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SURVEY OF CURRENT BUSINESS
July 2001 • Volume 81 • Number 7
U.S. Department of Commerce
Donald L. Evans, Secretary
Economics and Statistics Administration
Kathleen B. Cooper, Under Secretary for Economic Affairs
Bureau of Economic Analysis
J. Steven Landefeld, Director
Rosemary D. Marcuss, Deputy Director
Dennis J. Fixler, Chief Statistician
Barbara M. Fraumeni, Chief Economist
Suzette Kern, Associate Director for Management
and ChiefAdministrative Officer
Hugh W. Knox, Associate Director for Regional Economics
Ralph Kozlow, Associate Director for International Economics
Alan C. Lorish, Jr., Chief Information Officer
Brent R. Moulton, Associate Director for National Income,
Expenditure, and Wealth Accounts
Sumiye Okubo, Associate Director for Industry Accounts
BEA Advisory Committee
The BEA Advisory Committee advises the Director of BEA on matters related to the
development and improvement of BEA's national, regional, industry, and international
economic accounts, especially in areas of new and rapidly growing economic activities
arising from innovative and advancing technologies, and provides recommendations
from the perspective of businessmen, academicians, researchers, and experts in
government and international affairs.
William D. Nordhaus, Chair, Yale University
Alan J. Auerbach, University of California, Berkeley
Michael J. Boskin, Stanford University
Barry Bosworth, The Brookings Institution
Susan M. Collins, The Brookings Institution and
Georgetown University
Gail D. Fosler, The Conference Board
Robert J. Gordon, Northwestern University
Maurine A. Haver, Haver Analytics
Charles Hulten, University of Maryland
Dale W. Jorgenson, Harvard University
Karen R. Polenske, Massachusetts Institute of Technology
Joel Prakken, Macroeconomic Advisers
The SURVEY OF CURRENT BUSINESS (ISSN 0039-6222) is
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Editor-in-Chief: Douglas R. Fox
Production Manager: Delores J. Barber
Graphic Designer: W. Ronnie Foster
Manuscript Editor: M. Gretchen Gibson
Production Editor: Ernestine T. Gladden
Editor: Kristina L. Maze
This issue went to the printer on July 16,2001.
It incorporates data from the following monthly BEA
news releases:
U.S. International Trade in Goods and
Services (June 21),
Gross Domestic Product, (June 29), and
Personal Income and Outlays (July 2).
July 2001
SURVEY OF CURRENT BUSINESS
TABLE OF CONTENTS
special in this issue
30
U.S. International Transactions: Revised Estimates for 1989-2000
In this year's annual revision of the international transactions accounts, newly
available data from a variety of sources were incorporated, and several major improvements were introduced. The improvements primarily affected the estimates
of bank income receipts and payments, U.S. nonbank liabilities to foreigners, net
foreign purchases of U.S. securities other than U.S. Treasury securities, financial
account flows and related income payments for foreign direct investment in the
United States, and exports and imports of goods. The revised estimates show a
U.S. current-account deficit of $444.7 billion in 2000, compared with the previous estimate of $435.4 billion. In the financial account, the revised estimates show
net recorded inflows of $443.3 billion in 2000, compared with the previous estimate of $399.1 billion.
l\egular features
Business Situation
Real GDP increased 1.2 percent in the first quarter of 2001, according to the "final" estimate; the "preliminary" estimate issued last month had shown a 1.3-percent increase. An upward revision to imports of goods, which are subtracted in
the calculation of GDP, was largely offset by upward revisions to personal consumption expenditures for nondurable goods and to exports of goods. The "revised" estimate of corporate profits showed a decrease of $45.7 billion (5.0
percent at a quarterly rate) in the first quarter; the "preliminary" estimate had
shown a decrease of $21.3 billion (2.3 percent).
The International Investment Position of the United States at Yearend
2000
In 2000, foreign-owned assets in the United States, whether on a current-cost or a
market-value basis, grew substantially. U.S.-owned assets abroad grew much less
on a current-cost basis, and they declined on a market-value basis. As a result, the
net international investment position of the United States was substantially more
negative at yearend 2000 than it was at yearend 1999. At yearend 2000, the net position at current cost was -$1,842.7 billion, and the net position at market value
was-$2,187.4 billion.
— Continued on the next page -
ii
SURVEY OF CURRENT BUSINESS
16
Direct Investment Positions for 2000: Country and Industry Detail
For the second consecutive year, growth in the historical-cost position of foreign
direct investment in the United States (FDIUS) substantially exceeded growth in
the historical-cost position of U.S. direct investment abroad (USDIA). The
FDIUS position increased 28 percent in 2000; the increase was concentrated in
equity capital inflows. The USDIA position increased 10 percent; the increase was
mainly in reinvested earnings. The continued global boom in mergers and acquisitions contributed to the growth in both positions.
37
U.S. International Transactions, First Quarter 2001
The U.S. current-account deficit decreased $6.8 billion, to $109.6 billion, in the
first quarter of 2001. Decreases in the deficit on goods and services and in net
unilateral current transfers more than offset a shift in the balance on income from
a small surplus to a deficit. In the financial account, net recorded inflows decreased $33.2 billion, to $80.6 billion; financial inflows decreased more than financial outflows.
Imports and statistical presentations
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 NIPA estimates for 1998-2001:1 and discussing the major
sources of the revisions will be published in the August SURVEY. Selected revised
estimates will be available on July 27 as part of the release of the "advance" GDP
estimates for the second quarter of 2001.
Gross State Product by Industry. An article discussing the new estimates of gross
state product for 1999 and the revised estimates for 1992-98 (released on June
4, 2001) is scheduled to be published in the August SURVEY. These estimates incorporate the results of the July 2000 revision of the NIPA's, the October 2000
revision of State personal income, and the December 2000 release of GDP by industry.
July 2001
SURVEY OF CURRENT BUSINESS
July 2001
B U S I N E S S
Ralph W. Morris
prepared the first
section of this
article, and Daniel
Leirkins prepared
the section on
corporate profits.
S I T U A T I O N
( I HE general picture of the U.S. economy in the
A. first quarter of 2001 that is indicated by the
"final" estimates of the national income and product accounts (NIPA's) is little changed from that
shown by the "preliminary" estimates. The final
estimates reflect the incorporation of revised and
newly available source data.
According to the final estimates,
• The pace ot U.S. economic growth picked up
a little. Real gross domestic product (GDP)
increased 1.2 percent in the first quarter, 0.1 percentage point less than was shown in last month's
preliminary estimate. GDP had increased 1.0 percent in the fourth quarter of 2000 and 2.2 percent
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
2001
2000
2001
Gross domestic product
9,422.8 127.1
50.6
29.1
5.6
2.2
1.0
1.2
Less: Exports of goods and services
1,137.1
1.559.8
37.0 -19.0 -2.7
61.2 -4.9 -21.7
14.3
18.6
13.9
17.0
-6.4
-1.2
-.9
-5.4
37.2
6.5
3.0
1.5
4.7
Plus: Imports of goods and services
Equals: Gross domestic purchases
Less: Change in private inventories
Nonfarm
Farm
Equals: Final sales to domestic purchasers
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Private fixed investment
Nonresidential
Structures
Equipment and software
Residential
Government consumption expenditures and
gross investment
Federal
National defense
Nondefense
State and local
Addendum: Final sales of domestic product
9.815.5 150.7
-19.2
-25.1
5.8
42.0
39.3
2.6
9,821.2 110.6
71.7
24.2
12.3
CHART 1
Real Gross Domestic Product
-6.1 -16.8 -74.9
-4.9 -16.9 -75.6
.3
-1.2
76.8
51.6
82.3
3.2
2.1
3.4
6,426.6 47.1 69.2
923.2 -11.5 16.5
1,901.6 16.3 21.5
3,618.2 39.5 32.6
1,797.1 46.7 13.7
1 445 1 47.2 26.3
30
9.6
304.5
1.146.1 46.2 15.8
362.1
1.2 -10.3
43.5
-7.2
4.8
43.2
-42
3.1
4.5
-5.0
7.6
4.7
3.6
3.7
4.6
3.1
11.2
7.7
14.6
44 14.6
5.6
17.9
1.3 -10.6
2.8
-3.1
1.0
4.9
-.9
-.1
10,4
-3.3
-3.6
3.4
127
3.0
12
-9.7
-3.3
53.3
27.2
14.2
15.7
10.0
6.8
10.7
-6.6
3.1
1.8
2.3
1.9
15.3
-2.3
3.5
1.608.2
557.5
358.4
199.0
1,050.1
18.6 -3.5
21.7 -13.0
13.6 -8.9
8.2 -4.2
-2.8
7.3
11.4
5.1
7.5
-2.3
6.2
18.6
6.6
47
1.9
12.0
4.8
17.2
16.9
17.8
-1.1
-1.4
-9.0
-9.7
-7.9
2.9
2.9
3.8
8.9
-4.6
2.5
4.9
5.4
3.9
4.7
9,428.2
87.3
38.6
98.7
3.9
2.4
1.7
4.3
55.6
NOTE.—Chained (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996 current-dollar
value ot the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more
than one period, the corresponding chamed-dollar estimates usually are not additive Chained 1996 dollar levels and residuals.
whicn measure the extent ot nonadditivity in each table, are shown in NIPA tables ' 2. \ ^ and '.6. Percent changes are calculated
from unrounded data. Percent changes in major aggregates are shown in NIPA table S.I 'See "Selected NIPA Tables, which
cegins on page D-2 in this issue.!
1. Quarterly estimates in the XIPA's are expressed at seasonallv a.di Listed
annual rates. Quarter-to-quarter dollar changes are the differences bet een the
published estimates. Quarter-to-q arter percent changes are annuali/ed and are
calculated from unrounded data u ess otherwise specified.
Real estimates are calculated u: ng a chain-type Fisher formula wit!" annual
weights for all years and quarterl weights for all quartei >; real estin ites are
expressed both as index numbers (1996=100) and as cha ned (1996) dollars,
Pr
indexes (1996 -• 100) are also alculated using a chain- ype Fisher rmula.
2. In the XIPA's, consumer sp nding is shown as pe:\sonal con- mption
expenditures, and government spending is shown as gover nment con: mption
expenditures and gross investment.
2001
2000
37.0
63.5
in the third (table land chart 1).'
• Real final sales of domestic product—GDP
less the change in private inventories—increased
4.3 percent, substantially more than GDP.
• For the third consecutive quarter, GDP
growth was considerably below its 3.6-percent
average annual growth rate for the current expansion, which began in the second quarter of 1991.
• The major contributors to the first-quarter
increase in real GDP were consumer spending and
government spending; they had also contributed
substantially to the fourth-quarter increase (table
1998
1999
2000
Note-Percent change at annual rate from preceding quarter:
based on seasonally adjusted estimates.
U.S. Bureau of Economic Analysis
2001
SURVEY OF CURRENT BUSINESS
July 2001
• The largest offset in real GDP growth in the
first quarter was a sharp drop in private inventory
investment.3 The drop reflected a swing in inventory stocks from accumulation to liquidation, the
first liquidation in 9Vi years.
• Investment in equipment and software and
exports decreased in both the first and fourth
quarters.
• Real gross domestic purchases—a measure of
3. In the NIPA's, inventory investment is shown as change in private inventories.
Table 2—Contributions to Percent Change in Real Gross
Domestic Product
domestic demand for goods and services regardless of where they were produced—increased 0.5
percent after increasing 1.5 percent. For the first
time in nine quarters, gross domestic purchases
increased less than GDP.
• The prices of gross domestic purchases—a
measure of prices paid by U.S. residents—increased 2.7 percent after increasing 1.9 percent.
• Real disposable personal income (DPI) accelerated, and the personal saving rate—saving as a
percentage of current-dollar DPI—was -1.0 percent, the lowest quarterly rate since the beginning
of the series in 1946.
[Seasonally adjusted at annual rates]
2000
Percent change at annual rate:
Gross domestic product
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
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
2001
5.6
2.2
1.0
1.2
2.14
-.42
.74
1.83
3.66
1.93
1.87
.14
1.73
.06
1.73
-1.00
1.48
1.37
.11
-2.48
-2.26
-.22
2.99
1.87
-.26
•21
1.92
-78
-.17
-.02
.33
-.35
-.15
-.62
-.55
-.74
-.84
2.28
.97
.61
.69
-2.57
.40
.26
.49
-.24
.85
.97
.60
.37
-.12
.61
.93
1.46
.33
.55
1.02
.44
.58
-.47
-.22
-1.90
-.44
-.09
.14
-2.97
.71
-.10
-19
.08
.82
.84
-.02
-.24
-.57
-.38
-.18
.33
.50
.22
.32
-.10
.28
.82
.29
.20
.08
.53
-.90
1.45
1.54
-.09
-2.35
.10
.19
.28
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.
Incorporation of NAICS-Based
Census Bureau Data
Most of the Census Bureau's monthly data that are
used in the calculation of GDP were recently converted
from the Standard Industrial Classification (SIC) system to the North American Industry Classification System (NAICS). The revised estimates of consumer
spending for goods incorporated revised retail sales
data, which are now reported on a NAICS basis. There
are also small, largely offsetting revisions to business
investment in equipment and software, based on
revised Census Bureau NAICS-based shipments data.
However, the estimate of nonfarm inventory investment is based on the same SIC-based inventory data
that were used for the preliminary estimate; thus, the
estimate is unrevised.
The full set of newly released NAICS-based monthly
data for retail sales, manufacturers' shipments, and
inventories for 1998 through the first quarter of 2001
will be incorporated as part of the annual NIPA revision, which is scheduled for release on July 27, 2001,
along with the advance estimate of GDP for the second
quarter of 2001.
SURVEY OF CURRENT BUSINESS
July 2001
Revisions
In general, the revisions to the first-quarter estimates were small. The final estimate of a 1.2-percent increase in GDP is 0.1 percentage point lower
than the preliminary estimate (table 3); for 19812000, the average revision, without regard to the
sign, from the preliminary estimate to thefinalestimate was 0.3 percentage point. (For information
on the incorporation of recently released Census
Bureau data, see the box on the facing page.)
The largest contributor to the downward revision to real GDP was imports (-0.59 percentage
point). Its contribution was partly offset by upward revisions to personal consumption expenditures for nondurable goods (0.31 percentage
point) and to exports (0.20 percentage point).
The revisions to exports and imports reflected
the incorporation on 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).4 Imports and exports were
both revised up; the revisions were mostly to
goods.5
The upward revision to consumer spending for
nondurable goods was widespread; it reflected the
incorporation on a best-change basis of retail sales
data for October 2000 through March 2001 that
reflected the results of the 1999 Annual Retail
Trade Survey.
The final estimate of a 2.2-percent increase in
real DPI is 0.1 percentage point less than the preliminary estimate, reflecting a downward revision
to personal interest income. The revision to personal interest income primarily reflected the incorporation on a best-change basis of revised fourthquarter data and newly available first-quarter data
from the Federal Reserve Board's flow-of-funds accounts and newly available first-quarter data from
the Federal Deposit Insurance Corporation. The
downward revision to personal interest income
4. Incorporating the source data on a best-change basis provides accurate
measures of the change in the estimates for all periods, but results in levels of
the estimates that are not fully consistent with the source data. In general, BEA
incorporates source data on best-change basis in order to preserve accurate estimates of growth and consistent time series. (For more information, see the box
"Incorporating Source Data on the Basis of Best Change," in Eugene P. Seskin
and David F. Sullivan, "Annual Revision of the National Income and Product
Accounts," SURVEY OF CURRENT BUSINESS 80 (August 2000): 16.)
5. The final estimates of exports and imports in the first quarter incorporate
the quarterly change (from the fourth quarter of 2000 to the first quarter of
2001) implied by the revised ITA estimates. The quarterly levels of the revised
ITA estimates will be incorporated in the annual revision of the NIPA's that is
scheduled for release at the end of July. For further information, see "U.S. International Transactions Accounts, Revised Estimates for 1989-2000" in this issue.
was partly offset by an upward revision to wages
and salaries that mainly reflected the incorporation on a best-change basis of the benchmark revisions to the establishment survey payroll data from
the Bureau of Labor Statistics.
Table 3.—Revisions to Change in Real Gross Domestic Product and Prices,
First Quarter 2001
[Seasonally adjusted at annual rates]
Percent change from
preceding quarter
Preliminary
estimate
Gross domestic product
Less: Exports
Goods
Services ....
Plus: Imports .
Goods
Services ....
Equals: Gross domestic purchases
Final
estimate
Final estimate
minus preliminary
estimate
Percentage
points
1.3
1.2
-0.1
-1.7
-2.7
-4.6
2.3
-9.1
-10.2
-2.8
-.9
-2.3
2.7
-5.4
-6.5
1.8
2.3
.4
3.7
3.7
3.7
5.0
4.9
.3
15.8
13.7
2.1
.9
7.6
.2
-.3
-4
0
Less: Change in private inventories
Farm
Nonfarm
3.1
3.4
Personal consumption expenditures .
Durable goods
Nondurable goods
Services
2.9
12.2
1.5
1.8
3.4
12.7
3.0
Fixed investment
Nonresidential
Structures
Equipment and software .
Residential
2.3
2.1
17.2
-2.6
2.9
2.3
1.9
15.3
-2.3
3.5
4.7
4.9
5.4
3.9
4.7
4.8
4.9
5.4
3.9
4.7
4.4
2.8
3.2
4.3
2.7
3.2
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
Billions
of
chained
(1996)
dollars
1.8
7.9
.5
.5
1.5
0
7.8
.9
7.2
-.3
0
-.2
-1.9
.3
0
-.7
-1.2
-.1
-.1
0
-1.5
.9
.6
NOTE.—The final estimates for the first quarter of 2001 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 2000 through March 2001 that include the incorporation (on
a "best-change" basis) of data that reflect the results of the 1999 Annual Retail Trade Survey.
Nonresidential fixed investment: Revised construction put-in-place for February and March and revised manufacturers' shipments
data (on a "best-change" basis) for October 2000 through March 2001.
Residential fixed investment: Revised construction put in-place for February and March, revised sales of new houses for January
through March, and revised sales of existing houses for February.
Exports and imports of goods and services: Revised data on exports and imports of goods and services for October 2000 through
March 2001 that include the incorporation (on a "best-change" basis) of 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 and revised State and local employment, hours, and wages for October 2000 through March 2001.
Wages and salaries: Revised employment, average hourly earnings, and average weekly hours for October 2000 through March
2001 that include the incorporation (on a "best-change" basis) of revised seasonal factors that reflect the Bureau of Labor Statistics
annual benchmark revisions to the establishment payroll 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 houses under construction for the quarter.
Gross National Product, next page
SURVEY OF CURRENT BUSINESS
July 2001
Gross National Product
The growth of real gross national product (GNP)
in the first quarter was the slowest in 8 years. Real
GNP—goods and services produced by labor and
property supplied by U.S. residents—increased 0.7
percent, 0.5 percentage point less than real GDP
(table 4).6 Income receipts from the rest of the
world decreased more than twice as much as income payments to the rest of the world. The decrease in receipts was accounted for by decreases in
interest income and in corporate profits, and the
decrease in payments was more than accounted for
by a decrease in interest income.
Real GNP on a command basis—which measures the purchasing power ot goods and services
produced by the U.S. economy—increased 0.3 percentage point more than real GNP, reflecting an
improvement in the terms of trade (chart 2)." In
the fourth quarter, real GNP on a command basis
increased the same as real GNP—1.7 percent—reflecting little change in the terms of trade.
The national saving rate—gross saving as a percentage of GNP—decreased to 17.3 percent in the
first quarter from 18.0 percent in the fourth. The
first-quarter rate was the lowest since the second
quarter of 1996.
CHART 2
Real Gross National Product
Percent
10
I Real GNP
Real GNP on a command basis
(->. GNP equals CUP plus income receipts from the rest of th
rld le
income pavments to the rest of the world,
~. In the estimates of command-basis GNP, the current-dollar alue o\ the
sum of exports uf goods and services and income receipts is defla ted bv the
implicit price deflator (IPD) tor the sum or imports ot goods and s
income payments.
The terms of trade is a measure of the relationship between the pri es that are
received bv L'.S. producers tor exports of yoods and services and the prices that
are paid bv L'.S. purchasers for imports of goods and services. It is m easured in
the following ratio, with the decimal point shitted two places to the riight: In the
numerator, the IPD for the sum of exports of goods and services and
of income
receipts; in the denominator, the IPP tor the sum ot imports of goo
ds and services and ot income payments.
Changes in the terms of trade reflect the interaction of several facto rs, including movements in exchange rates, changes in the composition of the traded
goods and services, and changes in producers' profit margins. For example, it
the U.S. dollar de
fo
fo
ufacturer
may choose to absorb this cost by reducing the profit margin on the product i
sells to the L'nited States, or it mav choose to raise the price of the product an
risk a loss in markel share.
1998
2000
1999
2001
Note.-Percent change at annual rate from preceding quarter;
based on seasonally adjusted estimates.
U.S. Bureau of Economic Analysis
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 prec 2ding
quarter
Billions of chained (1996) dollars
Leve'
Change from preceding quarter
2000
2001
2000
I
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
II
IV
III
2001
2001
III
II
I
IV
I
9.422.8
127.1
50.6
24.2
29.1
5.6
2.2
1.0
1.2
333,0
337,7
21,2
22,1
-4.5
-3.1
8.0
-7.1
-23.7
-10.0
28.1
29.1
-5.0
-3.4
9.6
-7.8
-24.0
-11.1
9,417.8
126.0
49.1
39.4
15.6
5.6
2.1
1.7
.7
1 470 8
58 9
31 4
-9 9
-28 2
177
88
-2 6
-7 3
Less: Exports of goods and services and income receipts from the rest of the
Plus: Command-basis exports of goods and services and income receipts from
the rest of the world '
1,502.9
65,5
23.9
-8.9
-21.0
19.4
6.5
-2.3
-5.4
Equals: Command-basis gross national product
9.449.9
132.6
41.6
40.4
22.8
5.9
1.8
1.7
1.0
102.2
.4
-.5
.1
.5
1.6
-1.9
.4
2.0
Addendum: Terms of trade
2
' . Exacts of goods anc se"vices ana mccne rejects ie'a'.tz z\
f
c •nco'ts of gcods arc senses and mccne payne'-ts
Z Rat:c of 'he .rpiic! once deflator for exports of gooes a r o se r .
\c !^£ ccespcndng ;n;}!.c:t o^ce dsfla'or for irnpo^s dividsd by 100.
\ : ~ E — See rote to taoie 1 for ar explanation of cnamed •. 1996:
se'^es are shown -n NIPA tables 1.10 and '.]'..
dollar seres. Leve's c1 T.ese
SURVEY OF CURRENT BUSINESS
July 2001
Corporate Profits
Profits decreased again in the first quarter. The
current production measure decreased $45.7 billion (or 5.0 percent at a quarterly rate) after decreasing $55.6 billion (5.7 percent) in the fourth
quarter (table 5).8 In percentage terms, the
back-to-back decreases represent the biggest
two-quarter drop since mid-1992.
First-quarter profits were reduced by a $7.1 billion adjustment (annual rate) for settlement payments by tobacco companies. Fourth-quarter
profits were reduced by a $14.2 billion adjustment.
The revised estimate of corporate profits for the
first quarter is $24.4 billion lower than the preliminary estimate. Profits from the rest of the world
accounted for almost half of the revision and reflected the incorporation of results from the annual revision of the ITA's. Profits of domestic
financial corporations were revised down substantially, mainly reflecting revised and newly available
8. Profits from current production is estimated as the sum of profits before
tax, the inventory valuation adjustment, and the capital consumption adjustment; it is shown in NIPA tables 1.9, 1.14,1.16, and 6.16C (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.
source data from the Federal Deposit Insurance
Corporation. Profits of domestic nonfinancial corporations were also revised down.
The first-quarter decrease in profits reflected
drops in profits of domestic nonfinancial corporations and in profits from the rest of the world. Unit
profits of domestic nonfinancial corporations fell,
as unit labor costs surged for the second quarter in
a row. The real output of domestic nonfinancial
corporations increased slightly after a small decrease.9
The drop in rest-of-world profits mainly reflected both lower receipts from foreign affiliates
of U.S. corporations and higher payments of earnings by U.S. affiliates of foreign corporations.10
In contrast, profits of domestic financial corporations changed little.
9. Output is defined here as nonfinancial corporate gross product. It is a measure of the contribution, or value added, of nonfinancial corporations to the
Nation's output and is measured as the sum of income generated by these businesses. Consequently, the fourth-quarter decrease in nonfinancial corporate
gross product partly reflected the difference between the growth of gross
domestic income (GDI), which is a measure of output calculated as the sum of
incomes earned in production, and GDP, which is calculated as the sum of
expenditures for final goods and services. GDI grew more slowly than GDP in
both the first and fourth quarters.
Table 5. Corporate Profits
[Seasonally adjusted]
Billions of dollars (annual rate)
Level
2001
2000
I
Profits from current production .
Domestic industries
Financial
Nonfinancial
Rest of the world
Receipts (inflows)
Payments (outflows)
IVA
CCAdj
Profits before tax
Profits tax liability
Profits after tax ....
Cash flow from current production
Domestic industry profits:
Corporate profits of domestic industries with IVA ,
Financial
Nonfinancial
Manufacturing
Transportation and public utilities
Wholesale trade
Retail trade
Other
Percent change (quarterly rate)
Change from preceding quarter
2000
IV
I
869.0
726.3
177.9
548.4
142.7
198.7
55.9
27.3
21.9
-5.5
27.3
5.4
12.0
6.5
6.7
-1.2
6.1
-7.1
7.8
-3.9
-11.7
-55.6
-72.8
2.8
-75.7
17.3
5.0
-12.2
-45.7
-29.0
-.1
-3.5
30.7
841.8
254.4
587.4
11.4
-5.9
21.8
5.7
16.0
9.1
-5.0
-4.0
-.6
-51.0
978.4
35.3
695.6
27.7
-3.8
31.6
8.1
2.0
8.5
2.2
10.8
198.5
497.1
131.6
92.1
43.7
91.8
138.0
-9.2
7.3
2.9
2.7
-3.2
4.3
4.2
6.2
10.0
0.7
-1
3.6
-1.1
5.8
-1.9
-16.2
-22.9
-28.0
5.0
1.6
-52.3
-13.3
-39.0
2.4
2.0
2.5
20.1
-25.1
-26.1
3.9
7.4
-3.6
-72.2
3.4
-75.6
-39.7
-8.8
-12.5
-8.3
-6.4
-30.6
-.4
-30.2
-20.8
-2.2
-14.9
8.3
-.5
0.003
.012
.007
-.014
0.005
.010
0
-.006
2.6
-1.4
4.0
-9.7
-.8
1.4
-.6
6.2
-28.9
-16.7
Dollars
Unit price, costs, and profits of nonfinancial corporations:
Unit price
Unit labor cost
Unit nonlabor cost
Unit profits from current production
1.040
.683
.254
.103
0.006
.001
.002
.004
NOTE.—Levels of these and other profits series are shown in NIPA tables 1.14, 1.16, 6.16C,
and 7.15.
0.001
.002
0
-.003
2001
2001
IVA Inventory valuation adjustment
CCAdj Capital consumption adjustment
-5.7
-8.8
1.6
-5.0
-3.8
-.1
-5.0
-11.6
12.1
2.5
-20.1
-10.4
-4.5
15.1
.3
-.5
.6
-5.4
-7.9
-4.3
-5.8
-5.0
-6.2
3.6
2.0
-2.4
-2.6
3.6
-2.0
5.5
4.2
2.0
14.0
2.4
8.4
.5
4.0
-.6
-4.8
-.8
1.9
-.6
4.5
-9.0
1.7
-12.5
-20.7
-8.5
-17.6
-9.0
-4.4
-4.2
-.2
-5.7
-13.6
-2.3
-25.5
9.9
-.4
SURVEY OF CURRENT BUSINESS
July 2001
Cash flow from current production, a profits-related measure of internally generated funds
available for investment, decreased $26.1 billion
after decreasing $25.1 billion." The ratio of cash
flow to nonresidential fixed investment, an indicator of the share of the current level of investment
that could be financed by internally generated
funds, decreased from 72.2 percent to 70.3 percent,
its lowest value since the second quarter of 1982.
During 1991-99, the ratio fluctuated between 74
percent and 94 percent; it averaged 84 percent.
decrease was mainly concentrated in manufacturing and in wholesale trade (chart 3). Within manufacturing, the biggest decreases were in
chemicals, electronic equipment, and motor vehicles.
Profits before tax decreased somewhat more
than profits from current production. The difference between the two measures mainly reflected an
increase in the inventory valuation adjustment,
but the capital consumption adjustment also contributed.13 kg
Domestic industry profits and related measures.—
Domestic industry profits decreased $30.6 billion
after plunging $72.2 billion.12 The first-quarter
10. 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 ITA's.
11. Cash flow from current production is undistributed profits with inventory
valuation and capita] consumption adjustments plus the consumption of fixed
capital.
12. 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.
13. 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 current cost and based on empirical evidence on
the prices of used equipment and structures in resale markets. For information
on depreciation in the NIPA's, see Arnold J. Katz and Shelby W. Herman,
"Improved Estimates of Fixed Reproducible Tangible Wealth, 1929-95," SURVEY
77 (May 1997): 69-92.
Corporate Profits with Inventory Valuation Adjustment:
Change from 2000:1V to 2001 :l
Total
Domestic Financial Manufacturing Transportation 1
Wholesale
Domestic Nonfinancial
afcms and pubfc unities.
LAIsoinckKte
2. "Other" nonfinancial corporations includes the agriculture, mining, constmction, and services industries,
along with some activities included In the finance, insurance, andrealestate' group.
Note.-Based on seasonally adjusted estimates.
U.S. Bureau of Economic Analysis
Retail
Other2
Rest of World
SURVEY O F C U R R E N T BUSINESS
July 2001
The International Investment Position of the
United States at Yearend 2000
By Harlan W. King
C\ /*OLDINGS of foreign-owned assets in the
Jx. United States increased strongly in 2000, as a
result of record financial inflows that were only
Christopher A.
partly offset by negative valuation adjustments to
Gohrband
directed the prep- the holdings. In contrast, holdings of U.S.-owned
aration of several assets abroad increased by a relatively small
of the accounts,
amount in 2000; financial outflows were stronger
and Douglas B.
than last year, but negative valuation adjustments
Weinberg prepared the direct
significantly reduced the valuation of U.S. holdinvestment
ings. Consequently, the net international investaccounts at curment position of the United States became
rent cost.
substantially more negative in 2000 after 3 years of
relatively little change. The negative position reflects the amount by which the yearend value of
foreign investments in the United States exceeds
the yearend value of U.S. investments abroad.
With direct investment valued at the current
cost of tangible assets, the negative net position increased to $1,842.7 billion at yearend 2000 from
$1,099.8 billion at yearend 1999; with direct investment valued at the stock market value of owners' equity, it increased to $2,187.4 billion at
yearend 2000 from $1,525.3 billion at yearend
1999 (table A, chart I).1
With direct investment valued at current cost,
U.S.-owned assets abroad increased to $6,167.2
billion at yearend 2000 from $5,921.1 billion at
yearend 1999. With direct investment valued at
market value, U.S.-owned assets abroad decreased
to $7,189.8 billion at yearend 2000 from $7,206.3
billion at yearend 1999 (table A).
• Financial flows increased net U.S. investments
abroad $581.0 billion. Net U.S. purchases of foreign stocks were large, U.S. direct investment
CHART 1
Net International Investment Position
of the United States at Yearend, 1982-2000
Billion $
500
Ik
Investment Position," SURVEY OF CURRENT BUSINESS 71 (May, 1991): 40-49.
Table A.—U.S. Net International Investment Position at
Yearend
TTJ
-500
-1000
-1500
-2000
i
-2500
500
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 share of direct investment using indexes of stock market prices. For additional information about the different measures of direct investment, see J.
Steven Landefeld and Ann M. Lawson, "Valuation of the U.S. Net International
WITH DIRECT INVESTMENT POSITIONS VALUED
AT CURRENT COST
II
i
i
i
WITH DIRECT INVESTMENT POSITIONS VALUED
AT MARKET VALUE
-mil
-500
-1000
[Billions of dollars]
Net position:
At current cost
At market value
U.S.-owned assets abroad:
At current cost
At market value
Foreign-owned assets in the United States:
At current cost
At market value
1998
1999
2000
-1500
-1,128.7
-1,424.0
-1,099.8
-1,525.3
-1,842.7
-2,187.4
-2000
5,091.6
6,063.2
5,921.1
7,206.3
6,167.2
7,189.8
6,220.3
7,487.2
7,020.9
8,731.7
8,009.9
9,377.2
-2500
1
1
1
[
1982 84 86 88 90 92 94 96 98 2000
US. Bureau of Economic Analysis
8
July 2001
SURVEY OF CURRENT BUSINESS
abroad was strong, and U.S. bank and nonbank
claims on foreigners increased sharply (table B).
• Negative valuation adjustments reduced the
value of net U.S. investments abroad $334.9 billion
with direct investment on a current-cost basis and
$597.5 billion with direct investment on a marketvalue basis. The negative valuation adjustments on
both bases reflected declines in foreign stock prices
and declines in foreign-currency-denominated
assets due to depreciation of most foreign currencies against the dollar (table B).
With direct investment valued at current cost,
foreign-owned assets in the United States increased to $8,009.9 billion at yearend 2000 from
$7,020.9 billion at yearend 1999. With direct investment valued at market value, foreign-owned
assets increased to $9,377.2 billion at yearend 2000
from $8,731.7 billion at yearend 1999 (table A).
• Financial flows increased net foreign investments in the United States $1,024.2 billion. Net
foreign purchases of U.S. securities other than U.S.
Treasury securities were a record, foreign direct
investment in the United States was a near record,
and U.S. liabilities reported by banks and by nonbanks increased sharply (table C).
• Negative valuation adjustments reduced the
value of net foreign-owned assets in the United
States $35.2 billion with direct investment at current cost and $378.6 billion with direct investment
at market value. The substantial reduction on the
market-value basis was due to the decline in U.S.
stock prices (table C).
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 2000. Tables 1
Table B—Changes in U.S.-Owned Assets Abroad, 2000
[Billions of dollars]
Total change
Financial flows
581.0
Valuation adjustments
Price changes
Exchange rate changes
Other valuation changes
-597.5
-364.5
-264.9
31.9
Table C—Changes in Foreign-Owned Assets in the United
States, 2000
[Billions of dollars]
At market value
Total change
645.6
Financial flows ,
1,024.2
Valuation adjustments
Price changes
Exchange rate changes ..
Other valuation changes .
-378.6
-322.3
-31.1
-25.3
and 2 at the end of this article present detailed estimates of the yearend positions.
Changes in U.S.-Owned Assets Abroad
Bank and nonbank claims
U.S. claims on foreigners reported by U.S. banks
increased $176.3 billion, to $1,276.7 billion, in
2000, as a result of strong lending to banks abroad,
the need to supply funds to foreign bond markets,
and large increases in placements of foreign commercial paper in the United States (table D).
U.S. banks' own claims on banks abroad payable in dollars increased $118.8 billion, to $911.9
billion. The increase in overseas lending by U.S.
banks reflected strong demand for bank credit that
resulted from significant merger and acquisition
activity overseas, strong economic growth in many
Improvements in the Estimates
As is customary each July, the estimates of the U.S. international investment position incorporate newly available
source data and methodological improvements that relate
to the changes incorporated in the annual revision of the
U.S. international transactions accounts. As a result, the
negative net international investment position with direct
investment at current cost for yearend 1999 has been
revised from $1,082.5 billion to $1,099.8 billion, and the net
position with direct investment at market value has been
revised from $1,473.7 billion to $1,525.3 billion. The major
sources of these revisions are the following.
• The estimates of the foreign direct investment position
in the United States on both the current-cost basis and
the market-value basis for 1997 forward have been
revised to incorporate data collected in BEA's 1997
benchmark survey of foreign direct investment in the
United States and revised quarterly survey results for
1998-2000.
• Foreign holdings of U.S. securities other than U.S. Treasury securities are revised for 1999-2000 as a result of a
more complete accounting for large U.S. acquisitions of
foreign companies, especially those acquisitions financed
by exchanges of stocks.
• U.S. nonbank liabilities are revised for 1996-2000 as a
result of the substitution of Bank for International Settlements data on nonbank liabilities to foreign banks for
U.S.-source data.
For additional information, see "U.S. International Transactions, Revised Estimates for 1989-2000" in this issue.
SURVEY OF CURRENT BUSINESS
Table D—U.S. Claims Reported by U.S. Banks and U.S.
Nonbanks at Yearend
[Billions of dollars]
~l
Total bank-reported claims
Banks' own claims, payable in dollars
On own foreign offices
On unaffiliated foreign banks
On other foreigners
Banks' customer claims, payable in dollars
Banks' claims, payable in foreign currencies
Total nonbank-reported claims
1999
2000
1,020.8
1,100.4
1,276.7
735.0
484.5
106.2
144.3
186.9
98.9
793.1
529.7
97.1
166.3
219.1
88.2
911.9
630.1
588.3
667.7
825.3
1998
'
99.6
182.2
278.4
86.6
industrialized countries, large foreign purchases of
U.S. securities, and reductions in U.S. interest
rates. The increase in interbank claims was primarily on banks' own foreign offices. Foreign-owned
banks' claims on their offices in Western Europe,
particularly in the United Kingdom and Switzerland, increased throughout the year, reflecting
substantial credit demands at these offices. U.S.owned banks' claims on their offices in Western
Europe and the Caribbean increased mostly in the
second half of the year when the U.S. economy and
domestic credit growth slowed. Claims on other
foreigners also increased, largely reflecting U.S. securities dealers' lending to international bond
funds in the Caribbean and Western Europe.
U.S. banks' domestic customers' claims payable
in dollars increased $59.3 billion, to $278.4 billion,
reflecting strengthened customer demand for foreign short-term paper. Foreign commercial paper
issues in the United States increased more than
three times as much as in 1999. Increases were particularly large in the third and fourth quarters,
when borrowing preferences shifted sharply to
short-term financing as borrowing conditions deteriorated in bond markets both in the United
States and abroad.
U.S. claims on foreigners reported by U.S. nonbanking concerns increased $157.5 billion, to
$825.3 billion, as U.S. nonbanking concerns significantly increased their deposits in banks in Western Europe and in Caribbean banking centers,
especially in the first and fourth quarters. The
sharp acceleration in U.S. deposits abroad helped
to finance the heightened foreign demand for
credit among industrial countries and to fund circuitous lending back to U.S. borrowers (table D).
Foreign securities
U.S. holdings of foreign securities decreased
$197.9 billion, to $2,406.5 billion, in 2000, reflecting a sharp decrease in the value of foreign stocks
resulting from declines in foreign stock prices and
from depreciation of most currencies against the
July 2001
U.S. dollar. Holdings of foreign bonds were virtually unchanged.
U.S. holdings of foreign stocks decreased $197.8
billion, to $1,828.8 billion (table E). The decrease
resulted from $153.7 billion in price depreciation
and $143.9 billion in exchange-rate depreciation
that were only partly offset by $99.7 billion in net
U.S. purchases. Continued exchanges of stock associated with acquisitions of U.S. companies by
European and Canadian companies accounted for
most of net U.S. purchases.
• U.S. holdings of Western European stocks
decreased 4 percent. European stock prices
declined 4 percent on average, and the euro depreciated 13 percent against the dollar between
yearend 1999 and yearend 2000. Partly offsetting
were $57.1 billion in net U.S. purchases, mostly in
exchanges of stock associated with foreign acquisitions of U.S. companies.
• U.S. holdings of Japanese stocks decreased 34
percent. Large net sales of $17.5 billion, 20-percent
price depreciation, and 9-percent exchange-rate
depreciation of the yen against the U.S. dollar
accounted for the decrease. The reduced demand
for Japanese stocks reflected unrealized economic
reforms and an uneven economic recovery.
• U.S. holdings of Canadian stocks increased 22
percent, mostly because of strong net U.S. purchases and stock price appreciation of 8 percent.
Exchange-rate depreciation of 3 percent was partly
offsetting.
• U.S. holdings of other foreign stocks
decreased substantially. Holdings of Asian emerging market stocks decreased sharply, reflecting an
Table E.—U.S. Holdings of Foreign Stocks by Major Areas
at Yearend
[Billions of dollars]
1998
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 Hemishphere
Of which: Bermuda
Netherlands Antilles
Other countries
Of which: Australia
Hong Kong
Singapore
1,476.2
960.5
295.6
45.6
130.4
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
2000
2,026.6
1,167.8
374.8
160.2
183.2
117.6
18.2
53.5
141.9
35.7
74.8
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
1,828.8
1,117.6
365.2
134.8
180.9
101.9
16.1
48.1
136.5
28.1
56.3
75.2
123.3
181.4
73.5
8.1
25.0
25.1
144.2
42.6
34.4
188.8
35.0
34.9
8.4
10
% July 2001
SURVEY OF CURRENT BUSINESS
average price decline of 33 percent. Holdings of
Latin American stocks decreased 18 percent.
U.S. holdings of foreign bonds were virtually
unchanged, at $577.7 billion (table F). Net U.S.
purchases were $25.2 billion; these purchases were
offset by price depreciation of $10.7 billion, as foreign bond prices fell, and exchange-rate depreciation of $14.6 billion. The stability of the U.S. bond
market relative to other world bond markets encouraged a step-up in new issues, especially by European corporations to finance merger and
acquisition activity and by sovereign borrowers
from Latin America and emerging market countries. However, price declines and depreciation of
most foreign currencies against the U.S. dollar
prompted U.S. investors to sell outstanding foreign-currency-denominated bonds.
U.S. direct investment abroad
U.S. direct investment abroad valued at current
cost increased $117.2 billion, to $1,445.2 billion, in
2000; at market value, it decreased $145.4 billion,
to $2,467.8 billion (table G). Net financial outflows—a near record $152.4 billion—included numerous large acquisitions and were encouraged by
favorable growth prospects in many countries,
particularly in Europe (table H). Net equity capital
outflows were $49.9 billion, below last year's level
but still strong; outflows were associated with
strong U.S. acquisitions abroad. Reinvested earnings increased sharply to $99.7 billion, partly as a
result of growth in total overseas earnings. Intercompany debt outflows decreased sharply to $2.8
billion. At current cost, the large financial outflows
more than accounted for the increase in the position. At market value, the financial outflows were
Table F—U.S. Holdings of Foreign Bonds by Major Areas at
Yearend
[Billions of dollars]
1998
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 ....
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
2000
577.7
205.8
59.0
12.7
43.9
12.8
12.4
12.2
97.9
24.5
108.3
26.2
19.6
38.7
27.5
14.0
90.2
27.5
12.5
23.5
577.7
223.4
68.2
14.1
50.9
11.9
17.3
11.9
91.4
24.9
120.4
24.4
20.4
34.3
27.3
9.8
67.9
27.5
11.1
22.4
Table G—U.S. Direct Investment Abroad at Yearend
[Billions of dollars]
U.S. direct investment abroad:
At current cost
At market value
1998
1999
2000
1,196.8
2,168.3
1,328.0
2,613.2
1,445.2
2,467.8
Table H.-U.S. Direct Investment Abroad, 2000
[Billions of dollars]
At current
cost
Total position
Total change
Financial outflows
Equity capital
Intercompany debt ....
Reinvested earnings .
Price changes
Exchange rate changes
Other valuation changes
At market
value
1,445.2
2,467.8
117.2
152.4
49.9
-145.4
152.4
49.9
2.8
2.8
99.7
99.7
-196.0
-92.5
-9.3
6.1
-22.0
-19.3
more than offset by a large decrease in U.S. owners' equity—reflecting the widespread decline in
most foreign stock markets, especially in Europe
where U.S. investment is large—and by depreciation in foreign-currency-denominated positions
due to the decline of most foreign currencies
against the U.S. dollar.
U.S. official reserve assets and other U.S.
Government assets
U.S. official reserve assets decreased $8.0 billion, to
$128.4 billion, in 2000, mostly reflecting a decline
in the market value of the U.S. gold stock and a decrease in the value of foreign currency assets due to
strong appreciation of the U.S. dollar against the
yen and the euro. For financial flows, U.S. intervention purchases of euros in the third quarter and
an increase in U.S. holdings of special drawing
rights were largely offset by a decline in the U.S. reserve position at the International Monetary Fund.
The U.S. reserve position decreased as a result of
large U.S. dollar-denominated repayments by Brazil, Mexico, and Russia that exceeded dollar borrowings.
U.S. Government assets, other than reserve assets, increased $0.9 billion, to $85.2 billion. The increase reflected net new credits extended through
U.S. Government international lending programs.
Changes in Foreign-Owned Assets in the
United States
Bank and nonbank liabilities
U.S. liabilities reported by U.S. banks increased
$72.6 billion, to $1,139.8 billion, in 2000, representing heightened U.S. and international demand
SURVEY OF CURRENT BUSINESS
for bank credit. The strong growth in outstanding
U.S. dollar liabilities was attributable to bank financing for U.S. domestic commercial and industrial loan expansion, mostly in the first half of the
year, to considerable international lending, and to
an upturn in foreign deposits in the United States
(table I).
U.S. banks' own liabilities payable in dollars increased $78.1 billion, to $952.0 billion. Most of the
increase was to the interbank market. Banks in the
United States financed an expansion of domestic
assets in the first half of the year through substantial intercompany borrowing, and they borrowed
heavily from offices in the Caribbean to meet the
surge in credit demand associated with acquisitions and consolidations. In addition, foreigners
accelerated their time deposit placements in U.S.owned banks to capture relatively higher shortterm yields, particularly in the second and fourth
quarters. Liabilities to other foreigners increased
$17.5 billion, mostly as a result of a resurgence in
positions of U.S. securities dealers with private foreigners in Western Europe and the Caribbean.
U.S. liabilities to foreigners reported by U.S.
nonbanking concerns increased $167.2 billion, to
$722.7 billion. U.S. borrowing, particularly from
financial institutions in Western Europe and the
Caribbean, was large, especially in the first quarter
(table I).
Table I.—U.S. Liabilities Reported by U.S. Banks and U.S.
Nonbanks at Yearend
[Billions of dollars]
1,014.0
804.7
562.9
113.2
128.6
108.2
Total bank-reported liabilities
Banks' own liabilities, payable in dollars
To own foreign offices
To unaffiliated foreign banks
To other foreigners
Banks' custody liabilities, payable in dollars
Banks' liabilities, payable in foreign
currencies
Total nonbank-reported liabilities
1999
2000
1,067.2
873.9
609.2
119.3
145.4
104.8
1,139.8
952.0
650.5
138.6
162.9
111.7
101.1
88.5
76.1
485.7
555.6
722.7
Table J—Foreign Official and Private Holdings of U.S.
Treasury Securities by Selected Countries at Yearend
July 2001
U.S. Treasury securities
Foreign holdings of U.S. Treasury securities decreased $21.0 billion, to $639.7 billion, in 2000.
The decrease was attributable to $52.8 billion in
net sales that were only partly offset by $31.8 billion in price appreciation resulting from lower
bond interest rates. The popularity of U.S. Government bonds to foreign portfolio investors was
curtailed by their steep interest rate decline, the
relative attractiveness of higher yielding U.S.
agency and high-grade corporate bonds, and concerns over diminishing supplies of Treasury securities. (Foreign private holdings and foreign official
holdings are combined in table J in order to avoid
disclosure of sensitive data on individual country
holdings by foreign official agencies.)
Other U.S. securities
Foreign holdings of U.S. securities, other than U.S.
Treasury securities, increased $442.0 billion, to
$2,964.0 billion, in 2000. Record net foreign purchases of U.S. securities were partly offset by substantial stock-price depreciation and exchangerate depreciation on foreign-currency-denominated U.S. corporate bonds.
Foreign holdings of U.S. corporate and U.S.
agency bonds increased $312.3 billion, to $1,374.3
billion (table K). Record net foreign purchases of
$292.9 billion and price appreciation of $43.6 billion substantially exceeded exchange-rate depreciation of $24.2 billion. Foreign investors were
attracted by the higher yields on U.S. corporate
and agency bonds than on foreign bonds and on
U.S. Treasury bonds, by the strength of the dollar,
and by sizable new issues of U.S. agency bonds,
many of which replaced purchases of U.S. Treasury
bonds.
Table K.—Foreign Private Holdings of U.S. Corporate and
Agency Bonds by Major Areas at Yearend
[Billions of dollars]
[Billions of dollars]
1998
1998
Total holdings
Japan
United Kingdom
Germany
China
Hong Kong
Middle East OPEC members
Korea, Republic of
Belgium & Luxembourg
British West Indies
Singapore
1,318.8
292.6
279.2
100.2
48.7
46.0
28.4
18.4
32.8
39.6
45.0
1999
1,238.9
320.9
238.8
96.1
51.3
45.8
28.6
25.3
27.9
28.2
30.5
1999
2000
2000
1,222.0
347.7
214.6
91.6
49.9
45.6
32.9
32.2
29.7
25.7
24.4
Total holdings
Western Europe
Of which: United Kingdom
France
Germany
Italy
Netherlands
Canada
Japan
Latin America
Other Western Hemisphere ..
Other countries
902.2
588.1
470.0
14.6
19.7
3.2
16.3
23.3
108.7
19.9
105.2
57.0
1,061.9
673.1
536.1
15.1
24.7
3.5
17.2
25.6
120.4
26.2
145.9
70.7
1,374.3
850.0
684.5
17.4
28.2
4.8
18.5
37.0
162.9
37.4
193.1
93.9
11
12
•
SURVEY OF CURRENT BUSINESS
July 2001
Table L—Foreign Private Holdings of U.S. Corporate Stocks
by Major Areas at Yearend
Table M.—Foreign Direct Investment in the United States at
Yearend
[Billions of dollars]
[Billions of dollars]
1999
Total holdings
Western Europe
Of which: United Kingdom ,
France
Germany
Italy
Netherlands
Canada
Japan
Latin America
Other Western Hemisphere ...
Other countries
1,110.3
686.3
302.4
35.4
51.5
15.1
74.9
108.1
81.6
21.5
114.2
2000
1,460.1
1,589.7
926.5
408.6
1,064.8
461.9
58.5
85.0
25.0
49.1
71.3
21.0
103.9
142.5
103.8
27.7
140.3
119.3
123.8
144.8
102.0
30.1
115.1
132.9
1998
Foreign direct investment in the United States:
At current cost
At market value
U.S. currency
U.S. currency held by foreigners increased $1.1 billion, to $251.8 billion, in 2000. Supplies of U.S.
currency shipped at yearend 1999 as precautions
against Y2K problems were sufficient to meet demands for much of 2000.
Foreign direct investment in the United States
Foreign direct investment in the United States valued at current cost increased $275.1 billion, to
$1,369.5 billion, in 2000; at market value, it decreased $68.4 billion, to $2,736.9 billion (table M).
Net financial inflows were a near record $287.7 billion (table N). Net equity capital inflows slowed
slightly to $216.7 billion, but remained very strong
2000
912.2 1,094.4 1,369.5
2,179.0 2,805.2 2,736.9
Table N—Foreign Direct Investment in the United States,
2000
[Billions of dollars]
At market value
Total position
Foreign holdings of U.S. corporate stocks increased $129.6 billion, to $1,589.7 billion (table L).
Record net purchases of $192.7 billion were
partly offset by $63.1 billion in price depreciation.
The strength of the U.S. dollar and favorable prospects for the U.S. economy prompted record foreign investments and outweighed the negative
influences of increased market volatility and declining stock prices that began after the first quarter. The Nasdaq index, which is heavily weighted
with technology-related stocks, lost 39.3 percent in
2000 after gaining 85.6 percent in 1999. The Standard & Poor's 500 index lost 10.1 percent after a
rise of 19.5 percent.
1999
2,736.9
Total change
Financial inflows
Equity capital
Intercompany debt
Reinvested earnings ..
Price changes
Exchange rate changes .
Other valuation changes
-68.4
287.7
216.7
47.3
23.7
-349.0
0.0
-7.1
as a result of numerous acquisitions during the
year, especially by Western European firms. Reinvested earnings increased slightly to $23.7 billion.
Net intercompany debt inflows decreased to $47.3
billion. At current cost, net financial inflows were
partly offset by small negative valuation adjustments, mainly to reconcile market values with the
smaller book values of acquisitions. At market
value, net financial inflows were more than offset
by substantial price depreciation in foreign owners' equity, resulting from the decline in U.S. stock
prices.
Foreign official assets
Foreign official assets increased $52.1 billion, to
$922.4 billion, in 2000, reflecting $37.6 billion in
capital inflows and $14.4 billion in price appreciation. Most of the capital inflows were the result of
intervention purchases of U.S. dollars by a few industrial countries. Assets of OPEC members and
other developing countries also increased a small
amount. The price appreciation of assets was the
result of a 6-percent increase in the price of U.S.
Treasury bonds.
Tables 1 and 2 follow.
SURVEY OF CURRENT BUSINESS
July 2001
Table 1.—International Investment Position of the United States at Yearend, 1999 and 2000
[Millions of dollars]
Changes in position in 2000 (decrease (-))
Attributable to:
Type of investment
Line
Position,
Valuation adjustments
Financial
flows
Total
Price
changes
(a)
Net international investment position of the United States:
With direct investment positions at current cost (line 3 less line 24)
With direct investment positions at market value (line 4 less line 25)
U.S.-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
Other U.S. Government liabilities7
U.S. liabilities reported by U.S. banks, not included elsewhere .
Other foreign official assets
Other foreign assets:
With direct investment at current cost (lines 35+37+38+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
p Preliminary.
r
Revised.
1. Represents gains or losses on foreign-currency-denominated assets due to their revaluation
at current exchange rates.
2. Includes changes in coverage, statistical discrepancies, and other adjustments to the value
of assets.
3. Reflects changes in the value of the official gold stock due to fluctuations in the market
price of gold.
4. Reflects changes in gold stock from U.S. Treasury sales of gold medallions and commemorative and bullion coins; also reflects replenishment through open market purchases. These de-
Exchange
Other
rate
changes:
changes*
(c)
-1,099,786 -443,266 -189,189 -161,397
-1,525,347 -443,266 -42,232 -233,846
5,921,099
7,206,320
580,952 -162,350 -194,351
580,952 -364,486 -264,903
136,418
75,950
10,336
17,950
32,182
722
-2,308
1,876
84,227
81,657
81,367
290
2,570
944
920
929
-9
24
290
-4,134
Position,
2000^
-4,157
(d)
50,975
57,247
(a+b+c+d)
-742,877 -1,842,663
-662,097 -2,187,444
21,862
31,909
246,113
-16,528
6,167,212
7,189,792
-17
-17
-8,018
-4,151
203
-3,126
-944
128,400
71,799
10,539
14,824
31,238
944
920
929
-9
24
85,171
82,577
82,296
281
2,594
4
-519
-818
-2,820
5,700,454
6,985,675
579,718 -158,216 -190,194
579,718 -360,352 -260,746
21,879
31,926
253,187
-9,454
5,953,641
6,976,221
1,327,954
2,613,175
2,604,383
577,745
2,026,638
6,128 -21,975
152,437
152,437 -196,008 -92,527
124,935 -164,344 -158,470
25,200 -10,672 -14,579
99,735 -153,672 -143,891
-19,367
-9,320
117,223
-145,418
-197,879
-51
-197,828
1,445,177
2,467,757
2,406,504
577,694
1,828,810
667,732
1,100,385
163,846
138,500
26,839
7,020,885 1,024,218
8,731,667 1,024,218 -322,254
870,364
628,907
578,225
50,682
15,486
138,847
87,124
37,619
30,676
-10,233
40,909
-1,987
5,803
3,127
-6,327
-3,422
41,246
157,519
176,324
825,251
1,276,709
-32,954
-31,057
-29,113
-25,338
988,990
645,569
8,009,875
9,377,236
52,065
47,990
4,119
43,871
-1,987
5,803
259
922,429
676,897
582,344
94,553
13,499
144,650
87,383
14,446
17,314
14,352
2,962
-2,868
6,150,521
7,861,303
986,599
12,393
986,599 -336,700
-32,954
-31,057
-29,113
-25,338
936,925
593,504
7,087,446
8,454,807
1,1
2,805,221
660,693
2,522,009
1,061,924
1,460,085
250,657
102
287,655
287,655 -348,991
31,783
-52,792
485,644 -19,492
292,904
43,619
192,740 -63,111
1,129
-1,897
-10,794
-7,019
275,066
-68,355
-21,009
441,964
312,335
129,629
1,129
1,369,505
2,736,866
639,684
2,963,973
1,374,259
1,589,714
251,786
555,566
1,067,157
177,010
87,953
-8,319
-10,000
167,172
72,603
722,738
1,139,760
-24,188
-24,188
-1,519
-5,350
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.
13
14
July 2001
SURVEY OF CURRENT BUSINESS
Table 2.—International Investment Position
[Millions
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+15)
With direct investment at market value (lines 5+10+16)
1976
1977
1978
1979
164,832
171,440
206,423
316,926
1980
1983
1981
339,767
1985
328,954
235,947
298,304
257,393
134,088
54,343
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
1,287,396
1,302,712
U.S. official reserve assets
Gold 1
Special drawing rights
Reserve position in the International Monetary Fund .
Foreign currencies
36,944
2,395
4,434
321
53,376
45,781
2,629
4,946
20
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
105,040
81,202
5,641
11,541
6,656
117,930
85,834
7,293
11,947
12,856
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
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
89,792
87,854
85,978
1,876
1,938
367,892
410,335
498,590
584,590
692,821
806,206
1,006,200
1,012,915
935,147
1,079,674
1,094,990
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
348,342
270,574
62,810
25,994
130,138
445,631
371,036
386,352
119,403
75,020
44,383
141,872
447,363
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 stocks 5
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
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
661,900
779,482
725,068
912,670
872,280
1,044,205
993,044
1,233,053
1,205,826
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 assets 8
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
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
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
202,482
145,063
138,438
6,625
15,803
26,734
14,882
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
309,923
481,475
590,373
535,959
718,202
677,812
844,527
793,366
1,030,571
1,003,344
47,528
55,413
68,976
88,579
127,105
164,623
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
8,910
53,554
11,457
42,097
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
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
247,223
219,996
87,954
207,868
82,290
125,578
46,036
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 stocks 8
U.S. currency
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concernsJ
U.S. liabilities reported by U.S. banks, not included elsewhere
p Preliminary.
r
Revised.
1. U.S. official gold stock is valued at market price.
to
financial institutions and outstanding amounts of mis22. Also
Al includes
i l d paid-in
idi capital
i t l subscriptions
biti
t international
it
cellaneous claims that have been settled through
to beppayable
to the U.S. Government
g international agreements
g
y
over periods in excess of 1 year. Excludes World War I debts that are not being serviced.
that
may contractually,
repay with its currency, with a
33. Includes
I l d indebtedness
idbtd
t h t the
th borrower
b
t t l l or att its
it option,
ti
16,019
77,719
64,391
27,295
30,606
165,361
16,709
76,279
31,265
27,532
227,988
40J97
77,415
312,179
354,497
third country's currency, or by delivery of materials or transfer of services.
4. A break in series in 1994 reflects the ^classification of intercompany debt positions between parent companies
and affiliates that are not depository institutions and that are primarily engaged in financial intermediation from the
ddirect
i t iinvestment
t t accounts
t tto th
the nonbank
b k iinvestment
t t accounts.
t E
Estimates
tit
ffor 1976 fforward
d are llinked
i k d tto th
the1977
1977,
1982,1989, and 1994 benchmark surveys
y of U.S. dirertinvestmentabroad.
5. Estimates include results of the 1994 and 1997 Benchmark Surveys of U.S. Ownership of Foreign Long-term
Securities
theU
U.S.
Department
iti conducted
d t d by
b th
S D
t t of
f ththeTTreasury.
SURVEY OF CURRENT BUSINESS
15
July 2001
of the United States at Yearend, 1976-2000
of dollars]
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996'
1997-
1998'
1999-
2000^
Line
-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
-595,168
-542,234
-972,605
-1,076,134
-1,128,699
-1,423,988
-1,099,786
-1,525,347
-1,842,663
-2,187,444
1
2
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
4,012,746
4,549,179
4,567,279
5,278,032
5,091,616
6,063,175
5,921,099
7,206,320
6,167,212
7,189,792
3
4
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
128,400
71,799
10,539
14,824
31,238
5
6
7
8
9
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
84,227
81,657
81,367
290
2,570
85,171
82,577
82,296
281
2,594
10
11
12
13
14
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
3,765,884
4,302,317
4,346,245
5,056,998
4,858,842
5,830,401
5,700,454
6,985,675
5,953,641
6,976,221
15
16
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
989,810
1,526,243
1,467,985
465,057
1,002,928
450,578
857,511
1,067,436
1,778,189
1,751,183
543,396
1,207,787
545,524
982,102
1,196,765
2,168,324
2,052,929
576,745
1,476,184
588,322
1,020,826
1,327,954
2,613,175
2,604,383
577,745
2,026,638
667,732
1,100,385
1,445,177
2,467,757
2,406,504
577,694
1,828,810
825,251
1,276,709
17
18
19
20
21
22
23
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
4,607,914
5,091,413
5,539,884
6,354,166
6,220,315
7,487,163
7,020,885
8,731,667
8,009,875
9,377,236
24
25
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
835,962
614,530
589,792
24,738
21,712
135,384
64,336
838,041
620,285
589,023
31,262
18,340
125,883
73,533
870,364
628,907
578,225
50,682
15,486
138,847
87,124
922,429
676,897
582,344
94,553
13,499
144,650
87,383
26
27
28
29
30
31
32
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
3,809,546
4,293,045
4,703,922
5,518,204
5,382,274
6,649,122
6,150,521
7,861,303
7,087,446
8,454,807
33
34
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
745,619
1,229,118
502,562
1,199,461
588,044
611,417
186,846
346,810
828,248
823,126
1,637,408
662,228
1,578,694
715,196
863,498
211,628
459,407
968,839
912,187
2,179,035
729,738
2,012,429
902,153
1,110,276
228,250
485,675
1,013,995
1,094,439
2,805,221
660,693
2,522,009
1,061,924
1,460,085
250,657
555,566
1,067,157
1,369,505
2,736,866
639,684
2,963,973
1,374,259
1,589,714
251,786
722,738
1,139,760
35
36
37
38
39
40
41
42
43
6. A break in series in 1983 reflects the introduction of data from the United Kingdom and from the Bank for
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 ^classification 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. A break in series in 1996 reflects the introduction of data from the
Bank for International Settlements (BIS) for several European countries.
16
SURVEY OF CURRENT BUSINESS
July 2001
Direct Investment Positions for 2000
Country and Industry Detail
By Maria Borga and Raymond J. Mataloni, Jr.
( 7 N 2000, the historical-cost position of foreign
1 direct investment in the United States (FDIUS)
grew 28 percent, while that of U.S. direct investment abroad (USDIA) grew 10 percent. In 1999,
the rate of growth of the FDIUS position was 24
percent and that of the USDIA position was 13
percent. In the past 20 years, there were only two
other 2-year periods in which the rate of growth
for FDIUS substantially exceeded that for USDIA—1983-84 and 1988-89—but in neither period was the difference in the rates of growth as
large as in 1999-2000 (table I). 1
The continued global boom in mergers and
acquisitions contributed to the growth in both
positions in 2000. Most of the cross-border mergers and acquisitions involving U.S. companies were
1. In addition to these historical-cost position estimates, BEA also produces
estimates on a current-cost and market-value basis. See the box "Alternative
Measures of the Direct Investment Positions."
Table 1.—U.S. Direct Investment Position Abroad
and Foreign Direct Investment Position in the United States
on a Historical-Cost Basis, 1982-2000
Billions
of dollars
Yearend
USDIA
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
p
207.8
212.2
218.1
238.4
270.5
326.3
347.2
381.8
430.5
467.8
502.1
564.3
612.9
699.0
795.2
871.3
r
1,000.7
r
1,130.8
* 1,244.7
Alternative Measures of the Direct
Investment Positions
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 are less than the current and market values •
of the positions. Current-cost and market-value estimates of the positions are also prepared, but only at
an aggregate level. The revised estimates of the position for 1999 and the preliminary estimates for 2000
are shown on all three valuation bases below. The
current-cost and market-value estimates are discussed in "The International Investment Position of
the United States in 2000" in this issue.
Percent change from
preceding year
FDIUS
124.7
137.1
164.6
184.6
220.4
263.4
314.8
368.9
394.9
419.1
423.1
467.4
480.7
535.6
598.0
-681.8
r
778.4
r
965.6
* 1,238.6
USDIA
Alternative Direct Investment Position Estimates,
FDIUS
2.1
2.8
9.3
13.5
20.6
6.4
10.0
12.8
8.7
7.3
12.4
9.9
20.1
12.2
19.4
19.5
19.5
17.2
7.0
6.1
1.0
10.5
(i)
(i)
14.1
13.8
9.6
14.8
13.0
10.1
11.4
11.7
14.0
14.2
24.0
28.3
Preliminary.
Revised.
1. The USDIA and FDIUS positions reflect a discontinuity between 1993 and 1994 due to
the reclassification from direct investment to other investment accounts of intercompany debt
between parent companies and affiliates that are nondepository financial intermediaries. This reclassification reduced the USDIA and FDIUS positions for 1994 by $27.4 billion and $15.9 billion,
respectively.
FDIUS Foreign direct investment in the United States
USDIA U.S. direct investment abroad
r
with companies in Europe. Healthy economic
growth in the United States and in many European
countries contributed to the surge in business
combinations between companies in these two
regions. Both U.S. and European firms sought to
increase their global positions through these
acquisitions.
1999 and 2000
[Millions of dollars]
Valuation method
Position
at
yearend
1999-
Changes in 2000
(decrease (-))
Total
Capital
flows
Valuation
adjustments
Position
at
yearend
2000^
U.S. direct investment
abroad:
Historical cost
Current cost
Market value
1,130,789 113,865 139,257 -25,392 1,244,654
1,327,954 117,223 152,437 -35,214 1,445,177
2,613,175 -145,418 152,437 -297,855 2,467,757
Foreign direct
investment in the
United States:
Historical cost
Current cost
Market value
pr Preliminary.
Revised.
965,632
1,094,439
2,805,221
272,996 281,115
-8,119 1,238,627
275,066 287,655 -12,588 1,369,505
-68,355 287,655 -356,010 2,736,866
SURVEY OF CURRENT BUSINESS
July 2001
Key Terms
The key terms used in this article are described in this box. For a of equity capital increases and decreases. Equity capital increases conmore detailed discussion of these terms and the methodologies used sist of payments made by parents to third parties for the purchase of
to prepare the estimates, see Foreign Direct Investment in the United capital stock when they acquire an existing business, as well as funds
States: 1992 Benchmark Survey, Final Results (Washington, DC: U.S. that parents provide to their affiliates that increase their ownership
Government Printing Office, 1995) and U.S. Direct Investment interest in the affiliates. Equity capital decreases are funds parents
Abroad: 1994 Benchmark Survey, Final Results (Washington, DC: U.S. receive when they reduce their equity interest in existing affiliates.
Government Printing Office, 1998). The methodologies are also Intercompany debt flows result from changes in net outstanding
available at BEA's Web site at <www.bea.doc.gov>.
loans and trade accounts between parents and their affiliates, includDirect investment. Investment in which a resident of one country ing loans by parents to affiliates and loans by affiliates to parents.
obtains a lasting interest in, and a degree of influence over the man- Reinvested earnings are the parents' claim on the undistributed afteragement of, a business enterprise in another country. In the United tax earnings of the affiliates.
States, the criterion used to distinguish direct investment from other
Direct investment position. The value of direct investors' equity
types of investment is ownership of at least 10 percent of the voting in, and net outstanding loans to, their affiliates. The position may be
securities of an incorporated business enterprise or the equivalent viewed as the parents' claims on the total assets of their affiliates or as
interest in an unincorporated business enterprise.
the financing provided in the form of equity (including reinvested
U.S. direct investment abroad (USDIA). The ownership or con- earnings) or debt by parents to their affiliates. Financing obtained
trol, directly or indirectly, by one U.S. resident of 10 percent or more from other sources, such as local or third-party borrowing, is
of the voting securities of an incorporated foreign business enterprise excluded.
or the equivalent interest in an unincorporated foreign business
BEA provides estimates of the positions for USDIA and for FDIUS
enterprise.
that are valued on three bases—historical cost, current cost, and
Foreign direct investment in the United States (FDIUS). The market value. At historical cost, the positions are valued according to
ownership or control, directly or indirectly, by one foreign resident of the values carried on the books of affiliates; thus, most investments
10 percent or more of the voting securities of an incorporated U.S. reflect price levels of earlier time periods. At current cost, the portion
business enterprise or the equivalent interest in an unincorporated of the position representing parents' shares of their affiliates' tangible
assets (property, plant, and equipment and inventories) is revalued
U.S. business enterprise.
Foreign affiliate. A foreign business enterprise in which a single from historical cost to replacement cost. At market value, the owners'
U.S. investor (that is, a U.S. parent) owns at least 10 percent of the equity portion of the position is revalued to current market value
using indexes of stock prices.
voting securities, or the equivalent.
U.S. affiliate. A U.S. business enterprise in which a single foreign
Valuation adjustments to the historical-cost position. Adjustinvestor (that is, a foreign parent) owns at least 10 percent of the vot- ments that are made to account for the differences between changes
ing securities, or the equivalent.
in the historical-cost position, which are measured at book value, and
Ultimate beneficial owner (UBO). That person (in the broad legal direct investment capital flows, which are measured at transaction
sense, including a company), proceeding up the affiliate's ownership value. (Unlike the positions on a current-cost and market-value basis,
chain beginning with the foreign parent, that is not owned more the historical-cost position is not adjusted to account for changes in
than 50 percent by another person. The UBO ultimately owns or the replacement cost of the tangible assets of affiliates or in the marcontrols the affiliate and derives the benefits associated with owner- ket value of parent companies' equity in affiliates.)
ship or control. Unlike the foreign parent, the UBO of a U.S. affiliate
Valuation adjustments to the historical-cost position consist of
may be located in the United States.
currency translation and "other" adjustments. Currency-translation
Foreign parent group. Consists of (1) the foreign parent, (2) any adjustments are made to account for changes in the exchange rates
foreign person, proceeding up the foreign parent's ownership chain, that are used to translate affiliates' foreign-currency-denominated
that owns more than 50 percent of the person below it, up to and assets and liabilities into U.S. dollars. The precise effects of currency
including the UBO, and (3) any foreign person, proceeding down the fluctuations on these adjustments depend on the value and currency
ownership chain(s) of each of these members, that is owned more composition of affiliates' assets and liabilities. Depreciation of foreign
than 50 percent by the person above it. (For FDIUS, the term "par- currencies against the dollar usually results in negative translation
ent" in the definitions below refers to both the foreign parent and adjustments because it tends to lower the dollar value of foreign-currency-denominated net assets. Similarly, appreciation of foreign curother members of the foreign parent group.)
Direct investment capital flows. Funds that parent companies rencies usually results in positive adjustments because it tends to raise
provide to their affiliates net of funds that affiliates provide to their the dollar value of foreign-currency-denominated net assets.
"Other" adjustments are made to account for differences between
parents. For USDIA, capital flows also include the funds that U.S.
direct investors pay to unaffiliated foreign parties when affiliates are the proceeds from the sale or liquidation of affiliates and their book
acquired and the funds that U.S. investors receive from them when values, for differences between the purchase prices of affiliates and
affiliates are sold. Similarly, FDIUS capital flows include the funds their book values, for writeoffs resulting from uncompensated exprothat foreign direct investors pay to unaffiliated U.S. residents when priations of affiliates, for changes in industry of affiliate or country of
affiliates are acquired and the funds that foreign investors receive foreign parent, and for capital gains and losses (other than currency
from them when affiliates are sold. FDIUS capital flows also include translation adjustments). These capital gains and losses represent the
debt and equity transactions between U.S. affiliates and other mem- revaluation of the assets of ongoing affiliates for reasons other than
exchange-rate changes, such as the sale of assets (other than invenbers of their foreign parent groups.
Direct investment capital flows consist of equity capital, intercom- tory) for an amount different from their book value.
pany debt, and reinvested earnings. Equity capital flows are the net
17
18
SURVEY OF CURRENT BUSINESS
July 2001
Industry-specific factors also contributed to the
wave of mergers and acquisitions. Much of the
business consolidation resulted from firms seeking
economies of scale or market power, particularly
in the petroleum, asset management (classified in
finance), telecommunications services (classified
in "other industries"), and insurance industries. In
petroleum, for example, some firms are expanding
in order to finance expected large capital expenditures for oil field exploration and development. In
telecommunications and finance, firms are motivated by the increased global competition and
investment opportunities arising from deregulation and from liberalized trade and investment
laws. Rapid technological change spurred acquisitions of telecommunications companies, manufacturers of fiber optics and other communications
equipment, computer equipment manufacturers,
and financial services firms. Some of these consolidations reflect the scale economies that can be
realized by using new technologies and by the capital expenditures required to deploy them. Some
consolidations have allowed new technologies to
be employed more widely while continuing to
safeguard intellectual property.
Acquisition activity for FDIUS was particularly
robust in 2000.2 There were a number of sizable
acquisitions of high-tech businesses in several
industries identified with the "new economy", as
well as in petroleum and finance.3 The United
States has been a favored destination of foreign
direct investment partly because the pace of deregulation and technological change that has contrib-
CHART 1
Direct Investment Positions
on a Historical-Cost Basis, 1982-2000
Billion $
1300
1200
—
1100
U.S. Direct Investment Position Abroad
Foreign Direct Investment Position
in the United States
1000
900
800
700
600
500
400
300
200
100
I I I I I I I I I I I I I I I
1982
8 4 8 6 8 8 9 0
US. Bureau of Economic Analysis
92
9 4 9 6 9 8
2000
uted to mergers and acquisitions in a number of
industries has been particularly rapid in the
United States, thus making U.S. companies in the
affected industries attractive targets. In addition,
since the mid-1990s, the U.S. economy has consistently grown faster than the economies of most
major investing partners, partly because of accelerated productivity growth associated with investments in information technology; sustained
productivity growth may attract foreign investors
if they expect it to contribute to the long-run profitability of U.S. firms.
The capital flows underlying the changes in the
two positions differed in composition. In 2000, as
in 1999, the largest component of capital inflows
for FDIUS was equity capital, and the largest component of capital outflows for USDIA was reinvested earnings. The higher earnings of foreign
affiliates of U.S. companies relative to those of U.S.
affiliates of foreign companies contributed to this
difference in composition and partly reflects the
greater average maturity of foreign affiliates.4
U.S. Direct Investment Abroad
The USDIA position valued at historical cost—the
book value of U.S. direct investors' equity in, and
net outstanding loans to, their foreign affiliates—
was $1,244.7 billion at the end of 2000 (table 1 and
chart 1). The largest positions remained those in
the United Kingdom ($233.4 billion, or 19 percent
of the total), in Canada ($126.4 billion, or 10 percent), and in the Netherlands ($115.5 billion, or 9
percent) (table 2.2 and chart 2).
2. New investment spending for FDIUS set a record in 2000. See Ned G.
Howenstine, "Foreign Direct Investment in the United States: New Investment
in 2000," SURVEY OF CURRENT BUSINESS 81 (June 2001): 27-34. 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 17 percent to $320.9 billion in 2000 from
$275.0 billion in 1999. 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 $207.2 billion, or 65 percent, of outlays to acquire or establish
new U.S. affiliates, compared with $219.5 billion, or 80 percent, in 1999.
3. The data on the FDIUS position are presented using industry classifications
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 2000 are presented using classifications derived from the North
American Industry Classification System (NAICS); under the NAICS-based
classifications, many of the communications-related investments are included
in the sector "Information." In addition, petroleum is not treated as a separate
major industry; instead, the various petroleum-related activities are distributed
among the major NAICS industry groups to which they belong. (For details, see
Ned G. Howenstine and Rosaria Troia, "Foreign Direct Investment in the
United States: New Investment in 1999," SURVEY 80 (June 2000): 55-63. ) In
coming years, BEA will begin publishing the FDIUS and USDIA position and
related capital-flow and income data on a NAICS basis.
4. For a discussion of the profitability of U.S. affiliates, see Raymond J. Mataloni, )r., "An Examination of the Low Rates of Return of Foreign-Owned U.S.
Companies," SURVEY 80 (March 2000): 55-73.
July 2001
SURVEY OF CURRENT BUSINESS
The USDIA position increased $113.9 billion,
or 10 percent, in 2000, down from increases of 13
percent in 1999 and 15 percent in 1998. The following table shows the change in the position in
1999 and 2000 by the 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
1999
130.1
142.6
58.8
90.8
32.0
23.3
60.5
-12.5
-11.7
-0.8
2000
113.9
139.3
49.9
70.3
20.4
2.8
86.5
-25.4
-14.2
-11.2
Capital outflows for USDIA were $139.3 billion
in 2000. By account, the largest share of outflows—62 percent—was accounted for by reinvested earnings. Equity capital accounted for 36
percent, and intercompany debt, for 2 percent.
Reinvested earnings, at $86.5 billion, were up 42
percent from 1999, reflecting both strong growth
in earnings and a higher share of total earnings
that were reinvested. The decision to reinvest foreign affiliates' profits rather than remit them to the
United States partly reflected attractive opportunities abroad to establish or acquire new operations
or to expand ongoing operations. In addition, high
levels of profitability in the United States may have
reduced U.S. companies' need to repatriate profits
from their foreign affiliates.
One indication of the attractiveness of investment opportunities abroad was the rise in current
earnings of foreign affiliates. By industry, the most
rapid rise in earnings—88 percent—occurred in
petroleum and mainly reflected a sharp increase in
crude oil prices. Earnings increases in other industries also contributed to the rise in reinvested earnings. Earnings in nonpetroleum industries grew 18
percent; the most rapid increases were in finance
(except depository institutions), insurance, and
real estate (FIRE) and in manufacturing. The
increase in FIRE was almost fully accounted for by
holding companies and reflected the earnings of
operating affiliates in other industries that were
indirectly owned by U.S. companies through holding—company affiliates (see the "Technical
Note"). The increase in manufacturing partly
reflected a rise in economic growth abroad—particularly in Asia and Pacific, where economic con
ditions continued to improve following the
financial crisis of 1997-98.
Equity capital outflows were $49.9 billion, down
15 percent from 1999. Equity capital increases
were $70.3 billion and primarily reflected the
acquisition of existing foreign businesses by U.S.
companies. Ten acquisitions, each valued at more
than $1 billion, accounted for nearly two-thirds of
total equity capital increases; eight of the acquired
firms were in Europe. The acquisitions were part
of a continuing wave of European merger and
acquisition activity that reflected not only the factors that boosted merger and acquisition activity
worldwide but also expectations of heightened
competition within Europe as the European Union
becomes a more highly integrated single market
and as the adoption of the euro currency is completed in 2002. In an effort to remain competitive,
some large diversified European companies have
been shedding secondary business activities that
sometimes have become candidates for U.S. acquisitions. Equity capital decreases were widespread
by area and primarily reflected the sale of affiliates
to foreign buyers.
Intercompany debt outflows fell to a very low
level—$2.8 billion—primarily reflecting a sharp
decline in new lending by U.S. parents. The reductions in debt outflows were largest for parents'
transactions with European and Asian affiliates.
The capital outflows were partly offset by a
$25.4 billion negative valuation adjustment.
Acquisitions made for more than book value
CHART 2
U.S. Direct Investment Position Abroad,
2000: Host-Country Shares
^^^^_Other(27.1%)
Ireland ( 2 . 7 % ) ^ ^ J
Australia ( 2 . 8 % ) ^ ^ ^ ^ M
Panama (2.8%)/^^^H
Mexico ( 2 . 8 % ) / ^ - ^ B ^ ^ ^ ^ ^ ^ ^ k l l n i t e d Kingdom
Brazil (2.9%) « ^ ^ ^ ^ ^ ^ ^ ^ B (18.8%)
France (3.1%) ^ ^ ^ 5
Germany ( 4 . 3 % ) \ ^ ^ ^ y
Bermuda ( 4 . 3 % ) ^ ^ /
m T
,
Switzerland ( 4 . 4 % ) \ i ^ ^ - ^ ^ C a n a d a
Japan (4.5%)
U.S. Bureau of Economic Analysis
Netherlands (9.3%)
(10.2%)
19
20
•
SURVEY OF CURRENT BUSINESS
July 2001
required downward adjustments to reconcile the
transactions values reflected in capital flows with
the book values used in computing the historicalcost position. Nearly as important were negative
currency-translation adjustments that resulted
from the U.S. dollar's appreciation against the currencies of some important host countries—particularly the euro area countries. (See valuation
adjustments in the box "Key Terms.")
Changes by country
In 2000, the USDIA position grew about 10 percent in Europe, Latin America and Other Western
Hemisphere, and Asia and Pacific, and it grew 14
percent in Canada. Position changes that exceeded
$3 billion by area and by country are shown in the
following table:
[Billions of dollars]
All countries
Canada
Europe
Of which:
United Kingdom
Netherlands
Ireland
Switzerland
Italy
Latin America and Other
Western Hemisphere
Of which:
Bermuda
Mexico
Asia and Pacific
Of which:
Japan
Hong Kong
Singapore
113.9
15.4
60.4
21.4
9.9
7.3
6.0
5.7
18.7
7.0
3.2
17.7
6.2
3.2
3.1
Within Europe, the largest increase by far was in
the United Kingdom, followed by the Netherlands,
Ireland, Switzerland, and Italy. The increase in the
United Kingdom mainly reflected acquisitions of
existing British businesses, notably investment
banks. U.S. investing firms were partly motivated
by recent changes in U.S. banking laws that have
allowed U.S. depository institutions to diversify
domestically; in order to become globally competitive in these diversified activities, these institutions have sought to expand their diversified
activities abroad. The increases in the Netherlands
and Ireland were largely accounted for by reinvested earnings, mainly reflecting strong earnings.
In the Netherlands, most of the earnings were accounted for by holding companies that derive virtually all of their earnings from operating affiliates,
many of which are located in other countries. In
Ireland, earnings were concentrated in manufac-
turing and services. The increases in Switzerland
and Italy mainly reflected the acquisition of existing foreign businesses.
Within Latin America and Other Western
Hemisphere, Bermuda and Mexico accounted for
most of the increase. The increases in both countries were mainly accounted for by reinvested
earnings, reflecting strong earnings. In Bermuda,
the robust, and growing, earnings were concentrated in FIRE (mainly insurance and holding
companies). In Mexico, the sizable earnings were
widespread by industry and partly reflected favorable local economic conditions and strong growth
in exports to the United States.5
Within Asia and Pacific, the largest increases in
the position were in Japan, Hong Kong, and Singapore. The increases in all three countries were
mainly accounted for by reinvested earnings,
reflecting strong earnings. In Japan, affiliates in
FIRE and services accounted for nearly two-thirds
of total earnings. Affiliates in these industries may
have benefitted from recent shifts in Japanese business strategies in response to stagnant domestic
business conditions. For example, Japanese affiliates of U.S. information technology (IT) services
firms expanded their sales to large Japanese firms
that were increasing their outsourcing of IT services, and Japanese affiliates of U.S. securities firms
obtained new underwriting business as a result of
a higher level of corporate merger and acquisition
activity in Japan. Earnings in Hong Kong were
concentrated in wholesale trade and finance. Earnings in Singapore were concentrated in industrial
machinery and electronics manufacturing.
In Canada, most of the increase was accounted
for by reinvested earnings, reflecting strong earnings, but equity capital to finance acquisitions also
contributed. Earnings were large in petroleum,
reflecting the high levels of oil and gas prices, and
in transportation equipment manufacturing,
reflecting substantial U.S. motor vehicle imports
from Canada. Equity capital outflows to Canada
were concentrated in services and in FIRE, reflecting the acquisition of Canadian business services
and finance firms.
The USDIA positions in emerging markets,
such as China and Eastern Europe, are relatively
small but are growing rapidly. The position in
China was $9.6 billion in 2000, up $1.6 billion
from 1999; much of the growth was in electronics
manufacturing. The position in Eastern Europe
5. According to the Organisation for Economic Co-Operation and Development, Mexico's real gross domestic product (GDP) grew 5.2 percent in 2000—
down slightly from 5.4 percent in 1999 but well above the average annual rate of
3.1 percent in 1990-98. According to estimates from BEA's international transactions accounts, Mexico's exports to the United States increased 24 percent in
2000.
SURVEY OF CURRENT BUSINESS
was $11.0 billion in 2000, up $1.4 billion from
1999; much of the growth was in financial industries.
Foreign Direct Investment in the United
States
The FDIUS position valued at historical cost—the
book value of foreign direct investors' equity in,
and net outstanding loans to, their U.S. affiliates—
was $1,238.6 billion at the end of 2000 (table 1 and
chart 1) (see the box "Benchmark Revisions of the
Estimates of Foreign Direct Investment in the
United States" on page 22). The largest positions
remained those of the United Kingdom ($229.8
billion, or 19 percent), Japan ($163.2 billion, or 13
percent), and the Netherlands ($152.4 billion, or
12 percent) (table 3.2 and chart 3).
In 2000, the FDIUS position increased $273.0
billion, or 28 percent, following an increase of 24
percent in 1999. The following table shows the
change in the FDIUS position in 1999 and 2000 by
type of capital flow and valuation adjustment:
[Billions of dollars]
Total
Capital inflows
Equity capital
Increases
Decreases
Intercompany debt....
Reinvested earnings ...
Valuation adjustments ..
Currency translation . .
Other
1999
187.2
295.0
225.6
254.3
28.7
55.4
14.0
-107.8
-4.8
-102.9
2000
273.0
281.1
216.7
233.9
17.1
47.3
17.1
-8.1
-1.9
-6.2
July 2001
outflows on foreign securities that resulted from
the U.S. shareholders receiving the stock of the foreign firms.6 Thus, these transactions had little
effect on the net international investment position
of the United States. The increases in equity capital
were partly offset by equity capital decreases of
$17.1 billion, which primarily reflected the sale of
affiliates to U.S. buyers.
Intercompany debt inflows were $47.3 billion,
down from a record $55.4 billion in 1999. More
than 40 percent of the inflows were from parents in
Luxembourg and represented existing U.S. affiliates' borrowing to finance acquisitions in manufacturing and services.
Reinvested earnings were a record $17.1 billion
in 2000. Foreign parents chose to leave these earnings with U.S. affiliates, rather than to repatriate
them as dividends, in order to finance acquisitions
and expenditures on property, plant, and equipment in the United States. The increase in reinvested earnings was due to an increase in the
earnings of U.S. affiliates; the share of earnings
that was reinvested—at 42 percent—was little
changed from 1999. The largest increase in reinvested earnings was in petroleum, reflecting both
increased profitability associated with higher oil
prices and the entry into the direct investment
universe of recently acquired U.S. oil companies.
Reinvested earnings also increased in machinery
6. The outflows were recorded as foreign securities transactions rather than as
U.S. direct investment abroad because the exchange of stock did not result in
any single U.S. investor owning as much as 10 percent of the shares of a foreign
firm.
CHART 3
Capital inflows were $281.1 billion in 2000,
down 5 percent from the record level in 1999. Net
inflows of equity capital accounted for 77 percent
of total capital inflows. Intercompany debt
accounted for 17 percent, and reinvested earnings
for 6 percent.
Equity capital inflows were $216.7 billion, down
4 percent from 1999. Equity'capital increases of
$233.9 billion mainly reflected the acquisition of
U.S. businesses by foreigners. Several of the largest
acquisitions were made through exchanges of
stock, in which the U.S. shareholders of the
acquired firms exchanged their stock for shares in
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 U.S. companies were offset by the
Foreign Direct Investment Position
in the United States, 2000:
Parent-Country Shares
United Kingdom (18.5°/ )
^ ^ \
Other (15.0%)
Japan (13.2%)
^ ^ ^ ^ ^ k
P
V
^ ^
^ ^ ^
Netherlands
(12.3%)
Switzerland\ ^ ^ B
(6.6%)
^ ^ V
Luxembourg (6.7%)^_^ 1
Canada (8.1%)
U.S. Bureau of Economic Analysis
^^T
Germany (9.9%)
France (9.6%)
21
22
.
July 2001
SURVEY OF CURRENT BUSINESS
manufacturing, depository institutions, and insurance.
The capital inflows for FDIUS were partly offset
by a small negative valuation adjustment. This
adjustment was primarily related to acquisitions
and was made to reconcile the transactions values
reflected in capital inflows (which would otherwise
determine the measured change in the position)
with the smaller book values that are recorded in
the historical-cost position.7
Changes by country
Parents in Europe accounted for more than fourfifths of the increase in the FDIUS position.
Among these parents, those in the United Kingdom accounted for over one-quarter of the increase. The next largest increases were for parents
in France, Switzerland, the Netherlands, and Luxembourg. Outside of Europe, the largest increase
in position was by parents in Canada. Japan accounted for more than one-half of the increase by
parents in Asia and Pacific.
The following table presents the major changes
in position by area and by country. For every
country except Japan, the increase in the position
7. The large negative valuation adjustment in 1999 was due to the sizable premiums over book value that foreign investors paid for many of the firms
acquired in that year, especially those in communications-related sectors of the
economy. In 2000, despite the continued strong spending for acquisitions, many
of the investments did not have such sizable premiums. The smaller premiums
may have reflected the decline in U.S. stock prices during the latter part of the
year.
Benchmark Revisions of the Estimates
of Foreign Direct Investment in the
United States
The estimates of the position of foreign direct investment in the United States (FDIUS) and related flows
for 1997 have been revised to incorporate data collected in BEA's 1997 benchmark survey, which covered
the universe of FDIUS. The estimates for 1998 and
1999 have been revised by extrapolating the 1997 universe data on the basis of data collected in BEAs quarterly survey (which covers all foreign-owned U.S.
business above a size-exemption level) and by incorporating new or adjusted data from that survey. The
revisions to the FDIUS position for these years were
small—2 percent or less for all countries and industries combined. Previously, the estimates for 1997-99
were extrapolated from the 1992 benchmark survey of
FDIUS. For additional information, see "U.S. International Transactions, Revised Estimates for 1989-2000"
in this issue. A summary of the benchmark revisions
to the 1997 data, by area and by major industry, will be
published in the September issue of the SURVEY.
was largely due to acquisitions. For Japan, reinvested earnings accounted for a major portion of
the increase.
[Billions of dollars]
All countries
Canada
Europe
Of which:
United Kingdom
France
Switzerland
Netherlands
Luxembourg
Latin America and Other
Western Hemisphere
Asia and Pacific
Of which:
Japan
Singapore
273.0
24.3
220.6
62.9
36.8
28.0
26.7
26.3
4.6
19.0
10.1
6.1
Most of the increase in the position of the
United Kingdom was in petroleum and services
(mainly in advertising and computer services).
The position in petroleum nearly doubled, reflecting strong reinvested earnings of affiliates as well
as the acquisition of new affiliates.
Elsewhere in Europe, the increase in the position of France was mainly in finance, insurance,
and services. The increases in the positions of both
Switzerland and the Netherlands were largely in
finance, chemicals, and services. The position of
Luxembourg increased as a result of acquisitions
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 BEAs 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, Y. Louise
Ku-Graf, Tracy K. Leigh, Beverly E. Palmer, and Christine L. Perrone. Computer programming for data estimation and tabulation was provided by Karen E.
Poffel, assisted by Neeta B. Kapoor.
SURVEY OF CURRENT BUSINESS
by firms ultimately owned by investors in other
countries.8
The position of Canada increased largely
because of acquisitions of communications equipment manufacturers and telecommunications
firms. Nearly 40 percent of the increase in the position of Japan was from reinvested earnings, mostly
those of affiliates in wholesale trade.
Technical Note: Holding Companies in the
Data on U.S. Direct Investment Abroad
For the past two decades, U.S. parent companies
have been funneling an increasing share of their
direct investments abroad through holding companies.9 In 1982, foreign affiliates classified as
holding companies accounted for only 9 percent of
the U.S. direct investment position abroad, but by
2000, they accounted for 23 percent of the position
(chart A).
The growth in holding-company affiliates
reflects a variety of factors. Some holding-company affiliates are established primarily to coordinate management and administration of
activities—such as marketing, distribution, or
financing—worldwide or in a particular geo8. 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.
9. A holding company is a company whose primary activity is holding the
securities or financial assets of other companies. The increased use of holdingcompany affiliates is part of a broader trend in which U.S. parents own foreign
affiliates who in turn own other foreign affiliates. This note focuses on holdingcompany affiliates because these affiliates have contributed the most to this
trend.
CHART A
Holding Companies as a Percentage of
the U.S. Direct Investment Position
Abroad,1982-2000
Percent
25
20
graphic region. In addition, the presence of holding-company affiliates in countries where the
effective income tax rate faced by affiliates is relatively low suggests tax considerations may have
also played a role in their growth.
One consequence of the increasing use of holding companies has been a reduction in the degree
to which the USDIA position (and related flow)
estimates reflect the industries and countries in
which the production of goods and services by foreign affiliates actually occurs. This is because the
estimates are classified according to the countries
and industries of the affiliates with which the U.S.
parent companies have direct transactions and
positions, rather than according to the countries
and industries of the affiliates whose operations
the parents ultimately own or control.10 For example, suppose that a U.S. manufacturer makes a capital contribution of $100 million to its holdingcompany affiliate in the Netherlands. This affiliate
uses the funds to add to its equity investment in a
German manufacturing affiliate of the U.S. manufacturer, which uses them to build a factory in Germany. In the U.S. international transactions
accounts, the $100 million is recorded as a direct
investment equity capital outflow to the Netherlands, and in the U.S. direct investment position
abroad, a position of $100 million is recorded for
finance in the Netherlands, because that is the
industry and country of the affiliate with which
the U.S. company has a direct claim.
Partly in response to the growing impact of
holding companies on the distributions of the estimates by industry of affiliate, BEA has added a presentation of the USDIA position (and income)
estimates by industry of U.S. parent." Both distributions cover only those affiliates with which the
U.S. parent companies have direct transactions
and positions. By industry of U.S. parent, the positions in (and income of) affiliates of a given parent
are all classified in the single industry that reflects
the primary activity of the parent company in the
United States. By industry of affiliate, they are classified in the industry that reflects the primary
activity of each affiliate abroad.12
15
10
1982
84
86
88
U.S. Bureau of Economic Analysis
90
92
94
96
98
2000
10. This convention for allocating the USDIA position (and related flow) estimates by country and industry follows international guidelines, as reflected in
the International Monetary Fund's Balance of Payments Manual, 5Ih edition.
11. See, for example, table 18 of "U.S. Direct Investment Abroad: Detail for
Historical-Cost Position and Related Capital and Income Flows, 1999," SURVEY
80 (September 2000): 31-60.
12. For example, suppose that a U.S. parent company classified in chemical
manufacturing has two directly held foreign affiliates, one classified in chemical
manufacturing and the other in wholesale trade. By industry of parent, the position in (and income from) both affiliates would be classified in chemicals manufacturing; by industry of affiliate, the data for the chemical manufacturing
affiliate would be classified in chemical manufacturing, and those for the other
affiliate would be classified in wholesale trade.
July 2001
23
24
SURVEY OF CURRENT BUSINESS
July 2001
The following table shows the USDIA position
in 2000 by industry of affiliate and by industry of
U.S. parent:
[Billions of dollars]
By industry of:
affiliate U.S. parent
1,244.7
1,244.7
Petroleum
Manufacturing
Wholesale trade
Depository institutions
All industries
105.5
344.0
88.1
37.2
160.5
665.2
30.4
39.2
FIRE
497.3
179.5
Services
79.9
55.5
Other industries
92.8
114.2
The largest differences between the two disaggregations are in manufacturing (which is larger
by industry of parent) and in FIRE (which is larger
by industry of affiliate). These differences primarily reflect the use of holding companies by U.S.
parents in manufacturing.
In addition to the direct investment position
(and related flow) estimates, BEA produces
another set of estimates—the U.S. multinational
company financial and operating (F&O) estimates.
The F&O estimates provide a variety of measures
of the overall operations of U.S. multinational
companies—including assets, sales, employment,
and gross product (value added)—and of the separate operations of U.S. parent companies and their
foreign affiliates. Because the estimates for foreign
affiliates are uniformly classified according to the
country where the affiliate's physical assets are
located or where its primary activity is carried out
and because they are classified according to the
industry that reflects the affiliate's primary activity,
the F&O estimates more closely reflect the industries and countries in which the production of
goods and services by foreign affiliates actually
occurs than do those on the direct investment
position (and related flows). However, as measures
of operations, the estimates are not adjusted for
the percentage of U.S. ownership and therefore
cannot substitute for the position as measures of
U.S. investments.
The preceding example involving affiliates in
the Netherlands and Germany can be used to illus-
trate how the industry and country patterns differ
for the two types of data. In the example, the F&O
data for the German manufacturing affiliate would
be classified by country in Germany and by industry in manufacturing, whereas the U.S. direct
investment position (and related flow) data associated with that indirectly held affiliate would be
classified by country in the Netherlands and by
industry in FIRE.
One consequence of the increased use of holding-company affiliates has been a growing divergence in the industry patterns between the
position estimates and the F&O estimates. The
extent of this divergence can be illustrated by comparing estimates of the USDIA position and a
selected F&O data item—the net property, plant,
and equipment (PP&E) of affiliates.13 For example,
manufacturing accounted for over 40 percent of
both the position and the net PP&E of affiliates in
1982; by 1994, its share was up slightly based on
the PP&E estimates but down sharply (to 33 percent) based on the position estimates (chart B).14
13. In 1982, the correlation coefficient between the position and the net PP&E
of affiliates, across 12 major industries, was .90 and highly significant statistically, but in 1994 (the most recent year for which estimates of the net PP&E of
all affiliates are available), it was not significantly different from zero, statistically. Net PP&E was used for comparison because it closely reflects the countries
and industries in which production of goods and services by affiliates occurs.
Other F&O items exhibited similar patterns.
CHART B
Foreign Manufacturing Affiliates' Shares
of the Ail Industries Total for the U.S.
Direct Investment Position Abroad and
for Net Property, Plant, and Equipment
Percent
50
45
~Net property, plant, and equipment
40
Position -
35
30
1982
U.S. Bureau of Economic Analysis
1989
1994
July 2001
SURVEY OF CURRENT BUSINESS
The country patterns in the two types of estimates also have diverged. As a result, the relative
importance of some countries differs substantially
for the two types of estimates. For example, the
Netherlands accounted for just over 3 percent of
both the direct investment position in, and the
PP&E of, affiliates in 1982; by 1994, its share had
risen to 5 percent based on the position but was
essentially unchanged based on net PP&E (chart
C). This example notwithstanding, the divergences
of the country patterns in the position and F&O
estimates have been much less pronounced than
those of the industry patterns.15
14. Factors other than the increased use of holding-company affiliates might
also have contributed. For example, affiliates in manufacturing industries with
above-average use of PP&E might have grown most rapidly, or affiliates in manufacturing industries might have become less reliant, compared to those in
other industries, on their U.S. parent companies for financing. However, available evidence suggests that the increased use of holding-company affiliates was
the primary factor.
15. In 1982, the correlation coefficient between the U.S. direct investment
position abroad estimates and the PP&E estimates, across 12 major host countries, was .89 and highly significant statistically; in 1994, it was .82 and still
highly significant.
Tables 2.1, 2.2, 3.1, and 3.2 follow.
CHART C
The Netherlands Affiliates1 Shares
of the Worldwide Total for the U.S.
Direct Investment Position Abroad and
for Net Property, Plant, and Equipment
Percent
5.5
Position
4.5
3.5
Net property, plant, and equipment
j
l
1982
U.S. Bureau of Economic Analvsis
1989
1994
25
26
SURVEY OF CURRENT BUSINESS
July 2001
Table 2.1.—U.S. Direct Investment Position Abroad on a Historical-Cost Basis, 1999"
[Millions of dollars]
Manufacturing
All
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
83,524
18,930
34,944
37,474
36,133
65,916
8,258
3,219
3,017
2,475
9,057
11,931
54,119
10,864
18,957
15,211
15,574
30,928
1,130,789
97,864
312,072
35,151
Canada
111,051
15,575
42,808
4,851
Europe
588,341
33,884
161,748
16,094
3,711
17,347
4,123
1,290
40,009
(D)
90
1,120
7,560
1,334
483
17,519
Germany
Greece
Ireland
Italy
Luxembourg
Netherlands
50,892
604
26,084
17,914
16,484
105,571
2,729
D
)
D
)
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Other
6,181
1,463
13,244
10,200
48,849
1,235
212,007
11,135
4,039
(D)
161
17,069
1,921
461
8,383
2,077
4,913
633
46,913
2,055
All countries
Austria
Belgium
Denmark
Finland
France
3
3,,355
25,301
61
8,704
9,329
2,449
21,592
39
1,036
(D)
3,211
486
1,020
-2
2,354
1,609
-27
4,464
56
4,669
(D)
346
4,114
4,856
43
3,040
3,364
(D)
11,910
17
97
1,439
270
2,709
90
16,262
344
1
127
4,1
1,505
67
208
(D)
11
1,232
4,751
0
402
898
9
1,910
212
n
40
1,041
1,336
1,167
-1
3,218
-8
1,256
418
174
149
2,233
152
259
468
0
7,409
412
13
241
984
141
602
-10
3,635
-33
2,909
8,963
48,615
3,434
2,555
74,743
14,175
34,276
10,105
3,854
1,035
2,705
7,342
1,251
6,303
603
1,416
33
687
513
369
2,588
27,335
3,618
19,001
1,292
1,302
270
199
1,470
6,495
1,498
3,895
226
413
93
84
249
37
1,870
53
1,777
21
-7
0
1
25
1
1,919
2
1,830
Central America
Costa Rica
Guatemala
Honduras
Mexico
Panama
Other
68,456
1,539
578
126
1,322
30
180
(D)
213
622
20,009D
()
214
212
18,627
(D)
156
3,436
171
74
2
3,129
30
30
1,563
(D)
0
0
Other Western Hemisphere
Bahamas
Barbados
Bermuda
Dominican Republic
Jamaica
Netherlands Antilles
Trinidad and Tobago
United Kingdom Islands, Caribbean
Other
77,506
702
1,065
47,119
1,337
111
1,025
304
1,271
77
22
(D)
471
261
27
49
130
32,262
33,027
923
956
2,311
3,652
1,329
19,767
605
94
8
156
10,340
409
78
0
(D)
26
151
0
4,362
1,837
11
220,705
9,710
()
891
321
()
3,034
335
South America
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Venezuela
Other
Latin America and Other Western Hemisphere
Other
manufacturing
Wholesale
trade
80,254
38,382
443,263
70,398
88,556
1,983
27,059
8,311
46,715
22,532
241,634
44,067
37,762
2,943
()
365
370
2,517
20
1,649
3,298
88
278
2,596
. (D)
1,046
138
-7
212
228
D
282
337
1,346
397
13,888
55
7,409
514
12,581
7,530
2,304
448
861
370
144
8
o
228
106
0
57
0
451
85
0
0
2,647
106
14
0
90
3
76
-2
0
61
17
210
48
7
119
35
2,028
548
59
901
520
273
63
20
155
34
Middle East
Israel
Saudi Arabia
United Arab Emirates
Other
10,519
2,590
4
238
235
2,113
2,219
2,068
143
87
-79
4
1
74
1,458
1,457
2
0
0
305
109
181,882
34,776
8,058
20,092
1,402
10,495
49,438
8,559
5,820
5,433
3,136
20,117
6,513
6,809
1,235
24,476
3,880
1,347
160
-386
7,227
(D)
(
1,1
72
12
1,742
60
2,497
54,654
8,333
4,887
2,876
853
220
12,638
3,492
3,598
792
1,301
9,950
3,072
2,661
-19
10,530
3,044
278
324
96
87
2,905
15,699
140
2,275
1,385
132
17
1,799
933
2,563
40
296
4,663
1,076
376
3
16,629
2,274
222
4,870
90
11
5,322
852
131
237
194
1,422
651
323
31
3,406
2,921
9,581
520,942
29,152
1,964
27,596
15,794
International1
Addenda:
Eastern Europe 2
European Union (15) 3
OPEC 4
n
Services
165
2,687
130
58
5,171
Other
industries
-58
-93
190
127D
()
2,470
33
7,807
2,403
40
3,684
2,677
253
85
489
1,068
1,638
64
15,418
404
()
94
325
(D)
564
143
28,448
(D)
22,063
6,258
2,365
194
46
4
49
524
24
1,578
-2
4
0
1,280
287
2,315
72
324
1,625
20
46
15,852
1,885
5,064
4,177D
()
2,129
428
3,700
O
28
(D)
3,661
8
2,512
55
1,844
3,523
(D)
21,097
(D)
1,227
0
(D)
606D
(
1,998
303
1,342
208
-139
0
244
103
1,371
773
383
283
66
41
1,933
183
()
-37
46,217
9,151
622
6,234
268
330
17,143
60
406
3,303
1,095
5,429
1,741
371
12,642
2,224
229
636
70
33
7,535
537
125
30
65
951
113
60
34
1
n
167
183
135
<1
6,234
680
3,344
2$
8
-46
101
185
373
485
2,007
153,287
1,914
389
14,859
454
339
50,959
360
* Less than $500,000 (+/-).
Suppressed to avoid disclosure of data of individual companies.
Revised.
D
r
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,
37,921
2
72,006
2,736
291
43,852
185
0
2
9,456
1,527
1,240
11
6,678
421
569
1,423
301
-30
2,148
2,579
75
271
1,827
29
83
59
21
211
3
1
-1
0
0
0
0
0
2
0
0
709
962
143
328
-22
1,170
278
460
17
19
3,915
196
1,225
-5
()
2,812
273
9,726
H
10,597
13,371
147
8,621
1,657
13,012
67,182
519
218
537
5,868
24,766
7
87,023
3,313
125,128
15,201
4,698
5,304
3,384
922
122
302
354
114
6,047
31,457
D
)
14,884
2,190
1,462
2,905
8,326
Asia and Pacific
Australia
China
Hong Kong
India
Indonesia
Japan
Korea, Republic of
Malaysia
New Zealand
Philippines
Singapore
Taiwan
Thailand
Other
O
133
3,794
(D)
1,314
439
Africa
Egypt
Nigeria
South Africa
Other
3,051
4,426
557
2,486
Finance
(except
depository
institutions),
insurance,
and real
Depository
institutions
152
10,380
135
412
17,865
19
-63
14,637
75
136
15,300
220
467
31,976
441
479
3,020
17,830 213,029
2,408
(D)
333
41,707
975
1,311
35,516
(D)
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,
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 2001
SURVEY OF CURRENT BUSINESS
•
27
Table 2.2.—U.S. Direct Investment Position Abroad on a Historical-Cost Basis, 2000'
[Millions of dollars]
Manufacturing
Finance
(except
depository
Wholesale Deposiinstitutory
trade
institutions tions),
insurance,
and real
estate
Wor\Aoitf\rw
All
Petroleum
ndustries
Total
Primary
Industrial Electronic
Food and Chemicals
and
machinery and other Transportation
kindred and allied fabricated
and
electric
products products
metals equipment equipment equipment
Other
manufacturing
Services
Other
industries
92,809
1,244,654
105,486
343,992
36,840
86,081
18,713
42,523
43,441
41,099
75,294
88,090
37,155
497,267
79,857
Canada
126,421
18,018
50,425
4,445
8,929
3,630
3,447
3,271
12,707
13,996
9,834
1,999
29,125
8,297
8,724
Europe
648,731
32,566
177,445
16,787
55,898
9,882
24,374
18,075
16,015
36,413
50,869
23,941
272,340
49,504
42,066
Austria
Belgium
Denmark
Finland
France
3,676
16,409
5,618
1,279
39,087
1,114
7,346
2,340
39
73
1,601
1,018
4,558
81
672
403
312
487
61
592
-164
1,099
1,010
16,515
2,419
2,558
Germany
Greece
Ireland
53,610
2,946
26,801
3,215
All countries
672
(D)
78
667
(D)
49
Other Western Hemisphere
Bahamas
Barbados
Bermuda
Dominican Republic
Jamaica
Netherlands Antilles
Trinidad and Tobago
United Kingdom Islands, Caribbean
Other
85,280
668
1,227
54,114
1,126
2,596
3,725
1,331
20,165
50,696
10,595
10,616
3,304
6,317
27,245
3,623
18,940
1,363
1,373
4,293
2,503
2,450
6,188
1,549
3,473
230
425
109
89
272
40
(D)
104
(D)
28
2
-1
(D)
30
6
654
1,102
73
772
461
358
8,603
2,860
4,698
746
413
210
6,176
3,743
764
230
192
116
103
208
166
61
2
20,379
5,696
3,436
152
157
40
12
D
)
D
1,577
126
0
(D)
0
31
D
()
2
686
D
)
D
)
D
)
31
167
0
17
-15
31
474
(D)
163
273
(D)
1,502
631
(DD)
(D)
()
nn
1,063
322
(D)
65
(D)
590
239
(D)
62
146
(D)
Middle East
Israel
Saudi Arabia
United Arab Emirates
Other
11,851
3,426
4,784
2,864
2,490
2,326
Addenda:
Eastern Europe 2
European Union (15) 3
OPEC 4
883
81
21,874
947
640
International1
(D)
206
93
1,366
2,226
Hong Kong
India
Indonesia
Japan
Korea, Republic of
Malaysia
New Zealand
Philippines
Singapore
Taiwan
Thailand
Other
(D)
113
(D)
1,264
2,803
-74
China
0
2,830
33
3,753
3,588
151
348
-10
66
347
58
175
196
10,085
2,053
881
6
7,145
Asia and Pacific
Australia
6,376
1,872
2,135
9,084
810
479
329
573
13
16,170
(D)
149
93
152
46
15,813
2,735
2,826
8,969
4,673
4,815
4,192
Africa
Egypt
Nigeria
South Africa
Other
1,283
6,979
50,994
2,543
74,754
1,983
931
2,537
2,779
Central America
Costa Rica
35,414
35,407
6,063
-27
86
191
79,354
14,489
35,560
10,846
4,423
904
115
1,210
1,277
South America
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Venezuela
Other
Honduras
Mexico
Panama
Other
4,873
1,832
239,388
Guatemala
1,242
1,593
15,749
2,126
3,317
8,423
1,456
1,330
9
-11
6,303
1,784
14,561
11,371
54,873
1,378
233,384
12,760
838
3,800
19
95
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Other
3,149
29
9,874
14,498
2,297
24,228
4
218
211
3,069
2,431
199,599
35,324
9,577
23,308
1,258
11,605
55,606
9,432
5,995
5,340
2,910
23,245
7,737
7,124
1,138
29,736
6,992
1,846
2,851
3,134
11,009
573,416
32,401
2,167
26,051
17,460
581
58
132
(D)
M
202
60,710
7,964
5,663
3,283
-430
8,440
790
273
(DD)
()
1,252
63
1
15,173
3,954
3,411
711
2,666
1,207
11,834
3,692
2,767
574
-12
1,718
60
08
0
)
n
2,188
(D)
2
53
150
10,504
7,953
9,930
17,258
31,227
416
34
252
776
571
100,273
3,822
3,361
1,987
7,683
13,150
9,076
-1,639
140,655
7,301
24,215
1,961
1,870
2,677
7,753
2,063
17,993
5,633
6,240
3,557
2,768
389
792
374
96
53
56
176
129
5,871
2,319
2,139
17,096
1,172
5,424
4,569
17
(D)
0
(D)
35
(D)
(DD)
()
0
0
49
0
(DD)
(D)
()
14o
5
6
3
0
0
0
0
0
0
0
3
0
246
(D)
-1
(D)
197
113
21
91
-3
0
71
22
212
118
95
-2
0
24
1,828
1,827
-14
7
-21
0
1
10,314
2,624
1,623
181
-55
239
21
245
374
92
148
1,232
2,843
527
-8
234
349
5
59
105
29
807
312
74
371
574
399
-32
351
4,319
24
0
3
0
0
0
0
0
21
0
4,117
1,197
1,483
30
3,977
3
-2
0
0
0
0
0
4
0
0
6
472
183
349
n
330
19
-4
42
55
11
60
69
(D)
77
313
9,022
0
0
)
D\
2,542
183
49
228
5,004
D
1,680
2,729
846
556
-12
92
96
0
0
(D)
0
(D)
28
-2
5,537
14,678
1,838
785
30
5
53
D
)
D
)
-3
9,964
1,020
(DD)
()
921
(D)
486
(D)
5,698
62
79
(D)
171
114
-11
69
151
205
37
(D)
128
)
111
68
7
237
210
(D)
123
293
607
0
2,198
M
325
278
D
-163
-7
-5
0
2,637
1,111
10,486
699
117
-50
270
310
(D)
164
2,996
3,584
1,794
D
1,823
126
4,024
1,278
10
47
(D)
0
0
0
0
0
0
D
()
619
328
543
(*)
20
2,925
11
n
1,867
nD
(
97)
0
1,828
0
32
989
0
-26
1,433
1,346
213
142
182
22
0
460
1,167
1,458
294
29
1,396
301
0
0
1,095
0
89
3
11,111
705
931
138
358
-28
1,581
336
202
18
11
5,411
188
1,263
-2
2
0
0
18,189
0
0
-26
5,029
0
0
8
141
(D)
186
443
(D)
45
421
(D)
178
620
1,608
354
15,577
(D)
56
64
8
(D)
(/D
()
3,112
1,147
(D)
3,901
o
4
0
529
D
(D)
(D)
()
(D)
3
437
1
0
(D)
M
34
3
1,450
446
33
(D)
331
2,682
49
259
62
(D)
322
2,096
(D)
2,974
n
700
(DD)
(D)
()
51
309
1,238
0
(D)
H16
1,189
(D)
-8,748
-3,783
24
0
90
D
()
0
(D)
152
40
12,668
1,929
15,649
71,373
9,277
2,236
609
214
253
491
559
1,176
6,022
28,384
41,506
1,393
2
123
9
-2
3
0
6,732
34,388
1,200
252
O
14
3,641
(D)
-50
(D)
19
53
(D)
1
261
(D)
°)
Dj
D
]
1,969
O
118
317
(D)
()
()
413
(DD)
(D)
()
140
. 1,425
98
1,298
0
274
-138
4
6
H
118
2,283
1,018
2,033
236
588
297
71
62
197
-1
520
13,638
2,242
14,755
4,843
n
166
(D)
O
M
H
1,527
17,744
2,512
11,578
2,627
51,439
8,145
362
78
740
5,617
2,405
7,828
291
249
733
179
385
509
3
D>
O
768
686
4,801
1,454
41
-119
4,301
55
10,861
1,360
44
283
587
4,366
268
(D)
H
192
299
140
749
381
329
0
D
(D
2,48£
2,380
D
-1
0
0
0
284
65
93
(D)
(
49,316
23,970
863
0
(D)
nD)
(
(D)
2,753
D
299
74
109
115
4,764
1,009
1,402
32
331
-5,174
437
315
74
(D)
n
196
182
10
HD
()
370
(D)
3,139
147
33
2,391
D
19
312
81,156
3,507
4,496
1,446
2,033
1,059
2,718
269
758
124
841
727
112
159
-161
1,141
1,687
698
925
210
48
5
55
811
17
3,208
1,758
157
3
35
4,602
124
(D)
4,689
858
271
232
232
1,590
871
318
(D)
2,104
D
()
h
201
696
703
650
(D)
20,685
91
470
3,291
975
6,217
1,972
421
39
0
118
295
546
68
(D)
8,646
510
150
(D)
-15
908
154
70
28
°
Dj)
D\
D
)
D
594
3,427
236
2,219
(DD)
(
MM
308
282
285
232
(D)
-283
2,489
168,648
1,884
433
408
219
15,594
52,605
9,385
413
468
127
* Less than $500,000 (+/-).
D
Suppressed to avoid disclosure of data of individual companies.
p Preliminary.
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,
(D)
134
D
)
833
(D)
i
(D)
880
(D)
36
3,742
(D)
355
12,832
Luxembourg
Netherlands
Latin America and Other Western Hemisphere
467
-30
(D)
934
131
206
(D)
77
228
229
-13
77
594
2
192
96
(D)
-52
33,369
23,622
19,470
115,506
Italy
n
3,387
(D)
143
28
59
416
23,141
23
-5
252
766
532
17,490
15,497
34,936
34,365
53
143
657
445
1,233
18,083
(D)
3,505
239,523
3,305
179
905
47,243
1,292
39,504
(D )
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,
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.
