14,624
22,702
18,056
15,576
15,401
15,833
19,648
19,259
18,081
25,094
15,405
24,658
19,862
16,420
15,112
16,109
20,574
20,118
18,574
26,251
16,155
25,903
21,226
16,950
61
54
18
22
31
1
52
3
16
46
0
2.4
3.2
3.5
6.2
5.0
5.2
17,929
18,057
15,298
16,383
16,623
23,690
20,103
20,006
17,277
20,274
18,451
18,979
14,492
16,662
17,179
24,419
20,489
21,640
17,637
20,988
19,492
20,194
14,480
16,772
17,642
25,439
21,230
22,767
18,559
22,062
26
21
64
47
40
5
15
10
32
13
2.4
.3
2.5
4.4
7.1
6.1
5.8
5.5
3.1
16,400
16,116
15,746
18,668
21,414
16,004
17,673
18,016
16,100
17,251
15,941
16,560
19,881
23,068
17,035
19,089
19,553
16,838
17,646
15,940
16,979
20,900
24,426
18,244
20,050
20,480
17,275
39
56
45
17
6
35
23
20
43
Louisiana
Metropolitan portion
Nonmetropolitan portion
Acadia
Allen
Ascension
Assumption
Avoyelles
Beauregard
Bienyille
Bossier
Caddo
Calcasieu
Caldwell
Cameron
Catahoula
Claibome
Concordia
De Soto
East Baton Rouge
East Carroll
East Feliciana
Evangeline
Franklin
Grant
Iberia
Iberville
Jackson
Jefferson
Jefferson Davis
Lafayette
Lafourche
La Salle
Lincoln
Livingston
Madison
Morehouse
Natchitoches
Orleans
Ouachita
Plaquemines
Pointe Coupee
Rapides
Red River
Richland
Sabine
St. Bernard
St. Charles
St. Helena
St. James
St. John the Baptist....
St. Landry
184
-3.0
1.4
.5
3.4
-1.0
894
344
967
362
1,003
1,412
1,538
1,672
372
608
536
258
417
642
556
262
434
656
574
270
1,846
5,462
3,648
1,955
5,546
3,844
2,098
5,730
3,988
160
152
179
264
338
443
168
170
168
277
341
478
168
195
170
285
335
500
9,338
9,556
10,075
140
353
512
135
368
546
132
391
553
-2.2
-1.8
383
341
275
340
295
334
305
1,291
1,419
1,501
574
272
600
282
633
288
10,707
11,322
11,805
464
488
510
4,118
1,579
4,542
1,753
4,822
1,889
215
226
232
754
767
802
1,492
1,623
1,783
200
522
619
189
528
638
187
528
653
11,231
2,949
11,454
3,011
11,819
3,117
514
399
561
416
596
437
2,559
2,652
2,790
159
336
373
166
334
394
170
335
404
1,241
1,005
1,318
1,098
1,376
1,176
156
369
756
165
399
819
175
422
864
1,333
1,403
1,447
14.7
1.2
2.9
-1.8
4.6
5.4
6.3
1.3
3.4
5.8
5.5
2.1
4.3
4.5
6.2
7.8
2.7
4.6
9.9
-1.1
141
July 2000
SURVEY OF CURRENT BUSINESS
Table 3.—Personal Income and Per Capita Personal Income by County, 1996-98—Continued
PersonaI income
Area name
Percent
change
Millions of dollars
1996
1997
1998
1997-98
Rank in
State
Dollars
1996
1997
1998
660
744
790
6.2
14,289 15,898 16,640
49
St. Mary
St. Tammany
Tangipahoa
970
1,067
4,538
1,627
1,133
4,897
1,720
16,993
22,977
16,330
17,615
17,479
18,281
16,643
17,213
16,678
16,971
18,731
24,615
17,061
16,915
19,516
18,683
17,761
18,326
17,383
18,054
19,805
25,945
17,739
17,622
20,550
18,442
18,540
18,837
17,894
18,765
25
2
38
41
19
34
33
28
37
29
22,365
15,076
14,248
15,028
23,467
15,235
14,981
15,360
8
60
62
59
Tensas
Terrebonne
Union
Vermilion
Vernon
Washington
Webster
West Baton Rouge
West Carroll
West Feliciana
Winn
Maine
Metropolitan portion
Nonmetropolitan portion
Androscoggin
Aroostook
Cumberland
Franklin
Hancock
Kennebec
Knox
Lincoln
Oxford
Penobscot
Piscataquis
Sagadahoc
Somerset
Waldo
Washington
York..!
Maryland
Metropolitan portion
Nonmetropolitan portion
Allegany
Anne Arundel
Baltimore
Calvert
Caroline
Carroll
Cecil
Charles
Dorchester
Frederick
Garrett
Harford
Howard
Kent
Montgomery
Prince George's
Queen Anne's
St. Mary's
Somerset
Talbot
Washington
Wicomico
Worcester
Baltimore City
Massachusetts
Metropolitan portion
Nonmetropolitan portion
Barnstable
Berkshire
Bristol
Dukes
Essex
Franklin
Hampden
Hampshire
Middlesex
Nantucket
120
113
116
1,780
2,012
2,152
395
850
930
719
721
408
917
948
750
769
406
965
968
772
802
6.2
7.9
5.7
2.7
7.0
-.5
5.2
2.1
2.9
4.3
434
175
173
254
456
184
189
267
484
185
205
272
6.1
.5
8.5
1.9
21,206
14,336
13,095
14,211
26,434
11,655
14,779
27,886
12,359
15,527
29,316
13,059
16,257
5.1
5.7
4.7
21,293 22394 23,499
23,431 24,813 26,111
19,864 20,782 21,751
4,104
1,533
2,116
1,320
6,702
2,218
1,362
7,157
2,296
1,422
7,623
526
555
575
1,106
2,511
1,161
2,612
1,221
2,705
855
726
943
883
775
992
930
804
2,836
2,984
1,037
3,140
295
754
840
620
593
312
793
873
655
619
323
828
920
697
645
3,690
3.5
4.4
6.5
3.6
5.2
3.6
5.3
3.7
4.5
5.2
20,834
16,852
26,795
18,190
22,480
21,666
22,692
23,081
17,580
19,466
21,973
17,492
28,390
19,144
23,417
22,593
23,327
24,490
18,448
20,573
22,671
18,557
29,960
19,940
24,502
23,502
24,475
25,321
19,257
21,743
8
13
1
10
3
6
4
2
11
9
16,059
21,572
16,023
17,318
16,440
21,544
16,988
22,364
16,676
18,157
17,229
22,660
17,742
23,236
17,548
19,070
18,129
23,708
15
7
16
12
14
5
3,935
4,149
3.5
4.4
5.4
6.4
4.2
5.4
140,809
132,968
7,841
148,264
139,876
8,388
156,759
147,804
8,956
5.7
5.7
6.8
27,844 29112 30,557
28,349 29,626 31,081
21,381 22,573 23,905
1,371
12,995
21,044
1,646
1,434
13,887
22,345
1,820
1,474
14,633
23,284
1,942
489
512
542
3,511
1,718
2,776
3,831
1,854
2,951
4,100
2,030
3,155
574
588
614
2.8
5.4
4.2
6.7
5.9
7.0
9.5
6.9
4.4
4,515
4,975
5,602
12.6
18,652
27,942
29,352
24,661
16,791
24,479
21,678
24,565
19,169
25,195
19,742
29,559
31,033
26,255
17,387
26,075
22,968
25,613
19,667
27,181
20,429
30,827
32,269
27,063
18,375
27,389
24,646
26,725
20,766
30,021
21
5
4
10
22
8
17
12
20
6
495
524
536
4,972
7,376
5,389
7,980
5,710
8,533
2.3
6.0
6.9
5.1
6.3
5.4
3.8
17,791
25,372
34,859
24,888
40,388
26,815
26,386
25,096
15,063
30,952
18,293
26,613
36,294
26,128
42,393
27,996
26,878
27,354
16,006
32,754
23
13
2
14
1
7
11
5.4
7.2
16,851
23,820
32,930
24,338
40,000
25,554
25,492
22,259
14,634
30,574
459
472
496
32,543
19,672
1,837
33,466
20,643
1,028
2,144
35,575
21,750
1,067
2,397
358
991
368
388
1,013
1,086
971
11.8
9
24
3
18
19
15
16
15,239
2,818
1,743
1,024
15,455
2,968
1,822
1,074
15,980
5.3
4.5
4.9
3.4
20,593
21,056
23,752
22,682
180,237
177,928
2,309
193,199
190,718
2,482
205,814
203,188
2,626
6.5
6.5
5.8
29,618 31,592 33,496
29,686 31,662 33,573
25,174 27,000 28,426
5,908
3,329
11,869
6,358
3,529
12,685
6,799
3,684
13,497
401
434
465
19,891
1,622
10,505
3,410
49,371
21,437
1,728
11,121
3,615
53,058
22,930
1,811
11,617
3,792
56,695
29,175
24,781
23,133
30,237
28,924
22,785
23,808
22,693
35,018
39,262
30,987
26,352
24,653
31,918
30,877
24,398
25,256
24,041
37,440
42,677
32,612
27,731
26,108
33,599
32,740
25,642
26,441
25,225
39,857
44,267
7
10
12
5
6
13
11
14
2
1
37,057
27,702
35,653
26,955
39,453
29,292
37,844
28,587
3
8
4
9
2,618
1,664
976
22,141
22,033
24,298
23,501
23,282
22,929
25,109
24,750
287
320
349
6.9
4.4
6.4
7.1
7.0
4.8
4.5
4.9
6.9
9.1
22,206
11,901
21,404
18,133
23,710
12,782
22,901
19,523
25,333
13,680
24,270
20,890
6.8
7.0
6.0
7.0
34,878
26,075
33,301
25,225
238,095
206,649
31,446
252,266
218,867
33,399
264,016
229,471
34,545
4.7
4.8
3.4
24,447 25,780 26,885
25,670 27,078 28,310
18,620 19,617 20,147
4.0
3.0
4.1
17,243 18,174 18,593
15,641 16,515 16,996
22,212 23,670 24,356
Area name
1998
St. Martin
Berrien
Branch
Calhoun
Cass
Charlevoix
Cheboygan
Chippewa
Clare
Clinton
Crawford
Delta
Dickinson
Eaton
Emmet
Genesee
Gladwin
Gogebic
Grand Traverse
Gratiot
Hillsdale
Houghton
Huron
Ingham
Ionia
losco
Iron
Isabella
Jackson
Kalamazoo
Kalkaska
Kent
Keweenaw
Lake
Lapeer
Leelanau
Lenawee
Livingston
Luce
Mackinac
Macomb
Manistee
Marquette
Mason
Mecosta
Menominee
Midland
Missaukee
Monroe
Montcalm
Montmorency
Muskegon
Newaygo
Oakland
Oceana
Ogemaw
Ontonagon
Osceola
Oscoda
Otsego
Ottawa
Presque Isle
Roscommon
Saginaw
St. Clair
St. Joseph
Sanilac
Schoolcraft
Shiawassee
Tuscola
Michigan
Metropolitan portion
Nonmetropolitan portion
Alcona
See footnotes at end of table.
186
155
198
165
206
170
2,197
2,379
2,476
Washtenaw
Wayne
Wexford
Minnesota
Metropolitan portion
Nonmetropolitan portion
62
74
16
Aitkin
Anoka
Becker
Percent
change
Millions of dollars
1996
Alpena
Antrim
Arenac
Baraga
Barry
Bay
Benzie
Van Buren
Norfolk
Plymouth
Suffolk
Worcester
Per capita personal incomeJ
Personal income
Per capita personal income»
1997
1998
609
418
273
137
651
452
295
147
674
474
303
152
1,185
2,474
1,283
2,624
1,343
2,690
270
297
307
3,521
3,776
3,874
778
830
844
3,017
3,215
1,011
3,285
1,049
569
480
619
474
579
498
645
488
1,405
1,497
1,541
213
230
236
761
583
812
606
852
627
2,253
2,367
2,422
956
527
438
587
441
675
720
751
10,077
10,258
10,433
392
317
431
327
448
334
1,716
1,853
1,970
744
861
793
917
785
948
633
762
649
818
667
853
6,533
1,016
6,826
1,091
6,945
1,123
451
229
478
241
490
247
1,033
3,225
5,873
1,098
3,420
6,075
1,150
3,525
6,283
250
265
266
13,758
14,809
15,701
34
142
37
156
38
162
1,796
1,907
2,005
442
478
506
2,024
3,790
2,165
4,177
2,307
4,487
122
243
125
253
123
262
20,071
21,488
22,255
402
427
439
1,223
1,262
1,308
514
628
476
550
661
490
573
690
512
2,248
2,344
2,438
213
220
237
3,238
3,442
918
151
981
162
3,683
1,005
3,149
3,357
169
3,507
740
774
817
43,060
45,815
49,796
423
300
145
361
120
426
449
327
146
383
128
464
469
336
149
401
130
494
5,389
5,793
6,044
226
400
244
423
246
436
4,551
3,417
1,235
4,800
3,667
1,307
4,915
3,823
1,319
Rank in
State
Dollars
1996
1997
1998
3.5
4.9
2.7
3.4
4.7
2.5
3.4
19,846
20,306
16,793
16,217
22,028
22,353
19,344
21,274
21,544
18,026
17,427
23,630
23,768
20,727
22,125
22,073
18,452
17,678
24,650
24,458
20,812
33
34
63
69
14
15
43
2.6
1.7
2.2
3.8
1.8
3.8
4.2
3.0
2.9
2.6
21,855
18,075
21,721
19,198
22,229
19,018
15,725
15,446
22,580
15,620
23,543
18,970
23,052
20,299
23,598
20,486
16,412
16,369
23,811
16,532
24,235
19,306
23,333
20,982
23,627
20,928
17,008
16,549
24,310
16,723
19
54
28
39
25
41
73
80
17
78
4.9
3.5
2.3
4.3
1.7
3.9
2.1
6.3
19,567
21,462
22,598
24,231
23,148
15,924
18,004
23,844
18,651
18,774
20,865
22,326
23,586
25,398
23,564
17,309
18,659
25,429
19,841
19,762
21,878
23,187
23,978
26,222
23,947
17,683
19,381
26,535
19,545
20,361
35
29
21
11
23
68
52
9
49
45
2.8 17,576 18,145
4.3 21,626 23,177
1.7 22,749 23,775
2.9 15,605 16,510
2.5 17,766 18,705
2.5 17,541 18,559
4.7 18,050 19,032
3.1 20,884 21,994
3.4 25,635 26,475
.4 16,244 17,164
18,732
24,179
24,296
16,832
19,048
19,141
19,696
22,576
27,364
17,122
59
20
18
77
56
55
48
31
7
71
6.0
2.7
3.8
5.1
5.9
6.6
7.4
1997-98
-1.0
3.4
3.6
3.6
25,650
17,025
14,484
21,002
24,041
20,851
27,504
18,759
21,891
25,775
27,366
17,991
15,406
21,957
25,400
22,114
29,446
18,869
22,815
27,443
28,820
17,968
15,518
22,727
26,448
23,400
30,666
18,135
23,735
28,283
5
66
82
30
10
27
3
64
24
6
2.8
3.6
4.2
4.4
4.5
4.0
7.7
7.0
2.4
4.3
17,500
19,534
18,590
16,302
19,412
27,920
15,634
23,054
15,596
15,280
18,330
20,271
19,792
16,787
20,033
28,865
16,140
24,224
16,432
16,233
18,697
20,894
20,551
17,181
20,980
29,897
17,058
25,687
16,583
16,868
60
42
44
70
40
4
72
12
79
76
4.5
5.6
8.7
4.5
2.8
2.1
4.7
1.6
6.5
4.3
19,110
16,704
37,071
17,410
14,414
17,319
16,375
13,739
20,027
25,027
20,233
17,197
39,156
18,204
15,624
18,067
17,397
14,478
21,316
26,270
21,016
17,856
42,378
18,934
15,938
18,985
18,133
14,655
22,229
26,812
38
67
1
58
81
57
65
83
32
8
.8 15,734 16,987 16,951
3.1 17,512 18,233 18,656
2.4 21,529 22,777 23,402
4.3 21,965 23,285 23,976
.9 20,277 21,388 21,566
4.5 19,229 20,333 21,084
2.4 18,913 19,201 19,473
.9 19,062 19,927 20,056
1.8 18,687 19,154 19,487
3.4 17,754 18,754 19,313
75
61
26
22
36
37
51
47
50
53
2
13
46
-1.6
816
163
869
167
908
171
1,377
1,078
1,334
1,441
1,110
1,413
1,454
1,130
1,461
9,305
48,943
9,865
51,387
10,522
53,051
533
565
586
6.7
3.2
3.7
31,510 32,963 34,751
22,900 24,147 25,065
18,546 19,386 20,114
122,080
93105
28,974
129,080
99,423
29,657
138,307
106,885
31,422
7.1
7.5
6.0
26,267 27,536 29,263
28,726 30,345 32,281
20,600 21,013 22,201
5.1
8.6
7.1
17,726 18,535 19,023
23,346 24,741 26,354
18,441 18,789 20,012
243
257
270
6,569
7,092
7,704
536
551
590
1998
80
10
69
142
• July 2000
SURVEY OF CURRENT BUSINESS
Table 3.—Personal Income and Per Capita Personal Income by County, 1996-98—Continued
Area name
Percent
change
Millions of dollars
1998
Rank in
State
Dollars
1997
1998
677
651
114
1,229
621
588
1,715
716
678
113
1,284
618
627
1,873
759
742
117
1,386
635
656
2,060
6.0
9.4
3.5
7.9
2.8
4.6
10.0
17,733
19,586
19,497
22,730
22,722
19,196
27,881
18,505
20,119
19,882
23,922
22,675
20,335
29,662
19,630
21,751
20,627
25,790
23,466
20,948
31,775
73
51
64
12
26
62
3
Cass
Chippewa
Chisago
440
294
816
989
132
106
267
1,027
9,254
356
470
293
906
503
313
1,038
1,050
142
120
272
1,168
10,849
7.0
6.8
14.6
4.9
5.2
5.3
3.4
7.2
8.5
5.6
17,428
22,539
21,396
19,130
15,923
22,967
21,700
20,311
28,264
21,209
18,177
22,426
22,900
19,379
16,317
24,108
21,653
21,330
29,864
22,044
19,126
23,998
25,357
20,387
17,262
25,272
22,596
22,581
31,717
23,148
79
22
15
66
85
16
35
36
4
30
2.0
6.3
3.8
7.2
3.9
6.7
6.9
6.7
7.9
20,752
21,369
19,176
20,256
24,256
22,107
35,188
21,294
18,021
20,288
21,673
21,090
19,908
21,057
25,207
20,651
37,741
22,558
18,826
21,092
22,860
21,697
21,107
21,873
26,774
21,529
40,126
24,100
19,791
22,329
32
52
59
46
9
55
1
434
314
622
710
353
438
690
1,155
132
42,491
464
335
671
1996
Clay „
Clearwater
Cook
Cottonwood
Crow Wing
Dakota
Dodge
Douglas
Faribault
Fillmore
Freeborn
Goodhue
Grant
Hennepin
Houston
Hubbard
Isanti
633
350
399
644
1,027
136
37,080
409
295
587
1997
1,001
135
114
263
1,090
9,998
376
346
412
665
1,077
127
397
1997-98
21
71
39
Itasca
Jackson
Kanabec
Kandiyohi
Kittson
Koochiching
Lac Qui Parle
Lake
Lake of the Woods
Le Sueur
795
252
234
929
118
303
176
207
85
531
845
241
248
947
104
318
168
220
85
555
251
261
1,021
116
329
176
230
90
596
4.5
4.1
5.2
7.8
11.5
3.5
4.8
4.5
5.9
7.4
18,398
21,398
17,032
22,627
21,809
19,866
21,418
19,407
18,574
21,527
19,400
20,644
17,719
23,102
19,343
20,952
20,714
20,624
18,893
22,182
20,100
21,864
18,414
24,976
21,808
21,823
22,062
21,558
19,763
23,527
68
47
82
17
50
49
44
54
72
24
Lincoln
Lyon
McLeod
Mahnomen
Marshall
Martin
Meeker
Mille Lacs
Morrison
118
587
804
86
218
503
420
365
524
113
582
850
81
195
512
435
384
535
865
127
622
895
83
200
519
458
411
584
91;
12.4
6.9
5.3
2.5
2.6
1.4
5.3
7.0
9.2
5.4
17,646
23,866
23,958
16,820
20,524
22,602
19,579
17,999
17,211
22,236
17,092
23,798
25,207
15,766
18,547
23,067
20,208
18,549
17,556
23,325
19,597
25,488
26,216
16,434
19,497
23,569
21,064
19,490
19,134
24,567
74
14
11
87
76
23
61
77
78
18
Murray
Nicollet
Nobles
Norman
Olmsted
Otter Tail
Pennington
Pine .......
Pipestone
Polk
190
660
440
168
3,099
1,057
285
400
211
673
183
661
430
140
3,314
1,097
288
418
207
624
201
690
449
160
3,611
1,167
308
443
216
685
9.8
4.4
4.4
14.3
9.0
6.4
6.9
6.0
4.3
19,914
22,233
21,981
21,604
27,413
19,621
21,059
17,222
20,800
20,721
19,159
22,157
21,858
18,313
28,928
20,179
21,116
17,660
20,502
19,529
21,073
23,404
23,319
21,159
30,880
21,295
22,765
18,403
21,499
22,024
60
27
29
58
5
57
33
83
56
45
Pope
Ramsey .
Red Lake
Redwood
Renville ..
Rice
Rock
206
14,476
74
383
373
213
227
15,962
78
385
370
1,215
217
349
4,958
2,298
6.6
5.7
11.4
2.9
3.9
5.3
1.4
5.8
6.1
10.7
18,751
29,964
16,940
22,760
21,829
20,662
21,94;
20,99;
23,013
25,841
19,423
31,147
16,119
22,473
20,856
21,533
21,679
20,258
24,012
27,193
20,792
32,863
18,303
23,347
21,857
22,421
22,271
21,690
25,630
29,049
63
2
84
28
48
38
40
53
13
7
20,060
18,777
20,264
24,679
21,533
20,261
15,867
23,134
21,496
17,098
20,796
18,161
20,717
25,455
22,325
20,437
15,588
21,602
22,235
17,863
22,248
19,591
22,747
27,371
22,992
20,500
16,584
22,240
24,176
18,947
41
75
34
21,236
26,678
21,451
23,063
20,997
21,812
20,259
21,527
28,352
21,396
19,585
21,733
23,143
18,771
22,433
30,399
22,093
20,172
23,495
24,143
19,913
St. Louis
Scott
Sherburne
Sibley
Steele ....
Stevens .
Swift
Todd
Traverse
Wabasha
Wadena .
Washington
Watonwan
Wilkin
Winona ..
Wright ....
Yellow Medicine
Mississippi....
See footnotes at end of table.
