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UUfWUT

i

In This Issue . . .
U.S. International Investment Position for 2001
Direct Investment Positions for 2001
Annual Revision of U.S. International Accounts
U.S. International Transactions, First Quarter 2002

BUREAU OF ECONOMIC ANALYSIS
ECONOMICS AND STATISTICS ADMINISTRATION

U.S. DEPARTMENT OF COMMERCE



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 Directorfor Management
and Chief Administrative Officer
Ralph Kozlow, Associate Directorfor International Economics
Alan C. Lorish, Jr., Chief Information Officer
Brent R. Moulton, Associate Directorfor National
Economic Accounts
Sumiye Okubo, Associate Directorfor 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
Richard B. Berner, Morgan Stanley
Michael J. Boskin, Stanford University
Barry P. Bosworth, The Brookings Institution
Robert J. Gordon, Northwestern University
Maurine A. Haver, Haver Analytics, Inc.
Charles R. Hulten, University ofMaiyland
Dale W. Jorgenson, Harvard University
Karen R. Polenske, Massachusetts Institute of Technology
Joel L. Prakken, Macroeconomic Advisers, LLC




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Editor-in-Chief: Douglas R. Fox
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Editor: Kristina L. Maze
Technical Advisor: Brian V. Moran

This issue went to the printer on July 15, 2002.
It incorporates data from the following monthly BEA
news releases:
U.S. International Trade in Goods and
Services (June 20),
Gross Domestic Product (June 27), and
Personal Income and Outlays (June 28).




SURVEY OF CURRENT BUSINESS
July 2002 Volume 82
www.bea.gov

Number 7

Special in this issue
33 Annual Revision of the U.S. International Accounts, 1993-2001
Each year, the estimates in the U.S. international transactions accounts and
the U.S. international investment position accounts are revised to incorporate statistical and methodological changes and regularly available
source data. The year's annual revision featured the incorporation of
results from the March 2000 U.S. Treasury Department's Benchmark
Survey of Foreign Portfolio Investment in the United States. The
incorporation of these results led to substantial downward revisions to the
estimates of foreign holdings of U.S. securities for 1995-2000 in the U.S.
international investment position accounts. It also led to substantial
downward revisions to the related income payments and net financial
inflows for foreign-owned assets in the United States for 1995-2001 in the
U.S. international transactions accounts. In addition, receipts and payments for "other" private services are revised to incorporate results from
BEA's Benchmark Survey of Selected Services for 2001.

Regular features
1 Business Situation: Final Estimates for the First Quarter of 2002
Real GDP increased 6.1 percent in the first quarter of 2002, up from a
1.7-percent increase in the fourth quarter of 2001. The "preliminary"
estimate for the first quarter issued last month had shown a 5.6-percent
increase. A downward revision to imports (which are subtracted in the
calculation of GDP) and an upward revision to nonresidential investment
in equipment and software more than offset a downward revision to exports. Corporate profits increased $5.8 billion (0.7 percent at a quarterly
rate) in the first quarter after increasing $125.0 billion (17.9 percent) in the
fourth.

10 The International Investment Position of the United States at
Yearend 2001
In 2001, the net international investment position of the United States
became more negative, whether measured on a current-cost basis or on a
market-value basis. The net position at current cost was -$1,948.1 billion
at yearend 2001, compared with -$1,350.8 billion (revised) at yearend
2000. The net position for yearend 2000 was revised from the previously
published estimate of-$1,842.7 billion, primarily reflecting the incorporation of results from the March 2000 U.S. Treasury Department's Benchmark Survey of Foreign Portfolio Investment in the United States as part of
the annual revision of the U.S. international accounts.

- Continued on the next page —




July 2002

21 Direct Investment Positions for 2001: Country and Industry
Detail
In 2001, growth slowed in the historical-cost positions of U.S. direct investment abroad (USDIA) and of foreign direct investment in the United
States (FDIUS), reflecting slowdowns in both U.S. and foreign economic
growth. The USDIA position grew 7 percent, down from 10 percent in
2000; the FDIUS position grew 9 percent, down sharply from 27 percent in
2000. The economic slowdowns contributed to a worldwide drop in
merger and acquisition activity, which included a slowdown in crossborder activity, and to depressed earnings, which reduced reinvested
earnings, of both U.S. and foreign affiliates.
41 U.S. International Transactions, First Quarter 2002
The U.S. current-account deficit increased $17.4 billion, to $112.5 billion,
in the first quarter of 2002. The increase was primarily accounted for by an
increase in the deficit on goods and by a shift in the balance on income
from a surplus to a deficit. In the financial account, net recorded inflows
decreased $51.3 billion, to $99.4 billion. Financial inflows for foreignowned assets in the United States and financial outflows for U.S.-owned
assets abroad both decreased substantially, but the decrease in financial
inflows was larger.

Reports and statistics
8 Real Inventories, Sales, and Inventory-Sales Ratios for
Manufacturing and Trade, 2002:1
D-1 BEA Current and Historical Data

Inside back cover: Getting BEA's Estimates
Back cover:
Schedule of Upcoming News Releases

LOOKING AHEAD

Annual Revision of the NIPA's. The August SURVEY will present the
annual revision of the national income and product accounts
(NIPA's). The issue will include an article that describes the
impact of the revision on GDP and other major NIPA estimates
and that discusses the principal sources of the revisions. The issue
will also include tables that show the revised NIPA estimates for
the first quarter of 1999 through the first quarter of 2002. Selected
revised estimates will be available on July 31 st as part of the release
of the "advance" GDP estimates for the second quarter of 2002.

July 2002

Business Situation
Final Estimates for the First Quarter of 2002

A

CCORDING to the "final" estimates of the naL. tional income and product accounts (NIPA's),
real GDP increased 6.1 percent in the first quarter of
2002, 0.5 percentage point more than in last month's
"preliminary" estimates (table 1 and chart 1).' (Over
the past 20 years, the average revision, without regard
to the sign, from the preliminary estimate to the final
estimate was 0.3 percentage point.) Real final sales of
domestic product was also revised up, from 2.0 percent
in the preliminary estimate to 2.6 percent in the final.

1. Quarterly estimates in the NIPA's are expressed at seasonally adjusted
annual rates. Quarter-to-quarter dollar changes are the differences between
the published estimates. Quarter-to-quarter percent changes are annualized
and are calculated from unrounded data unless otherwise specified.
Real estimates are calculated using a chain-type Fisher formula with
annual weights for all years and quarterly weights for all quarters; real estimates are expressed both as index numbers (1996=100) and as chained
(1996) dollars. Price indexes (1996=100) are also calculated using a chaintype Fisher formula.

The source data underlying these and other revisions
to the NIPA's are discussed in the section "Revisions."
The picture of the economy shown in the final estimates for the first quarter is similar in most respects to
that shown in the preliminary estimates. According to
both estimates,
• Inventories were liquidated for the fifth consecutive
quarter, but because the pace of liquidation slowed
sharply, real inventory investment contributed more
than 3 percentage points to the growth in real GDP
(table 2).2
2. In the NIPA's, inventory investment is shown as "change in private
inventories." According to the final estimates, the pace of inventory liquidation slowed from —SI 19.3 billion in the fourth quarter to -S27.7 billion in
the first.
Table 1 . Real Gross Domestic Product, Real Gross Domestic Purchases,
and Real Final Sales to Domestic Purchasers
[Seasonally adiusted at annual rates]
Billions of chained (1996) dollars

Daniel Larkins and Frederick von Batchelder prepared
this article.

1
9.488.6

2002

2001

2002

Gross domestic product

Percent change f
preceding quart Br

Change from
preceding quarter

Level

II
7.2

III
-31.3

IV

I

2002

2001
II

IV

I

-1.3

1.7

6.1

7.1 -11 9 - 1 8 8

-10.9

2.8

38.2 140.0

0.3

III

Less: Exports of goods and
Plus: Imports ol goods and
services

Real Gross Domestic Product

1.029.3 -35.8

-56.1 -30.0

1,463.8 -33.6

-51.8 -28.3

Equals: Gross domestic purchases 9,896.2
Less: Change in private inventories
Equals: Final sales to domestic
purchasers

10.0

-27.7 -11.2

-25.3

28.9

-8.4

-13.0

-7.5

8.3

41.9 159.2

0.4

-1.0

1.7

6.7

-23.6 -57.4

91.6

9.909.2

19.9

-6.2

92.8

78.9

0.8

-0.3

3.9

3.3

Personal consumption
expenditures
Durable goods
Nondurable goods
Services

6,593 5
996.8
1,931.1
3,692 6

39.9
15.7
1.4
24.7

15.5
2.1
2.6
10.6

964
53.2
81.5 -24.9
11.6 37.5
17.8 34.4

2.5
7.0
0.3
2.8

1.0
0.9
0.6
1.2

6.1
39.4
2.5
2.0

3.3
-9.4
8.2
3.8

Private fixed investment
Nonresidential
Structures
Equipment and software
Residential

1.618.8 - 4 3 9
1.225.3 -53.0
234.2 -9.4
1.005.9 -M.5
389.0
54

-24.8
-289
-5.5
-23.8
2.2

-49 7 -3.1 -9.7
-47 0 -19.7 -14.6
-26.9 -15.7 -12.2
-13.8
03 -15.4
-4.5
13.0
5.9

-5.7 -11.4 -0.8
-8.5 -13.8 -6.2
-7.5 -33.6 -22.8
01
-8.8 -5.3
146
2.4 -4.6

Government consumption
expenditures and gross
National defense
Nondelense
State and local
Addendum: Final sales ol
domestic product

1999

2000

2001

Note-Percent change at annual rate tram preceding quarter;
U.S. Bureau of Economic Analysis




2002

1,690.9
590.7
389.2
201.6
1.099.8

19.6
2.5
2.1
0.5
16.9

9.501.6

17.0

1 1 39.8
4.9 15.3
7.9
2.9
7.3
2.0
24.6
-3.6

270
15,8
16.0
0
11.4

5.0
1.8
2.3
0.9
6.6

0.3
36
3.2
4.2
-1.3

10.2
11.4
9.0
16.0
9.6

6.6
11 4
18.3
-0.2
42

88.4

60.7

0.7

-0.5

3.8

2.6

-12.3

NOTE. 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 usually are not additive. Chained (1996)
dollar levels and residuals, which measure the extent of nonadditivity in each table, are shown in NIPA tables 1 2,1.4, and
1.6. Percent changes are calculated from unrounded data. Percent changes in maior aggregates are shown in NIPA table
S.I. (See "Selected NIPA Tables," which begin on page 0-2 in this issue)

Business Situation
•An increase in consumer spending contributed
more than 2 percentage points to GDP growth.3
Increased purchases of nondurable goods and of
services more than offset decreased purchases of
durable goods. (In the fourth quarter, purchases of
3. In the NIPA's, consumer spending is shown as personal consumption
expenditures, and government spending is shown as government consumption expenditures and gross investment.

Table 2. Contributions to Percent Change in Real Gross
Domestic Product
[Seasonally adjusted at annual rates]
2001

II
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
Won residential
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

III

2002

IV

I

0.3

-1.3

1.7

6.1

1.72
0.56
0.06
1.10
-2.16
-1.74
-1.99
-0.44
-1.55
0.25
-0.42
-0.12
-1.37
-1.45
0.08
1.25
1.21
0.05

0.67
0.07
0.12
0.48
-1.79
-0.97
-1.08
-0.26
-0.82
0.10
-0.81
-0.27
-2.13
-1.55
-0.58
1.86
1.20
0.66

4.14
2.84
0.50
0.80
-4.12
-1.96
-1.75
-1.27
-0.47
-0.21
-2.16
-0.14
-1.14
-0.72
-0.42
1.00
0.40
0.59

2.37
-0.84
1.61
1.61
3.29
-0.10
-0.71
-0.73
0.02
0.61
3.39
-0.75
0.28
-0.23
0.51
-1.03
-0.41
-0.63

0.87
0.11
0.09
0.02
0.76

0.05
0.21
0.12
0.09
-0.16

1.76
0.66
0.34
0.32
1.10

1.22
0.69
0.69
0
0.53

NOTE. More detailed contributions to percent change in real gross domestic product are shown in
NIPA table 8.2. Contributions to percent change in major components of real gross domestic product
are shown in tables 8.3 through 8.6.




July 2002

durable goods had increased sharply, mainly on the
strength of an exceptional rise in motor vehicle purchases.)
•An increase in government spending contributed
more than 1 percentage point to GDP growth. An
increase in Federal Government spending was concentrated in national defense; an increase in State
and local government spending was attributable
both to gross investment and to consumption
expenditures.
•Nonresidential fixed investment continued to
decline, as structures decreased for the fourth quarter in a row. Equipment and software changed little,
according to the final estimate; the preliminary estimate had shown a small decrease.
•Inflation remained calm. In the final estimates, the
price index for gross domestic purchases increased
1.1 percent.
•Real disposable personal income increased at a double-digit rate after dropping sharply. Current-dollar
personal income rose while personal tax payments
fell. The drop in tax payments partly reflected the
introduction of a new 10-percent tax bracket (mandated by the Economic Growth and Tax Relief and
Reconciliation Act of 2001) and the indexation provisions of current tax law.
•The personal saving rate, which is measured as personal saving as a percentage of current-dollar disposable personal income, rebounded to 2.9 percent
after falling to 0.4 percent.
•Real final sales of computers decreased, the third
decrease in the past four quarters; real motor vehicle
output continued to increase moderately.

July 2002

SURVEY OF CURRENT BUSINESS

Revisions
The largest contributors to the 0.5-percentage-point
upward revision to real G.P. were imports, which contributed 0.54 percentage point, and nonresidential investment in equipment and software, which
contributed 0.21 percentage point (table 3). The effect
of these revisions was partly offset by a downward revision to exports (-0.23 percentage point).
The revisions to imports and exports reflected the
incorporation of data on trade in goods and services
from the annual revision of BEA's international transactions accounts (ITA's). The revision to equipment
and software reflected the incorporation of revised
Census Bureau data on shipments based on the 1999
and 2000 Annual Survey of Manufactures (ASM). The
ITA- and ASM-related revisions were incorporated
into the NIPA's on a "best-change" basis, which preserves accurate estimates of growth and consistent
time series.4
The price index for gross domestic purchases increased 1.1 percent, 0.3 percentage point more than
the preliminary estimate. The revision was largely accounted for by revisions to the implicit prices for imputed financial charges that resulted from the
incorporation of newly available data from the Federal
Deposit Insurance Corporation and to the implicit
prices for brokerage and investment counseling based
on newly available data from the Security and Exchange Commission.
Real disposable personal income (DPI) increased
13.9 percent in the first quarter, 0.1 percentage point
more than the preliminary estimate. A larger upward
revision to current-dollar DPI (0.5 percentage point)
was mostly offset by an upward revision to the implicit
price deflator for personal consumption expenditures,
which is used to deflate DPI.
4. However, the best-change procedure can result in levels of the estimates
that are not fully consistent with the levels of the source data. The quarterly
levels of the revised ITA estimates will be incorporated into the annual revision of the NIPA's that is scheduled for release at the end of July. For further
information, see "Annual Revision of the U.S. International Accounts,
1993-2001" in this issue.




Table 3. Revisions to Change in Real Gross Domestic Product and
Prices, First Quarter 2002
[Seasonally adjusted at annual rates]
Percent change from
preceding quarter

Preliminary
estimate

Final
estimate

Final estimate minus
preliminary estimate

Percentage
points

Billions of
chained
(1996)
dollars

5.6

6.1

0.5

12.3

Less: Exports
Goods
Services

5.3
-2.9
26.1

2.8
-3.6
18.7

-2.5
-0.7
-7.4

-6.1
-1.2
-4.4

Plus: Imports..
Goods

12.9
6.8
52.1

8.3
3.7
36.8

-4.6
-3.1
-15.3

-15.2
-9.2
-5.6

6.5

6.7

0.2

Gross domestic product..

Services
Equals: Gross domestic purchases

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
Gross domestic purchases price index..
GDP price index

5.2
-2.0

Less: Change in private inventories
3.0

3.3

0.3

3.2
-9.6
8.3
3.7
-2.3
-8.2
-23.8
-2.3

3.3
-9.4
8.2
3.8
-0.8
-6.2
-22.8

0.1
0.2

-0.1
0.1
1.5
2.0
1.0
2.4
0

14.6

0.1
14.6

6.7
11.4
18.3
-0.3
4.3

6.6
11.4
18.3
-0.2
4.2

-0.1

2.0
0.8
1.0

2.6
1.1
1.2

0.6
0.3
0.2

-0.1
0
0

0.1

7.1
1.4
0.7
-0.8
1.5
6.2
6.6
0.7
6.2
0
-0.1
0.1
0
0.1
-0.1

14.2

NOTE. The final estimates for the first quarter of 2002 incorporate the following revised or additional major source data
that were not available when the preliminary estimates were prepared.
Personal consumption expenditures: Revised retail sales for March, bank services data for the first quarter, and
brokerage services data for the first quarter.
Nonresidential fixed investment: Revised construction put-in-place for February and March, and revised manufacturers'
shipments (on a "best-change" basis) for October 2001 through March 2002 that reflect the 1999 and 2000 Annual Survey
of Manufactures.
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 March.
Change in private inventories: Revised manufacturers' inventories (on a "best-change" basis) for October 2001 through
March 2002 that reflect the 1999 and 2000 Annual Survey of Manufactures, and revised wholesale and retail trade inventories for March.
Exports and imports of goods and services: Revised data on exports and imports of goods and services for October
2001 through March 2002 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 for October 2001 through March 2002 that reflect the incorporation (on a "best-change" basis) of the results of the Bureau of Labor Statistics annual benchmark revisions to the
establishment payroll survey.
Wages and salaries: Revised employment, average hourly earnings, and average weekly hours for October 2001 through
March 2002 that reflect the incorporation (on a "best-change" basis) of the results of 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.

Business Situation

July 2002

Gross National Product
Real gross national product (GNP) increased 4.8 percent in the first quarter, 1.3 percentage points less than
real G.P. (table 4).5 The smaller increase in GNP than
in G.P. reflected an increase in income payments to the
rest of the world and a decrease in income receipts
from the rest of the world. The increase in payments
was more than accounted for by profits; the decrease in
receipts was more than accounted for by interest.
"Command-basis" GNP—which measures the purchasing power of goods and services produced by the
U.S. economy—increased 4.9 percent (chart 2). The
similarity between the increase in this measure and the
increase in GNP reflects the relative stability—a 0.8percent increase—in the terms of trade.6
5. GNP is a measure of goods and services produced by labor and property supplied by U.S. residents. It is equal to GDP plus income receipts from
the rest of the world less income payments to the rest of the world.

The national saving rate—gross saving as a percentage of GNP—decreased to 16.5 percent, its lowest level
since the third quarter of 1994. The series had peaked
at 19.1 percent in the third quarter of 1998.
6. In the estimates of command-basis GNP, the current-dollar value of the
sum of exports of goods and services and income receipts is deflated by the
implicit price deflator (IPD) for the sum of imports of goods and services
and income payments.
The terms of trade is a measure of the relationship between the prices that
are received bv U.S. producers for exports of goods and services and the
prices that are paid by U.S. purchasers for imports of goods and services. It
is measured by the following ratio, with the decimal point shifted two
places to the right: In the numerator, the IPD for the sum of exports of
goods and services and of income receipts; in the denominator, the IPD for
the sum of imports of goods and services and of income payments.
Ghanges in the terms of trade reflect the interaction of several factors,
including movements in exchange rates, changes in the composition of the
traded goods and services, and changes in producers' profit margins. For
example, if the U.S. dollar depreciates against a foreign currency, a foreign
manufacturer may choose to absorb this cost by reducing the profit margin
on the product it sells to the United States, or it may choose to raise the
price of the product and risk a loss in market share.

Table 4. Relation of Real Gross Domestic Product, Real Gross National
Product, and Real Command-Basis Gross National Product
[Seasonally adjusted at annual rates]

CHART 2

Billions of chained (1996) dollars

2002

I
9,488.6

Gross domestic product

Plus Income receipts Irom the
rest ol the world
Less Income payments to the rest
ol the world
Equals: Gross national product

.

265.8

2001
II

III

-30.7

2001

2002
IV

I

II

III

Real Gross National Product

2002
IV
1.7

6.1

-23 4 -25.8

-4.6 -30.7 -26.3

-30.6

-6.5

-23.9

24.9 -29.3 -26.2 —490

45.1

6.4 -30.6

38.2 140.0

-46.8

59.8 110.6

0.3

0.3

-1.3

2.6

4.8

Less: Exports ol goods and
services and income receipts
Irom the rest ol the world

1,292.3 -68.2

-80.2

-57.5

2.0 -17.0 -20.6 -16 0

0.6

Plus Command-basis exports of
goods and services and income
receipts
from the rest of the
world 1

1,361.1 -54.4

-34.4

-76.1

4.3 -13.6

-9.0 -19 6

1.3

Equals: Command-basis gross
national product

9,544.0

20.2

15.2

105.3

1.1

3.5

Addendum:
Terms ol trade'

41.0 112.9

0.9

0.6

1.8

4.9

0.2

4.4

14.3

-4.4

0.8

-1.2

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. See note to table 1 for an explanation of chained (1996) dollar series. Levels of these series are shown in
NIPA tables 1.10 and 1.11.




Percent
10

Real GNP
Real GNP on a command basis

I

-1.3

7.2 -31.3

279.9 -29.5
9,475.3

Percent change fr
preceding quarte r

Change from
preceding quarter

Level

I.
-2

1999

2000

2001

Note-Percent change at annual rate from preceding quarter;
based on seasonally adjusted estimates.
U.S. Bureau of Economic Analysis

2002

July 2002

SURVEY OF CURRENT BUSINESS

Corporate Profits
which allowed increased depreciation—and thus
reduced profits—on a tax-accounting basis.9
In both the current-production measure and PBT,
the first-quarter estimate reflected settlement payments of $9.8 billion (annual rate) to the States by tobacco companies. Settlement payments had reduced
the fourth-quarter estimates by $9.0 billion.
Current-production profits consists of profits of domestic corporations and profits from the rest of the
world.10 Profits of domestic corporations increased
substantially in the first quarter, though not as much as
in the fourth; profits from the rest of the world decreased after increasing. In the first quarter, the increase in domestic profits and the decrease in rest-ofworld profits reflected a surge in profits of domestic affiliates of foreign parents, mainly parents in Western
Europe and Japan. (Because these affiliates are located
in the United States, their profits are included in

Profits from current production increased $5.8 billion
(or 0.7 percent at a quarterly rate) in the first quarter
after increasing $125.0 billion (17.9 percent) in the
fourth (table 5).7
The revised first-quarter estimate is $1.7 billion
more than the preliminary estimate released last
month. A $3.9 billion upward revision to profits from
the rest of the world was partly offset by a $2.4 billion
downward revision to profits of domestic financial
corporations. Profits of domestic nonfinancial corporations were revised little.
The 0.7-percent increase in current-production
profits is markedly smaller than the 3.9-percent increase in profits before tax (PBT).8 The difference between the two measures mainly reflects provisions of
the Job Creation and Worker Assistance Act of 2002,
7. 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.
8. PBT is based on inventory and depreciation practices used in tax
accounting, whereas the current-production measure—which excludes
nonoperating items, such as special charges and capital gains and losses—is
based on depreciation of fixed assets and inventory withdrawals valued at
current cost.

9. For details, see the box "Effects of the Job Creation and Worker Assistance Act of 2002," SURVEY OF CURRENT BUSINESS 82 (June 2002): 14.
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 international transactions accounts.

Table 5. Corporate Profits
[Seasonally adjusted]
Billions of dollars (annual rate)
Percent change (quarterly ra
Change from preceding quarter

Level
2002

2002

2001

1

II

III

IV

827.8
693.4
197.4
496.0
134.3
187.5
53.2

-30.0
-33.9
-19.5
-14.4
4.0
-7.0
-11.0

-62.8
-64.9
-29.3
-35.6
2.1
-8.1
-10.2

125.0
104.1
46.9
57.2
20 9
-3.7
-24.6

19.3
164 9
643.5
212.4
431.1

-6.9
-5 7
-17.4
-8.8
-8.6

11.9
-16 9
-57.7
-23.1
-34.7

Profits from current production less tax liability

615.4

-21.2

Cash flow from current production

988.8

-6.5

528.5
199.2
329.3
66.7
36.0
42.0
86.0
98.5

-28.4
-18.9
-9.5
3.0
-3.8
-6.3
0.7
-3.2

-47.9
-29.9
-18.0
-9.4
-7.8
11.4
1.7
-13.9

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

.

.

.

.

5.8

2002

2001

II

I

re;

I

IV

III

0.7

38.4
14.4
24.0
-32 7
5.3
38.0

-3.8
-5.2
-10.6
-3.1
2.9
-3.5
-18.0

-8.3
-10.5
-17.7
-7.9
1.5
-4.2
-20.5

17.9
18.9
34.5
13.8
14.3
-2.0
-61.7

5.9
7.9
5.1
-19.6
2.9
249.0

135
172 7
-61.2
-10.8
-50 4

27
-21 2
24.1
18.3
59

-2.3
-3.7
-1.7

-7.8
-10.1
-6.8

-9.0
-5.3
-10.6

3.9
9.4
1.4

-39.8

135.9

-12.5

-3.8

-7.5

27.6

13.5

78.5

-8.3

-0.7

59.6
18.0
41.6
16.4
10.3
0.1
1.7
13.0

-4.6
-9.3
-2.3
3.4
-5.7
-15.6
0.8
-2.4

1.5

8.5

-2.0
-0.8

Domestic industry profits:

Corporate profits of domestic industries with IVA
Financial
Nonfinancial
Manufacturing
Transportation and public utilities
Wholesale trade
Retail trade
Other

-68.6
27.8
-96.4
-33.7
-29.1
-3.5
-3.0
-27.1

Dollars
Unit price, costs, and profits of nonfinancial corporations:
Unit price
Unit labor cost
Unit nonlabor cost
. ..
Unit profits from current production

1.059
0.704
0 262
0.093

0.006
0.004
0.005
-0.003

NOTE. Levels of these and other profits series are shown in NIPA tables 1.14,1.16,6.16C, and 7.15.
IVA Inventory valuation adjustment




0.007
0.007
0 008
-0.006

-0.008
-0.012
-0 007
0.010

-0.002
-0.005
0
0.003

CCAdj Capital consumption adjustment

-8.2
-16.3
-4.5
-10.0
-12.5
33.4
2.0
-11.0

-12.8
18.1
-25.1
-40.1
-53.1
-7.6
-3.5
-24.0

12.7
10.0
14.4
32.5
40.3
0.2
2.1
15.1

Business Situation
profits of domestic corporations; because they are
owned by foreign parents, their profits are subtracted
in the calculation of profits from the rest of the world.)
By industry, about one-third of the surge in profits of
domestic affiliates was accounted for by petroleum and
manufacturing affiliates; the remaining two-thirds was
accounted for by affiliates in "other" industries, including finance, insurance, and telecommunications.
For domestic nonfinancial corporations, the firstquarter increase in profits mainly reflected a rise in
unit profits that resulted from a bigger decrease in unit
labor costs than in unit prices. Profits were also
boosted by an increase in the real output of these corporations."
For domestic financial corporations, the increase
largely reflected profits of "other" financial corporations (such as real estate investment trusts and federally sponsored credit agencies) and of property and
casualty insurance companies.
Cash flow from current production, a profits-related measure of internally generated funds available
for investment, decreased $8.3 billion after increasing
$78.5 billion.12 The ratio of cash flow to nonresidential
11. "Output" here is nonfinancial corporate gross product. It is a measure
of the contribution, or value added, of nonfinancial corporations to the
Nation's output, and it is measured as the sum of incomes generated by
these businesses.

July 2002

fixed investment, an indicator of the share of the current level of investment that could be financed by internally generated funds, increased from 84.4 percent
to 85.5 percent, its highest value since the second quarter of 1996.
Profits with inventory valuation adjustment
(IVA). The current-production measure of profits is
not available at the detailed industry level, because estimates of the capital consumption adjustment
(CCAdj) do not exist at this level. (CCAdj is available
only for total financial and total nonfinancial industries.) Consequently, industry profits are best measured by profits with IVA.
For all major categories of nonfinancial industries,
profits with IVA increased, though the increases for
wholesale and retail trade were very small (chart 3).
Within manufacturing, increases were widespread; the
largest increases were posted by "other durable goods"
and "other nondurable goods."13 Only two manufacturing industries posted substantial decreases—chemicals and petroleum.
12. Cash flow from current production is undistributed profits with
inventory valuation and capital consumption adjustments plus the consumption of fixed capital.
13. "Other" durable-goods manufacturing includes the lumber, furniture,
stone, transportation equipment excluding motor vehicles, instruments,
and miscellaneous manufacturing industries. "Other" nondurable-goods
manufacturing includes the tobacco, textile, apparel, paper, printing, rubber, and leather industries.

Corporate Profits with Inventory Valuation Adjustment:
Change from 2001:1V to 2002:1

R e s t of W o r l d
D o m e s t i c Nonfinancial
1. Also includes communications and public utilities.
2. 'Other1 nonfinancial corporations includes the agriculture, mining, construction, and services industries,
along with some activities included in the finance, insurance, and real estate' group.
Note-Based on seasonally adjusted estimates.
U.S. Bureau of Economic Analysis




July 2002

Real Inventories, Sales, and Inventory-Sales Ratios
for Manufacturing and Trade, 2002:1
Tables 1, 2, and 3 show quarterly and monthly estimates
of real inventories, sales, and inventory-sales ratios,
respectively. Table 4 shows real manufacturing inventories by stage of fabrication. Real estimates are in chained
(1996) dollars.
Data availability
Quarterly estimates for 2001:111 of real manufacturing
and trade inventories, sales, and inventory-sales ratios
and of real manufacturing inventories by stage of
fabrication were published in the April 2002 SURVEY
OF CURRENT BUSINESS, and quarterly estimates for
1997:IV-2001:II were published in the October 2001

SURVEY.

These estimates are also available as downloadable
files on BEA's Web site at <www.bea.gov>; click on
"GDP and related data" and look under "Supplementary
estimates, historical underlying detail," and click on
"Change in private inventories."
The most recent estimates are also available by subscription from BEA: On diskette as part of the NIPA
monthly update (product number NDS-0171, price
$204.00) and as separate monthly printouts (product
number NLS-0166, price $108.00). To order, call the
BEA Order Desk at 1-800-704-0415 (outside the
United States, 202-606-9666).

Table 1B. Real Manufacturing and Trade Inventories, Seasonally Adjusted,
End of Period
[Billions of chained (1996) dollars]

Manufacturing and trade industries
Manufacturing industries
Durable goods industries
Wood product manufacturing
Nonmetallic mineral product
manufacturing
Primary metal manufacturing
Fabricated metal product manufacturing
Machinery manufacturing
Computer and electronic product
manufacturing
Electrical equipment, appliance, and
component manufacturing
Transportation equipment
manufacturing
Furniture and related product
manufacturing
Miscellaneous manufacturing
Nondurable goods industries
Food manufacturing
Beverage and tobacco product
manufacturing
Textile mills
Textile product mills
Apparel manufacturing
Leather and allied product
manufacturing
Paper manufacturing
Printing and related support activities
Petroleum and coal product
manufacturing
Chemical manufacturing
Plastics and rubber product
manufacturing
Merchant wholesale industries
Durable goods industries
Nondurable goods industries
Retail trade industries
Motor vehicle and parts dealers
Furniture and home furnishings,
electronics, and appliance stores
Building materials, garden equipment and
supply stores
Food and beverage stores
Clothing and accessory stores
General merchandise stores
Other retail stores

2001

2002

IV

I

2002

2001
Nov.

Table 2B. Real Manufacturing and Trade Sales, Seasonally Adjusted
at Monthly Rate
[Billions of chained (1996) dollars]

Dec.

Jan/

Feb.'

2001

Mar/

1,144.9 1,139.6 1,147.1 1,144.9 1,145.3 1,142.9 1,139.6 1,137.1
453.0
458.4
450.9
454.9
454.9
448.6
447.7
448.6
286.9
283.7
277.9
282.1
277.9
283.7
280.4
277.2
8.5
8.3
8.8
8.5
8.8
8.3
8.5
8.8
9.3
22.0
32.3
40.5

9.1
21.4
31.9
39.4

9.5
22.2
32.7
41.0

9.3
22.0
32.3
40.5

9.2
21.7
32.2
39.9

9.1
21.6
32.0
39.6

9.1
21.4
31.9
39.4

9.1
21.3
31.7
38.8

60.6

59.1

62.9

60.6

60.7

59.8

59.1

59.6

15.3

15.0

15.5

15.3

15.2

15.1

15.0

15.0

68.2

66.2

67.5

68.2

67.7

67.7

66.2

65.9

7.1
17.3

6.9
17.3

7.3
17.2

7.1
17.3

7.0
17.2

7.0
17.3

6.9
17.3

6.9
17.4

171.2
34.9

170.8
34.9

171.5
34.8

171.2
34.9

170.9
35.0

170.6
35.0

170.8
34.9

170.5
35.0

11.9
6.5
4.4
8.9

12.0
6.2
4.4
8.4

11.8
6.6
4.4
9.2

11.9
6.5
4.4
8.9

11.9
6.3
4.4
8.7

11.8
6.3
4.4
8.6

12.0
6.2
4.4
8.4

11.8
6.1
4.5
8.3

1.3
17.0
5.8

1.2
16.9
5.6

1.3
16.9
5.9

1.3
17.0
5.8

1.2
17.0
5.9

1.2
16.9
5.7

1.2
16.9
5.6

1.2
16.8
5.6

10.8
52.4

11.3
52.4

10.6
52.6

10.8
52.4

10.6
52.4

10.9
52.4

11.3
52.4

11.1
52.5

17.3
312.5
192.1
119.6
377.0
113.9

17.5
310.1
189.0
120.2
380.0
116.4

17.4
313.5
194.1
118.7
375.0
111.6

17.3
312.5
192.1
119.6
377.0
113.9

17.4
311.9
191.2
119.9
379.7
115.8

17.4
310.0
189.6
119.5
381.1
117.4

17.5
310.1
189.0
120.2
380.0
116.4

17.6
307.9
188.2
118.8
380.4
117.2

29.2

29.9

28.8

29.2

29.8

29.8

29.9

30.0

38.5
30.4
29.7
63.1
71.8

39.4
30.1
29.7
62.0
72.1

38.3
30.4
30.2
64.0
71.3

38.5
30.4
29.7
63.1
71.8

38.8
30.2
30.6
62.2
72.2

39.0
30.2
29.9
62.4
72.3

39.4
30.1
29.7
62.0
72.1

39.6
30.1
30.0
61.9
71.6

P Preliminary.
r
Revised.
NOTE. Estimates in this table are based on the North American Industry Classification System (NAICS).
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. 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.




2002

I

Apr."
Manufacturing and trade industries
Manufacturing industries
Durable goods industries
Wood product manufacturing
Nonmetallic mineral product
manufacturing
Primary metal manufacturing
Fabricated metal product manufacturing
Machinery manufacturing
Computer and electronic product
manufacturing
Electrical equipment, appliance, and
component manufacturing
Transportation equipment
manufacturing
Furniture and related product
manufacturing
Miscellaneous manufacturing
Nondurable goods industries
Food manufacturing
Beverage and tobacco product
manufacturing
Textile mills
Textile product mills
Apparel manufacturing
Leather and allied product
manufacturing
Paper manufacturing
Printing and related support activities
Petroleum and coal product
manufacturing
Chemical manufacturing
Plastics and rubber product
manufacturing
Merchant wholesale industries
Durable goods industries
Nondurable goods industries
Retail Irade industries
Motor vehicle and parts dealers
Furniture and home furnishings,
electronics, and appliance stores
Building materials, garden equipment and
supply stores
Food and beverage stores
Clothing and accessory stores
General merchandise stores
Other retail stores
p

855.7
328.9

Jan/

Feb/

Mar/

865.6
336.3

857.8

857.4

865.9

328.0
187.8
7.1

331.3

192.4
7.2

325.2
187.1
7.1

7.0
12.3
18.8
21.5

7.6
12.6
19.3
21.6

860.3

851.0

858.0

187.9
7.1

329.8
189.1
7.1

326.6
187.1
7.1

331.6
188.7
7.1

6.8
12.3
19.1
21.6

6.9
12.2
18.9
21.9

6.7
12.3
19.1
21.4

6.8
12.0
18.9
21.0

6.9
12.3
19.2
22.0

6.7
12.0
18.7
22.1

45.1

44.6

42.5

9.8

9.5

9.6

9.8

9.6

9.4

52.9

54.6

52.9

54.2

56.2

5.3
9.0

5.3
9.1

5.3
8.9

5.5
9.1

140.5
38.0

140.3
38.1

139.0

142.4

143.4
38.5

7.1
3.8
2.7
5.0

6.9
3.8
2.7
5.0

6.8
3.7
2.7
5.0

7.1
3.7
2.7
5.2

.7
12.2
7.6

.6
12.1
7.5

.7
12.1
7.5

16.5
32.5

17.6
31.7

15.6
32.6

14.5
239.4
128.7
110.4
294.6
81.3

14.6
243.3
130.8
112.1
294.3
75.5

27.3
26.0
36.7
16.4
39.3
70.3

44.3

Apr."

192.7
7.0

43.3
9.6

9.9
56.4

5.2
9.2

5.4
9.3

137.7

139.7
37.8

138.4
38.0

7.1
3.7
2.6
5.1

6.6
3.8
2.8
5.0

7.0
3.8
2.8
4.9

6.5
4.1
3.0
5.1

.7
11.9
7.6

.6
12.3
7.6

.6
11.7
7.4

.6
12.2
7.6

.7
12.4
7.6

18.7
32.2

18.6
32.8

17.1
30.8

17.2
31.5

15.1
31.6

291.6
78.5

14.6
240.7
128.7
111.6
292.7
77.6

14.8
243.0
130.4
112.2
293.4
75.1

14.5
244.5
131.7
112.6
295.3
76.2

14.5
242.3
130.4
111.6
294.1
75.3

14.9
245.5
132.6
112.7
296.6
76.6

28.5

27.5

28.2

28.1

28.5

29.0

29.0

26.8
37.1
17.0
40.3
72.6

26.2
36.7
16.2
39.2
70.3

25.9
36.9
16.7
39.9
70.7

26.6
37.2
17.0
40.1
72.8

26.8
37.0
17.1
40.5
72.8

26.9
37.0
16.9
40.4
72.4

27.4
37.0
17.1
40.8
72.4

239.8
129.3
110.3

Preliminary.
'Revised.
NOTE. Estimates in this table are based on the North American Industry Classification System (NAICS).
Chained (1996) dollar sales are calculated as the product of the chain-type quantity index and the 1996 current-dollar
value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of
more than one period, the corresponding chained-dollar estimates are usually not additive.

July 2002

SURVEY OF CURRENT BUSINESS

Table 3B. Real Inventory-Sales Ratios for Manufacturing and Trade,
Seasonally Adjusted
[Ratio, based on chained (1996) dollars]
2002

Table 4B. Real Manufacturing inventories, by Stage of Fabrication, Seasonally
Adjusted, End of Period
[Billions of chained (1996) dollars]

2002

2001

Mar/

Jan/

Apr/

Manufacturing and trade industries ...
Manufacturing industries
Durable goods industries
Wood product manufacturing
Nonmetallic mineral product
manufacturing
Primary metal manufacturing
Fabricated metal product
manufacturing
Machinery manufacturing
Computer and electronic product
manufacturing
Electrical equipment, appliance, and
component manufacturing
Transportation equipment
manufacturing
Furniture and related product
manufacturing
Miscellaneous manufacturing

1.34
1.38
1.51
1.17

1.33
1.36
1.47
1.23

1.35
1.40
1.53
1.21

1.33
1.37
1.50
1.17

1.32
1.35
1.47
1.18

1.33
1.39
1.50
1.21

1.33
1.37
1.48
1.24

1.31
1.35
1.44
1.25

1.38
1.79

1.33
1.75

1.41
1.80

1.38
1.84

1.34
1.76

1.37
1.80

1.31
1.74

1.19
1.69

1.69
1.88

1.69
1.80

1.71
1.91

1.71
1.93

1.68
1.81

1.71
1.79

1.70
1.83

1.65
1.80

1.37

1.34

1.36

1.41

1.34

1.38

1.56

1.56

1.58

1.61

1.56

1.52

1.28

1.26

1.20

1.25

1.24

1.17

1.39
1.92

1.34
1.93

1.28
1.89

1.33
1.91

1.32
1.89

1.27
1.86

Nondurable goods industries
Food manufacturing
Beverage and tobacco product
manufacturing
Textile mills
Textile product mills
Apparel manufacturing
Leather and allied product
manufacturing
Paper manufacturing
..
Printing and related support activities
Petroleum and coal product
manufacturing
Chemical manufacturing
Plastics and rubber product
manufacturing
Merchant wholesale industries
Durable goods industries
Nondurable goods industries

1.22
.92

1.23
.91

1.20
.91

1.19
.91

1.22
.92

1.23
.92

Retail trade industries
Motor vehicle and parts dealers
Furniture and home furnishings,
electronics, and appliance stores
Building materials, garden equipment and
supply stores
Food and beverage stores
Clothing and accessory stores
General merchandise stores
Other retail stores

1.29
1.33
1.92

1.30
1.90

1.68
1.71
1.62
1.77

1.74
1.66
1.59
1.69

1.75
1.78
1.61
1.85

1.67
1.74
1.62
1.72

1.69
1.70
1.67
1.72

1.79
1.66
1.56
1.73

1.71
1.64
1.56
1.73

1.81
1.49
1.49
1.64

1.89
1.39
.76

1.93
1:40
.74

1.95
1.40
.78

1.92
1.42
.77

1.92
1.38
.77

1.92
1.45
.77

2.07
1.39
.73

1.66
1.36
.74

.66
1.61

.64
1.65

.68
1.61

.58
1.63

.57
1.60

.64
1.70

.66
1.66

.74
1.66

1.19
1.31
1.49
1.08
1.28
1.40

1.20
1.28
1.45
1.07
1.29
1.54

1.21
1.31
1.50
1.08
1.29
1.42

1.19
1.30
1.49
1.07
1.29
1.47

1.17
1.28
1.47
1.07
1.29
1.54

1.20
1.27
1.44
1.06
1.29
1.54

1.21
1.28
1.45
1.08
1.29
1.55

1.18
1.25
1.42
1.05
1.28
1.53

1.07

1.05

1.05

1.04

1.06

1.05

1.03

1.04

1.48
.83
1.82
1.61
1.02

1.48
.81
1.75
1.54
.99

1.46
.83
1.87
1.63
1.01

1.48
.82
1.78
1.58
1.02

1.46
.81
1.80
1.55
.99

1.46
.82
1.75
1.54
.99

1.47
.81
1.76
1.53
1.00

1.45
.81
1.76
1.52
.99

" Preliminary.
r
Revised.
NOTE. Estimates in this table are based on the North American Industry Classification System (NAICS).




2001

2002

IV

I

Nov.

Dec.

Jan/

Feb/

Mar/

Apr/

156.1
94.4

155.1
93.7

158.2
95.7

156.1
94.4

155.2
93.7

154.9
93.2

155.1
93.7

154.8
93.4

3.6
3.3
7.5

3.8
3.2
7.3

3.7
3.3
7.6

3.6
3.3
7.5

3.6
3.2
7.5

3.7
3.2
7.3

3.8
3.2
7.3

3.8
3.2
7.3

11.1
15.9

11.6
15.3

11.3
16.0

11.1
15.9

11.4
15.5

11.4
15.4

11.6
15.3

11.4
15.0

21.7

20.6

22.3

21.7

21.5

21.0

20.6

20.8

6.1

5.9

6.1

6.1

6.0

5.9

5.9

5.9

15.6

16.0

15.6

15.6

15.4

15.5

16.0

16.1

3.1
6.3

3.2
6.4

3.3
6.3

3.1
6.3

3.1
6.2

3.1
6.3

3.2
6.4

3.1
6.4

61.6
11.5

61.3
11.3

62.4
11.6

61.6
11.5

61.4
11.5

61.6
11.5

61.3
11.3

61.4
11.3

6.1
2.0
1.4
2.1
.4
8.3
1.9
3.2

6.1
1.9
1.3
2.1
.3
8.2
1.7
3.1

6.1
2.0
1.4
2.3
.4
8.3
2.0
3.1

6.1
2.0
1.4
2.1
.4
8.3
1.9
3.2

6.1
1.9
1.4
2.2
.3
8.3
2.0
2.8

6.1
1.9
1.3
2.1
.3
8.4
1.9
3.1

6.1
1.9
1.3
2.1
.3
8.2
1.7
3.1

6.0
1.9
1.3
2.1
.3
8.1
1.8
3.2

17.2

17.3

17.6

17.2

17.2

17.4

17.3

17.6

7.4

7.6

7.5

7.4

7.5

7.5

7.6

7.6

130.4
102.6

126.8
98.6

131.2
103.5

130.4
102.6

130.7
102.7

129.9
101.9

126.8
98.6

126.1
98.1

1.6
1.4
7.2

1.6
1.3
7.0

1.6
1.4
7.4

1.6
1.4
7.2

1.6
1.3
7.2

1.6
1.3
7.2

1.6
1.3
7.0

1.6
1.3
7.0

10.4
11.3

10.0
10.9

10.6
11.6

10.4
11.3

10.1
11.1

10.0
11.1

10.0
10.9

10.0
11.1

18.4

18.3

19.1

18.4

18.6

18.4

18.3

18.1

4.9

4.8

4.9

4.9

4.8

4.8

4.8

4.8

38.1

35.7

37.7

38.1

38.3

38.1

35.7

35.2

1.2
4.0

1.3
3.9

1.3
4.0

1.2
4.0

1.3
4.0

1.2
4.0

1.3
3.9

1.3
4.0

27.7

28.1

27.6

27.7

28.0

27.9

28.1

27.9

5.3

5.2

5.3

5.3

5.3

5.3

5.2

5.2

1.3
1.4
1.0
1.6
.2
1.7
1.1
2.5
9.4
2.3

1.4
1.4
1.0
1.6
.2
1.7
1.0
2.8
9.7
2.2

1.3
1.5
1.0
1.7
.2
1.7
1.0
2.3
9.3
2.3

1.3
1.4
1.0
1.6
.2
1.7
1.1
2.5
9.4
2.3

1.3
1.4
1.0
1.6
.2
1.7
1.0
2.5
9.7
2.3

1.4
1.4
1.0
1.6
.2
1.6
.9
2.4
9.9
2.3

1.4
1.4
1.0
1.6
.2
1.7
1.0
2.8
9.7
2.2

1.3
1.3
1.0
1.6
.2
1.7
1.0
2.7
9.6
2.3

168.3
86.7

166.6
85.5

168.9
87.6

168.3
86.7

167.0
85.7

166.1
85.3

166.6
85.5

166.7
85.7

3.1
4.7
7.3

3.3
4.6
7.1

3.3
4.7
7.1

3.1
4.7
7.3

3.2
4.6
7.0

3.2
4.6
7.1

3.3
4.6
7.1

3.3
4.5
7.0

10.7
13.3

10.4
13.1

10.8
13.3

10.7
13.3

10.6
13.2

10.4
13.1

10.4
13.1

10.3
12.7

20.5

20.2

21.4

20.5

20.6

20.4

20.2

20.6

4.4

4.4

4.4

4.4

4.4

4.4

4.4

4.3

15.3

15.3

14.9

15.3

14.7

14.8

15.3

15.6

2.7
7.0

2.5
6.9

2.8
6.9

2.7
7.0

2.7
6.9

2.6
7.0

2.5
6.9

2.5
7.0

81.9
18.1

81.3
18.4

81.5
17.9

81.9
18.1

81.4
18.3

80.9
18.3

81.3
18.4

81.2
18.6

4.5
3.1
2.0
5.1
.7
7.0
2.9
5.2

4.4
2.9
2.0
4.7
.7
7.0
2.8
5.4

4.4
3.1
2.0
5.2
.8
6.9
2.9
5.1

4.5
3.1
2.0
5.1
.7
7.0
2.9
5.2

4.4
3.0
2.0
5.0
.7
6.9
2.9
5.2

4.4
3.0
2.0
4.8
.7
6.9
2.9
5.3

4.4
2.9
2.0
4.7
.7
7.0
2.8
5.4

4.4
2.9
2.1
4.6
.7
6.9
2.8
5.2

25.7

25.4

25.6

25.7

25.4

25.1

25.4

25.3

7.6

7.7

7.6

7.6

7.6

7.7

7.7

2001

2002

Materials and supplies
Manufacturing industries
Durable goods industries
Wood product manufacturing
Nonmetallic mineral product manufacturing
Primary metal manufacturing
Fabricated metal product manufacturing
Machinery manufacturing
Computer and electronic product
manufacturing
Electrical equipment, appliance, and
component manufacturing
Transportation equipment manufacturing
Furniture and related product manufacturing
Miscellaneous manufacturing
Nondurable goods industries
Food manufacturing
Beverage and tobacco product
manufacturing
Textile mills
Textile product mills
Apparel manufacturing
Leather and allied product manufacturing
Paper manufacturing
Printing and related support activities
Petroleum and coal product manufacturing
Chemical manufacturing
Plastics and rubber product manufacturing
Work-in-process
Manufacturing industries
Durable goods industries
Wood product manufacturing
Nonmetallic mineral product manufacturing
Primary metal manufacturing
Fabricated metal product manufacturing
Machinery manufacturing
Computer and electronic product
manufacturing
Electrical equipment, appliance, and
component manufacturing
Transportation equipment manufacturing
Furniture and related product manufacturing
Miscellaneous manufacturing
Nondurable goods industries
Food manufacturing
Beverage and tobacco product
manufacturing
Textile mills
Textile product mills
Apparel manufacturing
Leather and allied product manufacturing
Paper manufacturing
Printing and related support activities
Petroleum and coal product manufacturing
Chemical manufacturing
Plastics and rubber product manufacturing
Finished goods
Manufacturing industries
Durable goods industries
Wood product manufacturing
Nonmetallic mineral product manufacturing
Primary metal manufacturing
Fabricated metal product manufacturing
Machinery manufacturing
Computer and electronic product
manufacturing
Electrical equipment, appliance, and
component manufacturing
Transportation equipment manufacturing
Furniture and related product manufacturing
Miscellaneous manufacturing
Nondurable goods industries
Food manufacturing
Beverage and tobacco product
manufacturing
Textile mills
Textile product mills
Apparel manufacturing
Leather and allied product manufacturing
Paper manufacturing
Printing and related support activities
Petroleum and coal product manufacturing
Chemical manufacturing
Plastics and rubber product manufacturing

7.6

" Preliminary.
r
Revised.
NOTE. Estimates in this table are based on the North American Industry Classification System (NAICS).
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. 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 2002

10

The International Investment Position of the United States
at Yearend 2001
By Elena L. Nguyen

I

N 2001, foreign-owned assets in the United States
increased by a sizable amount while U.S.-owned
assets abroad changed little, with direct investment
valued at current cost (see the box "Current-Cost and
Market-Value Methods of Valuing Direct Investment"). As a result, the net international investment
position became more negative.
The net international investment position at current
cost was -$1,948.1 billion at yearend 2001, compared
with -$1,350.8 billion (revised) at yearend 2000 (table
1, chart 1). The previously published net international
investment position for yearend 2000 was -$1,842.7
billion; the revision reflects the incorporation of the
U.S. Treasury Department's once-every-5-year Bench-

mark Survey of Foreign Portfolio Investment in the
United States (see the box "Improvements in the Estimates"). In 2001, financial inflows into U.S. assets exceeded financial outflows into foreign assets, declines
in stock market prices had a greater impact on U.S. assets abroad than on foreign assets in the United States,
and exchange-rate depreciation of foreign currencies
lowered the value of U.S. assets abroad more than it
lowered the value of foreign assets in the United States.
The net international investment position with direct investment valued on an alternative basis—at the
current stock market value of owners' equity—also became more negative; it was -$2,309.1 billion at yearend
2001, compared with -$1,583.2 billion (revised) at

Current-Cost and Market-Value Methods of Valuing Direct Investment
Since 1991, in the series of annual articles on the international investment position of the United States, two measures of valuing direct investment positions—the
current-cost method and the market-value method—have
been discussed and presented as two alternatives to the
historical-cost valuation. The current-cost method values
the U.S. and foreign parents' shares 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, see
J. Steven Landefeld and Ann M. Lawson, "Valuation of
the U.S. Net International Investment Position," SURVEY
OF CURRENT BUSINESS 71 (May 1991): 40-49.)
In this article, BEA emphasizes the current-cost
method, because the estimates prepared using the current-cost method are comparable with BEA's current-cost
estimates of total U.S. reproducible tangible wealth and
with the Federal Reserve Board's estimates of domestic
net worth (the sum of tangible assets located in the
United States, including plant and equipment, inventories, and land). Furthermore, BEA's calculation of direct
investment income includes a current-cost adjustment to
depreciation; this adjustment converts depreciation as




reported on company financial statements to the preferred economic accounts measure, which is based on
the current cost, rather than on the historical cost, of
assets.
The estimates of direct investment in the international
investment position continue to be presented on both
current-cost and market-value bases in order to highlight
that different methods of valuing direct investment may
be appropriate for different circumstances and that
depending on the valuation method used, the resulting
estimates may differ substantially. All of the categories in
the international investment position accounts except
direct investment positions can be directly estimated
with reference to readily observable market prices. For
example, the value of positions in portfolio investment
securities, gold, loans, currencies, and bank deposits can
be directly estimated based on face values or market
prices of recent transactions. In contrast, direct investment positions typically involve illiquid ownership interests in companies that may possess many unique
attributes—such as customer base, management, and
ownership of intangible assets—whose values in the current period are difficult to determine, because there is no
widely accepted standard for revaluing company financial statements at historical cost into prices of the current
period.

July 2002

11

SURVEY OH CURRENT BUSINESS

yearend 2000. Foreign-owned assets increased, though
not as much as on the current-cost basis, while U.S.owned assets decreased substantially, reflecting the
greater impact of the declines in stock market prices on
the market-value basis.
In the following discussion, the current-cost estimates of direct investment are featured, and the market-value estimates of direct investment are discussed
only when there is a substantial difference between the
two valuation measures. The differences between these

valuation measures are limited to differences in direct
investment valuation adjustments, to differences in direct investment positions, and to differences in higher
level aggregates that include these accounts. All financial flows and all asset and liability positions except direct investment are identical under both of these
valuation measures.
With direct investment valued at current cost, U.S.owned assets abroad increased slightly to $6,196.1 billion at yearend 2001 from $6,191.9 billion at yearend

Improvements in the Estimates
As is customary each July, the estimates of the U.S. inter- -$1,583.2 billion with direct investment at market
national investment position incorporate newly available value.
source data and methodological improvements that
The benchmark survey results were used by BEA to
relate to the changes incorporated in the annual revision revise its estimates of the international investment posiof the U.S. international transactions accounts.
tion, as well as its estimates of financial inflows and assoThis year, the estimates of foreign portfolio holdings of ciated flows of interest and dividend payments in BEA's
U.S. securities for 1995-2000 were revised to incorporate international transactions accounts. In addition, BEA has
results from the U.S. Treasury Department's Benchmark used information from the benchmark survey and other
Survey of Foreign Portfolio Investment in the United sources to develop and implement new estimation methStates, which covered foreign ownership of U.S. securities odologies that will improve future estimates of positions
with an original maturity of more than 1 year as of March and of financial and income flows.
2000. As a result, the net international investment posiIn addition, estimates of U.S. direct investment positions are less negative than previously indicated. For tions on a market-value basis for 1993-2000 were revised
yearend 2000, the net position was revised from to incorporate improved source data. For additional
-$1,842.7 billion to -$1,350.8 billion with direct invest- information. See "Annual Revision of the U.S. Internament at current cost and from-$2,187.4 billion to tional Accounts, 1993-2001" in this issue.

Net International Investment Position of the United States at Yearend, 1983-2001
Billion $
500

I With direct investment at current cost
With direct investment at market value

• I •
-500

I I

•nr|j|

1991

1993

-1000

-1500

-2000

-2500
1983

1985

U.S. Bureau of Economic Analysts




1987

1989

1995

1997

1999

2001

July 2002

Table D. U.S. Claims Reported by U.S. Banks and U.S.
Nonbanks at Yearend
[Billions of dollars]

Total bank-reported claims
Banks' own claims, payable in dollars
On own foreign offices
On unaffiliated foreign banks
On other foreigners
Banks' customers' claims, payable in dollars
Banks' claims payable in foreign currencies
Total nonbank-reported claims

1999

2000

2001

1,100.3

1,252.1

1,416.8

793.1
529.7
97.2
166.2
219.0

892.2
623.1
91.1
178.0
278.9

1,053.6
747.8
100.6
205.2
271.7
91.5
830.1

88.2

81.0

677.5

821.6

tion activity. U.S.-owned banks continued funding
their offshore branches, primarily in Western Europe
and the Caribbean. U.S. banks* claims on other foreigners increased, largely reflecting U.S. securities dealers' lending to international bond funds in the
Caribbean and Western Europe, partly to finance increased foreign purchases of U.S. bonds.
U.S. banks' domestic customers' claims payable in
dollars decreased $7.2 billion, to $271.7 billion, as U.S.
investors reduced their holdings of foreign commercial
paper as a result of falling short-term yields and
heightened concerns about credit risk. U.S. banks'
claims payable in foreign currencies increased $10.5
billion, to $91.5 billion, a significant rebound after 3
years of decline.
U.S. claims on foreigners reported by U.S. nonbanking concerns increased $8.5 billion, to $830.1 billion,
largely reflecting a substantial slowdown in U.S. deposits in Western Europe and Caribbean banking centers
(table D).
Foreign securities
U.S. holdings of foreign securities decreased $278.9
billion, to $2,110.5 billion, in 2001. Net U.S. purchases
of $94.7 billion were more than offset by large negative
valuation adjustments as a result of declines in foreign
stock prices and of exchange-rate depreciation in most
foreign currencies against the U.S. dollar.
U.S. holdings of foreign stocks decreased $267.7 billion, to $1,564.7 billion, in 2001. Net U.S. purchases of
$106.8 billion were more than offset by negative valuation adjustments of $296.6 billion in stock-price depreciation and $77.9 billion in exchange-rate
depreciation. Exchanges of stocks associated with foreign acquisitions of U.S. companies decreased sharply
and accounted for a smaller portion of total net outflows. In nonmerger-related transactions, net U.S. purchases of foreign stocks increased, mostly in the first
half of the year before concerns heightened over declining stock prices, the September 11th events, and
limited economic recovery abroad.
• U.S. holdings of Western European stocks decreased
$187.0 billion, to $932.7 billion. The decrease was
attributable to 18-percent price depreciation of




13

SURVEY OF CURRENT BUSINESS

European stocks and to a 6-percent exchange-rate
depreciation of the euro against the U.S. dollar and
smaller depreciations of other Western European
currencies against the dollar (table E). These negative valuation adjustments were partly offset by net
U.S. purchases of $51.5 billion. Exchanges of stock
associated with Western European acquisitions of
U.S. companies accounted for 52 percent of net U.S.
purchases in 2001, down from 114 percent in 2000.
•U.S. holdings of Japanese stocks decreased $38.7 billion, to $143.5 billion, as Japanese stock prices
declined 20 percent and the yen depreciated 15 percent against the U.S. dollar. These negative valuation adjustments were partly offset by net U.S.
purchases of $19.9 billion, mostly in the first half of
the year.
• U.S. holdings of Canadian stocks decreased $23.7
billion, to $99.6 billion, reflecting 16-percent depreciation of Canadian stock prices, 6-percent
exchange-rate depreciation of the Canadian dollar
against the U.S. dollar, and reduced net U.S. purchases of Canadian stocks.
•U.S. holdings of other foreign stocks, mostly emerging market stocks, decreased $18.3 billion, to $388.9
billion. Increases from price appreciation of most
emerging market stocks and from net U.S. purchases were more than offset by losses from
exchange-rate depreciation. In 2001, the Morgan
Stanley Capital International Emerging Markets
stock index rose 5.1 percent in local currency terms,
but it fell 4.9 percent in U.S. dollar terms.
U.S. holdings of foreign bonds decreased $11.2 billion, to $545.8 billion, in 2001. A sharp swing to net
sales of $12.1 billion and exchange-rate depreciation
of $17.3 billion were partly offset by bond-price

Table E. U.S. Holdings of Foreign Stocks by Major Area and
Country at Yearend
[Billions of dollars]

Total holdings
Western Ifurope
Of which: United Kingdom
Finland
France
Germany
Ireland
Italy
Netherlands
Spain
Sweden
Switzerland
Canada
Japan
Latin America
Of which: Argentina
Brazil
Mexico
Other Western Hemisphere
Of which: Bermuda
Netherlands AntillesOther countries
Of which: Australia
Hong Kong
Singapore

1999

2000

2001

2,026.6
1,167.8
374.8
58.4
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

1,832.4

1,564.7
932.7
335.0
39.4

1,119.7
365.7
51.4
183.3
94.7
16.8
50.1

137.8
30.7
65.9
75.5
123.3
182.2
73.7
9.7
27.7
25.1

144.2
36.3
34.4
189.3
35.1
34.3
8.6

140.4
91.0
14.4
38.2
103.8
24.8
53.0
57.2
99.6
143.5
60.2
8.1
23.1
20.0
141.7
34.8
28.3
187.0
37.9
32.2
4.0

The International Investment Position

14

appreciation of $18.2 billion (table F). High returns on
U.S. bonds relative to most other industrial countries'
bonds and heightened uncertainty about the prospects
for economic growth abroad encouraged a shift to dollar-denominated bonds. The depreciation of most foreign currencies against the U.S. dollar prompted
continued U.S. selling of foreign-currency-denominated bonds. Net U.S. sales of foreign bonds occurred
mainly in the third quarter, when investors further reduced their exposure in foreign markets.

July 2002

Table G. U.S. Direct Investment Abroad at Yearend
[Billions of dollars]

U.S. direct investment abroad:
At current cost
At market value

1999

2000

2001

1,377.3
2,805.2

1,515.3
2,674.2

1,623.1
2,289.9

Table H. U.S. Direct Investment Abroad, 2001
[Billions of dollars]
At market value
2,289.9

Total position

U.S. direct investment abroad
U.S. direct investment abroad at current cost increased
$107.8 billion, to $1,623.1 billion, in 2001; at market
value, it decreased $384.3 billion, to $2,289.9 billion
(table G). At current cost, net financial outflows were
partly offset by negative valuation adjustments; at
market value, net financial flows were more than offset
by large negative valuation adjustments, mainly as a result of large price depreciation in most foreign stock
markets (table H). Net outflows declined to $127.8 billion, the lowest level since 1997, as U.S. acquisitions of
foreign companies were reduced by the economic
slowdowns in the United States and overseas. Net equity capital outflows decreased to $49.8 billion; intercompany debt outflows shifted to inflows of $1.7
billion; and reinvested earnings decreased to $79.7 billion, reflecting a slowdown in overseas affiliates' earnings.
U.S. official reserve assets and other U.S.
Government assets
U.S. official reserve assets increased $1.6 billion, to
$130.0 billion, in 2001. The increase was more than accounted for by a $3.0 billion increase in the U.S. reserve position at the International Monetary Fund
(IMF), as large net U.S. dollar lending from the IMF's
General Resources Account to Turkey, Argentina, and
Table F. U.S. Holdings of Foreign Bonds by Major Area and
Country at Yearend
[Billions of dollars]
1999
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, Republic of
International organizations




556.7
195.8
61.0
12.7
43.9
12.6
12.4
12.2
104.4
27.4
104.6
26.2
19.6
38.7
26.3
14.0
83.5
28.7
12.5
14.7

2000
557.0
203.3
67.8
13.6
49.2
11.5
16.8
11.8
93.4
25.4
115.6
24.1
20.2
36.5
26.0

9.3
80.0
27.3
10.7
13.3

Total change
Financiaioutflows
Equity capital
Intercompany debt
Reinvested earnings
Price changes
Exchange rate changes
Other valuation changes

-384.3

127.8
49.8

-1.7
79.7
-438.0
-56.9
-17.2

Brazil exceeded repayments from Russia and the Republic of Korea. Partly offsetting was a $2.3 billion decrease in the value of foreign currency holdings that
was more than accounted for by exchange-rate depreciation.
U.S. Government assets, other than official reserve
assets, increased $0.5 billion, to $85.7 billion, as new
U.S. Government credits to foreigners slightly exceeded repayments. Both new credits and repayments
slowed in 2001.

Changes in Foreign-Owned Assets in the
United States
Bank and nonbank liabilities
U.S. liabilities to private foreigners and international
financial institutions reported by U.S. banks increased
$144.8 billion, to $1,298.2 billion, in 2001, largely as a
result of U.S. banks' borrowing from their own foreign
offices abroad to fund their liquidity needs and lending
overseas (table I).
U.S. banks' own liabilities payable in dollars increased $118.4 billion, to $1,090.8 billion, as U.S.
banks borrowed from their own foreign offices abroad,
especially in the fourth quarter. Some of banks' borrowing in the fourth quarter was due to increased

2001
545.8
186.2
62.1
15.4
51.3
11.7
17.8
11.7
92.4
23.2
121.1
20.2
22.9
34.6
28.1
11.8
83.1
26.5
8.8
11.7

Table I. U.S. Liabilities Reported by U.S. Banks and U.S.
Nonbanks at Yearend
[Billions of dollars]
2000

2001

1,067.2

1,153.4

1,298.2

873.9
609.2
119.3
145.4
104.8
88.5

972.4
678.8
135.7
157.9
104.8
76.2

1090.8
787.4
122.5
180.9
118.9
88.5

564.9

729.3

804.4

1999
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

July 2002

demand for liquidity in both domestic and international markets after the events of September 11th. U.S.
banks* liabilities to other foreigners increased $23.0
billion, to $180.9 billion, as U.S. securities dealers
stepped up their borrowing from Western Europe and
the Caribbean to fund their activities in the U.S. securities markets. U.S. banks' custody liabilities payable in
dollars increased $14.1 billion, to $118.9 billion. U.S.
banks' foreign currency liabilities increased $12.3 billion, to $88.5 billion, mainly in the first half of the year,
to finance an expansion in U.S. banks' foreign currency
lending.
U.S. liabilities to foreigners reported by U.S. nonbanking concerns increased $75.1 billion, to $804.4
billion, reflecting strong U.S. corporate borrowing
from Western Europe and the Caribbean in the first
quarter (table I).
U.S. Treasury securities
Foreign holdings of U.S. Treasury securities decreased
$12.2 billion, to $388.8 billion, in 2001. Over the past 3
years, the relative attractiveness of higher yielding U.S.
corporate and agency bonds and diminishing supplies
of Treasury securities have led to sizable net foreign
sales of Treasury bonds. However, net foreign sales
slowed in 2001, partly because Treasury securities became more attractive after the disruptions in the world
financial markets caused by the events of September
11th. (In table J, foreign private holdings and foreign
official holdings are combined in order to avoid the
disclosure of sensitive data on individual country holdings by foreign official agencies. These estimates incorporate results from the March 2000 U.S. Treasury
Department's Benchmark Survey of Foreign Portfolio
Investment in the United States.)
Table J. Foreign Official and Private Holdings of U.S.
Treasury Securities by Selected Countries at Yearend
[Billions of dollars]

Total holdings
Japan
China
Germany
Hong Kong
Taiwan
Korea, Republic of
Middle East OPEC members
Singapore
France
Switzerland

15

SURVEY OF CURRENT BUSINESS

1999

2000

1,080.4
301.0
63.1
58.9
40.9
42.7
23.0
18.4
34.6
35.4
28.6

1,026.1
325.6
62.3
50.7
39.8
34.5
29.7
19.8
28.9
25.4
16.6

2001
1,039.5
331.3
81.8
50.3
49.5
37.0
33.3
22.0
21.5
21.1
19.0

stocks slowed substantially as a result of heightened
concerns about slowing U.S. economic growth and
sharply declining corporate earnings. (Estimates were
revised to incorporate results from the March 2000
U.S. Treasury Department's Benchmark Survey of Foreign Portfolio Investment in the United States.)
Foreign holdings of U.S. corporate and U.S. agency
bonds increased $316.6 billion, to $1,392.6 billion. The
increase primarily resulted from record net foreign
purchases of $288.2 billion; purchases were spurred by
high yields on these issues relative to U.S. Treasury
bonds and by a record amount of highly rated U.S. corporate and agency bonds issued overseas. As of December 2001, the United Kingdom remained the
largest holder of U.S. corporate and U.S. agency bonds
with $691.4 billion, or 50 percent of foreign holdings;
the next largest were the Caribbean, with $256.2 billion, and Japan, with $120.6 billion (table K).
Foreign holdings of U.S. stocks decreased $83.6 billion, to $1,464.0 billion. Net foreign purchases of
$119.5 billion—down sharply from $192.4 billion in
2000—were more than offset by stock-price depreciation of $203.1 billion. Slowing U.S. economic growth
and sharp declines in corporate earnings led to the first
back-to-back annual losses in the U.S. stock market
since 1974. The S&P 500 stock index dropped 13 percent in 2001 after a 10-percent drop in 2000. As of December 2001, foreign holdings of U.S. stocks were
largest in Western Europe, which held $969.5 billion,
or 66 percent of foreign holdings (table L). The United
Table K. Foreign Private Holdings of U.S. Corporate and
Agency Bonds by Major Area and Country at Yearend
[Billions of dollars]
1999
825.2
568.4
401.7

Total holdings
Western Europe
Of which: United Kingdom,
France
Germany
Italy
Netherlands
Canada
Japan
Latin America
Other Western Hemisphere...
Other countries

9.9
39.2

2000

2001

1,076.0
712.5
517.1
11.2
42.7

1,392.6
912.0
691.4
15.8
51.8
2.2
19.7
25.1

2.7

4.0

19.6
14.4
66.0
10.1
130.9
35.4

20.5
24.0
99.7
18.7
172.7
48.4

120.6
24.7
231.5
78.7

Table L. Foreign Private Holdings of U.S. Corporate Stocks
by Major Area and Country at Yearend
[Billions of dollars]

Other U.S. securities
Foreign holdings of U.S. securities other than U.S.
Treasury securities increased $233.0 billion, to $2,856.7
billion, in 2001. Net foreign purchases of $407.7 billion
were partly offset by negative valuation adjustments of
$174.6 billion. Net foreign purchases of U.S. bonds
rose to a record, while net foreign purchases of U.S.




Total holdings
Western Europe
Of which' United Kingdom.
France
Germany
Italy
Netherlands
Canada
Japan
Latin America
Other Western Hemisphere
Other countries

1999

2000

1,526.1
948 7
356.8
46.3
91.1
28.3
103.3
164.5
143 3
29.0
159.0
81.6

1,547.6
10162
381.0
46.9
111.0
39.8
97.4
156.6
134 4
28.7
125.1
86.6

2001
1,464.0
969 5
368.9
46.0
104.9
36.6
95.6
147.9
123 4
32.3
102.4
88.5

16

The International Investment Position

Kingdom, Canada, and Japan remained the three largest foreign holders of U.S. stocks.

July 2002

Table M. Foreign Direct Investment in the United States at
Yearend
[Billions of dollars]

U.S. currency
U.S. currency held by foreigners increased $23.8 billion, to $275.6 billion, in 2001. Currency shipments
were mostly to Argentina in response to economic crisis and fears of devaluation.
Foreign direct investment in the United States
Foreign direct investment in the United States at current cost increased $124.2 billion, to $1,498.9 billion,
in 2001; at market value, it decreased $239.3 billion, to
$2,526.7 billion (table M). At current cost, net financial inflows more than accounted for the increase in
the position. At market value, net financial inflows
were more than offset by substantial price depreciation
in owners' equity that resulted from the decline in U.S.
stock market prices. Net financial inflows decreased
sharply to $130.8 billion, the lowest level since 1997, as
slow economic growth abroad and price depreciation
in stock markets worldwide deterred investment and
contributed to a substantial reduction in foreign acquisitions of U.S. companies. Net equity capital inflows
slowed to $107.7 billion; net intercompany debt inflows slowed to $42.8 billion; and reinvested earnings
shifted to a negative $19.7 billion (table N).




Foreign direct investment in the United States:
At current cost
At market value

1999

2000

2001

1,100.8
2,798.2

1,374.8
2,766.0

1,498.9
2,526.7

Table N. Foreign Direct Investment in the United States,
2001
[Billions of dollars]
At market value
Total position
Total change
Financial inflows
Equity capital
Intercompany debt
Reinvested earnings
Price changes
Exchange rate changes
Other valuation changes....

2,526.7
-239.3

130.8
107.7
42.8
-19.7
-344.4
-257

Foreign official assets
Foreign official assets increased $12.8 billion, to
$1,021.7 billion, in 2001. Net foreign purchases of U.S.
securities were nearly offset by large net foreign withdrawals at U.S. banks. Price appreciation of bond holdings was nearly offset by price depreciation of stock
holdings.
Tables 1 and 2 follow.

July 2002

17

SURVEY OF CURRENT BUSINESS

Table 1. International Investment Position of the United States at Yearend, 2000 and 2001
[Millions of dollars]
Changes in position in 2001 (decrease (-))
Attributable to:
Valuation adjustments

Line

Type of investment

Position,
2000'

Financial
flows

(a)

Position,
2001"

Total

Price
changes

Exchange
rate
changes1

Other
changes 2

(b)

(c)

(d)

(a+b+c+d)

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)..

-1,350,791
-1,583,153

-381,845
-381,845

-116,510
-215,482

-103,402
-145,572

4,414
16,935

-597,343
-725,964

-1,948,134
-2,309,117

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)....

6,191,934
7,350,862

370,962
370,962

-258,272
-715,843

-124,662
-163,854

16,177
20,816

4,205
-487,919

6,196,139
6,862,943

128,400
71,799
10,539
14,824
31,238

4,911

536
536

-3,879

-7
-7

1,561

529
244
3,045
-2,257

129,961
72,328
10,783
17,869
28,981

85,164
82,570
82,289
281
2,594

486
558
561
-3
-72

486
558
561
-3
-72

85,650
83,128
82,850
278
2,522

5,978,370
7,137,298

365,565
365,565

-258,808
-716,379

-120,783
-159,975

16,184
20,823

2,158
-489,966

5,980,528
6,647,332

1,515,279
2,674,207
2,389,427
557,019
1,832,408
821,564
1,252,100

127,840
127,840

19,533
-438,038
-278,341
18,214
-296,555

-17,713

-21,817
-17,178

94,662
-12,147
106,809
14,358
128,705

1,623,122
2,289,926
2,110,520
545,782
1,564,738
830,111
1,416,775

7,542,725
8,934,015

752,807
752,807

-141,762
-500,361

Foreign official assets in the United States
U.S. Government securities
U.S. Treasury securities
Other
Other U.S. Government liabilities 7
U.S. liabilities reported by U.S. banks, not included elsewhere..
Other foreign official assets

1,008,890
749,904
625,161
124,743
13,739
153,403
91,844

5,225
31,666
10,745
20,921
-1,882
-30,278

1,623
11,274
8,796
2,478

5,719

-9,651

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).,

6,533,835
7,925,125

747,582
747,582

-143,385
-501,984

1,374,752
2,766,042

130,796
130,796
-7,670
407,653
288,200
119,453
23,783
82,353
110,667

14,214
-344,385
4,719
-162,318
40,741
-203,059

U.S. official reserve assets
Gold
Special drawing rights
Reserve position in the International Monetary Fund..
Foreign currencies
U.S. Government assets, other than official reserve assets
U.S. credits and other long-term assets 5
Repayable in dollars
Other 6
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
BondsCorporate 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)

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.
' Revised.
1. Represents gains or losses on foreign-currency-denominated assets due to their revaluation at current
exchange rates.
2. includes changes in coverage, statistical discrepancies, and other adjustments to the value of assets.
3. Reflects changes in the value of the official gold stock due to fluctuations in the market price of gold.
4. Reflects changes in gold stock from U.S. Treasury sales of gold medallions and commemorative and bullion
coins; also reflects replenishment through open market purchases. These demonetizations/monetizations are not




400,966
2,623,628
1,075,988
1,547,640
251,786
729,340
1,153,363

3

630
3,600
681

4

-386
-555
-2,938

-2,031

38,001

107,843
-384,281
-278,907
-11,237
-267,670
8,547
164,675

-21,260
-18,282

11,763
3,881

601,548
238,045

8,144,273
9,172,060

6,000
6,000
6,001
-1

12,848
48,940
25,542
23,398
-1,882
-30,278
-3,932

1,021,738
798,844
650,703
148,141
11,857
123,125
87,912

-21,260
-18,282

5,763
-2,119

588,700
225,197

7,122,535
8,150,322

-2,978

-17,860
-25,742
-9,241

124,172
-239,331
-12,192
233,026
316,632
-83,606
23,783
75,077
144,834

1,498,924
2,526,711
388,774
2,856,654
1,392,620
1,464,034

-56,905
-95,228
-17,304

-77,924
-5,811

-12,309
-12,309

-2,140
-3,833

-5,136
38,000

275,569
804,417
1,298,197

included in international transactions financial flows.
5. Also includes paid-in capital subscriptions to international institutions and resources provided to foreigners
under foreign assistance programs requiring repayment over several years. 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.

18

July

T h e International Investment Position

Table 2. International Investment Position
[Millions
1976

1977

1978

1979

1980

1981

1982

1983

1984

1985

164,832

171,440

206,423

316,926

360,838

339,767

328,954
235,947

298,304
257,393

160,695
134,088

54,343
96,886

456,964

512,278

621,227

786,701

929,806

1,001,667

44,094
36,944
2,395
4,434
321

53,376
45,781
2,629
4,946
20

69,450
62,471
1,558
1,047
4,374

143,260
135,476
2,724
1,253
3,807

171,412
155,816
2,610
2,852
10,134

124,568
105,644
4,096
5,054
9,774

143,445
120,635
5,250
7,348
10,212

123,110
100,484
5,025
11,312
6,289

105,040
81,202
5,641
11,541
6,656

117,930
85,834
7,293
11,947
12,856

44,978
44,124
41,309
2,815
854

48,567
47,749
45.154
2,595
818

53,187
52,252
49,817
2,435
935

58,851
57,909
54,616
3,293
942

65,573
63,731
60,731
3,000
1,842

70,893
69,320
66,591
2,729
1,573

76,903
75,105
72,635
2,470
1,798

81,664
79,852
77,618
2,234
1,812

86,945
84,857
82,819
2,038
2,088

89,792
87,854
85,978
1,876
1,938

367,892

410.335

498,590

584,590

692,821

806,206

888,088
740,667

1,006,200
924,899

1,012.915
935,147

1,079,674
1,094,990

222,283

246,078

285,005

336,301

388,072

407,804

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

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

44,157
34,704
9,453
20,317
81,135

371,036
386,352
119,403
75,020
44,383
141,872
447,363

292,132

340,838

414,804

469,775

568,968

661,900

779,482
725,068

912,670 1,044,205 1,233,053
993,044 1,205,826
872,280

Foreign official assets in the United States
U.S. Government securities
U.S. Treasury securities 8
Other 8
Other U.S. Government liabilities 9
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
24,989
17,894

194,468
136,987
129,716
7,271
14,231
25,534
17,716

199,678
144,665
138,168
6,497
14,959
26,090
13,964

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

392,906

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
16,569
16,019
77,719

14,210
58,587
10,269
48,318
19,552
18,669
110,326

16,113
74,114
9,545
64,569
24,079
30,426
121,069

18,505
75,085
10,694
64,391
27,295
30,606
165,361

184,842
130,428
25,758
92,988
16,709
76,279
31,265
27,532
227,988

193,708
153,318
33,846
113,811
17,454
96,357
36,776
61,731
278,330

223,538
172,377
62,121
128,477
32,421
96,056
40,797
77,415
312,179

247,223
219,996
87,954
207,868
82,290
125,578
46,036

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)
U.S. official reserve assets
Gold 1
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
U.S. Government assets, other than official reserve assets..
U.S. credits and other long-term assets 2
Repayable in dollars
Other 3
U.S. foreign currency holdings and U.S. short-term assets

,

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 securities 5
Bonds 5
Corporate stocks 5
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns 6
U.S. claims reported by U.S. banks, not included elsewhere 7
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 cost10
At market value10
U.S. Treasury securities8
U.S. securities other than U.S. Treasury securities8
Corporate and other bonds8
Corporate stocks8
U.S. currency
U.S. liabiljties to unaffiliated foreigners reported by U.S nonbanking concerns11
U.S. liabilities reported by U.S. banks, not included elsewhere

' Preliminary.
' Revised.
1. U.S. official gold stock is valued at market price.
2. Also includes paid-in capital subscriptions to international institutions and resources provided to foreigners under
foreign assistance programs requiring repayment over several years. Excludes World War I debts that are not being
serviced.
3. Includes indebtedness that the borrower may contractually, or at its option, repay with its currency, with a third




1,108,436 1,210,974 1,204,900 1,287,396
961,015 1,129,673 1,127,132 1,302,712

62,810
25,994
130,138
445,631

354,497

country's currency, or by delivery of materials or transfer of services.
4. A break in series in 1994 reflects the reclassification of intercompany debt positions between parent companies and
affiliates that are not depository institutions and that are primarily engaged in financial intermediation from the direct investmerit accounts to the nonbank investment accounts. Estimates for 1976 forward are linked to the 1977,1982,1989, and
1994 benchmark surveys of U.S. direct investment abroad.
5. Estimates include results of the 1994 and 1997 Benchmark Surveys of U.S. Ownership of Foreign Long-term Securities
conducted by the U.S. Department of the Treasury.

July 2002

19

SURVEY OF CURRENT BUSINESS

of the United States at Yearend, 1976-2001
of dollars]
1994'

1995'

1996'

-306,956
-144,268

-311,882
-123,736

-495,966
-343,340

-521,545
-386,514

2,331,696
2,466,496

2,753,648
3,091,421

2,998,633
3,326,650

3,451,983
3,930,269

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

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

1,815,511
2,094,878

1,919,970
2,035,077

2,045,811
2,229,984

2,101,239
2,236,039

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

1,726,534
1,708,182

2,008,135
1,997,899

2,330,374
2,397,222

2,424,325
2,458,580

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

1,264,379
1,252,644

1,443,476
1,425,124

1,686,099
1,675,863

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

1988

1989

1990

1991

1992

-80,007
50,529

-178,470
10,466

-259,506
-46,987

-245,347
-164,495

-309,259
-260,819

-431,198
-452,305

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

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

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

1,237,671
1,362,927

1,393,476
1,505,660

1,597,594
1,776,294

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

1,505,605
1,493,870

1986

1987

-36,209
100,782

2001"

Line

1999'

-833,158
-835,208

-918,319
-1,094,156

-784,094
-1,053,554

4,012,746
4,631,276

4,567,906
5,379,128

5,091,058
6,174,452

5,959,014
7,386,970

6,191,934
7,350,862

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

129,961
72,328
10,783
17,869
28,981

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

84,224
81,654
81,364
290
2,570

85,164
82,570
82,289
281
2,594

85,650
83,128
82,850
278
2,522

2,505,321
2,843,094

2,751,331
3,079,348

3,190,858
3,669,144

3,765,884
4,384,414

4,346,872
5,158,094

4,858,284
5,941,678

5,738,372
7,166,328

5,978,370
7,137,298

5,980,528 15
6,647,332 16

663,830
798,630
515,083
200,817
314,266
254,303
668,023

723,526
1,061,299
853,528
309,666
543,862
242,022
686,245

786,565
1,114,582
948,668
321,208
627,460
322,980
693,118

885,506
1,363,792
1,169,636
392,827
776,809
367,567
768,149

989,810
1,608,340
1,467,985
465,057
1,002,928
450,578
857,511

1,068,063
1,879,285
1,751,183
543,396
1,207,787
545,524
982,102

1,196,207
2,279,601
2,052,929
576,745
1,476,184
588,322
1,020,826

1,377,263
2,805,219
2,583,326
556,688
2,026,638
677,498
1,100,285

1,515,279
2,674,207
2,389,427
557,019
1,832,408
821,564
1,252,100

1,623,122
2,289,926
2,110,520
545,782
1,564,738
830,111
1,416,775

2,595,715
2,731,448

2,762,894
2,918,801

3,060,604
3,235,689

3,310,515
3,450,386

3,947,949
4,273,609

4,534,291
5,017,790

5,401,064
6,214,336

6,009,377
7,268,608

6,743,108
8,440,524

7,542,725
8,934,015

8,144,273 24
9,172,060 25

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

535,227
407,152
396,887
10,265
23,678
73,386
31,011

682,873
507,460
489,952
17,508
23,573
107,394
44,446

820,823
631,088
606,427
24,661
22,592
113,098
54,045

873,716
648,188
615,076
33,112
21,712
135,384
68,432

896,174
669,768
622,921
46,847
18,386
125,883
82,137

945,594
693,781
617,680
76,101
15,647
138,847
97,319

1,008,890
749,904
625,161
124,743
13,739
153,403
91,844

1,021,738
798,844
650,703
148,141
11,857
123,125
87,912

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

3,265,076
3,590,736

3,713,468
4,196,967

4,527,348
5,340,620

5,113,203
6,372,434

5,797,514
7,494,930

6,533,835
7,925,125

7,122,535 33
8,150,322 34

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
330,210
969,849
459,080
510,769
169,484
300,424
815,043

745,619
1,229,118
440,832
1,165,113
539,308
625,805
186,846
346,810
828,248

824,136
1,637,408
550,613
1,512,725
618,837
893,888
211,628
459,407
968,839

919,804
2,179,035
562,036
1,903,443
724,619
1,178,824
228,250
485,675
1,013,995

1,100,777
2,798,193
462,761
2,351,291
825,175
1,526,116
250,657
564,873
1,067,155

1,374,752
2,766,042
400,966
2,623,628
1,075,988
1,547,640
251,786
729,340
1,153,363

1,498,924
2,526,711
388,774
2,856,654
1,392,620
1,464,034
275,569
804,417
1,298,197

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 1978,1984,1989,1994, and 2000 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




2000'

1998'

1993'

1997'

-1,350,791 -1,948,134 1
-1,583,153 -2,309,117 2
6,196,139 3
6,862,943 4
5
6
7
8
9
10
11
12
13
14

17
18
19
20
21
22
23

26
27
28
29
30
31
32

35
36
37
38
39
40
41
42
43

through foreign official agencies.
10. Estimates for 1976 forward are linked to the 1980,1987,1992, and 1997 benchmark surveys of foreign direct investment in the United States.
11. A break in series in 1983 reflects the introduction of data from the United Kingdom. A break in series in 1994 reflects
the reclassification of intercompany debt positions between parent companies and affiliates that are not depository institutions 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.

July 2002

21

Direct Investment Positions for 2001: Country and
Industry Detail
By Maria Borga and Daniel R. Yorgason

I

N 2001, the historical-cost positions of U.S. direct
investment abroad (USDIA) and of foreign direct
investment in the United States (FDIUS) grew more
slowly than in 2000. The USDIA position grew 7 percent in 2001, down from 10 percent in 2000. The
FDIUS position grew 9 percent in 2001, down significantly from the exceptionally strong growth of 27 percent in 2000 and of 23 percent in 1999 (table 1 and
chart 1). The slowdowns of the two positions in 2001
followed a period of more rapid growth in direct investment that began in the mid-1990s and extended
through 2000.
The slower rates of growth in the direct investment
positions in 2001 partly reflected slowdowns in economic growth in the United States and in a number of
European and Asian countries that have historically
been important destinations for U.S. direct investment
abroad, or important sources for foreign direct investment in the United States, or both. The economic
slowdowns affected growth in the positions in two
ways. First, they contributed to a drop in merger and

acquisition activity in 2001, which included a slowdown in cross-border activity.1 The drop in merger and
acquisition activity also reflected uncertainty around
the world about the vitality of future economic
growth, which made it difficult for prospective buyers
1. According to information from Thomson Financial Securities Data, the
worldwide dollar volume of announced merger and acquisition activity
decreased nearly 50 percent in 2001.

Direct Investment Positions on a
Historical-Cost Basis, 1982-2001
Billion$
1600

1400
U.S. direct investment position abroad -

1200
1000
800
600
400

Table 1. U.S. Direct Investment Position Abroad
and Foreign Direct Investment Position in the United States
on a Historical-Cost Basis, 1982-2001

I

I

I

I

I

Percent
30

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
1,000.7
1,173.1
1,293.4
1,381.7

FDIUS
124.7
137.1
164.6
184.6
220 4
263 4
314.8
368.9
394.9
419.1
4231
467.4
480.7
535.6
598.0
681 8
778 4
955.7
1,214.3
1.321.1

USDIA

FDIUS

l Percent change in FOIUS position

25
2.1
2.8
9.3
13.5
20.6

6.4
10.0
12.8

9.9
20.1
12.2
19.4
19.5
19.5
17.2

8.7
73

7.0
6.1
1.0

12.4

10.5

(')

(')

14.1

17.2
10.3

11.4
11.7
14.0
14.2
22.8
27.1

6.8

8.8

138
96
148

" Preliminary.
'Revised.
1. The USDIA and FOIUS positions retlecl a discontinuity between 1993 and 1994 due to the reclassilication
from direct investment to other investment accounts ol intercompany debt between patent companies and affiliates that are nondepository financial intermediaries
FDIUS Foreign direct investment in the United States
USDIA U.S. direct investment abroad




I

• Percent change in USDIA position
USDIA

1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999'
2000'
2001'

in the United States

0

Percent change
f r o m preceding year

Billions of dollars
Yearend

• Foreign direct investment position

200

20

15

10

illllM I

LHM LJ L I I

1982 84 86 88 90

92

96 98 2000

Note.-There is a discontinuity between 1993 and 1994. See footnote 1 in table 1.
USDIA U.S. direct investment abroad
FDIUS Foreign direct inveslment in the United States
U.S. Bureau ol Economic Analysis

22

Direct Investment Positions

July 2002

Key Terms
The key terms used in this article are described in this box. For a
more detailed discussion of these terms and the methodologies
used to prepare the estimates, see Foreign Direct Investment in the
United States: Final Results from the 1997 Benchmark Survey
(Washington, DC: U.S. Government Printing Office, June 2001)
and U.S. Direct Investment Abroad: 1994 Benchmark Survey, Final
Results (Washington, DC: U.S. Government Printing Office, May
1998) (publication of the final results of the 1999 benchmark
survey of U.S. direct investment abroad, including an updated
methodology, is scheduled for next year). The methodologies are
also available at BEA's Web site at <www.bea.gov>.
Direct investment. Investment in which a resident of one country obtains a lasting interest in, and a degree of influence over the
management of, a business enterprise in another country. In the
United States, the criterion used to distinguish direct investment
from other types of investment is ownership of at least 10 percent
of the voting securities of an incorporated business enterprise or
the equivalent interest in an unincorporated business enterprise.
U.S. direct investment abroad (USDIA). The ownership or
control, directly or indirectly, by one U.S. resident of 10 percent
or more of the voting securities of an incorporated foreign business enterprise or the equivalent interest in an unincorporated
foreign business enterprise.
Foreign direct investment in the United States (FDIUS). The
ownership or control, directly or indirectly, by one foreign resident of 10 percent or more of the voting securities of an incorporated U.S. business enterprise or the equivalent interest in an
unincorporated U.S. business enterprise.
Foreign affiliate. A foreign business enterprise in which a single
U.S. investor (that is, a U.S. parent) owns at least 10 percent of
the voting securities, or the equivalent.
U.S. affiliate. A U.S. business enterprise in which a single foreign investor (that is, a foreign parent) owns at least 10 percent of
the voting securities, or the equivalent.
Ultimate beneficial owner (UBO). That person (in the broad
legal sense, including a company), proceeding up the affiliate's
ownership chain beginning with the foreign parent, that is not
owned more than 50 percent by another person. The UBO ultimately owns or controls the affiliate and derives the benefits
associated with ownership or control. Unlike the foreign parent,
the UBO of a U.S. affiliate may be located in the United States.
Foreign parent group. Consists of (1) the foreign parent, (2)
any foreign person, proceeding up the foreign parent's ownership
chain, that owns more than 50 percent of the person below it, up
to and including the UBO, and (3) any foreign person, proceeding down the ownership chain(s) of each of these members, that
is owned more than 50 percent by the person above it.
Direct investment capital flows. Funds that parent companies
provide to their affiliates net of funds that affiliates provide to
their parents. For USDIA, capital flows also include the funds
that U.S. direct investors pay to unaffiliated foreign parties
when affiliates are acquired and the funds that U.S. investors
receive from them when affiliates are sold. Similarly, FDIUS capital flows include the funds that foreign direct investors pay to
unaffiliated U.S.residents when affiliates are acquired and the
funds that foreign investors receive from them when affiliates are
sold. FDIUS capital flows also include debt and equity transactions between U.S. affiliates and members of their foreign
parent groups other than their foreign parents, described as
follows.




Direct investment capital flows consist of equity capital,
intercompany debt, and reinvested earnings. Equity capital flows
are the net of equity capital increases and decreases. Equity capital increases consist of payments by parents to third parties for
the purchase of capital stock when they acquire an existing business, payments made to acquire additional ownership interests in
their affiliates, and capital contributions to their affiliates. Equity
capital decreases are the funds parents receive when they reduce
their equity interest in their affiliates. Intercompany debt flows
result from changes in net outstanding loans and trade accounts
between parents (and for FDIUS, other members of the foreign
parent groups) and their affiliates, including loans by parents to
affiliates and loans by affiliates to parents. Reinvested earnings
are the parents' claim on the current-period undistributed aftertax earnings of the affiliates.
Direct investment position. The value of direct investors'
equity in, and net outstanding loans to, their affiliates. The position may be viewed as the direct investors' contributions to the
total assets of their affiliates or as the financing provided in the
form of equity (including reinvested earnings) or debt. Financing
obtained from other sources, such as local or third-party borrowing, is excluded.
BEA prepares estimates of the positions for USDIA and for
FDIUS that are valued on three bases—historical cost, current
cost, and market value. See the box "Alternative Measures of the
Direct Investment Positions."
Valuation adjustments to the historical-cost position. Adjustments that are made to account for the differences between
changes in the historical-cost position, which are measured at
book value, and direct investment capital flows, which are measured at transaction value. (Unlike the positions on a currentcost and market-value basis, the historical-cost position is not
adjusted to account for changes in the replacement cost of the
tangible assets of affiliates or in the market value of parent companies' equity in affiliates.)
Valuation adjustments to the historical-cost position consist of
currency translation and "other" adjustments. Currency-translation adjustments are made to account for changes in the
exchange rates that are used to translate affiliates' foreign-currency-denominated assets and liabilities into U.S. dollars. The
precise effects of currency fluctuations on these adjustments
depend on the value and currency composition of affiliates'
assets and liabilities. Depreciation of foreign currencies against
the dollar usually results in negative translation adjustments
because it tends to lower the dollar value of foreign-currency-denominated net assets. Similarly, appreciation of foreign
currencies usually results in positive adjustments because it tends
to raise the dollar value of foreign-currency-denominated net
assets.
"Other" adjustments are made to account for differences
between the proceeds from the sale or liquidation of affiliates and
their book values, for differences between the purchase prices of
affiliates and their book values, for writeoffs resulting from
uncompensated expropriations of affiliates, for changes in industry of affiliate or country of foreign parent, and for capital gains
and losses (other than currency-translation adjustments). These
capital gains and losses represent the revaluation of the assets of
ongoing affiliates for reasons other than exchange-rate changes,
such as the sale of assets (other than inventory) for an amount
different from their book value.

July 2002

SURVEY OF CURRENT BUSINESS

and sellers to project earnings and to agree on valuations for companies. Second, slower economic growth
depressed the earnings, and thus the reinvested earnings, of both U.S. and foreign affiliates. For U.S. affiliates of foreign companies, reinvested earnings were
negative in 2001 and partly offset the growth in the
position that resulted from inflows of equity capital
and intercompany loans from foreign parents.
Alternative Measures of the Direct
Investment Positions
This article presents country and industry detail on
the positions of foreign direct investment in the
United States and of U.S. direct investment abroad.
These detailed estimates are prepared only on a historical-cost basis and, thus, largely reflect price levels
of earlier periods. Current-cost and market-value
estimates of the positions are also prepared, but only
at an aggregate level. The current-cost estimates
value the U.S. and foreign parents' shares 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
estimates value the equity portion of direct investment, using indexes of stock market prices. Because
the historical-cost estimates are not ordinarily
adjusted to reflect changes in the current costs of
tangible assets or in the market values of the firms,
the estimates on this valuation basis are less than
BEA's current-cost and market-value estimates of the
positions. The revised estimates of the position for
2000 and the preliminary estimates for 2001 are
shown on all three valuation bases below. The current-cost and market-value estimates of the position
are discussed in "The International Investment Position of the United States at Yearend 2001" in this
issue.
Alternative Direct Investment Position Estimates,
2000 and 2001
[Millions of dollars]

Valuation method

Changes in 2001
(decrease (-))

Position
at
yearend
2001'

Position
at
yearend
2000'

Total

Capital
flows

Valuation
adjustments

1,293,431
1,515,279
2,674.207

88,243
107,843
-384,281

113,977
127,840
127,840

-25,734
-19,997
-512,121

1.381,674
1,623,122
2,289,926

1.214,254
1,374,752
2,766,042

106,808
124,172
-239,331

124,435
130,796
130,796

-17,627
-6,624
-370,127

1,321,063
1,498,924
2,526 711

U.S. direct Investment
abroad:
Historical cost
Current cost
Market value
Foreign direct investment
In the United States:
Historical cost
Current cost
Market value
° Preliminary.
'Revised,




23

In 1998-2000, much of the merger and acquisition
activity was concentrated in petroleum, in telecommunications and related industries, and in financial services (including asset management, insurance, and
banking). In 2001, however, the merger and acquisition activity in these industries declined. In telecommunications, rapid technological change and
deregulation had spurred both merger and acquisition
activity and investment spending in 1998-2000. The
increased investment spending on telecommunications infrastructure and networks led to growth and
acquisition activity in related industries, such as the
manufacturing of telecommunications equipment and
the development of software to manage networks. In
2001, business conditions for telecommunications
companies and manufacturers of telecommunications
equipment deteriorated, as the previous spending on
networks and other infrastructure resulted in excess
capacity and large debt obligations, so acquisitions in
these industries slowed substantially.
Reflecting the effect of the drop in merger and
acquisition activity on the FDIUS position, equity capital inflows, which are mainly used to acquire U.S.
firms, were substantially lower than in 2000, but they
were still higher than in any year prior to 1998.2 Weak
economic conditions in many of the countries that are
historically major sources of FDIUS—including
France, Germany, the Netherlands, Canada, and
Japan—contributed to the slowdown in the expansion
of foreign multinational companies (MNC's) into the
United States. In addition, the weakness of the U.S.
economy, which followed 10 years of economic expansion, reduced the attractiveness of U.S. firms as acquisition targets. The acquisitions that did occur in 2001
tended to be smaller than in the previous 3 years, when
equity capital inflows were boosted by a few especially
large acquisitions. In particular, the absence of these
2. According to preliminary data from BEA's survey of new foreign direct
investment, total outlays to acquire or establish U.S. businesses, including
those financed by capital inflows from foreign parents, decreased 60 percent
to $132.9 billion in 2001 from $335.6 billion in 2000. See Thomas W.
Anderson, "Foreign Direct Investment in the United States: New Investment in 2001," SURVEY OF CURRENT BUSINESS 82 (June 2002): 28-35. These data
cover only transactions involving U.S. businesses newly acquired or established by foreign direct investors, and they 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 their foreign parent groups and valuation adjustments, and
they 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 $70.7 billion, or 53 percent, of outlays to
acquire or establish new U.S. affiliates in 2001, compared with $214.3 billion, or 64 percent, in 2000.

Direct Investment Positions

24

July 2002

large acquisitions resulted in a significant slowing in
the growth of the position of parents in the United
Kingdom.
Despite being substantially lower than in 2000,
equity capital inflows still accounted for most of the
growth in the FDIUS position in 2001. In contrast,
reinvested earnings of foreign affiliates continued to
account for most of the growth in the USDIA position.
The greater importance of reinvested earnings in the
growth of the USDIA position reflects the higher earnings of foreign affiliates of U.S. companies relative to
those of U.S. affiliates of foreign companies; this difference may be partly due to the greater average maturity
of foreign affiliates relative to that of U.S. affiliates.3
The remainder of this article is presented in two sections. The first section discusses changes in the USDIA
position by type of capital flow and by host country.
The second section discusses the changes in the FDIUS
position by type of capital flow and by country of the
foreign parent.

Capital outflows were $114.0 billion in 2001, 31 percent smaller than in 2000 and the smallest since 1997.
Reinvested earnings accounted for the largest portion
of capital outflows, 58 percent, and equity capital accounted for 44 percent. Flows of intercompany debt
shifted from outflows to small inflows.
Reinvested earnings, at $65.8 billion, were down 25
percent from 2000, reflecting both substantially lower
earnings of affiliates and a decrease in the share of
earnings that was reinvested. Earnings fell 18 percent
to $107.4 billion. The share of total earnings reinvested
by foreign affiliates fell to 61 percent from 67 percent.
The industries with the largest declines in shares—petroleum and manufacturing—were those with the
largest proportional decreases in earnings. The decline
in the reinvestment ratio in 2001 may be partly attributable to parents lowering the scale of funding for current and projected future operations of their affiliates
as a result of sluggish economic growth in many host
countries.
Equity capital outflows fell 25 percent in 2001, to
U.S. Direct Investment Abroad
$49.8 billion. Equity capital increases were $70.8 bilThe USDIA position valued at historical cost—the lion, and equity capital decreases were $20.9 billion.
book value of U.S. direct investors' equity in, and net About 60 percent of the increases were for the direct
outstanding loans to, their foreign affiliates—was acquisition or establishment of new affiliates. The re$1,381.7 billion at the end of 2001 (table 1 and chart maining 40 percent were capital contributions to exist1). In 2001, as in 2000, the largest positions were those ing affiliates. Equity capital increases were largest in
in the United Kingdom ($249.2 billion, or 18 percent Europe and in Latin America and Other Western
of the total position), in Canada ($139.0 billion, or 10 Hemisphere. In Europe, the increases were highest in
percent), and in the Netherlands ($131.9 billion, or 10 chemicals and allied products and in finance, insurpercent) (table 2.2 and chart 2).
ance, and real estate (FIRE). In Latin America and
The USDIA position increased $88.2 billion in 2001,
the smallest increase since 1997. The following table
CHART 2
shows the changes in the position in 2000 and 2001 by
the type of capital flow and by valuation adjustment.

U.S. Direct investment Position Abroad,
2001: Host-Country Shares

[Billions of dollars]
2000
Total

2001

120.3

88.2

Capital outflows
Equity capital

165.0
66.1

114.0

Increases
Decreases

91.0
25.0

Intercompany debt

11.0

Reinvested earnings

87.9

Valuation adjustments
Currency translation
Other

-44.7
-17.8
-26.9

49.8
70.8
20.9
-1.7
65.8
-25.7
-12.1
-13.7

Other (30.1%)
Australia (2.5%)
Ireland (2.5%)
Brazil (2.6%);
France (2.8%),
Mexico (3.8%)
Sermany (4.4%)'
United Kingdom
(18.0%)

Bermuda (4.5%)'
Switzerland (4.6%)"
Japan (4.6%)

Canada (10.1%)
Netherlands (9.5%)

3. For a discussion of the profitability of U.S. affiliates, see Raymond J.
Mataloni, Jr., "An Examination of the Low Rates of Return of ForeignOwned U.S. Companies," SUKVEY 80 (March 2000): 55-73.




U.S. Bureau ol Economic Analysis

July 2002

Other Western Hemisphere, the increases were partly
due to acquisitions of depository institutions. Equity
capital decreases result from the liquidation or sale of
affiliates or from the return of equity capital. In 2001,
each of these accounted for roughly half of the total.
Equity capital decreases from the United Kingdom
were particularly large.
Intercompany debt shifted to small net inflows in
2001 after net outflows of $11.0 billion in 2000. This
shift was largely accounted for by changes in the net
lending of parents of European affiliates in chemicals.
In addition, the net lending from affiliates in FIRE in
several Caribbean countries to their U.S. parents increased.
The capital outflows were partly offset by $25.7 billion in negative valuation adjustments to the position;
the adjustments were split rather evenly between currency-translation adjustments and other adjustments
(see the box "Key Terms"). The negative currencytranslation adjustments reflect the appreciation of the
U.S. dollar in 2001, particularly against the Canadian
dollar, the Japanese yen, the British pound, and the
Brazilian real.
Changes by area and by country
In 2001, the USDIA position grew 8 percent in Canada, 7 percent each in Europe and in Latin America
and Other Western Hemisphere, and 5 percent in Asia
and Pacific. Growth in the USDIA positions in both
Africa and the Middle East exceeded 10 percent, but

Acknowledgments
The data for U.S. direct investment 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 and Mark A. Ledbetter.
The data for foreign direct investment in the United
States were drawn from BEA's quarterly survey of
transactions between U.S. affiliates of foreign companies and their foreign parents. The survey was conducted under the supervision of Gregory G. Fouch,
assisted by Peter J. Fox, Michelle L. Granson, Barbara
C. Huang, Y. Louise Ku-Graf, Tracy K. Leigh, and Beverly E. Palmer. Computer programming for data estimation and tabulation was provided by Karen E.
Poffel, assisted by Paula D. Brown and Tracy K. Leigh.




25

SURVEY OF CURRENT BUSINESS

the levels of these positions remained very small. Position changes that exceeded $3 billion in absolute value
by area and by country are shown in the following table.
[Billions of dollars]
All countries
88.2
Canada
10.2
Europe
46.3
Ofwhich:
Netherlands
14.3
Germany
10.5
United Kingdom
7.5
Switzerland
7.0
Luxembourg
4.5
Sweden
-4.7
Latin America and Other Western Hemisphere 17.7
Ofwhich:
Mexico
14.8
Bermuda
5.3
Panama
-4.0
Asia and Pacific
11.2
Ofwhich:
Japan
4.7

Within Europe, position increases were largest in
the Netherlands and Germany. (In Germany, the position grew more than 20 percent.) The next largest increases were in the United Kingdom, Switzerland, and
Luxembourg. In contrast, the position in Sweden
dropped more than 20 percent.
In the Netherlands, the increase in the position was
primarily accounted for by reinvested earnings of affiliates in FIRE, particularly affiliates that are holding
companies, and of affiliates in chemicals. The holding
companies derive virtually all of their earnings from
operating affiliates, many ofwhich are located in other
foreign countries and many ofwhich operate in multiple industries.4 The increase in Germany was partly
due to equity capital increases resulting from acquisitions in chemicals and to intercompany debt outflows
in industrial machinery and equipment manufacturing. In the United Kingdom, equity capital increases,
increases in intercompany debt, and reinvested earnings were only partly offset by negative valuation
adjustments of nearly $6 billion. The increases in Switzerland and Luxembourg resulted mainly from the
reinvested earnings of affiliates in FIRE (particularly
holding companies). The decrease in Sweden was
largely accounted for by intercompany debt inflows.

4. For the past two decades, U.S. parent companies have been funneling
an increasing share of their direct investments abroad through holding
companies. For more information, see the "Technical Note" in Maria Borga
and Raymond J. Mataloni, Jr., "Direct Investment Positions for 2000:
Country and Industry Detail," SURVEY 81 (July 2001): 23-25.

July 2002

Direct Investment Positions

26

The increases in the position in Latin America and
other Western Hemisphere were largest in Mexico and
in Bermuda. The increase of $14.8 billion, or 40 percent, in the position in Mexico was larger than that in
any other country. Equity capital increases related to
the acquisitions of depository institutions contributed
to the increase. The increase in Bermuda was primarily
associated with affiliates in FIRE and primarily reflected reinvested earnings and, to a lesser extent, increases in equity capital. In contrast, the position in
Panama fell 14 percent, largely because of valuation
adjustments in FIRE.
Within Asia and Pacific, Japan had the largest increase in position, mainly reflecting the reinvested
earnings of affiliates in FIRE and in services.
In Canada, the increase in the position was largely
due to affiliates' reinvested earnings in several industries; equity capital increases—primarily in petroleum—also contributed to the increase.

position in 2000 and 2001 by type of capital flow and
by valuation adjustment.
[Billions of dollars]
Total
Capital inflows
Equity capital
Increases
Decreases
Intercompany debt
Reinvested earnings
Valuation adjustments
Currency translation
Other

2000

2001

258.5
300.9
245.9
267.1
21.2
55.3
-0.3
-42.4
-2.1
-40.3

106.8
124.4
107.7
125.5
17.8
42.8
-26.1
-17.6
-3.0
-14.6

Capital inflows were $124.4 billion in 2001, less than
half the $300.9 billion recorded in 2000. The largest
contributor to total capital inflows was equity capital
inflows, followed by intercompany debt. Total capital
inflows were reduced by negative reinvested earnings.
Foreign Direct Investment
Equity capital inflows were $107.7 billion, down
in the United States
sharply from $245.9 billion in 2000. Equity capital
The FDIUS position valued at historical cost—the increases were $125.5 billion, and equity capital
book value of foreign direct investors' equity in, and decreases were $17.8 billion. Equity capital increases
net outstanding loans to, their U.S. affiliates—was reflected both acquisitions of U.S. businesses by for$1,321.1 billion at the end of 2001 (table 1 and chart eigners and contributions of equity to existing U.S.
1). The largest positions remained those of the United affiliates. The firms acquired were mostly in finance,
Kingdom ($217.7 billion, or 16 percent), Japan ($159.0 petroleum, depository institutions, publishing (classibillion, or 12 percent), and the Netherlands ($158.0 fied in "other" manufacturing) and broadcasting and
telecommunications (classified in "other industries").5
billion, or 12 percent) (table 3.2 and chart 3).
In 2001, the FDIUS position increased $106.8 bil- Equity capital decreases reflected selloffs of affiliates
lion, or 9 percent, following an increase of 27 percent by, and returns of capital to, foreign direct investors
in 2000. The following table shows the changes in the (transactions that are reported as U.S. capital outflows).
Intercompany debt inflows were $42.8 billion, down
CHART 3
from the $55.3 billion in 2000. A substantial portion of
intercompany debt represents U.S. affiliates' borrowing
Foreign Direct Investment Position
from their foreign parents to finance acquisitions. As
in the United States, 2001:
the pace of acquisitions slowed in 2001, borrowing by
existing U.S. affiliates decreased.
Parent-Country Shares
Capital inflows were reduced by reinvested earnings
of-$26.1
billion in 2001, compared with -$0.3 billion
United Kingdom (16.5%)
in 2000. (Reinvested earnings are negative when affiliJapan (12.0%)
ates incur losses or when they distribute earnings to
Other ( 1 6 . 0 % I ^ ^ ^ ^ H
their foreign parents in excess of the parents' share in
\
their current earnings.) In 2001, U.S. affiliates earnings
1 Netherlands
(12.0%)

r

Luxembourg \ ^ ^ ^ ^ ^ H

(3.0%)

^^^W

Canada ( 8 . 2 % ) ^ ^ ^
Switzerland (9.5%)

Germany (11.6%)

J

-^
France (11.1%

U.S. Bureau of Economic Analysis




5. A few of the larger acquisitions were accomplished by U.S. shareholders
exchanging their stock in the acquired firms for shares in the foreign firms.
These self-financing transactions resulted in large, but offsetting, financial
flows in the U.S. international transactions accounts: The large inflows on
direct investment that resulted from the foreign investors' acquisitions of
U.S. companies were offset by the outflows on foreign securities that
resulted from the U.S. shareholders receiving the stock of the foreign firms.
The outflows were recorded as foreign securities transactions rather than as
U.S. direct investment abroad because the exchanges of stock did not result
in any single U.S. investor owning as much as 10 percent of the shares of a
foreign firm.