28
•
July 2001
SURVEY OF CURRENT BUSINESS
Table 3.1 .—Foreign Direct Investment Position in the United States on a Historical-Cost Basis, 1999"
[Millions of dollars]
Manufacturing
All
industries
All countries
Canada
Europe
Austria
Belgium
Denmark
Finland
France
Germany
Ireland
Italy
Liechtenstein
Luxembourg
Netherlands
Petroleum
Total
Finance,
Food and
kindred
products
Chemicals and
allied
products
Primary
and
fabricated
Machinery
Other
manufacturing
Wholesale
trade
84,311
19,599
97,327
20,125
178,556
94,657
24,843
40,248
60,878
34,116
953
2,515
3,962
15,288
5,117
1,054
5,886
387
7,548
670,030
3,203
10,037
5,226
4,967
82,276
46,792
310,205
866
3,783
1,322
2,122
54,781
15,988
(D)
87,255
(D)
3,002
16
40,351
334
93
3,493
(D)
20,249
14,433
34
38
49,822
25
2,054
26
11
16,358
12,312
(D)
(D)
0
(D)
1,064
44,684
-8
665
271
(D)
2,903
111,706
15,621
4,709
287
57,047
125,775
160
596
(D)
0
(D)
10,733
56,354
4,476
957
14
44,751
42,988
148
901
88
-1
37
3,675
18,667
2,097
3,842
113
78
68
107
11,343
343
1,162
4,139
330
124
(D)
4,868
4,542
4,189
1,161
78
28
2,368
(D)
2,746
20,843
53,706
166,900
1,890
255
-6
(D)
736
32,418
8
1,805
982
10,992
25,782
57,333
896
()
14
0
429
2,058
457
3,321
20,246
-16
1,038
96
375
(D)
29,453
7
38,104
1,313
5,168
2,375
9,830
201
-7
18
195
-16
12
216
4,967
416
617
1,088
2,746
101
2,159
245
321
182
1,316
95
IS
196
-5
201
201
345
0
0
0
0
0
0
0
932
155
64
165
1,313
13,632
881
160
10,799
36
507
(D)
2,690
£
19,15
10,987
2,192
310
89
1,457
7,958
927
2,905
8,365
740
1,730
5,475
-62
483
165
-101
328
114
-19
-157
1,057
-7
1,061
1
-342
-82
-80
495
61
528
-6
4
-92
29,739
1,581
12,590
3,153
11,082
1,334
2,855
135
151
1,089
1,472
16
1,268
1
2,410
243
Africa
South Africa
Other
1,547
421
1,126
234
-34
Middle East
Israel
Kuwait
Lebanon
Saudi Arabia
United Arab Emirates
Other
4,432
2,485
916
1
946
13
71
Asia and Pacific
Australia
Hong Kong
Japan
Korea, Republic of
Malaysia
New Zealand
Philippines
Singapore
Taiwan
Other
174,993
13,230
883
153,119
1,853
71
425
101
1,370
2,990
951
Addenda:
European Union (15) l
OPEC 2
611,171
2,129
O
2
()
895
(D)
-24
1,546
(D)
410
0
0
0
0
0
45,802
375
()
-10
51,141
3,458
251
45,617
314
19
11
16
109
1,168
177
1,578
-124
281,747
-9
14,003
126
135
(*)
0
1
0
3
()
353
O
4,552
10,565
4,740
290
0
(D)
24,257
1
158
D
()
14,758
7,959
1,905
(D)
1,355
0
40
7
423
4,179
0
2,173
104
2
734
(D)
214
(D)
292
-16
1,616
413
198
49
302
654
557
(D)
21
98
419
6,107
323
-2
5,038
(D)
72,253
-12
10,887
0
55,111
-20
23
45,749
29
252
43,061
1,364
8
138
-25
175
583
162
2,656
12
2
2,418
40
118
37,695
2
19,826
23
n
8
223
-1
1,500
()0
22
1,781
-2
8
19
0
19
28
(D)
0
0
2,098
65
1,091
999
280
O
-61
802
-53
O
85,290
-2
0
* Less than $500,000 (+/-).
Suppressed to avoid disclosure of data of individual companies.
r
Revised.
1. The European Union (15) comprises Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland,
Other
industries
399,525
1,072
D
Services
2,926
3,021
Other Western Hemisphere
Bahamas
Bermuda
Netherlands Antilles
United Kingdom Islands, Caribbean
Other
Real
51,890
1,857
5,943
(D)
South and Central America
Brazil
Mexico
Panama
Venezuela
Other
Insurance
76,526
-313
151
363
2,645
5,823
(D)
Latin America and Other Western Hemisphere
tory
institutions
965,632
-17
552
14,154
19,350
-20
Norway
Spain
Sweden
Switzerland
United Kingdom
Other
Retail
trade
tory
institutions
11,014
203
7,362
183
19,817
1,987
()
(D)
17,851
73
10
25
n
3
11
7,938
149
85
7,416
-5
108
8
112
142
149
1
40,355
621
28,609
(D)
53,900
13,716
n
386
46,345
(D)
21,739
4,946
-87
17,352
6
-4
179
-10
-699
76
-20
43,177
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.
SURVEY OF CURRENT BUSINESS
29
July 2001
Table 3.2.—Foreign Direct Investment Position in the United States on a Historical-Cost Basis, 2000"
[Millions of dollars]
Manufacturing
All
industries
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
tory
Insurance
estate
Services
Other
institutions
1,238,627
92,856
496,578
23,442
122,083
21,561
118,920
210,571
109,611
32,091
68,619
106,403
42,300
102,955
Canada
100,822
4,508
50,117
1,819
2,889
3,995
26,914
14,500
3,565
999
3,191
8,229
5,887
2,145
10,739
Europe
Austria
Belgium
Denmark
Finland
France
890,611
3,172
14,186
5,905
5,473
119,069
82,563
0
4
384,368
943
6,688
3,675
2,191
17,733
0
5
498
113,798
-7
(D)
25
72,241
14,321
197
124D
( ) 1,082
0
561
482
284
1,388 24,322
166,275
630
316
2,592
1,037
13,636
50,028
385
577
1,656
2,485
2,947
26,846
87,376
90,346
11
9
15,578
36
38
335
2,955
50,331
-18
495
434
543
4,710
Germany
Ireland
Italy
Liechtenstein
Luxembourg
Netherlands
122,846
23,031
6,409
276
83,304
152,432
232
29,076
4,058
350
(D)
56,937
13,452
10,039
7,025
212
111
1,514
7,673
2,049
1,884
0
289
14,080
19,124
(D)
1,171
0
0
12,340
Norway
Spain
Sweden
Switzerland
United Kingdom
Other
2,441
8,860
27,389
81,698
229,762
4,357
7,089
9,937
24,896
1,576
^37
143
(D)
3,632
6,993
(D)
1
566
5,039
0
1,350
3,503
1,583
-502
All countries
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
22,805
()
13,195
59,824
6,333
1,064
-10
63,685
50,840
713
2,079
1,172
12,711
36,594
67,881
2,643
42,700
1,563
3,891
8,671
846
2,471
4,004
826
525
504
(D)
-5
24
(D)
-6
34,029
1,385
14,942
3,515
12,513
1,674
1,059
(D)
196
(D)
281
96
()
n
1,107
141
461
124
-1
(D)
3,688
1,602
7,054
57
995
-7
1,000
2
17,379
-19
70
1,959
534
222
(D)
93
1,234
fl
11,268
1,300
298
3
4,059
23,604
1,028
-9
(D)
21,156
19,759
-46
1,109
4,505
5
112
-3
4,388
2,789
11,666
1,051
-1,098
293
2,348
-2,604
-99
O
n
2
11
-66
(D)
29
1,506
1
204
2,719
1,852
28,125
4,823
291
40
(D)
8,989
12,410
361
280
(D)
15,370
9,261
15
31
50
(D)
481
2,583
674
175
(D)
7,613
3,743
27,553
(D)
107
392
(D)
29,791
17
2,597
9,440
5,598
1,875
10,854
569
78
533
-35
2
-9
2,025
424
267
57
582
8
2,933
262
572
735
-6
1,652
(D)
344
2,119
663
1,456
260
Middle East
Israel
Kuwait
Lebanon
Saudi Arabia
United Arab Emirates
Other
8,373
3,183
957
1
(D)
79
219
221
103
102
0
154
155
0
n2
0
Asia and Pacific
Australia
Hong Kong
Japan
Korea, Republic of
Malaysia
New Zealand
Philippines
Singapore
Taiwan
Other
194,002
14,487
1,494
163,215
2,696
36
387
27
7,661
3,224
774
Addenda:
European Union (15) 1
OPEC 2
802,712
6,220
n
2,883
147
62
n
n
1,464
(D)
()
-6
0
10
-4
-53
80,674
(D)
343,853
-10
16,075
n
0
6,015
178
48
-4
2
-113
782
-66
91,649
-5
* Less than $500,000 (+/-).
Suppressed to avoid disclosure of data of individual companies.
Preliminary.
1. The European Union (15) comprises Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland,
D
p
1,371
-135
1
1,187
()
0
1,954
-2
16'
240
3,028
209
(D)
2,528
168
1
n
12,398
0
68,325
-28
n0
-1
28,355
2,046
-12
26,087
(D)
18
7
1
34
56
(D)
52,018
84
406
48,428
1,727
11
228
8
178
722
226
2,605
10
2
2,356
41
155,407
23
45,996
2
26,280
(D)
D
-13
269
33
-8
1,588
11
412
194
863
107
0
8
0
0
()
146
50
1,107
0
0
3,969
1,102
389
351
38
(D)
o
n
O
()
315
13,709
(D)
()
161
O
8
4,386
(D)
80
67
102
5,682
Africa
South Africa
Other
0
0
0
0
13,256
4,693
2,5(S
23
-4
99,134
11
49
10,869
19,597
()
169
878
553
45,994
()
1,127
17
0
0
0
1
207
7,258
247
36,577
71,991
8,053
119
87
7,435
-7
107
-1
-1
75
240
-1
87,281
49,463
71
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.
30
SURVEY OF CURRENT BUSINESS
July 2001
U.S. International Transactions,
Revised Estimates for 1989-2000
By Christopher L. Bach
(71S is customary each June, the estimates of
v ^ l U S . 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 mainly to rapid changes in the capital markets.
• "Other" private income receipts and payments for banks are revised for 1996-2000 to more
accurately reflect current practices in banking
markets, including a decline in the use of noninterest-earning compensating balances.
• U.S. nonbank liabilities to foreigners are
revised for 1996-2000 as a result of the substitution of Bank for International Settlements (BIS)
data on nonbank liabilities to foreign banks for
U.S.-source data. The substitution significantly
expands the coverage of these financial transactions. Related nonbank income payments are also
revised for 1996-2000.
• Net foreign purchases of U.S. securities other
than U.S. Treasury securities are revised for 19992000 as a result of a more complete accounting for
large U.S. acquisitions of foreign companies, especially those transactions completed through an
exchange of stock.
• Foreign direct investment in the United States
financial flows and related income payments are
revised for 1997-2000 to incorporate the results of
BEA's benchmark survey for 1997 and revised
quarterly survey results for subsequent years.
Benchmark and quarterly survey results are also
incorporated for the affiliated components of royalties and license fees and "other" private services.
• Goods exports and goods imports are revised
for 1989-2000 to ensure more consistency in classification by type of end-use commodity and to
ensure more consistency in applying trading-day
and seasonal adjustment factors.
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 result from the incorporation of regularly
available data from BEA's annual and quarterly
surveys, from the US. 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 2000, as a result of all these changes, the
current-account deficit is increased $9.3 billion, or
2.1 percent, to $444.7 billion (table 1). By account,
$1.1 billion is removed from goods exports and
$1.6 billion is added to goods imports, resulting in
a deficit that is $2.7 billion higher than previously
estimated. For services, $2.7 billion is removed
from services exports and $1.8 billion is added to
services imports, resulting in a surplus that is $4.5
billion lower than previously estimated. For income, $7.5 billion is added to income receipts and
$8.6 billion is added to income payments, resulting
in a deficit that is $1.1 billion higher than previously estimated. For net current unilateral transfers, $0.9 billion in outflows is added, resulting in
an increase to net current transfers of the same
amount. Net financial account inflows are revised
up $44.2 billion, to $443.3 billion. Details on revisions to individual series are shown in table 2 on
page 32.
Bank income receipts and payments
BEA has recently reviewed its methodology for estimating bank income receipts and bank income
payments. Unlike most other components of the
international accounts, survey-based source data
are not available for these estimates, so they must
be measured indirectly. Consequently, the methodology must be reviewed frequently to ensure
that it accurately reflects changes in banking prac-
SURVEY OF CURRENT BUSINESS
tices and current developments in the financial
markets. (The survey-based income data collected
by the Federal Reserve are on a consolidated basis,
which does not permit the identification of crossborder measures needed for the balance of payments accounts.)
BEA's review this year centered on four issues:
(1) The percentage of balances that are noninterest
earning, (2) the pricing of international transactions, (3) the average maturity of loans, and (4)
the pricing of transactions of international banking facilities (IBF). These issues are critical for
BEA's methodology, which averages outstanding
balances by type of asset or liability, adjusts for
noninterest-earning balances, exchange rate gains
and losses, and for underreporting, and then applies a yield. The yield is a weighted average of appropriate market rates.
BEA's discussions with banks indicated that
competition has greatly reduced the size of interoffice balances that are noninterest earning. In today's competitive environment,
interoffice
accounts are subject to stringent cash management
techniques, and nearly all transactions are priced.
Noninterest-earning balances are minimal and are
limited to compensatory balances for only a few
services. To bring the income accounts in line with
market practices, BEA's revised methodology reduces the share of interoffice balances that are con-
July 2001
sidered noninterest earning for both receipts and
payments. Previously, the share was significantly
higher.
The banks also confirmed that pricing of nearly
all international transactions is based on LIBOR
rates, with basis points added to asset rates to account for varying amounts of risk and subtracted
from liability rates to allow for profit margins.
Consequently, BEA's methodology has been adjusted to reflect actual market practices, and it uses
LIBOR rates in most pricing computations. Previously, BEA's methodology used domestic commercial paper rates, CD rates, Federal funds rates, and
Eurodollar rates.
With regard to instrument maturity, the banks
confirmed that the prevailing market practice is to
engage primarily in shorter term transactions,
with short-term loans renewed frequently. The revised methodology uses shorter term interest rates
than the previous methodology to apply to outstanding positions.
With regard to IBF and non-IBF transactions,
the banks stated that transactions booked on these
two sets of balance sheets are priced virtually the
same. Whether on IBF or non-IBF ledgers, transactions are competitive, and the market sets nearly
the same interest rate. BEA's methodology has
been adjusted so that IBF transactions are priced
Table 1.—Revisions to the Current-Account Estimates
[Millions of dollars; quarters seasonally adjusted]
Exports of goods and services and income
receipts
Previously
published
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
1989
1990
1991
1992
1993
1994
650,494
708,881
730,387
749,324
776,933
868,867
648,290
706,975
727,557
748,603
777,044
869,328
-2,204
-1,906
-2,830
-721
111
461
-721,307
-759,189
-734,524
-762,035
-821,977
-949,212
-721,607
-759,287
-734,563
-762,105
-821,930
-949,312
-300
-98
-39
-70
47
-100
-26,169
-26,654
10,752
-35,013
-37,637
-38,260
-26,169
-26,654
10,752
-35,013
-37,637
-38,260
-96,982
-76,961
6,616
-47,724
-82,681
-118,605
-99,486
-78,965
3,747
-48,515
-82,523
-118,244
-2,504
-2,004
-2,869
-791
158
361
1995
1996
1997
1998
1999
2000
1,006,576
1,075,874
1,194,283
1,191,422
1,232,407
1,414,925
1,005,935
1,077,966
1,195,538
1,191,932
1,242,655
1,418,568
-641
2,092
1,255
510
10,248
3,643
-1,081,976
-1,159,111
-1,294,029
-1,364,531
-1,515,861
-1,797,061
-1,081,776
-1,158,822
-1,294,553
-1,364,962
-1,518,106
-1,809,099
200
289
-524
-431
-2,245
-12,038
-34,057
-40,081
-40,794
-44,029
-48,025
-53,241
-34,057
-40,081
-40,794
-44,427
-48,913
-54,136
-109,457
-123,318
-140,540
-217,138
-331,479
-435,377
-109,898
-120,937
-139,809
-217,457
-324,364
-444,667
-441
2,381
731
-319
7,115
-9,290
1996:1
II
Ill
IV
262,540
266,135
266,709
280,484
262,927
266,859
267,240
280,934
387
724
531
450
-277,301
-287,269
-294,421
-300,121
-277,198
-287,257
-294,437
-299,931
103
12
-16
190
-10,519
-8,744
-8,940
-11,878
-10,519
-8,744
-8,940
-11,878
-25,280
-29,878
-36,652
-31,515
-24,790
-29,142
-36,137
-30,875
490
736
515
640
1997:1
II .
Ill
IV
286,666
299,955
305,537
302,129
287,373
300,459
305,114
302,595
707
504
-423
466
-311,988
-320,660
-329,383
-331,999
-312,810
-321,005
-328,883
-331,858
-822
-345
500
141
-9,054
-9,280
-9,561
-12,902
-9,054
-9,280
-9,561
-12,902
-34,376
-29,985
-33,407
-42,772
-34,491
-29,826
-33,330
-42,165
-115
159
77
607
1998:1
II
Ill
IV
301,732
298,857
291,341
299,489
301,933
298,319
291,449
300,229
201
-538
108
740
-334,328
-340,233
-341,992
-347,980
-335,558
-340,566
-341,256
-347,583
-1,230
-333
736
397
-9,794
-10,099
-10,658
-13,474
-9,866
-10,154
-10,731
-13,671
-72
-55
-73
-197
-42,390
-51,475
-61,309
-61,965
-43,491
-52,401
-60,538
-61,025
-1,101
-926
771
940
1999:1
II
Ill
IV
293,717
300,994
313,084
324,612
296,210
302,880
315,099
328,467
2,493
1,886
2,015
3,855
-349,513
-368,439
-391,337
-406,575
-351,607
-368,662
-391,401
-406,437
-2,094
-223
-64
138
-10,831
-11,537
-11,396
-14,260
-11,051
-11,596
-11,761
-14,504
-220
-59
-365
-244
-66,627
-78,982
-89,649
-96,223
-66,448
-77,378
-88,063
-92,474
179
1,604
1,586
3,749
2000:1
II
Ill
IV
336,729
353,494
362,765
361,938
339,645
355,075
361,236
362,617
2,916
1,581
-1,529
679
-426,410
-446,399
-462,926
-461,332
-432,624
-450,748
-463,461
-462,268
-6,214
-4,349
-535
-936
-12,087
-12,334
-12,949
-15,872
-11,924
-12,461
-13,080
-16,673
163
-127
-131
-801
-101,768
-105,239
-113,110
-115,266
-104,903
-108,134
-115,305
-116,324
-3,135
-2,895
-2,195
-1,058
-398
-888
-895
31
32
•
July 2001
SURVEY OF CURRENT BUSINESS
similarly to non-IBF transactions; previously,
these transactions were priced differently.
BEA's bank income methodology has been adjusted to incorporate this new information, and
bank income receipts and payments are revised for
1996-2000. The revisions to receipts are larger
than to payments, so that there is an increase in
net bank income receipts. Despite the changes in
levels, quarterly patterns are little changed from
those in the previous estimates. In 2000, bank income receipts are revised up $5.9 billion, and bank
income payments are revised up $3.3 billion.
Nonbank liabilities
BEA has improved its estimates of nonbank liabilities by incorporating data from a new source and
by incorporating updated source data from its own
surveys. First, BEA has expanded its substitution
of data reported to the Bank for International Settlements (BIS) for domestic source data in order to
significantly improve the coverage of U.S. nonbanking concerns' liabilities to foreign banks. Previously, BEA had substituted BIS data to improve
the coverage of U.S. nonbanking concerns' claims
on foreign banks. This year's substitution, which
was made possible by recent improvements in data
supplied by member countries to the BIS, results
in a much more balanced coverage of nonbank liabilities and nonbank claims in the accounts. The
substitution of the BIS data for liabilities begins
with estimates for 1996.
Second, BEA is also incorporating revised data
on intercompany debt transactions between parent
companies and affiliates that are not depository institutions but that are primarily engaged in financial intermediation. The sources of these revisions
are BEA's 1997 Benchmark Survey of Foreign Direct Investment in the United States and updated
results from BEA's quarterly surveys of U.S. direct
investment abroad and foreign direct investment
in the United States.
BIS data.—In 1994, BEA began extensive substitution of data reported to the BIS to measure transactions of U.S. nonbanks with foreign banks. The
BIS data provided a much more complete record-
Table 2.—Major Sources of Revisions, 1989-2000
[Millions of dollars]
(Credits +; debits - ) 1
1990
1991
1992
1994
1997
1995
1999
2000
International transactions
Current account
Goods exports (line 3):
Revised
Changes due to balance of payments adjustments ..
Previously published
359,916
-2,204
362,120
387,401
-1,906
389,307
414,083
-2,830
416,913
439,631
-721
440,352
456,943
111
456,832
502,859
461
502,398
575,204
-641
575,845
612,113
56
612,057
Royalties and license fees receipts (line 9):
Revised
Changes due to 1997 foreign direct investment benchmark survey
Revisions due to updated source data
Previously published
Goods imports (line 20):
Revised
Changes due to balance of payments adjustments
Previously published
Royalties and license fees payments (line 26):
Revised
Changes due to 1997 foreign direct investment benchmark survey
Revisions due to updated source data
Previously published
Other private services payments (line 27):
Revised
Changes due to 1997 foreign direct investment benchmark survey
Revisions due to updated source data
Previously published
Direct investment income payments (line 31):
Revised
Changes due to 1997 foreign direct investment benchmark survey
Revisions due to updated source data
Previously published
Other private income payments (line 32):
Revised
Changes due to bank income
Changes due to nonbank income
Revisions due to updated source data
Previously published
See footnotes at the end of the table.
670,416
92
670,324
684,553
195
684,358
772,210
-1,094
773,304
33,228
-411
35,626
()
(2)
-571
36,197
36,420
()
(2)
-47
36,467
38,030
()
(2)
75
37,955
84,456
-146
97
84,505
91,288
(2)
374
90,914
98,143
107,568
139,874
3,115
310
136,449
149,868
2,747
618
146,503
33,639
Other private services receipts (line 10):
Revised
Changes due to 1997 foreign direct investment benchmark survey
Revisions due to updated source data
Previously published
Other private income receipts (line 15):
Revised
Changes due to bank income
Revisions due to updated source data
Previously published
678,366
-1,336
679,702
116,994
2,036
114,958
i
i1
96,508
156,177
3,331
888
151,958
1,075
106,493
197,440
5,916
1,759
189,765
-477,665 -498,435 -491,020 -536,528 -589,394 -668,690 -749,374 -803,113 -876,485 -917,112 -1,029,987 -1,224,417
-300
-98
-39
-70
47
-118
-70
-100
200
214
66
-1,645
-477,365 -498,337 -490,981 -536,458 -589,441 -668,590 -749,574 -803,327 -876,367 -917,178 -1,029,917 -1,222,772
-9,161
453
-9,614
-43,482
192
-394
-43,280
-11,235
-12,613
-16,106
SI
-13,275
-16,331
-46,117
(2)
540
-46,657
-54,687
-56,674
(2)
-576
-56,098
-68,009
(2)
-2,326
-65,683
-11,713
-49,298
-49,051
-42,950
651
-37,582
-43,601
-38,679
-97,826 -114,142 -129,814
-1,121
-1,215
-549
1,196
-84
-1,516
-97,901 -112,843 -127,749
-139,798
-1,780
-2,123
-65
-135,830
-2,201
-52,486
-184,465
-3,273
-3,041
-312
-177,839
SURVEY OF CURRENT BUSINESS
ing of these cross-border transactions than the
data available from the U.S. statistical reporting
system. At that time, the substitution was limited
to the claims side of the U.S. accounts because of
limitations of the BIS data for use on the liabilities
side of the U.S. accounts.
The limitations were the result of a commingling of transactions in securities with other nonbank and bank transactions. Use of these data
would have overlapped to an unknown extent the
coverage of securities transactions already included in the U.S. accounts. Now, however, the
BIS, based on improved and more detailed reporting by member countries, has successfully separated securities transactions from other nonbank
and bank transactions, which eliminates what
would be a source of duplication for the U.S. accounts. BIS data collected on this newly developed
basis have been published beginning with estimates for 1996.
A comparison of the newly developed BIS data
and the data collected by the U.S. statistical reporting system reveals that the BIS data are clearly su-
July 2001
33
1999
2000
perior in coverage for most countries in Western
Europe. Therefore, the BIS data for these Western
European countries are substituted into the U.S.
accounts for 1996-2000. This substitution for liabilities now parallels the substitution of BIS data
on the claims side of the U.S. accounts. The result
is a much more balanced coverage of financial flow
transactions on the claims and liabilities sides of
the accounts.
The impact on U.S. nonbank liabilities is large
for 1996, when $16.3 billion in inflows is added;
for 1998, when $13.0 billion in inflows is added;
and for 2000, when $15.9 billion in inflows is
added.
Benchmark and quarterly survey data.—Revisions
to U.S. nonbank liabilities are also attributable to
the incorporation of final survey results from
BEA's Benchmark Survey of Foreign Direct Investment in the United States for 1997 and to updated
quarterly data from BEA's surveys of foreign direct
investment in the United States and of U.S. direct
investment abroad. These surveys cover, among
Table 2.—Major Sources of Revisions, 1989-2000
[Millions of dollars]
(Credits +; debits - ) 1
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
105,603
-429
178,209
(2)
-8,107
186,316
Financial account
Foreign direct investment in the United States (line 64):
Revised
Changes due to 1997 foreign direct investment benchmark survey
Revisions due to updated source data
Previously published
106,032
U.S. securities other than U.S. Treasury securities (line 66):
Revised
Changes due to additional U.S. direct investment offsets ....
Revisions due to updated source data
Previously published
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns (line 68):
Revised
Changes due to substitution of BIS data
Changes due to financial derivatives (exchange-traded futures)
Revisions due to updated source data
Previously published
301,006
(2)
25,473
275,533
287,655
(2)
-28,872
316,527
343,963
14,172
-1,732
331,523
485,644
20,242
-456
465,858
177,010
15,934
5,740
49,608
105,728
53,736
16,283
116,518
1,307
23,140
13,028
69,075
2,330
-1,951
39,404
1,290
113,921
17,113
-7,001
32,447
34,298
International investment position (at yearend)
Foreign direct investment in the United States (lines 35 and 36):
Revised:
At current cost
At market value
Changes due to 1997 foreign direct investment benchmark survey:
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. securities other than U.S. Treasury securities (line 38):
Revised
Changes due to additional U S direct investment offsets
Revisions due to updated source data
Previously published
Pi
PI
-16,458
-11,955
-30,775
4,485
825,334
928,645
1,639,765 2,190,990
1,125,214
2,800,736
-2,208
-2,357
1. Credits +: An increase in U.S. receipts and U.S. liabilities, or a decrease in U.S. payments and U.S. claims.
Debits - : An increase in U.S. payments and U.S. claims, or a decrease in U.S. receipts and U.S. liabilities.
2. Revisions due to the benchmark surveys are not separately identifiable for this period.
3. Estimates were not previously published.
8
(3)
3
2,522,009 2 963 973
14,172
-1,485
p
2,509,322
,
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns (line 42):
Revised
Changes due to substitution of BIS data
Revisions due to updated source data
.. .
Previously published
912,187 1,094,439 1,369,505
823,126
1,637,408 2,179,035 2,805,221 2,736,866
346,810
13,799
-13,716
346,727
459,407
14,519
1,099
443,789
485,675
28,200
19,502
437,973
555,566
29,761
51,980
473,825
722,738
\
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.
34
•
July 2001
SURVEY OF CURRENT BUSINESS
other items, intercompany debt transactions
between parent companies and affiliates that are
not depository institutions and that are primarily
engaged in financial intermediation. Although
these transactions are between affiliated firms,
they are similar in many ways to the unaffiliated
financial flows that are classified in the nonbank
investment accounts. Consequently, in the U.S.
accounts, these transactions are classified in the
nonbank accounts.
For U.S. nonbank liabilities, revisions to intercompany debt payables of U.S. affiliates to their
foreign parents and of U.S. parents to their foreign
affiliates are incorporated for 1997-2000. These
revisions and revisions from other updated source
data are sizable for 1998, 1999, and 2000: For 1998,
inflows are increased $17.1 billion; for 1999, $32.4
billion; and for 2000, $49.6 billion.
Related income payments.—Related nonbank
income payments are revised for 1996-2000. The
enhancement of coverage from the use of BIS data
on U.S. nonbank liabilities results in the introduction of foreign-currency-denominated income
flows into the nonbank income account. Prior to
the change in methodology, the nonbank income
estimate consisted entirely of dollar-denominated
flows. Because, at the outset, yields on foreign-currency-denominated balances were lower than
yields on dollar-denominated balances, total
income payments on nonbank liabilities for 1996
are $1.2 billion lower than previously published.
Because the new coverage is more comprehensive
and resulted in upward revisions to the positions
in later years, the revised income flow grows relative to the income flow that was replaced, so that
total income payments for 2000 are revised up $3.0
billion.
U.S. securities other than U.S. Treasury securities
Estimates of foreign transactions in U.S. securities
other than U.S. Treasury securities have been adjusted to account more completely for the large
cross-border acquisitions that have occurred in recent years.
Depending on the type of financing, the treatment in the international accounts of U.S. acquisitions of foreign companies can involve entries in
the direct investment account, the U.S. securities
(portfolio investment) account, and the banking
account.
For acquisitions of foreign companies financed
by an exchange of stock, the amount of the acquisition is entered as a financial outflow in the U.S.
direct investment abroad account. This amount is
probably captured completely and valued correctly
in the direct investment statistical reporting system. However, the Treasury International Capital
(TIC) portfolio investment reporting system,
which records the contra- or offsetting entry as net
foreign purchases of U.S. securities, often does not
effectively capture the receipt by foreign investors
of stock in a U.S. company in exchange for shares
in a foreign company, because the exchange often
does not go through the TIC reporting system.
Consequently, when BEA can confirm that stock
has been exchanged and that net foreign purchases
of U.S. securities are underreported, it adjusts its
estimates to ensure more complete coverage of
these securities transactions. BEA makes these adjustments for large transactions and some medium-size transactions. The additional securities
offsets have been entered in the appropriate periods for 1999 and 2000; $14.2 billion is added for
1999, and $20.2 billion for 2000.
For acquisitions financed either partly or entirely with cash, the cash portion of the acquisition
Acknowledgments
The revised estimates were prepared under the general
direction of Paul Farello, with the assistance of other staff
of the Balance of Payments Division. Barbara Berman and
Patricia Abaroa prepared the new estimates of bank
income; Christopher Gohrband and Renee Sauers, the new
estimates of nonbank financial flows and related bank
income; Harlan King and Elena Nguyen, the new estimates
of net foreign purchases of U.S. securities other than U.S.
Treasury securities; Steve Baldwin and Rosaria Troia, the
new estimates of profits and losses on exchange-traded
derivatives; and Kwok Lee, John Ellman, and Christian
Thieme, the new estimates of goods exports and goods
imports.
The revisions to the estimates of foreign direct investment in the United States were prepared under the supervision of Gregory Fouch of the International Investment
Division, the revisions of U.S. direct investment abroad
were prepared under the supervision of Mark New, and the
revisions of several of the estimates of unaffiliated private
services were prepared under the supervision of Christopher Emond.
SURVEY OF CURRENT BUSINESS
is included in the U.S. bank-reported account, typically as a reduction in U.S.-held dollar deposits,
and is believed to be completely captured and correctly valued.
The foreign securities accounts were similarly
adjusted as part of last June's annual revision.
Foreign direct investment in the United States
Results of BEA's benchmark survey of foreign direct investment in the United States are introduced
for 1997. For years after 1997, the estimates are revised by extrapolating forward the 1997 universe
data using data collected in BEA's quarterly sample
surveys and by incorporating new or adjusted data
from the sample surveys.
The 1997 benchmark survey covers the universe
of U.S. affiliates of foreign direct investors. In nonbenchmark years, universe estimates of the direct
investment position and related financial and income flows are derived from data reported quarterly by all foreign-owned U.S. businesses above a
size-exemption level and from estimates for
smaller affiliates. The estimates for affiliates not
covered in the quarterly surveys are derived by extrapolating data from the benchmark survey, using
data from matched affiliates as the basis for extrapolation.
Direct investment financial flows,—Net financial
inflows for foreign direct investment in the United
States are revised for 1997-2000 to incorporate the
results of BEA's 1997 Benchmark Survey of Foreign
Direct Investment in the United States and to
incorporate new or adjusted data from quarterly
surveys for those years. The revisions also reflected
revised estimates of depreciation, depletion, and
expensed exploration and development costs used
to adjust the reinvested earnings component of
financial flows to a current-cost basis. Net financial inflows are revised down $0.4 billion for 1997,
down $8.1 billion for 1998, up $25.5 billion for
1999, and down $28.9 billion for 2000.
Direct investment income.—Net payments of
income by U.S. affiliates to their foreign parents
are revised for 1997-2000 to incorporate the
results of BEA's 1997 Benchmark Survey of Foreign
Direct Investment in the United States and to
incorporate new or adjusted data from quarterly
surveys for those years. The revisions also reflected
revised estimates of depreciation, depletion, and
expensed exploration and development costs used
to adjust the earnings component of direct investment income to a current-cost basis and withhold-
ing tax adjustments. Net direct investment income
payments are revised down $0.7 billion for 1997,
down $L1 billion for 1998, up $0.6 billion for
1999, and up $2.3 billion for 2000.
Royalties and license fees payments and receipts,
affiliated.—Payments and receipts of royalties and
license fees between U.S. affiliates and their foreign
parents are revised for 1997-2000 to incorporate
the results of BEA's 1997 Benchmark Survey of
Foreign Direct Investment in the United States and
to incorporate new or adjusted data from sample
surveys for those years. U.S. affiliates' payments
are revised down $0.5 billion for 1997, down $0.2
billion for 1998 and 1999, and up $0.4 billion for
2000. U.S. affiliates' receipts are revised down $0.4
billion for 1997, down $0.1 billion for 1998 and
1999, and up $0.1 billion for 2000.
Other private service payments and receipts, affiliated.—Payments and receipts of other private services between U.S. affiliates and their foreign
parents are revised for 1997-2000 to incorporate
the results of BEA's 1997 Benchmark Survey of
Foreign Direct Investment in the United States and
to incorporate new or adjusted data from quarterly
surveys for those years. U.S. affiliates' payments
are revised down $0.2 billion for 1997, $0.3 billion
for 1998, $0.5 billion for 1999, and $0.4 billion for
2000. U.S. affiliates' receipts are revised down $0.1
billion for 1997 and 1998, down $0.2 billion for
1999, and down $1.0 billion for 2000.
Financial derivatives (exchange-traded futures)
The methodology for estimating quarterly profits
and losses from foreign residents trading futures
contracts on U.S. exchanges has been improved,
beginning with the estimates for the first quarter
of 2000. The previous methodology, based on
monthend data supplied by the Commodity Futures Trading Commission (CFTC), applied the
average change in price each month for each type
of contract to the monthend open position of each
type of contract in order to estimate profits and
losses on futures traded each month. This procedure essentially ignored many profits and losses
incurred during the month. The new methodology, based on dayend open position data supplied
by the CFTC, permits estimates of profits and
losses on a daily basis. Changes in prices each day
for each type of contract are now applied to the
open position at the end of each day rather than at
the end of each month. This change allows for
more complete coverage of transactions and the
July 2001
35
36
•
July 2001
SURVEY OF CURRENT BUSINESS
profits and losses arising from them. For 2000, net
losses of foreigners are larger by $5.7 billion.
Goods exports and imports
Several changes have been made to the goods exports and goods imports series that provide more
consistently compiled and accurate series for
1989-2000. The changes are related to the classification of goods by end-use commodity category,
the adjustment of series for quarterly variation,
and the balance of payments adjustments to the
Census-basis data.
As part of its annual review of the trade statistics, BEA examines the classification of goods in its
end-use commodity classification system. In most
years, the review results in decisions that have only
a minor impact on the one-digit end-use series.
This year, the review resulted in the reclassification
of two items that significantly affect the estimates
for 1998-2000 but not for earlier years. For both
exports and imports, cellular phones, previously
part of capital goods, are reclassified to consumer
goods, and off-the-road construction vehicles,
previously part of automobiles, engines, and parts,
are reclassified to capital goods. These changes are
carried back to 1989, when the Harmonized Trade
System of classification was adopted by the United
States as the basis for collecting data. Other enduse ^classifications made in January 2001 are also
carried back to 1989. Furthermore, reclassifications that were made in earlier years and that had
not been carried back to 1989 have now been carried back to 1989. All of these changes now result
in a consistent classification in the end-use series
beginning with 1989.
In last year's annual revision, BEA, in consultation with the Bureau of the Census, introduced a
major change in the seasonal adjustment of its
goods exports and goods imports series. Adjustment for trading-day variation at the five-digit
end-use commodity level was introduced, paralleling adjustment for seasonal variation at the fivedigit level. The change was applied to only 19972000. This year, the change in methodology is applied to 1989-1996. The change was made possible
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. This change
allows for the consistent application of trading-day
and seasonal factors to the most detailed level of
unadjusted data available.
Estimates of the balance of payments adjustments to the Census-basis data have been improved for 1989-2000. The largest of these
improvements is a new method to identify military
shipments included in Census-basis exports and
imports. It is necessary to accurately identify and
remove these shipments from the Census-basis
data in order to avoid a double count of the same
transactions included elsewhere in the international accounts. The improved method generally
reduces the amounts of military shipments that are
subtracted from Census-basis exports in all years;
the revisions are largest for 1997 and for 1989-91
and are small for the intervening years. Allocation
of these adjustments by country has also been improved. The reduction in the amounts of military
shipments that are subtracted from Census-basis
imports is small for all years. Other balance of payments adjustments to the Census-basis data have
also been improved and applied throughout the
1989-2000 period.
0
37
SURVEY OF CURRENT BUSINESS
July 2001
U.S. International Transactions, First Quarter 2001
By Douglas B. Weinberg
The international transactions accounts have been revised to
reflect the incorporation of methodological and statistical
improvements and newly available source data. For more information, see "U.S. International Transactions, Revised Estimates
for 1989-2000" in this issue.
(T^HE U.S. current-account deficit—the combin1. ed balances on trade in goods and services,
income, and net unilateral current transfers—decreased to $109.6 billion in the first quarter of
2001 from $116.3 billion (revised) in the fourth
quarter of 2000 (table A, chart I). 1 The decrease,
the first in the current-account deficit since the
second quarter of 1997, was more than accounted
for by a decrease in the deficit on goods, as imports
decreased more than exports, and by a decline in
net outflows for unilateral current transfers. The
surplus on services decreased, as payments in1. Quarterly estimates of U.S. current- and financial-account components are
seasonally adjusted when series demonstrate statistically significant patterns.
The accompanying tables present both adjusted and unadjusted estimates.
creased more than receipts, and the balance on income shifted to a deficit from a small surplus.
In the financial account, net recorded financial
inflows—net acquisitions by foreign residents of
assets in the United States less net acquisitions by
U.S. residents of assets abroad—were $80.6 billion
in the first quarter, down from $113.8 billion (revised) in the fourth. Financial inflows for foreignowned assets in the United States decreased more
than financial outflows for U.S.-owned assets
abroad.
The statistical discrepancy—errors and omissions in recorded transactions—was a positive
$28.8 billion in the first quarter and a positive $2.4
billion in the fourth.
Table A.—Summary of U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
Line
Lines in tables 1 and 10 in which transactions are
included are indicated in ( )
1999
1999
2000
2001
2000
Change:
2000 IV2001 I
Current account
Exports of goods and services and income receipts (1) ...
Goods, balance of payments basis (3)
Services (4)
Income receipts (12)
Imports of goods and services and income payments (18)
Goods, balance of payments basis (20)
Services (21)
Income payments (29)
Unilateral current transfers, net (35)
1,242,655 1,418,568
684,553
772,210
272,800
293,492
285,302
352,866
302,880 315,099
166,267 173,045
67,910
68,548
68,703, 73,506
328,467
180,525
69,740
78,202
339,645
185,142
72,114
82,389
362,617
196,237
73,894
92,486
355,905
194,942
74,355
86,608
-6,712
-1,295
461
-5,878
-1,518,106 -1,809,099 -351,607 -368,662 -391,401 -406,437 -432,624 -450,748 -463,461 -462,268 -454,010
-1,029,987 -1,224,417 -238,709 -250,557 -264,777 -275,944 -292,547 -303,229 -313,884 -314,757 -307,462
-189,204 -217,024 -45,480 -46,486 -47,951 -49,289 -52,031 -53,377 -55,953 -55,667 -56,850
-298,915 -367,658 -67,418 -71,619 -78,673 -81,204 -88,046 -94,142 -93,624 -91,844 -89,698
8,258
7,295
-1,183
2,146
296,210
164,716
66,601
64,893
355,075
191,558
74,264
89,253
361,236
199,273
73,224
88,739
-48,913
-54,136
-11,051
-11,596
-11,761
-14,504
-11,924
-12,461
-13,080
-16,673
-11,457
5,216
-3,491
705
158
167
173
-3,989
173
173
175
184
174
-10
-437,067
8,747
-580,952
-290
-43,657 -170,707 -114,931 -107,769 -198,105
-554
1,159
4,068
1,569
1,951
-93,573 -107,727 -181,548 -156,937
2,020
190
-1,410
-346
24,611
1,600
2,751
-448,565
-944
-579,718
3,711
-127
-392
-686
118
-47,843 -171,474 -116,196 -113,049 -197,424
114
-572
68
-359
-95,021 -107,495 -179,779 -157,195
427
22,584
Capital account
10 Capital account transactions, net (39)
Financial account
U.S.-owned assets abroad, net (increase/financial outflow
B)(40)
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)
813,744 1,024,218
37,619
43,551
770,193
130,758
4,164
126,594
278,047
-736
278,783
172,119
12,721
159,398
232,820
27,402
205,418
256,782
22,498
234,284
250,007
6,447
243,560
222,108
12,247
209,861
295,321
-3,573
298,894
Statistical discrepancy (sum of above items with sign
reversed) (70)
-48,822
-20,811
-30,129
30,702
-28,588
46,053
-48,473
749
2,367
-66,448
87,101
-77,378
107,340
-88,063
57,188
Memoranda:
Balance on current account (76)
Net financial flows (40 and 55)
p Preliminary.
-324,364
376,677
-444,667
443,266
237,503 -57,818
7,664
4,091
233,412 -65,482
28,822
26,455
-92,474 -104,903 -108,134 -115,305 -116,324 -109,562
6,762
80,566 -33,207
58,677 156,434 114,381 113,773
125,051
38
July 2001
SURVEY OF CURRENT BUSINESS
The following are highlights for the first quarter
of2001:
• Imports of goods decreased as a result of the
slowdown in U.S. economic activity; exports of
goods also decreased, but by less than imports.
• The average price of imported petroleum
decreased for the first time in eight quarters.
• Receipts and payments of "other" private
income both decreased as a result of declines in
short-term interest rates.
• Net foreign purchases of U.S. corporate bonds
increased to a record high, and net foreign purchases of U.S. stocks also increased.
• Net financial inflows for foreign direct investment in the United States slowed sharply, largely as
CHART 1
U.S. Current-Account Balance and
Its Components
Billion $
40
a result of a drop in foreign acquisitions of U.S.
companies.
• U.S. claims reported by U.S. banks increased
very strongly for the second consecutive quarter.
U.S. dollar in exchange markets
In the first quarter, the U.S. dollar was unchanged
on a nominal, trade-weighted quarterly average
basis against the group of seven major currencies
that are widely traded in international markets (table B, chart 2). The U.S. dollar depreciated 6 percent against the euro, and it appreciated 8 percent
against the Japanese yen.
In response to indications that U.S. economic
activity was slowing, U.S. monetary authorities began an easing of monetary policy. The target Federal funds rate was lowered, in a series of three 50basis-point reductions, to 5.0 percent from 6.5
percent (chart 3). (In the second quarter, the target
Federal funds rate was lowered further, in three
steps, to 3.75 percent.) Energy costs remained high
but were viewed as more of a restraint on consumer and business purchasing power than as a
20
CHART 2
Nominal indexes of Foreign Currency
Price of the U.S. Dollar
Balance on
current account
January 1999=100
120
80
_ - Balance on services
20
.
'
**
—"
^
M
~-—
140
^
Balance on income
130
0
-
^
— -• ^
-20
^
^
v,
sy-
Euro
120
Unilateral current transfers, net
110
-40
100
-60
• '
90
-80
-100
70
I l l i n l
1994
95
M |
| M
96
97
98
99
Seasonally adjusted
U.S. Bureau of Economic Analysis
^ G e r m a n mark
80
Balance on g o o d s - » - \
-120
V
?
Japanese yen
i^y,
,
2000 2001
1 11 111 1 1 1 1 11 1 i 11 I1 1 1 1
.1.1.1 Ll M i l 1 1 1 1 1 I 11111111 1 1 11 1
1997
1998
1999
2000
2001
Note-see tone B tor demons a ne M U M . nmmjr mnge am.
Data: FMenl Rome Bond. Mmuntawd by BEA.
U.S. Bureau of Economic Analysis
11
SURVEY OF CURRENT BUSINESS
potential contributor to a sustained pickup in U.S.
inflation. U.S. stock prices continued to decline,
and major indexes fell below important psychological levels. Yields on U.S. Treasury 10- and 30-year
bonds also decreased.
Economic reports indicated that economic activity in the euro area was slowing, but remained
more robust than economic activity in the United
States. Amid indications that inflationary pressures in the euro area were stabilizing, prices in futures markets reflected expectations that shortterm interest rates would decline in the near future. (The European Central Bank reduced its rate
on refinancing operations by 25 basis points to 4.5
percent in May.)
Japanese economic conditions worsened during
the quarter, partly as a result of falling demand for
Japanese exports. Japanese monetary authorities
attempted to stimulate domestic demand by first
reducing the overnight call rate to 15 basis points
and then changing its operational target, which effectively lowered the call rate to almost zero. Japanese long-term interest rates also decreased,
despite a downgrade of the credit rating on Japanese Government securities by Standard and
Poors.
Against other currencies, the U.S. dollar depreciated 1 percent against the British pound and 5
percent against the Swiss franc. The U.S. dollar was
unchanged against the Canadian dollar, and it ap-
July 2001
39
CHART 3
Official Interest Rates
United States y
p
6
5
Canada/
4
r
Euro area
3
2
1
Japan.
0
1
*1
1999
2000
2001
Note.-Theratesshown are the Ukming: The target level for thefederalfunds rate
operations In I n euro a m , and to u n c o k M z e d owmight cal tale n Japan.
Data: Federal Reserve Board
U.S. Bureau ot Economic Analysis
preciated 2 percent against the Mexican peso and 5
percent against the Brazilian real.
Current Account
Goods and services
The deficit on goods and services decreased to
$95.0 billion in the first quarter from $100.3 bil-
Table B—Indexes of Foreign Currency Price of the U.S. Dollar
[January 1999=100]
2001
2000
2000
Mar.
Apr.
May
July
Aug.
103.3
105.3
100.9
103.6
106.3
100.4
104.3
108.0
100.0
105.8
110.2
100.4
105.0
107.7
101.7
105.4
108.9
101.3
106.0
110.5
100.4
128.0
109.3
124.1
95.6
93.9
120.9
121.9
109.3
118.5
93.7
97.1
119.7
Nominal:'
Broad 2
Major currencies1
Other important trading partners4
101.5
103.2
99.4
103.3
106.1
104.5
108.0
100.3
107.3
111.3
102.5
107.9
111.0
104.2
101.8
104.2
98.9
102.1
104.9
98.9
104.4
108.1
99.9
Real:'
Broad 2
Major currencies3
Other important trading partners4
102.0
104.9
98.6
104.8
108.3
100.5
106.2
110.6
100.8
108.6
114.1
102.0
109.7
114.6
103.7
103.0
106.3
98.9
103.6
107.1
99.3
Selected currencies: (nominal)5
Canada
European currencies:
Euro area 6
United Kingdom
Switzerland
Japan
Mexico
Brazil
95.6
97.4
97.6
100.4
100.5
96.1
96.7
117.5
102.7
117.6
94.4
92.8
117.4
124.2
107.6
120.9
94.2
94.6
119.2
128.3
111.8
123.3
95.1
92.3
120.1
133.5
114.1
126.0
97.0
93.9
127.7
125.7
113.2
120.0
104.3
95.7
133.6
120.2
104.4
120.1
93.8
91.7
115.2
122.7
104.3
120.2
93.2
92.8
117.0
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 ol the currencies included in the major currency index. Data: Federal Reserve
Board. Monthly and quarterly average rates. Index rebased by BEA.
June
2001
97.2
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
105.5
109.7
100.6
107.0
111.4
101.9
107.9
112.3
102.6
107.1
110.3
103.1
106.9
109.2
104.2
107.5
110.5
103.8
109.3
113.3
104.6
107.1
112.4
100.8
108.6
114.2
101.8
109.1
115.1
101.9
108.1
113.0
102.3
108.6
112.7
103.5
109.3
114.2
103.4
111.2
117.0
104.3
100.1
102.6
125.9
113.6
120.4
102.6
95.9
132.7
127.6
114.2
122.0
107.3
94.8
138.6
97.3
97.6
97.8
99.5
101.5
100.2
98.9
123.5
109.4
119.2
95.5
93.0
118.9
128.1
110.8
123.8
95.4
91.5
119.6
133.3
115.1
126.9
94.3
92.4
121.7
136.0
113.7
128.1
95.7
94.2
124.4
135.5
115.7
128.3
96.2
93.9
128.9
129.0
112.8
121.6
99.0
93.5
129.8
123.6
111.7
117.7
103.0
96.5
129.4
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. Dala: Federal Reserve Board. Monthly and quarterly average rates. Indexes prepared by BEA.
6. The euro area includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. Exchange rates (but not index values with January 1999=100) for the individual euroarea 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; 340.750 Greek drachmas; .787564 Irish pounds; 1936.27 Italian lira; 40.3399
Luxembourg francs; 2.20371 Netherlands guilders; 200.482 Portuguese escudos; 166.386 Spanish pesetas.
40
July 2001
SURVEY OF CURRENT BUSINESS
lion in the fourth. The decrease was more than accounted for by a decrease in the deficit on goods.
Revisions to the Estimates for the
Fourth Quarter of 2000
Goods.—The deficit on goods decreased $6.0 billion, to $112.5 billion, in the first quarter. The
decrease, the first since the second quarter of 1997,
resulted from a larger decrease in imports than in
exports.
The international transactions accounts estimates for
the fourth quarter of 2000 are revised from the preliminary estimates that were published in the April 2001
SURVEY OF CURRENT BUSINESS. The current-account deficit
for the fourth quarter was revised to $116.3 billion
from $115.3 billion. The goods deficit was revised to
$118.5 billion from $118.3 billion, the services surplus
was revised to $18.2 billion from $19.4 billion, the balance on income was revised to a surplus of $0.6 billion
from a deficit of $0.5 billion, and unilateral current
transfers were revised to net outflows of $16.7 billion
from net outflows of $15.9 billion. Net recorded financial inflows were revised to $113.8 billion from $86.6
billion.
Exports.—Exports decreased $1.3 billion, or 1 percent, to $194.9 billion in the first quarter.
Quantities decreased 1 percent, and prices were
unchanged (table C).2 The value of exports
decreased for the second consecutive quarter,
partly reflecting a slowdown in economic growth
in some foreign countries and the cumulative
effect of the appreciation of the U.S. dollar against
foreign currencies over several recent quarters. In
addition, the slowdown in U.S. economic activity
curtailed exports of goods that are assembled into
finished products abroad and shipped back to the
United States for final sale.
In the first quarter, nonagricultural exports decreased $1.6 billion, or 1 percent, to $181.3 billion;
quantities decreased 1 percent, and prices were unchanged. Capital goods except civilian aircraft decreased for the second consecutive quarter, mostly
as a result of declines in semiconductors and in
computers, parts, and peripherals, mainly to the
newly industrialized countries in Asia. Automotive
products decreased for the second consecutive
quarter because of substantial decreases to Canada
and smaller decreases to other areas. Nonagricultural industrial supplies and materials also decreased in the first quarter, largely as a result of a
drop in petroleum products. In contrast, both civilian aircraft and consumer goods rebounded.
Agricultural exports increased $0.3 billion, or 2
percent, to $13.6 billion; quantities increased 2
percent, and prices were unchanged. The increase
in value was more than accounted for by increases
in soybeans, mainly to China, and in corn.
Imports.—Imports decreased $7.3 billion, or 2 percent, to $307.5 billion in the first quarter. Both
quantities and prices decreased 1 percent (table C).
The decrease in the value of imports in the first
2. 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.
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) dollars1
Current dollars
2001
2000
I
Exports
Agricultural products
Nonagricultural products
Imports
Petroleum and products
Nonpetroleum products
684,553
49,661
634,892
2000
I
IV
772,210 185,142 191,558 199,273 196,237 194,942
52,808 12,904 12,977 13,629 13,298 13,606
719,402 172,238 178,581 185,644 182,939 181,336
1,029,987 1,224,417
67,767
120,185
962,220 1,104,232
2001
2000
1999
2000
736,671
63,284
673,184
IV
821,909 197,590 203,785 211,993 208,541 207,385
68,408 16,672 16,595 18,004 17,137 17,444
752,860 180,922 186,996 193,783 191,159 189,682
292,547 303,229 313,884 314,757 307,462 1,140,013 1,296,872 312,217 322,928 330,752 330,975 327,087
26,961 29,472 31,982 31,770 29,306
81,490
86,002 20,394 22,193 21,920 21,495 22,985
265,586 273,757 281,902 282,987 278,156 1,055,792 1,206,773 290,894 299,188 307,753 308,938 302,672
Percent change from previous period (current dollars)
2000
Percent change from previous period (chained (1996) dollars)
2001
2000
1999
2000
2001
2000
IV
2.9
12.8
6.3
13.3
2.6
2.3
2.6
3.5
.6
3.7
4.0
5.0
4.0
-1.5
-2.4
-1.5
-0.7
2.3
-.9
3.6
1.2
3.8
11.6
8.1
11.8
2.2
3.1
2.3
3.1
-.5
3.4
4.0
8.5
3.6
-1.6
-4.8
-1.4
-0.6
1.8
-.8
12.3
33.8
11.0
18.9
77.4
14.8
6.0
25.9
4.3
3.7
9.3
3.1
3.5
8.5
3.0
.3
-.7
.4
-2.3
-7.8
-1.7
12.1
.1
13.8
5.5
14.3
4.3
6.7
4.1
3.4
8.8
2.9
2.4
-1.2
2.9
.1
-1.9
12.9
-1.2
6.9
-2.0
Exports
Agricultural products
Nonagricultural products .
2.1
-6.6
Imports
Petroleum and products
Nonpetroleum products .
p Preliminary.
1. Because chain indexes use weights of more than one period, the corresponding chained-dollar estimates are
usually not additive.
SURVEY OF CURRENT BUSINESS
quarter, along with a sharp slowdown in the fourth
quarter, was attributable to the slowdown in U.S.
economic activity.
In the first quarter, nonpetroleum imports decreased $4.8 billion, or 2 percent, to $278.2 billion;
quantities decreased 2 percent, and prices were unchanged. Capital goods decreased for the second
consecutive quarter as a result of large declines in
computers, parts, and peripherals, in semiconductors, and in telecommunications equipment that
reflected the reduction in equipment and software
investment in the U.S. economy. Automotive
products also decreased substantially for the second consecutive quarter. The decreases, in conjunction with declines in U.S. domestic motor
vehicle production, reflected weak U.S. domestic
sales of motor vehicles in past quarters. Consumer
goods fell slightly.
Petroleum imports decreased $2.5 billion, or 8
percent, to $29.3 billion. The decrease was attributable to the first decrease in the average price per
barrel in eight quarters, to $25.09 from $28.89.
The average number of barrels imported daily increased to 12.78 million from 12.05 million. Inventories rose, while both consumption and
production fell.
July 2001
Balances by area.—The deficit on goods with Asia
excluding Japan decreased $7.1 billion, to $41.7
billion.3 U.S. imports fell sharply for the second
consecutive quarter, contributing to slower economic growth in some Asian countries (chart 4).
U.S. exports also decreased for the second consecutive quarter. In the first quarter, the deficit with
Japan decreased $1.7 billion, to $19.8 billion, as a
result of a much larger decline in imports than in
exports. The deficit with Western Europe
decreased $0.3 billion, to $17.0 billion.
In contrast, the deficit with Latin America increased $1.6 billion, to $ 11.5 billion, largely as a result of a rise in the deficit with Mexico and a
decline in the surplus with Brazil. The deficit with
Canada increased $1.3 billion, to $16.9 billion.
Services.—The surplus on services decreased $0.7
billion, to $17.5 billion, in the first quarter.
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
five-digit end-use commodity category.)
U.S. Imports of Goods
Billion $
100
80
I Asia
Western Europe
I Canada
Latin America
I Japan
60
40
20
III
1998
p Preliminary
U.S. Bureau of Economic Analysis
IV
ii
in
iv
i
1999
ti
HI
2000
Seasonally adjusted
IV
II
III
2001
IV
41
42
•
July 2001
SURVEY OF CURRENT BUSINESS
Receipts increased to $74.4 billion from $73.9 billion, and payments increased to $56.9 billion from
$55.7 billion.
Travel receipts edged down to $20.3 billion
from $20.4 billion. Travel receipts changed little in
the past three quarters because of little change
both in the number of visitors to the United States
and in their average expenditures. Travel payments
increased to $16.2 billion from $15.9 billion,
largely as a result of an increase in payments by
U.S. travelers to Canada.
"Other" transportation receipts decreased to
$7.4 billion from $7.6 billion, mostly as a result of
a decline in freight receipts. The decline in freight
receipts was partly attributable to the decline in
the volume of U.S. exports. "Other" transportation payments decreased to $10.5 billion from
$10.7 billion, mostly as a result of a decline in
freight payments. The decline in freight payments
was partly attributable to the decline in the volume
of U.S. imports.
Receipts for "other" private services increased to
$28.3 billion from $27.4 billion. The increase was
largely accounted for by increases in affiliated services receipts, in net insurance receipts, and in
business, professional, and technical services receipts. Payments for "other" private services increased to $15.3 billion from $14.6 billion. The
increase was largely accounted for by increases in
affiliated services payments and in financial services payments.
Income
The balance on income shifted to a deficit of $3.1
billion in the first quarter from a surplus of $0.6
billion in the fourth. Income receipts decreased to
$86.6 billion from $92.5 billion, and income payments decreased to $89.7 billion from $91.8 billion.
Receipts of investment income on U.S.-owned
assets abroad decreased to $86.0 billion from $91.9
billion, and payments of investment income on
foreign-owned assets in the United States decreased to $87.7 billion from $89.9 billion.
Receipts of income on U.S. direct investment
abroad decreased to $38.3 billion from $39.6 billion. Earnings of petroleum affiliates decreased for
the first time in more than 2 years, partly as a result of a drop in petroleum prices. Earnings of
manufacturing affiliates fell, reflecting declines in
earnings of affiliates classified in industrial machinery, in chemicals, and in "other manufacturing." Interest receipts decreased slightly.
Payments of income on foreign direct investment in the United States increased to $15.1 bil-
lion from $13.9 billion. The increase was mostly
attributable to a rise in earnings of petroleum affiliates. After falling sharply in the previous two
quarters, earnings of manufacturing affiliates increased, largely as a result of a shift to profits from
losses for affiliates in chemicals and in "other manufacturing." In contrast, interest payments decreased.
"Other" private income receipts decreased to
$46.8 billion from $51.5 billion. Receipts on bank
claims, on nonbank claims, and on U.S. holdings
of foreign securities all decreased. The decreases
were attributable to a decline in average yields,
partly reflecting the easing of monetary policy in
several foreign countries outside of the euro area.
"Other" private income payments decreased to
$45.6 billion from $48.7 billion. Payments on bank
and on nonbank liabilities decreased. The decreases were attributable to a decline in average
yields, partly reflecting the easing of monetary policy in the United States. Payments on foreign holdings of U.S. securities were boosted by a rise in
average holdings.
U.S. Government income receipts edged up to
$0.9 billion from $0.8 billion, and U.S. Government income payments decreased to $27.0 billion
from $27.3 billion.
Unilateral current transfers
Unilateral current transfers were net outflows of
$11.5 billion in the first quarter, down from net
outflows of $16.7 billion in the fourth. The decrease was largely accounted for by a decrease in
U.S. Government grants, which were boosted in
the fourth quarter by grants to Israel.
Capital Account
Capital account transactions were unchanged at
net inflows of $0.2 billion in the first quarter.
Financial Account
Net recorded financial inflows—net acquisitions
by foreign residents of assets in the United States
less net acquisitions by U.S. residents of assets
abroad—were $80.6 billion in the first quarter,
down from $113.8 billion (revised) in the fourth.
Financial inflows for foreign-owned assets in the
United States decreased more than financial outflows for U.S.-owned assets abroad.
U.S.-owned assets abroad
Net U.S.-owned assets abroad increased $156.9 billion in the first quarter, following an increase of
$181.5 billion in the fourth. The slowdown was
more than accounted for by a much smaller in-
SURVEY OF CURRENT BUSINESS
July 2001
43
2001
Change:
2000 IV2001 I
Banks' domestic customers' claims payable in
dollars decreased $7.3 billion, in contrast to an increase of $18.8 billion. The first-quarter decrease
was more than accounted for by a decrease in foreign commercial paper outstanding in the United
States. The decrease in foreign commercial paper
outstanding resulted both from a shift to longer
term borrowing by foreigners as yields in many
bond markets decreased and from repayments of
U.S. official reserve assets.—Net U.S. official reserve large fourth-quarter commercial paper borrowings.
assets decreased $0.2 billion in the first quarter, in
Claims reported by U.S. nonbanking concerns
contrast to an increase of $1.4 billion in the fourth
increased $5.6 billion, following an increase of
(table D). The first-quarter decrease was more
$44.5 billion. In the first quarter, an increase in fithan accounted for by an decrease in the U.S.
nancial intermediaries' claims more than offset a
reserve position in the International Monetary
decrease in deposits abroad.
Fund (IMF), reflecting net foreign repayments of
U.S. dollars to the IMF. U.S. holdings of foreign
Foreign securities.—Net U.S. purchases of foreign
currencies and of special drawing rights both
securities were $28.5 billion in the first quarter, up
increased slightly.
from $24.6 billion in the fourth. Net U.S. purClaims reported by banks and by nonbanks.—U.S. chases of foreign stocks were $25.5 billion, up from
$22.4 billion, and net U.S. purchases of foreign
claims on foreigners reported by U.S. banks
bonds were $3.0 billion, up from $2.3 billion.
increased a record $90.0 billion in the first quarter,
Net U.S. purchases of foreign stocks increased
following the previous record increase of $71.6 bilthough stock prices in most foreign countries delion in the fourth. Banks' own claims increased for
clined as a result of rising concerns about a slowthe eighth consecutive quarter, but the increases in
down in global economic growth. Transactions
the last two quarters were exceptionally large.
with Japan shifted to net U.S. purchases from net
In the first quarter, banks' own claims payable
U.S. sales, despite the deterioration in Japanese
in dollars increased a record $82.8 billion, followeconomic conditions. Transactions with Asia exing an increase of $55.4 billion. The first-quarter
cept Japan also shifted to net U.S. purchases from
increase was attributable to continued strong innet
U.S. sales. Net U.S. purchases from Western
terbank lending and to a step-up in lending to
Europe decreased as a result of a reduction in
other private foreigners and to foreign public bormerger-related exchanges of stock. Nonmerger-rerowers. Interbank lending was particularly strong
lated transactions with Western Europe shifted to
to Western Europe, where the modest slowdown in
net U.S. purchases from net U.S. sales, despite subeconomic growth had little impact on the demand
stantial declines in most European stock markets.
for bank credit. Demand for U.S. bank credit was
also boosted by the sharp reduction in the cost of
The small increase in net U.S. purchases of forU.S. funds as a result of the easing of U.S. moneeign bonds partly reflected increases in bond
tary policy and by foreigners' need to finance their
prices in many foreign countries. Bond prices were
exceptionally large net purchases of U.S. securities.
boosted by the slowdown in global economic
Substantial lending by U.S. brokers and dealers
growth and the easing of monetary policy in sevwas largely in the form of resale agreements with
eral countries outside of the euro area. New forinternational mutual funds.
eign issues in the United States decreased. A drop
crease in U.S. claims on foreigners reported by U.S.
nonbanks in the first quarter than in the fourth
and by a slowdown in net outflows for U.S. direct
investment abroad. In contrast, claims on foreigners reported by U.S. banks increased a record
amount in the first quarter after a previous record
increase in the fourth, and net U.S. purchases of
foreign securities picked up.
Table D.—Selected Transactions with Official Agencies
[Millions of dollars]
1999
1999
I
Changes in foreign official assets in the United States, net (decrease -) (table
1, line 56)
Industrial countriesl
Members of OPEC 2
Other countries
Changes in U.S. official reserve assets, net (increase -) (table 1, line 41)
p
Preliminary.
1. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
2000
2000
II
III
IV
I
II
III
IV
\P
43,551
31,383
1,621
10,547
37,619
14,653
11,582
11,384
4,164
3,226
2,156
-1,218
-736
1,420
1,868
-4,024
12,721
14,099
-771
-607
27,402
12,638
-1,632
16,396
22,498
12,745
6,143
3,610
6,447
14,305
1,639
-9,497
12,247
-3,133
3,636
11,744
-3,573
-9,264
164
5,527
4,091
-7,173
-170
11,434
7,664
2,091
-334
5,907
8,747
-290
4,068
1,159
1,951
1,569
-554
2,020
-346
-1,410
190
1,600
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.
44
July 2001
SURVEY OF CURRENT BUSINESS
in new issues by corporate borrowers from Western Europe more than offset an increase in new issues by borrowers from Latin America and from
other countries. Transactions in outstanding foreign bonds shifted to net U.S. purchases from net
U.S. sales, largely as a result of a surge in net U.S.
purchases from the United Kingdom.
Direct investment—Net financial outflows for U.S.
direct investment abroad were $33.0 billion in the
first quarter, down from $39.1 billion in the
fourth. The decrease was largely accounted for by a
shift to net inflows for intercompany debt from net
outflows. Net equity capital outflows decreased by
a small amount, as a result of a decline in U.S.
acquisitions of foreign companies, and reinvested
earnings edged lower.
Foreign-owned assets in the United States
Net foreign-owned assets in the United States increased $237.5 billion in the first quarter, following an increase of $295.3 billion in the fourth. The
deceleration was more than accounted for by a
small decrease in U.S. liabilities reported by U.S.
banks after a large fourth-quarter increase and by a
drop in net inflows for foreign direct investment in
the United States. In contrast, net foreign purchases of U.S. securities other than U.S. Treasury
securities stepped up again, and transactions in
Data Availability
The current and historical estimates that are presented
in tables l-10a of the U.S. international transactions
accounts are available as compressed files on BEA's Web
site at <www.bea.doc.gov>; click on Catalog of Products, and look under International Accounts Products,
Balance of Payments.
The estimates are also available from BEA 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 2001.
Annual estimates for 1998-2000 and quarterly estimates for 1999:1-2001:1 on a single diskette—product
number IDN-0283, price $20.00.
U.S. International Transactions, Historical Series. All
the available historical annual and quarterly estimates
on a single diskette—product number IDN-0282, price
$20.00.
To order, call the BEA Order Desk at 1-800-704-0415
(outside the United States, call 202-606-9666).
U.S. Treasury securities shifted to small net foreign
purchases from net foreign sales.
Foreign official assets.—Net foreign official assets
in the United States increased $4.1 billion in the
first quarter, in contrast to a decrease of $3.6 billion in the fourth (table D). The first-quarter
increase was largely accounted for by increases in
the assets of several developing countries in Asia.
Assets of industrial countries and of OPEC countries both decreased.
Liabilities reported by banks and by nonbanks.—
U.S. liabilities to foreigners reported by U.S. banks,
excluding U.S. Treasury securities, decreased $0.5
billion in the first quarter, in contrast to an
increase of $43.4 billion in the fourth. The firstquarter decrease was partly attributable to the net
repayment of U.S. dollar funds by U.S. banks.
Banks' own liabilities payable in dollars decreased $6.7 billion in the first quarter, in contrast
to an increase of $20.6 billion in the fourth. (However, substantial inflows probably resumed in
April.) The first-quarter decrease, the first in six
quarters, was more than accounted for by a reduction in U.S. banks' liabilities to their own foreign
offices. U.S. demand for funds from abroad was
sharply reduced, partly by a decrease in the cost of
alternative funds available domestically. In contrast, U.S. brokers and dealers borrowed funds
from abroad to support their sizable lending to
foreigners.
Banks' custody liabilities payable in dollars decreased $10.9 billion, in contrast to an increase of
$25.1 billion. The first-quarter decrease was largely
accounted for by decreases in liabilities to Canada
and to Western Europe.
Liabilities reported by U.S. nonbanking concerns increased $42.3 billion, following an increase
of $48.3 billion.
U.S. Treasury securities.—Transactions in U.S.
Treasury securities shifted to net foreign purchases
of $0.5 billion in the first quarter from net foreign
sales of $10.4 billion in the fourth. The slope of the
yield curve for U.S. Treasury securities with maturities from 1 to 10 years turned positive during the
quarter: Yields on short-term securities declined
sharply as a result of the easing of U.S. monetary
policy, while yields on long-term securities
declined less. The shift to net foreign purchases of
U.S. Treasury securities was more than accounted
for by a shift to net purchases by Western Euro-
SURVEY OF CURRENT BUSINESS
pean investors. In contrast, net sales by Asian
investors increased, and transactions by investment funds in the Caribbean shifted to net sales
from net purchases.
July 2001
CHART 5
U.S. Bond Yields and Spreads
Percent
Other U.S. securities.—Net foreign purchases of
U.S. securities other than U.S. Treasury securities
increased to a record $147.1 billion in the first
quarter from $126.6 billion in the fourth. Net foreign purchases of U.S. corporate and other bonds
were a record $106.1 billion, up from the previous
record $87.4 billion in the fourth quarter, and net
foreign purchases of U.S. stocks were $41.0 billion,
up from $39.3 billion.
The step-up in net foreign purchases of U.S.
corporate and other bonds was attributable to evidence that U.S. inflation was not becoming a serious problem, to sharp declines in U.S. stock prices,
and to aggressive action by U.S. monetary authorities to counter slowing economic growth. U.S. corporate bond yields, measured on a quarterly
average basis, decreased—both in absolute terms
and in relation to U.S. Treasury bond yields—as a
result of the injection of liquidity into financial
markets by U.S. monetary authorities (chart 5).
Yields on U.S. investment grade corporate bonds
decreased 80 basis points, and yields on U.S. highyield bonds decreased 113 basis points.
New issues sold abroad by U.S. corporations
stepped up. Foreign demand for these securities
was boosted, in part, by larger price gains on U.S.
issues than on most foreign issues. The U.S. corporate supply of new issues was bolstered by the decline in coupon rates paid by issuers. Net foreign
purchases of outstanding U.S. corporate bonds increased strongly. Net foreign purchases of U.S. federally sponsored agency bonds increased slightly to
a new record, as U.S. agencies boosted their new
debt issues in international markets.
Net foreign purchases of U.S. stocks increased
despite sharp declines in U.S. stock prices. All
major U.S. stock indexes fell during the quarter,
amid concern that U.S. economic growth was
slowing and that corporate profitability was declining. The bulk of net foreign purchases occurred early in the quarter, when stock prices rose
after the initial 50-basis-point reduction in the target Federal funds rate by U.S. monetary authorities. Soon thereafter, stock prices fell sharply,
despite two additional 50-basis-point reductions,
amid signs that corporate profitability and investment spending were declining.
16
BOND YIELDS
14
High-yield U.S. corporate bonds
12
10
Investment-grade U.S. corporate bonds
U.S. agency
securities
U.S. Treasury securities
J
|
I
10
BOND SPREADS OVER U.S. TREASURY SECURITIES
High-yield U.S. corporate bonds
Investment-grade U.S. corporate bonds
- U.S. agency
securities
1999
2000
2001
Source: Merrill Lynch
US. Bureau of Economic Analysis
U.S. currency flows.—Net U.S. currency shipments
to foreigners decreased to $2.3 billion in the first
quarter from $6.2 billion in the fourth.
Direct investment.—Net financial inflows for foreign direct investment in the United States were
$41.6 billion in the first quarter, down from $84.7
billion in the fourth. The decrease was more than
accounted for by a sharp decline in net equity capital inflows, resulting from a drop in large-scale
foreign acquisitions of U.S. companies after an
exceptionally strong fourth quarter. The largest
first-quarter foreign acquisitions were in services,
in "other manufacturing," and in finance. In contrast, net intercompany debt inflows increased,
and reinvested earnings edged higher.
Tables 1 through 10a follow.
45
46
•
July 2001
SURVEY OF CURRENT BUSINESS
Table 1.—U.S. International
[Millions
(Credits +; debits - ) 1
Line
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1982
1981
Current account
60,132
68,387
72,384
81,986
113,050
148,484
157,936
172,090
184,655
49,220
56,640
59,677
67,222
91,242
120,897
132,585
142,716
152,301
36,414
42,469
43,319
49,381
71,410
98,306
114,745
120,816
12,806
4,138
14,171
4,214
16,358
5,472
17,841
5,856
19,832
5,369
22,591
5,197
107,088
25,497
6,256
220,516
178,428
142,075
27,971
5,826
31,485
7,554
36,353
8,209
6,981
344,440
271,834
224,250
47,584
9,029
Travel
Passenger fares
Other transportation
2,043
450
2,652
2,331
544
3,125
2,534
615
3,299
2/817
699
3,579
3,412
975
4,465
4,032
1,104
5,697
4,697
1,039
5,840
5,742
1,229
6,747
6,150
1,366
7,090
7,183
1,603
8,136
8,441
2,156
9,971
10,588
2,591
11,618
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services .
2,019
1,160
343
2,331
1,294
332
2,545
1,546
347
2,770
1,764
357
3,225
1,985
401
3,821
2,321
419
4,353
3,584
489
4,920
3,848
557
5,885
4,717
6,184
7,085
6,276
398
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
27,587
27,587
19,157
7,356
1,074
4,300
2,920
446
25,351
25,351
16,595
7,644
1,112
29,375
29,375
18,999
9,043
1,332
32,354
32,354
19,673
11,057
1,625
42,088
25,458
14,788
-59,901
-66,414
-79,237
-98,997
-137,274
-132,745
-162,109
-193,764
49,129
-54,386
-60,979 -72,665 -89,342
-125,190
-120,181
-148,798
35,807
-39,866
-45,579 -55,797 -70,499
-103,811
-98,185
13,322
-4,856
-14,520
-4,855
-15,400
-4,819
-16,868
-4,784
-18,843
-4,629
-21,379
-5,032
-3,373
-1,080
-2,455
-3,980
-1,215
-2,843
-4,373
-1,290
-3,130
-5,042
-1,596
-3,520
-5,526
-1,790
-4,694
-221
-751
-586
-224
-827
-576
-241
-956
-592
-294
-1,043
-589
-4,869
-4,869
-848
-3,244
-777
-5,515
-5,515
-875
-3,617
-1,024
-5,435
-5,435
-1,164
-2,428
-1,844
-5,735
-4,259
-537
-939
-6,156
-7,402
-5,589
-1,096
11,585
-1,179
-967
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
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
287,965
224,131
184,439
5,439
520
620
294,398
275,236
237,044
211,157
57,354
10,720
64,079
12,572
12,913
3,111
12,560
12,393
3,174
12,317
7,284
10,250
5,603
17,444
576
16
517
72,606
72,606
37,146
1,843
63,834
63,834
38,183
23,356
2,295
2,562
86,529
86,529
32,549
50,300
3,680
-229,870
-281,657
-333,774
-364,196
-355,975
-179,547
-208,191
-248,696
-291,241
-310,570
-299,391
-124,228
-151,907
-176,002
-212,007
-249,750
-265,067
-247,642
-21,996
-4,795
-24,570
-4,895
-27,640
-5,823
-32,189
-7,352
-36,689
-8,294
^1,491
-10,851
-45,503
-11,564
-51,749
-12,460
-5,980
-2,095
-5,942
-6,417
-2,263
-5,708
-6,856
-2,568
-6,852
-7,451
-2,748
-7,972
-8,475
-2,896
-9,124
-9,413
-3,184
-10,906
-10,397
-3,607
-11,790
-11,479
-4,487
-12,474
-12,394
-4,772
-11,710
-385
-1,180
-640
-346
-1,262
-722
-472
-1,551
-504
-2,190
-951
-671
-2,573
-1,099
-831
-2,822
-1,239
-724
-2,909
-1,214
-650
-3,562
-789
-482
-2,006
-911
-795
-8,159
-1,460
-6,572
-6,572
-1,284
-2,604
-2,684
-9,655
-9,655
-1,610
-4,209
-3,836
-12,084
-12,084
-1,331
-6,491
-4,262
-12,564
-12,564
-2,234
-5,788
-4,542
-13,311
-13,311
-3,110
-5,681
-4,520
-14,217
-14,217
-2,834
-5,841
-5,542
-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
-53,626
-53,626
-6,898
-29,415
-17,313
-6,913
-4,748
-9,249
4
-5,226
-2,990
-5,788
-3,412
-906
-1,378
-859
-1,532
-844
-4,015
-1,658
-920
-8,349
-5,486
-1,818
-1,044
-11,702
-5,145
-2,041
-1,250
-5,686
-3,519
-1,250
-917
-6,593
-7,293
-939
-1,017
-7,075
-5,101
-1,068
-1,117
-8,544
-6,665
-770
-1,109
-8,470
-11,758
-13,787
-22,874
-34,745
-39,703
-51,269
-34,785
-61,130
-64,915
3,348
787
16
389
2,156
3,066
158
-1,467
-849
-2,558
-33
182
-172
-1,265
-30
-66
-466
-317
-78
-2,212
-268
-375
-118
-121
-294
158
732
-65
1,350
382
706
547
7
153
-1
6
-65
3
-189
257
-1,884
-4,181
2,115
182
-1,568
-3,819
2,086
165
-2,644
-4,638
2,596
-602
366
-5,001
4,826
541
-3,474
-5,941
2,475
-4,214
-6,943
-3,693
-6,445
-9
2,719
33
-4,660
-7,470
2,941
-131
-3,746
-7,697
2,596
133
3,926
25
-4,449
-611
-915
16
16
-1,287
91,747
91,747
29,469
58,160
4,118
-56,583
-56,583
-2,114
-35,187
-19,282
16
-4,516
-16,544
-6,087
-2,251
-8,207
-85,815
-113,054
-127,882
-7,003
-4,082
-4,965
16
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
-1,034
822
1,249
4,231
-4,683
S
-2,491
-861
-1,371
-2,552
-1,041
-5,162
-9,860
4,456
242
-5,097
-9,674
-6,131
-10,063
4,413
164
4,292
-360
1,136
-1,667
-6,472
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
-2,200
-3,489
89
-1,589
-3,293
1,721
-16
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
-8,206
-5,960
-1,549
-10,229
-7,590
-1,076
-12,940
-7,618
-1,113
-12,925
-7,747
-20,388
-11,353
-671
-33,643
-9,052
-1,854
-35,380
-14,244
-6,247
-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
-103,875
-9,624
-5,699
-116,786
-618
-126
-570
-596
-967
-1,229
-2,980
-1,054
-3,506
-2,383
-5,980
-3,221
-19,516
-1,357
-13,532
-2,296
-21,368
-1,940
-11,427
-3,853
-33,667
-5,014
-26,213
-4,023
-46,838
-4,377
-84,175
6,823
-111,070
Foreign-owned assets in the United States, net (increase/financial
inflow (+))
1,200
16
-4,556
-7,983
12,702
6,359
22,970
21,461
18,388
35,341
17,170
38,018
53,219
67,036
40,852
62,612
86,232
96,589
Foreign official assets in the United States, net
U.S. Government securities
U.S. Treasury securities9
Other 10
Other U.S. Government liabilities 11
U.S. liabilities reported by U.S. banks, not included elsewhere ...
Other foreign official assets 12
-1,301
-2,343
6,908
9,411
28
^56
-2,075
10,546
4,172
3,270
902
301
5,818
254
7,027
5,563
4,658
905
1,517
-2,158
2,104
17,693
9,892
9,319
573
4,627
969
2,205
36,816
32,538
30,230
2,308
1,400
773
2,105
33,678
24,221
23,555
666
2,476
792
6,026
641
59
582
936
4,126
323
-13,665
-21,972
-22,435
463
-40
7,213
1,135
4,960
6,322
5,019
1,303
-338
-3,670
2,646
3,593
5,085
5,779
251
10,475
8,470
8,213
257
182
1,638
15,497
11,895
-2,269
-74
26,879
26,570
26,578
-8
-510
819
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 ...
14,002
1,263
-68
3,130
-550
1,464
81
2,189
-3,909
367
-24
10,986
949
24,796
4,760
-39
4,507
12,362
2,800
-216
4,041
697
378
1,100
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
792
8,886
2,014
-6,298
369
-6,911
815
4,754
1,035
4,702
1,844
16,017
319
628
-578
10,990
1,086
6,719
1,889
16,141
Statistical discrepancy (sum of above items 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 66.
9,439
185
5,551
1,430
54,516
9,708
2,187
615
-159
3,145
1,351
3,000
47,115
16,918
2,645
5,457
4,500
1,621
32,607
6,852
10,743
11,877
15
4,060
15
81,272
25,195
2,927
6,905
3,200
15
-694
605
-1,747
-350
16
92,997
12,635
15
7,027
6,085
4,000
-1,516
-219
-9,779
-1,879
-2,654
-2,558
4,417
8,955
-4,099
9,236
24,349
20,886
21,792
-2,383
65,633
36,630
607
-516
91
6,044
-5,735
2,603
-349
2,254
6,233
-6,156
-2,260
957
-6,416
911
8,192
-8,544
8,903
3,501
12,404
12,787
-7,075
-9,483
3,401
-6,082
16,063
-5,686
-31,091
3,845
-27,246
18,137
-5,226
-33,927
4,164
-29,763
20,408
-5,788
-27,568
3,003
-24,565
30,873
-6,593
-25,500
6,093
1,900
12,153
-6,913
-5,505
1,213
-4,292
15,503
-9,249
-19,407
30,073
-8,349
-28,023
11,852
-16,172
32,903
-11,702
-36,485
12,329
-24,156
35,164
-16,544
2,331
-1,433
-5,795
7,140
1,962
18,116
4,295
-14,335
-15,143
-285
2,317
5,030
-5,536
-1,303
7,272
-7,402
973
-5,443
989
917
42,128
47
July 2001
SURVEY OF CURRENT BUSINESS
Transactions
of dollars]
1985
1986
1987
399,913
387,612
407,098
291,094
289,070
310,033
201,799
219,926
215,915
64,307
12,524
71,168
9,969
73,155
8,718
17,177
4,067
13,809
17,762
4,411
14,674
5,778
18,192
666
6,177
19,255
714
6,678
20,035
878
90,000
90,000
31,750
53,418
4,832
108,819
108,819
35,325
68,267
5,227
-377,488
-323,874
1983
1984
356,106
266,106
1988
1989
1990
1991
457,053
567,862
648,290
706,975
348,869
431,149
487,003
535,233
223,344
250,208
320,230
359,916
86,689
8,549
98,661
11,106
110,919
9,284
127,087
8,564
20,385
5,582
15,438
23,563
7,003
17,027
29,434
8,976
19,311
8,113
28,027
595
10,174
29,263
526
98,542
98,542
35,410
57,633
5,499
97,064
96,156
36,938
52,806
6,413
908
108,184
107,190
46,288
55,592
5,311
994
-473,923
-483,769
-530,142
-594,443
-663,741
-400,166
-410,950
-448,572
-500,552
-545,715
-268,901
-332,418
-338,088
-368,425
-409,765
-447,189
-54,973
-13,087
-67,748
-12,516
-72,862
-13,108
-80,147
-13,730
-90,787
-14,950
-22,913
-5,735
-14,843
-24,558
-6,444
-15,643
-25,913
-6,505
-17,766
-943
-8,001
-1,568
-1,168
-9,040
-1,534
-1,170
-10,203
-1,735
-53,614
-53,614
-4,120
-30,501
-18,993
-73,756
-73,756
-8,443
-44,158
-21,155
-17,310
-6,469
-2,207
-8,635
1992
1993
1994
727,557
748,603
777,044
869,328
1,005,935
1,077,966
1,195,538
1,191,932
1,242,655
1,418,568
1
578,344
616,547
642,884
703,890
794,433
852,120
934,980
932,694
957,353
1,065,702
2
387,401
414,083
439,631
456,943
502,859
575,204
612,113
678,366
670,416
684,553
772,210
3
147,832
9,932
164,261
11,135
176,916
12,387
185,941
13,471
201,031
12,787
219,229
14,643
240,007
16,446
256,614
16,675
262,278
17,450
272,800
15,920
293,492
14,060
4
5
36,205
10,657
20,526
43,007
15,298
22,042
48,385
15,854
22,631
54,742
16,618
21,531
57,875
16,528
21,958
58,417
16,997
23,754
63,395
18,909
26,081
69,809
20,422
26,074
73,426
20,868
27,006
71,286
20,098
25,604
74,731
19,785
26,916
82,042
20,745
30,185
6
7
8
12,139
31,111
664
13,818
36,729
587
16,634
40,251
668
17,819
47,748
690
20,841
49,956
841
21,695
53,532
883
26,712
61,477
887
30,289
65,094
818
32,470
73,858
928
33,228
84,456
955
35,626
91,288
926
36,420
98,143
885
38,030
107,568
862
9
10
11
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
149,214
147,924
58,718
81,186
8,019
1,290
132,056
130,631
57,538
65,977
7,115
1,425
134,159
132,725
67,246
60,353
5,126
1,434
165,438
163,895
77,344
82,423
4,128
1,543
211,502
209,741
95,260
109,768
4,713
1,761
225,846
224,090
102,505
116,994
4,591
1,756
260,558
258,756
115,323
139,874
3,559
1,802
259,238
257,304
103,835
149,868
3,601
1,934
285,302
283,092
123,718
156,177
3,197
2,210
352,866
350,525
149,240
197,440
3,845
2,341
12
13
14
15
16
17
-721,607
-759,287
-734,563
-762,105
-821,930
-949,312
-1,081,776
-1,158,822
-1,294,553
-1,364,962
-1,518,106
-1,809,099
18
-580,144
-616,094
-609,479
-653,004
-711,675
-800,568
-890,821
-953,963
-1,042,745
-1,099,522
-1,219,191
-1,441,441
-477,665
-498,435
-491,020
-536,528
-589,394
-668,690
-749,374
-803,113
-876,485
-917,112
-1,029,987
-1,224,417
19
20
-98,526
-15,604
-102,479
-15,313
-117,659
-17,531
-118,459
-16,409
-116,476
-13,835
-122,281
-12,086
-131,878
-10,217
-141,447
-10,043
-150,850
-11,061
-166,260
-11,707
-182,410
-12,185
-189,204
-13,334
-217,024
-13,560
21
22
-29,310
-7,283
-19,010
-32,114
-7,729
-20,891
-33,416
-8,249
-22,172
-37,349
-10,531
-24,966
-35,322
-10,012
-24,975
-38,552
-10,603
-23,767
-40,713
-11,410
-24,524
^3,782
-13,062
-26,019
-44,916
-14,663
-27,034
-48,078
-15,809
-27,403
-52,051
-18,138
-28,959
-56,509
-19,971
-30,363
-58,865
-21,315
-34,139
-64,537
-24,197
-41,058
23
24
25
-1,401
-13,146
-1,686
-1,857
-16,485
-1,893
-2,601
-17,667
-1,921
-2,528
-18,930
-1,871
-3,135
-22,229
-1,919
-4,035
-25,590
-2,116
-5,161
-22,296
-2,263
-5,032
-26,261
-2,255
-5,852
-30,386
-2,560
-6,919
-35,249
-2,623
-7,837
-37,975
-2,687
-9,161
-43,482
-2,762
-11,235
-49,298
-2,849
-12,613
-46,117
-2,821
-16,106
-54,687
-2,879
26
27
28
-72,819
-72,819
-6,945
-42,745
-23,129
-81,571
-78,893
-6,856
-47,412
-24,625
-2,678
-93,891
-91,553
-7,676
-57,659
-26,218
-2,338
-118,026
-116,179
-12,150
-72,314
-31,715
-1,847
-141,463
-139,177
-7,045
-93,768
-38,364
-2,286
-143,192
-139,728
-3,450
-95,508
-40,770
-3,464
-125,084
-121,058
2,266
-82,452
-40,872
-4,026
-109,101
-104,349
-2,189
-63,079
-39,081
-4,752
-110,255
-105,123
-7,943
-57,804
-39,376
-5,132
-148,744
-142,792
-22,150
-76,450
^4,192
-5,952
-190,955
-184,692
-30,318
-97,004
-57,370
-6,263
-204,859
-198,559
-33,093
-97,826
-67,640
-6,300
-251,808
-245,142
-42,950
-114,142
-88,050
-6,666
-265,440
-258,515
-37,582
-129,814
-91,119
-6,925
-298,915
-291,603
-56,674
-139,798
-95,131
-7,312
-367,658
-360,146
-68,009
-184,465
-107,672
-7,512
29
30
31
32
33
34
-20,335
-8,696
-2,159
-9,479
-21,998
-11,268
-2,138
-8,593
-24,132
-11,883
-2,372
-9,877
-23,265
-10,309
-2,409
-10,548
-25,274
-10,537
-2,709
-12,028
-26,169
-10,860
-2,775
-12,534
-26,654
-10,359
-3,224
-13,070
10,752
29,193
-3,775
-14,665
-35,013
-16,320
-4,043
-14,650
-37,637
-17,036
-4,104
-16,497
-38,260
-14,978
-4,556
-18,726
-34,057
-11,190
-3,451
-19,416
-40,081
-15,401
-4,466
-20,214
-40,794
-12,472
-4,191
-24,131
-44,427
-13,270
-4,305
-26,852
-48,913
-13,774
-4,406
-30,733
-54,136
-16,821
-4,705
-32,610
35
36
37
38
209
235
315
301
365
493
336
-6,579
-4,479
612
-88
-469
372
693
350
678
-3,491
705
39
-66,373
-40,376
-44,752
-111,723
-79,296
-106,573
-175,383
-81,234
-64,388
-74,410
-200,552
-176,056
-352,376
-413,923
-487,599
-359,632
-437,067
-580,952
40
-1,196
-3,131
-3,858
312
9,149
-3,912
-25,293
-2,158
5,763
3,901
-1,379
5,346
-9,742
6,668
-1,010
-6,783
8,747
-290
-66
-4,434
3,304
-979
-995
-1,156
-897
908
-3,869
-246
1,501
-942
-509
2,070
7,588
127
1,025
-5,064
-535
471
-25,229
-192
731
-2,697
-177
-367
6,307
2,316
-2,692
4,277
-537
-44
-797
^41
494
5,293
-808
-2,466
-6,468
370
-1,280
7,578
-350
-3,575
2,915
-147
-5,119
-1,517
10
5,484
3,253
-722
2,308
-1,876
41
42
43
44
45
-5,006
-9,967
5,012
-51
-5,489
-9,599
4,490
-379
-2,821
-7,657
4,719
117
-2,022
-9,084
6,089
973
1,006
-6,506
7,625
-113
2,967
-7,680
10,370
111
1,233
-5,608
6,725
115
2,317
-8,410
10,856
-130
2,924
-12,879
16,776
-974
-1,667
-7,408
5,807
-66
-351
-6,311
6,270
-310
-390
-5,383
5,088
-95
-984
-4,859
4,125
-250
-989
-5,025
3,930
106
68
-5,417
5,438
47
-422
-4,678.
4,111
145
2,751
-6,175
9,560
-634
-944
-5,177
4,257
-24
46
47
48
49
-60,172
-12,528
-6,762
-31,757
-16,407
-4,756
-38,074
-18,927
-7,481
-110,014
-23,995
-4,271
-89,450
-35,034
-5,251
-105,628
-22,528
-7,980
-151,323
-43,447
-22,070
-81,393
-37,183
-28,765
-73,075
-37,889
-45,673
-76,644
-48,266
-49,166
-198,822
-83,950
-146,253
-181,012
-80,167
-60,309
-341,650
-98,750
-122,506
-419,602
-91,885
-149,829
-486,657
-104,803
-118,976
-352,427
-142,516
-136,135
-448,565
-155,385
-131,217
-579,718
-152,437
-124,935
50
51
52
-10,954
-29,928
533
-11,127
-10,342
-1,323
-21,773
-59,975
-7,046
-42,119
-21,193
-53,927
-27,646
-58,160
-27,824
12,379
11,097
-610
-387
21,175
766
30,615
-36,336
-4,200
^5,286
-75,108
-86,333
-91,555
-121,760
-141,118
-38,204
-35,572
-85,700
-76,263
-163,846
-138,500
53
54
88,694
117,752
146,115
230,009
248,634
246,522
224,928
141,571
110,808
170,663
282,040
305,989
465,684
586,038
759,290
504,464
813,744
1,024,218
55
5,845
6,496
6,972
-476
602
545
-1,798
3,140
4,703
4,690
13
739
555
-2,857
-1,119
-1,139
-838
-301
844
645
-1,469
35,648
33,150
34,364
-1,214
2,195
1,187
-884
45,387
44,802
43,238
1,564
-2,326
3,918
-1,007
39,758
43,050
41,741
1,309
-467
-319
-2,506
8,503
1,532
149
1,383
160
4,976
1,835
33,910
30,243
29,576
667
1,868
3,385
-1,586
17,389
16,147
14,846
1,301
1,367
-1,484
1,359
40,477
22,403
18,454
3,949
2,191
16,571
-688
71,753
53,014
48,952
4,062
1,313
14,841
2,585
39,583
36,827
30,750
6,077
1,564
3,665
-2,473
109,880
72,712
68,977
3,735
-105
34,008
3,265
126,724
120,679
115,671
5,008
-982
5,704
1,323
19,036
-2,161
-6,690
4,529
-881
22,286
-208
-19,948
-3,589
-9,921
6,332
-3,371
-9,501
-3,487
43,551
32,527
12,177
20,350
-2,855
12,964
915
37,619
30,676
-10,233
40,909
-1,987
5,803
3,127
56
57
58
59
60
61
62
82,849
10,372
8,689
8,164
5,400
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
459,314
86,502
154,996
130,240
17,362
740,254
105,603
146,433
197,892
24,782
524,412
178,209
48,581
218,091
16,622
770,193
301,006
-20,490
343,963
22,407
986,599
287,655
-52,792
485,644
1,129
63
64
65
66
67
-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
53,736
16,478
116,518
149,026
23,140
39,769
69,075
54,232
177,010
87,953
68
69
16,162
16,733
16,478
28,590
-9,048
-19,289
49,605
25,208
-45,688
-48,350
1,123
-11,220
-3,782
-51,871
-132,232
71,947
-48,822
696
70
-67,102
9,335
-57,767
36,386
-17,310
-112,492
3,419
-109,073
35,063
-20,335
-122,173
294
-121,880
25,723
-21,998
-145,081
6,543
-138,538
15,494
-24,132
-159,557
7,874
-151,684
14,293
-23,265
-126,959
12,393
-114,566
18,687
-25,274
-117,749
24,607
-93,142
19,824
-26,169
-111,034
30,173
-80,861
28,550
-26,654
-76,937
45,802
-31,135
24,130
10,752
-96,897
60,440
-36,457
22,954
-35,013
-132,451
63,660
-68,791
23,904
-37,637
-165,831
69,153
-96,678
16,694
-38,260
-174,170
77,782
-96,388
20,547
-34,057
-191,000
89,157
-101,843
20,987
-40,081
-198,119
90,354
-107,765
8,750
-40,794
-246,696
79,868
-166,828
-6,202
-44,427
-345,434
83,596
-261,838
-13,613
^8,913
-452,207
76,468
-375,739
-14,792
-54,136
71
72
73
74
75
-38,691
-94,344
-118,155
-147,177
-160,655
-121,153
-99,486
-78,965
3,747
-48,515
-82,523
-118,244
-109,898
-120,937
-139,809
-217,457
-324,364
-444,667
76
10,947
3,610
12,590
-13,149
-6,003
-12,222
15
16
16
16
16
16
16
16
16
16
16
1995
1996
1997
1998
1999
2000
Line
48
July 2001
SURVEY OF CURRENT BUSINESS
Table 1 —U.S. International
[Millions
Not seasonally adjusted
(Credits +; debits - ) J
Line
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 contracts4
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
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
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 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 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 items 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) 13
See footnotes on page 66.
1990
155,481
165,440
116,401
124,460
160,912
121,456
94,042
166,457
171,641
124,686
129,691
92,162
32,524
1,844
95,820
33,871
2,147
176,426
134,396
99,205
173,303
132,412
92,460
185,605
138,735
99,916
35,191
2,327
10,541
3,663
5,334
39,952
2,954
9,289
3,192
5,318
38,819
2,502
10,712
3,917
5,710
3,579
10,201
145
3,966
9,160
200
41,951
41,669
16,577
23,001
2,091
282
42,030
41,738
16,830
23,073
1,835
292
4,120
10,035
170
40,891
40,599
14,903
23,660
2,036
292
46,870
46,564
17,663
24,338
4,563
306
-145,609
-150,957
-121,461
-29,496
-3,910
-195,280
-158,252
-125,286
-196,246
-161,277
-131,849
-32,966
-4,463
-29,428
-5,152
-10,289
-2,782
-5,996
-11,935
-3,224
-6,434
-7,859
-2,354
-6,608
29,552
2,161
7,553
2,270
5,000
30,418
2,142
34,593
2,417
8,643
2,483
5,184
11,003
3,387
5,087
3,178
9,234
155
3,301
8,518
146
3,307
9,251
143
9,007
2,517
5,255
4,032
9,726
144
39,080
38,831
15,318
22,363
1,150
249
-171,095
-137,028
-114,067
-22,961
-3,946
-6,438
-1,739
-5,274
40,980
40,731
15,873
23,870
988
249
-183,837
39,456
39,200
14,434
22,898
1,869
256
-183,712
-147,798
-119,242
-28,556
-3,722
41,771
41,508
16,356
23,507
1,645
263
-182,963
-148,391
-123,458
-24,933
-3,736
-7,403
-1,790
-5,694
-610
-4,522
-431
-34,067
-33,551
-1,945
-22,369
-9,237
-516
-636
-4,560
-439
-36,910
-36,383
-2,964
-23,893
-9,526
-527
-10,748
-2,560
-5,705
-572
-4,763
-486
-35,914
-35,357
-2,109
-23,478
-9,770
-557
-119,839
-25,770
-4,006
-7,266
-2,171
-5,928
-710
-5,085
-515
-34,572
-33,886
-27
-24,028
-9,831
-686
-715
-5,222
-463
-35,284
-34,493
-589
-23,882
-10,022
-791
-698
-5,326
-494
-800
-5,600
-510
-923
-6,081
-451
-35,912
-35,110
-1,443
-23,546
-10,121
-802
-37,028
-36,145
-1,883
-24,039
-10,223
-883
-6,115
-2,422
-659
-3,034
-5,418
-1,995
-552
-2,871
-6,501
-2,830
-652
-3,019
-8,135
-3,614
-912
-3,609
-6,643
-2,556
-721
-3,366
-7,331
-3,613
-655
-3,063
-7,213
-3,088
-739
-3,386
-34,969
-33,981
464
-24,041
-10,404
-988
-5,467
-1,102
-1,109
-3,256
128
133
139
-64
157
165
-6,882
-55,637
-10,858
-12,095
-54,099
-54,789
-3,202
36,491
-3,177
-39,166
371
-45,107
-33,452
1,739
-1,091
-204
-23
-2,975
37
-1,292
1,238
91
-51,625
-7,859
-4,504
-6,662
-32,600
72,828
-7,142
-6,966
-7,535
569
492
-833
165
-247
234
-3,164
-716
-1,871
1,229
-74
40,384
-11,768
-8,580
3,019
57,713
-216
493
94
-836
-2,019
1,169
14
-38,701
-6,573
-11,037
-5,069
-16,022
42,086
6,207
4,081
3,735
346
1,160
1,240
-274
363
8
1,368
-332
-1,349
1,044
-28
-46,514
-19,295
-1,037
-15,514
-10,668
-93
-4
-995
4,201
-3,171
7,414
-43
-36,562
453
-8,111
-10,260
-18,644
58,371
35,879
14,644
1,857
2,114
4,400
6,713
6,151
64,074
13,937
12,469
12,335
134
-408
2,141
-265
50,137
9,156
544
-2,874
5,500
16,838
20,973
2,383
14,696
10,058
38,185
9,057
-3,044
1,041
5,300
8,678
17,153
-1,929
-24,019
8,101
-15,919
6,667
-6,643
-15,895
-22,256
5,695
-16,561
6,119
-7,331
-17,773
-32,826
6,986
-25,840
3,863
-7,213
-29,190
-31,933
9,391
-22,542
11,901
-5,467
-16,108
-4,000
-188
316
-4,128
891
-1,007
1,894
3
-52,527
-13,999
-2,225
-9,293
-27,010
66,334
7,700
5,355
4,634
721
-307
2,197
455
58,635
18,253
9,561
8,544
1,400
6,637
14,240
-146,928
-26,030
-3,908
-8,827
-2,161
-5,499
-159
-12,004
-287
-1,174
834
53
1,524
-10,362
-6,192
-5,767
23,844
-5,996
-211
337
-6,122
592
-2,136
2,759
-32
-48,695
-11,228
-9,149
-5,924
-22,394
16,512
15,743
2,489
9,365
2,300
12,000
-25,385
74,367
13,060
12,966
12,776
190
-338
-211
643
61,308
11,819
12,544
10,270
200
-1,121
27,596
10,903
23,142
8,894
-27,218
6,591
-20,627
5,013
-6,115
-21,729
-26,856
4,388
-22,468
4,070
-5,418
-23,816
-32,379
6,037
-26,342
3,542
-6,501
-29,301
11,398
-5,115
-9,823
-9,726
-97
314
3,823
572
79,971
22,460
5,024
10,588
2,000
4,570
35,329
-31,296
7,591
-23,705
7,199
-8,135
-24,641
-22,960
-6,421
-6,698
-6,177
-521
-195
598
-126
-16,539
15,638
-1,891
1,311
3,600
12,904
-48,101
12,466
4,526
5,680
4,970
10,855
153
20,186
20,391
19,683
708
1,310
-594
-921
49
July 2001
SURVEY OF CURRENT BUSINESS
Transactions—Continued
of dollars]
Not seasonally adjusted
1991
1
II
1992
III
IV
I
1993
I
IV
III
II
II
1994
I
IV
III
II
Line
IV
III
180,793
182,608
179,128
185,028
185,552
187,984
185,061
190,005
189,752
193,985
191,902
201,404
202,785
213,078
220,538
232,927
1
138,434
145,535
144,126
150,248
151,694
153,674
153,201
157,979
156,808
161,029
158,335
166,712
166,035
173,838
177,966
186,051
2
101,408
105,772
99,438
107,465
108,897
110,683
105,587
114,464
112,161
115,764
108,267
120,751
118,792
124,955
123,800
135,312
3
37,026
2,688
39,763
2,748
44,688
2,586
42,783
3,112
42,797
3,399
42,991
3,006
47,614
3,158
43,515
2,824
44,647
3,690
45,265
3,419
50,068
3,625
45,961
2,736
47,243
2,860
48,883
3,244
54,166
3,714
50,739
2,969
4
5
9,544
3,094
5,382
12,033
3,818
5,559
14,736
5,034
5,806
12,072
3,908
5,884
12,283
3,834
5,276
13,680
4,034
5,343
15,977
4,944
5,420
12,802
3,806
5,492
12,710
3,800
5,392
14,410
3,989
5,499
17,156
4,966
5,447
13,599
3,773
5,620
12,818
3,870
5,387
14,644
4,147
5,856
17,208
5,025
6,099
13,747
3,955
6,412
6
7
8
4,095
12,024
200
4,272
11,189
145
4,263
12,049
213
5,189
12,487
132
4,883
12,990
131
5,113
11,544
272
5,153
12,663
299
5,692
12,760
139
4,994
13,856
204
5,400
12,262
286
5,260
13,388
225
6,040
14,025
168
6,310
15,747
251
6,550
14,292
150
6,497
15,397
226
7,355
16,041
260
9
10
11
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
33,859
33,521
14,719
17,083
1,719
338
34,310
33,964
15,752
16,678
1,534
346
31,861
31,498
13,742
15,771
1,984
363
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
36,750
36,384
17,944
17,301
1,139
366
39,240
38,865
18,460
19,605
800
375
42,572
42,179
19,668
21,437
1,074
393
46,876
46,467
21,272
24,080
1,115
409
12
13
14
15
16
17
-177,773
-182,335
-187,770
-186,686
-177,167
-190,234
-196,545
-198,159
-188,615
-204,948
-210,609
-217,759
-211,159
-231,938
-249,727
-256,488
-144,076
-150,126
-156,248
-159,029
-149,969
-161,591
-169,125
-172,319
-163,573
-177,568
-183,471
-187,063
-180,069
-196,594
-210,085
-213,820
-116,412
-119,837
-124,527
-130,244
-122,902
-131,734
-138,225
-143,667
-136,194
-146,396
-150,197
-156,607
-150,167
-162,978
-173,862
-181,683
18
19
20
-27,664
-5,169
-30,289
-3,933
-31,721
-3,597
-28,785
-3,710
-27,067
-3,714
-29,857
-3,438
-30,900
-3,309
-28,652
-3,374
-27,379
-3,177
-31,172
-3,194
-33,274
-2,919
-30,456
-2,797
-29,902
-2,695
-33,616
-2,669
-36,223
-2,487
-32,137
-2,366
21
22
-6,770
-2,033
-6,011
-9,816
-2,641
-6,181
-10,862
-2,884
-6,510
-7,874
-2,455
-6,273
-7,772
-2,371
-5,768
-10,459
-2,716
-5,715
-11,787
-2,974
-6,239
-8,534
-2,542
-6,045
-8,108
-2,486
-5,887
-10,749
-2,894
-6,151
-12,265
-3,281
-6,239
-9,591
-2,749
-6,247
-8,998
-2,908
-6,024
-11,848
-3,401
-6,390
-13,341
-3,789
-6,934
-9,595
-2,964
-6,671
23
24
25
-882
-6,328
-472
-1,006
-6,224
-489
-1,080
-6,170
-618
-1,067
-6,869
-537
-1,359
-5,592
-491
-1,106
-5,808
-616
-1,520
-4,487
-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
-1,591
-7,056
-630
-1,259
-7,411
-638
-1,432
-7,561
-679
-1,570
-8,358
-613
26
27
28
-33,697
-32,813
1,186
-23,549
-10,450
-884
-32,209
-31,277
-123
-20,934
-10,220
-932
-31,522
-30,484
-424
-19,794
-10,266
-1,038
-27,657
-26,485
1,626
-18,175
-9,936
-1,172
-27,198
-26,092
1,032
-17,333
-9,791
-1,106
-28,643
-27,504
-1,530
-16,152
-9,822
-1,139
-27,421
-26,200
-1,424
-14,996
-9,780
-1,221
-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
-31,090
-29,732
-3,514
-16,032
-10,186
-1,358
-35,344
-33,905
-5,214
-18,112
-10,579
-1,439
-39,642
-38,090
-6,725
-20,225
-11,140
-1,552
-42,668
-41,065
-6,697
-22,081
-12,287
-1,603
29
30
31
32
33
34
14,897
19,445
-773
-3,775
4,211
8,285
-680
-3,394
-2,721
1,730
-774
-3,677
-5,635
-267
-1,548
-3,820
-7,526
-3,040
-722
-3,763
-8,029
-3,532
-1,008
-3,489
-7,742
-3,161
-892
-3,689
-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
-8,053
-2,488
-845
-4,720
-8,033
-2,946
-747
-4,340
-9,332
-3,323
-1,257
-4,752
-12,842
-6,221
-1,707
H914
35
36
37
38
-941
73
-3,786
175
152
111
173
176
-459
147
83
141
152
-704
-70
153
39
-11,679
-1,015
-17,536
-34,159
-12,459
-17,838
-15,015
-29,098
-22,486
-46,952
-53,991
-77,122
-42,259
-44,263
-32,927
-56,607
40
-353
1,014
3,877
1,225
-1,057
1,464
1,952
1,542
-983
822
-545
-673
-59
3,537
-165
2,033
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
-615
-166
313
675
-118
-48
-378
-113
-80
-480
-101
-3
45
-108
251
3,394
-111
273
-327
-121
-27
2,181
41
42
43
44
45
619
-2,018
2,700
-63
-508
-1,061
755
-202
3,281
-8,724
12,442
-437
-469
-1,077
880
-272
-329
-1,517
1,256
-68
-372
-1,247
1,014
-139
-322
-1,980
1,429
229
-644
-2,664
2,108
-89
487
-945
1,763
-331
-304
-773
891
-422
-194
-1,668
2,036
-562
-340
-2,925
1,580
1,005
399
-757
1,120
36
477
-1,006
1,648
-165
-323
-1,372
1,383
-334
-943
-2,248
937
368
46
47
48
49
-11,945
-15,497
-9,960
-40
13,552
-1,520
-2,904
-12,021
7,902
5,503
-24,694
-11,016
-12,550
3,341
-4,469
-34,916
-8,472
-11,142
-106
-15,196
-11,074
-21,657
-8,668
7,562
11,689
-18,930
-11,801
-8,196
-6,620
7,687
-16,645
-6,672
-13,059
-3,737
6,823
-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
-42,599
-31,073
-19,540
-2,215
10,229
-48,277
-16,123
-9,229
-20,966
-1,959
-32,439
-19,258
-12,405
-960
184
-57,697
-13,713
-19,135
-12,195
-12,654
50
51
52
53
54
8,118
13,274
33,793
55,624
30,776
50,768
36,118
53,001
24,852
59,450
86,155
111,584
89,869
57,101
82,848
76,171
55
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
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
56
57
58
59
60
61
62
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
9,787
1,782
686
4,569
1,300
5,689
-4,239
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
79,301
5,472
9,912
21,070
5,500
5,856
31,491
47,646
6,026
-7,098
12,352
6,300
4,269
25,797
63,490
14,623
5,661
13,389
4,700
-1,620
26,737
75,969
20,000
25,799
10,160
6,900
-7,203
20,313
63
64
65
66
67
68
69
-13,415
-16,817
-1,109
-14,347
-19,328
-22,762
-2,050
-4,210
4,743
6,648
-4,417
-5,851
-31,335
14,759
-11,330
16,686
70
-15,004
9,362
-5,642
8,663
14,897
17,917
-14,065
9,475
-4,591
4,864
4,211
4,484
-25,089
12,967
-12,122
3,481
-2,721
-11,362
-22,779
13,998
-8,781
7,123
-5,635
-7,293
-14,005
15,729
1,724
6,661
-7,526
859
-21,051
13,134
-7,917
5,667
-8,029
-10,278
-32,638
16,714
-15,924
4,440
-7,742
-19,226
-29,203
14,863
-14,340
6,187
-11,716
-19,869
-24,033
17,268
-6,765
7,902
-7,787
-6,650
-30,632
14,093
-16,539
5,576
-8,329
-19,293
^1,930
16,794
-25,136
6,429
-9,123
-27,830
-35,856
15,505
-20,351
3,997
-12,397
-28,752
-31,375
17,341
-14,034
5,660
-8,053
-16,427
-38,023
15,267
-22,756
3,896
-8,033
-26,893
-50,062
17,943
-32,119
2,930
-9,332
-38,521
-46,371
18,602
-27,769
4,208
-12,842
-36,403
71
72
73
74
75
76
16
16
50
•
July 2001
SURVEY OF CURRENT BUSINESS
Table 1.—U.S. International
[Millions
Not seasonally adjusted
(Credits +; debits - ) l
Line
1995
1996
1997
Current account
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
186
138
-83,909
17
-70,244
-523
-93,349
7,489
-166,421
-315
-155,338
-96,118
-121,435
-114,708
4,480
-236
-730
-4,524
-133
-220
-170
848
-183
6,824
-146
-28
-141
72
1,055
3,353
-133
54
-157
-139
-128
-153
-316
-298
377
-1,426
1,832
7,280
14,982
7,662
16,588
262
51,502
51,063
22,893
26,855
53,602
53,162
24,805
27,225
1,132
158
52,173
-209,408
-226,166
-177,389
-32,019
-2,572
-189,998
-36,168
-2,447
-229,053
-190,392
Travel
Passenger fares
Other transportation
-9,140
-3,119
-6,595
-12,208
-3,883
-6,743
-13,457
-4,232
-7,019
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services
-1,547
-8,354
-692
-1,567
-1,787
-8,684
-636
-9,058
-662
-45,295
-43,840
-1,455
^7,383
-45,877
-7,380
-24,391
-14,106
-1,506
-50,229
-48,604
-9,339
-24,413
-14,852
-1,625
-8,715
-2,964
-713
-5,038
-7,742
-2,491
-816
-4,435
-8,432
-2,698
-910
-4,824
Unilateral current transfers, net
U.S. Government grants 4
U.S. Government pensions and other transfers .
Private remittances and other transfers6
178
6,999
16,683
202
-279,282
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
173
19,475
5,653
6,576
-273,549
Services3
:
Direct defense expenditures
156
14,887
4,349
6,549
-254,703
Goods, balance of payments basis 2
253
13,157
4,227
6,180
440
Imports of goods and services
19,488
184
59,455
59,016
27,526
30,597
893
439
-302,483
-247,474
-210,490
-36,984
-2,814
-10,586
-3,588
-6,935
-2,032
-10,349
-680
-55,009
-53,260
-8,584
-25,661
-19,015
-1,749
-12,233
-5,546
-1,483
-5,204
56,410
3,693
196,449
51,731
22,881
27,677
1,173
442
Imports of goods and services and income payments .
15,876
4,680
6,776
8,348
16,841
196
54,225
53,785
24,681
28,011
1,093
440
-274,242
-226,194
-191,595
-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
-5,119
60,257
4,041
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services
Services3
264,415
208,189
145,526
62,663
4,341
19,386
5,639
6,482
8,013
18,576
226
56,226
55,786
24,721
29,646
1,419
440
-300,439
-247,133
-205,505
-41,628
-2,811
-14,762
-4,521
-7,124
-2,284
-9,434
-692
-53,306
-51,677
-9,150
-24,876
-17,651
-1,629
-9,101
-2,780
-1,229
-5,092
51,707
3,502
Other transportation
Goods, balance of payments basis 2
266,526
211,800
154,006
57,794
3,902
17,462
4,914
6,480
7,682
17,161
193
54,726
54,288
24,891
28,487
910
438
-287,220
-237,527
-199,437
-38,090
-2,691
-12,611
-4,158
-6,955
-1,741
-9,277
-657
-49,693
-48,190
-8,467
-23,900
-15,823
-1,503
-8,174
-2,566
-744
-4,864
261,223
250,051
Exports of goods and services
263,064
207,625
151,603
56,022
3,610
14,950
4,675
6,147
7,682
18,633
325
55,439
55,000
25,367
28,264
1,369
439
-268,680
-221,829
-187,681
-34,148
-2,745
-10,119
-3,542
-6,389
-1,780
-8,915
-658
-46,851
-45,432
-6,892
-23,389
-15,151
-1,419
-10,573
-4,509
-1,010
-5,054
253,535
201,362
141,105
241,126
189,624
138,769
50,855
3,407
Exports of goods and services and income receipts
1,315
439
-6,626
-23,914
-13,300
-38,661
-2,446
206,998
150,588
283,961
224,506
160,978
63,528
4,593
18,011
5,194
285,811
223,101
162,328
60,773
3,876
300,897
301,976
306,854
234,906
235,205
241,768
166,183
177,768
62,819
4,672
69,022
4,304
64,000
3,823
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
21,117
260
8,161
19,836
210
8,272
21,601
244
8,750
21,902
241
62,710
62,259
28,960
32,342
66,771
66,320
957
65,991
65,541
30,185
34,606
750
65,086
64,636
26,344
37,474
818
451
-301,916
-242,478
-205,092
450
451
450
-321,616
-259,013
-217,039
-336,317
-334,704
-271,156
-270,098
-225,297
-37,386
-2,855
-41,974
-2,737
-45,859
-2,961
-229,057
-41,041
-3,154
-11,030
-3,930
-6,897
-13,761
-4,941
-7,290
-16,013
-5,298
-7,332
-11,247
-3,969
-7,440
-2,185
-2,135
-10,414
-2,389
-2,452
-12,101
-678
-9,823
-666
29,834
35,452
1,034
-696
-11,144
-722
-59,438
-57,928
-10,773
-26,846
-20,309
-1,510
-62,603
-61,019
-11,098
-27,887
-22,034
-1,584
-65,161
-63,424
-11,730
-28,840
-22,854
-1,737
-64,606
-62,771
-9,332
-2,281
-1,080
-5,971
-8,838
-2,308
-852
-5,678
-9,478
-2,476
-13,146
-5,407
-1,359
-6,380
-900
-6,102
-9,349
-30,569
-22,853
-1,835
Capital and financial account
Capital account
39
272
Capital account transactions, net
103
Financial account
U.S.-owned assets abroad, net (increase/financial outflow (-))
-67,309
-118,914
-48,010
-5,318
-2,722
-1,893
-118,143
191
-867
-526
-3,925
-156
-786
362
-991
-1,264
-147
-163
501
-849
1,065
252
-1,028
1,522
-242
-458
-1,347
882
7
-1,076
1,013
-147
-568
-1,512
683
261
105
-1,192
1,214
83
-1,245
1,020
-91
-76
-1,170
1,119
-25
-1,616
1,329
-11
-29
65
-1,205
1,158
112
-115,967
-16,033
-27,834
^6,369
-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
-159,742
-32,669
-23,836
-95,584
-27,385
-31,739
-121,082
-23,369
-51,297
-110,249
-21,380
-12,104
-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
-38,112
-65,125
-26,575
-22,173
-24,243
-51,590
-25,175
102,765
129,215
125,373
108,331
21,956
39,302
21,116
20,598
518
-504
18,918
-228
11,550
13,778
13,013
765
907
10,995
265
37,072
26,560
25,234
1,326
54
7,510
2,948
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
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
-553
-1,622
1,072
-3
-225
-862
649
-12
-61,438
-21,684
-8,775
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
-1,780
-210
-150
-4,221
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
76
11,258
10,132
1,126
-562
110,407
152,840
226,892
183,919
153,991
183,039
238,341
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
27,763
23,105
23,474
10,316
7,604
2,712
-26,182
-155
8,123
-3,310
-6,019
-11,411
-12,373
962
-286
4,643
-1,585
38,430
40,639
38,456
2,183
-510
-3,533
1,834
2,100
44,128
28,133
18,031
29,391
-2,391
96,904
16,698
26,967
31,179
4,542
129,820
16,596
38,727
35,118
7,382
188,462
25,075
71,271
34,552
7,829
156,156
28,669
33,050
45,364
3,484
-3,415
280
96,781
18,279
1,803
27,899
147
-1,677
22,351
754
1,035
903
-24,171
-24,272
101
122
-3,297
1,164
160,010
23,787
37,928
54,286
4,822
159,565
19,094
40,133
63,131
6,576
264,523
34,053
35,322
35,111
9,900
-562
12,817
17,764
1,461
11,864
15,136
13,493
-16,605
16,516
30,184
4,350
-33,386
15,259
2,259
28,925
3,072
5,202
44,533
25,055
20,534
6,461
32,726
25,550
5,081
59,452
Statistical discrepancy (sum of above items with sign reversed)
-13,310
20,667
-42,885
31,746
4,043
-11,468
-14,544
-29,902
-3,282
-28,384
-17,826
-82,740
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) *-
-38,620
18,836
-19,784
6,207
-8,715
-22,292
-45,256
15,539
-29,717
6,219
-7,742
-31,240
^9,287
21,596
-27,691
1,944
-8,432
-34,179
-41,007
-36,078
21,874
-14,204
8,588
-10,573
-16,189
-45,431
19,704
-25,727
5,033
-8,174
-28,868
-59,979
21,035
-38,944
2,920
-9,101
-45,125
-49,512
26,544
-22,968
4,446
-12,233
-30,755
-42,764
23,387
-19,377
3,272
-9,332
-25,437
-44,952
20,845
-24,107
3,388
-8,838
-59,114
23,163
-35,951
1,610
-29,557
-43,819
-51,289
22,959
-28,330
480
-13,146
-40,996
See footnotes on page 66.