1,090
217
339
4,477
15,099
70
374
356
1,154
214
330
4,675
1,879
2,076
1,108
274
2,573
773
218
221
380
99
444
224
1,206
266
1,342
287
11.3
7.9
2,654
800
225
221
374
92
460
232
2,928
868
231
236
399
94
505
248
10.3
8.5
2.7
6.8
6.7
2.2
9.8
398
5,441
249
145
1,050
1,922
218
416
5,979
254
149
1,128
2,053
227
51,557
54,410
384
4,987
249
170
1,014
1,764
234
48,898
18,044 18,873 19,776
Area name
Percent
change
Millions of dollars
1997-98
Rank in
State
Dollars
1996
1997
1998
1998
1996
1997
1998
19,811
29,087
21,125
30,432
22,673
31,738
7.3
4.3
20,670 21,739 22,980
16,607 17,290 17,985
Adams
Alcorn
Amite
Attala
Benton
Bolivar
Calhoun
Carroll
Chickasaw
Choctaw
625
575
181
291
108
634
255
157
305
120
640
610
190
305
116
658
261
164
311
127
664
635
203
317
120
663
270
170
318
132
3.8
4.1
6.8
3.9
3.4
.8
3.4
3.7
2.3
3.9
18,126
17,635
13,383
15,758
13,487
15,505
17,152
15,760
16,696
12,904
18,550
18,584
13,919
16,567
14,465
16,210
17,410
16,369
17,056
13,659
9,461
9,372
4,622
17,289
14,881
16,499
18,159
17,029
17,643
14,063
18
19
70
42
68
54
30
46
39
73
Claibome
Clarke
156
266
352
526
408
269
161
284
364
528
426
285
167
292
383
523
448
299
3.7
2.8
5.2
-.9
5.2
4.9
1,899
1,311
2,094
1,388
2,390
1,439
14.1
108
264
113
288
119
325
13,403
14,883
16,256
16,641
14,313
15,493
21,645
17,922
13,195
14,300
13,901
15,735
16,899
16,786
14,771
16,248
22,692
18,847
13,664
15,141
14,501
16,013
17,735
16,727
15,555
16,885
24,616
19,313
14,300
16,572
71
59
37
49
63
48
3
20
72
51
145
388
670
155
406
729
164
428
786
3,578
5,635
3,790
5,834
4,047
6,017
280
182
25
359
283
188
22
384
290
195
21
411
2,369
2,479
2,769
11.7
12,366
17,403
17,461
20,415
22,611
13,119
15,960
15,117
17,043
18,532
12,537
18,110
18,527
21,495
23,568
13,209
16,631
13,702
18,265
19,216
12,833
19,103
19,519
22,838
24,333
13,472
17,204
12,859
19,484
21,170
80
23
15
7
4
77
43
79
17
9
260
93
183
265
92
197
277
96
206
1,171
1,241
1,310
159
582
596
168
626
653
174
662
695
1,562
1,589
1,633
206
325
215
347
225
374
4.5
4.3
4.6
5.6
3.6
5.8
6.4
2.8
4.7
7.8
14,938
10,986
13,161
18,521
15,205
17,191
17,157
20,341
15,982
16,807
15,091
10,831
14,139
19,564
16,117
18,177
18,226
20,736
16,651
17,933
15,687
11,390
14,944
20,598
16,460
19,034
18,761
21,456
17,337
19,259
62
82
67
11
55
24
27
8
40
21
1,587
1,673
1,753
646
521
658
550
667
584
1,149
1,501
1,194
1,688
1,236
1,829
386
499
594
188
492
406
544
614
198
522
427
575
635
205
555
4.8 21,723 22,693 23,486
1.4 17,322 17,541 17,915
6.2 16,584 17,395 18,326
3.5 18,831 19,497 20,249
8.4 21,969 23,820 25,096
5.2 14,811 15,425 16,180
5.7 15,492 16,916 17,878
3:4 15,719 16,121 16,667
3.5 15,205 15,935 16,566
6.3 18,212 19,214 20,198
6
31
29
12
1
58
32
50
52
13
362
178
632
477
666
149
613
388
352
140
383
191
667
497
720
157
641
409
366
141
409
196
703
512
764
163
671
439
376
138
6.8
2.6
5.4
3.0
6.1
3.8
4.7
7.3
2.7
18,944
15,809
17,728
15,368
16,304
13,774
17,737
17,333
15,445
13,980
25
61
38
66
56
76
36
41
65
74
Rankin
Scott
Sharkey
Simpson
Smith
Stone
Sunflower
Tallahatchie
Tate
Tippah
2,252
2,470
2,701
443
91
442
266
183
449
201
411
325
452
84
448
276
199
461
210
462
344
488
84
468
301
209
466
196
496
362
9.4 21,687 23,101 24,646
8.0 17,593 18,004 19,503
13,385 12,753 12,734
0
4.5 17,527 17,81 18,489
9.1 17,71 18,159 19,709
5.0 14,443 15,540 15,81
1.1 12,722 13,42 13,884
13,442 14,075 13,223
17,904 19,588 20,670
15,733 16,42 17,202
2
16
81
28
14
60
75
78
10
44
Tishomingo
Tunica
Union
Walthall
Warren
Washington
Wayne
Webster
Wilkinson
Winston
278
158
410
202
290
154
430
211
303
152
457
223
1,082
1,100
1,131
1,142
1,183
1,164
309
162
121
310
326
169
130
332
346
175
134
342
6.3 17,71
5.7 14,10
4.6 22,10
1.9 16,70
6.1 15,53
3.6 15,52
3.1 13,01
3.0 15,99
15,103 15,62
19,688 19,11
18,26
14,74
22,98
17,43
16,19
16,16
14,15
17,14
16,21
18,85
19,16
15,50
23,96
17,86
17,03
16,50
14,64
17,74
57
26
22
64
5
33
45
53
69
35
196
407
205
431
211
455
2.9
5.6
16,02
16,14
17,02
17,84
47
34
1998
1996
Beltrami
Benton
Big Stone
Blue Earth
Brown
Carlton
Carver
Per capita personal income'
Personal income
Per capita personal income'
Personal income
Metropolitan portion
Nonmetropoiitan portion
Clay
Coahoma
Copiah
Covington
DeSoto
Forrest
Franklin
George
Greene
Grenada
Hancock
Harrison
Hinds
Holmes
Humphreys
Issaquena
Itawamba
Jackson
Jasper
Jefferson
Jefferson Davis
Jones
Kemper
Lafayette
Lamar
Lauderdale
Lawrence
Leake
Lee
Leflore
Lincoln
Lowndes
Madison
Marion
Marshall
Monroe
Montgomery
Neshoba
Newton
Noxubee
Oktibbeha
Panola
Pearl River
Perry
Pike
Pontotoc
Prentiss
Quitman
Yalobusha
Yazoo
3.7
5.3
12.8
5.8
5.4
7.8
6.8
3.1
2.5
3.7
-4.5
7.0
-2.1
-6.7
7.4
5.2
4.5
-1.3
16,905
14,350
16,158
14,646
15,022
12,691
16,170
15,900
14,668
14,229
17,831
15,415
16,795
15,133
15,774
13,261
16,885
16,518
15,110
14,313
16,67
16,98
July 2000 •
SURVEY OF CURRENT BUSINESS
143
Table 3.—Personal Income and Per Capita Personal Income by County, 1996-98—Continued
Area name
Percent
change
Millions of dollars
1996
1998
123,992
93,667
30,324
131,762
99,505
32,257
136,754
103,718
3.8
4.2
2.4
23,099 24,368 25,150
25,674 27,072 28,076
17,635 18,630 18,949
Adair
Andrew
Atchison
Audrain
Barry
Barton
Bates
Benton
Bollinger
Boone
429
297
146
483
530
217
272
239
154
2,928
453
320
147
510
569
235
286
258
166
3,119
459
330
144
536
604
231
285
268
168
3,302
1.3
3.1
-2.0
5.1
6.2
-1.7
-.3
3.9
1.2
5.9
17,555
19,494
20,032
20,563
16,402
18,264
17,338
14,793
13,520
23,294
18,632
20,842
20,777
21,749
17,398
19,714
18,133
15,578
14,513
24,394
18,938
21,202
20,472
22,765
18,215
19,138
17,995
15,792
14,556
25,606
58
26
34
13
68
56
73
99
105
Buchanan
Butler
Caldwell
Callaway
Camden
Cape Girardeau
Carroll
Carter
Cass
Cedar
1,692
742
143
677
641
1,402
202
89
1,583
198
1,772
790
148
721
694
1,486
205
95
1,707
213
1,854
825
150
759
733
1,561
196
95
1,804
222
4.6
4.4
1.4
5.3
5.6
5.0
-4A
0
5.7
4.2
20,674
18,393
16,621
18,627
19,679
21,327
19,691
14,464
20,899
15,227
21,663 22,669
19,574 20,407
17,067
19,529 20,250
21,585
22,514 23,573
20,058 19,260
15,015 14,889
21,866 22,393
16,324 16,833
14
35
84
38
22
10
53
102
15
Chariton
Christian
Clark
Clinton
Cole
Cooper
Crawford
Dade
Dallas
158
804
120
4,245
361
1,622
289
352
127
213
163
979
118
4,762
416
1,827
311
399
143
252
-3.0
9.8
-9.2
4.9
4.3
4.9
3.0
4.5
1.4
8.2
18,048
17,896
15,936
24,905
19,888
23,786
18,021
16,209
16,074
14,449
19,098
18,966
17,333
26,089
21,376
25,327
18,874
19,990
15,878
26,991
21,860
26,399
19,373
17,395 17,888
17,793 18,208
15,475 16,480
59
40
98
3
19
5
50
75
69
Daviess
DeKalb
Dent
Douglas
Dunklin
Franklin
Gasconade
Gentry
Greene
Grundy
143
147
235
162
580
1,830
279
133
5,160
196
153
161
250
178
607
1,998
293
147
5,482
206
144
164
262
182
593
-5.9
2.2
-2.3
5.3
5.5
-10.2
3.6
-1.0
18,325
13,277
16,696
13,201
17,566
20,459
19,076
19,273
23,009
19,091
19,645
14,558
17,756
14,512
18,464
22,010
19,683
21,385
24,299
20,170
18,180
14,651
18,531
14,630
18,138
22,900
20,853
19,113
25,059
19,980
70
103
63
104
71
11
29
57
9
41
146
372
395
112
118
177
551
166
16,006
1,977
3,550
122
115
184
603
174
16,737
2,124
3,838
176
17,281
2,206
4,074
5.0
3.3
1.6
-1.7
2.2
4.3
1.1
3.3
3.9
6.1
17,536
17,655
13,179
20,845
18,189
15,700
15,185
24,596
20,210
18,771
18,894
18,740
14,249
20,364
18,900
16,958
15,858
25,586
21,466
19,905
19,754
19,207
14,446
20,386
19,352
17,582
16,144
26,380
22,140
20,843
45
54
106
36
51
77
97
6
16
30
Johnson
Knox
Laclede
Lafayette
Lawrence
Lewis
Lincoln
Ljnn
Livingston
McDonald
782
76
509
656
527
167
636
255
307
292
831
81
550
698
557
178
698
272
324
315
871
76
578
698
574
171
755
273
323
323
4.8
-6.2
5.1
0
3.1
-3.9
8.2
.4
-.3
2.5
16,824
17,631
17,084
20,352
16,282
16,478
18,641
18,224
21,423
15,281
17,615 18,272
17,431
18,055 18,649
21,495 21,371
16,994 17,338
17,592 16,776
19,816 20,635
19,544 19,771
22,746 22,872
15,961 16,156
78
61
24
79
87
32
44
12
96
Macon
Madison
Maries
Marion
Mercer
Miller
Mississippi
Moniteau
Monroe
Montgomery
177
132
549
58
350
229
234
165
223
284
190
141
578
65
373
236
253
179
230
283
196
145
596
33
386
233
257
170
235
-.4
3.2
2.8
3.1
-49.2
3.5
17,646
15,494
15,961
19,750
14,539
15,700
16,802
17,973
18,486
18,553
16,568
16,958
20,794
16,301
16,562
17,527
19,066
19,493
18,462
16,969
17,168
21,375
8,162
17,186
17,313
19,421
18,826
19,518
64
85
83
23
115
81
80
49
60
47
Morgan
New Madrid
Newton
Nodaway
Oregon
Osage
Ozark
Pemiscot
Perry
Pettis
298
345
900
375
124
245
124
358
320
719
314
335
974
395
137
264
133
366
348
769
331
333
1,023
399
142
273
138
348
361
5.4
-.6
5.0
1.0
3.6
3.4
3.8
-4.9
3.7
5.2
16,911
16,791
18,829
17,841
12,261
19,667
12,839
16,531
18,290
19,573
17,388
16,360
20,115
18,857
13,717
21,115
13,791
16,992
19,892
20,870
17,949
16,379
20,783
19,288
13,975
21,907
13,907
16,207
20,618
21,823
74
91
31
52
111
18
687
276
1,862
389
761
75
734
292
2,033
414
804
82
770
305
2,156
439
801
81
4.9
4.5
6.1
6.0
-.4
-1.2
18,145
17,139
27,671
15,438
20,464
14,787
19,178
18,173
29,547
16,294
21,243
16,583
19,980
18,581
30,801
17,181
20,369
16,613
Clay
Harrison
Henry
Hickory
Holt
Howard
Howell
Iron
Jackson
Jasper
Jefferson
Phelps
Pike
Plate
Polk
Pulaski
Putnam
See footnotes at end 'of table.
399
1,742
302
382
141
233
159
2,103
309
132
5,678
204
167
408
124
113
-1.3
1.6
-5.0
2.2
112
95
33
20
41
62
2
82
37
Percent
change
Millions of dollars
1996
1997
130
4,540
Area name
1997
1996
Missouri
Metropolitan portion
Nonmetropoiitan portion
1997-98
Rank in
State
Dollars
Per capita personal income •
Personal income
Per capita personal income'
Personal income
1997
1998
1997-98
Rank in
State
Dollars
1996
1997
179
407
411
93
189
418
439
100
187
441
454
103
-1.1
5.5
3.4
3.0
20,346
16,860
18,075
13,901
21,554
17,472
18,823
14,946
21,026
18,451
19,168
15,560
27
65
55
101
170
6,063
136
314
858
33,567
486
59
85
750
184
6,698
145
337
917
35,420
504
64
92
787
190
7,230
148
351
898
36,702
500
63
3.3
7.9
2.1
4.2
-2.1
3.6
-.8
-1.6
-6.5
1.8
12,459
23,721
14,937
18,629
15,894
33,451
21,123
13,440
17,569
18,658
13,234
25,374
15,912
19,639
16,784
35,358
22,075
14,651
18,910
19,514
13,545
26,570
16,283
20,204
16,214
36,800
22,044
14,174
17,877
19,884
114
4
92
39
94
1
17
108
76
43
102
134
533
498
121
642
289
356
437
317
111
145
546
537
133
689
311
371
481
349
114
133
536
582
136
732
321
355
512
362
2.7
-8.3
-1.8
8.4
2.3
6.2
3.2
^.3
6.4
3.7
12,736
19,540
18,031
19,098
18,121
19,278
12,933
18,501
19,072
14,250
13,558
21,323
18,495
20,288
19,730
20,257
13,908
19,233
20,310
15,391
13,782
19,654
18,050
21,666
19,505
21,239
14,340
18,238
20,885
15,714
113
46
72
21
48
25
107
67
28
100
163
416
36
242
8,286
177
449
39
262
183
473
38
275
8,925
3.4
5.3
-2.6
5.0
2.7
12,756
15,002
15,725
12,550
23,607
13,739
15,770
16,661
13,465
25,220
14,002
16,227
16,459
14,023
26,332
110
93
90
109
7
16,992
6,366
10,626
17,688
6,657
11,031
18,671
7,012
11,659
5.6 19,383 20,130
5.3 21,610
5.7 18,256 18,860
21,229
23,876
19,902
Beaverhead
Big Horn
Blaine
Broadwater
Carbon
Carter
Cascade
Chouteau
Custer
Daniels
163
148
95
67
164
18
1,730
120
230
51
170
157
98
74
179
19
1,787
105
240
49
177
167
109
77
186
20
1,863
108
247
52
4.1
6.4
11.2
4.1
3.9
5.3
4.3
2.9
2.9
6.1
17,829
11,987
13,357
16,871
17,798
11,793
21,421
22,360
18,879
24,295
18,941
12,418
13,764
18,114
18,901
12,480
22,629
20,123
19,792
24,005
20,072
13,239
15,358
18,684
19,745
13,139
23,721
20,905
20,487
26,120
18
55
50
29
22
56
3
13
17
1
Dawson
Deer Lodge
Fallon
Fergus
Flathead
Gallatin
Garfield
Glacier
Golden Valley
Granite
171
161
52
218
1,401
1,265
19
179
14
43
169
168
59
233
1,468
1,340
20
182
16
47
182
174
61
241
1,605
1,428
22
193
17
49
7.7
3.6
3.4
3.4
9.3
6.6
10.0
6.0
6.3
4.3
18,882
15,995
17,543
17,260
19,736
21,019
13,605
14,197
14,471
16,356
18,772 20,612
17,490
19,826 20,647
18,660 19,630
20,467 22,327
21,889 22,820
13,924 15,761
14,408 15,374
15,115 16,095
17,736 18,556
16
36
15
24
Hill
Jefferson
Judith Basin
Lake
Lewis and Clark
Liberty
Lincoln
McCone
Madison
Meagher
354
199
35
392
1,172
48
278
34
108
31
338
209
39
412
1,212
42
291
32
114
34
361
223
41
424
1,265
46
305
36
119
36
6.8
6.7
5.1
2.9
4.4
9.5
4.8
12.5
4.4
5.9
20,099
20,577
15,268
15,717
22,003
20,501
14,808
16,357
15,933
17,111
19,333
21,273
16,967
16,190
22,742
17,948
15,558
15,864
16,595
19,079
20,789
22,088
17,882
16,574
23,600
19,827
16,297
18,457
17,337
19,870
14
10
34
40
4
21
42
32
37
19
Mineral
Missoula
Musselshell
Park
Petroleum
Phillips
Pondera
Powder River
Powell
Prairie
51
1,852
61
283
6
72
125
26
109
24
53
1,951
64
286
6
75
121
29
117
22
56
2,066
66
295
7
82
126
29
120
25
5.7
5.9
3.1
3.1
16.7
9.3
4.1
0
2.6
13.6
13,634
20,981
13,087
17,578
11,672
14,434
19,816
13,593
15,503
17,966
14,121
21,963
14,047
17,756
12,212
15,258
18,794
15,061
16,697
16,340
14,863
23,234
14,351
18,708
14,151
17,011
16,314
17,201
18,533
52
5
53
28
54
39
20
41
38
31
546
183
162
173
142
584
184
159
177
148
85
741
147
63
116
623
196
173
181
156
93
763
159
65
119
6.7
6.5
8.8
2.3
5.4
9.4
3.0
8.2
3.2
2.6
16,260
17,885
14,706
16,395
13,987
19,694
19,827
18,114
16,871
19,713
16,923
18,041
14,301
17,423
14,445
19,735
21,552
18,726
18,591
18,412
17,737
19,298
15,767
18,066
15,284
21,947
22,093
19,736
19,032
18,799
35
25
46
33
51
11
9
23
26
27
105
12
165
107
14
177
38
1.9
16.7
7.3
-2.6
22,772
15,208
19,967
14,784
21,857
14,744
19,833
16,695
22,589
15,707
21,439
16,217
7
48
12
43
Rails
Randolph
Ray
Reynolds
St. Charles""""!"!!!".'!
St. Clair
.
Ste. Genevieve
St. Francois
St. Louis
Saline
Schuyler
Scotland
Scott
Shannon
Shelby
Stoddard
Stone
Sullivan
Taney
Texas
Vernon
Warren
Washington
Wayne
Webster
Worth
Wright
St. Louis City
Montana
Metropolitan portion
Nonmetropoiitan portion
Ravalli ...
Richland
Roosevelt
Rosebud
Sanders
Sheridan
Silver Bow
Stillwater
.
Sweet Grass
Teton
138
58
125
Toole
Treasure
Valley
Wheatland
111
13
166
36
47
49
44
30
144
• July 2000
SURVEY OF CURRENT BUSINESS
Table 3.—Personal Income and Per Capita Personal Income by County, 1996-98—Continued
Personal income
Area name
Millions of dollars
1996
1997
1998
1997-98
16
2,784
16
2,918
18
3,083
12.5
5.7
39,618
22,423
17,195
41,019
23,831
17,188
43,053
25,243
17,810
5.0
5.9
3.6
Adams
Antelope
Arthur
Banner
Blaine
Boone
Box Butte
Boyd
Brown
Buffalo
681
167
1
13
5
145
270
46
68
820
684
162
2
14
5
133
284
44
67
856
714
167
3
13
5
130
295
44
66
910
4.4
3.1
50.0
-7.1
0
-2.3
Burt
Butler
Cass
Cedar
Chase
Cherry
Cheyenne
Colfax
Cuming
165
185
523
223
98
101
212
169
207
299
165
178
559
206
105
110
216
157
204
277
Custer
Dakota
Dawes
Dawson
Deuel
Dixon
Dodge
Douglas
Dundy
Fillmore
264
361
139
477
48
148
765
12,929
61
195
Franklin
Frontier
Furnas
Gage
Garden
Garfield
Gosper
Grant
Greeley
Hall
76
63
116
526
43
40
Wibaux
Yellowstone
Nebraska
Metropolitan portion
Nonmetropolitan portion
Clay
Hamilton
Harlan
Hayes
Hitchcock
Holt
Hooker
Howard
Jefferson
Johnson
Kearney
Keith
Keya Paha
Kimball
Knox
Lancaster
Lincoln
Logan
Loup
McPherson
Madison
Merrick
Morrill
Nance
Nemaha
Nuckolls
Otoe
Pawnee
Perkins
Phelps
Pierce
Polk
Red Willow
Richardson
Rock
Saline
farpy
Saunders
Scotts Bluff...
Seward
Sheridan
Sherman
See footnotes at end of table.
Personal income
Per capita personal income •
Percent
change
Rank in
Dollars
1996
1997 1998
13,909 13,886
22,173 23,168
24,045
26,550
21,410
15,887
24,425
Area name
1998
45
2
24,769 25,924
27,907 29,312
21,429 22,274
Webster
Wheeler
York
24,280
22,886
0
-1.5
6.3
22,956 23,117
22,630 22022
3,495 4,522
14,696 16,200
8,450 7,851
22,345 20,697
20,847 21,870
17,038 16,607
18,836 18,535
20,466 21,316
7,000
15,122
9,358
20,399
23,134
17,195
18,763
22,564
15
28
91
84
90
62
25
80
72
32
170
183
610
204
111
114
225
165
205
274
3.0
2.8
9.1
-1.0
5.7
3.6
4.2
5.1
.5
-1.1
20,718
21,460
22,259
22,541
23,286
15,715
22,016
23,463
19,753
29,720
20,864
20,648
23,379
21,075
24,762
17,068
22,643
22,054
19,329
27,666
21,396
21,035
24,911
21,173
26,008
18,046
23,696
23,075
19,274
27,462
43
48
12
46
8
74
19
27
70
4
Churchill
Clark
Douglas
Elko
Esmeralda
Eureka
Humboldt
Lander
Lincoln
Lyon
260
369
143
489
45
136
802
261
384
153
505
47
134
835
14,485
64
180
67
185
21,663
19,566
15,434
20,602
23,426
23,390
21,849
29,534
25,790
28,312
21,434
19,816
16,003
21,120
22,108
21,437
22,837
31,184
27,868
26,079
21,863
20,441
17,293
21,798
23,239
21,237
23,662
32,671
29,441
26,716
39
60
77
41
23
45
21
1
2
7
Mineral
Nye
Pershing
Storey
Washoe
White Pine
Carson City
13,756
.4
4.1
7.0
3.3
4.4
-1.5
4.1
5.3
4.7
2.8
60
1,128
71
58
112
514
45
42
45
7
51
1,174
76
62
115
550
46
43
46
9
51
1,225
7.0
6.9
2.7
7.0
2.2
2.4
2.2
28.6
0
4.3
19,674
19,661
20,909
23,094
19,381
19,193
20,605
8,207
20,063
21,968
18,610
18,364
20,513
22,500
20,584
20,150
19,774
10,012
17,658
22,823
20,425
19,859
21,135
24,120
21,802
20,871
19,988
11,624
17,829
23,671
47
17
40
50
65
87
75
20
213
74
25
58
208
72
21
57
263
9
253
9
122
180
91
180
116
173
85
171
216
76
22
59
253
10
118
184
88
173
3.8
5.6
4.8
3.5
0
11.1
1.7
6.4
3.5
1.2
23,001
19,602
22,742
17,033
21,528
13,071
19,057
21,426
19,853
27,109
21,987
19,155
19,377
16,712
20,867
13,254
18,051
20,531
18,438
25,425
22,886
20,656
20,486
17,284
21,018
14,155
18,187
22,029
19,238
25,244
28
56
59
78
49
86
73
37
71
11
161
170
11
81
181
6,050
725
178
10
84
4.7
-9.1
18,739
10,425
19,488
20,428
24,907
20,912
15,554
5,039
5,692
22,191
19,751
11,018
20,034
19,334
25,926
21,644
16,127
3,892
6,005
23,129
20,511
10,760
20,664
19,374
27,487
22,756
16,765
3,674
5,926
23,827
58
88
55
69
3
30
83
93
92
18
1.8
-1.1
1.3
10.5
6.9
3.9
7.8
9.9
4.3
20,920
17,219
20,100
22,870
21,032
20,823
22,442
23,934
26,061
21,228
19,957 20,538
17,474 17,228
23,113
18,986
21,082
20,225
21,790
25,867
20,332
26,008
20,783
21,605
21,968
24,466
27,140
20,392
57
79
68
8
53
42
38
14
5
63
1.8
2.3
4.1
3.5
0
5.1
6.3
4.6
4.5
5.0
23,242
24,988
20,796
21,638
20,099
21,317
20,824
20,696
19,812
21,949
23,817
23,129
21,191
21,220
20,230
20,872
22,105
20,437
20,898
22,292
24,222
23,654
22,284
22,087
20,754
22,075
23,158
21,321
22,031
23,111
16
22
33
34
54
35
24
44
36
26
11
79
192
5,752
701
14
4
3
768
14
3
3
805
171
93
85
180
113
302
72
78
260
167
163
94
80
181
101
306
64
71
258
161
710
139
238
208
36
277
2,412
395
723
357
730
130
241
201
36
272
2,621
392
759
361
103
111
57
178
6,474
762
15
2
3
824
93
81
200
108
318
3.9
3.7
-1.7
7.0
5.1
7.1
-33.3
0
2.4
162
743
133
251
208
36
286
2,787
410
793
379
113
59
1.8
3.5
15,568 16,794
16,538 16,087
17,572
16,976
76
81
Millions of dollars
1996
Sioux
Stanton
Thayer
Thomas
Thurston
Valley
Washington
Wayne
Nevada
Metropolitan portion
Nonmetropolitan portion
NBW nampsniic
Metropolitan portion
Nonmetropolitan portion
Belknap
Carroll
Cheshire
Coos
Grafton
Hillsborough
Merrimack
Rockingham
Strafford
Sullivan
New Jersey
Metropolitan portion
Atlantic
Bergen
Burlington
Camden
Cape May
Cumberland
Essex
Gloucester
Hudson
Hunterdon
Mercer
Middlesex
Monmouth
Morris
Ocean
Passaic
Salem
Somerset
Sussex
Union
Warren
New Mexico
Metropolitan portion
Nonmetropolitan portion
Bemalillo
Catron
Chaves
Cibola
Colfax . . . Z
Curry
De Baca
Dona Ana
Eddy
Grant
Guadalupe
Harding
Hidalgo
1997
Per capita personal income'
Percent
change
1998
1997-98
11
126
100
447
195
16
126
146
11
117
95
476
186
16
123
155
11
121
97
503
194
0
-2.4
6.2
0
3.4
2.1
5.7
4.3
87
25
358
79
25
353
82
21
372
3.8
-16.0
5.4
43,331
37,631
5,700
47,278
41,185
6,094
50,919
44,540
6,378
7.7
8.1
4.7
452
27,992
480
30,898
1,316
1,060
19
42
400
158
80
599
510
33,542
1,409
1,085
20
41
402
152
85
649
1,348
129
580
112
74
9,706
202
1,424
30,228
19,441
10,788
1,277
17
130
154
Rank in
State
Dollars
1996
1997
1998
11,191
21,108
24,034
12,999
17,349
20,725
24,675
20,661
10,466
20,429
23,316
14,169
16,183
20,051
25,914
19,730
10,697
19,788
24,809
14,182
16,807
20,848
26,933
20,837
89
67
13
85
82
51
21,426 19,770 20,392
26,514 26,049 22,571
24,427 24,098 25,541
63
31
10
27,142 28,216
27,522 28,635
24,873 25,679
29,200
29,636
26,483
6.3
8.6
7.1
2.4
5.3
-2.4
.5
-3.8
6.3
8.3
20,867
26,812
32,946
23,381
15,470
24,864
23,219
22,062
18,714
20,126
21,036
27,962
36,494
23,269
16,598
22,348
22,876
21,870
19,379
20,775
22,041
28,884
38,263
23,574
17,235
20,718
22,239
21,862
20,375
21,547
11
4
1
8
17
14
10
12
15
13
130
657
114
78
10,342
202
1,500
13.3
1.8
5.4
6.6
0
5.3
21,993
20,269
21,626
24,412
30,611
20,022
28,229
22,777
21,522
23,376
25,539
31,687
19,788
29,257
24,443
22,913
23,585
26,462
33,040
20,068
30,508
7
5
2
16
3
32,553
21,137
11,416
34,958
22,810
12,148
7.4
7.9
6.4
26,042 27,746 29,480
26,878 28,836 30,716
24,659 25,932 27,409
1,378
1,027
1,717
713
2,112
10,513
3,547
8,105
2,518
923
1,473
1,089
1,832
768
2,255
11,351
3,765
8,775
2,684
965
6.9
6.0
6.7
7.7
6.8
8.0
6.1
8.3
24,637
24,946
23,202
20,543
25,623
27,467
26,522
28,112
21,950
22,706
26,395
26,507
23,901
21,485
27,097
29,398
28,022
30,402
23,148
23,207
27,824
27,664
25,442
23,370
28,826
31,315
29,438
32,423
24,515
24,199
246,659
246,659
262,423
262,423
6,937
34,752
11,089
12,586
2,525
2,921
23,140
7,101
37,217
11,835
13,243
5,620
13,623
4,400
6,099
14,329
4,828
278,349
278,349
7,553
40,244
12,452
13,797
2,773
3,195
24,771
6,447
14,915
5,198
6.1
6.1
6.4
8.1
5.2
4.2
3.2
5.2
3.6
5.7
4.1
7.7
30,795
30,795
29,536
41,015
26,559
24,920
25,789
20,682
30,653
23,040
24,692
37,049
32,582
32,582
30,062
43,714
28,202
26,240
27,423
21,557
31,847
24,801
25,882
40,047
34,383
34,383
31,738
47,101
29,556
27,360
28,297
22,756
33,102
25,995
26,970
42,471
10
3
11
15
13
21
9
20
16
4
11,031
21,009
18,766
18,887
11,794
11,515
1,591
11,974
3,761
16,272
11,729
22,422
20,116
20,577
12,571
12,199
1,639
13,037
3,957
17,270
12,447
23,723
21,496
21,994
13,142
12,921
1,704
13,999
4,177
18,629
6.1
5.8
6.9
6.9
4.5
5.9
4.0
7.4
5.6
7.9
33,452
29,937
31,814
42,090
24,810
23,981
24,319
44,391
26,715
32,725
35,557
31,688
33,707
45,285
26,059
25,302
25,118
47,164
27,891
34,695
37,551
33,289
35,636
47,915
26,815
26,748
26,234
49,594
29,180
37,340
7
2
17
18
19
1
12
6
28,093
1,167
1,017
18
39
383
149
76
549
127
504
102
69
9,134
206
953
1,656
684
1,994
9,694
3,325
7,379
2,367
2,686
3,038
23,908
2,464
2,622
2,773
5.8
25,259
26,732
33,232
21,455
11,777
34,955
22,599
12,355
36,688
23,756
12,932
5.0
5.1
4.7
19,478
22,206
15,915
20,288 21,164
23,075 24,079
16,616 17,314
12,741
40
1,054
325
231
869
35
2,490
953
524
13,308
41
1,078
335
244
902
37
2,635
1,010
546
13,870
43
1,188
358
258
906
39
2,805
4.2
4.9
10.2
6.9
5.7
.4
5.4
6.5
3.5
24,289
14,868
16,919
12,674
16,566
18,174
14,828
15,383
17,952
17,139
25,338
14,648
17,227
12,795
17,768
19,364
15,976
15,832
19,014
17,396
56
13
104
58
16
107
57
15
109
1,045
551
.9
-1.7
-6.3
1.9
7
10
4
2
3
1
26,434
15,167
18,979
13,521
18,960
20,201
16,324
16,599
19,546
17,409
3
27
10
31
11
13,530 14,095 14,120
14,207 18,160 16,645
16,528 17,192 17,623
29
21
18
6
23
22
7
20
145
July 2000
SURVEY OF CURRENT BUSINESS
Table 3.—Personal Income and Per Capita Personal Income by County, 1996-98—Continued
Personal income
Area name
Millions of dollars
1996
Per capita personal income'
Percent
change
1997
1997-98
Dollars
1997
1998
971
278
630
310
840
55
947
1,015
302
667
324
858
58
974
1,059
318
701
333
908
61
995
4.3
5.3
5.1
2.8
5.8
5.2
2.2
17,267
18,024
34,596
13,482
12,495
11,553
17,049
18,112
18,836
36,582
13,767
12,765
12,069
17,584
18,756
19,375
38,350
13,902
13,482
12,667
18,310
12
9
1
30
32
33
13
Quay
Rio Arriba
Roosevelt
Sandoval
San Juan
San Miguel
Santa Fe
Sierra
Socorro
Taos
161
488
279
1,582
1,718
173
175
543
316
1,788
1,928
15,675
13,022
15,188
19,034
16,823
13,810
25,566
17,279
14,279
16,667
17,181
13,714
16,282
19,945
17,682
14,570
26,402
18,599
14,486
17,054
17,497
14,340
17,717
20,313
18,161
15,291
28,040
19,406
15,368
17,905
19
28
17
5
14
479
1.2
5.4
7.1
4.4
5.4
4.5
7.3
4.9
6.4
5.7
25
16
7.7
3.3
7.4
15,016 15,841 15,726
16,711 22,574 23,568
16,334 17,207 17,999
24
4
15
399
3,039
188
232
432
515
295
1,712
1,829
420
3,209
203
236
453
234
91
439
3,444
213
251
.,.