July 2002

SURVEY OF CURRENT BUSINESS

shifted from profits of $32.4 billion to losses of $6.7
billion, primarily reflecting the economic slowdown in
the United States. In addition, U.S. affiliates distributed earnings of $19.3 billion to their foreign parents.
The industries with the largest negative reinvested
earnings, machinery and finance, were also the industries with the largest losses. Negative valuation adjustments also reduced the size of the increase in the
position (see the box "Key Terms").
Changes by area and by country
In 2001, affiliates with parents in Europe more than accounted for the increase in the FDIUS position. Within
Europe, the changes in the positions of some countries
were related to debt restructuring within foreign
MNC's. As part of the restructuring, intercompany
debt obligations were shifted from foreign parents to
their foreign affiliates in other countries.6 These shifts
had no impact on the overall FDIUS position, but they
resulted in offsetting changes in the positions of the
countries involved. The increase in the position of
Switzerland accounted for about half of the increase in
the total position of Europe. The next largest dollar increases were for parents in Germany, France, and the
Netherlands. The position of parents in the United
Kingdom increased by a relatively small amount, and
the position of parents in Luxembourg decreased. Outside Europe, the position of parents in Latin America
and Other Western Hemisphere increased by a small
amount. In contrast, the positions of parents in Canada and in Asia and Pacific decreased. The decrease in
Asia and Pacific was more than accounted for by the
decrease in the position of parents in Japan.
The following table presents major changes in position from 2000 to 2001 by area and by country.
[Billions of dollars]
All countries
Canada
Europe
Ofwhich:
Switzerland
Germany
France
Netherlands
United Kingdom
Luxembourg
Latin America and Other Western Hemisphere
Asia and Pacific
Ofwhich:
Japan

106.8
-6.0
111.6

debt restructuring, which shifted loans from their foreign parents in other countries to the Swiss affiliates of
the foreign parents.
The position of Germany increased 22 percent. The
increase was more than accounted for by "other industries" and reflected acquisitions of telecommunications
firms. The position of France increased 12 percent.
Most of this increase was in services, finance, and
insurance. The increase in services was accounted for
by acquisitions; the increase in finance was mostly
accounted for by equity capital contributions from
French parents and a step-up in affiliates' borrowing
from their parents; and the increase in insurance was
largely due to French parents' increasing ownership
shares in their insurance affiliates. The position of the
Netherlands increased 8 percent; the increase was more
than accounted for by affiliates in services, insurance,
and retail trade. The increases in services and retail
trade were the result of acquisitions, and the increase
in insurance resulted from several large loans from
parents to their affiliates. The position of the United
Kingdom increased 2 percent after increasing 39 percent in 2000, when an especially large acquisition
occurred. The position of Luxembourg decreased 25
percent as a result of a shift in debt: Direct debt obligations to Luxembourg parents were shifted to become
obligations to the Swiss affiliates of the parents. The
reduction in the position of Luxembourg parents as a
result of this shift more than offset increases due to
acquisitions of companies in commercial lending,
communications, and electronic machinery manufacturing. These acquisitions were by firms ultimately
owned by investors in other countries.7
The position of Canada decreased 5 percent. This
decrease was more than accounted for by negative
reinvested earnings in machinery that resulted from a
shift to losses for affiliates in this industry. The position of Japan decreased 3 percent, largely because of
selloffs of affiliates in machinery and finance.8

56.3
27.9
15.7
11.5
3.9
-13.6
4.4
-3.6
-4.6

The position of Switzerland increased 81 percent in
2001. This increase was largely the result of MNC's
6. Intercompany debt transactions include affiliates' payables to, and
receivables from, their foreign parents and other members of their foreign
parent groups (see the box "Key Terms").




27

7. 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.
8. The year-to-year changes in machinery and finance reflected in tables
3.1 and 3.2 were dampened or partly offset by ^classifications of existing
affiliates into these industries from "other industries."

Tables 2.1, 2.2, 3.1, and 3.2 follow.

Direct Investment Positions

28

July 2 0 0 2

Table 2.1. U.S. Direct Investment Position Abroad on a Historical-Cost Basis, 2000 l
[Millions of dollars]
Manufacturing
All
industries

All countries
Canada
Europe
Austria
Belgium
Denmark
Finland
France
Germany
Greece
Ireland
Italy
Luxembourg
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Other
Latin America and Other Western Hemisphere
South America
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Venezuela
Other
Central America
Costa Rica
Guatemala
Honduras
Mexico
Panama
Other
Other Western Hemisphere
Bahamas
Barbados
Bermuda
Dominican Republic
Jamaica
Netherlands Antilles
Trinidad and Tobago
United Kingdom Islands, Caribbean..
Other
Africa
Egypt
Nigeria

South Africa
Other
Middle East
Israel
Saudi Arabia
United Arab Emirates..
Other
Asia and Pacific
Australia
China
Hong Kong
India
Indonesia
Japan
Korea, Republic of
Malaysia
New Zealand
Philippines
Singapore
Taiwan
Thailand
Other
International1
Addenda:
Eastern Europe2
European
Union (15) 3 ..
OPEC4

Petroleum
Total

1,293,431
128,814
679,457
2,686
19,527
5,363
1,110
38,752
50,963
637
33,816
22,392
25,571
117,557
5,833
1,888
19,846
22,676
55,854
1,356
241,663
11,969
251,863
84,012
15,646
39,033
9,451
4,606
763
3,485
9,530
1,497
70,474
1,655
907
257
37,332
29,316
1,006
97,377
2,317
1,170
56,594
813
2,354
3,518
1,524
28,514
573
14,417
2,344
1,237
3,245
7,591
11,087
3,386
4,225
737
2,739
205,317
35,364
9,861
26,621
1,431
8,514
59,441
8,914
7,400
3,854
2,735
25,634
7,821
6,635
1,091
2,476

10,026

11,149
604,445
28,736

1,995
24,448
13,484

353,550
50,768
185,663
1,225
7,528
2,023
680
16,056
24,083
83
8,762
12,265
3,401
29,484
338
483
6,813
14,002
4,916
712
49,845
2,964
47,980
26,713
3,914
18,039
1,447
1,314
235
196
1,395
173
20,001
451
231
216
18,794
152
157
1,267

Food and
kindred
products

Chemicals
and allied
products

1,097

100,872
8,827
69,468
68
4,756
101
343
2,912
3,542
33
3,395
2,504

1,641

(°)
2,790
81
15,023
430
11,236
6,589
1,568
3,951
207
375
109
89
250
40
3,742
166
61
2
3,435
(D)

18,773
4,227
9,483

,3
14
(D)
3,738
1,217
1
112
105
(°)
-43
9
-11
1,287
-15
144
(D)
2,314

H
2,944
2,240
210
1,449

905
0
0
-1
0
0

167
0
263
-15
(D)
306
29
18
222
37
220

239
-104

(°)

22,316

(°)

19,131

Primary
and
fabricated
metals

1,779
239
54
900
587
2,333
1,974
137
75
147
65,027
.7,795
6,213
3,110
774
253
15,468
4,918
4,725
436
1,283
13,088
3,686
3,274
5

10,814
2,673
446
387
94
143
2,778
753
323
74
372
432
1,480
870
-12

2,914
176,733
2,083

424
66,140
626

8

0
230

Other
manufacturing

40,052
12,606
13,532
313
296
-13
77
647
6,104
0
32
767
0
8
-10
68
985
184

67,656
13,085
32,047

3,416

10,292
(D)
11,646
7,311
797
5,299
125
436
77

41,199
3,484
23,008
131
115
997
5,892
0
732
1,059
10
2,908
208
251
609
0
8,751
23
2,928
1,837
46
1,743
17
1
35
(D)
1,089
-5
0
0
1,094
0
0
3
-2
0
0
0
0
0
4
0
0
113

49,065
3,077
21,118
434
260
332
76
2,318
2,512
13
728
4,663
-7
2,632
7
252
981
880
536
-39
3,769
769
1,907
1,882
3
1,738

(°)

8,283
2,803
224
2,260

0

0
0
-55
0

0

136
(D)
5,477
0
0

3
0
0
0
0
0
0
0
3
0
184

5,459
1,057
418
34
-164

328
21
-4
42
50
71
52
62
D
)

(D)
11,528
673
915
139
357
-29
1,539
430
607
18
11
5,448
180
1,240
-2

221
8,976
51

23
22,167
22

730
19,844
55

259
12,884
139

45
185
17
15
0
1,858
651
200
350

<°)

138
116

2,321
4,228
37
3,370
2,071

4,029
50
65

306
0
12
0
248

394
2
0

Depository
institutions

83,724
9,614
46,050
583
1,792
656
270
2,589
3,459
144
798
2,370
1,058
8,742
337
284
1,815
359
11,916
35
8,293
550
8,887
1,979
347
734
359
122
53
73
204
87

38,071
2,107
24,435
256
530
0
0
2,986
314
117
-50
344
310

3,605

3

D

<?1
128
2,279
(D)
2,674
354
12,341
(°)
-231
5,838
2,002
2,115
997

319
1,673
0

3,303

-7,741
-3,872

2,330
46
22
322
9
264
39

()
-4,081
(D)
430

542,641
32,746
299,345
316
7,328
9,371
14,757

(°)
14,303
2,832
20,630
71,270
613
290
7,877
5,949
33,201
2
105,242
3,921
150,107
20,912
5,179
10,345
2,902
802
56
846
670
112
37,156
2
124
9
8,494
28,192
336
92,038
4,402
263
52,087

442
320
75

0
525
66
122

8

398
72
109
217

n

10,042
1,341
782
691

18,512
2,480
336
5,766
221

3,!
1,054
196
292
145
794
399
314
0

«a

30,449
659

1,073
342
256
190
1,583
879
371
506
33,211
574

140
863
0

10,466
1,523
78
2,436
291
249
859
1,938
201
696
688
665

H
1,214
20,150
(D)

Services

1,703
222
970
57,500
7,743
812
10,776
222
169
24,047
136
762
2,620
675
7,052
2,051
425
10

Other
industries

80,144
6,324
46,733
207
2,539
122
61
5,013
3,568
41
8,817
2,509
103
3,025
234
466
541
1,294
1,688
50
16,128
325
9,691
4,404
659
2,195
203

99,469
8,795
46,288

1,072
121
1,429
-2
3
0
1,233
195
0
3,857
33
339
2,656
19
53

3,175
562
5,265

3,433
(D)
31,142

160

2,706
16,273
532

Wholesale
trade

3
1,947

?

70
-2
0
71
1
1,426
1,424
2
0
0
21,467
147
3,243
1,564
154
-1
2,578
1,925
3,612
44
387
5,813
1,449
549
3

* Less than $500,000 (+ / - ) .
D
Suppressed to avoid disclosure of data of individual companies.
' Revised.
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,




Industrial Electronic Transpormachinery and other
tation
and
electric
equipment equipment equipment

Finance
(except
depository
institutions),
insurance,
and real
estate

(D)
-198

3,241
26

o
,215
1,215
155
34,186
(D)
25,403
17,706
2,913
4,567
3,465

-1
5,077

8
2,432
55

-8
180
1,965

U
589
-137
0
608
118
1,358
897
295
92
73
15,450
2,285
303
513
70
10,345
468
154
984
108
71
32

222
1,130

2,037
217

16,047
5,252
588
3,803
292
2,138
•2,061
336
277
316
349
113
-230

3,323
261,609
2,493

249
44,436
1,659

43,859
D

Hungary, Kazakhstan, Kyrgyzstan, 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 2002

29

SURVEY OF CURRENT BUSINESS

Table 2.2. U.S. Direct Investment Position Abroad on a Historical-Cost Basis, 2001 p
[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
Transporand other
tation
electric
equipment
equipment

Other
manufacturing

Wholesale
trade

Depository
institutions

Finance
(excent
depository
institutions),
insurance,
and real
estate

Services

Other
industries

102,150

1,381,674

102,074

376,259

35,496

108,663

21,488

52,392

48,391

39,142

70,687

92,836

49,319

572,545

86,491

Canada

139,031

23,755

53,724

4,629

9,640

5,315

2,866

2,838

13,312

15,123

10,150

2,049

33,568

6,531

9,256

Europe

725,793

28,227

204,338

18,179

75,990

10,987

31,861

21,256

11,330

34,733

51,261

25,177

320,621

50,621

45,548

SI
887

1,718
7,110
2,117

36

78

334
245

278
583

7 745

3,014

(D^
-114

724

112
408

77

473
115
463
66

259

4 524

120
5

81
118

424

1,176

P)

16,199

3,410

2,548

3,765

1,244

2,519

13
712

8

98
62

2,430

34 482

577
7
542

9,981

2,598

10,139

2,420

4,791

P

10,457
13,132
3,623
34,701

All countries

Austria
Belgium
Denmark
Finland
France

3 374
20|392
6,537
1,143
38,457

9

Germany
Greece
Ireland
Italy
Luxembourg
Netherlands .

34,499
23,893
30,039
131,884

Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Other

6,660
1,924
19 421
17^968
62,897
1,207
249,201
14,212

11 890
2,907

269,556

South America
Argentina
Brazil
Chile
Colombia
Ecuador
Peru.
Venezuela
Othei
Central America ..
Costa Rica
Guatemala
Honduras
Mexico
Panama
Othei

80,560
1,614

Latin America and Other Western Hemisphere

Other Western Hemisphere
Bahamas
Barbados
Bermuda
Dominican Republic
Jamaica
Netherlands Antilles
Trinidad and Tobago
United Kingdom Islands, Caribbean
Othei
Africa
Nigeria!
South Africa
Other....
Middle East
Israel....
Saudi Arabia
United Arab Emirates
Other....
Asia and Pacific
Australia
China....
Hong Kong
India
Indonesia
Japan...
Korea, Republic of
Malaysia
New Zealand
Philippines
Singapore
TaiwanThailand
Other
International1
Addenda:
Eastern Europe2
European Union (15) 3

61,437

648

5
(D)

92

(D)
14$
12
136
-1
122
195

60

14
930

1,198

3,061

22,509

3
107
956
156
24
209

29
103
1 624

55 396
3,088

6 221

16 432

2,459

371

489

P)

37

817

10,566

45,633

8,654

11,884

2,981

2,327

83,415
14,234
36,317
11,674
4,844

6,351

3,754

6,396
1,363
3,690

2,249

1,718

175

31

-6

1,376

1,460

1,627

1,674

1,049

23,354
2,339
15,506
1,888
1,414

417

117
418

187
217
1,540

185
933
41
76
12
265
331
207

265

438
388
112
113
250
43

S

2,932

651
349
-69
58
439
120

18
15
59
0
73
0

20,708

4,817

4,234

461
187
54

139
97

175
65
2

19,701

4 501

3,894

173
133

44

0
P)

P)
P)
4

16
-7
0
1
49
2
605
-13
0
0
618
0
0

1,570

82
0

24
0

4
-1

0
0
-1
0
0

0
0
0
0
0
5
0
0
127
36
0
87
3
151
124

3,591
10,680
1,659

477
49
52,168
25,296

955

46

4,337
2,265
>D\

56
354
20

541
1,022

87

105,581
2,125
1,238
61,929

3,283
1,456

752

189
32

2,280
3,661
1,978
30,680

102

O

1,397

201

325
568
6,576
8,653
4,808

567

P)
66
611
187
188
26
369
-2

1

830

(?)
P)

Pi
0

936

P)
11,649
3,068
1,801

1,435
-108

-211

67

51

1,007

P)

6,713

485

P)

12,643
4,122
4,162
942
3,417

2,896

3,030
2,626

79
104

169

P)
o
P)

216,501
34,041
10,526
29,389
1,739
8,807
64,103
9,864
6,820
3,992
2,776
27,295
8,814
7,337

4
219
265
2,408

997

22,401
9,208
1,300
177
-446
5,526
1,352
47
639
89
-36
1,922
68
2,045
510

2,278

2,581

13,119
640,817
31,362

2,716
22,682
14,996

8

68,100
6,761
7,044
2,650
912
254
16,579
5,532
4,401
460
1,498
14,716
3,834
3,452
7

58
114

3,897
1,211
231
-64
202

16

1,299

529
-88
-26
355
5
70
134
22

-13
3,170

206
(D)

1 267
-155

-131

222
716
0

3
275
952
917
483
-44

12,026

2 968

145

(°)

-21
12
0
708
31
2
-1

P)

P)
2

n
pjo

14

1,254

611
34

P

(°)

-8
P)

w

0
173
-4
-1
11
167
31
-5
19
16
0

372
13
18
300
41
292
69
(D)

P
P)

10,486
1,744
595
397
146
144
3,270
830

4,727

3,801

(°)

2,841

20
0
21

15,872
3,068
1,467
2,950
8,386

P)

' P)

1,249

-98
3
-15

P)

2,002
697
208
271
86

-2
368
22
-4
50
54
106
82
63
3

330
68
298
317
1,539

821
-13

0
42
683
0
-4
-2
63
902

(°)
P

222

710
2,095
1,868
2,638

2,703

3 977
13
4,100
2 238

2 546

236
88
-32
353
381

P)

2,261

78

P)
P
P

12 291

300
207
935
2167
1,328
10,364

15,146

47

387

294

2

1,275
2,071

72

P

20

i°!
o

515
113

796

7,986

584

13,279
1,409

110,208
4,963

16,746

357

904

1,677

8,468

9,642

9,773

9,988

153,796

10,784

29,017

1,833

2,157
-596
2,262

5,247

1,555

243
356
362
119
40
77
255
102

5,891
1,865
2,280
1,011

21,970
5,798
10,542
2,997

4,393

542
3,416

19,901
2,816
4,511
5,136

P)
P
P

866
76
862
718
110

L°)

107
0
0
-365

0

(P)D

i

4
0
0
0
0
0

q0
11
-2
0
17
-4

°)
D
D)
0)

262
9
6,309

0
0

P)
P)

140

P)
P)

66
454
91

L°i

3,521

23
24
2

30
7

P)

4,139

1,969

0
0

P)
P)

P)

2
0

(

o
P)

0
0
0
0
0
0
2
0
275
56

419
3

196

283

P)

0
134
1
24
11

P)

41
4,697
196

374
3,516

59
D
L
64)
24
410

P)

123

5,773
1,263
422
41
-253

10,206
1,076
736
789
144

4,841
1,433

625
3

P)

235
297

P)

817
400
330
0

P)
P)
P)

9,647
23,900

1,180

488
0

-4,52^

97,791
4,801

4,721
38

24
0

54,451

3,122

n
18

Pi

(Do)

o
P)

-5,369

P)

3,577

26
34,168

496
59
-5
1
951

P)

20,677
84
3,683
1,035
191

49
645

-2
3
0

-104

15,060
684
1,168
182
397
-41
1,778
500
794
22

P)

1,669

4
127
5

P)

-1

3,953
1,179

590

34,036

631
2

-23
0
1

P)

3,971

351

P)
P)

n
20,907
2,470
549
7,402
121

P)

5,678
992
375
346
189
1,404
938
367

P)

P)
P)
P)

193
834
-5

P)
P

*)
Pi
325
P)
1,054

P)
4
(D)

1,397

2,104

229
948
40

907
336
107
48

293

16,773
2,025
234
660
96
118
11,596
518
116
30
-7
1,137
132
90
29

15,475
4,297

295
910

25,993

\ )

P
P
P)

1,922

62,008
7,752
628
12,458
263

ID)

PP)

425

10,837
1,529
183
2,016
404

P)

P)

0
353
137

706

54
248
775
809
747

386

P)

(?)
-26

P)
P

-2

2,099

P)
P
P)

96

P)

2
0
0

3,195
241
-5
0
0
649
87
115

P
P

33,696

1,231

434

n0

2,230
3,140

P)
o
P)

194
79
5
56

P)

P)

P)
P)

31
311

631
2,101

284
27

461
69
109
282

P)

184

151

P)

3 000

P)

222

P)

132
390
527

8 514
6^584
37,507

563
398

1,363

3,649

2 344

P)

7,981

42
ID)

1 162

' (°)
2,495

3,226

47
9,924
2,475

3,320

437

4,162

D)

°)

168

25
127

-16
7

P)

8,403
14,355

5,207

12,682
3,256
24,489
76,304

407
335

1,931
1,929

27

o
o

P)

266
817
2,563

789
7,072
2,683

640

P)

r)

P)
3
P)
589
4,026

389

2,533
1,996

410

P)

451
96
269
351
-5

P)
-303

3,031
195,549
2,280

371

484

266

37

770

312

17,572

72,631

30,902

19,998

10,591

790
33,360

35,077

634

10,495

1,381
20,862

499

43

29

75

264

737

686

P)

* Less than $500,000 ( + / - ) .
D
Suppressed to avoid disclosure of data of individual companies.
" 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,




0
950

3,770
2,842

P)

(0)

783
327
17
2,002

537

4,335
274,828
1,892

264
47,988
1,856

855
43,832

P)

Hungary, Kazakhstan, Kyrgyzstan, 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.

Direct Investment Positions

30

July 2 0 0 2

Table 3.1. Foreign Direct Investment Position in the United States on a Historical-Cost Basis, 2000 [Millions of dollars]
Manufacturing
Retail
trade

157,453
12,654
117,831

110,286
7,542
46,395

29,666
996
24,479

192
201
521
429
23,858

624
861
3,182
4,625
13,737

367
1,305
-367
2,426
3,791

243

3,108

11,364
898
326
2
25,590
11,931

29,424
2,760
356
(D)
9,608
14,801

10,126
5,473
222
110
1,794
7,831

2,067
(D)
1,414
0
295
12,307

18,892
(D)
1,170
0
0
12,204

(D)
560
5,103
7,617
22,101
2,357

-456
133
(D)
2,557
7,587
(D)
3,440
492
55
509
-70
3
-5

D
(D)
25
577
4,959
0
1,649

(D)
1,318
-135

Petroleum

1,214,254
114,599
835,137

87,055
3,401
78,706

479,851
56,608
358,521

23,975
1,819
18,213

122,446
2,686
114,472

24,741
4,725
16,198

151,237
34,723
91,807

Austria
Belgium
Denmark
Finland
France

3,174
14,585
4,428
9,107
131,484

0
-166

933
6,304
4,220
6,069
72,385

-7
(D)
25
(D)
29,701

125
(D)
0
603
1,149

Germany
Ireland
Italy
Liechtenstein
Luxembourg
Netherlands

124,839
23,528
5,994
202
53,794
146,493

225
(D)

0
5
492
D
()
3,940
84
413
124
-1

17,098
63
219

2,513
356
219

Norway
Spain
Sweden
Switzerland
United Kingdom...
Other

2,241
5,459
22,427
69,240
213,820
4,322

All countries..
CanadaEurope ...

Latin America and Other Western Hemisphere
South and Central America..
Brazil
Mexico
Panama
Venezuela
Other
Other Western Hemisphere
Bahamas
Bermuda
Netherlands Antilles
United Kingdom Islands, Caribbean...
Other
Africa
South Africa
Other
Middle East
Israel
Kuwait
Lebanon
Saudi Arabia
United Arab Emirates
Other
Asia and Pacific
Australia
Hong Kong
japan
Korea, Republic of..
Malaysia
New Zealand
Philippines
Singapore
Taiwan
Other
Addenda:
European Union (15) 1
OPEC2

54,463
13,682
886
7,832
3,726
802
435
40,782
1,268
18,502
3,940
15,353
1,718
2,756
1,218
1,538
6,189
2,690
908
1
(D)
64

H
201,110
20,701
1,544
163,577
3,287
92
385
50
7,751
3,131
593
760,017
4,363

Total

n
(°)

0
(D)
11,695
(D)

n
o
1,297
63,499
713
2,363
465
(D)
-10
-3
(D)
-2
1,897

299
96

0
-6
0
(D)
47
-6
135
65
(D)
585
(D)
-5
0

n
2
-5
-43
76,334

60,483
4,489
1,245
-10
37,910
51,002

Food and Chemicals
kindred and allied
products products

(°)

3,326

1,900
1,161
9,289
33,241
65,448
2,455

3
(D)
0
2,293
7,287
57

5,735

1,000

-1,567
-249
1,261
(D)
-20
(D)
7,302
293
3,215
695
3,037
61
226
-100
325
877
882
2
(D)
-4
-4
(D)
57,886
5,371
529
44,936
1,018
30
4
24
D
()
1,083

997
-8
1,004
1

321,737
-23

nD
()

19,699
855
-7

Primary
and
fabricated
metals

H
93
1,245

19,357
19,225
-41
-1,281

716
6,551
6
813

4,082

1,120

-2,613
-97

552
-8

-271
-165
35

-232
28
-220
-33
6
-12

()
n

n
-1
3
11
-65

1,332
1
735
-6
261

4
262
(D)
22
(D)
122
2

H

0

227
227
0
0
0
0
0
2,873
1,489
(D)
-2

n
0
2
-1

n
15,864

n

n
0

n
-1
0
6,080
184
2
5,247
48
-1
-4
2
-112
783
-68
94,299
-12

(
0
0
0
0
(D)
3,080
275
(D)
2,513
169
1

n
1
(D)




n

14,666

* Less than $500,000 ( + / - ) .
Suppressed to avoid disclosure of data of individual companies.
'Revised.
1. The European Union (15) comprises Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy,

D

Other
Machinery manufacturing

106
-2
2,773
3,257
10,285
76

(°)

H

Depository
institutions

Wholesale
trade

All
industries

n
-26
-115
4,353
154

1,352
(D)

n
1,692
31
-4
-1
-3
539
546
2
(D)
-6
-3
(D)
20,090

(°)

265
12,118
693
14
1
19

(°)

248

117
455
-14
-19
4
101
99
0

n
2
0
0
25,762
1,963
-5
23,569
(D)
19
7
2
46
52

-10
88,404
-34

108,504
23

2,948
291
(D)
484
1,575
(D)
368

0
0

43,305
3

(°)
6,854
361
2,599
2,027
425
268
57
582
696

()
161
240

1,107
(D)
0

n
52,387
79
395
48,294
2,307
13
228
8
138
713
212

()

572
195
(D)
234

154
155

n
-1

68,128
3,095
50,453

0
2,495
10
2
2,238
41

H

49
10,704

(°)
207
7,314
245

Finance,
except
depository Insurance
institutions

Services

Other
industries

84,383
12,631
43,982

112,482
8,805
91,113

42,682
6,383
15,967

109,504
5,827
77,756

90,219
9,312
47,766

(D)
3,688

(D)
-1
-4

40
38

(D)
1,345
23

-19
703
435
445
4,352

4,939
(D)
80
67
482
4,528

4,610
589
13
(D)
9,400
7,460
175
(D)
7,672
3,669
23,894
(D)
1,614
295
-10
270
33
-8
9

5,309
5,279

(°)
-29
(°)

n

4,702

14,783
13,488

1,072
3,237

33,647

D

()

4,260
6,013

280
(D)
13,013
8,872
15
11,165

4,547

1,466
)
22
1,602
23

1
0
2
1
D
()
20,225
1,904
8
18,290

(
169
878
400

)
0
6
7
124
16

23,902

45,763
754

33,801
2

31
50
(D)
471
3,350
522
5,130
171
13
-8
176
-21
11

-3
43

0
36
21
1

(°)

Real
estate

0
3,660
-2

-11
-11
0
0
0
0
0
0
0
0
1,410
D
()
-1
1,127
17
0
0
0
1

4,960
218
388
1,080
3,174
101
199

931

1,319
6
410
170
652
81
369
331
38
213
117

H
0

57
10
31
14,071

(°)
172
10,900
40
C)

O

0
11
23,724
7,623
336
15,315
-7
134
-1

n

H
28
(D)
2,580

(°)

92
397
(D)
25,096
18
14,756
780
-6
636
H
(D)
-96
13,976
-78
10,431
57

295
-1
296
19
79
-2

n
-15
-19
-24
18,072
2,863
(D)
14,578
6

-13

n

84
242
-1
78,084
5

15,154
909

74,765

47,171
58

Luxembourg, the Netherlands, Portugal, Spain, Sweden, and the United Kingdom.
2. OPEC is the Organization of Petroleum Exporting Countries. Its members are Algeria, Indonesia, Iran, Iraq, Kuwait,
Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.

July 2002

31

SURVEY OF CURRENT BUSINESS

Table 3.2. Foreign Direct Investment Position in the United States on a Historical-Cost Basis, 2001
[Millions of dollars]
Manufacturing
All
Petroleum
industries

All countries..
Canada
Europe

1,321,063
108,600
946,758

Austria
Belgium....
Denmark..
Finland
France

3,298
14,721
2,091
8,762
147,207

Germany
Ireland
Italy
Liechtenstein
Luxembourg
Netherlands

152,760
28,196
5,916
193
40,232
158,020

Norway
Spain
Sweden
Switzerland
United Kingdom...
Other

2,277
5,092
23,299
125,521
217,746
11,428

Latin America and Other Western Hemisphere
South and Central America
Brazil
Mexico
Panama
Venezuela
Other
Other Western Hemisphere
Bahamas
Bermuda
Netherlands Antilles
United Kingdom Islands, Caribbean
Other
Africa
South Africa
Other
Middle East
Israel
Kuwait
Lebanon
Saudi Arabia
United Arab Emirates..
Other
Asia and Pacific
Australia
Hong Kong
Japan
Korea, Republic of
Malaysia
New Zealand
Philippines
Singapore
Taiwan
Other
Addenda:
European Union (15) 1
OPEC2

58,881
17,040
578
7,418
4,199
4,722
123
41,840
1,351
15,748
3,923
18,244
2,575
3,264
1,867
1,397
6,039
2,876
990
1
(D)
-23
(D)
197,522
23,488
1,552
158,988
3,121
21
465
2
6,502
2,551
831

Total

Primary
Food and Chemicals
and
kindred and allied
fabricated
products products
metals

Other
Machinery manufacturing

Wholesale
trade

Retail
trade

95,922
3,654
79,982

508,535
39,935
396,630

23,847
1,986
17,576

127,139
3,175
119,161

25,683
3,622
19,132

166,198
16,563
116,917

165,668
14,588
123,845

112,997
7,484
49,039

35,811
679
30,528

0
(D)

971
7,399
2,506
6,077
74,677

0
(D)
448
2
3,498
100
474
113
-1

-8
5,951
28
(D)
31,122
17,630
(D)
251

148

212
174
261
414
23,859

619
904
1,770
4,950
15,565

415
1,149

-1
(D)
633

(°)
n

4,695

2,668
(D)
189
(D)
75
1,095

11,602
879
61
5
(D)
13,094

27,988
(D)
286
(D)
9,819
13,803

9,385
5,795
370
109
1,596
7,613

(D)

120
5
3,076
D
()
9,057
2,304
3,533

(D)
594
5,032
(D)
23,710
2,450
1,868

89
69
4,400
2,693
(D)
849
4,031

-81
71
-112
-31
8
-18

757
103
753

3

-310
-77
-29
-3
-25
-177

131

3,843

-7

0D
()

1,950
4
100
110
1,735
1
-17
-20
2
257
255
0

3,273
292
308
465
1,854
354
259

n
(°)
94
199

)

6,987
370
0
(D)

CO

H
1,077
9,385
(D)
124
-10
27

()
199
(D)
3,173
(D)

(°)
n

59,987
3,789
900
-18
19,299
50,109
2,068
1,256
9,265
85,445
67,152
5,748
4,889
-2,204
-150
960
(D)
-24
7,094
238
2,200
609
3,995
52
194
-105
299
892
905
2

(°)
816
(D)
-1
891
(D)
-4
0
-1
39

-14
-2
(D)
65,995
4,883
401
53,822
983
13
38
-11
4,858
963
45

(°)

3,143
3

O

0
2,681
6,803
(D)
1,139
1,120
-7
1,131
-4

n
(°)

18,973
991
-6
(D)
22,965
17,624
(D)
-1,808
-2,959
-104

o

H
1,306
9,958
(D)
157

26
-33

H
(°)
o

n
-1
18
10
-38

(°)

1,152
1

(°)
0

710
-3
(
-82

0

H
(°)
(
0
0
0
0
0
3,023
(D)
(D)
1,524

(°)
(°)
0
(°)
-1
-2

n
0
-1
-1
0
6,213
263
-40
5,379
50
-4
1
1
-112
732
-57
94,464
-13

0
o
o
0

n
o
2,869
258

(°)

2,377
144

D
n
o
(°)

(°)

1,545
(D)
-7
-2
-5
427
441
2

(°)
-15
-1
(D)
28,765
(D)
173
21,218
710
-1
2
-13
(D)
177
6

n
2
0
0
25,127
1,620
4
23,325

n
20
(D)

Depository
institutions
78,094
6,022
56,568

14
4,967
1,894

()
1,627
0
256

(
22
647
4,426
(D)
1,883
847
(D)
831
3

n
(°)

1,036
(D)
487
(D)
291

(D)
1,396
-30
(D)
10,484
363
2,858
2,126
447
283
(D)
587

n
732

()
179
254

n
2,642
4

n
2,306
41
0
117

49
11,139
(D)
249
7,550
272
(D)
0
18
183
936
438

Services

Other
industries

125,660
5,940
91,487

113,491
12,305
87,005

(°)

-19
750
392

120,400
8,902
96,353

44,163
6,257
16,089

(
2,561
(D)

-1
4
-4

39
38

-41
19,575
4,822
3
282
2,422

n
5,310
287

)
38,911

(
4,635

(*)
288
(D)
13,666
4,970

-339
1,963
6,859
3,926
21,295
68
484
-5
451
33
-8
14

5,442

14,093

(D)
52
765
510
2,965
1,033
6,762

3,935
(D)
3,592
(D)
-3
42
1,506
4
(D)
53
1,646

(D)

113

-9
(D)
3

-1
161

8,057
3,695
221

(
1
0
2
1
(D)
18,539

(°)
(D)

16,433

1,376
(D)
108
22,486
6,009
1,460
79
4
9,633
16,479

18,200
12,216
4,646

H

n
(D)
0
4,963
-2
(D)

0

()
1,316
(D)
0

Real
estate

17,422
43,077

38

157
156
0
0
0
1
52,027
104
431
48,578
1,836
17
326
-2
131
335
271

19,394
(D)
1,061
0
0
12,092

Finance,
except
depository Insurance
institutions

0
0
0
0
0
0
0
1,014
-55
-1
1,045
17
0
0
0
-1
8
1

(°)

6,649
269

(°)

746
5,348
(D)
173

1,349

864
-26
505
145
75
166

n
173
999
(
56
10
31
13,883
(D)
189
11,070
43
1
(D)
7
1,116
48

()

142
(D)
0
7
0
11
25,729
(D)
241
14,761
-13

n
-1
n

n
1,218
33,544

0
152
28
8,633
(D)
-22
93
337
705
29,396
(D)
8,189
471

(°)

571
169

(°)

-444
7,717
-95
7,084
56
318
-1
319
-64

H

-2

n
-20
(D)
-26
5,738
3,338

(°)

2,534
18
-26
-14
-18
-32

83
166
(°)
21
118
-69
54
-36 304,265
14,846
808,301
74
45,301
29,844
51,696
14,771
87,826
70,060
34,749
81,021
85,930
14
787
77
7,968
-33
-40
2
5
945
53
108,088
72,898
16,807
19
* Less than $500,000 ( + / - ) .
Luxembourg, the Netherlands,
Portugal, Spain, Sweden, and the United Kingdom.
D
2. OPEC is the Organization of Petroleum Exporting Countries. Its members are Algeria, Indonesia, Iran, Iraq, Kuwait,
Suppressed to avoid disclosure of data of individual companies.
Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.
* Preliminary.
1. The European Union (15) comprises Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy,




n

n

1

n

n

33

July 2002

Annual Revision of the U.S. International Accounts, 1993-2001
By Christopher L Bach
The statistical and methodological improvements
AS is customary each June, the estimates of U.S.
made
to the accounts this year mainly result from inJLJL international transactions and of the U.S. international investment position have been revised to in- corporating data from BEA and U.S. Treasury Departcorporate statistical and methodological revisions. ment benchmark surveys:
• "Other" private services receipts and "other" private
This year, like last year, several improvements have
services payments are revised to incorporate results
been implemented as part of continuing efforts by the
from BEA's Benchmark Survey of Selected Services
Bureau of Economic Analysis (BEA) to address gaps in
for 2001. The survey primarily covers business, procoverage. In large part, the gaps have arisen because
fessional, and technical services.
of the dynamic nature of international markets. Esti•
"Other" private income payments, U.S. Governmates of international transactions are revised for
ment income payments, net foreign purchases of
1995-2001, and estimates of the international investU.S. Treasury securities, and net foreign purchases
ment positions are revised for 1993-2000.
of securities other than U.S. Treasury securities are
This year, the most notable revisions are the followrevised for 1995-2001 to incorporate results from
ing:
the U.S. Treasury's Benchmark Survey of Foreign
• In the international transactions accounts, net priPortfolio Investment in the United States for March
vate foreign purchases of U.S. Treasury and other
2000. In addition, results from that survey led to
U.S. securities are revised down for every year. For
revisions in the estimates of foreign yearend hold2001, the revision to net financial inflows for net
ings of U.S. Treasury securities and of U.S. securities
private foreign purchases of these securities totals
other than U.S. Treasury securities for 1995-2000.
$114.2 billion (from $514.2 billion to a revised
The Treasury Department's benchmark survey is a
$400.0 billion).
• In the international transactions accounts, U.S. once-every-5-year security-by-security enumeration,
Government and "other" private income payments provided by custodians and issuers of securities, of forare revised down. As a result, the shift from a posi- eign holdings of U.S. portfolio securities with an origitive to a negative balance on income in 1998 is elim- nal maturity of more than 1 year. The survey results
inated, and the annual negative balances on income indicated a substantial overstatement in the previously
in 1999-2001 are also eliminated. The revision to published estimates of foreign holdings of U.S. longthe balance on income for 2001 is $33.5 billion.
•In the international investment position accounts,
Acknowledgments
the net position is less negative in every year in
1995-2000. The revision for 2000 to the net
The revised estimates were prepared under the general
position is $491.9 billion with direct investment
direction of Paul Farello, with the assistance of other
staff of the Balance of Payments Division. Patricia
valued at current cost (from -$1,842.7 billion to a
Abaroa prepared the new estimates of U.S. Treasury
revised -$1,350.8 billion). Nonetheless, the trend in
and agency securities. Elena Nguyen prepared the new
the position continues in a strongly negative direcestimates
of U.S. corporate bonds and stocks. The
tion. In the newly published estimates, the position
benchmark
revision of selected services was prepared
at yearend 2001 is -$1,948.1 billion.
under the supervision of Christopher Emond of the
International Investment Division.

Patricia Abaroa assisted in the preparation of this article.




U.S. International Accounts

34

term debt instruments, largely because redemptions
and selected other types of transactions were bypassing
the monthly Treasury Department's transactions reporting system. Several steps have been taken to address these weaknesses. In particular, BEA has adjusted
its estimates to account for transactions that bypass the
transactions reporting system. In addition, the Treasury Department has announced plans to introduce
new annual surveys of foreign portfolio investment
holdings in the United States (beginning in 2002) and
of U.S. portfolio investment holdings abroad (beginning in 2003), and it is working to improve the coverage of its monthly surveys.
The newly available benchmark survey 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 to
the transactions accounts result from the incorporation of regularly available data from BEA's annual and
quarterly surveys, from the U.S. Treasury Department's and Federal Reserve System's quarterly and
monthly surveys, and from other U.S. Government

July 2002

agencies and private sources. These revisions affect the
estimates for 1998-2001.
For 2001, as a result of all these changes, the current-account deficit is reduced $24.1 billion, to $393.4
billion (table 1). By account, goods exports are reduced
$2.1 billion and goods imports are reduced $1.5 billion, resulting in a deficit that is $0.6 billion higher
than previously estimated. For services, services exports are reduced $4.5 billion and services imports are
increased $5.4 billion, resulting in a surplus that is $9.9
billion lower than previously estimated. For income,
income receipts are reduced $10.0 billion and income
payments are reduced $43.5 billion, resulting in a $33.5
billion shift from a previously published deficit to a
surplus. For net current unilateral transfers, $1.0 billion in inflows is added, resulting in a decrease to net
outflows for transfers of the same amount. Net financial account inflows are revised down $74.1 billion, to
$381.8 billion. Details on revisions to individual series
are shown in table 2.
For 2000, as a result of all these changes, the net international investment position with direct investment

Table 1 . Revisions to U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
Exports of goods and services and
income receipts
Previously
published

Revised

1995
1996
1997
1998
1999
2000
2001........

1,005,935
1,077,966
1,195,538
1,191,932
1,242,655
1,418,568
1,298,397

1,005,935
1,077,966
1,195,538
1,192,045
1,247,682
1,417,236
1,281,793

1995: I...
II..
III.
IV.

241,599
249,063
255,633
259,636

1996: I...

Imports of goods and services and
income payments

Unilateral current transfers, net

Previously
published

Revised

-1,081,776
-1,158,822
-1,294,553
-1,364,962
-1,518,106
-1,809,099
-1,665,325

-1,077,701
-1,155,706
-1,283,116
-1,351,363
-1,491,781
-1,774,135
-1,625,701

4,075
3,116
11,437
13,599
26,325
34,964
39,624

-34,057
-40,081
-40,794
-44,427
-48,913
-54,136
-50,501

-34,057
-^0,081
-40,794
-44,509
-48,757
-53,442
-49,463

241,599
249,063
255,633
259,636

-263,058
-272,905
-273,684
-272,130

-261,741
-271,787
-272,735
-271,439

1,317
1,118
949
691

-8,577
-8,080
-8,460
-8,939

IV...

262,927
266,859
267,240
280,934

262,927
266,859
267,240
280,934

-277,198
-287,257
-294,437
-299,931

-276,913
-286,958
-293,473
-298,363

285
299
964
1,568

1997:

I
II....
III...
IV...,

287,373
300,459
305,114
302,595

287,373
300,459
305,114
302,595

-312,810
-321,005
-328,883
-331,858

-310,740
-317,828
-325,650
-328,901

1998:

I
II....
III...
IV...,

301,933
298,319
291,449
300,229

301,808
298,310
291,511
300,414

-125
-9
62
185

-335,558
-340,566
-341,256
-347,583

1999:

I
II....
111...
IV...

296,210
302,880
315,099
328,467

297,111
303,765
316,533
330,273

901
885
1,434
1,806

2000:

I
II
III...
IV...

339,645
355,075
361,236
362,617

340,178
355,468
360,827
360,765

2001: I
II....
III...
IV...

354,158
335,722
312,333
296,191

349,040
331,612
309,477
291,667




Balance on current account

Net financial flows

Previously
published

Revised

-109,898
-120,937
-139,809
-217,457
-324,364
-444,667
-417,429

-105,823
-117,821
-128,372
-203,827
-292,856
-410,341
-393,371

4,075
3,116
11,437
13,630
31,508
34,326
24,058

113,308
172,115
271,691
144,832
376,677
443,266
455,896

137,173
219,210
63,809
264,910
409,497
381,844

-27,122
-34,942
-52,481
-81,023
-111,767
-33,769
-74,052

-8,577
-8,080
-8,460
-8,939

-30,036
-31,922
-26,511
-21,433

-28,719
-30,804
-25,562
-20,742

1,317
1,118
949
691

38,300
10,946
77,518
-13,454

32,965
4,190
69,607
-20,574

-5,335
-6,756
-7,911
-7,120

-10,519
-8,744
-8,940
-11,878

-10,519
-8,744
-8,940
-11,878

-24,790
-29,142
-36,137
-30,875

-24,505
-28,843
-35,173
-29,307

285
299
964
1,568

15,348
41,381
59,826
55,562

4,319
32,893
52,434
47,529

-11,029
-8,488
-7,392
-8,033

2,070
3,177
3,233
2,957

-9,054
-9,280
-9,561
-12,902

-9,054
-9,280
-9,561
-12,902

-34,491
-29,826
-33,330
-42,165

-32,421
-26,649
-30,097
-39,208

2,070
3,177
3,233
2,957

31,663
59,738
62,527
117,759

20,792
47,103
47,940
103,371

-10,871
-12,635
-14,587
-14,388

-332,743
-337,467
-338,013
-343,142

2,815
3,099
3,243
4,441

-9,866
-10,154
-10,731
-13,671

-9,900
-10,134
-10,775
-13,699

-34
20
-44
-28

-43,491
-52,401
-60,538
-61,025

-40,835
-49,291
-57,277
-56,427

2,656
3,110
3,261
4,598

20,717
33,290
36,001
54,822

3,281
15,106
15,665
29,755

-17,436
-18,184
-20,336
-25,067

-351,607
-368,662
-391,401
-406,437

-345.676
-362,299
-385,035
-398,776

5,931
6,363
6,366
7,661

-11,051
-11,596
-11,761
-14,504

-11,107
-11,614
-11,641
-14,393

-56
-18
120
111

-66,448
-77,378
-88,063
-92,474

-59,672
-70,148
-80,143
-82,896

6,776
7,230
7,920
9,578

87,101
107,340
57,188
125,051

35,328
72,003
39,590
117,992

-51,773
-35,337
-17,598
-7,059

533
393
-409
-1,852

-432,624
-450,748
-463,461
^62,268

-422,527
-441,206
-455,079
-455,329

10,097
9,542
8,382
6,939

-11,924
-12,461
-13,080
-16,673

-11,749
-12,349
-12,925
-16,418

175
112
155
255

-104,903
-108,134
-115,305
-116,324

-94,098
-98,087
-107,177
-110,982

10,805
10,047
8,128
5,342

58,677
156,434
114,381
113,773

11,835
135,317
151,904
110,440

-46,842
-21,117
37,523
-3,333

-5,118
-4,110
-2,856
-4,524

-454,461
-431,524
-398,195
-381,150

-445,154
-418,930
-388,448
-373,174

9,307
12,594
9,747
7,976

-11,826
-12,130
-12,669
-13,876

-11,608
-11,916
-12,360
-13,579

218
214
309
297

-112,129
-107,932
-98,531
-98,835

-107,722
-99,234
-91,331
-95,086

4,407
8,698
7,200
3,749

103,704
154,570
40,275
157,346

86,695
101,574
42,867
150,709

-17,009
-52,996
2,592
-6,637

Revision

113
5,027
-1,332
-16,604

Revision

Previously
published

Revised

Revision

-82
156
694
1,038

Revision

Previously
published

Revised

Revision

July 2002

35

SURVEY OF CURRENT BUSINESS

at current cost is revised from a negative $1,842.7 billion to a negative $1,350.8 billion: U.S. assets abroad
are revised from $6,167.2 billion to $6,191.9 billion,
and foreign assets in the United States are revised from
$8,009.9 billion to $7,542.7 billion. On an alternative
valuation basis, the position with direct investment at
market value is revised from a negative $2,187.4 billion
to a negative $1,583.2 billion: U.S. assets abroad are revised from $7,189.8 billion to $7,350.9 billion, and for-

eign assets in the United States are revised from
$9,377.2 billion to $8,934.0 billion. Details on revisions
to individual series are shown in table 3.
Benchmark survey and annual surveys of
selected services
Each year, BEA's estimates of international services
transactions are revised to incorporate updated and
more complete source data. Most of the data are from

Table 2. Major Sources of Revisions, International Transactions Accounts, 1995-2001
[Millions of dollars]
(Credits +; debits - )

1

1995

1996

1997

1998

1999

2000

2001

Current account
Other private services receipts (line 10):
Revised
Changes due to 2001 benchmark survey of servicesRevisions due to updated source data
Previously published

108,109
-75
-4,708
112,892

Otherp
RevisedChanges due to 2001 benchmark survey of servicesRevisions due to updated source data
Previously published

-54,588
-1,803
-2,496
-50,289

Other private income payments (line 32):
Revised
Previously published
Interest on U.S. bonds:
Revised
Changes due to 2000 Treasury inward benchmark survey..
Revisions due to updated source data
Previously published
Dividends on U.S. stocks:
Revised
Changes due to 2000 Treasury inward benchmark survey..
Revisions due to updated source data
Previously published
Other:
Revised
Revisions due to updated bank and nonbank source data
Previously published..
:
U.S. Government income payments (line 33):
Revised
Changes due to 2000 Treasury inward, benchmark survey..
Revisions due to updated source data
Previously published

-96,490
-97,004

-97,079
-97,826

-112,117
-114,142

-127,052
-129,814

-136,455
-139,798

-179,217
-184,465

-156,784
-163,353

-21,404
455

-24,282
837

-28,169
1,887

-30,583
2,865

-40,239
3,531

-21,859

-25,119

-30,056

-33,448

-43,770

-51,856
5,931
-120
-57,667

-56,141
5,943
312
-62,396

-12,031
59

-13,194
-92

-13,976
138

r-15,765
-103

-17,058
135

-12,090

-13,102

-14,114

-15,662

-17,193

-19,563
-87
4
-19,480

-20,737
825
107
-21,669

-63,055

-59,603
2
-59,605

-69,972

-80,704

-63,055

"H69,972

"-80,704

-79,158
-323
-78,835

-107,798
-480
-107,318

-79,906
-618
-79,288

-53,809
3,561

-65,271
2,369

-78,638
9,412

-79,287
11,832

-74,547
20,584

-57,370

-67,640

-88,050

-91,119

-95,131

-82,973
24,823
-124
-107,672

-80,665
23,452
196
-104,313

91,544
-8,000

130,435
-16,000
2
146,433

28,581
-20,000

99,548

147,022
-8,000
26
154,996

48,581

^14,497
-24,000
-7
-20,490

-76,965
-24,000
-173
-52,792

-7,670
-24,000
551
15,779

77,249
96,367

103,272
130,240

161,409
197,892

156,315
218,091

298,834
343,963

455,213
485,644

407,653
498,433

49,883
-8,000
5
57,878

70,251
-12,000
29
82,222

66,865
-16,000
-167
83,032

105,947
-16,100

142,820
-16,400
-3
159,223

166,392
-16,400
1,719
181,073

201,944
-16,400
-8,588
226,932

13,889
-11,085
1
24,973

21,765
-14,929

4,721
-45,675
-1
50,397

43,097
-28,687

"36,694

25,784
-19,498
-5
45,287

71,784

96,418
-15,407
-5
111,830

86,256
-57,733
-289
144,278

13,477
-39
13,516

11,256
-68
11,324

68,760
-813
69,573

45,647
"45,647

112,917
-39
112,956

192,403
-338
192,741

119,453
-7,770
127,223

Financial account
U.S. Treasury securities (line 65):
Revised
:
Changes due to 2000 Treasury inward benchmark survey..
Revisions due to updated source data
Previously published
U.S. securities other than U.S. Treasury securities (line 66):
Revised
Previously published
Corporate bonds:
Revised
Changes due to 2000 Treasury inward benchmark survey....
Revisions due to updated source data
Previously published
Agency bonds:
Revised
Changes due to 2000 Treasury inward benchmark survey..
Revisions due to updated source data
Previously published

122,047

Corporate stocks:

Revised
Revisions due to updated source data..
Previously published:
11. 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.




NOTE. Line numbers refer to table 1 of the article on U.S. international transactions in this issue of the SURVEY.

36

July 2002

U.S. International Accounts

BEA's own surveys, but data are also from other government agencies, other countries, international organizations, private industry, and other sources.
This year, estimates of cross-border services transactions are revised to incorporate the preliminary results
of BEA's Benchmark Survey of Selected Services Transactions with Unaffiliated Foreign Persons for 2001.
This once-every-5-year benchmark survey of selected
business, professional, technical, and other services includes computer and data processing services; database
and other information services; legal services; management, consulting, and public relations services; operational leasing services; telecommunications services;
and various other services. The benchmark survey provides a more detailed breakdown of certain types of
services than is available from BEA's annual surveys.
For example, for telecommunications services, the
benchmark survey collects additional detail on message telephone services, private leased channel services,
value-added services, and support services. In addition, the benchmark survey covers several smaller ser-

vices not covered in the annual surveys in order to
reduce respondent burden; these services include agricultural services; mailing, reproduction, and commercial art services; employment agency and temporary
help services; and management of health care facilities.
Finally, the benchmark survey was redesigned to clarify
that transactions related to e-commerce and transactions conducted by the Internet were to be reported.
The survey was also updated to cover services that have
become increasingly important in today's global market, such as auction services.
In 2001, revisions from the benchmark survey account for $75 million of the $4.8 billion downward revision to "other" private services receipts and for $1.8
billion of the $4.3 billion upward revision to "other"
private services payments. BEA will publish the detailed results of the benchmark survey, along with results from its annual and quarterly services surveys, in
its annual article on international services in the fall.
That article will provide a picture of U.S. trade in services by type of service and by country from 1986

Table 3. Major Sources of Revisions, International Investment Position at Yearend, 1993-2001
[Millions of dollars]
1993

1994

1995

1996

1997

1998

1999

2000

2001

U.S. private assets:
Direct investment abroad at market value (line 18):
Revised
Changes due to improved source data for 1993-2000..
Revisions due to updated source data
Previously published

2,805,219
158,958
33,086
2,613,175

2,674,207
157,371
49,079
2,467,757

2,289,926

622,921

617,680
39,455

625,161
42,817

650,703

589,792

589,023

578,225

582,344

24,661
4,896

33,112
8,374

46,847
15,585

76,101
25,419

124,743
30,190

15,003

19,765

24,738

31,262

50,682

94,553

330,210
-28,327

440,832
-61,730

550,613
-111,615

562,036
-167,702

462,761
-197,932

388,774

358,537

502,562

662,228

729,738

660,693

400,966
-238,743
25
639,684

969,849
971,356

1,165,113
1,199,461

1,512,725
1,578,694

1,903,443
2,012,429

2,351,291
2,522,009

2,623,628
2,963,973

2,856,654

459,080
-22,134

539,308
-48,736

618,837
-96,359

724,619
-177,534

825,175
-236,749

1,392,620

481,214

588,044

715,196

902,153

1,061,924

1,075,988
-299,994
1,723
1,374,259

510,769
20,627

625,805
14,388

893,888
30,390

1,178,824
68,548

1,526,116
66,031

1,464,034

490,142

611,417

863,498

1,110,276

1,460,085

1,547,640
-42,016
-58
1,589,714

1,061,299
33,752

1,114,582
46,779

1,363,792
56,637

1,608,340
82,097

1,879,285
101,096

2,279,601
111,277

1,027,547

1,067,803

1,307,155

1,526,243

1,778,189

2,168,324

489,952
7,179

606,427
15,723

615,076
25,284

482,773

590,704

17,508
2,505

Foreign official assets in the United States:
U.S. Treasury securities (line 28):
Revised
Changes due to 2000 Treasury inward benchmark survey..
Revisions due to updated source data
Previously published
Other U.S. Government securities (line 29):
Revised
Changes due to 2000 Treasury inward benchmark survey..
Revisions due to updated source data
Previously published

148,141

Other foreign assets:
U.S. Treasury securities (line 37):
Revised
Changes due to 2000 Treasury inward benchmark survey..
Revisions due to updated source data.
Previously published
U.S. securities other than U.S. Treasury securities (line 38):
Revised
Previously published
Corporate and other bonds (line 39):
Revised
Changes due to 2000 Treasury inward benchmark survey..
Revisions due to updated source data
Previously published
Corporate stocks (line 40):
Revised
Changes due to 2000 Treasury inward benchmark survey..
Revisions due to updated source data
Previously published
1. Estimates were not previously published.
NOTE: Line numbers refer to table 1 of the article on the U.S. international investment position in this issue of the SURVEY.




( i)

July 2002

SURVEY OF CURRENT BUSINESS

37

and issuers of securities. For the benchmark survey
year, benchmark results are adjusted to reflect the
yearend position and serve as the basis for successive
annual estimates of the position until the next benchmark survey results are available. Both sets of source
data have their imperfections, but the benchmark surveys are considered more reliable than the transactions
data.
In order to link the two sets of source data and prepare annual position estimates between benchmark
years, BEA extrapolates the benchmark position estimate by adjusting it for net foreign purchases of U.S.
securities, as reported in the transactions reporting
system, and adding BEA's estimates of valuation adjustments to the position. The latter adjustments arise
from price changes, exchange-rate changes, and other
statistical changes (primarily changes in coverage of
the surveys). The process is repeated for each year.
When a new benchmark survey is completed, BEA
compares its investment position estimates based on
financial flows and valuation adjustments to the new
benchmark survey data. Differences are then attributed to the financial flow data from the transactions
reporting system or to BEA's valuation adjustments. In
past benchmark years, BEA has assigned nearly all of
the differences between the two estimates of the position to either the price change or the "change in statistical coverage" components of the investment position
Benchmark survey of foreign portfolio
accounts, leaving data on financial flows as reported by
investment in U.S. securities
the transactions reporting system little changed in
BEA bases its estimates of transactions and positions both the international transactions accounts and interin U.S. securities for the international transactions national investment position accounts. However, the
accounts and the international investment position size and nature of the differences this year suggest that
accounts on two sets of source data-—monthly transac- adjustments to the financial flow data are warranted.
tions data and data from once-every-5-year benchThe differences between the results from the Treamark surveys. The monthly transactions data, col- sury Department's Benchmark Survey of Foreign Portlected by the Treasury International Capital Reporting folio Investment in the United States for March 20001
System, provide aggregate (or summary) data on for- and BEA's previously estimated investment position
eign gross purchases and gross sales of U.S. securities for the same date are much larger, both in absolute and
with an original maturity of more than 1 year by type percentage terms, than in previous benchmark years.
of security (that is, U.S. Treasury securities, U.S. Overall, as of the March 2000 measurement date, BEA's
agency securities, corporate bonds, and stocks), that investment position overestimated foreign holdings of
2
are reported by banks, brokers, dealers, and other fi- U.S. securities by 9 percent, or $306 billion. Foreign
nancial intermediaries. The data provide timely infor- holdings of long-term U.S. Treasury securities were
mation on financial flows that are published quarterly overestimated by 19 percent, or $171 billion. Foreign
in the international transactions accounts. The onceevery-5-year benchmark surveys of foreign portfolio
1. Office of the Assistant Secretary, International Affairs, Department of
investment in the United States, also conducted by the the Treasury; Securities Report Division, Federal Reserve Bank of New
Department of the Treasury, provide a security-by-se- York; Division of International Finance, Board of Governors of the Federal
Reserve System, Report on Foreign Holdings of U.S. Long-term Securities as of
curity enumeration of foreign holdings of U.S. securi- March 31, 2000 (see <www.treas.gov>).
ties that are reported by custodians, subcustodians,
2. The estimate includes both private and foreign official holdings.
through 2001, as well as details on both cross-border
trade and sales through affiliates. An article on measurement issues in BEA's cross-border and affiliated
services estimates was published in the June 2002 issue
of the SURVEY OF CURRENT BUSINESS. The article discussed
measurement issues in a number of cross-border services—including insurance services and construction
services—as well as measurement issues involving sales
by affiliates.
In addition to revisions to the selected business,
professional, technical, and other services transactions
resulting from the benchmark survey, BEA's annual
survey of insurance transactions indicated that sizable
revisions to payments and receipts for 2001 were necessary despite already sizable adjustments incorporated into these accounts immediately after the events
of September 11th. Premiums paid and received are revised, as are losses recovered and losses paid. On balance, net insurance payments are raised $3.6 billion,
and net insurance receipts are lowered $3.2 billion, for
2001. BEA measures net insurance payments as premiums paid less losses recovered and net insurance receipts as premiums received less losses paid.
Results from BEA's annual survey of construction
and related services led to downward revisions to
"other" private services receipts. Receipts for these services are revised down $2.9 billion for 2001.




38

U.S. International Accounts

holdings of U.S. agency bonds were overestimated by
59 percent, or $154 billion. Foreign holdings of U.S.
corporate bonds were overestimated by 10 percent, or
$73 billion. In contrast, foreign holdings of U.S. stocks
were underestimated by 5 percent, or $91 billion.
U.S. Treasury securities. The BEA estimate of Treasury debt held by foreigners3 of $1,055 billion in March
2000 exceeded the benchmark result of $884 billion by
$171 billion, an overestimate of 19 percent. BEA attributes the difference both to the financial flow component of the investment position accounts and
transactions accounts and to the "change in statistical
coverage" component of the investment position accounts. The difference cannot be reasonably attributed
to the price adjustment component of the investment
position, because the cumulative price change since
the 1994 benchmark was only $7 billion out of a total
net change of $591 billion from December 1994 to
March 2000, and BEA is confident in its price adjustment.
Federal Reserve Board economists, along with BEA
economists, have identified several sources of inconsistency between the transactions data and the benchmark survey data.4 These inconsistencies include, in
the transactions data, understatement of Treasury
bond sales and redemptions, misreporting of repurchase agreements, misreporting of securities lending
transactions, misreporting of the use of Treasury securities as collateral in futures transactions, and misclassification of domestic transactions as cross-border
transactions (or vice versa). However, BEA lacks sufficient information to attribute the difference to any single cause or to assess the relative importance of the
different causes.
The percentage difference between the BEA estimate
and the March 2000 benchmark survey result is more
than triple the percentage difference between the BEA
estimate and the December 1994 benchmark survey
result. The expansion in the difference is likely related
to the rapid changes that occurred in financial markets
between the two benchmark surveys, to rapid changes
in market practices, to the explosion in the volume of
financial transactions (including redemptions), to improved communications, and to falling transactions
costs. Because it is not clear whether these changes led
the transactions reporting system to understate gross
sales, to overstate gross purchases, or to contain some
3. The estimate excludes short-term U.S. Treasury obligations.
4. William Griever, Gary Lee, and Francis Warnock, "The U.S. System for
Measuring Cross-Border Investment in Securities: A Primer with a Discussion of Recent Developments," Federal Reserve Bulletin (October 2001):
633-650.




July 2002

combination of both, BEA made the determination
that about half of the difference would be attributed to
the "change in statistical coverage" component in the
investment position accounts. The other half of the
difference required changes to the financial flow component of the transactions accounts and the investment position accounts. (In previous benchmark
years, all of the difference between the estimated and
benchmark positions was allocated to the "change in
statistical coverage" component of the investment position accounts.) Adjustments to financial flows are allocated over 5 years, with smaller adjustments in
earlier years and larger adjustments in more recent
years. Financial flows in Treasury securities are revised
-$8.0 billion for 1995 and 1996, -$16.0 billion for
1997, -$20.0 billion for 1998, and -$24.0 billion for
each year of 1999-2001.5 BEA will continue to adjust
financial flows in Treasury securities until results of the
next benchmark survey are available.
U.S. agency bonds. The BEA estimate of U.S. agency
debt held by foreigners of $415 billion in March 2000
exceeded the benchmark estimate of $261 billion by
$154 billion, an overestimate of 59 percent. BEA attributes the difference to the financial flow component
of the investment position and transactions accounts
and to the "change in statistical coverage" component
of the investment position accounts. The difference is
not attributable to the price change component in the
investment position accounts, because the cumulative
price change from December 1994 to March 2000 was
only $4 billion out of a total net change of $308 billion,
and BEA is confident in its price adjustment.
Difficulties in reporting agency debt transactions in
the transactions reporting system are likely due to special characteristics of agency securities, which come in
the form of mortgage-backed debt and straight debt.
Mortgage-backed agency securities include a paydown
of principal each month, and the securities maybe redeemed prior to original maturity if the underlying
mortgages are liquidated. Generally, the paydowns of
principal and early redemptions should be recorded as
sales, but there is no effective mechanism in the existing transactions reporting system to capture these paydowns and early redemptions. Straight debt agency
securities also create problems for the transactions reporting system because of the way in which agency
5. Adjustments to financial flows in U.S. Treasury securities are applied to
line 65 of table 1 of the standard presentation of the transactions accounts
and line 37 of table 1 of the standard presentation of the investment position accounts. Foreign official flows in U.S. Treasury securities in the transactions accounts are unrevised.

July 2002

SURVEY OF CURRENT BUSINESS

bond issuers manage interest-rate risk. During periods
when interest rates are high, much of the agency debt
issued is in the form of callable bonds. When interest
rates fall, issuers call in the callable debt and reissue it
as straight debt at lower interest rates. Calls of agency
bonds should be recorded as sales, but the transactions
reporting system probably misses many of these sales
because securities brokers and dealers are often not involved in the transactions. These characteristics suggest that much of the difference between BEA's
estimates of foreign holdings of agency bonds and the
benchmark survey results occurs during periods in
which interest rates declined significantly and debt was
being redeemed.
Using market data, BEA has developed a statistical
series to adjust financial flows over the 5-year period
between benchmarks. Agency issuers publish quarterly
reports on the amount of outstanding mortgagebacked debt liquidated each quarter as well as the
amount of straight debt that is called or redeemed before maturity. By assuming that the paydown and redemption patterns of foreign agency bond holdings are
similar to those of total agency debt holdings and by
knowing the share of total holdings held by foreigners
from the benchmark survey, BEA can use the data provided by issuers to estimate the amount of foreign
holdings that are liquidated, called, or redeemed in a
given quarter. This adjustment is then added to quarterly gross sales. BEA will continue to use the series to
adjust agency bond transactions for liquidations and
calls until results of the next benchmark survey are
available.
Revisions to financial flows for liquidations and
calls total -$11.1 billion for 1995, increase for 1996 and
1997, and reach -$45.7 billion for 1998, a year of low
interest rates. The revisions are somewhat smaller for
1999 and 2000, but they balloon to -$57.7 billion for
2001 when interest rates reached their lowest levels in
decades.6 The revisions to agency bonds eliminated
about 80 percent of the $154 billion difference between
the BEA position estimate and the benchmark survey.
The rest of the difference, which could be attributed to
many causes, was classified as a "change in statistical
coverage" in the investment position accounts; no adjustment for this difference was made to the transactions accounts.
6. Adjustments to financial flows in agency and corporate bonds are
applied to line 66 in table I of the standard presentation of the transactions
accounts and line 39 of table 1 of the standard presentation of the investment position accounts. Foreign official flows in agency and corporate
bonds in the transactions accounts are unrevised.




39

U.S. corporate bonds. The BEA estimate of corporate debt held by foreigners of $776 billion in March
2000 exceeded the benchmark estimate of $703 billion
by $73 billion, an overestimate of 10 percent. BEA attributes the error to the financial flow component of
the investment position accounts and transactions accounts. The difference is not attributed to price and exchange-rate adjustments, because the cumulative
adjustments from December 1994 to March 2000 are
only -$45 billion out of a total net change of $500 billion, and BEA is confident in its price and exchangerate adjustments.
Possible explanations for the overestimation of corporate debt holdings include an understatement of
early redemptions and redemptions at maturity, understatement of prepayments of asset-backed debt, and
misclassification of domestic transactions as cross-border transactions (or vice versa). Most of these difficulties would likely result in underreporting of gross
foreign sales relative to gross foreign purchases.
Adjustments similar to those used for agency bonds
are not possible, because the corporate bond market
does not have the same degree of homogeneity as the
agency market. Further, key market indicators are lacking. Consequently, BEA allocated the difference between the transactions-based estimate and the
benchmark estimate over the 5-year period from the
previous benchmark to the current benchmark.
Smaller adjustments are made in earlier years and
larger adjustments in later years. Financial flows for
corporate debt are revised -$8.0 billion for 1995,
-$12.0 billion for 1996, -$16.0 billion for 1997, -$16.1
billion for 1998, and -$16.4 billion each for 1999,
2000, and 2001.7 BEA will continue to adjust corporate
debt flows until results of the next benchmark survey
are available.
Stocks. In contrast to the overestimate of U.S. debt
holdings, the BEA estimate of foreign holdings of U.S.
stocks of $1,618 billion in March 2000 underestimated
the benchmark survey results of $1,709 billion by $91
billion, or 5 percent. The investment position estimate
of stocks differs from that of debt securities because
the price change is a much more important factor,
accounting for about 75 percent of the total change
between December 1994 and March 2000. Because the
price change accounts for such a large share of the total
change, the possibility for error in the price estimate
for stocks is much greater than the possibility for
error in the price estimate for debt. Therefore, BEA
7. See footnote 6.

40

U.S. International Accounts

attributes the difference, which is small in percentage
terms, to the price adjustment in the investment position accounts and leaves financial flows as reported in
the transactions reporting system in both the transactions accounts and the investment position accounts.
U.S. Government income payments and "other"
private income payments. Two of the income accounts, U.S. Government income payments and
"other" private income payments, have also been revised, based on information from the benchmark survey.
When the significant overstatements in the previously published estimates of foreign holdings of longterm debt instruments are restated to new, lower
amounts, associated estimates of interest payments are
also reduced. The lower (revised) position estimates
for debt are multiplied by representative market yields
to estimate revised interest payments. The yield methodologies associated with the interest estimates are not
changed as a result of the benchmark survey. BEA will
continue to base its estimates of interest payments on
the restated investment positions until results from the
next benchmark survey are available.
Payments of dividends on stocks are revised to take
account of the understatement in position indicated by
the benchmark survey and to incorporate a change in
BEAs methodology for calculating valuation adjustments to stocks. Incorporation of benchmark survey
results leads to slightly higher positions for 1995-2000,
but for 2000, the increase is more than offset by the effects of the methodological change. In the previous
methodology, a quarterly average of the S&P 500 index
was used to adjust the position for changes in price.
The new methodology uses end-of-quarter S&P 500
values to adjust the position. The new methodology
has relatively little effect on the positions for 1995-99,
but it results in a significant downward revision for
2000. Associated dividend payments change little for
1995-2000. BEA will continue to base its estimates of
dividend payments on the new positions and new
methodology until results from the next benchmark
survey are available.
Revisions to U.S. Government income payments reflect the downward revisions to interest payments on




July 2002

U.S. Treasury securities and U.S. agency bonds. U.S.
Government income payments are revised down $3.6
billion for 1995; the downward revisions grow to $24.8
billion for 2000 and $23.5 billion for 2001.
Revisions to "other" private income payments reflect small downward revisions to dividend payments
for many years and more sizable downward revisions
to interest payments on corporate bonds. In total,
"other" private income payments are revised down
$0.5 billion for 1995; the downward revisions grow to
$5.8 billion for 2000 and $6.8 billion for 2001.
Other improvements
Annual liabilities survey. An annual liabilities survey
of foreign residents' holdings of U.S. securities, including selected money market instruments, as of June
2002 is being conducted by the U.S. Treasury Department.8 Major custodians and issuers of securities are
being asked to provide a security-by-security enumeration of foreign holdings of U.S. debt and equity instruments and of selected money market instruments.
The sample survey results will be expanded to universe
estimates based on results from the March 2000 benchmark survey. The liabilities surveys will be conducted
annually except in every fifth year, when a full-scale
benchmark survey will be conducted. More frequent
information about foreign holdings of U.S. securities
will enable BEA to avoid large differences that accumu^
late between infrequent benchmark surveys and to improve both the international transactions accounts and
the international position accounts. The U.S. Treasury
Department has also committed to conducting annual
portfolio investment asset surveys that will be similar
to the annual portfolio investment liabilities surveys.
U.S. direct investment abroad at market value. The
estimates of U.S. direct investment abroad at market
value for 1993-2000 have been revised to incorporate
improved source data that more accurately revalue a
portion of transactions to yearend amounts. The impact of this revision is smaller in earlier years and
larger in later years.
8. Department of the Treasury, Federal Reserve Bank of New York, Board
of Governors of the Federal Reserve System, Foreign Residents' Holdings of
U.S. Securities, Including Selected Money Market

Instruments.

41

July 2002

U.S. International Transactions, First Quarter 2002
By Douglas B. Weinberg
The estimates presented in this article reflect an annual revision of the international transactions accounts.
For more information, see "Annual Revision of the U.S. International Accounts, 1993-2001" in this issue.

T

HE U.S. current-account deficit—the combined
balances on trade in goods and services, income,
and unilateral current transfers—increased to $112.5
billion in the first quarter of 2002 from $95.1 billion
(revised) in the fourth quarter of 2001 (table A, chart
I).1 The deficit on goods increased, as imports increased and exports decreased* and the surplus on services decreased, as services payments increased more
than services receipts. The balance on income shifted
to a deficit from a surplus, and net outflows for unilateral current transfers increased.
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 $99.4 billion in the first quarter, down from $150.7 billion (revised) in the fourth.
Financial inflows for foreign-owned assets in the

1. 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.

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 $12.9 billion in
the first quarter, in contrast to a negative $55.8 billion
in the fourth.
The following are highlights for the first quarter of
2002:
o Goods imports increased after decreasing sharply in
each of the previous four quarters; goods exports
decreased for the sixth consecutive quarter.
• Services imports and exports were boosted by a
rebound in international travel, but travel payments
and receipts remained well below year-earlier levels.
•Net foreign purchases of U.S. securities slowed
sharply from strong net foreign purchases in the
fourth quarter.
• U.S. claims and liabilities reported by U.S. banks
both decreased after increasing strongly in the
fourth quarter.

Table A. Summary of U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
2000
Line

Lines in tables 1 and 10 in which transactions are
included are indicated in ( )
(Credits+; debits-)

2000

2001

1,417,236
771,994
292,245
352,997
-1,774,135
-1,224,417
-218,503
-331,215
-53,442

1,281,793
718,762
279,260
283,771
-1,625,701
-1,145,927
-210,385
-269,389
-49,463

340,178
184,486
71,609
84,083
-422,527
-290,941
-52,326
-79,260
-11,749

837

826

210

2002

2001

Change:
2001 IV2002 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)
Capital account
Capital account transactions, net (39)
Financial account

355,468
191,411
73,874
90,183
-441,206
-303,581
-53,631
-83,994

360,827
199,641
73,057
88,129
-455,079
-314,779
-56,245
-84,055

-12,349

-12,925

360,765
196,456
73,706
90,603
-455,329
-315,116
-56,304
-83,909
-16,418

349,040
193,284
72,720
83,036
-445,154
-306,316
-56,848
-81,990

331,612
184,846
71,920
74,846
-418,930
-292,565
-57,525
-68,840

-11,608

-11,916

208

207

214
206

207

-388,448
-279,025
-43,078
-66,345
-12,360

291,667
167,358
65,572
58,737
-373,174
-268,021
-52,937
-52,216
-13,579

291,316
164,649
68,960
57,707
-387,953
-271,073
-57,394
-59,486
-15,850

206

205

201

309,477
173,274
69,051
67,152

-351
-2,709
3,388
-1,030
-14,779
-3,052
-4,457
-7,270
-2,271

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)

-606,489
-290

-370,962
-4,911

-228,888
-554

-110,470
2,020

-93,029
-346

-174,104
-1,410

-215,815
190

-80,036
-1,343

24,978
-3,559

-100,088
-199

-13,881
390

86,207
589

-941
-605,258

-486
-365,565

-127
-228,207

-570
-111,920

114
-92,797

-358
-172,336

77
-216,082

-783
-77,910

77
28,460

143
-100,032

239
-14,510

96
85,522

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)

1,015,986
37,640
978,346

752,806
5,224
747,582

240,723
22,711
218,012

245,787
6,563
239,224

244,933
12,904
232,029

284,544
-4,538
289,082

302,510
4,087
298,423

181,610
-20,831
202,441

17,889
16,882
1,007

250,797
5,086
245,711

113,315
9,034
104,281

-137,482
3,948
-141,430

10,701

82,053

-37,436

-44,934

328

20,819

-2,547

48,258

-55,828

12,852

68,680

-410,341
409,497

-393,371
381,844

-94,098
11,835

-98,087
135,317

-107,177
151,904

-110,982
110,440

-107,722
86,695

-99,234
101,574

-91,331
42,867

-95,086
150,709

-112,487
99,434

-17,401
-51,275

Statistical discrepancy (sum of above items with sign
reversed) (70)
Memoranda:

Balance on current account (76)
Net financial flows (40 and 55)
p

Preliminary.




U.S. International Transactions

42

July 2002

U.S. dollar in exchange markets

to an assessment that the risks to sustainable economic
In the first quarter, the U.S. dollar appreciated 3 per- growth had fallen and were now equally balanced with
cent on a nominal, trade-weighted quarterly average the risks to price stability.
basis against the group of seven major currencies that
Economic reports suggested that the euro-area
are widely traded in international markets (table B, economy might also be improving. Mid-quarter rechart 2). The U.S. dollar appreciated 2 percent against leases of the German Business Climate Index and the
the euro and 7 percent against the Japanese yen.
euro-area Purchasing Manager's Index were stronger
The dollar appreciated amid indications that the than expected, contributing to appreciation of the euro
U.S. economic downturn had ended. Economic re- against the dollar in the second half of the quarter. The
ports released during the first quarter indicated that European Central Bank left its rate on refinancing opU.S. economic activity was recovering more quickly erations unchanged.
and more strongly than previously expected. As the
After appreciating sharply against the Japanese yen
quarter progressed, prices in U.S. financial markets be- at the end of 2001, the dollar appreciated further
gan to reflect the improved economic prospects, in- against the yen through most of the first quarter. (The
cluding a rebound in U.S. stock market prices in dollar fluctuated widely against the yen in March but
March. U.S. monetary authorities left the target level was little changed by the end of the month.) In the first
for the Federal funds rate unchanged, but they did shift quarter, Japanese economic conditions changed little,
and concerns mounted about the health of the Japanese financial sector as the end of Japan's fiscal year on
March 31 approached. Japanese financial asset prices
fell sharply in the first half of the quarter, but they reU.S. Current-Account Balance and
bounded in the second half when the Japanese GovIts Components
ernment announced several measures that were
Billion $
supportive of the financial sector.
40

20

CHART 2

0

Nominal Indexes of Foreign Currency
Price of the U.S. Dollar

-20
Balance on

-40

January 1999=100

current account

120

-60
-80
-100

-120
40
,- Balance on services

20
0

-20

Unilateral current transfers, net

-40
-60
-80
Balance on goods

-100

70
1998

1999

2000

2001

-120
1995

1996

1997

1998

1999

2000

Seasonally adjusted
U.S. Bureau of Economic Analysis




2001

2002

Note.-See table B for definitions of the indexes. Monthly average rates.
Data: Federal Reserve Board. Indexes rebased by BEA,
U.S. Bureau of Economic Analysis

2002

July 2002

43

SURVEY OF CURRENT BUSINESS

The U.S. dollar appreciated 1 percent against both
the Canadian dollar and the British pound, and it depreciated 1 percent against the Mexican peso and 7
percent against the Brazilian real. The dollar appreciated sharply against the Argentine peso after the Argentine Government adopted a floating exchange-rate
policy in early January, following several months of
economic and financial crisis.

Current Account
Goods and services
The deficit on goods and services increased to $94.9
billion in the first quarter from $88.0 billion in the
fourth. The deficit on goods increased, and the surplus
on services decreased.
Goods

The deficit on goods increased $5.8 billion, to $106.4
billion, in the first quarter after decreasing in the previous four quarters. Imports increased after falling
sharply in recent quarters, and exports continued to
decline.
Exports. Exports decreased $2.7 billion, or 2 percent, to $164.6 billion in the first quarter. Real exports
decreased 1 percent, and export prices decreased less
than 1 percent (table C).2 The decrease in value was the
sixth consecutive quarterly decrease, but it was substantially smaller than the decreases in the previous
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.

three quarters.
In the first quarter, exports of most major end-use
commodities decreased in value. A $1.1 billion decrease in capital goods was largely attributable to a
continued decline in computers, peripherals, and
parts; the first-quarter decrease mostly reflected a drop
in shipments to Western Europe, where spending for
information technology had weakened. Most other
types of machinery also declined, though generally by
smaller amounts than in the fourth quarter. In con-

Revisions to the Estimates
Estimates presented in this article reflect an annual
revision of the international transactions accounts,
which incorporates methodological and statistical
improvements and newly available source data. The
estimates for goods have been revised for 1999-2001,
the estimates for services have been revised for 19982001, and the estimates for income and financial flows
have been revised for 1995-2001. For more information, see "Annual Revision of the U.S. International
Accounts, 1993-2001" in this issue.
For the fourth quarter of 2001, the current-account
deficit was revised to $95.1 billion from $98.8 billion.
The goods deficit was virtually unrevised at $100.7 billion, the services surplus was revised to $12.6 billion
from $17.5 billion, the balance on income was revised
to a surplus of $6.5 billion from a deficit of $1.7 billion, and unilateral current transfers were revised to
net outflows of $13.6 billion from net outflows of
$13.9 billion. Net recorded financial inflows were
revised to $150.7 billion from $157.3 billion.

Table B. Indexes of Foreign Currency Price of the U.S. Dollar
[January 1999=100]
2002

2001

Nominal:1
Broad 2
Major currencies3
Other important trading
partners4
Real: 1
Broad2
Major currencies3
Other important trading
partners4
Selected currencies: (nominal)5
Canada
European currencies:
Euro area 6
United Kingdom
Switzerland
Japan

Mexico
Brazil

April

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

109.9
114.6

109.7
114.5

110.4
115.4

110.8
115.6

109.1
113.2

109.4
112.7

110.2
113.7

110.6
115.1

110.7
115.8

112.2
117.8

112.9
118.6

112.3
117.4

107.7
111.1

110.0
114.8

109.8
113.8

110.5
114.9

112.5
117.9

109.1
113.4

104.3

105.0

105.6

106.0

106.8

104.7

105.1

104.8

105.2

105.9

104.9

106.1

106.6

105.9

105.5

106.5

107.0

106.9

109.5
114.7

112.1
118.4

111.7
117.5

111.9
118.7

113.7
121.8

111.0
117.1

111.8
118.2

111.8
118.0

112.6
119.1

112.9
119.4

110.9
116.7

111.4
116.5

111.7
117.4

112.1
119.2

111.9
119.4

113.4
121.5

114.0
122.5

113.7
121.4

103.3

104.7

105.0

104.1

104.5

103.8

104.4

104.5

105.1

105.4

104.2

105.4

105.0

103.9

103.4

104.2

104.3

104.9

100.5

101.4

101.8

104.0

105.0

102.6

102.5

101.4

100.3

100.8

101.3

103.2

103.4

104.8

103.9

105.3

105.1

104.5

125.7
113.2
120.0
104.3
95.7
133.6

132.7
116.1
126.3
108.3
90.7
151.3

130.1
114.7
122.0
107.2
91.3
168.9

129.6
114.4
118.9
109.3
91.2
168.7

132.2
115.7
121.3
116.9
90.0
157.6

127.6
114.2
122.0
107.3
94.8
138.6

129.9
115.0
123.6
109.3
92.1
145.1

132.4
115.7
126.5
107.5
90.3
151.6

135.9
117.7
128.9
108.0
89.7
157.3

134.5
116.6
126.8
109.9
90.5
163.6

128.6
114.8
121.3
107.1
90.2
166.2

127.2
112.7
117.9
104.7
93.1
177.0

128.1
113.8
118.0
107.2
92.2
181.3

130.5
114.9
119.1
108.1
91.1
168.5

130.1
114.5
119.6
112.6
90.4
156.3

131.2
115.2
120.6
117.1
90.5
157.4

133.1
116.0
122.5
118.0
89.9
160.3

132.2
115.9
120.8
115.7
89.5
155.1

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 the euro-area countries, Australia,
Canada, Japan, Sweden, Switzerland, and the United Kingdom. The weight for each currency is its broadindex weight divided by the sum of the broad-index weights for all of the currencies included in the major




2002

2001
Mar.

currency index. Data: Federal Reserve Board. Monthly and quarterly average rates. Index rebased by BEA.
4. Weighted average of the foreign exchange value of the U.S. dollar against broad-index currencies that
do 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 broadindex weight divided by the sum of the broad-index weights for all of the currencies included in the other
important trading partners index. Data: Federal Reserve Board. Monthly and quarterly average rates. Index
rebased by BEA.
5. Data: Federal Reserve Board. Monthly and quarterly average rates. Indexes prepared by BEA.
6. The euro area includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,
Netherlands, Portugal, and Spain.

U.S. International Transactions

44

trast, semiconductors increased, following substantial
declines in the previous five quarters; the first-quarter
increase reflected a rise in worldwide sales of semiconductors and an apparent end to inventory liquidation.
Civilian aircraft, engines, and parts increased for the
first time in four quarters.
Consumer goods decreased $0.6 billion, reflecting
declines in durable and nondurable goods; the largest
decrease was in medical, dental, and pharmaceutical
preparations. Nonagricultural industrial supplies and
materials decreased $0.5 billion, mostly as a result of
declines in petroleum and products and in paper and
related products; chemicals increased after dropping
for five consecutive quarters. Agricultural products decreased $0.2 billion, as both meat products and soybeans fell. Automotive products edged lower; a
rebound in exports to Canada was more than offset by
a drop in exports to other areas to the lowest level since
the fourth quarter of 1999.
Imports. Imports increased $3.1 billion, or 1 percent, to $271.1 billion in the first quarter, following sizable declines in the previous four quarters. Real
imports increased 2 percent, and import prices decreased 1 percent (table C). In value, an increase in
nonpetroleum products more than offset a decrease in
petroleum products.
Nonpetroleum products increased $4.1 billion, or 2
percent, reflecting increases in all major end-use commodities. Consumer goods increased $1.7 billion,
largely as a result of a rise in durable goods, such as
televisions and video receivers, household and kitchen
appliances, and toys and sporting goods. Capital goods
increased $1.3 billion after falling for five consecutive
quarters. The first-quarter increase was more than ac-

July 2002

counted for by a step-up in high-tech equipment, particularly computers, peripherals, and parts, largely
reflecting strengthened U.S. business investment in
these products. Civilian aircraft fell sharply from a
high level, and several other major capital goods commodities also decreased. Automotive products increased $0.7 billion; the increase was mostly accounted
for by passenger cars and parts from Canada. Nonpetroleum industrial supplies and materials changed little as a result of large offsetting changes in a few major
commodities.
Petroleum and products decreased $1.1 billion, or 5
percent, the sixth consecutive quarterly decline. The
first-quarter decrease was more than accounted for by
a drop in the average number of barrels imported
daily, to 11.44 million from 12.07 million in the fourth
quarter. The average price per barrel increased slightly
to $18.40 from $18.32.
Balances by area. The goods deficit with Latin
American countries increased $4.2 billion—$2.7 billion with Mexico—mostly resulting from a decline in
exports.3 The deficit with Canada increased $3.1 billion as a result of an increase in imports, and the deficit
with Germany increased $0.6 billion. In contrast, the
deficit with China, the largest deficit with any country,
decreased $1.2 billion because of a decline in imports.
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.)

Table C. U S. Trade in Goods, Current and Chained (1996) Dollars, and Percent Changes from Previous Period
[Balance of payments basis, millions of dollars, quarters seasonally adjusted]
Chained (1996) dollars 1

Current dollars
2002

2001
2000

2000

I

Exports
Agricultural products
Nonagricultural products
Imports
Petroleum and products
Nonpetroleum products

2001

2001

II

III

IV

2002

2001

I

I"

II

III

IV

I"

771,994
52,801
719,193

718,762
54,889
663,873

193,284
13,647
179,637

184,846
13,637
171,209

173,274
13,643
159,631

167,358
13,962
153,396

164,649
13,781
150,868

821,229
68,529
752,247

769,913
70,653
700,015

205,403
17,541
187,905

197,274
17,710
179,653

185,916
17,270
168,922

181,320
18,132
163,535

178,772
18,085
161,184

1,224,417
120,185
1,104,232

1,145,927
103,588
1,042,339

306,316
29,164
277,152

292,565
28,545
264,020

279,025
25,634
253,391

268,021
20,245
247,776

271,073
19,165
251,908

1,293,747
86,004
1,205,086

1,248,209
88,535
1,155,413

324,487
22,696
300,599

314,925
23,039
290,771

305,948
21,308
283,753

302,849
21,492
280,290

308,038
20,432
286,911

Percent change from previous period (current dollars)

2000

2001

I

II

Percent change from previous period (chained (1996) dollars)
2002

2001

III

IV

I"

2002

2001
2000

2001

I

II

III

IV

I"

Exports
Agricultural products
Nonagricultural products

12.9
6.3
13.4

-6.9
4.0
-7.7

-1.6
3.2
-2.0

-4.4
-0.1
-4.7

-6.3
0.0
-6.8

-3.4
2.3
-3.9

-1.6
-1.3
-1.6

11.6
8.4
11.9

-6.2
3.1
-6.9

-1.5
2.7
-1.8

-4.0
1.0
-4.4

-5.8
-2.5
-6.0

-2.5
5.0
-3.2

-1.4
-0.3
-1.4

Imports
Petroleum and products
Nonpetroleum products

18.9
77.3
14.8

-6.4
-13.8
-5.6

-2.8
-8.2
-2.2

-4.5
-2.1
-4.7

-4.6
-10.2
-4.0

-3.9
-21.0
-2.2

1.1
-5.3
1.7

13.5
5.6
14.1

-3.5
2.9
-4.1

-1.8
5.7
-2.5

-2.9
1.5
-3.3

-2.9
-7.5
-2.4

-1.0
0.9
-1.2

1.7
-4.9
2.4

" Preliminary.
1. Because chain indexes use weights of more than one period, the corresponding chained dollar estimates are usually not additive.




July 2002

Services
The surplus on services decreased $1.1 billion, to $11.6
billion, in the first quarter. Receipts increased to $69.0
billion from $65.6 billion, and payments increased to
$57.4 billion from $52.9 billion.
Travel receipts increased to $17.2 billion from $14.7
billion, and travel payments increased to $14.7 billion
from $12.9 billion. The sharp increases were largely attributable to a rise in overseas travel by U.S. and foreign residents, which had fallen sharply after the
September ll l h terrorist attacks. However, overseas
travel, as well as travel between the United States and
both Canada and Mexico, remained well below yearearlier levels.
Passenger fare receipts increased to $4.2 billion from
$3.6 billion, and passenger fare payments increased to
$5.1 billion from $4.5 billion. The increases were
mostly attributable to an increase in the number of international travelers.
"Other" transportation receipts and payments were
virtually unchanged and remained substantially below
their peak levels of a year and a half ago. Receipts were
virtually unchanged at $6.7 billion. Port services edged
slightly higher, as an increase in air port services, reflecting a rebound in the number of foreign visitors to
the United States, was largely offset by a decrease in
ocean port services, resulting mostly from a decline in
the volume of U.S. exports transported by foreign-operated vessels. "Other" transportation payments were
virtually unchanged at $9.0 billion. Increases in air
freight and in air port services were offset by decreases
in ocean freight and ocean port services.
Receipts for "other" private services were virtually
unchanged at $27.6 billion. An increase in unaffiliated
services, resulting from increases in all major services
categories, was offset by a decrease in affiliated services. Payments for "other" private services increased
to a record $18.7 billion from $17.4 billion. Net insurance payments increased strongly as a result of a sizable increase in premiums paid to reinsurance
companies abroad. Most other unaffiliated services increased by small amounts, and affiliated services decreased.
Income
The balance on income shifted to a deficit of $1.8 billion in the first quarter from a surplus of $6.5 billion in
the fourth. Income receipts decreased to $57.7 billion
from $58.7 billion, and income payments increased to
$59.5 billion from $52.2 billion.
Receipts of income on U.S. direct investment abroad
increased to $28.1 billion from $27.4 billion (chart 3).
Earnings increased modestly after decreasing for four
consecutive quarters. (The recent weakness in earnings



45

SURVEY OF CURRENT BUSINESS

was attributable to weak economic conditions abroad
and to the appreciation of the U.S. dollar, which reduced the value of foreign currency earnings when
translated into U.S. dollars.) The first-quarter increase
in earnings was largely attributable to financial affiliates (investment banks, brokers and dealers, and insurance affiliates), though their earnings remained
substantially below year-earlier levels. Earnings of
manufacturing affiliates and of petroleum affiliates
continued to decrease.
Income on foreign direct investment in the United
States shifted to profits of $7.2 billion from losses of
$1.2 billion. The shift was attributable to a rebound in
earnings to small profits from record losses. Earnings
of financial affiliates improved the most. Losses by
manufacturing affiliates decreased, largely reflecting
CHART 3

Investment Income
Billion $
120
RECEIPTS
• Direct investment
Other private
100
• U.S. Government

80

Total

60

40

20

- l l - l l l

_] - l l - l l - l l . l - l

I

I

-100
PAYMENTS

-80
Total

-60

-40

-20

iU,

I
I
I
2001
Seasonally adjusted
U.S. Bureau ot Economic Analysis
20 I

I

I
L
2000

I

I
I
2002

U.S. International Transactions

46

smaller losses by "other" manufacturing affiliates and
stronger profits by chemical affiliates. Earnings of petroleum affiliates shifted to small profits from small
losses.
"Other" private income receipts decreased to $28.2
billion from $29.7 billion (chart 3). Since the fourth
quarter of 2000, income receipts have fallen 45 percent
as a result of declines in average yields, reflecting the
weakening of foreign demand for short-term credit
and the easing of monetary policies in major foreign
countries (however, monetary policies in most foreign
countries were unchanged in the first quarter of 2002).
In the first quarter of 2002, decreases in receipts on
bank and nonbank claims, mostly reflecting lower average yields, more than offset an increase in receipts on
U.S. holdings of foreign securities.
"Other" private income payments decreased to
$31.5 billion from $32.2 billion.4 Since the fourth
quarter of 2000, income payments have fallen 34 percent as a result of declines in average yields, reflecting
the weakening of U.S. demand for short-term credit
and the easing of monetary policy in the United States
(however, monetary policy in the United States was
unchanged in the first quarter of 2002). In the first
quarter of 2002, decreases in payments on bank and
nonbank liabilities, reflecting lower average yields,
more than offset an increase in payments on foreign
holdings of U.S. securities.
U.S. Government income receipts decreased to $0.8
billion from $1.0 billion, and U.S. Government income
payments decreased to $18.5 billion from $19.0 billion.
Unilateral current transfers
Unilateral current transfers were net outflows of $15.9
billion in the first quarter, up from net outflows of
$13.6 billion in the fourth. The increase was largely accounted for by an increase in U.S. Government grants
that resulted from the annual disbursement of funds to
Israel and Egypt under the credit waiver program to finance military purchases and for general economic
support.

Capital Account
Capital account transactions were virtually 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
4. Estimates for "other" private income payments and for U.S. Government income payments have been revised downward for 1995-2001. For
more information, see "Annual Revision of the U.S. International Accounts,
1993-2001" in this issue.




July 2002

$99.4 billion in the first quarter, down from $150.7 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 $13.9 billion
in the first quarter, following an increase of $100.1 billion in the fourth. The slowdown was more than accounted for by a shift in U.S. claims on foreigners
reported by banks to a decrease in the first quarter
from a large increase in the fourth, a shift to net U.S.
sales of foreign securities from net U.S. purchases, and
a decrease in net outflows for U.S. direct investment
abroad. In contrast, U.S. claims on foreigners reported
by nonbanks increased in the first quarter after decreasing in the fourth.
U.S. official reserve assets. U.S. official reserve assets decreased $0.4 billion in the first quarter, in contrast to an increase of $0.2 billion in the fourth (table
D). The first-quarter decrease was more than accounted for by a decrease in the U.S. reserve position
in the International Monetary Fund (IMF), reflecting
net payments of U.S. dollars to the IMF by foreign
countries.
Claims reported by banks and by nonbanks. U.S.
claims on foreigners reported by U.S. banks decreased
$10.0 billion in the first quarter, in contrast to a large
increase of $83.7 billion in the fourth (chart 4). Banks'
own claims increased much less in the first quarter
than in the fourth, and banks' domestic customers'
claims decreased after an increase.
Banks' own claims payable in dollars decreased $1.2
billion, in contrast to an increase of $48.0 billion. The
first-quarter decrease, the second in three quarters, reflected unsteady foreign demand for U.S. bank credit,
resulting from continued weakness abroad in overall
economic activity, in merger and acquisition activity,
and in syndicated lending. In addition, a rise in loan
defaults, as well as presumed losses by a few banks on
transactions with a large U.S. energy trading company,
may have contributed to banks' greater risk aversion in
lending. In the first quarter, claims of U.S.-owned
banks decreased, largely reflecting the repayment of
funds by branches in the Caribbean, and claims of foreign-owned banks in the United States increased moderately.
Banks' domestic customers' claims payable in dollars decreased $12.3 billion, in contrast to an increase
of $30.5 billion. The first-quarter decrease was attributable to decreases in all types of customers' claims.
The largest decrease was in dollar deposits abroad,
which had increased strongly in the fourth quarter.
Claims reported by U.S. nonbanking concerns in-

July 2002

47

SURVEY OF CURRENT BUSINESS

quarter, down from $27.5 billion in the fourth. The decrease was attributable to a decrease in net equity
capital outflows and an increase in net intercompany
debt inflows. Reinvested earnings changed little. The
drop in net equity capital outflows partly reflected a
few large U.S. sales of existing foreign affiliates. U.S.
acquisitions of foreign companies increased slightly.

creased S4.0 billion, in contrast to a decrease of S3/.2
billion. The first-quarter increase was more than accounted for by an increase in nonbank financial intermediaries' claims.
Foreign securities. Transactions in foreign securities shifted to net U.S. sales of $2.0 billion in the first
quarter from net U.S. purchases of $26.1 billion in the
fourth. Transactions in foreign stocks shifted to net
U.S. sales of $1.5 billion from net U.S. purchases of
$18.7 billion, and transactions in foreign bonds shitted
to net U.S. sales of $0.6 billion from net U.S. purchases
of $7.4 billion.
The shift to net U.S. sales of foreign stocks was
largely accounted for by transactions unrelated to
mergers and acquisitions; exchanges of stock resulting
from foreign acquisitions of U.S. companies decreased
modestly to a small amount. After rising strongly in
the fourth quarter, stock prices in most European
countries and in Canada rose moderately or declined
in the first quarter. Nonmerger-related transactions
with most European countries shifted to net U.S. sales,
including transactions with the United Kingdom,
where stocks of many foreign countries are traded. Net
U.S. sales to Canada increased. Transactions with Japan shifted to net U.S. sales, as Japanese stock prices
were volatile. In contrast, transactions with Latin
America shifted to net U.S. purchases, partly in response to strong stock price increases in a few Latin
American countries.
In bond transactions, new foreign issues in the
United States decreased, and transactions in outstanding foreign bonds shifted to net U.S. sales from net U.S.
purchases. New issues in the United States by foreign
private corporations fell sharply, partly reflecting U.S.
investors' increased cautiousness in the wake of several
high-profile U.S. corporate bankruptcies. The shift to
net U.S. sales of outstanding foreign bonds was accounted for by a shift to net U.S. sales to Western Europe that partly resulted from a decline in Western
European corporate bond prices.
Direct investment. Net financial outflows for U.S.
direct investment abroad were $22.5 billion in the first

CHART 4

Financial Flows
Billion $

250
200
150

FLOWS FOR FOREIGN-OWNED ASSETS
IN THE UNITED STATES
• Foreign direct investment in the Umtea States
& US. Treasury securities
U.S. securities other than U.S. Treasury securities
• U.S. liabilities reported by U.S. banks
B U.S. liabilities reported by U.S. nonbanks

Financial inflows (+)

100
50
0
-50
-100
-250

FLOWS FOR U S -OWNED ASSETS ABROAD

-200

• U.S direct investment abroad
Foreign securities
• U.S. claims reported by U.S. banks
M U.S. claims reported by U S. nonbanks

-150
-100
-50
0
50
i
100

2000

i

i

J

L

2002

2001

U.S. Bureau of Economic Analysis

Table D. Selected Transactions with Official Agencies
[Millions of dollars]
2000

Changes in loreign official assets in the United Stales, net ( d e c r e a s e - )
(table 1 line 56)
Industrial c o u n t r i e s ;
.
Members of OPEC- ..
Other countries
Changes in U S official reserve assets, net ( i n c r e a s e - ) (table 1. line 41)
• Prelimmarv
1 Western Europe Canada. Japan. ALT rana. N^.v Zealand, and South A I i o




2002

Change:

I

II

III

IV

I

II

2001

III

IV

l»

2002 I

16,882
7.199
^,081
13,764

5,086
8.465
3,382
-6,761

9,034
6,145
- 8 471
11,360

3,948
-2,320
-11,853
18,121

-3.559

-199

390

589

37.6-10
14,089
12.000
11,551

5.224
-1.616
-1.725
8,565

22,711
12,780
6 282
3,649

6,563
14,274
1,799
-9,510

12,904
- 3 124
3,731
12,297

-4.538
-9.841
188
5115

4,087
-7,273
10.687

-20,831
-10,007
-1,699
-9,125

-290

-4,911

-554

2,020

-346

-1,410

190

-1,343

673

? Based on data (or Ecuador. Venezuela. Indonesia, and other Asian and African oil-exporting counines
E'dudes Ecuador beginning January 1993 and Gabon beginning January 1995

48

U.S. International Transactions

Foreign-owned assets in the United States
Net foreign-owned assets in the United States increased $113.3 billion in the first quarter, following an
increase of $250.8 billion in the fourth. The slowdown
was more than accounted for by the following: U.S. liabilities to foreigners reported by banks shifted to a decrease from a large increase, transactions in U.S.
Treasury securities shifted to net foreign sales from net
foreign purchases, and net foreign purchases of U.S.
securities other than U.S. Treasury securities slowed. In
contrast, U.S. liabilities to foreigners reported by nonbanks increased more in the first quarter than in the
fourth, and net inflows for foreign direct investment in
the United States increased.
Foreign official assets. Foreign official assets in the
United States increased $9.0 billion in the first quarter,
following an increase of $5.1 billion in the fourth (table D). The first-quarter increase was more than accounted for by increases in assets of non-OPEC
developing countries and of industrial countries. Assets of OPEC members decreased.
Liabilities reported by banks and by nonbanks.
U.S. liabilities to foreigners reported by U.S. banks, excluding U.S. Treasury securities, decreased $25.3 billion in the first quarter, in contrast to an increase of
$85.6 billion in the fourth (chart 4). Banks' own liabilities decreased in the first quarter after increasing
strongly in the fourth quarter, and banks' custody liabilities also decreased after an increase.
Banks' own liabilities payable in dollars decreased
$21.2 billion in the first quarter, in contrast to an increase of $78.9 billion in the fourth. The first-quarter
decrease, the second in three quarters, reflected unsteady U.S. bank demand for foreign funds, partly resulting from continued weakness in U.S. fixed
investment. The decrease was also partly attributable
to a cutback in international lending by U.S. banks and
to the availability of adequate liquidity from U.S.
sources. U.S.-owned banks' liabilities decreased
sharply after increasing sharply, as U.S.-parent offices
repaid previously borrowed funds to offices in Caribbean financial centers and in Western Europe. In contrast, foreign-owned banks' liabilities increased, largely
as a result of borrowing by Japanese-owned branches
in the United States.
Banks' custody liabilities payable in dollars
decreased $5.5 billion, in contrast to an increase of
$6.4 billion. Liabilities reported by U.S. nonbanking
concerns increased $34.7 billion, following an increase
of $1.2 billion. The first-quarter increase partly
reflected an increase in nonbank financial intermediaries' liabilities.
U.S. Treasury securities. Transactions in U.S. Treasury securities shifted to net foreign sales of $5.7 bil-




July 2002

lion in the first quarter from net foreign purchases of
$27.2 billion in the fourth. U.S. Treasury security
prices were higher through late February; thereafter,
indications that U.S. economic activity was recovering
more quickly and more robustly than previously expected caused U.S. bond prices to decline. Net foreign
sales of U.S. Treasury securities were concentrated in
January, when some foreign investors may have sold
securities that were acquired in the fourth quarter.
Other U.S. securities. Net foreign purchases of U.S.
securities other than U.S. Treasury securities were
$70.3 billion in the first quarter, down from $99.3 billion in the fourth. Net foreign purchases of U.S. corporate and other bonds were $45.4 billion, down from
$66.3 billion, and net foreign purchases of U.S. stocks
were $25.0 billion, down from $33.0 billion.
The decrease in net foreign purchases of U.S. bonds
was attributable to a decline in net foreign purchases of
U.S. agency bonds. Net foreign purchases of agency
bonds were especially weak in January but picked up
considerably by March. In contrast, new issues sold
abroad by U.S. corporations were the strongest in
more than a year. Highly rated U.S. borrowers sought
to lock in low interest rates as the apparent strengthening of U.S. economic activity portended a possible increase in future borrowing costs. Net foreign purchases
of other outstanding bonds decreased, as U.S. corporate bond prices were affected by several high-profile
bankruptcies and ratings downgrades.
The slowdown in net foreign purchases of U.S.
stocks partly reflected the much weaker performance
of U.S. stock prices in the first quarter than in the

Data Availability
Interactive access to the estimates that are presented in
tables l-10a of the U.S. international transactions
accounts is available on BEA's Web site at
<www.bea.gov>. You may view the most recent quarterly estimates (annual estimates for table 10a) for an
entire table with a single mouse click, or you may
select the period, frequency, and line items that you
wish to view. The estimates are available as an HTML
table or as comma-separated values that can be downloaded and imported into a spreadsheet or database.
The current and historical estimates in tables 1-1 Oa
are also available as compressed files on BEA's Web
site; click on "Catalog of Products," and look under
"International Accounts Products," "Balance of Payments."
The estimates are also available on diskettes. For
more information, call BEA's Order Desk at 1-800704-0415 (outside the United States, call 202-6069666).

July 2002

SURVEY OF CURRENT BUSINESS

fourth. Early in the first quarter, concerns about corporate accounting practices contributed to declines in
U.S. stock prices. However as the quarter progressed,
increasing indications that U.S. economic activity was
improving boosted stock prices. By quarter's end, the
S&P 500 stock price index was unchanged from the
start of the quarter, the Dow Jones Industrial Average
Index was 4 percent higher, and the NASDAQ Composite Index was 5 percent lower.
U.S. currency flows. Net U.S. currency shipments to
foreigners were $4.5 billion in the first quarter, down
from $10,5 billion in the fourth. Shipments to Argentina fell sharply as the Argentine Government adopted
a floating exchange rate policy and instituted other
measures in an attempt to stabilize the country's financial and economic situation.




49

Direct investment. Net financial inflows for foreign
direct investment in the United States were $25.7 billion in the first quarter, up from $21.9 billion in the
fourth. A decrease in net equity capital inflows was
more than offset by an increase in net intercompany
debt inflows and by less negative reinvested earnings.
After slowing sharply in 2001, net equity capital inflows remained sluggish in the first quarter of 2002, reflecting the downturn in foreign acquisitions of U.S.
companies. Net intercompany debt inflows were
boosted by a rise in debt inflows to manufacturing affiliates. A shift in earnings to small profits from substantial losses caused reinvested earnings to become
less negative.
Tables 1 through 10a follow.

U.S. International Transactions

50

July 2002

Table 1. U.S. International
[Millions
(Credits +; debits - )

Line

1

Current account
Exports of goods and services and income receipts
Exports of goods and services
Goods, balance of payments basis2
Services3
Transfers under U.S. military agency sales contracts4
Travel
Passenger fares
Other transportation
Royalties and license fees5
Other private services5
U.S. Government miscellaneous services
Income receipts
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 basis2
Services3
Direct defense expenditures
Travel
Other transportation
Royalties and license fees5
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 grants4
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
Gold7
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 securities9
U.S. Treasury
securities
Other10
Other U.S. Government liabilities11
U.S. liabilities reported by U.S. banks, not included elsewhere...
Other foreign official assets12
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities
U.S. 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 70.




