Full text of Survey of Current Business : June 1986
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JUNE 1986 / VOLUME 66 NUMBER
CONTENTS
I
^
Business Situation
3
Reconciliation and Other Special Tables
16
Plant and Equipment Expenditures,
the Four Quarters of 1986
17
Sources of Change in Federal Transfer Payments
to Persons: An Update
21
The International Investment Position
of the United States in 1985
26
US, International Transactions, First Quarter 1986
36
Constant-Dollar InTentories, Sales, and
Inventory-Sales Ratios for Manufacturing and Trade
74
Subject Guide
Malcolm Baidrige / Secretary
D* Bruce Merrifield/Acting under
Secretary for Economic Affairs
1
National Income and Product Accounts Tables
"-.
76
Allan H* Young / Director
Carol S. Carson / Deputy Director
Editor4n-Chiefi Carol S. Carson
Manuscript Editor: Dannelet A. Grosvenor
Managing Editor; Leland L* Scott
Staff GMribittom to This Issue? Leo M. Bernstein,
Barbara F» Brereton, David W, Cartwright, Thomas
M» HpHoway, Ned G- Howemtine, Ralph Korfow,
Russell C, Krueger, Daniel J, Larkins, National
Ineoine and Wealth Division, Eugene P. Seskin, Russell B. Seholl, Bayid F. Stillivan
SuftVEY OF CuHBEfiT BUSINESS';' Published monthly by the Bureau
of Economic Analysis of the U.S, Department of Commerce, Editorial correspondence should be addressed to the Editor-in-Chief,
Survey of Current Business* Bureau of Economic Analysis, U.S.
Department of Commerce/Washington, DC 20230.
Annual subscription: second-class mail—$30.00 domestic; $37:50
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Mail subscription orders and address changes to the Superintendent of Documents, U.S. Government Printing Office, Washington*
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Second-elass postage paid at Washington, DC and at additional7
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CURRENT BUSINESS STATISTICS
Genera!
SI
Industry S19
Footnotes S33
Subject Index (Inside Back €omr)
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the BUSINESS SITUATION
i ROFITS from current production- with petroleum prices accounting for
In manufacturing, profits declined
profits before tax with inventory valu- much of the decline; in the fourth $61/2 billion, following a $3V2 billion
ation adjustment (IVA) and capital quarter, the index had increased 21A> decline in the fourth quarter; in both
consumption adjustment (CCAdj)—in- percent. As a result of the drop in in- quarters, declines in profits of noncreased $101/2 billion in the first quar- ventory prices, the IVA swung to $18 durables manufacturers more than
ter of 1986, following a $6 billion de- billion from negative $10 billion; most offset increases in profits of durables
of the first-quarter IVA was in indus- manufacturers.
cline in the fourth quarter of 1985.
Domestic profits of nonfinancial tries with substantial petroleum inWithin nondurables,
petroleum
corporations increased $7x/2 billion in ventories—mining, petroleum manu- profits dropped $11V2 billion, to $9 bilthe first quarter, following a decline facturing, utilities, and trade (which lion; $8V2 billion of the drop reflected
of $11V2 billion in the fourth, reflect- includes gasoline service stations).
a fine paid to the U.S. Department of
ing increases both in real gross corpoEnergy by a major corporation in acProfits with IVA but without cordance with a Federal court ruling
rate product and in profits per unit of
product. The increase in unit profits CCAdj.—The measure of profits esti- that had found that the corporation
resulted from a larger increase in mated by industry increased $11 bil- overcharged customers for crude oil
lion, following a decline of $9Vk bil- during 1975-80 in violation of Federal
unit price than in unit cost.
Domestic profits of financial corpo- lion. A $7V2 billion increase in the oil price regulations. Profits of petrorations increased $4 billion in the profits of nonfinancial corporations leum manufacturers were also defirst quarter, following an increase of was more than accounted for by retail pressed in the first quarter by the
$1 billion, and profits from the rest of trade and communications; manufac- sharp drop in crude oil prices because
the world declined $1 billion, follow- turing profits declined.
corporations in this industry also are
Retail trade profits increased $6 bil- heavily engaged in the extraction of
ing an increase of $4Vz billion.
lion, as sales increased. Communica- domestic crude. Elsewhere in nondurProfits before tax.— Profits before tions profits increased sharply, follow- ables, chemicals profits rebounded
tax (PBT) declined $17 billion in the ing a steep decline; on average over $2 V billion after a record $3 billion
2
first quarter, following an increase of the two quarters, profits were in line decline; the industry benefited from
x
$5 /2 billion in the fourth. The con- with profits over the preceding year the drop in crude oil prices, which
trast between the increase in profits and a half. Cost reductions by tele- lowered the cost of petrochemical
from current production and the de- phone companies played a role in the feedstocks, and from slightly higher
cline in PBT is due to the CCAdj, first-quarter increase.
chemicals prices. In paper, profits
which declined $¥2 billion, and to the
IVA, which increased $28 billion.
Looking Ahead . . .
Both of these adjustments are reflected in the current production measure
• Annual Revisions of the National Income and Product Accounts. Rebut not in PBT.
vised estimates will be presented in the July SURVEY. The revisions cover
The CCAdj is the difference bethe period beginning with the first quarter of 1983 and incorporate new
tween depreciation based largely on
source data and seasonal factors.
tax accounting, on the one hand, and
• Fixed Reproducible Tangible Wealth. Revised estimates of fixed reproeconomic depreciation as defined by
ducible tangible wealth in the United States for 1983-85 will be presented
BEA, on the other. The IVA removes
in the August SURVEY. The revisions will incorporate revised national
the capital-gains-like element from
income and product account estimates.
profits when inventory prices in• Local Area Personal Income, 1979-84. A nine-volume publication conC £ase; likewise, it removes the captaining total and per capita personal income, as well as additional detail
ital-loss-like element when inventory
on the sources of personal income by type and major industry, will be
prices decline. In the first quarter, inavailable in July. The publication presents estimates for all States, metroventory prices declined substantially,
politan statistical areas, and counties. Order information will appear in
following increases in the fourth
the SURVEY.
quarter. For example, the Producer
• • Pollution Abatement and Control Expenditures. Revised estimates of
Price Index, a major source for estiU.S. expenditures for pollution abatement and control for 1972-83 and esmating the IVA, declined 5l/2 percent
timates for 1984 will appear in a forthcoming issue of the SURVEY.
(annual rate) in the first quarter,
SURVEY OF CURRENT BUSINESS
dropped from an unusually high
fourth-quarter level, while in printing
and publishing, profits increased from
an unusually low fourth-quarter level.
In durables manufacturing, the
largest increases were in fabricated
metals ($2 billion) and in lumber; the
surge in residential construction activity brought on by low interest rates
was one factor behind the increases.
Profits of motor vehicles manufacturers increased $1 billion, as a sharp increase in auto output more than
offset both a decline in truck output
Table 1.—Revisions in Selected Component Series of the NIPA's, First Quarter of 1986
Percent change from
preceding quarter at
annual rates
Seasonally adjusted at annual rates
45-day
estimate
75-day
estimate
Revision
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
4,121.3
2,669.1
480.3
197.8
37.4
-99.8
836.6
4,115.7
2,668.2
479.1
198.2
39.9
-105.8
836.2
56
9
-1.2
.4
2.5
-6.0
4
6.3
5.3
-9.5
11.5
5.7
5.2
-10.4
12.4
93
94
National income
Compensation of employees
Corporate profits with inventory valuation and capital
consumption adjustments
Other
3,315.6
2,462.8
3,314.9
2,463.1
-.7
.3
5.7
5.9
5.6
6.0
314.2
538.7
313.7
538.1
5
.6
15.5
4
14.7
-1.0
Personal income
3,398.5
3,397.5
1.0
5.4
5.3
6.6
-2.0
-.3
1.8
2.3
78
-.5
3.7
4.2
-13.0
5.3
-13.8
2.3
2.0
2.5
and an increase in cost of sales incentive programs. In nonelectric machinery (which includes computer manufacturing), profits declined $lVfe billion, reflecting a substantial decline
in sales.
Most of the $4 billion increase in
profits of financial corporations was
accounted for by insurance, especially
property and casualty insurance
where reduced claims and expenses in
the first quarter, in conjunction with
rate increases in previous quarters,
produced a swing from losses to profits. Current net earnings of Federal
Reserve Banks, which are treated as
corporate profits in the NIPA's, also
increased; an increase in Federal Reserve holdings of Federal debt instruments more than offset a decline in
interest rates.
Profits from the rest of the world
declined $1 billion. Profits of U.S.owned corporations abroad were flat,
while profits of foreign-owned corporations in the U.S. increased.
2.9
3.8
-13.3
9.7
-13.6
June 1986
Billions of constant (1982) dollars
GNP
Personal consumption expenditures
Nonresidential fixed investment
Residential investment
Change in business inventories
Net exports
Government purchases
3,623.5
2,354.3
469.8
177.8
33.0
-130.3
718.8
3,616.9
2,352.3
469.5
179.6
35.3
138 1
718.3
l
Index numbers, 1982 = 100
GNP price index (fixed weights)
GNP price index (chained weights)
GNP implicit price deflator
114.4
114.5
.1
113.7
113.8
.1
2.5
2.1
2.9
1. Not at annual rates.
NOTE.—For the first quarter of 1986, the following revised or additional major source data became available: For personal
consumption expenditures, revised retail sales for March, used car sales for the quarter, consumer share of new car purchases for
March, and consumption of electricity for February; for nonresidential fixed investment, revised manufacturers' shipments of
equipment for March, revised construction put in place for March, and business share of new car purchases for March; for
residential investment, revised construction put in place for March; for change in business inventories, revised book values for
manufacturing and trade for March; for net exports of goods and services, revised statistical month merchandise exports and
imports for March, and revised service receipts for the quarter; for government purchases of goods and services, revised
construction put in place for March; for wages and salaries, revised employment, average hourly earnings, and average weekly
hours for March; for net interest, financial assets held by households for the quarter, and revised net interest received from
abroad for the quarter; for corporate profits, revised domestic book profits for the quarter, and revised profits from the rest of the
world for the quarter; and for GNP prices, revised residential housing prices for the quarter.
First-quarter NIPA revisions
The 75-day revisions of the national
income and product accounts estimates for the first quarter of 1986 are
shown in table 1. The downward revision of GNP was more than accounted
for by net exports, reflecting the incorporation of the recently released
revision of the balance of payments
accounts.
SURVEY OF CURRENT BUSINESS
June 1986
National Income and Product Accounts Tables
Revised estimates in this issue: First quarter 1986.
The full set of National Income and Product Accounts estimates shown regularly in this part of the SURVEY are now available on diskette
for $240 per year (12 updates). For more information, write to the Bureau of Economic Analysis (BE—54), U.S. Department of Commerce, Washington, DC 20230.
Table 1.1.—Gross National Product
Table 1.2.—Gross National Product in Constant Dollars
[Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
1984
1985
1984
I
IV
Seasonally adjusted at annual rates
1986
1985
II
III
IV
1984
lr
Durable goods
Nondurable goods
Services . .
Gross private domestic
investment
Fixed investment
Nonresidential
Structures
Producers' durable
equipment
Residential
Change in business
inventories
Nonfarm
Farm
Net exports of goods and
services
Exports
Imports...
Government purchases of goods
and services
Federal
National defense
Nondefense
State and local
1984
1985
IV
Gross national product...... 3,774.7 3,988.5 3,852.5 3,917.5 3,960.6 4,016.9 4,059.3 4,115.7
Personal consumption
expenditures
1985
Gross national product
I
II
1986
III
IV
Ir
3,492.0 3,570.0 3,515.6 3,547.8 3,557.4 3,584.1 3,590.8 3,616.9
2,423.0 2,582.3 2,480.1 2,525.0 2,563.3 2,606.1 2,634.8 2,668.2
Personal consumption
expenditures
2,239.9 2,313.0 2,262.0 2,288.6 2,303.5 2,329.6 2,330.4 2,352.3
331.1 361.5 341.5 351.5 356.5 376.0 362.0 363.1
872.4 912.2
914.5
928.3 935.6
883.1 895.7 910.2
1,219.6 1,308.6 1,255.4 1,277.8 1,296.6 1,315.6 1,344.6 1,369.5
Durable goods
Nondurable goods
Services
318.6 345.3 327.6 335.0 340.3 359.3 346.7 346.1
828.0 846.9 828.6 839.9 846.7 849.8 851.1 864.9
1,093.3 1,120.8 1,105.8 1,113.7 1,116.5 1,120.4 1,132.6 1,141.4
Gross private domestic
investment
674.0
669.3
676.2
657.6
672.8
666.1
680.7
717.2
607.0
427.9
147.6
661.8
476.2
170.2
637.2
458.1
157.2
639.1
459.6
166.1
657.3
474.2
169.7
665.9
478.5
170.4
685.0
492.5
174.5
677.3
479.1
169.1
280.2
179.1
306.0
185.6
300.9
179.1
293.5
179.4
304.5
183.1
308.1
187.4
318.0
192.5
309.9
198.2
67.1
58.0
9.1
7.5
11.8
-4.3
39.0
36.4
2.6
18.5
14.2
4.3
15.5
10.8
4.7
.2 -4.3
19.0
3.1
-2.9 -23.3
39.9
40.7
8
Fixed investment
Nonresidential
Structures
Producers' durable
equipment
Residential.