207
68
972
1,069
252
94
1,148
New York
Metropolitan portion
Nonmetropolitan portion
530,990
502,402
28,588
554,061
524,596
29,465
583,061
552,112
30,949
5.2
5.2
5.0
29,266 30,538 32,108
30,171 31,491 33,101
19,162 19,845 20,915
8,215
828
22,220
4,420
1,494
1,586
2,618
1,927
939
8,545
854
22,859
4,627
1,551
1,646
2,699
1,996
964
1,501
1,554
882
23,637
4,818
1,601
1,700
2,820
2,077
1,003
1,649
4.8
3.3
3.4
4.1
3.2
3.3
4.5
4.1
4.0
6.1
27,738
16,150
18,655
21,996
17,451
19,190
18,621
20,648
18,078
18,684
Torrance
Union
Valencia
Albany
Allegany
Bronx
Broome
Cattaraugus
Cayuga
Chautauqua
Chemung
Chenango
Clinton
1,457
878
823
6,818
22,607
Columbia
Cortland
Delaware
Dutchess
Erie
Essex
Franklin
Fulton
Genesee
Greene
715
825
1,077
1,246
906
1,520
910
860
7,256
23,478
743
834
1,114
1,305
962
See footnotes at end of table.
17
51
52
10
15
42
59
35
33
37
1,161
1,281
1,351
5.5
22,755
19,225
20,821
19,120
18,269
20,057
18,719
16,868
19,645
18,416
23,960
20,305
22,294
20,039
19,393
21,363
20,061
17,784
20,890
19,462
24,836
21,298
23,687
20,496
20,161
22,328
20,340
18,497
19,908
19,731
16
44
21
59
62
32
60
83
64
67
4,485
1,559
2,717
1,485
4,810
1,638
2,963
1,571
5,056
1,700
3,186
1,675
5.1
3.8
7.5
6.6
3.9
5.1
3.8
6.4
4.5
7.0
23,506
19,311
24,027
19,920
18,379
20,866
17,221
24,732
25,506
15,946
24,984
20,048
25,491
20,812
19,192
22,483
17,918
25,935
26,698
16,678
25,998
20,644
26,480
22,060
19,679
23,442
18,463
27,157
27,489
17,469
15
57
12
36
69
24
84
11
10
94
19,765
16,981
19,468
18,845
21,629
22,205
20,085
21,018
21,104
25,478
20,484
18,327
20,337
20,338
22,648
23,183
21,226
22,154
22,195
26,930
21,238
18,861
21,126
20,046
23,527
24,104
22,162
23,096
23,034
27,937
47
78
49
63
23
19
34
28
29
9
22,451
26,154
18,497
28,243
18,932
21,451
17,304
15,402
19,192
18,624
23,872
27,770
19,161
29,465
20,500
22,420
17,666
16,300
20,749
20,138
20,574
28,492
19,349
31,304
20,932
23,210
17,775
16,877
21,007
18,001
58
7
73
3
53
27
91
96
50
90
27,212
17,002
17,622
19,823
23,958
16,309
13,043
18,437
22,434
17,891
28,160
17,677
18,623
21,027
25,136
17,053
13,734
19,901
23,666
19,289
29,229
18,357
19,129
21,494
26,115
17,626
13,582
18,157
24,382
20,777
4
87
75
42
14
92
100
89
18
55
21,043 22,534 23,288
18,750 20,543 19,160
5.1 22,447 23,843 24,563
.1 20,484 21,233 21,287
4.3 19,845 20,836 21,422
6.4 17,942 18,641 19,522
6.2 18,923 20,336 21,191
5.4 16,737 17,958 18,599
1.2 17,416 18,293 18,657
9.7 31,363 32,988 35,245
26
74
17
45
43
71
48
81
80
1
4.3
5.5
5.7
4.3
6.2
3.4
3.4
4.2
5.6
4.3
17,356
18,018
26,624
21,574
23,819
17,159
20,004
26,899
18,985
18,927
18,723
18,917
27,456
22,912
25,298
17,847
21,674
27,488
20,410
18,972
19,449
19,789
28,493
23,572
26,346
18,452
22,109
28,256
21,256
19,581
72
66
6
22
13
85
35
8
46
70
17,819
16,724
19,863
21,314
26,212
20,897
17,462
16,158
19,498
19,937
18,718
17,239
20,701
22,342
27,358
21,721
18,260
17,015
20,374
20,864
18,535
17,609
20,990
22,772
28,614
22,622
18,845
17,179
20,866
21,594
82
93
52
30
5
31
79
95
54
41
4.4
18,628
20,943
17,862
19,619
19,531
21,762
18,530
20,549
20,183
19,880
19,026
21,689
61
65
76
40
120
129
134
1,218
1,334
1,402
396
411
3,380
1,199
3,596
1,253
302
162
Duplin
Durham
Edgecombe
Forsyth
Franklin
Gaston
Gates
Graham
Granville
Greene
51,542
3,437
11,450
8,983
1,875
4,652
3,830
576
316
650
53,482
3,581
12,150
56,656
3,754
12,690
10,299
2,053
5.9
4.8
4.4
7.5
6.4
6.2
5.0
7.8
4.3
2.2
26,143
22,278
28,744
32,431
16,360
23,894
25,989
17,591
16,530
20,105
26,976
23,418
30,236
34,429
16,970
25,115
27,324
18,400
17,083
21,261
28,425
24,662
31,187
36,654
18,141
26,424
28,922
19,922
17,715
21,875
12
20
7
4
58
13
11
47
60
36
Mitchell
Montgomery
Moore
Nash
New Hanover
Northampton
Onslow
Orange
Pamlico
Pasquotank
2,085
39,683
1,604
1,010
1,988
3,596
1,428
1,046
2,004
38,554
2,106
42,550
1,590
1,064
2,058
3,738
1,497
1,072
2,115
40,520
2,220
44,745
1,660
1,101
2,148
3,973
1,559
1,126
2,170
42,581
5.4
5.2
4.4.
3.5
4.4
6.3
4.1
5.0
2.6
5.1
21,117
29,318
22,904
19,248
20,446
21,531
23,287
17,219
21,252
43,113
21,413
31,285
22,847
20,312
21,156
22,395
24,428
17,764
22,353
45,192
22,657
32,648
23,925
21,006
22,089
23,817
25,445
18,712
22,821
47,267
28
6
23
38
30
24
16
55
27
2
Pender
Perquimans
Person
Pitt
Polk
Randolph
Richmond
Rdbeson
Rockingham
Rowan
739
419
757
444
461
5.9
3.8
16,623 17,082 18,157
17,348 18,375 19,004
57
53.
Rutherford
Sampson
Scotland
Stanly
22,940 24,210 25,181
5.1
7.1
6.9
2.7
4.8
5.1
2.0
3.6
1,966
1,057
2,090
6,851
Johnston
Jones
Lee
Lenoir
Lincoln
McDowell
Macon
Madison
Martin
Mecklenburg
5.7
666
232
500
485
351
905
377
614
1,871
1,065
1,993
6,621
1
25
26
14
18
19
56
46
41
5
190,009
2,972
622
217
487
463
334
887
364
640
1,775
72,194
23,387
22,981
26,325
25,160
24,992
18,314
20,088
20,762
33,453
179,845
2,829
579
204
464
433
311
823
347
592
Cleveland
Columbus
Craven
Cumberland
Currituck
Dare
Davidson
Davie
67,368
22,506
21,752
25,002
24,388
23,820
18,071
19,410
19,836
32,002
167,638
2,648
397
65,430
21,541
20,683
23,874
23,336
23,084
17,365
18,579
19,253
30,210
4,197
639
340
24,655 26,028 27,241
19,488 20,529 20,991
290
153
7.5
3.1
4.8
4.7
3.0
6.0
1.5
2.8
4.5
5.8
5,217
6.5
3.5
279
137
111,648
5,093
5,302
12,055
2,504
8,242
822
2,487
1,258
3,123
9,583
1998
137,795
52,213
Chowan .„
Clay
103,842
4,940
5,057
11,518
2,430
7,779
810
2,420
1,204
2,951
1,929
4,914
3,996
593
326
684
1997
129,411
50,433
371
9
32
3
1,555
1996
348
21,404
1,118
55,120
1,330
1,495
114
1,271
2,313
54,561
464
1,367
1997-98
:....
Rank in
State
Dollars
120,379
47,258
3,180
1,121
31
48
39
22
62
40
34
110
1,233
2,213
52,721
440
Millions of dollars
Percent
change
369
22,051
19,854
20,832
24,076
16,922
20,827
21,926
29,938
22,013
42,368
Steuben
Suffolk
Sullivan
Tioga
Tompkins
Ulster
Warren
Washington
Wayne
Westchester
North Carolina
25,425
19,570
19,470
29,812
26,183
20,697
17,956
21,906
22,007
21,726
Buncombe
Burke
Cabarrus
Caldwell
Camden
Carteret
Caswell
Catawba
Chatham
Cherokee
21,248
18,964
19,692
23,264
15,954
20,237
21,095
28,718
20,869
40,685
Queens
Rensselaer
Richmond
Rockland
St. Lawrence
Saratoga
Schenectady
Schoharie
Schuyler
Seneca .:
Wyoming
Yates
24,013
18,897
18,503
27,525
24,902
19,722
16,988
20,848
21,391
20,179
Anson
Ashe
Avery
Beaufort
Bertie
Bladen
Brunswick
19,912
18,165
19,011
22,551
15,649
19,574
20,063
27,318
19,975
38,612
100,284
4,753
4,870
11,103
2,322
7,478
782
2,320
1,174
2,744
.....
22,962
18,172
17,472
25,949
23,737
18,905
16,676
19,979
20,373
19,100
61
49
21
54
43
45
29
50
44
Alamance
Alexander
Alleghany
3.6
3.1
4.5
3.5
5.5
2.8
4.0
3.9
4.6
4.3
20,608
1,069
52,865
New York
Niagara
Oneida
Onondaga
Ontario
Orange
Orleans
Oswego
Otsego
Putnam
7,913
24,447
777
874
1,163
1,336
1,046
5.5
3.7
5.0
9.1
4.1
4.6
4.8
4.4
2.4
8.7
30,576
17,444
19,841
24,514
18,845
20,687
20,387
22,524
19,668
20,664
Metropolitan portion
Nonmetropolitan portion
Guilford
Halifax
Harriett
Haywood
Henderson
Hertford
Hoke
Hyde
Iredell
Jackson
105
1,194
2,160
51,122
433
1,281
1,430
19,662
1,032
50,174
Hamilton
Herkimer
Jefferson
Kings
Lewis
Livingston
Madison
Monroe
Montgomery
Nassau
1,604
944
903
29,012
16,803
19,195
23,360
18,226
19,975
19,367
21,565
18,676
19,412
Area name
1998
1996
Lea
Lincoln
Los Alamos
Luna
McKinley
Mora
Otero
Per capita personal income •
Personal income
Rank in
State
-4.1
336
564
365
618
394
665
2,893
3,088
3,251
771
839
894
4.1
5.9
5.1
-.8
4.9
3.5
7.9
7.6
5.3
6.6
955
1,022
5,551
1,066
8,426
887
-13.2
5,764
1,064
9,006
3.8
-.2
6.9
4.5
4.0
2.3
3.2
5.3
978
1,875
6,299
5,147
1,035
8,013
809
893
933
3,900
4,102
4,267
171
117
795
328
176
124
874
363
180
128
920
331
10,298
10,767
966
999
1,387
1,875
1,502
1,073
2,008
11,330
1,034
1,577
1,107
2,121
362
373
99
378
403
108
388
412
106
2,383
2,585
2,768
526
572
623
2,070
2,300
997
-8.8
5.2
3.5
5.0
3.2
5.6
2.6
2.2
-1.9
7.1
8.9
2,482
7.9
176
194
179
-7.7
1,059
1,209
1,116
1,149
1,252
1,192
1,208
1,253
1,243
691
511
306
458
735
564
331
482
782
599
349
488
18,701
20,261
22,233
256
431
276
452
288
477
1,824
1,892
3,423
1,923
2,054
3,717
2,033
2,142
3,948
365
381
394
2,860
2,869
3,066
2,981
3,170
3,106
231
650
248
668
262
697
650
183
649
710
191
686
730
197
705
2,600
2,780
2,884
428
457
479
2,448
2,593
2,746
800
838
867
1,827
1,739
2,426
1,946
1,828
2,581
1,987
1,879
2,701
2.8
3.1
2.8
3.7
4.8
5.9
3.5
2.1
2.8
4.6
1,112
1,063
1,177
1,125
1,229
1,041
-7.5
633
658
679
1,073
1,140
1,211
3.2
6.2
1996
1997
1998
1998
146
• July 2000
SURVEY OF CURRENT BUSINESS
Table 3.—Personal Income and Per Capita Personal Income by County, 1996-98—Continued
Per capita personal income»
Personal income
Area name
Millions of dollars
1996
Stokes
Surry
Swain
Transylvania
Tyrrell
Union
Vance
Wake
Warren
Washington
Watauga
Wayne
Wilkes
Wilson
Yadkin
Yancey
North Dakota
Metropolitan portion
Nonmetropolitan portion
Adams
Barnes
Benson
Billings
Bottineau
Bowman
Burke
Burleigh
Cass
Cavalier
Dickey
Divide
Dunn
Eddy
Emmons
Foster
Golden Valley
Grand Forks
Grant
Griggs
Hettinger
Kidder
LaMoure
Mclnffi Z Z Z I I
McKenzie
McLean
Mercer
Morton
Percent
change
793
1997
177
852
1,418
192
581
63
2,087
2,285
1,325
729
15,644
269
243
748
2,037
1,218
1,454
673
636
65
771
17,542
288
254
807
2,139
1,298
1,535
725
263
1997
1998
1,475
198
665
62
2,455
18,915
20,205
14,709
21,100
16,596
19,987
21,360
15,764
22,813
17,432
21,563
20,714
21,939
16,156
23,378
15,475
22,277
56
38
97
25
799
19,266
298
248
859
2,205
1,381
1,626
763
304
3.6
9.8
3.5
-2.4
6.4
3.1
6.4
5.9
5.2
5.6
17,746
29,332
15,016
17,521
18,532
18,240
19,686
21,545
19,800
16,150
18,527
31,792
15,913
18,504
19,829
19,106
20,831
22,642
21,028
17,489
19,008
33,780
15,874
18,366
20,996
19,710
22,014
23,823
21,860
18,308
77
2
13,607
6,211
7,396
13,380
6,474
6,906
14,600
6,917
7,684
9.1
6.8
11.3
21,166 20,876 22,892
22,638 23,524 25,135
20,070 18,882 21,189
52
237
103
47
214
88
11
133
66
41
1,589
2,932
104
50
241
99
15
152
75
51
6.4
12.6
12.5
36.4
14.3
13.6
24.4
5.7
8.2
13.5
18,555
19,623
15,113
10,305
22,471
19,943
23,103
23,061
24,419
23,327
12
168
65
56
1,515
2,765
122
1,680
3,172
118
117
55
51
52
80
88
30
13.6
27,9
24.4
10.6
27.0
18.9
15.4
3.9
28.1
26.9
19,291 18,235 20,654
23,458 17,700 23,380
11,365 14,221
17,475 16,375 18,140
16,304 14,380 18,396
21,427 19,754 23,201
15,517 13,580 16,234
20,993 21,610 23,339
11,200 10,462 13,912
20,072 18,201 23,128
33
8
49
43
42
10
46
9
51
11
67
45
103
46
52
42
82
36
91
61
89
182
206
452
61
17.3
28.6
23.2
27.8
15.4
18.0
20.2
13.2
2.4
11.7
22,554
15,209
20,743
18,961
15,886
18,714
17,538
21,177
22,298
18,019
17,579 20,997
14,486 18,773
21,138
15,110 19,600
14,719 17,310
17,013 20,892
15,547 18,781
18,625 21,246
21,687 22,476
18,506 20,533
28
40
27
38
45
31
39
24
16
35
102
208
212
439
54
101
46
105
72
107
206
211
505
138
81
40
251
95
273
122
60
391
207
20.0
17.4
17.6
22.4
14.5
8.8
3.4
25.0
2.4
3.5
Sargent
Sheridan
Sioux
Slope
Stark . . .
Steele
Stutsman
Towner
Traill
Walsh
111
33
40
11
425
50
453
64
183
103
26
41
6
444
43
106
34
43
12
475
51
439
53
169
495
65
279
241
290
2.9
30.8
4.9
100.0
7.0
18.6
12.8
22.6
14.2
20.3
1,301
121
419
1,303
103
1,376
113
428
5.6
9.7
4.9
264,162
223,134
41,028
280,289
236,512
43,777
292,999
247,484
45,515
4.5
4.6
4.0
Champaign
Clark Z
See footnotes at end of table.