21,811
-19,196
6,177
-22,187
-9,478
51
July 2001
SURVEY OF CURRENT BUSINESS
Transactions—Continued
of dollars]
Not seasonally adjusted
1998
I
II
2000
1999
I
IV
III
II
IV
III
I
II
2001
Line
\P
IV
III
299,414
232,843
170,134
62,709
4,631
15,661
4,604
6,071
8,318
23,224
200
66,571
66,106
27,782
37,400
924
465
-323,508
-259,013
-218,010
-41,003
-2,922
-11,652
-4,242
-7,126
-2,690
-11,699
-672
-64,495
-62,909
-8,594
-31,632
-22,683
-1,586
-10,074
-2,365
-1,026
-6,683
298,795
232,025
167,707
64,318
4,466
18,128
5,021
6,300
8,528
21,625
250
66,770
66,295
27,621
37,908
766
475
-341,315
-274,355
-227,628
-46,727
-2,855
-15,185
-5,337
-7,511
-2,596
-12,576
-667
-66,960
-65,325
-10,504
-31,861
-22,960
-1,635
-9,772
-2,209
-919
-6,644
289,079
226,447
157,823
68,624
3,993
20,363
5,756
6,682
8,558
23,065
207
62,632
62,142
23,057
38,080
1,005
490
-349,589
-282,316
-232,387
-49,929
-3,186
-17,226
-5,735
-7,795
-2,753
-12,469
-765
-67,273
-65,466
-8,967
-33,722
-22,777
-1,807
-10,439
-2,882
-815
-6,742
304,644
241,379
174,752
66,627
4,360
17,134
4,717
6,551
10,222
23,374
269
63,265
62,761
25,375
36,480
906
504
-350,550
-283,838
-239,087
-44,751
-3,222
-12,446
-4,657
-7,931
-3,196
-12,554
-745
-66,712
-64,815
-9,517
-32,599
-22,699
-1,897
-14,142
-5,814
-1,545
-6,783
293,163
227,939
163,366
64,573
4,217
15,813
4,466
6,161
8,887
24,826
203
65,224
64,688
27,834
35,889
965
536
-339,309
-272,324
-230,322
-42,002
-3,186
-12,125
-4,771
-7,493
-2,885
-10,852
-690
-66,985
-65,336
-10,691
-31,976
-22,669
-1,649
-11,117
-2,574
-894
-7,649
303,762
234,827
168,443
66,384
4,526
18,542
4,756
6,667
8,831
22,839
223
68,935
68,386
30,363
37,350
673
549
-369,862
-297,755
-249,610
-48,145
-3,306
-15,884
-5,655
-8,218
-3,029
-11,378
-675
-72,107
-70,374
-14,826
-32,393
-23,155
-1,733
-11,211
-3,097
-856
-7,258
313,050
239,644
167,141
72,503
3,855
21,820
5,760
7,054
8,966
24,809
239
73,406
72,847
32,268
39,732
847
559
-399,212
-320,373
-268,525
-51,848
-3,559
-17,929
-5,964
-9,185
-3,044
-11,401
-766
-78,839
-76,914
-16,735
-36,032
-24,147
-1,925
-11,625
-2,847
-1,015
-7,763
332,680
254,943
185,603
69,340
3,322
18,556
4,803
7,034
9,736
25,669
220
77,737
77,171
33,253
43,206
712
566
-409,723
-328,739
-281,530
-47,209
-3,283
-12,927
-4,925
-9,243
-3,655
-12,486
-690
-80,984
-78,979
-14,422
-39,397
-25,160
-2,005
-14,960
-5,256
-1,641
-8,063
337,921
254,876
185,006
69,870
3,401
17,892
4,627
7,035
9,099
27,612
204
83,045
82,470
35,309
46,014
1,147
575
-419,998
-332,427
-284,501
-47,926
-3,262
-13,874
-5,296
-9,305
-3,520
-11,955
-714
-87,571
-85,828
-18,003
^1,751
-26,074
-1,743
-12,201
-2,912
-1,087
-8,202
355,842
266,347
193,698
72,649
3,910
21,236
5,237
7,615
9,270
25,168
213
89,495
88,912
37,955
49,941
1,016
583
-452,269
-357,643
-301,727
-55,916
-3,382
-18,320
-6,645
-10,034
-3,644
-13,177
-714
-94,626
-92,836
-20,051
-45,884
-26,901
-1,790
-11,978
-3,232
-912
-7,834
359,403
270,858
193,488
77,370
3,329
23,427
5,874
7,964
9,361
27,195
220
88,545
87,957
37,046
49,971
940
588
-471,062
-377,282
-317,721
-59,561
-3,541
-18,748
-6,923
-10,932
-4,381
-14,312
-724
-93,780
-91,854
-16,369
-48,116
-27,369
-1,926
-12,890
-3,634
-1,024
-8,232
365,402
273,621
200,018
73,603
3,420
19,487
5,007
7,571
10,300
27,593
225
91,781
91,186
38,930
51,514
742
595
-465,770
-374,089
-320,468
-53,621
-3,375
-13,595
-5,333
-10,787
-4,561
-15,243
-727
-91,681
-89,628
-13,586
-48,714
-27,328
-2,053
-17,067
-7,043
-1,682
-8,342
353,123
265,831
193,701
72,130
3,388
17,780
4,524
7,024
9,615
29,571
228
87,292
86,678
38,955
46,752
971
614
-439,443
-350,266
-297,588
-52,678
-3,550
-13,711
-5,480
-10,113
-4,423
-14,666
-735
-89,177
-87,337
-14,699
^5,647
-26,991
-1,840
-11,768
-2,299
-1,165
-8,304
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
163
168
164
183
158
167
173
-3,989
173
173
175
184
174
39
-79,350
-444
-142,160
-1,945
-62,726
-2,025
-75,396
-2,369
-46,661
4,068
-172,052
1,159
-116,721
1,951
-101,633
1,569
-200,632
-554
-95,853
2,020
-109,669
-346
-174,798
-1,410
-159,900
190
-182
-85
-177
-80
-1,192
1,134
-22
-78,826
-45,305
-20,902
73
-1,032
-986
-483
-1,156
699
-26
-139,732
-46,900
-44,282
189
-2,078
-136
188
-1,286
1,336
138
-60,889
-22,907
6,005
-227
-1,924
-218
-41
-1,044
942
55
-72,980
-27,404
-76,956
562
3
3,503
118
-1,314
1,554
-122
-50,847
-41,531
975
-190
1,413
-64
-392
-2,167
1,887
-112
-172,819
-37,819
-71,379
-184
2,268
-133
-686
-1,595
1,026
-117
-117,986
-51,540
-42,415
-178
1,800
-53
3,711
-1,099
5,093
-283
-106,913
-24,495
-18,398
-180
-237
-137
-127
-1,750
1,329
294
-199,951
-40,915
-27,546
-180
2,328
-128
-572
-1,368
855
-59
-97,301
-35,626
-39,639
-182
1,300
-1,464
114
-1,050
1,265
-101
-109,437
^3,576
-33,129
-180
-1,083
-147
-359
-1,009
808
-158
-173,029
-32,320
-24,621
-189
574
-195
68
-1,061
1,029
100
-160,158
-35,978
-28,535
40
41
42
43
44
45
46
47
48
49
50
51
52
-7,822
-4,797
-20,363
-28,187
-15,658
-28,329
5,639
25,741
-33,328
23,037
-27,605
-36,016
-13,555
-10,476
-11,212
-52,808
-75,256
-56,234
-29,491
7,455
-14,585
-18,147
^4,514
-71,574
-5,618
-90,027
53
54
96,955
10,999
13,946
11,336
2,610
-1,027
-964
-956
85,956
19,868
-2,535
76,986
746
173,910
-10,230
-20,051
-20,305
254
-755
9,744
832
184,140
20,821
25,814
70,566
2,349
97,882
-46,639
-30,917
-32,823
1,906
-280
-12,948
-2,494
144,521
24,898
918
21,138
7,277
135,717
25,922
33,433
31,871
1,562
-1,309
-5,333
-869
109,795
112,622
24,384
49,401
6,250
131,002
4,164
6,793
800
5,993
-1,461
-1,273
105
126,838
35,465
-7,325
63,430
2,440
278,614
-736
-916
-6,708
5,792
-1,064
1,761
-517
279,350
151,921
-5,410
83,903
3,057
173,313
12,721
14,798
12,963
1,835
-671
-1,617
211
160,592
51,997
9,687
95,412
4,697
230,815
27,402
11,852
5,122
6,730
341
14,093
1,116
203,413
61,623
-17,442
101,218
12,213
257,185
22,498
24,311
16,204
8,107
-474
-2,270
931
234,687
36,911
-9,348
136,208
-6,847
250,178
6,447
6,334
-4,000
10,334
-1,000
209
904
243,731
90,565
-20,546
94,400
989
223,317
12,247
5,271
-9,001
14,272
-220
6,884
312
211,070
77,255
-12,503
128,393
757
293,538
-3,573
-5,240
-13,436
8,196
-293
980
980
297,111
82,924
-10,395
126,643
6,230
237,937
4,091
2,547
-1,027
3,574
-1,244
1,785
1,003
233,846
42,072
538
147,132
2,311
55
56
57
58
59
60
61
62
63
64
65
66
67
39,833
-48,942
16,400
30,722
33,868
20,374
14,976
75,314
35,629
-62,391
-20,471
-456
46,262
-13,434
-27,236
16,799
29,080
-29,418
-8,869
7,668
41,022
14,883
30,918
-33,190
85,188
-7,425
37,552
24,400
53,923
-46,093
19,078
-1,910
10,726
48,344
43,365
-1,489
42,269
^76
19,877
68
69
70
^7,876
21,706
-26,170
2,076
-10,074
-34,168
-59,921
17,591
-42,330
-190
-9,772
-52,292
-74,564
18,695
-55,869
-4,641
-10,439
-70,949
-64,335
21,876
-42,459
-3,447
-14,142
-60,048
-66,956
22,571
-44,385
-1,761
-11,117
-57,263
-81,167
18,239
-62,928
-3,172
-11,211
-77,311
-101,384
20,655
-80,729
-5,433
-11,625
-97,787
-95,927
22,131
-73,796
-3,247
-14,960
-92,003
-99,495
21,944
-77,551
-4,526
-12,201
-94,278
-108,029
16,733
-91,296
-5,131
-11,978
-108,405
-124,233
17,809
-106,424
-5,235
-12,890
-124,549
-120,450
19,982
-100,468
100
-^7,067
-117,435
-103,887
19,452
-84,435
-1,885
-11,768
-98,088
71
72
73
74
75
76
52
• July 2001
SURVEY OF CURRENT BUSINESS
Table 1.-U.S. International
[Millions
Seasonally adjusted
(Credits +; debits - ) 1
Line
1990
Current account
8,535
2,579
5,089
3,383
8,662
166
38,955
38,706
15,290
22,363
1,053
249
-177,206
-142,758
-117,618
-25,140
-3,946
-8,154
-2,059
-5,374
-622
-4,543
-442
-34,448
-33,936
-2,330
-22,369
-9,237
-512
-6,048
-2,422
-695
-2,931
163,352
122,509
91,399
31,110
2,143
8,679
2,506
5,204
3,382
9,047
149
40,843
40,594
15,658
23,870
1,066
249
-183,220
-146,623
-121,382
-25,241
-3,908
-8,083
-2,060
-5,490
-647
-4,615
-438
-36,597
-36,046
-2,627
-23,893
-9,526
-551
-5,753
-1,995
-671
-3,087
128
133
-53,703
-4,000
-8,202
-12,095
-51,678
-5,996
-61,803
37,828
-3,202
316
-4,128
-159
-12,004
-211
337
-6,122
961
-1,007
1,965
3
-306
-1,174
815
53
-50,664
-12,136
-2,225
-9,293
-27,010
155,805
Exports of goods and services and income receipts
116,850
Exports of goods and services
Goods, balance of payments basis 2
86,274
3
Services
Transfers under U.S. military agency sales contracts4
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
30,576
2,162
163,579
123,078
90,762
32,316
2,417
9,220
2,723
5,000
3,463
9,375
118
40,501
40,245
15,511
22,898
1,836
256
-179,692
-143,963
-118,171
-25,792
-3,722
-8,404
-2,090
-5,654
-581
^,877
-464
-35,729
-35,158
-1,910
-23,478
-9,770
-571
-6,630
-2,830
-719
-3,081
165,556
124,568
91,481
33,087
1,844
171,784
174,177
130,014
132,172
35,016
2,148
35,988
2,327
9,770
2,850
5,234
10,435
3,504
5,413
3,591
9,644
3,807
9,564
154
145
40,988
40,725
15,522
23,507
1,696
41,770
41,488
10,543
3,714
5,356
4,070
9,778
200
42,005
41,713
16,680
23,073
1,960
292
-186,593
-150,993
-122,229
-28,764
-3,910
-9,490
-2,669
-6,062
-710
-5,429
-494
-35,600
-34,761
-1,094
-23,546
-10,121
-839
-7,644
-3,613
-811
-3,220
96,184
16,537
23,001
1,950
263
282
-181,489
-187,397
-146,800
-151,555
-120,494
-26,306
-3,736
-123,382
-28,173
-4,006
-8,777
-2,040
-5,652
-9,197
-2,506
-6,023
-678
-4,896
-527
-732
-5,246
-463
-34,689
-34,035
-176
-24,028
-9,831
-654
-35,842
-35,024
-1,120
-23,882
-10,022
-818
-7,739
-3,614
-6,540
-2,556
-803
176,450
134,613
97,211
37,402
2,955
184,566
10,489
3,755
5,593
11,539
4,326
5,680
4,317
4,442
10,786
10,123
170
41,837
41,545
23,660
1,997
292
-191,570
138,436
99,008
39,428
2,502
153
46,130
45,824
16,867
24,338
4,619
306
-193,723
-154,961
-158,581
-125,038
-29,923
-4,463
-127,786
-9,385
-2,727
-6,308
-9,278
-2,627
-6,573
-797
-5,733
-510
-896
-5,818
-451
-36,609
-35,742
-1,480
-24,039
-10,223
-867
-35,142
-30,795
-5,152
-34,201
244
-24,041
-10,404
-941
-3,088
-812
-3,439
-5,133
-1,102
-798
-3,233
157
165
-6,882
-37,204
371
-43,716
-38,142
-3,177
1,739
-1,091
-204
-23
-2,975
-247
234
-3,164
-216
493
94
363
8
1,368
-93
-4
-995
489
-2,136
2,657
-32
87
-1,292
1,288
91
-756
-1,871
1,189
-74
-796
-2,019
1,209
-338
-1,349
1,039
-28
4,205
-3,171
7,419
-43
4,199
-7,686
-6,192
-5,767
23,844
-46,171
-8,704
-9,149
-5,924
-22,394
-58,688
-14,922
-4,504
-6,662
-32,600
41,761
-10,391
-8,580
3,019
57,713
-45,117
-17,898
-1,037
-15,514
-10,668
-41,255
-4,240
-8,111
-10,260
-18,644
10,980
74,068
-22,824
7,700
5,355
4,634
721
-307
2,197
455
-5,115
-9,823
13,060
12,966
12,776
73,215
-7,142
-6,966
-7,535
58,966
18,584
9,561
8,544
1,400
6,637
14,240
-691
-3,434
-3,181
Capital and financial account
Capital account
Capital account transactions, net
-64
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 (+))
56
57
58
59
60
61
62
Foreign official assets in the United States, net
U.S. Government securities
U.S. Treasury securities9
Other 10
Other U.S. Government liabilities 11
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 12
63
64
65
66
67
68
69
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
70
70a
73
Statistical discrepancy (sum of above items 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 75) 1 3
-16,022
41,215
63,231
59,949
13,937
20,186
20,391
19,683
708
1,310
-211
643
569
492
-833
165
-126
6,207
4,081
3,735
346
1,160
1,240
-274
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
80,357
22,846
5,024
10,588
2,000
4,570
35,329
-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
14,358
3,455
22,710
-432
214
-8,680
12,324
5,658
7,168
4,786
15,892
1,196
2,779
-7,279
1,294
-31,344
5,436
-25,908
4,507
-6,048
-27,449
-29,983
5,869
-24,114
4,246
-5,753
-25,621
-27,409
6,524
-20,885
4,772
-6,630
-22,743
-29,013
6,781
-22,232
6,299
-7,739
-23,672
-28,384
6,843
-21,541
5,928
-6,540
-22,153
-26,045
7,224
-18,821
6,405
-7,644
-20,060
-27,827
7,479
-20,348
5,228
-7,339
-9,726
-97
314
3,823
572
190
-338
-6,421
14
-36,779
-4,651
-11,037
-5,069
-6,177
-521
-195
598
12,469
12,335
134
-408
2,141
-265
-22,459
-594
-921
-635
-28,778
8,633
-20,145
10,988
-5,133
-14,290
SURVEY OF CURRENT BUSINESS
53
July 2001
Transactions—Continued
of dollars]
Seasonally adjusted
1992
1991
I
II
I
IV
III
II
1993
I
IV
III
II
Line
1994
I
IV
III
II
IV
III
181,195
180,564
181,692
184,112
185,822
186,302
187,644
188,834
190,901
192,641
193,687
199,813
203,793
211,509
222,795
231,233
1
139,048
143,356
146,143
149,798
152,051
151,925
155,389
157,182
158,001
159,646
159,710
165,526
167,281
172,365
179,792
184,455
101,157
102,611
104,283
106,032
108,005
107,884
110,851
112,891
112,053
113,202
112,985
118,703
118,782
122,210
128,946
132,921
2
3
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
48,499
2,860
50,155
3,244
50,846
3,714
51,534
2,969
4
5
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
14,399
4,176
5,496
14,714
4,280
5,873
14,493
4,292
6,046
14,810
4,251
6,339
6
7
8
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
6,541
14,776
251
6,655
15,239
150
6,668
15,407
226
6,849
16,056
260
9
10
11
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
36,512
36,146
17,799
17,301
1,046
366
39,144
38,769
18,176
19,605
988
375
43,003
42,610
20,207
21,437
966
393
46,778
46,369
21,160
24,080
1,129
409
12
13
14
15
16
17
-184,921
-182,176
-183,523
-183,948
-183,681
-190,411
-191,986
-196,029
-196,141
-204,858
-205,631
-215,303
-219,175
-231,549
-244,408
-254,181
18
-150,881
-150,244
-152,371
-155,984
-156,059
-162,031
-164,996
-169,919
-170,713
-177,699
-178,894
-184,370
-187,708
-196,451
-205,217
-211,194
-121,080
-120,584
-123,171
-126,185
-126,756
-132,983
-136,718
-140,071
-141,057
-147,402
-148,361
-152,574
-155,297
-163,784
-171,869
-177,740
19
20
-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
-32,411
-2,695
-32,667
-2,669
-33,348
-2,487
-33,454
-2,366
21
22
-8,434
-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
-9,830
-2,716
-6,030
-9,827
-2,754
-6,215
-10,045
-2,906
-6,076
-11,011
-3,034
-6,203
-10,879
-3,179
-6,174
-10,882
-3,227
-6,439
-11,045
-3,348
-6,776
-10,976
-3,308
-6,629
23
24
25
-916
-6,390
-472
-1,033
-6,351
-489
-1,061
-6,240
-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
-1,612
-7,242
-630
-1,312
-7,500
-638
-1,421
-7,592
-679
-1,508
-8,054
-613
26
27
28
-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
-9,822
-1,186
-26,990
-25,816
-1,040
-14,996
-9,780
-1,174
-26,110
-24,894
-608
-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
-31,467
-30,024
-3,806
-16,032
-10,186
-1,443
-35,098
-33,604
-4,913
-18,112
-10,579
-1,494
-39,191
-37,695
-6,330
-20,225
-11,140
-1,496
^12,987
-41,469
-7,101
-22,081
-12,287
-1,518
29
30
31
32
33
34
15,004
19,444
-869
-3,571
3,780
8,285
-877
-3,628
-2,812
1,730
-880
-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
-4,040
-9,339
-4,097
-1,071
-4,171
-11,816
-6,463
-1,061
-4,292
-7,971
-2,488
-964
-4,519
-8,482
-2,946
-974
-4,562
-9,610
-3,323
-1,555
-4,732
-12,194
-6,221
-1,063
-4,910
35
36
37
38
-941
73
-3,786
175
152
111
173
176
-459
147
83
141
152
-704
-70
153
39
-10,570
745
-15,900
-38,664
-11,428
-16,235
-13,570
-33,177
-21,491
-45,843
-52,975
-80,243
-39,740
-43,072
-30,985
-62,261
40
-353
1,014
3,877
1,225
-1,057
1,464
1,952
1,542
-983
822
-545
-673
-59
3,537
-165
2,033
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
-615
-166
313
675
-118
-48
-378
-113
-80
-480
-101
-3
45
-108
251
3,394
-111
273
-327
-121
-27
2,181
41
42
43
44
45
549
-2,018
2,630
-63
-423
-1,061
840
-202
3,256
-8,724
12,417
-437
-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
399
-757
1,120
36
477
-1,006
1,648
-165
-323
-1,372
1,383
-334
-943
-2,248
937
368
46
47
48
49
-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
-4,469
-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
-40,080
-28,554
-19,540
-2,215
10,229
-47,086
-14,932
-9,229
-20,966
-1,959
-30,497
-17,316
-12,405
-960
184
-63,351
-19,367
-19,135
-12,195
-12,654
50
51
52
53
54
8,347
12,678
33,236
56,549
31,079
50,304
35,469
53,809
25,099
59,038
85,694
112,210
90,280
56,842
81,934
76,933
55
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
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
56
57
58
59
60
61
62
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
79,712
5,883
9,912
21,070
5,500
5,856
31,491
47,387
5,767
-7,098
12,352
6,300
4,269
25,797
62,576
13,709
5,661
13,389
4,700
-1,620
26,737
76,731
20,762
25,799 ~
10,160
6,900
-7,203
20,313
63
64
65
66
67
68
69
-8,114
5,301
-15,664
1,153
-8,907
-7,798
-13,000
1,347
-14,399
4,929
-21,653
1,109
-9,893
-7,843
-2,399
1,811
9,996
5,253
7,451
803
-11,519
-7,102
^,802
1,049
-27,339
3,996
15,456
697
-19,656
-8,326
20,317
3,631
70
70a
-19,923
8,090
-11,833
8,107
15,004
11,278
-17,973
11,085
-6,888
5,276
3,780
2,168
-18,888
12,660
-6,228
4,397
-2,812
-4,643
-20,153
13,967
-6,186
6,350
-5,224
-5,060
-18,751
14,743
-4,008
6,149
-7,545
-5,404
-25,099
14,993
-10,106
5,997
-8,418
-12,527
-25,867
16,260
-9,607
5,265
-7,837
-12,179
-27,180
14,443
-12,737
5,542
-11,214
-18,409
-29,004
16,292
-12,712
7,472
-7,905
-13,145
-34,200
16,147
-18,053
5,836
-8,576
-20,793
-35,376
16,192
-19,184
7,240
-9,339
-21,283
-33,871
15,027
-18,844
3,354
-11,816
-27,306
-36,515
16,088
-20,427
5,045
-7,971
-23,353
-41,574
17,488
-24,086
4,046
-8,482
-28,522
-42,923
17,498
-25,425
3,812
-9,610
-31,223
-44,819
18,080
-26,739
3,791
-12,194
-35,142
71
72
73
74
75
76
'
16
16
54
•
SURVEY OF CURRENT BUSINESS
July 2001
Table 1.—U.S. International
[Millions
Seasonally adjusted
(Credits +; debits - ) l
Line
1996
1997
Current account
241,599
190,533
138,330
52,203
3,407
249,063
Travel
Passenger fares
Other transportation
14,863
4,538
6,295
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services
7,219
15,679
202
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
Passenger fares
Other transportation
259,636
205,300
147,875
57,425
3,693
17,133
5,001
6,697
7,819
16,886
196
54,336
53,896
24,769
28,011
1,116
440
-272,130
-223,750
-187,735
-36,015
-2,578
-11,550
-3,861
-6,639
-1,923
-8,831
-633
-48,380
-46,791
-7,393
-24,286
-15,112
-1,589
-4,851
15,041
4,500
6,561
7,429
15,974
158
53,446
53,006
24,412
27,225
1,369
440
-272,905
-225,806
-190,570
-35,236
-2,447
-11,302
-3,655
-6,781
-1,654
-8,761
-636
-47,099
^5,538
-7,041
-24,391
-14,106
-1,561
-8,080
-2,491
-980
-4,609
255,633
202,980
146,547
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
-273,684
-223,904
-188,239
-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
-3,037
-736
-5,166
262,927
208,041
150,496
57,545
3,610
16,814
5,015
6,263
7,911
17,607
325
54,886
54,447
24,915
28,264
1,268
439
-277,198
-229,830
-193,142
-36,688
-2,745
-11,949
-3,867
-6,526
-1,794
-9,149
-658
-47,368
-45,858
-7,318
-23,389
-15,151
-1,510
-10,519
-4,509
-1,157
-4,853
146
272
-299
253
-64,950
51,066
50,627
22,577
26,855
1,195
439
-263,058
-217,363
-182,830
-34,533
-2,572
-10,982
-3,404
-6,754
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
-1,569
-8,560
-692
-45,695
-44,144
-6,930
-23,914
-13,300
-1,551
-8,577
-2,964
-762
195,617
142,452
53,165
3,502
266,859
212,264
152,791
59,473
3,902
267,240
280,934
210,692
221,119
151,884
156,942
58,808
4,341
64,177
4,593
17,722
5,075
6,490
16,194
4,900
6,438
7,898
18,193
193
8,198
18,511
226
54,595
54,157
24,563
28,487
1,107
56,548
56,108
25,183
29,646
1,279
438
440
-287,257
-294,437
-237,952
-241,481
-200,825
-37,127
-2,691
-203,103
-38,378
-2,811
-11,727
-3,894
-6,990
-12,140
-4,002
-6,991
-1,812
-2,291
-9,451
3,876
18,351
5,184
6,701
8,236
20,058
260
62,081
61,630
28,426
32,342
862
451
-312,810
-252,944
-212,725
-40,219
-2,855
-12,895
-4,306
-7,121
-2,208
-10,168
-666
-59,866
-58,260
-11,105
-26,846
-20,309
-1,606
-9,054
-2,281
-1,027
-5,746
287,373
225,292
162,626
300,459
234,636
170,171
64,465
4,672
18,276
5,179
6,761
8,358
21,009
210
65,823
65,373
29,801
34,606
966
450
-321,005
-258,830
-218,027
-40,803
-2,737
-12,840
-4,629
-7,225
-2,186
-10,490
-696
-62,175
-60,525
-10,604
-27,887
-22,034
-1,650
-9,280
-2,308
-1,071
-5,901
305,114
238,143
173,161
64,982
4,304
302,595
18,595
5,234
6,691
18,204
5,271
6,855
8,385
21,529
244
8,250
21,859
241
66,971
66,520
30,187
35,452
881
65,684
65,234
26,910
37,474
236,911
172,408
64,503
3,823
-8,022
-23,900
-15,823
-1,560
-52,956
-51,386
-8,859
-24,876
-17,651
-1,570
-8,744
-2,566
-1,103
-5,075
-8,940
-2,780
-1,111
-5,049
19,079
5,432
6,882
8,463
19,544
184
59,815
59,376
27,840
30,597
939
439
-299,931
-244,701
-206,043
-38,658
-2,814
-12,262
-4,046
-6,895
-1,941
-10,020
-680
-55,230
-53,570
-8,894
-25,661
-19,015
-1,660
-11,878
-5,546
-1,095
-5,237
156
173
178
186
138
-91,675
-172,797
-315
-152,213
4,480
-93,616
-236
-119,283
-122,489
-730
-4,524
-139
-463
-128
-150
-4,221
-9,356
-657
-49,305
^7,745
-692
850
451
450
-328,883
-331,858
-263,923
-221,656
-267,051
-42,267
-2,961
-224,077
-42,974
-3,154
-13,150
-4,730
-7,113
-13,166
-4,473
-7,502
-2,435
-11,156
-722
-2,332
-11,669
-678
-64,960
-63,278
-11,584
-28,840
-22,854
-1,682
-64,807
-63,080
-9,658
-30,569
-22,853
-9,561
-12,902
-5,407
-1,069
-6,426
-2,476
-1,024
-6,061
-1,727
Capital and financial account
Capital account
Capital account transactions, net
103
Financial account
-5,318
-117,959
-2,722
^6,759
-1,893
-122,706
191
-80,936
17
-68,512
U.S. official reserve assets, net
Gold 7
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
-867
-526
-3,925
-156
-786
-1,780
362
-991
-1,264
-147
-163
501
-199
-849
1,065
-133
-220
-170
848
-183
6,824
-146
-28
-141
72
1,055
3,353
-133
54
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
-553
-1,622
252
-1,028
-1,076
1,013
-147
-568
-1,512
683
261
105
-1,192
1,214
83
-316
-1,245
1,020
-91
-76
-1,170
1,119
-25
-298
-1,616
1,329
-11
377
-1,426
1,522
-242
^58
-1,347
882
7
-210
1,072
-3
-225
-862
649
-12
1,832
-29
65
-1,205
1,158
112
-59,079
-19,325
-8,775
-115,012
-15,078
-27,834
-45,118
-21,772
-41,564
-122,439
-42,573
-44,333
-80,743
-23,759
^4,043
-67,421
-15,096
-30,968
-99,269
-23,129
-33,273
-172,166
-41,545
-156,617
-29,544
-23,836
-93,082
-24,883
-31,739
-118,930
-21,217
-51,297
-118,030
-29,161
-12,104
-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
-381112
-65,125
-9,885
-26,575
-22,173
-24,243
-51,590
-25,175
U.S.-owned assets abroad, net (increase/financial outflow (-))
U.S. private assets, net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking
concerns
U.S. claims reported by U.S. banks, not included elsewhere
-523
-157
-153
assets in the United States, net (increase/financial inflow
103,250
128,905
124,277
109,252
96,284
109,893
151,501
228,359
183,876
153,354
181,810
240,248
Foreign official assets in the United States, net
U.S. Government securities
U.S. Treasury securities9
Other 10
Other U.S. Government liabilities 11
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 12
21,956
11,258
10,132
39,302
21,116
11,550
154
-554
-3,303
1,035
23,474
10,316
7,604
2,712
-562
12,817
903
-26,182
-24,171
-24,272
101
-211
2,183
-510
-3,533
1,834
27,763
23,105
22,351
754
-155
8,123
-3,310
-6,019
-11,411
13,013
765
907
-3,415
280
38,430
40,639
38,456
518
-504
18,918
-228
13,503
-1,934
-3,378
1,444
-65
14,217
1,285
23,020
26,135
20,598
51,771
55,839
55,685
10,995
265
37,072
26,560
25,234
1,326
54
7,510
2,948
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
81,294
9,924
30,011
15,734
6,400
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
44,513
28,518
18,031
29,391
-2,391
96,390
16,184
26,967
31,179
4,542
128,481
15,257
38,727
35,118
7,382
26,542
71,271
34,552
7,829
156,113
28,626
33,050
45,364
3,484
159,373
23,150
37,928
54,286
4,822
158,336
17,865
40,133
63,131
6,576
266,430
35,960
35,322
35,111
9,900
17,764
1,461
11,864
15,136
13,493
-16,605
16,516
30,184
4,350
-33,386
15,259
2,259
28,925
3,072
5,202
44,533
25,055
20,534
6,461
32,726
25,550
5,081
59,452
90,685
-8,410
20,704
37
-50,708
-7,823
34,634
9,286
5,243
-12,412
-944
-23,867
-24,873
5,029
2,690
5,972
-29,980
-1,596
-29,238
-9,323
-11,412
-75,697
7,043
-48,118
17,929
-30,189
6,347
-8,080
-31,922
-41,692
20,768
-20,924
2,873
-8,460
-26,511
-39,860
21,410
-42,646
20,857
-21,789
7,518
-10,519
-24,790
-48,034
22,346
-51,219
20,430
-30,789
3,592
-8,940
-36,137
-49,101
25,519
-23,582
4,585
-11,878
-30,875
-50,099
22,447
-47,856
23,662
-24,194
3,648
-9,280
-48,495
22,715
-25,780
2,011
-9,561
-33,330
-51,669
21,529
-30,140
877
-12,902
-42,165
M)
70
70a
71
72
73
74
75
76
Statistical discrepancy (sum of above items 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 75) 1 3
See footnotes on page 66.
1,126
-562
4,900
-44,500
17,670
-26,830
5,371
-8,577
-30,036
13,778
-18,450
5,956
-8,939
-21,433
-25,688
5,290
-8,744
-29,142
24,908
1,227
147
-1,677
-1,585
-27,652
2,215
-9,054
-34,491
-12,373
962
-286
4,643
-29,826
122
-3,297
1,164
SURVEY OF CURRENT BUSINESS
55
July 2001
Transactions—Continued
of dollars]
Seasonally adjusted
1999
1998
2000
Line
2001
II
III
IV
I
II
III
IV
I
II
III
IV
I"
301,933
298,319
291,449
300,229
296,210
302,880
315,099
328,467
339,645
355,075
361,236
362,617
355,905
1
235,743
231,604
228,681
236,664
231,317
234,177
241,593
250,265
257,256
265,822
272,497
270,131
269,297
170,998
165,511
164,081
169,826
164,716
166,267
173,045
180,525
185,142
191,558
199,273
196,237
194,942
2
3
64,745
4,631
66,093
4,466
64,600
3,993
66,838
4,360
66,601
4,217
67,910
4,526
68,548
3,855
69,740
3,322
72,114
3,401
74,264
3,910
73,224
3,329
73,894
3,420
74,355
3,388
4
5
17,898
4,960
6,385
18,179
5,179
6,293
17,284
5,078
6,328
17,925
4,881
6,599
18,101
4,839
6,469
18,339
4,864
6,666
18,808
5,112
6,707
19,483
4,970
7,074
20,448
5,013
7,365
20,976
5,342
7,619
20,226
5,213
7,593
20,392
5,177
7,609
20,309
4,933
7,357
6
7
8
8,574
22,097
200
8,805
22,921
250
8,722
22,988
207
9,524
23,280
269
9,137
23,635
203
9,063
24,229
223
9,097
24,730
239
9,122
25,549
220
9,345
26,338
204
9,525
26,679
213
9,538
27,105
220
9,624
27,447
225
9,883
28,257
228
9
10
11
66,190
65,725
27,471
37,400
854
465
66,715
66,240
27,411
37,908
921
475
62,768
62,278
23,310
38,080
888
490
63,565
63,061
25,644
36,480
937
504
64,893
64,357
27,557
35,889
911
536
68,703
68,154
29,994
37,350
810
549
73,506
72,947
32,469
39,732
746
559
78,202
77,636
33,698
43,206
732
566
82,389
81,814
34,734
46,014
1,066
575
89,253
88,670
37,591
49,941
1,138
583
88,739
88,151
37,335
49,971
845
588
92,486
91,891
39,581
51,514
796
595
86,608
85,994
38,349
46,752
893
614
12
13
14
15
16
17
18
19
I
335,558
-340,566
-341,256
-347,583
-351,607
-368,662
-391,401
-406,437
-432,624
-450,748
-463,461
-462,268
-454,010
270,621
-274,076
-274,153
-280,675
-284,189
-297,043
-312,728
-325,233
-344,578
-356,606
-369,837
-370,424
-364,312
226,372
-228,721
-228,010
-234,009
-238,709
-250,557
-264,777
-275,944
-292,547
-303,229
-313,884
-314,757
-307,462
20
-44,249
-2,922
-45,355
-2,855
-46,143
-3,186
-46,666
-3,222
-45,480
-3,186
-46,486
-3,306
-47,951
-3,559
-49,289
-3,283
-52,031
-3,262
-53,377
-3,382
-55,953
-3,541
-55,667
-3,375
-56,850
-3,550
21
22
-13,770
-4,650
-7,404
-14,096
-4,981
-7,456
-14,164
-5,139
-7,567
-14,479
-5,201
-7,937
-14,330
-5,187
-7,784
-14,553
-5,242
-8,187
-14,763
-5,346
-8,952
-15,219
-5,540
-9,216
-16,399
-5,805
-9,693
-16,123
-6,146
-10,097
-16,075
-6,226
-10,554
-15,940
-6,020
-10,718
-16,176
-5,994
-10,527
23
24
25
-2,730
-12,101
-672
-2,659
-12,641
-667
-2,836
-12,486
-765
-3,011
-12,071
-745
-2,946
-11,357
-690
-3,091
-11,432
-675
-3,149
-11,416
-766
-3,428
-11,913
-690
-3,604
-12,554
-714
-3,715
-13,200
-714
-4,535
-14,298
-724
-4,253
-14,634
-727
-4,529
-15,339
-735
26
27
28
-64,937
-63,240
-8,925
-31,632
-22,683
-1,697
-66,490
-64,784
-9,963
-31,861
-22,960
-1,706
-67,103
-65,361
-8,862
-33,722
-22,777
-1,742
-66,908
-65,129
-9,831
-32,599
-22,699
-1,779
-67,418
-65,654
-11,009
-31,976
-22,669
-1,764
-71,619
-69,797
-14,249
-32,393
-23,155
-1,822
-78,673
-76,828
-16,649
-36,032
-24,147
-1,845
-81,204
-79,323
-14,766
-39,397
-25,160
-1,881
-88,046
-86,194
-18,369
-41,751
-26,074
-1,852
-94,142
-92,259
-19,474
-45,884
-26,901
-1,883
-93,624
-91,771
-16,286
-48,116
-27,369
-1,853
-91,844
-89,920
-13,878
-48,714
-27,328
-1,924
-89,698
-87,724
-15,086
-45,647
-26,991
-1,974
29
30
31
32
33
34
-9,866
-2,365
-1,080
-6,421
-10,154
-2,209
-1,094
-6,851
-10,731
-2,882
-1,055
-6,794
-13,671
-5,814
-1,075
-6,782
-11,051
-2,574
-1,066
-7,411
-11,596
-3,097
-1,074
-7,425
-11,761
-2,847
-1,085
-7,829
-14,504
-5,256
-1,181
-8,067
-11,924
-2,912
-1,168
-7,844
-12,461
-3,232
-1,179
-8,050
-13,080
-3,634
-1,183
-8,263
-16,673
-7,043
-1,177
-8,453
-11,457
-2,299
-1,235
-7,923
35
36
37
38
163
168
164
183
158
167
173
-3,989
173
173
175
184
174
39
-75,937
-139,964
-60,247
-83,486
-43,657
-170,707
-114,931
-107,769
-198,105
-93,573
-107,727
-181,548
-156,937
40
-444
-1,945
-2,025
-2,369
4,068
1,159
1,951
1,569
-554
2,020
-346
-1,410
190
-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
-180
2,328
-128
-182
1,300
-1,464
-180
-1,083
-147
-189
574
-195
41
42
43
44
45
-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
-127
-1,750
1,329
294
-572
-1,368
855
-59
114
-1,050
1,265
-101
-359
-1,009
808
-158
68
-1,061
1,029
100
46
47
48
49
-75,413
-41,892
-20,902
-137,536
-44,704
-44,282
-58,410
-20,428
6,005
-81,070
-35,494
-76,956
-47,843
-38,527
975
-171,474
-36,474
-71,379
-116,196
-49,750
-42,415
-113,049
-30,631
-18,398
-197,424
-38,388
-27,546
-95,021
-33,346
-39,639
-107,495
-41,634
-33,129
-179,779
-39,070
-24,621
-157,195
-33,015
-28,535
50
51
52
-7,822
-4,797
-20,363
-28,187
-15,658
-28,329
5,639
25,741
-33,328
23,037
-27,605
-36,016
-13,555
-10,476
-11,212
-52,808
-75,256
-56,234
-29,491
7,455
-14,585
-18,147
-44,514
-71,574
-5,618
-90,027
53
54
96,654
173,254
96,248
138,308
130,758
278,047
172,119
232,820
256,782
250,007
222,108
295,321
237,503
55
10,999
13,946
11,336
2,610
-1,027
-964
-956
-10,230
-20,051
-20,305
254
-755
9,744
832
-46,639
-30,917
-32,823
1,906
-280
-12,948
-2,494
25,922
33,433
31,871
1,562
-1,309
-5,333
-869
4,164
6,793
800
5,993
-1,461
-1,273
105
-736
-916
-6,708
5,792
-1,064
1,761
-517
12,721
14,798
12,963
1,835
-671
-1,617
211
27,402
11,852
5,122
6,730
341
14,093
1,116
22,498
24,311
16,204
8,107
-474
-2,270
931
6,447
6,334
-4,000
10,334
-1,000
209
904
12,247
5,271
-9,001
14,272
-220
6,884
312
-3,573
-5,240
-13,436
8,196
-293
980
980
4,091
2,547
-1,027
3,574
-1,244
1,785
1,003
56
57
58
59
60
61
62
85,655
19,567
-2,535
76,986
746
183,484
20,165
25,814
70,566
2,349
142,887
23,264
918
21,138
7,277
112,386
115,213
24,384
49,401
6,250
126,594
35,221
-7,325
63,430
2,440
278,783
151,354
-5,410
83,903
3,057
159,398
50,803
9,687
95,412
4,697
205,418
63,628
-17,442
101,218
12,213
234,284
36,508
-9,348
136,208
-6,847
243,560
90,394
-20,546
94,400
989
209,861
76,046
-12,503
128,393
757
298,894
84,707
-10,395
126,643
6,230
233,412
41,638
538
147,132
2,311
63
64
65
66
67
39,833
-48,942
30,722
33,868
14,976
75,314
-62,391
-20,471
46,262
-13,434
16,799
29,080
-8,869
7,668
14,883
30,918
85,188
-7,425
24,400
53,923
19,078
-1,910
48,344
43,365
42,269
-476
68
69
22,611
6,211
18,943
-1,431
24,373
-11,256
6,020
6,476
-20,811
6,425
-30,129
-711
30,702
-10,320
-28,588
4,602
46,053
8,501
-48,473
-2,380
749
-9,977
2,367
3,856
28,822
8,945
70
70a
-55,374
20,496
-34,878
1,253
-9,866
-43,491
-63,210
20,738
-42,472
225
-10,154
-52,401
-63,929
18,457
-45,472
-4,335
-10,731
-60,538
-64,183
20,172
-44,011
-3,343
-13,671
-61,025
-73,993
21,121
-52,872
-2,525
-11,051
-66,448
-84,290
21,424
-62,866
-2,916
-11,596
-77,378
-91,732
20,597
-71,135
-5,167
-11,761
-88,063
-95,419
20,451
-74,968
-3,002
-14,504
-92,474
-107,405
20,083
-87,322
-5,657
-11,924
-104,903
-111,671
20,887
-90,784
-4,889
-12,461
-108,134
-114,611
17,271
-97,340
-4,885
-13,080
-115,305
-118,520
18,227
-100,293
642
-16,673
-116,324
-112,520
17,505
-95,015
-3,090
-11,457
-109,562
71
72
73
74
75
76
56
•
SURVEY OF CURRENT BUSINESS
July 2001
Table 2.-U.S. Trade
[Millions
1987
Line
1989
1988
1990
1991
1992
1993
1994
1996
1997
2000
Balance of payments adjustments to Census trade data:
EXPORTS
Exports of goods, Census basis' including reexports and
including military grant shipments
253,904
362,999
392,967
421,851
448,171
512,626
584,741
625,075
689,182
779
38
751
264
685
22
682,138
695,797
781,918
646
27
597
Adjustments:
Private gift parcel remittances
Gold exports, nonmonetary
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 documents3
Other adjustments, net 4
Equals: Exports of goods, adjusted to balance of payments
basis excluding "military" (table 1, line 3)
257
718
1,607
253
593
1,845
683
544
1,980
913
740
1,046
225
1,224
1,181
-5,686
-592
-5,221
-575
-6,109
-181
-7,137
-82
-7,943
-1,096
-8,531
-1,631
-7,830
-1,267
-8,922
-1,799
-9,278
-1,076
-12,354
-1,623
-10,494
-1,030
-10,855
-1,515
-9,966
-1,951
-7,882
-2,423
250,208
320,230
359,916
387,401
414,083
439,631
456,943
502,859
575,204
612,113
678,366
670,416
684,553
772,210
406,283
441,926
473,385
495,269
487,128
532,665
580,526
663,256
743,543
795,289
911,896
1,024,618
1,218,022
2,133
1,830
826
3,577
2,120
81
2,134
2,120
1,348
2,263
84
949
2,525
1,887
84
6,775
2,768
84
2,752
3,129
78
3,066
3,358
72
4,948
3,597
1
3,536
3,705
3
2,907
3,572
5
2,727
3,654
4
3,213
3,929
-1,330
-137
-1,686
426
-1,086
1,031
-1,050
520
-936
1,270
-871
-46
-704
-55
-546
15
-683
12
-751
-43
-451
-10
-1,218
-48
-931
-86
-743
-8
409,765
447,189
477,665
498,435
491,020
536,528
589,394
749,374
803,113
876,485
917,112
IMPORTS
Imports of goods, Census basis 1 (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)
1,029,987 1,224,417
Trade in goods, by area and country, adjusted to balance
of payments basis, excluding military:7
EXPORTS
250,208
320,230
359,916
387,401
414,083
439,631
456,943
502,859
575,204
612,113
678,366
670,416
684,553
772,210
Western Europe
European Union
Belgium and Luxembourg
France
Germany8
Italy
Netherlands
United Kingdom
Other
Western Europe, excluding EU
68,582
59,504
6,143
7,947
11,525
5,465
8,026
98,052
84,303
8,394
11,509
16,347
7,115
11,240
20,398
9,300
13,749
110,478
95,604
10,303
13,428
18,201
7,871
12,819
22,731
10,251
14,874
115,856
100,581
10,625
15,123
20,557
8,491
13,368
21,284
11,133
15,275
114,638
100,679
9,871
14,433
20,510
8,619
13,522
22,458
11,266
13,959
111,284
95,205
9,293
13,109
18,465
6,362
12,760
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
9,357
16,079
115,418
100,672
11,017
13,499
18,745
7,030
13,464
26,244
10,673
14,746
132,505
121,728
12,823
14,117
21,914
8,753
16,388
28,229
19,504
10,777
136,902
124,825
12,681
14,374
22,884
8,687
16,566
30,448
19,185
12,077
152,410
138,489
13,993
15,859
23,811
8,916
19,817
35,763
20,330
13,921
159,320
146,297
14,410
17,510
26,171
8,922
18,878
38,385
22,021
13,023
162,770
149,083
13,265
18,584
26,364
9,878
19,311
37,659
24,022
13,687
178,793
162,583
14,266
20,200
28,923
10,951
21,717
40,727
25,799
16,210
Canada 2
japan
Australia, New Zealand, and South Africa 9
Australia
62,009
27,630
74,290
37,185
79,888
43,996
48,005
85,678
47,327
91,103
46,961
100,702
47,020
114,650
52,433
127,388
63,619
134,288
66,476
151,899
64,384
156,735
56,477
166,727
56,074
178,987
63,576
12,189
Total, all countries (A-8) .
8,107
8,232
8,622
8,073
9,564
10,491
11,748
11,744
11,604
11,540
2,259
3,805
5,363
4,188
4,719
5,223
6,181
5,324
5,717
7,286
7,887
7,441
5,891
5,925
Latin America and Other Western Hemisphere .
Brazil
Mexico
Venezuela
Other
34,949
4,084
43,659
4,244
20,583
4,532
14,300
48,793
4,793
24,663
2,991
16,346
54,288
5,005
28,093
3,071
18,119
63,257
6,106
33,104
4,640
19,407
75,419
5,701
40,409
5,415
78,448
6,007
41,484
4,574
26,383
92,203
8,065
50,635
4,020
29,483
96,218
11,394
46,173
4,641
34,010
12,674
56,715
4,693
35,226
135,248
15,877
71,218
6,569
41,584
142,195
15,085
78,623
6,483
42,004
141,650
13,118
86,761
5,314
36,457
170,262
15,257
111,171
5,508
38,326
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
49,490
68,021
60,514
7,399
5,100
5,665
10,637
5,757
12,066
7,183
1,170
75,544
67,629
8,226
5,776
6,232
13,190
7,193
11,011
7,549
1,337
78,293
70,240
7,773
4,784
6,749
97,577
88,047
12,452
7,389
8,987
14,116
9,386
14,711
9,012
1,807
105,012
96,166
11,853
8,691
9,800
14,286
11,350
15,438
8,409
1,892
113,178
104,308
10,457
9,223
11,404
17,253
12,857
16,195
8,461
1,820
139,266
129,255
11,329
11,748
14,199
24,178
15,206
18,254
9,727
1,435
146,103
135,185
12,778
11,935
13,864
25,913
16,576
17,708
10,486
1,753
154,794
143,826
15,600
12,823
15,076
24,260
17,500
11,061
7,764
1,623
88,764
80,101
10,820
6,259
8,069
14,995
8,598
12,464
8,224
1,697
136,568
125,550
14,979
14,196
12,860
15,648
15,413
17,018
10,588
1,471
139,901
129,622
11,911
13,055
12,565
22,256
16,010
17,486
9,491
1,092
162,477
151,998
10,519
16,138
14,510
27,150
17,621
23,833
10,115
1,598
52
173
558
390
165,613
207,317
232,799
252,924
260,059
265,048
270,511
295,724
338,476
354,276
389,619
401,584
10,714
73,881
13,777
99,084
13,189
113,755
13,141
120,778
18,105
135,529
20,666
153,829
""i8"319
16,297
190,749
17,405
219,323
19,224
238,611
22,933
257,788
104,692
18,317
264,652
438,567
115,026
17,625
316,017
Eastern Europe
5,289
14,551
3,530
12,784
5,780
3,507
3,975
7,647
4,048
7,097
5,596
783
International organizations and unallocated ,
33
36
Memoranda:
Industrial countries7
Of which: Euro area 1 0
Members of OPEC 7
Other countries7
See footnotes on page 66.
13,943
7,851
10,580
1,527
223
76
385,401
SURVEY OF CURRENT BUSINESS
57
July 2001
in Goods
of dollars]
Seasonally adjusted
Not seasonally adjusted
I
2001
2000
1999
II
I
IV
III
II
\P
IV
III
1999
I
II
2000
III
I
IV
II
2001
Line
\P
IV
III
166,604
171,596
169,868
187,729
187,806
195,978
195,675
202,459
196,041
167,955
169,419
175,772
182,651
187,942
193,838
201,460
198,678
197,282
152
27
165
157
172
141
152
144
160
130
152
27
165
157
172
141
152
144
160
130
-2,824
-593
-2,683
-635
-2,331
-553
-2,128
-170
-2,397
-544
-1,861
-571
-1,690
-641
-1,934
-667
-1,764
-706
-2,824
-593
-2,683
-635
-2,331
-553
-2,128
-170
-2,397
-544
-1,861
-571
-1,690
-641
-1,934
-667
-1,764
-706
6
7
163,366
168,443
167,141
185,603
185,006
193,698
193,488
200,018
193,701
164,716
166,267
173,045
180,525
185,142
191,558
199,273
196,237
194,942
8
229,688
248,825
266,768
279,337
282,120
300,735
316,508
318,659
295,814
238,075
249,772
263,020
273,751
290,166
302,236
312,671
312,949
305,689
9
1
1
112
926
1,078
1,012
1,083
1,532
1,535
1 012
10
11
999
1,006
964
952
907
888
933
999
1,006
439
960
1,078
933
439
960
2
161
1
1,535
888
1
112
926
2
1,532
2
161
1
1,083
964
952
12
13
-238
-36
-232
-201
-260
-155
-180
-175
-233
-178
-238
-232
-201
-260
-155
-180
-178
-15
-13
2
3
-11
-2
-13
-36
-22
-15
-13
2
3
-175
-11
-233
-22
-2
-13
14
15
230,322
249,610
268,525
281,530
284,501
301,727
317,721
320,468
297,588
238,709
250,557
264,777
275,944
292,547
303,229
313,884
314,757
307,462
16
163,366
168,443
167,141
185,603
185,006
193,698
193,488
200,018
193,701
164,716
166,267
173,045
180,525
185,142
191,558
199,273
196,237
194,942
41,117
38,370
3,480
4,990
6,833
2,252
4,741
9,790
6,284
2,747
40,338
36,941
3,198
4,674
6,487
2,542
4,680
9,440
5,920
3,397
37,867
34,567
3,172
4,003
6,028
2,245
4,674
9,129
5,316
3,300
43,448
39,205
3,415
4,917
7,016
2,839
5,216
9,300
6,502
4,243
44,135
39,240
3,371
4,921
7,040
2,542
5,222
10,074
6,070
4,895
44,846
40,872
3,462
4,975
7,459
2,575
5,272
10,086
7,043
3,974
42,620
39,245
3,584
4,737
6,969
3,092
5,291
9,529
6,043
3,375
47,192
43,226
3,849
5,567
7,455
2,742
5,932
11,038
6,643
3,966
47,894
43,062
3,627
5,614
8,257
2,754
5,516
10,358
6,936
4,832
41,512
38,740
3,496
5,057
6,869
2,275
4,786
9,910
6,347
2,772
39,750
36,394
3,155
4,595
6,400
2,507
4,622
9,274
5,841
3,356
39,161
35,743
3,281
4,132
6,244
2,332
4,829
9,425
5,500
3,418
42,347
38,206
3,333
4,800
6,851
2,764
5,074
9,050
6,334
4,141
44,269
39,335
3,369
4,939
7,035
2,546
5,229
10,124
6,093
4,934
44,275
40,350
3,419
4,902
7,371
2,544
5,214
9,941
6,959
3,925
43,807
40,340
3,690
4,864
7,169
3,167
5,450
9,785
6,215
3,467
46,442
42,558
3,788
5,495
7,348
2,694
5,824
10,877
6,532
3,884
48,288
43,451
3,656
5,664
8,344
2,778
5,558
10,466
6,985
4,837
40,201
14,377
42,883
13,259
39,779
13,501
43,864
14,937
45,665
15,369
46,698
15,499
42,343
15,965
44,281
16,743
42,649
16,062
40,545
14,444
42,315
13,164
41,089
14,042
42,778
14,424
45,743
15,285
46,187
15,421
43,524
16,521
43,533
16,349
42,942
16,102
2,494
2,739
2,915
3,392
2,971
3,268
3,010
2,940
2,704
2,524
2,698
3,010
3,308
2,987
3,218
3,094
2,890
2,730
15
1,208
1,409
1,759
1,515
1,441
1,329
1,514
1,641
1,694
1,203
1,408
1,826
1,454
1,454
1,318
1,559
1,594
1,698
16
32,357
2,982
18,911
1,440
9,024
33,954
3,210
20,326
1,274
9,144
35,709
3,320
22,372
1,375
8,642
39,630
3,606
25,152
1,225
9,647
39,563
3,191
26,031
1,259
9,082
42,146
3,664
27,558
1,408
9,516
44,480
4,229
29,230
1,377
9,644
44,073
4,173
28,352
1,464
10,084
41,410
3,844
26,743
1,399
9,423
32,649
3,028
19,076
1,446
9,099
33,501
3,151
20,052
1,253
9,045
36,964
3,425
23,150
1,431
8,958
38,536
3,514
24,483
1,184
9,355
39,577
3,203
26,048
1,255
9,071
41,662
3,603
27,235
1,395
9,429
45,801
4,342
30,090
1,417
9,952
43,222
4,109
27,798
1,441
9,874
41,736
3,878
26,972
1,406
9,480
17
18
19
20
21
31,612
29,281
2,783
2,767
2,968
4,723
3,852
3,772
2,248
33,861
31,320
2,487
3,572
2,996
5,628
3,686
4,145
2,404
239
35,611
33,174
2,237
3,541
3,265
5,998
4,369
4,522
2,316
301
38,817
35,847
4,404
3,175
3,336
5,907
4,103
5,047
2,523
35,862
33,636
2,232
3,149
3,153
6,313
4,001
5,314
2,157
43,556
40,763
2,737
4,405
3,809
6,968
4,881
6,763
2,706
43,148
40,319
3,210
4,497
3,998
6,673
4,684
5,705
2,700
41,288
38,252
3,324
4,341
3,570
6,085
4,595
5,097
2,960
31,839
29,502
2,793
2,783
2,974
4,737
3,904
3,806
2,254
22
23
24
25
26
27
537
312
39,476
36,862
2,319
4,048
3,519
7,125
3,994
5,968
2,536
244
41,446
38,411
3,279
4,308
3,578
6,131
4,635
5,156
2,959
482
35,827
33,604
2,253
3,121
3,141
6,299
4,002
5,304
2,153
368
42,207
39,472
3,119
4,400
3,922
6,527
4,616
5,567
2,610
508
37,678
34,813
4,292
3,086
3,239
5,732
3,998
4,881
2,421
226
44,967
42,060
2,828
4,569
3,928
7,199
5,009
6,994
2,816
365
33,431
30,901
2,470
3,516
2,965
5,567
3,613
4,095
2,392
239
36,953
34,406
2,356
3,670
3,387
6,220
4,495
4,704
2,424
241
39,911
37,280
2,340
4,087
3,550
7,196
4,055
6,051
2,552
243
525
461
543
907
311
2
1
2
1
3
4
5
2
315
1
1
99,203
26,692
4,534
59,629
100,185
25,798
4,000
64,258
95,287
23,932
3,913
67,941
106,909
28,270
5,870
72,824
109,106
27,362
3,856
72,044
111,627
29,075
3,991
78,079
1
105,381
28,070
4,622
83,485
112,453
30,519
5,156
82,409
110,736
31,083
5,260
77,705
100,048
26,926
4,551
60,117
2
98,880
25,442
3,962
63,425
98,566
24,758
4,102
70,377
104,090
27,566
5,702
70,733
109,251
27,394
3,876
72,015
110,399
28,723
3,958
77,200
2
3
4
5
6
7
8
9
10
11
12
13
14
28
29
30
31
32
108,428
28,866
4,770
86,075
110,489
30,043
5,021
80,727
111,479
31,356
5,228
78,235
33
34
35
36
58
July 2001
SURVEY OF CURRENT BUSINESS
Table 2.-U.S. Trade
[Millions
Line
1987
1992
1990
1993
1994
1995
1996
1997
2000
Trade in goods, by area and country, adjusted to balance
of payments basis, excluding military7—Continued:
IMPORTS
409,765
447,189
477,665
498,435
491,020
536,528
589,394
749,374
803,113
876,485
917,112 1,029,987
1,224,417
Western Europe
European Union
Belgium and Luxembourg
France
Germany8
Italy
Netherlands
United Kingdom
Other
Western Europe, excluding EU
96,129
81,455
4,223
10,506
26,941
10,916
4,814
17,210
6,845
14,674
102,597
86,036
4,504
12,498
26,313
11,513
5,950
17,651
7,607
16,561
102,662
85,631
4,540
12,910
24,815
11,895
4,940
17,968
8,563
17,031
109,350
91,434
4,585
13,043
28,087
12,664
4,932
19,965
8,158
17,916
102,139
85,765
4,111
13,203
26,039
11,701
4,854
18,263
7,594
16,374
111,639
93,983
4,696
14,653
28,736
12,246
5,744
19,945
7,963
17,656
121,066
102,361
7,086
15,234
28,531
13,198
8,489
21,509
8,314
18,705
132,956
112,412
8,465
16,676
31,683
14,783
6,013
24,868
9,924
20,544
147,747
134,298
8,753
17,219
16,332
6,392
26,733
22,041
13,449
161,556
146,235
9,483
18,619
38,860
18,302
7,456
28,756
24,759
15,321
175,999
160,384
10,809
20,658
43,047
19,401
7,608
32,642
26,219
15,615
194,178
176,212
8,773
24,006
49,749
20,940
7,537
34,490
30,717
17,966
214,871
194,635
9,503
25,705
55,167
22,350
8,424
34,697
20,236
243,426
219,946
10,258
29,773
58,501
25,031
9,624
43,388
43,371
23,480
Canada 2
japan
Australia, New Zealand, and South Africa 9
Australia
73,600
84,578
84,612
93,537
93,147
90,378
93,048
92,259
100,898
97,408
113,080
107,242
131,149
119,143
146,915
123,484
158,545
115,180
170,075
121,665
175,844
121,853
201,288
130,878
233,678
146,497
2,961
3,519
$854
4,411
4,074
3,682
3,295
3,203
3,380
3,848
4,868
5,390
5,281
6,422
11,818
16,101
Total, all countries (A-16).
Eastern Europe
Latin America and Other Western Hemisphere
Brazil
Mexico
Venezuela
Other
Other countries in Asia and Africa 7 9 .
Members of OPEC
China
Hong Kong
Korea, Republic of
Singapore
Taiwan
Africa 7 9
Members of OPEC
1,919
2,165
1,845
2,096
47,295
8,177
5,652
13,177
51,451
9,462
23,312
5,168
13,509
57,526
8,438
27,128
6,765
15,195
64,354
7,963
30,508
9,496
16,387
103,283
91,259
11,557
6,299
9,830
16,963
6,149
24,611
11,950
5,938
113,045
102,098
11,325
8,540
10,243
20,160
7,947
24,864
10,865
5,287
128,297
114,003
14,843
12,005
9,709
19,754
8,976
25,482
14,162
7,566
134,699
118,485
17,886
15,204
9,475
18,438
134,858
120,310
15,531
19,003
9,279
9,802
22,643
16,108
259,666
283,229
24,416
125,683
23,016
140,944
1,654
1,736
3,530
5,829
7,015
7,008
8,482
10,902
6,842
31,492
8,179
16,475
69,178
7,609
35,610
8,181
17,778
75,191
7,490
40,431
8,418
18,852
88,527
8,682
50,050
8,371
21,424
105,277
8,832
62,794
9,764
23,887
124,959
8,773
75,133
13,421
27,632
140,402
9,626
86,685
13,477
30,614
145,461
10,102
95,401
8,964
30,994
11,314
110,550
11,334
35,832
210,179
13,853
136,811
18,623
40,892
9,641
9,972
23,022
14,418
8,381
151,987
136,998
16,205
25,729
9,795
16,649
11,313
24,597
14,799
7,989
165,990
150,303
15,737
31,532
9,557
17,093
12,805
25,098
15,449
8,493
187,883
173,507
16,213
38,788
9,696
19,605
15,374
26,709
14,090
7,090
215,556
199,726
17,697
45,544
10,286
24,153
18,586
28,971
15,606
6,804
232,017
212,803
21,021
51,513
9,854
22,620
20,349
29,909
18,949
8,234
254,994
234,821
21,755
62,557
10,285
23,139
20,078
32,622
19,894
8,764
263,484
247,303
18,877
71,170
10,540
23,917
18,354
33,110
15,844
5,832
296,821
279,520
24,433
81,789
10,524
31,154
18,202
35,211
16,956
6,185
368,114
340,265
35,204
100,021
11,455
40,297
19,201
40,507
27,545
13,169
292,767
300,185
294,461
316,574
347,742
425,193
442,917
476,699
501,958
38,399
159,851
33,430
163,129
33,718
186,236
32,648
209,004
31,674
247,107
""34,265
42,676
317,520
43,996
355,790
33,673
381,481
557,256
144,367
41,952
430,779
636,319
163,414
30,720
154,178
-126,959 -117,749 -111,034
-76,937
-96,897
-132,451
-165,831
-174,170
-191,000 -198,119 -246,696 -345,434
-452,207
2,999
5,175
-220
-8,226
-3,627
7,778
2,513
3,303
-3,697
-9,782
-7,156
2,207
-2,125
-10,066
-6,836
4,271
4,350
1,043
-2,626
-17,538
-11,740
2,552
-3,177
-15,242
-12,570
4,070
-12,938
-7,753
-14,914
-24,654
-21,410
3,198
-4,245
-15,976
-7,579
-9,615
7,451
1,376
749
-5,798
9,996
1,496
-2,537
-2,672
9,110
1,692
-5,574
-3,244
-4,799
-19,236
-10,485
12,209
3,121
-5,889
-1,694
-12,378
-60,222
-16,499
-66,710
-19,527
-59,865
-24,257
-48,704
-18,176
-57,281
International organizations and unallocated
Industrial countries7
Of which: Euro area 1 0 .
Members of OPEC 7
Other countries7
521,102
BALANCE (EXCESS OF EXPORTS +)
Total, all countries .
105
106
107
108
-34,858
-29,915
5,637
-6,496
-23,578
-4,616
-1,401
-8,468
-4,780
6,300
2,430
737
-3,282
^,793
7,887
2,766
2,093
-3,042
-11,591
-56,948
-10,322
-52,615
-10,056
-49,541
-9,788
-42,373
-7,370
-44,932
-9,795
-50,447
2,328
3,290
4,253
3,821
4,018
4,940
4,778
6,361
7,111
7,900
6,876
6,259
5,767
340
1,640
3,518
2,092
3,065
3,487
2,651
-505
-1,298
278
-595
-3,461
-5,927
-10,176
Latin America and Other Western Hemisphere .
Brazil
Mexico
Venezuela
Other
-12,346
-4,093
-5,738
-2,122
-393
-7,792
-10,066
-2,958
-2,415
-6,425
1,732
6,241
-1,908
2,932
6,116
7,531
3,676
-617
585
-4,351
-9,059
2,562
-16,621
-5,123
10,123
-15,651
3,901
-18,418
-8,728
7,594
10,970
-3,266
4,983
-16,778
-2,481
11,010
-27,380
4,799
-2,766
3,257
-1,483
1,053
-3,844
-5,154
-736
1,612
-3,539
791
-8,733
-3,645
-2,465
-3,774
1,151
-39,917
1,404
-25,640
-13,115
-2,566
Other countries in Asia and A f r i c a 7 9 .
-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
-52,753
-46,374
-6,617
-6,229
-3,477
-6,564
-1,783
-14,471
-6,613
-6,229
-56,406
-48,245
-10,113
-10,420
-2,726
-4,495
-1,951
-11,582
-8,344
-8,018
^6,094
^0,209
-4,711
-12,744
-1,210
-1,989
-1,374
-10,558
-6,194
-6,684
-54,410
-48,951
-3,753
-18,340
-808
-2,533
-1,927
-60,978
-54,137
-3,884
-22,841
243
-2,807
-1,455
-9,660
-7,040
-6,601
-76,290
-70,471
-6,368
-33,796
3,913
25
-3,380
-10,717
-85,914
-77,618
-8,243
-39,578
4,010
3,293
-3,773
-12,201
-8,463
-6,481
-100,200
-90,995
-126,916
-121,753
-156,920
-149,898
-12,522
-56,974
2,320
-8,269
-2,941
-16,092
-5,256
-4,361
-68,734
52
173
558
390
-196
-5,596
Canada2
Eastern Europe
104
-23,589
13,717
14,816
6,514
1,920
-5,482
-3,210
8,514
3,021
3,539
-1,099
-27,547
-21,951
1,920
Japan
Australia, New Zealand, and South Africa 9
Australia
100
101
102
103
-159,557
Western Europe
European Union
Belgium and Luxembourg
France
Germany8
Italy
Netherlands
United Kingdom
Other
Western Europe, excluding EU
Members of OPEC ....
China
Hong Kong
Korea, Republic of ....
Singapore
Taiwan
Africa 7 9
Members of OPEC ....
-2,559
-15,416
-5,451
3,212
-3,461
International organizations and unallocated
Memoranda:
Industrial countries7
Of which: Euro area 1 0 .
Members of OPEC 7
Other countries7
See footnotes on page 66.
-16,188
-4,610
-11,572
-1,328
3,854
2,881
-2,585
-12,061
-4,843
3,764
413
859
-5,218
-2,729
-636
1,128
4,170
5,718
385
6,696
-5,787
-6,182
-74,705
-5,756
-29,565
1,708
-2,352
-2,517
-10,514
-5,629
-5,270
-3,102
-5,879
-5,369
-21,895
3,184
6,251
-15,467
-6,908
-4,943
-52,101
-45,552
3,762
-7,121
-28,803
-12,472
10,887
-1,130
-10,675
-6,549
-64,633
-57,363
4,008
-9,573
-29,578
-14,080
12,093
-2,661
-17,572
-7,270
-19,109
-65,376
-34,561
-74,804
-54,691
-82,921
-12,018
11,341
3,895
-6,155
-49,734
4,791
1,121
-2,578
-13,734
-9,314
-7,237
223
1,804
-23,789
-6,020
625
2,041
-8,898
-2,192
-17,725
-7,465
-5,093
-205,637
-188,267
-24,685
-83,883
3,055
-13,147
-1,580
-16,674
-17,430
-11,571
1
76
-94,053
-75,912
-59,968
-47,261
-34,402
-51,526
-77,231
-94,185
-86,717
-88,641
-91,298
-112,339 -155,672
-13,702
-51,802
-9,239
-41,860
-17,531
-40,423
-25,258
-39,073
-15,325
-27,600
-13,052
-32,407
-14,329
-41,114
-15,377
-56,358
-16,860
-70,593
-23,452
-78,909
-20,300
-86,521
-10,740
-123,693
-39,675
-23,635
-166,127
-197,752
^8,388
-49,371
-205,085
SURVEY OF CURRENT BUSINESS
59
July 2001
in Goods—Continued
of dollars]
Not seasonally adjusted
Seasonally adjusted
1999
2000
II
I
I
IV
III
II
2001
\P
IV
III
1999
I
II
2000
IV
III
I
II
2001
IV
III
Line
\P
230,322
249,610
268,525
281,530
284,501
301,727
317,721
320,468
297,588
238,709
250,557
264,777
275,944
292,547
303,229
313,884
314,757
307,462
37
48,317
44,498
2,449
5,980
12,442
5,211
1,850
8,794
7,772
3,819
52,589
48,084
2,414
6,277
13,759
5,602
1,953
9,654
8,425
4,505
54,411
49,117
2,191
6,597
13,854
5,678
2,063
9,925
8,809
5,294
59,554
52,936
2,449
6,851
15,112
5,859
2,558
10,416
9,691
6,618
58,384
52,118
2,534
7,059
14,088
5,901
2,332
10,564
9,640
6,266
59,856
54,548
2,461
7,420
14,488
6,139
2,411
10,827
10,802
5,308
60,335
54,589
2,469
6,921
14,943
6,706
2,374
10,579
10,597
5,746
64,851
58,691
2,794
8,373
14,982
6,285
2,507
11,418
12,332
6,160
63,104
56,885
2,834
8,194
15,047
6,206
2,400
10,964
11,240
6,219
50,045
46,101
2,525
6,203
12,868
5,397
1,916
9,116
8,076
3,944
52,795
48,270
2,424
6,303
13,820
5,619
1,962
9,687
8,455
4,525
53,670
48,429
2,161
6,497
13,666
5,597
2,035
9,780
8,693
5,241
58,361
51,835
2,393
6,702
14,813
5,737
2,511
10,206
9,473
6,526
59,959
53,569
2,596
7,264
14,480
6,074
2,397
10,837
9,921
6,390
60,171
54,840
2,474
7,452
14,576
6,165
2,423
10,882
10,868
5,331
59,588
53,904
2,444
6,827
14,733
6,619
2,345
10,449
10,487
5,684
63,708
57,633
2,744
8,230
14,712
6,173
2,459
11,220
12,095
6,075
65,257
58,870
2,927
8,449
15,593
6,425
2,479
11,351
11,646
6,387
38
39
40
41
42
43
44
45
46
47
47,571
31,012
50,231
30,785
49,842
33,187
53,644
35,894
57,142
34,742
59,582
36,574
56,800
36,581
60,154
38,600
57,875
34,630
49,270
32,116
50,416
30,896
49,075
32,705
52,527
35,161
58,718
35,765
59,826
36,792
56,025
36,103
59,109
37,837
59,833
35,916
48
1,087
1,380
1,446
1,368
1,345
1,676
1,732
1,669
1,457
1,133
1,384
1,424
1,340
1,388
1,681
1,708
1,645
1,503
51
2,402
3,107
2,853
3,456
4,022
3,686
4,446
3,947
4,438
2,480
3,122
2,816
3,400
4,120
3,701
4,400
3,880
4,562
52
37,281
2,383
24,895
1,844
8,159
41,163
2,880
27,150
2,626
8,507
44,758
3,072
28,862
3,387
9,437
45,828
2,979
29,643
3,477
9,729
49,331
3,244
31,840
4,295
9,952
52,210
3,546
34,096
4,554
10,014
54,674
3,816
35,801
4,664
10,393
53,964
3,247
35,074
5,110
10,533
51,560
3,611
33,345
4,492
10,112
38,551
2,476
25,770
1,879
8,426
41,327
2,890
27,264
2,636
8,537
44,172
3,027
28,464
3,367
9,314
44,980
2,921
29,052
3,452
9,555
50,602
3,347
32,744
4,331
10,180
52,462
3,552
34,280
4,577
10,053
54,055
3,758
35,383
4,636
10,278
53,060
3,196
34,404
5,079
10,381
53,140
3,728
34,450
4,550
10,412
53
54
55
56
57
62,652
59,160
4,518
16,421
2,233
6,438
4,170
7,977
3,424
1,156
70,355
66,210
5,561
19,300
2,361
7,485
4,513
8,703
4,073
1,499
82,028
77,309
6,882
23,626
3,084
8,137
4,754
9,110
4,607
1,826
81,786
76,841
7,472
22,442
2,846
9,094
4,765
9,421
4,852
1,704
79,535
73,609
7,607
19,911
2,599
8,920
4,302
9,086
5,866
2,717
88,143
81,046
8,519
23,463
2,663
9,574
4,536
10,113
7,027
3,457
103,153
95,620
9,843
29,363
3,449
10,734
5,278
10,959
7,437
3,703
97,283
89,990
9,235
27,284
2,744
11,069
5,085
10,349
7,215
3,292
84,524
77,524
8,479
22,398
2,353
9,453
4,182
8,800
6,928
3,279
65,114
61,537
4,646
17,173
2,334
6,687
4,323
8,282
3,507
1,169
70,617
66,460
5,580
19,385
2,367
7,518
4,531
8,731
4,084
1,506
80,915
76,237
6,822
23,289
3,039
8,026
4,686
8,970
4,567
1,815
80,175
75,286
7,385
21,942
2,784
8,923
4,662
9,228
4,798
1,695
81,995
75,994
7,725
20,681
2,698
9,216
4,441
9,389
5,938
2,731
88,596
81,457
8,559
23,606
2,668
9,617
4,556
10,159
7,068
3,480
102,005
94,524
9,775
29,035
3,405
10,601
5,208
10,819
7,386
3,683
95,518
88,290
9,145
26,699
2,684
10,863
4,996
10,140
7,153
3,275
87,251
80,123
8,651
23,176
2,434
9,788
4,334
9,100
7,053
3,309
58
59
60
61
62
63
64
65
66
49
50
67
68
148,681
38,478
12,532
114,731
157,205
39,450
14,787
120,555
160,172
40,663
16,616
126,441
155,102
40,537
18,094
140,688
163,840
42,764
17,499
133,418
164,202
44,250
16,510
126,750
69
70
71
72
-91,732
-95,419
-107,405
-111,671
-114,611
-118,520
-112,520
73
-16,014
-13,629
-15,690
-14,234
-15,896
-14,490
940
773
945
-1,729
-1,172
-1,902
-7,962
-2,973
2,563
-1,156
-3,139
-2,385
-2,325
-7,445
-3,528
2,832
-713
-3,828
-1,456
-2,550
-7,205
-3,621
2,791
-941
-3,909
-1,406
-15,781
-13,564
1,246
-1,963
-7,564
-3,452
3,105
-664
-4,272
-2,217
-17,266
-15,075
1,044
-2,735
-7,364
-3,479
3,365
-343
-5,563
-2,191
-16,969
-15,419
-1,708
-7,420
-3,112
2,660
-413
-2,614
-1,169
-14,509
-12,686
1,120
-2,365
-7,422
-3,265
2,794
-355
-3,193
-1,823
74
75
76
77
78
79
80
81
82
83
-8,725
-17,672
-8,101
-17,732
-7,986
-18,663
-9,749
-20,737
-12,975
-20,480
-13,639
-21,371
-12,501
-19,582
-15,576
-21,488
-16,891
-19,814
151,780
39,303
12,653
117,097
152,950
38,358
14,619
116,932
159,383
40,442
16,530
125,814
157,144
41,058
18,210
142,367
166,842
43,556
17,637
135,989
158,702
42,765
16,250
122,636
133,695
34,306
7,694
97,320
136,761
35,534
9,722
104,074
-101,384
-95,927
-99,495
-108,029
-124,233
-120,450
-103,887
-73,993
-84,290
-16,544
-14,550
-16,106
-13,731
-14,249
-12,878
-13,045
-11,876
966
837
793
971
731
-2,594
-7,826
-3,433
2,611
-796
-3,493
-1,994
-1,934
-8,096
-3,020
2,658
-1,116
-3,189
-2,375
-2,138
-7,048
-3,359
2,890
-490
-3,570
-1,371
-2,580
-6,790
-3,452
3,116
-606
-4,304
-1,387
-1,146
-5,999
-3,122
2,870
-1,488
-1,072
-1,603
-7,272
-3,060
2,727
-214
-2,505
-1,108
-17,659
-15,465
1,055
-2,806
-7,527
-3,543
3,425
-380
-5,689
-2,194
-8,533
-7,361
981
-17,715
-15,344
1,115
-2,184
-7,974
-3,614
2,917
-1,050
-4,554
-2,371
-15,210
-13,823
784
-15,010
-13,676
1,001
-2,445
-7,029
-3,564
2,861
-741
-3,759
-1,334
-7,370
-16,635
-7,348
-17,526
-10,063
-19,686
-9,780
-20,957
-11,477
-19,373
-12,884
-21,075
-14,457
-20,616
-15,873
-21,857
-15,226
-18,568
129,076
33,111
7,518
93,728
136,251
35,394
9,686
103,673
140,149
36,559
12,095
116,281
-66,956
-81,167
-7,200
-6,128
1,031
-990
-5,609
-2,959
2,891
-12,251
-11,143
996
794
138,119
36,049
12,004
114,654
729
-2,785
-7,249
-3,647
3,079
-885
-4,661
-1,550
84
85
86
1,407
1,359
1,469
2,024
1,626
1,592
1,278
1,271
1,247
1,391
1,314
1,586
1,968
1,599
1,537
1,386
1,245
1,227
87
-1,194
-1,698
-1,094
-1,941
-2,581
-2,357
-2,932
-2,306
-2,744
-1,277
-1,714
-990
-1,946
-2,666
-2,383
-2,841
-2,286
-2,864
88
-4,924
-7,209
-9,049
-6,198
-9,768
-10,064
-10,194
-9,891
-10,150
-5,902
-7,826
-7,208
-6,444
-10,800
-8,254
-9,838
-11,404
51
584
913
150
-7,045
-3,182
-624
-5,293
-3,219
-326
-6,606
-3,638
-507
-7,478
-3,144
-932
89
90
91
92
93
-49,120
-44,595
-6,240
-19,558
-57,038
-52,464
-6,947
-24,466
-53,311
-48,818
-6,026
-22,299
1,238
-4,336
-380
-4,573
-4,543
-2,814
^5,805
-41,712
-5,372
-18,868
1,144
-3,657
599
330
248
627
-53
118
413
926
233
552
261
398
593
-5,984
-404
-6,824
-1,352
-4,491
-2,252
-6,538
-3,146
-498
-6,571
-3,287
-749
-6,722
-3,646
-449
-6,602
-3,093
-689
-6,694
-433
-7,212
-1,383
-82
-5,809
-3,036
-870
673
508
-5,314
-1,936
-356
-4,569
-2,268
-200
-11,025
-144
-6,696
-3,076
-1,109
-42,969
-40,994
-3,068
-19,267
-43,673
-39,973
-5,375
-16,762
-48,232
-43,766
-6,179
-19,376
-59,597
-54,857
-7,106
-24,958
-54,135
-49,671
-6,025
-22,787
1,254
-4,396
-401
-4,644
-4,515
-2,810
-43,236
-39,272
-5,155
-18,057
1,217
-3,368
-33,275
-32,035
-1,853
-14,390
-37,186
-35,559
-3,110
-15,869
-43,962
-41,831
-4,466
-19,619
-42,497
-40,473
-3,093
-18,856
-46,168
-42,390
-5,472
-17,560
865
637
-6,490
-2,012
-795
-31,040
-29,879
-1,735
-13,654
-36,494
-34,890
-3,074
-15,728
-46,417
-44,135
-4,645
-20,085
735
635
181
490
554
887
360
-1,715
-318
-4,205
-1,176
-845
-1,857
-827
-4,558
-1,669
-1,260
-2,139
-385
-4,588
-2,291
-1,525
-3,187
-662
-4,374
-2,329
-1,463
-2,607
-301
-3,772
-3,709
-2,352
-2,378
-481
-4,062
-4,475
-3,214
-3,766
-397
-4,196
-4,731
-3,195
413
-3,703
-3,968
-2,742
640
598
348
455
443
851
523
-1,950
-419
-4,476
-1,253
-857
-1,951
-918
-4,636
-1,692
-1,267
-1,806
-191
-4,266
-2,143
-1,500
-3,191
-664
-4,347
-2,377
-1,469
-2,917
-439
-4,085
-3,785
-2,363
-2,492
-562
-4,191
-4,532
-3,236
-3,402
-199
-3,825
-4,570
-3,158
301
-3,944
-4,094
-2,766
1
-29,873
-6,419
-2,984
-34,099
-36,066
-9,596
-5,686
-39,415
-44,862
-12,627
-8,182
-48,340
-44,871
-11,033
-6,783
-44,273
-43,844
-10,996
-10,763
-44,888
-47,756
-11,367
-12,539
-47,735
-51,763
-12,988
-13,588
-58,882
-54,389
-13,037
-12,481
-53,580
-47,966
-11,682
-10,990
-44,931
-33,647
-7,380
-3,143
-37,203
-37,881
-10,092
-5,760
-40,649
-39,553
-11,291
-7,902
-44,277
-44,591
-10,912
-6,830
-43,998
-47,954
-12,056
-10,911
-48,540
-49,773
-11,940
-12,658
-49,241
94
95
96
97
98
99
100
101
102
103
104
-46,674
-11,671
-13,324
-54,613
-53,351
-12,721
-12,478
-52,691
-52,723
-12,894
-11,282
-48,515
105
106
107
108
60
•
July 2001
SURVEY OF CURRENT BUSINESS
Table 2.-U.S. Trade
[Millions
Line
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
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)
320,230
29,847
220,361
38,810
281,420
25,229
23,059
10,505
3,272
3,267
4,311
1,897
3,484
2,862
575,204
612,113
678,366
670,416
684,553
772,210
47,103
455,756
57,254
517,950
61,531
550,582
58,478
619,888
53,159
617,257
49,661
634,892
52,808
719,402
439,631
41,086
318,830
40,224
347,177
40,117
373,966
44,084
395,547
43,611
413,332
33,770
36,338
35,179
35,792
40,341
40,593
41,956
50,474
55,533
51,507
46,397
45,532
47,453
30,788
15,398
5,105
5,120
4,915
2,698
4,148
3,629
33,007
18,029
6,131
6,821
4,026
3,019
4,263
3,670
31,433
14,791
4,016
6,246
3,572
3,335
5,614
4,121
31,778
13,233
3,479
5,199
4,004
3,870
5,980
4,691
35,957
14,838
4,647
5,103
4,452
4,477
6,427
5,763
36,548
14,313
4,873
4,643
4,644
4,566
6,700
6,325
37,897
13,583
4,269
4,345
4,363
5,445
7,393
7,113
46,154
18,613
5,688
7,642
5,426
6,618
7,869
7,628
51,257
21,230
6,413
8,874
7,364
7,185
8,080
7,398
47,607
16,136
4,329
5,682
7,506
7,244
8,269
8,452
43,074
14,362
3,808
4,802
4,941
6,751
8,103
8,917
41,587
13,910
3,730
5,267
4,624
6,850
7,955
8,248
43,331
13,650
3,499
4,884
5,382
7,708
8,364
8,227
2,170
1,843
2,982
2,550
3,331
2,809
3,746
3,101
4,014
3,313
4,384
3,614
4,045
3,204
4,059
3,180
4,320
3,324
4,276
3,117
3,900
2,791
3,323
2,352
3,945
2,970
4,122
3,033
70,052
90,019
98,364
105,547
109,693
109,589
111,888
121,546
146,371
147,978
158,317
148,309
147,094
171,956
6,389
1,660
1,106
1,762
1,861
7,388
1,988
1,261
1,868
2,271
7,960
2,277
1,301
1,766
2,616
8,590
2,799
1,461
1,761
2,569
8,124
2,493
1,423
1,383
2,825
7,903
2,015
1,641
1,366
2,881
6,818
1,542
1,301
1,300
2,675
8,966
2,644
1,305
1,535
3,482
10,861
3,717
1,390
1,763
3,991
10,029
2,745
1,367
1,692
4,225
10,587
2,718
1,553
1,665
4,651
9,781
2,575
1,451
1,270
4,485
7,771
969
1,299
1,148
4,355
9,187
1,925
1,196
1,602
4,464
63,663
9,207
9,180
3,490
4,633
82,631
9,660
9,580
4,193
4,480
90,404
13,275
13,012
4,990
6,460
96,957
15,238
14,722
5,040
8,361
101,569
15,149
15,072
5,234
8,396
101,686
14,364
14,260
4,924
7,619
105,070
12,665
12,560
3,641
7,491
112,580
12,041
11,959
3,445
6,968
135,510
13,775
13,673
4,295
8,096
137,949
15,536
15,404
4,439
9,631
147,730
16,566
16,291
4,122
10,419
138,528
13,335
13,034
3,683
8,075
139,323
12,882
12,540
2,749
8,620
162,769
16,637
16,201
2,598
12,012
Paper and paper base stocks
Textile supplies and related materials
Chemicals, excluding medicinals
Building materials, except metals
Other nonmetals
6,106
3,711
20,987
4,562
5,537
7,672
4,595
26,116
6,105
6,969
8,278
5,389
27,082
7,149
7,693
8,400
6,313
27,562
7,626
9,130
8,700
6,594
30,432
7,569
9,695
9,298
6,808
29,836
8,078
10,303
8,491
7,155
30,076
8,747
10,768
10,103
8,183
35,132
8,838
11,928
14,487
9,284
42,981
9,062
13,443
12,482
9,555
42,441
9,261
15,302
12,785
10,700
46,829
9,482
16,705
12,151
8,918
44,944
7,977
18,043
12,174
9,215
45,929
8,166
18,503
14,000
10,671
52,243
8,762
21,208
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
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
21,538
2,476
3,298
10,688
3,078
738
6,872
5,076
22,688
2,108
3,479
11,435
3,730
794
6,911
5,666
23,430
1,687
4,253
11,183
3,579
897
6,707
6,307
22,999
1,626
3,779
10,966
4,540
905
5,521
6,628
27,168
1,782
3,656
14,588
9,064
891
4,633
7,142
26,355
1,853
3,936
12,278
5,813
1,025
5,440
8,288
32,478
2,746
5,828
14,601
5,122
1,595
7,884
9,303
33,372
2,117
5,448
15,481
6,940
1,449
7,092
10,326
34,663
2,266
5,920
15,026
5,725
1,809
7,492
11,451
33,160
1,566
5,762
14,235
5,485
2,018
6,732
11,597
32,454
1,398
5,741
13,541
5,263
1,812
6,466
11,774
39,248
1,721
6,827
92,707
119,103
136,944
153,065
166,715
176,502
182,853
205,823
234,456
253,986
295,874
299,868
311,250
357,037
74,641
96,014
108,162
119,232
128,472
137,027
148,547
172,665
206,587
221,093
252,201
243,394
255,275
306,489
8,596
66,045
4,974
3,133
2,178
4,438
11,210
84,804
6,564
4,026
2,638
5,412
11,354
96,808
7,997
4,939
3,003
5,371
13,392
105,840
8,848
5,359
3,044
5,875
14,545
113,927
9,636
6,237
3,028
6,061
15,481
121,546
9,621
6,659
3,406
6,430
16,875
131,672
9,474
7,533
3,628
7,051
19,674
152,991
10,213
9,176
4,379
7,941
23,039
183,548
11,517
10,159
5,240
9,019
24,113
196,980
12,693
10,287
5,801
9,805
27,977
224,224
15,965
12,614
6,502
11,773
27,301
216,093
15,943
11,727
6,275
12,540
29,403
225,872
11,987
11,899
6,193
13,142
35,847
270,642
12,628
12,583
7,475
16,369
14,975
19,472
21,742
24,187
25,316
26,656
29,058
32,442
37,717
40,960
46,347
43,573
43,768
52,116
18,817
6,560
5,097
1,647
4,226
23,965
9,035
6,534
1,787
5,371
24,128
12,169
8,170
2,239
7,050
25,888
13,325
9,397
2,136
7,781
27,267
14,339
10,275
2,485
9,283
28,763
15,987
11,449
2,581
9,994
29,316
19,114
13,502
2,382
10,614
33,320
25,178
16,296
2,465
11,581
39,654
34,153
20,248
2,718
13,123
43,719
35,769
20,217
2,925
14,804
49,361
38,861
23,340
3,288
16,173
45,247
37,650
23,869
3,442
15,827
46,725
46,961
25,367
2,999
16,831
55,541
60,077
31,268
3,201
19,384
Civilian aircraft, engines, parts
Civilian aircraft, complete, all types
Other transportation equipment
16,387
7,717
1,679
21,209
10,538
1,880
26,935
13,751
1,847
32,194
18,415
1,639
36,610
22,767
1,633
37,726
24,455
1,749
32,787
20,191
1,519
31,475
18,704
1,683
26,129
12,861
1,740
30,792
15,660
2,101
41,359
23,584
2,314
53,547
31,819
2,927
52,920
28,996
3,055
48,091
22,694
2,457
Automotive vehicles, engines, and parts
Foods, feeds, and beverages
Agricultural
Grains and preparations
Wheat
Corn
Soybeans
Meat products and poultry
Vegetables, fruits, nuts, and preparations
Other agricultural foods, feeds, and beverages
Nonagricultural (fish, distilled beverages, etc.)
Fish and shellfish
Industrial supplies and materials
Agricultural
Raw cotton
Tobacco, unmanufactured
Hides and skins, including furskins
Other agricultural industrial supplies
Nonagricultural
Energy products
Fuels and lubricants
Coal and related fuels
Petroleum and products
Capital goods, except automotive
Machinery, except consumer-type
Electric generating machinery, electric apparatus, and
parts
Nonelectric, including parts and attachments
Oil drilling, mining, and construction machinery
Industrial engines, pumps, and compressors
Machine tools and metalworking machinery
Measuring, testing, and control instruments
Other industrial, agricultural, and service industry
machinery
Computers, peripherals, and parts
Semiconductors
Telecommunications equipment
Other office and business machines
Scientific, hospital, and medicaf equipment and parts
359,916
502,859
414,083
Nonagricultural products
456,943
16,056
6,028
2,476
7,552
14,644
27,583
33,397
35,047
36,069
39,717
46,712
51,345
57,314
61,261
64,238
73,302
72,386
75,084
80,170
To Canada
Passenger cars, new and used
Trucks, buses, and special purpose vehicles
Engines and engine parts
Other parts and accessories
20,250
6,610
3,169
2,109
8,362
22,948
7,275
3,113
2,508
10,052
23,112
7,781
3,258
1,917
10,156
21,740
5,890
2,523
2,404
10,923
22,548
6,618
2,754
2,704
10,472
23,828
6,088
2,552
3,178
12,010
27,334
6,435
3,197
3,800
13,902
31,651
7,548
4,334
3,365
16,404
33,940
7,303
4,874
3,597
18,166
35,008
7,840
5,010
3,625
18,533
39,610
9,282
5,863
3,899
20,566
40,429
8,612
6,181
4,325
21,311
45,815
9,212
6,677
5,407
24,519
45,663
9,225
6,522
5,610
24,306
To other areas
Passenger cars, new and used
Trucks, buses, and special purpose vehicles
Engines and engine parts
Other parts and accessories
7,333
1,313
779
953
4,288
10,449
2,747
1,187
1,246
5,269
11,935
3,877
896
1,222
5,940
14,329
4,648
1,180
1,223
7,278
17,169
5,400
2,149
1,329
8,291
22,884
8,181
2,573
1,787
10,343
24,011
8,138
2,154
1,923
11,796
25,663
8,896
1,917
2,157
12,693
27,321
9,430
2,289
2,239
13,363
29,230
9,126
3,216
2,309
14,579
33,692
7,507
4,288
2,911
18,986
31,957
7,585
3,506
2,561
18,305
29,269
7,243
2,156
3,203
16,667
34,507
7,522
2,858
4,498
20,307
26,981
36,008
43,598
46,650
51,313
54,559
59,864
64,314
70,105
77,962
80,294
81,972
90,554
10,756
13,539
16,219
19,690
21,938
24,585
25,980
29,089
31,340
34,033
37,225
38,383
39,063
42,577
3,483
8,379
4,303
11,907
4,389
18,092
4,796
21,912
5,350
22,760
6,215
24,873
6,582
26,492
6,986
28,354
7,282
30,271
7,988
33,179
9,261
37,711
10,642
38,657
12,424
39,063
14,274
43,253
3,031
4,193
6,423
7,560
8,850
10,014
10,668
11,548
12,128
13,916
16,089
16,431
16,847
18,546
1,172
1,535
1,697
1,996
1,952
1,855
2,087
2,421
2,703
2,893
3,026
3,254
3,846
4,724
14,330
16,960
17,215
13,943
15,516
15,174
15,705
16,356
18,328
20,273
21,404
23,162
23,621
25,040
Consumer goods (nonfood), except automotive
Consumer nondurable goods, manufactured
Medical, dental, and pharmaceutical preparations,
including vitamins
Consumer durable goods, manufactured
Household and kitchen appliances and other household
goods
Unmanufactured consumer goods (gem stones, nursery
stock)
73
250,208
387,401
Agricultural products
Exports, n.e.c
See footnotes on page 66.
19,629
61
July 2001
SURVEY OF CURRENT BUSINESS
in Goods—Continued
of dollars]
Not seasonally adjusted
Seasonally adjusted
1999
I
2000
II
IV
III
I
II
2001
III
IV
\P
1999
I
II
2000
III
IV
I
II
2001
III
IV
Line
l^
163,366
168,443
167,141
185,603
185,006
193,698
193,488
200,018
193,701
164,716
166,267
173,045
180,525
185,142
191,558
199,273
196,237
194,942
1
12,131
151,235
11,606
156,837
11,957
155,184
13,967
171,636
13,481
171,525
12,274
181,424
12,483
181,005
14,570
185,448
14,150
179,551
11,812
152,904
12,233
154,034
13,003
160,042
12,613
167,912
12,904
172,238
12,977
178,581
13,629
185,644
13,298
182,939
13,606
181,336
2
3
10,960
10,552
11,220
12,800
11,836
10,930
11,691
12,996
12,543
10,849
11,284
11,789
11,610
11,624
11,749
12,227
11,853
12,317
4
10,054
3,407
798
1,231
1,294
1,486
1,934
1,933
9,705
3,363
936
1,391
714
1,586
2,036
2,006
10,076
3,496
1,054
1,398
882
1,736
1,880
2,082
11,752
3,644
942
1,247
1,734
2,042
2,105
2,227
10,951
3,452
723
1,235
1,716
1,894
1,919
1,970
9,978
3,206
866
1,226
847
1,853
2,100
1,972
10,455
3,530
1,002
1,295
885
1,931
2,039
2,070
11,947
3,462
908
1,128
1,934
2,030
2,306
2,215
11,488
3,614
806
1,239
1,982
1,893
1,997
2,002
9,916
3,301
900
1,151
995
1,565
2,033
2,022
10,307
3,639
1,014
1,491
1,051
1,604
1,991
2,022
10,795
3,556
910
1,464
1,446
1,753
1,969
2,071
10,569
3,414
906
1,161
1,132
1,928
1,962
2,133
10,696
3,328
807
1,168
1,344
1,952
2,018
2,054
10,670
3,450
922
1,315
1,292
1,874
2,069
1,985
11,156
3,551
869
1,311
1,447
1,964
2,147
2,047
10,809
3,321
901
1,090
1,299
1,918
2,130
2,141
11,217
3,502
901
1,181
1,556
1,962
2,100
2,097
5
6
7
8
9
10
11
12
906
695
847
605
1,144
910
1,048
760
885
667
952
689
1,236
934
1,049
743
1,055
774
933
702
977
728
994
764
1,041
776
928
687
1,079
810
1,071
774
1,044
762
1,100
792
13
14
33,974
35,806
36,789
40,525
42,461
42,350
43,176
43,969
43,176
34,137
35,082
37,216
40,659
42,124
41,556
43,922
44,354
43,179
15
1,991
186
405
301
1,099
1,818
220
401
274
923
1,830
219
177
285
1,149
2,132
344
316
288
1,184
2,446
627
384
354
1,081
2,221
524
318
393
986
1,977
366
194
423
994
2,543
408
300
432
1,403
2,580
569
343
499
1,169
1,823
122
351
287
1,063
1,845
206
352
267
1,020
2,137
320
300
286
1,231
1,966
321
296
308
1,041
2,135
450
323
329
1,033
2,236
491
285
383
1,077
2,400
550
321
431
1,098
2,416
434
267
459
1,256
2,317
424
294
474
1,125
16
17
18
19
20
31,983
2,619
2,540
692
1,600
33,988
3,081
3,020
674
2,043
34,959
3,302
3,196
720
2,217
38,393
3,880
3,784
663
2,760
40,015
3,770
3,718
608
2,773
40,129
3,707
3,635
643
2,636
41,199
4,258
4,168
692
3,039
41,426
4,902
4,680
655
3,564
40,596
4,274
3,603
547
2,660
32,314
2,671
2,592
733
1,612
33,237
3,076
3,015
665
2,046
35,079
3,268
3,162
696
2,207
38,693
3,867
3,771
655
2,755
39,989
3,779
3,728
642
2,748
39,320
3,694
3,622
631
2,635
41,522
4,250
4,160
678
3,046
41,938
4,914
4,691
647
3,583
40,862
4,305
3,635
584
2,656
21
22
23
24
25
2,853
2,169
10,840
1,967
4,426
2,938
2,412
11,341
2,092
4,572
3,039
2,284
11,342
2,042
4,578
3,344
2,350
12,406
2,065
4,927
3,546
2,552
12,408
2,145
5,261
3,611
2,708
13,055
2,230
5,347
3,543
2,757
13,593
2,197
5,212
3,300
2,654
13,187
2,190
5,388
3,291
2,703
13,527
2,075
5,034
2,853
2,194
10,908
2,012
4,416
2,910
2,304
11,035
2,014
4,473
3,035
2,320
11,508
2,062
4,649
3,376
2,397
12,478
2,078
4,965
3,514
2,557
12,318
2,173
5,208
3,579
2,588
12,752
2,149
5,243
3,554
2,807
13,869
2,215
5,301
3,353
2,719
13,304
2,225
5,456
3,274
2,734
13,531
2,112
5,028
26
27
28
29
30
7,109
274
1,342
2,741
739
504
1,498
2,752
7,552
376
1,403
2,813
811
460
1,542
2,960
8,372
364
1,452
3,577
1,521
386
1,670
2,979
9,421
384
1,544
4,410
2,192
462
1,756
3,083
10,333
392
1,725
4,765
2,404
564
1,797
3,451
9,471
475
1,712
3,426
928
609
1,889
3,858
9,639
434
1,721
3,754
1,066
632
2,056
3,730
9,805
420
1,669
4,111
1,630
671
1,810
3,605
9,692
439
1,664
4,259
1,675
874
1,710
3,330
7,260
297
1,339
2,805
739
504
1,562
2,819
7,425
349
1,373
2,850
811
460
1,579
2,853
8,237
356
1,467
3,458
1,521
386
1,551
2,956
9,532
396
1,562
4,428
2,192
462
1,774
3,146
10,440
417
1,711
4,823
2,404
564
1,855
3,489
9,315
436
1,683
3,482
928
609
1,945
3,714
9,526
433
1,738
3,619
1,066
632
1,921
3,736
9,967
435
1,695
4,132
1,630
671
1,831
3,705
9,878
475
1,656
4,331
1,675
874
1,782
3,416
31
32
33
34
35
36
37
38
74,542
75,685
76,505
.84,518
81,684
89,656
91,932
93,765
90,378
75,867
75,267
78,638
81,478
82,608
89,331
93,630
91,468
91,835
39
59,813
61,903
64,266
69,293
70,335
75,280
80,268
80,606
75,698
60,817
62,223
64,922
67,313
70,939
75,767
80,825
78,958
77,135
40
6,850
52,963
2,935
3,009
1,373
3,107
7,160
54,743
2,984
2,898
1,576
3,216
7,442
56,824
3,016
2,846
1,568
3,299
7,951
61,342
3,052
3,146
1,676
3,520
8,154
62,181
2,948
3,045
1,765
3,710
8,826
66,454
3,098
3,103
1,794
4,022
9,611
70,657
3,233
3,192
1,904
4,284
9,256
71,350
3,349
3,243
2,012
4,353
8,916
66,782
3,287
3,163
1,814
3,987
6,974
53,843
2,994
3,083
1,404
3,098
7,141
55,082
2,909
2,865
1,560
3,180
7,391
57,531
3,027
2,944
1,624
3,391
7,897
59,416
3,057
3,007
1,605
3,473
8,244
62,695
2,963
3,091
1,789
3,689
8,821
66,946
3,007
3,072
1,776
3,994
9,505
71,320
3,281
3,276
1,957
4,380
9,277
69,681
3,377
3,144
1,953
4,306
9,084
68,051
3,332
3,214
1,845
4,022
41
42
43
44
45
46
10,117
10,993
10,926
11,732
12,558
13,170
13,284
13,104
12,902
10,239
10,711
11,141
11,677
12,623
12,828
13,486
13,179
13,079
47
11,117
10,582
5,856
694
4,173
11,233
11,085
5,991
711
4,056
11,544
12,158
6,641
730
4,096
12,831
13,136
6,879
864
4,506
12,783
13,247
6,822
755
4,548
13,390
14,622
7,754
795
4,706
14,287
16,429
8,421
835
4,788
15,081
15,779
8,271
816
5,342
13,933
14,170
7,469
845
5,212
11,163
10,712
6,295
725
4,130
11,627
11,331
6,083
722
4,094
11,837
12,082
6,516
736
4,233
12,098
12,836
6,473
816
4,374
12,713
13,375
7,202
785
4,465
13,870
14,950
7,877
805
4,767
14,648
16,206
8,312
839
4,935
14,310
15,546
7,877
772
5,217
14,001
14,496
8,031
879
5,152
48
49
50
51
52
13,904
7,918
825
13,191
7,230
591
11,654
5,844
585
14,171
8,004
1,054
10,674
4,559
675
13,780
7,394
596
11,133
4,887
531
12,504
5,854
655
13,994
7,069
686
14,225
8,248
825
12,453
6,498
591
13,131
7,164
585
13,111
7,086
1,054
10,994
4,942
675
12,968
6,611
596
12,274
5,881
531
11,855
5,260
655
14,014
7,128
686
53
54
55
-
18,771
20,058
16,678
19,577
21,106
21,594
17,765
19,705
18,351
18,262
18,647
19,039
19,136
20,549
20,149
20,161
19,311
17,943
56
11,474
2,259
1,538
1,369
6,308
12,533
2,759
1,854
1,459
6,461
9,944
1,673
1,499
1,230
5,542
11,864
2,521
1,786
1,349
6,208
12,754
2,598
1,802
1,559
6,795
12,716
2,854
1,882
1,462
6,518
9,536
1,593
1,308
1,251
5,384
10,657
2,180
1,530
1,338
5,609
9,717
1,830
1,201
1,308
5,378
11,066
2,216
1,534
1,287
6,029
11,380
2,317
1,624
1,366
6,073
11,725
2,295
1,789
1,396
6,245
11,644
2,384
1,730
1,358
6,172
12,322
2,602
1,791
1,461
6,468
11,551
2,367
1,658
1,391
6,135
11,272
2,218
1,575
1,404
6,075
10,518
2,038
1,498
1,354
5,628
9,384
1,806
1,209
1,220
5,149
57
58
59
60
61
7,297
1,940
593
679
4,085
7,525
2,088
532
791
4,114
6,734
1,351
432
853
4,098
7,713
1,864
599
880
4,370
8,352
1,797
643
1,099
4,813
8,878
2,152
745
1,150
4,831
8,229
1,556
664
1,137
4,872
9,048
2,017
806
1,112
5,113
8,634
2,008
592
1,065
4,969
7,196
1,900
572
672
4,052
7,267
1,927
539
111
4,029
7,314
1,695
506
883
4,230
7,492
1,721
539
876
4,356
8,227
1,751
614
1,090
4,772
8,598
1,980
758
1,127
4,733
8,889
1,931
759
1,176
5,023
8,793
1,860
111
1,105
5,101
8,559
1,964
596
1,058
4,941
62
63
64
65
66
19,654
20,413
20,095
21,810
22,027
22,863
22,782
22,882
23,268
19,995
20,178
20,426
21,373
22,180
22,590
23,104
22,680
23,511
67
9,614
9,725
9,782
9,942
10,078
10,760
11,036
10,703
10,665
9,872
9,639
9,664
9,888
10,229
10,679
10,876
10,793
10,888
68
2,964
9,103
3,035
9,711
3,090
9,510
3,335
10,739
3,259
10,845
3,648
10,946
3,697
10,542
3,670
10,920
3,872
11,282
3,027
9,203
2,967
9,594
3,129
9,869
3,301
10,397
3,283
10,860
3,573
10,770
3,712
10,983
3,706
10,640
3,921
11,303
69
70
4,004
4,155
4,163
4,525
4,598
4,625
4,620
4,703
4,781
4,018
4,070
4,257
4,502
4,547
4,557
4,740
4,702
4,752
71
937
977
803
1,129
1,104
1,157
1,204
1,259
1,321
920
945
893
1,088
1,091
1,141
1,245
1,247
1,320
72
5,465
5,929
5,854
6,373
5,892
6,305
6,142
6,701
5,985
5,606
5,809
5,937
6,269
6,057
6,183
6,229
6,571
6,157
73
62
•
July 2001
SURVEY OF CURRENT BUSINESS
Table 2.-U.S. Trade
[Millions
1987
Line
1988
1991
1992
1993
1994
1995
1996
1997
1998
2000
Trade in goods, by principal end-use category, adjusted to
balance of payments basis, excluding militaryContinued:
Imports of goods, balance of payments basis, excluding
military (A-16)
Petroleum and products6
Paper and paper base stocks
Textile supplies and related materials
Chemicals, excluding medicinals
Building materials, except metals
Other nonmetals
99
100
101
102
103
104
105
106
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
876,485
917,112 1,029,987
1,224,417
72,746
730,367
71,739
804,746
50,631
866,481
67,767
962,220
120,185
1,104,232
30,957
33,176
35,711
39,694
41,242
43,578
45,974
22,123
3,259
2,270
3,916
5,943
2,133
6,872
8,834
6,642
1,826
24,255
4,078
2,986
3,928
6,467
2,368
7,415
8,921
6,734
1,845
4,118
2,491
3,769
7,390
2,793
8,589
9,052
6,663
2,045
29,471
5,039
3,575
4,162
7,632
3,254
9,384
10,223
7,702
2,189
30,492
4,484
3,069
4,314
8,245
3,627
9,822
10,750
8,117
2,300
31,679
3,712
2,534
4,498
9,135
4,163
10,173
11,899
8,914
2,618
32,773
3,258
2,350
5,309
9,191
4,500
10,517
13,201
9,909
2,947
152,230
164,943
184,865
209,498
217,274
202,776
224,717
302,911
4,554
147,676
57,114
56,369
4,720
160,223
58,076
57,019
5,575
179,290
62,037
61,101
6,481
203,017
80,279
79,314
6,274
211,000
80,158
79,164
5,923
196,853
59,119
58,055
5,559
219,158
78,140
76,838
5,611
297,300
138,397
135,677
8,232
6,864
16,861
8,352
9,472
8,322
7,545
18,065
10,623
10,349
8,930
8,180
21,341
12,684
11,070
12,880
8,614
25,526
12,820
12,527
10,872
8,835
26,862
15,035
13,376
10,675
10,097
29,124
16,822
14,177
11,222
10,338
29,183
17,909
14,650
11,614
10,293
30,117
21,824
15,856
13,725
11,242
34,449
21,801
17,914
27,645
1,828
10,076
12,145
2,897
2,343
2,790
4,115
3,596
29,507
1,719
10,883
13,228
3,808
2,065
2,894
4,461
3,677
35,658
1,841
11,760
18,138
8,820
1,822
3,607
3,889
3,919
39,942
2,255
16,122
16,728
4,738
2,028
5,260
4,702
4,837
44,886
2,957
16,176
20,260
5,290
2,516
6,218
6,236
5,493
47,758
3,044
17,221
21,678
7,747
2,494
5,071
6,366
5,815
49,947
2,998
18,165
22,035
6,608
2,644
5,828
6,955
6,749
54,432
3,273
21,183
22,837
6,527
3,942
6,211
6,157
51,314
2,791
18,125
22,797
5,768
4,463
6,400
6,166
7,601
59,772
120,976
134,621
152,870
185,022
222,223
228,478
253,398
477,665
498,435
491,020
536,528
589,394
39,632
407,557
50,912
426,753
62,295
436,140
51,739
439,281
51,579
484,949
51,483
537,911
51,276
617,414
24,809
24,928
24,900
26,411
26,206
27,609
27,865
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
17,626
3,277
2,274
3,385
4,855
1,799
4,310
7,274
5,404
1,591
19,204
3,009
1,766
4,080
5,711
1,865
4,537
7,207
5,207
1,731
2,908
1,737
4,031
5,299
1,773
4,677
7,518
5,651
1,595
19,831
2,669
1,562
4,071
5,593
1,983
5,517
7,778
5,670
1,828
19,934
2,431
1,382
4,257
5,560
1,944
5,742
7,931
5,900
1,738
113,746
122,684
135,519
145,284
133,022
140,660
3,107
110,639
46,781
45,796
3,404
119,280
43,703
42,878
4,176
131,343
54,930
54,290
3,990
141,294
66,545
4,244
128,778
56,274
55,703
4,550
136,110
56,822
56,147
5,417
9,812
7,391
4,546
10,211
5,499
12,380
7,401
5,027
9,633
5,501
13,955
7,727
6,687
9,472
5,655
15,012
7,411
7,106
8,450
6,133
15,281
6,887
8,108
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
32,910
2,243
11,742
15,013
3,651
2,167
3,525
5,670
3,912
30,093
2,060
11,121
13,094
2,452
2,522
3,241
4,879
3,818
85,128
102,202
112,432
116,257
Foods, feeds, and beverages
Agricultural
Nonagricultural products
Energy products
Fuels and lubricants6
803,113
56,029
693,345
447,189
42,944
366,821
Nonpetroleum products
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
749,374
409,765
7,139
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
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
269,451
3,098
20,908
26,687
5,877
6,643
6,981
7,186
9,079
295,271
346,663
77,408
93,540
101,867
104,816
108,267
120,957
140,508
172,072
209,732
213,861
234,817
9,518
67,890
3,502
3,215
3,320
2,472
11,539
82,001
4,231
3,963
3,686
2,944
12,520
89,347
4,115
3,412
4,215
3,026
13,847
3,690
3,462
4,063
2,948
14,260
94,007
2,942
3,264
4,098
3,074
15,336
105,621
2,690
3,618
3,599
3,456
17,428
123,080
3,999
4,098
4,264
3,777
20,030
152,042
4,947
5,758
5,163
4,641
24,150
185,582
5,026
6,176
6,644
5,601
24,749
189,112
5,201
6,267
7,503
5,960
27,920
206,897
6,382
6,541
8,250
6,723
29,074
215,703
8,007
7,338
8,813
7,360
32,835
235,550
7,025
8,258
7,666
7,831
39,748
277,450
7,210
10,061
8,549
9,533
244,777
268,385
317,198
18,073
20,908
22,804
23,363
22,236
23,678
26,512
32,366
37,311
41,814
44,711
46,170
50,923
14,839
7,784
8,129
3,605
2,951
18,358
10,963
9,408
4,134
3,406
21,433
12,331
9,583
4,435
3,993
22,941
12,170
9,492
4,153
4,687
26,001
13,084
9,938
4,197
5,173
31,686
15,475
10,776
4,900
5,743
38,036
19,490
11,278
5,416
6,210
46,160
26,156
14,185
6,242
6,424
56,277
39,042
15,331
6,861
7,313
61,514
36,707
12,788
6,794
7,992
70,177
36,880
13,822
7,350
8,958
72,475
33,416
15,723
7,347
10,513
81,457
37,627
20,922
6,398
12,196
89,762
48,355
31,927
6,134
14,996
7,720
6,577
2,081
8,662
7,889
3,030
10,565
9,436
2,926
11,441
10,474
2,706
12,709
11,736
3,326
13,664
12,581
3,806
12,362
11,294
3,786
12,950
11,298
3,698
12,491
10,709
3,590
14,617
12,671
3,920
18,581
16,598
4,547
24,674
21,814
7,049
23,773
9,217
29,465
26,376
12,404
85,174
87,947
87,245
88,371
85,655
91,706
102,355
118,119
123,632
128,691
139,492
148,680
178,996
195,858
125
126
127
128
129
From Canada
Passenger cars, new and used
Trucks, buses, and special purpose vehicles
Engines and engine parts
Other parts and accessories
24,531
10,185
5,261
1,720
7,365
29,198
13,256
6,081
1,977
7,884
29,548
12,879
6,876
2,052
7,741
29,825
13,702
6,888
1,774
7,461
28,762
14,048
6,704
1,373
6,637
31,687
14,403
8,259
1,564
7,461
37,318
18,272
8,725
1,911
8,410
42,201
44,345
23,920
9,422
1,815
9,636
45,866
24,139
8,787
2,540
10,400
49,275
25,125
10,183
2,824
11,143
51,340
27,315
9,157
3,340
11,528
63,837
33,792
12,830
4,114
13,101
63,946
33,931
12,154
4,217
13,644
130
131
132
133
134
From other areas
Passenger cars, new and used
Trucks, buses, and special purpose vehicles
Engines and engine parts
Other parts and accessories
60,643
37,738
5,483
3,696
13,726
58,749
33,797
4,267
4,558
16,127
57,697
31,601
3,421
5,622
17,053
58,546
32,929
2,666
5,355
17,596
56,893
32,262
2,469
5,082
17,080
60,019
32,631
2,310
5,502
19,576
65,037
34,003
2,395
6,521
22,118
75,918
38,952
2,986
8,146
25,834
79,287
39,905
3,689
8,901
26,792
82,825
41,725
4,641
9,210
27,249
90,217
47,097
5,264
8,904
28,952
97,340
52,049
5,433
9,195
30,663
115,159
62,507
7,191
10,153
35,308
131,912
75,266
6,487
10,818
39,341
96,425
43,118
20,775
5,904
47,763
103,597
46,050
22,756
5,914
51,359
104,933
107,624
50,127
24,626
6,551
51,758
122,370
57,772
29,304
7,258
58,532
133,674
62,710
31,671
8,369
63,892
145,876
34,565
9,025
70,132
159,399
74,736
37,783
9,309
76,551
171,935
79,995
39,604
9,724
83,215
194,140
39,432
20,292
5,558
44,893
46,812
10,500
91,572
217,133
103,156
52,689
10,781
103,111
241,845
113,839
55,936
10,757
115,584
281,581
130,435
63,279
11,376
136,311
16,066
7,196
6,410
17,218
7,984
5,824
18,603
8,873
18,697
9,729
18,912
9,396
6,662
21,168
11,357
7,459
22,472
12,466
8,251
25,231
12,802
9,148
27,740
13,997
9,819
31,608
15,479
11,023
35,641
18,159
11,458
40,536
19,321
14,325
47,356
19,831
16,381
56,361
21,730
21,044
7,174
8,700
9,277
8,494
8,686
9,553
7,848
8,112
8,725
9,879
10,866
12,422
14,835
124
135
136
137
138
139
140
141
142
143
145
146
147
Automotive vehicles, engines, and parts
Consumer goods (nonfood), except automotive
Consumer nondurable goods, manufactured
Textile apparel and household goods, except rugs
Footwear of leather, rubber, and other materials
Consumer durable goods, manufactured
Household and kitchen appliances and other household
goods
Toys, shooting, and sporting goods, including bicycles
Television and video receivers
Radio and stereo equipment, including records, tapes,
and disks
Unmanufactured consumer goods (gemstones, nursery
stock)
Imports, n.e.c, and U.S. goods returned
U.S. goods returned
Other products, including balance of payments
adjustments not included above (minimum value
shipments and miscellaneous imports)
See footnotes on page 66.