Change in business
inventories
Nonfarm
Farm
-59.2
-78.5
-72.2
-42.3
-70.3
-87.8 -113.4 -105.8
Net exports of goods and
services
384.6
443.8
369.9
448.4
389.5
461.7
379.6
421.9
369.2
439.5
363.2
451.0
367.8
481.2
736.8
815.4
768.4
777.2
794.8
832.5
857.2
836.2
312.9
237.0
76.0
423.9
355.4
261.9
93.6
460.0
332.9
247.5
85.4
435.5
334.4
249.5
84.9
442.8
337.8
256.0
81.7
457.1
364.8
269.9
95.0
467.7
384.7
272.1
112.6
472.5
357.1
268.0
89.1
479.0
374.4
480.2
661.3
655.6
645.0
655.7
684.4
623.8
457.2
163.2
640.5
470.9
165.3
646.8
473.7
165.8
662.0
486.5
168.7
649.1
469.5
161.8
306.3
171.2
301.9
166.0
293.9
166.7
305.6
169.6
307.9
173.1
317.8
175.5
307.7
179.6
5.7
10.6
-4.8
36.1
34.6
1.5
15.8
11.8
4.0
15.1
10.7
4.5
-1.8
-6.3
1.6
18.2
-3.4 -24.5
35.3
36.2
g
-85.0 -108.4 -100.2
-71.8
101 1
119 8
140 8 -138.1
370.9
455.9
359.9
468.3
377.3
477.5
368.7
440.5
358.2
459.3
353.5
473.3
359.2
500.0
365.0
503.0
675.9
716.4
693.9
691.4
699.4
729.2
745.5
718.3
292.5
220.3
72.3
383.3
Federal
National defense
Nondefense
State and local
639.6
623.8
457.8
156.0
62.7
55.9
6.8
Government purchases of goods
and services
659.9
643.3
472.0
165.8
281.6
168.3
Exports..;
Imports..
649.0
598.6
430.3
148.7
322.6
235.7
86.9
393.8
307.3
227.9
79.5
386.6
304.3
226.7
77.6
387.1
305.9
231.5
74.3
393.6
331.1
243.3
87.9
398.1
349.0
241.3
107.7
396.5
319.1
238.0
81.1
399.2
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
Table 1.3.—Gross National Product by Major Type of Product
Table 1.4.—Gross National Product by Major Type of Product in
Constant Dollars
[Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1984
1985
1984
IV
Gross national product
Final sales
Change in business
inventories
Goods
Final sales
Change in business
inventories . . .
I
II
III
IV
3,707.6 3,981.1 3,813.5 3,899.0 3,945.0 4,016.7 4,063.6 4,075.7
7.5
39.0
18.5
15.5
.2
-4.3
1,518.8 1,631.9 1,565.0 1,609.8 1,620.5 1,650.6 1,646.5 1,628.7
7.5
39.0
18.5
15.5
.2
-4.3
39.9
Durable goods
Final sales
Change in business
/ \ inventories
679.5
642.5
709.2
702.8
701.9
672.6
706.2
689.4
705.9
704.0
714.8
721.2
710.0
696.7
709.8
681.1
37.0
6.4
29.3
16.9
1.8
-6.4
13.4
28.7
Nondurable goods
Final sales
Change in business
inventories
906.3
876.2
930.1
929.0
902.2
892.5
922.1
920.5
930.2
916.5
935.9
929.4
932.2
949.8
958.8
947.6
30.1
1.1
9.7
1.6
13.7
6.6
177
11.2
Structures
1,806.6 1,930.5 1,855.6 1,887.6 1,908.2 1,939.9 1,986.4 2,014.5
382.2
418.7
392.9
401.5
416.3
426.2
430.6
432.5
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
I
II
III
IV
lr
3,492.0 3,570.0 3,515.6 3,547.8 3,557.4 3,584.1 3,590.8 3,616.9
3,429.3 3,564.3 3,479.5 3,532.0 3,542.3 3,585.8 3,597.1 3,581.6
Gross national product
Final sales
Change in business
35.3
6.3
15.1
-1.8
36.1
15.8
62.7
5.7
1,506.4 1,532.4 1,510.5 1,530.3 1,531.5 1,541.0 1,526.8 1,548.5
1,443.7 1,526.7 1,474.4 1,514.6 1,516.3 1,542.7 1,533.1 1,513.1
39.9
1,585.8 1,639.3 1,604.0 1,628.4 1,636.0 1,650.8 1,642.2 1,668.6
1986
1985
1984
IV
3,774.7 3,988.5 3,852.5 3,917.5 3,960.6 4,016.9 4,059.3 4,115.7
67.1
1985
lr
67.1
Services
1984
1986
1985
Goods
Final sales
Change in business
inventories
62.7
5.7
36.1
15.8
1.5.1
-1.8
-6.3
35.3
Durable goods
Final sales
Change in business
inventories
655.4
619.9
676.5
670.8
672.6
644.8
673.1
657.2
674.2
672.6
680.3
686.4
678.6
666.8
676.5
650.1
35.5
5.8
27.9
15.8
1.6
6.1
11.8
26.3
Nondurable goods
Final sales
Change in business
inventories
851.0
823.9
855.9
855.9
837.9
829.6
857.3
857.3
857.3
843.8
860.7
856.3
848.3
866.3
872.0
863.0
27.1
0
8.2
.1
13.5
4.4 -18.0
9.0
1,615.4 1,644.2 1,630.1 1,636.0 1,633.9 1,643.4 1,663.5 1,669.7
Services
Structures
....
370.2
393.4
375.0
381.5
392.0
399.7
400.5
398.8
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
SURVEY OF CURRENT BUSINESS
June 1986
Table 1.5.—Relation of Gross National Product, Gross Domestic
Purchases, and Final Sales to Domestic Purchasers
Table 1.6.—Relation of Gross National Product, Gross Domestic
Purchases, and Final Sales to Domestic Purchasers in Constant Dollars
[Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1984
1985
1985
1984
IV
Gross national product
Less: Exports of goods and
services
Plus: Imports of goods and
services
Equals: Gross domestic
purchases 1.
Less: Change in business
inventories
Equals: Final 2sales to domestic
purchasers
I
II
1986
443.8
369.9
448.4
389.5
461.7
379.6
421.9
369.2
439.5
363.2
451.0
374.4
367.8
480.2
481.2
3,833.9 4,067.0 3,924.7 3,959.8 4,030.9 4,104.7 4,172.7 4,221.5
67.1
7.5
39.0
18.5.
15.5
.2
39.9
43
3,766.8 4,059.5 3,885.7 3,941.3 4,015.4 4,104.5 4,177.0 4,181.6
Gross national product
Less: Exports of goods and
services
Plus: Imports of goods and
services
Equals: Gross domestic
purchases 1Less: Change in business
inventories
Equals: Final 2sales to domestic
purchasers
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1,
Table 1.7.—Gross National Product by Sector
Gross national product
Gross domestic product
Business
Nonfarm
Nonfarm less housing
Housing
Farm
Statistical discrepancy
Households and institutions
Private households
Nonprofit institutions
I
II
III
V
IV
3,774.7 3,988.5 3,852.5 3,917.5 3,960.6 4,016.9 4,059.3 4,115.7
3,726.7 3,947.7 3,805.6 3,874.7 3,920.4 3,977.2 4,018.5 4,077.7
3,203.1 3,387.9 3,270.6 3,327.8 3,365.5 3,414.2 3,444.0 3,493.9
3,124.4 3,317.5 3,200.7 3,251.3 3,301.5 3,346.9 3,370.5 3,432.2
2,834.8 3,001.9 2,901.9 2,946.9 2,990.0 3,027.3 3,043.3 3,098.5
289.7 315.7 298.7 304.4 311.6 319.6 327.2 333.6
64.7
68.7
71.5
64.7
74.0
80.2
69.7
77.6
2.1 -2.9
2.5
2.5 -4.7
.6 -7.6
-1.5
131.9 140.8 134.9 136.9 139.3 141.9 145.1 148.3
10.0
9.4
9.8
9.6
9.2
9.1
8.7
9.5
123.2 131.3
125.9 127.7 129.8 132.3 135.3 138.4
391.7
132.1
259,6
419.0
139.8
279.2
400.0
133.5
266.5
410.0
138.3
271.7
415.6
139.0
276.6
421.2
139.5
281.6
429.4
142.5
286.9
435.5
143.2
292.2
Rest of the world ..
48.0
40,8
46.9
42.8
40.2
39.6
40.7
37.9
Addendum:
Gross national product
Less: Capital consumption
allowances with capital
consumption adjustment
Capital consumption
allowances without
capital consumption
adjustment
Less: Capital
consumption
adj ustment
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
2,903.8
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
Table 1.8.—Gross National Product by Sector in Constant Dollars
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
1984
1985
1984
IV
1986
1985
I
II
370.9
359.9
377.3
368.7
358.2
353.5
359.2
365.0
455.9
468.3
477.5
440.5
459.3
473.3
500.0
503.0
3,577.0 3,678.4 3,615.8 3,619.6 3,658.5 3,703.8 3,731.7 3,755.0
62.7
5.7
36.1
15.8
15.1
-1.8
6.3
35.3
3,514.3 3,672.7 3,579.7 3,603.8 3,643.4 3,705.6 3,737.9 3,719.7
[Billions of dollars]
Government
Federal
State and local
Gross domestic business
P
g
3,492.0 3,570.0 3,515.6 3,547.8 3,557.4 3,584.1 3,590.8 3,616.9
1986
1985
IV
r
IV
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
Seasonally adjusted at annual rates
1984
III
II
I
Table 1.9.—Relation of Gross National Product, Net National Product,
National Income, and Personal Income
[Billions of dollars]
1985
1986
1985
IV
1. Purchases in the United States of goods and services wherever produced.
2. Final sales in the United States of goods and services wherever produced.
1. Purchases in the United States of goods and services wherever produced.
2. Final sales in the United States of goods and services wherever produced.
1984
1984
1985
r
IV
III
3,774.7 3,988.5 3,852.5 3,917.5 3,960.6 4,016.9 4,059.3 4,115.7
384.6
1984
III
IV
V
3 7747 3 988 5 3 852 5 3 917 5 3 950 g 4 0169 4 059 3 4 1157
418.9
438.4
427.7
430.5
433.8
441.4
447.9
450.5
419.8
4789
4391
4579
4710
4883
498 5
5015
8
405
114
273
373
469
505
51 0
3,355.8 3,550.1 3,424.8 3,487.0 3,526.8 3,575.5 3,611.3 3,665.2
3106
3284
3174
3213
3298
3298
3327
3410
173
-1.5
193
.6
18 1
-7.6
186
2.5
191
-4,7
196
2.5
201
2.1
206
-2.9
101
95
74
107
95
44
135
84
30393 3 211 3 3 1044 3 155 3 3 192 2 3 228 0 3 269 9 3 3149
Less: Corporate profits with
inventory valuation and
capital consumption
adjustments
Net interest
Contributions for social
insurance .. .
Wage accruals less
disbursements
2733
3002
2955
2874
2762
3070
2817
3029
2881
2924
3091
2818
303 1
2726
3137
2678
3252
3549
3317
3480
3529
3564
3623
3709
2
2
6
1
10
o
o
o
Plus: Government transfer
payments to persons
Personal interest income....
Personal dividend income ..
Business transfer
payments
4374
442.2
74.6
4652
456.3
78.9
441 1
461.3
76.9
459 0
462.8
77.9
461 9
460.5
78.7
468 6
450.6
79.1
471 1
451.4
79.8
482 0
450.2
82.1
Equals: Personal income
173
193
20 6
18 1
186
19 1
19 6
201
3,111.9 3,293.5 3,186.2 32409 3,280 1 32985 33543 3 397 5
Gross national product ...... 3,492.0 3,570.0 3,515.6 3,547.8 3,557.4 3,584.1 3,590.8 3,616.9
Gross domestic product.. .
3,447.5 3,533.4 3,472.6 3,508.9 3,521.2 3,548.6 3,554.7 3,583.6
Business
Nonfarm
Nonfarm less housing
Housing
Farm
Statistical discrepancy
2,982.1 3,062.1 3,004.6 3,039.9 3,051.1 3,076.7 3,080.6 3,107.4
2,912.3 2,988.3 2,939.2 2,964.6 2,981.8 3,000.8 3,006.0 3,038.2
2,653.3 2,722.6 2,677.7 2,701.5 2,717.0 2,734.1 2,737.6 2,768.0
258.9 265.7 261.5 263.1 264.9 266.6 268.4 270.2
72.7
71.8
73.5
73.7
73.0
71.2
72.5
73.2
1.9 -2.6
-1.4
2.3
2.3 -4.2
.5 -7.0
Households and institutions
Private households
Nonprofit institutions
116.9
8.6
108.3
120.1
9.0
111.2
118.1
8.9
109.1
118.5
8.7
109.8
119.4
8.8
110.5
120.5
9.0
111.5
122.1
9.2
112.9
123.5
9.5
114.0
Government
Federal
State and local
348.5
120.3
228.2
351.2
121.6
229.6
349.9
121.0
228.9
350.4
121.4
229.1
350.7
121.5
229.2
351.4
121.7
229.7
352.1
121.7
230.4
352.7
122.0
230.7
Rest of the world ..
44.5
36.6
43.0
38.9
36.2
35.4
36.1
33.4
Addendum:
Gross domestic business
product less housing
27138
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
Table 1.10.—Relation of Gross National Product, Net National Product,
and National Income in Constant Dollars
[Billions of 1982 dollars]
Gross national product
Less: Capital consumption
allowances with capital
consumption adjustment
Equals: Net national product
Less: Indirect business tax and
nontax liability plus business
transfer payments less
subsidies plus current surplus
of government enterprises .........
Statistical discrepancy
Equals: National income.