41
36
48
52
32
13
17
3
2
6
394
2,210
947
1,941
970
1,015
1,253
692
7,319
425
2,313
1,018
2,052
1,034
1,085
1,319
509
774
7,901
555
787
3,167
3,359
193
1997
3,595
864
Clermont
Clinton
Columbiana
Coshocton
Crawford
Cuyahoga
Darke
Defiance
2,041
663
921
39,181
1,132
2,690
1,950
2,699
507
26,454
Delaware
Erie
Fairfield
Fayette
Franklin
Fulton
929
Gallia
Hamilton
Hancock
Hardin
Harrison
Henry
Highland
Hocking
Holmes
Huron
Jackson
550
2,524
3,489
Mercer
Miami
Monroe
Montgomery
Morgan
Morrow
Muskingum
Noble
30
18
44
1
34
15
26
22
19
47
25,047 23,238 23,884
17,762 14,772 19,942
9,865 9,906 10,341
13,408 7,376 13,927
19,596 20,921
22,223 18,819 22,907
21,378 20,846 23,614
20,131 17,387 21,537
21,124 19,653 22,619
20,284 17,602 21,356
4
37
53
50
29
12
5
21
14
23
ROSS
Sandusky
Scioto
Seneca
Shelby
Stark
Summit
Trumbull
Tuscarawas
Union
21,776 22,058
22,969 19,621
20,471 20,137
23,497
21,633
21,242
7
19
25
Van Wert
23,613 24,998
24,604 26,042
19,372 20,547
26,073
27,200
21,277
5.6
3.4
3.5
6.8
4.1
4.1
7.1
6.8
6.3
8.1
13,991
20,361
18,642
18,951
15,817
21,614
17,372
17,577
22,587
17,904
14,996
21,433
19,881
19,918
16,860
23,137
18,372
19,289
24,112
19,220
15,735
22,295
20,405
21,221
17,459
24,012
19,648
20,265
25,372
20,640
87
43
61
53
79
30
66
62
20
58
903
3,468
3.9
3.2
20,750
21,578
22,810 23,543
23,028 23,870
34
32
,
Marion
Medina
Meigs
20,907
21,779
17,962
29,538
20,551
22,525
21,145
21,397
20,867 21,633
14,174 14,654
449
2,391
1,054
2,191
1,076
1,130
1,412
827
8,395
658
Jefferson
Knox
Lake
Lawrence
Licking
Logan
Lorain
Lucas
Madison
Mahoning
17,275
17,871
15,187
23,722
17,876
20,322
20,201
20,516
19,987
16,266
26,200
18,800
21,281
21,706
24,845
20,510
13,947
Percent
change
Millions of dollars
Geauga
Greene
Guernsey
103
43
41
47
63
74
26
1,501
32
52
115
69
34
205
83
251
118
48
382
200
Adams
Allen
Ashland
Ashtabula
Athens
Auglaize
Belmont
Brown
Butler
Carroll
18,543
20,187
14,494
13,748
20,837
22,700
22,301
25,117
27,139
23,550
37
20
39
109
59
43
50
72
82
30
1,492
35
59
138
77
36
229
88
265
126
71
374
194
Ohio
Metropolitan portion
Nonmetropolitan portion
16,846
17,740
12,799
9,730
17,901
19,903
17,667
23,954
25,498
20,351
Area name
1998
1996
5.2
4.0
3.1
4.6
-4.6
7.4
1997-98
Mountrail
Nelson
Oliver
Pembina
Pierce
Ramsey
Ransom
Renville
Richland
Rolette
Ward
Wells
Williams
Dollars
Per capita personal income'
Personal income
Rank in
State
Ottawa
Paulding
Perry
Pickaway
Pike
Portage
Prebie
Putnam
Richland
Vinton
Warren
Washington
Wayne
Williams
Wood
Wyandot
Oklahoma
Metropolitan portion
Nonmetropolitan portion
Adair
Alfalfa
Atoka
Beaver
Beckham
Blaine
Bryan
Caddo
24,747
1,665
552
253
648
653
Rank in
State
Dollars
1997-98
1997
4,364
1,008
2,282
740
1,020
42,581
1,245
954
7.9
5.5
5.1
3.6
2.8
3.8
1.0
1.7
21,205
22,320
18,331
18,391
19,456
27,998
20,816
22,165
23,402
24,191
19,497
19,752
21,012
29,546
22,731
23,451
24,828
25,114
20,487
20,491
21,614
30,846
23,026
23,944
24
22
2,988
2,041
2,928
551
28,442
1,004
586
2,738
3,690
700
3,301
2,106
3,145
562
30,060
1,028
614
2,903
3,798
728
10.5
3.2
7.4
2.0
5.7
2.4
4.8
6.0
2.9
4.0
30,867
24,736
22,634
17,791
26,143
22,616
16,801
29,357
23,814
16,265
32,320
25,964
24,097
19,305
27,950
24,234
17,683
31,285
25,274
17,232
33,614
26,922
25,376
19,712
29,425
24,598
18,478
32,765
25,674
17,781
1
12
19
64
5
26
72
2
17
76
25,775
1,780
596
274
690
26,863
1,871
616
716
515
616
4.2
5.1
3.4
4.4
.9
4.6
5.8
5.2
2.8
4.2
28,921
24,320
17,501
15,787
21,723
16,538
16,926
15,834
20,584
16,051
30,264
25,957
18,793
16,998
23,084
18,023
17,957
16,501
21,669
16,971
31,708
27,112
19,431
17,736
23,308
18,516
18,848
17,120
22,177
17,591
3
10
68
77
37
71
70
82
44
78
4,045
955
2,171
714
992
41,040
1,233
49
4
41
31
550
749
545
648
1,335
573
1,413
1,007
5,729
1,000
2,995
979
6,280
10,957
775
5,510
1,395
1,070
6,126
1,066
3,185
1,075
6,640
11,486
839
5,795
1,442
1,102
6,427
1,098
3,481
1,122
6,964
11,815
873
5,918
3.4
3.0
4.9
3.0
9.3
4.4
4.9
2.9
4.1
2.1
18,348
19,429
25,387
15,600
23,161
21,561
22,355
24,248
18,360
20,313
27,083
16,556
24,453
23,456
23,551
25,490
20,580
21,232 22,519
19,335
20,644
28,337
17,035
25,791
24,205
24,719
26,335
21,235
23,183
1,305
3,412
341
882
2,371
241
1,390
3,726
362
924
2,539
253
14,335
238
493
15,049
252
521
1,613
1,702
1,448
3,981
382
962
2,631
265
15,510
261
544
1,790
4.2
6.8
5.5
4.1
3.6
4.7
3.1
3.6
4.4
5.2
19,336
24,574
14,265
21,601
24,451
15,768
24,950
16,361
16,170
19,130
20,633
26,321
15,096
22,573
25,980
16,544
26,311
17,367
16,774
20,160
21,583
27,675
15,951
23,406
26,788
17,251
27,203
17,952
17,286
21,155
173
973
375
490
933
445
3,116
838
750
2,606
191
1,032
398
519
3,351
888
820
2,745
200
1,076
396
541
1,054
495
3,522
935
840
2,833
4.7
4.3
-.5
4.2
4.4
4.7
5.1
5.3
2.4
3.2
14,308
24,017
18,547
14,468
17,799
16,463
20,821
19,665
21,365
20,081
13,242
25,333
19,691
15,173
19,174
17,207
22,289
20,681
23,410
21,143
13,564
26,242
19,703
15,821
19,777
17,836
23,350
21,681
23,820
21,846
63
75
36
48
33
46
1,326
1,287
1,343
1,159
1,053
8,404
13,559
5,168
1,683
809
1,410
1,355
1,426
1,233
1,142
8,819
14,330
5,373
1,757
870
1,475
1,404
1,468
1,262
1,199
9,287
15,008
5,492
1,846
925
4.6
3.6
2.9
2.4
5.0
5.3
4.7
2.2
5.1
6.3
17,885
20,546
16,560
19,253
22,450
22,445
25,324
22,655
19,180
21,456
18,829
21,728
17,564
20,488
24,153
23,591
26,707
23,642
19,942
22,386
19,557
22,615
18,178
21,036
25,209
24,898
27,940
24,264
20,845
23,191
67
42
73
55
21
23
7
28
56
38
642
894
2,948
482
663
194
3,957
1,36:
2,542
925
3,064
498
3.3
4.9
9.9
3.5
5.4
3.5
3.9
3.3
19,735
14,496
23,701
19,461
20,993
22,039
23,541
19,727
21,143
15,379
25,716
20,767
22,023
23,571
24,897
21,28;
22,025
15,916
27,097
21,586
23,079
24,428
25,624
21,817
45
85
11
50
40
27
18
47
46,451
23,414
73,350
49,057
24,293
5.0
5.6
3.8
20,151 21,080 21,964
22,385 23,255 24,320
16,781 17,781 18,371
301
108
181
112
313
197
585
479
320
108
191
117
323
205
620
501
6.3
0
5.5
4.5
3.2
14,384
14,551
12,833
16,288
15,338
16,650
16,393
14,654
482
582
1,224
518
598
175
3,196
1,241
2,279
835
2,757
448
66,289
44,279
22,010
287
89
170
96
297
178
554
450
1,299
1,010
473
185
3,600
1,321
2,411
4.1
6.0
4.6
14,982
17,891
13,560
18,91"
16,198
18,49;
17,078
15,512
15,678
17,904
14,343
19,431
16,184
19,706
17,848
16,215
57
6
83
16
29
25
14
52
39
84
35
13
81
9
74
42
74
23
63
18
43
61
July 2000 •
SURVEY OF CURRENT BUSINESS
147
Table 3.—Personal Income and Per Capita Personal Income by County, 1996-98—Continued
Personal income
Area name
Millions of dollars
1997
1997-98
1996
Canadian
Carter "..,..-
1998
15,780
14,747
19,170
20,222
13,224
20,336
17,362
17,243
16,878
18,583
16,480
15,237
21,098
21,203
13,386
21,257
17,924
18,008
17,358
19,140
59
71
15
14
77
13
41
39
51
29
5.4
4.4
5.1
3.4
2.9
4.3
.8
3.3
5.1
15,991
16,546
17,115
20,603
17,927
16,182
17,636
16,935
15,518
18,540
17,112
18,251
18,643
22,019
19,012
16,503
21,685
18,786
16,876
24,577
17,753
19,306
19,335
22,720
19,590
17,078
22,204
19,704
17,736
23,708
46
27
26
6
21
54
9
19
47
5
293
190
182
789
4.3
2.3
2.8
7.3
1.1
3.5
14,401
14,389
17,122
15,689
13,167
20,972
19,119
15,060
16,239
15,632
15,590
14,775
18,895
17,919
13,481
21,695
21,159
16,284
17,573
16,413
16,009
14,499
19,700
17,630
14,046
22,273
21,715
17,789
17,693
16,919
64
73
20
49
75
8
11
45
48
56
536
576
132
469
565
286
148
197
654
198
563
617
135
493
599
292
147
205
685
206
5.0
7.1
2.3
5.1
6.0
2.1
-.7
4.1
4.7
4.0
16,420
18,207
14,652
17,628
15,609
14,601
17,209
15,870
16,669
15,199
17,267
19,255
15,454
18,197
16,342
15,231
19,035
16,304
17,645
16,000
17,976
20,509
15,774
18,809
17,210
15,386
18,874
16,697
18,205
16,720
40
17
65
32
52
69
30
58
37
57
1,174
1,239
1,299
195
142
152
214
156
164
222
162
168
14,646
15;152
15,841
549
670
532
266
577
727
560
288
603
756
573
298
1,153
1,225
1,267
4.8
3.7
3.8
2.4
4.5
4.5
4.0
2.3
3.5
3.4
16,836
17,373
14,427
13,465
23,348
14,544
15,820
17,439
16,567
18,029
17,752
18,968
15,769
14,471
24,018
14,970
17,130
18,247
17,785
18,848
18,538
19,503
16,188
14,767
25,031
15,599
17,618
18,537
18,181
19,405
33
22
62
72
4
67
50
34
38
25
672
592
723
631
739
653
1,025
1,090
1,135
148
57
153
65
155
66
1,224
1,321
1,405
364
580
766
424
377
611
815
464
385
637
845
496
2.2
3.5
4.1
1.3
1.5
6.4
2.1
4.3
3.7
6.9
15,576
16,947
16,673
12,733
15,409
19,256
14,621
15,887
17,748
24,347
16,826
18,229
17,793
13,287
18,113
20,124
15,088
16,537
18,803
25,759
17,184
18,868
18,224
13,512
18,457
20,657
15,555
16,964
19,422
26,751
53
31
36
76
35
16
68
55
24
2
145
147
155
14,414
15,219
16,297
5.4 15,063 15,278 16,259
7.1 27,212 28,375 29,990
4.7 16,540 17,377 17,836
4.3 24,277 25,203 26,271
1.7 14,239 15,310 15,261
6.2 18,675 21,326 22,640
.3 17,247 19,100 19,151
60
1
44
3
70
7
28
607
224
59
643
230
63
3,807
4,005
4,261
73
81
81
2,154
2,211
2,299
111
223
117
249
119
260
1,047
1,118
1,165
460
475
489
530
84
72
578
91
78
609
95
82
1,172
1,251
1,294
479
726
97
112
55
69
510
750
118
121
59
89
525
782
119
125
62
85
Haskell
Hughes
Jackson
Jefferson
Johnston
Kay
Kingfisher
Kiowa
Latimer
Le Flore
162
197
511
105
134
989
257
163
167
718
177
208
536
119
139
182
204
562
116
145
1,014
1,037
285
177
180
762
Lincoln
Logan
Love
McClain
McCurtain
Mclntosh
Major
Marshall
Mayes
Murray
507
540
126
448
540
270
132
188
608
189
Muskogee
Noble
Nowata
Okfuskee
Oklahoma
Okmulgee
Osage
Ottawa
Pawnee
Payne
,
Tillman
Tulsa
Wagoner
Washington
Washita
Woods
Woodward
Oregon
Metropolitan portion
Nonmetropolitan portion
Baker
Benton
Clackamas
Clatsop
Columbia
Coos
Crook
Curry
Deschutes
Douglas
Gilliam
Grant
Harney
Hood River
Jackson
Jefferson
See footnotes at end of table.
881
941
985
1,151
1,196
1,248
166
157
321
178
177
356
181
188
357
75,561
58,507
17,053
81,040
62,902
18,138
85,043
66,097
18,947
281
311
313
1,895
9,015
2,050
9,772
2,125
10,281
737
893
776
965
1,226
1,283
1,024
1,326
801
310
418
330
444
344
463
2,248
1,870
2,446
2,010
2,620
2,092
37
149
124
378
32
161
141
407
29
160
148
417
3,583
3,815
4,022
276
285
307
-4.5
2.8
-1.9
4.9
-5.5
4.9
5.1
4.5
23,649 24,987 25,912
25,230 26,688 27,687
19,465 20,465 21,175
.6 17,196 18,991 19,049
3.7 24,643 26,442 27,307
5.2 27,859 29,580 30,709
3.2 20,978 21,902 22,662
6.1 20,917 22,179 23,004
3.4 19,574 20,516 21,332
4.2 18,612 19,471 19,905
4.3 19,873 21,068 21,993
7.1 22,802 24,061 24,784
4.1 18,573 19,786 20,543
31
4
1
11
9
16
26
14
5
21
14,353
19,963
20,534
21,262
23,214
18,328
36
25
22
17
8
33
-9.4
-.6
5.0
2.5
5.4
7.7
18,932
18,645
17,590
19,818
21,301
17,101
16,269
20,149
20,075
21,165
22,368
17,236
Area name
Percent
change
Millions of dollars
1996
1998
15,239
13,984
16,746
19,655
12,002
19,613
16,227
15,552
16,054
17,820
574
213
51
Pittsburg
Pontotoc
Pottawatomie
Pushmataha
Roger Mills
Rogers
Seminole
Sequoyah
Stephens
Texas
1998
5.9
2.7
6.8
6.4
0
4.0
1.7
4.4
4.2
2.9
947
;
1997
10
12
1,872
913
Delaware
Dewey
Ellis
Garfield
Garvin
Grady
Grant
Greer
Harmon
Harper
1996
20,093 20,889 21,917
19,705 20,603 21,344
1,762
869
Comanche
Cotton
Craig
Creek
Custer
Dollars
Per capita personal income'
Personal income
Rank in
State
6.2
3.7
1,671
Cherokee
Choctaw
Cimarron
Cleveland
Coal
Per capita personal income'
Percent
change
1997
1998
1997-98
Rank in
State
Dollars
1996
1997
1998
Josephine
Klamath
Lake
Lane
1,314
1,167
133
6,727
1,405
1,225
145
7,178
1,473
1,251
143
7,568
4.8
2.1
-1.4
5.4
18,223
18,809
18,201
21,960
19,191
19,518
19,977
23,072
19,862
19,800
19,996
24,151
27
28
24
Lincoln
Linn
Malheur
Marion
Morrow
Multnomah
Polk
Sherman
Tillamook
Umatilla
2,018
524
5,626
157
17,404
1,184
37
455
1,209
948
2,140
532
5,947
160
18,554
1,288
* 29
477
1,288
2,216
558
6,250
183
19,334
1,371
29
501
1,379
4.6
3.6
4.9
5.1
14.4
4.2
6.4
0
5.0
7.1
19,969
19,802
18,591
21,616
17,057
27,931
20,309
20,447
18,882
18,824
20,866
20,662
18,760
22,450
16,700
29,548
21,510
15,944
19,625
20,005
21,913
21,218
19,542
23,240
18,353
30,662
22,334
16,247
20,613
21,018
15
18
30
7
32
2
13
34
20
19
491
148
499
11,582
25
1,750
504
144
528
12,270
24
1,852
2.6
-2.7
5.8
Yamhil ."ZZIIZ
462
132
473
10,565
23
1,615
18,460
17,696
20,587
27,683
14,092
20,729
19,606
19,853
21,585
29,597
15,324
21,920
20,272
19,636
22,876
30,621
15,555
22,586
23
29
10
3
35
12
Pennsylvania
Metropolitan portion
Nonmetropolitan portion
299,001
262,789
36,212
314,944
276,960
37,983
329,687
289,946
39,741
4.7
4.7
4.6
24,838 26,211 27,469
25,821 27,272
19,464 20,416 21,374
Adams
Allegheny
Armstrong
Beaver
Bedford
Berks
Blair
Bradford
Bucks
Butler
1,787
37,105
1,408
3,856
830
8,814
2,643
1,143
16,873
3,627
1,909
38,837
1,489
4,079
874
9,356
2,765
1,185
18,179
2,000
40,150
1,593
4,251
922
9,787
2,900
1,232
19,189
4,112
4.8
3.4
7.0
4.2
5.5
4.6
4.9
4.0
5.6
5.8
21,155
28,703
19,088
20,663
16,857
25,046
20,139
18,349
29,127
21,676
22,287
30,333
20,298
21,984
17,749
26,439
21,113
19;011
31,209
23,011
23,083
31,665
21,728
23,066
18,657
27,511
22,216
19,746
32,643
24,078
28
5
37
29
64
10
32
60
3
22
Cambria
Cameron
Carbon
Centre
Chester
Clarion
Clearfield
Clinton
Columbia
Crawford
3,048
121
1,161
3,172
129
1,236
3,276
133
1,295
3,072
19,220
21,172
19,825
21,043
36,963
18,236
18,489
18,111
19,012
18,601
20,157
22,788
21,015
22,230
39,796
19,381
19,520
19,025
19,829
19,665
21,058
23,672
22,059
23,272
41,675
20,435
20,390
19,810
21,165
20,576
46
24
33
27
2
52
54
59
43
51
Union
Wallowa ....;
Wasco
Washington
Cumberland
Dauphin
,
Delaware
Elk
Erie
Fayette
Forest
Franklin
Fulton
Greene
Philadelphia
Pike
Potter
Schuylkill
Snyder
Somerset
Sullivan
Susquehanna
Tioga .
Union
Venango
Warren
Washington
2,945
16,542
810
1,579
704
1,272
1,757
17,582
853
1,646
732
1,353
1,837
5,858
6,780
16,847
820
6,341
2,772
85
2,856
271
706
6,124
7,211
17,519.
844
6,570
2,887
89
2,986
288
734
4.5
6.4
4.0
2.9
3.6
4.1
4.7
4.6
6.3
4.0
26,739
26,465
29,486
22,182
21,617
18,053
16,616
21,456
18,380
15,927
28,211
27,599
30,984
23,556
22,685
19,104
17,139
22,394
18,687
16,727
29,218
29,380
32,288
24,385
23,622
19,996
17,947
23,282
19,830
17,385
4
20
25
57
65
26
58
67
750
1,751
783
1,839
969
423
5,120
2,014
2,859
8,861
7,560
4.4
5.0
3.9
5.0
3.1
5.5
4.4
4.8
5.0
3.1
16,033
18,776
19,146
17,631
22,565
23,895
19,287
22,040
26,667
21,848
16,758
19,641
20,071
18,402
23,618
25,094
20,264
23,304
28,312
23,106
17,491
20,809
20,979
19,140
24,572
26,303
21,223
24,303
29,657
24,029
49
47
61
19
12
42
21
7
23
2,558
1,021
2,585
881
2,809
30,532
552
6,847
1,981
937
4.4
2.9
4.4
3.9
7.6
5.1
6.8
5.3
4.9
4.8
19,756
20,278
19,310
17,449
20,184
38,552
27,185
23,771
19,279
19,802
20,754
21,245
20,275
18,074
21,275
40,705
29,026
25,260
19,858
20,266
21,791
22,045
21,231
18,761
22,396
42,431
31,402
26,479
21,089
21,163
35
34
41
63
31
1
6
11
45
44
35,542
856
371
3,268
958
1,611
123
859
781
4.9
7.8
5.4
3.5
3.6
3.5
5.1
4.1
4.8
4.7
22,354
19,429
19,267
19,879
23,302
18,632
18,549
18,795
17,276
19,636
23,346
20,264
20,546
20,896
24,200
19,331
19,175
19,620
17,973
20,257
24,769
21,332
21,644
21,777
25,237
20,091
20,179
20,409
18,799
21,516
17
40
38
36
15
56
55
53
62
39
1,421
993
5,378
3.0
2.6
6.4
22,304 23,718 24,583
21,258 21,937 22,685
23,149 24,569 26,190
18
30
13
1,659
5,538
6,507
....
iS9..:::::::::
Mercer
Mifflin
Monroe
Montgomery
Montour
Northampton
Northumberland
Perry
2,779
15,133
769
1,496
672
3.3
3.1
4.8
4.3
6.3
5.3
4.2
4.0
6.4
4.6
1,222
Huntingdon
Indiana
Jefferson
Juniata
Lackawanna
Lancaster
Lawrence
Lebanon
Lehigh
Luzerne
5.9
-4.0
5.8
16,138
778
6,053
2,627
82
2,719
264
673
722
1,687
893
384
4,799
10,760
1,845
2,578
7,927
7,014
2,348
957
2,360
818
2,408
27,394
486
6,105
1,848
32,896
738
330
3,031
889
1,499
113
790
717
1,305
946
4,774
933
403
4,966
11,384
1,930
2,729
8,443
7,335
2,451
992
2,475
848
2,610
29,049
517
6,504
1,888
894
33,891
794
352
3,159
925
1,557
117
825
745
827
1,379
968
5,056
12,012
148
• July 2000
SURVEY OF CURRENT BUSINESS
Table 3.—Personal Income and Per Capita Personal Income by County, 1996-98—Continued
Personal income
Area name
Millions of dollars
1996
Wayne
Westmoreland
Wyoming
York .....
Rhode Island
Metropolitan portion
Nonmetropolitan portion
Bristol
Kent
Newport
Providence
Washington
South Carolina
Metropolitan portion
Nonmetropolitan portion
Abbeville
Aiken
Allendale
Anderson
Bamberg
Bamwell
Beaufort
Berkeley
Calhoun
Charleston
Cherokee
Chester
Chesterfield
Clarendon
Colleton
Darlington
Dillon
Dorchester
Edgefield
Fairfield
1997-98
1997
Rank in
State
Dollars
1996
1997
1998
19,696
23,700
19,939
24,599
20,701
24,799
20,838
25,596
559
8,693
890
8,856
584
9,123
940
9,235
609
5.6
4.3
4.3
4.8
18,667
22,265
18,922
23,609
24,818
22,543
2,275
26,505
24,037
2,468
27,914
25,350
2,565
5.3
5.5
3.9
25,123 26,855 28,262
24,909 26,591 28,007
27,470 29,733 31,054
1,441
4,154
2,275
13,856
3,092
1,518
4,427
2,468
14,742
3,349
1,615
4,672
2,565
15,463
3,599
6.4
5.5
3.9
4.9
7.5
29,392
25,695
27,470
24,031
26,263
76,287
55,549
20,738
81,169
59,048
22,122
62,699
23,199
5.8
6.2
4.9
20,403 21,416 22,372
21,285 22,273 23,307
18,364 19,422 20,184
412
2,836
161
3,140
449
3,020
8,358
256
389
2,859
1,971
245
6,722
811
539
683
446
573
1,209
465
1,581
310
387
176
3,375
270
425
3,191
2,109
261
7,141
572
714
478
618
1,245
489
1,677
340
418
2,632
3,166
186
3,557
282
504
3,387
2,237
276
7,611
930
602
738
493
644
1,304
499
1,825
376
442
30,961
27,441
29,733
25,665
28,101
32,832
28,946
31,054
26,953
29,792
4.5
4.8
5.7
5.4
4.4
18.6
6.1
6.1
5.7
16,940
21,420
13,771
20,082
15,308
18,105
27,232
14,950
18,138
21,923
19,019
23,627
16,293
22,130
17,130
23,086
30,765
16,258
19,625
24,040
26
7
40
13
37
9
1
41
24
7.9
5.2
3.4
3.1
4.2
4.7
2.0
8.8
10.6
5.7
16,929 17,744 18,894
16,141 16,917 17,521
17,559 17,965
14,662 15,565 16,016
15,598 16,653 17,243
18,529 18,946 19,652
15,747 16,558 16,788
18,768 19,391 20,735
15,829 17,233 18,809
17,392 18,733 19,730
28
34
33
42
36
23
39
17
29
21
18,352
22,662
15,306
21,278
16,276
19,544
29,765
15,731
18,947
22,779
4.7
5.8
5.8
3.2
6.2
7.2
6.1
5.7
4.8
3.7
20,218
19,796
24,765
20,348
16,849
20,984
16,617
19,219
18,308
19,766
21,161
20,547
25,978
21,984
17,863
22,202
17,239
19,689
19,002
20,257
22,114
21,207
27,131
22,562
18,900
23,088
18,225
20,484
19,557
20,762
14
15
2
11
27
8
31
18
25
16
1.9
7.3
4.2
3.5
1.1
3.5
5.6
4.7
6.8
6.5
12,805
22,911
13,900
15,275
14,072
17,984
20,665
17,048
18,651
24,045
13,206
23,990
15,027
16,203
14,729
19,092
21,758
17,958
19,550
25,206
13,390
25,174
15,591
16,892
14,921
19,671
22,702
18,777
20,460
26,547
46
4
43
38
45
22
10
30
19
3
3,710
4.7
5.0
4.7
3.0
3.7
6.1
17,292
20,729
16,191
16,493
13,941
22,286
18,990
21,400
16,650
17,415
14,525
23,247
19,783
22,274
17,294
17,967
15,111
24,051
20
12
35
32
44
5
17,331
6,769
10,562
5.8
6.3
5.5
21,736 22,410 23,715
24,779 25,984 27,275
20,216 20,606 21,885
57
414
47
132
554
884
108
21
146
34
58
410
49
140
590
919
115
21
147
1.8
-1.0
4.3
6.1
6.5
4.0
6.5
0
.7
14.7
19,957
22,538
14,224
20,579
20,087
23,812
19,476
11,761
15,483
18,505
18,763
23,075
14,123
17,867
21,188
24,772
19,462
11,891
16,316
17,585
19,194
23,944
14,403
19,356
22,729
25,960
20,883
11,952
16,522
20,639
53
14
57
52
27
6
39
62
56
42
190
87
257
591
49
117
427
120
88
76
190
Codington
Corson
Custer
Davison
Day
Deuel
Dewey
195
94
262
556
48
118
411
115
91
68
0
1.1
4.7
4.9
8.2
6.0
5.2
3.3
12.5
5.3
20,567
21,601
19,660
22,136
11,347
17,286
23,173
17,619
19,986
11,889
20,164
20,031
19,446
23,198
11,416
16,903
23,978
18,583
19,465
13,281
20,467
20,331
20,427
24,393
12,636
17,856
25,320
19,372
21,975
13,650
43
46
45
11
61
54
7
51
32
58
Douglas
Edmunds
77
94
74
94
0
10.6
21,449 20,868 21,071
21,525 22,185 24,611
36
Florence
Georgetown
Greenville
Greenwood
Hampton
Horry
Jasper
Kershaw
Lancaster
Laurens
2,490
1,021
8,533
1,283
321
3,437
277
Lee
Lexington
McCormick
Marion
Marlboro
Newberry
Oconee
Orangeburg
Pickens
Richland
256
4,476
132
530
420
614
1,292
1,489
1,927
7,219
267
4,809
143
564
437
654
1,379
1,573
2,050
Saluda
Spartanburg
Sumter
Union
Williamsburg
York
292
5,033
1,798
504
337
5,506
1,943
548
519
3,263
322
5,245
1,855
532
539
3,496
15,883
6,033
9,850
16,379
6,370
10,008
Aurora
Beadle
Bennett
Bon Homme
Brookings
Brown
Brule
Buffalo
Butte
Campbell
60
408
47
147
524
853
108
21
140
35
Charles Mix
Clark
South Dakota
Metropolitan portion .
Nonmetropolitan portion
Clay
See footnotes at end of table.