23,903
6,607
50,573
22,159
8,660
1,960
8,974
4,851
5,634
5,651
5,362
6,033
6,877
4,499
5,544
6,188
5,695
5,739
6,066
12,084
7,191
13,003
7,878
13,972
9,239
17,179
10,343
17,537
10,576
19,562
11,790
20,400
12,402
23,773
15,042
26,079
16,406
28,800
18,553
32,487
20,581
37,830
24,044
45,580
28,780
51,430
31,858
4,893
5,125
4,733
6,836
6,961
7,772
7,998
8,731
9,673
10,247
11,906
13,786
16,800
19,572
11,187
July 2001 .
SURVEY OF CURRENT BUSINESS
63
in Goods—Continued
of dollars]
Not seasonally adjusted
Seasonally adjusted
1999
I
2001
2000
II
IV
III
II
I
IV
III
1999
I
I*
II
2000
I
IV
III
II
2001
Line
\P
IV
III
230,322
249,610
268,525
281,530
284,501
301,727
317,721
320,468
297,588
238,709
250,557
264,777
275,944
292,547
303,229
313,884
314,757
307,462
74
10,379
219,943
15,866
233,744
19,985
248,540
21,537
259,993
26,817
257,684
29,316
272,411
32,134
285,587
31,918
288,550
28,964
268,624
10,519
228,190
15,931
234,626
19,894
244,883
21,423
254,521
26,961
265,586
29,472
273,757
31,982
281,902
31,770
282,987
29,306
278,156
75
76
10,410
11,082
10,627
11,459
11,080
11,536
11,437
11,921
11,186
10,561
10,940
10,935
11,142
11,222
11,460
11,713
11,579
11,463
77
7,969
1,155
8,303
7,435
7,972
8,516
7,739
8,111
8,340
7,742
8,014
7,947
7,976
8,136
8,252
8,248
8,137
8,173
985
653
808
545
764
560
8,407
1,090
886
680
746
500
536
363
653
378
988
641
960
631
908
626
856
636
920
666
866
660
842
580
630
444
551
304
1,150
2,589
1,077
2,503
2,779
2,087
1,092
1,832
1,092
2,611
3,192
2,386
1,237
2,099
1,127
2,746
3,487
2,594
1,378
2,450
1,181
2,621
3,020
2,249
1,297
1,829
1,185
2,682
3,698
2,875
1,385
2,257
1,180
2,754
3,810
2,792
1,481
2,771
1,016
2,420
2,846
2,080
1,015
2,200
1,033
2,506
2,819
2,132
1,112
2,375
1,029
2,539
2,926
2,203
1,136
2,318
1,048
2,537
2,988
2,212
1,235
2,242
1,053
2,591
3,166
2,367
1,247
2,216
1,122
2,633
3,086
2,308
1,330
2,269
1,124
2,662
3,208
2,400
1,351
2,301
1,139
2,615
3,465
2,653
1,381
2,405
1,115
2,607
3,442
2,548
1,481
2,337
1,200
2,604
3,290
2,413
513
598
711
796
600
681
740
926
668
606
629
682
701
698
718
728
803
780
78
79
80
81
82
83
84
85
86
87
46,194
54,292
60,613
63,618
71,216
74,778
78,436
78,481
76,764
46,875
53,315
60,146
64,381
71,645
73,818
78,190
79,258
77,200
88
1,365
44,829
12,376
12,193
1,397
52,895
18,323
18,012
1,301
59,312
22,840
22,380
1,496
62,122
24,601
24,253
1,458
69,758
29,831
29,520
1,460
73,318
32,911
32,334
1,236
77,200
37,155
36,164
1,457
77,024
38,500
37,659
1,359
75,405
35,909
34,971
1,330
45,545
12,491
12,258
1,346
51,969
18,518
18,193
1,356
58,790
22,804
22,430
1,527
62,854
24,327
23,957
1,392
70,253
30,014
29,607
1,388
72,430
33,301
32,705
1,305
76,885
37,049
36,252
1,526
77,732
38,033
37,113
1,298
75,902
36,221
35,052
89
90
91
92
2,736
2,419
7,549
4,563
3,590
2,693
2,635
7,376
5,746
3,932
2,976
2,63V
7,498
6,121
4,105
3,209
2,608
7,694
5,394
4,229
3,292
2,789
8,634
5,418
4,259
3,380
3,010
8,734
5,910
4,570
3,589
2,790
8,675
5,491
4,573
3,464
2,653
8,406
4,982
4,512
3,376
2,640
9,959
4,644
4,286
2,768
2,488
7,165
4,910
3,738
2,709
2,511
7,176
5,438
3,865
2,939
2,604
7,696
5,833
4,010
3,198
2,690
8,080
5,643
4,243
3,303
2,832
8,078
5,757
4,387
3,416
2,867
8,497
5,587
4,497
3,558
2,793
8,992
5,253
4,491
3,448
2,750
8,882
5,204
4,539
3,395
2,691
9,323
4,979
4,443
93
94
95
96
97
11,596
12,190
13,141
14,387
15,535
14,803
14,927
14,507
14,591
11,985
11,752
12,904
14,673
15,882
14,265
14,749
14,876
14,850
776
1,019
2,615
867
2,313
2,441
1,847
807
1,249
2,655
954
2,460
2,673
1,993
584
672
676
859
797
896
800
605
555
643
626
646
876
863
836
788
611
604
4,248
4,996
4,559
5,079
5,126
7,516
2,394
1,576
1,803
1,743
2,096
5,686
5,896
5,494
6,268
1,058
1,670
1,843
1,697
2,365
4,602
7,007
1,685
1,969
1,459
1,894
2,293
4,165
7,589
1,531
2,601
1,677
1,780
2,282
4,507
5,040
4,366
4,942
788
1,236
1,508
1,482
1,795
1,061
1,645
1,448
1,818
1,586
1,506
1,958
4,819
6,948
2,317
1,240
1,661
1,730
2,030
5,444
7,467
2,394
1,517
1,798
1,758
2,108
5,440
5,741
814
4,433
5,867
1,849
1,413
1,734
1,854
2,248
5,287
6,301
1,058
1,688
1,878
1,677
2,373
4,737
7,178
1,685
2,025
1,571
1,897
2,350
4,387
7,545
1,531
2,549
1,673
1,792
2,314
98
99
100
101
102
103
104
105
106
107
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
1,968
4,688
6,855
2,317
1,268
1,535
1,735
1,985
67,363
72,383
75,549
79,976
78,492
85,986
90,357
91,828
82,662
70,335
72,630
74,734
77,572
81,401
86,270
89,655
89,337
86,412
60,967
65,857
68,418
73,143
71,874
78,912
82,929
83,483
74,097
63,888
66,173
67,615
70,709
74,784
79,254
82,219
80,941
77,838
108
7,339
53,628
1,901
1,915
1,934
1,819
7,953
57,904
1,990
1,978
1,921
1,930
8,527
59,891
1,573
2,076
1,864
1,985
9,016
64,127
1,561
2,289
1,947
2,097
8,976
62,898
1,839
2,523
2,002
2,186
9,914
68,998
2,056
2,570
2,247
2,304
10,338
72,591
1,716
2,458
2,053
2,459
10,520
72,963
1,599
2,510
2,247
2,584
9,557
64,540
1,757
2,766
2,199
2,462
7,677
56,211
1,880
1,911
1,971
1,851
8,007
58,166
1,799
1,931
1,852
1,941
8,371
59,244
1,642
2,116
1,922
1,980
8,780
61,929
1,704
2,300
1,921
2,059
9,300
65,484
1,782
2,477
2,016
2,204
9,981
69,273
1,878
2,512
2,166
2,316
10,174
72,045
1,803
2,537
2,125
2,470
10,293
70,648
1,747
2,535
2,242
2,543
9,964
67,874
1,720
2,750
2,216
2,501
109
110
111
112
113
114
11,139
11,657
11,338
12,036
12,212
13,264
12,564
12,883
12,776
11,256
11,235
11,597
12,082
12,205
12,822
12,967
12,929
12,907
115
18,293
8,243
4,022
1,655
2,707
19,808
9,215
4,950
1,511
2,944
21,091
9,599
5,663
1,565
3,137
22,265
10,570
6,287
1,667
3,408
19,893
10,775
6,584
1,568
3,316
21,710
11,605
8,129
1,538
3,575
24,352
13,316
8,166
1,517
3,990
23,807
12,659
9,048
1,511
4,115
19,756
10,547
7,074
1,391
3,812
19,790
8,567
4,411
1,692
2,882
20,570
9,361
4,940
1,546
2,991
20,268
9,460
5,615
1,562
3,082
20,829
10,239
5,956
1,598
3,241
21,405
11,140
7,196
1,583
3,476
22,575
11,775
8,013
1,580
3,636
23,389
13,179
8,102
1,520
3,953
22,393
12,261
8,616
1,451
3,931
21,418
11,075
7,832
1,408
4,047
116
117
118
119
120
6,396
5,548
1,853
6,526
5,830
2,150
7,131
6,407
2,698
6,833
5,988
2,516
6,618
5,816
2,322
7,074
6,294
2,911
7,428
6,662
3,204
8,345
7,604
3,967
8,565
7,753
3,703
6,447
5,599
1,853
6,457
5,760
2,150
7,119
6,396
2,698
6,863
6,018
2,516
6,617
5,814
2,322
7,016
6,236
2,911
7,436
6,670
3,204
8,396
7,656
3,967
8,574
7,762
3,703
121
122
123
43,189
44,484
42,772
48,551
49,894
49,688
46,292
49,984
47,253
42,443
43,781
45,932
46,840
49,016
48,992
49,594
48,256
46,736
124
16,441
8,963
3,162
1,068
3,248
16,388
8,531
3,454
1,040
3,363
14,451
7,345
2,978
17,841
9,539
3,509
1,150
3,643
16,643
8,628
3,106
1,256
3,653
13,960
7,058
2,796
15,502
8,706
2,743
14,843
8,149
2,713
885
847
3,199
16,081
8,386
3,052
1,164
3,479
15,893
8,372
3,044
1,032
3,445
816
3,134
16,881
8,894
3,338
1,104
3,545
917
3,168
16,077
8,493
3,205
1,081
3,298
14,022
7,559
2,578
926
16,421
8,744
3,210
1,044
3,423
15,091
8,279
2,720
3,180
15,592
8,371
3,015
1,025
3,181
15,747
8,184
3,400
3,176
16,557
8,953
3,236
1,054
3,314
3,175
3,069
125
126
127
128
129
26,748
14,377
1,637
2,427
8,307
28,096
15,083
1,764
2,388
8,861
28,321
15,281
1,767
2,540
8,733
31,994
17,766
2,023
2,798
9,407
32,053
17,356
1,937
2,733
10,027
33,045
18,492
1,776
2,738
10,039
32,332
18,467
1,524
2,704
9,637
34,482
20,951
1,250
2,643
9,638
32,410
19,310
1,286
2,587
9,227
26,851
14,599
1,643
2,391
8,218
28,034
15,166
1,754
2,366
8,748
29,511
16,077
1,778
2,632
9,024
30,763
16,665
2,016
2,764
9,318
32,135
17,625
1,937
2,682
9,891
32,911
18,513
1,770
2,710
9,918
33,701
19,372
1,541
2,814
9,974
33,165
19,756
1,239
2,612
9,558
32,714
19,706
1,284
2,565
9,159
130
131
132
133
134
52,610
26,239
12,874
2,660
23,476
56,143
26,285
12,480
2,604
27,095
67,440
32,145
16,744
2,909
31,976
65,652
29,170
13,838
2,584
33,037
61,484
29,198
14,319
2,875
28,486
67,074
31,252
14,663
2,795
32,276
78,019
37,237
18,995
3,127
36,901
75,004
32,748
15,302
2,579
38,648
67,248
32,989
15,620
3,119
30,806
57,657
27,745
13,882
2,698
27,132
58,668
27,319
13,534
2,646
28,387
61,492
28,692
13,964
2,627
29,625
64,028
30,083
14,556
2,786
30,440
66,727
30,471
15,172
2,863
32,622
70,062
32,528
15,940
2,845
33,743
71,596
33,512
15,991
2,862
34,374
73,196
33,924
16,176
2,806
35,572
72,973
34,438
16,574
3,119
35,222
135
136
137
138
139
9,867
3,768
3,071
11,612
4,517
3,748
12,940
5,716
4,754
12,937
5,830
4,808
12,140
4,168
4,030
13,861
4,460
4,736
15,518
6,013
5,899
14,842
7,089
6,379
13,380
4,531
4,579
10,938
4,790
3,787
11,688
5,141
4,035
11,989
5,050
4,227
12,741
4,850
4,332
13,375
5,248
4,957
13,945
5,133
5,084
14,412
5,411
5,235
14,629
5,938
5,768
14,843
5,679
5,603
140
141
142
143
898
952
740
1,428
1,876
1,852
2,325
964
926
740
1,835
2,280
2,813
2,896
2,247
2,792
3,131
3,017
1,952
2,317
2,382
2,469
2,656
2,780
2,883
2,756
2,768
2,417
2,895
2,763
3,319
3,445
3,800
3,546
3,881
3,608
3,453
2,780
2,962
3,175
3,505
3,634
3,791
3,710
3,700
3,313
144
10,556
6,703
11,226
7,071
11,524
7,203
12,274
7,803
12,335
7,783
12,665
7,739
13,180
8,196
13,250
8,140
12,475
7,744
10,838
6,842
11,223
7,119
11,538
7,229
11,981
7,590
12,536
7,850
12,627
7,758
13,136
8,150
13,131
8,100
12,678
7,753
145
146
3,853
4,155
4,321
4,471
4,552
4,926
4,984
5,110
4,731
3,996
4,104
4,309
4,391
4,686
4,869
4,986
5,031
4,925
147
64
July 2001
SURVEY OF CURRENT BUSINESS
Table 3.-Private
[Millions
Not seasonally adjusted
Line
1998
1999
1999
2000
II
243,902
255,995
278,570
60,153
61,635
68,409
65,798
Travel (table 1, line 6)
Passenger fares (table 1, line 7)
Other transportation (table 1, line 8)
Freight
Port services
71,286
20,098
25,604
11,048
14,557
74,731
19,785
26,916
11,560
15,356
82,042
20,745
30,185
13,236
16,950
15,813
4,466
6,161
2,694
3,467
18,542
4,756
6,667
2,815
3,852
21,820
5,760
7,054
2,883
4,170
18,556
4,803
7,034
3,169
3,865
Royalties and license fees (table 1, line 9)
Affiliated
U.S. parents' receipts
U.S. affiliates' receipts
35,626
26,313
24,362
1,951
9,314
3,500
5,814
36,420
25,905
24,265
1,640
10,515
3,987
6,528
38,030
26,621
24,444
2,177
11,409
4,421
6,987
6,368
5,912
456
2,519
943
1,577
8,831
6,231
5,849
382
2,600
981
1,619
6,297
5,886
411
2,669
1,016
1,653
9,736
7,009
6,618
391
2,727
1,047
1,680
91,288
28,176
18,135
10,041
63,112
9,034
11,327
2,224
7,278
5,054
5,567
22,676
12,284
98,143
28,969
18,340
10,629
69,174
9,604
14,303
1,299
7,282
5,983
3,734
27,114
13,120
107,568
31,628
19,604
12,024
75,940
10,287
17,042
2,412
24,826
7,029
4,344
2,685
3,843
28,026
14,331
Exports of private services
Unaffiliated
Indust
Other
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 services3
24,809
6,965
4,481
2,484
17,844
2,555
3,762
300
1,818
1,518
918
6,913
3,397
6,916
3,438
17,797
3,862
3,030
342
1,778
1,437
25,669
8,203
5,179
3,024
17,466
1,981
3,897
369
1,913
1,544
864
167,376
173,049
200,585
38,126
44,164
47,523
43,236
Travel (table 1, line 23)
Passenger fares (table 1, line 24)
Other transportation (table 1, line 25)
Freight
Port services
56,509
19,971
30,363
19,412
10,950
58,865
21,315
34,139
22,218
11,925
64,537
24,197
41,058
26,979
14,083
12,125
4,771
7,493
4,790
2,704
15,884
5,655
8,218
5,348
2,871
17,929
5,964
9,185
6,053
3,132
12,927
4,925
9,243
6,025
3,218
Royalties and license fees (table 1, line 26)
Affiliated
U.S. parents' payments
U.S. affiliates' payments
Unaffiliated
Industrial processes l
Other 2
11,235
8,547
1,782
6,765
2,688
1,319
1,368
12,613
9,791
1,956
7,835
2,822
1,699
1,125
16,106
12,170
2,184
9,986
-3,936
1,852
2,084
2,885
2,235
477
1,758
650
392
3,029
2,340
485
1,855
3,044
2,319
487
3,655
2,897
507
1,832
725
440
2,390
758
447
311
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
49,298
19,437
10,415
9,022
29,861
1,587
3,590
9,240
54,687
25,300
12,980
12,320
29,387
2,140
4,482
9,189
27,923
18,734
5,360
7,776
440
10,852
4,881
2,576
2,305
5,971
342
11,378
5,635
2,948
2,687
5,743
448
739
11,158
7,682
7,303
460
46,117
22,588
12,076
10,512
23,529
1,829
3,404
3,206
21,568
18,362
6,605
8,061
425
1,063
5,147
4,085
1,738
1,987
103
812
636
5,201
4,565
1,719
2,022
107
588
940
585
5,417
4,833
1,618
2,039
105
-246,696
76,526
-170,170
-345,434
82,946
-262,488
-452,207
77,985
-374,222
-66,956
22,027
-44,929
-81,167
17,471
-63,696
-101,384
20,886
-80,498
Imports of private services
55
981
6,494
3,088
22,839
6,772
4,336
2,436
16,067
1,206
3,614
289
1,773
1,485
971
6,791
3,197
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 66.
689
421
259
287
11,401
5,526
2,894
2,632
5,875
12,486
6,546
3,658
2,888
5,940
451
913
923
5,803
4,880
1,530
2,013
109
-95,927
22,562
-73,365
65
July 2001
SURVEY OF CURRENT BUSINESS
Services Transactions
of dollars]
Seasonally adjusted
Not seasonally adjusted
2001
2000
1
II
\P
IV
III
1999
I
II
2000
III
I
IV
II
2001
Line
\P
IV
III
66,265
68,526
73,821
69,958
68,514
62,181
63,161
64,454
66,198
68,509
70,141
69,675
70,249
70,739
1
17,892
4,627
7,035
3,187
3,848
21,236
5,237
7,615
3,319
4,296
23,427
5,874
7,964
3,342
4,622
19,487
5,007
7,571
3,388
4,183
17,780
4,524
7,024
3,094
3,930
18,101
4,839
6,469
2,743
3,726
18,339
4,864
6,666
2,788
3,878
18,808
5,112
6,707
2,908
3,799
19,483
4,970
7,074
3,121
3,953
20,448
5,013
7,365
3,234
4,131
20,976
5,342
7,619
3,297
4,322
20,226
5,213
7,593
3,372
4,221
20,392
5,177
7,609
3,333
4,276
20,309
4,933
7,357
3,140
4,217
2
3
4
5
6
9,099
6,324
5,903
9,270
6,447
6,044
9,361
6,485
5,939
10,300
7,365
6,558
9,615
6,612
5,972
9,137
6,618
6,136
9,063
6,463
6,011
9,097
6,428
6,012
9,122
6,395
6,106
9,345
6,570
6,123
9,525
6,702
6,203
9,538
6,662
6,071
9,624
6,689
6,047
9,883
6,880
6,198
7
8
9
10
11
12
13
421
403
546
807
640
482
452
416
289
447
499
591
642
682
2,775
1,072
1,702
2,823
1,095
1,728
2,876
1,116
1,759
2,935
1,138
1,798
3,003
1,159
1,843
2,519
2,600
943
981
1,577
1,619
2,669
1,016
1,653
2,727
1,047
1,680
2,775
1,072
1,702
2,823
1,095
1,728
2,876
1,116
1,759
2,935
1,138
1,798
3,003
1,159
1,843
27,612
7,454
4,621
2,833
20,158
4,103
4,224
25,168
7,505
4,860
2,645
17,663
1,292
4,371
27,195
7,797
4,701
3,096
19,398
2,778
4,309
27,593
8,872
5,422
3,450
18,721
2,114
4,138
29,571
8,584
5,134
3,450
20,987
4,365
4,110
23,635
7,278
4,500
2,778
16,357
2,333
3,030
24,229
6,970
4,369
2,601
17,259
2,369
3,614
24,730
7,114
4,661
2,453
17,616
2,406
3,762
25,549
7,607
4,810
2,797
17,942
2,496
3,897
26,338
7,724
4,797
2,927
18,614
2,472
4,224
26,679
7,738
4,897
2,841
18,941
2,540
4,371
27,105
7,954
4,894
3,060
19,151
2,608
4,309
27,447
8,212
5,016
3,196
19,235
2,668
4,138
28,257
8,883
5,328
3,555
19,374
2,649
4,110
988
963
952
941
950
981
971
918
864
988
963
952
941
950
6,961
3,403
6,949
3,494
7,018
3,671
7,099
3,762
7,149
3,642
6,494
3,177
6,791
3,226
6,913
3,318
6,916
3,399
6,961
3,490
6,949
3,524
7,018
3,594
7,099
3,722
7,149
3,745
14
15
16
17
18
19
20
21
22
23
24
25
26
43,950
51,820
55,296
49,519
48,393
41,604
42,505
43,626
45,316
48,055
49,281
51,688
51,565
52,565
27
13,874
5,296
9,305
6,012
3,293
18,320
6,645
10,034
6,530
3,504
18,748
6,923
10,932
7,243
3,689
13,595
5,333
10,787
7,192
3,595
13,711
5,480
10,113
6,756
3,357
14,330
5,187
7,784
4,977
2,808
14,553
5,242
8,187
5,273
2,914
14,763
5,346
8,952
5,916
3,038
15,219
5,540
9,216
6,052
3,165
16,399
5,805
9,693
6,283
3,410
16,123
6,146
10,097
6,548
3,549
16,075
6,226
10,554
6,977
3,577
15,940
6,020
10,718
7,171
3,547
16,176
5,994
10,527
7,051
3,476
28
29
30
31
32
3,520
2,717
3,644
2,807
4,381
3,001
4,561
3,645
4,423
3,527
2,946
2,296
3,091
2,402
3,149
2,424
3,428
2,670
3,604
2,801
3,715
2,878
4,535
3,155
4,253
3,337
4,529
3,633
542
530
542
570
562
477
485
487
507
542
530
542
570
562
2,175
2,277
803
456
347
837
459
378
2,459
1,380
2,613
1,380
33
34
35
36
37
38
39
11,955
5,704
3,109
2,595
6,251
13,177
6,041
3,138
2,903
7,136
480
595
671
667
770
342
289
300
369
480
595
671
667
770
2,047
1,568
2,182
1,587
2,294
1,624
2,375
1,708
2,425
1,655
1,778
1,437
1,773
1,485
1,818
1,518
1,913
1,544
2,047
1,568
2,182
1,587
2,294
1,624
2,375
1,708
2,425
1,655
3,075
2,965
1,819
1,917
1,937
2,163
2,259
2,348
464
916
916
472
444
896
486
410
650
392
259
689
421
268
725
440
287
758
447
311
803
456
347
837
459
378
14,312
6,333
3,205
3,128
7,979
15,243
7,222
3,528
3,694
8,021
14,666
6,611
2,959
3,652
8,055
11,357
5,299
2,862
2,437
6,058
11,432
5,687
2,979
2,708
5,745
11,416
5,662
2,999
2,663
5,754
11,913
5,940
3,236
2,704
5,973
12,554
6,201
3,437
2,764
6,353
13,200
6,065
3,140
2,925
7,135
428
739
3,071
916
472
444
896
486
410
14,298
6,464
3,304
3,160
7,834
14,634
6,568
3,098
3,470
8,066
15,339
7,165
3,275
3,890
8,174
502
524
544
570
585
5,803
4,880
1,530
2,013
1,103
1,234
6,304
5,071
1,409
1,997
1,157
2,058
6,809
4,750
1,337
1,949
1,195
2,730
7,242
4,512
1,331
1,925
1,027
3,167
7,569
4,401
1,283
1,905
1,187
3,100
7,791
4,691
1,252
1,948
105
109
108
110
109
113
102
40
41
42
43
44
45
46
47
48
49
50
51
52
-91,732
20,828
-70,904
-95,419
20,882
-74,537
-107,405
20,454
-86,951
-111,671
20,860
-90,811
-114,611
17,987
-96,624
-118,520
18,684
-99,836
-112,397
18,174
-94,223
53
54
55
400
525
689
526
466
1,103
1,234
6,304
5,071
1,409
1,997
1,157
2,058
6,809
4,750
1,337
1,949
1,195
2,730
7,242
4,512
1,331
1,925
1,027
3,167
7,569
4,401
1,283
1,905
1,187
3,100
7,791
4,691
1,252
1,948
1,063
5,147
4,085
1,738
1,987
450
812
636
467
940
585
484
913
923
5,201
4,565
1,719
2,022
5,417
4,833
1,618
2,039
108
110
109
113
102
103
107
-99,495
22,315
-77,180
-108,029
16,706
-91,323
-124,233
18,525
-105,708
-120,450
20,439
-100,011
-103,764
20,121
-83,643
-73,993
20,577
-53,416
-84,290
20,656
-63,634
2,767
464
916
66
•
July 2001
SURVEY OF CURRENT BUSINESS
Footnotes to U.S. InternationalTransactionsTables 1-10A
General notes for all tables:p Preliminary.r Revised. * Less than $500,000 (+/-) D Suppressed to avoid disclosure of
data of individual companies.
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—increase 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 in line 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, aflU.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 CF 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 in the August issue of the SURVEY.
Additional footnotes for historical data in July issues of the SURVEY:
14. For 1974, includes extraordinary U.S. Government transactions with India. See "Special U.S. Government
Transactions," June 1974 SURVEY, p. 27.
15. For 1978-83, includes foreign currency-denominated notes sold to private residents abroad.
16. Break in series. See Technical Notes in the June 1989-90,1992-95, and July 1996-2001 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 July 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" monthly 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 Al.
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 offish 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 July 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 July 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.); Other countries: Eastern Europe, Latin America and Other Western Hemisphere, and other countries in Asia and Africa, less OPEC. Before 1984, complete geographic area detail was not available for some balance
of payments adjustments. Therefore, the detail shown does not always sum to the values shown for the area aggregates. For all years, "Asia" and "Africa" exclude certain Pacific Islands and unidentified countries included in "Other
countries in Asia and Africa."
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, Spain, and from January 2001, Greece.
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, software licensing fees, and other intangible
property rights.
3. Other unaffiliated services receipts (exports) include mainly expenditures of foreign governments and international organizations in the United States and film and television tape rentals. Payments (imports) include mainly expenditures of U.S. residents temporarily working abroad and film and television tape rentals.
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 military sales contracts. The entries for the several categories of transactions related to military sales contracts in this and other tables are partly estimated from incomplete data.
3. The identification of transactions involving direct dollar outflows from the United States is made in reports by
each operating agency.
4. Line 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 InterAmerican Development Bank (IDB).
3. Estimate for scheduled redemptions and identifiable early retirements. Includes estimates based on Canadian
statistics for redemptions of Canadian issues held in the United States. Unidentified and nonscheduled retirements
appear in line A30.
Table 7:
1. Estimates of transactions other than those with U.S. banks' Caribbean branches and with financial intermediaries (F.I.s) are not available. Preliminary estimates of transactions with F.I.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
deposits.
3. Mainly negotiable and readily transferable instruments, excluding U.S. Treasury securities.
4. Mainly International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), International Finance Corporation (IFC), Asian Development Bank (ADB), Inter-American Development Bank (IDB), and the Trust Fund of the International Monetary Fund.
5. U.S.-owned banks are mainly U.S.-chartered banks, 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. currencyflows,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.
67
July 2001
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 .
1998
1999
2000
17,828
20,651
22,051
4,019
5,379
4,564
6,689
4,372
4,665
4,803
8,212
3,267
13,294
13,270
4,152
9,118
13,842
13,774
3,911
16,850
16,821
7,205
9,616
2,582
2,574
506
2,068
3,100
3,097
662
2,434
2,852
2,847
630
2,217
5,307
5,256
2,113
3,143
2,916
2,912
1,026
3,237
3,232
718
2,514
3,652
3,634
1,248
2,386
7,044
7,043
4,213
2,830
2,305
2,299
326
1,973
18
1
5,177
1,314
394
736
-6
191
2,167
456
1,544
1
167
1,595
329
1,094
2
170
1,099
272
1,750
343
1,409
-2
1,368
410
1,050
335
715
1,009
412
597
1,061
521
541
122
7
112
-38
117
4
283
2
-294
4
59
-1
101
1
158
-100
-220
1
40
115
49
13
n
n
O
O
-15
110
-113
410
374
2,756
246
355
505
335
343
3,557
321
27
234
412
314
6,575
371
11
420
521
219
1,818
445
14
364
-15
110
-113
3,625
1,569
919
968
6,702
4,405
1,118
1,124
27
2,024
746
806
316
2
1,097
3
315
143
13
2000
2001
By category
Grants, net
U.S. Government current grants, net (table 1, line 36, with signs reversed)
Financing military purchasesx
Other grants
Cash contributions received from coalition partners for Persian Gulf operations
Debt forgiveness (table 1, part of Line 39, with sign reversed)
22
4,678
1,580
2,434
-3
667
6,175
1,451
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
-145
22
634
-24
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
51
29
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
3,999
-3
728
1,500
3,679
-2
n
D
2
15
2
42
328
1
-17
41
139
O
n
n
-210
330
1,580
1,451
2,003
11,575
1,636
1,806
1,147
1
201
n
206
-78
272
432
4,657
425
55
439
3
343
507
2,767
562
44
224
4
1
407
-78
1
21
3,354
1,261
1,007
757
67
3,200
1,011
1,245
716
34
282
49
157
111
1,019
40
1
1,465
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
1,500
394
497
1,058
456
571
2,458
269
1,204
282
3
41
178
329
502
2,496
750
80
1
37
1,964
192
467
211
10
2
287
11,446
5,536
3,061
2,381
215
13,705
5,655
3,203
2,644
264
16,880
8,246
4,289
3,564
422
2,581
818
727
527
48
3,803
992
874
648
24
3,220
1,504
2,166
391
133
2,380
1,858
407
3,143
496
376
478
493
20
624
1,191
142
594
11
110
683
164
135
14
42
6,382
20
42
6,946
90
1
5,172
1
2
1,438
3
41
1,576
13
-2
1,344
4,111
3,362
302
9,560
4,862
366
1,887
1,509
927
375
249
748
1,672
1,066
1,604
155
4,697
1,554
1,359
52
574.
252
473
8
196
1,026
848
106
475
233
26
8
178
3
1
2,588
5,093
955
178
253
372
16
136
4,138
-3,371
-3,361
-2,855
-2,849
-1,987
-1,968
-1,461
-1,064
-1,064
12,486
10,427
748
10,494
634
1,730
1,917
84
-32
2,381
215
-748
2,644
264
1,335
3,564
422
-791
527
48
-981
648
24
1,144
11,617
1,530
325
1,150
65
42
457
18
42
1,538
15,654
1,499
436
1,383
6
215
2
-2
186
1
By disposition3
46
Estimated transactions involving no direct dollar outflow from the United States
Expenditures on U.S. merchandise
Expenditures on U.S. services 4
Financing of military sales contracts by U.S. Government5 (line C6)
By long-term credits
By short-term credits 1
By grants 1
U.S. Government grants and credits to repay prior U.S. Government credits 1 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,x (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 principal repayments on
credits financing military sales contracts), net of refunds 1
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 1
By grants 1
Less transfers of goods and services (including transfers financed by grants for military purchases,
and by credits) 12 (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
See footnotes on page 66.
4,257
4,257
512
1,905
1,243
175
422
O
-1,458
1,701
31
370
208
1,089
3
186
831
776
4,101
2,342
771
693
182
-671
-1,000
2,860
278
171
776
182
852
693
9
2,380
3,143
478
624
594
683
15,920
14,060
4,217
4,526
3,855
3,322
0
(*)
-18
-3
-6
-6
-12
O
•2
673
54
126
37
1,265
1,265
124
586
498
49
""i'jsio
1,243
224
95
30
271
1,029
1,029
133
463
365
65
4
O
-474
-469
2,107
174
2,166
O
266
49
136
341
343
3,921
97
17,450
-10
-11
3
-2
1,329
1,329
174
715
384
48
295
2,171
73
-220
-213
2,444
296
-293
-297
3,772
91
-1,244
-1,244
1,248
224
-241
757
67
-106
716
34
295
1,682
1,124
27
-806
316
2
683
673
1,097
315
3,401
3,910
3,329
3,420
3,388
O
D
O
-5
O
n
-3
-7
-5
-2
-10
68
• July 2001
SURVEY OF CURRENT BUSINESS
Table 5—Direct Investment: Income, Capital, Royalties and
[Millions
Not seasonally adjusted
(Credits +; debits - )
2000
U.S. direct investment abroad:
103,835
100,777
56,742
44,034
3,060
5,658
-2,599
123,718
120,221
46,903
73,318
3,499
6,330
-2,832
149,240
145,674
45,984
Less: Current-cost adjustment
Less: Withholding taxes
11,512
1,648
Equals: Income without current-cost adjustment, after deduction of withholding taxes 2
Petroleum
Manufacturing
Other
Income with current-cost adjustment, before deduction of withholding taxes (table 1, line 14)
Earnings
Distributed earnings
Reinvested earnings
Interest1
U.S. parents' receipts
U.S. parents' payments
Capital with current-cost adjustment (table 1, line 51)
Equity capital
Increases in equity capital 3
Decreases in equity capital 4
Reinvested earnings
Intercompany debt
U.S. parents' receivables
U.S. parents' payables
30,363
29,534
8,538
3,566
7,150
-3,585
27,834
26,996
11,823
15,173
839
1,486
-648
12,835
1,705
13,180
1,273
90,675
7,228
29,682
53,766
109,178
10,095
33,965
65,118
-142,516
-72,447
-96,817
24,370
-44,034
-26,035
-43,289
17,255
-155,385
-58,786
-90,802
32,017
-73,318
-23,282
-34,040
10,759
20,996
829
1,496
-667
32,268
31,362
10,908
20,454
907
1,607
-700
33,253
32,329
15,634
16,695
924
1,741
-817
3,142
424
3,200
252
3,236
493
3,257
536
134,787
18,523
39,268
76,996
24,268
1,803
7,481
14,984
26,911
2,119
8,734
16,058
28,539
2,836
8,977
16,727
29,460
3,337
8,773
17,349
-152,437
-49,907
-70,273
20,366
-99,691
-2,840
-15,955
13,115
-41,531
-16,834
-20,194
3,360
-15,173
-37,819
-10,365
-22,699
12,334
-20,996
-6,458
-7,226
-51,540
-23,760
-27,552
3,793
-20,454
-7,327
-14,880
7,554
-24,495
-7,827
-20,357
-9,524
-9,159
-365
12,530
-16,695
27
-2,775
2,802
-11,512
-12,835
-13,180
-3,142
-3,200
-3,236
-3,257
-131,004
-72,447
-7,320
-15,403
-49,725
-32,522
-512
-10,091
-21,919
-26,035
339
2,371
-28,745
-142,550
-58,786
-6,364
-14,780
-37,642
-60,483
-4,415
-16,709
-39,359
-23,282
-898
-2,614
-19,770
-139,257
-49,907
-4,553
-18,180
-27',172
-86,511
-13,165
-23,466
-49,881
-2,840
7,313
-2,455
-7,700
-38,389
-16,834
-1,347
-2,791
-12,696
-12,031
-485
-3,762
-7,784
-9,524
-1,434
-582
-7,508
-34,619
-10,365
-1,564
-5,113
-3,689
-17,796
-5,713
-11,215
-6,458
1,451
-1,581
-6,328
-48,304
-23,760
-86
-4,851
-18,822
-17,218
-1,629
-5,231
-10,357
-7,327
101
-2,646
-4,782
-21,238
-7,827
-3,367
-2,025
-2,435
-13,438
-1,432
-2,003
-10,003
27
-1,016
2,195
-1,152
22,580
24,362
-1,782
22,310
24,265
-1,956
22,261
24,444
-2,184
5,436
5,912
-477
5,364
5,849
-485
5,886
-487
6,111
6,618
-507
7,720
18,135
-10,415
6,262
18,340
-12,076
6,623
19,604
-12,980
1,767
4,344
-2,576
4,336
-2,948
1,587
4,481
-2,894
-3,658
-37,582
-27,219
-25,214
-2,006
-10,362
-12,188
1,825
-56,674
-41,284
-21,299
-19,984
-15,392
-17,053
1,662
-68,009
-48,394
-24,744
-23,651
-19,614
-22,278
2,664
-7,557
-3,554
-4,002
-3,135
-3,528
393
-14,826
-11,110
-6,390
-4,721
-3,715
-4,095
-16,735
-12,800
-4,317
-8,482
-3,936
-4,327
-14,422
-9,817
-7,038
-2,779
-4,606
-5,103
497
-3,775
-1,404
-6,031
-864
-6,539
-1,312
-1,363
-136
-1,484
-207
-1,568
-262
-1,616
-259
Equals: Income without current-cost adjustment, after deduction of withholding taxes 2
Petroleum
Manufacturing
Other
-32,403
-1,443
-19,319
-11,640
-49,779
—4,811
-26,736
-18,234
-60,158
-13,915
-25,550
-20,693
-9,192
57
-5,730
-3,520
-13,135
-1,488
-12,547
-4,739
-14,905
-2,387
-6,936
-5,582
Capital with current-cost adjustment (table 1, line 64)
Equity capital
Increases in equity capital 3
Decreases in equity capital 4
Reinvested earnings
Intercompany debt
U.S. affiliates'payables
U.S. affiliates'receivables
178,209
147,091
185,217
-38,126
2,006
29,111
43,964
-14,853
301,006
225,619
254,278
287,655
216,749
233,864
-17,115
23,651
47,255
66,674
-19,418
35,465
14,731
23,368
-8,637
4,002
16,732
18,226
-1,494
151,921
133,803
138,313
-4,510
4,721
13,398
5,912
7,486
51,997
30,500
32,607
-2,107
8,482
13,014
21,212
-8,197
61,623
46,585
59,990
-13,405
2,779
12,260
10,046
2,215
Less: Current-cost adjustment (line 8 with sign reversed)
Equals: Capital without current-cost adjustment2
Equity capital (line 15)
Petroleum
Manufacturing
Other
Reinvested earnings without current-cost adjustment (line 18 less line 22)
Petroleum
Manufacturing
Other
Intercompany debt (line 19)
Petroleum
Manufacturing
Other
".
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)
Other private services, before deduction of withholding taxes, net
U.S. parents' receipts (table 1, part of line 10)
U.S. parents' payments (table 1, part of line 27)
-869
1,520
5,179
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
-28,659
19,984
55,404
55,396
10
-993
-7,162
-4,393
3,775
6,031
6,539
1,363
1,484
1,568
1,616
174,434
147,091
57,337
294,975
225,619
915
53,065
171,637
13,953
2,844
281,116
216,749
35,599
55,434
125,715
17,112
9,667
5,687
1,758
47,255
2,801
34,102
150,437
133,803
424
50,429
30,500
271
29,697
33,938
15,005
6,165
24,064
6,914
1,944
3,162
1,809
13,014
834
3,581
8,600
60,007
46,585
208
9,481
30,087
-1,769
-661
545
-1,654
29,111
2,247
23,196
3,670
9,109
2,002
55,404
1,890
28,710
24,804
14,731
12
7,722
6,997
2,639
-350
2,959
31
16,732
587
10,516
1,140
103,681
3,237
1,033
1,661
543
13,398
382
6,047
1,163
217
1,327
-381
12,260
87
4,077
8,095
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)
-4,814
-6,765
1,951
-6,195
-7,835
1,640
-7,809
-9,986
2,177
-1,301
-1,758
456
-1,473
-1,855
382
-1,422
-1,832
411
-2,390
391
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)
1,018
-9,022
10,041
116
-10,512
10,629
-296
-12,320
12,024
380
-2,305
2,685
-251
-2,687
2,436
-149
-2,632
2,484
136
-2,888
3,024
See footnotes on page 66.
69
July 2001
SURVEY OF CURRENT BUSINESS
License Fees, and Other Private Services
of dollars]
Not seasonally adjusted
Seasonally adjusted
2000
1
II
2001
\P
IV
III
1999
I
II
27,557
26,718
14,549
12,169
29,994
29,165
9,514
19,651
2000
IV
III
I
II
34,734
33,894
9,820
24,074
37,591
36,769
12,151
24,618
Line
2001
\p
IV
III
38,349
37,391
11,492
25,899
1,819
-973
39,581
38,523
12,454
26,069
1,058
1,989
-931
1
2
3
4
5
6
7
840
822
846
1,628
-789
1,714
-892
1,819
-973
38,930
37,872
18,553
19,319
1,058
1,989
-931
3,212
3,254
3,316
3,398
3,500
3,142
3,200
3,236
3,257
3,212
3,254
3,316
3,398
3,500
298
316
239
420
342
507
274
564
360
344
359
268
302
407
8
9
31,799
3,990
9,822
17,987
34,385
4,094
10,347
19,944
33,491
4,736
9,722
19,033
35,112
5,703
9,377
20,032
35,113
5,124
9,372
20,617
23,908
1,573
7,351
14,984
26,519
2,138
8,323
16,058
28,669
2,936
9,006
16,727
30,080
3,446
9,285
17,349
31,177
3,507
9,683
17,987
33,978
4,170
9,864
19,944
33,751
4,929
9,789
19,033
35,881
5,917
9,932
20,032
34,443
4,567
9,259
20,617
10
11
12
13
-40,915
-15,531
-18,275
2,744
-26,601
1,217
-3,867
5,084
-35,626
-14,323
-19,324
5,001
-26,898
5,595
-1,214
6,809
-43,576
-7,885
-13,685
5,800
-26,873
-8,819
-5,635
-3,184
-32,320
-12,168
-18,989
6,821
-19,319
-833
-5,239
4,406
-35,978
-11,587
-14,967
3,380
-28,862
4,471
4,363
-36,474
-10,365
-22,699
12,334
-19,651
-6,458
-7,226
-2,775
2,802
-38,388
-15,531
-18,275
2,744
-24,074
1,217
-3,867
5,084
-33,346
-14,323
-19,324
5,001
-24,618
5,595
-1,214
6,809
-41,634
-7,885
-13,685
5,800
-24,930
-8,819
-5,635
-3,184
-39,070
-12,168
-18,989
6,821
-26,069
-833
-5,239
4,406
-33,015
-11,587
-14,967
3,380
-25,899
4,471
4,363
768
-49,750
-23,760
-27,552
3,793
-18,663
-7,327
-14,880
7,554
-30,631
-7,827
-20,357
12,530
-22,831
108
-38,527
-16,834
-20,194
3,360
-12,169
-9,524
-9,159
-365
108
14
15
16
17
18
19
20
21
-3,212
-3,254
-3,316
-3,398
-3,500
-3,142
-3,200
-3,236
-3,257
-3,212
-3,254
-3,316
-3,398
-3,500
22
-37,703
-15,531
-567
-5,808
-9,156
-23,389
-3,159
-6,501
-13,729
1,217
1,725
-3,319
2,811
-32,372
-14,323
-2,556
-4,637
-7,129
-23,644
-3,122
-6,885
-13,638
5,595
4,070
-708
2,233
-40,260
-7,885
-550
-2,246
-5,089
-23,557
-3,433
-6,577
-13,547
-8,819
-472
1,819
-10,167
-28,922
-12,168
-880
-5,489
-5,798
-15,921
-3,451
-3,503
-8,967
-833
1,990
-247
-2,577
-32,478
-11,587
-2,335
-4,308
-4,944
-25,362
-3,823
-5,257
-16,281
4,471
-35,385
-16,834
-1,347
-2,791
-12,696
-9,027
-46,514
-23,760
-27,374
-7,827
-3,367
-2,025
-2,435
-19,574
-2,128
-4,603
-12,843
-1,016
2,195
-1,152
-35,176
-15,531
-567
-5,808
-9,156
-20,862
-2,494
-5,513
-12,855
1,217
1,725
-3,319
2,811
-30,092
-14,323
-2,556
-4,637
-7,129
-21,364
-2,971
-5,754
-12,639
5,595
4,070
-708
2,233
-38,318
-7,885
-550
-2,246
-5,089
-21,614
-3,371
-6,235
-12,008
-8,819
-472
1,819
-10,167
-35,672
-12,168
-880
-5,489
-5,798
-22,671
-4,328
-5,964
-12,379
-833
1,990
-247
-2,577
-29,515
-11,587
-2,335
-4,308
^,944
-22,399
-2,987
-4,060
-15,352
4,471
2,087
2,073
-2,699
-6,276
-9,524
-1,434
-582
-7,508
-33,274
-10,365
-1,564
-5,113
-3,689
-16,451
-728
^,690
-11,033
-6,458
1,451
-1,581
-6,328
2,087
2,073
23
24
25
26
27
28
29
30
31
32
33
34
35
5,361
5,903
-542
5,515
6,044
-530
5,397
5,939
-542
5,988
6,558
-570
5,410
5,972
-562
5,659
6,136
-477
5,526
6,011
-485
5,525
6,012
^87
5,599
6,106
-507
5,581
6,123
-542
5,673
6,203
-530
5,529
6,071
-542
5,477
6,047
-570
5,636
6,198
-562
36
37
38
1,511
4,621
-3,109
1,722
4,860
-3,138
1,496
4,701
-3,205
1,894
5,422
-3,528
2,174
5,134
-2,959
1,638
4,500
-2,862
1,390
4,369
-2,979
1,662
4,661
-2,999
1,574
4,810
-3,236
1,360
4,797
-3,437
1,757
4,897
-3,140
1,590
4,894
-3,304
1,918
5,016
-3,098
2,053
5,328
-3,275
39
40
41
-18,003
-13,972
-6,417
-7,555
-4,031
-4,738
-20,051
-15,457
-5,249
-10,209
-4,594
-5,217
-16,369
-11,023
-5,561
-5,462
-5,345
-5,986
-13,586
-7,942
-7,517
-425
-5,644
-6,337
-14,699
-9,338
-6,474
-2,863
-5,361
-5,981
-11,009
-7,874
-4,116
-3,758
-3,135
-3,528
-14,249
-10,534
-6,381
-4,153
-3,715
-4,095
-16,649
-12,713
-5,424
-7,289
-3,936
-4,327
-14,766
-10,160
-5,377
-4,783
-4,606
-5,103
-18,369
-14,338
-7,186
-7,152
^,031
-4,738
-19,474
-14,880
-4,842
-10,038
-4,594
-5,217
-16,286
-10,941
-6,688
-4,253
-5,345
-5,986
-13,878
-8,234
-6,026
-2,208
-5,644
-6,337
-15,086
-9,725
-7,295
-2,430
-5,361
-5,981
35,309
34,469
7,869
26,601
37,955
37,133
10,235
26,898
37,046
36,200
9,327
26,873
37,335
36,489
11,559
24,930
958
839
829
907
924
840
822
846
1,922
-964
1,486
-648
1,496
-667
1,607
-700
1,741
-817
1,628
-789
1,714
-892
310
-52
32,469
31,562
12,899
18,663
33,698
32,774
9,943
22,831
38,955
37,996
9,134
28,862
-86
-4,851
-18,822
-15,427
-1,503
-4,717
-9,207
-7,327
101
-2,646
-4,782
27
27
958
1,922
-964
310
707
623
641
693
620
393
380
392
497
707
623
641
693
620
42
43
44
45
46
47
48
-1,547
-326
-1,595
-315
-1,659
-286
-1,738
-385
-1,833
-318
-1,363
-168
-1,484
-266
-1,568
-272
-1,616
-157
-1,547
-410
-1,595
-389
-1,659
-282
-1,738
-230
-1,833
-423
49
50
-16,130
-2,643
-7,578
-5,909
-18,141
-3,920
-8,340
-5,881
-14,424
-4,143
-6,101
-4,180
-11,463
-3,209
-3,531
-4,723
-12,548
-3,922
-4,012
-4,613
-9,479
-6,016
-3,520
-12,499
-1,488
-6,272
-4,739
-14,809
-2,387
-6,840
-5,582
-12,994
-993
-7,608
-4,393
-16,413
-2,643
-7,861
-5,909
-17,489
-3,920
-7,688
-5,881
-14,345
-4,143
-6,022
-4,180
-11,911
-3,209
-3,979
-4,723
-12,830
-3,922
-4,295
-4,613
51
52
53
54
36,911
25,012
30,516
-5,504
7,555
4,344
10,832
-6,488
90,565
73,056
75,614
-2,557
10,209
7,300
10,461
-3,160
77,255
37,246
44,255
-7,009
5,462
34,547
35,456
-909
82,924
81,435
83,479
-2,045
42,072
26,264
26,994
-730
2,863
12,944
-518
13,463
35,221
14,731
23,368
-8,637
3,758
16,732
18,226
-1,494
151,354
133,803
138,313
-4,510
4,153
13,398
5,912
7,486
50,803
30,500
32,607
-2,107
7,289
13,014
21,212
-8,197
63,628
46,585
59,990
-13,405
4,783
12,260
10,046
2,215
36,508
25,012
30,516
-5,504
7,152
4,344
10,832
-6,488
90,394
73,056
75,614
-2,557
10,038
7,300
10,461
-3,160
76,046
37,246
44,255
-7,009
4,253
34,547
35,456
-909
84,707
81,435
83,479
-2,045
2,208
1,064
9,925
-8,861
41,638
26,264
26,994
-730
2,430
12,944
-518
13,463
55
56
57
58
59
60
61
62
425
1,064
9,925
-8,861
57
1,547
1,595
1,659
1,738
1,833
1,363
1,484
1,568
1,616
1,547
1,595
1,659
1,738
1,833
63
35,364
25,012
88,970
73,056
34,179
10,920
27,957
8,614
3,127
5,186
75,596
37,246
40,239
26,264
1,378
8,917
15,969
1,030
1,540
-707
33,858
14,731
149,870
133,803
49,235
30,500
62,012
46,585
34,961
25,012
74,387
37,246
12
424
271
208
125
7,722
6,997
2,395
-350
3,157
-412
16,732
29,697
103,681
2,669
1,033
9,481
36,895
3,167
39,805
26,264
1,378
8,917
15,969
755
12,260
8,274
16,613
5,605
2,192
1,920
1,493
4,344
82,969
81,435
1,164
30,416
49,854
13,398
6,165
24,064
5,721
1,944
2,356
1,421
13,014
88,799
73,056
34,179
10,920
27,957
8,443
3,127
4,561
-636
34,547
587
382
834
87
475
26,733
6,864
81,186
81,435
1,164
30,416
49,854
-1,313
1,639
-2,661
-291
1,064
1,540
-2,324
1,848
15,005
1,140
6,047
6,969
3,581
8,600
4,077
8,095
64
65
66
67
68
69
70
71
72
73
74
75
76
125
8,274
16,613
6,008
2,192
1,786
2,030
4,344
301
131
5,824
31,291
3,803
2,709
1,376
-282
34,547
197
12,944
-720
10,976
2,689
739
897
217
2,855
95
131
5,824
31,291
2,594
2,709
521
470
597
1,639
-1,315
1,540
-491
-452
12,944
-720
10,976
2,689
146
4,757
-888
7,300
-163
4,772
2,692
-1,754
-2,175
-1,874
-2,277
-1,913
-2,459
-2,268
-3,075
-2,325
-2,965
-1,337
-1,819
-1,465
-1,917
-1,521
-1,937
-1,874
-2,163
-1,812
-2,259
-1,849
-2,348
-2,022
-2,613
-2,125
-2,767
-2,389
-3,071
421
403
546
807
640
482
452
416
289
447
499
591
642
682
77
78
79
238
-258
-2,903
2,645
-32
-244
-3,694
3,450
-202
-3,652
3,450
341
-210
-2,663
2,453
163
-84
-2,437
2,778
-107
-2,708
2,601
93
-3,128
3,096
-2,704
2,797
-2,764
2,927
-2,925
2,841
-100
-3,160
3,060
-274
-3,470
3,196
-335
-3,890
3,555
80
81
82
475
-2,595
2,833
949
4,757
-888
7,300
-163
4,772
2,692
26,733
6,864
1,064
1,540
-2,324
1,848
949
70
% July 2001
SURVEY OF CURRENT BUSINESS
Table 6.—Securities Transactions
[Millions of dollars]
Not seasonally adjusted
Line
(Credits +; debits - )
1998
1999
1999
2000
2000
II
I
IV
2001
I
IV
\p
-136,135
-131,217
-124,935
975
-71,379
-42,415
-27,546
-39,639
-33,129
-24,621
-28,535
-101,284
-114,391
-99,735
4,955
-71,089
-30,427
-17,830
-15,638
-46,466
-15,272
-22,359
-25,530
New issues in the United States
Of which Western Europe
Canada
Latin America
-11,608
-3,949
-8,770
-15,526
-2,924
-1,665
-1,477
-1,121
-3,047
-2,614
-445
-1,496
-1,988
-665
-1,894
-8,075
-2,645
-3,641
-279
-186
-1,916
-1,142
(D)
Transactions in outstanding stocks, net
Western Europe
Of which United Kingdom
Canada
Japan
Other
-89,676
-70,515
-44,483
3,779
-1,538
-21,402
-105,621
-43,671
-45,270
-2,456
-46,045
-13,449
-84,209
-54,216
-41,472
-17,972
17,709
-29,730
6,076
15,634
-27,813
-2,957
-192
-3,355
-8,909
-12,592
-15,842
3,062
-38,391
-27,193
-23,107
-5,413
11,729
-17,514
-11,631
-12,184
-8,337
-20,443
-14,566
-6,871
-6,429
1,637
-1,085
-24,388
-12,977
-9,285
254
-6,480
-5,185
-34,851
-16,826
-25,200
-58,295
-34,775
-8,701
-2,764
-46,420
-410
Foreign securities, net U.S. purchases (-), (table 1, line 52 or lines 2 + 13 below) ....
Stocks, net U.S. purchases
-737
-1,244
-335
-19,836
1,267
-13,744
-273
-3,157
-3,131
-1,561
-8,779
-742
-1,477
-792
-68,042
-59,410
-56,825
1,280
-8,580
-1,332
-568
-11,908
6,827
-17,857
-2,262
-3,005
-54,273
-7,791
-14,208
-9,673
-3,103
-11,187
-7,811
-22,864
-12,411
-8,325
-11,439
-1,450
-21,886
-15,548
-1,595
-3,790
-225
-3,776
-4,677
-1,175
-8,356
-1,150
-6,500
-350
-4,337
-2,400
"-8"523
-1,822
-50
-1,231
-5,180
-231
-6,648
-1,000
-15,215
-1
-245
-12,166
-3,253
-59
-4,813
-200
-17,474
-9,940
-2,271
-13,011
-14,984
-615
-8,797
-4,794
-50
-12,834
-8,300
-26,745
-2,662
-2,000
-17,894
-4,972
-3,797
-724
-5,000
-1,545
-700
-3,425
-615
-11,913
-1,377
-10,535
-285
-350
-923
-6,760
-2,927
-550
-2,578
-2,064
-339
-2,431
-1,340
-8,648
-926
-745
-846
-4,763
-2,089
-200
17,522
3,682
3,135
9,974
731
18,532
5,254
4,273
6,447
2,558
20,886
4,120
6,927
8,148
1,691
3,463
2,415
1,403
572
185
255
6,572
1,584
1,785
2,213
6,082
1,468
794
2,673
1,147
2,364
433
1,008
783
140
5,626
491
3,886
853
396
5,951
1,855
750
2,661
6,945
1,341
1,283
3,851
470
7,422
1,670
1,571
2,324
1,857
5,922
-7,533
8,187
-19,589
-26,668
652
5,608
21,516
348
1,754
1,251
-257
-1,718
11,503
9,046
10,359
334
3,206
-1,083
-8,887
-3,547
-6,189
-3,085
-8,937
9,012
-9,070
-37
-788
1,444
-4,989
-9,385
-530
3,241
8,582
-583
-4,895
-2,449
328
2,222
1,762
1,834
4,548
-1,124
-2,034
1,515
10,498
-944
-11,733
-13,862
3,844
1,517
5,428
3,204
2,048
-2,297
-628
742
1,042
-2,102
-11,323
-13,836
-246
840
8,627
218,091
343,963
485,644
63,430
83,903
95,412
101,218
136,208
94,400
128,393
126,643
147,132
45,647
112,956
192,741
10,400
32,965
24,701
44,890
66,045
33,619
53,825
39,252
41,030
62,194
9,067
4,836
21,776
-5,634
-1,680
-9,233
91,932
13,367
5,377
40,603
11,681
5,131
4,212
181,263
31,600
11,727
71,810
7,690
2,018
1,770
18,932
2,370
22,322
1,062
-959
17,497
-806
3,452
-267
31,342
5,765
412
10,755
9,084
2,517
1,947
62,150
15,542
6,753
13,515
1,730
-5,344
40,847
9,297
2,268
-2,898
-6,804
19,336
4,170
3,834
4,661
2,233
2,060
9,336
7,509
-1,072
-7,302
44,382
3,649
3,548
24,430
604
3,540
5,299
33,884
3,112
-842
18,197
4,210
4,894
-3,736
33,616
3,738
2,048
11,164
4,383
826
2,205
Corporate and other bonds, net foreign purchases
172,444
231,007
292,903
53,030
50,938
70,711
56,328
70,163
60,781
74,568
87,391
106,102
By type:
New issues sold abroad by U.S. corporations
U.S. federally sponsored agency bonds, net
Other outstanding bonds, net
53,977
50,397
68,070
41,843
71,784
117,380
64,965
111,830
116,108
9,332
18,100
25,598
7,823
17,045
26,070
18,298
21,063
31,350
6,390
15,576
34,362
13,560
26,010
30,593
17,759
24,024
23,788
28,589
22,191
9,858
38,233
39,300
17,694
38,768
49,640
125,544
4,431
3,564
99,095
5,911
8,377
32,358
254
135,088
6,502
4,178
107,038
4,472
17,560
73,451
436
167,375
3,100
2,883
141,330
10,890
31,415
1,387
475
25,275
532
1,527
17,467
-3
41,869
2,463
1,450
32,003
1,066
8,898
18,329
549
30,653
44,702
190
42,420
837
1,060
35,850
47,204
851
499
38,347
2,281
14,065
61,528
3,330
2,686
75,794
-52
31,151
1,851
1,093
23,535
1,081
1,317
19,658
-177
4,123
6,332
202
-3,689
44,202
-9,861
20,350
1,543
-628
-672
-6,302
-7,081
40,909
2,019
1,108
^8,025
5,993
-3,076
5,792
-678
161
4,682
-1,093
1,835
1,590
-1,379
13,923
1,389
6,730
941
175
-10,218
Bonds, net U.S. purchases
New issues in the United States
By issuer:
Central governments and their agencies and corporations
Other governments and their agencies and corporationsl
Private corporations
International financial institutions 2
By area:
Western Europe
Canada
Japan
Latin America
Other countries
International financial institutions 2
Redemptions of U.S.-held foreign bonds 3
Western Europe
Canada
Other countries
International financial institutions2
Other transactions in outstanding bonds, net 3
Western Europe
Of which United Kingdom
Canada
Japan
Other
U.S. securities, excluding Treasury securities and transactions of foreign official
agencies, net foreign purchases (+), (table 1, line 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
-10,295
1,632
-36,898
-232
12,991
-46
-8,720
-290
-1,825
-50
-3,460
-2,456
1,122
1,376
2,090
7,690
1,170
-9,506
288
1,522
801
1,160
26,225
1,793
5,818
17,997
67
-872
-385
-2,000
-6,070
759
40,053
3,368
4,217
17,987
-111
-967
15,668
1,146
33,049
1,222
565
27,080
2,147
8,030
17,552
3
5,904
-2,352
3,094
12,584
16,285
185
48,549
-129
892
7,403
36,132
147
-11,049
8,196
683
297
-16,021
3,142
3,574
1,033
-30
-522
23,970
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 66.
-310
415
7,977
8,107
423
508
-9,871
3,586
10,334
491
413
-14,149
-6,816
14,272
422
-110
-7,984
SURVEY OF CURRENT BUSINESS
July 2001
71
Table 7.—Claims on and Liabilities to Unaffiliated Foreigners Reported by U.S. Nonbanking Concerns
[Millions of dollars]
Not seasonally adjusted
Line
(Credits +; increase in U.S. liabilities or decrease in U.S. assets.
Debits -; decrease in U.S. liabilities or increase in U.S. assets.)
1998
2000
2000
2001
Amounts
outstanding
Mar. 31,
2001
-38,204
-85,700
-163,846
-33,328
-27,605
-13,555
-11,212
-75,256
-29,491
-14,585
-44,514
-5,618
-38,179
-35,161
-3,018
-80,472
-64,732
-15,740
-162,372
-144,302
-18,070
-33,695
-11,795
-8,828
-2,967
-8,465
-4,928
-3,537
-75,228
-65,779
-9,449
-29,539
-31,065
1,526
-14,509
-4,435
-10,074
-43,096
-43,023
-73
-5,618
-5,618
-7,393
-26,517
-24,674
-1,843
792,928
692,190
100,738
By type: Deposits2
Financial intermediaries' accounts
Other claims 23
-6,779
-30,558
-842
-41,113
-34,888
-4,471
-133,371
-28,339
-662
-14,567
-18,751
-377
-19,209
-6,769
-539
-13,340
2,695
-1,150
6,003
-12,063
-2,405
-52,929
-22,206
-93
-31,470
2,890
-959
-413
-15,487
1,391
-48,559
6,464
-1,001
7,956
-13,574
582,224
199,465
11,239
By area: Industrial countries4
Of which United Kingdom
Canada
Caribbean banking centers5
Other
-25,046
-3,093
5,030
-13,484
351
-70,463
-35,908
-4,893
-7,687
-2,322
-81,002
-49,637
-2,449
-76,963
-4,407
-45,505
-24,769
-3,459
12,464
-654
-14,468
-13,613
610
-11,697
-352
12,277
15,035
3
-22,240
-1,832
-22,767
-12,561
-2,047
13,786
516
-36,427
-28,402
1,273
-37,059
-1,742
-14,181
-11,824
206
-14,148
-1,210
-33,171
-6,602
-3,559
18,737
-75
2,777
-2,809
-369
-44,493
-1,380
-25
-258
233
-5,228
-4,650
-578
-1,474
-780
-694
367
107
260
-1,088
-1,100
12
-1,760
-926
-834
-2,747
-2,731
-16
-28
1,003
-1,031
48
-1,317
1,365
-76
194
-270
-1,418
-660
-758
37,941
35,040
2,901
-5,427
-829
-645
478
-111
-1,067
-21
-1,606
-154
-3,232
485
1,186
-1,214
166
-118
-253
177
-1,928
510
33,479
4,462
-1,444
-48
-268
-2,470
-126
-151
-78
150
-100
293
109
-354
-362
-37
323
-1,351
438
-505
23,839
1,793
12,309
Claims, total (table 1, line 53)
Financial claims
Denominated in U.S. dollars
Denominated in foreign currencies
Commercial claims
Denominated in U.S. dollars
Denominated in foreign currencies
By type: Trade receivables
Advance payments and other claims
7,956
-13,574
446,234
254,714
13,034
311,323
35,371
By area: Industrial countries4
Members of OPEC 6
Other
-581
230
326
-4,006
-501
-721
-1,498
660
-636
47
25
295
-139
-352
-597
Liabilities, total (table 1, line 68)
23,140
69,075
177,010
46,262
16,799
14,883
85,188
24,400
19,078
48,344
42,269
753,369
27,148
41,326
-14,178
70,738
77,610
-6,872
164,606
146,271
18,335
49,413
44,787
4,626
16,949
22,649
-5,700
-8,863
-8,633
-230
13,239
18,807
-5,568
85,105
79,549
5,556
22,419
18,931
16,572
15,833
739
40,510
31,958
8,552
42,269
42,269
726,681
682,450
44,231
By type: Financial intermediaries' accounts
Other liabilities
12,993
14,155
1,745
50,512
114,094
38,506
10,907
10,156
6,793
3,372
-12,235
16,959
-3,720
25,607
-23,811
46,230
7,586
5,839
34,671
9,618
32,651
252,123
474,558
By area: Industrial countries4
Of which United Kingdom
Caribbean banking centers5
Other
15,129
23,292
12,621
-602
90,686
52,109
-21,891
1,943
121,814
84,357
38,092
4,700
44,568
30,971
3,354
1,491
27,143
13,068
-12,406
2,212
-5,201
-5,042
-2,386
-1,276
24,176
13,112
-10,453
-484
84,485
55,399
-1,571
2,191
-1,557
-3,451
19,809
4,167
12,104
11,796
2,983
1,485
26,782
20,613
16,871
-3,143
32,651
471,220
292,167
223,555
31,906
-4,008
-3,434
-574
-1,663
-1,963
300
12,404
11,212
1,192
-3,151
-3,533
382
-150
-202
52
-6
-46
40
1,644
1,818
-174
83
-152
235
1,981
2,729
-148
2,506
2,454
52
7,834
6,781
1,053
26,688
24,178
2,510
By type: Trade payables
Advance receipts and other liabilities
74
-4,082
1,879
-3,542
1,448
10,956
-979
-2,172
936
-1,086
1,716
-1,722
206
1,438
-456
539
1,363
618
154
2,352
387
7,447
14,305
12,383
By area: Industrial countries4
Members of OPEC 6
Other
-1,473
-354
-2,181
-1,151
-160
-352
10,763
288
1,353
-2,714
-482
45
-247
-286
-751
688
57
1,931
-119
-168
-451
-325
859
1,303
90
1,938
261
307
-951
97
14,643
3,662
8,383
Financial liabilities
Denominated in U.S. dollars
Denominated in foreign currencies
Commercial liabilities
Denominated in U.S. dollars
Denominated in foreign currencies
See footnotes on page 66.
72
•
SURVEY OF CURRENT BUSINESS
July 2001
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.)
2000
1999
2000
2001
Total (table 1, line 54)
-35,572
-76,263
-138,500
23,037
-36,016
-10,476
-52,808
-56,234
7,455
-18,147
By type:
Banks' own claims
-18,739
-49,907
-111,665
29,286
-23,505
-14,101
-41,587
-14,840
-23,286
-26,770
-58,144
-118,740
35,039
-42,719
-9,843
-40,621
-17,396
-18,056
-52,850
3,024
-2,961
26,017
-45,147
9,020
-11,548
-10,469
-100,423
-2,436
-3,237
-12,644
26,950
12,044
-10,069
6,114
-21,764
-10,483
-3,078
-7,394
-272
2,339
2,271
-14,181
-50,061
5,120
-672
4,992
-23,777
7,263
-1,496
614
4,432
1,033
-5,366
-5,082
-8,446
70
-35,408
-518
21,093
-2,314
5,498
-1,512
-13,390
2,579
-1,417
-21,176
-9,099
-2,499
-57,282
5,296
-1,838
-40,065
18,903
-7,175
-65,015.
-1,499
-7,380
5,857
9,838
-5,708
-30,155
-4,897
-868
13,118
1,433
471
-3,305
30,260
-1,437
-14,912
2,076
-7,983
4,520
-3,745
-5,974
-8,092
-1,673
-10,964
Payable in dollars
By borrower:
Claims on:
own foreign offices
unaffiliated foreign banks
foreign public borrowers1
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
Payable in foreign currencies
-3,013
8,391
388
Amounts
outstanding Mar.
31, 2001
-71,574
-90,027
1,347,402
-22,160
-51,379
-101,013
1,055,380
-27,883
-55,405
-82,788
984,305
-5,686
967
-4,638
-33,502
1,812
787
3,020
-37,458
-12,478
2,110
-7,579
-43,493
-13,658
-7,695
-17,942
667,358
108,623
49,097
159,227
13,706
6,260
1,881
-18,591
-1,950
972
-16,354
-542
-11
-14,169
-6,781
-3,360
-7,895
-12,677
8,533
211,498
54,516
54,079
-28,885
12,529
-1,070
-37,483
-3,641
1,334
12,905
4,906
-3,603
-17,148
595
-128
-23,289
-3,359
-4,983
-35,598
-1,368
-5,880
455,860
38,652
56,242
7,889
4,644
-4,097
-1,989
-10,706
1,759
3,946
-2,338
2,874
387
-28,290
15,455
98,003
8,031
8,237
7,075
-5,753
19,214
-4,258
-966
2,556
-5,230
5,723
4,026
-18,225
71,075
-16,833
-4,306
-6,253
-8,563
6,579
3,931
-12,527
-26,356
-32,004
-8,643
-13,102
-11,247
988
5,648
-26,835
-27,175
-39,644
-7,649
-92
340
-6,249
-15,928
-13,668
-3,367
82
1,025
9,679
-12,511
-76
-1,611
5,248
-5,951
2,238
-12,435
3,625
-8,315
5,853
-2,939
-7,449
-3,780
11,940
-11,221
-7,685
783
-12,044
2,071
-41,394
-40,467
-23,454
-15,702
-1,935
624
-927
30,741
27,790
23,459
240
7,161
-3,070
2,951
4,013
4,334
18,715
-9,526
-8,097
3,242
-321
-20,195
-18,832
1,490
-14,656
-4,778
-888
-1,363
10,986
7,257
-5,230
11,521
1,672
-706
3,729
292,022
271,340
105,554
121,738
30,682
13,366
20,682
By area:
Industrial countries5
Western Europe
Of which United Kingdom
Canada
Japan
Other
-36,776
-50,296
-14,984
-22,068
36,548
-57,919
-99,944
-28,586
19,106
21,113
1,806
-121,683
-107,306
-55,861
-3,154
-6,335
-4,888
8,783
-6,433
5,865
9,242
5,815
159
-53,422
-74,949
9,434
15,101
-3,008
-3,041
-10,404
-1,986
1,107
487
5,769
-10,239
-8,158
4,044
-677
-290
-1,114
-91,630
-84,194
-12,131
-6,203
886
-2,119
13,841
23,559
-12,652
-2,019
-5,124
-2,575
-3,489
-8,416
-6,958
7,678
-3,205
454
-40,405
-38,255
-24,120
-2,610
1,108
-648
-88,597
-72,500
-15,626
-5,851
-7,734
-2,512
806,640
675,008
275,752
67,537
45,411
18,684
Caribbean banking centers 6
-13,944
-33,733
-16,228
5,827
12,704
-9,037
-43,227
29,719
-3,445
-14,205
-28,297
489
383,591
15,148
-7,917
1,587
16,156
508
-589
3,808
-4,693
4,702
3,788
1,152
1,883
-147
1,814
1,602
-1,481
697
-387
105
1,187
658
-3,154
-1,423
2,839
323
-1,081
5,677
2,797
3,527
763
118
1,269
-2,941
-698
701
-3,365
-142
-135
-453
1,432
-1,955
1,800
-477
179
-1,919
1,221
8,427
6,019
4,197
5,638
656
-2,064
-2,872
111
-3,103
15,389
5,172
4,623
9,973
937
-144
-92
1,058
-719
-1,258
36
22
157,171
16,014
94,268
54,070
1,656
7,177
39,271
-26,380
-37,777
18,188
-7,122
-25,501
-11,945
-30,454
13,407
-16,342
-4,388
-12,026
32,970
5,582
-163
-34,374
5,495
451
2,048
-51,599
11,050
10,721
7,453
298
-284
-8,683
344
380
837
-25,358
-401
-351
-11,054
-1,901
124
-37,853
6,873
78
448
9,296
3,853
-398
-18,840
358
449
2,323
-4,202
-34
-27
-125
-15,432
674
402
2,330
222,541
36,856
5,338
28,823
-1,120
40,391
5,104
-10,682
-15,698
-152
3,772
-41,549
414
3,559
14,629
34
-4,594
-2,528
30
-7,515
-17,986
-164
-2,132
-9,813
-52
-5,585
18,992
-592
5,197
^,648
260
569
10,314
-22,340
1,254
70,878
222,680
2,995
Banks' domestic customers' claims
Payable in dollars
Deposits
Foreign commercial paper3
Other negotiable and readily transferable instruments4
Outstanding collections and other
Payable in foreign currencies
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 113 above)
By borrower:
Claims on:
own foreign offices
unaffiliated foreign banks
foreign public borrowers
all other foreigners
By bank ownership:2
U.S.-owned IBF's
Foreign-owned IBF's
Banks' dollar acceptances payable by foreigners
20,210
2,951
-68
-36,509
1,505
-3,536
-39,262
208
796
1,344
-21,539
229
-6,966
3,753
433
SURVEY OF CURRENT BUSINESS
July 2001
73
2001
Amounts
outstanding Mar.
31, 2001
Table 9.—Foreign Official Assets and Other Foreign Assets in the United States Reported by U.S. Banks
[Millions of dollars]
Not seasonally adjusted
Line
(Credits +; increase in foreign assets. Debits - ; decrease in foreign assets.)
1998
1999
2000
-19,948
43,551
37,619
-9,921
-14,124
4,123
12,177
22,000
-9,861
80
38
6,332
-3,371
-9,501
-21,772
20,350
-2,855
12,964
17,359
-10,233
-3,167
-6,302
-764
40,909
-1,987
5,803
-563
1999
I
Foreign official assets in the United States, net (table 1, line 56)
By type:
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 dollars1
Demand deposits
Time deposits1
Other liabilities2
Banks' custody liabilities, payable in dollars 13
Other foreign official assets (table 1, line 62)
II
2000
III
I
IV
II
III
IV
l^
4,164
-736
12,721
27,402
22,498
6,447
12,247
-3,573
4,091
950,786
800
-6,708
-3,423
-3,076
-209
5,792
-1,064
1,761
1,685
-441
3,020
-894
12,963
13,939
-1,093
5,122
3,720
1,389
-4,000
-7,591
3,586
1,835
-671
-1,617
-1,293
14,093
20,226
-1,027
-3,806
3,142
-363
3,574
-1,244
1,785
592,732
13
3,318
-2,212
-1,403
-9,001
-1,692
-6,816
-493
14,272
-220
6,884
6,603
2,326
3,106
1,171
-13,436
-2,488
-11,049
117
16,204
8,604
7,977
-377
8,107
-474
-2,270
-10,121
-960
1,333
-10,494
7,851
931
904
281
312
7,764
-7,081
117
5,993
-1,461
-1,273
-3,259
689
338
609
390
-11,890
-10,571
12,271
-3,487
-564
17,585
-4,395
-5,966
2,317
1,986
915
6,696
-7,868
6,366
3,127
105
Other foreign assets in the United States, net (table 1, lines 65 and 69)
88,350
33,742
35,161
-20,759
By type:
U.S. Treasury securities (line 65)
48,581
-20,490
-52,792
4,379
44,202
-19,818
-672
39,769
1,945
23,731
54,232
57,722
69,238
6,730
341
5
10,334
-1,000
101
8,196
-293
155,204
432,542
4,986
99,083
1,343
-1,263
-1,061
3,667
-363
-434
-8,259
9,486
980
1,003
12,145
153,832
96,259
3,502
27,199
65,558
57,573
92,994
-14,413
32,970
62
1,756,860
-20,546
-12,503
-10,395
538
637,993
-9,871
-6,397
-14,149
-4,519
-7,984
5,626
-16,021
1,060
-522
16,551
621,442
-7,425
4,428
5,875
53,923
55,872
54,296
-1,910
2,438
7,337
43,365
18,292
20,589
-476
10,454
-6,650
1,118,867
617,995
209
1,612
-20
409
76
-1,050
-223
-324
-517
211
3,432
16,385
-6,133
1,116
23,670
17,355
13,476
-16,773
33,377
-7,325
-5,410
9,687
-17,442
-9,348
-4,767
-48,025
1,734
-9,059
-10,092
4,682
-4,236
13,923
-7,224
-10,218
523
87,953
81,030
88,097
-13,434
-3,811
-8,095
29,080
35,976
45,218
7,668
-3,553
30,918
24,561
35,668
506
980
793
992
By area: (see text table D).
By security:
Bills and certificates
Marketable bonds and notes
U.S. liabilities reported by U.S. banks (line 69)
Banks' own liabilities1
Payable in dollars
996
1,025,713
937,060
By account:
Liabilities to own foreign offices
Liabilities to unaffiliated foreigners:
cjemand deposits
time deposits 1
other liabilities2
77,789
46,311
51,314
-29,749
48,145
-11,780
39,695
6,645
25,178
4,876
14,615
-26,244
-2,475
-34,895
-16,688
12,988
12,423
-2,484
-9,940
21,475
25,248
962
-3,370
2,263
9,334
13,118
5,792
-22,937
-12,669
2,048
9,851
958
12,469
15,691
-1,081
-1,071
4,613
2,852
8,029
-4,907
918
5,187
15,505
2,278
-819
-4,386
-580
19,256
154,367
134,339
By holder:
Liabilities to:
own foreign offices
unaffiliated foreign banks
other private foreigners
international financial institutions4
77,789
-43,179
-10,243
-636
46,311
6,124
13,296
3,507
51,314
19,246
19,736
-2,199
-29,749
2,975
14,908
3,771
48,145
4,781
-9,089
1,381
-11,780
6,001
-651
2,877
39,695
-7,633
8,128
-4,522
6,645
-5,020
3,983
25,178
9,923
16,247
2,948
4,876
1,673
6,672
-5,884
14,615
12,670
-3,450
-3,246
-26,244
15,084
5,566
-1,056
617,995
152,956
155,008
11,101
17,484
40,925
7,629
14,170
74,046
5,592
-16,345
-5,260
-6,221
-364
30,639
•^,261
4,586
2,857
4,938
10,960
10,084
13,857
24,103
-10,282
-11,787
50,742
7,952
-4,813
-8,036
-572
8,444
824
7,237
8,494
-569
-28,738
5,778
-4,753
310,762
52,450
74,135
60,305
-44,176
-4,823
5,386
-1,524
8,590
-22,732
20,804
8,894
-24,489
7,147
9,133
17,506
-780
3,201
-16,366
5,530
-1,755
28,735
-13,421
-1,989
-17,458
10,068
4,911
-25,564
2,818
10,439
12,912
1,569
-2,663
7,378
6,349
-3,793
2,494
3,909
-670
307,233
87,806
32,789
2,049
9,910
4,652
-6,648
-2,386
-957
-4,296
-8,262
-4,806
11,126
-847
13,569
676
2,627
-2,173
-2,334
5,397
9,933
12,700
59,185
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
Payable in foreign currencies
Banks' custody liabilities, payable in dollars 13
Of which negotiable and readily transferable instruments
By area:
Industrial countries6
Western Europe
Canada
Other
Caribbean banking centers7
Other areas
Of which Members of OPEC, included below 8
Latin America
Asia
Africa
Other 9
Memoranda:
International banking facilities' (IBF's) own liabilities, payable in dollars (in lines
A9 and B7 above)
By holder:
Liabilities to:
own foreign offices
unaffiliated foreign banks
foreign official agencies
other private foreigners and international financial institutions4
By bank ownership:5
U.S.-owned IBF's
Foreign-owned IBF's
Negotiable certificates of deposit held for foreigners1 (in lines A13 and B25
above)
r.
See footnotes on page 66.
155
909
267
842
19
-14,500
-5,957
-7,150
24,988
-21,786
-11,516
-7,067
4,284
-9,242
4,549
-11,107
-1,447
1,576
-4,899
-2,297
17,104
88,653
37,824
36,256
-3,490
-5,311
6,923
6,063
-9,623
-10,609
-6,896
-8,804
6,672
7,754
6,357
6,348
-11,853
-12,484
-1,949
-1,885
-4,348
-4,430
25,073
24,862
-10,930
-12,936
93,154
77,270
56,127
16,044
1,649
38,434
-825
33,049
-647
14/186
17,395
-897
2,365
-45,687
-17,445
13,895
-42,137
40,386
39,042
5,270
11,437
23,580
-46,472
-32,277
-2,126
-12,069
81,034
-24,812
-5,279
-17,163
-10,298
3,739
-10,604
29,305
11,528
3,220
4,872
4,108
-5,760
9,485
4,649
-6,932
-6,740
5,224
-5,416
9,588
10,820
4,587
-951
15,124
-22,473
-3,720
2,360
-21,113
7,370
-1,670
-3,622
1,016
-5,412
-3,505
-8,171
3,402
1,264
34,014
2,868
2,723
-1,088
1,324
4,525
9,914
-3,311
-2,078
-10,854
-8,084
3,596
-1,140
-248
-25,019
-30,300
-4,577
9,858
50,504
7,485
1,718
1,899
7,878
9,955
17,750
-7,526
-269
-11,661
1,768
-3,712
3,606
-3,779
-65
735
4,090
-36,911
21,084
-40,141
-18,059
4,415
478
126
79
687
8,674
280
-917
3,978
-133
2,707
16
222
444
-19
161
149
310
-4,365
4,631
4,198
-170
3,386
1,572
-3,575
2,282
2,651
-6,857
-2,441
1,631
963,941
686,269
41,113
236,559
489,605
303,314
40,402
108,574
161,949
5,508
27,283
-6,604
20,569
-23,310
8,335
4,624
3,747
-10,869
9,844
30,105
-8,511
-25,720
358,670
-16,153
23,276
8,385
5,061
-21,555
-334
8,943
-3,601
-384
10,125
-6,082
1,503
-1,799
-20,268
2,633
5,443
1,323
-7,728
12,045
1,270
4,257
1,469
-16,842
9,199
1,120
-1,988
-21,368
3,657
-5,177
2,811
7,680
-2,315
1,226
1,744
28,685
-601
205
-4,084
1,157
-6,049
2,372
-8,152
188,654
101,533
41,132
27,351
-6,147
-30,764
16,178
-22,782
-3,039
23,608
-1,809
-21,501
2,886
5,449
6,041
-1,417
9,060
-5,313
-11,788
8,925
919
919
-4,706
34,811
4,530
-13,041
-7,602
-18,118
77,833
280,837
10,943
3,319
3,743
-3,991
-466
1,798
5,978
-2,289
-1,484
-581
8,097
-9,565
24,518
599
3,542
824
-20,357
-7,992
12,045
611
552
143
SURVEY OF CURRENT BUSINESS
July 2001
Table 10.—U.S. International
[Millions
European Union
Western Europe
Line
(Credits +; debits - ) *
2000
1998
1999
14
2000
2001
2000
2000
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 contracts4
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 transfers 6
367,706
254,473
159,320
95,153
4,780
385,481
261,106
162,770
98,336
4,265
437,170
281,812
178,793
103,019
3,143
22,855
24,787
26,498
6,865
7,014
6,897
8,556
8,065
9,340
18,644
18,605
18,201
33,292
35,424
38,768
161
172
176
113,233 124,375 155,358
113,089 124,220 155,207
65,503
50,513
55,243
61,605
68,186
971
791
151
144
155
-400,205 -445,167 -521,433
-269,756 -292,660 -336,818
-194,178 -214,871 -243,426
-75,578 -77,789 -93,392
-6,405
-7,593
-7,971
-19,155 -19,909 -22,674
-10,102 -10,658 -13,238
-11,104 -11,181 -13,633
-6,828
-7,121
-8,501
-20,890 -20,199 -26,219
-1,094
-1,128
-1,156
-130,449 -152,507 -184,615
-130,215 -152,275 -184,388
-25,486 -39,672 -45,781
-65,456 -71,894 -95,871
-39,273 -40,709 -42,736
-234
-232
-227
-872
-1,295
-1,293
-563
-676
-505
-1,442
-1,399
-1,382
654
1,090
763
105,668 110,191 108,286 113,025 110,817 332,414
70,775
68,046
69,489
73,502
72,455 231,554
44,846
44,135
42,620
47,192
47,894 146,297
85,257
23,911
25,929
26,310
24,561
768
918
904
3,263
738
719
5,475
7,062
7,633
5,407
6,328
20,963
1,382
1,826
2,009
1,375
1,680
6,646
2,207
2,336
2,501
2,197
2,296
7,405
4,462
4,461
17,522
4,359
4,919
4,586
9,577
9,284
9,603
10,304
10,046
29,320
40
42
138
45
45
46
37,622
39,416
38,797
38,362 100,860
39,523
37,584
39,378
39,485
38,760
38,323 100,728
16,738
16,776
16,098
43,199
15,891
16,605
22,493
23,194
56,684
20,555
22,626
21,432
147
845
253
243
193
286
37
38
132
38
38
39
-121,607 -132,489 -133,263 -134,074 -131,168 -363,602
-77,668 -84,736
-87,745 -84,867 -243,153
-58,384 -59,856 -60,335 -64,851 -63,104 -176,212
-19,284 -24,880 -26,334 -22,894 -21,763 -66,941
-5,449
-1,956
-2,047
-2,165
-1,952
-2,016
-3,981
-3,892 -17,261
-7,285
-7,293
-4,115
-2,655
-2,758
-9,135
-3,903
-4,010
-2,670
-3,028
-3,404
-3,345
-3,660
-3,600
-1,804
-2,751
-5,940
-1,786
-2,160
-2,228
-7,448
-5,599
-6,300
-6,872
-7,020 -19,248
-294
-939
-287
-292
-296
-283
-43,939 -47,753 -46,594 -46,329 -46,301 -120,449
-43,876 -47,702 -46,546 -46,264 -46,237 -120,259
-11,488 -13,304 -10,830 -10,159 -11,588 -24,472
-21,551 -23,633 -25,067 -25,620 -24,291 -59,369
-10,837 -10,765 -10,649 -10,485 -10,358 -36,418
-48
-63
-51
-65
-64
-190
-384
299
-277
-203
-344
-469
-54
-166
-134
-127
-78
-173
-351
-341
-352
-398
-375
-1,206
7
240
272
135
164
1,559
347,067
237,380
149,083
88,297
2,616
98,807
391,637
93,945
255,258
60,594
64,431
162,583
39,240
92,675
2,506
24,136
6,656
8,055
21,354
621
40,872
23,559
752
4,927
1,329
1,891
6,479
1,755
2,005
31,916
150
16,584
34,582
156
4,164
8,386
36
4,083
8,447
38
109,687
109,544
47,179
61,717
648
136,379
136,240
56,215
79,305
720
33,351
34,376
34,341
14,245
19,963
133
22,369
6,700
7,053
17,493
33,316
14,573
18,532
211
35
143
139
-401,564
-467,900
-263,798
-301,888
-69,179
-76,428
-194,635
-69,163
-6,259
-219,946
-81,942
-6,252
-52,118
-17,061
-1,556
-54,548
-21,880
-1,490
-18,219
-9,557
-9,284
-20,585
-11,981
-11,126
-3,647
-2,403
-2,474
-6,564
-3,545
-2,757
-19,023
-962
-6,807
-24,194
-997
-1,530
-5,207
-244
-1,458
-5,819
-247
-137,766
-137,577
-35,501
-64,497
-37,579
-189
-166,012
-165,826
-41,477
-84,703
-39,646
-186
-39,709
-39,659
-10,401
-19,258
-10,000
-50
-42,647
-42,604
-11,710
-20,894
-10,000
-43
50
-10
50
-1
-304
355
48
-1,188
1,248
. -168
-2
-1,234
1,068
-308
356
35
-119,075
Capital and financial account
Capital account
156
35
132
135
140
-75,922 -108,807
-1,200
250
-219,883
-246,568
-2,257
-340,816
-105,424
-76,045
-1,187
-100
-79
148
97
-262,645
-2,735
-291,055
-2,735
5,477
-6,013
655
-278
915
18
504
-335
545
-^51
939
57
-260,565
-84,331
-95,788
-297,036
-80,201
-53,290
-30,108
-50,338
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
5,975
(17)
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
375,705
153,196
121,178
( 17 )
( 17 )
82,428
(17)
-4,624
(17)
15,273
(17)
28,101
(17)
Statistical discrepancy (sum of above items with sign reversed) ..
-85,812
-171,340
-202,404
-38,198
-72,967
-55,756
-34,858
19,575
-15,283
-17,216
-872
-52,101
20,547
-31,554
-28,132
-1,295
-64,633
9,627
-55,006
-29,257
-1,293
-14,249
4,627
-9,622
-6,317
-277
-15,010
1,049
-13,961
-8,337
-203
-33,371
-60,981
-85,556
-16,216
-22,501
Capital account transactions, net
38
40
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 (+))
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 66.
R
R
-708
()
187,739
18,286
-367,391 -159,373
-379
-6,013
-38,750
-310
-93,346
-4,124
-379
-310
-4,124
-1,200
250
-2,257
-1,187
256
-73
295
34
29
-39
14
-308
311
11
246
-31
247
30
196
-13
237
-28
441
-174
244
452
-219
621
50
193
-29
189
33
16
-11
33
-6
-361,923
-77,213
-99,354
-159,250
-24,658
-9,650
-38,469
-18,119
-33,739
-89,236
-19,766
-34,253
-14,670
-21,712
-109,253
-13,679
-23,064
-224,922
-75,770
-97,778
-244,555
-68,404
-57,502
-340,081
-67,874
-86,985
-105,517
-19,217
-10,471
-75,982
-17,063
-32,816
-63,633
-99,912
-78,060
-107,296
-40,758
-84,184
-10,165
23,554
-26,764
-8,453
-373
-38,213
-72,510
-16,539
-34,835
-55,353
-63,296
-83,244
-101,978
-29,429
-46,400
-20,285
-5,818
523,279
655,195
213,749
174,383
132,883
145,562
366,422
468,789
610,679
-15,029
-5,105
2,088
167,713
(18)
144,764
18)
R
-9,492
(17)
-1,709
R
43
-402
(17)
5,477
)
-1,287
( 17 )
538,308
238,200
(17)
()
227,021
90,635
660,300
222,934
(17)
(17)
348,,638
( 17 )
( 17 )
(17)
69
-249
17
( )
174,785
63,282
R
211,661
26,112
(17)
106,852
()
19
(18
("
-339
(17)
( 1? )
142,375
63,160
(17)
81,088
4,598
P
-173
(18)
(18)
(18)
147,912
8)
(18
-395
(18)
(18)
-347
235,066
(18)
216,781
201,778
(18)
333,830
179,070
30,439
9,174
64,225
-46,888
131,474
-56,056
-35,483
-16,055
-115,782
-167,909
-193,572
-17,715
535
-17,180
-7,797
-344
-17,659
3,416
-14,243
-6,806
-469
-15,210
2,798
-12,412
-7,939
-384
-29,915
-45,552
19,134
-26,418
-28,079
50
-57,363
18,316
-11,599
-19,589
299
-25,321
-21,518
-20,735
-30,889
-54,447
()
73,896
-151
24,892
(18)
97,609
63,989
(18)
72,442
-24,405
-47,431
-48,533
(18)
147,271
34,500
(17)
95,143
(18)
(18)
-274
10,733
-46,630
-29,633
-76,431
(18)
-1,571
10,055
-12,878
4,293
-8,585
-6,358
50
-13,676
1,679
-11,997
-8,271
-14,893
-20,220
SURVEY OF CURRENT BUSINESS
75
July 2001
Transactions, by Area
of dollars]
European Union 14
2000
2001
2000
1998
\P
IV
III
European Union (6) 15
United Kingdom
2000
1999
I
101,245
98,474 104,931 110,225 130,371
97,640
63,474
66,759
64,787
65,262
65,938
71,218
43,226
43,062
38,385
40,727
37,659
39,245
28,279
24,229
23,533
21,725
26,877
30,491
557
576
561
386
398
369
5,752
7,600
8,398
9,957
6,978
4,865
1,632
2,258
2,535
2,751
1,940
1,322
1,991
1,742
1,781
1,914
2,168
1,862
3,271
3,942
4,395
4,196
3,593
3,448
8,603
9,146
8,877
11,247
11,681
12,199
41
41
42
51
38
30
33,687
44,287
34,486
39,669
59,153
34,166
33,651
44,219
34,451
39,605
59,083
34,132
14,154
14,604
13,689
11,851
21,833
13,708
19,243
29,594
20,590
27,731
37,232
20,220
254
21
172
23
18
204
36
68
35
64
70
34
-119,372 -120,565 -117,411 -129,104 -143,372 -171,126
-77,641
-78,640 -75,847 -58,436 -63,172 -70,989
-58,691 -56,885 -34,490 -38,789 -43,388
-54,589
-23,052 -19,949 -18,962 -23,946 -24,383 -27,601
-623
-1,578
-1,715
-574
-609
-1,628
-3,817
-5,142
-5,502
-6,557
-3,566
-6,368
-2,400
-3,896
-3,832
-4,746
-3,633
-2,492
-2,647
-2,916
-2,397
-2,507
-2,979
-2,699
-2,174
-1,662
-1,420
-1,645
-1,803
-2,165
-6,810
-6,358
-6,432
-9,680 -10,160 -11,730
-254
-97
-81
-252
-255
-92
-41,731
-41,925 -41,564 -70,668 -80,200 -100,137
-41,690
-41,873 -41,513 -70,615 -80,146 -100,081
-9,713
-9,653 -10,480
-7,268 -12,649 -16,172
-22,084 -22,467 -21,396 -42,620 -46,264 -61,530
-9,637 -20,727 -21,233 -22,379
-9,893
-9,753
-51
-54
-56
-41
-52
-53
-201
-40
1,271
1,393
1,278
-65
-1
-1
-311
-311
-326
-195
-206
-215
111
287
1,599
1,493
246
1,466
2001
III
31,510
17,123
10,074
7,049
81
1,982
538
433
881
3,127
7
14,387
14,370
5,705
8,665
33,261
17,699
10,086
7,613
96
2,606
680
484
739
3,001
7
15,562
15,544
6,217
9,327
32,163
17,349
9,529
7,820
96
2,777
768
511
742
2,918
8
14,814
14,797
5,137
9,660
17
-40,120
-16,727
-10,564
-6,163
-148
-1,301
-975
-585
-361
-2,774
-19
-23,393
-23,378
-3,730
-13,934
-5,714
-15
377
18
-42,915
-18,000
-10,827
-7,173
-142
-1,775
-1,402
-676
-293
-2,865
-20
-24,915
-24,902
-3,997
-15,221
-5,684
-13
377
-53
430
49
2000
1998
\P
IV
2001
Line
2000
1999
\P
I
II
III
IV
46,876
32,860
23,096
9,764
130
2,072
644
981
1,953
3,960
24
14,016
14,002
6,492
7,375
135
14
-53,974
-40,250
-31,914
-8,336
-1,279
-1,833
-1,017
-1,221
-867
-1,922
-197
-13,724
-13,695
-6,106
-4,331
-3,258
-29
-49
49,214
34,739
23,743
10,996
238
2,726
869
1,017
1,990
4,130
26
14,475
14,462
6,388
7,957
117
13
-58,510
-43,812
-32,919
-10,893
-1,255
-3,447
-1,557
-1,330
-828
-2,277
-199
-14,698
-14,672
-6,839
-4,604
-3,229
-26
-64
49,641
35,231
23,673
11,558
237
3,103
971
1,141
1,922
4,156
28
14,410
14,397
6,438
7,827
132
13
-56,763
-44,814
-33,413
-11,401
-1,362
-3,280
-1,511
-1,462
-1,026
-2,557
-203
-11,949
-11,924
-3,916
-4,837
-3,171
-25
-121
51,086
36,236
25,545
10,691
237
2,155
699
1,027
2,145
4,400
28
14,850
14,837
6,537
8,161
139
13
-58,931
-44,839
-34,941
-9,898
-1,274
-1,754
-1,024
-1,429
-1,276
-2,937
-204
-14,092
-14,061
-5,893
-5,027
-3,141
-31
-94
50,513
35,778
25,768
10,010
198
2,046
641
945
1,977
4,174
29
14,735
14,721
6,792
7,676
253
14
-57,815
-44,253
-34,681
-9,572
-1,395
-1,791
-1,078
-1,316
-1,103
-2,684
-205
-13,562
-13,532
-5,590
-4,870
-3,072
-30
-123
-185
62
17
-44,760
-18,048
-10,579
-7,469
-158
-1,784
-1,409
-702
-372
-3,023
-21
-26,712
-26,699
-5,037
-16,118
-5,544
-13
349
33,437
19,047
11,038
8,009
96
2,592
765
486
909
3,153
8
14,390
14,372
4,774
9,580
18
18
-43,331
-18,214
-11,418
-6,796
-161
-1,508
-960
-684
-394
-3,068
-21
-25,117
-25,102
-3,408
-16,257
-5,437
-15
175
18
-42,991
-17,456
-10,964
-6,492
-180
-1,270
-1,033
-614
-375
-2,999
-21
-25,535
-25,520
-4,635
-15,441
-5,444
-15
377
-54
431
-54
403
-54
229
-53
430
-690
812
-651
412
-676
348
-167
118
-169
105
-169
48
-171
77
13
12
12
12
10
63
63
67
16
16
17
18
-58,255
-61,051
-45,765
-46,986
-44,042
-80,937
4,598
-85,458
-82,366
-29,053
-11,678
-16,969
-24,666
11
-6
136
-13
4,598
10
-47
40
19
-1
2
20
11
-58,266
-5,173
-13,033
-6
-61,045
-9,416
-27,578
^5,765
-9,491
-22,450
135
1
-47,122
-4,896
-15,988
-13
-44,029
-5,332
-23,071
10
-85,545
-33,692
-27,700
-47
-85,411
-21,230
-9,871
40
-82,406
-24,839
-11,811
19
-29,072
-10,005
2,940
-1
-11,677
-4,236
-8,275
2
-16,971
-5,043
-10,000
20
-24,686
-5,555
3,524
40
41
42
43
44
45
46
47
48
49
-34,650 50
-3,980 51
-521) 52
31,283
17,384
10,358
7,026
85
1,956
534
446
860
3,137
8
13,899
13,881
4,952
8,929
171,569 178,105 196,817
126,820 129,326 139,066
85,891
87,402
96,057
40,929
41,924
43,009
1,236
842
925
10,197
9,819
10,056
3,390
3,464
3,183
3,567
3,925
4,166
8,853
8,547
8,010
13,576
15,230
16,646
56
68
106
44,749
57,751
48,779
44,689
57,698
48,720
22,757
25,855
24,432
21,319
31,320
23,850
613
523
438
60
53
59
-182,245 -203,122 -228,178
-143,850 -155,340 -173,715
-111,005 -121,149 -133,187
-32,845 -34,191 ^0,528
-5,170
-4,500
-5,168
-8,647
-9,364 -10,314
-3,773
-4,000
-5,109
-4,488
-4,445
-5,442
-3,997
-3,092
-3,225
-9,693
-7,637
-7,279
-803
-708
-710
-38,395 -47,782 -54,463
-38,278 -47,667 -54,352
-13,967 -20,400 -22,754
-13,459 -15,017 -18,799
-10,852 -12,250 -12,799
-117
-115
-111
122
-239
—328
35
36
-70,330
-619
-89,017
-389
-82,062 -113,392 -152,302 -212,057
-124
-619
55
-171
225
1
-69,766
-18,356
-30,625
-389
188
-8
174
22
-88,816
-13,238
-13,073
-124
141
121
121
130
-12
161
130
136
135
6
-28
-15
-82,059 -113,522 -152,423 -212,198
-11,394 -29,093 -35,019 -28,976
-21,316 -65,243 -51,852 -79,049
-26,170
5,385
-7,360
-55,145
-49,349
-4,202
-14,984
-36,966
-28,586
-48,312
-55,861
-27,929
-12,131
-11,399
-12,652
-6,866
-6,958
-2,118
-24,120
-15,626
-9,565
-14,588
-18,226
-36,084
-24,398
-21,358
1,571
-23,578
-10,636
11,470
-14,253
12,325
-1,080
-21,575
-30,149
148,637
149,565
153,290
211,283
278,272
336,597
102,940
85,549
75,823
72,285
97,031
136,234
193,714
220,099
51,642
50,031
52,924
65,502
48,120
\
-10
18)
18)
18)
62,984
(18)
28
II
18\
18
18
(18)
(18)
(18)
(18)
18J
-58
88
R
18\
18J
(18)
49,913
(18)
28,594
(18)
(18)
44
48
\
\
(18)
18)
23
(18)
(18)
(18)
60,335
18)
-389
18)
18)
108,614
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
-257
-79
(18)
(18)
(18)
(18)
(18)
73,667
(18)
(18)
5,768
(18)
i
i
\
(18)
35,268
(18)
§ i I
(18)
I
R
81
18
(18)
(18)
(18)
17,757
(18)
18)
18)
18)
14,B74
(18)
\
18)
6,' 37
18)
(18)
(18)
18)
79/ 79
18)
(18)
(18)
(18)
(18)
sR s
(18)
(18)
(18)
(18)
(18)
(JJ
(JJ
(18)
25
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
13 39
-34,650
(18)
(18)
(18)
(18)
25
(18)
(18)
(18)
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
118,229
108,373
18,285
25,840
38,715
55,503
93,491
35,872
24,807
13,486
19,326
23,699
13,986
-16,540
-15,458
3,461
-4,040
-29,009
11,116
-10,390
-28,729
14,924
5,694
-32,915
2,880
-6,058
68
69
70
(18)
25,533
(18)
21,516
(18)
82,373
81,406
89,368
120,871
147,641
213,139
53,568
42,748
60,280
56,543
59,7 13
49,£ 85
23,349
-20,059
-56,545
39,805
-21,647
-41,063
35, 386
-52,279
22,816
7,238
-75,033
53,869
-31,463
-94,264
86,314
-36,266
-85,112
55,278
-11,595
-36,465
-4,785
12,412
-15,233
11,797
-13,918
-17,822
24,024
-23,165
-15,592
31,163
-41,668
3,374
3,987
-44,806
43,487
11,918
7,983 -25,276
-83,063 -106,111
-15,344
1,177
-14,167
-7,565
-65
-15,465
3,584
-11,881
-7,439
-201
-13,823
2,763
-11,060
-7,877
-40
3,895
2,931
6,826
-30,999
1,271
-1,130
3,896
2,766
-35,913
1,393
-2,661
2,890
229
-40,984
1,278
-490
886
396
-9,006
377
-741
440
-301
-9,353
377
-1,050
351
-699
-11,898
349
-380
1,213
833
-10,727
175
-606
534
-72
-11,636
377
-25,114
8,084
-17,030
6,354
122
-33,747
7,733
-26,014
997
-239
-37,130
2,481
-34,649
3,288
-328
-8,818
1,428
-7,390
292
-9,176
103
-9,073
-223
-64
-9,740
157
-9,583
2,461
-121
-9,396
793
-8,603
758
-94
-8,913
438
-8,475
1,173
-123
71
72
73
74
75
-21,797
-19,521
-18,977
-22,902
-31,754
-39,477
-8,233
-9,277
-12,248
-9,719
-11,331
-10,554
-25,256
-31,689
-7,147
-9,360
-7,243
-7,939
-7,425
76
76
SURVEY OF CURRENT BUSINESS
July 2001
Table 10.-U.S. International
[Millions
Canada
Eastern Europe
(Credits +; debits - ) 1
Line
2001
2000
1998
1999
2000
2000
13,643
12,936
14,544
3,452
3,648
3,712
3,732
11,538
7,441
4,097
346
9,897
10,180
2,404
2,665
5,891
5,925
2,481
1,441
1,329
1,514
2,630
1,641
4,006
344
4,255
397
1,040
101
1,075
83
1,151
150
989
63
Travel
Passenger fares
Other transportation
1,257
159
270
1,184
78
340
1,336
89
342
288
20
55
134
367
19
75
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services .
291
1,728
46
274
1,745
41
247
1,793
51
61
502
13
59
390
12
2,105
2,097
179
1,680
238
8
3,039
3,019
739
2,136
144
20
4,364
4,344
1,650
2,200
494
20
971
966
350
571
45
5
-15,426 -16,212
-13,707 -14,427
-10,902 -11,818
-21,273
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 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
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
58,217
59,765
51,789
52,611
21,417
109
229,634
202,409
178,987
23,422
143
6,124
21
5,913
40"
6,206
1,478
2,317
6,670
1,540
2,484
7,055
1,713
2,703
1,983
505
658
1,956
425
67
564
13
1,655
7,465
77
1,687
8,836
91
2,101
9,633
74
479
2,463
15
517
2,268
18
1,119
19,080
19,005
7,602
11,403
23,115
23,039
11,986
11,053
27,225
27,147
14,518
12,629
6,428
6,408
3,388
3,020
7,154
7,135
3,891
3,244
3,956
2,837
176,038
156,735
211,259
188,144
166,727
1,143
131
19,303
105
313
21
78
285
20
63
58
469
13
69
432
13
1,244
1,239
351
550
338
5
1,047
1,042
436
536
70
5
1,102
1,097
513
543
-5,197
-5,829
-4,572
1,114
542
517
55
5
195,118
41
5
-5,147
75
76
-5,646
-198,359
-225,292
-5,145
^,404
-4,955
-191,518
-217,059
-3,947
-457
-29
-4,438
-175,844
-201,288
-886
-20
-4,446
-699
-29
78
-259,612
-250,268
-233,678
-517
-30
-15,674
-70
-15,771
-72
45,665
20
19
-63,730
-66,515
-60,655
-57,142
-63,764
-59,582
-16,590
-70
-3,513
-18
-4,182
-16
-2,805
-167
-2,609
-169
-2,568
-119
-5,100
-4,548
^,022
-526
-41
-1,326
-452
-219
-1,157
-365
-229
-1,270
-365
-249
-252
-49
-49
-525
-117
-76
-322
-137
-65
-171
-62
-59
-246
-51
-54
-5,718
-587
-2,910
-6,135
-712
-3,226
-6,367
-827
-3,578
-1,004
-169
-873
-1,590
-232
-918
-11
-545
-85
-1,719
-1,673
-20
-594
-75
-83
-426
-56
-15
-106
-14
-28
-106
-14
-21
-111
-14
-19
-103
-14
-26
-96
-14
-420
-5,762
-207
-536
^1,855
-235
-987
-4,555
-206
-235
-1,163
-51
-236
-1,139
-1,785
-1,738
-35
-2,604
-2,558
-123
-1,018
-552
-538
-20
-202
-316
-14
-625
-615
-32
-250
-333
-10
-684
-676
-46
-259
-371
-8
-743
-729
-25
-307
-397
-14
-691
-677
-22
-258
-397
-14
-6,841
-6,593
-1,382
-4,336
-875
-248
-8,233
-7,984
-1,999
-4,841
-1,144
-249
-9,344
-9,088
-911
-6,214
-1,963
-256
-3,075
-3,007
-1,188
-1,427
-2,751
-2,689
-393
-1,805
-491
-62
-948
-501
-12
-435
-1,031
-742
-276
-12
-454
-1,011
-515
-11
-485
-477
-129
-482
-156
4
82
90
-929
-26,742
-7,436
-948
-784
-26,742
-7,831
-1,924
-10
-557
-1,106
-46
-490
-1,213
-47
-16,101
-1,417
-46
-3,410
-1,903
-40
-1,467
-4,073
-2,393
-47
-1,633
-3,667
-1,789
-48
-1,830
-946
-465
-12
-469
20
25
26
7
-2,066
-2,279
337
365
-1,327
1,497
70
^70
446
94
-301
-1,550
1,276
-27
-432
-852
418
2
-73
-95
22
-417
-587
165
5
10
-17
30
-3
-153
201
-2,136
-1,796
-2,121
-1,978
-1,814
-230
769
277
-176
438
-259
-146
-910
-609
-263
1,487
1,529
-226
-246
-384
459
230
1,551
45
21
-111
779
-90
933
-41
3
115
-49
-272
-1,050
-2,486
5,273
16,421
5,275
178
(18)
(18)
(18)
(18)
5,150
5,818
662
-547
-12
-472
-51
-724
-392
-68
-201
-499
-225
-124
-77
-124
-42
25
21
-39,363
-11,097
-11,629
-7,436
-15,947
-5,570
-39,363
-18,301
-14,720
-11,097
-2,064
-3,775
-11,629
-5,480
-4,176
5,081
-22,068
-5,025
19,106
-3,188
-3,154
945
-6,203
46
-2,019
17,858
53,654
19,583
15,078
513
1,958
1,167
(17)
-152
(17)
-13
-11
18,416
8,984
15,230
6,874
(17)
3,293
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 liabilities 11
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 items 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) l See footnotes on page 66.
(18)
18)
185
(18)
n
(18)
-87
(18)
(18'
n
100
(18)
(18)
1,058
(18)
-175
R
124
(18)
(18)
(18)
(17)
150
21
(18)
-43
1,082
519
(18)
265
-86
-130
-125
4,993
34
4,768
-131
-539
(17)
120
(18)
-67
(18)
17,345
15,958
(17)
-103
-2,964
167
3,955
-132
13,617
9,725
4,330
-6,388
-3,053
3,640
-3,505
-3,470
2,964
12,649
-3,461
-5,927
1,397
^,530
1,254
-4,073
-7,349
-10,176
1,687
-8,489
-2,357
189
-2,168
-2,594
-2,306
532
-1,774
359
-742
-2,157
-2,744
626
-2,118
428
-10,396
-2,932
452
-2,480
363
-1,031
-3,148
-19,109
3,629
1,760
-3,667
-2,581
514
-2,067
419
-946
1,292
-2,169
386
-3,410
-5,193
619
-948
-2,497
-1,011
-2,701
-15,480
12,239
-606
-3,847
51,696
21,241
(17)
16,153
()17
5,098
7,080
(17)
1,974
(17)
1,661
-31,637
18,620
-2,797
3,446
-34,561
5,646
-28,915
14,882
-638
-54,691
6,832
-47,859
17,881
-724
-30,702
-11,477
2,611
-8,866
3,353
-201
-5,714
-12,884
1,731
-14,671
(17)
-11,153
4,403
-166
-6,916
77
July 2001
SURVEY OF CURRENT BUSINESS
Transactions, by Area—Continued
of dollars]
Canada
Latin America and Other Western Hemisphere
2000
1998
IV
III
Japan
2000
2001
1999
2001
2000
1QQ8
iyyo
2000
1
\P
II
IV
III
\P
1QQQ
iyyy
2001
Line
2000
I
II
IV
III
\P
54,801
56,851
56,047
252,156
255,056
304,094
69,901
75,526
79,568
79,099
74,334
95,765
98,193
112,278
26,420
27,150
28,750
29,958
28,709
1
48,111
49,898
49,247
189,514
191,228
225,375
52,275
55,513
59,592
57,995
54,530
87,296
87,922
98,470
23,858
23,795
25,317
25,500
24,762
2
42,343
44,281
42,649
142,195
141,650
170,262
39,563
42,146
44,480
44,073
41,410
56,477
56,074
63,576
15,369
15,499
15,965
16,743
16,062
5,768
5,617
6,598
47,319
49,578
55,113
12,712
13,367
15,112
13,922
13,120
30,819
34,894
8,489
8,296
9,352
8,757
8,700
3
4
5
6
7
8
42
40
25
469
617
838
204
196
248
190
158
957
31,848
1,099
590
182
134
140
134
228
1,678
1,438
2,006
21,909
5,958
3,456
4,785
1,340
5,272
1,471
6,271
1,688
5,581
1,459
4,783
1,364
945
877
806
10,238
3,773
3,508
2,413
854
9,711
3,585
3,082
906
823
903
877
2,922
1,062
780
9,424
3,616
2,819
2,483
375
628
19,801
5,466
3,411
2,392
364
669
19,498
5,600
3,282
2,441
419
687
931
902
877
912
807
534
571
531
2,995
19,792
750
841
793
3,012
2,694
17,393
716
2,514
2,551
15,775
688
2,388
4,874
4,817
5,169
4,932
5,173
5,774
8,187
5,992
8,346
6,993
9,730
1,625
2,498
1,703
2,272
1,782
2,499
1,883
2,461
1,756
2,567
20
21
21
144
196
165
41
41
41
42
43
42
33
62
14
15
16
17
17
6,690
6,670
3,490
3,180
6,953
6,934
3,749
3,185
6,800
6,780
3,897
2,883
62,642
62,502
17,019
45,101
63,828
63,701
18,909
44,377
78,719
78,589
19,115
59,081
17,626
17,593
4,248
13,252
20,013
19,980
5,104
14,773
19,976
19,944
4,640
15,193
21,104
21,072
5,123
15,863
19,804
19,770
5,418
14,255
8,469
8,456
2,010
6,360
10,271
10,263
4,130
6,118
13,808
13,800
7,266
6,512
2,562
2,560
1,213
1,345
3,355
3,353
1,859
1,482
3,433
3,431
1,847
1,583
4,458
4,456
2,347
2,102
3,947
3,945
2,198
1,735
9
10
11
12
13
14
15
16
17
20
19
20
382
140
415
127
393
130
93
33
103
33
111
32
86
32
97
34
86
13
15
8
22
8
2
2
12
2
1
2
7
2
12
2
-64,031
-65,336
-62,076
-233,969
-257,810
-322,905
-74,692
-80,196
-84,316
-83,701
-80,103
-170,263
-185,884
-209,517
-50,467
-52,725
-52,756
-53,569
-50,188
-62,060
-63,789
-61,532
-178,797
-201,868
-248,364
-57,988
-61,664
-64,893
-63,819
-61,560
-136,621
-147,975
-165,202
-39,253
-41,367
-41,390
-43,192
-39,508
-56,800
-60,154
-57,875
-145,461
-169,030
-210,179
-49,331
-52,210
-54,674
-53,964
-51,560
-121,853
-130,878
-146,497
-34,742
-36,574
-36,581
-38,600
-34,630
-5,260
-3,635
-3,657
-10,219
-9,855
-10,000
-20
-38,185
-279
-9,454
-18
-32,838
-300
-8,657
-18
-33,336
-373
-27
-63
-99
-90
-90
-14,768
-1,284
-17,097
-1,332
-18,705
-1,320
-4,511
-308
-4,793
-323
-4,809
-369
-4,592
-320
-4,878
-320
-2,692
-256
-906
-1,081
-170
-881
-981
-116
-837
-15,725
-2,894
-2,351
-16,650
-3,038
-2,607
-17,977
-3,046
-3,232
-4,543
-728
-770
-4,632
-743
-785
-4,695
-820
-825
-4,107
-755
-852
-4,592
-743
-811
-2,719
-784
-4,219
-2,845
-860
-4,986
-2,872
-938
-5,738
-685
-205
-1,311
-796
-247
-1,392
-739
-233
-1,569
-652
-253
-1,466
-669
-219
-1,377
-251
-1,085
-265
-1,168
-252
-1,398
-1,114
-12,013
-524
-255
-2,203
-131
-268
-2,832
-131
-291
-3,358
-131
-300
-3,620
-131
-273
-3,358
-133
-2,245
-3,391
-126
-910
-955
-938
-928
-1,391
-867
-93
-3,974
-3,725
-138
-1,099
-903
-53
-973
-8,774
-496
-1,027
-939
-52
-774
-10,725
-494
-3,125
-3,856
-52
-36
-33
-34
-35
-35
-1,971
-1,910
-1,547
-1,482
134
536
-1,518
-526
-1,464
-554
-544
-477
1,304
-1,257
-524
-55,172
-49,285
-1,286
-36,595
-11,404
-5,887
-55,942
-49,658
-1,120
-38,017
-10,521
-6,284
-74,541
-68,134
-2,928
-52,280
-12,926
-6,407
-16,704
-15,279
-762
-11,479
-3,038
-1,425
-18,532
-16,983
-757
-13,035
-3,191
-1,549
-19,423
-17,714
-696
-13,669
-3,349
-1,709
-19,882
-18,158
-713
-14,097
-3,348
-1,724
-18,543
-17,031
-596
-12,940
-3,495
-1,512
-33,642
-33,582
-4,299
-9,325
-19,958
-37,909
-37,850
-6,165
-10,077
-21,608
-44,315
-44,260
-7,337
-10,915
-26,008
-11,214
-11,197
-2,195
-2,908
-6,094
-11,358
-11,347
-2,178
-2,663
-6,506
-11,366
-11,357
-1,834
-2,876
-6,647
-10,377
-10,359
-1,130
-2,468
-6,761
-10,680
-10,663
-1,562
-2,406
-6,695
-60
-59
-55
-17
-18
-17
-15,634
- 1 972
-756
-12,906
-3,814
-427
-181
-3,206
-3,820
-501
-169
-3,150
-4,014
-539
-178
-3,297
-3,986
-505
-228
-3,253
-3,998
-364
-183
-3,451
-227
-235
-252
-102
-11
-41
-9
-14,762
- 1 797
-697
-12,268
-66
-43
-105
-102
-125
-106
-129
-114
-138
-28
-74
-28
-13
-29
-37
-29
-14
-24
-81
29
30
31
32
33
34
35
36
37
38
24
6
6
6
6
8
39
18
19
20
21
22
23
24
25
26
27
28
-61
-65
-67
-187
-170
-222
-126
-125
-139
-61
-45
-83
-13,073
- 1 342
-687
-11,044
36
27
32
285
-3,855
256
65
66
57
68
58
24
24
-1,793
-14,844
-9,279
-70,374
-83,728
-152,154
-19,510
-30,713
-14,361
-87,570
-176
30,007
-34,991
8,952
1,099
32
4,050
3,771
-16,429
40
1,218
-2,224
4,137
242
182
2,660
1,053
-445
41
42
43
44
1,218
-2,224
4,137
242
182
2,660
1,053
-445
-10
2
39
37
_1
3
-1
37
820
158
-1,313
1,474
-1,793
-6,243
4 390
-1,571
5 991
135
7
65
125
-62
-40
-676
-207
-129
-182
-158
-247
226
-12
206
-12
361
-54
106
-10
215
-8
-10
2
39
28,799
-6,428
-1,793
-32,769
-5,178
-43,565
4,776
-8,060
21,966
-3
-30
899
-88
656
-70,532
-16,697
-26,963
-88,118
-20,600
-29,730
-152,289
-19,948
-33,282
-19,517
-4,669
-10,904
-30,778
-2,219
-10,098
-14,486
-9,601
-8,905
-87,508
-3,459
-3,375
-136
-6,008
-1,987
-1
3
-1
-150
-2,087
13,244
1,391
-2,034
7,673
2,715
-1,984
2,654
-15,983
-2,609
-5,640
46
47
48
49
50
51
52
32
-14,844
-4,514
-6,801
-3,260
7,678
-919
-2,610
-14,460
-12,412
-8,844
-28,944
-77,996
-21,063
-37,201
33,257
-15,826
-2,635
20,342
-16,322
-45,311
-35,363
7,956
472
-97
36,548
-5139
21,113
- 2 795
-6,335
3 494
-5"851
886
-6,183
-5,124
- 1 043
-3,205
1,108
-7,734
53
54
1,807
14,868
-2,825
29,603
103,067
167,878
27,880
50,230
13,618
76,150
42,369
38,190
34,223
61,758
-14,121
23,529
16,583
35,767
7,743
55
-738
-449
-2,100
18\
18
18
18
18\
18)
18)
18)
(
(
(18)
(18)
(18)
18)
(18)
(18)
(18)
18
(18)
(18)
-27
-27
56
57
58
59
60
61
62
(17
(17
-17
-9,279
-4,084
(17)
17
17
R
R
-2
2,545
2,160
(17
15,317
9,957
-725
1,526
(17)
3,698
6,490
-2
3,447
! 8j
-37
18)
18)
-22
("
8
17
5,275
(17)
17
"I
18
18
18
7
-38
I
!?
