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JUNE 1985
/ VOLUME 65 NUMBER
SURVEY OF CURRENT BUSINESS
CONTENTS
The Business Situation
1
National Income and Product Accounts Tables
5
Reconciliation and Other Special Tables
16
Interest Rates and Aggregate Inventory Investment
17
Plant and Equipment Expenditures,
the Four Quarters of 1985
21
The International Investment Position
of the United States in 1984
25
U.S. International Transactions, First Quarter 1985
U.S. Department of Commerce
Malcolm Baldrige / Secretary
Sidney L. Jones / Under Secretary
for Economic Affairs
Bureau of Economic Analysis
Allan H. Young / Acting Director
Carol S, Carson / Editor-in-Chief^
Survey of Current Business
Manuscript Editor: Dannelet A. Grosvenor
Managing Editor: Leland L. Scott
34
Constant-Dollar Inventories, Sales, and Inventory-Sales
Ratios for Manufacturing and Trade
72
Subject Guide
76
CURRENT BUSINESS STATISTICS
General
Industry
SI
S19
Footnotes
S33
Subject Index (Inside Back Caver)
Staff Contributors to This Issue: Lorna M. Aldrich, Jack
Bame, R. David Belli, Leo M. Bernstein, Gurmukh S. Gill,
Ned G. Howenstine, Russell C. Krueger, Daniel Larking,
John Mon, Russell B. Scholl, Eugene P. Seskin, David F.
Sullivan
SURVEY OF CURRENT BUSINESS. Published monthly by the Bureau
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the BUSINESS SITUATION
ACCORDING to the "flash" estimates, real GNP increased at an
annual rate of 3 percent in the second
quarter, compared with Vfe percent in
the first quarter. The GNP fixedweighted price index increased at an
annual rate of 4 percent, compared
with 4x/2 percent (table I).1
It appears likely that business inventories contributed negatively to
the change in real GNP in the second
quarter, after a small positive contribution in the first. Thus, final sales of
GNP more than accounted for the acceleration in GNP. From a small decline in the first quarter, final sales of
GNP swung to a substantial increase—an increase shared by all
major components except net exports.
As indicated in table 2, final sales
of GNP can be viewed as the sum of
exports and domestic sales of domestically produced goods and services. It
appears that exports changed little in
the second quarter after a moderate
1. Quarterly estimates in the national income and
product accounts are expressed at seasonally adjusted
annual rates, and quarterly changes in them are differences between these rates. Quarter-to-quarter percent changes are compounded to annual rates. Real,
or constant-dollar, estimates are expressed in 1972 dollars.
The procedures used to prepare the "flash" estimates—that is, estimates prepared 15 days before the
end of the quarter—are the same as those used to prepare the estimates released after the end of the quarter. However, the source data that are available are
limited to only 1 or 2 months of the quarter and, in
most cases, are preliminary. The major source data
that are available are: For personal consumption expenditures (PCE), April and May retail sales, unit
sales of new autos through the first 10 days of June,
and sales of new trucks for April and May; for nonresidential fixed investment, the same data for autos
and trucks as for PCE, April construction put in place,
and April manufacturers' shipments of equipment; for
residential investment, April construction put in place,
and April housing starts; for change in business inventories, April book values for manufacturing and trade,
and unit auto inventories for April and May; for net
exports of goods and services, April merchandise trade;
for government purchases of goods and services, Federal unified budget outlays for April, State and local
construction put in place for April, and State and
local employment for April and May; and for GNP
prices, the Consumer Price Index for April, and the
Producer Price Index for April.
The estimates for the first quarter are revised; see
table 3.
Table 1.—GNP and GNP Prices
[Levels at seasonally adjusted annual rates; percent changes at
annual rates]
19 84
III
19 85
IV
Current-dollar GNP (billions of dollars):
Level
3,694.6
Percent change from
preceding quarter
5.6
3,758.7
Real GNP (billions of
1972 dollars):
1,645.2
Level
Percent change from
preceding quarter
1.6
I'
II*
3,810.6
3,870.2
5.6
6.4
1,662.4
1,663.5
1,676.2
4.3
.3
3.1
7.1 -
GNP fixed-weighted price
index (index, 1972 = 100):
Level
Percent change from
preceding quarter
235.1
237.2
239.7
242.0
4.0
3.6
4.3
3.9
GNP implicit price deflator (index, 1972=100): !
Level
Percent change from
preceding quarter
224.57
226.10
229.07
230.90
3.9
2.8
5.4
3.2
r
Revised.
* Flash.
1. The use of the GNP implicit price deflator as a measure
of price change should be avoided; see page 6 of the May 1985
SURVEY OF CURRENT BUSINESS.
decline, so that most of the swing in
final sales of GNP was accounted for
by domestic sales of domestically produced goods and services. In the first
quarter, these domestic sales had increased only l/2 percent, but in the
second quarter, they increased substantially.
Second-quarter developments in the
components of real GNP, in GNP
prices, and in personal income are
sketched below on the basis of data
available as of mid-June.
• Personal consumption expenditures increased about as much as the
5 percent registered in the first quarter. Durables increased a little less
than the first quarter's 9 percent;
motor vehicles and household furniture and equipment again registered
sizable increases. Nondurables increased substantially more than the
Looking Ahead . . .
• NIPA Methodology. A paper describing the concepts, sources, and
methods of the corporate profits component of the national income and
product accounts is available. See "BEA Publications" on page 75 for
order information.
• NIPA Revisions. A comprehensive revision of the NIPA's is scheduled
for completion in December 1985. The revision of the estimates for 198284 that would customarily be published this July will be combined with
the December revision. Selected NIPA tables with detailed annual estimates for 1984 on an unrevised basis will appear in the July SURVEY.
• Capital Stock by Industry. Estimates of fixed private capital stock by
detailed industry for 1947-81 will be presented in the July SURVEY.
• Local Area Personal Income. The nine-volume Local Area Personal
Income, 1978-83 will be released in July. See page S-36 for more information.
• Direct Investment Estimates. Country-by-country estimates and several analytical tables for 1983-84, for both U.S. direct investment abroad
and foreign direct investment in the United States, will appear in the
August SURVEY.
• Pollution Abatement Expenditures. Revised estimates of expenditures
for abating pollution emissions for motor vehicles for 1968-84 will appear
in an upcoming issue of the SURVEY. The estimates cover 1968-71 for the
first time and show new detail on types of spending.
SURVEY OF CURRENT BUSINESS
June 1985
Table 2.—Measures of Real Production and Final Sales: Change From Preceding Quarter
Percent change at annual rate
Billions of 1972 dollars at seasonally adjusted
annual rates
Item
1984
Explanation
1984
I
Gross national product
U S production *
38.2
24.4
Less' Change in business inventories
II
27.9
-11.3
13.9
39.2
3.9
-.2
10.0
39.4
III
6.4
10.3
-3.9
IV
17.2
-13.8
79
-.7
2.2
2.8
11.4
11.6
47.1
8.0
55.5
13.8
6.3
11.1
2.9
4.3
3.4
13.7
-.1
.2
4.6
20.8
1.0
7.9
16.2
18.6
.7
9.3
5.4
3.6
5.3
5.9
5.2
-.1
.3
12.9
7.9
5.4
.9
3.9
14.1
3.0
18.2
24.2
42.3
11.7
17.4
11.7
11.7
.7
20.1
9.8
12.6
1.7
5.9
4.0
9.5
3.5
4.4
31.0
10.3
22.0
31.3
-13.9
-13.8
3.6
3.1
3
10
7.5
Final sales in the United States of worldwide
production.
-11.3
0.3
-.5
Sales in the United States of foreign production...
48.5
4.3
103
Plus' Imports
24.4
1.6
2.3
36
Equals: Final sales to domestic purchasers
Final sales and inventory investment in the
United States of worldwide production.
7.1
II*
11.4
Final sales in the United States of U.S. production.
Plus' Change in business inventories
10.1
I
IV
-3.4
Equals: Domestic sales of domestically produced
goods and services.
Equals' Gross domestic purchases
12.7
III
-1.2
Foreign sales of U.S. production
-6.6
1.1
II
-.3
Worldwide final sales of U S production
2.7
II*
I
I
31.0
Equals- Final sales of GNP
Less: Exports
Personal consumption expenditures
Gross private domestic fixed investment
Government purchases
1985
1985
-1.8
8.8
-28.3
-9.0
.6
32.3
2.3
16.1
* Flash
1. Goods and services produced by labor and property supplied by U.S. residents.
NOTE.—Percent changes in major aggregates are found in the National Income and Product
Accounts Tables, table 8.1. Dollar levels are found in tables 1.2 and 1.4.
first quarter's 3 ¥2 percent; larger increases in food and in clothing and
shoes contributed to the acceleration.
A decline in electricity and natural
gas, after a large increase due to
severe cold weather, held the increase
in services below the first quarter's 5
percent.
• Nonresidential fixed investment
was up substantially after a small decline. The turnabout was in producers' durable equipment. Equipment
other than motor vehicles swung
sharply from an 11-percent decline in
the first quarter to a large increase;
the swing was concentrated in computers, which accounted for much of
the decline and for roughly one-half
of the subsequent increase. In motor
vehicles, a decline in trucks more
than offset an increase in autos.
Structures continued to increase, reflecting the course of commercial
structures; the other large categories—industrial structures, public
utilities, and oil and natural gas exploration and drilling—changed little.
The increase in nonresidential fixed
investment over the two quarters is
roughly in line with the increase for
the year 1985 that is indicated by
plans reported by business in BEA's
latest quarterly plant and equipment
survey. These plans, as well as factors
that may be affecting them, are discussed in an article later in this issue.
• Residential investment was up
substantially more than the 5l/2 percent registered in the first quarter.
The acceleration was in single-family
construction; increases in 1985 have
reflected the lagged effect of the decline in mortgage rates that began
last July. As in the first quarter, multifamily construction was weak, and
an increase in the "other" component
reflected commissions on house sales.
• Business inventories appear to
have accumulated at a much slower
rate than in the first quarter. This
negative contribution to the change in
GNP was largely accounted for by
motor vehicle inventories. These inventories—the only part of inventories based on more than 1 month of
source data for the second quarter—
were down, following a substantial increase in the first quarter when automakers were still rebuilding inventories from a low level at the beginning
of the 1985 model year. Only fragmentary information is available about
farm inventories, but it appears that
accumulation continued. Nonfarm inventories other than motor vehicles
appear to have increased somewhat
more than the $8 billion increase in
the first quarter. It is likely that the
ratio of business inventories to total
final sales moved down slightly from
the high end of the 3.01-3.09 range
within which it has fluctuated in the
last 2 years.
• Net exports appear to have declined, but much less than the $15 billion registered in the first quarter.
Imports appear to have increased
much less than the first quarter's
$11 Vk billion, and exports, after a
$3*/2 billion decline, appear to have
held about even. In merchandise,
which accounted for most of the improvement, the major factor was a
smaller increase in nonpetroleum imports. In the first quarter, a large increase in nonpetroleum imports,
which recouped the drop in the fourth
quarter, had been spread across enduse commodity categories; in the
second quarter, most
categories
appear to have increased less. The
quarterly changes in imports—although erratic—continued to reflect
the cumulative effects of the dollar's
appreciation.
• Government purchases increased
moderately, after little change in the
first quarter. The acceleration was in
State and local government purchases, where construction—particularly highways—picked up. In Federal
purchases, an increase in defense purchases slightly more than offset a decline in nondefense purchases. The
decline in nondefense purchases, as
well as the 3-percent increase in the
first quarter, were more than accounted for by transactions of the
Commodity Credit Corporation.
• The GNP fixed-weighted price
index, as noted earlier, increased 4
percent in the second quarter. In the
first quarter, almost one-half percentage point of the 4V2-percent increase
was accounted for by a pay raise for
Federal Government employees. Thus,
excluding the effect of the pay raise,
June 1985
prices of U.S. production increased at
the same rate in both quarters. Prices
of gross domestic purchases accelerated slightly from a 3-percent increase in the first quarter, again excluding the effect of the pay raise.
The difference in the pattern of these
overall measures of inflation—one a
measure of inflation in goods and
services produced and the other a
pleasure of inflation in goods and
services purchased—largely reflected
the impact of imported petroleum.
Prices of imported petroleum had declined in the first quarter, but
changed little in the second.
• Personal income increased about
$39 billion, somewhat less than the
$471/2 billion registered in the first
quarter. A number of special factors—a Federal pay raise, large increases in agricultural subsidies, several changes in Social Security and in
other Federal retirement and incomesupport payments, and legislated increases in contributions for Social Security—contributed to substantially
different movements in several components of personal income in the two
quarters. On balance, these factors
added more to the increase in the
first quarter than to that in the
second quarter. Without these special
factors, personal income would have
increased about $36 Va billion, compared with $34V2 billion in the first
quarter.
Private wages and salaries increased less in the second quarter
than in the first. The slowing was accounted for by wages and salaries in
manufacturing, which changed little
after a $5 Vfe billion increase in the
first quarter; manufacturing employment and average hours were both
down from the first quarter. Wages
and salaries in government and government enterprises were affected by
the pay raise for Federal Government
employees, which added $3 billion in
the first quarter, and by a retroactive
payment and pay raise for Postal
Service employees, which added $Vfe
billion in the first quarter and $1 billion in the second.
Proprietors' income, in contrast, increased more in the second quarter
than in the first. Nonfarm proprietors' income increased about as
much as in the first quarter, and
farm proprietors' income declined less
than in the first quarter. Beginning
in the fourth quarter of 1984, agricultural subsidies registered substantial
SURVEY OF CURRENT BUSINESS
Personal contributions for social inincreases, which, in the first and
second quarters, helped offset declines surance, which are subtracted in dein other sources of farm income. Sub- riving personal income, increased
sidies increased $5 billion in the much less than in the first quarter,
fourth quarter, $3 billion in the first, which had included $6V2 billion for
and a smaller amount in the second. changes in the Social Security tax
The declines in other sources of farm rates and taxable earnings bases.
Personal tax and nontax payments
income largely reflected declines in
in both quarters reflected the impact
crop and livestock prices.
Personal interest income increased of the timing of refund payments on
moderately after no change in the 1984 Federal personal income taxes.
first quarter. In both quarters, inter- Refund payments are netted against
est income reflected the lower rates of tax payments in calculating personal
interest than those prevailing in mid- tax and nontax payments, and be1984, when increases in interest cause refunds were delayed in the
income had exceeded $20 billion a first quarter due to computer problems at processing centers, personal
quarter.
Transfer payments registered only tax payments were unusually large in
a small increase after an unusually the first quarter—an increase of
large one in the first quarter. The de- $371/2 billion. In the second quarter,
celeration occurred largely because the catchup in refund payments led to
the first-quarter increase of $17 Vk bil- a large decline in tax payments. In
lion had included cost-of-living in- addition, the first-quarter increase
creases in several Federal retirement had included the effect of the indexand income-support programs, which ing of Federal income taxes. Excludadded $8V2 billion, and the effect of a ing these factors, personal taxes inchange in the date of payment of mili- creased $161/2 billion in the first quartary retirement pay, which added ter and about $12 Vk billion in the
$5V2 billion.
second.
Table 3.—Revisions in Selected Component Series of the NIPA's, First Quarter of 1985
Seasonally adjusted at annual rates
45-day
estimate
75-day
estimate
Revision
Percent change from
preceding quarter at
annual rates
45-day
estimate
75-day
estimate
Billions of current dollars
GNP
Personal consumption expenditures
Nonresidential fixed investment
Residential investment
Change in business inventories
Net exports
Government purchases
National income
Compensation of employees
Corporate profits with inventory valuation and capital
consumption adjustments
Other
Personal income
3,817.1
3,810.6
-6.5
6.4
5.6
2,446.1
455.3
155.3
40.6
-69.1
789.0
2,446.5
450.9
155.2
40.7
-74.5
791.9
.4
-4.4
-.1
.1
-5.4
2.9
8.5
7.0
4.8
8.6
3.0
4.6
4.4
5.9
3,075.4
3,076.5
1.1
5.2
5.4
2,272.9
2,272.7
-.2
8.3
8.2
294.0
508.4
292.3
511.6
-1.7
3.2
3.4
-6.3
.9
-3.8
3,141.1
3,143.8
2.7
5.9
6.3
Billions of constant (1972) dollars
GNP
Personal consumption expenditures
Nonresidential fixed investment
Residential investment
Change in business inventories
Government purchases
.
1,665.4
1,663.5
-1.9
.7
.3
1,089.2
215.2
59.4
19.6
-27.0
309.1
1,089.1
213.0
60.0
19.1
-28.4
310.7
-.1
-2.2
.6
-.5
-1.4
1.6
5.2
2.6
1.0
5.2
-1.6
5.3
Index numbers, 1972 = 100
GNP implicit price deflator
GNP fixed-weighted price index
GNP chain price index
229.20
239.9
1. Not at annual rates.
NOTE.—For the first quarter of 1985, the following revised or additional
consumption expenditures, revised retail sales for March, consumer r^"'n ~f electricity for March; for nonresidential fixed investment, revised
229.07
239.7
-1.8
.3
l
-.13
-.2
5.6
4.6
4.7
5.4
4.3
4.6
SURVEY OF CURRENT BUSINESS
The swing in personal taxes
swamped the deceleration in personal
income, so that disposable personal
income increased much more in the
second quarter—over $80 billion, compared with $10 billion in the first.
(Excluding the special factors in personal income and in taxes, the increase in disposable income was about
$25% billion in both quarters.) In real
terms, the second-quarter increase
was about 10 percent, after a IVfe-percent decline. The increase in personal
outlays—in which personal consumption expenditures predominate—was
close to the $54 Vk billion registered in
the first quarter. Accordingly, after
declining sharply in the first quarter,
personal saving increased sharply in
the second. The personal saving rate,
which had fallen to 4 ¥2 percent in the
first quarter, increased about 1 percentage point.
First-quarter corporate profits
Revised
first-quarter
estimates
show that profits from current production—profits with inventory valuation adjustment (IVA) and capital
consumption adjustment (CCAdj)—increased $V2 billion, to $292 Vz billion.
In the fourth quarter, profits had recovered from the third quarter's $8V2
billion decline; profits have increased
only slightly over the three quarters.
In the first quarter, the increase was
in domestic profits; profits from the
rest of the world were unchanged.
Profits before tax (PBT) differ from
profits from current production by
the IVA and CCAdj. In the first quarter, the IVA increased $2*/2 billion, to
$1 billion, and the CCAdj increased
$4V2 billion, to $69 billion. PBT declined $6y2 billion, to $222 V2 billion,
June 1985
following a $4 billion increase. Trade
and durable manufacturing profits
contributed most to the decline.
Within trade, profits of both retailers
and wholesalers declined. Within durable manufacturing, declines were
widespread, but profits of fabricated
metals producers were down the most.
Overall, the situation is essentially
the same as that described in the May
"Business Situation/'
*
*
*
First-quarter NIPA revisions
The 75-day revisions of the national
income and product accounts estimates for the first quarter of 1985 are
shown in table 3.
SURVEY OF CURRENT BUSINESS
June 1985
National Income and Product Accounts Tables
New estimates in this issue: First quarter 1985, revised.
The abbreviations used in the tables are: CCAdj Capital consumption adjustment
Inventory valuation adjustment
IVA
NIPA's National income and product accounts
Preliminary
Revised
The NIPA estimates for 1929-76 are in The National Income and Product Accounts of the United States, 1929-76: Statistical Tables (Stock
No. 003-010-00101-1, price $10.00). Estimates for 1977-79 and corrections for earlier years are in the July 1982 SURVEY; estimates for 1980 and
corrections for earlier years are in the July 1983 SURVEY; estimates for 1981-83 and corrections for earlier years are in the July 1984 SURVEY.
Summary NIPA Series, 1952-83, are in the August 1984 SURVEY. These publications are available from the Superintendent of Documents and
Commerce Department District Offices; see addresses inside front cover.
Table 1.1-1.2.—Gross National Product in Current and Constant Dollars
Billions of 1972 dollars
Billions of dollars
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1983
1984
1983
IV
Gross national product
1984
I
3,304.8 3,662.8 3,431.7 3,553.3
Personal consumption expenditures
II
III
279.8
801.7
1,074.4
Gross private domestic investment . .
Fixed investment
Nonresidential
Structures.. .
Producers' durable equipment. . .
Residential
Nonfarm structures
Farm structures
Producers' durable equipment
Change in business inventories
Nonfarm . . .
Farm
Net exports of goods and services
. .
Government purchases of goods and services
Federal
National defense
Nondefense
State and local
310.9
841.3
1,124.4
1984
326.3
866.5
1,203.8
334.8
877.3
1,234.4
1985
1984
1983
lr
2,361.4 2,396.5 2,446.5
320.7
317.2
858.3
861.4
1,153.7 1,182.8
1983
IV
I
II
III
IV
I"
1,534.7
1,639.3
1,572.7
1,610.9
1,638.8
1,645.2
1,662.4
1,663.5
1,009.2
1,062.4
1,032.4
1,044.1 1,064.2
1,065.9
1,075.4
1,089.1
157.5
376.3
475.4
178.0
393.5
490.8
167.2
383.2
482.0
173.7
387.1
483.4
178.6
396.6
488.9
177.0
395.5
493.5
182.9
395.0
497.5
187.0
398.6
503.5
471.6
637.8
540.0
623.8
627.0
662.8
637.8
646.8
221.0
289.9
249.5
285.5
283.9
300.2
289.9
292.1
485.1
352.9
129.7
223.2
132.2
127.6
1.0
3.6
-13.5
-3.1
-10.4
579.6
425.7
150.4
275.3
153.9
148.8
1.1
4.0
58.2
49.6
8.6
527.3
383.9
136.6
247.3
143.4
138.7
.9
3.8
12.7
14.1
-1.4
550.0
389.8
142.2
256.7
151.2
146.4
.9
3.9
73.8
60.6
13.2
576.4
402.8
150.0
270.7
155.6
150.5
1.0
4.1
50.6
47.0
3.5
591.0
435.7
151.4
284.2
155.3
150.1
1.2
4.0
71.8
63.7
8.1
601.1
447.7
157.9
289.7
153.5
148.3
1.0
4.1
36.6
27.2
9.4
606.1
450.9
162.9
288.0
155.2
150.0
1.0
4.2
40.7
34.1
6.6
224.6
171.0
49.2
121.8
53.7
51.2
.4
2.1
-3.6
.6
-4.2
265.1
204.9
56.9
148.0
60.2
57.5
.4
2.3
24.8
20.9
4.0
242.2
184.5
51.4
133.1
57.8
55.2
.4
2.2
7.2
7.0
.2
253.9
193.3
54.1
139.2
60.6
58.0
.4
2.2
31.6
26.2
5.4
263.7
202.9
56.8
146.0
60.8
58.1
.4
2.3
20.3
18.7
1.6
269.6
209.5
57.1
152.4
60.1
57.3
.5
2.3
30.6
26.5
4.1
273.1
213.8
59.4
154.4
59.2
56.5
.4
2.4
16.8
12.0
4.8
273.0
213.0
60.8
152.2
60.0
57.2
.4
2.4
19.1
15.7
3.4
-58.7
-90.6
12.6
-15.0
2.0
-8.3
-11.4
-27.0
-13.4
-28.4
336.2
344.4
364.3
428.5
346.1
375.9
358.9
410.4
362.4
421.1
368.6
459.3
367.2
423.2
360.7
435.2
139.5
126.9
146.0
161.1
141.0
139.1
144.9
153.2
144.7
156.2
147.4
174.4
147.1
160.5
143.7
172.1
685.5
747.4
691.4
704.4
743.7
761.0
780.5
791.9
291.9
302.1
288.8
289.5
302.1
306.1
310.5
310.7
269.7
200.5
69.3
415.8
295.4
221.5
73.9
452.0
266.3
207.2
59.1
425.1
267.6
213.4
54.2
436.8
296.4
220.8
75.6
447.4
302.0
220.3
81.7
458.9
315.7
231.6
84.1
464.8
319.9
233.9
85.9
472.0
116.2
84.7
31.5
175.7
122.5
89.6
32.9
179.6
113.0
86.3
26.7
175.8
112.2
87.1
25.2
177.3
123.2
89.6
33.6
178.9
125.0
89.1
36.0
181.1
129.6
92.7
36.8
180.9
129.8
92.7
37.1
180.9
-8.3
Exports
Imports
318.8
299.8
856.9
823.0
1,166.1 1,107.5
IV
3,644.7 3,694.6 3,758.7 3,810.6
2,155.9 2,341.8 2,230.2 2,276.5 2,332.7
Durable goods
Nondurable goods
Services
1985
-64.2
-29.8
-51.5
-56.0
-74.5
Table 1.3-1.4.—Gross National Product by Major Type of Product in Current and Constant Dollars
Billions of 1972 dollars
Billions of dollars
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1983
1984
IV
Gross national product
Goods
I
II
III
IV
lr
3,694.6
3,758.7
1983
1984
IV
1985
1984
1983
I
II
III
IV
Ir
1,638.8
3,810.6
1,534.7
1,639.3 1,572.7
1,610.9
1,645.2
1,662.4
1,663.5
3,318.3 3,604.6 3,419.0 3,479.5 3,594.1 3,622.8
-13.5
58.2
12.7
73.8
50.6
71.8
3,722.1 3,770.0
36.6
40.7
1,538.3
-3.6
1,614.5 1,565.4
24.8
7.2
1,579.3 1,618.5 1,614.6
20.3
30.6
31.6
1,645.6
16.8
1,644.4
19.1
3,304.8 3,662.8 3,431.7
Final sales
Change in business inventories
1985
1984
1983
3,553.3 3,644.7
1,355.7
1,543.0 1,423.9
1,498.0
1,544.8 1,549.2
1,579.8 1,583.8
688.6
764.5
715.5
744.9
767.4
766.8
778.8
773.0
Final sales
Change in business inventories
1,369.2
-13.5
1,484.8
58.2
1,411.2
12.7
1,424.2
73.8
1,494.2
50.6
1,477.4
71.8
1,543.2
36.6
1,543.1
40.7
692.2
-3.6
739.6
24.8
708.2
7.2
713.3
31.6
747.1
20.3
736.1
30.6
762.0
16.8
753.8
19.1
Durable goods
Final sales
Change in business inventories
Nondurable goods .
Final sales
Change in business inventories
555.3
557.5
-2.1
800.4
811.7
-11.3
655.7
625.3
30.4
887.3
859.5
27.8
607.4
592.9
14.5
816.5
818.3
-1.7
632.3
597.5
34.9
865.7
826.8
38.9
647.9
629.7
18.2
896.9
864.6
32.4
654.7
613.1
41.7
894.4
864.3
30.1
687.7
661.0
26.7
892.1
882.2
9.9
677.1
648.2
29.0
906.7
895.0
11.7
295.6
296.1
-.5
392.9
396.1
-3.2
341.6
328.4
13.2
422.9
411.2
11.7
318.6
311.9
6.6
396.9
396.3
.6
331.1
316.4
14.7
413.8
396.9
16.9
339.5
331.4
8.1
427.9
415.7
12.2
340.2
322.4
17.8
426.5
413.7
12.8
355.4
343.4
12.0
423.5
418.6
4.8
346.9
334.3
12.6
426.0
419.5
6.5
1,639.3
309.8
1,763.3
356.5
1,681.3
326.5
1,713.7
341.6
1,742.6
357.2
1,783.3
362.1
1,813.7
365.2
1,857.2
369.6
723.2
122.9
736.7
138.1
728.7
128.5
731.4
134.6
732.9
138.5
739.0
139.4
743.6
140.0
749.7
140.9
1,619.2 1,650.2
1,587.6 1,629.9
1,672.2
1,641.6
Services
Structures
Addenda:
Gross domestic purchases *
Final sales to domestic purchasers
l
3,313.1 3,727.0 3,461.5 3,604.8 3,703.4 3,785.2
3,326.5 3,668.8 3,448.8 3,531.0 3,652.8 3,713.4
3,814.8 3,885.2
3,778.1 3,844.5
1,522.1 1,654.4 1,570.7
1,525.7 1,629.5 1,563.4
1. Gross domestic purchases equals GNP less exports plus imports; final sales to domestic purchasers equals final sales less exports plus imports.
1,675.8 1,692.0
1,659.0 1,672.8
June 1985
SURVEY OF CURRENT BUSINESS
6
Table 1.5-1.6.—Gross National Product by Sector in Current and Constant Dollars
Billions of 1972 dollars
Billions of dollars
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
I
IV
3,304.8
Gross national product
3,256.5
2,790.8
2,728.9
2,434.7
294.2
61.5
.5
116.5
7.8
108.7
349.2
107.8
241.4
48.3
Gross domestic product
Nonfarm
Nonfarm less housing
Housing
Farm
Statistical discrepancy
Private households
Nonprofit institutions
• •
Federal
State and local
Rest of the world
Addendum:
Gross domestic business product less housing
3,384.1
2,906.8
2,854.3
2,550.2
304.1
57.3
-4.8
119.6
7.9
111.8
357.7
109.5
248.2
47.7
3,505.7
3,017.2
2,943.4
2,632.8
310.6
71.6
2.2
121.0
7.9
113.1
367.4
113.8
253.6
47.6
3,602.6
3,106.8
3,037.5
2,718.8
318.7
78.3
-9.0
123.1
8.0
115.1
372.7
114.4
258.3
42.1
3,650.1
3,148.5
3,078.0
2,750.3
327.7
83.5
-13.0
123.8
8.1
115.7
377.7
114.7
263.0
44.5
3,718.6
3,209.4
3,137.0
2,801.1
335.9
82.3
-9.9
126.0
8.3
117.8
383.2
115.3
267.8
40.2
1984
Gross national product
Equals: Net national product
Less:
Indirect business tax and
nontax liability
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current
surplus of government
enterprises .
Equals: National income
Less:
Corporate profits with
IVA and CCAdj
Net interest
Contributions for social
insurance
Wage accruals less disbursements
Plus:
Government transfer payments to persons
Personal interest income....
Personal dividend income..
Business transfer payments
Equals: Personal income
IV
lr
1,534.7
1,639.3 1,572.7
1,610.9
1,638.8
1,645.2
1,662.4
1,663.5
3,772.9 1,512.1
3,252.5 1,307.8
3,185.0 1,273.8
2,841.6 1,130.6
143.2
343.3
33.8
75.7
.2
-8.1
47.3
128.0
3.3
8.4
44.0
119.7
157.0
392.4
51.3
119.1
105.7
273.3
22.5
37.7
1,550.7
1,345.7
1,316.3
1,171.2
145.1
31.6
-2.2
47.5
3.3
44.2
157.5
51.7
105.8
21.9
1,589.2
1,384.0
1,347.5
1,200.9
146.5
35.6
1.0
47.6
3.4
44.2
157.7
51.8
105.8
21.6
1,619.8
1,414.1
1,380.1
1,232.1
148.0
38.1
-4.1
47.9
3.4
44.5
157.8
51.9
105.9
19.0
1,625.3
1,419.5
1,383.5
1,233.9
149.6
41.8
-5.9
47.7
3.4
44.3
158.1
52.0
106.2
19.9
1,644.6
1,438.1
1,399.2
1,248.1
151.1
43.3
-4.4
48.2
3.5
44.8
158.3
52.0
106.3
17.8
1,647.0
1,440.0
1,401.9
1,249.2
152.6
41.7
-3.6
48.5
3.5
45.0
158.5
52.0
106.5
16.5
3,810.6
1,619.7
1,413.9
1,377.6
1,228.8
148.8
39.7
-3.3
47.8
3.4
44.4
158.0
51.9
106.1
19.6
Billions of dollars
1984
1983
1985
III
II
I
403.3
386.4
391.8
400.0
406.9
414.4
421.0
417.3
14.1
387.8
1.4
398.6
6.8
410.3
10.3
423.1
16.3
437.2
22.9
450.1
29.1
2,927.7 3,259.6 3,045.4 3,161.5 3,244.7 3,287.7 3,344.4 3,389.6
280.4
304.0
290.1
295.5
301.3
306.6
312.5
317.5
15.6
.5
17.3
-7.4
16.2
-4.8
16.7
2.2
17.1
-9.0
17.5
-13.0
18.0
-9.9
18.5
-8.1
15.6
14.2
22.6
26.4
9.6
8.4
12.6
14.8
2,646.7 2,959.9 2,766.5 2,873.5 2,944.8 2,984.9 3,036.3 3,076.5
225.2
256.6
285.7
284.1
260.0
258.9
277.4
266.8
291.1
282.8
282.8
293.5
291.6
293.4
292.3
287.0
272.7
306.0
281.0
298.9
304.2
308.1
312.7
330.0
-.4
.1
.2
.2
-.4
.5
.1
389.3
376.3
70.3
399.4
433.7
77.7
392.5
388.2
72.8
394.7
403.9
75.0
398.1
425.6
77.2
401.0
449.3
78.5
403.8
456.1
80.2
420.7
456.0
81.4
15.6
17.3
16.2
16.7
17.1
17.5
18.0
18.5
2,744.2 3,012.1 2,836.5 2,920.5 2,984.6 3,047.3 3,096.2 3,143.8
1,534.7 1,639.3 1,572.7 1,610.9 1,638.8
170.6
172.2
1,464.1 1,402.0 1,438.7
174.1
1,645.2 1,662.4 1,663.5
176.0
178.5
1983
IV
367.2
-9.9
0
1984
Ir
IV
[Billions of 1972 dollars]
III
Seasonally adjusted at annual rates
377.1
1,366.6
II
Billions of dollars
1983
175.2
I
Table 1.11.—National Income by Type of Income
3,304.8 3,662.8 3,431.7 3,553.3 3,644.7 3,694.6 3,758.7 3,810.6
168.1
IV
1 1635
Table 1.8.—Relation of Gross National Product, Net National Product,
and National Income in Constant Dollars
Gross national product
Less: Capital consumption
allowances with
Equals: Net national product
Less:
Indirect business tax and
nontax liability business transfer payments
less subsidies plus current surplus of government enterprises
Statistical discrepancy
Equals: National income
1985
1984
1983
Seasonally adjusted at annual rates
IV
Less:
Capital consumption allowances with CCAdj...
Capital consumption allowances .
Less: CCAdj
r
2,487.7
Table 1.7.—Relation of Gross National Product, Net National Product,
National Income, and Personal Income
1983
I
IV
III
3,553.3 3,644.7 3,694.6 3,758.7
3,662.8 3,431.7
3,619.2
3,120.5
3,049.0
2,725.7
323.2
78.9
-7.4
123.5
8.1
115.4
375.3
114.6
260.7
43.6
II
1984
1983
1985
1984
1983
1984
1983
180.5
1,464.7 1,469.2 1,484.0 1,483.0
160.0
161.4
158.9
159.1
157.9
155.9
1518
159.0
-4.4
-3.6
-5.9
-4.1
-2.2
-3.3
1.0
.2
1,214.5 1,308.5 1,248.4 1,279.8 1,309.9 1,3316.0 1,328.4 1,325.2
National income
1984
I
II
1985
III
IV
Ir
2,646.7 2,959.9 2,766.5 2,873.5 2,944.8 2,984.9 3,036.3 3,076.5
Compensation of employees
1,984.9 2,173.2 2,055.4 2,113.4 2,159.2 2,191.9 2,228.1 2,272.7
Wages and salaries
1,658.8 1,804.1 1,715.4 1,755.9 1,793.3 1,819.1 1,848.2 1,882.8
Government and gov365.5
ernment enterprises .... 327.7
349.9
335.0
352.0
357.2
342.9
347.5
Other
1,331.1 1,454.2 1,380.4 1,413.0 1,445.8 1,467.1 1,490.9 1,517.3
Supplements to wages
and salaries
326.2
380.0
389.8
369.0
340.0
357.4
365.9
372.8
Employer
contributions for social insurance
153.1
174.7
177.5
183.6
173.5
157.9
169.4
172.4
Other labor income
173.1
195.5
182.1
188.1
198.1
202.5
206.3
193.5
Proprietors' income with
IVA and CCAdj
Farm
Proprietors' income
with IVA
CCAdj. . . .
Nonfarm
Proprietors' income
IVA
CCAdj
Rental income of persons
with CCAdj
Rental income of persons
CCAdj
Corporate profits with IVA
and CCAdj .. .
Corporate profits with
IVA
Profits before tax
Profits tax liability ..
Profits after tax
Dividends
Undistributed
profits
IVA
CCAdj
Net interest
Addenda:
Corporate profits after
tax with IVA and
CCAdj
Dividends
Undistributed
profits
with IVA and CCAdj
121.7
13.8
154.4
28.2
131.9
17.3
154.9
32.5
149.8
23.4
153.7
27.3
159.1
29.4
159.8
25.7
22.1
-8.4
107.9
100.4
-.8
8.3
36.4
-8.2
126.2
114.5
-.4
12.2
25.7
-8.3
114.6
105.5
_7
9!?
40.7
-8.3
122.5
112.4
-1.2
11.2
31.7
-8.3
126.3
115.0
-.4
11.8
35.5
-8.2
126.4
113.8
.1
12.5
37.6
-8.2
129.7
116.7
-.2
13.2
33.9
-8.2
134.0
119.5
-.3
14.8
58.3
62.5
60.4
61.0
62.0
63.0
64.1
64.8
96.6
-38.3
103.0
-40.5
99.1
-38.7
99.9
-38.8
102.5
-40.6
104.2
-41.2
105.5
-41.4
106.1
-41.3
225.2
285.7
260.0
277.4
291.1
282.8
291.6
292.3
192.0
203.2
75.8
127.4
72.9
230.0
235.7
89.8
145.9
80.5
216.3
227.4
84.5
141.1
75.4
229.8
225.5
92.7
150.6
77.7
238.7
243.3
95.8
150.2
79.9
224.5
246.0
83.1
141.7
81.3
227.1
228.7
87.7
141.0
83.1
223.2
222.3
85.3
137.0
84.5
54.5
-11.2
33.2
65.4
-5.7
55.7
65.6
-9.2
43.6
72.9
-13.5
47.6
70.2
-7.3
52.3
60.3
-.2
58.3
58.0
-1.6
64.5
52.5
.9
69.1
256.6
284.1
258.9
266.8
282.8
293.5
293.4
287.0
149.4
72.9
195.9
80.5
175.5
75.4
184.7
77.7
195.2
79.9
199.8
81.3
203.9
83.1
207.0
84.5
76.5
115.4
100.0
107.0
115.3
118.4
120.8
122.5
June 1985
SURVEY OF CURRENT BUSINESS
Table 1.13.—Gross Domestic Product of Corporate Business in Current Dollars and Gross Domestic Product of Nonfinancial Corporate Business
in Current and Constant Dollars
Billions of dollars
Billions of dollars
Seasonally adjusted at annual rates
1983
1984
1983
IV
Gross
domestic
product of corporate business
Capital consumption allowances with CCAdj
Net domestic product
Indirect business tax and
nontax liability plus
business transfer payments less subsidies
Seasonally adjusted at annual rates
1984
I
II
1985
III
1983
246.2
236.4
239.9
244.1
Net domestic product
Indirect business tax and
nontax liability plus
business transfer payments less subsidies
Domestic income
Compensation of employees
Wages and salaries
Supplements
to
wages and salaries ...
Corporate profits with
IVA and CCAdj
257.4
252.8
248.1
1,805.8 2,030.9 1,898.6 1,967.5 2,027.2 2,044.3 2,084.7 2,116.4
206.2
224.8
213.4
223.5
217.2
227.2
234.8
231.2
1,599.6 1,806.2 1,685.2 1,750.3 1,803.7 1,817.1 1,853.5 1,881.5
Domestic income
Compensation of em1,357.1 1,494.8 1,407.2 1,453.2 1,485.6 1,508.3 1,532.1 1,560.2
ployees
1,121.2 1,225.8 1,163.5 1,192.0 1,219.0 1,236.5 1,255.5 1,276.7
Wages and salaries
Supplements to
269.1
243.7
wages and salaries ... 236.0
261.2
266.6
271.7
276.7
283.6
Corporate profits with
IVA and CCAdj
200.4
262.7
234.4
271.6
251.7
269.8
258.5
270.9
Profits before tax
Profits tax liability ..
Profits after tax
Dividends
Undistributed
profits
IVA
CCAdj
Net interest
Gross
domestic
product of financial
corporate
178.4
75.8
102.6
63.0
212.7
89.8
122.9
71.6
200.0
84.5
115.5
64.2
217.6
92.7
124.9
66.3
224.8
95.8
128.9
70.9
200.4
83.1
117.3
71.6
208.0
87.7
120.4
77.6
201.6
85.3
116.3
74.2
39.6
-11.2
33.2
42.1
51.3
-5.7
55.7
48.6
51.3
-9.2
43.6
43.6
58.6
-13.5
47.6
45.4
58.1
-7.3
52.3
48.3
45.7
-.2
58.3
50.4
42.8
-1.6
64.5
50.5
42.1
.9
69.1
49.7
119.3
Gross
domestic
product of nonfinancial
corporate business
Capital consumption allowances with CCAdj
124.4
120.8
123.3
124.3
123.5
126.3
231.2
222.5
225.6
229.3
232.9
II
III
lr
IV
196.7
214.6
203.7
207.3 213.4
224.2
220.7
216.9
1,503.0 1,707.0 1,588.0 1,651.2 1,704.2 1,719.1 1,753.3 1,777.3
1,263.1 1,392.8 1,310.8 1,354.0 1,384.5 1,405.2 1,427.4 1,452.8
1,044.3 1,143.0 1,084.8 1,111.3 1,137.1 1,153.0 1,170.7 1,189.9
218.8
249.7
226.0
242.7
247.4
252.1
256.7
263.0
171.0
234.7
205.8
223.0
240.8
231.6
243.4
243.2
148.8
58.0
90.8
62.8
184.9
71.2
113.7
71.0
171.5
66.7
104.8
63.9
188.9
74.5
114.5
65.9
195.9
77.2
118.6
70.3
173.8
64.4
109.5
70.9
181.0
68.7
112.2
76.7
173.6
66.6
107.0
73.2
28.0
-11.2
33.4
69.0
42.7
-5.7
55.4
79.5
40.9
-9.2
43.6
71.3
48.5
-13.5
47.5
74.2
48.3
-7.3
52.2
78.9
38.5
-.2
58.0
82.4
35.6
-1.6
64.1
82.5
33.8
.9
68.6
81.3
980.0
992.5
994.0
Billions of 1972 dollars
Gross domestic product of nonfmancial
corporate business..
896.4
Capital consumption allowances with CCAdj
131.1
237.1
1985
1984
I
1,699.7 1,921.6 1,791.8 1,858.6 1,917.6 1,936.0 1,974.1 2,001.5
Profits before tax
Profits tax liability ..
Profits after tax
Dividends
Undistributed
profits
IVA
CCAdj
Net interest . .
Net domestic product
Indirect business tax and
nontax liability plus
business transfer payments less subsidies
Domestic income
1,917.7 2,152.8 2,014.2 2,084.2 2,146.9 2,168.9 2,211.2 2,242.6
218.0
1983
IV
2,037.0 2,277.2 2,135.0 2,207.4 2,271.3 2,292.4 2,337.5 2,373.7
231.2
1984
lr
IV
241.1
977.2
956.9
931.1
979.5
100.0
104.0
101.5
102.4
103.4
104.5
105.8
107.0
796.4
873.2
829.6
854.6
876.1
875.5
886.6
887.1
97.8
698.6
101.3
771.9
100.0
729.6
100.7
753.9
101.2
774.9
101.1
774.4
102.3
784.3
103.3
783.8
Table 1.14-1.15.—Auto Output in Current and Constant Dollars
Billions of 1972 dollars
Billions of dollars
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1983
1984
Auto output .
Addenda:
Domestic output of new autos2 l
Sales of imported new autos
II
I
IV
Final sales
Personal consumption expenditures.
New autos
Net purchases of used autos
Producers' durable equipment.
New autos
Net purchases of used autos
Net exports.
Exports
Imports
Government purchases
Change in business inventories.
New
Used
1985
1984
1983
III
IV
lr
1983
1984
1985
1984
1983
IV
I
II
lr
IV
III
88.7
106.4
99.6
114.8
98.7
99.0
113.2
124.8
49.9
58.1
55.1
62.5
54.4
54.4
61.3
66.0
87.5
88.3
65.2
23.0
17.3
31.0
-13.7
-19.2
4.1
23.2
1.2
1.2
.7
.4
103.5
102.3
75.9
26.4
24.9
40.3
-15.4
-24.7
5.0
29.6
.9
2.9
2.6
.4
95.3
96.3
71.9
24.5
19.8
34.9
-15.1
-22.1
4.4
26.5
1.1
3.6
.8
104.0
101.9
76.2
25.7
24.3
39.6
-15.3
-23.5
5.4
28.8
1.2
10.8
10.0
.9
105.8
104.6
77.8
26.8
24.9
40.8
-15.9
-24.5
4.6
29.1
.9
-7.1
-8.2
1.1
100.6
100.9
73.6
27.3
26.2
41.8
-15.6
-27.4
5.0
32.4
.8
-1.6
-1.3
-.3
103.6
101.8
76.0
25.8
24.3
39.1
-14.8
-23.4
4.9
28.3
.8
9.7
9.8
-•1
107.3
103.2
77.6
25.6
28.3
43.8
-15.5
-25.1
6.2
31.3
.9
17.5
17.2
.3
49.1
43.4
35.8
7.6
12.4
17.0
-4.6
-7.4
2.2
9.6
.7
.8
.7
.1
56.7
48.5
40.6
7.9
16.9
21.5
-4.6
-9.3
2.6
11.9
.7
1.4
1.3
.1
52.8
46.5
38.8
7.7
14.0
18.8
-4.8
-8.5
2.4
10.9
.7
2.3
2.1
.3
57.2
48.8
41.0
7.8
16.5
21.2
-4.7
-8.9
2.8
11.7
.8
2.3
5.0
.3
58.3
49.7
41.8
7.9
17.1
21.8
-4.7
-9.2
2.4
11.7
.7
5.2
-4.2
.3
55.4
47.4
39.4
8.0
17.6
22.2
-4.6
-10.3
2.6
12.9
.6
-3.9
-.9
-.1
55.9
47.9
40.2
7.7
16.2
20.6
-4.4
-8.8
2.6
11.4
.6
-1.0
5.4
0
58.2
48.1
40.5
7.6
18.3
22.8
-4.5
-8.9
3.1
12.0
.7
7.7
7.6
.1
70.1
33.1
86.7
37.8
78.9
37.3
95.7
34.4
79.3
38.2
82.4
37.1
89.5
41.4
101.1
37.2
38.4
18.1
46.2
20.2
42.6
20.1
51.2
18.5
42.5
20.6
43.9
19.9
47.3
21.9
52.6
19.5
4.4
Table 1.16-1.17.—Truck Output in Current and Constant Dollars
Billions of dollars
Billions of 1972 dollars
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1983
1984
1983
IV
Truck output
1
Final sales
Personal consumption expenditures
Producers' durable equipment
Net exports
Exports
Imports
Government purchases
Change in business inventories
1984
I
II
III
IV
1983
1984
lr
IV
1985
1984
1983
I
II
III
IV
I'
36.3
54.2
44.4
49.6
51.1
56.8
59.4
57.3
16.7
23.7
20.3
22.1
22.5
24.5
25.7
24.7
36.1
15.3
20.8
-3.9
2.0
5.9
3.9
51.5
19.3
32.5
-5.4
2.5
7.9
5.0
43.1
18.2
25.9
-5.0
2.2
7.2
4.0
45.8
17.9
27.3
-4.7
2.4
7.1
5.3
50.5
19.3
32.7
-6.6
2.2
8.8
5.1
52.6
19.6
33.7
-5.3
2.6
7.9
4.6
57.0
20.6
36.4
-5.0
2.8
7.8
5.1
57.8
23.4
35.0
-6.9
2.5
9.4
6.3
16.6
8.4
8.6
-1.9
.8
2.7
1.6
22.5
10.3
12.8
-2.6
1.0
3.6
2.0
19.8
9.8
10.7
-2.4
.9
3.3
1.7
20.5
9.6
11.0
-2.2
1.0
3.2
2.1
22.2
10.3
12.9
-3.1
.9
4.0
2.0
22.8
10.5
13.2
-2.6
1.0
3.6
1.8
24.7
10.8
14.3
-2.4
1.1
3.5
2.0
24.9
12.2
13.6
-3.3
1.0
4.2
2.4
.2
2.7
1.3
3.8
.6
4.2
2.4
-.5
.1
1.1
.6
1.6
.3
1.7
1.0
-.2
Table 1.14-1.15:
.
1. Consists of final sales and change in business inventories of new autos produced in the
United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and government purchases.
1985
Table 1.16-1.17:
1. Includes new trucks only.
SURVEY OF CURRENT BUSINESS
8
June 1985
Table 2.2-2.3.—Personal Consumption Expenditures by Major Type of
Product in Current and Constant Dollars
Table 2.1.—Personal Income and Its Disposition
Billions of dollars
Billions of dollars
Seasonally adjusted at annual rates
1983
1984
1983
IV
1984
I
II
Seasonally adjusted at annual rates
1985
III
IV
1983
lr
1984
IV
Personal income
2,744.2
Wage and salary disbursements
1,659.2
Commodity-producing
industries
519.3
Manufacturing
395.2
Distributive industries
398.6
Service industries
413.1
Government and government enterprises
328.2
Other labor income
173.1
Proprietors' income with IVA
and CCAdj . .
Farm
Nonfarm
Rental income of
with CCAdj
3,012.1 2,836.5 2,920.5 2,984.6 3,047.3 3,096.2
3,143.8
1,804.0 1,715.4 1,755.7 1,793.1 1,819.5 1,847.6
1,882.7
569.3
433.9
432.0
452.9
539.0
411.9
413.2
428.2
555.9
424.6
419.2
437.9
567.0
432.2
429.5
449.3
573.3
436.4
436.4
457.3
580.9
442.4
443.1
466.9
590.9
447.9
449.0
477.4
349.8
335.0
342.8
347.3
352.4
356.7
365.4
195.5
182.1
188.1
193.5
198.1
202.5
206.3
121.7
13.8
107.9
154.4
28.2
126.2
131.9
17.3
114.6
154.9
32.5
122.5
149.8
23.4
126.3
153.7
27.3
126.4
159.1
29.4
129.7
159.8
25.7
134.0
persons
58.3
62.5
60.4
61.0
62.0
63.0
64.1
64.8
Personal dividend income
70.3
77.7
72.8
75.0
77.2
78.5
80.2
81.4
Personal interest income
376.3
433.7
388.2
403.9
425.6
449.3
456.1
456.0
Transfer payments
Old-age, survivors, disability, and health insurance
benefits
Government unemployment
insurance benefits
Veterans benefits
Government employees retirement benefits. ...
Other transfer payments
Aid to families with dependent children
Other
405.0
416.7
408.8
411.3
415.2
418.6
421.8
439.2
221.6
237.3
227.7
232.1
235.2
238.2
243.5
249.6
26.1
16.6
15.9
16.5
20.2
16.5
16.7
16.4
15.8
16.6
15.2
16.7
16.0
16.4
17.8
16.9
59.5
81.0
62.2
84.9
61.3
83.1
62.4
83.7
63.1
84.5
63.9
84.6
59.2
86.7
67.1
87.8
14.2
66.8
14.7
70.1
14.3
68.8
14.9
68.8
14.9
69.6
14.6
70.0
14.6
72.1
15.1
72.7
119.6
132.5
123.2
129.6
131.8
133.4
135.2
146.4
404.2
435.3
407.9
418.3
430.3
440.9
451.7
489.0
2,576.8 2,428.6 2,502.2 2,554.3 2,606.4 2,644.5
2,654.8
2,420.7 2,300.0 2,349.6 2,409.5 2,442.3 2,481.5
2,536.2
2,341.8 2,230.2 2,276.5 2,332.7 2,361.4 2,396.5
2,446.5
Less: Personal contributions for social insurance .
Less: Personal
tax
nontax payments
Equals: Disposable personal
income
2,340.1
Less: Personal outlays.
2,222.0
Personal consumption expenditures
2,155.9
Interest paid by consumers
to business
65.1
Personal transfer payments
to foreigners (net)
1.0
118.1
Addenda:
Disposable personal
income:
Total, billions of 1972 dollars
1,095.4
Per capita:
Current dollars
9,977
1972 dollars
4,670
Population (millions)
234.5
Personal saving as percentage of disposable personal income
Durable goods
Motor vehicles and parts ...
Furniture and household
equipment
Other
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Other nondurable goods
Fuel oil and coal
Other
77.8
68.7
71.9
75.7
79.8
83.6
87.9
1.2
1.2
1.2
1.0
1.1
1.5
1.8
156.1
128.7
152.5
144.8
164.1
163.0
118.6
1,169.0 1,124.3 1,147.6 1,165.3 1,176.5 1,186.7
1,181.9
10,887 10,318 10,608 10,806 11,000 11,133
4,939 4,776 4,865 4,930 4,965 4,996
236.7 235.4 235.9 236.4 237.0 237.5
11,154
4,965
238.0
Housing
Household operation
Electricity and gas
Other
Transportation
Other
6.1
5.3
6.1
5.7
6.3
6.2
4.5
2,155.9 2,341.8 2,230.2 2,276.5 2,332.7 2,361.4 2,396.5 2,446.5
279.8
318.8
299.8
310.9
320.7
317.2
326.3
334.8
129.3
149.8
141.7
147.7
152.3
148.6
150.7
155.7
104.1
46.4
117.0
51.9
109.8
48.2
113.0
50.3
116.6
51.7
116.8
51.9
121.8
53.8
123.8
55.3
801.7
856.9
823.0
841.3
858.3
861.4
866.5
877.3
416.5
127.0
90.0
168.2
21.0
147.2
443.6
140.2
91.4
181.7
21.2
160.5
425.1
132.5
91.7
173.6
22.1
151.5
433.9
136.1
92.0
179.3
22.5
156.7
442.1
142.2
92.8
181.2
21.6
159.7
448.6
139.3
90.0
183.6
21.1
162.5
449.8
143.2
90.8
182.7
19.7
163.1
457.3
145.5
89.9
184.6
18.5
166.0
363.3
153.8
81.3
72.5
72.5
484.8
397.9
164.0
85.7
78.3
78.3
525.9
374.7
157.5
84.0
73.5
74.8
500.5
382.4
158.8
82.6
76.2
76.1
507.1
392.4
163.3
86.1
77.2
77.6
520.4
403.3
167.6
88.4
79.2
78.5
533.4
413.4
166.4
85.9
80.5
81.2
542.8
422.2
170.9
88.8
82.1
83.6
557.7
Billions of 1972 dollars
Personal consumption expenditures
1,009.2 1,062.4 1,032.4 1,044.1 1,064.2 1,065.9 1,075.4 1,089.1
157.5
Durable goods
Motor vehicles and parts ...
Furniture and household
equipment
Other
Food
Clothing and shoes
Gasoline and oil
Other nondurable goods....
Fuel oil and coal
Other
Services
Housing
Household operation
Electricity and gas
Other
Transportation
Other
178.0
167.2
173.7
178.6
177.0
182.9
187.0
77.7
66.6
75.8
72.2
75.2
77.2
74.8
75.9
65.9
25.0
74.8
27.5
69.3
25.8
71.7
26.7
74.1
27.4
74.8
27.4
78.5
28.5
80.2
29.1
376.3
393.5
383.2
387.1
396.6
395.5
395.0
398.6
188.9
88.5
26.1
72.9
4.0
68.9
193.4
96.5
26.9
76.7
3.9
72.8
191.2
91.4
26.3
74.3
4.2
70.2
189.7
94.2
27.0
76.1
4.1
72.0
193.6
99.1
27.1
76.9
3.9
73.0
195.6
95.9
26.9
77.1
3.9
73.1
194.7
96.9
26.7
76.7
3.7
73.1
196.8
97.9
26.9
77.1
3.6
73.5
475.4
490.8
482.0
483.4
488.9
493.5
497.5
503.5
171.3
64.1
24.9
39.1
31.7
208.3
177.7
64.8
25.1
39.7
32.7
215.6
173.4
64.6
25.3
39.3
32.2
211.8
175.1
64.0
24.8
39.2
32.4
211.9
176.8
65.1
25.6
39.5
32.7
214.3
178.5
65.1
25.2
39.9
32.6
217.2
180.3
65.2
25.0
40.2
33.1
218.9
182.1
66.4
25.6
40.8
33.4
221.7
Table 3.14.—State and Local Government Social Insurance Funds
Receipts and Expenditures
[Billions of dollars]
Receipts
5.0
lr
IV
III
II
I
1,074.4 1,166.1 1,107.5 1,124.4 1,153.7 1,182.8 1,203.8 1,234.4
Services
Nondurable goods
and
Equals: Personal saving
Personal consumption expenditures
1985
1984
1983
Contributions for social insurance
Personal contribution
Employer contributions
Government and government enterprises ....
Other
Interest and dividends received
Expenditures
Administrative
expenses
(purchases of goods and
services)
Transfer payments to persons
Surplus
(-)
or
64.6
73.0
67.5
69.8
72.0
74.1
76.2
78.0
39.0
42.6
40.3
41.3
42.1
43.0
43.8
44.7
10.4
28.6
11.4
31.2
10.7
29.6
11.0
30.3
11.2
30.9
11.5
31.5
11.7
32.1
12.0
32.7
26.1
2.5
28.5
2.7
27.0
2.6
27.6
2.7
28.2
2.7
28.8
2.7
29.3
2.7
29.9
2.8
25.6
30.5
27.2
28.5
29.8
31.1
32.4
33.3
27.1
30.4
28.4
29.3
30.0
30.8
31.7
32.6
1.0
1.1
1.0
1.1
1.1
1.1
1.2
1.2
26.1
29.3
27.4
28.3
29.0
29.6
30.5
31.4
37.5
42.6
39.1
40.5
41.9
43.3
44.5
45.4
deficit
Table 3.14:
NOTE.—In this table, interest and dividends received are included in receipts; in tables 3.2 and
3.3, interest received and dividends received are netted against expenditures.
SURVEY OF CURRENT BUSINESS
June 1985
Table 3.2.—Federal Government Receipts and Expenditures
1983
1984
Billions of dollars
Billions of dollars
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1983
IV
Receipts
641.1
Personal tax and nontax
receipts
Income taxes
Estate and gift taxes
Nontaxes
Corporate profits tax accruals
Indirect business tax and
nontax accruals
Excise taxes
Customs duties
Nontaxes
Contributions for social
insurance
Expenditures
Purchases of goods and
services
National defense
Nondefense
Transfer payments
To persons
To foreigners
Grants-in-aid to State and
local governments
Net interest paid .
Interest paid
To persons and business
To foreigners
Less: Interest received
Subsidies less current surplus of government
enterprises
Subsidies
Less: Current surplus of
government enterprises..
Less: Wage accruals less
disbursements
Surplus or deficit
(-), NIPA's
Social insurance funds
Other
704.7
Table 3.3.—State and Local Government Receipts and Expenditures
655.0
1984
686.4
1985
1983
II
III
IV
lr
704.3
706.2
721.9
771.4
I
Receipts
295.2
288.8
5.9
.5
315.0
308.4
5.9
.7
293.3
287.2
5.5
.6
301.6
294.5
6.4
.6
310.7
303.8
6.2
.6
319.7
314.0
5.0
.7
327.9
321.2
6.0
.7
362.2
355.4
6.2
.7
59.8
70.8
66.5
73.0
75.6
65.3
69.7
67.4
52.4
36.1
9.1
7.1
55.5
35.8
11.9
7.8
54.5
37.0
10.0
7.5
54.1
36.0
10.9
7.1
55.9
36.1
12.1
7.7
56.1
35.6
12.4
8.2
55.9
35.5
12.1
8.4
56.4
35.3
12.5
8.7
233.7
263.4
240.7
257.6
262.0
265.2
269.0
285.3
819.7
880.5
835.5
847.6
868.0
886.8
919.7
936.5
Federal grants-in-aid
Expenditures . .
269.7
200.5
69.3
345.6
338.7
7.0
295.4
221.5
73.9
353.0
344.5
8.4
266.3
207.2
59.1
350.1
340.0
10.1
267.6
213.4
54.2
347.7
341.1
6.6
296.4
220.8
75.6
350.1
343.7
6.4
302.0
220.3
81.7
353.8
346.2
7.7
315.7
231.6
84.1
360.4
347.2
13.1
319.9
233.9
85.9
370.3
363.1
7.2
86.3
94.2
119.5
93.2
116.7
143.6
86.5
102.0
127.5
90.6
107.6
133.6
93.2
110.9
138.0
92.1
122.0
149.0
97.0
126.4
153.9
95.1
128.2
155.6
101.8
17.7
25.3
124.0
19.6
26.9
109.5
18.1
25.6
115.2
18.4
26.0
119.2
18.9
27.2
128.9
20.0
27.0
132.9
21.0
27.4
134.9
20.7
27.4
23.4
21.7
22.3
21.6
30.6
30.0
34.4
33.7
17.7
16.4
16.5
15.8
20.7
20.5
23.1
23.7
-1.7
-.7
-.5
-.7
-1.3
-.7
-.3
.6
.1
0
.2
.2
-.4
Purchases of goods and
services
Compensation of employees
Other
Transfer payments to persons
Net interest paid
Interest paid
,
Less: Interest received
Less: Dividends received
Subsidies less current surplus of government
enterprises
Subsidies
Less: Wage accruals
disbursements
-28.4
-8.5 -22.8
-7.7
-8.7
-7.3 -10.2
-2.5
-150.2 -167.4 -157.7 -152.5 -156.0 -173.3 -187.7 -162.6
II
III
IV
Ir
523.6
495.0
509.6
520.6
524.6
539.7
545.6
109.0
58.7
40.8
9.5
120.3
64.5
45.8
10.0
114.6
62.2
42.7
9.6
116.7
63.0
43.9
9.8
119.6
64.5
45.2
9.9
121.2
64.6
46.5
10.2
123.8
65.7
47.8
10.3
126.8
67.2
49.1
10.5
16.0
19.1
18.0
19.7
20.2
17.8
18.5
17.9
228.0
107.4
91.3
29.3
248.4
119.4
98.3
30.7
235.6
112.2
93.6
29.7
241.4
116.2
95.2
30.0
245.4
118.3
96.9
30.2
250.5
120.2
99.4
30.9
256.6
123.0
101.9
31.7
261.1
125.0
103.9
32.2
39.0
42.6
40.3
41.3
42.1
43.0
43.8
44.7
86.3
93.2
86.5
90.6
93.2
92.1
97.0
95.1
434.1
470.7
443.8
455.7
466.1
477.0
484.0
491.9
415.8
452.0
425.1
436.8
447.4
458.9
464.8
472.0
241.4
174.4
260.7
191.3
248.2
176.9
253.6
183.2
258.3
189.1
263.0
195.9
267.8
197.0
273.3
198.7
50.7
-21.9
32.4
54.8
-25.3
38.2
52.5
-23.2
34.4
53.6
-24.0
35.9
54.4
-24.9
37.5
54.8
-25.9
39.0
56.6
-26.4
40.6
57.6
-26.4
42.2
54.3
63.5
57.6
59.9
62.4
64.9
66.9
68.6
2.6
2.8
2.6
2.7
2.7
2.8
2.9
3.0
-7.8
.5
-8.1
.6
-7.9
.5
-8.0
.6
-8.0
.6
-8.1
.6
-8.2
.6
-8.2
.7
8.3
8.7
8.5
8.6
8.6
8.7
8.8
8.9
0
0
0
0
0
0
0
0
44.1
52.9
51.2
53.9
54.5
47.6
55.6
53.7
37.5
6.6
42.6
10.4
39.1
12.0
40.5
13.4
41.9
12.6
43.3
4.3
44.5
11.1
45.4
8.3
less
Surplus or deficit
( - ), NIPA's
-178.6 -175.8 -180.5 -161.3 -163.7 -180.6 -197.8 -165.1
1985
1984
I
478.2
Less: Current surplus of
government enterprises..
.1
.5
1983
IV
Personal tax and nontax
receipts
Income taxes .
Nontaxes
Other .
Corporate profits tax accruals
Indirect business tax and
nontaxaccruals
Sales taxes
Property taxes
Other
Contributions for social insurance
-.4
1984
Social insurance funds
Other
Table 3.7B-3.8B.—Government Purchases of Goods and Services by Type in Current and Constant Dollars
Billions of 1972 dollars
Billions of dollars
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1983
1984
1983
IV
Government purchases of goods and services
Federal
National defense
Durable goods
Nondurable goods
Services
Compensation of employees
Military
Civilian
Other services
Structures
Nondefense
Durable goods
Nondurable goods
Commodity Credit Corporation: Inventory change
Other nondurables
Services ..
Compensation of employees
Other services
Structures
State and local
Durable goods
.
Nondurable goods
Services
Compensation of employees
Other services
Structures
1984
I
II
1985
III
IV
lr
1983
1984
IV
1985
1984
1983
I
II
III
IV
Ir
685.5
747.4
691.4
704.4
743.7
761.0
780.5
791.9
291.9
302.1
288.8
289.5
302.1
306.1
310.5
310.7
269.7
200.5
59.1
12.4
124.4
73.1
43.6
29.5
513
4.6
295.4
221.5
69.3
11.6
135.7
77.9
46.7
31.2
57.7
4.9
266.3
207.2
62.9
11.7
127.6
74.4
44.6
29.8
53.2
4.9
267.6
213.4
66.5
11.6
130.9
77.5
46.5
31.0
53.4
4.4
296.4
220.8
70.7
11.9
133.7
77.8
46.7
31.1
55.9
4.5
302.0
220.3
66.3
11.8
136.8
78.1
46.8
31.2
58.7
5.4
315.7
231.6
73.7
11.3
145.3
78.4
47.0
31.5
63.0
5.2
319.9
233.9
73.5
10.7
145.1
81.1
48.7
32.4
64.0
4.6
116.2
84.7
24.2
2.9
55.5
34.6
20.2
14.3
21.0
2.0
122.5
89.6
26.9
2.8
57.8
35.0
20.6
14.5
22.8
2.1
113.0
86.3
25.0
2.9
56.3
34.8
20.4
14.4
21.5
2.2
112.2
87.1
26.1
2.7
56.3
35.0
20.5
14.4
21.3
1.9
123.2
89.6
27.7
2.8
57.1
35.0
20.6
14.5
22.1
1.9
125.0
89.1
25.8
2.9
58.2
35.0
20.6
14.5
23.1
2.3
129.6
92.7
28.0
2.8
59.8
35.1
20.6
14.5
24.8
2.2
129.8
92.7
28.1
2.7
60.0
35.1
20.6
14.5
24.9
1.9
69.3
3.5
-.2
-5.9
5.7
59.3
34.7
24.6
6.6
73.9
3.7
.6
-4.9
5.5
62.8
36.6
26.2
6.8
59.1
3.8
-12.1
-17.0
4.9
61.1
35.1
26.0
6.3
54.2
3.5
-18.0
-22.9
4.9
62.4
36.4
26.0
6.3
75.6
3.6
3.7
-1.9
5.5
61.4
36.5
24.8
7.0
81.7
3.7
8.3
3.0
5.3
62.9
36.6
26.3
6.8
84.1
4.0
8.5
2.0
6.5
64.5
36.9
27.6
7.0
85.9
4.1
8.7
3.8
4.9
66.2
38.0
28.2
7.0
31.5
1.6
-.6
-2.4
1.8
27.6
16.8
10.8
2.8
32.9
1.7
.4
-1.5
1.9
28.0
16.9
11.1
2.8
26.7
1.5
-5.9
-7.5
1.6
28.1
16.9
11.3
2.7
25.2
1.7
-7.1
-9.0
1.9
28.0
16.9
11.2
2.7
33.6
1.6
1.6
-.2
1.7
27.5
16.9
10.6
2.9
36.0
1.6
3.5
1.7
1.8
28.0
16.9
11.1
2.8
36.8
1.7
3.6
1.4
2.2
28.5
16.9
11.6
2.9
37.1
1.8
3.9
2.1
1.8
28.6
16.9
11.7
2.9
415.8
13.4
33.1
329.0
241.4
87.6
40.3
452.0
14.2
36.6
356.7
260.7
96.0
44.6
425.1
13.6
34.2
338.2
248.2
90.0
39.0
436.8
13.9
35.5
346.1
253.6
92.5
41.4
447.4
14.0
36.3
352.9
258.3
94.6
44.2
458.9
14.3
36.9
360.6
263.0
97.6
47.2
464.8
14.5
37.5
367.2
267.8
99.3
45.7
472.0
14.7
38.2
375.0
273.3
101.7
44.1
175.7
6.1
12.6
139.7
105.7
34.0
17.3
179.6
6.3
13.6
141.2
105.7
35.2
18.5
175.8
6.2
12.9
140.0
106.1
34.3
16.7
177.3
6.2
13.2
140.4
105.8
34.6
17.5
178.9
6.3
13.4
140.8
105.8
34.9
18.4
181.1
6.3
13.7
141.5
105.9
35.4
19.5
180.9
6.4
13.9
142.0
106.2
35.7
18.6
180.9
6.4
- 14.2
142.6
106.5
36.1
17.7
SURVEY OF CURRENT BUSINESS
10
June 1985
Table 4.1-4.2.—Foreign Transactions in the National Income and Product Accounts in Current and Constant Dollars
Billions of 1972 dollars
Billions of dollars
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1983
1983
1984
1984
IV
Receipts from foreigners
Exports of goods and services
Merchandise
Durable goods
Nondurable goods
Services
Factor income 1
Other
I
II
1985
III
IV
lr
1983
1984
I
IV
1985
1984
1983
II
III
IV
I'
336.2
364.3
346.1
358.9
362.4
368.6
367.2
360.7
336.2
198.6
114.0
84.6
364.3
219.2
126.9
92.4
346.1
206.1
117.6
88.5
358.9
215.2
123.8
91.4
362.4
217.7
125.6
92.1
368.6
219.8
128.1
91.8
367.2
224.2
130.0
94.2
360.7
222.6
133.6
89.0
139.5
76.7
41.7
35.0
146.0
82.1
45.4
36.7
141.0
77.9
42.7
35.2
144.9
80.7
44.5
36.2
144.7
80.6
44.9
35.7
147.4
82.1
45.6
36.5
147.1
85.0
46.4
38.6
143.7
84.4
47.6
36.8
137.6
84.1
53.5
145.0
91.7
53.3
140.0
88.1
51.9
143.7
90.4
53.3
144.7
91.3
53.4
148.8
96.1
52.7
143.0
89.1
53.8
138.1
82.6
55.5
62.8
39.3
23.5
64.0
41.2
22.8
63.2
40.6
22.6
64.2
41.1
23.1
64.1
41.2
22.9
65.3
42.9
22.4
62.2
39.6
22.6
59.3
36.1
23.2
0
0
0
0
0
0
0
0
Payments to foreigners
336.2
364.3
346.1
358.9
362.4
368.6
367.2
360.7
Imports of goods and services
Merchandise .
Durable goods
Nondurable goods
344.4
258.9
139.1
119.9
428.5
325.5
186.9
138.6
375.9
282.9
155.8
127.0
410.4
316.6
181.6
135.0
421.1
317.4
179.7
137.7
459.3
350.7
204.8
145.9
423.2
317.1
181.3
135.8
435.2
333.6
204.7
128.9
126.9
89.1
58.9
30.2
161.1
116.0
80.2
35.8
139.1
98.1
66.1
32.0
153.2
112.2
77.1
35.1
156.2
110.6
76.1
34.5
174.4
126.9
88.6
38.3
160.5
114.1
78.8
35.2
172.1
127.8
91.2
36.6
85.5
35.8
49.7
103.0
48.1
54.9
93.1
40.5
52.6
93.8
42.8
51.0
103.7
49.2
54.5
108.6
51.6
57.0
106.1
48.9
57.1
101.6
44.8
56.7
37.8
16.7
21.1
45.1
21.6
23.5
41.0
18.6
22.4
41.0
19.5
21.5
45.6
22.2
23.4
47.5
23.0
24.5
46.4
21.7
24.7
44.3
19.6
24.7
8.0
1.0
7.0
9.6
1.2
8.4
11.3
1.2
10.1
7.7
1.2
6.6
7.4
1.0
6.4
8.8
1.1
7.7
14.6
1.5
13.1
9.0
1.8
7.2
17.7
19.6
18.1
18.4
18.9
20.0
21.0
20.7
Capital grants received by the United States (net)
Services
Factor income 1
Other
. . .
Transfer payments (net)
From persons (net)
From government (net)
Interest paid by government to foreigners
Net foreign investment
-33.9
-93.4
-59.1
-77.7
-85.0
-119.4
-91.6
-104.2
Tables 4-1-4-2:
1. Equals rest-of-the-world production as shown in tables 1.5-1.6.
Table 4.3-4.4.—Merchandise Exports and Imports by Type of Product and by End-Use Category in Current and Constant Dollars
Billions of dollars
Billions of 1972 dollars
Seasonally adjusted at annual rates
1983
1984
1983
IV
I
II
Seasonally adjusted at annual rates
1985
1984
III
IV
I'
219.8
224.2
222.6
1983
1984
1984
1983
IV
I
II
77.9
80.7
80.6
1985
IV
lr
82.1
85.0
84.4
14.4
12.9
III
Merchandise exports
198.6
219.2
206.1
215.2
Foods, feeds, and beverages
31.1
31.5
32.9
34.5
30.5
29.5
31.5
27.7
13.7
13.5
13.5
14.2
12.5
12.8
Industrial supplies and materials
Durable goods
Nondurable goods
56.3
16.1
40.2
60.6
16.9
43.8
57.7
16.6
41.1
58.4
16.7
41.7
60.1
16.6
43.5
62.8
17.2
45.6
61.3
17.0
44.4
61.0
16.3
44.6
20.4
5.8
14.6
21.3
5.9
15.4
20.6
5.9
14.7
20.7
5.9
14.7
20.8
5.7
15.1
22.0
6.0
16.0
21.8
6.0
15.7
22.0
5.9
16.1
25.9
27.2
25.9
26.7
27.0
27.3
27.7
29.2
6.2
6.9
6.6
7.0
217.7
76.7
82.1
Capital goods, except autos
68.3
73.1
68.7
71.3
72.5
73.5
75.1
79.6
Autos. .
18.3
22.4
20.2
22.5
21.1
23.4
22.6
23.9
5.6
6.6
6.1
6.7
Consumer goods.. ..
Durable goods
Nondurable goods. . . .
13.9
5.9
8.0
13.7
5.6
8.1
14.1
5.8
8.3
13.9
6.0
7.9
13.5
5.5
8.0
13.9
5.6
8.3
13.6
5.4
8.2
13.8
5.5
8.3
7.0
2.4
4.6
6.8
2.3
4.5
7.1
2.4
4.7
6.9
2.4
4.5
6.7
2.2
4.5
6.9
2.3
4.6
6.8
2.3
4.6
6.9
2.3
4.6
Other
Durable goods
Nondurable goods
10.6
5.3
5.3
17.9
8.9
8.9
12.4
6.2
6.2
14.7
7.4
7.4
20.0
10.0
10.0
16.7
8.3
8.3
20.1
10.0
10.0
16.7
8.3
8.3
4.1
2.0
2.0
6.7
3.3
3.3
4.7
2.3
2.3
5.5
2.8
2.8
7.4
3.7
3.7
6.2
3.1
3.1
7.6
3.8
3.8
6.3
3.2
3.2
127.8
Merchandise imports
258.9
325.5
282.9
316.6
317.4
350.7
317.1
333.6
89.1
116.0
98.1
112.2
110.6
126.9
114.1
Foods, feeds, and beverages
18.2
21.2
18.4
20.9
20.3
22.9
20.7
22.8
7.6
8.7
7.7
8.7
8.2
9.3
8.6
9.6
Industrial supplies and materials, excluding petroleum
Durable goods
Nondurable goods
51.2
26.4
24.8
63.0
33.3
29.7
54.0
27.8
26.2
63.0
34.4
28.6
61.4
32.5
28.9
67.2
35.2
32.0
60.5
31.3
29.2
61.8
33.1
28.7
18.9
9.7
9.2
23.6
12.5
11.1
20.3
10.5
9.9
23.4
12.7
10.6
22.6
12.0
10.7
25.2
13.2
12.0
23.0
11.9
11.1
24.4
13.0
11.3
Petroleum and products
53.8
57.3
57.1
55.4
59.6
57.9
56.4
44.8
4.9
5.3
5.3
5.1
5.5
5.4
5.3
4.3
Capital goods, except autos
41.0
60.3
45.9
57.5
56.3
69.3
58.2
65.3
20.4
30.7
22.9
28.7
28.3
35.4
30.2
34.8
Autos
42.0
55.5
49.0
53.3
55.2
59.2
54.4
61.1
13.7
17.6
15.6
17.0
17.5
18.7
17.2
19.3
Consumer goods
Durable goods
Nondurable goods
45.3
25.9
19.4
59.7
33.5
26.2
49.9
28.9
21.0
58.7
32.5
26.2
57.0
31.9
25.0
64.6
36.3
28.3
58.5
33.1
25.3
67.3
40.0
27.3
20.5
13.6
6.9
26.6
17.7
8.9
22.7
15.3
7.4
26.2
17.0
9.1
25.3
16.8
8.6
28.9
19.3
9.6
26.1
17.7
8.4
30.9
21.8
9.1
Other ..
Durable goods
Nondurable goods
7.4
3.7
3.7
8.3
4.2
4.2
8.5
3.8
4.3
7.7
4.3
3.9
7.6
3.9
3.8
9.5
4.7
4.7
8.4
4.2
4.2
10.5
5.3
5.3
3.0
1.5
1.5
3.4
1.7
1.7
3.5
1.7
1.7
3.2
1.6
1.6
3.1
1.6
1.6
3.9
2.0
2.0
3.5
1.8
1.8
4.5
2.3
2.3
36.6
161.9
205.1
38.1
181.1
268.1
39.2
166.9
225.7
41.1
174.1
261.2
37.0
180.7
257.8
36.0
183.8
292.8
38.5
185.7
260.7
34.2
188.4
288.8
16.1
60.5
84.2
16.1
66.0
110.6
16.2
61.7
92.8
16.9
63.8
107.1
15.0
65.6
105.1
15.2
66.8
121.5
17.3
67.7
108.8
15.6
68.8
123.5
Addenda:
Exports:
Agricultural products
Nonagricultural products .
Imports of nonpetroleum products
11
SURVEY OF CURRENT BUSINESS
June 1985
Table 5.1.—Gross Saving and Investment
Table 5.10-5.11.—Inventories and Final Sales of Business in Current
and Constant Dollars
Billions of dollars
1983
1984
Seasonally adjusted at annual rates
Billions of dollars
1984
Seasonally adjusted quarterly totals
1983
I
IV
1985
lr
IV
III
II
IV
Gross saving
Gross private saving
Personal saving
Undistributed
corporate
profits with IVA and
CCAdj
Undistributed profits
IVA
CCAdj
Capital consumption allowances with CCAdj:
Corporate
Noncorporate
Wage accruals less disbursements
Government surplus or
deficit (-), NIPA's
Federal
State and local
Capital grants received by
the United States (net)
Gross investment
437.2
551.8
485.7
543.9
551.0
556.4
556.0
550.7
571.7
118.1
674.8
156.1
615.0
128.7
651.3
152.5
660.2
144.8
689.4
164.1
698.2
163.0
662.1
118.6
76.5
54.5
-112
33.2
115.4
65.4
-5.7
55.7
100.0
65.6
-9.2
43.6
107.0
72.9
-13.5
47.6
115.3
70.2
-7.3
52.3
118.4
60.3
-.2
58.3
120.8
58.0
-1.6
64.5
122.5
52.5
.9
69.1
231.2
145.9
246.2
157.0
236.4
150.0
239.9
151.8
244.1
156.0
248.1
158.8
252.8
161.5
257.4
163.7
0
0
0
0
0
0
0
0
-134.5 -122.9 -129.3 -107.4 -109.2 -133.0 -142.2 -111.4
-178.6 -175.8 -180.5 -161.3 -163.7 -180.6 -197.8 -165.1
55.6
53.7
54.5
47.6
51.2
53.9
52.9
44.1
0
0
0
0
0
0
0
0
437.7
544.4
480.9
546.1
542.0
543.4
546.1
542.6
Gross private domestic investment
Net foreign investment
471.6
-33.9
Statistical discrepancy
.5
637.8
-93.4
540.0
-59.1
-7.4
-4.8
627.0
662.8
-85.0 -119.4
623.8
-77.7
-9.0
2.2
637.8
646.8
-91.6 -104.2
-9.9
-13.0
-8.1
1985
1984
1983
I
II
III
IV
lr
Inventories l
Farm
Nonfarm
Durable goods
Nondurable goods
818.4
80.6
737.8
418.1
319.7
845.2
85.3
759.9
430.4
329.5
856.4
85.0
771.4
435.1
336.3
870.7
84.2
786.5
445.2
341.3
877.6
84.3
793.3
453.2
340.2
883.9
84.6
799.4
460.9
338.5
Manufacturing
Durable goods
Nondurable goods
339.5
218.1
121.4
348.3
223.1
125.2
356.6
228.9
127.7
364.4
234.6
129.8
363.9
236.7
127.2
362.9
237.8
125.1
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
163.6
102.9
60.8
135.6
87.7
48.0
28.0
15.2
12.8
167.6
105.7
61.9
138.7
90.1
48.6
28.9
15.6
13.3
171.0
107.8
63.2
141.4
91.9
49.5
29.6
15.9
13.7
175.6
111.9
63.7
145.9
95.6
50.3
29.7
16.3
13.5
178.0
113.8
64.2
147.8
97.3
50.5
30.2
16.5
13.7
178.6
114.8
63.9
149.2
98.2
51.0
29.4
16.5
12.9
Retail trade
Durable goods
Nondurable goods
Other
151.0
68.8
82.3
83.6
159.2
73.0
86.3
84.8
159.7
71.9
87.7
84.1
160.8
72.0
88.8
85.7
166.2
76.1
90.0
85.3
172.8
81.4
91.5
85.0
241.2
144.8
245.3
147.2
254.7
154.3
256.4
153.3
264.4
159.0
267.7
159.4
3.39
3.06
3.45
3.10
3.36
3.03
3.40
3.07
3.32
3.00
3.30
2.99
5.09
5.16
5.00
5.13
4.99
5.01
Final sales 2
Final sales of goods and structures
Ratio' Inventories to final sales
...
Nonfarm inventories to final sales
Nonfarm inventories to final sales of goods
and structures
Billions of 1972 dollars
Table 5.8-5.9.—Change in Business Inventories by Industry in Current
and Constant Dollars
Billions of dollars
Seasonally adjusted at annual rates
1983
1984
1983
IV
Change in business inventories
Farm. ..
Nonfarm
Change
in book value
IVA 1
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers. ...
Durable goods
Nondurable goods . ..
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
Durable goods .
Nondurable goods
Other
Durable goods
Nondurable goods
-13.5
-10.4
-3.1
9.2
-12.3
-9.4
-7.3
-2.2
-2.4
-2.1
-.3
-1.2
-1.8
.7
-1.2
-.3
-.9
7.6
4.7
2.9
1.1
2.5
-1.4
58.2
12.7
1984
I
II
1985
III
IV
lr
73.8
50.6
71.8
36.6
40.7
8.6 -1.4
13.2
14.1
49.6
60.6
56.2
24.4
75.7
-6.5 -10.4 -15.1
3.5
47.0
55.5
-8.4
8.1
63.7
64.1
-.3
9.4
27.2
29.4
-2.3
6.6
34.1
33.1
1.0
22.2
17.1
5.1
14.0
9.4
4.5
11.5
8.2
3.3
2.4
1.2
1.2
12.9
6.2
6.7
.6
-2.3
2.9
35.5
23.3
12.1
14.2
7.0
7.2
10.7
5.6
5.2
3.4
1.4
2.0
2.5
-3.8
6.3
-5.1
-8.2
3.1
32.4
24.4
8.1
21.2
16.4
4.8
20.0
14.7
5.3
1.2
1.7
-.5
5.8
1.3
4.6
4.3
-.4
4.6
-1.7
6.5
-8.3
10.2
6.3
3.9
7.8
5.6
2.2
2.3
.6
1.7
18.2
14.7
3.5
.5
-.8
1.3
4.3
4.8
-.5
3.9
3.7
.2
6.9
3.4
3.5
-3.0
.3
-3.3
22.8
18.4
4.5
3.1
2.1
1.0
-1.5
1.8
-3.3
7.9
6.6
1.3
9.1
6.1
3.0
-1.2
.5
-1.6
12.7
10.4
2.3
-5.1
-4.3
-.7
22.6
14.1
8.5
10.4
8.1
2.3
7.5
7.0
.5
2.8
1.1
1.7
25.1
12.7
12.4
2.5
0
2.5
Billions of 1972 dollars
Change in business inventories
Farm
Nonfarm
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade . .
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
-3.6
24.8
7.2
31.6
20.3
30.6
16.8
19.1
-4.2
.6
4.0
20.9
.2
7.0
5.4
26.2
1.6
18.7
4.1
26.5
4.8
12.0
3.4
15.7
-3.5
-2.9
-.6
-.5
-.8
.3
-.2
-.7
.4
-.3
-.1
-.2
3.4
2.1
1.3
1.2
1.1
.1
9.0
7.2
1.7
5.9
4.1
1.7
5.1
3.6
1.4
.8
.5
.3
5.9
2.8
3.2
.1
-1.0
1.1
.1
1.1
-1.0
3.4
2.8
.6
3.4
2.6
.8
-.1
.2
-.3
5.4
4.6
.8
-1.8
-1.8
0
9.1
5.8
3.3
4.8
3.5
1.2
3.9
3.1
.8
.9
.5
.4
11.4
5.4
6.1
.9
0
.9
13.8
9.7
4.2
5.3
3.1
2.2
4.1
2.5
1.7
1.2
.6
.6
1.7
-1.3
3.0
-2.1
-3.4
1.3
13.0
10.3
2.7
9.5
7.2
2.3
8.8
6.5
2.3
.7
.7
0
2.5
.5
2.0
1.5
-.1
1.7
-.1
3.1
-3.2
3.9
2.8
1.1
3.5
2.5
1.0
.4
.3
.1
8.1
6.5
1.6
.1
-.3
.5
2.1
2.3
-.3
2.4
1.6
.8
2.8
1.4
1.4
-.4
.1
-.6
10.1
7.8
2.2
1.2
.9
.3
Inventories 1
336.5
344.3
349.4
357.1
361.3
366.1
Farm
Nonfarm
Durable goods
Nondurable goods
38.9
297.6
176.3
121.3
40.2
304.1
180.0
124.1
40.6
308.8
182.0
126.8
41.7
315.4
186.4
129.0
42.9
318.4
189.4
129.0
43.7
322.3
192.6
129.8
Manufacturing
Durable goods
Nondurable goods
135.9
91.4
44.5
138.2
92.9
45.3
141.6
95.3
46.4
144.9
97.9
47.0
144.9
98.6
46.2
145.4
99.2
46.2
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
65.4
42.4
23.0
55.2
36.0
19.3
10.2
6.4
3.8
66.6
43.3
23.3
56.2
36.7
19.5
10.4
6.5
3.9
67.9
44.0
23.9
57.2
37.3
19.9
10.7
6.7
4.0
70.3
45.8
24.5
59.4
39.0
20.5
10.9
6.9
4.0
71.3
46.5
24.7
60.3
39.6
20.7
11.0
7.0
4.0
71.9
46.9
24.9
61.0
39.9
21.1
10.9
7.0
3.9
Retail trade
Durable goods
Nondurable goods
Other
67.9
30.6
37.2
28.3
70.7
32.0
38.8
28.6
71.1
31.6
39.5
28.1
71.8
31.8
40.0
28.4
73.8
33.4
40.4
28.5
76.3
35.3
41.0
28.8
111.5
69.7
112.7
70.7
116.2
73.8
115.7
73.0
118.4
75.2
118.4
74.6
3.02
2.67
3.06
2.70
3.01
2.66
3.09
2.73
3.05
2.69
3.09
2.72
4.27
4.30
4.18
4.32
4.24
4.32
Final sales 2
Final sales of goods and structures
Ratio: Inventories to final sales
Nonfarm inventories to final sales
Nonfarm inventories to final sales of goods
and structures
Table 5.10-5.11:
1. Inventories are as of the end of the quarter. The quarter-to-quarter change in inventories
calculated from current-dollar inventories in this table is not the current-dollar change in business inventories (CBI) component of GNP. The former is the difference between two inventory
stocks, each valued at their respective end-of-quarter prices. The latter is the change in the physical volume of inventories valued at average prices of the quarter. In addition, changes calculated
from this table are at quarter rates, whereas CBI is stated at annual rates. Quarter-to-quarter
changes calculated from the constant-dollar inventories shown in this table are at quarterly
rates, whereas the constant-dollar change in business inventories component of GNP is stated at
annual rates.
2. Quarterly totals at monthly rates. Business final sales equals final sales less gross product of
households and institutions, government, and rest-of-the-world and includes a small amount of
final sales by farms.
Table 5.8-5.9:
1. The IVA shown in this table differs from that which adjusts business income. The IVA in
this table reflects the mix of methods (first-in-first-out, last-in-first-out, etc.) underlying book
value inventories derived primarily from Census Bureau Statistics. The mix differs from that underlying business income derived primarily from Internal Revenue Service statistics.
12
SURVEY OF CURRENT BUSINESS
Table 6.4.—National Income Without Capital Consumption Adjustment
by Industry
June 1985
Table 7.1.—Implicit Price Deflators for Gross National Product
Index numbers, 1972=100
Billions of dollars
Seasonally adjusted
Seasonally adjusted at annual rates
1983
1984
1983
1984
IV
I
II
1983
1985
III
lr
IV
Domestic industries
2,651.9
2,940.8 2,760.3 2,861.8 2,929.6 2,963.6 3,008.3 3,042.1
2,603.6 2,897.2 2,712.6 2,814.2 2,887.5 2,919.0 2,968.1 3,004.4
Private industries
2,212.0 2,476.9 2,311.7 2,402.7 2,470.2 2,496.1 2,538.4
2,564.5
60.9
40.0
112.3
76.2
45.5
126.8
64.1
40.8
115.5
79.9
42.4
122.0
70.9
46.2
127.2
75.6
46.7
128.3
78.4
46.5
129.7
75.2
46.8
135.8
Manufacturing
Durable goods
Nondurable goods
579.9
329.5
250.4
656.2
387.4
268.8
619.8
356.7
263.2
646.7
378.4
268.3
660.4
383.8
276.6
653.3
388.1
265.1
664.6
399.3
265.3
668.4
400.2
268.2
Transportation and
public utilities
Transportation
Communication
Electric, gas,
and
sanitary services
212.9
87.7
60.1
234.5
99.3
64.7
219.2
90.7
60.8
226.3
95.0
62.8
234.1
99.1
65.0
238.0
101.3
65.7
239.7
101.6
65.1
242.4
103.0
65.7
64.3
70.6
67.6
68.5
70.0
71.0
73.0
73.7
161.2
225.2
186.9
244.7
170.8
233.7
177.3
236.2
184.4
246.6
190.8
245.1
195.0
250.8
195.2
252.9
394.0
426.6
433.9
472.2
404.8
443.0
415.6
456.3
432.4
468.0
441.5
476.9
446.1
487.6
448.4
499.5
391.7
420.4
400.9
411.6
417.3
422.9
429.7
439.9
48.3
43.6
47.7
47.6
42.1
44.5
40.2
37.7
Government and government enterprises
Rest of the world
I
II
213.6
177.7
213.0
226.0
220.4
179.0
217.7
237.6
216.0
179.3
214.8
229.7
218.0
179.0
217.4
232.6
219.2
179.5
216.4
236.0
221.5
179.2
217.8
239.7
222.8
178.4
219.4
242.0
224.6
179.1
220.1
245.2
Fixed investment
Nonresidential
..
Structures
Producers' durable equipment ..
Residential
Nonfarm structures
Farm structures
Producers' durable equipment .
Change in business inventories
216.0
206.4
263.7
183.3
246.4
249.4
247.3
172.6
218.7
207.8
264.5
186.0
255.7
259.0
261.5
173.2
217.7
208.1
265.9
185.8
248.3
251.2
248.0
174.7
216.6
206.3
262.6
184.4
249.4
252.3
258.5
174.1
218.6
207.4
264.1
185.4
255.9
259.2
261.7
173.6
219.2
208.0
265.2
186.5
258.6
262.1
261.1
172.3
220.1
209.4
265.9
187.6
259.1
262.7
266.5
172.9
222.1
211.8
268.1
189.2
258.6
262.2
271.8
172.6
241.0
271.5
249.4
266.0
245.4
270.3
247.7
267.9
250.4
269.6
250.1
263.3
249.6
263.7
251.0
252.8
234.9
232.1
236.6
220.0
236.7
247.4
241.2
247.2
224.7
251.7
239.4
235.6
240.0
221.4
241.8
243.3
238.5
245.1
215.5
246.4
246.2
240.6
246.4
225.1
250.0
248.6
241.5
247.4
227.1
253.5
251.4
243.7
249.8
228.2
256.9
254.8
246.4
252.4
231.5
260.9
Net exports of goods and
Exports
Imports
Government purchases of
goods and services
Federal
National defense
Nondefense
State and local
Index numbers, 1972 = 100
Seasonally adjusted
Seasonally adjusted at annual rates
1983
1984
1983
IV
Corporate
with IVA
1985
1984
I
l
225.2
285.7
260.0
277.4
291.1
282.8
291.6
292.3
200.4
29.4
171.0
24.8
262.7
28.1
234.7
23.0
234.4
28.6
205.8
25.6
251.7
28.7
223.0
25.7
269.8
29.1
240.8
21.3
258.5
26.9
231.6
24.3
270.9
27.5
243.4
20.7
271.6
28.4
243.2
20.7
192.0
230.0
216.3
229.8
238.7
224.5
227.1
223.2
167.2
207.1
190.8
204.1
217.5
200.2
206.4
202.5
Financial
Federal Reserve banks....
Other
29.6
14.8
14.8
27.8
16.7
11.1
28.5
15.5
13.1
28.7
16.0
12.7
28.9
16.4
12.5
26.6
17.1
9.5
27.1
17.5
9.6
28.0
16.9
11.1
Nonfinancial
Manufacturing
Durable goods
Primary metal industries
Fabricated
metal
products
Machinery, except
electrical
Electric and electronic equipment ..
Motor vehicles and
equipment
Other
137.6
65.2
11.9
179.2
85.5
29.0
162.3
82.9
22.7
175.4
89.8
30.3
188.6
92.3
27.6
173.6
78.3
26.4
179.3
81.6
31.7
174.6
77.9
27.2
.1
.6
.3
.5
.7
Nondurable goods
Food and kindred
products
Chemicals
and
allied products
Petroleum and coal
products
Other
Transportation and
public utilities
Wholesale and retail
trade
Other
.
..
Rest of the world
-2.3
.4
-1.4
1984
r
IV
III
II
1983
3.5
6.1
5.3
5.2
6.0
5.7
7.5
6.2
2.0
5.0
2.9
4.0
6.2
4.8
5.3
4.6
.9
2.8
1.9
2.8
1.9
3.1
3.6
2.9
7.4
.4
9.8
4.9
11.7
2.3
14.6
3.6
7.9
5.2
7.6
4.9
8.9
6.0
8.6
4.2
53.4
56.5
60.2
59.4
64.7
51.9
49.8
50.8
6.6
7.0
7.1
7.7
7.8
6.7
5.6
6.3
6.8
8.2
8.1
9.0
9.5
7.8
6.5
6.4
23.5
16.5
22.7
18.7
27.6
17.3
23.6
19.1
27.9
19.5
19.3
18.2
19.9
17.9
19.8
18.4
22.5
27.7
23.5
27.3
28.3
27.1
28.1
29.0
33.4
16.4
45.9
20.2
39.5
16.4
40.6
17.9
47.0
21.0
46.8
21.5
49.4
20.3
45.5
22.1
24.8
23.0
25.6
25.7
21.3
24.3
20.7
20.7
1983
1984
IV
I
II
1985
III
IV
lr
223.8
233.4
227.6
230.4
232.8
235.1
237.2
239.7
222.4
185.0
223.2
234.3
231.1
188.9
229.7
246.9
225.5
187.4
225.6
238.5
228.2
187.7
228.8
241.5
230.0
188.8
228.8
245.2
232.2
189.1
229.6
249.4
234.5
189.8
231.7
252.3
236.4
191.1
232.4
255.5
Gross private domestic
investment
Fixed investment
234.5
Nonresidential
230.4
Structures
249.8
Producers' durable equipment .. 219.3
Residential
242.3
Change in business inventories
240.6
234.9
255.4
223.0
251.7
237.5
231.7
250.8
220.7
248.4
238.6
232.9
252.3
221.8
249.4
242.2
234.7
255.3
222.8
256.4
244.0
236.1
256.2
224.5
259.0
244.9
237.1
257.6
225.4
259.7
245.6
238.7
259.9
226.5
258.7
Gross national product
profits
Domestic industries
lr
215.34 223.43 218.21 220.58 222.40 224.57 226.10 229.07
Billions of dollars
Domestic industries
Financial
Nonfinancial
Rest of the world
IV
Table 7.2.—Fixed-Weighted Price Indexes for Gross National Product,
1972 Weights
Table 6.20.—Corporate Profits by Industry
Corporate
profits
with
IVA
and
CCAdj
1985
III
Gross private domestic
Agriculture, forestry,
and fisheries
Mining
Construction
Wholesale trade
Retail trade
Finance, insurance, and
real estate
Services
Personal consumption
expenditures
Durable goods
Nondurable goods .
Services
1984
1983
IV
Gross national product
National
income
without CCAdj
1984
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
Net exports of goods and
services
Exports
Imports
248.0
299.9
254.8
299.0
252.7
298.7
254.4
300.3
257.2
302.1
256.3
299.3
255.3
297.0
255.4
292.2
Government purchases of
goods and services
Federal
National defense
Nondefense
State and local . .
236.5
236.7
242.3
222.3
236.4
249.2
246.5
252.6
230.7
251.0
240.7
239.9
246.1
224.0
241.2
245.0
244.1
250.2
228.5
245.5
248.2
246.4
252.9
230.0
249.4
250.6
247.3
253.4
231.6
252.8
252.9
247.9
253.8
232.7
256.2
257.2
252.8
258.5
238.2
260.1
Addenda:
227.2
Gross domestic purchases *
Final sales
. . . 223.8
Final 1 sales to domestic purchasers
227.3
236.3
233.5
230.6
227.7
233.4
230.5
235.7
232.9
237.9
235.2
239.9
237.3
242.1
239.9
236.4
230.7
233.5
235.8
238.0
240.1
242.3
230.9
223.9
230.5
229.5
230.9
232.7
234.2
368.3
368.3
366.7
369.1
367.9
369.4
365.2
218.5
212.8
214.8
217.3
220.1
222.5
225.1
233.9
232.4
227.8
226.9
230.6
229.3
233.0
231.6
235.3
233.9
237.4
236.0
240.0
238.1
Personal consumption
expenditures, food
..
221.8
Personal consumption expenditures, energy
365.0
Other personal consumption expenditures
209.4
Gross domestic product
Business
Nonfarm
, 224.3
223.5
224.6
Table 7.1-7.2:
1. Gross domestic purchases equals GNP less exports plus imports; final sales to domestic purchasers equals final sales less exports plus imports.
SURVEY OF CURRENT BUSINESS
June 1985
13
Table 7.7.—Current-Dollar Cost and Profit Per Unit of Constant-Dollar
Gross Domestic Product of Nonfinancial Corporate Business
Table 7.3.—Implicit Price Deflators for Gross National Product by
Major Type of Product
Index numbers, 1972=100
Dollars
Seasonally adjusted
1983
1984
1983
IV
Gross national product
Seasonally adjusted
1984
I
II
1985
III
Ir
IV
215.34 223.43 218.21 220.58 222.40 224.57 226.10 229.07
223.3
218.4
220.3
222.1
224.4
226.2
229.3
196.9
201.8
199.0
201.1
201.3
202.0
202.8
204.9
Final sales
Change in business inventories
197.8
200.7
199.3
199.7
200.0
200.7
202.5
204.7
Durable goods
Final sales
Change in business inventories
Nondurable goods
Final sales
Change in business inventories
187.8
188.3
192.0
190.4
190.7
190.1
191.0
188.8
190.9
190.0
192.4
190.1
193.5
192.5
195.2
193.9
203.7
204.9
209.8
209.0
205.7
206.5
209.2
208.3
209.6
208.0
209.7
208.9
210.7
210.7
212.8
213.3
Services
226.7
239.3
230.7
234.3
237.8
241.3
243.9
247.7
Structures
252.0
258.1
254.1
253.8
257.9
259.7
260.9
262.4
Addenda:
217.7
Gross domestic purchases 1
Final l sales to domestic purchasers
218.0
225.3
220.4
222.6
224.4
226.4
227.6
229.6
225.1
220.6
222.4
224.1
226.2
227.7
229.8
215.7
Final sales
Change in business inventories... .
Goods
IV
1985
1984
1983 1984 1983
I
II
III
IV
lr
Current-dollar cost and profit per unit
of constant-dollar
gross domestic
2.139 2.203 2.163 2.178 2.192 2.213 2.228 2.256
product l
Capital consumption allowances with CCAdj
Net domestic product
Indirect business tax and nontax liability
plus business transfer payments less subsidies
Domestic income
Compensation of employees
. ..
Corporate profits with
IVA and CCAdj
Profits tax liability
Profits after tax with IVA and CCAdj
Net interest
.. ..
.243 .237 .239 .236 .234 .238 .239 .243
1.896 1.966 1.924 1.942 1.958 1.976 1.989 2.014
.219 .220 .219 .217 .218 .221 .222 .226
1.677 1.747 1.706 1.726 1.740 1.754 1.767 1.788
1.409 1.425 1.408 1.415 1.414 1.434 1.438 1.462
.191
.065
.126
.077
.240
.073
.167
.081
.221
.072
.149
.077
.233
.078
.155
.078
.236
.066
.171
.084
.246
.079
.167
.081
.245
.069
.176
.083
.245
.067
.178
.082
Table 7.8.—Implicit Price Deflators for Auto Output
Index numbers, 1972=100
Seasonally adjusted
1983 1984 1983
Table 7.4.—Implicit Price Deflators for Gross National Product by
Sector
Gross national product
215.34 223.43 218.21 220.58 222.40 224.57 226.10 229.07
IV
Auto output .
Gross domestic product . . .
Business
Nonfarm..
Nonfarm less housing
Housing
Farm
Statistical discrepancy
215.4
2134
2142
215.3
2054
1820
213.4
223.4
2207
2213
221.8
2172
1989
220.7
218.2
2160
2168
217.7
2096
1813
216.0
220.6
2180
2184
219.2
2120
201 5
218.0
222.4
2197
2201
220.7
2153
2056
219.7
224.6
2218
2225
222.9
2191
1996
221.8
2261
2232
2242
224.4
2223
1901
223.2
2291
2259
2272
227.5
2250
181 5
225.9
Households and institutions
Private households
Nonprofit institutions
2464
233.9
247.3
2581
236.5
259.8
2517
234.7
253.0
2545
236.0
255.9
2573
236.1
258.9
2594
236.5
261.2
2612
237.1
263.1
2637
238.1
265.7
Final sales
Personal consumption expenditures
New autos
Net purchases of used autos
Producers' durable equipment
New autos
Net purchases of used autos
Net exports
Exports
Imports
Government purchases
Change in business inventories
Government
Federal ...
State and local
222.4
2099
228.5
237.5
2206
245.8
227.1
211 8
234.6
233.1
2196
239.6
236.1
2203
243.9
238.9
2207
2478
2421
2218
2520
247.5
2288
2567
Addenda:
Domestic output of new autos2 1
Sales of imported new autos
214.2
222.6
217.2
219.7
221.5
223.8
2254
2286
Rest of the world
Addendum:
Gross domestic business product
less housing
II
III
1985
IV
lr
177.8 183.0 180.8 183.7 181.5
181.9 184.7 189.2
178.4 182.5 180.5 181.7 181.5
203.6 211.1 207.1 208.8 210.5
182.4 187.0 185.2 185.9 186.0
181.7 185.2 184.2
212.9 212.6 214.6
186.8 189.2 191.5
139.6 147.7 141.3 147.3 145.1
182.7 187.7 185.4 186.7 186.8
148.8 149.9 154.1
187.9 189.6 191.9
183.4 190.8 186.4 192.1 190.0
241.8 248.9 243.5 246.6 249.8
157.1 135.3 160.3 148.0 126.2
190.9 189.8 197.6
250.8 248.3 260.7
131.6 133.0 132.1
182.6 187.6 185.3 186.9 186.6
182.5 186.7 185.3 185.5 185.7
187.7 189.3 192.3
186.6 188.8 191.0
Table 7.9.—Implicit Price Deflators for Truck Output
Table 7.5.—Implicit Price Deflators for the Relation of Gross National
Product, Net National Product, and National Income
Gross national product
1984
I
215.34 223.43 218.21 220.58 222.40 224.57 226.10 229.07
Less: Capital consumption allowances with CCAdj
2244
2302
2264
2275
2298
231 1
2322
2333
Equals: Net national product
222.6
217.2
2197
221 5
2238
2254
2286
214.2
Less:
Indirect business tax and nontax
liability plus business transfer
payments less subsidies plus
current surplus of government
enterprises
1847
Truck output 1
Final sales
Personal consumption expenditures
Producers' durable equipment
Net exports
Exports
.
Imports
Government purchases
Change in business inventories
217.1 229.0 218.5 224.7 227.4 232.1 231.1 232.0
217.1 228.3 218.3 223.3 227.6 230.7 230.9 231.9
1826 1877 1853 186.5 186.7 187.4 189.9 192.2
242.9 253.2 242.2 248.0 252.8 256.1 254.8 257.9
243.1 253.0 242.3 248.0 252.8 256.0 254.8 2579
215.6 220.9 216.5 221.4 221 8 217.7 2288 2221
243.0 252.7 242.2 248.0 252.8 256.1 254.8 257.9
Table 7.11.—Implicit Price Deflators for Personal Consumption
Expenditures by Major Type of Product
1932
1819
1810
1943
1985
1987
1990
Statistical discrepancy
213.4
220.7
216.0
218.0
219.7
221.8
223.2
225.9
Equals: National income
217.9
226.2
221.6
224.5
224.8
226.8
2286
232 1
Personal consumption expenditures
213.6 220.4 216.0 218.0 219.2 221.5 222.8 224.6
Durable goods
.
Motor vehicles and parts
Furniture and household equipment
Other
177.7
1941
158.1
185.8
179.0
1977
156.5
188.9
179.3
196.3
158.5
187 ?,
179.0
196.3
157.6
1880
179.5
197.4
157.4
189.0
179.2
198.5
156.1
189,7
178.4
198.5
155.0
189.0
179.1
200.4
154.4
190.1
Table 7.3:
1. Gross domestic purchases equals GNP less exports plus imports; final sales to domestic purchasers equals final sales less exports plus imports.
Table 7.7:
1. Equals the deflator for gross domestic product of nonfinancial corporate business with the
decimal point shifted two places to the left.
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Other nondurable goods
Fuel oil and coal
Other
213.0
220.5
143.6
344.9
230.8
531.2
213.6
217.7
229.4
145.3
339.4
236.8
5433
220.4
214.8
?,?,?, 4
145.0
349.0
?,33 7
531.6
216.0
217.4
2288
144.4
3406
235 4
550.0
217.5
216.4
228.4
143.6
342.5
235.6
549.6
218.8
217.8
2293
145.2
3346
238,2
538 1
2222
219.4
231.0
147.8
340.0
238.1
535.0
223.1
220.1
232.4
1486
334.1
239.6
521 0
2259
Table 7.8:
1. Consists of final sales and change in business inventories of new autos produced in the
United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and government purchases.
Table 7.9:
1. Includes new trucks only.
Services
Housing
Household operation
Electricity and gas
Other
Transportation
Other
226.0
212.1
240.0
3262
185.2
228.9
232.7
237.6
223.9
253.0
3412
197.1
239.3
2440
229.7
216.0
243.8
331.6
187.1
2321
236.3
232.6
218.4
248.1
333.0
194.4
2346
239.3
236.0
221.9
251.1
336.7
195.6
237.2
242.8
239.7
2259
257.3
3509
1982
240.6
245 6
242.0
229.3
255.3
344.0
200.3
244.9
248.0
245.2
231.9
257.6
3470
201 ,4
250.1
251 6
14
SURVEY OF CURRENT BUSINESS
Table 7.14B.—Implicit Price Deflators for Government Purchases of
Goods and Services by Type
June 1985
Table 7.17.—Implicit Price Deflators for Merchandise Exports and
Imports by Type of Product and by End-Use Category
Index numbers, 1972=100
Index numbers, 1972=100
Seasonally adjusted
1983
1984
IV
Government purchases of
goods and services
Federal
234.9
232.1
247.4
241.2
239.4
235.6
Seasonally adjusted
1984
1983
I
II
243.3
238.5
246.2
240.6
1985
III
IV
lr
248.6
251.4
254.8
241.5
243.7
246.4
National defense
Durable goods
Nondurable goods
Services
Compensation of
employees
Military
Civilian
Other services
Structures
236.6
243.7
426.7
224.0
247.2
257.7
417.5
234.6
240.0
251.8
404.8
226.8
245.1
254.5
421.9
232.6
246.4
255.0
425.3
234.0
247.4
257.5
411.9
235.2
249.8
263.6
410.9
236.3
252.4
261.6
397.8
242.0
211.5
215.4
205.9
244.7
224.7
222.5
227.3
215.8
253.0
235.0
213.7
218.2
207.2
248.0
227.0
221.6
226.5
214.6
250.7
229.6
222.2
227.0
215.4
252.6
234.2
222.7
227.6
215.8
254.2
236.5
223.7
228.2
217.2
254.3
238.8
231.1
236.5
223.3
257.4
238.6
Nondefense
,
Durable goods
Nondurable goods
Commodity Credit Corporation inventory change
Other nondurables
Services
.
.
. . .
Compensation of
employees
Other services
Structures
220.0
215.8
224.7
223.0
221.4
218.1
215.5
218.9
225.1
222.5
227.1
224.2
228.2
226.1
231.5
229.1
State and local
Durable goods
Nondurable goods
Services . .
. . . .
Compensation of employees..
