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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 published monthly by the Bureau of Economic Analysis of the U.S. Department of Commerce. Editorial correspondence should be addressed to the Editor-in-Chief, SURVEY OF CURRENT BUSINESS, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230. Subscriptions to the SURVEY OF CURRENT BUSINESS are maintained, and the prices are set, by the U.S. Government Printing Office, an agency of the U.S. Congress. To subscribe,, call 202-512—1800, or go to <bookstore.gpo.gov>. To inquire about your subscription, call 202-512-1806. Send changes of address to Superintendent of Documents, U.S. Government Printing Office, Washington, DC 20402. Postage paid at Washington, DC and at additional mailing offices (USPS 337-790). Subscription and single-copy prices Second-class mail: $49.00 domestic, $61.25 foreign First-class mail: $95.00 Single copy: $25.00 domestic, $31.25 foreign Unless stated otherwise the information in this journal is in the public domain and may be reprinted without the permission of the Bureau of Economic Analysis. Citation of the SURVEY OF CURRENT BUSINESS as the source is appreciated. The Secretary of Commerce has determined that the publication of this periodical is necessary in the transaction of the public business required by law of this Department. Editor-in-Chief: 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