(
8
}
*)
i 8J
43
18)
18)
(18)
-2,569
16,410
4,326
18)
18)
18)
23,512
60,889
37,416
17,323
12316
-3,619
-21 097
46,903
41,447
84,682
18
18)
(jjj)
18
(18)
61
I
68
|
(18)
-101
-773
R
18)
(18)
2,769
615
1,651
18)
18)
'(18)
(18)
-417
15,505
5,005
15,171
6,696
22,690
1 085
12,351
21 369
26,536
3,262
-5,737
17,901
51,532
32,651
-6,602
-5,375
28,946
(18)
18
(18)
1 081
(18)
8,024
(
L8
8
8
8
i
i(
-1,955
-1,605
18)
i
3
8
8
(18
i
18)
-)
18)
18)
(18)
18
18
18
18
.97
r
18
937
(18)
.a
(18)
(18)
|l8J
-120
( 18)
(18)
(18)
63
64
65
-1,850
522
7,872
3,499
1,733
18)
(18)
18)
(18)
(18)
40,914
-1,127
6,959
16,123
18,959
8,228
-1,784
-1,399
5,446
5,594
-59
-10,907
2 981
13J45
- 1 422
- 6 ! 127
3,946
9,483
-1,983
68
69
15,489
(18
10,043
(18
66
67
9,367
8,604
18,323
35,372
2,032
18,465
170
-11,093
9,448
19,940
-32,484
6,504
88,670
26,757
37,165
2,049
3,433
-15,890
30,262
70
-14,457
-15,873
1,982
-13,891
5,406
-170
-8,655
-15,226
2,941
-12,285
6,256
-222
-6,251
-3,266
13,983
10,717
7,470
-13,073
5,114
-27,380
16,740
-10,640
7,886
-14,762
-17,516
-39,917
16,928
-22,989
4,178
-15,634
-34,445
-9,768
4,055
-5,713
-10,064
3,913
-6,151
1,481
-3,820
-8,490
-10,194
4 893
-5,301
-9,891
4,067
-5,824
1,222
-3,986
-8,588
-10,150
3,120
-7,030
1,261
-3,998
-9,767
-65,376
16,051
-49,325
-25,173
-227
-74,725
-74,804
14,751
-60,053
-27,638
-235
-87,926
-82,921
16,189
-66,732
-30,507
-252
-97,491
-19,373
3,978
-15,395
-8,652
-102
-24,149
-21,075
3,503
-17,572
-8,003
-20,616
4,543
-16,073
-7,933
-21,857
4,165
-17,692
-5,919
-18,568
3,822
-14,746
-6,733
-105
-21,584
71
72
73
74
75
76
508
-13,949
4,719
-187
-9,417
922
-3,814
-8,605
553
-4,014
-8,762
-41
-66
-43
-25,616
-24,072
-23,654
78
•
SURVEY OF CURRENT BUSINESS
July 2001
Table 10.—U.S. International
[Millions
Australia
(Credits +; debits - ) *
Line
2001
2000
1998
1999
21,902
22,932
25,441
16,555
16,881
17,944
11,604
11,540
4,951
152
1,562
548
282
728
1,674
5
5,347
5,339
1,908
3,431
2000
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. rffilitary agency sales contracts4
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
3
-10,161
-8,793
-5,390
-3,403
-43
Services
Direct defense expenditures
-1,201
-587
-214
Travel
Other transportation
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services .
-59
-1,250
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
6,512
6,468
4,704
4,493
3,010
4,273
4,054
12,189
6,075
4,474
2,971
2,940
2,704
5,341
294
5,755
335
1,503
233
1,856
528
334
408
121
73
1,333
34
406
125
78
730
1,704
7
719
1,975
8
496
2
1,483
34
532
142
102
181
490
2
1,350
62
1,735
520
351
1,436
34
510
140
81
186
502
2
173
516
2
6,051
6,047
2,465
3,582
7,497
7,493
3,625
3,868
1,601
1,975
1,974
1,011
963
2,113
2,112
1,607
1,606
676
930
4
-9,963
4
1
1
-11,928
-2,765
-3,240
-2,979
-2,944
-8,512
-5,281
-2,208
-2,535
-2,533
-2,526
-6,422
-1,732
-1,669
-2,366
-1,457
-801
-16
-857
-16
-909
-23
170
1,600
658
942
3,268
182
487
2
1,808
1,807
827
5,661
1,129
983
1
403
122
72
1
-2,695
-3,231
-62
-1,294
-633
-197
-3,380
-81
-863
-18
-1,676
-859
-31
-1,465
-619
-244
-411
-157
-61
-401
-140
-57
-311
-146
-67
-342
-176
-59
-402
-166
-57
-15
-206
-27
-225
-9
-16
-9
-239
-9
-18
-233
-10
-487
-1,144
-488
-7
-15
-192
-9
-557
-555
-195
-258
-102
-2
-705
-703
-284
-305
-114
-2
-446
-445
-25
-290
-130
-1
-418
-416
17
-291
-142
-2
-329
-327
64
-254
-137
-2
-49
-1,368
-78
-925
-42
-73
-862
-36
-1,451
-1,361
-302
-701
-358
-7
-1,444
-326
-785
-333
-7
-2,126
-2,119
-346
-330
-305
-75
-74
-81
-75
-78
-39
-307
-40
-290
-43
-262
-10
-65
-11
-63
-11
-70
-11
-64
-11
-67
4
8
2
2
2
2
-10,837
-4,225
-3,357
-1,419
-295
-2,164
521
-1,776
-1
-10,835
-6,284
-1,126
-1,221
-2,204
-4,224
-4,099
-1,698
-611
2,184
1
-3,358
-1,464
968
1,484
H346
6,460
1
-1,420
37
861
-250
-2,068
-295
-172
-349
2,419
-2,193
-2,164
-93
525
-2,460
-136
521
-1,236
-69
1,775
51
-1,776
761
1,475
61
2,400
(18)
2,524
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
820
(18)
(18)
(18)
(18)
21
(18)
(18)
(18)
1,505
(18)
1,047
-48
(18)
(18)
(18)
n
-2,537
-978
(18)
(18)
(18)
3
35
(18)
(18)
(18)
(18)
2,363
(18)
2,430
(18)
1,958
(18)
1,923
(18)
547
58
(18)
(18)
1,082
(18)
571
-129
-880
28
(18)
1,364
-3,117
248
4,470
-1,099
3,303
-321
525
-978
339
225
1,578
-25
861
Statistical discrepancy (sum of above items with sign reversed)
-1,382
-17,413
-16,319
-3,293
-2,966
-3,646
-6,414
-135
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
6,214
1,548
7,762
3,979
-346
11,395
6,259
2,110
8,369
4,600
-330
12,639
5,767
2,375
8,142
5,371
-305
13,208
1,626
640
2,266
1,044
-75
3,235
1,592
577
2,169
1,103
-74
3,198
1,278
682
1,271
476
1,747
1,695
-75
3,367
1,247
441
1,688
1,278
-78
2,888
See footnotes on page 66.
1,960
1,529
-81
3,408
79
July 2001
SURVEY OF CURRENT BUSINESS
Transactions, by Area—Continued
of dollars]
International organizations and unallocated16
Other countries in Asia and Africa
2001
2000
HQQO
2000
onnn
1QQQ
iyyo
iyyy
1QQQ
1998
i
II
III
IV
\P
Line
2001
2000
iyyy
I
II
\P
IV
III
214,050
222,713
259,942
59,449
64,170
69,073
67,250
65,598
31,592
34,085
35,465
8,739
8,880
8,745
9,101
8,001
191,049
196,196
223,371
50,435
55,051
59,672
58,213
56,403
6,231
5,979
6,141
1,518
1,494
1,519
1,610
1,543
136,568
139,901
162,477
35,862
39,911
43,556
43,148
41,288
76
54,481
10,641
56,295
9,192
60,894
8,614
14,573
1,892
15,140
2,505
16,116
1,996
15,065
2,221
15,115
1,880
6,155
5,979
6,140
1,518
1,493
1,519
1,610
1,543
10,484
1,832
7,510
10,843
1 582
8^617
13,150
1 787
9^946
2,512
3,676
4,024
2,938
353
443
535
456
356
2,305
2,503
2,581
2,557
2,315
568
566
556
134
141
142
139
136
4,141
19,422
4,507
21,213
4,791
22,276
1,135
6,297
1,148
4,782
1,210
5,687
1,298
5,510
1,210
6,785
1,842
3,745
1,931
3,482
1,983
3,601
479
905
484
868
487
890
533
938
499
908
451
341
330
79
83
83
85
86
23,001
22,936
10,883
10,944
1,109
26,517
26,442
15,543
9,848
1,051
36,571
36,491
23,082
12,033
1,376
9,014
8,994
5,151
3,270
9,119
9,099
5,598
3,266
9,401
9,381
6,198
2,850
9,037
9,017
6,135
2,647
9,195
8,682
5,771
2,578
25,361
23,880
13,721
9,344
28,106
26,361
14,703
10,877
29,324
27,454
14,481
12,249
7,221
6,765
3,525
3,059
7,386
6,921
3,587
3,153
7,226
6,755
3,533
3,040
7,491
7,013
3,836
2,997
6,458
6,458
3,848
2,422
333
20
235
20
333
513
724
1,481
1,745
1,870
181
456
181
465
182
471
180
478
188
80
235
20
781
75
573
20
815
65
-326,228
-365,966
-447,880
-98,366
-108,446
-123,858
-117,210
-103,773
-10,351
-11,812
-14,551
-3,271
-3,461
-4,030
-3,789
-3,794
-297,971
-334,911
^09,452
-89,611
-98,456
-113,469
-107,916
-94,750
-2,359
-1,779
-2,866
-496
-549
-1,123
-698
-728
-263,484
-296,821
-368,114
-79,535
-88,143
-103,153
-97,283
-84,524
-34,487
-3,843
-38,090
-3,806
-41,338
-3,720
-10,076
-898
-10,313
-973
-10,316
-963
-10,633
-886
-10,226
-902
-2,359
-1,779
-2,866
-496
-549
-1,123
-698
-728
-10,665
- 4 565
-7,962
-10,875
- 5 049
-10,566
-11,912
-5,164
-12,865
-2,998
-1,333
-2,901
-3,091
- 1 263
-3,098
-2,696
- 1 321
-3,433
-3,127
- 1 247
-3,433
-2,929
- 1 427
-3,112
-1,384
-1,147
-1,519
-312
-363
-407
-437
-461
-164
-6,496
-792
-314
-6,728
-752
-300
-6,614
-763
-66
-68
-75
-91
-84
-181
-1,657
-192
-1,578
-194
-1,074
-273
-646
-1,636
-192
-446
-186
-126
-1,631
-189
-734
-239
-121
-1,690
-190
-63
-60
-70
-80
-151
-116
-28,257
-27,814
-38,428
-37,914
-2,591
-13,209
-22,114
-514
-8,755
-8,601
-282
-3,030
-5,289
-154
-9,990
-9,885
-1,193
-3,195
-5,497
-105
-10,389
-10,299
-1,127
-3,481
-5,691
-9,294
-9,129
-10,051
-18,125
-443
-31,055
-30,621
-462
-10,580
-19,579
-434
-3,503
-5,637
-165
-7,992
-7,992
-5,179
-2,793
-10,033
-10,033
-6,895
-3,114
-11,685
-11,685
-7,851
-3,814
-2,775
-2,775
-1,873
-896
-2,912
-2,912
-1,910
-998
-2,907
-2,907
-1,945
-956
-3,091
-3,091
-2,123
-964
-3,066
-3,066
-2,151
-909
-20
-24
-20
-6
-4
-6
-4
-6
-90
-9,023
-8,859
-148
-3,332
-5,379
-164
-17,290
-8,394
-414
-8,482
-17,101
-7,388
-487
-9,226
-22,250
-11,382
-497
-10,371
-4,290
-1,497
-122
-2,671
-4,103
-1,645
-127
-2,331
-5,005
-2,224
-125
-2,656
-8,852
-6,016
-123
-2,713
-4,045
-1,013
-155
-2,877
-8,603
-1,068
-1,147
-6,388
-10,479
-1,520
-1,165
-7,794
-10,011
-1,173
-1,306
-7,532
-2,496
-357
-259
-1,880
-2,623
-451
-100
-2,072
-2,162
-197
-191
-1,774
-2,730
-168
-756
-1,806
-1,925
-234
-267
-1,424
115
120
126
30
34
28
34
36
3,029
-2,993
-14,576
-7,161
-11,366
-989
4,940
-8,290
362
11
1
1
2
o
1
2,483
-2
4
6
7
8
9
10
11
12
13
14
15
16
17
18
19
2C
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
-20,004
-10,360
-13,400
-3,536
-1,805
-2,563
-5,496
-14,214
-5,266
5,494
1,586
-417
2,148
1,118
-1,263
385
40
41
-147
-5,119
10
-722
2,308
-180
-237
-180
2,328
-182
1,300
-180
-1,083
-189
5,484
42
43
-1,161
-1,161
-1,052
-1,052
-1,178
-1,178
-248
-248
-265
-265
-307
-307
-358
-358
-353
-353
-14,802
-13,608
-151
-13,808
-13,233
-454
-2,871
-3,269
-3,688
-3,377
56
10
-3,374
-3,279
-253
-3,875
-3,308
-432
574
44
45
-132
-1,456
1,276
-54
48
-791
-1,667
1,365
-489
3,161
-7,175
-6,080
1,799
14,617
-2,202
-13,938
3,017
-2,506
11,225
-14,522
-14,495
17,595
53,067
59,442
(18)
J
(18)
(18)
(18
18
18
-1,154
(18
(18
-2,020
2,001
-35
117
-3,102
2,958
I
8)
-1,6
!
(18)
(18)
(18)
-1,593
384
12,082
(18)
(18)
(18)
-1,714
15,134
36,996
247
-107
-1,127
16
273
-348
-236
-236
-309
786
234
398
-34
563
-54
-181
-7,054
-4,078
-2,502
-1,388
-11,382
-3,563
-4,314
-13,577
-11,974
-340
3
13
-3,754
5,176
-2,765
4,655,
-494
3,780
-8,537
-6,248
-444
914
-1,262
-4,089
2,278
- 1 469
2,018
-1,845
-1,266
-1,056
-78
-43
175
-8
231
-377
158
-80
-55
-14,246
-3,327
1,058
-13 574
1,597
4,990
21,209
13,007
20,236
31,001
21,204
32,190
5,728
-1,646
5,713
-3,631
5,292
14,403
2
5
1
1
3
2
5
1
1
3
5,723
6,539
-1,647
1,547
5,712
1,595
-3,634
1,659
5,292
1,738
14,403
1,833
63
64
(18)
(18)
(18)
(18)
(18)
165
-148
6,230
65
66
757
20
\
3
i
249
ii
is
[
Q
(18)
(18)
254
(18
18
18
18
-267
"(18)
(18)
-446
556
137
|i!18
-748
(18)
(18)
(18)
R
(18)
(18)
7,917
1,394
1,904
852
(18)
7,550
10,203
5,647
(18
13,596
(18
22,889
21,202
3,775
32,190
6,031
(18)
(18)
51
16 622
293
22,407
SJ
-121
-6,847
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
(18)
(18)
867
46
-3,009
26,619
2,177
-5,647
4,013
-5,129
10,132
182
29
69
8,008
200
554
160
-4A
1,847
4,657
290
2 311
9^618
38,364
2,908
9,098
989
64
3,299
-2,030
3,745
3,057
-6,235
-2,597
351
67
68
69
108,729
110,160
165,196
45,348
38,502
47,744
33,602
19,473
-13,838
-33,624
-3,231
2,210
-6,704
3,641
-2,378
-2,471
70
-126,916
19,994
-106,922
-5,256
-17,290
-129,468
-156,920
18,205
-138,715
-4,538
-17,101
-160,354
-205,637
19,556
-186,081
-1,857
-22,250
-210,188
-43,673
4,497
-39,176
-48,232
4,827
^3,405
-871
-4,103
-48,379
-59 597
5,800
-53,797
-988
-5,005
-59,790
-54 135
4,432
-49,703
-257
-8,852
-58,812
-43,236
4,889
-38,347
4,200
4,200
18,073
-10,479
11,794
3,274
3,275
17,639
-10,011
10,903
1
944
945
396
396
912
912
815
815
4,474
-2,623
2,796
4,319
-2,162
2,553
4,400
-2,730
2,582
3,392
-1,925
2,282
339
259
-4,290
-43,207
172
-4,045
-42,220
1
76
3,796
3,872
17,369
-8,603
12,638
1,129
1,022
1,022
4,446
-2,496
2,972
71
72
73
74
75
76
80
•
July 2001
SURVEY OF CURRENT BUSINESS
Table 10a.—U.S. International Transactions,
[Millions
Belgium-Luxembourg
Line
Germany
France
(Credits +; debits -) *
1999
2000^
1999
2000^
1999
1998
2000^
Current account
Exports of goods and services and income receipts
Exports of goods and services
Goods, balance of payments basis 2
26,171
57,227
42,610
26,364
62,379
45,228
28,923
15,131
208
16,246
265
16,305
250
2,637
1,016
637
4,155
1,341
1,153
4,398
1,287
1,484
4,035
1,090
1,906
2,073
3,724
20
1,996
4,013
31
3,218
5,022
34
2,951
7,514
7,508
1,722
5,786
10,396
10,387
2,406
7,981
13,702
13,658
5,081
7,965
612
3,077
5,695
40
14,617
23,024
22,953
25,021
34,580
35,990
40,959
55,004
17,712
16,769
17,931
27,229
28,476
30,563
41,302
14,410
13,265
14,266
17,510
18,584
20,200
3,302
318
3,504
84
3,665
143
9,719
133
9,892
161
10,363
33
487
262
423
562
232
470
506
2,348
2,330
1,002
582
754
1,400
2
719
1,127
1
1,602
3
2,193
3,145
14
5,312
5,310
3,407
1,903
6,184
6,180
4,162
2,018
7,090
7,087
4,661
2,426
7,351
7,343
2,164
5,179
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
{
1
6,011
62
14,574
5,100
17,151
17,116
4,350
44
9,036
438
43
12,243
523
35
-17,895
-21,220
-25,468
-38,083
-42,310
-51,299
-77,768
-86,091
-89,560
-10,905
-11,892
-12,795
-33,924
-10,258
-25,705
-2,132
-139
-2,389
-226
-2,537
-186
-7,809
-49
-8,219
-49
-10,777
-49
-49,749
-13,691
-3,604
-69,207
-55,167
-74,353
-9,503
-40,550
-29,773
-63,440
-8,773
-31,815
-24,006
Travel
Passenger fares
Other transportation
-385
-297
-513
-350
-349
-631
-2,997
-723
-758
-3,121
-791
-765
-3,634
-1,183
-938
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services .
-160
-573
-65
-409
-272
-522
-226
-669
-65
-212
-735
-74
-802
-2,254
-226
-890
-2,377
-226
-9,328
-9,319
-3,082
-3,823
-2,414
-9
-12,673
-12,664
-5,237
-5,040
-2,387
-9
-6,268
-6,223
-1,691
-3,282
-1,250
-45
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
-6,990
-6,981
-1,570
-3,492
-1,919
-14,040
-3,951
-58,501
-15,852
-4,103
-2,063
-1,454
-1,873
-2,224
-1,688
-1,786
-2,678
-1,924
-2,198
-1,022
-3,695
-256
-1,281
-3,111
-305
-1,259
-2,826
-306
-1,651
-2,952
-346
-8,386
-8,343
-3,119
-3,499
-1,725
-43
-10,749
-10,708
-5,562
-3,575
-1,571
-41
-14,328
-14,289
-4,348
-3,769
-6,172
-39
-16,884
-16,846
-6,341
-4,434
-6,071
-38
-15,207
-15,171
-2,603
-6,228
-6,340
-36
-74
-81
-203
-249
-308
764
772
490
-19
-50
-19
-55
-20
-61
-72
-131
-71
-178
-73
-235
-351
1,115
-313
1,085
-330
820
2
2
2
10
11
11
34
38
-7,267
-7,086
5,118
-5,358
-11,443
-36,293
-31,658
-23,969
Unilateral current transfers, net
U.S. Government grants 4
U.S. Government pensions and other transfers .
Private remittances and other transfers 6
Capital and financial account
Capital account
39
Capital account transactions, net ....
Financial account
U.S.-owned assets abroad, net (increase/financial outflow (-))
-48,595
4,598
U.S. official reserve assets, net
Gold 7
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
4,598
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 ....
-2
1
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
-7,271
-5,015
1,783
-2,333
-1,706
-7,084
-1,819
3,696
-1,271
-7,690
5,117
-2,520
4,502
-2,443
5,578
-5,362
-4,323
-4,255
-159
3,375
Foreign-owned assets in the United States, net (increase/financial inflow (+)).
32,987
44,765
51,521
17,299
(14)
(14)
(14)
(14)
(14)
ft
Foreign official assets in the United States, net
U.S. Government securities
U.S. Treasury securities9
Other 10
Other U.S. Government liabilities 11
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 12
67
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 items 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 66.
-20
22
(14)
(14)
-58
-191
n
(14)
17,269
28,266
30,737
(14)
(14)
(14)
11,467
14
1,170
3,272
2,824
613
14
4
3,599
-10,772
H
22
-20
-36,293
-1,220
-10,731
-5,068
-19,274
-53,215
-3,051
-28,735
-9,541
-11,888
-31,638
-5,796
-2,243
-11,474
-12,125
-23,973
38,939
59,514
49,620
69,614
-1,585
-978
-730
-8,136
(14)
ft
1,603
5,180
(14)
42,986
(14)
13,320
10,123
-20,896
14
6,694
-3,493
(14)
(14)
(14)
(14,
23,144
11,351
(14)
(14)
7,671
14
ft
(14)
(14)
4,827
14
(14)
41,965
(14)
-5,400
3,161
20
76
(14)
(14)
(14)
(14)
(14)
25,406
8,126
14
14)
14)
(14)
(14)
-28
*)
*)
(14)
11,368
-2,173
523
-16,524
-5,799
(14)
44
28,015
13,064
-14
-11,429
19,603
7,330
-495
14
(14)
34,699
17,468
6,076
14
-30,782
-39,340
-56,113
-8,245
-18,987
7,991
11,045
10,096
-18,992
5,637
1,170
6,807
-1,678
-69
5,060
3,762
1,115
4,877
-3,144
-74
1,659
4,008
1,128
5,136
-5,583
-81
-528
-6,496
1,910
-4,586
1,083
-203
-3,706
-7,121
1,673
-5,448
-872
-249
-6,569
-9,573
-414
-9,987
-353
-308
-10,648
-23,578
1,440
-22,138
-626
764
-22,000
-28,803
2,206
-26,597
-2,267
772
-28,092
-29,578
453
-29,125
1,944
490
-26,691
July 2001 •
SURVEY OF CURRENT BUSINESS
81
by Selected Countries (published annually)
of dollars]
Italy
Netherlands
Mexico
South Africa
Venezuela
Line
1998
1999
2000"
1998
1999
1998
2000"
1999
2000"
1998
2000"
1999
1998
1999
2000"
19,262
19,722
21,590
39,701
42,213
46,869
98,355
108,224
134,497
10,631
9,936
10,766
5,638
4,846
5,377
1
14,566
15,143
16,411
26,013
26,329
28,933
90,276
99,253
125,209
9,586
8,559
9,022
4,690
3,879
4,435
2
8,922
9,878
10,951
18,878
19,311
21,717
78,623
86,761
111,171
6,483
5,314
5,508
3,618
2,580
3,081
3
5,644
5,265
5,460
7,135
7,018
7,216
11,653
12,492
14,038
3,103
3,245
3,514
1,072
1,299
1,354
43
115
59
300
358
3
9
3
35
27
14
1,907
1,691
1,590
1,592
1,697
1,891
517
337
485
354
4,937
1 027
1
386
651
411
534
922
217
323
192
275
159
317
164
429
11
129
4
5
6
7
8
1,059
1,568
929
909
1,671
5
147
809
5
149
933
5
180
943
5
4,696
4,693
2,028
2,665
1,045
1,039
1,377
1,372
1,744
1,739
646
725
1
5
887
833
19
5
77
187
419
2
948
946
334
612
(*)
2
1
386
9
98
265
535
5
967
965
278
687
(*)
2
217
561
7
942
940
191
749
(*)
2
9
10
11
12
13
14
15
16
17
18
19
1,216
1,288
3,818
4,114
1,046
352
694
404
764
958
549
961
690
1,700
2,714
1,714
2,741
1,434
2,966
770
789
949
2,055
5,533
5,907
6,399
5
8
2
1
2
22
22
22
4,579
4,576
2,133
2,443
5,179
5,176
2,549
2,627
13,688
13,685
10,078
3,607
15,884
15,881
11,314
4,567
17,936
17,933
11,890
6,043
8,079
8,054
3,760
4,270
8,971
8,948
4,507
4,425
9,288
9,263
4,258
4,999
24
25
16
23
6
25
407
631
1
6
701
(*)
3
3
3
(*)
3
3
3
-27,689
-30,350
-33,522
-20,807
-23,151
-28,328
-114,282
-129,576
-158,399
-11,033
-13,361
-21,142
-4,093
-4,115
-5,154
-25,688
-27,878
-31,045
-12,000
-12,439
-14,972
-105,419
-120,168
-147,998
-9,702
-12,018
-19,241
-3,946
-4,061
-5,053
-20,940
-22,350
-25,031
-7,537
-8,424
-9,624
-95,401
-110,550
-136,811
-8,964
-11,334
-18,623
-3,045
-3,185
-4,209
-4,748
-615
-5,528
-829
-6,014
-760
-4,463
-5,348
-10,018
-9,618
-11,187
-738
-684
-618
-901
-876
-844
-94
-4,015
-112
-71
-8
-17
-7
-3
-2
-3
-6
-2
-5
-2,446
-389
-547
-2,819
-496
-535
-2,907
-685
-663
-756
-910
-797
-791
-753
-837
-745
-968
-1,012
-6,396
-809
-957
-5,805
-957
-1,070
-6,646
-920
-1,371
-358
-122
-249
-70
-362
-273
-250
-305
-269
-255
-82
-270
-106
-105
-126
-36
-64
-63
-80
-84
-84
-67
(D)
-66
-7
-7
-9
-596
-690
-1,983
-194
-141
-169
-136
-75
-1,587
-194
-1,501
-75
-25
-25
-25
-2,001
-1,986
-218
-974
-794
-8,863
-3,075
-216
-1,537
-1,322
-5,788
-9,408
-3,239
-175
-1,645
-1,419
-6,169
-10,401
-4,128
-1,331
-1,323
-1,343
-1,335
-87
47
24
-2,213
-1,828
-6,273
-904
-466
-938
-421
-1,206
-664
-8
-4,824
-5,311
-6,036
-110
-1
-4
-1
-4
-99
-4
-105
-128
-192
-4
-1
-184
-209
-211
-39
-42
-40
-1,901
-1,893
-147
-139
-8
8
-78
-69
-8
-54
-46
46
-66
-26
-8
-101
-23
-133
-295
-309
-117
-230
-830
-767
-1,102
-767
-718
-1,028
-1,482
-85
-37
-37
-42
-2,472
-2,456
-428
-893
-1,135
-2,477
-2,462
-131
-1,054
-1,277
-8,807
-8,798
-6,139
-1,942
-717
-10,712
-10,703
-7,430
-2,368
-905
-13,356
-13,347
-9,221
-2,902
-1,224
-15
-16
-15
-313
-636
-346
-9
-56
-9
-49
-9
-79
-10
-14
-19
-224
-89
-223
-413
-226
-120
-23
-33
-22
-27
-23
-56
-229
-4,585
-231
-5,066
-234
-5,783
-8
-98
-2
-4
-92
11
12
12
4
4
4
190
179
184
2
2
2
-880
2,336
-6,171
-18,835
-37,610
-21,045
-9,352
-4,779
-321
-1,626
-2,301
-574
(D)
-94
14
-94
-14
-7
-4
-83
-4
-188
-143
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
-483
13"r
-85
40
41
42
43
44
45
41
-14
-23
1
5
135
132
143
137
-2
132
0
143
(*)
-4,911
-5,084
-3,780
-511
4,464
786
-23
-14
41
5
1
(*)
-857
2,350
-3,695
5,964
-379
-18,840
-22,213
2,600
2,297
-1,524
-37,611
-8,336
-16,310
-4,372
-8,593
-21,045
-10,927
-8,574
-1,540
-9,487
-4,593
-1,426
-1,036
-2,432
16,904
49,547
38,945
7,361
-2,845
460
-6,212
-7,999
2,469
-359
-323
9,532
12,794
21,081
910
907
171
(
l?
M|
20
-54
-71
£J
(14)
(14)
14)
6,495
8,400
17,366
275
1,718
753
14
2,694
6,533
14)
(14)
2,608
-795
14
14
"1
40,
2
9,610
635
-670
-592
14-9
14
5,740
2,374
14
9,689
1,111
-464
-3,542
1,164
-481
2,395
-1,623
-622
-655
-2,296
-1,557
-205
-443
-1,256
-502
-503
639
74
100
8,186
-1,095
1,867
9,037
156
14)
(14)
I?
14)
(14)
1~4)
!i
14)
14
3
b
(14
902
14
1,903
-2,772
14
-112
4,730
P)
(14)
735
2,660
387
14
-16
14)
14)
14
14
83
-876
-913
797
-61
54
213
6
149
192
126
136
-74
-128
59
279
31
3
(14)
(14)
(14)
ft
(14)
r
3
(14)
14
-21
(14)
06
399
76
-80
14
7,050
14
(14)
672
1,332
14
-489
(14)
679
336
47
48
49
(14)
(14)
102
-60
-1,684
46
1
5
418
1,027
1
1
(*)
-86
0
0
-31
1
6
1
14\
14)
-88
4,200
-131
-132
1, >69
(14)
14
-5
-4
1
-2
14)
(14)
871
(14)
-3
-5
2
(*)
14)
4
2
22,
(14)
10,477
PI
P)
i
3
(14)
(14)
1 '(14)
ool
1,858
14)
1, 324
-4
;:;
14\
14)
14)
14
0
29
-616
14
-1
14
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
14
65
177
66
67
-25
-520
68
69
77
-3,878
-2,644
-16,911
-30,954
-36,366
22,552
30,477
21,889
3,219
3,967
2,044
-893
-550
-161
70
-12,018
-12,472
-263
-12,735
2,107
-636
-11,264
-14,080
-554
-14,634
2,702
-346
-12,278
11,341
2,672
14,013
4,881
10,887
3,003
13,890
5,172
12,093
1,868
13,961
4,580
-16,778
1,635
-15,143
-784
-4,824
-20,751
-23,789
2,874
-20,915
-437
-5,311
-26,663
-25,640
2,851
-22,789
-1,113
-6,036
-29,938
-2,481
2,365
-116
-286
-6,020
2,561
-3,459
573
171
744
801
-605
-1,128
913
841
-98
-110
-3,535
-13,115
2,896
-10,219
-157
-133
-10,509
-295
1,250
-309
-230
422
-7
71
72
73
74
75
76
896
-11,122
2,695
-313
-8,740
-56
-49
-79
18,838
19,013
18,462
-500
34
.
423
510
-182
-618
D-l
SURVEY OF CURRENT BUSINESS
July 2001
BEA CURRENT AND HISTORICAL DATA
National, International, and Regional Data
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, industry, international, and regional programs. The Federal
Statistical Briefing Room (FSBR) on the White House
Web site at <www.whitehouse.gov/fsbr/esbr.html> 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] data
International Data
National Data
A. Selected NIPA tables [A, Q]
S. Summary tables
D-2
1. National product and income
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-l 7
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, MJ
D-29
B.3 Gross domestic product by industry[A]
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 accruals 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. 12 Net stock of privatefixedassets by
type [A]
D-37
C. Historical measures
C.I GDP and other 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
F. Transactions tables
G. Investment tables
H. International perspectives [A, Q, M] .
I. Charts *
.D-51
Regional Data
J. State and regional tables
J.I Personal income [Q]
J.2 Personal income and per capita
personal income [A]
J.3 Personal income and per capita disposable
personal income [A]
J.4 Gross state product [A]
D-53
D-54
D-55
D-56
K. Local area table
K. 1 Personal income and per capita personal income
by metropolitan area [A]
D-57
L. Charts
Selected regional estimates
D-59
Appendixes
A: Additional information about the NIPA estimates
Statistical conventions
Reconciliation tables [A, Q]
B: Suggested reading
D-61
D-62
D-63
The tables in sections F and G and the charts in section I
are not included in this issue because of the publication of
the annual revision of the international transactions
accounts. The annual revision is described in "U.S. International Transactions, Revised Estimates for 1989-2000" and
the estimates are presented in "U.S. International Transactions, First Quarter 2001." See also "The International
Investment Position of the United States at Yearend 2000"
and "Direct Investment Positions for 2000: Country and
Industry Detail."
D-2
National Data
July 2001
SURVEY OF CURRENT BUSINESS
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, 2001, and include the "final" estimates for the first quarter of 2001.
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 is available within minutes of the time of release, and the "Selected
NIPA Tables" are available later that day, on BEA's Web site <www.bea.doc.gov> and on STAT-USAs Web site
<www.stat-usa.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
1999
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
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
Addenda:
Final sales of domestic
product
Gross domestic purchases ...
Final sales to domestic
purchasers
Gross national product
Disposable personal income
2000
Seasonally adjusted at annual rates
2001
2000
1999
4.2
5.0
8.3
4.8
5.6
2.2
1.0
1.2
5.3
12.4
5.6
3.7
5.3
9.6
5.0
4.5
5.9
7.6
23.6
6.0
5.2
3.1
-5.0
3.6
4.6
4.5
7.6
4.7
3.7
2.8
-3.1
1.0
4.9
3.4
12.7
3.0
1.8
6.6
9.2
10.1
-1.4
14.1
6.4
10.2
9.3
12.6
9.1
13.7
-.5
17.9
7.2
9.5
9.7
9.5
5.1
21.7
16.4
21.0
22.3
20.6
3.2
11.2
14.6
4.4
17.9
1.3
1.8
3.1
7.7
14.6
5.6
-10.6
-4.1
-.9
-13.3
2.3
1.9
15.3
-2.3
3.5
2.9
4.0
.5
9.0
11.6
2.9
13.5
13.9
11.5
10.3
12.6
4.6
10.7
11.2
8.2
6.3
6.0
6.9
12.0
11.2
16.6
14.3
19.0
3.5
18.6
20.0
10.6
13.9
21.0
-2.8
17.0
16.2
22.3
10.7
12.5
1.7
13.0
7.4
3.8
3.3
2.5
2.0
3.4
3.8
2.8
1.5
.2
3.8
3.5
8.5
13.2
12.6
14.4
6.1
-1.1
-14.2
-19.8
-3.3
6.6
4.8
17.2
16.9
17.8
-1.1
-1.4
4.6
5.2
4.8
5.7
6.4
8.4
6.7
5.6
5.6
5.5
6.6
4.1
3.2
5.1
2.8
8.3
4.5
-.1
10.4
-3.3
-3.6
-6.4
-9.9
3.4
-1.2
-2.1
4.0
2.9
3.8
-.9
-2.3
2.7
-5.4
-6.5
.9
4.8
2.9
8.9
-4.6
2.5
4.9
5.4
3.9
4.7
3.9
6.5
2.4
3.0
1.7
1.5
4.3
.5
7.5
4.7
3.2
2.1
3.4
5.1
1.9
5.6
3.7
2.1
2.6
1.7
.7
.7
2.2
-9.0
-9.7
-7.9
2000
2001
2000
1999
Percent change at annual rate:
Gross domestic product
NOTE.—Percent changes from preceding period in the current-dollar and price measures for these series are
shown in table 8.1.
1999
4.2
5.0
8.3
4.8
5.6
2.2
1.0
1.2
3.52
.96
1.10
1.46
3.56
.77
1.01
1.78
4.08
1.04
1.47
1.58
5.03
1.79
1.19
2.04
2.14
-.42
.74
2.99
1.83
1.46
1.87
-.26
.21
1.92
2.28
.97
.61
.69
1.15
1.53
1.26
-.05
1.80
1.59
1.1
.28
3.04
1.26
1.22
.29
.92
2.68
2.54
.63
3.66
1.93
1.87
.14
.33
.55
1.02
.44
-.78
-.17
-.02
.33
-2.57
.40
.26
.49
1.30
.27
1.33
-.02
.94
.03
1.91
.14
1.73
.06
.58
-.47
-.35
-.15
-.24
.14
-.37
.21
1.78
-1.76
1.73
-.22
-.62
-2.97
-1.03
.32
.30
.02
-.87
-.37
1.09
-.94
-1.00
1.48
-.90
.71
-.10
-.19
.08
.82
.84
-.02
.82
.29
.20
.08
.53
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
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
-1.35
-1.32
-.04
.96
.87
.09
-1.83
-1.59
-.24
.15
-1.45
-1.28
-.17
.67
.46
.21
-1.61
-1.28
-.33
.50
.09
.01
.08
.41
1.50
.79
.48
.30
.71
-.18
-.93
-.86
-.07
.75
.94
.61
.93
.11
-2.48
-2.26
-.22
-.09
-2.35
-1.90
-.44
-.55
-.74
-.84
.10
.19
.28
-.09
.85
.97
.60
.37
-.24
-.57
-.38
-.18
.33
.50
.22
.32
-.10
.28
1.37
-.12
1.45
1.54
NOTE.—More 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
SURVEY OF CURRENT BUSINESS
July 2001
D-3
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
1999
2000
2000
1999
Seasonally adjusted at annual rates
2001
1999
2000
2000
1999
I
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
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
9,299.2 9,963.1 9,559.7 9,752.7 9,945.7 10,039.4 10,114.4 10,226.8
6,268.7 6,757.3 6,446.2 6,621.7 6,706.3 6,810.8 6,890.2 7,002.3
824.7
815.8
839.2
761.3 820.3 787.6 826.3 814.3
1,845.5 2,010.0 1,910.2 1,963.9 1,997.6 2,031.5 2,046.9 2,071.8
3,661.9 3,927.0 3,748.5 3,831.6 3,894.4 3,954.6 4,027.5 4,091.3
1,650.1 1,832.7 1,723.7 1,755.7 1,852.6
1,606.8 1,778.2 1,651.0 1,725.8 1,780.5
1,203.1 1,362.2 1,242.2 1,308.5 1,359.2
285.6 324.2 290.4 308.9 315.1
917.4 1,038.0
403.8 416.0
43.3
54.5
951.8
408.8
72.7
1,869.3
1,803.0
1,390.6
330.1
1,853.3
1,803.5
1,390.4
342.8
1,814.8
1,392.4
361.0
999.6 1,044.1 1,060.5 1,047.6 1,031.4
412.4
422.4
417.3 421.3
413.1
29.9
72.0
66.4
49.8
-26.1
-254.0 -370.7 -299.1 -335.2 -355.4
-389.5
-402.7
-375.6
990.2 1,097.3 1,031.0 1,051.9 1,092.9
699.2 788.6 734.6 747.5 783.6
291.0 308.7 296.4 304.4 309.2
1,244.2 1,468.0 1,330.1 1,387.1 1,448.3
1,048.6 1,248.6 1,127.3 1,176.1 1,233.9
195.6 219.5 202.8 211.0 214.4
1,130.8
821.9
1,113.7
801.5
312.2
1,516.4
1,289.6
226.8
1,110.0
796.0
314.0
1,485.6
1,254.0
231.6
308.9
1,520.3
1,294.7
225.6
1,634.4 1,743.7 1,688.8! 1,710.4 1,742.2 1,748.8 1,773.6 1,811.3
568.6 595.2 591.6 580.1 604.5
365.0 377.0 380.8) 366.6 381.9
203.5 218.2 210.7 213.5 222.6
1,065.8 1,148.6 1,097.3 1,130.4 1,137.7
594.2
602.0
375.0!
384.4
219.2
217.6
1,154.6 1,171.6
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
1,788.8
617.1
393.6
223.5
1,194.2
Gross domestic product
II
2001
III
8,875.8 9,318.5 9,084.1 9,191.8 9,318.9 9,369.5 9,393.7 9,422.8
Personal consumption
expenditures
5,978.8 6,294.3 6,101.0 6,213.5 6,260.6 6,329.8 6,373.3 6,426.6
Durable goods
Nondurable goods
Services
817.8 896.0 851.8 898.2 886.7 903.2 896.0 923.2
1,779.4 1,869.0 1,818.1 1,844.8 1,861.1 1,882.6 1,887.4 1,901.6
3,390.8 3,543.9 3,443.0 3,487.2 3,526.7 3,559.3 3,602.5 3,618.2
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
Residual
1,669.7 1,839.8 1,751.6 1,773.6 1,863.0 1,871.1 1,851.5 1,786.5
1,621.4 1,771.7 1,666.6 1,730.9 1,777.6 1,791.3 1,787.1 1,797.1
1,255.3 1,413.7 1,301.8 1,365.3 1,412.5 1,438.8 1,438.3 1,445.1
259.2 282.9 260.6 274.0 277.0 286.6 293.8 304.5
1,003.1 1,140.5 1,050.1 1,100.4 1,146.6 1,162.4 1,152.7 1,146.1
368.3 366.3 368.5 371.4 372.6 362.3 359.0 362.1
78.6
60.9
72.5
55.7 -19.2
45.3
80.9
36.6
-322.4 -412.4 -352.5 -376.8 -403.4 -427.7 -441.7 -422.6
1,033.0 1,126.3 1,068.4 1,084.8 1,121.8 1,158.8 1,139.8 1,137.1
752.2 839.4 786.5 798.1 833.5 874.2 851.8
281.7 289.9 283.7 288.5 291.0 288.9 291.4 293.3
1,355.3 1,538.7 1,420.9 1,461.7 1,525.2 1,586.4 1,581.5 1,559.8
1,161.1 1,322.5 1,222.5 1,255.3 1,313.9 1,364.0 1,356.7 1,334.2
195.9 218.5 200.6 208.4 213.7 224.8 227.0 227.5
1,536.1 1,579.2 1,569.5 1,565.1 1,583.7 1,578.2 1,589.6 1,608.2
540.1 548.2 558.1 537.1 558.8 545.8 550.9 557.5
348.5 349.1 360.9 341.5 355.1 346.2 353.7 358.4
191.5 198.9 197.1 195.4 203.6 199.4 197.1 199.0
995.6 1,030.5 1,011.2 1,027.4 1,024.6 1,031.9 1,038.1 1,050.1
-.6
-7.8
-5.2
-8.0
-10.6
-11.2
-1.8
.4
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
SURVEY OF CURRENT BUSINESS
July 2001
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
2000
1999
2000
Seasonally adjusted at annual rates
1999
2001
2000
2001
2000
1999
IV
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
9,299.2 9,963.1 9,559.7 9,752.7 9,945.7 10,039.4 10,114.4 10,226.8
9,255.9 9,908.5 9,486.9 9,722.8 9,873.7 9,973.1 10,064.6 10,252.9
43.3
-26.1
66.4
72.0
29.9
72.7
54.5
49.8
3,510.2 3,793.4 3,638.7 3,710.2 3,806.1 3,842.9 3,814.7 3,798.7
3,466.9 3,738.9 3,566.0 3,680.3 3,734.1 3,776.5 3,764.9 3,824.8
72.7
72.0
54.5
43.3
29.9
1,678.3 1,843.9 1,749.3 1,794.4 1,857.9
1,651.1 1,806.7 1,701.8 1,773.7 1,809.6
66.4
1,869.8
1,830.6
39.2
20.7
37.2
27.2
48.3
47.5
1,831.9 1,949.5 1,889.4 1,915.8 1,948.2 1,973.0
1,815.8 1,932.3 1,864.1 1,906.6 1,924.5 1,945.9
49.8 -26.1
1,853.5 1,802.8
1,812.7 1,835.8
40.7
1,961.2
1,952.2
-33.0
1,995.8
1,988.9
6.9
9.0
27.2
23.7
4,934.6 5,254.0 5,050.3 5,135.2 5,231.4 5,281.6 5,368.0 5,460.7
967.4
931.7
915.0
854.3 915.6 870.7 907.4 908.2
16.1
17.3
25.2
9.2
346.6
342.8
357.8
355.9
355.5
339.6
8,952.5 9,620.3 9,201.8 9,396.8 9,590.2
320.0
306.2
9,794.4
9,920.6
NOTE—Percent changes from preceding period for gross domestic product and for final sales of domestic product
are shown in table 8.1.
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
I
8.875.8 9,318.5 9,084.1 9,191.8 9,318.9 9,369.5 9,393.7 9,422.8
8.826.9 9,250.9 9,000.5 9,148.0 9,235.3 9,290.9 9,329.5 9,428.2
55.7 -19.2
78.6
72.5
45.3 60.9
80.9 36.6
7.2
13.8
5.0
6.7
3.6
8.5
6.1
2.7
3,543.8 3,811.2 3,684.4 3,741.9 3,818.8 3,857.8 3,826.1 3,801.4
3,495.7 3,743.5 3,599.6 3,699.5 3,733.9 3,778.3 3,762.2 3,812.9
55.7 -19.2
60.9
72.5
80.9
36.6
45.3
78.6
1,780.6 1,970.0 1,867.8 1,919.7 1,984.1 1,995.7 1,980.5 1,938.2
1,752.5 1,931.6 1,818.2 1,899.0 1,933.9 1,955.2 1,938.5 1,975.1
28.2
48.9
21.2
41.6 -33.7
49.5
40.2
38.1
1,769.1 1,853.1 1,824.2 1,832.3 1,847.8 1,874.4 1,857.9 1,871.8
1,749.3 1,824.1 1,788.9 1,811.5 1,813.1 1,836.2 1,835.7 1,851.3
32.1
17.1
12.8
15.5
23.1
29.5 32.5
14.9
4,563.3 4,722.8 4,631.0 4,659.3 4,718.8 4,733.6 4,779.6 4,809.6
776.5 801.1 781.9 804.9 798.8 797.6 802.9 822.0
-22.3 -16.9 -19.6 -24.7 -25.8 -19.5
-11.1
-14.3
348.2
8,528.8
343.2
359.0
359.3
355.2
339.1
319.2
8,975.0 8,726.5 8,833.7 8,964.3 9,029.8 9,072.4
306.7
9,112.8
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 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 1.6.—Relation of Real Gross Domestic Product, Real Gross
Domestic Purchases, and Real Final Sales to Domestic Purchasers
Table 1.5.—Relation of Gross Domestic Product, Gross Domestic
Purchases, and Final Sales to Domestic Purchasers
[Billions of chained (1996) dollars]
[Billions of dollars]
Gross domestic product 9,299.2 9,963.1 9,559.7
Less: Exports of goods
and services
Plus: Imports of goods
and services
990.2
1,097.3 1,031.0
9,752.7
9,945.7 10,039.4 10,114.4 10,226.8
1,051.9
1,092.9
1,130.8
1,113.7
1,110.0
1,244.2 1,468.0 1,330.1 1,387.1 1,448.3 1,520.3 1,516.4 1,485.6
Equals: Gross domestic
9,553.2 10,333.7 9,858.8 10,087.9 10,301.1 10,429.0 10,517.1 10,602.4
purchases
Less: Change in private
72.7
54.5
72.0
66.4
49.8
-26.1
29.9
43.3
inventories
Equals: Final sales to
domestic purchasers 9,509.9 10,279.2 9,786.1 10,058.0 10,229.1 10,362.6 10,467.3 10,628.5
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
8,875.8 9,318.5 9,084.1 9,191.8 9,318.9 9,369.5 9,393.7 9,422.8
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
1,033.0 1,126.3 1,068.4 1,084.8 1,121.8 1,158.8 1,139.8 1,137.1
1,355.3 1,538.7 1,420.9 1,461.7 1,525.2 1,586.4 1,581.5 1,559.8
9,179.1 9,701.8 9,414.1 9,543.6 9,694.3 9,766.0 9,803.2 9,815.5
45.3
60.9
80.9
36.6
78.6
72.5
55.7
-19.2
9,130.3 9,634.1 9,330.4 9,499.9 9,610.5 9,687.3 9,738.9 9,821.2
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 1.8.—Real Gross Domestic Product by Sector
[Billions of chained (1996) dollars]
Table 1.7.—Gross Domestic Product by Sector
[Billions of dollars]
Gross domestic
product
Business1
9,299.2 9,963.1 9,559.7 9,752.7 9,945.7 10,039.4 10,114.4 10,226.8
7,872.4 8,460.3 8,110.8 8,277.9 8,449.9 8,526.9 8,586.6
Nonfarm
Nonfarm less housing
Housing
Farm
Households and
institutions
Private households ...
Nonprofit institutions .
7,798.2 8,387.0 8,041.1 8,207.0 8,375.0 8,454.2 8,512.0 8,591.3
280.5 7,431.1 7,589.9 7,660.3 7,705.0 7,773.7
7,054.0 7,596.6 7,280.5
793.9
817.6
807.1
744.3 790.5 760.6 775.9 785.0
71.0
74.9
78.3
73.3
72.8
74.6
74.2
General government3 .
1,025.0
2
Federal
State and local
1. Equals
2. Equals
3. Equals
as shown in
401.7
11.5
390.3
309.5
715.5
422.0
9.4
407.4
412.0
9.1
402.9
418.2
425.1
432.8
443.0
9.8
9.5
9.3
9.5
9.6
412.7 397.9
408.9
433.1
423.1
415.7
1,080.7 1,041.4 1,062.7 1,077.6 1,087.4 1,094.9 1,114.3
337.1
327.3 311.7 322.9 328.6
329.2
328.6
753.3 729.8 739.8 749.0
777.1
758.8
765.8
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.
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
8,875.8
7,557.0
7,450.2
6,767.8
683.1
106.3
378.3
10.6
367.8
942.1
286.5
655.4
9,318.5
7,974.5
7,866.0
7,160.8
706.6
105.9
385,7
8.3
377.6
961.5
292.3
669.1
9,084.1
7,758.4
7,652.7
6,961.6
-1.7
-2.1
-1.0
692.3
103.1
380.9
8.6
372.3
947.4
287.0
660.2
9,191.8
7,859.0
7,749.9
7,050.6
700.6
107.3
382.3
8.2
374.2
953.5
289.1
664.2
-2.4
9,369.5 9,393.7 9,422.8
8,021.9 8,041.5 8,061.3
7,912.9 7.932.5 7,952.6
7,206.7 7.220.6 7,238.4
707.9 713.4 715.6
106.2 106.1 105.6
386.5 389.6 393.3
8.4
8.4
8.3
378.3 381.3 385.0
962.0 964.6 966.0 971.4
294.5 292.9 292.8 293.4
667.4 671.6 673.1 677.8
-2.0
-1.4
-1.8
-2.4
9,318.9
7,975.8
7,868.5
7,165.4
704.7
104.1
384.5
8.2
376.4
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.
July 2001
D-5
National Data
SURVEY OF CURRENT BUSINESS
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
Seasonally adjusted at annual rates
1999
2000
2000
2001
I
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
IV
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
Equals: Personal income
I
305.9
370.6
331.2
350.9
375.4
372.8
383.1
360.2
316.9
374.9
344.6
358.6
383.7
381.7
375.7
367.2
9,288.2
9,958.7 9,546.3 9,745.0 9,937.4 10,030.5 10,121.8 10,219.8
Less: Consumption of
fixed capital
1,161.0 1,257.1 1,188.5 1,215.4 1,244.3
961.4 1,040.5 983.5 1,005.6 1,029.8
Private
Capital
consumption
allowances ...
984.9 1,053.2 1,007.7 1,026.3 1,043.9
Less: Capital
consumption
adjustment ...
12.7
14.1
24.2
20.8
23.5
Government
214.6
199.6
216.6 205.0 209.8
General
183.2
185.0 175.0 179.1
170.3
government
Government
30.7
31.4
29.3
31.6
30.0
enterprises ...
Equals: Net national
product
I
9,299.2 9,963.1 9,559.7 9,752.7 9,945.7 10,039.4 10,114.4 10,226.8
8,127.1
718.1
1,296.4
1,073.4
1,318.6
1,091.8
1,062.0
1,080.8
1,100.7
8.6
219.0
7.4
223.0
8.9
226.8
187.1
190.6
194.0
31.8
32.3
32.7
8,701.6 8,357.7 8,529.6 8,693.1 8,758.2 8,825.4 8,901.2
769.6
745.5
755.9
764.6
772.0
41.6
41.8
41.3
-101.8
-82.9
-51.6
42.0
22.0
39.7
41.7
40.6
41.3
42.0
-71.9
-83.7
-67.8
-77.7
-72.5
28,4
1,272.3
1,053.3
27.9
41.4
23.5
24.2
785.8
786.0
946.2
567.2
893.2
530.6
936.3
545.4
963.6
565.9
970.3
575.7
914.7
582.0
869.0
578.1
662.1
705.6
676.1
691.2
701.7
710.2
719.1
736.5
0
1,034.3
370.3
396.6
986.5
1,037.1
29.7
30.7
5.2
0
0
0
0
0
989.0 1,011.6 1,031.3 1,042.9 1,051.5 1,043.0
380.2
386.9
392.6
399.7
407.2
414.2
997.3 1,016.5
1,035.5
1,043.5
1,053.0
1,084.5
30.4
30.6
30.8
31.0
31.1
30.1.
7,789.6 8,281.7 7,972.3 8,105.8 8,242.1 8,349.0 8,429.7 8,554.2
Addenda:
Gross domestic income 9,371.1 10,046.8 9,627.5 9,830.4 10,018.3 10,141.3 10,197.3 10,278.4
Gross national income
9,360.1 10,042.4 9,614.0 9,822.7 10,010.0 10,132.3 10,204.7 10,271.5
Net domestic product ... 8,138.1 8,706.0 8,371.2 8,537.3 8,701.4 8,767.1 8,818.0 8,908.2
Equals: Gross national
product
Less: Consumption of fixed
capital
Private
Government
General
government
Government
I
294.1
347.6
316.2
332.0
353.2
348.7
356.7
333.0
301.5
349.1
325.0
335.8
357.9
354.8
347.7
337.7
8,868.3 9,316.6 9,075.0 9,187.7 9,313.7 9,362.8 9,402.2 9,417.8
Equals: Net national product
1,169.7 1,269.5 1,202.8 1,229.1 1,256.0 1,283.0 1,310.0 1,337.1
974.1 1,062,7 1,003.2 1,026.7 1,050.7 1,074.8 1,098.8 1,122.8
195.8
207.2 199.7 202.7 205.6 208.6 211.8 214.9
167.8
177.7 171.2 173.7 176.3 179.0 181.8 184.6
28.0
29.5
30.3
29.3
29.0
28.5
29.6
30.0
7,701.6 8,052.7 7,875.1 7,962.3 8,062.2 8,086.1 8,100.4 8,091.3
Addenda:
Gross domestic income l
Gross national income2
Net domestic product
8,944.4 9,396.8 9,148.4 9,265.0 9,386.9 9,464.6 9,470.7 9,470.3
8,936.9 9,394.9 9,139.4 9,260.9 9,381.7 9,457.8 9,479.1 9,465.4
7,709.0 8,054.6 7,884.1 7,966.4 8,067.4 8,092.7 8,092.0 8,096.2
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.
[Billions of chained (1996) dollars]
39.4
856.0
507.1
5.2
Plus: Income receipts from the
rest of the world
Less: Income payments to the
rest of the world
IV
II
8,875.8 9,318.5 9,084.1 9,191.8 9,318.9 9,369.5 9,393.7 9,422.8
Table 1.11.—Command-Basis Real Gross National Product
7,469.7 8,002.0 7,680.7 7,833.5 7,983.2 8,088.5 8,102.8 8,165.0
963.7
Gross domestic product
2001
2000
2000
Gross national product
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 1
Equals: Command-basis gross
national product
Addendum:
Terms of trade 2
8,868.3 9,316.6 9,075.0 9,187.7 9,313.7 9,362.8 9,402.2 9,417,8
1,327.4 1,476.0 1,385.6 1,418,6 1,477.5 1,508.9 1,499.0 1,470.8
1,374.0 1,502.2 1,418.9 1,443.4 1,508.9 1,532.8 1,523.9 1,502.9
8,915.0 9,342.8 9,108.3 9,212.5 9,345.1 9,386.7 9,427.1 9,449.9
103.5
101.8
102.4
101.7
102.1
101.6
101.7
102.2
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 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
July 2001
SURVEY OF CURRENT BUSINESS
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
2000
2000
1999
Seasonally adjusted at annual rates
2001
1999
I
National income
Rental income of persons with
capital consumption
adjustment
Rental income of persons
Capital consumption
adjustment
Corporate profits with
inventory valuation and
capital consumption
adjustments
Corporate profits with
inventory valuation
adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits ...
Inventory valuation
adjustment
Capital consumption
adjustment
Net interest
Addenda:
Corporate profits after tax with
inventory valuation and
capital consumption
adjustments
Net cash flow with inventory
valuation and capital
consumption adjustments ...
Undistributed profits with
inventory valuation and
capital consumption
adjustments
Consumption of fixed
capital
Less: Inventory valuation
adjustment
Equals: Net cash flow
1999
2000
2001
7,469.7 8,002.0 7,680.7 7,833.5 7,983.2 8,088.5 8,102.8 8,165.0
Compensation of employees ... 5,299.8 5,638.2 5,421.1 5,512.2 5,603.5 5,679.6 5,757.5 5,853.9
',804.9 4,872.0 4,953.6
Wage and salary accruals
4,475.1 4,769.4 4,583.5 4,660.4 4,740.1 4,804.9
724.4 760.9 734.5 749.9 760.2 765.4 768.2 782.5
Government
Other
3,750.7 4,008.5 3,849.0 3,910.5 3,980.0 4,039.5 4,103.9 4,171.1
Supplements to wages and
824.6 868.8 837.7 851.8 863.3 874.7 885.5 900.3
salaries
Employer contributions for
323.6 344.8 330.3 337.8 342.9 347.1 351.5 359.3
social insurance
501.0 524.0 507.4 514.0 520.5 527.6 534.0 541.1
Other labor income
Proprietors' income with
inventory valuation and
capital consumption
adjustments
Farm
Proprietors' income with
inventory valuation
adjustment
Capital consumption
adjustment
Nonfarm
Proprietors' income
Inventory valuation
adjustment
Capital consumption
adjustment
2000
663.5
25.3
710.4
22.6
693.9
709.5
724.8
31.7
19.1
21.5
31.7
713.2
18.0
726.0
21.0
33.6
31.1
39.8
27.4
29.9
40.3
26.8
30.0
-8.3
638.2
586.9
-8.5
687.8
634.8
-8.1
657.9
605.7
-8.3
674.8
624.1
-8.4
688.1
635.2
-8.6
693.1
639.6
-8.8
695.2
640.4
-9.0
705.0
647.7
-1.4
-1.2
-1.7
-2.9
-.7
-.4
.6
52.7
54.2
53.9
53.6
53.8
54.2
55.1
56.8
143.4
140.0
198.3
146.2
202.3
145.6
140.8
203.1
138.1
196.6
135.4
199.4
194.9
137.9
198.8
-56.0
-58.4
-56.1
-57.5
-58.5
-59.5
-60.9
-58.0
946.2
893.2
936.3
963.6
970.3
914.7
813.9
823.0
255.9
567.1
370.7
196.4
912.7
925.6
284.2
641.4
397.0
244.4
851.5
870.7
270.8
599.9
380.6
219.3
895.7
920.7
286.3
634.4
387.3
247.1
928.8
942.5
292.0
650.4
393.0
257.4
940.5
945.1
290.6
654.4
400.1
254.4
885.6
894.1
267.7
626.4
407.6
218.8
838.3
841.8
254.4
587.4
414.7
172.8
-9.1
-12.9
-19.2
-25.0
-13.6
-4.5
-8.5
-3.5
42.1
33.5
41.6
40.6
34.7
29.7
29.1
30.7
507.1
567.2
530.6
545.4
565.9
575.7
582.0
578.1
679.7
662.0
622.3
650.0
647.0
614.6
906.3 1,004.5
936.5
974.2 1,009.5 1,029.6 1,004.5
978.4
229.4
265.0
241.7
262.7
278.5
279.6
239.4
200.0
676.9
739.4
694.8
711.5
731.1
750.0
765.2
778.4
-9.1 -12.9
915.4 1,017.4
-19.2
955.8
671.5
-4.5
-8.5
-25.0 -13.6
999.2 1,023.2 1,034.2 1,013.1
Gross product of
corporate business
Consumption of fixed capital
-3.5
981.9
5,692.5 6,109.9 5,852.7 5,975.9 6,094.7 6,175.9 6,193.3 6,231.6
676.9 739.4 694.8 711.5 731.1 750.0 765.2 778.4
5,015.6 5,370.5 5,157.9 5,264.5 5,363.7 5,425.8 5,428.1 5,453.2
Net product
Indirect business tax and
nontax liability plus
business transfer payments
523.3 564.4 542.9 554.5 561.1 564.1 577.9 569.3
less subsidies
4,492.3 4,806.1 4,614.9 4,710.0 4,802.5 4,861.7 4,850.2 4,883.9
Domestic income
Compensation of
3,585.2 3,823.8 3,677.1 3,733.0 3,797.1 3,852.8 3,912.3 3,976.7
employees
Wage and salary
3,082.1 3,293.7 3,167.5 3,213.3 3,270.4 3,319.1 3,372.1 3,427.3
accruals
Supplements to. wages
503.1 530.1 509.6 519.7 526.7 533.7 540.3 549.3
and salaries
Corporate profits with
inventory valuation and
capital consumption
adjustments
744.6 805.0 772.7 807.4 829.3 828.1 755.3 726.3
Profits before tax
711.6 784.4 750.2 791.8 808.2 802.9 734.7 699.1
Profits tax liability
255.9 284.2 270.8 286.3 292.0 290.6 267.7 254.4
455.7 500.2 479.4 505.5 516.1 512.3 467.0 444.7
Profits after tax
328.9 352.7 338.7 345.3 347.9 354.7 363.1 385.8
Dividends
58.9
126.7 147.5 140.7 160.2 168.3 157.6 104.0
Undistributed profits
Inventory valuation
adjustment
-4.5
-9.1 -12.9 -19.2 -25.0 -13.6
-3.5
-8.5
Capital consumption
adjustment
29.7
40.6
34.7
41.6
42.1
33.5
30.7
29.1
Net interest
162.5 177.3 165.2 169.6 176.2 180.8 182.6 181.0
Gross product of
financial corporate
business
856.0
600.1
Billions of dollars
Gross product of
nonfinancial 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
660.8
643.7
675.7
680.7
695.8
707.0
714.5
5,048.8 5,420.1 5,191.9 5,300.3 5,414.0 5,480.1 5,486.2 5,517.1
641.3 652.8
620.3 584.0 597.5 613.4
4,479.3 4,799.9 4,607.9 4,702.7 4,800.7 4,851.3 4,844.9 4,864.3
482.5 521.0 501.1 511.7 517.8 520.6 534.0 525.2
,106.8 4,191.0 4,282.9 4,330.7 4,310.9 4,339.1
3,996.8 4,278.9
,278.9 4,106.8
3,267.0 3,484.4 3,352.2 3,401.6 3,460.0 3,510.7 3,565.0 3,623.6
2,804.4 2,996.9 2,884.0 2,923.7 2,975.7 3,020.0 3,068.2 3,118.5
462.7
487.5
468.3
477.9
484.4
490.7
496.8
505.1
588.5
539.5
166.6
373.0
250.9
122.1
630.8
590.8
182.7
408.1
268.2
140.0
602.0
563.0
173.5
632.8
257.5
132.0
186.0
413.8
262.5
151.3
660.1
620.1
193.5
426.7
264.5
162.2
653.0
607.4
188.3
419.2
269.7
149.5
577.3
535.8
162.9
372.9
276.1
96.9
548.4
500.6
150.4
350.2
293.3
56.8
-9.1
-12.9
-19.2
-25.0
-13.6
-4.5
-8.5
-3.5
58.0
141.3
52.9
163.7
58.2
152.6
57.9
156.6
53.7
162.7
50.1
167.0
50.0
168.6
51.2
167.1
Billions of chained (1996) dollars
Gross product of
nonfinancial corporate
business
Consumption of fixed capital1 ...
Net product2
4,957.1 5,257.2 5,093.6 5,171.0 5,251.2 5,308.1 5,298.7 5,303.4
586.7 647.3 607.3 623.1 639.2 655.4 671.5 687.6
4,370.4 4,610.0 4,486.3 4,547.9 4,612.0 4,652.7 4,627.2 4,615.7
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.
July 2001
SURVEY OF CURRENT BUSINESS
National Data
D-7
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
1999
2000
2000
Seasonally adjusted at annual rates
2001
Personal income
Wage and salary
disbursements
Private industries
Goods-producing
industries
Manufacturing
Distributive industries .
Service industries
Government
7,789.6 8,281.7 7,972.3 8,105.8 8,242.1 8,349.0 8,429.7 8,554.2
4,872.0 4,953.6
4,470.0 4.769.4 4,578.3 4,660.4 4,740.1
3,745.6 4.008.5 3,843.8 3,910.5 3,980.0 4,039.5 4,103.9 4,171.1
1,089.2 1,153.2 1,111.2 1,130.9 1,147.1 1,161.4 1,173.3 1,184.4
782.4 815.9 795.1 802.8 813.1 821.4 826.4 825.6
1,020.3 1,107.3 1,049.4 1,070.9 1,095.7 1,118.1 1,144.4 1,167.1
1,636.0 1,748.0 1,683.2 1,708.6 1,737.2 1,760.1 1,786.2 1,819.5
724.4 760.9 734.5 749.9 760.2 765.4 768.2 782.5
Other labor income
501.0
Proprietors' income with
inventory valuation and
capital consumption
adjustments
Farm
Nonfarm
663.5 710.4
25.3 22.6
638.2 687.8
Rental income of persons
with capital consumption
adjustment
143.4
140.0
Personal dividend income ...
370.3
396.6
Personal interest income
963.7 1,034.3
524.0
514.0
520.5
527.6
534.0
541.1
693.9
709.5
31.7
657.9
19.1
674.8
21.5
688.1
724.8
31.7
693.1
713.2
18.0
695.2
726.0
21.0
705.0
146.2
145.6
140.8
138.1
135.4
137.9
380.2
386.9
392.6
399.7
407.2
414.2
507.4
989.0 1,011.6 1,031.3 1,042.9 1,051.5 1,043.0
Transfer payments to
1,016.2 1,067.8 1,027.4 1,046.9 1,066.1 1,074.2 1,084.0 1,115.5
persons
Old-age, survivors,
disability, and health
588.0 622.4 592.8 607.9 624.3 627.2 630.4 653.3
insurance benefits
Government unemployment
19.4
20.1
20.1
19.9
20.8
21.6
insurance benefits
20.3
20.1
24.9
25.1
25.4
Veterans benefits
24.3
25.1
24.5
24.9
26.4
407.4
Other transfer payments ....
414.2
383.6 400.2 390.1 393.9 397.5 402.0
18.9
18.6
18.7
17.8
18.1
18.3
18.5
19.1
Family assistancel
Other
365.8 381.6 371.9 375.6 379.0 383.2 388.5 395.1
Less: Personal
contributions for social
insurance
338.5
360.7
345.9
353.4
358.8
363.1
367.6
1,152.0 1,291.9 1,197.3 1,239.3 1,277.2 1,308.1 1,342.7 1,372.2
6,637.7 6,989.8 6,775.0 6,866.5 6,964.9 7,040.9 7,087.0 7,182.0
Less: Personal outlays
6,490.1 6,998.3 6,674.1 6,855.6 6,944.3 7,054.7 7,138.6 7,254.4
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
6,268.7 6,757.3 6,446.2 6,621.7 6,706.3 6,810.8 6,890.2 7,002.3
194.8 212.2 200.2 205.3 209.7 214.4 219.3 224.6
26.6
28.8
27.6
28.5
28.3
29.5
29.0
27.5
147.6
-8.5
101.0
11.0
20.6
-13.8
-51.6
-72.4
6,331.0 6,511.0 6,412.2 6,443.1 6,502.0 6,543.7 6,555.3 6,591.4
24,314 25,379 24,728 25,014 25,322 25,535 25,641 25,927
23,191 23,640 23,404 23,472 23,639 23,732 23,718 23,795
275.4
274.0
-.1
1.5
274.5
275.1
275.7
276.4
277.0
-.7
-1.0
273.0
2.2
1. Consists of aid to families with dependent children and, beginning with 1996, assistance programs operating
under the Personal Responsibility and Work Opportunity Reconciliation Act of 1996.
2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures.
NOTE.—Percent changes from preceding period for disposable personal income are shown in table 8.1.
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
Services
Housing
Household operation
Electricity and gas
Other household operation
Transportation
Medical care
Recreation
Other
Addenda:
Energy goods and servicesx
Personal consumption
expenditures less food and
energy
6,268.7 6,757.3 6,446.2 6,621.7 6,706.3 6,810.8 6,890.2 7,002.3
320.7
820.3
339.7
787.6 826.3
330.3 349.3
288.5
152.0
311.8
168.8
298.8
158.5
761.3
814.3
824.7
815.8
839.2
335.5
341.4
332.8
351.9
309.7 311.1
167.3 167.7
314.1
169.3
312.2
170.9
312.7
174.6
1,845.5 2,010.0 1,910.2 1,963.9 1,997.6 2,031.5 2,046.9 2,071.8
897.8
307.0
953.2
328.3
926.1
311.9
938.4
323.1
948.3
325.6
959.9
330.9
966.2
333.6
976.9
336.8
142.7
128.3
14.4
498.0
182.3
162.4
19.8
546.2
157.6
172.9
154.5
18.5
182.0
163.3
188.4
18.7
185.8
165.5
20.3
529.5
541.7
554.9
189.7
166.7
23.0
568.4
142.0
15.6
514.6
166.5
21.8
558.8
3,661.9 3,927.0 3,748.5 3,831.6 3,894.4 3,954.6 4,027.5 4,091.3
906.2 956.2
360.2 382.7
128.9 139.9
231.3 242.8
256.5 273.7
943.6 998.3
237.1 264.7
958.4 1,051.5
923.5 936.7 950.0 962.2 975.9 990.6
363.0 369.0 380.6 385.7 395.6 404.2
126.7 129.5 138.4 141.1 150.6 157.1
236.3 239.5 242.2 244.5 245.0 247.2
262.3 267.4 272.8 275.5 279.1 281.6
964.0 979.3 989.6 1,005.6 1,018.8 1,037.3
244.5 253.0 260.7 268.5 276.4 285.9
991.2 1,026.3 1,040.8 1,057.2 1,081.7 1,091.6
271.6
284.4
322.2
302.4
320.4
326.9
339.0
346.7
5,099.3 5,481.9 5,235.8 5,380.9 5,437.6 5,524.1 5,585.1 5,678.6
1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
377.3
Equals: Disposable personal
income
Equals: Personal saving
Personal consumption
expenditures
Table 2.3.—Real Personal Consumption Expenditures by Major Type of
Product
Less: Personal tax and nontax
payments
Personal consumption
expenditures
Interest paid by persons
Personal transfer payments to
the rest of the world (net)
2001
2000
2000
[Billions of chained (1996) dollars]
Personal consumption
expenditures
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
Services
Housing
Household operation
Electricity and gas
Other household operation
Transportation
Medical care
Recreation
Other
5,978.8 6,294.3 6,101.0 6,213.5 6,260.6 6,329.8 6,373.3 6,426.6
896.0
340.5
851.8
898.2
886.7
323.0
330.9
351.8
335.9
903.2
342.0
338.7
157.3
382.7
176.3
358.2
164.9
374.1
174.0
379.3
175.0
387.2
177.6
817.8
896.0
923.2
332.3
348.9
178.6
396.7
181.4
1,779.4 1,869.0 1,818.1 1,844.8 1,861.1 1,882.6 1,887.4 1,901.6
845.9
318.5
877.3
345.1
866.0
322.1
872.2
337.7
876.5
342.3
879.1
350.2
881.4
350.0
882.5
353.9
149.6
134.2
15.5
466.0
148.1
132.8
15.3
500.4
151.5
136.2
15.3
478.7
145.8
131.2
14.7
147.5
132.2
15.3
149.5
133.8
15.8
490.6
496.5
505.9
149.5
134.1
15.4
508.6
152.7
136.4
16.2
514.5
3,390.8 3,543.9 3,443.0 3,487.2 3,526.7 3,559.3 3,602.5 3,618.2
828.3
358.0
130.9
226.9
241.2
881.7
217.8
863.1
849.2
373.7
134.7
238.8
250.2
906.8
234.7
927.9
836.5
359.3
127.7
231.2
245.0
892.8
222.2
886.1
841.4 847.0
364.7 374.8
130.0 136.5
234.4 238.1
247.5 249.9
897.4 903.8
227.3 232.2
907.4 918.0
851.7
375.2
133.9
241.1
250.8
909.1
236.7
934.3
856.8
380.3
138.5
241.4
252.4
916.9
242.4
952.1
861.6
376.7
134.2
242.5
253.7
923.7
248.7
951.9
Residual
-18.2
-10.2 -18.4 -12.8
-17.9 -19.4 -17.5 -20.2
Addenda:
l
Energy goods and services
275.4
280.4 282.1 279.2
283.0 282.9 287.1 286.4
Personal consumption
expenditures less food and
energy
4,851.4 5,133.4 4,954.3 5,064.4 5,099.5 5,166.5 5,203.3 5,256.7
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 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 7.4.
Contributions to the percent change in real personal consumption expenditures are shown in table 8.3.
D-8
• National Data
July 2001
SURVEY OF CURRENT BUSINESS
3. Government Current Receipts and Expenditures.
Table 3.1 .—Government Current Receipts and Expenditures
[Billions of dollars]
Seasonally adjusted at annual rates
1999
2000
1999
IV
Current receipts
Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax accruals
Contributions for social insurance
Current expenditures
Consumption expenditures
2001
2000
I
li
IV
I
2,788.0 3,051.2 2,889.8 2,972.8 3,035.6 3,081.0 3,115.4 3,149.0
1,152.0 1,291.9 1,197.3 1,239.3 1,277.2 1,308.1 1,342.7 1,372.2
255.9 284.2 270.8 286.3 292.0 290.6 267.7 254.4
718.1 769.6 745.5 755.9 764.6 772.0 785.8 786.0
662.1 705.6 676.1 691.2 701.7 710.2 719.1 736.5
2,613.5 2,739.8 2,679.8 2,684.9 2,734.5 2,764.4 2,775.3 2,828.7
1,325.7 1,407.2 1,364.5 1,376.2 1,410.3 1,415.2 1,427.1 1,461.0
Transfer payments (net)
To persons
To the rest of the world (net)
998.1 1,050.2 1,016.2 1,024.8 1,044.7 1,054.9 1,076.4 1,088.4
986.5 1,037.1 997.3 1,016.5 1,035.5 1,043.5 1,053.0 1,084.5
11.6
13.1
11.4
18.9
8.3
23.4
9.1
3.9
Net interest paid
Interest paid
To persons and business
To the rest of the world
Less: Interest received by government
261.7
357.0
261.8
Less: Dividends received by government
Subsidies less current surplus of government enterprises
Subsidies
Less: Current surplus of government enterprises
Less: Wage accruals less disbursements
Current surplus or deficit (-), national income and product accounts
Social insurance funds
Other
Addenda:
Net lending or net borrowing (-)
Current surplus or deficit (-), national income and product accounts
Plus: Consumption of fixed capital
Plus: Capital transfers received (net)
Less: Gross investment
Less: Net purchases of nonproduced assets
95.1
95.2
254.9
356.3
248.6
107.7
101.4
258.2
355.1
254.5
100.6
96.9
260.8
360.6
256.3
104.3
99.8
.4
.4
.4
.4
28.4
43.9
15.6
27.9
45.3
17.4
41.4
57.7
16.3
23.5
40.7
17.3
0
0
0
0
240.4
344.3
236.3
108.0
103.9
255.7
358.0
250.4
107.6
102.2
252.8
354.2
244.7
109.5
101.4
.4
.4
.4
24.2
41.6
17.4
42.0
59.1
17.1
22.0
39.8
17.7
39.4
57.0
17.7
0
0
250.2
352.4
243.1
109.3
102.2
0
0
174.4
311.4
210.0
287.9
301.1
316.6
340.1
320.3
90.3
84.1
109.8
201.6
102.7
107.2
106.1
181.8
103.6
197.4
111.2
205.3
118.4
221.7
113.5
206.8
94.9
174.4
199.6
36.8
308.7
7.2
219.4
311.4
216.6
36.5
336.6
8.6
121.7
210.0
205.0
39.2
324.4
8.0
192.0
212.6
287.9
209.8
301.1
214.6
36.2
331.9
7.5
228.3
316.6
219.0
36.4
333.6
10.0
244.5
340.1
223.0
36.2
346.5
8.2
230.6
320.3
226.8
38.7
350.3
37.1
334.2
8.6
July 2001
Table 3.2.—Federal Government Current Receipts and Expenditures
D-9
National Data
SURVEY OF CURRENT BUSINESS
Table 3.3.—State and Local Government Current Receipts and
Expenditures
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
2000
II
I
Current receipts
902.2 1,017.7
892.7 1,007.7
10.0
9.5
938.2
Corporate profits tax accruals ....
Federal Reserve banks
Other
219.3
25.4
193.9
244.0
30.0
213.9
232.3
27.7
204.6
Contributions for social insurance
Current expenditures
IV
1999
I
100.5
65.6
19.2
15.8
652.5
108.4
70.0
21.0
17.4
695.6
928.4
9.8
103.9
66.2
20.8
16.9
666.6
978.0 1,003.6 1,030.9 1,058.4 1,083.2
968.2 993.7 1,020.8 1,048.1 1,072.7
10.5
10.2
9.9
10.1
9.8
245.7
29.2
216.5
106.8
70.1
19.4
17.3
681.5
250.5
29.3
221.3
108.9
70.0
21.8
17.2
691.8
249.4
30.0
219.4
108.9
69.2
22.0
17.6
700.2
230.3
31.7
198.5
109.0
70.7
21.0
17.3
709.0
218.7
30.5
188.2
109.6
70.0
21.7
17.9
726.3
1,750.2 1,813.9 1,797.7 1,776.0 1,813.9 1,836.0 1,829.6 1,859.8
Consumption expenditures
470.8
489.2
487.0
478.7
499.0
489.9
489.2
507.6
Transfer payments (net)
To persons
To the rest of the world (net)
746.1
734.5
11.6
782.4
769.3
13.1
757.7
738.8
18.9
763.2
754.9
8.3
779.0
769.9
9.1
785.2
773.8
11.4
802.0
778.6
23.4
809.5
805.5
3.9
Grants-in-aid to State and local
governments
229.3
244.6
238.8
235.0
240.9
251.2
251.2
262.8
264.7
281.8
186.7
95.1
259.4
279.7
172.0
107.7
261.8
279.4
178.8
100.6
265.0
284.5
180.2
104.3
260.3
281.5
173.9
107.6
257.2
277.4
167.9
109.5
254.9
275.2
165.9
109.3
245.2
266.7
158.7
108.0
17.1
20.3
17.6
19.6
21.2
20.2
20.3
21.5
39.3
43.5
38.4
44.8
52.3
57.2
34.1
40.3
34.6
41.1
52.4
58.6
32.4
39.3
34.7
41.3
Net interest paid
Interest paid
To persons and business
To the rest of the world
Less: Interest received by
government
Subsidies less current surplus of
government enterprises
Subsidies
Less: Current surplus of
government enterprises
Less: Wage accruals less
disbursements
Current surplus or deficit
(-), national income
and product accounts
Social insurance funds
Other
4.2
6.4
4.9
6.2
6.5
6.1
6.8
6.6
0
0
0
0
0
0
0
0
124.4
251.8
143.3
235.8
240.9 253.3
277.0
278.1
90.7
33.7
110.3
141.5
103.3
40.0
106.6
129.3
104.1
136.9
118.8
158.2
113.9
164.2
111.6
141.7
Addenda:
Net lending or net borrowing
Current surplus or deficit
(-), national income and
product accounts
Plus: Consumption of fixed
capital
Plus: Capital transfers
received (net)
Less: Gross investment
Less: Net purchases of
nonproduced assets
2000
2000
1999
117.1
237.4
131.6
224.4
227.0
240.6
257.7
266.5
124.4
251.8
143.3
235.8
240.9
253.3
277.0
278.1
92.8
99.8
95.0
97.2
98.9
100.8
102.3
103.6
-3.2
97.8
-8.0
106.0
-2.4
104.5
-7.0
101.3
-8.3
105.5
-7.7
104.3
-9.1
112.8
-9.4
109.5
-.3
-3.7
-.2
2001
III
1,874.6 2,065.7 1,941.0 2,011.9 2,054.8 2,089.4 2,106.6 2,137.9
Personal tax and nontax receipts
Income taxes
Nontaxes
Indirect business tax and nontax
accruals
Excise taxes
Customs duties
Nontaxes
Seasonally adjusted at annual rates
2001
2000
Current receipts
Personal tax and nontax receipts
Income taxes
Nontaxes
Other
249.7
194.8
35.1
19.8
274.1
216.3
37.3
20.5
259.2
203.2
35.9
Corporate profits tax accruals ....
36.6
40.2
617.5
Indirect business tax and nontax
accruals
Sales taxes
Property taxes
Other
Contributions for social insurance
Federal grants-in-aid
Current expenditures
20.1
261.4
204.6
36.5
20.3
273.6
216.1
37.0
20.5
277.2
219.0
37.6
20.6
284.4
225.5
38.1
20.8
288.9
229.4
38.7
20.9
38.5
40.6
41.5
41.2
37.5
35.6
661.2
331.7
248.5
641.6
318.3
242.1
663.2
334.0
249.8
79.4
676.4
339.1
81.2
655.7
329.8
247.5
78.5
676.8
335.8
251.9
81.0
649.2
327.4
244.8
77.0
9.9
229.3 244.6
9.5
9.7
9.9
10.0
238.8
235.0
240.9
251.2
307.1
238.5
71.9
1,092.7 1,170.5
1,121.0 1,143.9 1,161.6 1,179.6
89.0
254.6
82.8
10.1
10.2
251.2 262.8
1,196.9 1,231.7
877.4
897.5
911.3
925.2
937.9
953.4
261.6
-4.2
76.1
265.6
-4.6
76.4
269.6
274.4
278.9
-4.5
76.6
258.5
-3.6
75.7
-4.4
76.8
-4.7
77.2
-4.8
77.6
78.1
81.1
79.3
80.2
81.0
81.2
81.9
82.4
-11.0
-10.5
-10.9
.5
-10.6
.5
-10.4
.5
-10.5
.5
-10.4
.5
4.6
15.7
11.4
11.0
11.4
11.1
10.9
11.0
10.9
11.1
0
0
0
0
Consumption expenditures
855.0
918.0
Transfer payments to persons ...
252.0
267.8
-3.0
75.1
Net interest paid
Interest paid
Less: Interest received by
government
IV
1,142.7 1,230.1 1,187.6 1,195.9 1,221.7 1,242.8 1,259.9 1,274.0
Less: Dividends received by
government
Subsidies less current surplus of
government enterprises
Subsidies
Less: Current surplus of
government enterprises
Less: Wage accruals less
disbursements
Current surplus or deficit
(-), national income
and product accounts
Social insurance funds
Other
50.0
59.6
66.6
52.0
60.1
63.2
63.1
42.2
-.4
50.4
-.4
60.1
-.6
67.2
-.5
52.5
-.4
60.6
-.4
63.6
-.4
63.5
-.4
42.6
-22.1
-18.1
-9.9
-32.3
-14.4
-12.3
-13.2
-35.9
Addenda:
Net lending or net borrowing
Current surplus or deficit
(-), national income and
product accounts
Plus: Consumption of fixed
capital
Plus: Capital transfers
received (net)
Less: Gross investment
Less: Net purchases of
nonproduced assets
50.0
59.6
66.6
52.0
60.1
63.2
63.1
42.2
106.8
116.8
109.9
112.7
115.6
118.2
120.6
123.2
40.0
210.9
44.5
230.6
41.6
219.8
44.2
232.9
44.5
226.4
44.1
229.3
45.3
233.7
48.1
240.8
8.1
8.4
8.2
8.3
8.4
8.4
8.5
8.6
D-10 • National Data
July 2001
SURVEY OF CURRENT BUSINESS
Table 3.7.—Government Consumption Expenditures and Gross
Investment by Type
Table 3.8— Real Government Consumption Expenditures and Gross
Investment by Type
[Billions of dollars]
[Billions of chained (1996) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1999
Government consumption
expenditures and
gross investment1
2000
1999
1999
2001
2000
1,634.4 1,743.7 1,688.8 1,710.4 1,742.2 1,748.8 1,773.6 1,811.3
Government consumption
expenditures and
gross investment1
2000
1999
2000
2001
1,536.1 1,579.2 1,569.5 1,565.1 1,583.7 1,578.2 1,589.6 1,608.2
540.1
548.2
558.1
537.1
558.8
545.8
550.9
557.5
National defense
Consumption expenditures
Durable goods2
Nondurable goods
Services
Compensation of
general government
employees, except
own-account
investment3
Consumption of
general government
fixed capital 4
Other services
Gross investment
Structures
Equipment and software
348.5
293.8
22.7
8.9
262.5
349.1
291.6
22.5
341.5
285.7
22.6
10.2
253.4
355.1
298.4
22.3
10.0
266.4
346.2
290.5
353.7
291.9
23.1
8.5
358.4
298.9
260.1
360.9
304.0
22.5
8.7
273.0
121.0
120.1
120.2
119.7
119.8
62.7
78.9
55.0
4.8
50.3
63.6
76.6
58.0
4.0
54.3
62.9
90.1
57.2
4.7
52.7
63.2
70.6
56.3
4.2
52.4
191.5
147.5
1.5
10.0
198.9
151.4
1.5
10.1
197.1
148.9
1.5
11.4
2.0
8.1
136.9
3.0
7.1
141.4
77.2
30.6
35.9
50.3
11.4
38.9
Nondefense
Consumption expenditures
Durable goods 2
Nondurable goods
Commodity Credit
Corporation
inventory change ...
Other nondurables
Services
Compensation of
general government
employees, except
own-account
investment3
Consumption of
general government
fixed capital4
Other services
Gross investment
Structures
Equipment and software
24.4
35.5
44.7
10.1
35.0
1,065.8 1,148.6 1,097.3 1,130.4 1,137.7 1,154.6 1,171.6 1,194.2
State and local
855.0 918.0 877.4 897.5 911.3 925.2 937.9 953.4
Consumption expenditures
17.1
17.2
15.9
17.8
16.4
16.6
17.5
Durable goods2
91.3 109.5
97.4 105.1 107.6 111.1 114.2 114.5
Nondurable goods
747.7 791.4 763.7 775.8 786.8
806.2 821.2
Services
Compensation of general
government
employees, except
own-account
624.1 653.3 635.4 643.5 650.2 657.4 662.0 670.9
investment3
Consumption of general
government fixed
97.2
94.9
91.5
83.0
90.5
92.8
85.7
88.0
capital4
53.1
49.2
46.7
46.1
46.6
40.6
42.6
44.4
Other services
210.9 230.6 219.8 232.9 226.4 229.3 233.7 240.8
Gross investment
157.5 169.6 163.9 175.0 166.2 167.1 170.0 177.8
Structures
63.7
63.0
62.2
60.1
53.4
61.0
56.0
57.9
Equipment and software ....
State and local
Consumption expenditures
Durable goods 2
Nondurable goods
Services
Compensation of general
government
employees, except
own-account
investment3
Consumption of general
government fixed
capital4
Other services
Gross investment
Structures
Equipment and software ....
Addenda:
Compensation of general
government employees3 ....
Federal
State and local
Residual
568.6
595.2
591.6
580.1
604.5
594.2
602.0
617.1
National defense
Consumption expenditures
Durable goods 2
Nondurable goods
Services
Compensation of
general government
employees, except
own-account
investment3
Consumption of
general government
fixed capital4
Other services
Gross investment
Structures
Equipment and software
365.0
311.2
22.4
380.8 366.6
324.7 311.2
22,3 22.4
10.8
8.6
293.8 277.9
381.9
325.7
22.2
10.5
292.9
375.0
319.6
21.9
10.1
287.7
384.4
322.4
23.0
10.0
289.4
393.6
334.4
21.8
8.1
280.7
377.0
319.7
22.4
10.4
287.0
133.2
137.9
132.8
137.0
137.2
138.9
138.7
141.7
63.1
84.4
53.8
5.3
48.5
65.3
83.7
57.2
4.6
52.6
63.8
97.2
56.1
5.2
50.8
64.5
76.4
55.4
4.7
50.6
65.0
90.8
56.2
4.5
51.7
65.6
83.1
55.4
4.6
50.8
66.0
84.7
62.0
4.6
57.4
66.2
95.1
59.2
4.6
54.6
Nondefense
Consumption expenditures
Durable goods 2
Nondurable goods
Commodity Credit
Corporation
inventory change ...
Other nondurables
Services
Compensation of
general government
employees, except
own-account
investment3
Consumption of
general government
fixed capital4
Other services
Gross investment
Structures
Equipment and software
203.5 218.2
159.6 169.5
1.3
1.2
9.4
8.8
210.7
162.3
1.3
10.4
213.5
222.6
173.3
1.3
9.5
219.2
170.3
1.1
10.1
217.6
167.5
1.3
9.7
166.7
1.2
6.0
223.5
173.2
1.2
9.3
1.1
8.2
148.9
1.3
7.5
159.4
2.0
8.4
150.7
1.1
8.7
156.5
1.0
8.5
162.5
1.5
8.6
159.1
1.6
4.4
159.6
162.8
87.2
94.1
87.8
92.9
97.0
93.5
92.9
96.3
24.2
37.5
44.0
11.0
33.0
28.2
37.1
48.8
10.7
38.0
25.5
37.4
48.5
11.6
36.8
26.6
36.9
46.0
10.9
35.1
27.7
37.7
49.3
10.6
38.7
28.7
36.9
48.9
10.5
38.4
29.7
36.9
50.8
10.9
39.9
Federal
854.7
222.2
632.5
895.6
233.8
661.8
222.4
644.0
883.6
231.7
651.9
894.4
235.9
658.5
900.2
234.3
666.0
904.3
233.4
670.9
9.6
303.0
1.4
7.9
920.2
240.3
679.9
1. Gross government investment consists of general government and government enterprise expenditures for fixed
assets; inventory investment is included in government consumption expenditures.
2. Consumption expenditures for durable goods excludes expenditures classified as investment, except for goods
transferred to foreign countries by the Federal Government.
3. Compensation of government employees engaged in new own-account investment and related expenditures
for goods and services are classified as investment in structures and in software. The compensation of all general
government employees is shown in the addenda.
4. Consumption of fixed capital, or depreciation, is included in government consumption expenditures as a partial
measure of the value of the services of general government fixed assets; use of depreciation assumes a zero
net return on these assets.
Federal
Addenda:
Compensation of general
government employees 3 ....
State and locai
260.9
21.8
8.8
268.6
120.7
120.4
119.2
63.4
83.4
57.0
4.0
53.4
63.7
75.7
56.0
4.0
52.3
64.0
76.7
62.6
4.0
59.1
64.4
85.4
60.0
3.9
56.5
195.4
150.0
1.6
10.7
203.6
155.4
1.6
10.2
199.4
197.1
148.1
1.4
7.9
199.0
3.4
8.0
137.6
2.6
8.1
139.2
2.3
8.0
144.8
141.0
3.6
4.3
140.6
3.2
7.3
140.5
79.9
77.2
78.8
82.8
79.4
78.6
79.0
27.8
34.1
48.3
9.5
39.5
25.6
35.1
49.1
10.5
39.1
26.5
34.2
46.0
9.8
36.7
27.3
34.8
49.0
9.5
40.2
28.2
33.8
48.3
9.3
39.7
29.0
33.5
50.0
9.6
41.2
29.8
32.2
49.3
9.9
40.1
9.4
21.9
9.0
259.9
151.9
1.3
11.6
3.7
7.9
150.6
1.4
10.6
995.6 1,030.5 1,011.2 1,027.4 1,024.6 1,031.9 1,038.1 1,050.1
697.3
815.1
17.0
97.7
701.2
820.8
17.3
98.9
705.5
824.4
17.5
100.1
707.7
831.3
17.8
101.3
713.0
570.2
573.1
575.0
577.5
577.4
580.4
58.9
86.4
41.1
213.3
148.0
67.2
82.6
39.8
207.9
146.9
62.1
84.1
40.3
218.2
155.2
64.0
85.6
40.9
209.8
145.5
66.3
87.1
41.2
211.3
145.2
68.4
42.0
214.1
146.3
70.2
90.4
42.7
219.3
151.3
70.1
-4.4
-7,5
-6.1
-6.1
-7.1
-8.0
-9.7
-8.7
774.9
199.9
575.1
784.9
201.7
583.3
777.0
199.0
578.0
780.7
200.1
580.6
786.7
204.3
582.3
786.8
201.8
585.0
785.7
200.6
585.1
788.4
200.2
588.2
794.6
16.1
93.4
685.8
817.5
17.1
98.3
702.9
803.7
16.5
95.3
16.8
96.5
692.5
567.5
575.7
37.7
201.2
143.2
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, excluding the
lines in the addenda.
See footnotes to table 3.7.
Chain-type quantity indexes for the series in this table are shown in table 7.11.
Contributions to percent change in real government consumption expenditures and gross investment are shown
in table 8.6.
SURVEY OF CURRENT BUSINESS
July 2001
National Data
D-ll
Table 3.10.—National Defense Consumption Expenditures and Gross
Investment
Table 3.11.—Real National Defense Consumption Expenditures and
Gross Investment
[Billions of dollars]
[Billions of chained (1996) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1999
2000
1999
2001
2000
National defense
consumption
expenditures and
gross investment* ...
365.0
377.0
380.8
366.6
381.9
375.0
384.4
393.6
National defense
consumption
expenditures and
gross investment1
Consumption expenditures ..
311.2
319.7
324.7
311.2
325.7
319.6
322.4
334.4
Consumption expenditures ....
22.4
10.9
2.2
1.0
.8
2.6
4.9
22.4
10.1
2.2
1.5
.8
2.9
4.9
22.3
10.5
2.2
.9
22.2
9.7
2.2
1.5
.8
3.0
5.0
21.9
10.3
2.2
1.5
.8
2.6
4.5
23.0
9.9
2.6
1.4
.8
2.9
5.3
21.8
.9
2.7
5.2
22.4
10.7
1.9
1.5
.7
2.9
4.8
9.4
2.6
1.4
.9
2.8
4.8
Durable goods2
Aircraft
Missiles
Ships
Vehicles
Electronics
Other durable goods
8.1
10.4
8.6
10.8
10.5
10.1
10.0
9.6
Nondurable goods
2.6
1.9
3.7
4.1
1.7
4.5
2.6
1.8
4.3
3.8
1.6
5.4
3.7
1.5
5.4
4.5
2.0
3.6
4.3
1.9
3.8
4.1
2.0
3.6
280.7
287.0
293.8
277.9
292.9
287.7
289.4
303.0
Durable goods 2
Aircraft
Missiles
Ships
Vehicles
Electronics
Other durable goods
Nondurable goods
Petroleum products
Ammunition
Other nondurable goods
Services
Compensation of general
government employees,
except own-account
investment3
Military
Civilian
Consumption of general
government fixed
capital4
Other services
Research and
development
Installation support
Weapons support
Personnel support
Transportation of
material
Travel of persons
Other
Gross investment .
Structures
Equipment and software ...
Aircraft
Missiles
Ships
Vehicles
Electronics and software .
Other equipment
Addendum:
Compensation of general
government employees3 .
Services
Compensation of general
government employees,
except own-account
investment3
Military
Civilian
Consumption of general
government fixed
133.2.
85.0
48.2
137.9
88.7
49.2
132.8
85.1
47.7
137.0
87.9
49.1
137.2
87.8
49.4
138.9
89.6
49.3
138.7
89.6
49.1
141.7
92.1
49.7
63.1
84.4
65.3
83.7
63.8
97.2
64.5
76.4
65.0
90.8
65.6
83.1
66.0
84.7
66.2
95.1
19.0
25.8
8.7
23.2
30.1
18.3
24.9
18.4
24.2
9.1
28.9
14.5
25.6
8.0
23.5
20.4
28.1
24.1
17.9
25.7
9.1
24.9
9.3
26.3
9.4
24.7
25.1
25.1
25.6
11.3
28.3
4.8
3.8
4.5
3.4
4.5
3.5
4.5
3.4
4.5
3.3
4.5
3.3
4.5
3.4
4.5
3.4
-1.8
-1.8
-2.0
-3.0
-1.2
-2.0
53.8
57.2
56.1
55.4
56.2
55.4
62.0
59.2
5.3
4.6
4.7
4.5
4.6
4.6
4.6
48.5
7.0
2.8
6.8
1.6
15.6
14.7
52.6
7.7
2.6
6.6
1.9
5.2
50.8
6.5
2.9
7.1
2.0
16.3
16.0
50.8
7.9
2.0
6.7
1.9
19.3
13.0
57.4
7.2
4.2
6.8
1.7
54.6
7.3
3.9
7.2
1.8
20.2
14.3
Equipment and software ....
Aircraft
Missiles
Ships
Vehicles
Electronics and software ..
Other equipment
142.7
Addendum:
Compensation of general
government employees3 ..
19.2
14.6
50.6
9.1
2.0
6.0
1.9
17.6
14.1
51.7
6.7
2.4
6.8
2.0
18.9
14.9
9.8
-3.1
20.9
16.6
capital4
Other services
Research and
development
Installation support
Weapons support
Personnel support
Transportation of
material
Travel of persons
Other
Gross investment
Structures
2000
1999
348.5
349.1
360.9
341.5
355.1
346.2
353.7
358.4
293.8
291.6
304.0
285.7
298.4
290.5
291.9
298.9
22.7
11.0
2.2
1.0
.7
2.9
4.9
22.5
10.2
2.3
1.5
.6
3.2
4.9
22.5
10.6
2.1
22.3
9.8
2.2
1.5
.6
3.4
5.0
21.9
10.3
2.2
1.5
.6
3.0
4.5
23.1
21.8
.9
.7
3.0
5.2
22.6
10.8
1.9
1.5
.5
3.2
4.8
10.0
2.7
1.4
.6
3.3
5.3
9.4
2.6
1.4
.6
3.2
4.8
8.9
9.4
8.7
10.2
10.0
9.0
8.5
8.8
3.3
1.9
3.6
3.1
1.8
4.4
2.6
1.8
4.2
3.1
1.6
5.3
3.1
1.6
5.2
3.3
2.1
3.4
2.7
1.9
3.7
3.1
2.0
3.5
262.5
260.1
273.0
253.4
266.4
259.9
260.9
268.6
121.0
78.5
42.5
120.1
78.9
41.4
120.2
78.5
41.8
119.7
78.5
41.3
119.8
78.4
41.5
120.7
79.3
41.4
120.4
79.3
41.2
119.2
79.0
40.3
62.7
78.9
63.6
76.6
62.9
90.1
63.2
70.6
63.4
83.4
63.7
75.7
64.0
76.7
17.9
24.6
8.0
16.5
24.2
21.6
13.5
24.3
7.2
20.5
18.9
26.4
8.3
23.0
16.8
23.2
8.3
21.5
16.8
22.7
21.4
21.7
28.5
8.2
25.2
4.8
3.7
4.4
3.2
4.5
3.5
4.5
3.2
4.4
3.1
4.3
3.1
-1.6
-1.5
-1.8
-2.7
-1.0
-1.8
4.4
3.2
-.7
55.0
58.0
57.2
56.3
57.0
56.0
4.8
4.0
4.7
4.2
50.3
7.2
3.0
6.8
1.6
17.2
14.7
54.3
8.2
2.8
6.4
1.9
20.7
14.5
-1.8
52.7
6.5
3.1
7.0
52.4
9.4
2.1
5.9
1.9
18.1
16.1
-6
1.9
19.2
14.0
-1.4
4.0
53.4
7.1
2.6
6.6
2.1
20.4
14.8
4.0
52.3
8.4
2.2
6.5
2.0
20.7
12.9
1.8
22.5
16.4
-1.3
-1.2
-2.3
56.5
8.1
4.2
7.0
1.8
21.6
14.1
-1.6
120.9
120.7
120.4
120.5
121.4
121.1
120.1
Residual
133.7
138.8
133.4
137.8
138.0
139.8
139.6
1. Gross government investment consists of general government and government enterprise expenditures for fixed
assets; inventory investment is included in government consumption expenditures.
2. Consumption expenditures for durable goods excludes expenditures classified as investment, except for goods
transferred to foreign countries.
3. Compensation of government employees engaged in new own-account investment and related expenditures
for goods and services are classified as investment in structures and in software. The compensation of all general
government employees is shown in the addendum.
4. Consumption of fixed capital, or depreciation, is included in government consumption expenditures as a partial
measure of the value of the services of general government fixed assets; use of depreciation assumes a zero
net return on these assets.
Petroleum products
Ammunition
Other nondurable goods ..
1999
121.5
8.1
2000
2001
21.4
62.6
4.0
59.1
7.7
4.5
6.6
85.4
22.9
23.7
9.8
23.9
4.3
3.1
-2.7
60.0
3.9
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 trie first line and the sum of the most detailed lines, excluding the
line in the addendum.
Chain-type indexes for the series in this table are shown in table 7.12.
See footnotes to table 3.10.
D-12 • National Data
July 2001
SURVEY OF CURRENT BUSINESS
4. Foreign Transactions.
Table 4.1.—Foreign Transactions in the National Income and Product
Accounts
Table 4.2.—Real Exports and Imports of Goods and Services and
Receipts and Payments of Income
[Billions of dollars]
[Billions of chained (1996) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1999
2000
1999
2000
1999
2001
2000
IV
Receipts from the rest of
the world
Exports of goods and services .
Goods1
Durable
Nondurable
Services1
Income receipts
Payments to the rest of
the world
Imports of goods and services .
Goods 1
Durable
Nondurable
Services1
Income payments
Transfer payments (net)
From persons (net)
From government (net)
From business
Net foreign investment.
1,296.1 1,467.9 1,362.2 1,402.8 1,468.3 1,503.6 1,496.9 1,470.2
990.2 1,097.3 1,031.0 1,051.9 1,092.9 1,130.8 1,113.7 1,110.0
788.6 734.6 747.5 783.6 821.9 801.5 796.0
504.5 570.1 528.4 538.1 569.3 594.4 578.5 573.9
194.7 218.6 206.1 209.4 214.3 227.5 223.0 222.2
291.0 308.7 296.4 304.4 309.2 308.9 312.2 314.0
305.9
370.6
331.2
350.9
375.4
372.8
383.1
360.2
1,296.1 1,467.9 1,362.2 1,402.8 1,468.3 1,503.6 1,496.9 1,470.2
1,244.2 1,468.0 1,330.1 1,387.1 1,448.3 1,520.3 1,516.4 1,485.6
1,048.6 1,248.6 1,127.3 1,176.1 1,233.9 1,294.7 1,289.6 1,254.0
715.4 823.6 758.7 783.8 818.8 850.3 841.6 815.6
333.2 425.0 368.6 392.3 415.1 444.4 448.0 438.4
195.6 219.5 202.8 211.0 214.4 225.6 226.8 231.6
316.9
374.9
344.6
358.6
383.7
381.7
375.7
367.2
48.1
26.6
11.6
52.9
28.8
13.1
11.0
57.0
27.6
18.9
10.5
47.8
28.5
8.3
11.0
48.9
28.3
9.1
11.4
51.7
29.5
11.4
10.8
63.2
29.0
23.4
10.8
41.7
27.5
3.9
10.2
-313.2 -427.9 -369.6 -390.7 -412.5 -450.1 -458.5 -424.2
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods
to services.
2000
1999
I
II
2001
IV
I
Exports of goods and services 1,033.0 1,126.3 1,068.4 1,084.8 1,121.8 1,158.8 1,139.8 1,137.1
752.2 839.4 786.5 798.1 833.5 874.2 851.8 846.8
Goods 1
538.7 608.7 564.2 575.3 608.1 633.8 617.7 612.4
Durable
213.4 230.6 222.1 222.7 225.4 240.3 234.0 234.3
Nondurable
281.7 289.9 283.7 288.5 291.0 288.9 291.4 293.3
Services1
Income receipts
Imports of goods and services
Goods1
Durable
Nondurable
Services1
Income payments
294.1
347.6
316.2
332.0
353.2
348.7
356.7
333.0
1,355.3 1,538.7 1,420.9 1,461.7 1,525.2 1,586.4 1,581.5 1,559.8
1,161.1 1,322.5 1,222.5 1,255.3 1,313.9 1,364.0 1,356.7 1,334.2
802.6 928.7 854.4 880.5 920.8 958.8 954.9 926.4
358.8 395.5 369.1 376.2 394.5 407.2 404.0 407.4
195.9 218.5 200.6 208.4 213.7 224.8 227.0 227.5
301.5
349.1
325.0
335.8
357.9
354.8
347.7 337.7
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods
to services.
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.
Chain-type quantity indexes for the series in this table are shown in table 7.9.
July 2001
National Data
SURVEY OF CURRENT BUSINESS
D-13
Table 4.3.—Exports and Imports of Goods and Services by Type of
Product
Table 4.4.—Real Exports and Imports of Goods and Services by Type of
Product
[Billions of dollars]
[Billions of chained (1996) dollars]
Seasonally adjusted at annual rates
1999
Exports of goods and
services
Exports of goods l
Foods, feeds, and beverages
Industrial supplies and
materials
Durable goods
Nondurable goods
Capital goods, except
automotive
Civilian aircraft, engines,
and parts
Computers, peripherals,
and parts
Other
Automotive vehicles, engines,
and parts
Consumer goods, except
automotive
Durable goods
Nondurable goods
Other
2000
1999
Seasonally adjusted at annual rates
2001
2000
990.2 1,097.3 1,031.0 1,051.9 1,092.9 1,130.8 1,113.7 1,110.0
699.2 788.6 734.6 747.5 783.6 821.9 801.5 796.0
49.4
47.5
47.3 50.1
47.1
46.3
45.5 48.0
141.8
53.8
87.9
166.1
62.9
103.2
153.1
57.3
95.8
157.6
60.7
96.9
163.3
63.0
100.3
172.3
64.1
108.2
171.1
63.8
107.3
166.2
61.1
105.1
311.8
356.6
325.3
326.3
356.9
376.6
366.3
367.8
52.9
48.6
53.0
43.6
52.9
50.1
47.7
56.3
46.7
212.1
55.4
252.6
47.7
224.5
51.2
231.5
55.4
248.7
58.6
268.0
56.5
262.1
55.2
256.2
75.8
79.8
77.5
80.3
80.1
80.9
78.0
72.5
80.8
41.4
39.4
43.6
291.0
89.0
46.2
42.8
49.2
308.7
83.6
44.0
39.6
48.8
296.4
87.3
46.3
41.0
49.0
304.4
88.5
45.6
42.9
47.5
309.2
91.7
47.6
44.1
50.3
308.9
88.7
45.4
43.2
49.9
312.2
92.0
48.4
43.6
48.1
314.0
Exports of services1
Transfers under U.S. military
13.4
15.4
13.3
13.7
13.4
13.6
13.0
13.3
agency sales contracts
80.8
74.9
82.4
82.7
81.1
80.3
79.0
77.9
Travel
20.3
19.8
19.7
20.7
20.5
20.1
20.0
19.8
Passenger fares
29.4
27.0
28.5
29.5
30.0
29.3
28.8
28.4
Other transportation
37.7
36.5
39.1
38.1
37.4
38.3
37.0
36.4
Royalties and license fees
96.5 105.8 100.5 105.7 106.1 105.4 106.0 109.3
Other private services
21.3
21.0
21.7
21.5
21.2
21.5
20.9
20.1
Other
Imports of goods and
1,244.2 1,468.0 1,330.1 1,387.1 1,448.3 1,520.3 1,516.4 1,485.6
services
1,048.6 1,248.6 1,127.3 1,176.1 1,233.9 1,294.7 1,289.6 1,254.0
Imports of goods1
46.4
44.6
44.6
43.6
Foods, feeds, and beverages
45.9
47.3
45.6
46.0
Industrial supplies and
materials, except petroleum
148.6 172.4 159.4 165.2 168.6 177.4 178.2 180.1
and products
87.1
89.9
89.0
84.1
89.0
86.1
89.9
78.9
Durable goods
91.2
87.6
76.2
75.3
83.4
94.1
78.7
69.7
Nondurable goods
85.7 108.0 117.1 127.0 127.3 117.4
67.8 119.9
Petroleum and products
Capital goods, except
297.1 352.0 314.7 324.3 348.5 367.4 367.7 356.0
automotive
Civilian aircraft, engines,
23.2
24.1
26.4
23.8
31.1
30.6
26.8
24.9
and parts
Computers, peripherals,
89.7 83.8
86.3
90.2
95.0
89.9
83.8
81.5
and parts
191.9 235.9 206.8 217.2 233.7 245.7 246.9 238.7
Other
Automotive vehicles, engines,
179.4 196.3 188.0 193.3 195.4 202.6 193.8 187.8
and parts
Consumer goods, except
239.6 275.5 253.1 260.6 276.6 280.3 284.6 283.7
automotive
123.8 143.1 131.0 137.1 143.9 144.1 147.2 144.2
Durable goods
115.8 132.4 122.1 123.5 132.7 136.2 137.4 139.4
Nondurable goods
82.1
86.6
83.1
91.6
92.6
80.0
81.8
72.5
Other
195.6 219.5 202.8 211.0 214.4 225.6 226.8 231.6
Imports of services1
14.1
13.4
13.7
14.8
13.8
13.8
13.6
13.8
Direct defense expenditures ...
59.4 66.0
69.2 70.2
67.1
64.5
63.4
61.1
Travel
26.0
25.1
26.1
24.0
23.3
22.3
24.6
21.4
Passenger fares
40.7
41.5
41.0
34.1
39.8 36.9 37.9 38.8
Other transportation
17.7
16.6
19.0
15.6
15.1
14.6
13.3
16.6
Royalties and license fees
54.7
51.9
52.3
50.5
50.4
47.4
46.7
51.3
Other private services
7.4
7.4
7.3
7.3|
7.1
7.2
7.5
7.3
Other
Addenda:
54.4
53.2
52.8
50.0
53.6
49.6
Exports of agricultural goods 2
55.8
52.5
Exports of nonagricultural
649.6 735.1 684.6
730.8 766.1 748.3 741.6
goods
Imports of nonpetroleum
980.8 1,128.7 1,041.6 1,068.0 1,116.8! 1,167.7 1,162.3 1,136.6
goods
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods
to services.
2. Includes parts of foods, feeds, and beverages, of nondurable industrial supplies and materials, and of nondurable nonautomotive consumer.goods.
1999
Exports of goods and
services
Exports of goods1
Foods, feeds, and beverages
Industrial supplies and
materials
Durable goods
Nondurable goods
Capital goods, except
automotive
Civilian aircraft, engines,
and parts
Computers, peripherals,
and parts
Other
Automotive vehicles, engines,
and parts
Consumer goods, except
automotive
Durable goods
Nondurable goods
Other
Exports of services1
Transfers under U.S. military
agency sales contracts
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Other
2000
1999
2000
2001
1,033.0 1,126.3 1,068.4 1,084.8 1,121.8 1,158.8 1,139.8 1,137.1
752.2 839.4 786.5 798.1 833.5 874.2 851.8 846.8
64.7 60.1 62.3
59.4 58.9
58.4
60.7
56.6
152.8
58.1
94.6
168.2
66.7
101.6
160.4
61.5
98.9
161.7
64.6
97.3
165.4
66.7
98.9
173.5
67.8
105.7
172.3
67.8
104.6
168.9
65.5
103.4
342.6
394.6
358.4
361.2
395.5
416.3
405.3
406.3
49.4
43.7
49.0
39.9
47.8
44.8
42.2
48.9
68.3
225.9
85.7
270.5
71.2
239.5
78.0
248.0
85.6
266.4
91.0
286.5
88.0
281.0
86.8
274.6
74.6
77.9
76.0
78.6
78.2
78.8
76.1
70.7
88.3 83.1
45.9 43.9
42.4 39.2
50.8 50.6
289.9 283.7
46.0
40.5
50.7
288.5
87.8
45.2
42.6
49.0
291.0
90.8
47.2
43.7
52.2
288.9
13.2
72.4
18.8
28.3
34.7
100.6
16.4
-4.2
13.0
72.3
19.2
28.0
34.9
104.4
17.5
-7.5
13.7
72.0
19.0
28.0
36.0
104.5
18.4
-9.1
13.5
72.4
19.2
27.7
34.9
103.0
18.8
-13.1
80.4
41.3
39.1
45.6
281.7
15.3
70.5
19.2
27.7
35.0
96.6
17.8
-2.6
13.5
72.5
19.3
27.7
35.3
103.9
18.4
88.1
91.5
45.2 48.0
42.9 43.5
51.3 49.5
291.4 293.3
13.8
73.4
19.7
27.0
35.4
103.6
19.0
-11.3
13.5
73.0
18.7
26.9
36.1
106.5
19.3
-10.1
-10.2
Residual
Imports of goods and
1,355.3 1,538.7 1,420.9 1,461.7 1,525.2 1,586.4 1,581.5 1,559.8
services
1,161.1 1,322.5 1,222.5 1,255.3 1,313.9 1,364.0 1,356.7 1,334.2
Imports of goods1
47.4
49.4
49.8
50.5
51.1
48.8
47.3
46.1
Foods, feeds, and beverages
Industrial supplies and
materials, except petroleum
157.3 167.2 164.7 166.7 165.4 170.0 166.5 164.0
and products
85.3 86.9 87.1
87.0
86.3
87.5
81.1
84.9
Durable goods
78.2
79.4 79.6
80.1
80.1
82.4
76.1
78.9
Nondurable goods
88.2
76.5 81.7
85.8
86.1
87.1
81.5
92.1
Petroleum and products
Capital goods, except
378.2 460.1 406.0 419.9 453.6 481.0 485.8 472.3
automotive
Civilian aircraft, engines,
22.7
27.6
27.4
24.2
21.4
22.3
23.9
22.1
and parts
Computers, peripherals,
130.5 153.6 138.6 139.5 153.0 162.9 158.9 154.3
and parts
229.2 286.4 249.0 262.5 282.4 298.9 301.8 292.2
Other
Automotive vehicles, engines,
177.6 192.9 185.7 190.6 192.0 198.8 190.2 184.2
and parts
Consumer goods, except
247.6 287.2 261.8 270.5 288.2 292.4 297.6 296.8
automotive
131.6 153.8 139.6 146.8 154.6 155.0 158.8 155.7
Durable goods
116.1 133.6 122.3 124.0 133.8 137.4 139.0 141.1
Nondurable goods
92.2 91.0 82.1
82.2
82.2 80.2
86.4
73.1
Other
1
Imports of services
195.9 218.5 200.6 208.4 213.7 224.8 227.0 227.5
14.4
17.1
16.6
16.0
15.6
15.2
15.8
Direct defense expenditures ...