Other services
Structures
309.1
215.1
292.3
224.2
300.5
217.1
263.1
222.6
318.7
223.4
297.3
224.6
292.4
226.2
274.2
231.1
206.7
228.1
233.4
216.6
235.8
239.2
208.0
230.7
234.6
215.6
233.3
236.6
216.3
234.7
238.7
216.7
236.8
239.5
218.0
238.1
241.8
224.2
241.2
244.3
236.7
219.1
262.8
235.5
228.5
257.5
233.0
251.7
225.3
269.5
252.6
245.8
273.0
241.1
241.8
221.2
265.0
241.5
234.6
262.8
234.0
246.4
223.2
269.2
246.5
239.6
267.4
236.8
250.0
224.4
270.1
250.6
243.9
270.8
239.9
253.5
226.1
269.2
254.8
247.8
275.7
242.0
256.9
227.2
269.4
258.5
252.0
278.1
245.2
260.9
228.6
269.3
263.0
256.7
281.6
248.8
Table 7.16.—Implicit Price Deflators for Exports and Imports of Goods
and Services
1983
1984
1983
IV
1984
I
II
1985
III
IV
lr
263.7
Merchandise exports
258.9
267.1
264.7
266.7
270.0
267.9
263.9
Foods, feeds, and beverages
Industrial supplies and
materials
Durable goods
Nondurable goods
226.7
233.9
244.0
242.5
244.8
231.3
218.3
215.1
276.1
276.2
276.1
284.7
284.6
284.7
280.0
280.0
280.0
282.6
282.7
282.6
288.9
289.0
288.9
285.3
285.2
285.3
281.9
281.9
281.9
276.8
276.7
276.S
Capital goods, except autos
Autos
Consumer goods
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
263.9
328.1
198.8
250.0
172.5
259.0
259.0
259.0
269.0
338.9
200.8
242.8
179.3
267.1
267.1
267.1
265.0
334.0
198.9
245.4
175.4
264.7
264.7
264.7
266.7
336.4
201.2
245.5
177.1
266.8
266.8
266.8
268.4
338.9
201.3
245.3
179.3
270.1
270.1
270.1
269.7
340.2
200.9
241.4
180.6
267.8
267.8
267.8
271.2
340.2
199.6
238.9
180.3
263.8
263.9
263.8
272.2
341.8
198.8
235.9
180.1
263.7
263.7
263.7
Merchandise imports
290.6
280.7
288.4
282.1
287.0
276.3
278.0
261.0
Foods, feeds, and beverages
Industrial supplies and
materials, excluding
petroleum
Durable goods
Nondurable goods
Petroleum and products
Capital goods except autos
Autos
Consumer goods
Durable goods
Nondurable goods
Other
Durable goods .
Nondurable goods
237.8
244.2
240.0
241.6
247.8
247.8
239.4
237.6
Addenda:
Exports:
Agricultural products
Nonagricultural products
Imports of nonpetroleum
products
270.9 267.5 265.4 269.8 271.2 266.2 262.8 253.4
271.0
267.5 265.4 270.1 271.0 266.1 262.7 253.3
270.8 267.4 265.5 269.3 271.4 266.4 262.9 253.5
1,093.6 1,072.3 1,081.3 1,078.0 1,083.9 1,068.2 1,059.2 1,034.5
200.9 196.7 200.1 200.4 198.7
195.7
192.5
187.5
306.5 315.5
315.9
313.5
313.3
316.1
316.6
316.8
221.4 224.1 219.8
224.3 224.7 223.8 223.7 217.8
191.3
189.0
189.0
190.6
190.5
188.3
186.9
183.4
280.4 293.7 283.3 287.3 291.5
295.2 301.1
300.0
243.7 242.2 243.3 243.8 245.1 240.9 239.7 233.8
243.7 242.2 243.3 243.8 245.1 240.9 239.9 233.9
243.7 242.2 243.3 243.8 245.1 240.9 239.6 233.7
227.0
267.5
236.9
274.4
242.5
270.5
243.1
272.9
246.9
275.3
236.2
275.1
222.8
274.4
219.4
273.8
243.7
242.4
243.3
243.9
245.3
241.0
239.7
233.9
Index numbers, 1972 = 100
Seasonally adjusted
1983
1984
IV
1985
1984
1983
I
II
III
IV
I'
Exports of goods and services
241.0
249.4
245.4
247.7
250.4
250.1
249.6
251.0
Merchandise
Durable goods
Nondurable goods
258.9
273.2
242.0
267.1
279.8
251.4
264.7
275.8
251.2
266.7
278.1
252.6
270.0
279.8
257.8
267.9
280.8
251.7
263.9
280.3
244.2
263.7
280.6
241.9
Services
Factor income
Other
219.2
214.3
227.3
226.8
222.6
234.4
221.6
217.2
229.6
223.7
219.7
230.9
225.7
221.5
233.1
227.9
223.8
235.7
230.0
225.4
238.0
232.9
228.6
239.7
Imports of goods and services
271.5
266.0
270.3
267.9
269.6
263.3
263.7
252.8
Merchandise
Durable goods
Nondurable goods
290.6
235.9
397.5
280.7
233.1
387.4
288.4
235.8
397.0
282.1
235.6
384.4
287.0
236.1
399.2
276.3
231.0
381.3
278.0
230.0
385.4
261.0
224.4
352.1
Services
Factor income
Other
226.3
214.4
235.7
228.4
222.7
233.6
227.0
217.2
235.1
228.9
219.8
237.1
227.6
221.5
233.3
228.6
223.8
233.1
228.5
225.4
231.3
229.3
228.6
229.9
Table 7.21.—Implicit Price Deflators for Inventories and Final Sales of
Business
Index numbers, 1972 = 100
Seasonally adjusted
1983
1984
1984
1983
IV
I
II
1985
III
IV
lr
Inventories l
243.3
245.5
245.1
243.8
242.9
241.5
Farm
Nonfarm
Durable goods
Nondurable goods
207.3
248.0
237.2
263.6
211.9
249.9
239.2
265.4
209.1
249.8
239.1
265.2
202.0
249.4
238.8
264.6
196.6
249.2
239.2
263.7
193.4
248.0
239.3
260.8
Manufacturing
Durable goods
Nondurable goods
249.8
238.6
272.9
252.0
240.2
276.2
251.7
240.2
275.4
251.5
239.8
275.9
251.2
240.0
275.1
249.6
239.7
270.8
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers ....
Durable goods
Nondurable goods
250.1
242.6
263.8
245.6
243.8
248.9
274.4
236.1
340.1
251.6
244.2
265.2
246.7
245.3
249.4
277.8
238.2
344.9
251.7
244.7
264.7
247.0
246.0
248.9
276.6
236.9
343.2
249.8
244.1
260.5
245.5
245.5
245.5
273.4
236.3
337.3
249.7
244.4
259.5
245.0
245.7
243.7
275.2
237.3
340.7
248.5
244.5
256.0
244.6
245.9
242.1
270.8
236.8
332.1
Retail trade
Durable goods
Nondurable goods
Other
222.6
224.6
220.8
295.0
225.2
228.4
222.5
296.8
224.4
227.4
222.1
299.9
224.1
226.6
222.0
301.2
225.2
228.0
222.8
299.7
226.5
230.2
223.3
295.4
216.2
217.6
219.3
221.5
223.2
226.1
207.7
208.3
209.1
210.1
211.6
213.8
Final sales 2
Final sales of goods and structures
Table 7.21:
1. Inventories are as of the end of the quarter.
2. Business final sales equals final sales less gross product of households and institutions, government, and rest of the world.
June 1985
15
SURVEY OF CURRENT BUSINESS
Table 8.1.—Percent Change From Preceding Period in Gross National Product in Current and Constant Dollars, Implicit Price Deflators, and
Price Indexes
Percent
Percent at annual rates
Percent at annual rates
Percent
Seasonally adjusted
1983
Gross national product:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed- weighted price index
1984
Seasonally adjusted
1984
1983
IV
I
II
1985
III
IV
10.8
6.8
3.8
4.2
4.3
10.6
5.9
4.4
4.1
3.9
14.9
10.1
4.4
4.9
5.0
10.7
7.1
3.3
4.1
4.3
5.6
1.6
3.9
3.9
4.0
7.1
4.3
2.8
3.6
3.6
5.6
.3
5.4
4.6
4.3
8.6
4.8
3.7
4.1
4.0
8.6
5.3
3.2
3.9
3.9
9.2
6.8
2.3
3.6
3.4
8.6
4.6
3.8
4.7
4.9
10.2
7.9
2.2
3.3
3.1
5.0
.7
4.3
3.9
4.0
6.1
3.6
2.4
3.8
3.9
8.6
5.2
3.2
3.6
3.3
Durable goods:
Current dollars
1972 dollars
Implicit price deflators
Chain price index
Fixed-weighted price index ..
14.1
12.1
1.8
2.2
2.5
13.9
13.1
.7
1.6
2.1
24.0
20.5
2.9
3.9
4.1
15.8
16.3
-.5
.2
.6
13.1
12.0
1.1
1.8
2.4
-4.2
-3.6
-.6
.1
.7
11.9
14.1
-1.9
1.2
1.5
10.9
9.2
1.6
2.7
2.8
Nondurable goods:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weigh ted price index ..
5.8
3.7
2.1
2.2
2.0
6.9
4.6
2.2
2.9
2.9
5.7
5.0
.6
2.3
2.3
9.2
4.1
4.9
5.7
5.8
8.4
10.3
-1.7
.2
-.1
1.5
-1.2
2.7
1.9
1.5
2.4
-.5
2.8
3.9
3.7
5.1
3.7
1.3
1.7
1.3
Services:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index ..
9.4
3.4
5.8
6.1
6.2
8.5
3.2
5.1
5.3
5.4
8.3
3.8
4.3
4.4
4.2
6.2
1.2
5.0
5.3
5.2
10.9
4.6
6.0
6.1
6.2
10.5
3.8
6.4
6.5
7.0
7.3
3.3
3.9
4.5
4.7
10.6
5.0
5.4
5.2
5.1
13.7
13.7
35.2
31.2
35.3
37.0
78.0
71.6
2.0
-2.2
24.9
24.9
10.0
9.7
.3
.5
1.4
19.5
18.0
1.3
1.9
2.6
27.5
23.5
3.2
.6
.6
18.4
20.8
-2.0
1.3
2.0
20.6
16.2
3.8
4.5
6.1
10.6
9.3
1.2
2.6
3.1
7.0
5.3
1.7
1.6
1.5
3.4
-.1
3.5
1.5
1.1
.9
2.5
-1.5
1.1
20.6
19.8
.7
1.2
28.4
30.6
6.0
.9
16.5
20.6
-3.4
1.1
23.9
21.3
2.2
2.2
14.9
13.7
1.1
2.1
11.5
8.5
2.7
1.7
3.0
-1.6
4.6
2.4
2.0
1.9
1.3
2.1
3.0
2.4
1.8
2.6
-8.7
-7.8
16.0
15.6
37.5
28.5
17.2
23.2
24.1
21.3
3.8
2.0
18.3
17.2
13.2
9.5
-1.0
-.6
.3
1.3
7.0
.2
-4.9
.6
2.3
4.8
1.8
1.2
1.0
2.1
3.4
3.5
1.2
2.3
1.3
2.3
5.0
1.4
2.2
3.7
7.6
7.3
23.4
21.5
38.9
31.4
16.1
19.6
23.8
21.2
21.5
18.6
8.0
5.4
.3
2.2
1.5
1.1
5.7
1.2
-3.0
1.4
2.1
.7
2.5
2.6
2.4
1.5
3.5
1.9
2.6
1.7
1.2
2.0
1.8
3.1
1.6
2.0
44.7
41.7
16.4
12.2
3.3
4.0
23.6
21.3
12.1
1.2
-.6
-4.6
2.1
-1.4
3.8
3.8
-.7
-.1
1.9
1.7
10.9
11.0
4.2
4.2
Chain price index
Fixed-weighted price index
Gross private domestic
investment:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed- weighted price index
Fixed investment:
Current dollars
1972 dollars
Implicit price deflator
Fixed-weigh ted price index ..
Nonresidential:
Current dollars
1972 dollars
Implicit price deflator ...
Chain price index
Fixed-weighted
price
Structures:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price
Producers' durable
equipment:
Current dollars
1972 dollars
Implicit price deflator .. .
Chain price index
Fixed-weighted price
index
Residential:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price
index
Government purchases of goods
and services:
Current dollars
1972 dollars
Implicit price deflator
Chain price deflator
Fixed- weighted price index
1985
1984
1983
IV
I
II
III
IV
lr
5.4
-.3
5.7
5.4
4.8
9.0
3.5
5.4
5.5
5.4
.9
-4.3
5.5
5.2
4.9
7.8
1.0
6.7
7.8
7.3
24.3
18.6
4.8
5.2
5.4
9.6
5.4
4.0
4.1
3.9
10.7
5.9
4.5
3.5
3.7
5.9
.3
5.6
6.7
7.0
Federal:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
4.2
-.6
4.8
4.2
3.5
9.5
5.4
3.9
4.3
4.1
-4.3
-8.7
4.8
4.6
4.6
2.0
-2.8
5.0
8.0
7.3
50.5
45.2
3.7
3.7
3.8
7.8
6.2
1.5
1.6
1.4
19.4
15.2
3.6
.7
.9
5.4
.7
4.6
7.4
8.2
National Defense:
Current dollars
1972 dollars .
Implicit price deflator
Chain price index
Fixed- weigh ted price index
11.7
7.1
4.2
4.3
3.5
10.5
5.8
4.5
4.5
4.3
13.2
9.2
3.6
5.6
6.1
12.5
3.4
8.8
6.9
6.9
14.7
12.2
2.2
4.6
4.3
-.8
-2.3
1.5
1.4
.9
22.1
17.5
4.0
.2
.6
4.0
-.2
4.2
7.4
7.6
Nondefense:
Current dollars
-12.8
1972 dollars
-16.9
Implicit price deflator
4.9
Chain price index
4.1
Fixed-weighted price index..
3.4
6.7 -44.1 -29.1
4.5 -46.3 -21.1
2.1
4.2 -10.2
3.8
11.7
1.8
3.8
.5
8.3
277.9
217.5
19.0
.6
2.6
36.5
31.7
3.6
2.3
2.8
12.1
9.9
2.0
2.1
1.9
9.2
3.1
5.9
7.6
9.9
State and local:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index ..
6.2
.0
6.2
6.2
5.7
8.7
2.2
6.4
6.3
6.2
4.4
-1.4
5.8
5.6
5.1
11.5
3.5
7.8
7.6
7.3
10.0
3.7
6.0
6.1
6.4
10.7
4.8
5.6
5.7
5.6
5.2
-.2
5.5
5.4
5.5
6.3
0
6.3
6.2
6.2
Gross domestic purchases:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
8.6
5.0
3.5
3.9
3.7
12.5
8.7
3.5
4.0
4.0
12.2
8.7
3.3
3.5
3.3
17.6
12.9
4.1
4.8
4.9
11.4
7.9
3.3
3.8
4.1
9.1
5.4
3.5
3.6
3.8
3.2
.9
2.3
3.3
3.4
7.6
3.9
3.5
3.9
3.7
Final sales:
Current dollars..
1972 dollars
Implicit price deflator
Chain price index
Fixed- weighted price index
7.2
3.2
3.9
4.3
4.2
8.6
5.0
3.5
4.2
4.3
8.4
4.2
4.0
4.1
3.9
7.3
3.6
3.5
4.9
5.0
13.8
10.3
3.2
4.1
4.3
3.2
-1.0
4.2
4.1
4.1
11.4
7.9
3.3
3.7
3.7
5.2
-.3
5.6
4.7
4.4
Final sales to domestic purchasers:
Current dollars.
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
8.1
4.4
3.5
3.9
3.7
10.3
6.8
3.3
4.0
4.0
10.0
6.9
2.9
3.4
3.3
9.9
6.3
3.3
4.8
4.9
14.5
11.1
3.1
3.9
4.1
6.8
2.9
3.8
3.7
3.8
7.2
4.3
2.7
3.4
3.5
7.2
3.4
3.7
3.9
3.8
Gross domestic product:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
7.8
3.8
3.8
4.3
4.2
11.1
7.1
3.8
4.2
4.3
11.2
6.6
4.4
4.1
3.8
15.2
10.3
4.4
4.9
5.0
11.5
7.9
3.3
4.1
4.3
5.4
1.4
3.9
3.9
4.0
7.7
4.8
2.8
3.6
3.6
6.0
.6
5.4
4.6
4.3
Business:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed- weigh ted price index ..
7.8
4.3
3.3
3.9
3.7
11.8
8.1
3.4
3.9
4.0
11.9
7.4
4.2
3.8
3.5
16.1
11.9
3.8
4.2
4.2
12.4
9.0
3.2
3.9
4.1
5.5
1.5
3.9
3.9
4.0
8.0
5.3
2.5
3.4
3.5
5.5
.5
4.9
4.1
3.6
Nonfarm:
Current dollars
1972 dollars
Implicit price deflator ..
Chain price index
Fixed-weighted price
index
8.5
4.9
3.5
4.1
11.7
8.1
3.3
12.8
8.6
3.9
13.1
9.8
3.0
13.4
10.0
3.1
5.4
1.0
4.4
7.9
4.6
3.1
6.3
.8
5.5
10.1
6.7
10.7
8.2
12.7
8.6
8.6
6.3
8.4
3.9
6.0
3.5
1.6
-1.6
Addenda:
-14.3
-13.1
-4.7
-5.5
.8
1.2
5.8
3.1
-2.3
-5.6
4.6
5.3
-.7
-1.2
.2
3.9
-.6
1.7
11.6
4.2
1.0
Exports:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed- weighted price index
-3.5
-5.5
2.1
2.0
1.7
8.4
4.7
3.5
2.9
2.8
5.0
-1.5
6.6
6.2
6.1
15.6
11.4
3.7
2.9
2.7
4.0
-.5
4.5
4.4
4.5
7.1
7.5
-.4
-.8
-1.4
-1.6
-.7
-.9
-1.2
-1.6
Imports:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
4.6
7.6
-2.8
-2.0
-2.9
24.4
26.9
-2.0
.4
-.3
21.1
32.3
-8.5
.3
-.9
42.0
47.1
-3.5
2.1
2.3
10.9
8.0
2.6
2.0
2.3
41.5 -27.9
11.8
55.5 -28.3
32.3
-9.0
.5 -15.5
-2.7
-2.3
-5.4
-3.7 | -3.0 | -6.4
-1.4
-6.9
-9.0
2.4
.6
.1
NOTE. — The implicit price deflator for GNP is a weighted average of the detailed price indexes
used in the deflation of GNP. In each period, the weights are based on the composition of
constant-dollar output in that period. In other words, the price index for each item (1972 = 100)
is weighted by the ratio of the quantity of the item valued in 1972 prices to the total output in
1972 prices. Changes in the implicit price deflator reflect both changes in prices and changes in
1984
I'
7.7
3.7
3.8
4.3
4.2
Personal consumption
expenditures:
Current dollars
1972 dollars
1983
Disposable personal
income:
Current dollars
1972 dollars
43
7.3
3.5
the composition of output. The chain price index uses as weights the composition of output in
the prior period, and therefore reflects only the change in prices between the two periods,
However, comparisons of percent changes in the chain index also reflect changes in the
composition of output. The fixed-weighted price index uses as weights the composition of output
in 1972. Accordingly, comparisons over any time span reflect only changes in prices.
16
SURVEY OF CURRENT BUSINESS
June 1985
Reconciliation and Other Special Tables
Table 1.—Relation of Net Exports of Goods and Services in the National
Income and Products Accounts (NIPA's) to Balance on Goods and
Services in the Balance of Payments Accounts (BPA's)
Table 2.—Real Gross National Product and National Income, Command
Over Goods and Services, and Related Series
[Billions of 1972 dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
1984
1984
I
II
1984
1985
III
IV
1985
II
III
IV
I
1,639.3
1,654.4
-15.0
1,308.5
1,610.9
1,619.2
-8.3
1,279.8
1,638.8
1,650.2
-11.4
1,309.9
1,645.2
1,672.2
-27.0
1,316.0
1,662.4
1,675.8
-13.4
1,328.4
1,663.5
1,692.0
-28.4
1,325.2
1,630.2
1,654.4
-24.1
1,300.4
1,599.9
1,619.2
-19.2
1,270.1
1,628.5
1,650.2
-21.8
1,300.6
1,637.8
1,672.2
-34.4
1,309.4
1,654.5
1,675.8
-21.2
1,321.4
1,662.5
1,692.0
-29.5
1,324.3
I
FNP
Gross domestics purchases
Net exports of goods and services
National income
1 Exports of goods and services, BPA's
2 Less- Gold BPA's
3
Capital gains net of losses in
direct investment income receipts.
4
Statistical differences l
5
Other items
..
6 Equals: Exports of goods and services,
NIPA's.
362.4
2.2
-8.4
363.1
1.6
1.0
356.0
1.6
-12.1
364.5
3.2
-13.1
366.2
2.4
-9.5
357.7
1.9
-9.7
3.1
1.2
364.3
.8
.8
358.9
3.1
1.0
362.4
3.4
2.3
368.6
5.3
.8
357.2
2.9
2.0
360.7
7 Imports of goods and services, BPA's
8 Less: Payments of income on U.S.
Government liabilities.
9
Gold BPA's
..
10
Capital gains net of losses in
direct investment income payments.
11
Statistical differences l
12
Other items
13 Plus: Gold, NIPA's
14 Equals: Imports of goods and services,
NIPA's.
452.5
19.8
430.5
18.6
445.0
19.0
483.0
20.2
451.7
21.2
456.0
21.2
3.4
.7
2.8
.8
3.9
-.6
3.5
2.2
3.4
.4
4.3
.8
GNP
Command, GNP basis
National income
Command, national income basis
.2
-2.0
1.5
-2.3
3.5
3.5
Addendum:
Terms of trade 2
0
428.5
.2
410.4
0
421.1
0
459.3
0
423.2
0
435.2
15 Balance on goods and services, BPA's
(1-7).
Less- Gold (2-9 + 13)
17
Capital gains net of losses in
direct investment income (310).
18
Statistical differences (4-11)
19
Other items (5-12)
20 Plus: Payments of income on U.S.
Government liabilities (8).
21 Equals: Net exports of goods and services NIPA's (6-14).
-90.1
-67.4
-89.0
-118.5
-85.5
-107.3
-1.2
-9.1
-1.1
.2
-2.4
-11.5
-.4
-15.3
-1.1
-9.8
-2.5
-10.5
3.0
1.2
19.8
2.7
.8
18.6
1.6
1.0
19.0
5.7
2.3
20.2
1.8
.8
21.2
-.6
2.0
21.2
-64.2
-51.5
-58.7
-90.6
-56.0
-74.5
Command, GNP basis
Gross domestic purchases
Net exports of goods and services
Command, National income basis
1
Percent change from preceding period
1. Consists of statistical revisions in the BPA's that have not yet been incorporated in the
NIPA's.
NOTE.-Lines from the balances of payments accounts are revised and are as shown later in
the SURVEY.
1984
I
6.8
7.3
7.7
8.3
10.1
10.7
10.5
11.2
7.1
7.3
9.7
10.0
1.6
2.3
1.9
2.7
4.3
4.1
3.8
3.7
.3
1.9
10
.9
93.8
92.4
92.9
95.0
94.6
99.3
1. Equals current dollar net exports of goods and services by the implicit price deflator for
imports of goods and services.
2. Equals the ratio of the implicit price deflator for exports of goods and services to the
implicit price deflator for imports of goods and services.
By DANIEL LARKINS and GURMUKH S. GILL
Interest Rates and Aggregate Inventory Investment
THIS article
suggests a new view of
how interest rates may affect inventory demand. Specifically, it suggests
that when real short-term interest
rates surpass previous peak levels,
firms revise their inventory management techniques; when interest rates
recede from a peak, the revamped
management techniques remain in
place, affecting inventory holdings
until a new peak in interest rates is
recorded.
Using this new "ratchet" approach
to incorporating the effect of interest
rates leads to the following main findings:
• The interest rate variable is a statistically significant determinant of
aggregate
inventory
investment.
Many earlier studies failed to find a
significant interest rate effect.
• The interest rate variable, along
with expected sales and beginning
stocks of inventories, explains aggregate inventory investment rather
well.
• Discrepancies between desired
and actual levels of inventories are
removed slowly; it takes about three
quarters to eliminate one-half of a
given discrepancy.
• The relationship between inventory investment, on the one hand, and
expected sales and the interest rate
variable, on the other, appears to
have been relatively stable over the
1952-84 period.
Interest rate ratchet
Many earlier investigations failed
to establish a significant effect of the
rate of interest on inventory demand.
This failure, in the face of the widespread theoretical conviction that cost
considerations are an important determinant of inventory investment,
suggests that the effect of interest
rates may be more subtle than commonly supposed. Research on the
demand for money suggests a plausi-
ble mechanism for incorporating interest rates in inventory investment
equations.
Some analysts at the Federal Reserve have found that money demand
equations perform better if an interest rate ratchet variable is included
in the equation.1 A ratchet variable is
a variable that moves in only one direction, usually upwards. Formally, a
ratchet variable R that represents the
real interest rate r may be defined as:
rt if r,>r s , for s = I to t—l
Rt =
Rt-i otherwise.
The rationale for including a ratchet variable in a demand for money
equation is straightforward. When interest rates reach a new peak, the opportunity cost of holding money becomes high enough to trigger investment in new cash management techniques. When interest rates recede
from the peak, the new management
techniques are not jettisoned, but
remain in place until a new interest
rate peak is recorded.
The same rationale may be put forward to explain the effect of interest
rates on inventories, by changing the
"cost of holding money" to the "cost
of holding inventories" and "new cash
management techniques" to "new inventory management techniques."
These new inventory management
techniques may take a number of
forms. They may entail consolidation
of storage facilities, personnel training, the acquisition of new equipment
(which may range from conveyor belts
and fork lift trucks to computers),
1. See, for example, Thomas D. Simpson and Richard D. Porter, "Some Issues Involving the Definition
and Interpretation of the Monetary Aggregates," Controlling Monetary Aggregates HI, Conference Series,
No. 23 (Boston: Federal Reserve Bank of Boston, October 1980), pp. 161-234.
etc.2 Effecting these changes may involve significant outlays over extended periods of time. These and
other innovations in inventory management techniques would all have
the same goal, namely to reduce the
size of inventories relative to sales,
thereby reducing the cost of holding
inventories.
Model and data
The ratchet interest rate variable
(Rt) and the level of expected sales
(XSt) are assumed to determine the
optimal inventory stock (INV*t) according to the following specification:
(1)
INV*t = b0 + (6, -
By allowing expected sales to scale
the ratchet variable, this specification
implies, reasonably, that the effect of
the interest rate ratchet increases as
expected sales increase.
Equation (1) is used in conjunction
with another equation, known as the
stock-adjustment (or partial adjustment) model, which states that discrepancies between optimal and
actual inventories are eliminated
gradually:
(2)
INVt - INVt-t = \(INV*t where 0 < X < 1.
-J + ut
The speed at which discrepancies are
eliminated is given by X. If X — 0, the
discrepancy is never reduced; if X =
1, the entire discrepancy is eliminated
in the current period. The final term
2. In most instances, an increase in the real rate reduces the net present value of (and the demand for)
capital goods. In the case of capital goods used in the
management of inventories, however, the benefits
flowing from the capital goods consist of reduced inventory carrying costs, including reduced interest
costs. Thus an increase in the interest rate increases
both the numerator and denominator of the net
present value formula. The net effect on the demand
for inventory handling equipment, of course, depends
on which effect predominates.
17
478-679 0 - 8 5 - 2 : QL 3
18
SURVEY OF CURRENT BUSINESS
in equation (2), ut, incorporates all
other factors that impinge on the
change in inventories, the most obvious of which is unexpected sales, or
"sales surprises" (SSt\
Sales surprises should be allowed to
enter the estimating equation explicitly. Their effect on inventory change
is a matter of interest in its own right
for what it reveals about the bufferstock model of inventory investment.3
Moveover, failure to take explicit account of SSt could bias the estimated
coefficients of the other variables in
the equation.
Substituting equation (1) into equation (2), letting sales surprises enter
explicitly, and defining the remaining
"other factors" as u\, yields:
Clearly, equations (3) and (3a) are
equivalent. The former explains the
change in inventories (i.e., inventory
investment) between the end of quarter t—1 and the end of quarter t\ the
latter explains the level of inventory
at the end of quarter t.
This article concentrates on the
specification given by equation 3, because analysts usually are more interested in inventory investment than
they are in the absolute level of inventories. Whichever variant is used
for regression purposes, however, it
should be noted that the estimated coefficient for the sales variable will be
an estimate of the product of A and
61, and the estimated coefficient for
the interest rate variable will be an
estimate of the product of X and 62.
As a result, the estimated coefficients
will measure the immediate, or shortrun, impact of a change in sales or interest rates. To obtain the eventual,
or long-run, impact, the estimated coefficients must be divided by the estimate of the adjustment coefficient, X.
In estimating equation (3), inventories and sales were taken from the
national income and product accounts
(NIPA's). NIPA table 5.11 presents aggregate end-of-quarter inventories
(seasonally adjusted), in billions of
1972 dollars. The quarter-to-quarter
(3)
INVt - INVt-, = X60 + XbiXSt KbJltXSt - KINVt-i + bsSSt + u't
or
(3a)
INVt = \b0 + \hXSt - XbJltXSt +
t-i + b3SSt + u't.
3. The buffer-stock model is based on the realization
that, if a firm does not hold inventories of its product
(and inputs), it runs the risk of being unable to meet
unexpected demands for its product, with the consequent risk of impairing established buyer/seller relationships. The model is described in many sources; see,
for example, Martin Feldstein and Alan Auerbach,
"Inventory Behavior in Durable-Goods Manufacturing:
The Target-Adjustment Model," Brookings Papers on
Economic Activity No. 2 (1976): 351-96.
June 1985
change in these inventory stocks is
used as the dependent variable in the
regression.
NIPA table 5.11 also shows two
measures of sales: business final sales
and business final sales of goods and
structures, both in billions of 1972
dollars. The use of either sales measure in an inventory demand equation
can be justified. On the one hand, because it is goods that are held in inventory, it is natural to assume that
the production (and sale) of goods
(and, possibly, structures) far outweighs the production of services as a
determinant of inventory demand. On
the other hand, because inventories
are held to support the activities of
the entire economy, it is just as natural to assume that the inventory
demand of the total (business) economy depends on total (business) sales.
There is no a priori reason for preferring one sales measure over the other,
and regression results are much the
same regardless of which is chosen.
The regressions reported below use
the total business final sales series.
(Table 5.11 presents final sales as
quarterly totals, but at monthly rates.
For ease of interpreting the regression results, the final sales series has
been converted to quarterly rates—
i.e., has been multiplied by 3.)
CHART 1
Real Interest Rate and Ratchet Variable, 1952:1-1984:11
Percent
9
I ! I I I I I 1 1 I I 1! II M M 1 I ! I I I II I I H I I i II I II I M II 1 II I I I I I I I I I I
1952
54
U.S. Department of Commerce, Bureau of Economic Analysis
68
70
72
74
76
78
80
82
84
19
SURVEY OF CURRENT BUSINESS
June 1985
Equation (3) uses expected sales and
sales surprises. Many techniques are
available for generating expected
sales from actual sales. One of the
simplest is to assume that expected
sales in quarter t equal actual sales in
quarter £ — 1. This technique has been
used in many studies of inventory investment.4 Sales surprises, of course,
are calculated as the difference between actual and expected sales.
The real short-term rate of interest
is crudely approximated by subtracting an inflation rate from a nominal
interest rate. The rate on commercial
paper (4-6 months) serves as the
nominal short-term interest rate. A
price index for inventory stocks is the
obvious choice for the price variable;
such a price index is not readily available, however. An implicit price deflator for inventory stocks is available,
but it reflects both price changes and
changes in the composition of inventories. In instances where compositional
changes can safely be ignored, deflators may be adequate indicators of
4. Early and recent examples, respectively, are
Lloyd Metzler, "The Nature and Stability of Inventory
Cycles," Review of Economics and Statistics, 23
(August 1941): 113-29, and M. A. Akhtar, "Effects of
Interest Rates and Inflation on Aggregate Inventory
Investment in the United States," American Economic
Review, 73 (June 1983): 319-28.
Table 1.—Coefficients and Elasticities of
Expected Sales and Ratchet Variables
Elasticity l
Coefficient
Short
run
Ratchet variable
Long
run
Short
run
0.26
1.23
0.23
-.35
-1.67
-.02
Long
run
1.11
The real rate and the ratchet variable derived from it are shown in
chart 1. The ratchet variable shows
very little variation—it changes only
nine times—over the sample period,
and it is certainly far different from
the real rate itself.
-.07
1. Calculated at the point of means. The mean value of
expected sales was $215.28 billion; the mean of the scaled
ratchet variable was $10.26 billion; and the mean of the
inventory stock was $239.25 billion, all in 1972 dollars.
price movements; in the case of inventories—which have rapid turnover—it
is not clear that compositional
changes can be safely ignored. In the
regressions reported below, the deflator for final sales (in which compositional changes are presumed to be
less important) is used as the price
variable. Quarter-to-quarter changes
(at annual rates) in the deflator are
subtracted from the nominal interest
rate to obtain the real rate, which is
expressed as a decimal (e.g., 4 percent
- 0.04).
Construction of the interest rate
ratchet variable is straightforward.
When the real rate is below its previous peak level, the ratchet variable is
equal to the previous peak level;
when the real rate rises above its previous peak level, the ratchet variable
is equal to the current real rate.
Results
Ordinary least-squares
of equation 3 yields:
estimation
INVt - INVt-i = -0.27 + 0.26 XSt
(0.18) (6.28)
- 0.35 RtXSt - 0.02 SSt - 0.21.
(3.00)
(0.45)
(6.11)
R2 = 0.59
DW = 2.01
rho = 0.67
Period of fit - 1952:1-1984:11
Figures in parentheses are absolute
values of ^-statistics; rho is the first
order autocorrelation coefficient from
a Cochrane-Orcutt correction.
The ratchet variable has the correct
(negative) sign and is significant at
the 5-percent level. The coefficients of
expected sales and lagged inventory
stock carry the correct signs and are
highly significant. Sales surprises
enter the equation with a negative
(albeit very small and statistically insignificant) coefficient, as implied by
CHART 2
Actual and Fitted Values of Inventory Change, 1952:1-1984:11
Billions of 1972 $
Billions of 1972 $
I I I I I I I I I I I I I I I I I I I I I I t I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I l l I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I-8
-8
1952
54
56
58
U.S. Department of Commerce, Bureau of Economic Analysis
60
20
SURVEY OF CURRENT BUSINESS
June 1985
the buffer-stock model of inventory
investment.
The coefficient of the lagged inventory stock is of particular interest, because it is a measure of the speed
with which discrepancies between optimal and actual inventories are removed. The estimated speed of 21 percent per quarter implies that it takes
about three quarters to eliminate onehalf of a given discrepancy. This
speed is slower than might seem reasonable on a priori grounds, but it is
quite consistent with the adjustment
speeds found in many earlier studies.
The overall goodness of fit, as measured by R2, is satisfactory.5 As chart
2 shows, the equation tracks actual
inventory change quite well during
the sample period—perhaps better
than one might expect from an equation with an R2 of 0.59.
As was mentioned earlier, the estimated coefficients of the expected
sales and interest rate ratchet variables represent the short-run impacts
of these variables on inventory investment; the long-run coefficients are
found by dividing the estimated coefficients by the estimated speed of adjustment (table 1).
Table 1 also shows the implied elasticity of inventory stocks with respect
to expected sales and the interest rate
ratchet. The long-run elasticity of
Table 2.—Statistics on Alternative Definitions
of Ratchet Variable
scaled by expected sales and used in
the regression. In an effort to determine whether scaling materially affects the results, column 2 of the table
shows the ^-statistics for each of the
ratchets when it is not scaled by expected sales. Regardless of the precise
specification, the ratchet does quite
well; in all cases, it is significant at
the 10-percent level or better.8
Although there are difficulties in
applying the F test for structural stability to regressions estimated with
autocorrelation corrections, and although there are no obvious points at
which to check for structural shifts,
the test was conducted, with arbitrary
breaks (alternatively) in the first
quarters of 1968 (the approximate
midpoint of the sample period) and of
1981 (before the ratchet makes its
largest jumps).9 In neither case is the
F-statistic statistically significant. At
the 5-percent level of significance, the
critical value of the F-ratio—with 4
and 124 degrees of freedom—is approximately 2.45; the calculated Fratios were 1.47 (for the break in the
first quarter of 1968) and 1.74 (for the
break in the first quarter of 1981).
The null hypothesis of structural stability cannot be rejected, but, because
of the difficulties mentioned above,
this finding can only be interpreted as
suggestive, not conclusive.
5. The apparent goodness of fit could be markedly
improved by using the level of inventories, rather
than inventory change, as the dependent variable. If
the level of inventories were the dependent variable,
the other coefficients would be unchanged, but the coefficient of the lagged dependent variable would be_l
plus the coefficient shown (1 - 0.21 = 0.79). The R2
would increase to 0.99.
Ratchet
^-statistic of
scaled
ratchet
^-statistic of
unsealed
ratchet
Based on inflation in:
Deflator for final sales
Deflator for inventories
Deflator for nonfarm inventories
3.00
168
2.20
177
3.31
3.56
stocks with respect to expected sales
is 1.1; a 1-percent increase in expected
sales induces, eventually, an approximately 1-percent increase in inventory stocks.6 The elasticity with respect
to the interest rate ratchet variable is
very small: below —0.1 in the long
run. 7 Nevertheless, such a value implies that a 1-percentage-point increase in the level of the ratchet from
4V2 percent to 5l/2 percent would have
led, eventually, to a reduction in inventory stocks of more than $5 billion
(1972 dollars).
The deflator for final sales was used
in constructing the ratchet variable
shown in chart 1 and used in the regression. Ratchet variables were also
constructed using several alternative
price measures. Table 2 defines these
alternative ratchets and, in column 1,
shows the ^-statistic of each when it is
6. Frank de Leeuw suggests that sales elasticities in
the range of 0.5 to 1.0 are theoretically plausible; see
his "Inventory Investment and Economic Instability,"
SURVEY OF CURRENT BUSINESS, 62 (December 1982): 256. Akhtar reports a unitary elasticity of inventories
with respect to final sales of goods; see his "Effects of
Interest Rates and Inflation," p. 323.
7. Some theoretical models suggest that the interest
elasticity of inventories is about -0.5. These models,
however, refer to the actual interest rate, not to an interest rate ratchet.
8. Other regression results (R2, adjustment speed,
coefficients, etc.) are virtually unaffected by the choice
of price measure.
9. In order to conduct the test, the autocorrelation
coefficient estimated over the entire period (equal to
0.67) was used to transform all of the variables. RXS,
for example, was substituted for XS, with RXSt = XSt
- (0.67 x XSt-J.
By EUGENE P. SESKIN and DAVID F. SULLIVAN
Plant and Equipment Expenditures,
the Four Quarters of 1985
BUSINESS plans to spend $386.1
billion for new plant and equipment
(P&E) in 1985, 9.2 percent more than
in 1984, according to the BEA survey
conducted in April and May (tables 1
and 2, and chart 3). 1 Spending was
$353.5 billion in 1984, 16.0 percent
more than in 1983.
The latest estimate of planned
spending for 1985 is $1.7 billion
higher than the estimate based on the
survey conducted in January through
March. (That survey showed planned
spending of $384.4 billion for 1985, 8.7
percent more than 1984 spending.) A
1.5-percent upward revision in spending plans by manufacturing industries
more than offsets a 0.3-percent downward revision in spending plans by
nonmanufacturing industries.2
1. The survey covers expenditures both for new facilities and for expansion or replacement of existing
facilities that are chargeable to fixed asset accounts
and for which depreciation or amortization accounts
are ordinarily maintained. The survey excludes expenditures for land and mineral rights; maintenance
and repair; used plant and equipment, including that
purchased or acquired through mergers or acquisitions; assets located in foreign countries; residential
structures; and a few other items.
The estimates presented are universe totals of P&E
expenditures in the United States based on sample
data compiled from reports on a company basis, not
from separate reports for plants or establishments. A
company's capital expenditures are assigned to a
single industry in accordance with the industry classification of the company's principal product or service.
P&E expenditures differ from nonresidential fixed
investment, which is a component of GNP, in type of
detail, data sources, coverage, and timing. For further
information, see pages 24-25 of the February 1985
SURVEY OF CURRENT BUSINESS.
2. Spending plans have been adjusted for systematic
reporting biases. Quarterly estimates were adjusted
for each industry, for each quarter of the year, based
on the median of the ratios of planned to actual
spending for that quarter in the preceding 8 years.
Before adjustment, planned spending for 1985 was
$379.32 billion for "all industries," $159.02 billion for
manufacturing, and $220.30 billion for nonmanufacturing. The net effect of the adjustments was to lower
manufacturing $3.04 billion and to raise nonmanufacturing $9.82 billion.
Real spending—capital spending adjusted to remove price changes—is estimated to increase 6.2 percent in
1985. Real spending increased 15.0
percent in 1984, following a decline of
0.8 percent in 1983 (tables 2 and 3).
Estimates of real spending are computed from survey data on currentdollar spending and from estimated
capital goods price deflators developed
by BEA.3 The capital goods price de3. Specifically, the current-dollar figures reported by
survey respondents are adjusted using implicit price
deflators derived from unpublished detailed estimates
flator for "all industries" increased
0.9 percent in 1984 and is projected to
increase 2.9 percent in 1985. (The
latest projected increase in the deflator is higher than the 1.3-percent increase reported in April because the
four quarters used to project the deflator now incorporate an increase in
the deflator in the first quarter of
in the national income and product accounts of current- and constant-dollar nonresidential fixed investment (adjusted to a P&E basis). To estimate planned
real spending, the implicit price deflator for each industry is projected using its growth rate over the
latest four quarters for which it is available.
Table 1.—New Plant and Equipment Expenditures by Business:
Percent Change From Preceding Year
AH industries
4
Manufacturing
Durable goods
Primary metals 5
Blast furnaces, steel works
Nonferrous metals .. ..
Fabricated metals
Electrical machinery
Machinery, except electrical ...
Transportation equipment 5
Motor vehicles
Aircraft .
Stone, clay, and glass
Other durables . . .
... .
Nondurable goods
Food including beverage
Textiles
Paper ..
Chemicals
Petroleum ..
Rubber
Other nondurables
. .
Nonmanufacturing 4
Mining .. .
Transportation
Railroad
Air
Other
Public utilities
Electric
Gas and other
Commercial and other
1. Plans reported by business in
2. Plans reported by business in
3. Plans reported by business in
4. Surveyed quarterly.
5. Includes industries not shown
1983
1984
Actual
Actual
-1.9
16.0
8.2
8.7
9.2
-37
19.1
10.4
11.0
12.7
41
-124
-14.1
84
90
3.8
5
-9.8
-62
147
-45
48
243
178
8.2
223
21 8
27.4
138
41.8
524
220
11.5
220
129
10.2
16.3
-1 6
5
14.3
9.7
20.2
28.7
34
4.8
124
137
11.0
13.3
12
68
13.5
6.6
26.1
38.2
4
.7
133
14 1
8.1
11.8
-4.0
36
14.8
10.0
23.0
31.1
68
4.1
16.7
34
-11.0
62
58
2.3
123
13.7
12.0
147
13.0
23.9
207
18.0
102
25.9
14.7
8.1
15.1
-5.5
128
10.0
6.8
12.7
.9
8.5
17.0
2.2
96
13.3
2.4
10.6
9.3
11.5
16.6
8.1
12.5
10.4
5.3
20.9
20.8
-.7
14.1
6.9
7.3
7.0
242
-56
-8.5
42
-37
-1.0
32
-17 4
44
11 1
181
38.7
186
306
5.4
5
338
174
10
4.7
6.8
85
.4
2.0
27
189
9.6
-23
6.3
8.5
86
2.5
2.1
26
191
10.4
-49
7.0
8.6
15.1
.6
.7
-50
21.4
10.6
1985
Planned
1
Planned 2
Planned 3
October and November 1984.
January through March 1985.
April and May 1985.
separately.
21
22
SURVEY OF CURRENT BUSINESS
June 1985
Table 2.—New Plant and Equipment Expenditures by Business in Current and Constant Dollars
Billions of dollars; quarters seasonally adjusted at annual rates
1983
All industries 2
Manufacturing
Durable goods
.
Primary metals 3
Blast furnaces steel works
Nonferrous metals
Fabricated metals
Electrical machinery
. .
Machinery, except electrical
Transportation equipment 3
Motor vehicles
Aircraft
Stone clay and4 glass
. .
Other durables
. ..
....
Nondurable goods
Food including beverage
Textiles
Paper
Chemicals
Petroleum
Rubber
Other nondurables 5
Nonrnanufacturing 2
Mining
.
Transportation
Railroad
Air
Other
Public utilities
Electric
Gas and other
Commercial and other
Wholesale and retail trade
Finance and insurance
Personal and business services 6
Communication
Addenda: 7
Total nonfarm business 8
Manufacturing
.
....
.
....
Surveyed quarterly9
Surveyed annually
1984
1985
1984
1
I
1985
II
III
IV
I
II 1
III 1
IV 1
304.78
353.54
386.10
337.48
348.34
361.12
367.21
371.16
385.31
392.61
395.33
116.20
138.38
155.98
129.97
135.33
142.03
146.20
145.65
155.55
160.79
161.93
53.08
6.03
3.25
1.74
2.80
11.42
13.50
11.33
7.29
2.91
2.77
5.21
65.95
7.11
3.52
2.12
3.41
14.55
15.36
16.07
11.11
3.55
3.09
6.36
75.24
7.69
3.93
2.04
3.54
16.70
16.90
19.77
14.56
3.79
3.22
7.42
61.26
6.69
3.31
2.06
3.03
13.63
14.23
14.70
10.07
3.18
3.08
5.89
63.12
6.88
3.48
1.97
3.39
14.19
14.70
14.93
10.22
3.27
2.99
6.03
68.31
6.99
3.40
2.09
3.51
15.13
16.47
16.18
11.12
3.61
3.13
6.90
71.13
7.88
3.89
2.38
3.73
15.24
16.04
18.47
13.03
4.14
3.16
6.61
69.87
7.62
3.92
2.00
3.42
15.58
15.86
17.08
12.02
3.53
3.20
7.12
75.72
7.57
3.97
1.80
3.68
16.96
16.86
19.75
14.85
3.45
3.36
7.54
77.83
7.82
4.06
2.00
3.48
17.76
17.32
20.76
15.49
3.94
3.29
7.40
77.52
7.74
3.77
2.35
3.57
16.50
17.56
21.50
15.90
4.25
3.01
7.64
63.12
7.78
1.55
5.92
12.96
23.14
2.46
9.30
72.43
8.80
1.92
7.15
15.29
25.50
3.10
10.67
80.74
10.26
2.08
8.04
16.88
26.85
3.75
12.89
68.71
7.99
1.89
6.48
15.18
23.47
3.02
10.69
72.21
8.54
1.97
6.80
14.83
26.96
2.72
10.39
73.72
9.32
2.06
7.33
15.12
26.56
3.12
10.23
75.07
9.35
1.77
7.99
16.05
25.00
3.53
11.38
75.78
9.41
2.01
7.76
16.43
25.44
3.36
11.37
79.83
9.99
1.96
8.03
16.51
27.23
3.61
12.49
82.96
10.65
2.21
8.10
16.85
28.35
3.87
12.92
84.41
11.00
2.13
8.28
17.73
26.37
4.13
14.77
188.58
215.15
230.12
207.51
213.01
219.09
221.01
225.51
229.76
231.82
233.40
15.19
13.97
4.88
4.36
4.72
44.96
37.27
7.70
114.45
37.03
28.39
24.99
24.05
16.88
16.49
6.77
3.55
6.17
47.39
37.09
10.30
134.39
44.85
33.81
28.72
27.01
16.06
17.65
7.35
4.09
6.21
47.74
35.23
12.51
148.68
17.61
14.95
5.76
3.23
5.96
47.13
38.36
8.77
127.83
43.04
32.06
28.83
23.90
16.01
17.04
7.46
3.52
6.06
47.89
37.82
10.07
132.07
44.06
34.15
28.07
25.78
16.96
17.69
7.47
3.73
6.50
47.89
36.82
11.07
136.55
45.75
33.71
29.46
27.62
16.93
16.29
6.40
3.73
6.16
46.67
35.37
11.31
141.10
46.55
35.30
28.52
30.74
15.66
16.22
6.02
4.20
6.01
48.46
36.65
11.81
145.17
49.31
36.51
28.84
30.50
16.47
17.16
7.44
3.60
6.12
47.71
35.35
12.36
148.42
16.19
19.31
8.30
4.54
6.47
46.76
33.93
12.83
149.56
15.90
17.90
7.65
4.03
6.23
48.03
34.98
13.05
151.57
343.35
116.20
227.15
188.58
38.56
398.09
138.38
259.71
215.15
44.55
155.98
129.97
135.33
142.03
146.20
145.65
155.55
160.79
161.93
230.12
207.51
213.01
219.09
221.01
225.51
229.76
231.82
233.40
178.86
180.81
181.24
72.74
Billions of 1972 dollars; quarters seasonally adjusted at annual rates 10
All industries 2
146.36
Durable goods
Blast furnaces steel works
Fabricated metals
Machinery except electrical
Transportation equipment 3
Motor vehicles
Aircraft
hip
4
Nondurable goods
Food including beverage
Textiles
Paper
•.
....
P t IP
Rubber
Wholesale and retail trade
r mance a
„
. ,.
^
Addenda: 7
Manufacturing
Surveyed quarterly
urvey
y
•
161.75
70.49
'173.69
62.40
'65.75
'67.45
66.37
70.50
72.36
'35.41
'3.64
'1.82
'1.06
'1.80
'8.03
'8.32
'8.82
'6.22
'2.06
'1.46
'3.35
34.38
3.49
1.81
.88
1.63
8.10
8.11
8.03
5.67
1.73
1.46
3.55
37.03
37.78
37.33
173.68
'33.13
r
3.32
r
1.66
r
.95
r
1.66
'7.72
r
8.03
'7.71
r
5.35
r
1.77
'1.44
'3.25
36.63
30.98
3.15
1.57
.93
1.49
7.29
7.49
7.08
4.88
1.59
1.45
3.04
31.75
3.22
1.65
.89
1.65
7.54
7.70
7.17
4.93
1.64
1.40
3.08
26.62
3.78
.72
2.87
6.23
6.96
1.20
4.86
r
30.93
'4.21
'.88
r
3.40
'7.34
'8.11
r
1.49
'5.50
33.86
29.66
3.86
.87
3.12
7.33
7.45
1.46
5.57
30.65
4.09
.90
3.25
7.14
8.60
1.31
5.36
'31.36
'4.45
'.94
'3.48
'7.25
'8.47
'1.50
'5.26
'32.04
'4.42
'.80
'3.77
'7.63
'7.92
'1.68
'5.81
31.99
4.41
.90
3.62
7.72
8.01
1.58
5.74
33.47
34.58
35.41
104.22
108.16
101.11
103.51
'106.00
'106.25
107.32
108.37
108.45
108.50
r
5.10
r
4.80
7.59
19.55
76.22
5.30
6.82
19.92
69.07
21.86
19.76
14.35
13.11
4.87
7.70
20.13
70.81
22.04
20.92
13.83
14.01
'5.15
'7.88
'20.05
'72.92
'22.81
'20.74
'14.41
'14.96
'5.08
'7.17
'19.39
'74.60
'22.83
'21.41
'13.84
'16.52
4.69
7.10
20.01
75.51
23.82
21.67
13.79
16.23
4.93
7.42
19.59
76.42
4.83
8.27
19.09
76.26
4.73
7.59
19.49
76.70
167.74
53.67
114.07
92.70
21.38
T
7.40
r
19.87
r
71.85
'22.39
'20.71
'14.11
'14.65
192.71
'64.06
128.65
'104.22
24.43
70.49
60.64
62.40
'65.75
'67.45
66.37
70.50
72.36
72.74
108.16
101.11
103.51
'106.00
'106.25
107.32
108.37
108.45
108.50
' Revised.
1 Estimates are based on planned capital expenditures reported by business in April and May
1985. The planned expenditures^are adjusted ^for systematic biases in reporting. The adjustment
men
man
2. Surveyed quarterly.
3. Includes industries not shown separately.
4. Consists of lumber, furniture, instruments, and miscellaneous.
5. Consists of tobacco, apparel, printing-publishing, and leather.
6. Includes construction.
60.64
'171.75
165.91
27.05
2.85
1.55
.79
1.39
6.17
7.15
5.46
3.56
1.43
1.31
2.72
4.37
6.40
19.18
62.74
19.16
17.62
12.56
13.40
Public utilities
64.06
178.65
'34.39
'3.26
'1.60
'.94
'1.70
'8.03
'8.62
'7.77
'5.35
'1.81
'1.46
'3.55
92.70
Mining
168.27
r
53.67
Manufacturing
Oth ' d
r
7. The latest estimates for the industries surveyed annually were published in the April 1985
SURVEY. The current-dollar plans for 1985 were $433.06 billion for total nonfarm business, $279.43
billion for total nonmanufacturing, and $48.66 billion for nonmanufacturing industries surveyed
annually.
8. "All industries" plus the part of nonmanufacturing that is surveyed annually.
9. Consists of real estate; professional services; membership organizations and social services;
and forestry, fisheries, and agricultural services.
10. Procedures for preparing constant-dollar estimates are described in the February 1985
SURVEY. To estimate real spending plans, BEA adjusts the survey results for assumed price
changes.
23
SURVEY OF CURRENT BUSINESS
June 1985
••••••••••••••••I
CHART 3
New Plant and Equipment Expenditures
Table 3.—New Plant and Equipment Expenditures by Business in Constant (1972) Dollars:
Percent Change From Preceding Year
Percent change
-20
-10
0
10
20
30
I
I
40
1984 Actual
1985 Planned
ALL INDUSTRIES
Gas and Other
Utilities
All industries 4
Manufacturing.
Durable goods
Nondurable goods.
Nonmanufacturing
Air Transportation
4
Mining ..
Transportation .
Public utilities
Commercial and other
Durable Goods
Manufacturing
r
1983
1984
Actual
Actual
1985
Planned l
Planned 2
6.2
15.0
6.7
1.0
194
9.4
10.4
10.0
31
12
225
162
11 1
76
120
87
105
9.5
.6
124
51
5.4
3.8
165
-68
-3.2
23
167
155
3.6
145
29
5
.1
71
6
24
.5
75
59
2.7
-1.6
61
-0.8
7.3
Planned 3
r
Revised.
1. Calculated from constant-dollar estimates based on current-dollar spending plans reported in October and November 1984.
2. Calculated from constant-dollar estimates based on current-dollar spending plans reported in January through March 1985.
3. Calculated from constant-dollar estimates based on current-dollar spending plans reported in April and May 1985.
4. Surveyed quarterly.
Nondurable Goods
Manufacturing
Commercial and
Other
Railroad
Transportation
Other
Transportation
Mining
Electric Utilities
J_
U.S. Department of Commerce, Bureau of Economic Analysis
strongly and interest rates continued
to decline, but real final sales of GNP
were flat, and corporate profits and
the manufacturing capacity utilization rate declined. Proposed changes
in tax laws also contributed to the uncertain investment picture.
Manufacturing Programs
1985, rather than a decline in the deflator in the first quarter of 1984.)
Current-dollar spending in the first
quarter of 1985 increased 1.1 percent,
to an annual rate of $371.2 billion, following a 1.7-percent increase in the
fourth quarter of 1984; first-quarter
spending was 2.3 percent lower than
anticipated in the previous survey.
Plans reported in the latest survey indicate increases of 3.8 percent in the
second quarter of 1985, 1.9 percent in
the third, and 0.7 percent in the
fourth.
Real spending was unchanged in
the first quarter of 1985, following a
1.1-percent increase in the fourth
quarter of 1984. Estimates indicate increases of 3.0 percent in the second
quarter of 1985, 1.1 percent in the
third, and 0.2 percent in the fourth.
Although actual spending in the
first quarter of 1985 was somewhat
below anticipations, planned spending
for the year has remained relatively
stable in the three most recent surveys, suggesting that some spending
originally planned for the first quarter may have been postponed to later
in 1985. Uncertainty in the investment outlook could have prompted
such postponement. In the first quarter, corporate cash flow increased
lower than anticipated in the previous survey. The continued strength
for 1985, despite lower first-quarter
profits, may be related to increases in
sales and in capacity utilization. The
planned decline in nonferrous metals
may be related to foreign competition
and low prices for metals.
Nondurable goods industries plan
an 11.5-percent increase in 1985; increases of almost 21 percent are
planned in rubber and in "other nondurables," and an increase of about
16V2 percent is planned in food-beverage. The planned increase in rubber
may be related to high capacity utilization in the industry and heavy
demand for rubber products by the
motor vehicles industry. The planned
increase in "other nondurables" is led
by printing-publishing, which is
adopting new production technologies
and expanding into electronic information services.
Real spending by manufacturers is
estimated to increase 10.0 percent in
1985—10.5 percent in durables and
9.5 percent in nondurables. In 1984,
durables increased 22.5 percent; nondurables, 16.2 percent.
In manufacturing, current-dollar
spending declined 0.4 percent in the
first quarter of 1985, to an annual
rate of $145.6 billion, following a 2.9percent increase in the fourth quarter
of 1984. A 1.8-percent decline in firstquarter spending by durable goods industries more than offset a 0.9-percent increase by nondurables. Manufacturers plan increases of 6.8 percent
in the second quarter, 3.4 percent in
the third, and 0.7 percent in the
fourth.
For the year 1985, manufacturers
plan to spend $156.0 billion, 12.7-percent more than in 1984; in the previous survey, a planned increase of 11.0
percent was reported. Manufacturers'
spending increased 19.1 percent in
1984, following a decline of 3.7 percent in 1983.
Durable goods industries plan a
14.1-percent increase in 1985; the Nonmanufacturing Programs
largest planned increase is in motor
vehicles, 31.1 percent. Large increases
In nonmanufacturing, currentare also planned in "other durables/'
16.7 percent, and electrical machin- dollar spending increased 2.0 percent
ery, 14.8 percent. Nonferrous metals in the first quarter of 1985, to an
plans a 4.0-percent decline. While the annual rate of $225.5 billion, follow1985 planned increase in motor vehi- ing a 0.9-percent increase in the
cles continues to be large, first-quar- fourth quarter of 1984. Nonmanufacter actual spending was 16.2 percent turing industries plan increases of 1.9
24
percent in the second quarter, 0.9 percent in the third, and 0.7 percent in
the fourth.
For the year 1985, nonmanufacturing industries plan to spend $230.1
billion, 7.0 percent more than in 1984;
in the previous survey, a planned increase of 7.3 percent was reported.
Nonmanufacturing industries' spending increased 14.1 percent in 1984, following a decline of 0.7 percent in
1983.
In 1985, the largest increase is
planned in gas utilities, 21.4 percent.
SURVEY OF CURRENT BUSINESS
June 1985
A sizable increase is also planned in The planned decline in mining may
air transportation, 15.1 percent, fol- be related to overcapacity in the inlowing the 18.6-percent decline in dustry, low prices for oil and metals,
1984. Electric utilities and mining and an inability to secure external
plan declines of about 5 percent in funds for oil and gas drilling.
Real spending by nonmanufactur1985. The planned increase in gas
utilities may be related to increasing ing industries is estimated to increase
sales and improved returns on equity. 3.8 percent in 1985; it increased 12.4
The planned decline in electric utili- percent in 1984. Estimated increases
ties may be related to the current sur- in "commercial and other/' 6.1 perplus of generating capacity, as well as cent, and transportation, 2.7 percent,
the completion of many long-term more than offset estimated declines in
construction programs at a time when mining, 5.9 percent, and public utilifew new projects are being started. ties, 1.6 percent.
By RUSSELL B. SCROLL
The International Investment Position
of the United States in 1984
THE
net international investment
position of the United States declined
$78.0 billion to $28.2 billion in 1984,
following a decline of $40.8 billion in
1983. U.S. assets abroad increased
$20.9 billion, compared with $54.9 billion; foreign assets in the United
States increased $98.8 billion, compared with $95.6 billion. Recorded net
capital inflows were $76.9 billion. Net
valuation changes to the position
were a negative $1.1 billion; exchange
rate losses on foreign currency-denominated assets were partly offset
by price appreciation on security
holdings and a positive valuation adjustment to U.S. direct investment
abroad (tables 1 and 2).
The decline in the position in 1984
reflected the strong performance of
the U.S. economy relative to its major
trading partners; strong credit demands in the United States, including
financing of mergers and acquisitions;
relatively high interest rates; and the
dollar's appreciation against major
currencies. The increase in the current-account deficit to $101.5 billion
from $40.8 billion was largely attributable to the merchandise trade deficit. Net capital inflows mirrored the
current-account deficit. They reflected
the continued slowdown in the growth
of U.S. assets abroad, particularly
claims on foreigners reported by U.S.
banks, and the continued strong increase in foreign assets in the United
States—capital
inflows
through
banks, record foreign purchases of
U.S. Treasury securities and corporate bonds, a shift to net funding
abroad on the part of U.S. corporations, and a substantial increase in
foreign direct investment in the
United States.
NOTE.—The sections on "U.S. Direct Investment Abroad" and on "Foreign Direct Investment in the United States" were written by R.
David Belli and Ned G. Howenstine, respective-
ly.
Changes in U.S. Assets Abroad
Bank claims
Although U.S. banks were net borrowers of funds in international markets in 1984 to about the same extent
as in 1983, the growth in both the
claims and liabilities that comprise
the net position slowed significantly.
The slowdown in claims, discussed in
this section, continued a pattern that
began in 1982; the slowdown in liabilities, discussed later, occurred in the
second half of 1984 when U.S. interest
rates declined.
Claims on foreigners reported by
U.S. banks increased $8.5 billion to
$443.0 billion in 1984 (line 19). Claims
had increased $29.9 billion in 1983
and $111.1 billion in 1982, a total
swelled by the establishment of International Banking Facilities. As in
1983, the international demand for
U.S. bank credit was constrained by
moderate economic expansion in industrial countries abroad. Somewhat
improved balance of payments positions and more prudent borrowing
policies among some developing countries may also have limited these
countries' demands for credit. On the
supply side, U.S. banks remained reluctant to increase their exposure in
the Eurodollar interbank market and
in Latin America in view of mounting
external debt problems that had surfaced in mid-1982. U.S. bank supervisory authorities continued to pressure
banks to improve the quality of their
loan portfolios, to tighten the accounting standards they applied to substandard loans, and to increase their
capital-asset ratios. In this environment, some potential demands for
U.S. bank credit may have shifted to
the Eurobond market, particularly in
the second half of the year, and contributed to a record pace of borrowing
in that market.
Most of the $10.1 billion increase to
$156.5 billion in bank claims on own
foreign offices was on offices in Western Europe, where economic expansion was moderate and interbank activity limited. Claims on unaffiliated
foreign banks were unchanged at
$123.8 billion; a decrease in claims on
Latin American countries was offset
by a rise in claims on Asian countries.
Claims on foreign public borrowers increased $3.8 billion to $61.4 billion,
compared with a $12.1 billion increase
in 1983. Much of the 1984 increase
was on Latin American countries and
was tied to rescheduling arrangements among private banks, the
International Monetary Fund (IMF),
and those countries. Claims on other
private foreigners decreased $6.4 billion—the first decrease in several
years—to $57.1 billion. Banks' claims
for domestic customers' accounts decreased $2.5 billion to $33.5 billion;
the decrease partly reflected disinvestment of Eurodollar certificates of
deposit by U.S. money market mutual
funds. Foreign currency-denominated
claims increased $3.1 billion to $11.5
billion.
Foreign securities
Foreign stock markets rose less in
1984 than in 1983, and, as a result,
net U.S. purchases of foreign stocks
slowed to $1.1 billion, about one-quarter their 1983 rate (line 17). A $3.0 billion price appreciation was nearly
offset by an exchange rate loss due to
the dollar's appreciation. At yearend,
holdings totaled $27.9 billion. There
were net sales of Japanese stocks in
1984, in contrast to net purchases in
1983; a 26-percent price appreciation
was nearly offset by sales and an exchange rate loss. Net purchases in
Western Europe, at $0.9 billion, were
down by more than one-half. Net purchases of British and French stocks
dropped moderately to $0.6 billion
25
26
SURVEY OF CURRENT BUSINESS
and $0.1 billion, respectively. Net
sales of Canadian stocks were $0.2 billion, compared with $0.5 billion in net
purchases in 1983.
Net U.S. purchases of foreign bonds
were $3.9 billion (line 16). Price appreciation during a rally in the
second half of the year added $1.0 billion; exchange rate losses, particularly for holdings of Western European
and Canadian issues, were $0.7 billion. At yearend, holdings totaled
$62.0 billion. New issues in the
United States by major borrowers de-
June 1985
creased. An exception was Sweden,
which placed $1.7 billion in floatingrate notes with annual options to
resell. Lower foreign than U.S. interest rates and attractive terms in
international bond markets—reflecting, in part, an especially ample
Table 1.—International Investment Position of the United States at Yearend, 1983 and 1984
[Millions of dollars]
Changes in position in 1984 (decrease ( — ))
Position, by area
Attributable to:
Line
Type of investment
Position
1983 r
Western Europe
ExTotal
Capital Price
Other
change
flows changes
rate 1 changes2 (a-)-b+c-(-d)
(a)
(b)
changes
(d)
(c)
1 Net international investment position of the United States (line 2
less line 20).
106,215 -76,872
1,960
-5,565
2,507
2
893,826
20,447
4,067
-5,565
1,918
33,748
11,121
5,025
11,312
3,131
-1,919
-25
-25
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
U.S. assets abroad
U S official reserve assets
Gold
Special drawing rights
Reserve position in the
International
Monetary
Fund.
Foreign currencies
U.S. Government assets, other
than official reserve assets.
U.S. loans and
other longterm assets4.
Repayable
in dollars
5
Other
U.S. foreign currency holdings and U.S. short-term
assets.
U.S. private assets
Direct investment abroad
Foreign securities
Bonds
19
U.S. claims on unaffiliated
foreigners reported by U.S.
nonbanking concerns.
U.S. claims reported by U.S.
banks, not included elsewhere.
20
Foreign assets in the United
States.
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
Foreign official assets in the
United States.
U.S. Government securities
U.S. Treasury securities
Other
I
Other U.S.10 Government liabilities .
U.S. liabilities reported by
U.S. banks, not included
elsewhere.
Other foreign official assets ....
Other foreign assets in the
United States.
Direct investment in the
United States.
U S Treasury securities
U.S. securities other than
U.S. Treasury securities.
Corporate and other bonds ..
Corporate stocks
U.S. liabilities to unaffiliated
foreigners reported by U.S.
nonbanking concerns.
U.S. liabilities reported by
U.S. banks, not included
elsewhere.
979
995
-364
-766
6,289
1,156
-789
79,246
5,516
-124
77,561
5,136
5,155
-20
380
75,691
1,871
1,684
780,833 11,800
4,503
226,962
5,059
84,270
3,932
57,719
1,127
26,551
35,096 -6,266
3
-77,970
1984
1983
1983
1984
1983
1984
28,245 -100,720 -137,376 69,656 63,721 -1,103 -15,246 98,326 77,488 40,055 39,656
269,029
34,933
11,096
5,641
11,541
4,202
282,122 119,904 120,741 48,943
4,119
(*)
48,895 268,326 266,865 187,623 196,070
(*)
2,077
2,037
.10
2,037
10
500 27,458 28,277
11,121 11,096
5,025 5,641
11,312 11,541
367
6,656
4,202
4,119
(*)
(*)
2,077
-3
5,389
84,635
10,553
10,510
609
709
542
444 14,038 15,510 53,503 57,462
-34
-1
5,100
82,661
10,363
10,420
578
676
524
425 14,001 15,157 52,095 55,983
-1
33
-89
-1
5,153
53
289
80,844
1,818
1,974
10,080
283
190
10,173
247
90
578
676
524
31
33
18
425 13,549 14,726 50,959 54,843
452
431 1,136 1,140
353 1,408 1,479
19
37
4,067
-3,521
1,947
1,947
4,067
1,026
3,041
-3,521
-704
-2,817
14,292 795,125
6,450 233,412
5,605 89,875
4,254 61,973
1,351 27,902
-6,266 28,829
254,274
102,689
23,445
12,772
10,673
10,049
267,493
103,663
32,108
20,358
11,750
9,100
119,295
47,553
43,284
31,713
11,571
7,159
120,032 46,324
50,467 8,063
42,858 4,604
31,880 1,862
10,978 2,742
5,139 1,410
46,414 254,278 250,855 106,662 110,331
8,374 29,674 28,093 6 38,983 6 42,815
3,723
712
602 12,225 10,584
7
845
236
(*) 11,136 8,890
2,878
476
602 1,089 1,694
1,533 12,852 9,497 3,626 3,560
8,504 443,009
118,091
122,622 21,299 21,568 32,247
32,784 211,040 212,663 51,828 53,372
98,837 886,448
369,749
419,498 50,248 57,020 50,046
64,141 170,000 189,377 147,568 156,414
434,505
8,504
787,611
97,319
2,107
-2
-590
500
194,505
3,424
1,091
4,516 199,021
69,313
72,130
2,604
1,681
(9)
(9)
6,724
9,436
(9)
(9)
136,987
129,716
7,271
14,269
4,857
4,690
167
453
1,064
952
112
5,922 142,909
5,643 135,359
7,550
279
453 14,721
( 88 )
(8)
()
2,792
(8)
(8)
(8)
(9)
(9)
(8)
(8)
(9)
2,581
167
153
1,966
1,560
588
899
8,755
( 99 )
()
9,529
25,534
663
663
26,197
(8)
(8)
(8)
(8)
(9)
(9)
(8)
(8)
(9)
(9)
17,716
-2,549
-2,522
15,194
(8)
(9)
(9)
9
9
9
593,106
93,895
27
1,016
137,061
22,514
33,922
114,710
22,440
12,983
508
508
17,454
97,256
26,790
13,813
-830
4,284
1,023
-515
280,623
31,674
-590
-4
-586
3. Reflects U.S. Treasury sales of gold Olympic coins and medallions; these demonetizations are
not included in international transactions capital flows.
4. Also includes paid-in capital subscription to international financial institutions and outstanding amounts of miscellaneous claims that have been settled through international agreements to
be payable to the U.S. Government over periods in excess of 1 year. Excludes World War I debts
that are not being serviced.
( )
( ) 163,276 179,941
( )
(9)
106,567 11,434 14,001 11,336
14,817 15,035 15,516
6,320
8,671
(9)
6,165
(9)
7,033
1,228
6,871
6,668
906
5,259
7,718
1,713
5,320
6,884
(8)
(9)
(9)
347,368 47,644 55,339
94,321 687,427
300,436
22,510 159,571
92,936
22,948 56,870
13,491 128,201
(8)
80,491
(8)
(8)
(8)
89,226 18,099 19,680
(9)
2,762
(9)
4,163
(8)
7,193
(8)
8,099
32,290
95,911
30,488
13,122
67,369
9,758
25,232 1,269 1,237
63,994 16,830 18,443
11,521 2,834 3,026
1,340
1,422
2,155
2,880
1,283
2,389
817
6,376
4,325
31,674 312,297
(8)
(9)
(9)
(8)
14,836
-1,345
3,698
r
Revised.
" Preliminary.
t Includes U.S. gold stock.
* Less than $500,000 (±).
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
Latin
Other
American
countries,
Republics and international
other Western organizations,
Hemisphere
and
unallocated t
1984
1983
1983
1984
Japan
Position
1984"
20,867 914,693
1,186
-25
615
229
Canada
(8)
(8)
(8)
5. 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.
6. Includes, as part of international and unallocated, the estimated direct investment in shipping companies operating under the flags of Honduras, Panama, and Liberia, and in U.S.-affiliated multinational trading companies, finance and insurance companies, not designated by country.
7. U.S. holdings of Latin American securities may be understated. This is in part due to the
recording of security transactions by the country of transactor rather than the country of issuer.
8. Details not shown separately are included in totals in lines 21 and 28.
9. Details not shown separately are included in line 20.
10. Primarily includes U.S. Government liabilities associated with military sales contracts and
other transactions arranged with or through foreign official agencies.
June 1985
SURVEY OF CURRENT BUSINESS
supply of funds in the Eurobond
market—were contributing factors. In
the second half of the year, U.S. investors stepped up their purchases of
high-yielding British gilt-edge securities, which were offered by U.S. security dealers with currency hedging options.
U.S. direct investment abroad and
other private assets
U.S. direct investment abroad increased $6.5 billion to $233.4 billion,
following a $5.1 billion increase in
1983 (line 14). Capital outflows were
$4.5 billion, and valuation adjustments were $1.9 billion. The outflows
consisted of equity capital outflows of
$1.5 billion and reinvested earnings of
$11.0 billion, partly offset by intercompany debt inflows of $7.9 billion
(largely through finance affiliates in
the Netherlands Antilles). Details on
1984 developments are in a separate
section on "U.S. Direct Investment
Abroad" in this article.
27
Claims on unaffiliated foreigners
reported by U.S. nonbanking concerns
decreased $6.3 billion to $28.8 billion,
following a $6.5 billion increase (line
18). The decrease was mostly in dollar
deposits at banks in Canada, the
United Kingdom, and the Caribbean.
In 1984, wide interest rate differentials between higher U.S. and lower
foreign rates and large financing
needs for mergers and acquisitions
contributed to a $5.7 billion rundown
of financial claims. Commercial
Table 2.—International Investment Position of the United States at Yearend, 1970-84
[Millions of dollars]
Line
Type of investment
1 Net international investment position of
the United States (line 2 less line 20).
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
U.S. assets abroad
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980 r
1981 T
1982 r
1983 r
1984 "
58,473
45,511
37,036
47,894
58,731
74,240
83,578
72,741
76,115
94,457
106,035
140,700
146,987
106,215
28,245
165,385
179 004
198 694
222 430
255 719
295 100
347 160
379 105
447 847
510 563
606 865
719 683
838 962
893 826
914 693
U S official
reserve assets 1
Gold l
Special drawing rights 1
Reserve position in the International
Monetary Fund *.
Foreign currencies 1
14487
11072
12 167
10206
1 100
585
13 151
10487
1,958
465
14378
11 652
2,166
552
15883
11 652
2,374
1,852
16226
11 599
2335
2,212
18747
11 598
2395
4,434
19 314
11719
2629
4,946
18 650
11 671
1 558
1,047
18 956
11 172
2724
1,253
26756
11 160
2610
2,852
30075
11 151
4096
5,054
33957
11 148
5,250
7,348
33748
11 121
5,025
11,312
34933
11 096
5,641
11,541
629
276
241
8
5
80
321
20
4,374
3,807
10,134
9,774
10,212
6,289
6,656
U.S. Government assets, other than
official reserve assets.
U.S. loans
and other long-term
assets 2.
Repayable
in
dollars
Other 3
U.S. foreign currency holdings and
U.S. short-term assets.
32,143
34,161
36,116
38,807
38,331
41,804
45,994
49,544
54,200
58,423
63,544
68,447
74,329
79,246
84,635
29,691
31,768
34,118
36,187
36,268
39,809
44,124
47,749
52,252
56,477
61,828
67,002
72,660
77,561
82,661
23,509
6,182
2,452
25582
6,185
2,393
28418
5,699
1,998
30,617
5,570
2,620
33,030
3,238
2,063
36815
2,994
1,995
41 309
2,815
1,870
45154
2,595
1,795
49817
2,435
1,948
54085
2392
1,946
59604
2,224
1,715
64722
2,280
1,445
70675
1,985
1,669
75691
1,871
1,684
80844
1,818
1,974
U S private assets
Direct investment abroad 4
Foreign securities
Bonds
Corporate stocks
U.S. claims on unaffiliated foreigners reported
by U.S. nonbanking
concerns 5.
U.S. claims reported by 6U.S. banks,
not included elsewhere .
118,755
75,480
20,892
14,319
6,573
8,546
132,676
82,760
23360
15,719
7,641
9,637
149 427
89,878
27383
16,846
10,537
11,427
169,245
101,313
27,446
17,420
10,026
13,767
201,505
110,078
28,203
19,192
9,011
16,989
237,070
124,050
34913
25,328
9,585
18,340
282 418
136,809
44 157
34,704
9,453
20,317
310,247
145,990
49439
39,329
10,110
22,256
374,997
162,727
53384
42,148
11,236
28,070
433 184
187,858
56800
41,966
14,834
31,497
516 566
215,375
62653
43,487
19,166
34,672
621 161
228,348
63452
45,791
17,661
35,853
730,676
221,843
75,672
56,698
18,974
28,583
780 833
226,962
84270
57,719
26,551
35,096
795 125
233,412
89875
61,973
27,902
28,829
13,837
16,919
20,739
26,719
46,235
59,767
81,135
92,562
130,816
157,029
203,866
293,508
404,578
434,505
443,009
851
1,935
106,912
133,493
161,658
174,536
196,988
220,860
263,582
306,364
371,730
416,106
500,830
578,983
691,975
787,611
886,448
Foreign official assets in the United
States.
U S Government securities7
U.S. Treasury
securities
Other 7
Other U.S. Government liabilities 8 ....
U.S. liabilities reported by U.S.
banks, not included elsewhere.
Other foreign official assets 7
26,151
52,485
62,998
69,266
79,865
86,910
104,445
140,867
173,057
159,852
176,062
180,425
189,188
194,505
199,021
17709
17,662
47
1,763
6,679
44402
44,364
38
1,252
6,831
52906
52,607
299
1,435
8,469
53,777
52,903
874
2,388
12,595
58072
56,504
1 568
2,726
18,420
63,553
61,107
2446
4,215
16,262
72,572
70,555
2017
8,860
17,231
105,386
101,092
4,294
10,260
18,004
128 511
123,991
4520
12,749
23,327
106,640
101,748
4892
12,749
30,540
118 189
111,336
6853
13,367
30,381
125,130
117,004
8 126
13,029
26,737
132,587
124,929
7658
13,718
24,989
136,987
129,716
7271
14,269
25,534
142,909
135,359
7 550
14,721
26,197
188
506
647
2,880
5,782
7,217
8,470
9,923
14,125
15,529
17,894
17,716
15,194
Other foreign assets in the United
States.
Direct investment
in the United
States9.
U S Treasury securities 7
U.S. securities other
than U.S.
Treasury securities 7 .
Corporate and other
bonds 7
7
Corporate stocks
U.S. liabilities to unaffiliated foreigners reported
by U.S. nonbanking concerns 5.
U.S. liabilities reported by 6U.S.
banks, not included elsewhere .
80,761
81,008
98,660
105,270
117,123
133,950
159,137
165,497
198,673
256,254
324,768
398,558
502,787
593,106
687,427
13,270
13,914
14,868
20,556
25,144
27,662
30,770
34,595
42,471
54,462
83,046
108,714
124,677
137,061
159,571
1 194
34,786
1 194
40,209
1 159
50,693
958
46,116
1 655
34,892
4245
45,663
7028
54,913
7562
51,235
8910
53,554
14210
58,587
16,113
74,114
18,524
75,353
25,802
93,567
33,922
114,710
56,870
128,201
7577
27,209
8,831
9398
30,811
9,238
11 634
39,059
10,714
12600
33,516
11,712
10671
24221
13,586
10025
35638
13,905
11 964
42949
12,961
11 456
39,779
11,921
11 457
42,097
16,019
10269
48,318
18,669
9,545
64,569
30,426
10,727
64,626
30,606
16,805
76,762
27,459
17,454
97,256
26,790
32,290
95,911
30,488
22,680
16,454
21,226
25,928
41,846
42,475
53,465
60,184
77,719
110,326
121,069
165,361
231,282
280,623
312,297
Foreign assets in the United States
r
Revised.
Preliminary.
1. Total reserve assets include increases from changes in the par value of the dollar: on May 8,
1972, the increase totaled $1,016 million, consisting of $828 million gold stock, $155 million special drawing rights (SDR), and $33 million U.S. reserve position in the International Monetary
Fund (IMF); on October 18, 1973, the increase totaled $1,436 million, consisting of $1,165 million
gold stock, $217 million SDR, and $54 million reserve position in the IMF. The gold stock is
valued at $35 per fine troy ounce until May 8, 1972; thereafter, at $38 per fine troy ounce until
October 18, 1973, pursuant to the Par Value Modification Act (P.L. 92-268); and, thereafter, at
$42% per fine troy ounce pursuant to an amendment (in P.L. 93-110) to the Par Value Modification Act. Beginning in 1974, the value of the SDR, in which the U.S. holdings of SDR and the
reserve position in the IMF are denominated, fluctuates based on the weighted average of exchange rates for the currencies of principal IMF members. Foreign currency reserves are valued
at exchange rates at time of purchase through 1973 and at current exchange rates thereafter.
2. Also includes paid-in capital subscription to international financial institutions and outstanding amounts of miscellaneous claims that have been settled through international agreements to
be payable to the U.S. Government over periods in excess of 1 year. Excludes World War I debts
that are not being serviced.
3. Includes indebtedness that the borrower may contractually, or at its option, repay with its
currency, with a third country's currency, or by delivery of materials or transfer of services.
p
4. Estimates are linked, for 1977 forward, to the U.S. Department of Commerce 1977 benchmark survey and, for 1966-76, to the Commerce 1966 benchmark survey.
5. Breaks in the series reflect: in 1971, 1972, and 1978, expanded reporting coverage; in 1982, an
increase in reporters' exemption levels.
6. Breaks in the series reflect: in 1971 and 1972, expanded reporting coverage; in 1978, expanded coverage of bank holding companies and of brokers' and security dealers' reporting of liabilities; in 1981, expanded coverage of brokers' and security dealers' reporting of claims; and in 1977
and 1982, an increase in reporters' exemption levels.
7. Estimates include results of 1974 and 1978 portfolio benchmark surveys conducted by the
U.S. Department of the Treasury. Beginning with the 1978 benchmark, marketable Treasury
bonds are valued at market price; previously, they were valued at acquisition price.
8. Primarily includes U.S. Government liabilities associated with military sales contracts and
other transactions arranged with or through foreign official agencies.
9. Estimates are linked, for 1980 forward, to the U.S. Department of Commerce 1980 benchmark survey; for 1973-79, to the Commerce 1974 benchmark survey; and through 1972 to the
Commerce 1959 benchmark survey.
NOTE.—Revised area tables for 1970-84 are available upon request from the Balance of Payments Division (BE-58), Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230.
28
SURVEY OF CURRENT BUSINESS
June 1985
A Note on the United States as a Net Debtor Nation
Sometime during the first half of 1985, the United States
became a net debtor nation for the first time since 1914, reflecting
a continued large current-account deficit and large net capital inflows. A cursory review of post-1950 developments in the U.S. net
international investment position shows that, over particular time
periods (except, perhaps, for the 1960's) major position swings have
been accounted for by specific component changes, rather than by
across-the-board changes.
In the 1950's, the U.S. net position increased mainly because of
a sharp increase in U.S. direct investment abroad (then referred to
as "le defi americain"). During the 1960's, the U.S. net position
continued to increase, but at a moderate pace, as most components
on both the asset and liability sides of the U.S. international balance sheet grew; U.S. direct investment abroad on the asset side
and foreign purchases of U.S. bonds and stocks on the liability side
showed the largest increases. In contrast, from 1970 through 1973,
the net U.S. position declined, as foreign official assets in the
United States soared, mostly reflecting purchases of U.S. Treasury
securities with dollars accumulated as a result of intervention in
exchange markets. Except for a temporary dip in 1977, when foreign assets in the United States jumped sharply—again reflecting
intervention purchases of dollars—the position rose through 1982,
largely as a result of an enormous increase in bank lending
abroad, a development that was to cause serious future problems
both for U.S. lenders and foreign borrowers, particularly some developing countries in Latin America.
In 1983 and 1984, a sharp drop in bank lending abroad (related
to the Latin American debt crisis) was accompanied by a substantial increase in funding abroad by U.S. banks. The resulting net
bank inflows contributed to a large decline in the U.S. net investment position. The decline was accentuated in 1984 by record net
foreign purchases of U.S. Treasury securities and bonds issued
abroad by U.S. corporations, a shift to other nonbank funding
abroad, and strong foreign direct investment inflows. These 198384 developments—a faster increase in foreign assets in the United
States than in U.S. assets abroad—mirrored record increases in
the U.S. current-account deficit that had to be "financed" by such
net capital inflows. It should be emphasized that the net inflows
were, in good part, the result of reduced outflows of U.S. funds
(particularly through the banking system) as well as continued
large inflows of foreign funds.
The special status of the United States position
The widespread international use of the dollar as the world's
leading trade, investment, and reserve currency makes a case for
treating the U.S. international investment position differently
from that of most other heavily externally indebted nations, such
as Brazil and Mexico. For one thing, the United States borrows
internationally in its own currency—the dollar—in contrast to
other countries, particularly the developing group, which borrow
in dollars and thus must buy dollars with their own and other currencies to repay such debts. For another, hundreds of billions of
claims decreased $0.6 billion, mainly
in trade financing with Latin American countries.
U.S. official reserve assets and other
U.S. Government assets
U.S. official reserve assets increased
$1.2 billion to $34.9 billion. Exchange
rate changes decreased reserve assets
$1.9 billion, partly offsetting capital
flow increases of $3.1 billion (line 3).
dollar-denominated claims and liabilities are held in Euromarkets
and in other countries for trade and investment purposes that do
not directly affect the U.S. investment position, but that augment
the preeminent position of the dollar as a world currency.
Nonetheless, the position of the United States as net debtor
nation has some important implications. First, the increase in
income payments to foreigners on their investments in the United
States will continue to contribute to a dimunition of the surplus
on services and to a widening of the U.S. current-account deficit.
The larger current-account deficit in and of itself must be accompanied by larger capital inflows, which in turn result in a further
increase in income payments to foreigners on their investments in
the United States. Second, as income payments to foreigners rise,
less income is available for consumption and investment in the
United States. However, foreigners have been returning, and may
continue to return, part of their receipts of income to the United
States in the form of productive investments, thus improving U.S.
economic activity and the consumption/in vestment mix. Also, foreigners may use some of their receipts to purchase more U.S.
goods and services, thus mitigating increases in the current-account deficit.
If foreigners, for whatever reason, decide not to do either, downward pressure on the dollar could develop to an extent that U.S.
interest rates might have to be higher than otherwise would be
the case. Then, the burden of adjustment stemming from net
debtor status would shift to interest-rate-sensitive sectors of the
U.S. economy from the export and import-competing sectors,
which thus far have borne the burden of the growing current-account deficit, strong dollar, and shrinking net investment position.
Interpreting the U.S. international investment position
The reported U.S. international investment position should be
interpreted with caution, because it is a rough indicator, rather
than a precise statistical measure. For instance, on the U.S. asset
side, the reported data for U.S. direct investment abroad (which
still exceeds foreign direct investment in the United States by a
substantial amount) and for gold are both understated—direct investment because it is carried at book value, and U.S. official gold
holdings because they are carried at $42.22 per ounce, compared
with a current market price about IVz times that amount. On the
U.S. liability side, there might well be a substantial understatement related to the statistical discrepancy (errors and omissions)
in the U.S. balance of payments accounts. If one assumes that a
large part of cumulative net unrecorded inflows of about $140 billion from 1979 through 1984 was accounted for by capital inflows,
foreign assets in the United States have been understated by that
amount, and the United States actually may have shifted to net
debtor position earlier than this year.
Jack Bame
Acquisitions of foreign currencies positions incurred exchange losses as
were mostly net purchases of German the dollar rose against the market
marks, obtained from very limited basket of currencies by which these
intervention in exchange markets, assets are valued.
and of Argentine pesos, acquired near
Other U.S. Government assets inyearend as part of a short-term credit
extended to Argentina until IMF creased $5.4 billion to $84.6 billion,
funds became available. (The credit (line 8). Most of the increase was from
was repaid in early January, 1985.) credits extended under foreign assistThe U.S. reserve position in the IMF ance and agricultural programs and,
and holdings of special drawing rights to a lesser extent, from payments to
each increased moderately, but both international financial institutions.
June 1985
Changes in Foreign Assets in
the United States
Bank liabilities
Although there was a sharp cutback in U.S. banks' international
lending, they continued to borrow
substantial amounts of foreign funds.
U.S. liabilities to foreigners and international financial institutions reported by U.S. banks, excluding U.S.
Treasury securities, increased $31.7
billion to $312.3 billion, compared
with a $49.3 billion increase in 1983
and a $65.9 billion increase in 1982
(line 35). Much of the 1984 increase
occurred during the first half of the
year, when the U.S. expansion remained strong and was accompanied
by large private and public demands
on credit markets. During this period,
U.S. interest rates rose strongly while
foreign interest rates were virtually
unchanged; by the end of June, the
interest differential in favor of dollardenominated assets was the largest
since 1982. Inflows of funds helped finance U.S. banks' domestic loan expansion, which included financing for
large mergers and acquisitions. With
the flattening of domestic loan
demand at midyear, which included
diminishing merger financing needs,
and a large decline in U.S. interest
rates, inflows dropped rapidly in the
second half.
In contrast to recent years, only a
small portion of inflows, a $5.5 billion
increase to $150.6 billion, came from
banks' own foreign offices, principally
in the Caribbean and in Asia. Over
one-half of the inflows, a $14.6 billion
increase to $74.9 billion, came from
unaffiliated foreign banks, which accelerated their placement of funds
with agencies and branches in the
United States. (It was the agencies
and branches of foreign banks, rather
than U.S.-chartered banks, that accounted for most of the increase in
U.S. bank claims in 1984.) Liabilities
to other private foreigners increased
$10.9 billion to $60.5 billion; liabilities
to Latin America accounted for 60
percent of this increase. International
financial institutions reduced their liabilities $3.0 billion to $1.6 billion.
U.S. Treasury securities
Partly offsetting the somewhat
slower growth in bank-reported liabilities was a tripling of net purchases of
SURVEY OF CURRENT BUSINESS
U.S. Treasury securities by private
foreigners and international financial
institutions to $22.4 billion. Price appreciation added another $0.5 billion
to foreign holdings, which increased
to $56.9 billion at yearend (line 30).
Much of the increase occurred in the
second half of the year, after the removal in July of the U.S. withholding
tax on interest payments to foreigners
and clarification of Treasury regulations regarding indentification of
buyers. As part of a program to increase foreign holdings of its securities, the Treasury placed two foreigntargeted issues abroad, amounting to
$2,0 billion, which were offered at a
price 30 basis points below domestically available Treasury securities of
comparable maturities.
Other U.S. securities
29
those in the U.S. market and sometimes at rates below those available
to the U.S. Treasury. Some borrowings were used to repay bank credits
that financed large acquisitions and
mergers. Also, various U.S. Government agency bonds were "stripped"
by U.S. dealers and sold to foreigners
as zero coupon certificates. Foreigners
also bought $3.1 billion in outstanding
U.S. corporate and other bonds.
Foreigners sold $0.8 billion of U.S.
stocks—their first year of net sales
since 1965; price depreciation reduced
holdings another $0.5 billion. At yearend, holdings were $95.9 billion. Uncertain U.S. stock price performance
in the first half of the year, the bond
market rally in the second half, and
moderate price advances in some foreign stock markets shifted interest
from U.S. stocks to these alternatives.
Most sales were from Western
Europe, largely British and Swiss accounts; in contrast, Canadian holdings
continued to increase.
Foreign holdings of U.S. securities
other than U.S. Treasury securities
increased $13.5 billion to $128.2 billion (line 31). Net purchases and price
appreciation of bonds set a record
(line 32). In contrast, net sales and a Foreign official assets
small price decline reduced the value
of foreign-held stocks (line 33).
Foreign official assets in the United
Bond holdings increased $14.8 bil- States increased $4.5 billion to $199.0
lion; price appreciation stemming billion (line 21). Most of the increases
from a 12-percent rise in bond prices in official holdings in the United
in the second half of the year added States were from newly industrialized
$1.0 billion. Holdings increased 85 countries in Asia, some of which had
percent to $32.3 billion at yearend. sharply higher revenues from expandMuch of the increase in bond pur- ed exports and, to a lesser extent,
chases, mostly U.S. corporate Euro- from selected Latin American counbond placements, was attributable to tries, which were able to replenish rethe previously mentioned removal in serves lost in recent years. Dollar
July of the U.S. withholding tax on assets of OPEC members continued to
interest payments to foreigners and decline as petroleum demand weakthe subsequent clarification by the ened and prices dropped. Dollar assets
U.S. Treasury of requirements on dis- of industrial countries increased
closure of the identity of overseas slightly, although intervention sales
bond holders and regulations on the of dollars resulted in large declines in
issuance of bearer bonds abroad. Con- dollar assets at times during the year.
sequently, many companies issued
bonds directly in the Eurobond
market (included in line 32) rather Foreign direct investment in the
United States and other liabilities
than acquiring funds through specially established finance affiliates in the
Netherlands Antilles (included in the
A doubling of capital inflows to
U.S. direct investment account). New $22.4 billion resulted in an increase in
issues of bonds placed directly over- foreign direct investment in the
seas by U.S. corporations were $10.6 United States to $159.6 billion at
billion; combined with financing earli- yearend (line 29). Large equity and iner in the year through finance affili- tercompany debt inflows reflected a
ates in the Netherlands Antilles, issu- few major acquisitions, particularly
ance of bonds overseas was a record one in petroleum. Reinvested earn$20.6 billion. Given the strong ings increased to $3.7 billion, reflectdemand for U.S. issues, prime borrow- ing the cyclical upswing in U.S. busiers were able to borrow at rates below ness sales and profits. Details on 1984
SURVEY OF CURRENT BUSINESS
30
June 1985
Direct Investment
much stronger economic growth and
higher interest rates here than
abroad. Improved investment opportuU.S. direct investment abroad
nities in the United States, together
The U.S. direct investment position with increased merger activity, raised
abroad increased 3 percent last year, U.S. parent companies' need for funds
to $233.4 billion (table 3). The rate of to finance their domestic operations.
growth was about the same as in In part because of lower interest rates
1983. It continued the pattern of lim- abroad, the U.S. parents sought forited growth that began in 1981 with
the onset of the worldwide recession.1
1. The position is the book value of U.S. direct invesIn 1984, U.S. direct investment tors' equity in, and net outstanding loans to, their foraffiliates. A foreign affiliate is a foreign business
abroad was dampened by the same eign
enterprise in which a single U.S. investor owns at
factors that attracted foreign capital least 10 percent of the voting securities, or the equivato the United States—principally, lent.
developments are in a separate section on "Foreign Direct Investment in
the United States" in this article.
U.S. liabilities to unaffiliated foreigners reported by U.S nonbanking
concerns increased $3.7 billion to
$30.5 billion (line 34). A $9.1 billion
surge in liabilities in the first half of
the year was partly accounted for by
overseas bank credits extended to U.S
firms as part of the financing of large
mergers and acquisitions. Some bank
borrowing was repaid in the second
half of the year from proceeds of new
Eurobond issues.
Table 3.—U.S. Direct Investment Position Abroad at Yearend
[Millions of dollars]
198 3
All
industries
All countries
Mining
Petroleum
Manufacturing
198^1
Trade
Banking
Finance
(except
banking),
insurance,
and real
estate
Other
industries
All
industries
Mining
Petroleum
Manufacturing
Trade
Banking
Finance
(except
banking),
insurance,
and real
estate
Other
industries
226,962
6,805
60,330
90,171
28,540
11,654
17,252
12,209
233,412
7,053
63,319
93,012
30,603
13,056
14,167
12202
169,975
4,016
39,093
71,771
22,678
5,280
20,594
6,542
174,057
4,180
40,616
72866
24074
5378
20440
6504
Canada
47,553
2,113
10,883
19,851
4,258
434
7,454
2,562
50,467
2,092
11,614
21,467
4,555
471
7,687
2,581
Europe
102,689
32
23,774
43,962
15,456
4,359
11,754
3,352
103,663
33
24,714
43,661
16,316
4,396
11,227
3,317
European Communities (10)
Belgium
Denmark
France
Germany . . .
Greece
Ireland
Italy
Luxembourg
Netherlands
United Kingdom
78,914
5158
1,401
6,911
16,008
260
3675
4,794
1223
8,682
30801
30
(D)
0
1
(*)
4
1
0
19,289
751
824
927
3,261
(D)
()
6,664
1,301
228
1,010
1,028
39
95
315
-14
770
1,890
3,222
216
(D)
(D)
689
50
4
314
256
138
1,271
7,470
67
(D)
228
988
(D)
419
77
719
573
4,373
2,111
(DD)
(D)
()
135
-3
(D)
127
(D)
497
(D)
78,867
5,288
1,380
6,478
15,231
202
4,427
4,998
454
8,262
32,145
31
(D)
0
1
(*)
4
1
0
0
D0
()
20,152
587
745
495
3,192
(D)
53
810
(D)
3,228
10,949
39,935
2829
279
4,187
9,362
68
3,691
3,264
255
3,347
12,654
6,949
1475
282
1,049
926
(DD)
( )
379
-15
721
1,913
3,417
231
(DD)
()
652
-6
3
309
278
136
1,502
6,372
40
(D)
228
970
(D)
511
90
-75
366
4214
2,012
820
(D)
3,396
9,203
40,128
2735
279
4,228
9,907
76
3,143
3,140
249
3,310
13,062
Other Europe
Switzerland
Other
23775
15,072
8,703
2
0
2
4485
261
4,224
3,833
1,238
2,596
8,792
7,628
1,164
1,138
950
188
4,284
3,932
352
1,241
1,064
177
24,796
15,983
8,813
2
0
2
4,561
263
4,298
3,726
1,262
2,464
9,367
8,107
1,260
979
743
237
4855
4,505
350
1304
1,103
202
8,063
0
2,012
4,071
1,257
(D)
347
(D)
8,374
0
2,100
4,120
1,387
(D)
364
(D)
11,671
1,871
2,423
3,887
1,708
(D)
1,040
(D)
11,554
2,055
2,189
3,617
1,816
(D)
1,162
(D)
( )
2
71
9,188
523
1,843
1,885
2
168
1,662
(DD)
()
2,540
193
884
1,382
(DD)
()
(D)
(DD)
(D)
2
71
Developed countries
Japan
Australia, New Zealand, and South
Africa
o
D0
(D)
D
(D)
(DD)
()
129
-3
(D)
147
(D)
464
(D)
Australia
New Zealand
South Africa
8,756
578
2336
1,706
1
164
1,607
(DD)
( )
2,612
188
1,087
1,204
128
376
(DD)
(D)
()
990
19
31
()
1,109
21
31
Developing countries
51,430
2,789
16,903
18,400
5,862
6,374
-3,342
4,443
53,932
2,874
18,417
20,146
6,529
7,678
-6,273
4,560
29,674
2,178
6,944
14,766
3,734
4,651
4,753
2,153
28,094
2,218
5,940
15,665
3,962
5,668
-7,572
2,214
South America
Argentina
Brazil
Venezuela
Other
19,866
3,080
9026
1,685
6075
1,604
72
140
(*)
1,393
4,167
811
395
(D)
(D)
9,736
1,656
6128
689
1,262
1,316
128
604
313
271
920
277
469
(DD)
()
1,337
39
1,046
158
94
786
97
243
(DD)
()
20,493
3,157
9,551
1,711
6,073
1,670
76
152
(*)
1,442
4,059
773
352
(DD)
( )
10,275
1,695
6,544
722
1,314
1,351
132
676
278
264
1,030
326
571
(DD)
( )
1,313
45
1,008
168
92
794
110
249
(DD)
()
Central America
Mexico
Panama
Other
10,338
5,006
4519
814
88
(D)
(*)
(D)
858
85
662
111
4,457
3,687
330
440
1,515
689
736
90
516
(D)
(D)
2,224
136
2,069
19
680
(DD)
()
(D)
10,386
5,380
4,061
945
82
(D)
(*)
(D)
207
82
18
143
4,786
3,988
344
455
1,626
728
800
98
473
(DD)
(D )
()
2,338
154
2,164
19
874
(DD)
()
(D)
-530
11,458
- 19,722
7,733
486
0
(DD)
()
1,920
117
298
1,504
573
3
57
513
903
(DD)
(D)
()
3,215
(D)
174
(D)
-8,315
10,707
-20,333
1,311
687
(D)
48
(D)
-2,785
11,801
-22,992
8,406
466
0
(DD)
( )
1,674
96
(DD)
( )
603
4
(DD)
()
985
(D)
41
(D)
4,165
-16
(DD)
()
-11,223
11,044
-23,662
1,395
546
(D)
32
(D)
Other Africa
5,219
432
3,522
490
100
207
152
316
6,247
439
4,485
508
91
230
166
329
Middle East
3,047
(D)
986
220
354
327
163
(D)
3,435
(D)
1,205
260
504
322
152
(D)
13,491
D
D
6,787
3,714
1,973
1,459
982
(D)
1,249
592
(D)
224
Latin America
Other Western Hemisphere
Bermuda
Netherlands Antilles
Other
Other Asia and Pacific
()
8,298
2,924
1,674
1,188
1,096
1,168
579
286
221
4334
5 557
Memorandum — OPEC 1
5,450
(D)
168
4,498
* Less than $500,000 (±).
Suppressed to avoid disclosure of data of individual companies.
1. OPEC is the Organization of Petroleum Exporting Countries. Its members are Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, Venezuela, and
the United Arab Emirates.
D
D
()
16,156
1,224
5,423
1,378
9,618
()
4,285
(D)
(D)
1,138
(D)
June 1985
eign-source funds to help meet this
need. A sizable portion of the resulting capital inflows was channeled to
U.S. parents through foreign affiliates, thus reducing the U.S. direct investment position abroad. U.S. parents' transactions both with finance
affiliates in the Netherlands Antilles,
whose primary function is to raise
funds abroad, and with all other foreign affiliates reflected these developments.
Borrowing by U.S. parents from
their finance affiliates in the Netherlands Antilles remained strong in the
first three quarters of 1984 and resulted in substantial intercompany
debt inflows for the year. The funds
were mostly raised by the affiliates'
sales of bonds in European capital
markets, where interest rates were
lower than in the United States. The
proceeds were then reloaned to U.S.
parents primarily to finance domestic
expansion and mergers. Borrowing
virtually ceased in the fourth quarter,
because removal of U.S. withholding
taxes on interest payments to foreigners enabled U.S. parents to borrow directly from foreign sources at essentially the same cost as through their
finance affiliates.
U.S. parent companies' transactions
with all other foreign affiliates also
resulted in large intercompany debt
inflows in 1984. Together with a low
level of equity capital outflows, the
inflows partly reflected the fact that,
because of the slow pace of recovery
abroad, foreign affiliates did not
expand their operations substantially
in 1984, and thus they required only
limited funding from their U.S. parents.2 Also, some U.S. parents may
have shifted financing of their foreign
affiliates away from more expensive
U.S.-source funds and to funds raised
abroad by the affiliates themselves.
Particularly large intercompany debt
inflows in petroleum may have reflected developments in worldwide petroleum markets (i.e., weak demand
abroad and higher U.S. imports) as
well as U.S. petroleum parents' need
for funds to finance several large
mergers.
2. Based on a survey taken in December, capital expenditures by majority-owned foreign affiliates of U.S.
companies increased 4 percent last year, following an
18-percent decline in 1983. See Ralph Kozlow, "Capital
Expenditures by Majority-Owned Foreign Affiliates of
U.S. Companies, 1985," SURVEY OF CURRENT BUSINESS
65 (March 1985): 23-28.
SURVEY OF CURRENT BUSINESS
This is the first time that country-byindustry estimates of the U.S. direct investment position abroad and the foreign
direct investment position in the United
States are being published in the June
SURVEY. More detailed tables on the positions and on related capital and income
flows will be published in the August
SURVEY. Advance copies of the detailed
tables may be purchased after July 15
from the Bureau of Economic Analysis
(BE-50 Research), U.S. Department of
Commerce, Washington, DC 20230. The
tables will be available in two sets, one
for U.S. direct investment abroad and
one for foreign direct investment in the
United States. The cost is $5.00 per set.
Please specify the sets desired and make
check payable to BEA, U.S. Department
of Commerce.
By account.—The $6.5 billion increase in the position in 1984 consisted of capital outflows of $4.5 billion
and net positive valuation adjustments of $1.9 billion. The valuation
adjustments primarily reflected three
large, separate adjustments: one was
the upward revaluation of an investment in an Indonesian petroleum affiliate after it, and its U.S. parent,
were acquired by another U.S. company; the other two reflected sales of affiliates for more than the book value
carried in the position (one in mining
in Australia, the other in petroleum
in Japan). There were large offsetting
valuation adjustments—to Morocco in
petroleum (positive) and to Luxembourg in finance (negative)—which reflected a change in the ownership
structure of an affiliate.
Capital outflows consisted of equity
capital outflows of $1.5 billion and reinvested earnings of $11.0 billion,
partly offset by inflows on intercompany debt of $7.9 billion. The low
level of equity capital outflows reflected the sales of the Australian and
Japanese affiliates mentioned above
as well as the generally limited need
for funds by affiliates.
Intercompany debt inflows from finance affiliates in the Netherlands
Antilles were $5.2 billion. Inflows
from all other affiliates combined
were $2.7 billion and were more than
accounted for by transactions with petroleum affiliates. The inflows in petroleum reflected both a decrease in
U.S. parent company receivables due
from petroleum affiliates in Europe
and an increase in U.S. parent company payables due to petroleum affili-
31
ates in developing countries. The decrease in receivables partly reflected
weak demand for petroleum products
in most foreign industrial countries;
the increase in payables partly reflected increased U.S. petroleum imports.
Compared with 1983, equity capital
outflows in 1984 were down $3.3 billion, largely because of the absence of
the large outflows to crude petroleum
affiliates that had occurred in 1983.
Inflows on intercompany debt were
down $1.0 billion, primarily because
of the fourth-quarter dropoff in borrowing from finance affiliates in the
Netherlands Antilles; inflows from all
other affiliates combined were about
the same in both years, although in
1983 they were less concentrated in
petroleum.
Reinvested earnings were up $1.4
billion from 1983. The increase was
entirely in petroleum and was due to
a decline in distributed earnings;
earnings of petroleum affiliates, at
$10.0 billion, were about the same as
in 1983. Reinvested earnings of nonpetroleum affiliates were virtually unchanged; an increase in earnings of
$2.8 billion, to $18.8 billion, was accompanied by an increase of similar
magnitude in distributed earnings.
Earnings in all industries would
have been higher were it not for large
capital losses of $8.4 billion, up $1.9
billion from 1983. The losses were primarily due to the effect of dollar appreciation on translation of the affiliates' financial statements from foreign currencies into dollars.
By country.—The largest increase in
the position—$2.9 billion—was in
Canada. Although the increase was
spread over many industries, it was
strongest in petroleum and in transportation equipment manufacturing;
it was entirely due to the reinvestment of earnings, as equity and debt
capital flows were near zero.
The position in Europe increased
less than $1.0 billion. In several countries, including France, Germany, and
the Netherlands, the position decreased substantially. Countries with
the largest increases were the United
Kingdom ($1.3 billion), Switzerland
($0.9 billion), and Ireland ($0.8 billion). In all three countries, as in
Canada, reinvested earnings, rather
than equity or debt capital flows, accounted for the increase.
Among developing countries, the
largest increases were in Indonesia
32
SURVEY OF CURRENT BUSINESS
June 1985
Table 4.—Foreign Direct Investment Position in The United States at Yearend
[Millions of dollars]
1983
All
industries
All countries
1984
FiPetro- Manu- Trade Banking nance, Insurexcept
leum facturing
ance
banking
137,061 18209
47665 26513
8,697
2269
304
Real Other
estate industries
8665 14636 10407
All
industries
Petro- Manu- Trade Banking
leum facturing
159 571 24 916
50 664 30 494
1,539
J, 093
547
2,717
1,703
6,835
4,397
106,567 22897
38,684 16,476
5,891
2,890
7,131
7,888
4,710
94850 22557
2,559
( DD )
6502
( )
_1
11,956
1,614
(DD )
751
( )
32,643 9,878
38,099 10,917
725
(D)
32697 14745
293
495
624
5402
4431 3,966
340
( DD )
74
( )
12,470 2,685
9,347 6,708
216
138
5488
(D)
418
272
321
(D)
1,418
2,337
214
2528
(D)
560
335
(D)
98
1,377
943
1
5439
(D)
61
1287
(D)
1,473
2,573
(D)
7375
10
26
969
( DD )
( )
2,308
4,008
12
4021
( DD )
( )
697
504
12
1,033
1,268
27
5988
1,008
4,782
198
1 731
665
806
260
404
( DD )
( )
267
361
(D)
331
(D)
1 691
99
1,538
54
513
0
391
121
690
( DD )
( D)
( )
2,262
9,940
175
663
489
(D)
(D)
11,434
1,363
Europe
92,936 16,326
36,866 14,484
5,577
1,236
European Communities (10)
Belgium
France
Germany
Italy
Luxembourg
Netherlands
United Kingdom
Denmark, Greece, and Ireland
82286 15906
2,261
(D)
5726
79
10,845
-11
1,238
(DD)
297
( )
29,182 8,646
32,152 5,955
584
(D)
31 479 13065
514
(DD)
5487
( )
4,487 3,069
359
131
79
(D)
11,222 2,180
9,221
6,561
110
153
5,172
(D)
460
259
237
(D)
1,537
2,390
(D)
1,009
(D)
-1,476
281
(D)
79
981
956
1
5,429
(D)
71
1,135
(D)
0
1,354
2,821
(D)
6,419
10
24
893
6
24
2,254
3,196
12
3807
(DD)
( )
733
517
13
1,007
1,052
31
Other Europe
Sweden
Switzerland
Other
10650
2,124
7,464
1,061
5,388
1,051
4,165
171
1,419
519
568
332
405
(DD)
( )
198
227
-21
230
19
1,785
(D)
1,600
(D)
416
0
328
88
590
40
( DD )
( )
11,718
2,222
8,349
1,147
1,605
8,057
(D)
182
515
(D)
14,817
194
40
(D)
(D)
70
173
2,366
43
317
. ..
11,336
Japan
Australia, New Zealand, and South
Africa
420
361
57
3
-408
999
67
392
1,384
8 819 16 899 13 329
7,214
Canada
3,313
4246
2,274
492
1,391
10 203
FiOther
nance, Insur- Real indusexcept ance estate tries
banking
757
14,001
1,419
340
316
22
3
-178
3,888
1,651
1,778
-312
982
o
42
(D)
(D)
72
15,035
829
5,225
511
960
507
4,068
767
15,516
695
5,287
651
924
530
4,482
South and Central America
Panama
Other
2,747
2,073
674
142
(D)
(D)
1,069
1,083
-14
47
37
9
(DD)
( )
420
125
(DD )
( )
(DD)
( )
3
331
224
107
150
8
141
2,804
1,867
938
86
81
5
954
927
28
35
8
28
( DD )
( )
578
112
104
7
( DD )
( )
2
365
255
110
Other Western Hemisphere
Bermuda
Netherlands Antilles
U K. Islands, Caribbean
Other
12,289
1 168
9,948
985
188
686
167
423
62
35
4,156
296
3,754
94
12
2,121
533
1,361
187
39
(D)
0
(DD)
( )
(*)
835
1
567
280
-13
(D)
20
( DD )
( )
0
3,738
90
3,244
335
69
617
61
491
19
46
12,711
1,091
10,523
900
197
609
97
499
(DD)
( )
4,333
303
3,883
129
18
1,862
297
1,347
176
43
(D)
0
(D)
-3
0
812
6
548
270
-13
(D)
(DD)
(D)
( )
0
4,446
449
3,997
14
6
8
99
96
3
( DD )
( )
(D)
429
280
150
( DD )
( D)
( )
o
0
0
602
0
602
(DD)
(D)
( )
5,159
497
4,662
15
6
9
94
89
6
(DD)
( D)
( )
448
286
162
(D)
(D)
5
875
-9
164
(D)
263
(D)
(D)
273
(D)
1,146
25
131
215
300
-22
D
614
D
4,725
i:
255
Latin America
Middle East
Israel
.
Other
Other Africa, Asia, and Pacific
Memorandum — OPEC
l
4,039
10
2,168
( )
205
6
0
( )
-36
1,897
D
( )
4,117
1050
183
2
180
3,629
323
82
867
(D)
522
5
(D)
0
0
674
0
674
(D)
-6
(D)
23
(D)
402
(D)
5
0
669
(D)
o
00
* Less than $500,000 (±).
Suppressed to avoid disclosure of data of individual companies.