906
1,042
1,215
1,077
2,757
1,139
9,074
9,604
1,390
341
3,761
293
942
1,098
1,435
1,264
7,603
362
4,030
311
996
1,151
1,311
272
5,162
149
584
442
677
1,456
1,647
2,190
8,094
559
620
53
124
449
124
74
104
Area name
Percent
change
Millions of dollars
1996
1998
50
16
48
14
Per capita personal income»
Personal income
Per capita personal income'
Percent
change
1997
1998
1997-98
Rank in
State
Dollars
1996
1997
1998
1998
53
137
53
183
100
47
93
79
49
143
62
188
104
56
106
90
57
4.4
17.0
2.7
4.0
19.1
14.0
13.9
16.3
18,406
22,000
22,004
19,770
18,124
17,900
20,449
18,245
19,825
20,991
22,635
19,905
19,312
17,279
18,761
16,541
20,765
24,537
23,321
20,895
23,735
19,821
21,515
19,458
40
9
23
38
19
48
34
50
15
374
186
31
36
50
26
119
235
428
17
385
170
30
39
51
26
128
235
445
16
412
183
36
39
53
30
138
251
448
-5.9
7.0
7.6
6.8
.7
9,673
24,149
22,944
18,665
12,433
21,582
20,373
20,274
21,964
19,150
11,718
25,094
21,020
18,576
13,625
22,459
20,412
21,961
22,002
20,059
11,002
26,857
22,760
22,232
13,271
23,822
24,046
24,041
23,529
20,437
63
5
26
30
59
18
12
13
21
44
Lincoln
Lyman
McCook
McPherson
Marshall
Meade
Mellette
Miner
Minnehaha
Moody
447
71
128
52
102
423
24
62
3,677
150
465
69
116
49
102
468
26
61
3,913
146
499
78
123
55
103
501
27
62
4,186
155
7.3
13.0
6.0
12.2
1.0
7.1
3.8
1.6
7.0
6.2
24,403
18,403
22,213
17,707
21,826
18,772
12,129
20,745
26,556
22,821
23,874
17,703
20,539
17,575
22,108
21,455
12,814
20,870
28,213
22,361
24,417
20,720
21,886
20,046
22,633
23,182
13,233
22,142
29,817
23,904
10
41
33
47
28
25
60
31
3
16
Pennington
Perkins
Potter
Roberts
Sanborn
Shannon
Spink
Stanley
Sully
Todd
1,909
66
76
172
66
112
190
47
47
84
1,993
68
69
173
62
119
180
54
38
91
2,083
73
81
172
65
133
178
62
51
4.5
7.4
17.4
-.6
4.8
11.8
-1.1
14.8
34.2
7.7
22,022
18,242
25,636
17,421
23,605
22,904
19,250
23,377
17,351
22,543
17
37
4
9,123
9,819
23,858
20,983
28,398
17,438
23,908
10,885
23,648
21,186
34,804
10,507
123
197
350
113
457
20
126
187
365
115
471
21
132
201
399
125
491
22
4.8
7.5
9.3
8.7
4.2
4.8
17,871
22,850
30,061
19,467
22,071
9,157
18,358
21,613
30,645
20,378
22,575
9,369
19,702
23,267
32,505
22,361
23,375
10,206
119,287
88,721
30,567
126,096
93,676
32,419
132,756
98,938
33,819
5.3
5.6
4.3
22,450 23,445 24,437
24,546 25,632 26,820
17,990 18,806 19,394
1,622
637
282
161
2,023
1,726
562
207
534
845
1,677
691
300
173
2,154
1,859
604
224
557
1,725
733
304
186
2,250
1,935
620
232
575
916
2.9
6.1
1.3
7.5
4.5
4.1
2.6
3.6
3.2
2.7
22,687
18,823
17,568
15,403
20,485
21,594
15,103
17,642
18,517
15,988
23,504
20,225
18,462
16,405
21,599
22,596
15,971
18,660
19,320
16,788
24,33;
21,219
18,633
17,293
22 227
23,214
16,249
19,139
19,691
17,179
9
27
59
70
19
12
83
51
43
71
747
255
502
119
542
1,008
285
861
17,506
210
7.0
5.8
4.6
1.7
6.1
4.8
1.1
7.4
4.2
1.4
19,130
15,514
15,689
15,741
15,415
20,237
19,690
17,4729,815
18,015
20,31
16,653
16,606
15,952
16,154
21,211
20,38;
18,580
31,345
19,182
21,197
17,356
17,010
16,368
16,975
22,005
20,359
19,512
32,827
19,501
28
69
74
80
75
21
36
45
2
46
320
919
77'
633
275
759
1,256
2.9
6.0
2.4
8.0
3.0
5.1
1.7
6.0
4.9
8.1
18,725
20,048
20,415
18,888
15,919
18,313
19,800
19,323
14,869
18,734
19,746
21,181
20,859
19,954
16,832
19,345
20,60
20,361
15,803
19,609
19,964
21,740
21,235
20,828
17,030
20,192
20,964
21,299
16,328
20,846
40
23
26
34
73
38
30
25
82
33
235
1,236
8,161
4.4
5.3
3.6
480
926
361
486
62;
1.2
0
5.7
3.5
2.0
3.8
3.3
15,24
20,502
25,857
11,493
15,790
17,186
17,785
17,42<
18,125
19,479
16,090
21,878
26,713
12,605
16,469
18,309
18,365
17,92<
19,516
20,355
16,744
22,91"
27,712
12,813
16,352
19,284
18,703
18,487
19,9120,92'
77
13
4
94
81
50
58
60
41
32
Fall River
Faulk
Grant
Gregory
Haakon
Hamlin
Hand
Hanson
131
57
178
101
46
Harding
Hughes
Hutchinson
Hyde
Jackson
Jerauld
Jones
Kingsbury
Lake
Lawrence
:
Tripp
Turner
Union
Walworth
Yankton
Ziebach
Tennessee
Metropolitan portion
Nonmetropolitan portion
Anderson
Bedford
Benton
Bledsoe
Blount
Bradley
Campbell
Cannon
Carroll
Carter
Cheatham
Chester
Claibome
633
220
451
114
482
906
269
733
15,903
193
241
480
117
511
962
282
802
16,796
207
DeKalb
Dickson
Dyer
Fayette
Fentress
Franklin
Gibson
Giles
Grainger
Greene
289
79;
737
534
251
677
946
550
283
1,091
311
867
759
586
267
722
990
581
308
1,162
Grundy
Hamblen
Hamilton
Hancock
Hardeman
Hardin
Hawkins
Haywood
Henderson
Henry
211
1,094
7,607
79
379
422
858
343
425
576
225
1,174
7,880
86
397
454
895
354
468
607
Clay
Cocke
Coffee
Crockett
Cumberland
Davidson
Decatur
1,007
616
323
20.0
0
3.9
15.4
7.8
9,507 9,914
24,637 23,647
16,063 18,492
29,643 24,705
55
15
64
20
35
1
65
49
24
2
29
22
July 2000 •
SURVEY OF CURRENT BUSINESS
149
Table 3.—Personal Income and Per Capita Personal Income by County, 1996-98—Continued
Per capita personal income l
Personal income
Area name
Millions of dollars
1996
Hickman
Houston
Humphreys
Jackson
Jefferson
Johnson
Knox
Lake
Lauderdale
Lawrence
Lewis
Lincoln
Loudon
McMinn
McNairy
Macon
Madison
Marion
Marshall
Maury
Meigs
Monroe
Montgomery
Moore
Morgan
Obion
Overton
Perry
Pickett
Polk
Putnam
Rhea
Roane
Robertson
Rutherford
Scott
Sequatchie
Sevier
Shelby
Smith
Stewart
Sullivan
Sumner
Tipton
Trousdale
Unicoi
Union
Van Buren
Warren
Washington
Wayne
Weakley
White
Williamson
Wilson
Texas
,
Metropolitan portion
Nonmetropolitan portion
Anderson
Andrews
Angelina
Aransas
Archer
Armstrong
Atascosa
Austin
Bailey
Bandera
Bastrop
Baylor
Bee
Bell
Bexar
Blanco
Borden
Bosque
Bowie
Brazoria
Brazos
Brewster
Briscoe
Brooks
Brown
Burleson
Burnet
Caldwell
Calhoun
Callahan
See footnotes at end of table.
Percent
change
1997
1998
1997-98
Dollars
1996
1997
1998
17,207
15,384
18,381
18,639
17,404
13,160
24,969
11,706
17,254
18,761
17,719
15,902
19,011
19,326
17,868
13,973
26,451
11,495
17,624
19,082
65
86
54
49
62
93
5
95
67
53
344
120
309
178
735
218
366
125
324
186
779
233
8,868
9,324
9,911
100
387
707
97
415
733
94
426
750
-3.1
2.7
2.3
16,254
15,270
17,756
17,356
16,718
12,173
23,921
11,957
16,044
18,293
167
527
772
795
402
275
171
556
828
844
428
300
173
585
884
882
453
309
1,880
2,014
2,130
471
521
499
541
521
567
1,364
1,410
1,459
1.2
5.2
6.8
4.5
5.8
3.0
5.8
4.4
4.8
3.5
15,861
18,327
20,733
17,494
17,031
15,812
22,349
17,947
20,708
20,461
15,815
18,980
21,672
18,359
18,100
16,830
23,761
18,829
21,090
20,661
15,901
19,713
22,648
19,092
18,883
17,115
24,814
19,536
21,607
20,960
87
42
15
52
55
72
8
44
24
31
4.5
5.8
5.3
4.2
3.8
2.7
4.5
0
5.1
5.5
15,002
16,430
20,860
17,639
13,507
21,263
15,309
17,653
15,803
16,807
15,916
17,231
21,597
18,581
14,105
21,728
16,250
18,912
16,883
17,433
16,147
17,775
22,245
19,343
14,468
22,227
16,635
18,756
17,658
18,097
84
63
18
48
92
19
78
57
66
61
6.1
5.4
3.4
9.7
7.7
4.1
5.8
6.1
6.7
5.1
20,423
15,615
19,589
19,746
22,575
14,140
15,911
20,161
26,309
18,488
21,330
16,081
20,023
21,108
24,321
14,724
16,945
21,176
27,246
19,570
22,371
16,847
20,673
22,429
25,212
15,155
17,375
21,913
28,984
20,154
17
76
35
16
6
89
68
22
3
39
4.4
2.7
5.6
7.6
4.8
3.3
3.9
8.1
3.7
3.6
16,015
22,232
21,999
17,501
14,865
18,564
13,580
13,634
19,420
21,388
16,119
22,787
23,080
18,012
15,568
19,606
14,496
14,551
20,553
22,201
16,427
23,368
23,969
18,832
16,078
20,198
14,796
15,828
21,074
22,830
79
11
10
56
85
37
91
88
29
14
14,140
18,689
16,099
33,514
22,367
14,576
19,108
17,014
35,287
24,028
14,904
19,471
17,733
36,508
24,914
90
47
64
1
7
139
546
154
585
161
619
2,686
2,829
91
249
681
285
127
73
241
96
260
696
311
141
78
256
100
270
715
325
141
82
270
1,172
1,245
1,321
425
972
980
3,479
445
999
1,088
3,886
469
1,033
1,193
4,187
277
158
292
172
304
182
1,237
22,734
1,330
23,564
1,411
25,152
290
314
330
176
181
189
3,320
2,627
3,422
2,813
3,513
2,971
785
98
319
211
68
686
828
105
337
231
74
735
891
110
348
240
80
762
2,137
2,252
2,333
231
608
352
240
627
378
245
641
403
3,563
1,772
3,931
1,957
4,296
2,091
2.1
2.2
6.6
9.3
6.8
428,726
377,148
51,578
464,500
409,008
55,493
500,087
441,977
58,110
7.7
8.1
4.7
22,557 23,998 25,369
23,583 25,073 26,555
17,115 18,239 18,938
5.4
-1.2
15,364 16,329 17,218
16,579 17,690 17,351
20,109 20,735
20,387 21,464
20,401 21,638
18,104 18,489
16,450 17,105
21,890 22,531
20,684 21,331
21,613 22,422
188
185
92
77
72
156
192
56
82
58
796
231
851
247
897
244
1,462
1,535
1,603
417
159
33
521
450
135
288
458
168
40
581
503
140
323
490
179
40
622
527
146
355
807
69
390
903
74
417
1,012
12.1
81
432
4,685
28,594
4,943
30,644
5,121
32,316
149
8
282
163
12
304
172
9
319
9.5
3.6
3.6
5.5
5.5
1,697
4,498
1,787
4,944
1,811
5,228
2,289
2,501
2,674
139
35
101
624
244
564
471
369
211
155
34
107
662
264
597
509
377
228
165
36
115
693
271
643
559
402
237
4.4 19,395
7.0 19,190
6.5 19,270
15,606
0
7.1 15,034
4.8 19,910
4.3 19,845
9.9 20,184
4.9
1.3
5.7
17,200
16,376
14,079
21,211
21,833
19,024
10,090
16,962
20,187
20,585
18,495
17,803
14,938
22,300
22,937
19,795
16,090
18,206
21,374
22,139
20,065
19,366
15,574
22,949
23,852
20,642
11,140
19,292
21,741
22,844
109
129
214
51
40
95
249
132
68
53
6.9
6.5
5.9
7.5
4.7
2.7
7.7
9.8
6.6
3.9
17,515
15,387
18,446
11,912
17,067
16,063
19,133
15,486
17,905
16,817
18,918
17,531
17,888
12,748
18,019
17,178
19,345
16,256
18,265
17,922
20,121
18,729
18,990
13,644
18,816
17,441
19,910
17,471
19,535
18,500
105
146
137
234
144
184
112
183
126
154
-25.0
Area name
1998
315
118
297
163
674
200
2,524
6.4
4.2
4.9
4.5
6.0
6.9
6.3
Personal income
Rank in
State
Millions of dollars
1997
1997-98
1996
Cameron
Camp
Carson
Cass
Castro
Chambers....
Cherokee
Childress
Clay
Cochran
Coke
Coleman
Collin
Collingsworth
Colorado
Comal
Comanche ...
Concho
Cooke
Coryell
Cottle
Crane
Crockett
Crosby
Culberson ....
Dallam
Dallas
Dawson
Deaf Smith ..
Delta
Denton
DeWitt
Dickens
Dimmit
Donley
Duval
Eastland
Ector
Edwards
Ellis
Per capita personal income'
Percent
change
1998
3,942
4,197
4,461
224
150
549
235
477
815
109
180
80
243
156
599
232
527
893
116
199
82
265
173
618
239
564
941
116
210
68
57
162
61
179
63
176
11,962
14,021
16,542
6.3
9.1
10.9
3.2
3.0
7.0
5.4
0
5.5
-17.1
3.3
-1.7
18.0
-1.7
56
375
60
405
59
427
1,620
1,802
2,026
12.4
239
40
623
249
47
683
267
46
727
-2.1
1,099
1,143
1,168
32
74
60
135
36
177
36
77
63
140
40
198
37
74
65
128
41
183
60,206
64,217
68,758
7.1
253
417
87
274
415
98
259
428
102
-5.5
8,390
9,534
10,685
12.1
328
40
113
61
156
291
352
44
118
69
171
316
370
44
125
66
176
334
5.1
0
5.9
2,129
2,316
2,474
5.4
7.2
6.4
2.2
2.8
-3.9
3.2
-8.6
2.5
-7.6
3.1
4.1
-4.3
2.9
5.7
6.8
3.3
8.2
27
30
31
2,000
2,216
2,398
El Paso
Erath
Falls
Fannin
Fayette
Fisher
Floyd
Foard
Fort Bend ....
Franklin
10,165
10,796
11,363
586
264
488
424
71
180
34
604
286
518
453
87
175
32
661
287
546
472
73
181
33
7,345
8,170
8,861
158
176
191
Freestone ....
Frio
Gaines
Galveston
Garza
Gillespie
Glasscock
Goliad
Gonzales
Gray
261
178
247
278
200
260
288
214
271
5,370
5,706
5,954
81
389
15
93
308
523
85
438
25
104
345
544
84
464
18
108
373
567
Grayson
Gregg
Grimes
Guadalupe ...
Hale
Hall
Hamilton
Hansford
Hardeman
Hardin
2,017
2,514
2,150
2,700
2,287
2,822
319
344
366
1,423
1,590
1,712
711
60
152
136
83
839
711
61
164
160
94
930
738
56
171
179
94
1,001
Harris
Harrison
Hartley
Haskell
Hays
Hemphill
Henderson ....
Hidalgo
Hill
Hockley
87,283
1,037
94,598
1,104
102,633
1,148
8.5
4.0
111
108
129
117
143
111
1,501
1,656
10.9
-5.1
15.4
Hood
Hopkins
Houston
Howard
Hudspeth
Hunt
Hutchinson ...
1,911
83
98
101
1,174
5,789
1,294
6,215
1,384
6,631
498
420
549
435
569
439
794
561
378
601
30
884
593
417
641
34
973
659
443
649
39
1,247
1,335
1,434
480
503
520
5.3
9.4
.3
5.4
4.2
-16.1
3.4
3.1
8.5
8.5
3.6
7.0
4.2
4.3
-1.2
5.9
-28.0
3.8
8.1
4.2
6.4
4.5
6.4
7.7
3.8
-8.2
4.3
11.9
0
7.6
3.1
7.0
6.7
3.6
.9
10.1
11.1
6.2
1.2
14.7
7.4
3.4
Rank in
State
Dollars
1996
1997
1998
12,653
20,884
22,466
17,949
28,027
21,058
19,201
14,178
17,329
19,844
13,210
22,206
23,324
19,547
27,932
22,662
20,860
15,059
19,031
20,842
13,766
24,280
25,863
20,105
28,778
23,722
21,728
15,310
19,902
17,349
233
35
26
107
10
43
69
220
113
186
16,827
16,768
32,133
17,056
20,174
23,969
17,734
12,859
19,380
14,903
17,951
18,444
35,002
18,037
21,432
25,582
18,404
15,191
20,803
15,538
18,607
18,550
38,618
18,065
22,589
27,560
19,701
14,913
22,099
15,824
151
152
2
167
55
15
118
226
65
211
16,220
16,530
13,696
18,445
11,405
28,235
30,300
16,759
21,711
17,688
18,632
17,245
14,064
19,099
12,834
30,966
31,839
18,626
21,636
19,850
19,119
16,735
14,340
17,670
13,482
27,935
33,617
17,705
22,436
20,714
136
201
228
179
237
12
3
178
57
94
24,122
16,683
17,125
10,896
15,846
11,696
16,298
17,390
7,845
20,579
26,199
17,899
19,634
11,359
18,143
12,634
17,807
18,868
8,210
22,043
27,872
18,903
19,698
12,005
17,091
12,942
18,943
19,824
8,401
23,119
14
140
119
247
194
241
138
114
253
49
15,081
19,051
14,837
17,724
20,201
16,070
21,949
19,681
23,993
16,939
15,751
19,259
16,203
18,602
21,535
20,039
21,368
18,867
25,519
18,450
16,359
21,059
16,385
19,263
22,170
17,143
22,126
19,804
26,309
19,623
206
88
204
133
62
191
64
115
20
125
14,993
11,262
16,888
22,399
17,342
19,979
10,496
14,257
17,619
21,904
15,884
12,665
17,652
23,548
18,050
22,160
17,700
15,216
19,678
22,999
16,315
13,536
18,191
24,303
18,198
23,200
13,325
15,451
21,311
24,021
207
236
164
34
162
48
238
215
83
39
20,187
22,544
14,480
19,006
19,515
16,196
20,064
25,855
17,425
17,707
21,356
24,015
15,071
20,489
19,484
16,564
21,511
29,908
20,105
19,112
22,417
24,983
15,686
21,282
20,107
15,325
22,415
33,376
20,496
20,361
59
30
212
85
106
219
60
4
96
99
28,118
17,540
21,154
17,379
18,368
22,970
17,982
11,815
16,875
17,560
30,036
18,596
25,108
19,037
19,346
27,229
19,238
12,330
18,253
18,265
32,052
19,211
27,901
18,071
21,394
28,621
20,060
12,759
18,609
18,516
7
134
13
166
78
11
110
242
150
153
22,759
18,653
17,414
18,598
9,491
18,428
19,841
24,551
19,686
19,104
19,974
10,615
19,428
21,032
26,106
21,711
20,091
20,224
12,131
20,418
21,609
23
70
108
104
245
97
73
1998
150 • July2000
SURVEY OF CURRENT BUSINESS
Table 3.—Personal Income and Per Capita Personal Income by County, 1996-98—Continued
Per capita personal income'
Personal income
Area name
Millions of dollars
1996
Irion
Jack
Jackson ..
27
119
279
Jasper
Jeff Davis
Jefferson .
Jim Hogg
Jim Wells
Johnson ..
Jones
Karnes
Kaufman .
Kendall ...
610
26
5,121
73
Kenedy ...
Kent
Kerr
Kimble
King
Kinney
Kleberg ...
Knox .
Lamar
Lamb
7
14
949
65
3
39
490
77
892
302
Lampasas
La Salle ..
Lavaca ....
Lee
Leon
Liberty
Limestone
Lipscomb
Live Oak .
Llano
245
63
353
235
233
1,084
363
68
166
268
Loving
Lubbock ..
Lynn
McCulloch
McLennan
McMullen
Madison ..
Marion ....
Martin
Mason
3
4,906
124
144
3,966
18
186
154
64
53
Maverick
Medina
Menard
Midland
Milam
Mills
Mitchell
Montague
Montgomery
664
422
561
32
3,107
385
83
120
305
5,668
Moore
Morris
Motley
Nacogdoches
Navarro
Newton
601
2,039
270
197
1,191
497
Nueces
Ochiltree
Oldham
232
21
975
742
193
274
6,403
188
40
Palo Pinto
Panola
Parker
Parmer
Pecos
Polk
Potter
Presidio
Rains
1,583
444
369
1,551
218
195
723
2,194
71
122
Nolan
Percent
change
1998
1997
1997-98
29
133
284
31
140
288
6.9
5.3
1.4
30
5,460
79
646
2,220
296
33
5,742
82
663
2,404
287
219
1,411
584
5.1
10.0
5.2
3.8
2.6
8.3
-3.0
1.4
7.5
10.0
216
1,312
531
1998
173
142
87
18,529
11,836
21,122
14,685
15,161
18,487
14,400
12,858
19,340
25,196
19,954
13,506
22,617
16,135
16,240
19,500
15,835
14,146
20,592
26,065
20,867
13,932
23,802
16,391
16,563
20,339
15,428
14,417
21,534
27,542
41
203
202
100
216
227
76
16
229
16
17
1,086
72
5
45
537
83
993
316
12.5
6.3
5.5
5.9
0
9.8
4.5
3.8
3.8
9.7
16,460
16,625
22,959
15,558
9,899
11,432
16,191
17,423
19,675
20,336
19,109
18,104
24,514
16,462
15,595
12,048
17,022
18,593
20,994
19,423
20,226
19,662
25,448
17,496
13,783
13,006
17,822
19,630
21,648
21,378
103
121
28
181
232
240
175
124
71
79
285
77
394
267
270
1,191
393
77
188
315
5.9
8.5
4.2
3.5
5.9
4.6
2.3
2.7
2.7
7.5
14,328
10,487
18,832
16,371
16,504
17,271
17,600
22,300
16,304
20,631
15,386
11,928
20,170
17,492
17,720
17,706
18,538
24,979
18,115
22,264
16,052
12,704
20,918
17,909
18,665
18,281
18,939
25,999
18,500
23,422
209
243
90
174
147
157
139
25
154
45
4
5,352
119
159
4,435
19
0
4.8
-14.4
1.3
5.3
5.6
2.3
3.7
-17.9
1.7
21,177
21,243
19,047
16,487
19,720
22,819
15,743
14,792
13,090
14,723
34,562
22,201
21,084
17,958
20,813
22,212
18,368
15,275
16,818
15,982
32,853
23,451
17,743
18,204
21,826
24,335
18,623
15,403
13,833
16,105
5
44
177
161
67
33
149
217
231
208
5.7
7.0
6.9
0
4.9
3.8
2.2
-1.4
5.7
17,534
9,236
16,225
14,046
27,010
16,128
17,635
13,383
16,977
23,116
18,375
9,780
17,230
14,754
28,841
17,630
19,014
16,019
18,047
25,276
19,364
10,258
17,939
14,958
29,846
18,234
19,460
15,588
18,873
26,291
130
251
171
224
9
160
128
213
141
21
19,267
17,477
16,528
17,408
18,014
13,526
16,709
20,429
21,587
17,680
20,761
19,127
17,528
18,282
19,480
14,493
18,148
21,258
22,701
21,325
21,278
19,334
14,962
19,520
20,294
15,357
18,198
22,275
26,480
23,385
131
223
127
101
218
162
61
19
46
71
378
258
255
1,139
384
75
183
293
4
5,108
139
157
4,212
18
216
162
84
58
457
619
35
3,390
425
90
140
332
6,520
221
168
736
489
662
35
3,555
441
92
138
351
7,146
399
254
23
417
258
20
1,035
800
209
298
1,098
844
219
299
7,033
233
50
4.5
1.6
-13.0
6.1
5.5
4.8
.3
4.9
16.5
4.2
1,829
510
420
1,979
226
213
862
2,449
88
141
6.1
6.3
5.3
12.8
1.8
1.9
5.9
4.5
8.6
5.2
18,831
17,519
16,261
20,430
21,133
12,066
16,120
20,260
8,924
15,485
20,398
18,802
17,337
22,284
21,429
12,878
17,129
21,611
9,795
16,345
21,575
19,682
18,242
24,050
21,971
13,271
17,184
22,613
10,296
16,378
74
120
159
38
66
239
190
54
250
205
5.5
-3.6
2.2
1.7
3.2
5.0
13.3
2.5
11.2
5.0
22,266
12,036
15,514
15,582
12,215
20,251
12,889
14,597
27,656
16,681
23,445
13,203
16,868
17,020
12,954
22,728
15,459
15,704
29,704
17,404
24,461
12,672
17,206
17,339
13,626
23,766
17,777
15,904
31,580
18,118
32
244
189
187
235
42
176
210
8
165
5.5
6.0
4.1
7.3
6.6
5.0
17,701
17,598
16,628
15,423
15,483
16,018
18,726
18,863
17,794
17,072
16,382
16,827
19,632
20,055
18,626
17,493
17,091
18,061
123
111
148
182
194
168
6,706
200
1,724
480
399
1,755
222
209
814
2,343
81
134
2,146
50
42
217
182
159
13
226
943
2,290
56
45
234
189
179
15
242
1,057
199
2,416
54
46
238
195
188
17
248
1,175
209
Rusk
Sabine
San Augustine
San Jacinto ...
San Patricio...
San Saba
802
184
133
308
1,042
90
851
199
145
356
1,134
100
211
151
382
1,209
105
1997
15,996 17,179 17,911
16,555 18,249 18,862
20,448 20,748 21,086
1,029
68
5
41
514
80
957
Randall
Reagan
Real
Red River
Reeves
Refugio
Roberts
Robertson
Rockwall
Runnels
See footnotes at end of table.
1996
Dollars
Rank in
State
Per capita personal income !
Personal income
Area name
Millions of dollars
1996
1997
1998
1997-98
16.7
5.9
5.6
7.9
7.7
33,370
24,016
24,836
7,924
18,623
13,071
18,560
16,096
22,770
26,119
38,754
25,190
27,205
8,225
19,743
14,928
20,273
16,830
24,730
27,538
1
29
18
254
117
225
102
199
31
17
2,808
21
253
41
535
2,273
22,799
226
344
645
3.7
5.0
-4.5
5.1
4.7
5.4
14.9
5.1
5.5
5.0
21,251 22,270
17,070
22,489 20,408
21,972 22,817
19,154 20,383
20,360 21,075
26,245 28,687
16,323 17,277
15,038 16,135
16,527 17,309
23,012
18,266
19,657
24,190
21,042
22,140
32,148
17,938
16,862
18,010
50
158
122
36
89
63
6
172
198
170
64
408
614
813
1,856
872
525
198
715
2,436
64
433
661
868
1,971
918
556
208
747
2,591
0
6.1
7.7
6.8
6.2
5.3
16,944
16,006
14,331
197
196
221
116
37
200
98
180
27
230
776
132
2,740
259
220
4,443
482
120
756
581
810
132
2,849
271
225
4,994
549
131
859
613
153
357
125
108
85
3,710
133
408
173
15
31
68
191
31,815
97
3,979
154
431
185
18
34
71
190
34,622
111
4,234
174
456
192
21
36
75
205
37,288
14.4
6.4
13.0
5.8
3.8
2,576
21
292
39
474
2,072
17,832
201
300
574
2,708
20
265
39
511
2,156
19,850
215
326
614
Upton
Uvalde
Val Verde ....
Van Zandt ...
Victoria
Walker
Waller
Ward
Washington
Webb
63
383
583
728
1,772
788
466
186
654
2,200
Wharton
Wheeler
Wichita
Wilbarger ...
Willacy
Williamson .
Wilson
Winkler
Wise
Wood
Terrell
Terry
Throckmorton .
Titus
Tom Green
Travis
Trinity
Tyler
Upshur
1998
30,349
22,676
22,181
7,689
17,696
10,880
17,225
15,393
22,560
24,507
-10.0
-1.7
4.4
8.2
Taylor
1997
222
145
75
45
337
71
489
Sherman
1996
15,075
18,742
21,550
21,368
50
343
68
452
Smith
Somervell ...
Starr
Stephens ....
Sterling
Stonewall ....