1970

1971

1972

68,387
56,640
42,469
14,171
4,214
2,331
544
3,125
2,331
1,294
332
11,748
11,748
8,169
2,671
907

72,384
59,677
43,319
16,358
5,472
2,534
615
3,299
2,545
1,546
347
12,707
12,707
9,160
2,641
906

-59,901
-54,386
-39,866
-14,520
-4,855
-3,980
-1,215
-2,843
-224
-827
-576
-5,515
-5,515
-875
-3,617
-1,024
-6,156
^1,449
-611
-1,096

1973

1974

1975

1976

1977

1978

1979

1980

1981

1982

1983

81,986
67,222
49,381
17,841
5,856
2,817
699
3,579
2,770
1,764
357
14,765
14,765
10,949
2,949

113,050
91,242
71,410
19,832
5,369
3,412
975
4,465
3,225
1,985
401
21,808
21,808
16,542
4,330
936

148,484
120,897
98,306
22,591
5,197
4,032
1,104
5,697
3,821
2,321
419
27,587
27,587
19,157
7,356
1,074

157,936
132,585
107,088
25,497
6,256
4,697
1,039
5,840
4,300
2,920
446
25,351
25,351
16,595
7,644
1,112

172,090
142,716
114,745
27,971
5,826

184,655
152,301
120,816
31,485
7,554
6,150
1,366
7,090
4,920
3,848
557
32,354
32,354
19,673
11,057
1,625

220,516
178,428
142,075
36,353
8,209
7,183
1,603
8,136
5,885
4,717
620

287,965
224,131
184,439
39,692
6,981
8,441
2,156
9,971
6,184
5,439
520
63,834
63,834
38,183
23,356
2,295

344,440
271,834
224,250
47,584
9,029
10,588
2,591
11,618
7,085
6,276
398
72,606
72,606
37,146
32,898
2,562

380,928
294,398
237,044
57,354
10,720
12,913
3,111
12,560
7,284
16
10,250
517
86,529
86,529
32,549
50,300
3,680

366,983
275,236
211,157
64,079
12,572
12,393
3,174
12,317
5,603
17,444
576
91,747
91,747
16
29,469
58,160
4,118

356,106
266,106
201,799
64,307
12,524
10,947
3,610
12,590
5,778
18,192
666
90,000
90,000
31,750
53,418
4,832

-66,414
-60,979
-45,579
-15,400
-4,819
-4,373
-1,290
-3,130
-241
-956
-592
-5,435
-5,435
-1,164
-2,428
-1,844

-79,237
-72,665
-55,797
-16,868
^1,784
-5,042
-1,596
-3,520
-294
-1,043
-589
-6,572
-6,572
-1,284
-2,604
-2,684

-98,997
-89,342
-70,499
-18,843
-4,629
-5,526
-1,790
-4,694
-385
-1,180
-640
-9,655
-9,655
-1,610
-4,209
-3,836

-7,402
-5,589
-696
-1,117

-8,544
-6,665
-770
-1,109

-6,913
-4,748
-915
-1,250

5,742
1,229
6,747
4,353
3,584
489
29,375
29,375
18,999
9,043
1,332

42,088
42,088
25,458
14,788
1,843

-137,274 -132,745 -162,109 -193,764 -229,870 -281,657 -333,774 -364,196 -355,975 -377,488
-125,190 -120,181 -148,798 -179,547 -208,191 -248,696 -291,241 -310,570 -299,391 -323,874
-98,185 -124,228 -151,907 -176,002 -212,007 -249,750 -265,067 -247,642 -268,901
-103,811
-41,491
-51,749 -54,973
-45,503
-36,689
-27,640 -32,189
-24,570
-21,379 -21,996
-8,294
-11,564 -12,460 -13,087
-7,352
-5,823
-4,895
-4,795
-5,032
-10,851
-11,479 -12,394
-10,397
-8,475
-6,417
-13,149
-9,413
-7,451
-6,856
-5,980
^,487
-2,896
-2,568
-2,263
-6,003
-4,772
-3,607
-3,184
-2,748
-2,095
-6,852
-9,124
-5,708
-12,222
-10.906
-7,972
-11,710
-11,790 -12,474
-5,942
-671
-504
-943
-724
-482
-472
-795
-650
-831
-346
-8,001
-2,909 16-3,562
-2,573
-1,551
-8,159
-2,822
-2,190
-2,006
-1,262
-1,568
-1,214
-789
-1,460
-1,287
-1,239
-1,099
-911
-951
-722
-14,217 -21,680
-53,626 -56,583 -53,614
-42,532
-12,084 -12,564 -13,311
-32,961
-14,217 -21,680
-42,532
-32,961
-13,311
-12,084 -12,564
-53,626 16-56,583 -53,614
-4,120
-6,357
1211
-2,834
-2,234
-2,114
-8,635
-3,110
-1,331
,
-15,481
-5,841
-5,788
-35,187 -30,501
-21,214
-5,681
-6,491
-29,415
-8,795
-11,122
-5,542
t542
-19,282 -18,993
-12,684
-4,520
-4,262
-17,313
-8,674
-9,249
-7,293
-939
-1,017

14

-7,075
-5,101
-1,068
-906

-5,686
-3,519
-1,250
-917

-8,470
3,348
787
16
389
2,156
-1,589
-3,293
1,721
-16
-10,229
-7,590
-1,076

-11,758
3,066
866
468
1,350
382
-1,884
-4,181
2,115
182
-12,940
-7,618
-1,113

-13,787
706
547

-22,874
158

-34,745
-1,467

-39,703
-849

-51,269
-2,558

153
-1
-1,568
-3,819
2,086
165
-12,925
-7,747
-618

9
-33
182
-2,644
-4,638
2,596
-602
-20,388
-11,353
-671

-172
-1,265
-30
366
-5,001
4,826
541
-33,643
-9,052
-1,854

-66
-466
-317
-3,474
-5,941
2,475
-9
-35,380
-14,244
-6,247

-596
-967

-1,229
-2,980

-1,054
-3,506

-2,383
-5,980

-3,221
-19,516

6,359
6,908
9,439
9,411
28
-456
-2,075

22,970
26,879
26,570
26,578
-8
-510
819

-550
1,464
81
2,189

-3,909
367
-24
2,289

21,461
10,475
8,470
8,213
257
182
1,638
185
10,986
949
-39
4,507

18,388
6,026
641
59
582
936
4,126
323
12,362
2,800
-216
4,041

2,014
-6,298
-219

-6,911
-9,779

815
4,754
-1,879

2,603
-349
2,254
6,233
-6,156

-2,260
957
-1,303
7,272
-7,402

2,331

-1,433

-5,226
-2,990
-1,378
-859

-5,788
-3,412
-1,532
-844

-6,593
-4,015
-1,658
-920

-8,349
-5,486
-1,818
-1,044

-11,702
-5,145
-2,041
M,516

1

-16,544
-6,087
-2,251
-8,207

-17,310
-6,469
-2,207
-8,635

199

209

-85,815
-7,003

-113,054
-4,082

-127,882
-4,965

-66,373
-1,196

-189
257
-3,746
-7,697
3,926
25
-61,176
-25,222
-4,726

1,136
-1,667
-6,472
-5,162
-9,860
4,456
242
-73,651
-19,222
-3,568

-2,491
-861
-5,097
-9,674
4,413
164
-103,875
-9,624
-5,699

-1,371
-2,552
-1,041
-6,131
-10,063
4,292
-360
-116,786
16
-4,556
-7,983

-66
-4,434
3,304
-5,006
-9,967
5,012
-51
-60,172
-12,528
-6,762

-3,853
-33,667

-5,014
-26,213

-46,838

^1,377
-84,175

6,823
-111,070

-10,954
-29,928

9,319
573
4,627
969
2,205
20,326
4,347
2,783
1,284
1,500

53,219
36,816
32,538
30,230
2,308
1,400
773
2,105
16,403
3,728
534
2,437
1,900

67,036
33,678
24,221
23,555
666
2,476
5,551
1,430
33,358
7,897
15
2,178
2,254
3,000

40,852
-13,665
-21,972
-22,435
463
-40
7,213
1,135
54,516
11,877
15
4,060
1,351
3,000

62,612
15,497
11,895
9,708
2,187
615
-159
3,145
47,115
16,918
15
2,645
5,457
4,500

86,232
4,960
6,322
5,019
1,303
-338
-3,670
2,646
81,272
25,195
15
2,927
6,905
3,200

96,589
3,593
5,085
5,779
-694
605
-1,747
-350
92,997
16
12,635
15
7,027
6,085
4,000

88,694
5,845
6,496
6,972
^76
602
545
-1,798
82,849
10,372
15
8,689
8,164
5,400

319
628
4,417

-578
10,990
8,955

6,719
-4,099

16,141
9,236

1,621
32,607
24,349

6,852
10,743
20,886

917
42,128
21,792

-2,383
65,633
36,630

-118
50,342
16,162

-5,505
1,213
-4,292
15,503
-9,249

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
-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

-67,102
9,335
-57,767
36,386
-17,310

1,962

18,116

4,295

-14,335

-15,143

-285

2,317

5,030

-5,536

-38,691

-78
-2,212
-268
-4,214
-6,943
2,596
133
-44,498
-11,949
-8,885

-34,785
-375
-118
-121
-294
158
-3,693
-6,445
2,719
33
-30,717
-11,890
-5,460

-61,130
732
-65
1,249
4,231
-4,683
-4,660
-7,470
2,941
-131
-57,202
-16,056
-3,626

-64,915
6
-65

-1,357
-13,532

-2,296
-21,368

-1,940
-11,427

35,341
10,546
4,172
3,270
902
301
5,818
254
24,796
4,760
697
378
1,100

17,170
7,027
5,563
4,658
905
1,517
-2,158
2,104
10,143
2,603
2,590
2,503
1,500

38,018

1,035
4,702
-2,654

1,844
16,017
-2,558

-6,416
973
-5,443
8,192
-8,544

911
989
1,900
12,153
-6,913

-5,795

7,140

July 2002

51

SURVEY OF CURRENT BUSINESS

Transactions
of dollars]
1996

1997

1998

1,005,935

1,077,966

1,195,538

1,192,045

1,247,682

1,417,236

1,281,793

794.433

852,120

934.980

932,679

957,146

1,064,239

998,022

502,859

575,204

612,113

678.366

670,416

683,965

771,994

718,762

1
2
3

201,031
12,787

219,229
14,643

240,007
16,446

256.614
16,675

262,263
17.405

273,181
15,804

292,245
13,981

279,260
12,220

4
5

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

82,267
20,760
30,137

73,119
18,007
28,306

6
7
8

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
91,318
926

36,902
98,158
885

39,607
104,707
786

38,668
108,109
831

9
10
11

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

259,366
257,432
103,963
149,868
3,601
1,934

290,536
288,326
128,456
156,673
3,197
2,210

352,997
350,656
149,677
197,133
3,846
2,341

283,771
281,389
125,996
151,832
3,561
2,382

12
13
14
15
16
17

-759,287

-734,563

-762,105

-821,930

-949,312

-1,877,701

-1,155,706

-1,283,116

-1,351,363

-1,491,781

-1,774,135

-1,625,701

-616,094

-609,479

-653,004

-711,675

-800,568

-890,821

-953,963

-1,042,745

-1,099,612

-1,219,383

-1,442,920

-1,356,312

-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

-1,145,927

18
19
20

-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

-182,500
-12,185

-189,396
-13,334

-218,503
-13,560

-210,385
-15,198

21
22

-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

-43,782
-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

-64,788
-24,306
-41,598

-60,117
-22,418
-38,823

23
24
25

-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
-49,388
-2,849

-12,609
-46,313
-2,821

-16,115
-55,253
-2,883

-16,359
-54,588
-2,882

26
27
28

-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
-44,192
-5,952

-186.880
-180,617
-30,318
-96.490
-53,809
-6,263

-201,743
-195.443
-33,093
-97,079
-65,271
-6,300

-240,371
-233,705
-42,950
-112,117
-78,638
-6,666

-251,751
-244,757
-38,418
-127,052
-79,287
-6,994

-272,398
-264,449
-53,447
-136,455
-74,547
-7,949

-331,215
-323,005
-60,815
-179,217
-82,973
-8,210

-269,389
-260,850
-23,401
-156,784
-80,665
-8,539

29
30
31
32
33
34

-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

-44,509
-13,270
-4,305
-26,934

-48,757
-13,774
-^,406
-30,577

-53,442
-16,821
-4,705
-31,916

-49,463
-11,628
-5,798
-32,037

35
36
37
38

235

315

301

365

493

336

-6,579

-4,479

612

-88

-469

372

693

350

704

-3,340

837

826

39

-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

-359,760

-477,569

-606,489

-370,962

40

-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

-4,911

-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

^441
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

-630
-3,600
-681

41
42
43
44
45

-5,489
-9,599
4,490
-379

-2,821
-7,657
4,719
117

-2,022
-9,084
6,089
973

1,006
-6,506
7,625
-113

2,967
-7,680
10,370
277

1,233
-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

2,750
-6,175
9,559
-634

-941
-5,182
4,265
-24

-486
-4,431
3,873
72

46
47
48
49

-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

-352,555
-142,644
-136,135

-489,066
-188,901
-128,436

-605,258
-178,294
-127,502

-365,565
-127,840
-94,662

50
51
52

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

-45,286
-75,108

-86,333
-91,555

-121.760
-141,118

-38,204
-35,572

-95,466
-76,263

-150,805
-148,657

-14,358
-128,705

53
54

117,752

146,115

230,009

248,634

246,522

224,928

141,571

110,808

170,663

282,040

305,989

438,562

551,096

706,809

423,569

742,479

1,015,986

752,806

55

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

-19,903
-3,589
-9,921
6,332
-3,326
-9,501
-3,487

43,666
32,527
12,177
20,350
-2,740
12,964
915

37,640
30,676
-10,233
40,909
-1,909
5,746
3,127

5,224
31,665
10,745
20,920
-1,882
-30,278
5,719

56
57
58
59
60
61
62

114,612
24,468
23,001
12,568
4,100

147,233
19,742
20,433
50,962
5,200

194,360
35,420
3,809
70,969
4,100

203,247
58,470
-7,643
42,120
5,400

206,764
57,735
20,239
26,353
5,800

216,425
68,274
29,618
38.767
5,900

107,661
48,494
-2,534
1,592
18,800

93,420
23,171
18,826
35,144
15,400

130,186
19,823
37,131
30,043
13,400

210,287
51,362
24,381
80,092
18,900

266,406
46,121
34,274
56,971
23,400

328,682
57,776
91,544
77,249
12,300

424,372
86,502
147,022
103,272
17,362

687,773
105,603
130,435
161,409
24,782

443,472
179,045
28,581
156,315
16,622

698,813
289,454
-44,497
298,834
22,407

978,346
307,747
-76,965
455,213
1,129

747,582
130,796
-7,670
407,653
23,783

63
64
65
66
67

16,626
33,849

1992

1989

1990

567,862

648,290

706,975

727,557

748,603

777,044

869,328

431,149

487,003

535,233

578,344

616,547

642,884

703,890

250,208

320,230

359,916

387,401

414,083

439,631

456,943

98,661
11,106

110,919
9,284

127,087
8,564

147,832
9,932

164,261
11,135

176,916
12,387

185,941
13,471

20,385
5,582
15,438

23,563
7,003
17,027

29,434
8,976
19,311

36,205
10,657
20,526

43,007
15,298
22,042

48,385
15,854
22,631

54,742
16,618
21,531

8,113
28,027
595

10,174
29,263
526

12,139
31,111
664

13,818
36,729
587

16,634
40,251
668

17,819
47,748
690

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

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

-473,923

-483,769

-530,142

-594,443

-663,741

-721,607

-400,166

-410,950

-448,572

-500,552

-545,715

-580,144

-332,418

-338,088

-368,425

-409,765

-447,189

-67,748
-12,516

-72,862
-13,108

-80,147
-13,730

-90,787
-14,950

-98,526
-15,604

-22,913
-5,735
-14,843

-24,558
-6,444
-15,643

-25,913
-6,505
-17,766

-29,310
-7,283
-19,010

-1,168
-9,040
-1,534

-1,170
-10,203
-1,735

-1,401
-13,146
-1,686

-73,756
-73,756
-8,443
-44,158
-21,155

-72,819
-72,819
-6,945
-42,745
-23,129

-20,335
-8,696
-2,159
-9,479

1984

1985

1986

1987

399,913

387,612

407,098

457,053

291,094

289,070

310,033

348,869

219,926

215,915

223,344

71,168
9,969

73,155
8,718

86,689
8,549

17,177
4,067
13,809

17,762
4,411
14,674

6,177
19,255
714

6,678
20,035
878

108,819
108,819
35,325
68,267
5,227

16

16

16

16

16

16

16

16

1988

1991

16

16

1993

1994

1995

1999

2000

2001

Line

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

78,383
54,232

174,251
116,971

82,353
110,667

68
69

16,733

16,478

28,590

-9,048

-19,289

49,605

25,208

-45,688

-48,350

1,123

-11,220

19,265

-20,045

-91,188

139,314

31,286

7

10,701

70

-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
24,622
-34.057

-191,000
89,157
-101,843
24,103
-40.081

-198,119
90,354
-107.765
20,187
-40,794

-246,696
79,763
-166,933
7,615
-44,509

-346,022
83,785
-262,237
18,138
-48,757

-452,423
73.742
-378,681
21,782
-53,442

-427,165
68,875
-358,290
14,382
-49,463

71
72
73
74
75

-94,344

-118,155

-147,177

-160,655

-121,153

-99,486

-78,965

3,747

-48,515

-82,523

-118,244

-105.823

-117,821

-128.372

-203,827

-292,856

-410,341

-393,371

76




U.S. International Transactions

52

July 2002

Table 1. U.S. International
[Millions
Not seasonally adjusted
(Credits +; debits - ) 1

Line

1991

1990

Current account
Exports of goods and services and income receipts

171,641
129,691

Exports of goods and services
2

95,820

Goods, balance of payments basis .
3

Services
Transfers under U.S. military agency sales contracts *

33,871
2,147
9,289
3,192
5,318

Travel
Passenger fares
Other transportation
Royalties and license fees 5 .
Other private services5
U.S. Government miscellaneous services,

3,579
10,201

145
41,951

Income receipts
Income receipts on U.S.-owned assets abroad
Direct investment receipts.
Other private receipts.
U.S. Government receipts.
Compensation of employees

176,426
134,396
99,205
35,191
2,327
10,541
3,663
5,334
3,966
9,160
200

173,303

185,605

132,412

138,735

92,460

99,916

39,952
2,954
12,466
4,526
5,680

42,030
41,738

40,891
40,599
14,903
23,660
2,036
292

38,819
2,502
10,712
3,917
5,710
4,970
10,855
153
46,870
46,564
17,663
24,338
4,563
306
-196,246
-161,277
-131,849
-29,428
-5,152
-7,859
-2,354
-6,608
-923
-€,081
-451
-34,969
-33,981
464
-24,041
-10,404
-988
-5,467
-1,102
-1,109
-3,256

16,577
23,001

16,830
23,073

2,091

1,835

4,120

10,035
170

282

292

-180,893

-186,868

-145,609

-150,957

-119,839
-25,770
-4,006

-121,461
-29,496
-3,910

Travel
Passenger fares
Other transportation.

-7,266
-2,171
-5,928

-10,289
-2,782
-5,996

-195,280
-158,252
-125,286
-32,966
-4,463
-11,935
-3,224
-6,434

Royalties and license fees 5 .
Other private services5
U.S. Government miscellaneous services.

-715
-5,222
-463

-698
-5,326
-494

-800
-5,600
-510

-35,284
-34,493
-589
-23,882
-10,022

-791

-35,912
-35,110
-1,443
-23,546
-10,121
-802

-37,028
-36,145
-1,883
-24,039
-10,223
-883

-6,643
-2,556
-721
-3,366

-7,331
-3,613
-655
-3,063

-7,213

-19

157

36,491

Imports of goods and services and income payments.
Imports of goods and services,
Goods, balance of payments basis 2 .
3

Services
Direct defense expenditures.

Income payments
Income payments on foreign-owned assets in the United States
Direct investment payments.
Other private payments.
U.S. Government payments
Compensation of employees.
Unilateral current transfers, net.
U.S. Government grants 4
U.S. Government pensions and other transfers
Private remittances and other transfers 6 .

-3,088

-739
-3,386

180,793
138,434
101,408
37,026
2,688
9,544
3,094
5,382
4,095

182,608

179,128

185,028
150,248
107,465

39,763
2,748

44,688
2,586

42,783
3,112

12,033
3,818
5,559

14,736
5,034
5,806

4,272
11,189
145

4,263
12,049
213

12,072
3,908
5,884
5,189

35,002
34,677
12,813
19,821
2,043
325

34,780
34,452
14,654
18,200
1,597
328

-187,770

-186,686

-156,248
-124,527

-159,029

-116,412

37,073
36,754
14,593
20,486
1,675
319
-182,335
-150,126
-119,837

-27,664
-5,169

-30,289
-3,933

-31,721
-3,597

-28,785
-3,710

-6,770
-2,033
-6,011

-9,816
-2,641
-6,181

-10,862
-2,884
-6,510

-7,874
-2,455
-6,273

-882
-6,328
-472

-1,006
-6,224
-489

-1,080
-6,170
-618

-1,067

-33,697
-32,813
1,186
-23,549
-10,450
-884

-32,209
-31,277
-123
-20,934
-10,220

-31,522
-30,484
-424
-19,794
-10,266
-1,038

-27,657
-26,485
1,626
-18,175
-9,936
-1,172

-2,721

-5,635
-267
-1,548
-3,820

12,024
200

42,359
42,041
16,658
22,679
2,704
318
-177,773
-144,076

14,897
19,445
-773
-3,775

-932
4,211
8,285
-680

-3,394

1,730
-774
-3,677

12,487

132

-130,244

-537

Capital and financial account
Capital account

39 Capital account transactions, net..

-6,882

-941

-33r452
-1,091

-11,679

-1,015

-353

1,014

-93
-4
-995
4,201

31
-341
-43

-190
72
1,132

619
-2,018
2,700
-63

-508
-1,061
755
-202

-3,786

Financial account
-3,177

-39,166
371

-45,107

U.S. official reserve assets, net
Gold 7
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies

-247
234
-3,164

-216
493
94

363
8
1,368

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

-716
-1,871

-836
-2,019

-332
-1,349

U.S.-owned assets abroad, net (increase/financial outflow (-))

1,229
-74

1,739

1,169
14

1,044
-28

-3,171
7,414
-43

-38,701
-6,573

-46,514
-19,295
-1,037
-15,514
-10,668

-36,562
453
-8,111
-10,260
-18,644

-11,945
-15,497
-9,960
-40

-1,520
-2,904

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

40,384
-11,768
-8,580

3,019
57,713

-11,037
-5,069
-16,022

Foreign-owned assets in the United States, net (increase/financial inflow (+))...

-22,960

42,086

64,074

58,371

8,118

-6,421

6,207
4,081
3,735
346
1,160
1,240
-274

13,937
12,469

20,186

12,335
134
-408

19,683
708
1,310

5,569
126
155
-29
769

2,141
-265

-594
-921

3,908
766

35,879
14,644
1,857
2,114
4,400
6,713
6,151

50,137

2,549
3,847
4,739
5,023
4,800
-586
-15,274

-23,771

Foreign official assets in the United States, net
U.S. Government securities
U.S. Treasury securities9
Other1"
Other U.S. Government liabilities11
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets12
OtherforeignassetsintheUnitedStates.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 70.




-6,177
-521
-195
598
-126
-16,539
15,638
-1,891
1,311
3,600
12,904
-48,101
2,383
-24,019
8,101
-15,919
6,667
-6,643

-15,895

20,391

13,552

-12,021

7,902
5,503
13,274
-4,914
-3,764
-3,545
-219
253
-1,517
115
18,188
13,975
13,461

-17,536
3,877
6
-114
3,986
3,281
-8,724
12,442
-437
-24,694
-11,016
-12,550
3,341
-4,469
33,793
3,854
6,095
5,621
474
771

-3,107
95
29,939
-798

-34,159
1,225
-23
17

1,232
-469
-1,077
880
-272
-34,916
-8,472
-11,142
-106
-15,196
55,624

12,879
13,690
12,615
1,075
-426
-768
383

20,973

38,185
9,057
-3,044
1,041
5,300
8,678
17,153

14,696

10,058

-1,929

-13,415

-16,817

-1,109

-14,347

-22,256
5,695

-32,826
6,986

-16,561
6,119
-7,331
-17,773

-25,840
3,863
-7,213

-31,933
9,391
-22,542
11,901
-5,467
-16,108

-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

9,156
544
-2,874
5,500
16,838

-29,190

14,872
2,200
-2,549

-1,196
10,310
4,200
4,761
12,661

42,745
6,147
1,822
4,939
4,200
-4,741
30,378

July 2002

53

SURVEY OF CURRENT BUSINESS

Transactions—Continued
of dollars]
Not seasonally adjusted

I

II

1994

1993

1992

I

IV

III

II

II

I

IV

III

1995

IV

III

II

I

Line

III

IV

185,552

187,984

185,061

190,005

189,752

193,985

191,902

201,404

202,785

213,078

220,538

232,927

241,126

250,051

253,535

261,223

151,694

153,674

153,201

157,979

156,808

161,029

158,335

166,712

166,035

173,838

177,966

186,051

189,624

196,449

201,362

206,998

108,897

110,683

105,587

114,464

112,161

115,764

108,267

120,751

118,792

124,955

123,800

135,312

138,769

144,742

141,105

150,588

1
2
3

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

50,855
3,407

51,707
3,502

60,257
4,041

56,410
3,693

4
5

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

13,157
4,227
6,180

14,887
4,349
6,549

19,475
5,653
6,576

15,876
4,680
6,776

6
7
8

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

6,999
16,683
202

7,280
14,982
158

7,662
16,588
262

8,348
16,841
196

9
10
11

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

51,502
51,063
22,893
26,855
1,315
439

53,602
53,162
24,805
27,225
1,132
440

52,173
51,731
22,881
27,677
1,173
442

54,225
53,785
24,681
28,011
1,093
440

12
13
14
15
16
17

-177,167

-190,234

-196,545

-198,159

-188,615

-204,948

-210,609

-217,759

-211,159

-231,938

-249,727

-256,488

-253,386

-272,431

-278,333

-273,551

-149,969

-161,591

-169,125

-172,319

-163,573

-177,568

-183,471

-187,063

-180,069

-196,594

-210,085

-213,820

-209,408

-226,166

-229,053

-226,194

-122,902

-131,734

-138,225

-143,667

-136,194

-146,396

-150,197

-156,607

-150,167

-162,978

-173,862

-181,683

-177,389

-189,998

-190,392

-191,595

18
19
20

-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

-32,019
-2,572

-36,168
-2,447

-38,661
-2,446

-34,599
-2,578

21
22

-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

-9,140
-3,119
-6,595

-12,208
-3,883
-6,743

-13,457
-4,232
-7,019

-10,111
-3,429
-6,677

23
24
25

-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

-1,547
-8,354
-692

-1,567
-8,684
-636

-1,787
-9,058
-662

-2,018
-9,153
-633

26
27
28

-27,198
-26,092
1,032
-17,333
-9,791
-1,106

-28,643
-27,504
-1.53Q
-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

-43,978
-42,523
-6,626
-23,822
-12,075
-1,455

-46,265
-44,759
-7,380
-24,201
-13,178
-1,506

^19,280
-47,655
-9,339
-24,323
-13,993
-1,625

-47,357
-45,680
-6,973
-24,144
-14,563
-1,677

29
30
31
32
33
34

-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
-4,914

-8,715
-2,964
-713
-5,038

-7,742
-2,491
-816
-4,435

-8,432
-2,698
-910
-4,824

-9,168
-3,037
-1,012
-5,119

35
36
37
38

152

111

173

176

-459

147

83

141

152

-704

-70

153

146

272

-299

253

39

-12,459

-17,838

-15,015

-29,098

-22,486

-46,952

-53,991

-77,122

-42,259

-44,263

-32,927

-56,607

-67,309

-118,914

-48,010

-118,143

40

-1,057

1,464

1,952

1,542

-983

822

-545

-673

-59

3,537

-165

2,033

-5,318

-2,722

-1,893

191

-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

-867
-526
-3,925

-156
-786
-1,780

362
-991
-1,264

-147
-163
501

41
42
43
44
45

-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

-553
-1,622
1,072
-3

-225
-862
649
-12

252
-1,028
1,522
-242

-458
-1,347
882
7

46
47
48
49

-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

-61,438
-21,684
-8,775
-2,631
-28,348

-115,967
-16,033
-27,834
-24,580
-47,520

-46,369
-23,023
-41,564
13,729
4,489

-117,876
-38,010
-44,333
-31,804
-3,729

50
51
52
53
54

30,776

50,768

36,118

53,001

24,852

59,450

86,155

111,584

89,869

57,101

82,848

76,171

97,430

122,459

117,462

101,211

55

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

21,956
11,258
10,132
1,126
-562
10,995
265

37,072
26,560
25,234
1,326
54
7,510
2,948

39,302
21,116
20,598
518
-504
18,918
-228

11,550
13,778
13,013
765
907
-3,415
280

56
57
58
59
60
61
62

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

75,474
9,439
28,010
12,400
6,400
17,764
1,461

85,387
12,198
28,438
15,851
1,900
11,864
15,136

78,160
17,860
35,294
26,218
1,900
13,493
-16,605

89,661
18,279
-198
22,780
2,100
16,516
30,184

63
64
65
66
67
68
69

-19,328

-22,762

-2,050

-4,210

4,743

6,648

-4,417

-5,851

-31,335

14,759

-11,330

16,686

-9,292

26,305

-35,923

38,175

70

-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

-41,930
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

-38,620
18,836
-19,784
7,524
-8,715
-20,975

-45,256
15,539
-29,717
7,337
-7,742
-30,122

-49,287
21,596
-27,691
2,893
-8,432
-33,230

-41,007
21,811
-19,196
6,868
-9,168
-21,496

71
72
73
74
75
76

16

16




54

U.S. International Transactions

July 2002

Table 1. U.S. International
[Millions
Not seasonally adjusted
(Credits +; debits - ) 1

Line

1996

1997

Current account
263,064

266,526

264,415

283,961

285,811

300,897

301,976

306,854

207,625

211,800

208,189

224,506

223,101

234,906

235,205

241,768

151,603

154,006

145,526

160,978

162,328

172,087

166,183

177,768

56,022
3,610

57,794
3,902

62,663
4,341

63,528
4,593

60,773
3,876

62,819
4,672

69,022
4,304

64,000
3,823

Travel
Passenger fares
Other transportation

14,950
4,675
6,147

17,462
4,914
6,480

19,386
5,639
6,482

18,011
5,194
6,965

16,084
4,800
6,591

18,167
5,018
6,755

Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services

7,682
18,633
325

7,682
17,161
193

8,013
18,576
226

9,093
19,488
184

8,045
21,117
260

8,161
19,836
210

55,439
55,000
25,367
28,264
1,369
439

54,726
54,288
24,891
28,487
910

56,226
55,786
24,721
29,646
1,419
440

59,455
59,016
27,526
30,597
893

62,710
62,259
28,960
32,342
957
451

65,991
65,541
30,185
34,606
750

21,902
5,980
6,719
8,272
21,601
244
66,771
66,320
29,834
35,452
1,034
451

450

465

475

-268,395

-286,921

-299,475

-299,846

-318,439

-333,084

-331,747

-320,693

-338,216

-237,527

-247,133

-259,013

-271,156

-270,098

-259,037

-274,377

-282,339

-283,859

-205,505

-218,010
-41,027
-2,922

-227,628
-46,749
-2,855

-239,087

-45,859
-2,961

-229,057
-41,041
-3,154

-232,387

-37,386
-2,855

-217,039
-41,974
-2,737

-225,297

-41,628
-2,811

-210,490
-36,984
-2,814

-205,092

-34,148
-2,745

-199,437
-38,090
-2,691

-49,952
-3,186

-10,119
-3,542
-6,389

-12,611
-4,158
-6,955

-14,762
-4,521
-7,124

-10,586
-3,588
-6,935

-11,030
-3,930
-6,897

-13,761
-4,941
-7,290

-16,013
-5,298
-7,332

-11,247
-3,969
-7,440

-11,652
-4,242
-7,126

-15,185
-5,337
-7,511

-17,226
-5,735
-7,795

^44,772
-3,222
-12,446
-4,657
-7,931

-1,780
-8,915
-658

-1,741
-9,277
-657

-2,284
-9,434
-692

-2,032
-10,349
-680

-2,185
-9,823
-666

-2,135
-10,414
-696

-2,389
-11,144
-722

-2,452
-12,101
-678

-2,690
-11,723
-672

-2,596
-12,598
-667

-2,753
-12,492
-765

-3,196
-12,575
-745

-46,566
-45,147
-6,892
-23,318
-14,937
-1,419

-49,394
-47,891
-8,467
-23,727
-15,697
-1,503

-52,342
-50,713
-9,150
-24,768
-16,795
-1,629

-53,441
-51,692
-8,584
-25,266
-17,842
-1,749

-57,368
-55,858
-10,773
-26,496
-18,589
-1,510

-59,426
-57,842
-11,098
-27,315
-19,429
-1,584

-61,928
-60,191
-11,730
-28,278
-20,183
-1,737

-61,649
-59,814
-9,349
-30,028
-20,437
-1,835

-61,656
-60,080
-8,786
-30,964
-20,330
-1,576

-63,839
-62,202
-10,730
-31,178
-20,294
-1,637

-64,007
-62,176
-9,193
-33,187
-19,796
-1,831

-62,249
-60,299
-9,709
-31,723
-18,867
-1,950

-10,573
-4,509
-1,010
-5,054

-8,174
-2,566
-744
-4,864

-9,101
-2,780
-1,229
-5,092

-12,233
-5,546
-1,483
-5,204

-9,332
-2,281
-1,080
-5,971

-8,838
-2,308
-852
-5,678

-9,478
-2,476
-900
-6,102

-13,146
-5,407
-1,359
-6,380

-10,115
-2,365
-1,026
-6,724

-9,746
-2,209
-919
-6,618

-10,485
-2,882
-815
-6,788

-14,163
-5,814
-1,545
-6,804

156

173

178

103

166

174

172

192

-83,909

-70,244

-93,349

-166,421

-155,338

-96,118

-121,435

-114,708

-79,302

-142,145

-62,777

-75,536

17

-523

7,489

-315

4,480

-236

-730

-4,524

-444

-1,945

-2,025

-2,369

-199
-849
1,065

-133
-220
-170

-183
6,824

-146
-28
-141

721,055
3,353

-133
54
-157

-139
-463
-128

-150
-4,221
-153

-182
-85
-177

73
-1,032
-986

189
-2,078
-136

-111
-1,924
-218

-210
-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
1,832
-29

65
-1,205
1,158
112

-80
-1,192
1,134
-22

-483
-1,156
699
-26

188
-1,286
1,336
,138

-47
-1,044
942
55

-83,716
-26,732
-44,043
-15,210
2,269

-69,153
-16,828
-30,968
-22,000
643

-100,943
-24,803
-33,273
-9,090
-33,777

-165,790
-23,522
-41,545
^10,033
-60,690

-159,742
-32,669
-23,836
-38,112
-65,125

-95,584
-27,385
-31,739
-9,885
-26,575

-121,082
-23,369
-51,297
-22,173
-24,243

-110,249
-21,380
-12,104
-51,590
-25,175

-78,778
-45,257
-20,902
-7,822
-4,797

-139,717
-46,885
-44,282
-20,363
-28,187

-22,958
6,005
-15,658
-28,329

-73,120
-27,544
-76,956
5,639
25,741

84,870

101,919

145,448

218,859

173,048

141,356

168,452

223,953

79,471

155,711

77,597

110,790

51,771
55,839
55,685
154
-554
-3,303
-211

13,503
-1,934
-3,378
1,444
-65
14,217
1,285

23,020
26,135
24,908
1,227
147
-1,677
-1,585

38,430
40,639
38,456
2,183
-510
-3,533
1,834

27,763
23,105
22,351
754
-155
8,123
-3,310

-6,019
-11,411
-12,373
962
-286
4,643
1,035

23,474
10,316
7,604
2,712
-562
12,817
903

-26,182
-24,171
-24,272
101
122
-3,297
1,164

11,072
13,946
11,336
2,610
-954
-964
-956

-10,235
-20,051
-20,305
254
-760
9,744
832

-46,640
-30,917
-32,823
1,906
-281
-12,948
-2,494

25,900
33,433
31,871
1,562
-1,331
-5,333
-869

33,099
28,133
16,037
20,356
-2,391
4,350
-33,386

16,698
24,972
24,686
4,542
15,259
2,259

122,428
16,596
36,734
29,719
7,382
28,925
3,072

180,429
25,075
69,279
28,511
7,829
5,202
44,533

145,285
28,669
29,053
38,490
3,484
25,055
20,534

147,375
23,787
33,928
45,651
4,822
6,461
32,726

144,978
19,094
36,133
52,544
6,576
25,550
5,081

250,135
34,053
31,321
24,724
9,900
59,452
90,685

68,399
20,060
-6,535
63,237
746
39,833
-48,942

165,946
21,047
21,814
56,146
2,349
30,722
33,868

124,237
25,124
-5,082
6,628
7,277
14,976
75,314

84,890
112,814
18,384
30,304
6,250
-62,391
-20,471

14,787

-3,279

-8,116

-23,437

5,519

-18,926

-6,472

-71,309

31,184

35,436

52,698

19,996

-36,078
21,874
-14,204
8,873
-10,573
-15,904

-45,431
19,704
-25,727
5,332
-8,174
-28,569

-59,979
21,035
-38,944
3,884
-9,101
-44,161

^9,512
26,544
-22,968
6,014
-12,233
-29,187

-42,764
23,387
-19,377
5,342
-9,332
-23,367

-44,952
20,845
-24,107
6,565
-8,838
-26,380

-59,114
23,163
-35,951
4,843
-9,478
-40,586

-51,289
22,959
-28,330
3,437
-13,146
-38,039

-47,876
21,605
-26,271
4,867
-10,115
-31,519

-59,921
17,575
-42,346
2,916
-9,746
-49,176

-74,564
18,683
-55,881
-1,324
-10,485
-67,690

-64,335
21,900
^2,435
1,156
-14,163
-55,442

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 basis2
3

Services
Direct defense expenditures
Travel
Passenger fares
Other transportation
Royalties and license fees5
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
Unilateralcurrenttransters.net
U.S. Government grants 4
U.S. Government pensions and other transfers
Private remittances and other transfers 6

438

439
-300,915
-247,474

450

298,786

289,141

232,031

226,458

170,134

167,707

157,823

62,632
4,558

64,324
4,471

68,635
3,994

66,672
4,382

17,273
5,070
6,941

15,661
4,604
6,071

18,128
5,021
6,300

20,363
5,756
6,682

17,134
4,717
6,551

8,750
21,902
241

8,318
23,220
200

8,528
21,626
250

8,558
23,075
207

10,222
23,397
269

65,086
64,636
26,344
37,474
818

66,523
66,058
27,734
37,400
924

66,755
66,280
27,606
37,908
766

62,683
62,193
23,108
38,080
1,005
490

63,405
62,901
25,515
36,480
906

-346,346

-346,108

299,289

304,829

504

Capital and financial account
Capital account
Capital account transactions, net

138

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
Other10
Other U.S. Government liabilities11
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets1?
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 70.




July 2002

55

SURVEY OF CURRENT BUSINESS

Transactions—Continued
of dollars]
Not seasonally adjusted
2001

2000

1999

Line

2002

I

II

III

IV

I

II

III

IV

I

II

III

IV

I"

294,535

304,526

314,281

334,340

339,071

356,360

358,538

363,267

347,304

332,942

306,844

294,703

289,673

227,972

234,571

239,479

255,124

254.340

266,034

270,419

273,446

263,736

258,016

239,744

236,526

231,615

163,297

168,213

166,836

185,619

184.886

193,710

193,460

199,938

192,909

187,647

167,292

170,914

163,810

1
2
3

64,675
4,223

66,358
4,511

72,643
3,856

69,505
3,214

69.454
3.188

72,324
3,794

76,959
3,342

73,508
3,657

70,827
2,806

70,369
3,227

72,452
3,079

65,612
3,108

67,805
3,002

4
5

15,813
4,466
6,161

18,542
4,756
6.667

21,820
5,760
7,054

TB.556
4,803
7,034

17,929
4,627
7,006

21,290
5,237
7,598

23,488
5,874
7,962

19,560
5,022
7,571

18,299
4,639
7,163

20,276
4,788
7,168

20,628
5,100
7,308

13,916
3,480
6,667

15,199
3,858
6,433

6
7
8

8,912
24,897
203

8,888
22,771
223

9,120
24,794
239

9,982
25,696
220

9,481
27,037
186

9,794
24,458
153

9,780
26,280
233

10,552
26,932
214

9,428
28,270
222

9,534
25,175
201

9,314
26,809
214

10,392
27,855
194

9,776
29,342
195

9
10
11

66,563
66,027
29,049
36,013
965
536

69,955
69,406
31,259
37,474
673
549

74,802
74,243
33,544
39,852
847
559

79,216
78,650
34,604
43.334
712
566

84,731
84,156
37,098
45,911
1,147
575

90,326
89,743
38,767
49,959
1,017
583

88,119
87,531
36,616
49,975
940
588

89,821
89,226
37,196
51,288
742
595

83,568
82,976
35,713
46,281
982
592

74,926
74,333
33,217
40,398
718
593

67,100
66,503
30,084
35,494
925
597

58,177
57,577
26,982
29,659
936
600

58,058
57,447
28,410
28,174
863
611

12
13
14
15
16
17

-334,515

-363,585

-392,283

-401,398

-411,865

-442,425

-461,760

-458,085

-433,352

-419,632

-394,713

-378,004

-374,132

-272,331

-297,882

-320,592

-328,578

-332,761

-357,800

-377,646

-374,713

-351,464

-350,111

-328,351

-326,386

-314,732

-230,322

-249,610

-268,525

-281,530

-284,501

-301,727

-317,721

-320,468

-298,773

-290,463

-281,518

-275,173

-261,179

18
19
20

-42,009
-3,186

-48,272
-3,306

-52,067
-3,559

-47,048
-3.283

-48.260
-3.262

-56,073
-3,382

-59,925
-3,541

-54,245
-3,375

-52,691
-3,548

-59,648
-3.512

-46,833
-3,785

-51,213
^,353

-53,553
-4,350

21
22

-12,125
-4,771
-7,493

-15,884
-5,655
-8,218

-17,929
-5,964
-9,185

-12,927
-4,925
-9.243

-13,874
-5,296
-9,336

-18,320
-6,645
-10,063

-18,748
-6,923
-11,301

-13,846
-5,442
-10,898

-13,545
-5,237
-10,064

-18,466
-6,763
-10,057

-17,253
-6,571
-9,608

-10,853
-3,847
-9,094

-12,472
-4,620
-8,611

23
24
25

-2,895
-10,849
-690

-3,026
-11,508
-675

-3,053
-11,611
-766

-3.635
-12.345
-690

-3,545
-12,237
-710

-3,667
-13,278
-718

-4,395
-14,274
-743

-4,508
-15,464
-712

-3,990
-15,584
-723

-3,939
-16,185
-726

-3,956
-4,934
-726

-4,474
-17,885
-707

-4,625
-18,134
-741

26
27
28

-62,184
-60,376
-10,573
-31,361
-18,442
-1,808

-65,703
-63,829
-13,923
-31,677
-18,229
-1,874

-71,691
-69,604
-15,749
-35,116
-18,739
-2,087

-72,820
-70,640
-13,202
-38,301
-19,137
-2,180

-79,104
-77,193
-16,731
^10,569
-19,893
-1,911

-84,625
-82,666
-17,495
-44,614
-20,557
-1,959

-84,114
-82,018
-14,420
-46,617
-20,981
-2,096

-83,372
-81,128
-12,169
-47,417
-21,542
-2,244

-81,888
-79,875
-13,015
-45,512
-21,348
-2,013

-69,521
-67,503
-6,022
-40,886
-20,595
-2,018

-66,362
-64,174
-6,267
-38,156
-19,751
-2,188

-51,618
-49,298
1,903
-32,230
-18,971
-2,320

-59,400
-57,267
-7,259
-31,500
-18,508
-2,133

29
30
31
32
33
34

-11,144
-2,574
-894
-7,676

-11,209
-3,097
-856
-7,256

-11,562
-2,847
-1,015
-7,700

-14,842
-5,256
-1,641
-7,945

-11,986
-2,912
-1,087
-7,987

-11,850
-3.232
-912
-7,706

-12,793
-3,634
-1,024
-8,135

-16,813
-7,043
-1,682
-8,088

-11,827
-2,419
-1,167
-8,241

-11,250
-2,522
-934
-7,794

-12,157
-2,905
-1,027
-8,225

-14,229
-3,782
-2,670
-7,777

-16,223
-6,373
-1,350
-8,500

35
36
37
38

183

199

216

-3,938

210

206

207

214

208

207

206

205

201

39

-76,273

-178,531

-120,257

-102,508

-231,418

-112,521

-95.480

-167,070

-218,586

-81,594

23,140

-93,922

-16,224

40

4,068

1,159

1,951

1,569

-554

2,020

-346

-1,410

190

-1,343

-3,559

-199

390

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

-156
-1,015
-172

-145
-3,242
-172

-140
83
-142

-109
652
-153

41
42
43
44
45

118
-1,314
1,554
-122

-392
-2,167
1,887
-112

-686
-1,595
1,026
-117

3,710
-1.099
5.092
-283

-127
-1,750
1,329
294

-570
-1,371
860
-59

114
-1,051
1,266
-101

-358
-1,010
810
-158

77
-1,094
1,071
100

-783
-1,330
573
-26

77
-1,011
1,118
-30

143
-996
1,111
28

239
-725
963

46
47
48
49

-80,459
-60,515
1,146
-44,127
23,037

-179,298
-44,704
-71,232
-27,346
-36,016

-121,522
-56,052
-41,340
-13,654
-10,476

-107.787
-27.630
-17,010
-10,339
-52.808

-230,737
-48,062
-27,417
-87,048
-68,210

-113,971
-53.601
-39,744
-25,117
4,491

-95,248
-43,533
-33,936
-16,128
-1,651

-165,302
-33,098
-26,405
-22,512
-83,287

-218,853
-26,285
-26,895
-51,759
-113,914

-79,468
-36,689
-51,764
9,670
-685

26,622
-43,562
10,087
-9,479
69,576

-93,866
-21,304
-26,090
37.210
-83,682

-16,853
-24,876
2,047
-4,030
10,006

50
51
52
53
54

109,149

251,058

158,234

224,038

241,886

246,828

245,547

281,725

303,125

182,749

18,136

248,796

113,809

55

4,157
6,793
800
5,993
-1,468
-1,273
105

-721
-916
-6,708
5,792
-1,049
1,761
-517

12,720
14,798
12,963
1,835
-672
-1,617
211

27,510
11,852
5,122
6,730
449
14,093
1,116

22,711
24,311
16,204
8,107
-261
-2,270
931

6,563
6,334
-4,000
10,334
-884
209
904

12,904
5.271
-9,001
14,272
-233
7,554
312

-4,538
-5,240
-13,436
8,196
-531
253
980

4,087
2,547
-1,027
3,574
-676
1,213
1,003

-20,831
-10,866
-20,798
9,932
-791
-10,202
1,028

16,882
15.594
15,810
-216
89
-782
1,981

5,086
24,390
16,760
7,630
-504
-20,507
1,707

9,034
6,714
-582
7,296
-790
2,384
726

56
57
58
59
60
61
62

104,992
27,675
-13,327
49,157
2,440
52,481
-13,434

251,779
144,000
-11,412
70,205
3,057
16,849
29,080

145,514
51,945
3,685
86,202
4,697
-8,683
7,668

196.528
65.834
-23,443
93,270
12.213
17.736
30.918

219,175
45,459
-15,203
129,278
-6,847
76,305
-9,817

240,265
97,180
-26,484
87.088
989
27,645
53,847

232,643
84,092
-19,013
120,880
757
17,471
28,456

286,263
81,016
-16,265
117,967
6,230
52,830
44,485

299,038
44,204
-4,744
129,990
2,311
111,644
15,633

203,580
52,241
-14,685
113,556
2,772
-5,307
55,003

1,254
14,455
-15,470
64,787
8,203
-25.154
-45,567

243,710
19,896
27,229
99,320
10,497
1,170
85,598

104,775
26,198
-5,682
70,329
4,525
34,704
-25,299

63
64
65
66
67
68
69

58,544

-57,549

2,896

70

-114,226
25,619
-88,607
738
-12,157
-100,026

-104,259
14,399
-89,860
6,559
-14,229
-97,530

-97,369
14,252
-83,117
-1,342
-16,223
-100,682

71
72
73
74
75
76

18,065

-2,458

51,371

-35,692

74,102

-36,598

-34,259

-3,238

13,128

-3,422

-67,025
22,666
-44,359
4,379
-11,144
-51,124

-81,397
18,086
-63,311
4,252
-11,209
-70,268

-101,689
20,576
-81,113
3,111
-11,562
-89,564

-95,911
22,457
-73,454
6,396
-14,842
-81.900

-99,615
21,194
-78,421
5,627
-11,986
-84,780

-108,017
16,251
-91,766
5,701
-11,850
-97,915

-124,261
17,034
-107,227
4,005
-12,793
-116,015

-120,530
19,263
-101,267
6,449
-16,813
-111,631

-105,864
18,136
-87,728
1,680
-11,827
-97,875

-102,816
10,721
-92,095
5,405
-11,250
-97,940




U.S. International Transactions

56

July 2002

Table 1. U.S. International
[Millions •
Seasonally adjusted
(Credits +; debits - ) '

Line

1990

1991

Current account
Exports of goods and services and income receipts
Exports of goods and services

171,784

174,177

176,450

184,566

181,195

180,564

181,692

130,014

132,172

134,613

139,048

143,356

146,143

101,157

102,611

104,283

184,112
149,798
106,032

37,891
2,689

40,745
2,748

41,860
2,586

43,766
3,112

96,184

97,211

35,016
2,148

35,988
2,327

37,402
2,955

138,436
99,008
39,428
2,502

10,435
3,504
5,413

10,489
3,755
5,593

11,539
4,326
5,680

10,529
3,352
5,480

12,064
3,964
5,579

12,533
4,212
5,734

13,260
4,328
5,837

4,317

4,442
10,786
153

4,348
11,293
200

4,436
12,146
213

41,770
41,488
16,537
23,001
1,950
282

42,005
41,713
16,680
23,073
1,960
292

41,837
41,545
15,888
23,660
1,997

46,130
45,824
16,867
24,338
4,619
306

42,147
41,829
16,541
22,679
2,609
318

4,366
11,879
145
37,208
36,889
14,552
20,486

12,429

145

10,543
3,714
5,356
4,070
9,778
200

-187,397

-186,593

-193,723

-184,921

-151,555

-150,993

-158,581

-123,382

-122,229

-28,173
^,006

-29,923
-4,463

-710

-797
-5,733

Goods, balance of payments basis 2
Services3
Transfers under U.S. military agency sales contracts 4
Travel
Passenger fares
Other transportation
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services

3,807
9,564

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

-9,197
-2,506
-6,023

-28,764
-3,910
-9,490
-2,669
-6,062

Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services..

-732
-5,246
-463

-5,429
-494

-35,842
-35,024
-1,120
-23,882
-10,022
-818

:

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

10,123
170

292
-191,570
-154,961
-125,038

-9,385
-2,727
-6,308

325

-182,176

-183,523

-183,948

-150,881

-150,244

-152,371

-155,984

-127,786

-121,080

-120,584

-123,171

-126,185

-30,795
-5,152
-9,278
-2,627
-6,573

-29,801
-5,169

-29,660
-3,933
-9,065
-2,527
-6,262

-29,200
-3,597
-8,816
-2,516
-6,352

-6,390
-472

-1,033
-6,351
-489

-1,061
-6,240
-618

-34,040
-33,141
858

-31,932
-30,951
203

-31,152
-30,129

-29,799
-3,710
-9,007
-2,672
-6,239
-1,025
-6,609
-537
-27,964
-26,838

-23,549

-20,934
-10,220

-896
-5,818
-451

-35,600
-34,761
-1,094
-23,546
-10,121
-839

-36,609
-35,742
-1,480
-24,039
-10,223
-867

-35,142
-34,201
244
-24,041
-10,404
-941

-6,540
-2,556
-803
-3,181

-7,644
-3,613

-7,339
-3,088
-812

-5,133

-19

157

37,828

-3,439

19,821
1,944

132
34,314
33,986
14,169
18,200
1,617
328

319

-510

-811
-3,220

1,851

35,549
35,224
13,459

4,668

-1,102

-798
-3,233

-8,434
-2,298
-6,122
-916

-10,450

-899
15,004
19,444
-869

3,780
8,285
-877

-3,571

-3,628

-981

-69
-19,794
-10,266
-1,023

1,273
-18,175

-2,812
1,730
-880
-3,662

-5,224
-267
-1,150
-3,807

-3,786

175
-38,664

-9,936
-1,126

Capital and financial account
Capital account

39 Capital account transactions, net..

-6,882

-941

Financial account
-37,204

-43,716

-38,142

U.S. official reserve assets, net
Gold 7
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies

-3,177

371

1,739

-1,091

-10,570
-353

1,014

-15,900
3,877

-247
234
-3,164

-216
493
94

363
8
1,368

-93
-4
-995

31
-341
-43

-190
72
1,132

-114
3,986

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

-756
-1,871
1,189
-74

-796

-338
-1,349
1,039
-28

4,205
-3,171
7,419
-43

549

-2,019
1,209
14

-2,018
2.630
-63

^23
-1,061
840
-202

3,256
-8,724
12,417
-437

-459
-1,077

-23,034
-9,356

-39,431
-12,987
-11,142
-106
-15,196

U.S.-owned assets abroad, net (increase/financial outflow (-))...

U.S. private assets, net
Direct investment
Foreign
g securities
US claims
claims on
on unaf
U.S.
unaffiliated foreigners reported by U.S. nonbanking concerns..
U.S. claims nreported 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
Other10
Other U.S. Government liabilities11
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets12

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 Statistical discrepancy (sum of above items with sign reversed)
Of which: Seasonal adjustment discrepancy
70a
71
72
73
74
75
76

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 70.




41,761
-10,391
-8,580
3,019

-36,779
-4,651

57,713

745

1,225
-23
17
1,232

890
-272

-16,022

-45,117
-17,898
-1,037
-15,514
-10,668

-41,255
-4,240
-8,111
-10,260
-18,644

-10,766
-14,318
-9,960
-40
13,552

154
-1,230
-12,021
7,902
5,503

-22,824

41,215

63,231

12,678

33,236

13,937
12,469
12,335
134
-408
2,141
-265

-3,764
-3,545
-219

3,854
6,095
5,621
474

-921

5,569
126
155
-29
769
3,908
766

-4,914

-195
598
-126

6,207
4,081
3,735
346
1,160
1,240
-274

59,949
20,186

8,347

-6,421

253
-1,517
115

771
-3,107
95

13,690
12,615
1,075
-426
-768
383

-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

39,763
10,635
-3,044
1,041
5,300
8,678
17,153

2,778
4,076
4,739
5,023
4,800
-586
-15,274

17,591
13,378
13,461
14,872
2,200
-2,549
-23,771

29,382
-1,354
-1,196
10,310
4,200
4,761
12,661

43,670
7,072
1,822
4,939
4,200
-4,741
30,378

7,168
4,786

15,892
1,196

-635
1,294

-8,114
5,301

-15,664

1,153

-8,907
-7,798

-13,000
1,347

-28,384
. 6,843
-21,541
5,928
-6,540

-26,045
7,224
-18,821
6,405
-7,644
-20,060

-28,778
8,633
-20,145
10,988
-5,133
-14,290

-19,923
8,090
-11,833
8,107
15,004
11,278

-17,973
11,085
-6,888
5,276
3,780
2,168

12,660
-6,228
4,397
-2,812
-4,643

-20,153
13,967
-6,186
6,350
-5,224
-5,060

-6,698
-6,177
-521

-22,153

-11,037
-5,069

8,313
544
-2,874
5,500
16,838

20,973
2,779
-7,279
-27,827
7,479

-20,348
5,228
-7,339
-22,459

20,391
19,683
708
1,310

-594

-12,550
3,341
-4,469

56,549
12,879

July 2002

57

SURVEY OF CURRENT BUSINESS

Transactions—Continued
of dollars]
Seasonally adjusted

1992
I

1993

IV

III

II

II

I

III

I

IV

III

II

I

IV

III

II

Line

1995

1994

IV

185,822

186,302

187,644

188,834

190,901

192,641

193,687

199,813

203,793

211,509

222,795

231,233

241,599

249,063

255,633

259,636

152,051

151,925

155,389

157,182

158,001

159,646

159,710

165,526

167,281

172,365

179,792

184,455

190,533

195,617

202,980

205,300

108,005

107,884

110,851

112,891

112,053

113,202

112,985

118,703

118,782

122,210

128,946

132,921

138,330

142,452

146,547

147,875

1
2
3

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

52,203
3,407

53,165
3,502

56,433
4,041

57,425
3,693

4
5

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

14,863
4,538
6,295

15,041
4,500
6,561

16,357
4,869
6,528

17,133
5,001
6,697

6
7
8

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

7,219
15,679
202

7,429
15,974
158

7,822
16,554
262

7,819
16,886
196

9
10
11

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

51,066
50,627
22,577
26,855
1,195
439

53,446
53,006
24,412
27,225
1,369
440

52,653
52,211
23,502
27,677
1,032
442

54,336
53,896
24,769
28,011
1,116
440

12
13
14
15
16
17

-183,681

-190,411

-191,986

-196,029

-196,141

-204,858

-205,631

-215,303

-219,175

-231,549

-244,408

-254,181

-261,741

-271,787

-272,735

-271,439

-156,059

-162,031

-164,996

-169,919

-170,713

-177,699

-178,894

-184,370

-187,708

-196,451

-205,217

-211,194

-217,363

-225,806

-223,904

-223,750

-126,756

-132,983

-136,718

-140,071

-141,057

-147,402

-148,361

-152,574

-155,297

-163,784

-171,869

-177,740

-182,830

-190,570

-188,239

-187,735

18
19
20

-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

-34,533
-2,572

-35,236
-2,447

-35,665
-2,446

-36,015
-2,578

21
22

-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

-10,982
-3,404
-6,754

-11,302
-3,655
-6,781

-11,084
-3,745
-6,861

-11,550
-3,861
-6,639

23
24
25

-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

-1,569
-8,560
-692

-1,654
-8,761
-636

-1,773
-9,094
-662

-1,923
-8,831
-633

26
27
28

-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

-42,987
-41,469
-7,101
-22,081
-12,287
-1,518

-44,378
-42,827
-6,930
-23,822
-12,075
-1,551

-45,981
-44,420
-7,041
-24,201
-13,178
-1,561

-48,831
-47,270
-8,954
-24,323
-13,993
-1,561

-47,689
-46,100
-7,393
-24,144
-14,563
-1,589

29
30
31
32
33
34

-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

-8,577
-2,964
-762
-4,851

-8,080
-2,491
-980
-4,609

-8,460
-2,698
-973
-4,789

-8,939
-3,037
-736
-5,166

35
36
37
38

152

111

173

176

-459

147

83

141

152

-704

-70

153

146

272

-299

253

39

-11,428

-16,235

-13,570

-33,177

-21,491

-45,843

-52,975

-80,243

-39,740

-43,072

-30,985

-62,261

-64,950

-117,959

-46,759

-122,706

40

-1,057

1,464

1,952

1,542

-983

822

-545

-673

-59

3,537

-165

2,033

-5,318

-2,722

-1,893

191

-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

-867
-526
-3,925

-156
-786
-1,780

362
-991
-1,264

-147
-163
501

41
42
43
44
45

-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

-553
-1,622
1,072
-3

-225
-862
649
-12

252
-1,028
1,522
-242

-458
-1,347
882
7

46
47
48
49

-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

-59,079
-19,325
-8,775
-2,631
-28,348

-115,012
-15,078
-27,834
-24,580
-47,520

-45,118
-21,772
-41,564
13,729
4,489

-122,439
-42,573
-44,333
-31,804
-3.729

50
51
52
53
54

31,079

50,304

35,469

53,809

25,099

59,038

85,694

112,210

90,280

56,842

81,934

76,933

97,915

122,149

116,366

102,132

55

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

21,956
11,258
10,132
1,126
-562
10,995
265

37,072
26,560
25,234
1,326
54
7,510
2,948

39,302
21,116
20,598
518
-504
18,918
-228

11,550
13,778
13,013
765
907
-3,415
280

56
57
58
59
60
61
62

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

75,959
9,924
28,010
12,400
6,400
17,764
1,461

85,077
11,888
28,438
15,851
1,900
11,864
15,136

77,064
16,764
35,294
26,218
1,900
13,493
-16,605

90,582
19,200
-198
22,780
2,100
16,516
30,184

63
64
65
66
67
68
69

-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

-4,802
1,049

-27,339
3,996

15,456
697

-19,656
-8,326

20,317
3,631

-4,392
4,900

26,342
37

-43,746
-7,823

41,063
2,888

70
70a

-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

-44,500
17,670
-26,830
6,688
-8,577
-28,719

-48,118
17,929
-30,189
7,465
-8,080
-30,804

-41,692
20,768
-20,924
3,822
-8,460
-25,562

-39,860
21,410
-18,450
6,647
-8,939
-20,742

71
72
73
74
75
76

16

16




U.S. International Transactions

58

July 2002

Table 1. U.S. International
[Millions
Seasonally adjusted
Line

(Credits +; debits - )

1

1997

1996

1998

Current account
262,927

266,859

267,240

280,934

208,041

212,264

210,692

221,119

150,496

152,791

151,884

156,942

57,545
3,610

59,473
3,902

58,808
4,341

64,177
4,593

Other transportation

16,814
5,015
6,263

17,722
5,075
6,490

16,194
4,900
6,438

Royalties and license fees s .
Other private services5
U.S. Government miscellaneous services.

7,911
17,607
325

7,898
18,193

8,198
18,511
226

Exports of goods and services and income receipts
Exports of goods and services
Goods, balance of payments basis 2
Services3
,
Transfers under U.S. military agency sales contracts 4
Travel

Income receipts
Income receipts on U.S.-owned assets abroad
Direct investment receiptsOther 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 *
U.S. Government pensions and other transfers
Private remittances and other transfers 6

287,373
225,292
162,626
62,666
3,876

300,459

305,114

302,595

301,808

298,310

291,511

234,636

238,143

236,911

235,666

231,610

228,692

170,171

173,161

172,408

170,998

165,511

164,081

64,465
4,672

4,304

64,503
3,823

64,668
4,558

4,471

64,611
3,994

18,351
5,184
6,701

18,276
5,179
6,761

18,595
5,234
6,691

18,204
5,271
6,855

17,898
4,960
6,385

18,179
5,179
6,293

8,236
20,058
260

8,358
21,009

8,385
21,529
244

8,250
21,859
241

8,574
22,093
200

8,805
22,922
250

62,081
61,630
28,426
32,342
862

65,823
65,373
29,801
34,606

66,971
66,520
30,187
35,452
881

65,684
65,234
26,910
37,474
850

66,142
65,677
27,423
37,400
854

66,700
66,225
27,396

451

450

465

475

-317,828

-325,650

-328,901

-332,743

-337,467

-258.830

-263,923

-267,051

-270,645

-274,098

-218,027
^0,803
-2,737

-221,656
^2,267
-2,961

-224,077
-42,974
-3,154

-226,372

-40,219
-2,855

-228,721
-45,377
-2,855

-12,895
-4,306
-7,121

-12,840
-4,629
-7,225

-13,150
-4,730
-7,113

-13,166
-4,473
-7,502

-44,273
-2,922
-13,770
-4,650
-7,404

-2,208
-10,168
-666

-2,186
-10,490

-2,435
-11,156
-111

-2,332
-11,669

-2,730
-12,125

-696

-678

-672

-57,796
-56,190
-11,105
-26,496
-18,589
-1,606

-58,998
-57,348
-10,604
-27,315
-19,429
-1,650

-61,727
-60,045
-11,584
-28,278
-20,183
-1,682

-61,850
-60,123
-9.658
-30,028
-20,437
-1,727

-62,098
-60,411

-9,054
-2,281
-1,027
-5,746

-9,280
-2,308
-1,071
-5,901

-9,561

-12,902
-5,407
-1,069
-6,426

-9,900
-2,365
-1,080
-6,455

-10,134
-2,209
-1,094
-6,831

17,284
5,078
6,328
8,722
22,998
207
62,819
62,329
23,361
38,080
888
490
-338,013
-274,176
-228,010
-46,166
-3,186
-14,164
-5,139
-7,567
-2,836
-12,509
-765
-63,837
-62,071
-9,088
-33,187
-19,796
-1,766
-10,775
-2,882
-1,055
-6,838

103

166

174

172

192
-83,626

300,414
236,709
169,826
66,883
4,382

-8,022
-23,727
-15,697
-1,560

-51,992
-50,422
-8,859
-24,768
-16,795
-1,570

-10,519
-4,509
-1,157
-4,853

-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
-298,363
-244,701
-206,043
-38,658
-2,814
-12,262
-4,046
-6,895
-1,941
-10,020
-680
-53,662
-52,002
-8,894
-25,266
-17,842
-1,660
-11,878
-5,546
-1,095
-5,237

156

173

178

186

138

-80,936

-68,512

-91,675

-93,616

-119,283

-122,489

7,489

4,480

-236

-730

-4,524

-75,889
-444

-139,949

-523

-172,797
-315

-152,213

17

-1,945

-60,298
-2,025

848
-183
6,824

-146
-28
-141

72
1,055
3,353

-133

-849
1,065

-133
-220
-170

-139
-463
-128

-150
-4,221
-153

-182
-85
-177

73
-1,032
-986

-2,078
-136

-568
-1,512
683
261
-67,421
-15,096
-30,968
-22,000
643
101,405

105
-1,192
1.214
83

-316
-1,245
1.020
-91

-76
-1,170
1,119
-25

-1,616
1,329
-11

377
-1,426
1.832

-80
-1,192
1,134
-22

-483
-1,156
699
-26

188
-1,286
1,336
138

-47
-1,044

-29

65
-1,205
1,158
112

-99.269
-23.129
-33,273
-9,090
-33,777

-172,166
-29,898
-41,545
-40,033
-60,690

-156,617
-29,544
-23,836
-38,112
-65,125

-93,082
-24,883
-31,739
-9,885
-26,575

-118,930
-21,217
-51,297
-22,173
-24,243

-118,030
-29,161
-12,104
-51,590
-25.175

-75,365
-41,844
-20,902
-7,822
-4,797

-137,521
-44,689
-44,282
-20,363
-28,187

-58,461
-20,479
6,005
-15,658
-28,329

-81,210
-35,634
-76,956
5,639
25,741

144,109

220,326

173,005

140,719

167,223

225,860

79,170

155,055

75,963

113,381

23,020
26,135

38,430
40,639
38,456
2,183
-510
-3,533
1,834

27,763
23,105
22,351
754
-155
8,123
-3,310

-6,019
-11,411
-12,373
962
-286
4,643

23,474
10,316
7,604
2,712
-562
12,817

-26,182

11,072
13,946

-10,235
-20,051
-20,305
254
-760

-46,640
-30,917
-32,823
1,906
-12,948

1,035

903

1,164

9,744
832

25,900
33,433
31,871
1,562
-1,331
-5,333

-2,494

-869

181.896
26.542
69,279
28,511
7,829
5,202
44,533

145,242
28,626
29,053
38,490
3,484
25,055
20,534

146,738
23,150
33,928
45.651
4.822
6,461
32,726

143,749
17,865
36,133
52,544
6,576
25,550
5,081

252,042
35,960
31,321
24,724
9,900
59,452
90,685

122,603
23,490
-5,082
6,628
7,277
14,976
75,314

87,481
115,405

-48,942

165,290
20,391
21,814
56,146
2,349
30,722
33,868

-18,408
5.029

11,491

5,972

-20,522
-1,596

-17,884
-11,412

-64,266
7,043

37,388
6,204

34,011
-1,425

41,440
-11,258

26,480
6,484

-49,101
25,519
-23,582
6,153
-11,878
-29,307

-50,099
22.447
-27,652
4,285
-9,054

-47,856
23,662
-24,194
6,825
-9,280

^8,495
22,715
-25,780
5,244

-51,669
21,529
-30,140
3,834
-12,902

-55,374
20,395
-34,979
4,044
-9,900

-32,421

-26,649

-39,208

-40,835

-63,210
20,722
^2,488
3,331
-10,134
-49,291

-63,929
18,445
-45,484
-1,018
-10,775
-57,277

-64,183
20,196
-43,987
1,259
-13,699
-56,427

193
54,595
54,157
24,563
28,487
1,107
438

56,548
56,108

-276,913

-286,958

-293,473

-229,830

-237,952
-200,825

-241,481

54,886
54,447
24,915
28,264
1,268

439

25,183
29,646
1,279
440

-37,127
-2,691

-203,103
-38,378
-2,811

-11,949
-3,867
-6,526

-11,727
-3,894
-6,990

-12,140
-4,002
-6,991

-1,794
-9,149

-1,812

-2,291
-9,451

-193,142
-36,688
-2,745

-658
-47,083
-45,573
-7,318
-23,318
-14,937
-1,510

-9,356
-657
-49,006
-47,446

-692

451

-310,740
-252,944
-212,725

210

966
450

-2,476
-1,024
-6,061

-9,117
-30,964
-20,330
-1,687

37,908
921

-14,096
-4,981
-7,456
-2,659
-12,663
-667
-63,369
-61,661
-10,189
-31,178
-20,294
-1,708

17,925
4,881
6,599
9,524
23,303

269
63,705
63,201
25,784
36,480

937
504
-343,142
-280,696
-234,009
-46,687
-3,222
-14,479
-5,201
-7,937
-3,011
-12,092
-745
-62,446
-60,613
-10,023
-31,723
-18,867
-1,833
-13,699
-5,814
-1,075
-6,810

Capital and financial account
Capital account

39. Capital account transactions, net
Financial account
U.S.-owned assets abroad, net (increase/financial outflow (-))
U.S. official reserve assets, net

Gold7 '.

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
Other10
Other U.S. Government liabilities11
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets12

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 Statistical discrepancy (sum of above items with sign reversed)
Of which: Seasonal adjustment discrepancy
70a
71
72
73
74
75
76

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 70.




-210
-1,076
1,0t3
-147
-80,743
-23,759
-44,043
-15,210
2,269
85,255
51,771

55,839
55,685
154
-554
-3,303
-211
33,484
28,518
16,037
20,356
-2,391
4,350
-33,386

13,503
-1,934
-3,378
1,444
-65
14,217

1,285
87,902
16,184
24,972
24,686
4,542
15,259

20,030
5,243

2,259
-4,223
-944

^12,646
20,857
-21,789
7,803
-10,519
-24,505

-48,034
22,346
-25,688
5,589
-8,744
-28,843

24,908
1,227

147
-1,677
-1,585
121,089
15,257
36,734
29,719

7,382
28,925
3,072
-17,439
-9,323
-51,219
20,430

-30,789
4,556
-8,940
-35,173

54
-157

-298

-9,561
-30,097

-24,171
-24,272
101
122

-3,297

11,336
2,610
-954
-964
-956
68,098
19,759
-6,535
63,237
746

39,833

-281

-2,369
-227
-1,924
-218

942
55

18,384
30,304
6,250
-62,391

-20,471

July 2002

59

SURVEY OF CURRENT BUSINESS

Transactions—Continued
of dollars]
Seasonally adjusted

2002

2001

2000

1999

Line

\p

I

II

III

360,765

349,040

331,612

309,477

291,667

291,316

1

270,162

266,004

256,766

242,325

232,930

233,609

199,641

196,456

193,284

184,846

173,274

167,358

164,649

2
3

73,057
3,342

73,706
3,657

72,720
2,806

71,920
3,227

69,051
3,079

65,572
3,108

68,960
3,002

4
5

21,001
5,342
7,595

20,300
5,213
7,628

20,505
5,192
7,592

20,735
5,007
7,495

19,803
4,849
7,170

17,845
4,522
6,968

14,736
3,629
6,674

17,167
4,171
6,714

6

9,757
25,682
186

9,998
25,991
153

9,998
26,343
233

9,854
26,692
214

9,717
26,738
222

9,743
26,927
201

9,537
26,886
214

9,672
27,559
194

10,090
27,621
195

9
10
11

79,761
79,195
35,130
43,334
731
566

84,083
83,508
36,531
45,911
1,066
575

90,183
89,600
38,502
49,959
1,139
583

88,129
87,541
36,721
49,975
845
588

90,603
90,008
37,924
51,288
796
595

83,036
82,444
35,270
46,281
893
592

74,846
74,253
33,078
40,398
111
593

67,152
66,555
30,211
35,494
850
597

58,737
58,137
27,436
29,659
1,042
600

57,707
57,096
28,143
28,174
779
611

12
13
14
15
16
17

-385,035

-398,776

-422,527

-441,206

-455,079

-455,329

-445,154

-418,930

-388,448

-373,174

-387,953

-313,440

-325,401

-343,267

-357,212

-371,024

-371,420

-363,164

-350,090

-322,103

-320,958

-328,467

-250,654

-265,292

-276,216

-290,941

-303,581

-314,779

-315,116

-306,316

-292,565

-279,025

-268,021

-271,073

18
19
20

-46,627
-3,306

-48,148
-3,559

-49,185
-3,283

-52,326
-3,262

-53,631
-3,382

-56,245
-3,541

-56,304
-3,375

-56,848
-3,548

-57,525
-3,512

-43,078
-3,785

-52,937
-4,353

-57,394
-4,350

21
22

-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
-9,767

-16,123
-6,146
-10,183

-16,075
-6,226
-10,871

-16,191
-6,129
-10,780

-16,003
-5,810
-10,521

-16,698
-6,213
-10,130

-14,468
-5,944
-9,178

-12,948
-4,451
-8,997

-14,710
-5,128
-9,018

23
24
25

-2,960
-11,301
-690

-3,104
-11,560
-675

-3,166
-11,596
-766

-3,380
-11,857
-690

-3,636
-12,747
-710

-3,763
-13,316
-718

-4,556
-14,233
-743

-4,159
-14,958
-712

-4,097
-16,146
-723

-4,038
-16,208
-726

-4,113
-4,864
-726

-4,110
-17,371
-707

-4,734
-18,713
-741

26
27
28

-62,413
-60,490
-10,687
-31,361
-18,442
-1,923

-65,018
-63,056
-13,150
-31,677
-18,229
-1,962

-71,595
-69,587
-15,732
-35,116
-18,739
-2,008

-73,375
-71,319
-13,881
-38,301
-19,137
-2,056

-79,260
-77,240
-16,778
-40,569
-19,893
-2,020

-83,994
-81,940
-16,769
-44,614
-20,557
-2,054

-84,055
-82,028
-14,430
^16,617
-20,981
-2,027

-83,909
-81,799
-12,840
-47,417
-21,542
-2,110

-81,990
-79,881
-13,021
-45,512
-21,348
-2,109

-68,840
-66,727
-5,246
-40,886
-20,595
-2,113

-66,345
-64,210
-6,303
-38,156
-19,751
-2.135

-52,216
-50,035
1,166
-32,230
-18,971
-2,181

-59,486
-57,247
-7,239
-31,500
-18,508
-2,239

29
30
31
32
33
34

-11,107
-2,574
-1,066
-7,467

-11,614
-3,097
-1,074
-7,443

-11,641
-2,847
-1,085
-7,709

-14,393
-5,256
-1,181
-7,956

-11,749
-2,912
-1,168
-7,669

-12,349
-3,232
-1,179
-7,938

-12,925
-3,634
-1,183
-8,108

-16,418
-7,043
-1,177
-8,198

-11,608
-2,419
-1,316
-7,873

-11,916
-2,522
-1,291
-8,103

-12,360
-2,905
-1,305
-8,150

-13,579
-3,782
-1,886
-7,911

-15,850
-6,373
-1,368
-8,109

35
36
37
38

183

199

216

-3,938

210

206

207

214

208

207

206

205

201

39

-73,419

-177,252

-117,863

-109,033

-228,888

-110,470

-93,029

-174,104

-215,815

-80,036

24,978

-100,088

-13,881

40

4,068

1,159

1,951

1,569

-554

2,020

-346

-1,410

190

-1,343

-3,559

-199

390

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

-156
-1,015
-172

-145
-3,242
-172

-140
83
-142

-109
652
-153

41
42
43
44
45

118
-1,314
1,554
-122

-392
-2,167
1,887
-112

-686
-1,595
1,026
-117

3,710
-1,099
5,092
-283

-127
-1,750
1,329
294

-570
-1,371
860
-59

114
-1,051
1,266
-101

-358
-1,010
810
-158

77
-1,094
1,071
100

-783
-1,330
573
-26

77
-1,011
1,118
-30

143
-996
1,111
28

239
-725
963
1

46
47
. 48
49

-77,605
-57,661
1,146
-44,127
23,037

-178,019
-43,425
-71,232
-27,346
-36,016

-119,128
-53,658
-41,340
-13,654
-10,476

-114,312
-34,155
-17,010
-10,339
-52,808

-228,207
-45,532
-27,417
-87,048
-68,210

-111,920
-51,550
-39,744
-25,117
4,491

-92,797
-41,082
-33,936
-16,128
-1,651

-172,336
-40,132
-26,405
-22,512
-83,287

-216,082
-23,514
-26,895
-51,759
-113,914

-77,910
-35,131
-51,764
9,670
-685

28,460
-41,724
10,087
-9,479
69,576

-100,032
-27,470
-26,090
37,210
-83,682

-14,510
-22,533
2,047
-4,030
10,006

50
51
52
53
54

108,747

249,255

157,453

227,025

240,723

245,787

244,933

284,544

302,510

181,610

17,889

250,797

113,315

55

4,157
6,793
800
5,993
-1,468
-1,273
105

-721
-916
-6,708
5,792
-1,049
1,761
-517

12,720
14,798
12,963
1,835
-672
-1,617
211

27,510
11.852
5,122
6,730
449
14,093
1,116

22,711
24,311
16,204
8,107
-261
-2,270
931

6,563
6,334
-4,000
10,334
-884
209
904

12,904
5,271
-9,001
14,272
-233
7,554
312

-4,538
-5,240
-13,436
8,196
-531
253
980

4,087
2,547
-1,027
3,574
-676
1,213
1,003

-20,831
-10,866
-20,798
9,932
-791
-10,202
1,028

16,882
15,594
15,810
-216
89
-782
1,981

5,086
24,390
16,760
7,630
-504
-20,507
1,707

9,034
6,714
-582
7,296
-790
2,384
726

56
57
58
59
60
61
62

104,590
27,273
-13,327
49,157
2,440
52,481
-13,434

249,976
142,197
-11,412
70,205
3,057
16,849
29,080

144,733
51,164
3,685
86,202
4,697
-8,683
7,668

199,515
68,821
-23,443
93,270
12,213
17,736
30,918

218,012
44,296
-15,203
129,278
-6,847
76,305
-9,817

239,224
96,139
-26,484
87,088
989
27,645
53,847

232,029
83,478
-19,013
120,880
757
17,471
28,456

289,082
83,835
-16,265
117,967
6,230
52,830
44,485

298,423
43,589
-4,744
129,990
2,311
111,644
15,633

202,441
51,102
-14,685
113,556
2,772
-5,307
55,003

1,007
14,208
-15,470
64,787
8,203
-25,154
-45,567

245,711
21,897
27,229
99,320
10,497
1,170
85,598

104,281
25,704
-5,682
70,329
4,525
34,704
-25,299

63
64
65
66
67
68
69

24,161
6,096

-2,054
404

40,337
-11,034

-31,158
4,534

82,053
7,951

-37,436
-838

-44,934
-10,675

328
3,566

20,819
7,691

-2,547
875

48,258
-10,286

-55,828
1,721

12,852
9,956

70
70a

-73,590
21,210
-52,380
3,815
-11,107
-59,672

-84,570
21,224
-63,346
4,812
-11,614
-70,148

-92,289
20,664
-71,625
3,123
-11,641
-80,143

-95,573
20,684
-74,889
6,386
-14,393
-82,896

-106,455
19,283
-87,172
4,823
-11,749
-94,098

-112,170
20,243
-91,927
6,189
-12,349
-98,087

-115,138
16,812
-98,326
4,074
-12,925
-107,177

-118,660
17,402
-101,258
6,694
-16,418
-110,982

-113,032
15,872
-97,160
1,046
-11,608
-107,722

-107,719
14,395
-93,324
6,006
-11,916
-99,234

-105,751
25,973
-79,778
807
-12,360
-91,331

-100,663
12,635
-88,028
6,521
-13,579
-95,086

-106,424
11,566
-94,858
-1,779
-15,850
-112,487

71
72
73
74
75
76

IV

I

II

III

316,533

330,273

340,178

355,468

360,827

241,815

250,512

256,095

265,285

272,698

166,084

173,003

180,643

184,486

191,411

67,851
4,511

68,812
3,856

69,869
3,214

71,609
3,188

73,874
3,794

18,101
4,839
6,469

18,339
4,864
6,666

18,808
5,112
6,707

19,483
4,970
7,074

20,461
5,013
7,322

9,186
23,627
203

9,087
24,161
223

9,280
24,810
239

9,348
25,560
220

66,228
65,692
28,768
36,013
911
536

69,830
69,281
30,996
37,474
811
549

74,718
74,159
33,561
39,852
746
559

-345,676

-362,299

-283,263

-297,281

-237,825
-45,438
-3,186

I

II

297,111

303,765

230,883

233,935

164,235
66,648
4,223

III




IV

IV

8

60

U.S. International Transactions

July 2002

Table 2. U.S. Trade
[Millions
Line

1988

1989

1990

1991

1992

1993

1994

1995

.1996

1997

1998

323,335

362,999

392,967

421,851

448,171

464,858

512,626

584,741

625,075

689,182

682,138

695,797

781,918

729,100

253
593

683
544

913
740

1,046

1,224

1,181

225

779
38

751
264

685
22

648

647
27

511

508

398

866
88

1,845

1,980

- 5 221
-575

-6109
-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

-10 658
-1,848

-8,086
-2,349

-7,935
-2,911

320,230

359,916

387,401

414,083

439,631

456,943

502,859

575,204

612,113

678,366

670,416

683,965

771,994

718,762

441,926

473,385

495,269

487,128

532,665

580,526

663,256

743,543

795,289

869,704

911,896

1,024,618

1,218,022

1,140,999

826

81

85

84
949

85

84

84

78

72

1

3

6

4

2001

2000

1999

A Balance of payments adjustments to Census trade data:
EXPORTS

1 Exports ol goods, Census basis1 including reexports and including military
grant shipments

2
3
4
5
6
7

Adjustments:
Private gift parcel remittances
Gold exports nonmonetary
Inland U.S. freight to Canada
U S -Canadian reconciliation adjustments n e e net 2
Exports transferred under U.S. military agency sales contracts identified in
Census documents3
Other adjustments, net 4

8 Equals: Exports of goods, adjusted to balance of payments basis, excluding
"military" (table 1, line 3)

;

...

IMPORTS

g Imports of goods, Census basis1 (general imports)
Adjustments:
Electric energy
10
11
Gold imports nonmonetary
. .
.
Inland freight in Canada
12
U.S.-Canadian reconciliation adjustment, n.e.c, net 2
13
3
Imports ot U.S. military agencies identified in Census documents
U
Other adjustments, net 5 6
15
16 Equals: Imports of goods, adjusted to balance of payments basis, excluding
"military" (table 1 line 20)

25

1 887
2,809

6 775
2,768

2 752
3,129

3 066
3,358

4,948
3,597

3,536
3,705

2 907
3,572

2 727
3,654

3 213
3,929

2 221
3,609

-936
1,270

-871

-704

-546

-683

-751

-451

-1,218

-55

15

12

-43

-10

^18

-892
-126

-650
-101

-871

^16

498,435

491,020

536,528

589,394

668,690

749,374

803,113

876,485

917,112

1,029,987

1,224,417

1,145,927

359,916

387,401

414,083

439,631

456,943

502,859

575,204

612,113

678,366

670,416

683,965

771,994

718,762

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
25,859
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

162,728
149,040
13,264
18,518
26,359
9,878
19,342
37,657
24,022
13,688

178,732
162,521
14,212
20,199
28,922
10,951
21,715
40,724
25,798
16,211

171,421
155,788
13,846
19,716
29,365
9,715
19,327
39,701
24,118
15,633

79,888
43,996

83,359
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

166,713
56,072

178,877
63,472

163,309
55,878
10,597

1 348
2,263

3 577
2,120

2134
2,120

-1,686

-1,086
1,031

- i ,050

426

520

447,189

477,665

320,230
86,409
74,464
7,385
9,913
14,252
6,670
9,714
18,064
8,466
11,945
74,290
37,185

2,525

-56

and country, adjusted to balance of payments basis,
B Trade in goods, by area
7
excluding military:

EXPORTS

1 Total, all countries (A-8)
Western Europe
2
European Union
3
Belgium and Luxembourg
4
France
5
Germany8
6
Italy
7
Netherlands
8
United Kingdom
9
Other
10
Western Europe, excluding EU
11
Canada2.
12
Japan
13
Australia, New Zealand, and South Africa 9
14
Australia
15
Eastern Europe
16
Latin America and Other Western Hemisphere
17
Brazil..
18
Mexico
19
Venezuela
20
Other21
Other countries in Asia and Africa 7 9
22
Asia 7 9
23
Members of OPEC
24
China
25
Hong Kong
26
Korea, Republic of
27
Singapore
28
Taiwan
29
Africa7 9
30
Members of OPEC
31
International organizations and unallocated
32
33
34
35
36

Memoranda.
Industrial countries7
Of which Euro area10
Members of OPEC7
Other countnes7

See footnotes on page 70.




6,809

8,107

8,232

8,092

8,622

8,073

9,564

10,491

11,748

11,744

11,604

11,539

12,189

3,805

5,363

4,188

4,719

5,223

6,181

5,324

5,717

7,286

7,887

7,441

5,568

5,925

6,804

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
23,894

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

109,308
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

141,494
13,116
86,758
5,313
36,307

170,267
15,257
111,172
5,508
38,330

158,973
15,790
101,181
5,600
36,402

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
13,943
7,851
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

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
18,888
10,580
1,527

136,568
125,550
14,979
14,196
12,860
15,648
15,413
17,018
10,588
1,471

139,851
129,563
11,910
13,047
12,565
22,256
16,009
17,430
9,493
1,092

162,531
152,002
10,518
16,141
14,510
27,150
17,620
23,832
10,165
1,599

151,780
140,062
11,903
19,108
13,943
21,203
17,337
17,394
11,383
1,999

401,525
105,474
18,315
264,125

438,292
115,826
17,625
316,076

2

1

76

52

173

558

390

88

223

89

207,317

232,799

252,924

260,059

265,048

270,511

295,724

338,476

354,276

385,401

389,619

13,777
99,084

13,189
113,755

13,141
120,778

18,105
135,529

20,666
153,829

18,319
167,890

16,297
190,749

17,405
219,323

19,224
238,611

23,696
269,269

22,933
257,788

406,199
111,049
19,502
293,061

July 2002

61

SURVEY OF CURRENT BUSINESS

in Goods
of dollars]
Not seasonally adjusted

Seasonally adjusted
2001

2000

II

1

IV

III

III

II

I

2002

II

I

IV

III

II

I

I"

IV

2002

2001

2000

IV

III

Line

I"

187,806

195,978

195,675

202,459

195,262

190,280

169,954

173,604

166,472

187,405

193,678

201,857

198,978

195,638

187,478

175,936

170,048

167,310

1

131

127

120

133

132

126

120

130

113

131

127

120

133

132

126

120

130

113

2
3
4
5

-2,511
-540

-1,873
-522

-1,702
-633

-2,000
-654

-1,771
-714

-2,080
-679

-2,012
-770

-2,072
-748

-2,053
-722

-2,511
-540

-1,873
-522

-1,702
-633

-2,000
-654

-1,771
-714

-2,080
-679

-2,012
-770

-2,072
-748

-2,053
-722

6
7

184,886

193,710

193,460

199,938

192,909

187,647

167,292

170,914

163,810

184,486

191,411

199,641

196,456

193,284

184,846

173,274

167,358

164,649

8

282,120

300,735

316,508

318,659

297,045

288,533

280,836

274,585

260,441

288,560

302,589

313,565

313,308

304,588

290,634

278,344

267,433

270,335

9

439
960

2
1,078
964

7

i',535
999

2
161
1,006

1,012
950

14
1,198
956

4
5
863

6
840

893

1,535
999

2
161
1,006

439
960

2
1,078
964

7
1,012
950

14
1,198
956

4
5
863

6
840

1
6
893

-153

-173
-4

-151
-35

-173
-62

-225
-16

-219
-19

-195
5

-232
-26

-136
-26

-153

-173
-4

-151
-35

-173
-62

-225
-16

-219
-19

-195
5

-232
-26

-136
-26

10
11
12
13
14
15

284,501

301,727

317,721

320,468

298,773

290,463

281,518

275,173

261,179

290,941

303,581

314,779

315,116

306,316

292,565

279,025

268,021

271,073

16

184,886

193,710

193,460

199,938

192,909

187,647

167,292

170,914

163,810

184,486

191,411

199,641

196,456

193,284

184,846

173,274

167,358

164,649

44,133
39,238
3,371
4,921
7,039
2,542
5,222
10,073
6,070
4,895

44,843
40,869
3,462
4,974
7,459
2,575
5,271
10,085
7,043
3,974

42,619
39,244
3,584
4,737
6,970
3,092
5,290
9,528
6,043
3,375

47,137
43,170
3,795
5,567
7,454
2,742
5,932
11,038
6,642
3,967

47,725
42,898
3,624
5,610
8,214
2,753
5,488
10,338
6,871
4,827

45,842
40,703
3,677
5,016
7,374
2,399
4,954
11,301
5,982
5,139

37,586
35,124
3,440
4,209
6,873
2,119
4,132
9,268
5,083
2,462

40,268
37,063
3,105
4,881
6,904
2,444
4,753
8,794
6,182
3,205

39,414
36,165
3,154
5,182
6,598
2,363
4,608
8,265
5,995
3,249

44,135
39,215
3,359
4,923
7,013
2,537
5,214
10,093
6,076
4,920

44,227
40,302
3,416
4,896
7,363
2,541
5,208
9,928
6,950
3,925

43,905
40,429
3,697
4,875
7,185
3,175
5,461
9,807
6,229
3,476

46,465
42,575
3,740
5,505
7,361
2,698
5,832
10,896
6,543
3,890

47,913
43,083
3,637
5,636
8,245
2,766
5,510
10,391
6.898
4,830

45,056
39,973
3,611
4,923
7,227
2,359
4,881
11,083
5,889
5,083

38,883
36,309
3,546
4,345
7,107
2,198
4,270
9,580
5,263
2,574.

39,569
36,423
3,052
4,812
6,786
2,392
4,666
8,647
6,068
3,146

39,634
36,408
3,178
5,233
6,631
2,374
4,627
8,344
6,021
3,226

1
2
3
4
5
6
7
8

45,649
15,266

46,666
15,499

42,314
15,964

44,248
16,743

42,521
16,029

44,521
14,489

37,852
12,876

38,415
12,484

38,329
12,186

45,597
15,143

46,112
15,420

43,589
16,545

43,579
16,364

42,643
15,991

43,839
14,371

39,140
13,390

37,687
12,126

38,568
12,183

2,971

3,268

3,009

2,941

2,698

2,640

2,574

2,685

2,830

2,978

3,214

3,101

2,896

2,706

2,587

2,661

2,643

2,853

12
13
14
15

1,441

1,329

1,514

1,641

1,679

1,842

1,595

1,688

1,519

1,450

1,319

1,562

1,594

1,674

1,837

1,661

1,632

1,530

16

39,563
3,191
26,033
1,259
9,080

42,144
3,664
27,558
1,408
9,514

44,478
4,229
29,230
1,377
9,642

44,082
4,173
28,351
1,464
10,094

41,167
3,828
26,642
1,369
9,328

40,440
4,270
25,263
1,464
9,443

38,780
4,135
24,366
1,401
8,878

38,586
3,557
24,910
1,366
8,753

34,669
3,084
22,512
1,105
7,968

39,462
3,192
25,974
1,251
9,045

41,623
3,597
27,210
1,394
9,422

45,885
4,352
30,146
1,420
9,967

43,297
4,116
27,842
1,443
9,896

41,268
3,837
26,733
1,370
9,328

39,823
4,179
24,885
1,442
9,317

40,128
4,270
25,195
1,451
9,212

37,754
3,504
24,368
1,337
8,545

34,950
3,116
22,731
1,117
7,986

17
18
19
20
21

35,863
33,636
2,231
3,150
3,153
6,313
4,001
5,314
2,157
365

39,960
37,279
2,340
4,087
3,550
7,196
4,054
6,050
2,602
243

43,562
40,769
2,737
4,407
3,809
6,968
4,881
6,763
2,706
508

43,146
40,318
3,210
4,497
3,998
6,673
4,684
5,705
2,700
483

41,090
38,189
3,322
4,313
3,572
6,095
4,575
5,086
2,825
603

37,873
34,883
2,915
4,771
3,700
4,846
4,166
4,341
2,925
498

36,029
33,222
2,791
4,823
3,503
5,297
4,228
4,131
2,688

36,788
33,768
2,875
5,201
3,168
4,965
4,368
3,836
2,945

438

35,721
33,503
2,244
3,114
3,131
6,281
3,988
5,288
2,147
368

39,495
36,830
2,318
4,044
3,516
7,120
3,988
5,965
2,586
244

45,054
42,145
2,834
4,579
3,936
7,212
5,020
7,005
2,821
526

42,261
39,524
3,122
4,404
3,927
6,537
4,624
5,574
2,611
461

41,089
38,176
3,274
4,288
3,563
6,096
4,595
5,103
2,837
608

37,333
34,379
2,899
4,710
3,649
4,772
4,079
4,280
2,890
492

37,411
34,471
2,921
4,995
3,631
5,495
4,374
4,287
2,817
480

35,947
33,036
2,809
5,115
3,100
4,840
4,289
3,724
2,839
419.

34,931
32,311
2,348
4,709
2,940
4,943
4,112
3,812
2,554
466

22
23
24
25
26
27
28
29
30

460

34,863
32,250
2,346
4,690
2,932
4,931
4,102
3,811
2,547
464

105,350
28,230
4,622
83,488

112,365
30,681
5,157
82,416

110,376
30,941
5,294
77,239

108,934
28,153
4,877
73,836

91,955
24,763
4,652
70.685

94,934
27,192
4,679
71,301

93,732
26,654
3,915
66.163

108,817
27,601
3,863
71.806

110,269
28,879
3,956
77,185

108.625
29,096
4,780
86,236

110,581
30,250
5,026
80,849

110,647
31,072
5,252
77,385

107,273
27,660
4,833
72,740

95,182
25,598
4,852
73,240

93,097
26,719
4,565
69,696

94,215
26,812
3.931
66,503

1
6

111,592
29,268
3,991
78,126

CO

108,985
27,647
3,855
72,046




CO

1

1

9
10
11

33
34
35
36

U.S. International Transactions

62

July 2002

Table 2. U.S. Trade
[Millions
1988

Line

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

447,189

477,665

498,435

491,020

536,528

589,394

668,690

876,485

917,112

1,029,987

1,224,417

1,145,927

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

111,639

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

8,158
17,916

102,139
85,765
4,111
13,203
26,039
11,701
4,854
18,263
7,594
16,374

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
55,166
22,350
8,424
38,789
34,698
20,236

243,426
219,946
10,258
29,773
58,501
25,031
9,624
43,388
43,371
23,480

241,030
219,492
10,462
30,372
59,035
23,768
9,455
40,982
45,418
21,538

84,612

89,944
93,537

93.147
90,378

93,048
92,259

113,080
107,242

131,149
119,143

749,374
147,747
134,298
8,753
17,219
36,828
16,332
6,392
26,733
22,041
13,449
146,915
123,484

803,113

102,597
86,036
4,504
12,498
26,313
11,513
5,950
17,651
7,607
16,561

158,545
115,180

170,075
121,665

175.844
121,853

201,288
130,878

233,679
146,497

218,735
126,485

3,519

3,854

4,074
1,654

3,295
3,530

3,203
5,829

4,868

6.422

8,482

5,390
10,902

5,281

7,008

11,819

16,102

6,463
14,342

51,451
9,462
23,312
5,168
13,509

57,526
8,438
27,128
6,765

62,988
6,842
31,492
8,179
16,475

69,178
7,609
35,610
8,181

88,527
8,682
50,050
8,371
21,424

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

17,778

75,191
7,490
40,431
8,418
18,852

.30,994

169,030
11,313
110,551
11,334
35,832

210,178
13,852
136,811
18,624
40,891

199,610
14,467
132,204
15,251
37,688

113,045
102,098
11,325

128,297
114,003
14,843
12.005

9,802
22,643
16,108
9,641

134,858
120,310
15,531
19,003
9,279
16,984
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

3,380
7,015
105,277
8,832
62,794
9,764
23,887
215,556
199,726
17,697
45,544
10,286
24,153
18,586
28,971
15,606
6.804

3,848

1,845

4,411
2,096
64,354
7,963
30,508
9,496
16,387
134,699
118,485
17,886
15,204
9,475
18,438

3,682

2,165

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

296,820
279,520
24,433
81,789
10,524
31,154
18,202
35.211
16,956
6,186

368,113
340,265
35,204
100,021
11,455
40,297
19,201
40,507
27,545
13,168

339,262
313,479
33,026
102,278
9,648
35,192
15,038
33,382
25,437
11,476

Trade in goods, by principal end-use category, adjusted to
balance of payments basis, excluding military—Continued:
IMPORTS
Total, all countries (A-16)
Western Europe
European Union
Belgium and Luxembourg
France
Germany8
Italy
'.
'....'.
Netherlands
United Kingdom
Other
Western Europe, excluding EU
2

Canada
Japan
Australia, New Zealand, and South Africa 9
Australia
Eastern Europe
Latin America and Other Western Hemisphere.
Brazil
Mexico
Venezuela
Other
Other countries in Asia and Africa 7 9 .
Asia 7 9
Members of OPEC...
China
Hong Kong
Korea, Republic of..
Singapore
Taiwan
Africa 7 9
Members of OPEC
:

8,540
10,243
20,160
7,947
24,864
10,865
5,287

15,195

9,709
19,754
8,976
25,482
14,162
7,566

4,932
19,965

4,696
14,653
28,736
12,246
5,744
19,945

7,963
17,656
100,898
97,408
1,736

9,924
20,544

International organizations and unallocated
Memoranda:
Industrial countries7
Of which: Euro area 10
Members of OPEC7
Other countries7

283,229

292,767

300,185

294,461

316,574

347,742

389,909

425,193

442,917

476,699

501,958

30,720
154,178

38,399
159,851

33,430
163,129

33,718
186,236

32,648
209,004

31,674
247,107

34,265
289,916

42,676
317,520

43,996
355,790

33,673
381,481

557,256
144,928
41,953
430,778

636,319
164,003

23,016
140,944

521,102

599,353
166,198
59,753
486,821

Total, all countries

-126,959

-117,749

-111,034

-76,937

-96,897

-132,451

-165,831

-174,170

-191,000

-198,119

-246,696

-346,022

-452,423

-427,165

Western Europe

-16,188

-4,610

1,128

13,717

-9,782

-17,538

-15,242

-24,654

-23,589

-34,858

-52,143

-11,572
2,881
-2,585
-12,061
-4.843
3,764
413

4,170
5,718
385

-7,156
2,207

-11,740
2,552
-3,177
-12,938
-7,753

-12,570
4,070

-21,895

-29,915
5,637

7.887
2,766
2,093
-3,042

14,816
6,514
1,920
-5.482
-3,210
8,514
3,021
3,539
-1,099

-45,595
3,761
-7,187
-28,807
-12,472
10,918
-1,132
-10,676
-6,548

-64,694
-57,425
3,954

^.616

-1,328
3,854
-1,401
-8,468
J780
6,300
2.430
737
-3.282

2,999
6,696

-10.322
-52,615

-10,056
-49,541

-9,788
^2,373

3,290
1,640
-7,792

4,253
3,518

BALANCE (EXCESS OF EXPORTS +)

European Union
Belgium and Luxembourg
France
Germany8
Italy
Netherlands
United Kingdom
Other
Western Europe, excluding EU

87

. .

Canada2
japan
,
Australia, New Zealand, and South Africa 9
Australia
Eastern Europe
Latin America and Other Western Hemisphere..
Brazil
Mexico

90
91
92
93
94
95
96
97
98
99
100
101
102
103

Other countries in Asia and Africa 7 9...
Asia 7 9
Members of OPEC
China
Hong Kong
Korea, Republic of
Singapore
Taiwan
Africa 7 9
Members of OPEC

104

International organizations and unallocated..

Venezuela
Other

859

-9,886
-4,793

6,258

5,767

-6,251

-10,177

4,134
-7,538
-40,637
1,323

-12.378
-60,222

-16,499
-66,710

-19,527
-59,865

-24,257
-48,704

-18,176
-57,281

-4,943
-19,109
-65,376

4,940

4,778

6,361

7,111

2,651

-505

-1,298

7,900
278

6,876
-595

6,214

3,487

-3,461

6,241
-1,908
4,799
-2,766
6,116

3,257
-1,483
1,053
-3,844

3,676
-617
585
-4,351
8,059

-9,059
2,562
-16,621
-5,123
10,123

-15,651
3,901
-18,418
-8,728
7,594

-5.154
6,251
-15,467

-3.266
4,983
-16,778
-2,481
11,010

-27,536
1,803

-39,911
1,405
-25,639
-13,116
-2,561

-74,705
-69,199
-5,756
-29,565

-76,290
-70,471
-6,368
-33,796

-100,200

-126,916
-121,753
-3,898

-156,969

3,913
25
-3,380
-10,717

-5,787
-6,182

1,708
-2,352
-2,517
-10,514
-5,629
-5,270

4,010

-10,558
-6,194
-6,684

-60,978
-54,137
-3,884
-22,841
243
-2,807
-1,455
-9,660
-7,040
-6,601

-85,914
-77,618
-3,243

-12,744
-1,210
-1,989
-1,374

-54,410
-48,951
-3,753
-18,340
-808
-2,533
-1,927

-6,836
4,271
4,350
1,043
-2,626

7,451
1,376

749

-3,102
-14,914
-7,579
9,996

3,184

-4,799
-19,236
-10,485
12,209
3,121

-6,496
-23,578
-12,018
11,341

3,895
-8,696

-7,370
-44,932

3,821

4,018

2,092

3,065

-10,066
-2,958
-2,415
-6,425
1.732

269
-736
1,612

791

-8.733
-3.645
-2.465
-3,774
1.151

-45,024
-41,584
-3,926
-3,440
^1,578
-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

52

173

558

-75,912

-59,968

-47,261

-34,402

-51,526

-77,231

-94,185

-86,717

-88,641

-91,298

-112,339

-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

-2,729
-636

-55,426
-70,607

1,496
-2,537
-2,672

-2,125
-10,066

-3,697
-9,795
-50,447

-5,218

-7,269
-54,802
-83,025

-5,798

5,175
-220
-8,226
-3,627
7,778
2,513
3,303

-3,539
2,932
^46,094
-40,209
-4,711

390

7,531

-5,879
-5,369

-39,578
3,293
-3,773
-12,201
-8,463
-6,481

-1,694

-6,908
10,970
-90,995
-6,155
-49,734
4,791
1,121
-2,578

-13,734
-9,314
-7,237

223

-56,974
2,320
-8,269
-2,941

-16,092
-5,256
-4,361

-69,609
-63,704
3,384
-10,656
-29,670
-14,053
9,872
-1,281
-21,300
-5,905

-21,410
3,198
-4,245
-15,976
-9,615
9,110
1,692
-5,574
-3,244

-34,575
-74,806

-23,793
-6,021
475

-149,957
-12,523
-68,742
2,041

-8,898
-2,193
-17,781
-7,463

-5,094

-9,574
-29,579
-14,080
12,091
-2,664
-17,573

-205,582
-188,263
-24,686
-83,880
3,055
-13,147
-1,581
-16,675
-17,380
-11.569

-31,023
-9,651
-1,286
-187,482
-173,417

-21,123
-83,170

4,295
-13.989
2,299
-15,988
-14,054
-9,477

1

76

Memoranda:

105 Industrial countries7
106
Of which: Euro area 10
107 Members of OPEC7
108 Other countries7
See footnotes on page 70.




-155,731
-39,454
-23,638
-166,653

-198,027
-48,177
-49,371
-205,026

-193,154
-55,149
-40,251
-193,760

July 2002

63

SURVEY OF CURRENT BUSINESS

in Goods—Continued
of dollars]
Seasonally adjusted

Not seasonally adjusted

1

2002

2001

2000

II

III

IV

IV

III

II

I

\P

II

I

2002

2001

2000

IV

III

II

I

III

IV

284,501

301,727

317,721

320,468

298,773

290,463

281,518

275,173

261,179

290,941

303,581

314,779

315,116

306,316

292,565

279,025

268,021

271,073

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

62,993
56,779
2,835
8,170
15,051
6,200
2,404
10,939
11,180
6,214

62,521
55,952
2,719
7,640
15,374
5,939
2,472
10,482
11,326
6,569

56,568
52,156
2,313
6,855
14,617
5,803
2,157
9,382
11,029
4,412

58,948
54,605
2,595
7,707
13,993
5,826
2,422
10,179
11,883
4,343

55,245
51,173
2,438
6,944
13,557
5,468
2,174
9,132
11,460
4,072

59,621
53,256
2,581
7,222
14,394
6,038
2,383
10,777
9,861
6,365

60,243
54,907
2,477
7,460
14,592
6,173
2,426
10,896
10,883
5,336

59,772
54,075
2,452
6,850
14,780
6,640
2,353
10,480
10,520
5,697

63,790
57,708
2,748
8,241
14,735
6,180
2,462
11,235
12,107
6,082

64,612
58,275
2,903
8,355
15,454
6,367
2,464
11,236
11,496
6,337

62,994
56,391
2,737
7,705
15,489
5,983
2,491
10,563
11,423
6,603

56,043
51,674
2,295
6,786
14,464
5,739
2,138
9,293
10,959
4,369

57,381
53,152
2,527
7,526
13,628
5,679
2,362
9,890
11,540
4,229

57,377
53,172
2,531
7,216
14,093
5,683
2,261
9,476
11,912
4,205

57,142
34,742

59,582
36,574

56,800
36,581

60,155
38,600

59,327
34,603

57,910
31,138

51,090
29,997

50,408
30,747

51,195
28,593

58,398
35,548

59,904
36,836

56,192
36,221

59,185
37,892

60,800
35,540

58,256
31,377

50,566
29,690

49,113
29,878

53,129
29,731

1,345

1,676

1,732

1,669

1,457

1,656

1,743

1,607

1,386

1,380

1,683

1,712

1,647

1,495

1,670

1,733

1,565

1,438

4,022

3,686

4,446

3,948

4,441

3,262

3,359

3,280

2,561

4,098

3,706

4,414

3,884

4,532

3,287

3,331

3,192

2,660

49,331
3,243
31,840
4,296
9,952

52,210
3,546
34,096
4,554
10,014

54,674
3,816
35,801
4,664
10,393

53,963
3,247
35,074
5,110
10,532

51,467
3,612
33,288
4,477
10,090

50,789
3,526
33,586
4,150
9,527

49,988
3,849
33,031
3,621
9,487

47,366
3,480
32,299
3,003
8,584

46,035
3,241
31,327
2,725
8,742

50,350
3,327
32,563
4,329
10,131

52,521
3,557
34,323
4,577
10,064

54,194
3,768
35,483
4,638
10,305

53,113
3,200
34,442
5,080
10,391

52,681
3,700
34,144
4,529
10,308

51,134
3,548
33,841
4,163
9,582

49,555
3,811
32,760
3,587
9,397

46,240
3,408
31,459
2,972
8,401

47,678
3,367
32,508
2,761
9,042

79,535
73,609
7,607
19,911
2,599
8,920
4,302
9,086
5,866
2,716

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

97,282
89,990
9,235
27,284
2,744
11,069
5,085
10,349
7,215
3,292

84,485
77,457
8,460
22,394
2,350
9,452
4,182
8,792
6,955
3,279

83,187
75,978
8,858
23,843
2,289
8,446
3,766
8,493
7,129
3,444

88,773
82,384
8,719
28,947
2,755
8,382
3,490
8,194
6,302
2,764

82,817
77,660
6,989
27,094
2,254
8,912
3,600
7,903
5,051
1,989

76,164
71,723
6,716
23,698
2,028
8,232
3,441
7,252
4,370
1,530

81,546
75,558
7,708
20,551
2,681
9,160
4,415
9,332
5,927
2,731

88,688
81,547
8,563
23,630
2,671
9,629
4,562
10,171
7,070
3,479

102,274
94,785
9,785
29,118
3,416
10,633
5,223
10,852
7,393
3,683

95,605
88,375
9,148
26,722
2,687
10,875
5,001
10,152
7,155
3,275

86,656
79,523
8,603
23,067
2,416
9,699
4,295
9,014
7,058
3,306

83,847
76,612
8,891
24,112
2,309
8,505
3,793
8,560
7,154
3,450

88,107
81,770
8,653
28,793
2,738
8,308
3,454
8,117
6,251
2,747

80,652
75,574
6,879
26,306
2,185
8,680
3,496
7,691
4,974
1,973

79,060
74,525
6,871
24,707
2,112
8,551
3,577
7,542
4,463
1,546

.