1. See footnote 1, table 3.
D
($1.2 billion) and Morocco ($1.0 billion); both were concentrated in petroleum. (The increase in Morrocco was
due to the valuation adjustment mentioned above.) Large increases also occurred in Brazil ($0.5 billion), Mexico
($0.4 billion), and several countries in
the Far East, all concentrated in
manufacturing.
Affiliates' reinvested earnings in- ness and were sold either to streamcreased to $3.7 billion, from $0.1 bil- line operations, to move into other
lion in 1983. The increase was largely businesses, or to pay down debt inattributable to the strong economic curred to finance domestic acquisirecovery in the United States, which tions. The willingness of U.S. compaboosted affiliates' earnings and, there- nies to sell operations meant that
were
fore, funds available for reinvestment. many candidates for acquisition
4
Affiliates' earnings increased $3.9 bil- available to foreign investors.
The exceptionally large capital
lion, to $7.3 billion. The increases in
both earnings and reinvested earnings inflow in petroleum financed an inForeign direct investment in the were centered in manufacturing and crease in a Netherlands parent's ownership stake in its U.S. petroleum afUnited States
in wholesale trade.
filiate. The inflow, which was over $4
The
U.S.
recovery
and
the
resulting
The foreign direct investment posibillion, was by far the largest ever for
improvement
in
business
earnings
tion in the United States increased 16
either a new investment or an inpercent in 1984, to $159.6 billion, were also factors in foreign investors' crease in an existing investment. It
after a 10-percent increase in 1983 acquisition activity. Higher earn- was in the form of a loan from a Brit(table 4). The strong growth in 1984 ings—and more optimistic expecta- ish affiliate of the Netherlands parent
reflected a sharp increase in affili- tions concerning future earnings— to the parent's U.S. affiliate. The
ates' reinvested earnings, stepped-up made many U.S. businesses more at- funds financed a tender offer that was
acquisition activity by foreign direct tractive acquisition prospects. Corpo- intended to raise the parent's equity
investors, and an exceptionally large rate restructuring probably also contributed to the increased acquisition
capital inflow in petroleum.3
activity. A number of the U.S. busi4. For a more detailed discussion of the factors connesses acquired by foreign investors tributing
to the increase in acquisition activity in 1984
3. The position is the book value of foreign direct in- in 1984 were subsidiaries or divisions
and of BEA data on newly acquired or established
vestors' equity in, and net outstanding loans to, their of diversified U.S. companies. These
U.S. businesses, see Michael A. Shea, "U.S. Business
U.S. affiliates. A U.S. affiliate is a U.S. business enterEnterprises Acquired or Established by Foreign Direct
businesses
were
often
unrelated
to
the
prise in which a single foreign investor owns at least
Investors in 1984," SURVEY OF CURRENT BUSINESS 65
10 percent of the voting securities, or the equivalent. U.S. companies' main lines of busi- (May 1985): 18-23.
SURVEY OF CURRENT BUSINESS
June 1985
stake in the U.S. affiliate to 100 percent.
By account— The $22.5 billion increase in the position in 1984 consisted almost entirely of capital inflows;
valuation adjustments were near zero.
Capital inflows consisted of equity
capital inflows of $10.9 billion, intercompany debt inflows of $7.9 billion,
and reinvested earnings of $3.7 billion.
Compared with 1983, capital inflows
were up $10.6 billion. Equity capital
inflows increased $2.2 billion, intercompany debt inflows increased $4.7
billion, and reinvested earnings increased $3.6 billion.
5
By country. —The largest increase
in the position—$5.9 billion—was
from the United Kingdom. Almost
$5.0 billion of the increase was in petroleum and consisted mainly of the
intercompany debt inflow discussed
earlier.
478-679 0 - 85 - 3 : OL 3
The positions of parents in the
Netherlands, Japan, and Canada also
increased substantially. The increase
for Netherlands parents was $3.5 billion and was mainly in petroleum and
manufacturing. In petroleum, reinvested earnings, which increased substantially in 1984, accounted for virtually all of the increase. In manufacturing, the increase was evenly divided among reinvested earnings, equity
capital inflows, and intercompany
debt inflows. Within manufacturing,
increases were largest in chemicals
and food.
5. Both foreign parents and foreign affiliates of foreign parents have positions and transactions with U.S.
affiliates. The positions and transactions of a foreign
parent—that is, the first foreign person in the U.S. affiliate's ownership chain—are classified in the country
of the foreign parent. The positions and transactions
of a foreign affiliate of the foreign parent are classified in the country of the foreign affiliate. To simplify
terminology, in this article, the term "foreign parent"
is used broadly to include foreign affiliates of foreign
parents as well as the foreign parents themselves.
33
The increase for Japanese parents
was $3.5 billion and was mainly in
wholesale trade, manufacturing, and
banking. In wholesale trade, a substantial portion of the increase was in
motor vehicle wholesale trade and
was mostly in the form of reinvested
earnings. The increases in both manufacturing and banking were largely
attributable to equity inflows to finance acquisitions. In manufacturing,
a large Japanese steelmaker formed a
partnership with a U.S. steelmaker.
In banking, one of Japan's largest
banks acquired a U.S. bank with operations on the west coast.
The increase for Canadian parents
was $2.6 billion and was mainly in
banking, manufacturing, and real
estate. In banking, an equity inflow
that financed the acquisition of a
large midwestern bank by one of Canada's largest banks accounted for
most of the increase. In manufacturing, the largest increases were in machinery and metals.
By RUSSELL C. KRUEGER
U,S, International Transactions, First Quarter 1985
A HE U.S. current-account deficit increased to $30.0 billion in the first
quarter from $25.5 billion in the
fourth. The increase was more than
accounted for by an increase in the
merchandise trade deficit; exports decreased slightly and imports rebounded from a sharp decrease. Net service
receipts decreased slightly, largely because falling interest rates reduced
receipts of income on portfolio investment more than payments; net receipts of income on direct investment
also decreased. Unilateral transfers
decreased due to a reduction in grants
to developing countries.
Among bank-reported capital flows,
claims on private foreigners increased
little, while liabilities to private foreigners increased strongly. Record foreign purchases of U.S. corporate
bonds newly issued abroad and moderate purchases of U.S. Treasury securities were only partly offset by the
continuing net sales of U.S. stocks by
foreigners and by record net U.S. purchases of foreign stocks. Exchange
market intervention by foreign mone-
tary authorities was reflected in a
large decrease in foreign official
assets in the United States.
The statistical discrepancy (errors
and omissions in reported transactions) was an inflow of $16.7 billion.
declined to about the same level as at
the beginning of the quarter.
The dollar appreciated 9 percent to
a record high against the British
pound on a quarterly average basis.
The coal miners' strike, declines in
petroleum prices, a current-account
U.S. dollar in exchange markets
deficit, and rising unemployment all
contributed to the pound's weakness.
The dollar appreciated 6 percent in A 450 basis point rise in British interthe first quarter on a trade-weighted est rates early in the quarter made
quarterly average basis against the the real return on pound-denominatcurrencies of 10 industrial countries ed assets substantially higher than
and 4 percent against the currencies that on most other major currencies,
of 22 OECD countries (chart 4, table but provided only temporary support
C). The dollar rose in late February to
record levels against most major cur- for the pound. Late in the quarter,
rencies, as interest rates rose. It de- however, these high returns contribclined later under the combined influ- uted to strong capital inflows; conseence of falling interest rates, heavy quently, the dollar declined about 20
coordinated exchange market inter- percent below its high of late Februvention by foreign monetary authori- ary against the pound.
The dollar appreciated 6 to 7 perties (with limited participation by
U.S. authorities), and concerns about cent on a quarterly average basis
both the strength of the U.S. economy against European Monetary System
and the problems of nonfederally in- (EMS) currencies. As with the pound,
sured thrift institutions in Ohio. By the dollar rose strongly against the
the end of the quarter, the dollar had EMS currencies before declining
Table A.—Summary of U.S. International Transactions
[Millions of dollars, seasonally adjusted]
1
1984
1983
Lines in tables 1, 2, and 10 in which transactions are
included are indicated in ( )
I
II
III
IV
I
1985
Change:
1 Q84 TV
II
III
IV
F
19851
333,586
200745
132 841
362,421
220,316
142 105
81,411
49227
32184
81,712
48862
32850
85,068
50399
34669
85,396
52257
33 139
90,764
53753
37011
88,996
54677
34319
91,124
55,530
35594
91,539
56,355
35184
89,427
55,811
33616
-2,112
-544
-1568
365 524
-262,757
102 767
452 539
-328,597
123 942
82865
-58,848
24017
88875
-63,616
25259
94 159
-67,629
26530
99624
-72,664
26960
107 616
-79,322
28294
111 257
-80,326
30931
120 748
-88,037
32711
112921
-80,912
-32,009
116249
-85,248
-31001
3328
-4,336
1,008
7 U.S. Government grants (excluding military grants of
goods and services) (30).
8 Remittances, pensions, and other transfers (31, 32)
-6,287
-8,522
-1,011
-1,245
-1,544
-2,486
-1,480
-1,522
-2,207
-3,313
-2,318
995
-2,566
-2,892
-595
-630
-660
-680
-732
-669
-782
-857
-75
9 U.S. assets abroad, net (increase/capital outflow (-)) (33)
10
U.S. official reserve assets, net (34)
11
U.S. Government assets, other than official reserve
assets, net (39).
12
U.S. private assets, net (43)
-55,045
-1,196
-5,006
-20,447
-3,131
-5,516
-26,127
-787
-1,135
-48,843
-11,800
-24,205
13 Foreign assets in the United States, net (increase/ capital
inflow ( + )) (48).
14
Foreign official assets, net (49)
15
Other foreign assets, net (56)
84,322
97,319
15,158
5795
78,526
3,424
93,895
-161
15,319
16 Allocations of special drawing rights (62)
17 Statistical discrepancy (63)
11,513
24,660
14,029
2
3
Exports of goods and services (1)
Merchandise, excluding military (2)
Other goods and services (3-13)
4 Imports of goods and services (15)
5
Merchandise, excluding military (16)
6
Other goods and services (17-27)
p
Preliminary.
34
-710
-9,814 -17,976
529
-953
-1,171 -1,436
-4,976
-657
-2,059
-18,988
-566
-1,353
18,364
-799
-1,369
-14,846
-1,110
-734
-3,193
-233
-795
119
-9,172
-15,587
-2,260
-17,070
20,532
- 13,003
-2,165
10,838
15,608
19,539
34,017
19,277
41,592
3,140
33,310
16,521
-16,789
1706
13,902
2666
22,205
6916
27,101
-2786
22,063
224
41,816
686
3,825
7 119
26,191
-11402
27,923
-5,442
1,570
1,353
4,763
1,889
10,997
7,013
16669
-1,128
16
-1,263
11,653
877
-61
- 18 521
1,732
9,656
SURVEY OF CURRENT BUSINESS
35
The dollar appreciated 11 percent
against the Mexican peso. In March,
Mexico accelerated the rate of devaluation of the controlled peso against
the dollar to 21 centavos per day,
equivalent to a 27-percent annual devaluation.
Table D.—Changes in Merchandise Imports
and Gross Domestic Purchases of Goods and
Structures
June 1985
sharply towards the end of the quarter. Rising stock markets and removal
of withholding taxes on German securities purchased by nonresidents also
contributed to capital inflows to EMS
countries.
The dollar appreciated 5 percent on
a quarterly average basis against the
Japanese yen. A record Japanese current-account surplus and foreign purchases of Japanese stocks and Euroyen issues were more than offset by
record capital outflows to the United
States and Western Europe, where
higher interest rates prevailed. Outflows were also due to diversification
of assets by Japanese companies following recent liberalization of some
capital restrictions and to liquidation
of holdings of medium-term Japanese
securities at maturity by some foreign
investors.
The dollar appreciated 3 percent
against the Canadian dollar. A current-account surplus, sharply higher
interest rates, and attempts by the
new government to encourage foreign
direct investment limited the decline
of the Canadian dollar.
[Change during 3-quarter periods; billions of 1972 dollars;
seasonally adjusted annual rates]
Gross
domestic
purchases
of goods
and
structures
Period
Merchandise trade
The merchandise trade deficit increased $4.9 billion to $29.4 billion in
the first quarter. Nonpetroleum imports rebounded from the sharp drop
in the fourth quarter; petroleum imports fell sharply. Agricultural exports fell, due primarily to lower
grain exports; nonagricultural exports
continued to increase slowly.
Imports have been exceptionally
strong in the past 2l/2 years, largely
because of the high and rising exchange value of the dollar. Table D
highlights the strength in imports by
comparing over three-quarter periods
the increases in constant-dollar imports with corresponding increases in
constant-dollar gross domestic purchases of goods and structures. Begin-
Imports/
domestic
purchases
(Percent)
Merchandise
imports
1983:1-1983:111
69.9
13.5
19
1983:IV - 1984:11
98.0
20.3
21
1984:111-1985:1
21.4
17.2
80
ning in 1983, imports captured an unusually large percentage of the increases in domestic purchases.
Through 1983 and the first half of
1984, they captured about one-fifth of
the increases in domestic purchases—
a strong level of import penetration.
During the most recent three quarters, however, imports accounted for
80 percent of the much smaller increase in domestic purchases. This extraordinary import strength in the
face of a substantial slowdown in domestic purchases largely reflects the
cumulative impact of the high ex-
Table B.—Selected Transactions With Official Agencies
[Millions of dollars]
19 83
1 QQ/l
1 Q8Q
I
1
2
3
4
Changes in foreign official assets in the U.S., net (decrease
-) (table 1, line 49).
Industrial countries21
Members of OPEC . .
Other countries
5 Changes in U.S. official reserve assets (increase + ) (table
1, line 34).
II
5,795
3,424
-161
1,706
10 284
8283
3794
376
4 143
7*191
258
1 347
928
3 483
3 409
1 632
-1,196
-3,131
2083
600
2683
490
545
55
-787
-2,666
539
2095
1 110
I
IV
Change:
1985
19 84
III
II
III
IV
1 QQA T\7
I"
19851
-224
-686
7,119
-11,402
-18,521
6 004
1 432
2344
846
2 405
465
1 003
2097
870
2 528
453
2295
2 747
812
3560
6 342
2013
3047
9 089
2*825
6*607
-657
-566
-799
-1,110
-233
877
500
545
45
500
-2,786
6,916
16
529
-953
160
765
10
10
160
765
Activity under U.S. official reciprocal currency
arrangements with foreign monetary authorities: 3
6
6a
6b
Foreign drawings, or repayments ( ) net
Drawings
Repayments
1 168
590
1 758
10
10
500
1 000
-545
455
p
Preliminary.
1. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
2. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries.
3. Consists of transactions of the Federal Reserve System and the U.S. Treasury Department's Exchange Stabilization Fund.
Table C.—Indexes of Foreign Currency Price of the U.S. Dollar
[1977 = 100]
19 84
I
II
1985
III
IV
I
1985
19 84
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Trade-weighted
average against 22 OECD
currencies 1
137.2
142.6
150.1
155.9
162.8
136.4
139.9
142.2
145.7
149.1
148.3
153.0
153.6
155.9
158.3
160.0
166.8
161.6
Trade-weighted
average against 10 currencies2
127.2
128.3
137.0
142.3
151.2
123.8
125.7
129.5
129.8
134.6
135.5
140.8
142.6
140.1
144.2
147.7
153.1
152.8
1182
121.5
1217
124.9
1238
134.5
1242
143.5
1275
156.3
1196
119.7
1205
1227
1219
125.5
1228
1266
1247
1321
1228
132.7
1238
138.7
1242
142.9
1240
140.7
1243
147.0
124.7
154.6
127.6
159.4
130.3
154.9
1539
168.6
116.1
1876
123.9
91 5
860
154 1
169.5
116.6
1893
124.4
935
855
164.5
182.3
125.7
203.1
134.2
1017
90.7
1718
190.6
131.5
213.3
140.4
1048
91.6
182.2
202.5
140.1
228.3
149.9
1147
95.9
148.1
162.7
111.7
182.3
119.4
895
84.0
1507
165.6
113.9
1850
121.6
91 2
83.8
1559
171.7
118.2
1916
125.9
944
85.8
1556
1712
117.9
191 2
1257
950
870
1608
1777
122.6
1976
1309
1004
905
1624
180.1
124.2
2008
132.5
1005
90.2
1704
189.1
130.4
2109
139.2
1043
914
172.9
191.3
132.0
214.1
140.9
1051
91.8
168.5
187.1
129.0
210.1
137.7
1028
90.7
173.9
193.3
133.6
215.7
142.6
1066
92.3
176.9
197.3
136.4
219.9
145.8
110.7
94.6
184.8
205.2
142.1
230.4
152.2
116.8
97.0
184.8
204.9
141.9
234.5
151.8
116.7
96.0
Selected currencies: 3
Canada
United Kingdom
European Monetary System currencies:
Belgium
France
Germany
Italy
Netherlands
Switzerland
Japan
...
1. Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Japan, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden,
Switzerland, Turkey, United Kingdom. Data: U.S. Department of the Treasury. End-of-month rates. Indexes rebased by BEA.
2. Belgium, Canada, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, United Kingdom. Data: Federal Reserve Board. Monthly average rates. Index rebased by BEA.
3. Data: Federal Reserve Board. Monthly average rates. Indexes rebased by BEA.
36
SURVEY OF CURRENT BUSINESS
Table E.—Changes in Merchandise Imports
and in Business Inventory Accumulation
[Billions of 1972 dollars; seasonally adjusted annual rates]
Quarter
1984: 1
II
III
IV
1985: 1
Changes in
business
inventory
accumulation
Changes in
merchandise
imports
243
113
103
138
23
14 1
16
163
128
137
change value of the U.S. dollar, which
reduced the dollar cost of imports.
Table E highlights the correspondence of changes in business inventory
accumulation and changes in imports;
the very large changes in imports in
1984 and 1985 have consistently been
in the same direction as changes in
business inventory accumulation. This
correspondence reflects the fact that
imports, in the period in which they
enter the country, go into both kinds
of gross domestic purchases—inventories and final sales.
Nonpetroleum imports increased
$7.2 billion, or 11 percent, to $73.9 bil-
lion; volume increased 13 percent.
The rebound in all major commodity
categories reversed the 12-percent decline in volume in the fourth quarter.
Consumer goods increased $2.2 billion
or 15 percent. Electrical appliances
accounted for one-half the increase
and apparel for one-quarter. Automotive products increased $1.7 billion or
12 percent. Imports from areas other
than Canada increased $1.5 billion,
primarily due to complete cars and
parts from Japan. During the quarter,
the United States indicated that it
would not seek renewal of the voluntary export restraints that limited
Japanese car exports to 1.85 million
per year. The Japanese Ministry of
International Trade and Industry announced that car exports would still
be limited to 2.3 million per year, 24
percent higher than the previous ceiling, effective in the second quarter.
Capital goods increased $1.8 billion or
12 percent, with the largest increase
in electrical machinery. Nonpetroleum industrial supplies and materials increased $0.5 billion or 3 percent.
CHART 4
Price of the U.S. Dollar (1977=100)
180
170 ~~
June 1985
Increases were widespread except for
nonprecious nonferrous metals, which
continued to weaken due to softness
in industrial production. Iron and
steel imports increased $0.3 billion to
near-record levels. Most of the increase was from Canada, which was
not a party to recent bilateral agreements with other countries restricting
exports of selected iron and steel
products to the United States. Foods,
feeds, and beverages increased $0.5
billion, or 10 percent, due to coffee,
cocoa, sugar, and fish.
Petroleum imports decreased $2.9
billion, or 20 percent, to $11.3 billion;
the average number of barrels imported per day decreased to 4.61 million
from 5.58 million, the lowest quarterly average since 1971. The average
price per barrel declined to $26.86
from $27.59 (chart 5). The decrease in
imports primarly reflected slower
U.S. growth and perhaps expectations
of further price declines.
Exports increased $0.5 billion, or 1
percent, to $55.8 billion; volume decreased 2 percent. Exports have recovered in 2l/2 years only about fourfifths of the decrease that occurred in
1981 and 1982; volume increases have
been somewhat less. Agricultural exports, after some initial recovery,
have been flat or have declined over
the past 2 years; there has been no recovery on a constant-dollar basis.
Nonagricultural export growth has
slowed over the past three quarters,
and on a constant-dollar basis has virtually ceased.
CHART 5
U.S. Petroleum Imports:
Dollars
29
28
120 -
110 ~
27
100
1982
1983
1984
1. Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, ,
New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, and United Kingdom.
Data: U.S. Department of the Treasury. End-of-month rates, index rebased by BEA.
2. Belgium, Canada, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, and United Kingdom.
Data: Federal Reserve Board. Monthly average rates, index rebased by BEA.
http://fraser.stlouisfed.org/
U.S. Department of Commerce, Bureau of Economic Analysis.
Federal Reserve Bank of St. Louis
1985
in, Netherlands,
1984
85-6-4
u.S, Department of Commerce, Bureau of Economic Analysis
1985
35-6-5
June 1985
Agricultural exports decreased $1.1
billion, or 11 percent, to $8.5 billion;
volume decreased 10 percent. Wheat
and other grains accounted for nearly
all the decline—shipments were down
$0.9 billion, or 20 percent. The high
value of the dollar and good harvests
abroad were contributing factors. In
addition, a court ruled in February
that one-half of grain exports under a
U.S. Government program which
combined interest free credits with
export credit guarantees (blended
credits) must be shipped on U.S. bottoms. This ruling raised the transportation costs of these exports to noncompetitive levels and led to suspension of the program. The suspension
caused cancellation of over $0.5 billion in shipments of wheat and flour,
primarily destined for North Africa
and Middle Eastern countries. The
first-quarter impact was small; most
of the canceled shipments were scheduled for the second quarter.
Nonagricultural exports increased
$0.5 billion, or 1 percent, to $47.3 billion: volume was unchanged. Capital
goods more than accounted for the increase; they were up $1.1 billion, or 5
percent, due to a bunching of aircraft
deliveries and increases in computers
and in broadcasting and telephone
equipment. Automotive exports continued at record levels, up $0.3 billion
or 6 percent; complete cars to Canada
were up $0.3 billion or 2 percent. Industrial supplies and materials decreased $0.2 billion.
Service transactions
Net service receipts decreased $0.6
billion to $2.6 billion. A drop in net
receipts of income on direct and portfolio investment more than accounted
for the decrease.
Receipts of income on U.S. direct
investment abroad decreased to $5.0
billion from $5.5 billion. Earnings
before capital gains and losses decreased in most countries. Capital
losses were unchanged at $2.4 billion.
Larger losses in Canada reflected both
translation losses and a write-off by a
petroleum subsidiary. Capital losses
were lower in Latin America and in
the United Kingdom, where the
pound rose sharply at the end of the
quarter. Net payments of interest declined $0.3 billion, or 25 percent, to
$0.9 billion, reflecting a decline in
payments to Netherlands Antilles finance affiliates. Payments of income
SURVEY OF CURRENT BUSINESS
on foreign direct investment in the
United States declined slightly to $2.5
billion.
Receipts of income on other private
investment decreased $1.7 billion, and
payments decreased $0.8 billion,
largely because the lagged impact of
falling interest rates affected receipts
more than payments. Receipts and
payments of income on U.S. Government assets and liabilities were virtually unchanged.
Net travel payments decreased $0.3
billion to $1.1 billion. Receipts from
overseas visitors increased and payments of U.S. travelers abroad decreased. Although expenditures in the
first quarter decreased compared with
the fourth, the number of travelers
going abroad continued to show
strong year-over-year increases. Receipts from Canada and Mexico both
decreased; payments to Canada increased and to Mexico decreased. Passenger fare payments were unchanged at $1.7 billion, and receipts
increased slightly to $0.8 billion.
Other transportation receipts were up
slightly to $3.6 billion, on the
strength of increases in exports on
U.S.-operated liner and tramp vessels.
Other transportation payments increased $0.2 billion to $3.9 billion; the
fluctuations in payments have closely
paralleled the large swings in imports
over the past three quarters.
Transfers under U.S. military sales
contracts increased to $2.8 billion
from $2.5 billion. Direct defense expenditures abroad decreased slightly
to $2.9 billion, as construction activity
in Saudi Arabia continued to decline.
Net unilateral transfers decreased
$0.9 billion to $3.2 billion, as grants to
developing countries were reduced.
U.S. assets abroad
U.S. official reserve assets increased
$0.2 billion in the first quarter. Limited acquisitions of German marks,
Japanese yen, and British pounds as
the result of exchange market intervention were partly offset by a $0.5
billion repayment by Argentina of a
bridge loan extended in the fourth
quarter as part of an adjustment program sponsored by the International
Monetary Fund (IMF). The U.S. reserve position in the IMF decreased
$0.3 billion; holdings of special drawing rights increased $0.3 billion.
U.S. claims on foreigners reported
by U.S. banks increased $0.3 billion,
37
compared with an increase of $4.9 billion. The demand for U.S. bank credit
abroad has been limited due to moderate expansion abroad and the availability of funds from Eurobond markets. Foreign lending has also been
restrained because of strong domestic
credit demands, relatively high U.S.
interest rates, and U.S. banks' attempts to reduce foreign loan exposure and increase bank capital-asset
ratios. Claims on banks' own foreign
offices increased $1.5 billion: the reversal in January of large yearend
outflows was offset later in the quarter by an increase in claims on Western Europe. Claims on foreign public
borrowers were unchanged. Among
those claims, those on Canada increased reflecting a standby revolving
credit agreement between the Canadian government and a consortium of
U.S. and foreign banks to supplement
Canada's international reserves. A
small increase in claims on Latin
America reflected drawdowns of credits arranged in previous quarters and
a partly offsetting large repayment by
Mexico. Because of improved economic conditions, Mexico was able to renegotiate a long-term rescheduling
agreement in March on more favorable terms; no new bank financing
was required. Claims on unaffiliated
banks and other private foreigners decreased $4.1 billion. An increase in
claims on Canada and the United
Kingdom was more than offset by a
decrease in claims on Latin American
and Asian countries.
Net U.S. purchases of foreign securities decreased $1.2 billion to $2.5 billion; net stock purchases nearly tripled to a record $1.9 billion, but net
bond purchases slowed because of
sales of outstanding issues. Moderate
expansion abroad, the rise in major
foreign stock markets, and continued
dollar appreciation, which reduced
the price of foreign stocks in U.S.
dollar terms, all contributed to the increase. Equity purchases may also
have been spurred by recent denationalization of a major British company
and by limited financial deregulation
in Japan. Purchases of Japanese
stocks were $0.6 billion; Canadian and
British stocks, $0.4 billion each; and
Dutch and Swedish stocks, $0.2 and
$0.1 billion, respectively. In contrast,
net bond purchases slowed substantially. New issues in the United
States were reduced because of high
38
SURVEY OF CURRENT BUSINESS
June 1985
Table F.—Selected Direct Investment Transactions With Netherlands Antilles Finance Affiliates
[Millions of dollars]
Capital
Equity capital
Reinvested earnings
Intercompany debt
Income
Of which interest
III
IV
I
II
III
IV
I"
3920
-1,227
1041
6 188
3253
-970
1025
5248
966
-222
163
1351
1453
-225
265
1943
625
-209
310
1 144
877
-572
302
1,751
1,165
-292
284
1741
2116
-885
295
3,296
873
-180
-294
1,347
-902
387
-152
-1,136
n.a.
182
n.a.
164
1 986
2918
— 2991 -4,246
3485
-5,263
603
-867
660
-986
731
-1,081
924
-1,312
-754
-1,138
-850
-1,300
-920
-1,365
-960
-1,460
n.a.
-1,117
9019
-4052
838
13908
. .
1985
19 84
1983
II
I
n.a. Not available.
" Preliminary.
NOTE.—Table shows only transactions with affiliates established primarily to borrow funds abroad and relend them to their U.S. parents.
U.S. long-term rates and attractive
pricing alternatives offered borrowers
in the Eurobond market, where borrowing was at a record pace. Net
sales of outstanding issues were $0.7
billion. Purchases in the United Kingdom slowed primarily because British
gilt-edge securities with currencyhedging options offered by several
major U.S. dealers were down from
an especially strong fourth-quarter
level.
U.S. direct investment shifted to a
$0.6 billion net inflow, compared with
an outflow of $5.4 billion. Net equity
flows have been negligible for the
past three quarters. A shift to intercompany debt inflows partly reflected
the absence of large repayments of
debt that occurred in the fourth quarter. First-quarter inflows related to
borrowing from Netherlands Antilles
finance affiliates were substantially
reduced now that U.S. corporations
can borrow directly in the Eurobond
markets without being subject to
withholding taxes (table F).
Foreign assets in the United States
Foreign official assets in the United
States decreased $11.4 billion, compared with a $7.1 billion increase in
the fourth quarter (table B). Drawdowns of dollar holdings of $6.7 billion by industrial countries mostly reflected heavy coordinated exchange
market intervention sales of dollars
by EMS countries, Canada, and
Japan. Canadian holdings increased
slightly as intervention sales of dollars were more than offset by borrowings from the Eurobond market and
from standby credit arrangements
with U.S. and foreign banks to replenish reserves. Dollar holdings of OPEC
members decreased $1.8 billion; those
of other developing countries decreased $2.7 billion.
Liabilities to private foreigners and
international financial institutions reported by U.S. banks, excluding U.S.
Treasury securities, increased $13.0
billion, compared with $4.5 billion. Inflows from foreign banks were strongest in February and early March
when U.S. interest rates rose sharply
and a large overnight Eurodollar interest rate differential favored offshore borrowing.
Purchases of U.S. Treasury securities by private foreigners and international financial institutions were $2.7
billion, compared with a record $9.5
billion in the fourth quarter.
CHART 6
Net Purchases and Sales of U.S.
Securities by Private Foreigners
Billion $
15
10
{
-5
1983
(
1984
U.S. Department of Commerce, Bureau of Economic Analysis
1985
as-e-e
Net foreign purchases of U.S. securities other than U.S. Treasury securities increased $0.1 billion to $9.5 billion, the second consecutive record
quarter (chart 6). Record bond purchases were partly offset by continued
sales of stocks. New bond issues sold
abroad by U.S. corporations remained
strong at $9.4 billion, as corporations
continued to concentrate borrowing
directly in the Eurobond market
(rather than through their Netherlands Antilles finance affiliates), following the removal last July of the
withholding tax. Lower interest rates
abroad and dealer competition to float
new issues contributed to a wide diversity of issues and favorable borrowing terms (in some cases lower
rates than on U.S. Treasury issues of
similar maturities). Net foreign sales
of U.S. stocks were a record $1.1 billion, the fourth consecutive quarter of
net sales. The attractiveness of bonds
following the removal of the withholding tax and concerns about a slowdown of the U.S. economy may have
contributed to the sales. In addition,
the runup of U.S. stock prices in January and further appreciation of the
dollar provided foreigners an opportunity to realize substantial profits.
Large sales were made by Germany
and the Netherlands, and smaller
sales by Japan and the United Kingdom.
Net inflows of capital for foreign
direct investment in the United
States were $2.7 billion, compared
with $4.7 billion. Intercompany debt
transactions accounted for most of the
decrease, as payables declined after
rising strongly in the fourth quarter.
In equity transactions, the purchase
of a large manufacturing plant by a
Japanese company was more than
offset by reduced inflows from Europe
and developing countries.
June 1985
TECHNICAL NOTES
As is customary each June, estimates of U.S. international transactions are revised to incorporate new
information. With the exception of
two of the revisions for 1978-84 discussed below, all revisions were limited to 1981-84. Annual estimates for
1960-1984 and quarterly estimates for
1979-84 are presented in tables 1 and
2. Annual estimates for 1974-84 and
quarterly estimates for 1983 and 1984
are presented in table 3. Annual estimates for 1982-84 and quarterly estimates for 1983 and 1984 are presented
in tables 4-10. Table lOa presents
annual estimates for 1982-84.
Seasonal adjustment for selected
current-account items and for changes
in U.S. government assets, other than
official reserve assets, were recalculated by extending through 1984 the
period used to derive seasonal adjustment factors. The new factors were
applied to quarterly data for 1983 and
1984.
SURVEY OF CURRENT BUSINESS
39
The series on foreign direct invest- ure of bank balances for data from
ment in the United States have been 1982 to the present. A change in the
revised to incorporate the results of estimation method for 1982-84 for reBEA's 1980 benchmark survey. The ceipts of income on bankers' acceptprevious benchmark year was 1974. ances held by banks and by other forWhen the international transactions eigners also increased receipts.
estimates were prepared last June,
Payments of income on U.S. Govpreliminary estimates of foreign ernment securities have been revised
direct investment transactions were for 1979-84 to include payments on
used because the benchmark study foreign private holdings of U.S.
was not complete. Those preliminary agency obligations, which previously
estimates have now been replaced had been excluded.
with final estimates for 1980-83.
Methodological changes were disExposed movie film is now included
cussed in detail in last June's SURVEY, as a balance of payments adjustment
and additional interpretive notes and to merchandise imports, to parallel
supplementary data were presented the treatment with merchandise exin the October SURVEY.
ports. The adjustments were made for
1978-84.
Two changes have been made to the
portfolio income accounts. Receipts of
Line 20 has been added to table 4 to
income on bank-reported claims previ- identify separately assets acquired in
ously were understated because inter- performance of U.S. Government
est rates were applied to a measure of guarantee and insurance obligations,
bank balances that was deficient in and identification of the export credit
coverage. Interest rates are now ap- transactions of the Commodity Credit
plied to a more comprehensive meas- Corporation has been improved.
40
SURVEY OF CURRENT BUSINESS
June 1985
Table 1.—U.S. International
[Millions
Line
(Credits +; debits -)
l
1 Exports of goods and services 2
2
3
Merchandise adjusted excluding military 3
Transfers under U.S. military agency sales contracts
4
5
6
Travel
Passenger fares
Other transportation
7
8
9
10
Fees and royalties from affiliated foreigners
Fees and royalties from unaffiliated foreigners
Other private services
U.S. Government miscellaneous services
11
12
13
Receipts of income on U.S. assets abroad:
Direct investment
Other private receipts
U.S. Government receipts .
Merchandise adjusted excluding military 3
Direct defense expenditures
18
19
20
Travel
Passenger fares
Other transportation
21
22
23
24
Fees and royalties to affiliated foreigners
Fees and royalties to unaffiliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services
25
26
27
Payments of income on foreign assets in the United States:
Direct investment
Other private payments
U.S Government payments
1963
1964
1965
1966
1967
1968
28861
29,937
31,803
34,214
38,826
41,087
44,562
47,314
52,363
57,522
19650
20 108
20781
22272
25501
26461
29310
30666
1,152
33626
1,392
36,414
1,528
2,043
29 Unilateral transfers (excluding military grants of goods and services), net
U.S. Government grants (excluding military grants of goods and services)
U S. Government pensions and other transfers
Private remittances and other transfers .
33 U.S. assets abroad, net (increase/capital outflow ( ))
402
656
657
747
830
829
919
175
947
183
957
191
1015
1 207
1380
1,590
1,646
1,775
241
271
317
371
411
450
1607
1620
1764
1898
2076
2175
2333
2426
2548
2,652
590
247
570
153
662
244
607
164
800
256
585
195
890
273
613
236
1,013
1,199
1,162
1,354
1,430
1,533
1,024
1,160
3621
3,823
4241
4636
1.022
5106
1,256
5506
1,421
5,260
1,669
5,603
1,781
6,591
2,021
7,649
2,338
1 562
1 340
1 636
1,892
2,039
2,547
2,610
1 695
793
383
1,465
904
473
1 537
205
499
301
651
265
462
335
714
285
510
353
814
326
599
393
951
336
636
437
353
756
486
343
925
23279
23,591
25778
27047
29222
32 801
38,599
41,606
48,800 -54,129
14758
—3087
14537
-2,998
16260
3105
17048
2961
18700
-2880
21510
-2952
25493
-3,764
26866
-4,378
32991 -35,807
-4,535 -4,856
1750
-513
1402
1 785
-506
1437
1 939
-567
1558
2114
-612
1701
2211
-642
1817
2438
-717
1951
-2657
-753
2161
-3207
-829
2 157
-3030
-885
2367
-3,373
-1,080
-2,455
35
40
593
313
43
-46
588
406
57
61
-51
493
447
67
-60
527
535
68
67
461
550
64
-76
506
62
80
— 44
-104
-106
-101
-120
-529
-802
-942
394
..
28 U S military grants of goods and services net
30
31
32
1962
646
349
15 Imports of goods and services
16
17
1961
335
14 Transfers of goods and services under U.S military grant programs net
1969
1960
-511
332
-432
-535
278
528
398
399
-586
339
-459
-701
401
453
657
489
668
751
-644
565
691
-760
-717
-711
-1,221
—549
-821
-1,328
-876
-1,800
-702
-848
3,244
-111
2,610
598
1 695
1 465
1 537
1 562
1 340
1 636
1 892
2039
2547
-2,308
-2,524
-2,638
-2,754
-2,781
-2,854
-2,932
-3,125
- 2,952
2,994
1855
1916
1917
-1,888
-1808
-1,910
-1,805
- 1,709
-1,649
-655
-879
-836
-939
1 672
214
423
235
434
245
477
262
575
4174
7270
9560
171
125
1 225
1665
570
571
279
614
369
677
5716
367
-7,321
4 099
5538
34
35
36
37
38
U.S. official reserve assets net 4
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
2 145
1703
607
857
1 535
890
378
461
442
135
115
626
19
29
112
266
220
94
346
537
538
39
40
41
42
U.S. Government assets, other than official reserve assets, net
U.S. credits
Repayments on U.S. loans 5
U.S. foreign currency holdings and U S short-term assets net
1 100
1 214
-910
1928
1 279
1085
2128
1288
-1,662
2204
-1,605
2463
245
988
447
-1,680
2382
-1,543
-2,513
1,235
-265
43
44
45
46
47
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
5144
2 940
5235
2 653
4623
2 851
5986
3483
1 105
8050
3760
5336
5011
1556
-1,108
2505
759
341
93
-6,347
5418
-720
-442
642
528
663
394
261
762
1 148
-558
1 261
48 Foreign assets in the United States, net (increase/capital inflow ( + ))
2294
2,705
49
50
51
52
53
54
55
Foreign official assets in the United States net
U.S. Government securities6
U.S. Treasury
securities
Other 7
Other U.S. Government liabilities 8
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 9
1473
655
655
765
233
233
215
603
25
508
56
57
58
59
60
61
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. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
821
315
364
282
-90
678
1939
311
151
324
226
928
969
354
450
157
720
19
677
874
16
1,911
3,217
3,643
742
1 270
1 409
1410
1 986
1 660
134
141
134
7
65
210
1
152
291
641
346
66
134
816
803
12
429
742
432
434
2
298
930
233
3,661
672
1 527
- 1,548
21
113
742
441
53
-870
1,173
-1,179
-1,034
1023
-870
1 173
-2,423
-3638
1,005
2,274
-3722
1,386
209
62
2,200
-3,489
1,200
-7,386
4805
-1308
-779
-7,833
5295
-1569
-1,203
233
-8,206
5960
-1,549
-126
-570
7,379
9.928
12,702
3451
2261
2,222
774
769
1301
2343
-2,269
1,170
-94
495
39
83
1 106
4333
3,928
-356
-135
1016
1818
2882
-360
-907
-458
4521
6025
5,303
3387
5224
7 167
6,331
4414
6801
9604
8,711
6823
4951
8285
7,239
5432
1 535
1 118
1 558
-110
336
231
149
287
-37
898
1983
322
146
85
75
406
-9,757 -10,977 -11,585
607
415
131
358
178
503
1231
407
-798
29
-15
10
967
822
89
-74
251
792
10703
14,002
1 263
3,130
1765
4414
1,475
3871
629
-205
438
3817
5,963
4,941
3031
3800
5,708
4,338
2583
635
607
3563
2,320
3,393
2,048
611
399
570
53
-785
3,368
-870
-759
-1,179
- 1,552
425
906
476
698
584
807
136
-68
792
8,886
62 Allocations of special drawing rights
63 Statistical discrepancy (sum of above items with sign reversed)
-1,019
Memoranda:
Balance of merchandise trade (lines 2 and 16)
Balance on goods and services (lines 1 and 15) 10
Balance on goods, services, and remittances (lines 65, 31, and 32)
Balance on current account (lines 65 and 29) 10...
4892
5132
4,496
2824
5571
6346
5,677
3822
2 145
1258
607
741
64
65
66
67
..
Transactions in U.S. official reserve assets and in foreign official assets in the United
States:
68
Increase ( — ) in U S official reserve assets net (line 34)
69
Increase ( + ) in foreign official assets in the United States (line 49 less line 53)
See footnotes on page 69.
-989
-1,124
378
171
1362
1 225
69
-1,516
41
SURVEY OF CURRENT BUSINESS
June 1985
Transactions
of dollars]
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
Line
65,674
68,838
77,495
110,241
146,666
155,729
171,630
184,276
219,994
286,796
342,485
375,759
350,058
333,586
362,421
1
42,469
1,501
43,319
1,926
49,381
1,364
71,410
2,559
98,306
3,379
107,088
4,049
114,745
5,454
120,816
7,351
142,054
7,973
184,473
6,516
224,269
8,274
237,085
10,041
211,198
11,907
200,745
12,394
220,316
10,086
2
3
2,331
544
3,125
2,534
615
3,299
2,817
699
3,579
3,412
975
4,465
4,032
1,104
5,697
4,697
1,039
5,840
5,742
1,229
6,747
6,150
1,366
7,090
7,183
1,603
8,136
8,441
2,156
9,971
10,588
2,591
11,618
12,913
3,111
12,560
12,393
3,174
12,317
11,408
3,037
12,639
11,386
3,023
13,799
4
5
6
1,758
573
1,294
332
1,927
618
1,546
347
2,115
655
1,764
357
2,513
712
1,985
401
3,070
751
2,321
419
3,543
757
2,920
446
3,531
822
3,584
489
3,883
1,037
3,848
557
4,705
1,180
4,296
620
4,980
1,204
4,403
520
5,780
1,305
5,158
398
5,794
1,490
5,856
499
5,561
1,572
6,635
533
6,275
1,580
6,857
630
6,530
1,585
7,463
624
7
8
9
10
8,169
2,671
907
9,160
2,641
906
10,949
2,949
866
16,542
4,330
936
19,157
7,356
1,074
16,595
7,644
1,112
18,999
8,955
1,332
19,673
10,881
1,625
25,458
14,944
1,843
38,183
23,654
2,295
37,146
32,798
2,562
32,549
50,182
3,680
22,600
58,050
4,118
21,271
51,920
4,832
23,078
59,301
5,230
11
12
13
2,713
3,546
4,492
2,810
1,818
2,207
373
203
236
465
756
679
585
194
190
14
-60,050
-66,569
-79,435
-99,219
-137,519
-133,000
-162,425
-194,170
-230,316
-282,138
-333,536
-362,573
-349,974
-365,524
-452,539
15
-39,866
-4,855
-45,579
-4,819
-55,797
-4,784
-70,499
"-4,629
-103,811
-5,032
-98,185
-4,795
-124,228
-4,895
-151,907
-5,823
-176,001
-7,352
-212,009
-8,294
-249,749
-10,511
-265,063
-11,224
-247,642
-12,225
-262,757
-12,556
-328,597
-11,851
16
17
-3,980
-1,215
-2,843
-4,373
-1,290
-3,130
-5,042
-1,596
-3,520
-5,526
-1,790
-4,694
-5,980
-2,095
-5,942
-6,417
-2,263
-5,708
-6,856
-2,568
-6,852
-7,451
-2,748
-7,972
-8,475
-2,896
-9,124
-9,413
-3,184
- 10,906
-10,397
-3,607
-11,790
-11,479
-4,487
-12,474
-12,394
-4,772
-11,710
-13,997
-5,484
-12,324
-16,008
-6,508
-14,666
18
19
20
-111
-114
-827
-725
-118
-123
-956
-746
-155
-139
-1,043
-788
-209
-176
-1,180
-862
-160
-186
-1,262
-967
-287
-186
-1,551
-1,044
-293
-189
-2,006
-1,227
-243
-262
-2,190
-1,358
-393
-277
-2,573
-1,545
-523
-309
-2,822
1,718
-428
-297
-2,909
-1,730
-362
-289
-3,002
-1,865
78
-267
-3,529
-2,238
67
-295
-3,364
-2,193
-187
-329
-3,762
-2,133
21
22
23
24
-875
-3,617
-1,024
-1,164
-2,428
-1,844
-1,284
-2,604
-2,684
-1,610
-4,209
-3,836
-1,331
-6,491
-4,262
-2,234
-5,788
-4,542
-3,110
-5,681
-4,520
-2,834
-5,841
-5,542
-4,211
-8,795
-8,674
-6,357
-15,481
-11,122
-8,635
-20,893
-12,592
-6,898
-28,553
-16,878
-3,155
-33,833
-18,285
-5,598
-29,198
-17,825
-10,188
-38,543
-19,769
25
26
27
-2,713
-3,546
-4,492
-2,810
-1,818
-2,207
-373
-203
-236
-465
-756
-679
-585
-194
-190
28
-3,294
-3,701
-3,854
-3,881
12
-7,186
-4,613
-4,998
-4,617
-5,106
-5,649
-7,077
-6,847
-8,135
-8,852
-11,413
29
-1,736
-462
-1,096
-2,043
-542
-1,117
-2,173
-572
-1,109
-1,938
-693
-1,250
12
-5,475
-694
-1,017
-2,894
-813
-906
-3,146
-934
-917
-2,787
-971
-859
-3,176
-1,086
-844
-3,550
-1,180
-920
-4,731
-1,302
-1,044
-4,466
-1,464
-918
-5,501
-1,473
-1,160
-6,287
-1,581
-984
-8,522
-1,591
-1,300
30
31
32
-9,337
-12,475
-14,497
-22,874
-34,745
-39,703
-51,269
-34,785
-61,130
-64,331
-86,118
-111,031
2,481
787
851
389
2,156
2,349
866
— 249
1,350
382
-4
547
— 703
153
-1
158
-1,467
-849
-2,558
732
-65
-1,133
-65
-8,155
g
-375
-118
179
— I
( £i
1 Qfi
— 1i,loO
— ID
-33
182
-1,265
-30
-466
-317
-2,212
-268
-294
158
4,231
-4,683
-189
257
-1,589
-3,293
1,721
-16
-1,884
-4,181
2,115
182
-1,568
-3,819
2,086
165
-2,644
-4,638
2,596
-602
12
366
-5,001
541
-3,474
-5,941
2,475
-9
-4,214
-6,943
2,596
133
-3,693
-6,445
2,719
33
-4,660
-7,470
2,941
-131
-10,229
-7,590
-1,076
-596
-967
-12,940
-7,618
-1,113
-1,229
-2,980
-12,925
-7,747
-618
-1,054
-3,506
-20,388
-11,353
-671
-2,383
-5,980
-33,643
-9,052
-1,854
-3,221
-19,516
-35,380
-14,244
-6,247
-1,357
-13,532
-44,498
-11,949
-8,885
-2,296
-21,368
-30,717
-11,890
-5,460
-1,940
-11,427
-57,202
-16,056
-3,626
-3,853
-33,667
6,359
22,970
21,461
18,388
34,241
15,670
36,518
51,319
6,908
9,439
9,411
28
-456
-2,075
26,879
26,570
26,578
-8
-510
819
10,475
8,470
8,213
257
182
1,638
185
6,026
641
59
582
936
4,126
323
10,546
4,172
3,270
902
301
5,818
254
7,027
5,563
4,658
905
1,517
-2,158
2,104
17,693
9,892
9,319
573
4,627
969
2,205
36,816
32,538
30,230
2,308
1,400
773
2,105
-550
1,464
81
2,189
2,014
-6,298
-3,909
367
-24
2,289
369
-6,911
10,986
949
-39
4,507
815
4,754
12,362
2,800
-216
4,041
1,035
4,702
23,696
4,760
697
378
1,844
16,017
8,643
2,603
2,590
2,503
319
628
18,826
4,347
2,783
1,284
-578
10,990
14,503
3,728
534
2,437
1,086
6,719
11
12
4,826
12
fifi
— DO
-119,218
-55,045
-20,447
33
-4,965
-1,196
-3,131
-1,667
-6,472
-5,175
(*)
1 894
— l,o£4
-2,491
-861
— 1 371
-2^552
-1,041
— 66
-4,434
3,304
— 979
-995
-1,156
34
35
36
37
38
-3,746
-7,697
3,926
25
-5,162
-9,860
4,456
242
-5,097
-9,674
4,413
164
-6,131
-10,063
4,293
-361
-5,006
-9,967
5,012
-51
-5,516
-9,619
4,483
-380
39
40
41
42
-59,453
-25,222
-4,726
-3,291
-26,213
-72,802
-19,222
-3,568
-3,174
-46,838
-100,758
-9,624
-5,778
-1,181
-84,175
-108,122
4,424
-8,102
6,626
-111,070
-48,843
-5,394
-7,007
-6,513
-29,928
-11,800
-4,503
-5,059
6,266
-8,504
43
44
45
46
47
64,036
38,752
58,112
83,322
94,447
84,322
97,319
48
33,678
24,221
23,555
666
2,476
5,551
1,430
-13,665
-21,972
-22,435
463
-40
7,213
1,135
15,497
11,895
9,708
2,187
615
-159
3,145
4,960
6,322
5,019
1,303
-338
-3,670
2,646
3,672
5,085
5,779
-694
684
-1,747
-350
5,795
6,496
6,972
-476
552
545
- 1,798
3,424
4,857
4,690
167
453
663
-2,549
49
50
51
52
53
54
55
78,526
11,946
8,721
8,636
-118
49,341
93,895
22,514
22,440
12,983
4,284
31,674
56
57
58
59
60
61
1I,£4i7
O/IQ
— 78
10
30,358
7,897
2,178
2.254
1,889
16,141
13
52,416
11,877
4,960
1,351
1,621
32,607
13
1 c.
42,615
16,918
2,645
5,457
6,852
10,743
13
78,362
25,195
2,946
7,176
917
42,128
13
90,775
13,792
7,052
6,392
-2,383
65,922
13
13
62
867
717
710
1,139
1,152
1,093
-219
-9,779
-1,879
-2,654
-1,458
5,917
10,544
-2,023
12,521
25,431
24,982
20,276
32,821
11,513
24,660
63
2,603
5,625
4,067
2,331
-2,260
2,269
610
-1,433
-6,416
-1,941
-3,622
-5,795
911
11,021
9,078
7,140
-5,505
9,147
7,437
1,962
8,903
22,729
21,011
18,116
-9,483
9,205
7,354
4,207
-31,091
-9,894
-11,724
-14,511
-33,947
-10,321
-12,251
-15,427
-27,536
4,659
2,559
-991
-25,480
8,950
6,604
1,873
-27,978
13,186
10,805
6,339
-36,444
84
-2,549
-8,051
-62,012
-31,937
-34,503
-40,790
-108,281
-90,119
-93,010
-101,532
64
65
66
67
2,481
7,364
2,349
27,389
-4
10,293
158
5,090
-1,467
10,244
-849
5,509
-2,558
13,066
-375
35,416
732
31,202
-1,133
-13,624
-8,155
14,881
-5,175
5,298
-4,965
2,988
-1,196
5,243
-3,131
2,971
68
69
42
SURVEY OF CURRENT BUSINESS
June 1985
Table 1.—U.S. International
[Millions
r
19 r9
II
I
1
Exports of goods and services
2
2
3
Merchandise, adjusted, excluding military 3
Transfers under U S military agency sales contracts
4
5
6
Travel
Passenger fares
Other transportation
7
8
9
10
Fees and royalties from affiliated foreigners
Fees and royalties from unaffiliated foreigners
Other private services
U S Government miscellaneous services
11
12
13
Receipts of income on U.S. assets abroad:
Direct investment
Other private receipts
U.S Government receipts
14 Transfers of goods and services under U.S. military grant programs, net
15 Imports of goods and services
19 80
III
IV
I
II
III
64,468
69,830
71,443
81,055
84,999
84,745
82,697
90,045
41,694
1903
45,138
1 695
44,959
1 574
52,682
1344
54,501
1702
57,389
1923
53,504
2,437
58,875
2,212
1,924
2,214
2,368
1,935
2,425
2,691
3,140
2,332
2231
2,401
2,642
2,697
2,699
2,880
2,994
3,045
1 112
1 183
1 218
1468
1 278
1421
1,404
1,678
1,058
1,082
1,093
1,170
1,212
1,277
1,315
1,354
8044
5,180
9,294
5,338
9879
5,963
10,967
7,174
11773
8,011
7501
8,089
8,644
7,277
9,228
9,422
29
47
95
294
143
151
259
203
61960
68614
73 170
78394
84868
83731
81,092
83,844
46717
2001
51403
-1936
54099
2087
59790
2270
64956
2550
62870
2484
59 175
-2610
62748
-2,867
2680
-1,099
3036
3526
- 1,042
2882
2165
-726
2926
413
298
122
489
524
299
151
512
704
301
176
565
515
305
71
728
502
311
84
501
637
319
77
541
16
17
Merchandise adjusted excluding military 3
Direct defense expenditures
18
19
20
Travel
Passenger fares
Other transportation
1708
-669
2378
2575
-975
2656
3 187
-889
2899
1943
-651
2972
2026
-740
2946
21
22
23
24
Fees and royalties to affiliated foreigners
Fees and royalties to unaffiliated foreigners
Private payments for other services
U S Government payments for miscellaneous services
-125
-126
-119
-153
-109
-687
-698
-703
-734
-725
-742
405
25
26
27
Payments of income on foreign assets in the United States:
Direct investment
Other private payments
U S Government payments
1423
3067
2758
1623
3 464
2724
1769
3991
2753
1 542
4959
2888
1728
5537
3071
28 U S military grants of goods and services net
29 Unilateral transfers (excluding military grants of goods and services), net
30
31
32
U.S. Government grants (excluding military grants of goods and services)
U S Government pensions and other transfers
Private remittances and other transfers
33 U.S. assets abroad, net (increase/capital outflow ( ))
IV
75
350
77
357
78
596
78
415
76
-66
74
888
330
125
640
564
344
112
880
-52
-74
-200
-747
417
480
-695
-428
2092
5213
2957
-3291
4203
-3011
-1,524
5940
-3,553
-73
29
47
95
294
143
151
259
203
1,301
-1,382
— 1,388
— 1,579
-1,880
-1,357
-1,493
2,347
854
265
182
911
281
191
881
304
203
-904
- 1,342
330
345
-810
-919
- 1,660
311
227
-233
-236
-348
314
338
339
8736
15921
25600
14,073
13,699
-24,997
-18,916
-28,507
34
35
36
37
38
U S. official reserve assets net 4
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
3585
322
2779
3268
502
-1,109
-4,279
1 142
2082
112
-99
489
-261
-294
2831
27
611
1 152
2 357
6
78
394
649
65
554
1,285
- 1,240
-4324
39
40
41
42
U.S. Government assets, other than official reserve assets, net. ..
U.S. credits
Repayments on U.S. loans 5
U.S. foreign currency holdings and U.S. short-term assets, net
1 163
1900
-918
1906
1808
-863
2083
1,205
- 1,530
2611
-1,131
2350
1,171
1,394
-2,576
1,173
1,108
-2,322
1,195
14
918
164
43
44
45
46
47
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
3989
5918
15326
7417
27577
6675
2331
12561
5213
787
3088
5926
25
7921
17833
6385
1062
1203
944
509
-23,121
-7,045
739
24367
-2790
1387
16,413
-3,538
995
32
8901
5849
20165
- 12,440
-2,596
- 13,030
48 Foreign assets in the United States, net (increase/capital inflow ( + ))
2307
6862
24 449
5,134
8,582
9,873
14,430
25,226
49
50
51
52
53
54
55
Foreign official assets in the United States net
U.S. Government securities6
U.S. Treasury
securities
Other 7
Other U.S. Government liabilities 8
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 9
8 697
8837
8832
9775
12766
12860
6036
5359
5026
1228
5728
5769
7413
4556
5357
7731
4610
4360
7564
4,343
3794
7614
7,498
6,911
4656
3 198
1676
851
1823
1465
587
107
460
469
56
57
58
59
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. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. liabilities reported by U S banks not included elsewhere
2142
5756
1 271
6866
4713
17612
3 128
496
278
263
1,671
4509
1,252
916
2,263
3,590
7737
60
61
86
783
-47
908
5
31
51
222
11004
1553
1 3 2 564
972
17
492
504
94
353
52
802
965
41
2436
333
339
172
166
16637
3353
18413
202
409
799
12018
166
252
-296
6773
210
13 153
908
663
7,858
5,713
15,467
4,374
-573
7 108
2661
1986
1 081
10455
5481
1013
5671
1605
1 030
1 749
467
343
111
3873
6201
5514
3 854
649
527
3268
7 394
7 137
1 109
7 631
4279
7 507
9,225
4,266
5023
2,508
2061
1 208
6265
1,217
9 140
-1727
2234
3 115
450
1 502
O OQO
1,139
See footnotes on page 69.
549
-67
20
57
524
4,083
Transactions in U.S. official reserve assets and in foreign official assets in the United
States:
68
Increase ( ) in U S official reserve assets net (line 34)
69
Increase ( + ) in foreign official assets in the United States (line 49 less line 53)
360
250
593
9
15995
3321
i a 3 300
2435
340
6599
63 Statistical discrepancy (sum of above items with sign reversed)
64
65
66
67
545
801
19
49
6362
3588
13 951
62 Allocations of special drawing rightst
Memoranda:
Balance on merchandise trade (lines 2 and 16)
Balance on goods and services (lines 1 and 15) 10
Balance on goods services and remittances (lines
65 31 and 32)
Balance on current account (lines 65 and 29) 10
41
701
-34
3585
8 666
894
1,152
746
165
322
10 128
2779
5697
131
407
502
43
SURVEY OF CURRENT BUSINESS
June 1985
Transactions—Continued
of dollars]
1981
I
II
19*12
III
IV
I
III
IV
I
II
1985
19*54
19*53
II
Line
III
IV
I
II
III
IV
I"
93,173
96,691
91,245
94,651
89,661
93,153
85,392
81,853
81,153
83,535
82,826
86,072
90,611
90,766
88,770
92,274
88,954
1
60,354
2,084
61,699
2,656
55,845
2,943
59,187
2,358
55,287
2,952
56,688
3,145
50,101
2,920
49,122
2,890
49,320
3,793
50,378
3,041
48,407
3,041
52,640
2,519
53,857
2,555
56,276
2,476
53,580
2,590
56,603
2,466
55,694
2,781
2
3
2,951
602
3,105
3,254
815
3,140
3,721
1,041
3,198
2,987
653
3,117
3,161
670
3,062
3,331
821
3,135
3,446
1,003
3,117
2,455
680
3,004
2,722
653
3,015
2,904
826
3,101
3,462
893
3,257
2,320
665
3,267
2,782
679
3,241
2,949
881
3,374
3,200
849
3,670
2,455
614
3,515
2,974
666
3,526
4
5
6
1,360
361
1,430
82
1,420
372
1,460
135
1,402
378
1,473
151
1,612
379
1,493
131
1,372
388
1,625
117
1,305
390
1,659
123
1,396
394
1,671
199
1,488
399
1,680
93
1,462
394
1,732
124
1,605
393
1,701
252
1,462
394
1,706
141
1,745
398
1,717
113
1,515
391
1,884
120
1,543
393
1,824
185
1,655
397
1,886
172
1,817
404
1,869
147
1,589
415
1,906
216
7
8
9
10
8,631
11,374
840
8,516
12,443
781
6,545
13,546
1,002
8,857
12,820
1,057
6,070
13,917
1,038
5,780
15,833
942
4,981
15,135
1,030
5,769
13,166
1,108
4,240
12,568
1,130
5,489
12,533
1,311
5,511
13,247
1,305
6,030
13,572
1,086
8,462
13,899
1,226
4,651
14,902
1,313
3,539
15,874
1,360
6,427
14,626
1,332
5,012
12,908
1,268
11
12
13
14
183
206
230
61
89
118
233
145
35
28
49
81
41
44
45
61
15
-88,800
-93,214
-90,620
-89,939
-86,927
-88,404
-90,362
-84,281
-82,426
-90,197
-94,918
-97,983
-106,822
-113,180
-121,644
-110,894
-114,886
15
-65,902
-2,693
-67,930
-3,012
-64,605
-2,624
-66,626
-2,895
-62,660
-2,894
-61,432
-3,113
-63,535
-3,084
-60,015
-3,134
-59,348
-3,090
-64,326
-3,112
-67,165
-3,167
-71,918
-3,188
-79,714
-2,901
-81,435
-3,069
-87,504
-2,840
-79,944
-3,041
-85,220
-2,870
16
17
-2,347
-1,014
-3,020
-2,948
-1,365
-3,287
-3,870
-1,218
-3,194
-2,314
-890
-2,974
-2,506
-1,126
-2,923
-3,409
-1,473
-3,087
-3,912
-1,231
-2,931
-2,567
-942
-2,769
-2,383
-1,091
-2,782
-3,703
-1,771
-3,010
-4,912
-1,483
-3,256
-2,999
-1,139
-3,276
-2,893
-1,340
-3,384
-4,239
-2,116
-3,587
-5,389
-1,730
-4,053
-3,487
-1,322
-3,642
-3,268
-1,513
-3,829
18
19
20
-151
-74
-749
-454
-28
-73
-734
-454
-105
-72
-742
-394
-77
-70
-778
-563
-24
-68
-841
-444
39
-66
-869
-458
-23
-66
-891
-649
39
-67
-929
-687
-63
-72
-829
-485
-11
-74
-837
-495
(*)
-75
-831
-441
141
-74
-866
-771
99
-79
-910
-433
-30
-81
-922
-424
-155
-83
-887
-490
-101
-86
-1,043
-787
-99
-89
-990
-481
21
22
23
24
-1,717
-6,704
-3,977
-1,948
-7,164
-4,271
-1,826
-7,661
-4,309
-1,407
-7,024
-4,321
-707
-8,231
-4,503
-834
-9,340
-4,363
-705
-8,676
-4,705
-910
-7,586
-4,714
-1,085
-6,770
-4,428
-1,512
-6,976
-4,368
-1,640
-7,486
-4,462
-1,361
-7,965
-4,567
-2,146
-8,466
-4,656
-2,640
-9,875
-4,762
-2,792
-10,662
-5,059
-2,611
-9,540
-5,291
-2,450
-8,782
-5,296
25
26
27
-183
-206
-230
-61
-89
-118
-233
-145
-35
-28
-49
-81
-41
-44
-45
-61
-15
28
-1,480
-1,564
-1,833
-1,971
-2,089
-1,819
-1,750
-2,476
-1,578
-1,884
-2,179
-3,211
-2,184
-2,240
-2,850
-4,139
-3,148
29
-960
-335
-185
-986
-333
-244
-1,232
-398
-203
-1,288
-397
-286
-1,493
-315
-282
-1,113
-384
-323
-1,117
-379
-254
-1,778
-396
-302
-1,011
-385
-182
-1,245
-402
-237
-1,544
-393
-241
-2,486
-400
-325
-1,480
-392
-312
-1,522
-412
-307
-2,207
-382
-262
-3,313
-406
-420
-2,318
-410
-420
30
31
32
-23,837
-22,192
-16,701
-48,301
-33,099
-41,806
-26,339
-17,973
-27,069
-1,546
-9,706
-16,723
-6,066
- 19,433
-18,418
-13,365
-4,454
33
-4,529
(*)
-1,441
-707
-2,381
-905
-4
262
-1,089
-1,132
-794
-1,950
-787
16
529
-953
-657
-566
-799
-1,110
-233
-23
-780
-102
-225
-647
868
-134
-358
754
-400
-547
-142
-241
-814
-77
-434
-459
99
-297
-732
-920
-98
-2,139
1,450
-303
-212
531
-209
-88
826
545
-1,996
498
-226
-200
-231
-288
-321
44
-271
-331
-197
-194
-143
-772
-264
281
-250
34
35
36
37
38
-1,469
-2,594
958
168
-1,482
-2,365
1,060
-177
-1,261
-2,420
1,128
31
-886
-2,295
1,267
143
-899
-1,849
1,013
-63
-1,724
-2,524
1,025
-225
-2,549
-3,452
955
-52
-960
-2,238
1,300
-21
-1,225
-2,378
1,230
-77
-1,246
-2,421
1,213
-38
-1,207
-2,755
1,511
38
-1,328
-2,413
1,058
27
-2,148
-2,784
888
-251
-1,335
-2,713
1,378
(*)
-1,409
-2,203
924
-130
-624
-1,919
1,294
1
-883
-1,767
956
-72
39
40
41
42
-17,838
-2,422
-505
-3,248
-11,664
-19,805
-5,613
-1,579
2,389
-15,002
-15,437
-585
-720
1,178
-15,310
-47,678
-1,004
-2,976
-1,500
-42,199
-31,112
-998
-650
3,879
-33,343
-38,950
1,263
-502
-308
-39,403
-22,997
1,010
-3,410
808
-21,405
-15,063
3,150
-3,541
2,247
-16,919
-25,057
-370
-1,608
-2,776
-20,303
-315
-731
-2,872
-230
3,518
-9,028
-3,811
-1,368
-233
-3,616
- 14,443
-482
-1,160
-3,274
-9,527
-3,262
-4,114
673
1,289
-1,110
-17,532
1,502
-756
1,908
-20,186
20,625
2,114
-1,313
2,099
17,725
-11,631
-4,005
-3,663
970
-4,933
-3,338
-592
-2,461
n.a.
-285
43
44
45
46
47
15,158
15,608
19,539
34,017
19,277
41,592
3,140
33,310
16,521
48
-2,666
-973
-611
-362
124
-1,353
-464
6,916
3,003
2,576
427
479
3,560
-126
-2,786
-272
-275
3
233
-2,147
-600
-224
-128
-274
146
555
328
-979
-686
-490
-575
85
-139
430
-487
7,119
5,747
5,814
-67
-197
2,052
-483
-11,402
-7,534
-7,227
-307
-532
-3,219
-117
49
50
51
52
53
54
55
27,101
1,736
1,660
1,156
1,398
21,151
22,063
3,305
1,396
1,494
4,520
11,348
41,816
9,289
6,485
506
4,566
20,970
3,825
5,228
5,058
1,603
-939
-5,125
26,191
4,692
9,501
9,380
-1,863
4,481
27,923
2,713
2,677
9,522
n.a.
13,011
56
57
58
59
60
61
63
8,788
14,548
17,402
42,584
27,205
33,796
18,434
15,012
5,502
7,696
7,242
454
87
-3,109
828
-3,159
-1,542
-2,078
536
-218
-2,048
649
-5,992
-4,071
-4,615
544
-516
-2,380
975
8,609
4,239
4,470
-231
309
3,867
194
-3,281
-1,629
-1,327
-302
-149
-1,684
181
1,550
-1,835
-2,094
259
578
2,797
10
2,634
4,662
4,854
-192
-71
-1,870
-87
2,769
3,887
4,346
-459
326
-990
-454
3,286
3,146
1,390
2,422
121
-3,793
17,706
5,294
747
3,589
13
8,063
33,975
11,251
1,253
393
-301
21,380
30,486
2,080
1,302
1,313
-65
25,856
23,395
5,505
-444
772
1,084
16,478
13
13
32,246
3,505
2,098
2,541
-2,023
26,125
13
15,799
3,166
1,398
633
-282
10,884
13
12,244
5,041
2,254
1,905
-13
3,057
13
1,706
1,825
1,995
-170
476
231
-826
-161
2,641
3,012
-371
-527
-1,893
-382
15,319
1,789
2,921
2,988
-2,763
10,384
13
13,902
4,097
3,124
2,604
-64
4,141
13
22,205
4,325
1,016
1,888
1,311
13,665
13
62
1,093
11,062
5,731
507
2,977
5,250
5,081
14,626
7,865
14,762
-5,515
4,437
-2,171
5,185
2,495
14,167
2,813
17,012
-5,548
4,374
3,853
2,893
-6,231
3,477
2,899
1,913
-8,760
625
24
-1,208
-7,439
4,711
4,028
2,741
-7,373
2,733
2,137
644
-4,744
4,749
4,043
2,930
-13,434
-4,970
-5,603
-6,720
-10,893
-2,428
-3,126
-4,904
-10,028
-1,272
-1,840
-2,851
-13,948
-6,663
-7,301
-8,547
-18,758
-12,091
-12,726
-14,270
-19,278
-11,911
-12,636
-15,123
-25,857
-16,212
-16,915
-18,395
-25,159
-22,414
-23,132
-24,654
-33,924
-32,874
-33,517
-35,724
-23,341
-18,619
-19,445
-22,759
-29,526
-25,932
-26,762
-29,079
64
65
66
67
-4,529
5,415
-905
-2,941
-4
-5,476
262
8,300
-1,089
-3,132
-1,132
972
-794
2,705
-1,950
2,443
-787
366
16
1,230
529
-2,790
-953
6,437
-657
-3,019
-566
-779
-799
-547
-1,110
7,316
-233
-10,870
68
69
SURVEY OF CURRENT BUSINESS
44
June 1985
Table 2.—U.S. International
[Million
19rf9
I
1
Exports of goods and services
2
3
2
3
Merchandise, adjusted, excluding military
Transfers under U.S. military agency sales contracts
4
5
6
Travel
Passenger fares
Other transportation
7
8
9
10
Fees and royalties from affiliated foreigners
Fees and royalties from unaffiliated foreigners
Other private services
U.S. Government miscellaneous services
11
12
13
Receipts of income on U.S. assets abroad:
Direct investment
Other private receipts
U.S. Government receipts
. . .
. .
.. ..
16
17
Merchandise, adjusted, excluding military 3
Direct defense expenditures . .
18
19
20
Travel
Passenger fares
Other transportation
21
22
23
24
Fees and royalties to affiliated foreigners
Fees and royalties to unaffiliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services
25
26
27
Payments of income on foreign assets in the United States:
Direct investment
Other private payments
.. ..
U.S. Government payments
.
IV
III
II
I
III
II
IV
64,907
68,178
74,257
79,454
85,317
82,856
85,584
88,730
42,036
1,903
43834
1,695
47236
1,574
51,367
1,344
54752
1,702
55,843
1,923
55,785
2,437
57,889
2,212
2,044
497
2,298
2,075
532
2364
2,058
540
2,589
2,264
587
2,720
2,547
612
2,771
2,534
642
2,843
2,737
682
2,936
2,770
655
3,068
1 171
298
1058
128
1216
299
1082
152
1 265
301
1093
156
1 328
305
1 170
84
1 367
311
1 212
94
1465
319
1277
77
1,453
330
1315
102
1495
344
1354
125
7,742
5180
552
9,063
5338
528
7,253
8089
591
9,849
7,277
681
8,696
9,422
700
14 Transfers of goods and services under U S military grant programs, net
15 Imports of goods and services
19 80
10,882
5963
600
10,496
7 174
615
11,348
8011
590
29
47
95
294
143
151
259
203
62,842
-68 092
72231
78,972
85193
82821
80,619
84,906
-46,812
-2,001
-51,166
-1936
-54,257
2087
-59,774
-2,270
-64,478
2550
-62,409
2484
-59,778
-2,610
-63,085
-2,867
— 2230
-760
-2,470
—2377
-794
-2,630
2381
-802
-2,828
2425
-828
-2,978
2603
-840
-3,055
2481
-891
-2,998
-2,611
-951
-2,813
2702
-925
-2,924
-125
75
-687
-421
-126
77
-698
-442
-119
78
-703
-451
-153
78
-734
-404
-109
76
-725
-421
-66
74
-742
-414
-52
-74
-747
-478
-200
73
-695
-418
1423
-3,067
-2,770
1623
-3464
-2,758
1769
3991
-2765
1542
—4,959
-2,827
1728
5537
-3,071
2092
5213
-2,957
3291
-4,203
-3,011
1 524
-5,940
-3,553
95
-294
-151
-259
-203
1 368
1,521
2286
28 U.S. military grants of goods and services, net
29
47
143
29
Unilateral transfers (excluding military grants of goods and services) net
1313
1 386
1 417
1 535
30
31
32
U.S. Government grants (excluding military grants of goods and services)
U.S. Government pensions and other transfers
Private remittances and other transfers
-854
265
-194
-911
281
-194
-881
304
-232
-904
330
-301
-1,342
311
-249
-810
-314
-244
-919
-338
-264
-1,660
-339
-287
33 U.S. assets abroad, net (increase/capital outflow ( — )) .
-15777
-26,069
-14,271
-12,949
-24,893
-19,522
-28,752
3585
322
2779
3268
502
-1,109
-4,279
1 142
86
2357
6
78
394
649
-65
52
2831
27
611
1 152
-34
2082
112
-99
489
-261
-294
554
1285
- 1,240
4,324
- 1,094
1900
853
-47
-970
1906
919
17
-779
1808
988
41
-904
-2,083
1,165
14
-1,441
-2,611
1,006
164
-1,159
-2,350
1,142
49
- 1,382
-2,576
1,185
9
-1,178
-2,322
1,124
20
3535
-5,465
908
3088
5926
15129
-7220
492
504
7921
28069
-7,166
2331
-739
17833
12,718
-5,370
995
32
6385
8240
-5,188
787
-1,062
1203
-24,236
-2,659
1387
-25
20165
2,307
6,862
8,214
34
35
36
37
38
U.S. official reserve assets, net 4 ..
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
39
40
41
42
U.S. Government assets, other than official reserve assets, net
U.S. credits
Repayments on U.S. loans 5
U.S. foreign currency holdings and U.S. short-term assets, net
43
44
45
46
47
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
. .
. .
48 Foreign assets in the United States, net (increase/capital inflow ( + ))
49
50
51
52
53
54
55
Foreign official assets in the United States net
U.S. Government securities6
U.S. Treasury securities
Other 7
Other U.S. Government liabilities 8
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 9 .
56
57
58
59
60
61
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. liabilities to unaffiliated foreigners reported by U S nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
. .. .
5,134
6036
5,359
5026
333
339
172
166
1228
-5,728
-5,769
41
-701
4,656
545
16,637
3353
57
524
799
12,018
18,413
3382
1 502
166
210
13,153
4,016
67
10,214
990
1,011
3255
10,190
2332
11,004
1,553
2 564
409
296
6,773
11
62 Allocations of special drawing rights
63 Statistical discrepancy (sum of above items with sign reversed) .
63a
Of which seasonal adjustment discrepancy
24,449
9775
-12,766
- 12 860
94
353
2436
202
8697
-8,837
8832
5
-31
51
222
.
6,362
3,588
951
252
908
663
11
1,139
. .
1902
8,582
9,873
14,430
25,226
7413
-4,556
-5,357
801
-19
-3,198
360
7,731
4,610
4,360
250
593
1,676
851
7,564
4,343
3,794
549
-67
1,823
1,465
7,614
7,498
6,911
587
107
-460
469
15,995
3,321
3 300
2,435
340
6,599
2,142
5,756
1271
496
1,671
-4,509
6,866
4,713
-278
263
1,252
916
17,612
3,128
894
2,263
3,590
7,737
4,993
720
16,353
886
1,648
-2726
1,988
2561
-3,993
4,965
4363
3,444
-5198
3,824
3 198
1,536
11
1,152
64
65
66
67
Memoranda:
Balance on merchandise trade (lines 2 and 16)10
..
Balance on goods and services (lines 1 and 15)
Balance on goods, services, and remittances (lines
65
31
and
32)
Balance on current account (lines 65 and 29) 10
-4,776
2,065
1 606
752
-7332
86
389
- 1,300
7021
2,026
1 490
609
-8407
482
149
-1053
-9726
124
436
-1778
-6,566
35
523
- 1,333
68
69
Transactions in U.S. official reserve assets and in foreign official assets in the Untited States:
Increase ( ) in U S official reserve assets net (line 34)
Increase ( + ) in foreign official assets in the United States (line 49 less line 53)
3585
-8,666
322
-10,128
2779
5697
649
-527
3268
-7,394
502
7,137
See footnotes on page 69.
- 17,031 -23,295
7,219
-4,156
-450
-944
-2,596
509
13030
12440
1 109
7,631
4279
7,507
45
SURVEY OF CURRENT BUSINESS
June 1985
Transactions—Seasonally Adjusted
of dollars]
1981
I
II
19**2
III
IV
I
II
IV
I
II
1985
19i34
19 S3
III
T int>
jjine
III
IV
I
II
III
IV
I
93,946
94,878
93,436
93,501
90,233
91,340
87,408
81,077
81,411
81,712
85,068
85,396
90,764
88,996
91,124
91,539
89,427
1
60,793
2,084
60,064
2,656
57,812
2,943
58,416
2,358
55,482
2,952
55,118
3,145
52,079
2,920
48,519
2,890
49,227
3,793
48,862
3,041
50,399
3,041
52,257
2,519
53,753
2,555
54,677
2,476
55,530
2,590
56,355
2,466
55,811
2,781
2
3
3,108
734
3,180
3,102
804
3,108
3,228
804
3,137
3,475
769
3,135
3,280
805
3,129
3,178
795
3,114
3,039
774
3,058
2,896
800
3,016
2,806
774
3,079
2,822
769
3,082
3,012
713
3,195
2,768
781
3,283
2,855
804
3,307
2,814
818
3,354
2,824
682
3,602
2,893
719
3,536
3,078
792
3,598
4
5
6
1,458
361
1,430
97
1,445
372
1,460
131
1,448
378
1,473
125
1,443
379
1,493
146
1,460
388
1,625
134
1,308
390
1,659
111
1,436
394
1,671
175
1,357
399
1,680
113
1,526
394
1,732
145
1,640
393
1,701
230
1,505
394
1,706
118
1,604
398
1,717
137
1,575
391
1,884
138
1,578
393
1,824
167
1,700
397
1,886
144
1,677
404
1,869
175
1,648
415
1,906
244
7
8
9
10
8,427
11,374
900
8,415
12,443
878
7,554
13,546
988
8,153
12,820
914
6,003
13,917
1,058
5,689
15,833
1,000
5,753
15,135
974
5,155
13,166
1,086
4,156
12,568
1,211
5,468
12,533
1,171
6,506
13,247
1,232
5,142
13,572
1,218
8,411
13,899
1,192
4,598
14,902
1,395
4,579
15,874
1,316
5,491
14,626
1,328
4,970
12,908
1,276
11
12
13
183
206
230
61
89
118
233
145
35
28
49
81
41
44
45
61
15
14
-88,934
-92,107
-91,145
-90,388
-87,636
-87,358
-90,132
-84,849
-82,865
-88,875
-94,159
-99,624
-107,616
-111,257
-120,748
-112,921
-116,249
15
-65,268
-2,693
-67,369
-3,012
-66,209
-2,624
-66,217
-2,895
-62,540
-2,894
-60,916
-3,113
-64,435
-3,084
-59,751
-3,134
-58,848
-3,090
-63,616
-3,112
-67,629
-3,167
-72,664
-3,188
-79,322
-2,901
-80,326
-3,069
-88,037
-2,840
-80,912
-3,041
-85,248
-2,870
16
17
-2,913
-1,127
-3,119
-2,761
-1,100
-3,189
-2,894
-1,119
-3,125
-2,911
-1,141
-3,041
-3,074
-1,233
-3,016
-3,165
-1,183
-2,982
-2,945
-1,148
-2,874
-3,210
-1,208
-2,838
-3,020
-1,235
-2,852
-3,484
-1,380
-2,925
-3,755
-1,399
-3,188
-3,738
-1,470
-3,359
-3,728
-1,519
-3,472
-3,903
-1,645
-3,487
-4,070
-1,642
-3,971
-4,307
-1,702
-3,736
-4,213
-1,714
-3,927
18
19
20
-151
-74
-749
-442
-28
-73
-734
-458
-105
-72
-742
-459
-77
-70
-778
-506
-24
-68
-841
-505
39
-66
-869
-566
23
-66
-891
-626
39
-67
-929
-541
-63
-72
-829
-573
-11
-74
-837
-580
141
-74
-866
-513
99
-79
-910
-516
-30
-81
-922
-517
-155
-83
-887
-550
-101
-86
-1,043
-551
-99
-89
-990
-571
21
22
23
24
-1,717
-6,704
-3,977
-1,948
-7,164
-4,271
-1,826
-7,661
-4,309
- 1,407
-7,024
-4,321
-707
-8,231
-4,503
-834
-9,340
-4,363
-705
-8,676
-4,705
-910
-7,586
-4,714
-1,085
-6,770
-4,428
-1,512
-6,976
-4,368
-1,361
-7,965
-4,567
-2,146
-8,466
-4,656
-2,640
-9,875
-4,762
-2,792
-10,662
-5,059
-2,611
-9,540
-5,291
-2,450
-8,782
-5,296
25
26
27
-75"
-831
-527
-1,640
-7,486
-4,462
-183
-206
-230
-61
-89
-233
-145
-35
-28
-49
-81
-41
-44
-45
-61
-15
28
-1,494
-1,563
-1,860
-1,930
-2,116
-1,814
-1,774
-2,432
-1,606
-1,875
-2,204
-3,166
-2,212
-2,232
-2,876
-4,095
-3,175
29
-960
-335
-199
-986
-333
-244
-1,232
-398
-230
-1,288
-397
-245
-1,493
-315
-308
-1,113
-384
-317
-1,117
-379
-278
-1,778
-396
-258
-1,011
-385
-210
-1,245
-402
-228
-1,544
-393
-267
-2,486
-400
-280
-1,480
-392
-340
-1,522
-412
-298
-2,207
-382
-287
-3,313
-406
-376
-2,318
-410
-447
30
31
32
-23,351
-22,297
-17,248
-48,134
-31,969
-41,533
-26,287
-19,427
-26,127
-1,128
-9,814
-17,976
-4,976
-18,988
-18,364
-14,846
-3,193
33
-4,529
-905
-4
262
-1,089
-1,132
-794
-1,950
-787
16
529
-953
-657
-566
-799
-1,110
-233
-1,441
-707
2,381
-23
-780
-102
-225
-647
868
-134
-358
754
-400
-547
-142
-241
-814
-77
-434
-459
99
-297
-732
-920
-98
-2,139
1,450
-303
-212
531
-209
-88
826
545
-1,996
498
-226
-200
-231
-288
-321
44
-271
-331
-197
-194
-143
-772
-264
281
-250
34
35
36
37
38
-1,361
-2,594
1,065
168
-1,491
-2,365
1,051
-177
-1,268
-2,420
1,121
31
-976
-2,295
1,176
143
-800
-1,849
1,112
-63
-1,727
-2,524
1,022
-225
-2,524
-3,452
980
-52
-1,080
-2,238
1,179
-21
-1,135
-2,378
1,320
-77
-1,263
-2,421
1,196
-38
-1,171
-2,755
1,546
38
-1,436
-2,413
950
27
-2,059
-2,784
976
-251
-1,353
-2,713
1,360
-1,369
-2,203
964
-130
-734
-1,919
1,184
1
-795
-1,767
1,044
-72
39
40
41
42
-17,461
-2,044
-505
-3,248
-11,664
-19,901
-5,709
-1,579
2,389
-15,002
-15,976
-1,124
-720
1,178
-15,310
-47,420
-745
-2,976
-1,500
-42,199
-30,080
34
-650
3,879
-33,343
-38,674
1,539
-502
-308
-39,403
-22,969
1,038
-3,410
808
-21,405
-16,398
1,815
-3,541
2,247
-16,919
-24,205
482
-1,608
-2,776
-20,303
119
-297
-2,872
-230
3,518
-9,172
-3,955
-1,368
-233
-3,616
-15,587
-1,626
-1,160
-3,274
-9,527
-2,260
-3,112
673
1,289
-1,110
-17,070
1,964
-756
1,908
-20,186
20,532
2,021
-1,313
2,099
17,725
-13,003
-5,377
-3,663
970
-4,933
-2,165
581
-2,461
n.a.
-285
43
44
45
46
47
-118
8,788
14,548
17,402
42,584
27,205
33,796
18,434
15,012
15,158
15,608
19,539
34,017
19,277
41,592
3,140
33,310
16,521
48
5,502
7,696
7,242
454
87
-3,109
828
-3,159
-1,542
-2,078
536
-218
-2,048
649
-5,992
-4,071
-4,615
544
-516
-2,380
975
8,609
4,239
4,470
-231
309
3,867
194
-3,281
- 1,629
-1,327
-302
-149
-1,684
181
1,550
-1,835
-2,094
259
578
2,797
10
2,634
4,662
4,854
-192
-71
-1,870
-87
2,769
3,887
4,346
-459
326
-990
-454
-161
2,641
3,012
-371
-527
-1,893
-382
1,706
1,825
1,995
-170
476
231
-826
-2,666
-973
-611
-362
124
-1,353
-464
6,916
3,003
2,576
427
479
3,560
-126
-2,786
-272
-275
3
233
-2,147
-600
-224
-128
-274
146
555
328
-979
-686
-490
-575
85
-139
430
-487
7,119
5,747
5,814
-67
-197
2,052
-483
-11,402
-7,534
-7,227
-307
-532
-3,219
-117
49
50
51
52
53
54
55
3,286
3,146
1,390
2,422
121
-3,793
17,706
5,294
747
3,589
13
8,063
23,395
5,505
11 _444
772
1,084
16,478
33,975
11,251
"1,253
393
-301
21,380
30,486
2,080
1,302
1,313
-65
25,856
15,799
3,166
1,398
633
-282
10,884
12,244
5,041
"2,254
1,905
-13
3,057
15,319
1,789
"2,921
2,988
-2,763
10,384
13,902
4,097
"3,124
2,604
-64
4,141
22,205
4,325
"1,016
1,888
1,311
13,665
27,101
1,736
1,660
1,156
1,398
21,151
22,063
3,305
1,396
1,494
4,520
11,348
41,816
9,289
6,485
506
4,566
20,970
3,825
5,228
5,058
1,603
-2,939
-5,125
26,191
4,692
9,501
9,380
-1,863
4,481
27,923
2,713
2,677
9,522
n.a.
13,011
56
57
58
59
60
61
9,952
-1,110
6,542
811
-586
-1,093
4,366
1,389
4,283
-967
5,569
489
12,352
-2,274
10,618
2,753
14,029
-733
-5,442
73
1,570
-2,867
1,353
3,524
4,763
-422
1,889
-606
10,997
-3,170
7,013
4,200
16,669
-343
63
63a
-4,475
5,012
4,478
3,518
-7,305
2,771
2,194
1,208
-8,397
2,291
1,663
431
-7,801
3,113
2,471
1,183
-7,058
2,597
1,974
481
-5,798
3,982
3,281
2,168
-12,356
-2,724
-3,381
-4,498
-11,232
-3,772
-4,426
-6,204
-9,621
-1,454
-2,049
-3,060
-14,754
-7,163
-7,793
-9,038
-17,230
-9,091
-9,751
-11,295
-20,407
-14,228
-14,908
-17,394
-25,569
-16,852
-17,584
-19,064
-25,649
-22,261
-22,971
-24,493
-32,507
-29,624
-30,293
-32,500
-24,557
-21,382
-22,164
-25,477
-29,437
-26,822
-27,679
-29,997
64
65
66
67
-4,529
5,415
-905
-2,941
_4
-5,476
262
8,300
-1,089
-3,132
-1,132
972
-794
2,705
-1,950
2,443
-787
366
16
1,230
529
-2,790
-953
6,437
-657
-3,019
-566
-779
-799
-547
-1,110
7,316
-233
-10,870
68
69
32,246
3,505
2,098
2,541
-2,023
26,125
11
11
62
1,093
SURVEY OF CURRENT BUSINESS
46
June 1985
Table 3.—U.S.
[Millions
Line
1981
1980
1984
1983
1982
1974
1975
1976
1977
1978
1979
98,042
107,651
115,229
121,231
143,682
181,860
94
92
86
92
102
109
156
178
14
36
159
317
1,285
967
4,485
-7,369
A Balance of payment adjustments to Census trade data:
EXPORTS
1 Merchandise exports, Census basis 1 including reexports and excluding military grant shipments.
220,626
233,677
200,486
217,865
163
166
223
883
350
330
1,027
5,013
-6,546
1,541
6,860
-5,719
312,193
Adjustments:
2
Private gift parcel remittances
3
Gold exports nonmonetary
4
5
6
Inland U.S. freight to Canada
U.S.-Canadian reconciliation adjustments, n.e.c., net 2
Merchandise exports transferred under U.S. military agency sales
contracts identified in Census documents.3
Other adjustments, net 4
557
1,250
-1,753
601
1,148
-2,620
659
1,546
-2,976
691
2,027
-3,285
756
2,118
-4,720
899
4,662
-3,229
1,043
5,103
-3,317
1.151
5,108
-4,921
116
216
201
46
80
13
341
606
9 Equals: Merchandise exports, adjusted to balance of payments basis
excluding "military" (table 1, line 2).
98,306
107,088
114,745
120,816
142,054
184,473
224,269
237,085
211,198
200,745
220,315
102,576
98,509
123,478
150,390
174,757
209,458
244,871
261,305
243,952
258,048
325,726
179
359
103
83
164
608
353
1,286
422
844
623
1,407
664
2,772
940
1,816
188
-247
-162
403
-225
419
-394
623
-307
910
1,462
1,118
115
-427
999
290
1,357
1,329
-450
1,074
474
1,504
760
-795
7
8
.
.
.
-124
249
-785
IMPORTS
10 Merchandise imports, Census basis l (general imports)
Adjustments:
11
12
13
14
15
Electric energy
. . . .
Gold imports, nonmonetary
Inland freight in Canada
2
U S -Canadian reconciliation adjustment n e e net
Merchandise imports of U.S. military agencies identified in Census
documents 3.
Other adjustments net 6
Of which quarterly seasonal adjustment discrepancy 5
154
-361
904
-57
367
305
387
343
1,418
686
512
1,184
146
18 Equals: Merchandise imports, adjusted to balance of payments basis,
excluding "military" (table 1, line 16).
103,811
98,185
124,228
151,907
176,001
212,009
249,750
265,063
247,642
262,757
328,597
16
17
-160
-293
92
-297
-239
B Merchandise trade, by area and country, adjusted to balance of
payments basis, excluding military: 7
EXPORTS
98,306
107,088
114,745
120,816
142,054
184,473
224,269
237,085
211,198
200,745
220,315
2
3
4
5
6
7
8
9
10
11
Western Europe
European Communities (10)
Belgium and Luxembourg
France
Germany, Federal Republic of
Italy
Netherlands
United Kingdom
Other
Western Europe, excluding EC (10)
28,164
21,744
2,368
3,007
4,687
2,750
3,663
4,706
547
6,420
29,884
22,854
2,464
3,105
5,052
2,855
3,809
4,881
615
7,030
31,883
24,917
3,003
3,552
5,404
3,059
4,161
5,101
726
6,966
34,094
26,494
3,167
3,536
5,850
2,790
4,172
6,035
925
7,600
39,546
31,778
3,682
4,258
7,204
3,371
4,843
7,277
1,123
7,768
54,177
42,474
5,223
5,663
8,694
4,459
6,334
10,686
1,425
11,703
67,603
53,466
6,673
7,539
11,449
5,606
7,454
12,818
1,693
14,137
65,108
51,366
5,643
7,431
10,502
5,415
7,358
12,483
2,622
13,742
59,701
46,905
5,153
7,194
9,213
4,641
7,455
10,694
2,419
12,796
54,852
43,251
5,040
6,005
8,684
3,909
6,937
10,546
2,238
11,601
57,055
46,527
5,213
6,075
8,812
4,322
7,525
12,232
2,348
10,530
12
13
14
Canada 2
Japan
Australia, New Zealand, and South Africa
21,842
10,724
3,757
23,537
9,567
3,508
26,336
10,196
3,920
28,533
10,566
3,777
31,229
12,960
4,213
38,690
17,629
5,434
41,626
20,806
7,117
46,016
21,796
8,980
39,203
20,694
7,656
44,300
21,677
6,579
53,135
23,248
7,877
15
Eastern Europe
1,737
3,249
4,123
2,895
3,893
5,913
4,143
4,440
3,749
2,944
4,306
16
17
18
19
20
Latin America and Other Western Hemisphere
Brazil
Mexico
Venezuela
Other
15,820
n.a.
4,860
1,778
n.a.
17,108
n.a.
5,166
2,250
n.a.
16,871
n.a.
5,011
2,622
n.a.
17,921
n.a.
4,834
3,162
n.a.
22,033
2,959
6,689
3,727
8,658
28,555
3,425
9.931
3,933
11,266
38,844
4,359
15,231
4,574
14,680
42,804
3,784
18,207
5,441
15,372
33,152
3,446
11,736
5,192
12,779
25,582
2,550
9.081
2,700
11,252
29,789
2,750
12,037
3,396
11,609
21
22
23
24
25
26
27
28
Other countries in Asia and Africa
Asia
Members of OPEC
China
Hong Kong
Korea, Republic of
Singapore
Taiwan
16,262
n.a.
3,311
n.a.
n.a.
n.a.
n.a.
n.a.
20,235
n.a.
5,809
n.a.
n.a.
n.a.
n.a.
n.a.
21,416
n.a.
6,948
n.a.
n.a.
n.a.
n.a.
n.a.
23,030
n.a.
7,319
n.a.
n.a.
n.a.
n.a.
n.a.
28,180
23,466
8,633
863
1,625
2,929
1,452
2,165
34,075
29,141
8,372
1,731
2,082
3,830
2,251
3,089
44,097
37,332
9,655
3,821
2,682
4,403
3,028
4,089
47,853
39,473
11,597
3,624
2,633
4,998
2.967
4,033
46,978
39,817
12,000
2,920
2,450
5,286
3,206
4,006
44,747
38,358
10,145
2,173
2,561
5,670
3,702
4,260
44,872
39,045
8,414
3,010
3,112
5,905
3,693
4,775
n.a.
804
n.a.
1,484
n.a.
1,581
n.a.
1,839
4,576
1,886
4,706
1,557
6,504
2,281
7,873
3,207
6,933
2,647
5,820
1,713
5,535
1,319
33
88
65
66
33
137,152
17,368
69,716
141,900
21,097
74,000
127,254
20,651
63,228
127,408
15,150
58,121
141,315
13,778
65,189
1 Total, all countries
29
30
31
Africa
Members of OPEC
International organizations and unallocated
Memoranda:
32
33
34
Industrial countries 7
Members of OPEC 7
Other countries 7
See footnotes on page 69.
. .
64,487
6,219
27,600
66,496
9.957
30,635
72,335
11,561
30,849
76,970
12,877
30,969
87,948
14,846
39,260
115,930
14,556
53,987
47
SURVEY OF CURRENT BUSINESS
June 1985
Merchandise Trade
of dollars]
Not seasonally adjusted
1983
I
Seasonally adjusted
1984
I
II
III
IV
50,060
50,491
48,377
51,558
53,782
23
60
27
III
IV
54,895
53,270
55,919
60
52
38
73
45
38
57
190
II
I
P
II
1985
1984
1983
1985
III
IV
I
II
Line
Ip
III
IV
55,948
55,701
1
50,234
48,709
50,325
51,394
53,002
53,204
55,487
48
44
3S
23
60
60
52
38
73
48
2
131
224
99
27
45
38
57
190
131
3
56,146
44
39
224
99
236
736
-1,701
260
1,450
-1,805
259
1,270
-1,899
272
1,557
-1,141
369
1,226
-1,344
412
1,295
-1,276
382
1,448
-1,535
378
781
-1,564
358
1,291
-1,498
242
736
-1,701
249
1,450
-1,805
265
1,270
-1,899
271
1,557
-1,141
381
1,226
-1,344
394
1,295
-1,276
386
1,448
-1,535
380
781
-1,564
368
1,291
-1,498
4
5
6
-279
-156
377
307
-282
860
-80
826
-782
-552
-274
121
277
415
39
89
-218
383
665
970
110
-351
-271
997
-278
-230
551
7
8
49,320
50,378
48,407
52,640
53,856
56,276
53,580
56,603
55,694
49,227
48,862
50,399
52,257
53,753
54,677
55,530
56,355
55,811
9
58,053
63,504
66,379
70,112
79,346
80,731
86,460
79,188
83,502
58,459
62,276
66,993
70,423
79,572
79,362
86,610
80,047
84,411
10
228
117
334
581
-69
226
89
342
162
-119
260
40
313
178
-129
285
44
368
334
-134
272
70
414
370
-66
242
149
363
98
-204
301
142
361
101
-240
260
114
366
201
-203
225
138
362
227
89
342
162
-119
289
40
313
178
-129
295
44
368
334
-134
238
70
414
370
-149
245
149
363
98
-204
355
142
361
107
-240
236
114
366
201
-203
225
138
362
-230
188
117
334
581
-69
-230
11
12
13
14
15
104
122
124
909
-692
56
373
18
1,223
-762
-867
637
516
-55
-179
1,334
427
-1,193
-585
313
257
702
329
152
134
342
-880
16
17
59,348
64,326
67,165
71,918
79,714
81,435
87,504
79,944
85,220
58,848
63,616
67,629
72,664
79,322
80,326
88,037
80,912
85,248
18
49,320
50,378
48,407
52,639
53,856
56,276
53,580
56,603
55,694
49,226
48,863
50,399
52,257
53,753
54,677
55,530
56,355
55,811
1
14,941
11,528
1,258
1,817
2,188
1,137
1,988
2,734
582
3,413
13,667
10,849
1,233
1,518
2,182
1,025
1,671
2,690
545
2,818
12,343
9,890
1,163
1,255
2,051
795
1,625
2,434
557
2,453
13,901
10,984
1,386
1,415
2,263
952
1,653
2,688
554
2,917
14,847
11,903
1,297
1,561
2,269
1,158
2,067
2,982
570
2,945
14,056
11,573
1,291
1,540
2,169
1,146
1,892
2,949
587
2,484
13,274
11,014
1,283
1,442
2,053
948
1,587
3,107
594
2,260
14,877
12,037
1,342
1,532
2,321
1,070
1,979
3,195
598
2,840
15,021
12,263
1,241
1,587
2,427
1,276
1,795
3,298
647
2,758
14,921
11,523
1,258
1,831
2,188
1,135
1,950
2,757
580
3,398
13,253
10,510
1,193
1,465
2,118
997
1,636
2,588
527
2,744
12,875
10,295
1,211
1,294
2,133
828
1,724
2,513
581
2,580
13,803
10,924
1,377
1,415
2,245
948
1,628
2,687
550
2,879
14,823
11,907
1,295
1,568
2,271
1,155
2,047
3,000
570
2,917
13,642
11,217
1,248
1,490
2,098
1,115
1,862
2,837
567
2,425
13,747
11,378
1,329
1,481
2,119
984
1,657
3,192
615
2,369
14,843
12,025
1,341
1,535
2,324
1,067
1,959
3,202
596
2,818
15,068
12,319
1,250
1,599
2,438
1,266
1,785
3,332
649
2,749
2
3
4
5
6
7
8
9
10
11
9,877
4,728
1,430
11,711
5,208
1,844
10,621
5,597
1,651
12,091
6,144
1,654
12,923
5,582
1,944
14,556
6,015
2,068
12,978
5,683
1,928
12,679
5,968
1,937
13,429
5,870
1,687
9,966
4,671
1,448
11,328
5,080
1,776
10,890
5,883
1,702
12,117
6,043
1,654
13,033
5,524
1,953
14,080
5,891
2,001
13,291
5,941
1,983
12,732
5,892
1,940
13,560
5,846
1,707
12
13
14
402
1,104
974
947
924
1,461
1,175
782
643
443
1,075
934
962
1,008
1,401
1,120
15
7,082
651
2,820
789
2,823
7,849
809
3,152
863
3,026
8,006
782
3,262
908
3,054
7,824
854
3,547
749
2,674
16
17
18
19
20
813
625
6,199
571
2,085
853
2,690
6,155
673
2,309
519
2,653
6,767
671
2,419
589
3,089
6,461
635
2,268
739
2,820
6,876
509
2,816
841
2,710
7,298
671
2,904
809
2,914
7,567
781
3,046
829
2,913
8,047
789
3,271
917
3,071
7,823
858
3,549
749
2,667
6,169
569
2,067
851
2,683
5,969
654
2,245
504
2,566
7,052
697
2,521
619
3,215
6,391
630
2,248
727
2,787
6,850
508
2,804
835
2,704
11,332
9,605
2,660
669
571
1,377
933
822
11,136
9,692
2,586
365
683
1,424
1,186
1,044
11,027
9,297
2,518
398
621
1,398
714
1,167
11,252
9,764
2,381
741
686
1,471
869
1,227
10,710
9,350
2,220
570
656
1,387
824
1,102
11,303
9,854
2,110
578
835
1,602
941
1,165
11,225
9,595
2,052
824
772
1,460
859
1,164
11,634
10,246
2,032
1,038
849
1,456
1,069
1,344
10,636
9,277
1,685
775
767
1,468
904
1,162
11,270
9,577
2,673
660
573
1,358
947
810
10,782
9,375
2,474
361
660
1,392
1,143
1,016
11,555
9,718
2,624
413
644
1,474
737
1,227
11,141
9,688
2,374
739
683
1,445
875
1,207
10,634
9,308
2,218
561
656
1,369
830
1,092
10,987
9,564
2,044
560
809
1,567
907
1,136
11,711
9,980
2,130
857
799
1,526
883
1,220
11,541
10,193
2,022
1,033
848
1,444
1,073
1,327
10,635
9,300
1,694
782
771,
1,460
914
1,153
21
22
23
24
25
26
27
28
1,639
467
1,453
424
1,441
389
1,287
433
1,309
357
1,382
308
1,551
278
1,293
376
1,412
412
1,607
463
1,418
415
1,535
411
1,260
424
1,278
351
1,354
305
1,641
295
1,261
369
1,388
405
29
30
53
31
36,181
3,002
16,577
32
33
34
33
33
30,976
32,430
30,212
4,096
3,681
3,672
14,248
14,234
14,523
33,790
3,701
15,116
35,296
3,614
14,945
36,694
3,373
16,176
33,864
3,305
16,410
35,461
3,485
17,656
36,007
3,001
16,633
31,006
4,101
14,119
31,437
3,540
13,853
33
33
33
53
33
31,349
3,838
15,212
33,617
3,671
14,936
35,333
3,600
14,819
35,613
3,279
15,752
34,963
3,441
17,127
35,407
3,458
17,490
48
June 1985
SURVEY OF CURRENT BUSINESS
Table 3.—U.S. Merchandise
[Millions.
Line
1974
1975
1976
1977
1978
103,811
98,185
124,228
1979
1980
1984
1983
1982
1981
B Merchandise trade, by area and country, adjusted to balance of
payments basis, excluding military — Continued 7
IMPORTS
35 Total, all countries
151,907
176,001
212,009
249,750
265,063
247,642
262,757
328,597
24,267
19244
1658
2,339
6302
2,589
1 437
4123
723
5023
20,764
16513
1,184
2,144
5358
2,391
1 082
3,737
631
4251
23,003
17739
1,116
2,521
5581
2,525
1 076
4,160
756
5264
28,226
22119
1449
3,046
7249
3,038
1 478
5 135
821
6107
36,608
29049
1,762
4,067
9,969
4,107
1 590
6,470
1,009
7559
41,817
33219
1,739
4,781
10952
4922
1 851
8,004
1,032
8598
47,235
36077
1,912
5,261
11692
4,298
1 895
9,842
1,137
11 158
52,864
41416
2,281
5,838
11388
5,179
2348
12,742
1,693
11 448
52,900
42342
2,386
5,531
11,902
5,289
2476
13,042
1,696
10558
53,889
43,733
2,402
6,009
12,642
5,444
2,959
12,390
1,861
10,155
71,005
57,012
3,114
8,000
16,922
7,912
4,046
14,387
2,633
13,992
22,554
12414
2,019
21,854
11,257
2,242
26,652
15,531
2,479
29,864
18565
2,792
33,756
24,540
4,440
39,227
26,260
5,493
42,901
31216
6,532
48,253
37,597
5,608
48,523
37,683
5,033
55,821
41,306
5,311
69,546
57,310
5,595
36
37
38
39
40
41
42
43
44
45
Western Europe
..
European Communities (10)
Belgium & Luxembourg
.
....
France
Germany Federal Republic of
Italy
Netherlands
United Kingdom
...
Other
Western Europe excluding EC (10)
46
47
48
Canada 2
Japan
Australia, New Zealand, and South Africa
49
Eastern Europe
977
734
875
1,127
1,508
1,896
1,444
1,553
1,066
1,371
2,152
50
51
52
53
54
Latin America and Other Western Hemisphere
Brazil
Mexico
Venezuela
Other
18658
n.a.
3391
4777
n.a.
16 177
n.a.
3059
3727
n.a.
17 208
n.a.
3599
3597
n.a.
21164
n.a.
4694
4 117
n.a.
23038
2,826
6091
3589
10,532
30532
3,133
8798
5204
13,397
37522
3,793
12581
5314
15,834
39096
4,475
13767
5563
15,294
38554
4,808
15556
4761
13,434
41,866
4,953
16771
4,937
15,204
48,013
7,601
18,039
6,543
15,832
55
56
57
58
59
60
61
62
Other countries in Asia and Africa
Asia
Members of OPEC
China
...
Hong Kong
Korea Republic of
Singapore
Taiwan
22,922
na
6993
n a.
na
na
n.a.
na
25,157
na
8531
n.a
na
na
n.a
na
38,171
na
13090
n.a
na
na
na
na
49,515
na
17020
n a.
na
na
n a.
na
51,359
35683
16 162
326
3476
3746
1,068
5174
65,599
42425
19306
594
3998
4047
1,467
5908
81,613
49931
22792
1,057
4739
4244
1,921
6854
80,092
55296
23330
1,892
5422
5141
2,114
8049
63,860
47894
14784
2,284
5531
5,667
2,193
8892
63,194
50536
10,873
2,243
6,373
7,189
2,864
11,201
75,165
63,219
11,518
3,063
8,228
9,608
3,923
14,772
n.a.
4,991
n.a
6,178
n.a
10,178
n.a.
14,020
15,500
12,794
22,965
19,699
31,103
26,620
24,648
20,020
15,941
10,840
12,398
7,994
11,848
6,840
309
654
752
63
64
65
....
.. ..
Africa
Members of OPEC
International organizations and unallocated
1 185
23
1287
Memoranda:
66
67
68
Industrial countries7 7
Members of OPEC
Other countries 7
61 254
17,234
25323
56 117
18,897
23 171
67665
27,409
28845
79447
35,778
36028
99344
33,286
42619
112 797
45,039
52988
127,884
55,602
64977
144,322
49,934
70807
144,139
31,517
71,963
156,325
25,185
81,247
203,384
26,593
98,620
5 505
8903
9 483
31 091
33 947
27 536
25481
27978
36,444
-62,013
-108,282
8880
7 178
1,887
1 031
-177
534
3,085
941
30
1,702
5868
4375
1,718
490
-1,399
248
2,694
900
104
1493
2938
2729
1,920
191
-2765
736
3253
807
114
209
12360
9255
3,484
882
-2,258
463
4,483
2682
393
3,105
20368
17389
4,761
2278
-243
1308
5,559
2976
556
2,979
12244
9,950
3,362
1 593
-886
236
5,010
259
929
2,294
6801
4,563
2,767
1,663
-2,689
-648
4,979
-2348
723
2,238
963
-482
2,638
-4
-3,958
-1,535
3,978
-1,844
377
1,446
-13,950
-10,485
2,099
-1,925
-8,110
-3,590
3,479
2,155
-285
-3,462
11 521
19629
1,268
- 16,379
34022
2,282
BALANCE (EXCESS OF EXPORTS +)
69 Total, all countries
70
71
72
73
74
75
76
77
78
79
Western Europe
European Communities (10)
Belgium & Luxembourg
France
Germany, Federal Republic of
Italy
Netherlands
United Kingdom
Other
Western Europe, excluding EC (10)
80
81
82
Canada 2
Japan
Australia, New Zealand, and South Africa . ..
83
Eastern Europe
84
85
86
87
88
Latin America and Other Western Hemisphere
Brazil
Mexico
Venezuela
Other
89
90
91
92
93
94
95
96
Other countries in Asia and Africa
Asia
Members of OPEC
China
Hong Kong
Korea Republic of
Singapore
Taiwan
97
98
Africa
Members of OPEC
99
.
3897
9 120
2500
6341
710
1,280
668
961
-1,615
-306
161
464
2,226 -2,727
583
1 144
176
16
1 397
2,779
...
712
1 690
1738
1 683
1 690
1266
316
5 335
1 441
1331
7 999
985
2527
11 580
227
537
8 631
59
1275
10 410
585
2237
15801
3372
9320
16989
2623
1,768
2,385
4,017
2,699
2,887
2,683
1,573
2,154
16284
-2,403
7690
2237
3952
18226
-4,851
-6,002
3 147
-4,223
-18,447
12178
728
70
3812
1 519
838
6941
-30,176
24057
-3,104
53
-5,116
3703
230
-9,997
760
2,515
3,248
2838
n.a.
1469
2999
na
931
na
2 107
1477
na
337
na
1 412
975
na
3243
na
140
955
na
1 005
133
598
138
1 874
1 977
292
1 133
1 271
2 131
1322
566
2650
740
1 154
3708
691
4 440
122
78
5402
-1 362
3820
431
655
-6,660
na
-3,682
na
na
na
na
n.a.
-4,922
na
-2,722
na
na
na
na
n a.
-16,755
na
-6 142
na
na
na
na
n.a
-26485
na
-9701
na
na
na
na
na
-23 179
12217
7529
537
1 851
817
384
-3009
31 524
13284
10934
1 137
1916
217
784
2819
37516
12599
13 137
2764
2057
159
1 107
2765
32239
15823
11 733
1732
2789
143
853
4016
16882
8077
2784
636
3081
381
1013
4886
n a.
-4,187
na
-4,694
na
-8,597
na
-12,181
10924
- 10,908
24599
16775
- 24 339 -16813
9008
8 193
6578
6231
6313
-5,521
88
42
66
33
2422
28837
3 193
16885
10866
8735
28917
10035
23 126
62069
12815
33431
International organizations and unallocated
-309
-654
-752
18259
-18,142
1 185
1 254
Memoranda:
100
101
102
Industrial countries7 7
Members of OPEC
Other countries 7
See footnotes on page 69.
.
...
...