14.9
75.9
72.8 76.8
68.5
65.5
70.9 62.0
Travel
60.6
20.9
21.7
20.8
21.3
20.5
20.2
21.1
Passenger fares
19.4
34.8
34.8
32.9 33.6
32.1
32.8
34.0
Other transportation
31.8
15.4
17.7
14.3 14.6
15.5 13.9
Royalties and license fees
12.7
16.3
53.5
53.1
Other private services
49.3 54.2 51.0
54.9 55.1
58.6
7.1
7.1
7.2
Other
7.2
6.9
7.0
7.3
7.3
-7.4 -11.5 -15.8 -16.3 -12.0
Residual
-5.4 -12.9 -7.9
Addenda:
73.7 68.6
69.4 64.1
69.8
67.8 67.5
Exports of agricultural goods 2
63.1
Exports of nonagricultural
goods
688.5 769.2 721.4 729.8 764.9 799.9 782.0 776.0
Imports of nonpetroleum
1,076.7 1,233.6 1,143.8 1,170.2 1,221.1 1,274.5 1,268.4 1,236.3
goods
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 the detail for exports is the difference between the aggregate "exports of goods and
services" and the sum of the detailed lines for exports of goods and exports of services. The residual line following
the detail for imports is the difference between the aggregate "imports of goods and services" and the sum of
the detailed lines for imports of goods and imports of services.
Chain-type quantity indexes for the series in this table are shown in table 7.10.
Contributions to the percent change in real exports and in real imports of goods and services are shown in
table 8.5.
See footnotes to table 4.3.
D-14 • National Data
July 2001
SURVEY OF CURRENT BUSINESS
5. Saving and Investment.
Table 5.1.—Gross Saving and Investment
[Billions of dollars]
Seasonally adjusted at annual rates
1999
2000
IV
2000
2001
IV
I
I
1,717.6 1,825.1 1,746.3 1,777.0 1,844.5 1,854.7 1,824.2 1,766.5
Gross saving
1,343.5 1,297.1 1,331.4 1,279.2 1,328.8 1,319.2 1,261.2 1,219.4
-8.5 101.0
147.6
20.6 -13.8 -51.6 -72.4
11.0
229.4 265.0 241.7 262.7 278.5 279.6 239.4 200.0
196.4 244.4 219.3 247.1 257.4 254.4 218.8 172.8
-4.5 -8.5
-9.1 -12.9 -19.2 -25.0 -13.6
-3.5
41.6
34.7 29.7 29.1
42.1
33.5
40.6
30.7
739.4 694.8 711.5 731.1 750.0 765.2 778.4
284.5 301.1 288.7 294.1 298.7 303.3 308.2 313.4
5.2
5.2
0
0
0
0
0
0
Gross private saving
Personal saving
Undistributed corporate profits with inventory valuation and capital consumption adjustments
Undistributed profits
Inventory valuation adjustment
Capital consumption adjustment
Corporate consumption of fixed capital
Noncorporate consumption of fixed capital
Wage accruals less disbursements
Gross government saving
Federal
Consumption of fixed capital
Current surplus or deficit (-), national income and product accounts
State and local
Consumption of fixed capital
Current surplus or deficit (-), national income and product accounts
374.0
217.3
92.8
124.4
156.8
106.8
50.0
Gross investment
528.0
351.6
99.8
251.8
176.4
116.8
59.6
414.9
238.4
95.0
143.3
176.6
109.9
66.6
497.7
333.0
97.2
235.8
164.7
112.7
52.0
515.7
339.9
98.9
240.9
175.8
115.6
60.1
535.5
354.1
100.8
253.3
181.4
118.2
63.2
563.0
547.1
379.3
102.3
277.0
183.7
120.6
63.1
381.7
103.6
278.1
165.4
123.2
42.2
1,771.9 1,752.8 1,741.3 1,714.8
1,645.6 1,741.3 1,678.5
1,650.1 1,832.7 1,723.7 1,755.7 1,852.6 1,869.3 1,853.3 1,788.8
308.7 336.6 324.4 334.2 331.9 333.6 346.5 350.3
-313.2 -427.9 -369.6 -390.7 -412.5 -450.1 -458.5 -424.2
Gross private domestic investment
Gross government investment
Net foreign investment
Statistical discrepancy
-71.9
-83.7
-67.8
-77.7
18.5
18.3
18.3
18.2
Addendum:
Gross saving as a percentage of gross national product
-72.5 -101.8
18.6
18.5
-82.9
-51.6
18.0
17.3
Table 5.4.—Private Fixed Investment by Type
Table 5.5.—Real Private Fixed Investment by Type
[Billions of dollars]
[Billions of chained (1996) dollars]
Seasonally adjusted at annual rates
1999
2000
1999
2000
Seasonally adjusted at annual rates
2001
1999
2000
1999
2000
I
Private fixed investment
Nonresidential
Equipment and software
Information processing
equipment and software
Computers and
peripheral equipment1
Software2
Other
Industrial equipment
Transportation equipment
Other
Residential
Structures
Single family
Multifamily
Other structures
Equipment
1,606.8 1,778.2 1,651.0 1,725.8 1,780.5 1,803.0 1,803.5 1,814.8
1,203.1 1,362.2 1,242.2 1,308.5 1,359.2 1,390.6 1,390.4 1,392.4
Structures
Nonresidential buildings,
including farm
Utilities
Mining exploration, shafts,
and wells
Other structures
,
285.6
324.2
290.4
308.9
315.1
330.1
342.8
361.0
208.5
45.0
232.2
48.4
208.7
45.8
224.5
47.1
229.3
45.4
235.0
48.5
239.9
52.8
249.8
52.9
24.3
7.8
35.5
8.1
27.8
8.1
29.8
7.5
33.2
7.1
37.6
9.0
41.4
8.7
50.6
7.8
917.4 1,038.0
951.8
999.6 1,044.1 1,060.5 1,047.6 1,031.4
433.0
532.2
461.4
495.3
527.5
548.6
557.5
533.9
94.3
180.1
158.6
150.7
193.5
140.2
114.3
229.6
188.3
168.5
192.2
145.1
98.9
196.8
165.7
156.3
196.5
137.6
104.3
210.5
180.6
162.7
198.7
142.9
113.6
224.5
189.3
168.0
201.6
147.1
120.3
238.4
189.9
171.8
193.8
146.4
119.0
245.1
193.4
171.4
174.6
144.1
109.4
242.6
182.0
174.9
177.2
145.4
403.8
416.0
408.8
417.3
421.3
412.4
413.1
422.4
394.9 406.4
207.2 216.9
27.3 27.9
160.4 161.6
399.6
211.5
27.3
160.9
407.8
222.8
28.7
156.3
411.7
220.6
28.6
162.5
402.8
211.9
26.5
164.4
403.4
212.4
27.7
163.4
412.7
221.5
29.4
161.7
9.2
9.5
9.6
9.6
9.7
9.8
8.9
9.6
1. Includes new computers and peripheral equipment only.
2. Excludes software "embedded," or bundled, in computers and other equipment.
2001
III
Private fixed investment
Nonresidential
Structures
Nonresidential buildings,
including farm
Utilities
Mining exploration, shafts,
and wells
Other structures
Equipment and software
Information processing
equipment and software
Computers and
peripheral equipmentl
Software2
Other
Industrial equipment
Transportation equipment
Other
Residential
Structures
Single family
Multifamily
Other structures
Equipment
Residual
IV
I
1,621.4 1,771.7 1,666.6 1,730.9 1,777.6 1,791.3 1,787.1 1,797.1
1,255.3 1,413.7 1,301.8 1,365.3 1,412.5 1,438.8 1,438.3 1,445.1
259.2
282.9
260.6
274.0
277.0
286.6
293.8
304.5
187.4
43.5
200.8
45.7
185.1
44.0
196.5
44.9
199.5
42.8
202.7
45.6
204.6
49.4
210.5
49.5
21.5
7.3
29.4
7.3
24.6
7.5
26.1
6.9
28.4
6.5
30.5
8.1
32.5
7.8
37.4
6.9
1,003.1 1,140.5 1,050.1 1,100.4 1,146.6 1,162.4 1,152.7 1,146.1
542.2
676.6
587.9
629.4
669.1
695.6
712.3
694.6
297.3
224.5
196.6
164.0
199.2
141.4
324.3
234.3
197.5
167.4
190.6
140.3
331.2
240.8
201.7
167.0
172.0
137.7
331.2
238.2
190.0
169.9
176.3
138.1
217.3
188.0
163.1
147.8
191.8
135.6
304.2
228.6
195.8
164.3
189.8
139.3
243.8
205.3
171.6
152.8
195.9
132.8
264.1
215.0
187.3
158.9
197.3
138.0
368.3
366.3
368.5
371.4
372.6
362.3
359.0
362.1
359.2
356.6
189.4
22.9
144.3
359.2
362.9
188.8
23.0
147.5
361.8
195.8
23.8
142.0
193.5
23.6
145.7
352.6
184.9
21.8
146.0
349.2
183.2
22.5
143.5
352.3
188.4
23.6
140.2
9.8
9.3
9.7
9.7
9.8
9.9
9.9
187.6
23.2
148.5
9.1
-50.3
-99.9 -65.4 -75.4 -95.1 -112.5 -116.7 -113.0
1. Includes new computers and peripheral equipment only.
2. Excludes software "embedded," or bundled, in computers and other equipment.
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 7.6.
Contributions to the percent change in real private fixed investment are shown in table 8.4.
D-15
National Data
SURVEY OF CURRENT BUSINESS
July 2001
Table 5.10.—Change in Private Inventories by Industry Group
Table 5.11.—Real Change in Private Inventories by Industry Group
[Billions of dollars]
[Billions of chained (1996) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1999 2000
1999
2000
Change in private inventories
Farm
Nonfarm
Change in book value 1
Inventory valuation adjustment2
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
Durable goods
Motor vehicle dealers3
Other3
Nondurable goods
Other
Durable goods
Nondurable goods
1999 2000 1999
2001
III
2000
IV
43.3 54.5 72.7 29.9 72.0 66.4 49.8 -26.1
-2.5
-.1 -1.1 -1.3
-.8
-.2 -1.3
43.5 55.8 71.8 32.4 72.2 67.5 51.0 -25.3
59.1 79.0 95.5 65.1 99.2 78.0 73.5 -25.2
-.1
-15.6 -23.2: -23.7 -32.7 -27.1 -10.6 -22.5
7.4
.2 15.2
9.9 16.9 22.0 12.0 -11.4
-.1 12.3
3.2
6.3 10.8 14.9 17.4 -7.7
7.2 -5.4 -3.7
.3
4.1
3.6
6.1
2.9
16.7 22.0 17.9 21.0 32.1 21.9 13.1 -2.8
7.5 -4.7
12.5 14,4 14.6 16.7 23.0 10.3
7.7
4.3
5.6
1.9
4.2
3.3
9.1 11.6
15.3 17.4 19.9 15.7 28.4 15.4 10.0 -4.0
11.2 10.5 16.7 11.9 20.6
4.9 4.6 -5.3
5.4 . 1.3
3.2
4.1
6.9
7.8 10.6
3.8
1.4
6.5
3.1
1.3
4.6 -1.9
3.7
5.2
5.4
3.9 -2.1
2.9
.6
1.3
2.4
1.1
.2
.1
.8
.2
1.3
21.0 15.4 42.4 -4.5 22.1 20.5 23.4 -19.2
14.2 10.3 27.7 -3.6 16.1 13.9 14.9 -22.7
9.7 10.4
7.5 -20.7
5.3 14.6 -6.4
7.5
2.8
6.3
3.5
7.4 -2.0
5.0 13.1
6.7
3.4
-.9
6.0
6.6
8.6
5.0 14.7
6.8
2.5
3.2
5.6
4.1
1.1
8.1
6.1
3.1
1.0
.2
.7
1.3 -1.6
2.0
.2
2.0
1.5
2.9
5.0
4.8
2.1
2.6
2.9
6.0
2001
III
Change in private inventories
Farm
Nonfarm
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
Durable goods
Motor vehicle dealers1
Other1
Nondurable goods
Other
Durable goods
Nondurable goods
Residual
45.3
0
44.9
.1
-.1
.2
17.4
13.0
4.4
16.0
11.7
4.4
1.4
1.4
.1
20.8
14.2
7.6
6.7
6.7
6.1
.6
5.4
.6
60.9
5.1
55.8
15.7
12.8
3.1
22.4
14.9
7.5
17.8
10.8
6.9
4.5
4.0
.7
15.0
10.3
5.3
5.0
4.8
3.0
.2
2.8
36.6
7.9
3.6
73.0 33.0
7.6 10.3
3.3 6.5
4.2
3.8
80.9
18.5
15.2
3.4
21.5
17.3
4.4
20.6
17.4
3.3
-2.0
-2.2
.2
41.7
27.7
14.7
13.0
14.2
16.2
12.3
4.2
1.9
2.2
78.6 72.5
6.2 5.0
72.3 67.4
17.6 22.6
11.3
6.4
15.4
7.2
32.5
23.8
8.9
28.9
21.3
7.7
3.6
2.5
1.2
22.3
10.6
11.4
15.8
5.0
10.6
6.3
5.7
3.9
5.2
5.0
.4
.9
-4.4 21.5 20.0
-3.6 16.0 13.9
9.7 10.5
-6.4
2.7
6.3 3.4
5.7 6.2
-.8
6.1
.9 2.8
1.3
4.8
-.5
-1.5
2.5
-.7
.2
2.6
-.2
IV
55.7 -19.2
5.8
5.3
50.5 -25.1
12.2 -11.4
17.9 -7.8
-5.0 -3.6
13.2 -2.8
7.7 ^ . 9
5.4
1.9
10.1 -4.1
4.8 -5.6
5.3
1.3
1.2
3.0
.7
3.0
.2
22.7 -18.6
14.8 -22.6
7.4 -20.6
7.4 -1.9
8.1
2.3
1.0
1.3
-1.0
3.3
7.1
2.0
5.2
1.4
1. Inventories of auto and home supply stores are included in "other durable goods."
1. This series is derived from the Census Bureau series "current cost inventories."
2. The inventory valuation adjustment (IVA) shown in this table differs from the IVA that adjusts business incomes. The IVA in this table reflects the mix of methods (such as first-in, first-out and last-in, first-out) underlying
inventories derived primarily from Census Bureau statistics (see footnote 1). This mix differs from that underlying
business income derived primarily from Internal Revenue Service statistics.
3. Inventories of auto and home supply stores are included in "other durable goods."
NOTE.—Chained (1996) dollar series for real change in private inventories are calculated as the period-to-period
change in chained-dollar end-of-period inventories. Quarterly changes in end-of-period inventories are stated at annual rates. Because the formula for the chain-type quantity indexes uses weights of more than one period, the
corresponding chained-dollar estimates are usually not additive. The residual line is the difference between the first
line and the sum of the most detailed lines.
D-16 • National Data
July 2001
SURVEY OF CURRENT BUSINESS
Table 5.12.—Private Inventories and Domestic Final Sales of Business
by Industry Group
Table 5.13.—Real Private Inventories and Real Domestic Final Sales of
Business by Industry Group
[Billions of dollars]
[Billions of chained (1996) dollars]
Seasonally adjusted quarterly totals
Seasonally adjusted quarterly totals
1999
1999
2001
2000
IV
Private inventories1
Farm
Nonfarm
Durable goods
Nondurable goods
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
Durable goods
Motor vehicle dealers2
Other2
Nondurable goods
Other
Durable goods
Nondurable goods
Final sales of domestic business3
Final sales of goods and structures of
domestic business3
Ratio of private inventories to final sales of
domestic business
Private inventories to final sales
Nonfarm inventories to final sales
Nonfarm inventories to final sales of goods and
structures
1,416.3 1,446.5 1,472.4 1,492.8 1,521.4 1,516.8
100.3 108.3 108.0 105.3 112.7 120.0
1,316.0 1,338.3 1,364.3 1,387.5 1,408.7 1,396.8
729.7 737.0 749.6 758.7 768.9 760.4
639.8 636.4
586.3 601.3 614.7
458.6 466.1 472.6 480.7 484.1 482.7
283.3 286.2 288.4 292.4 296.5 295.7
175.3 179.9 184.2 188.4 187.5 187.1
363.4 373.2 381.3 387.8 391.4 388.8
230.4 235.3 241.4 243.4 244.7 242.8
133.0 137.9 140.0 144.5 146.7 146.0
315.4 322.7 329.6 334.0| 337.2 334.6
201.7 205.4 210.8 211.5 212.2 210.2
113.7 117.4 118.8 122.4 125.1 124.4
54.1
51.7
50.4
48.0
54.2
53.9
32.5
30.6
29.9
28.7
32.6
31.9
21.6
21.1
20.5
19.3
21.6
22.0
374.6 375.5 382.2 387.4 394.8 390.4
205.1 204.0 208.8 211.9 216.5 210.2
104.9 103.2 106.3 109.0 111.9 106.0
100.1 100.9 102.5 102.9 104.6 104.2
169.5 171.5 173.3 175.5 178.3 180.2
119.5 123.5 128.2 131.5 138.5 134.9
11.2
11.0
11.5
11.0
11.7
11.0
108.4 112.0 117.2 120.5 127.3 123.2
669.8 687.3 698.2 705.0 711.4 724.6
369.7
382.3
386.9
391.0
391.4
399.4
2.11
1.96
2.10
1.95
2.11
1.95
2.12
1.97
2.14
1.98
2.09
1.93
3.56
3.50
3.53
3.55
3.60
3.50
1. Inventories are as of the end of the quarter. The quarter-to-quarter change in inventories calculated from current-dollar inventories in this table is not the current-dollar change in the private inventories component of GDP.
The former is the difference between two inventory stocks, each valued at its respective end-of-quarter prices. The
latter is the change in the physical volume of inventories valued at average prices of the quarter. In addition,
changes calculated from this table are at quarterly rates, whereas, the change in private inventories is stated at
annual rates.
2. Inventories of auto and home supply stores are included in "other durable goods."
3. Quarterly totals at monthly rates. Final sales of domestic business equals final sales of domestic product less
gross product of households and institutions and of general government, and it includes a small amount of final
'sales by farm and by government enterprises.
Private inventories1
Farm
Nonfarm
Durable goods
Nondurable goods
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
Durable goods
Motor vehicle dealers2
Other2
Nondurable goods
Other
Durable goods
Nondurable goods
2000
2001
I
IV
I
1,441.1 1,450.2 1,469.9 1,488.0 1,501.9 1,497.1
108.2 109.1 110.6 111.9 113.2 114.7
1,332.4 1,340.6 1,358.7 1,375.6 1,388.2 1,381.9
749.2 754.5 766.8 776.9 787.3 778.8
583.2 586.2 592.1 598.9 601.4 603.1
470.9 473.5 477.9 483.5 486.6 483.8
294.0 295.7 298.5 302.3 306.8 304.8
176.8 177.8 179.4 181.2 180.0 179.1
373.1 378.5 386.6 392.1 395.4 394.7
239.0 243.3 249.3 251.9 253.8 252.6
134.1 135.2 137.4 140.2 141.6 142.1
324.8 328.8 336.0 340.0 342.5 341.5
209.0 212.1 217.4 218.7 219.9 218.5
115.7 116.7 118.6 121.3 122.6 122.9
49.6
50.5
52.1
52.8
53.2
48.3
31.2
34.2
30.0
31.8
33.3
34.0
18.5
18.7
19.0
19.0
19.2
18.3
368.0
205.1
366.9
204.2
372.2
208.2
106.4
101.8
164.2
377.2
211.7
109.0
102.6
165.7
382.9
378.3
215.4
110.9
104.5
167.8
209.7
121.9
10.7
111.2
122.6
10.7
111.8
.5
123.2
11.0
112.2
125.0
11.5
113.5
.4
109.4
104.0
100.2
162.8
121.7
11.0
110.6
Residual
Final sales of domestic business3
Final sales of goods and structures of
domestic business3
Ratio of private inventories to final sales of
domestic business
.9
639.6
.5
651.3
.6
657.7
661.9
664.8
672.3
364.8
375.1
377.3
380.8
380.0
385.9
Private inventories to final sales
Nonfarm inventories to final sales
Nonfarm inventories to final sales of goods and
structures
2.25
2.08
2.23
2.06
2.23
2.07
2.25
2.08
2.26
2.09
2.23
2.06
3.65
3.57
3.60
3.61
3.65
3.58
105.6
99.5
163.0
120.2
10.7
0
105.7
104.0
168.6
1. Inventories are as of the end of the quarter. The quarter-to-quarter changes calculated from this table are
at quarterly rates, whereas, the change in private inventories component of GDP is stated at annual rates.
2. Inventories of auto and home supply stores are included in "other durable goods."
3. Quarterly totals at monthly rates. Final sales of domestic business equals final sales of domestic product less
gross product of households and institutions and of general government, and it includes a small amount of final
sales by farm and by government enterprises.
NOTE.—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.
July 2001
D-17
National Data
SURVEY OF CURRENT BUSINESS
6. Income and Employment by Industry.
Table 6.16C—Corporate Profits by Industry Group
Table 6.1 C—National Income Without Capital Consumption Adjustment
by Industry Group
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1999
National income without
capital consumption
adjustment
Domestic industries
Private industries
Agriculture, forestry, and
fishing
Mining
Construction
Manufacturing
Durable goods
Nondurable goods
Transportation and public
utilities
Transportation
Communications
Electric, gas, and
sanitary services
Wholesale trade
Retail trade
Finance, insurance, and
real estate
Services
Domestic industries
7,450.2 7,985.6 7,662.8 7,812.7 7,969.4 8,080.5 8,079.5 8,154.4
Financial
6,497.0
Nonfinancial
6,828.8 6,974.1 7,078.4 7,073.8 7,130.9
Rest of the world
109.2
51.3
381.8
113.1
57.4
420.6
118.6
52.3
393.1
106.9
53.8
410.8
110.9
57.6
418.5
124.5
59.5
423.8
110.2
58.6
429.4
115.9
64.1
443.5
1,193.3 1,244.6 1,202.5 1,237.0 1,257.2 1,258.9 1,225.5 1,202.4
704.6 729.8 716.1 726.0 735.6 736.9 720.6 704.7
488.7 514.8 486.5 510.9 521.6 522.0 504.8 497.7
534.6
236.9
161.9
601.9
257.8
191.8
562.3
244.4
174.2
578.3
248.3
183.2
596.5
257.7
188.6
612.7
261.3
194.4
620.1
263.9
201.1
632.7
264.4
204.3
135.9
152.3
143.7
146.7
150.3
157.0
155.1
164.0
441.8
635.2
478.3
685.0
457.1
651.5
465.0
674.5
480.6
682.6
486.5
691.0
481.2
691.8
468.3
710.3
1,366.9 1,468.9 1,418.5 1,439.8 1,459.8 1,482.8 1,493.1 1,497.4
1,782.9 1,918.9 1,841.0 1,862.7 1,910.4 1,938.7 1,963.9 1,996.3
Government
953.2
996.8
965.9
984.0
Rest of the world
-11.0
-4.4
-13.4
-7.7
995.3 1,002.1 1,005.7 1,023.5
-8.3
NOTE.—Estimates in this table are based on the 1987 Standard Industrial Classification.
III
Corporate profits with inventory
valuation and capital
consumption adjustments
7,439.2 7,981.2 7,649.4 7,805.1 7,961.2 8,071.6 8,086.9 8,147.4
-8.9
7.4
-7.0
2001
2000
1999
2001
2000
2000
1999 2000
Receipts from the rest of the world
Less: Payments to the rest of the world
Corporate profits with inventory
valuation adjustment
IV
856.0 946.2 893.2 936.3 963.6 970.3 914.7 869.0
744.6 805.0 772.7 807.4 829.3 828.1 755.3 726.3
156.1 174.2 170.6 174.6 169.1 175.2 178.0 177.9
588.5 630.8 602.0 632.8 660.1 653.0 577.3 548.4
111.4 141.2 120.5 128.9 134.3 142.1 159.4 142.7
169.3 203.1 181.7 194.8 206.8 202.9 207.9 198.7
57.9 62.0 61.2 66.0 72.5 60.8 48.6 55.9
813.9 912.7 851.5 895.7 928.8 940.5 885.6 838.3
771.5 731.0 766.8 794.5
193.6 187.3 191.9 188.1
30.5 28.1 29.6 29.7
163.1 159.1 162.3 158.3
577.9 543.8 574.9 606.5
185.0 173.0 193.7 201.8
92.2 89.0 92.6 94.7 97.2
5.1
4.8
2.2
4.1
2.6
18.3 16.3 16.7 18.5 18.0
798.4
195.5
30.5
165.0
602.9
192.1
21.2
24.2
726.2
198.9
32.2
166.7
527.3
152.4
92.4 71.8
2.7
3.6
16.9 11.7
695.6
Domestic industries
Financial
Federal Reserve banks
Other
Nonfinancial
Manufacturing
Durable goods
Primary metal industries
Fabricated metal products
Industrial machinery and
equipment
Electronic and other electric
equipment
Motor vehicles and equipment
Other
Nondurable goods
Food and kindred products
Chemicals and allied products
Petroleum and coal products ....
Other
Transportation and public utilities
Transportation
Communications
Electric, gas, and sanitary services
Wholesale trade
Retail trade
Other
702.5
172.0
25.8
146.2
530.4
181.6
Rest of the world
111.4 141.2 120.5 128.9 134.3 142.1 159.4 142.7
22.8
21.9
24.5
20.8
21.3
198.5
31.0
167.5
497.1
131.6
59.3
-.8
14.7
19.2
6.4
12.3 14.1 14.3 16.1 16.4 13.0 10.8
6.1
4.8
2.2 -2.1
4.6
6.2
5.7
6.9
29.4 28.0 29.2 28.3 30.3 30.1 23.1 21.9
89.4 96.0 80.4 99.0 104.6 99.7 80.6 72.4
9.2
8.0
21.9 17.7 14.1 21.0 20.3 21.5
29.9 35.6 25.3 32.7 37.9 35.2 36.6 28.3
5.4 13.8
7.1 10.4 15.4 15.2 14.2 15.8
32.2 28.8 34.0 34.8 30.9 27.8 21.8 19.1
88.4 100.8 101.4 101.9 103.9 103.1 94.3 92.1
23.0 23.9 24.9 22.6 28.2 24.5 20.3 15.7
26.9 32.2 32.6 35.2 31.9 31.2 30.4 25.7
38.4 44.7 43.8 44.1 43.8 47.5 43.5 50.7
56.7 65.1 59.2 61.2 69.7 71.1 58.6 43.7
81.5 89.5 81.9 90.2 92.4 91.8 83.5 91.8
122.3 137.5 128.3 127.9 138.7 144.9 138.5 138.0
NOTE—Estimates in this table are based on the 1987 Standard Industrial Classification.
D-18
• National Data
July 2001
SURVEY OF CURRENT BUSINESS
7. Quantity and Price IndexesTable 7.1 .—Quantity and Price Indexes for Gross Domestic Product
[Index numbers, 1996=100]
Seasonally adjusted
Seasonally adjusted
2000
1999
2001
1999
2000
1999
119.02
113.60
104.77
104.77
127.52
119.27
106.99
106.92
122.35
116.27
105.31
105.24
124.82
117.65
106.17
106.10
127.29
119.27
106.80
106.73
128.49
119.92
107.22
107.15
129.45
120.23
107.75
107.67
130.89
120.60
108.61
108.53
119.69
114.15
104.85
104.85
129.02
120.18
107.36
107.36
123.08
116.49
105.67
105.66
126.43
118.63
106.58
106.57
128.04
119.54
107.13
107.12
130.04
120.86
107.61
107.60
131.56
121.69
108.12
108.11
133.70
122.70
108.97
108.96
Exports of goods:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
113.07 127.53 118.78 120.88 126.72 132.90 129.61 128.72
121.63 135.74 127.18 129.06 134.79 141.37 137.74 136.93
92.96 93.96 93.41 93.68 94.02 94.02 94.11 94.02
92.96 93.95 93.40 93.67 94.01 94.01 94.10 94.01
Durable goods:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
123.49 133.06 127.75 134.03 132.09
132.65 145.35 138.17 145.70 143.83
93.09 91.54 92.44 91.98 91.83
93.09 91.55 92.46 91.99 91.84
133.78
146.50
91.30
91.32
132.34 136.13
145.34 149.76
91.04 90.89
91.05 90.90
Exports of services:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
113.77
110.14
103.30
103.30
Nondurable goods:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
117.24
113.05
103.71
103.71
127.69
118.74
107.56
107.54
121.36
115.50
105.09
105.07
124.77
117.20
106.48
106.46
126.91
118.24
107.35
107.33
129.06
119.60
107.93
107.91
130.04
119.91
108.47
108.45
131.62
120.81
108.97
108.95
Services:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
Imports of goods and services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
129.19 152.42 138.11 144.02 150.37 157.85 157.45 154.25
140.72 159.76 147.53 151.76 158.36 164.72 164.20 161.95
91.80 95.46 93.68 94.97 95.03 95.91 95.96 95.32
91.80 95.41 93.61 94.90 94.95 95.83
95.25
120.18
111.29
107.99
107.99
128.88
116.31
110.81
110.81
123.02
113.00
108.88
108.87
125.75
114.45
109.88
109.88
127.81
115.75
110.43
110.43
129.79
116.82
111.12
111.11
132.18
118.23
111.80
111.80
134.27
118.75
113.08
113.08
Imports of goods:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
129.72 154.46 139.46 145.49 152.64 160.17 159.54 155.14
143.64 163.60 151.23 155.29 162.54 168.74 167.83 165.05
90.31 94.48 92.30 93.77 93.99 95.00 95.14 94.07
90.31 94.41 92.22 93.69 93.91 94.92 95.06 93.99
132.79 147.48 138.71 141.28 149.08
134.36 148.05 140.95 142.72 149.92
99.94
99.32 99.76
98.83 99.62 98.41 98.99 99.44
150.43
150.57
100.22
99.90
149.13
148.99
100.46
100.10
143.94
143.76
100.48
100.13
Imports of services:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
126.39 141.79 131.05 136.32
126.54 141.14 129.59 134.66
99.89 100.49 101.14 101.25
100.46 101.12 101.24
146.63 136.14 142.31 146.83
146.10 137.43 142.73 146.59
100.36 99.07 99.71 100.17
100.37 99.07 99.70 100.16
148.67
147.71
100.66
100.65
148.72
147.37
100.92
100.92
149.65
148.19
100.99
100.99
133.76 151.45 138.11 145.48 151.12
139.56 157.18 144.73 151.79 157.04
95.84 96.34 95.42 95.84 96.23
95.84 96.36 95.42 95.84 96.23
154.61
159.97
96.64
96.65
154.59 154.81
159.92 160.67
96.35
96.67 96.35
126.96 144.10 129.07 137.30 140.06
146.70
152.36 160.46
115.22 125.73 115.83 121.80
110.19 114.57 111.42 112.72
110.19 114.62 111.43 112.73
123.12
113.75
113.75
127.40
115.15
115.15
130.59
116.67
116.67
135.32
118.57
118.57
136.03 153.90 141.12 148.21
154.81
157.25
155.33
152.93
148.74 169.11 155.70 163.16
91.46 90.99 90.62 90.82
91.46 91.01 90.64 90.84
170.00
91.05
91.07
172.34 170.91 169.93
91.22 90.86 89.97
91.24 90.88 89.99
133.21
118.56
112.36
112.36
134.49
118.93
113.08
113.08
131.64
115.64
113.83
113.83
2001
Gross domestic product:
Current dollars
Chain-type quantity index
Chain-type price index ...
Implicit price deflator
Personal consumption
expenditures:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Gross private domestic
investment:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Fixed investment:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
Nonresidential:
Current dollars
Chain-type quantity index
Chain-type price index ...
Implicit price deflator
Structures:
Current dollars
Chain-type quantity
index
Chain-type price index
Implicit price deflator
Equipment and
software:
Current dollars
Chain-type quantity
index
Chain-type price index
Implicit price deflator
Residential:
Current dollars
Chain-type quantity index
Chain-type price index ...
Implicit price deflator
132.50
133.70
99.10
99.10
128.89
117.56
109.64
109.64
132.80
116.93
113.58
113.57
130.50
117.63
110.94
110.94
131.86
114.59
115.07
115.07
134.85
115.59
116.66
116.67
NOTE.—Chain-type quantity and price indexes are calculated from weighted averages of the detailed output and
prices used to prepare each aggregate and component. Implicit price deflators are weighted averages of the detailed
price indexes used to prepare each aggregate and component and are calculated as the ratio of current- to chained-
2000
Exports of goods and
services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Government consumption
expenditures and gross
investment:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
2000
113.27 125.53 117.94 120.34 125.02 129.36 127.41 126.98
118.17 128.84 122.22 124.10 128.33 132.56 130.39 130.08
95.86 97.44 96.51
97.43 97.60 97.73 97.63
95.86 97.43 96.50 96.97 97.42 97.59 97.71 97.61
120.70
113.37
106.47
106.47
115.90
110.92
104.50
104.49
119.01
112.79
105.52
105.52
120.91
113.78
106.27
106.27
120.79
112.98
106.92
106.92
122.07
113.92
107.17
107.16
122.76
114.69
107.04
107.04
138.50
138.07
100.33
100.31
145.78 146.54 149.62
145.20 146.63 146.98
100.41
101.82
100.40
101.80
114.94
108.03
106.41
106.40
122.63
111.06
110.43
110.42
118.77
110.38
107.62
107.61
120.29
110.07
109.30
109.28
122.52
111.37
110.02
110.01
122.98
110.99
110.82
110.81
124.73
111.79
111.59
111.57
127.38
113.10
112.65
112.63
106.96
101.61
105.27
105.27
111.96
103.12
108.59
108.58
111.28
104.98
106.02
106.00
109.12
101.04
108.01
108.00
113.71
105.13
108.18
108.17
111.78
102.67
108.88
108.87
113.24
103.63
109.28
109.27
116.09
104.88
110.70
110.69
National defense:
Current dollars
Chain-type quantity index
Chain-type price index ...
Implicit price deflator
102.25 105.59 106.67 102.68 106.97 105.04 107.66
97.62 97.79 101.09 95.65 99.46
99.06
104.75 107.99 105.54 107.35 107.57 108.34 108.71
104.75 107.98 105.51 107.34 107.55 108.33 108.68
110.25
100.38
109.85
109.84
Nondefense:
Current dollars
Chain-type quantity index
Chain-type price index ...
Implicit price deflator
116.59
109.72
106.27
106.27
125.00
113.93
109.73
109.72
120.72
112.88
106.95
106.94
122.29
111.95
109.26
109.24
127.51
116.62
109.35
109.34
125.56
114.24
109.92
109.92
124.63
112.91
110.38
110.38
128.03
114.01
112.31
112.30
State and local:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
119.71
111.82
107.06
107.05
129.00
115.74
111.46
111.46
123.24
113.57
108.52
108.51
126.96
115.40
110.03
110.02
127.78
115.07
111.05
111.04
129.67
115.89
111.90
111.89
131.59
116.60
112.87
112.86
134.13
117.94
113.73
113.72
Federal:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
dollar output multiplied by 100.
Percent changes from preceding period for items in this table are shown in table 8.1. Contributions to the percent
change in real gross domestic product are shown in table 8.2.
D-19
National Data
SURVEY OF CURRENT BUSINESS
July 2001
Table 7.2.—Quantity and Price Indexes for Gross Domestic Product,
Final Sales, and Purchases
Table 7.4.—Chain-Type Quantity and Price Indexes for Personal
Consumption Expenditures by Major Type of Product
[Index numbers, 1996=100]
[Index numbers, 1996=100]
Seasonally adjusted
Gross domestic product:
Current dollars
Chain-type quantity index .
Chain-type price index
Implicit price deflator
1999
2000
119.02
113.60
104.77
104.77
127.52
119.27
106.99
106.92
2000
122.35
116.27
105.31
105.24
124.82
117.65
106.17
106.10
127.29
119.27
106.80
106.73
128.49
119.92
107.22
107.15
Seasonally adjusted
129.45
120.23
107.75
107.67
130.89
120.60
108.61
108.53
Final sales of domestic
product:
Current dollars
Chain-type quantity index .
Chain-type price index
Implicit price deflator
118.92
113.41
104.86
104.86
127.31
118.86
107.11
107.11
121.89
115.64
105.41
105.40
124.92
117.54
106.29
106.28
126.86
118.66
106.92
106.91
128.14
119.37
107.35
107.34
129.31
119.87
107.89
107.88
131.73
121.14
108.75
108.75
Gross domestic purchases:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
120.89
116.16
104.08
104.08
130.77
122.77
106.58
106.51
124.76
119.13
104.80
104.72
127.66
120.77
105.78
105.70
130.36
122.68
106.33
106.26
131.98
123.59
106.86
106.79
133.09
124.06
107.36
107.28
134.17
124.21
108.09
108.02
Final sales to domestic
purchasers:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
120.80
115.98
104.16
104.16
130.58
122.38
106.70
106.70
124.31
118.52
104.89
104.88
127.77
120.68
105.88
105.87
129.94
122.08
106.45
106.44
131.64
123.06
106.98
106.97
132.97
123.71
107.49
107.48
135.01
124.76
108.23
108.22
Addenda:
Final sales of computers1:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Gross domestic product less
final sales of computers:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Gross domestic purchases
less final sales of
computers:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Chain-type price indexes for
gross domestic purchases:
Food
Energy goods and services
Gross domestic purchases
less food and energy
1999
2001
Personal consumption
expenditures
Motor vehicles and parts
Furniture and household
equipment
Other
127.32
117.53
108.40
108.33
122.34
114.89
106.56
106.48
124.71
116.10
107.49
107.42
127.11
117.57
108.18
108.11
128.25
118.10
108.67
108.60
129.20
118.35
109.25
109.17
130.77
118.69
110.26
110.18
120.75
114.58
105.39
105.38
130.46
120.64
108.22
108.14
124.59
117.35
106.25
106.17
127.45
118.87
107.30
107.22
130.06
120.59
107.93
107.85
131.61
121.35
108.53
108.46
132.75
121.76
109.11
109.02
133.99
121.90
110.00
109.92
Food
Clothing and shoes
Gasoline, fuel oil, and other
energy goods
Gasoline and oil
Fuel oil and coal
Other
Services
2001
„
Housing
Household operation
Electricity and gas
Other household operation
Transportation
Medical care
Recreation
Other
Addenda:
Energy goods and services1
Personal consumption
expenditures less food and
energy
126.03 132.85 129.11
142.98 161.55 151.20
127.62 142.98 133.71
113.05 118.74 115.50
107.62 111.62 110.19
123.17 133.46 124.56
118.63
145.70
137.24
119.54 120.86
157.95
141.12
117.20
110.97
130.61
160.13 163.48
141.91 144.03
143.83 146.50
131.05 133.44
118.24 119.60
111.53 111.85
132.40 135.45
121.69 122.70
145.34 149.76
129.661 136.12
164.62
144.87
119.91
112.15
135.37
167.48
147.17
120.81
112.29
136.88
111.29 116.31 113.00
104.37
105.65
94.30
125.86
114.45
115.75 116.82
109.92
117.79
104.63
126.64
116.80
111.34
122.81
125.83
108.27
113.24
99.22
122.66
114.38
109.62
116.27
120.16
108.91
114.94
100.97
124.33
115.57
110.19
118.96
123.04
109.63
118.12
105.99
126.28
116.68
110.97
121.54
124.48
104.45 105.07
103.99
102.58 105.41
105.36 106.94 106.66
115.98 122.72
118.44
121.07 121.91
123.51 124.39 125.67
107.09 105.98 108.39
108.06 106.96 109.68
99.60 98.18 98.19
119.55 128.38 122.80
107.22
112.82
101.68
120.33
112.61
108.26
114.02
117.04
105.54
106.46
98.17
127.38
107.00
107.73
101.16
129.80
110.25
118.25
103.98
127.90
117.11
111.62
123.86
126.69
107.01 109.25
108.02 109.88
103.96
130.48 131.99
118.23 118.75
110.90 111.52
119.86 118.74
107.57 104.26
128.07 128.62
117.84 118.45
112.58 113.41
126.89 130.17
129.11 129.08
Chain-type price indexes
Personal consumption
expenditures
Durable goods
105.75 108.19 106.54 107.14 107.75 108.70 109.17 110.25
96.02 114.22 101.34 109.78 112.74 115.75 118.61 120.93
104.26 106.13 104.78 105.49 105.95 106.33 106.74 107.37
Motor vehicles and parts
Furniture and household
equipment
Other
Nondurable goods
1. For some components of final sales of computers, includes computer parts.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Table 7.3.—Quantity and Price Indexes for Gross National Product and
Command-Basis Gross National Product
[Index numbers, 1996=100]
Food
Clothing and shoes
Gasoline, fuel oil, and other
energy goods
Gasoline and oil
Fuel oil and coal
Other
Services
Gross national product:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
118.60
113.24
104.74
104.73
130.50
120.26
108.59
108.52
Less: Exports of goods and
services and income
receipts from the rest of the
world:
Chain-type quantity index
Housing
Household operation
Electricity and gas
Other household operation
Transportation
Medical care
Recreation
Other
118.55 131.82 123.74 126.69 131.95 134.75 133.87 131.36
Plus: Command-basis exports
of goods and services and
income receipts from the
rest of the world:
Chain-type quantity index
Addenda:
Energy goods and services1
Personal consumption
expenditures less food and
energy
122.72 134.17 126.73 128.91 134.76 136.89 136.10 134.23
Equals: Command-basis gross
national product:
Chain-type quantity index
113.84 119.30 116.31 117.64 119.33 119.86 120.38 120.67
127.17
118.97
106.96
106.89
121.90
115.88
105.27
105.19
124.44
117.32
106.14
106.07
126.89
118.93
106.77
106.70
128.08
119.56
107.20
107.13
129.25
120.06
107.73
107.65
NOTE—Percent changes from preceding period for selected items in this table are shown in table 8.1.
114.15 120.18 116.49
132.65 145.35 138.17
Nondurable goods
119.03
112.39
105.91
105.90
2000
1999
Chain-type quantity indexes
Durable goods
118.22 147.27 123.88 136.17 145.95 152.41 154.58 142.80
314.26 474.81 358.44 413.00 461.08 502.06 523.11 536.21
37.62 30.86 34.26 32.68 31.37 30.09 29.29 26.40
37.62 31.02 34.56 32.97 31.65 30.36 29.55 26.63
2000
104.85 107.36 105.67 106.58 107.13 107.61 108.12 108.97
93.09
91.54
92.44 91.98
99.29
99.79
99.81
99.30
85.19
96.62
81.44
95.74
83.38
96.11
82.73
96.12
91.83
91.30
91.04
90.89
99.81 100.16 100.87
81.97
95.85
81.05
95.32
80.00 78.78
95.65 96.20
103.71 107.56 105.09 106.48 107.35 107.93 108.47 108.97
106.14 108.65 106.95 107.59 108.20 109.20 109.63 110.71
96.38 95.15 96.84 95.67 95.12 94.48 95.31 95.16
95.39
95.66
92.92
106.86
123.17
122.40
129.65
109.15
104.16
104.39
101.97
107.51
118.69
117.85
125.95
107.94
123.52
123.65
122.27
109.10
124.37
123.84
128.85
109.69
126.09
124.27
141.54
109.87
124.37
122.29
142.07
110.48
107.99 110.81 108.88 109.88 110.43 111.12 111.80 113.08
113.91
104.03
108.75
101.47
110.59
111.13
114.03
113.62
114.98
107.31
117.01
101.94
111.01
112.31
114.97
114.69
96.85 114.20 101.88 109.84 113.25 115.61 118.10
121.12
105.11 106.79 105.69 106.26 106.64 106.93 107.34
108.03
109.40
100.63
98.43
101.98
106.35
107.02
108.84
111.04
112.60
102.39
103.81
101.70
109.40
110.10
112.78
113.32
110.41
101.04
99.20
102.18
107.09
107.98
110.06
111.86
111.33
101.18
99.61
102.17
108.02
109.13
111.33
113.12
112.17
101.55
101.43
101.72
109.16
109.50
112.28
113.38
1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
112.98
102.80
105.44
101.42
109.84
110.62
113.47
113.17
D-20
• National Data
July 2001
SURVEY OF CURRENT BUSINESS
Table 7.6.—Chain-Type Quantity and Price Indexes for Private Fixed
Investment by Type
[Index numbers, 1996=100]
Table 7.9.—Chain-Type Quantity and Price Indexes for Exports and Imports of Goods and Services and for Receipts and Payments of Income
[Index numbers, 1996=100]
Seasonally adjusted
1999
2000
2000
1999
Seasonally adjusted
2001
1999
2000
1999
2000
2001
Chain-type quantity indexes
Chain-type quantity indexes
Private fixed
investment
Structures
Nonresidential buildings,
including farm
Utilities
Mining exploration, shafts,
and wells
Other structures
115.22 125.73
137.43
144.73
115.83
121.80 123.12
147.71 147.37
159.97 159.92
127.40 130.59
115.92 124.22
120.76 126.76
114.48
122.09
121.56 123.39
124.63 118.82
125.37 126.57
126.53 137.08
130.21
137.29
102.09 139.32
118.37 117.94
123.71 134.79
111.74 104.25
148.74 169.11
163.16
144.82 153.94
130.69 125.09
170.00 172.34 170.91
177.47
110.55
Equipment and software
Information processing
equipment and software
Computers and
peripheral equipmentl
Software2
Other
Industrial equipment
Transportation equipment
Other
116.53
120.95
155.70
169.93
188.74 235.53
204.64
219.11 232.93
242.13 247.97
241.81
467.37
250.39
156.71
124.52
126.92
123.49
116.21
107.12
115.72
467.36
253.09
166.29
122.42
123.81
123.14
114.59
114.28
115.15
110.54
113.77
127.76
128.90
Nonresidential
Residential
Structures
Single family
Multifamily
Other structures
Equipment
133.70 146.10
139.56 157.18
142.73 146.59
151.79 157.04
344.08 372.78 419.58
215.75 225.96 235.97
141.52 154.45 162.13
111.99 116.44 120.20
141.03 142.04 143.39
118.76 123.42 126.47
117.56 116.93 117.63 118.56 118.93
117.54 116.69 117.53 118.37 118.75
117.92 119.00 118.66 123.03 121.62
113.95 112.67 112.95 116.89 116.14
117.69 114.39 116.89 112.59 115.47
118.61 127.70 122.07 126.79 127.37
306.72
197.65
134.50
108.31
138.07
121.25
429.35
240.32
161.42
120.43
136.62
124.61
457.68
246.24
162.82
122.67
137.23
125.42
115.64
115.38
148.19
160.67
135.32
115.59
115.28
118.39
115.95
111.14
129.48
Chain-type price indexes
Exports of goods and services
Goods 1
Durable
Nondurable
Services1
118.17
121.63
127.75
108.46
110.14
Income receipts
119.78
Imports of goods and services
Goods 1
Durable
Nondurable
Services1
140.72
Income payments
Nonresidential
Structures
Nonresidential buildings,
including farm
Utilities
Mining exploration, shafts,
and wells
Other structures
Equipment and software
Information processing
equipment and software
Computers and
peripheral equipment1
Software2
Other
Industrial equipment
Transportation equipment
Other
Residential
Structures
Single family
Multifamily
Other structures
Equipment
99.10 100.36
99.07
99.71 100.17 100.66 100.92 100.99
95.84
95.42
95.84
96.34
96.23
96.66
96.35
111.26 115.58 112.75 114.22 114.95 115.94 117.24 118.64
103.42 105.99 104.02 104.85 106.01 106.30 106.78 106.85
112.81 120.41 113.24 114.24 116.94 122.98 127.48 135.11
106.74 110.47 107.47 108.24 110.35 110.97 112.32 113.34
91.46
90.99
90.62
90.82
91.05
91.22
90.86
89.97
79.87
78.60
78.42
78.62
78.76
78.80
78.20
76.80
37.43 40.28 39.20 37.96
100.38 95.89 97.91 100.03
96.17 96.53 96.40 96.27
102.54 102.27 102.41 102.46
101.26 100.31 100.70 101.18
104.14 103.62 103.55 103.98
36.84
101.78
96.14
102.64
101.64
104.38
35.70
101.80
95.87
102.64
101.53
104.64
32.81
101.84
95.73
102.94
100.48
105.30
43.40
95.75
97.27
101.98
100.89
103.40
109.64 113.58 110.94 112.36 113.08 113.83 115.07 116.66
109.93 113.97 111.26 112.72 113.45 114.22 115.50 117.12
110.41 114.57 112.01 113.80 114.00 114.60 115.89 117.58
117.69 121.69 118.96 120.87 121.08 121.72 123.09 124.89
108.05 112.00 109.09 110.04 111.55 112.58 113.83 115.33
98.10
97.95
97.76
98.39
1. Includes new computers and peripheral equipment only.
2. Excludes software "embedded," or bundled, in computers and other equipment.
96.64
110.19 114.57 111.42 112.72 113.75 115.15 116.67 118.57
98.18
98.71
143.64
150.51
130.45
126.54
132.53 153.44
142.85
128.33
134.79
144.21
114.56
113.78
135.20 143.82
151.76 158.36
155.29 162.54
165.10 172.67
136.78 143.42
134.66 138.07
147.59 157.34
124.10
129.06
136.42
113.21
112.79
132.56
141.37
150.31
122.14
112.98
141.98
164.72
168.74
179.79
148.03
145.20
155.98
130.39
137.74
146.49
118.94
113.92
145.28
164.20
167.83
179.05
146.88
146.63
152.86
130.08
136.93
145.22
119.09
114.69
135.63
161.95
165.05
173.72
148.13
146.98
148.43
Chain-type price indexes
95.86
Exports of goods and services
Goods 1
Durable
Nondurable
Services1
97.44
92.96 93.96
93.65 93.65
91.25 94.83
103.30 106.47
Income receipts
103.99 106.58
Imports of goods and services
Goods 1
Durable
Nondurable
Services1
Income payments
Private fixed
investment
128.84 122.22
135.74 127.18
144.36 133.80
117.21 112.91
113.37 110.92
141.57 128.75
159.76 147.53
163.60 151.23
174.15 160.22
143.78 134.18
141.14 129.59
91.80
95.46
90.31
94.48
88.67
107.59
100.49
107.45
92.85
99.89
105.10
96.51
93.41
93.65
92.84
104.50
104.76
93.68
92.30
88.78
100.06
101.14
96.98 97.43 97.60 97.73 97.63
93.68 94.02 94.02 94.11 94.02
93.54 93.62 93.77 93.65 93.71
94.07 95.13 94.74 95.36 94.87
105.52 106.27 106.92 107.17 107.04
105.69 106.30 106.91 107.40 108.15
94.97
95.03
95.91
93.77 93.99 95.00
88.66
89.00
104.48 105.42 109.36
101.25 100.33 100.41
106.10 106.85 107.25 107.61
95.96
95.14
88.12
111.10
99.96
95.32
94.07
88.03
107.80
101.82
108.10 108.78
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods
to services.
July 2001
D-21
National Data
SURVEY OF CURRENT BUSINESS
Table 7.10—Chain-Type Quantity and Price Indexes for Exports and Imports of Goods and Services by Type of Product
[Index numbers, 1996=100]
Seasonally adjusted
Seasonally adjusted
2000
1999
2000
2001
2000
Chain-type quantity indexes
Exports of goods and
services
Exports of goods1
Foods, feeds, and beverages
Industrial supplies and
materials
Durable goods
Nondurable goods
Capital goods, except
automotive
Civilian aircraft, engines,
and parts
Computers, peripherals, and
parts
Other
Automotive vehicles, engines,
and parts
Consumer goods, except
automotive
Durable goods
Nondurable goods
Other
Exports of services1
Transfers under U.S. military
agency sales contracts
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Other
Imports of goods and
services
Imports of goods 1
Foods, feeds, and beverages
Industrial supplies and
materials, except petroleum
and products
Durable goods
Nondurable goods
Petroleum and products
Capital goods, except
automotive
Civilian aircraft, engines,
and parts
Computers, peripherals, and
parts
Other
Automotive vehicles, engines,
and parts
Consumer goods, except
automotive
Durable goods
Nondurable goods
Other
Imports of servicesx
Direct defense expenditures ...
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Other
Addenda:
Exports of agricultural
goods2
Exports of nonagricultural
goods
Imports of nonpetroleum
goods
NOTE.—See footnotes to table 4.3.
Chain-type price indexes
118.17 128.84 122.22 124.10 128.33 132.56 130.39 130.08
121.63 135.74 127.18 129.06 134.79 141.37 137.74 136.93
101.94 109.39 105.24 106.90 106.02 116.48 108.15 112.20
108.29 119.28 113.69 114.67 117.27 123.00 122.17 119.71
114.10 130.95 120.59 126.74 130.90 133.02 133.14 128.48
105.00 112.79 109.79 107.98 109.76 117.36 116.05 114.73
135.28 155.81 141.52 142.64 156.15 164.40 160.06 160.43
160.30 141.84 159.17 129.42 155.29 145.58 137.05 158.73
156.22 195.94 162.77 178.48 195.83 208.11 201.32 198.46
126.39 151.33 133.98 138.76 149.06 160.27 157.23 153.65
114.72 119.87 116.96 120.92 120.28 121.24 117.04 108.75
126.06
128.45
123.60
151.78
125.27
126.41
124.11
146.46
110.14 113.37 110.92 112.79 113.78
114.81
115.67
113.91
136.23
104.98
101.08
94.19
106.28
107.88
133.43
118.56
122.89
114.09
151.18
92.42 90.27
103.99 103.77
94.36 92.32
106.14 108.67
108.73 106.94
143.47 138.87
91.98 82.00
123.55
128.88
118.04
151.45
129.68
132.07
127.22
155.83
125.74
126.43
125.04
153.36
130.61
134.25
126.84
147.76
112.98 113.92 114.69
89.34 93.84 92.28 94.20 92.30
103.60 103.29 103.80 105.26 104.68
93.81 93.00 94.02 96.62 91.43
107.21 107.57 106.27 103.50 103.18
107.58 110.80 107.47 109.05 111.24
144.25 144.29 142.30 143.04 147.03
87.06 92.02 93.81 95.02 96.47
164.72 164.20 161.95
129.15 138.44 132.67 132.58
158.36
162.54
136.70
133.17
137.77
128.29
112.37
132.16
138.03
125.94
121.19
135.85
138.65
132.72
119.67
140.72 159.76 147.53 151.76
143.64 163.60 151.23 155.29
125.63
128.54
122.54
112.04
133.55
137.78
129.02
117.90
131.60
135.10
127.89
105.17
168.74 167.83 165.05
143.08 141.41 139.43
133.03
136.68
129.12
118.38
130.99
134.52
127.20
126.59
165.82 201.72 177.99 184.09 198.87 210.90 213.02 207.10
174.50 188.79 175.95 168.51 179.33 190.86 216.45 217.90
212.12 249.65 225.25 226.80
148.93 186.10 161.79 170.57
248.66
183.51
264.86 258.26 250.82
194.21 196.11 189.89
137.71 149.61 143.99 147.82
148.93
154.19 147.50 142.85
169.89
171.58
168.16
202.21
126.54 141.14 129.59 134.66
167.48
171.12
163.72
180.15
138.07
137.37
136.37
129.54
119.92
182.23
139.87
105.75
141.88
142.61
131.42
122.67
186.55
140.99
106.64
144.75
151.59
134.94
127.16
226.07
144.62
107.83
143.85
145.63
142.02
160.15
135.39
126.22
122.96
115.91
162.66
129.76
104.54
166.88
170.23
163.42
189.45
143.60
147.58
133.25
124.15
197.82
142.67
107.34
152.15
154.54
149.68
180.19
130.79
129.02
127.86
117.02
177.87
134.17
102.77
157.18
162.45
151.74
175.90
2001
2000
1999
172.95
175.76
170.04
199.53
172.49
172.35
172.63
179.95
145.20 146.63 146.98
150.39
159.76
137.09
126.84
196.42
145.21
109.16
154.63
158.01
132.18
119.84
208.06
154.22
109.14
102.69 112.86 104.24 110.29 109.74 119.91 111.49 113.52
123.62 138.11 129.53 131.04 137.35 143.63 140.42 139.35
146.37 167.70 155.50 159.09 166.01 173.26 172.43 168.06
Exports of goods and
services
Exports of goods l
Foods, feeds, and beverages
Industrial supplies and
materials
Durable goods
Nondurable goods
Capital goods, except
automotive
Civilian aircraft, engines,
and parts
Computers, peripherals, and
parts
Other
Automotive vehicles, engines,
and parts
Consumer goods, except
automotive
Durable goods
Nondurable goods
Other
Exports of servicesx
Transfers under U.S. military
agency sales contracts
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Other
Imports of goods and
services
Imports of goods1
Foods, feeds, and beverages
Industrial supplies and
materials, except petroleum
and products
Durable goods
Nondurable goods
Petroleum and products
Capital goods, except
automotive
Civilian aircraft, engines,
and parts
Computers, peripherals, and
parts
Other
Automotive vehicles, engines,
and parts
Consumer goods, except
automotive
Durable goods
Nondurable goods
Other
Imports of servicesl
Direct defense expenditures ...
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Other
Addenda:
Exports of agricultural
goods 2
Exports of nonagricultural
goods
Imports of nonpetroleum
goods
95.86
92.96
80.42
97.44 96.51 96.98
93.96 93.41 93.68
78.99 79.24 79.24
97.43
94.02
80.31
97.60
97.73
97.63
94.02
94.11
94.02
77.36
79.07
79.19
92.80 98.75
92.57 94.25
92.96 101.59
95.52
93.21
96.94
97.48 98.80 99.37 99.34 98.49
93.98 94.48 94.54 94.03 93.30
99.67 101.53 102.44 102.72 101.79
90.35
90.75
90.32
91.01
90.25
90.45
90.36
90.52
107.22 111.18 108.13 109.47 110.54 111.67 113.03 115.26
68.41
93.90
64.66
93.36
67.05
93.74
65.56
93.32
64.64 64.33 64.12
93.33 93.54 93.27
63.62
93.28
101.56 102.43 101.96 102.19 102.39 102.59 102.53 102.60
100.42 100.83 100.64 100.86 100.88 100.91 100.67 100.54
100.07 100.76 100.20 100.61 100.95 100.91 100.58 100.88
100.78 100.88 101.12 101.12 100.78 100.89 100.74 100.15
95.60 96.79 96.36 96.59 96.82 96.54 97.22 97.28
103.30 106.47 104.50 105.52 106.27 106.92 107.17 107.04
99.83
109.39
104.46
102.89
105.85
101.18
119.69
99.39
111.48
105.92
104.60
106.46
101.52
116.35
99.25
112.06
106.61
108.22
107.07
102.31
112.62
99.22
112.68
104.83
109.39
107.56
102.36
112.96
98.42
112.85
105.55
106.00
108.31
102.63
112.20
93.68 94.97
92.30 93.77
92.98 94.05 94.12
95.03
93.99
95.91
95.32
94.07
93.46
92.55
95.96
95.14
91.79
103.18 96.85 99.21 101.98 104.42
102.37 98.67 102.46 103.25 102.76
104.20 94.98 95.80 100.76 106.39
139.68 112.06 132.18 132.79 145.93
107.12
101.01
113.86
147.84
109.95
101.45
119.26
127.54
75.62
75.31
100.17
106.21
102.86
97.55
104.10
99.43
111.41
105.45
106.28
106.73
101.84
117.75 115.41
91.80
95.46
90.31
94.48
94.47
97.21
91.65
83.20
78.56
76.47
100.68
107.67
105.17
100.20
104.91
99.93
122.31
77.46
77.17
76.77
95.00
76.31
92.16
107.52 110.16 108.04 108.81 109.52 110.63 111.70 112.50
62.43
83.73
58.38
82.34
60.36
83.04
59.99
82.70
58.68
82.71
58.20
82.16
56.65
81.78
55.80
81.65
101.03 101.77 .101.27 101.44 101.79 101.91 101.93 101.95
96.79 95.94 96.65 96.35 95.95 95.87
94.09 93.01 93.80 93.41 93.04 92.93
99.76 99.18 99.79 99.58 99.15 99.12
99.30 100.15 99.51 99.70 99.91 100.42
99.89 100.49 101.14 101.25 100.33 100.41
91.41
97.86
110.06
107.48
104.13
94.68
102.61
87.39
93.27
116.81
116.90
106.72
94.64
102.44
93.11
98.56
110.12
114.92
104.90
93.05
104.13
77.90
78.58
77.18
94.35
95.58
91.09
91.49
91.06
95.61 95.56
92.66 92.59
98.86 98.83
100.58 101.21
99.96 101.82
90.03
96.72
113.63
115.38
105.83
94.85
103.00
87.88
94.07
115.61
115.28
106.44
94.34
102.58
86.61
92.12
117.45
117.65
107.05
95.22
102.42
85.03
90.17
120.57
119.29
107.54
94.14
101.77
86.80
92.42
124.54
123.93
108.29
93.45
102.67
77.36
78.17
75.66
77.52
77.90
95.25
95.56
95.78
95.71
95.58
91.26
91.45
91.61
91.63 91.93
D-22
• National Data
July 2001
SURVEY OF CURRENT BUSINESS
Table 7.11.—Chain-Type Quantity and Price Indexes for Government Consumption Expenditures and Gross Investment by Type
[Index numbers, 1996=100]
Seasonally adjusted
Seasonally adjusted
1999
2000
1999
2000
2001
1999
2000
Chain-type quantity indexes
Government consumption
expenditures and gross
investment1
Federal
108.03 111.06
101.61 103.12
97.62
National defense
Consumption expenditures
Durable goods 2
Nondurable goods
Services
Compensation of
general government
employees, except
own-account
investment3
Consumption of
general government
fixed capital 4
Other services
Gross investment
Structures
Equipment and software
97.79
97.16 96.44
108.28 107.14
115.92 122.63
95.88 95.03
Nondefense
Consumption expenditures
Durable goods 2
Nondurable goods
Commodity Credit
Corporation
inventory change ...
Other nondurables
Services
Compensation of
general government
employees, except
own-account
investment3
Consumption of
general government
fixed capital 4
Other services
Gross investment
Structures
Equipment and software
State and local
Consumption expenditures
Durable goods2
Nondurable goods
Services
Compensation of general
government
employees, except
own-account
investment3
Consumption of general
government fixed
capital4
Other services
Gross investment
Structures
Equipment and software
Addenda:
Compensation of general
government employees3 ....
Federal
State and local
90.90
90.28
110.38 110.07 111.37
104.981 101.04 105.13
101.09J 95.65 99.46
100.54 94.47 98.68
107.48 107.56 106.44
112.98 132.50 130.29
99.75 92.57 97.32
90.32
89.95
109.72 113.93 112.88 111.95
103.22 105.93 104.22 104.99
123.98 108.69 122.72 125.11
100.86 104.19 101.39 102.56
101.13 104.63 101.06 103.15
113.57
110.62
126.18
119.32
109.31
102.04
94.72
104.86
126.61
178.44
130.22
120.85
162.60
103.36
95.59
106.35
121.12
172.94
126.89
119.94
150.32
113.10
104.88
100.38
98.85
104.09
114.19
98.12
89.60
114.24
106.33
114.01
105.38
122.36
106.66
121.37
103.92
65.92
103.62
112.89
103.51
108.44
104.01
102.90
103.43
151.96
84.20
154.54
85.15
195.69
115.40 115.07
111.46 112.18
128.12 130.08
120.78 122.26
110.06 110.67
156.64
81.81
152.39
83.17
193.48
165.61
77.93
155.76
88.98
195.21
115.89
112.98
132.08
123.75
111.36
161.25
81.13
157.96
86.06
200.64
116.60
113.48
134.10
125.27
111.69
117.94
114.42
136.16
126.80
112.54
106.02
106.49
106.47
107.03
125.42
177.56
128.06
118.75
160.25
127.71
178.99
128.98
118.54
165.40
130.09
182.12
130.66
119.45
169.92
132.54
185.32
133.86
123.55
169.59
104.64 106.17 105.15 105.68
118.18
163.57
122.79
116.88
142.56
104.58
117.41
94.95
111.79
103.63
99.06
96.55
110.00
110.32
95.30
101.60
98.77
114.63
59.01
123.29
112.91
103.63
135.52 154.26 142.28 147.20
85.80 82.48 84.98 82.78
141.01 152.56 154.86 145.36
90.85 85.65 94.47 88.21
170.31 192.18 190.31 178.93
115.74
112.53
131.10
123.01
110.94
96.97
123.23
175.11
133.18
126.68
154.83
102.31 102.80 103.59
94.33 94.83 96.83
105.39 105.87 106.18
101.06
97.54
102.51
59.40
109.16
103.60
95.63
106.68
102.16
109.92
109.85
58.48
117.84
103.46 103.81
95.09 94.90
106.68 107.25
1. Gross government investment consists of general government and government enterprise expenditures for fixed
assets; inventory investment is included in government consumption expenditures.
2. Consumption expenditures for durable goods excludes expenditures classified as investment, except for goods
transferred to foreign countries by the Federal Government.
3. Compensation of government employees engaged in new own-account investment and related expenditures
2000
2001
Chain-type price indexes
90.05 90.68
100.64
107.39
104.38
59.50
111.31
116.62
108.75
99.54 100.89 99.90 100.26
101.65
115.98 90.95
100.64 106.13 104.65 103.01
72.18 60.15 70.12 62.68
104.93 113.24 109.89 109.20
111.82
109.37
123.10
116.88
108.24
110.99
102.67
1999
Government consumption
expenditures and gross
investment1
National defense
Consumption expenditures
Durable goods2
Nondurable goods
Services
Compensation of
general government
employees, except
own-account
investment3
Consumption of
general government
fixed capital4
Other services
Gross investment
Structures
Equipment and software
104.75
105.93
98.67
91.30
106.94
110.43 107.62 109.30
108.59 106.02 108.01
107.99 105.54 107.35
109.65 106.83 108.95
99.62 98.85 99.37
111.28 100.49 106.97
110.33 107.61 109.71
110.08
114.82 110.47 114.48
114.44 115.15 115.19 118.87
100.68
106.91
97.97
110.09
96.51
102.72
109.35
102.49 103.07 103.13 102.92
108.90 109.79 110.48 111.42
98.57 98.83 98.95 98.61
113.95 114.97 116.03 117.36
96.82 97.02 97.07 96.62
Nondefense
Consumption expenditures
Durable goods2
Nondurable goods
Commodity Credit
Corporation
inventory change ...
Other nondurables
Services
Compensation of
general government
employees, except
own-account
investment3
Consumption of
general government
fixed capital4
Other services
Gross investment
Structures
Equipment and software
State and local
Consumption expenditures
Durable goods2
Nondurable goods
Services
Compensation of general
government
employees, except
own-account
investment3
Consumption of general
government fixed
capital4
Other services
Gross investment
Structures
Equipment and software
107.06
Federal
Addenda:
Compensation of general
government employees3 ....
State and local
106.41
105.27
110.02 110.82 111.59 112.65
108.18 108.88 109.28 110.70
107.57
109.17
99.62
106.10
109.97
108.34
110.04
99.74
112.70
110.70
108.71
110.46
99.76
119.33
110.94
109.85
111.90
99.79
110.44
112.83
106.27
108.18
102.18
108.23
98.37
112.65
114.40
96.91 96.55 96.70
109.73 106.95 109.26
111.96 108.98 111.66
109.35 109.92 110.38 112.31
111.51 112.08 112.59 115.02
102.17
108.80
106.15
112.74
104.86
109.51
106.50
112.43
106.98 108.64 102.49 107.40
112.23 112.83 113.46 115.87
112.94
117.75
113.72
117.97
117.14 117.66 118.21 121.87
99.11
105.75
98.47
108.85
109.04
101.57 99.55 100.56 101.45 101.95 102.34
108.86 106.53 107.87 108.28 109.14 110.14
100.90 98.78 99.86 100.76 101.34 101.64
112.68 110.29 111.15 112.31 113.15 114.11
96.29 94.27 95.39 96.21 96.72 96.86
111.46 108.52 110.03 111.05 111.90 112.87
112.29 109.20 110.84 111.83 112.73 113.78
99.59 99.17 99.34 99.50 99.73 99.81
111.50 102.23 108.98 110.28 112.51 114.24
112.59 110.29 111.26 112.22 112.95 113.93
113.73
114.70
99.74
113.07
115.18
109.99
113.47
111.43
112.28 113.08 113.84 114.67
115.60
102.91
107.82
104.82
110.02
90.55
105.95
113.30
108.09
114.59
103.76
106.95
105.76
111.54
104.61
109.98
106.73
112.79
90.37
106.94
117.31
109.18
116.21
90.63
107.49
124.29
109.81
117.48
89.85
110.30
111.18
109.99
114.10
115.93
113.47
111.51
111.73
111.43
113.19 113.70 114.42 115.10
115.81 115.47 116.10 116.35
112.28 113.08 113.84 114.67
116.73
120.00
115.60
94.26
107.59
98.95
97.79
101.31
108.02
98.16
111.79
105.76
112.78
107.90
114.27
90.77
106.48
113.13
108.54
115.10
91.00
102.64
111.44
102.00
115.10
97.06
for goods and services are classified as investment in structures and in software. The compensation of all general
government employees is shown in the addenda.
4. Consumption of fixed capital, or depreciation, is included in government consumption expenditures as a partial
measure of the value of the services of general government fixed assets; use of depreciation assumes a zero net
return on these assets.
SURVEY OF CURRENT BUSINESS
July 2001
National Data
D-23
Table 7.14.—Chain-Type Quantity and Price Indexes for Gross Domestic
Product by Sector
Table 7.16.—Implicit Price Deflators for Private Inventories by Industry
Group
[Index numbers, 1996=100]
[Index numbers, 1996=100]
Seasonally adjusted
1999
2000
1999
Seasonally adjusted
2000
2001
2000
Private inventories1
Chain-type quantity indexes
Farm
Gross domestic
product
Business1
Nonfarm2
Nonfarm less housing
Housing
Farm
Households and institutions
Private households
Nonprofit institutions
General government3
Federal
State and local
113.60 119.27 116.27 117.65 119.27 119.92 120.23 120.60
115.27 121.64 118.34 119.88 121.66 122.36 122.66 122.96
115.26
116.27
106.27
115.26
121.69
123.02
109.93
114.89
118.39
119.60
107.70
111.82
119.90
121.13
108.99
116.37
121.73
123.10
109.63
112.92
122.42
123.81
110.12
115.17
122.72
124.05
110.98
115.11
123.03
124.35
111.33
114.55
108.54 110.66 109.27 109.68 110.31 110.89 111.77 112.83
87.94 68.83 72.02 67.99 68.36 69.05 69.91 69.94
109.29 112.19 110.63 111.20 111.84 112.41 113.29 114.39
103.68 105.82 104.26 104.93 105.87 106.16 106.32 106.90
98.12 100.10
99.01 100.85 100.29 100.26 100.47
106.29 108.50 107.07 107.72 108.22 108.91 109.16 109.92
Chain-type price indexes
Gross domestic
product
Business1
Nonfarm2
Nonfarm less housing
Housing
Farm
Households and institutions ...
Private households
Nonprofit institutions
General government3
Federal
State and local
104.77 106.99 105.31 106.17 106.80 107.22 107.75 108.61
104.18
106.17J
104.63 105.41 106.03 106.38 106.87 107.63
104.67 106.63 105.08 105.91 106.45 106.85 107.32 108.04
104.23 106.09 104.59 105.41 105.94 106.31 106.72 107.40
108.95 111.86 109.87 110.76 111.40 112.15 113.13 114.26
69.84 74.61 73.44 71.34 77.37 73.59 76.15 80.12
106.19 109.41 106.97 107.77 108.77 109.99 111.10 112.64
108.58 113.33 110.00 111.34 112.99 114.09 114.90 117.05
106.10 109.29 106.88 107.67 108.65 109.87 110.98 112.51
108.80 112.39 109.93 111.46 112.03 112.74 113.35 114.71
108.03 111.99 108.58 111.69 111.61 112.21 112.44 114.92
109.16 112.60 110.54 111.39 112.23 112.99 113.77 114.65
1. Equals gross domestic product less gross product of households and institutions and of general government.
2. Equals gross domestic business product less gross farm product.
3. Equals compensation of general government employees plus general government consumption of fixed capital.
Table 7.15.—Price, Costs, and Profit Per Unit of Real Gross Product of
Nonfinancial Corporate Business
[Dollars]
Price per unit of real gross
product of nonfinancial
corporate business'
1.019
1.031
1.019
1.025
1.031
1.032
1.035
Compensation of employees
(unit labor cost)
.659
.663
.658
.658
.659
.661
.673
.683
Unit nonlabor cost
Consumption of fixed capital
.241
.115
.248
.118
.243
.115
.245
.116
.247
.117
.247
.118
.254
.121
.254
.123
.097
.029
.099
.031
.098
.030
.099
.030
.099
.031
.098
.031
.101
.032
.032
.119
.034
.120
.035
.118
.034
.122
.036
.126
.037
.123
.035
.109
.031
.103
.028
.085
.085
.084
.086
.089
.088
.078
.075
Indirect business tax and
nontax liability plus
business transfer payments
less subsidies
Net interest
Corporate profits with
inventory valuation and
capital consumption
adjustments (unit profits
from current production)
Profits tax liability
Profits after tax with inventory
valuation and capital
consumption adjustments ...
1. The implicit price deflator for gross product of nonfinancial corporate business divided by 100.
1.040
2001
98.28
99.75 100.17 100.32 101.29 101.31
92.73
99.28
97.67
94.11
99.52 104.65
Nonfarm
Durable goods
Nondurable goods
98.77 99.82 100.42 100.87 101.48 101.08
97.41 97.68 97.76 97.66 97.66 97.63
100.52 102.57 103.83 105.00 106.39 105.52
Manufacturing
Durable goods
Nondurable goods
97.38 98.43 98.90 99.42 99.48
96.34 96.79 96.63 96.70 96.66 96.99
99.14 101.19 102.70 103.96 104.21 104.47
Wholesale
Durable goods
Nondurable goods
97.40 98.60 98.64 98.90 98.97
96.40 96.70 96.83 96.62 96.38 96.12
99.21 102.02 101.89 103.02 103.64 102.75
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
97.11 98.14 98.10 98.22 98.46 97.97
96.51 96.83 96.96 96.74 96.50 96.23
98.22 100.55 100.17 100.94 102.02 101.16
99.32 101.64 102.25 103.41 102.44 101.90
95.60 95.79 95.95 95.78 95.58 95.33
105.39 111.26 112.62 116.07 113.74 112.70
Retail trade
Durable goods
Motor vehicle dealers
Other
Nondurable goods
101.80 102.36 102.67 102.71 103.09 103.21
99.98 99.93 100.30 100.12 100.53 100.24
99.39 99.25 99.95 100.03 100.91 100.24
100.64 100.67 100.71 100.25 100.16 100.27
104.01 105.37 105.58 105.90 106.26 106.89
Other
Durable goods
Nondurable goods
99.40 101.45 105.15 107.21 112.38 107.94
102.90 104.05 103.50 102.75 102.00 102.00
99.15 101.30 105.42 107.74 113.49 108.61
1. Implicit price deflators are as of the end of the quarter and are consistent with the inventory stocks shown
in tables 5.12 and 5.13.
D-24
• National Data
July 2001
SURVEY OF CURRENT BUSINESS
Table 7.17.—-Chain-Type Quantity Indexes for Gross Domestic Product
by Major Type of Product
Table 7.18B.—Chain-Type Quantity Indexes for Motor Vehicle Output
[Index numbers, 1996=100]
[Index numbers, 1996=100]
Seasonally adjusted
Seasonally adjusted
1999
2000
Gross domestic product
Final sales of domestic
product
Change in private inventories
Goods
2000
1999
IV
1999
I
II
2001
III
IV
I
113.60 119.27 116.27 117.65 119.27 119.92 120.23 120.60
113.41 118.86 115.64 117.54 118.66 119.37 119.87 121.14
120.08 129.14 124.84 126.79 129.40 130.72 129.64 128.81
Final sales
Change in private
inventories
119.66 128.15 123.22 126.64 127.82 129.34 128.79 130.52
Durable goods
Final sales ....
Change in private
inventories
131.80 145.82 138.26 142.10 146.86 147.72 146.60 143.47
131.58 145.03 136.51 142.58 145.20 146.80 145.54 148.29
Nondurable goods
Final sales
Change in private
inventories
110.55 115.80 113.99 114.49 115.47 117.12 116.10 116.96
110.06 114.77 112.55 113.97 114.08 115.53 115.50 116.48
Services
108.89 112.69 110.50 111.18 112.59 112.95 114.05 114.76
Structures
115.74 119.40 116.54 119.98 119.06 118.89 119.68 122.52
Addenda:
Motor vehicle output
Gross domestic product less
motor vehicle output
2000
126.35 124.51 130.25 130.35 128.86 123.03 115.81 111.28
113.15 119.07 115.77 117.20 118.93 119.80 120.36 120.90
1999
IV
Motor vehicle output ...
Auto output
Truck output !
Final sales of domestic
product
Personal consumption
expenditures
New motor vehicles
Autos
Light trucks
Net purchases of used
autos
Private fixed investment
New motor vehicles
Autos
Trucks
Light trucks
Other
Net purchases of used
autos
2001
2000
I
II
III
IV
I
126.35 124.51 130.25 130.35 128.86 123.03 115.81 111.28
102.34 94.87 103.97 103.88 96.72 93.98 84.91 83.35
146.35 149.12 152.13 152.39 155.53 147.14 141.44 134.44
121.07 120.18 123.04 129.35 121.59 118.97 110.79 119.42
126.94
130.15
120.73
141.32
133.23
139.03
126.35
153.99
129.43
134.24
126.32
143.66
138.07
144.92
133.18
158.77
131.61
137.22
128.63
147.41
133.95
139.28
123.72
157.60
129.31
134.70
119.87
152.16
137.63
144.09
124.62
166.97
117.17 115.85 114.95 117.57 114.78 117.93 113.14 118.40
131.60
126.83
106.96
145.85
149.20
139.13
127.43
122.88
101.23
143.57
154.96
122.09
134.41
128.53
105.29
150.72
153.56
144.88
138.07
132.91
109.78
155.00
163.55
138.69
131.48
125.82
100.72
149.76
158.47
133.18
127.85
123.13
99.71
145.49
160.33
117.63
109.19 105.99 106.81 113.79 104.95 105.68
112.33
109.64
94.69
124.04
137.49
98.84
117.06
115.29
102.42
127.76
146.82
92.32
99.54 108.38
Gross government
investment
Autos
New trucks
118.29 122.59 135.82 123.54 115.38 118.65 132.81 134.26
99.01 102.00 108.30 86.04 93.99 123.35 104.63 81.79
129.04 134.03 151.25 144.75 127.34 115.53 148.50 163.86
Net exports
Exports
Autos
Trucks
Imports
Autos
Trucks
96.65
94.99
99.94
142.99
142.71
144.23
. .
98.75
95.20
105.50
156.66
161.64
133.08
98.34
95.86
103.14
149.50
149.62
148.84
100.25
96.79
106.83
153.68
154.15
151.37
101.69
98.45
107.87
153.82
157.77
135.07
97.45
93.91
104.17
162.17
168.05
134.32
95.62 87.34
91.63 88.34
103.12 85.86
156.95 152.52
166.56 161.80
111.57 108.70
Change in private inventories
Autos
New
Domestic
Foreign
Used
New trucks
Domestic
Foreign
Addenda:
Final sales of motor vehicles
to domestic purchasers
Private fixed investment in
new autos and new light
trucks
Domestic output of new
autos 2
Sales of imported new autos 3
128.35 130.79 131.46 137.60 131.04 131.24 123.27 130.07
124.11 123.06 124.90 131.63 124.20 124.36 112.05 120.43
100.70 99.95 100.85 105.06 101.48 101.99 91.28 90.91
144.38 150.93 152.66 152.30 150.64 149.25 151.53 145.59
1. Except for exports and imports, consists of new trucks only.
2. Consists of final sales and change in private inventories of new autos assembled in the United States.
3. Consists of personal consumption expenditures, private fixed investment, and gross government investment.
D-25
National Data
SURVEY OF CURRENT BUSINESS
July 2001
8. Supplemental Tables.
Table 8.1.—Percent Change From Preceding Period in Selected Series
[Percent]
Seasonally adjusted at annual rates
1999 2000 1999
2001
2000
III
Gross domestic product:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Personal consumption expenditures:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Durable goods:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Nondurable goods:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Gross private domestic investment:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Fixed investment:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Nonresidential:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Structures:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Equipment and software:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Residential:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Exports of goods and services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Seasonally adjusted at annual rates
5.8
4.2
1.5
1.5
7.1
5.0
2.1
2.0
9.7
8.3
1.6
1.3
8.3
4.8
3.3
3.3
8.2
5.6
2.4
2.4
3.8
2.2
1.6
1.6
3.0
1.0
2.0
2.0
4.5
1.2
3.2
3.2
7.1
5.3
1.8
1.1
7.8
5.3
2.4
2.4
8.2
5.9
2.2
2.2
11.3
7.6
3.5
3.5
5.2
3.1
2.1
2.1
6.4
4.5
1.8
1.8
4.7
2.8
1.9
1.9
6.7
3.4
3.2
3.2
9.7
12.4
-2.4
-2.4
7.8
9.6
-1.7
-1.7
11.0
13.0
-1.8
-1.8
21.2
23.6
-2.0
-2.0
-5.7
-5.0
-.6
5.2
7.6
-2.3
-2.3
-4.2
-3.1
-1.1
-1.1
12.0
12.7
-.7
-.7
8.1
5.6
2.3
2.3
8.9
5.0
3.7
3.7
11.2
7.4
3.6
3.6
11.7
6.0
5.4
5.4
7.0
3.6
3.3
3.3
7.0
4.7
2.2
2.2
3.1
1.0
2.0
2.0
5.0
3.0
1.9
1.9
6.2
3.7
2.4
2.4
7.2
4.5
2.6
2.6
6.2
3.8
2.3
2.3
9.2
5.2
3.7
3.7
6.7
4.6
2.0
2.0
6.3
3.7
2.5
2.5
7.6
4.9
2.5
2.5
6.5
1.8
4.7
4.7
6.5
6.6
11.1
10.2
1.1
16.5
17.9
0
-1.2
7.6
5.1
2.3
2.4
24.0
21.7
1.8
1.8
3.7
1.8
1.8
1.9
-3.4 -13.2
-4.1 -13.3
.1
1.0
.1
9.1
9.2
-1
-.1
10.7
9.3
1.3
1.3
7.2
7.2
0
0
19.4
16.4
2.6
2.6
13.3
11.2
1.9
1.9
5.1
3.1
2.0
2.0
.1
-.9
1.1
1.1
8.6
10.1
-1.3
-1.3
13.2
12.6
.5
.5
8.6
9.5
-.8
-.8
23.1
21.0
1.8
1.8
16.4
14.6
1.6
1.6
9.6
7.7
1.1
1.1
.6
0
-.1
1.9
.1 -1.3
.1 -1.3
-1.4
2.3
2.3
13.5
9.1
4.0
4.0
13.7
9.7
3.6
3.6
28.1
22.3
4.7
4.7
8.3
4.4
3.7
3.7
20.4
14.6
5.0
5.0
16.4
10.4
23.0
15.3
5.4
5.4
6.7
6.7
11.3
14.1
-2.5
-2.5
13.1
13.7
-.5
7.1
21.7
20.6
.9
19.0
17.9
1.0
1.0
6.4
5.6
-4.8
-3.3
-1.6
-1.6
-6.1
-2.3
-3.9
-3.9
10.5
6.4
3.8
3.8
3.0
-.5
3.6
3.6
3.2
.5
2.6
2.7
8.6
3.2
5.2
5.2
.7
9.4
3.5
5.6
5.6
2.5
2.9
-.4
-.4
10.8
9.0
1.6
1.6
13.2
10.3
2.7
2.7
8.4
6.3
1.9
1.9
9.5
-2.1
-2.1
.9
3.9 -8.2
1.3 -10.6
2.6
2.7
2.6
2.7
16.5
14.3
1.9
1.9
14.6
13.9
.7
.7
-3.6
4.4
4.4
-5.9
-6.4
.5
.5
2.5
2.3
.3
.3
-1.3
-.9
-.4
-.4
Exports of goods:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
2.5
4.0
-1.4
-1.4
12.8
11.6
1.1
1.1
15.3
12.6
2.4
2.4
7.3
6.0
1.1
1.1
20.8
19.0
1.5
1.5
21.0
21.0
0
0
-9.5
-9.9
-2.7
-2.3
.4
.4
-.4
-.4
Exports of services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
2.5
.5
1.9
1.9
6.1
2.9
3.1
3.1
8.2
4.6
3.4
3.4
11.2
6.9
4.0
4.0
6.5
3.5
2.9
2.9
-.4
-2.8
2.5
2.5
4.3
3.4
.9
.9
2.3
2.7
-.5
-.5
11.3
10.7
18.0
13.5
4.0
3.9
16.6
10.7
5.3
5.3
18.3
12.0
5.6
5.6
18.8
18.6
.2
.2
21.4
17.0
3.8
3.8
-1.0
-1.2
-7.9
-5.4
-2.6
-2.6
19.1
13.9
18.0
11.2
18.5
11.2
21.2
20.0
21.2
16.2
-1.6 -10.6
-2.1 -6.5
Imports of goods and services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Imports of goods:
Current dollars
Chain-type quantity index
12.7
12.5
1. For some components of final sales of computers, includes computer parts.
1999 2000
1999
2000
2001
IV
.2
.2
Chain-type price index
Implicit price deflator
.2
.2
4.6
4.5
6.1
6.1
6.6
6.6
4.6
1.7
2.9
2.9
12.2
11.5
.6
.6
9.5
8.2
1.1
1.1
17.1
16.6
.4
6.6
10.6
-3.6
-3.6
22.7
22.3
2.1
4.0
-1.8
-1.8
8.7
.9
7.6
7.7
6.1
3.3
2.6
6.7
2.8
3.8
3.8
11.8
8.5
3.0
3.0
5.2
-1.1
6.4
6.4
7.6
4.8
2.7
2.7
1.5
-1.4
2.9
5.8
2.9
2.8
2.8
8.8
4.8
3.8
3.9
5.2
2.5
2.6
2.6
4.7
1.5
3.1
3.1
15.7 -7.5
13.2 -14.2
2.2
7.7
2.2
7.8
17.9
17.2
-6.6
-9.0
5.3
3.8
1.5
1.5
10.5
4.9
5.3
5.3
National defense:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
4.5
2.0
2.5
2.5
3.3
.2
3.1
3.1
15.2 -14.1
12.6 -19.8
2.4
7.1
7.1
2.3
17.8
16.9
10.4
8.9
1.4
1.3
10.0
5.4
4.3
4.3
Nondefense:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
6.3
3.4
2.8
2.8
7.2
3.8
3.3
3.2
16.6
14.4
1.9
1.9
-6.0
-7.9
2.1
2.1
-2.9
-4.6
8.9
18.2
17.8
.4
.4
1.7
1.7
11.4
3.9
7.2
7.1
6.5
3.8
2.7
2.7
7.8
3.5
4.1
4.1
6.1
3.5
3.5
12.6
6.6
5.7
5.7
2.6
-1.1
3.8
3.8
6.1
2.9
3.1
3.1
6.0
2.5
3.5
3.5
7.9
4.7
3.1
3.1
Addenda:
Final sales of domestic product:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
6.2
4.6
1.5
1.5
7.1
4.8
2.1
2.1
8.1
6.4
1.6
1.6
10.3
6.7
3.4
3.4
6.4
3.9
2.4
2.4
4.1
2.4
1.6
1.6
3.7
1.7
2.0
2.0
7.7
4.3
3.3
3.3
Gross domestic purchases:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
6.8
5.2
1.6
1.6
8.2
5.7
2.4
2.3
10.2
8.4
1.9
1.7
9.6
5.6
3.8
3.8
8.7
6.5
2.1
2.1
5.1
3.0
2.0
2.0
3.4
1.5
1.9
1.9
3.3
.5
2.7
2.8
7.3
5.6
1.6
1.6
8.1
5.5
2.4
2.4
8.7
6.6
2.0
2.0
11.6
7.5
3.8
3.8
7.0
4.7
2.1
2.1
5.3
3.2
2.0
2.0
4.1
2.1
1.9
1.9
6.3
3.4
2.8
2.8
5.7
4.1
1.5
1.5
7.2
5.1
2.1
2.1
9.7
8.3
1.5
1.3
8.6
5.1
3.4
3.4
8.1
5.6
2.4
2.4
3.8
2.1
1.6
1.6
3.7
1.7
2.0
2.0
3.9
.7
3.2
3.2
4.0
4.8
8.0
4.7
5.9
1.8
1.7
1.0
5.0
3.2
5.3
2.8
6.8
4.5
5.5
1.9
5.9
3.7
4.4
2.6
2.6
5.5
2.2
Imports of services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Government consumption expenditures
and gross investment:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Federal:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
State and local:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Final sales to domestic purchasers:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Gross national product:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Command-basis gross national product:
Chain-type quantity index
Disposable personal income:
Current dollars
Chained (1996) dollars
5.3
-3.3
8.9
4.4
4.4
2.9
2.6
2.6
-7.0
-9.7
2.9
2.9
-4.4
-4.4
1
Final sales of computers :
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
6.3 24.6 -1.3 46.0 32.0 18.9
5.8 -27.2
47.2 51.1 26.6 76.2 55.4 40.6 17.9 10.4
-27.8 -18.0 -22.3 -17.2 -15.1 -15.4 -10.2 -34.0
-27.8 -17.5 -22.0 -17.2 -15.0 -15.4 -10.2 -34.0
Gross domestic product less final sales
of computers:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
5.8
3.9
1.9
1.9
7.0
4.6
2.4
2.3
9.8
8.1
1.8
1.6
8.0
4.3
3.6
3.6
7.9
5.2
2.6
2.6
3.7
1.8
1.8
1.8
3.0
.8
2.2
2.1
5.0
1.1
3.8
3.8
Gross domestic purchases less final
sales of computers:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
6.8
4.7
2.0
2.0
8.0
5.3
2.7
2.6
10.3
8.1
2.2
2.0
9.5
5.3
4.0
4.0
8.4
5.9
2.4
2.4
4.8
2.5
2.2
2.3
3.5
1.4
2.1
2.1
3.8
.5
3.3
3.3
NOTE.—Contributions to the percent change in real gross domestic product are shown in table 8.2.
D-26 • National Data
SURVEY OF CURRENT BUSINESS
Table 8.2.—Contributions to Percent Change in Real Gross Domestic
Product
July 2001
Table 8.3.—Contributions to Percent Change in Real Personal
Consumption Expenditures by Major Type of Product
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1999 2000 1999
2000
8.3
4.8
5.6
2.2
1.0
1.2
3.52
3.56
4.08
5.03
2.14
2.99
1.87
2.28
.35
.77
.19
1.04
.27
1.79 -.42
.87 -.64
.61
.25
-.26
-.38
.97
.66
.44
.17
.39
.19
.52
.25
.56
.37
.18
.04
.26
.10
.09
.04
.21
.11
Nondurable goods
Food
Clothing and shoes
Gasoline, fuel oil, and other
energy goods
Other
1.10
.39
.29
1.01
.36
.27
1.47
.90
0
1.19
.28
.63
.74
.20
.18
.93
.11
.30
.21
.10
-.01
.61
.05
.15
.05
.37
-.02
.40
Services
Housing
Household operation
Electricity and gas
Other household operation
Transportation
Medical care
Recreation
Other
1.46
.25
.17
.01
.16
.10
.26
.13
.55
1.78
.25
.17
.04
.13
.10
.29
.20
.78
Gross private domestic investment ..
1.15
1.80
Fixed investment
Nonresidential
Structures
Equipment and software
Information processing
equipment and software ..
Computers and peripheral
equipment
Software1
Other
Industrial equipment
Transportation equipment ....
Other
Residential
1.53
1.26
-.05
1.30
Change in private inventories
Farm
Nonfarm
Percentage points at annual rates:
Personal consumption expenditures
..,
Net exports of goods and services ..
-.26
.54
.08
.27
.10
.41
.12
.15
.26
2.04
.23
.23
.09
.14
.12
.22
.24
1.00
1.83
.27
.42
.27
.16
.11
.30
.23
.50
1.46
.22
.02
-.11
.12
.04
.24
.20
.74
1.92
.23
.21
.20
.01
.07
.34
.26
.80
-.15
-.19
.04
.06
.30
.28
-.01
3.04
.92
3.66
.33
1.59
1.62
.28
1.33
1.26
1.22
.29
.94
2.68
2.54
.63
1.91
1.93
1.87
.14
1.73
.55
1.02
.44
.58
-.17
-.02
.33
-.35
.40
.26
.49
-.24
1.03
1.13
.91
1.37
1.28
.84
.52
-.54
.39
.40
.25
.01
.27
-.01
.27
.37
.42
.34
.18
-.02
.04
-.02
.23
.53
.15
.17
-.13
-.02
.03
.34
.39
.63
.26
.06
.23
.14
.53
.39
.37
.22
.08
.15
.06
.41
.40
.03
.14
-.35
-.05
-.47
.10
.26
.16
-.01
-.75
-.11
-.15
-.10
-.44
.12
.17
.02
.14
-.37
-.01
-.37
.21
.05
.16
1.78 -1.76
1.73
.10
1.63
-.22
-.05
-.17
-.62 -2.97
.02
.03
-.63 -3.00
-1.03
-.87
-1.00
-.90
-.55
.71
.67 1.48 1.45
.32
1.09
.94 .46 1.37 1.54
.30
.87
.11 -.09
.02
.21
.09
.15
-1.35 -1.83 -1.45 -1.61 -2.48 -2.35
-1.32 -1.59 -1.28 -1.28 -2.26 -1.90
-.04 -.24 -.17 -.33 -.22 -.44
-.74
-.84
.10
.19
.28
-.09
-.10
-.19
.08
.82
.84
-.02
.48
1.58
.29
-.22
-.32
.10
.11
.36
.10
.94
.49 -.15
1.29 -1.60
-.37
.69
.22
-.78 -2.57
.59
.50
1.50
-.18
.85
-.24
.50
.82
Federal
National defense
Consumption expenditures
Gross investment
Nondefense
Consumption expenditures
Gross investment
.16
.08
.04
.04
.09
.79
.48
.46
.03
.30
.10
.20
-.93
-.86
-.82
-.04
-.07
.05
-.12
.97
.60
.57
.03
.37
.25
.12
-.57
-.38
-.34
-.04
-.18
-.15
-.03
.22
.32
.06
.26
-.10
-.17
.07
.29
.20
.30
-.10
.08
.11
-.03
State and local
Consumption expenditures
Gross investment
.43
.26
.17
.41
.75 -.12
.29
.25
.46 -.37
.33
.26
.07
.28
.16
.12
.53
.31
.23
2.28
1.64
.30
.34
.40
2.84
1.86
1.57 -1.25
.67 2.05
-.05
.24
-.64 -.79
.20
.40
-.97
1.33
Addenda:
Goods
Services
Structures
Motor vehicle output
Final sales of computers2
.07
.01
-.03
.03
.08
.05
.04
.27
.14
.29
-.05
.46
.71
.30
.41
5.14
2.45
.67
.31
.25
2.41
1.34
1.09
.01
.60
3.18
2.75
-.28
-.16
.50
.88
-.49
.11
1. Excludes software "embedded," or bundled, in computers and other equipment.
2. For some components of final sales of computers, includes computer parts.
NOTE.—The quantity indexes on which the estimates in this table are based are shown in tables 7.1, 7.2, 7.4,
7.6, 7.9, 7.11, and 7.17.
IV
Percent change at annual rate:
5.0
Government consumption
expenditures and gross
investment
2001
III
4.2
Gross domestic product
Exports
Goods
Services
Imports
Goods
Services
2000
IV
Percent change at annual rate:
Durable goods
Motor vehicles and parts
Furniture and household
equipment
Other
1999 2000 1999
2001
III
Personal consumption
expenditures
5.3
5.3
5.9
7.6
3.1
4.5
2.8
3.4
1.45
1.15
1.52
2.67
-.64
.91
-.38
1.44
.53
.66
.26
.28
.58
.29
.39
.77
.36
1.29
.83
.55
-.95
.26
.06
.37
.39
.15
-.57
.13
.06
.97
.31
.16
1.64
1.49
2.14
1.81
1.06
1.39
.32
.90
.59
.43
.53
.40
1.32
0
.44
.94
.29
.27
.17
.45
.15
-.01
.22
.07
.05
.02
.55
-.03
-.02
0
.59
.12
.17
-.05
.70
-.38
-.34
-.04
.81
.12
.07
.05
.39
.15
.12
.04
.62
0
.03
-.03
.17
.23
.17
.06
.38
2.20
2.64
2.27
3.10
2.64
2.19
2.84
1.05
.38
.26
.02
.24
.14
.39
.20
.83
.37
.25
.06
.19
.15
.43
.29
1.15
.42
-.34
-.48
.14
.16
.51
.15
1.37
.36
.35
.14
.21
.18
.34
.36
1.51
.38
.62
.39
.23
.16
.42
.33
.73
.33
.03
-.16
.19
.06
.36
.30
1.11
.34
.31
.29
.02
.10
.51
.39
1.19
.32
-.22
-.28
.06
.09
.45
.42
-.01
.09
.03
-.35
-.24
.51
-.01
.29
-.05
4.62
4.71
4.96
7.38
2.27
4.32
2.33
3.36
Percentage points at annual rates:
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
Services
Housing
Household operation
Electricity and gas
Other household operation
Transportation
Medical care
Recreation
Other
Addenda:
Energy goods and services1
Personal consumption expenditures less
food and energy
1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
NOTE.—The quantity indexes on which the estimates in this table are based are shown in table 7.4. The estimates in this table differ from those in table 8.2 because this table shows contributions to real personal consumption
expenditures, whereas table 8.2 shows contributions to real gross domestic product.
July 2001
National Data •
SURVEY OF CURRENT BUSINESS
Table 8.4.—Contributions to Percent Change in Real Private Fixed
Investment by Type
Table 8.6.—Contributions to Percent Change in Real Government
Consumption Expenditures and Gross Investment by Type
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1999 2000
1999
III
Structures
Nonresidential buildings, including
farm
Utilities
Mining exploration, shafts, and
wells
Other structures
Equipment and software
Information processing equipment
and software
Computers and peripheral
equipment1
Software2
Other
Industrial equipment
Transportation equipment
Other
Residential
Structures
Single family
Multifamily
Other structures
Equipment
2.3
5.71
-.09
1.46
.86
2.47
1.85
2.78
.84
-.50
.83
.50
.90
1.54
.02
.43
.63
-.15 -.12
.57
.41
9.3
7.54
9.35
7.04 15.37 10.83
-.28
1.64
1.66
3.80
.53
.11
3.26
.26
.92
.10
7.2
16.4
11.2
-.13
.04
.94 i
.14
.53 1.45
-.09 -.23
-.23
.04
.56
0
7.82
7.71
5.38 11.57
9.97
3.24 -1.94 -1.32
6.21
6.56
5.26
8.15
7.37
4.68
2.33
2.40
1.49
.06
1.62
-.07
2.17
2.44
1.95
1.04
-.13
.23
1.35
3.04
.87
1.00
-.78
-.10
2.02
2.38
3.75
1.59
.45
1.38
3.01
2.24
2.12
1.26
1.62
-.08
.18
1.00
1.57
.86
.12
.60
-.12
.14
.90
-.08
.91
2.02
.25
-1.35
.05
.04
.04
.09
.17
-.01
-.27
2.92 -3.04
.56 0
2.28
1.47
2.21
-.58
.18
-2.46
.78
.66
.97
.49 -1.94 -4.19
-.59
-.27
.09
.85
.41 -2.61 -.84
.81
.40 -2.62
-.54 -2.20
-.04 -.50
.97
-.85
-.43
.19
-.62
.80
1.34
.30
-.84
.01
.02
.01
.01
NOTE.—The quantity indexes on which the estimates in this table are based are shown in table 7.6. The estimates in this table differ from those in table 8.2 because this table shows contributions to real private fixed investment, whereas table 8.2 shows contributions to real gross domestic product.
Table 8.5.—Contributions to Percent Change in Real Exports and in Real
Imports of Goods and Services by Type of Product
Percent change at annual rate:
2.9
9.0
2.78
8.17
.13
.12
1.72
.33
1.49
4.71
6.3
-6.4
-0.9
8.84
4.31 13.13 14.47 -7.35
-1.69
-.41
2.80
2.95
.29 -.12
..54 1.47
1.04 11.95
1.71 -1.28
3.03 -.38
7.12 -3.46
.64
-1.23
.31
10.3
14.3
13.9
Percentage points at annual rates:
Exports of goods 1
Foods, feeds, and beverages
Industrial supplies and materials ....
Capital goods, except automotive ..
Automotive vehicles, engines, and
parts
Consumer goods, except
automotive
Other
Exports of services
1
.22
.34
-.04
1.03
-.11
.28
.18
.40
.80
.50
1.11
2.44
1.37
.04
.52
-.58
1.19
1.14
-.28
1.23
-.66
.15
.87
1.43
1.99
1.21
-.62
.96
.76
10.7
13.5
10.7
12.0
18.6
17.0
-1.2
-5.4
10.39 11.75
9.42
9.52 16.85 13.86 -1.83
-5.54
-1.99
Percent change at annual rate:
Imports of goods and services ..,
Percentage points at annual rates:
Imports of goods 1
Foods, feeds, and beverages
Industrial supplies and materials,
except petroleum and products ..
Petroleum and products
Capital goods, except automotive ..
Automotive vehicles, engines, and
parts
Consumer goods, except
automotive
Other
Imports of services!
.34
.24
.61
-.14
-.17
1.42
-.34
6.02
-.36
.97
-.72
2.18
-2.67
2.03 -2.31
-1.60
.10
-.01
.43
.60
0
3.58
.75 1.69
.52 -2.41
4.97 4.13
.64
1.95
3.33
-.23
2.54
7.77
2.60
1.23
.37
1.57
.58
2.19
1.08
2.99
1.05
2.94
2.60
2.60
-.55
5.13
.62
1.28
2.83
1.33
-.32
-.18
-2.38
.29
1.77
1.30
2.45
1.71
3.19
.59
.16
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are included in services. Beginning with 1986, repairs and alterations of equipment were reclassified from
goods to services.
NOTE.—The quantity indexes on which the estimates in this table are based are shown in table 7.10. The estimates in this table differ from those in table 8.2 because this table shows contributions to real exports and to
real imports, whereas table 8.2 shows contributions to real gross domestic product. Because imports are subtracted
in the calculation of gross domestic product, the contributions of components of real imports have opposite signs
in this table and in table 8.2.
IV
Percent change at annual rate:
3.1 -0.9
9.2
1. Includes new computers and peripheral equipment only.
2. Excludes software "embedded," or bundled, in computers and other equipment.
Exports of goods and services .
2001
2000
III
Percentage points at annual rates:
Nonresidential
1999
IV
Percent change at annual rate:
Private fixed investment
1999 2000
2001
2000
D-27
Government consumption
expenditures and gross
investment]
3.3
-1.1
4.8 -1.4
2.9
4.8
.52
4.47 -5.27
5.51 -3.24
1.28
1.66
.04
-.14
-.15
2.75 -4.86
2.61 -4.65
-.44 0
-.46
.36
3.51 -5.02
3.42 -2.20
3.25 -1.97
-.05 -.09
-.04 -.24
3.34 -1.6
1.86
.37
.26
-.14
.25
1.17
1.75
-.28
.08
1.95
-.05
-.24
2.8
8.5
Percentage points at annual rates:
Federal
National defense
Consumption expenditures
Durable goods 2
Nondurable goods
Services
Compensation of general
government employees,
except own-account
investment3
Consumption of general
government fixed capital 4
Other services
Gross investment
Structures
Equipment and software
Nondefense
,
Consumption expenditures
Durable goods 2
Nondurable goods
Services
Compensation of general
government employees,
except own-account
investment3
Consumption of general
government fixed capital 4
Other services
Gross investment
Structures
Equipment and software
State and local
Consumption expenditures
Durable goods 2
Nondurable goods
Services
Compensation of general
government employees,
except own-account
investment3
Consumption of general
government fixed capital 4 ...
Other services
Gross investment
Structures
Equipment and software
-.01
.02
-.23
.02
.05
.29 -.15
.25
.18
-.02 -.05
.27
.23
-.13
.05
.05
3.69 -4.94
.15 -.21
-.01
.16
-.13
-.07
1.72
.59
.01
.30
.28
-.41
-.09
.48
.26
0
-.04
.30
.04
.19
.43
.02
.10
.01
.22
-.07
.06
.06
3.24 -1.91
.17 -.23
-.06 0
.23 -.23
.24
1.49
-.01
1.50
.04
.08
2.16
-.58
-.01
-.57
.29
.02
-.14
.41
-.06
1.47
-.96
.49
-.58
.65
-.98
.02 -.01
.68
-.90
-.10 -.03
2.09 -1.04
1.41 -.88
0
-.05
.12
.27
.43
1.11
-.91
-.23
.11
.18
-.31
.41
-.03
.43
.20
.20
-.09 -.19
.22 1.13
.21
-.04
.92
.26
.21
-.23
-.70
-.18
-.52
.20
.15
.68
-.09
.77
.20
-.25
-.16
-.06
-.10
.19
-.07
.41
.08
.33
.18
-.33
-.16
.08
-.24
2.46
1.50
.06
.29
1.14
2.29
1.51
.06
.31
1.14
4.04
1.72
.08
.34
-.69
1.40
.06
.31
1.87
1.49
.06
.30
1.13
1.63
3.10
1.30
4.17
1.60
.06
.29
1.25
.94
.06
.31
.57
1.80
.06
.32
1.42
.55
.56
.52
.77
.52
-.02
.81
.36
.35
.36
.23 .43
.13
.78 2.31 2.57
.33 1.84 2.18
.45
.47
.40
.37
.15
-2.09
-2.56
.48
.40
.19
.69
.30
.39
.41
.20
1.30
1.32
-.02
1.04
.38
.09
.38
-.07
.44
1. Gross government investment consists of general government and government enterprise expenditures for fixed
assets; inventory investment is included in government consumption expenditures.
2. Consumption expenditures for durable goods excludes expenditures classified as investment, except for goods
transferred to foreign countries by the Federal Government.
3. Compensation of government employees engaged in new own-account investment and related expenditures
for goods and services are classified as investment in structures and in software.
4. Consumption of fixed capital, or depreciation, is included in government consumption expenditures as a partial
measure of the value of the services of general government fixed assets; use of depreciation assumes a zero
net return on these assets.
NOTE.—The quantity indexes on which the estimates in this table are based are shown in table 7.11. The estimates in this table differ from those in table 8.2 because this table shows contributions to real government consumption expenditures and gross investment, whereas table 8.2 shows contributions to real gross domestic product.
D-28 • National Data
July 2001
SURVEY OF CURRENT BUSINESS
Table 8.7.—Selected Per Capita Product and Income Series in Current and Chained Dollars
[Dollars]
Seasonally adjusted at annual rates
Current dollars:
Gross domestic product
Gross national product
Personal income
Disposable personal income
Personal consumption expenditures
Durable goods
Nondurable goods
Services
1999
2000
1999
34,063
34,023
28,534
24,314
22,962
36,174
36,158
30,069
2,978
7,298
14,258
35,528
35,500
29,529
25,014
24,122
3,010
7,154
13,958
36,158
36,128
29,965
25,322
24,381
2,961
7,262
14,158
36,410
36,377
2,789
6,760
34,892
34,843
29,098
24,728
23,528
2,875
6,972
13,681
14,342
14,572
33,833
33,826
23,640
22,853
3,253
6,786
12,867
33,156
33,123
23,404
22,268
3,109
6,636
12,567
33,485
33,470
23,472
22,635
3,272
6,720
12,703
33,880
33,861
33,980
33,956
23,732
33,987
34,018
23,718
13,414
Chained (1996) dollars:
Gross domestic product
Gross national product
Disposable personal income
Personal consumption expenditures
Durable goods
Nondurable goods
Services
32,512
32,485
23,191
21,901
2,996
6,518
12,421
25,379
24,534
2000
23,639
22,761
3,224
6,766
12,822
2001
30,279
25,535
24,701
2,991
7,367
36,595
36,622
30,500
25,641
36,918
36,893
30,880
25,927
25,278
3,030
7,479
14,769
24,930
2,952
7,406
34,016
33,998
22,956 23,059
3,275 3,242
6,828 6,829
23,795
23,200
3,333
6,865
12,908
13,062
13,034
272,996 275,423 273,980 274,508 275,059 275,735 276,388 277,011
Population (mid-period, thousands)
Table 8.8B.—Motor Vehicle Output
Table 8.9B.—Real Motor Vehicle Output
[Billions of dollars]
[Billions of chained (1996) dollars]
Seasonally adjusted at annual rates
1999
III
IV
Motor vehicle output
Auto output
Truck output1
Final sales of domestic product
Personal consumption
expenditures
New motor vehicles
Autos
Light trucks
Net purchases of used autos ....
Private fixed investment
New motor vehicles
Autos
Trucks
Light trucks
Other
Net purchases of used autos ....
Gross government investment ...
Autos
New trucks
Net exports
Exports
Autos
Trucks
Imports
Autos
Trucks
Change in private inventories
Autos
New
Domestic
Foreign
Used
New trucks
Domestic
Foreign
Addenda:
Final sales of motor vehicles to
domestic purchasers
Private fixed investment in new
autos and new light trucks
Domestic output of new autos 2
Sales of imported new autos 3
2001
2000
2000
342.8
117.9
224.8
334.7
357.8
128.8
229.1
342.0
355.9
127.2
228.7
358.1
355.5
120.6
234.9
339.2
339.6
254.2
195.4
97.3
98.1
58.7
268.1
208.5
101.9
106.6
276.2 265.2
216.9 206.5
107.0 103.9
109.8 102.5
59.3 58.7
269.8
159.9
195.5
79.7
115.8
76.7
154.4
189.7
75.4
114.3
80.0
34.3
-35.3
13.5
4.1
260.7
201.8
101.8
100.0
58.9
161.9
197.5
78.4
119.1
78.7
40.5
-35.7
346.6
126.1
220.5
336.3
39.0
-35.6
13.0
3.9
59.6
166.7
204.1
81.5
122.5
83.7
38.8
-37.4
14.9 13.5
4.4 3.4
10.5 10.1
159.4
194.2
75.2
119.0
81.7
37.3
-34.9
12.7
3.8
117.4
222.2
332.4
209.1
100.0
109.1
60.7
155.5
190.7
74.5
116.3
83.2
33.1
-35.2
13.1
5.0
8.1
9.4
8.9
9.0
-90.8 -101.3 -95.5 -98.3 -98.1 -106.0
26.7
27.0 26.6 27.3 27.8
26.0
16.5
9.5
116.7
96.3
20.4
10.3
1.8
16.7 16.7 17.0 17.3
10.2
9.9 10.3 10.5
128.2 122.1 125.6 125.8
109.2 101.0 104.0 106.5
19.1 21.2 21.6 19.3
8.1 15.9 -2.1 16.3
Seasonally adjusted at annual rates
16.5
10.1
132.7
113.4
19.3
7.2
9.3
9.4
8.2
IV
320.0
106.5
213.5
309.1
306.2
261.1
201.6
279.5
96.6
104.9
59.5
136.1
169.8
70.5
99.3
104.7
201.6
332.3
215.6
100.3
115.4
63.9
139.5
177.1
76.2
100.9
74.8
26.1
-37.6
71.3
28.0
-33.8
14.6
14.6
4.2
3.3
10.4
11.4
-102.6 -101.4
26.1
23.9
16.1
15.5
10.1
8.4
128.8 125.3
112.7 109.6
16.1
15.7
10.9
-26.0
6.1
-7.2
5.5
-8.3
5.0
.6 -10.3
2.0
.5
1.1
4.8 -18.8
1.4 -17.6
3.4 -1.2
.3
-1.5
-3.4
1.9
1.8
3.0
2.2
3.4
-1.2
-2.4
-2.3
-.2
13.3
11.1
1.7
-2.1
-.7
427.0
436.0 437.5 456.4 437.3
438.4
411.8
433.6
156.4
116.8
78.7
155.4 157.0 165.3 156.9
116.2 117.1 121.3 118.3
82.3 83.1 82.7 82.3
157.6
118.8
81.5
141.9
106.5
82.6
151.0
105.8
79.2
1.6
.3
1.3
.2
8.5
8.1
.5
4.7
3.9
3.3
.6
3.4
2.5
.9
5.2
4.1
1.5
2.6
1.1
10.7
8.6
2.1
1.2
-.1
-1.5
1999
Motor vehicle output
Auto output
Truck output1
Final sales of domestic product.
Personal consumption
expenditures
New motor vehicles
Autos
Light trucks
Net purchases of used autos
Private fixed investment
New motor vehicles
Autos
Trucks
Light trucks
Other
Net purchases of used autos
Gross government investment
Autos
New trucks
Net exports
Exports
Autos
Trucks
Imports
Autos
Trucks
Change in private inventories
Autos
New
Domestic
Foreign
Used
New trucks
Domestic
Foreign
Addenda:
Final sales of motor vehicles to
domestic purchasers
Private fixed investment in new
autos and new light trucks ...
Domestic output of new autos 2
Sales of imported new autos 3 .
348.2
129.1
218.7
338.6
343.2
119.7
222.9
336.1
III
359.0 359.3 355.2
339.1
131.2 131.0 122.0
227.4 227.8 232.5
344.1 361.7 340.0
118.6
219.9
332.7
255.9 268.6 260.9 278.3 265.3
195.4 208.7 201.6
98.8 103.4 103.4
96.5 105.1 98.1
60.3 59.6 59.1
159.0 153.9 162.4
196.8 190.7 199.4
80.9 76.6 79.7
116.0 114.1 119.8
78.0 81.0 80.3
37.9 33.2 39.4
-37.5 -36.4 -36.7
12.8 13.3 14.7
4.1
3.9
3.8
9.4 10.6
9.0
-88.6 -99.0 -93.4
25.1 25.7 25.5
16.1 16.2 16.3
9.3
9.5
9.0
113.7 124.6 118.9
94.0 106.5 98.5
19.7 18.2 20.4
9.4
7.0 14.4
4.7
4.2
1.4
3.3
1.2
3.6
2.8
0
.9
1.2
2.6
.2
1.1
9.1
2.8
7.3
7.2
6.9 2.1
2.0
.8
.5
2001
2000
IV
Residual
1. Except for exports and imports, consists of new trucks only.
2. Consists of final sales and change in private inventories of new autos assembled in the United States.
3. Consists of personal consumption expenditures, private fixed investment, and gross government investment.
1999 2000
I
217.6 206.0
109.0 105.3
108.4 100.6
60.5 59.0
166.8 158.8
206.2 195.2
83.1 76.2
123.2 119.1
85.5 82.9
37.7 36.2
-39.1 -36.1
13.4 12.5
3.6
3.3
8.9
10.1
-96.2 -95.9
26.0 26.4
16.4 16.7
9.6
9.7
122.2 122.3
101.5 103.9
20.7 18.5
-2.0 14.7
.4
2.3
1.5
-1.5
2.7
-3.3
1.8 -1.2
.8
1.9
IV
I
319.2
107.1
211.4
309.8
306.7
105.1
200.9
334.0
270.0 260.7
209.1 202.2
98.1
101.3
107.6 103.9
58.2
60.7
154.4 135.7
191.1 170.1
71.6
75.4
98.6
115.7
71.9
83.8
26.9
32.0
-36.3 -34.2
12.9
14.4
4.0
4.7
10.4
8.1
-103.7 -100.0
25.3
24.8
15.5
15.9
9.3
9.4
129.0 124.8
110.7 109.7
15.3
18.4
6.4
9.1
5.0
8.9
4.5
8.9
4.0
7.8
.5
1.1
-1
.5
277.4
216.3
102.0
114.0
60.9
141.4
178.9
77.5
101.6
76.8
25.1
-37.3
14.5
3.1
11.5
-98.6
22.7
15.0
77
121.3
106.6
14.9
-24,7
-7.9
-8.9
-10.9
1.9
11.2
9.7
1.6
1.0
-1.8
-.5
-1.3
-1.4
4.0
1.2
3.1
-.7
1.1
-15.5
-14.5
-1.1
-4.6
427.7 435.8 438.0 458.5 436.6
437.3
410.7
433.4
158.8 157.5 159.8 168.4 158.9
117.5 1,16.6 117.7 122.6 118.4
79.9 83.5 84.5 84.;
83.4
159.1
119.0
82.6
143.4
106.5
83.8
154.1
.3
-.7
.5
-2.1
-2.0
-.2
-1.2
106.1
1. Except for exports and imports, consists of new trucks only.
2. Consists of final sales and change in private inventories of new autos assembled in the United States.
3. Consists of personal consumption expenditures, private fixed investment, and gross government investment.
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, excluding the
lines in the addenda.