Line

\p
37
38
39
40
41
42
43
44
45
46
47
48
49
50

51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68

152,950
38,519
14,619
116,932

159,383
40,571
16,530
125,814

157,144
41,200
18,210
142,367

166,842
43,713
17,637
135,989

160,048
42,685
16,216
122,509

155,106
42,374
16,452
118,905

141,048
39,889
15,104
125,366

143,151
41,250
11,981
120,041

137,747
39,091
10,971
112,461

156,313
39,380
14,768
119,860

160,369
40,842
16,619
126,593

155,581
40,806
18,106
141,092

164,056
42,975
17,503
133,557

164,156
43,804
16,438
125,722

156,191
42,710
16,504
119,870

139,664
39,514
14,987
124,374

139,342
40,170
11,824
116,855

143,052
40,632
11,178
116,843

69
70
71
72

-99,615

-108,017

-124,261

-120,530

-105,864

-102,816

-114,226

-104,259

-97,369

-106,455

-112,170

-115,138

-118,660

-113,032

-107,719

-105,751

-100,663

-106,424

-14,251

-15,013

-17,716

-17,714

-15,268

-16,679

-18,982

-18,680

-15,831

-15,486

-16,016

-15,867

-17,325

-16,699

-17,938

-17,160

-17,812

-17,743

-12,880

-13,679
1,001
-2,446
-7,029
-3,564
2,860
-742
-3,759
-1,334

-15,345
1,115
-2,184
-7,973
-3,614
2,916
-1,051
-4,554
-2,371

-15,521
1,001
-2,806
-7,528
-3,543
3,425
-380
-5,690
-2,193

-13,881

-15,249

-15,008

-14,041

-14,605

-15,192

-16,418

-1,762
-6,959
-3,105
2,434
-867
-5,465
-823

-2,299
-7,381
-3,501
2,831
-684
-3,785
-1,445

-2,564
-7,229
-3,632
2,782
-968
-3,933
-1,411

-2,736
-7,374
-3,482
3,370
-339
-5,564
-2,192

-2,719
-7,209
-3,601
3,046
-845
-4,598
-1,507

520

287

-5,344
-1,430

-2,826
-7,089
-3,382
2,331
-1,385
-5,701
-1,138

-15,365
1,251
-2,441
-7,357
-3,541
2,132

-5,534
-1,520

-5,696
-1,795

-16,729
525
-2,714
-6,842
-3,287
2,304
-1,243
-5,472
-1,083

-16,764

-2,624
-8,000
-3,540
2,482

-13,646
1,245
-1,975
-7,595
-3,465
3,108
-673
-4,291
-2,221

-15,133

-2,560
-6,837
-3,447
3,084
-601
-4,309
-1,387

-17,032
1,127
-2,646
-7,744
-3,684
1,975
-114
-5,946
-1,950

-17,542

-2,138
-7,049
-3,359
2,890
-491
-3,570
-1,371
-11,493
-19,476

-12,916
-21,075

-14,486
-20,617

-15,907
-21,857

-16,806
-18,574

-13,389
-16,649

-13,238
-17,121

-11,993
-18,263

-12,866
-16,407

-12,801
-20,405

-13,792
-21,416

-12,603
-19,676

-15,606
-21,528

-18,157
-19,549

-14,417
-17,006

-11,426
-16,300

-11,426
-17,752

-14,561
-17,548

73
74
75
76
77
78
79
80
81
82
83
84

1,626

1,592

1,277

1,272

1,241

984

831

1,078

1,444

1,598

1,531

1,389

1,249

1,211

917

928

1,078

1,415

-2,581

-2,357

-2,932

-2,307

-2,762

-1,420

-1,764

-1,592

-1,042

-2,648

-2,387

-2,852

-2,290

-2,858

-1,450

-1,670

-1,560

-1,130

-9,768

-10,066

-10,196

-9,881

-10,300

-10,349

-11,208

-8,780
77
-7,389
-1,637
169

-11,366
-157
-8,815
-1,620
-774

-10,888
-135
-6,589
-3,078
-1,086

-10,898

-8,309

-9,816

-11,413

-11,311

-9,427

-7,113
-3,183
-642

584

916

137

631

459

-5,337
-3,218
-338

-6,600
-3,637
-495

-7,411
-3,159
-980

-8,956
-2,721
-265

-7,565
-2,136
-185

-8,486
96
-7,091
-1,635
144

-12,728
-251
-9,777
-1,644
-1,056

-46,029
-43,892
-4,114
-21,893
914
-3,947
768
-4,067
-2,106
-1,551

-^1,301
-39,473
-4,370
-19,008
904
-3,301
661
-3,441
-1,823
-1,066

-45,825
-42,055
-5,464
-17,437
450
-2,879
-427
-4,044
-3,780
-2,363

-49,193
-44,717
-6,245
-19,586
845
-2,509
-574
-4,206
-4,484
-3,235

-57,220
-52,640
-6,951
-24,539

-53,344
-48,851
-6,026
-22,318
1,240
-4,338
-377
-4,578
-4,544
-2,814

-45,567
-41,347
-5,329
-18,779
1,147
-3,603

-46,514
-42,233
-5,992
-19,402
1,340
-3,733

-50,696
-47,299
-5,732
-23,798

-44,129
-42,214
-4,523
-19,998

300

286

920

-4,280
-4,264
-2,958

-3,830
-3,434
-2,267

-44,705
-42,538
-4,070
-21,191
915
-3,840
793
-3,967
-2,135
-1,554

837

-52

413

118

926

789

216

958

819

744

286

-5,807
-3,037
-872

-6,538
-3,146
-500

-6,571
-3,287
-751

-6,723
-3,646
^138

-6,646
-3,108
-762

-8,323
-2,686

-43,672
-39,973
-5,376
-16,761
554
-2,607
-301
-3,772
-3,709
-2,351

-48,183
-43,767
-6,179
-19,376
887
-2,378
-482
-4,063
-4,425
-3,214

-59,591
-54,851
-7,106
-24,956

-54,136
-49,672
-6,025
-22,787
1,254
-4,396

-43,395
-39,268
-5,138
-18,081
1,222
-3,357
393
-3,706
-4,130
-2,676

-45,314
-41,095
-5,943
-19,072
1,411
-3,600

-52,744
-49,162
-5,928
-24,124

400

738

360

-3,766
-397
-4,196
-4,731
-3,195

^01

-4,644
-4,515
-2,809

-84

-4,152
-4,204
-2,946

-8,665
-2,220
-609

748

-3,085

-4,063
-3,614
-2,304

510

716

778

-47,791
-11,303
-12,539
-47,688

40

520

-3,421
-203
-3,847
^,572
-3,157

992

734

-3,911
-4,221
-2,698

874

-2,782
-8,262
-3,624
2,390

893
-2,813

647
-1,983
-7,462
-3,309
2,366
-1,132
-5,891
-979

828
-3,608

535
-3,730
-1,909
-1,080

1

1
-43,965
-10,872
-10,764
-44,886

939

-51,794
-12,970
-13,588
-58,879




-54,477
-13,032
-12,480
-53,573

-49,672
-11,744
-10,922
-45,270

-46,172
-14,221
-11,575
-45,069

-49,093
-15,126
-10,452
-54,681

-48,217
-14,058
-7,302
-48,740

-44,015
-12,437
-7,056
-46,298

-47,496
-11,779
-10,905
-48,054

-50,100
-11,963
-12,663
-49,408

85
86

87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104

-46,956
-11,710
-13,326
-54,856

-53,475
-12,725
-12,477
-52,708

-53,509
-12,732
-11,186
-48,337

-48,918
-15,050
-11,671
-47,130

-44,482
-13,916
-10,135
-51,134

-46,245
-13,451
-7,259
-47,159

-48,837
-13,820
-7,247
-50,340

105
106
107
108

64

U.S. International Transactions

July 2002

Table 2. U.S. Trade
[Millions
Line

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

320,230

359,916

387,401

414,083

439,631

456,943

502,859

575,204

612,113

678,366

670,416

683,965

771,994

718,762

38,810
281.420

41,086
318,830

40,224
347,177

40,117
373,966

44,084
395,547

43,611
413,332

47,103
455,756

57,254
517,950

61,531
550,582

58,478
619,888

53,159
617,257

52,801
719,193

33,770

36,338

35,179

35,792

40,341

40,593

41,956

50,474

55,533

51,507

46,397

49,657
634,308
45,977

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

42,032
13,910
3,730
5,667
4,623
6,850
7,948
8,701

43,749
13,650
3,499
5,259
5,382
7,708
8,357
8,652

54,889
663,873
49,408
44,889
13,942
3,477
5,344
5,500
7,987
8,261
9,199

Trade in goods, by principal end-use category, adjusted to balance
of payments basis, excluding military:

Exports of goods, balance of payments basis, excluding military
(A-8)
Agricultural products
Nonagricultural products
Foods, feeds, and beverages
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

47,872

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

4,519
3,266

98,364

105,547

109,693

109,589

111,888

121,546

146,371

147,978

158,317

148,309

3,945
2,970
147,636

4,123
3,033

90,019

172,650

160,200

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

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

7,322
969
1,299
1,148
3,906

8,761
1,925
1,195
1,601
4,040

9,724
2,177
1,270
1,971
4,306

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

140,314
12,883
12,540
2,749
8,620

163,889
16,636
16,201
2,598
12,012

150,476
15,922
14,674
2,258
10,637

Paper and paper base stocks
Textile supplies and related materials
Chemicals, excluding medicinals
Building materials, except metals
Other nonmetals

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

14,487
9,284
42,981
9,062

10,768

10,103
8,183
35,132
8,838
11,928

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
9,807
45,927
8,157
18,895

14,001
11,367
52,242
8,755
21,628

12,386
W,866
49,326
7,770
19,599

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

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

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

10,966
4,540
905
5,521
6,628

27,168
1,782
3,656
14,588
9,064
891
4,633
7,142

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

32,471
1,415
5,741
13,526
5,263
1,812
6,451

34,607
1,768
6,198
14,219
4,896
2,695
6,628
12,422

119,103

136,944

153,065

166,715

176,502

182,853

205,823

234,456

253,986

295,874

299,868

11,789
311,250

39,260
1,733
6,827
16,047
6,028
2,476
7,543
14,653
357,000

96,014
11,210

119,232
13,392
105,840
8,848
5,359
3,044
5,875

128,472
14,545

113,927
9,636
6,237
3,028
6,061

137,027
15,481
121,546
9,621
6,659
3,406
6,430

148,547
16,875
131,672
9,474
7,533
3,628
7,051

172,665
19,674
152,991
10,213
9,176
4,379
7,941

206,587
23,039
183,548
11,517
10,159
5,240
9,019

221,093
24,113
196,980
12,693
10,287
5,801
9,805

252,201
27,977
224,224
15,965
12,614
6,502
11,773

243,394
27,301
216,093
15,943
11,727
6,275
12,540

255,155
29,353
225,802
11,965
10,993
6,207
13,142

306,343
35,766
270,577
12,598
11,602
7,468
16,369

321,723
266,431
30,887

6,564
4,026
2,638
5,412

108,162
11,354
96,808
7,997
4,939
3,003
5,371

44,695
46,724
46,962
25,367
2,999
16,748

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

19,472

21,742

24,187

29,058

32,442

37,717

40,960

46,347

43,573

24,128
12,169
8,170
2,239
7,050

25,888
13,325
9,397
2,136
7,781

25,316
27,267
14,339
10,275
2,485
9,283

26,656

23,965
9,035
6,534
1,787
5,371

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

Civilian aircraft, engines, and parts
Civilian aircraft, complete, all types
Other transportation equipment

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

26,129
12,861
1.740
61,261

30,792
15,660
2,101
64,238

41,359
23,584
2,314

Automotive vehicles, engines, and parts

31,475
18,704
1,683
57,314

73,302

45,247
37,650
23,869
3,442
15,827
53,547
31,819
2,927
72,386

33,940
7,303
4,874
3,597

35,008
7,840
5,010
3,625

40,429
8,612
6,181
4,325
21,311

Computers, peripherals, and parts
Semiconductors
Telecommunications equipment
Other office and business machines
Scientific, hospital, and medical equipment and parts

235,544
14,057
11,992
5,816
14,169

53,143

46,060

47,555
45,065
27,874
2,894
20,062

75,256

55,542
60,077
31,268
3,201
19,309
48,091
22,694
2,566
80,356

45,941
9,212
6,677
5,620
24,432

45,810
9,226
6,520
5,848
24,216

40,598
8,647
5,335
5,260
21,356

34,546
7,522
2,857
4,632
19,535
89,376

34,837
9,179
2,225
4,624
18,809

52,921
28,996
3,174

52,619
25,816
2,673

33,397

35,047

36,069

39,717

46,712

51,345

To Canada
Passenger cars, new and used
Trucks, buses, and special purpose vehicles...
Engines and engine parts
Other parts and accessories

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

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

18,166

18,533

39,610
9,282
5,863
3,899
20,566

To other areas
Passenger cars, new and used
Trucks, buses, and special purpose vehicles
Engines and engine parts
Other parts and accessories

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

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

29,315
7,243
2,157
3,306
16,609

26,981

36,008

43,598

46,650

51,313

70,105

77,962

16,219

19,690

21,938

24,585

59,864
29,089

64,314

13,539

54,559
25,980

31,340

34,033

37,225

80,294
38,383

80,922
38,752

4,303
11,907

4,389
18,092

4,796
21,912

5,350
22,760

6,215
24,873

6,582
26,492

28,354

7,282
30,271

7,988
33,179

9,261
37,711

10,642
38,657

12,457
38,325

14,312
42,352

16,577
42,019

4,193
1,535

6,423
1,697

7,560
1,996

8,850
1,952

10,014
1,855

10,668
2,087

11,548
2,421

12,128
2,703

13,916

16,089
3,026

16,431
3,254

16,225
3,845

17,826
4,723

17,740
4,710

16,960

17,215

13,943

15,516

15,174

15,705

16,356

20,273

21,404

23,162

22,924

24,740

23,666

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)
Exports, n.e.c
See footnotes on page 70.




10,472

10,343

75,435

88,330
41,601

July 2002

65

SURVEY OF CURRENT BUSINESS

in Goods—Continued
of dollars]
Seasonally adjusted

Not seasonally adjusted

III

II

1

IV

I

II

III

IV

I"

II

I

2002

2001

2000

2002

2001

2000

III

IV

I

II

III

Line

I"

IV

184,886

193,710

193,460

199,938

192,909

187,647

167,292

170,914

163,810

184,486

191,411

199,641

196,456

193,284

184,846

173,274

167,358

164,649

1

13,478
171,408

12,272
181,438

12,482
180,978

14,569
185,369

14,118
178,791

12,805
174,842

12,552
154,740

15,414
155,500

14,152
149,658

12,918
171,568

13,079
178,332

13,585 .
186,056

13,219
183,237

13,647
179,637

13,637
171,209

13,643
159,631

13,962
153,396

13,781
150,868

2
3

11,911

11,085

11,802

13,074

12,662

11,425

11,656

13,665

12,501

11,658

11,950

12,374

11,890

12,470

12,325

12,193

12,420

12,422

4

11,026
3,452
723
1,327
1,716
1,894
1,918
2,046

10,133
3,206
866
1,315
847
1,853
2,097
2,130

10,565
3,530
1,002
1,390
885
1,931
2,037
2,182

12,025
3,462
908
1,227
1,934
2,030
2,305
2,294

11,590
3,606
803
1,317
1,963
1,895
1,999
2,127

10,377
3,212
798
1,209
698
1,982
2,110
2,375

10,351
3,549
856
1,561
599
1,970
1,949
2,284

12,571
3,575
1,020
1,257
2,240
2,140
2,203
2,413

11,408
3,597
836
1,398
1,817
1,739
2,078
2,177

10,733
3,348
815
1,253
1,287
1,967
1,999
2,132

10,873
3,456
916
1,426
1,350
1,879
2,070
2,118

11,315
3,544
911
1,379
1,506
1,961
2,153
2,151

10,828
3,302
857
1,201
1,239
1,901
2,135
2,251

11,357
3,493
891
1,250
1,573
1,979
2,084
2,228

11,159
3,472
847
1,317
1,228
2,006
2,090
2,363

11,071
3,593
799
1,552
1,160
1,997
2,062
2,259

11,302
3,384

5
6

1,225
1,539
2,005
2,025
2,349

11,245
3,545
931
1,359
1,398
1,820
2,185
2,297

10
11
12

885
667

952

1,237
934

1,049
743

1,072
789

1,048
716

1,305
994

1,094
767

1,093
814

925
683

1,077

689

808

1,059
762

1,062
780

1,113
804

1,166
824

1,122
819

1,118
819

1,177
876

13
14

42,671

42,469

43,347

44,163

42,856

42,169

37,745

37,430

36,769

42,336

41,819

44,018

44,477

42,842

41,533

38,301

37,524

36,849

15

2,370
627
384
354
1,005

2,064
524
318
392
830

1,864
366
194
423
881

2,463
408
299
432
1,324

2,446
570
342
497
1,037

2,353
554
313
536
950

2,148
564
231
488
865

2,777
489
384
450
1,454

2,662
638
370
431
1,223

2,112
493
323
331
965

2,136
511
294
381
950

2,198
467
316
429
986

2,315
454
262
460
1,139

2,219
445
285
479
1,010

2,407
522
284
524
1,077

2,501
666
362
489
984

2,597
544
339
479
1,235

2,465
526
312
421
1,206

16
17
18
19
20

40,301
3,770
3,718
608
2,773

40,405
3,707
3,635
643
2,636

41,483
4,257
4,168
692
3,039

41,700
4,902
4,680
655
3,564

40,410
4,157
3,588
544
2,648

39,816
4,438
3,957
611
2,758

35,597
3,709
3,561
557
2,622

34,653
3,618
3,568
546
2,609

34,107
3,288
3,210
465
2,234

40,224
3,775
3,724
640
2,747

39,683
3,691
3,619
628
2,636

41,820
4,270
4,180
688
3,055

42,162
4,900
4,678
642
3,574

40,623
4,190
3,621
571
2,654

39,126
4,428
3,949
603
2,757

35,800
3,683
3,534
544
2,609

34,927
3,621
3,570
540
2,617

34,384
3,298
3,221
476
2,233

21
22
23
24
25

3,546
2,726
12,407
2,143
5,372

3,611
2,887
13,054
2,229
5,445

3,543
2,931
13,594
2,194
5,318

3,301
2,823
13,187
2,189
5,493

3,280
2,910
13,182
2,062
5,131

3,088
2,891
12,712
2,052
5,139

2,938
2,593
11,952
1,842
4,784

3,080
2,472
11,480
1,814
4,545

2,896
2,520
11,596
1,823
4,648

3,520
2,704
12,339
2,159
5,326

3,580
2,759
12,793
2,153
5,327

3,570
2,983
13,832
2,227
5,370

3,331
2,921
13,278
2,216
5,605

3,266
2,910
13,218
2,088
5,136

3,060
2,767
12,457
1,987
5,015

2,960
2,634
12,118
1,872
4,838

3,100
2,555
11,533
1,823
4,610

2,894
2,517
11,662
1,855
4,675

26
27
28
29
30

10,337
396
1,725
4,762
2,404
564
1,794
3,454

9,472
476
1,712
3,424
928
609
1,887
3,860

9,646
441
1,721
3,752
1,066
632
2,054
3,732

9,805
420
1,669
4,109
1,630
671
1,808
3,607

9,688
438
1,665
4,252
1,675
874
1,703
3,333

9,496
423
1,560
4,207
1,910
640
1,657
3,306

7,779
432
1,502
2,894
596
537
1,761
2,951

7,644
475
1,471
2,866
715
644
1,507
2,832

7,336
401
1,432
2,610
632
576
1,402
2,893

10,401
420
1,702
4,813
2,404
564
1,845
3,466

9,380
449
1,695
3,487
928
609
1,950
3,749

9,568
443
1,741
3,614
1,066
632
1,916
3,770

9,911
421
1,689
4,133
1,630
671
1,832
3,668

9,815
469
1,649
4,316
1,675
874
1,767
3,381

9,412
399
1,545
4,269
1,910
640
1,719
3,199

7,695
428
1,524
2,760
596
537
1,627
2,983

7,685
472
1,480
2,874
715
644
1,515
2,859

7,483
430
1,428
2,671
632
576
1,463
2,954

31
32
33
34
35
36

81,648

89,673

91,914

93,765

90,185

83,622

74,062

73,854

70,638

82,017

89,237

94,049

91,697

90,664

82,728

76,153

72,178

71,101

70,288
8,144
62,144
2,940
2,807
1,756
3,710

75,238
8,804
66,434
3,094
2,841
1,796
4,022

80,235
9,581
70,654
3,229
2,957
1,905
4,284

80,582
9,237
71,345
3,335
2,997
2,011
4,353

75,552
8,895
66,657
3,245
2,894
1,797
3,989

68,577
8,040
60,537
3,709
3,100
1,473
3,753

61,532
7,069
54,463
3,659
2,958
1,297
3,271

60,770
6,883
53,887
3,444
3,040
1,249
3,156

57,833
6,603
51,230
3,248
2,792
1,152
3,164

70,346
8,085
62,261
2,953
2,858
1,785
3,674

75,641
8,791
66,850
3,010
2,828
1,788
4,006

81,240
9,614
71,626
3,276
3,015
1,945
4,369

79,116
9,276
69,840
3,359
2,901
1,950
4,320

76,084
8,861
67,223
3,299
2,948
1,828
3,996

68,513
8,015
60,498
3,639
3,089
1,462
3,718

62,402
7,142
55,260
3,677
3,036
1,329
3,332

59,432
6,869
52,563
3,442
2,919
1,197
3,123

58,225
6,603
51,622
3,312
2,867
1,183
3,161

12,788

13,434

13,537

13,384

13,146

12,077

10,597

10,240

9,948

12,808

13,097

13,764

13,474

13,244

11,735

10,869

10,212

10,060

47

12,783
13,247
6,822
755
4,536

13,391
14,622
7,754
795
4,685

14,287
16,429
8,421
835
4,770

15,081
15,779
8,271
816
5,318

13,889
14,163
7,506
844
5,184

11,763
11,398
7,437
742
5,085.

10,785
9,854
6,600
668
4,774

11,118
9,650
6,331
640
5,019

9,696
10,177
5,743
539
4,771

12,729
12,959
7,228
776
4,491

13,824
15,035
7,759
799
4,704

14,683
16,544
8,290
840
4,900

14,306
15,539
7,991
786
5,214

13,937
13,898
8,045
863
5,165

12,062
11,675
7,306
742
5,070

11,110
9,961
6,357
670
4,919

10,446
9,531
6,166
619
4,908

9,755
9,865
6,095
551
4,773

48
49
50
51
52

10,674
4,559
686

13,780
7,394
655

11,133
4,887
546

12,504
5,854
679

13,932
7,050
701

14,401
7,420
644

11,929
5,206
601

12,357
6,140
727

12,271
6,403
534

10,985
4,883
686

12,941
6,601
655

12,263
5,941
546

11,902
5,269
679

13,879
6,972
701

13,571
6,677
644

13,150
6,323
601

12,019
5,844
727

12,342
6,415
534

53
54

21,160

21,646

17,808

19,742

18,552

20,768

17,195

18,920

18,517

20,702

20,150

20,011

19,493

18,308

19,278

19,286

18,563

18,462

56

12,801
2,598
1,802
1,629
6,772

12,757
2,854
1,882
1,527
6,494

9,567
1,594
1,307
1,302
5,364

10,685
2,180
1,529
1,390
5,586

9,928
1,831
1,204
1,376
5,517

11,946
2,865
1,581
1,505
5,995

8,637
1,726
1,124
1,138
4,649

10,087
2,225
1,426
1,241
5,195

10,451
2,325
1,423
1,267
5,436

12,431
2,615
1,800
1,542
6,474

11,446
2,298
1,663
1,426
6,059

11,252
2,175
1,554
1,473
6,050

10,681
2,138
1,503
1,407
5,633

9,680
1,821
1,226
1,315
5,318

10,663
2,315
1,394
1,396
5,558

10,246
2,320
1,321
1,307
5,298

10,009
2,191
1,394
1,242
5,182

10,354
2,345
1,454
1,227
5,328

57

58
59
60

8,359
1,797
643
1,130
4,789

8,889
2,152
744
1,181
4,812

8,241
1,556
664
1,175
4,846

9,057
2,017
806
1,146
5,088

8,624
2,014
591
1,149
4,870

8,822
2,238
598
1,151
4,835

8,558
2,185
509
1,165
4,699

8,833
2,742
527
1,159
4,405

8,066
2,259
383
1,209
4,215

8,271
1,756
632
1,125
4,758

8,704
2,037
762
1,164
4,741

8,759
1,870
741
1,202
4,946

8,812
1,859
111
1,141
5,090

8,628
2,015
604
1,144
4,865

8,615
2,112
598
1,135
4,770

9,040
2,516
556
1,188
4,780

8,554
2,536
467
1,157
4,394

8,108
2,294
393
1,209
4,212

62
63
64
65
66

21,730

22,573

22,485

22,588

22,892

23,294

20,752

21,392

20,289

21,834

22,141

22,994

22,407

23,053

22,766

21,386

21,125

20,559

67

9,992

10,691

10,962

10,656

10,591

10,796

10,030

10,184

9,431

10,112

10,526

10,917

10,746

10,806

10,573

10,066

10,156

9,719

68

3,268
10,634

3,657
10,725

3,706
10,319

3,681
10,674

3,859
10,980

4,268
11,209

4,016
9,645

4,434
10,185

3,882
9,688

3,326
10,654

3,562
10,497

3,762
10,816

3,662
10,385

3,986
10,966

4,125
10,941

4,097
10,188

4,369
9,924

4,043
9,703

69
70

4,421
1,104

4,441
1,157

4,440
1,204

4,524
1,258

4,580
1,321

4,574
1,289

4,225
1,077

4,361
1,023

4,252
1,170

4,388
1,068

4,348
1,118

4,611
1,261

4,479
1,276

4,553
1,281

4,477
1,252

4,400
1,132

4,310
1,045

4,226
1,137

71
72

5,766

6,264

6,104

6,606

5,762

6,369

5,882

5,653

5,096

5,939

6,114

6,195

6,492

5,947

6,216

5,955

5,548

5,256

73




940

7
8

9

37
38
39
40
41
42
43
44
45
46

55

61

U.S. International Transactions

66

July 2002

Table 2. U.S. Trade
[Millions
Line

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

Trade in goods, by principal end-use category, adjusted
to balance of payments basis, excluding m i l i t a r y Continued:

Imports of goods, balance of payments basis, excluding
military (A-16)

447,189

477,665

498,435

491,020

536,528

589,394

668,690

876,485

917,112

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

749,374
56,029
693,345

803,113

Petroleum and products 6
Nonpetroleum products

72,746
730,367

71,739
804,746

50,631
866,481

Foods, feeds, and beverages

24,928

24,900

26,411

26,206

27,609

27,865

30,957

33,176

35,711

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

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

26,659
4,118
2,491
3,769
7,390
2,793
8,589
9,052
6,663
2,045

39,694
29,471
5,039
3,575
4,162
7,632
3,254
9,384

41,242

17,467
3,145
2,284
3,475
4,640
1,906
4,303
7,461
5,423
1,504

Industrial supplies and materials

122,684

135,519

145,284

133,022

140,660

152,230

164,943

184,865

Agricultural
Nonagricultural products
Energy products
Fuels and lubricants6

3,404
119,280
43,703
42,878

4,176
131,343
54,930
54,290

3,990
141,294
66,545
65,996

4,244
128,778
56,274
55,703

4,550
136,110
56,822
56,147

4,554
147,676
57,114
56,369

4,720
160,223
58,076
57,019

5,575
179,290
62,037
61,101

Paper and paper base stocks
Textile supplies and related materials
Chemicals, excluding medicinals
Building materials, except metals
Other nonmetals

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

8,232
6,864
16,861
8,352
9,472

8,322
7,545
18,065
10,623
10,349

8,180
21,341
12,684
11,070

12,880
8,614
25,526
12,820
12,527

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...

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

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

102,202

112,432

116,257

120,976

134,621

152,870

93,540

101,867

104,816

108,267

120,957

11,539
82,001

12,520
89,347

13,847

14,260
94,007

4,231
3,963
3,686
2,944

4,115
3,412
4,215
3,026

3,690
3,462
4,063
2,948

20,908

22,804

18,358
10,963
9,408
4,134

21,433
12,331
9,583
4,435

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

99
100
101
102
103
104
105
106
107
108
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, and parts
Civilian aircraft, complete, all types
Automotive vehicles, engines, and parts

125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
142
143

145
146
147

From Canada
Passenger cars, new and used
Trucks, buses, and special purpose vehicles
Engines and engine parts
Other parts and accessories
From other areas
Passenger cars, new and used
Trucks, buses, and special purpose vehicles
Engines and engine parts
;.
Other parts and accessories

1,029,987 1,224,417 1,145,927
103,588
67,768
120,185
962,219 1,104,232 1,042,339
46,642
43,602
45,978

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

31,703
3,712
2,534
4,502
9,135
4,163
10,191
11,899
8,914
2,618

32,777
3,258
2,350
5,297
9,191
4,500
10,531
13,201
9,909
2,948

33,435
2,307
1,356
6,046
9,415
4,692
10,976
13,207
9,754
3,067

209,498

217,274

202,776

224,079

302,104

276,115

6,481
203,017
80,279
79,314

6,274
211,000
80,158
79,164

5,923
196,853
59,119
58,055

5,534
218,545
78,140
76,839

5,607
296,497
138,397
135,677

5,312
270,803
124,876
122,114

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

11,582
10,305
29,601
21,813
15,799

13,685
11,256
33,762
-2-1,788
17,848

12,240
10,314
34,048
21,261
17,253

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
7,139

51,305
2,792
18,125
22,795
5,768
4,463
6,400
6,164
7,593

59,761

50,811
2,236
16,708
23,246
4,305
6,063
6,397
6,481
8,621

185,022

222,223

228,478

253,398

295,718

347,023

140,508

172,072

209,732

213,861

234,817

269,451
244,777

269,137

318,041

297,992
264,502

15,336
105,621

17,428
123,080

20,030
152,042

24,150
185,582

24,749
189,112

27,920
206,897

29,074
215,703

32,816
236,321

39,716
278,325

34,789
229,713

2,942
3,264
4,098
3,074

2,690
3,618
3,599
3,456

3,999
4,098
4,264
3,777

4,947
5,758
5,163
4,641

5,026
6,176
6,644
5,601

5,201
6,267
7,503
5,960

6,382
6,541
8,250
6,723

8,007
7,338
8,813
7,360

6,984
7,715
7,758
7,830

7,167
9,453
8,659
9,533

6,902
9,780
7,416
9,006

23,363

22,236

23,678

26,512

32,366

41,814

44,711

46,849

51,636

47,478

26,001
13,084
9,938
4,197

31,686
15,475
10,776
4,900

38,036
19,490
11,278
5,416

46,160
26,156
14,185
6,242

37,311
56,277
39,042
15,331

38,386

22,941
12,170
9,492
4,153

61,514
36,707
12,788
6,794

70,177
36,880
13,822
7,350

72,475
33,416
15,723
7,347

81,456
37,628
21,553
6,398

89,762
48,353
32,688
6,133

74,001
30,422
24,632
4,864

3,098
20,908
26,685
5,877
6,642
6,980
7,186

9,070

3,406

3,993

4,687

5,173

5,743

6,210

6,424

7,313

7,992

8,958

10,513

12,150

14,941

15,212

8,662
7,889
3,030
87,947

10,565
9,436
2,926

11,441
10,474
2,706

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

26,581
23,773
9,217

33,490
31,358
14,885

87,245

88,371

91,706

102,355

118,119

123,632

128,691

139,492

148,680

178,965

28,982
26,376
12,404
195,876

189,781

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

12,709
11,736
3,326
85,655
28,762
14,048
6,704
1,373
6,637
56,893
32,262
2,469
5,082
17,080
107,624

31,687
14,403
8,259
1,564
7,461

37,318
18,272
8,725
1,911
8,410

42,201
22,159
8,660
1,960
9,422

44,345
23,920
8,974

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

63,841
33,789
12,830
4,128
13,094

63,953
33,932
12,154
4,235
13,632

57,865
30,560
11,074
3,447
12,784

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

97,340
52,049
5,433
9,195
30,663

115,124
62,508
7,191
10,358
35,067

131,923
75,266
6,488
11,075
39,094

131,916
76,090
8,162
10,345
37,319

122,370

171,935
79,995
39,604
9,724
83,215

242,046

282,008

284,486

67,896
34,565
9,025
70,132

159,399
74,736
37,783
9,309
76,551

217,133

57,772
29,304
7,258
58,532

133,674
62,710
31,671
8,369
63,892

145,876

50,127
24,626
6,551
51,758

90,217
47,097
5,264
8,904
28,952
194,140
92,689
46,812
10,500
91,572

103,156
52,689
10,781
103,111

114,449
55,936
10,757
115,176

131,229
63,279
11,376

136,625
62,983
11,776

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

1,815

96,425

103,597

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)

43,118
20,775
5,904
47,763

46,050
22,756
5,914
51,359

104,933
48,665
23,903
6,607
50,573

135,944

134,609

17,218

18,603

18,697

18,912

21,168

22,472

25,231

27,740

31,608

35,641

40,536

47,259

56,249

58,968

7,984
5,824

8,873
6,861

9,729
6,380

9,396
6,662

11,357
7,459

12,466
8,251

12,802
9,148

13,997
9,819

15,479
11,023

18,159
11,458

19,321
14,325

19,831
16,381

21,730
21,044

21,885
20,675

5,634

5,651

.5,362

6,033

6,877

7,174

8,700

9,277

8,494

8,686

9,553

9,465

10,876

9,195

5,544

6,188

5,695

5,739

6,066

7,072

7,848

8,112

8,725

9,879

10,866

12,421

14,835

13,252

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)

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

45,577
28,779

51,428
31,859

50,911
32,693

5,125

4,733

6,836

6,961

7,772

7,998

8,731

9,673

10,247

11,906

13,786

16,798

19,569

18,218

Consumer goods (nonfood), except automotive

See footnotes on page 70.




July 2002

67

SURVEY OF CURRENT BUSINESS

in Goods—Continued
of dollars]
Seasonally adjusted

Not seasonally adjusted

1

2002

2001

2000
II

III

IV

I

II

III

IV

\P

2000
I

II

2002

2001

III

IV

I

II

III

IV

Line

|P

284,501

301,727

317,721

320,468

298,773

290,463

281,518

275,173

261,179

290,941

303,581

314,779

315,116

306,316

292,565

279,025

268,021

271,073

74

26,817
257,684

29,316
272,411

32.134
285.587

31,918
288.550

28,848
269.925

28,494
261.969

25,834
255,684

20.412
254,761

18,962
242,217

26.961
263,980

29,472
274,109

31,982
282,797

31,770
283,346

29,164
277,152

28,545
264,020

25,634
253,391

20,245
247,776

19,165
251,908

75
76

11,084

11,542

11,435

11,917

11,164

11,498

11,698

12,282

11.395

11.251

11,507

11,660

11,560

11,468

11,467

11,936

11,771

11,873

77

8,411
1,090
807
1,249
2,655
954
2.463
2.673
1,993
600

8.522
886
680
1.379
2,450
1,181
2,626
3.020
2,249
681

7,737
746
500
1,290
1,829
1,185
2,687
3,698
2,875
740

8,107
536
363
1,379
2,257
1,180
2,755
3,810
2.792
927

8,327
649
378
1,473
2,773
1,016
2,416
2,837
2,073
665

8,414
513
381
1,531
2,472
1,245
2,653
3,084
2.264
730

8,138
588
324
1,548
1,910
1,192
2,901
3,560
2.696
767

8,556
557
273
1,494
2,260
1,239
3,006
3,726
2,721
905

8,565
531
281
1,483
2.869
1,099
2,583
2,830
2,070
678

8,152
933
676
1,243
2.220
1.114
2.644
3,099
2,317
702

8,292
882
674
1,338
2,287
1,115
2,669
3,215
2,410
715

8,209
828
568
1,334
2,293
1.148
2,607
3,451
2.643
725

8,124
615
432
1,382
2,391
1.123
2,611
3,436
2,539
806

8,161
558
311
1,470
2,330
1,186
2,618
3,307
2,428
781

8,178
509
375
1,484
2,296
1,173
2,716
3,289
2,432
766

8,624
644
367
1,604
2.408
1,155
2,814
3,312
2,458
758

8,472
596
303
1,488
2,381
1,178
2,828
3,299
2,436
762

8,509
472
241
1,481
2,448
1,286
2,822
3,364
2,476
806

78
79
80
81
82
83
84
85
86
87

71,005

74,549

78,232

78,318

77,828

73.674

66.239

58,374

57,070

71,308

73,531

78,085

79,180

77,926

73,012

66,255

58,922

57,870

88

1,454
69,551
29,831
29,520

1,454
73,095
32,911
32,334

1,238
76,994
37,155
36,164

1,461
76,857
38,500
37,659

1,364
76,464
37,306
36,307

1.355
72,319
34,092
33,074

1,273
64,966
29,875
29,309

1,320
57.054
23.603
23,424

1,256
55,814
22.695
22,433

1.401
69,907
29,904
29,453

1,390
72,141 .
33,213
32,660

1,301
76,784
37,107
36,406

1,515
77,665
38,173
37,158

1,320
76,606
37,215
35,881

1,305
71,707
34,505
33,485

1.372
64,883
29,811
29,523

1,315
57,607
23,345
23,225

1,256
56,614
22,724
22,342

89
90
91
92

3,286
2,792
8,450
5,416
4,243

3,364
3,013
8,545
5,907
4,555

3,578
2,794
8,498
5,487
4,558

3,457
2,657
8,269
4.978
4,492

3,359
2,642
9,674
4,616
4,264

3,077
2,737
8,707
5,836
4,383

2,923
2,510
7,856
5,786
4,394

2,881
2,425
7,811
5,023
4,212

2,694
2,461
7.826
5.225
4,056

3,291
2,831
7,933
5,783
4,375

3,410
2,856
8,328
5,525
4,479

3,558
2,809
8,868
5,207
4,473

3,426
2,760
8,633
5,273
4,521

3,373
2,693
9,128
4,989
4,434

3,112
2,602
8,573
5,456
4,317

2,918
2,528
8,222
5,516
4,317

2,837
2,491
8,125
5,300
4,185

2,732
2,546
7,512
5,700
4,259

93
94
95
96
97

15,533
797
5,126
7,515
2.394
1,576
1,802
1,743
2,095

14,800
896
5.686
5,896
740
1.428
1,876
1.852
2,322

14.924
800
5,494
6,267
1,058
1.669
1,843
1,697
2,363

14,504
605
4,602
7,007
1,685
1,969
1,459
1.894
2.290

14.603
554
4,162
7,597
1,531
2,615
1,676
1,775
2,290

13.487
612
4,248
6,456
1,622
1,521
1,592
1,721
2,171

11,622
558
4,172
4,781
546
1,103
1.607
1,525
2,111

11,099
512
4,126
4,412
606
824
1,522
1,460
2,049

10,857
439
4,204
4,243
506
743
1.559
1,435
1,971

15,790
866
5,384
7,443
2.394
1,512
1,781
1,756
2,097

14,330
836
5,488
5,746
740
1,412
1,749
1,845
2,260

14,762
777
5,310
6,300
1,058
1,686
1,874
1,682
2.375

14,879
619
4,726
7,196
1,685
2,032
1,576
1,903
2,338

14,774
607
4,322
7,534
1,531
2,569
1,653
1,781
2,311

13,142
565
4,111
6,349
1,622
1,530
1.479
1,718
2,117

11,571
525
4,077
4,839
546
1,141
1,630
1,522
2,130

11,324
539
4,198
4,524
606
823
1,635
1,460
2,063

11,141
475
4,393
4,263
506
750
1,554
1,453
2,010

98
99
100
101
102
103
104
105
106

78,606

86,093

90,433

91.891

82,650

74,896

69,978

70,468

66,994

80,190

86,838

90.395

89,600

84,621

75,369

69,930

68,072

69,339

72,084

79,126

83,139

83,692

74,234

66,532

61,851

61,885

59.443

73,666

79,932

83,092

81,351

76,178

67,061

61,757

59,506

61,702

107
108

8,969
63,115

9,907
69,219

10,330
72,809

10,510
73,182

9,512
64,722

8,671
57.861

8,305
53,546

8,301
53,584

7,746
51.697

9,177
64,489

10.039
69,893

10,264
72,828

10,236
71,115

9,761
66,417

8,779
58,282

8,296
53,461

7,953
51,553

8,049
53,653

109
110

1,827
2,367
2,030
2.186

2,048
2.412
2.277
2,304

1,706
2,303
2,078
2,459

1,586
2.371
2,274
2,584

1,750
2,579
2.222
2,459

1,940
2.435
1,925
2,339

1.673
2,372
1.726
2.110

1,539
2.394
1,543
2,098

1.584
2.289
1,320
2,034

1,768
2.318
2,019
2,192

1,891
2.375
2.205
2,333

1,797
2,366
2.160
2.464

1,711
2,394
2,275
2,544

1,710
2,555
2,222
2,481

1,813
2,403
1,869
2,375

1,750
2,425
1,802
2,108

1,629
2,397
1.523
2,042

1,559
2,281
1,341
2,078

111
112
113
114

12.409

13,459

12,747

13,021

12,948

12,244

11,083

11,203

10,981

12,307

13,032

13,215

13,082

12,983

11,883

11,439

11,173

11,075

115

19.893
10,775
6,754
1,568

21,710
11.603
8,308
1,538

24,352
13,316
8,361
1,517

23.807
12,659
9.265
1.510

19,746
10.531
7.302
1,390

18,257
7,581
6,247
1,221

17,720
6,291
5,698
1,123

18,278
6,019
5,385
1,130

17,614
6,298
4,961
973

21,056
10,743
7,092
1,574

22,449
11,887
8,482
1.573

23,709
13,405
8,251
1,530

22,548
12,318
8,863
1,456

20,899
10,561
7,652
1,400

18,802
7,766
6,332
1,251

17,177
6,306
5,620
1,140

17,123
5,789
5,028
1,073

18,911
6,311
5,285
992

116
117
118
119

3.306

3,560

3.970

4,105

3.795

3,672

3,750

3,995

3,643

3,420

3,666

3,931

3.924

3,954

3,788

3,694

3,776

3,820

120

6,522
5.816
2,322

6,967
6,294
2,911

7,294
6.662
3,204

8.199
7,604
3,967

8,416
7,739
3.700

8,364
7,831
3,604

8.127
7.644
3,400

8,583
8,144
4,181

7,551
7,158
3,703

6,524
5,818
2,322

6,906
6,233
2,911

7.303
6,670
3,204

8.249
7,655
3,967

8,443
7,766
3,700

8,308
7,775
3,604

8,173
7,690
3,400

8,566
8,127
4,181

7,637
7,245
3,703

121
122
123

49,877

49.682

46,304

50,013

47,306

48.592

44.934

48,949

47,440

49,255

49,036

49.513

48,072

47,083

47,869

47,944

46,885

47,610

124

17,843
9,540
3,509
1,155
3,639

16,646
8,628
3,106
1,261
3,651

13,962
7.058
2.796
930
3,178

15,502
8,706
2.743
889
3,164

14,843
8,149
2,714
852
3,128

15,847
8,520
2,974
953
3,400

12,832
6.329
2,593
789
3,121

14,343
7,562
2,793
853
3.135

14,804
7,672
2,820
909
3,403

17,187
9,096
3,435
1,116
3,540

15,900
8,305
2,955
1,160
3,480

15,740
8,268
3,027
1,032
3,413

15,126
8,263
2,737
927
3,199

14,354
7,804
2,662
826
3,062

15,040
8,136
2,826
864
3,214

14,556
7,549
2,782
880
3,345

13,915
7,071
2,804
877
3,163

14,550
7,513
2,768
895
3,374

125
126
127
128
129

32,034
17,356
1,937
2.793
9,948

33,036
18,491
1,777
2,801
9,967

32.342
18,468
1,524
2,769
9,581

34,511
20,951
1,250
2,712
9.598

32,463
19,299
1,284
2,668
9,212

32.745
18,438
2,001
2,652
9,654

32.102
17,985
2,513
2,453
9,151

34,606
20,368
2,364
2,572
9,302

32,636
18,606
1,935
2.596
9,499

32.068
17.575
1,983
2,729
9,781

33.136
18,778
1,758
2,768
9,832

33,773
19,457
1,503
2,885
9,928

32,946
19,456
1,244
2,693
9,553

32,729
19,639
1,339
2,634
9,117

32,829
18,742
1,972
2,613
9,502

33,388
18,857
2,470
2,561
9,500

32,970
18,852
2,381
2,537
9,200

33.060
18,904
2,018
2,596
9,542

130
131
132
133
134

61,594

67,197

78.138

75.079

67,418

68,701

76,390

71,977

65.698

66,391

70,087

71,856

73,674

72,545

71,818

70,465

69,658

71,358

135

29,397
14,319
2,875
28,397

31,479
14,663
2,795
32,172

37,442
18.995
3.127
36.815

32,911
15,302
2,579
38,560

33,249
15,616
3,118
30,725

33,299
14,708
2,884
32,033

37,583
18,256
3.232
35.550

32,494
14,403
2,542
36,301

32.258
13,982
2,738
29,703

30,461
15,031
2,848
32,330

32,633
15,853
2,842
33,700

33,744
16,060
2,848
34,380

34,391
16,335
2,838
35,534

34.487
16.397
3,099
34,811

34,623
15,968
2,956
33,654

34,109
15,504
2,949
33,168

33,406
15,114
2,772
32,976

33,713
14,773
2,733
34,020

136
137
138
139

12,112

13,832

15.492

14,813

13,379

14,171

15.698

15,720

13,836

13,251

14,033

14,463

14,502

14,721

14,433

14,676

15,138

15,376

140

4,168
4,030

4,460
4,736

6,013
5,899

7.089
6.379

4,522
4,582

4,680
5,010

6,389
5,278

6,294
5,805

4,174
4,385

5,265
4,889

5,137
5,034

5,371
5,351

5,957
5,770

5,692
5,479

5,387
5,275

5,637
4,839

5,169
5,082

5,310
5,345

141
142

2,167

2.711

3,059

2,939

1,873

2,183

2,564

2,575

1,737.

2,683

2,804

2,708

2,681

2,321

2,259

2,313

2,302

2,190

143

3,800

3,546

3,881

3,608

3,444

3,369

3.257

3,182

3.737

3,600

3,754

3,732

3,749

3,247

3,541

3,188

3,276

3,625

144

12,335
7,783

12,664
7,739

13.179
8,196

13,250
8,141

12,407
7,739

13,102
8,351

12,279
7,849

13,123
8,754

12,582
8.235

12,546
7,859

12,582
7,712

13,270
8,264

13,030
8,024

12,673
7,819

13,030
8,353

12,495
8,079

12,713
8,442

13,023
8,525

145
146

4,552

4,925

4,983

5,109

4,668

4,751

4,430

4,369

4,347

4,687

4,870

5,006

5,006

4,854

4.677

4,416

4,271

4,498

147




68

U.S. International Transactions

July 2002

Table 3. Private
[Millions
Not seasonally adjusted
1999

Line

Exports of private services
Travel (table 1, line 6)
Passenger fares (table 1, line 7)
Other transportation (table 1, line 8)..
Freight
Port services
Royalties and license fees (table 1, line 9)..
Affiliated
U.S. parents' receipts
U.S. affiliates' receipts
Unaffiliated
Industrial processes1
Other2.....
Other private services (table 1, line 10)
Affiliated services
U.S. parents' receipts
U.S. affiliates' receipts
Unaffiliated services
Education
Financial services
lnsurance.net
Premiums received
Losses paid
Telecommunications
Business, professional, and technical services..
Other unaffiliated services3
Imports of private services
Travel (table 1, line 23)
Passenger fares (table 1, line 24)
Other transportation (table 1, line 25)
Freight
Port services
Royalties and license fees (table 1, line 26)..
Affiliated
U.S. parents' payments
U.S. affiliates' payments
Unaffiliated
Industrial processes1
Other 2
Other private services (table 1, line 27)
Affiliated services
U.S. parents' payments
U.S. affiliates' payments
Unaffiliated services
Education
Financial services
lnsurance.net
Premiums paid
Losses recovered
Telecommunications
Business, professional, and technical services
Other unaffiliated services3
Memoranda:
Balance on goods (table 1, line 71)
Balance on private services (line 1 minus line 27)
Balance on goods and private services (lines 53 and 54)..
See footnotes on page 70.




2000

2001

2000

I

II

III

IV

256,492

277,478

266,209

66,080

68,377

73,384

69,637

74,731
19,785
26,916
11,560
15,356
36,902
26,507
24,807
1,700
10,395
3,900
6,496

82,267
20,760
30,137
12,994
17,143
39,607
26,816
24,585
2,231
12,791
4,705
8,086
104,707
32,580
19,846
12,734
72,127
10,348
16,307
2,050
8,458
6,408
4,756
24,373
14,293
202,060

73,119
18,007
28,306
11,930
16,376

17,929
4,627
7,006
3,117
3,889

23,488
5,874
7,962
3,286
4,676

38,668
25,873
23,502
2,371
12,795
4,852
7,943

9,481
6,442
5,991
451
3,039
1,116
1,923

21,290
5,237
7,598
3,256
4,342
9,794
6,599
6,173
426
3,195
1,171
2,024

27,037
7,591
4,644
2,947
19,446
4,093
3,936
511
1,972
1,461
1,154
6,304
3,448
44,288
13,874
5,296
9,336
6,012
3,324

24,458
7,590
4,944
2,646
16,868
1,289
4,220
589
2,101
1,512
1,184
6,073
3,513
51,973

26,280
7,958
4,776
3,182
18,322
2,769
4,160
547
2,181
1,634
1,205
5,994
3,647
55,641

19,560
5,022
7,571
3,335
4,236
10,552
7,270
6,456
814
3,282
1,215
2,067
26,932
9,441
5,482
3,959
17,491
2,198
3,991
404
2,204
1,800
1,213
6,001
3,684
50,158

3,545
2,736
489
2,247
809
415
394
12,237
5,848
3,192
2,656
6,389
383
1,075
1,259
5,832
4,573
1,480
2,084
109

18,320
6,645
10,063
6,530
3,533
3,667
2,818
470
2,348
849
421
428
13,278
6,206
3,236
2,970
7,072
503
1,167
1,778
6,336
4,558
1,399
2,110
114

18,748
6,923
11,301
7,585
3,716
4,395
3,012
478
2,534
1,383
426
957
14,274
6,451
3,353
3,098
7,823
662
1,199
2,320
6,990
4,670
1,333
2,186
123

13,846
5,442
10,898
7,261
3,637
4,508
3,614
509
3,105
894
433
461
15,464
7,466
3,652
3,814
7,998
505
1,031
2,818
7,772
4,954
1,261
2,256
126

-99,615
21,792
-77,823

-108,017
16,404
-91,613

-124,261
17,743
-106,518

-120,530
19,479
-101,051

98,158
28,564
17,977
10,587
69,594
9,615
13,410
1,011
6,760
5,749
4,549
27,701
13,309
173,241
58,865
21,315
34,139
22,218
11,925
12,609
9,876
1,812
8,064
2,733
1,568
1,164
46,313
23,261
12,951
10,310
23,052
1,807
3,418
2,684
20,857
18,173
6,601
8,110
433

64,788
24,306
41,598
27,388
14,210
16,115
12,180
1,946
10,234
3,935
1,695
2,240
55,253
25,971
13,433
12,538
29,282
2,052
4,472
8,175
26,930
18,755
5,473
8,636
473

108,109
36,243
21,237
15,006
71,866
11,493
15,209
18
8,658
8,640
4,796
25,720
14,630
192,305
60,117
22,418
38,823
25,667
13,156
16,359
13,008
2,026
10,982
3,351
1,815
1,536
54,588
28,410
13,467
14,943
26,178
2,378
4,016
4,906
39,895
34,989
4,298
10,040
540

-346,022
83,251
-262,771

-452,423
75,418
-377,005

^127,165
73,904
-353,261

9,780
6,505
5,965
540
3,275
1,203
2,072

July 2002

69

SURVEY OF CURRENT BUSINESS

Services Transactions
of dollars]
Mot seasonally adjusted

Seasonally adjusted

2002

2001

I

II

67,799

66,941

69,159

18,299
4,639
7,163
3,047
4,116

20,276
4,788
7,168
3,000
4,168

20,628
5,100
7,308
2,925
4,383

9,428
6,192
5,688

9,534
6,342
5,868

9,314
6,138
5,669

2002

2001

Line

I"

I

II

III

IV

I

II

III

IV

62,310

64,608

68,235

69,927

69,482

69,835

69,692

68,492

65,758

62,270

65,763

1

13,916
3,480
6,667
2,958
3,709

15,199
3,858
6,433
2,865
3,568

20,461
5,013
7,322
3,164
4,158

21,001
5,342
7,595
3,234
4,361

20,300
5,213
7,628
3,316
4,312

20,505
5,192
7,592
3,280
4,312

20,735
5,007
7,495
3,094
4,401

19,803
4,849
7,170
2,990
4,180

17,845
4,522
6,968
2,937
4,031

14,736
3,629
6,674
2,910
3,764

17,167
4,171
6,714
2,911
3,803

2
3
4
5
6

10,392
7,201
6,277

9,776
6,524
5,724

9,757
6,718
6,221

9,998
6,803
6,283

9,998
6,723
6,117

9,854
6,572
5,965

9,717
6,481
5,908

9,743
6,551
5,968

9,537
6,361
5,827

9,672
6,481
5,799

10,090
6,838
5,950

IV

III

2000

I"

504

474

469

924

800

497

520

606

607

573

583

534

682

888

3,236
1,209
2,027

3,192
1,208
1,984

3,176
1,214
1,962

3,191
1,221
1,970

3,252
1,242
2,010

3,039
1,116
1,923

3,195
1,171
2,024

3,275
1,203
2,072

3,282
1,215
2,067

3,236
1,209
2,027

3,192
1,208
1,984

3,176
1,214
1,962

3,191
1,221
1,970

3,252
1,242
2,010

28,270
8,657
5,028
3,629
19,613,
4,549
4,043
129,
2,122
1,993
1,209
6,144
3,539

25,175
8,637
5,263
3,374
16,538
1,433
3,940

26,809
8,713
5,154
3,559
18,096
3,104
3,531

27,855
10,236
5,792
4,444
17,619
2,407
3,695

29,342
8,765
4,921
3,844
20,577
4,996
3,773

25,682
7,768
4,810
2,958
17,914
2,480
3,930

25,991
7,843
4,969
2,874
18,148
2,541
4,218

26,343
8,252
4,964
3,288
18,091
2,610
4,165

26,692
8,718
5,104
3,614
17,974
2,718
3,994

26,738
8,824
5,208
3,616
17,914
2,760
4,047

26,927
8,969
5,288
3,681
17,958
2,831
3,935

26,886
9,043
5,360
3,683
17,843
2,922
3,535

27,559
9,408
5,381
4,027
18,151
2,980
3,692

27,621
8,896
5,094
3,802
18,725
3,052
3,770

-13

-18

-79

91

511

589

547

404

129

-13

-18

-79

91

2,137
2,150
1,201
6,352
3,625

2,224
2,242
1,194
6,566
3,718

2,175
2,254
1,192
6,658
3,747

2,204
2,113
1,277
6,703
3,736

1,972
1,461
1,154
6,304
3,535

2,101
1,512
1,184
6,073
3,543

2,181
1,634
1,205
5,994
3,570

2,204
1,800
1,213
6,001
3,644

2,122
1,993
1,209
6,144
3,625

2,137
2,150
1,201
6,352
3,652

2,224
2,242
1,194
6,566
3,643

2,175
2,254
1,192
6,658
3,709

2,204
2,113
1,277
6,703
3,831

48,420

55,410

42,322

46,153

48,462

48,354

49,531

51,961

52,217

52,577

53,287

38,567

47,877

52,303

7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27

13,545
5,237
10,064
6,756
3,308

18,466
6,763
10,057
6,626
3,431

17,253
6,571
9,608
6,191
3,417

10,853
3,847
9,094
6,094
3,000

12,472
4,620
8,611
5,723
2,888

16,399
5,805
9,767
6,326
3,441

16,123
6,146
10,183
6,605
3,578

16,075
6,226
10,871
7,267
3,604

16,191
6,129
10,780
7,191
3,589

16,003
5,810
10,521
7,094
3,427

16,698
6,213
10,130
6,681
3,449

14,468
5,944
9,178
5,878
3,300

12,948
4,451
8,997
6,015
2,982

14,710
5,128
9,018
6,025
2,993

28
29
30
31
32

3,990
3,190

3,939
3,112

3,956
3,105

4,474
3,601

4,625
3,212

3,636
2,827

3,763
2,914

4,556
3,173

4,159
3,265

4,097
3,297

4,038
3,211

4,113
3,262

4,110
3,237

4,734
3,321

497

494

517

518

519

489

470

478

509

497

494

517

518

519

2,693

2,618

2,588

3,083

800
439
361

827
448
379

851
458
393

873
470
403

2,693
1,413

2,695
1,383

2,802
1,413

33
34
35
36
37
38
39.

15,584
6,492
3,183
3,309
9,092

16,185
6,934
3,341
3,593
9,251

4,934
7,178
3,311
3,867
-2,244

17,885
7,806
3,632
4,174
10,079

2,338

2,444

483
930

809
415
394

849
421
428

18,134
6,673
2,989
3,684
11,461

12,747
6,260
3,442
2,818
6,487

13,316
6,247
3,263
2,984
7,069

2,800

2,717

2,745

2,719

894
433
461

800
439
361

827
448
379

851
458
393

873
470
403

14,233
6,551
3,426
3,125
7,682

14,958
6,914
3,303
3,611
8,044

16,146
6,935
3,417
3,518
9,211

16,208
6,958
3,372
3,586
9,250

4,864
7,273
3,384
3,889
-2,409

17,371
7,244
3,294
3,950
10,127

483
930

481

500

520

551

568

590

1,167
1,778
6,336
4,558
1,399
2,110

1,199
2,320
6,990
4,670
1,333
2,186

1,031
2,818
7,772
4,954
1,261
2,256

1,146
3,818
9,068
5,250
1,185
2,367

1,084
3,859
9,542
5,684
1,111
2,474

612
882

608
904

630
971

-7,640
10,130
17,770
1,038
2,562

4,869
11,155
6,286

6,177
12,510
6,333

965

950

2,717

1,075
1,259
5,832
4,573
1,480
2,084

2,638

2,717

147

109

114

123

126

127

132

138

143

147

40
41
42
43
44
45
46
47
48
49
50
51
52

-97,369
16,146
-81,223

-106,455
19,881
-86,574

-112,170
20,396
-91,774

-115,138
17,521
-97,617

-118,660
17,618
-101,042

-113,032
17,115
-95,917

-107,719
15,205
-92,514

-105,751
27,191
-78,560

-100,663
14,393
-86,270

-106,424
13,460
-92,964

53
54
55

449

591

1,146
3,818
9,068
5,250
1,185
2,367

1,084
3,859
9,542
5,684
1,111
2,474

777
882

561
904

499
971

-7,640
10,130
17,770
1,038
2,562

4,869
11,155
6,286

6,177
12,510
6,333

965

950

2,638

127

132

138

143

-105,864
19,379
-86,485

-102,816
11,531
-91,285

-114,226
26,837
-87,389

-104,259
16,157
-88,102




2,756

426
957

18,713
7,122
3,207
3,915
11,591

U.S. International Transactions

70

July 2002

Footnotes to U.S. International Transactions Tables 1-10A
p

r

General notes for all tables: Preliminary. 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, all U.S. Treasury-owned gold is held in the United States.
8. Includes sales of foreign obligations to foreigners.
9. Consists of bills, certificates, marketable bonds and notes, and nonmarketable convertible and nonconvertible
bonds and notes.
10. Consists of U.S. Treasury and Export-Import Bank obligations, not included elsewhere, and of debt securities
of U.S. Government corporations and agencies.
11. Includes, primarily, U.S. Government liabilities associated with military agency sales contracts and other transactions arranged with or through foreign official agencies; see table 4.
12. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and State and local governments.
13. Conceptually, line 76 is equal to "net foreign investment" in the national income and product accounts
(NIPA's). However, the foreign transactions account in the NIPA's (a) includes adjustments to the international
transactions accounts for the treatment of gold, (b) includes adjustments for the different geographical treatment of
transactions with U.S. territories and Puerto Rico, and (c) includes services furnished without payment by financial
pension plans except life insurance carriers and private noninsured pension plans. A reconciliation of the balance
on goods and services from the international accounts and the NIPA net exports appears in reconciliation table 2 in
appendix A in this issue of the SURVEY OF CURRENT BUSINESS. A reconciliation of the other foreign transactions in the
two sets of accounts appears in table 4.5 of the full set of NIPA tables 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 Al 4), to the extent such trade is identifiable from Customs declarations. The exports are included in tables 1 and 10, line 5 (transfers under U.S. military
agency sales contracts); the imports are included in tables 1 and 10, line 22 (direct defense expenditures).
4. Addition of electrical energy; deduction of exposed motion picture film for rental rather than sale; net change in
stock of U.S.-owned grains in storage in Canada; coverage adjustments for special situations in which shipments
were omitted from Census data; deduction of the value of repairs and alterations to foreign-owned equipment
shipped to the United States for repair; and the inclusion of fish exported outside of U.S. customs area. Also includes deduction of exports to the Panama Canal Zone before October 1,1979, and for 1975-82, net timing adjustments for goods recorded in Census data in one period but found to have been shipped in another (see 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. Includes royalties, license fees, and other fees associated with the use of intangible assets, including patents,
trade secrets, and other proprietary rights, that are used in connection with the production of goods.
2. Includes royalties, license fees, and other fees associated with the use of 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 fu-




ture 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 or 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. 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.
9. Estimates first available for the second quarter of 2001.
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. 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.
10. Estimates first available for the second quarter of 2001.
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 snipping, in operating oil and gas drilling equipment internationally, and in petroleum trading.
Also includes taxes withheld; current-cost adjustments associated with U.S. and foreign direct investment; before
1996, small transactions in business services that are not reported by country; and net U.S. currency flows, for which
geographic source data are not available.
17. Details are not shown separately, see totals in lines 56 and 63.
18. Details not shown separately are included in line 69.
Table 10a: For footnotes 1-13, see table 1.
14. Details not shown separately are included in line 69.
NOTE. Country data are based on information available from U.S. reporting sources. In some instances the statistics may not necessarily reflect the ultimate foreign transactor. For instance: U.S. export statistics reflect country of
reported destination; in many cases the exports may be transshipped to third countries (especially true for the Netherlands and Germany). The geographic breakdown of security transactions reflects country with which transaction
occurred but may not necessarily reflect the ultimate sources of foreign funds or ultimate destination of U.S. funds.
Data for individual countries within the European Union (6) may not add to the published totals for the European
Union (6), because in several instances estimates for the group are not available for each country. In addition, country data may not add to the European Union (6) totals because of rounding.

July 2002

71

SURVEY OF CURRENT BUSINESS

Table 4. Selected U.S. Government Transactions
[Millions of dollars]
Not seasonally adjusted

Line

A1 U.S. Government grants and transactions increasing Government assets, total

1999

2000

2001

20,651

22,056

16,011

4,372

4,668

4,804

8,213

3,420 3,882

3,956

4,753

7,111

13,842
13,774
3,911
9,862

16,850
16,821
7,205
9,616

11,652
11,628
1,784
9,844

2,916
2,912
1,026
1,886

3,237
3,232
718
2,514

3,652
3,634
1,248
2,386

7,044
7,043
4,213
2,830

2,426
2,419
326

2,916

2,093

2,526
2,522
337
2,185

391
2,513

3,785
3,782
730
3,052

6,386
6,373
3,575
2,799

29

25

6,175
1,451

5,182
3,682

1,750
343
1,409

1,371
410
961

1,051
335
715
1

1,010

3,999
-3
728

4,431
1,704
2,727

1,094
521
573

1,330
498
832

1,011
359
652

996
327
669

725
446
280

-72

-294

101
1

158

30

-28
3

-1
1

42
328

-220

115

29

-28

1

n

n

n

n

-15

2002

2001

2000

By category
Grants.net
U.S. Government current grants, net (table 1, line 36, with sign reversed)
Financing military purchases 1
Other grants
Cash contributions received from coalition partners for Persian Gulf operations..
Debt forgiveness (table 1 , part of line 39, with sign reversed)
Credits and other long-term assets (table 1, line 47, with sign reversed)
Capital subscriptions and contributions to international financial institutions, excluding I M F Credits repayable in U.S. dollars
Credits repayable in other than U.S. dollars
Other long-term assets
Foreign currency holdings and short-term assets, net (table 1, line 49 with sign reversed)
Foreign currency holdings (excluding administrative cash holdings), net
Receipts from:
Sales of agricultural commodities
Interest
Repayments of principal
Reverse grants
Other sources
Less currencies disbursed for:
Grants and credits in the recipient's currency
Other grants and credits
Other U.S. Government expenditures
Assets acquired in performance of U.S. Government guarantee and insurance obligations, net..
Other assets held under Commodity Credit Corporation Charter Act, net
Assets financing military sales contracts, net 2
Other short-term assets (including changes in administrative cash holdings), net

1,500

13

-1

634
-24

37

-120

•-78

1,451 1,500
2,003 1,539
11,575 15,659
1,636 1,499
1,806
436
1,147 1,383
18
6
42
37
1,058

1,704
1,585
9,816
1,679
31
1,313
5

343
507
2,767
562
44
224
4

410
374
2,759
246
355
505

-120

-78

21

13,705 16,880 10,868
5,655 8,246 4,289
3,203 4,289 3,889
2,644 3,564 2,036
264
517
422

3,354
1,261
1,007
757
67

330

2,905

412
597
1

n
-100

-113

n n-2

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

335
343
3,558
321
27
234

412
314
6,576

371
11
420

521
317
1,825
446
15
410

-15

110

-113

3,200
1,011

3,625
1,570

1,245

6,702
4,405
1,118
1,124
27

2,147
814
767

716
34

919
968
295

157
111

673
54
126

1

313
2,012
772
5
288
2

359
342
2,931

224

327
613
3,049

369
3
392
3

446
296
5,799
245
3
324
1

1

-2

By disposition 3
Estimated transactions involving no direct dollar outflow from the United States
Expenditures on U.S. goods
Expenditures on U.S. services 4
Financing of military sales contracts by U.S. Government 5 (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 fang- 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 1 (bj financing
repayment of private credits and other assets, and (c) financing expenditures on U.S. goods
Less foreign currencies used by U.S. Government other than for grants or credits (line 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 contracts 2
U.S. Government cash receipts from foreign governments (including principal repayments on credits
financing military sales contracts), net of refunds'
Less U.S. Government receipts from principal repayments
Less U.S. Treasury securities issued in connection with prepayments for military purchases in the
United States
Plus financing of military sales contracts by U.S. Government 5 (line A39)
By long-term credits
By short-term credits 1

By grants'
Less transfers of goods and services (including transfers financed by grants for military purchases, and by
credits) 1 2 (table 1 , line 5)
Associated with U.S. Government grants and transactions increasing Government assets (including changes
in retained accounts) 7 (line A45)
Associated with other liabilities
Sales of nuclear material by Department of Enerpy/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 70.




2,380
1,858
407

3,143
496
376

1,518
505
170

690
282
49

n

(*)
20
42
6,946

90
1
5,176

9,559
4,862
366
1,672
1,066
1,604

4,265
4,265

1
5,143

1,019

40
1
1,468

3,873

1,329
1,329
174
715
384
48

860
860
25
385
266
49

1,243

3,872
601
1,662
1,219

155

175
422

4,697

218
172

C)

D

512
1,913

2,756
796

316
2

2,589
1,299
872
363
29

1,097
3
89

315
179
71

334
24
32

390
61
49

n

n

n

f)

n

12

37

1,179

1,511

1,273

1,266
1,266
124
587
498
49

810

1,071
1,071
99
486
366
65
56

136

-2,740 - 1 , 9 0 9 -1,882
-2,733 -1,890 -1,879

-261
-256

-884
-874

-233
-226

10,427
748

7,129
735

2,107
174

2,171
73

1,335 -1,912
3,564
2,036
422
517

-241
757
67

-748
2,644
264

10,494
634

810
189
225
95
30
271

n

480
241
19

408
72
1

491

n n

2

17

3

1,294

1,200

1,376

1,442

573 1,118 1,111
573 1,118 1,111
13
173
316
251
553
373
270
262
322
37
75
42
2
56
59

963
963
479
48
354
91
-9
-790
-794

D

-504
-504

2,444
296

-531
-534
3,772
91

-791
-792

1,234
224

1,872 1,747
261

2,276 2,019
225
162

-106
716
34

295

1,682
1,124
27

-806
316
2

-289
363
29

-817
866
476

315

334

2,380

3,143

1,518

690

683

"•673

1,097

13,980

12,220

3,187

3,794

3,342

3,658

-6
-12

11

5,669
4,065
1,117
414
6

3,377
1,380
1,248

-676
-674

15,803

J3

1,002
866
476

491
11

414

390

480

408

2,806 3,227 3,078

3,108

3,002

-2

R

SI

U.S. International Transactions

72

July 2Q02

Table 5. Direct Investment: Income, Capital, Royalties and
[Millions
Not seasonally adjusted
(Credits +; debits - )

Line

U.S. direct investment abroad:
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
Less: Current-cost adjustment....
Less: Withholding taxes
Equals. Income without current-cost adjustment, after deduction of withholding taxes2
Petroleum
Manufacturing
Other
Capital with current-cost adjustment (table 1, line 51).
Equity capital
Increases in equity capital 3 .
Decreases in equity capital4
Reinvested earnings
Intercompany debt
U.S. parents' receivables
U.S. parents' payables
Less: Current-cost adjustment (line 8 with sign reversed).
Equals: Capital without current-cost adjustment2.
Equity capital (line 15)
Petroleum
...
Manufacturing
Other
Reinvested earnings without current-cost adjustment (line 18 less line 22).
Petroleum
Manufacturing
Other
Intercompany debt (line 19)...
Petroleum
Manufacturing
Other
Royalties
taxes, net
loyalties and license fees, before deduction of withholding
witl
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)
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
:
Equals: Income without current-cost adjustment, after deduction of withholding taxes2
Petroleum
Manufacturing
Other
Capital with current-cost adjustment (table 1, line 64)..
Equity capita)
:
Increases in equity capital3
Decreases in equity capital4
Reinvested earnings
Intercompany debt
U.S. affiliates' payables
U.S. affiliates' receivables....
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
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)..
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)
See footnotes on page 70.




1999

128,456
124,508
48,993
75,515
3,947
6,854
-2,908
14,324
1,773
112,359
10,174
33,213
68,971

2000

149,677
145,712
44,497
101,213
3,966
7,797
-3,832
13,325
1,243

2001

2000

3,333
330

36,616
35,674
8,346
27,328
943
1,958
-1,016
3,294
235

37,196
36,099
18,479
17,620
1,097
2,099
-1,001
3,294
414

35,104
4,170
10,627
20,307

33,087
4,706
9,444
18,937

33,488
5,614
8,741
19,133

-48,062
-16,232
-19,350
3,118
-28,223
-3,607
-6,622
3,016

-53,601
-26,815
-31,892
5,077
-28,042
1,256
-308
1,564

-43,533
-7,199
-15,573
8,374
-27,328
-9,007
-6,077
-2,930

-33,098
-15,843
-24,227
8,384
-17,620
365
-2,682
3,047

-13,863
-113,977
-49,840
-4,079
-19,202
-26,559
-65,805
-7,250
-16,125
-42,430
1,668
-1,339
-1,054
4,061

-3,404
-44,658
-16,232
-492
-5,908
-9,832
-24,819
-3,406
-7,107
-14,306
-3,607
972
-610
-3,969

-3,333
-50,268
-26,815
-1,937
-4,373
-20,504
-24,709
-3,215
-7,513
-13,981
1,256
5,134
-1,918
-1,960

-3,294
^0,239
-7,199
-436
-2,497
-4,266
-24,034
-3,434
-6,587
-14,013
-9,007
-2,006
-1,259
-5,742

21,476
23,502
-2,026

5,703
6,173
-470

5,487
5,965
-478

7,770
21,237
-13,467

5,502
5,991
-489
1,452
4,644
-3,192

-3,294
-29,804
-15,843
-1,060
-5,373
-9,410
-14,326
-3,276
-3,574
-7,475
365
2,563
-11,331
9,133
5,947
6,456
-509

1,708
4,944
-3,236

1,423
4,776
-3,353

1,831
5,482
-3,652

-23,401
-708
-20,405
19,697
-22,694
-24,846
2,154
-6,361
-1,075
-15,965
-8,971
-3,177
-3,816

-16,731
-12,624
-7,855
-4,770
^ 1, 00 7
-4,802
695
-1,695
-356
-14,680
-2,538
-7,077
-5,065

-17,495
-12,902
-6,993
-5,909
-4,593
-5,206
613
-1,720
-332
-15,443
-2,479
-8,102
-4,862

-12,169
-6,182
-10,880
4,699
-5,987
-6,707
720
-1,699
-540
-9,930
-3,221
-3,211
-3,497

45,459
35,672
41,169
-5,497
4,770
5,017
12,369
-7,352
1,695

97,180
79,741
83,400
-3,659
5,909
11,531
13,120
-1,589

-14,420
-9,042
-8,502
-539
-5,379
-6,043
665
-1,721
-287
-12,412
-3,196
-5,471
-3,745
84,092
40,568
47,503
-6,936
539
42,985,
43,841
-856
1,721

38,767
37,830
9,787
28,042
937
1,896
-959

13,863
1,044

37,098
36,109
7,885
28,223
989
1,844
-856
3,404
264

111,089
13,866
28,806
68,418

33,430
4,178
10,153
19,098

-127,840
-49,840
-70,785
20,945
-79,668
1,668
-4,045
5,714

22,993
24,807
-1,812
5,027
17,977
-12,951

-13,325
-164,969
-66,089
-3,925
-18,151
-44,012
-87,888
-13,331
-24,781
-49,775
-10,993
6,663
-15,118
-2,538
22,639
24,585
-1,946
6,414
19,846
-13,433

-53,447
-38,044
-33,906
-4,138
-15,403
-17,043
1,639

-60,815
-40,750
-34,230
-6,519
-20,066
-22,758
2,693

-6,078
-985
-46,384
^ 5, 51 1
-24,673
-17,199
289,454
221,562
254,783
-33,221
4,138
63,754
66,465
-2,712

-6,835
-1,515
-52,465
-11,434
-23,861
-17,169
307,747
245,943
267,132
-21,190
6,519
55,285
74,309
-19,024

-188,901
-79,183
-119,131
39,948
-75,515
-34,201
-49,047
14,846
-14,324
-174,577
-79,183
-5,072
-16,481
-57,630
-61,191
-2,845
-16,198
-42,147
-34,201
-1,564
-2,260
-30,379

135,109
18,668
38,965
77,475
-178,294
-66,089
-91,042
24,953
-101,213
-10,993
-15,689
4,697

125,996
121,922
42,253
79,668
4,076
8,082
-4,007

6,078

6,835

130,796
107,721
125,488
-17,766
-19,697
42,771
31,871
10,901
6,361

283,376
221,562
218
44,536
176,808
-1,940
2,644
^1,453
-130
63,754
1,917
29,768
32,071

300,912
245,943
38,184
63,778
143,981
-316
4,712
-1,439
-3,590
55,285
1,972
38,354
14,957

124,435
107,721
4,146
24,866
78,709
-26,058
5,533
-18,170
-13,420
42,771
629
22,551
19,592

43,764
35,672
160
7,292
28,220
3,075
1,522
575
977
5,017
250
7,281
-2,514

95,460
79,741
34,211
12,148
33,382
4,189
1,126
4,353
-1,290
11,531
-38
4,053
7,515

-6,364
-8,064
1,700

-8,004
-10,234
2,231
196
-12,538
12,734

-8,611
-10,982
2,371

-1,797
-2,247
451
291
-2,656
2,947

-1,922
-2,348
426
-324
-2,970
2,646

276
-10,310
10,587

62
-14,943
15,006

1,720

82,371
40,568
216
11,455
28,897
-1,182
1,194
-1,986
-390
42,985
2,674
31,543
8,768
-1,994
-2,534
540
84
-3,098
3,182

81,016
89,962
95,060
-5,098
-4,699
-4,248
4,979
-9,227
1,699
79,317
89,962
3,597
32,883
53,482
-6,398
870
-4,381
-2,887
-4,248
-914
-4,523
1,188
-2,291
-3,105
814
145
-3,814
3,959

July 2002

73

SURVEY OF CURRENT BUSINESS

License Fees, and Other Private Services
of dollars]
Not seasonally adjusted

Seasonally adjusted
2002

2001

I

II

35,713
34,721
9,226
25,494

33,217
32,243
9,773
22,470

III

2000

IV

I"

28,410
27,519
8,326
19,193
891
1,789
-898
3,570
292
24,548
2,130
6,425
15,993
-24,876
-8,103
-15,666
7,563
-19,193
2,419
5,595
-3,176
-3,570

36,531
35,542
9,849
25,693
989
1,844
-856
3,404
299
32,827
3,918
9,811
19,098
-45,532
-16,232
-19,350
3,118
-25,693
-3,607
-6,622
3,016
-3,404

I

II

38,502
37,565
11,574
25,991
937
1,896
-959
3,333
383
34,786
4,148
10,331
20,307
-51,550
-26,815
-31,892
5,077
-25,991
1,256
-308
1,564

974

3,408

2,038
-1,063
3,445

30,084
28,973
7,997
20,976
1,111
2,044
-934
3,484

289

255

261

32,016
4,307
8,884
18,826

29,517
4,368
7,045
18,104
-36,689
-13,912
-20,720
6,808
-22,470
-307
-5,492
5,185

26,339
3,052
6,811
16,476
-43,562
-17,803
-20,298
2,496
-20,976
-4,783
-4,757

-26

26,982
25,985
15,257
10,728
998
1,970
-972
3,526
239
23,217
2,139
6,066
15,012
-21,304
-11,043
-16,803
5,760
-10,728
467
633
-166

-3,445
-33,244
-13,912
-1,231
-10,443
-2,238
-19,025
-2,877
-3,725
-12,422
-307
-3,029

-3,484

-3,526

-40,078
-17,803

-17,778
-11,043
-2,309
-3,531
-5,203
-7,202
238
-2,568
-4,872
467
330
385
-248
5,759
6,277
-518
2,160
5,792
-3,632

-21,306
-8,103
19
-5,114
-3,008
-15,623
-961
-2,734
-11,927
2,419
-1,134
8,007
-4,453

-42,128
-16,232
-492
-5,908
-9,832
-22,289
-2,921
-6,136
-13,232
-3,607
972
-610
-3,969

5,205
5,724
-519
1,932
4,921
-2,989

5,732
6,221
-489

-3,333
-48,217
-26,815
-1,937
-4,373
-20,504
-22,658
-2,973
-6,730
-12,955
1,256
5,134
-1,918
-1,960
5,813
6,283
-470

1,368
4,810
-3,442

1,903
7,874
-5,472
13;345
-5,970
-6,481
511
-1,579
-228
3,710
488
-80
3,303

-7,259
-2,031
-5,735
3,705
-5,228
-5,620
391
-1,587
-296
-5,376
-273
-2,984
-2,120

19,896
30,068
33,636
-3,568
-13,345,
3,174
3,244
-69
1,579
18,317
30,068
3*089
5,176
21,803
-14,924
-1,036
-5,869
-8,019
3,174
2,516
-1,976
2,635
-2,159
-3,083
924
270
-4,174
4,444

26,198
14,812
18,446
-3,634
-3,705
15,090
16,465
-1,376
1,587

993

2,030
-1,038

-26,285
-7,082
-12,964
5,881
-25,494
6,291
5,571

721
-3,408
-22,877
-7,082
-479
-3,449
-3,154
-22,086
-3,141
-5,634
-13,311
6,291

537

5,338

-60

-1,779
-15,964
-17,492
-1,470
-4,198
-11,825
-4,783

823

5,191
5,688
-497

2,495
5,374
5,868
-494

-7,004
1,398
5,152
5,669
-517

1,845
5,028
-3,183

1,922
5,263
-3,341

1,843
5,154
-3,311

-13,015
-7,535
-6,833
-702
-5,480
-5,998
519
-1,611
-424

-6,022
-352
-2,946
2,594
-5,671
-6,217

-6,267
-695
-5,154
4,460
-5,573
-6,150

416

-10,980
-3,516
-2,317
-5,147
44,204
20,513
22,240
-1,727
702
22,988
9,626
13,362
1,611
42,593
20,513
477
6,274
13,762
-909
1,132
-2,074
33
22,988
-1,129
15,039
9,078
-2,188
-2,693

504
319
-3,309
3,629

227

547

577

-1,591
-180
-4,251
-3,583
2,182
-2,$50
52,241
44,445
50,935
-6,490
-2,594
10,390
11,358
-968
1,591
50,650
44,445

-1,580
-243
-4,444
-2,360
-2,962

481

1

878
14,455
12,695
18,677
-5,981
-4,460
6,219
7,643
-1,424
1,580
12,875
12,695

99

7,695
36,269
-4,185
3,214
-6,415
-984
10,390
-249
7,637
3,002
-2,144
-2,618

5,721
6,875
-6,040
2,223
-3,812
-4,450
6,219
-509
1,851
4,877
-2,120
-2,588

474

469

-219
-3,593
3,374

-308
-3,867
3,559




24,611
14,812
111
2,706
11,329
-5,292
-1,237
-946
-3,108
15,090
120
6,362
8,608
-1,893
-2,693

800
160
-3,684
3,844

2002

2001
III

IV

I

II

36,721
35,778
10,902
24,876
943
1,958
-1,016
3,294
242
33,184
4,756
9,491
18,937
-41,082
-7,199
-15,573
8,374
-24,876
-9,007
-6,077
-2,930
-3,294

37,924
36,827
12,173
24,654
1,097
2,099
-1,001
3,294

35,270
34,277
11,554
22,723

33,078
32,104
11,192
20,912
974
2,038
-1,063

1,706
4,969
-3,263

5,639
6,117
-478
1,538
4,964
-3,426

5,456
5,965
-509
1,801
5,104
-3,303

-16,778
-12,671
-9,064
-3,607
-4,107
-4,802
695
-1,695
-386
-14,697
-2,538
-7,094
-5,065

-16,769
-12,176
-7,309
-4,867
-4,593
-5,206
613
-1,720
-422
-14,626
-2,479
-7,285
-4,862

-14,430
-9,051
-9,126
75
-5,379
-6,043
665
-1,721
-296
-12,413
-3,196
-5,472
-3,745

-12,840
-6,853
-8,732
1,879
-5,987
-6,707

44,296
35,672
41,169
-5,497
3,607
5,017
12,369
-7,352
1,695
42,601
35,672
160
7,292
28,220
1,912
1,522
-215
605
5,017
250
7,281
-2,514
-1,841
-2,338
497
140
-2,818
2,958

96,139
79,741
83,400
-3,659
4,867
11,531
13,120
-1,589
1,720
94,419
79,741
34,211
12,148
33,382
3,147
1,126
3,014
-993
11,531
-38
4,053
7,515
-1,924
-2,444
520
-110
-2,984
2,874

83,478
40,568
47,503
-6,936
-75
42,985
43,841
-856
1,721
81,757
40,568
216
11,455
28,897
-1,796
1,194
-1,950
-1,040
42,985
2,674
31,543
8.768
-2,089
-2,695
606
163
-3,125
3,288

365

2,563
-11,331
9,133

3,570
337
24,237
2,026
6,218
15,993

-27,470
-11,043
-16,803
5,760
-16,894
467
633
-166

-22,533
-8,103
-15,666
7,563
-16,849
2,419
5,595
-3,176

8
9
10
11
12
13
14
15
16
17
18
19
20
21

-3,570
-18,963
-8,103
19
-5,114
-3,008
-13,279
-432
-1,813
-11,034
2,419
-1,134
8,007
-4,453
5,431
5,950
-519
1,887
5,094
-3,207

-7,239
-2,011
-6,209
4,198
-5,228
-5,620
391
-1,587
-311
-5,342
-273
-2,949
-2,120
25,704
14,812
18,446
-3,634
-4,198
15,090
16,465
-1,376
1,587

416

-38,240
-17,803
-60
-1,779
-15,964
-15,654
-1,409
-3,938
-10,307
-4,783
823
-7,004
1,398

5,411
5,908
-497

5,474
5,968
-494

5,310
5,827
-517

1,791
5,208
-3,417

1,916
5,288
-3,372

1,976
5,360
-3,384

-3,526
-23,944
-11,043
-2,309
-3,531
-5,203
-13,368
-670
-4,160
-8,538
467
330
385
-248
5,281
5,799
-518
2,087
5,381
-3,294

-13,021
-7,541
-7,453

-5,246
425
-3,308
3,733
-5,671
-6,217
547
-1,591
-217
-3,437
-3,583
2,996
-2,850
51,102
44,445
50,935
-6,490
-3,733
10,390
11,358
-968
1,591
49,511
44,445
481
7,695
36,269
-5,324
3,214
-7,727
-811
10,390
-249
7,637
3,002
-2,134
-2,717
583
95
-3,586
3,681

-6,303
-730
-5,436
4,706
-5,573
-6,150
577
-1,580
-242

1,166
7,136
-4,209
11,345
-5,970
-6,481
511
-1,579
-171

-4,480
-2,360
-2,998
878
14,208
12,695
18,677
-5,981
-4,706
6,219
7,643
-1,424
1,580
12,628
12,695
99
5,721
6,875
-6,286
2,223
-3,676
-4,833
6,219
-509
1,851
4,877

2,916
488
-875
3,303
21,897
30,068
33,636
-3,568
-11,345
3,174
3,244
-69
1,579
20,318
30,068
3,089
5,176
21,803
-12,924
-1,036
-4,363
-7,525
3,174
2,516
-1,976
2,635
-2,037
-2,719
682
77
-3,950
4,027

-23,514
-7,082
-12,964
5,881
-22,723
6,291
5,571

721

537

5,338

-88

-5,480
-5,998

720

519

-1,699
•412
-10,729
-3,221
-4,011
-3,497

-1,611
-445
-10,964
-3,516
-2,301
-5,147

83,835
89,962
95,060
-5,098
-1,879
-4,248
4,979
-9,227
1,699
82,136
89,962
3,597
32,883
53,482
-3,578

43,589
20,513
22,240
-1,727

870

3,526
182
23,727
2,244
6,471
15,012

-3,445

31,539
4,096
8,617
18,826

-36,838
-15,843
-1,060
-5,373
-9,410
-21,360
-4,186
-5,776
-11,398

1
2
3
4
5
6
7

-31,686
-13,912
-1,231
-10,443
-2,238
-17,467
-2,650
-3,186
-11,631
-307
-3,029
227
2,495

34,311
5,846
9,332
19,133
-40,132
-15,843
-24,227
8,384
-24,654

-37,788
-7,199
-436
-2,497
-4,266
-21,582
-3,250
-6,142
-12,190
-9,007
-2,006
-1,259
-5,742

28,143
27,252
10,403
16,849
891
1,789
-898

-20,106
-7,082
-479
-3,449
-3,154
-19,315
-2,523
^,840
-11,952
6,291

3,408

88

22,988
9,626
13,362
1,611
41,978
20,513

477

6,274
13,762
-1,523
1,132
-2,404
-251
22,988
-1,129
15,039
9,078

-2,286
-2,162
-4,248
-914
-4,523
1,188
-2,149
-2,756

-2,227
-2,800

607
3

573
98

-3,611
3,614

-3,518
3,616

3,445
281
29,353
4,383
6,866
18,104
-35,131
-13,912
-20,720
6,808
-20,912
-307
-5,492
5,185

-2,211
-2,745
534
-206
-3,889
3,683

Line

I"

27,436
26,438
9,544
16,894
998
1,970
-972

-3,408

993

2,030
-1,038

324

365

IV

30,211
29,100
9,962
19,138
1,111
2,044
-934
3,484
256
26,471
3,143
6,852
16,476
-41,724
-17,803
-20,298
2,496
-19,138
-4,783
-4,757
-26
-3,484

319

-2,682
3,047
-3,294

III

22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41

24,117
14,812
111
2,706
11,329
-5,785
-1,237
-1,155
-3,393
15,090
120
6,362
8,608

42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76

-1,914
-2,802
888

77
78
79

-113
-3,915
3,802

80
81
82

74

U.S. International Transactions

July 2002

Table 6. Securities Transactions
[Millions of dollars]
Not seasonally adjusted

Line

(Credits +; debits - )

1999

2000

III

IV

I

-128,436

-127,502

-94,662

-27,417

-39,744

-33,936

-26,405

-26,895

-51,764

10,087

-26,090

-114,311

-103,643

-106,810

-15,663

-47,244

-16,598

-24,138

-21,533

-55,718

-10,886

-18,673

1,473

-8,772

-15,526
-2,924
-1,665
-1,477

-4,583

-1,894

-8,075
-2,645

-3,641
-279
-186

-1,916

-1,142
(D)

-2,591

-418

-432

-1,455

-105,540
-43,656
-45,251
-2,440
-46,027
-13,417

-88,117
-56,294
-41,903
-17,998
16,809
-30,634

-102,227
-51,465
-27,413
-2,687
-19,867
-28,208

-13,769
-279
-3,150
-3,130
-1,557
-8,803

-12,958
-12,762
-8,438
-3,002
5,572
-2,766

-22,222
-15,674
-7,147

-18,241
-9,918
-11,817
325
-1,069

2,928

-14,127

-23,858

12,148

-11,754

2001

2000

I
Foreign securities, net U.S. purchases (-), (table 1, line 52 or lines 2 + 13 below)
Stocks, net U.S. purchases
New issues in the United States.,
Of which: Western Europe
Canada
Latin America
Transactions in outstanding stocks, net.
Western Europe
Of which: United Kingdom
Canada

Japan
Other
Bonds, net U.S. purchases

-737

-15,548

-8,797
-4,794
-50
-12,834
-8,300

-26,745
-2,662
-2,000
-17,894
-4,972

Redemptions of U.S.-held foreign bonds 3
Western Europe
Canada
Other countries
International financial institutions 2 ....

18,532
4,151
4,273
7,565
2,543

3,561
6,927
8,757
1,641

Other transactions in outstanding bonds, net 3
Western Europe
Of which: United Kingdom
Canada
Japan
Other

2,116
-3,531
-2,442
334
2,222
3,091

9,529
-18,835
-26,674
649
5,607

298,834

455,213

407,653

112,917

192,403

119,453

91,931
13,371
5,384
40,587
11,679
5,119
4,188

181,226
31,602
11,728
71,769
7,694
1,894
1,589

86,712
8,282
3,335
37,353
11,708
6,660
14,373

1,731
-5,374
7,456

185,917

262,810

288,200

41,843
43,097
100,977

64,965
96,418
101,427

105,958
6,502
4,178
82,134
4,183
12,082
63,244
450

146,716

-9,861
20,350
1,543
-628
-24,679

-6,302
40,909

U.S. securities, excluding Treasury securities and transactions of foreign official
agencies, net foreign purchases (+), (table 1 , line 66 or lines 2 + 1 0 below)
Stocks, net foreign purchases
By area:
Western Europe
Ofwhich: Germany
Switzerland
United Kingdom..

Canada
Japan
Other
Corporate and other bonds, net foreign purchases..

-39,168

-27,579
-23,168
-5,422
11,512

-17,679

-11,187

-54,273

-11,439
-1,450
-21,886

By area:
Western Europe
Canada
japan
Latin America
Other countries
International financial institutions 2 ....

2,047

-256

-742

-53,127
-24,516
1,742
-4,612
-10,370
-13,629

-10,468

1,282
-1,386

-20,391
-7,797
-6,125
225
-7,477
-5,342

-17,338

-2,266

-5,362

3,954

20,973

-7,417

-22,864

-12,411

-8,325

-8,997

-9,895

-12,294

-3.253
-59

-2,087

-6,444

7,500
-39,511

-7,811
-1,595
-36,898
-232

IV

-1,477

-34,775

New issues in the United States
By issuer:
Central governments and their agencies and corporationsOther governments and their agencies and corporations 1 ..
Private corporations
International financial institutions 2

2002

2001

-23,9i

-6,500
-350
-4,337

-2,400
-5,180
-231

-6,648
-1,000
-15,215

-245
-12,166

-4,813
-200

-5,3$

-9,234
-11,213.
1,375
-951
-1,658

"-5"583

<°)

-7,579

-3,273
-798
-8,223

1,105

194
1,463
163
197
574
-6,012
-2,555
-2,8$

-872
-385
-2,000
-6,070
-1,860

-3,425
-615

-11,913
-1,377

-10,535
-285

-350
-923

-2,431
-1,340

-8,648
-926

-745
-846

-4,763
-2,089
-200

-2,724
-1,212

-3,585
-2,829
(D)

-3,214
-4,417.

-2,276
-1,745
(D)

2,364
343
1,008
923
90

5,626
391
3,886
953
396

5,951
1,705
750
2,811
685

6,945
1,122
1,283
4,070
470

7,422
1,372
1,571
2,622
1,857

6,162
2,382
1,436
1,505
839

8,880
1,031
1.131
6,368
350

10,977
4,989
2,102
3,434
452

4,720
1,462
924
1,934
400

-2,931
-8,850
-9,387
-530
1,835
4,614

9,685
•^67

-425
-11,588
-13,865
3,842
1,515
5,806

3,200
2,070
-2,297
-628
742

-11,438
-13,845
-247

6,789
-4,248

21,988
19,310
18,541
137

-689
3,230

-6,100
-1.1,194
-11,821
-363
-2,971
8,428

1,866
4,309

-1,125
-2,035
1,515
10,672

129,278

87,088

120,880

117,967

64,787

99,320

70,329

65,954

33,533

53,744

39,172

39,932

34,204

12,331

32,986

24,975

62,141
15,543
6,753
13,505

40,838
9,297
2,268

33,874
3,112
-841
18,186
4,211
4,861
-3,774

33,597
3,730
2,043

15,658
1,147
-1,104
-7,348

44,373
3,650
3,548
24,420
605
3,511
5,255

11,160
4,370
-221
2,186

22,402
1,325
856
8,745
3,161
4,104
4,537

8,307
1,047
-1,067
9,156
1,825
1,179
1,020

22,406
2,180
1,503
8,292
2,352
1,598
6,630

19,686
1,211
1,578
8,008
6,440
955

-2,106

63,324

53,555

67,136

78,795

90,058

79,352

52,456

66,334

45,354

63,113
86,256
138,831

13,560
23,279
26,485

17,759
15,878
19,918

23,788
25,265
18,083

9,858
31,996
36,941

17,694
25,162
47,202

18,008
13,746
47,598

13,185
19,340
19,931

14,226
28,008
24,100

21,155
2,716

180,957
10,762
5,701
159,857
516

39,483

27,865
1,222
565
22,513
2,043
7,520
16,160
-33

37,183
837

42,185
851
640

53,510
2,834
1,678
47,637
1,348
766
23,832
-104

30,498

13,571
21,198
-191

61,127
3,327
2,681
52,365
-44
3,345
25,679
19

35,822
3,337
576
30,064
1,586
11,827
17,086
13

26,232
2,207
525
23,689
278
-6,882
25,707
19

3,586
10,334
491

-6,816
14,272
422
-110
-14,281

-11,049
8,196
683
297
-21,982

3,142
3,574
1,033
-30
-5,854

-4,885
9,932
567

9,566
7,630

77
7,296
2,003

-9,10

22,108

1,016

-4,459

-59
7,285

2,331

-10,873
4,472
3,866
2,699

129,990 113,556

-2,455
-2,208

-8$

1,387
-1,159
-3,133

1,849

By e:

£ ,;

issues sold abroad by U.S. corporations..
U.S. federally sponsored agency bonds, net
Other outstanding bonds, net
By area:
Western Europe
Ofwhich: Germany
Switzerland
United Kingdom
Canada
Japan
Other countries
International financial institutions 2 ..

3,100
3,023
123,435

10,374
36,867
69,040
-187

18,472
88,387
-132

190

759
35,240
3,327
3,721
16,905
-112

1,059
31,269
2,972
12,055
14,777
149

34,413
2,032

1,264
766

29,791
-2,374
2,534
21,790

21,483

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 70.




2,019

9,974
20,920
3,755

1,108
-72,302

1,964
-16,281

7,977
8,107
423
508
-15,881

413
-20,158

461
-15,386

2,151
-216
623
1,358
-17,402

1,532

175
22,361

-1,277
-9,301

July 2002

75

SURVEY OF CURRENT BUSINESS

Table 7. Claims on and Liabilities to Unaffiliated Foreigners Reported by U.S. Nonbanking Concerns
[Millions of dollars]
Not seasonally adjusted
(Credits +; increase in U.S. liabilities or decrease in U.S. assets.
Line
D e b i t s - ; decrease in U.S. liabilities or increase in U.S. assets.)

1999

2000

2001

2001

2000

I

II

IV

I

2002

I1

Amounts
Outstanding
March 3 1 ,
2002

-95,466

-150,805

-14,358

-87,048

-25,117

-16,128

-22,512

-51,759

9,670

-9,479

37,210

-4,030

834,141

-90,238
-74,499
-15,739

-150,125
-131,482
-18,643

-19,624
-25,564

-87,020
-77,571
-9,449

-25,159
-26,677
1,518

-16,058
-5,984
-10,074

-21,888
-21,250
-638

-55,437
-43,179
-12,258

12,273
11,988
285

-11,475
-19,380

-4,030
-4,030

7,905

35,015
25,007
10,008

802,260
707,288
94,972

-41,113
-44,654
-4,471

-133,959
-15,504
-662

-19,118
3,038
-3,544

-52,929

-31,478
7,278
-959

-413
-17,036
1,391

-49,139
28,252
-1,001

-34,818
-16,538
-4,081

24,021
-12,079
331

-27,796
13,878
2,443

19,475
17,777
-2,237

1,119
-5,149

596,720
184,933
20,607

-78,730
-44,941
-4,902
-9,160
-2,348

-65,934
-36,111

-34,693
-22,042
2,392
19,950

-12,190

-34,284

-9,048
370

-9,033
-3,875

22,565
12,044

-61,004
-46,843

281

3,494

-4,973
-7,603
222

-4,881

-42,025
-30,074
615
-43,227
-1,768

-11,723
-1,246

18,401
-175

-^3,107
-1,346

8,958
-3,391

17,174
72

-3,478
6,844
-3,160
-7,267
-730

34,762
25,560
1,836
1,085
-832

-5,228
-4,650
-578

-680
838
-1,518

5,266
3,943
1,323

-28
1,003
-1,031

42
-1,323
1,365

-70
200
-270

-624
958
-1,582

3,678
3,132
546

-2,603
-2,681
78

1,996
1,628
368

2,195
1,864
331

31,881

-5,427
199

-475
-205

5,518
-252

1,186
-1,214

160
-118

-247
177

-1,574
950

4,146
-468

-2,149
-454

1,779
217

1,742
453

27,599
4,282

-4,006
-501
-721

-876
657

3,071
440

-78
150

-100

-356
-37
323

-729
435
-330

1,155

-1,532
-117
-954

1,256
175
565

987
219

1,755

287
109
-354

2,360
163

-461

20,125
1,356
10,400

78,383

174,251

82,353

76,305

27,645

17,471

52,830

111,644

-5,307

-25,154

1,170

34,704

823,781

80,046
86,919
-6,873

162,050
142,768
19,282

74,316
72,603

25,664
22,175
3,489

14,965
14,225
740

45,199
35,700
9,499

105,966
90,382
15,584

-5,886
6,960
-12,846

-28,697
-23,877
-4,820

2,933
-862
3,795

34,704
34,704

1,713

76,222
70,668
5,554

78,301
1,745

47,292
114,758

-13,324
87,640

50,617
25,605

-20,567
46,231

7,378
7,587

35,335

14,099
91,867

6,731
-12,617

-22,994
-5,703

-11,160
14,093

16,544
18,160

By area: Industrial countries 4
Of which: United Kingdom
Caribbean banking centers 5
Other

99,576
62,053
-21,472
1,942

120,081
68,098
38,111
3,858

49,120
18,326
28,282
-3,086

75,648
46,952
-1,533

1,595

4,155

32,415
11,023
16,688
-3,904

92,203
77,624
16,655
-2,892

-21,829
-21,238

2,107

10,423
10,574
3,042
1,500

-13,977

-451
19,914

-7,277
-26,073
8,231
1,979

2,544
32,160

Commercial liabilities
Denominated in U.S. dollars
Denominated in foreign currencies

-1,663
-1,963
300

12,201
10,719
1,482

8,037
9,347
-1,310

83
-152
235

1,981
2,129
-148

2,506
2,454
52

7,631
6,288
1,343

5,678
5,956
-278

579
1,060
-481

3,543
3,492
51

-1,763
-1,161
-602

By type: Trade payables
Advance receipts and other liabilities..

1,879
-3,542

1,436
10,765

-2,473
10,510

-456
539

1,363
618

154
2,352

375
7,256

-1,812
7,490

732
-153

-1,473
5,016

80
-1,843

By area: Industrial countries 4 '.
Members of OPEC 6
Other

-1,151
-176
-336

10,569

8,289
-327
75

-451
-325

588
1,303

1,938
260

8,494

859

90

5,121
563
-6

538
-334
375

2,661
-18
900

-31
-538
-1,194

798,097
753,295
44,802
251,814
546,283
525,409
302,826
221,389
51,299
25,684
24,194
1,490
11,820
13,864
13,977
3,284
8,423

Claims, total (table 1 , line 53)
Financial claims
Denominated in U.S. dollars
Denominated in foreign currencies
By type: Deposits 2
Financial intermediaries' accounts
Other claims 2 3
By area; Industrial countries 4
Of which: United Kingdom
Canada
:..
Caribbean banking centers 5
Other
:

.....

Commercial claims.:
Denominated in U.S. dollars
Denominated in foreign currencies
By type: Trade receivables...
Advance payments and other claims
By area: Industrial countries
Members of OPEC6
Other

4

,...,..

Liabilities, total (table 1 , line 68)
Financial liabilities....,
;:
Denominated in U.S. dollars
Denominated in foreign currencies
By type: Financial intermediaries' accounts
Other liabilities...

See footnotes on page 70.




-2,609
-79,656
-4,535

297
1,335

5,940

-33,998
-93

-941
78

-11,987
7,927

164

-4,531
-2,337

467,903
270,155
26,127
-30,157

10,590
278,404
55,953

29,479
2,402

76

U.S. International Transactions

July 2002

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.)

1999

2000

2000

2001

Total (table 1, line 54)
By type:
Banks' own claims

-76,263 -148,657 -128,705 -68,210
,

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
Brokers' and dealers' claims on:
unaffiliated foreign banks
other foreigners

...

,

Payable in foreign currencies
Banks' domestic customers' claims
Payable in dollars
Deposits
Foreign commercial paper3
Other negotiable and readily transferable instruments4
Outstanding collections and other
Payable in foreign currencies
By area:
Industrial countries5
Western Europe
Of which: United Kingdom
Canada
Japan
Other

:

Caribbean banking centers6
Other areas
Of which: Members of OPEC, included below 7 ..
Latin America
Asia
:
Africa
Other8
Memoranda:
International banking facilities' (IBF's) own claims, payable in dollars (lines
1-13 above)
By borrower:
Claims on:
own foreign offices
unaffiliated foreign banks
foreign public borrowers
all other foreigners
By bank ownership:2
U.S.-owned IBFs
Foreign-owned IBF's
Banks' dollar acceptances payable by foreigners
Resale agreements9 (in lines 1 through 15 above)

See footnotes on page 70.




4,491

2002

2001

III

IV

III

I

-1,651 -83,287 -113,914

Amounts
Outstanding
March 31,
2002

IV

-685

69,576 -83,682

10,006

1,406,185

-49,907 -104,207

-142,744 -27,389

-26,250

-5,664 -44,904

-105,573 -21,087

40,345 -56,429

-3,457

1,130,358

-58,144 -111,503

-119,395 -29,946

-21,020

-11,387 -49,150

-85,054 -15,565

29,207 -47,983

1,225

1,050,333

-45,147
9,020
-11,548
-10,469

-100,455
1,943
-2,817
-10,174

-82,779 -36,525
7,210
-9,459
-11,389 -1,075
-15,768
444

-8,815
1,274
-4,639
-8,840

-17,647 -37,468
1,914
-8,455
787
2,110
3,559 -5,337

-44,336 -20,620
-10,766 10,194
-11,494 -3,075
-18,458 -2,064

24,171
-845
6,418
-537

-41,994
-8,042
-3,238
5,291

-1,391
5,685
-5,032
1,963

747,225
94,877
54,050
154,181

-5,082
-8,446
70

-35,408
1,890
4,086

-32,435
-16,620
10,024

1,178
6,176
1,933

-21,895
-1,735
3,171

-522 -14,169
-207 -2,344
-467
-551

-3,222
7,274
857

-24,564
-2,669
-16,341

-1,274
-8,874
8.752

7,869
2,185
-3,539

262,616
45,467
21,839

-40,065
18,903
-7,175

-65,047
-1,438
-6,954

-50,344 -37,703
9,053 -3,610
-10,104
1,463

13,080
4,912
-3,244

-17,125 -23,299
596 -3,336
22 -5,195

48,735 -40,720
2,948
1,778
14,534
-793

-9,260
3,631
-723

484,609
30,960
88,655

-1,437
-14,912

1,491
-10,123

-1,892
-27,077

4,644
-4,027

-1,903
-13,406

18,450
97,737

1,525
4,791

-3,375
-12,351
16,756

-40,961 -17,398
3,662
665
-21,513 -2,332

-2,775
2,519

920
-25,195

-742
-3,664

-1,124
7,688

-946
-5,906

-131
1,193

8,237

7,296

-23,349

2,557

-5,230

5,723

4,246

-20,519

-5,522

11,138

-8,446

-4,682

80,025

-26,356
-32,004
-8,643
-13,102
-11,247
988
5,648

-44,450
-40,865
6,310
-39,645
-7,433
-97
-3,585

14,039
7,256
7,803
19,207
-16,665
-3,089
6,783

-40,821
-39,893
-22,880
-15,702
-1,935
624
-928

30,741
27,790
23,459
240
7,161
-3,070
2,951

4,013
4,333
18,715
-9,527
-8,097
3,242
-320

-38,383
-33,095
-12,984
-14,656
-4,562
-893
-5,288

-8,341
-11,647
-10,974
11,253
-11,289
-637
3,306

20,402
20,440
17,667
3,380
2,276
-2,883
-38

29,231 -27,253
28,971 -30,508
22,119 -21,009
-572
5,146
-4,707 -2,945
6,413 -5,982
260
3,255

13,463
12,286
4,912
3,586
2,642
1,146
1,177

275,827
259,373
87,634
110,465
46,603
14,671
16,454

-57,919
-99,944
-28,586
19,106
21,113
1,806

-118,782
-105,918
-52,305
-1,941
-6,189
-4,734

-84,748 -91,364
-63,296 -84,149
-31,419 -12,167
-18,901 -6,075
962
-5,119
2,568 -2,102

13,720
23,531
-12,591
-2,104
-5,111
-2,596

-103,719 -15,780
-89,855 -18,107
-30,154 -2,311
-6,137 -6,018
-7,861
4,890
134
3,455

75,376 -40,625
69,952 -25,286
2,040
-994
2,504 -9,250
2,042 -4,190
878 -1,899

-22,335
-23,500
10,281
-2,439
2,509
1,095

857,715
722,960
317,360
82,850
39.411
12,494

-33,735

-30,187

-42,409

17,542

-6,494

1,625

-42i860

-7,858

14,736

-3,233

-46,054

34,151

393,485

15,391
2,348
4,624
9,974
937
-144

312
7,397
-4,598
3,756
-68
1,222

-1,548
1,907
7,529
-8,644
214
-647

5,612
5,621
3,560
661
121
1,270

-2,735
-457
692
-3,142
-142
-143

-279
1,537
-1,910
1,924
-477
184

-2,286
696
-6,940
4,313
430
-89

-2,337
286
2,847
-5,664
39
441

359
464
2,003
-239
-73
-1,332

-2,567
512
-2,631
-215
261
18

2,997
645
5,310
-2,526
-13
226

-1,810
-2,355
669
-1.294
82
-1,267

154,985
16,749
85,207
58,523
1,399
9,856

-25,429 -30,500

13,210 -16,311

-4,268

-12,840 -18,786

31,183

-24,986

-3,088

309,469

-26,380

-2,997 -38,141
-8,043 -37,257
-6,915 -20,632
7,816
-1,578
-3,224
1,184
454
-490

-34,374
5,495
451
2,048

-51,599
10,965
445
2,320

-27,619 -37,857
6,614
-2,837
75
1,414
3,613

9,300 -18,840
3,902
386
-399
796
407
1,347

-4,202
63
-27
-102

-15,552 -22,009
330
1,156
353
468
2,029
1,599

32,557 -22,615
-943
-3,380
138
455
-569
554

-8,975
4,742
-186
1,331

243,632
35,254
4,472
26,111

-10,682
-15,698
-33

3,717
-41,586
304

-27,817
8,933
2,388 -39,433
1,660
89

-5,780
5,199
18,990 -21,510
-592
229

^,635
367
578

2,737 -12,668
-15,577 -6,118
-61
1,255
4,390

-7,042 -10,844
38,225 -14,142
586
-120
17,849 -25,505

19,779
-22,867
449
22,432

84,004
225,465
2,139
114,917

July 2002

77

SURVEY OF CURRENT BUSINESS

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.)

2000

43,666

37,640

5,224

22,711

6,563

12,904

-4,538

4,087

-20,831

16,882

5,086

9,034

1,021,690

12,177
22,000
-9,861
38
20,350
-2,740
12,964
17,359
338
-564
17,585
-4,395
915

-10,233

10,745

2,709
9,974

16,204
8,604

-4,000
-7,591
3,586
5
10,334
-884

-13,436
-2,488
-11,049
101
8,196
-531
253
1,001
-1,261
-1,175
3,437
-748

-1,027
-3,806
3,142
-363
3,574
-676
1,213
227
-433
-7,452
8,112

15,810
14,704
2,151
-1,045
-216
89
-782
1,424
573
-755
1,606
-2,206
1,981

16,760
7,820

904

-9,001
-1,692
-6,816
-493
14,272
-233
7,554
6,882
2,326
3,155
1,401
672
312

-20,798

-3,167
-6,302
-764
40,909

-2,611
1,707

-582
-407
77
-252
7,296
-790
2,384
-2,839
297
-5,589
2,453
5,223
726

642,066
161,312
477,594
3,160
154,905
10,955
125,509
80,685
3,285
13,882
63,518
44,824
88,255

40,318 -61,037 112,827

-30,981

1,647,063

2001

2000

2002

2001

IV
Foreign official assets in the United States, net (table 1 , line 56)...

1. Treasury securities (table 1, line 58)
;
Bills and certificates
Bonds and notes, marketable:
....
Bonds and notes, nonmarketable
Other U.S. Government securities (table 1, line 59)
Other U.S. Government liabilities (table 1, line 60)
U:S. liabilities reported by U.S. banks, not included elsewhere (table 1, line 61)
Banks' liabilities for own account, payable in dollars 1
Demand deposits
Time deposits 1
....
Other liabilities 2
Banks' custody liabilities, payable in dollars 1 3
Other foreign official assets (table 1, line 62)

Amounts
Outstanding
March 31,
2002

1999

-1,909
5,746

-1,938

20,920

7,977
-377
8,107
-261
-2,270
-10,121

-16,009
-4,885

96
9,932

9,566
-626
7,630
-504
-20,507

-626

-1,882
-30,278
-13,292

611
6,631
-7,868
6,372
3,127

-15,940
3,604
-16,986
5,719

-10,494
7,851
931

9,735

40,006

102,997

-25,020

27,363

9,443

28,220

10,889

-44,497

-76,965

-7,670

-15,203

-26,484

-19,013

-16,265

-4,744

-14,685

-15,470

27,229

-5,682

375,845

-19,818
-24,679

-4,663
-72,302

8,611
-16,281

678
-15,881

-6,326
-20,158

-4,732
-14,281

5,717
-21,982

1,110
-5,854

701
-15,386

1,932
-17,402

4,868
22,361

3,619
-9,301

27,825
348,020

54,232 116,971
57,722 109,924
69,238 116,726

110,667
96,630
76,454

-9,817
2,036
3,443

53,847
55,795
54,219

28,456
32,738
37,637

44,485
19,355
21,427

15,633
25,743
7,327

55,003
36,939
16,560

-45,567
-45,265
-26,360

85,598
79,213
78,927

-25,299
-19,785
-21,187

1,271,218
1,157,846
1,067,592

-956

-960
1,333

209
1,612
506
3,318
-2,212

-1,403

-791
-10,202

2,953
-1,046

4,793
-794

986 -13,155
1,003

1,028

-17,896
-50

-12,526
-5,320

By area (see text table D)
Other foreign assets in the United States, net (table 1 , lines 65 and 69)

Byt^e:
Treasury, securities (line 6 5 ) :
By security:
Bills and certificates..:
Marketable bonds and notes
U.S. liabilities reported by U.S. banks (line 69)..
Banks' own liabilities 1
Payable in dollars
:.
By account:
Liabjlities to own foreign offices
Liabilities to unaffiliated foreigners:
demand deposits
time deposits 1
other liabilities 2

46,311

85,808

66,627

6,591

25,179

37,774

16,264

-17,548

9,561

-11,104

85,718

-29,518

755,876

12,988
12,423
-2,484

-10,130
17,632
23,416

1,338
-16,238
24,727

-12,859
-140
9,851

957
12,388
15,695

-1,078
-2,275

2,850
7,659
-5,346

1,159
2,445
21,271

-37
-6,016
13,052

2,351

-2,135
-11,343
6,687

4,375
-4,625
8,581

34,987
130,064
146,665

By holder:
Liabilities to:
own foreign offices
unaffiliated foreign banks
other private foreigners
international financial institutions 4

46,311
6,124
13,296
3,507

85,808
17,006
16,129
-2,217

66,627
-13,211
25,011
-1,973

6,591
-5,031
-2,100

37,774
1,090
4,721

9,561
-5,661
11,078

-5,948

16,264
11,023
-2,660
-3,200

-17,548
15,720

3,983

25,179
9,924
16,168
2,948

1,582

-4,789
-10,063
-404

85,718
-18,481
14,599
-2,909

-29,518
7,280
303
748

755,876
129,754
171,048
10,914

40,925
7,629
14,170

108,586
3,332
-20,284

41,645
11,872
-9,479

10,071
-3,416
-14,693

64,782
926
-5,661

-1,371

9,920
6,786
1,441

-61,310
3,478
-8,028

28,799
10,995
-3,160

21,864
230
4,764

52,292
-2,831
-3,055

-58,472
4,155
-1,197

370,735
55,554
39,320

5,386 -22,778
-1,524 20,771
8,590
8,892

24,982
-25,949
12,720

-3,480
3,209
5,175

-39,603
9,677
10,172

1,523
-2,730

6,344
6,362
-3,725

43,762
7,110
7,095

-19,238
-15,576
9,988

-32,968
-3,973
-6,347

33,426
-13,510
1,984

28,954
-4,344
3,096

385,141
58,509
74,189

19
-5,957

-7,097
25,304

866
19,797

-4,824
11,401

-679
14,605

531
2,874

-2,125
-3,576

5,132
10,088

-1,080
5,832

-1,046
-8,884

-2,140
12,761

7,469
-848

15,691
68,453

-11,516

-6,802

20,176

-1,407

1,576

M.899

-2,072

18,416

20,379

-18,905

286

1,402

90,254

-3,490

7,047

14,037

-11,853

-1,948

-4,282

25,130

-10,110

18,064

-302

6,385

-5,514

113,372

-5,311

7,039

9,457

-12,484

-1,137

-4,287

24,947

-12,071

15,821

-311

6,018

710

101,986

-6,9,692 -73,028
-41,449 -58,418

-28,639 -9,527
-9,823 -14,251
3,411
2,286

-3,101
2,732
-3,607
-2,226
21,810

-31,761
-37,076
-4,548

9,834

30,515
22,052
1,526

2,328
-1,273
-1,871
-1,776
-2,256
321

801,685
527,043
35,478
239,164
518,884
326,494
42,053

158

82,007
64,074
-656
18,589
21,156
9,664
1,870
1,030
12,897
-381

-6,398

-9,266
3,980

-87,017
-83,867
-3,547
397
17,595
8,385
-1,580
5,665
2,112
-332

2,438

5,239

940

-3,882

By type of reporting institution: 5
U.S.-owned banks' liabilities to:
own foreign offices....
. unaffiliated foreign banks
other private foreigners and international financial institutions 4 ..
Foreign-owned banks' liabilities t o :
own foreign offices
unaffiliated foreign banks
other private foreigners and international financial institutions 4 ..
Brokers' and dealers liabilities to:
unaffiliated foreign banks
other private foreigners and international financial institutions 4 ..
Payable in foreign currencies

...