3,233
-11,015
2277
10,379
-8,940
7464
4670
-15,848
2004
-2477
-22,901
5059
11396
-18440
3353
3 133
30483
999
9268
38234
4739
49
SURVEY OF CURRENT BUSINESS
June 1985
Trade—Continued
of dollars]
Not Seassonally adjusted
1983
II
I
Seasonally adjusted
1984
III
IV
I
II
I
III
IV
IP
87,504
79,944
85,220
II
1985
1984
1983
1985
I
III
IV
67,629
72,664
IV
IP
80,326
88,037
80,912
85,248
35
17,344
14,000
707
1,871
4,150
1,923
925
3,720
707
3,344
19,227
15,320
822
2,176
5,060
2,303
941
3,252
766
3,907
36
37
38
39
40
41
42
43
44
45
18,120
14,009
1,437
17,525
16,601
1,374
46
47
48
59,348
64,326
67,165
71,918
12,586
10,069
578
1,574
2,932
1,296
604
2,667
429
2,516
13,766
11,045
667
1,501
3,158
1,330
758
3,160
482
2,721
13,755
11,367
599
1,483
3,042
1,475
781
3,533
419
2,388
13,782
11,252
558
1,451
3,510
1,343
816
3,030
531
2,530
17,670
14,228
829
1,985
4,383
1,876
1,065
3,491
600
3,441
17,089
13,664
756
1,792
4,151
1,769
1,106
3,447
643
3,425
19,127
15,301
832
2,377
4,296
2,369
963
3,772
693
3,826
17,118
13,819
697
1,846
4,092
1,898
912
3,677
697
3,300
19,189
15,290
820
2,168
5,043
2,298
942
3,255
764
3,899
12,518
10,013
575
1,570
2,924
1,292
598
2,637
428
2,505
13,583
10,898
653
1,475
3,103
1,308
751
3,139
474
2,685
13,843
11,439
603
1,493
3,060
1,484
785
3,556
421
2,404
13,944
11,382
565
1,471
3,555
1,360
824
3,057
538
2,561
17,621
14,187
827
1,985
4,386
1,873
1,055
3,460
599
3,433
16,816
13,446
744
1,756
4,071
1,737
1,096
3,410
631
3,370
19,225
15,379
836
2,386
4,315
2,380
970
3,797
696
3,845
13,326
9,294
1,133
14,170
9,821
1,326
12,998
10,172
1,286
15,327
12,019
1,566
17,019
12,999
1,258
17,961
14,062
1,428
16,620
16,393
1,490
17,916
13,816
1,419
17,503
16,542
1,373
13,225
9,264
1,130
13,976
9,645
1,304
13,110
10,229
1,294
15,511
12,169
1,582
16,960
13,010
1,258
17,680
13,790
1,403
16,785
16,462
1,497
79,714
81,435
58,848
63,616
79,322
Line
III
II
292
308
412
359
480
430
643
599
537
290
305
415
362
475
425
646
605
535
49
9,461
1,098
3,803
1,185
3,374
10,771
1,165
4,405
1,243
3,959
10,538
1,279
4,170
1,243
3,846
11,096
1,411
4,393
1,266
4,025
12,401
1,657
4,592
1,530
4,622
11,886
1,742
4,497
1,769
3,878
12,095
2,145
4,438
1,657
3,856
11,631
2,057
4,512
1,587
3,476
12,054
2,022
4,610
1,565
3,857
9,316
1,092
3,742
1,155
3,327
10,754
1,149
4,399
1,259
3,947
10,616
1,286
4,201
1,254
3,874
11,180
1,427
4,428
1,270
4,055
12,251
1,653
4,537
1,489
4,572
11,817
1,712
4,471
1,783
3,850
12,189
2,154
4,472
1,674
3,890
11,757
2,082
4,559
1,597
3,519
11,979
2,025
4,581
1,537
3,836
50
51
52
53
54
13,257
10,654
2,112
534
1,439
1,447
546
2,389
14,164
11,246
1,934
533
1,418
1,709
720
2,573
18,003
13,960
3,118
610
1,722
2,113
735
3,023
17,770
14,676
3,709
566
1,794
1,920
863
3,216
17,888
14,827
2,516
739
1,929
2,153
968
3,380
18,580
15,411
3,078
753
1,742
2,418
929
3,635
21,136
18,063
3,285
881
2,435
2,909
1,077
4,387
17,444
14,801
2,639
690
2,122
2,128
949
3,370
18,022
15,875
1,853
871
2,176
2,498
1,117
4,120
13,105
10,560
2,057
530
1,434
1,442
543
2,381
14,051
11,112
1,955
528
1,392
1,678
708
2,526
18,122
14,047
3,145
614
1,732
2,124
739
3,039
17,917
14,817
3,718
572
1,816
1,943
873
3,255
17,745
14,755
2,450
736
1,928
2,155
966
3,383
18,397
15,210
3,098
743
1,706
2,374
912
3,565
21,262
18,158
3,316
885
2,444
2,921
1,082
4,407
17,642
14,980
2,654
698
2,150
2,158
962
3,417
18,007
15,884
1,828
870
2,183
2,507
1,118
4,134
55
56
57
58
59
60
61
62
2,545
1,440
2,909
1,886
3,996
2,805
2,948
1,813
3,043
1,706
3,145
1,976
3,051
1,699
2,609
1,459
2,118
1,149
2,486
1,401
2,930
1,905
4,027
2,826
2,955
1,813
2,972
1,657
3,164
1,996
3,084
1,718
2,628
1,467
2,094
1,129
63
64
65
36,338
4,995
18,015
39,083
5,432
19,812
38,211
7,621
21,333
42,693
7,137
22,087
48,945
6,217
24,552
50,540
7,221
23,674
53,630
7,073
26,801
50,270
6,082
23,592
54,607
5,029
25,584
36,137
4,865
17,845
38,507
5,488
19,621
38,476
7,681
21,472
43,206
7,151
22,308
48,850
6,053
24,419
49,689
7,276
23,362
53,939
7,146
26,952
50,909
6,119
23,885
54,727
4,950
25,571
66
67
68
-10,028
-13,949
-18,758
-19,278
-25,858
-25,159
-33,924
-23,341
-29,526
-9,621
-14,753
-17,230
-20,408
-25,569
-25,649
-32,507
-24,557
-29,437
69
2,355
1,459
680
243
-744
-159
1,384
67
153
897
-99
-196
566
17
-976
-305
913
-470
63
97
-1,412
-1,477
564
-228
-991
-680
844
-1,099
138
65
119
-268
828
-36
-1,247
-391
837
-342
23
387
-2,823
-2,325
468
-424
-2,114
-718
1,002
-509
-30
-496
-3,033
-2,091
535
-252
-1,982
-623
786
-498
-56
-941
-5,853
-4,287
451
-935
-2,243
-1,421
624
-665
-99
-1,566
-2,242
-1,782
645
-314
-1,771
-828
1,067
-482
-99
-460
-4,168
-3,027
421
-581
-2,616
-1,031
853
43
-117
-1,141
2,403
1,510
683
261
-736
-157
1,352
120
152
893
-330
-388
535
-10
-985
-311
885
-551
53
59
-968
-1,144
608
-199
-927
-656
939
-1,043
160
176
-141
-458
812
-56
-1,310
-412
804
-370
12
318
-2,798
-2,280
468
-417
-2,115
-718
992
-460
-29
-516
-3,174
-2,229
504
-266
-1,973
-622
766
-573
-64
-945
-5,478
-4,006
493
-905
-2,196
-1,396
687
-605
-81
-1,476
-2,501
-1,975
634
-336
-1,826
-856
1,034
-518
-111
-526
-4,159
-3,001
428
-577
-2,622
-1,037
844
80
-118
-1,158
70
71
72
73
74
75
76
77
78
79
-3,449
-4,566
297
-2,459
-4,613
518
-2,377
-4,575
365
-3,236
-5,875
88
-4,096
-7,417
686
-3,405
-8,047
640
-3,642
-10,710
438
-5,237
-7,848
518
-4,074
-10,672
314
-3,259
-4,593
318
-2,648
-4,565
472
-2,220
-4,346
408
-3,394
-6,126
72
-3,927
-7,486
695
-3,600
-7,899
598
-3,494
-10,521
486
-5,388
-8,117
503
-3,965
-10,754
333
80
81
82
521
317
-10
745
494
517
281
862
638
492
338
28
713
459
537
362
796
585
83
-3,262
-527
-1,718
-332
-684
-4,616
-492
-2,096
-724
-1,306
-3,771
-608
-1,751
-654
-757
-4,635
-776
-2,125
-527
-1,205
-5,525
-1,148
-1,776
-689
-1,912
-4,588
-1,071
-1,593
-960
-964
-4,528
-1,364
-1,392
-828
-943
-3,584
-1,268
-1,241
-670
-405
-4,231
-1,164
-1,061
-816
-1,190
-3,147
-523
-1,675
-304
-644
-4,785
-495
-2,154
-755
-1,381
-3,564
-589
-1,680
-635
-659
-4,789
-797
-2,180
-543
-1,268
-5,401
-1,145
-1,733
-654
-1,868
-4,735
-1,061
-1,651
-994
-1,027
-4,341
-1,345
-1,320
-811
-864
-3,751
-1,300
-1,297
-689
-465
-4,154
-1,171
-1,034
-788
-1,161
84
85
86
87
88
-1,925
-1.049
548
135
-868
-70
387
-1,567
-3,028
-1,554
652
-168
-735
-285
466
- 1,529
-6,976
-4,663
-600
-212
-1,101
-715
-21
-1,856
-6,518
-4,912
-1,328
175
-1,108
-449
6
-1,989
-7,178
-5,477
-296
-169
-1,273
-766
-144
-2,278
-7,277
-5,557
-968
-175
-907
-816
12
-2,470
-9,911
-8,468
-1,233
-57
-1,663
-1,449
-218
-3,223
-5,810
-4,555
-607
348
-1,273
-672
120
-2,026
-7,386
-6,598
-168
-96
-1,409
-1,030
-266
-2,958
-1,835
-983
616
130
-861
-84
404
-1,571
-3,269
-1,737
519
-167
-731
-286
435
-1,510
-6,567
-4,329
-521
-201
-1,088
-650
-2
-1,812
-6,776
-5,129
-1,344
167
-1,133
-498
2
-2,048
-7,111
-5,447
-232
-175
-1,272
-786
-136
-2,291
-7,410
-5,646
-1,054
-183
-897
-807
-5
-2,429
-9,553
-8,178
-1,186
-28
-1,645
-1,395
-199
-3,187
-6,101
-4,787
-632
335
-1,302
-714
111
-2,090
-7,376
-6,584
-134
-88
-1,412
-1,047
-204
-2,981
89
90
91
92
93
94
95
96
-906
-973
-1,456
-1,462
-2,555
-2,416
-1,661
-1,380
-1,734
-1,349
-1,763
-1,668
-1,500
-1,421
-1,316
-1,083
-706
-737
-879
-938
-1,512
-1,490
-2,492
-2,415
- 1,695
-1,389
-1,694
-1,306
-1,810
-1,691
-1,443
-1,423
-1,367
-1,098
-706
-724
97
98
53
99
-18,545
-1,948
-8,997
100
101
102
-5,362
-899
-3,767
-6,653
-1,751
-5,578
oo
33
33
-7,999
-3,949
-6,810
-8,903
-3,436
-6,971
-13,649
-2,603
-9,607
- 13,846
-3,848
-7,498
53
-19,766
-3,768
-10,391
-14,809
-2,597
-5,936
-18,600
-2,028
-8,951
33
33
-5,131
-764
-3,726
-7,070
-1,948
-5,768
-7,127
-3,843
-6,260
-9,589
-3,480
-7,372
33
-13,517
-2,453
-9,600
-14,115
-3,997
-7,610
-18,976
-3,705
-9,825
-15,502
-2,661
-6,395
50
SURVEY OF CURRENT BUSINESS
June 1985
Table 3.—U.S. Merchandise
[Millions
Line
1981
1982
1983
1984
1974
1975
1976
1977
1978
1979
1980
1 Total (A-9)
2
Agricultural products
3
Nonagricultural products
98,306
22,410
75,896
107,088
22,243
84,846
114,745
23,380
91,365
120,816
24,332
96,484
142,054
29,902
112,152
184,473
35,595
148,878
224,269
42,156
182,113
237,085
44,035
193,050
211,198
37,230
173,968
200,745
36,767
163,978
220,315
38,414
181,901
4
5
6
7
8
9
Foods, feeds, and beverages
Foods, feeds and beverages-agricultural
Grains
Soybeans
Other agricultural foods feeds and beverages
Nonagricultural foods feeds, and beverages
18,638
18,360
11,619
3,545
3196
278
19,234
18,907
12,648
2,882
3,377
327
19,829
19,408
12,223
3,322
3,864
421
19,724
19,113
10,244
4,411
4,458
611
25,155
24,132
13,480
5,201
5,451
1,023
30,005
28,794
16,711
5,739
6,343
1,212
35,721
34,593
20,858
5,888
7,848
1,128
38,163
36,893
22,126
6,229
8,538
1,270
31,620
30,454
17,169
6,251
7,034
1,166
31,258
30,161
17,873
5,943
6,345
1,097
31,662
30,696
18,154
5,448
7,093
966
10
11
12
13
14
15
16
17
Industrial supplies and materials
Agricultural
Nonagricultural
Energy products
Fuels and lubricants
Petroluem and products
Other nonagricultural
Nonmonetary gold
29,942
3,787
26155
3,596
3,586
850
22,559
89
29,789
3,120
26669
4,760
4,742
989
21,910
459
31,993
3,688
28305
4,673
4,653
1,078
23,632
354
34,312
4,642
29670
4,780
4,763
1,335
24,890
1,093
39,044
5,334
33,710
4,507
4,502
1,585
29,204
1,163
58,139
6,311
51,828
6,679
6,676
1,970
45,148
5,293
71,947
7,032
64,915
8,984
8,945
2,997
55,931
4,176
69,950
6,630
63,319
11,036
11,015
4,059
52,283
4,398
63,620
6,357
57,263
13,294
13,289
6,465
43,969
1,999
58,177
6,227
51,950
9,798
9,796
4,960
42,152
1,704
63,339
7,272
56,067
9,668
9,657
4,675
46,399
2,210
18
19
20
21
22
Capital goods, except automotive
Machinery except consumer-type
Civilian aircraft, complete-all types
Parts and engines for civilian aircraft
Other transportation equipment
30,878
24624
3,395
2,234
625
36,639
29,880
3,189
2,732
838
39,113
32,034
3,214
2,971
893
39,766
33,487
2,750
2,940
589
46,471
38,332
3,657
3,664
818
58,843
47,206
6,297
4,354
986
74,210
58,316
8,600
5,820
1,474
81,614
65,580
8,809
4,986
2,239
73,675
61,606
4,883
4,939
2,248
68,533
55,797
5,788
5,157
1,790
73,225
61,509
4,227
5,781
1,708
23
24
25
Automotive vehicles parts and engines
To Canada
To all other areas
8815
6,340
2,474
10,794
7,187
3,606
12,229
8,494
3,735
13,535
9,694
3,841
15,742
10,437
5,304
18,402
11,877
6,526
17,540
10,287
7,252
19,791
11,566
8,224
17,393
10,741
6,651
18,639
13,891
4,748
22,326
16,962
5,364
26
27
Consumer goods (nonfood), except automotive
All other, including balance of payments adjustments not included in
lines C 4-26.
6,399
3,633
6,560
4,071
8,022
3,557
8,931
4,546
10,466
5,176
12,845
6,240
16,633
8,217
16,386
11,184
14,723
10,167
13,986
10,152
13,830
15,932
C Merchandise trade, by principal end use2 category, adjusted to balance
of payments basis, excluding military. .
EXPORTS
IMPORTS
103,811
98,185
124,228
151,907
176,001
212,009
249,750
265,063
247,642
262,757
328,597
29
30
Petroleum and products
Nonpetroleum products .
26,608
77203
27,018
71 167
34,572
89656
44,982
106 925
42,312
133 689
60,482
151,527
79,263
170,487
77,794
187,269
61,269
186,374
54,088
208,669
57,480
271,117
31
Foods, feeds and beverages
10568
9642
11 546
13981
15397
17366
18,127
18,113
17,108
18,235
21,059
135,222
83,960
83,020
51,262
4,014
111,311
67,960
67,050
43,352
3,403
108,026
60,228
59,228
47,798
2,411
123,892
63,501
62,428
60,391
3,411
28 Total (A-18)
32
33
34
35
36
Industrial supplies and materials
Energy products
Fuels and lubricants
Nonenergy products
Nonmonetary gold
37
38
39
40
Capital goods, except automotive
Machinery, except consumer-type
Civilian aircraft, engines and parts
Other transportation equipment
41
42
43
44
45
46
47
54,029
27665
27,487
26363
966
50,637
28556
28,453
22082
330
63,717
37 138
36974
26580
939
79,933
48006
47,654
31927
1935
83,613
46070
45,648
37543
1765
108,976
65095
64,472
43881
2,912
133,290
85,065
84,400
48,226
5,565
9819
9097
636
86
10166
9521
548
97
12282
11,815
406
61
13985
13,264
592
129
19705
18,448
982
275
25029
23,037
1518
474
31,161
26,989
2,984
1,188
36,679
32,605
3,749
325
38,338
34,517
3,438
383
40,943
37,649
2,975
319
60,217
55,410
3,948
860
Automotive vehicles, parts and engines
From Canada
Passenger cars, new and used
From all other areas
Passenger cars, new and used
12425
5670
2626
6,755
4,681
12085
5838
2803
6247
4,332
16782
8025
3,478
8,758
5,470
19,359
9238
3,795
10,121
6,856
24,993
10420
4,129
14,572
9,545
26,433
9670
3,707
16,763
11,135
27,903
8,710
3,802
19,193
13,017
30,895
10,706
4,295
20,189
13,474
34,083
13,071
5,805
21,013
14,475
42,693
17,602
7,278
25,091
16,291
55,506
23,434
10,110
32,073
19,487
Consumer goods (nonfood) except automotive
All other, including balance of payments adjustments not included in
lines C 31-46.
14380
2,589
13211
2,443
17 165
2,735
21796
2,853
28943
3,350
30,566
3,638
34,445
4,823
38,664
5,491
39,660
7,142
45,351
7,509
59,631
8,291
See footnotes on page 69.
51
SURVEY OF CURRENT BUSINESS
June 1985
Trade—Continued
of dollars]
Not seasonally adjusted
1983
I
II
Seasonally adjusted
1984
III
IV
I
II
1985
III
IV
I"
I
II
1985
1984
1983
III
IV
I
II
III
IV
Line
I"
49,321
9,484
39,837tt
50,378
8,597
41,781
48,407
8,310
40,097
52,640
10,376
42,263
53,856
10,883
42,974
56,276
9,091
47,186
53,580
8,320
45,260
56,602
10,121
46,482
55,694
9,012
46,682
49,226
8,798
40,428
48,862
8,816
40,046
50,400
9,389
41,011
52,257
9,763
42,494
53,753
10,283
43,470
54,677
9,348
45,329
55,530
9,217
46,313
56,355
9,567
46,788
55,811
8,490
47,321
1
2
3
8,030
7,860
4,776
1,654
1,430
170
7,257
7,038
4,078
1,300
1,660
219
7,346
6,858
4,015
1,236
1,608
487
8,625
8,405
5,005
1,752
1,647
220
8,802
8,642
4,860
1,904
1,877
160
7,444
7,270
4,156
1,389
1,725
174
7,225
6,792
4,516
708
1,568
433
8,191
7,992
4,621
1,447
1,924
199
7,011
6,842
3,865
1,410
1,567
168
7,678
7,404
4,489
1,397
1,518
274
7,510
7,219
4,227
1,376
1,616
291
7,849
7,567
4,133
1,702
1,732
282
8,221
7,971
5,024
1,468
1,478
250
8,592
8,334
4,605
1,657
2,071
258
7,702
7,468
4,293
1,520
1,655
234
7,543
7,300
4,618
1,007
1,674
243
7,825
7,595
4,638
1,265
1,693
230
6,869
6,597
3,689
1,201
1,707
272
4
5
6
7
8
9
14,249
1,518
12,730
2,547
2,547
1,558
10,183
667
14,816
1,"460
13,356
2,669
2,668
1,293
10,686
404
14,336
1,369
12,967
2,309
2,308
1,053
10,658
331
14,776
1,879
12,897
2,273
2,272
1,055
10,624
302
15,126
2,126
13,000
1,952
1,943
985
11,048
392
16,054
1,699
14,355
2,683
2,683
1,201
11,672
406
16,225
1,441
14,783
2,521
2,520
1,049
12,262
807
15,935
2,006
13,929
2,512
2,511
1,439
11,417
606
15,714
2,066
13,649
2,410
2,410
1,313
11,238
464
14,378
1,288
13,089
2,827
2,827
1,535
10,262
667
14,357
1,499
12,858
2,526
2,526
1,283
10,332
404
14,626
1,738
12,888
2222
2,222
1,076
10,666
331
14,816
1,702
13,115
2,222
2,222
1,066
10,892
302
15,140
1,834
13,306
2,172
2,163
973
11,134
392
15,628
1,759
13,870
2,556
2,555
1,189
11,314
406
16,511
1,829
14,682
2,439
2,439
1,060
12,243
807
16,060
1,851
14,209
2,501
2,501
1,452
11,708
606
15,830
1,788
14,041
2,700
2,700
1,299
11,341
464
10
11
12
13
14
15
16
17
17,190
13,450
1,884
1,318
537
17,451
13,892
1,818
1,333
408
16,436
13,977
841
1,185
433
17,456
14,478
1,245
1,321
412
17,665
14,934
855
1,486
390
18,678
15,643
1,247
1,418
370
17,953
15,323
821
1,405
404
18,930
15,610
1,304
1,472
544
19,679
16,048
1,667
1,531
434
17,390
13,593
1,950
1,306
541
16,822
13,547
1,581
1,295
399
16,968
14,179
1,127
1,228
434
17,354
14,478
1,131
1,329
416
17,862
15,121
879
1,468
393
18,055
15,245
1,072
1,378
360
18,514
15,542
1,110
1,457
404
18,795
15,600
1,166
1,479
551
19,909
16,248
1,712
1,510
439
18
19
20
21
22
4,217
3,046
1,171
5,119
3,957
1,162
4,085
2,898
1,188
5,218
3,991
1,227
5,675
4,395
1,281
5,996
4,676
1,320
5,164
3,840
1,324
5,492
4,052
1,440
6,118
4,751
1,367
4,112
2,944
1,169
4,605
3,446
1,160
4,598
3,377
1,221
5,323
4,124
1,199
5,526
4,244
1,282
5,372
4,051
1,320
5,783
4,440
1,343
5,646
4,227
1,419
5,976
4,607
1,370
23
24
25
3,444
2,191
3,549
2,186
3,480
2,724
3,512
3,052
3,467
3,122
3,549
4,555
3,422
3,592
3,392
4,662
3,447
3,724
3,463
2,206
3,426
2,142
3,554
2,805
3,543
3,000
3,491
3,144
3,426
4,493
3,490
3,690
3,424
4,605
3,469
3,758
26
27
59,348
64,327
67,165
71,917
79,714
81,435
87,504
79,944
85,220
58,848
63,616
67,628
72,664
79,322
80,326
88,037
80,912
85,248
28
11,118
48,230
12,829
51,498
15,778
51,386
14,363
57,554
14,335
65,379
14,926
65,400
14,440
73,597
14,198
66,714
11,305
73,943
29
30
14,756
66,679
14,272
73,232
14,117
65,827
11,535
73,685
10,784
48,064
13,015
50,602
15,911
51,718
14,378
58,286
13,916
65,406
4,452
4,644
4,357
4,782
5,186
5,186
5,391
5,295
5,749
4,459
4,544
4,552
4,681
5,180
5,059
5,635
5,186
5,715
31
23,988
13,113
12,885
10,875
585
26,380
14,163
13,936
12,218
725
291,180
16,954
16,694
12,227
585
28,477
15,998
15,713
12,479
516
30,973
15,961
15,689
15,012
700
31,269
16,043
15,802
15,226
979
31,669
15,635
15,334
16,034
878
29,982
15,862
15,603
14,119
854
28,403
12,968
12,744
15,434
1,075
23,240
12,455
12,267
10,786
585
26,418
14,469
14,242
11,949
725
29,557
17,257
16,968
12,300
585
28,810
16,047
15,752
12,764
516
30,208
15,288
15,050
14,920
700
31,224
16,309
16,064
14,915
979
32,112
15,976
15,621
16,136
878
30,350
15,929
15,693
14,420
854
27,982
12,558
12,333
15,424
1,075
32
33
34
35
36
9,135
8,182
925
28
9,871
9,097
654
120
10,310
9,598
670
42
11,627
10,772
726
129
13,994
12,866
1,076
52
14,392
13,374
772
245
17,259
15,759
1,145
355
14,572
13,410
955
207
16,384
14,850
1,239
295
9,287
8,334
925
28
9,582
8,809
654
120
10,284
9,571
670
42
11,790
10,935
726
129
14,200
13,072
1,076
52
13,953
12,936
772
245
17,237
15,737
1,145
355
14,827
13,665
955
207
16,604
15,071
1,239
295
37
38
39
40
9,906
4,125
1,738
5,781
3,971
10,953
4,741
2,154
6,212
4,096
9,484
3,655
1,248
5,829
3,650
12,351
5,082
2,137
7,269
4,574
13,832
5,902
2,481
7,930
5,034
14,747
6,388
2,875
8,359
5,159
13,433
5,368
2,202
8,064
4,695
13,495
5,775
2,551
7,720
4,599
15,808
6,030
2,533
9,778
6,000
9,589
4,071
1,664
5,518
3,720
10,258
4,330
1,830
5,928
3,820
10,291
4,130
1,576
6,161
3,971
12,554
5,071
2,208
7,483
4,780
13,416
5,802
2,346
7,614
4,736
13,768
5,751
2,384
8,017
4,823
14,598
6,104
2,750
8,494
5,110
13,724
5,777
2,630
7,947
4,818
15,382
5,972
2,424
9,411
5,651
41
42
43
44
45
10,136
1,730
10,638
1,842
11,924
1,909
12,653
2,027
13,886
1,842
13,706
2,135
17,430
2,322
14,609
1,992
16,348
2,528
10,500
1,772
11,036
1,778
11,063
1,881
12,752
2,078
14,425
1,893
14,270
2,053
16,175
2,280
14,761
2,066
16,969
2,596
46
47
52
SURVEY OF CURRENT BUSINESS
June 1985
Table 3.—U.S. Merchandise
[Millions
Line
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
D Merchandise trade, by end-use category, Census basis,1 including
military grant shipments:
1 Merchandise exports, Census basis, including military grant shipments.
98,641
108,112
115,419
121,293
143,766
182,024
220,782
233,739
212,275
200,538
217,889
2
22260
76,382
75,782
22095
86,016
85,555
23274
92,145
91,955
24219
97,074
97,012
29,796
113,970
113,884
35,212
146,812
146,647
41759
179,023
178,867
43,814
189,925
189,863
37,012
175,263
175,182
36,457
164,081
164,029
38,230
179,659
179,636
18,489
19,086
19,712
19,591
25,032
29,617
35,313
37,888
31,352
30,940
31,519
18222
11,568
4,631
3537
3,116
18764
12,582
5,350
2865
3,317
19307
12,199
4,082
3315
3,793
19006
10,242
2,929
4,393
4,371
24,034
13,469
4,600
5,208
5,357
28,436
16,690
5,583
5,701
6,045
34,226
20,794
6,658
5,880
7,552
36,673
22,060
8,154
6,186
8,427
30,235
17,087
6,921
6,218
6,930
29,908
17,776
6,557
5,914
6,218
30,568
18,172
6,736
5,419
6,976
3
4
5
6
7
8
9
)0
11
12
Agricultural products
Nonagricultural products
Excluding military grant shipments
. .
Food, feeds and beverages
Agricultural
Grains and preparations .
Wheat
Soybeans
Other agricultural goods, feeds, and beverages
Nonagricultural (fish distilled beverages etc )
Industrial supplies and materials
13
14
15
16
Agricultural
Raw cotton, including linters
Tobacco unmanufactured
Other agricultural industrial supplies (hides tallow etc )
17
18
Nonagricultural
Fuels and lubricants8
Coal and related fuels
Petroleum and products
19
20
268
322
405
585
999
1,181
1,087
1,215
1,117
1,032
952
29,802
29,651
31,864
34,169
38,800
57,046
70,211
67,300
61,483
56,461
61,466
3,775
1,353
3,116
1,001
3,683
1,058
5,327
1,754
1,358
2,215
6,286
2,213
1,183
2,891
7,000
2,880
1,334
2,786
6,630
2,277
1,458
2,895
6,357
1,980
1,547
2,830
6,169
1,833
1,462
2,874
7,216
2,456
1,511
3,249
1,590
1,263
1,704
4,636
1,538
1,094
2,004
.. ..
26028
3,627
2,493
874
26536
4,753
3,351
993
28181
4,684
2,997
1084
29,534
4,763
2,741
1,335
33474
4,502
2,132
1585
50,759
6,676
3,507
1,970
63,211
8,775
4,780
2,847
60,670
10,725
6,019
3,769
55,126
13,008
6,080
6,217
50,292
9,857
4,123
4,997
54,250
9,657
4,225
4,675
2,500
1604
7,392
4,208
2,720
1904
8,094
4,965
2,682
1870
8,642
5,184
2,628
2197
10,367
6,071
3,364
3262
14,498
8,300
4,973
3746
17,756
9,337
4,968
3,764
17,962
9,042
4,341
2,800
16,960
8,206
4,256
2,335
16,404
8,153
4,556
2,494
18,762
8,523
1,347
2,487
10,825
5,621
1,496
3,493
13,634
5,989
779
834
3,390
9,920
3,760
2,459
6,573
1,516
1,828
6,625
2,060
1,183
1,762
7,313
2,333
832
852
922
21
22
23
24
Paper and paper base stocks
Textile supplies and materials
Chemicals, excluding medicinals
Other nonmetals (minerals, wood, rubber, tires, etc.)
..
2,597
1878
7445
4,141
25
26
Steel making materials . . . .
...
Iron and steel products
Other metals, primary and advanced, including advanced steel
Precious metals (gold, silver platinum)
. ..
924
846
725
482
845
2,480
2,935
288
2,076
3,157
682
2,005
3,084
450
1,875
4,034
1,169
2,029
4,833
1,356
30398
36269
38678
39312
45948
57510
72600
80,173
72,678
67,248
71,982
24,208
4,944
3,061
2198
1,769
29,567
5,308
1 144
2,345
1820
24258
6,650.
1923
9288
1,430
2960
2228
2,007
31,657
6,590
1497
3,071
2022
25,068
6,236
1907
9,748
1,617
3,274
2588
2,285
33,074
7,238
1,637
3,316
2285
25,836
5,633
1997
9,940
1,587
4,050
3264
2,630
37,875
8,110
1,422
3,708
2981
29,764
6,421
2,425
10,462
1,755
5,241
4 199
3,460
45,999
9,740
1,508
4,637
3595
36,259
7,815
3,081
12,577
1,643
6,773
5460
4,370
57,050
11,817
1,816
5,677
4,324
45,234
9,958
3,837
15,306
1,926
9,076
7540
5,131
64,524
12,920
2,124
5,740
5,056
51,605
11,614
4,187
17,243
2,232
10,562
8,837
5,767
60,781
12,939
2,049
5,967
4,923
47,842
10,306
3,704
15,666
1,795
11,008
9,324
5,364
54,809
13,178
1,657
6,625
4,896
41,631
6,451
3,104
13,150
1,468
12,538
11,029
4,921
60,566
14,843
1,687
7,636
5,520
45,723
6,414
3,763
13,167
1,604
15,773
14,143
5,001
5599
3,366
5901
3,169
6 175
3,204
5,679
2,739
7,280
3,616
10531
6,177
980
14,076
8,256
1,474
13,467
8,613
2,182
9,683
4,825
2,214
10,695
5,691
1,744
9,761
4,147
1,655
8,352
10,240
11,372
12,286
14,621
16,698
16,168
18,362
15,914
17,044
20,852
15,488
5,364
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
Capital goods except automotive
Machinery, except consumer-type
Electrical and electronic, including parts and attachments
Generators, transformers and accessories
Broadcasting and communications equipment
Telephonic and other electrical apparatus
Nonelectrical, including parts and attachments
Construction machinery and nonfarm tractors
Textile and other specialized industry machinery
Other industrial machinery, n.e.c
Agricultural machinery and farm tractors
Business and office machines, computers, etc
Electronic computers and parts
Scientific, professional, and service industry equipment
994
Civilian aircraft, engines, parts
Civilian aircraft, complete, all types
Other transportation equipment
590
Automotive vehicles, parts and engines
47
48
To Canada
To all other areas
49
50
51
Passenger cars new and used
Trucks, buses, and special vehicles
Bodies engines parts and accessories n e e
52
53
54
55
Consumer goods (nonfood), except automotive.. .
Consumer durables manufactured
Consumer nondurables, manufactured
Unmanufactured consumer goods (gem stones)
56
Special category (military-type goods)
57
Exports, n.e.c., and reexports
58
59
926
2,452
1565
19,265
4,485
1784
7,172
Domestic (low- value, miscellaneous) . . .
Foreign (reexports)
See footnotes on page 69.
.
...
846
559
793
5878
2,474
6633
3606
7637
3735
8445
3,841
9316
5,304
10 173
6,526
8916
7252
10137
8,224
9263
6,651
12,295
4,748
2334
1,394
4624
2884
2 199
5156
3266
2068
6037
3627
2,041
6618
3692
2,770
8 160
4720
3330
8648
4 010
3052
9 107
4005
3,310
11,047
2930
2,468
10,517
4251
1,980
10,813
4,919
2,450
13,484
6,284
2891
3,069
6476
2840
3,375
7916
3573
4010
8,817
3763
4,688
10,308
4603
5,201
12485
5400
6,382
16249
7890
7 627
15,868
6976
8,336
14,307
5950
7,971
13,444
5304
7,672
13,329
5029
7,855
2,134
2,996
2600
3,208
4,489
3017
3264
4,178
6,540
5,841
4,964
3,182
3394
3276
3,909
4567
5651
6977
9971
10001
9561
13775
1,819
1,363
1904
1,490
1 602
1674
1702
2,207
2030
2537
2426
3225
2863
4 115
5193
4778
4898
5 103
4992
4568
7944
5831
323
,
801
900
262
334
366
504
702
732
556
386
467
445
53
SURVEY OF CURRENT BUSINESS
June 1985
Trade—Continued
of dollars]
Not seasonally adjusted
1983
II
I
Seasonally adjusted
1984
III
IV
I
II
III
IV
I"
I
II
1985
1984
1983
1985
III
IV
I
II
III
IV
Line
I"
50,076
50,504
48,380
51,578
53,788
54,902
53,276
55,922
56,146
49,975
49,000
50,367
51,196
53,673
53,321
55,222
55,673
56,252
1
9,419
40,657
40,641
8,540
41,964
41,951
8,259
40,121
40,118
10,238
41,340
41,320
10,839
42,949
42,943
9,050
45,852
45,845
8,272
45,004
44,998
10,069
45,853
45,850
9,033
47,113
47,110
8,734
41,242
41,226
8,760
40,240
40,227
9,338
41,028
41,025
9,625
41,571
41,551
10,239
43,434
43,428
9,307
44,014
44,007
9,169
46,053
46,047
9,515
46,158
46,155
8,511
47,741
47,738
2
3
4
7,973
7,200
7,286
8,480
8,775
7,416
7,183
8,144
7,028
7,622
7,453
7,790
8,076
8,565
7,675
7,502
7,778
6,887
5
7,810
4,756
1,962
1,643
1,412
6,998
4,068
1,525
1,306
1,624
6,819
4,026
1,478
1,223
1,569
8,281
4,926
1,592
1,741
1,614
8,618
4,873
1,573
1,897
1,848
7,246
4,166
1,441
1,386
1,694
6,755
4,537
2,176
690
1,529
7,948
4,596
1,547
1,446
1,906
6,863
3,888
1,116
1,408
1,567
7,354
4,469
1,819
1,386
1,499
7,180
4,218
1,666
1,381
1,580
7,528
4,145
1,455
1,689
1,694
7,846
4,945
1,616
1,457
1,445
8,310
4,618
1,437
1,650
2,042
7,444
4,303
1,566
1,516
1,624
7,263
4,639
2,169
989
1,635
7,551
4,612
1,564
1,264
1,675
6,618
3,713
1,015
1,199
1,707
6
7
8
9
10
164
201
467
200
157
171
428
196
165
267
273
262
230
255
232
238
227
269
11
13,836
14,336
13,939
14,350
14,656
15,628
15,678
15,504
15,167
13,964
13,877
14,229
14,390
14,670
15,203
15,965
15,628
15,282
12
1,504
431
302
770
1,443
520
297
626
1,358
400
276
682
1,865
482
587
796
2,106
832
369
905
1,683
664
260
758
1,429
428
216
786
1,998
533
665
800
2,066
770
385
910
1,273
290
326
658
1,482
472
351
659
1,726
525
409
793
1,688
547
376
765
1,814
604
417
792
1,743
635
325
783
1,817
586
336
895
1,843
632
433
778
1,788
558
423
807
13
14
15
16
12,332
2,586
849
1,583
12,893
2,673
1,073
1,298
12,582
2,323
1,144
1,059
12,485
2,275
1,057
1,058
12,550
1,943
791
985
13,946
2,683
1,234
1,201
14,249
2,520
1,305
1,049
13,505
2,511
894
1,439
13,102
2,410
927
1,313
12,691
2,866
1,152
1,560
12,395
2,530
940
1,287
12,503
2,236
1,035
1,081
12,702
2,225
996
1,069
12,857
2,163
1,023
973
13,460
2,555
1,118
1,189
14,148
2,439
1,213
1,060
13,785
2,501
871
1,452
13,494
2,700
1,230
1,299
17
18
19
20
993
591
3,964
1,902
1,104
609
4,019
2,098
1,062
557
4,230
2,093
1,097
577
4,191
2,060
1,096
609
4,467
2,123
1,193
632
4,700
2,226
1,173
621
4,956
2,093
1,093
632
4,638
2,081
1,075
585
4,762
2,009
1,026
595
3,966
1,911
1,037
590
3,933
1,996
1,062
577
4,150
2,132
1,131
572
4,355
2,114
1,132
611
4,465
2,141
1,124
612
4,622
2,124
1,172
642
4,859
2,125
1,128
628
4,817
2,132
1,111
586
4,772
2,029
21
22
23
24
132
459
1,705
637
237
470
1,683
523
228
444
1,646
477
237
456
1,592
423
205
454
1,654
451
306
466
1,739
481
359
428
2,098
861
313
414
1,822
540
230
403
1,628
431
141
471
1,714
637
208
454
1,648
523
231
451
1,664
477
253
453
1,600
423
217
466
1,662
451
266
450
1,706
481
363
434
2,115
861
337
411
1,830
540
247
414
1,637
431
25
26
27
28
16,981
17,084
16,110
17,073
17,316
18,342
17,609
18,716
19,284
17,180
16,455
16,642
16,971
17,513
17,719
18,170
18,581
19,514
29
13,313
3,061
402
1,496
1,163
10,253
1,672
798
3,324
303
2,878
2,542
1,278
13,612
3,251
449
1,618
1,184
10,362
1,601
787
3,260
417
3,083
2,723
1,214
13,718
3,379
400
1,728
1,250
10,339
1,656
721
3,255
403
3,104
2,736
1,200
14,165
3,487
405
1,784
1,298
10,678
1,523
798
3,311
345
3,472
3,028
1,229
14,645
3,684
431
1,864
1,389
10,961
1,562
846
3,361
363
3,556
3,147
1,272
15,420
3,838
455
1,991
1,392
11,582
1,679
943
3,290
508
3,893
3,482
1,269
15,052
3,699
378
1,968
1,354
11,352
1,539
976
3,183
419
4,014
3,618
1,222
15,450
3,623
423
1,814
1,386
11,827
1,634
998
3,333
313
4,310
3,896
1,238
15,777
3,815
394
1,969
1,452
11,962
1,644
982
3,322
295
4,406
4,026
1,313
13,456
3,127
418
1,539
1,170
10,329
1,729
817
3,319
310
2,887
2,554
1,267
13,268
3,142
415
1,582
1,144
10,126
1,539
764
3,244
354
3,046
2,691
1,180
13,920
3,392
423
1,700
1,270
10,528
1,620
756
3,313
417
3,190
2,810
1,232
14,166
3,517
400
1,805
1,312
10,648
1,564
767
3,274
387
3,414
2,974
1,242
14,832
3,761
449
1,920
1,392
11,071
1,634
866
3,357
381
3,576
3,170
1,259
15,022
3,717
420
1,945
1,352
11,305
1,601
916
3,282
434
3,836
3,430
1,236
15,272
3,700
399
1,928
1,373
11,571
1,502
1,023
3,234
432
4,126
3,717
1,254
15,440
3,665
419
1,843
1,403
11,776
1,677
959
3,294
358
4,236
3,826
1,252
15,977
3,892
411
2,028
1,453
12,086
1,717
1,004
3,321
307
4,437
4,061
1,299
30
31
32
33
34
35
36
37
38
39
40
41
42
3,138
1,849
529
3,077
1,791
394
1,970
824
422
2,509
1,228
399
2,294
852
377
2,568
1,198
354
2,168
812
389
2,731
1,285
535
3,087
1,606
420
3,192
1,914
533
2,802
1,554
385
2,299
1,110
423
2,402
1,113
403
2,300
876
380
2,352
1,023
344
2,509
1,102
389
2,599
1,147
542
3,111
1,651
425
43
44
45
4,006
4,594
3,779
4,664
5,278
5,589
4,739
5,246
5,751
3,901
4,081
4,292
4,769
5,129
4,965
5,358
5,400
5,609
46
2,835
1,171
3,432
1,162
2,592
1,188
3,437
1,227
3,998
1,281
4,269
1,320
3,415
1,324
3,807
1,440
4,384
1,367
2,733
1,169
2,921
1,160
3,071
1,221
3,570
1,199
3,846
1,282
3,644
1,320
4,015
1,343
3,982
1,419
4,239
1,370
47
48
961
438
2,608
1,259
522
2,814
878
512
2,390
1,154
509
3,001
1,309
589
3,380
1,433
648
3,508
947
601
3,191
1,230
612
3,405
1,576
608
3,567
950
433
2,518
1,010
454
2,616
1,140
535
2,617
1,150
557
3,062
1,302
585
3,242
1,150
543
3,272
1,223
644
3,492
1,244
678
3,478
1,576
610
3,423
49
50
51
3,358
1,335
1,903
120
3,407
1,379
1,906
122
3,324
1,310
1,906
108
3,354
1,280
1,957
117
3,335
1,305
1,913
116
3,420
1,318
1,986
115
3,265
1,202
1,960
104
3,309
1,203
1,997
109
3,299
1,179
2,001
119
3,377
1,369
1,894
114
3,284
1,296
1,872
116
3,398
1,342
1,937
119
3,384
1,296
1,970
118
3,359
1,339
1,908
111
3,297
1,239
1,949
109
3,333
1,230
1,990
113
3,341
1,222
2,008
112
3,320
1,215
1,991
114
52
53
54
55
1,607
1,508
1,645
1,082
1,102
1,129
1,402
1,332
1,514
1,607
1,508
1,645
1,082
1,102
1,129
1,402
1,332
1,514
56
2,315
2,375
2,296
2,575
3,327
3,376
3,401
3,671
4,103
2,324
2,342
2,371
2,524
3,336
3,333
3,494
3,613
4,126
57
1,170
1,145
1,287
1,088
1,215
1,081
1,320
1,254
1,906
1,420
1,986
1,390
1,963
1,438
2,088
1,583
2,493
1,610
1,188
1,136
1,251
1,091
1,229
1,142
1,325
1,199
1,929
1,406
1,937
1,396
1,983
1,511
2,095
1,518
2,532
1,594
58
59
54
SURVEY OF CURRENT BUSINESS
June 1985
Table 3.—U.S. Merchandise
[Millions
Line
60 Merchandise imports, Census basis
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
Foods, feeds, and beverages
Coffee, cocoa, and sugar
Green coffee
Cane sugar
Other foods, feeds and beverages
Meat products and poultry
Fish and shellfish
Vegetables, fruits nuts and preparations
Whiskey and other alcoholic beverages
Industrial supplies and materials
Fuels and lubricants 8
Petroleum and products
Paper and paper base stocks
Materials associated with nondurable goods and farm output, n.e.s. ..
Textile supplies and materials ....
Tobacco, unmanufactured
Chemicals excluding medicinal
Other (hides, copra, materials for making photos, drugs, dyes)
Building materials, except metals
Materials associated with durable goods output n e s
Steelmaking materials
Iron and steel products
Other metals, primary and advanced, including advanced steel
Precious metals (gold, silver, platinum)
Nonmetals (oils gums resins minerals rubber tires etc )
Capital goods, except automotive
Machinery, except consumer-type
Electrical and electronic and parts and attachments
Nonelectrical, and parts and attachments
Construction, textile and other specialized industry machinery
and nonfarm tractors.
Other industrial machinery, n.e.s
Agricultural machinery and farm tractors
Business and office machines computers etc
Scientific, professional and service industry equipment
Transportation equipment, except automotive
Civilian aircraft, engines parts
Civilian aircraft, complete, all types
Automotive vehicles, parts, and engines
99
100
From Canada
From all other areas
101
102
103
Passenger cars new and used
Trucks, buses, and special vehicles ..
Bodies, engines, parts and accessories, n.e.s
104
Consumer goods (nonfood), except automotive
105
106
107
108
109
110
..
Consumer durables, manufactured
Electric household appliances radio television
Consumer nondurables, manufactured
Textile products except rugs
Unmanufactured consumer goods (gems nursery stock)
. ..
Imports, n.e.s. (low value, U.S. goods returned, military aircraft,
movies, exhibits).
See footnotes on page 69.
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
102,576
98,509
123,478
150,390
174,757
209,458
244,871
261,305
243,941
258,048
325,726
10568
9,642
11,546
13,981
15,397
17,366
18,127
18,113
17,118
18,186
21,029
4069
1505
2,247
6499
1381
1,491
986
1029
3747
1,561
1,865
5895
1,174
1,344
972
1,033
4 144
2,632
1,154
7402
1,480
1,842
1162
1,174
5468
3,910
1,076
8513
1,316
2,041
1490
1,287
5118
3,728
723
10279
1,908
2,198
1681
1,744
5,349
3,820
974
12017
2,590
2,625
1,874
2,014
6,255
3,872
1,988
11872
2,404
2,599
1946
2,233
5,230
2,622
2,142
12,882
2,051
2,950
2,625
2,399
3,917
2,730
863
13,201
2,125
3,132
2,448
2,513
3,986
2,590
1,047
14,199
2,084
3,586
2,560
2,626
4,733
3,064
1,258
16,296
2,084
3,655
2,970
2,853
53049
50645
62925
78333
82380
106,348
129,211
131,423
108,202
105,765
122,077
27342
26463
2,969
5,670
1597
254
2498
1,320
1,993
15075
1,356
5,559
6,124
1,525
2035
28480
27044
2,716
4,953
1,178
343
2229
1,203
1,556
12940
1,744
4,606
4,826
1,128
1764
36986
34598
3,340
6,093
1,574
392
2579
1,548
2,396
14110
1,872
4,380
5,787
1,001
2071
47598
44961
3,604
6,741
1,584
322
3068
1,767
3,312
17,078
1,852
6,001
6,729
1,327
2495
45573
42197
3,996
8,164
1,951
399
3765
2,049
4,388
20258
1,848
7,125
8,522
1,815
2763
63930
59,888
4,801
9,253
1,851
439
4531
2,432
4,840
23,525
2,202
7,304
10,650
3,375
3,370
83788
78,795
5,269
10,175
2,040
455
5,187
2,492
3,734
26,245
2,161
6,720
13,795
5,716
3,569
82058
77,107
5,603
11,863
2,555
633
5966
2,709
3,716
28,182
2,588
9,131
12,514
4,134
3,948
66,365
60,835
5,271
11,361
2,269
740
5,711
2,641
3,176
22,029
1,369
7,269
10,073
3,486
3,317
58,728
53,591
5,580
12,868
2,603
637
6,728
2,901
4,586
24,002
1,248
6,752
12,337
4,951
3,666
62,231
57,286
7,273
16,031.
3,532
629
8,301
3,568
5,154
31,388
1,680
10,143
14,877
5,262
4,688
9,734
10,143
12,279
13,954
19,643
25,038
30,463
36,624
38,153
40,854
59,801
9,055
3096
5959
1,178
9,505
2899
6,605
1,261
11,812
4430
7,382
1,321
13,280
4365
8,916
1,670
18,455
5861
12,594
2,865
23,046
7764
15,282
3,056
27,015
7,945
19,070
3,696
32,632
9,452
23,180
5,555
34,529
10,548
23,982
5,845
37,700
12,915
24,785
3,694
55,460
18,740
36,720
6,014
2075
850
977
879
679
636
97
2,423
998
1 014
909
638
548
81
3,112
1,174
1 497
1,464
674
592
265
4,274
1,367
2143
1,946
1,188
982
231
5,599
1,982
2,401
2,243
1,992
1,518
517
6,545
1,823
4,451
2,555
3,448
2,984
964
7,748
1,689
5,204
2,984
3,992
3,749
1,339
7,424
1,278
6,165
3,270
3,624
3,432
1,132
6,825
1,426
8,906
3,934
3,154
2,942
928
9,651
1,882
13,835
5,338
4,341
3,950
1,537
2582
1,056
1 287
1 136
466
406
94
12358
12065
16768
19388
25095
26,488
27,978
30,815
34,304
42,033
55,108
5603
6755
5818
6247
8011
8758
9267
10 121
10522
14572
9,725
16,763
8,786
19,193
10,627
20,189
13,292
21,013
16,937
25,096
23,035
32,073
7307
1452
3598
7 135
1302
3,628
8947
2062
5,760
10651
2634
6,103
13674
3709
7,712
14842
3,759
7,888
16,819
4,067
7,092
17,768
4,844
8,203
20,280
5,212
8,812
23,574
5,916
12,543
29,596
7,909
17,602
14380
13,211
17,165
21,796
28,943
30,566
34,445
38,664
39,658
44,934
59,974
8256
2 164
5166
2288
958
6805
1645
5479
2490
927
8405
2211
7488
3533
1 272
11,760
3929
8,285
3986
1751
15,326
4485
11,251
5356
2,367
16,233
4,019
11,996
5,665
2,337
18,461
4,321
13,066
6,508
2,918
20,766
5,706
14,928
7,774
2,969
20,868
5,575
16,164
8,409
2,626
22,690
6,769
19,115
9,860
3,130
30,125
9,761
25,842
13,676
4,008
2,486
2,802
2,795
2,938
3,298
3,651
4,647
5,667
6,505
6,275
7,737
55
SURVEY OF CURRENT BUSINESS
June 1985
Trade—Continued
of dollars]
Not seasonally adjusted
1983
I
II
Seasonally adjusted
1984
III
IV
I
II
1985
HI
IV
Ip
I
II
1985
1984
1983
III
IV
I
II
III
IV
Line
I"
60
58,053
63,504
66,379
70,112
79,346
80,731
86,460
79,188
83,502
57,592
62,792
66,814
70,850
78,987
79,619
86,939
80,181
83,531
4,422
4,640
4,353
4,771
5,168
5,184
5,389
5,288
5,749
4,428
4,540
4,548
4,670
5,161
5,056
5,632
5,179
5,715
61
1,021
666
191
3,401
533
783
697
579
956
586
266
3,684
565
864
786
630
936
636
257
3,417
551
954
514
626
1,074
702
333
3,697
435
985
562
790
1,234
744
364
3,934
485
876
863
611
1,249
796
323
3,934
479
889
851
665
1,235
857
298
4,154
589
953
650
753
1,014
666
273
4,274
531
938
606
824
1,392
848
284
4,357
550
933
963
630
1,000
647
226
3,428
533
852
584
663
984
621
267
3,556
565
866
650
647
966
642
265
3,582
551
923
634
631
1,037
680
288
3,633
435
945
691
686
1,235
724
423
3,926
485
949
722
696
1,262
841
310
3,794
479
894
695
686
1,248
855
298
4,384
589
915
807
755
988
644
228
4,191
531
897
746
715
1,353
829
337
4,362
550
1,011
835
716
62
63
64
65
66
67
68
69
23,501
25,842
28,734
27,687
30,594
30,870
31,182
29,432
27,308
22,793
25,879
29,082
28,010
29,862
30,821
31,571
29,824
26,887
70
12,969
11,110
1,227
3,198
577
240
1,671
710
957
5,150
189
1,406
2,690
1,169
866
13,736
12,515
1,399
3,256
651
176
1,692
737
1,163
6,289
313
1,545
3,525
1,523
906
16,559
15,674
1,382
3,082
676
109
1,607
689
1,307
6,404
345
1,771
3,405
1,523
882
15,464
14,291
1,572
3,332
699
112
1,757
765
1,159
6,160
401
2,030
2,717
736
1,012
15,660
14,251
1,656
4,104
907
187
2,029
981
1,205
7,968
366
2,435
3,950
1,431
1,217
15,802
14,688
1,800
4,093
896
198
2,172
827
1,310
7,864
436
2,302
3,964
1,406
1,163
15,294
14,250
1,962
4,236
961
174
2,184
918
1,420
8,269
470
2,861
3,707
1,262
1,230
15,475
14,096
1,854
3,598
769
71
1,915
843
1,218
7,288
408
2,545
3,256
1,164
1,078
12,011
10,802
1,881
4,180
884
116
2,230
950
1,296
7,939
316
2,751
3,597
1,443
1,276
12,350
10,776
1,225
3,044
567
185
1,636
656
1,002
5,171
242
1,423
2,643
1,169
863
14,041
12,701
1,341
3,160
625
142
1,660
733
1,111
6,227
288
1,611
3,428
1,523
901
16,834
15,807
1,448
3,160
670
126
1,646
718
1,221
6,420
328
1,748
3,460
1,523
884
15,502
14,307
1,566
3,505
740
183
1,787
795
1,252
6,185
390
1,969
2,807
736
1,019
15,021
13,831
1,656
3,938
898
146
1,984
910
1,264
7,984
452
2,449
3,870
1,431
1,213
16,064
14,858
1,726
3,979
864
163
2,131
820
1,257
7,795
392
2,397
3,848
1,406
1,158
15,581
14,419
2,044
4,339
950
202
2,234
954
1,313
8,293
444
2,827
3,789
1,262
1,233
15,565
14,177
1,847
3,774
820
119
1,951
884
1,320
7,316
392
2,470
3,371
1,164
1,084
11,600
10,572
1,886
4,033
877
89
2,182
886
1,382
7,984
420
2,757
3,536
1,443
1,272
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
9,074
9,855
10,402
11,523
13,979
14,267
17,078
14,477
16,166
9,226
9,567
10,375
11,686
14,184
13,828
17,056
14,732
16,387
86
8,148
2,695
5,453
852
9,116
3,054
6,062
868
9,676
3,254
6,422
937
10,759
3,912
6,847
1,037
12,844
4,288
8,557
1,315
13,407
4,556
8,852
1,450
15,806
5,304
10,502
1,758
13,402
4,593
8,810
1,492
14,850
4,809
10,040
1,732
8,300
2,826
5,474
852
8,828
3,026
5,802
867
9,650
3,179
6,470
936
10,922
3,884
7,038
1,038
13,050
4,484
8,566
1,316
12,969
4,507
8,462
1,449
15,784
5,184
10,600
1,757
13,658
4,566
9,092
1,493
15,071
5,021
10,050
1,732
87
88
89
90
1,607
306
1,763
924
926
898
325
1,650
380
2,194
971
739
652
154
1,906
349
2,275
956
726
684
230
1,662
392
2,673
1,082
764
708
220
2,260
447
3,297
1,237
1,134
1,082
492
2,330
523
3,284
1,265
859
771
263
2,879
507
3,849
1,509
1,272
1,144
499
2,181
405
3,405
1,327
1,075
953
283
2,683
460
3,673
1,493
1,317
1,239
502
1,644
297
1,769
913
926
898
325
1,546
327
2,112
950
739
652
154
1,860
381
2,327
966
726
684
230
1,776
422
2,698
1,105
764
708
220
2,323
437
3,274
1,217
1,134
1,082
492
2,170
453
3,157
1,232
859
771
263
2,816
556
3,941
1,531
1,272
1,144
499
2,342
435
3,463
1,358
1,075
953
283
2,758
453
3,637
1,469
1,317
1,239
502
91
92
93
94
95
96
97
9,513
10,874
9,310
12,337
13,593
14,700
13,328
13,486
15,852
9,196
10,179
10,117
12,541
13,178
13,720
14,494
13,716
15,427
98
3,726
5,786
4,662
6,212
3,481
5,829
5,068
7,269
5,663
7,930
6,340
8,359
5,264
8,064
5,767
7,720
6,030
9,822
3,673
5,524
4,251
5,928
3,956
6,161
5,057
7,483
5,563
7,614
5,703
8,017
5,999
8,494
5,769
7,947
5,972
9,455
99
100
5,714
1,250
2,549
6,250
1,539
3,085
4,898
1,323
3,088
6,711
1,804
3,822
7,515
1,778
4,300
8,034
2,200
4,466
6,897
1,984
4,447
7,150
1,946
4,390
8,577
2,344
4,931
5,389
1,250
2,558
5,650
1,539
2,990
5,547
1,323
3,247
6,988
1,804
3,749
7,082
1,778
4,318
7,207
2,200
4,313
7,860
1,984
4,649
7,447
1,946
4,322
8,118
2,344
4,964
101
102
103
10,113
10,635
11,922
12,266
14,246
13,701
17,427
14,600
16,348
10,477
11,033
11,061
12,364
14,785
14,266
16,172
14,752
16,969
104
5,036
1,251
4,350
2,219
727
5,265
1,520
4,450
2,318
919
5,779
1,794
5,344
2,829
799
6,610
2,204
4,971
2,494
684
7,000
2,025
6,139
3,292
1,107
6,954
2,292
5,895
3,114
852
8,485
2,929
7,926
4,206
1,016
7,686
2,516
5,882
3,064
1,032
8,550
3,086
6,845
3,682
953
5,316
1,400
4,432
2,290
729
5,496
1,586
4,616
2,382
920
5,584
1,706
4,673
2,413
804
6,294
2,076
5,394
2,776
676
7,390
2,250
6,286
3,412
1,109
7,260
2,376
6,152
3,217
853
8,176
2,773
6,971
3,617
1,024
7,299
2,362
6,433
3,430
1,021
9,078
3,415
6,936
3,757
954
105
106
107
108
109
1,430
1,658
1,659
1,528
1,766
2,010
2,056
1,904
2,078
1,472
1,594
1,631
1,579
1,817
1,928
2,014
1,978
2,146
110
56
SURVEY OF CURRENT BUSINESS
June 1985
Table 4.—Selected U.S. Government Transactions
[Millions of dollars]
1982
Al
1984
1983
U.S. Government grants (excluding military) and transactions increasing Government assets, 15,925
total.
1985
1984
1983
L-
I
III
IV
I"
4,539
5,232
4,157
1 480
350
1,130
1 522 2207
354
807
1,168 1,400
3,313
512
2,802
2,318
874
1,443
II
III
IV
I
4,262
4,872
4,515
4,235
16,305
18,521
3,466
3,705
II
By category
2
3
4
Grants, net (table 1 line 30 withl sign reversed)
Financing military purchases .
Other grants
5501
755
4,746
6287
934
5,353
8522
2022
6,500
1011
71
940
1 245 1 544 2486
375
113
375
1,132 1,169 2,112
5
6
Credits and other long-term assets (table 1 line 40 with sign reversed)
10,063
Capital subscriptions and contributions to international financial institutions, excluding 1,007
IMF.
Credits repayable in U.S. dollars
7,442
Credits repayable in other than U S dollars
1 151
Other long-term assets
462
9,967
1,369
9,619
1,427
2,378
415
2,421
225
2,755
349
2,413
380
2,784
324
2,713
311
2,203
376
1,919
415
1,767
335
8,025
152
421
7,639
160
393
1,824
15
124
2,063
31
102
2,239
67
100
1,900
38
95
2,313
54
93
2,271
33
98
1,698
23
105
1,356
50
97
1,286
52
94
361
-68
51
-79
380
-74
77
-25
38
-18
-38
-29
-27
-8
251
-24
(*)
-28
130
-14
-1
-8
72
-20
29
49
118
3
56
111
(*)
43
105
3
15
18
(*)
13
25
(*)
8
20
(*)
19
47
(*)
13
16
(*)
11
29
(*)
9
20
(*)
11
41
(*)
9
20
13
18
42
7
2
5
5
18
6
15
3
5
11
3
262
376
25
3
239
247
11
18
1
1
(*)
6
(*)
51
165
58
31
4
1
74
14
4
254
560
2
3
56
38
68
269
72
67
57
162
56
62
54
29
23
42
5
8
15
16
3
1
1
2
(*)
(*)
28
75
102
55
39
30
30
8
38
-16
-55
63
1,007
1,481
8,766
2276
460
1 525
180
262
492
1,369
1,641
9,470
2573
492
469
185
239
345
1,427
1,842
11,036
2515
973
505
191
254
286
415
320
1,836
547
190
100
41
51
68
225
411
2,173
543
99
126
41
58
145
349
623
2,132
867
126
121
32
56
68
380
288
3,329
616
78
122
71
74
64
324
310
2,614
658
416
114
48
68
100
311
623
2,095
887
156
133
45
72
58
376
542
2,728
460
242
116
44
57
88
415
367
3,599
510
160
142
54
56
39
335
443
2,690
391
41
123
34
54
155
10,452
5239
1,887
2,788
2,216
10,660
5526
1745
2,785
2119
13,235
6286
2,321
2,888
1,829
2,236 2,494 3,067
1 133 1 279 1640
494
431
389
758
474
689
617
478
431
2,863
1,474
431
864
593
3,695
1,673
581
885
712
3,400
1,483
660
631
420
3,540
1,712
585
894
358
2,600
1,418
496
477
339
2,998
1,561
493
775
289
573
437
449
666
310
594
1059
747
1,287
21 1
478
219
536
74
352
138
91
191
485
104
123
7
8
9
10
11
Foreign currency holdings and short-term assets, net (table 1, line 42, with sign reversed)
Foreign currency holdings (excluding administrative cash holdings), net
Receipts from —
Sales of agricultural commodities
Interest
Repayments of principal
Reverse grants
Other sources
Less currencies used 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.
12
13
14
15
16
17
18
19
20
21
22
23
Assets financing military sales contracts net 2
Other short-term assets (including changes in administrative cash holdings) net
By program
24
25
26
27
28
29
30
31
32
Capital subscriptions and contributions to international financial institutions, excluding IMF..
Under Agricultural Trade Development and Assistance Act and related programs
Under Foreign Assistance Act and related programs
Under Export-Import Bank Act
Under Commodity Credit Corporation Charter Act
Under other grant and credit programs
Other foreign currency assets acquired (lines A13, A14, and A16).
Less foreign currency used by U.S. Government other than for grants or credits (line A19)
Other (including changes in administrative cash holdings) net
By disposition 3
33
34
35
36
37
38
39
40
41
Estimated transactions involving no direct dollar outflow from the United States .
....
Expenditures on U S merchandise
Expenditures on U.S. services4
Financing of military sales contracts by U.S. Government5 (line C6)
By long-term credits l
By short-term
credits
By grants l
U.S. Government grants and credits to repay prior U.S. Government credits 1 4
U.S. Government long- and short-term credits to repay prior U.S. private credits6 and
other assets.
Increase in liabilities associated with U.S. Government grants7 and transactions increasing
Government assets (including changes in retained accounts) (line Cll).
Less receipts on short-term U.S. Government assets (a) financing military sales contracts,1
(b) financing repayments of private credits and other assets, and (c) financing expenditures on U.S. merchandise.
Less foreign currencies used by U.S. Government other than for grants or credits (line
A19).
42
43
44
45
Bl
Estimated dollar payments to foreign countries and international financial institutions
Repayments on U.S. Government long-term assets, total (table 1, line 41)
2
3
4
5
6
7
8
Cl
Receipts
Under
Under
Under
Under
Under
of principal on U S Government credits
Agricultural Trade Development and Assistance Act and related programs
Foreign Assistance Act and related programs
. . . .
Export-Import Bank Act
Commodity Credit Corporation Charter Act
other credit programs
4
5
6
7
8
9
10
72
123
90
280
55
195
271
75
96
174
104
526
8
4
1
5
-1
(*)
(*)
3
4
(*)
-6
4
93
65
41
26
18
18
4
8
3
20
10
7
262
239
254
51
58
56
74
68
72
57
56
54
5,472
5,645
5,286
1,230
1,211
1,194
2,010
821
835
999
2,632
1,159
4,293
5,012
4,483
1,230
1,213
1,511
1,058
888
1,378
924
1,294
956
3817
333
1,335
1612
268
270
4608
366
1 283
1925
64
970
4054
333
1,329
2156
108
127
1 132 1 110 1409
41
83
68
300
302
358
447
712
407
23
24
16
296
321
253
956
174
323
359
(*)
101
783
40
319
407
9
8
1,265
81
380
773
28
3
821
51
292
420
47
12
1,185
162
338
555
24
105
841
32
224
557
26
3
475
404
430
98
103
102
102
105
113
684
552
453
-527
476
124
479
233
555
807
Associated with military sales contracts z
1,003
U.S. Government cash receipts from foreign governments (including
principal repayments 11,970 10,177
on credits financing military sales contracts), net of refunds.1.
619
Less U.S Government receipts from principal repayments
770
Less U.S. Treasury securities issued in connection with prepayments for military pur- 1,230 -1,009
chases in the United States.
Plus financing of military sales contracts by U S Government 5 (line A36)
2,788
2785
By long-term credits 1
2,216
2,119
By short-term
credits
l
By grants
573
666
Less transfers of goods and 1 services
(including transfers financed by grants for military 11,907 12,394
purchases, and by credits) 2 (table 1, line 3).
656
8,575
-434
1,986
496
2,693
257
3,462
488
2,034
247
2,156
136
641
80 -1,034
158
-312
294
629
182
-291
Receipts on other long-term assets
U.S. Government liabilities other than securities, total, net increase ( + ) (table 1, line 53)
2
3
43
56
212
11
Associated with U.S. Government grants7 and transactions increasing Government assets
(including changes in retained accounts) (line A42).
12
13
14
15
Associated with other liabilities
Nuclear material sales by Department of Energy
Space launch sales by National Aeronautics and Space Administration
Other sales and miscellaneous operations
See footnotes on page 69.
103
109
115
-139
-197
-532
641
1,622
-130
2,428
-102
2,369
-441
2,509
136
186
104 -1,050
135
728
183
299
103
840
2,888
1,829
474
431
689
617
758
478
864
593
885
712
631
420
894
358
477
339
775
289
1,059
10,086
43
3,793
72
3,041
280
3,041
271
2,519
174
2,555
211
2,476
536
2,590
138
2,466
485
2,781
8
4
1
5
-1
(*)
(*)
3
4
(*)
-6
4
-326
-228
-8
90
-259
-271
77
65
-204
-360
88
68
-98
-83
48
63
-19
-50
46
77
-133
-114
26
45
_9
-25
50
34
-17
-33
31
14
90
-113
12
34
8
-131
51
71
-90
-84
18
24
-95
-38
-16
41
57
SURVEY OF CURRENT BUSINESS
June 1985
Table 5.—Direct Investment: Income, Capital, and Fees and Royalties
[Millions of dollars]
1
2
3
4
5
6
7
U.S. direct investment abroad:
Income (table 1, line 11)
Income before capital gains/losses
Capital gains/losses (gains + ; losses — )l
Earnings (net of withholding taxes)
Distributed earnings
Reinvested earnings
Interest (net of withholding taxes)
22600
24747
-2146
24433
17726
6706
1833
21271
27812
-6542
24511
14908
9603
3241
23078
31478
-8,400
27455
16490
10965
4377
8
9
10
11
12
13
14
15
Capital (table 1, line 44)
Equity capital
Increases in equity 3
Decreases in equity capital 3
Reinvested earnings
Intercompany debt
U.S. parents' receivables
U S. parents' payables
4,424
4 194
16576
12,383
6706
15324
2,848
12476
-5394
4760
9858
5,098
9603
8969
901
8068
-4,503
1478
8584
7,106
10965
7940
-492
8432
16
Fees and royalties (table 1, line 7)
5561
6275
22600
10227
5014
7360
24747
9,380
6,713
8653
21 271
9548
5809
5913
27812
10,779
9,535
7498
By industry of affiliate:
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
III
II
4 240
6011
-1771
4853
2667
2 186
613
1985
19 34
19133
I
5489
5511
6836
6657
1 168 -1325
6225
6317
2815
3210
3 502
3 015
806
736
IV
I
III
II
IV
I"
6030
8308
-2,278
7 116
6216
900
1 086
8462
8200
262
9361
3072
6290
899
4651
7672
-3,021
5695
3354
2341
1 044
6427
3539
8,801
6,806
-3,267 -2,374
7664
4735
6,740
3324
924
1 411
1 197 -1237
5,012
7,435
-2,423
5,936
4,395
1 541
-924
370
790
2469
1 679
2 186
2606
19
2588
731
607
1 590
983
3015
2890
497
3387
-3811
820
1 848
1028
3502
511
714
1 225
-482
2543
3950
1,408
900
2961
2,093
868
-4,114
620
1657
1,037
6290
2796
-1,246
4 042
1502
1 109
-3220
2,111
2341
4951
-1585
6536
2,114
22
-1744
1,766
1411
3502
1,358
2 144
-4,005
228
-1,963
2,191
-924
-3309
981
- 4290
-592
-22
n.a.
n.a.
-1,541
971
n.a.
na
6,530
1 462
1 605
1 462
1,745
1,515
1 543
1,655
1,817
1,589
23078
10065
7,236
5777
31478
11,130
12,378
7970
4240
2281
622
1 337
6011
2382
1,918
1 711
5489
2204
1 860
1 424
6657
2461
2,513
1 683
5 511
2432
1 612
1 467
6836
2527
2,447
1863
6030
2631
1 715
1 684
8308
3,409
2,658
2241
8462
3208
3192
2062
8200
3,053
3,175
1973
4651
2042
1678
931
7672
2,400
3,278
1993
3539
2440
230
869
6806
2,663
2,448
1,695
6427
2375
2,135
1 916
8,801
3,015
3,477
2,309
5012
1,518
1,866
1628
7,435
2,772
2,758
1,906
228
246
-240
221
-924
379
-293
-1,010
-3309
-1,551
-542
-1217
-22
110
-94
-38
-1,541
115
-601
-1,055
971
205
597
169
-2,792 -2,610
-2,244 -2,522
-88
-547
-2,009 -1,775
-887
-823
-888
1 186
-835
-783
-989
-932
154
150
- 2,450
-2,255
-195
-1,689
-860
-830
-761
-917
157
4
Income (line 1)
Petroleum
Manufacturing
Other
Income before capital gains/losses (line 2)
Petroleum
Manufacturing
Other
Capital:
Equity capital (line 9)
Petroleum
Manufacturing
Other ....
Reinvested earnings (line 12, or line 6 with sign reversed)
Petroleum
Manufacturing..
Other
Intercompany debt (line 13)
Petroleum
Manufacturing
Other ....
,
4 194
1 157
-557
2479
6706
1 309
696
4701
15 324
846
684
15 486
4760
1798
-215
2746
9603
2532
1 690
5382
8969
1234
1 462
6 272
1 478
164
-535
1 108
10965
4 017
1 551
5397
7 940
3090
793
5 642
790
263
163
691
2 186
1 285
271
1 172
2 606
808
113
1 686
-227
380
3015
589
1 074
1 351
2890
593
468
1 829
2543
620
820
77
30
1 613
-26
-125
-96
805
553
871
6,290
900
3502
2096
1 305
647
2006
164
722
1 475 -1383 -2,187
2796
511
2961
1 846
295
462
-317
1076
194
1 267
1 168 1 590
1 109
22
-404
293
28
-227
-43
732
-2341 -1,411
1 282
1017
1,067
-318
-1005 -1,195
3502
4951
1,419
1 376
130
-63
2 147
3445
3 155
3 174
18
970
3349
2379
2186
2789
604
5598
5*169
-429
3316
3*227
89
2282
2812
530
10 187
9495
-693
7 194
3473
3 722
2993
3580
587
1 084
779
-305
582
773
190
502
638
136
1 512
1 278
-234
926
870
56
586
716
130
1 361 2146
1 640
1711 -1 401 -1,942
-204
71
40
782
1579
1 025
-926
919
665
653
137
360
-567
579
615
-696
-718
740
129
140
125
-2640
-2,786
147
-1831
-837
994
-809
-963
155
13 792
9*723
12039
2 316
2379
6448
6267
181
11 946
8699
10200
1 501
89
3 159
5222
2063
22 514
10 909
12382
1 474
3722
7883
8959
1 075
1 789
2 319
2489
169
190
340
409
749
4 097
1976
2566
590
56
2065
1 862
202
4324
1*579
2033
453
360
2386
2334
51
1736
2*824
3113
289
137
951
616
1 568
3304
2068
2,437
369
653
583
793
210
9289
3449
3,945
496
994
4846
5,592
-745
5228
2.955
3,118
163
1,186
1,087
475
612
4692
2,436
2,882
-446
888
1,367
2,099
-732
2,713
2,146
2,220
-74
830
-263
780
-1,043
77
1 427
1 505
67
1 628
1694
187
2 013
1 826
63
361
298
U
411
400
(*)
411
411
141
445
586
99
426
525
30
448
418
-155
553
398
-101
-586
485
-99
-576
477
3 155
2 259
37
859
3 174
2234
76
1 015
5598
1 657
819
3 122
5 169
1 658
-962
2 549
10 187
2 659
2 678
4 851
9495
2 693
-2,646
4 156
1084
347
29
766
779
334
-7
439
1 512
320
205
988
1 278
310
-213
755
1 640 -1361
595
394
370
273
597
772
1401
1711
418
596
-384
-360
599
755
-2,146
490
619
1037
1,942
528
-596
819
9723
476
3 154
6 092
2379
1 004
1 656
1727
6448
933
1 244
4271
8 699
495
2 136
6 067
89
565
578
102
3 159
552
1 984
1727
10 909
340
2 355
8 214
3722
1 401
1 055
1 266
7 883
4916
72
3 040
2 319
36
617
1 666
190
13
307
103
340
192
607
458
1 976
251
264
1 461
56
103
135
88
2065
175
1 602
288
1 579
46
371
1 163
360
325
80
115
2 386
208
975
1 202
607
Foreign direct investment in the United States:
37
38
39
40
41
42
43
44
45
Income (table 1, line 25)
Income before capital gains/losses
Capital gains/losses (gains -; losses +) 5
Earnings (net of withholding taxes)
Distributed earnings
Reinvested earnings....
Interest (net of withholding taxes)
U.S. affiliates' payments
U.S. affiliates' receipts
46
47
48
49
50
51
52
53
Capital (table 1, line 57)
Equity capital
Increases in equity capital 23
Decreases in equity capital
Reinvested earnings
Intercompany debt
U.S. affiliates' payables
U.S. affiliates' receivables
54
55
56
Fees and royalties (table 1, line 21)
U.S. affiliates' payments .
U.S. affiliates' receipts
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
By industry of affiliate: 4
Income (line 37)
Petroleum
Manufacturing
Other
Income before capital gains/losses (line 38)
Petroleum
Manufacturing
Other
Capital:
Equity capital (line 47)
Petroleum
Manufacturing
Other
Reinvested earnings (line 50, or line 42 with sign reversed)
Petroleum
Manufacturing
Other
Intercompany debt (line 51)
Petroleum
Manufacturing
Other
See footnotes on page 69.
2824
162
885
1 777
137
125
57
205
951
743
14
222
2068
222
567
1 279
653
160
213
280
583
268
360
1 211
-2,640 -2,792
672
642
937
659
1 030
1490
-2,786 -2,244
-587
718
-664
-924
993
1 144
3449
100
359
3 190
994
412
539
43
4 846
4867
194
214
2955
181
1 221
1 554
1,186
391
304
492
1087
210
487
1 364
-2,610 -2,450
638
855
-462
-551
-1 294 -1,262
-2,522 -2,255
-640
-861
-533
-462
1 082
1 200
2436
37
208
2 191
888
439
1
451
1 367
107
580
680
2146
23
1,095
1028
830
283
160
386
263
373
-636
58
SURVEY OF CURRENT BUSINESS
June 1985
Table 6.—Securities Transactions
[Millions of dollars]
Al Foreign securities, net U.S. purchases (-), (table 1, line 45 or lines 2 +
12 below).
2
3
4
6
7
8
9
10
11
12
13
14
15
16
17
IV
-1,608
-2,872
-1,368
-1,160
I
II
673
-756
III
IV
lp
-1,313
-3,663
-2,461
-731
-1,884
3879
1 127
1 Oil
1 815
803
250
330
3
-723
- 1,458
633
-454
90
-263
177
-699
202
-387
215
-109
39
-25
13
-223
40
-166
-37
-40
-78
-72
Transactions in outstanding stocks net
Western Europe
of which United Kingdom
Canada
Japan
Other
1 169 2421
-827 -1,827
249
1026
139
170
-320
-880
-161
116
673
-608
325
278
354
-697
748
-578
208
97
324
57
1 116
-625
368
11
523
43
416
-253
171
40
-180
57
— 141
-371
279
124
147
-41
355
36
64
143
220
-44
220
78
62
57
231
-146
-557
-209
3
_7
45
-386
-691
-513
326
85
-142
-121
-1,806
-833
-372
-292
-572
-109
-6,631
-3,128
-3,932
-597
-1,057
-565
-909
7 195
5281
5669
1387
1824
-1235
-835
-680
1474
2266
l'505
-1,950
1771
1779
519
-1,212
3461
992
418
-798
259
678
50
-400
694
450
180
-500
492
476
155
-112
326
175
134
-200
-163
492
25
-788
-3,147
49
-428
833
1950
-823
-2,315
138
-728
415
-828
-65
-509
-205
-250
-96
835
1212
2582
-1 113
398
18
760
798
121
400
81
500
-96
452
-112
181
-200
2,030
230
981
79
740
2,095
510
885
555
145
2,960
425
1 595
590
350
420
145
195
60
20
500
40
190
270
600
225
250
100
25
-1,466
1 183
-1364
249
579
545
56
2243
2506
581
326
1392
-1,223
5520
4706
257
1 082
3472
369
411
478
231
73
476
266
239
-212
172
6,392
8,636
12,983
3 566
6395
2518
334
579
3096
223
1 471
Bonds, net U.S. purchases
New issues in the United States
By issuer:
Central governments and their agencies and corporations
Other governments and their agencies and corporations 1
Private corporations
International financial institutions 2
. 24
25
26
27
28
Redemptions of U.S.-held foreign bonds 3
Western Europe
Canada
Other countries
International financial institutions 2
.
Other transactions in outstanding bonds, net 3
Western Europe .
of which United Kingdom
Canada
Japan
Other
Bl U.S. securities, excluding Treasury securities and transactions of foreign
offical agencies, net foreign purchases ( + ), (table 1, line 59 or lines 2 +
10 below).
3
4
5
6
7
8
9
-5,059
III
-302
85
-160
By area:
Western Europe
Canada
Japan
Latin America
Other countries
International financial institutions 2
2
-7,007
II
New issues in the United States
of which Canada
Japan
Stocks, net U.S. purchases
18
19
20
21
22
23
29
30
31
32
33
34
-8,102
1985
19**4
19 33
I
Stocks, net foreign purchases
By area:
Western Europe
of which Germany
Switzerland
United Kingdom
Canada
Japan
Other
-577
-753
-590
2,931
-2287
-864
-1,838
- 1,278
1738
250
199
-100
350
250
114
-150
-1 210
-290
200
195
-593
-25
-475
-100
-18
62
- 1,672
-298
150
-350
-260
-48
-534
80
-100
66
-100
56
-150
576
-548
575
100
250
125
100
820
150
420
125
125
765
150
375
165
75
825
75
450
150
150
550
50
350
150
525
ooq
70
-716
-849
274
196
316
-649
-877
-967
96
57
267
203
-764
628
231
82
654
768
-695
-355
-121
239
1,345
-551
- 1,426
-1,203
-175
555
495
-1,643
-2,635
-2,520
-192
206
978
176
730
-930
-100
42
1,048
2,988
2,604
1,888
1,156
1,494
506
1,603
9,380
9,522
830
2 895
1 736
1 345
419
1,030
87
-1,032
-741
-1,092
2 969
48
1490
1659
1 674
131
596
2466
483
541
1 179
300
186
315
1 130
'278
736
346
313
86
379
784
228
371
308
231
211
119
433
57
-323
62
307
335
210
165
362
188
-280
707
39
119
481
-81
-251
-124
170
224
-1695
-227
1,014
-113
466
-65
262
-958
-102
413
-142
331
-105
-9
-1,338
-357
-414
-229
213
-191
225
93
868
543
737
464
593
2,635
10,121
10,613
320
177
371
156
387
189
548
-56
520
180
30
1,881
440
314
8,322
801
998
9,347
674
592
342
80
-548
-200
350
45
-90
-593
400
125
826
3947
1046
1325
1 771
1 151
274
1023
10
Corporate and other bonds, net foreign purchases
2,826
2241
13813
11
12
13
By type:
New issues sold abroad by U S corporations
U.S. federally-sponsored agency bonds, net
Other outstanding bonds, net
600
336
1 890
320
461
1 460
10 383
1,215
2215
-61
154
14
15
16
17
18
19
20
21
By area:
Western Europe
of which Germany
Switzerland
United Kingdom
Canada
Japan
Other countries
International financial institutions 2
2678
2011
158
189
24
29
123
28
1204
345
583
406
123
682
223
9
11 285
1732
640
8527
71
1 463
842
294
97
1
85
200
42
108
51
11
675
115
425
202
5
174
61
37
187
88
27
170
40
170
19
127
439
143
100
234
46
230
92
-70
213
48
135
330
-75
230
76
20
145
297
21
-196
-42
313
102
75
1,808
456
66
1,150
22
380
387
38
9,119
931
688
7,243
24
540
277
161
9,735
-199
810
9,020
44
428
382
24
14,551
-694
-768
328
2,770
789
-476
-813
-985
4,638
506
167
-452
-2,097
20,904
2553
-371
-194
-188
1,417
794
-170
341
-485
2,248
-1867
-362
-91
-373
-47
-691
427
-187
61
1,020
1,036
3
27
-627
-262
-570
146
-501
-478
4,175
-425
85
35
-522
4,820
465
-67
-13
-470
12,171
- 1,436
-307
-40
-77
1,673
10253
5752
9942
1 660
1480
1 204
1 408
3840
2827
3044
231
OQO
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):
1
U.S. Treasury marketable bonds (line A4)
2
Other U.S. Government securities (line A6)
3
U.S. corporate and other bonds (part of line A14).
4
U.S. stocks (part of line A14)
5 Other foreign transactions in U.S. Treasury bonds and notes, net (table 9,
line B4).
6 New issues of bonds sold abroad by U S corporations' finance affiliates in
the Netherlands Antilles (included in table 5, line 8).4
See footnotes on page 69.
59
SURVEY OF CURRENT BUSINESS
June 1985
Table 7.—Claims on and Liabilities to Unaffiliated Foreigners Reported by U.S. Nonbanking Concerns
[Millions of dollars]
19 B4
19i33
Line
1982
Debits — ; decrease in U.S. liabilities or increase in U.S. assets.)
Al Claims, total (table 1, line 46)
2
Financial claims.
3
Denominated in US dollars
4
Denominated in foreign currencies
5
6
7
8
9
10
11
12
13
14
By type: Deposits
Other claims *
By area: Industrial countries 2
Of which United Kingdom
Canada
Caribbean banking centers 3
Other
Commercial claims
Denominated in U.S. dollars
Denominated in foreign currencies
II
III
-233
n.a.
n.a.
9,084
1,637
187
18
213
-15
1
75
-272
85
392
86
12
n.a.
n.a.
n.a.
6,384
1,151
3,186
1 398
-358
-166
4520
3,754
3,515
239
4,566
4,163
4,138
2,939
-2,486
-2,228
-1,863
- 1,922
-2,005
n.a.
n.a.
n.a.
n.a.
30,488
13,932
12,064
1,868
-368
104
-54
64
1,474
951
144
222
197
-82
2279
3,979
-381
-542
-2,202
1397
1 365
32
1755
1 410
345
788
-22
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
8,808
3,388
3,630
1,494
16,556
15,551
1,005
-769
181
259
90
50
34
385
23
-226
12
-273
31
207
191
524
162
-284
70
-195
109
166
5
251
90
21
-82
14
-423
-210
-118
326
16
-155
362
214
2,763
-75
64
35
1 311
61
136
28
7
-14
72
-478
1,434
278
12
-231
1,661
-83
11
-67
75
1 Oil
-236
2688
-2614
-74
-484
-788
-561
57
-199
25
592
-248
-56
19
4,284
3,509
3,420
89
- 1,292
-1,075
217
397
220
159
362
5
485
637
65
118
435
17
671
220
501
-864
-155
-1,487
-221
1 208
-1,615
132
252
392
2 383
181
86
268
569
494
77
670
98
190
692
711
-24
-174
-98
-76
-936
-626
-63
77
-310
61
21
40
-1,773
-1,370
45
-87
68
222
113
301
34
418
446
28
9,652
4,486
3,964
6,692
1,764
10,721
9,986
735
1,581
3,195
1,281
2202
2,456
43
-121
1,264
-136
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
na
1,362
-3,627
-1,723
1879
-2,656
-90
542
459
216
380
871
149
2,304
-499
2346
1,303
121
2898
2,943
111
1,703
-2,370
-600
-2,677
-115
1,579
13,476
4,632
-11
-8
4,881
2
By area: Industrial countries
Members of OPEC 4
Other
n.a.
n.a.
-406
-186
-5,464
-909
-91
393
231
549
414
775
-250
7
98
-15
-83
-86
-306
126
140
80
304
13
132
192
786
234
267
1
766
128
25
n.a.
n.a.
7,362
9,194
-167
994
423
835
-1,749
461
-34
-32
124
n.a.
n.a.
n.a.
8,973
3,447
4,136
-2080
-608
1030
367
4
-497
1,046
637
14
15
16
2
By area: Industrial countries
Members of OPEC 4
Other
752
295
-3,019 -1,754
1 176
2415
1061
-979
693
744
-1,870
74
253
-442
91
-463
1,828
32
659
-1,270
2366
427
-192
531
See footnotes on page 69.
-2,395
-31
-775
1,550
128
308
709
97
453
83
-997
544
-2429
1,338
399
258
400
13
By type: Trade payables
Advance receipts and other liabilities
58
840
836
79
276
58
60
-2
225
366
146
220
,
457
-305
-148
1091
-1 063
-28
12
ing Dec.
31, 1984
1,067
155
900
246
689
97
Amounts
P
28,829
18,108
16,238
1,870
1,146
592
1985
n.a.
n.a.
n.a.
n.a.
970
2,099
2038
1883
640
17
18
19
III
1,908
1490
1 542
-52
2,531
1,197
572
II
1,289
1020
-230
140
I
-3,274
2970
2789
-181
-2,776
2792
-2736
813
IV
IV
227
-246
6,266
5694
5 111
583
2,890
8
By area: Industrial countries 2
Of which United Kingdom
Caribbean banking centers 3
Other
Commercial liabilities
Denominated in U.S dollars
Denominated in foreign currencies
I
-6,513
6373
5987
-386
By type: Trade receivables
Advance payments and other claims
5
6
7
8
9
10
11
1984
6,626
3728
3088
15
16
Bl Liabilities, total (table 1, line 60)
2
Financial liabilities
3
Denominated in U.S. dollars
4
Denominated in foreign currencies
1983
40
404
468
-64
90
SURVEY OF CURRENT BUSINESS
60
June 1985
Table 8.—Claims on Foreigners Reported by U.S. Banks
[Millions of dollars]
1984
19 53
Line
(Credits + ; decrease in U.S. assets. Debits -; increase in U.S.
assets.)
1 Total (table 1, line 47)
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
By type:
Banks' own claims
Payable in dollars
By borrower:
Claims on:
own foreign offices
unaffiliated foreign banks
foreign public borrowers1
other private foreigners
By bank ownership: 2
U.S.-owned banks' claims on:
own foreign offices
.
unaffiliated foreign banks
other foreigners
Foreign-owned banks' claims on:
own foreign offices
unaffiliated foreign banks
other foreigners
Payable in foreign currencies
Banks' domestic customers' claims
Payable in dollars
Deposits
Negotiable and readily transferable instruments
Outstanding collections and other
Payable in foreign currencies
1982
1983
111,070 -29,928
1984
II
I
-8,504 -20,303
-107,023 -34952 -10981 -22385
35428
7412
III
3518 -3,616
4,799
443,449
98
409,581
1,787
396 936
157,995
122,266
61245
55,430
2928
287
1 260
-2,775 -5,214
-963
2,247
4 163
3,515
-4,155
-2,777
2838
7,294 -5,001
642
5,642
-499
-86
387
3,372
449
88,376
61,486
66258
468
560
1732 - 1,940
704
1,439
1886
1,863
1,328
69619
60780
50,417
-8,881
2,901
10232
-7076
5,754
92
-9414
2,213
-1 142
380
1,364
3667
14548
22021
-8,206
10218
5362
-3,636
3028
-5691
2,537
9013
-4076
-536
3213
1272
164
1 219
-369 -2534
476
3569
417
245
119
2,477
1,987
-410
2,259
138
490
2,082
2,043
364
1,503
176
39
2,516
2,563
-505
2,323
745
47
-427
-394
-23
-613
242
-33
3146
97
-197
2239
-517
-15
5359
4966
409
767
1803
653
853 -1,562
1,194 -2,259
-315
-690
1,487
-884
22
685
-341
697
49 183
-43053
-26,076
3241
-1591
1298
8846
-1,868
2,527
3905
-1,752
1 321
6191
-4,423
-6,179
269
-538
961
-6463
-2366
-2582
3400
127
570
27
Caribbean banking centers 4
-25462
-6,696
-700
- 10 349
2384
6561
-5,292
947
28
29
30
21
32
33
Other areas
of which Members of OPEC, included below 5
Latin America
Asia
Africa 6
Other
36425
-5698
26344
9499
867
285
14386
-3 105
9269
4567
570
20
1 613
408
927
745
279
220
3491
949
2072
1 080
37
376
3824
921
1 595
1941
124
164
4471
114
3410
957
240
136
2600
-1,349
2 192
589
243
424
582
68
808
1 386
89
85
14818
285
6826 -4,441 -1,499
7,374 -1,298
1,509
1 754
127
269
887
2,694
1,650
By area:
Industrial countries 3
Western Europe
of which United Kingdom
Canada .
Japan
Other
See footnotes on page 69.
15,172 -6,266
standing
March
31, 1985
9514
-7,743
1 546
-883
11 147
21
22
23
24
25
26
Memoranda:
1 International banking facilities' (IBF's) own claims, payable in
dollars (lines 1-13 above).
By borrower:
Claims on:
2
own foreign offices
3
unaffiliated foreign banks
4
foreign public borrowers
5
all other foreigners
By bank ownership: 2
6
U.S.-owned IBF^
7
Foreign-owned IBF's
8 Banks' dollar acceptances payable by foreigners
17,725 -4,933
I"
-5,921 -2,975
-866
1,730
3057
234
1303
3,734
-16,092
-24,652
18777
5,024
5,406
-479
-4,700
1 185
-382
452 -20,339
IV
1656
-932
3998
204
3593
1200
2749
1 287
2727
III
19686
30640 - 19 099 -10104 - 18 427
-46,673 -2,461
63 -1863
3803
14 162
12147
2343
6432
12821
1721
665
-4,047
-4,341
-1 112
-4,411
1 182
294
II
Amounts
2255
3070
21968
I
-9,527 -1,110 -20,186
1002 -3189 -10,380
757
104 296
IV
1985
5706
4958
4903 -4285
4,735 -3,000
294
1088
882 -1261
454
261
-78,574 -27,801 -15,071 -10,741 -3,496 -8,941
354
2,553
153
2,607
18
201 -1,117
2,417
624
1307
807
-54
135
1635 -2639
12145
-120 -2,222 - 10,343
3,374 -1,885 -6,676
289
752
-873
-1,246
590
-601
558
255
328
6761
6,528
2,461
1,173
-488
452
1467 -1,689
12645
1,333
1,621
1,196
102
323
-288
-383
-512
-491
-564
543
129
33,868
33,428
3,871
24,369
5188
440
1,832
1,614
-79
183
-39
74
-6,256
-4,498
-2,502
-2,590
400
432
189,338
126,972
78,162
24,157
32,539
5670
-4,814
7,442 -4,275
2,469
106,042
3227
-400
686
2932
208
183
3522 -2,490
-584
1,324
357
210
2,976 -2,175
161
143
193 -511
3,502
303
1,700
1,670
34
98
148,069
20,888
102 443
38,254
4190
3,182
-4,623 -5,135 -11,865
3,845 -1,916 -6,641
190,257
-8,959
-7,282
-8,858
2702
-7,454
-5,140
-4,485
2008
-964 -1,877
-4,949
-3434 -1,053 -2,991
-1,518 -1,065 -3,650
- 423
414
840
-1,169 -3,002
196
-557
-2,625
-894
1025
682
-5,980
-5,143
-1,815
1073
3,047 -1,519 -3,532
-323 -3,238
883
-323 -1,453 -904
1,379
1,033
238
46,153
71,874
44,503
27,727
-33809 - 14,007
44765
13794
-8202
439
-4504
10567
1 140
-3779 -2788 -2771
708
6 170
6962
272
2949
348
-4,669
46
-3,130
-727
4408
756
-5,433
6432
-5,406
2,667 -1,011 -1,584
-905 -5,057
1,178
1,353
3,829
1,961
75,264
114,993
35,222
-17,965
-34,398
-14,092
12 119
SURVEY OF CURRENT BUSINESS
June 1985
61
Table 9.—Foreign Official Assets and Other Foreign Assets in the United States Reported by U.S. Banks
[Millions of dollars]
1984
19!33
(Credits +; increase in foreign assets. Debits — ; decrease in
foreign assets.)
Line
Al
Foreign official assets in the United States (table 1, line 49)
2
3
4
5
6
7
8
9
10
11
12
13
14
U.S. Treasury securities (table 1, line 51)
Bills and certificates
Bonds and notes, marketable
Bonds and notes, nonmarketable
Other U.S. Government securities (table 1, line 52)
Other U.S. Government liabilities (table 1 line 53)
U.S. liabilities reported by U.S. banks, not included elsewhere (table 1, line 54).
Banks' liabilities for own account, payable in dollars *
Demand deposits
Time deposits 1 2
Other liabilities
Banks' custody liabilities, payable in dollars l 3
Other foreign official assets (table 1 line 55)
1982
1983
1984
II
I
3,672
5,795
3,424
5,779
5731
14551
-3,041
-694
684
-1,747
6,972
7683
789
-1,500
-476
552
545
2,787
-469
61
664
1788
1 297
-1,102
1060
- 1,278 -2,242
350
1798
-161
1,706
4,690
5634
506
-1,450
167
453
663
3,012
1259
2553
-800
-371
527
-1,893
1,995
1 201
794
-362
15
2073
-2,420
1,025
2549
I
IV
III
-2,666
II
III
IV
1985
Amounts
I"
ing
March
31, 1985
6,916
-2,786
-224
-686
7,119
-11,402
187,471
-275
661
1036
-650
3
233
-2,147
-274
296
-570
5,814
5,349
465
146"
555
328
-575
650
-425
-800
85
-139
430
-67"
-197
2,052
-7,227
-5,291
1,436
-500
-307
-532
-3,219
128,132
54,685
68,147
5,300
7,094
14,189
22,979
"T'i'ib'
476
231
""-362
124
-1,353
2,576
3967
691
-700
427
479
3,560
-166
282
198
-250
-1,727
382
-46
120
682
-608
277
-826
-231
174
217
-274
-1,122
464
3,230
49
1087
2,192
330
126
-2,308
100
-590
-1,818
161
600
-525
29
789
- 1,285
853
-979
-213
60
349
-622
643
-487
2,684
-146
1,525
1,305
-632
-483
-2,301
100
-919
-1,482
-918
-117
16,765
1,923
8,471
6,371
6,214
15,077
-611
1 256
1867
By area: (see text table B)
Bl
Other foreign assets in the United States (table 1, lines 58 and
61).
By type:
2
U.S. Treasury securities (line 58)
72,974
58,062
54,114
13,305
7,265
14,681
22,811
12,744
27,455
-67
13,982
15,688
384,855
7,052
8721
22,440
2,921
3,124
1,016
1,660
1,396
6,485
5,058
9,501
2,677
59,547
3
4
5
By security:
Bills and certificates
Marketable bonds and notes
Nonmarketable bonds and notes 4
6,046
2770
1 764
5,357
4638
1 274
1,536
20904
1,883
1417
379
1,366
2248
490
1,468
47
405
640
1020
1,658
-262
2,310
4,175
238
4,820
-2,670
12,171
1,004
1,673
16,867
42,680
6
7
8
By holder:
Foreign banks
Other private foreigners
International financial institutions 5
4 124
2946
-18
4368
4979
-626
749
16259
5,432
1312
698
911
1281
1 237
606
1038
319
-341
737
2,725
-1,802
582
-94
908
2092
3,468
925
-618
5,344
332
-1,307
7,541
3,267
-325
2,810
192
10,602
37,746
11,199
65922
65,062
63741
49341
49585
49210
31674
30,315
28033
10384
10,552
10308
4 141
4,560
3768
13665
12,873
12777
21,151
21,600
22357
11,348
10,827
10,229
20,970
19,874
19,232
-5,125
-5,706
-5,474
4,481
5,320
4,046
13,011
11,752
12,479
325,308
306,945
300,171
14 150
9
10
11
U.S. liabilities reported by
U S. banks (line 61)
Banks' own liabilities l
Payable in dollars.
21720
25892
5539
6533
2043
7252
13
14
15
By account:
Liabilities to own foreign offices
Liabilities to unaffiliated foreigners
demand deposits
time deposits 1
other liabilities 2
3076
37697
7,400
1 643 2086
20045 17530
1630
2878
201
3078
496
929
4385
497
682
5317
890
16
17
18
19
By holder:
Liabilities to
own foreign offices
unaffiliated foreign banks
other private foreigners
international financial institutions 5.
21720 25892
23418 10006
17335 10588
1 268 2724
5539
14625
10857
2988
6533
299
3549
525
2043
2456
2510
845
7252
3383
2396
254
12
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
By bank ownership: 6
U.S.-owned banks' liabilities to
own foreign offices
unaffiliated foreign banks
other private foreigners
and international financial institutions 5.
Foreign-owned banks' liabilities to
own foreign offices
unaffiliated foreign banks
other private foreigners
and international financial institutions 5.
Payable in foreign currencies
Banks' custody liabilities, payable in dollars 1 3
of which negotiable and readily transferable instruments.
By area:
Industrial countries 7
Western Europe.
Canada
Other
Caribbean banking centers 8
Other areas
of which Members of OPEC included below 9
Latin America
Asia
Africa 10
Other
Memoranda:
1 International banking facilities' (IBF's) own liabilities, payable in
dollars (in lines A9 and Bll above).
By holder:
Liabilities to
2
own foreign offices
3
unaffiliated foreign banks
4
foreign official agencies
5
other private foreigners
and international financial institutions 5.
6
7
By bank ownership: 6
U S -owned IBF^ .
Foreign-owned IBF's
8 Negotiable certificates of deposit held for foreigners 1 (in lines
A13 and B27 above).
See footnotes on page 69.
3,185
11,127
-10,696
1,923
3,909
154,558
-181
7,289
-64
297
7,112
696
-508
6,341
-611
2,478
-3,212
2,857
-1,468
10,049
-11
16,251
110,893
18,469
14 150
4,466
2133
1,608
3185
4,460
3 169
-585
11,127
4,972
4,259
-1,126
-10,696
2,963
1,875
384
1,923
2,230
1,554
-1,661
3,909
5,516
2,370
684
154,558
80,379
62,907
2,327
1 195
7,265
-253
17,418
2238
11,243
16 169
151
5,926
3060
2552
3,012
931
1 258
898
-13
221
1,661
3923
633
605
11,328
1 961
2,762
6,602
-969
773
7,089
2,274
1,001
-^9,771
635
1,727
-860
612
-489
7,064
1,326
2,239
84,263
20,780
39,017
4302
21,180
7,360
9723
10 157
7,386
2479
12073
4,857
5 602
959
3,176
2030
2677
1,694
3329
4016
1,537
2822
2,505
979
3417
5,429
1,811
4,038
2,698
2,132
-925
2,328
532
2,783
1,618
382
-3,155
4,190
815
70,295
59,599
26,217
1,321
375
2282
244
792
96
-757
598
642
-232
1,274
-727
6,774
860
2,508
244
-931
1359
353
168
-57
419
-527
792
-175
-449
-172
521
393
1,096
671
581
638
-839
-1,349
1,259
253
18,363
11,990
38585
33975
2,027
2583
18894
15,495
4736
11 533
2,915
36
1 083
26299
19296
3989
3014
20769
10994
573
4989
4358
57
1704
33451
22586
3,314
7551
6081
14,582
2347
6712
4,486
329
3055
3916
872
2,150
894
6600
2,789
521
595
1,125
51
1 120
4457
2182
1,811
464
311
3,119
20
1 643
385
-226
1317
9,598
8328
9649
6593
-49
77
-2
1 658
2459 12021
1,192
3,894
750
324
100
2651
1,266
1,582
-56
276
-118
615
9,390
6018
1,421
1951
2302
1,052
123
1460
-1,016
164
444
16,248
13,586
1,980
682
6,190
5,017
2,097
1,965
2,781
283
-12
-600
-3,229
356
2,273
-3,526
4,059
-477
2,320
1,250
-180
669
8,413
6,211
-443
2,645
1,115
4,454
604
967
1,471
62
1,954
8,926
3,946
124
4,856
3,726
3,036
1,265
1,566
507
131
832
188,911
143,948
18,758
26,205
110,923
85,021
16,467
43,419
23,900
2,088
15,614
75,006
31,786
14,791
4,211
5,435
13,157
8,983
9,485
7,550
-3,389
1,145
10,511
179,678
29311
27,399
1924
16,372
14026
179
9,400 11,480
1 133 1,246
7,227
1,886
3,500
-379
-353
1,443
89
2,196
557
2,593
7,164
4,026
725
1,242
3,273
3,557
204
1,949
4,552
4,363
-424
994
1,125
4,640
587
1,198
7,926
3,537
-232
1,232
2,428
-1,060
1,315
-1,538
3,300
6,535
-800
1,476
78,310
65,656
6,831
28,881
35233
39,773
12,140
19,646
-1,252
16,043
1,854
2,357
358
5,077
3,948
9,209
5,980
3,003
2,507
6,978
2,825
4,725
-5,657
2,268
-927
2,072
5,088
5,423
71,623
108,055
3,561
-3,960
129
-2,900
63
-1,124
1
-704
1,304
102
-573
-1,064
9,412
62
SURVEY OF CURRENT BUSINESS
June 1985
Table 10.—U.S. International
[Millions
u
Western Europe
United Kingdom
European Communities (10)
(Credits +; debits -) 1
Line
1982
1 Exports of goods and services 2
99,846
3
2
3
Merchandise, adjusted, excluding military
Transfers under U S military agency sales contracts
4
5
6
Travel
Passenger fares . ..
Other transportation
.
7
8
9
10
Fees and royalties from affiliated foreigners
Fees and royalties from unaffiliated foreigners
Other private services
U S. Government miscellaneous services
11
12
13
Receipts of income on U.S. assets abroad
Direct investment
Other private receipts
U S Government receipts
14 Transfers of goods and services under U.S. military grant programs, net
15 Imports of goods and services
16
17
Merchandise adjusted excluding military 3
Direct defense expenditures
18
19
20
Travel
Passenger fares
Other transportation
21
22
23
24
Fees and royalties to affiliated foreigners
Fees and royalties to unaffiliated foreigners
Private payments for other services . . . .
U.S. Government payments for miscellaneous services
25
26
27
Payments of income on foreign assets in the United States
Direct investment
Other private payments
U.S. Government payments
. . . .
..
.
.
1983
1984
92,614
1982
78,850
98,924
1984
1983
73,044
1983
1982
1984
78,536
25,643
24,207
27,701
10,545
507
12,233
475
59,701
2,726
54,851
2,956
57,054
2,924
46,905
1,932
43,251
1,960
46,526
1,704
10,694
375
2,476
1,306
3,790
2,157
1,139
3,782
2,227
1,125
4,266
1,906
1,051
2,985
1,666
927
2,945
1,708
910
3,161
547
472
752
466
431
661
445
402
764
2,981
602
1,174
104
3,315
604
1,314
158
3,414
619
1,578
152
2,680
503
892
79
2,936
517
1,022
135
2,978
525
1,187
111
819
122
344
46
768
125
430
51
813
129
557
57
9,054
14,552
1,380
8,090
13,203
1,045
8,886
15,753
926
6,661
12,313
945
5,995
11,126
564
6,158
13,114
453
2,946
8,433
95
2,694
7,439
90
3,062
8,677
87
267
59
98
77
14
2
(*)
(*)
(*)
-95,643
-98,354
-126,054
-75,955
-78,835
-100,386
26,792
-25,915
-31,549
-52,900
-7,142
53890
-7,339
-71,003
-7,155
-42,343
-6,393
-43,735
-6,722
-57,012
-6,595
-13,042
-887
12,391
-904
14,387
-920
-3,413
-3,507
-3,678
-3,978
-4,043
-3,868
-5,035
-4,827
-4,907
-2,711
-2,558
-2,738
-3,123
-2,960
-2,872
-3,820
-3,573
-3,508
-895
-862
-737
-1,057
-992
-764
-1,234
-1,234
-865
-180
-206
-905
-478
-283
-225
-783
-513
-373
-245
-906
-513
-73
-186
-754
-323
-151
-191
-636
-350
-259
-209
-696
-338
-15
-94
-424
-55
-30
-89
-267
-68
-157
-92
-269
-47
-2,934
13200
-7,100
-4,473
11380
-7,579
7 371
-14,660
-9,061
2776
-9,488
-5,612
-4,009
-8,347
-5,740
-6,633
-11,255
6,490
-1,851
-6,497
-1,434
2,128
-5,920
-1,305
2,619
-8,038
-1,687
28 U.S. military grants of goods and services net
-267
98
77
-14
-2
(*)
(*)
(*)
29 Unilateral transfers (excluding military grants of goods and services), net.
-502
-235
-450
204
292
213
224
245
219
30
31
32
-473
-677
648
-288
-674
727
-421
-673
644
-14
-532
750
-17
518
827
-25
-525
763
-71
295
74
319
-78
297
-44,036
10 510
-14,254
-37,950
-8,639
-12,023
-28,037
3,569
11,536
675
527
-527
U.S. Government grants (excluding military grants of goods and services)
U S Government pensions and other transfers
Private remittances and other transfers
33 U.S. assets abroad, net (increase/capital outflow ( ))
34
35
36
37
38
4
U S official reserve assets net
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
39
40
41
42
U.S. Government assets, other than official reserve assets, net
U.S. credits
Repayments on U.S. loans 5
U.S. foreign currency holdings and U S short-term assets net
43
44
45
46
47
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
48 Foreign assets in the United States, net (increase/capital inflow ( + ))
49
50
51
52
53
54
55
Foreign official assets in the United States, net
U.S. Government securities
U.S. Treasury
securities 6
Other 7
Other U S Government liabilities 8
U.S. liabilities reported by U.S.
banks, not included elsewhere
Other foreign official assets 9
. . . .
56
57
58
59
60
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. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns.
U.S. liabilities reported by U.S. banks, not included elsewhere
61
-59
1,245
1,123
533
1,286
1,245
i,i'23
-533
1,286
675
324
152
408
68
202
29
237
7
125
-84
203
6
131
-28
162
-2
277
868
1,130
14
-104
1 171
1,031
37
33
-1,049
984
98
409
-133
509
32
252
-239
451
40
-45,558
-849
-2,573
919
-43,054
-11,529
-3,386
-4,766
-1,497
-1,880
-13,755
-1,559
-8,615
949
4530
-39,644
321
-2,739
605
37831
9566
-1,559
-5,369
-1,702
-936
-11,819
-527
-6,883
916
-5,325
-28,239
-146
-1,618
-399
-26,076
3,693
-863
-3,632
-1,726
2,527
11,667
-1,213
-5,304
-1,029
-6,179
44,835
38,706
48,831
31,426
30,945
45,874
27,797
19,830
28,612
6,538
2,374
(15)
(15)
(15)
(15)
(14)
( 15 )
(15)
(14)
1 ,,
-4,373
156
} «..,
(14)
49,207
10,457
32,168
9,134
(14)
(14)
5,194
-448
5,149
-1,454
-212
(14)
46,457
13,809
>
-35
61
},,
9,449
(14)
8,318
1,799
15
-111
(15)
(15)
7,774
12,706
42
-12
(*)
(15)
(15)
(15)
5,321
3,728
6,228
(15)
(15)
(15)
(15)
(15)
(15)
5,631
-163
3,116
-991
9,016
1,412
3,284
-311
2,177
-531
7,870
1,048
15
15
15
15
14,468
15
13,465
(14)
(14)
-4,500
-22,221
-6,996
3,424
- 16,808
-12,214
1,166
-14,799
-13,447
6,801
4,204
4,175
3,701
961
-5,740
-5,687
5975
-13,949
-27,131
-27,159
27581
4,562
2,895
3,113
3,099
-484
-5,791
-5,481
-5,498
-10,486
-21,851
-21,612
-21,637
-2,348
-1,149
-925
-925
-1,846
-1,708
-1,462
-1,462
-2,154
-3,848
-3,629
-3,629
(14)
16,544
20,985
22,851
19,461
62 Allocations of special drawing rights
63 Statistical discrepancy, and transfers of funds between foreign areas, net (sum
of above items with sign reversed).
64
65
66
67
Memoranda:
Balance on merchandise trade (lines 2 and 16) 10
Balance on goods and services (lines 1 and 15)
.
Balance on goods, services, and remittances (lines
65, 31, and 32)
Balance on current account (lines 65 and 29) 10
See footnotes on page 69.