3,492.0 3,570.0 3,515.6 3,547.8 3,557.4 3,584.1 3,590.8 3,616-9
r ,^j
•\_
405.9
423.2
411.0
415.2
420.1
426.6
431.2
433.6
3,086.1 3,146.8 3,104.6 3,132.6 3,137.3 3,157.5 3,159.7 3,183.3
290.3
-1.4
297.1
.5
292.2
-7.0
295.8
2.3
295.4
-4.2
298.6
298.5
2.3
1.9
302.3
-2.6
2,797.2 2,849.1 2,819.4 2,834.6 2,846.1 2,856.6 2,859.3 2,883.6
SURVEY OF CURRENT BUSINESS
June 1986
Table 1.11 is on the next page.
Table 1.16.—Gross Domestic Product of Corporate Business in Current
Dollars and Gross Domestic Product of Nonfinancial Corporate
Business in Current and Constant Dollars
Seasonally adjusted at annual rates
Table 1.14.—National Income by Type of Income
1984
[Billions of dollars]
1985
1985
1984
I
IV
1986
III
II
IV
Ir
Seasonally adjusted at annual rates
1984
1985
1984
IV
National income
Compensation of employees
Wages and salaries
Government and
government enterprises
Other
Supplements to wages and
salaries
Employer contributions for
social insurance
Other labor income
Proprietors' income with
inventory valuation and
capital consumption
adjustments
Farm
Proprietors' income with
inventory valuation
adjustment
Capital consumption
adjustment
Nonfarm
Proprietors' income
Inventory valuation
adj ustment
Capital consumption
adj ustment
Rental income of persons with
capital consumption
adjustment
Rental income of persons
Capital consumption
adjustment
Corporate profits with
inventory valuation and
capital consumption
adjustments
Corporate profits with
inventory valuation
adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation
adjustment
Capital consumption
adjustment
Net interest
Addenda:
Corporate profits after tax
with inventory valuation
and capital consumption
adjustments
Net cash flow with
inventory valuation and
capital consumption
adjustments
Undistributed profits with
inventory valuation and
capital consumption
adjustments
Capital consumption
allowances with capital
consumption
adjustment
Less: Inventory valuation
i
adjustment
Equals: Net cash flow
1985
I
II
III
IV
F
3,039.3 3,211.3 3,104.4 3,155.3 3,192.2 3,228.0 3,269.9 3,314.9
2,221.3 2,372,5 2,278.5 2,320.4 2,356.9 2,385.2 2,427.5 2,463.1
1,835.2 1,960.3 1,884.4 1,917.7 1,947.6 1,970.1 2,005.8 2,035.4
346.3 370.6 354.7 362.6 367.4 372.6 379.7 384.9
1,488.9 1,589.7 1,529.8 1,555.1 1,580.2 1,597.5 1,626.1 1,650.5
386.2
412.2
394.0
402.7
409.4
415.1
421.7
427.7
192.8
193.4
205.8
206.4
196.8
197.2
201.8
200.9
204.6
204.8
206.7
208.4
210.2
211.5
213.4
214.3
233.7
32.1
242.2
21.2
232.9
26.6
239.4
26.5
240.9
22.8
237.5
12.2
250.9
23.3
250.6
15.5
41.3
29.9
35.4
31.6
20.9
31.8
23.8
93
201.6
183.6
87
-8.9
212.9
188.3
-8.8
218.1
190.3
-8.7
225.3
195.3
-8.5
227.6
197.9
-8.3
235.1
205.1
221.0
193.0
35.8
-9.2
206.3
185.4
-.5
-.2
-.2
-.3
-.2
.4
-.6
-.4
18.5
28.2
21.2
24.9
27.9
29.6
30.3
30.4
10.8
54.0
13.8
57.3
9.7
53.8
11.0
54.3
13.8
56.6
14.5
58.1
15.9
60.3
19.7
63.5
-43.2
435 -44.1
-43.4
-42.8
-43.7
-44.4
-43.7
273.3
295.5
276.2
281.7
288.1
309.1
303.1
313.7
232.3
237.6
93.6
144.0
78.1
65.9
224.6
225.3
85.0
140.2
83.5
56.7
226.3
228.0
87.4
140.6
80.7
60.0
220.6
220.0
83.4
136.6
82.0
54.6
220.9
218.7
82.3
136.4
83.1
53.3
233.2
228.6
87.4
141.1
83.9
57.3
223.7
233.8
87.1
146.7
85.0
61.7
234.7
216.6
79.7
137.0
87.6
49.4
54
6
.7
2.2
4.7
101
18.0
41.0
300.2
70.9
287.4
61.1
302.9
67.2
75.9
281.8
79.4
292.4
272.6
79.0
267.8
-1.6
49.8
307.0
Billions of dollars
1986
179.7
210.4
188.8
198.3
205.8
221.7
216.0
396.1
369.9
380.6
389.5
408.7
405.8
423.6
Capital consumption allowances
with capital consumption
adjustment ..
Net domestic product.....
Indirect business tax and
nontax liability plus
business transfer payments
less subsidies....
Domestic income
Compensation of employeesWages and salaries
Supplements to wages
and salaries
Corporate profits with
inventory valuation and
capital consumption
adjustments
Profits before tax .....
Profits tax liability
Profits after tax
Dividends
Undistributed profitsInventory valuation
adjustment
Capital consumption
adjustment
Net interest
Gross domestic product
of financial corporate
business...
Gross domestic product
of nonfinancial
corporate business
Capital consumption allowances
with capital consumption
adjustment
Net domestic product
Indirect business tax and
nontax liability plus
business transfer payments
less subsidies.
Domestic income
... .
Compensation of employeesWages and salaries
Supplements to wages
and salaries
Corporate profits with
inventory valuation and
capital consumption
adjustments
..
Profits before tax
Profits tax liability
Profits after tax
Dividends .
Undistributed profitsInventory valuation
adj ustment
Capital consumption
adjustment
Net interest
234.0
358.2
Gross domestic product
of corporate business
101.6
126.9
108.2
116.3
122.6
137.8
131.0
146.4
256.6
269.2
261.8
264.3
266.8
270.9
274.8
277.2
54
363.5
6
396.8
16
371.6
.7
379.9
2.2
387.3
4.7 -10.1
404.0 415.8
18.0
405.6
2,283.6 2,424.8 2,337.0 2,372.5 2,408.7 2,449.1 2,468.7 2,510.5
256.6 269.2 261.8 264.3 266.8 270.9 274.8 277.2
2,026.9 2,155.6 2,075.2 2,108.3 2,141.9 2,178.2 2,193.9 2,233.4
214.0 225.7 218.7 220.2 226.6 227.2 228.9 235.6
1,812.9 1,929.8 1,856.5 1,888.0 1,915.3 1,951.0 1,965.0 1,997.8
1,504.1 1,599.1 1,542.3 1,567.3 1,590.4 1,606.5 1,632.3 1,654.4
1,245.7 1,325.6 1,279.2 1,299.5 1,318.4 1,331.1 1,353.3 1,371.8
258.4
273.5
263.1
267.8
272.0
275.4
279.0
282.6
241.1
205.4
93.6
111.8
67.1
44.7
263.5
193.3
85.0
108.3
70.7
37.6
243.5
195.3
87.4
108.0
68.4
39.5
250.4
188.7
83.4
105:3
65.9
39.5
256.4
187.1
82.3
104.8
76.9
27.9
278.8
198.3
87.4
110.9.
69.8
41.0
268.5
199.2
87.1
112.1
70.2
41.9
279.8
182.8
79.7
103.1
70.3
32.8
-.6
16
.7
2.2
4.7
101
18.0
41.0
67.7
70.9
67.2
49.8
70.6
61.1
70.3
67.2
68.5
75.9
65.7
79.4
64.3
79.0
63.6
130.4
144.4
131.8
135.5
142.9
147.5
151.6
160.9
-5.4
2,153.1 2,280.4 2,205.2 2,237.0 2,265.8 2,301.6 2,317.1 2,349.6
242.5 253.7 247.1 249.3 251.5 255.2 258.8 261.0
1,910.6 2,026.7 1,958.0 1,987.7 2,014.3 2,046.4 2,058.3 2,088.6
202.2 213.4 206.7 208.2 214.2 214.8 216.3 222.7
1,708.4 1,813.3 1,751.3 1,779.5 1,800.1 1,831.6 1,842.0 1,866.0
1,401.6 1,488.5 1,437.2 1,460.1 1,480.6 1,494.7 1,518.3 1,535.6
1,161.1 1,234.2 1,192.3 1,210.9 1,227.8 1,238.9 1,259.2 1,273.7
240.6
254.2
244.9
249.2
252.8
255.8
259.1
261.9
221.1
186.3
71.7
114.6
72.1
42.5
239.2
170.8
61.0
109.8
76.3
33.5
224.1
176.9
65.3
111.6
73.6
38.0
229.8
169.6
60.9
108.6
71.7
37.0
232.2
164.6
58.0
106.6
83.1
23.5
253.1
174.5
63.3
111.2
75.0
36.1
241.7
174.5
61.8
112.7
75.5
37.2
249.2
154.2
52.4
101.8
75.8
26.0
54
-.6
16
.7
69.0
85.7
48.8
90.1
59.6
89.6
65.4
87.3
4.7 -10.1
2.2
40.3
85.7
73.9
83.8
77.3
82.0
18.0
77.0
81.2
Billions of 1982 dollars
Gross domestic product
of nonfinancial
corporate business
Capital consumption allowances
with capital consumption
adjustment
Net domestic product
Indirect business tax and
nontax liability plus
business transfer payments
less subsidies
Domestic income
2,039.3 2,095.8 2,061.0 2,077.3 2,087.2 2,106.9 2,111.7 2,127.9
237.1 247.4 240.2 242.8 245.9 249.0 251.8 254.2
1,802.1 1,848.4 1,820.8 1,834.5 1,841.3 1,858.0 1,859.9 1,873.7
184.7 189.2 186.1 188.1 188.2 190.0 190.6 192.6
1,617.5 1,659.2 1,634.6 1,646.4 1,653.1 1,668.0 1,669.2 1,681.1
SURVEY OF CURRENT BUSINESS
June 1986
Table 1.17.—Auto Output
Table 1.11.—Command-Basis Gross National Product in Constant
Dollars
[Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1984
1985
1984
1985
I
IV
r
IV
3,492.0 3,570.0 3,515.6 3,547.8 3,557.4 3,584.1 3,590.8 3,616.9
Gross national product
Less: Net exports of goods and
services
Exports
Imports
850 108 4 -100.2
370.9 359.9 377.3
455.9 .468.3 477.5
71 8
368.7
440.5
1985
1986
III
II
1984
101 1 119 8 1408
358.2 353.5 359.2
459.3 473.3 500.0
138 1
365.0
503.0
Equals: Gross domestic
purchases
3,577.0 3,678.4 3,615.8 3,619.6 3,658.5 3,703.8 3,731.7 3,755.0
Plus: Command-basis net
exports of goods and services.... -60.8 -82.0 -74.7 -44.2 -73.5 -92.2 -117.8 -110.9
Command-basis
exports l
395.1 386.3 402.8 396.3 385.8 381.1 382.2 392.2
Imports
455.9 468.3 477.5 440.5 459.3 473.3 500.0 503.0
Equals: Command-basis gross
national product
3,516.2 3,596.4 3,541.2 3,575.4 3,585.0 3,611.6 3,613.8 3,644.1
Addendum:
Terms of trade 2
106.5 107.3 106.7 107.4 107.7 107.8 106.4 107.4
1. Exports of goods and services deflated by the implicit price deflator for imports of goods and
services.
2. Ratio of the implicit price deflator for exports of goods and services to the implicit price
deflator for imports of goods and services with the decimal point shifted two places to the right.
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
1984
1985
I
IV
II
1986
III
1. Consists of final sales and change in busine inventories of new autos assembled in the
United States.
2. Consists of personal consumption expenditun , producers' durable equipment, and government purchases.
Table 1.18.—Auto Output in Constant Dollars
[Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1984
1985
Truck output l
Final sales
Personal consumption
expenditures
Producers' durable equipment..
Net exports of goods and
services
Exports
Imports
Government purchases of
goods and services
Change in business inventories ...
1986
1985
1984
IV
I
III
II
IV
lr
57.5
57.2
56.2
53.8
55.2
55.7
54.0
54.2
59.2
58.7
61.6
60.2
58.5
49.8
19.4
31.3
24.2
33.9
20.4
34.5
23.2
33.2
22.5
33.2
26.3
32.8
24.7
36.5
22.8
30.9
-5.7
2.5
8.2
-6.7
2.7
9.4
-5.9
2.8
8.6
-6.6
2.5
9.0
7.2
2.6
9.7
5.9
2.6
8.5
-7.4
3.0
10.4
-7.5
2.9
10.4
4.7
2.7
5.8
.3
4.7
2.4
5.8
-.5
5.6
-.2
5.5
.5
6.3
1.4
5.8
6.5
52.5
52.1
1. Includes new trucks only.
Table 1.20.—Truck Output in Constant Dollars
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
1984
1985
1984
IV
Truck output 1
Final sales
Personal consumption
expenditures...
Producers' durable equipment ..
Net exports of goods and
services
Exports
Imports
Government purchases of
goods and services
. .
Change in business inventories...
Ir
Auto output
103.4 113.4 106.3 119.4 107.7 117.5 108.9 115.7
Final sales
101.4 108.6 100.2 110.2 108.6 122.9
92.4 104.9
Personal consumption
expenditures
105.0 114.1 108.2 110.9 112.5 126.1 106.7 108.7
New autos
77.1
87.2
82.0
79.1
84.2
99.6
83.2
86.6
Net purchases of used autos..
28.0
26.8
29.1
28.9
28.3
26.5
23.5
22.2
Producers' durable equipment ..