Chain-type quantity indexes for the series in this table are shown in table 7.18B.
July 2001
D-29
National Data
SURVEY OF CURRENT BUSINESS
B. Other NIPA and NIPA-Related Tables
Monthly Estimates
Tables B.I and B.2 include the most recent estimates of personal income and its components; these estimates were
released on July 2, 2001 and include "preliminary" estimates for May 2001 and "revised" estimates for JanuaryApril 2001.
Table B.1.—Personal Income
[Billions of dollars; monthly estimates seasonally adjusted at annual rates]
2000
2001
2000
1999
Apr.
May
Mar.'
Apr.'"
May"
7,789.6
8,281.7
8,209.3
8,237.6
8,279.5
8,300.0
8,326.5
8,420.6
8,406.0
8,422.1
8,461.0
8,510.6
8,555.8
8,596.0
8,613.4
8,631.6
4,470.0
3,745.6
1,089.2
782.4
1,020.3
1,636.0
724.4
4,769.4
4,008.5
1,153.2
815.9
1,107.3
1,748.0
760.9
4,726.9
3,969.9
1,148.3
813.2
1,091.5
1,730.2
757.0
4,730.0
3,966.6
1,142.2
809.4
1,090.2
1,734.2
763.4
4,763.5
4,003.4
1,150.7
816.7
1,105.5
1,747.2
760.1
4,789.1
4,025.3
1,162.2
824.0
1,112.1
1,751.0
763.8
4,797.8
4,032.5
1,158.8
819.7
1,113.2
1,760.5
765.3
4,827.8
4,060.8
1,163.2
820.3
1,129.0
1,768.6
767.0
4,858.7
4,091.0
1,173.4
827.8
1,136.5
1,781.2
767.7
4,872.7
4,105.3
1,177.0
829.3
1,144.5
1,783.8
767.4
4,884.7
4,115.3
1,169.4
822.3
1,152.3
1,793.6
769.4
4,922.5
4,144.4
1,178.5
823.7
1,160.5
1,805.4
778.1
4,956.5
4,173.3
1,184.4
825.9
1,168.3
1,820.6
783.2
4,981.8
4,195.6
1,190.2
827.1
1,172.7
1,832.6
786.3
4,997.7
4,208.3
1,182.6
824.1
1,181.5
1,844.2
789.4
5,006.0
4,214.4
1,183.2
819.3
1,184.9
1,846.3
791.6
Other labor income
501.0
524.0
518.4
520.5
522.5
525.1
527.6
530.0
532.0
533.9
536.1
539.0
541.2
543.1
545.3
547.3
Proprietors' income with IVA and CCAdj
Farm
Nonfarm
663.5
25.3
638.2
710.4
22.6
687.8
707.0
23.1
683.9
704.7
17.5
687.1
716.9
23.7
693.2
706.0
17.5
688.5
712.3
14.7
697.7
756.0
62.9
693.1
711.7
17.0
694.7
710.5
15.4
695.1
717.3
21.6
695.7
718.2
17.3
700.9
725.8
21.0
704.9
734.0
24.7
709.3
733.8
22.5
711.4
737.1
21.1
716.0
Personal income ..
Wage and salary disbursements
Private industries
Goods-producing industries
Manufacturing
Distributive industries
Service industries
Government ..
June
Aug.
July
Sept.
Oct.
Nov.
Dec.
Jan.'
Feb,'
Rental income of persons with CCAdj
143.4
140.0
144.3
140.0
138.1
136.0
134.5
144.0
134.3
134.8
137.1
136.5
137.9
139.3
138.2
137.4
Personal dividend income
370.3
396.6
390.6
392.4
394.8
397.2
399.6
402.2
404.7
407.1
409.8
412.0
414.3
416.4
418.5
420.4
Personal interest income
Transfer payments to persons
Old-age, survivors, disability, and health insurance benefits
Government unemployment insurance benefits
Other
. .
Less' Personal contributions for social insurance
963.7
1,034.3
1,026.1
1,030.9
1,036.8
1,040.0
1,042.4
1,046.1
1,049.2
1,051.8
1,053.6
1,048.4
1,043.1
1,037.6
1,035.1
1,032.1
1,016.2
588.0
20.3
4079
1,067.8
622.4
20.1
425 3
1,053.8
613.4
19.4
420 9
1,077.3
634.4
19.3
4235
1,067.3
625.0
19.4
422 9
1,068.7
623.5
19.8
425 4
1,074.9
627.2
20.0
427.8
1,079.1
630.9
20.1
428.1
1,082.2
629.1
20.5
432 5
1,078.9
626.7
20.8
431.3
1,090.9
635.2
21.2
434.5
1,109.2
649.3
21.5
438.3
1,114.5
653.1
21.7
4396
1,122.8
657.5
21.6
443 8
1,125.0
659.9
21.8
443.4
1,132.1
662.9
21.9
447.3
338.5
360.7
357.9
358.2
360.4
362.1
362.6
364.6
366.7
367.6
368.4
375.2
377.5
379.1
380.2
380.8
IVA Inventory valuation adjustment
Source: U.S. Bureau of Economic Analysis.
p Preliminary.
r
Revised.
CCAdj Capital consumption adjustment
Table B.2.—The Disposition of Personal Income
[Monthly estimates seasonally adjusted at annual rates]
2000
2001
2000
Apr.
May
July
June
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.'
Feb.'
Mar.'
Apr. r
May
Billions of dollars, unless otherwise indicated
Personal income
7,789.6
8,281.7
8,209.3
8,237.6
8,279.5
8,300.0
Less: Personal tax and nontax payments ....
1,291.9
1,269.6
1,274.1
1,287.9
Equals: Disposable personal income
1,152.0
6,637.7
6,989.8
6,939.7
6,963.5
6,991.5
1,293.6
7,006.4
Less: Personal outlays
6,490.1
6,998.3
6,920.2
6,972.9
7,017.3
6,268.7
761.3
1,845.5
6,757.3
820.3
2,010.0
3,927.0
6,683.7
6,733.1
6,775.2
817.3
Personal consumption expenditures.
Durable goods
Nondurable goods
Services
Interest paid by persons
Personal transfer payments to the rest of the world (net)
Equals: Personal saving
3,661.9
194.8
26.6
147.6
8,326.5
1,308.7
7,017.8
8,420.6
1,322.0
7,098.6
819.2
1,989.2
3,875.3
6,702.1
812.2
1,994.6
3,895.3
811.5
2,009.1
3,912.5
212.2
28.8
208.1
28.3
209.5
28.3
211.4
28.3
212.7
29.5
-8.5
19.5
23.6
18.7
-10.9
7,045.5
6,801.2
821.1
2,025.7
3,954.3
214.8
29.5
-27.7
6,511.0
6,483.2
6,507.4
6,515.6
2,023.9
3,934.0
8,406.0
8,422.1
8,461.0
8,510.6
8,555.8
8,596.0
8,613.4
1,334.2
1,351.2
1,379.8
1,378.9
1,382.5
7,109.8
1,364.4
7,146.2
1,372.3
7,071.8
1,342.9
7,079.2
7,183.5
7,216.2
7,234.5
7,249.1
7,101.3
6,856.2
835.8
2,044.8
3,975.6
7,117.0
7,138.0
7,160.7
7,236.5
7,254.0
7,272.7
7,310.5
7,331.9
6,870.7
825.8
2,047.4
3,997.5
6,889.1
816.0
2,044.4
4,028.7
6,910.9
805.8
2,048.9
4,056.2
7,019.5
840.5
2,061.2
4,117.9
7,055.1
841.1
7,074.9
838.8
2,080.7
4,075.3
7,001.6
847.3
2,073.5
4,080.7
2,082.6
2,092.4
4,131.4
4,143.7
215.6
29.5
217.3
29.0
219.8
29.0
220.8
29.0
223.1
27.5
225.7
27.5
227.8
27.5
229.4
27.5
-2.7
-45.2
-58.8
-50.9
-90.3
224.9
27.5
-70.5
-56.5
-76.0
-82.8
6,619.3
6,624.0
8,631.6
Addenda:
Disposable personal income:
Billions of chained (1996) dollars 1 ..,
Per capita:
Current dollars
Chained (1996) dollars
Population (thousands)
6,513.2
6,531.9
6,585.9
6,550.1
6,548.2
6,567.6
6,566.2
6,589.5
6,618.6
24,314
23,191
272,996
25,379 25,248 25,317 25,399 25,432
23,640 23,587 23,658 23,670 23,642
275,423 274,859 275,054 275,264 275,496
25,451
23,689
275,738
25,722
23,864
275,970
25,605
23,716
276,191
25,613
23,692
276,389
25,706
23,745
276,585
25,817
23,722
276,798
25,932
23,788
277,011
26,030
23,874
277,223
26,076 26,109
23,859 23,858
277,436 277,649
Personal consumption expenditures:
Billions of chained (1996) dollars
Durable goods
Nondurable goods
Services
Implicit price deflator, 1996=100
5,978.8
817.8
1,779.4
3,390.8
104.85
6,294.3
6,274.8
885.5
1,866.0
3,536.7
107.30
6,298.3
892.8
1,877.0
3,542.7
107.57
6,330.3
900.2
1,885.4
3,559.4
107.44
6,360.9
916.5
1,885.4
3,575.8
107.79
907.1
1,888.3
3,583.4
107.97
6,372.4
896.1
1,883.7
3,605.2
108.11
6,383.8
884.8
1,890.4
3,619.0
108.26
6,418.9
909.7
1,914.7
3,609.1
108.83
6,422.7
932.1
1,898.5
3,610.3
109.01
6,438.1
927.9
1,891.5
3,635.3
109.03
6,455.2
930.8
1,903.1
3,638.2
109.29
6,464.9
932.3
1,906.4
3,643.2
109.44
2.2
-.1
.3
-.2
-.7
-1.3
-1.0
-.8
-1.0
-1.1
5.4
6.3
0.5
0.5
0.2
0.2
6,331.0
3,543.9
107.36
6,244.0
891.5
1,853.6
3,513.9
107.04
6,263.1
883.0
1,863.8
3,529.6
107.01
—4
-.6
Percent change from preceding period, monthly changes at monthly rates
Personal income, current dollars .
0.6
0.5
0.2
0.3
-0.2
0.2
0.5
Disposable personal income:
Current dollars
Chained (1996) dollars
Personal consumption expenditures:
Current dollars
Chained (1996) dollars
p Preliminary.
' Revised.
1. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures.
2. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of
.4
.5
the following month; the annual estimate is the average of the monthly estimates. Prior to January 2001, first-ofthe-month estimates are from Census Bureau surveys and are consistent with the 1990 Census of Population. Beginning with January 2001, first-of-the-month estimates are derived by BEA based on extrapolations of the Census
Bureau estimates,
Source: U.S. Bureau of Economic Analysis.
D-30
• National Data
SURVEY OF CURRENT BUSINESS
July 2001
Annual Estimates
Except as noted for table B.3 below and for table B.12, these tables are derived from the NIPA tables that were published in the August 2000 SURVEY OF CURRENT BUSINESS; they are consistent with the most recent comprehensive and
annual revisions.
Table B.3.—Gross Domestic Product by Industry, Current-Dollar and Real Estimates for 1997-99
Billions of dollars
1997
Gross domestic product
Private industries
1998
1999
Billions of chained
(1996) dollars
1997
1998
8,318.4 8,790.2 9,299.2 8,159.5 8,515.7 8,875.8
7,253.6 7,684.4 8,140.8 7,151.2 7,499.9 7,860.7
130.0
88.3
41.7
127.2
80.8
46.5
125.4
74.2
51.2
143.7
103.6
40.3
144.0
100.2
43.2
150.9
106.3
44.4
Mining
Metal mining
Coal mining
Oil and gas extraction
Nonmetallic minerals, except fuels
118.9
5.6
10.6
91.9
10.8
105.6
5.1
11.3
77.4
11.8
111.8
5.5
11.3
82.8
12.3
117.0
6.3
11.2
89.1
10.4
126.2
7.3
12.5
94.9
11.5
121.9
8.6
13.1
89.1
11.4
Construction
338.2
378.1
416.4
324.6
345.8
361.1
Manufacturing
1,379.6 1,436.0 1,500.8 1,387.2 1,446.4 1,529.4
791.2 833.4 877.8 813.0 892.4 970.5
Durable goods
40.8
39.5 39.5
41.2 41.4 44.1
Lumber and wood products
23.6
22.7
22.7 24.1
25.9 22.1
Furniture and fixtures
36.9
35.9
36.6
38.2
37.2
41.0
Stone, clay, and glass products
60.7
54.7
54.1
52.6
54.9 52.7
Primary metal industries
96.7 95.9
96.2
97.6 102.2 105.5
Fabricated metal products
143.2 150.8 158.2 158.4 187.0 216.6
Industrial machinery and equipment
165.9 172.8 186.6 182.2 225.1 276.8
Electronic and other electric equipment ...
97.1 107.0 110.4
Motor vehicles and equipment
96.5 107.2 114.5
56.3
57.5
59.2
55.5
59.6 54.8
Other transportation equipment
49.2 48.8
57.7
53.6
60.0 49.8
Instruments and related products
24.6 26.0
25.7
25.2
27.6 24.8
Miscellaneous manufacturing industries ...
Nondurable goods
588.4 602.6 623.1 574.7 557.9 566.9
Food and kindred products
123.1 124.8 131.4 118.1 115.0 117.1
7.0
11.5
13.9
16.8
15.4
19.9
Tobacco products
22.9
25.0 .23.6
25.4
25.7
25.3
Textile mill products
23.6
25.0
25.5
Apparel and other textile products
26.5
25.8
26.5
56.0
55.3
58.3
55.1
53.8
57.0
Paper and allied products
84.3
84.0
Printing and publishing
94.0 99.0 86.4
91.1
168.6
164.8 168.4 176.3 164.2 159.8
Chemicals and allied products
34.9
31.4
25.6 26.6
32.9 28.6
Petroleum and coal products
Rubber and miscellaneous plastics
54.4
53.8
53.2
55.1
52.1
55.8
products
4.2
4.2
4.2
4.3
Leather and leather products
4.0
4.0
261.8
23.0
14.9
99.4
13.1
78.6
5.8
728.0 779.6
287.8 303.4
25.4 23.4
17.1
16.2
109.3
14.1
88.2
6.1
116.6
14.4
95.0
6.6
668.7
248.9
22.8
14.7
90.5
13.2
75.2
6.2
686.4
257.1
23.9
15.6
90.7
13.5
79.0
6.5
752.3
272.4
22.8
17.2
95.7
12.5
87.5
7.2
1. The current-dollar statistical discrepancy equals gross domestic product (GDP) measured as the sum of expenditures less gross domestic income—that is, GDP measured as the costs incurred and profits earned in domestic production. The chained (1996) dollar statistical discrepancy equals the current-dollar statistical discrepancy deflated by the implicit price deflator for gross domestic business product.
2. Equals GDP in chained (1996) dollars less the statistical discrepancy and the sum of GDP by industry of
1997
1998
27.1
220.8
166.7
54.1
205.9
28.5
234.1
173.9
60.2
206.0
Wholesale trade
566.8
Retail trade
740.5
1999
Agriculture, forestry, and fishing
Farms
Agricultural services, forestry, and fishing ....
Transportation and public utilities
Transportation
Railroad transportation
Local and interurban passenger transit ....
Trucking and warehousing
Water transportation
Transportation by air
Pipelines, except natural gas
Billions of dollars
Transportation services
Communications
Telephone and telegraph
Radio and television
Electric, gas, and sanitary services
1999
Billions of chained
(1996) dollars
1997
1998
1999
30.2
260.2
195.1
65.1
216.0
26.4
217.7
167.9
49.9
202.0
28.2
232.0
180.9
51.4
197.4
30.1
264.6
215.1
51.9
216.3
610.9
643.3
584.1
665.3
709.3
796.8
856.4
745.3
805.5
847.3
Finance, insurance, and real estate
Depository institutions
Nondepository institutions
Security and commodity brokers
Insurance carriers
Insurance agents, brokers, and service .
Real estate
Nonfarm housing services
Other real estate
Holding and other investment offices
1,569.9 1,689.5 1,792.1 1,520.8 1,605.9 1,692.1
273.9 292.7 305.3 246.1 249.5 255.0
45.3
48.4
49.9
53.6
52.5
53.1
120.8 135.3 152.1 128.4 153.7 207.8
146.1 154.4 165.0 135.5 139.9 142.6
56.9
52.6
51.3
48.9 48.5
50.5
920.1 969.2 1,034.0 903.7 933.5 973.5
679.1 714.6 756.8 661.1 674.2 694.6
241.0 254.6 277.2 243.0 260.1 280.7
33.5
36.8
7.7
5.8
21.5
25.1
Services
Hotels and other lodging places
Personal services
Business services
Auto repair, services, and parking
Miscellaneous repair services
Motion pictures
Amusement and recreation services
Health services
Legal services
Educational services
Social services
Membership organizations
Other services
Private households
1,691.5 1,837.1 1,986.9 1,632.2 1,704.4 1,772.6
67.3
76.0
70.5
64.7 65.5
83.5
53.1
55.4
51.0
49.2
58.2
52.2
395.5 447.1 510.8 384.1 417.4 463.5
80.9
69.8
78.3
74.8
72.8
86.8
24.5
21.1
20.5
21.6
22.3
25.8
28.8
25.8
27.2
27.8
26.3
29.8
72.2
62.9
70.7
67.4
64.9
78.7
472.2 492.6 514.2 459.5 462.0 463.5
109.0 116.4 125.1 104.3 107.0 111.9
61.2
66.7
61.2
61.2
58.7
71.1
53.0
57.1
52.0
52.6
50.5
61.3
50.8
54.0
49.0
51.6
49.0
57.4
229.7 251.5 272.8 221.2 233.9 241.9
13.3
14.0
12.0
11.7
11.5
10.6
Statistical discrepancy1
Government
29.7
-24.8
-71.9
29.2
-24.1
-69.0
1,064.8 1,105.8 1,158.4 1,035.5 1,049.8 1,070.4
Federal
General government
Government enterprises .
354.7
295.4
59.2
360.7
298.6
62.1
375.4
309.5
65.9
347.2
287.9
59.4
348.4
286.4
62.2
352.6
286.5
66.4
State and local
General government
Government enterprises .
710.1
649.2
60.9
745.2
680.7
64.4
783.0
715.5
67.5
688.3
629.3
58.9
701.3
642.2
59.1
717.7
655.4
62.2
-33.3
-51.1 -116.8
Not allocated by industry2 ..
the detailed industries. The value of not allocated by industry reflects the nonadditivity of chained-dollar estimates
and the differences in source data used to estimate real GDP by industry and the expenditures measure of real
GDP.
NOTE—Estimates are based on the 1987 Standard Industrial Classification. The table is derived from tables 1
and 6 in "Gross Domestic Product by Industry for 1997-99" in the December 2000 SURVEY.
July 2001
D-31
National Data
SURVEY OF CURRENT BUSINESS
Table B.4.—Personal Consumption Expenditures by Type of Expenditure
Billions of dollars
1997
1998
5,529.3
5,850.9
Food and tobacco
Food purchased for off-premise consumption (n.d.)
Purchased meals and beveragesx (n.d.)
Food furnished to employees (including military) (n.d.)
Food produced and consumed on farms (n.d.)
Tobacco products (n.d.) .
Addenda: Food excluding alcoholic beverages (n.d.)
Alcoholic beverages purchased for offpremise consumption (n.d.)
Other alcoholic beverages (n.d.)
862.0
486.5
316.6
8.5
.5
49.8
710.9
900.2
504.2
332.2
8.9
.5
54.4
737.8
58.1
43.2
63.1
44.8
Clothing, accessories, and jewelry
Shoes (n.d.)
Clothing and accessories except shoes 2
Women's and children's (n.d.)
Men's and boys' (n.d.)
Standard clothing issued to military personnel (n.d)
Cleaning, storage, and repair of clothing and shoes (s.)
Jewelry and watches (d.)
348.0
40.1
231.3
148.0
83.3
.3
13.2
41.2
22.0
368.3
41.7
244.4
156.2
88.2
.3
13.5
44.2
24.2
76.1
50.6
25.5
Housing
Owner-occupied nonfarm dwellings—space rent 4 (s.)
Tenant-occupied nonfarm dwellings—rent5 (s.)
Rental value of farm dwellings (s.)
Other 6 (s.)
810.5
585.5
186.1
Household operation
Furniture, including mattresses and bedsprings (d.)
Kitchen and other household appliances7 (d.) .
China, glassware, tableware and utensils (d.)
Other durable house furnishings8 (d.)
Semidurable house furnishings9 (n.d.)
Cleaning and polishing preparations, and miscellaneous
household supplies and paper products (n.d)
Stationery and writing sup
Household utilities
Electricity (s.)
617.8
53.8
30.8
27.2
53.5
33.1
Personal consumption expenditures
Personal care
Toilet articles and preparations (n.d.)
Barbershops, beauty parlors, and health clubs (s.)
Water and other sanitary services (s)
Fuel oil and coal (n.d.)
Telephone and telegraph (s.)
Domestic service (s.)
Other 10 (s.)
Medical care
Drug preparations and sundries 11 (n.d.)
Ophthalmic products and orthopedic appliances (d)
Physicians (s.)
Other professional services 12 (s.)
Hospitals and nursing homes 13
Hospitals
Nonprofit (s.)
Proprietary (s.)
Government (s.)
Nursing homes (s.) ....
Health insurance
Medical care and hospitalization14 (s.)
Income loss 15 (s.)
Workers' compensation16 (s.)
Personal business
6.4
32.5
51.4
20.0
188.1
93.8
36.6
42.6
15.1
105.0
13.9
41.2
Billions of chained
(1996) dollars
1997
6,268.7 5,423.9
963.8
531.8
356.3
9.1
.5
1997
1998
5,678.7 5,978.8
66.0
782.3
842.1
477.6
308.0
.8.3
.5
47.6
695.5
315.3
8.5
.5
46.2
708.9
506.9
329.9
8.5
.5
43.4
737.3
46.2
57.2
41.8
61.8
42.1
66.4
42.2
43.3
263.4
168.7
94.7
.3
14.2
48.8
27.3
348.8
40.1
231.2
148.4
82.8
.3
12.8
42.9
21.4
376.3
42.2
249.8
161.2
88.5
.3
13.0
47.8
23.4
411.5
45.0
273.3
177.6
95.7
.3
13.5
54.0
25.8
80.5
53.4
27.1
86.0
57.5
28.5
75.2
50.5
24.7
78.2
52.5
25.7
55.7
26.2
858.2
622.7
193.8
6.7
35.0
906.2
661.1
200.6
7.0
37.5
787.2
569.0
181.0
6.0
31.1
807.7
586.7
182.9
828.3
605.7
183.7
5.7
33.4
643.8
682.5
60.3
34.5
31.8
62.8
38.3
611.6
53.8
30.9
27.3
53.3
33.8
641.1
56.6
32.8
28.9
57.0
36.8
56.4
32.2
29.2
57.4
35.2
397.2
887.8
5.9
32.2
36.0
32.2
63.1
40.5
53.5
21.4
185.8
96.1
32.4
44.5
12.8
113.0
16.0
43.6
57.1
23.1
189.8
96.2
32.7
46.5
14.4
121.7
17.4
45.7
50.9
19.2
184.1
93.5
34.1
41.6
15.0
104.7
13.5
40.1
52.1
19.9
186.1
99.6
30.8
42.1
14.0
114.4
15.1
41.5
984.4 1,040.9
110.6
121.8
19.1
20.6
208.8
221.2
51.9
55.0
125.9
132.3
408.9
428.7
339.6
355.1
221.7
233.1
41.5
42.6
76.3
79.3
69.3
73.6
59.3
61.3
48.5
51.7
1.2
1.4
9.6
8.3
1,102.6
963.2
136.8
22.1
232.3
57.8
137.2
451.8
375.0
245.5
46.0
83.5
76.8
64.6
55.2
1.5
7.8
109.0
18.9
206.0
121.1
401.1
334.2
217.3
41.2
75.7
66.8
57.8
46.7
.9
10.2
997.0 1,030.0
117.4
127.2
21.2
19.9
219.5
213.7
50.6
50.5
126.8
124.3
422.3
410.4
353.4
342.0
228.2
222.0
44.5
41.9
80.8
78.1
68.9
68.3
62.7
61.0
50.2
48.2
.9
.9
11.4
12.3
533.7
586.2
462.1
485.9
49.6
54.6
21.7
189.4
100.3
30.9
43.0
15.5
126.3
16.0
42.0
520.4
1. Consists of purchases (including tips) of meals and beverages from retail, service, and amusement establishments, hotels, dining and buffet cars, schools, school fraternities, institutions, clubs, and industrial lunchrooms. Includes meals and beverages consumed both on- and off-premise.
2. Includes luggage.
3. Consists of watch, clock, and jewelry repairs, costume and dress suit rental, and miscellaneous personal services.
4. Consists of rent for space and for heating and plumbing facilities, water heaters, lighting fixtures, kitchen cabinets, linoleum, storm windows and doors, window screens, and screen doors, but excludes rent for appliances and
furniture and purchases of fuel and electricity.
5. Consists of space rent (see footnote 4) and rent for appliances, furnishings, and furniture.
6. Consists of transient hotels, motels, clubs, schools, and other group housing.
7. Consists of refrigerators and freezers, cooking ranges, dishwashers, laundry equipment, stoves, room air conditioners, sewing machines, vacuum cleaners, and other appliances.
8. Includes such house furnishings as floor coverings, comforters, quilts, blankets, pillows, picture frames, mirrors,
art products, portable lamps, and clocks. Also includes writing equipment and hand, power, and garden tools.
9. Consists largely of textile house furnishings, including piece goods allocated to house furnishing use. Also
includes lamp shades, brooms, and brushes.
10. Consists of maintenance services for appliances and house furnishings, moving and warehouse expenses,
postage and express charges, premiums for fire and theft insurance on personal property less benefits and dividends, and miscellaneous household operation services.
11. Excludes drug preparations and related products dispensed by physicians, hospitals, and other medical services.
12. Consists of osteopathic physicians, chiropractors, private duty nurses, chiropodists, podiatrists, and others providing health and allied services, not elsewhere classified.
13. Consists of (1) current expenditures (including consumption of fixed capital) of nonprofit hospitals and nursing
homes, and (2) payments by patients to proprietary and government hospitals and nursing homes.
14. Consists of (1) premiums, less benefits and dividends, for health, hospitalization, and accidental death and
dismemberment insurance provided by commercial insurance carriers, and (2) administrative expenses (including consumption of fixed capital) of nonprofit and self-insured health plans.
15. Consists of premiums, less benefits and dividends, for income loss insurance.
16. Consists of premiums, less benefits and dividends, for privately administered workers' compensation.
17. Consists of (1) operating expenses of commercial life insurance carriers, (2) administrative expenses of private
noninsured pension plans and publicly administered government employee retirement plans, and (3) premiums, less
benefits and dividends, of fraternal benefit societies. For commercial life insurance carriers, excludes expenses for
accident and health insurance and includes profits of stock companies and services furnished without payment by
banks, credit agencies, and investment companies. For pension and retirement plans, excludes services furnished
without payment by banks, credit agencies, and investment companies.
18. Consists of current expenditures (including consumption of fixed capital) of trade unions and professional associations, employment agency fees, money order fees, spending for classified advertisements, tax return preparation
Billions of dollars
Brokerage charges and investment counseling (s.)
Bank service charges, trust services, and safe deposit
box rental (s.)
Services furnished without payment by financial
intermediaries except life insurance carriers (s.)
Expense of handling life insurance and pension plans 17
(s.)
Legal services (s.)
Funeral and burial expenses (s.)
Other 18 (s.)
1998
Billions of chained
(1996) dollars
1999
1997
74.6
50.9
59.1
70.6
50.5
60.3
47.9
55.8
63.5
45.6
51.7
57.1
204.2
222.6
243.8
188.4
195.8
209.5
89.3
55.0
15.2
26.6
92.2
58.7
16.3
29.1
98.0
62.3
16.2
31.9
84.6
52.8
14.4
25.7
82.9
53.9
14.9
27.2
83.7
54.7
14.4
28.8
626.7
578.9
82.5
53.1
89.0
39.6
648.6
599.4
87.8
55.3
104.0
41.7
705.5
654.6
97.3
58.7
619.3
573.5
82.4
54.4
88.1
656.0
608.5
88.4
57.7
103.2
42.3
698.3
649.1
98.8
60.3
117.9
45.7
146.3
128.1
4.0
36.3
11.6
7.8
3.7
36.2
.7
1.8
29.0
4.7
153.1
115.2
4.2
38.0
12.1
8.0
4.1
37.2
.7
2.1
29.5
4.9
162.1
128.3
4.4
39.1
12.3
8.2
4.0
38.7
.7
2.2
30.7
5.1
144.2
128.1
11.3
7.7
3.6
34.5
.7
1.8
27.3
4.6
148.3
131.2
3.8
33.6
12.0
8.0
4.0
35.6
.7
2.0
28.2
4.7
153.9
134.2
3.8
34.2
12.3
8.3
4.0
37.0
.7
2.0
29.5
4.7
Recreation
Books and maps (d.)
Magazines, newspapers and sheet music (n.d.)
Nondurable toys and sport supplies (n.d.)
Wheel goods, sports and photographic equipment boats,
and pleasure aircraft (d.)
Video and audio goods, including musical instruments,
and computer goods (d.)
Video and audio goods, including musical instruments
(d.)
Computers, peripherals, and software (d.)
Radio and television repair (s.)
Flowers, seeds, and potted plants (n.d.)
Admissions to specified spectator amusements
Motion picture theaters (s.)
Legitimate theaters and opera, and entertainments of
nonprofit institutions (except athletics) (s.)
Spectator sports 21 (s.)
Clubs and fraternal organizations22 (s.)
Commercial participant amusements23 (s.)
Pari-mutuel net receipts (s.)
Other 24 (s.)
456.6
26.3
29.1
53.2
534.9
27.8
32.5
57.3
29.8
37.0
63.1
463.7
26.0
28.8
53.7
507.3
26.8
31.5
60.7
567.5
29.2
35.0
71.1
Education and research
Higher education 25 (s.)
Nursery, elementary, and secondary schools 26 (s.)
Other 27 (s.)
130.5
69.4
29.0
32.1
Transportation
User-operated transportation
New autos (d.)
Net purchases of used autos (d.)
Other motor vehicles (d.)
Tires, tubes, accessories, and other parts (d.)
Repair, greasing, washing, parking, storage, rental, and
leasing (s.)
Gasoline and oil (n.d.)
Bridge, tunnel, ferry, and road tolls (s.)
Insurance19 (s.)
Purchased local transportation
Mass transit systems (s.)
Taxicab (s.)
Purchased intercity transportation
Railway (s.)
Airline (s.)
Other 20 (s.) ....
119.9
44.8
3.9
32.5
51.3
43.1
47.2
53.3
83.7
90.7
99.1
97.0
122.1
154.3
57.9
25.9
4.0
15.3
22.1
6.3
62.1
28.6
60.4
38.1
3.9
15.8
21.5
6.1
68.1
60.8
3.9
16.6
22.5
6.6
79.0
92.3
6.9
67.3
31.9
3.9
17.5
25.8
7.4
9.1
7.6
15.0
56.4
3.7
116.0
10.2
8.2
15.8
63.1
3.8
124.6
8.4
6.9
14.3
51.5
3.5
105.3
8.7
7.2
14.2
54.1
3.5
108.6
9.2
7.4
14.6
58.8
3.6
113.7
139.4
148.9
76.7
30.8
41.3
126.0
66.9
28.1
31.0
130.0
133.9
69.1
28.1
36.6
42.8
7.1
14.6
52.8
3.6
109.1
4.0
16.3
23.6
73.2
29.9
36.3
67.9
28.1
34.0
3.8
18.3
23.4
6.7
Religious and welfare activities28 (s.)
149.5
162.6
170.2
145.5
154.0
156.1
Foreign travel and other, net
Foreign travel by U.S. residents29 (s.)
Expenditures abroad by U.S. residents (n.d.)
Less: Expenditures in the United States by
nonresidents30 (s.)
Less: Personal remittances in kind to nonresidents (n.d.)
-21.8
63.6
2.9
-15.2
68.9
3.2
-15.4
72.9
3.5
-20.6
62.4
3.3
-11.2
69.3
3.6
-10.8
71.5
3.8
1.6
1.9
84.7
1.6
82.4
1.6
84.2
1.9
-2.1
-16.0
-41.5
Residual
services, and other personal business services.
19. Consists of premiums, less benefits and dividends, for motor vehicle insurance.
20. Consists of baggage charges, coastal and inland waterway fares, travel agents' fees, and airport bus fares.
21. Consists of admissions to professional and amateur athletic events and to racetracks.
22. Consists of dues and fees excluding insurance premiums.
23. Consists of billiard parlors; bowling alleys; dancing, riding, shooting, skating, and swimming places; amusement
devices and parks; golf courses; sightseeing buses and guides; private flying operations; casino gambling; and other
commercial participant amusements.
24. Consists of net receipts of lotteries and expenditures for purchases of pets and pet care services, cable
TV, film processing, photographic studios, sporting and recreation camps, video cassette rentals, and recreational
services, not elsewhere classified.
25. For private institutions, equals current expenditures (including consumption of fixed capital) less receiptssuch as those from meals, rooms, and entertainments—accounted for separately in consumer expenditures, and
less expenditures for research and development financed under contracts or grants. For government institutions,
equals student payments of tuition.
26. For private institutions, equals current expenditures (including consumption of fixed capital) less receiptssuch as those from meals, rooms, and entertainments—accounted for separately in consumer expenditures. For government institutions, equals student payments of tuition. Excludes child day care services, which are included in
religious and welfare activities.
27. Consists of (1) fees paid to commercial, business, trade, and correspondence schools and for educational
services, not elsewhere classified, and (2) current expenditures (including consumption of fixed capital) by research
organizations and foundations for education and research.
28. For nonprofit institutions, equals current expenditures (including consumption of fixed capital) of religious, social welfare, foreign relief, and political organizations, museums, libraries, and foundations. The expenditures are
net of receipts—such as those from meals, rooms, and entertainments—accounted for separately in consumer expenditures, and excludes relief payments within the United States and expenditures by foundations for education
and research. For proprietary and government institutions, equals receipts from users.
29. Beginning with 1981, includes U.S. students' expenditures abroad; these expenditures were $0.3 billion in
1981.
30. Beginning with 1981, includes nonresidents' student and medical care expenditures in the United States; student expenditures were $2.2 billion and medical expenditures were $0.4 billion in 1981.
NOTE.—Consumer durable goods are designated (d.), nondurable goods (n.d.), and services (s.).
Chained (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes
uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The
residual line is the difference between the first line and the sum of the most detailed lines.
D-32
National Data
SURVEY OF CURRENT BUSINESS
Table B.6.—Private Fixed Investment in Equipment and Software by
Type
Table B.5.—Private Fixed Investment in Structures by Type
Billions of dollars
Private fixed investment in
structures
Nonresidential
New
Nonresidential buildings, excluding farm
Industrial
Commercial
Office buildings1
Other2
Religious
Educational
Other
3
Billions of dollars
Billions of chained
(1996) dollars
1997
1998
576.1
640.4
680.5
557.2
600.7
618.4
255.8
283.2
285.6
245.4
263.0
259.2
254.3
282.4
284.7
243.9
262.1
258.3
178.9
33.1
89.7
39.9
49.8
5.6
9.8
15.1
25.5
1999
198.0
36.5
100.7
49.1
51.6
6.4
10.9
15.4
28.2
204.0
31.5
45.0
4.9
15.1
4.5
24.3
22.8
1.5
Utilities
Railroads
Telecommunications
Electric light and power
Gas
Petroleum pipelines
36.1
4.9
12.3
11.4
6.5
1.0
44.5
5.7
13.2
12.5
11.8
1.3
Farm
Mining exploration, shafts, and wells .
Petroleum and natural gas
Other
Other4
3.8
30.1
28.4
1.7
5.5
4.3
29.3
28.0
1.3
6.2
109.1
54.2
54.9
7.3
10.6
15.2
30.4
14.2
9.3
1997
173.3
32.1
86.9
38.7
48.2
5.4
9.5
14.6
24.7
35.3
4.8
12.0
11.2
6.3
1.5
6.9
3.7
26.2
24.5
1.6
5.3
1998
185.1
34.1
94.1
45.9
48.2
6.0
10.2
14.4
26.3
183.4
28.3
43.0
5.5
12.9
12.0
11.4
1.2
43.5
5.0
15.0
13.5
8.7
1.4
4.0
4.0
24.4
23.2
21.5
20.2
1.2
5.9
1.3
6.4
98.1
48.7
49.4
6.6
9.5
13.6
27.3
Brokers' commissions on sale of
structures
2.0
2.3
2.4
2.0
2.2
2.3
Net purchases of used structures .
—5
-1.5
-1.5
-.5
-1.4
-1.3
320.4
357.1
394.9
311.8
337.7
359.2
281.2
311.0
342.9
272.9
293.0
310.4
199.6
186.1
163.2
225.5
210.4
248.6
234.4
207.2
27.3
14.2
193.7
180.5
158.6
21.9
13.3
78.4
212.2
197.5
21.7
14.7
79.9
224.2
210.7
187.6
23.2
13.4
85.1
.9
1.2
Residential
New
New housing units
Permanent site
Single-family structures .
Multifamily structures ....
Manufactured homes
Improvements
Other5
Brokers' commissions on sale of
structures
Net purchases of used structures .
Residual .
22.9
185.8
24.6
13.5
80.8
.8
15.2
84.5
1.0
41.5
-2.3
48.9
-2.8
93.0
1.3
54.3
-2.3
175.9
41.2
-2.3
47.5
-2.7
51.0
-2.1
.3
-.4
-.9
1. Consists of office buildings, except those constructed at industrial sites and those constructed by utilities for
their own use.
2. Consists of stores, restaurants, garages, service stations, warehouses, mobile structures, and other buildings
used for commercial purposes.
3. Consists of hotels and motels, buildings used primarily for social and recreational activities, and buildings not
elsewhere classified, such as passenger terminals, greenhouses, and animal hospitals.
4. Consists primarily of streets, dams and reservoirs, sewer and water facilities, parks, and airfields.
5. Consists primarily of dormitories and of fraternity and sorority houses.
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.
July 2001
Private fixed investment in equipment
and software
Nonresidential equipment and software
1997
1998
1999
751.5
832.6
743.6
824.3
Billions of chained
(1996) dollars
1997
1998
1999
926.3
772.0
887.3
1,012.1
917.4
764.2
879.0
1,003.1
367.4 433.0 349.8
84.9
94.3 102.9
116.5 144.1 180.1 119.0
73.7 80.7 99.1 74.5
33.3 36.4 39.0 33.2
14.1
13.5
12.7 14.1
7.7
8.0
7.9
8.0
542.2
217.3
188.0
103.8
38.7
12.9
7.9
Information processing equipment and software
Computers and peripheral equipment1
Software2
Communication equipment
Instruments
Photocopy and related equipment
Office and accounting equipment
325.2
79.6
431.6
Industrial equipment
Fabricated metal products
Engines and turbines
Metalworking machinery
Special industry machinery, n.e.c
General industrial, including materials
handling, equipment
Electrical transmission, distribution, and
141.0
12.2
4.1
33.3
148.9 150.7 140.0 146.9
12.6
13.0
12.2 12.6
149.3
151.0
83.0
36.2
13.7
7.8
4.8
34.7
5.6
34.8
4.1
33.2
4.6
34.3
147.8
13.1
5.4
34.2
35.8
37.3
38.3
35.4
36.6
37.1
32.8
35.3
34.2
32.4
34.7
33.2
24.1
22.7
Transportation equipment
Trucks, buses, and truck trailers
Autos
Aircraft
Ships and boats
Railroad equipment
22.8
151.4
85.7
42.4
14.8
2.6
5.9
168.2
97.9
40.6
20.0
2.6
7.0
24.8
191.8
113.6
43.4
Other equipment
Furniture and fixtures
Tractors
Agricultural machinery, except tractors ...
Construction machinery, except tractors
Mining and oilfield machinery
Service industry machinery
Electrical equipment, n.e.c
Other
130.5
32.3
14.0
12.2
18.3
4.6
14.0
12.2
23.0
143.5
36.0
14.9
12.8
20.9
4.7
15.3
13.8
25.1
144.4
35.8
13.6
12.0
19.4
5.1
16.5
14.6
27.5
41.1
14.6
2.6
6.0
129.1
31.7
14.0
12.1
18.0
4.5
13.8
12.4
22.8
24.1
168.0
99.8
39.2
19.7
2.5
7.1
140.9
35.2
14.7
12.5
20.2
4.6
14.9
14.2
24.7
140.7
34.9
13.3
11.6
18.3
4.9
15.9
15.2
26.8
4.5
3.7
4.2
4.4
4.3
5.2
7.9
8.3
8.9
7.9
8.3
9.1
-3.1
-13.9
-41.2
Less: Sale of equipment scrap, excluding autos
Residential equipment
24.9
193.5
113.5 150.5
86.3
44.1
25.7
2.5
7.7
Residual
Addenda:
Private fixed investment in equipment and
software
Less: Dealers' margin on used equipment
Net purchases of used equipment from
government
Plus: Net sales of used equipment
Net exports of used equipment
Sale of equipment scrap
Equals: Private fixed investment in new
equipment and software
24.9
2.4
7.8
751.5 832.6 926.3
8.2
7.7
8.1
38.3
.4
4.6
1.2
39.3
.5
3.8
1.0
39.8
.7
4.3
786.3
866.8
962.1
1. Includes new computers and p
2. Excludes software "embedded," or bundled, in computers and other equipment.
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.
n.e.c. Not elsewhere classified.
July 2001
National Data
SURVEY OF CURRENT BUSINESS
D-33
Table B.7.—Compensation and Wage and Salary Accruals by Industry
[Millions of dollars]
Compensation
Wage and salary accruals
1997
1997
Total
4,651,280
4,984,194 5,299,765 3,885,977 4,192,775 4,475,142
Domestic industries
4,656,151
4,989,375 5,305,152 3,890,848 4,197,956 4,480,529
Private industries
3,773,522
4,075,046 4,351,977 3,226,590 3,505,274 3,756,128
Agriculture, forestry, and fishing
Farms
Agricultural services, forestry, and
fishing
42,881
17,563
46,493
25,318
Mining
Metal mining
35,245
3,190
5,653
21,429
4,973
Construction
37,483
15,138
40,863
18,675
49,947
19,446
16,222
43,790
16,575
27,818
30,501
22,345
24,641
27,215
36,036
34,461
29,792
2,907
5,206
20,888
5,460
2,678
4,717
18,181
4,216
30,587
2,481
4,666
18,948
4,492
29,290
2,956
5,569
22,234
5,277
220,889
243,014
268,836
189,456
210,384
233,781
Manufacturing
Durable goods
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electric
equipment
Motor vehicles and equipment
Other transportation equipment
Instruments and related products ...
Miscellaneous manufacturing
industries
Nondurable goods
Food and kindred products
Tobacco products
Textile mill products
Apparel and other textile products
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastics
products
Leather and leather products
852,365
529,924
25,817
16,535
23,487
36,042
61,786
110,141
895,122
925,153
584,774
28,820
121,946
714,638
443,497
21,741
13,866
19,431
29,637
51,357
93,957
755,391
472,581
23,075
15,065
20,634
30,427
54,094
100,604
783,049
494,007
24,481
16,003
21,628
30,819
56,122
104,579
85,705
58,375
49,100
48,777
91,567
61,774
52,454
51,731
97,885
65,430
52,553
54,059
71,809
48,371
40,137
41,372
77,237
51,601
43,364
44,104
82,848
54,866
43,585
46,160
14,159
322,441
62,478
2,928
18,878
19,855
33,383
14,729
334,257
64,923
2,706
18,843
19,441
11,819
271,141
52,659
2,375
16,102
16,754
28,437
54,831
57,901
8,116
12,376
282,810
55,034
2,188
16,141
16,467
28,977
58,020
61,798
12,916
289,042
56,561
2,170
15,687
15,697
29,679
60,187
64,430
8,211
Transportation and public utilities
Transportation
Railroad transportation
Local and interurban passenger
transit
Trucking and warehousingl
Water transportation
Transportation by air l
Pipelines, except natural gas
Transportation services
Coal mining
Oil and gas extraction
Nonmetallic minerals, except fuels
27,252
17,840
24,782
36,745
64,619
117,372
25,906
37,105
2,449
4,367
17,813
4,661
70,667
9,772
67,467
74,657
10,173
15,327
340,379
66,467
2,669
18,290
18,520
34,621
69,778
77,347
9,811
37,755
2,637
39,614
2,553
40,399
2,477
31,721
2,245
33,507
2,179
34,301
2,119
299,385
346,868
247,831
133,757
11,756
266,868
163,507
15,752
319,633
175,713
17,047
291,788
154,893
12,740
10,495
62,099
8,349
49,875
969
15,968
11,189
66,240
8,780
54,141
985
17,331
11,874
70,421
9,034
58,478
981
18,274
8,862
9,516
54,688
7,312
45,120
845
186,061
16,999
41,092
827
13,643
145,260
12,886
10,159
7,575
49,117
843
15,770
1. Reflects the reclassification of air couriers from trucking and warehousing to transportation by air.
2. Consists of museums, botanical and zoological gardens; engineering and management services; and services,
not elsewhere classified.
3. Includes Coast Guard.
[ foreign professional workers and undocumented Mexican migratory workers employed
Compensation
Wage and salary accruals
1997
1997
82,157
62,592
19,565
53,721
88,796
66,455
22,341
55,124
102,678
77,879
24,799
58,129
69,025
52,329
Wholesale trade
307,479
332,226
355,005
Retail trade
426,010
454,854
Finance, insurance, and real estate ..
Depository institutions
Nondepository institutions
Security and commodity brokers
Insurance carriers
Insurance agents, brokers, and
service
Real estate
Holding and other investment offices
377,552
87,566
29,516
79,430
78,125
34,456
47,750
20,709
Communications
Telephone and telegraph
Radio and television
Electric, gas, and sanitary services ..
Services
Hotels and other lodging places
Personal services
Business services
Auto repair, services, and parking ....
Miscellaneous repair services
Motion pictures
Amusement and recreation services .
Health services
Legal services
Educational services
Social services and membership
organizations
Social services
Membership organizations
Other services2
Private households
Government
Federal
General government
Civilian
Military3
Government enterprises
State and local
General government
Education
Other
Government enterprises
Rest of the world
Receipts from the rest of the world
Less, Payments to the rest of the world 4
Addenda:
Households and institutions
Nonfarm business
75,099
55,891
19,208
46,509
87,566
66,176
21,390
49,329
266,391
288,718
308,791
485,299
365,711
392,737
420,635
421,812
94,243
37,865
92,618
452,941
97,933
40,027
105,872
89,700
327,411
73,726
25,405
71,315
67,229
368,133
32,860
83,641
73,551
396,575
83,593
34,792
95,669
77,697
36,084
53,256
22,648
38,148
56,890
24,371
30,395
41,565
17,776
31,863
46,548
19,590
33,733
49,859
21,232
1,211,716 1,325,856 1,433,467
42,560
46,006
25,441
26,962
28,561
256,124 302,015 353,616
32,091
34,408
37,093
12,458
13,317
13,607
20,220
21,799
22,591
43,664
40,283
47,481
378,558 395,515 410,078
62,903
68,037
72,301
62,382
66,437
57,563
1,047,877
34,575
22,477
223,096
28,133
10,870
17,732
34,722
319,481
54,931
49,601
99,414
50,415
175,017
12,035
882,629
266,816
213,247
127,331
85,916
53,569
615,813
576,759
307,530
106,435
54,995
51,440
194,782
13,980
914,329
270,094
215,071
129,515
85,556
55,023
644,235
323,824
280,012
39,054
113,608
54,626
210,621
11,467
45,049
87,956
43,606
44,350
152,577
11,726
1,151,593 1,248,429
37,277
40,424
23,880
25,336
264,072 310,041
30,250
32,673
11,643
11,903
19,143
19,839
37,793
41,242
335,629 349,355
63,443
59,595
57,692
54,002
94,358
47,765
46,593
170,311
13,640
100,862
51,357
49,505
184,471
11,148
953,175
278,402
222,200
135,250
86,950
56,202
674,773
632,487
339,529
292,958
42,286
664,258
177,133
141,026
86,121
54,905
36,107
487,125
455,682
240,923
214,759
31,443
179,468
142,471
87,401
55,070
36,997
513,214
480,433
255,448
224,985
32,781
724,401
184,902
147,112
90,921
56,191
37,790
539,499
505,096
269,023
236,073
34,403
-4,871
1,802
6,673
-5,181
1,934
7,115
-5,387
2,208
7,595
-4,871
1,802
6,673
-5,181
1,934
7,115
-5,387
2,208
7,595
363,230
3,485,352
385,149
3,766,644
401,727
4,029,292
temporarily in the United States.
NOTE.-Estimates in this table are based on the 1987 Standard Industrial Classification (SIC).
Compensation equals wage and salary accruals plus supplements to wages and salaries. "Supplements" are listed
in table 8.17 of the August 2000 SURVEY OF CURRENT BUSINESS.
D-34
National Data
July 2001
SURVEY OF CURRENT BUSINESS
Table B.8.—Employment by Industry
[Thousands]
Full-time and part-time
Persons engaged in
production *
Full-time and part-time
employees
1997
1998
1997
1998
Total
130,118
133,433
126,790
129,711
132,216
Domestic industries
130,640
133,964
136,915
127,237
130,166
132,689
Private industries
108,587
111,684
114,358
108,802
111,559
113,919
2,130
2,182
880
1,302
2,288
923
1,365
3,315
3,340
1,705
1,635
3,384
1,693
1,691
Agriculture, forestry, and fishing
Farms
Agricultural services, forestry, and fishing
876
1,254
601
54
97
340
110
Mining
Metal mining
Coal mining
Oil and gas extraction
Nonmetallic minerals, except fuels
595
49
93
341
112
5,965
Construction
Manufacturing
Durable goods
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electric equipment
Motor vehicles and equipment
Other transportation equipment
Instruments and related products
Miscellaneous manufacturing industries
Nondurable goods
Food and kindred products
Tobacco products
Textile mill products
Apparel and other textile products
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastics
products
Leather and leather products
18,772
11,059
821
514
555
710
Transportation and public utilities
Transportation
Railroad transportation
Local and interurban passenger transit
Trucking and warehousing2
Water transportation
Transportation by air 2
1,485
2,170
1,695
983
857
865
404
7,713
1,694
41
617
18,922
11,265
54
95
345
603
49
93
350
111
545
45
86
304
110
6,707
7,255
7,605
8,026
698
715
1,515
2,212
1,709
1,530
2,142
1,669
1,024
874
854
407
7,489
1,694
37
872
406
7,657
1,694
40
559
597
770
1,579
1,037
137
679
1,594
1,043
136
1,575
1,039
130
1,000
92
1,017
87
1,010
79
6,466
4,175
220
457
1,709
182
1,140
6,674
4,339
223
473
1,777
185
1,198
4,479
222
491
1,846
187
1,245
18,776
11,132
864
531
563
706
1,481
2,168
1,684
976
854
860
445
7,644
1,676
40
619
831
678
1,562
1,024
135
6,472
4,283
208
481
1,880
178
1,067
18,932
11,344
895
543
569
711
1,512
2,212
902
864
441
7,588
1,672
775
672
1,578
1,029
135
18,655
11,221
915
563
571
697
1,518
2,136
1,655
1,019
872
841
434
7,434
1,677
36
555
708
664
1,556
1,028
130
1,005
85
1,000
6,650
4,435
211
486
1,954
185
1,122
6,852
4,565
210
504
2,018
184
1,163
1. Equals the number of full-time equivalent employees plus the number of self-employed persons. Unpaid family
workers are not included.
2. Reflects the reclassification of air couriers from trucking and warehousing to transportation by air.
nofelsewhS d a S f f i ™ '
b
° t a n i C a ' **
Z Ol 9iCal
°
°
^
^
enQineering
^
Wholesale trade
Retail trade
540
44
87
296
113
18,665
11,176
857
551
570
839
534
566
1,814
1,501
1997
Pipelines, except natural gas
Transportation services
Communications
Telephone and telegraph
Radio and television
Electric, gas, and sanitary services
m a n a g e m e n t SerViCeS; a n d ServiceS
'
Finance, insurance, and real estate
Depository institutions
Nondepository institutions
Security and commodity brokers
Insurance carriers
Insurance agents, brokers, and service
Real estate
Holding and other investment offices ...
Services
Hotels and other lodging places
Personal services
Business services
Auto repair, services, and parking
Miscellaneous repair services
Motion pictures
Amusement and recreation services
Health services
Legal services
Educational services
Social services and membership
organizations
Social services
Membership organizations
Other services3
Private households
Government
Federal
General government
Civilian
Military4
Government enterprises
State and local
General government
Education
Other
Government enterprises
Rest of the world 5
14
453
1,420
1,003
417
1998
13
470
1,475
1,044
431
Persons engaged in
production2
1997
13
475
1,556
1,109
447
14
455
1,323
13
464
1,363
958
405
852
13
473
1,426
1,013
413
6,922
7,024
871
6,917
7,001
23,003
23,583
20,258
20,417
7,257
2,033
574
630
1,526
767
1,481
246
7,536
2,047
662
681
1,575
787
1,534
250
7,723
2,053
710
727
1,609
795
1,571
258
7,425
1,927
563
679
1,462
875
7,826
1,684
235
7,634
1,934
643
732
1,502
880
1,706
237
38,010
1,833
1,326
8,147
1,248
389
569
1,664
10,038
1,084
2,183
39,556
1,874
1,340
8,780
1,276
395
593
1,726
10,217
1,112
2,272
40,952
1,936
1,365
9,449
1,331
391
618
1,783
10,349
1,138
2,350
37,959
39,456
1,665
1,789
8,260
1,511
582
610
1,485
9,402
1,200
2,006
1,701
1,804
8,988
1,523
591
645
1,494
9,521
1,223
2,101
40,619
1,760
1,833
9,577
1,561
553
664
1,547
9,638
1,216
2,164
4,951
2,622
2,329
3,345
1,233
5,155
2,751
2,404
3,536
1,280
5,350
2,861
2,489
3,641
1,251
4,818
2,881
1,937
3,797
834
4,992
2,993
1,999
3,991
5,157
3,087
2,070
4,087
862
22,053
5,265
4,275
1,899
2,376
990
16,788
15,954
8,736
7,218
834
22,280
5,194
4,200
1,878
2,322
994
17,086
16,244
8,947
7,297
842
22,557
5,139
4,147
1,856
2,291
992
17,418
16,564
9,164
7,400
854
18,435
4,269
3,476
1,869
1,607
793
14,166
13,304
7,070
6,234
18,607
4,208
3,417
1,846
1,571
791
13,529
7,228
6,301
870
18,770
4,157
3,367
1,818
1,549
790
14,613
13,737
7,373
6,364
876
-522
-531
-552
-447
-455
-473
6,750
22,636
1,932
692
796
1,527
873
1,762
244
4. Includes Coast Guard.
5. Includes estimates of foreign professional workers and undocumented Mexican migratory workers employed
temporarily in the United States.
NOTE.-Estimates in this table are based on the 1987 Standard Industrial Classification (SIC).
July 2001
National Data •
SURVEY OF CURRENT BUSINESS
D-35
Table B.9.—Wage and Salary Accruals Per Full-Time Equivalent Employee and Full-Time Equivalent Employees by Industry
Wage and salary accruals
per full-time equivalent
Full-time equivalent employ-
Dollars
1997
Total
Domestic industries
33,343
Private industries
32,838
Wage and salary accruals
per full-time equivalent
Thousands
1999
Dollars
1997
1998
1999
35,124
36,653
116,246
119,370
122,095
35,034
36,555
116,693
119,825
122,568
34,631
36,187
98,258
101,218
103,798
Agriculture, forestry, and fishing
Farms
Agricultural services, forestry, and fishing
20,449
20,701
21,288
1,833
1,974
2,057
20,157
20,652
21,515
20,198
20,954
21,497
751
1,082
754
1,220
791
1,266
Mining
Metal mining
Coal mining
Oil and gas extraction
Nonmetallic minerals, except fuels
50,581
49,593
49,653
54,598
39,402
52,465
50,633
51,275
56,731
41,211
55,369
55,659
51,376
61,424
42,373
583
49
91
334
109
529
54
95
333
107
Construction
32,932
34,625
36,127
5,753
6,076
6,471
Manufacturing
Durable goods
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electric equipment
Motor vehicles and equipment
Other transportation equipment
Instruments and related products
Miscellaneous manufacturing industries
Nondurable goods
Food and kindred products
Tobacco products
Textile mill products
Apparel and other textile products
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastics
products
Leather and leather products
38,941
40,770
27,382
27,622
35,719
42,038
35,152
43,987
42,871
40,830
42,617
28,278
28,860
36,978
42,855
36,280
46,212
45,729
52,175
42,862
44,902
29,040
29,635
38,621
44,536
37,192
49,728
50,333
53,949
50,329
55,215
33,118
39,775
34,176
60,278
28,470
23,255
44,900
41,083
18,352
10,878
794
502
544
705
1,461
18,501
11,089
816
522
558
710
1,491
2,177
1,689
989
891
858
388
7,412
1,648
18,269
11,002
843
540
560
692
1,509
2,103
1,646
1,017
Transportation and public utilities
Transportation
Railroad transportation
Local and interurban passenger transit
Trucking and warehousing2
Water transportation
Transportation by air 2
1997
Pipelines, except natural gas
Transportation services
Communications
Telephone and telegraph
Radio and television
Electric, gas, and sanitary services
1,675
974
47,276
48,616
30,540
36,278
31,895
59,375
26,354
20,838
42,129
37,427
56,766
60,119
51,403
31,897
38,156
33,394
56,103
27,311
22,103
43,185
39,256
60,350
63,425
32,237
25,225
33,574
25,940
34,508
27,882
984
41,059
42,898
35,991
61,071
22,028
32,945
42,266
40,430
45,422
37,189
60,667
22,676
34,042
43,286
42,379
6,036
34,429
56,519
21,201
31,740
40,524
63,651
849
851
387
7,474
1,651
40
611
804
675
1,465
1,020
135
3,885
208
418
1,597
170
1,062
39
591
745
671
1,478
1,024
134
44
85
290
110
7,267
1,655
36
551
675
661
1,025
129
6,424
4,165
210
448
1,724
175
1,159
1. Full-time equivalent employees equals the number of employees on full-time schedules plus the number of
employees on part-time schedules converted to a full-time basis. The number of full-time equivalent employees in
each industry is the product of the total number of employees and the ratio of average weekly hours per employee
for all employees to average weekly hours per employee on full-time schedules.
2. Reflects the reclassification of air couriers from trucking and warehousing to transportation by air.
3. Consists of museums, botanical and zoological gardens; engineering and management services; and services,
59,071
32,796
53,425
57,315
44,053
52,444
65,000
34,555
56,086
58,957
49,125
54,975
41,224
43,606
64,846
36,170
62,148
65,847
52,946
58,034
1997
1998
14
416
1,292
913
379
13
431
1,339
948
391
846
6,462
6,621
13
436
1,409
1,005
404
Finance, insurance, and real estate
Depository institutions
Nondepository institutions
Security and commodity brokers
Insurance carriers
Insurance agents, brokers, and service
Real estate
Holding and other investment offices ..,
Services
Hotels and other lodging places
Personal services
Business services
Auto repair, services, and parking
Miscellaneous repair services
Motion pictures
Amusement and recreation services
Health services
Legal services
Educational services
Social services and membership
organizations
Social services
Membership organizations
Other services3
Private households
6,734
19,495
20,602
21,414
18,759
19,063
48,170
38,279
46,444
118,661
45,984
41,982
31,924
75,643
52,403
41,492
52,325
129,475
48,969
43,116
34,660
82,658
55,357
43,402
51,928
139,459
50,882
45,401
36,447
87,016
6,797
1,926
547
601
1,462
724
1,302
235
7,025
1,930
628
646
1,502
739
1,343
237
31,116
21,569
19,360
29,647
23,801
30,194
32,759
22,633
20,306
32,326
34,197
23,626
21,008
35,244
25,666
32,522
40,488
28,462
37,776
62,629
27,965
33,677
1,603
•1,161
7,525
1,182
360
447
1,360
8,989
963
1,901
35,154
1,647
1,176
8,169
1,215
368
468
1,392
9,122
989
1,992
36,507
1,711
1,206
8,797
1,273
366
490
1,449
9,248
1,013
2,063
21,884
20,227
23,915
4,241
2,304
1,937
3,111
834
4,429
2,430
1,999
3,305
882
4,609
2,539
2,070
3,420
862
18,435
4,269
3,476
1,869
1,607
793
14,166
13,304
7,070
6,234
862
18,607
4,208
3,417
1,846
1,571
791
14,399
13,529
7,228
6,301
870
18,770
4,157
3,367
1,818
1,549
790
14,613
13,737
7,373
6,364
876
-447
-455
-473
25,531
35,541
57,042
26,092
20,739
31,639
40,904
27,150
36,793
60,258
27,109
22,896
49,044
14,060
21,305
19,656
23,308
51,531
15,465
36,032
41,493
40,571
46,079
34,166
45,532
34,387
34,252
34,077
34,450
36,477
37,227
42,649
41,695
47,346
35,054
46,772
35,642
35,511
35,341
35,706
37,679
12,933
19,643
7,164
1,926
670
686
1,527
743
1,368
244
1,465
994
76
6,221
4,036
211
432
1,660
173
1,116
Thousands
1999
850
Wholesale trade
Retail trade
2,136
Full-time equivalent employ-
Government
Federal
General government
Civilian ....
Military4 ..
Government enterprises
State and local
General government
Education
Other
Government enterprises
Rest of the world 5
44,480
43,692
50,012
36,276
47,835
36,769
37,095
39,273
not elsewhere classified,
4. Includes Coast Guard,
5. Includes estimates of foreign professional workers and undocumented Mexican migratory workers employed
temporarily in the United States.
NOTE.—Estimates in this table are based on the 1987 Standard Industrial Classification (SIC).
D—36 • National Data
July 2001
SURVEY OF CURRENT BUSINESS
Table B.10.—Farm Sector Output, Gross Product, and National Income
Table B.11.—Housing Sector Output, Gross Product, and National
Income
Billions of dollars
Billions of chained (1996)
dollars
Billions of dollars
dollars
1997
Farm output .
Cash receipts from farm marketings .
Crops
Livestock
Farm housing
Farm products consumed on farms ..
Other farm income
Change in farm inventories
Crops
....
Livestock
1998
1997
1997
1998
226.3
214.6
208.4
237.5
238.4
243.9
208.6
112.0
96.6
198.2
190.7
95.3
95.4
7.0
.5
220.5
122.2
98.3
5.9
.5
224.3
123.7
100.6
5.7
.5
7.8
104.0
94.2
6.7
.5
8.6
218.7
121.2
2.9
3.3
-.4
9.6
1.2
1.5
-.3
12.4
0
.9
-.7
-.3
10.4
-0.2
.5
-.7
97.6
6.0
.5
8.2
3.2
3.5
-.4
138.1
133.9
134.2
134.4
138.0
138.4
122.1
16.0
118.8
15.1
120.1
14.1
119.0
15.5
122.4
15.7
124.0
14.4
88.3
80.8
74.2
103.6
100.2
106.3
Less: Consumption of fixed capital
26.3
27.4
29.2
25.9
26.6
28.1
Equals: Net farm product
61.9
53.4
45.0
78.1
73.5
78.2
Less: Intermediate goods and services purchased .
Intermediate goods and services, other than
rent
Rent paid to nonoperator landlords
Equals: Gross farm product
Less: Indirect business tax and nontax liability
Plus: Subsidies to operators
Equals: Farm national income .
Compensation of employees ...
Wage and salary accruals
6.4
.5
5.2
6.3
5.2
10.3
5.6
17.6
.ess: Intermed
consumed ..
1998
1999
1997
1998
1999
778.0
823.2
868.7
756.1
775.5
795.0
771.6
585.5
186.1
6.4
816.6
622.7
193.8
6.7
861.7
661.1
200.6
7.0
750.1
569.0
181.0
6.0
769.6
586.7
182.9
5.9
789.4
605.7
183.7
5.7
106.0
115.4
118.6
102.0
107.9
107.1
Equals: Gross housing product
Nonfarm housing
Owner-occupied
Tenant-occupied
Farm housing
672.0
666.7
504.0
162.6
5.3
707.9
702.3
534.0
168.3
5.6
750.2
744.3
570.8
173.5
5.9
654.0
649.0
.490.3
158.7
5.0
667.6
662.6
503.3
159.4
5.0
687.9
683.1
523.6
159.5
4.8
Less: Consumption of fixed capital
Capital consumption allowances
Less: Capital consumption adjustment
126.5
67.6
-58 8
133.7
72.0
-61 7
143.7
77.5
-662
122.7
125.8
130.1
Equals: Net housing product
545.5
574.2
606.5
531.3
541.7
557.8
Less: Indirect business tax and nontax liability
plus business transfer payments
1242
129 9
1356
63.1
17.6
15.1
2.4
58.5
18.7
16.2
2.5
56.9
19.4
16.6
2.9
Equals: Housing national income
35.8
29.7
6.1
9.7
29.8
25.4
4.4
10.0
27.2
25.3
1.9
10.3
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.
Nonfarm housing...
Owner-occupied
Tenant-occupied
Farm housing
Plus: Subsidies less current surplus of
government enterprises
Proprietors' income and corporate profits with
inventory valuation and capital consumption
Proprietors' income
Corporate profits
Net interest
Housing output
l
Compensation of employees
Proprietors' income with inventory
valuation adjustment and capital
consumption adjustment
Rental income of persons with
capital consumption adjustment
Corporate profits with inventory
valuation adjustment and capital
consumption adjustment
Net interest
23.7
23.7
242
445.0
468.0
495.2
8.8
9.5
10.1
21.3
20.7
20.2
109.0
119.0
126.4
4.7
301.2
4.5
314.4
4.4
334.1
1. Equals personal consumption expenditures for housing less expenditures for other housing as shown in table
B.4.
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.
July 2001
National Data
SURVEY OF CURRENT BUSINESS
D-37
Table B.12.—Net Stock of Private Fixed Assets; Equipment, Software, and Structures; by Type
[Yearend estimates]
Current-cost valuation (Billions of dollars)
Chain-type quantity indexes (1996=100)
1994
1995
1996
1997
1998
1999
15,203.7
15,908.5
16,722.5
17,653.1
18,670.3
19,882.3
94.99
97.30
3,051.1
3,243.8
3,416.3
3,585.3
3,797.0
4,080.7
90.55
94.93
2,992.4
3,182.8
3,352.2
3,519.8
3,729.4
4,010.9
90.51
94.90
802.8
86.4
142.9
334.7
153.7
65.7
850.2
93.6
158.3
344.3
165.1
68.8
20.1
906.0
974.8
112.2
200.7
388.2
1,050.0
1,182.5
141.8
449.3
201.4
69.5
23.7
83.43
53.99
81.69
88.04
90.26
97.04
94.59
90.81
71.80
89.64
93.40
95.07
99.22
97.17
1,010.7
90.3
55.2
49.2
5.9
193.7
225.0
213.4
233.1
1,075.1
1,119.1
95.6
98.7
57.3
50.4
6.9
Transportation equipment
Trucks, buses, and truck trailers
Autos
Aircraft
Ships and boats
Railroad equipment
604.3
206.7
142.3
137.4
650.5
234.1
150.0
143.6
46.1
Other equipment
Furniture and fixtures
Household furniture
Other furniture
Tractors
Farm tractors
Construction tractors
Agricultural machinery, except tractors
Construction machinery, except tractors
Mining and oilfield machinery
Service industry machinery
Electrical equipment, n.e.c
Household appliances
Other
Other nonresidential equipment
Private fixed assets
Equipment and software
Nonresidential equipment and software
Information processing equipment and software
Computers and peripheral equipment
Software1
Communication equipment
Instruments
Photocopy and related equipment
Office and acccounting equipment
101.5
173.7
363.8
175.0
1995
1996
1997
1998
1999
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100,00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
102.96
106.37
110.15
105.94
113.06
121.98
105.98
113.17
122.17
111.57
142.35
116.26
108.02
104.07
99.34
105.39
125.69
202.40
139.38
117.02
109.22
97.55
105.62
145.38
292.07
168.53
131.68
115.11
98.63
115.47
102.97
100.28
100.11
99.28
106.25
103.54
103.09
102.69
104.29
106.04
100.60
100.76
99.49
110.27
106.90
106.05
106.14
108.48
109.26
103.63
102.02
99.56
120.27
110.90
108.84
109.21
112.13
104.95
111.12
101.49
101.57
99.16
101.34
111.52
124.62
101.77
107.17
98.12
104.17
121.39
142.43
104.06
117.00
98.86
108.43
104.58
104.92
100.37
105.16
106.36
105.88
108.56
102.00
104.53
106.90
103.58
106.49
99.49
106.97
104.39
110.35
111.11
102.51
111.56
112.71
111.54
117.98
104.30
111.57
113.87
107.60
115.20
100.56
116.20
110.33
114.82
115.38
108.10
115.76
112.81
111.64
118.10
106.21
115.60
121.91
112.42
122.18
106.00
123.29
117.75
103.62
107.52
112.35
102.21
104.73
107.30
102.04
104.39
106.54
102.71
101.24
102.63
103.19
102.63
103.20
101.88
104.61
102.61
104.49
105.90
105.12
100.35
105.70
102.70
106.15
106.24
106.13
106.24
104.11
110.06
105.09
109.25
112.61
109.90
100.43
108.55
103.31
109.87
109.35
109.43
109.35
106.69
114.93
107.32
114.18
119.47
115.10
100.40
100.88
99.54
102.15
101.01
101.34
99.85
102.40
99.30
104.55
102.31
105.61
100.34
103.64
98.72
107.43
103.31
108.43
101.36
99.42
101.65
101.82
100.25
101.40
99.01
102.56
102.94
103.19
98.14
102.55
103.01
98.69
105.30
102.31
104.94
107.78
102.25
102.20
102.38
100.94
104.68
102.65
100.33
104.87
104.76
105.18
101.92
110.15
105.33
101.11
107.67
107.52
108.19
103.09
114.50
108.42
102.74
21.6
117.8
240.1
411.1
191.2
68.3
21.4
1,156.9
98.6
58.5
51.2
7.3
227.8
262.1
243.0
266.8
1,198.7
98.7
59.3
51.6
7.7
236.8
273.3
253.7
276.9
1,240.8
101.2
60.9
52.4
8.5
246.5
282.7
261.9
287.5
94.31
97.12
99.88
101.07
91.07
92.82
93.44
94.55
93.89
97.07
98.06
99.36
99.89
95.40
96.54
96.72
97.21
96.87
716.5
283.0
159.9
149.6
46.9
767.5
323.1
159.4
840.3
369.1
161.9
178.2
48.1
83.1
90.93
95.20
45.9
76.9
690.4
260.8
159.0
147.1
46.5
77.1
92.01
99.48
104.28
98.60
95.59
100.14
101.57
99.38
574.6
159.2
8.6
150.6
56.0
45.7
10.3
69.6
72.4
16.3
60.4
41.8
2.8
39.0
607.1
169.7
8.8
160.9
57.9
47.6
10.3
72.6
76.8
16.5
64.6
43.4
2.9
40.5
105.5
636.8
178.2
9.0
169.2
59.3
48.6
10.6
74.9
82.1
16.6
68.8
44.7
2.9
41.9
112.2
671.6
189.3
9.1
180.2
63.4
51.7
11.7
77.2
87.2
18.1
72.1
46.9
2.8
44.1
117.4
713.2
93.97
93.83
99.53
93.53
96.40
95.85
98.92
97.33
92.56
104.08
91.85
93.21
100.89
92.69
91.78
96.73
96.85
99.47
96.71
98.45
98.53
98.06
98.44
95.48
101.57
95.61
96.01
100.22
95.72
95.68
58.7
61.0
64.1
65.5
67.5
92.87
96.41
12,152.6
12,664.6
13,306.3
14,067.9
14,873.3
15,801.6
96.16
97.92
4,739.1
4,941.4
5,175.0
5,487.0
5,749.0
6,035.7
96.97
98.31
Nonresidential buildings, excluding farm
Industrial buildings
Office buildings2
Commercial buildings
Mobile structures
Other commercial3
Religious buildings
Educational buildings
Hospital and institutional buildings
Other
Hotels and motels
Amusement and recreational buildings
Other nonfarm buildings4
2,992.3
673.6
3,285.6
729.2
756.3
843.8
8.6
835.2
145.7
137.9
327.7
345.1
177.5
81.4
72.5
86.6
73.0
92.7
75.0
3,498.9
765.4
804.9
902.7
8.9
893.7
153.9
149.7
348.7
373.6
194.8
101.0
77.7
3,742.2
807.4
865.6
965.4
9.3
956.1
163.5
163.7
371.1
405.4
215.3
109.8
80.3
3,990.8
843.4
930.6
156.2
3,125.1
700.4
723.1
796.6
8.3
788.4
140.2
129.2
311.9
323.7
164.1
1,032.1
9.9
1,022.1
174.1
177.5
393.6
439.6
237.5
119.4
82.7
95.81
97.21
96.56
94.55
96.45
94.53
97.69
93.35
95.68
94.61
92.61
92.37
102.11
97.71
98.67
98.17
96.99
97.98
96.98
98.82
96.23
97.81
96.46
95.07
96.01
100.32
Utilities
Railroad
Telecommunications
Electric light and power
Gas
Petroleum pipelines
1,148.4
281.6
204.4
460.6
160.3
41.5
1,190.2
287.5
219.3
478.0
163.7
41.7
1,229.0
299.2
235.3
483.4
168.9
42.1
1,264.7
301.2
239.5
503.9
176.7
43.4
1,285.4
295.3
243.9
515.0
186.9
44.3
1,310.8
287.2
250.4
530.3
197.1
45.9
98.49
101.50
95.84
98.50
96.43
100.14
99.13
100.62
97.94
99.19
97.83
99.97
197.1
272.5
240.4
32.1
128.7
200.0
287.3
254.5
32.8
138.7
204.4
311.2
277.4
33.8
144.8
210.7
360.8
325.5
35.2
152.1
218.1
346.0
309.8
36.2
157.2
224.5
345.2
307.8
37.4
164.3
101.44
101.13
101.31
99.78
95.42
100.53
100.06
100.12
99.54
98.21
7,413.5
7,723.3
8,131.2
8,580.8
9,124.3
9,765.9
95.65
97.67
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
6,058.9
6,301.5
6,169.1
5,383.9
785.2
132.4
1,392.8
6,624.6
6,483.0
5,663.1
819.9
141.6
1,477.1
29.6
6,995.2
7,450.6
7,289.6
6,335.3
954.3
161.0
1,641.8
31.9
7,984.1
7,812.7
6,817.4
995.3
171.4
1,748.0
33.8
95.77
95.86
95.46
98.67
91.43
95.00
100.94
97.75
97.80
97.59
99.23
95.46
97.25
100.33
100.00
100.00
100.00
100.00
100.00
100.00
100.00
Industrial equipment
Fabricated metal products
Engines and turbines
Steam engines
Internal combustion engines
Metalworking machinery
Special industry machinery, n.e.c
General industrial, including materials handling, equipment
Electrical transmission, distribution, and industrial apparatus
Residential equipment
Structures
Nonresidential structures
Farm related buildings and structures
Mining exploration, shafts, and wells
Petroleum and natural gas
Other mining
Other nonfarm structures5
Residential structures
Housing units
Permanent site
1-to-4-unit
5-or-more-unit
Manufactured homes
Improvements
Other residential6
19.5
71.8
757.9
7.7
750.2
135.3
122.5
298.2
310.2
5,936.8
5,170.2
766.6
122.1
1,326.1
28.6
71.5
20.5
55.8
49.5
6.4
209.2
240.5
225.3
248.7
28.9
219.2
253.1
234.9
255.9
1. Excludes software "embedded" or bundled in computers and other equipment.
2. Consists of office buildings, except those occupied by electric and gas utility companies.
3. Consists primarily of stores, restaurants, garages, service stations, warehouses, and other buildings used for
commercial purposes
„ . , , . . ,
4. Consists of buildings not elsewhere classified, such as passenger terminals, greenhouses, and animal hospitals.
5. Consists primarily of streets, dams, reservoirs, sewer and water facilities, parks, and airfields.
181.9
70.2
77.1
6,845.0
5,959.4
885.6
150.2
1,555.1
30.5
159.0
46.8
79.2
200.3
9.3
191.1
67.9
54.9
13.0
79.9
94.9
19.4
75.4
50.3
2.8
47.5
125.1
296.8
747.2
209.0
9.8
199.1
68.3
55.1
13.2
82.3
100.1
21.1
79.0
52.6
3.0
49.6
135.0
6. Consists primarily of dormitories and of fraternity and sorority houses.
NOTE.-The data in this table are from "Fixed Assets and Consumer Durable Goods for 1925-99" in the Septemt>er 2000 SURVEY OF CURRENT BUSINESS
n.e.c. Not elsewhere classified.
D-38
National Data
July 2001
SURVEY OF CURRENT BUSINESS
C. Historical Measures
This table is derived from the "GDP and Other Major NIPA Series" tables that were published in the August 2000
issue of the SURVEY OF CURRENT BUSINESS and from the "Selected NIPA Tables" that are published in this issue.
(Changes in prices are calculated from indexes expressed to three decimal places.)
Table C.1.-GDP and Other Major NIPA Aggregates
[Quarterly estimates are seasonally adjusted at annual rates]
Percent change from preceding
period
Billions of chained (1996) dollars
Year and
quarter
Chain-type price indexes
Implicit price deflators
Percent change from preceding period
Implicit price deflators
Chain-type price index
Gross domestic
product
Final sales of
domestic
product
1959
2,319.0
2,317.4
2,332.8
1960
1961
1962
1963
1964
2,376.7
2,432.0
2,578.9
2,690.4
2,846.5
2,378.5
2,435.5
2,569.5
2,683.6
2,844.1
2,391.9
2,448.8
2,598.0
2,710.8
2,868.5
1965
1966
1967
1968
1969
3,028.5
3,227.5
3,308.3
3,466.1
3,571.4
3,008.5
3,191.1
3,288.2
3,450.0
3,555.9
1970
1971
1972
1973
1974
3,578.0
3,697.7
3,898.4
4,123.4
4,099.0
1975
1976
1977
1978
1979
Gross national
Gross domestic
product
product
Final sales of
domestic
product
Gross domestic
product
7.2
6.3
21.88
21.41
21.88
21.88
1.1
1.1
1.1
1.1
2.5
2.3
6.0
4.3
5.8
2.6
2.4
5.5
4.4
6.0
22.19
22.43
22.74
22.99
23.34
21.71
21.94
22.23
22.50
22.85
22.19
22.44
22.74
23.00
23.34
22.18
22.43
22.74
22.99
23.34
1.4
1.1
1.4
1.1
1.5
1.4
1.1
1.3
1.2
1.6
1.4
1.1
1.4
1.1
1.5
1.4
1.1
1.4
1.1
1.5
3,051.7
3,248.9
3,330.4
3,489.8
3,594.1
6.4
6.6
2.5
4.8
3.0
5.8
6.1
3.0
4.9
3.1
23.77
24.45
25.21
26.29
27.59
23.26
23.91
24.61
25.66
26.92
23.78
24.46
25.21
26.30
27.59
23.77
24.45
25.21
26.29
27.59
1.9
2.8
3.1
4.3
4.9
1.8
2.8
2.9
4.3
4.9
1.9
2.9
3.1
4.3
4.9
1.9
2.9
3.1
4.3
4.9
3,588.6
3,688.1
3,887.7
4,094.3
4,080.7
3,600.6
3,722.9
3,925.7
4,161.0
4,142.3
.2
3.3
5.4
5.8
-.6
.9
2.8
5.4
5.3
-.3
29.05
30.52
31.81
33.60
36.60
28.37
29.84
31.17
32.99
36.35
29.06
30.52
31.82
33.60
36.62
29.05
30.52
31.82
33.60
36.62
5.3
5.0
4.2
5.6
9.0
5.4
5.2
4.5
5.8
10.2
5.3
5.0
4.3
5.6
9.0
5.3
5.1
4.2
5.6
9.0
4,084.4
4,311.7
4,511.8
4,760.6
4,912.1
4,118.5
4,288.8
4,478.8
4,722.9
4,894.4
4,117.7
4,351.4
4,556.6
4,805.3
4,973.9
-.4
5.6
4.6
5.5
3.2
.9
4.1
4.4
5.5
3.6
40.03
42.29
45.02
48.22
52.24
39.69
41.93
44.80
48.02
52.26
40.03
42.30
45.02
48.23
52.25
40.03
42.31
45.03
48.24
52.26
9.4
5.7
6.4
7.1
8.3
9.2
5.7
6.8
7.2
8.8
9.3
5.7
6.4
7.1
8.3
9.3
5.7
6.4
7.1
8.3
1980
1981
1982
1983
1984
4,900.9
5,021.0
4,919.3
5,132.3
5,505.2
4,928.1
4,989.5
4,954.9
5,154.5
5,427.9
4,962.3
5,075.4
4,973.6
5,184.9
5,553.8
_p
2!5
-2.0
4.3
7.3
.7
1.2
-.7
4.0
5.3
57.05
62.37
66.26
68.87
71.44
57.79
63.05
66.71
69.05
71.46
57.04
62.37
66.25
68.88
71.44
57.05
62.38
66.26
68.89
71.45
9.2
9.3
6.2
3.9
3.7
10.6
9.1
5.8
3.5
3.5
9.2
9.3
6.2
4.0
3.7
9.2
9.3
6.2
4.0
3.7
1985
1986
1987
1988
1989
5,717.1
5,912.4
6,113.3
6,368.4
6,591.8
5,698.8
5,912.6
6,088.8
6,352.6
6,565.4
5,750.9
5,932.5
6,130.8
6,391.1
6,615.5
3.8
3.4
3.4
4.2
3.5
5.0
3.8
3.0
4.3
3.3
73.69
75.32
77.58
80.22
83.27
73.56
75.22
77.70
80.36
83.45
73.69
75.31
77.58
80.21
83.27
73.70
75.32
77.58
80.22
83.28
3.2
2.2
3.0
3.4
3.8
2.9
2.3
3.3
3.4
3.8
3.2
2.2
3.0
3.4
3.8
3.2
2.2
3.0
3.4
3.8
1990
1991
1992
1993
1994
6,707.9
6,676.4
6,880.0
7,062.6
7,347.7
6,695.6
6,681.5
6,867.7
7,043.8
7,285.8
6,740.0
6,703.4
6,905.8
7,087.8
7,364.3
1.8
-.5
3.0
2.7
4.0
2.0
-.2
2.8
2.6
3.4
86.53
89.66
91.85
94.05
96.01
86.85
89.81
92.03
94.14
96.06
86.51
89.66
91.84
94.05
96.01
86.53
89.67
91.84
94.06
96.02
3.9
3.6
2.4
2.4
2.1
4.1
3.4
2.5
2.3
2.0
3.9
3.6
2.4
2.4
2.1
3.9
3.6
2.4
2.4
2.1
1995
1996
1997
1998
1999 . .
7,543.8
7,813.2
8,159.5
8,515.7
8,875.8
7,512.2
7,783.2
8,095.2
8,435.2
8,826.9
7,564.0
7,831.2
8,168.1
8,515.1
8,868.3
2.7
3.6
4.4
4.4
4.2
3.1
3.6
4.0
4.2
4.6
98.10
100.00
101.95
103.23
104.77
98.20
100.00
101.64
102.45
104.08
98.10
100.00
101.95
103.22
104.77
98.11
100.00
101.93
103.19
104.73
2.2
1.9
1.9
1.3
1.5
2.2
1.8
1.6
.8
1.6
2.2
1.9
1.9
1.3
1.5
2.2
1.9
1.9
1.2
1.5
2000
9,318.5
9,250.9
9,316.6
5.0
4.8
106.99
106.58
106.92
106.89
2.1
2.4
2.0
2.1
1959:1
||
Ill
IV
2,273.0
2,332.4
2,331.4
2,339.1
2,275.1
2,314.9
2,344.3
2,335.5
2,286.2
2,345.5
2,345.5
2,354.1
8.6
10.9
-.2
1.3
9.1
7.2
5.2
-1.5
21.79
21.84
21.90
21.99
21.33
21.37
21.43
21.52
21.83
21.83
21.88
21.98
21.82
21.83
21.88
21.98
.9
.9
1.2
1.7
1.2
.9
1.1
1.7
.1
.1
.9
1.8
.1
.1
.9
1.8
1960: I
III
IV
2,391.0
2,379.2
2,383.6
2,352.9
2,360.4
2,382.7
2,380.0
2,391.1
2,405.4
2,393.9
2,398.9
2,369.3
9.2
-2.0
.7
-5.0
4.3
3.8
-.5
1.9
22.04
22.14
22.23
22.33
21.57
21.66
21.76
21.86
22.08
22.15
22.23
22.30
22.07
22.15
22.23
22.29
.9
1.7
1.8
1.8
.8
1.8
1.8
1.9
1.7
1.4
1.5
1.2
1.8
1.3
1.5
1.1
1961: I
||
III
IV
2,366.5
2,410.8
2,450.4
2,500.4
2,392.9
2,418.3
2,437.7
2,493.2
2,383.7
2,427.1
2,467.2
2,517.5
2.3
7.7
6.8
8.4
.3
4.3
3.2
9.4
22.36
22.40
22.45
22.51
21.88
21.91
21.96
22.01
22.35
22.40
22.46
22.53
22.34
22.39
22.45
22.53
.5
.7
.9
1.0
.4
.5
.9
.9
1.0
.8
1.1
1.4
1.0
.8
t.1
1.4
1962:
I
||
III
IV
2,544.0
2,571.5
2,596.8
2,603.3
2,522.5
2,564.6
2,586.2
2,604.6
2,561.0
2,590.3
2,615.7
2,625.1
7.2
4.4
4.0
1.0
4.8
6.8
3.4
2.9
22.64
22.71
22.77
22.84
22.13
22.20
22.26
22.34
22.67
22.71
22.76
22.83
22.67
22.70
22.75
22.83
2.4
1.1
1.1
1.4
2.2
1.3
1.0
1.4
2.5
.6
1.0
1.3
2.5
.6
1.0
1.3
1963:
I
II
Ill
IV
2,634.1
2,668.4
2,719.6
2,739.4
2,619.3
2,663.9
2,712.0
2,739.6
2,654.8
2,688.2
2,739.8
2,760.3
4.8
5.3
7.9
2.9
2.3
7.0
7.4
4.1
22.93
22.95
22.98
23.12
22.42
22.45
22.49
22.63
22.91
22.94
22.98
23.16
22.90
22.93
22.97
23.15
1.4
.3
.6
2.5
1.6
.4
.8
2.6
1.3
.6
.6
3.2
1.3
.6
.6
3.2
1964' I
II
Ill
IV
2 800.5
2,833.8
2,872.0
2,879.5
2,799.3
2,833.5
2,868.3
2,875.5
2,823.2
2,855.7
2,894.7
2,900.5
9.2
9.0
22.72
22.79
22.90
22.99
23.22
23.28
23.37
23.49
23.22
23.27
23.37
23.48
1.5
1.2
2.0
1.8
1.3
1.8
1.7
1 2
.9
1.6
2.0
1.2
5.0
5.0
1.0
23.20
23.27
23.39
23.49
1.4
4.8
5.5
1.0
.9
1.6
2.0
1965-
I
II
Ill
IV
2,950.1
2,989.9
3,050.7
3,123.6
2,920.2
2,973.2
3,029.4
3,111.4
2,974.0
3,014.6
3,073.6
3,144.5
10.2
5.5
8.4
9.9
6.4
7.4
7.8
11.3
23.60
23.71
23.81
23.97
23.08
23.19
23.30
23.46
23.61
23.71
23.81
23.97
23.60
23.71
23.80
23.97
1.9
1.8
1.8
2.6
1.6
1.8
1.9
2.9
2.1
1.8
1.5
2.8
2.1
1.3
1.5
2.8
1966: I
||
III
IV
3,201.1
3,213.2
3,233.6
3,261.8
3,165.1
3,180.0
3,205.0
3,214.5
3,222.6
3,234.8
3,254.7
3,283.7
10.3
1.5
2.6
3.5
7.1
1.9
3.2
1.2
24.11
24.33
24.57
24.79
23.59
23.81
24.03
24.22
24.13
24.32
24.58
24.79
24.12
24.32
24.58
24.79
2.4
3.8
4.0
3.5
2.1
3.8
3.7
3.3
2.6
3.3
4.3
3.5
2.6
3.3
4.3
3.5
II
Gross domestic
purchases
Gross domestic Gross national
product
product
Gross domestic
product
Gross domestic Gross domestic Gross national
purchases
product
product
July 2001
D-39
National Data
SURVEY OF CURRENT BUSINESS
Table C.1.-GDP and Other Major NIPA Aggregates-Continued
[Quarterly estimates are seasonally adjusted at annual rates]
Billions of chained (1996) dollars
Year and
quarter
Percent change from preceding
period
Chain-type price indexes
Implicit price deflators
Percent change from preceding period
Implicit price deflators
Chain-type price index
Gross domestic
product
Final sales of
domestic
product
Gross national
product
1967:1 ..
II ..
III .
IV
3,291.8
3,289.7
3,313.5
3,338.3
3,246.9
3,281.5
3,297.4
3,326.9
1968:1 ..
II ..
III .
IV
3,406.2
3,464.8
3,489.2
3,504.1
1969:1 ..
II ..
III .
IV
Gross domestic Gross national
product
Gross domestic
product
product
Gross domestic
purchases
24.89
25.04
25.31
25.59
1.9
2.5
3.8
4.4
1.6
2.5
3.8
4.3
1.6
2.5
4.3
4.5
1.6
2.5
4.3
4.5
25.88
26.14
26.39
26.76
25.87
26.14
26.39
26.76
4.6
4.5
3.8
5.7
4.6
4.2
4.1
5.7
4.5
4.1
3.9
5.7
4.5
4.1
3.9
5.7
26.37
26.73
27.11
27.46
27.03
27.39
27.79
28.15
27.03
27.38
27.79
28.15
3.9
5.5
6.0
5.3
3.8
5.6
5.8
5.3
4.1
5.3
6.0
5.3
4.1
5.3
6.0
5.3
28.54
28.94
29.17
29.55
27.85
28.24
28.51
28.89
28.55
28.94
29.18
29.56
28.54
28.94
29.17
29.56
5.6
5.8
3.2
5.3
5.8
5.6
3.9
5.5
5.8
5.7
3.3
5.3
5.8
5.7
3.3
5.3
5.2
2.7
3.4
4.8
30.00
30.40
30.71
30.96
29.31
29.71
30.04
30.30
30.00
30.40
30.71
30.96
30.00
30.40
30.71
30.96
6.1
5.5
4.1
3.3
6.0
5.5
4.6
3.5
6.1
5.4
4.2
3.3
6.1
5.4
4.2
3.3
8.1
9.5
4.0
7.1
6.5
6.5
3.6
9.7
31.42
31.61
31.92
32.30
30.76
30.98
31.30
31.67
31.41
31.61
31.92
32.32
31.41
31.61
31.92
32.32
6.1
2.5
4.0
4.8
6.1
2.9
4.2
4.8
5.8
2.6
4.0
5.1
5.8
2.6
4.0
5.1
4,125.0
4,168.3
4,158.0
4,192.5
10.6
4.1
-1.6
3.4
9.0
1.9
.6
.5
32.73
33.27
33.90
34.48
32.09
32.69
33.29
33.91
32.71'
33.25
33.86
34.58
32.71
33.25
33.86
34.58
5.4
6.8
7.9
7.0
5.4
7.7
7.6
7.6
4.9
6.9
7.5
8.7
4.9
6.9
7.5
8.7
-3.0
1.1
-4.4
-2.2
-.4
.4
-1.5
-6.1
35.18
35.97
37.07
38.20
34.80
35.79
36.87
37.93
35.20
36.02
37.09
38.20
35.20
36.02
37.08
38.19
8.4
9.2
4,025.8
4,168.1
4,176.5
4,126.5
4,098.0
12.8
12.7
10.9
11.9
12.7
12.0
7.4
9.6
12.4
12.5
7.4
9.6
12.4
12.5
4,054.7
4,099.2
4,135.9
4,184.3
4,040.1
4,075.6
4,148.4
4,206.7
-5.0
3.6
7.1
5.1
2.9
4.5
3.6
4.8
39.08
39.63
40.35
41.05
38.76
39.33
39.99
40.67
39.08
39.63
40.33
41.05
40.33
41.05
9.6
5.8
7.5
7.1
9.0
6.0
7.0
6.9
9.6
5.7
7.3
7.3
9.6
5.7
7.3
7.3
4,266.1
4,301.5
4,321.9
4,357.4
4,248.8
4,264.1
4,289.7
4,352.4
4,304.2
4,341.2
4,362.0
4,398.4
9.8
3.4
1.9
3.3
6.3
1.4
2.4
6.0
41.49
41.93
42.51
43.25
41.11
41.56
42.18
42.88
41.50
41.92
42.50
43.27
41.50
41.92
42.51
43.28
4.3
4.3
5.6
7.1
4.4
4.5
6.1
6.8
4.5
4.1
5.7
7.4
4.5
4.1
5.7
7.4
1977: I ..,
II ...
III ..
IV .
4,410.5
4,570.6
4,576.1
4,393.8
4,464.0
4,509.7
4,547.5
4,457.6
4,535.9
4,616.4
4,616.6
5.0
7.4
7.4
.5
3.9
6.5
4.2
3.4
43.97
44.69
45.32
46.08
43.68
44.45
45.14
45.92
43.97
44.69
45.23
46.16
43.97
44.71
45.25
46.17
6.9
6.7
5.8
6.9
7.7
7.2
6.4
7.0
6.6
6.8
4.9
8.5
6.6
6.8
4.9
8.4
1978: I ...
II ...
III ..
IV .
4,588.9
4,765.7
4,811.7
4,876.0
4,552.0
4,730.8
4,774.7
4,834.2
4,636.0
4,804.8
4,854.6
4,925.8
1.1
16.3
3.9
5.5
.4
16.7
3.8
5.1
46.86
47.79
48.64
49.62
46.67
47.60
48.45
49.37
46.86
47.77
48.60
49.59
46.87
47.78
48.61
49.60
6.9
8.2
7.3
8.3
6.8
8.2
7.3
7.8
6.2
8.0
7.1
8.4
6.2
8.0
7.1
8.4
1979:1 ...
II ...
III ..
IV .
4,888.3
4,891.4
4,926.2
4,942.6
4,855.1
4,852.9
4,921.9
4,947.7
4,939.6
4,949.3
4,995.6
5,011.4
1.0
.3
2.9
1.3
1.7
-.2
5.8
2.1
50.58
51.73
52.79
53.86
50.38
51.58
52.89
54.20
50.55
51.71
52.81
53.90
50.56
51.72
52.82
53.90
8.0
9.4
8.5
8.3
8.4
9.9
10.5
10.3
7.9
9.5
8.8
8.5
7.9
9.5
8.8
8.5
1980:1 ...
II ...
III ..
IV .
4,958.9
4,857.8
4,850.3
4,936.6
4,961.4
4,861.6
4,923.9
4,965.2
5,028.8
4,922.5
4,911.3
4,986.3
1.3
-7.9
-.6
7.3
1.1
-7.8
5.2
3.4
55.08
56.35
57.62
59.16
55.73
57.14
58.43
59.89
55.11
56.34
57.60
59.13
55.12
56.35
57.61
59.14
9.4
9.5
9.4
9.3
9.2
9.2
11.1
10.4
9.3
9.2
9.2
11.0
11.1
1981:1 ...
II ...
III ..
IV .
5,032.5
4,997.3
5,056.8
4,997.1
4,985.6
4,995.9
5,003.5
4,972.9
5,086.4
5,048.1
5,110.5
5,056.8
8.0
-2.8
4.9
^.6
61.42
62.53
63.56
64.70
60.66
61.76
62.95
64.10
60.67
61.77
62.97
64.11
10.6
10.7
.6
-2.4
60.67
61.75
62.95
64.10
7.3
8.0
7.5
7.4
6.7
7.4
10.8
7.5
8.0
7.5
10.8
7.5
8.0
7.5
1982: I ...
II ...
III ..
4,959.7
4,954.2
4,916.8
4,989.1
4,969.4
IV .
4,914.3
4,935.5
4,912.1
4,915.6
4,963.4
4,964.8
-6.5
1.7
-1.9
.3
-1.1
-.4
-3.0
6.0
65.00
65.84
66.75
67.44
65.56
66.29
67.16
67.83
64.99
65.83
66.75
67.45
65.00
65.84
66.76
67.46
5.8
5.3
5.6
4.2
5.4
4.6
5.4
4.0
5.7
5.3
5.7
4.3
5.7
5.2
5.7
4.3
1983: I ...
II ...
III ..
IV .
4,972.4
5,089.8
5,180.4
5,286.8
5,036.1
5,113.1
5,200.3
5,268.5
5,021.5
5,142.2
5,233.9
5,342.0
4.7
9.8
7.3
8.5
3.8
6.3
7.0
5.4
67.98
68.59
69.17
69.75
68.22
68.80
69.35
69.83
67.95
68.56
69.16
69.77
67.96
68.57
69.18
69.79
3.3
3.6
3.4
3.4
2.3
3.5
3.2
2.8
3.0
3.7
3.6
3.6
3.0
3.7
3.6
3.6
1984:1 ...
II ...
III ..
IV .
5,402.3
5,493.8
5,541.3
5,583.1
5,313.9
5,410.8
5,456.0
5,531.0
5,452.6
5,544.3
5,591.1
5,627.1
9.0
7.0
3.5
3.1
3.5
7.5
3.4
5.6
70.59
71.18
71.74
72.24
70.67
71.25
71.72
72.18
70.59
71.16
71.73
72.24
70.60
71.17
71.74
72.25
4.9
3.4
3.2
2.8
4.9
3.3
2.7
2.5
4.8
3.3
3.2
2.9
4.7
3.3
3.2
2.9
1985:1 ...
II ...
III ..
IV .
5,629.7
5,673.8
5,758.6
5,806.0
5,619.8
5,657.0
5,746.0
5,772.5
5,664.3
5,710.9
5,788.6
5,839.6
3.4
3.2
6.1
3.3
6.6
2.7
6.4
1.9
73.01
73.49
73.88
74.40
72.80
73.32
73.73
74.38
73.00
73.50
73.85
74.39
73.01
73.50
73.86
74.40
4.3
2.7
2.1
2.9
3.5
2.8
2.3
3.6
4.3
2.7
2.0
3.0
4.2
2.8
1.9
3.0
1986: I ...
5,858.9
5,883.3
5,937.9
5,969.5
5,828.7
5,872.6
5,956.0
5,993.1
5,887.3
5,901.9
5,959.0
5,981.7
3.7
1.7
3.8
2.1
3.9
3.1
5.8
2.5
74.69
75.04
75.51
76.05
74.71
74.85
75.37
75.94
74.68
75.05
75.51
76.01
74.69
75.05
75.51
76.02
1.5
1.9
2.5
2.9
1.8
.7
2.9
3.0
1.5
2.0
2.5
2.7
1.5
2.0
2.5
2.7
1987:
6,013.3
6,077.2
6,128.1
6,234.4
5,985.4
6,138.7
6,164.1
6,027.6
6,095.8
6,145.8
6,254.1
3.0
4.3
3.4
7.1
-.5
5.6
4.8
1.7
76.73
77.27
77.83
78.46
76.76
77.40
78.01
78.64
76.70
7727
77.84
78.46
76.71
77.27
77.84
78.46
3.6
2.9
2.9
3.3
4.4
3.4
3.2
3.3
3.7
3.0
3.0
3.2
3.7
3.0
3.0
3.2
Gross domestic
product
Gross domestic
3,313.4
3,310.7
3,336.6
3,360.8
24.90
25.06
25.29
25.57
24.32
24.47
24.70
24.96
25.05
25.31
25.59
3,394.2
3,428.5
3,478.1
3,499.5
3,429.2
3,488.3
3,513.4
3,528.1
25.86
26.15
26.39
26.76
25.24
25.51
25.77
26.13
3,558.3
3,567.6
3,588.3
3,571.4
3,535.0
3,551.3
3,569.0
3,568.3
3,582.2
3,590.6
3,610.3
3,593.3
27.02
27.39
27.79
28.15
1970:1 ..,
II ...
III ..
IV ,
3,566.5
3,573.9
3,605.2
3,566.5
3,578.9
3,573.2
3,605.0
3,597.4
3,589.1
3,597.4
3,628.3
3,587.6
3.6
-4.2
1971: I ..,
II ..,
III.
IV
3,666.1
3,686.2
3,714.5
3,723.8
3,643.1
3,667.8
3,742.5
3,691.3
3,712.8
3,738.4
3,749.2
11.6
2.2
3.1
1.0
1972: I ...
II ...
III .,
IV .
3,796.9
3,883.8
3,922.3
3,990.5
3,802.2
3,862.7
3,897.2
3,988.5
3,823.4
3,910.0
3,950.7
4,018.7
1973: I ..,
II ...
III..
IV .
4,092.3
4,133.3
4,117.0
4,151.1
4,075.5
4,094.4
4,100.7
4,106.3
1974: I ...
II ...
III ..
IV ,
4,119.3
4,130.4
4,084.5
4,062.0
4,101.8
4,105.6
1975: I ...
II ...
III .
IV
4,010.0
4,045.2
4,115.4
4,167.2
1976:1 ..
II ..
III .
IV
Gross domestic
product
Final sales of
domestic
product
11.8
10.5
9.3
Gross domestic Gross national
product
product
D-40
• National Data
July 2001
SURVEY OF CURRENT BUSINESS
Table C.1.-GDP and Other Major NIPA Aggregates-Continued
[Quarterly estimates are seasonally adjusted at annual rates]
Percent change from preceding
Billions of chained (1996) dollars
Year and
quarter
period
Gross domestic
product
Final sales of
domestic
product
1988:1
II
III
IV
6,275.9
6,349.8
6,382.3
6,465.2
6,263.0
6,334.0
6,365.9
6,447.5
1989:1
II
III
IV
6,543.8
6,579.4
6,610.6
6,633.5
1990:1
II
III
IV
Chain-type price indexes
Implicit price deflators
Percent change from preceding period
Chain-type price index
Gross domestic Gross domestic Gross domestic Gross national
product
product
purchases
product
Gross domestic Gross domestic
product
purchases
Implicit price deflators
Gross national
Gross domestic
product
product
Final sales of
domestic
product
6,302.0
6,372.8
6,402.0
6,487.4
2.7
4.8
2.1
5.3
6.6
4.6
2.0
5.2
78.99
79.79
80.73
81.36
79.21
80.01
80.75
81.46
78.98
79.79
80.71
81.33
78.99
79.79
80.72
81.34
2.7
4.1
4.8
3.2
2.9
4.1
3.8
3.6
2.7
4.1
4.7
3.1
2.7
4.1
4.7
3.1
6,492.7
6,542.8
6,605.8
6,620.4
6,565.6
6,599.7
6,633.4
6,663.4
5.0
2.2
1.9
1.4
2.8
3.1
3.9
.9
82.20
83.02
83.62
84.24
82.36
83.26
83.74
84.43
82.20
83.01
83.62
84.24
82.20
83.02
83.63
84.25
4.2
4.0
2.9
3.0
4.5
4.4
2.4
3.3
4.3
4.0
2.9
3.0
4.3
4.0
3.0
3.0
6,716.3
6,731.7
6,719.4
6,664.2
6,705.8
6,697.6
6,699.2
6,680.0
6,743.6
6,760.8
6,742.6
6,713.3
5.1
.9
-.7
-3.2
5.3
-.5
.1
-1.1
85.19
86.17
87.00
87.76
85.48
86.27
87.26
88.41
85.18
86.16
86.99
87.74
85.20
86.17
87.00
87.76
4.6
4.7
3.9
3.5
5.1
3.7
4.7
5.3
4.5
4.7
3.9
3.5
4.6
4.6
3.9
3.5
1991:1
II
III
IV
6,631.4
6,668.5
6,684.9
6,720.9
6,652.5
6,692.5
6,689.2
6,692.0
6,667.4
6,692.1
6,704.7
6,749.4
-2.0
2.3
1.0
2.2
-1.6
2.4
-.2
.2
88.78
89.41
89.99
90.47
89.09
89.51
90.04
90.60
88.76
89.40
89.99
90.47
88.78
89.41
90.00
90.48
4.7
2.9
2.6
2.2
3.1
1.9
2.4
2.5
4.8
2.9
2.7
2.2
4.7
2.9
2.6
2.2
1992:1
II
III
IV
6,783.3
6,846.8
6,899.7
6,990.6
6,788.9
6,827.1
6,882.7
6,972.4
6,811.1
6,873.8
6,923.3
7,015.1
3.8
3.8
3.1
5.4
5.9
2.3
3.3
5.3
91.16
91.68
91.98
92.56
91.25
91.81
92.26
92.81
91.16
91.67
91.97
92.55
91.15
91.67
91.97
92.55
3.1
2.3
1.3
2.5
2.9
2.5
2.0
2.4
3.1
2.3
1.3
2.5
3.0
2.3
1.3
2.5
1993:1
II
III
IV
6,988.7
7,031.2
7,062.0
7,168.7
6,953.6
7,008.8
7,057.9
7,154.8
7,020.9
7,056.0
7,092.4
7,182.1
-.1
2.5
1.8
6.2
-1.1
3.2
2.8
5.6
93.33
93.83
94.26
94.79
93.42
93.98
94.32
94.83
93.32
93.82
94.24
94.79
93.32
93.83
94.26
94.81
3.4
2.2
1.8
2.3
2.7
2.4
1.5
2.2
3.4
2.2
1.8
2.4
3.4
2.2
1.8
2.4
1994:1
II
III
IV
7,229.4
7,330.2
7,370.2
7,461.1
7,187.1
7,250.2
7,318.5
7,387.2
7,249.8
7,346.3
7,385.1
7,476.0
3.4
5.7
2.2
5.0
1.8
3.6
3.8
3.8
95.28
95.72
96.29
96.74
95.22
95.74
96.43
96.86
95.28
95.71
96.28
96.74
95.29
95.73
96.29
96.74
2.1
1.8
2.4
1.9
1.7
2.2
2.9
1.8
2.0
1.8
2.4
1.9
2.1
1.8
2.4
1.9
1995:1
II
III
IV
7,488.7
7,503.3
7,561.4
7,621.9
7,427.3
7,469.6
7,549.7
7,602.5
7,510.2
7,528.6
7,572.3
7,645.2
1.5
.8
3.1
3.2
2.2
2.3
4.4
2.8
97.45
97.86
98.31
98.79
97.51
98.04
98.42
98.85
97.45
97.86
98.30
98.78
97.45
97.87
98.31
98.79
3.0
1.7
1.8
2.0
2.7
2.2
1.6
1.8
3.0
1.7
1.8
2.0
3.0
1.7
1.8
2.0
1996:1
II
III
IV
7,676.4
7,802.9
7,841.9
7,931.3
7,669.6
7,773.4
7,792.1
7,897.6
7,703.1
7,820.4
7,853.5
7,947.9
2.9
6.8
2.0
4.6
3.6
5.5
1.0
5.5
99.40
99.74
100.23
100.63
99.42
99.74
100.16
100.68
99.39
99.74
100.22
100.63
99.39
99.74
100.22
100.63
2.5
1.4
2.0
1.6
2.3
1.3
1.7
2.1
2.5
1.4
1.9
1.7
2.5
1.4
1.9
1.6
1997:1
II
III
IV
8,016.4
8,131.9
8,216.68,272.9
7,966.4
8,043.2
8,164.9
8,206.3
8,025.1
8,145.6
8,225.1
8,276.9
4.4
5.9
4.2
2.8
3.5
3.9
6.2
2.0
101.36
101.82
102.12
102.49
101.28
101.49
101.74
102.07
101.34
101.82
102.12
102.49
101.33
101.80
102.10
102.46
2.9
1.9
1.2
1.4
2.4
.8
1.0
1.3
2.9
1.9
1.2
1.4
2.8
1.8
1.2
1.4
1998:1
II
III
IV
8,404.9
8,465.6
8,537.6
8,654.5
8,289.4
8,402.7
8,463.4
8,585.0
8,412.9
8,471.4
8,526.7
8,649.3
6.5
2.9
3.4
5.6
4.1
5.6
2.9
5.9
102.75
103.04
103.42
103.69
102.08
102.28
102.57
102.87
102.74
103.03
103.41
103.70
102.70
102.99
103.38
103.67
1.0
1.1
1.5
1.1
.1
.8
1.1
1.2
1.0
1.1
1.5
1.1
1.0
1.1
1.5
1.1
1999:1
II
III
IV
8,730.0
8,783.2
8,905.8
9,084.1
8,680.3
8,764.9
8,861.8
9,000.5
8,726.0
8,776.7
8,895.4
9,075.0
3.5
2.5
5.7
8.3
4.5
4.0
4.5
6.4
104.25
104.63
104.90
105.31
103.35
103.86
104.30
104.80
104.29
104.65
104.89
105.24
104.25
104.62
104.86
105.19
2.2
1.4
1.1
1.6
1.9
2.0
1.7
1.9
2.3
1.4
.9
1.3
2.3
1.4
.9
1.3
2000:I
II
III
IV
9,191.8
9,318.9
9,369.5
9,393.7
9,148.0
9,235.3
9,290.9
9,329.5
9,187.7
9,313.7
9,362.8
9,402.2
4.8
5.6
2.2
1.0
6.7
3.9
2.4
1.7
106.17
106.80
107.22
107.75
105.78
106.33
106.86
107.36
106.10
106.73
107.15
107.67
106.07
106.70
107.13
107.65
3.3
2.4
1.6
2.0
3.8
2.1
2.0
1.9
3.3
2.4
1.6
2.0
3.4
2.4
1.6
2.0
2001:1
9,422.8
9,428.2
9,417.8
1.2
4.3
108.61
108.09
108.53
108.52
3.2
2.7
3.2
3.2
Gross domestic Gross national
product
product
D-41
National Data
SURVEY OF CURRENT BUSINESS
July 2001
D. Domestic Perspectives.
This table presents data collected from other government agencies and private organizations, as noted. Quarterly
data are shown in the middle month of the quarter.
Table D.1.—Domestic Perspectives
2000
1999
2001
2000
Apr.
May
June
July
Aug. Sept.
Oct. Nov.
Dec.Jan.
Consumer and producer prices, (monthly data seasonally adjusted)
Feb.
Mar.
Apr.
May
1
Consumer price index for all urban consumers,
1982-84=100:
All items
Less food and energy
Services
166.6
177.0
188.8
172.2
181.3
195.3
171.1
180.7
193.5
171.3
181.0
194.1
172.2
181.3
195.0
172.7
181.7
195.7
172.8
182.1
196.4
173.6
182.6
196.9
173.9
182.8
197.5
174.3
183.3
198.1
174.6
183.5
198.8
175.7
184.1
200.5
176.2
184.7
201.0
176.3
185.1
201.6
176.8
185.5
202.0
177.5
185.7
202.8
Producer price index, 1982=100:
Finished goods
Less food and energy
Finished consumer goods
Capital equipment
Intermediate materials
Crude materials
133.0
146.1
132.0
137.6
123.2
98.2
138.0
148.0
138.2
138.8
129.2
120.6
137.1
147.4
137.1
138.4
128.4
111.2
137.1
147.7
137.1
138.6
128.4
114.7
138.3
147.8
138.6
138.8
129.5
124.5
138.2
148.0
138.4
139.0
129.8
122.0
138.0
148.3
138.1
139.1
129.4
117.6
139.0
148.7
139.4
139.4
130.4
126.0
139.6
148.7
140.2
139.3
130.6
130.8
139.8
148.8
140.4
139.4
130.4
129.1
140.0
148.9
140.6
139.5
130.9
141.1
141.6
149.6
142.7
139.8
132.0
165.8
141.8
149.2
143.1
139.5
131.7
133.9
141.7
149.4
142.9
139.5
131.4
131.6
142.1
149.7
143.3
139.9
131.1
132.8
142.2
150.0
143.5
139.7
131.2
129.7
-0.81
.31
0.09
.78
1.05
1.01
0.07
.91
1.15
1.20
0.44
.86
-0.04
.42
Money, interest rates, and stock prices
Money stock (monthly and quarterly data
seasonally adjusted):2
Percent change:
M1
M2
Ratio:
Gross domestic product to M1
Personal income to M2
Interest rates (percent, not seasonally adjusted):2
Federal funds rate
Discount rate on new 91-day Treasury bills
Yield on new high-grade corporate bonds
10-Year U.S. Treasury bonds
Yield on municipal bonds, 20-bond average
Mortgage commitment rate
Average prime rate charged by banks
Index of stock prices (not seasonally adjusted):3
500 common stocks, 1941-43=1,0
0.38
.81
-1.00
.14
-0.13
.44
-0.18
.42
-0.35
.63
-0.31
0.01
8.440
1.721
9.025
1.724
1.725
8.960
1.728
1.729
1.726
9.130
1.721
1.729
1.718
9.275
1.716
1.711
1.704
9.260
1.697
1.685
1.674
1.671
4.97
4.66
7.00
5.65
5.43
7.43
8.00
6.24
5.84
7.57
6.03
5.71
8.06
9.23
6.02
5.67
7.49
5.99
5.75
8.15
9.00
6.27
5.92
7.85
6.44
6.00
8.52
9.24
6.53
5.74
7.75
6.10
5.80
8.29
9.50
6.54
5.93
7.66
6.05
5.63
8.15
9.50
6.50
6.11
7.47
5.83
5.51
8.03
9.50
6.52
5.99
7.50
5.80
5.56
7.91
9.50
6.51
6.10
7.50
5.74
5.59
7.80
9.50
6.51
6.18
7.41
5.72
5.54
7.75
9.50
6.40
5.83
7.21
5.24
5.22
7.38
9.50
5.98
5.27
7.15
5.16
5.10
7.03
9.05
5.49
4.93
7.08
5.10
5.18
7.05
8.50
5.31
4.50
6.87
4.89
5.13
6.95
8.32
4.80
3.91
7.09
5.14
5.27
7.08
7.80
4.21
3.66
7.19
5.39
5.29
7.15
7.24
1,326.06 1,426.76 1,461.36 1,418.48 1,461.96 1,473.00 1,485.46 1,468.05 1,390.14 1,375.04 1,330.93 1,335.63 1,305.75 1,185.85 1,189.84 1,270.37
Labor markets (thousands, monthly and quarterly data seasonally adjusted, unless otherwise noted) l
Civilian labor force
Labor force participation rates (percent):
Males 20 and over
Females 20 and over
16—19 years of age
Civilian employment
Ratio, civilian employment to working-age
population (percent)
Persons engaged in nonagricultural activities ....
Employees on nonagricultural payrolls
Goods-producing industries
Services-producing industries
Average weekly hours, manufacturing (hours) ...
Average weekly overtime hours, manufacturing
(hours)
Number of persons unemployed
Unemployment rates (percent):
Total
15 weeks and over
Average duration of unemployment (weeks)
Nonfarm business sector, 1992=100:
Output per hour of all persons
Unit labor costs
Hourly compensation
See footnotes at the end of the table.
139,368
140,863
141,114 140,573 140,757 140,546 140,724 140,847 141,000 141,136 141,489 141,955 141,751 141,868 141,757 141,272
76.7
60.7
52.0
133,488
76.6
60.9
52.2
135,208
76.4
76.4
76.5
76.4
76.6
76.7
76.6
76.5
76.7
76.6
76.3
76.5
76.5
76.5
60.7
60.9
60.8
60.5
60.7
60.9
61.4
61.0
61.2
61.3
61.1
60.6
60.9
61.0
48.6
52.4
52.3
50.9
50.1
51.9
51.5
52.1
51.2
52.0
52.8
52.6
51.9
52.7
135,517 134,843 135,183 134,898 134,939 135,310 135,464 135,478 135,836 135,999 135,815 135,780 135,354 135,103
64.5
131,903
131,759
25,709
106,050
41.7
41.6
64.4
64.5
64.4
64.0
63.9
64.3
64.5
64.4
64.3
64.3
64.3
64.4
64.5
64.8
132,157 131,549 131,870 131,603 131,622 131,954 132,223 132,302 132,562 132,819 132,680 132,618 132,162 131,910
131,683 131,909 131,969 131,899 131,837 132,046 132,145 132,279 132,367 132,428 132,595 132,654 132,472 132,453
25,722 25,683 25,727 25,774 25,727 25,696 25,713 25,711 25,688 25,633 25,627 25,602 25,414 25,325
105,961 106,226 106,242 106,125 106,110 106,350 106,432 106,568 106,679 106,795 106,968 107,052 107,058 107,128
41.2
41.4
41.4
41.7
41.0
41.0
41.0
40.9
41.4
40.6
41.8
40.8
41.6
42.1
64.3
130,207
128,916
25,507
103,409
4.6
4.6
4.8
4.6
4.6
4.7
4.5
4.4
4.5
4.3
4.1
4.2
3.9
4.1
3.9
3.9
5,880
5,655
5,597
5,730
5,574i
5,648
5,785
5,537
5,536
5,658
5,653
5,956
5,936
6,088
6,402
6,169
4.2
1.1
4.0
0.9
12.5
4.1
0.9
12.6
4.0i
0.9
12.5
4.0
0.9
13.2
4.1
1.0
13.0
3.9
0.9
12.1
3.9
0.9
12.4
4.0
0.9
12.4
4.0
0.9
12.6
4.2
1.0
4.2
1.1
12.9
4.3
1.1
13.0
4.5
1.1
13.4
4.0
0.9
12.6
4.4
1.1
12.2
113.2
109.7
124.2
118.1
110.5
130.5
118.0
109.7
129.4
118.8
110.6
131.4
119.4
111.8
133.5
12.6
119.1
113.5
135.2
12.6
D-42
• National Data
July 2001
SURVEY OF CURRENT BUSINESS
Table D.1.—Domestic Perspectives—Continued
2000
1999
2001
2000
Apr.