SURVEY OF CURRENT BUSINESS
June 1985
63
Transactions, by Area
of dollars]
European Communities (6) 12
1982
Eastern Europe
Canada
1983
1984
48,462
44,090
45,786
4,379
3,577
4,872
33,792
1,216
30,468
1,143
31,946
1,069
3,749
2,943
4,308
1,249
517
1,684
1,106
437
1,735
1,160
445
1,811
134
244
194
1,687
355
478
30
1,980
374
520
76
1,984
382
555
48
21
75
4
17
78
7
2,989
3,688
778
2,425
3,426
401
2,072
4,026
288
355
41
246
41
-1
-1
-45,285
-48,868
1982
-64,093
1983
-1,284
1984
-1,660
1982
1984
1982
1983
1984
1982
1983
1984
71,786
57,583
64,073
30,815
31,346
33,586
11,010
10,008
11,893
33,152
181
25,582
249
29,790
209
20,694
478
21,676
393
23,247
494
7,656
134
6,579
349
7,877
537
2
3
939
4,892
595
1,668
3,726
594
1,657
3,391
472
1,713
1,084
618
1,950
1,128
700
1,790
1,287
768
2,061
399
216
403
388
231
398
436
249
406
4
5
6
991
69
669
50
1,162
72
818
30
590
110
1,259
60
514
101
1,200
79
513
87
1,258
85
303
475
208
14
387
498
243
19
394
524
257
13
350
90
226
5
379
72
237
8
422
72
221
6
7
8
9
10
5,165
6,509
41
5,500
6,949
49
2,814
25,964
502
754
22,496
632
867
25,292
396
653
4,160
177
1,194
3,125
192
761
3,601
180
831
679
23
633
702
31
602
1,035
31
11
12
13
64
53
21
-1
-1
-1
-7,276
-7,788
15
16
17
1984
53,858
61,876
71,887
39,203
102
44,300
142
53,135
119
2,624
3,168
3,116
778
773
17
74
7
962
66
606
40
232"
40
2,886
6,558
34
-53,402
-61,742
-77,023
1982
-62,036
-63,579
-75,116
-46,149
-49,698
-68,286
-48,523
-173
-55,821
-237
-69,516
-228
-38,554
-303
-41,865
-314
-48,012
-397
-37,683
-1,348
-41,306
-1,314
-57,270
-1,498
-5,033
-42
-5,311
-48
-73
-80
-1,936
-2,160
-2,416
-136
-172
-568
-585
-659
-5,053
-398
-1,631
-5,571
-471
-1,770
-5,969
-571
-1,780
-272
-219
-2,084
-298
-245
-2,099
-399
-268
-2,470
-379
-256
-371
-507
-283
-396
-578
-318
-419
18
19
20
-1
-15
-42
-1
-19
-40
-274
-10
-328
-82
-313
-10
-363
-117
-434
-12
-435
-78
-30
-10
-1,711
-338
69
-10
-1,536
-333
53
_9
-1,648
-332
172
-31
-133
-58
156
-41
-119
-48
-9
-53
-114
-26
-2
-3
-41
-46
-2
-4
-44
-50
-4
-6
-44
-45
21
22
23
24
-31
-22
(*)
-33
596
-1,807
-269
-10
-1,752
-376
-511
-2,340
-395
-190
-13,559
-259
-72
-11,437
-269
-351
-15,722
-379
-403
-1,260
-2,829
-1,013
-1,107
-2,263
-1,928
-1,536
-2,715
3
-127
-331
-50
-105
-477
o
-133
-589
25
26
27
-64
-53
-21
1
-218
-173
-1,347
-1,593
-2,334
-90
-64
-62
-59
-85
29
-727
-298
-569
-1,330
-304
-700
-8
-82
-49
(*)
1
-50
-l"
-63
(')
-16
-46
(*)
-17
-43
-1
-18
-65
30
31
32
-1,357
-1,587
-631
33
-39,992
-5,374
-1,066
-3
-1,519
-1,441
-1,435
-1,685
-1,691
-1,525
-2,213
-2,026
-1,908
-47
-86
-65
-91
-289
-233
-115
-101
-317
-237
-110
-115
-371
-246
-1
-13
-37
-896
-2,897
-4,097
-1,860
-2,349
-4,279
-3,968
-3,118
-4,652
-1,370
-1
1
1
1
178
224
167
-75
-179
-166
-14
-359
550
-17
-340
581
-25
-342
535
-58
58
-75
-74
-24
-81
-59
-23
-84
-237
19
-245
92
-258
85
-524
-278
-545
-9,177
-3,240
67
141
161
-1,513
-8,781
-747
-46,648
-13,371
3,579
-2,500
-3,377
683
1,286
675
-527
-2,093
2,083
-490
-192
98
-134
1,286
675
-527
-2,093
2,083
-490
-192
98
-134
129
-19
116
32
96
-22
104
14
152
-33
122
63
-364
-24
55
-394
-242
-45
64
-261
-146
-32
105
-218
-131
-156
65
-40
-76
-164
67
21
-100
-158
60
-2
-1,478
-2,773
1,297
-2
-269
-2,102
1,811
23
-1,477
-2,276
1,119
-319
84
-16
99
1
16
-76
91
1
96
-10,592
759
-1,149
943
-11,145
-4,011
43
-1,405
111
-2,760
250
1,358
-1,790
-110
792
431
384
306
-1
20
412
1
50
333
(*)
1
305
-1,383
1,609
-2,362
2,612
-3,241
-8,705
-1,421
-1,313
-2,067
-3,905
-647
-2,811
413
2,020
-269
-43,077
6,392
92
2,247
-51,808
-15,186
3,002
658
-2,898
-15,948
5,545
1,625
2,190
3,355
-1,624
-2,392
-1
-1,107
307
-1,591
3,224
10,017
17,143
65
51
-18
955
6,246
6,639
31,144
27,652
19,671
-1,932
-316
362
-925
(14)
(14)
18
-15
-14
(14)
(14)
(14)
5,885
215
7,564
2,401
(15)
\ (15)
4,071
-3,314
(15)
-99
(*)
(*)
(15)
(15)
(15)
5,605
(15)
15
j («,
(*)
(15)
}
1,272
-1,332
6,337
891
-469
15
(15)
71
(15)
2,320
170
r
(15)
3,919
(15)
15
(15)
-6,627
-2,152
-2
-29,484
-5,226
}<•»_»
14
-5,596
-55
-27,604
-4,719
-125
Line
1983
1983
-2,499
Australia, New Zealand, and
South Africa
Japan
Latin American Repu blics and
Other Western Hem isphere
-153
(15)
(15)
(15)
(15)
(14)
1,123
308
-2
-11
21
-14
35
246
330
1,275
406
1,602
248
9,474
15
-39
(14)
(14)
(14)
78
15
30
15
(14)
/
(15)
(15)
(15)
240
86
311
},,
(14)
34
35
36
37
38
98
-3
-43
-63
45
-25
-14
-120
60
47
18
-40
58
(*)
39
40
41
42
-3,492
-1,050
-480
-210
-1,752
721
69
1,313
-123
-538
-1,314
316
-379
46
-1,298
-1,573
-244
-68
59
-1,321
-649
788
-515
39
-961
43
44
45
46
47
6,967
13,762
5,119
2,586
-515
48
-171
(15)
(15)
(15)
(15)
(15)
-406
132
185
(15)
(15)
(15)
(15)
-116
( 49
(15) J 50
1 51
1
52
53
166
( 54
55
(15)
(15)
(15)
1,629
474
519
1,977
3,469
1,367
(15)
(15)
(15)
218
(15)
1,653
(15)
(15)
(15)
460
-547
673
545
862
2,653
28
2
956
215
1,333
234
133
78
50
62
149
216
(15)
15
28
1
29,362
(15)
15
25,874
15
15,327
(")
15
-3,768
15
4,259
15
9,132
142
15
4,634
15
2,070
15
-2,414
V 56
57
58
59
60
61
62
2,598
-2,224
1,123
-3,153
-1,931
-2,350
320
2,554
-583
7,100
-6,693
-9,872
19,856
14,811
20,319
-8,084
-3,672
-2,875
63
6,188
3,178
3,369
3,356
984
-4,778
-4,537
-4,554
-8,046
-18,307
-18,115
-18,140
2,683
3,095
3,078
3,021
1,573
1,917
1,812
1,738
2,156
2,373
2,266
2,207
-9,320
457
239
239
-11,521
134
-19
-19
-16,381
-5,137
-5,309
-5,309
-5,402
9,751
8,928
8,404
-16,283
-5,996
-6,862
-7,589
-18,222
-11,044
-12,047
-13,378
-16,989
-15,334
-15,424
-15,424
-19,630
-18,352
-18,400
-18,401
-34,023
-34,699
-34,764
-34,764
2,623
4,383
4,322
4,321
1,268
2,732
2,673
2,673
2,281
4,106
4,022
4,021
64
65
66
67
64
SURVEY OF CURRENT BUSINESS
June 1985
Table 10.—U.S. International
[Millions
1 Exports of goods and services 2
1982
1983
1984
75,071
72,650
72,562
46,978
8,198
44,748
8,304
44,872
5,804
Western Europe
Internationa 1
organizations <md
unallocated 3
Other countries in Asia and
Africa
Line
1985
1984
I
II
I"
IV
III
1983
1984
3,292
3,932
4,624
26,312
23,881
22,558
26,173
24,892
65
88
66
(*)
33
(*)
14,847
779
14,056
658
13,274
749
14,877
738
15,021
642
843
705
862
440
240
1,002
601
325
1,060
702
338
1,114
484
222
1,089
494
260
1,104
1982
2
3
Merchandise adjusted excluding military 3
Transfers under U S military agency sales contracts
4
5
6
Travel
Passenger fares
Other transportation
918
439
2,752
841
373
3,290
929
409
3,358
7
8
9
10
Fees and royalties from affiliated foreigners
Fees and royalties from unaffiliated foreigners
Other private services
.
U.S. Government miscellaneous services
583
209
2,142
210
764
219
2,063
243
707
194
1,927
270
208
-76
-80
945
95
1,052
66
1,330
61
767
151
436
24
813
153
371
23
867
155
382
52
967
159
388
53
913
164
366
62
11
12
13
Receipts of income on U.S. assets abroad:
Direct investment
Other private receipts
U.S. Government receipts
5,625
5,183
1,834
4,685
4,829
2,291
5,925
5,513
2,654
738
599
126
749
810
560
537
927
954
3,877
3,556
192
1,655
3,961
205
368
4,319
238
2,986
3,917
291
2,282
3,373
211
255
83
71
23
27
38
11
8
14 Transfers of goods and services under U.S. military grants programs, net ..
-81,832 -80,447 -92,756
15 Imports of goods and services
16
17
Merchandise adjusted excluding military 3
Direct defense expenditures
18
19
20
Travel
Passenger fares
Other transportation
21
22
23
24
Fees and royalties to affiliated foreigners
Fees and royalties to unaffiliated foreigners
Private payments for other services
U S Government payments for miscellaneous services
25
26
27
Payments of income on foreign assets in the United States:
Direct investment
Other private payments
U S Government payments
. . .
-63,860 -63,194 -75,048
3215 -3,304 -2,517
.
29 Unilateral transfers (excluding military grants of goods and services), net
-98
-489
-93
-59
-206
-127
-70
-60
-218
-106
-98
-62
-190
-134
113
-63
-291
-146
-124
-65
-203
-150
329
-759
383
-843
-1,613
-3,235
-2,086
-2,181
-3,802
-2,202
-1,753
-4,001
2,387
-1,824
-3,624
2,386
1,816
-3,427
-2,352
80
-643
-88
-502
-227
-3,588
6696
20
-3,065
6102
-26
-3,736
-5,786
-261
775
-65
-65
-62
-1,159 -1,026 -1,139
-23
-27
-697
-660
-719
-40
-67
-153
-191
-206
3769 -4,548 -6,006
-324
-314
-315
1 101
1 051
1 060
-678
-650
-704
-31
-178
169
-64
-171
167
-161
-160
168
-166
-164
140
-191
-172
156
-17,233 -10,653
-3,287
-5,254
1,884
83
43
44
45
46
47
U.S. private assets, net. . .
-13,520
Direct investment
-2,779
Foreign securities.. ..
.
...
-780
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns..
475
U S claims reported by U S banks not included elsewhere
-10,436
-6,003
-11
-15
-5,998 -6,907 -3,234
-3,924 -4,500 -1,974
13,203
},,
478
}<"'
-3,572
-8,078
-163
-239
-668
-208
77
-163
-239
-668
188
-373
207
22
128
111
194
45
68
177
236
10
24
388
348
64
51
-185
284
-49
-5,223 -13,072
-354
-2,632
2,315
-615
-52
246
2222 -10,351
7,898
2,466
-2,028
924
6,536
-3,357
-1,039
-3,657
-169
1,507
-7,461
-1,231
1,770
n.a.
-4,460
-208
979
995
3 030
-5,144
2,050
64
-764 -1,031
1036
-790
5
27
-911
919
8
-7,366
-1,767
375
52
-5,277
-2,973
-2,797
204
28
-408
-1,310 -1,376
-530
-264
-666
992
-2
-54
-178
-349
182
-49
-3
-479
125
5,582
1,988
3,367
10,698
21,511
-2,483
19,105
7,881
47
21
1 „,
159
2,386
2,071
1,900
-5,946
47
21
82
-113
(15)
(15)
209
587
(15)
(15)
918
252
948
(15)
(15)
(15)
264
-1,863
427
-296
15
7,803
77
-5,619 -12,867
66
4434
1371
2552
48 Foreign assets in the United States, net (increase/capital inflow ( + ))
-8
-71
-7,422
-20
-38
11
-83
-5,924
-255
-5,144
3713
-5,373
1,575
85
61
-667
-1,120
-1,253
579
4
497
-611
U S Government assets other than official reserve assets net
U S credits
Repayments on U.S loans 5
U S foreign currency holdings and U S short-term assets net
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. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns.
U.S. liabilities reported by US. banks, not included elsewhere
-884
-940
-1,216
439
-4
-417
-589
39
40
41
42
56
57
58
59
60
-2,044
1,234
-1,341
391
-7
-320
-555
U.S. official reserve assets, net 4
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
Foreign official assets in the United States net
U S Government securities6
U.S. Treasury securities
. . .
Other 7
Other U.S. Government liabilities 8
U S liabilities reported by U9 S banks not included elsewhere
Other foreign official assets
-1,574
-1,665
-1,207
-1,531
-459
-3,120
34
35
36
37
38
49
50
51
52
53
54
55
-533
-988
-1,143
-1,410
-377
-2,444
U.S Government grants (excluding military grants of goods and services)
U.S. Government pensions and other transfers
Private remittances and other transfers
33 U.S. assets abroad, net (increase/capital outflow ( — ))
-17,669 -17,089 -19,127 -17,118 -19,189
1,836 -1,740
1,756
-1,734 -1,829
-23
-1,294
330
-2,133
28 U S military grants of goods and services net
30
31
32
-3,003 -2,769 -3,017 -29,484 -32,003 -34,126 -30,442 -32,107
1,058
{ 2 4
_:
(
1,941
^ 1,082
13,406
is-467
15,935
24,249
(15)
321
-1,128
15
4,854
69
76
15
937
3,346
(15)
(15)
106
383
413
227
15
1,452
15
2,706
(14)
(14)
(14)
-35
-146
(14)
100
(14)
} <">
(14)
(14)
(14)
10,539
2,310
19,125
6,068
-412
2,759
17,205
2,673
(14)
(14)
(14)
114
-60
8,160
147
8,398
n.a.
(14)
378
1,786
(14)
(14)
-334
-74
(14)
(14)
(14)
13,827
1,494
(14)
62 Allocations of special drawing rights
63 Statistical discrepancy, and transfers of funds between foreign areas, net (sum
of above items with sign reversed).
64
65
66
67
Memoranda:
Balance on merchandise trade (lines 2 and 16) 10
Balance on goods and services (lines 1 and 15)
Balance on goods services and remittances (lines 65 31 and 32)
Balance on current account (lines 65 and 29) * °
See footnotes on page 69.
28,037
5,348
4,417 -1,021
-1,867
-16,882 -18,446 -30,176
-6,761 -7,797 -20,194
21 610
-8,136 -9,172
-11,905 -13,721 -27,616
42
289
270
-408
66
1,163
1,152
503
-2,822
-3,173
-3,181
-3,212
33
1,607
1,592
889
-456
6,401 -11,073
7,619
-2,241
-4,269
-4,294
-4,460
-4,168
-7,215
-7,231
-7,421
-3,033 -5,853
-8,121 -11,568
-8,124 -11,560
-8,188 -11,721
65
SURVEY OF CURRENT BUSINESS
June 1985
Transactions, by Area—Continued
of dollars]
European Communities (10)ll
1984
I
II
20,947
19,018
11,903
480
11,572
416
334
202
749
1985
III
European Communities (6)12
United Kingdom
1984
lp
I
II
7,284
7,169
12,832
11,113
3,195
68
3,298
108
8,352
287
8,037
262
128
101
201
94
66
217
105
87
178
214
98
416
182
32
112
14
215
32
120
14
221
33
126
23
204
33
130
30
995
1,947
8
633
2,172
8
384
2,429
9
1,051
2,128
63
I"
I
II
18,043
20,528
20,128
6,887
6,646
6,884
11,014
518
12,037
290
12,263
468
2,982
152
2,949
110
3,107
145
452
271
764
550
260
828
372
177
821
370
211
839
97
94
178
126
141
168
677
129
348
17
709
130
272
18
767
132
280
38
827
135
288
38
798
139
290
40
196
32
199
7
3,036
2,969
104
1,009
3,308
97
-82
3,640
100
2,195
3,197
152
1,802
2,818
89
III
IV
1985
1984
1985
IV
Line
IV
F
9,929
11,911
11,666
1
7,313
336
8,244
185
8,318
285
2
3
296
115
451
398
147
465
252
85
479
240
114
475
4
5
6
431
94
131
8
479
94
141
4
504
96
140
23
571
98
143
13
540
102
140
8
7
8
9
10
1,135
1,852
8
1,797
929
77
133
1,030
71
-659
1,095
73
801
973
68
499
879
66
11
12
13
III
(*)
1
-1
1
(*)
(*)
14
-23,498
-25,448
-26,964
-24,477
-25,327
-7,072
-8,108
-8,547
-7,822
-7,402
-15,369
-16,147
-17,078
-15,500
-16,686
15
-14,228
-1,614
-13,664
-1,708
-15,302
-1,595
-13,818
-1,679
-15,290
-1,614
-3,491
-255
-3,447
-257
-3,772
-202
-3,677
-206
-3,255
-256
-10,137
-1,272
-9,574
-1,354
-10,837
-1,332
-9,444
-1,416
-11,271
-1,312
16
17
-377
-716
-813
-1,159
-1,195
-849
-1,549
-896
-961
-735
-766
-884
-492
-839
-900
-128
-230
-209
-349
-442
-193
-439
-315
-220
-318
-247
-243
-179
-311
-194
-225
-402
-431
-699
-689
-474
-932
-502
-520
-357
-433
-483
-286
-437
-493
18
19
20
-68
-50
-172
-91
-43
-51
-186
-69
-76
-53
-158
-100
-72
-54
-181
-79
-81
-56
-167
-95
-43
-22
-78
-10
-31
-23
-68
-15
-55
-23
-62
-12
-28
-24
-61
-11
-23
-25
-66
-25
-25
-28
-80
-71
-15
-28
-104
-45
-23
-29
-81
-74
-47
-30
-105
-56
-50
-31
-86
-61
21
22
23
24
-1,392
-2,467
-1,511
-2,026
-2,934
-1,563
-1,537
-3,088
-1,648
-1,677
-2,766
-1,767
-1,460
-2,645
-1,688
-430
-1,808
-367
-839
-2,082
-363
-775
-2,232
-441
-575
-1,916
-517
-689
-1,864
-516
-961
-637
-1,100
-1,175
-829
-1,162
-748
-828
-1,170
-1,084
-824
-1,220
-769
-755
-1,136
25
26
27
(*)
-1
1
-1
(*)
(*)
28
52
55
67
40
49
60
63
62
34
58
37
37
48
45
29
29
-6
-139
197
-8
-133
195
-7
-125
198
-6
-128
173
-6
-132
186
-20
80
-20
83
-i'9
81
-19
53
-19
77
-6
-93
135
-8
-86
131
-7
-81
135
-6
-83
133
-6
-87
122
30
31
32
-4,732
-9,211
5,473
-3,553
-8,680
-3,322
-7,345
2,125
-2,994
-4,918
-1,069
-1,434
3,479
-1,102
-3,567
33
-205
78
-160
-240
-682
-16
-205
78
-160
-240
-666
-205
78
-160
-240
-682
-16
-205
78
-160
-240
-666
34
35
36
37
38
-9
-63
81
-28
72
-17
61
28
89
-14
86
17
172
-59
179
52
26
-23
101
-53
-15
-28
18
-4
13
22
111
22
-5
60
38
-5
U
-2
18
4
112
-1
22
(*)
17
-21
30
30
29
10
58
33
47
44
46
-51
39
40
41
42
-4,518
-2,014
-941
296
-1,859
-9,361
431
-618
-231
-8,943
5,544
1,711
-1,979
1,006
4,806
-3,485
-656
-3,345
-155
671
-8,024
-1,628
-1,845
n.a.
-4,551
-3,307
-960
-704
242
-1,885
-7,358
-209
-453
-20
-6,676
2,102
182
-1,302
761
2,461
-3,104
-226
-2,845
46
-79
-4,923
-1,119
-1,302
n.a.
-2,502
-859
-894
-261
38
258
-1,572
738
-224
-252
-1,834
3,601
1,703
-695
216
2,377
-920
-188
-611
-112
-9
-2,896
-353
-565
n.a.
-1,979
43
44
45
46
47
11,636
15,387
-522
19,373
6,915
5,948
10,479
59
12,126
11,941
5,779
4,946
-709
7,126
-5,267
)
V
(15)
(15)
(15)
(15)
_1
(*)
1
(*)
(15)
(15)
|
(15)
(15)
-3
-18
—1
(15)
(15)
1
(15)
(15)
(15)
(15)
(15)
51
-49
1
j
8
-120
(15)
/
-83
(15)
(")
84
-23
-26
(15)
(15)
(15)
(15)
47
(15)
31
16
(15)
(»)
(15)
-61
-106
(15)
(15)
(15)
<")
48
( 49
J 50
1I 51
52
53
( 54
J 55
I 56
2,154
5,686
2,537
(15)
(15)
(15)
-239
208
277
1,459
15
7,737
15
9,853
2,330
(15)
1,072
-298
15
-3,749
7,906
43
15
9,010
15
969
21
4,922
759
526
732
2,072
(15)
(15)
(15)
(15)
(15)
(15)
(15)
7,972
n.a.
50
1,173
-319
187
1,038
-208
7,101
-104
8,791
n.a.
236
252
-2,003
15
4,729
15
5,692
15
-1,512
15
4,556
15
2,387
15
3,203
(15)
72
27
15
4,210
15
50
(15)
(15)
18
-96
797
125
-823
n.a.
57
58
59
60
4,366
is _ 4,445
61
1,787
1,735
743
-2,305
15
(15)
62
-4,404
198
3,902
-11,911
6,915
-2,502
-1,734
-583
-8,628
-6,848
-2,211
1,484
4,330
-2,480
13,825
63
-2,325
-2,551
-2,494
-2,499
-2,092
-6,430
-6,368
-6,375
-4,288
-8,921
-8,847
-8,854
-1,781
-3,949
-3,904
-3,909
-3,027
-5,199
-5,144
-5,150
-509
-185
-125
-125
-498
-1,462
-1,399
-1,399
-665
-1,663
-1,601
-1,601
-482
-538
-505
-505
43
-233
-175
-175
-1,785
-2,536
-2,494
-2,500
-1,537
-5,033
-4,988
-4,996
-3,524
-7,149
-7,094
-7,101
- 1,200
-3,589
-3,538
-3,544
-2,953
-5,020
-4,985
-4,991
64
65
66
67
66
SURVEY OF CURRENT BUSINESS
June 1985
Table 10.—U.S. International
[Millions
Canada
Eastern Europe
(Credits +; debits -)1
Line
1984
I
1 Exports of goods and services
2
2
3
Merchandise, adjusted, excluding military 3 ..
Transfers under U.S. military agency sales contracts
4
5
6
Travel
Passenger fares
Other transportation
7
8
9
10
Fees and royalties from affiliated foreigners
Fees and royalties from unaffiliated foreigners
Other private services
U.S. Government miscellaneous services
11
12
13
Receipts of income on U.S. assets abroad:
Direct investment
Other private receipts
U.S Government receipts
II
III
IV
I"
1,112
1,099
1,066
1,596
1,301
975
948
924
1,461
1,175
51
53
50
39
43
I"
II
III
IV
17,727
19,081
17,801
17,278
17,069
12,923
24
14,555
55
12,978
28
12,679
11
13,429
17
957
843
760
556
888
184
210
265
279
218
279
18
207
4
313
19
203
21
233
19
206
1
1,490
1,697
10
401
1,640
18
I
...
..
1985
1984
1985
4
19
2
4
18
3
4
18
1
4
19
1
4
20
9
290
18
203
2
279
18
206
3
56
5
59
13
61
7
56
15
46
4
1,436
1,677
13
1,139
1,763
11
1,435
1,812
15
14 Transfers of goods and services under U S military grant programs net
15 Imports of goods and services
16
17
Merchandise, adjusted, excluding military 3 ....
Direct defense expenditures
18
19
20
Travel
Passenger fares
Other transportation
21
22
23
24
Fees and royalties to affiliated foreigners
Fees and royalties to unaffiliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services
25
26
27
Payments of income on foreign assets in the United States:
Direct investment
Other private payments
U.S. Government payments
-549
-526
-752
-672
-614
-18,194
-19,619
-19,457
-19,754
-19,011
-480
-1
-430
-1
-643
(*)
-599
(*)
-537
(*)
-17,019
-44
17,961
-56
-16,620
-82
-17,916
-46
-17,503
-123
-6
-27
-39
-8
-7
-269
-588
-1,194
-365
-274
-41
-43
-46
-42
-45
-lie
-160
-188
-196
-163
-87
-3
-96
-7
-81
-3
-100
-11
-130
-3
-105
-13
-136
-3
-134
-48
-126
-3
-129
-8
(*)
-5
-10
(*)
-5
-13
(*)
-5
-9
(*)
-5
-9
(*)
-6
-12
-7
-8
-10
-9
-8
67
-524
-96
-2
-577
-80
-361
-666
-95
-215
-572
-124
-22
-545
-116
29 Unilateral transfers (excluding military grants of goods and services), net
-30
-50
-41
-45
-35
-42
-48
-39
-44
-53
30
31
32
-5
-6
-19
-24
-6
-20
-15
-6
-20
-15
-6
-24
-7
-6
-22
-62
20
-67
19
-61
22
-67
23
-63
10
-77
-76
197
117
-274
-1,532
1,149
305
-1,872
19
1
9
44
ib
-11
32
43
-22
22
-4
29
-29
49
-5
28 U.S. military grants of goods and services, net
U.S. Government grants (excluding military grants of goods and services)
U.S. Government pensions and other transfers
Private remittances and other transfers
33 U.S. assets abroad, net (increase/capital outflow ( — ))
34
35
36
37
38
U.S. official reserve assets, net 4
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
39
40
41
42
U.S. Government assets, other than official reserve assets, net
U S credits
Repayments on U.S. loans 5
U.S. foreign currency holdings and U.S. short-term assets, net
43
44
45
46
47
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
48 Foreign assets in the United States, net (increase/capital inflow ( + ))
49
50
51
52
53
54
55
56
57
58
59
60
61
Foreign official assets in the United States, net
U.S. Government securities6
U.S. Treasury securities
Other 7
Other U.S. Government liabilities 8
U.S. liabilities reported by U.S.
banks, not included elsewhere
Other foreign official assets 9
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. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns.
U.S. liabilities reported by U.S. banks, not included elsewhere
-154
-163
7
-6
11
2
77
-65
178
116
-281
(*)
10
67
(*)
-8
-57
(*)
-15
193
14
102
n.a.
-281
4
-6
176
/ ( 15 )
(15)
},;
1
11
9
15
-15
1
(15)
1
(15)
(15)
(15)
-1
(15)
(15)
(*)
(15)
(15)
15_ 7
(15)
-1
-9
-192
(15)
(15)
15
15
-160
15
-177
3
-9
14
-3
-76
-96
20
(*)
10
-1
-35
54
18
1
-1,534
-1,359
306
271
-752
-593
-307
-27
615
-873
1,140
-750
-29
746
1,173
340
-394
163
388
183
-1,916
1,088
-414
n.a.
-2,590
2,274
1,282
1,784
1,299
1,243
-497
-985
75
481
197
(14)
(14)
( 14 )
(14)
-2
-35
2,771
798
2,267
139
i „
(15)
(14)
n.a.
632
-79
-15
1
f
15
-10
-669
(14)
(14)
(14)
(*)
(14)
1,709
689
22
(14)
817
775
10
(14)
1,046
666
(14)
(14)
(14)
(14)
127
21
488
176
355
130
256
n.a.
(14)
(14)
(14)
(14)
62 Allocations of special drawing rights
63 Statistical discrepancy, and transfers of funds between foreign areas, net (sum
of above items with sign reversed).
64
65
66
67
Memoranda:
Balance on merchandise trade (lines 2 and 16)
Balance on goods and services (lines 1 and 15) 10
Balance of goods, services, and remittances (lines
65, 31, and 32)
Balance on current account (lines 65 and 29) 10
See footnotes on page 69.
-461
495
563
538
533
-440
-646
-804
518
572
546
522
281
314
288
273
862
924
894
878
-369
638
687
658
651
-234
-28
-1,238
917
2,625
-4,096
-467
-509
-509
-3,406
-537
-585
-585
-3,642
-1,656
-1,695
-1,695
-5,237
-2,476
-2,520
-2,520
-4,074
-1,943
-1,996
-1,996
67
SURVEY OF CURRENT BUSINESS
June 1985
Transactions, by Area — Continued
of dollars]
Latin American Republics and Other Western Hemisphere
1984
I
II
15,329
15,224
6,876
57
7,298
45
724
122
408
III
Australia, New Zealand, and South Africa
Japan
1985
1984
Line
1985
1984
1985
III
I"
IV
I"
16,832
16,689
16,145
8,205
8,555
8,310
8,516
8,202
3,043
3,097
2,917
2,837
2,303
1
7,569
60
8,047
47
7,823
98
5,582
72
6,015
113
5,683
136
5,967
174
5,870
119
1,944
59
2,068
64
1,928
329
1,937
85
1,687
81
2
3
823
126
403
878
137
511
966
87
391
879
99
456
351
196
489
305
257
482
383
146
563
248
169
528
366
179
424
78
41
103
144
74
94
146
72
103
68
62
106
90
49
105
4
5
6
105
23
300
18
109
22
311
24
147
21
310
26
152
21
337
17
117
22
376
22
88
128
63
5
110
130
64
2
100
132
64
5
95
134
66
2
73
136
68
5
96
17
56
1
91
18
56
2
116
18
54
2
120
19
55
1
85
19
59
4
7
8
9
10
597
6,022
77
-388
6,358
93
360
6,695
118
298
6,217
108
793
5,367
95
335
844
51
145
894
39
53
994
51
227
869
39
114
800
48
416
225
5
231
252
5
-147
285
11
102
272
10
-114
232
5
11
12
13
4
1
2
14
2
-18,690
-18,645
- 19,569
-18,212
-18,635
-15,479
-16,825
-19,298
-16,684
-19,453
-1,782
-1,917
-2,100
-1,989
-1,882
15
-12,401
-125
-11,885
-128
-12,095
-72
-11,631
-71
-12,054
-73
-12,999
-321
-14,062
-410
-16,393
-349
-13,816
-417
-16,542
-370
-1,258
-14
-1,428
-18
-1,490
-8
-1,420
-15
-1,373
-14
16
17
-1,516
-140
-432
-1,388
-164
-461
-1,568
-173
-497
-1,497
-94
-389
-1,695
-156
-431
-70
-56
-601
-144
-92
-573
-88
-75
-712
-97
-45
-584
-87
-61
-626
-137
-61
-98
-68
-72
-99
-163
-99
-114
-210
-86
-108
-162
-69
-101
18
19
20
7
-2
-416
-75
21
-2
-416
-90
8
-2
-399
-94
17
-2
-418
-73
-5
-2
-458
-91
27
-12
-28
-9
-18
-13
-28
-7
-25
-14
-28
-8
8
-15
-29
-3
8
-16
-30
-11
-1
-1
-11
-9
-4
-2
-11
-19
(*)
-2
-11
-10
1
-2
-11
-7
(*)
-2
-12
-17
21
22
23
24
-98
-3,421
-71
-5
-4,040
-86
-159
-4,413
-105
-89
-3,848
-117
-82
-3,433
-155
-491
-308
-611
-431
-401
-646
-489
-420
-696
-518
-407
-762
-507
-388
-825
1
-31
-163
-12
-34
-151
-25
-34
-144
36
-35
-131
12
-34
-112
25
26
27
-4
-1
-2
-14
-2
29
I
III
II
IV
I
I"
II
IV
_1
14
1
28
-445
-460
-787
-642
-674
-4
-22
-14
-24
-20
-22
-21
-20
-22
-25
-210
-76
-158
-211
-77
-172
-536
-74
-177
-373
-77
-193
-407
-77
-191
13
-17
-8
-15
(*)
-14
-7
-18
-6
-14
(*)
-5
-17
(*)
-5
-16
(*)
-5
-15
(*)
-5
-17
(*)
-4
-20
30
31
32
1,633
-47
7,430
-5,437
4,707
545
-152
687
-397
-426
-558
154
-12
761
33
-500
500
-33
-34
-34
-33
-82
10
10
-215
34
35
36
37
38
-500
500
-33
-34
-34
-33
-82
-415
-508
203
-110
-355
-747
436
-44
-502
-593
218
-127
-205
-428
261
-38
-186
-389
232
-30
31
17
31
17
31
-1
18
_1
1
_2
3
(*)
10
-6
16
(*)
-19
-32
13
(*)
5
17
1
22
-13
34
1
25
33
-1
25
(*)
5
(*)
39
40
41
42
2,038
960
340
597
141
308
2,858
1,221
1,728
-5,499
7,931
-193
254
218
7,652
-4,732
-2,000
374
812
-3,918
4,394
-145
389
n.a.
4,150
547
-285
327
-85
590
-136
84
370
11
-601
691
497
653
29
-488
-381
-227
-37
-78
-39
-367
-153
-614
n.a.
400
-559
-295
-39
29
-255
144
528
-31
-25
-328
-197
355
-88
-12
-452
-37
200
-358
47
74
756
207
117
n.a.
432
43
44
45
46
47
7,095
12,779
-2,230
2,027
4,797
2,471
2,626
4,081
4,585
5,508
-542
872
-511
-335
-274
1 „,
j
-37
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
90
210
49
25
-91
67
-161
-221
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
93
171
(15)
(15)
(15)
(15)
-131
(15)
(15)
-178
80
78
(15)
(15)
(15)
(15)
)
I
(»)
J
15
181
-60
247
150
36
90
1,364
1,098
917
610
-47
1,497
17
-100
-2
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
223
2,742
170
3,878
287
-1,855
182
-2,112
540
n.a.
269
91
313
8
315
254
436
-119
237
n.a.
-21
104
8
23
61
84
101
5
127
n.a.
-1,119
15
3,987
15
8,701
15
3,758
15
4,196
15
2,112
15
873
15
2,575
15
3,572
15
4,793
15
-671
15
-827
15
-495
15
-421
15
-477
48
( 49
J 50
) 51
I 52
53
( 54
J 55
( 56
57
58
59
60
61
62
-4,923
-8,850
-1,674
5,575
-6,340
4,262
5,818
6,234
4,005
6,189
-139
-2,186
-71
-479
-883
63
-5,525
-3,361
-3,595
-3,806
-4,587
-3,422
-3,671
-3,882
-4,526
-2,738
-2,989
-3,525
-3,584
-1,523
-1,792
-2,165
-4,231
-2,490
-2,757
-3,164
-7,417
-7,274
-7,278
-7,278
-8,047
-8,269
-8,292
-8,292
-10,710
-10,988
-11,002
-11,002
-7,849
-8,168
-8,192
-8,192
-10,672
-11,251
-11,271
-11,271
686
1,261
1,239
1,239
640
1,180
1,160
1,159
438
817
797
797
517
848
826
826
314
421
396
396
64
65
66
67
68
SURVEY OF CURRENT BUSINESS
June 1985
Table 10.—U.S. International Transactions, by Area—Continued
[Millions of dollars]
International organizations and unallocated 13
Other countries in Asia and Africa
Line
(Credits +; debits -)
l
1984
I
1985
1984
1985
II
III
IV
I"
I
17,768
10,710
1,564
18,533
11,303
1,541
18,095
11,224
1,289
18,166
11,635
1,411
17,738
10,636
1,825
1,117
Travel
Passenger fares
Other transportation
232
80
847
233
99
822
331
156
844
133
74
845
257
79
861
156
249
220
238
316
7
8
9
10
Fees and royalties from affiliated foreigners
Fees and royalties from unaffiliated foreigners
Other private services
..
U.S. Government miscellaneous services
180
50
482
67
169
48
484
71
170
48
483
81
189
48
479
51
183
50
503
56
-11
-27
-23
-18
-14
325"
2
316"
57
367"
1
322"
1
309
56
11
12
13
Receipts of income on U.S. assets abroad:
Direct investment
Other private receipts
U.S. Government receipts
1,607
1,290
659
1,697
1,389
677
1,337
1,481
653
1,284
1,354
664
1,437
1,217
634
192
230
223
173
226
269
132
227
268
40
243
194
100
234
253
-614
-655
-686
-1,062
-823
2
1 Exports of goods and services
2
Merchandise adjusted excluding military 3
3
Transfers under U.S military agency sales contracts
4
5
6
.
,
16
17
Merchandise adjusted excluding military 3
Direct defense expenditures
18
19
20
Travel
Passenger fares
Other transportation
21
22
23
24
Fees and royalties to affiliated foreigners
25
26
27
.
1,295
33
IV
P
1,020
1,306
53
1,193
(*)
14
16
6
36
6
-22,990
-25,657
-22,079
-22,361
-17,888
-663
-18,580
-627
-21,136
-572
-17,444
-655
-18,022
-550
-362
-76
-703
-450
-112
-733
-293
-132
-863
-426
-139
-822
-376
-87
-876
-19
-252
-11
-312
-17
-291
-18
-284
-20
-335
246
-1
-126
-139
121
-1
-120
-162
89
_]_
-123
-178
122
-1
-129
-132
147
-1
-128
-144
-22
-58
-24
-16
-26
-45
-27
-370
-25
-48
-12
-851
-1,456
-8
-913
-1,405
-5
-1,026
-1,417
(*)
-946
-1,508
-34
-867
-1,422
-90
-174
-99
-193
-93
-214
-100
-262
-82
-314
. . . . . .
Private payments for other services
U.S. Government payments for miscellaneous services
Payments of income on foreign assets in the United States:
Direct investment
Other private payments
U S Government payments
III
-22,031
14 Transfers of goods and services and under U.S. military grant programs, net
15 Imports of goods and services
II
28 U S military grants of goods and services net
-14
-16
-6
-36
-6
29 Unilateral transfers (excluding military grants of goods and services) net
-1,440
-1,363
-1,623
-2,995
-2,051
-162
-209
-173
-176
-83
30
31
32
-1,072
-79
-289
-1,029
-79
-255
-1,322
-75
-226
-2,583
-81
-332
-1,630
-83
-339
-162
-194
-173
-176
-83
136
-4,839
2,145
-3,444
816
-88
U.S. Government grants (excluding military grants of goods and services)
U S Government pensions and other transfers
Private remittances and other transfers
33 U.S. assets abroad, net (increase/capital outflow ( — ))
34
35
36
37
38
U.S. official reserve assets, net 4
Gold ...
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
39
40
41
42
U.S. Government assets, other than official reserve assets, net
U.S. credits
Repayments on U.S. loans 5
U S foreign currency holdings and U S short-term assets net
43
44
45
46
47
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
48 Foreign assets in the United States, net (increase/capital inflow ( + ))
49
50
51
52
53
54
55
Foreign official assets in the United States, net
U.S. Government securities6
U S. Treasury securities
Other 7
Other U.S. Government liabilities 8 ...
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets9
56
57
58
59
60
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. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns.
U.S. liabilities reported by U S. banks, not included elsewhere
61
-15
-595
-938
-778
-924
-426
-609
-602
-337
-226
-200
-288
-321
-271
-331
-194
-143
-264
281
17
-1,205
-1,668
415
48
-832
-1,499
647
20
-803
-1,188
393
8
-190
-789
595
4
-613
-962
341
9
-221
-225
4
-217
-222
5
-212
-212
-261
-261
-213
-213
1,341
-518
235
223
1,401
-4,007
-1,199
175
-357
-2,626
2,947
-232
-170
206
3,143
-3,254
-848
-36
-44
-2,326
1,429
-363
94
n.a.
1,698
52
16
118
-2
-80
-112
-108
-149
-4
149
37
-29
95
3
-32
-326
303
-113
108
4
-262
n.a.
366
-3,115
2,194
1,661
4,842
-3,485
391
334
662
1,979
860
21
-20
14
5
-48
21
-20
14
5
-48
} ,,
(15)
166
396
(15)
(15)
12
13
(15)
(15)
(15)
-28
281
(15)
(15)
(15)
(
\
I
-567
(15)
(15)
418
277
-91
(15)
(15)
(15)
(
)
^
53
-152
15
-3,155
131
664
15
723
75
-1,639
15
2,795
62
-1
15
4,491
-26
n.a.
15
-2,801
-516
370
354
648
1,974
907
(15)
(15)
(15)
(15)
(15)
391
262
86
90
37
-38
17
15
15
227
15
300
99
87
15
1,788
-10
n.a.
15
917
62 Allocations of special drawings rights
63 Statistical discrepancy, and transfers of funds between foreign areas, net (sum
of above items with sign reversed).
64
65
66
67
Memoranda:
Balance on merchandise trade (lines 2 and 16)10
Balance on goods and services (lines 1 and 15)
Balance on goods, services, and remittances (lines
65, 31 and 32)
Balance on current account (lines 65 and 29) 10
See footnotes on page 69.
8,682
8,465
5,380
5,511
9,343
-137
173
-218
-7,178
-4,263
-4,631
-5,703
-7,277
-4,457
-4,791
-5,820
-9,912
-7,561
-7,863
-9,185
-5,809
-3,913
-4,326
-6,909
-7,386
-4,623
-5,045
-6,674
(*)
502
502
341
33
640
625
431
(*)
506
506
334
-839
(*)
-41
-41
-217
-1,172
53
483
483
400
June 1985
SURVEY OF CURRENT BUSINESS
69
Footnotes to U.S. International Transactions Tables l-10a
General notes for all tables: "Preliminary. *Less than $500,000(±). n.a. Not available.
Table 1:
1. Credits, +: exports of goods and services; unilateral transfers to United States; capital inflows (increase in foreign assets (U.S. liabilities) or decrease in U.S. assets); decrease in U.S. official reserve assets.
Debits, —: imports of goods and services, unilateral transfers to foreigners; capital outflows (decrease in foreign assets (U.S. liabilities) or increase in U.S. assets); increase in U.S. official reserve assets.
2. Excludes transfers of goods and services under U.S. military grant programs (see line 14).
3. 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 3.
4. For all areas, amounts outstanding March 31, 1985, were as follows in millions of dollars:
line 34, 35,493; line 35, 11,093; line 36, 5,973; line 37, 11,386; line 38, 7,041.
5. Includes sales of foreign obligations to foreigners.
6. Consists of bills, certificates, marketable bonds and notes, and nonmarketable convertible
and nonconvertible bonds and notes.
7. Consists of U.S. Treasury and Export-Import Bank obligations, not included elsewhere, and
of debt securities of U.S. Government corporations and agencies.
8. Includes, primarily, U.S. Government liabilities associated with military sales contracts and
other transactions arranged with or through foreign official agencies; see table 4.
9. Consists of investments in U.S. corporate stocks and in debt securities of private corporations
and State and local governments.
10. Conceptually, the sum of lines 67 and 62 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) excludes capital gains and losses of foreign affiliates of U.S. parent companies from the
NIPA's measure of income receipts from direct investment abroad, and from the corresponding
income payments, and (c) beginning with 1973-IV, excludes shipments and financing of military
orders placed by Israel under Public Law 93-199 and subsequent similar legislation. Line 65 differs from "net exports of goods and services" in the NIPA's for the same reasons with the exception of the military financing, which is excluded, and the additional exclusion of U.S. Government interest payments to foreigners. The latter payments for NIPA's purposes, are excluded
from "net exports of goods and services" but included with transfers in "net foreign investment."
A partial reconciliation table of the international accounts and the NIPA's foreign transactions
account appears in the "Reconciliation and other Special Tables" section in this issue of the
SURVEY OF CURRENT BUSINESS.
11. Includes return import into the United States, at a depreciated value of $21 million in
1972-IV and $22 million in 1973-11, of aircraft originally reported in 1970-III in line 3 as a longterm lease to Australia.
12. Includes extraordinary U.S. Government transactions with India. See "Special U.S. Government Transactions," June 1974 SURVEY, p. 27.
13. Includes foreign currency denominated notes sold to private residents abroad. See table 9,
line B5, footnote 4.
Table 2:
For footnotes 1-10, see table 1.
11. See footnote 13 to table 1.
Table 3:
1. Exports, Census basis, represent transaction values, f.a.s. U.S. port of exportation, for all
years; imports, Census basis, represent transaction values, f.a.s. foreign port of exportation for
1974-81. For all prior years and beginning in 1982, imports reflect Customs values. (See Technical
Notes, June 1982 SURVEY.) The unadjusted figures for exports and imports shown in lines Al,
A10, Dl, and D60 are as published by the Census Bureau, as are the seasonally adjusted figures
on lines Al and A10; Census data are adjusted to include trade between the U.S. Virgin Islands
and foreign countries. The seasonally adjusted figures in lines Dl and D60 are prepared by BEA
and represent the summation of seasonally adjusted 4-digit end-use categories (see Technical
Notes in the June 1980 SURVEY).
2. Adjustments in lines A5 and A14, B12, B46, and B80 reflect the Census Bureau's reconciliation of discrepancies between the merchandise trade statistics published by the United States and
the counterpart statistics published in Canada. These adjustments also have been distributed to
the affected end-use categories in section C.
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
A15), to the extent such trade is identifiable from Customs declarations. These exports are included in tables 1, 2, and 10, line 3 (transfers under U.S. military agency sales contracts); and the
imports are included in tables 1, 2, and 10, line 17 (direct defense expenditures).
4. Addition of electrical energy, deduction of exposed motion picture film for rental rather than
sale; deduction of exports to the Panama Canal Zone before October 1, 1979; net change in stock
of U.S.-owned grains in storage in Canada; net timing adjustments for goods recorded in Census
data in one period but found to have been shipped in another; and coverage adjustments for special situations in which shipments were omitted from Census data.
5. Correction for discrepancy between sum of four quarters, seasonally adjusted, and the unadjusted annual totals, plus the difference between Census published seasonally adjusted totals and
the summation of seasonally adjusted 4-digit end-use categories.
6. Addition of understatement of inland freight in f.a.s. values of U.S. merchandise imports
from Canada in 1974-1981; deduction of foreign charges for repair of U.S. vessels abroad, which
are included in tables 1, 2, and 10, line 20 (other transportation); deduction of imports from
Panama Canal Zone before October 1, 1979; net timing adjustments for goods recorded in Census
data in one period but found to have been shipped in another, and coverage adjustments for special situations in which shipments were omitted from Census data.
7. Annual and unadjusted quarterly data shown in this table correspond to country and area
data in table 10, lines 2 and 16. Trade with international organizations includes purchases of nonmonetary gold from the IMF, 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, and Australia, New Zealand, and South Africa; Members of OPEC: Venezuela, Ecuador, Iraq, Iran, Kuwait, Saudi Arabia, Qatar, United Arab Emirates, Indonesia, Algeria, Libya, Nigeria, Gabon; Other countries: Eastern Europe, Latin American Republics, 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, e.g., timing.
Therefore, the new detail shown does not always sum to the values shown for the traditional area
aggregates, e.g., EC(10). For all years, "Asia" and "Africa" exclude certain Pacific Islands and
unidentified countries included in "Other countries in Asia and Africa."
8. Includes nuclear fuel materials and fuels.
Table 4:
1. Expenditures to release foreign governments from their contractual liabilities to pay for defense articles and services purchased through military sales contracts—first authorized (for
Israel) under Public Law 93-199, section 4, and subsequently authorized (for many recipients)
under similar legislation—are included in line A3. Deliveries against these military sales contracts are included in line CIO; see footnote 2. Of the line A3 items, part of these military expenditures is applied in lines A40 and A43 to reduce short-term assets previously recorded in lines
A38 and C8; this application of funds is excluded from lines C3 and C4. A second part of line A3
expenditures finances future deliveries under military sales contracts for the recipient countries
and is applied directly to lines A39 and C9. A third part of line A3, disbursed directly to finance
purchases by recipient countries from commercial suppliers in the United States, is included in
line A34. A fourth part of line A3, representing dollars paid to the recipient countries to finance
purchases from countries other than the United States, is included in line A45.
2. Transactions under military sales contracts are those in which the Department of Defense
sells and transfers military goods and services to a foreign purchaser, on a cash or credit basis.
Purchases by foreigners directly from commercial suppliers are 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. Data for the first quarter 1985 are extrapolated estimates by BEA, because of incomplete reports from one operating agency.
4. Line A35 includes foreign currency collected as interest and line A40 includes foreign currency collected as principal, as recorded in lines A13 and A14 respectively.
5. Includes (a) advance payments to the Department of Defense (on military sales contracts)
financed by loans extended to foreigners by U.S. Government agencies and (b) the contraentry for
the part of line CIO which 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. Also included in line 4.
2. Acquisition of equity holdings in existing and newly established companies, capital contributions, capitalization of intercompany accounts, and other equity contributions.
3. Sales, liquidations, and other dispositions of equity holdings, total and partial.
4. Petroleum includes the exploration, development and production of crude oil and gas and the
transportation, refining and marketing of petroleum products exclusive of petrochemicals. Manufacturing excludes petroleum refining. "Other" industries includes mining; trade; banking; finance (except banking), insurance, and real estate; agriculture, forestry, and fishing; construction, transportation, communications, and public utilities; and services.
5. Also included in line 40.
Table 6:
1. Primarily provinical, regional, and municipal.
2. Largely transactions by International Bank for Reconstruction and Development (IBRD),
International Development Association (IDA), International Finance Corporation (IFC), Asian Development Bank (ADB), and Inter-American Development Bank (IDE).
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 29.
4. Issues through finance affiliates established primarily to borrow capital from abroad. Issues
area almost always guaranteed by the establishing U.S. parent and are often covertible into the
parents' securities. To the extent proceeds are transferred from offshore affiliates to U.S. parents—the common practice—they are recorded as direct investment transactions in table 5, line
8.
Table 7:
1. Primarily mortgages, loans, and bills and notes drawn on foreigners.
2. Consists of Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
3. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama.
4. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting
countries.
Table 8:
1. Includes central governments and their agencies and corporations; state, provincial, and
local governments and their agencies and corporations; and international and regional organizations.
2. U.S.-owned banks are mainly U.S.-chartered banks and Edge Act subsidiaries. U.S. brokers'
and dealers' accounts may be commingled in some categories. Foreign-owned banks include U.S.
branches and agencies of foreign banks and majority-owned bank subsidiaries in the United
States.
3. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
4. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama.
5. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting
countries.
6. Includes Eastern Europe and international and regional organizations.
Table 9:
1. Negotiable certificates of deposit issued by banks in the United States are included in banks'
custody liabilities and are separately identified in memorandum line 8. Nonnegotiable certificates
of deposit are included in time deposits.
2. Includes borrowing under Federal funds or repurchase arrangements, deferred credits, and
liabilities other than deposits.
3. Mainly negotiable and readily transferable instruments, excluding U.S. Treasury securities.
4. U.S. Treasury notes denominated in foreign currencies and subject to restricted transferability that were sold through foreign central banks to domestic residents in country of placement.
None of these notes were outstanding after July 1983.
5. 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.
6. U.S.-owned banks are mainly U.S.-chartered banks and Edge Act subsidiaries.U.S. brokers'
and dealers' liabilities may be commingled in some categories. Foreign-owned banks are U.S.
branches and agencies of foreign banks and majority-owned bank subsidiaries in the United
States.
7. Western Europe, Canada, Japan, Australia, New Zeland, and South Africa.
8. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama.
9. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting
countries.
10. Includes Eastern Europe and international and regional organizations.
Table 10:
For footnotes 1-10, see table 1.
11. The "European Communities (10)" includes the "European Communities (6)", United Kingdom, Denmark, Ireland, and Greece.
12. The "European Communities (6)", includes Belgium, France, Germany, Itlay, Luxembourg,
the Netherlands, the European Atomic Energy Community, the European Coal and Steel Community, and the European Investment Bank.
13. Includes, as part of international and unallocated, the estimated direct investment in foreign affiliates engaged in international shipping, in operating oil and gas drilling equipment that
is moved from country to country during the year, and in petroleum trading.
14. Details not shown separately; see totals in lines 49 and 56.
15. Details not shown separately are included in line 61.
Table lOa:
For footnotes 1-10, see table 1.
11. Details not shown separately are included in line 61.
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 foriegn funds or ultimate destination of U.S. funds.
Data for individual countries within EC(6) may not add to the published totals for EC(6) since in
several instances the transactions are regional and in other instances estimates for the group are
not available for each country. In addition, country data may not add to EC(6) totals because of
rounding.
70
SURVEY OF CURRENT BUSINESS
June 1985
Table lOa.—U.S. International Transactions,
[Millions
Belgium-Luxembourg
Line
1982
1 Exports of goods and services
2
1983
Germany
France
1984 p
1982
1983
1984 *
1982
1983
1984 "
6,885
6,895
7,271
9,626
8,287
9,066
14,024
12,567
12,011
5,153
254
5,040
239
5,213
231
7,194
17
6,006
16
6,075
51
9,214
459
8,683
338
8,812
287
Travel
Passenger fares
Other transportation
75
36
161
66
31
140
63
18
147
287
186
244
254
135
232
288
164
254
637
197
597
542
179
641
552
178
643
7
8
9
10
Fees and royalties from affiliated foreigners
Fees and royalties from unaffiliated foreigners
Other private services
U S Government miscellaneous services
233
14
41
1
241
18
42
1
272
20
53
3
281
123
99
17
368
79
119
18
369
110
135
16
495
107
167
9
524
164
174
48
517
137
185
17
11
12
13
Receipts of income on U.S. assets abroad:
Direct investment
Other private receipts
..
U.S. Government receipts
262
647
8
338
732
7
371
874
6
-78
1,244
12
-95
1,142
13
213
1,379
12
1,095
337
710
694
237
343
227
221
235
2
3
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts
4
5
6
..
14 Transfers of goods and services under U.S. military grant programs, net
15 Imports of goods and services ...
....
16
17
Merchandise, adjusted excluding military 3
Direct defense expenditures
18
19
20
Travel
Passenger fares
Other transportation
21
22
23
24
Fees and royalties to affiliated foreigners
Fees and royalties to unaffiliated foreigners....
.
Private payments for other services
U.S Government payments for miscellaneous services
25
26
27
Payments of income on foreign assets in the United States:
Direct investment..
Other private payments
U S Government payments
.. .
..
.
,
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-3,571
-3,522
-4,442
-7,702
-8,125
-11,127
-20,432
-22,693
-28,375
-2,386
-111
-2,401
-159
-3,114
-119
-5,531
-51
-6,009
-63
-7,998
-100
-11,902
-3,842
-12,642
-4,354
-16,922
-4,581
-57
-101
-108
-65
-135
-96
-78
-162
-135
-464
-303
-153
-594
-338
-158
-702
-405
-244
-411
-418
-620
-414
-524
-712
-582
-669
-803
-17
-14
-14
-28
-23
-13
-28
-30
-19
-15
-30
-30
-25
-22
-66
-93
-60
-31
-64
-68
-15
-35
-111
-85
-28
-35
-114
-77
-9
-43
-137
-92
-70
-47
-145
-78
-194
-428
-113
-254
-291
-27
-274
-423
-43
385
-949
-430
416
-771
-385
138
-1,025
-545
491
-560
-2,916
-151
-557
-3,058
-718
-669
-3,091
28 U.S. military grants of goods and services, net
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
29 Unilateral transfers (excluding military grants of goods and services), net
-20
-18
-22
-53
-59
-78
472
526
512
30
31
32
-7
-13
-7
-11
-8
-14
-29
-24
-30
-29
-30
-48
-149
621
-125
651
-131
643
-2,995
-2,570
312
-3,441
-392
-646
U.S Government grants (excluding military grants of goods and services)
U.S. Government pensions and other transfers
Private remittances and other transfers
33 U.S. assets abroad, net (increase/capital outflow ( — ))
4
34
35
36
37
38
U.S. official reserve assets, net
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
39
40
41
42
U.S. Government assets, other than official reserve assets, net
U.S. credits
Repayments on U.S. loans 5
U.S. foreign currency holdings and U.S. short-term assets, net
43
44
45
46
47
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
(•)
48 Foreign assets in the United States, net (increase/capital inflow (-(-))
49
50
51
52
53
54
55
Foreign official assets in the United States, net
U S. Government securities6
U.S. Treasury securities
Other 7
Other U.S. Government liabilities 8
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 9
56
57
58
59
60
61
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. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
>
1,286
675
20
-1
20
24
17
41
17
3
8
-9
6
14
5
19
254
-171
-1,270
19
1,676
-3,452
543
-515
406
-3,886
-377
638
-14
18
-1,019
-666
416
-533
55
-604
-884
-26
(•)
203
-1,061
452
-190
_7
28
621
652
792
45
-87
-98
1,849
18
1,405
3,718
1,055
2,014
4,331
(")
(")
(")
(M)
(")
(")
(")
30
58
82
-90
26
-50
17
-20
-3,054
-7
-547
92
-2,592
-2,567
-27
-1,373
-12
-1,155
-1,743
-157
}-
ll
-527
(•)
15
44
-17
-527
-15
-22
16
-9
58
75
149
675
(*)
-3
(")
1,147
11
-13
17
7
59
(")
(•)
401
1,286
-112
( )
(")
(")
(")
(")
(")
(")
(")
307
(")
-267
-187
"65
425
(")
-135
145
11
1,526
-195
O1)
162
-80
"101
-201
(")
-186
-68
"1,802
732
(")
-198
57
"3,045
419
(J1)
2,442
-14
"-1,702
1,007
(")
1,389
-45
"-363
1,107
(")
1,684
171
"1,419
1,444
-628
-4,968
1,552
-1,116
-933
4,480
6,439
11,372
2,767
3,314
3,294
3,294
2,639
3,373
3,355
3,355
2,099
2,829
2,807
2,807
1,663
1,924
1,871
1,871
-3
162
103
103
-2,688
-6,408
-5,936
-5,936
-3,959
-10,126
-9,600
-9,600
-8,110
-16,364
-15,852
-15,852
79
(")
-240
1
n-1,658
62 Allocations of special drawing rights
63 Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above
items with sign reversed).
64
65
66
67
Memoranda:
Balance on merchandise trade (lines 2 and 16)10
Balance on goods and services (lines 1 and 15)
Balance on goods, services, and remittances (lines
65 31, and 32)
Balance on current account (lines 65 and 29) 10
See footnotes on page 69.
-1,923
-2,061
-2,139
-2,139
71
SURVEY OF CURRENT BUSINESS
June 1985
by Selected Countries (published annually)
of dollars]
Italy
1982
Netherlands
1984"
1983
1982
1983
Mexico
1984"
1982
1983
1982
1984"
1983
South Africa
Australia
Venezuela
1984"
1982
1983
1982
1984"
1984"
1983
7,109
6,055
6,824
10,481
10,190
10,416
19,284
16,014
20,125
8,166
4,187
5,431
6,657
6,148
7,882
3,115
2,861
2,633
1
4,641
31
3,908
29
4,322
61
7,455
456
6,937
522
7,525
440
11,736
84
9,081
15
12,037
4
5,192
27
2,699
129
3,395
53
4,402
124
3,844
335
4,695
525
2,369
(*)
2,130
(*)
2,265
2
3
113
88
222
111
88
186
128
76
213
137
10
460
133
4
536
129 \ 3,098
9 /
554
219
1,951
1,899
i
[ 830
531
463
280
336
( 253
•{ 173
f 237
237
178
246
266
192
240
42
4
98
46
5
74
48
5
83
4
5
6
288
84
95
2
307
87
91
8
304
90
92
9
390
27
76
1
540
25
94
1
522
25
90
3
154
25
368
4
114
24
329
13
146
25
340
7
257
( 38
1 150
( 2
280
34
170
5
324
34
154
2
73
25
57
2
81
22
50
2
73
22
50
2
7
8
9
10
486
1,018
41
307
900
33
405
1,091
1,222
242
5
1,180
215
3
856
261
2
-1,304
4,706
194
-167
4,022
352
473
4,730
128
420
374
25
896
528
26
200
245
173
278
-311
396
11
12
13
oq
21
[
'
197
353
1,529
17
7
-1
126
136
-673
1,353
15
70
1,296
19
605
400
16
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
14
-7,708
-7,691
-10,757
-5,851
-6,808
-9,391
-20,883
-22,281
-23,619
-6,090
-6,067
-7,954
-3,383
-3,619
-4,258
-2,115
-2,512
-2,288
15
-5,289
-623
-5,444
-567
-7,912
-437
-2,476
-91
-2,958
-83
-4,046
-136
-15,556
-2
-16,771
-1
-18,038
-1
-4,761
-4
-4,937
' -1
-6,543
-2
-2,282
-35
-2,220
-39
-2,663
-47
-1,967
-1
-2,365
-1
-2,149
(*)
16
17
-490
-187
-305
-484
-220
-274
-727
-263
-363
-97
-432
-249
-128
-474
-285
-124 \ -3,324
-527 /
-363
-225
-3,618
-254
-136
-323
-309
-153
-347
-12
-18
-47
-26
-20
-31
-18
-22
-34
18
19
20
3
-8
-61
-25
3
-4
-68
-36
11
-6
-65
-39
2
-11
-35
-10
-26
-10
-20
-11
-16
-12
-20
-14
1
-1
-730
-38
1
-1
-722
-48
-2
-3
-22
-29
-5
-3
-22
-27
(*)
-1
-12
-16
(*)
-1
-17
-16
1
-3
-17
-12
21
22
23
24
1
-498
-226
18
-359
-256
-42
-477
-437
-1,578
-463
-411
-1,890
-371
-552
-3,073
-524
-536
18
-1,017
-9
13
-814
-14
-55
-64
-472
-8
-89
-585
6
-39
-8
4
-35
-4
1
-34
-1
-25
26
27
-306
-3,609 \
)
-289 f
V-277
(*) f
-1 \
-725 }
-25 )
-322
12
-915
-28
-10
-1,000
-38
-23
-763
-21
-372
-21
-953
-63
/-205
( -123
\ -288
<J
\ ~2
1 -2
f -21
\ -25
-1
-77
-322
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
28
-203
-207
-223
-15
-15
-17
-298
-339
-378
-9
-8
-10
-38
-39
-53
-13
-11
-18
29
-11
-166
-26
-15
-169
-23
-21
-165
-37
-8
-7
-8
-7
-8
-9
-14
-147
-137
-39
-157
-143
-20
-155
-203
-2
-7
-2
-6
-2
-8
-12
-26
-13
-26
-13
-40
(*)
-1
-12
-2
-9
-1
-2
-15
30
31
32
-2,530
-1,536
-194
-615
106
252
-7,935
-2,895
201
-3,419
244
594
-303
-1,113
-325
-907
-416
-197
33
-1,218
1,218
-1,218
1,218
587
— 365
953
-1
-117
— 471
354
(*)
3
— 31
33
1
-7
— 29
23
-1
37
_2
39
(*)
-36
— 63
27
(*)
-75
— 120
45
(*)
7
— 40
46
1
-1
-1
-1
-1
-1
-1
39
40
41
42
43
44
45
46
47
37
_7
46
-2
38
34
35
36
37
38
19
51
17
40
-2
31
33
66
-2
26
-7
20
31
14
3
-1,070
— 1,315
'245
(*)
-2,567
(*)
5
359
-2,931
-1,574
-294
7
39
-1,326
-225
-207
-85
-97
164
-634
250
-92
-117
-675
55
-84
-18
38
119
235
528
53
(*)
-346
-5,647
1,249
47
293
-7,236
-4,700
493
7
-127
-5,073
318
-346
87
377
200
-3,422
-98
23
81
-3,428
251
767
-66
84
-534
557
-26
202
75
306
-267
248
-396
9
-128
-1,038
-332
-185
80
-601
-332
238
94
27
-691
-906
43
17
37
-1,003
-415
100
117
-21
-611
198
493
-149
12
-158
-1,190
3,060
2,800
5,082
3,699
4,446
1,352
2,541
2,768
4,552
225
2,219
5,166
2,548
-466
-96
96
-136
(" )
(")
(")
(")
(")
(")
(")
(")
(")
(")
(")
()
(")
(")
(")
33
62
26
-74
4
-45
-46
5
15
258
47
64
130
189
178
-3
(*)
(*)
(")
(")
(")
(")
(")
(")
(")
(")|
(")
(")
335
28
(i i )
(")
-14
13
61
30
"-1,605 "2,927
(")j
375
3,434
2,778
3,699
(ii)
(ii)
(ii)
(")
-6
-30
-58
-222
-24
202
-199
-41
"2,429 " 1,550 " 1,174 "1,055
(")
(")
(")
(")
96
-39
(ii)
(ii)
-10
31
57
358
" 1,255 "2,186
58
(ii)
41
177
"2,477
37
(ii)
16
-98
"4,339
(")
(")
-5
22
150
(ii )
(ii )
(ii)
34
25
130
219
39
278
"-129 "1,889 "4,717 "
j
1,417
210
(ii)
(ii)
177
19
199
161
1,969 "-2,437
(")
-5
(ii)
3
39
"-130
(")
-4
6
(i i )
(i i )
-28
31
17
-99
" 158 "-121
48
C 49
J 50
1V 51
52
53
( 54
) 55
I 56
57
58
59
60
61
62
4,522
319
1,550
-9,082
-7,172
-5,706
8,480
6,960
903
-3,200
1,419
-280
-8,099
-3,925
-2,780
16
-18
-388
63
-648
-599
-791
-802
-1,536
-1,636
-1,828
-1,843
-3,590
-3,933
-4,135
-4,156
4,979
4,630
4,615
4,615
3,979
3,382
3,367
3,367
3,479
1,025
1,008
1,008
-3,802
-1,599
-1,883
-1,897
-7,690
-6,267
-6,567
-6,606
-6,001
-3,494
-3,852
-3,872
431
2,076
2,067
2,067
-2,238
-1,880
-1,888
-1,888
-3,148
-2,523
-2,533
-2,533
2,120
3,274
3,236
3,236
1,624
2,529
2,490
2,490
2,032
3,624
3,571
3,571
402
1,000
987
987
-235
349
338
338
116
345
328
327
64
65
66
67
Constant-Dollar Inventories, Sales, and Inventory-Sales Ratios for Manufacturing and
Trade
Tables 1, 2, and 3 present constant-dollar inventories, sales, and inventory-sales ratios, respectively, quarterly and monthly. Table 4 presents
quarterly constant-dollar fixed-weighted inventory-sales ratios, i.e., ratios
obtained by weighting detailed industry ratios by 1972 sales. Table 5 pre-
sents monthly inventories for manufacturing by stage of fabrication,
Quarterly estimates for 1981:1 to 1984:11, and monthly estimates for 1984
were published in the September 1984 SURVEY OF CURRENT BUSINESS.
Table 1.—Manufacturing and Trade Inventories in Constant Dollars,
Seasonally Adjusted, End of Period
Table 2.—Manufacturing and Trade Sales in Constant Dollars,
Seasonally Adjusted Total at Monthly Rate
[Billions of 1972 dollars]
[Billions of 1972 dollars]
Manufacturing and trade
Manufacturing..
1984
1985
IV
I
279.0
144.9
1984
19 85
Nov.
Dec.
Jan.
282.7
278.3
279.0
145.4
145.1
144.9
r
Feb.
Mar.
Apr. f
280.4
282.3
282.7
283.9
1452
145.4
145.4
1457
Manufacturing and trade
Manufacturing
1984
1985
IV
I
Nov.
Dec.
Jan.
r
Feb.
Mar.
180.2
181.1
179.7
182.7
19 B4
1985
Apr. P
180.5
181.1
181.8
82.0
81 7
81 7
83.3
81 4
81 5
822
81 8
183.3
Durable goods
Primary metals
Fabricated metals
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles
Other
Other durable goods 1
986
11.8
10.8
22.8
17.7
19.6
4.9
14.8
16.0
992
11.5
108
23.0
18.1
19.8
4.8
150
16.1
987
11.9
10.7
22.9
17.7
19.6
4.8
14.8
15.9
986
11.8
108
22.8
17.7
19.6
4.9
148
16.0
992
11.5
107
23.1
18.0
19.7
4.8
149
16.1
99 1
11.4
10.7
23.1
18.1
19.8
4.9
14.9
16.1
992
11.5
10.8
23.0
18.1
19.8
4.8
15.0
16.1
993
11.3
108
23.0
18.1
19.8
4.9
15.0
16.1
Durable goods
Primary metals
Fabricated metals
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles
Other
Other durable goods l
468
43
5.0
9.5
8.8
10.1
72
2.9
91
462
41
53
9.1
8.5
10.2
72
30
90
468
44
51
9.7
8.5
10.1
73
28
90
476
41
5.1
9.5
9.4
10.5
74
3.1
91
462
41
53
8.7
8.4
10.6
77
29
90
46 1
4i
52
8.9
8.6
10.3
73
30
90
464
40
53
9.6
8.7
9.8
67
31
90
462
4i
53
9.5
8.2
9.9
68
31
92
Nondurable goods
Food and kindred products
Nonfood
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastic productsOther nondurable goods 2
46.2
11.1
352
4.5
46.2
11.1
351
4.6
46.4
11.0
354
4.5
46.2
11.1
352
4.5
46.0
11.1
349
4.5
46.3
11.2
35.1
4.5
46.2
11.1
35.1
4.6
46.4
11.2
35.2
4.6
Nondurable goods
Food and kindred products
Nonfood
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastic productsOther nondurable goods 2
352
11.5
237
3.1
355
11.6
238
3.1
349
11.3
235
3.1
357
11.6
24.2
3.1
352
11.5
236
3.1
355
11.6
238
3.1
358
11.8
24 1
3.1
356
11.6
24 1
3.1
6.6
6.6
6.5
6.7
6.7
6.6
6.6
6.7
29
1.9
9.2
29
1.8
9.5
29
1.9
9.1
30
1.9
9.4
28
1.8
9.3
29
1.8
9.4
30
1.8
9.7
30
1.8
9.4
Merchant wholesalers
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
Retail trade
9.2
9.1
9.2
9.2
9.0
9.0
9.1
9.1
3.2
3.1
15.3
3.2
3.1
15.2
3.2
3.1
15.4
3.2
3.1
15.3
3.2
3.0
15.2
3.2
3.1
15.3
3.2
3.1
15.2
3.2
3.1
15.2
60.3
61.0
60.3
60.3
60.3
61.0
61.0
61.3
396
20.7
8.2
12.6
399
21.1
8.3
12.8
39.4
20.9
8.4
12.5
396
20.7
8.2
12.6
395
20.8
8.0
12.8
40.1
20.9
8.2
12.8
39.9
21.1
8.3
12.8
40.2
21.1
8.3
12.8
73.8
76.3
72.8
73.8
74.9
75.9
76.3
76.9
340
16.2
17.9
409
7.9
330
34.7
16.8
17.8
412
7.9
333
35.3
17.3
18.1
41 0
7.9
33.1
35.7
17.5
18.2
41 2
8.0
332
334
15.7
17.7
404
7.8
32.6
Durable goods
Auto dealers
Other durable goods ..
Nondurable goods
Food stores
Other nondurable goods
353
17.3
18.1
410
7.9
331
32.7
15.4
17.4
401
7.8
32.3
33.4
15.7
17.7
404
7.8
32.6
See footnotes to table 4.
Merchant wholesalers.
Durable goods
....
..
Nondurable goods
Groceries and farm products
Other nondurable goods
Retail trade
Durable goods
..
Auto dealers
Other durable goods
Nondurable goods
Food stores
Other nondurable goods
44.0
44.3
44.0
44.3
44.4
44.2
44.4
45.4
205
235
12.6
109
206
237
12.5
113
205
235
12.8
107
20.1
242
13.2
11.0
20.7
236
12.6
11.1
20.2
240
12.5
11.5
20.9
23.5
12.2
11.3
21.0
244
12.4
12.0
54.3
55.1
54.1
55.1
54.8
55.4
55.2
56.1
206
112
9.4
337
10.3
23.4
21 1
117
9.4
340
10.4
23.6
205
11 1
9.3
336
10.2
23.5
21.1
116
9.5
34.0
10.3
23.7
20.8
11 5
9.3
34.0
10.5
23.5
21.2
118
9.4
342
10.4
23.8
21.3
118
9.4
33.9
10.3
23.7
21.8
122
9.6
343
10.5
23.8
See footnotes to table 4.
Table 3.—Constant-Dollar Inventory-Sales Ratios for Manufacturing
and Trade, Seasonally Adjusted
Table 4.—Fixed-Weight Constant-Dollar Inventory-Sales Ratios for
Manufacturing and Trade, Seasonally Adjusted
[Ratio, based on 1972 dollars]
[Ratio, based on 1972 dollars]
Manufacturing and trade
Manufacturing
19 35
19 34
1984
1985
IV
I
1.55
1.56
1.55
1.53
1.55
1.77
1.78
1.78
1.74
1.78
2.07
2.90
2.11
2.39
1.90
1.87
.66
4.79
1.76
Nov.
Dec.
r
1984
Mar.
Apr. P
1.56
1.56
1.55
1.78
1.77
1.78
2.15
2.77
2.01
2.64
2.16
1.86
.62
5.12
1.79
2.15
2.77
2.06
2.59
2.11
1.92
.67
4.91
1.80
2.14
2.88
2.04
2.39
2.08
2.02
.72
4.85
1.79
2.15
2.77
2.02
2.42
2.22
2.01
.71
4.88
1.76
Jan.
Feb.
Durable goods
Primary metals ...
....
Fabricated metals
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles
...
Other
Other durable goods *
2.11
2.77
2.16
2.39
2.02
1.94
.68
5.02
1.76
2.15
2.81
2.05
2.53
2.12
1.93
.67
4.97
1.79
2.11
2.74
2.12
2.35
2.08
1.93
.65
5.23
1.76
Nondurable goods
Food and kindred products
Nonfood
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastic products..
Other nondurable goods 2
1.31
.97
1.48
1.45
1.30
.96
1.47
1.48
1.33
.97
1.50
1.46
1.29
.95
1.46
1.43
1.31
.96
1.48
1.48
1.31
.96
1.47
1.46
1.29
.95
1.46
1.48
1.30
.97
1.46
1.49
1.38
1.37
1.41
1.36
1.36
1.38
1.38
1.36
1.09
1.64
1.66
1.10
1.71
1.60
1.12
1.59
1.69
1.07
1.63
1.62
1.13
1.67
1.64
1.08
1.69
1.63
1.08
1.73
1.57
1.04
1.72
1.62
1.37
1.38
1.37
1.36
1.36
1.38
1.38
1.35
1.93
.88
.65
1.15
1.94
.89
.67
1.13
1.92
.89
.66
1.16
1.97
.86
.62
1.14
1.91
.88
.64
1.15
1.99
.87
.65
1.11
1.92
.90
.68
1.13
1.91
.87
.67
1.07
1.36
1.39
1.35
1.34
1.37
1.37
1.38
1.37
1.62
1.40
1.89
1.20
.76
1.39
1.68
1.47
1.93
1.21
.76
1.40
1.60
1.38
1.86
1.19
.77
1.38
1.58
1.36
1.85
1.19
.76
1.37
1.64
1.41
1.91
1.20
.75
1.40
1.64
1.42
1.90
1.21
.76
1.40
1.66
1.46
1.92
1.21
.77
1.40
1.64
1.44
1.90
1.20
.76
1.39
Merchant wholesalers
Durable goods
Nondurable goods
Groceries and farm products....
Other nondurable goods
Retail trade
Durable goods
Auto dealers
Other durable goods
Nondurable goods
Food stores
Other nondurable goods
See footnotes to table 4.
72
••
II
1985
III
IV
I
1 52
1 55
1 55
1 56
1.79
1.82
1.79
1.80
Durable goods
Nondurable goods
217
1 34
220
138
216
136
219
1 34
Merchant wholesalers
1.30
1.35
1 37
1 37
Durable goods
Nondurable goods
1.84
.85
1.92
89
196
89
1 96
88
1 24
1 27
1 28
1 31
1 53
1.10
1 56
1.12
1 60
1 13
166
1 13
Manufacturing and trade
Manufacturing
Retail trade
Durable goods
Nondurable goods
r
Revised.
Preliminary.
1. Includes lumber and wood products; furniture and fixtures; stone, clay, and glass products;
instruments and related products; and miscellaneous manufacturing industries.
2. Includes tobacco manufacturers; textile mill products; apparel products; printing and
publishing; and leather and leather products.
NOTE.—Manufacturing inventories are classified by the type of product produced by the
establishment holding the inventory. Trade inventories are classified by the type of product sold
by the establishment holding the inventory.
Table 4: The I-S ratios shown in this table were obtained by weighting detailed industry I-S
ratios by 1972 sales. For manufacturing, 21 industries were used; for merchant wholesalers, 20
kinds of business; and for retail trade, 8 kinds of business.
p
SURVEY OF CURRENT BUSINESS
June 1985
73
Table 5.—Manufacturing Inventories by Stage of Fabrication in Constant Dollars, Seasonally Adjusted, End of Period
[Billions of 1972 dollars]
1984
1985
1985
1984
Nov.
IV
Dec.
Jan.
Apr. '
Feb.
Materials and supplies
Manufacturing
49.1
48.8
49.1
49.1
49.1
49.1
48.8
48.9
Durable goods
Primary metals
Fabricated metals
Machinery, except electrical
Electrical machinery
Motor vehicles
Other transportation equipment
Other durable goods
30.5
4.2
4.5
6.7
4.8
2.5
2.3
5.4
30.2
4.0
4.5
6.7
4.9
2.5
2.2
5.5
30.4
4.4
4.5
6.6
4.8
2.5
2.3
5.4
30.5
4.2
4.5
6.7
4.8
2.5
2.3
5.4
30.4
4.1
4.4
6.7
4.8
2.5
2.3
5.5
30.3
4.1
4.4
6.7
4.9
2.5
2.3
5.5
30.2
4.0
4.5
6.7
4.9
2.5
2.2
5.5
30.3
4.0
4.5
6.7
4.8
2.5
2.3
5.5
Nondurable goods
Food and kindred products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastic products
Other nondurable goods
18.5
4.0
2.3
3.4
.9
1.1
6.8
18.6
3.9
2.3
3.4
.9
1.1
6.9
18.7
3.9
2.4
3.5
.9
1.1
6.9
18.5
4.0
2.3
3.4
.9
1.1
6.8
18.7
4.0
2.3
3.4
.9
1.1
7.0
18.8
4.0
2.3
3.4
.9
1.1
7.0
18.6
3.9
2.3
3.4
.9
1.1
6.9
18.6
3.9
2.4
3.5
.9
1.2
6.9
50.7
51.3
50.9
50.7
50.9
51.0
51.3
51.1
43.6
4.3
3.6
9.3
9.3
1.6
11.1
4.4
44.3
4.3
3.6
9.5
9.5
1.5
11.3
4.5
43.9
4.3
3.7
9.5
9.3
1.5
11.1
4.5
43.6
4.3
3.6
9.3
9.3
1.6
11.1
4.4
43.9
4.1
3.6
9.5
9.5
1.5
11.1
4.5
44.0
4.1
3.6
9.5
9.5
1.5
11.2
4.5
44.3
4.3
3.6
9.5
9.5
1.5
11.3
4.5
44.2
4.2
3.6
9.4
9.6
1.5
11.3
4.5
7.1
.9
.5
1.4
.6
.5
3.1
7.0
.9
.5
1.4
.6
.5
3.0
7.1
.9
.5
1.4
.7
.5
3.1
7.1
.9
.5
1.4
.6
.5
3.1
7.0
.9
.5
1.4
.6
.5
3.0
7.0
.9
.5
1.4
.6
.5
3.0
7.0
.9
.5
1.4
.6
.5
3.0
7.0
.9
.5
1.4
.6
.5
3.0
Work-in-process
Manufacturing
Durable goods
Primary metals
Fabricated metals
Machinery, except electrical
Electrical machinery
Motor vehicles
Other transportation equipment
Other durable goods
Nondurable goods
Food and kindred products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastic products
Other nondurable goods
Finished goods
45.1
45.3
45.1
45.1
45.2
45.3
45.3
45.6
Durable goods
Primary metals
Fabricated metals
Machinery, except electrical
Electrical machinery
Motor vehicles
Other transportation equipment
Other durable goods
24.5
3.3
2.6
6.7
3.6
.8
1.4
6.1
24.7
3.2
2.7
6.8
3.7
.8
1.4
6.1
24.4
3.2
2.5
6.9
3.5
.8
1.5
6.0
24.5
3.3
2.6
6.7
3.6
.8
1.4
6.1
24.9
3.3
2.6
6.9
3.7
.8
1.4
6.2
24.8
3.2
2.7
6.9
3.7
.9
1.4
6.1
24.7
3.2
2.7
6.8
3.7
.8
1.4
6.1
24.8
3.1
2.7
7.0
3.7
.9
1.4
6.1
Nondurable goods
Food and kindred products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastic products
Other nondurable goods
20.6
6.2
1.6
4.4
1.7
1.4
5.4
20.6
6.3
1.7
4.3
1.7
1.4
5.2
20.6
6.2
1.6
4.4
1.7
1.4
5.4
20.6
6.2
1.6
4.4
1.7
1.4
5.4
20.3
6.2
1.7
4.2
1.6
1.4
5.2
20.5
6.3
1.7
4.2
1.7
1.4
5.3
20.6
6.3
1.7
4.3
1.7
1.4
5.2
20.8
6.4
1.7
4.2
1.7
1.5
5.3
Manufacturing
See footnotes to table 4.
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SURVEY OF CURRENT BUSINESS
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Subject Guide
January-June Issues of Volume 65 (1985)
Articles and "Business Situation" sections are listed below by subject. Title, author, and issue and beginning page numbers are given. (Each issue contained the "National Income and Product Accounts Tables" and a discussion of estimates
therein.)
National
Reconciliation and other special tables
Economic accounts
Introduction to National Economic Accounting. Allan H.
Young, Helen Stone Tice. 3-59.
Total Incomes System of Accounts. Robert Eisner. 1-24.
GNP by industry
Gross Product by Industry, 1984. Milo O. Peterson. 4-20.
Command Over Goods and Services. 3-17; 6-16.
Cyclically Adjusted Federal Receipts, Expenditures, Surplus or Deficit, and Debt. 3-17; 5-13.
National Defense Purchases of Goods and Services. 2-9;
5-12.
Reconciliation of BEA Compensation and BLS Earnings.
2-9; 5-12.
Reconciliation of Net Exports and Balance on Goods and
Services. 3-17; 6-16.
Government transactions
Federal Budget Developments. Joseph C. Wakefield. 426.
Federal Fiscal Programs. Joseph C. Wakefield, Richard
C. Ziemer. 2-10.
Federal Personal Income Taxes: Liabilities and Payments, 1981-83. Thae S. Park. 5-24.
Government Sector. 3-3 and 5-4.
Impact of Recent Tax Law Changes. Richard C. Ziemer.
4-28.
Personal Income and Adjusted Gross Income, 1981-83.
Thae S. Park. 4-32.
Sources of Change in the Federal Government Deficit,
1970-86. Thomas M. Holloway, Joseph C. Wakefield.
5-25.
State and Local Government Fiscal Position in 1984.
David J. Levin. 1-19.
Balance of payments
International Travel and Passenger Fares, 1984. Joan E.
Bolyard. 5-14.
U.S. International Transactions. Fourth Quarter and
Year 1984, Christopher L. Bach, 3-29; First Quarter
1985, Russell C. Krueger, 6-34.
Inventories and sales
Interest Rates and Aggregate Inventory Investment.
Daniel Larkins, Gurmukh S. Gill. 6-17.
Manufacturing and Trade Inventories and Sales in Constant Dollars. 3-75; 6-72.
Investment position
International Investment Position of the United States
in 1984. Russell B. Scholl, R. David Belli, Ned G.
Howenstine. 6-25.
Note on the United States as a Net Debtor Nation. Jack
Bame. 6-28.
National income and product accounts (NIPA fs)
Implicit Price Deflator. (Special Note.) 5-6.
Indirect Technique for Measuring the Underground
Economy. Frank de Leeuw. 4-64.
Revisions. Fourth Quarter of 1984, 2-3 and 3-3; First
Quarter of 1985, 5-2 and 6-3.
Plant and equipment expenditures
Plant and Equipment Expenditures. First and Second
Quarters and Second Half of 1985, Eugene P. Seskin,
4-21; Four Quarters of 1985, Eugene P. Seskin, David
F. Sullivan, 6-21.
Revised Estimates of New Plant and Equipment Expenditures in the United States, 1947-83. Eugene P.
Seskin, David F. Sullivan. 2-16.
Pollution abatement and control
Pollution Abatement and Control Expenditures, 198083. Environmental Economics Division. 3-18.
Profits
Corporate Profits. Fourth Quarter 1984, 3-3; Year 1984
and First Quarter 1985, 5-1 and 6-4.
International
Foreign investment in the United States
U.S. Business Enterprises Acquired or Established by
Foreign Direct Investors in 1984. Michael A. Shea. 518.
Reconciliation and other special tables
Command Over Goods and Services. 3-17; 6-16.
Reconciliation of Net Exports and Balance on Goods and
Services. 3-17; 6-16.
U.S. investment abroad
Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies, 1985. Ralph Kozlow. 3-23.
Regional
Personal income
County and Metropolitan Area Personal Income, 198183. Regional Economic Measurement Division. 4-41.
Patterns of Growth in Metropolitan and Nonmetropolitan Areas: An Update. Daniel H. Garnick. 5-33.
Regional and State Projections of Income, Employment,
and Population to the Year 2000. Kenneth P. Johnson, Howard L. Friedenberg. 5-39.
State Personal Income. 1-23; 4-36.
U.S. GOVERNMENT PRINTING OFFICE : 1985 0 - 478-679 : OL 3
CURRENT BUSINESS STATISTICS
The statistics here update series published in BUSINESS STATISTICS: 1982, a statistical supplement to the SURVEY OF CURRENT BUSINESS. That volume
(available from the Superintendent of Documents for $8.00, stock no. 003-010-00124-1) provides a description of each series, references to sources of earlier
figures, and historical data as follows: For all series, monthly or quarterly, 1979 through 1982, annually, 1961-82; for selected series, monthly or quarterly,
1961-82 (where available).
The sources of the series are given in BUSINESS STATISTICS: 1982; they appear in the main methodological note for each series, and are also listed
alphabetically on pages 135-136. Series originating in Government agencies are not copyrighted and may be reprinted freely. Series from private sources
are provided through the courtesy of the compilers, and are subject to their copyrights.
Unless otherwise stated in footnotes
below, data through 1982 and
methodological notes are as shown in
BUSINESS STATISTICS: 1982
,, .
units
1984
Annual
1983
1984
Apr.
June
May
1985
Aug.
July
Sept.
Oct.
Nov.
Dec.
Jan.
3,097.5
3,111.8
'3,129.2
1 864 9
1 8725
May
Apr.
Mar.
Feb.
GENERAL BUSINESS INDICATORS
PERSONAL INCOME BY SOURCE t
Seasonally adjusted, at annual rates:
Total personal income
bil. $..
Wage and salary disbursements,
total
do
Commodity-producing industries,
total
do
Manufacturing
do ....
Distributive industries
do....
Service industries
do....
Govt. and govt. enterprises
do....
Other labor income.
.
do
Proprietors' income: $
Farm .
do
Nonfarm
do
Rental income of persons with capital
consumption adjustment
bil. $..
Dividends
do
Personal interest income
do
Transfer payments
do
Less: Personal contributions for
social insurance
do
Total nonfarm income
do
DISPOSITION OF PERSONAL INCOME t
Seasonally adjusted, at annual rates:
Total personal income
bil $
Less: Personal tax and nontax
payments
do
Equals: Disposable personal income
do ....
Less: Personal outlays.
do
Personal consumption expenditures
do....
Durable goods
do
Nondurable goods
do
Services
do....
Interest paid by consumers to
business
do
Personal transfer payments to
foreigners (net)
do
Equals: personal saving
do
Personal saving as percentage of disposable
personal income §
percent
Disposable personal income in constant (1972)
dollars
bil $
Personal consumption expenditures in
constant (1972) dollars
do....
Durable goods
do
Nondurable goods
do
Services
do
Implicit price deflator for personal consumption
expenditures
index 1972 — 100
INDUSTRIAL PRODUCTION
Federal Reserve Board Index of Quantity Output
Not Seasonally Adjusted
Total index
1967 — 100
By industry groupings:
Mining and utilities
do
Manufacturing
do
Nondurable manufactures
do
Durable manufactures . . .
do
Seasonally Adjusted
Total index
do....
By market groupings:
Products, total
do
Final products
do....
Consumer goods
do....
r
r
2,744.2
3,012.1
2,968.5
2,978.8
3,006.5
3,045.8
3,068.3
3,079.3
1 6592
18040
17853
17898
1 804 3 1 812 4 1 8169
1829 1
1 830 9 1 847 2
5193
395.2
398.6
413.1
328.2
173 1
5693
433.9
432.0
452.9
349.8
195 5
565 1
431.8
426.9
447.4
345.9
191 7
566 3
431.7
428.4
447.8
347.3
193 5
569 6
433.3
433.2
452.7
348.8
195 3
571 2
435.0
435.9
454.8
350.5
1967
574 1
437.5
434.3
455.8
352.6
198 1
574 8
436.8
439.0
461.3
354.1
199 5
5752
438.1
438.7
461.8
355.1
201 0
580 8
442.5
443.5
466.2
356.7
202 5
5867
446.8
447.0
472.9
358.4
203 9
5903
448.4
445.6
473.3
363.2
205 1
589 4
446.4
448.8
477.2
365.6
206 3
r
593 1
r
448.9
r
r
593 3
r
452.5
481.8
367.3
207 5
447.0
'452.7
r
485.6
372.1
r
2088
5946
447.8
455.3
488.8
370.7
2102
138
1079
28 2
1262
25 4
125 7
21 4
126 2
23 5
127 1
26 5
126 0
27 4
126 1
28 0
127 1
29 1
129 3
28 0
129 6
31 0
130 2
r
26 4
132 0
r
28 2
134 2
r
22 6
1359
r
42 2
1377
150
1386
58.3
70 3
3763
4050
62.5
77 7
433 7
4167
61.6
76 9
418 4
414 9
62.0
77 1
425 6
414 8
62.4
77 6
432 9
415 9
62.6
78 0
441 4
417 1
62.9
78 2
449 5
419 9
63.3
79 4
457 1
418 7
63.7
79 8
456 8
422 8
64.1
80 2
4560
425 1
64.5
80 5
455 5
417 6
r
1196
2701 1
132 5
29543
131 3
2 913 8
131 5
2 928 1
132 5
2 953 5
133 0
2 971 6
133 3
2 988 5
134 1
3 010 2
134 2
3 019 9
1352
3 039 0
145 8
136 3
3 050 1 r3 073 2
27442
3 012 1 2 968 5
2 978 g
3 006 5
3 027 7
3 045 8
3 068 3
3 079 3
3 097 5
r
3 111 8 r3 129 2 r3 146 0 r3 156 2 3 188 7 3 1722
404 2
2,340.1
22220
2,155.9
2798
801 7
1,074.4
4353
2,576.8
2 420 7
2,341 8
3188
856 9
1,166.2
4250
2,543.5
2 385 1
2310 1
3097
855 3
1,145.1
429 6
2,549.2
2 417 1
2340 1
325 4
860 0
1,154.8
436 3
2,570.2
2 426 3
23479
3269
8597
1,161.2
438 8
2,589.0
2 430 2
23505
320 2
859 2
1,171.1
440 4
2,605.4
2 431 1
2350 1
313 2
853 5
1,183.4
443 4
2,624.9
2 465 6
23837
318 2
871 6
1,193.8
446 0
2,633.3
2 461 6
2378 1
318 1
862 6
1,197.4
451 8
2,645.7
2 480 9
2*3959
324 3
864 6
1
1,206.9
457 2
2,654.5
2 502 1
24155
336 4
872 2
1,206.9
65 1
77 8
74 0
75 9
77 3
78 6
79 9
80 9
82 1
83 5
85 1
864
10
118 1
12
156 1
10
158 4
10
132 1
10
143 9
\}
11
11
158 7
174 3
159 2
15
171 6
15
164 9
15
152 5
18
1509
50
61
61
57
56
61
63
64
63
62
1 0954
1 1690
1 160 4
1,009.2
1575
376 3
4754
1,062.4
178 1
393 6
490 8
1,053.9
1729
393 7
4872
213 6
220 4
147 6
3,027.7
r
64.6
81 0
455 8
437 6
4576
r
2,671.6
r
2 520 8
r
3,146.0 '3,156.2
'64.7
81 4
456 1
440 4
r
r
64.9
81 9
r
4562
r
4396
147 2
146 3
r
3 085 1 r3 104 4
r
4904
r
2,655.6
r
2
545 3
r
2 432 6 2 455 8
3317
3380
875 2
879 4
1,225.7 1,238.3
r
3,188.7
r
87 7
18
1103
r
65.3
823
r
4569
r
4397
r
4646
'2,724.2
r
2
566 6
r
2,474.5
r
3385
r
8936
877 1
1,239.3 1,242.4
r
519 1
r
2,637.1
r
2
542 5
r
2,451.1
r
3347
r
r
896
18
r
94 6
r
r
922
12
1576
12
1825
1 163 1 1 172 4
1 174 3 1 174 7 1 180 7 1 181 5 1 186 3 1 192 3 1 192 81 182 2 1 1707
1 2088
1,067.7
180 9
397 3
489 4
1,071.0
1820
399 0
490 o
1,066.1
178 4
396 1
491 5
1,059.5
174 8
391 1
493 6
1,072.2
177 8
399 1
495 3
1,067.0
178 3
392 4
496 3
1,074.3
181 7
394 4
498 2
1,085.0
188 8
398 3
497 9
1,086.0 1,093.2 1,088.2
1882
1865
1862
r
400 3
397 8
397 8
r
r
r
5039
5020
504 8
1,098.0
1889
404 4
5047
219 2
219 2
219 2
220 5
221 8
222 3
222 9
223 0
222 6
224 0
163 3
161 2
161 8
167 5
162 6
168 0
170 1
168 0
164 6
1600
142 9
1482
168 1
1345
152 0
1648
179 4
1546
145 6
1633
177 6
1534
145 5
1640
178 7
153 8
152 5
1695
1859
158 2
156 8
1635
179 7
152 3
158 8
1690
186 9
156 6
155 1
1720
189 1
160 1
146 2
1706
185 7
160 1
149 2
1662
179 1
157 3
147.6
163.3
162.1
162.8
164.4
165.9
166.0
165.0
164.4
164.8
1492
147.1
151.7
1647
162.7
161.6
1625
160.2
161.4
163 3
161.1
161.7
165 3
163.1
163.0
167 4
165.2
163.8
167 2
165.1
162.5
166 4
164.6
161.6
166 9
165.2
161.6
167 7
166.2
162.6
45
r
4034
2,768.8
25862
2,492.8
3412
900 1
1,251.5
909
53
52
65.7
82 5
4578
441 3
1483
147 8
r
3 116 1 3 1214
45
59
3,172.2
1 880 9 1 894 7 1 903 7 19093
224 6
225 3
2254
160 7
165 5
166 3
"164 6
1643
154 5
1606
170 2
153 9
159 5
1608
170 8
1539
1600
1664
177 2
1590
153 3
1683
1789
1610
"148 2
"1670
"1784
"159 1
147 5
166.8
1785
1587
164.8
165.1
165.4
165.9
"165.5
165.3
168 5
167.0
162.6
"1685
"167.1
"162.4
1685
166.9
162.4
168 1
166.7
162.2
1680
166.7
162.1
167 9
166.4
162.1
See footnotes at end of tables
S-l
S-2
Unless otherwise stated in footnotes
below, data through 1982 and
methodological notes are as shown in
BUSINESS STATISTICS: 1982
SURVEY OF CURRENT BUSINESS
|y
Annual
.,
1983
June 1985
1985
1984
1984
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Mar.
Feb.
Apr.
May
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION— Continued
Seasonally Adjusted — Continued
By market groupings — Continued
Final products — Continued
Durable consumer goods
1967 = 100...
162.0
161.4
158.7
147.5
162.2
163.7
162.6
159.6
161.5
161.0
163.6
Automotive products ...
do
1809
1582
181 3
1798
1843
181 8
1730
171 9
184 1
1860
1850
Autos and utility vehicles
do....
155.9
134.0
158.4
158.7
159.2
145.6
145.0
161.5
164.7
158.1
161.1
Autos
do ....
117.4
135.3
132.9
134.5
136.2
138.7
134.3
121.1
123.6
138.9
142.5
Home goods
do. .
151 1
1514
1470
141 4
151 1
151 7
1520
151 8
151 9
1520
1489
Nondurable consumer goods
do....
161.8
162.4
162.4
162.7
153.4
161.5
162.7
163.9
163.0
162.7
161.1
Clothing
do
Consumer staples
do
171 6
1738
1637
171 5
1702
1732
174 5
1727
173 1
1739
1732
Consumer foods and
tobacco
do .
162 1
1535
1606
1604
161 0
161 9
1629
161 8
1624
161 2
162 1
Nonfood staples
do....
175.4
184.2
181.6
183.9
186.3
185.4
185.9
187.0
188.6
186.1
188.0
Equipment
do
170 1
171 2
1408
164 1
1585
1603
1633
1670
1687
1689
1728
Business equipment
do
1533
1810
1735
1765
181 1
1855
1876
1864
187 3
1884
1896
Industrial equipment #
do
1404
1204
1406
1359
1385
143 1
1433
1435
1453
1470
1456
Building and mining
equip
do
1876
1829
1907
1593
1736
1858
190 0
191 6
1946
1972
1998
Manufacturing equipment
do ....
127.4
107.1
127.4
126.2
130.1
129.7
131.0
128.6
129.8
129.9
130.9
Commercial, transit, farm
equipment #
do
2276
2170
2205
228 1
2379
1913
2345
2389
2359
2358
2388
Commercial equipment
do....
273.2
309.6
315.5
339.2
336.5
325.1
326.3
333.4
338.5
342.1
343.5
Transit equipment
do....
109.7
115.4
124.5
95.2
108.9
115.1
120.4
121.4
117.8
118.2
119.6
Defense and space equipment
do....
119.9
135.6
133.2
133.1
136.8
133.5
135.9
139.5
142.2
144.7
141.1
Intermediate products
do....
171.6
156.6
172.3
171.0
173.0
173.5
175.8
1751
173.4
173.1
173.2
Construction supplies
do
1425
1595
1609
1582
1589
1596
161 9
1609
1586
1569
1575
Business supplies
do
1707
1823
1835
186 1
1895
1857
189 1
1876
1880
1892
1888
Materials
do....
161.2
162.0
145.2
161.5
162.9
163.5
164.0
162.8
160.4
160.4
159.8
Durable goods materials
do....
161.6
161.6
165.3
138.6
161.3
163.0
164.2
164.3
162.9
162.3
161.0
Nondurable goods materials
do....
187.4
184.3
185.7
186.7
1867
184.0
182.1
174.5
186.5
1819
1804
Energy materials
do
131 5
132 1
131 9
1327
1294
1248
1332
1337
1330
1276
131 3
By industry groupings:
Mining and utilities
do. .
1429
1520
151 3
152 1
154.1
1544
1530
1533
1505
153 1
1524
Mining
do
1250
116 6
1257
1233
1270
1299
1283
1287
1236
1248
124 4
Metal mining
do....
91.7
98.0
80.9
98.5
96.8
83.4
84.5
91.2
96.4
87.5
76.3
Coal
do
1363
1558
151 4
1539
161 5
1765
171 7
1737
1278
1344
142 1
Oil and gas extraction #
do....
116.6
121.7
120.4
118.8
121.6
122.8
122.5
122.4
122.6
123.8
123.6
Crude oil
do .
957
957
95 1
970
955
965
958
950
96 1
968
955
Natural gas
do
100 9
947
993
1002
100 5
97 8
97 4
969
986
100 4
996
Stone and earth minerals
do
1404
1228
1450
1440
1479
1546
1475
146 0
151 9
1535
1478
Utilities
do
1724
1827
181 5
1823
1843
181 8
1806
1809
1847
1806
1837
Electric
do ....
196.0
205.4
207.7
209.1
205.3
206.8
209.6
204.0
204.4
203.8
205.9
Manufacturing
do....
148.2
164.8
163.4
164.2
165.7
166.2
166.6
166.6
167.3
167.6
166.6
Nondurable manufactures
do....
168.1
179.4
179.1
179.9
181.3
181.7
180.3
179.4
179.6
179.6
181.8
Foods . . . .
do
156 4
1632
163 1
1642
165 1
164 0
164 9
164 7
164 3
1629
164 1
Tobacco products
do
112 1
115 2
1133
112 8
117 4
120 5
118 3
113 8
113 1
119 5
115 1
Textile mill products
.
do
1408
1386
140 0
140 5
1320
1320
140 7
139 8
135 4
1333
140 3
Apparel products
do
Paper and products
do .
1744
1643
1724
174 1
1737
177 5
1735
173 6
1746
1767
1767
Printing and publishing
do....
169.7
174.1
152.5
166.3
174.0
167.5
169.0
170.5
172.3
172.6
173.1
Chemicals and products
do....
215.0
228.1
228.3
228.1
227.9
231.6
228.0
230.2
231.0
232.0
230.8
Petroleum products
do....
120.3
124.4
126.8
120.3
127.9
124.3
122.6
122.9
124.0
127.5
124.7
Rubber and plastics products . . . d o
291 9
3317
3280
334 1
341 0
3322
341 4
341 5
3384
3386
3313
Leather and products
do
61 9
59 9
61 4
56 6
63 5
60 0
60 6
55 0
55 9
59 1
57 9
Durable manufactures
do
134 5
154 6
152 6
153 3
154 9
157 6
157 6
157 2
157 8
157 1
157 1
Ordnance, pvt. and govt ..
do
954
1035
101 4
100 8
101 7
107 7
108 3
102 7
105 5
107 1
108 6
Lumber and products
do
1372
1487
151 2
1463
1504
148 5
146 0
1492
1526
1522
148 8
Furniture and fixtures
do.
1705
1902
1866
1905
191 9
1947
1906
1926
195 3
1943
192 1
Clay, glass, and stone products
do
143 4
159 7
160 0
160 6
159 7
159 0
158 9
160 9
160 0
158 0
160 1
94
i
Primary metals
do
854
95 1
92
7
99 3
98 2
97 9
94 4
91 5
87 8
94 5
Iron and steel
do
71 5
79 8
84 0
83 5
83 5
74 6
72 1
76 5
77 7
77 5
73 9
Nonferrous metals
do
110 1
1223
1229
121 4
122 1
121 8
131 7
124 3
1248
1157
1243
Fabricated metal products
do
120 2
137 5
135 5
136 5
138 7
140 7
139 0
140 2
140 6
140 0
139 5
Nonelectrical machinery
do....
150.6
181.5
174.9
178.8
182.0
187.9
187.7
188.3
186.9
189.1
188.9
214 6
Electrical machinery
do
221 5
217 4
185 5
214 5
216 0
222 3
221 5
222 8
222 5
224 5
Transportation equipment...
do
1178
1376
134 5
135 0
137 2
140 6
141 0
137 6
137 2
141 3
143 3
Motor vehicles and parts
do....
137.1
165.7
161.9
163.0
165.3
169.0
169.6
162.4
161.7
170.8
171.8
Instruments
do
1587
1742
171 0
171 8
174 5
180 3
176 7
177 4
178 5
176 5
177 5
BUSINESS SALES
Mfg. and trade sales (unadj.), total @
mil. $.. 4,424,965 4,940,798 404,150 426,062 432,311 395,232 417,072 413,047 426,712 420,403 433,117
Mfg. and trade sales (seas, adj.),
1
total @
do
4 424 965 1 4 940 798 408 342 412 524 413 976 412 233 413 300 412 276 414 243 417 635 421 613
Manufacturing, total tt
do.. n 2 045 297n 2 274 932 187 669 188 397 189 255 189 896 191 155 189 330 191 275 193 043 196 181
Durable goods industries
do... 1,019,411 1, 182 019 r95 460 r96 895 r97 732 r97 841 100 254 r98 214 100 807 102 394 103 939
Nondurable goods industries
do ... 1,025,886 rl,092,913 r92 209 r91 502 r91 523 r92'055 r90 901 '91 116 r90 468 '90 649 '92*242
1
Retail trade, total $
do
1 174 298 1 1 297 015 107 443 107 941 109 085 107 563 107 396 108 373 108 974 110 255 110 519
Durable goods stores
do ...
396,493
464,287
38,302
38,667
39,434
38,071
38,301
39,281
39,934
38,465
40,295
Nondurable goods stores
do..
777 805
832 728
69 141
69274
69651
69098
69325
70072
69693
70321 70224
1
1
Merchant wholesalers, total t
do... 1,205,370 1,368,851 113,230 116,186 115,636 114,774 114,749 114,573 113,994 114,337 114,913
Durable goods establishments
do...
516,964
613,382
50,674
52,126
52,317
51,818
51,920
51,888
51,780
51,505
51,045
Nondurable goods establishments
do ...
698,406
755,469
62,556
64,060
63,319
62,829
62,956
62,685
62,214
62,832
63,868
Mfg. and trade sales in constant (1972)
dollars (seas, adj.), total §
bil $
1759
179 5
1803
1783
1781
179 7
1827
1786
1789
Manufacturing
do
797
808
81 2
81 9
807
809
81 7
808
833
Retail trade
do
534
54 3
54 7
53 7
53 2
54 1
53 5
54 1
55 1
44 4
435
Merchant wholesalers
do
428
44 4
43 7
44 0
438
44 0
44 3
See footnotes at end of tables.
160.5
1920
174.3
151.5
1429
162.8
162.5
1895
169.8
144.9
147.4
162.0
164.6
1908
170.8
146.9
149.9
161.9
"161.9
"1886
"167.6
"142.9
"146.9
"162.6
161.6
188.8
167.9
141.2
146.4
162.7
1732
1728
1729
"1744
1750
1622
186.0
1730
1892
1446
161.2
186.2
1723
1884
1428
160.4
187.4
1730
1880
1394
"189.2
"1735
"1878
"1395
189.4
1732
187 1
1393
1950
1869
174 1
"1693
1680
129.3
128.8
128.0
"130.5
130.9
2407
348.4
118.5
145.8
1727
1569
1884
160.5
161.6
1806
1333
241 1
349.8
118.5
145.4
173.1
1568
1893
161.6
161.8
181.7
1364
r
2442
r
355.6
117.6
147.8
174.0
1578
190 1
161.8
162.1
182.1
1359
"2436
"352.8
"120.4
"149.5
"173.9
"1587
"1890
"160.9
"161.6
"181 1
"1344
'2422
'350.6
119.6
149.9
174.5
159 1
1530
1256
82.7
1445
124.0
973
1033
1467
1836
206.7
166.6
179.6
1649
115 7
131 5
155.1
1255
'88.0
1548
121.5
r
997
1005
1478
1882
213.6
166.6
179.1
1635
1208
131 5
155.6
1272
r
99.6
1680
121.0
1005
"1541
"1237
"98.6
"151 9
"118.3
"1008
154.4
1229
1455
1873
'211.8
167.3
179.4
1637
1209
1310
"1467
"188 1
"213.1
"167.0
"179.8
1743
174.5
227.8
116.1
3345
54 1
157 6
107 5
1504
1870
159 4
89 7
72 2
1228
139 4
189.2
2203
145 8
176.3
179 3
1763
173.9
'227.4
117.7
334 1
54 1
158 0
1079
1485
1908
160
4
r
923
'74 6
1257
141 6
188.6
r
219 9
144 6
172.3
1790
1757
175.3
'228.1
119.3
'3340
r
552
1589
107 9
151 2
1890
1610
r
952
r
81 3
118 1
142 1
188.6
r
221 1
1453
172.2
1802
"1710
"176.3
"228.9
"123.3
"3420
"550
"1582
"1089
"151 7
"1892
"161 5
"937
"782
"1200
"141 6
"189.2
"217 7
"1446
"171.0
"1792
386,374
392,159 '430,696
424,898
417 350
191 724
101 966
89758
110 972
40,622
70350
114,654
52,582
62,072
418 667
192 261
101 724
90537
112096
41,073
71023
114,310
50,874
63,436
1806
81 4
54 8
44 4
181 1
81 5
55 4
44 2
r
160.4
160.4
180.4
1354
148 1
118.4
1896
'215.1
166.9
179.7
"129 1
420 827
194 354
102
167
r
92 187
111 854
'40,765
'71 089
114,619
'52,729
'61,890
425 696
193 646
102 091
91,555
114 584
42,566
72018
117,466
52,942
64,524
181 8
822
'55 2
44 4
1833
81 8
56 1
45 4
171.0
176.4
123"4
1580
1099
e
936
141 1
189.3
e
2158
1455
172.4
1792
Unless otherwise stated in footnotes
below, data through 1982 and
methodological notes are as shown in
BUSINESS STATISTICS: 1982
S-3
SURVEY OF CURRENT BUSINESS
June 1985
IT .,
unils
1983
1985
1984
Annual
1984
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
GENERAL BUSINESS INDICATORS—Continued
BUSINESS INVENTORIES
Mfg. and trade inventories, book value, end of
period (unadj ), total @
mil $
514 377
566 119 548 272 551 676 550 565 553 030 558 519 565 439 577 714 582 094 566 119
Mfg. and trade inventories, book value, end of
period (seas, adj.), total @
mil. $..
520,281
573,434 545,926 550,503 552,421 557,168 561,715 565,475 568,750 571,239 573,434
Manufacturing, total tt
do
'260 682 r285 709 r270 640 r274 268 '277 207 '279 774 '282 774 '284 531 '285 597 '285 668 '285 709
Durable goods industries
do.... 171,629 191,109 178,381 180,543 182,474 184,588 187,035 188,619 190 088 190,669 191,109
r
r
Nondurable goods industries
do
89 053
94 600 r92 259 r93 725 r94 733 '95 186 '95 739 '95912 '95 509 '94 999 '94 600
Retail trade, total :j:
do
139 123
155517 149 627 149 493 148 469 148 817 149 508 150 334 152 130 153 070 155 517
Durable goods stores
do
66,845
74582
72232
71 356
70504
70201
71 896
72839
74582
70012
70801
Nondurable goods stores
do
80 935
72278
77 395
78 137
77 965
80 234
80 231
80 935
78 805
79 307
79 533
Merchant wholesalers total t
do
120 476
132 208 125 659 126 742 126 745 128 577 129 433 130 610 131 023 132 501 132 208
Durable goods establishments
do ....
77,331
86,436
80,255
80,962
81,871
85,868
86,436
82,913
83,908
84,882
85,208
Nondurable goods establishments
do ....
45,772
45,404
44,874
45,772
43,145
45,780
45,664
45,525
45,815
46,633
45,728
Mfg. and trade inventories in constant (1972)
dollars, end of period(seas adj ) total § bil $
276 1
2680
2700
2700
272 1
2743
277 6
2783
2790
Manufacturing
do....
138.9
140.5
141.6
144.0
145.1
144.9
142.6
1449
145.3
Retail trade
do
71 8
71 8
71 1
71 5
727
728
738
71 3
718
Merchant wholesalers
do ...
573
577
603
572
582
588
594
603
596
BUSINESS INVENTORY-SALES RATIOS
Manufacturing and trade total @
ratio
1 37
1 34
1 34
1 33
1 36
1 37
1 36
1 33
'1 35
137
1 37
1.44
1.52
1.46
1.46
1.46
1.47
1.48
1.49
1.48
1.46
Manufacturing, total tt
do....
1.50
Durable goods industries
do....
2.01
1.85
1.87
1.87
1.87
1.84
1.86
1.89
1.92
1.89
1.86
Materials and supplies
do .
60
55
55
54
55
55
56
56
56
55
57
Work in process
do
90
84
85
84
85
86
85
87
85
88
87
Finished goods
do
51
45
45
45
45
45
46
45
46
46
45
Nondurable goods industries
do
1 03
1 03
1 00
102
104
1 05
1 05
103
1 05
1 06
1 03
Materials and supplies
do
41
41
40
41
41
41
41
42
41
41
40
Work in process
do
17
16
16
17
17
16
16
16
17
16
16
Finished goods
..do .
46
46
44
48
45
46
46
48
48
48
47
Retail trade total $
do
1 34
137
1 39
138
136
1 39
1 40
139
1 41
138
1 39
Durable goods stores . . .
do
193
1 89
179
1 88
1 85
1 82
1 84
1 83
1 82
1 85
1 85
Nondurable goods stores
do
1 12
107
1 12
1 13
1 12
1 14
1 14
1 14
1 15
1 14
1 15
Merchant wholesalers, total t
do
1 17
1 11
1 11
1 09
1 10
1 12
1 13
1 15
1 16
1 15
1 14
Durable goods establishments
do ....