20.6
23.2
19.8
21.2
22.4
26.7
22.4
27.8
New autos
39.9
43.5
42.1
39.1
48.7
42.6
40.6
42.8
Net purchases of used autos.. -19.3 -20.3 -19.4 -20.9 -20.2 -•22.0 -18.1 -15.1
Net exports of goods and
services
-25.8
303 -29.3 -23.7 -27.9 -31.3 -38.4 -33.9
Exports
4.9
6.1
5.0
6.3
5.7
6.5
6.0
6.5
Imports
30.7
36.4
30.0
37.8
44.4
34.3
33.5
40.4
Government purchases of
goods and services. ..
1.6
1.6
1.5
1.9
1.4
1.6
1.6
2.3
Change in business inventories
of new and used autos
2.0
4.8
6.1
9.2
-.9 -5.4
16.5
10.9
New
2.0
3.4
9.1
96
7.3
15
15.6
11.9
Used
.1
0
1.4 -1.2
4.2
.9 -1.1
.6
Addenda:
Domestic output of new
autos 1
86.5
95.4
97.2
88.5 102.8
87.7
93.9 104.8
Sales of imported new autos 2...
37.6
45.0
40.7
37.2
49.6
42.3
50.8
44.4
Table 1.19.—Truck Output
1. Includes new trucks only.
IV
1986
1985
I
II
III
IV
lr
49.3
46.4
51.8
52.4
49.8
50.4
51.0
48.9
49.1
52.9
52.7
54.9
51.6
53.7
51.6
46.0
18.4
29.0
22.2
30.6
19.1
31.7
21.5
30,4
20.7
30.1
24.1
29.5
22.4
32.4
20.5
27.1
-5.4
2.3
7.7
-6.4
2.4
8.8
-5.3
2.6
7.9
-6.3
2.3
8.5
-6.8
2.3
9.2
5.8
2.4
8.2
6.7
2.7
9.4
-6.7
2.5
9.2
4.4
2.9
5.3
.2
4.3
5.4
2.6
-.6
5.1
-.2
4.9
.2
5.6
1.2
5.1
5.6
1984
1985
1984
IV
1985
I
II
1986
III
IV
Ir
Auto output.
97.3 104.0
98.9 104.8
99.1 109.4
99.0 108.4
Final sales
95.7 100.1
93.4 102.0 100.4 113.5
84.6
96.0
Personal consumption
expenditures
96.0 102.3
99.2 100.8 113.8
95.2
96.5
98.0
New autos
73.0
80.1
91.5
75.5
74.2
75.9
77.5
77.9
Net purchases of used autos..
23.0
22.2
23.2
22.3
19.8
18.6
23.8
23.3
Producers' durable equipment..
24.1
27.2
22.4
26.7
22.6
23.2
23.8
21.6
New autos . ..
37.8
39.0
39.2
44.7
36.8
38.5
39.9
36.7
Net purchases of used autos.. -15.2 -15.8 -15.1 -15.8 -15.4 -17.5 -14.5 -11.8
Net exports of goods and
services
-24.4 -27.8 -27.6 -22.1 -25.8 -28.9 -34.6 -29.2
5.4
4.6
5.1
5.8
5.7
Exports
5.5
4.6
5.6
34.6
39.9
Imports
29.0
33.3
32.2
27.8
30.8
34.9
Government purchases of
goods and services
1.3
2.1
1.5
1.5
1.8
1.5
1.5
1.5
Change in business inventories
of new and used autos
-5.1
1.5
3.8
7.5 -1.4
14.3
8.8
5.7
New
7.4 -1.8
-8.5
13.6
9.7
1.5
2.7
6.6
9
Used
.7
0
.1
.4
3.3
1.1
-.9
Addenda:
Domestic output of new
autos l
94.2
89.5
84.8
93.6
81.6
87.2
82.6
80.3
46.1
Sales of imported new autos 2...
35.7
34.5
45.6
39.9
41.3
38.2
39.0
1. Consists of final sales and change in busin i inventories of new autos assembled in the
United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and government purchases.
SURVEY OF CURRENT BUSINESS
June 1986
Table 2.2.—Personal Consumption Expenditures by Major Type of
Product
Table 2.1.—Personal Income and Its Disposition
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
1984
1985
1984
IV
1985
I
II
Seasonally adjusted at annual rates
1986
III
IV
I
1984
r
1985
1984
Personal income
Wage and salary
disbursements
Commodity-producing
industries
Manufacturing..
Distributive industries
Service industries
Government and
government enterprises
1,834.9 1,960.5 1,883.9 1,917.6 1,948.6 1,970.1 2,005.8 2,035.4
577.9
438.9
441.6
469.4
607.3
457.6
468.8
513.6
591.2
449.0
453.0
485.5
600.1
453.5
459.8
495.2
604.7
454.9
467.4
508.1
607.6
457.2
471.2
518.7
616.9
464.7
476.8
532.4
620.4
466.3
482.9
547.2
370,8
354.1
362.5
368.4
372.6
379.7
384.9
193.4
206.4
197.2
200.9
204.8
208.4
211.5
214.3
Proprietors' income with
inventory valuation and
capital consumption
adjustments
233.7
242.2
232.9
239.4
240.9
237.5
250.9
250.6
32.1
201.6
21.2
221.0
26.6
206.3
26.5
212.9
22.8
218.1
12.2
225.3
23.3
227.6
15.5
235.1
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
Less: Personal contributions
for social insurance
Less: Personal tax and nontax
payments
10.8
74.6
442.2
454.7
13.8
78.9
456.3
484.5
9.7
76.9
461.3
459.2
11.0
77.9
462.8
477.6
13.8
78.7
460.5
481.0
14.5
79.1
450.6
488.1
15.9
79.8
451.4
491.2
19.7
82.1
450.2
502.6
235.7
253.4
241.8
249.2
250.7
256.5
257.1
15.5
16.8
15.4
16.3
16.6
16.9
15.8
17.0
14.8
16.7
14.8
16.5
15.4
17.0
60.8
126.0
66.6
132.2
57.7
128.0
65.3
129.6
66.2
131.4
67.0
133.1
68.0
134.7
69.1
136.8
14.9
111.1
15.4
116.8
14.8
113.2
15.1
114.5
15.3
116.1
15.5
117.6
15.7
119.0
132.4
149.1
134.9
146.3
148.3
149.7
152.0
V
Nondurable goods
Food
Clothing and shoes
Gasoline and oil...
Other nondurable goods
Fuel oil and coal
Other
Services
Housing
Household operation
Electricity and gas
Other
Transportation
Medical care
Other..
331.1
361.5
341.5
351.5
356.5
376.0
362.0
363.1
153.8
168.4
157.4
163.1
165.4
183.0
162.2
162.0
119.4
57.9
129.0
64.1
123.5
60.6
125.7
62.7
127.6
63.4
128.6
64.4
134.1
65.7
134.8
66.3
872.4
912.2
883.1
895.7
910.2
914.5
928.3
935.6
451.7
147.4
90.7
182.6
17.9
164.7
474.0
156.0
91.8
190.3
16.1
174.2
459.6
149.7
89.8
184.1
16.8
167.3
465.5
152.8
89.3
188.2
16.1
172.1
472.1
156.3
92.9
188.9
15.4
173.5
475.9
155.7
92.2
190.7
16.0
174.8
482.5
159.4
93.0
193.4
16.7
176.6
488.7
162.0
87.4
197.5
15.2
182.3
1,219.6 1,308.6 1,255.4 1,277.8 1,296.6 1,315.6 1,344.6 1,369.5
371.3
166.0
84.6
81.4
82.1
259.5
340.7
403.1
173.3
88.8
84.5
87.0
280.1
365.2
382.3
168.9
87.2
81.7
84.4
268.1
351.7
389.1
174.2
93.0
81.3
85.6
271.9
357.0
398.1
171.1
87.0
84.1
86.2
278.5
362.7
408.0
173.3
87.6
85.7
86.7
281.8
365.8
417.3
174.4
87.5
86.9
89.3
288.2
375.3
424.7
173.3
85.9
87.4
92.3
293.5
385.8
Table 2.3.—Personal Consumption Expenditures by Major Type of
Product in Constant Dollars
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
1984
1985
1984
IV
441.8
492.7
462.4
501.7
462.4
498.2
508.5
Personal consumption
expenditures
2,423.0 2,582.3 2,480.1 2,525.0 2,563.3 2,606.1 2,634.8 2,668.2
Interest paid by consumers to
business
87.4
73.3
77.8
85.4
81.2
89.3
93.6
96.9
Personal transfer payments to
foreigners (net)
2.1
1.5
2.2
2.1
1.8
2.2
2.3
1.3
172.5
129.0
164.5
130.9
167.2
102.6
115.2
1986
1985
I
II
III
IV
Ir
504.1
2,497.7 2,671.8 2,559.4 2,608.4 2,650.6 2,697.6 2,730.6 2,767.4
126.0
Addenda:
2,468.4 2,508.8 2,484.4 2,482.7 2,532.2 2,503.1 2,517.1 2,550.9
11,263 11,703 11,447 11,487 11,790 11,687 11,847 12,020
10,412 10,483 10,441 10,411 10,595 10,447 10,479 10,597
237.1
239.3
238.0
238.5
239.0
239.6
240.2
240.7
6.5
4.6
6.0
4.8
5.9
3.7
4.0
4.4
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
Motor vehicles and parts
Furniture and household
equipment
Other
157.5
Less: Personal outlays
Personal saving as
percentage of disposable
personal income
IV
2,423.0 2,582.3 2,480.1 2,525.0 2,563.3 2,606.1 2,634.8 2,668.2
16.0
120.8
2,670.2 2,800.8 2,723.8 2,739.2 2,817.7 2,800.2 2,845.9 2,893.4
Disposable personal income:
Total, billions of 1982
dollars
Per capita:
Current dollars
1982 dollars
Population (mid-period,
millions)
III
264.3
15.8
16.4
Equals: Disposable personal
income
Equals: Personal saving
Personal consumption
expenditures
Durable goods
346.1
Rental income of persons
with capital consumption
adjustment ...
Personal dividend income
Personal interest income
Transfer payments
II
3,111.9 3,293.5 3,186.2 3,240.9 3,280.1 3,298.5 3,354.3 3,397.5
Other labor income
Farm
Nonfarm
1986
1985
I
IV
Personal consumption
expenditures
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
Services
Housing
Household operation
Electricity and gas
Other
Transportation
Medical care
Other
2,239.9 2,313.0 2,262.0 2,288.6 2,303.5 2,329.6 2,330.4 2,352.3
318.6
345.3
327.6
335.0
340.3
359.3
346.7
346.1
145.0
155.7
147.2
150.8
153.0
169.5
149.5
148.1
118.2
55.4
129.1
60.6
122.6
57.9
124.7
59.6
127.4
59.9
129.2
60.7
135.0
62.2
135.5
62.5
828.0
846.9
828.6
839.9
846.7
849.8
851.1
864.9
423.0
142.8
95.2
166.9
18.6
148.3
436.0
146.9
95.6
168.4
17.3
151.1
424.7
142.9
94.8
166.3
17.8
148.5
430.1
145.0
95.8
168.9
17.7
151.2
436.8
147.4
95.0
167.5
16.5
151.1
439.5
146.9
95.3
168.2
17.6
150.6
437.8
148.1
96.3
168.9
17.5
151.4
442.4
153.1
97.4
172.0
17.4
154.6
1,093.3 1,120.8 1,105.8 1,113.7 1,116.5 1,120.4 1,132.6 1,141.4
332.8 340.2 335.4 337.2 339.2 341.2 343.2 345.3
147.9 150.0 148.6 152.7 148.1 148.7 150.4 147.9
81.4
75.2
77.4
75.5
75.8
76.9
74.8
76.5
71.2
72.9
73.5
73.1
72.8
72.6
72.6
72.1
77.2
74.9
76.6
76.7
76.9
76.3
77.1
77.3
229.5 234.2 232.1 231.4 233.7 234.7 236.9 238.5
308.2 319.5 313.3 315.8 318.4 319.1 324.7 332.5
SURVEY OF CURRENT BUSINESS
8
June 1986
Table 3.2.—Federal Government Receipts and Expenditures
Table 3.3.—State and Local Government Receipts and Expenditures
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
1984
1985
1984
1985
I
IV
Receipts..... ..
725.1
Personal tax and nontax
receipts 1
Income taxes
Estate and gift taxes
Nontaxes
784.7
742.1
II
789.7
IV
790.7
803.5
804.1
350.7
343.7
6.5
.5
327.8
321.4
5.8
.5
363.9
357.2
6.2
.5
321.3
313.9
6.8
.5
355.4
348.2
6.7
.5
362.1
355.4
6.2
.5
356.1
349.1
6.5
.5
Corporate profits tax accruals
Federal Reserve banks .
Other
74.4
16.1
58.3
67.1
16.1
50.9
69.2
16.8
52.4
65.9
16.4
49.5
65.0
16.5
48.4
68.9
15.8
53.1
68.5
15.8
52.7
62.4
16.3
46.1
Indirect business tax and
nontax accruals 2
Excise taxes
Customs duties
Nontaxes
55.8
36.2
11.9
7.7
57.0
35.6
12,2
9.3
56.2
35.8
12.3
8.0
55.5
34.9
12.5
8.1
60.2
35.4
11.6
13.3
55.4
35.7
12.0
7.7
56.9
36.4
12.6
7.9
62.1
33.1
13.1
15.8
283.6
309.9
288.9
304.4
308.4
311.0
315.9
323.6
... .