Banks' custody liabilities, payable in d o l l a r s 1 3
Of W/7/C/7: Negotiable and readily transferable instruments...,
By area:
Industrial countries 6
Western Europe
Canada
Other
Caribbean banking centers 7
Other areas
Of which: Members of OPEC, included below 8
Latin America
Asia
Africa
Other 9

'

Memoranda:
International banking facilities' (IBF's) own liabilities, payable in dollars (in lines
A9 and B7 above)

13,894
-42,137
40,413
39,014
11,125
11,410
23,538

-2,458
-12,152
115,916
-2,882

-65

717

35,339
17,303
-8,484
26,520
44,424
23,234
-2,274
9,080
9,653
-234

4,131

-5,158

4,735

3,897
-1,041
2,600

3,216

23,813

-964
13,961

9,863
52,821

-21,102
7,252
-3,633
-4,265
-193
-6,145
433

-1,116
1,312
-19

-1,960
-352

160

7,160
2,295
2,228
7,785
143

2,272

2,680

-7,114

-2,996

1,313

34,033
2,857
1,887

9,397
-242

15,044
-5,807

597

6,937
3,345
6,458
-693
4,161
-3,100

-1,324
-16,283

-11,104

-10,411
-1,566
5,579
-35,002
10,419
3,423
3,165

5,895
727

128,972
139,158
7,181
51,183

632
-6,604

20,722

5,551

-10,261

9,435

31,144

-9,596

-23,791

18,932

-36,811

47,221

401,063
11,800

By holder:
Liabilities to:
own foreign offices
unaffiliated foreign banks
foreign official agencies
other private foreigners and international financial institutions 4 ...
By bank ownership: 5
U.S.-owned IBFs
Foreign-owned IBF's..

-4,084
1,157
-6,049
2,372

-16,049
23,322
8,385
5,064

42,720
-19,470
-14,109

16,178
-22,782

3,319

-3,590

-20,267
2,899
5,346
1,761

-7,672
11,914
1,367
3,826

-3,004
23,726

36,261
-30,710

-11,414
1,153

3,872

-13,772

-2,289

29,745 -17,855
-917
9,426
1,465

821
-1,988

-21,232
3,796
-5,654
-701

19,132
-5,488
8,023
-2,735

-33,742
-4,157
1,103
-15

78,562
-13,621
-17,581
-139

23,038
-6,549
-2,150
-2,539

275,820
71,571
31,531
22,141

8,566
869

-4,699
35,843

4,543
-14,139

-5,085
-18,706

27,488
-8,556

964
-37,775

12,894
34,327

-20,505
32,305

91,417
309,646

-1,484

-124

7,769

-9,694

366
-3,163

-1,656
-15,399

-2,788
39,628

1,058
-23,577

21,498
127,160

851

1

Negotiable certificates of deposit held for foreigners (in lines A13 and B25
above)
Repurchase agreements 10 (in lines A12 and B11 above)
See footnotes on page 70.




U.S. International Transactions

78

July 2002

Table 10. U.S. International
[Millions
European Union 1

Western Europe
(Credits +; debits - )

Line

1

2002

2001
1999

2000

2001

2001

1999

2000

2001

354,145
244,472
155,788
88,684
2,420

97,947

92,857

64,196

63,465

42,898

40,703

21,298
567

22,762
691

20,555
5,788
7,906

4,696
1,340
1,956

5,718
1,541
2,018

16,333
35,548
134

4,053
8,648
38

4,149
8,616
29

109,673
109,525
45,249
63,360
916
148

33,751
33,715
14,338
19,124
253
36

29,392
29,355
12,229
16,949
177
37

-415,109

-110,838

-113,498

-293,212

-74,717

-78,787

-219,492

-56,779

-55,952

-73,720
-6,946

-17,938
-1,656

-22,835
-1,666

-19,053
-10,677
-10,568

-3,661
-2,254

-6,715
-3,510
-2,753

-6,548
-18,952
-976

-1,434
-6,000
-243

-1,509
-6,442
-240

-121,897
-121,376
-23,806
-77,333
-20,237
-521
106
-17
-1,307
1,430

-36,121
-35,989
-9,635
-21,040
-5,314
-132
14
-1
-326
341

-34,711
-34,585
-8,951
-20,429
-5,205
-126

Current account
388,050

438,788

397,085

110,234

105,129

92,153

89,569

86,925

349,181

392,809

261,317

283,661

270,892

71,812

71,202

63,072

64,806

62,703

237,690

257,032

162,728

178,732

171,421

47,725

45,842

37:586

40,268

39,414

149,040

162,521

98,589
4,180

104,929
3,785

99,471
3,603

24,087
990

25,360
1,042

25,486
803

24,538
768

23,289
677

88,650
2,621

94,511
3,007

Other transportation

24,787
7.014
8,065

26,498
6,892
9,453

22,557
5,978
9,138

5,206
1,378
2,296

6,292
1,588
2,310

6,439
1,750
2,411

4,620
1,262
2,121

4,179
1,128
2,044

22,369
6,700
7,053

Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services...

18,811
35,556
176

18,766
39,387
148

18,133
39,910
152

4,442
9,732
43

4,516
9,579
33

4,249
9,796
38

4,926
10,803
38

4,628
10,599
34

17,679
32,078
150

Income receipts
....
Income receipts on U.S.-owned assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
Compensation of employees

126,733
126,578
57,038
68,749
791
155

155,127
154,976
65,135
89,005
836
151

126,193
126,033
54,407
70,600
1,026
160

38,422
38,383
16,648
21,450
285
39

33,927
33,887
14,651
19,035
201
40

29,081
29,041
12,262
16,511
268
40

24,763
24,722
10,846
13,604
272
41

24,222
24,181
11,171
12,757
253
41

111,491
111,348
48,611
62,089
648
143

Imports of goods and services and income payments...

-426,637

-496,201

-460,387

-123,831

-127,150

-105,510

-103,896

-105,525

-385,006

-292,817

-336,992

-325,308

-83,705

-88,788

-72,612

-80,203

-76,659

-264,041

-214,871

-243,426

-241,030

-62,993

-62,521

-56,568

-58,948

-55,245

-194,635

-77,946
-7,593

-93,566
-7,971

-84,278
-8,662

-20,712
-2,077

-26,267
-2,091

-16,044
-2,203

-21,255
-2,291

-21,414
-2,292

-69,406
-6,259

Travel
Passenger fares
Other transportation

-19,909
-10,658
-11,181

-22,775
-13,282
-13,781

-20,901
-11,813
-13,033

-3,924
-2,555
-3,385

-7,364
-3,881
-3,411

-6,302
-3,685
-3,210

-3,311
-1,692
-3,027

-3,539
-2,283
-2,779

-18,219
-9,557
-9,284

Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services

-7,013
-20,464
-1,128

-8,328
-26,286
-1,143

-8,390
-20,332
-1,147

-1,844
-6,641
-286

-1,970
-7,269
-281

-2,129
1,774
-289

-2,447
-8,196
-291

-2,172
-8,062
-287

-5,820
-19,305
-962

-133,820
-133,295
-36,740
-70,586
-25,969
-525
-1,282
-676
-1,382
776

-159,209
-158,645
-41,409
-92,553
-24,683
-564
-1,274
-505
-1,442
673

-135,079
-134,481
-25,777
-86,257
-22,447
-598

-40,126
-39,972
-10,298
-23,800
-5,874
-154

-38,362
-38,219
-9,685
-22,793
-5,741
-143

-32,898
-32,758
-6,763
-20,450
-5.545
-140

-23,532
969
-19,214
-5,287
-161

-28,866
-28,701
-4,477
-19,121
-5,103
-165

-1,516
-753
-1,583
820

-394
-187
-373
166

-269
-154
-356
241

-427
-217
-369
159

-426
-195
--185
254

-431
-171
-402
142

-120,965
-120,506
-34,121
-63,265
-23,120
-459
120
-10
-1,188
1,318

24,136
6,651
8,163
17,081
35,347
126
135,777
135,638
56,140
78,778
720
139
-443,127
-302,005
-219,946
-82,059
-6,252
-20,678
-12,023
-11,261
-6,776
-24,090
-979
-141,122
-140,630
-37,171
-81,383
-22,076
-492
-90
-2
-1,234
1,146

173

125

122
-182,988

-143,413

-67,121

-529

-124

-96

Exports of goods and services and income receipts
Exports of goods and services
Goods, balance of payments basis 2
Services3
Transfers under U.S. military agency sales contracts"..
Travel

Imports of goods and services
Goods, balance of payments basis2
Services3
Direct defense expenditures

Income payments
Income payments on foreign-owned assets in the United States
Direct investment payments
Other private payments
U.S. Government payments
Compensation of employees
Unilateral current transfers, net
U.S. Government grants 4
U.S. Government pensions and other transfers
Private remittances and other transfers 6
Capital and financial account
Capital account
39 Capital account transactions, net
Financial account
U.S.-owned assets abroad, net (increase/financial outflow (-))
U.S. official reserve assets, net
Gold 7
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
U.S. Government assets, other than official reserve assets, net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term 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 (+))

137

34

134

-314,739

-367,277

-201,495

-174,285

-74,177

57,732

-10,765

-23,468

-273,799

5,477

-6,013

-223

250

-164

-168

-141

-152

-2,257

-347,883
-1,187

5,477

-6,013

-223

250

-164

-168

-141

-152

-2,257

-1,187

-529

-124

-96

501
-335
925
-89

546
-451
940
57

195
-13
237
-29

91
-26
111

-203
-476
273

170

257

170

256
1

241
-275
587
-71

452
-219
621
50

244
-215
472
-13

135
-12
161
-14

16
-25
40
1

-320,717
-97,049
-51,913

-361,810
-93,450
-100,677

-174,730
-9,462
-17,999

-74,104
-21,712
-26,588

58,103
-17,162
10,662

-10,794
-6,168
-18,578

-23,573
-2,005
6,244

-271,783
-87,451
-57,478

-347,148
-82,825
-88,578

-182,703
-46,597
-54,586

-143,424
-7,229
-18,960

-67,041
-20,939
-27,434

-71,843
-99,912

-61,775
-105,908

-57,404
-89,865

-7,699
-18,105

-5,150
69,753

39,045
-25,093

-4,316
-23,496

-63,558
-63,296

-71,860
-103,885

-28,944
-52,576

-52,898
-64,337

-11,678
-6,990

410,394

567,871

404,151

243,891

124,566

463,366

620,523

242,920

131,744

-46,724

122,232

60,852

Foreign official assets in the United States, net
U.S. Government securities
U.S. Treasury securities9
Other10
:
Other U.S. Government liabilities11
U.S. liabilities reported by U.S. banks, not included elsewhere
12
Other foreign official assets

-14,945

-5,747

-2,033

-3,444

6,359

-4,066

651

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

478,311
222,522

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 70.




51
-1
-323
375

-1,0!

197,8!

PI

I

R

626,270
237,432
(17)
327,944

3
18)

-849

244,953
40,270
,953
(17)
,270
(17)
94,724

135,188
47,200

-53,083
13,517
17
( )
38,8

126,298
10,317

60,201
24,196
17

58,229

45,918

221

( i

-108,895

56,851
(17)
-183,993

95,037
( 17 )
-54,678

-9,872
( 17 )
-35,311

-21,559
(17)
2,742

-6,755
(17)
-96,746

-18,388

73,012
-70,892
-101,063

-52,143
20,643
-31,500
-7,087
-1,282
-39,869

-64,694
11,363
-53,331
-4,082
-1,274
-58,687

-69,609
15,193
-54,416

-15,268
3,375
-11,893
-1,704
-394
-13,991

-16,679
-907
-17,586
-4,435
-269
-22,290

-18,982
9,442
-9,540
-3,817
-427
-13,784

-18,680
3,283
-15,397
1,070
^26
-14,753

-15,831
1,875
-13,956
-4,644
-431
-19,031

-45,595
19,244
-26,351
-9,474
120
-35,705

-1,516
-64,818

R
59,069

47$
74,047

257,027

119,485
(17)
-194,703

99,452

/18

18

115,676
-82,080
-169,705

67,877
18
20,270
-160,427

-57,425
12,452
-^4,973
-5,345
-90
-50,408

-63,704
14,964
-48,740
-12,224
106
-60,858

18

93,091
32,157
-87,632

-3,692
18
6,650
-36,886

-13,881
3,360
-10,521
-2,370
14
-12,877

-15,249
-73
-15,322
-5,319
51
-20,590

18

July 2002

79

SURVEY OF CURRENT BUSINESS

Transactions, by Area
of dollars]
European Union 1 4

1999

2001

\p

IV

III

II

I

Line

2002

2001
2000

1999

2001

2000

I"

IV

III

2002

2001

2002

2001

European Union ( 6 ) 1 5

United Kingdom

II

I

I"

IV

III

83,641

79,700

77,631

111,571

131,277

111,923

31,336

30,398

27,089

23,100

22,083

179,323

196,120

184,499

50,492

47,581

43,450

42,976

41,749

58,105

58,706

56,947

66,507

72,393

69,375

17,532

18,837

16,849

16,157

14,744

128,992

138,238

132,115

35,182

33,585

31,490

31,858

31,593

35,124

37,063

36,165

37,657

40,724

39,701

10,338

11,301

9,268

8,794

8,265

87.361

95,999

91,969

25,689

23,420

20,773

22,087

21,905

22,981

21,643

20,782

28,850

31,669

29,674

7,194

7,536

7,581

7,363

6,479

41,631

10,717

9,771

9,688

567

398

403

528

255

80

113

80

92

929

40,146
1,176

10,165

589

42,239
1,163

9,493

573

208

279

300

389

284

5,882
1,694
2,102

4,259
1,213
1,830

3,770
1,097
1,774

8,398
2,535
1,781

9,957
2,747
1,973

9,191
2,685
1,904

1,971

2,503

2,563

2,154

1,583

2,372

1,448

1,517

689

763

1,028

1,103

505
933

505
919

3,989
9,555

3,472
12,228

3,385
13,185

3,308
12,027

478
406
858

617

4,229
9,489

646
423
947

1,000

3,902
8,795

769
504
802

7,941
2,574
4,064

2,232

687
498
794

10,056
3,182
4,216

1,889

583
479
765

10,197
3,390
3,567

2,823

3,108

3,058

8,615
14,865

8,057
15,481

7,747
16,564

1,878
3,880

1,936
3,985

1,891
4,267

2,042
4,432

1,872
4,571

2,966

3,130

33

34

30

38

19

31

11

8

7

5

4

68

84

80

21

16

21

22

20

25,536
25,499
10,243
15,021

20,994
20,956
8,439
12,266

20,684
20,646
8,731
11,706

45,064
44,996
14,915
30,060

58,884
58,814
20,654
38,142

42,548
42,472
12,051
30,325

13,804
13,786
4,558
9,228

11,561
11,542
3,389
8,153

10,240
10,221
3,086
7,135

6,943
6,923
1,018
5,809

7,339
7,319
1,822
5,497

50,331
50,272
26,078
23,756

57,882
57 829
26,114
31,192

52,384
52,332
26,085
25,591

15,310
15,297
7,537
7,577

13,996
13,983
6,978
6,842

11,960
11,947
5,586
6,193

11,118
11,105
5,984
4,979

10,156
10,143
5,248
4,753

438
59

523
53

656
52

183
13

163
13

168
13

142
13

142
13

-202,612

-226,713

-209,943

-56,904

-58,926

-48,481

-45,632

-47,137

251
38

209
38

21
68

18
70

96
76

18

19

19

96
20

-93,758

-95,005

-126,814

-147,340

-137,040

-37,284

-37,285

-31,292

-31,179

20
-31,141

-66,701

-73,007

-69,645

-63,248

-70,951

-64,655

-17,177

-17,464

-13,506

-16,508

-15,452

-155,702

-174,164

-171,859

-43,884

-46,653

-38,859

-42,463

-40,608

-52,156

-54,605

-51,173

-38,789

-43,388

-40,982

-10,939

-10,482

-9,382

-10,179

-9,132

-121,148

-133,187

-133,092

-34,660

-34,144

-31,745

-32,543

-30,581

-14,545
-1,782

-18,402
-1,842

-18,472
-1,892

-24,459
-623

-27,563
-609

-23,673
-662

-6,238
-161

-6,982
-151

-4,124
-185

-6,329
-165

-6,320
-172

-34,554
-5,168

-40,977
-5,170

-38,767
-5,760

-9,224
-1,374

-12,509
-1,402

-7,114
-1,457

-9,920
-1,527

-10,027
-1,600

-5,616
-3,333
-2,635

-3,061
-1,580
-2,490

-3,302
-2,016
-2,273

-5,502
-3,832
-2,507

-6,400
-4,766
-2,654

-5.990
-3,801
-2,416

-1,332
-869
-602

-1,808
-1,153
-639

-1,747
-1,137
-612

-1,103
-642
-563

-1,200
-771
-516

-9,364
-4,000
-4,445

-10,363
-5,129
-5,514

-9,603
-4,709
-5,198

-1,811
-965
-1,320

-3,679
-1,693
-1,341

-2,621
-1,453
-1,309

-1,492
-598
-1,228

-1,633
-859
-1,118

-1,654

-1,951
-7,230
-248

-1,718
-7,027
-244

-1,705
-10,193

-1,472
-11,583

-1,508
-9,215

-356
-2,898

-234
-2,977

-401

-369
-3,274

-79

-81

-20

-20

-20

-18

-3,266
-7,601
-710

-4,067
-9,959
-775

-4,045
-8,676
-776

-813
-2,748
-193

-1,014
-3,189
-191

-1,026

-97

-21
-21

-517
-3,319

-245

-194

-1,192
-3,685
-198

-1,117
-3,504
-196

-30,314
-30,189
-6,556
-18,643
-4,990
-125

-20,751
-20,613
1,336
-17,221
-4,728
-138

-25,360
-25,219
-3,018
-17,635
-4,566
-141

-63,566
-63,450
-11,898
-42,148
-9,404
-116

-76,389
-76,264
-14,047
-54,842
-7,375
-125

-72,385
-72,253
-11,823
-53,133
-7,297
-132

-20,107
-20,074
-4,037
-14,306
-1,731

-19,821
-19,789
-3,858
-14,048
-1,883

-17,786
-17,754
-3,171
-12,737
-1,846

-14,671
-14,636
-757
-12,042
-1,837

-15,689
-15,653
-1,329
-12,363
-1,961

-9,622
-9,539
-2,573
-4,801
-2,165

-3,169
-3,078
3,105
-4,224
-1,959

-6,529
-6,436
-426
-4,283
-1,727

-83

-91

-93

-28
-3
-340

1,385

1,258

1,561

-36
401

-84

46
-12
-329

-35
402

-87

-5
-3
-329

-32
368

-38,084
-37,739
-9,197
-19,634
-8,908
-345

-12,273
-12,189
-4,720
-5,171
-2,298

-32
398

-52,549
-52,223
-20,385
-21,357
-10,481
-326

-13,020
-12,933
-5,009
-5,438
-2,486

-33
393

-46,910
-46,606
-19,452
-17,162
-9,992
-304
-255

-365

-563

-154

-135

-146

-128

-199

-59
457

-61
429

-55
456

-712

-179

-174

-178

-181

-192

315

-58
451

-676

387

-235
1,796

-651

327

-215
1,473

-57
459

35
36

-206
1,591

396

311

149

25

39

32

53

-7

37
38

31

29

32

67

39

26

8

7

6

5

7

78

64

72

17

18

19

18

20

39

15,238

12,308

8,011

-174,133

-202,198

-107,468

-100,997

-21,339

10,551

4,317

10,443

-85,230

-88,567

-80,176

-44,813

-51,769

64

16,342

-1,098

40

-168

-141

-152

-106

-81

-99

-168

-141

-152

-106

-81

-3
-178

96

155

118

141

54

-99
1

41
42
43
44
45

175

96

155

133
15

135
6

56
-2

-1

-1

15,409
-14,787
9,585

12,353
-3,642
-17,777

8,008
-263
4,710

-174,251
-47,839
-51.828

-202,339
-35,763
-79,486

-107,522
-13,231
-41,494

-100,996
-5,019
-19,920

-21,338
-3,281
-7,887

10,551
-6,080
7,499

4,261
1,149
-21,186

10,443

-2,988
23,599

38,620
-4,848

-3,429
6,990

-45,998
-28,586

-34,785
-52,305

-21,378
-31,419

-45,903
-30,154

-7,859
-2,311

7,092
2,040

-21,447

57,141

9,577

239,245

278,922

237,383

174,897

38,939

-7,911

18\
18)
18)
18\

18)

R
R
R

3333

235
37
-97,015

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

§

-389

-292

720

i

62"

R

R

11,280

-28,986

38,674

54,769

-187

-187

-49

-46

(18)

(18)

108,567

75,654

122,720

195,203

(18)

-156

-47

40

-13

-10

3

1

56

18\

a

22"

-25

R

R

-1,000

-9,244
2,249

1,344

48
49
50
51
52

-6,052
-8,326

-13,868
21,033

14,564
5,139

-1,822
-1,133

53
54

78,457

-14,625

15,358

4,778

55

40

-10

-13

3

1,534

-88,607
-21,799
-12,779

-79,979
-35,810
-17,782

-44,800
-4,946
-977

-51,772
-16,746
-20,648

25,292
-994

-1,607
10,281

-17,399
-36,084

-26,530
-27,499

-13,058
-13,329

-7,702
-31,175

31,458

-6,226

175,998

236,011

140,778

61,588

§

R
R
R

235

18
18
18

18

1 1

18

_g

_

R

R

(18)

14,226

5,2^

5,S

5,822

-21 ( 00

63,525

56,382

38,947

38,356

_ 97

79"

-316

18)
18)

"I

R

(18

3,293

'(18)

104,120

126,839

43,657

24.172

91,966

49,793

21,587

53,057

170

s

-5JJ

(18)

(18)

(18)

31,698

46
47

16,423
-4,874
1,594

-47
-85,183
-21,831
-9,869

197,210

(18)

42,616

56

18\

18)

I

(18)

-1

-1

-166

R

(18)

24,074

(18)

946

611

(18)

-125

I

-145

-75

R

R

R

-27,562

16,399

iij

56
57
58
59

60

(18)

(18)

(18)

1,098

V

18

7.305

12,959

61
62
63
64
65
66
67

19,557

-55,466

-218

-51,321

-61,958

-106,385

-68,353

-11,118

1,189

-28,103

4,433

-67,302

-116,550

-34,667

-10,226

-15,226

19,719

-28,934

1,887

68
69
70

-17,032
8,436
-8,596
-4,778

-17,542
3,241
-14,301

-15,008
2,310
-12,698
-4,676

-1,132
4,391
3,259
-18,502
1,385
-13,858

-2,664
4,106
1,442
-17,505
1,258
-14,805

-1,281
6,001
4,720
-29,837
1,561
-23,556

-601

819
554

-114
3,457
3,343
-7,546

-1,385
1,034
-351
-7,728

-867

-33,787
7,077
-26,710
3,421
-255
-23,544

-37,188
1,262
-35,926
5,333
-365
-30,958

-41,123
1,379
-39,744
14,300
-563
-26,007

-8,971

-10,724
-2,344
-13,068
1,723
-135
-11,480

-10,972
3,603
-7,369
2,338
-146
-5,177

-10,456
-149
-10,605
7,949
-128
-2,784

-8,676
-339
-9,015
3,627
-199
-5.587

71
72
73
74
75
76

-18,940
-52,523

18

-2,582
33,986

18

-5

243
46

-13,379

-14,012

18

-57,064

-28
-17,402




18

63,813
-55,466

18

70 057
-61,700

20,175
5,938

18

18

78,506
27,746

956
355
-6,303

-11,339
-11,354

18

1,373
-8,260

-22,252
-30,403

18

-24 740
19,949

18

18

-41,208

159
-708
-8,350

393

398

368

402

401

-5,555

-6,489

-3,835

-7,677

-8,657

10 760
7,982

18

18

43 284
-25,781

44 974
2.670

18

12 894
2,923

18

269
-8,702
2,290
-154
-6,566

18

8 311
14,973

18

2 715
-24,278

21 054
9,052

18

18

-18,851

80

U.S. International Transactions

July 2002

Table 10. U.S. International
[Millions
Canada

Eastern Europe
(Credits +; debits - ) 1

Line

2002

2001

2001
1999

2001

2000

1999

II

I

III

IV

\P

2001-

2000

II

I

Current account

1 Exports of goods and services and income receipts
Exports of goods and services
2
Goods, balance of payments basis 2
3
4
Services3
Transfers under U.S. military agency sales contracts4
5
6
Travel
Passenger fares
7
Other transportation
8
Royalties and license fees 5
9
Other private services5
10
U.S. Government miscellaneous services
11
Income receipts
12
Income receipts on U.S -owned assets abroad
13
Direct investment receipts
14
Other private receipts
15
U.S. Government receipts
16
Compensation of employees
17
18 Imports of goods and services and income payments
Imports of goods and services
19
Goods, balance of payments basis2
20
Services3
21
Direct defense expenditures
22
Travel
23
Passenger fares
24
Other transportation
25
Royalties and license fees 5
26
Other private services5
27
U.S. Government miscellaneous services
28
Income payments
29
Income payments on foreign-owned assets in the United States
30
Direct investment payments
31
Other private payments
32
U.S. Government payments
33
Compensation of employees
34
35 Unilateral current transfers, net
U.S. Government grants 4
36
U.S. Government pensions and other transfers
37
Private remittances and other transfers6
38

12,552

13,834

14,285

3,721

3,726

3,532

3,306

3,589

211,250

230,185

209,676

55,706

56,660

9,585

10,053

11,102

2,799

2,938

2,721

2,644

2,682

188,020

202,518

187,757

49,275

50,679

5,568

5,925

6,804

1,679

1,842

1,595

1,688

1,519

166,713

178,877

163,309

42,521

44,521

4,017

4,128

4,298

1,120

1,096

1,126

1,163

483
1 238
' 58

6 670
1 ,'540
2,484

7 055
1,713
2,571

6 484
1,668
2,212

1,838

271
316

131
245
15
64
91
609
8
907
902
383
381
138
5

1 972

341
260

124
346
13
68
78
480
17
811
806
292
390
124
5

24,448
99

1 336
' 89

143
365
16
74
78
403
17
788
783
364
410
9
5

110

1 184

131
306
18
60
65
526
14
922
917
359
432
126

23 641
103

6,754

401

956
85
221
11
69
95
466
9
662
657
244
381
32
5

21,307

345

1,685
8,727

2,256
11,657
72

411
605
528

3,066

2,719

91

2,258
9,867
74

587
549
544
19

19

23,230
23,154
12,104
11,050

27,667
27,589
14,688
12,901

21,919
21,841
11,773
10,068

6,431
6,411
3,505
2,906

5,981
5,962
3,364
2,598

76

78

78

20

19

-3,570

-225,044

-259,935

-235,442

-64,065

-59,175

78
340
291
1,738

1,661

1,875

41

40

57

2,967
2,947

3,781
3,761
1,386
1,880

3,183
3,163
1,259
1,613

667
2,136

144
20

495
20

291
20

-16,371

-21,670

-19,886

-5,752

-4,807

-4,976

-4,351

17

'

6,158
38

-14,412

-18,756

-16,953

-4,938

-4,058

-4,222

-3,735

-3,036

-217,153

-251,112

-237,166

-63,354

-62,783

-11,819

-16,102

-14,342

-4,441

-3,262

-3,359

-3,280

-2,561

-201,288

-233,679

-218,735

-59,327

^57,910

-2,593
-169

-2,654
-119

- 2 611
-152

-^97

-796

-863

-455

-475

-15 865

- 4 873

-30

-34

-43

-35

-72

-18 431
-77

-4,027

-45

-17,433
-70

-23

-18

-1,157
-365
-229

- 1 274
-365
-252

- 1 164
-382
-245

-179

-381
-137

-460
-127

-144

-161

-56
-55
-29

- 6 135
-712
-3,226

- 6 367
-827
-3,581

- 6 477
-684
-3,298

- 1 030
-136
-839

- 1 734
-193
-856

-536
-4,949
-235

-1,003
-5,351
-234

-1,195
-6,479
-221

-239
-1,715

-441
-1,559

-45

-72

-7,891
-7,553
-2,215
-4,399
-939
-338

1,724
2,100
7,737
-3,974
-1,663
-376
-744

-711
-614

3,608
3,699
5,136
-992
-445

-19

-70

-76

-64
-51
-17

-78
-17

-55
-25

-54
-61
-17

-579

-512

-532

-126

-136

-145

-125

-124

-75

-62

-60

-15

-17

-17

-11

-15

-1,959
-1,891

-2,914
-2,840
-104
-995
-1,741

-2,933
-2,851
-267
-828
-1,756

-814
-791

-749
-731

-754
-738

-616
-591

-534
-509

-68

-74

-82

-23

-18

-16

-25

-25

-4,028
- 2 393
'-47.
-1,588

-3,599
- 1 789

-3,432
- 1 493

-901
-399

-903
-395

-811
-349

-48

-59

-962
-452

-638

-13

-817
-350

-8,823
-8,462
-1,057
-5,672
-1,733
-361
-724

-13

-20

-13

-11

-1,762

-1,880

^189

-454

-488

-449

-499

-482
-156

-499
-225

17

20

25

6

6

6

7

6

90

-2,593

1,173

-180

-940

794

-237

203

-405

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

-301
-1,550
1,276

-433
-855

140
-89
229

75
-2
77

-43
-46
3

63
-20
83

45
-21
66

45
-6
51

U.S. private assets, net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking
concerns
U.S. claims reported by U.S. banks, not included elsewhere

-2,292
-2178
-180

-320
-1,629
1,601

-1,015
-1,287
885

837

-300

-193

158
26
476

-450
-280
465

-13

-533
-1,345

-222
-427

-218
-458

-56

-79

-89

-55

-44

-248
-499

-116
-337

-140
-372

970

-1,128
-456

-97

-91

-200

-159

-528
-216

-130

-131

-70

-28

107

118

28

24

-9,599

-38,986

-32,180

-4,014

-13,029

- 9 599
-18,122
-5,550

-38,986
-18,951
-14,749

-32,180
-14,440
-1,886

-4,014
-2,108

626

-13,029
-4,709
-2,422

Capital and financial account
Capital account

39 Capitalaccounttransactions.net
Financial account

40 U S -owned assets abroad net (increase/financial outflow (-))
41
42

43
44
45

46
47
48
49
50
51
52
53

U.S. official reserve assets, net....
Gold 7
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies

-27

54
55 Foreign-owned assets in the United States, net (increase/financial inflow (+))
Foreign official assets in the United States net
...
56
U S Government securities
57
58
59

60
61
62
63
64
65
66
67

68

U.S. Treasury securities9
Other10 .
Other U.S. Government liabilities11
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets12

Other foreign assets in the United States.net
Direct investment
US 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

69
70 Statistical discrepancy (sum of above items with sign reversed)

420
2
1 606
1,023

-89

45
21

-111

783

-^32

140

183
-796

23
824

-149

-311

-635

- 5 033
19,106

- 3 345
-1,941

3 047
-18,901

3 605
-6,137

-6,018

5,019

16,093

11,331

2,787

7,509

4,755

-3,720

275

58,544

48,406

10,941

1,931

-85

18)
18)

18)
18
18
18

R

18)
18

(18)

1,958

-134

-28^

- 1 992

1 163

;

(18)

33

2?

-14

m

R

§
3,923
1,803

-1,248
- 3 691

!aj
A38
18)
18

18)

(18)

1,307

970
167

-ii3
-147
5,922

I?

R

i18)
-171
-506

-30

18

-2,143

1,079

6,725
-6,411

-6,251
1,424
-4,827
1,008
-4,028
-7,847

-10177
1,474
-8,703
867
-3,599
-11,435

-7,538
1,687
-5,851
250
-3,432
-9,033

-2,762

-1,420

18

n

q -1

3,658

18

(18)

(18)

18

(18)

:

-3

-129
13,612

18

18)
18

8

-5,851

3,955

-33

-33

(18)

5,404

18

175
57

183

18

27
3,641

18

22

31

R

R

27
-3,938

18

-2,177

5,366

1,066
1,067

-1,764

-1,592

-1,042

8 8
7

R

56,586
26,367

-26

R

17)

2

48,540
26,036

11,226
4,628

18,067

12,224

R

120

R17
P)

4JS

462

6,895

2,858

3,601

-3,592

-34,603

20,947

47,631

10,614

15,764

-34,575
5,442
-29,133
15,339
-638
-14,432

-54,802
6,208
-48,594
18,844
-724
-30,474

-55,426
6,017
-49,409
23,643
-744
-26,510

-16,806
2,727
-14,079
5,720
-200
-8,559

-13,389
1,285
-12,104
9,589
-159
-2,674

Memoranda:

71 Balance on goods (lines 3 and 20)....
72 Balance on services (lines 4 and 21)
73
74

75
76

Balance on goods and services (lines 2 and 19)
Balance on income (lines 12 ana 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 70.




623

300

263

501

688

-2,139
108
-901
-2,932

-1,120
39
-817
-1,898

-1,501
57
-903
-2,347

-1,091
46
-811
-1,856

-354
373
-962
-943

July 2002

81

SURVEY OF CURRENT BUSINESS

Transactions, by Area—Continued
of dollars]
Latin America and Other Western Hemisphere

Canada
2001

2000

I

III

II

Line

2001

\P

IV

2002

2001
2000

1999

2001

I"

IV

2002

2001

2002
1999

III

Japan

II

I

\P

IV

III

-4,103
-18

-3,854
-18

-32,609
-300

-37,549
-279

-40,095
-358

-10,702

-10,950

-65

-8,404
-98

-10,039

-99

-96

-11,681
-95

-17,220
-1,332

-19,025
-1,320

-18,618
-1,326

-4,908
-282

-4,772
-318

-4,488
-383

-4,450
-343

-4.265
-310

-2,702
-221
-806

-1,011
-134
-797

-1,021
-136
-852

-16,650
-3,038
-2,607

-18,014
-3,050
-3,249

-16,900
-2,888
-3,004

-4,574
-761
-783

-4,759
-781
-796

-4,035
-111
-769

-3,532
-569
-656

^,294
-621
-665

-2,845
-860
-4,986

-2,897
-944
-5,819

-2,659
-1,006
-5,255

-624
-226
-1,359

-798
-307
-1,353

-671
-258
-1,331

-566
-215
-1,212

-562
-201
-1,132

-245
-1,383
-53

-270
-1,822
-51

-251
-1,531

-973
-8,545
-496

-1,136
-11,320
-501

-1,023
-15,424
-498

-257
-4,101
-127

-257
-4,175
-117

-254
-2,341
-130

-255
-4,807
-124

-243
-5,630
-133

-3,122
-3,982

-3,969
-3,928

-4,511
-3,732
-129

-1,353
-1,027

-970
-996

-1,018
-801

-30

-26

-1,170
-908
-36

-1,091
-920

-37

-341
-251
1,146
-986
-411

-832
-734

-1,408
-1,308

-54,694
-48,380
-2,396
-38,471
-7,513
-6,314

-70,864
-64,421
-2,407
-53,638
-8,376
-6,443

-56,608
-49,970
1,400
-42,542
-8,828
-6,638

-17,727
-16,232
-480
-13,428
-2,324
-1,495

-14,733
-13,146

-13,292
-11,508

-10,856
-9,084

449

613

818

-9,963
-2,158
-1,784

-7,803
-2,099
-1,772

-31,047
-30,958
-4,006
-9,046
-17,906

-30,007
-29,923
-168
-9,086
-20,669

-9,069
-9,045
-1,252
-2,112
-5,681

-7,386
-7,367

-11,348
-2,247
-1,587

-10,738
-9,163
95
-7,155
-2,103
-1,575

-2,043
-5,283

-8,512
-8,494
-272
-3,276
-4,946

-5,040
-5,017
1,397
-1,655
-4,759

-7,046
-7,022
-830
-1,601
^,591

-89

-S9

-84

-24

-14,748
- 1 797

-16,758
-2121
-850
-13,787

-4,125
-506
-189
-3,430

-4,109
-527
-173
-3,409

-4,202
-527
-180
-3,495

-4,322
-561
-308
-3,453

-4,298
-529
-205
-3,564

-228

-244

-302

-114

-19
-51

-18
-83

-23
-54

-115

-106
-122

-114
-130

-122
-180

-30
-84

-30
-21

-31
-52

-31
-23

-25
-90

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

48,644

48,666

49,181

255,947

302,761

274,573

73,110

70,151

67,804

63,508

58,620

98,753

112,773

97,114

27,147

25,104

23,883

20,980

22,060

43,646

44,157

44,790

191,361

224,365

211,765

54,200

53,844

52,659

51,062

46,834

87,863

98,391

87,172

24,392

22,417

21,306

19,057

19,819

37,852

38,415

38,329

141,494

170,267

158,973

41,167

40,440

38,780

38,586

34,669

56,072

63,472

55,878

16,029

14,489

12,876

12,484

12,186

5,794
27

5,742
17

6,461
23

49,867

54,098

52,792

13,033

8,363

7,928

8,430

6,573

7,633

288

156

31,791
1,088

31,294

877

12,165
125

34,919

886

13,879
194

12,476

618

13,404
239

541

411

68

116

119

108

111

1,474

1,200
294
523

1,806
477
510

19,801
5,466
3,411

22,134
5,963
3,459

20,671
5,496
3,089

4,985
1,312

5,450
1,442

4,569
1,206

4,292
1,148

10,238
3,777
3,506

8,899
2,806
3,298

2,390

2,612

798
812

759
832

872
859

1,188
377
795

2,173

586
3,039

2,967
17,408

3,281
18,226

3,368
19,125

4,832

4,609

1,717
2,099

1,708
2,244

1,830
2,256

1,756
2,175

149

166

42

40

42

5,984
8,308
33

1,717
2,238

196

909
4,878
42

6,972
8,837

20

854
4,806
42

7,122
9,672

16

629
3,061
18

793
831

9,711
3,585
3,082

2,709

800
774

5,667
1,536
780

63

71

21

15

16

19

25

4,998
4,978
2,585
2,393

4,509
4,490
2,319
2,171

4,391
4,370
2,201
2,169

64,586
64,459
19,636
44,408

78,396
78,266
18,703
59.170

62,808
62,676
18,719
43,558

18,910
18,877
4,528
14,252

16,307
16,274
4,517
11,665

15,145
15,112
5,059
9,968

2,755
2,753
1,332
1,409

2,687
2,685
1,621
1,055

2,577
2,575
1,585

1,923
1,921
1,145

2,241
2,239
1,513

19

21

393
130

399
132

97
33

92
33

85
33

33

10,890
10,882
4,749
6,118
15
8

9,942
9,934
5,683
4,225

20

11,786
11,752
4,589
7,091
72
34

14,382
14,374
7,805
6,547

415
127

12,446
12,413
4,615
7,673
125

22
8

26
8

12
2

9
2

986
4
2

775
1
2

725
1
2

-56,859

-55,343

-56,457

-256,333

-318,591

-296,313

-79,896

-76,472

-71,684

-68,261

-68,454

-179,145

-202,811

-175,110

-48,580

-43,296

-42,997

-40,237

-39,904

-56,518

-54,511

-55,049

-201,639

-247,727

-239,705

-62,169

-61,739

-58,392

-57,405

-57,716

-148,098

-165,522

-145,103

-39,511

-35,910

-34,485

-35,197

-32,858

-51,090

-50,408

-51,195

-169,030

-210,178

-199,610

-51,467

-50,789

-49,988

-47,366

-46,035

-130,878

-146,497

-126,485

-34,603

-31,138

-29,997

-30,747

-28.593

-5,428

376
535
555
2,811

-18

-45

688
808

716

5,062

-93

T-148

-37,289
-37,200
-5,826
-9,615
-21,759

-41

647
746

-49

485

-64

-201

-868
-351
-98
-184

-913
-331
-100
-230

-130
-71

-137
-47

-148

-82

-12,254

-15,556
- 1 972
-756
-12,828

32

34

27

-3,796

392

410

100

105

104

101

103

42

36

18

6

5

4

3

6

39

-3,063

-12,074

-8,276

-99,135

-172,642

-65,373

-5,776

18,673

-30,592

-47,678

54,985

-39,287

10,034

-33,203

-21,775

1,426

2,529

-15,383

-1,398

40

-2,224

4,137

-458

-445

-8

-4

-1

-1

-4

-1

-1

41
42
43
44
45

-90

138

258

-82

-678

-516

-249

-30

904
-88

804
-30

175
-8

61
-72
135
_2

-172,780
-23,442
-33,670

-65,631
-26,511
-23,067

-5,694
-5,784
-3,253

18,612
-1,481
-13,641

-30,805
-16,866

4,390
-1,571
5,991

-2,224

4,137

-458

-445

66
-133
199

64
-101
165

2

39

-2

-1

-8
-1

2

39

-2

-47,744
-2,380
-6,566

54,921
-4,339
-1,774

-37,065
-9,449
-43,547

5,858
-6,278
21,067

-32,743
-5,474
-20,041

-21,329
-1,215
-7,535

1,435
-556
-7,173

2,533
-1,540
-1,293

-15,382
-2,163
-4,040

-1,398
-871
-3,036

2,469
-41,267
50,717

26,127
34,907
-19,521

-5,182
21,113
24,826

-2,742
-6,189
57,290

-2,109
-5,119
52,534

-4,718
-7,861
-1,304

4,274
4,890
3,039

3,324
2,042
7,775

-4,989
-4,190
43,024

2,509
1,884

7

18)
18\
)
18
18
1

(18)

213

-62
295
-20

55

-12,074
-4,779
-145

332

-103,525
-34,276
-29,964

-2,778
2,504

2100
-9,250

-2,439

-10 341
-28,944

-80,741
-34,927

19,106
-35,159

8,221
-4,878

17,127
16,607

-8,711
-5,621

-1,871

10,966

5,425

99,527

206,431

141,634

27,432

37,509

25,976

819

867

;a

(III

18)
18\
/
18

Q

7

(18)

7

18

18
18

18
18\

18
18

-3,063
-2,844

-275

R17
PI
-i

-1,596
-21
- $
2,521
(17)
13,318
-13,238

366
-12,872
4,657
-201
-8,416

R
Si
8

10,147
6,537

-8,276
-6,169

m
17

( 1? )
( 17 )

4,558
-594

3.S

M

18
18

18

-39"

-42

-302

8

8

8

16.3
(18)

12,3
34J3

56,414

18

(18)

M
-Jos

-6i
18)

R

18J

S
(18)

61,384

,ij3

393

2J2
H

-24

12

-763

-190

-117

8

"5

8

8

2 J;I
(18)

8

13,987

15,553

13,230

18\
18

is{
-71

18

-48

8

18V

i

J18J

-84
(18}
-3,050

-1

18)
18

18\
(18)

O

M
-ij3

1ij3
(18)

(18)

17,200

25,

38,760

20,276

1

3

1

18\
18
18\

I18)

-40

M
ii

8

8

fi

8.

-a

M

3.J3

108

46
47
48
49
50
51
52
53

/18\
(18)

-125
('•>
8

c)

£3
-5,0

54
55
56
C7
Of

58

59
60
61
62
63
64
65
66
67

-964
30,812

•••i»7,067

7,935

10,330

18,538

-2,795

-38,173

-10,845

-45,857

12,594

5,935

-21,435

95,039

22,922

58,949

44,620

13,773

8,889

-8,333

17,467

68
69
70

-11,993
1,639
-10,354
3,677
-184
-6,861

-12,866
2,607
-10,259
2,983
-230
-7,506

-27,536
17,258
-10,278
9,892
-14,748
-15,134

-39,911
16,549
-23,362
7,532
-15,556
-31,386

-40,637
12,697
-27,940
6,200
-16,758
-38,498

-10,300
2,331
-7,969
1,183
-4,125
-10,911

-10,349
2,454
-7,895
1,574
-4,109
-10,430

-11,208
5,475
-5,733
1,853
-4,202
-8,082

-8,780
2,437
-6,343
1,590
-4,322
-9,075

-11,366
484
-10,882
1,048
^,298
-14,132

-74,806
14,571
-60,235
-20,157
-228
-80,620

-83,025
15,894
-67,131
-22,907
-244
-90,282

-70,607
12,676
-57,931
-20,065
-302
-78,298

-18,574
3,455
-15,119
-6,314
-114
-21,547

-16,649
3,156
-13,493
-4,699

-17,121
3,942
-13,179
-5,935

-18,263
2,123
-16,140
-3,117

-16,407
3,368
-13,039
-4,805
-115
-17,959

71
72
73
74
75
76

328
(")

-20,678
46,901

18




18

41,449
117,777

18

25,604
53,993

14,358
2,801

18

18

6,841
7,609

18

-4,639
19,762

18

9,044
23,821

18

2,544
-36,226

18

-1,767
-1,399

18

5,402
5,545

18

-2,941
32,009

18

-1,510
-1,192

18

-575
-1,541

18

3,930

18

-51

-83

-54

-18,243

-19,197

-19.311

U.S. International Transactions

82

July 2002

Table 10. U.S. International
[Millions
Australia
Line

(Credits +; debits - )

1

2002

2001
2001

2000

1999

II

I

\P

IV

III

Current account

1 Exports of goods and services and income receipts
Exports of goods and services
2
Goods, balance of payments basis 2
3
Services3
4
Transfers under U.S military agency sales contracts4
5
Travel
6
Passenger fares
7
Other transportation
8
Royalties and license fees5
9
Other private services5
10
U.S. Government miscellaneous services
11
Income receipts
12
Income receipts on U.S -owned assets abroad
13
Direct investment receipts
14
Other private receipts
15
U.S. Government receipts
16
Compensation of employees
17
18 Imports of goods and services and income payments
Imports of goods and services
19
20
Goods, balance of payments basis 2
Services3
21
Direct defense expenditures
22
Travel
23
Passenger fares
24
Other transportation
25
Royalties and license fees 5
26
Other private services5
27
U.S. Government miscellaneous services
28
Income payments
29
30
31

Income payments on foreign-owned assets in the United States
Direct investment payments
Other private payments
U.S. Government payments
Compensation of employees

32
33
34
35 Unilateral current transfers, net
36
37

38

22,936

25,464

20,419

5,259

5,295

4,920

4,945

5,176

16,870

17,970

15,506

3,962

3,932

3,802

3,810

3,989

11,539

12,189

10,597

2,698

2,640

2,574

2,685

2.830

5,331

5,781

4.909

1,264

1,292

1,228

1,125

1,159

305

348

195

1,735

1,856

1,424

520
351
730

530
287
728

375
263
722

1,683

2,023

44
365
114
63
182
494
2

87
403
90
64
174
473
1

37
367
94
73
179
476
2

27
289
77
63
187
479
3

42
293
92
57
183
490
2

1,297
1,296

1,363
1,362

1,118
1,117

1,135
1,134

1,187
1.186

402
894

510
852

362
755

416
718

451
735

1.922

7

9

8

6,066
6.062
2,472
3,590

7,494
7,490
3,586
3,904

4,913
4,909
1,690
3,219

4

4

4

1

1

1

1

1

-10,262

-12,464

-10,398

-2,694

-2,956

-5,165

-2,583

-2,387

-8,520

-9,820

-10,103

-2,385

-2,507

-2,846

-2,365

-2,256

-5,281

-6,422

-6,463

-1,457

-1,656

-1,743

-1,607

-1,386

-3,239

-3.398

-851

-1,103

-758

-81

-3,640
-112

-928

-62

-16

-50

-23

-23

-23

-1,294
-633
-197

-1,473
-620
-246

-1,542
-754
-216

-393
-225

-339
-152

-538
-205

-272
-172

-354
-199

-78

-88

-82

-56
-16

-56
-21

-58
-23

-46
-22

-51
-21

-902

-214

-214

-213

-856

-933

-226

-248

-42

-34

-32

-8

-7

-1,742
-1.725
-643
-693
-389

-2,644
-2,626
-1,073
-1,025
-528

-295
-274
918
-692
-500

-309
-304
54
-223
-135

-449
-444
-112
-203
-129

-8
681

-5
-86

U.S. Government grantsA
U.S. Government pensions and other transfers
Private remittances and other transfers 6

-17

-18

-21

-337

-305

-338

-870

-9

-9

686
956
-149
-121

-218
-212
20
-117
-115

-131
-125
100
-114
-111

-5
-81

-5
-84

-6
-87

-6
-81

-40

-43

-47

-297

-262

-291

-11
-75

-12
-69

-12
-72

-12
-75

-12
-69

8

5

4

1

1

1

1

1

-3,373

-4,800

-1,346

1,220

-2,413

1,300

-1,453

-1,408

-1

1

-4,801
-2,420

- 1 346

1 220

-3,296
-1,323
2,849

968
-43
-30
325

- 2 413
-527
-2,024
-3,239
3,377

1 300
-245
-1,420
2 414

- 1 453

868

-1,408
-2,604
-202

551

-468
-1,404

-797

-402

2,773

-2,263

-905

18)

18V

18J

18J

M
20

-3$

;
4&

M
56

R

R

R

R

Capital and financial account
Capital account

39 Capital account transactions, net
Financial account

40 U.S.-owned assets abroad net (increase/financial outflow (-))
U.S. official reserve assets, net
41
42
43
44

Gold 7
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies

45
U.S. Government assets, other than official reserve assets, net
46
47
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets8
48
49
U.S. foreign currency holdings and U.S. short-term assets, net
U.S. private assets, net
50
Direct investment .
51
52
Foreign securities
U.S. claims on unaffiliated foreigners reported by U S nonbanking concerns
53
54
U.S. claims reported by U.S. banks, not included elsewhere
55 Foreign-owned assets in the United States, net (increase/financial inflow (+))
Foreign official assets in the United States, net
56
U S. Government securities
57
9
58
59

60
61
62
63
64
65
66
67

10,697

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

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 70.




1,004
-4,253
9,854

424

18)

n

o

18

U S Treasury securities
Other10
Other U.S. Government liabilities11
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets n

68
69
70 Statistical discrepancy (sum of above items with sign reversed)
71
72
73
74
75
76

-1
-3,372
-3 243
-1,698
-615
2,184

(18
18
18

i

-116

R

R

R

iJ3

-2.S

18
18

iJ2
248
4,470

1,398
5,417
18)
18)
18\

/18\

35

i,iQ

4,193

18

228
191

-1,104
3,281

18

18

653

42

-iJ3

-3,037

18

230
-842

-19,669

-17,754

-7,544

-3,298

6,258
2,092
8.350
4,324
-337
12,337

5,767
2,383
8,150
4,850
-305
12,695

4,134
1,269
5,403
4 618
-338
9,683

1,241

18

576
376

-2,619

18

-230
-2,192
-1,709

18

77
-379

18

2,978

82

-6,718
1,444

984
441

831
125

1,078

336

367

289

1,577

1.425

1.445

988
-86

914
-81

, 956
1,799

1,733
1,056

2,479

2,258

-84

917
-87

2,671

2,275

-81
2,708

July 2002

83

SURVEY OF CURRENT BUSINESS

Transactions, by Area—Continued
of dollars]
Other countries in Asia and Africa

International organizations and unallocated
2002

2001

1999

2001

2000

1999

I

II

III

IV

I"

16

2002

2001

Line

2001

2000

I

II

I"

IV

III

222,755

258,320

235,495

63,747

58,534

57,736

55,478

55,919

35,439

35,111

33,146

8,380

8,343

8,172

8,251

8,203

1

196,123

221,063

207,985

55,808

51,511

51,128

49,538

49,383

6,007

6,218

5,843

1,488

1,493

1,410

1,452

1,415

2

139 851

162,531

151,780

41,090

37,873

36,029

36,788

34,863

56,272
9158

58,532
7 917

56,205
6 552

14,718
1,268

13,638
1 562

15,099
1 775

12,750
1 947

14,520
1,893

6,007

6,217

5,843

1,488

1,493

1,410

1,452

1,415

4
5

10 843
1,582
8,617

13150
1,796
9,958

11 846
1,626
9,506

2,756
432
2,446

3 538
482
2,365

3 723
459
2,448

1 829
253
2,247

2,211
351
2,206

566

562

529

137

125

134

133

118

4,475
21,256
341

5,108
20,300
303

4,854
21,516
305

1,206
6,529
81

1,185
4,430
76

1,196
5,415
83

1,267
5,142
65

1,205
6,590
64

1,959
3,482

2,084
3,571

2,047
3,267

498

505
863

495
781

549
770

519
778

26,632
26,557
15,761
9,745
1,051
75
-364,645

37,257
37,177
23,523
12,278
1,376
80
-445,668

27,510
27,426
17,156
9,081
1,189
84

7,023
7,002
4,370
2,382
250
21

6,608
6,587
4,131
2,157
299
21

5,940
5,919
3,534
2,019
366
21
-99,795

28,893
27,023
14,851
11,448
724
1,870
-16,795

1,896
-14,987

471
-4,022

6,850
6,378
3,820
2,401
157
472
-3,767

6,762
6,287
3,808
2,334
145
475
-3,660

6,799
6,321
3,863
2,318
140
478
-3,538

6,788
6,303
3,928
2,266
109
485
-4,130

12
13
14
15
16
17

-106,862

29,432
27,687
16,029
10,877
781
1,745
-13,344

6,892
6,421
3,818
2,415

-102,009

6 536
6,514
4,174
2,050
290
22
-93,705

27,303
25,407
15,309
9,468

-413,178

7,939
7,918
5,121
2,523
274
21
-104,512

-334,752

-409,834

-379,180

-94,652

-93,515

-98,671

-92,342

-86,050

-1,992

-3,157

-2,794

-750

-811

-605

-628

-1,108

19

-296,820

-368,113

-339,262

-84,485

-83,187

-88,773

-82,817

-76,164

-37,932
- 3 806

-41,721
- 3 720

-39,918
- 4 511

-10,167
-1,006

-10,328
-940

-9,898
-1 026

-9,525
-1 539

-9,886
-1,577

-1,992

-3,157

-2,794

-750

-811

-605

-628

-1,108

-10,875
- 5 049
-10,566

-11 988
- 5 218
-13,165

-10,474
- 4 891
-12,216

-2,821
- 1 270
-3,128

-3 091
-1 312
-3,072

-2,545
-1 298
-3,053

-2,017
-1 011
-2,963

-2,541
- 1 124
-2,799

-1,147

-1,505

-1,556

-463

-435

-326

-332

-278

23
24
25

-229
-6,655
-752

-201
-6,674
-755

-263
-6,771
-792

-64
-1,674
-204

-66
-1,646
-201

-63
-1,711
-202

-70
-1,740
-185

-66
-1,577
-202

-639
-206

-1,320
-326
-6

-819
-416
-3

-200

-197
-178
-1

-199
-79
-1

-223
-73

-1

-752
-77
-1

26
27
28

-29,893
-29,295
-371
-9,817
-19,107
-598

-33,998
-33,258
192
-10,218
-23,232
-740
-18,424
-6,459
-539
-11,426

-9,860
-9,645
70
-3,746
-5,969
-215

-8,191
-8,056
-35
-2,269
-5,752
-135
-4,774
-1,626
-128
-3,020

-7,453
-7,218
100
-1,702
-5,616
-235
-5,317
-2,463
-128
-2,726

-7,655
-7,417
-144
-1,711
-5,562
-238
-8,305
-5,064
-134
-3,107

-13,638
-13,638
-8,350
-3,563
-1,725

-12,193
-12,193
-7,436
-3,187
-1,570

-3,272
-3,272
-2,035
-827
-410

-2,956
-2,956
-1,771
-788
-397

-3,055
-3,055
-1,823
-841
-391

-2,910
-2,910
-1,807
-731
-372

-3,022
-3,022
-1,883
-769
-370

-4,286
-1,074
-154
-3,058

-8,494
-8,339
57
-2,501
-5,895
-155
-4,047
-1,296
-129
-2,622

-11,352
-11,352
-7,063
-2,910
-1,379

-17,295
-7,388
-487
-9,420

-35,834
-35,173
-589
-12,156
-22,428
-661
-22,429
-11,382
-497
-10,550

-10,201
-1,520
-1,165
-7,516

-9,311
-1,173
-1,306
-6,832

-7,949
-802
-2,070
-5,077

-1,721
-253
-267
-1,201

-1,717
-195
-90
-1,432

-1,483
-140
-157
-1,186

-3,028
-214
-1,556
-1,258

-1,801
-157
-413
-1,231

162

133

117

33

32

25

27

23

1,421

-21,092

-19,163

-12,398

-6,620

3,003

-3,148

-6,430

jiaj

j

(18)

927

10 147

-1,307
(18)

-12,899

-18,022

-618

-6,248

-7,532

-3,624

-29,824

40

5,494

1,586

-4,230

385

-1,171

-3,387

-57

543

41

10
5,484

-722
2,308

-630
-3,600

-189
574

-156
-1,015

-145
-3,242

-140
83

-109
652

43
44
45

-303
-303

138
-12,643
-4,124
-632
- 1 618
-6,269

-6,106
-4,313
-216
-934
-643

2,663
-1,222
2,028
1 454
403

-3,234
-2,368
2,333
-915
-2,284

-6,605
-4,963
-385

-13,307
-13,355
92

-12,500
-13,679
1,017
2

-1,257

-14,706
-14,883
1,220
13
-1,056

-44

160

-648
-3,273
1,056
2
1,567

-4,700
-3,198
117
-2
-1,617

-3,809
-3,508
-395
1
93

-3,343
-3,700
239
1
117

-30,064
-3,645
403
-25 841
-981

24,860

-7,799

19,566

16,417

24,425

32,250

5,049

33,947

4,901

8,059

10,922

10,065

35,052

55

5

19

1

10

8

13

5

19

1

i'o

8

13

56
57
58
59
60
61
62

5,044
6,835

33,928
6,361

8,058
1,591

10,912
1,580

10,057
1,579

35,039
1,587

7

3

140

P

(

•i

si3

j

(18)

-708

381

(18}

i

72

-7

-326

R

(18)

-369

-203

44,727

16,621

9,082

10,314

2 074
18
8,173
178,396

-598
18
10,774
162,109

77
18
9,010
32,556

1 294
18
-18,398
61,909

- 1 382
18
10,765
31,306

-156 969
18,340
-138,629
-3,261
-17,295
-159,185

-205 582
16,811
-188,771
1,423
-22,429
-209,777

-187 482
16,287
-171,195
-6,488
-18,424
-196,107

-43 395
4,551
-38,844
-1,921
-4,286
-45,051

-45 314
3,310
-42,004
-1,471
-4,047
-47,522

-52 744
5,201
-47,543
-1,583
-4,774
-53,900

j

(

(18)

(18)

sill

8,710

32,250
6,078

£3

-S

36,338

28,073

-33,880

1,129
179
18
-2,863
-1,155

-46 029
3,225
-42,804
-1,513
-5,317
-49,634

-41,301
4,634
-36,667
-1,119
-8,305
-46,091

4,015
4,015
18,080
-10,201
11,894

1
3,060
3,061
15,255
-9,311
9,005

18

-587
9,397

18

17,084

46
47
48

49

3

18

18

32,S




-10,264

-224
-224

339
18
38,364
109,352

9 $

39

-336
-336

53,044

j

35
36
37
38

-377
-377

52,340

-5(

30

-355
-355

48,250

a i!
i3

29
31
32
33
34

-1,292
-1,292

-19,320
-12,027
3,513
- 2 013
-8,793

-<

-86

21
22

-1,178
-1,178

-21,038
-21,421
-344
- 3 095
3,822

(18)

20

-1,052
-1,052

2,210
-9,701
3,196
- 2 510
11,225

-1 120

18

175
-315
491
-1

245
-475
582

j

188

10
11

86
-618
676
28

157
-2,019
2 049
127

IS

630

853

8
9

340
-117
467
-10

-54
-2,020
2 001
-35

18
18
18

6
7

-514
-809
324
-29

-789
-1,667
1 367
-489

/18\

3

1

22,407
160
3,299

18

4,901
1,611

(18)

(18)

(

-26,135

92
2 311
22
18
865
-6,920

3,049
3,049
15,110
-7,949
10,210

738
738
3,620
-1,721
2,637

23 783
73
18
3,814

2 772
51
18
3,861
-4,670

-2
8 203
18

1,131
-6,419

-2,043
-8,126

-13
4 525
32160
18
-3,220
-7,500

824
824
3,889
-3,028
1,685

307
307
3,766
-1,801
2,272

10 497
18

50
51
52
53
54

63
64
65
66
67
68
69
70
71

682
682
3,894
-1,717
2,859

805
805
3,707
-1,483
3,029

72
73
74
75
76

84

July 2 0 0 2

U.S. International Transactions

Table 10a. U.S. International Transactions,
[Millions
Line

Belgium-Luxembourg

France

Germany

(Credits +; debits - )
2000

1999

Current account
Exports of goods and services and income receipts

2001"

2000

1999

2001"

2001

2000

1999

P

23,727

24,772

24,991

35,571

40,805

38,180

56,576

62,311

58,531

16,513

17,436

17,353

28,389

30,389

29,488

42,536

45,183

44,247

13,264

14,212

13,846

18,518

20,199

19,716

26,359

28,922

29,365

3,249
86

3,224
112

3,507
136

9,871
162

10,190
232

9,772
224

16,177
265

16,261
328

14,882
231

562
232
470

506
188
473

430
152
533

2,330
1,002
582

2,637
1,017
656

2,284
884
631

4,398
1,287
1,484

4,035
1,088
1,929

2,965
779
1,887

Royalties and license fees 5
Other private services 5
U.S. Government miscellaneous services...

751
1,146
2

737
1,206
2

713
1,541
2

2,128
3,647
20

1,989
3,635
24

1,922
3,801
26

3,003
5,700
40

3,045
5,787
49

2,827
6,148
45

Income receipts
Income receipts on U.S.-owned assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
Compensation of employees

7,214
7,210
5,192
2,018

7,336
7,333
4,817
2,516

7,638
7,635
6,069
1,566

7,182
7,176
1,386
5,790

10,416
10,407
2,404
8,003

8,692
8,683
1,920
6,763

17,128
17,093
4,588
11,982
523
35

14,284
14,250
2,690
10,903
657
34

Exports of goods and services
Goods, balance of payments basis 2
Services 3
Transfers under U.S. military agency sales contracts 4
Travel
Passenger fares
Other transportation

4

3

3

6

9

9

14,040
13,997
4,621
8,938
438
43

-21,836

-26,409

-24,076

-42,073

-49,781

-51,768

-84,856

-88,437

-78,594

-11,977

-12,809

-12,984

-33,913

-40,692

-39,628

-69,396

-74,602

-74,117

Goods, balance of payments basis 2

-9,503

-10,258

-10,462

-25,705

-29,773

-30,372

-55,166

-58,501

-59,035

Services 3
Direct defense expenditures

-2,474
-226

-2,551
-186

-2,522
-215

-8,208
-49

-10,919
-49

-9,256
-76

-14,230
-3,951.

-16,101
-4,103

-15,082
-4,564

Travel
Passenger fares
Other transportation

-409
-272
-522

-351
-349
-629

-300
-283
-593

-3,121
-791
-765

-3,650
-1,184
-956

-3,410
-1,143
-956

-2,224
-1,688
-1,786

-2,696
-1,936
-2,219

-2,368
-1,701
-2,136

Royalties and license fees 5
Other private services 5
U.S. Government miscellaneous services-

-226
-754
-65

-229
-736
-71

-193
-867
-71

-874
-2,382
-226

-1,039
-3,794
-247

-1,096
-2,328
-247

-1,259
-3,016
-306

-1,648
-3,165
-334

-1,521
-2,458
-334

-9,859
-9,848
-2,631
-5,026
-2,191
-11

-13,600
-13,588
-4,992
-6,449
-2,147
-12

-11,092
-11,079
-3,597
-5,691
-1,791
-13

-8,160
-8,105
-2,954
-3,305
-1,846
-55

-9,089
-9,030
-3,930
-3,298
-1,802
-59

-12,140
-12,077
-7,663
-3,115
-1,299
-63

-15,460
-15,395
-6,123
-5,544
-3,728
-65

-13,835
-13,765
-2,390
-7,634
-3,741
-70

-4,477
-4,403
6,273
-7,158
-3,518
-74

-79

-88

-123

-248

-312

-421

774

465

445

-19
-60

-20

-20
-103

-71
-177

-73
-239

-88
-333

-313
1,087

-330
795

-344
789

3

2

1

17

10

8

43

38

40

-9,259

1,560

-7,027

-10,432

-36,978

-31,316

-29,241

-32,081

-32,664

Imports of goods and services and income payments..
Imports of goods and 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
Capital and financial account
Capital account

39

Capital account transactions, net
Financial account
U.S.-owned assets abroad, net (increase/financial outflow (-))
U.S. official reserve assets, net
Gold 7
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
U.S. Government assets, other than official reserve assets, net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets 8
U.S. foreign currency holdings and U.S. short-term assets, net..
U.S. private assets, net
Direct investment..
Foreign securities........,
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns..
U.S. claims reported by U.S. banks, not included ef
elsewhere..
'
Foreign-owned assets in the United States, net (increase/financial inflow (+))..

-187

-187

-14

-2

-2

1

-14

-9,257
-3,994
3,696
-1,269
-7,690
22,907

1,559
-5,160
4,463
-3,964
6,220

-10,418
-512
-980
-790
-8,136

48,034

42,255

Foreign official assets in the United States, net
U.S. Government securities
U.S.Treasury securities 9
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. liabjljties 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 7 5 ) 1 3
See footnotes on page 70.




n
n

n

-36,978
-2,011
-11,170
-5,264
-18,533
46,984

-31,316
-655
92
-401
-30,352
47,334

(14

-12

-20
-29,221
-4,268
-2,239
-10,589
-12,125
49,169

-106

(14)

29,834
12.21E
1,817
14
613
-15,463
3,761
775
4,536
-2,645
-79
1,812

(14)

27,5!
2,456
14
-10,867
-47,871
3,954
673
4,627
-6,264
-88
-1,725

13,372
14
4,821
-11,475
3,384
985
4,369
-3,454
-123
792

49,436
(14)

-5!

14,676
(14)

(14)

23,478
(14)

?
(14)

7,612

10,039

19,103

34,258

2,610
14
5,179
-25,090

11,124
14
-21,063

10,079
14
12,646

-728

-2,017

7,046
14
-495
7,535

17,496
14
6,535
-14,816

-9,574
-729
-10,303
1,327
-312
-9,288

-10,656
516
-10,140
-3,448
-421
-14,009

-28,807
1,947
-26,860
-1,420
774
-27,506

28,015

14,290

4,660

-7,187
1,663
-5,524
-978
-248
-6,750

-32,477
-11,360
-19,517
-15,391
13,791
51,633

|)

(14)
(14)

(14'

-32,085
-3,099
471
-16,923
-12,534
72,520

or

/1
(14

-20

16,222

14

19,271
-11,852
609

;

-29,579
160.
-29,419
3,293
465
-25,661

-29,670
-200
-29,870
9,807
445
-19,618

July 2002

85

SURVEY OF CURRENT BUSINESS

by Selected Countries (published annually)
of dollars]
Italy

Mexico

Netherlands

South Africa

Venezuela

Line
2001"

2000

1999

1999

2000

2001"

1999

2000

2001"

21,428
16,327

18,796

43,544

46,802

44,003

108,344

134,590

15,176

14,835

26,375

28,901

99,432

125,301

9,878

10,951

9,715

19,342

21,715

26,193
19,327

86,758

111,172

5,298
115
1,691
517
337

5,376
79
1,590
485
365

5,120
77
1,181
371
383

7,033
300
1,216
352
694

7,186
412
1,288
404
793

6,866
509
1,081
388
630

12,674
9
4,114
961
690

973
1,660
5

939
1,912
6

1,002
2,100
6

1,759
2,711
1

1,347
2,940
2

1,283
2,974
1

4,726
4,723
2,280
2,443

5,101
5,098
2,447
2,651

3,961
3,958
1,988
1,970

17,169
17,166
12,599
4,567

17,901
17,898
11,858
6,040

17,810
17,807
13,418
4,389

3
-30,471

3
-33,735

3
-32,156
-29,952

3
-23,375
-12,521

3
-28,349

3
-23,345
-15,176

-8,424

-2,705
-2,534
-84
-1,152
-1,298
-171
-343

-23,768
-6,184
-742
-2,861
-748
-708
-68
-975
-82
-2,204
-2,024
160
-994
-1,190
-180
-385

-223
-425

-226
-117

12

19,902

-27,893

-31,030

-22,350

-25,031

-5,543
-829

-5,999
-760
-2,917
-688
-685

-15,028
-9,624

-4,072

-15,251

-668
-3
-249
-69
-128
-11
-183
-25

-759
-6
-311
-84
-119

-3,185
-887
-2

-143,363

-136,811

-132,204

-9,645
-17
-5,805
-957
-1,070

-11,199
-7
-6,646
-923
-1,377

-11,159
-10
-6,707
-806
-1,548

-8,069
-1,611
1,070
-1,278
-1,403
-6,458
-6,667
-25
-242
-6,400

-724
-2
-270
-106
-105
-7
-209
-25
-1,243
-1,229
24
-850
-403
-14
-141
-1
-4
-136

301

322

-5,656

-3,134

132

143

132
(*)
-5,788
-5,978
-3,763
-511
4,464
444

143
(*
-3,277
-5,302
1,096
-480
1,409
11,598

217

1,229

-6,455

-64

-37,528

-14,607

-9,104

-14

41

-10

1

n

<;;

R
(14)

y

R

(14)

8,321

(
(

tijSi

14

i

i

-117

862

(14}

R

41,689

32,599

(14)
•

u]
15,1(71

(

F14
!»
R
1,273

1J571

-1,763
-1,748
-23
-1,098
-627
-15
-164
1
-4
-159

-4
-220
-42
-139
-129
33
-123
-39
-10
-302
-117
-4
-181

-1
-272
-41
-164
-152
15
-138
-29
-12
-228
-83
-A
-141

2

3

2

2

-10,470

-1,731

-3,274

-470

-81

12
-1
13
(*
-10,482

-5
-4
1
_2

-131
-132
1
(*)
-3,143
-3,831
627
72
-11
9,096

(*)
_2
2
(*

4,5$
(D)
592
14,641

-1,726
-986
-206
-31
-503
1,705

14
14
14

F

i-!

"I
«!

i?

si

5,266
(14)

657

3

8

95

102

387
14
-2,772
31,488

-112
14
4,031

14

20,367

29,193

3,666

9,872
1,145
11,017
9,641
-75
20,583

-23,793
3,029
-20,764
-144
-5,585
-26,493

-25,639
2,930
-22,709
-156
-6,267
-29,132

-31,023
3,445
-27,578
559
-6,667
-33,686

-6,021
2,546
-3,475
-26
-141
-3,642

-12,472
-245
-12,717
2,148
-648
-11,217

-14,080
-623
-14,703
2,396
-343
-12,650

-14,053
-1,064
-15,117
1,757
-385
-13,745

10,918
2,936
13,854
6,315
-51
20,118

12,091
1,782
13,873
4,580
-83
18,370

14_g

PS
y«
R

4

3,413
14
-1,216
-38,233

-31,687

-4,208

-32
-182
-25
-1,616
-1,600
-148
-715
-737
-16
-137
-1
-4
-132

-1,466

-2,600

q

-4,211

-250
-305
-64

5,241

9 ^

171
696
5

-909
-5
-272
-254
-64

8,754

9,596
14
565
-51,653




14)

_. 89

(14)

-1,161
14
-1,729
16,438

2,694

"I

14)

(14)

2,612
14
-951
-1,491

753
14

-16,010

-18,624

-148,010

12

(14
14

687
683
81
602

-12,058
-11,334

-120,196

2

:
4i

831
829
94
735
*)
2
-5,281
-5,117

2,215
2,210
1,543
657
10
5
-17,626

5

,4

969
967
280
687

1,651
1,646
815
812
19
5
-21,055
-19,292

11

R

189
543
3

1,217
1,212
486
725
1
5
-13,301

11

,4

235
543
4

8,628
8,603
4,409
4,187
7
25
-151,432

-24
-51

F

343
10
140

9,289
9,264
4,371
4,887
6
25
-157,455

-110,551

-9,104
-16,058
2,107
2,169
2,678
26,742

429
11
129

3
4
5
6
7
8

8,912
8,889
4,448
4,425
16
23
-129,252

-23
-60

-2,953
-8,806
-17
-2,831
47,888

1,228

148
959
5

-22
-29

-37,529
-8,254
-16,310
-4,372
-8,593
49,092

2,953

1,351

1,053
6,585
22

-231
-154

-6,496
-8,576
2,263
-362
179
20,585

3,081

1,308
1
386
9
98
267
542
5

996
6,218
22

-9,445
-3,166
68
-1,874
-1,360
-6,279
-6,267
-19
-234
-6,014

1,243
-4,802
5,964
-379
460
12,576

2,580

848
6,030
22

-9,056
-2,882
-175
-1,415
-1,292
-6,174
-5,585
-14
-231
-5,340

(*)
-14,607

5,600
3,208
14
1,824
342
156

3,270
27
1,697
275
159

-8,169
-8,154
-4,368
-2,676
-1,110
-15
-75

1

5,508
3,285
21
1,891
317
163
182
706
5

5,313

-85
-1,809
-194

-10
-54
-1,609
-1,150
-1,746
4,451
-2,640

2

101,181
14,604
3
5,320
941
680

-74
-1,978
-194

41

1

4,181

14,129
4
5,162
1,028
699

-i,SD

-14

5,263
4,432

4,868

3,888

8,793

-1,168
-2,048
-41

-78
-789
-82

4,857

10,444

8,583

-9,455
-5,721
-161
-664
-834
-805

2001"

11,023
8,808

9,800

-823
-744
-37
-10,854
-10,840
-7,299
-2,436
-1,105
-14
-51

-2,819
-496
-535
-84
-705
-75
-2,578
-2,419
-446
-851
-1,122
-159
-648

2000

1999

124,413
115,785

-5,404
-71
-749
-972
-1,025
-1,072
-1,474
^11
-13,321
-13,307
-8,990
-2,824
-1,493
-14
-83

-4,097
-112
-791
-753
-837

. 2001"

2000

1999

6,£

2,407

7,698

14

336

1 $
-21

-470
-1,360
448
43
399
981
(

J

(4
|

4
4

)

290

-2

-5,370

19

-4,433
-937
-3
-284
-260
-60
-1
-285
-44

20
21
22
23
24
25

-150
-137
18
-131
-24
-13
-384
-129
-4
-251

26
27
28
29
30
31
32
33
34
35
36
37
38

1

1

39

-235

-554

1

1

1

1

1

1

40
41
42
43
44
45
46
47
48
49

-236
-490
-130
48
336
18

-555
4
-114
-29
-416
378

c

-82
-872

799
-63
54
211

14
14
14
14

ji14
(14
|i4

4
4
14
4

(*
14
14

R

J3

1(76

19

-25

-14
14
-270
1,211
-1,480
291
-1,189
537
-384
-1,036

71
72
73
74
75
76

29

7,247

4,950

6,227

-476

462

-13,116
2,617
-10,499
-112
-164
-10,775

-9,651
2,449
-7,202
599
-137
-6,740

-605
421
-184
830
-302
344

-1,127

14

50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70

388

-116
14
973

14

4
-5,520

9
10
11
12
13
14
15
16
17
18

-521

442
-685

667
-228
-246

£3
14)

D-1

July 2002

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 that
originate in Government agencies are not copyrighted and
may be reprinted freely. Series from private sources are pro-

vided through the courtesy of the compilers and are subject
to their copyrights.
BEA's economic statistics are available on BEA's Web site
at <www.bea.gov>. The site contains data, articles, news releases, and other information from BEA's national, industry,
international, and regional programs.

The tables present annual [A], quarterly [Q], and monthly [M] 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-17
7. Quantity and price indexes
D-18
8. Supplemental tables
D-25
B. Other NIPA and NIPA-related tables
B.I Personal income [A,M]
D-30
B.2 Disposition of personal income [A, M]
D-30
B.3 Gross domestic product by industry [A]
D-31
B.4 Personal consumption expenditures by
type [A]
D-32
B.5 Private fixed investment in structures by
type [A]
D-33
B.6 Private fixed investment in equipment and
software by type [A]
D-33
B.7 Compensation and wage and salary accruals by
industry [A]
D-34
B.8 Employment by industry [A]
D-35
B.9 Wage and salary accruals by employee and by
industry [A]
*
D-36
B.10 Farm sector output, gross product, and
national income [A]
D-37
B.I 1 Housing sector output, gross product, and
national income [A]
D-37
B.I 2 Net stock of private fixed assets by
type [A]
D-38
C. Historical measures
C.I GDP and other major NIPA aggregates
D-39
D. Domestic perspectives [A, Q, M]
D-42
E. Charts
Selected NIPA series
D-44
Other indicators of the domestic economy
D-50




International Data
F. Transactions tables ^
G. Investment tables *
H. International perspectives [A, Q, M]
I. Charts *

D-52

Regional Data
J. State and regional tables
J.I Personal income [Q]
D-53
J.2 Annual personal income and per capita
personal income [A]
D-54
J.3 Disposable personal income and per capita
disposable personal income [A]
D-55
J.4 Gross state product [A]
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
D-61
Reconciliation tables [A, Q]
D-62
B: Suggested reading
D-63

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 "Annual Revision of the U.S. International Accounts, 1993-2001" and the
estimates are presented in "U.S. International Transactions,
First Quarter 2002." See also "The International Investment
Position of the United States at Yearend 2001" and "Direct
Investment Positions for 2001: Country and Industry
Detail."

D-2

July 2002

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 27, 2002, and include the "final" estimates for the first quarter of 2002.
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.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. S u m m a r y T a b l e s .
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
Seasonally adjusted at annual rates

2000

2001

2001
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
Addenda:
Final sales of domestic
product
Gross domestic purchasesFinal sales to domestic
purchasers
Gross national product
Disposable personal income

II

2000

2001

2002

2002
III

IV

I

4.1

1.2

13

.3

-1.3

1.7

6.1

4.8
9.5
4.7
4.0

3.1
6.7
1.8
3.0

3.0
10.6
2.4
1.8

2.5
7.0
.3
2.8

1.0
.9
.6
1.2

6.1
39.4
2.5
2.0

3.3
-9.4
8.2
3.8

6.8
76
9.9
6.2
11.1
.8

-8.0
-2 0
-3.2
.9
-4.4
1.5

-12.3
1.9
-.2
12.3
-4.1
8.5

-12.1
-9.7
-14.6
-12.2
-15.4
5.9

-10.5
-5 7
-8.5
-7.5
-8.8
2.4

-23.5
-11.4
-13.8
-33.6
-5.3
-4.6

24.1
-.8
-6.2
-22.8
.1
14.6

9.5
11.3
53
13.4
13.5
12.6

-4.5
-5.6
-1 9
-2.7
-2.8
-2.6

-1.2
-2.4
18
-5.0
S.7
4.9

-ii.9
-17.3
24
-8.4
-9.5
-2.0

-18.8
-19.4
-17 2
-13.0
-10.0
-29.1

-10.9
-10.0
-13.1
-7.5
^3.6
-28.5

2.8
-3.6
18.7
8.3
3.7
36.8

2.7
1.7
1
4.6
3.2

3.6
2.7
47
-.9
4.0

5.3
3.2
75
-4.3
6.4

5.0
1.8
2.3
.9
6.6

.3
3.6
3.2
4.2
-1.3

10.2
11.4
9.0
16.0
9.6

6.6
11.4
183
-.2
4.2

43
4.8

23
1.3

4.0
.7

7
.4

-.5
-1.0

3.8
1.7

26
6.7

4.9
4.1
3.5

2.3
1.3
3.6

3.2
.8
2.7

.8
.3
2.4

-.3
-1.3
12.3

3.9
2.6
-8.1

3.3
4.8
13.9

NOTE. Percent changes from preceding period in the current-dollar and price measures for these series are
shown in table 8.1.




2001

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

-1.3

1.7

6.1

1.72
.56
.06
1.10

.67
.07
.12
.48

4.14
2.84
.50
.80

2.37
-.84
1.61
1.61

-2.28
.33
-.02
.39

-2.16
-1.74
-1.99
-.44

-1.79
-.97
-1.08
-.26

-4.12
-1.96
-1.75
-1.27

3.29
-.10
-.71
-.73

-.42
.07

-.41
.35

-1.55
.25

-.82
.10

-.47
-.21

.02
.61

-.09

-1.08

-2.61

-.42

-81

-2.16

3.39

-.79
1.01
.85
.17
-1.81
-1.54
-.26

-.12
-.49
-.44
-.06
.37
.33
.04

.63
-13
-.19
.06
.76
.87
-.11

-.12
-1.37
-1.45
.08
1.25
1.21
.05

-.27
-2.13
-1.55
-.58
1.86
1.20

-.14
-1.14
-.72
-.42
1.00
.40
.59

-.75
.28
-.23
.51
-1.03
-.41
-.63

.47
.10
.00
.10
.37

.63
.16
.18
-.02
.47

.92
.19
.28
-.09
.73

.87
.11
.09
.02
.76

.05
.21
.12
.09
-.16

1.76
.66
.34
.32
1.10

1.22
.69
.69
.00
.53

4.1

1.2

1.3

3.28
.77
.94
1.57

2.10
.54
.36
1.19

2.05
.83
.49
.73

1.19
1.28
1.25
.19

-1.41
-.33
-.40
.02

1.06
.04

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.

July 2002

D-3

SURVEY OF CURRENT BUSINESS

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
2000

2001

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

2002

2001

I

II

III

IV

2000

2001

6,728.4
819.6
1,989.6
3,919.2

7,064.5
858.3
2,055.1
4,151.1

6,977.6
838.1
2,047.1
4,092.4

7,044.6
844.7
2,062.3
4,137.6

7,057.6
840.6
2,057.5
4,159.4

7,178.2
909.8
2,053.5
4,214.9

7,255.2
877.9
2,095.4
4,281.8

1,767.5
1,718.1
1,293.1
313.6

1,633.9
1,692.4
1,246.0
330.3

1,722.8
1,748.3
1,311.2
345.8

1,669.9
1,706.5
1,260.2
338.6

1,624.8
1,682.6
1,231.0
334.3

1,518.2
1,632.1
1,181.6
302.5

1,597.6
1,624.0
1,156.8
282.4

979.5
425.1

915.8
446.3

965.4
437.0

921.7
446.2

896.8
451.6

879.1
450.4

874.4
467.3

49.4

-58.4

-25.5

-36.6

-57.8

-113.9

-26.4

-364.0
1,102.9
785.6
317.3
1,466.9
1,244.9
221.9

-329.8
1,050.4
736.4
314.0
1,380.1
1,173.5
206.6

-363.8
1,117,4
794.2
323.2
1,481.2
1,248.7
232.5

-347.4
1,079.6
754.4
325.2
1,427.0
1,197.8
229.2

-294.4
1,020.6
710.7
309.8
1,315.0
1,145.6
169.4

-313.5
983.8
686.1
297.7
1,297.3
1,101.9
195.4

-329.3
989.9
678.2
311.7
1,319.3
1,105.9
213.3

1,741.0
590.2
375.4
214.8
1,150.8

1,839.5
615.7
399.0
216.6
1,223.8

1,805.2
605.3
392.9
212.4
1,199.8

1,835.4
609.9
396.1
213.8
1,225.5

1,836.9
615.7
399.6
216.1
1,221.2

1,880.4
631.7
407.5
224.2
1,248.7

1,926.3
660.2
432.5
227.7
1,266.0

Gross domestic productPersonal 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
Residual

2002

2001

I

II

III

IV

I

9,334.5

9,341.7

9,310.4

9,348.6

9,488.6

6,257.8 6,450.3 6,388.5 6,428.4 6,443.9 6,540.3
955.6
940.2 1,021.7
895.5
922.4
938.1
1,849.9 1,883.3 1,878.0 1,879.4 1,882.0 1,893.6
3,527.7 3,633.4 3,605.1 3,629.8 3,640.4 3,658.2

6,593.5
996.8
1,931.1
3,692.6

I

9,872.9 10,208.1 10,141.7 10,202.6 10,224.9 10,263.3 10,449.8

NOTE. Percent changes from preceding period for selected items in this table are shown in table 8.1.




Seasonally adjusted at annual rates

9,224.0

9,333.8

1,772.9 1,630.8 1,721.0 1,666.2 1,620.5 1,515.5 1,599.5
1,716.2 1,682.6 1,740.3 1,696.4 1,671.6 1,621.9 1,618.8
1,350.7 1,308.0 1,373.9 1,320.9 1,292.0 1,245.0 1,225.3
275.2
291.7
272.8
276.8
234.2
282.3
249.9
1,087.4 1,039.0 1,087.7 1,043.2 1,019.4 1,005.6 1,005.9
376.9
371.4
389.0
372.9
378.3
376.0
380.5
-61.7
50.6
-27.7
-38.3
-27.1
-61.9 -119.3
-399.1
1,133.2
836.1
299.3
1,532.3
1,315.6
218.7

-408.7
1,081.7
788.9
293.7
1,490.4
1,278.7
213.0

-404.5
1,144.1
844.4
301.8
1,548.6
1,322.8
227.4

-406.7
1,108.3
805.2
303.6
1,515.0
1,290.1
226.2

-411.0
1,052.2
762.9
289.6
1,463.2
1,256.6
207.6

-412.7
1,022.2
743.1
279.6
1,434.9
1,245.1
190.9

-434.5
1,029.3
736.4
291.9
1,463.8
1,256.5
206.4

1,572.6 1,628.6 1,603.4 1,623.0 1,624.1 1,663.9 1,690.9
552.2
590.7
545.9
560.3
554.7
559.6
574.9
389.2
349.0
365.3
360.3
362.4
373.2
365.3
201.6
196.7
195.0
192.3
201.6
191.8
194.3
1,026.3 1,067.5 1,050.5 1,067.4 1,063.8 1,088.4 1,099.8
-4.4

13.4

5.2

14.3

21.3

13.0

10.7

NOTE. Chained (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.

National Data

D-4

July 2 0 0 2

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]

ISeasonally adjusted at annual rates
2000

2001

Gross domestic
product
Final sales of
domestic product.
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
product less motor
vehicle output

2002

2001

I

II

Seasonally adjusted at annual rates

III

2000

2001

I

IV

9,872.9 10,208.1 10,141.7 10,202.6 10,224.9 10,263.3 10,449.8
9,823.6

10,266.6

10,167.2

10,239.1

10,282.7

10,377.2

10,476.2

49.4
3,694.2
3,644.8

-58.4
3,661.1
3,719.5

-25.5
3,693.4
3,718.8

-36.6
3,678.4
3,715.0

-57.8
3,632.5
3,690.3

-113.9
3,640.2
3,754.1

-26.4
3,723.2
3,749.6

49.4
1,769.9
1,735.2

-58.4
1,680.6
1,735.4

-25.5
1,724.8
1,755.8

-36.6
1,694.9
1,737.2

-57.8
1,649.6
1,704.9

-113.9
1,653.3
1,743.8

-26.4
1,674.0
1,691.2

34.7
1,924.3
1,909.6

-54.8
1,980.5
1,984.1

-31.0
1,968.6
1,963.1

-42.3
1,983.5
1,977.8

-55.3
1,982.9
1,985.4

-90.5
1,986.9
2,010.3

-17.2
2,049.1
2,058.4

14.7
5,268.4
910.3

-3.7
5,580.3
966.7

5.5
5,482.8
965.6

5.8
5,545.7
978.4

-2.5
5,626.5
965.9

-23.4
5,666.2
956.9

-9.2
5,762.2
964.4

353.0

333.1

315.5

331.5

338.7

346.8

346.0

9,519.9

9,875.0

9,826.3

9,871.1

9,886.2

9,916.5

10,103.8

Gross domestic productFinal sales of domestic
product
Change in private inventories
Residual
Goods
Final sales
Change in private
inventories
Durable goods
Final sales
Change in private
inventories l
Nondurable goods
Final sales
Change in private
inventories •
Services
Structures
Residual
Addenda:
Motor vehicle output
Gross domestic product less
motor vehicle output

2001

2002

I

II

III

IV

I

9,224.0

9,333.8

9,334.5

9,341.7

9,310.4

9,348.6

9,488.6

9,167.0
50.6

9,376.5
-61.7

9,347.8
-27.1

9,364.8
-38.3

9,352.5
-61.9

9,440.9
-119.3

9,501.6
-111

6.4
19.0
15.2
19.8
14.7
13.8
27.0
3,719.4 3,664.4 3,706.2 3,672.2 3,631.4 3,647.6 3,740.5
3 6631 3 716 7 3 726 3 3 7031 3 6831 3,754.4 3,759.8
50.6
1,908.1
1,868.7

-61.7
1,835.2
1,895.2

-27.1
1,873.6
1,907.3

-38.3
1,848.9
1,894.8

-61.9
1,804.2
1,865.4

-119.3
1,814.0
1,913.5

-111
1,848.4
1,867.6

36.0
1,822.2
1,804.8

-58.6
1,833.7
1,831.8

-32.8
1,839.8
1,830.5

-44.5
1,829.4
1,819.5

-60.3
1,829.4
1,825.9

-97.0
1,836.1
1,851.3

-17.5
1,892.7
1,894.5

15.1
-4.6
4.5
4,725.1 4,860.0 4,816.1
792.2
809.9
817.6
-17.9
.1
-8.7

-3.3
-10.4
4.5
-23.9
4,848.4 4,869.7 4,905.8 4,953.5
806.7
798.6
821.8
793.5
-2.8

6.3

5.4

2.3

353.8

337.2

318.1

336.1

343.0

351.5

355.9

8,870.8

8,996.1

9,014.0

9,004.9

8,967.4

8,998.0

9,133.4

1. Estimates for durable goods and nondurable goods for 1997 and earlier periods are based on the 1987 Standard Industrial Classification (SIC); later estimates for these industries are based on the North American Industry
Classification System (NAICS).
NOTE. Percent changes from preceding period for gross domestic product and for final sales of domestic
product are shown in table 8.1.

1. Estimates for durable goods and nondurable goods for 1997 and earlier periods are based on the 1987 Standard Industrial Classification (SIC); later estimates for these industries are based on the North American Industry
Classification System (NAICS).
NOTE. Chained (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line following change in private inventories is the difference between gross domestic product
and the sum of final sales of domestic product and of change in private inventories; the residual line following
structures is the difference between gross domestic product and the sum of the detailed lines of goods, of
services, and of structures.
Percent changes from preceding period for gross domestic product and for final sales of domestic product are
shown in table 8.1.
Chain-type quantity indexes for the series in this table are shown in table 7.17.

Table 1.5. Relation of Gross Domestic Product, Gross Domestic
Purchases, and Final Sales to Domestic Purchasers

Table 1.6. Relation of Real Gross Domestic Product, Real Gross
Domestic Purchases, and Real Final Sales to Domestic Purchasers

[Billions of dollars]

[Billions of chained (1996) dollars]

Gross domestic product
9,872.9 10,208.1 10,141.7 10,202.6 10,224.9 10,263.3 10,449.8
Less: Exports of goods
989.9
and services
1,117.4
1,050.4
1,102.9
983.8
1,020.6
1,079.6
Plus: Imports of goods
1,319.3
1,297.3
1,481.2
and services
1,315.0
1,427.0
1,380.1
1,466.9
Equals: Gross domestic
purchases
10,236.9 10,537.9 10,505.6 10,549.9 10,519.3 10,576.8 10,779.1
Less: Change in private
-26.4
-113.9
-58.4
49.4
-57.8
-36.6
-25.5
inventories
Equals: Final sales to
domestic purchasers 10,187.5 10,596.3 10,531.0 10,586.5 10,577.1 10,690.7 10,805.5

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.

9,333.8

9,334.5

9,341.7

9,310.4

9,348.6

1,133.2

1,081.7

1,144.1

1,108.3

1,052.2

1,022.2

1,029.3

1,532.3

1,490.4

1,548.6

1,515.0

1,463.2

1,434.9

1,463.8

9,594.7

9,715.7

9,710.4

9,720.4

9,695.1

9,737.0

9,896.2

50.6

-61.7

-27.1

-38.3

-61.9

-119.3

-27.7

9,537.7

9,758.8

9,723.8

9,743.7

9,737.5

9,830.3

9,909.2

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.

NOTE. Percent changes from preceding period for selected items in this table are shown in table 8.1.

Table 1.7. Gross Domestic Product by Sector

Table 1.8. Real Gross Domestic Product by Sector

[Billions of dollars]

[Billions of chained (1996) dollars]

Gross domestic
product
Business1
Nonfarm2
Nonfarm less
housing
Housing
Farm
Households and
institutions
Private households...
Nonprofit institutions
General government3..
Federal.
State and local

9,872.9 10,208.1 10,141.7 10,202.6 10,224.9 10,263.3 10,449.8
8,356.8 8,603.3 8,574.1 8,609.4 8,606.6 8,623.1 8,780.3
8,525.2
8,277.8
8,519.3
8,489.2
8,516.4
8,546.3
8,696.9
7,480.8
796.9
79.0

7,682.0
837.3
84.0

7,670.5
818.7
84.9

7,687.7
837.5
84.2

7,674.9
841.5
90.3

7,694.8
851.5
76.8

7,825.2
871.7
83.4

432.0
13.6
418.4
1,084.2
323.8
760.4

469.2
15.2
454.0
1,135.6
334.5
801.1

454.3
14.8
439.5
1,113.3
329.6
783.7

465.6
15.1
450.5
1,127.6
332.2
795.3

474.8
15.4
459.5
1,143.4
335.6
807.7

482.1
15.5
466.6
1,158.2
340.4
817.8

489.4
15.6
473.8
1,180.1
354.3
825.8

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 as shown in table 3.7.




9,488.6

9,224.0

Gross domestic productBusiness1
Nonfarm2
Nonfarm less housing
Housing
Farm
Households and institutions..
Private households
Nonprofit institutions
General government3
Federal
State and local
Residual

9,224.0 9,333.8 9,334.5 9,341.7 9,310.4 9,348.6 9,488.6
7,879.1 7,953.9 7,971.6 7,967.3 7,923.9 7,952.8 8,085.2
7,761.5 7,837.4 7,852.6 7,853.2 7,808.6 7,835.4 7,970.3
7,053.3 7,121.4 7,141.0 7,132.3 7,092.4 7,120.1 7,246.0
717.1
716.5
721.7
717.1
709.3
713.0
725.9
119.5
116.5
114.6
118.1
120.5
121.9
114.4
409.7
402.1
405.2
407.1
388.6
396.8
402.8
13.1
12.9
12.7
12.0
13.1
13.0
12.9
389.9
384.2
392.1
376.7
394.0
396.7
389.2
989.7
982.6
995.7
974.7
979.0
959.3
969.1
297.6
293.8
300.2
293.1
290.1
289.9
290.9
695.4
691.9
685.7
669.0
688.5
679.0
683.6
-6.9

-4.4

-7.2

-3.5

-3.1

-4.1

-3.0

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 as shown in 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 2002

D-5

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
2000

2001

Seasonally adjusted at annual rates
2002

2001

2000

2001

Gross domestic product 9,872.9 10,208.1
Plus: Income receipts
from the rest of the
world
384.2
335.2
Less: Income payments
to the rest of the
world
396.3
340.5
Equals: Gross national
product
9,860.8 10,202.8
Less: Consumption of
fixed capital
1,241.3 1,351.4
Private
1,029.9 1,127.6
Capital
consumption
allowances
1,056.3 1.181.1
Less: Capital
consumption
adjustment
26.4
53.6
Government
211.3
223.8
General
government
189.4
180.1
Government
31.2
enterprises
34.4
Equals: Net national
product
8,619.5 8,851.5
Less: Indirect business
tax and nontax liability
762.7
794.0
Business transfer
payments
43.9
44.6
Statistical discrepancy
-130.4
-149.8
Plus: Subsidies less
current surplus of
government
enterprises
37.6
54.8
Equals: National
income
7,980.9 8,217.5
Less: Corporate profits
with inventory
valuation and capital
consumption
adjustments
876.4
767.1
Net interest
532.7
554.3
Contributions for
731.2
social insurance....
701.5
Wage accruals less
•disbursements
.0
.0
Plus: Personal interest
income
1,000.6
993.6
Personal dividend
379.2
income
416.3
Government transfer
payments to
persons
1,036.0 1,113.8
Business transfer
payments to
persons
33.1
35.0
Equals: Personal
8,319.2
8,723.5
income
Addenda:
Gross domestic
income
10,003.4 10,358.0
Gross national income 9,991.2 10,352.6
Net domestic product
8,631.7 8,856.8




10,141.7 10,202.6 10,224.9 10,263.3 10,449.8
378.9

346.9

321.3

293.6

289.3

389.4

358.6

332.4

281.6

310.5

10,131.3 10,190.9 10,213.8 10,275.3 10,428.6
1,299.9
1,081.3

1,341.5
1,120.2

1,406.7
1,177.4

1,357.4
1,131.3

1,376.4
1,146.9

1,098.1

1,124.3

1,173.1

1,329.0

1,321.0

16.8
218.6

4.1
221.3

-4.3
229.3

197.7
226.0

174.0
229.4

186.2

188.6

190.0

192.5

195.4

32.3

32.7

39.2

33.5

34.0

8,831.4

8,849.4

8,807.1

8,918.0

9,052.3

785.7

792.3

793.9

804.0

809.1

44.3
-120.5

44.5
-143.2

44.7
-149.7

45.0
-186.0

45.9
-171.3

47.8

52.2

71.5

47.7

46.5

8,169.7

8,207.9

8,189.6

8,302.6

8,415.1

789.8
549.4

759.8
553.0

697.0
558.3

822.0
556.4

827.8
582.1

729.1

732.8

733.0

730.0

742.9

.0

.0

.0

.0

.0

1,010.9

1,001.0

991.5

970.9

972.6

404.8

411.9

420.0

428.4

435.7

1,088.7

1,104.6

1,123.7

1,138.0

1,179.4

34.3

34.8

35.3

35.7

36.2

8,640.2

8,714.6

8,771.8

8,767.2

8,886.0

10,262.2 10,345.7 10,374.6 10,449.3 10,621.1
10,251.8 10,334.0 10,363.5 10,461.3 10,600.0
8,841.9 8,861.1 8,818.2 8,906.0 9,073.4

Gross domestic product
Plus: Income receipts from the
rest of the world
Less: Income payments to the
rest of the world
Equals: Gross national product
Less: Consumption of fixed
capital
Private
Government
General government
Government enterprises..
Equals: Net national product.
Addenda:
Gross domestic income l....
Gross national income 2
Net domestic product

2002

2001
I

II

III

IV

I

9,224.0 9,333.8 9,334.5 9,341.7 9,310.4 9,348.6 9,488.6
360.2

309.1

350.3

319.6

296.2

270.4

265.8

325.7
309.4
355.2
279.9
255.0
301.8
367.0
9,216.4 9,333.6 9,329.1 9,335.5 9,304.9 9,364.7 9,475.3
1,238.9 1,365.2 1,313.1 1,353.4 1,407.1 1,387.1 1,426.9
1,036.2 1,153.0 1,105.6 1,144.2 1,188.5 1,173.6 1,211.0
219.6
210.2
214.6
217.4
213.1
208.2
203.1
181.9
180.0
183.9
186.4
181.0
178.2
173.9
37.4
30.2
30.8
31.0
32.1
29.9
29.2
7,982.5 7,982.8 8,025.2 7,995.4 7,917.0 7,993.6 8,067.6
9,345.7 9,470.7 9,445.4 9,472.8 9,446.7 9,518.1 9,644.2
9,338.2 9,470.6 9,440.1 9,466.7 9,441.3 9,534.2 9,630.9
7,990.0 7,983.1 8,030.6 8,001.5 7,922.5 7,977.8 8,080.8

tic income deflated by the imp
implicit price deflator for gross domestic product,
1. Gross domestic
national product,
2. Gross nationalil income deflated by the iimplicit
m p l i i ,price deflator for gross
„
NOTE. Except as noted in footnotes 1 and 2, chained (1996) dollar series are calculated as tthe product of the
chain-type quantity index and the 1996 current-dollar value of the corresponding series, divided by 100. Because
the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chaineddollar estimates are usually not additive.
The chain-type quantity index for gross national product is shown in table 7.3.

Table 1.11. Command-Basis Real Gross National Product
[Billions of chained (1996) dollars]
Gross national product
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

9,216.4 9,333.6 9,329.1 9,335.5 9,304.9 9,364.7 9,475.3
1,496.2

1,390.6 1,496.2 1,428.0 1,347.8 1,290.3 1,292.3

1,516.1 1,444.7 1,521.7

1,467.3 1,432.9

1,356.8 1,361.1

9,236.3 9,387.7 9,354.7 9,374.9 9,390.1 9,431.1 9,544.0
101.3

103.9

101.7

102.8

106.3

105.1

105.3

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
of goods and services and income receipts to the correp
p deflator for exports
p
ponding implicit price deflator for imports divided by 100.
sponding
NOTE. Chained (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996
ccurrent-dollar
u o l dl a vvalue
a e ooff the
he correspondng
100 Because the fomua
quaty
corresponding series, diided
divided by 100.
formula for the chanype
chain-type quantity
indexes
uses weights
period, the corresponding chaineddollar
chained-dollar estimates are usually not addi
addiid
i h of more than one period
tive.
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

July 2002

National Data

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
2000

2001
I

National income
Compensation of employees.
Wage and salary accruals....
Government
Other
Supplements to wages and
salaries
Employer contributions for
social insurance
Other labor income
Proprietors' income with
inventory valuation and
capital consumption
adjustments
Farm
Proprietors1 income with
inventory valuation
adjustment
Capital consumption
adjustment
Nonfarm
Proprietors' income
Inventory valuation
adjustment
Capital consumption
adjustment
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




II

III

IV

2000

I

7,980.9 8,217.5 8,169.7 8,207.9 8,189.6 8,302.6 8,415.1
5,715.2 6,010.0 5,955.7 6,010.8 6,037.7 6,035.7 6,087.3
4,837.2 5,098.2 5,049.4 5,099.8 5,123.4 5,120.0 5,156.1
806.0
823.2
768.4
788.8
799.6
838.0
812.5
4,068.8 4,292.2 4,260.6 4,300.2 4,311.0 4,296.9 4,318.1
878.0

911.8

906.3

911.0

914.2

915.6

931.2

343.8
534.2

358.0
553.8

357.1
549.3

358.8
552.2

358.8
555.4

357.2
558.5

363.4
567.7

715.0
30.6

743.5
27.6

735.2
29.8

745.3
28.7

752.7
32.3

740.8
19.6

759.0
23.4

38.2

35.1

37.2

36.0

39.9

27.4

31.3

-7.6
684.4
625.9

-7.5
715.9
642.1

-7.4
705.4
642.7

-7.3
716.6
652.5

-7.6
720.5
652.8

-7.8
721.2
620.4

-7.8
735.6
635.9

.4

1.9

2.1

64.9

67.2

98.9

97.6

-1.1

.3

-.1

59.6

73.4

62.7

141.6
202.5
-61.0

Seasonally adjusted at annual rates

2002

2001

142.6
212.0

139.6
205.2

139.0
213.4

144.0
211.7

147.7
217.5

158.9
229.5

-69.4

-65.5

-74.4

-67.7

-69.8

-70.6

876.4

767.1

789.8

759.8

697.0

822.0

827.8

833.0
845.4
271.5
573.9
379.6
194.3

700.7
698.5
216.0
482.5
416.6
65.9

753.8
755.7
236.8
518.9
405.2
113.7

729.5
738.3
228.0
510.3
412.3
98.0

683.6
680.6
204.9
475.6
420.4
55.2

635.9
619.4
194.1
425.2
428.7
-3.5

662.8
643.5
212.4
431.1
436.0
-4.9

-12.4

2.2

-1.9

-8.8

3.1

16.6

19.3

43.4
532.7

66.4
554.3

36.0
549.4

30.3
553.0

13.4
558.3

186.1
556.4

164.9
582.1

604.9

551.2

553.0

531.8

492.0

627.9

615.4

952.4

933.1

911.6

905.1

918.6

997.1

988.8

225.3

134.5

147.8

119.5

71.7

199.1

179.3

727.1

798.6

763.8

785.6

847.0

798.0

809.5

-12.4
964.8

2.2
930.9

-1.9
913.5

-8.8
913.9

3.1
915.6

16.6
980.6

19.3
969.5

2001

2002

2001

Billions of dollars
Gross
business
Consumption of fixed capital..
Net product
Indirect business tax and
nontax liability plus
business transfer
payments less subsidiesDomestic income
Compensation of
employees
Wage and salary
accruals
Supplements to wages
and salaries
Corporate profits with
inventory valuation and
capital consumption
adjustments
Profits before tax
Profits tax liability....
Profits after tax
Dividends
Undistributed
profits
Inventory valuation
adjustment
Capital consumption
adjustment
Net interest
Gross product of financial
corporate business
Gross product of
nonfinancial corporate
business
Consumption of fixed capital..
Net product
Indirect business tax and
nontax liability plus
business transfer
payments less subsidiesDomestic income
Compensation of
employees
Wage and salary
accruals
Supplements to wages
and salaries
Corporate profits with
inventory valuation and
capital consumption
adjustments
Prof its before tax
Profits tax liability....
Profits after tax
Dividends
Undistributed
profits
Inventory valuation
adjustment
Capital consumption
adjustment
Net interest

6,110.8 6,301.1 6,265.9 6,296.3 6,285.8 6,356.6 6,445.8
809.5
847.0
798.0
727.1
798.6
763.8
785.6
5,383.8 5,502.5 5,502.1 5,510.6 5,438.8 5,558.6 5,636.3

557.7
4,826.0

574.9
4,927.6

574.6
4,927.4

579.0
4,931.6

559.2
4,879.6

586.7
4,971.9

590.5
5,045.8

3,883.4

4,087.7

4,058.5

4,093.8

4,104.5

4,094.0

4,121.1

3,342.9

3,526.4

3,500.6

3,533.0

3,541.8

3,530.3

3,547.9

540.5

561.3

557.9

560.8

562.8

563.6

573.2

739.6
708.6
271.5
437.1
341.9

617.8
549.2
216.0
333.2
394.0

649:7
615.7
236.8
378.9
383.2

615.8
594.3
228:0
366.3
374.7

550.9
534.4
204.9
329.5
407.6

655.0
452.4
194.1
258.2
410.6

693.4
509.2
212.4
296.8
422.4

95.2

-60.8

-4.3

-8.4

-78.1

-152.4

-125.6

-12.4

2.2

-1.9

-8.8

3.1

16.6

19.3

43.4
203.0

66.4
222.1

36.0
219.2

30.3
222.0

13.4
224.2

186.1
222.8

164.9
231.3

730.1

762.2

769.6

756.6

744.7

777.9

800.1

5,380.7
606.9
4,773.9

5,538.9 5,496.3 5,539.7 5,541 1 5,578.6 5,645.7
656.7
702.2
674.4
665.6
666.1
637.3
4,873.3 4,859.0 4,883.0 4,838.9 4,912.5 4,971.3

516.5
4,257.4

532.8
4,340.6

532.9
4,326.1

537.0
4,345.9

517.1
4,321.8

544.1
4,368.4

547.8
4,423.5

3,535.2

3,721.1

3,694.5

3,726.7

3,736.5

3,726.9

3,751.6

3,041.7

3,208.6

3,185.1

3,214.6

3,222.6

3,212.2

3,228.2

493.5

512.5

509.4

512.0

513.8

514.6

523.4

550.1
504.2
186.6
317.6
269.0

450.5
369.2
139.7
229.5
309.5

464.8
413.5
152.5
261.0
300.9

450.4
411.0
151.2
259.8
294.3

414.8
381.0
139.3
241.7
320.1

472.0
271.2
115.8
155.4
322.5

496.0
309.9
128.8
181.1
331.7

48.6

-80.0

-39.9

-34.5

-78.4

-167.1

-150.6

-12.4

2.2

-1.9

-8.8

3.1

16.6

19.3

58.3
172.1

79.1
168.9

53.2
166.8

48.2
168.9

30.7
170.6

184.3
169.5

166.8
175.9

Billions of chained (1996) dollars
Gross product of
nonfinancial corporate
business
Consumption of fixed capital'
Net product2

5,157.9 5,215.7 5,205.3 5,216.3 5,181.5
624.8
698.5
688.4
730.7
666.7
4,533.1 4,517.2 4,538.6 4,527.9 4,450.8

5,259.9 5,332.7
708.4
731.5
4,551.5 4,601.2

1. Chained-dollar consumption of fixed
caj
.......
...
3 business is calculated as the product
1' current-dollar value of the corresponding series, divided by 100.
of the chain-type quantity/ index and the 1996
2. Chained-dollar net product of nonfinancial corporate business is the difference Between the gross product
and the consumption of fixed capital.