1.76
1.60
1.58
1.55
1.56
1.62
1.67
1.69
1.60
1.64
1.65
Nondurable goods establishments
do ....
.71
.72
.73
.71
.72
.74
.71
.73
.73
.74
.72
Manufacturing and trade in constant (1972)
dollars, total §
do....
1.55
1.52
1.50
1.50
1.52
1.53
1.56
1.53
155
Manufacturing
do
174
1 74
175
1 77
1 80
178
1 74
1 76
1 80
Retail trade
do
1 35
1 34
1 32
1 30
1 33
1 34
1 36
1 34
1 33
Merchant wholesalers
do
1 34
1 37
1 30
1 29
132
1 34
1 37
1 37
1 36
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS tt
Shipments (not seas, adj.), total
mil. $.. r2,045,297 r2,274,932 188,740 191,189 '202,091 175,871 188,640 199,382 196,319 190,545 189,108
r
Durable goods industries total
do
l 019 4111 182 019 r97 430 '99 496 106 668 '88 392 '96 620 '103 544 '103 893 '100 716 '99 614
r
Stone, clay, and glass products
do....
4,578
49,058
54,993
4,639
4,101
4,719
4,923
4,526
4,981
4,998
4,931
Primary metals
do
117 904 131 152 11 523 11 503 11 954 '10 101 '10 952 10 569 10 926 10 263
'9252
r
Blast furnaces, steel mills
do....
'4,763
48,189
'53,836
'4,101
'3,741
4,844
'5,003
'4,432
'4,428
'4,216
'4,286
Fabricated metal products
do....
120,570 139,213
11,106 11,447 12,238 10,713 11,786 12,346 12,670 12,380 11,909
Machinery, except electrical
do ....
178,267 r210,168
16,685
17644 19,505 15762 16389 19 297 18 059 17,799 19,328
Electrical machinery
do....
156,016 182,534
14,646 14,980 16,549 13,700 15,009 16,718 15,605 15,372 16,572
r
Transportation equipment
do
240 496 288 306 r 24 210 '24 458 r25 820 '20 081 '22 260 '23 777 '25 630 '25 612 '24 438
Motor vehicles and parts
do....
151,870 191,493 16,414
16,715 17,056 12,854 14,791 15,106 17,345 17,113 14,226
r
Instruments and related products
do....
4,371
'47,913
'53,511
'4,706
'4,564
'4,550
'4,469
'4,854
'4,436
'4,914
'4,168
Nondurable goods industries, total
do .... 1,025,886 1,092,913 '91,310 r91,693 r95,423 '87,479 '92,020 '95,838 '92,426 '89,829 '89,494
r
Food and kindred products
do
286 605 295 050 '24 342 '24 453 '25 549 '23 733 '24 452 '25 897 '25 279 '24 427 '24 894
Tobacco products
do
15 462
16
918
1 343
1 717
1 286
l'420
1 641
1 571 1 379
1 291 1 494
r
r
r
r
Textile mill products
do....
'4 141
4677
52^219
55,078
'4259
'4643
4745
4977
'4697
'4918
'3843
r
Paper and allied products
do
85135
7917
95 944
7721
7860
8 076
8 546
8 167
8 170
8 149
7 706
Chemical and allied products
do....
190,230 '211,833 18,323 18'509 19,064 16,502 17,447 18,349 16,951 16,524 17,550
Petroleum and coal products
do....
191,551 r200,588
16,588
17,153
16,850
17,366
16,641
16,584
16,608
16,783
17,509
r
r
r
Rubber and plastics products
do....
50,320
52,147
'3,857
4,471
4,407
'4,678
'4,441
'4,557
'4,423
'4,316
'4,190
Shipments (seas, adj.), total
do....
187,669 188 397 189 255 189 896 191 155 189 330 191 275 193,043 196,181
By industry group:
r
Durable goods industries, total #
do....
95,460 r96 895 r97 732 '97 841 100 254 '98 214 100 807 102 394 103,939
Stone, clav, and glass products
do
'4 519
'4693
'4 567
'4 474
'4 706
'4722
'4 573
'4 680
'4 510
Primary metals
do
10979 11 060 11 167 11 098 '11 170 '10 471 '10 912 10846 10 322
r
r
r
Blast furnaces, steel mills
do....
'4 334
'4092
4519
4717
4619
'4559
'4494
'4622
'4369
Fabricated metal products
do
10 883 11 070 11 318 '11 560 '11 612 '11 737 '12 110 '12 726 '12 910
Machinery, except electrical
do
16 941 17 556 17 667 '17 474 '17 645 '18 122 '18 149 18 012 17 915
Electrical machinery
do
14
599 14 980 15391 15 127 '15 434 15705 15338 15378 16730
r
Transportation equipment
do ...
22 977 r23 026 r23 016 '23 437 '24 942 '22 905 '24 586 '25 847 '26,556
Motor vehicles and parts..
do
15 227 15322 14 922 15 575 16872 '14 588 16 175 17 388 17 427
Instruments
and related
r
products
do
'4523
'4562
4534
'4 541
'4510
'4428
'4 544
'4 504
'4 540
r
Nondurable goods industries, total # do...
92
209 r91 502 r91 523 '92 055 '90 901 '91 116 '90 468 '90 649 '92 242
r
Food and kindred products ..
do
25013 '24 540 '24 408 '25 091 '24 429
24 329 '24 614 '24 593 '25 023
Tobacco products
do
1 309 1
469 1 499 1 399 '1 412 '1 421 '1 356 '1 331 '1 599
r
Textile mill products
do
'4715
'4545
'4375
'4412
4656
'4 505
'4 518
'4 556
'4459
r
r
Paper and allied products
do...
7,841
'8,167
'8,253
8,028
'8,143
'8,004
'7,997
'8,050
'8,137
Chemicals and allied products
do
17 664 17 583 17 875 17 995 17 980 17 666 17 732 17 557 18095
Petroleum and coal products
do
17
595
16
926
'16
824
'16
416
'16
592
'16
416
'16
714
'16
426
'17
087
r
r
Rubber and plastics products
do...
'4,334
4,401
'4,346
'4,142
4,416
'4,362
'4,302
'4,272
'4,435
See footnotes at end of tables.
568 432
577 064 '580 273
583 698
575,802
285 785
192,153
93632
157 770
76393
81 377
132 247
86,423
45,824
578,940
286 146
192,030
94 116
159 163
76838
82325
133 631
87,589
46,042
'578,768
'286 171
192,355
'93 816
158 732
'77,401
'81 331
133 865
'87,084
'46,781
581,278
286 465
192,540
93,925
160,645
78,739
81 906
134 168
87,698
46,470
2804
145.1
749
60.3
2823
145.4
759
61.0
'2827
145.4
'763
'61.0
2839
145.7
769
61.3
1 38
1.49
1.88
91
87
47
1 04
41
16
47
1 42
1 88
1 16
1 15
1.64
.74
1 38
1.49
1.89
91
87
46
1 04
41
16
47
1 42
1 87
1 16
1 17
1.72
.73
1 38
1.47
1.88
'.54
88
46
1 02
'39
16
47
1 42
1 90
1 14
1 17
1.65
'.76
1 37
1.48
1.89
.55
88
46
1 03
40
16
.47
1 40
1 85
1 14
1 14
1.66
.72
1.55
178
1 37
1 36
1.56
178
1 37
1 38
1.56
177
1 38
1 38
1.55
178
1 37
1 35
175,771 192,579 '203,966
91 591 101 849 109 358
'4,725
4,015
4,391
10 185
10771 10912
'4,579
4,281
4,483
11,936
13,055 14,106
17,107 19,982
14,734
13,557
15,288 16,352
24 341
26707 '27 639
17,904 17,962
17,168
'4,946
4,099
4,645
84,180
90,730 '94,608
24969 '25 939
22817
1 522 1 800
1 208
'4,720
3,706
4,224
'8,394
7811
8389
17,124
17,860 19,157
14,699
15,285 15,923
'4,107
3,894
4,155
191,724 192,261 194,354
194,715
103 923
4,969
10921
4,634
13,704
17,808
14,609
26699
17,743
4,566
90,792
23801
1 442
4,313
8,062
18,727
16,394
4,243
193,646
101,966
4742
10500
4,377
13478
16788
14782
26,795
18359
4542
89,758
24825
1 329
4254
8,069
18001
14869
4,227
101,724 102,167
'4,670
4718
10,411 10,034
'4,181
4,282
13204 13,470
18
367
17049
15220 15,544
'25,120
26,331
17497 16,187
4784
90,537
24 893
1 684
4231
8,140
17630
15 554
4,185
'4,692
'92,187
'25,045
1 874
'4,306
'8,047
17 583
16520
'4,102
102,091
4,909
10,408
4,401
13,503
18 167
14,583
25,394
16,471
4,738
91,555
24,424
1 468
4,346
7,995
17 984
16812
4,180
May
S-4
Unless otherwise stated in footnotes
below, data through 1982 and
methodological notes are as shown in
BUSINESS STATISTICS: 1982
SURVEY OF CURRENT BUSINESS
Annual
1T ..
Lnits
1983
June 1985
1985
1984
1984
Apr.
June
May
Aug.
July
Nov.
Oct.
Sept.
Dec.
Jan.
Feb.
Mar.
Apr.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS t_Continued
Shipments (seas, adj.)— Continued
By market category:
;
Home goods and apparel
mil $
145 185 rlrl 156 346 12817
1
Consumer staples
do
403 584 r33 666
383,308
Equipment and defense products,
n
1
except auto
do
297 016 rl 338 881 r27 109
1
Automotive equipment
do
174,193
2 15 445 17 227
Construction materials, supplies, and
1
rl
intermediate products .
do
157 168
179 172 14 298
Other materials, supplies, and
intermediate products
do .. rl 888,427 n 981,500 r82,552
Supplementary series:
1
r
Household durables
do....
64,777 rl 75,036
5,933
1 337 497 n 386 980 '31 040
Capital goods industries
do
1
rl
r
Nondefense
do
272
339 rl314 475
25 124
1
r
Defense
do
72 503
65 158
5916
Inventories, end of year or month:
r
r
Book value (unadjusted) total
do
257 601 281 956 272 659
Durable goods industries total
do
169 023 188091
179 864
r
Nondurable goods industries total
do
93 865 r92 795
88578
r
r
Book value (seasonally adjusted) total
do
260 682 285 709 r270 640
By industry group:
Durable goods industries,
total #
do
171 629 191 109 178 381
Stone, clay, and glass
r
r
r
products
do
5869
5676
5735
r
Primary metals
do
19 403
20 632 r20 327
r
Blast furnaces, steel mills
do....
'9,401
9,213
'9,472
r
Fabricated metal products
do ....
19,251 18,176
!7,764
Machinery, except electrical
do....
'36,757
'40,696 '37,920
r
Electrical machinery
do
'28
178
'32
783 29 432
r
r
Transportation equipment
do
40 457
47 418 r42 843
Motor
vehicles
and
r
r
parts
do ..
9,408
11,219
9,940
Instruments and related
r
r
products
do
9,007
9,412
'9 188
By stage of fabrication:
r
r
Materials and supplies
do
51 604
56 469 r53 215
r
r
Work in process
do
77 463
88 105 r81 536
r
r
Finished goods
do
42 562
46 535 r43 630
Nondurable goods industries,
r
r
total #.. .
do
89 053
94 600 r92 259
Food and kindred products
do....
'21,500
'20,869
'21,544
r
r
r
Tobacco products
do
3,935
3,558
3690
r
r
r
Textile mill products
do
7017
6908
l 121
r
Paper and allied products
do....
'8,728
'9,691
9,039
Chemicals and allied
r
products
do
21 872 r20 485
19616
Petroleum
and
coal
r
r
r
products
do
8266
8427
8831
Rubber and
plastics
r
r
products
do
'5989
5676
5803
By stage of fabrication:
r
r
Materials and supplies
do
36 170
36 635 r36 868
Work in process
do
14
480
14811 14 877
r
r
Finished goods
do
43 154 r40 514
38 403
By market category:
Home goods and apparel
do....
'21,018
'23,046
'21,997
r
r
Consumer staples
do
32 266
34 262 r33 114
Equip, and defense prod.,
r
exc. auto
do
'73 281
83 372 r76 272
Automotive equipment
do....
11,566
13,713 12,136
Construction materials, supplies, and
intermediate products
do
19 150
19 551 19 515
Other materials, supplies, and
intermediate products
do
103 401 111 765 107 606
Supplementary series:
Household durables
do
10
110
11
585 10 611
r
r
Capital goods industries
do....
83,226
94,813 rr86,661
r
r
Nondefense
do
65 389
72
296
67 644
r
Defense
do
17 837
22 517 19 017
New orders, net (not seas, adj.),
total
do
'2 079 102 '2 299 609 190 944
Durable goods industries, total
do .... 1,051,573 1,207,327 '99,591
Nondurable goods industries, total
do .... 1,027,529 1,092,282 r91 353
New orders, net (seas, adj.), total
do.... n 2,079,102 rl 2,299,609 189,360
By industry group:
Durable goods industries, total ..
do rl 1 051 573Tl 1 207 327 r97 307
1
Primary metals
do
123 394 n 129 346 11 689
Blast furnaces, steel mills
do....
' 51,282 rl 52,547
'4,710
Nonferrous and other prir
mary metals
. do
'59618 rlrl 61 342
5645
Fabricated metal products
do .... 119,455
140,282 10,861
rl
Machinery, except electrical
do
180874
213
008
17
191
Electrical machinery
do... 1 165,573 "191,281 15,166
Transportation equipment
do
' 254 004 rl rl301 530 r23 136
r
Aircraft, missiles, and parts
do...
'81,899
93,227
6510
Nondurable goods industries, total
do... "1, 027, 529rl 1,092,282 r92 053
Industries
with
unfilled
1
orders t
do
222 706 rl 244 241 r20 028
Industries without unfilled
1
orders A
do
804 823 "848041 r72 025
By market category:
n
Home goods and apparel
do
145 896 rl 156 164 12814
Consumer staples
do . 1 383 242 " 403,509 r33,656
Equip, and defense prod., exc. auto
do... ' 310,882 "361,887 r27,020
1
Automotive equipment . . .
do
176 620 "214 151 17 387
Construction materials, supplies, and
intermediate products
d o . . 1 156,572 " 179,527 14,251
Other materials, supplies, and
intermediate products
do... rl 905,890 "984,368 r84,232
Supplementary series:
n
Household durables
do...
65,389 "74,969
'5,947
Capital goods industries
do ... '354,712 "413,931 r31,471
Nondefense
do ... '273,162 "324,208 '26,332
1
r
Defense
do...
81,550 "89,723
5,139
See footnotes at end of tables.
13
273
r
33 463
13
176
r
33 725
13
023
r
34 230
12
885
r
33 702
12
809
r
33 621
12 868
r
33 969
12839
'33 718
13,183
r
34,675
12837
34 512
12982
34,677
13,273
r
35,116
13,252
33,917
r
27 834
17 387
r
28 507
16951
r
27 969
17,549
r
28 420
18,806
r
29 296
16 533
r
28 951
18 109
'29 403
19 388
r
30,531
19,324
27920
20,389
29552
19,345
r
30,393
18,397
14 320
14 620
14 636
15 007
15 136
15 574
16018
16371
16688
16338
16,669
17,021
r
r
r
82,489
r
r
r
r
r
82,097
79,378
79,367
r
80,261
80,666
r
6,439
r
32 505
r
26
585
r
r
6,331
r
31 979
r
25
926
r
r
6,295
r
32 393
r
26
360
r
'6,263
33 452
'27
371
r
6081
r
33 105
r
26
782
r
'6,348
35 086
'28
321
r
6765
6,521
31 628
25248
6380
6,316
33029
26334
6695
'6,502
485
767
6,718
6,489
33653
27220
6,433
276 691 277 564 279 544 283 072 283 187 285 417 284 794 r281 956
182 582 183
264 184 794 187 591 187 888 189 632 189 368 188 091
r
94 109 r94 300 r94 751 r95 482 r95 299 r95 785 r95 426 r93 865
r
r
274 268 277 207 r279 774 r282 774 r284 531 r285 597 r285 668 r285 709
284 529
190 648
93881
285 785
287 323 r286 913
157
192814 193
94509 r93 756
r
286 146 286 171
288 523
194 054
94469
286 465
180 543 182 474 184 588 187 035 188619 190 088 190 669 191 109
192 153
192 030 192 355
192 540
82,120
82,276
r
6,337
r
31 671
r
25911
r
5760
r
r
6053
5920
r
r
r
82,335
6033
r
r
r
'6,533
'6,377
r
33 434
r
27
095
r
6323
6339
F
r
r
r
81,677
81,804
81,935
r
r
r
30,887
18,148
r
34
r
27
r
r
5783
r
20 770
'9,729
18,248
'38,172
r
29 860
r
43 742
5851
r
20 980
'9,822
18,479
'38,529
r
30 312
'44 325
5878
r
21 073
r
9,897
18,353
'39,059
r
30 912
r
45 202
5897
r
21 199
r
9,983
18,283
r
39,939
r
31 459
r
46 077
5932
r
21 270
'9,990
18,712
'39,835
r
31 934
r
46 824
5896
r
20
927
r
9,764
18,803
r
40,360
r
32 564
r
47 281
'5887
r
20
734
r
9,612
19,269
'40,659
r
32 764
r
47 092
5869
r
20 632
'9,401
19,251
'40,696
r
32 783
r
47 418
5911
19577
8,950
19,139
41,463
33396
47801
5880
19310
8,816
19,024
41,669
33537
47733
5958
19
558
r
8,878
19,210
'41,502
r
33 614
r
47 708
5937
19290
8,722
19,176
41,571
33652
48058
10,129
10,265
10,510
10,579
10,747
10,963
10,923
11,219
11,115
11,251
r
r
9313
r
9372
r
9,477
r
9,513
r
9360
r
9,470
10,993
11,142
9,412
9537
9,670
r
9,417
r
9,714
9,712
r
53 950
''82 730
r
43 863
r
54 470
r
83 817
r
r
55 491
r
84 797
r
r
56
r
86
r
155
170
44 710
r
56 592
r
86 886
r
r
56 619
r
87 685
r
r
56 101
r
88 290
r
r
56 469
r
88 105
r
92764
88672
47448
92682
88967
47295
r
55 445
r
89,684
r
55755
89,331
47,454
r
93 725
'22,032
r
3648
7203
'9,141
r
94 733
r
21,997
r
3558
r
r
95 186
r
22,061
r
3,543
r
7331
r
r
95 739
r
21,933
r
3511
r
7364
r
r
95912
r
21,630
r
3578
r
r
95 509
'21,344
r
3,586
r
7342
'9,594
r
94 999
'21,448
r
3,544
r
l 118
'9,667
r
94 600
'21,500
r
3,558
r
7017
r
9,691
93632
23,800
3,599
6946
9,880
94 116
24,183
3,629
6991
9,883
r
93 816
r
93925
23,995
3,470
6866
9,876
'20 740
r
'21 545
r
r
r
r
r
21 360
21 366
r
21484
44 187
7286
'9,235
21 492
r
9007
r
r
5997
44,300
9,368
8850
r
'6 145
r
45 141
7310
'9,581
9,461
21 874
8821
r
6 199
r
22 247
8839
r
6283
r
45,784
22 102
8757
r
8800
6 158
r
6 104
46,278
21 918
r
46,535
21 872
47,226
24,180
3,530
r
6932
'9,942
21 420
8609
r
8427
8209
8045
r
6043
r
5989
5931
6028
r
8,042
7,998
6069
6084
'37 447
15027
r
41 251
37 387
15
152
r
42 194
r
37 595
14
943
r
42 648
'37 513
15
135
r
43 091
37 534
14*968
r
43 410
r
37 387
15014
r
43 108
r
37 197
14*810
r
42 992
r
36 635
14811
r
43 154
36731
14656
42245
36914
14642
42560
'36 400
14,524
r
42,892
36403
14384
43,138
'22,159
r
33 558
r
22,352
r
'22,554
r
34 032
r
22,676
r
r
22,845
r
'23,021
r
34 084
'22,959
r
34 223
'23,046
r
34 262
23,136
34 102
22,885
34417
'22,685
r
34,209
22,800
34,322
r
77 264
12,435
r
78 128
12,588
r
79 489
12,856
'81 221
13,001
r
81 815
13',175
r
83 129
13,422
r
83 526
13*397
r
83 372
13,713
84796
13,499
85263
13,680
r
85284
13,723
19 559
19 622
19 656
r
!9 591 19 639
19 681
19 850
19 551
19583
19495
109 293 110 838 111 187 112 194 112 884 112 260 111 713 111 765
110 669
10
634
r
87 923
'68 409
19 514
r
33 679
10769
r
89 027
rgg 992
r
20'035
10
922
r
90,586
r
69
852
r
20 734
34 091
11
045
r
92 440
r
71
125
r
21 315
r
34 173
11
203
r
93 251
'71
110
r
22 141
11
378 11 371
r
94,487 rr94,629
'71
936 72 048
r
22 551 r22 581
11 585
'94*813
'72 296
r
22 517
192 708 r!99 215 178 051 187 068 197 133 r!93 050 190 850 r!90 119
101,114
103,962 '90,449 '95,493 101,496 100,935 101,287 100,479
r
91 594 r95 253 r87,602 r91 575 r95 637 r92,115 r89,563 r89,640
192,384 189,911 194,061 192,384 189,217 186,799 194,982 193,671
100 950
10 349
r
4,025
r
98
340 101 979 101 860
r
9 969 r ll 012 10
848
r
r
3,718
'4,386
4,377
r
98 210
10 086
'3,954
r
96
r
506 104 434 101 307
!0 462 10 536 10 098
'4,368
'4,338
'4,248
99,728
10
020
r
4,094
99540
10977
4,753
r
4,657
13,253
18782
15,871
r
22,532
r
4,986
'91,988
4911
13,430
16889
14,173
23917
20811
20927
20704
r
69 816
r
70 207
r
71 553
68836
69886
r
71 152
70 916
13426
34516
29,982
20231
12962
34758
30,366
19662
13
094
r
35,047
'30,750
18 123
13047
33913
29,420
18222
r
20 669
r
r
20 475
r
'71 020
r
r
71413
r
r
70 532
r
13 394
r
33 473
'31,368
17 358
12952
r
33718
'30,175
16 845
13
090
r
34,219
'30,778
17 465
14,287
14 522
r
'81,699
'6,239
34 555
'27,721
'6,834
r
r
r
r
105 447 102 467
10 015
10 803
4,377
4,680
20 341
20 414
'6,456
'35,210
'28,562
'6,648
192 314
101,627
90,687
190,827
r
r
82,504
183 087 195781 r204 427
98,622 105,013 109,927
90,768 r94,500
84,465
195,210 193,057 191,716
20 477
r
r
4896
4925
11,995 12,257
17 800 16 928
16,592 14,929
r
226
22 605 r22
r
5211
'7 148
'91 007 r90 293
12709
11 640
97,128
73312
23816
4527
12,979
20497
14,502
24831
6095
90590
r
5086
11,892
17 705
16,457
r
25 491
r
7633
r
90 524
70 335
11
694
r
96,629
r
73
140
r
23 489
11 680
96,834
73 429
23405
11 837
96,427
73 336
23 091
4826
13,582
15255
17,935
27 818
8329
89763
r
5249
11,392
18 692
16,232
'25 170
r
8417
r
92 082
70 858
19629
110707
r
4734
12,824
16751
15,136
r
26 725
r
8 106
r
92 364
4913
11,210
18312
16,287
r
23
598
r
7 178
r
91 571
20 189
19 563
110 406 111 264
r
4985
13,131
17 905
14,976
r
28 470
r
9723
r
90 548
r
5084
11,161
18 363
16,944
r
24
563
r
7462
r
91 434
20 713
84 844
13,606
20 836
91287
20371
r
33714
r
r
33 593
r
30,247
16 107
'27,318
17 707
12 354
r
33,690
'32,982
19 110
13
197
r
34 675
'29,016
19 186
14,530
15 249
15 059
15681
16 057
16 574
16822
16511
16,322
17041
'83,979
r
r
r
r
r
81,023
80,233
78,798
'78,380
79,184
'6,371
34 341
'26,893
1,448
7,093
34694
23,633
11,061
'6,351
33 446
'27,206
'6,240
6,312
31 350
25,271
6,079
'6,377
35,740
'28,140
r
7,600
r
12 873
30,744
18476
81,328
r
6,320
34 826
'26,736
r
8,090
r
81,502
'6,188
34 695
'27,394
'7,301
r
12700
r
34 003
79,390
'6,417
30 426
'25,259
'5,167
r
80,789
r
5,925
36 927
'26,836
10,091
r
r
r
r
6,220
34 201
29,493
r
4,708
r
May
Unless otherwise stated in footnotes
below, data through 1982 and
methodological notes are as shown in
BUSINESS STATISTICS: 1982
S-5
SURVEY OF CURRENT BUSINESS
June 1985
„
1985
1984
Annual
|f
1983
1984
Apr.
June
May
Aug.
July
Nov.
Oct.
Sept.
Apr.
Mar.
Feb.
Jan.
Dec.
May
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS t I—Continued
Unfilled orders, end of period (unadjusted),
total .
mil $
Durable goods industries, total
do
Nondurable goods industries with
unfilled orders i
do .
Unfilled orders, end of period (seasonally
adjusted) total
mil $
By industry group:
Durable goods industries, total #
do ....
Primary metals
do
Blast furnaces steel mills
do
Nonferrous and other primary metals
do....
Fabricated metal products
do
Machinery, except electrical
do ....
Electrical machinery
do....
Transportation equipment
do....
Aircraft,
missiles,
and
parts
do....
Nondurable goods industries with
unfilled orders ±
do....
By market category:
Home goods and apparel *
do....
Consumer staples *
do....
Equip, and defense prod., excl.
auto * .
do
Automotive equipment *
do
Construction materials, supplies, and
intermediate products
do
Other materials, supplies, and
intermediate products
do
Supplementary series:
Household durables
do....
Capital goods industries
do....
Nondefense
do ....
Defense
do
BUSINESS INCORPORATIONS @
New incorporations (50 States and Dist. Col.):
Unadjusted
number
Seasonally adjusted
do
INDUSTRIAL AND COMMERCIAL
FAILURES @
Failures, total
number ..
Commercial service
do....
Construction
do
Manufacturing and mining
do
Retail trade
do
Wholesale trade
do
Liabilities (current), total
thous $
Commercial service
do....
Construction
do
Manufacturing and mining
do
Retail trade
do
Wholesale trade
. do
Failure annual rate (seasonally adjusted)
No. per 10,000 concerns ..
'328 232 r352 940 '357 868 r359 391 '356 519 '358 699 '357 132 '354 888 '351 620 '351 926 '352 940
'317 708 r343 026 r346 749 r348 369 '345 664 '347 720 '346 596 '344 549 '341 591 '342 161 '343 026
360 261 '363,459 '363,917
350 061 '353,223 '353,790
361,511
351,490
10,127
10,021
350 763 354 750 '355 406 '359 571 '360 800 '360 687 '356211 '358 150 '355 640
359 125 '359,926 '357,285
354,467
320,123
'345,443 '339,933 '343,988 '344,596 '348,734 '350,340 '350,336 '346,035 '348,075 '345,443
r
20877 '20 791 '20 469 '20 084 19 634 19 324 19 100
20 933 19 100 r 22 786 '22 075
rg 504
rg ggo
rg 660
'9 459
'9 223
'9 041
'9 969
'8 626 rg 470
11 052 10 360
348,924 '349,671 '347,230
19009 18,993
19403
'8970
9058
8 963
344,678
19,562
9322
r
10524
r
9914
r
330 924 355 640
11 023
11 120
10855
10 979
10 536
10 339
10,029
'9,765
'9,914
r
r
r
10,200
C
10,236
C
C
r
r
'7,444
'7,708
'7,964
8,660
'8,250
'8,287
'8,108
'8,172
'7,444
8,720
21 651 r20 832 r20 923 '20815 '20 647 '20 927 '21 185 '21,332 '21,737 '21,651
'61,328 '61,412 '62,219 '62,864 '64,082 '64,142 '63,820 '62,599 '62,492 '61,328
70,106 '78,868 r75,398 '77,362 '78,258 '79,363 '80,386 '81,273 '80,864 '80,462 '78,868
134,451 147,596 143,063 144,600 145,182 146,915 147,464 147,164 144,804 147,427 147,596
59,794
82,023
148,618
63,659
63,245
'81,304 '81,630
147,120 144,531
7,112
21,239
62,381
81,218
143,055
103,820 119,920 111,996 113,392 114,162 116,347 117,549 117,987 116,372 119,208 119,920
121,388
120,298 118,097
117,178
r
8,408
r
20 535
r
58,444
r
10,801
r
4,783
r
719
r
10,197
r
10,830
r
4,562
'649
r
196921
219947
r
l 544
'6 287
5,349
'667
r
10,762
r
5,470
'677
7,367
C
21,754
C
6,989
C
21,529
C
6,963
C
21,313
C
10,810
10,837
10,460
10,351
10,176
10,075
10,197
10,201
10,255
10,055
9,789
'5,246
670
'5,313
'659
'5,301
'671
'5,201
'643
'5,033
'677
'4,548
'649
'4,562
r
649
5,154
653
5,133
735
'4,953
'666
4,748
662
222 007 '222,824 '222,686
6422
6446
6 129
221,714
6247
208 230 '211 764 '213 432 '216241 '218 565 '219516 '217 883 '221 462 '219 947
rg QgQ
'6 425
'6287
'6 703
'8 051
'7 945
'7 861
'7 531
'7 105
12,640
12,774
12,600
12,619
108,696 111,555 116,074 116,458 115,881 117,371 116,364 115,931 113,517 112,629 111,555
112,408
111,842 109,958
108,477
r
'4,132
'4,155
'4,584
'4,904
'4,704
'4,750
'4,775
'4,700
4,256
'4,155
'4,785
'236,818 r263,713 '250,618 '254,157 '256,207 '259,968 '262,401 '263,644 '260,965 '264,458 '263,713
124,064 133,938 130,748 133,399 134,535 136,749 137,125 137,148 135,625 135,366 133,938
112754 129 775 119870 120 758 121 672 123 219 125 276 126 496 125 340 129 092 129 775
4,633
'4,481
4,730
266,777 '267,953 '266,911
132,322 135,486 134,921
134 455 132 467 131,990
4,305
264,608
132,972
131,636
12,261
600 400
12,640
634 991
12,363
54 257
53933
12,330
54338
51 166
12,232
55878
54729
12,126
52040
52092
12,368
53 326
51723
12,291
12,398
12,437
47 118
51 835
55216
52587
49585
53490
51 844
53503
12,946
31,334
8,627
5247
4433
11 429
3598
(2)
3,038,790
1 548 554
6 371 932
2 329 134
2,784 450
109.7
COMMODITY PRICES
PRICES RECEIVED AND PAID BY
FARMERS t
Prices received, all farm products
1910-14 = 100..
Crops #
do
Commercial vegetables
do....
Cotton
do
Feed grains and hay
do
Food grains
do
Fruit
do....
Tobacco
do
Livestock and products $
do
Dairy products
do
Meat animals
do....
Poultry and eggs
do
Prices paid:
Production items
do
All commodities and services, interest, taxes,
and wage rates (parity index)
1910-14 = 100..
Parity ratio §
do
CONSUMER PRICES
(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
ALL ITEMS, WAGE EARNERS AND
CLERICAL WORKERS, REVISED
(CPI-W) 0
1967-100
ALL ITEMS, ALL URBAN CONSUMERS
(CPI-U) 0
1967 = 100 ..
Special group indexes:
All items less shelter
do
All items less food <}
do
All items less medical care <>
do....
See footnotes at end of tables.
613
550
652
531
452
407
649
599
667
553
460
394
665
605
677
567
663
628
607
614
496
412
505
414
657
625
586
574
498
393
661
623
599
556
654
621
700
569
634
588
637
545
632
597
687
545
625
563
528
522
618
542
571
471
867
1 444
912
1 521
907
1 635
1,070
1 605
912
1 635
743
1 609
482
375
461
391
434
390
409
390
399
393
619
546
639
440
617
540
681
413
729
1,574
697
1,540
646
1,549
410
385
403
385
408
383
611
548
763
460
410
385
'598
'541
'610
'472
'418
'390
'636
1,530
'656
'789
'815
591
537
579
469
419
373
668
1,529
454
1 429
736
1 513
518
1 444
658
1 444
745
1 444
679
830
831
269
701
821
854
308
725
801
881
353
699
795
863
303
689
783
860
286
699
789
872
294
687
801
855
273
680
832
826
280
667
856
799
267
690
875
823
289
697
856
852
277
696
856
856
266
697
838
871
258
677
813
837
265
883
899
909
'907
907
901
897
892
885
887
885
892
891
888
886
883
1,104
56
1,130
57
1,133
59
1,133
'59
1,134
58
1,131
58
1,130
58
1,128
56
1,125
56
1,127
55
1,125
55
1,130
55
1,130
55
1,130
54
1,133
53
1,133
52
297 4
307 6
304 1
305 4
306 2
307 5
310 3
312 1
312 2
311 9
312 2
312 6
3139
3153
3167
3178
298.4
311.1
308.8
309.7
310.7
311.7
313.0
314.5
315.3
315.3
315.5
316.1
317.4
318.8
320.1
321.3
2835
2983
295.1
295 1
311 3
307.3
293 2
308 6
3051
294 0
310 0
306.0
294 9
311 0
306.9
295 6
312 0
3079
296 7
313 2
3092
298 1
315 2
3107
298 7
316 1
311.4
298 6
3162
311.3
2986
3162
311.5
2989
3163
311.9
3000
3174
313.1
301 5
319 1
314.5
3028
3208
315.8
3034
3224
317.0
5
251
646
777
804
245
SURVEY OF CURRENT BUSINESS
S-6
Unless otherwise stated in footnotes
below, data through 1982 and
methodological notes are as shown in
BUSINESS STATISTICS: 1982
,, .,
Apr.
1984
1983
June 1985
1985
1984
Annual
June
May
Aug.
July
Nov.
Oct.
Sept.
Jan.
Dec.
Apr.
Mar.
Feb.
May
COMMODITY PRICES—Continued
CONSUMER PRICES— Continued
(U.S. Department of Labor Indexes) — Continued
Not Seasonally Adjusted
All items (CPI-U)—Continued
Commodities <>
1967 — 100
Nondurables
do....
Nondurables less food
do....
Durables <0
do
Commodities less food <}....
do
Services <>
do....
Food #
do....
Food at home
do
Housing <}
do
Shelter #<>
do....
Rent residential
do
Homeowners' cost *
Dec. 1982 = 100..
Fuel and utilities #
1967-100
Fuel oil, coal, and bottled
gas
do
Gas (piped) and electricity
do
Household furnishings and operation <}
do....
Apparel and upkeep
do....
Transportation
do
Private
do....
New cars
do....
Used cars
do ....
Public
do
Medical care
,.
do ....
Seasonally Adjusted t
All items, percent change from
previous month A
Commodities <>
1967 = 100 ..
Commodities less food 0
do....
Food
do....
Food at home
do
Apparel and upkeep
do
Transportation
do
Private
....
do
New cars
do....
Services 0
do....
PRODUCER PRICES §
(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
All commodities
1967 = 100 ..
By stage of processing:
Crude materials for further
processing
do
Intermediate materials, supplies, etc
do
Finished goods #
do
Finished consumer goods
do
Capital equipment
do....
By durability of product:
Durable goods
do..
Nondurable goods
do
Total manufactures
do
Durable manufactures
do
Nondurable manufactures
do....
Farm products, processed foods and
feeds
do ....
Farm products
do....
Foods and feeds, processed
do....
Industrial commodities
do ....
Chemicals and allied products
do....
Fuels and related prod., and
power
do
Furniture and household durables
do....
Hides, skins, and leather products
do....
Lumber and wood products
do....
Machinery and equipment
do....
Metals and metal products
do
Nonmetallic mineral products
do....
Pulp, paper, and allied products
do
Rubber and plastics products
do....
Textile products and apparel
do....
Transportation equip. #
Dec. 1968=100..
Motor vehicles and equip
1967 = 100 .
Seasonally Adjusted t
Finished goods, percent change from previous
month
By stage of processing:
Crude materials for further processing
1967 — 100
Intermediate materials supplies etc
do
Finished goods #
do
Finished consumer goods
do
Foods
do...
Finished goods, exc. foods
do...
Durable
do
Nondurable
do
Capital equipment
do
PURCHASING POWER OF THE DOLLAR
As measured by:
Producer prices
1967 — $! 00
Consumer prices Q . .
do
See footnotes at end of tables.
2715
279.0
266.3
2530
2590
344.9
291.7
282.2
323.1
344.8
2369
102.5
3703
2807
286.6
270.8
2665
2670
363.0
302.9
292.6
336.5
361.7
2493
107.3
387.3
280.1
286.3
270.7
2652
266.5
358.1
302.3
292.8
333.2
357.8
2464
106.2
380.9
280.4
286.1
271.1
2670
267.4
359.9
301.4
290.7
334.6
358.9
2472
106.5
385.5
280.6
286.0
270.5
2678
267.4
361.9
302.0
291.4
336.2
360.2
248.4
106.8
390.0
280.6
286.0
269.5
2678
266.8
364.5
303.2
292.5
338.1
362.7
2497
107.6
393.9
281.4
287.1
270.0
267.8
267.1
366.5
304.8
294.4
339.5
364.6
251.1
108.1
395.5
282.3
288.0
272.3
268.7
268.8
368.9
304.2
293.4
341.4
366.5
252.4
108.7
397.0
283.1
288.8
273.6
269.3
269.8
369.7
304.4
293.4
341.2
367.8
253.8
109.1
392.4
283.0
288.5
273.3
270.0
269.9
369.9
304.1
292.4
340.9
368.9
254.8
109.4
387.5
282.8
288.3
272.2
269.8
269.2
370.6
305.1
293.2
341.2
370.1
256.1
109.8
386.0
282.7
288.0
269.7
270.2
267.8
372.1
307.3
296.1
342.0
371.2
257.1
110.0
387.2
284.0
289.2
270.2
271.4
268.6
373.5
309.5
298.6
343.6
373.3
258.4
110.7
386.5
285.3
291.0
273.2
271.9
270.6
375.0
309.7
298.4
344.7
374.3
259.2
110.8
388.2
286.8
292.7
276.5
272.6
272.8
376.2
309.6
297.7
345.9
375.9
260.4
111.3
388.7
287.0
293.3
278.0
271.6
273.4
378.9
308.9
296.2
348.5
379.5
262.6
112.4
393.0
6280
4287
641 8
4452
6507
432.3
6492
441.4
646.0
450.6
637.4
459.1
625.5
463.9
622.1
466.4
626.8
456.0
626.9
444.7
625.9
442.2
621.6
444.1
623.4
443.3
620.8
445.5
623.5
445.9
620.8
454.7
238.5
196.5
2984
293.9
202.6
329.7
3626
357.3
242.5
200.2
311 7
306.6
208.5
375.7
3852
379.5
242.3
199.2
3096
304.8
207.4
370.0
378.0
375.7
242.4
198.9
312.2
307.4
207.6
378.0
380.7
376.8
242.3
197.4
313.1
308.1
207.7
382.0
385.2
378.0
241.9
196.6
312.9
307.5
208.1
383.2
389.3
380.3
242.2
200.1
312.9
307.5
208.1
383.8
390.8
381.9
244.1
204.2
313.7
308.4
208.2
384.2
389.5
383.1
244.3
205.7
315.5
310.2
209.6
384.6
391.1
385.5
244.2
205.2
316.1
310.8
211.4
383.6
391.8
387.5
244.2
203.2
315.8
310.4
212.0
382.7
392.8
388.5
244.2
199.8
314.7
309.1
213.1
382.8
394.5
391.1
246.2
201.8
314.3
308.7
213.9
384.6
394.4
393.8
246.9
205.3
316.7
311.0
214.1
386.1
397.3
396.5
247.9
205.9
320.0
314.6
214.1
386.4
398.0
398.0
247.6
205.3
321.4
316.0
214.5
384.2
398.4
399.5
.4
280.0
267.1
301.6
291.9
198.7
311.8
307.1
207.6
358.9
.2
279.9
267.3
301.0
290.1
198.8
312.4
307.6
207.1
360.4
.2
280.0
267.1
301.5
290.4
198.4
312.5
307.4
207.4
361.8
.3
280.0
266.7
302.6
291.5
198.9
311.8
306.5
208.2
364.3
.4
280.7
266.9
304.2
293.4
200.5
311.8
306.3
209.1
366.2
.4
281.5
267.9
304.4
293.3
201.5
312.8
307.4
210.2
367.9
.3
282.2
268.4
305.4
294.4
203.0
313.9
308.5
210.8
369.1
.2
282.5
268.7
305.9
294.7
202.7
314.5
309.1
210.6
370.2
.3
283.1
268.9
307.2
295.8
202.4
315.0
309.6
210.9
371.4
.2
283.6
269.0
307.7
296.6
202.4
315.8
310.4
211.6
372.3
.3
284.4
269.4
309.3
298.3
204.3
315.6
310.2
213.3
373.8
c
285.9
271.7
309.2
297.8
205.3
319.7
314.3
214.3
375.4
.4
286.9
273.4
308.7
296.7
205.4
322.3
317.0
214.3
376.8
.2
286.6
273.1
308.3
295.4
205.2
321.6
316.3
213.9
379.1
310.3
311.3
311.5
311.3
311.9
310.7
309.3
309.4
310.3
309.8
r
309.7
309.2
308.7
309.3
309.9
303.1
3236
r
3308
339.4
3380
333.0
334.1
328.9
326.2
319.6
323.2
322.4
r
318.9
318.3
312.9
311.3
310.0
3123
2852
2846
287.2
3200
r
291 1
r
2903
r
294.0
3203
2912
290.3
294.5
3209
291 1
2903
293.9
3216
2909
290.1
293.9
321 7
2923
291.6
294.6
321 1
291.3
290.4
294.6
320.3
289.5
288.7
292.5
320.1
291.5
290.3
295.9
320.4
292.3
291.2
296.5
319.9
292.0
290.9
295.6
319.6
'292.3
'290.6
r
298.5
318.6
292.5
290.7
299.1
318.6
292.4
290.4
299.5
319.4
293.1
291.2
300.0
319.9
294.2
292.6
299.8
286.7
3157
2957
2873
304.4
r
2936
3233
3029
2939
312.3
294.2
3247
3032
2943
312.5
293.8
3253
3038
2939
314.1
293.8
3249
3039
2940
314.2
293.8
3260
3043
2942
314.8
293.9
3237
3033
294.5
312.6
292.7
3223
302.2
293.2
311.7
294.4
3209
303.2
295.1
311.6
294.9
322.1
303.9
295.6
312.5
294.8
321.3
303.5
295.5
311.7
'295.8
r
320.1
303.9
r
296.5
'311.4
296.3
318.9
303.2
296.9
309.6
296.4
317.9
303.3
297.0
309.8
297.1
318.4
304.1
297.7
310.7
297.5
319.2
305.0
298.2
312.0
253.9
248.2
255.9
315.7
293.0
'262.4
'255.8
r
265.0
322.6
'300.8
267.3
265.4
267.2
322.6
302.0
265.8
260.8
267.5
323.2
302.7
262.8
257.1
264.8
323.8
302.2
264.9
258.7
267.3
323.9
302.6
261.4
253.3
264.8
323.3
301.1
259.4
249.8
263.6
322.2
300.9
255.3
240.2
262.6
323.4
301.3
258.1
245.7
263.8
323.8
301.6
258.6
245.7
264.5
323.0
300.7
'257.6
243.2
'264.4
'323.1
'301.6
257.8
244.6
263.9
322.5
302.2
255.0
238.7
262.9
322.6
302.8
253.3
236.9
261.2
323.8
303.6
250.6
230.4
260.6
325.3
303.2
6647
214.0
271.1
307.1
286.4
3072
325.2
298 1
243.2
205.1
256.7
256.8
r
6568
r
218.7
r
6547
218.2
286.8
315.1
292.2
317 9
335.8
3163
247.3
209.9
262.7
261.9
6606
219.1
288.5
308.5
292.6
3174
337.6
3177
247.5
210.5
262.5
261.5
6659
219.1
290.1
307.1
293.1
317 3
338.3
3184
247.6
210.2
262.2
261.1
6650
219.2
288.9
304.4
294.0
316 1
339.8
3198
247.5
210.5
262.5
261.4
6579
219.2
288.7
304.7
294.1
3162
340.8
321 3
247.7
210.1
262.3
261.1
6523
219.0
288.7
303.3
294.3
315.6
340.5
322.0
248.3
210.7
257.8
255.2
6544
219.2
287.7
300.3
294.8
316.0
340.0
323.1
246.6
210.4
265.0
263.8
655.3
220.0
283.8
301.0
295.3
316.4
339.6
324.1
246.1
210.2
265.7
264.3
648.5
220.1
283.6
303.0
295.6
315.5
340.1
324.1
245.9
210.0
265.0
263.5
r
636.8
220.3
'283.7
r
304.4
'297.9
r
315.0
'341.7
'327.1
'246.7
'210.3
'266.8
'265.2
625.9
220.7
284.8
303.3
297.4
315.6
342.7
326.9
246.7
210.6
268.1
266.7
625.8
221.1
283.1
303.4
298.0
315.4
343.6
327.0
246.6
210.4
268.0
266.6
633.6
221.4
285.5
301.7
298.3
316.9
344.8
327.3
246.8
210.5
268.5
266.6
648.3
221.4
283.6
307.0
298.8
316.3
347.1
327.2
246.6
210.7
268.4
266.5
.0
'.0
'.0
286.3
'307.4
293.1
r
316 1
337.3
r
3185
'246.8
r
210.0
262.6
'261.5
.0
351
335
343
321
0
.0
.2
331 3
3209
2918
291 0
274.5
294.5
2371
3378
294.7
3274
3203
291.2
290 1
273.8
293.5
2372
335.9
295.3
3276
320.0
291.2
2899
273.4
293.4
238.2
334.9
295.8
324.5
320.4
291.0
2899
273.0
293.5
236.6
336.5
295.1
329.1
320.9
292.0
2909
274.5
294.3
237.6
337.2
295.9
328.5
320.7
292.0
2912
275.6
294.2
237.5
337.0
295.0
'321.7
320.4
'292.1
'290.6
'274.3
'294.0
'238.8
'335.6
'297.4
316.1
318.9
292.1
290.3
274.4
293.5
240.1
333.5
298.4
311.5
318.4
292.7
290.7
273.9
294.3
241.3
334.1
299.7
307.7
319.1
293.6
291.9
271.1
297.4
241.3
339.6
299.7
305.1
320.0
294.2
292.6
268.1
300.0
241.7
344.0
299.7
344
342
.321
.343
.319
.345
.318
.343
.317
.342
.317
.342
.317
.342
.316
.342
.315
.342
.314
.34
.322
.340
.311
3354
320 1
2916
2909
272.7
295.2
2369
339 1
294.3
3325
3209
2912
2905
270.4
295.8
2368
3403
293.8
3304
321 5
2912
2903
270.4
295.5
2369
3399
294.1
343
324
344
323
.312
Unless otherwise stated in footnotes
below, data through 1982 and
methodological notes are as shown in
BUSINESS STATISTICS: 1982
S-7
SURVEY OF CURRENT BUSINESS
June 1985
., ..
units
Annual
1983
1985
1984
1984
Apr.
June
May
July
Sept.
Aug.
Feb.
Oct.
Nov.
Dec.
Jan.
28813
23256
11 910
9418
27073
22050
11 072
8971
24341
20375
9 464
7755
21,891
18302
8 823
7045
Mar.
Apr.
r
25,788
21,495
10851
8,121
May
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE
New construction (unadjusted), total
mil. $..
Private, total #
do
Residential
do
New housing units
do
Nonresidential buildings, except farm and
public utilities, total # . . .
mil $
Industrial
do
Commercial
do...
Public utilities:
Telephone and telegraph
do
Public, total #
do
Buildings (excl. military) #
do
Housing and redevelopment
do....
Industrial
do
Military facilities
do
Highways and streets .
do
New construction (seasonally adjusted at
annual rates), total
bil $
Private, total #
do
Residential
do
New housing units
do
Nonresidential buildings, except farm and
public utilities, total #
bil. $ ..
Industrial
do
Commercial
do
Public utilities:
Telephone and telegraph
do
Public, total #
do
Buildings (excl. military) #
do
Housing and redevelopment
do
Industrial
do
Military facilities
do
Highways and streets
do
CONSTRUCTION CONTRACTS
Construction contracts in 50 States (F.W. Dodge
Division, McGraw-Hill):
Valuation, total
mil $
Index (mo. data seas, adj.)
1977 = 100 ..
Public ownership ....
mil $
Private ownership
do....
By type of building:
Nonresidential.
do
Residential
do....
Non-building construction
do....
New construction planning
(Engineering News-Record) §
do
HOUSING STARTS AND PERMITS
New housing units started:
Unadjusted:
Total (private and public)
thous
Privately owned
do
One-family structures
do
Seasonally adjusted at annual rates: t
Total privately owned
do
One-family structures
do
New private housing units authorized by building
permits (17,000 permit-issuing places): $
Monthly data are seas. adj. at annual rates:
Total
thous
One-family structures
do
Manufacturers' shipments of mobile homes @
Unadjusted
thous
Seasonally adjusted at annual
rates
do
CONSTRUCTION COST INDEXES
Dept. of Commerce composite
1977 — 100
American Appraisal Co., The:
Average, 30 cities
1913-100
Atlanta
do
New York
do
San Francisco
do.
St. Louis
do
Boeckh indexes:
Average, 20 cities:
Apartments,
hotels,
office
buildings
1977-100
Commercial and factory buildings
do
Residences
do
Engineering News-Record:
Building
1967-100
Construction
do
Federal Highway Adm. — Highway construction:
Composite (avg. for year or qtr )
1977 — 100
See footnotes at end of tables.
262,168
211 370
111 729
86 102
309 740
253 924
133 518
102 849
60309
12 861
35,793
76425
14 427
49,272
5947
1 077
3,804
6554
1 224
4,179
6664
1 267
4,263
6 471
50798
17276
1,700
1 809
2544
14225
7 007
55816
17780
1,623
1828
2836
16883
530
3970
1 346
111
155
219
994
593
4614
1476
134
155
227
1 429
3086
254 1
1366
1027
r
21,527
18
165
r
8649
r
6715
29577
23 611
12779
9 852
29447
23361
12 504
9 586
6494
1 181
4,240
6794
1 321
4406
6854
1 299
4504
7 271
1 370
4810
7 185
1 310
4,819
6913
1 274
4,620
6351
1 111
4,317
6,265
1 131
4,246
637
5253
1 640
153
176
217
1 745
616
5483
1 564
127
154
211
2018
695
5967
1 674
158
167
249
2 174
612
6087
1 697
161
192
346
2058
686
5557
1 573
138
138
215
2029
647
5023
1 577
148
145
290
1581
606
3966
1 430
133
151
236
955
509
3589
1 429
139
164
244
739
r
519
3,361
1,322
123
151
248
686
3164
261 2
1384
1064
3153
2578
1364
1050
3142
2582
1378
1046
318 0
261 2
1389
1050
3187
2609
137 1
1032
3128
256 1
131 1
1034
308 1
251 6
1259
1025
3076
2513
1227
101 8
3164
2586
1284
1023
74.3
136
474
78.7
152
497
76.3
14 1
489
75.0
138
484
76.2
146
495
77.9
149
509
80.5
149
535
81.8
153
546
84.4
154
567
85.4
15 1
585
68
545
17 1
14
18
28
168
68
552
177
17
18
26
169
72
575
190
18
20
27
168
73
560
176
16
18
23
171
75
569
18 1
17
20
29
173
72
578
18 1
18
18
35
17 2
72
567
182
16
18
29
168
72
565
18 1
17
19
31
175
76
563
180
15
20
30
176
74
578
187
18
20
33
181
16930
'l51
3895
13,035
13950
150
3488
10,463
14 810
150
3755
11,055
6401
7,614
2,915
5583
5,774
2,594
24332
20362
11 035
8068
26962
22348
12 052
8965
r
28204
22951
12 400
9413
28410
22927
12 571
9 668
23,723
19,956
10
002
r
7703
r
6,529
1 145
4,506
7,163
1 215
4,926
r
605
3,767
1,393
115
162
279
r
807
4,293
1,555
122
157
258
1,139
r
r
r
r
3257
267 1
1340
1028
3227
2645
1332
1020
r
r
3224
2639
1347
1020
r
85.2
146
r
59.3
88.6
154
607
76
584
186
14
2.0
3.2
18.8
587
194
15
1.9
3.2
18.9
13343
145
3453
9,890
19025
162
4,380
14,645
19917
161
4,881
15,036
21 832
162
5,536
16,296
5528
6,354
2,928
4774
5,881
2,689
6443
9,374
3,208
6,676
9,443
3,797
7,351
10,331
4,150
86.7
156
r
590
r
l5
r
582
188
17
20
33
18.3
r
193 603
'137
45338
148,264
209 861
'149
49 116
160,744
17 655
147
r
3692
13,963
21 990
163
r
5201
16,789
20005
144
4828
15,177
19523
150
4784
14,739
19580
148
4483
15,097
16755
146
4 122
12,633
18388
145
4618
13,771
62284
93,567
37,752
73226
100,763
r
35,873
r
5469
r
9,518
'2,668
r
7275
10,831
r
3,883
6746
9,859
3,400
6896
9,093
3,534
r
6767
r
9,365
3,449
5750
8,090
2,914
7402
8,340
2,646
162 576
193 603
13 619
14 955
12 211
13 515
15 079
12 739
16 168
26 851
21 670
17 612
16730
15081
14013
17125
1 7030
10676
17558
17495
10842
173 0
1727
1064
182 2
1807
1152
184 3
1840
111 0
163 1
162 1
979
147 8
147 4
91 9
149 6
148 5
905
152 7
1523
919
126 5
1262
800
990
989
628
1054
1054
593
958
954
634
1452
1450
92.6
1754
109.2
168.5
107.8
1 949
l'l63
1 787
1 118
1 837
1 077
1 730
996
1 590
962
1 669
1 009
1 564
979
1 600
1 043
1 630
1 112
1849
1 060
1 647
1 135
1 889
1,168
1927
1,159
1,663
1,042
1,755
922
3
r
13 605
902
1 682
922
1 788
972
1 765
944
1 805
939
1 591
864
1 542
853
1 517
866
1 477
827
1 616
846
1 599
843
1 635
903
1 624
927
1741
993
1704
r
948
2957
295 2
258
28 9
27 7
24 5
30 o
24 3
27 7
21 8
166
186
197
240
262
287
295
298
301
302
282
302
291
282
273
276
283
287
163 4
163 6
1627
163 3
163 8
164 4
164 3
1650
1660
1669
1667
167 2
1685
157 1
1632
1596
1599
1562
1668
1662
165 1
3529
3786
3579
386 2
1465
1550
1664
166 1
1633
3585
384 7
358 1
385 6
3578
387 3
152 1
3579
387 9
3593
388 1
3597
388 7
1544
3587
387 4
3583
387 1
3579
3883
1660
3583
3884
168.9
168.3
169.2
168.7
1679
168.6
1685
1678
1683
1683
1676
1678
168 1
167 5
1675
1678
167 3
1664
3590
3888
359.4
3892
1681
359.2
389 1
2
360.1
2
391 1
S-8
Unless otherwise stated in footnotes
below, data through 1982 and
methodological notes are as shown in
BUSINESS STATISTICS: 1982
SURVEY OF CURRENT BUSINESS
.. ..
units
1983
June 1985
1985
1984
Annual
Apr.
1984
June
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Mar.
Feb.
Apr.
May
CONSTRUCTION AND REAL ESTATE—Continued
REAL ESTATE 0
Mortgage applications for new home construction:
2
FHA applications
thous. units....
176.1
8.0
8.2
11.1
11.4
115.6
7.8
Seasonally adjusted annual rates
do....
94
84
94
116
128
(2)
Requests for VA appraisals
do
126
2628
152
148
195
178
1987
Seasonally adjusted annual rates
..do
143
167
164
214
193
Home mortgages insured or guaranteed by:
Fed. Hous. Adm • Face amount
mil $ 26 571 82 14 524 93 1 184 70 1 229 58 1 401 64 1 116 60 1 220 14
Vet. Adm.: Face amount §
do
17 896 60 12 728 42 1 113 53 1 080 92 1 059 60 1 13131 99760
Federal Home Loan Banks, outstanding advances
to member institutions, end of
period
mil $
66900
70523
65859
61627
59424
58953 74621
New mortgage loans of all savings and loan
associations, estimated total
mil $
14,706
15896
14,363
17,576
13,697
135 290 157,021
By purpose of loan:
Home construction
do
2,339
2132
2734
2759
2333
25542
26096
6882
Home purchase
do
6757
65427
53982
7586
6933
5547
All other purposes
do....
5,692
5,267
6,204
5,817
66,052
55,212
7,256
9.2
137
133
213
7.4
92
138
188
9.7
115
167
185
9.8
134
145
193
997 56
77549
82438
861 28
59522
66757
83722 1 497 47
72344
84671
73005
73201
73509
74621
11.1
145
17 1
222
73361
11.5
12.9
15.8
20.9
17.9
146
156
164
207
227
169
189
15.2
162
196
214
75379 1 910 57 2,406.29 1,432 77
867.87
82625 943.72
86669
74489
74,691
76,277
11428
11,214
11,035
12,806
9,351
9,350
12,415
13,314
1892
4819
4,717
1833
4925
4,456
1619
4633
4,783
1825
4653
6,328
1468
3615
4,268
1539
3539
4,272
r
2,034
r
4761
r
5,620
2,137
5736
5,441
77,787
DOMESTIC TRADE
ADVERTISING
Magazine advertising (Leading National
Advertisers):
Cost, total
mil $
4,005.7
4,668.0
3
Apparel and accessories
do
206.2
240.0
3
Automotive, incl. accessories
do....
410.4
473.5
3
Building materials
do
68.7
53.5
3
Drugs and toiletries
do
385.7
463.6
Foods, soft drinks, confection3
ery
. do
292.3
334.9
3
Beer, wine, liquors
.do
230.2
242.1
Houshold equip., supplies, fur3
nishings
do
191.6
171.1
3
48.0
Industrial materials
. do
42.5
3
Soaps, cleansers etc
do
25.1
34.6
3
Smoking materials. ..
..
do
403.4
422.6
3
All other
do
1,784.7 2,148.5
Newspaper advertising expenditures (Newspaper
Advertising Bureau, Inc.):
Total*
mil $
20,582
23,523
Classified
do
7,657
6,006
National
do
2,734
3,081
Retail
do
11,841
12,784
WHOLESALE TRADE t
Merchant wholesalers sales (unadj.),
total
mil $ 1,205,370 1,368,851
Durable goods establishments
do.... 516,964 613,382
Nondurable goods establishments
do .... 688,406 755,469
Merchant wholesalers inventories, book value,
end of period (unadj.), total ..
mil $
121,582 133,281
Durable goods establishments
do....
86,090
77,099
Nondurable goods establishments
do....
44,483
47,191
RETAIL TRADE t
All retail stores:
Estimated sales (unadj.), total
mil. $.. 1,174,298 1,297,015
Durable goods stores #
do
396,493 464,287
Building materials, hardware, garden
supply, and mobile home dealers mil. $..
68,703
59,669
Automotive dealers
do
232,750 277,008
Furniture, home furnishings,
and equipment
do
54,689
63,581
Nondurable goods stores
do
777,805 832,728
General merch. group stores
do.... 139,386 153,642
Food stores
do
254,878 269,959
Gasoline service stations
do....
98,862 100,997
Apparel and accessory stores
do....
60,304
66,891
Eating and drinking places
do
114,684 124,109
Drug and proprietary stores
do....
40,050
44,165
Liquor stores
do
19,014
19,494
Estimated sales (seas, adj.), total
do
Durable goods stores #
.
do
Bldg. materials, hardware, garden supply, and mobile home dealers #
mil $
Building materials and
supply stores
do
Hardware stores
do
Automotive dealers
do
Motor vehicle and miscellaneous
auto dealers
do
Auto and home supply
stores
do
Furniture, home furnishings,
and equipment #
do
Furniture, home furnishings stores
do
Household appliance, radio, and
TV stores
..do
See footnotes at end of tables.
425.1
26.6
49.5
8.8
40.6
419.5
17.0
44.7
11.5
44.9
360.5
10.4
41.8
5.0
41.6
333.8
7.9
37.0
6.2
33.0
303.1
24.7
23.9
3.0
36.9
404.5
35.6
21.4
8.3
45.8
504.7
24.8
43.3
6.5
46.0
503.7
22.2
56.0
5.7
39.6
437.8
19.8
47.0
2.6
37.7
283.7
7.9
38.0
2.7
24.4
374.2
20.2
42.3
4.2
35.6
416.9
28.1
55.6
5.2
43.1
468.1
24.7
59.3
5.7
52.1
26.0
20.5
26.3
19.0
29.1
20.0
27.4
17.4
20.3
12.6
26.8
14.8
38.7
22.3
40.7
28.1
31.3
48.8
18.4
8.5
33.2
14.1
32.7
19.1
35.7
22.2
21.7
5.1
2.9
37.6
185.9
22.6
4.1
2.6
37.5
193.2
16.4
3.8
1.8
33.6
158.1
11.9
3.0
2.5
38.3
149.0
9.5
2.7
2.6
33.2
132.9
14.8
4.9
4.4
33.0
193.7
24.8
5.6
4.0
42.5
246.3
22.8
5.1
3.9
38.1
241.0
17.5
4.6
2.5
37.9
198.2
7.4
2.4
2.9
31.4
139.7
10.5
2.1
4.5
27.0
180.8
13.8
3.5
4.9
27.1
184.1
20.8
4.2
4.3
29.1
209.8
2,102
681
272
1,150
2,051
660
274
1,116
1,908
669
246
993
1,841
681
214
946
1,903
665
226
1,012
2,004
697
260
1,046
2,148
692
312
1,145
2,242
636
322
1,284
2,110
552
246
1,312
110,781
49,914
60,867
123,039
54,367
68,672
117,922
54,096
63,826
112,486
51,041
61,445
117,273
54,256
63,017
109,640
50,591
59,049
120,843
56,078
64,765
116,315
52,226
64,089
111,747
48,901
62,846
111,786
49,217
62,569
103,995
45,888
58,107
l 16,563
'52,940
r
63,623
117,837
53,313
64,524
126,490
80,496
45,994
125,714
81,124
44,590
125,388
82,444
42,944
126,323
83,079
43,244
127,188
84,076
43,112
129,996
85,731
44,265
132,155
85,378
46,777
134,248
85,610
48,638
133,281
86,090
47,191
132,916
85,213
47,703
134,228 134,981
86,713 '87,171
47,515 r47,810
135,082
87,961
47,121
104,629
38,325
111,834
41,924
112,298
42,357
106,875
39,546
111,159
40,119
104,025
36,668
109,550
39,962
113,543
39,313
132,262
42,373
98,817
35,375
95,585 110,167 112,346 119,137
35,195 '41,180 '43,078 '45,598
5,743
23,917
6,748
25,851
6,707
25,974
6,381
24,075
6,420
23,902
6,026
21,097
6,160
23,757
5,744
22,378
5,311
20,895
4,452
21,790
4,162
22,329
4,698
66,304
11,499
21,566
8,311
5,447
10,149
3,549
1,457
107,443
38,302
4,954
69,910
12,686
22,963
8,800
5,459
10,579
3,641
1,574
107,941
38,667
5,241
69,941
12,403
23,341
8,850
5,429
10,867
3,593
1,677
109,085
39,434
5,000
67,329
10,991
22,952
8,786
4,854
11,058
3,501
1,689
107,563
38,465
5,381
71,040
12,525
23,480
8,771
5,605
11,502
3,640
1,695
107,396
38,071
5,303
67,357
11,902
22,223
8,331
5,394
10,537
3,468
1,561
108,373
38,301
5,548
69,588
12,636
22,450
8,568
5,514
10,425
3,642
1,588
108,974
39,281
6,006
74,230
16,109
22,760
8,339
6,413
10,088
3,763
1,646
110,255
39,934
7,534
89,889
24,381
24,425
8,249
9,519
10,557
5,107
2,306
110,519
40,295
5,132
63,442
9,134
22,279
7,990
4,449
9,495
3,703
1,471
110,972
40,622
5,679
5,696
5,769
5,763
5,738
5,674
5,889
5,969
5,774
5,618
'5,862
'6,132
'5,754
'4,343
'818
'24,492
4,521
863
'26,083
'25,304
'23,207
5,741
r
r
5,234
'26,334
'6,232
'27,347
' 6,911
'28,546
r
'5,234
'5,548
4,875
5,429
60,390 '68,987 '69,268 '73,539
9,315 11,876 12,374 ' 13,456
20,799 r23,090 '22,556 '24,123
'8,424
'8,938
7,202
'8,103
'5,813
4,260
'5,548
'5,755
10,637
'11,360
10,749
9,268
'3,845
'3,995
3,584
'3,790
1,487
1,496
1,342
113,678
111,854
114,584
112,096
41,073 '40,765 '42,566 '41,638
4,110
782
23,036
4,118
782
23,293
4,127
807
23,809
4,135
802
23,039
4,120
820
22,503
4,156
815
22,507
4,123
788
23,380
4,299
798
23,692
4,403
791
23,858
4,180
836
24,621
4,094
807
24,949
20,992
21,253
21,740
20,991
20,479
20,489
21,352
21,730
21,846
22,598
22,945
'22,417
'23,983
2,044
2,040
2,069
2,048
2,024
2,018
2,028
1,962
2,012
2,023
2,004
'2,075
2,100
5,150
5,139
5,265
5,154
5,279
5,485
5,513
5,600
5,629
5,547
5,708
'5,674
'5,575
2,908
2,906
2,958
2,894
2,938
2,992
3,001
3,021
3,011
2,891
3,049
'3,011
2,940
1,864
1,856
1,928
1,889
1,986
2,134
2,141
2,200
2,243
2,254
2,251
'2,242
2,225
'5,840
Unless otherwise stated in footnotes
below, data through 1982 and
methodological notes are as shown in
BUSINESS STATISTICS: 1982
S-9
SURVEY OF CURRENT BUSINESS
June 1985
.. ..
unus
Annual
1983
1985
1984
1984
Apr.
June
May
July
Sept.
Aug.
Oct.
Nov.
Dec.
Jan.
Feb.
70072
12994
10 953
762
22 836
21 411
8323
5,611
69693
12853
10 830
744
22 802
21 366
8375
5551
70321
13 168
11 084
795
22 843
21 364
8372
5,737
70224
13 197
11 125
755
22 607
21 186
8299
5772
70350
12893
10781
*737
23076
21720
8349
5,490
71 023
13419
11 266
772
23067
21 680
8 110
5,791
684
693
741
716
696
699
Apr.
Mar.
May
DOMESTIC TRADE—Continued
RETAIL TRADE t— Continued
All retail stores — Continued
Estimated sales (seas, adj.) — Continued
Nondurable goods stores
mil $
General merch. group stores
do
Department stores
do
Variety stores
do
Food stores
do
Grocery stores
do
Gasoline service stations
do
Apparel and accessory stores #
do....
Men's and boys' clothing and
furnishings stores
do
Women's clothing, specialty stores,
and furriers
do
Shoe stores
do
Eating and drinking places
do....
Drug and proprietary stores
do....
Liquor stores
do
Estimated inventories, end of period:
Book value (unadjusted) total
mil $
Durable goods stores #
do
Bldg. materials, hardware, garden supply, and mobile home dealers
do....
Automotive dealers
do...
Furniture, home furnishings,
and equipment
do
Nondurable goods stores # ...
do
General
merch.
group
stores
do
Department stores
do
Food stores
do
Apparel
and
accessory
stores
do
Book value (seas adj ) total
do
Durable goods stores #
do
Bldg. materials, hardware, garden supply and mobile home dealers
do
Automotive dealers
do
Furniture,
home furn.,
and equip
....do
Nondurable goods stores #
do .
General merch group stores
do
Department stores
do
Food stores
do
Apparel and
accessory
stores
do
Firms with 11 or more stores:
Estimated sales (unadjusted),
total
mil $
Durable goods stores
do
Auto and home supply
stores
do
Nondurable goods stores #
do
General merchandise group
stores
do
Food stores
do
Grocery stores
do
Apparel and accessory stores
do
Eating places
do
Drug stores and proprietary
stores. ..
do
Estimated sales(sea adj.), total #
do
Auto and home supply stores...
do
Department stores
do
Variety stores
do
Grocery stores
. ..
/^do
Apparel and accessory stores
do
Women's clothing, specialty stores,
and furriers
do
Shoe stores
do
Drug stores and proprietary
stores
do...
22 443
20 978
8612
5,555
69274
12705
10 689
745
22 391
20 951
8619
5,551
69651
12858
10 802
775
22 520
21 097
8429
5,742
69098
12557
10 592
736
22 662
21 269
8234
5519
69325
12711
10700
732
22 585
21 174
8 220
5448
717
712
707
675
670
69 141
12547
10 557
740
2314
*857
10,180
3,640
1 601
2298
856
10,172
3,634
1 603
2458
876
10,281
3,655
1 651
2315
857
10,364
3,654
1 666
2259
858
10,591
3,684
1 654
2345
874
10,474
3,753
1 631
2322
846
10312
3,759
1 644
2395
867
10,530
3,805
1628
2400
872
10,621
3,831
1 619
2274
855
10,515
3,853
1 636
r
7 1,089
13,303
11 117
r
763
r
22 980
r
21 514
r
8441
r
5,963
r
711
729
2459
936
10,669
r
3,927
1,621
150 987
75190
12,862
r
39,049
12387
38,875
12,111
37,231
12 158
77 129
12310
r
79 907
12104
78347
12061
75,797
28 164
22243
15710
r
29
r
28763
22758
15526
27238
21489
15492
13641
13 144 13 977
455 159 163
155 517 158
r
ll 255 76838
74582
12883
157 770
76393
12234
35796
12
548
r
38 022
12387
37816
12537
37046
12 167
80231
30677
24008
15352
12331
80935
31 253
24*578
15508
12,422
r
S 1,200
r
30 725
r
24 247
15 642
12364
82,325
31 379
24845
15699
12,434
81,377
31 120
24587
15664
14 096
14 086
13 880
14 147
14 435
14080
35971
3024
37335
3 124
42155
3558
54890
4876
r
32 650
r
2,506
31 534
2408
37,083
2,941
416
34 641
386
32 947
423
34 211
420
38597
408
50 014
r
342
30 144
309
29 126
382
34 142
10 117
12 341
12 192
1 776
2 368
11 603
12 782
12631
2 168
2 449
11 010
12 134
11 987
2068
2 269
11 656
12 298
12 144
2067
2 285
15 014
12694
12529
2510
2 225
22 725
13834
13554
3890
2 321
r
8395
12 585
12 437
1 548
r
2090
8605
11 637
11473
1 547
2006
10921
12976
12813
2120
2401
1 916
37 135
1 993
37 361
389
10 235
617
12 251
2035
1 912
37 945
395
10 486
645
12 383
2 147
1 970
37758
395
10 346
620
12 417
2 103
2117
38358
399
10 592
667
12430
2185
3 135
38462
395
10 638
639
12378
2213
1 993
1938
38 313
38902
400
398
10788
10321
653
630
12635
12 704
r
2 172
2259
957
433
952
436
150 882
73753
149 123
72761
149 271
72718
147 613
71 320
147 162
69559
148 258
68375
152 256
69381
160 142
72476
163 052
74 3n
11 040
31,510
11769
35975
12606
35319
12601
34985
12336
33,769
12101
32,153
12115
30563
12055
30,997
12 162
32955
11 945
34631
11769
35975
10846
69079
12 158
77 129
11 266
76362
11 424
76553
11769
76293
11658
77603
11 836
79883
11964
82875
12390
87666
12702
88741
23629
18398
14591
28 164
22243
15710
28563
22*480
14734
28807
22 753
14766
28469
22415
15017
29280
22968
14735
30781
24 114
14734
32665
25638
14896
35231
27 573
15569
35489
27993
16089
12435
139 123
66845
13 144
155 517
74582
14096
149 627
72232
13893
149 493
71 356
13649
148 469
70504
14233
148 817
70012
14601
149 508
70*201
14968
150 334
70801
15 604
152 130
71896
15579
153 070
72839
11 464
31 322
12234
35796
12 180
34900
12 151
33769
12 059
32849
12 113
32282
12139
32410
12 214
32871
12 322
33*662
12 189
34666
11 000
72278
26198
20307
14404
12331
80935
31 253
24578
15508
11403
77395
28871
22593
14778
11 505
78137
29324
23076
14885
11734
77965
29 161
22990
15 047
11776
78805
29656
23416
15*020
11777
79307
30 173
23 805
15096
11 810
79533
30 492
24051
15046
11 948
80234
30738
24 102
15 189
13 103
13 880
14 311
14 352
14 188
14 479
14 231
14 028
415 549
32795
450 430
37697
35195
2885
37710
3249
37313
3250
35131
3 119
37795
3 154
4416
382 754
4687
412733
381
421
427
410
32 310
34 461
34 063
32 012
128 959
141 314
139 385
22237
24 354
142 334
148 957
146 983
25354
26 999
10 617
11 833
11*662
2081
2 221
11 774
12*602
12449
2*023
2 292
11 489
12 684
12 533
2 036
2 305
21 582
24387
1 921
37 102
*381
10 095
2 001
37 339
1 973
37 492
398
394
388
10 230
10 340
10 129
626
632
644
615
12 250
2062
12 193
2090
12 180
2 154
12 315
2077
911
410
913
421
962
433
902
422
877
419
944
425
1,972
1,995
2,019
2,006
2,046
2,090
920
425
2,100
892
23 641
15 642
72,018
13,488
11 332
761
r
23 344
r
21 887
r
8693
r
5,924
2465
2423
r
934
884
10,616 10,771
r
3,863
3,904
1 575 1,601
r
155 513
77 166
106
150 882 158
73753 r78 199
135 194
66*115
r
r
1
72,040
13,415
11 243
1
1
1
1
23 109
21,601
1
8,720
1
5,842
10,840
3,952
1
2071
38,652
408
10554
647
12,586
2,222
r
957
r
428
986
440
966
436
2,132
2,138
'2,127
2,168
2,153
LABOR FORCE, EMPLOYMENT, AND EARNINGS
LABOR FORCE AND POPULATION
Not Seasonally Adjusted
Noninstitutional population, persons 16
years of age and over *
thous
Labor force @
do....
Resident Armed Forces *
do....
Civilian noninstitutional population *
do....
Civilian labor force, total
do....
Employed
do
Unemployed
do
Seasonally Adjusted ()
Civilian labor force total
do
Participation rate t
percent..
Employed, total
thous
Employment-population ratio t percent...
Agriculture
thous
Nonagriculture
do....
Unemployed total
do
Long term, 15 weeks and
over
do
See footnotes at end of tables.
175 891
113,226
1,676
174,215
111,550
100 834
10 717
178 080
115,241
1 697
176,383
113,544
105 005
8539
64.0
64.4
57.9
3383
97,450
59.5
3321
101,685
4210
2737
177 662
113,845
1 693
175,969
112,152
103 628
8 525
177 813
114,941
1690
176,123
113,251
105 096
8 154
177 974
117,083
1 690
176,284
115,393
106 812
8 582
178 138
117,896
1698
176,440
116,198
107 484
8 714
178 295
116,788
1712
176,583
115,076
106 694
8 382
178 483 178 661
1 15*,563 115,955
1720
176,763
113,843
105 792
8 051
1 705
176,956
114,250
106 262
7 989
178 834
115,814
1,699
177,135
114,115
106 246
7 869
179 004
115,726
1698
177,306
114,028
106 049
7978
179 081
115,172
1,697
177,384
113,475
104,344
9 131
179 219
115,295
1,703
177,516
113,592
104,690
8902
179 368
116,095
1,701
177,667
114,394
105,768
8625
179,501
116,027
1,702
177,799
114,325
106,175
8 150
179,649
116,595
1,705
177,944
114,890
106,880
8011
113 202
64.3
104 402
59.3
3379
101,023
8800
113722
64.6
105 162
59.7
3367
101/795
8560
113 619
64.5
105 391
59.8
3 368
102,023
8228
113868
64.5
105 377
59.7
3333
102,044
8491
113 629
64.3
105 148
59.5
3264
101,884
8481
113 764
64.4
105 394
59.6
3319
102,075
8370
114 016
64.4
105 649
59.7
3 169
102,480
8367
114 074
64.4
105 932
59.8
3334
102,598
8 142
114 464
64.6
106 273
59.9
3385
102,888
8191
114 875
64.8
106,391
60.0
3320
103,071
8484
115084
64.8
106 685
60.1
3340
103,345
8399
115514
65.0
107,119
60.3
3362
103,757
8396
115,371
64.9
106,945
60.1
3428
103,517
8426
115,373
64.8
106,960
60.1
3312
103,648
8,413
2842
2833
2 630
2672
2 621
2605
2 527
2428
2374
2243
2416
2400
2377
2247
SURVEY OF CURRENT BUSINESS
S-10
Unless otherwise stated in footnotes
below, data through 1982 and
methodological notes are as shown in
BUSINESS STATISTICS: 1982
,, ..
unus
1984
1983
June 1985
1985
1984
Annual
Apr.
June
May
Aug.
July
Sept.
Nov.
Oct.
Jan.
Dec.
Mar.
Feb.
May
Apr.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
LABOR FORCE— Continued
Seasonally Adjusted 0
Civilian labor force —Continued
Unemployed — Continued
Rates(unemployed in each group as percent
of civilian labor force in the group):
All civilian workers
Men, 20 years and over
Women, 20 years and over
Both sexes 16-19 years
White
Black*
Hispanic origin *
Married men, spouse present
Married women spouse present
Women who maintain families
Industry of last job:
Private nonagricultural wage and
salary workers
Construction
Manufacturing
Durable goods
Agricultural wage and salary
workers *
Not Seasonally Adjusted
Occupation: *
Managerial and professional specialty
Technical, sales, and administrative
support
Service occupations . .
Precision production, craft, and repair....
Operators, fabricators, and laborers
Farming forestry and fishing
EMPLOYMENT t
Employees on payrolls of nonagricultural estab.:
Total, not adjusted for seas, variation
thous..
Private sector (excl. government)
do....
Seasonally Adjusted t
Total employees, nonagricultural
payrolls
do....
Private sector (excl. government)
do....
Nonmanufacturing industries
do
Goods-producing
do ....
Mining
do....
Construction
do ....
Manufacturing
do
Durable goods
do
Lumber and wood products
do....
Furniture and fixtures
.
do
Stone, clay and glass products
do....
Primary metal industries
do....
Fabricated metal products
do....
Machinery, except electrical
do....
Electric anJ
electronic
equip
do
Transportation equipment
do....
Instruments and related
products
do
Miscellaneous manufacturing
do....
Nondurable goods
.... do
Food and kindred products
do....
Tobacco manufactures
do....
Textile mill products . . .
do
Apparel and other textile
products
do
Paper and allied products...
do....
Printing and publishing
do....
Chemicals and allied products
do...,
Petroleum and coal products
do....
Rubber and plastics products, nee
do....
Leather and leather products
do
Service-producing
....
do
Transportation and public utilities
do ....
Wholesale trade
do
Retail trade
do
Finance, insurance, and real
estate
do ..
Services
.
.
do
Government
do....
Federal
do
State *
do
Local *
do
Production or nonsupervisory workers on private
nonagric. payrolls, not seas, adjusted
thous..
Manufacturing
do
Seasonally Adjusted t
Production or nonsupervisory workers on private
nonagricultural payrolls
thous
Goods-producing
do
Mining
.
.
.
do
Construction
..
do
Manufacturing
do ...
Durable goods
do
Lumber and wood products
do...
Furniture and fixtures
do...
Stone, clay, and glass
products
do
Primary metal industries
do...
Fabricated metal products...
..
do
Machinery , except electrical
do . . .
Electric and
electronic
equip
.
do
Transportation equipment
do...
Instruments and related
products
do
Miscellaneous manufacturing
do...
See footnotes at end of tables.
9.6
8.9
8.1
224
84
195
13.7
6.5
70
122
7.5
6.6
6.8
189
65
159
107
4.6
57
103
7.8
6.9
6.9
193
67
16.7
11.5
4.7
58
105
7.5
6.6
6.8
190
65
160
10.7
4.6
58
100
7.2
6.4
6.5
18.1
63
15.2
10.3
4.6
57
9.8
7.5
6.5
6.8
18.4
6.3
16.6
10.5
4.5
58
9.8
7.5
6.4
7.0
18.4
6.4
15.8
10.7
4.5
5.8
10.3
7.4
6.4
6.6
19.0
6.3
15.1
10.6
4.6
5.7
10.1
7.3
6.2
6.9
18.7
6.3
15.3
11.0
4.5
5.7
10.4
7.1
6.2
6.5
17.8
6.1
15.1
10.3
4.4
5.4
10.8
7.2
6.3
6.4
18.8
6.2
15.0
10.4
4.4
5.4
9.6
7.4
6.3
6.8
18.9
6.4
14.9
10.6
4.6
5.7
10.0
7.3
6.3
6.7
18.4
6.2
16.3
9.7
4.4
5.4
11.0
7.3
6.2
6.7
18.2
6.2
15.2
10.2
4.2
5.9
10.2
7.3
6.3
6.8
17.7
6.3
15.3
10.3
4.3
5.9
10.8
7.3
6.1
6.9
18.9
6.2
15.6
10.7
4.0
5.8
10.9
99
18.4
11.2
12 1
74
143
7.5
72
7.7
14.4
7.7
75
73
14.7
7.2
71
7.0
14.6
7.3
72
7.4
14.6
7.5
6.9
7.4
14,1
7.4
6.9
7.3
13.9
7.4
6.9
7.2
13.7
7.3
6.9
7.2
14.2
7.2
7.0
7.2
13.7
7.2
7.1
7.3
13.4
7.6
7.2
7.3
13.4
7.5
7.1
7.2
13.3
7.7
7.4
7.3
13.3
8.0
7.8
7.2
10.2
7.8
7.8
16.0
13.5
12.7
13.8
12.3
14.3
13.1
14.7
13.7
11.2
12.2
15.5
13.6
12.2
13.1
11.5
3.3
2.6
2.2
2.5
2.4
3.0
3.1
2.8
2.5
2.4
2.2
2.6
2.3
2.3
2.3
2.3
63
10.9
10.7
15.5
100
50
91
7.5
11.5
85
5.0
9.2
8.1
11.9
8.6
47
8.7
7.4
10.9
68
4.9
8.4
7.0
10.5
5.9
4.8
9.2
6.7
10.8
6.0
5.0
9.3
6.0
10.5
5.8
5.0
8.9
6.2
10.2
7.4
4.8
9.1
5.9
10.6
7.9
4.6
8.8
6.6
10.7
8.4
4.6
8.5
6.6
11.7
11.8
5.3
9.0
9.2
13.4
13.4
5.1
8.9
8.9
13.1
12.8
4.9
8.8
8.4
12.5
10.7
4.6
8.6
7.8
11.5
8.2
5.0
8.9
6.5
10.3
6.0
'90,196
r
74,330
'94,461
'78,477
'93,537
'77,307
'94,356
'78,091
'95,182
'79,134
'94,510
'79,287
'94,808
'79,691
'95,745
'79,967
'96,278
'80,045
'96,645
'80,257
'96,719
'80,421
'95,034
'78,942
'95,271
'78,898
'96,045
'79,577
'96,909
'80,452
"97,830
"81,314
r
90,196
r
74,330
r
55 853
'23,334
'952
r
3,948
18 434
10 732
'657
r
448
'570
r
832
1,370
'2,033
'94,461
'78,477
'58 775
'24,730
'974
'4,345
19412
11 522
'707
'487
'595
'858
1,464
'2,197
'93,725
'77,807
'58 460
'24,603
'967
'4,289
19 347
11 438
'708
'485
'594
'863
1,449
'2,173
'93,998
'78,055
'58,665
'24,670
'973
'4,307
19 390
11 485
'708
'486
'595
'868
1,457
'2,189
'94,317
'78,384
'58,939
'24,767
'978
'4,344
19 445
11,538
'710
'488
'596
'868
1,465
'2,205
'94,615
'78,655
'59,146
'24,842
'979
'4,354
19 509
11 589
708
'489
'597
'865
1,475
'2,220
'94,893
'78,885
'59,346
'24,889
'984
'4,366
19,539
11,638
'707
'489
'595
'863
1,478
'2,232
'95,238
'79,154
'59,674
'24,851
'985
'4,386
19 480
11,611
'705
'486
'596
'852
1,476
'2,225
'95,573
'79,460
'59,924
'24,918
'979
'4,403
19,536
11,652
'708
'491
'597
'851
1,483
'2,233
'95,882
'79,764
'60,211
'24,955
'978
'4,424
19,553
11,666
'709
'495
'598
'848
1,486
'2,232
'96,092
'80,010
'60,407
'25,045
'973
'4,469
19,603
11,701
'711
'497
'601
'844
1,489
'2,232
'96,419
'80,319
'60,715
'25,112
'974
'4,534
19,604
11,702
'709
'499
'602
'844
1,486
'2,228
'96,591
'80,480
'60,919
'25,062
'976
'4,525
19,561
11,675
'704
'498
'600
'840
1,483
'2,224
'96,910
'80,767
'61,241
'25,056
'977
'4,553
19,526
11,651
'701
'499
'601
'832
1,480
'2,220
'97,118 "97,463
'80,978 "81,275
'61,509 "61,834
'25,098 "25,098
"977
'981
'4,648
"4,680
19,469 "19,441
11,611 "11,608
'694
"698
'497
"495
'599
"599
'824
"822
"1,477
1,478
'2,207
"2,208
'2013
1,747
'2208
1,906
'2 186
1,885
'2 199
1,888
'2210
1,900
'2224
1,911
'2237
1,934
'2241
1,927
'2,247
1,935
'2,250
1,940
'2,253
1,965
'2,252
1,974
'2,248
1,972
'2,243
1,969
'2,226
1,983
"2,217
"1,984
'714
'384
'7890
1,619
'65
'746
'710
'385
'7909
1,620
'65
'758
'712
'383
'7905
1,618
'65
'755
'714
'382
'7907
1,618
'65
'752
'716
'384
'7920
1,625
'65
'748
'717
'386
'7,901
1,617
'64
'744
'718
'385
'7869
1,610
'66
'738
'720
'387
'7,884
1,617
'66
'730
'722
'386
'7,887
1,620
'65
'726
'723
'386
'7,902
1,630
'66
'722
'723
'385
'7,902
1,633
'67
'720
'725
'381
'7,886
1,633
'66
'712
'727
'379
'7,875
1,638
'66
'706
'726
'377
'7,858
1,629
'66
'708
"729
"379
"7,833
"1,628
"65
"701
1217
680
1,360
1,045
190
1 209
681
1,366
1,046
189
1202
'684
1,372
1,048
189
1201
'684
1,379
1,050
188
1 196
'684
1,382
1,051
188
1 181
680
1,387
1,050
187
1 181 1180
'682
'683
1,397
1,392
1,052
1,051
187
188
1 184
'683
1,397
1,054
186
1,182
'683
1,403
1,052
185
1,175
'682
1,406
1,052
184
1,167
'682
1,407
1,052
183
1,164
'681
1,411
1,049
182
"1,149
"682
"1,416
"1,047
"180
r
692
371
7702
1,615
r
68
r
741
r
1r 163 1 197
661
'681
1,299
1,372
1,043
1,048
196
189
'711
r
205
66
862
r
4,954
r
5268
15613
'782
192
'69 731
'5,171
'5550
16,584
'776
198
'69 122
'5,135
'5499
16 385
'780
196
'69 328
'5,145
'5516
16 443
'783
'194
'69 550
'5,164
'5532
16,534
'786
'194
'69 773
'5,174
'5557
16 623
'786
189
'70 004
'5,194
'5573
16,673
'784
186
'70 387
'5,210
'5610
16,750
'792
184
'70 655
'5,223
'5636
16,859
'796
182
'70,927
'5,229
'5,647
16,994
'799
181
'71,047
'5,246
'5,665
17,026
'798
179
'71,307
'5,259
'5,686
17,090
'799
177
'71,529
'5,272
'5,697
17,160
'798
176
'71,854
'5,269
'5,714
17,249
'794
174
'72,020
'5,286
'5,735
17,278
"792
"173
"72,365
"5,307
"5,756
"17,389
r
5468
19 694
15,869
r
2774
'366
r
943
'5,682
'20 761
15,984
'2807
'371
'947
'5,639
'20 546
15,918
'2795
'3701
'9422
'5,653
'20 628
15,943
'2806
'3708
'9429
'5,680
'20 707
15,933
'2802
'3712
'9419
'5,693
'20 766
15,960
'2805
'3712
'9443
'5,707
'20 849
16,008
'2812
'3723
'9,473
'5,719
'5,737
'21 014 '21,087
16,084 16,113
'2827
'2823
'3733
'3,727
'9524
'9,563
'5,755
'21,184
16,118
'2831
'3,732
'9,555
'5,776
'21,252
16,082
'2836
'3,722
'9,524
'5,790
'21,382
16,100
'2,836
'3,730
'9,534
'5,809
'21,480
16,111
'2,834
'3,733
'9,544
'5,835
'21,644
16,143
'2,850
'3,744
'9,549
5,858
'21,723
16,140
'2,848
'3,744
'9,548
"5,891
"21,834
"16,188
"2,840
"3,756
"9,592
'60,070
12 530
'63,576
13310
'62,581
13 223
'63,298
13 309
'64,201
13461
'64,282
13316
'64,614
13 488
'64,874
13 566
'64,952
13 506
'65,120
13 425
'65,235
13,358
'63,765
13,223
'63,675
13,187
'64,268
13,209
'65,058
13,189
"65,873
"13,232
r
'63 576
17 378
'693
'3375
13,310
'7749
'592
'391
'63 049 '63 237
17 307 17 343
'688
'692
'3,340
'3329
13,290 13,311
'7702
'7732
'594
'593
'390
'389
'63 509
17414
'697
'3,376
13,341
'7763
'594
'391
'63 730
17 470
'696
'3,383
13,391
'7802
'592
'392
'63 901
17 484
'700
'3,388
13,396
'7832
'591
'391
'64 096
17 448
'700
'3,407
13,341
'7806
'588
'389
'64 375
17 497
'695
'3,422
13,380
'7835
'593
'393
'64 629
17 509
'694
'3,439
13,376
'7832
'594
'397
'64 830
17 585
'691
'3,485
13,409
'7855
'597
'399
'65 058
17,638
'690
'3,549
13,399
'7,843
'595
'400
'65 177
17,578
'692
'3,539
13,347
'7,806
'589
'399
'65,376
17,574
'691
'3,574
13,309
'7,776
'585
'400
'65,566
17,602
'698
'3,652
13,252
'7,735
'579
'397
"65,798
"17,593
"694
"3,665
"13,234
"7,729
"580
"395
r
60 070
16 r235
673
r
3033
12,530
r
l 117
'547
'356
r
435
'620
'994
1,195
'457
'652
1,079
1,328
'457
'656
1,066
1,309
'457
'661
1,073
1,325
'458
'660
1,080
1,335
'459
'657
1,089
1,348
'457
'656
1,092
1,353
'457
'647
1,091
1,352
'458
'647
1,096
1,359
'459
'644
1,099
1,354
'462
'640
1,102
1,353
'463
'640
1,099
1,346
'461
r
636
1,097
1,340
'462
'630
1,094
1,335
'459
'622
1,092
1,327
"461
"621
"1,092
"1,327
1220
1,096
1,354
1,218
1,346
1,208
1 352
1,206
1,357
1,212
1,366
1,221
1,372
1,241
1,373
1,230
1,376
1,232
1,374
1,230
1,371
1,251
1,366
1,257
1,357
1,251
1,345
1,251
1,326
1,264
"1,322
"1,262
'397
'272
"397
"272
'388
'267
'398
'280
'397
'279
'398
'278
'398
'278
'399
'279
'398
'281
'399
'280
'399
'282
'400
'281
'400
'280
'399
'278
'400
'276
'399
'275
Unless otherwise stated in footnotes
below, data through 1982 and
methodological notes are as shown in
BUSINESS STATISTICS: 1982
S-ll
SURVEY OF CURRENT BUSINESS
June 1985
,, ..
1985
1984
Annual
u
1983
1984
Apr.
May
June
July
Aug.
Sept.
Nov.
Oct.
Jan.
Dec.
Feb.
Mar.
Apr.
May
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT t— Continued
Seasonally Adjusted t
Production or nonsupervisory workers — Continued
r
Nondurable goods
thous ..
5,413
r
Food and kindred products
do....
l,114
Tobacco manufactures
do.. .
52
Textile mill products
do
'639
Apparel and other textile
products
. do
984
Paper and allied products
do....
495
r
Printing and publishing
do....
712
r
Chemicals and allied products
do....
579
Petroleum and coal products
do....
118
Rubber and plastics prodr
ucts, nee
do
551
r
Leather and leather products
do....
!71
r
Service-producing
do
43
834
r
Transportation and public utilities
do ....
4,074
Wholesale trade
do
'4 226
Retail trade . . .
do
14 Oil
Finance, insurance, and real
r
estate
do
4068
Services
do
17 455
AVERAGE HOURS PER WEEK t
Seasonally Adjusted
Avg. weekly hours per worker on private nonag.
payrolls: <)
Not seasonally adjusted
hours..
350
Seasonally adjusted
do
Mining $
do
425
r
Construction
do
37 1
Manufacturing:
Not seasonally adjusted
do....
40.1
Seasonally adjusted....
do
Overtime hours
do
30
Durable goods
do
407
Overtime hours
.. do
30
Lumber and wood products
do....
40.1
Furniture and fixtures
do
394
Stone, clay, and glass products
do ....
41.5
Primary metal industries
do....
40.5
Fabricated metal products
do....
40.6
Machinery, except electrical
do....
40.5
Electric
and
electronic
equip
do....
40.5
Transportation equipment
do....
42.1
Instruments
and related
40 4
products
do
Miscellaneous manufacturing
do....
39.1
Nondurable goods
. do
394
Overtime hours
do...
30
Food and kindred products
do...,
39.5
Tobacco manufactures
do
374
Textile mill products
. do
'404
Apparel and other textile
products
...
do
362
Paper and allied products .
do
426
Printing and publishing
do....
37.6
Chemicals and allied products
do....
41.6
Petroleum and coal products
do....
43.9
Rubber and plastics products, nee t
.. do
41 2
Leather and leather products
do....
368
Transportation and public utilities
do....
390
Wholesale trade
do
385
Retail trade
do
298
Finance, insurance, and real
estate $
do
362
Services.
do
327
AGGREGATE EMPLOYEE-HOURS t
Seasonally Adjusted
Employee-hours, wage & salary workers in nonagric. establish, for 1 week in the month,
seas adj at annual rate
bil hours
168 33
Total private sector
do.... 137.14
r
Mining
do
211
Construction
.. do
762
r
Manufacturing
do
3841
Transportation and public utilities
do ....
10.11
Wholesale trade *
do
10 55
Retail trade *
do
'24 19
Finance, insurance, and real
estate
do
1030
r
Services
do
3384
r
Government
do
31 19
Indexes of employee-hours (aggregate weekly): <>
Private nonagric. payrolls, total
1977 = 100.
105.8
r
Goods-producing
do ...
91.1
Mining
do...
1065
Construction
do ...
102.1
r
Manufacturing
do
882
r
850
Durable goods
...
do
r
Nondurable goods
.. do .
930
Service-producing
do ...
114.0
Transportation and public
utilities
. do
994
Wholesale trade
..do.
1081
Retail trade
do ...
106.4
Finance, insurance, and real
119 0
Services
do..
126.3
See footnotes at end of tables.
r
5,561
1,124
r
49
'646
'5,588
1,124
r
49
r
657
'5,579
1,123
r
49
'654
r
5,578
1,126
r
49
'650
r
5,589
1,132
r
49
r
648
r
1012
'512
r
756
r
582
111
1033
'511
r
749
'582
112
1 025
512
r
752
'581
111
1016
'514
r
757
r
582
111
1015
r
514
r
762
r
583
111
1 010
'514
r
762
'583
111
r
r
r
r
r
5,564
1,124
49
r
643
r
'5,535
1,119
r
50
r
637
r
'5,545
1,123
r
50
r
630
999
510
'764
'582
111
r
r
r
998
'513
r
768
'582
112
'5,544
1,126
r
50
r
626
r
996
513
r
770
r
581
112
'5,554
1,135
r
50
r
623
1 000
'514
r
768
r
581
111
r
r
611
157
r
46 417
4,293
'4 490
14 929
609
154
r
46 648
'4,303
'4 520
14 989
r
616
619
153
151
r
46 878 r47
120
r
'4,316
4,324
r
'4
542
4
553
r
!5 090 15217
622
150
r
47 245
'4,337
'4 570
15 233
620
148
r
47 420
'4,344
r
4589
15278
r
4224
18 382
'4 195
18 195
r
4207
18 265
r
4227
18 332
r
4234
18 388
r
4245
18 460
r
4245
18 591
r
4259
18 671
r
4270
18756
r
4284
18 821
r
4298
18 911
35.2
354
430
r
377
352
353
432
r
376
35.5
353
437
r
378
35.6
353
430
r
375
35.5
352
435
r
376
r
35.4
r
r
35.1
r
35.1
352
435
r
380
35.5
352
432
r
377
r
34.7
r
351
r
429
r
34
414
36
39.9
397
42.0
'41.7
41.4
41.9
40.9
r
41 0
r
36
r
417
r
39
'40.3
397
'42.2
'42.1
'41.7
'42.2
r
40.7
r
407
r
40.8
406
r
34
r
413
35
r
39.6
r
393
r
41.9
41.7
41.3
42.0
40.3
405
33
r
413
35
'39.5
398
41.9
41.5
41.3
r
41.9
40.4
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33
r
41 3
r
35
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r
393
r
41.8
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42.0
40.7
406
33
r
414
35
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r
398
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41.3
r
41.4
42.0
40.5
r
405
33
413
35
39.7
396
'41.9
41.3
41.3
41.9
40.7
405
34
41 2
36
r
39.6
r
397
41.8
41.5
41.1
'41.8
41.0
42.7
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r
41.1
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r
42.5
r
40.9
r
'41.0
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r
41.1
42.8
40.9
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r
413
39.4
396
31
398
389
399
414
'39.6
r
400
r
33
r
400
r
40
1
r
41 0
r
409
'39.4
r
397
31
397
r
395
400
41 3
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32
398
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400
41 3
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r
395
31
r
397
r
41 2
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395
31
397
r
389
r
395
41 5
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r
395
30
r
39.7
r
383
r
393
r
413
'39.3
r
394
r
30
r
39.7
'387
r
388
364
43 1
37.9
41.9
43.7
r
365
43 1
38.0
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36 4
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'37.8
41.9
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r
43 2
r
37.8
41.9
r
43.5
r
r
36 1
43 1
37.9
41.8
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r
417
368
394
386
300
42 1
372
395
387
r
30 1
417
366
394
38 6
301
41 9
367
396
38 6
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414
362
394
387
299
41 5
365
398
r
387
r
299
r
365
328
r
363
328
363
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364
327
366
328
377
40.7
37 1
432
'38.1
42.0
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r
365
329
34
r
414
r
36
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397
42.1
r
42.0
41.4
r
42.0
r
r
42.3
roo o
398
41 2
369
r
397
38 6
r
30 0
r
r
36 7
328
36 1
430
37.8
r
41.9
43.9
r
r
r
360
430
37.8
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'43.6
41 5
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r
39.2
386
298
r
365
328
r
352
r
r
44 1
378
'986
'515
'777
'579
110
'982
'513
'778
'577
109
"968
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"782
"578
"110
'619
145
'47 802
'4,358
'4 610
15391
'615
144
'47,964
'4,367
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15422
"614
"143
"48,205
"4,387
"4650
"15515
r
'4,328
4309
!9 002 '19 115
'4,342
19 204
"4,363
"19 290
r
612
163
r
46
260
r
4,273
'4 477
14 888
353
440
r
379
r
992
r
514
r
r
611
162
r
46
095
r
4,266
r
4 455
14 815
r
"5,505
"1,138
"49
"606
775
'580
111
608
164
r
45 894
'4,248
r
4 441
14 733
r
'5,517
1,138
'49
'612
998
'515
r
773
'580
111
605
166
r
45 742
'4,241
'4 424
14 687
35.3
'5,533
1,143
'49
'610
r
609
160
r
46 198
'4,270
r
4 469
14 853
r
433
r
'5,541
1,138
r
50
r
614
5,556
1,138
r
51
r
622
37.7
621
146
47 599
'4,355
'4 596
15 337
r
r
r
34.6
r
351
432
r
378
35.0
352
436
'38.1
34.9
351
435
'38.0
"35.0
"35.0
"43.6
"37.4
39.7
40 1
33
r
407
r
3.5
r
38.9
r
395
'41.6
r
40.9
'40.9
'41.1
40.4
404
'3.2
41.1
3.5
'39.6
'395
'42.0
41.1
'41.1
41.6
40.1
'401
'3.3
'40.9
'3.6
39.5
'392
'42.0
41.1
'41.0
'41.1
"40.2
"40.3
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"38.7
"42.0
"41.6
"40.9
"41.3
41.2
'406
34
r
413
36
r
39.8
396
r
41.8
41.2
41.4
'41.7
40.3
406
r
3.4
r
413
3.6
'39.7
r
404
'41.7
41.0
41.4
41.7
41.0
42.8
40.8
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'40.2
'41.9
40.7
'42.5
'40.2
'42.2
"40.2
"42.4
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'39.3
r
395
r
3.1
39.7
'390
r
391
418
'39.3
396
r
3.0
40.1
388
39.2
41.2
'39.2
39
5
r
3.0
39.8
r
38.3
r
39.2
41.0
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'39.1
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2.9
39.8
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38.8 ' 39.1
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"39.2
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r
43 1
'37.8
'41.8
r
43.4
r
362
43.0
'37.8
42.0
r
43.2
'35.9
'42.9
'37.7
41.9
'43.1
'36.1
'42.9
37.6
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42.9
37.6
41.9
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"36.1
"42.8
"37.3
"41.9
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r
41.5
r
40.5
'36.4
39.4
'38.6
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41.1
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39 5
38.7
29.8
40.9
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"40.6
"36.9
"39.5
"38.6
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r
36.4
32.7
36.4
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36.4
32.8
'36.4
'32.8
"36.3
"32.7
40.9
42.4
r
363
431
37.7
41.9
r
43.0
41 6
36.6
39.4
386
299
'42.1
36.9
r
39.3
386
'299
364
328
r
r
r
367
329
r
36.8
'39.3
38.6
29.8
r
177 62
145.86
r
220
r
852
r
4096
10.61
11
14
r
2587
177 57
145.21
r
220
r
842
r
4108
10.56
11
06
r
2561
176 80
145.25
r
222
r
846
r
4090
10.57
11
09
r
2574
177 47
146.01
r
223
r
859
'4102
10.65
11
11
r
2593
177 68
146.25
r
220
r
851
r
4109
10.71
11
16
r
2601
178 18
146.26
r
221
r
857
r
41 15
10.67
11
21
r
2587
179 62
147.27
r
224
'8.66
r
4098
10.81
1132
r
25.98
179 17
146.94
'2 18
8.56
r
41 01
10.68
1130
r
26.09
178 16
147.80
r
220
r
8.62
r
4106
10.72
1132
r
26.48
150.37
148.70
'2.20
r
8.69
r
41.38
10.71
11.36
r
26.59
179.89
147.86
2.25
8.84
41.48
10.72
11.36
25.80
179.51
148.05
2.27
8.90
41.11
10.81
11.38
25.89
181.79
149.82
'2.22
'9.03
'41.08
10.84
11.49
'26.82
181.29
149.75
'2.23
'9.22
'40.68
10.88
11.51
'26.67
"181.96
"150.07
"2.22
"9.11
"40.70
"10.88
"11.57
"26.89
1079
r
3577
r
3175
1073
r
3554
r
3236
1070
r
3558
r
31 56
1077
^3571
r
3146
1086
r
3571
r
3143
1080
r
3579
r
3192
10.96
r
3633
r
3235
10.87
r
3624
r
3223
10.90
r
3648
r
3035
11.04
r
36.73
r
31.67
10.94
36.47
32.03
10.96
36.74
31.46
11.06
'34.27
'31.97
11.09
'37.46
'31.54
"11.12
"37.58
"31.90
112.9
'98.8
112.0
115.5
r
950
r
942
r
960
120.6
112.4
'99.0
111.1
113.7
r
956
r
943
r
97.4
119.8
112.3
'98.5
111.7
113.8
r
950
r
940
r
964
119.9
112.8
'98.9
113.1
115.7
r
950
r
94 1
r
96.3
120.6
113.1
r
98.9
112.4
115.0
r
952
r
945
r
96.2
121.0
113.2
r
99.1
113.3
115.5
r
952
r
94.9
r
95.7
121.0
113.9
r
99.2
114.1
117.0
r
95.0
r
95.0
r
95.1
122.0
113.9
'99.1
111.7
116.9
r
95.0
r
95.0
r
95.1
122.1
114.5
r
99.3
112.6
118.4
r
95.0
r
94.8
r
95.3
122.9
115.0
'99.9
112.1
119.4
r
95.5
r
95.4
'95.7
123.4
115.0
100.0
110.9
121.3
'95.3
'95.2
r
95.6
123.3
115.1
'98.8
112.2
121.2
'93.9
'93.3
'94.7
124.0
115.7
'99.6
112.6
123.4
'94.3
'93.9
'95.0
124.6
115.7
'99.2
114.3
125.8
'93.3
'92.8
'94.1
124.9
"116.0
"99.0
"113.1
"124.2
"93.4
"92.9
"94.3
"125.4
1052
1147
113.4
1047
113.8
112.6
1046
113.9
112.9
105.6
114.3
113.5
106.0
114.9
113.7
105.7
115.5
113.7
107.0
116.3
114.1
105.7
116.5
114.5
106.5
116.8
115.8
106.5
117.3
116.0
106.7
117.7
115.9
107.2
117.9
116.4
107.6
118.6
116.8
107.8
118.8
116.6
"108.3
"119.3
"117.7
1245
133.3
1237
132.4
1234
132.5
1243
133.0
1252
133.4
1249
133.5
1259
134.9
1256
135.5
1260
136.1
1267
137.0
126.1
136.8
126.8
137.9
127.7
138.7
127.7
139.3
"128.0
"139.5
S-12
Unless otherwise stated in footnotes
below, data through 1982 and
methodological notes are as shown in
BUSINESS STATISTICS: 1982
SURVEY OF CURRENT BUSINESS
,, ..
1984
1983
June 1985
1985
1984
Annual
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HOURLY AND WEEKLY EARNINGS tt
Average hourly earnings per worker: <>
Not seasonally adjusted:
Private nonagric. payrolls
dollars..
Mining
do
Construction
do
Manufacturing
do
Excluding overtime
do
Durable goods
do
Excluding overtime
do.
Lumber and wood products
do....
Furniture and
fixtures
do
Stone, clay, and glass products
do
Primary metal industries
do....
Fabricated metal products
do..
Machinery, except electrical
do
Electric and
electronic
equip
do
Transportation equipment
do....
Instruments and related
products
... do
Miscellaneous manufacturing
do
Nondurable goods....
do
Excluding overtime
do....
Food and kindred products
do
Tobacco manufactures
do....
Textile mill products
do....
Apparel and other textile
products
do....
Paper and allied products
do....
Printing and publishing
do....
Chemicals and allied products
do
Petroleum and coal products
do ....
Rubber and plastics products, nee
do
Leather and leather products
do....
Transportation and public utilities
do ....
Wholesale trade .
do
Retail trade
do
Finance, insurance, and real
estate
...
...
do
Services
do
Seasonally adjusted:
Private nonagricultural payrolls
dollars . .
Mining
do
Construction
do
Manufacturing
do
Transportation and public utilities
do....
Wholesale trade *
do
Retail trade *
do
Finance, insurance, and real
estate
...
do
Services
do
Indexes of avg. hourly earnings, seas, adj.: <}
Private nonfarm economy:
Current dollars
1977 - 100
1977 dollars $
do
Mining
do
Construction
do
Manufacturing
.
do
Transportation and public utilities
do ....
Wholesale trade *
do
Retail trade *
do
Finance, insurance, and real
estate
do
Services
..
do
Hourly wages, not seasonally adjusted:
Construction wages, 20 cities (ENR): §
Common labor
$ per hr
Skilled labor.
do
Railroad wages (average, class I)
do
Avg. weekly earnings per worker,
private nonfarm: <£>
Current dollars, seasonally adjusted
1977 dollars, seasonally adjusted t
Current dollars, not seasonally adjusted:
Private nonfarm, total
dollars..
Mining . . . . .
do
Construction
do
Manufacturing .
do
Durable goods
do
Nondurable goods
do....
Transportation and public
utilities
do
Wholesale trade
do
Retail trade
do
Finance, insurance, and real
estate
do
Services
do
EMPLOYMENT COST INDEX @
Civilian workers t
6/81-100...
Workers, by occupational group
White-collar workers
do..
Blue-collar workers
do
Service workers
.
do
Workers, by industry division
Manufacturing
do....
Nonmanufacturing
do
Services
do....
Public administration
do....
HELP-WANTED ADVERTISING
Seasonally adjusted index..
1967 — 100
See footnotes at end of tables.