Receipts
581.8
589.1
602.5
130.5
142.0
134.6
137.8
141.1
142.9
146.3
148.0
67.7
51.8
10.9
73.6
56.8
11.6
70.1
53.5
11.1
71.8
54.7
11.3
73.5
56.1
11.5
73.6
57.5
11.8
75.4
59.0
12.0
75.4
60.4
12.2
19.2
18.0
18.1
17.5
17.3
18.5
18.6
17.3
254.8
271.4
261.2
265.8
269.5
274.4
275.8
279.0
120.0
98.5
36.3
128.9
104.1
38.5
123.2
101.0
36.9
125.4
102.4
38.1
127.9
103.5
38.1
131.1
104.6
38.7
131.0
105.7
39.0
133.3
107.0
38.7
Contributions for social
insurance
41.6
45.0
42.8
43.6
44.5
45.4
46.3
47.3
Federal grants-in-aid
93.6
99.0
97.3
95.7
97.6
100.6
102.0
111.0
475.4
516.3
488.3
497.2
512.7
524.9
530.2
538.0
423.9
460.0
435.5
442.8
457.1
467.7
472.5
479.0
259.6
164.3
279.2
180.8
266.5
169.0
271.7
171.1
276.6
180.5
281.6
186.0
286.9
185.6
292.2
186.8
98.8
94.7
96.1
97.7
99.7
101.7
103.5
-26.5 -26.3 -26.2
-26.4
-26.8
Income taxes
Nontaxes
Other
Corporate profits tax accruals
Indirect business tax and
nontax accruals
Sales taxes
Property taxes
Other .
934.7
952.4
964.0
992.0 1,030.4 1,012.9
332.9
247.5
85.4
334.4
249.5
84.9
337.8
256.0
81.7
364.8
269.9
95.0
384.7
272.1
112.6
357.1
268.0
89.1
Purchases of goods and services...
Transfer payments
To persons . . .
To foreigners
355.1
344.4
10.7
379.8
366.3
13.4
361.9
346.4
15.5
374.1
362.9
11.2
376.7
364.2
12.5
383.5
368.8
14.7
384.8
369.4
15.4
389.0
378.6
10.4
Transfer payments to persons
Less: Interest received by
government
Subsidies less current surplus of
government enterprises
Subsidies
Less: Current surplus of
government enterprises
Less: Wage accruals less
disbursements
Surplus or deficit ( — ),
national income and
product accounts
Social insurance funds
Other
Expenditures
Compensation of employees
Other
Net interest paid
99.0
97.3
95.7
97.6
100.6
102.0
111.0
129.2
151.0
129.7
21.3
124.8
146.0
124.9
21.2
126.4
147.6
126.4
21.2
130.1
150.8
129.7
21.1
127.1
150.5
129.0
21.5
133.0
155.2
133.8
21.5
135.1
158.1
135.3
22.8
20.9
21.9
21.3
21.2
20.7
23.4
22.2
23.0
21.1
22.0
21.1
22.6
18.5
19.3
21.9
23.1
20.9
25.3
15.9
18.1
25.9
23.9
20.7
22.3
.9
1.5
.8
1.3
4.5
2.2
-1.9
1.6
.2
-.2
.6
.1
-1.0
0
0
0
-172.9 -200.0 -192.7 -162.6 -209.1 -201.3 -226.9 -208.8
Ir
IV
570.0
355.4
261.9
93.6
93.6
1986
III
560.5
984.7
115.5
136.3
116.5
19.8
II
554.1
312.9
237.0
76.0
Net interest paid
Interest paid
To persons and business
To foreigners
1985
I
575.3
898.0
Grants-in-aid to State and local
governments
1984
539.8
Personal tax and nontax
receipts
Purchases of goods and servicesNational defense
Nondefense
Expenditures
1985
IV
311.3
304.9
5.9
.5
Contributions for social
insurance
1984
r
III
754.9
Seasonally adjusted at annual rates
1986
Interest paid
Less: Interest received by
government
Less: Dividends received by
government
Subsidies less current surplus of
government enterprises
Subsidies
Less: Current surplus of
government enterprises
Less: Wage accruals less
disbursements
Surplus or deficit ( — ),
national income and
product accounts
Social insurance funds
Other
93.0
-27.0
-26.3 -27.1
37.6
42.9
39.6
41.0
42.3
43.6
44.7
45.6
64.6
69.2
66.7
67.4
68.6
69.8
71.1
72.4
3.5
4.7
3.8
4.1
4.5
4.8
5.2
5.4
-11.2
-12.3
-11.0
-11.6 -11.1
-11.3
-11.5
-12.4
.7
.7
.7
.7
.8
11.7
11.8
12.0
12.2
13.1
13.0
o
0
0
0
0
0
0
64.4
59.0
65.8
63.2
57.3
56.9
58.8
64.5
48.5
15.9
52.9
6.1
50.6
15.2
51.0
12.2
52.3
5.0
53.5
3.3
54.8
4.1
56.0
8.5
.6
.7
.6
11.6
12.3
0
.2
9.4
5.9
10.1
8.4
12.5
12.2
6.5
-173.1 -209.4 -198.5 -169.1 -219.3 -209.7 -239.4 -221.0
:
Table 3.7B.—Government Purchases of Goods and Services by Type
Table 3.8B.—-Government Purchases of Goods and Services by Type in
Constant Dollars
[Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1984
1985
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 employeesOther services
Structures
I
II
1984
1986
1985
1984
III
IV
1985
F
736.8
815.4
768.4
777.2
794.8
832.5
857.2
836.2
312.9
355.4
332.9
334.4
337.8
364.8
384.7
357.1
237.0
68.9
12.0
151.1
261.9
77.6
12.1
166.4
247.5
74.4
11.6
156.1
249.5
72.8
11.3
160.5
256.0
75.3
12.4
162.7
269.9
83.2
13.0
167.3
272.1
79.2
11.7
175.3
268.0
76.9
11.9
173.0
94.8
63.5
31.3
56.3
5.0
100.4
67.2
33.2
66.0
5.7
95.6
64.0
31.7
60.5
5.4
99.2
66.4
32.8
61.3
4.9
99.7
66.7
33.0
63.0
5.7
100.0
66.8
33.3
67.3
6.4
102.7
69.1
33.5
72.6
5.9
103.1
69.4
33.7
69.9
6.2
76.0
3.9
3.0
93.6
4.0
17.5
85.4
4.2
10.2
84.9
4.0
9.8
81.7
4.1
6.9
95.0
3.9
18.9
112.6
4.2
34.7
89.1
3.9
12.2
-3.6
6.6
61.9
11.7
5.9
64.3
2.4
7.8
63.6
3.8
5.9
63.6
.3
6.6
63.1
12.5
6.3
64.3
30.1
4.6
66.2
6.6
5.6
65.4
37.3
24.6
7.2
39.4
24.9
7.7
37.9
25.8
7.4
39.0
24.6
7.4
39.3
23.8
7.7
39.5
24.8
8.0
39.9
26.3
7.6
40.1
25.3
7.7
423.9
460.0
435.5
442.8
457.1
467.7
472.5
479.0
18.5
36.5
321.4
259.6
61.8
47.5
20.1
38.5
347.4
279.2
68.2
54.0
19.2
37.2
331.0
266.5
64.6
48.0
19.6
37.6
337.7
271.7
66.0
47.9
20.0
38.4
344.0
276.6
67.5
54.7
20.2
38.2
350.7
281.6
69.0
58.5
20.6
39.9
357.2
286.9
70.4
54.7
20.8
37.9
364.2
292.2
72.0
56.1
1984
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 employeesOther services
Structures
1985
I
II
1986
III
IV
Ir
675.9
716.4
693.9
691.4
699.4
729.2
745.5
718.3
292.5
322.6
307.3
304.3
305.9
331.1
349.0
319.1
220.3
64.6
13.3
137.7
235.7
71.6
13.3
145.5
227.9
69.0
12.9
141.0
226.7
67.9
12.4
141.8
231.5
69.6
13.8
142.9
243.3
76.5
14.3
146.6
241.3
72.4
12.8
150.7
238.0
71.0
13.3
148.2
86.3
57.8
28.5
51.4
4.7
87.2
58.3
28.9
58.2
5.3
86.7
58.1
28.6
54.3
5.0
87.1
58.3
28.8
54.7
4.6
87.2
58.3
28.9
55.7
5.2
87.4
58.4
28.9
59.2
5.9
87.3
58.4
29.0
63.3
5.4
87.5
58.5
29.0
60.7
5.5
72.3
4.1
4.4
86.9
4.5
18.6
79.5
4.4
10.0
77.6
4.4
9.6
74.3
4.5
6.9
87.9
4.3
19.5
107.7
4.7
38.1
81.1
4.6
12.6
22
6.6
56.8
12.7
5.9
56.7
2.2
7.8
57.9
3.8
5.8
56.6
.2
6.7
55.8
13.0
6.5
56.6
33.7
4.4
58.0
7.0
5.6
57.0
34.0
22.8
6.9
34.3
22.4
7.1
34.3
23.7
7.1
34.3
22.3
7.0
34.3
21.4
7.1
34.4
22.3
7.4
34.4
23.6
7.0
34.4
22.6
7.0
383.3
393.8
386.6
387.1
393.6
398.1
396.5
399.2
17.7
36.9
283.1
228.2
54.9
45.6
18.9
38.8
287.6
229.6
58.1
48.4
18.4
37.7
285.4
228.9
56.4
45.1
18.6
38.1
286.1
229.1
57.1
44.2
18.8
38.6
287.0
229.2
57.7
49.2
19.1
39.1
288.1
229.7
58.4
51.9
19.3
39.4
289.4
230.4
59.0
48.4
19.4
39.8
290.3
230.7
59.6
49.6
SURVEY OF CURRENT BUSINESS
June 1986
Table 3.9.—National Defense Purchases of Goods and Services
Table 3.10.—National Defense Purchases of Goods and Services in
Constant Dollars
[Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
1984
1985
IV
1986
1985
1984
III
II
I
IV
1984
1985
1984
1985
I
IV
National defense
purchases
269.9
272.1
268.0
75.3
83.2
79.2
76.9
64.5
28.1
8.7
8.4
4.9
4.7
9.7
10.8
72.9
28.7
10.5
9.0
6.3
5.8
12.6
10.3
67.5
29.3
10.6
8.9
4.6
5.0
9.1
11.7
65.8
29.3
11.1
7.9
4.6
4.6
8.3
11.2
237.0
261.9
247.5
249.5
256.0
68.9
Durable goods
77.6
74.4
72.8
Compensation of employees
Military
Civilian
,
Other services
Contractual research and
development
Installation support 1
Weapons support2...
Personnel support 3
Transportation of materiel ....
Travel of persons
Other
Structures
Military facilities
Other
11.6
11.3
12.4
13.0
11.7
11.9
6.6
3.1
2.4
6.6
2.7
2.3
6.0
3.0
2.3
7.1
2.9
2.3
7.2
3.2
2.5
6.2
3.0
2.4
6.3
3.3
2.3
166.4
156.1
160.5
162.7
167.3
175.3
173.0
94.8
63.5
31.3
56.3
100.4
67.2
33.2
66.0
95.6
64.0
31.7
60.5
99.2
66.4
32.8
61.3
99.7
66.7
33.0
63.0
100.0
66.8
33.3
67.3
102.7
69.1
33.5
72.6
103.1
69.4
33.7
69.9
23.7
14.9
6.8
4.2
3.5
2.9
.2
28.0
18.3
7.5
4.5
4.0
3.4
.3
25.5
16.5
7.1
4.7
3.5
2.9
.3
26.3
16.9
7.0
3.7
3.9
3.0
.5
26.8
17.5
7.3
4.0
3.8
3.2
.4
28.4
18.5
7.7
4.9
4.0
3.6
.2
30.5
20.3
8.0
5.6
4.1
3.8
.3
28.7
19.4
7.5
5.7
4.2
3.9
.5
5.0
Services
12.1
5.7
5.4
4.9
5.7
6.4
5.9
6.2
3.0
2.0
Petroleum products
Ammunition
Other nondurable goods
64.3
27.2
11.0
8.6
5.3
4.6
7.7
10.1
6.8
2.9
2.3
Nondurable goods
66.8
28.0
9.9
8.6
5.2
5.0
10.2
10.8
12.0
......
58.5
23.8
8.7
7.9
5.6
4.1
8.4
10.4
62.5
25.9
9.7
8.0
5.0
4.7
9.4
10.2
151.1
Military equipment
Aircraft
Missiles
Ships
Vehicles
Electronic equipment
Other
Other durable goods
Seasonally adjusted at annual rates
lr
3.5
2.2
3.2
2.1
2.8
2.1
3.4
2.2
4.1
2.4
3.7
2.2
3.6
2.6
1. Includes utilities, communications, rental payments, maintenance and repair, and payments
to contractors to operate installations.
2. Includes depot maintenance and contractual services for weapons systems, other than
research and development.
3. Includes compensation of foreign personnel, consulting, training, and education.
National defense
purchases
Durable goods.
Military equipment
Aircraft
Missiles ....
Ships
Vehicles
Electronic equipment
Other
Other durable goods
Nondurable goods .
Petroleum products
Ammunition
Other nondurable goods .
Services
Compensation of employees
Military
Civilian....
Other services
Contractual research and
development
Installation support 1
Weapons support 2
Personnel support 3
Transportation of materiel ....