July 2002

D-7

SURVEY OF CURRENT BUSINESS

2. Personal Income and Outlays
Table 2.1. Personal Income and Its Disposition

Table 2.2. Personal Consumption Expenditures by Major Type of Product

[Billions of dollars]

[Billions of dollars]

Seasonally adjusted at annual rates
2000

Personal income
8,319.2
Wage and salary
disbursements
4,837.2
Private industries
4,068.8
Goods-producing
1,163.7
industries
Manufacturing
830.1
Distributive industries..
1,095.6
Service industries
1,809.5
Government
768.4
Other labor income
534.2
1
Proprietors income with
inventory valuation and
capital consumption
adjustments
715.0
Farm
30.6
684.4
Nonfarm
Rental income of persons
with capital consumption
141.6
adjustment
379.2
Personal dividend income.
Personal interest income... 1,000.6
Transfer payments to
1,069.1
persons
Old-age, survivors,
disability, and health
617.3
insurance benefits
Government
unemployment
20.3
insurance benefits
25.1
Veterans benefits
406.4
Other transfer payments..
18.3
Family assistance'
388.1
Other
Less: Personal
contributions for social
insurance
357.7
Less: Personal tax and nontax
1,288.2
payments
Equals: Disposable personal
income
7,031.0
Less: Personal outlays
6,963.3
Personal consumption
expenditures
6,728.4
Interest paid by persons
205.3
Personal transfer payments
to the rest of the world
(net)
29.6
Equals: Personal saving
67.7
Addenda:
Disposable personal income:
Total, billions of chained
(1996) dollars2
6,539.2
Per capita:
24,889
Current dollars
23,148
Chained (1996) dollars
Population (mid-period,
282.5
millions)
Personal saving as a
percentage of disposable
personal income
1.0

2001

2001

8,723.5 8,640.2

Seasonally adjusted at annual rates
2002

8,714.6 8,771.8 8,767.2

5,098.2 5,049.4 5,099.8 5,123.4 5,120.0 5,156.1
4,292.2 4,260.6 4,300.2 4,311.0 4,296.9 4,318.1
1,197.3 1,206.3 1,204.4 1,197.5 1,181.1 1,178.0
842.1
817.9
853.3
850.2
841.1
823.9
1,145.5 1,140.3 1,148.2 1,148.1 1,145.2 1,155.1
1,949.4 1,914.0 1,947.6 1,965.4 1,970.6 1,985.1
788.8
823.2
838.0
806.0
799.6
812.5
567.7
553.8
549.3
552.2
558.5
555.4

735.2
29.8
705.4

745.3
28.7
716.6

752.7
32.3
720.5

740.8
19.6
721.2

759.0
23.4
735.6

142.6
139.6
139.0
416.3
404.8
411.9
993.6 1,010.9 1,001.0

144.0
420.0
991.5

147.7
428.4
970.9

158.9
435.7
972.6

743.5
27.6
715.9

1,148.8 1,123.1 1,139.4 1,159.0 1,173.8 1,215.5
664.4

651.4

660.1

670.8

675.2

695.9

23.7
26.5
434.2
19.2
415.0

22.7
26.2
422.8
19.0
403.8

23.1
25.8
430.4
19.2

23.9
26.5
437.8
19.3

411.2

418.5

25.2
27.4
445.9
19.4
426.6

27.1
28.7
463.9
19.3
444.5

373.3

372.1

374.0

374.2

372.8

379.5

1,306.2 1,345.2 1,351.4 1,195.5 1,332.7 1,185.6
7,417.3 7,295.0 7,363.2 7,576.4 7,434.5 7,700.4
7,298.9 7,216.2 7,281.7 7,291.0 7,406.6 7,474.1
7,064.5
203.2

6,977.6 7,044.6 7,057.6 7,178.2 7,255.2
208.5
206.3
196.4
185.9
201.5
31.9
285.3

31.2
118.4

30.1
78.8

30.8
81.5

6,772.4

6,679.0

6,719.2

25,943
23,687

25,634
23,470

25,798
23,541

26,457
24,157

25,880
23,580

26,733
24,295

285.9

284.6

285.4

286.4

287.3

288.1

1.6

1.1

1.1

3.8

31.9
27.9

33.0
226.3

6,917.5 6,773.8

6,998.1

2.9

1. Consists of aid to families with dependent children and, beginning with 1996, assistance programs operating
under the Personal Responsibility and work Opportunity Reconciliation Act of 1996.
2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures.
NOTE. Percent changes from preceding period for disposable personal income are shown in table 8.1.




2000

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
Addenda:
Energy goods and services '
Personal consumption
expenditures less food and
energy

2001

2001

2002

6,728.4 7,064.5 6,977.6 7,044.6 7,057.6 7,178.2 7,255.2
877.9
858.3
838.1
840.6
909.8
819.6
844.7
378.0
375.1
358.6
360.3
362.3
346.8
419.3
310.4
308.4
308.3
314.9
320.3
307.3
310.0
171.1
172.1
179.6
165.5
172.8
172.5
175.6
1,989.6 2,055.1 2,047.1 2,062.3 2,057.5 2,053.5 2,095.4
991.6
993.5 1,003.9 1,026.9
957.5
982.0
987.0
322.2
318.5
322.1
319.1
322.4
329.8
325.7
179.4
183.2
188.9
194.0
162.6
165.3
169.5
177.3
16.7
17.9
19.4
16.7
562.0
529.8
550.5
559.0
3,919.2 4,151.1 4,092.4 4,137.6
958.8 1,015.9
992.8 1,008.2
385.7
412.2
420.1
414.5
154.8
141.4
157.9
164.4
257.3
256.7
244.2
255.7
278.3
279.8
272.8
280.5
996.5 1,061.1 1,039.8 1,054.6
270.9
271.0
256.2
267.3
1,049.3 1,112.8 1,092.0 1,109.3

154.4
179.7
154.8
140.4
163.4
140.3
16.3
14.5
13.9
572.7
565.8
584.4
4,159.4 4,214.9 4,281.8
1,022.9 1,039.6 1,058.1
412.2
407.7
401.8
154.3
146.8
142.8
257.9
260.9
259.0
277.5
280.8
275.3
1,065.4 1,084.6 1,098.0
270.9
274.4
277.8
1,110.6 1,139.2 1,159.3

324.6

334.2

353.3

351.8

334.0

297.6

301.2

5,446.3

5,738.7

5,642.3

5,705.8

5,730.0

5,876.8

5,927.0

1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.

Table 2.3. Real Personal Consumption Expenditures by Major Type of
Product
[Billions of chained (1996) dollars]
Personal consumption
expenditures
Durable goods
Motor vehicles and parts
Furniture and household
equipment
Other
Nondurable goods
Food
Clothing and shoes
Gasoline, fuel oil, and other
energy goods
Gasoline and oil
Fuel oil and coal
Other

Services

6,257.8 6,450.3 6,388.5 6,428.4 6,443.9 6,540.3 6,593.5
895.5
955.6
922.4
938.1
940.2 1,021.7
996.8
348.3
375.0
357.0
361.9
361.5
419.4
381.9
377.0
403.2
391.0
400.5
403.7
417.8
432.2
172.8
180.0
177.5
179.5
179.3
183.6
188.4
1,849.9 1,883.3 1,878.0 1,879.4 1,882.0 1,893.6 1,931.1
881.3
886.2
887.3
886.1
883.8
887.6
902.7
335.3
345.2
342.7
344.1
344.7
349.3
359.5
150.3
136.6
13.8
484.5

151.7
139.1
12.8
502.3

152.6
138.9
13.8
497.3

150.1
137.7
12.6
501.4

152.6
140.1
12.7
503.0

151.7
139.6
12.3
507.5

155.6
143.3
12.6
516.7

3,527.7 3,633.4 3,605.1 3,629.8 3,640.4 3,658.2 3,692.6

Housing
Household operation
Electricity and gas
Other household operation
Transportation
Medical care
Recreation
Other

850.1
377.6
136.4
241.0
251.3
903.9
227.0
917.1

867.0
387.2
134.6
253.2
252.6
935.4
232.3
957.9

861.3
392.3
140.1
252.3
254.4
921.6
232.2
942.8

864.9
387.0
135.0
252.7
254.2
932.1
232.8
957.7

868.4
388.0
134.0
254.7
252.0
940.2
231.2
959.7

873.2
381.3
129.4
253.0
249.7
947.7
232.9
971.5

879.5
388.2
135.7
253.4
252.9
954.1
234.6
981.8

Residual
Addenda:
Energy goods and services'
Personal consumption
expenditures less food and
energy

-18.6

-26.5

-21.7

-24.8

-25.1

-34.2

-35.8

286.4

286.0

292.2

284.7

286.3

280.7

291.1

5,089.0

5,278.7

5,208.4

5,258.5

5,274.6

5,373.3

5,401.3

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.

National Data

D-8

July 2002

3. Government Current Receipts and Expenditures
Table 3.1. Government Current Receipts and Expenditures
[Billions of dollars]
Seasonally adjusted at annual rates
2000

2001

2001

2002

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
Transfer payments (net)
To persons
To the rest of the world (net)
Net interest paid
Interest paid
To persons and business
To the rest of the world
Less: Interest received by government
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




3,023.9

1,288.2
271.5
762.7
701.5
2,772.5
1,422.7
1,050.0
1,036.0

14.0
262.6
362.8
255.2
107.7

100.3
.4
37.6
44.1

6.5
.0
251.4
117.7
133.8
171.1

251.4
211.3
36.2
318.3

9.5

3,047.4
1,306.2

216.0
794.0
731.2
2,910.8
1,498.3
1,122.1
1,113.8
8.3

236.1
340.5
236.2
104.3
104.4
.4
54.8
57.2
2.4
.0
136.5

107.6
28.9

3,096.8
1,345.2
236.8
785.7
729.1
2,869.2

1,474.2
1,094.6
1,088.7
5.8
253.0
355.6
247.6
108.0
102.6
.4
47.8
52.5
4.6
.0
227.6
115.7
111.9

46.0
136.5
223.8
36.3

147.5
227.6

341.2

330.9
6.0

9.4

218.6
38.4

I

3,104.5
1,351.4
228.0

2,927.3
1.195.5

3,060.8
1,332.7

2,950.1

204.9

212.4

792.3
732.8
2,896.5

793.9
733.0

194.1
804.0
730.0

2,939.0

2,938.6

1,491.4
1,111.6
1,104.6
7.1
241.7
345.2
239.7
105.5
103.5
.4
52.2
55.0
2.8
.0
208.0
113.0
95.1

1,504.9
1,131.4
1,123.7
7.7

1,522.7
1,150.6
1,138.0

113.5
208.0
221.3
37.0
344.0
8.8

-92.2
-11.7
229.3
34.8
331.9

231.7
336.3
232.7
103.6
104.7
.4
71.5
72.6
1.2
.0
-11.7
104.2
-115.9

12.7

1,185.6
809.1
742.9
3,008.5
1,558.2

218.0

1,199.6
1,179.4
20.3
204.5

324.9
224.7

311.9
213.6

100.2

98.3
107.4
.4
46.5
48.1
1.7
.0
-58.4

12.6

106.9
.4
47.7
48.6
1.0
.0
122.2
97.6
24.6
15.3
122.2
226.0
34.9
357.7
10.1

89.6
-148.0
-169.5
-58.4
229.4
37.8
368.0

10.3

July 2002

D-9

SURVEY OF CURRENT BUSINESS

Table 3.2. Federal Government Current Receipts and Expenditures

Table 3.3. State and Local Government Current Receipts and
Expenditures

[Billions of dollars]

[Billions of dollars]

Seasonally adjusted at annual rates
2000

2001

2001

Seasonally adjusted at annual rates

2002

2001

2000
Current receipts
Personal tax and nontax
receipts
Income taxes
Nontaxes
Corporate profits tax accruals.
Federal Reserve banks
Other
Indirect business tax and
nontax accruals
Excise taxes
Customs duties
Nontaxes
Contributions for social
insurance
Current expenditures
Consumption expenditures
Transfer payments (net)
To persons
To the rest of the world (net)
Grants-in-aid to State and local
governments
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 accountsSocial 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 investmentLess; Net purchases of
nonproduced assets




2,046.8 2,028.2 2,087.4 2,091.5 1,907.1

2,026.7 1,925.7

1,009.5 1,010.1 1,051.4 1,060.0
999.5 1,000.4 1,041.5 1,050.2
9.7
10.1
9.9
9.8
197.3
234.7
186.5
205.0
24.2
25.3
24.1
25.7
173.1
209.3
162.5
179.4

1,031.8
1,022.4

111.2
69.8
21.1
20.3

110.9
68.2
20.6
22.1

112.2
68.7
21.6
21.9

112.0
69.4
20.3
22.3

897.2
887.6
9.6
177.4
23.2
154.3
110.2
67.3
20.3
22.5

9.4
166.4
23.2

903.1
893.8
9.3
182.0
21.7

143.2

160.3

109.5
67.2
20.4
22.0

108.6
68.9
18.7
21.0

691.5
722.2
720.6
718.8
719.1
732.0
722.3
1,828.3 1,909.2 1,882.1 1,904.7 1,920.7 1,929.3 1,994.0
510.1
513.7
493.7
514.1
507.5
525.0
551.3
823.3
838.6
811.7
853.1
779.3
831.7
895.8
816.3
830.9
805.8
840:5
765.3
823.4
875.5
7.1
7.7
5.8
12.6
14.0
8.3
20.3

245.6
262.9
282.2
174.5
107.7

274.2
236.9
257.7
153.4
104.3

19.3
46.8
43.7

-3.1

218.6
118.0
100.6

264.0
253.5
273.4
108.0

281.2
242.5
262.5
156.9
105.5

266.4
232.5
253.2
149.7
103.6

285.0
219.1
241.6
141.4
100.2

293.8
205.9
228.2
129.9
98.3

20.8

19.9

20.0

20.7

22.5

22.3

52.4
44.7

45.4
39.9

47.6
40.0

69.5
60.7

47.1
38.1

47.2
38.7

-7.8

119.0
107.8
11.2

•165.4

-5.6

205.3
116.0
89.3

-7.7

186.7
113.1
73.6

-8.8

-9.1

-8.5

.0

.0

.0

-13.6
104.3
-117.8

97.4
97.7
-.3

-68.2
89.8
-158.0

210.6

104.7

200.7

174.7

-33.3

76.6

-93.0

218.6

119.0

205.3

186.7

-13.6

97.4

-68.2

98.4

99.4

99.8

100.9

102.1

-12.8
101.6

-8.9
97.8

-12.7
99.9

-14.8
102.0

-14.9
106.7

-17.7
109.0

-.5

-3.7

-1.1

2.8

96.4
-7.9
96.5
-1

Current receipts
Personal tax and nontax
receipts
Income taxes
Nontaxes
Other
Corporate profits tax accruals.
Indirect business tax and
nontax accruals
Sales taxes
Property taxes
Other
Contributions for social
insurance
Federal grants-in-aid
Current expenditures
Consumption expenditures
Transfer payments to persons.
Net interest paid
Interest paid
Less: Interest received by
government
Less: Dividends received by
government
Subsidies less current surplus
of government enterprises..
Subsidies
Less: Current surplus of
government enterprises...
Less: Wage accruals less
disbursements
Current surplus or deficit
(-), national income
and product accountsSocial 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....

2002

2001

1,222.6 1,293.3 1,273.4 1,294.3 1,286.6 1,319.1 1,318.2

38.1
20.7
36.8

296.1
234.1
40.6
21.3
29.4

293.8
233.0
39.7

291.4
229.8
40.3

298.2
235.9
40.9

21.2
31.8

21.3
30.7

21.4
27.5

651.5
321.5
248.4
81.6

683.0
336.8
258.3
88.0

673.5
332.4
254.5
86.7

680.4
335.6
256.8
88.0

683.7
335.8
259.5
88.4

278.7
219.8

300.9
237.8
41.6
21.5
27.8

694.5
343.4
262.2

282.5

218.6
42.3
21.6
30.4
700.5
345.3
264.8
90.4

10.3
10.6
10.8
10.9
11.0
10.6
264.0
281.2
266.4
285.0
293.8
274.2
1,189.8 1,275.8 1,251.1 1,273.0 1,284.7 1,294.3 1,308.4
966.7
991.2
997.7 1,007.0
929.0
984.2
981.3
270.7
290.4
282.9
288.3
292.8
297.6
303.9
-1.1
-.3
-.8
-.5
-.8
-.9
-1.4
10.0

245.6

80.7

82.9

82.2

82.8

83.1

83.4

83.7

80.9

83.7

82.7

83.6

83.9

84.5

85.1

.4
-9.2
.4

.4
2.4
12.5

.4
2.4
12.6

.4
4.6
15.1

.4
2.0
11.9

.4

.5
10.5

.4
-7
9.5

9.7

10.2

10.2

10.5

9.9

10.0

10.2

.0

.0

.0

.0

.0

.0

.0

32.8
-.3
33.1

17.6

22.3
-.3
22.6

21.3

-.2
17.7

-.2
21.4

1.9
-.1
2.0

24.8
-1
24.9

-.2
10.0

-39.5

-58.6

-53.2

-61.2

-58.9

-61.2

-76.5

32.8

17.6

22.3

21.3

1.9

24.8

9.8

114.9

124.2

120.2

121.9

129.5

125.2

127.3

44.1
221.8

49.1
239.6

47.3
233.1

49.7
244.2

49.7
230.0

49.8
251.0

55.5
259.1

9.6

9.9

9.8

9.9

9.9

10.0

10.1

9.8

National Data

D-10

July 2 0 0 2

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
2000

Government consumption
expenditures and gross
investment1
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
capital4
Other services
Gross investment
Structures
Equipment and software
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
State and local
Consumption expendituresDurable 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 softwareAddenda:
Compensation of general
government employees3.
Federal
State and local

2001

Seasonally adjusted at annual rates
2002

2001

54.1

Government consumption
expenditures and gross
investment1
Federal
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
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
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-

259.0
725.6

Addenda:
Compensation of general
government employees3.

1,741.0 1,839.5 1,805.2 1,835.4 1,836.9 1,880.4 1,926.3
590.2
615.7
609.9
615.7
631.7
605.3
660.2
375.4
399.0
396.1
399.6
407.5
432.5
392.9

321.9
22.5
10.4
289.0

342.2
24.4
10.3
307.6

338.3
22.8
9.5
306.0

339.5
24.0
10.8
304.6

343.1
26.0
10.5
306.7

347.9
24.6
10.3
313.1

370.7
25.0
11.2
334.5

137.9

143.0

141.1

141.8

143.3

146.0

154.5

63.8
87.4
53.5
5.3
48.2
214.8

64.0
100.6
56.8
5.3

64.1
98.7
56.7
5.3
213.8

63.9
99.6
56.5
4.8
51.7
216.1

64.2
102.9
59.5
5.6

51.5
216.6

63.8
101.1
54.6
5.3
49.3
212.4

53.9
224.2

64.7
115.3
61.8
5.4
56.3
227.7

171.8
1.3
6.9

171.9
1.1
6.7

169.2
1.2
6.9

170.6
1.1
6.5

170.6
1.0
5.8

177.0
1.2
7.6

180.5
1.1
7.5

6.1
163.6

.2
6.5
164.0

.3
6.7
161.1

.0
6.5
163.0

-.4
6.3
163.8

.9
6.7

168.2

.3
7.2
171.9

93.5

96.1

94.4

95.2

96.9

98.0

101.6

51.3

26.6
29.0
28.2
28.8
29.3
29.9
30.6
43.6
37.6
38.8
39.0
39.7
38.5
40.3
45.5
43.0
43.2
44.8
43.2
47.2
47.2
11.0
10.8
11.3
12.2
14.0
10.6
11.5
34.4
32.2
33.4
33.2
32.6
35.0
31.8
1,150.8 1,223.8 1,199.8 1,225.5 1,221.2 1,248.7 1,266.0
984.2
929.0
966.7
981.3
991.2
997.7 1,007.0
18.1
16.9
17.7
18.0
18.3
18.5
18.7
110.9
115.8
116.4
111.4
118.8
116.7
112.6
801.2
850.3
832.6
856.2
867.7
844.5
875.6

661.8

696.4

681.0

690.9

702.6

711.0

716.9

49.7
221.8
165.0
56.8

96.3
57.6
239.6
183.1
56.5

94.2
57.4

96.9
56.8
230.0
173.7
56.2

98.4
58.3
251.0
195.7
55.3

100.2
58.5

57.5

95.8
57.8
244.2
187.2
56.9

904.1
233.4
670.7

946.3
241.4
704.8

927.1
237.6
689.5

938.9
239.3
699.6

953.4
242.5
710.9

965.7
246.3
719.4

233.1
175.6

259.1
204.9

Residual

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.




2000

Federal
State and local

2001

2002

2001

1,572.6 1,628.6 1,603.4
552.2
545.9
560.3
360.3
349.0
365.3

1,623.0 1,624.1 1,663.9 1,690.9
554.7
590.7
559.6
574.9
362.4
389.2
373.2
365.3
312.1
24.7
10.4
277.5

325.8
25.0
11.9

271.0

307.5
26.0
9.8
272.3

119.5

119.6

120.6

122.9

123.9

62.9
90.2
58.6
4.4
54.5

62.7
91.2
56.1
4.5

63.0
89.0
58.1
4.0
54.5

63.2
91.6

195.0

191.8

62.8
88.8
58.2
4.5
54.0
192.3

194.3

201.6

63.5
102.3
64.0
4.5
60.0
201.6

154.2
1.5
7.7

151.2
1.3
7.9

149.5
1.4
7.2

150.0
1.3
6.8

149.8
1.2
6.3

155.5

1.4
11.2

155.4
1.4
8.6

2.0
5.7
146.0

1.8

1.1
6.1
141.4

.9

143.2

142.3

.5
5.8
142.8

4.7
6.5
146.4

146.5

79.5

79.7

78.8

78.9

80.2

80.9

81.0

26.4
40.5
42.9
9.5
33.9

28.6
35.4
44.4
9.7
35.3

27.8
35.3
42.9

821.4
17.0
99.9
705.4

851.3
18.1

105.7
728.5

839.1
17.7
103.5
719.0

577.0

589.9

84.8
43.7
205.0
143.5
63.1

294.5
22,6
9.3
262.9

307.1
24.4
9.7
273.5

304.4
22.9
8.6
273.2

304.6
24.0
10.0

120.3

120.6

62.6
80.2
54.7
4.6
50.3
196.7

6.1

51.9

9.9
33.4
1,026.3 1,067.5 1,050.5

5.9

61.8
4.7
57.4

289.4

1.6
7.0

28.3
30.1
28.9
29.5
35.6
35.9
34.2
36.6
42.8
45.2
46.9
46.9
9.1
9.4
10.4
11.8
34.3
36.4
35.3
37.0
1,067.4 1,063.8 1,088.4 1,099.8
846.9
855.9
863.2
868.3
17.9
18.7
18.2
18.5
105.0
725.0

732.1

107.9
738.0

108.9
742.0

584.6

588.0

592.2

594.6

596.4

87.7
46.9
211.6
148.4
64.6

48.4
221.0
157.4
64.2

90.0
50.2
207.9
145.7
63.6

91.2
52.8
225.7
162.5
63.1

232.1

-5.3

89.4
49.6
216.5
153.5
63.9
-6.1

-5.1

-4.7

-5.9

-8.6

-5.8

786.3
201.7
584.7

799.3
202.3
597.0

792.1
200.2
591.9

795.9
200.6
595.4

802.0
202.8
599.2

807.3
205.7
601.6

811.0
207.4
603.6

106.6

92.7
53.5
169.2
62.1

NOTE. Chained (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates 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.

July 2002

D-11

SURVEY OF CURRENT BUSINESS

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
2000

National defense
consumption
expenditures and gross
investment1
Consumption expenditures....
Durable goods2
Aircraft
Missiles
Ships.....
Vehicles
Electronics
Other durable goods
Nondurable goods
Petroleum products
Ammunition
Other nondurable goods..
Services
Compensation of general
government employees,
except 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.

2001

396.1

399.6
343.1
26.0
12.3
2.6
1.4
1.3
3.1
5.3
10.5
4.3
2.2
4.0
306.7

407.5
347.9
24.6
11.2
2.2
1.1
1.4
3.1
5.5

313.1

432.5
370.7
25.0
11.0
2.7
1.3
1.3
3.2
5.6
11.2
3.8
2.4
5.0
334.5

141.8
92.1
49.7

143.3
93.3

146.0
96.5
49.5

154.5
103.7
50.8

63.8
101.1

64.1
98.7

63.9
99.6

64.2
102.9

64.7
115.3

31.9
24.3
10.5
27.0

33.7
25.0
10.1
26.6

30.2
24.2
10.5
26.7

30.5
24.2
10.4
27.1

33.3
23.7
11.0
27.6

39.3
25.5
12.3
31.4

4.9

4.7
3.8
-2.9
54.6
5.3

4.7
3.8
-1.3
56.7
5.3

4.9
3.9
-1.5
56.5
4.8

5.0
3.9

4.8
3.6
-1.6

49.3
7.4
3.7
7.2

51.3
7.8
3.5
7.4
1.9
14.5
16.2

51.7

375.4
321.9
22.5
10.2
2.3
1.5
.8
2.9
4.8
10.4
4.0
1.7
4.6
289.0

399.0
342.2
24.4
11.0
2.6
1.3
1.2
3.0
5.3
10.3
4.0
2.1
4.2
307.6

392.9
338.3
22.8
10.1
2.7
1.4
.9
2.8
4.8
9.5
4.0
1.9
3.6
306.0

339.5
24.0
10.5
2.7
1.2
1.2
2.9
5.5
10.8
4.1
2.1
4.7
304.6

137.9
88.8
49.1

143.0
93.5
49.6

141.1
91.9
49.1

63.8
87.4

64.0
100.6

23.6
24.7
9.4
22.7
4.8
4.1

3.9

-1.8

-1.9
53.5
5.3
48.2
7.7
2.6
6.6

56.8
5.3
51.5
8.1
3.3
7.2

15.1
14.4

1.9
15.3
15.8

1.8

138.6

Seasonally adjusted at annual rates
2002

2001

143.9

1.8
15.0
14.3
141.7

142.5

9.5
3.0
6.9
1.7
15.3
15.2

144.1

10.3
3.6

2.1
4.6

-1.7
59.5
5.6

53.9
7.6
3.1
7.3
2.0
16.4
17.4
147.0

61.8
5.4
56.3
8.0
3.4
8.2

2.1
17.2
17.5
155.8

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.




2000

National defense
consumption
expenditures and gross
investment1
Consumption expenditures....
Durable goods2
Aircraft
Missiles
Ships
Vehicles
Electronics
Other durable goods
Nondurable goods
Petroleum products
Ammunition
Other nondurable goods..
Services
Compensation of general
government employees,
except 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
Residual
Addendum:
Compensation of general
government employees3.

2001

2002

2001

373.2
312.1
24.7
11.3
2.2
1.1
1.0
3.6
5.5
10.4
3.6
2.2
4.4
277.5

389.2
325.8
25.0
10.9
2.7
1.2

271.0

365.3
307.5
26.0
12.3
2.6
1.4
.9
3.5
5.2
9.8
3.6
2.2
3.8
272.3

119.5
79.0
40.6

119.6
79.0
40.7

120.6
79.9
40.8

122.9
82.7
40.4

123.9
84.2
40.0

62.9
90.2

62.7
91.2

62.8
88.8

63.0
89.0

63.2
91.6

63.5
102.3

21.8
23.3
8.3
19.7

29.0
22.4

30.8
23.2
8.8
22.6

27.5
22.5
9.1
22.5

27.6
22.2
8.9

22.9

30.0
21.8
9.4
23.0

35.4
23.6
10.3
25.9

4.6
4.0
-1.7
54.7
4.6
50.3
8.3
2.7
6.4

4.5
3.7
-1.6
58.6
4.4
54.5

4.5
3.7
-2.4
56.1
4.5
51.9
8.3

4.5
3.7

4.5
3.8
-1.3

4.6
3.9

-1.1
58.2
4.5
54.0
8.8

-1.4

4.1
7.0
1.8

3.9
7.2
2.0

4.5
3.6
-1.4
64.0
4.5
60.0
9.5
3.7
8.0
2.2

10.3
2.3
1.5
.6
3.3
4.8
9.3
3.1
1.8
4.4
262.9

365.3
307.1
24.4
11.1
2.6
1.3
.9
3.4
5.3
9.7
3.4
2.1
4.0
273.5

360.3
304.4
22.9
10.1
2.7
1.4
.7
3.2
4.8
8.6
3.1
1.9
3.5
273.2

362.4
304.6
24.0
10.5
2.7
1.2
.8
3.3
5.5
10.0
3.3
2.2
4.5

120.3
78.9
41.5

120.6
80.2
40.6

62.6
80.2

349.0

294.5
22.6

1.8
16.7

14.3

120.9

9.1
22.8

.9
3.7
5.6
11.9
4.5
2.5
4.8
289.4

61.8
4.7
57.4

17.2

17.1

17.2
15.6
-1.3

16.7
14.1

16.2
15.9

58.1
4.0
54.5
10.8
3.3
6.7
1.8
17.2
15.0

-1.1

-1.3

-1.3

-1.5

-1.8

121.3

120.1

120.2

121.3

123.7

125.0

9.2
3.6
7.0
1.9

9.1
3.4
7.2

2.1
18.5

19.6

NOTE. Chained (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the difference between the 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.

National Data

D-12

July 2002

4. Foreign T r a n s a c t i o n s .
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
2000

2001

2001

Seasonally adjusted at annual rates
2002

2000

2001

Receipts from the rest of
the world
Exports of goods and services
Goods'
Durable
Nondurable
Services!
Income receipts
Payments to the rest of
the world
Imports of goods and services
Goods'

Durable"!

Z1.Z..'.Z

Nondurable
Services'
Income payments
Transfer payments (net)
From persons (net)
From government (net)
From business
Net foreign investment

1,487.1 1,385.5 1,496.3 1,426.5 1,341.9 1,277.4 1,279.2
983.8
1,102.9 1,050.4 1,117.4 1,079.6 1,020.6
989.9
736.4
794.2
754.4
710.7
686.1
785.6
678.2
524.7
573.6
539.6
504.6
481.0
570.3
476.4
211.7
220.6
214.8
206.2
205.1
215.3
201.8
314.0
323.2
325.2
309.8
297.7
317.3
311.7
335.2
378.9
346.9
321.3
293.6
384.2
289.3
1,487.1 1,385.5 1,496.3 1,426.5 1,341.9 1,277.4 1,279.2
1,466.9 1,380.1 1,481.2 1,427.0 1,315.0 1,297.3 1,319.3
1,244.9 1,173.5 1,248.7 1,197.8 1,145.6 1,101.9 1,105.9
811.2
734.3
724.3
758.0
762.3
735.7
821.6
411.3
377.6
415.5
437.6
435.5
370.2
423.3
169.4
195.4
229.2
206.6
232.5
221.9
213.3
332.4
389.4
358.6
281.6
396.3
340.5
310.5
49.0
53.8
54.4
49.1
45.9
47.6
63.0
31.9
31.9
31.2
30.1
30.8
33.0
29.6
7.7
12.6
8.3
5.8
7.1
20.3
14.0
9.4
9.3
9.6
10.0
9.7
9.7
10.8
-420.2 -406.6 -354.5 -355.3 -413.5
-430.5 -384.1

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.




Exports of goods and services
Goods l
Durable
Nondurable
Services'
Income receipts
Imports of goods and services
Goods1
Durable
Nondurable
Services'
Income payments

2002

2001

I

II

III

IV

I

1,133.2 1,081.7 1,144.1 1,108.3 1,052.2 1,022.2 1,029.3
762.9
836.1
844.4
805.2
743.1
736.4
788.9
608.9
575.9
540.0
611.7
516.3
511.1
561.0
227.0
229.0
222.6
232.5
226.7
225.2
227.7
299.3
303.6
289.6
301.8
279.6
291.9
293.7
360.2
319.6
296.2
350.3
270.4
265.8
309.1
1,532.3 1,490.4 1,548.6 1,515.0 1,463.2 1,434.9 1,463.8
1,315.6 1,278.7 1,322.8 1,290.1 1,256.6 1,245.1 1,256.5
925.3
870.3
845.5
919.6
841.7
859.4
869.3
392.3
415.1
406.2
403.3
399.1
393.6
405.9
218.7
226.2
207.6
227.4
190.9
206.4
213.0
367.0
325.7
301.8
355.2
255.0
279.9
309.4

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 2002

D-13

SURVEY OF CURRENT BUSINESS

Table 4.3. Exports and Imports of Goods and Services by Type of Product
[Billions of dollars]

Table 4.4. Real Exports and Imports of Goods and Services by Type of
Product
[Billions of chained (1996) dollars]

Seasonally adjusted at annual rates
2000

2001

2001

Seasonally adjusted at annual rates

2002
2000

Exports of goods and
services
Exports of goods '
Foods, feeds, and beverages
Industrial supplies and
materials
Durable goods
Nondurable goods
Capital goods, except
automotive
Civilian aircraft, engines,
and parts
Computers, peripherals,
and parts
Other
Automotive vehicles,
engines, and parts
Consumer goods, except
automotive
Durable goods
Nondurable goods
Other
Exports of services'
Transfers under U.S. military
agency sales contracts....
Travel
Passenger fares
Other transportation
Royalties and license fees...
Other private services
Other
Imports of goods and
services
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 services'
Direct defense expenditures
Travel
Passenger fares
Other transportation
Royalties and license fees...
Other private services
Other
Addenda:
Exports of agricultural
goods 2
Exports of nonagricultural
goods
Imports of nonpetroleum
goods

1,102.9 1,050.4 1,117.4 1,079.6 1,020.6
794.2
754.4
710.7
736.4
785.6
48.1
47.8
47.5
48.6
49.3
165.9
63.2

102.7
357.0
48.1

155.8
56.9
98.9

166.0
61.4

49.4

989.9
678.2
49.4

983.8
686.1

157.8
57.5
100.3

151.8
55.0
96.8

147.7
53.6
94.0

145.3
53.6
91.7

332.8

305.0

289.4

285.1

55.1

53.1

48.1

49.4

56.0
255.3

48.6
229.1

44.5
207.4

42.1
199.2

39.3
196.4

104.6
323.6
367.3
53.1
56.1

55.5
253.4

47.8
222.7

80.2

74.6

71.8

76.3

77.4

73.1

72.7

90.6
47.7
42.9
44.5
317.3

89.8
47.6
42.2
43.8
314.0

94.0
50.2
43.8
45.8
323.2

93.6
50.1
43.5
45.8
325.2

86.0
45.8
40.2
42.8
309.8

85.6
44.4
41.1
40.9
297.7

83.3
43.9
39.4
42.4
311.7

12.8
82.0
20.7
30.2
38.0
107.6
25.9

12.5
73.1
17.9
28.0
40.2
114.5
27.7

12.4
81.2
19.7
29.4
39.5
113.0
27.8

13.2
80.9
19.9
28.4
40.7
114.3
27.7

12.1
71.0
17.8
27.9
39.8
113.6
27.6

12.3
59.3
14.2
26.5
40.6
117.1
27.8

11.7
69.1
16.4
26.6
42.3
117.4
28.3

1,466.9 1,380.1 1,481.2 1,427.0 1,315.0 1,297.3 1,319.3
1,244.9 1,173.5 1,248.7 1,197.8 1,145.6 1,101.9 1,105.9
46.0
46.7
45.7
48.0
47.2
47.6
45.9
173.6
88.5
85.1
120.2

167.2
80.6
86.6
103.8

182.4
86.2
96.2
117.2

346.7

298.8

345.7

26.4

31.3

230.5

174.2
80.6
93.5
114.3

161.5
79.0
82.4
102.7

150.7
76.5
74.2
81.1

151.2
78.2
73.1
76.7

299.9

277.4

272.2

277.2

31.0

31.1

30.7

32.3

28.8

74.4
193.1

85.7
228.9

75.9
192.9

67.9
178.7

67.9
171.9

75.1
173.4

195.9

189.7

186.9

191.3

192.0

188.5

191.4

281.6

283.7
147.1

291.9
153.0
138.9
78.7

286.5
147.5
139,0
86.0

280.1

276.2
144.0

283.0
149.5
133.5
78.7

232.5

229.2

14.2
64.7
24.0
42.1
18.1

13.8
65.0
25.8

61.4
8.0

59.5
8.1

150.0
131.6
81.1
221.9

136.6
83.7
206.6

13.6
64.5
24.2

14.6
57.4
22.6
38.4

41.1
16.1

54.7
7.8

17.5
48.0
8.1

39.3
17.7

143.8
136.3

83.9
169.4
14.5
54.9
23.4
36.6
17.7
14.1
8.2

132.2
86.0
195.4

15.8
44.9
17.2
35.5
16.6
57.2
8.3

213.3
15.8
52.0
19.9
35.6
19.1
62.5
8.5

52.8

54.9

54.4

53.9

54.9

56.3

55.6

732.8

681.5

739.8

700.5

655.9

629.7

622.6

1,124.8

1,069.7

1,131.5

1,083.5 1,042.9

1,020.8

1,029.2

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.
2. Includes parts of foods, feeds, and beverages, of nondurable industrial supplies and materials, and of nondurable nonautomotive consumer goods.




Exports of goods and
services
Exports of goodsl
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 services'
Transfers under U.S. military
agency sales contracts....
Travel
Passenger fares
Other transportation
Royalties and license fees...
Other private services
Other
Residual
Imports of goods and
services
Imports of goods'
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
Residual
Addenda:
Exports of agricultural
goods2
Exports of nonagricultural
goods
Imports of nonpetroleum
goods

2001

2002

2001

1,133.2 1,081.7 1,144.1 1,108.3 1,052.2 1,022.2 1,029.3
736.4
844.4
762.9
743.1
788.9
805.2
836.1
62.1
62.7
61.3
60.0
62.9
59.4
61.1
168.2
67.1
101.2

163.1
61.4
101.5

168.7
65.8
102.9

394.9

358.0

405.2

162.7
62.0

160.2
59.3
100.7

160.6
58.7
101.7

338.2

321.5

100.6

159.4
58.5
100.6

367.3

316.4

43.1

45.2

48.4

44.9

40.4

85.6
271.5

76.0
239.7

87.5
273.7

47.0
76.6
246.1

71.5
223.8

68.5
215.4

41.3
64.5
211.9

78.3

72.6

70.0

74.2

75.2

71.1

70.5

89.8
47.3
42.5
45.9
299.3

89.4
47.2
42.2
45.3
293.7

93.5
49.8
43.8
47.1
301.8

93.3
49.8
43.6
47.0
303.6

85.6
45.4
40.2
44.2
289.6

84.9
43.9
41.1
42.8
279.6

83.3
43.5
39.8
44.5
291.9

13.0
73.8
19.7
28.1
35.6
108.8
20.7

12.7
65.5
16.9
26.6
37.0
114.8
21.2

12.6
72.3
18.4
27.4
36.5
113.5
21.7

13.5
71.7
19.1
26.9
37.4
114.6
21.3

12.3
63.7
16.6
26.4
36.7
113.9
21.1

12.6
54.2
13.4
25.7
37.3
117.3
20.9

12.0
62.9
15.6
26.2
38.8
117.2
20.7

-9.0

-5.4

-9.4

-4.2

-3.1

-5.5

-2.1

1,532.3 1,490.4 1,548.6 1,515.0 1,463.2 1,434.9 1,463.8
1,315.6 1,278.7 1,322.8 1,290.1 1,256.6 1,245.1 1,256.5
51.7
53.8
52.6
49.4
50.6
53.3
49.7
167.9
86.5
81.4
86.0

165.3
81.6
83.1
88.7

165.0
84.9
80.1
91.3

166.5
79.8
85.9
92.2

166.5
80.3
85.5
85.3

163.0
81.2
81.0
86.1

165.6
83.1
81.6
81.7

451.7

400.7

456.6

400.4

374.4

371.2

381.8

23.9

27.3

27.5

27.1

26.6

27.9

24.8

152.6
279.3

139.0
237.0

151.9
279.5

139.4
236.7

129.8
219.9

135.0
211.9

150.0
216.6

192.5

186.5

183.4

188.3

189.2

185.1

188.2

293.5
161.2
132.7

298.1

300.7
160.2

294.6

291.6

299.7
164.6
135.5

15.1
58.6
7.4

16.3
64.6
7.7

156.7
137.9
84.3
207.6
16.4
57.3
17.6
31.7
16.3
63.6
7.8

157.9

17.8
33.2
16.1
64.3
7.7

305.4
165.2
140.5
77.6
227.4
16.1
66.8
19.3
35.6
16.7
66.2
7.6

-12.9

-1.9

-11.3

1.8

3.2

80.9
218.7
15.4
66.7
20.7

34.9

160.0
138.3
83.5
213.0
16.7

59.8

140.6
85.2
226.2

16.0
68.4
20.7
33.5

134.0
86.8
190.9
18.2
46.6
13.5
32.0
15.2

62.9
7.9
-.9

79.5
206.4
18.5
54.8
15.5
32.6
17.5
65.0
8.2
-7.2

68.5

70.6

69.9

69.9

69.5

73.2

72.8

766.6

718.5

773.7

735.1

693.8

671.2

664.9

1,227.6

1,186.1

1,227.7

1,192.9

1,168.1

1,155.5

1,171.7

* Because of rapid changes in relative prices, the chained-dollar estimates for computers are especially
misleading as a measure of the contribution or relative importance of this component.
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. For exports and for imports, the residual line is the difference between the aggregate line and the sum of the
most detailed lines.
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.

National Data

D-14

July 2002

5. Saving and Investment,
Table 5.1. Gross Saving and Investment
[Billions of dollars]
Seasonally adjusted at annual rates

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
Gross investment
Gross private domestic investment
Gross government investment
Net foreign investment
Statistical discrepancy
Addendum:
Gross saving as a percentage of gross national product

2000

2001

1,785.7
1,323.0
67.7
225.3
194.3

1,754.0
1,307.9
78.8

1,750.5
1,321.2

147.8

119.5

113.7
-1.9
36.0
763.8
317.5
.0
446.1
303.7

98.0
-8.8
30.3
785.6
334.6
.0
429.3
286.2
99.4

-130.4

1,740.8
1,380.5
118.4
134.5
65.9
2.2
66.4
798.6
329.0
.0
360.3
218.6
99.6
119.0
141.8
124.2
17.6
1,590.9
1,633.9
341.2
-384.1
-149.8

1,722.8
330.9
-420.2
-120.5

21.3
1,607.3
1,669.9
344.0
-406.6
-143.2

18.1

17.1

17.3

17.2

-12.4
43.4
727.1
302.8
.0
462.7
315.0

96.4
218.6
147.8
114.9
32.8
1,655.3

1,767.5
318.3
-430.5

2002

2001

98.4
205.3
142.5
120.2
22.3
1,633.5

81.5

186.7

143.2
121.9

1,751.9
1,534.4
285.3
71.7
55.2

3.1
13.4
847.0
330.4
.0
217.6
86.2
99.8
-13.6
131.4
129.5
1.9
1,602.3

1,706.7
1,358.4

27.9
199.1
-3.5
16.6
186.1
798.0
333.3
.0

348.3
198.3
100.9
97.4
150.0
125.2
24.8
1,520.7

331.9
-354.5
-149.7

1,518.2
357.7
-355.3
-186.0

17.2

16.6

1,624.8

1,723.6
1,552.6
226.3

179.3
-4.9
19.3
164.9
809.5
337.5
.0
171.0

33.9
102.1
-68.2
137.1

127.3
9.8

1,552.2
1,597.6
368.0
-171.3

16.5

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

Seasonally adjusted at annual rates
2000

2001

I
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
equipment'
Software2
Other
Industrial equipment
Transportation equipment
Other
Residential
Structures
Single family
Multifamily
Other structures
Equipment

1,718.1 1,692.4 1,748.3
1,293.1 1,246.0 1,311.2
345.8
330.3
313.6

III

IV

224.2
57.3

241.3
60.5

230.4
59.4

218.6
54.3

206.5
54.9

198.5
49.3

27.6
7.3
979.5

38.7
10.1
915.8

36.9
7.1
965.4

42.0
6.7
921.7

42.0
19.4
896.8

34.1
7.0
879.1

27.6
7.1
874.4

466.5

427.1

460.4

431.1

412.9

404.2

408.9

109.3
183.1
174.1
166.7
195.9
150.3
425.1
415.6
220.7
28.1
166.9
9.4

87.7
189.0
150.4
162.1
178.0
148.5
446.3
436.8
229.6
31.4
175.8

102.9
190.5
167.1
175.8
179.0
150.3
437.0
427.5
226.5
29.6
171.4
9.5

189.0
152.5
166.4
175.7
148.5
446.2
436.7
229.6
31.0
176.1
9.6

78.5
189.8
144.6
156.0
177.7
150.2
451.6
442.1
231.6
31.7

79.8
186.9
137.5
150.4
179.4
145.2
450.4
440.8
230.7
33.3

178.7
9.5

176.9

83.5
185.7
139.7
155.3
166.3
144.0
467.3
457.6
239.3
35.4
183.0

9.6

9.6

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
equipment'
Software Other
Industrial equipment
Transportation equipment
Other
Residential
Structures
Single family
Multifamily
Other structures
Equipment
Residual




I

I

1,706.5 1,682.6 1,632.1 1,624.0
1,260.2 1,231.0 1,181.6 1,156.8
282.4
302.5
334.3
338.6

1. Includes new computers and peripheral equipment only.
2. Excludes software "embedded," or bundled, in computers an d other equipment.

2002

2001

2001

I

227.0
51.7

9.6

2000

2002

2001

1,716.2 1,682.6 1,740.3 1,696.4 1,671.6 1,621.9 1,618.8
1,350.7 1,308.0 1,373.9 1,320.9 1,292.0 1,245.0 1,225.3
234.2
249.9
282.3
272.8
276.8
291.7
275.2
194.9
48.5

185.9
52.8

202.0
56.1

191.6
55.0

180.8
49.9

169.3
50.4

162.3
45.0

21.7
30.4
28.4
23.5
25.1
28.3
30.0
6.1
5.9
8.8
6.7
6.1
6.3
17.0
1,087.4 1,039.0 1,087.7 1,043.2 1,019.4 1,005.6 1,005.9

609.5

587.1

620.9

588.1

572.1

567.4

579.2

290.3
187.6
186.5
162.6
192.7
144.8
371.4
361.8
190.9
22.7
148.4
9.6
-93.5

288.4
191.8
163.9
157.3
175.5
141.0
376.9
367.3
191.8
24.4
151.1
9.7
-88.2

314.4

287.3
191.1
165.9
161.2
174.4
141.1
378.3
368.6
192.8
24.2
151.6
9.7
-85.8

265.7
193.1
158.1
151.3
174.0
142.3
380.5
370.9
193.3
24.7
152.9
9.7
-71.2

286.0
190.3
151.1
146.0
176.1
137.2
376.0
366.3
189.9
25.5
150.9
9.8
-91.8

311.7

192.9
180.8
170.7

177.4
143.3

372.9
363.3
191.1
23.3
149.0

9.7
-105.0

189.1
153.8
151.0

164.0
136.3
389.0

379.3
196.5
27.0

155.6
9.8
-111.1

1. Includes new computers and peripheral equipment only. Because of rapid changes in relative prices, the
chained-dollar estimates for computers are especially misleading as a measure of the contribution or relative
importance of this component; accurate estimates of these contributions are shown in table 8.4.
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.

July 2002

D-15

SURVEY OF CURRENT BUSINESS

Table 5.10B. Change in Private Inventories by Industry

Table 5.11B. Real Change in Private Inventories by Industry

[Billions of dollars]

[Billions of chained (1996) dollars]

Seasonally adjusted at annual rates
2000

Change in private
inventories
Farm
Construction, mining, and
utilities
Manufacturing
Durable goods industries....
Nondurable goods industries
Wholesale trade
Durable goods industries....
Nondurable goods industries
Retail trade
Motor vehicle dealers
Food and beverage stores...
General merchandise stores
Other retail stores
Other industries
Addenda:
Change in private inventories
Durable goods industries.
Nondurable goods
industries
Nonfarm industries
Nonfarm change in book
value !
Nonfarm inventory
valuation adjustment2..
Wholesale trade
Merchant wholesale trade
Durable goods
industries
Nondurable goods
industries
Nonmerchant wholesale
trade

2001

2001

Seasonally adjusted at annual rates

49.4
-1.8

-58.4
-1.7

-25.5
.7

-36.6
-1.2

-57.8
-1.9

-113.9
-4.2

-26.4
-4.3

-2.5
12.4
12.1
.4
20.5
13.4
7.1

2.6
-13.6

8.0
-33.4
-23.8
-9.6
2.2
-10.9

2.5
-42.5
-35.0
-7.4
-17.8

.9
-40.5

-.2
-22.7
-21.4
-1.3

1.2
8.2
5.6

3.5
-32.5
-25.5
-7.0
-12.0
-15.5
3.5
-17.2
-13.8
.5
.3
-4.2
1.4

49.4
34.7

-58.4
-54.8

14.7
51.1

-9.3
-4.3
-3.3
-3.7
.4

-33.9
-6.6

-29.3
-25.7
-3.5
-31.9
.6

-12.3
-13.9
1.6
12.0
10.2
-1.4

-4.1
-5.7
.3

-4.9
8.1
1.1

13.1

-21.8
3.9

-13.4
-5.6
.4
-4
-7.8
1.2

1.3
2.2
-.5
-.4
.0
.6

-41.1

-25.5
-31.0

-36.6
-42.3

-57.8
-55.3

-113.9
-90.5

-26.4
-17.2

-3.7
-56.8

5.5
-26.2

5.8
-35.3

-2.5
-55.9

-23.4
-109.7

-9.2
-22.1

74.5

-65.0

-28.2

-34.0

-68.2

-129.5

-44.5

-23.4
20.5
16.0

8.2
-12.0
-8.8

2.0
-3.3
-2.9

-1.3
2.2
2.2

12.3
-17.8
-10.3

19.8
-29.3
-24.2

22.4
-12.3
-9.9

15.1
6.0
-.2

9.5

-12.7

6.6

3.9

4.4

-3.3

-15.6
-19.7
1.3

6.1
-3.3
3.6

-3.0
.1

-10.8

13.0
.1

-15.5
5.2

-7.6

-21.3

-12.0

-2.9

2.0

-5.1

-2.3

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.
NOTE. Estimates in this table are based on the North American Industry Classification System (NAICS).




2000

2002

Change in private
inventories
Farm
Construction, mining, and
utilities
Manufacturing.!
Durable goods industries....
Nondurable goods industries
Wholesale trade
Durable goods industries....
Nondurable goods industries
Retail trade
Motor vehicle dealers
Food and beverage stores...
General merchandise stores
Other retail stores
Other industries
Residual
Addenda:
Change in private inventories
Durable goods industries
Nondurable goods
industries
Nonfarm industries
Wholesale trade
Merchant wholesale trade
Durable goods
industries
Nondurable goods
industries
Nonmerchant wholesale
trade

2001

2001

2002

50.6
-2.0

-61.7
-2.6

-27.1
.2

-38.3
-2.5

-61.9

-1.8

1.9
-15.0
-10.5
-4.5
-3.0
-3.7
.6
-15.3
-19.6

6.8
-35.6
-25.3
-10.2
2.6
-11.6
12.8

2.4
-47.0
-39.1
-8.0

21.2
14.2
7.0
14.9
6.0
-.2
1.1
8.1
5.5

3.0
-35.4
-28.0
-7.5
-12.5
-17.0
3.6
-16.9
-13.7
.4
.3
-4.1
1.4

-.6

2.5

13.1
12.7
.6

-2.9

1.2
6.0
-3.2
3.6

-13.2
-5.6
.4
-.4
-7.7
1.2

-18.9
-24.0
3.8
1.2
2.2
-.4
-.4
.0
.5

.9

3.8

-119.3
-5.3

-27.7
-5.4

.8
-44.1

-.2
-25.0
-23.3
-1.8
-12.2

-37.1
-7.1
-30.7
-28.8

-2.9
-40.2

-14.5
1.6

12.0
10.3

-31.9
.6
-4.0
-5.6
.3

-1.2
-4.7
8.0

4.0

1.7

2.4

1.1

50.6
36.0

-61.7
-58.6

-27.1
-32.8

-38.3
-44.5

-61.9
-60.3

-119.3
-97.0

-27.7
-17.5

15.1
52.3
21.2
16.6

-4.6
-59.0
-12.5

4.5
-27.3
-3.0
-2.5

4.5
-35.8
2.6
2.6

-3.3
-59.0
-18.9
-10.9

-23.9
-113.8
-30.7

-10.4
-22.3
-12.2
-9.8

-3.0

-11.5

-17.1

.3

12.8

5.1

.0

-7.7

9.9
6.6
4.5

-9.1
-13.9
4.0
-3.3

—4

-25.5

-23.9

-2.3
-5.2

-12.4
2.0
-2.4

NOTE. Estimates in this table are based on the North American Industry Classification System (NAICS). 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.

National Data

D-16

Table 5.12B. Private Inventories and Domestic Final Sales by Industry
[Billions of dollars]

Table 5.13B. Real Private Inventories and Real Domestic Final Sales by
Industry
[Billions of chained (1996) dollars]

Seasonally adjusted quarterly totals
2001

July 2 0 0 2

Seasonally adjusted quarterly totals

2002

Private inventories'
Farm
Construction, mining, and utilities
Manufacturing
Durable goods industries
Nondurable goods industries
Wholesale trade
Durable goods industries
Nondurable goods industries
Retail trade
Motor vehicle dealers
Food and beverage stores
General merchandise stores
Other retail stores
Other industries
Addenda:
Private inventories
Durable goods industries
Nondurable goods industries
Nonfarm industries
Wholesale trade
Merchant wholesale trade
Durable goods industries
Nondurable goods industries
Nonmerchant wholesale trade..
Final sales of domestic business2....
Final sales of goods and structures of
domestic business2
Ratios 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

1,486.3
108.0
44.8
465.5

1,464.6

294.8
170.8
361.4
221.4
140.0

285.8
164.6
361.7
218.1
143.6

399.1

397.0

123.3
32.9

121.7
33.2
66.1
176.0

122.5
33.2
66.0
175.6

64.9
172.9

108.2

107.6

106.1

105.9

1,378.3
361.4
307.5
189.4
118.1
53.9
716.6

1,464.6
703.0
761.6
1,359.1
361.7
307.6
186.2
121.4
54.1
720.5

1,424.4
679.3
745.1
1,327.3
355.6
304.0
181.7
122.3
51.5
722.0

1,383.3
656.3
727.1
1,289.8
342.5
294.2
175.0
119.1
48.3
728.1

1,386.6
650.9
735.7
1,287.2
341.1
292.5
171.9
120.6
48.5
733.9

390.4

391.1

388.0

392.6

392.8

2.07
1.92

2.03
1.89

1.97
1.84

1.90
1.77

1.89
1.75

3.53

3.47

3.42

3.29

3.28

66.1
176.9
107.4

1,486.3
716.6
769.7

105.5

41.8
450.5

1,424.4
97.1
37.9
429.0
267.8
161.2
355.6

211.9
143.7
397.3

1,383.3

93.5
36.7
420.2
261.8
158.4
342.5
204.0
138.5
384.4
113.4
33.3

1,386.6
99.4
36.4
416.4
256.3
160.1
341.1
200.3
140.7
387.4
115.1
33.2
63.5

175.6

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. 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. Estimates in this table are based on the North American Industry Classification System (NAICS).




2002

2001

IV

Private inventoriesx
Farm
Construction, mining, and utilities
Manufacturing
Durable goods industries
Nondurable goods industries
Wholesale trade
Durable goods industries
Nondurable goods industries
Retail trade
Motor vehicle dealers
Food and beverage stores
General merchandise stores
Other retail stores
Other industries
Residual
Addenda:
Private inventories
,
Durable goods industries
Nondurable goods industries
Nonfarm industries
Wholesale trade
Merchant wholesale trade
Durable goods industries
Nondurable goods industries
Nonmerchant wholesale trade
Final sales of domestic business2
Final sales of goods and structures of
domestic business2
Ratios 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

1,473.2
103.3
37.5
465.9

122.7
30.3
64.3
172.5
106.1

1,488.7
104.0
36.9
477.6
302.7
175.0
375.3
236.6
138.4
386.7
121.3
30.4
64.2
170.6
106.4

1.2

1,498.3
104.6
35.2
486.5
309.1
177.6
374.7
239.5
135.2

292.9
173.0
370.6
230.6
139.3
387.0
121.9
30.3
64.1

1,443.4

1,436.4

102.0
37.7
454.9
283.7
171.2

100.6
37.7
448.6
277.9
170.8

362.9
223.4
138.6
377.0

359.9

170.6
106.5

113.9
30.4
63.1
169.2
106.6

219.8
139.0
380.0
116.4
30.1
62.0
171.2
106.9

2.2

3.2

3.6

4.0

1,498.3
748.8
748.2
1,392.6
374.7
321.0
205.2
115.7
53.7
665.5

1,488.7
737.7
749.3
1,383.7
375.3
321.6
202.3
118.9
53.7
665.9

1,473.2
722.6
748.5
1,368.9
370.6
318.9
198.1
120.2
51.7
663.9

1,443.4
698.4
742.5
1,340.5
362.9
312.5
192.1
119.6
50.4
667.3

1,436.4
694.0
739.9
1,334.9
359.9
310.1
189.0
120.2
49.8
674.9

378.4

377.0

373.9

375.6

379.3

2.25
2.09

2.24
2.08

2.22
2.06

2.16
2.01

2.13
1.98

3.68

3.67

3.66

3.57

3.52

390.0

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. 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.
1996 equals the current-dollar change in ii
„
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 2002

D-17

SURVEY OF CURRENT BUSINESS

6. Income and Employment by Industry,
Table 6.1C. National Income Without Capital Consumption Adjustment by
Industry Group

Table 6.16C. Corporate Profits by Industry Group
[Billions of dollars]

[Billions of dollars]

Seasonally adjusted at annual rates

Seasonally adjusted at annual rates
2000

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
Government
Rest of the world

2001

7,946.6 8,154.5 8,143.9 8,194.4 8,184.4 8,095.3 8,231.0
7,958.7 8,159.8 8,154.4 8,206.1 8,195.5 8,083.3 8,252.1
6,949.7 7,104.6 7,119.3 7,158.4 7,132.7 7,007.7 7,158.1
118.7
117.9
125.6
119.1
119.9
61.7
57.1
61.9
66.3
65.8
448.9
425.0
446.4
445.5
447.7
1,237.5 1,170.4 1,195.1 1,194.8 1,174.7
699.7
723.2
673.2
672.0
687.0
495.4
502.7
514.3
497.2
507.8

110.4
118.2
53.7
53.8
443.6
445.0
1,117.0 1,129.2
634.1
646.8
482.9
482.4

555.4
245.2
163.4

558.5
237.1
167.1

572.9
244.4
173.1

571.8
242.0
169.3

564.9
238.9
169.4

524.3
222.8
156.6

536.9
228.2
161.1

146.7
479.7
663.5

154.3
476.1
692.6

155.4
475.0
687.5

160.5
471.7
693.1

156.6
482.2
695.3

144.9
475.6
694.3

147.7
481.5
704.5

1,476.6 1,529.8 1,528.7 1,541.3 1,516.3 1,532.9 1,588.3
1,937.0 2,050.2 2,029.3 2,052.3 2,063.2 2,055.8 2,100.6
1,009.0 1,055.3 1,035.0 1,047.6 1,062.8 1,075.6 1,094.0
12.0
-12.1
-10.4
-11.7
-21.2
-5.3
-11.1

NOTE. Estimates in this table are based on the 1987 Standard Industrial Classification (SIC).




2000

2001

2002

2001

Corporate profits with
inventory valuation and
capital consumption
adjustments
Domestic industries
Financial
Nonfinancial
Rest of the world
Receipts from the rest of the
world
Less: Payments to the rest of
the world
Corporate profits with
inventory valuation
adjustment
Domestic industries
Financial.
Federal Reserve banks
Other
Nonfinancial
Manufacturing
Durable goods
Primary metal
industries
Fabricated metal
products
Industrial machinery
and equipment
Electronic and other
electric equipment
Motor vehicles and
equipment
Other..
Nondurable goods
Food and kindred
products
Chemicals and allied
products
Petroleum and coal
products
Other
Transportation and public
utilities
Transportation
Communications
Electric, gas, and
sanitary services
Wholesale trade
Retail trade
Other
Rest of the world

2002

2001
I

II

III

IV

I

876.4
739.6
189 5
550.1
136.8

767.1
617.8
167.3
450.5
149.3

789.8
649.7
184.9
464.8
140.0

759.8
615.8
165 4
450.4
144.0

697.0
550.9
136.1
414.8
146.1

822.0
655.0
183.0
472.0
167.0

827.8
693.4
197.4
496.0
134.3

204.9

190.8

201.0

194.0

185.9

182.2

187.5

681

41.5

610

50 0

39 8

15.2

53 2

833.0
696.3
204.4
30.0
174.4
491.8
155.2
63.2

700.7
551.4
180.0
27.9
152.1
371.4
79.5
9.1

753.8
613.8
202.2
30.4
171.7
411.6
90.4
24.8

729.5
585.4
183.3
28.7
154.6
402.1
93.4
15.6

683.6
537.5
153.4
27.4
126.0
384.1
84.0
8.6

635.9
468.9
181.2
25.0
156.2
287.7
50.3
-12.4

662.8
528.5
199.2
23.4
175.9
329.3
66.7
6.1

3.1

-1.2

-2.0

-1.5

-.8

-.5

1.7

143

8.6

9.3

9.7

77

7.9

8.1

7.9

-5.6

4.5

-3.6

-10.7

-12.4

-8.1

3.7

-7.2

-1.5

-4.8

-9.2

-13.3

-10.9

5.1
29.1
92.0

-2.3
16.8
70.4

-2.9
17.4
65.6

-3.2
18.9
77.8

3.1
18.5
75.5

-6.4
12.4
62.8

-4.2
19.6
60.6

21.6

15.6

10.9

16.6

16.9

17.9

17.7

30.6

28.2

25.1

29.0

30.5

28.0

22.3

75
32.3

70
19.7

90
20.5

104
22.0

72
20.9

13
15.5

-2.8
23.4

67 4
13.7
12.7

52 4
.6
8.5

66 4
5.1
15.5

62 6
3.3
9.9

54 8
.9
9.3

25 7
-6.9
-.7

36 0
-2.2
3.6

41.0
60.5
81.8
126.9
136.8

43.3
40.4
85.5
113.6
149.3

45.8
40.3
84.9
129.7
140.0

49.4
34.0
85.6
126.5
144.0

44.6
45.4
87.3
112.6
146.1

33.3
41.9
84.3
85.5
167.0

34.6
42.0
86 0
98.5
134.3

NOTE. Estimates in this table are based on the 1987 Standard Industrial Classification (SIC).

National Data

D-18

July 2002

7. Quantity and Price Indexes
Table 7.1. Quantity and Price Indexes for Gross Domestic Product
[Index numbers, 1996=100]
Seasonally adjusted

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
Nonresidentiai:
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

Seasonally adjusted

2000

2001

126.36
118.06
107.04
107.04

130.65
119.46
109.37
109.37

129.80
119.47
108.65
108.65

130.58
119.56
109.22
109.21

130.87
119.16
109.83
109.82

131.36
119.65
109.80
109.78

133.75
121.44
110.14
110.13

128.47
119.48
107.52
107.52

134.88
123.16
109.53
109.52

133.22
121.98
109.23
109.22

134.50
122.74
109.59
109.59

134.75
123.03
109.53
109.52

137.05
124.87
109.76
109.75

138.52
125.89
110.04
110.03

2001

2002

132.96 139.23 135.95 137.03 136.36 147.58 142.41
145.27 155.01 149.63 152.17 152.51 165.73 161.70
91.53 89.84 90.86 90.05 89.41 89.05 88.07
91.53 89.82 90.86 90.05 89.41 89.05 88.07
126.40
117.52
107.55
107.55

130.56
119.64
109.13
109.13

130.05
119.31
109.01
109.00

131.02
119.40
109.74
109.73

130.72
119.56
109.33
109.33

130.46
120.30
108.45
108.44

133.12
122.69
108.51
108.51

128.63
115.78
111.10
111.10

136.24
119.25
114.26
114.25

134.31
118.32
113.53
113.52

135.79
119.13
114.00
113.99

136.51
119.48
114.27
114.26

138.33
120.06
115.23
115.22

140.53
121.19
115.97
115.96

142.23
142.67
99.71
99.70

131.48
131.23
100.20
100.19

138.63
138.49
100.11
100.11

134.38
134.08
100.21
100.22

130.75
130.40
100.27
100.27

122.17 128.56
121.95 128.72
100.22 99.89
100.18 99.88

141.68
141.52
100.11
100.11

139.55
138.75
100.59
100.58

144.16
143.51
100.46
100.45

140.72
139.89
100.60
100.59

138.75
137.84
100.67
100.66

134.58
133.74
100.63
100.63

133.92
133.49
100.32
100.32

143.76 138.53 145.78 140.11 136.87 131.38 128.61
150.17 145.42 152.75 146.86 143.65 138.43 136.23
95.74 95.26 95.44 95.41 95.29 94.91 94.41
95.73 95.26 95.44 95.40 95.28 94.91 94.40
139.37
121.25
114.95
114.95

146.80
122.30
120.13
120.03

153.69
129.64
118.61
118.55

150.48
125.47
119.99
119.93

148.57
123.04
120.80
120.75

134.45
111.07
121.11
121.06

125.52
104.12
120.61
120.56

145.23 135.78 143.15 136.65 132.97 130.35 129.64
161.23 154.05 161.27 154.68 151.15 149.10 149.14
90.08 88.13 88.76 88.35 87.97 87.42 86.93
90.08 88.14 88.76 88.35 87.97 87.42 86.93
135.69
118.55
114.46
114.46

142.48
120.32
118.39
118.41

139.51
119.03
117.19
117.21

142.45
120.76
117.95
117.96

144.16
121.47
118.67
118.68

143.79
120.04
119.77
119.79

149.16
124.19
120.09
120.11

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-




2000

Exports of goods and services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Exports of goods:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Exports of services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Imoorts of goods and services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Imports of poods:
Current dollars
Chajn-type quantity index
Chain-type price index
Implicit price deflator
Imports of services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Government consumption expenditures
and gross investment:
Current dollars
Cham-type quantity index
Chain-type price index
Implicit price deflator
Federal:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
National defense:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Nondefense:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
State and local:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator

2001

2001

2002

126.17 120.15 127.82 123.50 116.75 112.54 113.24
129.63 123.74 130.88 126.78 120.37 116.93 117.75
97.33 97.09 97.67 97.42 97.00 96.25 96.18
97.33 97.10 97.67 97.41 96.99 96.25 96.17
127.04 119.07 128.43 121.99 114.93 110.94 109.67
135.20 127.57 136.55 130.21 123.36 120.16 119.08
93.97 93.31 94.06 93.69 93.17 92.33 92.11
93.97 93.34 94.05 93.69 93.17 92.33 92.10
124.05
117.01
106.02
106.02

122.77
114.82
106.92
106.93

126.35
117.99
107.08
107.08

127.16
118.70
107.13
107.13

121.15
113.24
106.98
106.98

116.41
109.33
106.48
106.48

121.88
114.12
106.80
106.80

152.30 143.29 153.79 148.16 136.53 134.70 136.98
159.09 154.75 160.79 157.30 151.92 148.99 151.98
95.73 92.53 95.65 94.19 89.87 90.41 90.13
95.73 92.60 95.65 94.19 89.87 90.41 90.13
154.01 145.17 154.48 148.18 141.72 136.31 136.81
162.75 158.18 163.65 159.60 155.46 154.04 155.45
94.63 91.73 94.40 92.85 91.17 88.50 88.02
94.63 91.77 94.40 92.85 91.16 88.50 88.01
143.37 133.49 150.20 148.06 109.45 126.25 137.82
141.32 137.62 146.90 146.14 134.12 123.31 133.36
101.45 96.88 102.24 101.31 81.60 102.37 103.34
101.45 97.00 102.25 101.31 81.61 102.38 103.34

122.44
110.60
110.71
110.71

129.36
114.53
112.94
112.95

126.95
112.76
112.58
112.58

129.08
114.14
113.09
113.09

129.18
114.22
113.10
113.10

132.24
117.02
113.01
113.01

135.47
118.91
113.92
113.92

111.02
102.68
108.12
108.12

115.82
105.41
109.87
109.87

113.88
103.88
109.62
109.62

114.74
104.35
109.96
109.96

115.82
105.27
110.02
110.02

118.83
108.15
109.87
109.88

124.20
111.12
111.76
111.77

105.15 111.77
97.76 102.32
107.56 109.24
107.56 109.24

110.06
100.93
109.04
109.05

110.95
101.50
109.32
109.31

111.94
102.31
109.41
109.41

114.14
104.53
109.18
109.19

121.15
109.00
111.13
111.14

123.04
112.67
109.20
109.21

124.09
111.70
111.09
111.09

121.68
109.88
110.74
110.74

122.48
110.14
111.20
111.20

123.76
111.29
111.20
111.20

128.44
115.50
111.21
111.20

130.45
115.45
113.00
113.00

129.25
115.26
112.14
112.14

137.45
119.90
114.64
114.64

134.76
117.99
114.22
114.21

137.64
119.88
114.82
114.81

137.15
119.48
114.79
114.79

140.25
122.24
114.73
114.73

142.19
123.52
115.12
115.12

to chained-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.

July 2002

D-19

SURVEY OF CURRENT BUSINESS

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

2000

2001

2001

I
Gross domestic product:
Current dollars
Chain-type quantity index....
Chain-type price index
Implicit price deflator
Final sales of domestic
productCurrent dollars
Chain-type quantity index....
Chain-type price index
Implicit price deflator
Gross domestic purchases:
Current dollars
Chain-type quantity index....
Chain-type price index
Implicit price deflator
Final sales to domestic
purchasers:
Current dollars
Chain-type quantity index....
Chain-type price index
Implicit price deflator
Addenda:
Final sales of computers:'
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 product:
Food
Energy goods and services
Gross domestic product
less food and energy....
Chain-type price indexes for
nyiVJOO
r n ^ uuiiicouo
rinmp^tir
purchases:
Food
Energy goods and services
Gross domestic purchases
less food and energy....

II

Seasonally adjusted
2002

III

IV

I

130.65
119.46
109.37
109.37

129.80
119.47
108.65
108.65

130.58
119.56
109.22
109.21

130.87
119.16
109.83
109.82

131.36
119.65
109.80
109.78

133.75
121.44
110.14
110.13

126.22
117.78
107.16
107.16

131.91
120.47
109.50
109.49

130.63
120.10
108.77
108.77

131.55
120.32
109.34
109.34

132.11
120.16
109.95
109.95

133.33
121.30
109.92
109.92

134.60
122.08
110.26
110.26

129.55
121.42
106.70
106.69

133.35
122.95
108.47
108.46

132.95
122.88
108.19
108.19

133.51
123.01
108.54
108.53

133.12
122.69
108.51
108.50

133.85
123.22
108.64
108.62

136.41
125.24
108.93
108.92

129 41
121.16
106.81
106.81

134 61
123.97
108.59
108.58

133 78
123.52
108.31
108.30

134 48
123.78
108.65
108.65

134 36
123.70
108.63
108.62

135 80
124.87
108.76
108.75

137 26
125.88
109.05
109.04

140.41
455.72
30.81
30.81

119.95
495.78
24.07
24.19

136.78
523.45
26.02
26.13

120.56
484.59
24.77
24.88

110.55
471.02
23.37
23.47

111.92
504.07
22.11
22.20

104.38
502.51
20.69
20.77

126.22
116.41
108.44
108.43

130.76
117.68
111.12
111.11

129.73
117.63
110.30
110.29

130.68
117.81
110.93
1i0.93

131.07
117.44
111.61
111.61

131.56
117.86
111.64
111.62

134.04
119.64
112.04
112.04

129 29
119.38
108.31
108.31

133 45
120.80
110.48
110.48

132 83
120.67
110.09
110.08

133 59
120.88
110.52
110.51

133 35
120.62
110.56
110.56

134 04
121.02
110.77
110.76

136 58
122.91
111.13
111.12

I

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
Addenda:
Energy goods and services '
Personal consumption
expenditures less food and
energy

II

107 08
103.49

11045
114.24

10915
113.13

109 92
120.40

111 09
114.71

111 65
108.74

112 28
105.78

107.17

109.11

108.47

108.79

109.54

109.64

110.06

108 23
113.69

111 49
116.19

11028
121.11

110 99
122.92

112 00
115.88

112 69
104.86

113 33
102.50

106.26

107.85

107.46

107.70

107.85

108.39

108.75

[Index numbers, 1996=100]

121.98
149.63
139.29

122.74
152.17
141.20

123.03
152.51
141.03

124.87
165.73
163.64

125.89
161.70

135.90

123.16
155.01
146.29

159.17
140.18
117.52
112.13
129.67

170.24
145.98
119.64
112.75
133.51

165.08
143.97
119.31
112.89
132.52

169.07
145.59
119.40
112.74
133.10

170.43
145.42
119.56
112.45
133.31

176.37
148.95
120.30
112.94
135.10

182.47
152.80
122.69
114.85
139.02

107.59
109.99
88.82
124.28
115.78
110.03
119.02
105.96
127.82
117.32
110.99
118.78
124.36

108.58
112.01
82.45
128.86
119.25
112.22
122.03
104.57
134.29
117.93
114.85
121.56
129.90

109.21
111.89
88.50
127.57
118.32
111.49
123.66
108.83
133.85
118.80
113.16
121.52
127.84

107.39
110.89
80.73
128.63
119.13
111.96
121.99
104.85
134.02
118.68
114.45
121.83
129.87

109.19
112.83
81.42
129.05
119.48
112.41
122.28
104.10
135.12
117.64
115.44
121.01
130.14

108.55
112.42
79.15
130.20
120.06
113.03
120.18
100.50
134.18
116.58
116.36
121.89
131.74

111.36
115.38
80.88
132.54
121.19
113.84
122.37
105.38
134.40
118.09
117.14
122.78
133.13

106.69

106.51

108.84

106.03

106.64

104.56

108.41

121.66

126.19

124.51

125.71

126.09

128.45

129.12

119.48
145.27

Personal consumption
expenditures
Durable goods
Motor vehicles and parts
Furniture and household
equipment
Other
Nondurable goods
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 services '
Personal consumption
expenditures less food and
energy

107.52
91.53

99.57

109.53
89.84
100.05

109.23
90.86
100.44

109.59
90.05
100.09

109.53
89.41
99.68

109.76
89.05
99.97

110.04
88.07
98.96

81.51
95.77
107.55
108.64
95.18

76.99
96.02
109.13
111.90
93.33

78.87
96.37
109.01
110.69
95.03

77.39
96.12
109.74
111.39
93.68

76.35
95.98
109.33
112.42
92.39

75.36
95.63
108.45
113.10
92.21

74.11
108.51
113.77
91.73

121.87
121.07
129.27
109.36
111.10
112.79
102.14
103.67
101.36
108.55
110.24
112.87
114.42

118.23
116.96
130.16
111.89
114.26
117.17
106.49
115.10
101.63
110.19
113.44
116.64
116.16

123.80
121.99
141.13
110.71
113.53
115.27
107.12
117.48
101.34
110.23
112.83
115.13
115.83

129.26
128.74
132.89
111.49
114.00
116.57
107.14
117.11
101.58
110.10
113.15
116.44
115.84

117.80
116.60
129.04
112.48
114.27
117.79
106.28
115.30
101.23
110.16
113.33
117.16
115.73

102.06
100.51
117.60
112.86
115.23
119.07
105.41
110.52
102.38
110.29
114.46
117.82
117.27

99.20
98.02
110.63
113.11
115.97
120.32
105.06
108.40
102.96
111.03
115.09
118.45
118.09

113.33

116.86

120.98

123.67

116.74

106.07

103.55

107.02

108.72

108.33

108.51

108.64

109.37

109.74

1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
125.92
117.69
107.00
106.99

130.28
119.18
109.32
109.31

129.37
119.13
108.60
108.60

130.13
119.21
109.16
109.16

130.42
118.82
109.77
109.77

131.21
119.58
109.74
109.72

133.17
120.99
110.07
110.06

133.62
133.62

124.19
124.19

133.62
133.62

127.53
127.53

120.37
120.37

115.24
115.24

115.41

135.40
135.40

129.03
129.03

135.91
135.91

131.05
131.05

127.98
127.98

121.18
121.18

121.56

117.94
117.94

119.88
119.88

119.45
119.45

119.71
119.71

119.91
119.91

120.43
120.43

121.87

NOTE. Percent changes from preceding period for selected items in this table are shown in table 8.1.

149.00

Chain-type price indexes

Food

Table 7.3. Quantity and Price Indexes for Gross National Product and
Command-Basis Gross National Product




2002

2001

Chain-type quantity indexes
126.36
118.06
107.04
107.04

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.

Gross national product:
Current dollars
Chain-type quantity index....
Chain-type price index
Implicit price deflator
Less: Exports of goods and
services and income
receipts from the rest of the
world:
Chain-type quantity index....
Plus: Command-basis exports
of goods and services and
income receipts from the
rest of the world:
Chain-type quantity index....
Equals: Command-basis gross
national product:
Chain-type quantity index....

2000

2001

95.36

National Data

D-20

July 2 0 0 2

Table 7.6. Chain-Type Quantity and Price Indexes for Private Fixed
Investment by Type

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]

[Index numbers, 1996=100]
Seasonally adjusted

2000

2001

2001

I

Seasonally adjusted
2000

2002

I

III

Chain-type quantity indexes
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
equipment1
Software2
Other
Industrial equipment
Transportation equipment
Other
Residential
Structures
Single family
Multifamily
Other structures
Equipment

138.75
145.42
122.30

143.51
152.75
129.64

139.89
146.86
125.47

137.84
143.65
123.04

133.74
138.43
111.07

133.49
136.23
104.12

120.55
134.59

115.01
146.59

124.94
155.60

118.53
152.54

111.83
138.35

104.74
139.86

100.42
124.76

111.34
107.69
161.23

134.88
142.46
154.05

134.07
101.72
161.27

144.17
95.79
154.68

142.21
274.34
151.15

119.07
97.99
149.10

102.94
98.93
149.14

212.17

204.39

216.16

204.73

199.14

197.52

201.61

406.95
201.64
135.19
115.30
126.32
126.08
120.32
120.18
120.53
120.15
119.76
126.79

443.73
202.73
149.07
125.14
127.72
128.15
119.03
118.87
120.12
114.43
118.06
126.25

405.45
200.84
136.77
118.15
125.54
126.17
120.76
120.62
121.15
119.31
120.17
127.13

374.98
203.00
130.33
110.90
125.27
127.28
121.47
121.36
121.51
121.35
121.19
126.24

403.62
199.98
124.60
106.99
126.76
122.72
120.04
119.87
119.33
125.51
119.60
127.56

439.91
198.77
126.82
110.68
118.06
121.85
124.19
124.11
123.48
133.07
123.34
127.51

Chain-type price indexes
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
equipment'
Software2
Other
Industrial equipment
Transportation equipment
Other
Residential
Structures
Single family
Multifamily
Other structures
Equipment

100.11
95.74
114.95

100.59
95.26
120.13

100.46
95.44
118.61

100.60
95.41
119.99

100.67
95.29
120.80

100.63
94.91
121.11

100.32
94.41
120.61

116.47
106.54

120.69
108.49

119.52
107.87

120.29
108.18

120.94
108.95

122.02
108.95

122.30
109.61

117.48
109.68
90.08

136.35
113.92
88.13

130.70
112.90
88.76

138.34
113.67
88.35

140.30
114.22
87.97

136.07
114.89
87.42

127.36
115.54
86.93

76.55

72.70

74.13

73.28

72.17

71.22

70.58

37.65
97.62
93.35
102.56

30.25
98.58
91.72
103.06
101.40
105.34
118.39
118.90
119.72
128.60
116.33
98.50

32.62
98.79
92.42
102.97
100.85
104.86
117.19
117.66
118.50
127.29
115.08
98.73

31.11
98.92
91.94
103.20
100.76
105.23
117.95
118.45
119.10
127.94
116.13
98.25

29.44
98.31
91.52
103.10
102.11
105.51
118.67
119.18
119.80
128.69
116.90
98.51

27.80
98.28
91.01
102.99
101.89
105.77
119.77
120.31
121.50
130.50
117.22
98.50

26.70
98.22
90.86
102.83

101.66

103.86
114.46
114.87
115.60

123.90
112.48
98.10

1. Includes new computers and peripheral equipment only.
2. Excludes software "embedded," or bundled, in computers and other equipment.




II

2002

III

IV

I

116.93
120.16
122.44
115.24
109.33
110.10
148.99
154.04
157.83
145.10
123.31
112.11

117.75
119.08
121.20
114.51
114.12
108.25
151.98
155.45
161.16
143.10
133.36
123.04

96.25
92.33
93.16
90.47
106.48
108.60
90.41
88.50
86.05
94.67
102.37
110.43

96.18
92.11
93.22
89.61
106.80
108.83
90.13
88.02
85.60
94.11
103.34
110.92

Chain-type quantity indexes

141.52
150.17
121.25

409.69
197.16
153.83
119.13
138.72
129.44
118.55
118.40
119.97
111.49
117.61
125.30

2001

2001

101.35

105.66
120.09
120.64
121.79

130.83
117.58
98.65

Exports of goods and services
Goods'
Durable
Nondurable
Services'
Income receipts
Imports of goods and services
Goods'
Durable
Nondurable
Services'
Income payments

129.63
135.20
144.40
115.40
117.01
146.67
159.09
162.75
173.51
142.65
141.32
161.33

123.74
127.57
133.03
115.76
114.82
125.88
154.75
158.18
163.00
147.59
137.62
136.02

Exports of goods and services
Goods'. .
Durable
Nondurable
Services l
Income receipts
Imports of goods and services
Goods \ . .
Durable
Nondurable
Services l
Income payments

97.33
93.97
93.66
94.85
106.02
106.66
95.73
94.63
88.79
107.90
101.45
107.98

97.09
93.31
93.52
92.94
106.92
108.45
92.53
91.73
87.17
102.37
96.88
110.08

130.88
136.55
145.05
118.21
117.99
142.66
160.79
163.65
172.44
146.63
146.90
156.13

126.78
130.21
136.57
116.42
118.70
130.15
157.30
159.60
163.20
150.93
146.14
143.16

120.37
123.36
128.07
113.16
113.24
120.60
151.92
155.46
158.55
147.70
134.12
132.68

Chain-type price indexes
97.67
94.06
93.78
94.89
107.08
108.17
95.65
94.40
88.20
108.55
102.24
109.63

97.42
93.69
93.70
93.78
107.13
108.54
94.19
92.85
87.59
104.95
101.31
110.11

97.00
93.17
93.43
92.64
106.98
108.50
89.87
91.17
86.84
101.30
81.60
110.14

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 2002

D-21

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
2000

2001

Seasonally adjusted
2002

2001

2000

2001

2001

I
Chain-type quantity indexes
Exports of goods and services
Exports of goods'
,
Foods, feeds, and beverages
Industrial supplies and materials
Durable goods
Nondurable goods
Capital goods, except automotive
Civilian aircraft, engines, and parts....
Computers, peripherals, and parts....
Other
Automotive vehicles, engines, and parts
Consumer goods, except automotive....
Durable goods
Nondurable goods
Other
Exports of servicesl
Transfers under U.S. military agency
sales contracts
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Other
imports of goods and services
Imports of goods'
Foods, feeds, and beverages
Industrial supplies and materials, except
petroleum and products
Durable goods
Nondurable goods
Petroleum and products
Capital goods, except automotive
Civilian aircraft, engines, and parts....
Computers, peripherals, and parts....
Other
Automotive vehicles, engines, and parts
Consumer goods, except automotive....
Durable goods
Nondurable goods
Other
Imports of services'
Direct defense expenditures
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Other
Addenda:
Exports of agricultural goods 2
Exports of nonagricultural goods
Imports of nonpetroleum goods

130.88
136.55
111.80
119.60
129.11
114.23
159.98
157.18
200.09
153.14
107.63
133.52
139.29
127.51
140.68
117.99

120.37
123.36
107.05
113.59
116.45
111.77
133.53
145.95
163.48
125.21
115.73
122.20
127.01
117.18
131.92
113.24

Chain-type price indexes

129.63
135.20
108.01
119.22
131.61
112.34
155.94
140.13
195.85
151.92
120.43
128.20
132.46
123.78
137.24
117.01

123.74
127.57
110.46
115.60
120.59
112.64
141.38
146.75
173.87
134.13
111.71
127.55
132.09
122.83
135.19
114.82

88.71
105.78
96.71
107.71
109.67
150.21
103.37
159.09
162.75
138.40

82.19
90.15
76.20
101.93 104.91 103.01 101.31 98.47 100.66
113.87 112.39 115.27 112.90 114.92 119.40
158.56 156.69 158.32 157.27 161.97 161.83
105.97 108.29 106.38 105.19 104.01 103.26
154.75 160.79 157.30 151.92 148.99 151.98
158.18 163.65 159.60 155.46 154.04 155.45
144.70 139.26 141.59 150.53 147.41 149.12

134.14
136.99
131.10
118.25
198.04
188.26
248.09
181.53
149.31
170.55
178.41
162.34
177.41
141.32
139.52
138.92
131.14
127.52
192.37
154.36
110.81

132.02
129.23
133.93
121.97
175.67
215.34
225.99
154.00
144.65
173.21
177.05
169.18
182.97
137.62
151.41
124.44
112.29
121.12
205.82
169.39
116.13

126.78
130.21
110.09
115.35
121.66
111.67
145.05
152.62
175.28
137.69
114.11
133.24
139.28
126.95
140.41
118.70

87.24 86.16 92.26
93.88 103.71 102.73
82.72 90.25 93.33

131.85
134.56
129.07
125.46
200.20
216.73
246.95
181.64
142.27
177.47
182.78
171.92
170.17
146.90
146.01
139.13
122.05
129.82
213.40
174.42
113.49

133.01
126.51
138.41
126.80
175.56
214.18
226.63
153.79
146.00
174.75
177.26
172.08
186.76
146.14
145.50
142.31
130.71
122.34
207.78
170.03
115.25

84.50
91.36

81.47

132.98
127.17
137.69
117.30
164.16
210.12
210.99
142.90
146.75
171.17
173.43
168.76
184.75
134.12
149.04
119.25
111.20
115.66
207.58
167.38
116.91

116.93
120.16
112.90
113.86
115.12
112.91
126.94
131.24
156.64
120.49
109.36
121.24
122.76
119.69
127.75
109.33

117.75
119.08
113.32
112.98
114.84
111.70
124.93
134.00
147.64
118.56
108.45
118.85
121.70
115.88
132.88
114.12

77.71
65.82

130.24
128.69
130.53
118.33
162.75
220.33
219.38
137.68
143.56
169.45
174.72
163.97
190.21
123.31
165.08
97.07
85.18
116.67
194.53
165.72
118.87

132.26
131.76
131.44
112.26
167.42
195.97
243.84
140.75
145.94
174.15
182.17
165.85
174.29
133.36
167.73
114.14
98.24
118.87
223.35
171.17
122.18

111.41 114.85 113.75 113.69 112.99 118.99 118.48
137.66 129.01 138.92 132.00 124.58 120.53 119.39
166.89 161.24 166.90 162.17 158.79 157.09 159.28

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.




2002

III

Exports of goods and services
97.33 97.09 97.67 97.42 97.00 96.25 96.18
93.97 93.31
93.69 93.17 92.33 92.11
Exports of goodsl
Foods, feeds, and beverages
79.11 79.27 79.32 78.63 80.32 78.83 78.54
Industrial supplies and materials
98.67 95.52 98.41 97.00 94.71 91.95 91.18
Durable goods
94.23 92.54 93.29 92.78 92.62 91.45 91.53
Nondurable goods
101.49 97.49 101.69 99.70 96.13 92.44 91.17
Capital goods, except automotive
90.41 90.37 90.67 90.61 90.19 90.02 90.11
Civilian aircraft, engines, and parts .. 111.45 117.57 115.82 117.32 118.19 118.96 119.65
64.87 62.77 63.99 63.37 62.26 61.45 60.91
Computers, peripherals, and parts ...
Other
93.32 92.88 93.27 93.11 92.66 92.51 92.67
Automotive vehicles, engines, and parts 102.39 102.76 102.56 102.83 102.86 102.76 103.05
Consumer goods, except automotive ... 100.83 100.51 100.54 100.26 100.51 100.73 100.05
100.79 100.95 100.90 100.64 100.95 101.29 100.92
Durable goods
Nondurable goods
100.88 100.01 100.13 99.83 100.01 100.10 99.08
Other
96.80 96.79 97.20 97.33 96.91 95.73 95.40
106.02 106.92 107.08 107.13 106.98 106.48 106.80
Exports of services'
Transfers under U.S. military agency
99.10 98.20 98.38 98.35 98.37 97.69 97.84
sales contracts
Travel
111.20 111.56 112.30 112.96 111.48 109.49 109.84
Passenger fares
105.09 106.09 107.11 104.44 107.20 105.63 105.18
Other transportation
107.49 105.41 107.53 105.66 105.40 103.05 101.42
Royalties and license fees
106.80 108.61 108.33 108.70 108.66 108.76 108.99
Other private services
98.90 99.74 99.63 99.74 99.73 99.85 100.16
Other
124.82 130.66 128.25 130.15 130.95 133.30 136.85
Imports of goods and services ....
95.73 92.53 95.65 94.19 89.87 90.41 90.13
94.63 91.73 94.40 92.85 91.17 88.50 88.02
Imports of goodsl
93.03 90.34 92.18 90.40 89.21 89.58 89.34
Foods, feeds, and beverages
Industrial supplies and materials, except
petroleum and products
103.39 101.14 110.52 104.60 97.00 92.44 91.34
102.42 98.81 101.53 101.01 98.48 94.23 94.00
Durable goods
Nondurable goods
104.53 104.28 120.13 108.91 96.48 91.59 89.60
Petroleum and products
139.73 116.70 128.45 123.87 120.33 94.17 93.98
Capital goods, except automotive
76.75 74.48 75.68 74.87 74.07 73.31 72.59
Civilian aircraft, engines, and parts i. 110.57 114.81 113.19 114.62 115.53 115.90 116.09
Computers, peripherals, and parts ...
58.82 53.34 56.36 54.39 52.31 50.30 50.02
Other
82.52 81.46 81.89 81.51 81.27 81.15 80.04
Automotive vehicles, engines, and parts 101.73 101.71 101.91 101.61 101.48 101.86 101.74
Consumer goods, except automotive ...
95.94 95.15 95.56 95.26 95.09 94.70 94.42
Durable goods
93.03 91.92 92.62 92.10 91.78 91.19 90.81
Nondurable goods
99.19 98.77 98.85 98.81 98.80 98.64 98.48
Other
100.19 100.32 101.47 100.99 99.62 99.19 99.02
Imports of services!
101.45 96.88 102.24 101.31 81.60 102.37 103.34
Direct defense expenditures
88.10 87.17 88.12 85.65 88.16 86.73 85.30
Travel
96.69 96.03 96.79 95.07 95.89 96.35 94.79
Passenger fares
116.65 127.35 124.15 124.69 133.19 127.38 127.87
Other transportation
117.49 115.60 118.40 117.40 115.53 111.08 109.29
106.82 108.59 108.31 108.68 108.64 108.74 108.97
Royalties and license fees
Other private services
93.29 74.43
92.12 22.12 90.84 96.20
Other
105.15 105.09 106.01 105.33 104.98 104.05 103.88
Addenda:
77.09 77.69 77.79 77.03 78.98 76.97 76.31
Exports of agricultural goods 2
95.59 94.82 95.63 95.30 94.54 93.82 93.65
Exports of nonagricultural goods
91.62 90.16 92.17 90.84 89.29 88.35 87.85
Imports of nonpetroleum goods
2. Includes parts of foods, feeds, and beverages, of nondurable industrial supplies and materials, and of
nondurable nonautomotive consumer goods.

National Data

D-22

July

2002

Table 7 . 1 1 . Chain-Type Quantity and Price Indexes for Government Consumption Expenditures and Gross Investment by Type
[Index numbers, 1996=100]
Seasonally adjusted
2000

2001

2001

I

II

Seasonally adjusted
2002

2000

I

Chain-type quantity indexes
Government consumption
expenditures and gross
investment'
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 capital4
Other services
Gross investment
Structures
Equipment and software
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
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

ZZZZZ

State and local

114.53 112.76 114.14 114.22
105.41 103.88 104.35 105.27
102.32 100.93 101.50 102.31
101.57 100.67 100.72 101.69
116.31 109.00 114.40 124.17
126.26 112.32 130.41 127.27
96.04 99.91 99.80 99.00 99.48

90.40

90.65

89.80

99.36
103.24
100.15
69.35
104.84
112.67
107.89

99.89
116.11
107.20
66.15
113.61
111.70
105.80

99.58
117.51
102.70
67.05
108.21
109.88
104.60

99.71
114.40
106.58
67.27
112.69
110.14
104.95

118.91
111.12
109.00
107.74
119.17
155.30
105.73

90.60

92.32

93.10

99.98
114.59
106.40
60.30
113.70
111.29
104.85

100.30
117.95
113.12
70.00
119.84
115.50
108.79

100.77
131.75
117.21
67.17
125.13
115.45
108.72

87.51 93.42 94.37 90.83 89.02 99.45 107.73
107.56 105.55 104.16 104.89 105.26 107.88 107.92

104.13 104.35 103.14 103.33 105.04 105.90 106.09
146.69
97.97
135.48
85.48
165.07
115.26
113.05
129.87
125.11
111.33

158.97
85.66
140.25
87.07
171.84
119.90
117.17
138.31
132.37
114.99

154.26
85.27
135.29
88.72
162.64
117.99
115.50
135.08
129.53
113.48

157.30
86.15
135.07
81.53
167.03
119.88
116.57
137.28
131.47
114.43

160.51
82.64
142.57
84.51
177.34
119.48
117.80
139.50
133.44
115.56

163.80
88.56
148.08
93.53
180.33
122.24
118.81
141.36
135.05
116.49

167.38
86.86
148.16
106.26
171.84
123.52
119.52
142.91
136.30
117.11

106.39 108.77 107.81 108.43 109.21 109.64 109.98
124.33
189.85
125.15
117.13
152.57

131.05
215.20
132.17
125.31
154.51

128.52
203.71
129.16
121.13
156.33

130.19
210.08
134.86
128.49
155.24

131.88
217.94
126.91
118.96
153.86

133.59
229.07
137.73
132.67
152.61

135.84
232.24
141.64
138.11
150.11

103.55 105.25 104.30 104.81 105.60 106.30 106.79
95.58 95.89 94.89 95.06 96.10 97.50 98.27
106.61 108.86 107.93 108.57 109.27 109.69 110.06

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 expendi-




2002

II

Chain-type price indexes

117.02
108.15
104.53
103.20
117.68
135.04
101.37

110.60
102.68
97.76
97.41
107.86
121.74

2001

2001

III

Government consumption
expenditures and gross investment'
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
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 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

110.71
108.12
107.56
109.29
99.55
110.89
109.94

112.94
109.87
109.24
111.42
99.82
105.80
112.46

112.58
109.62
109.04
111.14
99.87
110.18
111.99

113.09
109.96
109.32
111.46
99.92
107.91
112.42

113.10
110.02
109.41
111.59
99.78
106.58
112.62

113.01
109.87
109.18
111.50
99.71
98.52
112.82

113.92
111.76
111.13
113.79
100.04
93.63
115.57

114.63 118.57 118.03 118.56 118.82 118.86 124.71
101.87
108.98
97.77
114.85
95.83
109.20
111.43

101.67 101.71 102.00 101.40 101.54
111.54 110.79 111.17 111.87 112.34
97.03 97.27 97.33 97.21 96.30
118.96 117.80 118.63 119.19 120.22
94.67 95.03 95.02 94.84 93.79
111.09 110.74 111.20 111.20 111.21
113.67 113.21 113.76 113.86 113.87

101.87
112.71
96.44
120.74
93.90
113.00
116.21

107.26 108.21 109.52 110.57 108.70 104.04 104.02
112.10 114.50 113.96 114.49 114.67 114.89 117.38

117.55 120.61 119.83 120.60 120.85 121.15 125.39
100.74
107.56
100.19
113.33
95.01
112.14
113.11

101.57
109.69
100.77
116.72
94.79
114.64
115.62
100.32
110.94 109.60
113.59 116.71

101.57
109.23
100.84
115.91
95.09
114.22
115.21
100.05
112.48
115.81

101.77
109.51
100.98
116.58
95.08
114.82
115.88
100.42
113.13
116.49

101.44
109.93
100.64
116.88
94.58
114.79
115.82
100.44
109.49
116.95

101.48
110.12
100.63
117.53
94.40
114.73
115.59
100.35
103.31
117.58

101.53
110.64
100.58
117.99
94.19
115.12
115.97
100.35
103.44
118.01

114.71 118.05 116.49 117.50 118.63 119.59 120.21
105.80
113.53
108.16
114.99
90.04

107.73
116.38
110.61
119.21
88.43

107.47
122.42
110.15
118.31
89.01

107.80
119.50
110.49
118.93
88.68

107.66
113.08
110.60
119.20
88.41

107.98
110.52
111.23
120.40
87.63

108.12
109.36
111.62
121.10
87.24

114.98 118.38 117.05 117.97 118.88 119.63 121.42
115.75 119.33 118.69 119.33 119.58 119.72 124.92
114.71 118.05 116.49 117.50 118.63 119.59 120.21

tures 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.

July 2002

D-23

SURVEY OF CURRENT BUSINESS

Table 7.14. Chain-Type Quantity and Price Indexes for Gross Domestic
Product by Sector

Table 7.16B. Implicit Price Deflators for Private Inventories by Industry
[Index numbers, 1996=100]

[Index numbers, 1996=100]

Seasonally adjusted
Seasonally adjusted

2000

2002

Chain-type quantity indexes
Gross domestic product
Business'
Nonfarm2
Nonfarm less housing
Housing
Farm
Households and institutions..
Private households
Nonprofit institutions
General government3
Federal.
State and local

118.06
120.18
120.08
121.17
110.34
130.73
111.50
111.93
105.57

99.35
108.49

119.46
121.32
121.25
122.34
111.55
128.13
115.55
107.64
115.84
107.75
100.37
111.20

119.47
121.59
121.49
122.68
110.92
132.24
113.84
105.44
114.15
106.66
99.29
110.11

119.56
121.53
121.50
122.53
112.27
124.31
115.36
107.65
115.64
107.27
99.61
110.85

119.16
120.87
120.81
121.84
111.56
126.37
116.24
108.67
116.51
108.14
100.63
111.65

119.65
121.31
121.22
122.32
111.46
129.60
116.78
108.80
117.07
108.92
101.93
112.21

121.44
123.33
123.31
124.48
112.92
124.04
117.54
107.99
117.89
109.58
102.79
112.77

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

107.04
106.07
106.66
106.07
112.36
65.55
111.14
113.36
111.07
113.03
111.62
113.66

109.37
108.17
108.71
107.88
116.77
71.08
116.49
117.53
116.45
115.99
114.13
116.83

108.65
107.56
108.11
107.42
114.83
69.60
114.50
116.95
114.41
114.88
113.70
115.43

109.22
108.06
108.57
107.80
116.05
73.02
115.80
116.84
115.76
115.69
114.22
116.36

109.83
108.62
109.07
108.22
117.35
77.36
117.21
117.83
117.19
116.37
114.23
117.32

109.80
108.44
109.09
108.09
118.85
64.33
118.44
118.50
118.43
117.02
114.37
118.20

110.14
108.60
109.12
108.00
120.10
72.87
119.48
120.60
119.43
118.51
118.03
118.75

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'
Compensation of employees
(unit labor cost)
. ...
Unit nonlabor cost
Consumption of fixed capital
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

1.043

1.062

1.056

1.062

1.069

1.061

1.059

.685
.251
.118

.713
.262
.128

.710
.256
.122

.714
.261
.126

.721
.269
.136

.709
.262
.127

.704
.262
.126

.100
.033

.102
.032

.102
.032

.103
.032

.100
.033

.103
.032

.103
.033

.107
.036

.086
.027

.089
.029

.086
.029

.080
.027

.090
.022

.093
.024

.070

.060

.060

.057

.053

.068

.069

1. The implicit price deflator for gross product of nonfinancial corporate business divided by 100.




2002

2001

2001

2001

I
Private inventories]
Farm
Construction, mining, and utilities
Manufacturing
Durable aoods industries
Nondurable goods industries
Wholesale trade .
Durable goods industries . . . .
Nondurable goods industries
Retail trade
Motor vehicle dealers
Food and beverage stores
General merchandise stores
Other retail stores
Other industries
Addenda:
Private inventories
Durable goods industries
Nondurable goods industries
Nonfarm industries
Wholesale trade
Merchant wholesale trade
Durable goods industries
Nondurable goods industries
Nonmerchant wholesale trade

II

III

IV

I

99.20
103.19
127.36
95.69
95.38
96.18
96.46
92.45
103.56
102.33
100.47
108.56
102.71
102 52
101.24

98.38
101.40
113.32
94.31
94 42
94.08
96.36
9219
103.73
102.65
100 28
109.34
102.84
10319
101.67

96.69
94.00
101.06
92.09
91.43
93.18
95.94
91.90
103.09
102.65
100.52
109.81
102.89
102.91
100.98

95.84
91.73
97.27
92.37
92.28
92.52
94.36
91.30
99.91
101.97
99 54
109.47
102.73
102.18
99.49

96.53
98.78
96.62
92.82
92.25
93.76
94.78
91.15
101.23
101.96
98.82
110.34
102.49
102.58
99.08

99.20
95.70
102.88
98.97
96.46
95.80
92.31
102.03
100.51

98.38
95.29
101.64
98 23
96.36
95.64
92 03
102.07
100.78

96.69
94.00
99.56
96.96
95.94
95.34
91.72
101.78
99.61

95.84
93.97
97.92
96.22
94.36
94.12
91.11
99.58
95.79

96.53
93.79
99.43
96 43
94.78
94.35
90.96
100.40
97.42

1. Implicit price deflators are as of the end of the quarter and are consistent with the inventory stocks shown in
tables 5.12B and 5.13B.
NOTE. Estimates in this table are based on the North American Industry Classification System (NAICS).

D-24

National Data

Table 7.17. Chain-Type Quantity Indexes for Gross Domestic Product by
Major Type of Product

July 2002

Table 7.18B. Chain-Type Quantity Indexes for Motor Vehicle Output
[Index numbers, 1996=100]

[Index numbers, 1996=100]

Seasonally adjusted
Seasonally adjusted

2000

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




2001

2000

2001

2002

2001

I

I)

III

IV

1

119.65

121.44

118.06

119.46

119.47

119.56

119.16

117.78

120.47

120.10

120.32

120.16

121.30

122.08
126.74
128.70

126.03
125.39

124.16
127.23

125.58
127.56

124.43
126.76

123.05
126.08

123.60
128.52

141.24
140.30

135.84
142.30

138.69
143.20

136.86
142.27

133.55
140.06

134.27
143.67

136.82
140.23

113.87
113.55

114.58
115.25

114.96
115.17

114.31
114.48

114.32
114.88

114.74
116.48

118.27
119.20

112.75
118.08

115.96
120.72

114.92
121.87

115.69
122.49

116.20
120.24

117.06
118.27

118.19
119.04

128.39

122.33

115.40

121.94

124.45

127.52

129.15

117.69

119.35

119.59

119.47

118.97

119.38

121.17

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
Gross government
investment
Autos
New trucks
Net exports
Exports
Autos
Trucks
Imports
Autos
Trucks
Change in private inventories
Autos

2002

2001

I

II

III

IV

I
129.15
94.05
158.04

128.39
96.38
154.88

122.33
91.26
147.96

115.40
86.02
139.65

121.94
92.82
145.98

124.45
95.93
148.02

127.52
90.27
158.17

124.50

126.76

122.45

123.26

120.99

140.34

124.24

138.22
145.58
130.17
163.75

149.99
162.70
134.01
196.39

142.79
151.05
131.41
174.17

143.87
151.92
127.73
180.33

143.39
153.36
124.68
187.03

169.91
194.48
152.23
244.03

152.63
169.86
132.73
213.40

115.93
129.88
125.47
104.10
145.93
162.17
115.53

112.26
113.73
111.53
96.80
125.76
149.15
82.49

117.89
117.35
116.29
103.03
129.19
152.40
86.18

119.59
116.27
115.51
102.51
128.15
151.76
84.46

113.62
110.73
108.68
94.90
122.02
145.01
79.50

97.94
110.58
105.63
86.76
123.68
147.43
79.80

102.04
103.77
101.23
87.34
114.59
136.91
73.38

109.21

103.30

112.15

112.38

101.04

87.64

91.91

119.06
95.59
132.21

122.81
96.44
137.56

123.05
80.36
147.13

123.06
100.70
135.51

118.64
106.48
125.36

126.50
98.22
142.25

119.81
88.43
137.36

95.72
95.38
96.54
156.20
161.70
130.02

92.84
101.68
77.14
153.17
157.40
132.83

81.40
85.72
73.82
151.58
161.00
106.93

93.91
101.05
81.28
154.11
157.91
135.81

101.50
114.49
78.36
154.46
155.93
147.02

94.54
105.45
75.12
152.52
154.74
141.56

92.79
103.27
74.13
152.95
157.63
130.47

134.54

135.90

132.86

133.13

130.69

146.90

133.78

127.69

118.05

123.05

122.49

115.23

111.41

107.49

101.35

95.41

93.79

96.66

98.92

92.27

97.29

154.48

153.42

148.78

154.69

147.71

162.51

154.07

New
Domestic
Foreign
Used
New trucks ....
Domestic
Foreign
Addenda:
Final sales of motor vehicles
to domestic purchasersPrivate fixed investment in
new autos and new light
trucks
Domestic output of new
autos2
Sales of imported new
autos 3

1. Except for exports and imports, consists of new trucks only.
2. Consists of final sales ana 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.

July 2002

D-25

SURVEY OF CURRENT BUSINESS

8. Supplemental Tables
Table 8.1. Percent Change From Preceding Period in Selected Series
[Percent]
Seasonally adjusted at annual rates

Seasonally adjusted at annual rates
2000

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
Chajn-type quantity index
Chain-type price index
Implicit price deflator
Nonresidential:
Current dollars
Chajn-type quantity index
Chain-type price index
Implicit price deflator
Structures:
Current dollars
Chajn-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
Exports of goods:
Current dollars
Chajn-type quantity index
Chain-type price index
Implicit price deflator

2001

2002

2001

3.4
1.2
2.2
2.2

4.6
1.3
3.3
3.3

2.4
.3
2.1
2.1

.9
-1.3
2.3
2.2

1.5
1.7
-.1
-.1

7.7
4.8
2.7
2.7

5.0
3.1
1.9
1.9

6.3
3.0
3.2
3.2

3.9
2.5
1.3
1.3

.7
1.0
-.2
-.2

7.0
6.1

4.4
3.3
1.0
1.0

7.7
9.5
-1.6
-1.6

4.7
6.7
-1.8
-1.9

9.8
10.6
-.7
-.7

3.2
7.0
-3.5
-3.5

-1.9
.9
-2.8
-2.8

37.2
39.4
-1.6
-1.6

-13.3
-9.4
-4.3
-4.3

8.6
4.7
3.7
3.7

3.3
1.8
1.5
1.5

4.4
2.4
1.9
1.9

3.0
.3
2.7
2.7

-.9
.6
-1.5
-1.5

2.5
-3.2
-3.2

8.4
8.2
.2
.2

7.1
4.0
3.1
3.1

5.9
3.0
2.8
2.8

6.6
1.8
4.7
4.7

4.5
2.8
1.7
1.7

2.1
1.2
.9
.9

5.4
2.0
3.4
3.4

6.5
3.8
2.6
2.6

8.0
6.8
1.1
1.1

-7.6
-8.0
.5
.5

-12.3
-12.3
.0
.0

-11.7
-12.1
.4
.5

-10.4
-10.5
.2
.2

-23.8
-23.5
-.2
-.4

22.6
24.1
-1.3
-1.2

8.9
7.6
1.2
1.2

-1.5
-2.0
.5
.5

1.5
1.9
-.4
-.4

-9.2
-9.7

-5.5
-5.7
.3
.3

-11.5
-11.4
-.1
-.1

-2.0
-.8
-1.2
-1.2

10:1
9.9
.1
.1

-3.6
-3.2
-.5
-.5

-2.1
-.2
-1.9
-1.9

-14.7
-14.6
-1
-1

-8.9
-8.5
-.5
-.5

-15.1
-13.8
-1.6
-1.6

-8.2
-6.2
-2.1
-2.1

10.6
6.2
4.1
4.1

5.3
.9
4.5

19.3
12.3
6.2
6.2

-8.1
-12.2
4.7
4.7

-5.0
-7.5
2.7
2.7

-32.9
-33.6
1.0
1.0

-24.0
-22.8
-1.6
-1.6

9.9
11.1
-1.1
-1.1

-6.5
-4A
-2.2
-2.2

-8.6
-4.1
-4.6
-4.6

-16.9
-15.4
-1.9
-1.9

-10.4
-8.8
-1.7
-1.7

-7.6
-5.3
-2.5
-2.5

-2.2
.1
-2.3
-2.3

5.3
.8
4.5
4.5

5.0
1.5
3.4
3.5

13.5
8.5
4.6
4.6

8.7
5.9
2.6
2.6

4.9
2.4
2.5
2.5

-1.0
-4.6
3.8
3.8

15.8
14.6
1.1
1.1

11.4
9.5
1.8
1.8

-4.8
-4.5
-.2
-.2

-1.3
-1.2
-.1
-.1

-12.8
-11.9
-1.0
-1.0

-20.1
-18.8
-1.7
-1.7

-13.7
-10.9
-3.0
-3.0

2.5
2.8
-.3
-.3

12.5
11.3
1.1
1.1

-6.3
-5.6
-.7
-.7

-2.7
-2.4
-.4
-4

-18.6
-17.3
-1.5
-1.5

-21.2
-19.4
-2.2
-2.2

-13.2
-10.0
-3.5
-3.5

-4.5
-3.6
-1.0
-1.0

-1.0
-1.9

2.3
1.8
.5
.5

2.6
2.4
.2
.2

-17.6
-17.2
-.5
-.5

-14.7
-13.1
-1.9
-1.9

20.1
18.7
1.2
1.2

Exports of 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

18.2
13.4
4.3
4.3

-5.9
-2.7
-3.3
-3.3

-7.8
-5.0
-3.0
-3.0

-13.9
-8.4
-6.0
-6.0

-27.9
-13.0
-17.1
-17.1

-5.3
-7.5
2.4
2.4

6.9
8.3
-1.3
-1.2

Imports of goods:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator

18.9
13.5
4.8
4.8

-5.7
-2.8
-3.1
-3.0

-10.5
-6.7
-4.1
-4.1

-15.3
-9.5
-6.4
-6.4

-16.3
-10.0
-7.1
-7.1

-14.4
-3.6
-11.2
-11.2

1.5
3.7
-2.2
-2.2

5.3
3.4
3.4

1. For some components of final sales of computers, includes computer parts.




2000

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
National defense:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Nondefense:
Current dollars
,
Chain-type quantity index
Chain-type price index
Implicit price deflator
State and local:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Addenda:
Final sales of domestic product:
Current dollars
Chain-type quantity index
Chain-type price index
Implicft price deflator
Gross domestic purchases:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Final sales to domestic purchasers:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
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
Final sales of computers:'
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
product:
Food
Energy goods and services
Gross domestic product less food and
energy
Chain-type price indexes for gross domestic
purchases:
hood
Energy goods and services
Gross domestic purchases less food and
energy

2001

2002

2001

14.5
12.6
1.7
1.7

-6.9
-2.6
-4.5
-AA

8.7
4.9
3.6
3.6

-5.6
-2.0
-3.6
-3.6

-70.1
-29.1
-57.9
-57.9

77.0
-28.5
147.7
147.7

42.0
36.8
3.8
3.8

2.7
3.9
3.9

5.7
3.6
2.0
2.0

9.0
5.3
3.5
3.5

6.9
5.0
1.8
1.8

.3
.3
.0
.0

9.8
10.2
-.3
-.3

10.1
6.6
3.3
3.3

4.6
1.7
2.9
2.9

4.3
2.7
1.6
1.6

7.7
3.2
4.4
4.4

3.1
1.8
1.2
1.2

3.8
3.6
.2
.2

10.8
11.4
-.5
-5

19.3
11.4
7.1
7.1

3.0
.1
2.8
2.8

6.3
4.7
1.6
1.6

11.4
7.5
3.6
3.6

3.3
2.3
1.0
1.0

3.6
3.2
.3
.4

8.1
9.0
-.8
-.8

26.9
18.3
7.3
7.3

7.7
4.6
3.0
3.0

1.7
1.7

1.2
-4.3
5.8
5.8

2.6
.9
1.7
1.7

4.2
4.2
.0
.0

16.0
16.0
.0
.0

6.4
-.2
6.6
6.6

7.7
3.2
4.4
4.4

6.3
4.0
2.2
2.2

9.6
6.4
3.0
3.0

8.8
6.6
2.1
2.1

-1.4
-1.3
-.1
-1

9.3
9.6
-2
-.2

5.7
4.2
1.4
1.4

6.7
4.3
2.3
2.3

4.5
2.3
2.2
2.2

7.3
4.0
3.2
3.2

2.9
.7
2.1
2.1

1.7
-.5
2.2
2.3

3.7
3.8
-.1
-.1

3.9
2.6
1.2
1.2

7.5
4.8
2.6
2.6

2.9
1.3
1.7
1.7

3.4
.7
2.7
2.7

1.7
.4
1.3
1.3

-1.2
-1.0
-1
-.1

2.2
1.7
.5
.5

7.9
6.7
1.1
1.1

7.7
4.9
2.6
2.6

4.0
2.3
1.7
1.7

6.0
3.2
2.6
2.7

2.1
.8
1.3
1.3

-.3
-.1
-.1

4.4
3.9
.5
.5

4.4
3.3
1.1
1.1

6.5
4.1
2.3
2.3

3.5
1.3
2.2
2.2

4.0
.8
3.2
3.2

2.4
.3
2.1
2.1

.9
-1.3
2.3
2.2

2.4
2.6
-1

6.1
4.8
1.2
1.2

3.8

1.6

1.1

6.2
3.5

5.5
3.6

6.0
2.7

3.8
2.4

12.1
12.3

-7.3
-8.1

15.1
13.9

24.8
52.3
-18.0
-18.0

-14.6
8.8
-21.9
-21.5

-30.2
9.0
-36.0
-35.9

-39.6
-26.5
-17.8
-17.8

-29.3
-10.7
-20.8
-20.8

5.0
31.2
-19.9
-19.9

-24.3
-1.2
-23.4
-23.4

3.0
.6
2.3
2.3

1.2
-1.2
2.5
2.5

7.8
6.2
1.5
1.5

7.8
6.4
1.3
1.3

3.6
1.1
2.5
2.5

2.2

-.2
1.8

4.9

3.2
1.2
2.0
2.0

3.9
.6
3.3
3.3

2.3
.7
1.6
1.6

-.7
-.9
.2
.2

3.2
10.4

4.0
36.4

2.8
28.3

4.4
-17.6

1.8

2.2

1.2

2.8

2.6
6.1

3.7
-21.0

2.5
-33.0

2.3
-8.7

.6

2.0

1.4

2.3
18.9
2.0

.6

1.5

2.3

2.0
-19.2

2.2
-10.4
1.5

NOTE. Contributions to the percent change in real gross domestic product are shown in table 8.2.