Sutton
Swisher
Tarrant
Rank in
Dollars
14,268 16,675
18,915
18,426 20,519
18,427 20,016
44
305
60
416
Schleicher
Scurry
Shackelford
Shelby
I
Percent
change
5.9
5.1
4.5
6.4
16,785
15,238
13,694
17,101
22,057
14,565
17,673
15,587
23,027
12,617
23,019
16,035
19,625
16,875
24,856
13,508
16,952
16,997
15,137
19,745
24,131
16,757
20,398
17,639
25,667
13,870
854
138
2,946
292
235
5,849
601
136
946
646
5.4
4.5
3.4
7.7
4.4
17.1
9.5
3.8
10.1
5.4
19,454
24,898
21,232
18,174
11,400
22,458
16,713
15,335
18,757
17,392
20,250
24,778
22,136
19,032
11,512
23,748
18,180
16,658
20,234
18,049
21,298
26,061
22,929
20,717
11,965
26,149
19,185
17,103
21,339
18,837
84
24
52
93
248
22
135
193
81
143
156
389
132
116
144
411
139
121
-7.7
5.7
5.3
4.3
18,650 19,521
20,434 22,138
11,286 11,779
8,887 9,829
18,046
23,384
12,126
10,215
169
47
246
252
40,354
32,436
7,918
43,770
35,115
8,655
46,717
37,433
9,284
6.7
6.6
7.3
19,955 21,192
20,845 22,134
16,984 18,073
22,240
23,258
18,904
Davis
Duchesne .
Emery
Garfield
Grand
84
779
1,363
376
12
4,280
202
159
67
135
92
837
1,466
403
12
4,693
223
173
72
145
1,560
419
13
5,046
237
179
76
157
7.6
7.0
6.4
4.0
8.3
7.5
6.3
3.5
5.6
8.3
14,798
19,445
16,140
18,157
16,107
19,320
14,401
14,895
16,075
16,799
15,739
20,378
17,086
19,293
16,537
20,668
15,644
15,877
17,188
17,933
16,705
21,359
17,887
19,930
17,734
21,603
16,301
16,276
17,589
19,505
19
5
14
8
15
4
21
22
16
Iron
Juab
Kane
Millard
Morgan ....
Piute
Rich
Salt Lake .
San Juan .
Sanpete ...
404
101
107
181
117
19
26
19,130
153
264
458
107
119
185
126
19
28
20,772
161
282
492
113
128'
193
134
20
29
22,079
173
302
7.4
5.6
7.6
4.3
6.3
5.3
3.6
6.3
7.5
7.1
14,970
14,375
17,826
14,855
17,251
13,116
14,008
23,108
11,306
13,105
16,480
14,777
19,554
15,096
18,183
13,485
15,480
24,679
11,910
13,508
17,090
14,883
20,600
15,734
19,066
14,428
15,526
26,100
12,685
13,989
18
25
7
23
10
27
24
2
29
28
Sevier
Summit
Tooele
Uintah
Utah
Wasatch
Washington
Wayne
Weber
265
850
504
325
5,285
230
1,267
35
3,633
288
973
554
361
5,662
256
1,396
37
3,870
304
1,062
611
378
6,103
15,094
34,718
16,739
13,030
16,456
18,686
16,693
14,51"
20,244
15,958
37,916
17,585
1,516
41
4,076
5.6
9.1
10.3
4.7
7.8
9.8
8.6
10.8
5.3
16,47^
39,645
18,244
14,190 14,749
17,189 17,956
20,025 21,199
17,584 18,428
15,41 17,23'
21,229 22,178
20
1
12
26
13
6
11
17
3
13,073
4,594
8,478
13,764
4,855
8,909
14,529
5,162
9,368
5.6
6.3
5.2
22,295 23,382
24,232 25,380
21,369 22,420
834
723
875
776
920
7.3
5.1
19,976
23,048
Yoakum
Young ...
Zapata ..
Zavala...
Utah
Metropolitan portion
Nonmetropolttan portion .
Beaver
Box Elder ....
Cache
Carbon
Vermont
Metropolitan portion
Nonmetropolrtan portion .
Addison
Bennington .
281
24,602
26,787
20,754 22,081
24,271 25,599
July 2000 •
SURVEY OF CURRENT BUSINESS
151
Table 3.—Personal Income and Per Capita Personal Income by County, 1996-98—Continued
Per capita personal incomeJ
Personal income
Area name
Percent
change
Millions of dollars
1996
1997
1998
1996
1997
1998
Caledonia
Chittenden
Essex
Franklin
Grand Isle
Lamoille
Orange
Orleans
530
3,668
92
794
133
449
512
442
556
3,879
99
834
143
479
544
459
582
4,119
104
888
154
502
570
482
4.7
6.2
5.1
6.5
7.7
4.8
4.8
5.0
18,443
26,141
14,272
18,334
22,158
21,023
18,586
17,592
19,459
27,389
15,230
19,149
23,237
22,383
19,602
18,147
20,394
28,909
15,805
20,197
24,761
23,221
20,438
19,010
11
1
14
12
Rutland
Washington
Windham
Windsor
1,346
1,267
987
1,327
1,411
1,331
1,028
1,403
1,477
1,392
1,083
1,478
4.7
4.6
5.4
5.3
21,486
22,536
23,079
24,098
22,558
23,664
23,932
25,430
23,617
24,787
25,368
26,700
7
5
4
2
169,938
143,155
26,784
180,510
152,290
28,220
190,528
161,162
29,366
5.5
5.8
4.1
25,495 26,810 28,063
27,582 28,996 30,395
18,155 19,057 19,748
Accomack
Amelia
Amherst
Appomattox
Arlington
Bath
Bland
Botetourt
Brunswick
Buchanan
569
183
495
225
7,2t
101
102
596
242
480
587
191
520
242
7,684
106
107
640
256
504
614
205
536
251
8,150
108
111
684
268
501
4.6
7.3
3.1
3.7
6.1
1.9
3.7
6.9
17,702
18,474
16,589
17,505
41,549
20,651
14,981
21,481
14,500
16,092
18,271
18,689
17,362
18,682
44,127
21,806
15,729
22,670
15,375
17,181
19,032
19,687
17,866
19,093
46,677
22,020
16,357
23,859
15,439
17,274
74
67
88
73
1
41
97
29
103
92
Buckingham
Charles City
Charlotte
Chesterfield
Clarke
Craig
Culpeper
Cumberland
Dickenson
213
396
123
186
6,508
309
85
715
130
235
219
419
128
200
7,016
330
90
779
138
250
230
436
133
212
7,577
351
96
847
144
255
5.0
4.1
3.9
6.0
8.0
6.4
6.7
8.7
4.3
2.0
14,842
18,463
17,955
15,345
26,778
24,716
17,501
22,376
16,606
13,614
15,050
19,312
18,478
16,444
28,387
25,887
18,534
23,989
17,783
14,574
15,698
19,825
18,604
17,206
30,288
27,607
19,697
25,589
18,363
15,107
102
62
78
93
11
14
66
19
82
105
Essex
Fauquier
Floyd
Fluvanna
Franklin
Giles
Gloucester
Goochland
Grayson
Greene
178
1,622
195
325
775
292
668
498
254
222
181
1,770
208
352
826
304
710
538
268
241
185
1,893
218
390
883
311
743
562
274
267
2.2
6.9
4.8
10.8
6.9
2.3
4.6
4.5
2.2
10.8
19,164
31,457
15,206
19,238
17,867
17,937
19,872
29,699
15,515
17,141
19,711
33,473
16,023
19,766
18,782
18,813
20,656
31,558
16,346
17,976
20,388
35,104
16,709
20,610
19,787
19,176
21,261
32,265
16,738
18,978
59
4
96
56
63
72
49
6
95
77
Halifax
Hanover
Henrico
Highland
Isle of Wight
King and Queen
King George
King William
Lancaster
Lee
612
1,890
6,860
51
621
125
384
273
288
360
2,087
7,218
54
670
131
408
290
296
372
2,223
7,437
55
719
130
433
300
308
378
3.6
6.5
3.0
1.9
7.3
-.8
6.1
3.4
4.1
1.6
16,485
24,603
28,579
20,235
21,988
19,539
23,500
22,177
25,465
14,903
17,315
26,338
29,918
21,128
23,460
20,131
24,170
23,239
26,192
15,450
17,989
27,007
30,761
22,141
24,637
20,034
25,166
23,437
27,133
15,853
16
10
38
24
61
22
33
15
101
Loudoun
Louisa
Lunenberg
Madison
Mathews
Mecklenburg
Middlesex
Nelson
New Kent
Northampton
3,908
452
179
213
215
549
203
242
260
221
4,373
500
188
225
224
583
217
259
290
235
4,985
534
193
240
232
604
224
273
305
242
14.0
6.8
2.7
6.7
3.6
3.6
3.2
5.4
5.2
3.0
31,485
19,374
14,665
17,213
23,810
17,845
21,686
17,819
21,572
17,178
32,590
20,965
15,501
18,029
24,661
18,807
22,674
18,821
23,156
18,408
34,495
21,778
16,121
19,014
25,507
19,449
23,255
19,659
23,705
18,992
5
45
99
75
20
70
34
68
31
76
230
260
471
389
303
377
271
591
161
137
249
269
503
404
323
420
280
634
174
140
254
281
533
422
331
450
293
662
184
141
2.0
4.5
6.0
4.5
2.5
7.1
4.6
4.4
5.7
20,421
17,138
19,190
17,041
16,771
18,977
14,466
17,243
22,491
16,061
21,817
17,884
20,210
17,707
17,653
20,372
14,852
18,431
24,075
16,232
22,105
18,522
20,988
18,285
17,945
20,942
15,237
19,244
25,170
16,258
79
51
84
87
53
104
71
21
453
351
650
549
1,768
117
205
773
619
303
484
360
683
576
1,946
116
204
813
671
321
487
365
726
602
2,065
115
211
829
718
331
15,598
15,383
19,417
16,659
20,954
18,445
20,471
16,479
20,748
18,474
15,826
20,009
17,517
22,680
18,033
20,319
17,374
22,396
19,725
16,855
16,119
20,896
18,360
23,031
17,682
21,030
17,766
23,857
20,313
94
100
54
83
35
90
50
89
30
60
Virginia
Metropolitan portion
Nonmetropolitan portion
Caroline
Northumberland
Nottoway
Orange
Page
Patrick
Powhatan
Prince Edward
Pulaski
Rappahannock
Richmond
Russell
Scott
Shenandoah
Smyth
Stafford
Surry
Sussex
Tazewell
Warren
Westmoreland
See footnotes at end of table.
1997-98
Dollars
1.4
6.3
4.5
6.1
-.9
3.4
2.0
7.0
3.1
Area name
Percent
change
Millions of dollars
1996
10
13
Per capita personal income >
Personal income
Rank in
1997
1998
1997-98
470
493
513
4.1
Alexandria
Chesapeake
Hampton
Newport News
Norfolk
Portsmouth
Richmond
Roanoke
Suffolk
4,742
4,137
2,718
3,559
4,792
1,905
5,372
2,117
1,216
4,994
4,427
2,789
3,657
4,827
1,955
5,477
2,167
1,287
5,322
4,707
2,959
3,812
4,762
2,031
5,623
2,272
1,365
6.6
6.3
6.1
4.2
-1.3
3.9
2.7
4.8
6.1
Virginia Beach
10,719
11,212
11,613
3,392
3,602
513
2,342
Wythe
Rank in
State
Dollars
1996
1997
1998
1998
17,906 18,733 19,523
Independent Cities:
43,930
22,589
20,085
20,919
20,497
19,666
28,714
22,825
21,055
46,290
23,606
21,646
21,415
20,967
20,502
29,439
24,218
21,786
2
32
47
48
52
57
12
27
44
3.6
24,993 26,008 26,967
17
6.2
3.0
4.2
6.1
3.8
3.1
4.1
6.9
6.5
28,150
20,129
20,568
21,722
21,350
17,036
21,995
39,531
22,326
29,386
21,105
21,725
23,448
21,353
17,797
23,047
41,910
23,219
30,947
21,940
22,526
24,279
22,308
18,395
23,931
44,303
24,362
9
42
36
26
37
81
28
3
25
16,750
19,940
30,524
18,017
19,046
21,374
41,982
21,585
19,727
20,253
20,104
18,870
28,332
22,169
20,672
Combination Areas: 3
Albemarle + Charlottesville
Alleghany, Clifton Frg. + Covington
Augusta, Staunton + Waynesboro
Bedford + Bedford City
Campbell + Lynchburg
Carroll + Galax
Dinwiddie, Col. Hts. + Petersburg
Fairfax, Fairfax City + Falls Church
Frederick + Winchester
3,224
479
498
2,247
1,449
2,458
2,115
1,331
2,439
587
1,688
36,816
1,693
1,765
39,711
1,786
1,537
2,551
633
1,837
42,462
1,902
273
1,384
1,511
1,524
1,978
1,049
283
1,429
1,692
1,644
2,072
1,084
293
1,457
1,791
1,711
2,137
1,121
3.5
2.0
5.9
4.1
3.1
3.4
16,040
19,260
27,846
16,739
18,116
20,580
17,615
20,483
31,499
18,506
19,738
21,846
91
58
8
80
64
43
7,245
3,009
7,845
3,191
8,405
3,341
7.1
4.7
24,976 26,555 27,759
28,596 30,298 31,675
626
2,017
655
1,924
2,145
4.6
6.3
18,498 18,984
19,934 20,796
19,701
22,072
13
7
65
40
530
2,272
1,260
732
1,506
549
2,502
1,328
773
1,633
566
2,732
1,390
789
1,727
3.1
9.2
4.7
2.1
5.8
23,224
18,980
16,763
22,491
20,763
24,658
20,031
17,854
24,002
21,776
26,555
20,877
18,277
25,030
46
18
55
85
23
139,328
120,531
18,797
151,413
131,750
19,663
163,348
142,787
20,561
7.9
8.4
4.6
25,287 27,018
26,426 28,377
19,808 20,457
28,719
30,270
21,180
305
395
3,055
316
443
3,310
1,483
1,465
8,802
84
1,997
641
115
4.3
4.2
4.6
4.4
4.2
8.9
5.0
4.7
5.4
1.8
20,021
19,095
22,804
23,132
20,761
23,833
22,202
20,335
18,290
14,835
19,788
20,237
23,409
23,881
22,097
25,452
19,047
21,057
18,477
15,578
20,605
20,829
24,315
24,654
22,786
26,882
20,211
21,851
19,072
16,031
22
20
1,824
590
106
303
425
3,165
1,421
1,406
8,086
80
1,908
608
113
817
52
1,281
1,259
1,507
549
55,136
4,895
576
353
827
43
1,337
1,321
1,625
591
60,811
5,210
607
368
859
45
1,435
1,362
1,704
622
67,671
5,347
636
378
3.9
4.7
7.3
3.1
4.9
5.2
11.3
2.6
4.8
2.7
18,163
22,546
19,107
18,585
21,751
21,588
34,203
21,309
18,768
19,084
18,112
18,744
19,370
19,427
22,794
22,985
37,211
22,368
19,374
19,433
18,479
19,293
20,301
20,186
23,743
23,658
40,905
22,957
20,241
19,535
36
32
23
27
10
11
1
13
24
31
1,258
211
865
717
384
186
14,257
381
2,124
180
1,328
208
915
720
402
197
15,657
418
2,262
193
1,360
208
958
751
420
205
16,561
446
2.4
4.3
4.5
4.1
5.8
6.7
5.8
6.2
18,856
22,133
17,880
19,003
18,338
16,764
21,785
31,834
22,263
19,395
19,660
21,478
18,472
18,838
19,144
17,532
23,617
34,381
23,291
20,016
19,969
21,269
19,220
19,626
20,139
17,813
24,500
35,573
24,079
20,915
29
17
33
30
28
37
7
2
9
18
Snohomish
Spokane
Stevens
Thurston
Wahkiakum
13,143
8,663
15,817
Walla Walla
1,056
3,175
711
4,177
14,746
9,158
641
4,764
74
1,072
3,371
700
4,331
7.3
4.5
5.1
5.7
5.4
4.4
6.1
3.4
4.7
24,146
21,434
15,456
22,565
18,160
19,755
20,836
18,233
19,511
26,023
22,581
16,319
23,851
19,181
19,996
21,766
18,196
20,035
27,015
23,450
17,028
24,895
20,216
20,845
22,732
3
12
38
5
25
19
15
35
21
Greensville + Emporia
Henry + Martinsyille
James City + Williamsburg
Montgomery + Radford
Pittsylvania + Danville
Prince George + Hopewell
Pr. William, Manassas + Manassas
Park
Roanoke + Salem
Rockbridge, Buena Vista + Lexington
Rockingham + Harrisonburg
Southampton + Franklin
Spotsylvania + Fredricksburg
Washington + Bristol
Wise + Norton
York + Poquoson
Washington
Metropolitan portion
Nonmetropolitan portion
Adams
Asotin
Benton
Chelan
Clallam
Clark
Columbia
Cowlitz
Douglas
Ferry
Franklin
Garfield
Grant
Grays Harbor
Island
Jefferson
King
Kitsap
Kittitas
Klickitat
Lewis
Lincoln
Mason
Okanogan
Pacific
Pend Oreille
Pierce
San Juan
Skagit
Skamania
Whatcom
Whitman
Yakima
1,362
1,310
7,273
94
..
.
597
4,433
69
614
2,393
205
9,573
674
5,035
78
1,119
3,575
724
4,533
20,718
14
4
26
16
34
39
152
• July 2000
SURVEY OF CURRENT BUSINESS
Table 3.—Personal Income and Per Capita Personal Income by County, 1996-98—Continued
Per capita personal income'
Personal income
Area name
Percent
change
Millions of dollars
1996
1997
1998
1997-98
Dollars
1996
1997
1998
35,233
16,895
18,338
36,569
17,609
18,960
3.8
4.2
3.4
18,566 19,406 20,185
21,255 22,246 23,217
16,631 17,364 18,002
219
1,349
458
201
488
2,044
98
129
106
771
232
1,465
481
203
497
2,118
102
137
115
797
238
1,579
502
210
518
2,167
107
143
118
816
2.6
7.8
4.4
3.4
4.2
2.3
4.9
4.4
2.6
2.4
13,443
19,884
17,329
15,048
18,424
21,306
12,273
12,425
14,629
15,992
14,440
21,220
18,223
15,328
18,998
22,260
12,924
12,996
15,460
16,689
14,789
22,234
19,193
15,880
19,910
23,024
13,454
13,561
15,764
17,318
48
10
17
35
14
5
54
53
36
28
Gilmer
Grant
Greenbrier
Hampshire
Hancock
Hardy
Harrison
Jackson
Jefferson
Kanawha
121
624
272
716
201
1,434
458
873
4,970
117
192
640
285
733
211
1,552
484
965
5,142
15,049
16,730
17,522
14,562
20,631
17,138
20,270
16,770
21,926
24,284
16,404
17,294
18,042
15,068
21,355
17,964
21,824
17,532
23,616
25,306
16,898
17,823
18,731
15,593
22,413
18,555
22,504
18,128
25,353
26,421
30
27
21
43
1,593
507
1,051
5,323
3.4
3.1
3.4
4.9
4.0
4.3
2.6
4.8
8.9
3.5
Lewis
Lincoln
Logan
McDowell
Marion
Marshall
Mason
Mercer
Mineral
Mingo
264
278
668
411
1,033
618
410
1,230
442
519
273
297
697
414
1,071
632
420
1,268
472
529
284
307
710
414
1,094
666
437
1,312
488
536
4.0
3.4
1.9
0
2.1
5.4
4.0
3.5
3.4
1.3
15,045
12,560
15,995
13,087
18,023
17,273
15,876
19,056
16,273
15,809
15,592
13,391
16,895
13,531
18,825
17,803
16,187
19,617
17,490
16,273
16,116
13,836
17,303
13,786
19,374
16,844
20,384
18,035
16,792
34
51
29
52
15
20
31
11
25
32
Monongalia
Monroe
Morgan
Nicholas
Ohio
Pendleton
Pleasants
Pocahontas
Preston
Putnam
1,644
184
234
403
1,200
135
139
151
424
1,020
1,677
192
249
422
1,201
144
144
163
435
1,105
1,763
197
264
433
1,238
150
151
174
453
1,182
5.1
2.6
6.0
2.6
3.1
4.2
4.9
6.7
4.1
7.0
21,084
14,131
17,499
14,650
24,323
16,811
18,607
16,789
14,229
20,637
21,560
14,635
18,383
15,315
24,674
17,988
19,293
18,032
14,620
21,951
22,758
14,917
19,281
15,713
25,677
18,563
20,136
19,082
15,183
23,084
7
45
16
38
2
22
12
19
44
4
Raleigh
Randolph
Ritchie
Roane
Summers
Taylor
Tucker
Tyler
Upshur
Wayne
1,467
476
148
217
182
210
123
144
332
613
1,527
503
157
231
192
222
124
149
351
641
1,587
517
163
241
199
229
124
154
369
656
3.9
2.8
3.8
4.3
3.6
3.2
0
3.4
5.1
2.3
18,611
16,474
14,452
14,147
13,118
13,644
15,821
14,331
14,051
14,505
19,325
17,526
15,329
15,040
13,891
14,478
16,032
14,915
14,789
15,218
20,027
18,035
15,672
15,720
14,274
14,908
16,351
15,691
15,688
15,638
13
25
41
37
50
46
33
39
40
42
Webster
123
329
75
1,840
384
129
338
81
1,924
393
130
351
85
1,979
402
.8
3.8
4.9
2.9
2.3
11,822
17,633
13,324
21,033
13,764
12,498
18,284
14,361
22,082
14,215
12,723
19,161
14,872
22,829
14,690
55
18
47
6
49
121,864 129,697 137,256
89,195 95,078 100,513
34,619 36,743
5.8
5.7
6.1
23,554 24,941 26,284
25,387 26,941 28,381
19,675 20,716 21,864
4.5
3.5
7.0
4.3
4.9
8.9
4.7
6.5
7.8
9.0
16,226 17,096 17,629
18,108 19,187 19,948
19,399 20,640
17,232 18,184 18,963
25,119 26,910 28,114
20,123 19,823 21,558
16,133 17,448 18,124
22,080 23,231 24,435
19,937 21,131 22,670
16,755 17,132 18,627
5.7
5.4
6.0
6.7
6.0
4.1
5.4
6.1
6.3
6.6
21,227
16,994
27,377
19,286
22,032
18,551
18,197
21,083
17,409
23,749
Barbour
Berkeley
Boone
Braxton
Brooke
Cabell
Calhoun
Clay
Doddridge
Fayette
Wetzel
Wirt
Wood
Wyoming
Wisconsin
Metropolitan portion
Nonmetropolitan portion
Adams
Ashland
Barron
Bayfield
Brown
Buffalo
Burnett
Calumet
Chippewa
Clark
Columbia
Crawford
Dane
Dodge
Door
Douglas
Dunn
Eau Claire
Florence
Fond du Lac
300
810
259
5,336
285
232
829
1,078
550
311
317
846
276
5,761
282
253
883
1,147
566
1,059
280
11,367
1,567
591
796
700
1,126
297
12,106
1,688
646
845
737
1,870
91
2,237
2,009
95
2,383
299
762
220
325
328
905
288
6,043
307
265
940
1,237
617
1,190
313
12,831
1,801
777
2,132
101
2,541
22,341
17,957
28,678
20,497
24,015
19,615
19,033
•22,534
18,221
25,249
23,273
18,883
30,214
21,702
25,326
20,396
19,910
19,428
26,867
9
23
8
24
3
1
48
40
58
6
35
65
18
31
63
29
60
3
34
15
46
49
23
55
11
Percent
change
Millions of dollars
1996
1997
1998
1997-98
Rank in
State
Dollars
1998
1996
1997
1998
17,276
18,848
21,659
22,463
19,514
19,405
19,444
22,637
18,394
23,725
17,757
20,062
22,676
23,503
20,919
20,572
20,412
23,888
19,165
25,833
68
47
30
27
39
42
45
24
56
14
425
440
456
4.2
6.5
5.9
5.3
8.1
4.8
5.5
5.9
3.6
3,147
3,391
3,730
10.0
16,316
17,781
21,040
21,195
18,237
17,967
18,532
21,228
17,869
22,266
369
386
419
2,297
2,414
2,547
267
370
554
274
386
585
293
400
611
1,782
2,710
1,875
2,904
2,002
3,050
792
240
59
846
254
64
886
266
67
8.5
5.5
6.9
3.6
4.4
6.8
5.0
4.7
4.7
4.7
18,843
22,533
16,152
18,074
18,892
21,666
22,318
18,563
16,556
12,135
19,620
23,650
16,757
18,758
19,797
22,831
23,755
19,699
17,028
12,832
21,080
24,862
18,123
19,503
20,535
24,276
24,781
20,611
17,594
13,362
38
16
66
52
43
20
17
41
70
72
Milwaukee
Monroe
Oconto
Oneida
Outagamie
Ozaukee
Pepin
Pierce
Polk
Portage
23,076
24,189
25,165
706
549
775
739
590
810
3,731
2,804
4,006
3,051
4,267
3,240
128
736
720
131
787
770
139
852
825
1,303
1,386
1,455
4.0
5.1
6.1
5.1
6.5
6.2
6.1
8.3
7.1
5.0
24,897
18,126
16,723
21,931
24,458
35,021
18,100
21,118
19,053
20,177
26,351
18,853
17,691
22,744
25,961
37,807
18,255
22,391
20,125
21,439
27,607
19,655
18,488
23,803
27,281
39,934
19,442
23,978
21,265
22,452
8
51
64
25
9
1
54
22
36
32
Price
Racine
Richland
Rock
Rusk
St. Croix
Sauk
Sawyer
Shawano
Sheboygan
307
329
342
4,546
4,872
5,142
301
317
333
3,341
3,526
3,671
4.0
5.5
5.0
4.1
8.9
9.2
6.8
5.2
6.9
5.9
19,368
24,655
16,861
22,292
15,671
25,040
21,340
17,352
17,841
23,882
20,903
26,324
17,702
23,482
16,212
27,022
22,259
18,119
18,779
24,734
21,737
27,712
18,646
24,356
17,772
28,731
23,602
18,940
19,906
26,149
33
7
62
19
67
5
26
59
50
13
17,246
18,776
15,597
18,981
21,923
17,157
26,257
32,003
21,056
17,003
17,932
19,086
16,297
20,188
23,096
18,222
27,545
34,500
22,215
17,972
19,497
20,510
17,352
21,200
24,112
19,058
29,708
36,394
23,473
18,761
53
44
71
37
21
57
4
2
28
61
12
10
156
879
687
411
399
116
320
Forest
Grant
Green
Green Lake
1. Per capita personal income was computed using Census Bureau midyear population estimates. Estimates for
1996-98 reflect county population estimates available as of March 2000 except for Prince George's and Montgomery,
MD. A portion of Takoma Park, MD was annexed from Prince George's County, MD to Montgomery County, MD
on March 1, 1997. The Census Bureau adjusted their population estimates to reflect this annexation back through
1990. The Prince George's MD and Montgomery, MD population estimates for 1990-1996 have been adjusted by
BEA to be consistent with BEA income estimates, which do not reflect the annexation.