Travel of persons
Other
Structures
Military facilities
Other
II
1986
III
Ir
IV
220.3
235.7
227.9
226.7
231.5
243.3
241.3
238.0
64.6
71.6
69.0
67.9
69.6
76.5
72.4
71.0
54.1
19.8
8.2
7.3
6.5
3.9
8.2
10.5
60.4
22.6
9.2
7.7
6.6
4.8
9.6
11.2
58.6
22.2
10.3
7.8
6.6
4.4
7.4
10.3
57.4
21.6
8.9
7.2
6.4
4.5
8.9
10.5
58.4
22.6
8.3
7.5
6.4
4.5
9.1
11.2
65.6
22.9
9.4
8.0
8.0
5.5
11.8
10.9
60.2
23.2
10.1
8.0
5.5
4.8
8.6
12.3
58.9
22.7
11.1
7.0
6.1
4.4
7.8
12.1
13.3
13.3
12.9
12.4
13.8
14.3
12.8
13.3
8.3
2.7
2.3
8.4
2.7
2.2
8.3
2.5
2.2
7.6
2.7
2.2
9.1
2.6
2.1
9.1
2.9
2.4
7.9
2.6
2.2
8.2
3.0
2.1
137.7
145.5
141.0
141.8
142.9
146.6
150.7
148.2
86.3
57.8
28.5
51.4
87.2
58.3
28.9
58.2
86.7
58.1
28.6
54.3
87.1
58.3
28.8
54.7
87.2
58.3
28.9
55.7
87.4
58.4
28.9
59.2
87.3
58.4
29.0
63.3
87.5
58.5
29.0
60.7
21.5
13.2
6.1
4.0
3.5
2.8
.2
25.0
15.3
6.6
4.2
3.7
3.1
.3
22.9
14.2
6.3
4.4
3.5
2.7
.2
23.4
14.6
6.2
3.6
3.8
2.7
.5
24.1
14.6
6.4
3.8
3.6
2.9
.3
25.3
15.4
6.8
4.5
3.7
3.2
.2
27.2
16.6
7.1
5.0
3.9
3.4
.2
25.4
15.9
6.6
4.9
3.9
3.4
.5
4.7
5.3
5.0
4.6
5.2
5.9
5.4
5.5
2.8
1.9
3.2
2.0
3.0
2.0
2.6
2.0
3.2
2.1
3.8
2.1
3.4
2.0
3.2
2.3
1. Includes utilities, communications, rental payments, maintenance and repair, and payments
to contractors to operate installations.
2. Includes depot maintenance and contractual services for weapons systems.
3. Includes compensation of foreign personnel, consulting, training, and education.
Table 4.1.—Foreign Transactions in the National Income and Product
Accounts
Table 4.2.—Exports and Imports of Goods and Services in Constant
Dollars
[Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
1984
1985
1984
IV
I
II
Seasonally adjusted at annual rates
1986
1985
III
IV
I
Receipts from foreigners ...
384.6
369.9
389.5
379.6
369.2
363.2
367.8
374.4
384.6
224.1
129.3
94.8
160.5
101.6
58.9
369.9
218.9
133.2
85.8
151.0
90.6
60.4
389.5
229.0
132.9
96.1
160.5
100.9
59.6
379.6
225.8
134.4
91.3
153.8
91.7
62.1
369.2
219.7
134.6
85.1
149.5
90.8
58.7
363.2
213.6
132.7
80.9
149.6
89.6
60.0
367.8
216.6
130.9
85.7
151.2
90.2
61.0
374.4
220.0
133.0
87.0
154.4
92.5
61.8
0
0
0
0
0
0
0
Payments to foreigners......
384.6
369.9
.0.
389.5
379.6
369.2
363.2
367.8
374.4
Imports of goods and services .......
Merchandise
..
Durable goods
Nondurable goods
Services
Factor income 1
Other
443.8
336.0
193.6
142.4
107.9
53.6
54.3
448.4
341.2
204.1
137.1
107.2
49.7
57.5
461.7
350.6
204.8
145.8
111.1
54.0
57.1
421.9
316.1
190.8
125.2
105.8
48.9
56.9
439.5
331.9
195.4
136.5
107.6
50.6
57.0
451.0
343.5
207.3
136.2
107.5
49.9
57.5
481.2
373.2
222.8
150.4
108.0
49.4
58.6
480.2
368.3
231.3
137.0
112.0
54.6
57.3
12.0
1.3
10.7
15.5
2.1
13.4
17.0
1.5
15.5
13.3
2.1
11,2
14.3
1.8
12.5
17.6
16.9
2.2
2.2
14.7 • 15.4
12.7
2.3
10.4
19.8
21.3
21.2
21.2
21.1
21.5
21.5
22.8
-91.0 -115.3 -110.4 -76.8 -105.8 -126.2
1525
1414
Transfer payments (net)
) From persons (net)
From government (net)
Interest paid by government to
foreigners
gn
1. Line 7 less line 16 equals rest-of-the-world product as shown in table 1.7.
1984
IV
Exports of goods and services
Merchandise
Durable goods
Nondurable goods
Services
Factor income1
Other
Imports of goods and services
..
1985
r
Exports of goods and services .......
Merchandise
Durable goods
Nondurable goods
Services
Factor income l
Other
Capital grants received by the
United States (net)
1984
]
1985
I
II
III
IV
1986
I'
370.9
359.9
377.3
368.7
358.2
353.5
359.2
365.0
222.5
130.7
91.8
224.6
136.3
88.3
230.7
135.1
95.7
229.3
137.1
92.2
223.9
137.4
86.5
220.0
135.8
84.2
225.1
134.9
90.2
229.0
138.3
90.7
148.3
93.4
54.9
135.3
80.3
55.0
146.5
91.5
55.1
139.4
82.4
57.0
134.3
80.7
53.6
133.5
79.1
54.4
134.0
78.9
55.2
136.0
80.4
55.7
455.9
468.3
477.5
440.5
459.3
473.3
500.0
503.0
Merchandise
Durable goods
Nondurable goods
352.1
201.5
150.6
366.5
216.6
150.0
371.0
215.7
155.3
338.9
203.9
135.0
356.9
208.0
148.9
371.5
220.9
150.6
398.9
233.5
165.4
399.8
241.5
158.3
Services
Factor income1
Other
103.8
48.9
54.9
101.7
43.6
58.1
106.5
48.5
58.0
101.6
43.5
58.1
102.5
44.6
57.9
101.8
43.7
58.1
101.1
42.8
58.3
103.3
47.0
56.3
1. Line 6 less line 13 equals rest-of-the-world product as shown in table 1.8.
10
SURVEY OF CURRENT BUSINESS
June 1986
Table 4.3.—Merchandise Exports and Imports by Type of Product and
by End-Use Category
Table 4.4.—Merchandise Exports and Imports by Type of Product and
by End-Use Category in Constant Dollars
[Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
1984
1985
1984
1985
IV
Merchandise exports
Foods, feeds, and beverages
Industrial supplies and
materials
Durable goods
Nondurable goods
Capital goods, except autos
Autos
Consumer goods
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
Merchandise imports
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
Addenda:
Exports of 1
agricultural
products
Exports of nonagricultural
products
Imports of nonpetroleum
products
224.1
II
I
Seasonally adjusted at annual rates
1986
III
1985
r
IV
1984
1985
I
IV
218.9
23.7
229.0
31.7
225.8
26.4
219.7
23.6
213.6
20.8
216.6
23.9
220.0
25.2
61.4
17.0
44.4
73.7
22.3
13.9
5.7
8.2
21.2
10.6
10.6
336.0
21.4
58.4
16.1
42.3
75.4
24.7
13.0
5.1
7.9
23.7
11.9
11.9
341.2
62.5
17.4
45.1
76.6
22.4
13.8
5.6
8.2
21.9
10.9
10.9
57.3
16.4
40.9
75.4
24.9
13.1
5.2
7.9
25.4
12.7
12.7
350.6
22.2
331.9
20.4
57.1
16.1
41.0
74.8
25.7
12.5
4.7
7.7
22.8
11.4
11.4
343.5
20.9
58.3
15.6
42.7
74.4
24.4
12.9
5.2
7.7
22.8
11.4
11.4
373.2
21.3
60.8
16.1
44.7
77.0
23.9
13.7
5.4
8.3
24.0
12.0
12.0
316.1
21.5
22.5
58.8
16 8
42.0
75.7
23.7
13.5
5.2
8.3
23 1
11.6
11 6
368.3
24.3
63.6
33.6
30.0
57.5
61.2
57.2
61.3
34.7
26.7
13.8
6.9
6.9
59.6
30.5
29.1
50.5
63.7
65.4
65.0
36.7
28.3
15.7
7.8
7.8
64.9
33.7
31.2
57.8
65.9
61.7
63.8
36.4
27.4
14.3
7.1
7.1
57.5
29.2
28.3
41.9
61.3
57.8
60.8
34.9
25.9
15.3
7.6
7.6
60.1
30.8
29.3
52.3
59.3
62.3
61.4
34.9
26.5
16.1
8.0
8.0
60.1
31.5
28.6
50.2
64.2
66.3
66.7
37.8
28.9
15.0
7.5
7.5
60.6
30.4
30.2
57.5
70.1
75.2
71.1
39.1
32.0
16.2
8.1
8.1
63 3
32.7
30.6
41.1
74.4
74.7
74.7
41.5
33.2
15 8
7.9
79
31.5
1984
38.3
29.1
38.9
32.7
28.5
26.1
29.3
29 2
185.8
189.8
190.1
193.1
191.2
187.5
187.3
190 8
278.5
290.7
292.8
274.2
279.6
293.3
315.8
327 2
Merchandise exports
Foods, feeds and beverages
Industrial supplies and
materials
Durable goods
Nondurable goods . . . .
Capital goods, except autos
Autos
Consumer goods
Durable goods.....
Nondurable goods
Other
Durable goods
Nondurable goods
Merchandise imports
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
1986
II
III
lr
IV
222.5
29.3
Addenda:
Exports of agricultural
products 1
Exports of nonagricultural
products
Imports of nonpetroleum
products
230.7
31.6
229.3
26.7
223.9
23.9
220.0
22.0
225.1
26.5
229.0
27.1
61.3
16.9
44.3
76.8
20.9
13.8
5.9
8.0
20.5
10.2
10.2
352.1
21.0
.
224.6
24.8
61.0
16.8
44.2
79.8
22.6
13.0
5.4
7.6
23.4
11.7
11.7
62.9
17.5
45.5
80.2
20.9
13.8
5.9
7.9
21.4
10.7
10.7
62.3
16.5
45.8
80.9
22.2
13.7
5.8
7.9
23.6
11.8
11.8
59.7
17.1
42.6
79.5
22.8
13.1
5.5
7.6
24.9
12.4
12.4
60.6
17.1
43.5
79.2
23.2
12.4
5.0
7.4
22.6
11.3
11.3
61.3
16.4
44.9
79.6
22.1
12.9
5.5
7.4
22.7
11.4
11.4
62.0
17.7
44.3
82.3
21.3
13.3
5.4
7.8
22.9
11.5
11.5
366.5
21.8
371.0
22.2
338.9
21.7
356.9
20.9
371.5
21.7
398.9
23.1
399.8
23.4
67.9
35.9
32.0
64.7
68.2
54.7
61.6
35.7
25.9
14.0
7.0
7.0
68.2
34.9
33.3
59.8
74.3
61.1
65.2
38.2
26.9
16.2
8.1
8.1
70.5
36.5
33.9
65.8
75.3
58.5
64.0
38.0
26.0
14.6
7.3
7.3
64.8
32.9
31.9
48.8
71.4
55.0
61.3
36.7
24.6
15.9
7.9
7.9
68.3
35.0
33.3
60.9
69.0
58.9
62.2
36.7
25.4
16.7
8.4
8.4
68.9
36.1
32.8
60.9
75.1
62.4
67.0
39.6
27.4
15.6
7.8
7.8
70.7
35.4
35.2
68.5
81.9
68.0
70.3
40.0
30.3
16.5
8.3
8.3
74.6
38.6
36.0
59.7
87.3
65.9
73.0
41.8
31.2
15.9
7.9
7.9
35.3
30.0
38.0
32.5
28.5
27.2
31.7
30.6
187.3
194.6
192.7
196.8
195.4
192.8
193.4
198.4
287.4
306.7
305.2
290.0
296.0
310.6
330.4
340.1
1. Includes parts of line 2 and line 5.
1. Includes parts of line 2 and line 5.
Table 6.3B.—National Income Without Capital Consumption
Adjustment by Industry
Table 5.1.—Gross Saving and Investment
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
1984
1985
1984
IV
1985
I
II
Seasonally adjusted at annual rates
1986
III
IV
1984
r
1985
IV
Gross saving
Gross private saving
Personal saving
Undistributed corporate
profits with inventory
valuation and capital
consumption adjustments
Undistributed profits
Inventory valuation
adjustment
Capital consumption
adjustment....
Corporate capital
consumption allowances
with capital consumption
adjustment
Noncorporate capital
consumption allowances
with capital consumption
adjustment
Wage accruals less
disbursements
Government surplus or deficit
( — ), national income and
product accounts
Federal
State and local
Capital grants received by the
United States (net)
Gross investment
Gross private domestic
investment
Net foreign investment
Statistical discrepancy
584.5
693.0
172.5
553.4
694.3
129.0
573.5
700.3
164.5
578.3
677.7
130.9
571.7
723.6
167.2
537.3
681.8
102.6
526.1
694.2
115.2
578.7
723.0
126.0
101.6
65.9
126.9
56.7
108.2
60.0
116.3
54.6
122.6
53.3
137.8
57.3
131.0
61.7
146.4
49.4
-5.4
-.6
-1.6
.7
2.2
4.7 -10.1
18.0
41.0
70.9
49.8
61.1
67.2
75.9
79.4
79.0
256.6
269.2
261.8
264.3
266.8
270.9
274.8
277.2
162.3
169.2
165.9
166.3
167.0
170.5
173.2
173.3
0
0
0
0
0
0
0
0
108 5 141 0 126 8
99 4 151 9 1445 16& 0 144 3
-172.9 -200.0 -192.7 -162.6 -209.1 -201.3 -226.9 -208.8
64.4
59.0
63.2
64.5
65.8
57.3
56.9
58.8
0
0
0
0
0
0
0
0
583.0
554.0
565.8
580.8
567.0
539.9
528.2
575.8
674.0
91 0
669.3 676.2 657.6 672.8 666.1 680.7 717.2
1153 -110.4 -76.8 -105.8 -126.2 -152.5 -141.4
.6 -7.6
2.1 -2.9
2.5 -4.7
2.5
-1.5
1986
1985
1984
I
II
III
IV
F
National income without
capital consumption
3,032.2 3,164.6 3,086.6 3,121.6 3,148.6 3,174.9 3,213.1 3,257.5
adjustment ..