National Data

D-26

July 2 0 0 2

Table 8.3. Contributions to Percent Change in Real Personal
Consumption Expenditures by Major Type of Product

Table 8.2. Contributions to Percent Change in Real Gross Domestic
Product

Seasonally adjusted at annual rates

Seasonally adjusted at annual rates
2000

Percent change at annual rate:
Gross domestic product
Percentage points at annual rates:
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
Other
Services
Housing
Household operation
Electricity and gas
Other household operation..
Transportation
Medical care
Recreation
Other
Gross private domestic investment
Fixed investment
Nonresidential
Structures
Equipment and software
Information processing
equipment and software
Computers and
peripheral
equipment
Software'
Other
Industrial equipment
Transportation equipment
Other
Residential
Change in private inventories...
Farm
Nonfarm
Net exports of goods and services
Exports
Goods
Services
Imports
Goods
Services
Government consumption
expenditures and gross
investment
Federal
National defense
Consumption expenditures.
Gross investment
Nondefense
Consumption expenditures.
Gross investment
State and local
Consumption expenditures
Gross investment
Addenda:
Goods
Services
Structures
Motor vehicle output
Final sales of computers2

4.1

2001

1.2

2002

2001

1.3

-1.3

1.7

6.1

3.28
.77
.22

2.10

2.05
.83
.52

1.72

.54
.26

.56
.19

.67
.07
-.02

4.14
2.84
2.26

2.37
-.84
-1.45

.38
.17
.94
.38
.24

.21
.07
.36
.05
.09

.23
.08
.49
.04
.10

.29
.08
.06
-.05
.06

.10
-.01
.12
-.10
.02

.42
.16
.50
.17
.17

.42
.18
1.61
.68
.37

-.01
.33
1.57
.22
.21
.05

.09
.26
.73
.22
-.04

-.13
.18
1.10

.01
-.01
.46
.03
.68
-2.16
-1.74
-1.99
-.44
-1.55

-.04
.20
.80
.22
-.28
-.20
-.07
-.10
.34
.08
.54

.16

-.19
.15
.03
.29
.17
.07
-2.28
.33
-.02
.39
-.41

.12
.07
.48
.16
.04
-.04
.08

1.06

.02
.20
1.19
.19
.10
-.03
.12
.01
.35
.06
.47
-1.41
-.33
-.40
.02
-.42

.86

-.15

-.62

-.95

-.46

-.13

.33

.36
.21
.30
.18
-.05
.07
.04

.01
.04

-.04
-.12
-.46

-.34
-.07
-.54
-.39
-.12
-.09
.25
-.42

-.26
.08
-.28
-.40
-.02
.05
.10
-.81

.23
-.11
-.25
-21
.08
-.21
-.21
-2.16

-.01
-.80
-.27

-.09
-2.08
-.14

-2.13
-1.55
-.58
1.86
1.20
.66

-1.14
-.72
-.42
1.00
.40

.27
-.04
.10
.20
-.48
-.04
.61
3.39
.01
3.38
-.75
.28
-.23

.05
.21
.12
.13
.00
.09

-.16
.41
-.56

1.76
.66
.34
.20
.14
.32
.25
.07
1.10
.33
.77

1.22
.69
.69
.61
.08
.00
.00
.00
.53
.24
.28

-1.59
.96
-.70
.27
-.10

.64
1.64
-.62
.33
.23

3.65
2.23
.25
.17
-.01

.16
.08
.30
.09
.67
1.19
1.28
1.25
.19

-.21
-.05

-.18
-.04
.07

.21
.05
-.04
.35

-.09
.00
-.09
-.79

-1.08
.00
-1.08
-.12

-2.61
.01
-2.61
.63

1.01
.85

-.13

-1.54
-.26

-.49
-.44
-.06
.37
.33
.04

.47
.10

.63
.16

.00
.00
.01
.10
.09
.00
.37
.32
.05

.18
.14
.04
-.02
-.03
.02
.47
.34

2.15
1.78
.21
-.03
.45

-.55
1.53

.17
-1.81

.13

.21
-.18
.11

-.19
.06

.76
.87
-.11

.92
.19
.28
.37

-.09
-.09
-.10
.01
.73

.39
.34
-.95
1.18
1.09
-.59
.10

.16
-22
-.24

-.10
-.32
-.12
-1.37

-1.45
.08
1.25
1.21
.05
.87
.11
.09
.01
.08
.02
.02
.00
.76
.35
.41
-1.33
1.45

.19
.70
-.31

-.10
.36
-.07
.09
-1.79
-.97
-1.08
-.26
-.82

-.01
.09

-4.12
-1.96
-1.75
-1.27
-47

.59

.41
1.61
.31
.29
.27
.02
.14
.30
.08

.49
3.29
-.10
-.71
-.73
.02

.51
-1.03
-.41
-.63

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.




2000

Percent change at annual rate:
Personal consumption
expenditures
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 services'
Personal consumption
expenditures less food and
energy

2001

2001

2002

4.8

3.1

3.0

2.5

1.0

6.1

3.3

1.13
.32

.79
.39

1.22
.76

.81
.28

.11
-.02

4.13
3.28

-1.22
-2.07

.56
.25
1.39
.57
.35

.30
.10
.53
.08
.14

.33
.12
.72

.42
.11
.09
-.07
.08

.14
-.01

.16
-.14
.03

.61
.24
.76
.26
.25

.60
.25
2.28
.96
.52

-.02
.00
-.01
.49
2.32
.32
.31
.07
.24
.12
.45
.13
.99

.03
.05
-.02
.29

.13
.13
.00
.38
1.08
.32
-.06
-.28
.22
.04
.43
.24

-.18
-.09
-.09
.26
1.62
.24
-.32
-.34
.02
-.02
.68

.18
.17
.01
.10
.69
.23
.06
-.06
.12
-.14
.52

-.05
-.03
-02
.30
1.23
.34
-.39
-.29
-.10
-.14
.50

.22
.20
.02
.58
2.24
.42
.41
.38
.03
.20
.41
.11

1.75
.29
.14

-.04
.18
.02
.52
.09
.69

.06
.15

.10

.04
1.00

.05

-.01

-.15

-.53

4.23

3.01

3.11

3.12

-.10
.13

.12
-.35

.99

6.20

1.74

1. Consists of gasojine, 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 2002

D-27

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
2000

2001

Seasonally adjusted at annual rates

2002

2001

2000

2001

2001

I
Percent change at annual rate:
Private fixed investment
Percentage points at annual rates:
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

7.6

-2.0

7.36
1.13

-2.36
.12

.67
.19

-.64
.27

.25
.02

.35
.14

6.23
5.07

2.10
1.23
1.74
1.04

-.31
.43
.22
.18
.14
-.05

.09
.04

-2.49
-.92
.05
.24
-1.21
-.32
-1.02
-.23
.40
.40
.08
.13
.18
.01

1.9

-.11
2.25

-9.7

-5.7

-11.28
-2.48

-6.37
-1.52

.79
.63

-2.79
-.26

1.00
-.17

.66
-.09

-10.24
-7.65

-4.58
-4.63

-3.05
-1.30

-3.24
.16

-2.09
-1.46

-.13
2.95

-1.59
-2.98
-2.60

-1.10
.02
.05

-.67

2.05

1.41
-.61
-1.46

1.73
-.28
.60
1.27
-3.01
-.25
3.83
3.83
1.97

-2.36

-8.80

-4.85

-3.59

-5.44

-2.71

-.25
-.71
-2.63
1.21
.28
-.26
2.03
2.02
1.66
.30
.06
.00

-1.96
-.36
-3.11
-2.21
-.66
-.50
1.55

1.54
.50
.30
.74
.02

-11.4

-1.53
.49

-1.67
-2.38
-.08
.32
.65
.66

.17
.13
.36
-.02

-1.26
.56
-1.24
-1.13
-1.15

-.92
.27
-.50
.03

.49
1.36
.00

1. Includes new computers and peripheral equipment only.
2. Excludes software "embedded," or bundled, in computers and other equipment.
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
Seasonally adjusted at annual rates
2000

Percent change at annual rate:
Exports of goods and services...
Percentage points at annual rates:
Exports of goods •
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'
Percent change at annual rate:
Imports of goods and services..
Percentage points at annual rates:
Imports of goodsl
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'

2001

2001

2002

-18.8

-10.9

2.8

-12.80 -13.65
-.24
-.43

-6.89
1.04

-2.50

-9.35

.21
-5.77

-.46
-1.86

.51

-1.64

-.25

9.5

-4.5

-1.2

7.93
.27
1.47
4.80

-4.00
.10
-.45
-3.02

-1.69
.64

.44

-.53

-1.97

1.59

.82
.13

-.04
-.06
-.55

1.23
-.65

-.02
-.01

-2.76
-.96

-.22
-.51

.51

.87

-5.10

-4.05

-5.0

-8.4

-13.0

-7.5

-.20
.28
-2.64

-5.82
-.17
-.63
1.95
-2.72

-8.23
.85
.07
-2.37
-5.41

-.42

-1.63

-8.11
.21
.47
.36
-11.45
1.37

.38

-.96
.26
-.67
-1.24

.28
.18
-.34

-.21
-2.42
.74

-1.16
2.10
-.28

-1.54
-.22
-4.77

.77
-4.57

1.57

-11.9

-1.21
-2.01
.28 -12.11

-.66

-2.7

13.4

8.3

-2.39

11.42
.24
.83
.40
4.65
1.23
3.32
.74
1.94

.14

.67
5.32

-2.94
-.29

3.32
.18
.75
-1.27
2.45
1.00
2.41
-2.21

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.




Percent change at annual rate:
Government consumption
expenditures and gross
investment'
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
capital4
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
capital4
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 capital4
Other services
Gross investment
Structures
Equipment and software

II

2002

III

I

IV

2.7

3.6

5.3

5.0

.3

10.2

6.6

.58
.03
-.01
.01
.03
-.05

.90
1.00
.79
.10
.02
.67

1.10
1.61
2.10
-.05
.06
2.10

.63
.51
.06
.25
.34
-.53

1.18
.69
.71
.45
-.06
.32

3.79
1.96
1.18
-.29
.14
1.33

3.76
3.76
3.30
.07
.32
2.91

-.04

.02

-.26

.03

.25

.62

.28

.01
-.01
.04
-.01
.05
.56
.53
.02
.07
.44

.02
.63
.21
-.01
.23
-.11
-.19
-.01
-.01
-.17

.02
2.33
-.49
-.02
-.48
-.52
-.57
-.06
.47
-.99

.02
-.59
.46
.00
.45
.12
.13
-.01
-.12
.26

.04
.04
-.02
-.12
.10
.49
-.04
-.03
-.13
.12

.06
.66
.79
.17
.62
1.82
1.43
.05
.46
.92

.07
2.56
.46
-.05
.51
.00
-.01
-.01
-03
.03

.16

.01

.17

.04

.34

.19

.05

.15
.13
03
-.07
.10
2.08
1.78
.06
.38
1.34

.13
-.31
.09
.01
.07
2.66
1.95
.06
.37
1.52

.11
-1.27
05
.07
-.02
4.21
2.29
.07
.39
1.83

.12
.09
-01
-.21
.19
4.33
2.04
.06
.39
1.58

.13
-.35
.52
.08
.44
-.88
2.26
.06
.38
1.81

.14
.59
.39
.26
.13
6.38
2.05
.06
.32
1.67

.14
-.16
.01
.35
-.35
2.88
1.34
.04
.23
1.07

74

85

1 10

91

1.08

74

54

.29
.32
.30
.04
.25

.28
.39
.72
.67
.04

.28
.45
1.93
1.95
-.02

.28
.39
2.29
2.38
-.09

.27
.46
-3.14
-3.03
-.11

.29
.64
4.33
4.42
-.09

.36
.17
1.54
1.72
-.19

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.

July 2002

National Data

D-28

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
Chained (1996) dollars:
Gross domestic product
Gross national product
Disposable personal income
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Population (mid-period, thousands)....

2002

2000

2001

34,950
34,907
29,450
24,889
23,818
2,902
7,043
13,874

35,704
35,686
30,511
25,943
24,709
3,002
7,188
14,519

35,637
35,601
30,361
25,634
24,519
2,945
7,193
14,381

35,746
35,705
30,533
25,798
24,682
2,960
7,226
14,496

35,706
35,668
30,632
26,457
24,646
2,936
7,185
14,525

35,727
35,769
30,519
25,880
24,988
3,167
7,148
14,672

36,278
36,204
30,849
26,733
25,187
3,048
1,21b
14,865

32,653
32,626
23,148
22,152
3,170
6,549
12,488

32,646
32,645
23,687
22,561
3,342
6,587
12,708

32,801
32,782
23,470
22,449
3,241
6,599
12,668

32,730
32,708
23,541
22,523
3,287
6,585
12,717

32,513
32,494
24,157
22,503
3,283
6,572
12,713

32,543
32,599
23,580
22,767
3,556
6,592
12,734

32,941
32,894
24,295
22,890
3,461
6,704
12,819

282,489

285,908

284,582

285,418

286,360

287,272

288,051

2001

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

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..
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 \...

2000

2001

353.0
118.5
234.5
346.9

333.1
111.4
221.8
350.7

2002

2001

315.5
105.5
210.0
339.9

331.5
113.6
217.9
340.5

288.5
289.4
277.4
301.5
226.2
218.4
242.8
226.6
105.7
102.5
105.0
107.6
120.5
135.2
124.0
113.4
58.7
62.9
59.1
62.4
140.1
138.4
158.0
136.3
177.0
194.6
171.6
179.1
76.1
77.6
71.8
76.6
117.0
99.8
101.0
102.5
84.2
76.8
76.1
77.9
24.2
32.8
23.7
24.6
-38.7
-36.6
-35.3
-39.0
13.4
13.2
13.4
13.3
3.2
4.0
3.9
3.8
9.4
9.3
9.6
10.2
-101.7 -100.5 -102.2 -100.6
25.5
25.7
26.1
22.3
17.9
17.8
16.7
15.1
7.6
8.0
9.4
7.2
125.9
126.3
127.8
124.5
106.7
106.7
109.2
109.1
19.2
19.6
18.6
15.5
-9.1
6.2 -17.6
-24.4
2.1
-4.2
-6.4
-9.4
-4.7
1.3 -7.1 -10.5
-4.2
.8 -7.7 -12.0
-.4
.6
1.5
.4
.6
1.1
4.1 -11.1
-4.8
-15.0
-3.8
3.2
-10.2
-13.8
-1.0
-1.0
-1.2

338.7
116.6
222.2
334.6

346.8
109.8
237.0
387.7

346.0
112.9
233.2
338.7

287.0 341.1 302.7
290.6
250.8
227.8
122.3
105.9
99.8
128.0
168.2
144.9
59.1
50.5
51.9
133.7 133.0
123.9
168.0
154.3
162.4
70.2
64.4
64.4
90.0
97.8
98.0
68.6
74.9
74.9
21.4
23.1
22.9
-29.4
-30.4
-34.3
13.7
12.9
13.0
4.1
3.9
3.6
9.4
8.8
9.9
-99.0 -100.0 -100.8
27.8
26.0
25.6
20.2
18.6
18.3
1.1
7.4
7.3
126.8
126.1
126.4
105.5
105.5
107.5
21.3
20.5
19.0
4.1
-40.9
7.3
3.0 -15.0
6.8
2.5
-15.6
6.3
-15.8
5.7
1.3
.2
1.2
.6
.4
.5
.5
.5
1.1
-25.9
1.6
-24.6
-1.0
-.4
-1.3
1.5

448.6

451.2

442.1

441.1

433.6

487.8

439.6

161.8
117.5
84.2

148.0
109.7
83.3

154.5
108.0
80.9

152.9
111.0
83.9

145.1
113.4
79.9

139.3
106.3
88.3

133.0
111.5
83.1

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.




Seasonally adjusted at annual rates

Motor vehicle output
Auto output
Truck output 1
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
Residual
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 autos3....

2000

2001

353.8
121.6
231.5
348.2

337.2
115.1
221.1
354.5

318.1
108.5
208.7
342.4

336.1
117.1
218.2
344.7

343.0
121.0
221.2
338.3

351.5
113.9
236.4
392.5

355.9
118.6
236.2
347.4

278.6
218.6
106.6
111.8
59.6
156.9
194.7
78.8
116.0
84.8
31.4
-37.5
12.9
3.7
9.3
-99.4
24.9
16.2
8.1
124.2
106.5
17.8
5.8
2.1
1.3
.8
.5
.8
3.4
2.6
.8

302.4
244.3
109.7
134.1
57.7
137.4
173.1
73.2
100.0
78.0
22.4
-35.5
13.3
3.7
9.6
-97.7
24.1
17.3
7.0
121.8
103.7
18.2
-16.1
-6.6
-7.2
-7.9
.6
.6
-8.7
-7.9
-.9

290.0
228.1
104.6
123.1
61.5
140.5
179.2
77.6
101.9
79.4
23.0
-38.6
13.3
3.9
9.5
-98.2
24.4
17.1
7.3
122.6
104.0
18.6
-8.3
-4.2
-4.7
-4.3
-.4
.4
-3.8
-3.0
-.9

289.1
230.3
102.1
127.7
58.4
133.8
168.6
71.8
97.0
75.8
21.6
-34.7
12.9
4.1
8.8
-96.5
26.4
19.4
7.1
122.9
102.7
20.1
3.7
3.0
2.5
1.3
1.1
.4
.9
1.2
-.4

342.5
292.0
124.6
166.6
50.4
133.6
163.9
65.6
98.3
77.1
21.7
-30.1
13.7
3.8
10.0
-96.8
24.6
17.9
6.8
121.3
101.9
19.4
-37.5
-15.5
-16.0
-16.4
.2
.6
-20.0
-18.9
-1.1

307.7
255.0
108.7
145.7
52.5
125.4
157.1
66.1
91.1
71.6
20.0
-31.6
13.0
3.4
9.6
-97.6
24.1
17.5
6.7
121.7
103.8
17.8
6.8
7.1
6.5
5.9
.6
.5
.4
-.7
1.3

-2.6

287.8
226.8
107.6
118.9
60.6
141.8
180.5
78.0
102.7
79.7
23.5
-38.5
13.3
3.1
10.3
-99.4
21.1
14.5
6.7
120.6
106.0
14.6
-22.6
-9.5
-10.7
-12.3
1.5
1.1
-12.1
-11.0
-1.1
-3.9

-6.0

-.3

448.3

452.8

442.7

443.6

435.5

489.5

445.8

163.4
118.3
85.5

151.0
111.3
84.9

157.5
109.5
82.3

156.7
112.8
85.6

147.4
115.4
81.7

142.6
107.7
89.9

137.5
113.5
85.3

2002

2001

-1.5

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.
MOTE. 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 trie 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 2002

D-29

SURVEY OF CURRENT BUSINESS

Table 8.30. Contributions to Percent Change in the Gross Domestic Purchases Price Index
Seasonally adjusted at annual rates
2000

Percent change at annual rate:
Gross domestic purchases
Percentage points at annual rates:
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
Other
Services
Housing
Household operation
Electricity and gas
Other household operation
Transportation

Medical care
Recreation
Other
Gross private domestic investment
Fixed investment
Nonresidential
Structures
Equipment and software
Information processing equipment and software
Computers and peripheral equipment
Software !
Other
Industrial equipment
Transportation equipment
Other equipment
Residential
Change in private inventories
Farm
Nonfarm
Government consumption expenditures and gross investment.
Federal
National defense
Consumption expenditures
Gross investment
Nondefense
Consumption expenditures
Gross investment
State and local
Consumption expenditures
Gross investment
Addenda:
Final sales of computers2
Gross domestic purchases less final sales of computers
Food
Energy goods and services
Gross domestic purchases less food and energy

1.7

2.7

1.76

1.23
-.15
.02
-.17
.00
.29
.28
-.06
-.05
.12
1.10
.36
.16
.16
.01
.04
.28
.08
.16

2.12

-.13
.02

-.14
-.01
.72
.22
-.04
.42
.12
1.17
.30
.06
.08
-.01
.08
.29
.09
.34
.19
.20
.02
.12

-.01
.66
.17
.11
.11
.00
.06
.05
.01
.49
.42
.07

-.06
.14
-.20
-.23
-.22
.02
-.03
.01
.00
.02
.14
.00
.00
.00
.35
.09
.06
.06
.00
.04
.03
.00
.25
.20
.05

-.20
2.84
.22
.63
1.75

-.26
1.98
.28
.08
1.29

-.11

-.14
-.15
.04
-.03
.01
.02
.01
.19
-.01
.00

2002

2001

2.6

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 price indexes on which the estimates in this table are based are shown in tables 7.1,7.2,7.4,7.6, and 7.11.




2001

-.06
.09

-.18
.04
.38
.37
-.02
-.10
.12

1.80
.36
.50
.47
.03
.04
.48
.09
.33
.01
-.05
-.24
.20
-.44
-.40
-.38
.01
-.03
.02
-.09
.03
.19
.07
.00
.07
.59
.25
.13
.15
-.01
.12
.12
.00
.34
.26
.08
-.48
3.20
.38
.36
1.95

1.3

-.29
-.05
-.22
-.02
.52
.24
-.18
.31
.15
.65
.43
.00
-.02
.02
-.01

.12
.12
.00
.06
.09
-.02
.15
-.17
-.20

-.17
.01
-.03

.01
-.01
.02
.11
-.03
.00
-.03

.31
.07
.04
.04
.00
.03
.03
.00
.24
.21
.03
-.19
1.55
.25
.25
.78

1.1

-.1

-.15
-.23
-.06
-.16
-.01
-.29
.35
-.17
-.66

.19
.37
.40
-.13
-.09
-.03

.01
.06
.06
-.04
.04
.04
-.06
.09

-.15
-.25
-.18
-.04
-.03
-.01
.09
.01
.10

.56
-.13
.04
-.15
-.02
-.63
.23
-.02
-.91
.07
1.33
.42

-.13
-.24
.11
.01
.40
.06
.56
-.03
-.02
-.18
.03
-.21
-.20
-.17
.00
-.03

-.01
-.01
.00
.00
.01
.01
.01
.00
.00
.01
-.01
-.01
-.02
.01

-.01
-.01
.01
.16
-.01
.01
-.01
-.06
-.03
-.03
-.01
-.02
.00
.00
.00
-.02
-.08
.05

-.20
.17
.34
-.94
.49

-.18
.74
.23
-1.48
1.72

.70
-.37
-.15
-.20
-.02
.05
.23
-.06
-.16
.05
1.02
.41
-.05
-.11
.06
.07
.23
.06
.30

-.19
-.23
-.05
-.19
-.14
-.12
.00
-.01
-.01
-.03
-.01
.05
-.01
-.02

.01
.57
.41
.28
.27
.00
.14

.14
.00
.16

.13
.03
-.21
1.29
.22
-.32
1.18

July 2002

D-30

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 June 28, 2002, and they include "preliminary" estimates for May 2002 and "revised" estimates
for January-April 2002.
Table B.1. Personal Income
[Billions of dollars; monthly estimates seasonally adjusted at annual rates]
2002

2001
2000

2001
Apr.

May

June

July

Aug.

Sep.

Oct.

Nov.

Dec,

Jan.

Feb.'

Mar.'

Apr.r

8,928.4

8,949.1 8,972.2

May

8,319.2

8,723.5

8,697.0

8,709.3

8,737.6

8,768.5 8,775.9 8,771.0

8,759.6

8,757.2

8,784.8

8,840.7

4,837.2
4,068.8
1,163.7
830.1
1,095.6
1,809.5
768.4

5,098.2
4,292.2
1,197.3
842.1
1,145.5
1,949.4
806.0

5,092.8
4,296.7
1,208.1
856.8
1,146.9
1,941.7
796.1

5,091.7
4,292.7
1,203.5
848.2
1,145.2
1,944.0
799.0

5,115.0
4,311.3
1,201.7
845.5
1,152.4
1,957.2
803.7

5,124.5
4,316.2
1,201.4
845.7
1,152.2
1,962.6
808.3

5,123.8
4,311.9
1,197.2
841.0
1,149.5
1,965.2
811.9

5,122.0
4,304.8
1,193.9

5,112.8
4,289.8
1,179.1
821.9
1,143.3
1,967.4
822.9

5,136.8
4,311.1
1,179.3
820.7
1,149.8
1,982.0
825.7

5,141.8
4,307.8
1,176.8
817.2
1,151.1
1,979.9
834.0

5,155.9
4,317.4
1,178.1
818.2
1,153.9
1,985.4
838.5

5,170.7
4,329.1
1,179.0
818.3
1,160.3
1,989.8
841.6

5,170.7
4,327.5
1,175.5
817.1
1,159.6
1,992.4
843.2

5,190.5
4,345.4
1,176.7
819.1
1,163.6
2,005.1
845.1

Other labor income

534.2

553.8

551.3

552.0

553.3

554.4

555.3

556.5

558.5

743.5
27.6
715.9

740.0
29.0
711.0

746.0
28.8
717.1

750.1
28.3
721.8

751.9
29.7
722.3

757.7
32.4
725.4

748.6
347
713.9

567.6
759.5
23.5
736.1

571.5
767.2
28.5
738.7

578.4

715.0
30.6
684.4

559.5
739.3

574.9

Proprietors' income with IVA and CCAdj
Farm
Nonfarm

5,110.6
4,289.7
1,184.9
829.1
1,142.6
1,962.2
820.9
557.4
743.9
26.9
717.0

766.1
20.3
745.8

756.4
11.4
745.0

138.6
414.3

142.3

144.4

145.2

146.3

167.7

170.9

420.1

423.0

159.0
435.8

164.3

416.9

437.6

440.4

442.9

970.9

962.0

967.3

977.8

977.7

1,180.5

1,209.6

972.6
1,218.1

977.8

1,172.2

1,219.0

1,231.1

1,235.6
703.7

Personal income
Wage and salary disbursements
Private industries
Goods-producing industries
Manufacturing
Distributive industries
Service industries
Government

Rental income of persons with CCAdj

141.6

142.6

138.1

140.3

Personal dividend income

379.2

416.3

409.6

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

836.7
1,142.6
1,968.4
817.2

739.1
19.5
719.6
147.7

726.9
149.2

564.0
750.2
18.3
731.9
153.4

428.3

431.0

433.6

12.4

1,000.6

993.6

1,005.1

411.9
1,000.7

997.2

994.3

991.5

988.6

1,069.1

1,148.8

1,134.1

1,140.3

1,143.6

1,158.8

1,157.3

1,160.9

425.8
979.7
1,168.7

617.3

664.4

658.7

660.7

660.8

672.6

669.2

670.8

671.7

674.6

679.2

693.1

699.2

23.7

23.2

23.1

23.0

23.3

24.3

24.7

26.8

26.7

29.4

30.7

460.7

452.3

456.4

459.9

465.8

472.3

475.4

489.7

492.1

496.0

499.1

501.2

357.7

373.3

374.0

373.5

374.5

462.9
374.7

25.1
472.4

25.8

431.5

24.0
464.2
374.2

695.3
27.7

702.6

20.3

373.7

372.6

372.4

373.5

379.2

379.4

379.9

379.5

380.4

" Preliminary.
r
Revised.
CCAdj Capital consumption adjustment.

IVA Inventory valuation adjustment.
Source: U.S. Bureau of Economic Analysis.

Table B.2. The Disposition of Personal Income
[Monthly estimates seasonally adjusted at annual rates]
2002

2001
2000

2001
Apr.

May

June

July

Aug.

Sep.

Oct.

Nov.

Dec.

Jan/

Feb/

Mar/

Apr/

May"

Billions of dollars, unless otherwise indicated
8,723.5 8,697.0
1,306.2 1,348.9

8,737.6 8,768.5 8,775.9
1,356.4 1,258.9 1,120.5

Personal income

8,319.2

Less: Personal tax and nontax payments..

1,288.2

Equals: Disposable personal income

7,031.0 7,417.3 7,348.1 7,360.3 7,381.2 7,509.6
6,963.3 7,298.9 7,254.5 7,280.8 7,309.7 7,329.4
6,728.4 7,064.5 7,017.3 7,043.7 7,072.8 7,093.6
819.6
837.6
840.2
858.3
856.4
853.0
1,989.6 2,055.1 2,055.3 2,067.6 2,064.0 2,063.3
3,919.2 4,151.1 4,121.8 4,138.5 4,152.3 4,177.3
203.2
206.5
206.2
205.3
206.3
203.9
30.8
29.6
31.2
30.8
30.8
31.9

Less: Personal outlays
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

8,709.3
1,349.0

8,771.0
1,207.0

8,759.6
1,332.4

8,757.2

8,784.8

8,840.7

8,889.0

8,928.4

8,949.1

8,972.2

1,327.5

1,338.1

1,187.0

1,184.9

1,185.0

1,183.0

1,186.3

7,655.4 7,564.0
7,333.1 7,210.6
7,099.7 6,979.4
848.5
820.4
2,063.8 2,045.5
4,187.4 4,113.6
199.2
201.5
31.9
31.9

7,427.2
7,418.0
7,188.3
941.2
2,051.0
4,196.1
197.7
31.9

7,429.6
7,397.5
7,168.9
910.4
2,045.9
4,212.7
196.7
31.9

7,446.7 7,653.7 7,704.1 7,743.4 7,766.1 7,785.8
7,404.2 7,431.8 7,484.7 7,505.8 7,547.7 7,545.2
7,177.4 7,208.4 7,265.8 7,291.4 7,331.5 7,327.3
877.9
870.2
882.3
881.3
884.7
863.5
2,063.7 2,084.7 2,098.6 2,103.0 2,124.8 2,110.7
4,235.8 4,253.5 4,284.9 4,307.1 4,322.1 4,353.1
190.4
194.9
185.9
181.4
183.2
184.9
31.9
33.0
33.0
33.0
33.0
33.0

67.7

118.4

93.6

79.5

71.4

180.2

322.3

353.4

9.2

32.1

42.5

221.9

219.4

237.6

218.4

240.6

6,539.2

6,772.4

6,712.4

6,717.7

6,727.4

6,845.4

6,978.6

6,928.9

6,759.8

6,768.1

6,793.5

6,971.0

7,004.2

7,019.4

7,011.0

7,035.2

25,942 25,771 25,788 25,835
24,889
23,687 23,541 23,537 23,546
23,148
282,489 285,908 285,130 285,414 285,710

26,255
23,932
286,032

26,733
24,370
286,362

6,446.3
952.9
1,878.8
3,635.8
109.72

6,466.2
949.8
1,890.4
3,646.2

6,471.9

1.0

Addenda:
Disposable personal income:
Billions of chained (1996) dollars 1 ..
Per capita:
Current dollars
Chained (1996 dollars)
Population (thousands) 2
Personal consumption expenditures:
Billions of chained (1996) dollars....
Durable goods
Nondurable goods
Services
Implicit price deflator, 1996=100
Personal saving as percentage of disposable personal
income

6,257.8
895.5
1,849.9
3,527.7
107.52

6,450.3
955.6
1,883.3
3,633.4
109.52

6,410.2
930.1
1,877.1
3,620.7
109.47

6,428.8
931.3
1,882.1
3,632.7
109.57

1.0

1.6

1.3

1.1

26,384
25,862 25,898 26,594 26,746 26,858 26,909 26,951
25,879
24,169 23,553
23,560 23,626 24,222 24,316 24,347 24,293 24,352
286,687 286,999 287,277 287,539 287,798 288,044 288,312 288,605 288,893

109.7

949.3
1,896.4
3,646.5
109.7

6,393.4
921.5
1,859.2
3,628.6
109.17

6,542.4
1,056.8
1,878.1
3,647.7
109.87

6,530.6
1,021.9
1,886.2
3,655.7
109.77

2.4

4.2

4.7

0.1

0.4

6,547.8
986.3
1,916.6
3,671.1
109.62

6,565.4
981.7
1,930.4
3,678.1
109.79

6,605.7
1,003.6
1,935.0
3,695.4
109.99

6,609.6
1,005.2
1,928.1
3,704.4
110.31

6,618.7
1,010.7
1,929.2
3,707.8
110.77

6,620.9
986.6
1,928.5
3,728.6
110.67

2.9

2.8

3.1

2.8

3.1

Percent change from preceding period, monthly changes at monthly rates

4.9

0.2

0.1

0.3

0.4

0.1

-0.1

-0.1

0.0

0.3

0.6

0.5

0.4

0.2

0.3

Disposable personal income:
Current dollars
Chained (1996) dollars

5.5
3.6

0.3
0.1

0.2
0.1

0.3
0.1

1.7
1.8

1.9
1.9

-1.2
-0.7

-1.8
-2.4

0.0
0.1

0.2
0.4

2.8
2.6

0.7
0.5

0.5
0.2

0.3
-0.1

0.3
0.3

Personal consumption expenditures:
Current dollars
Chained (1996) dollars

5.0
3.1

0.3
0.2

0.4
0.3

0.4
0.3

0.3
0.3

0.1
0.1

-1.7
-1.2

3.0
2.3

-0.3
-0.2

0.1
0.3

0.4
0.3

0.8
0.6

0.4
0.1

0.6
0.1

-0.1
0.0

Personal income, current dollars..

7.0

"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 the following month;




the annual estimate is the average of the monthly estimates. Estimates for January 1991 through June 2000 are interpolations between Bureau of the Census population estimates for 1990 and for 2000; estimates for July 2000 forward are BEA
extrapolations. BEA will substitute Bureau of the Census population estimates for 1991 forward when they are released.
Source: U.S. Bureau of Economic Analysis.

July 2002

D-31

SURVEY OF CURRENT BUSINESS

Annual Estimates
Except as noted for table B.3 below, these tables are derived from the NIPA tables that were published in the
August and September 2001 issues of the SURVEY OF CURRENT BUSINESS, and the estimates reflect the most recent
comprehensive and annual NIPA revisions.
Table B.3. Gross Domestic Product by Industry, Current-Dollar and Real Estimates for 1998-2000
Billions of chained (1996) dollars

Billions of dollars

1998

1999 '

2000

1998

1999

2000

8,781.5

9,268.6

9,872.9

8,508.9

8,856.5

9,224.0

7,678.2

8,116.9

8,656.5

7,490.6

7,852.7

8,177.6

Agriculture, forestry, and fishing
Farms
Agricultural services, forestry,
and fishing

128.0
80.6

127.2
74.3

135.8

79.0

145.5
100.3

153.4
106.0

166.3
120.5

47.4

53.0

56.7

44.4

46.7

47.3

Mining
Metal mining
Coal mining
Oil and gas extraction
Nonmetallic minerals, except
fuels

100.2
5.4
10.7
72.8

127.1
4.9
10.1
99.5

119.7
7.7
11.9
89.4

112.0

95.2

11.3

11.5

12.6

10.9

Construction

380.8

425.5

463.6

348.9

1,431.5
830.7
41.9
24.3

1,496.8
865.7
46.3
26.0

1,566.6
901.7
44.4
26.7

1,444.3
892.9
40.1
22.9

1,532.1

1,594.6

965.1
43.0
23.9

1,034.1
44.1
24.4

38.7
53.1
101.7

42.5
50.2
107.6

43.9
52.9
108.7

36.6
54.5
96.5

38.4
57.2
98.4

39.7
57.4
99.6

158.6

157.3

167.6

195.8

214.4

236.0

Gross domestic product
Private industries

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
Transportation and public utilities ...
Transportation
Railroad transportation
Local and interurban passenger
transit
Trucking and warehousing
Water transportation
Transportation by air
Pipelines, except natural gas

103.3
5.0
10.6
76.2

215.6

230.0

193.7

212.9

217.9

674.1

663.3

688.8

708.4

843.7

905.7

12.4

Finance, insurance, and real
1,708.5
300.0
52.8
143.9
150.2

1,810.6
325.6
53.7
138.8
158.3

1,936.2

1,622.1

379.3

366.5
59.0
144.2
167.7

256.5
57.3
163.2
135.1

1,713.5
268.1
60.6
210.0
135.2

1,809.5
288.2
66.8
290.7
131.1

56.4
981.6
718.7
262.9

65.4
1,051.2
764.4
286.8

67.3
1,116.3

51.8
944.9
677.2
268.9

58.9
986.2
701.3
286.6

60.1
1,018.3
721.1
299.3

23.4

17.6

15.4

15.4

10.6

7.4

1,829.9
73.5
57.0
439.8

1,980.9
80.4
57.4
502.6

2,164.6

1,699.0
63.3
53.7

410.7

1,774.8
64.8
52.6
452.5

1,865.2
67.3
53.5

81.0
24.4
29.1

88.1
25.2
32.0

93.9
26.7
34.9

75.1
21.6
28.2

80.6
20.2
29.2

83.7
19.6
30.0

70.1
491.1
116.7
67.5
57.6
53.6
254.5
14.0

75.1
516.3
123.0
72.1
61.8
58.3
275.9
12.7

546.8
133.5
78.6
67.5
63.5
306.2
13.6

65.1
460.9

69.5
485.4

61.1
52.3
48.3
238.6

68.3
470.5
110.4
62.4
53.7
48.3
250.7

13.3

11.7

-31.0

-72.7

-130.4

1,103.3

1,151.7

1,216.4

359.9
298.6
61.3

369.7

387.0
323.8
63.2

743.4
681.2
62.2

782.0
716.6
65.4

56.7

61.2

55:2

57.5

58.8

64.2

49.0

48.2

48.1

25.9
600.8
121.8

29.1
664.8
137.0
22.3
24.7

24.9
555.5

17.3
25.8

28.3
631.0
132.9
18.9
25.5

112.1
11.9
24.1

26.9
574.0
117.3
6.3
23.6

27.7
574.0
118.2
6.2
24.1

26.0
55.7
95.6
164.8
32.9

24.3
58.0
102.7
175.1
30.4

23.6
59.9
105.5
191.1
36.5

25.2
56.2
85.6
155.2
26.4

22.6
57.3
88.1
168.7
34.4

22.5
50.0
86.6
184.2
25.5

56.8
4.1

59.3
3.9

60.2
4.0

55.6
3.8

58.2
3.7
737.2
268.6
22.5
16.6
100.3
11.8
80.9
6.4

Depository institutions
IMondepository 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
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
Statistical discrepancy1

59.8 Government
3.9
Federal
781.5
General government
281.1
Government enterprises..
23.2
State and local
18.2
General government
105.7
Government enterprises
11.7
85.0 Not allocated by industry2
6.4

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
,
... production.
. _,__..__.,
x - . : . ^ - , dis
J ... i ! ._ ^
n n . ..-..1 i s c r e p a n c y e q u a | S t h e current-dollar statistical
domestic
The
chained ,(1996)
dollar -statistical
discrepancy deflated by the implicit price deflator for gross domesc
estic busness
business product.
poduc.
2. Equals GDP in chained (1996) dollars less the statistical discrepancy and the sum of GDP by industry of the
detailed industries. The value of not allocated by industry reflects the nonadditivity of chained-dollar estimates




204.8

10.9

62J

15.5
95.5
13.2
76.8

30.6
283.9
232.5
54.1

370.0

64.5

18.7
126.0
14.8
93.0
6.2

29.8
256.5
208.0
50.3

834.9

58.4

17.6
122.0
13.7
90.2
6.1

27.8
231.2
181.3
50.3

790.4

327.7
116.9

16.8
114.1
13.6
85.8
6.1

32.3
281.1
208.9
72.2

Retail trade..

255.8
114.7

257.9
22.8

2000

29.9
258.5
196.4
62.1

633.5

210.8
111.6

683.1

1999

28.0
238.5
179.4
59.1

607.9

181.2
120.2

825.0
313.9
22.9

2000

Wholesale trade...

165.5
118.9

776.8
302.7
23.2

Transportation services
Communications
Telephone and telegraph
Radio and television
Electric, gas, and sanitary
services

1999

7.4
13.5
63.4

8.2
13.5
79.8

159.2
111.5

732.0
288.7
24.3

Billions of chained (1996) dollars

Billions of dollars
1998

308.1
61.6

810.5
305.8

86.5
60.4
571.7

829.5
760.4
69.1

107.3

490.9

115.6
64.6
55.5
49.6

269.3
12.0

-69.9

-123.0

1,047.3

1,060.7

1,085.4

347.6
286.2
61.5
699.7
642.5
57.3

346.5
285.8
60.8
714.0
653.5
60.5

353.0
290.1
63.1

-48.9

-110.6

-170.7

-30.1

732.2
669.0
63.2

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 1998-2000" in the November 2001 SURVEY. This table corrects
errors in the current-dollar estimates for total "Services" for 1998-2000 that were in table 1.

D-32

July 2002

National Data
Table B.4. Personal Consumption Expenditures by Type of Expenditure
Billions of chained (1996)
dollars

Billions of dollars
1999

2000

5,856.0

1998

6,250.2

6,728.4

5,683.7

5,968.4

Food and tobacco
Food purchased for off-premise consumption
(n.d.)
Purchased meals and beverages1 (n.d.)
Food furnished to employees (including military)
(n.d.)
Food produced and consumed on farms (n.d.)....
Tobacco products (n.d.)
Addenda: Food excluding alcoholic beverages
(n.d.)
Alcoholic beverages purchased for
off-premise consumption (n.d.)..
Other alcoholic beverages (n.d.)

906.9

965.5

1,029.5

865.3

889.7

507.9
335.4

536.7
353.4

569.6
378.0

492.2
318.3

511.6
327.2

8.8
0.5
54.4

9.1
0.5
65.7

9.4
0.5
72.1

8.4
0.5
46.1

8.5
0.5
43.3

745.1

786.4

834.2

716.0

741.3

769.0

62.1
45.4

65.9
47.5

71.2
52.1

60.7
42.7

63.1
43.4

66.2
46.2

Clothing, accessories, and jewelry
Shoes (n.d.)
Clothing and accessories except shoes2
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.)
Other3 (s.)

367.2
42.4
242.0
154.6
87.4

391.0
44.8
255.8
164.0
91.9

416.2
46.8
272.0
175.1

375.0

404.9
46.5
265.3
172.6

435.3
49.4
285.6
186.7

96.9

42.9
247.2
159.4
87.8

92.8

99.0

0.3

0.3

0.3

0.3

0.3

0.3

13.8
44.3
24.4

14.6
48.5
27.0

15.0
51.4
30.7

13.3
47.8
23.5

13.8
53.7
25.6

13.8
58.5
28.1

Personal care
Toilet articles and preparations (n.d.)
Barbershops, beauty parlors, and health clubs (s.)

79.9
52.7
27.2

84.4
55.4
28.9

90.4
58.5
31.8

77.6
51.8
25.8

80.3
53.7
26.6

84.1

859.7

909.0

958.8

808.7

831.6

850.1

625.0
194.0
6.7
34.0

664.6
201.3
7.2

588.3
182.9
6.0
31.4

609.0

35.9

702.7
209.3
7.7
39.1

184.3
6.2
32.1

625.3
185.1
6.2
33.6

642.9

676.5

727.4

640.6

676.6

716.0

56.7
32.1
29.1
57.1
34.5

60.0
34.1
31.4
61.7
36.8

64.1
36.3
33.8
66.1
39.3

56.9
32.6
28.8
56.6
36.0

60.3
35.5
31.8
62.0
38.9

64.7
38.2
34.7
66.9
42.7

53.5
21.3
186.2
96.3
32.5
44.2
13.1
112.9
16.0
43.7

56.6
22.6
189.5
96.4
33.2
46.2
13.6
122.3
14.9
46.6

60.0
24.2
207.6
101.2
40.2
48.3
17.9
131.3
16.0
48.7

52.1
19.8
187.0
99.8
31.4
41.7
14.3
114.2
15.1
41.6

54.2
21.3
189.6
100.6
31.9
42.7
14.6
127.1
13.7
42.8

54.9
23.1
193.7
103.9
32.8
43.6
13.8
141.8
14.1
43.1

1,041.7
122.1

1,100.5

1,173.9
155.5

995.2

139.2

117.7

1,027.8
129.4

1,064.2
139.9

20.6
220.5
55.1
132.1
427.8
354.2
233.0
41.9
79.3
73.7
63.6
53.9
1.4
8.3

21.5
231.2
58.3
138.4
446.6
370.5
245.9
41.6
83.0
76.0
65.3
57.2
1.5
6.6

21.9
245.6
62.1
146.4
472.4
392.7
259.4
45.1
88.2
79.7
70.0
61.3
1.7
7.0

19.9
213.0
50.5
124.1
410.2
341.7
222.4
41.2
78.1
68.4
60.0
47.9
0.9
11.4

20.6
218.5
51.1
128.0
419.0
350.9
230.2
40.2
80.3
68.2
61.4
49.0
0.9
11.6

20.4
228.2
52.0
131.9
429.3
361.6
236.0
42.5
83.1
67.9
62.6
50.0
1.0
11.9

Personal consumption expenditures

Housing
Owner-occupied nonfarm dwellings-space rent4

(s.)

Tenant-occupied nonfarm dwellings-rent5 (s.)
Rental value of farm dwellings (s.)
Other6 (s.)
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 supplies (n.d.)
Household utilities
Electricity (s.)
Gas(s.)
Water and other sanitary services (s.)
Fuel oil and coal (n.d.)
Telephone and telegraph (s.)
Domestic service (s.)
Other10 (s.)
Medical care
Drug preparations and sundries11 (n.d.)
Ophthalmic products and orthopedic appliances
(d.)
Physicians (s.)
Dentists (s.)
Other professional services12 (s.)
Hospitals and nursing homes13
Hospitals
Nonprofit (s.)
Proprietary (s.)
Government (s.)
Nursing homes (s.)
Health insurance
Medical care and hospitalization14 (s.)
Income loss15 (s.)
Workers' compensation16 (s.)

1998

1999
529.8

577.3

638.9

484.4

517.0

554.8

58.1

68.0

83.9

60.4

75.6

98.0

55.7

63.4

68.3

51.6

57.0

58.7

221.2
90.9
58.7
16.2
28.9

238.8
97.0
62.4
16.4
31.3

265.4
104.5
66.1
16.9
33.7

195.6
81.7
54.0
14.9
27.1

206.8
83.0
54.7
14.6
28.3

222.7
83.5
55.1
14.6
29.4

Transportation
User-operated transportation
Newautos(d.)
Net purchases of used autos (d.)
Other motor vehicles (d.)
Tires, tubes, accessories, and other parts (d.)...
Repair, greasing, washing, parking, storage,
rental, and leasing (s.)
Gasoline and oil (n.d.)
Bridge, tunnel, ferry, and road tolls (s.)
Insurance19 (s.)
Purchased local transportation
Mass transit systems (s.)
Taxicab(s.)
Purchased intercity transportation
Railway (s.)
Bus(s.)
Airline (s.
Others.)

649.9

711.6

599.2
87.9
54.9

658.9
98.0
57.6
124.7
44.4

784.9
727.9
105.0
59.1
136.5
46.3

658.5
609.4
88.5
57.5

708.3
657.2
99.5
59.7

103.7
42.1

122.7
45.3

735.5
682.7
106.6
59.6
134.3

163.6
129.5
4.2
36.8
12.4
8.6
3.8
40.3
0.7
2.0
32.3
5.3

173.4
165.3
4.5
37.9
13.0
9.0
3.9
44.0
0.8
2.2
35.8
5.1

148.6
131.8
3.6
33.6
12.2
8.2
4.0
36.9
0.7
1.8
29.5
4.8

155.1
136.7
3.7
34.2
12.5
8.7
3.8
38.6
0.7
1.8
31.1
5.0

160.1
136.6
3.8
34.8
12.8
9.0
3.9
39.9
0.8
1.9
32.6
4.6

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 sports21 (s.)
Clubs and fraternal organizations22 ( s j
Commercial participant amusements2'(s.)
Pari-mutuel net receipts (s.)
Other24 (s.)
:

489.1
28.2
31.0
56.5

527.9

574.2
33.9
36.8
64.6

506.3
27.1
30.1
59.7

559.6

614.9
33.2
34.2
76.7

46.2

50.3

Education and research
Higher education25 (s.)
Nursery, elementary, and secondary schools26
(s.)
Other27 (s.)

6,257.8 Personal business
Brokerage charges and investment counseling (s.)
Bank service charges, trust services, and safe
921.6
deposit box rental (s.)
Services furnished without payment by financial
531.0
intermediaries except life insurance carriers (s.)
341.1
Expense of handling life insurance and pension
8.7
plans17 (s.)
0.5
Legal services (s.)
42.8
Funeral and burial expenses (s.)
Other18 (s.)

56.0
28.1

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 lug
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 premjums, less benefits and djvjdends, 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 services,
and other personal business services.




Billions of chained (1996)
dollars

Billions of dollars

104.5
41.5
153.6
114.8
4.0
38.0
12.3
8.3
4.1

38.4
0.7
1.9
30.8
4.9

30.7
32.9
60.4

90.3

30.1
31.2
67.8

47.1

58.3

47.0

52.2

61.2

106.9

121.3

152.6

186.6

61.6
28.7
4.1
15.9
23.4
6.9

66.6
31.4
4.3
16.6
25.8
7.6

72.7
34.3
4.9
17.5
27.3
8.1

67.4
60.9
4.0
16.2
22.3
6.6

78.2
90.9

6.9

91.8
121.4
4.7
17.5
23.2
6.8

8.7
7.7
14.9
57.3
4.3
117.0

9.3
8.8
15.9
63.2
4.5
125.3

9.8
9.3
16.8
69.2
4.7
133.4

8.3
7.4
14.2
54.9
4.1
109.6

8.5
8.0
14.7
58.9
4.2
114.3

8.4
8.0
15.0
62.2
4.3
117.7

140.2
74.0

149.5
77.4

159.9

130.7
68.7

134.4

69.7

137.7
70.1

29.9
36.3

31.4
40.7

32.5
46.8

28.0
34.0

28.6
36.0

28.4
39.1

4.2
17.4
23.3

Religious and welfare activities28 (s.)

163.9

173.0

190.3

155.3

157.4

164.8

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.)

-15.1
68.8
3.1

-16.0
72.3
3.2

-15.9

-11.6

80.7
3.3

-11.4
69.1
3.5

70.9
3.5

-7.7
78.0
4.0

97.9

82.4

84.1

87.8

2.0

1.6

1.9

1.9

-15.2

-40.9

-75.0

Residual..

85.4
1.6

1.9

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 receipts—such 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 receipts—such 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.
* Because of rapid changes in relative prices, the chained-dollar estimates for computers are especially misleading as a
measure of the contribution or relative importance of this component.
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 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 2002

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
1998

Private fixed investment in structures
Nonresidential

1999

2000

Billions of chained (1996)
dollars

Billions of dollars

1999

1999

1998

2000

638.5

678.2

729.2

599.0

616.0

634.5

282.4

283.5

313.6

262.2

256.9

272.8

281.7

282.9

312.8

261.5

256.2

272.0

197.2
35.6
100.7
49.1
51.6
6.4
10.9
15.4
28.2

201.9
28.7
110.1
55.4
54.7
7.2
10.4
15.1
30.4

221.8
30.2

184.3
33.3
94.1
45.9
48.2
6.0
10.2
14.4
26.3

181.0
25.8
98.7

190.4
26.0

Utilities
Railroads
Telecommunications
Electric light and powerGas
Petroleum pipelines

44.2
5.7
12.3
12.5
12.4
1.3

47.2
4.7
18.3
14.7
8.1
1.5

51.7
4.2
18.8

Farm
Mining exploration, shafts, and wells...
Petroleum and natural gas
Other
Other4

4.3
30.2
28.9
1.3
5.9

5.0
22.6
21.4
1.2
6.2

5.2
27.6
25.9

Brokers' commissions on sale of structures.

2.3

2.4

New..
Nonresidential buildings, excluding farm.
Industrial
Commercial
Office2 buildings 1
Other
Religious
Educational
Hospital and institutional
Other3

123.9
64.8
59.1
7.9
12.4
16.2
31.2

49.6

49.1
6.4
9.3

106.4
55.6
50.8
6.7
10.7
13.9
26.8

42.7
5.5
12.1
12.0
11.9
1.2

13.5
27.2
45.7
4.7
18.1
14.0
7.6
1.4

1.6
6.6

4.0
25.1
23.9
1.2
5.6

4.5
20.0
18.9
1.1
5.7

4.4
23.5
22.0
1.4

2.6

2.2

2.2

2.4

21.3
6.4
1.0

48.5
4.2
18.4
19.5
5.7
0.9

5.9

-1.7

-1.8

-1.9

-1.6

-1.6

-1.6

Residential

356.1

394.7

415.6

336.8

359.3

361.8

New..,

310.4

344.4

363.4

292.4

311.6

314.6

224.9

250.1

210.4
185.8
24.6
14.5
84.5

223.8
213.4

1.4

211.6
197.5
175.9
21.7
14.1
79.9
0.9

225.6
212.2

1.0

236.1
208.6
27.4
14.1
93.0
1.3

259.6
248.8
220.7
28.1
10.9
102.4

48.8
-3.0

53.7
-3.4

55.4
-3.2

47.4
-2.9

50.9
-3.1

50.1
-2.8

-0.3

-1.0

-1.0

Net purchases of used structures..

New housing units
Permanent site
Single-family structures..
Muitifamily structures
Manufactured homes
Improvements
Other5
Brokers' commissions on sale of structures.
Net purchases of used structures
Residual-

188.9
23.4
13.3
84.9
1.2

190.9
22.7

10.1
89.6
1.2

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.




D-33

SURVEY OF CURRENT BUSINESS

Private fixed investment in equipment
and software
Nonresidential equipment and software

827.1

Billions of chained (1996)
dollars

2000

1998

1999

2000

988.9

883.7

987.3

1,096.9

875.4

978.3

1,087.4

506.2
208.6
167.3

290.3
187.6

818.9

891.1

979.5

363.4
84.2
140.1
81.2
36.3
13.7
8.0

399.7
90.8
159.8
93.4
37.7
10.8
7.2

466.5
109.3
183.1
116.8
38.8
11.0
7.4

429.3

Industrial equipment
Fabricated metal products
Engines and turbines
Metajwqrking machinery
Special industry machinery, n.e.c
General industrial, including materials
handling, equipment
Electrical transmission, distribution, and
industrial apparatus

147.6
12.7
4.7
34.9
37.1

149.3
12.9
5.4
34.5
38.2

166.7
13.0
8.1
35.8
48.7

145.6
12.7
4.6
34.5
36.4

146.4
13.0
5.1
33.9
37.0

162.6
13.1
7.6
35.0
47.1

34.7

33.7

36.0

34.0

32.8

34.7

23.5

24.7

25.2

23.4

24.6

24.9

Transportation equipment
Trucks, buses, and truck trailers...
Autos
Aircraft
Ships and boats
Railroad equipment

168.2
98.1
40.5
20.0
2.6
7.0

199.1
116.6
43.4
28.9
2.8
7.5

195.9
114.2

41.0
30.1
3.7
7.0

168.2
100.0
39.2
19.7
2.5
7.1

197.6
116.7
42.9
28.1
2.6
7.6

192.7
113.2
41.3
28.0
3.4
7.0

Other equipment
Furniture and fixtures
Tractors
Agricultural machinery, except tractors
Construction machinery, except tractorsMining and oilfield machinery
Service industry machinery
Electrical equipment, n.e.c
Other

143.7
35.9
14.9
12.8
20.9
4.7
15.4
14.1
24.9

146.2
38.3
13.1
10.0
22.0
5.8
16.2
14.4
26.3

154.3
42.1
14.2
11.4
19.2
7.9
16.2
15.2
28.2

141.1
35.1
14.7
12.5
20.2
4.5
15.0
14.5
24.5

142.4
37.3
12.8
9.7
20.8
5.5
15.6
14.9
25.7

149.3
40.6
13.8
10.9
18.0
7.4
15.5
16.0
27.3

Information processing equipment and
software
Computers
and peripheral equipment1
Software2
Communication equipment
Instruments
Photocopy and related equipment
Office and accounting equipment

Less: Sale of equipment scrap, excluding
autos
Residential equipment..

102.1
37.5
10.9
7.3

609.5
131.4
38.3
11.1
7.5

3.9

3.3

4.0

4.5

4.2

4.5

8.2

8.8

9.4

8.3

9.0

9.6

-13.6

-37.8

-79.2

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

147.7
147.1
85.6
36.1
13.9
8.0

827.1
8.2

899.9
8.5

988.9
9.3

1.2
39.4
0.5
4.0

1.0
41.1
0.4
3.4

1.0
42.8
0.5

861.7

935.4

1,025.9

4.1

1. Includes new computers and peripheral equipment only. Because of rapid changes in relative prices, the
chained-dollar estimates for computers are especially misleading as a measure of the contribution or relative
importance of this component.
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.

D-34

July 2002

National Data

Table B.7. Compensation and Wage and Salary Accruals by Industry
[Millions of dollars]
Compensation

1998
Total

1999

1998

1999

2000

4,989,641 5,310,732 5,715,222 4,192,105 4,477,368 4,837,192

Domestic industries...

4,994,637 5,315,840 5,720,399 4,197,101 4,482,476 4,842,369

Private industries..

4,079,585 4,361,701 4,711,427 3,504,384 3,758,205 4,073,930

Agriculture, forestry, and fishing...

Farms

Agricultural services, forestry, and
fishing

46,375

49,788
19,341

18,648

Mining
Metal mining
Coal mining
Oil and gas extraction
Nonmetallic minerals, except fuels
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.
Transportation and public utilities.
Transportation
Railroad transportation
Local and interurban passenger
transit
Trucking and warehousing 1 ....
Water transportation
Transportation by air1
Pipelines, except natural gas.,
Transportation services

51,610

19,539

30,447

35,779

2,963
5,510

16,193

43,649
16,478

45,488
16,782

24,623

27,171

28,706

40,816

32,071

27,727
34,287
2,907
5,176
20,766
5,438

36,427
2,583
4,853
23,437
5,554
298,156

30,532
2,478
4,642
18,918
4,494

29,292
2,439
4,367
17,828
4,658

31,215
2,154
4,086
20,214
4,761

22,041
5,265
246,190

272,859

210,354

233,754

256,824

979,364

755,463

625,200
29,114
19,679

472,686
23,087
15,066

782,661
493,489
24,455
15,983

830,127

562,754
27,167
17,734

926,346
586,031
28,684
18,751

24,589
36,802
64,630

25,805
37,238
66,579

27,587
38,039
69,261

20,603
30,400
54,195

21,702
30,849
56,007

23,272
31,558
58,364

528,192
24,825
16,797

117,081

121,437

132,421

100,563

104,448

114,214

91,371
65,120

97,908
68,747

114,128
70,240

77,279
51,558

82,960
54,739

97,395
56,059

51,999

51,930

51,495

43,375

43,373

42,970

51,454

53,497

57,158

44,170

45,985

49,196

14,807
333,665
64,862
2,787
18,796

15,455
340,315
66,427
2,755
18,255

16,078
354,164
69,907
2,928

12,988
289,172
56,587
2,168

18,020

12,390
282,777
55,078
2,188
16,148

15,705

13,542
301,935
59,790
2,324
15,515

19,288
33,777
67,514
74,124
10,254

18,449
34,486
69,705
77,226
10,035

17,706
34,956
73,078
83,376
9,759

16,462
28,985
58,080
61,659
8,475

15,749
29,679
60,182
64,401
8,286

15,102
30,144
63,287
69,945
8,064

39,718
2,545

40,501
2,476

41,988
2,446

33,523
2,179

34,290
2,125

35,661
2,103

321,871
176,899
16,946

349,835

374,286
197,912
16,714

266,520
145,060
12,602

291,993
155,130
12,790

313,297
164,068
12,427

11,245
66,363
8,785

11,938
70,608
9,066
59,506
996
18,457

12,717
74,050

9,541
54,694

9,642
63,680

7,311
45,129
844
14,939

10,180
58,632
7,587
49,284
847
15,810

10,868
61,654
8,095
52,900
864
17,260

55,055
993
17,512

187,689
17,118

1,014
20,095

1. Reflects the ^classification 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.




Compensation

Wage and salary accruals
2000

Communications
Telephone and telegraph
Radio and television
Electric, gas, and sanitary
services

Wage and salary accruals

1998

1999

2000

89,306
67,147
22,159

103,592
78,628
24,964

114,048
86,831
27,217

1998

74,901
56,012
18,889

1999
87,653
66,288
21,365

2000

96,682
73,359
23,323

55,666

58,554

62,326

46,559

49,210

52,547

Wholesale trade

335,828

359,562

385,575

288,747

309,351

332,685

Retail trade

448,698

478,448

510,440

392,550

420,555

449,628

427,064
94,748
38,489
93,919
86,513

458,737
98,455
40,693
107,255
91,244

498,251
99,805
41,464
131,202
94,392

368,061
80,039
32,861
83,772
73,491

396,320
83,345
34,767
95,794
77,640

432,275
84,567
35,511
117,566
80,512

36,703
53,850

38,702
57,611

41,041
61,865

31,909
46,464

33,703
49,806

35,823
53,667

22,842

24,777

28,482

19,525

21,265

24,629

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 services 2
,
Private households
Government
Federal
General government
Civilian
Military 3
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

1,321,361 1,431,839
46,302
42,801
28,433
26,861
301,202 351,894

1,577,318 1,151,341

49,465
30,063

1,250,630 1,382,391
40,334
43,231
25,314
26,813
309,539 364,013

412,399

37,180
23,868
264,150

34,235
13,264
21,776

36,982
13,531
22,496

39,863
13,967
23,892

30,181
11,616
19,152

32,596
11,886
19,779

35,215
12,288
21,060

43,513
393,083
67,834
62,390

47,211
408,364
72,151
66,820

51,309
429,364
79,036
72,549

37,871
335,777
59,690
53,986

41,265
349,579
63,581
57,990

44,974
368,695
69,828
63,174

106,341
55,337
51,004
194,081
13,980

114,661
59,254
55,407
210,280
12,714

125,465
64,859
60,606

94,288
47,763
46,525
169,942
13,640

101,954
51,347
50,607
184,423
12,390

111,882
56,424
55,458
207,984
13,234

915,052
270,161
215,262
129,828
85,434
54,899
644,891
604,420
323,707
280,713
40,471

954,139 1,008,972
277,790 293.671
221,797 233,438
134,869 142,648
90,790
60,233
55,993
676,349 715,301
634,016 670,666
340,484 361,349
293,532 309,317
44,635
42,333

692,717

724,271
184,409
146,668
90,624
56,044
37,741
539,862
505,516
269,490
236,026
34,346

768,439
195,572
154,814
96,646
58,168
40,758
572,867
536,529
286,883
249,646
36,338

-5,177
2,341
7,518

-4,996
1,934

-5,108
2,210
7,318

-5,177
2,341
7,518

-4,996
1,934

6,930
383,786
3,772,521

-5,108
2,210
7,318

236,375
13,571

179,496
142,513
87,614
54,899

36,983
513,221
480,474

255,411
225,063
32,747

6,930

403,324 431,959
4,037,362 4.364,797

4. 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 2002

D-35

SURVEY OF CURRENT BUSINESS

Table B.8. Employment by Industry
[Thousands]
Persons engaged in
production 1

Full-time and part-time
employees

1998

Full-time and part-time
employees

1999

2000

1998

1999

2000

133,456

136,368

139,350

129,742

132,204

134,917

Domestic industries...

133,968

136,872

139,861

130,181

132,636

135,355

Private industries..

111,706

114,333

116,865

111,577

113,897

116,253

2,188
880

2,294
923

2,321

3,345
1,705

3,389

3,338
1,635

1,308

1,371

Total...

Agriculture, forestry, and fishing
Farms
Agricultural services, forestry, and
fishing

890

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
Transportation and public utilities
Transportation
Railroad transportation
Local and interurban passenger
transit
Trucking and warehousing 2

594
49
93
340
112

540
44
87
296
113

541
40
79
308

6,296

6,704

114
7,007

18,923
11,270
840
534
566
715
1,517
2,211

18,669
11,177
857
550
572

698
1,529
2,142

1,710
997
900
873

1,670

407
7,653
1,695
40

408
7,492
1,696
37
560

597
769
679

1,023
874
854

697
669
1,575

18,571
11,185

849
559
583
700
1,544
2,122

188

2000

185
1,199
13
471
1,477
1,046
431
861

476
1,553
1,107
446
863

194
1,296
13
488
1,668
1,197
471
857

6,918

6,995

7,113

22,991

23,542

24,060

7,533
2,046
662
681
1,574
788

7,713
2,049
708
728
1,608
795
1,567
258

7,758

39,584
1,869
1,339
8,779
1,273
395
592
1,728
10,222
1,114
2,271

40,978
1,934
1,363

42,380
1,979
1,387

9,437

10,074
1,368
382

1,783
10,356
1,142
2,355

609
1,858
10,485
1,164
2,447

5,195
2,751
2,444
3,527
1,280

5,388
2,859
2,529
3,640
1,251

5,583
2,992
2,591
3,836
1,208

22,262
5,194
4,200

22,539
5,139

1,878
2,322
994
17,068

1,856
2,291
992
17,400
16,546
9,148

1,245

13

1,703

Wholesale trade

1,696
602
49
93
349
111
7,602
18,933
11,349
896
543

569
711
1,514
2,211

546
42
77
315
112

545
45
86
304
110
8,023

8,368

18,659
11,222
915
562
573

18,511
11,220
899
570
581

697

696

1,517
2,136

1,537
2,109

1,719
1,021
836
845

1,700
995
903
865

1,656
1,018
872
841

1,705
1,019
834

407
7,386
1,699
35
533
641
656
1,569

442
7,584
1,673

435
7,437
1,679
36
556
708
664
1,556
1,026
131

432
7,291
1,674
34
535

39
598
774
672
1,577

617
650
1,544

1,593
1,040
135

1,037
131

1,039

1,026

126

134

1,018
87

1,011
79

1,016
72

1,006
85

1,001

1,006
76

6,679
4,341
223

7,114
4,589
213

6,655
4,437
211

6,852

7,016

4,482
223

4,569
211

4,641
202

473
1,777

489
1,848

500
1,885

486
1,954

503
2,020

503
2,041

1,030
125

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.
3. Consists of museums, botanical and zoological gardens; engineering and management services; and
services, not elsewhere classified.




Water transportation
Transportation by air 2
Pipelines, except natural gas
Transportation services
Communications
Telephone and telegraph
Radio and television
Electric, gas, and sanitary services

1999

1,693

1,640
1,431

Mining
Metal mining
Coal mining
Oil and gas extraction
Nonmetallic minerals, except fuels

1998

Retail trade
Finance, insurance, and real estate
Depository institutions
Nondepository institutions
Security and commodity brokers
Insurance carriers
Insurance agents, brokers, and service.
Real estate
Holding and other investment offices....
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
Educationaj services
Social services and membership
organizations
Social services
Membership organizations
Other services 3
Private households
Government
Federal
General government
Civilian
Military 4
Government enterprises
State and local
General government
Education
Other
Government enterprises
Rest of the world 5

1,532
250

1,326

391
612

2,038
686
797
1,588
802
1,583
264

841

7,398
854

22,996
5,235
4,260
1,976
2,284
975
17,761
16,891
9,382
7,509
870

-512

-504

-511

16,227

8,928
7,299

4,147

Persons engaged in
production 1

1998
185
1,123
13
465
1,365

960
405
853

1999
185
1,163

2000
191
1,215

13

13

474
1,423
1,011
412
860

476
1,524
1,089
435
851

7,018

7,107

20,954

21,432

7,631
1,933
643
732
1,501
881
1,704
237

7,817
1,928
690
797
1,526
873
1,759
244

7,855
1,906
667
873
1,500
895
1,766
248

39,479

40,640
1,758
1,831
9,566
1,557
553
659
1,547
9,644
1,219
2,169

42,080
1,816
1,879

5,025
2,993
2,032
3,983

5,189
3,086
2,103
4,086
862

5,356
3,201
2,155
4,291
833

18,604
4,207
3,416
1,845
1,571
791
14,397
13,528
7,226
6,302

18,739
4,164
3,370
1,821
1,549
794
14,575
13,699
7,359
6,340
876

19,102
4,262
3,478
1,931
1,547
784
14,840
13,953
7,556
6,397
887

-439

-432

-438

6,923
20,407

1,697
1,803
8,987
1,520
591
644
1,496
9,526
1,225
2,100

10,222
1,591
539
652
1,637

9,772
1,223

2,269

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 2002

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
1998
Total
Domestic industries

1999

2000

Wage and salary accruals per
full-time equivalent

Full-time
equivalent employees1
1998

1999

36,675

38,706

119,401

122,083

124,973

35,023

36,587

38,612

119,840

122,515

125,411

34,616

36,215

38,322

101,236

103,776

106,309

Agriculture, forestry, and fishing
Farms
Agricultural services, forestry, and
fishing

20,625
21,476

21,168
20,832

21,922
21,995

1,979
754

2,062
791

2,075
763

20,100

21,378

21,880

1,225

1,271

1,312

Mining
Metal mining
Coal mining
Oil and gas extraction
Nonmetallic minerals, except fuels

52,460
50,571
51,011
56,811
41,229

55,372
55,432
51,376
61,476
42,345

58,896
53,850
53,065
66,934
42,892

582
49
91
333
109

529
44
85
290
110

530
40
11
302
111

Private industries

1998

1999

2000

42,260
40,402
64,923
34,581
55,855
58,960
48,309
54,969

43,108
42,523
65,154
36,178
62,342
66,090
53,015
57,962

44,724
43,864
66,462
38,527
64,155
67,799
54,878
62,333

Wholesale trade...

43,604

45,980

48,731

Retail trade

20,603

21,447

22,260

52,415
41,492
52,326
129,678
48,961
43,120
34,649
82,384

55,391
43,364
52,046
139,438
50,878
45,361
36,488
87,152

60,348
44,439
55,056
156,964
53,675
48,020
39,116
99,310

19,053
7,022
1,929
628
646
1,501
740
1,341
237

32,730
22,629
20,313
32,340
24,902
31,565
41,011
27,167
36,789
60,232
27,115

34,238
23,601
21,025
35,231
25,686
32,475
40,781
28,478
37,776
62,580
28,042

36,419
24,605
21,835
38,618
26,779
34,228
43,423
29,356
39,269
67,402
29,356

21,131
19,656
22,896
51,544
15,465

21,968
20,231
24,064
53,941
14,374

37,235
42,666
41,719
47,487
34,945
46,755
35,648
35,517
35,346
35,713
37,684

38,650
44,287
43,522
49,766
36,181
47,533
37,040
36,902
36,620
37,228
39,208

2000

35,109

Water transportation
Transportation by air2
Pipelines, except natural gas
Transportation services
Communications
Telephone and telegraph
Radio and television
Electric, gas, and sanitary 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

Construction

34,638

36,140

37,896

6,073

6,468

6,777

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

40,831
42,607
28,258
28,862
36,923
42,817
36,299
46,215

42,832
44,850
29,009
29,653
38,616
44,579
37,140
49,666

45,704
47,974
30,018
30,707
40,685
45,473
38,322
54,831

18,502
11,094
817
522
558
710
1,493
2,176

18,273
11,003
843
539
562
692
1,508
2,103

18,163
11,010
827
547
572
694
1,523
2,083

45,727
52,184
48,627
51,420

50,370
53,877
50,084
55,006

57,325
55,285
51,896
59,059

1,690
988
892
859

1,647
1,016
866
836

1,699
1,014
828
833

31,851
38,172
33,401
56,103
27,323
22,126
43,197
39,323
60,391
63,722

33,217
39,776
34,150
60,222
28,451
23,332
44,900
41,080
62,953
63,738

34,723
42,211
36,018
68,353
29,440
25,254
46,519
43,258
68,239
64,512

389
7,408
1,649
39
591
744
671
1,477
1,021
133

391
7,270
1,657
36
552
675
661
1,465
1,023
130

390
7,153
1,660
34
527
598
648
1,463
1,025
125

33,557
25,940

34,462
27,961

35,590
29,620

995
76

1,002
71

Transportation and public utilities
Transportation
Railroad transportation
Local and interurban passenger
transit
Trucking and warehousing2

42,808
35,924
59,725

45,453
37,210
60,616

47,347
38,450
61,520

6,226
4,038
211

6,424
4,169
211

6,617
4,267
202

22,086
32,948

22,774
33,970

23,781
35,031

432
1,660

447
1,726

457
1,760 Rest of the world5

1. Full-time equivalent emplo
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 ^classification of air couriers from trucking and warehousing to transportation by air.
3. Consists of museums, botanical and zoological gardens; engineering and management services; and




Full-time
equivalent employees1

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..

1998
173
1,117
13
432
1,341
950
391
847
6,622

1999
176
1,159
13
437
1,406
1,003
403
849
6,728!

2000
181
1,206
13
448
1,507
1,082
425
843
6,827

19,609

20,199

7,155
1,922
668
687
1,526
743
1,365
244

7,163
1,903
645
749
1,500
746
1,372
248

35,177
1,643
1,175
8,168
1,212
368
467
1,394
9,127
991
1,991

36,528
1,709
1,204
8,786
1,269
366
485
1,449
9,254
1,016
2,068

37,958
1,757
1,228
9,426
1,315
359
485
1,532
9,389
1,036
2,152

23,193
21,141
25,735
57,422
15,887

4,462
2,430
2,032
3,297
882

4,641
2,538
2,103
3,419
862

4,824
2,669
2,155
3,622
833

40,228
45,887
44,512
50,050
37,601
51,987
38,603
38,453
37,968
39,025
40,967

18,604
4,207
3,416
1,845
1,571
791
14,397
13,528
7,226
6,302

18,739
4,164
3,370
1,821
1,549
794
14,575
13,699
7,359
6,340
876

19,102
4,262
3,478
1,931
1,547
784
14,840
13,953
7,556
6,397

-439

-432

-438

services, 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).

July 2002

Table B.10. Farm Sector Output, Gross Product, and National Income
Billions of dollars

1998

1999

2000

Billions of dollars

1999

1999

1998

2000

208.3

214.7

238.5

244.3

248.4

197.6

199.8
100.2

219.8

103.3

192.2
96.5

121.5

226.2
125.4

94.2
6.7
0.5

95.7
7.2
0.5

9.0
0.9

9.9
-1.5

99.6
7.7
0.6
8.5
-1.8

1.1
-0.3

-0.9
-0.6

-1.2
-0.6

98.3
6.0
0.5
9.9
1.6
1.8
-0.3

100.9
6.2
0.5
11.8
-1.9
-1.4
-0.6

232.4
131.2
101.8
6.2
0.5
10.1
-2.0
-2.2
-0.5

134.1

134.0

135.7

138.2

139.1

132.9

118.9
15.2

120.4
13.6

121.7
14.0

122.5
15.7

125.1
14.0

119.4
13.5

Equals: Gross farm product

80.6

74.3

79.0

100.3

106.0

120.5

Less: Consumption of fixed capital

27.3

29.3

28.6

26.7

28.0

27.0

Cash receipts from farm marketings
Crops
Livestock
Farm housing
Farm products consumed on farms
Other farm income
Change in farm inventories
Crops
Livestock
Less: Intermediate goods and services
purchased
Intermediate goods and services, other
than rent
Rent paid to nonoperator landlords

Equals: Net farm product
Less: Indirect business tax and nontax liability
Plus: Subsidies to operators
Equals: Farm national income
Compensation of employees
Wage and salary accruals
Supplements to wages and salaries
Proprietors' income and corporate profits
with inventory valuation and capital
consumption adjustments
Proprietors' income
Corporate profits
Net interest

53.3
5.2
10.4

45.0
5.5
18.4

50.4

73.5

77.9

98.2

5.4
19.5

58.5
18.6
16.2
2.5

58.0

19.3
16.5
2.9

64.5
19.5
16.8
2.8

29.9
25.6
4.3
10.0

28.3
26.6
1.7
10.3

34.1
30.6
3.5
10.9

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.




Table B.11. Housing Sector Output, Gross Product, and National Income

Billions of chained (1996)
dollars

214.6

Farm output

D-37

SURVEY OF CURRENT BUSINESS

Housing output1
Nonfarm housing
Owner-occupied
Tenant-occupied
Farm housing
Less: Intermediate goods and services
consumed
Equals: Gross housing product
Nonfarm housing
Owner-occupied
Tenant-occupied
Farm housing

Billions of chained (1996)
dollars

2000

873.1

919.6

777.2

799.5

816.6

865.9
664.6

912.0
702.7

793.3

201.3
7.2

209.3
7.7

771.2
588.3
182.9
6.0

810.4
625.3
185.1
6.2

609.0
184.3
6.2

114.5

116.1

116.4

107.4

105.3

102.3

711.3
705.6
535.6
170.0
5.6

757.1
751.1
575.1
176.0

803.2

669.8
664.7
504.2

694.2

714.3
709.3
547.4
161.9

133.1
71.9

796.9
613.6

689.1
527.7
161.4

160.5

5.9

183.4
6.3

5.1

5.1

5.1

143.4
77.4

153.6
81.8

125.8

130.1

133.5

544.0

564.1

580.8

-61.2

-66.0

-71.8

578.1

613.6

649.6

Less: Indirect business tax and nontax liability
plus business transfer payments

130.5

135.8

140.8

Compensation of employees
Proprietors' income with inventory
valuation and capital
consumption adjustments
Rental income of persons with
capital consumption adjustment.
Corporate profits with inventory
valuation and capital
consumption adjustments
Net interest

2000

819.0
625.0
194.0
6.7

Equals: Net housing product

Equals: Housing national income

1999

825.8

Less: Consumption of fixed capital
Capital consumption allowances
Less: Capital consumption
adjustment

Plus: Subsidies less current surplus of
government enterprises

1998

24.1

23.8

23.8

471.8

501.6

532.6

9.6

10.0

10.9

20.6

18.9

17.6

121.0

130.0

123.8

4.4
316.2

4.1
338.6

4.3
376.0

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.

National Data

D-38

July 2 0 0 2

Table B.12. Net Stock of Private Fixed Assets; Equipment, Software, and Structures; by Type
[Yearend estimates]
Chain-type quantity indexes (1996=100)

Current-cost valuation (Billions of dollars)
1995

1996

1997

15,908.5

16,722.5

17,653.1

18,649.6

19,767.3

21,164.8

97.30

3,243.8

3,416.3

3,585.3

3,779.2

4,029.0

4,319.0

94.93

3,182.8

3,352.2

3,519.8

3,711.6

3,959.2

4,245.4

94.90

850.2
93.6
158.3
344.3
165.1
68.8
20.1

906.0
101.5
173.7
363.8
175.0
71.5
20.5

974.8

1,035.9

112.2
200.7
388.2
181.9
70.2
21.6

117.5
236.4

1,128.7
136.8
278.1
425.6
200.3
66.6
21.3

1,261.6
163.1
325.9
475.6
210.6
65.7
20.7

90.81
71.80
89.64
93.40
95.07
99.22
97.17

1,075.1

1,119.1

98.7
57.3
50.4
6.9

1,156.9
98.6
58.5
51.2
7.3
227.8
262.1
243.0
266.8

1,199.5

95.6
55.8

1,239.4
99.9

1,288.1
100.9
64.5
55.7
8.8
254.9
303.3
268.6
295.9

97.07
98.06
99.35

690.4
260.8
159.0
147.1
46.5
77.1

716.5
283.0

764.2
321.8

905.1
404.8

159.9

157.8
158.5
46.9
79.1

840.4
370.9
161.2
177.8
48.1
82.3

95.20
89.85
95.59
100.14
101.57
99.38

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

712.0

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

790.6
230.3
10.0

117.4

124.2

750.6
214.2
9.6
204.6
69.7
55.5
14.2
79.9
100.8
21.4
78.8
53.9
2.9
51.1
132.0

61.0

64.1

65.5

67.6

12,664.6

13,306.3

14,067.9

14,870.4

15,738.3

4,941.4

5,175.0

5,487.0

5,746.2

6,027.6

6,448.2

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

3,125.1
700.4

3,285.6
729.2
756.3
843.8
8.6
835.2
145.7
137.9
327.7
345.1
177.5

3,740.8
806.4
865.5
965.3
9.3
956.0
163.5
163.7
371.1
405.3
215.3
109.8
80.3

3,986.0
839.5
931.3

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
111

4,287.6
881.2
1,015.7
1,111.2
10.4
1,100.8
186.5
194.6
420.3
478.1
261.8
129.5

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

1,190.2
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

1,283.0
295.4
243.0
512.7
187.6
44.3

1,311.0
287.0
253.1
528.9
196.2
45.9

1,368.0
286.7
268.9
558.8
206.0
47.7

99.13
100.62
97.93
99.19
97.83
99.97

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
347.4
311.2
36.2
156.9

225.0
342.4
305.3
37.1
163.2

235.1
383.9
345.2
38.7
173.5

100.53
100.06
100.12
99.54
98.20

7,723.3

8,131.2

8,580.8

9,124.2

9,710.7

10,397.6

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

6,301.5
6,169.1

6,624.6
6,483.0
5,663.1
819.9
141.6
1,477.1

6,995.2
6,845.0
5,959.4

7,449.5

7,928.8

7,289.1

7,758.1

6,334.9
954.2

6,739.6

8,484.6
8,308.6
7,265.4
1,043.2
176.0
1,877.3
35.7

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

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
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

49.5
6.4

209.2
240.5
225.3
248.7

Transportation equipment
Trucks, buses, and truck trailers
Autos
Aircraft
Ships and boats
Railroad equipment

650.5
234.1
150.0
143.6

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

607.1

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

45.9
76.9

723.1
796.6
8.3
788.4
140.2
129.2
311.9
323.7
164.1
86.6
73.0

5,383.9
785.2
132.4
1,392.8
28.9

219.2
253.1

234.9
255.9

149.6

46.9
77.1

29.6

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.




1999

150.2
1,555.1
30.5

399.9
191.3

69.2
21.5
99.3
59.3
51.5
7.8
237.8
274.3

253.1
275.6

200.4
9.3
191.1
67.8
54.9
13.0
79.9
94.0
19.3
75.6
50.9
2.9
48.0

160.4
1,642.9
31.9

61.3
52.8
8.5
246.1
285.2
260.2
286.8

1,031.4
9.9
1,021.4
173.9
177.2
393.3
439.3
237.3
119.3
82.8

1,018.5
170.7
1,748.4
33.5

2000

162.8

203.1
50.0
84.4

1995

95.40
96.54
96.72
97.21
96.87

140.3

96.73
96.85
99.46
96.71
98.45
98.53
98.06
98.44
95.48
101.57
95.61
96.01
100.22
95.72
95.68

73.6

96.41

16,845.8

97.92

220.3
72.0
57.3
14.7
80.7
103.2
25.0
81.7
57.4
2.9
54.4

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

2000

106.36

109.92

113.67

105.94

113.09

121.05

129.76

105.98

113.19

121.22

129.98

111.57
142.35
116.25
108.02
104.07
99.34
105.39

126.01
201.39
137.85
118.26
109.35
99.11
106.55

142.08
280.49
159.48
131.54
114.71
95.18
104.45

161.68
382.45
181.47
151.03
119.88
92.15
102.82

102.97
100.28
100.11
99.28
106.25
103.54
103.09
102.69
104.29

106.11
101.26
100.99
99.44
112.51
107.42
106.33
105.84
108.04

109.13
102.57
102.69
100.32
120.24
110.69
109.60
108.26
112.13

113.20
103.81
108.48
106.41
123.85
114.06
116.07
111.15
116.14

104.95
111.12
101.49
101.56
99.16
101.34

111.35
125.02
100.75
106.89
98.31
103.91

120.89
142.24
102.63
117.15
98.75
107.43

128.16
155.01
103.14
126.64
99.62
109.51

104.58
104.92
100.37
105.16
106.36
105.88
108.56
102.00
104.53
106.90
103.57
106.49
99.49
106.97
104.39

110.18
111.13
102.37
111.59
112.79
111.71
117.67
104.37
110.53
113.17
107.69
116.43
100.73
117.51
109.56

115.22
117.88
105.63
118.53
115.39
112.85
126.72
103.19
116.37
123.36
111.86
125.44
102.01
127.06
115.03

120.50
125.53
109.85
126.35
119.03
116.29
131.26
103.31
118.38
141.17
115.54
134.96
104.26
137.08
120.86

103.62

107.61

112.42

117.90

102.21

104.70

107.25

109.89

102.04

104.33

106.43

108.79

102.71
101.24
102.63
103.19
102.63
103.20
101.88
104.61
102.61
104.49
105.90
105.11
100.35

105.66
102.57
106.13
106.22
106.13
106.22
104.09
110.04
105.08
109.23
112.59
109.88
100.42

108.42
102.83
109.95
109.28
109.34
109.28
106.57
114.76
107.25
114.11
119.40
114.96
100.44

111.44
103.15
114.59
112.49
112.96
112.49
109.21
120.36
109.51
118.72
125.86
119.20
101.07

100.87
99.54
102.15
101.01
101.34
99.85

102.20
99.33
104.16
101.85
105.96
100.34

103.65
98.67
108.58
103.03
107.90
101.25

105.12
98.03
112.93
104.79
108.70
100.98

99.42
101.65
101.82
100.25
101.40

99.00
102.77
103.17
99.25
102.97

98.37
102.23
102.74
97.93
104.62

98.19
102.74
103.34
97.64
106.35

102.31

104.95

107.77

110.60

102.25
102.19
102.38
100.94
104.68
102.65
100.33

104.85
104.75
105.18
101.92
109.71
105.40
101.11

107.65
107.51
108.19
103.10
113.98
108.39
102.73

110.37
110.25
111.18
104.19
115.83
111.66
104.41

6. Consists primarily of dormitories and of fraternity and sorority houses,
n.e.c. Not elsewhere classified.

July 2 0 0 2

D-39

C. Historical Measures
This table is derived from the "GDP and Other Major NIPA Series" tables that were published in the August 2001 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]
Billions of chained (1996) dollars
Year and
quarter

1959.
1960.
1961.
1962.
1963.
1964.
1965.
1966.
1967.
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
1959: I..
II.
IV..
1960: I....
II...
III..
IV..
1961: I....

1962: I....
II...
III..
IV..
1963: I....
II...
III..
IV..
1964: I....

Percent change from
preceding period

Chain-type price indexes

Implicit price deflators

Percent change from preceding period
Chain-type price indexes

Gross
domestic
product

2,319.0
2,376.7
2,432.0
2,578.9
2,690.4
2,846.5
3,028.5
3,227.5
3,308.3
3,466.1
3,571.4
3,578.0
3,697.7
3,898.4
4,123.4
4,099.0
4,084.4
4,311.7
4,511.8
4,760.6
4,912.1
4,900.9
5,021.0
4,919.3
5,132.3
5,505.2
5,717.1
5,912.4
6,113.3
6,368.4
6,591.8
6,707.9
6,676.4
6,880.0
7,062.6
7,347.7
7,543.8
7,813.2
8,159.5
8,508.9
8,856.5
9,224.0
9,333.8
2,273.0
2,332.4
2,331.4
2,339.1
2,391.0
2,379.2
2,383.6
2,352.9
2,366.5
2,410.8
2,450.4
2,500.4
2,544.0
2,571.5
2,596.8
2,603.3
2,634.1
2,668.4
2,719.6
2,739.4
2,800.5
2,833.8
2,872.0
2,879.5




Final sales of Gross national
domestic
product
product

2,317.4
2,378.5
2,435.5
2,569.5
2,683.6
2,844.1
3,008.5
3,191.1
3,288.2
3,450.0
3,555.9
3,588.6
3,688.1
3,887.7
4,094.3
4,080.7
4,118.5
4,288.8
4,478.8
4,722.9
4,894.4
4,928.1
4,989.5
4,954.9
5,154.5
5,427.9
5,698.8
5,912.6
6,088.8
6,352.6
6,565.4
6,695.6
6,681.5
6,867.7
7,043.8
7,285.8
7,512.2
7,783.2
8,095.2
8,431.8
8,792.0
9,167.0
9,376.5
2,275.1
2,314.9
2,344.3
2,335.5
2,360.4
2,382.7
2,380.0
2,391.1
2,392.9
2,418.3
2,437.7
2,493.2
2,522.5
2,564.6
2,586.2
2,604.6
2,619.3
2,663.9
2,712.0
2,739.6
2,799.3
2,833.5
2,868.3
2,875.5

2,332.8
2,391.9
2,448.8
2,598.0
2,710.8
2,868.5
3,051.7
3,248.9
3,330.4
3,489.8
3,594.1
3,600.6
3,722.9
3,925.7
4,161.0
4,142.3
4,117.7
4,351.4
4,556.6
4,805.3
4,973.9
4,962.3
5,075.4
4,973.6
5,184.9
5,553.8
5,750.9
5,932.5
6,130.8
6,391.1
6,615.5
6,740.0
6,703.4
6,905.8
7,087.8
7,364.3
7,564.0
7,831.2
8,168.1
8,508.4
8,853.0
9,216.4
9,333.6
2,286.2
2,345.5
2,345.5
2,354.1
2,405.4
2,393.9
2,398.9
2,369.3
2,383.7
2,427.1
2,467.2
2,517.5
2,561.0
2,590.3
2,615.7
2,625.1
2,654.8
2,688.2
2,739.8
2,760.3
2,823.2
2,855.7
2,894.7
2,900.5

Gross
domestic
product

7.2
2.5
2.3
6.0
4.3
5.8
6.4
6.6
2.5
4.8
3.0
.2
3.3
5.4
5.8
-.6
-.4
5.6
4.6
5.5
3.2
-.2
2.5
-2.0
4.3
7.3
3.8
3.4
3.4
4.2
3.5
1.8
-.5
3.0
2.7
4.0
2.7
3.6
4.4
4.3
4.1
4.1
1.2
8.6
10.9
-.2
1.3
9.2
-2.0
.7
-5.0
2.3
7.7
6.8
8.4
7.2
4.4
4.0
1.0
4.8
5.3
7.9
2.9
9.2
4.8
5.5
1.0

Final sales of
domestic
product

6.3
2.6
2.4
5.5
4.4
6.0
5.8
6.1
3.0
4.9
3.1
.9
2.8
5.4
5.3
.9
4.1
4.4
5.5
3.6
.7
1.2
-.7
4.0
5.3
5.0
3.8
3.0
4.3
3.3
2.0
-.2
2.8
2.6
3.4
3.1
3.6
4.0
4.2
4.3
4.3
2.3
9.1
7.2
5.2
-1.5
4.3
3.8
-.5
1.9
.3
4.3
3.2
9.4
4.8
6.8
3.4
2.9
2.3
7.0
7.4
4.1
9.0
5.0
5.0
1.0

Gross
domestic
product

21.88
22.19
22.43
22.74
22.99
23.34
23.77
24.45
25.21
26.29
27.59
29.05
30.52
31.81
33.60
36.60
40.03
42.29
45.02
48.22
52.24
57.05
62.37
66.26
68.87
71.44
73.69
75.32
77.58
80.22
83.27
86.53
89.66
91.85
94.05
96.01
98.10
100.00
101.95
103.20
104.66
107.04
109.37
21.79
21.84
21.90
21.99
22.04
22.14
22.23
22.33
22.36
22.40
22.45
22.51
22.64
22.71
22.77
22.84

22.93
22.95
22.98
23.12
23.20
23.27
23.39
23.49

Gross
domestic
purchases
21.41
21.71
21.94
22.23
22.50
22.85
23.26
23.91
24.61
25.66
26.92
28.37
29.84
31.17
32.99
36.35
39.69
41.93
44.80
48.02
52.26
57.79
63.05
66.71
69.05
71.46

Gross
domestic
product

Gross national
product

Gross
domestic
product

Implicit price deflators

Gross
domestic
purchases

Gross
domestic
product

Gross national
product

21.88
22.19
22.44
22.74
23.00
23.34
23.78
24.46
25.21
26.30
27.59

21.88
22.18
22.43
22.74
22.99

1.1
1.4
1.1
1.4
1.1

1.1
1.4
1.1
1.3
1.2

1.1
1.4
1.1
1.4
1.1

1.1
1.4
1.1
1.4
1.1

23.34
23.77
24.45
25.21
26.29
27.59

1.5
1.9
2.8
3.1
4.3
4.9

1.6
1.8
2.8
2.9
4.3
4.9

1.5
1.9
2.9
3.1
4.3
4.9

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

1.5
1.9
2.9
3.1
4.3
4.9
5.3
5.1
4.2
5.6
9.0

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

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

9.3
5.7
6.4
7.1
8.3
9.2
9.3
6.2
4.0
3.7

9.2
9.3
6.2
4.0
3.7

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

86.53
89.67
91.84
94.06
96.02
98.11
100.00
101.93
103.17
104.62
106.99
109.31
21.82
21.83
21.88
21.98
22.07
22.15
22.23
22.29

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

2.2
1.9
1.9
1.2
1.4

2.2
1.8
1.6
.8
1.5

2.2
1.9
1.9
1.2
1.4

3.9
3.6
2.4
2.4
2.1
2.2
1.9
1.9
1.2
1.4

2.3
2.2

2.6
1.7
1.2
.9

2.3
2.2

2.3
2.2

.1
.1
.9
1.8

.1
.1

21.57
21.66
21.76
21.86

73.69
75.31
77.58
80.21
83.27
86.51
89.66
91.84
94.05
96.01
98.10
100.00
101.95
103.20
104.65
107.04
109.37
21.83
21.83
21.88
21.98
22.08
22.15
22.23
22.30

21.88
21.91
21.96
22.01

22.35
22.40
22.46
22.53

22.34
22.39
22.45
22.53

22.13
22.20
22.26
22.34
22.42
22.45
22.49
22.63
22.72
22.79
22.90
22.99

22.67
22.71
22.76
22.83

22.67
22.70
22.75
22.83

22.91
22.94
22.98
23.16
23.22
23.28
23.37
23.49

22.90
22.93
22.97
23.15

73.56
75.22
77.70
80.36
83.45

86.85
89.81
92.03
94.14
96.06
98.20
100.00
101.64
102.43
103.99

106.70
108.47
21.33
21.37
21.43
21.52

23.22
23.27
23.37
23.48

.9
.9

1.2
1.7

1.1
1.7

.9
1.7
1.8
1.8

.8
1.8
1.8
1.9

.5
.7
.9
1.0
2.4
1.1
1.1
1.4

.4
.5

1.4
.3
.6
2.5
1.4
1.2
2.0
1.8

1.7
1.4
1.5
1.2
1.0
.8
1.1
1.4

9.3
5.7
6.4
7.1
8.3

.9
1.8
1.8
1.3
1.5
1.1
1.0
.8
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

1.6
.4
.8
2.6

1.3
.6
.6
3.2

1.3
.6
.6
3.2

1.5
1.3
1.8
1.7

1.2
.9

1.2
.9

1.6
2.0

1.6
2.0

July 2 0 0 2

National Data

D-40

Table C.1. GDP and Other Major NIPA Aggregates
[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
Chain-type price indexes

Gross
domestic
product

Final sales of
Gross national
domestic
product
product

Gross
domestic
product

Final sales of
domestic
product

Gross
domestic
product

Gross
domestic
purchases

Gross
domestic
product

Gross national
product

Gross
domestic
product

Gross
domestic
purchases

Implicit price deflators
Gross
domestic
product

Gross national
product

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
1.8
1.5
2.8

1966:

I
II
Ill
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

1967:

I
II
Ill
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

3,313.4
3,310.7
3,336.6
3,360.8

3.7
-.3
2.9
3.0

4.1
4.3
2.0
3.6

24.90
25.06
25.29
25.57

24.32
24.47
24.70
24.96

24.89
25.05
25.31
25.59

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

1968:

I
II
Ill
IV

3,406.2
3,464.8
3,489.2
3,504.1

3,394.2
3,428.5
3,478.1
3,499.5

3,429.2
3,488.3
3,513.4
3,528.1

8.4
7.1
2.8
1.7

8.3
4.1
5.9
2.5

25.86
26.15
26.39
26.76

25.24
25.51
25.77
26.13

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

1969:

I
II
Ill
IV

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

6.3
1.0
2.3
-1.9

4.1
1.9
2.0
-.1

27.02
27.39
27.79
28.15

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

1970:

I
II
ill
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

-6
.8
3.6
-4.2

1.2
-.6
3.6
-.8

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

1971:

I
II
Ill
IV

3,666.1
3,686.2
3,714.5
3,723.8

3,643.1
3,667.8
3,698.9
3,742.5

3,691.3
3,712.8
3,738.4
3,749.2

11.6
2.2
3.1
1.0

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

1972:

I
II
Ill
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

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

1973:

I
II
Ill
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

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

1974: I
II
Ill
IV

4,119.3
4,130.4
4,084.5
4,062.0

4,101.8
4,105.6
4,089.8
4,025.8

4,168.1
4,176.5
4,126.5
4,098.0

-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
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

1975: I
II
Ill
IV

4,010.0
4,045.2
4,115.4
4,167.2

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

39.08
39.63
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

1976:

I
II
Ill
IV

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
Ill
IV

4,410.5
4,489.8
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
Ill
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:

I
II
Ill
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:

I
II
Ill
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
11.1

11.8
10.5
9.3
10.4

9.3
9.2
9.2
11.0

9.3
9.2
9.2
11.1

1981:

I
II
Ill
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
-4.6

1.7
.8
.6
-2.4

60.67
61.75
62.95
64.10

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
7.3
8.0
7.5

10.7
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
Ill
IV

4,914.3
4,935.5
4,912.1
4,915.6

4,959.7
4,954.2
4,916.8
4,989.1

4,969.4
4,996.9
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
Ill
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




July 2002

D-41

SURVEY OF CURRENT BUSINESS

Table C.1. GDP and Other Major NIPA Aggregates
[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
Chain-type price indexes

Gross
domestic
product

Final sales of
Gross national
domestic
product
product

Gross
domestic
product

Final sales of
domestic
product

Gross
domestic
product

Gross
domestic
purchases

Gross
domestic
product

Gross national
product

Gross
domestic
product

Gross
domestic
purchases

Implicit price deflators
Gross
domestic
product

Gross national
product

1984: I
II
Ill
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: I
II
Ill
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
II
Ill
IV

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:

I
II
Ill
IV

6,013.3
6,077.2
6,128.1
6,234.4

5,985.4
6,066.8
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
77.27
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

1988:

I
II
Ill
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

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

1989:

I
II
Ill
IV

6,543.8
6,579.4
6,610.6
6,633.5

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

1990:

I
II
Ill
IV

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:

I
II
Ill
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:

I
II
Ill
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:

I
II
Ill
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: I
II
Ill
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: I
II
Ill
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:

I
II
Ill
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:

I
II
Ill
IV

8,016.4
8,131.9
8,216.6
8,272.9

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:

I
II
Ill
IV

8,396.3
8,442.9
8,528.5
8,667.9

8,286.6
8,397.2
8,454.9
8,588.5

8,405.4
8,448.7
8,517.6
8,662.0

6.1
2.2
4.1
6.7

4.0
5.4
2.8
6.5

102.76
103.02
103.38
103.66

102.09
102.26
102.54
102.84

102.76
103.01
103.38
103.65

102.73
102.98
103.34
103.62

1.1
1.0
1.4
1.1

.1
.7
1.1
1.2

1.1
1.0
1.4
1.1

1.1
1.0
1.4
1.1

1999:

I
II
Ill
IV

8,733.5
8,771.2
8,871.5
9,049.9

8,651.2
8,735.1
8,825.6
8,956.3

8,732.9
8,769.7
8,861.5
9,047.9

3.1
1.7
4.7
8.3

3.0
3.9
4.2
6.1

104.10
104.45
104.81
105.28

103.21
103.71
104.23
104.80

104.12
104.45
104.80
105.22

104.08
104.42
104.77
105.18

1.7
1.4
1.4
1.8

1.5
2.0
2.0
2.2

1.8
1.3
1.4
1.6

1.8
1.3
1.4
1.6

2000: I
II
Ill
IV

9,102.5
9,229.4
9,260.1
9,303.9

9,061.6
9,148.5
9,201.3
9,256.7

9,089.1
9,217.7
9,247.2
9,311.7

2.3
5.7
1.3
1.9

4.8
3.9
2.3
2.4

106.25
106.81
107.31
107.78

105.89
106.40
107.02
107.47

106.22
106.81
107.31
107.78

106.18
106.76
107.27
107.74

3.8
2.1
1.9
1.8

4.2
1.9
2.3
1.7

3.9
2.2
1.9
1.8

3.8
2.2
1.9
1.8

2001:

9,334.5
9,341.7
9,310.4
9,348.6

9,347.8
9,364.8
9,352.5
9,440.9

9,329.1
9,335.5
9,304.9
9,364.7

1.3
.3
-1.3
1.7

4.0
.7
-.5
3.8

108.65
109.22
109.83
109.80

108.19
108.54
108.51
108.64

108.65
109.21
109.82
109.78

108.60
109.16
109.77
109.72

3.3
2.1
2.3
-.1

2.7
1.3
-.1
.5

3.3
2.1
2.2
-.1

3.2
2.1
2.2
-.2

9,488.6

9,501.6

9,475.3

6.1

2.6

110.14

108.93

110.13

110.06

1.2

1.1

1.3

1.2

I
II
Ill
IV

2002: I




July 2002

D-42

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
2001
2000

2002

2001
Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Jan.

Dec.

Feb.

Mar.

Apr.

May

1

Consumer and producer prices, (monthly data seasonally adjusted)
Consumer price index for all urban consumers, 198284=100:
All items
Less food and energy
Services

172.2
181.3
195.3

177.1
186.1
203.4

176.6
185.1
201.9

177.4
185.4
202.8

177.8
185.9
203.6

177.3
186.3
203.8

177.4
186.7
204.5

178.1
187.1
204.6

177.6
187.4
204.8

177.5
188.1
205.6

177.3
188.3
206.1

177.6
188.6
206.8

178.0
189.1
207.4

178.6
189.3
207.7

179.5
189.8
208.4

179.5
190.1
209.2

Producer price index, 1982=100:
Finished goods
Less food and energy
Finished consumer goods
Capital equipment
Intermediate materials
Crude materials

138.0
148.0
138.2
138.8
129.2
120.6

140.7
150.0
141.5
139.7
129.7
121.3

142.1
149.8
143.2
139.8
131.1
132.8

142.4
150.1
143.7
139.6
131.2
130.2

141.7
150.2
142.8
139.7
131.0
119.6

140.0
150.4
140.5
140.0
129.5
113.3

140.6
150.4
141.2
140.0
129.2
112.5

141.1
150.6
141.8
140.1
129.3
107.6

139.2
150.0
139.6
139.5
127.6
98.1

138.3
150.1
138.4
139.4
126.7
102.9

137.8
150.4
137.7
139.6
125.9
95.5

137.8
150.1
137.8
139.5
125.6
99.9

138.1
150.0
138.3
139.4
125.6
98.2

139.5
150.2
140.1
139.5
126.9
102.1

139.2
150.3
139.8
139.3
128.0
107.7

138.6
150.3
139.0
139.2
127.3
109.5

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=10

0.21
0.84

0.62
0.50

0.81
0.91

1.15
0.77

0.76
0.72

4.59
2.10

-3.26
-0.13

0.25
0.86

1.34
0.82

0.27
0.22

0.16
0.62

0.24
-0.06

-0.95
-0.32

0.52
1.16

1.686

1.679

8.800
1.668

1.633

1.633

8.788
1.619

1.611

1.617

8.821
1.616

1.624

1.633

1.619

3.97
3.48
7.11
5.28
5.20
7.16

3.77
3.54
7.02
5.24
5.20
7.13
6.75

3.65
3.39
6.85
4.97
5.03
6.95
6.67

3.07
2.87
6.83
4.73
5.09
6.82
6.28

2.49
2.22
6.72
4.57
5.05
6.62
5.53

2.09
1.93
6.51
4.65
5.04
6.66
5.10

1.82
1.72
6.80
5.09
5.25
7.07
4.84

1.73
1.66
6.75
5.04
5.16
7.00
4.75

1.74
1.73
6.65
4.91
5.11
6.89
4.75

1.73
1.81
6.79
5.28
5.29
7.01
4.75

1.75
1.72
6.81
5.21
5.22
6.99
4.75

1.75
1.74
6.77
5.16
5.19
6.81
4.75

8.942
1.735

8.978
1.673

1.701

9.132
1.695

6.24
5.84
7.57
6.03
5.71
8.06
9.23

3.88
3.45
6.94
5.02
5.15
6.97
6.91

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

1,427.22 1,194.18 1,189.84 1,270.37 1,238.71 1,204.45 1,178.51 1,044.64 1,076.59 1,129.68 1,144.93 1,140.21 1,100.67 1,153.79 1,112.03 1,079.27
Labor markets (thousands, monthly and quarterly data seasonally adjusted, unless otherwise noted) 1

Civilian labor force
Labor force participation rates (percent):
Males 20 and over
Females 20 and over
16—19 years of age
Civilian employment
Ratio, civilian employment to working-age population
(percent)

140,863

141,815

141,734

141,445

141,468

141,651

141,380

142,068

142,280

142,279

142,314

141,390

142,211

142,005

142,570

142,769

76.6
60.9
52.2
135,208

76.4
60.9
50.0
135,073

76.6
61.0
50.4
135,424

76.4
60.9
49.3
135,235

76.3
60.7
50.2
135,003

76.3
60.8
49.8
135,106

76.2
60.8
47.7
134,408

76.5
60.8
49.7
135,004

76.5
60.8
49.8
134,615

76.5
60.8
49.4
134,253

76.5
61.0
48.2
134,055

75.9
60.5
47.8
133,468

76.1
61.1
47.8
134,319

76.0
60.7
48.9
133,894

76.4
61.0
47.7
133,976

76.7
60.8
47.7
134,417

64.5

63.8

64.1

63.9

63.8

63.8

63.4

63.6

63.3

63.1

63.0

62.6

63.0

62.8

62.8

62.9

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)

131,903
131,720
25,669
106,051
41.6
4.6

131,929
131,922
24,944
106,978
40.7
3.9

132,257
132,243
25,249
106,994
40.9
3.9

132,042
132,229
25,147
107,082
40.8
3.9

131,959
132,108
25,012
107,096
40.7
3.9

132,051
132,045
24,907
107,138
40.8
3.9

131,282
131,966
24,776
107,190
40.7
4.0

131,823
131,819
24,675
107,144
40.6
3.9

131,412
131,414
24,511
106,903
40.5
3.8

131,099
131,087
24,353
106,734
40.4
3.8

130,809
130,890
24,261
106,629
40.6
3.8

130,195
130,871
24,130
106,741
40.6
3.9

131,073
130,706
24,041
106,665
40.7
3.9

130,768
130,701
23,975
106,726
41.0
4.1

130,823
130,707
23,903
106,804
40.9
4.2

131,320
130,748
23,880
106,868
40.9
4.3

5,655

6,742

6,310

6,210

6,465

6,545

6,972

7,064

7,665

8,026

8,259

7,922

7,891

8,111

8,594

8,351

4.0
0.9
12.6

4.8
1.2
13.2

4.5
1.1
12.6

4.4
1.1
12.4

4.6
1.1
12.9

4.6
1.2
12.7

4.9
1.3
13.2

5.0
1.3
13.3

5.4
1.4
13.0

5.6
1.6
14.4

5.8
1.7
14.5

5.6
1.8
14.6

5.5
1.8
15.0

5.7
1.9
15.4

6.0
2.0
16.6

5.8
2.1
17.1

116.6
113.6
132.5

118.8
117.9
140.1

Number of persons unemployed
Unemployment rates (percent):
Total
15 weeks and over
Average duration of unemployment (weeks)
Nonfarm business sector, 1992=100:
Unit labor costs
Hourly compensation

.......Z

See footnotes at the end of the table.




..I..'...

118.4
118.0
139.7

118.7
118.7
141.0

120.3
117.8
141.8

122.8
116.3
142.8

July 2002

D-43

SURVEY OF CURRENT BUSINESS

Table D.1. Domestic Perspectives—Continued
2002

2001
2000

2001

Apr.