2. The personal income level shown for the United States is derived as the sum of the county estimates. It
differs from the estimate of personal income in the national income and product accounts (NIPA's) because of dif-
Area name
1998
33,771
16,173
17,597
West Virginia
Metropolitan portion
Nonmetropolitan portion
Per capita personal income'
Personal income
Rank in
State
Iowa
Iron
Jackson
Jefferson
Juneau
Kenosha
1,550
Kewaunee
La Crosse
Lafayette
Langlade
Lincoln
Manitowoc
Marathon
Marinette
Marquette
Menominee
165
929
717
435
432
125
343
1,660
172
989
759
458
467
131
362
1,758
111
626
851
240
248
270
1,403
1,112
1,551
1,180
1,693
1,260
276
684
290
723
305
773
2,612
2,715
2,876
331
490
425
393
346
504
444
426
375
543
475
451
1,947
2,061
361
385
406
8.4
7.7
7.0
5.9
5.9
6.1
9.2
6.9
6.7
5.5
3,605
1,812
3,802
1,928
3,987
2,058
4.9
6.7
24,165 25,398 26,581
23,863 25,431 27,054
10,609
3,402
7,207
11,329
3,643
7,686
11,671
3,797
7,874
3.0
4.2
2.4
22,098 23,601 24,312
23,899 25,593 26,774
21,339 22,761 23,280
Albany
Big Horn
Campbell
Carbon
Converse
Crook
Fremont
Goshen
Hot Springs
Johnson
602
184
715
313
220
115
636
222
98
134
634
196
768
330
238
125
665
244
101
146
656
201
801
328
245
119
691
247
100
145
3.5
2.6
4.3
-.6
2.9
19,691
16,427
22,394
19,680
18,149
19,921
17,705
17,504
21,243
20,030
Laramie
Lincoln
Natrona
Niobrara
Park
Platte
Sheridan
Sublette
Sweetwater
Teton
1,826
1,929
2,013
Taylor
Trempealeau
Vernon
Vilas
Walworth
Washbum
Washington
Waukesha
Waupaca
Waushara
1,823
....
Winnebago
Wood
Wyoming
Metropolitan portion
Nonmetropolitan portion
Uinta
Washakie
Weston
259
277
294
2,923
10,987
1,046
3,099
12,020
1,112
3,384
12,848
1,186
242
258
261
1,576
1,714
1,784
46
558
152
616
116
920
644
53
590
174
634
128
971
715
49
598
172
648
126
364
171
135
385
185
147
22,423
17,759
24,729
21,117
19,977
20,553
19,113
19,322
21,488
21,339
9
23
6
14
17
15
20
19
11
13
4.4 23,193 24,535 25,613
1.2 17,357 18,676 18,918
4.1 24,772 26,900 28,217
19,999
25,767
21,940
25,345
52,723
4
21
2
22
7
16
3
10
5
1
18
12
8
-4.8
3.9
1.2
-1.0
-.7
-7.5
21,358
17,666
23,944
20,985
19,297
21,487
18,426
18,886
21,614
21,629
17,568 20,234 18,265
1.4 22,044 22,976 23,231
-1.1
748
3.7
4.6
18,062
24,437
20,816
22,905
47,410
397
185
147
3.1
0
0
18,014 18,989 19,485
20,042 21,418 21,347
20,574 22,508 22,673
1,007
2.2
-1.6
20,361
25,199
22,671
24,420
51,442
ferences in coverage, in the methodologies used to prepare the estimates, and in the timing of the availability of
source data. In particular, it differs from the NIPA estimate 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.
3. Virginia combination areas consist of one or two independent cities with populations of less than 100,000 combined with an adjacent county. The county name appears first, followed by the city name(s). Separate estimates
for the jurisdictions making up the combination areas are not available.
July 2000
D-l
SURVEY OF CURRENT BUSINESS
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 brief selection of collateral statistics prepared by other Government agencies and
private organizations. Series originating in Government agencies are not copyrighted and may be
reprinted freely. Series from private sources are provided through the courtesy of the compilers and are
subject to their copyrights.
BEA's economic statistics are available on three Web
sites. BEA's Web site at <www.bea.doc.gov> contains
data, articles, and news releases from the national,
international, and regional programs. The Federal
Statistical Briefing Room (FSBR) on the White House
Web site at <www.whitehouse.gov/fsbr> provides key
economic statistics, including gross domestic product.
The Commerce Department's STAT-USA Web site at
<www.stat-usa.gov> provides detailed databases and
news releases from BEA and from other Federal Government agencies by subscription.
The tables present annual [A], quarterly [Q], and monthly [M] estimates.
National Estimates
A. Selected NIPA tables [A, Q]
S. Summary tables
D-2
1. National income and product
D-3
2. Personal income and outlays
D-7
3. Government current receipts and expenditures.... D-8
4. Foreign transactions
D-12
5. Saving and investment
D-14
6. Income and employment by industry
D-17
7. Quantity and price indexes
D-18
8. Supplemental tables
D-25
B. Other NIPA and NIPA-related tables
B.I Personal income [A, M]
D-29
B.2 Disposition of personal income [A, M]
D-29
B.3 Gross domestic product by industry
D-30
B.4 Personal consumption expenditures by
type [A]
D-31
B.5 Private fixed investment in structures
by type [A]
D-32
B.6 Private fixed investment in equipment and
software by type [A]
D-32
B.7 Consumption and wage and salary accruals by
industry [A]
D-33
B.8 Employment by industry [A]
D-34
B.9 Wage and salary accurals by employee and by
industry [A]
D-35
B.10 Farm sector output, gross product, and
national income [A]
D-36
B.I 1 Housing sector output, gross product, and
national income [A]
D-36
B.I 2 Net stock of private fixed asssets by
type [A]
D-37
C. Historical measures
C. 1 Estimates of the major NIPA aggregates
D-38
D. Domestic perspectives [A, Q, M]
D-41
E. Charts
Selected NIPA series
D-43
Other indicators of the domestic economy
D-49
International Estimates
F. Transactions tables*
G. Investment tables*
H. International perspectives [A, Q, M]
I. Charts*
.D-51
Regional Estimates
J. State and regional tables
J.I Personal income [Q]
J.2 Personal income and disposable personal
income [A]
J.3 Per capita personal income and disposable
personal income [A]
J.4 Gross state product [A]
K. Local area table**
L. Charts
Selected regional estimates
D-53
D-54
D-55
D-56
D-57
Appendixes
A: Additional information about the NIPA estimates
Statistical conventions
D-59
Reconciliation tables [A, Q]
D-60
B: Suggested reading
D-61
*The tables in sections F and G and the charts in section I
are not included in this issue mainly because of the publication of the annual revision of the international transactions
accounts. The annual revision is described in "U.S. Interntional Transactions, Revised Estimates for 1982-99," and the
estimates are presented in "U.S. International Transactions,
First Quarter 2000." See also "The International Investment
Position of the United States at Yearend 1999," "Direct Investment Position for 1999: Country and Industry Detail,"
and "U.S. Multinational Companies: Operations in 1998."
**The table in section K is not included in this issue because
of the publication of the estimates of personal income for
counties and metropolitan areas. See "Comprehensive Revision of Local Area Personal Income for 1969-98."
D-2
• National Data
SURVEY OF CURRENT BUSINESS
July 2000
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 29, 2000 and include the "final" estimates for the first quarter of 2000.
The selected set of NIPA tables shown in this section presents quarterly estimates, which are updated monthly;
in most of these tables, annual estimates are also shown.
The news release on gross domestic product (GDP) is available within minutes of the time of release, and the
"Selected NIPA Tables" are available later that day, on STAT-USA's Web site <www.stat-usa.gov>; for information,
call STAT-USA on 202-482-1986. The GDP news release is also available within minutes of the time of release, and
the "Selected NIPA Tables" a day or two later, on BEA's Web site <www.bea.doc.gov>.
The "Selected NIPA Tables" are also available on printouts or diskettes from BEA. To order NIPA subscription
products, call the BEA Order Desk at 1-800-704-0415 (outside the United States, 202-606-9666).
S. Summary Tables.
Table S.1.—Summary of Percent Change From Preceding Period in Real
Gross Domestic Product and Related Measures
Table S.2.—Summary of Contributions to Percent Change in Real Gross
Domestic Product
[Percent]
Seasonally adjusted at annual rates
1998
Gross domestic product
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
Gross private domestic
investment
Fixed investment
Nonresidential
Structures
Equipment and software
Residential
Change in private inventories
1999
1999
1998
Seasonally adjusted at annual rates
2000
4.3
4.2
5.9
3.7
1.9
5.7
7.3
5.5
4.9
11.3
4.0
4.1
5.3
11.5
5.4
4.0
4.6
20.4
5.0
1.5
6.5
12.4
8.9
4.2
5.1
9.1
3.3
5.2
4.9
7.7
3.6
5.0
5.9
13.0
7.6
3.7
7.7
24.3
5.8
5.5
-2.1
6.6
7.0
-5.3
11.2
5.5
13.6
6.8
10.9
-5.8
15.7
10.0
2.6
2.9
-.5
4.0
1.1
8.3
18.7
23.7
20.6
24.7
5.2
5.8
8.1
8.3
-2.4
12.0
7.4
11.5
13.8
15.3
5.8
18.6
9.8
3.6
9.1
7.8
-5.8
12.5
12.9
Net exports of goods and
services
Exports
Goods
Services
Imports
Goods
Services
2.2
2.1
2.5
11.6
11.7
10.8
3.8
4.0
3.2
11.7
12.7
6.9
16.3
19.4
9.2
10.8
12.8
1.6
-5.5
-9.3
4.1
12.5
12.6
11.9
4.0
4.3
3.2
14.4
15.5
8.9
11.5
16.9
0
14.9
17.3
3.6
10.1
11.1
7.6
8.7
9.7
3.4
6.2
6.0
6.8
11.7
11.3
13.5
Government consumption
expenditures and gross
investment
Federal
National defense
Nondefense
State and local
1.7
-.9
-1.9
.9
3.2
3.7
2.8
1.8
4.7
4.2
2.9
3.9
-2.9
17.9
2.4
5.1
-.5
-4.0
6.1
8.2
1.3
2.1
-2.6
10.9
4.5
4.1
11.2
-7.1
4.8
9.3
14.7
17.2
10.3
6.4
-1.5
-15.2
-22.3
-1.2
6.7
4.3
5.4
4.5
5.1
6.3
5.5
4.6
5.8
3.4
3.2
4.5
6.2
6.0
7.2
7.1
6.2
5.4
5.5
5.8
6.7
4.7
5.1
5.9
7.8
4.1
4.1
4.0
4.0
6.3
4.8
3.8
4.1
1.9
3.2
5.6
2.9
6.4
4.7
5.8
1.5
Gross national product
Disposable personal income
NOTE.—Percent changes from preceding period in the current-dollar and price measures for these series are
shown in table 8.1.
1999
2000
1999
1998
Percent change at annual rate:
Gross domestic product
11.7
11.8
12.7
4.1
15.8
9.2
Addenda:
Final sales of domestic
product
Gross domestic purchases ...
Final sales to domestic
purchasers
1998
4.3
4.2
5.9
3.7
1.9
5.7
7.3
5.5
3.25
.86
.79
1.59
3.45
.81
1.05
1.59
3.14
1.51
.98
.66
4.28
.96
1.69
1.63
3.36
.71
.64
2.00
3.33
.62
.73
1.98
4.07
1.03
1.51
1.53
5.18
1.84
1.17
2.17
1.93
1.86
1.49
.13
.99
.97
.83
-.14
1.94
2.20
1.79
.18
.64
1.49
.95
-.18
-.36
1.10
.86
-.16
2.26
1.16
1.33
-.11
1.72
.48
.39
-.01
1.44
2.98
2.75
.56
1.37
.37
.96
.15
1.61
.41
1.13
.54
1.02
.24
1.44
-.17
.40
.09
2.19
.23
-1.54
Percentage points at annual
rates:
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
Gross private domestic
investment
Fixed investment
Nonresidential
Structures
Equipment and
software
Residential
Change in private
inventories
.07
.01
-.26
-.85
-1.46
1.09
1.24
Net exports of goods and
services
Exports
Goods
Services
Imports
Goods
Services
-1.18
.25
.17
.08
-1.43
-1.21
-.22
-1.09
.48
.37
.10
-1.57
-1.43
-.14
.33
1.67
1.38
.29
-1.34
-1.30
-.04
-2.13
-.61
-.74
.13
-1.53
-1.28
-.24
-1.35
.42
.32
.10
-1.77
-1.59
-.19
-.73
1.19
1.19
0
-1.92
-1.84
-.08
-.12
1.08
.83
.24
-1.20
-1.12
Government consumption
expenditures and gross
investment
Federal
National defense
Nondefense
State and local
.31
-.06
-.08
.02
.37
.80
.28
.19
.10
.52
.53
.24
-.12
.36
.29
-.03
-.16
.13
.91
.23
.13
-.10
.23
.10
.81
.26
.42
-.16
.55
1.61
.87
.65
.22
.75
.46
.22
-1.59
-1.30
-.29
-.24
-1.01
-.98
-.03
.77
NOTE.—Wore detailed contributions to percent change in real gross domestic product are shown in table 8.2.
Contributions to percent change in major components of real gross domestic product are shown in tables 8.3
through 8.6.
National Data • D-3
SURVEY OF CURRENT BUSINESS
July 2000
1. National Product and Income.
Table 1.1.—Gross Domestic Product
Table 1.2.—Real Gross Domestic Product
[Billions of dollars]
[Billions of chained (1996) dollars]
Seasonally adjusted at annual rates
1998
1999
IV
Gross domestic product
1999
1998
I
Seasonally adjusted at annual rates
2000
IV
1998
1999
I
8,759.9 9,256.1 8,947.6 9,072.7 9,146.2 9,297.8 9,507.9 9,707.0
IV
Gross domestic product
2000
1999
1998
I
IV
I
8,495.7 8,848.2 8,639.5 8,717.6 8,758.3 8,879.8 9,037.2 9,158.2
Personal consumption
expenditures
5,848.6 6,257.3 5,973.7 6,090.8 6,200.8 6,303.7 6,434.1 6,612.0
Personal consumption
expenditures
5,681.8 5,983.6 5,779.3 5,871.3 5,944.5 6,015.7 6,102.9 6,217.8
Durable goods
Nondurable goods
Services
698.2 758.6 722,8 739.0 751.6 761.8 782.1 821.8
1,708.9 1,843.1 1,742.9 1,787.8 1,824.8 1,853.9 1,905.8 1,958.4
3,441.5 3,655.6 3,508.0 3,564.0 3,624.3 3,688.0 3,746.2 3,831.8
Durable goods
Nondurable goods
Services
731.5 815.7 766.0 788.8 806.1 821.2 846.7 894.1
1,685.3 1,776.1 1,712.6 1,749.5 1,763.7 1,779.3 1,812.0 1,837.9
3,268.0 3,400.1 3,305.9 3,339.8 3,382.3 3,423.4 3,454.7 3,501.2
Gross private domestic
investment
1,531.2 1,622.7 1,580.3 1,594.3 1,585,4 1,635.0 1,675.8 1,715.1
Fixed investment
Nonresidential
Structures
Equipment and software
Residential
Change in private 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
1,460.0 1,578.0 1,508.9 1,543.3 1,567.8 1,594.2 1,606.8 1,683.6
1,091.3 1,166.7 1,121.4 1,139.9 1,155.4 1,181.6 1,190.0 1,257.1
272.8 273.4 278.0 274.7 272.5 272.1 274.1 290.4
818.5 893.4 843.4 865.2 882.9 909.5 916.0 966.7
368.7 411.3 387.5 403.4 412.4 412.7 416.7 426.5
51.0
71.4
69.1
31.5
71.2
40.8
44.6
17.6
-149.6 -253.9 -161.2 -201.6 -245.8 -278.2 -290.1 -326.1
966.3 998.3 981.8 966.9 978.2 1,008.5 1,039.5 1,060.5
681.3 699.0 693.3 674.3 680.5 708.8 732.3 745.3
285.1 299.3 288.6 292.6 297.7 299.7 307.2 315.2
1,115.9 1,252.2 1,143.1 1,168.5 1,224.0 1,286.6 1,329.6 1,386.7
930.4 1,049.1 952.6 974.3 1,022.3 1,079.3 1,120.5 1,169.4
185.5 203.1 190.4 194.2 201.7 207.4 209.0 217.2
1,529.7 1,630.1 1,554.8 1,589.1 1,605.9 1,637.2 1,688.0 1,706.1
538.7 570.6 546.7 557.4 561.6 569.8 593.6 579.8
348.6 364.5 352.9 355.8 354.3 365.4 382.6 364.8
190.1 206.1 193.8 201.6 207.3 204.4 211.1 215.0
991.0 1,059.4 1,008.1 1,031.8 1,044.3 1,067.4 1,094.4 1,126.3
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Gross private domestic
investment
1,547.4 1,637.7 1,593.9 1,608.2 1,599.8 1,651.6 1,691.4 1,725.6
Fixed investment
Nonresidential
Structures
Equipment and software
Residential
Change in private inventories
Net exports of goods and
services
Exports
Goods
Services
Imports
Goods
Services
Residual
-217.6 -323.0 -234.4 -286.6
-340.4 -344.1 -367.5
1,004.6 1,042.3 1,028.7 1,014.3 1,024.3 1,052.6 1,078.2 1,094.6
722.8 751.9 744.2 726.4 734.1 763.3 783,7 795.2
282.0 290.9 285.0 287.9 290.1 290.2 295.5 300.4
1 222 2 1,365.4 1,263.1 1,300.9 1,345.4 1,393.0 1,422.3 1,462.1
1,031.6 1,162.5 1,069.7 1,102.0 1,142.5 1,188.9 1,216.8 1,249.8
190.7 203.9 193.8 199.4 203.7 205.5 207.2 213.9
Government consumption
expenditures and gross
investment
Federal
National defense
Nondefense
State and local
1,471.8 1,590.5 1,522.5 1,555.9 1,581.0 1,607.3 1,617.8 1,688.7
1,122.5 1,215.8 1,160.8 1,182.7 1,202.9 1,234.3 1,243.2 1,311.3
254.1 248.1 255.7 251.9 248.5 246.1 245.8 257.5
870.6 974.9 908.5 935.7 960.9 996.6 1,006.4 1,063.6
350.2 376.1 362.6 373.7 378.8 375.1 376.8 381.6
50.1
42.2
70.7
66.7
28.0
38.0
74.3
14.0
'
1,478.8 1,534.1 1,494.7 1,513.4 1,518.3 1,535.3 1,569.6 1,563.8
525.9
341.7
184.2
952.7
540.8
347.8
192.9
993.1
531.9
344,9
186.9
962.6
531.2
341.4
189.7
981.8
534.1
339.2
194.7
984.0
.6
4.8
-2.6
2.3
8.1
539.5 558.3 535.7
348.3 362.4 340.2
191.1 195.9 195.3
995.5 1,011.1 1,027.6
6.1
3.5
-.7
NOTE.—Chained (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines.
Percent changes from preceding period for selected items in this table are shown in table 8.1; contributions to
the percent change in real gross domestic product are shown in table 8.2.
Chain-type quantity indexes for the series in this table are shown in table 7.1.
D-4
• National Data
July 2000
SURVEY OF CURRENT BUSINESS
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 (1996) dollars]
Seasonally adjusted at annual rates
1999
1998
III
I
Gross domestic product
Final sales of domestic
product
Change in private inventories
Goods
Final sales
Change in private
inventories
Durable goods
Final sales
Change in private
inventories
Nondurable goods
Final sales
Change in private
inventories
Services
Structures
Addenda:
Motor vehicle output
Gross domestic product less
motor vehicle output
8,688.7 9,211.5 8,876.2 9,021.6 9,128.6 9,257.0 9,438.8 9,675.6
71.4
31.5
69.1
17.6
51.0
40.8
44.6
71.2
3,310.3 3,482.2 3,389.8 3,416.6 3,424.2 3,494.0 3,593.7 3,671.5
3,239.1 3,437.5 3,318.4 3,365.6 3,406.6 3,453.2 3,524.6 3,640.1
31.5
17.6
51.0
71.4
69.1
40.8
44.6
71.2
1,567.8 1,644.5 1,610.0 1,608.3 1,607.9 1,654.0 1,707.6 1,752.8
1,528.9 1,618.7 1,571.4 1,584.3 1,601.7 1,631.1 1,657.8 1,731.0
24.1
21.8
49.8
6.3
23.0
38.6
25.8
38.9
1,742.5 1,837.7 1,779.8 1,808.3 1,816.3 1,840.0 1,886.1 1,918.8
1,710.2 1,818.8 1,747.0 1,781.3 1,804.9 1,822.2 1,866.9 1,909.1
9.7
11.4
19.2
27.0
32.8
17.8
18.9
32.2
4,664.5 4,932.0 4,747.9 4,820.7 4,885.5 4,963.7 5,058.2 5,144.7
835.3 836.5 840.1 856.0 890.8
785.1 842.0
342.4
345.3
325.0
330.9
355.0
358.8
1999
I
IV
8,759.9 9,256.1 8,947.6 9,072.7 9,146.2 9,297.8 9,507.9 9,707.0
313.3
1998
2000
1999
1998
Seasonally adjusted at annual rates
352.5
8,446.7 8,913.7 8,602.2 8,747.6 8,815.3 8,942.8 9,149.1 9,354.6
NOTE.—Percent changes from preceding period for gross domestic product and for final sales of domestic product
are shown in table 8.1.
1998
IV
2000
1999
I
I
II
8,495.7 8,848.2 8,639.5 8,717.6 8,758.3 8,879.8 9,037.2 9,158.2
Gross domestic product
Final sales of domestic
product
Change in private inventories
Residual
Goods
Final sales
Change in private
inventories
Durable goods
Final sales
Change in private
inventories
Nondurable goods
Final sales
Change in private
inventories
Services
Structures
Residual
Addenda:
Motor vehicle output
Gross domestic product less
motor vehicle output
8,420.8 8,800.5 8,568.7 8,665.0 8,737.5 8,835.0 8,964.6 9,120.1
66.7
42.2
74.3
14.0
38.0
28.0
70.7 50.1
2.5
6.8
5.9
6.8
.6
5.5
10.1
.1
3,442.1
3,446.1 3,525.3 3,622.5 3,690.7
3,330.5 3,509.0 3,417.4
3,255.1 3,462.0 3,346.2 3,390.0 3,427.5 3,481.3 3,549.1 3,654.0
38.0
66.7
14.0
70.7
28.0
50.1
42.2
74.3
1,625.0 1,742.1 1,686.7 1,693.5 1,699.5 1,758.1 1,817.3 1,873.5
1,585.1 1,715.3 1,646.9 1,668.7 1,693.5 1,734.2 1,765.0 1,851.1
22.4
23.8
6.5
25.1
39.6
26.7
39.7
51.3
1,708.1 1,771.8 1,734.6 1,752.0 1,750.4 1,772.9 1,811.9 1,826.4
1,672.6 1,751.6 1,703.1 1,725.2 1,738.5 1,752.9 1,789.8 1,812.3
15.7
5.9
7.5
14.2
25.0
31.0
34.6
15.6
51.2 4,600.3 4,654.9 4,686.3
4,429.3
429.3 4,579.1 4,475.5 4,509.9 4,551.2
738.9 766.4 751.7 770.2 764.7 760.9 769.7 792.7
-6.5 -9.2 -12.5
-6.5
-8.3
-6.5
315.7
345.2
348.6
329.0
335.7
355.8
360.3
356.5
8,180.3 8,504.0 8,292.4 8,389.0 8,423.2 8,525.6 8,678.4 8,802.6
NOTE.-Chained (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996
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 private inventories is the difference between gross domestic product and the
sum of final sales of domestic product and of change in private 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 gross domestic product and for final sales of domestic product are
shown in table 8.1 Chain-type quantity indexes for the series in this table are shown in table 7.17.
Table 1.5.—Relation of Gross Domestic Product, Gross Domestic
Purchases, and Final Sales to Domestic Purchasers
Table 1.6.—Relation of Real Gross Domestic Product, Real Gross
Domestic Purchases, and Real Final Sales to Domestic Purchasers
[Billions of dollars]
[Billions of chained (1996) dollars]
Gross domestic product
Less: Exports of goods and
services
Plus: Imports of goods and
services
Equals: Gross domestic
purchases
Less: Change in private
inventories
Equals: Final sales to
domestic purchasers
8,759.9 9,256.1 8,947.6 9,072.7 9,146.2 9,297.8 9,507.9 9,707.0
978.2 1,008.5 1,039.5
1,060.5
1,115.9 1,252.2 1,143.1 1,168.5 1,224.0 1,286.6 1,329.6
1,386.7
966.3
998.3
981.8
966.9
8,909.5 9,510.0 9,108.8 9,274.2 9,392.0 9,575.9 9,798.0 10,033.2
71.2
44.6
71.4
51.0
17.6
40.8
69.1
31.5
8,838.3 9,465.4 9,037.4 9,223.2 9,374.4 9,535.1 9,728.9 10,001.7
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
8,495.7 8,848.2 8,639.5 8,717.6 8,758.3 8,879.8 9,037.2 9,158.2
1,004.6 1,042.3 1,028.7 1,014.3 1,024.3 1,052.6 1,078.2 1,094.6
1,222.2 1,365.4 1,263.1 1,300.9 1,345.4 1,393.0 1,422.3 1,462.1
9,059.5 9,197.8 9,358.6 9,500.6
8,704.8 9,151.2 8,863.7
74.3
42.2
70.7
50.1
14.0
38.0
Table 1.8.—Real Gross Domestic Product by Sector
[Billions of chained (1996) dollars]
Nonfarm2
Nonfarm less housing
Housing
Farm
Households and institutions .