Domestic industries
2,984.3 3,123.7 3,039.6 3,078.8 3,108.5 3,135.3 3,172.3 3,219.6
Private industries....
2,546.5 2,653.9 2,591.3 2,619.4 2,642.7 2,662.8 2,690.6 2,731.2
Agriculture, forestry, and
65.2
72.4
72.2
61.1
75.8
75.6
70.3
81.3
fisheries
45.1
44.2
43.4
43.7
43.4
42.9
43.7
44.0
Mining
. . . . . .
151.2 162.3 153.4 159.0 161.3 163.0 165.9 171.4
Construction
667.0 677.8 674.3 674.6 671.8 680.0 684.8 680.2
Manufacturing
393.4 405.1 404.7 403.6 403.4 403.0 410.4 414.5
Durable goods
273.5 272.7 269.6 270.9 268.4 277.0 274.4 265.8
Nondurable goods
Transportation and public
utilities
Transportation
Communication
Electric, gas, and sanitary
services
Wholesale trade
Retail trade.
Finance, insurance, and
real estate
. .
Services
Government and government
enterprises
Rest of the world
238.2
103.2
62.6
246.5
107.1
64.1
241.9
104.3
62.3
245.5
104.8
65.1
246.0
106.0
65.5
248.5
108.2
63.8
246.1
109.4
61.8
252.6
108.5
67.8
72.5
191.7
269.1
75.4
75.3
199.1
274.3
75.6
199.8
277.5
74.4
202.1
283.2
201.9
284.0
76.5
204.5
288.6
74.9
202.1
282.7
204f
293.V
391,2
512.9
406.4
561.5
398.5
531.2
402.2
541.7
406.8
555.0
406.3
567.4
410.5
581.9
423.2
595.3
437.7
469.9
40.8
448.4
46.9
459.4
42.8
465.8
40.2
472.5
39.6
481.8
40.7
488.4
37.9
48.0
76.3
11
SURVEY OF CURRENT BUSINESS
June 1986
Table 5.9.—Change in Business Inventories by Industry in Constant
Dollars
Table 5.8.—Change in Business Inventories by Industry
[Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
1984
1985
1984
IV
III
II
I
Seasonally adjusted at annual rates
1986
1985
1984
F
IV
1985
1984
1985
I
Change in business
inventories
Farm
Nonfarm
Change in book value .
Inventory valuation
adjustment *
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Nondurable goods
Retail trade
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
39.0
67.1
9.1
7.5
-4.3
58.0
64.3
11.8
12.6
2.6
36.4
38.5
-.8
4.3
9.8
-5.4
11.3
7.7
3.5
15.5
4.7
.2
-2.9
14.2
13.8
10.8
8.4
3.1
-2.1
.5
1.5
3.2
17
2.4
-2.1
-3.3
24
_ g
18.5
4.3
6.3
24.1
18.5
5.6
14.3
9.3
5.1
11.7
8.1
3.6
2.7
1.1
1.5
12.5
5.3
7.2
7.1
4.0
3.1
3.8
.5
3.4
5.3
.8
4.5
-1.4
3
-1.1
8.3
6.7
1.6
3.0
1.7
1.3
7.9
6.1
1.8
3.4
1.6
1.8
17.4
13.2
4.2
3.4
14
4.8
1.4
•2.2
-.8
5.0
1.9
3.1
-3.6
.3
40
9.7
9.0
.7
1.7
2.5
-.9
0
0
0
8.4
1.2
7.2
7.8
1.0
6.9
.5
.2
.3
-.9
5
-.3
3.3
1.3
2.1
-4.3
39.9
8
233
19.0
30.3
40.7
21.0
19.7
-5.8
4.1
-1.6
6.0
4.0
2.0
11.3
5.2
116
33
-.8 -12.1
.5
25
4.8
.8
1.7
33
4.1
3.0
3.6
4.5
-2.0
2.4
2.2
5.6
-2.8
.2
-.6
-1.2
.8
16
2.1
22.4
21.1
26
4.7
1.3
3.4
3.4
2.6
.3
3.2
.8
6.3
4.4
2.0
-.3
4
.1
34.0
26.8
7.2
6.4
2.0
4.4
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
62.7
6.8
55.9
23.4
17.9
5.5
13.7
8.8
4.9
11.0
7.7
3.3
2.8
1.1
1.6
11.9
5.0
6.9
6^8
3.8
3.0
1986
II
III
15.1
4.5
10.7
10.9
7.3
3.6
7.1
5.7
1.4
15.8
4.0
11.8
1.2
3.0
-1.8
.2
2.1
19
4.7
1.8
3.0
.6
.2
.4
-.8
-.5
4
6.3
-1.8
34 -24.5
18.2
1.6
-4.0 -10.5
9 -11.6
-3.1
1.1
.1
5.0
-3.2
1.7
3.3
3.3
3.3
4.5
2.2
-2.0
5.3
2.3
.4
-3.2
12
-.5
-2.0
1.0
IV
5.7
-4.8
10.6
34
-2.4
-.9
3.5
.4
3.0
5.2
.7
4.4
-1.7
-.3
-1.4
36.1
1.5
34.6
4.1
9.5
-5.4
3.8
1.6
2.2
-4.5
.3
-4.8
7.7
6.2
1.5
2.7
1.6
1.2
16.4
12.4
4.0
3.2
-1.3
4.6
9.0
8.4
.6
1.3
2.3
-1.0
-.2
3
.1
8.6
1.1
7.4
8.0
.9
7.0
3.1
1.2
1.9
2.2
-2.3
4.5
3.3
.3
3.0
IV
20.5
19.2
1.3
3.2
2.4
.7
Ir
35.3
-.8
36.2
-6.1
-4.1
2.0
4.4
3.8
.7
5.4
4.1
1.2
_ g
-A
-.6
31.5
24.8
6.7
6.3
1.9
4.4
1. The inventory valuation adjustment (IVA) shown in this table differs from the IVA that
adjusts business incomes. The IVA in this table reflects the mix of methods (first-in, first-out;
last-in, first-out; etc.) underlying book value inventories derived primarily from Census Bureau
statistics. This mix differs from that underlying business income derived primarily from
Internal Revenue Service statistics. Prior to 1973, the two IVA's are the same because
information required for separate estimates is not available.
Table 5.10.—Inventories and Final Sales of Business by Industry
Table 5.11.—Inventories and Final Sales of Business by Industry in
Constant Dollars
[Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted quarterly totals
1984
IV
Inventories *
Farm
Nonfarm
Durable goods
Nondurable goods
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods .
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers..
Durable goods
Nondurable goods
Retail trade
Durable goods
Nondurable goods
Other
Final sales 2
..
Final sales of goods and structures 2
Ratio of inventories to final sales
Inventories to final sales
Nonfarm inventories to final sales
Nonfarm inventories to final sales of goods and
structures
I
II
Seasonally adjusted quarterly totals
1986
1985
III
IV
857.8
73.5
784.3
454.6
329.6
179.9
115.1
64.8
155.7
100.7
55.0
24.2
14.4
9.8
172.2
81.7
90.4
1984
F
IV
858.5
83.6
774.8
446.9
327.9
345.7
226.1
119.6
859.9
82.9
858.5
79.9
777.0
451.2
325.8
344.6
226.6
117.9
778.6
452.1
326.5
343.6
226.4
117.2
856.1
77.8
778.4
450.8
327.6
342.7
226.9
115.7
178.5
114.1
64.4
150.6
99.5
51.1
27.9
14.6
13.3
161.7
74.5
87.2
88.9
179.0
114.8
64.2
151.8
100.2
51.7
27.2
14.6
12.6
165.0
77.3
87.7
88.5
180.4
115.3
65.1
153.4
100.6
52.8
27.0
14.7
12.3
164.8
77.2
87.7
89.7
180.0
114.5
65.5
153.7
100.0
53.6
26.3
14.5
11.9
165.2
76.1
89.1
90.5
269.3
163.2
275.8
167.6
279.2
169.7
284.5*
173.1
91,6
287.4
173.1
3.19
2.88
3.12
2.82
3.08
2.79
3.01
2.74
2.99
2.73
2.96
2.72
4.75
4.64
4.59
4.50
4.53
4.55
340.6
223.9
116.7
852.8
70.5
782.3
460.6
321.7
331.9
221.8
110.1
180.0
116.0
64.0
155.4
101.8
53.6
24.6
14.1
10.4
179.9
88.8
91.1
90.5
287.8
171.8
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 quarterly rates, whereas CBI 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.
Inventories l
Farm
Nonfarm
Durable goods
Nondurable goods
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
Durable goods
Nondurable goods
Other
Final sales 2
Final sales of goods and structures 2
Ratio of inventories to final sales
Inventories to final sales
Nonfarm inventories to final sales
Nonfarm inventories to final sales of goods and
structures
1986
1985
Ir
II
III
IV
833.4
84.3
749.1
429.8
319.3
333.6
217.9
115.8
832.9
83.4
840.2
77.1
174.1
109.0
65.1
146.9
95.0
52.0
27.1
14.0
13.1
155.2
72.2
83.0
86.2
749.5
428.3
321.2
332.6
217.6
115.0
174.1
108.2
65.9
147.8
94.5
53.3
26.3
13.7
12.6
155.7
71.6
84.1
87.0
831.3
77.3
754.0
431.2
322.8
330.0
214.7
115.3
175.3
108.6
66.7
148.9
95.0
53.9
26.4
13.6
12.8
160.9
76.4
84.5
87.8
252.0
158.0
253.0
159.0
256.5
161.9
257.2
161.1
256.0
159.3
3.34
3.01
3.29
2.96
3.29
2.96
3.25
2.92
3.23
2.93
3.28
2.98
4.82
4.72
4.71
4.63
4.68
4.79
825.6
82.2
743.4
425.5
318.0
333.4
217.2
116.2
171.9
108.2
63.7
143.8
94.3
49.5
28.1
13.9
14.2
153.1
70.2
82.9
85.1
247.4
154.1
I
829.6
83.2
746.4
429.4
317.0
333.7
217.9
115.8
171.9
108.7
63.2
144.9
94.7
50.2
27.0
14.0
13.0
155.4
72.3
83.1
85.4
763.1
437.8
325.2
328.5
213.7
114.8
176.4
109.6
66.9
150.3
96.1
54.2
26.2
13.5
12.7
168.7
82.6
86.1
89.4
1. Inventories are as of the end of the quarter. Quarter-to-quarter changes calculated from 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.
12
June 1986
SURVEY OF CURRENT BUSINESS
Table 7.1.—-Fixed-Weighted Price Indexes for Gross National Product,
1982 Weights
Table 6.18B.—Corporate Profits by Industry
[Billions of dollars]
[Index numbers, 1982=100]
Seasonally adjusted at annual rates
1984
1985
1984
IV
1985
I
II
Seasonally adjusted
1986
III
1984
F
IV
1985
IV
Corporate profits with
inventory valuation
and capital
consumption
adjustments
Gross national product
1985
1984
I
1986
II
III
IV
F
108.5
112.4
110.0
110.9
111.9
112.7
113.8
114.5
Personal consumption
expenditures
108.5
112.2
110.0
110.7
111.8
112.5
113.8
114.2
104.1
105.6
111.7
105.1
108.0
117.1
104.5
106.8
113.8
105.2
106.8
115.0
105.2
107.7
116.4
104.9
107.9
117.8
105.2
109.4
119.1
105.8
108.6
120.6
102.1
100.8
99.3
103.9
102.7
101.8
103.0
101.6
100.8
103.3
102.0
101.0
103.6
102.4
101.5
104.1
102.9
102.0
104.8
103.4
102.8
104.9
103.4
102.8
101.8
106.4
103.2
108.3
102.2
107.8
102.6
107.7
103.0
107.9
103.5
108.2
103.8
109.6
103.8
110.3
104.6
97.6
104.4
96.0
104.4
97.1
104.4
95.9
104.6
95.9
104.2
95.5
104.2
96.8
104.7
95.2
109.6
114.6
111.0
112.7
113.8
114.8
116.5
117.2
107.9
107.6
108.6
110.8
111.2
111.7
109.9
117.2
108.4
108.3
108.5
112.9
109.9
110.2
109.8
114.7
110.1
110.5
109.9
116.5
110.6
111.1
109.5
117.9
112.2
113.1
110.2
119.6
112.4
113.4
110.1
120.6
108.4
112.3
109.9
110.9
111.8
112.6
113.7
114.4
106.9
109.0
108.4
108.4
108.4
108.6
110.5
110.9
102.3
103.2
102.4
101.5
104.4
103.8
103.3
99.6
109.7
114.2
111.4
112.5
113.6
114.7
116.0
117.0
273.3
295.5
276.2
281.7
288.1
309.1
303.1
313.7
241.1
263.5
243.5
250.4
256.4
278.8
268.5
279.8
20.0
221.1
24.4
239.2
19.5
224.1
20.7
229.8
24.3
232.2
25.7
253.1
26.8
241.7
30.5
249.2
Durable goods .