May
July
June
Aug.
Sept.
Oct.
Nov.
Dec.
Feb.
Jan.
Mar.
Apr.
May
Construction (monthly data seasonally adjusted at annual rates) 4
Total new private construction put
in place (billions of dollars)
Residential
Nonresidential
596.3
350.6
193.9
640.6
374.3
210.1
639.3
381.1
205.2
640.6
376.8
209.8
634.5
371.0
209.4
627.7
364.1
211.6
630.7
364.0
213.3
638.8
364.4
214.0
644.8
370.3
215.5
651.1
374.3
215.3
660.8
379.6
218.0
673.7
386.1
223.8
681.8
398.9
220.2
681.2
395.1
225.9
674.0 667.5
395.1 396.2
217.4 210.3
Housing starts (thousands of units):
Total
1-unit structures
1,641
1,302
1,569
1,231
1,626
1,276
1,573
1,228
1,560
1,199
1,477
1,148
1,531
1,228
1,508
1,196
1,527
1,218
1,559
1,209
1,532
1,236
1,666
1,336
1,623
1,288
1,592
1,208
1,629 1,622
1,293 1,291
880
877
843
853
793
881
839
902
922
882
1,001
938
959
964
New 1-family houses sold
(thousands of units)
Manufacturing and trade, inventories and sales (millions of dollars, monthly data seasonally adjusted)
Inventories:
Total manufacturing and trade ... 1,125,068
Manufacturing
451,956
285,702
Merchant wholesalers
387,410
Retail trade
921
928
4
1,191,498 1,163,495 1,170,393 1,181,487 1,183,590 1,192,263 1,193,106 1,199,577 1,204,041 1,204,524 1,206,745 1,203,367 1,198,530 1,198,883
472,455 470,673 470,778 474,676 477,179 478,477 479,234 482,000 483,892 483,544 485,307 484,353 480,579 480,959
304,857 293,882 295,880 298,562 298,934 300,533 300,721 301,573 302,662 303,063 302,222 301,541 301,822 302,675
414,186 398,940 403,735 408,249 407,477 413,253 413,151 416,004 417,487 417,917 419,216 417,473 416,129 415,249
Sales:
Total manufacturing and trade ... 9,445,519 10,119,150
Manufacturing
4,043,277 4,280,872
Merchant wholesalers
2,539,287 2,755,523
2,862,955 3,082,755
Retail trade
838,660
355,386
228,662
254,612
843,830
359,570
228,935
255,325
848,792
361,374
231,425
255,993
846,803
358,736
230,744
257,323
846,543
358,110
231,065
257,368
849,762
357,996
231,965
259,801
847,112
355,921
231,866
259,325
843,384
353,838
231,623
257,923
846,258
354,689
233,590
257,979
843,035
347,550
233,960
261,525
843,032
347,983
233,080
261,969
837,800
347,486
229,619
260,695
833,817
338,949
230,229
264,639
Industrial production indexes and capacity utilization rates (monthly data seasonally adjusted)2
Industrial production indexes,
1992=100:
Total
By industry:
Durable manufactures
Nondurable manufactures
By market category:
Consumer goods
Capacity utilization rates (percent):
Total industry
Manufacturing
139.6
147.5
146.3
147.2
147.9
147.6
148.6
149.0
148.7
148.2
147.3
146.0
145.4
145.1
144.2 143.1
175.6
115.4
193.4
116.9
191.0
116.7
193.0
116.7
194.6
116.7
194.7
116.3
196.9
116.3
198.4
116.0
197.6
116.3
196.7
115.5
195.1
114.1
192.3
114.0
191.1
114.0
191.4
112.6
189.7 188.8
112.3 111.2
120.8
123.0
123.2
123.5
124.2
122.9
123.8
123.8
122.7
122.4
123.1
121.8
122.3
122.5
121.7 120.8
81.2
80.5
82.2
81.3
82.5
81.8
82.7
81.9
82.7
82.0
82.3
81.6
82.6
81.7
82.4
81.7
82.0
81.2
81.4
80.5
80.6
79.3
79.7
78.4
79.2
77.9
78.8
77.4
Credit market borrowing (billions of dollars, quarterly data seasonally adjusted at annual rates) 2
All sectors, by instrument:
Total
Open market paper
U.S. government securities ....
Municipal securities
Corporate and foreign bonds
Bank loans, n.e.c
Other loans and advances ....
Mortgages
Consumer credit
Sources:
1. Bureau of Labor Statistics
2. Federal Reserve Board
2,191.3
229.9
520.7
68.2
455.2
68.9
162.0
592.0
94.4
1,730.9
207.6
137.7
35.3
391.9
114.3
145.4
566.4
132.3
1 763 9
199.8
-43.5
34.0
359.5
174 2
251.7
650.4
137.9
1 567 0
128.4
283.8
29.8
444.6
42 9
-48.3
563.4
122.5
3. Standard and Poor's, Inc.
4. Bureau of the Census
n.e.c. Not elsewhere classified
1,971.3
283 6
277.6
68.6
396.4
92.5
159.0
569.9
123.7
1 8321
-352.1
450.3
94 3
855.4
22 6
59 7
546.3
155 6
78.2
76.7
77.4
76.0
July 2001
SURVEY OF CURRENT BUSINESS
National Data •
D-43
E. Charts
Percent changes shown in this section are based on quarter-to-quarter changes and are expressed at seasonally
adjusted annual rates; likewise, levels of series are expressed at seasonally adjusted annual rates as appropriate.
SELECTED NIPA SERIES
Chained (1996) dollare
Apr ftb
Dec Nov
36000
Nov Mar
34000320003000028000260002400022000-
59
61
83 .
65
6 7 6 8
71
73
91
Mar
93
95
97
tie
REAliSROSS DOMESTIC PRODUCT (PERC6RT CHANOEi
15 -
10-
10
-5 -
"10 i l ' i t 11 i i L t Pi i i M -4 .i i i i i V\ 1 1 1 1 1 n 1 ? i n i ft i * * ^ '10
59
81
W
65
67
68
71
73
«:, 77
?9 «•; < tt tf «: -»
U
93 *
97
.«^^
D-44
• National Data
July 2001
SURVEY OF CURRENT BUSINESS
SELECTED NIPA SERIES
Dec Nov
Nw
Mar
SHABB OF FEDERAL GOVERNMENT REC
Personal tax and n o M payments
Contributions Wsocpjwurance
Corporate profits t *
59
61
63
65
67
69 71
Dae Nov
73 75 77
Nev Mar
79
81
83
95
S OF FEDERAL GOVERNMENT CU
umption expenditures
to State and local dNern
«!••.
«8
«5
«7
-89
74
Dec NOT
GOVERNMENT SURPLUS/DEFICIT ( M R ) TO G
73
Nw
75
Mar
77
79
81
83
8t
97
99
01
National Data •
SURVEY OF CURRENT BUSINESS
July 2001
D-45
SELECTED NIPA SERIES
Percent Ape Feb
Dec Nov
25
RATIISAVING TO GROSS NATIONAL PROOST
Jty Mar
JanJIy Jly Nov
Nov Mar
25
20-
-20
15-
-16
Corporate and other private saving
10-
-10
5-
- 5
Gross governrrii** saving
I M I I M I M M T I T T T T T TTT M i l 1 i
69
71
Oao Nov
73
75
Nor Mar
77
79
81
Jan J y Jly
83
Nov
85.
87
RATM INVESTMENT TO GROSS NATIO
88
91
J y Mar
•ffi.
93
95
S
25
20-
20
15
-15
¥"
Gross private domestic investmerjj!?
-10
Gross government investment
fc
I 1 i ' l I I R I I.I I f i l l I I.i I I T l i I I T L
'
68
71
Pep Nw
73
75
Nw Mar
77
7ft
81
janJIy Jy
83
Nov
»
87
89
91
Jty Mar
93
85
m
SHAHS OF GROSS PRIVATE DOMESTIC F J t t b INVESTMENT
,50
Equipment and sofMIre, nonresidenlial
40
-m
-50
-10
H f M I I I I I
I
"«
87
89
91
r-l i;i
83
«'*•«'
\'\%\r
«'
«.
D-46
• National Data
July 2001
SURVEY OF CURRENT BUSINESS
SELECTED NIPA SERIES
SHARES OF NATIONAL INCOME
2000
Wage and salary
accruals, 63.1%
Net interest, 7.1%
Corporate profits
with IVA and CCAdj, 13.0°/i
Corporate profits
with IVA and CCAdj, 11.!
Supplements to
wages and salaries, 5.2%
Rental income of persons
Proprietors' income
with CCAdj, 1.7%
with IVA and CCAdj, 8.9%
Proprietors' income
with IVA and CCAdj, 12.6%
SHARES OF GROSS DOMESTIC PRODUCT BY SECTOR
1959
2000
Business 84.9%
Business, 86.1%
General
government, 11.5%
General
government, 10.8%
Households and
institutions, 2.4%
Households and
institutions, 4.2%
SHARES OF GROSS DOMESTIC PURCHASES
Personal
consumption
expenditures, 62.5%
1959
Personal
2000
consumption
expenditures, 65.4%
Government consumption
expenditures and gross
investment, 16.9%
Government consumption
expenditures and grass
investment, 22.1%
Nonresidential
investment, 9.9%
Residential investment, 5.5%
Nonresidential
investment, 13.7%
Residential investment, 4.0%
July 2001
National Data •
SURVEY OF CURRENT BUSINESS
D-47
SELECTED NIPA SERIES
Percent
Apr Fob
Dec Nw
Nw
JaMf
Mar
m
60
SHAflES OF GROSS DOMESTIC PRODUCT BYTYPE OF PRODUCT
Output of services
50 -
50
Output of goods
40-
30 -
30
20 Output of structures
10-
td
r \\ i i i i rmTTT! i
59
61
Percent Apr m
63
€5
67
M
71
Pec Nov
73
Nw
75
Mar.
i 1-1 \ \ \ i u 11 i n i
77
»
81
janjly Jy
«J
New
«"
87
89
91
Jty Maf
EXPORTS AS SHARE OF GROSS DOMESTIC PRODUCT
IMPORTS AS SHARE OF GROSS DOMESTIC PURCHASES
f 11 i i
»
«--
J»
tf
12
10
Percent
60
SHARES OF PERSONAL CONSUMPTION EXPENDITURES BYTYPt OF PRODUC
5040-
40
30-
20
20
Durable goods
10
0
^]
D-48
• National Data
July 2001
SURVEY OF CURRENT BUSINESS
SELECTED NIPA SERIES
- 'ILL
20
PROIP MARGIN DOMESTIC NONFINANCIA^RPORATIOIflP, -
-16
-12
" 8
'Ratio of cofflprate profits per unit to cost and profit per unit
i. ii
1111
111 H i,t 11 if i y I
INVdpORY/SALES RATIOS CURRENT-DOLJJ&I
N o S r n inventories to
of goods and structures
-4
hwentones to
jhal sales of domestic business
Nowrm inventories to
ImaTsales of domestic business
•dollar estimates of inventories and sales
INvBTORV SALES RATIOS. REAL
rm mventones to
sales of goods and structures
-3
ntones to
sales of domestic business
nfarm inventories to
sales of domestic business
dollar estimates of inventories and sales
National Data
SURVEY OF CURRENT BUSINESS
July 2001
OTHER INDICATORS OF THE DOMESTIC ECONOMY
76
78
80 82 84
86 88 90 92
94 96 98 2000
Index
150
76
Percent
8
78
80
JanJyJIyNw
CAPACITYIndBlON RATE
14013012011010090807060
76 78 80 82 84 88
90 92
Hours
43
AVERAGE!EH HOURS, MANUFACTURE
I I II
94 96 98 2000
7678
808284
868890
94 96 98 2000
OVERTIME HOURS, M/flUFACTURING
42 -
41 -
40 -
39 338 -
37
I I I ! I II
7 8 8 0 8 2 8 4 8 6 8 8 9 0 9 2 9 4 9 8 9 8 2000
US. Bumau of Economic Arafyais
76
78 8 0 8 2 8 4 8 6
8 8 9 0 9 2
I I FT I I I
9 4 9 6 9 8 2000
D-49
D-50
National Data
July 2001
SURVEY OF CURRENT BUSINESS
Percent
18
JanJvJ v N w
INTEREST
JutvMar
fall$
*
lAlA
15-
|l 10-Year Treasury Bonds
S
12-
9-
A
6-
33-Month Treasury Bills
ft
I I I I I I I I I I I I I I 1 I I J 11 I II II
76 78 8 0 8 2 8 4
86 88 90 92 94 96 98 2000
Percent
'
JanJtvJIvNov
-10
I I I I I I I I I I I I I I I I I I I I I I I . .
76 78 80 82 84 86 88 90 92 94 96 96 2000
July Mar
I I I I I I I I I I I I I l l l l l ' l l l T I M
7 6 7 8 8 08 2 8 4 8(S8 8 9 09 2 9 4 9 6 9 8 2000
i i ii
ii i i \j u n i n i ij i i
Thoua76 78
82 84 86 88 90 92
94 96 96
Jw4w
SALES OFNEVPSlE-FAMILY HOUSES
•
1000-
800-
CAA
1.0-
A
if
400-
0.5 -
76 7B
» «
i i 1u i i i U i u i i ii i i i
W * « ' » « } ,
94 96 90 2000
IJ Y
i
200
I I I II I I II I I I II II M I I I II I
7678
8 0 8 2 4 4
8 8 8 8 8 0 0 2
8 4 9 6 9 6 2000
D-51
International Data
SURVEY OF CURRENT BUSINESS
July 2001
H. International Perspectives..
Quarterly data in this table are shown in the middle month of the quarter.
Table H.1.—International Perspectives
2000
1999
2001
2000
Mar.
Apr.
June
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
Exchange rates per U.S. dollar (not seasonally adjusted)1
Canada (Can.$/US$)
Euro zone (US$/Euro)2
Japan (¥/US0)
Mexico (Peso/US$)
United Kingdom (US$/£ )
1.4858
1.0653
1.1373
9.5530
1.6172
1.4855
.9234
1.0782
9.4590
1.5159
1.4608
.9643
1.0631
9.2890
1.5799
1.4689
.9449
1.0563
9.3940
1.5823
1.4957
.9059
1.0832
9.5060
1.5090
1.4770
.9505
1.0613
9.8340
1.5092
1.4778
.9386
1.0821
9.4190
1.5076
1.4828
.9045
1.0808
9.2720
1.4889
1.4864
.8695
1.0684
9.3610
1.4336
1.5125
.8525
1.0844
9.5370
1.4506
1.5426
.8552
1.0901
9.5080
1.4258
1.5219
.8983
1.1221
9.4670
1.4629
1.5032
.9376
1.1667
9.7690
1.4775
1.5216
.9205
1.1623
9.7110
1.4525
1.5587
.9083
1.2151
9.5990
1.4445
1.5578
.8925
1.2377
9.3280
1.4348
Addendum:
Exchange value of the U.S. dollar
116.87
119.93
117.24
117.63
120.20
118.94
119.34
120.12
121.53
123.27
124.21
123.28
123.14
123.77
125.91
126.97
6.8
9.2
9.2
6.9
9.0
9.3
6.9
8.8
9.3
7.0
8.7
9.3
4.9
Unemployment rates (percent, monthly data seasonally adjusted)
Canada
France
Germany
Italy
Japan
Mexico
United Kingdom
Addendum:
United States
7.6
6.8
9.7
9.6
10.0
10.1
6.8
9.9
9.6
4.8
2.1
3.6
4.9
2.2
3.8
4.8
2.5
3.7
4.0
4.1
3.9
11.2
10.5
11 4
10.6
4.7
2.5
4.2
4.2
6.8
6.6
9.6
9.6
6.8
9.7
9.5
4.6
2.1
3.7
4.7
2.1
3.6
4.7
2.0
3.6
4.1
4.0
4.0
6.6
9.8
9.6
7.1
9.6
9.5
6.8
9.5
9.4
6.9
9.4
9.3
4.6
2.6
3.5
4.7
2.5
3.5
4.7
2.0
3.5
4.8
2.0
3.4
1.9'
3.4
4.9
2.3
3.3
4.7
2.8
3.3
7.0
8.7
9.3
9.9
4.7
2.3
3.3
4.1
3.9
3.9
4.0
4.0
4.2
4.2
4.3
4.5
10.4
10.7
6.9
9.2
9.3
10.0
4.8
2.3
3.2
Consumer prices (monthly data seasonally adjusted, 1995=100)
Canada
France
Germany
Italy
Japan
Mexico
United Kingdom
106.1
104.6
104.9
110.0
102.2
219.1
111.0
109.0
106.3
106.9
112.8
101.5
239.9
114.2
108.2
106.0
106.4
112.0
101.5
235.3
113.0
107.9
106.0
106.4
112.1
101.7
236.6
114.1
108.4
106.2
106.3
112.5
101.8
237.5
114.5
109.1
106.4
106.9
112.8
101.5
238.9
114.8
109.5
106.2
107.4
113.0
101.3
239.8
114.4
109.3
106.4
107.2
113.1
101.3
241.1
114.4
109.8
107.0
107.7
113.3
101.6
242.9
115.2
110.0
106.8
107.5
113.7
101.7
244.6
115.1
110.4
107.1
107.7
114.0
101.5
246.7
115.5
110.5
107.0
107.8
114.1
101.5
249.3
115.5
110.1
106.6
108.3
114.6
101.5
250.7
114.8
110.5
106.9
109.0
115.0
101.2
250.5
115.4
110.9
107.3
109.1
115.1
101.1
252.1
115.5
111.7
107.9
109.5
115.6
101.3
253.4
116.1
Addendum:
United States
109.3
113.0
112.3
112.3
112.5
113.1
113.4
113.3
113.9
114.1
114.4
114.6
115.3
115.6
115.7
116.0
Real gross domestic product (percent change from preceding quarter, quarterly data seasonally adjusted at annual rates)
Canada
France
Germany
Italy
Japan
Mexico
United Kingdom
Addendum:
United States
See footnotes at the end of the table.
4.5
1.6
3.0
3.1
1.9
2.9
4.8
1.4
.5
7.6
3.7
3.6
1.1
1.7
-2.7
7.3
3.4
3.3
2.6
5.1
1.8
2.5
1.9
1.4
3.4
-.8
1.9
1.8
5.0
5.6
2.2
1.0
1.2
5.1
3.0
1.4
1.6
.8
3.8
4.4
3.4
3.1
2.9
1.5
6.9
2.3
4.2
D-52
International Data
SURVEY OF CURRENT BUSINESS
July 2001
Table H.1.—International Perspectives—Continued
2001
2000
1999
2000
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
Short-term, 3-month, interest rates (percent not seasonally adjusted)
Canada
Euro zone
Mexico
United Kingdom
4.83
2.97
22.38
5.45
5.61
4.39
16.15
6.10
5.35
3.75
14.46
6.15
5.39
3.93
14.37
6.20
5.84
4.35
15.58
6.23
5.83
4.50
16.61
6.13
5.79
4.58
14.62
6.11
5.81
4.78
15.71
6.13
5.79
4.85
16.15
6.12
5.83
5.04
17.06
6.08
5.86
5.09
18.01
6.00
5.74
4.94
17.41
5.88
5.44
4.77
18.50
5.76
5.16
4.76
18.07
5.68
4.69
4.71
16.47
5.47
4.61
4.68
15.40
5.33
Addendum:
United States
4.66
5.84
5.72
5.67
5.92
5.74
5.93
6.11
5.99
6.10
6.18
5.83
5.27
4.93
4.50
3.91
Long-term interest rates , government bond yields (percent, lot seasonally adjusted)
Canada
Euro zone
France
.
Germany
Italy
Japan
United Kingdom
.
Addendum:
United States
5.68
4.66
4.94
4.5
4.73
1.75
5.08
5.92
5.44
5.89
5.3
5.58
1.75
5.31
5.93
5.49
5.73
5.3
5.58
1.8
5.35
5.90
5.41
5.84
5.2
5.47
1.7
5.30
6.10
5.52
5.92
5.4
5.67
1.7
5.39
5.89
5.35
5.94
5.2
5.51
1.7
5.19
5.84
5.45
6.00
5.3
5.59
1.7
5.21
5.77
5.40
6.04
5.2
5.56
1.8
5.29
5.81
5.47
5.93
5.3
5.63
1.9
5.35
5.79
5.42
5.92
5.2
5.58
1.8
5.18
5.78
5.34
5.78
5.2
5.55
1.8
5.07
5.58
5.07
5.55
4.9
5.30
1.6
4.89
5.71
5.01
5.48
4.8
5.18
1.5
4.85
5.69
5.02
5.60
4.8
5.18
1.4
4.85
5.60
4.94
5.36
4.7
5.13
1.2
4.72
5.85
5.10
5.47
4.8
5.28
1.3
4.96
5.65
6.03
6.26
5.99
6.44
6.10
6.05
5.83
5.80
5.74
5.72
5.24
5.16
5.10
4.89
5.14
Share price indices (not seasonally adjusted, 1995=100)
Canada
France
Germany
Italy
janan
Mexico
United Kingdom
. .
.
Addendum:
United States
.
159.2
234.6
204.9
246
98
240.3
168.4
216.7
321.7
260.3
319
98
293.6
178.5
213.4
329.7
293.8
337
118
336.7
189.8
210.8
318.2
272.9
309
104
299.2
178.7
208.7
324.2
265.8
316
94
268.6
175.2
229.9
333.4
266.0
321
101
313.1
182.1
234.7
332.6
262.9
328
91
293.5
182.3
253.7
336.5
261.8
325
97
300.3
180.7
234.1
336.5
256.6
327
91
285.4
179.2
217.4
316.5
242.6
317
84
288.1
172.5
198.9
317.0
240.7
332
85
254.7
172.2
201.5
303.6
227.0
312
80
254.7
167.4
210.2
299.7
227.4
307
80
292.7
165.0
182.2
292.8
225.1
297
74
271.8
163.5
171.6
271.0
207.7
273
75
258.1
154.4
179.2
276.0
207.3
282
81
269.8
153.9
213
221
214
222
220
223
224
229
233
222
222
222
223
223
207
209
1. All exchange rates are from the Board of Governors of the Federal Reserve System.
2. Rates for selected euro-area currencies can be derived by using the following conversion rates: 1 euro =
6.55957 French francs, 1.95583 German marks, and 1936.27 Italian lire.
3. The rate shown for the United States is an index of the weighted average of the foreign exchange value
of the U.S. dollar against the currencies of a broad group of major U.S. trading partners, January 1997=100. For
more information on the exchange rate indexes, see "New Summary Measures of the Foreign Exchange Value of
the Dollar," Federal Reserve Bulletin, vol. 84 (October 1998), pp. 811-18.
NOTE.—U.S. interest rates, unemployment rates, and GDP growth rates are from the Federal Reserve, the Bureau
of Labor Statistics, and BEA, respectively. GDP growth rates for other countries are calculated from levels published
by those countries. Most other data (including U.S. consumer prices and U.S. share prices, both of which have
been rebased to 1995 to facilitate comparison) are © OECD and are reproduced with permission.
Regional Data • D—53
SURVEY OF CURRENT BUSINESS
July 2001
Regional Data
J. State and Regional Tables.
The tables in this section include the most recent estimates of State personal income and gross state product.
The sources of these estimates are noted.
The quarterly and annual State personal income estimates and the gross state product estimates are available on
CD-ROM. For information on State personal income, e-mail reis.remd@bea.doc.gov; write to the Regional
Economic Information System, BE-55, Bureau of Economic Analysis, U.S. Department of Commerce,
Washington, DC 20230; or call 202-606-5360. For information on gross state product, e-mail
gspread@bea.doc.gov; write to the Regional Economic Analysis Division, BE-61, Bureau of Economic Analysis,
U.S. Department of Commerce, Washington, DC 20230; or call 202-606-5340.
Table J.1.—Personal Income by State and Region
[Millions of dollars, seasonally adjusted at annual rates]
1997
1999
1998
2000
Percent
change 1
AMAA nomfl
Area name
United States
I
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
III
IV
6,783,568 6,870,579 6,970,231 7,089,802 7,222,566 7,331,457 7,437,073 7,542,809 7,612,236 7,711,069 7,821,262 7,991,981 8,141,734 8,304,248 8,436,892 8,523,172
2000:lll2000:IV
1.0
511,227
140,725
33,254
246,912
41,960
31,734
16,642
1,1
1.0
1.4
1.2
1.2
1.2
1.4
Mideast
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
1,292,948 1,303,468 1,321,218 1,345,607 1,361,982 1,385,250 1,400,498 1,413,813 1,439,012 1,446,585 1,470,876 1,490,550 1,518,747 1,548,251 1,565,746 1,586,558
21,824
22,827
19,705
19,829
21,681
22,669
23,247
20,361
20,685
21,268
22,192
23,796
23,831
24,381
25,024
24,729
18,984
19,017
19,190
19,713
19,828
19,860
20,138
21,064
20,384
19,318
19,415
20,851
21,337
21,469
21,672
19,220
164,337
166,695
172,167
146,306
147,737
149,175
154,211
157,338
159,521
161,801
175,126
183,561
152,085
178,028
169,473
180,885
290,274
258,199
261,805
266,702
270,990
279,077
285,319
286,720
297,703
310,617
318,244
256,112
274,599
281,226
302,536
313,370
543,714
547,334
556,184
566,942
573,122
585,447
590,400
594,344
610,661
609,271
622,121
659,974
625,459
640,872
653,023
668,468
308,126
311,352
340,934
350,574
345,377
314,473
319,875
323,200
326,770
329,962
334,422
336,166
355,319
360,865
365,319
369,589
1.3
1.2
.9
1.5
1.6
1.3
1.2
Great Lakes
Illinois
Indiana
Michigan
Ohio
Wisconsin
1,116,104 1,130,157 1,145,231 1,162,737 1,182,774 1,196,968 1,211,314 1,229,570 1,234,023 1,250,402 1,265,357 1,289,707 1,304,557 1,326,445 1,343,967 1,357,155
375,154
332,556
342,998
349,004
354,606
371,001
386,746
337,819
359,669
364,845
369,558
391,905
397,696
377,698
405,253
407,674
154,014
159,494
136,879
139,883
147,314
151,974
152,468
166,167
138,460
142,616
145,180
149,593
160,408
163,477
155,818
166,901
245,986
254,304
259,813
261,801
262,971
274,945
287,887
248,461
252,113
268,242
270,125
283,535
280,250
295,693
292,916
300,699
274,399
280,665
289,205
292,268
299,910
300,245
303,908
312,233
316,340
277,466
284,936
295,843
321,306
307,035
324,403
327,680
126,284
129,572
131,877
135,917
127,950
138,062
139,886
140,183
142,382
148,017
133,969
147,699
151,049
144,556
154,201
152,452
1.0
.6
.4
1.7
1.0
1.1
New England
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
Plains
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
Southeast
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
West Virginia
400,365
114,297
27,407
187,869
31,432
25,835
13,525
452,576
66,722
62,347
125,422
129,080
40,095
13,001
15,909
404,943
115,578
27,636
189,839
32,082
26,187
13,620
458,588
67,519
63,280
127,898
129,999
40,482
13,204
16,207
409,760
116,723
27,768
192,496
32,707
26,308
13,757
465,065
68,079
64,156
130,220
131,705
40,949
13,480
16,477
417,856
119,083
28,280
196,179
33,367
26,840
14,106
472,462
69,432
65,128
132,539
133,793
41,368
13,645
16,557
425,195
121,688
28,629
199,449
33,874
27,180
14,375
479,993
69,310
66,040
135,978
135,490
41,885
14,216
17,074
432,634
122,789
29,163
204,007
34,678
27,432
14,565
486,897
70,255
66,964
138,346
137,364
42,546
14,258
17,164
440,022
124,684
29,632
207,482
35,609
27,844
14,770
493,521
71,424
67,829
139,869
139,545
43,232
14,364
17,258
445,924
126,448
29,991
210,118
36,220
28,246
14,900
504,322
73,430
69,425
143,028
141,011
44,218
15,160
18,051
449,301
127,094
29,902
212,496
36,402
28,427
14,980
500,619
71,580
69,105
142,648
141,893
43,593
14,197
17,602
456,096
128,318
30,551
216,146
37,154
28,699
15,227
508,866
72,520
69,961
145,610
143,296
44,557
14,686
18,236
467,160
130,987
31,474
221,819
38,047
29,366
15,468
512,669
73,229
70,501
146,895
144,712
44,672
14,449
18,212
475,466
132,722
31,284
227,083
38,899
29,772
15,706
532,624
76,480
73,939
152,087
147,654
47,423
15,658
19,383
490,439
135,975
31,998
235,566
40,420
30,485
15,995
531,484
75,693
72,586
152,518
149,803
46,239
15,532
19,112
496,798
137,528
32,611
238,358
40,938
30,898
16,465
544,906
77,707
74,205
157,220
153,005
47,157
16,019
19,594
505,422
139,376
32,806
244,022
41,446
31,362
16,409
559,135
80,292
76,633
160,429
155,459
49,106
16,942
20,274
556,070
79,114
75,701
161,519
155,978
47,986
15,901
19,871
1,503,128 1,519,536 1,539,513 1,566,483 1,596,368 1,621,831 1,646,612 1,668,197 1,682,093 1,702,668 1,721,242 1,754,315 1,785,854 1,823,530 1,846,107 1,866,812
90,148
92,797
105,684
90,659
91,530
94,724
95,648
96,781
97,789
98,630
99,857
100,898
102,157
102,580
104,692
104,559
58,999
56,417
59,751
52,200
53,533
54,117
55,620
56,550
58,310
58,351
60,903
50,133
50,690
51,198
53,019
55,139
369,780
374,701
408,332
417,052
437,999
380,367
385,845
393,887
399,450
404,285
411,785
428,149
447,238
422,216
453,179
460,849
179,784
184,804
197,487
181,989
188,452
193,697
202,002
205,453
211,108
208,266
218,213
223,221
227,969
213,639
230,520
233,198
81,507
89,564
90,018
91,154
95,924
82,418
83,251
87,463
88,735
92,585
97,482
98,924
100,429
84,530
86,096
94,243
98,351
90,621
91,531
94,407
95,882
97,178
98,161
98,829
99,426
102,388
100,002
92,586
101,640
103,892
105,286
105,556
50,670
51,731
54,482
56,082
57,614
51,268
52,721
53,932
55,356
56,143
58,564
59,707
58,645
60,393
60,208
56,748
176,044
190,488
196,569
198,740
178,072
180,399
184,249
187,525
193,638
201,385
207,374
213,150
218,461
200,935
220,826
223,131
79,585
85,607
89,252
80,355
82,839
87,566
88,955
90,657
92,266
95,037
97,377
98,396
81,403
84,123
93,675
99,495
123,100
124,318
128,578
134,664
136,448
136,660
125,831
130,337
133,011
139,152
141,255
143,308
145,758
148,417
152,354
150,592
201,486
176,939
178,456
184,222
186,974
191,068
194,464
197,916
214,017
181,143
202,065
205,409
210,116
219,757
222,621
225,940
36,416
36,842
37,203
37,514
38,864
34,816
35,079
35,270
35,643
36,172
37,060
38,006
39,774
38,486
39,670
40,214
-.5
-1.5
-1.2
.7
.3
-2.3
-6.1
-2.0
1.1
.9
-1.9
1.7
1.2
1.5
.3
-.3
1.0
1.1
1.2
1.5
1.1
Southwest
Arizona
New Mexico
Oklahoma
Texas
658,899
101,032
34,240
68,880
454,747
670,800
102,579
34,725
69,326
464,170
683,767
104,489
35,030
70,060
474,188
696,383
106,706
35,443
71,539
482,695
715,691
109,480
36,283
73,027
496,901
725,697
111,354
36,465
73,787
504,091
738,151
113,720
36,752
74,500
513,179
748,181
115,980
37,303
75,318
519,580
754,243
116,127
37,090
75,732
525,294
767,109
119,500
37,831
76,689
533,088
776,721
121,620
38,137
77,065
539,900
794,841
123,902
38,905
78,887
553,147
812,740
128,940
39,185
79,111
565,504
828,832
130,075
40,491
80,835
577,432
842,792
132,171
40,770
82,200
587,650
851,369
133,733
41,106
82,455
594,074
1.0
1.2
.8
.3
1.1
Rocky Mountain
Colorado
Idaho
Montana
Utah
Wyoming
201,198
105,287
24,695
17,329
42,681
11,205
204,771
107,539
25,057
17,564
43,280
11,332
209,131
110,085
25,435
17,864
44,196
11,551
212,288
112,149
25,719
18,148
44,627
11,645
218,435
116,144
26,489
18,372
45,695
11,735
220,859
117,148
26,716
18,641
46,486
11,869
224,057
119,003
27,088
18,723
47,176
12,068
228,673
121,690
27,643
19,224
47,938
12,178
230,547
123,168
27,876
19,046
48,132
12,325
235,800
126,471
28,299
19,394
49,148
12,488
239,189
128,391
28,732
19,163
50,121
12,783
247,128
133,584
29,601
20,072
50,892
12,979
250,373
134,881
30,454
19,900
51,980
13,158
259,058
140,918
31,304
20,188
53,257
13,391
264,534
144,678
31,722
20,858
53,734
13,543
266,863
146,418
31,670
20,503
54,581
13,692
.9
1.2
Far West
Alaska
California
Hawaii
Nevada
Oregon
Washington
1,158,349 1,178,317 1,196,545 1,215,986 1,242,128 1,261,320 1,282,898 1,304,128 1,322,398 1,343,543 1,368,046 1,407,350 1,447,540 1,476,428 1,509,188 1,527,119
17,197
17,464
16,492
16,692
17,094
16,586
17,068
17,421
17,616
17,781
18,081
18,531
18,979
19,180
16,182
18,701
961,387
931,112
854,808
882,661
901,179
947,460
979,178
840,123
868,638
915,258
994,068 1,023,727 1,057,344 1,081,003 1,110,635 1,123,803
31,052
31,126
31,679
31,802
32,031
31,382
31,313
31,702
32,113
32,342
33,028
33,161
33,522
34,168
34,733
34,340
47,624
46,779
48,746
50,079
52,619
54,639
55,497
45,883
51,319
53,868
56,436
57,802
59,030
60,828
61,464
62,699
82,437
87,108
78,832
79,816
81,215
85,680
86,875
88,493
84,850
92,018
89,972
83,880
96,469
98,030
99,099
94,391
149,296
158,220
164,488
169,770
146,278
151,100
154,137
166,392
170,416
182,560
161,120
184,722
187,603
185,258
176,760
185,740
1. Percent changes are expressed at quarterly rates and are computed from unrounded data.
NOTE.—The personal income level shown for the United States is derived as the sum of the State estimates,
It differs from the 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
-.2
-1.7
1.6
1.1
1.2
1.1
1.2
1.1
2.0
1.1
1.0
civilian and military personnel stationed abroad and of U.S. residents employed abroad temporarily by private U.S.
firms.
Source: Table 3 in "Personal Income and Per Capita Personal Income by State, 2000" in the May 2001 issue
of the SURVEY OF CURRENT BUSINESS.
D—54 • Regional Data
SURVEY OF CURRENT BUSINESS
July 2001
Table J.2.—Annual Personal Income and Per Capita Personal Income for States and Regions
Personal income
Per capita personal income
Percent
change 2
Millions of dollars
Area name
1995
1996
1997
1998
1999
2000
1999-00
Dollars
1980
Rank in U.S.
1990
2000
7.3
10,183
19,584
29,676
500,971
138,401
32,667
241,215
41,191
31,120
16,378
8.4
6.6
6.1
9.9
9.5
7.1
6.7
10,701
12,439
8,408
10,673
9,915
9,742
8,702
22,900
26,736
17,479
23,223
20,713
20,194
18,055
35,983
40,640
25,623
37,992
33,332
29,685
26,901
Mideast
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
1,193,865 1,255,345 1,315,810 1,390,386 1,461,756 1,554,825
18,237
20,145
21,741
24,491
19,369
23,135
18,217
18,517
19,135
21,385
19,536
20 308
135,115
148,826
168,168
179,400
140,809
158,218
233,209
290,004
246,659
260,705
311,192
276,473
655,584
503,163
530,990
553,543
585,829
616,878
285,923
299,001
313,457
362,773
328,589
343,263
6.4
5.9
53
6.7
7.3
6.3
5.7
10,978
10,803
12 347
11,230
11,778
11,095
10,151
22,611
21,636
26627
23,023
24,766
23,315
19,823
33,564
31,255
37 383
33,872
36,983
34,547
29,539
Great Lakes
Illinois
Indiana
Michigan
Ohio
Wisconsin
1,034,159 1,079,799 1,138,557 1,205,157 1,259,872 1,333,031
304,767
340,594
322,790
362,170
377,650
400,632
126,525
132,890
139,459
155,448
164,238
148,515
231,594
250,216
277,214
238,095
263,207
294,299
255,313
264,162
279,367
294,307
305,855
322,432
115,960
121,864
128,920
136,958
143,705
151,430
5.8
6.1
5.7
6.2
5.4
5.4
10,350
11,077
9,449
10,369
10,103
10,161
19,149
20,756
17,625
19,022
18,792
18,160
547,899
78,201
74,781
157,921
153,561
47,622
16,099
19,713
6.7
6.5
5.5
7.6
6.4
5.7
9.2
7.4
9,637
9,671
10,038
10,320
9,390
9,272
8,095
8,142
1,366,116 1,445,912 1,532,165 1,633,252 1,715,080 1,830,576
91,284
87,221
96,235
100,385
83,903
104,379
48,700
51,055
53,952
56,724
59,501
45,995
377,673
419,800
333,525
355,136
401,489
449,817
183,757
172,935
212,806
228,727
159,800
199,660
82,927
92,000
74,080
78,221
87,965
98,190
87,879
92,286
97,512
99,855
104,281
84,573
51,598
57,272
46,242
48,898
54,978
59,718
157,634
167,638
192,055
202,109
218,892
179,691
76,287
72,050
81,045
86,563
91,463
97,576
119,287
125,457
140,094
114,260
133,615
149,280
204,769
220,584
161,442
169,938
180,190
192,605
33,771
35,202
36,623
37,802
32,611
39,631
6.7
4.0
4.9
7.2
7.5
6.7
4.4
4.3
8.3
6.7
6.6
7.7
4.8
6,192,235 6,538,103 6,928,545 7,383,476 7,784,137 8,351,512
United States
364,297
104,315
25,046
170,052
28,650
23,787
12,449
New England
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Veimont
410,645
60,171
56,627
113,217
117,640
36,293
12,243
14,454
Plains
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
Southeast
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
West Virginia
Southwest
Arizona
New Mexico
Oklahoma
Texas
Rocky Mountain
Colorado
Idaho
Montana
Utah
Wyoming
Far West
Alaska
California
Hawaii
Nevada
Oregon
Washington
.
.
.
.
.
.
.
384,144
109,354
26,434
180,237
30,228
24,818
13,073
439,948
64,696
60,074
122,080
123,992
39,618
13,607
15,883
408,231
116,421
27,773
191,596
32,397
26,293
13,752
462,173
67,938
63,728
129,020
131,144
40,724
13,332
16,288
435,944
123,903
29,354
205,264
35,095
27,676
14,652
491,183
71,105
67,564
139,305
138,352
42,970
14,500
17,387
513,694
73,453
70,876
146,810
144,389
45,061
14,747
18,358
586,017
88,870
31,716
63,333
402,097
624,034
95,787
33,232
66,289
428,726
677,462
103,702
34,860
69,951
468,950
731,930
112,633
36,701
74,158
508,438
773,228
120,287
37,991
77,093
537,857
833,934
131,230
40,388
81,150
581,165
179,684
92,947
22,869
16,297
37,278
10,293
192,141
100,012
24,173
16,992
40,354
10,609
206,847
108,765
25,226
17,726
43,696
11,433
223,006
118,496
26,984
18,740
46,824
11,962
238,166
127,904
28,627
19,419
49,573
12,644
260,207
141,724
31,287
20,362
53,388
13,446
1,057,453 1,116,779 1,187,299 1,272,618 1,360,334 1,490,069
15,762
16,488
17,195
15,513
17 736
18,848
812,404
861,557
923,752
771,470
989,590 1,093,196
30,393
31,824
32,641
34,191
30,202
31,218
39,377
43,331
47,258
51,971
56,094
61,005
85,321
71,209
75,561
80,575
89,398
96,997
139,328
150,203
162,555
174,877
129,681
185,831
1. Per capita personal income was computed using midyear population estimates of the Bureau
of the Census. The 2000 per capita personal income estimates are based on the April 1, 2000
decennial census population counts as released by the Census Bureau on December 28, 2000.
Per capita personal income estimates for 1991-99 are not shown because the Census Bureau
has not yet published State population estimates for the intercensal years that are consistent with
the decennial census counts.
2. Percent change was calculated from unrounded data.
NOTE—The personal income level shown for the United States is derived as the sum of the
462,006
129,780
30,803
219,386
37,626
29,066
15,345
1980
1990
2000
2
39
14
25
26
36
1
31
4
11
14
26
1
36
2
6
16
32
13
9
12
8
5
9
20
5
2
3
18
5
3
4
18
29,521
32,259
27,011
29,612
28,400
28,232
10
30
15
21
19
10
30
20
21
24
9
31
17
19
21
18,217
17,380
18,182
20,011
17,751
18,088
15,880
16,238
28,480
26,723
27,816
32,101
27,445
27,829
25,068
26,115
27
23
16
31
32
46
45
33
23
16
28
25
40
37
33
27
10
28
26
38
35
8,713
7,892
7,586
10,049
8,474
8,231
8,833
7,076
8,247
7,794
8,319
10,176
8,172
17,408
15,832
14,509
19,855
17,738
15,484
15,223
13,164
17,367
16,050
16,821
20,538
14,579
26,422
23,471
22,257
28,145
27,940
24,294
23,334
20,993
27,194
24,321
26,239
31,162
21,915
47
49
22
37
43
34
50
42
48
41
18
44
42
49
17
29
44
45
50
34
39
36
13
48
44
47
23
24
40
45
50
30
39
34
13
49
7.9
9.1
6.3
5.3
8.1
9,762
9,590
8,402
9,580
9,957
17,119
17,211
14,960
16,214
17,458
26,684
25,578
22,203
23 517
27,871
28
40
29
24
35
47
38
32
37
48
43
25
9.3
9,856
10,809
8,735
9,143
8,464
11,753
17,491
19,703
15,866
15,524
14,996
17,996
28,209
32,949
24,180
22,569
23,907
27,230
12
35
33
38
6
19
41
43
46
27
7
41
46
42
29
11,752
14 807
12,029
11,512
11,780
10,196
10,913
21,396
22 719
21,889
22,391
20,674
18,253
20,026
31,687
30 064
32,275
28 221
30,529
28 350
31,528
1
3
7
4
17
11
6
8
7
12
22
15
15
8
22
U
20
11
10.8
9.3
4.9
7.7
6.3
9.5
6.3
10.5
4.8
8.8
8.5
6.3
State 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. firms.
Source: Table 1 in "Personal Income and Per Capita Personal Income by State, 2000" in the
May 2001 issue of the SURVEY OF CURRENT BUSINESS.
July 2001
Regional Data •
SURVEY OF CURRENT BUSINESS
Table J.3.-Disposable Personal Income and Per Capita Disposable Personal Income for States and Regions
Per capita disposable personal income l
Disposable Personal income
Millions of dollars
Area name
1995
United States
New England
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
Mideast
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
Percent
change 2
1996
1997
1998
1999
2000
1980
1990
Rank in U.S
2000
6.4
8,848
17,146
25,090
411,813
110,871
27,958
196,809
35,491
26,677
14,007
7.5
5.8
5.5
8.9
8.7
6.4
5.9
9,226
10,655
7,502
9,121
8,757
8,520
7,663
19,874
23,279
15,414
19,915
18,450
17,795
15,838
29,579
32,556
21,929
30,998
28,719
25,448
23,007
1,029,185 1,073,172 1,114,511 1,167,747 1,222,545 1,289,573
16,547
16,987
19,550
15,686
18,338
20,613
15,840
15,862
16,120
16,700
17,301
16,192
125,597
116,066
119,755
132,562
140,509
149,081
211,334
220,964
242,218
257,144
201,166
231,756
510,068
430,223
450,040
464,468
536,966
487,143
250,204
259,634
270,375
293,500
308,469
281,755
5.5
5.4
3.6
6.1
6.2
5.3
5.1
9,421
8,984
10,480
9,530
10,137
9,480
8,817
19,514
18,612
22,921
19,712
21,503
19,899
17,433
27,838
26,305
30,243
28,147
30,560
28,296
25,117
5.3
5.5
5.3
5.8
4.6
5.0
8,971
9,519
8,246
9,009
8,797
8,811
16,699
18,042
15,398
16,589
16,442
15,817
468,208
67,757
64,005
132,124
131,631
40,826
14,276
17,589
5.8
6.0
4.7
6.2
5.7
4.9
9.1
6.8
8,365
8,366
8,674
8,867
8,195
8,099
7,085
7,362
1,208,156 1,269,457 1,336,061 1,418,248 1,484,218 1,573,863
91,107
77,079
80,342
88,075
74,485
84,631
45,063
49,806
52,076
40,945
43,230
47,470
329,682
362,384
296,985
312,805
385,023
348,156
139,674
150,182
158,350
181,948
194,113
171,295
79,312
64,839
68,160
71,915
84,251
76,066
78,079
86,194
88,158
91,651
75,996
81,431
51,123
53,155
41,699
43,943
46,245
49,165
173,222
186,893
138,006
145,935
165,258
155,311
79,845
63,606
66,986
70,880
75,532
84,446
124,192
111,632
131,729
102,796
106,568
118,716
172,810
184,594
140,055
146,489
154,028
163,389
33,344
30,001
31,182
34,825
29,070
32,376
6.0
3.4
4.6
6.2
6.7
6.2
4.0
4.0
7.9
5.8
6.1
6.8
4.4
5,414,784 5,669,393 5,960,749 6,313,611 6,633,338 7,060,923
313,002
88,432
22,173
144,898
25,490
20,990
11,019
326,543
91,536
23,257
151,896
26,610
21,780
11,463
342,605
95,724
24,200
159,674
28,200
22,851
11,955
362,776
100,711
25,360
169,661
30,469
23,899
12,676
383,015
104,827
26,495
180,747
32,653
25,068
13,225
Great Lakes
Illinois
Indiana
Michigan
Ohio
Wisconsin
897,966
264,821
109,861
201,124
221,905
100,255
930,464
278,447
114,831
204,949
227,746
104,491
975,464 1,026,826 1,069,737 1,125,982
291,507
319,903
337,400
308,064
132,484
139,493
119,826
127,024
235,035
248,728
214,500
223,885
260,807
272,731
239,900
251,883
109,732
115,971
121,508
127,630
Plains
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
359,419
53,020
49,628
97,206
103,462
32,023
10,960
13,120
382,827
56,896
52,367
103,586
108,364
34,932
12,226
14,456
399,625
59,294
55,113
109,183
114,001
35,531
11,853
14,650
Southeast
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
West Virginia
1999-00
Dollars
423,186
62,006
58,323
117,303
119,709
37,276
12,933
15,636
442,521
63,930
61,113
124,462
124,531
38,932
13,087
16,465
1980
2000
1990
2
39
13
23
26
36
1
31
4
10
14
26
1
38
2
4
16
34
15
9
12
9
6
11
18
6
2
5
17
6
3
5
17
24,936
27,167
22,941
25,027
24,023
23,795
10
30
14
20
19
12
32
20
21
27
8
35
18
22
26
16,007
15,295
16,009
17,328
15,611
16,071
14,320
14,846
24,338
23,154
23,808
26,857
23,526
23,857
22,229
23,301
28
24
16
31
32
46
42
33
24
18
28
23
38
37
32
25
9
28
23
36
29
7,666
6,996
6,741
8,857
7,442
7,267
7,709
6,347
7,208
6,880
7,449
8,784
7,162
15,443
14,097
12,988
17,731
15,537
13,623
13,681
11,927
15,257
14,199
15,193
17,899
12,997
22,717
20,487
19,479
24,090
23,712
20,845
20,508
18,686
23,219
21,048
23,154
26,078
19,258
47
49
17
41
43
35
50
44
48
40
22
45
41
49
16
30
45
44
50
34
40
36
13
48
44
47
21
27
41
43
50
30
39
32
15
49
Southwest
Arizona
New Mexico
Oklahoma
Texas
523,337
78,460
28,290
56,276
360,310
552,859
83,726
29,502
58,473
381,159
596,546
90,217
30,758
61,222
414,349
641,262
97,359
32,342
64,795
446,767
675,820
103,716
33,427
67,255
471,422
724,209
112,603
35,421
70,563
505,622
7.2
8.6
6.0
4.9
7.3
8,493
8,493
7,520
8,329
8,616
15,251
15,247
13,396
14,264
15,600
23,173
21,947
19,472
20,449
24,248
27
37
29
25
35
46
39
29
37
48
45
20
Rocky Mountain
Colorado
Idaho
Montana
Utah
Wyoming
157,037
80,723
20,135
14,492
32,526
9,160
166,565
86,111
21,208
15,037
35,002
9,207
178,194
92,927
22,044
15,621
37,715
9,886
191,425
100,579
23,556
16,476
40,520
10,294
203,989
108,143
24,932
17,022
43,043
10,849
221,106
118,597
27,030
17,765
46,269
11,445
8.4
9.7
8.4
4.4
7.5
5.5
8,611
9,347
7,779
8,009
7,515
10,166
15,402
17,251
14,071
13,785
13,219
16,077
23,970
27,573
20,889
19,690
20,719
23,179
12
34
33
38
5
19
42
43
47
22
7
40
46
42
31
Far West
Alaska
California
Hawaii
Nevada
Oregon
Washington
926,681
13,755
674,953
26,674
34,623
61,581
115,095
967,506 1,017,744 1,082,140 1,151,494 1,246,168
14,497
15,533
16,407
13,919
15,064
908,034
701,878
735,173
833,296
781,839
29,767
28,528
26,730
27,371
27,828
48,247
52,165
37,634
41,126
44,856
76,064
64,801
81,505
68,539
72,675
149,827
158,289
122,543
131,039
139,877
8.2
5.6
9.0
4.3
8.1
7.2
5.6
10,250
12,738
10,497
10,054
10,348
8,788
9,544
18,657
19,937
19,027
19,428
18,112
16,003
17,761
26,501
26,171
26,808
24,570
26,105
23,822
26,855
1
3
7
4
21
8
3
8
7
11
25
15
13
11
19
14
24
10
1. Per capita disposable personal income was computed using midyear population estimates
of the Bureau of the Census. The 2000 per capita disposable personal income estimates are
based on the April 1, 2000 decennial census population counts as released by the Census Bureau
on December 28, 2000. Per capita disposable personal income estimates for 1991-99 are not
shown because the Census Bureau has not yet published State population estimates for the
intercensal years that are consistent with the decennial census counts.
2. Percent change was calculated from unrounded data.
NOTE.—The personal income level shown for the United States is derived as the sum of the
State estimates. It differs from the 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. firms.
Source: Table 2 in "Personal Income and Per Capita Personal Income by State, 2000" in the
May 2001 issue of the SURVEY OF CURRENT BUSINESS.
D—55
D-56
• Regional Data
July 2001
SURVEY OF CURRENT BUSINESS
Table J.4.-Gross State Product (GSP) by Industry for States and Regions, 1999
[Millions of dollars]
Transportation and
public
utilities
Wholesale
trade
1,500,806
779,647
643,284
856,364
83,767
25,048
5,261
36,569
9,792
4,098
2,998
32,284
9,020
2,396
14,833
2,551
2,187
1,298
36,951
9,750
2,007
19,560
2,936
1,710
211,579
4,914
1,300
14,216
39,335
77,365
74,449
137,294
1,752
2,853
13,096
31,534
55,123
32,935
346,862
72,563
56,294
80,740
93,409
43,856
113,472
28,803
3,759
3,711
8,585
8,369
2,554
931
893
109,036
19,058
57,025
7,231
13,598
10,093
13,183
17,199
5,783
1,753
1,784
98,337
5,397
2,996
22,406
13,744
5,064
6,259
2,999
337,901
21,886
14,599
31,716
46,781
31,275
19,622
13,241
62,211
22,899
35,392
31,779
6,501
181,644
45,952
8,327
2,022
3,316
32,288
140,037
20,707
8,527
14,604
8,317
2,400
188
754
1,143
3,831
15,046
5,301
7,655
43
1,519
144
383
Total GSP
Agriculture,
forestry,
and fishing
United States
9,308,983
125,441
111,797
416,354
New England
Connecticut
Maine
Massachusetts ...
New Hampshire
Rhode Island
Vermont
542,347
151,779
34,064
262,564
44,229
32,546
17,164
4,048
1,038
674
1,429
320
214
374
314
21,668
4,954
1,552
10,861
1,822
Mideast
Delaware
District of Columbia ,
Maryland
New Jersey
New York
Pennsylvania
1,734,325
34,669
55,832
174,710
331,544
754,590
382,980
10,026
292
17
3,563
2
21
1,440
1,749
3,175
3,353
145
257
Great Lakes,
Illinois
Indiana
Michigan ...
Ohio
Wisconsin .
1,464,641
445,666
182,202
308,310
361,981
166,481
14,379
4,533
1,151
761
876
1,519
226
67,649
3,575
1,820
2,849
2,973
3,162
601,905
85,243
80,843
172,982
170,470
53,744
16,991
21,631
15,043
3,291
2,023,742
115,071
64,773
442,895
275,719
113,539
128,959
64,286
258,592
106,917
170,085
242,221
40,685
29,951
2,280
2,370
7,838
3,697
2,002
1,232
1,687
3,933
1,164
1,492
1,994
261
27,617
1,527
506
878
1,244
2,433
15,121
510
1,084
2,967
12,793
6,281
7,462
11,086
1,852
Southwest
Arizona
New Mexico
Oklahoma ....
Texas
968,362
143,683
51,026
86,382
687,272
14,329
49,117
1,214
4,281
4,257
39,365
Rocky Mountain
Colorado
Idaho
Montana
Utah
Wyoming
288,479
153,728
34,025
20,636
62,641
17,448
6,004
1,685,181
26,353
1,229,098
40,914
69,864
109,694
209,258
31,661
State and region
Plains
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota ..
South Dakota .
Southeast
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina ..
South Carolina .
Tennessee
Virginia
West Virginia ....
Far West
Alaska
California
Hawaii
Nevada
Oregon
Washington
Rank of
total GSP
3,000
2,304
3,004
1,928
2,606
701
1,500
2,138
1,049
1,944
9,197
2,261
1,776
828
697
443
449
22,779
493
512
3,064
4,365
Mining
113
5
39
12
47
545
2,593
218
1,022
804
427
79
611
130
638
533
177
NOTE.-Totals shown for the United States differ from the national income and product account estimates of gross
domestic product (GDP) because GSP is derived from gross domestic income, which differs from GDP by the statistical discrepancy. In addition, GSP excludes and GDP includes the compensation of Federal civilian and military
personnel stationed abroad and government consumption of fixed capital for military structures located abroad and
Construction
1,724
754
62,972
1,486
468
9,451
12,627
22,862
16,079
20,059
9,235
14,880
15,645
7,830
Manufacturing
31,319
32,966
7,532
1,526
3,036
40,830
13,845
20,280
26,659
11,858
9,971
6,815
38,082
31,476
9,108
11,897
6,096
18,273
9,495
14,141
21,679
Government
1,792,090
1,986,918
1,096,282
45,940
12,213
4,136
20,581
4,361
2,949
1,700
136,278
43,623
6,401
64,279
10,254
8,678
3,043
130,309
33,389
6,862
70,462
50,788
12,631
4,770
23,892
3,466
3,899
2,129
112,601
1,382
757
10,800
30,757
45,078
23,826
132,085
2,455
1,577
15,677
25,461
52,556
34,359
454,432
13,813
7,294
204,398
78,417
247,163
70,566
405,374
5,379
20,512
42,217
77,836
173,681
85,749
105,625
35,342
11,157
22,630
25,814
10,682
134,471
36,683
16,853
30,207
35,102
15,626
240,154
286,846
90,755
23,744
43,546
56,156
25,953
100,527
30,219
60,402
66,058
29,639
150,649
44,180
18,273
31,900
38,648
17,648
47,316
6,700
6,426
14,210
157,682
7,705
8,318
16,310
95,926
116,828
14,450
12,621
4,269
1,573
1,516
16,584
4,712
1,747
2,307
12,865
10,389
31,974
26,038
8,332
2,404
140,640
7,542
205,076
11,927
4,293
33,880
24,967
6,964
7,573
3,786
7,621
50,610
25,743
10,861
11,944
15,875
7,017
23,022
11,851
12,996
13,845
2,223
19,439
20,977
4,063
71,545
95,296
96,199
97,433
10,516
3,753
7,958
75,205
9,620
2,146
5,206
54,573
15,359
4,795
9,035
66,107
17,680
9,233
2,261
1,158
4,092
936
33,966
15,622
7,344
1,544
8,311
1,144
31,968
18,740
2,667
2,461
5,514
2,585
17,785
28,799
9,644
2,183
1,354
3,894
709
73,292
237,657
1,113
179,178
1,030
2,884
27,151
26,301
128,528
4,392
89,906
4,268
5,587
7,750
16,624
110,821
791
82,506
1,539
3,234
8,226
14,524
1,225
47,264
1,654
7,147
5,797
10,204
4,609
Finance,
insurance,
and real
Services
trade
37,179
7,074
3,832
3,194
21,032
30,491
33,570
77,042
39,070
35,994
34,888
10,291
3,290
3,810
70,956
10,258
10,876
17,599
19,449
7,585
2,455
2,733
41,832
4,604
399,457
19,447
10,083
108,007
53,029
18,122
22,653
11,180
42,305
17,519
35,089
54,741
7,283
271,917
18,149
7,993
54,039
32,808
15,306
15,866
10,295
32,207
16,180
19,546
43,205
6,323
145,119
26,845
192,998
31,573
116,537
3,923
331,203
16,945
7,499
95,440
42,230
12,404
16,793
7,347
47,441
14,650
24,019
14,105
10,564
101,021
136,533
17,385
8,594
13,774
76,783
15,127
3,481
2,137
6,708
1,346
45,973
26,869
4,018
2,818
10,299
1,968
60,234
35,529
5,545
4,195
12,935
2,029
37,753
18,303
4,562
3,385
9,047
2,455
157,016
1,867
113,360
4,456
7,266
9,484
20,584
343,005
2,671
266,876
9,481
11,803
15,753
36,420
394,871
3,419
288,081
9,023
22,729
19,334
52,286
193,285
5,124
131,493
9,170
15,723
8,928
7,182
12,992
27,566
for military equipment, except office equipment. Also, GSP and GDP have different revision schedules.
Source: This table has been updated to reflect the GSP estimates for 1999, which were released on June 4,
2001. Detailed estimates are available on BEA's Web site at <www.bea.doc.gov> under "State and local area data."
July 2001
Regional Data •
SURVEY OF CURRENT BUSINESS
D-57
K. Local Area Table
Table K.1.—Personal Income and Per Capita Personal Income by Metropolitan Area, 1997-99
Per capita personal income 1
Personal income
Area name
1997
United States 2
Metropolitan portion
Nonmetropolitan portion
Percent
change
Millions of dollars
1998
1999
6,928,545 7,383,476 7,784,137
5,874,694 6,275,812 6,630,149
1,053,851 1,107,664 1,153,988
1053851
1998-99
Rank in
U.S.
Dollars
1997
1998
25,874 27,321 28,546
27,408 28,987 30,317
19,719 20,611 21,372
30,661
26,612
27,267
29,067
31,103
28,052
28,708
32,544
28,259
28,809
31,082
33,287
29,645
30,691
25,902
30,070 31,457
135,062
141,745
4.8
5.0
3.7
7.0
8.6
5.4
4.9
425,958
94,768
449,834
99,018
51,847
5.6
4.5
4.8
25,558
24,870
28,473
733,999
774,748
5.6
34,663 36,705
38,539
175,748
57,575
43,278
235,703
101,627
185,987
61,203
46,428
254,671
111,582
194,352
64,589
49,736
280,844
121,483
4.5
5.5
7.1
10.3
8.9
29,404
27,216
25,771
35,081
30,177
32,397
29,615
28,568
40,858
35,052
231,206
246,577
263,429
6.8
32,095 33,918 35,797
2,763
17,624
2,461
22,781
16,039
2,649
16,002
2,779
4,666
8,018
2,890
18,641
2,563
24,131
16,757
2,825
16,756
2,895
4,956
8,433
3,010
19,359
2,630
25,136
17,391
2,918
17,613
3,034
5,145
8,717
4.2
3.9
2.6
4.2
3.8
3.3
5.1
4.8
3.8
3.4
22,726
25,657
20,952
26,101
23,825
20,964
26,040
21,219
22,639
31,899
23,681
27,094
21,758
27,717
24,769
22,335
27,199
22,178
23,934
32,992
24,579
28,079
22,394
28,909
25,619
23,020
28,483
23,352
24,652
33,813
16,143
2,253
8,534
5,161
3,042
105,565
9,751
1,809
9,856
28,006
11,873
17,423
2,368
9,063
5,518
3,280
116,171
10,220
1,908
10,463
32,579
12,458
18,811
2,388
9,632
5,747
3,445
125,302
10,576
2,012
10,852
36,437
12,777
8.0
.9
6.3
4.1
5.0
7.9
3.5
5.5
3.7
11.8
2.6
29,949
19,231
24,952
24,465
22,037
29,064
29,182
18,376
21,665
26,224
19,010
31,810
20,221
26,280
25,879
23,657
31,028
30,418
18,988
22,848
29,494
19,724
33,750
20,492
27,670
26,706
24,539
32,486
31,322
Baltimore, MD*
Bangor, ME (NECMA)
Barnstable-Yarmouth, MA (NECMA)
Baton Rouge, LA
Beaumont-Port Arthur, TX
Bellingham, WA
Benton Harbor, Ml
Bergen-Passaic, NJ*
Billings, MT
Biloxi-Gulfport-Pascagoula, MS
70,139
2,965
6,297
13,110
8,209
3,336
3,755
49,184
2,921
6,972
74,017
3,131
6,801
14,121
8,714
3,548
3,855
51,584
3,086
7,683
78,309
3,267
7,326
5.8
4.3
7.7
3.8
1.0
5.0
5.5
5.7
4.1
28,343
20,443
30,690
22,997
21,915
21,536
23,411
36,883
23,193
20,232
29,834
21,676
32,622
24,591
23,229
22,561
24,117
38,568
24,449
22,060
31,434
22,617
34,470
25,316
23,395
23,228
25,454
40,623
25,253
22,707
43
261
24
162
232
241
159
6
169
258
Binghamton, NY
Birmingham, AL
Bismarck, ND
Bloomjngton, IN
Bloomington-Normal, IL
Boise City, ID
Boston-Worcester-Lawrence-LowellBrockton, MA-NH (NECMA)
Boulder-Longmont, CO*
Brazoria, TX*
Bremerton, WA*
5,627
22,994
2,033
2,509
3,676
9,575
5,824
24,305
2,173
2,678
3,910
10,372
6,073
25,527
2,267
2,801
4,211
11,178
4.3
5.0
4.3
4.6
7.7
7.8
22,468
25,505
22,408
21,640
25,943
24,963
23,394
26,732
23,750
22,978
27,275
26,191
24,542
27,896
24,660
23,957
28,947
27,408
190
212
77
110
185,695
8,679
4,969
5,225
199,622
9,483
5,339
5,377
214,141
10,248
5,559
5,654
7.3
8.1
4.1
5.2
31,869
33,198
22,253
22,434
34,044
35,561
23,330
23,085
36,285
37,523
23,724
23,902
15
14
221
215
Brownsville-Harlingen-San Benito, TX
Bryan-College Station, TX
Buffalo-Niagara Falls, NY
Burlington, VT (NECMA)
Canton-Massillon, OH
Casper WY
...
Cedar Rapids, IA
Champaign-Urbana, IL
Charleston-North Charleston, SC
Charleston, WV
4,230
2,546
28,312
4,829
9,257
1,735
4,920
3,915
4,520
2,738
29,473
5,162
9,803
1,826
5,396
4,109
4,700
2,846
30,506
5,461
10,946
6,208
11,794
6,507
4.0
3.9
3.5
5.8
2.4
5.2
6.0
4.6
7.5
3.1
13,314
19,258
24,358
25,240
22,988
27,229
27,100
22,962
20,498
24,487
13,948
20,599
25,596
26,788
24,379
28,879
29,521
24,192
21,750
25,751
14,280
21,206
26,710
28,039
24,955
30,427
30,932
25,233
22,944
26,709
316
292
126
94
178
56
46
170
247
127
Charlotte-Gastonia-Rock Hill, NC-SC
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
36,668
4,017
10,651
1,927
248,178
3,888
43,593
3,916
61,890
11,689
40,086
4,419
12,776
2,158
278,241
4,297
48,996
4,329
67,683
13,627
7.3
4.5
5.5
5.8
4.8
5.7
5.0
5.8
3.7
6.7
27,148
27,391
23,793
24,514
31,452
20,141
27,133
19,815
27,763
24,356
30,340
30,517
26,228
27,361
34,743
22,012
30,105
20,498 21,500
29,339 30,472
26,071 27,255
53
138
112
22
275
62
289
55
116
3,321
13,385
6,219
42,028
8,264
3,459
14,168
6,500
44,353
8,491
4.1
5.9
4.5
5.5
2.8
24,441
24,670
21,347
27,048
20,439
25,754
26,248
22,907
28,531
21,383
129
109
213
63
276
New York-No. New Jersey-Long Island, NY-NJ-CT-PA
Philadelphia-Wilmington-Atlantic City,
PA-NJ-DE-MD
Portland-Salem, OR-WA
Sacramento-Yolo, CA
San Francisco-Oakland-San Jose, CA
Seattle-Tacoma-Bremerton, WA
Washington-Baltimore, DC-MD-VAWV
268,636
51,476
79,514
135,784
72,098
152,659
123,660
397,751
89,755
287,137
55,058
83,910
149,021
78,651
161,651
300,846
57,819
87,042
159,469
85,396
170,312
33,857
29,485
29,905
32,482
35,318
31,140
31,543
31,067
28,462
27,190
37,378
32,600
Metropolitan Statistical Areas 3
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*
Aubum-Opelika, AL
Augusta-Aiken, GA-SC
Austin-San Marcos, TX
Bakersfield, CA
Columbia, MO
Columbia, SC
Columbus, GA-AL
Columbus, OH
Corpus Christi, TX
See footnotes at the end of the table.
3,125
12,387
5,807
39,361
7,862
11,238
2,040
265,552
4,064
46,662
14,657
8,803
3,724
4,065
54,521
3,214
8,020
10,043
1,922
5,719
4,296
12,684
6,709
4,616
11,856
23,549
31,794
28,994
29,586
24,994
25,954
33,406
20,910
26,568
27,444
23,950
29,777
21,936
1999
96,196
2,071
8,766
24,532
2,145
1,970
105,999
2,163
9,268
25,414
2,184
2,033
113,794
2,241
9,397
26,238
1.8
3.2
7.4
3.6
1.4
3.2
26,517
19,198
30,859
19,030
24,534
25,514
27,559 28,291
20,700
33,096 34,690
19,982 20,833
25,903 26,186
26,430 27,369
298
23
295
139
111
9,787
3,076
2,778
60,223
12,062
126,336
2,761
2,606
2,047
5,453
10,249
3,272
2,925
65,665
13,012
133,887
2,929
2,773
2,189
5,786
10,691
3,395
3,078
71,359
13,801
140,825
3,064
2,876
2,237
6,044
4.3
3.8
5.2
8.7
6.1
5.2
4.6
3.7
2.2
4.5
21,241
21,711
24,337
31,678
27,934
28,278
20,565
21,248
23,217
22,933
21,913
22,937
25,732
33,906
29,791
29,956
21,770
22,305
24,904
24,454
22,520
23,668
27,188
36,058
31,118
31,472
22,653
22,819
25,385
25,566
262
223
119
16
45
42
260
254
161
157
Dutchess County, NY*
Eau Claire, Wl
El Paso, TX
Elkhart-Goshen, IN
Elmira, NY
Enid, OK
Erie, PA
Eugene-Springfield, OR
Evansville-Henderson, IN-KY
Fargo-Moorhead, ND-MN
7,226
3,164
10,977
4,054
1,996
1,261
6,323
7,173
7,117
3,914
7,727
3,393
11,653
4,348
2,078
1,327
6,505
7,617
7,607
4,203
3,572
12,084
4,605
2,162
1,342
6,768
7,972
7,918
4,450
7.0
5.3
3.7
5.9
4.0
1.1
4.0
4.7
4.1
5.9
27,410
22,060
16,016
23,737
21,567
22,208
22,622
23,059
24,531
23,485
29,112
23,593
16,777
25,173
22,539
23,313
23,391
24,309
26,209
24,955
30,822
24,724
17,216
26,360
23,563
23,559
24,433
25,315
27,191
26,155
47
183
314
136
226
227
198
163
118
140
189
93
266
78
154
246
86
235
187
25
Fayetteville, NC
Fayetteville-Springdale-Rogers, AR ....
Flagstaff, AZ-UT
Flint, Ml*
Florence, AL
Florence, SC
Fort Collins-Loveland, CO
Fort Lauderdale, FL*
Fort Myers-Cape Coral, FL
Fort Pierce-Port St. Lucie, FL
6,594
5,912
2,284
10,179
2,838
2,635
5,804
40,674
10,173
8,080
6,874
6,384
2,442
10,340
2,873
2,788
6,295
43,207
10,639
8,545
7,172
6,901
2,573
10,677
2,959
2,925
6,723
45,208
4.3
8.1
5.3
3.3
3.0
4.9
6.8
4.6
4.9
4.0
23,088
21,586
19,069
23,384
20,718
21,186
25,740
27,541
26,371
27,744
24,186
22,893
20,301
23,733
20,949
22,359
27,238
28,656
27,078
25,285
24,213
21,325
24,412
21,617
23,360
28,386
29,442
27,861
29,641
167
206
290
200
284
234
87
70
Fort Smith, AR-OK
Fort Walton Beach, FL
Fort Wayne, IN
Fort Worth-Arlington, TX*
Fresno, CA
Gadsden, AL
Gainesville, FL
Galveston-Texas City, TX*
Gary, IN*
Glens Falls, NY
3,874
3,890
12,026
39,589
16,626
2,011
4,606
5,766
14,872
2,564
4,121
4,054
12,724
43,022
17,288
2,077
4,926
6,145
15,671
2,703
4,366
4,204
13,248
45,675
18,279
2,123
5,091
6,285
16,396
5.9
3.7
4.1
6.2
5.7
2.2
3.3
2.3
4.6
3.2
20,137
23,204
25,191
25,473
19,264
19,385
23,313
23,796
23,774
21,082
21,276
24,053
26,440
27,028
19,881
22,326
24,720
27,355
28,035
20,776
20,518
24,851 25,648
25,082 25,296
24,985
22,263 22,939
268
184
113
95
297
301
152
165
142
248
101
128
191
33
44
308
229
39
307
Goldsboro, NC
Grand Forks, ND-MN
Grand Junction, CO
Grand Rapids-Muskegon-Holland, Ml
Great Falls, MT
Greeley, CO*
Green Bay, Wl
Greensboro-Winston-Salem-High
Point, NC
Greenville, NC
Greenville-Spartanburg-Anderson, SC
2,141
2,133
2,391
26,028
1,795
3,196
5,728
2,213
2,254
2,560
27,613
1,869
3,503
6,035
2,240
2,279
2,712
29,055
1,915
3,789
6,301
1.2
1.1
5.9
5.2
2.5
8.2
4.4
19,122
21,032
21,596
25,317
22,732
20,547
26,756
19,789
23,032
22,679
26,584
23,790
21,964
28,079
20,050
23,870
23,557
27,616
24,463
22,852
29,102
306
217
228
106
195
252
75
30,331
2,827
20,521
32,468
2,932
21,948
34,080
2,974
23,117
5.0
1.4
5.3
26,302 27,806
22,718 23,158
22,639 23,904
28,896
23,239
24,869
79
239
180
2,841
7,883
16,261
35,373
2,061
7,218
24,604
3,743
112,925
6,042
2,933
8,396
17,107
37,270
2,192
7,740
24,967
4,051
123,578
6,248
3,088
8,823
17,780
39,104
2,290
8,145
25,475
3,998
129,901
6,415
5.3
5.1
3.9
4.9
4.5
5.2
2.0
-1.3
5.1
2.7
22 322
24,056
26,461
31,953
18,829
22,687
28,180
19,560
29,393
19,179
23,009
25,374
27,727
33,604
19,652
24,040
28,640
20,912
31,470
19,904
24,162
26,456
28,753
35,109
20,256
24,997
29,465
20,547
32,386
20,533
207
133
81
21
303
176
69
299
34
300
Huntsville, AL
Indianapolis, IN ....
Iowa City, IA
Jackson, Ml
Jackson, MS
Jackson, TN
Jacksonville, FL ...
Jacksonville, NC ..
Jamestown, NY ...
Janesville-Beloit, Wl
8,031
40,994
2,667
3,394
9,989
2,243
26,444
3,062
2,692
3,498
8,581
44,507
2,869
3,504
10,626
2,400
28,516
3,170
2,819
3,657
8,926
46,904
3,055
3,730
11,123
2,524
29,182
3,299
2,869
3,794
4.0
5.4
6.5
6.5
4.7
5.2
2.3
4.1
1.8
3.7
24,080
27,240
26,172
21,824
23,485
22,602
25,220
29,304
27,974
22,444
24,726
23,882
27,321
21,650 22,108
19,317 20,380
23,295 24,267
25,993
30,523
29,425
23,719
25,709
24,840
27,625
23,157
20,877
25,103
145
52
71
222
151
181
104
245
294
172
Jersey City, NJ* ..
Johnson City-Kingsport-Bristol, TN-VA
Johnstown, PA ....
Jonesboro, AR
Joplin, MO
Kalamazoo-Battle Creek, Ml
Kankakee, IL*
Kansas City, MO-KS
Kenosha, Wl*
Killeen-Temple, TX
14,104
1,529
3,064
10,685
2,223
46,607
3,363
6,072
14,734
9,881
4,822
1,603
3,225
11,091
2,306
49,923
3,607
6,340
15,292
10,236
5,042
1,697
3,366
11,440
2,389
53,072
3,820
6,713
3.8
3.6
4.6
5.9
4.4
3.1
3.6
6.3
5.9
5.9
25,474
20,595
19,708
20,055
20,797
24,050
21,754
27,128
23,523
20,567
26,643
21,397
20,450
20,760
21,666
24,864
22,541
28,737
24,985
21,349
27,662
22,119
21,564
21,853
22,441
25,583
23,256
30,225
26,111
22,654
102
272
285
279
265
156
238
60
141
259
Knoxville, TN
Kokomo, IN
La Crosse, WI-MN
Lafayette, LA
Lafayette, IN
Lake Charles, LA
15,475
2,483
2,848
7,656
3,845
3,826
16,456
2,591
3,041
8,144
4,043
4,036
17,207
2,734
3,156
8,121
4,187
4,116
4.6
5.5
3.8
-.3
3.6
2.0
23,396
24,775
23,482
20,588
22,393
21,347
24,694
25,896
24,991
21,707
23,174
22,408
25,603
27,233
25,886
21,528
23,867
22,792
155
117
148
287
218
255
Hagerstown, MD*
Hamilton-Middletown, OH*
Harrisburg-Lebanon-Carlisle, PA
Hartford, CT (NECMA)
Hattiesburg, MS
Hickory-Morganton-Lenoir, NC
Honolulu, HI
Houma, LA
Houston, TX*
Huntington-Ashland, WV-KY-OH
2,056
1,913
11,
1998-99
Rank in
U.S.
Dollars
change
1998
Daytona Beach, FL
Decatur, AL
Decatur, IL
Denver, CO*
Des Moines, IA
Detroit, Ml*
Dothan, AL
Dover, DE
Dubuque, IA
Duluth-Superior, MN-WI
28,050
Percent
Millions of dollars
1997
Corvallis, OR
Cumberland, MD-WV
Dallas, TX*
Danville, VA
Davenport-Moline-Rock Island, IA-IL
Dayton-Springfield, OH
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
Area name
1999
5.4
5.6
4.2
Per capita personal income1
Personal income
1997
1998
1999
D-58
• Regional Data
SURVEY OF CURRENT BUSINESS
July 2001
Table K.1.—Personal Income and Per Capita Personal Income by Metropolitan Area, 1997-99—Continued
Per capita personal income1
Personal income
Area name
Percent
change
Millions of dollars
Rank in
U.S.
Dollars
Per capita personal income l
Personal income
Area name
Percent
change
Millions of dollars
1999
Rank in
U.S.
Dollars
1999
1997
1998
1999
1997
1998
1999
Lakeland-Winter Haven, FL
Lancaster, PA
Lansing-East Lansing, Ml
Laredo, TX
9,333
11,363
10,643
2,407
10,056
12,014
10,826
2,583
10,653
12,563
11,458
2,726
5.9
4.6
5.8
5.5
20,893
25,048
23,633
13,345
22,217
26,307
24,043
13,828
23,294
27,309
25,419
14,112
236
114
160
317
Richmond-Petersburg, VA
Riverside-San Bernardino, CA*
Roanoke, VA
Rochester, MN
26,093
61,591
5,919
3,260
27,779
66,105
6,254
3,589
Las Cruces, NM
Las Vegas, NV-AZ
Lawrence, KS
Lawton, OK
Lewiston-Auburn, ME (NECMA)
Lexington, KY
Lima, OH
Lincoln, NE
Little Rock-North Little Rock, AR
Longview-Marshall, TX
2,613
33,759
1,890
2,202
2,214
11,288
3,375
5,996
13,748
4,442
2,789
37,416
2,018
2,300
2,318
12,177
3,547
6,440
14,656
4,661
2,897
40,723
2,130
2,360
2,388
12,831
3,709
6,772
15,414
4,792
3.8
8.8
5.6
2.6
3.0
5.4
4.6
5.2
5.2
2.8
15,701
26,786
19,921
20,253
21,934
25,432
21,797
25,693
24,975
21,429
16,508
28,334
20,896
21,264
22,892
27,089
22,987
27,340
26,445
22,348
17,003
29,486
21,658
22,134
23,570
28,161
24,072
28,493
27,571
22,872
315
68
283
270
225
91
209
84
107
251
Rochester, NY
Rockford, IL
Rocky Mount, NC
Sacramento, CA*
Saginaw-Bay City-Midland, Ml
St. Cloud, MN
St. Joseph, MO
St. Louis, MO-IL
Salem, OR*
Salinas, CA
28,344
8,720
3,141
39,412
9,681
3,334
2,101
71,103
7,142
9,633
29,453
9,176
3,283
10,005
3,708
2,199
75,109
7,565
10,358
10,424
3,831
2,310
78,051
7,973
10,927
235,075
25,985
5,129
4,427
7,076
12,142
3,733
6,297
3,760
10,581
251,637
28,009
5,419
4,694
7,484
12,994
3,861
6,746
3,980
11,051
263,815
29,514
5,574
4,939
7,857
13,714
3,975
7,135
4,220
11,421
4.8
5.4
2.9
5.2
5.0
5.5
3.0
5.8
6.0
3.4
25,758
26,141
22,294
21,402
22,383
28,764
21,084
12,493
22,044
23,045
27,281
28,041
23,747
22,605
23,449
30,599
21,831
12,982
22,976
23,775
28,276
29,342
24,459
23,649
24,433
31,999
22,509
13,339
24,004
24,282
89
73
196
224
198
37
263
318
211
205
29,318
2,211
34,572
70,957
70,441
61,593
31,235
2,323
36,765
76,840
77,548
66,341
32,967
2,399
5,452
5,824
6,134
5.3
23,559 24,879 25,888
Memphis, TN-AR-MS
Merced, CA
Miami, FL*
Middlesex-Somerset-Hunterdon, NJ*
Milwaukee-Waukesha, Wl*
Minneapolis-St. Paul, MN-WI
Missoula, MT
Mobile, AL
Modesto, CA
Monmouth-Ocean, NJ*
28,090
3,369
49,081
39,916
41,976
88,287
1,955
10,667
8,512
32,675
30,361
3,520
51,561
42,910
44,379
95,516
2,085
11,274
9,100
34,897
31,857
3,687
53,811
45,189
46,512
101,242
2,187
11,681
9,517
36,620
4.9
4.8
4.4
5.3
4.8
6.0
4.9
3.6
4.6
4.9
25,961
17,377
23,020
36,137
28,760
31,587
22,006
20,242
20,295
30,278
27,793
17,842
23,972
38,405
30,405
33,746
23,446
21,202
21,318
31,919
28,828
18,367
24,733
39,969
31,805
35,250
24,476
21,814
21,790
33,021
80
312
182
7
38
20
194
280
282
30
Salt Lake City-Ogden, UT
San Angelo, TX
San Antonio, TX
San Diego, CA
San Francisco, CA*
San Jose, CA*
San Luis Obispo-Atascadero-Paso
Robles, CA
Santa Barbara-Santa Maria-Lompoc,
CA
Santa Cruz-Watsonville, CA*
Santa Fe, NM
10,507
7,140
11,259
7,589
4,196
11,817
8,224
4,366
5.0
8.4
4.0
27,164
30,218
29,890 31,204 33,539
27,855 29,739 30,634
61
28
50
2,942
7,478
2,609
3,765
8,121
31,474
95,132
3,100
7,855
2,716
4,061
8,834
33,867
99,841
3,246
8,266
2,813
4,373
9,288
35,750
104,197
4.7
5.2
3.6
7.7
5.1
5.6
4.4
20,016
23,416
22,160
22,226
42,117
27,677
35,771
21,115
24,426
23,347
23,266
44,217
29,306
37,372
22,128
25,637
24,362
24,492
44,862
30,510
38,751
271
153
203
193
4
54
11
12,445
17,634
6,774
14,151
76,080
2,475
2,692
2,176
8,358
2,766
13,224
18,852
7,332
14,546
84,641
2,565
2,871
2,314
8,771
2,938
14,296
19,626
7,653
15,031
93,116
2,656
3,051
2,440
9,084
3,032
8.1
4.1
4.4
3.3
10.0
3.5
6.3
5.4
3.6
3.2
30,485
34,719
25,703
23,609
36,616
21,063
26,101
22,685
23,232
24,414
32,492
35,679
26,534
24,581
Monroe, LA
Montgomery, AL
Muncie, IN
Myrtle Beach, SC
Naples, FL
Nashville, TN
Nassau-Suffolk, NY*
New Haven-Bridgeport-Stamford-Danbury-Waterbury, CT*
New London-Norwich, CT (NECMA)
New Orleans, LA
Santa Rosa, CA*
Sarasota-Bradenton, FL
Savannah, GA
Scranton-Wilkes-Barre-Hazleton, PA
Seattle-Bellevue-Everett, WA*
Sharon, PA
Sheboygan, Wl
Sherman-Denison, TX
Shreveport-Bossier City, LA
Sioux City, IA-NE
21,864
27,705
23,521
24,053
25,144
32
17
131
188
8
278
100
230
210
171
70,443
7,649
33,175
73,991
7,817
33,890
5.0
2.2
2.2
40,378 43,207 45,267
29,130 30,972 31,771
24,069 25,394 25,960
3
40
146
4,313
6,270
9,152
5,240
6,766
14,627
2,921
2,625
11,002
4,663
6,659
9,538
5,516
7,221
65,653
7,291
31,462
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
298,362
67,668
8,539
318,126
72,186
9,111
338,168
75,676
9,596
6.3
4.8
5.3
34,492 36,653 38,814
34,830 37,055 38,715
23,345 24,628 25,553
10
12
158
Sioux Falls, SD
South Bend, IN
Spokane, WA
Springfield, IL
Springfield, MO
Springfield, MA (NECMA)
State College, PA
Steubenville-Weirton, OH-WV
Stockton-Lodi, CA
Sumter, SC
4,991
6,919
9,985
5,713
7,562
15,995
3,187
2,819
12,133
2,050
7.0
3.9
4.7
3.6
4.7
4.6
4.4
2.0
6.2
4.3
27,270
24,288 25,791
22,567 23,365
27,036
22,474 23,697
24,763 25,938
22,049 23,122
19,227 20,527
20,375 20,775
16,944 17,506
30,341
26,761
24,368
28,000
24,525
27,149
24,107
21,151
21,544
18,238
58
124
202
96
192
120
208
293
286
313
35,458
72,106
4,842
5,859
23,010
4,749
19,050
37,229
77,261
5,207
6,198
24,433
5,033
20,200
39,034
83,769
5,440
6,056
25,568
5,293
21,450
4.8
8.4
4.5
24,979
35,666
22,115
24,999
24,437
25,760
30,692
177
18
273
175
197
150
48
Syracuse, NY
Tacoma, WA*
Tallahassee, FL
Tampa-St. Petersburg-Clearwater, FL
Terre Haute, IN
Texarkana, TX-Texarkana, AR
Toledo, OH
Topeka, KS
Trenton, NJ*
Tucson, AZ
16,982
15,573
6,084
57,336
2,991
2,499
15,355
4,114
11,631
16,809
3,155
2,572
15,896
4,337
12,441
18,049
18,335
17,420
6,825
64,120
3,286
2,680
16,496
4,507
13,230
19,215
3.5
5.4
4.6
5.3
4.1
4.2
3.8
3.9
6.3
6.5
22,991
23,490
23,550
25,769
20,049
20,293
25,155
24,282
35,260
21,587
24,097
24,455
25,177
27,006
21,226
20,940
26,059
25,457
37,531
22,837
25,017
25,289
26,252
28,145
22,170
21,811
27,087
26,394
39,626
23,911
174
166
137
4.6
5.2
6.2
24,012
33,374
21,581
25,410
23,542
24,883
29,146
17,707
16,531
6,524
-2.3
22,883
31,741
20,539
24,382
22,335
23,778
27,717
Orange County, CA*
Orlando, FL
Owensboro, KY
Panama City, FL
Parkersburg-Marietta, WV-OH
Pensacola, FL
Peoria-Pekin, IL
Philadelphia, PA-NJ*
Phoenix-Mesa, AZ
Pine Bluff, AR
81,395
35,321
1,962
3,126
3,232
8,295
8,702
146,477
71,071
1,516
87,626
38,384
2,041
3,267
3,338
8,791
9,193
154,869
77,606
1,581
93,333
40,782
2,132
3,361
3,409
9,067
9,458
161,501
83,228
1,627
6.5
6.2
4.5
2.9
2.2
3.1
2.9
4.3
7.2
2.9
30,536
24,124
21,599
21,361
21,442
21,063
25,155
29,635
25,013
18,466
32,171
25,541
22,437
22,264
22,249
21,879
26,567
31,316
26,480
19,381
33,805
26,568
23,383
22,719
22,826
22,476
27,297
32,627
27,617
20,141
26
129
233
257
253
264
115
31
105
305
Tulsa, OK
Tuscaloosa, AL
Tyler, TX
Utica-Rome, NY
Vallejo-Fairfield-Napa, CA*
Ventura, CA*
Victoria, TX
Vineland-Millville-Bridgeton, NJ*
Visalia-Tulare-Porterville, CA
Waco, TX
19,477
3,349
4,018
6,277
11,980
19,689
1,867
3,032
6,182
4,241
21,140
3,587
4,346
6,556
12,709
20,591
2,003
3,110
6,598
4,498
21,740
3,746
4,533
6,806
13,937
22,083
2,075
3,208
6,929
4,755
2.8
4.4
4.3
3.8
9.7
7.2
3.6
3.1
5.0
5.7
25,468
20,947
24,249
21,101
24,498
27,265
23,149
21,514
17,654
20,956
27,219
22,314
25,860
22,246
25,608
28,124
24,525
22,155
22,135
27,654
23,207
26,711
23,225
27,506
29,639
25,273
22,894
19,329
23,281
Pittsburgh, PA
Pittsfield, MA (NECMA)
Pocatello, ID
Portland, ME (NECMA)
Portland-Vancouver, OR-WA*
Providence-Warwick-Pawtucket, Rl
(NECMA)
Provo-Orem, UT
Pueblo, CO
Punta Gorda, FL
Racine, Wl*
63,415
3,517
1,399
7,143
50,433
65,697
3,707
1,456
7,611
53,638
68,977
3,848
1,516
8,074
56,616
5.0
3.8
4.1
6.1
5.6
26,878
26,267
18,917
28,331
28,164
28,014
27,904
19,606
29,913
29,471
29,587
29,103
20,252
31,484
30,672
66
74
304
41
49
25,104
6,098
2,876
3,193
5,090
26,326
6,521
3,003
3,337
5,335
4.9
6.9
4.4
4.5
4.8
26,371
17,001
20,497
23,134
26,208
27,736
17,941
21,315
23,692
27,434
29,000
18,793
21,924
24,356
28,720
76
310
277
204
82
158,227
2,840
2,879
39,883
3,168
13,467
3,065
2,446
169,627
2,969
3,060
42,145
3,327
23,838
5,600
2,715
3,061
4,850
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
16,487
4,956
14,424
3,208
2,558
17,788
5,301
182,032
2,988
3,214
43,978
3,440
14,769
3,331
2,659
19,067
5,621
7.3
.6
5.1
4.3
3.4
2.4
3.8
4.0
7.2
6.0
34,384
23,407
23,554
39,304
20,309
25,220
22,390
20,715
29,484
23,295
36,390
24,551
24,859
40,803
21,418
26,521
23,453
21,784
31,488
24,285
38,403
24,905
26,009
41,907
22,349
26,916
24,406
22,784
33,368
25,309
Raleigh-Durham-Chapel Hill, NC
Rapid City, SD
Reading, PA
Redding, CA
Reno, NV
Richland-Kennewick-Pasco, WA
30,216
1,980
9,180
3,457
9,729
3,977
32,945
2,073
9,635
3,582
10,597
4,128
35,436
2,211
10,002
3,764
11,303
4,287
7.6
6.6
3.8
5.1
6.7
3.8
28,758
22,765
25,941
21,262
31,765
21,990
30,525
23,738
27,082
21,820
33,857
22,603
32,054
25,088
27,921
22,880
35,343
23,219
36
173
97
250
19
243
Yakima, WA
Yolo, CA*
York, PA
Youngstown-Warren, OH
Yuba City, CA
Yuma, AZ
4,334
3,866
9,085
13,256
2,571
2,216
4,524
4,034
9,556
13,674
2,703
2,459
4,595
4,206
9,931
14,080
2,942
2,502
1.6
4.3
3.9
3.0
8.8
1.8
20,047
25,519
24,497
22,244
18,822
17,172
20,674
26,315
25,572
23,05",
19,727
18,639
20,811
27,037
26,370
Los Angeles-Long Beach, CA*
Louisville, KY-IN
Lubbock, TX
Lynchburg, VA
Macon, GA
Madison, Wl
Mansfield, OH
McAllen-Edinburg-Mission, TX
Medford-Ashland, OR
Melboume-Titusville-Palm Bay, FL
1998-99
1999
1. Per capita personal income was computed using Census Bureau midyear population estimates. Estimates for
1997-99 reflect county population estimates available as of March 2000.
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.
1997
15,295
3,052
2,763
11,420
1,966
29,413
70,604
6,488
3,853
9,498
3,163
45,530
83,183
83,768
76,850
1998-99
1997
1998
5.9
6.8
3.7
7.4
27,676
20,201
25,906
28,456
29,174
21,210
27,437
30,690
30,593
22,060
28,491
32,359
51
274
3.2
3.5
-3.7
7.4
4.2
3.3
5.1
3.9
5.4
5.5
26,162
24,556
21,616
25,796
24,061
20,600
21,629
27,798
21,989
26,842
27,251
25,708
22,500
27,276
24,914
22,770
22,591
29,321
22,903
28,252
28,162
26,484
21,510
28,718
26,012
23,231
23,764
30,382
23,789
29,393
90
132
288
83
143
240
220
57
219
72
5.5
3.3
5.2
8.3
8.0
15.8
23,435
21,613
22,831
26,067
42,150
37,981
24,725
22,622
23,872
27,779
46,071
40,406
25,855
23,453
24,716
29,489
49,695
46,649
149
231
185
67
1
2
29,183
32,943
23,879
22,782
33,484
20,274
24,516
21,616
22,006
22,957
21,313
18,452
281
121
134
9
214
103
125
242
108
65
168
249
309
237
13
179
144
123
201
256
29
164
296
122
135
216
291
311
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).
Source. Table 1 in "Local Area Personal Income, 1997-99" in the May 2001 issue of the SURVEY OF CURRENT
BUSINESS.
July 2001
Regional Data • D-59
SURVEY OF CURRENT BUSINESS
L. Charts
SELECTED REGIONAL ESTIMATES
SHARES OF U.S. PERSONAL INCOME BY REGION
2000
__1969
^ \ .
209%
Great Lakes
16.0%
.
Mideast
Great Lakes y ^ ^ f t j ^ f t
^ \ 23.6%
/Mp\
^ ^ ^ ^ ^ B
New England
6 4%
\ _^^^^^^H
Plains \
7.5%
_^^M
\
^ ^ ^ ^ H
Southeast
17.3%
IV
AT
1
1
^^^^^^^k
^ ^ ^ ^ ^ H
1
i
I\
Southeast
21.9%
Ik/
^ H
^
m/
^ ^ ^ ^ ^ |
^ ^ ^J____^'^
Southwest
7.0%
Mideast
18.6%
'-^
Plains /
6.6% /
-
\
\
Ai
A
i
^
Rocky Mountain
2.2%
New England
6.0%
/
i
^r
W
1
1
Southwest
10.0%
Far West
17.8%
/
Rocky Mountain
3.1%
SHARES OF U.S. GROSS STATE PRODUCT BY REGION
1999
Great Lakes
196%
^ \ .
\
A
_ ^ ^ M
Plains
6.5%
/
/
•
New England
^ ^ ^ ^ ^ H 5.2%
Plains
7.5%
f
k.
/Far West
Ik
^
^
—^
Southwest
9.3%
/
Mideast
18.6%
\
4
4
Southeast
19.6%
Great Lakes
15.7%
A
Mideast
20.2%
Southeast
157%
21.7%
^&
New England
H
5.8%
^ ^ |
^ H
/
^
Rocky Mountain
2.8%
/ F a r West
18.1%
— ^ n o c k y Mountain
3.1%
Southwest
10.4%
AVERAGE ANNUAL GROWTH RATE OF PERSONAL INCOME, 1969-2000
US
STATES WITH FASTEST GROWTH
|oe%9e
Indiana
Ilinois H ^ ^ | ^ ^ | H
Pennsylvania H ^ ^ H ^ | M H
Michigan ^ | ^ ^ H ^ H ^ ^ |
^ ^ ^ ^ ^ ^ ^ J ^ B |
New York ^ ^ ^ B ^ ^ M
New Mexc
io • ^ • ^ • ^ • ^ ^ H
Washn
i gton I^^^^^^B^^B^^^B
Oho
i HipB^H
Iowa
d
Iaho M H H M H I H H ^ H
U.S. Bureau of Economic Analysis
5
6
7
8
Percent
H ^ ^ | ^ ^ | ^ |
West Virginia k | H H ^ ^ | H
Texas B^^M^^MMMMBBBP
New Hampshrie ^ ^ ^ ^ H ^ H H ^ ^ l H ^ M
4
9 e
North Dakota H ^ H H ^ ^ f
W^^^^^^JJB^BJ^BR
Utah ^ ^ ^ B ^ M W ^ i ^ M B l B
Georgia H ^ ^ I ^ ^ I ^ ^ I ^ M H H I
North Carolina
^
Rhode Island B H B B I ^ ^ ^ B
Arizona ^^^^H^^H^^H|H|HHHH|
Florida j ^ ^ ^ j ^ ^ ^ j B ^ ^ H ^ H H
Colorado
US a
8 o
STATES WITH SLOWEST GROWTH
9
10
11
IE
| ^ ^ | ^ B |
4
5
6
7
8
Percent
9
10
11
12
D-60
• Regional Data
July 2001
SURVEY OF CURRENT BUSINESS
SELECTED REGIONAL ESTIMATES
PER CAPITA PERSONAL INCOME, 2000
I
K
~
I WA
$31,528
MT
$22^69
/
<
OR
$28,350
,>
|
^
^
j
~~~r—/
WB$B NV
ND
$25,068
io V~*
$24,180
SD
$26,115
WY
$27,230
\—
-ZLL
/Vl
/ "*
$30,529
/
*
AZ
$25,578
NE
$27 829
m
m
KS
•
$27,816
r•
/
NM
I . '$22^03
PA
V
$23,907
:
-7
v^_
__
^ ^ ^ B
^^
\^>
<&\
r
^
^
M
ME
$25,623
>
MA
$37,992
Rl
$29,685
~- CT
$ 2 9 , 5 3 9 ^ — NJ
$36,983 $40,640
~ DE
MD
\$33,872 $31,255
-
NC i f ?) DC
S^ _^J27,194^y $37,383
TN
\
AL \ GA ^ 3 2 1 /
MS $23,471 > $27,940
\Y
i
Fix
United States $29,676
(
| H
^ % ^
1
Jii—^
^
($23,334 c « 7 ^x- \
\
\
$22*57/
TX
$27,871
\
»
AK \
J $30,064 ^
i~
i
AR
—\
HI
$28,221
1 S28,400/
fl
/
MO T H B ' /^-~^£a,Vj/ mm.\
OK
| $ 2 3 , 517
\
IN
$27,445 ^ P - ^
I
i
/
P^,
NH
VT $33,332
$26,901
\
States with highest levels
|
| States with lowest levels
1
[ All other States
A
\
PERSONAL INCOME: PERCENT CHANGE, 2000:III-2000:IV
NH 1.2
L
/
WA 1.0
OR 1.1
t
A'
/\
ID -0.2
/
r
/V
BBtadm»«»_
MT -1.7
NO-6.1
/
w— PL
\
- ^H
aMmw 1
I
/
NE -2.3
\
IA -1.5
>
\
7
OK03
h^c,,. \ y
I
f
•^-J
1.1
\
\
AL 0.9 \ GA 1.2
TX 1.1
j LA 0.3 A s - ^ ^ ^ ^ P ^ H
<
\
r\
AK 1.1
\
\
,
\
\
^ % ^
\
p H Fastest growing States
\
|
\
•
/ /
\
U.S. Bureau of Economic Analysts
United States 1.0%
(
DC 0.9
•%>
t-^~ ~
/ MS
\ -0.3
| Slowest growing States
All other States
nc 1 o
UC 1 .£
^ MD1.5
VA 1-5_J?\
'
J—.
1.1
^
^/^TN~iIT^_ NC 1.0
AR -1.9 /
L
CT 1.0
-NJ 1.6
OH 1.0 L/
MO o.3 \
1
HI
MA 1.2
NY 1.3 \Z
)
yeo^-^^ \
X II n R I IN \
J
J
\
—r_J
NM 0.8
/u
{ w i 11 M WgiigA
KS -1.2
r
\
AL^^CQA
t
1^-—v
{— - \ \—I^^P
WBt. s\
PA 1.2 "Sf
CO 1.2
T~~
AZ 1.2
VT 1.4 -
i
WY 1.1
/
\
^-v
MN 0.7
SO-2.0
ISH|H
CA1 2
1
P
/
^
o
Appendixes • D—61
SURVEY OF CURRENT BUSINESS
July 2001
Appendix A
Additional Information About the NIPA Estimates
Statistical Conventions
Changes in current-dollar GDP measure changes in the
market value of goods and services produced in the
economy in a particular period. For many purposes, it
is necessary to decompose these changes into quantity
and price components. To compute the quantity
indexes, changes in the quantities of individual goods
and services are weighted by their prices. (Quantity
changes for GDP are often referred to as changes in
"real GDP") For the price indexes, changes in the prices
for individual goods and services are weighted by quantities produced. (In practice, the current-dollar value
and price indexes for most GDP components are determined largely using data from Federal Government surveys, and the real values of these components are
calculated by deflation at the most detailed level for
which all the required data are available.)
The annual changes in quantities and prices are calculated using a Fisher formula that incorporates
weights from 2 adjacent years. For example, the annual
percent change in real GDP in 1997-98 uses prices for
1997 and 1998 as weights, and the 1997-98 annual percent change in the GDP price index uses quantities for
1997 and 1998 as weights. Because the Fisher formula
allows for the effects of changes in relative prices and in
the composition of output over time, the resulting
quantity or price changes are not affected by the substitution bias that is associated with changes in quantities
and prices calculated using a fixed-weighted formula.1
These annual changes are "chained" (multiplied)
together to form time series of quantity and price; the
percent changes that are calculated from these time
series are not affected by the choice of reference period.
The quarterly changes in quantities and prices are
calculated with weights from two adjacent quarters. As
part of an annual or comprehensive revision, the quarterly indexes through the most recent complete year are
adjusted to ensure that the average of the quarterly
indexes conforms to the corresponding annual index.
In addition, BEA prepares measures of real GDP and
its components in a dollar-denominated form, designated "chained (1996) dollar estimates." These estimates are computed by multiplying the 1996
current-dollar value of GDP, or of a GDP component,
by the corresponding quantity index number. For
example, if a current-dollar GDP component equaled
$100 in 1996 and if real output for this component
1. In addition, because the changes in quantities and prices calculated
using these weights are symmetric, the product of a quantity index and the corresponding price index is generally equal to the current-dollar index.
increased by 10 percent in 1997, then the "chained
(1996) dollar" value of this component in 1997 would
be $110 ($100 x 1.10). Note that percentage changes in
the chained (1996) dollar estimates and the percentage
changes calculated from the quantity indexes are identical, except for small differences due to rounding.
Because of the formula used for calculating real
GDP, the chained (1996) dollar estimates for detailed
GDP components do not add to the chained-dollar
value of GDP or to any intermediate aggregates. A
"residual" line is shown as the difference between GDP
and the sum of the most detailed components shown in
each table. The residual generally is small close to the
base period but tends to become larger as one moves
further from it. Accurate measures of component contributions to the percentage changes in real GDP and its
major components are shown in NIPA tables 8.2-8.6.
BEA also publishes the "implicit price deflator"
(IPD), which is calculated as the ratio of current-dollar
value to the corresponding chained-dollar value, multiplied by 100; the values of the IPD and of the corresponding "chain-type" price index are very close.
For quarters and months, the estimates are presented
at annual rates, which show the value that would be registered if the rate of activity measured for a quarter or a
month were maintained for a full year. Annual rates are
used so that time periods of different lengths—for
example, quarters and years—may be compared easily.
These annual rates are determined simply by multiplying the estimated rate of activity by 4 (for quarterly
data) or by 12 (for monthly data).
Percent changes in the estimates are also expressed at
annual rates. Calculating these changes requires a variant of the compound interest formula:
Xt\m/n
• ffl
-1
xlOO,
where r is the percent change at an annual rate; xt is the
level of activity in the later period; x0 is the level of
activity in the earlier period; m is the yearly periodicity
of the data (for example, 1 for annual data, 4 for quarterly, or 12 for monthly); and n is the number of periods
between the earlier and later periods (that is, t-o).
Quarterly and monthly NIPA estimates are seasonally adjusted, if necessary. Seasonal adjustment removes
from the time series the average impact of variations
that normally occur at about the same time and in
about the same magnitude each year—for example,
weather, holidays, and tax payment dates. After seasonal
adjustment, cyclical and other short-term changes in
the economy stand out more clearly.
D-62
• Appendix A
SURVEY OF CURRENT BUSINESS
July 2001
Reconciliation Tables
Table 1.—Reconciliation of Changes in BEA-Derived Compensation Per Hour with BLS Average Hourly Earnings
[Percent change from preceding period]
Seasonally adjusted at annual rates
1999
BEA-derived compensation per hour of all persons in the nonfarm business sector
(less housing)1
Less: Contribution of supplements to wages and salaries per hour
Plus: Contribution of wages and salaries per hour of persons in housing and in nonprofit
institutions
Less: Contribution of wages and salaries per hour of persons in government enterprises,
unpaid family workers, and self-employed
Equals: BEA-derived wages and salaries per hour of all employees in the private
nonfarm sector
2000
1999
2001
2000
4.8
5.0
4.2
3.9
5.9
-.3
-.1
-.4
.1
.2
-1
-.3
-.3
-.1
-.1
0
-.1
-.1
-.1
-.3
5.0
4.8
4.4
3.7
5.9
5.7
6.6
.1
.1
-.3
-.1
4.8
5.4
-.2
-.3
-.3
6.5
5.3
Less: Contribution of wages and salaries per hour of nonproduction workers in
manufacturing
-.1
0
0
.2
.4
.6
.4
Less: Other differences2
1.4
1.1
1.3
-.3
1.6
.5
1.4
.9
Equals: BLS average hourly earnings of production or nonsupervisory workers on
private nonfarm payrolls
3.6
3.7
3.1
3.8
3.9
3.8
4.7
4.4
4.4
5.1
4.2
4.1
6.0
6.2
Addendum:
BLS estimates of compensation per hour in the nonfarm business sector3
1. Includes BLS data on compensation and hours of nonfarm proprietors and hours worked
of unpaid family workers.
2. Includes BEA use of non-BLS data and differences in detailed weighting. Annual estimates
also include differences in BEA and BLS benchmark procedures; quarterly estimates also include
0
5.1
differences in seasonal adjustment procedures.
3. These estimates differ from the BEA-derived estimates (first line) because the BLS estimates
include compensation and hours of tenant-occupied housing,
BLS Bureau of Labor Statistics.
Table 2.—Relation of Net Exports of Goods and Services and Net Receipts of Income in the NIPA's to Balance on Goods,
Services, and Income in the ITA's
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2000
1999
2001
2000
1,242.7
1,418.6
1,313.9
1,358.6
1,420.3
1,444.9
1,450.5
1,423.6
Less: Gold, ITA's
Statistical differences1
Other items
5.3
10.1
1.0
6.0
19.7
1.2
8.8
15.4
1.1
9.6
19.9
1.3
3.7
21.4
1.2
4.3
12.9
1.5
6.5
24.7
0.9
6.7
24.7
1.2
Plus: Adjustment for grossing of parent/affiliate interest payments
Adjustment for U.S. territories and Puerto Rico
Services furnished without payment by financial intermediaries except life
insurance carriers
4.5
48.9
6.2
53.4
5.3
52.8
6.0
52.7
6.1
51.3
6.5
54.3
6.5
55.2
6.3
55.8
Exports of goods, services, and income receipts, ITA's .
16.4
16.7
15.5
16.4
16.9
16.6
16.9
17.1
Equals: Exports of goods and services and income receipts, NIPA's .
1,296.1
1,467.9
1,362.2
1,402.8
1,468.3
1,503.6
1,496.9
1,470.2
Imports of goods, services, and income payments, ITA's
1,518.1
1,809.1
1,625.7
1,730.5
1,803.0
1,853.8
1,849.1
1,816.0
5.8
2.1
0
5.9
9.3
-0.6
0
9.6
30.6
0
3.0
25.5
0
4.2
13.5
0
6.7
16.5
0
6.1
16.5
0
-3.2
6.0
36.2
16.4
-3.1
6.1
37.5
16.9
-2.8
6.5
45.6
16.6
-2.5
6.5
45.4
16.9
-2.8
6.3
38.7
17.1
Less: Gold, ITA's
Statistical differences1
Other items
21.5
0
-2.7
4.5
32.6
16.4
-2.9
6.2
16.7
-2.7
5.3
39.6
15.5
Equals: Imports of goods and services and income payments, NIPA's
1,561.1
1,842.9
1,674.8
1,745.7
1,832.0
1,902.0
1,892.2
1,852.8
Balance on goods, services, and income, ITA's (1-9) .
-275.4
-390.5
-311.8
-371.9
-382.7
-408.9
-398.6
-392.4
Less: Gold (2-10+13)
Statistical differences (3-11) x
Other items (4-12)
-3.2
8.0
1.0
-2.8
-1.8
1.2
-3.2
16.0
-3.2
-10.7
1.3
-2.4
-4.1
1.2
-2.7
-0.6
1.5
-2.7
8.2
0.9
-2.2
8.2
1.2
Plus: Adjustment for U.S. territories and Puerto Rico (6-15)
16.3
12.2
16.5
13.8
-265.0
-375.0
-342.9
-363.7
Plus: Gold, NIPA's
Adjustment for grossing of parent/affiliate interest payments .
Adjustment for U.S. territories and Puerto Rico
Imputed interest paid to rest of world
Equals: Net exports of goods and services and net receipts of income,
NIPA's (8-17)
1. Consists of statistical revisions in the ITA's that have not yet been incorporated into the
NIPA's (1999:1-2001:1).
23
41.2
1.1
13.2
-312.6
ITA's International transactions accounts
NIPA's National income and product accounts
8.7
-398.4
9.8
-395.3
17.1
-382.6
July 2001
SURVEY OF CURRENT BUSINESS
Appendix B •
Appendix B
Suggested Reading
The Bureau of Economic Analysis (BEA) has published
a wealth of information about the methodologies that
are used to prepare its national, regional, and international accounts.
National accounts
The national accounts encompass the detailed estimates
in the national income and product accounts (including
gross domestic product), the estimates of wealth and
related estimates, gross product by industry, the inputout accounts, and the satellite accounts.
National income and product accounts (NIPA's).
This series of papers documents the conceptual framework of the NIPAs and the methodologies that have
been used to prepare the estimates.
An Introduction to National Economic Accounting
(1985) [also in the March 1985 SURVEY]
Corporate Profits: Profits Before Tax, Profits Tax
Liability, and Dividends (1985)
Foreign Transactions (1987) [A revised version is
forthcoming.]
GNP: An Overview of Source Data and Estimating
Methods (1987) [Most of the information in
this paper has been superseded by "A Guide to
the NIPAs" (March 1998 SURVEY).]
Government Transactions (1988)
Personal Consumption Expenditures (1990)
These methodologies have been updated and improved, typically as part of the comprehensive and annual revisions of the NIPAs. The most recent revisions
are described in the following SURVEY articles.
"A Preview of the 1999 Comprehensive Revision
of the National Income and Product Accounts"
Definitional and Classificational Changes
(August 1999)
New and Redesigned Tables (September 1999)
Statistical Changes (October 1999)
"Improved Estimates of the National Income and
Product Accounts: Results of the Comprehensive Revision"
For 1959-98 (December 1999)
For 1929-99 (April 2000)
"Annual Revision of the U.S. National Income and
Product Accounts" (August 2000)
"A Guide to the NIPAs" (March 1998) provides the
definitions of the major NIPA aggregates and components, discusses the measures of real output and prices,
explains how production is classified and how the
NIPAs are presented, describes the statistical conventions that are used, and lists the principal source data
and methods that are used to prepare the estimates of
gross domestic product (GDP).
Information about the sources and methods that are
used to prepare the national estimates of personal income, which are the basis for the State estimates, is in
State Personal Income, 1929-97(1999).
"BEAs Chain Indexes, Time Series, and Measures of
Long-Term Economic Growth" (May 1997) is the most
recent in a series of articles that describe the conceptual
basis for the chain-type measures of real output and
prices that are used in the NIPAs.
"Reliability of the Quarterly and Annual Estimates of
GDP and Gross Domestic Income" (December 1998)
evaluates these estimates by examining the record of revisions to them.
Wealth and related estimates. Fixed Reproducible
Tangible Wealth in the United States, 1925-94 (1999)
discusses the concepts and statistical considerations
that underlie the estimates and their derivation.
"Fixed Assets and Consumer Durable Goods for
1925-98" (April 2000) describes the definitional and
statistical improvements that were incorporated in the
comprehensive revision of the estimates.
Gross product by industry. "Improved Estimates of
Mission and Strategic Plan
The mission statement of the Bureau of Economic Analysis and the latest update to
its strategic plan for improving the accuracy, reliability, and relevance of the
national, regional, and international accounts are available on BEAs Web site at
<www.bea.doc.gov>. For information about the development and the implementation of the plan, see these SURVEY articles.
"Mid-Decade Strategic Review of BEAs Economic Accounts: Maintaining and
Improving Their Performance" (February 1995)
"Mid-Decade Strategic Review of BEAs Economic Accounts: An Update" (April
1995)
"BEAs Mid-Decade Strategic Plan: A Progress Report" (June 1996)
D-63
D—64 • Appendix B
SURVEY OF CURRENT BUSINESS
Gross Product by Industry for 1947-98" (June 2000)
describes the most recent comprehensive revision of
these estimates.
"Gross Domestic Product by Industry for 1997-99"
(December 2000) describes the most recent annual revision of the these estimates.
Input-output accounts. "Benchmark Input-Output
Accounts for the U.S. Economy, 1992" (November
1997) describes the preparation of the.1992 accounts
and the concepts and methods that underlie the accounts.
"Annual Input-Output Accounts of the U.S. Economy" presents annual tables that update the 1992
benchmark accounts
For 1996 (January 2000)
For 1997 (January 2001)
Satellite accounts. These accounts extend the analytical capacity of the national accounts by focusing on
one aspect of economic activity.
"Integrated Economic and Environmental Satellite Accounts" and "Accounting for Mineral
Resources: Issues and BEA's Initial Estimates"
(April 1994)
"A Satellite Account for Research and Development" (November 1994)
"U.S. Transportation Satellite Accounts"
For 1992 (April 1998)
For 1996 (May 2000)
"U.S. Travel and Tourism Satellite Accounts"
For 1992 (July 1998)
For 1996 and 1997 (July 2000)
July 2001
Investment Abroad: 1994 Benchmark Survey,
Final Results (1998)
"A Guide to BEA Statistics on U.S. Multinational
Companies," which is also available in the
March 1995 SURVEY
"Methodology for Foreign Direct Investment in
the United States," which is also available in
Foreign Direct Investment in the United States:
1992 Benchmark Survey, Final Results (1995)
"A Guide to BEA Statistics on Foreign Direct
Investment in the United States," which is also
available in the February 1990 SURVEY
International services. U.S. International Transactions in Private Services: A Guide to the Surveys Conducted by the Bureau of Economic Analysis (1998)
describes 11 surveys. It includes classifications, definitions, release schedules, the methods used to prepare
the estimates, and samples of the survey forms.
Regional accounts
The regional accounts include estimates of personal income and gross state product.
Personal income. Estimates of personal income are
prepared for States and for local areas.
"Comprehensive Revision of State Personal Income
for 1969-99" (June 2000) summarizes the changes in
the methodology that is used to prepare the estimates.
The detailed methodology is available on the CD-ROM
State Personal Income, 1929-99.
"Comprehensive Revision of Local Area Personal Income for 1969-98" (July 2000) summarizes the changes
in the methodology that is used to prepare the estimates
International accounts
for counties and metropolitan areas. The detailed methThe international accounts encompass the international odology is available on the CD-ROM Regional Ecotransactions accounts, direct investment, and interna- nomic Information System, 1969-98.
Gross state product. "Comprehensive Revision of
tional transactions in services.
International transactions accounts (ITA's). The Gross State Product by Industry, 1977-94" (June 1997
Balance of Payments of the United States: Concepts, Data SURVEY) summarizes the sources and the methods that
Sources, and Estimating Procedures (1990) describes the are used to prepare the estimates. "Gross State Product
methodologies used to prepare the estimates in the by Industry, 1977-98" (October 2000) describes the
ITA's and the international investment position of the most recent comprehensive revision of these estimates.
United States. These methodologies are usually updated
and improved as part of the annual revisions of the
Availability
ITA's.
Most of the items listed here are available on our
"U.S. International Transactions, Revised Estimates"
Web site at <www.bea.doc.gov>; in particular,
is a series of articles about the annual ITA revisions and
look under "Methodologies." Our online Catalog
the improvements in methodology; the latest article is
of Products provides descriptions of both our
published in this issue.
printed and electronic publications. The Catalog
Direct investment. International Direct Investment:
also includes links to compressed files of our disStudies by the Bureau of Economic Analysis (1999) is a
kette products that can be downloaded for free.
collection of previously published articles on U.S. direct
For specific information about the availability
investment abroad and foreign direct investment in the
of
our most recently released estimates and prodUnited States. It also includes the following informaucts,
see "Getting BEA's Estimates" on the inside
tion.
back
cover.
"Methodology for U.S. Direct Investment Abroad," which is also available in U.S. Direct
@FedFRASER