Private households
Nonprofit institutions
General government3
Federal
State and local
8,759.9 9,256.1 8,947.6 9,072.7 9,146.2 9,297.8 9,507.9 9,707.0
7,402.0 7,828.9 7,568.0 7,669.1 7,729.4 7,862.6 8,054.5 8,228.2
7,321.9 7,746.4 7,475.5 7,580.5 7,645.3 7,784.0 7,975.7 8,150.6
6,621.4 7,001.4 6,757.5 6,850.3 6,906.2 7,034.3 7,214.8 7,375.4
700.4 745.0 718.0 730.2 739.1 749.7 760.9 775.2
88.6
84.1
78.6
78.8
82.5
92.5
80.2
77.6
385.6 408.3 393.4 399.7 404.9 411.0 417.7 422.5
15.6
15.8
16.0
16.2
14.0
16.4
15.9
15.2
371.6 392.4 378.2 384.1 389.0 395.0 401.5 406.1
972.3 1,019.0 986.2 1,003.9 1,012.0 1,024.2 1,035.8 1,056.4
296.9
320.3
308.2 298.8 307.8 307.2 308.3 309.6
736.1
675.4
710.7 687.3 696.1 704.7 715.9 726.1
gross domestic product less gross product of households and institutions and of general government.
gross domestic business product less gross farm product.
compensation of general government employees plus general government consumption of fixed capital
table 3.7.
28.0
8,629.8 9,103.6 8,792.7 8,936.2 9,039.0 9,153.1 9,286.0 9,462.6
[Biljions of dollars]
Gross domestic product
66.7
NOTE.—Chained (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996
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 series in this table are shown in table 8.1.
Chain-type quantity indexes for selected series in this table are shown in table 7.2.
Table 1.7.—Gross Domestic Product by Sector
Business1
1. Equals
2. Equals
3. Equals
as shown in
Gross domestic product ...
Less: Exports of goods and
services
Plus: Imports of goods and
services
Equals: Gross domestic
purchases
Less: Change in private
inventories
Equals: Final sales to
domestic purchasers
Gross domestic product
Business1
Nonfarm2
Nonfarm less housing
Housing
Farm
Households and institutions ...
Private households
Nonprofit institutions
General government3
Federal
State and local
Residual
1. Equals
2. Equals
3. Equals
as shown in
8,495.7
7,202.4
7,100.8
6,441.1
660.2
100.7
369.0
13.3
355.7
924.8
285.8
638.9
0
8,848.2
7,534.4
7,432.9
6,753.0
681.0
99.5
376.3
14.6
361.7
939.1
284.8
654.1
-.5
8,639.5 8,717.6 8,758.3 8,879.8 9,037.2
7,339.5 7,412.2 7,448.5 7,563.0 7,714.0
7,237.1 7,310.6 7,345.6 7,464.2 7,611.1
6,572.5 6,638.6 6,669.2 6,781.0 6,923.0
665.4 672.9 677.2 684.2 689.6
101.4 100.2 101.6
95.8 100.5
371.3 373.2 374.8 377.2 380.1
14.7
14.2
14.6
14.6
14.7
357.0 358.6 360.2 362.5 365.4
929.6 933.3 936.2 941.3 945.6
286.1 285.5 284.5 284.5 284.8
643.4 647.7 651.5 656.7 660.6
.4
-1.4
-.5
-.5
-.5
9,158.2
7,828.3
7,724.2
7,029.2
696.7
101.5
382.0
14.7
367.3
951.0
286.4
664.5
-2.1
gross domestic product less gross product of households and institutions and of general government.
gross domestic business product less gross farm product.
compensation of general government employees plus general government consumption of fixed capital
table 3.8.
NOTE.—Chained (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines.
Chain-type quantity indexes for the series in this table are shown in table 7.14.
D-5
National Data
SURVEY OF CURRENT BUSINESS
July 2000
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 (1996) dollars]
Seasonally adjusted at annual rates
1998
1999
1998
Seasonally adjusted at annual rates
2000
1999
1998
1999
1998
IV
Gross domestic product
Plus: Income receipts from the
rest of the world
Less: Income payments to the
rest of the world
Equals: Gross national
product
Less: Consumption of fixed
capital
Private
Capital
consumption
allowances
Less: Capital
consumption
adjustment
Government
General
government
Government
enterprises
Equals: Net national product
Less: Indirect business tax and
nontax liability
Business transfer
payments
Statistical discrepancy ...
Plus: Subsidies less current
surplus of government
enterprises
Equals: National income
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
income
Government transfer
payments to persons
Business transfer
payments to persons
8,759.9 9,256.1 8,947.6 9,072.7 9,146.2 9,297.8 9,507.9 9,707.0
285.3
295.2
302.3
322.3
280.8
297.9
283.8
298.2
296.1
310.4
307.7
323.2
321.7
357.3
341.3
371.3
8,750.0 9,236.2 8,930.5 9,058.2 9,131.9 9,282.3 9,472.3 9,677.0
1,064.6 1,135.8 1,089.2 1,103.9 1,121.3 1,156.0 1,161.8 1,185.6
878.4 939.7 900.1 911.9 926.8 958.8 961.3 982.1
906.2
975.5
932.2
947.1
964.7
989.9 1,000.5 1,017.2
27.7
186.2
35.8
196.0
32.1
189.1
35.2
192.0
37.9
194.5
31.1
197.2
39.1
200.5
35.1
203.5
158.6
166.8
160.9
163.4
165.5
167.7
170.5
173.1
27.6
29.3
28.2
28.6
29.0
29.5
30.0
30.4
7,685.4 8,100.4 7,841.2 7,954.4 8,010.6 8,126.3 8,310.5 8,491.4
716.3
697.8
696.6
38.1
39.4
-47.6 -125.1
38.6
-62.4
38.8
39.3
39.5
40.0
40.6
-99.4 -135.5 -141.2 -124.5 -128.2
677.0
20.8
26.5
31.4
21.0
706.7
27.9
718.3
17.3
743.7
39.7
753.4
22.7
Plus: Income receipts from the
rest of the world
Less: Income payments to the
rest of the world
Equals: Gross national
product
Less: Consumption of fixed
capital
Private
Government
General
government
Government
enterprises
892.7
467.5
839.0
440.8
886.9
446.3
880.5
456.4
884.1
476.3
919.4
491.0
965.6
505.7
621.9
658.2
633.8
647.2
653.8
662.3
669.4
683.2
3.5
897.8
0
931.3
3.5
906.4
0
907.4
0
920.5
0
938.8
0
958.5
0
979.4
348.3
364.3
351.9
356.1
361.2
367.0
373.1
379.6
954.8
988.6
962.0
978.5
984.1
991.6 1,000.3 1,017.5
28.8
29.6
29.0
29.3
29.5
29.7
29.9
30.0
7,358.9 7,791.8 7,530.8 7,630.2 7,732.6 7,831.4 7,972.9 8,100.5
Addenda:
Gross domestic income
Gross national income
Net domestic product
8,807.5 9,381.3 9,009.9 9,172.0 9,281.7 9,439.0 9,632.4 9,835.3
8,797.6 9,361.3 8,992.8 9,157.6 9,267.4 9,423.5 9,596.8 9,805.2
7,695.3 8,120.4 7,858.3 7,968.8 8,024.9 8,141.8 8,346.1 8,521.4
I
IV
8,495.7 8,848.2 8,639.5 8,717.6 8,758.3 8,879.8 9,037.2 9,158.2
279.2
291.8
286.9
309.2
274.0
289.1
276.0
288.5
286.6
296.5
308.2
324.4
298.8
309.4
340.1
350.0
8,487.8 8,830.8 8,624.4 8,705.1 8,746.0 8,866.8 9,005.2 9,132.4
1,072.8 1,152.2 1,099.4 1,114.8 1,136.5 1,167.0 1,190.4 1,218.1
887.5 960.0 911.7 925.3 945.3 974.0 995.5 1,021.2
185.4 192.4 187.8 189.6 191.4 193.3 195.3 197.4
158.4
164.4
160.5
161.9
163.5
165.1
166.8
168.6
26.9
28.0
27.3
27.6
27.9
28.2
28.5
28.8
7,415.9 7,681.3 7,526.0 7,591.7 7,611.8 7,703.1 7,818.4 7,919.0
Addenda:
Gross domestic income l
Gross national income2
Net domestic product
8,541.7 8,967.8 8,699.7 8,813.1 8,888.0 9,014.6 9,155.5 9,279.2
8,533.9 8,950.4 8,684.6 8,800.7 8,875.8 9,001.7 9,123.5 9,253.5
7,423.6 7,698.6 7,541.0 7,604.1 7,623.9 7,716.0 7,850.2 7,944.6
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 (1996) dollar series are calculated as the product of
the chain-type quantity index and the 1996 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.
The chain-type quantity index for gross national product is shown in table 7.3.
Table 1.11.—Command-Basis Real Gross National Product
[Billions of chained (1996) dollars]
Gross national product
848.4
435.7
2000
Equals: Net national product
7,038.8 7,496.3 7,198.6 7,339.4 7,428.1 7,527.0 7,690.9 7,848.4
Equals: Personal income
Gross domestic product
1999
Less: Exports of goods and
services and income receipts
from the rest of the world
Plus: Command-basis exports of
goods and services and
income receipts from the rest
of the world r
Equals: Command-basis gross
national product
Addendum:
Terms of trade 2
8,487.8 8,830.8 8,624.4 8,705.1 8,746.0 8,866.8 9,005.2 9,132.4
1,283.6 1,334.3 1,301.9 1,289.9 1,311.0 1,349.4 1,386.9 1,420.2
1,337.6 1,381.8 1,358.7 1,352.9 1,363.1 1,389.5 1,421.6 1,444.4
8,541.8 8,878.3 8,681.1 8,768.1 8,798.1 8,907.0 9,040.0 9,156.6
104.2
103.5
104.4
104.9
104.0
103.0
102.5
101.7
1. Exports of goods and services and income receipts deflated by the implicit price deflator for imports of goods
and services and income payments.
2. Ratio of the implicit price deflator for exports of goods and services and income receipts to the corresponding
implicit price deflator for imports divided by 100.
NOTE.-Chained (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996
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 gross national product are shown in table 8.1.
Chain-type quantity indexes for the series in this table are shown in table 7.3.
D-6
• National Data
SURVEY OF CURRENT BUSINESS
July 2000
Table 1.16.—Gross Product of Corporate Business in Current Dollars
and Gross 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
1999
1998
IV
National income
1999
I
1998
IV
II
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
1999
1999
2000
7,038.8 7,496.3 7,198.6 7.339.4 7,428.1 7,527.0 7,690.9 7,848.4
Compensation of employees ... 5,011.2 5,331.7 5,134.7 5,217.7 5,287.1 5,373.6 5,448.3 5,543.9
Wage and salary accruals
4,189.5 4,472.3 4,300.8 4.371.5 4,432.6 4,509.4 4,575.6 4,657.9
692.8 726.5 702.8 715.8 721.3 730.3 738.5 754.3
Government
3,496.7 3,745.8 3,598.0 3,655.7
1,655.7 3,711.3
Other
1,711.3 3,779.1 3,837.1 3,903.5
Supplements to wages and
821.7 859.4 833.9 846.2 854.5 864.2 872.7 886.1
salaries
Employer contributions for
social insurance
306.0 323.6 311.8 318.3 321.5 325.7 329.0 335.7
Other labor income
515.7 535.8 522.1 528.0 533.0 538.5 543.7 550.3
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
Seasonally adjusted at annual rates
2000
658.5
31.3
637.1
41.1
639.9
32.5
655.3
34.1
654.0
21.0
685.0
37.6
687.1
25.1
32.7
38.5
48.6
39.6
41.2
28.8
44.5
31.0
-7.6
581.0
532.2
-7.3
627.3
579.3
-7.5
596.0
547.4
-7.2
607.5
558.9
-7.1
621.2
573.8
-7.9
633.0
586.2
-6.9
647.4
598.4
-7.1
663.2
614.7
-1.0
-1.9
-1.4
-2.0
606.1
1.1
1.2
23.9
47.6
48.8
47.5
47.7
48.3
48.8
50.4
50.6
137.4
188.6
145.9
201.9
147.0
199.6
148.6
202.5
148.8
203.5
139.0
198.9
147.3
202.9
203.1
-51.1
-56.0
-52.6
-53.9
-54.7
-59.9
-55.6
-57.0
848.4
892.7
839.0
802.8
781.9
240.2
541.7
348.6
193.1
835.6
848.5
259.4
589.1
364.7
224.4
787.4
766.7
235.6
531.0
352.2
178.8
20.9
-13.0
20.8
146.1
880.5
884.1
919.4
965.6
822.2
835.8
254.4
581.4
361.5
219.9
827.1
853.8
259.4
594.3
367.3
227.0
861.4
886.3
275.7
610.6
373.5
237.1
909.9
936.5
290.8
645.8
380.0
265.8
13.3 -13.6
-26.7
-24.9
-26.7
57.0
831.4
818.1
248.0
570.1
356.4
213.7
45.6
57.2
51.6
55.5
58.2
58.0
55.7
435.7
467.5
440.8
446.3
456.4
476.3 491.0
505.7
608.2
633.3
603.4
638.9
626.0
624.7
643.6
674.8
876.5
929.7
883.6
923.4
916.7
929.0
949.9
990.7
259.6
268.6
251.2
282.5
264.5 257.4
270.1
294.8
616.9
661.1
632.4
640.9
652.2
671.6
679.7
695.8
20.9
855.5
-13.0
942.7
20.8
862.8
13.3
910.1
-13.6
930.3
-26.7
955.6
-24.9 -26.7
974.8 1,017.3
Billions of dollars
Gross product of
corporate business
Consumption of fixed capital
Net 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 product of
financial corporate
business
Gross product of
nonfinancial corporate
business
Consumption of fixed capital
5,375.3 5,729.8 5,500.1 5,599.7 5,666.1 5,759.7 5,893.7 6,022.7
616.9
661.1
632.4
640.9
652.2
671.6
679.7
695.8
4,758.4 5,068.7 4,867.7 4,958.8 5,013.9 5,088.1 5,214.0 5,326.9
494.1 524.4 513.3 509.6 517.3 524.7 545.9 553.9
4,264.3 4,544.3 4,354.4 4,449.2 4,496.6 4,563.4 4,668.1 4,773.0
3,385.3 3,614.1 3,481.2 3,532.0 3,582.7 3,644.4 3,697.4 3,760.3
2,871.5 3,076.0 2,958.4 3,002.1 3,047.6 3,103.3 3,151.0 3,205.5
513.9
538.1
522.8
529.9
535.0
541.1
546.4
554.8
748.4
681.9
240.2
441.6
314.6
127.0
789.4
745.2
259.4
485.8
331.6
154.1
740.7
668.3
235.6
432.7
328.1
104.6
782.6
713.8
248.0
465.8
308.4
157.4
777.1
732.5
254.4
478.0
342.2
135.9
776.0
745.6
259.4
486.2
337.9
148.3
821.9
788.8
275.7
513.1
338.1
174.9
859.8
830.8
290.8
540.0
344.5
195.5
20.9
-13.0
20.8
13.3
-13.6
-26.7
-24.9
-26.7
45.6
130.6
57.2
140.8
51.6
132.5
55.5
134.6
58.2
136.8
57.0
143.0
58.0
148.8
55.7
153.0
608.8
657.3
621.5
643.0
643.3
657.2
685.8
697.7
4,766.4 5,072.5 4,878.6 4,956.7 5,022.8 5,102.5 5,207.9 5,325.0
520.6 554.7 532.5 539.0 547.5 563.8 568.5 580.8
4,245.9 4,517.8 4,346.1 4,417.6 4,475.3 4,538.8 4,639.4 4,744.2
Net product
Indirect business tax and
nontax liability plus
business transfer payments
455.3 484.4 474.7 470.5 477.6 484.5 504.9 512.1
less subsidies
,997.7 4,054.3 4,134.5 4,232.1
,871.4 3,947.2
947.2 3,997.7
3,790.6 4,033.4 3,871.4
Domestic income
Compensation of
3,090.4 3,298.7 3,174.6 3,223.8 3,270.0 3,326.3 3,374.7 3,432.1
employees
Wage and salary
2,618.7 2,805.2 2,695.5 2,737.9 2,779.4 2,830.1 2,873.6 2,923.3
accruals
Supplements to wages
471.7 493.5 479.0 486.0 490.7 496.2 501.1 508.8
and salaries
Corporate profits with
inventory valuation and
capital consumption
576.7 602.8 572.7 597.2 599.5 594.0 620.3 6567
adjustments
490.6 537.1 479.8 508.6 534.2 541.8 563.9 602.4
Profits before tax
152.5 167.6 148.8 157.9 166.9 169.3 176.1 189.1
Profits tax liability
338.1 369.6 331.0 350.6 367.3 372.5 387.8 413.3
Profits after tax
245.4 259.7 256.9 241.5 267.9 264.6 264.8 269.7
Dividends
99.4 108.0 123.1 143.6
74.0 109.1
92.7 109.9
Undistributed profits
Inventory valuation
adjustment
20.9 -13.0
20.8
13.3 -13.6 -26.7 -24.9 -26.7
Capital consumption
75.4
72.2
adjustment
65.2
78.6
78.8
81.3
78.8
80.9
Net interest
123.5 131.9 124.1 126.1 128.1 134.0 139.4 143.3
Billions of chained (1996) dollars
Gross product of
nonfinancial corporate
business
4,736.6 5,013.9 4,842.5 4,911.0 4,964.2 5,044.0 5,136.5 5,230.3
Consumption of fixed capital ! ....
530.0 577.1 545.3 554.1 566.9 587.3 600.0 616.2
4,206.6 4,436.9 4,297.1 4,356.9 4,397.4 4,456.7 4,536.5 4,614.1
Net product2 ,
1. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product
of the chain-type quantity index and the 1996 current-dollar value of the corresponding series, divided by 100.
2. Chained-dollar net product of nonfinancial corporate business is the difference between the gross product and
the consumption of fixed capital.
D-7
National Data
SURVEY OF CURRENT BUSINESS
July 2000
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
1998
1999
1999
1998
Seasonally adjusted at annual rates
2000
1998
Personal income ...
Wage and salary
disbursements
Private industries
Goods-producing
industries
Manufacturing
Distributive industries
Service industries
Government
4,186.0 4,472.3 4,297.3 4,371.5 4,432.6 4,509.4 4,575.6 4,657.9
3,493.2 3,745.8 3,594.5 3,655.7 3,711.3 3,779.1 3,837.1 3,903.5
1,038.7 1,082.4 1,056.6 1,062.9 1,075.1 1,090.2
757.5 779.7 765.6 767.0 774.8 786.4
944.6 1,005.8 969.9 986.3 997.6 1,013.4
1,509.9 1,657.6 1,568.0 1,606.6 1,638.5 1,675.5
692.8 726.5 702.8 715.8 721.3 730.3
1,101.4 1,119.0
790.7 797.2
1,025.8 1,042.8
1,709.9 1,741.8
738.5 754.3
515.7
535.8
522.1
528.0
533.0
538.5
543.7
550.3
Proprietors' income with
inventory valuation and
capital consumption
adjustments
Farm
Nonfarm
606.1
25.1
581.0
658.5 637.1
31.3 41.1
627.3 596.0
639.9
32.
607.5
655.3
34.1
621.2
654.0
21.0
633.0
685.0
37.6
647.4
687.1
23.9
663.2
Rental income of persons
with capital consumption
adjustment
137.4
145.9
147.0
148.6
148.8
139.0
147.3
146.1
Personal dividend income ...
348.3
364.3
351.9
356.1
361.2
367.0
373.1
379.6
931.3
906.4
907.4
920.5
938.8
958.5
979.4
Personal interest income
578.1
596.4
581.1
588.9
593.0
599.0
604.7
618.2
19.8
23.3
362.3
17.1
345.2
20.3
24.3
377.2
15.9
19.9
23.6
20.5
24.3
20.3
24.1
366.4 374.1
17.3
16.9
376.2
16.3
361.3
349.1
357.2
359.9
20.2
24.3
377.8
15.4
362.4
20.2
24.5
380.8
15.1
365.7
20.2
25.2
384.0
15.2
368.8
Less: Personal
contributions for social
insurance
315.9
334.6
322.0
328.9
332.3
336.7
340.4
347.4
983.6 1,018.2
991.0 1,007.8 1,013.6 1,021.3 1,030.2 1,047.5
Less: Personal tax and nontax
payments
1,072.6 1,152.1 1,113.0 1,124.8 1,139.4 1,160.4 1,183.8 1,227.6
Equals: Disposable personal
income
6,286.2 6,639.7 6,417.8 6,505.4 6,593.2 6,671.0 6,789.1 6,872.9
Less: Personal outlays
6,056.6 6,483.3 6,190.3 6,310.3 6,425.2 6,531.5 6,666.3 6,849.4
Addenda:
Disposable personal income:
total, billions of chained
(1996) dollars2
Per capita:
Current dollars
Chained (1996) dollars
Population (mid-period,
millions)
Personal saving as a
percentage of disposable
personal income
5,848.6 6,257.3 5,973.7 6,090.8 6,200.8 6,303.7 6,434.1 6,612.0
185.7 201.7 193.2 196.1 199.9 203.3 207.4 211.6
Durable goods
Motor vehicles and parts
Furniture and household
equipment
Other
Nondurable goods
Food
Clothing and shoes
Gasoline, fuel oil, and other
energy goods
Gasoline and oil
Fuel oil and coal
Other
Housing
Household operation
Electricity and gas
Other household operation
Transportation
Medical care
Recreation
Other
Addenda:
Energy goods and servicesl
Personal consumption
expenditures less food and
energy
1999
2000
24.3
23.3
23.5
24.6
24.5
24.7
25.8
229.7
156.3
227.5
195.1
168.0
139.5
122.8
23.5
6,107.1 6,349.4 6,209.0 6,271.0 6,320.7 6,366.2 6,439.6 5,463.1
23,231 24,307 23,628 23,904 24,171 24,389 24,759 25,018
22,569 23,244 22,859 23,043 23,172 23,275 23,485 23,527
270.6
273.2
271.6
272.1
272.8
273.5
274.2
274.7
3.7
2.4
3.5
3.0
2.5
2.1
1.8
.3
NOTE.—Percent changes from preceding period for disposable personal income are shown in table 8.1.
5,848.6 6,257.3 5,973.7 6,090.8 6,200.8 6,303.7 6,434.1 6,612.0
698.2
758.6
722.8
739.0
751.6
761.8
316.1
304.4
306.8
313.8
318.1
782.1
325.5
821.8
289.2
268.7 290.5
140.3 152.1
275.3
143.1
283.8
148.3
287.3
150.5
292.0
151.8
298.9
157.7
309.8
166.8
345.1
1,708.9 1,843.1 1,742.9 1,787.8 1,824.8 1,853.9 1,905.8 1,958.4
904.1
306.3
875.6
289.2
885.4
301.8
893.4
306.7
903.9
308.1
933.8
308.6
946.7
319.1
126.2
138.7
123.8
14.9
494.0
120.9
108.3
12.6
457.2
120.1
106.5
13.7
480.5
136.3
121.7
14.6
488.4
144.6
129.3
15.4
153.6
112.9
13.2
169.8
150.7
19.2
522.7
855.9
346.9
128.1
218.8
245.2
894.3
221.0
878.2
902.5
362.2
130.2
231.9
255.0
941.3
246.2
948.4
874.3
347.3
122.9
224.5
247.7
910.5
226.1
902.1
885.6
356.2
128.3
227.9
250.3
922.5
233.1
916.4
897.3
360.3
129.4
230.9
254.0
933.0
241.0
938.8
907.6
366.8
133.8
233.0
256.5
948.1
252.1
956.8
919.6 932.9
365.3 371.6
129.3 132.6
236.0 238.9
259.1 263.4
961.7 978.1
258.7 269.3
981.8 1,016.5
254.3
268.9
243.8
248.4
265.7
278.5
282.9
853.4
286.3
137.7
15.9
509.8
442.9
497.3
3,441.5 3,655.6 3,508.0 3,564.0 3,624.3 3,688.0 3,746.2 3,831.8
302.5
4,740.8 5,084.3 4,854.3 4,956.9 5,041.6 5,121.3 5,217.5 5,362.8
1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
Table 2.3.—Real Personal Consumption Expenditures by Major Type of
Product
[Billions of chained (1996) dollars]
Personal consumption
expenditures
Durable goods
Motor vehicles and parts
Furniture and household
equipment
Other
Nondurable goods
22.3
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.
Personal consumption
expenditures
Services
Transfer payments to
persons
Old-age, survivors,
disability, and health
insurance benefits
Government unemployment
insurance benefits
Veterans benefits
Other transfer payments ....
Family assistancel
Other
Equals: Personal saving
1998
7,358.9 7,791.8 7,530.8 7,630.2 7,732.6 7,831.4 7,972.9 8,100.5
Other labor income
Personal consumption
expenditures
Interest paid by persons
Personal transfer payments to
the rest of the world (net)
1999
Food
Clothing and shoes
Gasoline, fuel oil, and other
energy goods
Gasoline and oil
Fuel oil and coal
Other
Services
Housing
Household operation
Electricity and gas
Other household operation
Transportation
Medical care
Recreation
Other
,
Residual
Addenda:
Energy goods and servicesl
Personal consumption
expenditures less food and
energy
5,681.8 5,983.6 5,779.3 5,871.3 5,944.5 6,015.7 6,102.9
731.5
815.7
766.0
788.8
806.1
821.2
846.7
894.1
291$
318.2
307.4
310.4
317.2
319.6
325.7
347.0
297.4
142.7
341.9
157.3
312.6
146.5
326.7
152.9
335.5
154.7
346.0
157.6
359.4
164.1
375.6
173.5
1,685.3 1,776.1 1,712.6 1,749.5 1,763.7 1,779.3 1,812.0 1,837.9
820.6
292.2
851.8
317.8
835.4
295.6
839.5
314.7
844.6
316.8
850.0
321.6
873.1
318.1
879.9
332.9
142.1
127.7
14.5
430.6
144.3
128.3
16.0
462.2
141.9
127.7
14.2
439.4
142.9
127.1
15.8
452.6
143.9
127.5
16.4
458.6
144.5
128.2
16.3
463.5
146.0
130.4
15.6
474.1
141.7
126.4
15.2
484.1
3,268.0 3,400.1 3,305.9 3,339.8 3,382.3 3,423.4 3,454.7 3,501.2
805.6
344.3
129.6
214.7
234.2
854.4
208.8
820.3
826.0
359.5
132.3
227.1
241.0
876.9
228.0
868.1
812.0
345.4
125.7
219.6
236.1
862.2
212.8
836.8
818.4
354.0
131.1
222.8
237.7
865.6
218.4
845.3
823.1
358.8
132.2
226.4
239.9
872.0
225.0
863.1
828.5
364.4
135.4
228.9
242.4
880.9
232.4
874.6
834.1
361.0
130.2
230.5
243.9
889.1
236.3
889.4
-5.4
-9.3
-4.7
-7.7
-8.5
-10.2
-11.1
271.8
276.7
267.3
274.1
276.2
280.0
276.5
839.2
366.6
133.1
233.3
245.7
896.2
243.3
909.2
-16.8
274.5
4,589.1 4,853.7 4,675.1 4,756.4 4,822.4 4,884.5 4,951.6 5,061.9
1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
NOTE.—Chained (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996
current-dollar value of the correspo
@FedFRASER