May

June

July

Aug. Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr. May

Construction (monthly data seasonally adjusted at annual rates) 4
Total new private construction put in
place (billions of dollars)
Residential
:
Nonresidential
Housing starts (thousands of units):
Total
.....
1-unit structures
New 1-family houses sold (thousands of
units)

641.8
374.5
208.2

650.0
388.7
201.1

655.0
386.3
210.6

648.8
383.9
202.0

658.4
389.0
207.1

651.0
385.8
203.2

650.6
391.7
195.4

648.5
393.5
192.3

643.4
392.3
190 : 0

639.7
394.7
185.4

640.8
395.2
184.4

651.5
403.3
185.6

659.4
413.5
183.2

655.3
413.8
178.5

1,569

1,603

1,636

1,604

1,633

1,664

1,562

1,582

1,531

1,604

1,583

1,713

1,788

1,675

1,553

1,733

1,231

1,273

1,302

1,281

1,293

1,294

1,274

1,263

1,238

1,241

1,294

1,344

1,472

1,298

1,267

1,389

877

908

901

884

892

881

871

856

865

938

979

870

937

915

658.1 648.1
415.5 412.3
178.6 173.0

951 1,028

Manufacturing and trade, inventories and sales (millions of dollars, monthly data seasonally adjusted) 4
Inventories:
Total manufacturing and trade.
Manufacturing
Merchant wholesalers
Retail trade

1,183,102
466,269
305,560
411,273

1,108,320
429,097
289,050
390,173

1,186,817
472,121
302,941
411,755

Sales:
Total manufacturing and trade.
Manufacturing
..,
Merchant wholesalers
Retail trade

9,935,413
4,124,514
2,751,761
3,059,138

9,781,327
3,897,730
2,715,755
3,167,842

815,643
325,595
228,128
261,920

1,183,006 1,174,916 1,168,768 1,165,434 1,158,937 1,141,500 1,129,548 1,122,990 1,122,911 1,120,288 1,116,303 1,113,870
468,623 463,509 460,388 456,084 452,041 449,047 443,805 439,162 436,648 434,087 431,434 430,496
302,399 301,016 297,972 297,130 295,863 292,811 289,487 288,014 286,994 284,508 283,732 281,762
411,984 410,391 410,408 412,220 411,033 399,642 396,256 395,814 399,269 401.693 401,137 401,612
825,232
334,343
227,478
263,411

812,907
325,391
224,662
262,854

815,240
325,820
225,958
263,462

818,222
326,654
227,530
264,038

797,312
313,222
225,481
258,609

815,570
318,134
221,161
276,275

806,128
315,079
222,704
268,345

803,854
316,191
220,380
267,283

811,196
321,171
223,023
267,002

804,624
311,476
224,738
268,410

808,644
315,593
224,855
268,196

822,728
322,646
228,477
271,605

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

145.7

140.1

142.0

141.6

140.3

140.4

140.0

190.0
114.8

179.3
111.4

182.9
111.8

182.7
111.5

180.1
111.1

180.0
111.5

178.9
111.1

121.9

120.7

121.3

121.4

121.1

122.2

81.8
80.7

76.8
75.1

77.8
76.0

77.5
75.8

76.7
75.0

76.7
75.1

137.7

137.2

136.7

137.6

138.1

138.7

139.1

176.1
110.5

173.9
110.8

174.3
110.2

174.1
109.7

175.7
110.3

176.0
110.5

176.7
111.1

177.4 177.8
111.0 111.2

121.4

119.9

119.6

120.0

120.6

120.6

121.2

121.8

121.9 121.9

76.4
74.6

75.5
73.7

75.0
73.3

74.7
73.2

74.4
72.9

74.8
73.4

75.0
73.5

75.3
73.8

138.5

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




1,744.3
207.6
137.6
35.3
402.2
114.1
142.7
565.8
139.0

1,999.2
-164.4
623.8
117.6
636.0

-81.0
50.9
706.1
110.2

1,728.8
-225.5
418.5
112.4
591.9

-161.5
107.9
809.0
76.0

2,334.2
-179.3
1,074.1
56.0
435.8
-8.0
139.2

745.9
70.6
3. Standard and Poor's, Inc.
4. Bureau of the Census
n.e.c. Not elsewhere classified

2,088.5
107.6
574.2
191.1
646.2
-179.0
-127.1
725.6
149.9

1,982.1
-333.5
804.8
78.7
675.6
1.7
-23.4
698.3

79.9

75.4
73.8

139.3

75.5
73.9

July 2002

D-44

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) defers
Dec Mov

JanJIyJly

Nov Mar

Nov

Jy Mar

36000

iS DOMESTIC PRODUCT PER CAPITA

-34OO0

-32000

-30000

-28000

-26000

-24000

-22000

-20000

-18000

-16000

-14000

SB

II
81

I It
6 3 6 S

II
67

I

1
«9

I

7]

I

I

Dee Nov

I I
7 3 7 5
Nov

1
77

79

II
81

I

I
83

I
85

I
87

89

91

I

II

I

II

I

12000

I

Mar

ROSS DOMESTIC PRODUCT (PERCBfT CHANGE)

~ -5

i i ii i i i i t i i t
59

61




63

6

5

6

7

6

9

7

1

i i t n

i ii i i i i i i ti i i ir
7

3

7 5 7 7 7 9

8

1

8

3

8

5

8

7

91

93

95

i i t i i t
97

99

01

July 2002

D-45

SURVEY OF CURRENT BUSINESS

SHARES OF FEDERAL GOVERNMENT RECEIPTS
Persona] tax and nontax payments

Contributionsforsocial Insurance

Indirect business taxes

SHADES OF FEDERAL GOVERNMENT CUiBBJT EXPENDITURES

Consumption expenditures
Grants to State and local governments

RATIO, GOVERNMENT SURPLUS/DEFICITpm) TO GROSS DOMESTIC PRODUCT




D-46

National Data

July 2002

SELECTED NIPA SERIES
Percent Apr Fab
25

i

JtmJyJy

^^^^^^^^j^^^^^^^gr^^^^^^K^ff"^^:

•» «••• •

Nov

25

RATiQiSAVING TO GROSS NATIONAL PRODUCT

20 —

U20

15 H
Corporate and other private saving

10 —

"

h 5

Gross government saving

n

i i i

63.66

.

67

i i i i i r~T
rT ! i
19

•

8f

83

8$

87

» ,

«

3S

85

97

99

01

RAT©, INVESTMENT TO GROSS NATIONAL WODUCT

Y-2D

UlS
Gross private domestic investment

Gross government investment
•^—^

,_^^^

k 5

Net foreign investment

i i i i i i i

r J i i i i i n
7

Hr T*

Dw V»

3

7

. t o Ifc

S

7

7

7

9

i
1

JwJyJy

Nw

Jy Mat
GO

SHAflES OF GROSS PRIVATE DOMESTIC RXH> INVESTMENT

50Equipment and software, nonresldential
40-1

30H

Structures, nonresidential

h-10

B^HI^^^K^K^^^^^^^KISr^B^B^T^H^^^^^H^KlB^^^^E^tfl



July 2002

D-47

SURVEY OF CURRENT BUSINESS

SELECTED NIPA SERIES
SHARES OF NATIONAL INCOME
Wage and salary
alary
accruals, 63.1%
.1%

/""

~~\

/ s^

1959

^ \

/^~

^ \\

y

/

2
\

Net interest, 6.8%
Corporate profits
with IVA and CCAdj, 13.0%
Corporate profits
with IVA and CCAdj, 9.3%
Supplements to
wages and salaries, 5.2%

Rental income of persons
Proprietors' income
with CCAdj, 1.7%
with IVA and CCAdj, 9.1%

Proprietors' income
with IVA and CCAdj, 12.6%

SHARES OF GROSS DOMESTIC PRODUCT BY SECTOR

1959

2001
Business 84.3%

Business, 86.1%

General
government, 11.5%

General
government, 11.1%

Households and
institutions, 2.4%

Households and
institutions, 4.6%

SHARES OF GROSS DOMESTIC PURCHASES

Personal
consumption
expenditures, 62.5%

1959

consumption
expenditures, 67.0%

Government consumption
expenditures and gross
investment, 17.5%

Government consumption
expenditures and gross
investment, 22.1%
Nonresidential
investment, 9.9%

U.S. Bureau ol Economic Analysis




Residential investment, 5.5%

2001

Nonresidential
investment, 11.3%

Residential investment, 4.2%

D-48

National Data

SELECTED NIPA SERIES
j»ii!«?5,e,S.

_

zZS&tfM-"','VM'OF GROSS DOMESTIC PRODUCWTYPE OF P

AS SHARE OF GROSS DOMEStjWRODUCT
AS SHARE OF GROSS DOMES'flHtRCHASES

OF PERSONAL CONSUMPTION SBWDITURES




July 2002

July 2002

SURVEY OF CURRENT BUSINESS

SELECTED NIPA SERIES
Percent

OK Nov

Nov Mar

«**

*

*»

20

PROHT MARGIN, DOMESTIC NONFINANCl! CORPORATIONS'

A
16-,

-16

12-

-12

— 8

4
'Ratio of corporate profits per unit to cost and profit per unit

i n i
59
fl

Raft)

l

it
T^
IT
43
85
67

Apr**

ri T i i T r i T" T ~T ~r i r"T n
r m r T n "j i i i i n
60
71 73 75 , JJ
79 «1 t} ,,.»j! .*JP ..«,_ #1 «
BS 37 99
DK NOV
NOV MM
JnJr/Jy Mr ' ^ I ^ ' f e " "'

FT
01

INVBffORY/SALES RATIOS, C U R R E N T - D O W
Nonfarm inventories to
final sales of goods and structures
—4

3-

ml L

2-

rt

- 2
Nonfann inventories to
final sales of domestic business

r w v v v v v '«T

'Based on current-dollar estimates of inventories and sales

1 T

F V^a.
Ratio
5

r

n' '»' V.^ . V V

Dee Nov

Nw

to

'/SALES RATIOS REAL*
Nonfarm inventories to
final sales of goods and structures

4-

—. 4

-3

3Inventories to
final sales of domestic business

—2
Nonfarm inventories to
final sales of domestic business
Based on chaiaW (1996) dollar e timates of inventories and sales

1
USLBuMveil




I I I I I" L.I I I
71
73 "Tlf. *1ff - 7 »

t

«

1 1 J t 1
oi
•

D-50

National Data

July 2002

Percent
32

CONSUMER PRICE INDEX (PERCENT CHANGE)

JanJhiJhMmt
PRODUCER PRICE INDEX (PERCENT CHANGE)

2824-

Finished goods less food and energy

-4Finished goods

I I I I I I I I I I I t J1I I II ) I I I I 1 I
Index

78

808284

86 88 9Q 92 94 96 98 2000 02
July Mar

INDUSTRIAL PRODUCTION INDEX, 1992=100

i i i ( r i i i i u ij ii i i j i n i i n
78 8 0 8 2 8 4 8 8 8 8
Percent
JanJtvJtvHw
95 CAPACITY UTIUZATION RATE

90 92 94 96 98- 2000 02

90-

85-

80-

75-

70Manufacturing

t i l l I 1I I I I M M I I I
78*

80 8 2 8 4

8 6 8 8 9 0 9 2

I TF I I I I

8 4 9 6 9 8 2000 02

•Mytfer

**"*

65

i i i i i irrr I i
78

Hours

AVERAGE WEEKLY HOURS, MANUFACTURING

8 0 8 2 8 4

f T M i i i i i i i T T T r

8 6 8 8 9 0 9 2

9 4 9 6 9 8

2000

02

•ton.Uu.DtfMnu

WERAGE WEEKLY OVERTIME HOURS, MANUFACTURING

42-

5 41-

40-

39-

37

i I I I I I I I I I I I I I I I I I I I T T T I I
78 ,80 82 84 8 6 8 8 9 0 9 2 94 96 98 2000 02

U.S. Bwwu Of .Economic A n d y *




I I I I I I I I | I | I I I I I I I I I I I I I I
78808284
86 8 8 9 0 9 2
9 + 9 6 9 8 2000 02

July 2002

D-51

SURVEY OF CURRENT BUSINESS

OTHER INDICATORS OF THE DOMESTIC ECONOMY
PBTCOnt
12
JanJtiiJkNnj

Parcent
18

10-

JanJtvJtvNov

July MEW

INTEREST RfflfES

1510-Year Treasury Bonds

A
12-

33-Month Treasury Bills

0

1 1 1 j j j | | i f j f n i T l 1 I I f iTTT

78
Percent

808284

86 88 90 92

JanJlyJivNov

25

9498

98 2000 02

T i l 1 f H T 1 -It. i I ITI
Ratio

78

JutyMar

80 82 84
JanJhfJIvNov

86 88 90 92
JulvMar

TTi.I i n
96

98 2000 02

MONEY SUPPLY
(PERCENT CHANGE)

20-

I I II II I I II II I II I
80

82 84

86

86 90 92

94 96 98 2000 02

Minions

II
78
Thousands

July Mar

I II I I I I I I I I II I I I II
I I I i I
808284
86889092
9 4 9 6 9 8 2000 02
JanJIvJtvNov

JulvMar

400_

200
78

I T I l-l
80 82 84




1

I
88

I I 1 I M
U
M I I
90 92 94 96 98 2000 02

I I I 11 M I I I T I I I I 1 I I I I I I
78 80 82 84 8 6 8 8 9 0 9 2
9 4 9 6 9 8 2000 02

D-52

July 2002

H. International Perspectives
The quarterly data in this table are shown in the middle month of the quarter.
Table H.1. International Perspectives
2001
2000

2002

2001
Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Exchange rates per U.S. dollar (not seasonally adjusted)

Dec.

Jan.

Feb.

Mar.

Apr.

1

Canada (Can.$/US$)
Euroarea(US$/Euro) 2
Japan (V/US0)
Mexico (Peso/US$)
United Kingdom (US$/£)

1.4855
0.9234
1.0782
9.4590
1.5159

1.5490
0.8955
1.2152
9.3408
1.4401

1.5587
0.9083
1.2151
9.5990
1.4445

1.5578
0.8925
1.2377
9.3280
1.4348

1.5411
0.8753
1.2177
9.1480
1.4265

1.5245
0.8530
1.2235
9.0880
1.4020

1.5308
0.8615
1.2450
9.1680
1.4148

1.5399
0.9014
1.2137
9.1330
1.4372

1.5679
0.9114
1.1861
9.4250
1.4638

1.5717
0.9050
1.2145
9.3390
1.4501

1.5922
0.8883
1.2241
9.2250
1.4356

1.5788
0.8912
1.2759
9.1570
1.4413

1.5997
0.8832
1.3268
9.164
1.4322

1.5964
0.8707
1.3364
9.1050
1.4227

1.5877
0.8766
1.3106
9.0640
1.4230

1.5815
0.8860
1.3077
9.1650
1.4429

Addendum:
Exchange value of the U.S. dollar 3

119.67

126.09

125.61

126.61

126.35

127.12

127.65

125.62

125.97

126.86

127.33

127.52

129.26

130.03

129.27

128.95

7.0
8.6
9.4

7.0
8.6
9.2
9.5
4.9
2.4
3.2

Unemployment rates (percent, monthly data seasonally adjusted)
Canada
France
Germany
Italy
Japan
Mexico
United Kingdom..
Addendum:
United S t a t e s -

6.8
9.5
9.6
4.7
16
4.0

4.8

4.3

4.5

4.4

7.1
8.6
9.3

7.1
8.8
9.3

4.9
2.3
3.2

4.6

7.2
8.9
9.4

5.0
2.5
3.2

7.3
8.8
9.3
9.4
5.0
2.3
3.2

4.6

4.9

5.0

7.4
8.9
9.5

7.6
9.0
9.5
9.3
5.4
2.6
3.2

5.3
2.4
3.2

5.4

5.6

7.9
9.0
9.6

7.6
9.1
9.6

5.3
2.8
3.2

5.2
2.7
3.2

5.8

5.6

5.5

5.7

6.0

Consumer prices (monthly data seasonally adjusted, 1995=100)
Canada
France
Germany
Italy
Japan
.
Mexico
United Kingdom.,

109.0
106.3
107.0
112.8
101.5
239.9
114.2

111.7
108.1
109.6
115.9
100.8
255.2
116.3

Addendum:
United S t a t e s -

113.0

116.2

110.9
107.4
109.1
115.1
100.8
252.1
115.5

111.7
107.9
109.5
115.6
101.0
253.4
116.1

112.7
108.6
110.0
115.9
101.1
254.0
116.9

112.8
108.6
110.2
116.2
100.8
254.6
117.0

112.4
108.4
110.2
116.3
100.5
253.9
116.3

112.4
108.4
110.0
116.3
100.9
255.4
116.7

112.7
108.6
110.0
116.3
100.7
257.8
117.1

112.1
108.7
109.7
116.5
100.7
259.0
116.9

111.1
108.4
109.5
116.7
100.2
260.0
116.5

111.2
108.5
109.6
116.8
100.1
260.3
116.3

111.5
109.0
110.6
117.4
99.9
262.7
116.3

112.2
109.1
110.9
117.9
99.4
262.6
116.6

113.0
109.6
111.1
118.0
99.6
263.9
117.1

113.6
110.1
111.2
118.4
99.9
265.3
117.9

115.6

115.9

116.4

116.7

116.4

116.4

116.9

116.6

116.5

116.4

116.6

116.8

117.2

117.8

Real gross domestic product (percent change from preceding quarter, quarterly data seasonally adjusted at annual rates)

Canada
France
Germany
Italy
Japan
United Kingdom..

4.5
4.1
3.2
2.9
2.2
3.0

1.5
1.8
0.7
1.8
-0.5
2.2

0.3
-0.3
0.2
0.4

Addendum:
United S t a t e s -

4.1

1.2

2.9
-1.8

-4.9
2.0

-0.5
1.9
-0.7
0.1
-2.2
1.7

-1.0
-0.9
-4.9
-0.0

0.7
0.8
5.7
0.1

0.3

-1.3

1.7

6.1

Short-term, 3-month, interest rates (percent, not seasonally adjusted)
Canada
Euro area
,
Mexico
United Kingdom.,

5.78
4.39
16.15
6.10

3.98
4.26
12.24
4.97

4.69
4.71
16.47
5.46

4.61
4.69
15.40
5.33

Addendum:
United States..,

5.84

3.45

4.50

3.91

4.42
4.64
12.61
5.16

4.41
4.45
10.27
5.19

4.31
4.47
10.25
5.19

4.06
4.35
8.54
4.92

3.49
3.98
10.88
4.65

2.84
3.60
9.68
4.36

2.24
3.39
8.69
3.93

2.10
3.34
7.53
3.99

2.01
3.34
7.35
3.98

2.11
3.36
8.17
3.98

2.22
3.39
7.31
4.06

2.39
3.41
6.40
4.11

3.66

3.48

3.54

3.39

2.87

2.22

1.93

1.72

1.66

1.73

1.81

1.72

Long-term interest rates, government bond yields (percent, not seasonally adjusted)
Canada
Euro area
France
Germany
Italy
Japan
United Kingdom..

5.92
5.44
5.89
5.26
5.58
1.74
5.31

5.79
5.03
5.38
4.80
5.19
1.32
4.93

5.60
4.94
5.36
4.67
5.13
1.17
4.73

5.85
5.10
5.47
4.83
5.28
1.32
4.95

6.03
5.26
5.60
5.05
5.45
1.25
5.12

5.97
5.21
5.57
5.00
5.39
1.15
5.20

6.05
5.25
5.46
5.02
5.40
1.31
5.19

5.85
5.06
5.29
4.82
5.22
1.34
4.96

5.80
5.04
5.26
4.81
5.20
1.35
4.98

5.66
4.82
5.04
4.60
4.96
1.36
4.83

5.55
4.67
5.07
4.45
4.80
1.33
4.62

5.72
4,96
5.35
4.74
5.05
1.33
4.90

5.69
5.02
5.39
4.86
5.14
1.42
4.96

5.69
5.07
5.42
4.92
5.20
1.50
5.04

5.93
5.31
5.57
5.16
5.41
1.42
5.29

5.93
5.29
5.56
5.15
5.40
1.39
5.23

Addendum:
United States...

6.03

5.02

4.89

5.14

5.39

5.28

5.24

4.97

4.73

4.57

4.65

5.09

5.04

4.91

5.28

5.21

Canada
France
Germany
Italy
Japan
Mexico
United Kingdom..

216.7
321.7
260.3
319.0
97.7
293.6
178.5

174.4
260.1
196.4
258.8
69.3
275.7
147.9

171.6
271.0
207.7
272.7
75.2
258.1
154.4

179.2
276.0
207.3
281.6
80.6
269.8
153.9

184.1
288.0
213.5
282.8
76.7
297.2
157.5

174.5
273.8
208.9
268.0
75.0
300.4
153.7

173.4
259.4
201.3
259.3
68.6
291.7
145.5

166.9
255.0
190.1
256.0
61.9
284.4
143.2

154.2
214.1
157.3
210.0
56.5
243.5
130.0

155.3
220.4
163.8
216.6
59.9
249.5
132.8

167.5
234.5
175.5
225.7
61.8
262.8
137.8

173.4
236.5
178.9
228.7
60.9
287.1
136.9

172.5
237.3
182.8
229.5
57.8
312.2
136.6

172.3
229.7
176.2
223.0
61.2
303.4
135.1

177.1
243.9
187.5
238.3
63.7
340.7
139.5

172.8
241.6
184.1
239.7
66.4
337.1
137.6

Addendum:
United S t a t e s -

221.4

207.8

207.3

208.5

221.3

216.7

210.7

207.6

187.0

191.0

197.6

200.2

199.8

195.6

206.3

201.8

Share price indices (not seasonally adjusted, 1995=100)

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.
o The
T h n rate
„„•« shown
«u«...n tnr
^ W J e*«*««
„ :index
^ , „«
u « «foreign
-..;
„,.
...„ „«
3.
for *i™
the M
United
States :„
is „an
of ^—:~u^
the weighted „..
average of* *the
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.

D-53

July 2002

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 estimates of State personal income and the estimates of gross state product are
available on CD-ROM. For information on State personal income, e-mail reis.remd@bea.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.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]
1999

1998

Percent
change 1

2001

2000

Area name
2001:1112001 :IV

7,246,963

7,375,326

7,483,312

7,568,387

7,623,078

7,711,178

7,810,788

7,932,425

8,108,032

8,279,741

8,377,883

8,490,472

8,579,463

8,621,742

8,649,794

8,633,090

-0.2

434,656
123,939
29,301
204,472
34,830
27,466
14,648
1,397,166
21,865
20,149
157,716
277,385
590,674
329,377
1,200,617
360,415
148,496
263,523
291,215
136,967
491,051
70,756
67,602
139,343
138,370
43,044
14,595
17,340

441,848
125,883
29,777
207,654
35,736
27,914
14,884

447,023
127,594
30,138
209,727
36,297
28,256
15,011
1,421,284
22,222
20,574
161,960
283,122
596,684
336,723

448,405
127,287
29,947
211,591
36,116
28,390
15,074
1,437,550
22,338
20,353
163,091
286,098
608,377
337,292
1,231,744
368,855
152,507
271,098
298,768
140,516
502,294
71,581
68,735
143,459
141,994
44,354
14,404
17,766

456,027
129,144
30,530
215,589
36,786
28,640
15,337
1,447,818
22,349
20,515
165,000
287,149
611,173
341,632

465,090
131,457
31,379
219,956
37,541
29,170
15,587
1,466,904
22,759
20,750
167,632
289,307
621,310
345,145

486,365
135,419
31,741
233,132
40,133
29,989
15,952
1,514,946
23,652
21,636
173,431
303,167
639,264
353,796

510,649
141,829
32,989
245,664
42,308
31,093
16,767
1,600,680
25,142
22,816
182,690
322,007
677,704
370,322

517,568
144,048
33,790
248,398
42,710
31,603
17,020
1,612,453
25,101
22,904
185,568
321,413
683,343
374,124

518,707
144,055
33,887
249,127
42,850
31,603
17,185
1,619,021
25,446
23,218
187,252
323,353
683,922
375,830

516,243
143,571
34,049
246,833
42,683
31,869
17,238
1,622,512
25,844
23,233
188,947
324,603
681,923
377,961

1,294,086
386,724
160,772
286,066
313,234
147,290
529,256
75,530
71,467
152,403
148,657
46,554
15,427
19,218

1,327,963
399,526
165,806
291,193
319,695
151,743
549,207
78,149
74,961
158,936
153,617
47,825
15,979
19,739

1,337,536
404,097
165,414
292,567
321,291
154,166
553,255
78,341
74,771
161,660
155,160
47,611
15,885
19,826

1,347,531
407,549
167,576
293,363
323,539
155,504
558,997
79,224
76,466
162,586
156,639
48,492
15,943

1,350,146
407,267
167,835
294,349
324,831
155,865
560,968
79,462
76,444
162,996
157,414
48,750
16,068
19,834

1,360,948
410,703
169,338
296,447
327,505
156,955
566,279
80,207
77,515
163,693
158,837
49,427
16,448
20,152

515,469
142,779
34,070
246,847
42,642
31,928
17,203
1,620,825
25,904
23,276
189,681
325,456
679,635
376,873
1,357,354
409,912
168,647
296,273
326,144
156,378
563,568
80,119
76,841
162,915
158,297
49,080
16,351
19,966

-0.1
-0.6
0.1
0
-0.1
0.2
-0.2
-0.1
0.2
0.2
0.4
0.3
-0.3
-0.3

1,257,102
375,403
155,427
277,501
304,503
144,268
514,681
73,479
70,248
147,497
144,234
45,636
14,976
18,610

496,107
138,264
32,393
237,800
40,800
30,432
16,417
1,553,253
24,150
22,022
176,250
312,279
657,640
360,911
1,315,717
394,274
164,089
289,651
317,053
150,650
543,298
77,493
73,542
156,907
152,356
47,285
16,053
19,663

502,736
139,672
32,514
242,157
41,262
30,789
16,342
1,564,559
24,587
22,243
178,902
314,017
660,274
364,536

1,244,353
373,046
153,680
274,080
301,352
142,195
507,367
71,731
69,171
145,690
143,066
44,929
14,626
18,154

471,565
132,813
31,116
224,266
38,275
29,362
15,733
1,478,097
23,095
21,058
169,309
295,150
620,351
349,134
1,273,187
380,646
157,991
280,000
308,389
146,162
524,140
74,528
72,052
150,216
146,417
46,851
15,185
18,891

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

425,010
122,105
28,658
198,853
33,929
27,055
14,410
1,371,425
21,426
19,773
154,303
272,805
579,024
324,095
1,183,957
353,785
146,265
261,218
288,128
134,561
482,503
69,640
66,426
136,469
136,204
42,223
14,408
17,133
1,600,034
94,802
52,796
395,982
193,962
86,261
95,814
54,010
187,616
84,164
131,015
187,349
36,262
718,127
109,515
36,370
73,542
498,700
218,030
115,508
26,539
18,525
45,596
11,862

1,684,223 1,700,511
100,047
98,805
55,214
55,969
417,579
413,945
208,794
211,511
90,422
89,600
99,082
98,101
55,900
56,379
200,724
198,509
89,093
90,455
136,749
138,658
202,458
202,436
37,055
37,249
756,217
768,677
115,978
118,759
37,717
37,181
77,016
76,071
526,987
535,185
235,282
231,099
123,551
126,473
27,944
28,229
19,202
19,081.
48,744
48,025
12,634
12,498

1,716,028
101,153
55,546
420.886
214,258
91,664
99,508
57,356
199,939
91,806
140,345
205,894
37,673
777,775
120,560
38,051
77,638
541,526
238,873
128,346
28,697
19,244
49,661
12,926

1,269,939
17,043
922,972
31,733
51,367
84,864
161,960

1,351,143
17,357
987,803
32,203
55,198
88,490
170,092

1,374,336
17,492
1,002,228
32,798
55,986
89,706
176,126

1,832,468
104,888
59,740
448,458
230,059
98,318
103,634
59,913
218,853
97,276
149,108
222,814
39,408
837,842
129,782
40.160
82,291
585,608
260,524
142,674
31,005
20,550
52,781
13,514
1,502,584
18,785
1,110,558
33,829
59,985
95,720
183,707

1,881,513
108J147
611094
4611099
2361429
1001202
1061268
611520
224,640
99,605
152,417
229,551
40,541
867,367
133,304
41j,622
84,989
607,451
266,618
145,626
31,682
21,056
54,342
13,913
1,527,417
19,257
1,128,863
34,706
61,910

1,896,775
109,002
61,470
466,243
238,760
100,528
107,243
61,709
225,030
99,351
153,131
233,437
40,871
871,374
134,809
42,160
85,668
608,736
268,293
146,103
32,057
21,100
54,871
14,161

1,247,877
16,984
906,815
31,677
50,191
83,746
158,464

1,777,247
102,769
57,895
434,592
223,369
95,405
101,738
58,413
211,249
94,154
144,775
214,477
38,410
810,981
126,941
38,866
79,441
565,732
248,611
134,123
30,045
19,843
51,351
13,250
1,446,541
18,255
1,060,978
33,090
58,090
92,820
183,308

1,857,465
106,459
59,225
456,681
233,685
99,310
104,127
60,252
221,694
98,258
150,539
227,163
40,072
850,857
131,772

Far West
Alaska
California
Hawaii
Nevada
Oregon
Washington

1,740,693
102,138
57,163
423,974
218,264
92,865
100,758
57,875
205,359
92,821
141,863
209,592
38,020
792,127
122,058
38,560
78,690
552,819
244,369
132,241
29,282
19,621
50,164
13,061
1,408,247
17,802
1,028,738
32,768
57,012
91,209
180,718

1,908,623
109,761
62,198
470,406
240,016
103,241
108,123
62,119
224,297
100,405
154,368
232,563
41,125
873,915
136,756
42,846
86,295
608,018
269,264
145,766
32,176
21,572
55,312
14,437
1,532,011
19,888
1,125,730
35,209
63,627
97,327
190,230

United States
New England
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
Mideast
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
Great Lakes
Illinois
Indiana
Michigan
Ohio
Wisconsin
Plains
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota

1,629,875
95,904
53,540
403,685
197,992
87,829
97,246
54,681
191,204
85,834
133,861
191,524
36,576
730,712
111,710
36,627
74,415
507,960
221,310
117,089
26,836
18,924
46,433
12,029

1,412,373
22,002
20,526
160,027
281,839
595,243
332,736
1,214,013
365,576
150,399
264,078
294,817
139,143
497,933
71,937
68,462
141,075
140,245
43,858
14,808
17,547
1,655,282
97,114
54,106
409,057
202,621
98,137
55,540
194,497
87,748
135,340
195,117
37,011
743,768
114,206
37,003
75,165
517,394
225,131
119,336
27,249
19,082
47,204
12,261
1,292,963
17,157
939,960
31,869
52,667
85,733
165,577

1,228,958
368,550
152,112
269,260
298,672
140,365
503,371
72,789
69,095
143,235
141,130
44,128
15,026
17,969
1,672,523
98,104
54,693
411,861
205,842
89,511
98,633
56,056
196,993
88,942
136,750
198,038
37,102
752,962
116,148
37,430
75,584
523,800
228,817
121,719
27,640
19,237
47,855
12,367
1,313,449
17,368
956,511
32,084
53,841
86,876
166,768

1,331,547
17,308
970,633
31,975
54,578
87,106
169,947

1. 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




1,814,130
104,698
58,755
443,228
227,841
96,895
103,353
59,603
216,751
96,557
147,353
219,857
39,240
828,286
127,779
39,936
81,287
579,284
256,476
139,686
30,759
20,241
52,367
13,424
1,472,474
18,454
1,082,428
33,736
59,516
94,738
183,602

83,653
594,623
264,158
144,415
31,500
20,714
53,630
13,898
1,515,873
18,919
1,118,297
34,398
60,669
96,136
187,454

185,392

1,536,459
19,578
1,130,806
34,787
62,672
97,259
191,356

1,907,702
109,270
61,964
471,008
238,477
103,514
108,549
62,072
223,829
100,335
154,461
232,966
41,255
870,634
136,028
42,836
605,661
268,210
144,875
32,261
21,404
55,209
14,462
1,529,328
19,994
1,124,304
35,142
63,336
97,085
189,467

-0.3
-0.2
-0.4
-0.1
-0.4
-0.4
-0.5
-0.1
-0.9
-0.5
-0.3
-0.7
-0.6
-0.9
0
-0.4
-0.4
0.1
-0.6
0.3
0.4
-0.1
-0.2
-0.1
0.1
0.2
0.3
-0.4
-0.5
0
-0.2
-0.4
-0.4
-0.6
0.3
-0.8
-0.2
0.2
-0.2
0.5
-0.1
-0.2
-0.5
-0.2
-0.4

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 3 in "State Per Capita Personal Income and State Personal Income, 2001" in the May 2002 issue of the
SURVEY OF CURRENT BUSINESS.

Regional Data

D-54

July 2 0 0 2

Table J.2. Annual Personal Income and Per Capita Personal Income for States and Regions
Per capita personal income 1

Personal income
Area name

United States
New England
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
Mideast
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
Great Lakes
Illinois
Indiana
Michigan
Ohio
Wisconsin
Plains

Iowa

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

Millions of dollars
1996

1997

1998

1999

2000

2001

6,538,103
384,144
109,354
26,434
180,237
30,228
24,818
13,073
1,255,345
19,369
18,517
140,809
246,659
530,990
299,001
1,079,799
322,790
132,890
238,095
264,162
121,864
439,948
64,696
60,074
122,080
123,992
39,618
13,607
15,883
1,445,912
87,221
48,700
355,136
172,935
78,221
87,879
48,898
167,638
76,287
119,287
169,938
33,771
624,034
95,787
33,232
66,289
428,726
192,141
100,012
24,173
16,992
40,354
10,609
1,116,779
15,762
812,404
30,393
43,331
75,561
139,328

6,928,545
408,231
116,421
27,773
191,596
32,397
26,293
13,752
1,315,810
20,145
19,135
148,826
260,705
553,543
313,457
1,138,557
340,594
139,459
250,216
279,367
128,920
462,173
67,938
63,728
129,020
131,144
40,724
13,332
16,288
1,532,165
91,284
51,055
377,673
183,757
82,927
92,286
51,598
179,691
81,045
125,457
180,190
35,202
677,462
103,702
34,860
69,951
468,950
206,847
108,765
25,226
17,726
43,696
11,433
1,187,299
16,488
861,557
31,218
47,258
80,575
150,203

7,418,497
437,134
124,880
29,469
205,176
35,198
27,673
14,738
1,400,562
21,879
20,255
158,501
278,788
590,406
330,733
1,206,886
362,081
149,318
264,520
293,208
137,759
493,714
71,280
67,896
140,031
138,987
43,313
14,709
17,497
1,639,428
96,481
53,784
405,146
200,104
88,148
97,458
55,072
192,577
86,672
134,241
193,007
36,738
736,392
112,895
36,857
74,677
511,964
223,322
118,413
27,066
18,942
46,772
12,129
1,281,057
17,138
931,564
31,841
52,017
85,305
163,192

7,769,367
460,271
130,175
30,743
217,851
37,179
28,891
15,433
1,457,592
22,635
20,669
166,258
289,426
615,303
343,301
1,251,597
374,487
154,901
275,670
303,253
143,285
512,120
72,830
70,052
146,715
143,928
45,442
14,798
18,355
1,710,364
100,536
55,973
419,096
213,207
91,138
99,362
56,878
201,133
91,044
139,404
205,095
37,499
773,699
119,339
37,877
77,354
539,129
237,406
127,653
28,538
19,287
49,148
12,779
1,366,318
17,490
997,351
32,436
55,693
89,128
174,221

8,314,032
498,964
138,796
32,409
239,688
41,126
30,576
16,369
1,558,359
24,383
22,179
177,818
312,868
658,720
362,391
1,318,826
396,155
164,020
289,869
317,818
150,963
543,754
77,378
73,685
157,477
152,448
47,319
15,836
19,611
1,820,327
104,704
58,904
445,740
228,738
97,482
103,213
59,545
217,137
96,561
147,944
221,078
39,283
831,992
129,069
39,943
81,668
581,312
257,442
140,224
30,827
20,337
52,532
13,522
1,484,368
18,603
1,093,065
33,763
59,565
94,854
184,518

8,621,023
516,997
143,613
33,949
247,801
42,721
31,751
17,161
1,618,702
25,574
23,157
187,862
323,706
682,206
376,197
1,353,995
408,858
168,349
295,108
325,505
156,175
562,453
79,753
76,816
163,047
157,797
48,937
16,202
19,900
1,898,653
109,045
61,682
467,189
238,420
101,871
107,546
61,855
224,449
99,924
153,594
232,129
40,948
870,823
135,225
42,366
85,765
607,466
268,096
145,593
32,044
21,283
54,934
14,243
1,531,304
19,679
1,127,426
34,961
62,886
97,240
189,111

1. Per capita personal income was computed using midyear population estimates of the
Bureau of the Census. Estimates reflect population estimates available as of April 2002.
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




Percent
change2

3.7
3.6
3.5
4.8
3.4
3.9
3.8
4.8
3.9
4.9
4.4
5.6
3.5
3.6
3.8
2.7
3.2
2.6
1.8
2.4
3.5
3.4
3.1
4.2
3.5
3.5
3.4
2.3
1.5
4.3
4.1
4.7
4.8
4.2
4.5
4.2
3.9
3.4
3.5
3.8
5.0
4.2
4.7
4.8
6.1
5.0
4.5
4.1
3.8
3.9
4.7
4.6
5.3
3.2
5.8
3.1
3.5
5.6
2.5
2.5

Dollars

1996
24,270
28,340
32,773
21,163
29,166
25,733
24,310
22,019
27,661
26,140
32,352
27,545
30,266
28,566
24,467
24,408
26,672
22,501
24,398
23,496
23,301
23,520
22,464
22,977
25,904
22,828
23,670
20,921
21,399
22,038
20,138
18,934
23,909
23,055
19,957
19,978
17,793
22,350
20,096
22,022
25,173
18,527
21,504
20,883
18,964
19,846
22,167
22,432
25,514
20,093
19,173
19,514
21,732
25,201
25,901
25,373
25,249
26,004
23,270
25,015

1997 1998
25,412
29,924
34,759
22,134
30,773
27,238
25,643
23,026
28,868
26,807
33,704
28,857
31,720
29,670
25,635
25,589
27,950
23,418
25,509
24,772
24,481
24,517
23,499
24,182
27,086
23,926
24,148
20,520
21,885
22,986
20,899
19,628
24,869
23,911
20,979
20,874
18,580
23,468
20,998
22,814
26,385
19,351
22,868
21,892
19,641
20,739
23,756
23,651
27,067
20,534
19,920
20,613
23,360
26,353
26,898
26,521
25,765
26,789
24,385
26,469

26,893
31,829
37,108
23,404
32,714
29,187
26,837
24,547
30,565
28,662
35,836
30,455
33,640
31,478
27,008
26,983
29,505
24,891
26,860
25,921
26,004
26,001
24,555
25,519
29,092
25,171
25,541
22,716
23,453
24,242
21,904
20,479
26,161
25,447
22,118
21,948
19,635
24,661
22,115
24,101
27,968
20,234
24,352
23,118
20,551
21,930
25,398
25,041
28,764
21,612
21,225
21,594
24,714
27,972
27,645
28,240
26,201
28,069
25,446
28,285

1999 2000 2001
27,843
33,262
38,441
24,268
34,485
30,425
27,769
25,522
31,614
29,207
36,248
31,641
34,622
32,585
27,993
27,832
30,301
25,625
27,854
26,753
26,869
26,769
24,962
26,155
30,105
25,877
26,656
22,969
24,460
24,944
22,694
21,107
26,593
26,499
22,682
22,274
20,109
25,302
22,906
24,723
29,299
20,697
25,098
23,755
20,949
22,505
26,224
26,104
30,206
22,371
21,490
22,305
25,986
29,380
27,994
29,772
26,800
28,786
26,261
29,819

29,469
35,784
40,702
25,380
37,704
33,169
29,113
26,848
33,608
31,012
38,838
33,482
37,118
34,689
29,504
29,171
31,856
26,933
29,127
27,977
28,100
28,228
26,431
27,374
31,935
27,206
27,630
24,708
25,958
26,194
23,521
21,995
27,764
27,794
24,085
23,090
20,900
26,882
24,000
25,946
31,120
21,738
26,508
24,988
21,931
23,650
27,752
27,797
32,434
23,727
22,518
23,436
27,372
31,451
29,642
32,149
27,851
29,506
27,660
31,230

30,271
36,870
41,930
26,385
38,845
33,928
29,984
27,992
34,791
32,121
40,498
34,950
38,153
35,884
30,617
29,848
32,755
27,532
29,538
28,619
28,911
29,106
27,283
28,507
32,791
28,029
28,564
25,538
26,301
27,006
24,426
22,912
28,493
28,438
25,057
24,084
21,643
27,418
24,594
26,758
32,295
22,725
27,280
25,479
23,162
24,787
28,486
28,499
32,957
24,257
23,532
24,202
28,807

Rank in
U.S.

1
35
2
6
16
30
12
5
3
4
15
9
31
18
21
19
33
24
8
28
22
37
36
"42
48
25
27
39
45
50
32
41
34
11
49
38
47
40
26
7
43
46
44
20

31,951

30,997
32,678
28,554
29,860
28,000
31,582

14
10
23
17
29
13

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 abroacf and of U.S. residents employed abroad temporarily by private U.S.
firms.
Source: Table 1 in "State Per Capita Personal Income and State Personal Income, 2001" in the
May 2002 issue of the SURVEY OF CURRENT BUSINESS.

July 2002

D-55

SURVEY OF CURRENT BUSINESS

Table J.3. Disposable Personal Income and Per Capita Disposable Personal Income for States and Regions
Per capita disposable personal i n c o m e 1

Disposable personal income
Area name

Millions of dollars
1996

1997

1998

1999

2000

2001

5,960,749 6,349,151 6,611,243 7,027,033 7,316,002
409,141
425,865
342,605
364,015
380,303
111,358
91,536
115,648
101,699
105,240
95,724
27,810
23,257
25,480
26,502
29,160
24,200
194,443
151,896
169,596
178,267
202,185
159,674
35,280
26,610
30,578
32,044
36,831
28,200
23,898
24,925
26,220
21,780
27,287
22,851
12,764
14,030
11,463
13,325
14,753
11,955
1,073,172 1,114,511 1,178,249 1,217,224 1,292,946 1,347,352

Percent
change2

United States

5,669,393

4.1

New England
:
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont

326,543

4.1
3.9
4.9
4.0
4.4
4.1
5.2
4.2
5.3
4.7
5.9
4.1
3.8
4.2
3.2
3.6
3.2
2.7
2.8
4.1
3.7
3.4
4.6
3.9
3.7
3.7
2.1
1.5
4.7
4.6
5.1
5.2
4.7
4.8
4.3
4.3
3.8
3.9
4.3
5.3
4.5
5.1
5.1
6.4
5.2
5.0
4.5
4.3
4.5
4.8
4.9
5.6
3.6
6.2
3.6
3.8
5.9
3.3
3.2

Mideast
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania

16,547
15,862
119,755

211,334
450,040
259,634

16,987
16,120
125,597
220,964
464,468
270,375

930,464
278,447

104,491

109,732

Plains
Iowa
Kansas
,
Minnesota
Missouri
Nebraska
North Dakota
South Dakota

382,827

399,625
59,294

204,949
227,746
56,896
52,367
103,586
108,364
34,932
12,226
14,456

119,826
214,500

239,900

55,113
109,183
114,001

35,531
11,853
14,650

16,970
139,200
240,685
507,123
294,156

20,599
18,033
148,208
258,304
538,723
309,078

1,269,457

106,568
146,489
30,001

111,632

Southwest
Arizona
New Mexico
Oklahoma
Texas
Rocky Mountain
Colorado
Idaho
Montana.
Utah
Wyoming

552,859
83,726

596,546

18,888
268,899
558,978
321,962
1,154,002
345,893
145,535

128,475
225,186
250,838
116,768

133,334
234,620
259,221
121,308

141,011
244,825

425,703
62,181
58,652
118,006
120,352
37,620
13,143
15,748

441,856
63,363
60,376
124,480

466,416

483,622

67,185

69,436
66,036
137,344

124,527
39,492

131,467
40,806
14,096
17,478

13,192
16,426

270,142
128,278

63,150

132,235

251,348
277,747
133,479

136,337

42,329
14,396
17,745

77,079
43,230

29,502
58,473
381,159
166,565
86,111
21,208

119,346
163,510
32,491

123,888
172,071
33,142

131,073
184,085

34,616

136,721
193,866
36,161

645,743
97,615
32,496
65,310
450,321

677,910

725,058
110,773
34,951
71,105
508,229

761,880
116,451
37,204
74,783
533,441

178,194
92,927
22,044
15,621
37,715

191,724

202,621
107,636
24,753
16,906
42,355
10,971

218,059
117,297

227,943
122,295

26,497

27,698

17,737
11,510

18,580
47,219
12,151

1,144,250

14,497

15,003

15,319

1,228,956
16,227

1,273,741
17,225

735,173

789,557
27,846
44,903
72,660
140,515

829,802
28,236
47,950
75,522
147,420

897,641

929,692
30,377
53,993
82,135

154,028
31,182
90,217
30,758
61,222
414,349

100,489
23,639
16,670
40,460
10,466

15,037
35,002
9,207
9,886
967,506 1,017,744 1,090,483
13,919
701,878
26,730
37,634

64,801
122,543

27,371
41,126
68,539
131,039

102,867
33,310
67,630
474,102

45,017

29,276

50,963
79,510
155,340

1. Per capita disposable personal income was computed using midyear population estimates
of the Bureau of the Census. Estimates reflect population estimates available as of April 2002.
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




21,685
156,940

1,336,061 1,423,978 1,481,257 1,568,174 1,641,597
80,342
91,677
84,855
88,379
95,900
45,063
47,302
49,238
51,632
54,247
329,682
351,912
312,805
362,623
382,698
402,600
150,182
158,350
171,711
182,476
194,622
203,694
78,641
68,160
71,915
83,901
87,941
76,215
78,079
88,064
81,431
86,139
91,158
95,050
50,827
43,943
46,245
49,256
53,149
55,449
172,665
192,927
145,935
155,311
165,760
185,793
79,244
87,042
66,986
70,880
75,481
83,772

Southeast
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
West Virginia

Far West
Alaska
California
Hawaii
Nevada
Oregon
Washington

19,091

16,921

283,933
975,464 1,029,255 1,065,822 1,118,283
334,027
291,507
307,987
317,338

Great Lakes
Illinois
Indiana
Michigan
Ohio
Wisconsin

114,831

18,470
133,060
234,080
491,784

160,318

Dollars

1996
21,045
24,091
27,433
18,620
24,580
22,652
21,334
19,308
23,647
22,332
27,712
23,426
25,932
24,211
21,246
21,032
23,008
19,443
21,002
20,257
19,979
20,466
19,756
20,029
21,980
19,951
20,871
18,798
19,477
19,348
17,797
16,807
21,060
20,021
17,390
17,750
15,990
19,456
17,646
19,674
21,699
16,459
19,051
18,253
16,836
17,506
19,708
19,446
21,967
17,628
16,967
16,926
18,861
21,833
22,872
21,921
22,206
22,585
19,957
22,001

1997 1998 1999 2000 2001
21,863
25,114
28,580
19,286
25,646
23,709
22,286
20,018
24,452
22,605
28,393
24,353
26,885
24,896
22,111
21,924
23,922
20,121
21,868
21,273
20,837
21,199
20,509
20,913
22,921
20,799
21,069
18,244
19,684
20,044
18,394
17,325
21,709
20,605
18,194
18,419
16,653
20,284
18,364
20,300
22,554
17,141
20,137
19,045
17,330
18,151
20,990
20,375
23,126
17,944
17,554
17,792
20,199
22,590
23,650
22,630
22,590
23,313
20,742
23,092

23,016
26,505

23,693
27,483

24,908
29,342

30,219
20,236
27,041
25,356
23,176
21,258
25,714
24,196
29,937
25,566
28,245
26,220
23,186
23,011
25,097
21,417
22,866
22,175
22,041
22,420
21,421
22,045
24,516
21,796
22,184
20,297
21,109
21,056
19,265
18,011
22,724
21,836
19,124
19,399
17,561
21,226
19,259
21,426
23,694
17,895
21,354
19,989
18,119
19,179
22,340
21,498
24,410
18,876
18,679
18,680
21,324
23,811
24,201
23,935
22,914
24,230
21,674
24,354

31,077
20,920
28,219
26,222
23,957
22,037
26,401
24,633
29,760
26,491
28,792
26,856
23,986
23,701
25,677
22,057
23,706
22,868
22,748
23,097
21,717
22,542
25,542
22,389
23,166
20,477
21,889
21,602
19,949
18,568
23,010
22,679
19,572
19,742
17,970
21,721
19,937
21,971
24,581
18,292
21,991
20,476
18,423
19,676
23,061
22,280
25,470
19,404
18,837
19,222
22,309
24,605
24,519
24,771
23,330
24,784
22,252
25,232

32,655
21,778
30,587
28,454
24,966
23,011
27,884
26,200
31,578
27,906
30,645
28,370
25,164
24,735
26,860
23,155
24,601
23,780
23,878
24,213
22,949
23,461
26,816
23,461
23,827
21,993
23,134
22,566
20,595
19,280
23,838
23,648
20,729
20,393
18,655
23,002
20,821
22,987
25,913
19,156
23,101
21,446
19,190
20,591
24,263
23,545
27,131
20,394
19,639
20,083
23,300
26,039
25,856
26,401
24,149
25,245
23,185
26,291

Rank in
U.S.

25,688
30,371
33,765
22,663
31,694
29,250
25,769
24,064
28,959
27,237
33,031
29,197
31,693
29,402
26,203
25,439
27,711
23,801
25,158
24,420
24,710
25,027
23,754
24,506
27,622
24,217
24,707
22,691
23,454
23,350
21,481
20,151
24,554
24,296
21,631
21,286
19,401
23,567
21,423
23,819
26,972
20,068
23,867
21,942
20,340
21,613
25,015
24,230
27,683
20,967
20,544
20,803
24,575
26,576
27,131
26,947
24,810
25,637
23,650
26,773

1
37
2
5
16
29

"io
3
4
15
7
31
18
26
21
"32
25
9
28
22
36
35

24
27
39
43
50
34
42
30
12
49
"38
47
40
19

44
46
45
23
11
13
20
17
33
14

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 abroao and of U.S. residents employed abroad temporarily by private U.S.
firms.
Source: Table 2 in "State Per Capita Personal Income and State Personal Income, 2 0 0 1 " in the
May 2002 issue of the SURVEY OF CURRENT BUSINESS.

D-56

Regional Data

July 2002

Table J.4. Gross State Product (GSP) by Industry for States and Regions, 2000
[Millions of dollars]

State and region

United States

Rank of
total GSP

Total GSP

Agriculture,
forestry, and
fishing

Mining

Construction

Manufacturing

Transportation and
public
utilities

Wholesale
trade

Retail trade

Finance,
insurance,
and real
estate

Services

Government

9,941,552

135,750

127,084

463,635

1,566,579

825,016

674,145

893,855

1,936,304

2,164,630

1,154,555

582,776
159,288
35,981
284,934
47,708
36,453
18,411

4,298
1,090
693
1,545
341
227
401

297
112
5
97
36
11
36

24,619
5,579
1,693
12,556
2,060
831

85,821
24,897
5,561
37,956
9,777
4,450
3,179

34,328
9,399
2,457
16,075
2,707
2,343
1,346

38,418
9,726
2,138
20,467
3,212
1,854
1,021

48,794
12,876
4,253
22,004
4,617
3,244
1,799

149,028
47,045
6,667
69,651
11,587
10,796
3,281

143,603
35,235
7,422
79,674
9,685
7,465
4,121

53,570
13,328
5,090
24,908
3,684
4,164
2,396

Mideast
Delaware
District of Columbia..
Maryland
New Jersey
New York
Pennsylvania

1,848,116
36,336
59,397
186,108
363,089
799,202
403,985

11,090
317
21
1,600
1,919
3,385
3,848

3,667
2
29
153
242
615
2,627

70,536
1,578
571
10,519
14,235
25,958
17,674

228,623
5,535
833
14,955
50,198
81,644
75,457

146,359
1,876
3,044
14,137
34,131
58,750
34,421

118,790
1,482
746
11,392
33,575
46,841
24,754

138,089
2,579
1,672
16,164
27,339
54,630
35,705

481,675
13,840
8,017
38,915
85,452
259,929
75,522

436,048
5,790
22,753
45,895
81,545
188,190
91,875

213,239
3,336
21,711
32,377
34,453
79,260
42,102

Great Lakes...
Illinois
Indiana
Michigan....
Ohio
Wisconsin..

1,530,982
467,284
192,195
325,384
372,640
173,478

15,630
4,163
2,225
2,910
3,481
2,851

4,414
1,058
674
881
1,531
271

74,009
22,310
9,836
16,619
16,809
8,434

351,203
73,413
58,906
85,465
89,399
44,021

116,507
41,203
14,436
21,335
27,100
12,433

109,716
37,013
11,448
23,548
26,483
11,225

137,490
37,669
17,365
30,046
36,183
16,227

257,073
96,849
25,422
46,417
60,960
27,424

306,776
107,674
32,755
64,863
69,897
31,588

158,165
45,932
19,128
33,301
40,799
19,005

635,821
89,600
85,063
184,766
178,845
56,072
18,283
23,192

16,886
3,678
2,204
3,318
2,517
2,471
952
1,745

3,449
210
1,236
684
423
86
686
125

31,195
3,822
4,018
9,575
9,150
2,710
924
995

111,677
19,747
14,004
32,459
32,849
8,022
1,580
3,015

60,941
7,758
11,408
13,842
18,299
6,082
1,783
1,769

47,702
6,338
6,449
14,555
12,985
4,289
1,561
1,524

59,475
7,950
8,380
17,069
17,040
4,918
1,797
2,322

104,091
13,938
11,141
35,354
27,394
8,763
2,846
4,655

126,218
15,392
14,851
39,566
37,761
11,031
3,518
4,100

74,188
10,768
11,373
18,344
20,425
7,701
2,636
2,941

Southeast
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina...
South Carolina..
Tennessee
Virginia
West Virginia....

2,156,521
119,921
67,724
472,105
296,142
118,508
137,700
67,315
281,741
113,377
178,362
261,355
42,271

32,736
2,166
2,246
8,084
3,894
2,693
1,281
1,600
4,979
1,359
1,805
2,320
309

30,526
1,448
474
899
1,127
2,135
18,526
770
521
177
541
1,044
2,863

108,230
5,845
3,300
25,357
14,821
5,538
6,635
3,222
13,913
6,814
8,243
12,561
1,980

351,257
22,959
15,065
32,590
49,553
31,633
20,145
13,307
67,502
23,897
36,055
31,792
6,760

190,197
10,544
7,036
39,503
33,355
9,605
12,233
6,401
18,773
10,397
14,790
23,009
4,551

148,028
7,788
4,466
36,250
26,471
7,316
7,519
3,912
16,689
7,071
13,301
15,007
2,237

212,493
12,134
7,868
52,887
27,206
10,976
11,790
7,270
24,119
12,037
19,943
22,024
4,239

361,852
18,027
8,117
100,537
47,076
13,664
19,005
8,158
54,987
15,819
25,678
45,969
4,816

434,586
20,849
10,769
118,762
58,036
19,211
24,039
11,753
45,998
18,522
37,475
61,451
7,719

286,617
18,161
8,382
57,236
34,603
15,735
16,526
10,923
34,260
17,285
20,531
46,178
6,795

Southwest
Arizona
New MexicoOklahoma
Texas

1,044,714
156,303
54,364
91,773
742,274

15,067
2,246
1,043
2,138
9,639

57,581
1,136
5,051
5,146
46,247

51,262
9,292
2,290
3,614
36,066

149,173
24,382
8,862
14,824
101,105

106,628
11,154
4,067
8,480
82,927

75,069
10,124
2,186
5,375
57,384

100,350
16,463
4,838
9,338
69,711

156,992
28,714
7,219
11,383
109,676

209,961
34,652
9,787
16,849
148,674

122,632
18,140
9,022
14,625
80,845

314,569
167,918
37,031
21,777
68,549
19,294

6,145
2,261
1,870
846
713
454

9,800
2,913
169
812
1,208

20,135
11,084
2,414
1,218
4,405
1,014

36,195
16,257
8,468
1,578
8,559
1,333

34,340
20,376
2,874
2,563
5,901
2,626

19,342
10,726
2,277
1,352
4,254
733

29,999
15,911
3,632
2,180
6,881
1,394

51,085
28,734
4,306
3,074
12,685
2,286

67,522
40,342
6,180
4,566
14,268
2,166

40,006
19,313
4,842
3,587
9,675
2,589

1,828,052
27,747
1,344,623
42,364
74,745
118,637
219,937

33,898
433
24,587
509
582
3,066
4,722

17,350
6,041
9,233
44
1,392
159
481

83,651
1,266
55,472
1,853
7,399
6,365
11,296

252,629
1,073
189,962
1,296
3,066
30,608
26,625

135,717
4,401
94,183
4,288
5,924
8,199
18,722

117,080
837
87,392
1,602
3,386
8,521
15,341

167,165
1,858
121,300
4,663
7,920
9,630
21,795

374,507
2,852
293,110
9,520
13,379
16,768
38,877

439,917
3,690
328,274
9,515
24,131
21,218
53,089

206,137
5,296
141,109
9,074
7,566
14,102
28,990

New England
Connecticut
Maine
Massachusetts....
New Hampshire..
Rhode Island
Vermont

Plains
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota...
South Dakota..

Rocky Mountain..
Colorado
Idaho
Montana..
Utah
Wyoming
Far West.
Alaska
California
Hawaii
Nevada
Oregon
Washington...

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 for military
equipment, except office equipment. Also, GSP and GDP have different revision schedules.
Source: This table reflects the GSP estimates for 2000 that were released on June 10, 2002. Detailed estimates are
available on BEA's Web site at <www.bea.gov> under "State and local area data."

D-57

July 2002

K. Local Area Table
Table K.1. Personal Income and Per Capita Personal Income by Metropolitan Area, 1998-2000
Per capita personal income1

Personal income
Millions of dollars

Area name
1998
United States3
Metropolitan portion
Nonmetropolitan portion

1999

2000

Percent
change2

Dollars

19992000

1999

7,418,497 7,769,367 8,314,032
6,309,791 6,622,851 7,103,560
1,108,706 1,146,516 1,210,472

2000

Area name

2000

27,843 29,469
29,569 31,332
20,822 21,847

Corvallis, OR
Cumberland, MD-WV..
Dallas, TX*

31,878
28,078
28,294
30,167
31,947
29,973
30,405

32,820
29,075
29,115
31,267
33,652
31,114
30,982

34,506
30,384
30,464
33,289
36,370
32,694
33,025

Danville, VA
Davenport-Moline-Rock Island,
IA-IL
Dayton-Springfield, OH
Daytona Beach, FL
Decatur.AL
Decatur.IL
Denver, CO*
DesMoines.lA

26,893
28,528
20,277

Consolidated Metropolitan
Statistical Areas
Chicago-Gary-Kenosha, IL-IN-WI
Cincinnati-Hamilton, OH-KY-IN
Cleveland-Akron, OH
Dallas-Fort Worth, TX
Denver-Boulder-Greeley, CO
Detroit-Ann Arbor-Flint, Ml
Houston-Galveston-Brazoria, TX
Los Angeles-Riverside-Orange
County, CA
Miami-Fort Lauderdale, FL
Milwaukee-Racine, Wl
New York-No. New Jersey-Long
Island, NY-NJ-CT-PA
Philadelphia-Wilmington-Atlantic
City, PA-NJ-DE-MD
Portland-Salem, OR-WA
Sacramento-Yolo, CA
San Francisco-Oakland-San Jose,
CA
Seattle-Tacoma-Bremerton, WA
Washington-Baltimore, DC-MDVA-WV

Personal income

Rank
in
U.S.

Millions of dollars

1998

1999

2000

2,157
1,971
106,605

2,196
2,010
113,699

2,291
2,102
124,705

2,150

2,199

2,314

9,260
25,427
10,308
3,274
2,927
65,598
13,074

9,250
26,056
10,587
3,423
3,049
70,982
13,700

Per capita personal income
Percent
change2
19992000

Rank
in
U.S.

Dollars

1998

1999

2000

2000

27,327
19,190
31,840

28,059
19,617
32,974

29,318
20,653
35,216

81
305
23

5.2

19,461

19,936

21,028

303

9,690
27,084
11,232
3,521
3,150
78,793
14,340

4.8
3.9
6.1
2.9
3.3
11.0
4.7

25,824
26,572
21,519
22,707
25,353
32,532
29,503

25,713
27,336
21,754
23,573
26,479
34,267
30,402

27,005
28,504
22,660
24,108
27,516
37,153
31,347

134
99
276
228
124
18
53

287,183
54,908
83,338
150,138
78,606
162,694
136,556

298,505
57,245
85,770
160,079
85,196
169,368
142,509

316,620
60,249
89,742
174,907
94,440
178,609
155,001

428,551
95,902
49,851

451,458
98,951
51,775

482,176
105,353
54,331

6.8

26,909
25,637
29,698

27,892
25,937
30,734

29,329
27,033
32,137

Detroit, Ml*
Dothan.AL
Dover, DE

134,925
2,943
2,772

140,283
3,071
2,862

147,828
3,202
3,025

5.4
4.3
5.7

30,410
21,566
22,348

31,601
22,357
22,787

33,259
23,197
23,795

259
238

741,023

774,361

836,234

8.0

35,723

36,956

39,568

Dubuque.lA

2,173

2,174

2,287

5.2

24,481

24,450

25,645

172

187,702
61,119
46,577

194,772
64,272
500tf

206,743
69,210
54,157

8.3

30,592
27,732
26,894

31,598
28,687
28,299

33,377
30,453
29,951

Duluth-Superior, MN-WI..
Dufchess County, NY*
Eau Claire, Wl

5,789
7,710
3,432

5,978
7,964
3,584

6,339
8,687
3,785

6.0
9.1
5.6

23,893
28,160
23,435

24,590
28,691
24,321

26,005
30,939
25,472

162
57
178

257,252
112,042

283,762
121,281

328,725
127,818

15.8

37,277
32,207

40,660
34,412

46,586
35,877

262,832

283,865

8.0

33,416

34,955

37,168

11,624
4,372
2,085

11,988
4,627
2,145

12,643
4,857
2,281

5.5
5.0
6.4

17,318
24,578
22,711

17,749
25.614
23,499

18,535
26,485

247,605

El Paso, TX
Elkhart-Goshen, IN
Elmira.NY

312
149
191

2,881
18,584
2,567
24,112
16,861
2,833
16,797
2,908
4,981
8,403
17,299
2,361
9,082
5,554
3,262
116,796
10,234
1,920
10,502
32,797
12,577
74,127
3,124
6,912
14,061
8,795
3,550

2,964
2,635
24,816
17,372
2,901
17,530
3,031
5,047
8,599
18,414
2,369
9,545
5,706
3,407
126,048
10,373
2,021
10,817
36,972
12,921
77,608
3,244
7,430
14,542
8,798
3,707

3,096
20,194
2,770
26,233
18,503
3,006
18,614
3,165
5,333
9,108
19,765
2,364
10,179
6,032
3,589
136,832
10,954
2,135
11,389
13,787
82,502
3,426
8,128
15,176
9,146
3,876

22,971 23,460
26,893 27,680
21,313 21,864
27,587 28,392
24,043 24,598
22,509 23,006
26,606 27,593
22,284 23,361
23,404 23,387
32,668 33,156
31,002 32,312
20,146 20,620
25,858 26,864
25,142 25,506
22,001 22,542
30,121 31,435
29,262 29,420
17,466 17,901
22,320 22,800
28,382 30,659
19,559 19,714
29,354 30,551
21,605 22,387
32,223 33,932
23,787 24,312
22,974 22,851
22,048 22,525

24,487
29,023
22,920
29,942
25,894
23,777
29,146
24,533
24,429
34,950
33,987
21,232
28,332
26,618
23,311
33,013
30,824
18,484
23,816
32,039
20,767
32,265
23,653
36,417
25,117
23,756
23,133

1,328
6,504
7,590
7,640
4,258
6,862
6,356
2,432
10,470
2,877
2,790
6,219
43,721
10,924
8,644
4,113
4,093
12,805
43,532
17,465
2,072
4,938
6,251
15,702
2,698
2,217
2,264
2,562

1,326
6,649
7,904
7,896
4,535
7,105
6,806
2,528
10,672
2,956
2,902
6,670
44,556
11,196
8,932
4,319
4,254
13,195
46,380
18,462
2,119
5,063
6,387
16,146
2,751
2,222
2,264
2,709

1,373
6,944
8,271
8,310
4,720
7,542
7,306
2,700
11,017
3,060
3,085
7,376
47,997
11,834
9,367
4,625
4,530
13,878
50,202
19,556
2,219
5,347
6,660
17,196
2,893
2,443
2,388
2,885

4.4
4.6
5.2
4.1
6.2
7.4
6.8
3.2
3.5
6.3
10.6
7.7
5.7
4.9
7.1
6.5
5.2
8.2
5.9
4.7
5.6
4.3
6.5
5.2
9.9
5.5
6.5

22,841
23,082
23,744
25,940
24,914
22,912
21,588
20,111
24,171
20,254
22,336
25,830
28,015
25,893
27,779
20,384
24,363
25,924
26,729
19,454
19,852
23,217
25,446
24,947
21,856
19,543
22,657
22,738

22,791
23,637
24,564
26,712
26,230
23,558
22,442
20,842
24,567
20,770
23,107
27,017
27,950
25,917
28,237
21,104
25,163
26,479
27,745
20,260
20,375
23,455
25,662
25,604
22,169
19,635
23,122
23,591

23,815
24,740
25,584
28,048
27,024
24,899
23,316
22,000
25,217
21,397
24,517
29,178
29,409
26,655
29,206
22,249
26,501
27,591
29.305
21,121
21,486
24,507
26,564
27,216
23,262
21,550
24,572
24,693

237
199
175
108
133
193
251
288
186
295
211
87
80
142
85
282
148
118
82
301
294
212
145
129
256
292
208
201

Benton Harbor, Ml
Bergen-Passaic, NJ*
Billings, MT
Biloxi-Gulfport-Pascagoula, MS

3,853
51,904
3,100
7,741

4,018
53,692
3,179
8,027

4,171
58,721
3,376
8,429

23,776
38,142
24,285
21,773

24,799
39,239
24,697
22,234

25,659
42,726
26,057
23,097

27,695
1,881
3,521
6,102

28,933
1,896
3,822
6,365

30,550
1,978
4,126
6,659

5.6
4.3
8.0

26,095
23,304
21,144
27,442

26,853
23,527
21,921
28,311

27,977
24,661
22,539
29,295

110
202
278
83

Binghamton, NY
Birmingham, AL

5,773
24,406

5,959
25,652

6,244
26,814

4.5

22,798
26,791

23,575
27,966

24,779
29,057

32,570
2,936

33,716
2,911

35,799
3,299

6.2
13.3

26,716
22,499

27,237
21,964

28.522
24,599

98
207

Bismarck, ND
Bloomington, IN
Bloomington-Normal, IL
Boise City, ID
Boston-Worcester-LawrenceLowell-Brockton, MA-NH
(NECMA)
Boulder-Longmont, CO*
Brazoria, TX*
Bremerton, WA*
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
Charlotte-Gastonia-Rock Hill,
NC-SC
Charlottesville, VA
Chattanooga, TN-GA
Cheyenne, WY

2,200
2,662
3,930
10,380

2,272
2,779
4,212
11,091

2,426
2,955
4,475
12,349

6.3
6.2
11.3

23,487
22,308
26,819
25,483

24,107
23,098
28,244
26,343

25,586
24,503
29,670
28,329

Enid, OK
Erie, PA
Eugene-Springfield, OR
Evansville-Henderson, IN-KY
Fargo-Moorhead, ND-MN
Fayetteville, NC
Fayetteville-Springdale-Rogers.AR
Flagstaff, AZ-LIT
Flint, Ml*
Florence, AL
Florence, SC
Fort Collins-Loveland, CO
Fort Lauderdale, FL*.
Fort Myers-Cape Coral, FL
Fort Pierce-PortSt. Lucie, FL
Fort Smith, AR-OK
Fort Walton Beach, FL
Fort Wayne, IN
Fort Worth-Arlington, TX*
Fresno, CA
Gadsden.AL
Gainesville, FL
Galveston-Texas City, TX*
Gary, IN*
Glens Falls, NY
Goldsboro.NC
Grand Forks, ND-MN
Grand Junction, CO
Grand Rapids-Muskegon-Holland,
Ml
Great
Falls, MT
ureai i-ans,
i
Greeley, CO'
Green Bay, Wl
Greensboro-Winston-Salem-High
Point, NC
Greenville, NC
Greenville-Spartanburg-Anderson,
SC
Hagerstown, MD*
Hamilton-Middletown, OH*
Harrisburg-Lebanon-Carlisle, PA....

21,965
2,945
8,397
17,221

22,964
3,012
8,837
17,838

24,403
3,206
9,303
18,653

6.3
6.5
5.3
4.6

23,404
22,570
25,580
27,505

24,108
22,960
26,719
28,399

25,277
24,267
27,878
29,624

184
221
114
76

199,531
9,487
5,314
5,442

212,497
10,392
5,625
5,636

235,164
11,521
6,014
5,916

10.7
10.9
6.9

33,411
34,181
22,984
23,777

35,287
36,347
23,675
24,568

38,758
39,347
24,723
25,443

Hartford, CT (NECMA)..
Hattiesburg, MS
200 Hickory-Morganton-Lenoir, NC
Honolulu, HI

37,637
2,195
7,725
24,914

39,103
2,288
8,092
25,263

41,761
2,393
8,633
26,235

33,179
20,035
23,209
28,091

34,261
20,679
23.945
28,744

36,295
21,344
25,178
29,960

296

4,518
2,760
29,513
5,216
9,853
1,860
5,450
4,129
11,824
6,583

4,683
2,856
30,160
5,514
10,086
1,917
5,718
4,296
12,686

5,023
3,058
31,371
5,904
10,523
2,137
6,089
4,554
13,463
7,014

7.3
7.1
4.0
7.1
4.3
11.5
6.5
6.0
6.1

13,919
18,708
25,043
26,791
24,258
28,117
29,112
23,329
22,074
25,925

14,179
19,015
25,710
27,985
24,783
28,920
30,106
24,049
23,227
26,523

14,906
20,033
26,846
29,611
25,863
32,112
31,686
25,331
24,458
27,898

Houma, LA
Houston, TX*..
Huntington-Ashland, WV-KY-OH..
Huntsville, AL
165 Indianapolis, IN
Iowa City, IA
Jackson, Ml
Jackson,MS
Jackson, TN
Jacksonville, FL

4,031
3,970
124,991 130,497
6,348
6,247
8,881
8,576
44,755 46,852
3,058
2,888
3,704
3,514
10,716
11,095
2,404
2,512
28,638 29,383

4,185
142,327
6,653
9,471
49,836
3,276
3,865
11,666
2,674
31,413

20,817
31,136
19,709
25,483
28,589
26,788
22,524
24,692
22,969
26,673

20,406
31,726
20,092
26,155
29,485
27,847
23,582
25,369
23,611
26,997

21,519
33,891
21,106
27,575
30,906
29,441
24,357
26,396
24,853
28,456

293
33
302
119
59
79
219
151
196
100

40,359
4,452
11,243
2,067

43,205
4,598
11,761
2,178

46,600
4.947
12,472
2,291

28,212
28,927
24,477
25,674

29,360
29,223
25,422
26,885

30,901
30,875
26,781
28,035

3,166
2,821
3,683
14,950

3,284
2,842
3,780
15,660

3,433
2,959
3,918
16,760

21,000
20,036
24,416
24,990

21,950
20,288
24,943
25,927

22,847
21,208
25,694
27,522

270
299
169
122

265,559
4,086
46,511
4,089
64,754
12,887
3,327
13,418
6,213
41,976
8,262

276,206
4,280
48,408
4,290
66,584
13,738
3,436
14,089
6,489
44,389
8,409

292,932
4,549
50,946
4,619
69,549
14,957
3,646
14,932
6,823
47,299
8,879

32,665
20,433
28,582
20,168
28,723
25,874
25,094
25,621
22,694
27,896
21,646

33,632
21,262
29,551
20,938
29,557
26,988
25,623
26,519
23,694
29,114
22,029

35,336
22,325
30,891
22,250
30,909
28,804
26,851
27,741
24,813
30,619
23,323

9,857
4,865
1,615
3,224
11,108
2,302
50,305
3,620
6,365
16,490
2,654

10,121
5,069
1,699
3,351
11,333
2,358
53,017
3,795
6,759
17,021
2,784

10,712
5,262
1,793
3,505
11,759
2,494
56,591
3,998
7,132
18,153
2,918

20,756
20,634
20,154
20,928
24,700
22,297
28,865
24,731
20,671
24,441
26,292

21,174
21,658
20,968
21,506
25,092
22,740
30,090
25,589
21,933
24,975
27,474

22,302
22,663
21,744
22,230
25,950
24,010
31,765
26,646
22,696
26,345
28,727

275
290
283
163
230
48
143
273
153
95

Metropolitan
Statistical
Areas4
Abilene, TX
Akron, OH*
Albany, GA
Albany-Schenectady-Troy, NY
Albuquerque, NM
Alexandria, LA
Allentown-Bethlehem-Easton, PA....
Altoona.PA
Amarillo, TX
Anchorage, AK
Ann Arbor, Ml*
Anniston.AL
Appleton-Oshkosh-Neenah, Wl
Asheville, NC
Athens, GA
Atlanta GA..
Atlantic-Cape May, NJ*
Auburn-Opelika, AL
Augusta-Aiken, GA-SC
Austin-San Marcos, TX
Bakersfield, CA
Baltimore, MD*
Bangor, ME NECMA)
Barnstable-Yarmouth, MA (NECMA)
Baton Rouge, LA
Beaumont-Port Arthur, TX
Bellingham, WA

Chicago, IL*
Chico-Paradise, CA
Cincinnati, OH-KY-IN*
Clarksville-Hopkinsville, TN-KY
Cleveland-Lorain-Elyria, OH*
Colorado Springs, CO
Columbia, MO
Columbia, SC
Columbus, GA-AL
Columbus,OH
Corpus Christi, TX
See footnotes at the end of table.




Jacksonville, NC
Jamestown, NY
Janesville-Beloit, Wl
Jersey City, NJ*
lohnson City-Kingsport-Bristol,
TN-VA...;.
1 .
Johnstown, PA
Jonesboro, AR
Joplin.MO
Kalamazoo-Battle Creek, Ml
<ankakee, IL*
Kansas City, MO-KS
<enosha,WI*
<illeen-Temple, TX
<noxville, TN
<okomo, IN

Regional Data

D-58

July 2 0 0 2

Table K.1. Personal Income and Per Capita Personal Income by Metropolitan Area, 1998-2000—Continued
Per capita personal income '

Personal income

1998
LaCrosse,WI-MN
Lafayette, LA
Lafayette, IN
Lake Charles, LA
Lakeland-Winter Haven, FL
Lancaster, PA
Lansing-East Lansing, Ml
Laredo, TX
LasCruces, 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
Los Angeles-Long Beach, CA*
Louisville, KY-IN
Lubbock.TX
Lynchburg.VA
Macon, GA

Percent
change 2

Millions of dollars

Area name

3,064
8,201
4,093
3,988
10,122
11,981
10,949
2,572
2,818
37,556
2,043
2,285
2,316
12,170
3,555
6,509
14,634
4,677
253,406
28,201
5,475
4,704

1999
3,164
8,151
4,205
4,054
10,478
12r495
11,526
2,712
2,905
40,561
2,135
2,349
2,413
12,785
3,702
6,858
15,240
4,764
265,291
29,247
5,594
4,910

2000

19992000

Rank
in
U.S.

Dollars

1998

1999

2000

3,323
8,572
4,455
4,166
11,306
13,298
12,050
2,945
3,032
43,615
2,278
2,443
2,497
13,743
3,864
7,217
16,045
5,009
281,835
31,008
5,978
5,194

5.0
5.2
5.9
2.8
7.9
6.4
4.5
8.6
4.4
7.5
6.7
4.0
3.5
7.5
4.4
5.2
5.3
5.2
6.2
6.0
6.9
5.8

24,438
21,511
22,738
21,841
21,469
25,806
24,474
14,053
16,376
26,320
20,941
19,771
22,463
26,121
22,894
26,611
25,598
22,492
27,208
27,866
22,851
22,169

25,100
21,219
23,179
22,103
21,919
26,706
25,780
14,347
16,705
26,985
21,461
20,235
23,333
26,975
23,909
27,717
26,327
22,804
28,111
28,670
23,235
22,976

26,165
22,210
24,330
22,701
23,285
28,195
26,895
15,114
17,321
27,558
22,747
21,332
24,045
28,597
24,890
28,752
27,417
23,992
29,522
30,191
24,613
24,141

Per capita personal income

Personal income

Millions of dollars

Percent
change 2

1998

1999

2000

19992000

Reno, NV
Richland-Kennewick-Pasco, WA
Richmond-Petersburg, VA
Riverside-San Bernardino, CA*
Roanoke, VA
Rochester, MN
Rochester, NY
Rockford, IL
Rocky Mount, NC
Sacramento, CA*
Saginaw-Bay City-Midland, Ml
St. Cloud, MN
St. Joseph, MO
St. Louis, MO-IL
Salem, OR*
Salinas, CA
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
177
oama barDara—oania Maria—
30
Lompoc, CA
249 Santa Cruz-Watsonville, CA*
318 Santa Fe, NM
209 Santa Rosa, CA*
171 Sarasota-Bradenton, FL
84 Savannah, GA
Scranton-Wilkes-Barre-Hazleton,

10,552
4,150
27,932
66,827
6,288
3,622
29,626
9,165
3,250
42,528
10,028
3,700
2,204
75,458
7,574
10,442
31,226
2,338
36,977
78,156
78,465
66,666

11,195
4,269
29,358
71,205
6,493
3,867
30,133
9,419
3,080
45,671
10,320
3,826
2,303
77,468
7,999
11,127
32,672
2,404
38,704
84,493
85,983
76,769

11,911
4,598
31,271
76,593
6,883
4,151
31,213
9,769
3,524
49,567
10,772
4,067
2,455
81,709
8,354
11,970
34,868
2,520
41,169
91,850
99,425
92,880

5,869

6,231

6,669

7.0

11,416
7,686
4,226
13,452
19,092
7,316

12,132
8,398
4,395
14,202
19,594
7,601

13,085
9,610
4,626
16,046
20,503
8,008

7.9

Area name

2000

156
284
220
272
255
106
136
316
314
121
271
297
229
97
194
94
126
232
78
68
205
226

Rank
in
U.S.

Dollars

1998

1

1999

2000

33,636
22,582
29,744
22,325
27,579
31,547
27,488
25,570
21,488
28,509
25,590
23,124
22,601
29,855
23,253
28,081
24,738
23,136
24,612
30,289
49,830
45,928

34,879
23,872
31,292
23,350
29,181
33,283
28,419
26,253
24,629
30,252
26,733
24,210
23,944
31,354
24,000
29,695
26,075
24,235
25,741
32,515
57,414
55,157

25
235
54
248
86
35
101
154
204
67
141
224
234
52
231
73
159
223
166
41
1
2

24,453

25,592

26,932

135

4.6
5.4

28,920
30,636
29,261
30,168
33,319
25,362

30,567
33,107
30,007
31,321
33,672
26,066

32,734
37,567
31,249
34,863
34,577
27,289

38
17
55
26
29
128

6.4
7.7
6.5
7.6
6.0
7.3
3.6
3.7

32,502
22,279
28,635
21,500
26,766
30,171
27,024
25,083
14.4 22,739
8.5 27,086
4.4 24,846
6.3 22,650
6.6 21,715
5.5 29,184
4.4 22,391
7.6 26,919
6.7 23,953
4.8 22,475
6.4 23,903
8.7 28,558
15.6 45,683
21.0 40,185

2000

7,490

7,814

8,234

5.4

23,505

24,357

25,474

Madison, Wl
Mansfield, OH
McAllen-Edinburg-Mission, TX
Medford-Ashland, OR
Melbourne-Titusville-Palm Bay, FL..
Memphis, TN-AR-MS

13,090
3,826
6,720
4,005
11,116
30,687

13,737
3,908
7,105
4,246
11,374
31,775

14,679
4,101
7,659
4,468
12,261
33,329

6.9
4.9
7.8
5.2
7.8
4.9

31,152
21,746
12,492
22,670
23,772
27,625

32,456
22,156
12,782
23,687
24,090
28,222

34,301
23,347
13,344
24,563
25,650
29,275

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*
Monroe, LA
Montgomery, AL
Muncie.lN
Myrtle Beach, SC
Naples, FL
Nashville, TN
Nassau-Suffolk, NY*
New Haven-Bridgeport-StamfordDanbury-Waterbury, CT*
New London-Norwich, CT (NECMA)
New Orleans, LA
New York, NY*

3,545
52,180

3,742
54,395

3,924
57,356

4.9
5.4

17,528
23,935

18,100
24,492

18,536
25,320

PA
311
183 Seattle-Bellevue-Everett, WA*

14,638
84,997

14,950
93,159

15,708
98,384

5.1
5.6

23,206
35,880

23,827
38,858

25,191
40,686

188
8

43,472
44,776
96,082
2,093
11,393
9,178
35,161
3,109
7,860
2,735
4,043
8,951
34,143
101,028

45,564
46,566
101,215
2,161
11,774
9,650
36,478
3,258
8,251
2,813
4,309
9,538
35,748
105,063

49,749
48,860
109,236
2,315
12,280
10,302
39,362
3,396
8,584
2,952
4,616
10,198
38,263
111,360

9.2
4.9
7.9
7.1
4.3
6.8
7.9
4.2
4.0
5.0
7.1
6.9
7.0
6.0

38,155
30,032
33,308
22,307
21,378
21,407
31,952
21,055
23,899
22,889
21,737
38,357
28,598
37,229

39,393
31,122
34,518
22,802
21,930
22,001
32,721
22,135
24,915
23,683
22,461
38,916
29,429
38,387

42,392
32,538
36,666
24,111
22,677
22,889
34,812
23,061
25,740
24,877
23,315
40,121
30,962
40,353

5
39
19
227
274
268
28
265
167
195
252
10
56
9

Sharon, PA
Sheboygan, Wl
Sherman-Denison, TX
Shreveport-Bossier City, LA
Sioux City, IA-NE
Sioux Falls, SD
South Bend, IN
Spokane, WA
Springfield, IL
Springfield, MO
Springfield, MA (NECMA)
State College, PA
Steubenville-Weirton, OH-WV
Stockton-Lodi, CA

2,559
2,895
2,306
8,780
2,933
4,671
6,727
9,650
5,541
7,296
15,250
3,080
2,751
11,542

2,623
3,031
2,426
9,031
2,974
4,958
6,930
9,977
5,695
7,561
15,780
3,251
2,785
12,297

2,774
3,190
2,597
9,404
3,091
5,322
7,261
10,692
5,976
8,000
16,832
3,428
2,891
13,209

5.8 21,107
5.3 25,852
7.1 21,546
4.1 22,529
3.9 23,791
7.3 28,406
4.8 25,495
7.2 23,336
4.9 27,466
5.8 23,032
6.7 25,173
5.4 22,871
3.8 20,426
7.4 21,364

21,720
27,039
22,218
23,083
24,008
29,413
26,156
24,015
28,286
23,510
25,990
24,026
20,893
22,261

23,080
28,278
23,400
23,972
24,902
30,675
27,335
25,550
29,651
24,473
27,653
25,237
21,969
23,242

263
104
247
233
192
64
127
176
75
215
117
185
289
258

71,036
7,690
33,225
321,204

74,358
7,918
33,710
337,522

79,510
8,235
34,842
365,961

6.9
4.0
3.4
8.4

42,134
29,967
24,878
35,123

43,806
30,741
25,187
36,504

46,542
31,745
26,056
39,259

3
49
161
15

Sumter, SC
Syracuse, NY
Tacoma, WA*
Tallahassee, FL

1,964
17,807
16,548
6,569

2,040
18,316
17,219
6,864

2,148
19,126
18,004
7,237

5.3
4.4
4.6
5.4

18,620
24,260
24,371
23,649

19,464
25,010
24,859
24,429

20,493
26,130
25,587
25,382

306
158
173
181

72,871
9,167

75,398
9,590

81,529
10,211

8.1
6.5

36,321
24,411

37,298
25,125

40,061
26,211

11 Iainp9~ol. rcIClSuUry—UlCdiWalcl,
155 Terre Haute, IN

61,218
3,173

63,331
3,265

67,824
3,424

7.1
4.9

26,197
21,192

26,732
21,844

28,214
22,977

105
266

37,362
78,163
5,251
6,287
24,684
5,055
20,377
87,686
38,426
2,038
3,274
3,320
8,788
9,219
156,407
77,874
1,575
66,086
3,726
1,469
7,649
53,544

38,836
84,680
5,448
5,994
25,793
5,267
21,682
92,823
40,731
2,086
3,345
3,421
9,038
9,360
162,631
82,677
1,606
68,840
3,817
1,523
8,026
56,273

41,180
95,167
5,780
6,414
27,606
5,513
22,895
99,583
43,921
2,220
3,483
3,567
9,522
9,689
172,229
90,309
1,670
72,206
4,051
1,597
8,447
60,856

6.0

24,154
33,581
20,996
25,995
23,226
25,018
28,932
31,619
24,508
22,421
22,274
21,826
21,491
26,532
30,868
25,329
18,619
27,806
27,445
19,629
29,309
28,700

24,929
35,819
21,367
24,968
23,969
25,711
30,459
32,963
25,330
22,837
22,575
22,565
22,043
26,893
31,985
26,013
19,080
29,096
28,226
20,162
30,408
29,672

26,159
39,611
22,191
27,139
25,436
26,460
31,866
34,862
26,523
24,238
23,479
23,610
23,063
27,908
33,742
27,564
19,826
30,644
30,054
21,141
31,773
31,620

157
13
285
131
180
150
46
27
147
222
246
244
264
111
34
120
309
65
69
300
47
51

Texarkana, TX-Texarkana, AR
Toledo, OH
Topeka, KS
Trenton, NJ*
Tucson, AZ
Tulsa, OK
Tuscaloosa, AL
Tyler, TX
Utica-Rome, NY
Vallejo-Fairfield-Napa, CA*
Ventura, CA*
Victoria, TX
Vineland-Millville-Bridgeton, NJ*
Visalia-Tulare-Porterviile, CA
Waco, TX
Washington, DC-MD-VA-WV*
Waterloo-Cedar Falls, IA
Wausau, Wl
West Palm Beach-Boca Raton, FL
Wheeling, WV-OH
Wichita, KS
Wichita Falls, TX

2,564
15,919
4,369
12,521
18,089
21,450
3,605
4,389
6,583
12,820
20,632
2,025
3,126
6,631
4,467
170,533
2,966
3,088
42,948
3,324
14,502
3,252

2,673
16,490
4,478
13,071
19,037
21,984
3,753
4,518
6,764
13,731
22,140
2,078
3,182
6,972
4,705
182,212
2,946
3,209
44,169
3,382
14,638
3,341

2,808
17,011
4,724
14,385
20,117
23,157
3,903
4,810
7,038
15,597
24,166
2,231
3,412
7,396
4,897
198,156
3,116
3,381
46,589
3,541
15,236
3,537

5.0
3.2
5.5

9.2
7.3
7.2
6.1
4.1
8.8
5.8
5.3
5.5
4.7
4.1
5.9

19,916
25,739
25,799
36,397
22,239
27,244
22,062
25,662
21,897
25,628
28,232
24,305
21,421
18,426
21,293
35,871
23,216
24,782
39,182
21,368
26,868
23,143

20,647
26,667
26,418
37,512
22,967
27,529
22,826
26,152
22,557
26,888
29,783
24,748
21,748
19,117
22,241
37,588
23,053
25,591
39,545
21,926
26,908
23,746

21,636
27,521
27,784
40,954
23,705
28,775
23,652
27,421
23,505
29,880
31,919
26,533
23,303
20,043
22,878
40,046
24,373
26,860
41,007
23,170
27,904
25,208

291
123
115
7
241
93
243
125
245
72
45
146
254
307
269
12
218
137
6
260
112
187

25,106
6,142
2,861
3,253
5,076
33,005
2,100
9,620
3,605

26,176
6,551
2,985
3,331
5,209
35,371
2,209
9,934
3,781

27,693
7,089
3,146
3,511
5,470
38,912
2,340
10,509
4,032

26,519
17,380
20,780
23,638
27,042
29,253
24,056
26,208
22,247

27,393
18,114
21,291
23,751
27,654
30,443
25,090
26,781
23,339

28,709
19,128
22,174
24,650
28,949
32,537
26,361
28,078
24,606

96
310
286
203
91
40
152
107
206

Williamsport, PA
Wilmington-Newark, DE-MD*
Wilmington, NC
Yakima, WA
Yolo, CA*
York, PA
Youngstown-Warren, OH
Yuba City, CA
Yuma, AZ

2,563
17,935
5,363
4,551
4,049
9,518
13,592
2,717
2,445

2,632
18,587
5,625
4,593
4,341
9,805
13,926
2,983
2,491

2,788
20,149
6,034
4,906
4,589
10,387
14,356
3,158
2,578

5.9
8.4
7.3
6.8
5.7
5.9
3.1
5.9
3.5

21,257
31,301
23,777
20,709
25,035
25,328
22,649
19,828
16,404

21,904
32,010
24,443
20,730
26,265
25,877
23,312
21,600
16,004

23,252
34,262
25,738
22,022
27,038
27,142
24,173
22,624
16,002

257
31
168
287
132
130
225
277
315

Newark, NJ*
Newburgh, NY-PA*
Norfolk-Virginia Beach-Newport
News,VA-NC
•Oakland, CA*
Ocala, FL
Odessa-Midland, TX
Oklahoma City, OK
Olympia.WA*
Omaha, NE-IA
Orange County, CA*
Orlando, FL
Owensboro, KY
Panama City, FL
Parkersburg-Marietta, WV-OH
Pensacola.FL
Peoria-Pekin, IL
Philadelphia, PA-NJ*
Phoenix-Mesa, AZ
Pine Bluff, AR
Pittsburgh, PA
Pittsfield, MA (NECMA)
Pocatello, ID
Portland, ME (NECMA)
Portland-Vancouver, 0R-WA*
Providence-Warwick-Pawtucket, Rl
(NECMA)
Provo-Orem, UT
Pueblo, CO
Punta Gorda, FL
Racine, Wl*
Raleigh-Durham-Chapel Hill, NC
Rapid City, SD
Reading, PA
Redding, CA

12.4

6.1
7.0
7.0
4.7
5.6
7.3
7.8
6.5
4.1
4.3
5.4
3.5
5.9
9.2
4.0
4.9
6.1
4.9
5.3
8.1
5.8
8.2
5.4
5.4
5.0
10.0

5.9
5.8
6.6

1. Per capita personal income was computed using Census Bureau midyear population estimates. Estimates
tor 1998-2000 reflect county population estimates available as of April 2002.
2. Percent change calculated from unrounded data.
3. 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




14.4

5.2
13.0

10.1

5.7
5.3
4.0
6.5
4.0
13.6

Federal civilian and military personnel stationed abroad and of U.S. residents employed abroad temporarily by
private U.S. firms.
4. 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, 1998-2000" in the May 2002 issue of the SURVEY OF CURRENT
BUSINESS.

July 2002

D-59
L. Charts

SELECTED REGIONAL ESTIMATES
SHARES OF U.S. PERSONAL INCOME BY REGION

2001

1969
Mideast
23.6%

New England
6.4%

New England
6.0%

Rocky Mountain
2.2%

Southwest
7.0%

Rocky Mountain
3.1%

SHARES OF U.S. GROSS STATE PRODUCT BY REGION

2000

1977

Mideast
18.6%

New England
5.2%

New England
5.9%

Southeast
21.7%

Southeast
19.6%
Rocky Mountain
2.8%

Rocky Mountain
3.2%

Southwest
10.5%

AVERAGE ANNUAL GROWTH RATE OF PERSONAL INCOME, 1991-2001
STATES WITH FASTEST GROWTH

^

^

/

Nevada | i | | | | | | l | f l | H I | H | ^ ^ ^ H l l l H
C
o
o
lr
a
d
o ^ • • ^ ^ ^ • ^ • • 1
Arizona p | | | J j H ^ H l | f l J ^ | | f l | f l J | \
U
a
t
h k m ^ ^ i | ^
:
Georga
i ^^H^HHHIHllilfl
Texas ^ • • • • • • • • • • • • • • • • • • J :
d
Iaho ^|fl||fl|l|flj||fl^||j^
North Carolina B B B B B B B H | H | H | H ^ ^ | H

:

;

New Hampshire |BjBjBJ[|BBJBJBJBJ]
Washington H ^ H ^ ^ I ^ B ^ I H I I
1

2

U.S. Bureau of Economic Analysis




3

4

5
Percent

6

US

STATES WITH SLOWEST GROWTH

^

7

8

9

a
5

verage
5%

Louisiana ^ ^ ^ B ^ ^ ^ H ^ B B
New York ^ B B B B B B B B I
North Dakota M l B l l ^ l H ^
Man
ie H | J | | j f f | J f J
Oho
i ^BijijJM
Rhode Island P J B J B J B J B B B I
Pennsylvania B B B B B B B B B B B ]
West Virginia | ^ | m j U
Alaska ^ H j m j B j
Hawai P J I J U J
:
1

2

3

4

5
Percent

6

7

8

9

D-60

Regional Data

July 2002

SELECTED REGIONAL ESTIMATES
PER CAPITA PERSONAL INCOME, 2001
; v . **~ -—
.
£,

' WA
$31,582

•

—

—

—

—

_

_

_

ND
$25,538
OR
i

/

$28 000

\

>

\
U
ft
>

/

\
«

WY
$28,807

l»

NE
S28.564

KS
S28.507

^

^

/
/

~

>

^

--- ^
wi

r ;

e

> /

'i

MO

MA
)

$38,845

MHBr VA ^ w

\

"few

r"
-—"-~r

'*• *

I

3
TX
S28.486

-

Rl
$29,984

PA
(~
x
CT
$30,617 y I— NJ
haamCi^/ $38,153 $41,930

\
MD""""" - DE
,
\ . $34,950 $32,121
}^ ^ K Y
^F$32,295J4
$25,057^
h
DC
TN
^
$40,498
$^J58
O

'^-

S28.029 V

_

~~\7%T-'*-—]
AZ
$25479

/

^

";; N$28,911 / ,' M i c h
n
: -.$29,538 }
>
IA
'"y—\
/___./„ ; '\
\ $27,283 r-'
,Y
\
\ OH
IN \ $28,619
^32,755

!

r
\

~

t:

h

$32,957
\

^

V $26,385
^>

(
/

""-

$26,301

i

7—— L
•/
CO

\

•^V

^

#••:*(

SD

/

~~1 J
NV
/&1
$29,860

/
\

. . • - • '

———4 $32,791/

'

»«57

I

ME

NH
VT
$33,928
S27.992 ^

_

;

,»&«• ,.
-, FL
|28,493-,

\

HI

" " " • .

AK
$30,997

S28.554

_ j Highest auintile
:

~\

i

Fourth quintile

1

Third quintile
%

V

. Second quintile

1

4m Lowest quintile

PERSONAL INCOME: PERCENT CHANGE, 2001:1 1-2001 :IV

•Sjf ~~
,^
•'

/P—

WA-0 4
~

—

IT 4>i

_

OR -0.2

I

t

1

IO03

/

1
>'•'

-

i

'

*

•-

r

X

\

1

/

NM 00

IL -0 2 •

MO D.3 \
1

OK -0.2

\

AR -0.4 t

I
—-.

1
—c-~
\ .
c

''i
HI -0.2

- ' " • - 7 -

i
""

•-; ' ^ *

•

AK 0.5

~* 7

,

^

J
TX -0.4

V

/ MS

.

^-^',

jS

18

1/ "O1i

\

l_

w
wIs

AL -0 4 \11|1

,

.

.

\

Fourth quintile
Third quintile
Second quintile

WLLowest quintile

np n 9

L/C U.ii

MD0.4
DC 0.2

^
"

A

L




:

NC 0 2

>

'-#' ?

U.S. Bureau of Economic Analysis

'

1[

j Highest quintile
•

TN 01

CT -0.6

- NJ 0 3

f~

2J

Y ,

PA -0.3 V j]

wv y <•*$-,
J

|

1

'

\

N )

KS -OS

!

h~~—

NY -0.3 L

OH -04

ii

CO - 0 *

\

MA 0.0

1 0.2

'w

-]

\

C

Ml -0.1 J
1

NV -0.5

/

- f c ' ~"^

.M -OA </f

• -

NE -O.7

i
CA -0.1

•i ° V
v

/

• ME-,

VT -0.2

\ |

"" "?
so-as
I

;

j _

/

(

MT^OA

•I

^

1

r\

NH -0.
i

w

•

—

July 2002

D-61
Appendix A

Additional Information About the NIPA Estimates
Statistical Conventions
Changes in current-dollar GDP measure changes in the ponent in 1997 would be $110 ($100 x 1.10). Note that
market value of goods and services produced in the econ- percentage changes in the chained (1996) dollar estimates
omy in a particular period. For many purposes, it is nec- and the percentage changes calculated from the quantity
essary to decompose these changes into quantity and indexes are identical, except for small differences due to
price components. To compute the quantity indexes, rounding.
changes in the quantities of individual goods and services
Because of the formula used for calculating real GDP,
are weighted by their prices. (Quantity changes for GDP the chained (1996) dollar estimates for detailed GDP
are often referred to as changes in "real GDP.") For the components do not add to the chained-dollar value of
price indexes, changes in the prices for individual goods GDP or to any intermediate aggregates. A "residual" line
and services are weighted by quantities produced. (In is shown as the difference between GDP and the sum of
practice, the current-dollar value and price indexes for the most detailed components shown in each table. The
most GDP components are determined largely using data residual generally is small close to the base period but
from Federal Government surveys, and the real values of tends to become larger as one moves further from it.
these components are calculated by deflation at the most Accurate measures of component contributions to the
detailed level for which all the required data are avail- percentage changes in real GDP and its major compoable.)
nents are shown in NIPA tables 8.2-8.6.
BEA also publishes the "implicit price deflator" (IPD),
The annual changes in quantities and prices are calculated using a Fisher formula that incorporates weights which is calculated as the ratio of current-dollar value to
from 2 adjacent years. For example, the annual percent the corresponding chained-dollar value, multiplied by
change in real GDP in 1997-98 uses prices for 1997 and 100; the values of the IPD and of the corresponding
1998 as weights, and the 1997-98 annual percent change "chain-type" price index are very close.
in the GDP price index uses quantities for 1997 and 1998
For quarters and months, the estimates are presented
as weights. Because the Fisher formula allows for the at annual rates, which show the value that would be regiseffects of changes in relative prices and in the composi- tered if the rate of activity measured for a quarter or a
tion of output over time, the resulting quantity or price month were maintained for a full year. Annual rates are
changes are not affected by the substitution bias that is used so that time periods of different lengths—for examassociated with changes in quantities and prices calcu- ple, quarters and years—may be compared easily. These
lated using a fixed-weighted formula.1 These annual annual rates are determined simply by multiplying the
changes are "chained" (multiplied) together to form time estimated rate of activity by 4 (for quarterly data) or by
series of quantity and price; the percent changes that are 12 (for monthly data).
calculated from these time series are not affected by the
Percent changes in the estimates are also expressed at
choice of reference period.
annual rates. Calculating these changes requires a variant
The quarterly changes in quantities and prices are cal- of the compound interest formula:
culated with weights from two adjacent quarters. As part
k m/ n
\(xt\m/n
1
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 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 activindexes conforms to the corresponding annual index.
In addition, BEA prepares measures of real GDP and ity in the earlier period; m is the periodicity of the data
its components in a dollar-denominated form, desig- (for example, 1 for annual data, 4 for quarterly, or 12 for
nated "chained (1996) dollar estimates." These estimates monthly); and n is the number of periods between the
are computed by multiplying the 1996 current-dollar earlier and later periods (that is, t- o).
value of GDP, or of a GDP component, by the correQuarterly and monthly NIPA estimates are seasonally
sponding quantity index number. For example, if a cur- adjusted, if necessary. Seasonal adjustment removes from
rent-dollar GDP component equaled $100 in 1996 and if the time series the average impact of variations that norreal output for this component increased by 10 percent in mally occur at about the same time and in about the same
1997, then the "chained (1996) dollar" value of this com- magnitude each year—for example, weather, holidays,
and tax payment dates. After seasonal adjustment, cycli1. In addition, because the changes in quantities and prices calculated using these
cal and other short-term changes in the economy stand
weights are symmetric, the product of a quantity index and the corresponding price
out more clearly.
index is generally equal to the current-dollar index.




Appendix A

D-62

July 2002

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
2000

2001

2000

2001

IV
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

2002

I

6.5

5.8

8.9

4.9

4.7

3.7

2.3

3.2

-0.2

-0.2

-0.3

-0.4

-0.2

0.0

0.0

0.9

-0.2

-0.2

-0.6

-0.3

-0.1

0.3

-0.1

0.2

0.0

-0.1

-0.5

-0.1

0.1

-0.1

0.0

0.0

9.2

5.2

4.7

3.9

2.1

2.6

6.7

5.9

Less: Contribution of wages and salaries per hour of nonproduction workers in
manufacturing

0.0

-0.1

1.0

0.4

0.6

0.4

0.2

0.2

Less: Other differences2..

2.9

1.9

3.3

0.8

0.3

-0.2

-1.8

-0.5

Equals: BLS average hourly earnings of production or nonsupervisory workers on
private nonfarm payrolls

3.8

4.1

4.9

4.0

3.8

3.8

3.8

3.0

6.5

5.8

8.9

4.9

4.7

3.7

2.3

2.8

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 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 and Services and Income in the ITA's
[Billions of dollars]
Seasonally adjusted at annual rates
Line

2000

2001

2000

2002

2001

IV

II
1,417.2

1,281.8

1,443.1

1,396.2

1,326.4

1,237.9

1,166.7

1,165.3

Less: Gold, ITA's
Statistical differences1
Other items

6.0
-1.1
1.2

4.9
-30.9
1.0

6.5
-7.0
0.9

6.7
-27.6
1.2

7.6
-30.3
1.1

2.4
-29.6
1.0

2.9
-36.2
0.8

2.5
-36.2
0.9

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

6.5
48.3

6.2
49.7

6.9
50.8

6.2
51.2

6.4
49.2

6.0
49.0

5.9
49.4

5.2
52.7

21.2

22.9

22.8

23.0

23.0

22.7

22.9

23.4

Equals: Exports of goods and services and income receipts, NIPA's

1,487.1

1,385.5

1,523.1

1,496.3

1,426.5

1,341.9

1,277.4

1,279.2

Imports of goods and services and income payments, ITA's

1,774.1

1,625.7

1,821.3

1,780.6

1,675.7

1,553.8

1,492.7

1,551.8

5.9
-34.7
0.0

4.3
-34.2
0.0

6.7
-27.4
0.0

6.1
-35.5
0.0

6.5
-50.4
0.0

2.2
-29.8
0.0

2.4
-21.2
0.0

2.0
-21.2
0.0

-3.3
6.5
35.8

-2.9
6.2
38.8
22.9

-3.0
6.9
40.9

-3.0
6.2
34.3
23.0

-3.1
6.4
39.7

-3.0
6.0
40.2

-2.5
5.9
41.2

-2.5
5.2
32.7
23.4

Exports of goods and services and income receipts, ITA's

Less: Gold, ITA's
Statistical differences1
Other items
Plus: Gold, NIPA's
Adjustment for grossing of parent/affiliate interest payments
Adjustment for U.S. territories and Puerto Rico
Imputed interest paid to rest of world

21.2
Equals: Imports of goods and services and income payments, NIPA's

22.8
1,720.6

1,863.1
-343.9

Balance on goods and services and income, ITA's (1-9)
/.ess/Gold (2-10+13)
Statistical differences (3-11) 1
Other items (4-12)
Plus: Adjustment for U.S. territories and Puerto Rico (6-15)
Equals: Net exports of goods and services and net receipts of income, NIPA's (8-17)
1. Consists of statistical revisions in the ITA's that have not yet been incorporated into the NIPA's
(2000:1-2002:1).




23.0

22.7

22.9

1,785.6

1,647.4

1,578.9

-315.9
-2.8
0.2
1.0

-326.0
-2.0
-15.0
0.8

-2.0
-15.0
0.9

1,629.7

1,870.6
1,909.5
-384.4

-386.5

-2.3
3.3
1.0

-378.2
-3.2
20.4
0.9

-2.4
7.9
1.2

-349.3
-2.0
20.1
1.1

12.5

10.9

9.9

16.9

9.5

8.8

8.2

20.0

-376.0

-335.1

-386.4

-374.3

-359.1

-305.5

-301.5

-350.5

-356.9
-3.2
33.6
1.2

ITA's International transactions accounts
NIPA's National income and product accounts

July 2002

D-63

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, industry, international, and
regional accounts. In addition, most of this information
is available on BEA's Web site at <www.bea.gov>. Look
under "Methodologies"; for articles from the SURVEY OF
CURRENT BUSINESS, look under "Publications."
National accounts
The national accounts encompass the detailed estimates
in the national income and product accounts (including
gross domestic product) and the estimates of wealth and
related estimates.
National income and product accounts (NIPA's).
This series of papers documents the conceptual framework of the NIPA's 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) [An updated version
(March 2002) is available on BEA's Web site.]
Foreign Transactions (1987)
GNP: An Overview of Source Data and Estimating
Methods (1987)
Government Transactions (1988)
Personal Consumption Expenditures (1990)
The methodologies described in these papers have
been updated and improved, typically as part of the comprehensive and annual revisions of the NIPA's. For more
information, see the following.
National Income and Product Accounts of the United
States, 1929-97(2001) provides the definitions of the major NIPA aggregates and components, discusses the measures of real output and prices, explains how production
is classified and how the NIPA's are presented, describes
the statistical conventions that are used, and lists the
principal source data and methods that are used to prepare the estimates of gross domestic product (GDP). [Go
to <www.bea.gov/bea/an/nipaguid.htm>.]
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).
In addition, see the following articles in the SURVEY.




"Updated Summary NIPA Methodologies" (October 2001) briefly describes the principal source
data and methods used to prepare the currentdollar and real estimates of GDP.
"Annual Revision of the National Income and Product Accounts" (August 2001).
"BEA's 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 NIPA's.
"Reliability of GDP and Related NIPA Estimates"
(January 2002) evaluates the principal NIPA
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.
Industry accounts
The industry accounts consist of the estimates of gross
domestic product by industry, the input-output
accounts, and two satellite accounts.
Gross product by industry. "Improved Estimates of
Gross Product by Industry for 1947-98" (June 2000) describes the most recent comprehensive revision of these
estimates.

Mission Statement 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, industry, regional, and international
accounts are available on BEA's Web site at
<www.bea.gov>. See also "BEA's Strategic Plan for
2001-2005" in the May 2002 issue of the SURVEY OF
CURRENT BUSINESS.

D-64

Appendix B

July 2002

Results (1998)
"A Guide to BEA Statistics on U.S. Multinational
Companies," which is also available in the March

"Gross Domestic Product by Industry for 1998-2000"
(November 2001) 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)
For 1998 (December 2001)
Satellite accounts. These accounts extend the analytical capacity of the input-output accounts by focusing on
a particular aspect of economic activity.
"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)

In addition, the updated methodology for foreign direct investment in the United States is available in Foreign
Direct Investment in the United States: Final Results From
the 1997 Benchmark Survey (2001)
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.
"Selected Issues in the Measurement of U.S. International Services" (June 2002) describes key issues in defining and measuring insurance, wholesale and retail trade,
finance, construction, and utilities services and explores
possible actions to address these issues.

International accounts
The international accounts encompass the international
transactions accounts, direct investment, and international transactions in services.
International transactions accounts (ITA's). The Balance of Payments of the United States: Concepts, Data
Sources, and Estimating Procedures (1990) describes the
methodologies used to prepare the estimates in the ITA's
and the international investment position of the United
States. These methodologies are usually updated and improved as part of the annual revisions of the ITA's.
The annual revisions of the ITA's are described in a series of articles, the latest of which is published in the July
2002 SURVEY.
Direct investment. International Direct Investment:
Studies by the Bureau of Economic Analysis (1999) is a collection of previously published articles on U.S. direct investment abroad and foreign direct investment in the
United States. It also includes the following information.
The "Methodology for U.S. Direct Investment
Abroad," which is also available in U.S. Direct
Investment Abroad: 1994 Benchmark Survey, Final

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, 1929-2000.
"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
for counties and metropolitan areas. The detailed methodology is available on the CD-ROM Regional Economic
Information System, 1969-2000.
Gross state product. "Comprehensive Revision of
Gross State Product by Industry, 1977-94" (June 1997)
summarizes the sources and the methods that are used to
prepare the estimates. "Gross State Product by Industry,
1977-98" (October 2000) describes the most recent comprehensive revision of these estimates.




1995 SURVEY

"A Guide to BEA Statistics on Foreign Direct Investment in the United States," which is also available
in the February 1990 SURVEY

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Schedule of Upcoming BEA News Releases
U.S. International Trade in Goods and Services, May 2002*
State Personal Income, 1st quarter 2002
Gross Domestic Product, 2nd quarter 2002 (advance)

July 19
July 24
July 31

8:30 a.m
9:00 a.m
8:30 a.m

Personal Income and Outlays, June 2002
U.S. International Trade in Goods and Services, June 2002*
Gross Domestic Product, 2nd quarter 2002 (preliminary) and
Corporate Profits, 2nd quarter 2002 (preliminary)
Personal Income and Outlays, July 2002

Aug. 2
Aug. 20

8:30 a.m
8:30 a.m

Aug. 29
Aug. 30

8:30 a.m
8:30 a.m

U.S. International Transactions, 2nd quarter 2002
U.S. International Trade in Goods and Services, July 2002*
State Per Capita Personal Income, 2001 (revised)
Gross Domestic Product, 2nd quarter 2002 (final) and
Corporate Profits, 2nd quarter 2002 (revised)
Personal Income and Outlays, August 2002

Sept. 12
Sept. 18
Sept. 23

8:30 a.m.
8:30 a.m.
9:00 a.m.

Sept. 27
Sept. 30

8:30 a.m
8:30 a.m

U.S. International Trade in Goods and Services, August 2002*
State Personal Income, 2nd quarter 2002
Gross Domestic Product, 3rd quarter 2002 (advance)

Oct. 18
Oct. 24
Oct. 31

8:30
9:00
8:30

* Joint release by the Bureau of the Census and the Bureau of Economic Analysis (BEA)
For more information, call BEA at 202-606-9900, or go to our Web site at www.bea.gov




a.m
a.m
a.m