8.02
11 28
11 94
883
r
852
r
939
r
906
r
7.80
662
r
928
11.35
r
912
955
8.33
11 63
12 12
r
9 18
r
881
r
974
r
934
r
8.03
r
685
r
957
11.47
r
9.38
996
8.29
11 66
1205
r
9 12
r
876
r
969
r
9.29
r
7.93
r
675
951
11.55
r
9.36
991
8.28
11 61
12
08
r
9 12
r
877
r
968
r
929
r
7.95
r
678
954
11.53
r
935
990
r
8.30
11 62
1203
r
9 15
r
878
r
972
r
9.31
'8.08
r
682
958
11.50
r
9.35
993
8.32
11 63
12
06
r
9 19
r
883
r
973
r
934
r
8.07
r
687
964
11.49
r
935
996
8.30
11 62
12
10
r
9 15
r
878
r
970
r
930
r
8.10
r
688
r
963
11.38
r
9.33
r
993
8.43
11 72
12
24
r
924
r
885
r
979
r
937
r
8.20
r
694
r
965
11.43
r
943
1002
8.40
11 58
1223
r
924
r
887
r
978
r
938
r
8.11
r
693
r
964
11.36
r
940
1002
8.43
11
63
r
!2
10
r
931
r
893
r
985
r
943
r
8.06
r
695
r
967
11.49
r
944
1007
8.46
11 70
1226
r
940
r
900
r
996
r
952
r
8.09
r
699
r
968
11.49
r
958
10 16
8.50
11 86
12
30
r
943
r
907
r
999
r
959
'8.10
r
701
r
970
11.55
r
959
10 13
r
8.52
11 90
1233
r
943
r
907
r
999
r
959
r
8.09
r
701
r
973
11.69
r
9.59
10 14
8.52
11 91
1222
r
945
r
909
1001
r
9.61
r
8.06
r
707
r
971
11.66
r
9.62
r
!0 15
r
8.53
1190
1220
948
913
10.03
r
9.64
r
8.05
r
708
979
11.66
r
9.65
10 19
"8.54
"11 82
"1225
"948
"9.14
"10.05
"9.67
"8.14
"710
"9.80
"11.67
"9.64
"1022
r
867
11.67
r
904
12.22
r
8.94
12.09
r
894
12.06
r
8.97
12.17
r
900
12.16
r
905
12.16
r
9 13
12.26
r
915
12.32
r
920
12.45
r
932
12.62
r
933
12.67
r
933
12.63
r
9.39
12.59
r
9.39
12.62
"9.42
"12.59
r
885
r
681
808
7.79
r
819
10.38
6.18
r
r
5.38
r
r
r
8.02
11 27
1194
883
1079
r
855
574
r
r
762
764
r
729
731
r
762
764
r
r
704
830
8.00
r
841
11.65
r
6.43
r
r
5.50
10.30
r
9.33
1099
1331
762
762
7 55
l 58
703
833
8.01
r
8.42
12.00
r
6.44
707
841
8.09
r
839
11.77
r
6.44
r
r
5.53
10.38
'9.31
1100
1332
r
553
10.52
r
9.38
1109
1325
r
r
7 53
7 59
r
701
837
8.04
896
r
r
r
10.92
r
6.47
705
844
8.10
r
835
1052
r
6.50
r
r
5.55
10.47
r
9.44
11 09
1330
r
563
10.51
r
9.53
11 20
1352
r
829
r
r
760
759
r
7 57
756
r
r
8.35
(i)
12 14
r
922
11 13
r
8
98
r
587
776
772
705
844
8.12
r
831
10.60
6.49
706
852
8.19
r
843
1193
6.55
r
r
561
10.52
r
9.50
11 29
1351
r
561
10.64
r
9.56
1131
1366
r
8.40
(i)
!2
15
r
924
11 18
9 05
r
5 89
61
7 66
63
l 67
r
r
832
5.72
11.18
r
900
588
767
771
r
7 78
l 72
"730
"864
"8.35
"8.59
"12.48
"6.67
r
573
1064
r
9.61
1137
1406
r
575
10.72
9.59
11 47
14 13
"5.70
"10.72
"9.60
"1145
"1397
r
846
r
r
848
r
"843
"5.84
"11.24
"926
"596
l 16
855
8.23
r
845
11 17
6.57
723
r
859
8.30
r
848
11 39
6.59
l 19
860
8.31
r
851
1180
6.60
l 20
861
r
8.32
r
853
1200
6.64
r
568
1066
r
9.57
11 34
1362
r
573
1063
'9.58
11 39
1396
r
570
1064
r
9.60
1139
1399
r
r
7 77
784
r
r
7
r
81
7 81
7 87
787
r
8.49
(i)
12
27
r
941
11
25
r
9 20
r
5 94
8.44
(i)
12
20
r
938
11
21
r
9 09
r
592
r
l
r
5.82
11.27
9 19
r
597
r
r
8.47
(i)
!2
20
r
935
11
23
r
9 19
r
5 93
70
7 74
r
9.11
9 10
r
848
5.79
11.27
r
9
22
r
599
849
5.82
11.26
r
9
16
r
597
7 78
784
9 11
r
r
r
72
l 74
"9.14
7 22
r
867
r
8.37
r
858
12.02
r
6.72
r
r
7 71
777
r
7
r
r
r
r
r
900
r
8 44
5.80
11.28
r
9 19
589
8.42
(i)
12
16
r
931
11
18
r
9 09
r
593
7 68
l 70
r
r
903
r
840
5.76
11.25
r
9
08
r
593
8.38
(i)
12 14
r
928
1r1 16
9
01
r
5 90
r
r
l
r
r
7
r
895
r
832
'5.73
11.22
r
906
r
588
5.68
11.13
r
896
r
582
8.35
(i)
12 13
r
9 19
11 16
898
r
5 88
7 61
7 62
r
r
rQ oo
831
'5.71
11.14
r
898
r
586
7 58
756
889
893
r
'8.32
(i)
12 14
r
9 16
11 11
894
r
587
8.29
(i)
12
14
r
9 13
11
06
r
8 88
r
586
r
r
824
5.67
11.03
r
891
r
587
r
7 62
761
888
r
822
5.68
10.99
r
888
r
587
'8.30
(i)
1210
r
9 12
11
07
r
889
r
586
8.33
11 58
1212
r
9 18
11 11
r
896
r
588
882
r
827
5.68
11.04
r
891
r
588
829
5.70
11.11
r
896
r
588
729
731
r
5.51
10.26
r
9.30
1094
13.43
r
5.55
10.41
r
9.40
1108
1343
r
800
5.54
10.79
r
855
574
701
829
7.98
r
8.41
11.53
r
6.44
r
704
837
8.05
r
838
11.27
6.46
r
r
r
r
r
r
9.93
9.11
1058
1328
875
877
848
r
5.83
11.28
r
923
r
595
r
7
r
88
788
"7 90
"788
r
8.54
(i)
!225
948
1131
9
21
r
593
"8.55
(i)
"12 31
"949
"11 31
"9 26
"595
787
787
8.53
(i)
12 22
943
11
30
r
9
23
r
5 95
r
r
7
r
r
7
r
7 81
7 81
86
l 86
88
787
"7 88
"789
1554
r
948
166 7
1456
157 8
156.6
158 2
1502
160 7
r
948
173 7
147 9
162 8
161.7
165 7
153 9
160 1
r
954
173 0
147 9
161 8
161.1
164 8
153 8
159
9
r
950
172 6
148 3
162 3
160.8
164 4
153 5
160 4
r
95 2
173 5
148 0
162 5
161.8
164 9
153 9
161
0
r
95 2
174 5
147 9
163 0
162.3
166 1
154 1
r
!60
8
r
94 2
174 1
147 7
163 5
161.6
165 6
153 6
!61
7
r
94 2
!75 9
147 8
163 6
162.3
167 7
154 0
161
5
r
94 1
174 8
147 7
164 1
162.8
166 7
1539
162 2
r
94 5
r
!76 2
r
!47 6
164 7
162.9
167 8
155 1
163
3
r
94 8
176 9
148 8
165 3
164.0
169 8
1556
r
!63
0
r
94 5
177 4
149 2
166 2
163.4
169 2
154 5
163
9
r
94 7
r
!78 4
150 8
1668
164.1
170 2
1553
164
4
r
94 5
r
!77 7
149 8
167 4
165.4
169 8
155 4
r
!64
7
r
943
178 4
150 3
167 9
165.2
170 5
155 4
"164 8
"943
"177 9
"149 7
"1684
"165.1
"170 5
"155 3
1587
156 0
1656
162 8
1657
162 2
164 1
161 5
1648
162 6
165 4
163 5
164 5
163 0
168 3
164 8
1663
164 1
167 1
164 9
1686
1667
1682
164 9
1702
166 1
1703
167 2
1705
167 6
"1708
"167 7
1522
19 91
1283
1571
20 66
13 33
15 56
20 49
13 32
15 63
20 53
13 18
1576
20 60
13 31
15 79
20 62
13 29
1584
20 87
13 18
15 87
20 89
13 40
15 81
20 84
13 46
15 82
20 84
13 40
1582
20 84
13 50
1589
20 91
13 42
15 89
20 98
13 67
15 91
20 89
"13 71
1591
20 89
13 73
16 01
20 98
28070
171 37
29405
17348
r
293 82
175 21
29264
173 88
294.05
r
291.81
r
501 38
r
451 88
r
373 01
r
r
501 55
r
460 25
r
371 18
r
r
507 79
r
464 36
r
373 32
r
r
500
r
464
r
370
r
r
505 47
r
464 64
r
369 66
r
r
430
r
r
438
r
r
445
r
r
441 86
r
347 65
r
280.70
40
442 97 ,
354
08
r
382 17
318.35
r
479
r
r
420
r
81
32918
171 05
26390
239 04
r
96
r
503 58
r
456 92
r
373 63
r
403 24
331.45
r
437
r
73
345 86
176 40
278 13
250 59
r
131
404 07
329.94
r
433 87
1-343 04
175 22
r
278 13
249 94
124
291.46
400 75
328.68
81
342 77
176 10
r
274 07
247 87
125
r
293 70
174 30
'294.65
403 38
331.53
99
344 82
178 45
r
275 15
248 72
r
294 76
174 31
296.19
09
31
36
397 96
331.35
60
348 42
179 90
278 92
251 99
r
r
293 92
172 19
294.65
397 70
331.45
!78 09
r
275 55
249 48
r
r
r
296 52
172 80
r
294 98
171 80
296 38
172 62
'298.42
r
515 68
r
471 24
r
376 07
r
406 29
335.07
r
294.84
r
500 26
r
464
74
r
374
22
r
r
505 91
r
451 33
r
378
92
r
r
515 97
r
460 98
r
387
28
r
419 32
r
r
447
r
r
438 26
r
r
444
r
r
445
r
68
351 53
176 40
r
284 02
253 22
403 91
332.54
348 30
174 64
r
279 96
252 12
295.89
407 79
337'.39
38
351 40
176 12
r
280 64
254 08
r
r
296 24
171 73
r
298 00
172 15
300 26
172 66
r
299 75
171 68
"299 25
"171 10
r
294.95
r
508 79
r
447 72
r
380 03
r
410 59
r
r
294.79
r
514 08
r
451
28
r
374 37
r
r
519 28
r
460 69
r
381
78
r
298.20
'297.70
r
517 65
r
461 16
380 15
r
409 22
'338.13
"298.90
"515 35
"464 28
"381 10
"411 05
"339.55
56
357 49
179 65
r
438 01
r
351 74
r
r
440
r
r
443 30
r
"441 73
"357 44
"177 01
285 53
257 94
r
282
r
r
286
r
83
257 68
"286 77
"256 89
131
131
298 14
173 14
300.33
342.00
r
403 60
333.68
336.73
!73 73
83
254 80
66
352 20
174 31
286 47
256 56
r
412 41
338.37
r
442 91
353 82
175 52
286 47
256 56
r
1208
1224
1239
125 5
122 1
118 6
122 1
124 0
119 6
124 6
125 5
120 9
126 8
127 3
122 2
127 8
119 1
1216
1255
123.7
1204
1233
128 8
1269
122 0
124 8
130 9
1286
123 9
126 2
131 9
130 1
134
138
128
ioq
i or
1 07
1 A^L
354 43
174 93
Unless otherwise stated in footnotes
below, data through 1982 and
methodological notes are as shown in
BUSINESS STATISTICS: 1982
S-13
SURVEY OF CURRENT BUSINESS
June 1985
Annual
IT ..
LJnns
1983
1985
1984
1984
Apr.
June
May
July
Aug.
Nov.
Oct.
Sept.
Apr.
Mar.
Feb.
Jan.
Dec.
May
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
WORK STOPPAGES
Work stoppages involving 1,000 or more workers:
Number of stoppages:
Beginning in month or year
number..
81
62
Workers involved in stoppages:
Beginning in month or year.. ..
thous
909
376
2
Days idle during month or year
do....
17,461
8,499
UNEMPLOYMENT INSURANCE
Unemployment insurance programs:
Insured unemployment, all programs, average
weekly # @
thous
3 775
'2 565
State programs (excluding extended duration
provisions):
Initial claims
thous .. '22,795 "19,632
Insured unemployment, avg.
r
weekly
do
3396
2480
Percent of covered employment: @ @
Unadjusted
39
29
Seasonally adjusted
P
Beneficiaries, average weekly
thous
2990
2 148
Benefits paid @
mil $ 17 762 8 13 399 9
Federal employees, insured unemployment,
average weekly
thous..
26
'24
Veterans' program (UCX):
Initial claims
do
196
158
Insured unemployment, avg.
weekly. ...
do
30
21
Beneficiaries, average weekly
do....
27
19
Benefits paid
mil. $..
135.1
194.6
Railroad program:
Applications....
thous
180
100
Insured unemployment, avg.
weekly
do
58
28
Benefits paid
mil. $..
301.6
7
5
5
8
4
9
4
4
2
2
4
3
3
2
28
651
8
581
24
755
68
1,221
21
1,623
103
716
16
499
12
482
42
656
4
278
29
259
12
695
'6
230
7
203
2 766
2 290
2 166
2 327
2 184
2 083
2 149
2 441
2 778
3 361
3339
3 113
"2766
P
1,509
"1,633
1,370
1,389
1,767
1,459
1,260
1,758
1,825
2,074
2,610
1,662
"2680
2215
2 111
2270
2 129
2023
2072
2 355
2691
3264
3239
"30
26
"29
28
"2
480
2023
p
l 348 0 1 1092
25
27
1917
9483
26
27
1 905
974 1
25
27
1 895
1 0178
23
27
1806
8554
31
24
27
29
29
28
2207
1 914
1 759
9629 1 0057 1 1248
37
29
2692
1 5050
36
3.0
2940
1 4500
"1,633
3 106
"3680
3.4
3.0
2.9
"2.9
"2480
2786
14420 "1,3480
"20
20
19
20
19
19
21
23
24
27
26
24
"20
"11
12
12
13
14
13
15
15
12
14
12
12
"11
"19
"17
"10.5
18
17
10.6
18
17
9.5
18
16
9.6
19
17
10.7
20
18
9.9
21
19
11.7
22
20
12.0
23
21
12.0
24
22
13.9
22
21
11.7
21
20
11.2
"19
"11
"11.5
2
2
11
25
7
6
9
10
11
13
4
3
"3
"25
13.4
21
10.2
27
29
33
34
32
"25
16
7.0
17
6.7
16
6.7
18
6.3
21
8.6
FINANCE
BANKING
Open market paper outstanding, end of period:
Bankers' acceptances
mil $
Commercial and financial company
paper, total
do
Financial companies
do
Dealer placed
do
Directly placed
do
Nonfinancial companies
do
Agricultural loans and discounts outstanding of
agencies supervised by the Farm Credit Adm.:
Total, end of period
mil $
Farm mortgage loans:
Federal land banks
do
Loans to cooperatives
do
Other loans and discounts
do
Federal Reserve banks, condition, end of period:
Assets total #
mil $
Reserve bank credit outstanding, total # .. ..
do
Time loans
do
U.S. Government securities
do....
Gold certificate account
do
Liabilities, total #
do..
Deposits, total
do
Member-bank reserve balances
do....
Federal Reserve notes in circulation
do
All member banks of Federal Reserve System,
averages of daily figures:
Reserves held, total
mil $
Required
do'!...
Excess
do
Borrowings from Federal Reserve
banks
do
Free reserves
do
Large commercial banks reporting to Federal
Reserve System: $
Deposits:
Demand, total #
mil. $..
Individuals, partnerships, and
corporations tt
do....
States and political subdivisions
do
U.S. Government
do....
Depository institutions in U.S.
ft
do....
Transaction balances other than demand
deposits *
do
Nontransaction balances, total *
do....
Individuals, partnerships, and
corporations
do
Loans and leases(adjusted),total §
do....
Commercial and industrial
do....
For purchasing and carrying
securities
do
To nonbank depository and other
financial
do
Real estate loans
do...
To States and political subdivisions <}
do...
Other loans
. .
do
Investments, total
.
do
U.S. Treasury and Govt. agency securities,
total 0
do
Investment account Q
do
Other securities <)
do...
See footnotes at end of tables.
r
78309
75470
78 457
79 530
82067
80957
79 779
77 928
75 741
75 179
75470
72273
76 109
73726
72825
181 348
137 970
41 727
96243
43378
231 760
166 776
57 191
109 585
64984
210 073
156 329
48 370
107 959
53744
215345
161 474
51 134
110 340
53871
220 594
160 413
50 216
110 197
60 181
222 782
160 544
49 676
110 868
62238
220 125
158 358
50 313
108 045
61767
226 736
159 542
52 138
107 404
67 194
230 511
160 174
54 055
106 119
70337
238 024
167 044
56 240
110 804
70980
231 760
166 776
57 191
109 585
64984
241 813
171,335
59425
111 910
70478
246,232
174,507
60476
114031
71725
247,603
176,812
60426
116386
70,791
255,913
180,591
62976
117615
75322
80541
78003
81 131
81 176
80 852
80 779
80 545
80 091
79 718
79246
78003
51 078
9319
20 143
50714
8760
18528
51 055
10 321
19 755
51 106
10 127
19 944
51 169
9 289
20 394
51 190
8 947
20 642
51 219
8 709
20 616
51 216
8 497
20 378
51 206
8 699
19 813
51 176
9033
19036
50 714
8760
18528
198 571
208 523
208 207
202 369
200 726
204 194
203 184
207 150
198 682
205 671
208 523
200 624
205 225
207 603
224 820
210 145
172,235
2,582
160,983
11,093
207,603
30,660
26,997
184,595
1,525
173,913
11,091
224,820
41,939
21,962
173,557
1,765
164,245
11,091
210,145
26,163
23,468
163 694
918
151,942
11 121
198,571
26123
21,446
174 052
3577
160,850
11 096
208 523
28 252
21,818
172 937
907
162,134
11 109
208 207
37 113
19,715
167 566
2832
154,869
11 104
202 369
27 252
21,686
165 465
4760
152,859
11 100
200 726
25 318
20,252
167 113
7 238
150,705
11 099
204 194
25 851
21,355
170 648
8 276
153,183
11 098
203 184
27 417
22,733
170 433
6633
155,018
11097
207 150
32 718
23,612
162 417
5060
148,220
11 096
198 682
24 122
19,740
171 216
5073
157,770
11 096
205 671
28 107
25,052
174 052
3577
160,850
11,096
208,523
28252
21,818
165 585
2139
154,555
11,095
200,624
26011
19,858
170,657
2,329
159,632
11,093
205,225
29 193
25,092
157 097
168 327
155 388
158 727
159 915
160 402
161 551
160 046
160 972
164 102
168 327
162 125
162,992
163,728
165,367
169,056
1
38 894
' 38,333
J
561
1
40 696
1
39,843
;
37 156
36,664
492
36522
35,942
580
37526
36,752
774
37471
36,858
613
37 264
36,575
689
38 043
37,415
628
38512
37,892
620
39235
38,542
693
40696
39,843
853
41 125
40,380
745
40,273
39,370
903
40,494
39,728
766
'41,652
'40,914
'738
41,046
40,247
799
2 988
2 212
3 300
2 262
5 924
5003
8 017
6 982
7 242
6 295
6 017
5098
4617
3 712
3 186
2220
1 395
588
1,289
315
1,593
-739
1,323
'-450
1,334
-370
1
i
853
774
'3 186
117 i 2 220
1 234
603
195,538
223,965
185,492
184,993
177,248
188,430
172 432
186 027
184,939
180,270
223,965
184,595
185,248 182,425 182,743
192,166
149,971
5507
2,055
21,868
172,700
6219
1,160
26,297
140,823
5854
1,307
22,120
140,745
4623
1,076
22,563
134,681
4708
2,295
20,994
142,190
6 114
1,200
23,302
131 670
4360
2 151
19,220
139,287
4826
3,930
22,440
141,373
4901
1,389
21,033
139,061
4781
1,041
20,985
172,700
6,219
1,160
26,297
139,346
5,138
2,766
20,969
140,345 139,230 139,036
'5,256
'4,736
4,902
'2,581
'3,555
2,713
22,190 r21,511 '20,877
145,961
5,169
1,016
25,116
439,983
36226
456,258
33236
414,652
32654
426,965
31944
431,390
33362
434,056
32242
436,064
33893
440,735
32998
443,875
32,668
446,038
36,226
456,258
34,715
459,663
35,475 '36,224 '37,681
462,489 '464,571 '464,676
36,374
467,565
411 068
553,128
223,857
422 480
659,091
251,957
385 503
603,542
237,566
395 722
608,243
240,388
399 577
613,465
244,433
403 004
617,895
244,993
403 295
615,392
242,982
407 377
627,201
246,832
410 059
636,546
247,659
412,111
637,675
248,452
422,480
659,091
251,957
425,194
651,896
249,752
426,480 '428,655 '428,262
658,400 '663,250 '667,725
253,286 '255,645 '253,744
430,690
670,329
253,462
13638
18066
13713
14365
13040
12628
11 223
13 135
15048
12616
18,066
13,211
25272
142,170
148 191
145 803
25460
158,428
29,210
175,970
127,885
24982
148,471
23,491
155,319
128,794
25358
149,201
23,967
154 964
126,292
24800
150,664
24,873
155,655
120 152
25094
151,953
25,982
157,245
120,946
24982
152,964
26,234
157 007
123 345
24430
155,099
25,946
161,759
121 998
24338
156,961
26,078
166,462
126,454
24 186
158,227
26,675
167,519
124,996
25460
158,428
29,210
175,970
127,885
23,784
161,941
29,508
173,700
132,922
75473
67777
70,330
78539
64,697
49,346
79 107
67,068
49,687
78091
65,689
48,201
73296
65075
46,856
74091
64,147
46,855
75582
63969
47,763
74656
63475
47,342
79042
63,884
47,412
78532
63,770
46,464
78539
64,697
49,346
83,910
66,890
49,012
16,663
14,924
23,782 '23,314 '23,723
163,428 164,536 165,653
29,382 '29,766 '29,880
174,884 175,037 178,062
138,919 134,093 134,256
24,039
167,236
30,010
180,658
136,856
'86,950
'69,438
'47,143
87,417
72,499
49,439
13,638
91,517
70,017
47,402
14,952
'85,471
'69,127
'48,785
S-14
Unless otherwise stated in footnotes
below, data through 1982 and
methodological notes are as shown in
BUSINESS STATISTICS: 1982
SURVEY OF CURRENT BUSINESS
Annual
IT ..
units
1983
June 1985
1985
1984
1984
Apr.
June
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
1,674.9
258.0
141.9
1,275.0
1,682.8
257.0
141.5
1,284.3
1,701.1
259.4
141.1
1,300.6
1,714.8
260.2
139.9
1,314.7
Jan.
Feb.
Mar.
Apr.
May
FINANCE—Continued
BANKING— Continued
Commercial bank credit, seas, adj.:
Total loans and securities ().
bil $
1,553.0
1,714.8
U.S. Treasury securities
do....
260.8
260.2
Other securities
do
169.6
139.9
Total loans and leases 0
do ..
1,122.7
1,314.7
Money and interest rates:
Prime rate charged by banks on
short-term business loans *
percent..
10.79
12.04
Discount rate (New York Federal
Reserve Bank) @@
do
8.50
8.80
Federal intermediate credit bank
loans
do
10.60
11.20
Home mortgage rates (conventional 1st
mortgages):
2
2
New home purchase (U.S. avg.)
percent12.11
11.88
2
2
Existing home purchase(U.S. avg.)
do....
12.00
12.29
Open market rates, New York City:
Bankers' acceptances, 90 days
do
8.90
10.14
Commercial paper, 6-month $
do ....
8.89
10.16
Finance co. paper placed directly, 6-mo
do
8.69
9.65
Yield on U.S. Gov. securities (taxable):
3-month bills (rate on new issue)... percent..
8.630
9.580
CONSUMER INSTALLMENT CREDIT t
Not seasonally adjusted
Total outstanding (end of period) #
mil. $..
383,701
460,500
By major holder:
Commercial banks
do
212,391
171,978
Finance companies
do
96,747
87,429
Credit unions
do
53,471
67,858
Retailers
do
37,470
40,913
Savings and loans
do
23,108
29,945
By major credit type:
Automobile
do
143,114
172,589
Revolving
do
81,977
101,555
Mobile home
do
23,862
24,556
Seasonally adjusted *
Total outstanding (end of period) #
do
By major holder:
Commercial banks .
do
Finance companies
do
Credit unions
do
Retailers...
do
Savings and loans
do
By major credit type:
Automobile
do
Revolving..
do
Mobile home
do
Total net change (during period) #
do
By major holder:
Commercial banks
do
Finance companies
do
Credit unions
do
Retailers
do
Savings and loans .
do
By major credit type:
Automobile
do
Revolving
do
Mobile home
do
FEDERAL GOVERNMENT FINANCE
Budget receipts and outlays:
1
Receipts (net)
mil $
600,562 '666,457
1
Outlays (net)
do
795,916 '841,800
Budget surplus or deficit ( — )
do '-195,354 '-175,342
1
Budget financing, total
do
207,7 11 rl 185,339
Borrowing from the public
do
'1 212,424 rlrl170,817
Reduction in cash balances
do ...
-4,713
14,522
1
Gross amount of debt outstanding
do
1,381,886 ' 1,576,748
Held by the public
do
'1,141,771 ' 1,312,589
Budget receipts by source and outlays by
agency:
1
Receipts (net), total
mil $
600,562 '666,457
1
Individual income taxes (net)
do
288,938 '295,955
Corporation income taxes (net)
do . . . 1 37,022
'56,893
Social insurance taxes and contributions
1
(net)
mil $
'241,902
208,994
1
Other
do
65,609
'71,706
Outlays, total #
do
'795,916 '841,800
Agriculture Department
do...
'46,384
'37,482
Defense Department, military
do ... '205,011 '220,805
Health and Human Services
Department
mil $
'276,453 '292,224
Treasury Department
do... ' 116,248 ' 140,964
National
Aeronautics
and
Space Adm
do
'6,664
'7,048
Veterans Administration
do...
'24,816
'25,596
GOLD AND SILVER:
Gold:
Monetary stock, U.S. (end of
period)
mil $
11,096
11,121
Price at New York $$
dol. per troy oz.
423.828
360.287
Silver:
Price at New York $$
dol. per troy oz.
11.441
8.141
See footnotes at end of tables.
1,612.9
257.6
142.1
1,213.2
1,629.8
257.3
140.5
1,232.0
11.93
12.39
8.87
9.00
10.87
1,636.6
253.7
139.7
1,243.2
1,724.0 1,742.3 1,758.9
266.9
'265.8
260.1
138.7
140.8
142.4
1,321.5 1,335.6 1,353.3
1,765.7
261.1
140.1
1,364.5
1,652.6
256.4
139.5
1,256.7
1,662.1
257.1
140.8
1,264.2
12.60
13.00
13.00
12.97
12.58
11.77
11.06
10.61
10.50
10.50
10.50
10.31
9.00
9.00
9.00
9.00
9.00
8.83
8.37
8.00
8.00
8.00
8.00
7.81
10.97
11.16
11.32
11.32
11.53
11.66
11.66
11.53
11.46
11.22
11.04
10.97
10.77
11.55
11.61
11.68
11.63
11.61
11.79
11.91
12.03
11.89
12.24
12.03
12.43
12.27
12.52
12.27
12.38
12.05
12.26
11.77
12.09
11.74
11.90
11.42
11.72
11.55
11.62
11.59
11.60
10.22
10.22
10.84
10.87
11.04
11.23
11.30
11.34
11.23
11.16
11.04
10.94
10.13
10.16
9.00
9.06
8.45
8.55
8.00
8.15
8.55
8.69
8.88
9.23
8.33
8.47
7.77
7.88
9.76
10.03
10.25
10.42
10.52
10.55
9.87
8.82
8.09
7.82
8.20
8.65
8.27
7.69
9.690
9.900
9.940
10.130
10.490
10.410
9.970
8.790
8.160
7.760
8.220
8.570
8.000
7.560
395,688
405,334
414,738
422,008
430,795
437,469
441,358
447,783
460,500
461,530
464,940
471,567
479,935
181,022
87,832
56,962
34,440
24,148
186,668
89,245
58,517
34,813
24,808
191,519
91,006
59,893
35,242
25,428
195,265
92,534
61,151
35,058
26,057
199,654
94,070
62,679
35,359
26,922
202,452
95,594
63,808
35,595
27,880
204,582
95,113
64,716
35,908
28,781
206,635
95,753
66,528
37,124
29,358
212,391
96,747
67,858
40,913
29,945
213,951
96,732
68,538
38,978
30,520
215,778
97,360
70,251
37,483
31,405
219,970
99,133
70,432
37,082
32,349
223,850
101,324
71,418
37,091
33,514
149,816
80,756
23,825
154,210
82,946
24,028
158,215
85,027
24,300
161,834
86,003
24,639
165,177
88,202
24,947
167,231
90,231
25,198
168,923
91,505
24,573
170,731
93,944
24,439
172,589
101,555
24,556
173,769
100,565
24,281
176,119
99,316
24,393
179,661
100,434
24,456
183,558
101,887
24,675
400,182
409,275
416,357
422,838
428,860
433,842
439,473
445,553
452,372
459,595
468,636
476,978
485,248
183,331
88,515
57,501
35,215
24,192
189,396
89,151
58,922
35,564
24,804
193,231
90,093
59,971
35,894
25,617
196,423
91,231
61,331
35,930
26,203
199,054
92,612
62,258
36,127
27,007
200,438
94,183
63,129
36,352
27,777
203,194
94,581
64,353
36,480
28,641
205,677
95,359
66,084
36,758
29,187
208,705
96,555
67,420
37,147
29,763
212,504
97,456
68,710
37,398
30,685
217,575
98,659
70,133
37,667
31,682
222,422
100,707
70,930
37,758
32,397
226,275
102,592
72,145
37,926
33,460
151,273
82,880
23,911
6,792
154,914
85,518
24,049
9,093
157,639
86,874
24,240
7,082
160,726
87,646
24,574
6,481
163,208
88,909
24,791
6,022
164,721
90,393
24,918
4,982
167,225
91,881
24,526
5,631
169,774
93,495
24,435
6,080
172,461
94,940
24,552
6,819
175,348
96,897
24,393
7,223
178,546
99,424
24,675
9,041
181,937
102,055
24,664
8,342
185,425
104,181
24,882
8,270
4,014
264
1,523
268
599
6,065
636
1,421
349
612
3,835
942
1,049
330
813
3,192
1,138
1,360
36
586
2,631
1,381
927
197
804
1,384
1,571
871
225
770
2,756
398
1,224
128
864
2,483
778
1,731
278
546
3,028
1,196
1,336
389
576
3,799
901
1,290
251
922
5,071
1,203
1,423
269
997
4,847
2,048
797
91
715
3,853
1,885
1,215
168
1,063
2,340
1,851
143
3,641
2,638
138
2,725
1,356
191
3,087
772
334
2,482
1,263
217
1,513
1,484
127
2,504
1,488
-392
2,549
1,614
-91
2,687
1,445
117
2,887
1,957
-159
3,198
2,527
282
3,391
2,631
-11
3,488
2,126
218
39,794
49,606
94,593
54,021
70,454
80,180
62,404
37,459
69,282
52,251
51,494
52,017
55,209
68,019
80,245
78,067
82,228
76,838
74,851
68,687
71,391
77,583
71,283
68,432
51,234
81,037
79,956
88,707
12,365 -40,450
11,493 -33,932 -2,000 -16,416 -33,498
16,785 -28,787 -28,462 -15,179 -6,384 -20,830 -28,461
41,997
29,504 -11,386
21,056
-10,833
35,284
14,563
8,013
3,801
28,902
18,128
34,673 -14,811 28,019
16,333
13,159
15,994
17,036
17,038
8,604
12,675
5,524
20,754
24,055
24,540
25,340
4,167
19,353
25,664
5,062
16,345 -28,422
-27,871 26,680 -1,723 -6,412
7,265
9,549 -9,492 -4,662
9,333 -18,978
1,490,663 1,501,656 1,517,221 1,543,117 1,565,140 1,576,748 1,616,010 1,635,510 1,667,425 1,684,364 1,702,793 1,715,148 1,737,119 1,758,330
1,244,414 1,253,018 1,258,542 1,283,081 1,308,421 1,312,589 1,333,343 1,352,696 1,376,750 1,389,426 1,405,420 1,418,578 1,435,615 1,451,948
80,180
39,276
9,095
37,459
4,333
280
69,282
32,200
11,315
52,017
22,398
2,063
55,209
25,820
801
68,019
31,541
11,891
26,441
6,405
71,391
r
2,693
19,410
19,759
6,008
71,283
2,050
19,123
21,361
6,195
68,432
2,400
18,296
21,931
6,657
88,707
2,648
19,459
r
24,558
11,053
27,867
17,568
23,594
10,515
r
601
2,195
573
3,148
11,109
381.658
11,104
377.261
11,100
377.665
9.220
8.972
8.744
r
r
25,952
r
5,855
68,687
r
3,168
'18,209
r
24,060
ll,481
r
605
r
887
r
54,021
23,769
1,753
49,606
15,254
8,417
94,593
51,602
8,855
39,794
3,611
1,230
23,326
6,428
76,838
5,634
18,912
23,080
5,419
74,851
3,959
19,216
20,551
5,385
78,067
3,874
21,039
28,032
6,103
82,228
5,159
19,597
28,423
6,530
80,245
3,222
21,491
25,844
21,304
25,748
11,941
25,657
12,538
25,805
11,376
26,671
13,000
27,445
13,015
609
2,388
548
925
617
2,214
642
2,291
608
2,290
606
3,202
11,096
11,095
319.739 '302.791
11,093
298.816
11,093
303.943
11,091
324.902
11,091
316.073
6.069
6.014
6.458
6.280
52,251
25,692
937
51,494
24,792
1,122
62,404
27,054
11,531
18,639
5,948
51,234
2,496
18,354
19,039
6,582
81,037
4,602
18,707
19,524
6,056
79,956
4,175
20,249
18,127
5,693
77,583
5,057
19,519
39,822
11,926
7,428
10,572
26,348
11,834
25,346
12,406
615
1,240
626
3,281
502
932
802
2,104
629
3,346
11,099
346.443
11,098
347.693
11,097
340.913
11,096
340.109
11,096
340.861
7.613
7.263
7.317
7.488
7.416
r
6.694
70,454
37,921
2,779
r
r
'6.098
Unless otherwise stated in footnotes
below, data through 1982 and
methodological notes are as shown in
BUSINESS STATISTICS: 1982
S-15
SURVEY OF CURRENT BUSINESS
June 1985
Annual
..
IT
unils
1983
1985
1984
1984
Apr.
June
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
FINANCE—Continued
MONETARY STATISTICS
Currency in circulation (end of period)
bil. $..
Money stock measures and components (averages
of daily figures): t
Measures (not seasonally adjusted): $
Ml
bil $
M2
do
M3 ... .
do
L (M3 plus other liquid assets)
do
Components (not seasonally adjusted):
Currency
do
Demand deposits
do
Other checkable deposits
ft
do
Overnight RP's and Eurodollars Q
do
General purpose and broker/dealer
money market funds....
do
Money market deposit accounts *
do
Savings deposits
do
Small time deposits @
do
Large time deposits @
do
Measures (seasonally adjusted): $
Ml
do
M2
do
M3
do .
L (M3 plus other liquid assets)
do
Components (seasonally adjusted):
Currency
do
Demand deposits
do
Other checkable deposits *
do....
Savings deposits
do
Small time deposits @
do
Large time deposits @
do
PROFITS AND DIVIDENDS (QTRLY.)
Manufacturing corps. (Bureau of the Census):
Net profit after taxes, all industries
mil $
Food and kindred products
do
Textile mill products
do
Paper and allied products
do
Chemicals and allied products
do
Petroleum and coal products
do....
Stone, clay, and glass products
do....
Primary nonferrous metal
do
Primary iron and steel
do
Fabricated metal products (except ordnance,
machinery, and transportion
equipment)
mil. $..
Machinery (except electrical)
do....
Electrical machinery, equipment,
and supplies
do
Transportation equipment (except motor
vehicles, etc.)
mil $
Motor vehicles and equipment
do
All other manufacturing industries
do....
Dividends paid (cash), all industries
do....
SECURITIES ISSUED @@
Securities and Exchange Commission:
Estimated gross proceeds, total
mil $
By type of security:
Bonds and notes, corporate
do....
Common stock.
do
Preferred stock
do
By type of issuer:
Corporate total #
mil $
Manufacturing ...
do
Extractive (mining)
do
Public utility
do
Transportation
do
Communication
do
Financial and real estate
do
State and municipal issues (Bond Buyer):
Long-term
do
Short-term
do
SECURITY MARKETS
Stock Market Customer Financing
Margin credit at brokers, end of year
or month
mil $
Free credit balances at brokers:
Margin accounts
do
Cash accounts
do
Bonds
Prices:
Standard & Poor's Corporation:
High grade corporate:
Composite §
dol per $100 bond
Domestic municipal (15 bonds)
do...
Sales:
New York Stock Exchange, exclusive of some
stopped sales, face value, total
mil $
See footnotes at end of tables.
1
171.9
5098
2 1102
2
589 9
r
3'o307
1838
1751
5450
545 6
537 3
547 9
22775 22522 22513 22723
848 8 rr 2 797 9 rr2 812 2 r2 840 3
3 374 5 3 304 1 3 321 3 1-3 367 g
r
2
r
1753
576.2
570 4 r 5683 r 5586 r 5649 r 581 6
549 9
5450
548 5
548 2
5559
2 2857 r 2 287 7 r 22988 r 23166 r 2 344 4 r 23767 r2 404 1 r2 414 5 r2 429 5 r2 439 4 2,440.5
863 6 r 2 874 8 r2 890 9 r2 920 6 r 2 960 4 r 3 002 2 r3 024 3 r3 034 3 r3 057 1 3 067 8 3073 1
3 403 3 3 421 4 3 445 5 3 475 8 3 509 2 3 545 1 3 573 5 3 596 8 3 631 6 36404
r
2
r
1420
2420
1212
1543
246 5
1392
1516
248 6
1406
1529
242 1
1374
1549
247 8
1398
156 3
248 4
1394
49 5
57 0
56 3
58 3
55 9
56 3
1453
1504
1459
146 5
1489
3430
3176
7520
308 3
3959
2982
8382
378 9
401 0
3045
806 1
354 7
3994
3040
8129
367 7
3978
304 4
8244
378 2
5392
5425
2241 1 r 22552
r
2
787
0
2
814
6
r
3 292 3 r3 327 4
152 1
2459
136 1
301 9
811 2
3577
6367
r
3011
7 168
r
59 2
639
1620
1675
171 9
1751
1776
1763
172.1
4024
2888
8845
411 2
415 1
2863
8870
416 9
4337
2869
8884
417 1
448 4
2869
8836
418 8
4579
2888
8800
423 1
r
2902
r
8794
r
4603
4637
2919
880.5
4259
58 0
150 5
1506
152 1
1556
394 2
3026
8393
388 0
388 9
2957
8558
395 1
388 6
2926
8674
397 9
392 0
2917
8794
407 1
1550
2473
1394
299 1
8436
3893
1559
2468
141 0
296 5
8550
3926
1568
2475
1422
2946
8645
3960
r
157 1
2445
141 8
2926
8727
405 1
57 5
1586
244 9
150 1
67 8
581 6
2,444.5
3,075.2
161 7
2525
155.3
r
2879
r
8854
r
4273
1631
255.8
157.3
2894
8918
428.1
1579
2468
1439
290 7
8785
4107
r
25
670
r
2r 343
363
951
r
3586
r
3633
r
614
105
r
264
1594
2491
1490
2886
8819
4169
1587
2486
1460
2886
8856
4162
1605
2517
1518
2894
8776
r
4193
161 3
2519
1536
2886
8786
r
4236
22587
1942
191
718
3179
4 195
113
12
277
24
337
r
2r482
309
493
r
2619
r
3854
r
482
713
r
394
1 209
r
3280
1 065
r
3 181
899
1,822
1 951
r
r
2345
1899
2088
r
4 117
10 575
1
211
r
3379
843
1 382
1
117
r
2612
1 032
2202
17,644
r
r
r
r
4,885
4,660
41,624
r
12 143
10,987
103 750
20,877
45 102
89 066
5608
11 216
5 667
6 222
5 361
5537
10 567
6 717
8 864
6 846
7 402
r
5,047
1 984
91
4,382
2 302
170
r
6 690
510
701
758
66
400
3602
7 123
1 259
204
641
71
479
3952
6 854
1 248
71
420
175
644
3699
12678
1 999
13435
383
17 181
1 041
r
5484
707
7378
568
22 330
22350
22 470
22090
6770
9725
50.9
50.3
49.6
51.3
53.6
68939
64078
70085
876.17
10 149
6 690
49,264
45248
7689
59,613
22 049
4 215
3,742
1 585
'339
2,189
1 928
604
3,578
1 608
174
5,279
1 249
'l89
6,633
1 799
333
4,220
2 221
'l55
7,321
1 476
555
4,129
1 907
654
102 200
22836
8580
12 741
4004
5528
35714
85 878
14 442
5 513
1 639
2 162
45 119
5 667
1 195
1 005
682
120
94
1 997
4 722
924
600
115
84
16
2336
5 360
666
117
585
175
161
3063
6717
882
580
785
68
97
3608
8 765
2 892
316
299
183
122
3 840
6 597
*748
320
1 024
288
9
3480
9 352
3 577
348
1 138
151
308
2685
83348
35849
101 882
31 068
5 135
6 158
6633
2 323
6895
3 790
6 455
2693
10 096
2 520
8780
2 025
23000
22 470
22 830
22 360
23 450
22 980
22 810
22 800
7 517
7 122
6620
8430
7015
10215
6 450
7910
6685
8 115
6430
8305
6 430
8 125
6 855
8 185
6 690
8315
6580
8650
6700
8420
7015
10215
41 2
51.4
47.9
48.6
45.9
45.2
46.1
48.4
47.7
46.9
47.2
48.0
7 572 32 6 982 29
55279
64469
56199
59347
49572
651 67
62538
62560
53420
4238
5627 r 5694 T 572 1 r r 5749
553 8 r 558 5
2 421 0 2 429 2 r2 427 5
2
371
7
23989
23463
r
2 959 9 r2 995 0 30206 r3 041 0 r3 055 4 3,055.9
r
3 508 8 r3 543 8 r3 568 0 r3 598 1 r3 624 2 3627 2
1 397
3309
r
8616
69 6
56 8
30
978
r
2r 535
535
942
r
3968
r
4990
r
613
305
r
235
r
4646
11 963
62 8
56 7
r
85834 107 648
r
9436
9760
1 599 1 635
2327
3015
11644 13 883
19,297 17 154
1,002
1,870
288
84
3,746 r 379
2,693
7,680
1543
2489
1390
3008
8340
3795
r
r
58 ^
5489
551 5
5483
22928 r 23084 r 23193
r
2
901
0
2
878
8
Z
925
0
r
3 427 7 r3 457 0 r3 480 2
r
163.2
251 4
156.2
r
158 7
248 9
1434
r
161 2
255 1
160.1
1583
254 9
150 1
1567
2458
1408
156 5
243 8
1389
1598
246 3
1536
1609
257 4
1472
156 5
246 1
1405
5473
5469
22693 22802
r
r
2
838
8
2
862
0
r
3 366 5 r3 402 7
1528
2463
1383
301 5
8226
3698
179.2
1838
81358
6 605
7638
9222
3,310
3 077
218
4,061
2917
461
6,423
2363
287
r
7439
851
16
696
162
15
4 171
9073
750
717
927
683
55
4,419
8,900
625
10,613
r
4685
22970
23230
23900
6680
9840
6780
10,155
6910
9,230
r
6605
1760
623
362
182
141
r
2802
r
10,647
538
S-16
Unless otherwise stated in footnotes
below, data through 1982 and
methodological notes are as shown in
BUSINESS STATISTICS: 1982
SURVEY OF CURRENT BUSINESS
.,
units
June 1985
1985
1984
Annual
IT
1983
1984
Apr.
June
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
FINANCE—Continued
Bonds— Continued
Yields:
Domestic corporate (Moody's)
percent..
By rating:
Aaa
do
Aa
do
A
do
Baa
do
By group:
Industrials
do
Public utilities
. .
do
Railroads
do
Domestic municipal:
Bond Buyer (20 bonds)
do....
Standard & Poor's Corp. (15
bonds)
do
U.S. Treasury bonds, taxable $
do
Stocks
Prices:
Dow Jones averages (65 stocks)
Industrial (30 stocks) ...
Public utility (15 stocks)
Transportation (20 stocks)
Standard & Poor's Corporation: §
Combined index (500 Stocks)
1941-43 = 10..
Industrial, total (400 Stocks) #
do....
Capital goods (105 Stocks)
do ....
Consumer goods (191 Stocks)
do...
Utilities (40 Stocks)
do
Transportation (20 Stocks) <>•• 1982=100...
Railroads (6 Stocks)
1941-43 = 10..
Financial (40 Stocks)
1970-10.
New York City banks (6 Stocks)
1941-43 = 10...
Banks outside NYC (10 Stocks)
do ....
Property-Casualty
Insurance (5 Stocks)
do....
N.Y. Stock Exchange common stock indexes:
Composite
12/31/65—50
Industrial
do
Transportation
....
do
Utility
do
Finance
do
Yields (Standard & Poor's Corp.):
Composite (500 stocks)
percent
Industrials (400 stocks)
do....
Utilities (40 stocks)
do
Transportation (20 stocks)
do
Financial (40 stocks)
do
Preferred stocks, 10 high-grade ..
do
Sales:
Total on all registered exchanges (SEC):
Market value
mil $
Shares sold
millions
On New York Stock Exchange:
Market value
mil $
Shares sold (cleared or settled)
millions
New York Stock Exchange:
Exclusive of odd-lot and stopped stock
sales (sales effected)
millions
Shares listed, NYSE, end of period:
Market value, all listed shares
bil $
Number of shares listed
millions.
12.78
'13.49
13.59
14.13
14.40
14.32
13.78
13.56
' 13.33
12.88
12.74
12.64
12.66
13.13
12.89
12.47
1204
1242
13 10
1355
1
12 71
1331
1374
14 19
1281
1348
1377
1431
1328
14 10
1437
1474
1355
1433
1466
1505
13 44
14 12
1457
1515
1287
1347
14 13
1463
1266
1327
1394
1435
'1263
13 11
1361
1394
1229
1266
1309
13.48
1213
1250
12.92
13.40
1208
1243
12.80
13.26
1213
12.49
12.80
13.23
12.56
12.91
13.36
13.69
12.23
12.69
13.14
13.51
11.72
12.30
12.70
13.15
1321
1403
1307
1325
1430
1281
1372
1495
1325
1403
15 16
1331
1409
1492
1360
1361
1429
1382
1342
1404
13.68
13 10
'1368
13.44
1261
13.15
13.02
1251
12.96
12.69
1241
12.88
12.62
12.32
13.00
12.38
12.60
13.66
12.57
12.37
13.42
12.60
12.04
12.89
12.39
9.52
10.12
9.99
11.07
10.76
9.92
10.17
10.15
10.11
10.04
9.87
9.37
9.71
9.75
9.37
8.81
948
1084
10 15
1199
998
1217
1055
1289
10.71
1300
10.55
1282
10.03
12.23
10.17
11.97
10.34
11.66
10.27
11.25
10.04
11.21
9.55
11.15
9.66
11.35
9.79
11.78
9.48
11.42
1225
1331
1208
J
523.56
513.03
514.75
522.80
478.54
501.53
474.53
480.59
446.49
472.11
436.11
432.58
470.05
472.24
463.10
450.00
1 190 34 1 178 48 1 15271 1 143 42 1,121.14 1,113.27 1,212.82 1,213.51 1,199.30 1,211.30 1,188.96 1,238.16 1,283.23 1,268.83 1,266.36 1,279.40
154.96
159.92
148.97
149.78
146.16
147.89
140.84
144.75
126.45
128.23
132.83
13177
125.74
123.96
124.79
12998
590.59
611.86
608.40
626.64
528.92
539.64
584.95
523.36
489.28
463.74
517.86
516.18
496.47
472.56
544.61
513.85
160.41
180.49
171.62
150.77
6487
147.05
108.46
1870
160.46
181.26
171.84
150.87
6798
136.77
101.40
16.99
157.60
178.57
173.91
143.77
6434
135.43
103.58
16.99
156.55
177.60
172.27
143.83
6494
132.37
100.93
16.23
153.12
174.20
164.52
146.14
6400
126.55
94.36
15.14
151.08
171.70
160.02
145.42
6466
122.04
90.53
14.66
164.42
186.86
175.77
155.47
6811
138.37
100.83
16.65
166.11
188.10
178.04
157.28
6971
138.71
103.03
17.43
164.82
185.44
174.36
155.92
7202
137.90
101.35
17.62
166.27
186.57
175.37
158.34
7358
137.99
101.47
18.10
164.48
183.62
170.86
157.41
74.43
139.40
102.16
18.27
171.61
191.64
180.57
163.71
75.83
150.95
111.65
19.49
180.88
202.13
192.22
171.99
78.14
160.52
120.18
21.09
179.42
200.42
184.17
174.01
78.89
154.61
114.15
20.61
180.62
201.13
182.94
177.40
81.25
152.12
113.56
21.00
184.90
204.83
184.43
178.55
83.60
159.45
117.19
22.49
69.23
113.16
63.82
95.21
63.02
98.94
61.38
92.76
55.33
82.34
53.75
80.23
60.23
86.67
64.64
92.49
64.79
93.27
66.78
95.30
70.43
93.52
76.05
98.85
83.13
104.71
79.70
101.00
83.55
101.61
87.14
107.04
181.16
181.26
195.70
180.67
168.67
154.96
172.50
184.11
184.36
187.20
193.45
201.81
226.67
222.55
230.30
254.56
9263
10745
8936
4700
9534
9246
10801
8563
4644
8928
9067
10656
8361
4386
8822
9007
10594
81 62
4422
8506
8828
10404
7929
4365
8075
8708
10229
7672
44.17
7903
9449
111 20
8686
46.49
8792
9568
11218
8688
47.47
91 59
9509
11044
86.82
49.02
9294
9585
11091
87.37
49.93
9528
9485
10905
88.00
50.58
9529
99 11
11399
94.88
51.95
10134
104.73
120.71
101.76
53.44
109.58
103.92
119.64
98.30
53.91
10759
104.66
119.93
96.47
55.51
109.39
107.00
121.88
99.66
57.32
115.31
440
4.04
924
285
479
11 02
464
4.05
948
322
535
11 62
464
4.02
994
3 18
540
11 66
472
4.11
982
326
544
11 72
486
4.23
1000
342
578
1204
493
4.29
996
355
615
12 13
462
4.01
953
330
550
11 77
454
3.96
931
325
526
11 65
462
4.05
903
326
5.15
11.62
461
4.07
885
326
498
11.36
468
4.15
876
324
4.96
11.59
4.51
3.99
860
3.06
4.69
11.13
4.30
3.80
8.35
2.92
4.32
10.88
4.37
3.87
8.37
3.06
4.47
10.97
4.37
3.87
8.31
3.09
4.41
10.75
4.31
3.84
8.14
3.02
4.15
10.60
957 139
30146
959 110
30456
68 955
2 200
78 033
2459
75 814
2414
62 250
2 124
106 265
3 404
69 035
2215
85439
2718
81 255
2375
74494
2515
91 876
3005
103 355
3266
100 997
3,594
84,939
2,610
815 113
822 617
58 542
66 404
65 048
53 367
91 828
58 945
73532
69759
63 177
77 145
88232
85,176
72,347
24253
25 150
1810
2026
2001
1758
2848
1817
2265
1938
2,048
2,432
2,666
2,975
2,094
23 071
1 717
1 940
1 804
1 662
2 528
1 769
2 109
1758
1781
2674
2194
2154
1,982
21 590
1 584 16
45,118
r
See footnotes at end of tables.
mil $
do
do
do
do
do....
do
do....
do
do
2,350
1 586 10 1 534 73 1 450 41 1 463 44 1 439 12 1 589 04 1 585 23 1 582 58 1 552 51 1 586 10 1,705 61 1 721.93 1,716.16 1,709.41 1,804.24
50,128
49,756
49,921
49,485
49,360
49,092
48,892
49,092
47,287
48,915
48,035
48,267
48,515
48,806
48,828
FOREIGN TRADE OF THE UNITED STATES
VALUE OF EXPORTS
Exports (mdse.), incl. reexports,
total @
Excl Dept of Defense shipments
Seasonally adjusted
By geographic regions:
Africa
.
Asia
Australia and Oceania
Europe
Northern North America
Southern North America
South America
By leading countries:
Africa:
Egypt
Republic of South Africa
Asia; Australia and Oceania:
Australia, including New
Guinea
Japan
9.08
10.96
200 537 7 217 888 1 17 782 6 18 737 5 18 381 3 18 363 4 17 311 7 17 601 1 18 611 5 18 175 0 19 135 7 18,672 9 17 143.3 20,330.0 17,972.5
200 485 8 217 865 2 17 779 1 18 735 6 18 379 8 18 361 1 17 309 6 17 599 4 18 609 4 18 174 1 19 135 3 18 672 3 17 141 8 20 328 4 17 969 9
17 520 4 17 978 1 17 705 3 19 153 9 18 122 9 18 209 9 18 410 9 18 394 7 19 142 4 19 401 3 17 853 3 18,446.4 17,778 9
87677
63 813 4
4,826.5
58 871 0
38,245 3
15 204 8
10 520 0
88266
64 532 6
5,744.5
62 207 1
46,526 2
18 632 6
11 049 8
6858
5203 8
379.3
5 160 2
3,992 6
1 464 6
8451
do
do
28128
2 1294
27042
22652
do
do
40379
21 894 3
48458
23 575 0
6210
5 3259
554.0
5 197 5
39444
1 5425
9476
7839
6007 4
392.5
5 659 0
3,495 1
17098
10264
6174
56874
702.6
53469
3,779.7
1 6705
8505
699.3
47372
432.6
5 1496
3,706.7
1 5920
8249
776.3
59913
508.6
61006
4,246.2
17649
9416
6345
48290
516.8
51289
4,172.0
1787 1
8650
2045
151 8
168 1
1448
1759
142 1
1702
1473
2785
935
2378
141 2
1942
91 9
4325
1 8723
4798
2 1437
3180
2 1422
5988
21000
3647
18236
4339
23287
4465
17327
7276
5278 1
385.8
4 gig 9
37123
1 615 1
9488
8854
4 9149
523.7
5 091 1
36456
1 5384
944 1
6307
5257 4
512.5
5 409 4
4 020.8
1 745 1
995 1
2498
2154
2964
1776
3106
1510
4700
2 1582
3202
19063
4563
17676
820 1
5 359 5
486.3
5 0854
45873
1 5024
8629
692 1
5604 3
562.6
4 842 3
40942
1 5835
9808
7949
58580
551.7
4 899 9
3689 1
1 5799
9857
1819
2450
232 4
2125
155 6
2069
3119
1 8725
4102
19863
4627
2031 0
Unless otherwise stated in footnotes
below, data through 1982 and
methodological notes are as shown in
BUSINESS STATISTICS: 1982
S-17
SURVEY OF CURRENT BUSINESS
June 1985
Annual
., ..ls
1983
1985
1984
1984
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
FOREIGN TRADE OF THE UNITED STATES—Continued
VALUE OF EXPORTS— Continued
Exports (mdse.), incl. reexports— Continued
Europe:
France..
mil $
German Democratic Republic
do
Federal Republic of Germany
do
Italy
do
Union of Soviet Socialist Republics
do
United Kingdom
do
North and South America:
Canada
do
Latin American Republics,
total #
do
Brazil
do
Mexico
do
Venezuela
do
Exports of U.S. merchandise, total §
do....
Excluding military grant-aid
do
Agricultural products, total...
do
Nonagricultural products, total
do
By commodity groups and principal
commodities:
Food and live animals #
mil $
Beverages and tobacco
do
Crude materials, inedible, exc.
fuels #
do
Mineral fuels, lubricants, etc. #
do....
Oils and fats, animal and vegetable
do
Chemicals
do
Manufactured goods #
do
Machinery and transport equipment,
total
mil. $..
Machinery, total #
do
Transport equipment, total
do
Motor vehicles and parts
do....
VALUE OF IMPORTS
General imports, total
do....
Seasonally adjusted
do
By geographic regions:
Africa
do
Asia
do
Australia and Oceania
do
Europe
do
Northern North America
do
Southern North America
do....
South America
do
By leading countries:
Africa:
Egypt
do
Republic of South Africa
do....
Asia; Australia and Oceania:
Australia, including New
Guinea
mil $
Japan
do
Europe:
France.
do
German Democratic Republic
do....
Federal Republic of Germany
do
Italy
do
Union of Soviet Socialist Republics
do
United Kingdom
do
North and South America:
Canada
do
Latin American Republics,
total #
do
>
Brazil
do
Mexico .
do
Venezuela
do
By commodity groups and principal
commodities:
Agricultural products, total
mil. $..
Nonagricu Itural products, total
do ....
Food and live animals #
do....
Beverages and tobacco
do....
Crude materials, inedible, exc.
fuels #
do
Mineral fuels, lubricants, etc
do ....
Petroleum and products
do....
Oils and fats, animal and vegetable...
do
Chemicals
.
do
Manufactured goods #
do
Machinery
and
transport
equipment...
.
do
Machinery, total #
do
Transport equipment
do
Motor vehicles and parts
do...
See footnotes at end of tables.
478-679 O - 85 - S2
: OL 3
5961 3
1390
87367
39075
6036 7
136 9
90836
43749
485 1
38
8013
384 1
2002 9
10 621 2
3 283 9
12 209 7
348 8
964 8
38 244 1
46 524 3
39924
512 5
18 0
699 1
3765
511 3
10
731 4
381 0
487 7
13 4
730 1
335 5
261 7
91 9
1 020 2 1 0253
117 3
9707
4 587 0
4 093 9
3 688 9
536 5
70
759 0
313 9
480 6
12 1
831 9
302 8
260 6
318 3
361 8
1 021 4 1 038 4 1 2057
383 8
979 9
4 020 7
3 944 3
467 5
72
644 6
324 9
3 712 2
464 0
61
7254
3262
3 645 5
22 618 4 26 301 7 20318 20756 22991 22946 2284 1 2 172 3 2440 7 2 200 4
2557 1
26397
1895
1836
2497
2370
2317
2658
2530
2557
9 081 6 11 992 1
9607
938 9 1 017 2 1 0153 1 054 8
957 5 1 153 7 1 006 3
2811 3
3 377 2
234 8
281 5
293 1
282 0
279 9
305 5
239 2
291 7
195,969.4 212,057.1 17,333.3 18,251.8 17,926.3 17,884.3 16,853.9 17,100.0 18,086.1 17,637.3
195 917 5 212 034 2 17 329 8 18 249 9 17 924 8 17 882 0 16 851 8 17 098 3 18 084 0 17 636 4
36 107 7 37 813 9 3 1810 31934 2 563 0 26883 25867 2916 4 2 8607 3 527 6
159 861 6 174 243 2 14 152 3 15*058 4 15 363 3 15 196 0 14 267 2 14*1836 15 225 4 14 109 7
1
5489
149
7926
3935
483 2
128
7778
3813
611 3
1i
923 1
4402
4877
9
7587
4872
426 5
348 6
1 036 0 1 0324
3150
974 6
3242
1 410 2
3089
9639
494 1
20 8
7442
4347
3 4950
24040
2610
1 122 5
330 8
18,616.1
18 6157
3 565 4
15*050 7
37796
37066
42462
4 171 7
22416 21833 24470 2403 1
2596
2774
2258
2374
1 1354 1 117 1 1 2609 1 2367
275 3
250 2
244 4
257 7
18,123.6 16,647.6 19,765.0 17,491.5
18 123 0 16 646 1 19 763 4 17 488 9
31423 2990 1 28010 27028
14 981 3 13 657 5 16 964 0 14 788 7
24 166 0
28130
24 462 6
28494
1 939 7 1 981 3 1 676 8 1 9767
211 1
1685
2029
177 9
18 596 0
9,499 9
20 248 9
93105
1 766 5 1 853 7 1 608 7 1 473 8 1 376 3 1 211 1 1 396 0 1 827 1 1 956 8 1 729 0 1 634 5 1 676 2 1 594 5
7588
901 1
7539
7384
8716
7648
8196
757 1
8043
7855
8776
7123
9728
1 985 3 2 355 1
231 1
1460
2 Oil 4
3250
2 100 2
405 3
2 099 2
313 5
1 937 2 1 7320
223 8
263 2
1 694 8 1 665 3
2472
2786
1 459 0 1 922 2
19 750 9 22 336 3
14 852 0 15 139 9
131 9
17284
12135
182 7
1 8603
1 3934
144 4
2066 1
13121
168 8
20543
12463
111 9
18874
1 2596
143 8
1 8646
1 2448
139 4
167 2
155 3
1 947 1 1 758 3 18374
1 2777 1 191 6 1 1851
137 5
1937 1
1 2160
1604
18178
1 1023
131 4
19581
1 2893
107 6
17676
1 2393
82,577.8
54 308 5
28,269 3
14,462.8
7,493.4
49879
25055
1 5536
7,738.9
52102
25287
16726
7,815.4
52320
25833
14649
7,629.3
50836
25457
1 3454
6,855.1
49059
19492
1241 6
7,214.8
48197
23951
13937
7,935.0
5 504 3
24307
14708
7,986.6
5 191 8
27948
1 5433
7,126.9
45819
25450
1 5482
9,468.7
58773
3591 4
17685
7,964.5
49549
30096
17762
89,972.7
60 317 5
29 655 2
17,547 9
7,470.6
4 814 3
26563
1 5688
7,973.8
5 0390
29349
13795
258,047.8 325,725 7 28,159.6 26,607.3 25 964 4 31,565 1 27 042 6 27 852 6 27 530 0 27 295 6 24 362 6 28 835 8 25 941 2 28 724 7 28 571 7
28 073 7 26011 9 25 276 2 31 334 0 26 866 3 28 409 4 26 782 7 27 331 3 25 933 1 28 296 9 27 984 7 28 129 2 28 295 3
1
14 424 6
'91 4635
'30435
' 55 243 0
1
55 149 6
1
25,731.0
1
15,991 9
14 354 9
120 132 2
35580
73 306 7
66 496 3
26,833 7
21 043 0
1 460 6
9 892 0
269 1
6441 3
58393
2,483.7
17735
1 178 2
9 8507
254 7
57002
5712 5
2,087.3
1 8237
1 166 5
9 608 8
2893
5 504 2
5751 7
20058
1 638 0
1695
2,487.7
66
274.8
11 6
193.4
13 7
175.9
39 4
204.9
69
184.4
' 2 247 5 27028
'41 183 2 57 135 0
1907
4 638 0
192 9
2307
4 889 1 4 504 3
274 8
6 259 6
214 0
5 084 6
' 6 025 0 8 113 0
'581
*1489
' 12 695 3 16 995 9
' 5 455 3 7*9345
529 o
607 9
656 8
943 9
712 9
50
90
11 1
150
12 9
1 570 0 1 356 1 1 247 1 1 423 8 1 270 4
6407
564 6
572 6
820 0
781 3
554 2
'3465
' 12 469 6 14491 6
33 5
1 3679
28 0
1 0557
28 6
1 131 8
24 i
45 9
80 6
1 476 4 1 165 4 1 144 7
43 1
64 6
1 231 9 1 3209
47 4
73 0
39 3
1 153 1 1 141 0 10374
283
10291
26 1
1 0982
' 52 129 7 66 478 1
5 838 5
5712 1
5 744 4
5 402 5
5 591 0
5 5259
5 319 1 5 548 5
6 0753
5 976 2
'356829
'4*946 1
' 16 776 1
' 4 938 1
3 799 0 3 526 3 3 326 7 3 778 5
640 6
591 9
493 7
747 8
1 707 9 1 381 3 1 444 7 1 5607
536 9
610 7
'619 5
568 3
'3027
'2,027.3
42 340 6
7 621 0
18 020 0
6 542 8
1 231 4
13 038 3
3720
7 278 8
5 403 3
22993
1 941 9
1 200 8
10 680 8
287 8
6 099 7
4 914 2
2 1284
1 730 8
4 913 8
1 164 2
10 509 8
2782
6 3059
5 587 8
2 1360
1 870 6
1 186 4
10 702 2
379 4
5 649 5
5591 1
22484
1 772 9
1 025 5
9 637 0
3358
6 418 3
6003 5
22357
1 639 6
861 8
8 294 4
2955
5 718 5
5 527 1
19859
1 679 4
52
135.6
12 2
170.0
17
134.9
207 6
299 2
4 940 1 5 075 0
271 1
4 588 2
220 7
4 i5Q i
27 6
187.9
831 4
11 359 2
357 9
7 0020
5319 8
20758
1 8897
889 3
9 656 8
235 5
57368
5 5489
22123
1 661 6
6467 1 209 2
10 935 2 10 660 4
326 3
286 5
6754 5 6 4453
60756 5977 5
22668 2,462 1
17593 14909
50
221.5
29
153.5
40
187.4
291 7
1688
5 968 8 4 799 8
210 2
5724 9
2237
5931 0
67
140.2
7620
745 2
5559
909 2
771 5
662 4
686 4
546 6
101
11 6
133
139
168
209
159
19 8
1 593 7 1 316 5 1 467 5 1 325 8 1 836 8 1 426 5 1 774 6 1 6900
836 1
7673
7597
678 6
628 4
771 2
6780
597 4
5 585 8
6 001 5
3 399 1 3 558 9 3 603 3 3 429 4 3 274 1 3 485 4 3 427 2 3 741 3 3 715 1
515 5
751 5
6254
6339
682 3
726 8
664 8
*658 1
723 4
1 410 4 1? 465 3 1 580 8 1 557 5 1 3509 1 303 3 1 501 6 1 698 2 1 937 0
*535 8
507 0
574 2
481 6
502 8
466 3
580 1
470 3
544 2
'16,534.1 19,765.5 1,866.7 1,690.5 1,345.1 1,816.4 1,584.7 1,628.8 1,684.8 1,483.8 1,536.1 1,796.5 1,701.3 1,969.9 1,664.8
'241,513.7 305,960 3 26 292 9 24 916 8 24 619 3 29 748 7 25 457 9 26 223 8 25 845 2 25 811 8 22 826 6 27 039 3 24 239 9 26 754 9 26 906 9
'15,411.7 17,972.8 1,702.2 1,496.8 1,263.6 1,629.6 1,411.1 1,496.0 1,609.9 1,356.8 1,440.7 1,647.5 1,570.4 1,868.2 1,520.3
'3,4076
36534
3257
2639
2595
2832
3123
3727
2849
2467
306 5
299 8
314 3
278 0
348 4
' 9 590 1 11 081 7
'57,952.2 60,979 8
'52,325.2 55,906.1
954 2
5,628 6
5,249.7
'4950
696 0
' 10 779 4 13 697 4
' 34 833 1 46 144 7
45 0
63 8
1 309 4 1 1220
3738 1 37845
'86 131 1
'469749
'391562
' 35,034 1
989 1
46959
4,294.7
119 191 7 10 202 2 10 259 0
68 389 9 5 644 0 5483 8
50 801 8 4558 1 4*7752
454122 4083 1 43589
897 7
52062
4,830 3
998 7
54342
5,123 1
868 1
48860
4,579 9
38 4
483
69 1
1 031 8 1 270 3 1 0927
3 583 4 4 601 1 3 949 2
9 605 1
5 414 9
4 190 3
37930
11 631 0
7 2257
4 4053
37972
1 014 4
867 0
46634 51680
43333 47883
894 7
52072
47950
64 8
66 2
56 3
1 254 8 1 081 9 1 113 0
4 032 6 3 832 1 3 8350
9 8167 10 302 1 10 144 6
6007 7 6 141 8 6022 4
3 809 0 4 160 3 4 122 3
3 410 8 3 6653 3 736 8
9 882 1
5700 2
4 181 9
3 828 3
866 2
39885
3,522.7
976 7
3351 1
2,933.7
8509
48758
4,452.6
51 6
67 5
58 0
1 131 7 1 143 4 1 1403
3 341 8 4 006 5 3 612 9
54 8
1 3187
4 1217
45 5
1 117 4
3 676 9
8559
46719
4 1046
842 0
4434 1
3,972 9
8 916 4 11 6559 10 047 5 11 731 4 11 848 6
50220 6*658 7 5 448 3 6711 3 6 556 3
3 894 3 4*997 2 4*599 3 50200 5*292 2
3 477 9 4*412 2 42040 4501 9 46627
May
S-18
Unless otherwise stated in footnotes
below, data through 1982 and
methodological notes are as shown in
BUSINESS STATISTICS: 1982
SURVEY OF CURRENT BUSINESS
Annual
,, w
..
June 1985
1985
1984
u
1984
1983
Apr.
May
June
July
Aug.
Sept.
Nov.
Oct.
Dec.
Mar.
Feb.
Jan.
May
Apr.
FOREIGN TRADE OF THE UNITED STATES—Continued
Indexes
Exports (U.S. mdse., excl. military grant-aid):
Unit value
1977 — 100
1562
154 1
Quantity
do
1078
1151
Value
do
1662
1798
General imports:
Unit value
do
160 6
1635
Quantity.. .
do
1367
1103
Value
do
2235
177 1
Shipping Weight and Value
Waterborne trade:
Exports (incl. reexports):
Shipping weight
thous sh tons 361 404 374 689
Value
mil $
100 651 101 803
General imports:
1
Shipping weight
thous sh tons 1 366 426 413 092
Value
mil. $.. 155,311 191,113
1579
1117
1764
1583
1174
185 8
1587
1149
182 4
157 1
1158
182 0
1560
1099
171 5
1563
111 3
174 0
1565
1176
184 1
1548
1159
1795
1547
1225
189 5
1563
1180
184 4
1574
1077
1694
1574
127.8
2012
156.4
113.8
1780
164 1
141 3
2319
164 6
1331
2191
164 4
130 1
2138
164 1
158 4
2599
164 5
135 3
2227
164 6
1393
2294
1648
1376
2267
1637
137 3
2248
1630
1224
1996
1604
1480
2375
1602
1333
2136
1596
1482
2365
1592
1478
2353
30206
8247
33256
8798
30864
8263
32127
8497
31630
8099
34 130
8216
29794
8259
31498
8534
34648
9186
37682
16,586
31961
15,729
32538
14,971
39016
19,183
35268
16,477
34778
16,362
34889
16,179
33924
15,230
31730
13,920
TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers
Certificated route carriers:
Passenger-miles (revenue)
bil
Passenger-load factor
percent
Ton-miles (revenue), total
mil
Operating revenues (quarterly) # §
mil. $
Passenger revenues
do
Cargo revenues
do
Mail revenues
do
Operating expenses (quarterly) §
do
Net income after taxes (quarterly) §
do
Domestic operations:
Passenger-miles (revenue)
bil..
Cargo ton-miles
mil
Mail ton-miles
do
Operating revenues (quarterly) §
mil $
Operating expenses (quarterly) §
do
Net income after taxes (quarterly) §
do
International operations:
Passenger-miles (revenue)
bil
Cargo ton-miles
mil
Mail ton-miles
do
Operating revenues (quarterly) §
mil. $ .
Operating expenses (quarterly) §
do....
Net income after taxes (quarterly) §
do
Urban Transit Systems
Passengers carried, total
mil
Motor Carriers
Carriers of property, large, class I, qtrly.:
Number of reporting carriers
Operating revenues, total
mil. $..
Net income, after extraordinary and prior
period charges and credits
mil $
Tonnage hauled (revenue), common and
contract carrier service
mil. tons
Freight carried— volume indexes, class I and II
intercity truck tonnage (ATA):
Common carriers of general freight,
seas, adj
1967 — 100
Class I Railroads t
Financial operations, quarterly (AAR),
excluding Amtrak: §
Operating revenues, total #
.
mil $
Freight
do
Passenger, excl. Amtrak ..
do
Operating expenses
do
Net railway operating income
do
Ordinary income t
do
Traffic:
Revenue ton-miles, qtrly. (AAR) .
bil
Price index for railroad freight
12/84=100...
Travel
Lodging industry:
Restaurant sales index. ...same month 1967 — 100
Hotels* Average room sale Q
dollars
Rooms occupied
% of total
Motor hotels: Average room sale ()
dollars
Rooms occupied
% of total.
Economy hotels:* Average room
sale <}
dollars
Rooms occupied *
% of total
Foreign travel:
U.S. citizens: Arrivals (quarterly)
thous ..
Departures (quarterly)
do
Aliens: Arrivals (quarterly)
do
Departures (quarterly)
do
Passports issued
do
National parks, recreation visits # #
do...
See footnotes at end of tables.
28183
2
607
35756
2
38
596
2
32731
2579
668
2
38 234
'289
2
226.91
3385
1 065
2
31 008
2
31 184
639
2
2
2497
59 8
3,163
2754
64 4
3,412
11,033
9431
676
169
10274
392
2793
61 9
3,472
2996
654
3693
2441
579
3,103
11,680
9894
666
164
10776
449
2486
581
3,211
2347
573
3,056
2466
574
3,159
2346
552
2,905
21.81
566
2,746
28.26
674
3,446
20.79
290
92
19.80
305
94
21.60
299
91
8976
8320
300
21.63
292
85
23.27
310
93
18.69
286
88
9 154
8585
212
19.86
307
96
19.36
290
97
20.24
260
134
19.24
229
96
18.31
230
93
24.04
264
108
6136
2999
457
456
243
36
517
232
35
594
233
35
1981
1836
83
630
268
35
669
260
35
572
258
33
2,378
2,066
222
500
285
37
412
275
46
442
242
57
422
200
34
3.50
212
32
4.22
213
35
8030
664
692
656
614
670
636
731
679
653
656
646
719
713
1366
1397
"1373
243.
10
2
3 553
1 159
2
5492
2708
*415
7172
6,697
313
2404
594
3,066
304 46
59 2
38,615
7859
100
16,382
2
rs
100
17,413
2
100
4487
100
4,421
100
4,587
412
123
108
112
164
161
41
40
41
1359
1440
353
1460
1438
26732 2 29459
25836 28 478
107
101
24971 25804
2
1762
3655
1 233 2659
1427
1439
1450
1447
1470
1443
7415
7 167
25
6352
731
769
7545
7289
25
6471
768
809
r
141 8
141 1
r
99.0
99.0
2350
99.0
99.4
99.4
2340
99.4
99.9
99.9
2217
100.0
100.0
3
202
64 51
64
4230
66
3
213
6901
66
4575
66
202
69 87
68
4653
68
240
6882
70
4485
69
235
66 83
70
4635
71
219
6530
66
4674
73
203
67 48
68
4744
73
215
67 73
68
4581
66
222
73 75
74
4666
68
207
7208
64
4511
59
217
6676
51
4505
49
169
71 67
56
4549
55
201
7146
64
4776
63
2869
65
2990
65
3048
64
2883
65
3202
72
3210
72
3023
79
2996
67
3016
70
2985
60
2990
47
2906
51
2927
58
394
9044
4,556
4 150
2824
2438
275
5871
4
1,194
4
1037
4
603
3,783
3,571
3786
2256
1824
528
6642
400
1,180
415
1,237
12,010
12258
8831
7467
4 152
49,328
4696
49,015
507
2,633
442
9,379
709
'655
298
3,938
4
1,001
'951
4
626
4
591
269
1935
4
936
\ 121
'744
'611
265
1,348
20.79
5
20.95
7,002
6,774
25
6,381
390
418
7048
5,809
25
6363
685
488
921 8
99.3
8283
95.0
5
100.0
"2203
100.0
4
69.5
100.0
'70.5
100.0
605
1,916
r
628
2,793
"569
4,015
4
S-19
SURVEY OF CURRENT BUSINESS
June 1985
Unless otherwise stated in footnotes
below, data through 1982 and
methodological notes are as shown in
BUSINESS STATISTICS: 1982
., ..
1985
1984
Annual
ljims
1983
1984
Apr.
May
June
Aug.
July
Nov.
Oct.
Sept.
Apr.
Mar.
Feb.
Jan.
Dec.
May
TRANSPORTATION AND COMMUNICATION—Continued
COMMUNICATION
Telephone carriers:
Operating revenues #
mil $
Station revenues
do
Tolls, message
do
Operating expenses (excluding taxes)
do
Net operating income (after taxes)
do
Phones in service, end of period
mil
Telegraph carriers, domestic and overseas: @
Operating revenues
mil $
Operating expenses
do
Net operating revenues (before
taxes)
do..
78092
33090
28031
53095
12797
1344
2
67 625
2
28 322
2
10 353
2
44
435
2
12 206
5604
2340
936
3573
1096
5677
2348
975
3677
1044
5 568
2368
919
3769
'937
5606
2367
924
3705
990
5762
2414
825
3716
1062
5487
2326
726
3551
1034
5629
2381
713
3748
1024
6048
2543
748
3998
1081
5772
2368
790
3930
931
5903
2417
674
3810
1071
14827
1 2594
13830
12277
1133
945
1184
1006
1076
1002
116 5
1109
1197
1034
1118
97 1
1203
1016
114 3
996
1183
1334
1168
1030
67.8
11.8
9.0
1.6
-.7
9.3
8.1
11.2
7.8
78
847
210
33
888
60
76
77
882
227
35
938
52
67
142.2
-25.9
5725
2216
631
3657
1069
6.8
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic Chemicals
Production:
Aluminum sulfate, commercial (17% A12O3) $
thous sh tons
1 103 1079
84
Chlorine gas (100% C12) t
do
9864 10724
964
Hydrochloric acid (100% HC1) $ ....
do
2866
277
2420
Phosphorus, elemental
do
383
366
29
Sodium hydroxide (100% NaOH) t
do .... 10,039 11224
1010
750
Sodium silicate, anhydrous t
do. ..
728
55
Sodium sulfate, anhydrous t
do
914
872
75
Sodium tripolyphosphate
(100% NasPsOioJI:
do
669
673
55
Titanium dioxide (composite and
pure) $
do
760
799
66
Sulfur, native (Frasch) and recovered:
jg
156
Production
thous met tons
'9 407
776
Stocks (producers') end of period
do....
3,218
2,434
3,115
Inorganic Fertilizer Materials
Production:
Ammonia, synthetic anhydrous $
thous. sh. tons .. 14,072 16,192
1,439
Ammonium nitrate, original solution t
. do
6240
7005
618
Ammonium sulfate $
do
1 956 2 061
165
Nitric acid (100% HNO3) t
do.
8041
6^968
680
Nitrogen solutions (100% N) t
do....
2,198
3,345
244
Phosphoric acid (100% P2O5) t
do....
9,767 11,111
914
Sulfuric acid (100% H2SO4) $
do
36583 39853
3398
Superphosphate and other phosphatic
fertilizers (gross weight):
Production
thous. sh. tons
15774 17363
1422
Stocks, end of period t
do
844
1 179
947
Potash, sales (K2O)
do
6 273
6 195
538
Exports, total #
do
22 832 24 703
2017
2 313
Nitrogenous materials
do
1982
383
Phosphate materials
do
14837 13680
1091
54
Potash materials
do
804
1 044
Imports:
Ammonium nitrate
do
347
532
57
Ammonium sulfate
do
285
363
84
Potassium chloride
do
7875
8639
897
Sodium nitrate
do
97
122
12
Industrial Gases t
Production:
Acetylene. .
mil cu ft
3 737
4 855
402
Hydrogen (high and low purity)
do
100 253 109 059
9067
Nitrogen (high and low purity)
do
559 863 601 206
48 301
Oxygen (high and low purity)
do
342 723 375 476
36628
Organic Chemicals §
Production:
1
Acetylsalicylic acid (aspirin)
mil. lb..
30.7
'309
29
Creosote oil
mil gal
'756
'860
68
1
Ethyl acetate (85%)
mil. lb.. 1 213.0 '1935
147
Formaldehyde (37% HCHO)
do
5 464 9 '57122
5187
Glycerin, refined, all grades
do
2654
3027
26 2
Methanol, synthetic
mil. gal 1 11 202 1 1 17 247 0 1035
Phthalic anhydride
mil. lb.
838.3
869 4
667
ALCOHOL
Ethyl alcohol and spirits:
Production
mil. tax gal
'6985
6312
582
Stocks, end of period
do
786
1325
827
Denatured alcohol:
r
3544
Production
mil wine gal
415
1
28 2
r
Consumption (withdrawals)
do
3567
4082
309
For fuel use *
do
658
110 5
90
Stocks, end of period
do
66
245
151
See footnotes at end of tables.
106
947
229
35
980
65
76
r
848
r
r
829
r
226
27
r
875
68
r
74
87
908
263
32
954
57
88
53
52
48
57
62
62
62
91
941
240
35
981
65
80
95
892
236
32
931
50
70
97
878
242
27
919
61
72
81
904
237
32
940
57
75
85
832
213
31
901
62
70
58
54
48
60
52
65
58
65
74
66
62
72
63
73
766
3,026
758
2,898
777
2,782
779
2,605
787
2,525
817
2,521
826
2,513
860
2,434
834
2,419
765
2,451
839
'2,483
844
2,420
1,405
1,247
1,169
1,306
1,288
1,370
1,436
1,484
1,462
1,359
1,485
1,463
611
182
728
417
912
3339
565
169
689
275
876
3264
562
153
660
308
869
3250
508
164
600
277
954
3416
551
177
649
277
958
3284
590
189
654
315
996
3433
578
177
660
264
979
3207
602
166
681
248
978
3423
624
171
681
240
888
3311
552
163
627
r
215
r
860
r
3127
644
186
708
291
996
3553
628
172
698
287
968
3525
1425
845
656
2 296
157
1 275
68
1 326
953
365
2306
236
1 305
161
1 428
812
297
2342
*239
1 115
85
1 506
821
836
2425
163
1 375
129
1 488
840
624
2 118
180
1 183
60
1 513
914
426
1 789
120
1 062
69
1 469
1 243
'374
1 859
'235
869
73
1 412
1 179
598
1 557
220
676
102
1396
1076
'630
3 141
222
1 418
145
1329
1 117
437
2039
155
1058
82
1476
991
449
2487
321
1318
98
1456
702
760
1 714
252
892
52
87
25
798
9
21
10
381
15
19
17
409
13
48
36
966
11
62
26
876
32
13
745
14
22
18
424
31
15
692
4
48
18
622
12
41
44
839
30
56
70
738
36
460
10861
50442
32 251
441
9423
48799
31 492
449
9 102
49 032
31 459
371
8 698
49 208
30 003
377
8 300
49*418
28320
347
8383
52791
30 196
401
7862
52 885
29 134
394
9930
52047
28 676
374
7903
52460
29888
r
8582
r
50 821
r
384
402
9142
54640
31759
26
78
151
5061
206
1056
824
28
19
61
149
4604
24 2
94 5
776
33
85
16 1
5100
24 i
101 3
826
28
72
16 8
4916
267
953
653
17
72
144
444 4
302
95 5
57 1
21
14 9
472 6
250
1182
796
28
62
16 1
4700
249
105 1
604
168
449 8
22 2
922
629
28 5
254
509
97 5
497
853
484
805
483
723
51 8
74 2
60 5
998
504
101 1
637
132 5
641
123 8
450
1282
365
377
138
185
34 9
374
11 2
11 5
31 4
27 1
38
15 1
294
269
50
125
282
298
45
109
44 g
387
10 1
164
39 1
44 i
16 2
157
47 g
446
18 7
245
41 5
400
144
280
304
316
121
251
(3)
(3)
82
212
32
r
880
63
72
74
63
r
27811
77
56
897
20
5
8.1
5
18 8
5
5
476
1 428 7
r
225
5
2180
5
208.5
269
P
663
S-20
Unless otherwise stated in footnotes
below, data through 1982 and
methodological notes are as shown in
BUSINESS STATISTICS: 1982
SURVEY OF CURRENT BUSINESS
IT .,
ljims
1983
June 1985
1985
1984
Annual
1984
Apr.
May
June
July
Aug.
Sept
Mar.
Nov.
Dec.
1305
1,233.1
454 7
501 3
5860
1156
1,231.2
3974
4473
5965
1123
1,049.2
413 2
4588
6362
7710
280 4
3199
170.7
6385
2138
2794
145.3
5713
1908
2533
127.2
689.2
2227
3100
156.4
r
685.8
r
2235
r
2898
'162.6
822.7
3185
3119
192.2
190 936
170 050
20887
190 380
168 121
22259
199 996
174 162
25834
227 733
200 235
27498
198 121
172 240
25880
194 707
170 123
24,583
Oct.
Jan.
Feb.
May
Apr.
CHEMICALS AND ALLIED PRODUCTS—Continued
PLASTICS AND RESIN MATERIALS
Production:
1
Phenolic resins
mil Ib
1 459 6 1 1 470 5 1324
Polyethylene and copolymers
do.... ' 114,045.3 1 14,621.9 1,240.3
Polypropylene
do
4 456 9 M9607
3780
1
Polystyrene and copolymers
do
6 254 0 1 5 861 4
5228
;
Polyvinyl chloride and copolymers
do
6 256 1 1 6 957 6
6361
MISCELLANEOUS PRODUCTS
Explosives (industrial), shipments, quarterly
mil Ib
22293
26197
Paints, varnish, and lacquer, shipments: <>
Total shipments
. mil $
7,843 8
8,873 2
7582
Architectural coatings
do
33213
34759
311 1
Product coatings (OEM)
do
29074
34964
2905
Special purpose coatings
do ....
1,615.1
1,900.9
156.6
1239
1,308.2
3958
5270
5604
1248
1,224.2
4078
509 1
5256
1093
1,217.3
361 4
4749
457 1
1183
1,164.1
501 6
4870
5546
7894
3338
2848
170.8
8381
347 1
3048
186.2
6223
8434
3598
3051
178.5
8440
3656
2989
179.6
1200
1,230.6
5005
5202
5446
1361 9
1 520 8
1 749 9
551 2
6190
6697
7497
2861
2962
167.3
'3582
4
3,687.0
4
4
4
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production:
Electric utilities total
mil kw -hr
By fuels
do
By waterpower
do
Sales to ultimate customers, total (Edison
Electric Institute) $ .. .
. mil kw -hr
Commercial §
do
Industrial §
do
Railways and railroads
do .
Residential or domestic
do
Street and highway lighting
do
Other public authorities
do
Interdepartmental
do
Revenue from sales to ultimate customers
(Edison Electric Institute) $
mil $
GAS t
Total utility gas, quarterly
(American Gas Association):
Customers end of period total
thous
Residential
do
Commercial ..
do
Industrial
do
Other
do
Sales to customers total
tril Btu
Residential
do
Commercial
do
Industrial ..
do
Other
do
Revenue from sales to customers, total
mil $
Residential
.
do
Commercial ..
..
do
Industrial
do
Other
do ....
2 310 285 2 416 304
1 978 154 2 095 154
332 130
321 150
181 084
151 114
29970
192 217
160 404
31814
2 157 598 nrl2 279 923
546,252 578 163
780 020 n 837 661
rl
4,296
4,412
750 850 rl 111 421
rl
14053
14 155
56720 nrl62 076
5407
6 036
209 649
180*875
28773
221 245
193 750
27495
229 296
204 159
25137
614 853
162,258
216 833
959
875
171 620
3284
15745
1586
212 708
3277
16785
2118
544 971
139,962
205 189
1,119
178 232
3560
15465
1443
33200
40309
34287
542 212
137,458
211 560
n 129 507 n 142 201
195 198
174 287
20911
48948
45035
3685
181
47
12859
4,450
2298
5970
140
49651
45637
3785
182
47
1 13 170
1
4,615
'2379
'6036
141
49348
45378
3742
182
47
2846
892
463
1463
29
48958
45044
3686
182
47
2181
380
273
1508
20
49651
45637
3785
182
47
3215
1,140
593
1446
35
65837
26 173
12659
26315
690
1
1
27 397
1
13 162
1
14 413
5397
2565
10837
2651
1*538
6558
89
16652
6869
3313
6299
170
67 463
e'sie
26 237
667
'l34
588,112
145,282
201 548
1,232
219,084
3660
16015
1,291
36427
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES
Beer:
Production
mil bbl
Taxable withdrawals
do
Stocks, end of period
do
Distilled spirits (total):
Production
mil tax gal
Consumption, apparent, for beverage
purposes
mil wine gal
Stocks, end of period. .
mil tax gal
Imports
mil proof gal
Whisky:
Production
mil tax gal
Stocks end of period
do
Imports
mil proof gal
Wines and distilling materials:
Effervescent wines:
Production .
.
mil wine gal
Taxable withdrawals
do
Stocks, end of period .. .
do
Imports
do
Still wines:
Production
do
Taxable withdrawals
do
Stocks, end of period
do
Imports
do
Distilling materials produced at
wineries .
.
do
See footnotes at end of tables.
195 12
17750
1326
1
2
1
1458
13 66
1369
15 14
14 29
1374
1306
1240
1285
15.50
1351
1372
14.46
1274
1418
1000
1575
3019
55377
848
2922
55693
773
960
728
602
47940
596
684
48476
5.74
6.42
4.48
279
4 18
1598
217
224
1 34
1559
143
86
1.09
.92
748
916
9.46
12.89
11 38
1286
19224
174 75
1286
1665
1488
15 55
1859
16 67
1587
1847
17 23
15 67
1864
16 90
I486
!24 30
13 32
11 76
681
4 82
7 75
10 44
15 19
1045
8 12
426 13
554 64
117 86
3274
561 07
11 12
34 17
57544
11 89
36 42
578 07
9 41
31 24
568 78
1003
33 05
56393
8 62
32 55
561 68
9 00
37 68
56000
10 20
41 60
55756
1320
49 17
55464
10 15
73 59
50776
8384
80 19
482 13
7804
972
507 60
780
8 30
502 14
534
4 15
503 20
669
3 03
498 16
669
4 90
493 66
586
577
490 18
595
7 47
485 35
694
6 71
48392
938
5 21
48213
706
37 13
32^54
1611
11 11
3566
32 61
1598
1491
369
2 64
2054
105
268
1 92
2017
1 29
420
672
1699
1 53
382
371
1796
197
100 49
r
431 13
57895
116 35
2
2 56
1 09
1996
1 05
1759
16 97
14 44
3
235
1 64
1871
102
278
4 29
1776
1 01
4 11
1 99
1902
86
42948
366 86
65014
11983
r
438 24
r
376 08
60608
12749
407
3384
53935
1080
668
3232
50459
949
427
33 34
46891
950
535
2600
43743
1304
6382
34 16
48825
1007
18734
2978
56534
11 30
10495
3637
67736
1018
2166
3533
64787
13 14
1892
2828
60608
11 73
689
2632
60478
1123
17499
15336
246
483
1 19
1 75
3356
5568
3072
10 19
457
7 14
16.76
1446
1497
Unless otherwise stated in footnotes
below, data through 1982 and
methodological notes are as shown in
BUSINESS STATISTICS: 1982
S-21
SURVEY OF CURRENT BUSINESS
June 1985
Annual
1T .
unus
1983
1985
1984
1984
Apr.
June
May
Aug.
July
Nov.
Oct.
Sept.
Dec.
Jan.
Apr.
Mar.
Feb.
May
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
DAIRY PRODUCTS
Butter:
Production (factory)
mil Ib
Stocks, cold storage, end of period
do....
Producer Price Index **
1967 = 100..
Cheese:
Production (factory), total ....
mil Ib
American, whole milk
do....
Stocks, cold storage, end of period
do
American, whole milk
do
Imports
do
Price, wholesale, cheddar, single daisies
(Chicago)
$ per Ib..
Condensed and evaporated milk:
Production, case goods
mil Ib
Stocks, manufacturers', case goods, end of
period
do
Exports
do
Fluid milk:
Production on farms
do
Utilization in manufactured dairy
products
do
Price, wholesale, U.S. average
$ per 100 Ib ..
Dry milk:
Production:
Dry whole milk
mil Ib
Nonfat dry milk (human food)
do....
Stocks, manufacturers', end of period:
Dry whole milk
.
do
Nonfat dry milk (human food)
do....
Exports,
whole and nonfat
(human food)
do
Price, manufacturers' average selling, nonfat
dry milk (human food)
$ per Ib
GRAIN AND GRAIN PRODUCTS
Exports (barley, corn, oats, rye,
wheat)
mil bu
Barley:
Production (crop estimate)
do ...
Stocks (domestic), end of period, total
do....
On farms
do
Off farms
do
Exports, including malt §
do
Producer Price Index, No. 2 feed,
Minneapolis *
1967 — 100
Corn:
Production (crop estimate, grain
only)
mil bu
Stocks (domestic), end of period, total
do....
On farms
do
Off farms
do ....
Exports, including meal and flour
do
Producer Price Index, No. 2, Chicago *
1967-100
Oats:
Production (crop estimate)
mil bu
Stocks (domestic), end of period,
total
do....
On farms
do
Off farms
do
Exports, including oatmeal
do....
Producer Price Index, No. 2, Minneapolis *
1967 = 100..
Rice:
Production (crop estimate)
mil. bags #..
California mills:
Receipts, domestic, rough
rn,il. Ib..
Shipments from mills, milled
rice
do
Stocks, rough and cleaned (cleaned basis),
end of period
mil Ib
Southern States mills (Ark., La., Tenn., Tex.):
Receipts, rough, from producers
mil. Ib..
Shipments from mills, milled
rice
do
Stocks, domestic, rough and cleaned (cleaned
basis), end of period
. mil Ib
Exports
do
Producer Price Index, medium grain,
milled**
1967-100
Rye:
Production (crop estimate)
mil. bu .
Stocks (domestic), end of period
do...
Producer Price Index, No. 2,
Minneapolis *
1967 — 100
Wheat:
Production (crop estimate), total
mil. bu .
Spring wheat
.
do
Winter wheat
do...
Distribution, quarterly @
do ..
Stocks (domestic), end of period, total
do...
On farms
do ...
Off farms
do
Exports, total, including flour ...
do
Wheat only
do
See footnotes at end of tables.
1 2992
499.4
226.6
1 103 3
296.6
228.8
48195
2,927.7
1 2046
10997
2862
46738
2,648.2
9862
8848
306 0
103 0
532.4
220.2
105 1
538.5
221.3
4329
4099
263.8
244.4
1 1824 1 2080
1 081 5 1 1034
25 4
24 2
72 7
489.6
242.1
702
462.7
227.1
67 5
426.3
241.3
84 4
374.3
243.0
798
335.9
243.3
95 1
296.6
221.5
118 4
277.3
'216.9
107 5
289.4
216.8
4154
3799
249.9
218.8
1 1934 1 1855
1 089 1 10783
19 5
31 8
3712
204.6
1 1476
1 0451
27 1
3578
187.4
1 1150
10180
25 2
381 1
194.6
10784
9798
27 9
3689
187.1
1 0442
9458
32 2
3963
210.0
9862
8848
348
3906
223.1
9689
8657
168
3553
201.7
9444
8440
240
1.759
1.744
1.699
1.667
81 8
516.7
227.3
107 1
291.7
217.1
1108
272.7
217.5
411 5
230.9
r
9077
r
8064
195
423.8
251.2
898.6
791.9
197
r
276.5
217.3
904.3
797.1
1.608
1.682
1.704
1.689
1.689
1.688
1.700
1.721
1.691
1.683
1.660
1.631
6942
647 7
56 3
628
54 5
52 9
54 8
52 3
54 8
51 2
53 3
442
43 1
507
593
467
56
41 7
81
607
7
78 6
4
89 7
4
96 6
4
102 2
5
102 9
9
88 7
10
54 3
11
41 7
g
42 2
g
43 6
7
50 2
7
682
9
139 672
135 444
11 662
12 227
11 720
11 485
11 206
10 777
10918
10 529
10 967
11 209
10 566
11 857
12007
12790
82655
13.60
76128
13.50
6825
13.10
7276
13.00
6602
12.90
6267
13.00
6079
13.20
5605
13.60
5978
14.00
5605
14.30
6074
14.00
6494
14.00
6021
13.70
6787
13.30
7172
12.90
"12.70
111 2
1,499.9
1196
1,1589
104
113 1
119
1162
98
1066
82
882
104
708
90
717
92
674
92
855
117
884
11 1
91 1
14 1
1046
109
126.0
64
74.6
54
61.1
52
67.0
106
1257
•
63
74.6
86
74.5
88
72.9
79
58.4
71
52.7
66
42.9
49
38.3
54
61.1
66
55.5
65
57.1
78
63.8
71
69.7
321 6
1999
129
8
50
58
143
54 9
29 1
13 9
12 2
55
86
295
41 5
938
912
911
910
910
911
913
912
913
915
916
915
913
913
871
281 6
286 5
226 6
267 9
287 1
367 6
302 8
348 6
350 4
321 0
256 5
233 8
239 5
90
99
4362
3066
1296
118
72
47
319.3
2163
1030
13
4
180 1
181 8
157 1
169 9
174 1
1656
174 1
208 2
164 4
3,960.5
28288
1,1317
1707
1677
215 5
214 6
2178
2234
.2
3 440 2
2
3 611 0
2
508.9
367.6
2449
1227
716
5965
4362
3066
1296
955
200 9
180 9
2
4 1747
4,912.9
30800
1,832.9
18765
2
7 656 2
5,856.3
42962
1,560 2
19286
250 9
2484
2
4770
2
3572
2994
577
1.9
252.6
266.5
99.7
60
189 4
1170
*724
41
49
21
52
5736
4021
171 5
17 5
236 1
237 8
229 3
186 0
169 9
175 8
3
2,1451
3
1213
1
3
1
723
;
174 6
9320
163 0
111 0
128 1
280 8
274 3
276 9
271 2
135 3
2
3479
'3754
106 4
154 2
242 1
5,856.3
42962
1 5602
206 5
254 0
2400
217 5
216 3
209 6
(7)
4739
397 4
76 5
.2
.2
.1
3572
299 4
577
.1
.1
.1
255.9
211 2
447
.1
250.1
253.0
255.8
274.3
270.0
258.7
261.5
259.4
242.3
964
653
535
391
615
358
545
475
462
460
396
427
2775
236
2627
292
2683
411
1,856
315
174 1
2200
471 9
378.8
3224
564
2.8
2
4
4
2
4
181 1
4
.2
151 2
<298
.1
.3
272.9
280.7
269.3
.2
271.5
237.3
1370
2,730
226
186
191
144
166
76
(8)
1884
136
179
152
116
157
153
(8)
478
505
378
331
293
244
183
(8)
347
233
142
108
695
2,560
479
9,143
9,476
6289
6183
479
488
2703
5151
2868
4 509
1 902
432
1 626
420
1325
431
984
314
930
384
2017
567
2 792
331
2899
343
2868
307
2020
2027
2059
2059
2059
2057
203 2
201 0
195 8
195 4
195 4
196 5
1999
2047
2040
2063
2
2
2234
2191
2126
1976
1852
1804
176 1
1847
1933
1993
1968
1976
203.6
207.9
873
81 8
475
1,667.6
7136
9540
61 7
574
27.1
5
5.8
2107
610
517
542
324
2009
2
2
2
2
535
2
2,061
r
2,420
2
432
1,988
2,606
2,326.4
1,015.4
1 3110
1 4883
14076
440
1,934
2 596
2788
2,141.3
9305
1 2108
1 5845
1 5450
9
6
4
1008
943
1,398.6
4
591 6
'8070
1192
1117
1105
1048
r
6
360
1373
1333
1467
1460
1 259
2,740.0
1 2173
1 5227
2435
2425
1395
1369
96 4
961
600
2,141.3
9305
1 210 8
1320
131 4
1057
1053
71 2
650
1,892
S-22
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes
methodological notes are as shown in
BUSINESS STATISTICS: 1982
Annual
units
1983
June 1985
1985
1984
1984
Apr.
June
May
Aug.
July
Nov.
Oct.
Sept.
Jan.
Dec.
Apr.
Mar.
Feb.
May
FOOD AND KINDRED PRODUCTS; TOBACCO— Continued
GRAIN AND GRAIN PRODUCTS— Continued
Wheat— Continued
Producer Price Indexes: *
Hard, winter Ord, No. 1, Kansas City
237.2
1967 = 100..
228.3
Spring, No. 1, D.N. Ord, Minneapolis
1967 = 100..
228.3
220.8
Wheat flour:
Production:
Flour $
thous sacks (100 Ib )
306,066 299,476
Millfeed $
thous. sh. tons..
5,562
5,420
Grindings of wheat $
thous. bu.. 686,983 674,665
Stocks held by mills, end of period
thous. sacks (100 Ib.)..
3,805
4,207
Exports . . .
do
16,970
34,628
r
Producer Price Index *
6/83 — 100
97.8
POULTRY AND EGGS
Poultry:
Slaughter
mil Ib
15,547
16,181
Stocks, cold storage (frozen), end of period,
total
mil Ib
267
281
Turkeys
do
162
125
Price, in Georgia producing area,
live broilers
$ per Ib..
.320
.270
Eggs:
Production on farms
mil cases §
189.4
189.4
Stocks, cold storage, end of period:
Shell
thous cases §
13
31
Frozen
mil Ib
12
13
Price, wholesale, large (delivered; Chicago)
.727
.786
$ per doz..
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
Calves
thous animals
2,798
3,030
Cattle
do .
34,816
35,880
Prices, wholesale:
Beef steers (Omaha)
$ per 100 Ib ..
62.52
65.33
Steers, stocker and feeder
(Kansas City)
do
61.39
63.11
Calves, vealers (So. St. Paul)
do....
72.97
63.98
Hogs:
Slaughter (federally inspected) thous. animals..
84,762
82,478
Prices:
Wholesale, average, all weights (Sioux City)
$per 100 Ib..
47.73
49.03
Hog-corn price ratio (bu. of corn equal in
value to 100 Ib. live hog)
16.6
15.3
Sheep and lambs:
Slaughter (federally inspected) thous. animals..
6,412
6,549
Price, wholesale, lambs, average (Omaha) $
$ per 100 Ib..
54.74
61.39
MEATS
Total meats (excluding lard):
Production
mil Ib
38,974
38,987
Stocks, cold storage, end of period
do....
679
696
Exports (meat and meat preparations)
do
1,449
1,422
Imports (meat and meat preparations)
do
2,030
2,160
Beef and veal:
Production, total .
do
23,487
23,895
Stocks, cold storage, end of period
do
334
372
Exports
do
571
627
Imports
do
1,382
1,277
Price, wholesale, beef, fresh steer carcasses,
choice (600-700 Ibs.)
(Central U.S.) .. ..
$ per Ib
.978
1.001
Lamb and mutton:
Production, total
mil Ib
368
372
Stocks, cold storage, end of period
do ....
11
7
Pork (excluding lard):
Production, total
do
15,120
14,720
Stocks, cold storage, end of period
do....
301
274
Exports
do
251
197
Imports
do
555
784
Prices:
Producer Price Index, Hams, smoked
r
1967 = 100.
292.6
294.1
Fresh loins, 8-14 Ib. average,
wholesale (N.Y.)
$ per Ib.
1.159
1.157
MISCELLANEOUS FOOD PRODUCTS
Cocoa (cacao) beans:
Imports (including shells) .
thous Ig tons
213.7
190.9
Producer price, Accra (New
York)
$ per Ib
1.082
1.262
Coffee:
Imports, total
thous. bags 0
16,449
17,734
From Brazil
do
3,418
3,866
Producer price, Santos, No. 4
(N.Y.)
$ per Ib
1.400
1.430
Fish:
Stocks, cold storage, end of period
mil. Ib.
425
370
See footnotes at end of tables.
236.2
228.0
230.4
219.9
225.9
235.6
231.9
229.8
224.3
228.2
226.5
217.1
218.0
205.2
236.7
243.2
243.2
240.3
206.0
198.9
200.5
202.7
193.8
193.4
196.0
195.6
200.2
197.5
24,076
438
54,011
26,630
487
60,139
24,306
435
54,611
22,847
416
51,763
26,025
477
59,165
24,388
440
55,195
26,289
470
58,739
25,080
450
56,335
23,656
426
53,087
25,495
447
56,866
25,571
445
57,319
26,317
r
465
58,893
24,137
428
54,028
2,802
99.3
3,213
98.8
3,763
2,457
100.6
1,716*
99.5
285
96.9
3,833
433
96.9
i',122
97.3
i'64
97.7
4,207
223
96.8
143
'98.2
2,384
98.7
4,303
1,857
98.2
2,663
100.4
1,264
1,442
1,393
1,396
1,545
1,330
1,596
1,338
1,230
1,372
1,189
1,309
1,411
265
142
302
181
352
226
417
278
476
331
527
391
555
415
330
196
267
125
281
124
291
131
'300
131
334
157
344
176
.325
.325
.320
.325
.290
.295
.270
.290
.270
.290
.290
.285
.260
.270
15.7
15.9
15.3
16.0
16.0
15.6
16.3
16.0
16.8
16.5
14.7
16.5
15.8
15.9
35
13
41
13
42
16
29
18
31
17
23
17
37
18
35
16
31
13
30
15
29
14
23
r
!4
26
13
30
15
1.018
.743
.681
.690
.665
.672
.607
.704
.622
.584
.551
.623
.573
.529
226
2,728
233
3,169
218
3,062
258
2,996
294
3,260
245
2,903
282
3,313
275
2,923
247
2,784
270
3,134
236
2,661
261
2,761
252
2,848
246
3,052
r
r
97"4
67.86
65.89
64.28
65.79
64.36
62.68
60.85
64.24
65.32
64.35
62.80
59.58
58.72
57.58
64.15
77.50
60.82
78.00
59.28
75.47
62.17
58.12
61.34
52.50
62.01
52.50
62.74
53.75
63.96
50.00
64.26
50.00
66.00
52.00
67.02
62.19
66.66
60.00
66.06
60.00
64.25
60.00
6,953
7,153
6,392
5,806
6,628
6,439
7,908
7,354
6,729
7,114
6,208
6,932
7,177
7,359
48.69
48.22
50.04
54.25
52.57
47.86
45.01
48.55
49.03
49.60
49.55
44.54
41.85
42.70
14.3
14.1
14.5
15.8
16.2
16.0
16.5
18.4
19.0
18.2
18.4
16.4
592
558
500
511
561
528
588
524
514
544
473
564
512
494
60.50
62.25
61.75
61.50
62.76
63.58
63.35
62.98
60.08
62.13
66.92
67.75
69.50
74.25
3,079
778
3,411
819
3,205
776
3,045
714
3,362
628
3,111
646
3,672
677
3,324
687
3,119
696
3,420
735
2,938
711
3,161
r
721
3,294
773
3,486
785
106
114
103
128
119
123
139
121
119
119
110
118
112
198
161
128
209
198
189
226
175
159
193
179
207
213
1,812
334
46
113
2,099
321
49
81
2,022
311
36
60
1,976
310
59
123
2,156
298
56
120
1,943
328
57
112
2,228
339
60
149
1,967
359
48
98
1,869
372
50
88
2,108
388
50
102
1,805
362
56
94
1,897
345
56
92
1,976
339
48
125
2,130
311
1.035
.996
.985
1.013
.976
.944
.924
.991
1.012
.995
.974
.920
.892
.895
34
9
31
9
27
8
28
8
31
7
29
g
33
8
30
8
30
32
7
28
7
33
7
30
8
29
8
1,233
390
19
75
1,281
438
18
74
1,156
405
14
62
1,041
345
16
78
1,175
269
13
69
1,139
257
12
67
1,411
276
21
68
1,326
269
17
69
1,220
274
14
62
1,281
292
16
78
1,105
285
14
76
1,232
314
16
105
1,288
368
15
76
1,328
410
286.9
286.3
283.8
286.5
294.9
295.0
294.9
312.5
337.8
300.3
294.1
288.4
272.2
264.4
1.112
1.141
1.150
1.342
1.246
1.198
1.072
1.037
1.120
1.191
1.164
1.065
1.025
1.064
43.7
39.1
9.9
r
r
!5.3
15.3
16.9
24.7
15.3
13.3
10.8
10.4
5.0
10.8
18.2
42.2
1.283
1.350
1.285
1.215
1.170
1.210
1.250
1.260
1.130
1.090
1,905
313
1,615
315
1,059
193
1,722
377
1,735
510
1,432
408
1,614
453
1,127
347
1,187
254
1,622
325
1,681
327
1,702
254
1,430
330
1.430
1.430
1.430
1.430
1.430
1.430
1.430
1.430
1.430
1.430
1.430
1.430
1.430
1.430
311
292
'282
"288
329
321
342
376
385
416
397
393
370
337
Unless otherwise stated in footnotes
below, data through 1982 and
methodological notes are as shown in
BUSINESS STATISTICS: 1982
S-23
SURVEY OF CURRENT BUSINESS
June 1985
Annual
,,
.
ljmts
1983
1985
1984
1984
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
FOOD AND KINDRED PRODUCTS; TOBACCO—Cont.
MISCELLANEOUS FOOD PRODUCTS— Cont.
Sugar:
Exports raw End refined
sh tons
207 871
Imports, raw and refined
thous. sh. tons .
2915
Producer Price Indexes: *
Raw (cane)
1967 — 100
3159
Refined
12/77 = 100...
172.1
Tea, imports
....
thous Ib
170 451
TOBACCO
Leaf:
Production (crop estimate)
. . mil Ib
'1 429
Stocks, dealers' and manufacturers',
end of period
do
5357
Exports, incl. scrap and stems
thous. Ib.. 509,828
Imports, incl. scrap and stems
do.... 316,917
Manufactured:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt
millions
69680
Taxable
do
597 464
2
Cigars (large', taxable
do
3054
Exports, cigarettes
do ....
60,698
308 300
2947
32 915
299
37 144
204
19 892
174
12 019
247
15 985
212
14 022
168
27 266
259
21 204
313
35 419
165
26752
249
38 165
202
26654
282
32259
154
3120
173.5
194 565
315 3
174.5
18 031
314 5
175.4
17546
315 5
174.8
12803
315 4
174.2
22287
310 8
173.8
12023
312 3
172.8
14 169
309 4
172.1
20946
3062
171.6
12386
3045
170.2
12585
r
2978
168.9
16238
2936
165.1
13856
2980
165.6
15,491
2985
165.2
13342
5444
528,451
409,102
32,400
27,690
26,476
26,321
4987
28,857
22,928
14,831
49,558
18,351
36,888
5186
39,148
33,184
67,982
33,937
97,864
38,837
5444
77,064
26,347
34,611
32,310
48,495
42,942
5,247
48,037
27,000
54,102
32,710
67 112
597 893
2,960
56,517
5341
47 415
217
5,081
5 172
50 315
267
3,557
5080
57 741
284
4,802
6091
44 541
205
4,895
5731
53 152
276
3,885
5362
46797
261
5,308
6635
56 633
282
5,617
6302
53 202
230
5,959
5620
42 779
222
4,378
5594
44 503
212
5,454
5265
46297
179
5,311
5728
54810
215
5,658
2,994
8855
351.9
11023
348.5
11 637
351.6
1
301.9
166.1
1,728
LEATHER AND PRODUCTS
LEATHER
Exports:
Upper and lining leather
thous sq ft
155 808
Producer Price Index, leather **
1967 = 100..
330.7
LEATHER MANUFACTURES
Footwear:
Production, total {>
thous. pairs.... 344,265
Shoes, sandals, and play shoes,
except athletic
thous. pairs
268 991
Slippers
do
56215
Athletic . . .
do
19*059
Other footwear
....
.
do
5696
Exports
do
6 158
Producer Price Indexes:
Men's leather upper, dress and casual
12/80 = 100..
107.0
Women's leather upper
1967 = 100..
223.4
Women's plastic upper
12/80=100..
100.7
163 373
372.3
14 772
386.7
19514
390.7
14294
387.8
12907
383.2
14046
378.1
11 219
371.4
11 533
369.3
10231
359.8
10431
354.5
10266
358.1
296,708
27,115
27,956
24,074
20,277
25,456
21445
24,680
21,856
19136
22,600
21,lll
22,245
22,275
229 366
55068
12274
4332
6240
21 294
4 737
1 084
320
468
21809
5 070
1077
295
675
18703
4 614
757
327
461
16700
2 978
599
352
486
18580
5 579
1 297
473
581
16050
4 384
1 Oil
'435
594
18545
5 176
959
551
683
16759
4 241
856
393
587
15057
3 097
*982
285
549
17323 17 005
3488
4 245
'618
1 032
274
207
461
453
17,501
4022
722
287
801
17094
4 540
641
336
698
107.9
218.0
105.1
107.6
218.1
105.1
107.6
215.2
105.1
108.1
215.6
102.0
109.0
216.2
102.0
109.2
216.3
101.6
109.2
216.6
101.4
105.5
223.1
101.4
105.5
222.4
102.7
105.3
'222.5
102.7
110.6
223.2
104.2
110.3
221.8
101.7
110.2
223.6
102.5
1212
420
637
579
631
625
880
44
9
35
698
586
646
691
835
52
17
35
353.1
345.0
107.9
219.2
102.8
r
350.1
104.5
224.5
103.8
LUMBER AND PRODUCTS
LUMBER— ALL TYPES #
National Forest Products Association:
Production, total
mil bd ft
Hardwoods
do
Softwoods
do
Shipments, total
do
Hardwoods
do
Softwoods
do
Stocks (gross), mill, end of
period, total
do
Hardwoods
do
Softwoods
do
Exports, total sawmill products
do....
Imports total sawmill products
do
SOFTWOODS
Douglas fir:
Orders, new
mil. bd. ft..
Orders, unfilled, end of period
do
Production
do
Shipments
do
Stocks (gross), mill, end of period
do....
Exports, total sawmill products
do
Sawed timber
.
do
Boards planks scantlings etc
do
Producer Price Index, Douglas fir, dressed t
1967 = 100..
See footnotes at end of tables.
2
31 479
5721
25758
2
31
358
2
5 896
25462
2
5866
1 591
4275
2
36 675
5713
30962
2
36
598
2
5 493
31 105
2
6225
1 762
4 463
2983
461
2 522
2 875
468
2 407
2828
491
2 337
2 852
491
2 361
2968
538
2 430
2 993
506
2 487
2 685
497
2 188
2 756
470
2 286
2 933
563
2 370
2 950
529
2 421
2 776
544
2 232
2 688
520
2 168
3 154
529
2 625
3 154
497
2 657
2814
438
2 376
2922
420
2 502
2295
388
1 907
2397
363
2034
2727
444
2283
2666
440
2 226
2718
480
2238
2602
468
2134
6 287
1 570
4 717
6 283
1 568
4 715
6 257
1 599
4 658
6 186
1*626
4*560
6 176
1 667
4 509
6 265
1 692
4 573
6 239
1 724
4 515
6327
1 737
4 590
6225
1 762
4 463
6299
1 766
4 533
6415
1778
4637
12293
13 614
1 098
1 073
1 172
1 202
1 191
1 298
1 185
1 104
1 108
967
1 203
7,864
674
7934
7 802
994
569
129
439
8,152
561
8 113
8 265
842
544
151
393
656
701
793
775
1 130
60
22
39
620
627
691
694
1 127
50
12
37
761
632
722
756
1 093
52
10
42
694
658
631
668
1056
49
11
39
663
594
653
727
982
40
10
30
662
649
648
607
1023
45
19
26
681
603
654
727
950
40
18
22
634
587
586
650
886
33
9
23
477
561
586
503
842
35
7
28
602
561
606
602
846
40
16
24
555
567
577
549
874
36
9
27
361.5
328.1
364.3
335.8
322.8
307.8
309.2
312.5
325.8
'332.9
301.6
312.8
341.3
358.9
S-24
Unless otherwise stated in footnotes
below, data through 1982 and
methodological notes are as shown in
BUSINESS STATISTICS: 1982
SURVEY OF CURRENT BUSINESS
1T
..l
1983
June 1985
1985
1984
Annual
1984
Apr.
June
May
Nov.
Oct.
Sept.
Aug.
July
Dec.
Apr.
Mar.
Feb.
Jan.
May
LUMBER AND PRODUCTS—Continued
SOFTWOODS— Continued
Southern pine:
Orders new
mil bd ft
Orders, unfilled, end of period
do
Production
do
Shipments
do
Stocks (gross), mill and concentration yards,
end of period
mil bd ft
Exports total sawmill products
thous bd ft
Producer Price Index, southern pine,
dressed t
1967=100 ..
Western pine:
Orders, new
mil. bd. ft..
Orders, unfilled, end of period
do....
Production
do
Shipments
do
Producer Price Index, other softwood,
dressed t
1967-100 ..
HARDWOOD FLOORING
Oak:
Orders unfilled end of period
mil bd ft
Shipments
do
Stocks (gross), mill, end of period
do....
1
10 647
1
844
10 747
570
514
626
600
662
542
615
634
660
589
636
613
1 803
184 793
1 505
18 136
1486
19520
1 509
19 159
10 509
558
796
1
10 406
'10441
1
10
1
1706
217 660
319.9
319.9
8,350
8,994
410
407
8488
8264
1 279
8923
8997
1 205
403.2
385.6
86
989
5.5
1096
73
5.7
612
603
605
598
1 516
12378
334.5
320.4
317.1
318.8
756
740
811
373
788
834
791
396
759
766
1 464
1 457
1 411
422
863
791
393.1
416.8
90
85
4.0
92
9.3
3.8
407
716
757
1 370
385.4
365.9
89
8.9
5.0
82
7.5
3.7
955
671
893
859
893
704
824
822
543
558
679
664
750
574
769
739
790
598
783
766
1602
18435
1784
13 148
1803
15940
1 841
19648
1858
8790
11,239
18,594
308.5
305.4
302.4
304.8
'303.4
294.2
294.3
291.8
764
764
816
766
617
647
583
671
1 358
1328
1323
1266
1 205
614
590
657
627
1 546
11 898
318.4
378
781
793
368.8
543
557
617
576
1 586
14283
413
699
729
422
723
780
413
720
664
877
464
815
826
408
636
646
406
619
585
1 195
1 229
1285
1 274
377.3
379.8
379.3
374.4
56
407
571
632
r
362.5
360.8
367.8
370.2
69
70
9.9
4.3
74
9.3
4.0
73
7.7
5.7
74
9.5
5.1
69
8.7
5.4
10.0
4.1
5.5
63
9.8
6.0
76
702
1
89
924
2
61
808
2
83
826
1
66
683
1
73
697
2
77
756
4
71
813
1
1,986
2,209
2,165
2,663
2,050
2,034
50
26
60
21
1,915
38
62
70
10.7
436
788
793
10.3
4.0
325.7
376.9
METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
thous sh tons
Scrap
do ...
Pig iron
do ...
Imports:
Steel mill products
do
Scrap
do
Pig iron
do ...
Iron and Steel Scrap
Receipts, net
do
Consumption
do
Stocks end of period
do
Prices, steel scrap, No. 1 heavy melting:
Composite
$ per Ig ton ..
Pittsburgh district
do ...
Ore
Iron ore (operations in all U.S. districts):
Mine production
thous. Ig. tons..
Shipments from mines
do
Imports
do
U.S. and foreign ores and ore agglomerates:
Receipts at iron and steel
plants
do
Consumption at iron and steel
plants .
.
.
.
d o
Exports (domestic)
do
Stocks, total, end of period
do....
At mines
do
At furnace yards
do
At U.S. docks
do
Manganese (manganese content),
general imports
do
Pig Iron and Iron Products
Pig iron:
Production (including production of
ferroalloys)
thous sh tons
Consumption
do
Stocks end of period
do
Producer Price Index, basic
6/82 = 100...
Castings, gray and ductile iron:
Orders, unfilled, for sale, end of period
thous. sh. tons ..
Shipments, total
do
For sale
do
Castings, malleable iron:
Orders, unfilled, for sale, end of period
thous sh tons
Shipments, total
do
For sale
do
See footnotes at end of tables.
1 199
7,520
6
980
9,498
57
73
606
(*)
90
899
1
86
954
13
2,182
43
88
46
37
2 510
3,089
5662
6016
2 376
2,732
5143
5613
2 144
2,615
4897
5484
2323
2,844
5150
5457
2050
2,085
4662
5313
1 988
2,268
4305
5,202
r3
2403
r3
3,025
r3
5710
r3
r
2349
r
3,237
r
5646
r
4,875
2654
3,741
6401
4,959
8230
9500
76.82
86.50
74.46
82.50
7796
87.50
79.51
89.00
77.19
81.00
74.69
81.50
76.44
85.50
77.78
87.00
80.14
92.00
78.30
85.00
5,733
6248
1 457
5,513
6095
1 627
5,143
7265
2525
4,053
5904
1 545
3,888
4695
2215
4,430
5071
1 545
3,277
4985
1675
1,966
2,432
1,503
2,535
3,077
1,046
4,634
1,065
4,894
4,197
7919
7871
9071
7950
5926
6298
6,749
3,392
1,520
1,999
2,521
5,085
4776
4935
4888
5,009
5,031
5,922
26 171
2,216
1,998
1,776
48
24
40
121
27 149
32557
61782
5807
1
29,524
1
66
083
r
'36 128
5202
2 734
3476
6256
5861
2 859
3,470
6393
5757
2733
3,157
5820
5755
6724
76.92
81 69
92.38
8734
102.00
8668
102.00
1
37,562
1
44 596
13246
51,274
50220
17 160
4,946
3655
1238
57 197
577
702
50
62
64881
5 148
61220
'3781
32,567
3209
25494
3 174
65990
4993
32,146
5 187
24017
2942
6 415
483
535
r
48 706
1
1
51 904
1
459
304
50 070
52 097
94
852
1
2,515
17070
641
233
90
957
11
2,656
41
67
43
67
49
63
44
25
4,941
607
1,066
956
568
59
23
982
6489
5632
5501
5222
4554
487
869
386
289
27,395
13 187
12391
1817
29,177
12 608
14 610
1959
30,900
10 479
18218
2203
31,564
8 628
20880
2056
32,211
7834
22181
2 195
33,325
7 193
23703
2429
33,668
5518
25517
2633
32,146
5 187
24017
2,942
30,411
7 115
20473
2,823
28,924
9146
17,254
2,524
25,052
12,714
13,780
1,558
5,643
1,697
27,966
13,410
13,144
1,412
64
33
68
46
52
31
37
33
35
43
66
81
130
5077
5063
5 166
5 182
4 565
4604
4 329
4 415
4 057
4 143
3 473
3534
3739
3784
3817
3893
3694
3985
3897
3,946
4,684
4,756
100.1
100.5
101.0
100.2
100.3
100.2
100.3
99.4
3969
4,257
3
323
100.1
169
26,220
13 697
10949
1 574
394
701
397
470
419
932
489
400
402
396
415
376
304
275
3
(2)
1
98.9
4,512
4,553
98.6
99.9
297
313
r
98.9
100.1
100.3
637
9247
5 481
10621
6 417
918
537
1004
588
931
560
817
519
962
636
851
528
1006
640
805
514
635
412
842
510
r
775
r
457
840
491
18
293
92
360
156
28
11
30
12
32
15
28
13
33
16
33
16
32
16
26
10
23
10
34
17
32
16
37
19
100.5
70.98
74.50
Unless otherwise stated in footnotes
below, data through 1982 and
methodological notes are as shown in
BUSINESS STATISTICS: 1982
S-25
SURVEY OF CURRENT BUSINESS
June 1985
Annual
., .f
1983
1985
1984
1984
Apr.
May
July
June
Aug.
Nov.
Oct.
Sept.
Jan.
Dec.
Apr.
Mar.
Feb.
May
METALS AND MANUFACTURES—Continued
Steel, Raw and Semifinished
Steel (raw):
Production
thous sh tons
Rate of capability utilization
percent..
Steel castings:
Orders, unfilled, for sale, end of period
thous. sh. tons ..
Shipments, total
do
For sale, total
do
Steel Mill Products
Steel products, net shipments:
Total (all grades)
thous. sh. tons..
By product:
Semifinished products
do
Structural shapes (heavy),
steel piling
do
Plates
do
Rails and accessories
do
Bars and tool steel total
do
Bars: Hot rolled (including
light shapes)
do ....
Bars: Reinforcing
do..
Bars- Cold finished
do
Pipe and tubing
do..
Wire and wire products
do
Tin mill products.
do
Sheets and strip (including electrical),
total
do
Sheets: Hot rolled
do
Sheets: Cold rolled
do
By market (quarterly):
Service centers and distributors
do.. .
Construction, incl. maintenance
do....
Contractors' products
do....
Automotive
do ....
Rail transportation
.do
Machinery, industrial equip., tools
do....
Containers, packaging, ship,
materials
do
Other
.. .do
Steel mill shapes and forms, inventories, end
of period— total for the specified sectors:
mil. sh. tons
Producing mills, inventory, end of period:
Steel in process...
mil sh tons
Finished steel
do
Service centers (warehouses), inventory, end
of period
mil sh tons
Consumers (manufacturers only):
Inventory, end of period
do....
Receipts during period
do
Consumption during period
do
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production, primary (dom. and foreign ores)
thous. met. tons
Recovery from scrap t
do
Imports (general):
Metal and alloys, crude
do
Plates, sheets, bars, etc
do
Exports:
Metal and alloys, crude
do
Plates, sheets, bars, etc
do....
Price, U.S. market, 99.7% purity *
$ per lb..
Aluminum products:
Shipments:
Ingot and mill prod, (net ship.) .. ..
mil lb
Mill products, total
do
Sheet and plate
do
Castings
do
Inventories, total (ingot, mill products, and
scrap), end of period
mil lb
Copper:
Production:
Mine, recoverable copper
thous. met. tons
Refinery, primary
do
From domestic ores
do
From foreign ores
do
Refined from scrap ()
do
Imports, unmanufactured (general):
Refined, unrefined,
scrap (copper cont )
do
Refined
do
Exports:
Refined and scrap
do
Refined
.
do
Consumption, refined
(reported by mills, etc.) 0
do...
Stocks refined end of period 0
do
Price, avg. U.S. producer cathode, delivered §
$per lb.
See footnotes at end of tables.
83379 n 92 528
55.4
68.4
142
956
895
727
667
67,584
1
r
7 945
71.4
7 460
65.3
6 915
60.5
6 378
57.7
6 703
58.4
6 422
57.8
6 013
52.4
6 984
60.9
6 851
66.1
8269
72.1
85
78
87
80
86
81
71
66
89
82
75
71
86
82
79
75
72
67
80
76
r
82
r
76
86
80
7872
71.6
6,472
6948
6686
5820
6033
5454
6087
5317
4867
5598
6,344
6,425
'4407
389
434
367
350
357
332
333
317
259
315
357
438
374
3 448
3832
'4 156
4339
1 239
1
13 232
319
402
111
372
431
113
347
419
96
320
330
98
282
345
99
349
342
102
274
297
82
807
379
339
97
221
419
96
1038
300
328
87
998
389
410
93
1 139
301
323
90
913
1069
1 129
618
396
492
315
426
297
592
323
586
299
563
383
395
418
102
339
79
278
78
320
69
350
117
338
112
312
111
381
113
308
2 678
2409
1 089
1 202
1 141
1034
1 143
314
304
98
977
'6,285
1
4,138
1 197
3,242
1384
4308
1
7,255
'4,432
1 484
4,276
1 222
'4062
616
337
655
401
603
401
638
378
140
408
110
381
131
407
104
370
114
367
98
349
122
392
100
380
510
358
131
354
109
334
451
364
34792
11 619
13781
36806
13 133
13664
3364
1 208
1 275
2875
1073
1010
2 935
1050
1054
11 666
15,713
6,276
2,597
12,087
1
3497
1 286
1 294
3435
1270
1 248
922
991
3 037
1 057
1 123
907
118
306
96
317
107
286
91
300
2852
3 130
1032
1 185
853
894
1007
966
1 091
580
604
3,371
3,020
2,906
3,458
1 216
7,240
1 139
6,375
5,941
2,320
4532
23,011
4337
26,500
239
256
293
803
260
253
662
267
268
222
570
273
588
26 1
250
25 5
r
255
256
255
r
75
r
2
1,542
'533
2
213
1,140
118
199
968
341
6,403
2,340
928
r
260
262
r
77
r
60
78
60
59
60
6.4
r
6.4
57
76
60
76
60
78
62
77
60
82
60
80
61
77
60
74
57
57
60
64
66
66
65
64
62
63
60
60
59
59
5.4
59
37
37
60
63
38
35
45
40
57
32
35
60
468
6.0
453
447
42
62
37
38
61
37
38
60
33
34
6.0
29
29
6.1
35
34
6.4
37
34
3353
1 773
4099
1 668
348
139
365
146
351
134
349
141
344
144
329
134
338
149
325
132
334
128
329
130
289
127
312
136
7149
2583
9753
4998
688
108 8
38 1
390
73 9
43 2
66 8
58 4
68 0
47 8
89 9
38 1
93 0
49 0
68 6
32 3
574
296
756
434
627
355
889
440
732
368
3607
166.6
.6821
2862
224.4
.6105
76
15^9
.6821
23 4
17.6
.6468
24 o
20.5
.6317
22 1
18.4
.5607
37 5
21.2
.5438
23 9
19.2
.4845
17 9
19.7
.5014
32 9
13.0
.5508
32 3
15.3
.5144
43 9
18.6
.5007
249
14.7
.5129
17.0
.5119
31 0
17.5
.5196
14 103
10 624
'6345
1 822
15 129
11 103
6489
1 830
1r 129
931
r
532
r
!49
1 297
1 288
1r 207
773
r
448
1097
r
867
r
500
154
1
140
r
843
r
469
1 256
453
144
1r 282
956
r
523
1
132
r
878
157
1r 236
925
r
517
1r 128
836
157
1 107
r
889
r
512
157
982
576
165
4994
5849
5435
5579
5618
5775
5794
5881
r
r
5850
r
r
5678
5647
90 0
106 2
93 7
110 1
99 5
96 6
106 3
97 8
101 7
92 9
870
87 8
89 0
79 4
86 8
84 5
75 5
93 0
103 3
94 7
99 1
1036
26 4
27 3
25 3
22 9
31 0
29 0
24 4
71
48 1
1038 1 10870
1 182 1 ' 1 197 2
10037 ' 1 081 3
1159
1784
401 6
3093
939
123
41
r
995
586
106
r
962
551
86
130
89
96
90
171
5 889
85
76
60
72
58
490
171
127
154
5922
75
60
r
5759
57
346
r
r
38
38
91 1
97 8
91 7
61
19 9
101 8
93 6
91 6
100 7
93 1
76
859
909
844
65
20 6
21 9
20 1
984
53
230
879
82
41
41
7147
4864
652 7
521 3
72 9
52 3
43 5
57 9
49 6
73 7
63 0
41 5
33 6
40 0
29 1
60 8
51 9
33 4
350
58 1
24 6
467
28 7
21 8
40 5
31 8
28 1
603
2772
87 5
3566
40 8
14 7
24 7
16
348
140
17 1
16 1
24 8
20 5
28
393
69
24 4
20
306
33
340
77
40 1
939
325
68
1,767
672
2,027
554
174
634
204
618
174
622
127
647
153
636
166
606
172
585
167
554
146
554
169
r
522
172
r
474
175
449
.7653
.6685
.7467
.6955
.6729
.6440
.6454
.6204
.6565
.6354
.6449
.6645
.6555
23
22
.6341
19
269
7830
68.9
3232
1 139
1 190
3 184
1 105
1 176
638
3696
1 523
674
266
2675
121
381
100
304
4168
1,498
4760
1746
259
105
316
98
340
6,017
3750
1,395
17 234
'6,052
2,563
12,554
1036
2,737
918
1
73,739
9 174
79.8
3899
883
1
1
8 997
80.8
223
37
.7032
.5200
S-26
Unless otherwise stated in footnotes
below, data through 1982 and
methodological notes are as shown in
BUSINESS STATISTICS: 1982
SURVEY OF CURRENT BUSINESS
.. .
umis
1983
June 1985
1985
1984
Annual
1984
Apr.
May
June
July
Aug.
Sept.
Nov.
Oct.
Dec.
Feb.
Jan.
Mar.
Apr.
May
METALS AND MANUFACTURES-Continued
NONFERROUS METALS AND
PRODUCTS— Continued
Copper-base mill and foundry products,
shipments (quarterly total):
Brass mill products
mil Ib
Copper wire mill products
(copper content)
do
Brass and bronze foundry products
do
Lead:
Production:
Mine, recoverable lead
thous met tons
Recovered from scrap (lead cont )
do
Imports (general), ore (lead content),
metal
do
Consumption total
do
Stocks, end of period:
Producers', ore, base bullion, and in process
(lead content), ABMS
thous. met. tons..
Refiners' (primary), refined and antimonial
(lead content) .
thous met tons
Consumers' (lead content) 0 ••
do
Scrap (lead-base, purchased), all smelters
(gross weight)
thous met tons
Price, common grade, delivered
$ per Ib..
Tin:
Imports (for consumption):
Ore (tin content)
metric tons ..
Metal, unwrought, unalloyed.
do
Recovery from scrap, total (tin cont.)
do....
As metal
do
Consumption, total
do
Primary
do
Exports, incl. reexports (metal)
do....
Stocks, pig (industrial), end of
period .
do
Price, Straits quality (delivered)
$ per Ib
Zinc:
Mine prod., recoverable zinc
thous. met. tons..
Imports (general):
Ores (zinc content)
do
Metal (slab, blocks)
do..
Consumption (recoverable zinc content):
Ores
do
Scrap, all types
do
Slab zinc: @
Production, total t
thous. met. tons ..
Consumption, fabricators
do
Exports
do
Stocks, end of period:
Producers', at smelter (ABMS)
do....
Consumers' . .
do
Price, Prime Western
$ per Ib
MACHINERY AND EQUIPMENT
Heating, combustion, atmosphere equipment, new
orders (domestic), net, qtrly #
mil $
Electric processing heating equipment ..
do
Fuel-fired processing heating equip
do ...
Material handling equipment (industrial):
Orders (new), index, seas adj
1967 — 100
Industrial supplies, machinery and equipment:
New orders index, seas, adjusted
1977 — 100 .
Industrial suppliers distribution:
Sales index, seas, adjusted
1977 — 100
Inflation index, not seas. adj. (tools, material
handling equip., valves, fittings, abrasives,
fasteners, metal products, etc.)
1977 = 100..
Fluid power products shipments indexes:
Hydraulic products, seas, adj
1972—100
Pneumatic products, seas, adj
do
Machine tools:
Metal cutting type tools:
Orders, new (net), total
mil. $..
Domestic
do
Shipments total
do
Domestic
do
Order backlog, end of period
do ....
Metal forming type tools:
Orders, new (net), total
do .
Domestic
do
Shipments, total
do....
Domestic
do
Order backlog, end of period
do ....
See footnotes at end of tables.
3
2717
2 116
r3
726
3
645
611
3
500
r3
3
543
r3
3
480
3
2285
422
24 138
626
449 0
5035
321 2
567 1
209
485
240
466
122
467
248
445
234
500
186
490
224
51 7
195
48 1
254
413
803
588
1 148 5 '1 1135
66
895
31
873
80
964
24
827
33
97 8
11.4
967
72
1032
54
925
6.9
913
150
r
r
314
41 6
329
314
83
873
4.9
920
6.0
5.0
78.2
77.9
1,119
2,938
46
2,352
194
245
85.6
75.7
65.9
65.8
70.6
86.9
86.8
99.0
97.9
85.1
583
1008
477
688
78 1
744
805
693
800
73 1
829
730
756
724
633
737
644
679
506
670
477
688
462
671
565
70.1
328
.2168
209
.2555
31 1
.2643
309
.2537
289
.2816
342
.3051
300
.2824
275
.2418
228
.2233
217
.2525
209
.2189
203
.1909
177
.1882
969
34048
12
372
;
1 180
55800
40400
3,552
3,273
41 241
11,446
2202
50400
38,700
3,184
75
5375
1,043
169
3900
3100
375
745
3907
1,065
190
4500
3,500
246
354
3356
902
190
4400
3500
303
43
2 184
736
182
4 100
3200
216
715
3,510
1,073
201
4400
3,400
244
387
2,834
1,073
201
4 100
3,100
351
37
3271
904
199
4000
3000
150
33
2,834
958
191
3300
2,500
189
8
2408
791
180
3500
2700
243
294
3261
794
143
4000
3,100
199
22
1,526
839
132
3900
2,900
229
3020
65478
2592
62380
2646
63650
3 119
63632
2795
63825
2688
62989
2837
62600
2495
61808
2512
60361
2326
60994
2592
59876
2766
57367
2283
56262
2753
225.2
21.8
22.7
19.9
19.2
16.2
15.1
21.5
21.4
19.2
19.7
21.8
23.6
;
622
6134
956
6325
22
658
127
510
61
532
80
552
24
32.6
95
36.9
82
614
188
396
203
382
187
425
3.7
39.7
41
52.3
529
1902
68 1
2514
61
230
65
236
70
222
55
21 7
43
21 9
56
217
44
227
57
217
63
21 2
57
218
53
214
56
203
25.8
721
247
731
2
283
624
280
653
1
107.9
74.5
1
150
168
2618
'7753
4
r
2900
8270
8
239
890
4139
437
697
4860
'2745
878
;
773
329 1
1086
1455
J
2757
(2)
200
722
5190
253
75 1
5277
273
71 1
245
62 8
236
676
230
651
231
692
228
649
107.9
(2)
(2)
(2)
(2)
(2)
(2)
(2)
339
705
5245
394
727
4952
403
665
4785
444
623
4642
368
539
4419
327
587
4360
437
588
4362
25.8
644
3
41.7
552
4265
r
30.2
628
(2)
34.3
592
4320
3377
3589
3706
399 8
4038
3972
417 6
3724
3467
979
1206
116 1
1227
119 1
1203
1291
1210
1185
1232
1227
1192
1164
118.4
1139
1338
1322
1349
133 1
134 1
144 7
1389
136 5
1362
1233
1336
1375
1326
155.0
158.8
158.1
158.4
159.0
159.4
159.6
159.9
160.0
160.3
160.2
160.2
160.2
161.1
201
208
269
270
261
253
271
282
264
262
286
285
274
294
283
267
292
300
274
280
255
248
272
283
250
270
275
296
17980
13570
101 50
9270
1,016.1
18845
16750
150 00
142 10
1,054.6
13095
10755
150 30
13875
1,035.2
13585
126 05
133 25
127 50
1,037.8
13500
11825
116 95
111 05
1,055.8
22215
194 85
151 35
13870
1,126.7
19175
176 65
145 15
12945
1,173.2
16000
15475
159 05
147 15
1,174.2
159 10
142 15
200 85
18345
1,132.4
13775
12475
89 75
8060
1,180.4
163.75
14805
10830
9895
1,235.9
227.00
20270
159 00
14035
1,303.9
7330
6590
57.25
5230
273.9
131 10
124 40
60.05
5230
345.0
6080
53 60
53.20
4345
352.6
177 55
173 55
60.50
5450
469.6
6560
6200
47.40
44 10
487.8
6405
6025
59.40
51 15
492.4
91 85
71 55
62.60
57 60
521.7
5200
51 45
52.70
4830
521.0
9605
93 00
74.85
69 10
542.2
7370
71 15
48.05
4595
567.8
7375
6955
57.95
5270
583.7
5230
4705
68.65
6420
567.3
1,151 65
1 069 45
1 371 50
1 199 60
823.2
1,915 80
1 699 55
1 606 50
1 483 85
1,132.4
54450 1,000 00
48875 931 50
679.35
473.55
60875
43045
542.2
221.6
43
53.2
25.6
24.4
(2)
32.3
32.0
4488
1098
268
49.1
724
244
480
517
274
243
108 8
282
434
436
543
4294
r
78.2
118.6
162.4
122.10 "170.85
11285 "15735
103 15 "11895
98 15 "11000
1,322.8 "1,374.8
61 40
5730
66.60
6365
562.1
"5230
"4680
"58.70
"5405
"555.7
Unless otherwise stated in footnotes
below, data through 1982 and
methodological notes are as shown in
BUSINESS STATISTICS: 1982
S-27
SURVEY OF CURRENT BUSINESS
June 1985
..
IT
ljim8
1983
1985
1984
Annual
1984
Apr.
June
May
Aug.
July
Sept.
Dec.
Nov.
Oct.
Jan.
Feb.
Mar.
Apr.
May
METALS AND MANUFACTURES—Continued
MACHINERY AND
EQUIPMENT— Continued
Tractors used in construction, shipments, qtrly:
Tracklaying total
units
mil $
Wheel (contractors' off-highway)
units
mil $
Tractor shovel loaders (integral units only),
wheel and tracklaying types
units
mil $
Tractors, wheel, farm, nonfarm (ex. garden and
mil $
ELECTRICAL EQUIPMENT
Batteries (auto.-type replacement),
shipments.
thous
Radio sets production total market
thous
Television sets (incl. combination models),
production total market
thous
Household major appliances (electrical), factory
shipments (domestic and export) #
thous..
Air conditioners (room)
do....
Dishwashers
do
Disposers (food waste)
do....
Microwave ovens /ranges *
do....
Ranges
do
Refrigerators
do ....
Freezers
do
Washers
.
....
do
Dryers (incl gas)
do
Vacuum cleaners (qtrly.)
do
GAS EQUIPMENT (RESIDENTIAL)
Furnaces, warm air, shipments
thous..
Ranges total sales
do
Water heaters (storage), automatic,
sales
do....
7 247
6336
3636
2729
9 049
7976
4935
3753
24823
1,1430
31 290
14290
815
606
985
784
1 124
1059
1402
1120
725
629
655
628
627
569
1289
104.2
8819
3736
4 419
1486
5,968
4653
6,334
5448
6,085
3703
2 480
2102
1695
3,142
47
300
331
716
252
577
133
445
308
3,249
40
302
362
888
271
520
106
435
322
3,452
36
324
361
1,006
278
505
87
465
382
134
121
170
146
200
173
277
259
236
3 661
1289
2924
1056
4 171
3 588
3995
4855
5,377
4 174
2 108
1372
1,761
3,663
588
r
308
r
282
r
706
r
263
r
566
118
436
289
3,836
648
286
328
726
265
641
126
428
274
3,243
187
291
280
662
267
652
153
417
283
116
136
118
134
137
153
337
277
276
6 336
232 2
56 105
36454
59332
46 420
3370
3 549
3759
3 468
19680
22210
1 668
1 659
32,466
2,002
3 121
3,544
5,933
2,754
5,476
1 341
4616
3294
7,942
39,446
3,103
3491
4,087
9,132
3,074
5,994
1 281
5049
3684
1,662
1 573
1,849
1732
3.172
3.502
r
3,148
459
r
269
r
352
'584
r
238
r
467
r
97
364
250
r
2
2
6,711
335.4
5 484
2080
6087
217 1
6042
2364
785
772
1,579
110.1
607
638
7653
348.1
8 132
3867
51 890
66 646
1 816 2 2 424 0
696
624
2
2
4093
1343
4,593
3961
4,545
3 111
1,923
1,220
1,588
2,180
1,471
1,481
3,094
51
271
363
986
252
388
81
389
309
2,886
113
254
302
953
221
335
70
341
284
3,389
209
295
374
858
257
437
110
451
360
2,949
277
259
353
598
217
357
73
416
324
3,888
530
284
356
1,120
241
448
86
425
290
3,509
524
276
275
827
251
472
90
412
286
4,182
632
286
360
1,056
260
564
112
468
307
224
153
172
146
163
151
148
128
114
130
126
164
112
125
346
272
279
319
284
286
324
2
3,855
3,495
5,517
3300
2
2
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
Production "j"
thous sh tons
Exports
do
Producer Price Index
1967 = 100 ..
Bituminous:
Production f
thous sh tons
Consumption total f
do
Electric power utilities
do
Industrial, total
do
Coke plants (oven and beehive)
do
Residential and commercial
do
Stocks end of period total 1"
do
Electric power utilities
do
Industrial, total
do
Oven-coke plants
do
Exports
do
Producer Price Index
1967-100
COKE
Production:
Beehive and oven (byproduct)
thous. sh tons
Petroleum coke §
do
Stocks, end of period:
Oven -coke plants, total
do
At furnace plants
do
At merchant plants
do
Petroleum coke
do
Exports
.
do
PETROLEUM AND PRODUCTS
Crude petroleum:
Oil wells completed
number
Producer Price Index
1967 — 100
Gross input to crude oil distillation
units |
mil. bbl ..
All oils, supply, demand, and stocks: $
New supply total Q
Production:
Crude petroleum
Imports:
Crude and unfinished oils
Refined products
Change in stocks all oils
Product demand total
Exports:
Crude petroleum
Refined products
See footnotes at end of tables.
3954
680
611.3
228
55
610.4
778 003 886 189
733 850 788 203
624 175 663 329
102 586 117 214
37 005
43 987
7 090
7 660
162 070 191 079
149 091 173 017
12979
18062
4 337
6 158
76870
80792
r
5338
5435
71 711
58678
47482
10404
4 177
792
175 303
159 077
16226
7 161
7633
5389
4089
776
617.1
25808
30661
3518
3233
286
1 096
731
30561
32021
2728
377
35
611.1
293
40
610.8
79 826
75 293
59 938
66 496
49 409
56869
10051
9 249
4 097
3 561
478
378
184 659 187 426
166 640 167 614
18 019
19 812
8 181
9 201
8 185
7 787
5444
541 1
435
186
610.8
423
91
610.8
349
45
610.8
332
88
610.2
323
3
614.7
298
15
615.0
295
22
615.0
348
62
615.0
320
69
613.7
614.9
73 915
89728
73343
70 200
63299
60259
9466
9329
3 618
3 636
612
578
186 034 193 473
164 565 170 345
23 128
21 469
10 089
9 644
8048
8 197
54r< 0
5451
77971
63910
53963
9 178
3 555
769
201 309
176 523
24786
10 533
8619
546 1
68584
64394
54669
9 177
3 315
548
199 983
178 105
21878
9 074
6595
5459
63397
64324
54 138
9606
3 344
580
195 385
175415
19970
7 616
4 101
5456
62623
67806
56467
10596
3 470
743
191 079
173 017
18062
6 158
6522
5446
67799
67 128
78954
74,875
77,011
63541
55393
54612
160 805
155 740
159 531
5801
544.8
6,008
547.0
6,634
546.1
6,989
545.1
544.1
2487
7522
2660
2622
2631
7 115
2,591
2,449
2,188
2,486
1 028
191
1000
133
3716
3,363
353
968
117
959
98
1 030
34
1,086
28
631.2
384
121
610.8
2809
8 227
2734
980
75
2 966
2666
300
912
110
981
96
954
115
3 441
3 146
295
991
87
2652
r
3716
3363
353
968
1 130
1 139
66
37 207
6814
41
064
r
6698
2 821
6739
3 137
6739
3 723
673 3
2 629
6726
3 968
671 1
3 946
6706
3434
6698
3131
6558
3718
6494
616.0
615.4
4,360.7
72
4,473.4
76
361.8
75
384.8
77
371.8
77
379.1
76
389.9
78
376.0
78
376.6
76
366.9
77
370.0
76
359.2
75
321.6
74
356.7
74
5602 9
5787 8
469 9
506 2
471 0
492 0
4808
469 1
5057
4827
4768
4645
406.5
473.6
3 171 0 3 205 1
588 2
614 0
260 6
49 8
271 3
51 6
262 3
49 6
2718
53 3
2722
52 5
2628
51 2
2743
528
2654
51 4
2727
52 1
2768
522
250.0
468
276.7
51 5
do
do
do
do
1 317 8 1 358 4
5259
6102
237
101 4
58292 6012 1
114 4
45 1
208
484 1
133 4
50 0
322
5062
111 4
47 7
52
4964
122 1
448
114
4985
108 4
476
135
5226
108 0
472
14 1
4794
127 6
51 1
31 3
503 1
1167
492
102
4936
1042
478
-6
5064
889
467
-45.3
524.9
678
41.9
-42.4
471.2
98 1
47.3
-8.1
496.4
662
1969
51
14 4
68
169
67
192
33
132
59
167
48
15 1
44
14 1
61
195
57
247
45
20.0
6.2
17.7
5.9
15.6
do
do
599
2099
32
(3)
r
do
mil bbl
329
618.3
621.5
S-28
Unless otherwise stated in footnotes
below, data through 1982 and
methodological notes are as shown in
BUSINESS STATISTICS: 1982
SURVEY OF CURRENT BUSINESS
.. .
unns
Annual
1983
June 1985
1985
1984
1984
Apr.
June
May
Aug.
July
Oct.
Sept.
Nov.
Jan.
Dec.
Apr.
Mar.
Feb.
May
PETROLEUM, COAL, AND PRODUCTS—Continued
PETROLEUM AND PRODUCTS-Continued
All oils, supply, demand, and stocks $ — Continued
Domestic product demand total #
mil bbl
Gasoline
do
Kerosene
do
Distillate fuel oil
do
Residual fuel oil
do
Jet fuel
do
Lubricants... .
.
do
Asphalt
do
Liquefied gases
do
Stocks end of period total
do
Crude petroleum
do
Strategic petroleum reserve
do....
Unfinished oils, natural gasoline etc
do
Refined products
do
Refined petroleum products: $
Gasoline (incl. aviation):
Production
. do
Stocks end of period
do
Prices, regular grade (excl. aviation):
Producer Price Index
2/73 = 100...
Retail, U.S. city average (BLS): *
Leaded
$ per gal
Unleaded
do....
Aviation gasoline:
Production
mil bbl
Stocks, end of period
do
Kerosene:
Production
do
Stocks, end of period . . . .
do
Producer Price Index (light
distillate)
1967 — 100
Distillate fuel oil:
Production
mil bbl
Imports
do
Stocks end of period
do
Producer Price Index (middle
distillate)
1967-100
Residual fuel oil:
Production
mil bbl
Imports
do
Stocks end of period
do
Producer Price Index
1967 — 100
Jet fuel:
Production
mil bbl
Stocks, end of period
do
Lubricants:
Production
do
Stocks, end of period
do
Asphalt:
Production
do
Stocks, end of period .
do
Liquefied gases (incl. ethane and ethylene):
Production total
do
At gas processing plants
(L.P.G.)
do
At refineries (L.R.G.)
do
Stocks (at plants and refineries)
do....
55594
24265
464
57490
24606
424
464 5
201 2
34
879
407
345
54
86
417
136 2
5507
14536
7229
379.1
1 0424
4995
4282
56 1
1479
5767
15551
7940
450.5
161 5
5692
1400
6210
1704
5500
23233
1878
2,375 8
208 1
981 9
5186
381 8
534
2
r
482 5
2142
16
470 6
2139
876
378
352
44
132
438
78 1
29
397
327
47
178
4820
213 3
28
78 1
376
369
44
194
5000
2217
459 4
1992
25
798
392
387
47
220
462
34
799
350
4846
2092
26
860
333
379
50
4681
2048
4473
183 1
4750
2062
459
375
40
4.2
620
37.6
31.8
34.8
4.3
4.3
524
4.5
7.3
484
1 5551
7940
450.5
1 5098
7935
457.4
1 4674
7856
460.1
14593
7907
461.6
151
42
887
369
382
38
6.1
535
1 500 1 1 5142
7644
7564
429.5
431.1
1 5455
7812
438.2
1 5557
786 1
443.0
36 1
50
189
450
16.7
5004
1970
4760
2045
53
847
407
346
44
102
478
51
924
77
1073
27
951
389
41 8
1 5022
7664
413.7
45 5
1 5136
772 1
423.9
1750
5584
1633
5725
1560
5855
1557
5800
159 1
5987
1597
6046
1557
6139
1400
6210
1438
5725
1439
5379
151 6
5170
1965
2100
2070
2130
199.6
2065
2018
2026
200.4
1890
197.0
1969
199.0
1956
202.0
2010
202.5
208 1
183.0
2004
165.7
1926
187.9
1889
1 464 8 14970
7445
7636
396.9
404.5
515.1
520.5
532.6
531.0
520.9
504.6
500.3
509.8
511.3
502.0
'480.5
459.6
467.2
493.9
522.5
1.157
1.241
1.129
1.212
1 145
1.227
1.154
1.236
1.147
1.229
1 129
1.212
1.116
1.196
1.120
1.203
1.127
1.209
1.124
1.207
1.109
1.193
3
1.060
3
1.148
1.041
1.131
1.071
1.159
1.119
1.205
1.144
1.231
92
23
91
27
6
26
8
23
1.0
2.4
9
2.5
9
2.4
.7
2.4
.7
2.5
8
2.6
.6
2.7
.4
2.6
.5
2.6
.7
2.5
400
79
419
119
22
67
25
76
29
7.9
26
80
27
85
37
9.0
41
39
108
47
11.2
11.9
35
8.0
4.2
7.4
3.5
8.3
8703
8792
8768
8765
8743
8630
8532
8544
857 1
8475
8408
832.4
8275
8245
826.9
9830
70.4
81.6
86.4
84.8
83.0
81.7
83.4
86.9
80.9
69.8
69.6
66
978
78
982
61
82
85
131
84.6
92
59
1129
1245
1335
1432
1524
1608
161 1
820.3
851.0
551.7
906 1
r
8965
635
987
1403
161 1
r
80
8805
8749
8819
895.2
8934
859.6
837.8
854.4
868.9
851.4
3109
3267
2552
2466
48 5
532
1 0589 1 1196
252
191
257
172
463
252
203
468
246
185
492
250
177
283
327
1 131 2 1 1384
1 1482
44 7
1 1248
258
179
470
336
429
368
436
379
456
8898
3732
414 1
47 4
1 1068
319
407
386
420
538
121
584
127
135 7
18 8
141 4
10 0
172
266
5992
622 2
51 3
4796
1196
100.6
4889
1333
100.9
398
2
2
55
110
11 5
93.7
338
409
r
84
42
141 8
121 5
48
994
835.7
809.5
809.8
28.9
17.2
29.6
15.4
r
307
508
281
176
472
1 110 1 1 1140
1 1323
348
452
361
355
347
44.6
342
449
42.0
41.0
32.0
41.7
48
125
43
127
44
129
12.7
12.5
74
14.3
19.4
18.4
470
463
1 131 4 1 123 8 1 1073
1 1126
532
468
40
44
53
117
51
11 1
122
53
125
47
121
13 1
15 0
18 1
183
155
159
109
239
16 5
21 4
128
266
13 1
14 1
83
172
21 0
64
237
88
259
53 0
51 4
54 2
54 1
51 1
52 2
51 6
521
51 4
47 1
518
408
122
394
417
126
419
122
406
105
41 8
41 5
420
94
37.6
101
421
100
115.3
111.1
108.3
100.9
86.4
77.0
41 1
10.7
77.4
48
109
100.5
49
12 1
106.2
110.5
114.6
104
9.5
10879
35.9
44.1
PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD t
Receipts
thous cords (128 cu ft )
Consumption
do
Inventories end of period
do
WASTE PAPER t
Consumption
thous sh tons
Inventories, end of period
do
WOODPULP t
Production:
Total
thous sh tons
Dissolving pulp
do
Paper grades chemical pulp
do
Groundwood and thermomechanical
do
Semi-chemical
do
Inventories, end of period:
At pulp mills:
Own use woodpulp
do.
Market pulp
do
Market pulp at paper and board
mills
do
Exports, all grades, total
do....
Dissolving and special alpha
do .
All other
do
Imports, all grades, total
do....
Dissolving and special alpha
do
All other
do
See footnotes at end of tables.
1
84
1
475 n 88 876
85 442 1 87 646
5229
5 574
1
r
7068
6981
5453
7483
7651
5256
1 513
1025
1 355
1 036
1 179
1 003
1362
4 496
4 340
4 595
r
86
4376
4819
87
3632
3476
3716
r
3502
3868
462
361
436
326
447
330
452
341
432
325
484
349
160
418
164
502
161
591
174
585
165
666
172
r
695
189
685
7 425
7439
4 782
7 423
7264
4 682
7 197
7 192
4 621
7 642
7368
4 825
7 398
7246
5 023
7971
7625
5475
6 996
7 153
5314
1 15 889
1025
1 353
1 397
1 331
1 209
1 347
'955
1 271
1 381
1 300
934
52 537
1261
42358
1 55 549
1 206
44709
4 715
4 762
4 696
4 530
4 791
4 567
3779
3826
3767
3645
3891
3707
4 765
'l03
3839
5067
3851
5534
4 100
472
347
476
351
482
346
471
316
461
330
455
334
170
384
174
585
157
341
146
329
159
319
153
379
159
409
14 696
923
1
7481
7413
5552
7 100
7*344
4 777
550
1
3,674
646
'3027
'4,093
179
'3914
886
117
858
109
870
100
99
109
931
73
976
993
101
r
7481
6875
5 574
r
118
977
118
484
618
594
596
542
506
508
474
497
484
471
482
484
3,594
595
'2999
'4,490
147
'4343
249
53
336
47
307
57
279
41
318
43
285
49
284
48
274
28
311
65
301
53
223
39
399
89
328
59
338
6
387
17
360
6
357
15
389
8
386
22
344
7
415
5
313
3
380
16
460
17
335
4
337
416
' 16
411
1
196
331
290
370
249
354
238
342
275
381
236
364
236
246
246
399
247
309
184
364
309
443
269
331
1,058.7
S-29
SURVEY OF CURRENT BUSINESS
June 1985
Unless otherwise stated in footnotes
below, data through 1982 and
methodological notes are as shown in
BUSINESS STATISTICS: 1982
,, ..ls
1983
1985
1984
Annual
1984
Apr.
June
May
Aug.
July
Sept.
Nov.
Oct.
Feb.
Jan.
Dec.
May
Apr.
Mar.
PULP, PAPER, AND PAPER PRODUCTS—Continued
PAPER AND PAPER PRODUCTS t
Paper and board:
Production (API):
Total
thous sh tons
'65017 1 68 681
Paper
....
do
34422
32840
Paperboard
do
32 177
34259
Producer price indexes:
Paperboard
1967 = 100 ..
281.4
250.9
Building paper and board
do
259 1
250 0
Selected types of paper (API):
Groundwood paper, uncoated:
Orders new
thous sh tons
'1 599
'I 581
Orders, unfilled, end of period
do
164
145
Shipments . .
do
'1 531 '1 564
Coated paper:
Orders, new
do
'6 171
'5864
Orders, unfilled, end of period
do
587
513
Shipments
do
6227
5696
Uncoated free sheet papers:
Orders, new
do
'8879
'9076
n
Shipments
do
9 047 "9482
Unbleached kraft packaging and industrial
converting papers:
Shipments
thous sh tons
'3667
'3666
;
Tissue paper, production
do
'4921
4789
Newsprint:
Canada:
Production ..
thous metric tons
9016
8486
Shipments from mills
do
9034
8440
Inventory, end of period
do
285
303
United States:
r
Production
do
5025
4688
Shipments from mills
do
5065
4*674
Inventory, end of period
.
do
60
99
Estimated consumption, all
users <}
do
11441
10587
Publishers' stocks, end of period #
thous. metric tons
874
790
Imports
thous. sh tons
7894
6919
Price, rolls, contract, f.o.b. mill, freight
allowed or delivered
Index 1967 — 100
323 1
3030
Paper products:
Shipping containers, corrugated and solid
fiber shipments
mil. sq. ft. surf, area.. 252,539 268,070
5776
2 888
2888
6 Oil
2 999
3012
5842
2 888
2954
5 574
2782
2792
5 875
2907
2967
5 669
2786
2883
5 908
2 997
2912
5 575
2820
2755
5 158
2663
2495
r
5779
r
r
5373
r
2758
2615
1-5909
3001
r
2908
5462
2788
2,674
277.1
265 8
277.8
265 2
279.1
265 1
279.1
2629
285.1
259 8
288.6
259 4
293.7
257 7
293.4
253 7
293.4
253 4
r
287.2
r
2553
287.8
2562
285.7
2563
284.0
2576
139
194
133
117
173
133
125
165
131
139
150
138
150
166
129
123
168
123
139
165
135
112
153
126
124
164
113
138
161
125
101
140
119
118
132
129
114
115
124
516
568
510
489
508
546
542
510
524
502
495
478
545
488
538
479
482
496
553
570
553
527
561
527
516
587
504
r
555
r
561
r
r
563
455
520
r
499
r
472
r
459
r
491
456
502
693
714
r
777
r
r
763
r
r
865
r
856
829
836
697
780
r
r
773
828
r
696
789
r
r
696
747
r
724
794
r
712
749
797
828
r
733
768
r
2942
2837
r
817
773
540
331
402
323
412
316
402
328
391
304
411
302
413
313
434
289
420
256
420
302
416
293
392
296
430
258
399
737
701
365
811
850
327
786
877
236
825
759
302
775
752
326
746
743
329
793
792
329
758
770
318
740
772
283
789
739
741
709
366
r
804
r
810
360
749
753
356
422
439
65
436
451
50
424
419
55
409
413
52
426
417
61
415
409
67
426
426
67
417
422
62
389
391
60
425
415
70
406
404
73
443
432
84
387
408
63
973
992
916
913
950
969
1017
1039
999
873
r
866
1004
963
770
573
811
654
873
740
955
722
951
713
924
666
903
649
875
664
874
637
916
668
r
961
659
967
791
971
743
314 8
314 8
314 8
334 5
331 2
331 2
332 5
334 9
333 2
334 3
332 4
3324
3326
22,lll
23,001
22,387
21,257
23,759
21,605
24,852
21,103
19,496
23,127
20,337
21,708
22,582
OOO
r
282.1
2586
3329
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
thous metric tons
67627
75072
Stocks, end of period
. ... do
8075
9642
Imports, incl. latex and guayule
thous long tons
642 07
78600
Price, wholesale, smoked sheets
2
(N.Y.)
$ per lb..
.560
.496
Synthetic rubber:
Production
thous metric tons
1 936 09 2 095 05
Consumption ....
do
1 827 94 1 984 35
Stocks, end of period
do
27794
274 11
Exports (Bu. of Census)
thous Ig tons
27501 32793
TIRES AND TUBES
Pneumatic casings, automotive:
Production
thous ' 186 923' 209 375
Shipments, total
do
218 865 242 454
Original equipment
. ... do
49364
58770
Replacement equipment
do
164,265 176 287
Exports . ...
do
5236
7397
Stocks, end of period
do
33 340
39 623
Exports (Bu. of Census)
do
6 409
4656
Inner tubes, automotive:
Exports (Bu. of Census)
do
1829
1 611
See footnotes at end of tables.
6824
8776
6512
91 42
42 35
8846
73 94
87 03
56 06
8475
63 65
86 22
58 29
8734
5537
91 30
54 13
9642
7176
9427
r
6574
r
9731
91 53
9142
69 18
7025
41 45
73 81
56 23
67 46
61 95
6236
62 21
71 64
7168
8804
6398
.568
.518
.470
.460
.460
.460
.430
.428
.420
.423
.423
.418
.423
193 22
166 72
294 64
29 13
191 43
167 11
30501
29 42
183 66
170 97
302 26
2802
166 66
147 14
309 26
29 58
178 43
173 85
300 64
30 24
173 02
151 45
311 99
29 95
179 70
184 12
301 44
25 54
15832
16634
285 88
2592
147 51
147 17
274 11
25 68
169 89
155 80
281 21
2386
161 61
16954
27181
2268
18240
15946
28902
2894
2623
16988
20851
4970
15255
626
38 026
539
18043
21 121
5290
15205
626
37 693
625
18 557
21 084
5'l09
15420
555
37 678
500
15 546
20753
4 063
16204
486
36 365
453
18078
20 282
4 551
15067
664
37 199
670
17 333
20 525
4 493
15473
559
37 685
533
19 136
23 510
5467
17390
653
37 277
507
16645
19 264
4906
13770
588
37 995
604
15 682
17 155
4324
12159
672
39 623
550
18381
19965
5539
13748
678
41 948
480
17375
16080
4925
10388
767
45905
610
18704
20521
5869
13 961
691
48 875
662
548
85
119
103
120
90
149
239
155
131
135
92
113
98
.408
S-30
Unless otherwise stated in footnotes
below, data through 1982 and
methodological notes are as shown in
BUSINESS STATISTICS: 1982
SURVEY OF CURRENT BUSINESS
., .f
units
1983
June 1985
1985
1984
Annual
1984
Apr.
June
May
Sept.
Aug.
July
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
21723
31681
39415
May
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments finished cement
thous bbl
CLAY CONSTRUCTION PRODUCTS
Shipments: $
Brick, unglazed (common and face)
mil standard brick
Structural tile except facing
thous sh tons
Sewer pipe and fittings vitrified
do
Floor and wall tile and accessories, glazed
and unglazed
mi sq ft
Producer Price Index, Brick (common), f.o.b.
plant or N Y dock
1967 — 100
GLASS AND GLASS PRODUCTS
Flat glass, mfrs.' shipments
thous. $..
Glass containers: t
Production
thous. gross
Shipments, total
do
Narrow-neck containers:
Food
do
Beverage
do
Beer
do
Liquor and wine
do
Wide-mouth containers:
Food and dairy products .
do
Narrow-neck and wide-mouth containers:
Medicinal and toilet
do
Chemical, household, and industrial
... do
Stocks, end of period
do
GYPSUM AND PRODUCTS
Production:
Crude gypsum (exc. byproduct). ...thous. sh. tons
Calcined
do
Imports, crude gypsum
do ...
Sales of gypsum products:
Uncalcined
do
Calcined:
Industrial plasters
do
Building plasters, total
(incl. Keene's cement) @
do
Board products, total
mil sq ft
Lath
do
Veneer base
do
Gypsum sheathing
do
Regular gypsum board
do
Type X gypsum board
do
Predeco
rated wallboard
do
5
Ae mobile home board
do....
428 282
34 346
41 527
43 059
42 117
46 851
39926
43 255
36 452
25681
21777
6 218 4
50 8
4199
6 515 5
32 9
3977
554 1
19
328
618 7
22
355
641 1
41
392
630 5
36
382
6604
32
470
6375
32
426
638 1
28
41 4
5266
33
276
3994
35
18 1
3444
42
r
282
3483
3394
280
31 1
294
279
276
267
284
298
296
337 8
3503
3483
3495
3507
351 1
351 1
3534
3536
3538
3540
954,927
955,088
1 376 356
1
4754
r
5,135
4449
3,398
1051
1018
1 177
1 075
907
163
44,949
94
42,516
118
r
43,577
132
38,639
133
36,937
1,243
1241
557
1,073
1293
761
25604
26128
27,279
28,390
22,910
22,441
25771
24632
21,084
20,958
28270
62617
97 100
23628
26076
61272
90847
24 111
1 995
5033
7925
2008
2377
5,431
8 644
1996
2323
6100
8906
2188
2344
6499
8962
2012
3 129
6,716
8283
2339
2220
4,880
6849
1866
1 915
5206
7432
2276
1 622
4,421
6673
1923
1260
3,897
6022
1 663
60 108
63 104
4954
4,837
4979
5099
6,348
5,372
6374
5 105
19592
14775
1342
1203
1250
1 024
1 332
1 108
1 271
1788
43469
1,867
42,516
114
47,677
132
46,995
165
46,021
188
46,370
158
45,601
14,390
14829
8,904
1,235
1 331
668
1,220
1 276
598
1,183
1 119
571
1,064
1 192
1,266
1,511
1 236
658
1
1,373
1 179
938
252,810
1 991
4,917
7284
2082
25611
25911
1
6
r
1866
4 118
5793
1702
24,891
24,620
12 884
13710
8,031
304
1
999
r
4,496
r
l
137
r
2007
24668
23371
1
245
(4)
19,685
20,712
283 332
282 052
146
44,280
5320
49
334
19,272
19,135
16,067
18,708
294 090
293 103
243
46,331
321 5
r
43
r
253
245,357
253,243
235,270
262
r
1271
1 240
756
1,072
1 251
763
21,296
r
22,069
985
1 134
741
1,049
1467
702
4 544
324
433
524
373
469
503
376
319
378
301
321
239
'442
'522
45
38
44
42
49
43
49
43
38
43
40
46
257
16818
36
368
344
10807
4283
119
861
249
18324
32
407
323
11 474
'5083
1
125
'880
20
1 591
2
31
30
992
426
11
99
21
1 528
4
34
29
937
420
12
93
21
1490
3
32
24
931
419
11
70
23
1,581
2
36
27
986
433
11
84
21
1425
2
32
27
883
394
9
77
24
1 681
3
36
29
1058
465
12
79
19
1470
2
34
23
932
407
11
61
17
1411
2
33
22
895
403
10
46
20
5
1,496
2
33
26
908
428
10
57
18
1,345
2
30
19
818
377
10
57
16
1617
2
36
27
976
445
9
76
563
212
351
668
272
396
509
196
313
528
194
334
659
270
389
484
192
292
3
588
3
216
3
372
630
276
354
450
190
261
506
201
305
631
273
359
443
184
259
4064
21
1 434
3
28
26
874
419
10
74
TEXTILE PRODUCTS
FABRIC
Woven fabric, finishing plants:
Production (finished fabric)
mil. linear yd..
Cotton
do
Manmade fiber and silk fabrics
do
Inventories held at end of period
do
Cotton
do
Manmade fiber and silk fabrics
do....
Backlog of finishing orders
do
Cotton
do
Manmade fiber and silk fabrics
do
COTTON AND MANUFACTURES
Cotton (excluding linters):
Production:
Ginnings <}
thous. running bales
Crop estimate
thous. net weight bales §..
Consumption
thous. running bales..
Stocks in the United States, total, end of
period #
thous running bales
Domestic cotton, total
do....
On farms and in transit
do
Public storage and compresses
do....
Consuming establishments
do
See footnotes at end of tables.
582
219
362
680
290
390
563
227
335
600
228
372
687
293
395
537
211
326
3
713
3
260
3
453
675
279
396
493
189
304
403
149
254
664
267
397
536
190
346
571
212
360
672
263
409
576
187
388
3
674
3
251
3
12545
13,292
4,803
163
636
1 179
430
442
3
503
354
416
11 442
11,441
3208
7,551
682
5698
5,697
962
3,960
775
4702
4,701
943
2,993
765
3775
3,774
741
2,212
821
2833
2,832
300
1,757
708
14798
14,797
12592
1,491
714
7,676
2 750
4926
720
252
468
7,154
2 663
4492
630
276
354
7504
1111
5,553
10686
10,685
1 159
8,924
602
423
643
263
380
566
206
360
r
520
199
320
r
627
276
351
r
468
175
r
293
r
4324
8979
494
415
377
11082
13,381
3
407
387
406
14026
14,025
11 949
1,432
644
13289
13,288
9594
3,155
539
12477
12,476
4432
7,486
558
11442
11,441
3208
7,551
682
10275
10,274
1 942
7,580
752
8714
8,713
1 298
6,541
874
3
3
640
3
240
3
400
603
268
'336
r
478
189
r
290
3
498
188
310
608
268
340
514
188
326
504
'407
7501
7,500
974
5,644
882
6648
6,647
1 032
4,817
798
425
Unless otherwise stated in footnotes
below, data through 1982 and
methodological notes are as shown in
BUSINESS STATISTICS: 1982
S-31
SURVEY OF CURRENT BUSINESS
June 1985
., ..
1983
1985
1984
Annual
1984
Apr.
June
May
Aug.
July
Sept.
Oct.
Nov.
Jan.
Dec.
Apr.
Mar.
Feb.
May
TEXTILE PRODUCTS—Continued
COTTON AND MANUFACTURES— Cont.
Cotton (excluding linters)— Continued
5,649
6,516
Imports
thous net- weight bales §
8
12
Price(farm), American upland <}
cents per Ib ..
66.0
58.4
Price, Strict Low Middling, Grade 41, staple 34
(IVie"), average 10 markets
cents per Ib..
63.1
73.1
Spindle activity (cotton system spindles):
Active spindles, last working
day, total
mil
13.9
13.1
Consuming 100 percent cotton
do....
5.3
5.0
Spindle hours operated, all
fibers, total
bil
90.3
84.6
Average per working day
do
.343
.327
Consuming 100 percent cotton
do
33.7
30.9
Cotton cloth:
Cotton broadwoven goods over 12" in width:
r
Production (qtrly.)
mil. sq. yd ..
4,192
3,998
Orders, unfilled, end of period, compared
with average weekly production
no. weeks' prod...
11.8
12.8
Inventories, end of period, compared with
avg. weekly production
no. weeks' prod ..
4.7
4.3
Ratio of stocks to unfilled orders (at cotton
mills), end of period....
.40
.34
Exports, raw cotton equiv. thous.
net-weight
480 Ib bales
188.8
170.9
Imports, raw cotton equivalent
do
793.1 1,053.2
Producer Price Index, gray cotton
broadwovens *
12/75=100...
152.1
158.5
MANMADE FIBERS AND MANUFACTURES
Fiber production, qtrly:
Acetate filament yarn
mil Ib
227.6
198.2
Rayon staple, including tow ...
do
374.8
389.2
Noncellulosic, except textile glass:
Yarn and monofilaments
do... 3,560.5 3,524.4
Staple, incl. tow
do.... 3,970.6 3,947.3
Textile glass fiber
do.... 1,167.2 1,394.0
Fiber stocks, producers', end of period:
Acetate filament yarn
mil. Ib
12.5
12.4
Rayon staple, including tow
do....
23.3
28.5
Noncellulosic fiber, except textile glass:
Yarn and monofilaments
do
274.9
301.7
Staple, incl. tow
do..
342.0
352.7
Textile glass fiber
do....
124.7
210.0
Manmade fiber and silk broadwoven fabrics:
Production(qtrly.), total #
mil. sq. yd.. 11,460.7 11,897.3
Filament yarn (100%) fabrics #
do.... 4,472.9 r4,984.4
Chiefly rayon and/or acetate
fabrics
do
296.1 r51,517.5
r
Chiefly nylon fabrics
do
357.1
555.8
Spun yarn (100%) fabrics #
do.... 5,702.1 r5,596.2
Rayon and /or acetate fabr
rics, blends
do
86.9
!04.7
Polyester blends with cotton
do.... 4,417.4 r4,337.1
Acetate filament and spun
yarn fabrics
do.... 1,094.9 rl,085.3
Producer Price Index, gray synthetic
broadwovens*
12/75—100
147.0
152.1
Manmade fiber textile trade:
Exports, manmade fiber equivalent
mil. Ibs..
460.71
487.87
Yarn, tops, thread, cloth...
do
167.19
179.06
Cloth, woven
do
108.66
109.40
Manufactured prods., apparel,
furnishings
do
293.52
308.81
Imports, manmade fiber equivalent
do
1,069.49 1,342.57
Yarn, tops, thread, cloth
do
182.50
227.46
Cloth, woven
do
123.21
154.95
Manufactured products, apparel,
furnishings
do
886.99 1,115.10
Apparel, total
do
574.39
687.47
Knit apparel
do
241.30
270.57
WOOL AND MANUFACTURES
Wool consumption, mill (clean basis):
Apparel class
mil. Ib.
126.7
129.0
Carpet class
do
13.9
13.1
Wool imports, clean yield
do
78.1
94.2
Duty-free
do
28.7
30.9
Wool prices, raw, shorn, clean basis, delivered
to U.S. mills:
Domestic — Graded territory, 64's, staple 2%"
5
and up
cents per Ib
2.12
2.28
Australian, 64's, Type 62, duty-paid
do
2.66
2.63
Wool broadwoven goods, exc. felts:
Production (qtrly.)
mil. sq. yd.
143.5
158.6
FLOOR COVERINGS
Carpet, rugs, carpeting (woven, tufted, other),
shipments, quarterly
mil. sq. yds.
1,090.1 1,114.2
APPAREL
Women's, misses', juniors' apparel cuttings: @
Coats
thous units
12,709
9,616
Dresses . .
...
do
167,046 151,879
Suits (incl. pant suits, jumpsuits)
do
12,988
13,918
Skirts
do
102,835
91,169
Blouses
thous dozen
30,909
27,712
See footnotes at end of tables.
723
0)
67.2
607
1
72.7
422
2
68.0
365
3
65.9
452
2
67.2
264
1
64.6
292
1
64.6
484
t1)
61.8
629
(*)
55.8
793
2
52.1
766
3
48.9
625
5
54.5
544
6
'55.9
"55.6
75.6
79.4
75.0
67.4
63.0
61.2
61.2
60.4
60.4
60.0
58.6
60.2
61.7
60.1
13.7
5.1
13.7
5.1
13.6
5.1
13.6
5.1
13.5
5.1
13.4
5.1
13.4
5.1
13.0
5.1
13.1
5.0
12.9
4.9
12.8
4.8
12.9
4.8
6.9
.346
2.5
7.0
.350
2.5
4
5.5
.276
2.0
6.5
.323
2.4
4
6.5
.325
2.4
5.8
.291
2.2
4
5.7
.287
2.0
6.1
.305
2.2
4
8.2
.328
<3.0
1,028
7.5
.301
2.7
4
6.2
.247
4
2.3
r
14.7
13.1
12.3
14.5
11.5
4.0
4.2
3.9
5.2
4.5
.28
.32
.32
.35
13.4
97.9
14.2
79.1
16.9
98.9
158.2
157.5
159.9
12.0
11.1
11.3
10.9
9.0
4.3
4.5
5.0
3.2
5.0
.39
.36
.41
.44
.29
.55
13.5
101.7
12.8
91.3
15.7
80.1
16.7
80.6
14.1
66.0
13.5
59.8
159.2
159.3
159.0
158.4
157.6
157.9
8.5
9.2
9.2
5.1
4.8
4.6
.60
.52
.50
157.2
156.8
r
50.0
94.0
37.0
87.5
448
856
889.9
1,026.8
337.0
8346
9535
342.9
9022
9555
3808
931.1
944.4
131
26.2
153
283
12.4
28.5
14.3
32.4
3046
3769
1226
3006
3736
1396
301.7
352.7
210.0
3281
361.2
3,070.3
1 2642
2,894.1
1 2174
'2,878.0
1 275 1
2,747.6
1,166.9
141.4
136.8
1,472.9
147.9
149.7
1,338.2
r
91 8
128.7
1,304.2
856
116.9
1,290.6
28.4
1,147.9
256
1,033.7
r
24 1
1,019.0
22.5
1,025.0
275.8
279.9
r
153.3
153.3
153.6
151.9
152.5
151.0
150.1
38.50
12.94
8.26
42.79
15.70
9.91
46.53
16.55
10.79
40.63
13.13
9.08
44.02
15.59
9.80
43.94
17.32
10.24
44.51
17.34
9.78
36.94
14.61
8.07
37.69
14.10
8.75
25.56
110.50
20.11
14.54
27.09
114.35
18.28
12.65
29.98
122.45
18.65
13.45
27.50
169.47
25.44
17.34
28.43
127.72
21.64
15.63
26.62
114.80
21.77
13.52
27.17
98.79
16.20
12.64
22.33
80.51
13.38
9.56
23.59
74.56
15.49
9.09
90.40
50.85
19.80
96.06
56.11
23.33
103.80
59.78
25.85
144.03
88.89
38.38
106.08
67.93
29.24
93.04
62.70
26.70
82.60
54.78
21.63
67.14
41.98
15.24
59.07
36.83
11.75
11.3
1.3
7.8
2.8
11.9
1.3
10.4
3.1
13.0
1.3
6.7
2.2
8.2
.8
9.6
4.5
9.9
.9
6.4
2.9
'11.2
4
1.0
6.0
2.6
8.5
1.3
6.9
2.5
2.45
2.76
2.34
2.71
2.30
2.69
2.30
2.55
2.30
2.59
2.30
2.47
2.21
2.49
4
4
44.4
297
2987
272.7
1,057
11,266
1,087
8,016
2,264
1,087
10,473
948
6,537
1,962
1,255
10,829
1,029
8,108
2,166
1,261
10,213
926
7,513
2,011
8.9
.9
5.6
1.5
2.18
2.55
149.4
148.9
147.9
147.1
148.4
9.3
1.3
10.7
3.6
'8.3
1.2
5.8
1.6
4
9.8
4
1.5
6.0
2.2
8.7
1.0
57
3.0
2.14
2.51
2.05
2.46
1.95
2.33
1.85
2.36
1.82
2.27
r
43.9
36.7
270.3
511
10,671
1,190
5,728
1,897
155.6
"9.4
4
.8
6.8
1.5
r
992
11,868
1,168
7,111
2,102
156.2
228.0
2428
153.5
979
13,698
1,309
9,007
2,439
158.3
r
56.0
103.7
152.4
602
15,359
1,256
7,365
2,776
1,006
955
923
7.5
.300
4
2.6
362
10,205
1,008
5,487
1,493
254
12,327
1,323
7,244
2,164
249
13,636
1,306
6,880
2,219
1.91
2.34
S-32
Unless otherwise stated in footnotes
below, data through 1982 and
methodological notes are as shown in
BUSINESS STATISTICS: 1982
SURVEY OF CURRENT BUSINESS
,. .,
1983
June 1985
1985
1984
Annual
1984
Apr.
June
May
Aug.
July
Sept.
May
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
1 175
1,720
9,989
14,073
3 136
27,208
1 075
1,565
8,873
13,041
2657
25,460
799
1,210
6,975
11,059
2 197
21,122
1024
1,623
8,789
13,345
2713
24,113
891
1,539
9,336
12,547
2,620
24,156
24,721
24,229
3747
436
1,036.9
4,398
761
667
TEXTILE PRODUCTS—Continued
APPAREL— Continued
Men's apparel cuttings: @@
Suits
thous units
Coats (separate), dress and sport
do
Trousers (separate), dress
do
Slacks (jean cut), casual
do
Shirts, dress and sport
thous doz
Hosiery, shipments
thous. doz. pairs..
11 181
19 113
112 699
187 453
40 861
308,079
12 324
20049
115118
171 222
40 135
309,357
993
1860
9700
12732
3 505
24,649
1 065
1904
10602
15242
3803
25,748
956
1 861
9308
18179
3811
26,575
752
1 461
7396
15338
2986
31,426
1 101
1 715
10340
15,625
3512
24,637
1 013
1 595
9065
15,052
3064
23,627
TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
Orders, new (net) qtrly total
mil $
U.S. Government
do
Prime contract...
do
Sales (net), receipts, or billings, quarterly,
total
do
U.S. Government
do
Backlog of orders end of period #
do
U.S. Government
do
Aircraft (complete) and parts
do
Engines (aircraft) and parts
do
Missiles, spaqe vehicle systems, engines,
propulsion units, and parts
mil $
Other related operations (conversions, modifications) products services
mil $
Aircraft (complete);
Shipments "1"
do
Airframe weight f
thous Ib
Exports, commercial
mil $
MOTOR VEHICLES (NEW)
Passenger cars:
Factory sales (from U.S. plants):
Total tt
thous
Domestic °|"f
do
Retail sales, total, not seas, adj
do....
Domestics §
do
Imports §... .
do
Total, seas. adj. at annual rate .
mil
Domestics §
do....
Imports § .
do
Retail inventories, end of period, domestics: §
Not seasonally adjusted
thous
Seasonally adjusted
....do....
Inventory-retail sales ratio, domestics §
Exports (BuCensus), total
do....
To Canada
do
Imports (ITC) complete units # #
do
From Canada total
do
Registrations <}, total new vehicles
do
Imports, including domestically
sponsored
do
Trucks and buses:
Factory sales (from U.S. plants):
Total @
do
Domestic @
.. .do .
Retail sales, not seasonally adjusted: *
Light-duty $$
do
Medium-duty $$
....do.
Heavy-duty $$
do ....
Retail sales, seasonally adjusted:
Light-duty $t
do
Medium-duty $$
do
Heavy-duty $$
do
Retail inventories, end of period:
Not seasonally adjusted *
.. .do
Seasonally adjusted
do
Exports (BuCensus)
do
Imports (BuCensus), including separate
Registrations <}, new vehicles, excluding buses
not produced on truck chassis
thous
Truck trailers and chassis, complete (excludes
detachables), shipments t
number
Van type 1"
do
Trailer bodies (detachable), sold
separately "j"
do
Trailer chassis (detachable), sold
separately "I"
do
RAILROAD EQUIPMENT
Freight cars (new), for domestic use; all
railroads and private car lines (excludes
rebuilt cars and cars for export):
Shipments
number ..
Equipment manufacturers
do
New orders
....do...,
Equipment manufacturers
do...
Unfilled orders, end of period
do...
Equipment manufacturers
do...
Freight cars (revenue), class I railroads(AAR): $
92930
62347
91 160
(5)
82777
49 169
116 276
74246
48 953
12905
(5)
15524
(5)
14 548
(5)
99275
44 936
5569
80762
34 489
3,989
5688
2 872
310
7355
3065
325
8928
3621
469
7
3934
7
1 535
246
476.0
2 114
137
716.1
3 143
389
649.2
2810
261
912.5
3583
344
1,233.6
4883
668
6,739
6201
9,179
6793
2386
7,621
7030
10,394
7952
2442
665
601
896
721
174
103
8.1
22
699
639
1,047
803
244
10.8
8.3
26
676
620
958
727
230
6
10.6
6
8.1
6
25
517
474
890
684
206
10.5
8.1
23
519
486
814
604
210
10.1
7.8
24
538
493
744
567
178
10.2
7.8
2.4
686
641
900
690
211
10.0
7.4
2.7
668
622
802
601
201
10.0
7.4
2.6
553
511
759
561
199
10.9
8.2
2.7
733
685
835
628
207
10.9
8.4
2.5
659
606
839
645
193
11.0
8.5
2.4
736
664
970
769
201
10.7
8.4
2.2
744
677
987
787
200
11.1
8.7
2.4
1 535
1,515
2.2
65.39
6337
305 2
109 4
837
1,460
1,420
2.1
63.19
6002
355 8
993
886
1,446
1,340
6
2.0
58.31
5721
295 2
1029
928
1,298
1,277
1.9
41.75
4040
323 1
670
903
1,268
1,320
2.0
31.74
3060
2710
79 1
852
1,266
1,273
2.0
48.01
4689
2696
798
874
1,293
1,293
2.1
42.06
40.26
2869
92 1
834
1,404
1,396
2.3
52.63
50.93
291 9
960
816
1,415
1,410
2.1
45.28
41.56
4
267 8
81 5
823
1,608
1,556
2.2
53.26
49.99
381 4
825
789
1,604
1,549
2.2
58.86
56.26
3152
86.8
790
1,571
1,536
2.2
73.52
71.24
327.1
95.6
927
1,563
1,495
2.1
72.39
69.87
See footnotes at end of tables.
(5)
(5)
(5)
(5)
(5)
(5)
1352
1415
1,350
1,410
2.4
2.1
551.16
613.66
52399
58930
3 133 8 3 559 4
8368 1 072 4
8,924
10,118
1
6
410.9
1 969
363
r
974.8
r
(2)
1,075
808
'267
11.3
8.4
'2.9
1,546
1,473
2.1
92.5
936
2 457
2523
188
199
224
224
228
231
208
208
224
208
202
222
216
2414
2260
3075
2884
253
235
288
267
278
260
208
194
261
246
243
230
283
268
263
248
218
203
257
244
265
249
292
272
286
266
25207
477
141 0
3261 3
609
2162
2894
48
188
3250
48
204
2908
45
206
2759
70
199
231 2
50
179
2473
54
19.1
2950
6.1
20.2
269.9
5.5
16.8
240.1
5.0
18.9
287.0
4.7
17.2
300.5
3.9
15.6
339.0
5.0
20.6
308.1
4.1
22.1
333.5
4.8
20.2
2810
48
164
2688
44
19 1
2739
41
197
2901
52
194
2446
45
178
2699
53
202
294.8
5.9
198
294.1
7.3
20.6
269.0
6.0
19.5
299.8
5.5
17.6
321.2
3
4.7
3
17.9
301.5
5.2
19.4
294.2
3.9
19.2
277.7
4.4
18.8
7828
8064
153 38
6846
677 1
14 95
6795
6733
15 59
6998
6735
13 06
6367
6608
10 90
6968
7295
9 37
7278
744 4
12 53
750.0
7434
11 48
788.2
7823
11 52
782.8
806.4
1250
813.9
792.3
11 01
821.5
811.3
14.70
808.4
798.0
15.21
820.5
813.0
17.39
838.0
831.6
846 89 1 077 12
111 41
105 66
92 36
95 30
78 75
94 35
84 13
90 13
86 12
105 63
10991
10608
11870
4 047
336
348
363
347
330
357
350
341
361
334
346
403
398
19477
12640
7
21 525
7
18,600
11677
20,996
12573
18,459
11799
20,892
12,957
14,473
9,389
13,708
9,214
15,603
10,376
15,516
10,294
5837
5985
131 86
2 977
120 658
85067
234 230
156 600
17788
12127
20202
13473
19,982
13243
2698
899
15
47
75
31
4406
25529
1742
2614
2592
2398
12,396
12 396
15,460
15,054
5,154
4,748
722
722
672
672
5,177
5,177
755
755
1,301
1,301
5,723
5,723
1,771
1,771
2,994
2,744
7,267
7,017
1,327
1,327
607
607
6,821
6,571
1
5,772
'5570
1
5,964
1
5,962
3,271
3,271
1 007
Capacity (carrying), total, end of month
mil. tons .
verage per car
ons.
(5)
82.96
82 37
1
1
14 425
163
113
132
69
21
g
2 848
2292
2326
2132
1487
819
1,300
1,300
785
785
6,306
6,056
1,465
1,465
775
775
5,616
5,366
1,295
1,295
1,578
1,422
5,899
5,493
1,225
1,225
525
525
5,199
4,793
796
796
751
751
5,154
4,748
1,223
887
403
403
4,134
4,064
7
7
3
3
18
r
40
(2)
19
1,714
1,559
1,421
830
830
650
650
3,954
3,884
868
868
1,553
1,553
4,629
4,559
979
979
816
816
4,466
4,396
948
992
986
979
975
972
967
958
952
948
943
938
909
905
79.02
83 34
82.00
82 64
81.54
82 73
81.06
8283
80.84
8290
80.66
8296
80.21
8296
79.71
83 18
79.33
8330
79.02
8334
78.50
8326
78.04
8324
75.76
8334
75.52
8342
966
896
593
593
4,093
4,093
S-33
SURVEY OF CURRENT BUSINESS
June 1985
FOOTNOTES FOR PAGES S-l THROUGH S-32
General Notes for all Pages:
r
p
e
c
Page S-l
t Revised series. See Tables 2.6-2.9 in the July 1984 SURVEY for revised estimates for
1981-84.
$ Includes inventory valuation and capital consumption adjustments.
§ Monthly estimates equal the centered three-month average of personal saving as a
percentage of the centered three-month moving average of disposable personal income.
Page S-2
1. Based on data not seasonally adjusted.
# Includes data not shown separately.
$ See note "t" for p. S-8.
t See note "t" for p. S-8.
tt See note "tt" for p. S-3.
@ Revised series. For manufacturing see note "ft" for p. S-3. For retail see note "$" for
p. S-8. For wholesale see note "t" for p. S-8.
§ Revised series. Data have revised back to 1981, effective with the August 1984 SURVEY. Revisions are available upon request.
Page S-3
# Includes data for items not shown separately.
$ See note "$" for p. S-8.
t See note "t" for p. S-8.
tt Effective June 1985 SURVEY, data have been revised for Jan. 1978-Dec. 1984. A
detailed description of this revision and data appear in the report "Manufacturers' Shipments, Inventories, and Orders" M3-1.14 (1978-1984). Copies of this report can be purchased from the Superintendent of Documents, U.S. Government Printing Office, Washington,
DC 20402. A computer tape of the report, including data back to 1958 can be purchased
from the Data User Services Division, Customer Services Branch, Bureau of the Census,
Washington, DC 20233.
(a) See note "@" for p. S-2.
§ See note "§" for p. 3-2.
Page S-4
1. Based on data not seasonally adjusted.
# Includes data for items not shown separately.
$ Includes textile mill products, leather and products, paper and allied products, and
printing and publishing industries; unfilled orders for other nondurable goods industries
are zero.
t See note "tt" for p. S-3.
O For these industries (food and kindred products, tobacco, apparel and other textile
products, petroleum and coal, chemicals and allied products, and rubber and plastics products) sales are considered equal to new orders.
Page S-5
1. Based on unadjusted data.
2. The annual liabilities figure for 1983 is $16,072,860,000.
3. See note "O" for this page.
@ Compiled by Dun & Bradstreet, Inc. Monthly data are now available through 1983,
and are available upon request.
# Includes data for items not shown separately.
§ Ratio of prices received to prices paid (parity index).
$ See note "t" for p. S-4.
t Effective with the Feb. 1984 SURVEY, data (back to 1981 for some commodities) have
been revised. Effective with July 1984 SURVEY, data for 1982-83 have been revised. Effective with the Feb. 1985 SURVEY, data (back to 1982, for some commodities) have been
revised. These revisions are available upon request.
O Beginning with data for Jan. 1983 (Jan. 1985, for CPI-W), the index is affected by a
change in methodology used to compute the homeownership component. For additional
information regarding this change, see p. S-36 of the Feb. 1983 SURVEY.
# New series.
tt See note "tt" for p. S-3.
Page S-6
§ For actual producer prices or price indexes of individual commodities, see respective
commodities in the Industry section beginning p. S-l9. All indexes subject to revision four
months after original publication.
# Includes data for items not shown separately.
# New series. This index (first shown in the Feb. 1984 SURVEY) reflects costs associated
with homeowners' consumption of shelter service. This new index combines the subindexes
of owners' equivalent rent and household insurance. Indexes prior to Dec. 1982 are not
available. For additional information, see p. S-36 of the Feb. 1983 SURVEY.
$ Effective with the Feb. 1984 SURVEY, data have been revised back to 1979. Effective
with the Mar. 1985 SURVEY, data have been revised back to 1980. These revisions are
available upon request.
Revised,
Preliminary,
Estimated,
Corrected.
t Effective with the Feb. 1984 SURVEY, data back to 1979 have been revised. Effective
with the Feb. 1985 SURVEY, data back to 1980 have been revised. These revisions are
available upon request.
O See note "<0" for p. S-5.
Page S-7
1. Computed from cumulative valuation total.
2. Index as of June 1, 1985: building, 360.9; construction, 391.1.
3. Data are for 16,000 permit-issuing places.
# Includes data for items not shown separately.
§ Data for May, Aug., and Nov. 1984, and Jan. 1985 are for five weeks; other months four
weeks.
t Effective Feb. 1984 SURVEY, data for seasonally adjusted housing starts have been
revised back to 1981. Effective Feb. 1985 SURVEY, data have been revised from 1982-84.
These revisions are available upon request.
$ Effective Feb. 1985 SURVEY, data for building permit authorizations are based on
17,000 permit-issuing places beginning with Jan. 1984. These revisions are available upon
request.
@ Effective Feb. 1984 SURVEY, data for seasonally adjusted manufacturer's shipments
of mobile homes have been revised back to 1981. Effective Feb. 1985 SURVEY, unadjusted
data for Jan. 1982 through June 1984, and seasonally adjusted data from Jan. 1982 through
Nov. 1984 have been revised. These revisions are available upon request.
Page S-8
1. Advance estimate.
2. Direct endorsement cases are included beginning with June data.
3. January and February 1983 revised monthly figures are not available from source, but
they are included in the 1983 revised annual total.
O Home mortgage rates (conventional first mortgages) are under money and interest
rates on p. S-l4.
§ Data include guaranteed direct loans sold.
# Includes data for items not shown separately.
t Effective April 1985 SURVEY, wholesale trade data have been revised for Jan. 1977-Dec.
1984. A detailed description and the revised series appear in the report "Revised Monthly
Wholesale Trade" BW-13-85, available from the Bureau of the Census, Washington, DC
20233; $2.50 per copy.
$ Effective April 1985 SURVEY, retail trade data have been revised for Jan. 1977-Dec.
1984. Revised data and a summary of changes appear in the report "Revised Monthly Retail
Sales and Inventories" BR-13-85, available from the Bureau of the Census, Washington,
DC 20233; $2.75 per copy.
* New series. Annual data for earlier periods are available upon request. Monthly data
for earlier periods will be available later.
Page S-9
1. Advance estimate.
# Includes data for items not shown separately.
O Effective with the January 1985 SURVEY, the seasonally adjusted labor force series
have been revised back to January 1980. Effective with the January 1984 SURVEY, the
seasonally adjusted labor force series have been revised back to January 1979. Revised
monthly data back to 1980 appear in the January 1985 issue of Employment and Earnings.
Revised monthly data for 1979 appear in the February 1984 issue of Employment and
Earnings.
t The participation rate is the percent of the civilian noninstitutional population in the
civilian labor force. The employment-population ratio is civilian employment as a percent
of the civilian noninstitutional population, 16 years and over.
$ See note "$"' for p. S-8.
* New series.
@ Data include resident armed forces.
Page S-10
C> See note "O" for p. S-9.
* New series.
t Effective June 1985 SURVEY, data have been revised back to April 1983 (not seasonally adjusted) and January 1980 (seasonally adjusted) based on the March 1984 benchmark, an improved method for estimating the employment effect of new firms entering the
economy, and revised seasonal factors. The June 1985 issue of "Employment and Earnings" contains a detailed discussion of the effects of the revisions.
Page S-l1
t This series is not seasonally adjusted because the seasonal component is small relative
to the trend-cycle and/or irregular components and consequently cannot be separated with
sufficient precision.
O Production and nonsupervisory workers.
* New series.
t See note "t" for p. S-10.
S-34
SURVEY OF CURRENT BUSINESS
Page S-12
1. This series is not seasonally adjusted because the seasonal component is small relative
to the trend-cycle and/or irregular components and consequently cannot be separated with
sufficient precision. Use the corresponding unadjusted series.
O Production and nonsupervisory workers.
$ Earnings in 1977 dollars reflect changes in purchasing power since 1977 by dividing by
Consumer Price Index.
§ Wages as of June 1, 1985: Common, $16.00; Skilled, $21.01.
* New series.
@ New series. The Employment Cost Index (ECI) is a quarterly measure of the average
change in the cost of employing labor. See p. S-36 of the August through October 1984
issues of the SURVEY for a brief description of the ECI.
t Excludes farm, household, and Federal workers.
tt See note "t"for p. S-10.
Page S-13
1. Average for Dec.
2. Reported annual; monthly revisions are not available.
3. Effective December 1, 1982, there was a break in the commercial paper series because
of changes in reporting panels, modifications to reporting instructions and corrections to
misreported bank data.
$ Effective January 1984, series revised due to changes in the reporting panel and in the
item contents. The new panel includes 168 banks that had domestic office assets exceeding
$1.4 billion as of December 31, 1982. Beginning Jan. 1985, data are as of the last Wednesday of the month. Earlier data are as of the Wednesday nearest the end of the month or year
(meaning some data are as of the first Wednesday of the next month).
* Includes data for items not shown separately.
$$ Reflects offsetting changes in classification of deposits of thrift institutions. Deposits of thrifts were formerly grouped with deposits of individuals, partnerships, and corporations, instead of with deposits of commercial banks in the United States.
* "Transaction balances other than demand deposits" consists of ATS, NOW, super
NOW, and telephone transfer accounts, which formerly were classified with savings deposits. "Nontransaction balances" reflects the combination of deposits formerly reported separately as time deposits and the savings deposits remaining after deduction of the items now
reported separately under "transaction balances."
§ Excludes loans and federal funds transactions with domestic commercial banks and
includes valuation reserves (individual loan items are shown gross; i.e., before deduction of
valuation reserves).
O Securities of Federal agencies and corporations have been shifted out of "other securities" and are now combined with U.S. Treasury securities. Also, loan obligations of States
and political subdivisions have been shifted out of "other securities" and are now shown
separately among the loan items.
@ Insured unemployment (all programs) data include claims filed under extended duration
provisions of regular State laws; amounts paid under these programs are excluded from
state benefits paid data.
@@ Insured unemployment as a percent of average covered employment in a 12-month
period.
Page S-14
1. Data are for fiscal years ending Sept. 30 and include revisions not distributed to the
months.
2. Weighted by number of loans.
t Effective March 1985 SURVEY, the consumer installment credit series have been revised
back to July 1980 to reflect more complete benchmark data for some of the components.
* Includes data for items not shown separately.
O Adjusted to exclude domestic commercial interbank loans and federal funds sold to
domestic commercial banks.
$ Rates on the commercial paper placed for firms whose bond rating is Aa or the equivalent.
t$ Courtesy of Metals Week.
@@ Average effective rate
* New series. For an explanation of the prime rate and historical data, see p. S-36 of the
June or July 1984 SURVEY.
Page S-15
1. Beginning 1983, the reporting frequency has been changed from a monthly to a quarterly basis.
2. This series has been discontinued.
t Effective Feb. 1985 SURVEY, the money stock measures and components have been
revised and are available from the Banking Section of the Division of Research and Statistics at the Federal Reserve Board, Washington, D.C. 20551
t Composition of the money stock measures is as follows:
MI.—This measure is currency plus demand deposits at commercial banks and interestearning checkable deposits at all depository institutions—namely NOW accounts, automatic transfer from savings (ATS) accounts, and credit union share draft balances—as well
as a small amount of demand deposits at thrift institutions that cannot, using present data
sources, be separated from interest-earning checkable deposits.
M2.—This measure adds to Ml overnight repurchase agreements (RP's) issued by commercial banks and certain overnight Eurodollars (those issued by Caribbean branches of
member banks) held by U.S. nonbank residents, money market mutual fund shares, and
savings and small-denomination time deposits (those issued in denominations of less than
$100,000) at all depository institutions. Depository institutions are commercial banks (including U.S. agencies and branches of foreign banks, Edge Act corporations, and foreign investment
companies), mutual savings banks, savings and loan associations, and credit unions.
M3.—This measure equals M2 plus large-denomination time deposits (those issued in denominations of $100,000 or more) at all depository institutions (including negotiable CD's) plus
term RP's issued by commercial banks and savings and loan associations.
L.—This broad measure of liquid assets equals M3 plus other liquid assets consisting of
other Eurodollar holdings of U.S. nonbank residents, bankers acceptances, commercial
paper, savings bonds, and marketable liquid Treasury obligations.
June 1985
$$ Includes ATS and NOW balances at all depository institutions, credit union share
draft balances, and demand deposits at thrift institutions.
<0> Overnight (and continuing contract) RP's are those issued by commercial banks to the
nonbank public, and overnight Eurodollars are those issued by Caribbean branches of member
banks to U.S. nonbank customers.
# New series. For "Other checkable deposits," see also note "$t" for this page.
@ Small time deposits are those issued in amounts of less than $100,000. Large time
deposits are those issued in amounts of $100,000 or more and are net of the holdings of
domestic banks, thrift institutions, the U.S. Government, money market mutual funds, and
foreign banks and official institutions.
# Includes data for items not shown separately.
§ Number of issues represents number currently used; the change in number does not
affect the continuity of the series.
@@ Series has been revised back to 1971. Private placement data, which was published
through 1982, has been eliminated from the historical data. Public exempt offerings are not
included in data prior to Jan. 1985.
Page S-16
1. The Aaa public utility average was suspended Jan. 17, 1984, because of a lack of
appropriate issues. The average corporate and the Aaa corporate do not include Aaa utilities from Jan. 17 to Oct. 12. The Aaa utility average was reinstated on Oct. 12; the Oct.
monthly average includes only the last 14 days of the month.
§ Number of issues represents number currently used; the change in number does not
affect the continuity of the series.
t For bonds due or callable in 10 years or more.
# Includes data for items not shown separately.
@ Data may not equal the sum of the geographic regions, or commodity groups and
principal commodities, because of revisions to the totals not reflected in the component
items.
O As of Jan. 25, 1984, the base period was changed to 1982= 100.
Page S-17
1. Beginning with Jan. 1982 data, the Customs value is being substituted for the f.a.s.
value.
# Includes data not shown separately.
§ Data may not equal the sum of geographic regions, or commodity groups and principal
commodities, because of revisions to the totals not reflected in the components.
Page S-18
1. See note 1 for p. S-17.
2. Annual total; quarterly or monthly revisions are not available.
3. Restaurant sales index data represent hotels and motor hotels only.
4. For month shown.
5. Domestic trunk operations only (averaging about 90 percent of domestic total).
# Includes data for items not shown separately.
§ Total revenues, expenses, and income for all groups of carriers also reflect nonscheduled service.
t Beginning Jan. 1977, Class I railroads are defined as those having operating revenues
of $50 million or more.
O Average daily rent per room occupied, not scheduled rates.
## Data represent entries to a national park for recreational use of the park, its services,
conveniences, and/or facilities.
# New series.
§ Beginning 1984, data are on a depreciation accounting system; prior data were on a
retirement-replacement-betterment accounting system.
t Before extraordinary and prior period items.
Page S-19
1. Reported annual total; monthly revisions are not available.
2. Data for 1984 are not comparable to 1983 because of court ordered divestiture.
3. Less than 500 short tons.
4. Data are unavailable after 1983.
5. Effective with 1985, data are reported on a quarterly basis.
# Includes data for items not shown separately.
§ Data are reported on the basis of 100 percent content of the specified material unless
otherwise indicated.
$ Monthly data back to 1981 have been revised and are available upon request.
# New series, first shown in the Mar. 1984 SURVEY. Annual and monthly data back to 1980
are available upon request.
@ Because of deregulation, carriers are free to enter both domestic and international
markets. Previously, carriers were limited either to domestic or overseas markets. Separate
data for domestic or overseas are no longer available.
Page S-20
1. Reported annual total; monthly or quarterly revisions are not available.
2. Reported annual total, which includes data for Hawaii as well as revisions not distributed to the months.
3. Beginning Jan. 1985, monthly data include consumption for Hawaii.
4. See note 5 for p. S-19.
§ Data are not wholly comparable from year to year because of changes from one classification to another.
t Revised quarterly data for 1981-83 are available upon request.
O Effective 1983, data are based on a new sample of approximately 150 establishments,
which was selected using the 1981 annual survey "Paints and Allied Products" panel as a
universe frame. Comparable data for 1979-82 and revisions for 1983 are available upon
request.
t Effective with the July 1984 SURVEY, data for 1980-82 (and 1975 for revenue from
sales to customers) have been revised. Effective with the Feb. 1985 SURVEY, data for 1982-83
have been revised. These revisions are available upon request.
S-35
SURVEY OF CURRENT BUSINESS
June 1985
Page S-21
Page S-28
1. Previous year's crop; new crop not reported until Oct. (beginning of new crop year).
2. Crop estimate for the year.
3. Stocks as of June 1.
4. Stocks as of June 1 and represents previous year's crop; new crop not reported until
June (beginning of new crop year).
5. Effective with 1983, figure represents June 1 stocks (based on previous year's crop);
whereas, 1982 and earlier annuals are for stocks ending Dec. 31 of the respective calendar
year. Quarterly estimates are no longer available.
6. See note "@" for this page.
7. Less than 50,000 bushels.
8. Data are no longer available.
9. June 1 estimate of 1985 crop.
§ Excludes pearl barley.
* Bags of 100 Ibs.
@ Data are quarterly except for June (covering Apr. and May) and Sept. (covering
June-Sept.).
* New series, first shown in the Mar. 1984 SURVEY. Annual and monthly data for earlier
periods are available upon request.
** New series, first shown in the Sept. 1984 SURVEY. Annual and monthly indexes for
earlier periods are available upon request.
1. Reported annual totals; revisions not allocated to the months.
2. Effective with Jan. 1983, data include road oil. Total road oil data for 1982 were
(thous. bbl.): 591, domestic demand; 610, production; 47, stocks.
3. Effective with the Jan. 1985 price, gasoline that contains alcohol as an additive is
included.
t New series. First shown in March 1984 SURVEY. Earlier data are available upon
request.
# New series, first shown in the Feb. 1984 SURVEY. Prices back to 1974 are available
upon request.
# Includes data for items not shown separately.
$ Except for price data, see note "$" for p. S-27.
Page S-29
1. See note 1 for p. S-28.
2. Average for 11 months; no price available for Dec. 1983.
O Source: American Paper Institute. Total U.S. estimated consumption by all newspaper users,
t See note "t" for p. S-28.
# Compiled by the American Newspaper Publishers Association.
Page S-22
Page S-30
§ Cases of 30 dozen.
O Bags of 60 kilograms.
$ Monthly revisions for 1982 are available upon request.
* New series, first shown in the Mar. 1984 SURVEY. Annual and monthly indexes covering wheat for earlier periods are available upon request.
1. Reported annual total; revisions not allocated to the months.
2. Crop for the year.
3. Data cover five weeks; other months, four weeks.
4. Data are no longer available.
5. Beginning Jan. 1985, figure includes sales of water/moisture resistant board, not shown
separately.
6. Beginning 1st quarter 1985, value of shipments for rolled and wire glass is excluded.
Comparable 4th quarter 1984 figure, which excludes such shipments, is $243,820,000.
Page S-23
1. Crop estimate for the year.
2. Reported annual total; revisions not distributed to the months.
* Totals include data for items not shown separately.
* New series, first shown in the Mar. 1984 SURVEY. Annual and monthly indexes for
earlier periods are available upon request.
t New series.
<0> Effective Dec. 1983 SURVEY, the footwear production series have been revised back
to Jan. 1981. Effective Dec. 1984 SURVEY, the footwear production series have been revised
back to Jan. 1982.
** New series. Source: Bureau of Labor Statistics.
# Includes data for items not shown separately.
O Cumulative ginnings to the end of month indicated.
§ Bales of 480 Ibs.
$ Monthly revisions for 1982 and 1983 are available upon request.
t Monthly revisions for 1981-83 are available upon request.
@ Effective with the Mar. 1984 SURVEY, sales of regular basecoat and all other building plasters (including Keene's cement) have been combined to represent sales of total
building'plasters. For comparability, earlier published figures for these two series should be
combined.
Page S-24
Page S-31
1. Annual data; monthly revisions not available.
2. Less than 500 tons.
3. Beginning January 1985, data have been revised because of a new estimation procedure and may not be comparable to earlier periods.
t New series.
1. Less than 500 bales.
2. Annual total includes revisions not distributed to the months.
3. Average for crop year; Aug. 1-Jul. 31.
4. For five weeks; other months four weeks.
5. Average for 10 months; no data for Jan.-Feb.
<> Based on 480-lb. bales, preliminary price reflects sales as of the 15th; revised price
reflects total quantity purchased and dollars paid for the entire month (revised price includes
discounts and premiums).
# Includes data not shown separately.
* New series.
§ Bales of 480 Ibs..
@ Monthly data discontinued for the year 1982; reinstated beginning Jan. 1983.
Page S-25
1. Annual data; monthly revisions are not available.
2. For month shown.
t Beginning January 1982, data represent metallic (mostly aluminum) content. Data for
1981 and prior years represent aluminum content only.
* New series. Estimated U.S. free market price, prompt delivery to the Midwest.
O The source for these series is now the Bureau of Mines.
§ New series. Source: Metals Week.
Page S-26
1. Annual data; monthly revisions are not available.
2. Less than 50 tons.
3. Quarterly data were discontinued for 1983 and reinstated beginning first quarter 1984.
4. Beginning 1st quarter 1984, data have been revised because of a new sample and may
not be comparable to earlier periods.
O Includes secondary smelters' lead stocks in refinery shapes and in copper-base scrap.
@ All data (except annual production figures) reflect GSA remelted zinc and zinc purchased for direct shipment.
$ Source for monthly data: American Bureau of Metal Statistics. Source for annual
data: Bureau of Mines.
# Includes data not shown separately.
Page S-27
1. Data withheld to avoid disclosing information for individual companies.
2. Data are for five weeks; other months 4 weeks.
3. Comparable data are no longer available.
# Includes data for items not shown separately.
§ Includes nonmarketable catalyst coke. See also note "$" for this page.
O Includes small amounts of "other hydrocarbons and alcohol new supply (field production)," not shown separately.
t Effective with the Nov. 1983 SURVEY, data for 1982 have been revised. Effective with
the June 1984 SURVEY, data for 1983 have been revised. Effective with the December 1984
SURVEY, coal production data for 1983 have been revised. Effective with the May 1985
SURVEY, coal consumption and stocks for 1984 have been revised. These revisions are available
upon request.
* New series. Includes U.S. produced and imported microwave ovens and combination
microwave oven/ranges.
$ Effective with the July 1984 SURVEY, data for 1983 have been revised and are available upon request.
Page S-32
1. Annual total includes revisions not distributed to the months.
2. Production of new vehicles (thous. of units) for May 1985: passenger cars, 111; trucks
and buses, 322.
3. Effective with the Feb. 1984 SURVEY, data have been revised back to 1981. Effective
with the Mar. 1985 SURVEY, data have been revised back to 1982. These revisions, which
were made to reflect updated seasonal factors, are available upon request.
4. See note "##" for this page.
5. Series has been discontinued.
6. Effective with the July 1984 SURVEY, data for 1983 have been revised and are available upon request.
7. See note "t" for this page.
# Total includes backlog for nonrelated products and services and basic research.
§ Domestics comprise all cars assembled in the U.S. and cars assembled in Canada and
imported to the U.S. under the provisions of the Automotive Products Trade Act of 1965.
Imports comprise all other cars.
O Courtesy of R.L. Polk & Co.; republication prohibited. Because data for some states
are not available, month-to-month comparisons are not strictly valid.
$ Excludes railroad-owned private refrigerator cars and private line cars.
t Monthly revisions for aircraft shipments and airframe weight for 1982 and 1983 are
available upon request. Monthly revisions for truck trailers, etc. for 1981-83 are available
upon request.
@ Includes passenger vans.
* New series, first shown in the Mar. 1984 SURVEY. Annual and monthly data back to
1967 are available upon request.
tt Includes Volkswagens produced in the U.S.
tt Sizes (gross vehicle weight) are classified as follows: Light-duty, up to 14,000 Ibs.;
medium-duty, 14,001 - 26,000 Ibs.; and heavy-duty, 26,001 Ibs. and over.
## Annual and monthly data back to 1981 have been replaced with total imports of
passenger cars published by the International Trade Commission, which exclude estimated
quantities of passenger cars assembled in foreign trade zones. These new data, which are
comparable with data previously published for 1980 and earlier periods, are available upon
request.
@@ Monthly data discontinued for the year 1982; reinstated beginning Jan. 1983.
Soon To Be Released...
LOCAL AREA
PERSONAL INCOME
1978-83
Statistics for 1978-83:
Personal income
• Total
• Per capita
• By type of income
Earnings by industry
Covering:
Counties
Metropolitan Areas
States
Regions
United States
For information write:
Regional Economic Measurement Division BE-55
Bureau of Economic Analysis
U.S. Department of Commerce
Washington, DC 20230
In nine volumes, each
containing a methodology.
• Summary volume
• Eight regional volumes
INDEX TO CURRENT BUSINESS STATISTICS, Pages S1-S36
SECTIONS
General:
Business indicators
Commodity prices
Construction and real estate
Domestic trade
Labor force, employment, and earnings...
Finance
Foreign trade of the United States
Transportation and communication
1-5
5,6
7,8
8,9
9-13
13-16
16-18
18,19
Industry:
.... 19,20
Chemicals and allied products
20
Electric power and gas
Food and kindred products; tobacco ....... .... 20-23
23
Leather and products
.... 23,24
Lumber and products
.... 24-27
Metals and manufacturers
.... 27,28
Petroleum, coal, and products ....
.... 28,29
Pulp, paper, and paper products.
29
Rubber and rubber products.......
30
Stone, clay, and glass products...
.... 30-32
Textile products
32
Transportation equipment
Footnotes.....
33-35
INDIVIDUAL SERIES
8,12
Advertising
.........<
32
Aerospace vehicles
13
Agricultural loans
18
Air carrier operations
...
27
Air conditioners (room)
4,32
Aircraft and parts
19
Alcohol, denatured and ethyl
Alcoholic beverages
8, 20
Aluminum
25
Apparel
2, 4-6, 8-12, 31, 32
Asphalt
,..........*.,.........
28
Automobiles, etc
2-4, 6, 8, 9,14,15,17, 32
. 13, 14
Banking
21
Barley
*...
27
Battery shipments
22
Beef and veal
8,17, 20
Beverages ...................................................
3-5
Blast furnaces, steel mills
.. 15,16
Bonds, prices, sales, yields
30
Brick
,. 2,4,5
Building and construction materials
7
Building costs
7
Building permits
Business incorporation (new), failures
5
2,3
Business sales and inventories
21
Butter
31
Carpets
22
Cattle and calves
30
Chain-store sales, firms with 11 or more
9
stores (retail trade)
21
Cheese*.......„.
2-4,10-12,
15,17,
19,
20
Chemicals
23
Cigarettes and cigars...,
Clay products
2-4, 30
Clothing (see apparel)
Coal
.....
2, 27
Cocoa...........*
22
Coffee
22
Coke
,
27
Combustion, atmosphere, heating equipment
26
Communication
15,19
Construction:
Contracts
7
Costs
7
Employment, unemployment, hours,
earnings
10-12
Housing starts
7
New construction put in place
7
Consumer credit
14
Consumer goods output, index
1, 2
Consumer Price Index
5, 6
Copper and copper products
25, 26
Corn
21
Cost of living (see Consumer Price Index)
5, 6
Cotton, raw and manufactures
5, 30, 31
Credit, commercial bank, consumer
14
Crops
5, 21, 23, 30
Crude oil
3, 27
Currency in circulation
15
Dairy products
5, 21
Debt, U.S. Government
14
Deflator, PCE
1
Department stores, sales, inventories
9
Deposits, bank
13, 15
Dishwashers and disposers
Disposition of personal income
Distilled spirits
Dividend payments
Drugstores, sales
Earnings, weekly and hourly
Eating and drinking places
Eggs and poultry
Electric power
Electrical machinery and equipment....................
10-12,
Employee-hours, aggregate, and indexes
Employment and employment cost
Explosives
Exports (see also individual commodities)
27
1
20
1,15
8, 9
12
8, 9
5, 22
2, 20
2-5,
15, 27
11
10-12
20
16-18
Failures, industrial and commercial
Farm prices
Fats and oils
Federal Government finance
Federal Reserve banks, large commercial.......
Federal Reserve member banks.......................
Fertilizers
5
5, 6
17
14
13
13
19
22
24
Flooring, hardwood
22
Flour, wheat
Food products
2-6, 8,10-12,15, 17, 20-23
Foreign trade (see also individual commod.) ....... 16-18
Freight cars (equipment)...................................
32
Fruits and vegetables
5
Fuel oil
.... 6,28
Fuels
2, 6, 17, 27, 28
Furnaces
27
Furniture.....
2, 6, 8-12
Gas, output, prices, sales, revenues
2, 6, 20
28
Gasoline
30
Glass and products
Glycerin
,........,......,.,*.»,.......,
19
Gold
............
14
Grains and products
5, 21, 22
9
Grocery stores
,
30
Gypsum and products .............................. „.
Hardware stores
8
Heating equipment...............................................
26
Help-wanted advertising index ..
.
12
Hides and skins ..........................*..,...,..................
6
Hop
.....................................................
22
Home loan banks, outstanding advances ............
8
Home mortgages
8
Hotels, motor hotels and economy hotels......—
18
Hours, average weekly.........................................
11
Houseftirnishings
.
2, 4,6, 8, 9
Household appliances, radios, and television sets
27
Housing starts and permits............................—
7
Imports (see also individual commodities)
17,18
1
Income, personal....
14
Income and employment tax receipts...
Industrial production indexes:
By industry
1,2
By market grouping .........................................
1, 2
Installment credit ................................................
14
Instruments and related products...........
2-4,10-12
Interest and money rates .....................................
14
Inventories, manufacturers' and trade ................ 3,4,9
Inventory-sales rates ..,...........*..........
3
Iron and steel
2,15, 24, 25
Labor force
9,10
Lamb and mutton
22
Lead
26
Leather and products
2, 6,10-12, 23
Livestock
5, 22
Loans, real estate, agricultural, bank (see also
Consumer credit)
8, 13
Lubricants
,
28
Lumber and products
2, 6,10-12, 23, 24
Machine tools
..
26
Machinery
..*.
2-6,10-12,15,17, 26, 27
Manufacturers' sales (or shipments), inventories,
orders
3-5
Manufacturing employment, unemployment,
production workers, hours, earnings ............... 10-12
Manufacturing production indexes
1, 2
Meat animals and meats
5, 22
Medical care
6
Metals.
2-6,10-12, 15, 24-26
Milk
21
Mining
2,10-12
Mobile homes, shipments, installment credit
7,14
Monetary statistics
15
Money and interest rates
14
Money supply
15
Mortgage applications, loans, rates
8,13,14
Motor carriers
18
Motor vehicles
2-4, 6, 8, 9,15,17, 32
National parks, visits
18
Newsprint
29
New York Stock Exchange, selected data
16
Nonferrous metals
2, 4, 5, 15, 25, 26
Oats
21
Oils and fats
17
Orders, new and unfilled, manufacturers'...........
4, 5
Outlays, U.S. Government
14
20
Paint and paint materials
2-4,
Paper and products and pulp...
6,10-12, 15, 28, 29
Parity ratio
5
Passenger cars
2-4, 6, 8, 9,15,17, 32
Passports issued
..................*.
18
Personal consumption expenditures
1
Personal income
1
Personal outlays
1
Petroleum and products....................................... 2—4,
10-12,15,17, 27, 28
Pig iron
24
Plastics and resin materials
20
Population
9
Pork
22
Poultry and eggs ....—...—.....
................... 5, 22
Price deflator, implicit (PCE)....
1
Prices (see also individual commodities)
—
5, 6
Printing and publishing..................................... 2,10-12
Private sector employment, hours, earnings........
10-12
Producer Price Indexes (see also individual commodities) ..,
6
Profits, corporate................*.......*..........*..*...........
15
Public utilities
1, 2,7,15, 20
Pulp and pulpwood...............................................
28
Purchasing power of the dollar
6
.
8, 27
Radio and television
13, 18, 32
Railroads
.....
27
Ranges and microwave ovens ...
......... .... 8,13
Real estate.................................
.
14
Receipts, U.S. Government
.
.
27
Refrigerators and freezers........
32
Registrations (new vehicles).....
.„„...
6
Rent (housing).
Retail trade
2, 3, 5, 8-12, 32
Rice....,
21
Rubber and products (incl. plastics)
2-4,
6,10-12, 29
1
Saving, personal.........................
.......
8,14
Savings and loan associations....
„..
13,15
Savings deposits
....„„...
15
Securities issued.........................
.... ....... 15,16
Security markets...
Services
6,10-12
22
Sheep and lambs..
23
Shoes and other footwear
....
.......................
14
Silver
.
31
Spindle activity, cotton .
........
Steel and steel manufactures ....... _________ .-------------24, 25
Stock market customer financing .......................
15
16
Stock prices, yields, sales, etc ..... .......................
Stone, clay, glass products........... .... 2-4, 10-12, 15, 30
......_____............
23
Sugar
Sulfur
. . ...
19
Sulfuric acid
19
Superphosphate
31
Synthetic textile products...—.....
Tea imports
23
Telephone and telegraph carriers
19
Textiles and products
2-4, 6,10-12,15, 30, 31
Tin
26
Tires and inner tubes
29
Tobacco and manufactures
2-4, 10-12, 23
Tractors
27
Trade (retail and wholesale)
2, 3, 5, 8-12, 32
Transit lines, urban
18
Transportation
6,10-12,15,18
Transportation equipment
2-6,10-12,15, 17, 32
Travel
18
Truck trailers
32
Trucks
32
Unemployment and insurance
U.S. Government bonds
U.S. Government finance
Utilities
Vacuum cleaners
Variety stores
Vegetables and fruits
Wages and salaries
Washers and dryers
Water heaters
Wheat and wheat flour
Wholesale trade
Wood pulp
Wool and wool manufactures .
Zinc
9, 10, 13
16
14
2, 6, 7, 15, 20
27
9
5
1,12
27
27
21, 22
2, 3, 5, 8, 10-12
28
,..
31
26
UNITED STATES
GOVERNMENT PRINTING OFFICI
SUPERINTENDENT OF DOCUMENTS
WASHINGTON, D C 20402
Penalty for Private Use, $300
In the second quarter
• Real GNP increased 3 percent
• GNP fixed-weighted price index increased 4 percent
Real Final Sales
Real GNP
1981
1982
1983
1984
1985
1981
GNP Fixed-Weighted Price Index
1981
1982
1983
1984
1982
1983
1984
1985
Real Disposable Personal Income
1985
1981
1982
1983
1984
1985
@FedFRASER