Nondurable goods
Services
32.2
31.9
32.7
31.3
31.6
30.3
34.6
33.9
Gross private domestic
investment
232.3
224.6
226.3
220.6
220.9
233.2
223.7
234.7
200.1
192.7
193.7
189.4
189.3
203.0
189.1
200.8
19.2
16.7
2.5
22.5
16.8
5.7
18.4
17.4
1.0
19.2
17.1
2.1
22.5
17.2
5.3
23.8
16.5
7.3
24.7
16.4
8.2
28.6
16.9
11.6
180.9
170.1
175.3
170.2
166.7
179.2
164.5
172.2
88.5
76.6
82.7
77.3
73.4
79.7
76.1
69.8
Durable goods
Primary metal
industries
Fabricated metal
products
Machinery, except
electrical . . ..
Electric and electronic
equipment
Motor vehicles and
equipment . .
Other
31.5
26.5
32.9
27.8
26.6
25.2
26.6
30.6
-.9
-.6
-.7
-.7
-.9
2
7
-.2
5.0
4.2
5.9
4.6
4.3
4.6
3.4
5.4
5.2
4.6
5.7
3.3
4.8
5.3
4.8
3.4
2.8
3.1
3.1
2.7
2.9
3.7
3.0
3.3
10.0
9.4
7.6
7.7
8.5
10.3
9.5
8.4
7.8
7.7
5.2
6.5
7.8
8.3
8.6
10.1
Nondurable goods
Food and kindred
products
Chemicals and allied
products
Petroleum and coal
products
Other
57.0
50.1
49.8
49.5
46.9
54.5
49.5
39.1
7.5
7.0
6.6
6.6
7.0
7.7
6.6
6.2
8.1
4.9
6.8
5.8
5.7
5.6
2.4
4.9
18.3
23.1
16.5
21.8
14.8
21.6
14.1
23.0
11.8
22.4
19.7
21.5
20.2
20.3
8.8
19.4
28.6
50.7
13.0
28.7
49.4
15.4
28.6
51.8
12.1
29.7
48.7
14.5
28.6
50.6
14.1
30.4
53.6
15.4
26.1
44.6
17.7
31.7
50.5
20.3
32.2
31.9
32.7
31.3
31.6
30.3
34.6
33.9
Domestic industries
Financial
Nonfinancial
Rest of the world.
Corporate profits with
inventory valuation
adjustment
Domestic industries
Financial
Federal Reserve banks
Other
Nonfinancial
Manufacturing
Transportation and public
utilities .
Wholesale and retail trade ...
Other
Rest of the world
Fixed investment
Nonresidential
Structures .
Producers' durable
equipment
Residential
Change in business
inventories
Net exports of goods and
services
Exports
Imports
Government purchases of goods
and services
Federal
National defense
Nondefense
State and local
Addenda:
Final sales. .
Personal consumption
expenditures, food
Personal consumption
expenditures energy
Other personal consumption
expenditures . .
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
Table 7.2.—Fixed-Weighted Price Indexes for Gross National Product by
Major Type of Product, 1982 Weights
Table 7.3.—Fixed-Weighted Price Indexes for Relation of Gross National Product, Gross Domestic Purchases, and Final Sales to Domestic
Purchasers, 1982 Weights
[Index numbers, 1982=100]
[Index numbers, 1982 = 100]
Seasonally adjusted
Seasonally adjusted
1984
1985
IV
I
II
III
IV
1985
F
IV
1986
1985
1984
I
II
III
IV
lr
108.5
112.4
110.0
110.9
111.9
112.7
113.8
114.5
Gross national product
108.5
112.4
110.0
110.9
111.9
112.7
113.8
114.5
108.4
Gross national product
Final sales
Change in business
112.3
109.9
110.9
111.8
112.6
113.7
114.4
Less: Exports of goods and
services
Plus: Imports of goods and
services
104.6
104.4
104.4
104.4
104.6
104.2
104.2
104.7
97.6
96.0
97.1
95.9
95.9
95.5
96.8
95.2
Equals: Gross domestic
purchases 1
107.8
111.6
109.3
110.1
111.1
111.8
113.1
113.5
107.7
111.5
109.2
110.0
111.0
111.7
113.0
113.4
108.4
105.8
107.7
106.6
107.0
107.6
107.7
108.4
Final sales
Change in business
105.7
107.6
106.6
106.9
107.5
107.6
108.3
Durable goods
Final sales
Change in business
104.3
104.3
106.2
106.1
105.1
105.1
106.0
105.9
106.3
106.2
106.3
106.2
106.1
106.0
106.1
106.0
106.8
106.7
108.7
108.6
107.6
107.6
107.7
107.6
108.5
108.4
108.7
108.6
110.0
109.9
110.0
109.9
116.8
118.1
119.6
121.0
105.3
105.9
106.8
107.2
Goods
Nondurable goods
Final sales
Change in business
<
108.3
Less: Change in business
inventories
Equals: Final 2sales to domestic
purchasers
1. Purchases in the United States of goods and services wherever produced.
2. Final sales in the United States of goods and services wherever produced.
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
Services
...
111.8
117.6
113.8
115.4
Structures
•• ••
102.7
105.7
104.3
104.6
1984
1986
1985
1984
13
SURVEY OF CURRENT BUSINESS
June 1986
Table 7.4.—Implicit Price Deflators for Gross National Product
Table 7.7.—Implicit Price Deflators for the Relation of Gross National
Product, Net National Product, and National Income
[Index numbers, 1982=100]
[Index numbers, 1982=100]
Seasonally adjusted
1984
1985
1984
IV
1985
I
II
Seasonally adjusted
1986
III
r
IV
1984
1985
1984
IV
Gross national product
108.1
111.7
109.6
110.4
111.3
112.1
113.0
108.2
111.6
109.6
110.3
111.3
111.9
113.1
113.4
Durable goods
Nondurable goods
Services
103.9
105.4
111.5
104.7
107.7
116.8
104.2
106.6
113.5
104.9
106.7
114.7
104.8
107.5
116.1
104.6
107.6
117.4
104.4
109.1
118.7
104.9
108.2
120.0
II
1986
III
IV
Ir
113.8
Personal consumption
expenditures
1985
I
Fixed investment
Nonresidential
Structures
Producers' durable
equipment
Residential
Change in business
inventories
101.4
99.4
99.3
99.5
106.4
102.9
100.9
102.7
99.9
108.4
102.1
100.1
100.8
99.7
107.9
102.4
100.5
101.8
99.8
107.7
102.6
100.7
102.7
99.6
107.9
103.0
101.0
102.8
100.1
108.2
103.5
101.2
103.4
100.1
109.7
104.3
102.0
104.5
100.7
110.4
Net exports of goods and
services
Exports
Imports .
Government purchases of goods
and services
Federal
National defense
Nondefense
State and local
111.3
112.1
113.0
104.0
103.7
103.3
103.5
103.9
103.9
110.3
111.3
112.4
113.2
114.3
115.1
113.8
112.3
111.3
114.8
115.5
113.7
116.8
110.6
108.9
109.5
110.3
111.0
111.8
112.4
112.7
110.1
111.3
112.2
113.0
114.4
115.0
111.7
109.6
103.2
103.6
Equals: Net national product..
108.7
112.8
Less: Indirect business tax and
nontax liability plus business
transfer payments less
subsidies plus current surplus
of government enterprises
109.5
107.4
108.7
Gross national product
Gross private domestic
investment
110.4
108.1
Less: Capital consumption
allowances with capital
consumption adj ustment
Statistical discrepancy
Equals: National income
113.8
Table 7.8.—Implicit Price Deflators for Command-Basis Gross National
Product
103.7
97.4
102.8
95.8
103.2
96.7
102.9
95.8
103.1
95.7
102.7
95.3
102.4
96.2
102.6
95.5
109.0
113.8
110.7
112.4
113.6
114.2
115.0
116.4
Gross national product.
108.1
111.7
109.6
110.4
111.3
112.1
113.0
113.8
107.0
107.6
105.1
110.6
110.2
111.1
107.7
116.8
108.3
108.6
107.5
112.7
109.9
110.1
109.4
114.4
110.4
110.6
110.0
116.1
110.2
110.9
108.1
117.5
110.2
112.8
104.5
119.2
111.9
112.6
109.9
120.0
Less: Net exports of goods and
services
Exports
Imports
103.7
974
102.8
95.8
103.2
96.7
102.9
95.8
103.1
95.7
102.7
95.3
102.4
96.2
102.6
95.5
Equals: Gross domestic
purchases
107.2
110.6
108.5
109.4
110.2
110.8
111.8
112.4
97.4
974
95.8
95.8
96.7
96.7
95.8
95.8
95.7
95.7
95.3
95.3
96.2
96.2
95.5
95.5
107.4
110.9
108.8
109.6
110.5
111.2
112.3
112.9
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
[Index numbers, 1982=100]
Plus: Command-basis net
Table 7.5.—Implicit Price Deflators for Gross National Product by
Major Type of Product
[Index numbers, 1982 = 100]
Gross national product
108.1
111.7
109.6
110.4
111.3
112.1
113.0
113.8
108.1
111.7
109.6
110.4
111.4
112.0
113.0
113.8
1053
107 0
106 2
106 4
106 8
107 1
107 6
1052
1069
1061
1063
1069
1070
1074
1076
Durable goods
Final sales
Change in business
inventories
103.7
103.7
Nondurable goods
Final sales
Change in business
inventories
1065
106.4
1087
108.5
1077
107.6
1076
107.4
1085
108.6
1087
108.5
1099
109.6
1100
109.8
Services
111 8
1174
1138
1154
116 8
118 0
1194
1207
Structures
1033
1064
1048
1053
1062
1066
1075
1085
Equals: Command-basis gross
national product
107 8
Final sales
Change in business
inventories
Command-basis exportsImports
Final sales
Change in business
inventories
Goods
[Index numbers, 1982=100]
104.8
104.8
104.3
104.3
104.9
104.9
104.7
104.7
105.1
105.1
104.6
104.5
104.9
104.8
Table 7.6.—Implicit Price Deflators for Gross National Product by
Sector
[Index numbers, 1982 = 100]
108.1
111.7
109.6
110.4
111.3
112.1
113.0
113.8
108.1
111.7
109.6
110.4
111.3
112.1
113.0
113.8
Business......
Nonfarm ..
Nonfarm less housing .........
Housing .
Farm
Statistical discrepancy..
107.4
107.3
106.8
1119
1125
107.4
110.6
111.0
110.3
118.8
952
110.6
108.9
108.9
108.4
114.2
107 1
108.9
109.5
109.7
109.1
115.7
1014
109.5
110.3
110.7
110.0
117.6
934
110.3
111.0
111.5
110.7
119.9
879
111.0
111.8
112.1
111.2
121.9
98.3
111.8
112.4
113.0
111.9
123.5
90.1
112.4
Households and institutions
Private households
Nonprofit institutions
112.9
101.4
113.8
117.2
106.2
118.1
114.3
101.7.
115.3
115.5
105.9
116.3
116.6
106.3
117.5
117.7
106.4
118.6
118.8
106.1
119.9
120.1
105.4
121.3
Government
Federal
State and local
112.4
1098
113.8
119.3
1150
121.6
114.3
1103
116.4
117.0
113.9
118.6
118.5
114.4
120.7
119.9
114.6
122.6
122.0
117.1
124.5
123.5
117.4
126.7
108.8
112.8
110.3
111.3
112.4
113.3
114.3
115.2
Gross national product
Rest of the world
Addendum:
Gross domestic business
P
g
1070
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
Personal consumption
expenditures..
Durable goods
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
Gross domestic product
Table 7.9.—Fixed-Weighted Price Indexes for Personal Consumption
Expenditures by Major Type of Product, 1982 Weights
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.
Services
Housing
Household operation
Electricity and gas
Other. ...
Transportation
Medical care
Other
108.5
112.2
110.0
110.7
111.8
112.5
113.8
114.2
1041
1051
1045
1052
1052
104.9
105.2
105.8
1062
1083
1069
1082
1083
1080
1086
1095
101 1
1049
1005
1068
101 1 1010
1053 1061
1006
1068
1000
1073
1003
1069
1005
1075
1056
1080
1068
1068
1077
107.9
109.4
108.6
1069
103.2
952
1098
961
1116
1090
106.3
960
1134
927
1162
1084
104.8
947
1110
93.8
1133
1084
105.3
93.2
1117
91.3
1144
1084
106.0
97.8
1130
93.4
1156
1086
106.0
96.8
1139
90.8
1169
1105
107.7
96.5
1152
95.5
1178
1109
105.9
89.9
1154
87.6
1191
111 7
117 1
1138
115.0
116.4
117.8
119.1
120.6
1115
1122
1125
1121
1096
113.4
1110
1184
1158
1147
1169
113 1
120.1
1150
1139
1139
1140
1138
1106
116.0
1128
1153
1144
1143
1145
1118
117.9
1137
1173
115.8
1154
1163
1118
119.6
1146
1195 1215
116.8 116.1
1157 113.7
1180 1187
113 1 1156
120.7 122.2
115.4 116.4
1229
117.3
114.5
120.2
1201
123.7
117.2
Table 7.14.—Fixed-Weighted Price Indexes for Exports and Imports of
Goods and Services, 1982 Weights
[Index numbers, 1982=100]
104.6
104.4
104.4
104.4
104.6
104.2
104.2
104.7
Merchandise
Durable goods
Nondurable goods
1021
101.1
1033
992
101.0
969
1009
101.3
1003
100.2
101.1
98.9
100.0
101.3
98.2
98.7
100.9
95.9
98.1
101.8
94.5
98.5
100.7
95.7
Services
Factor income
Other
1082
109.0
1068
1118
113.2
1093
1095
110.7
1075
110.4
111.7
108.2
111.4
112.8
109.0
112.2
113.6
109.7
113.1
114.6
110.4
113.7
115.4
110.6
97.6
96.0
97.1
95.9
95.9
95.5
96.8
95.2
955
97.1
93.9
92.7
95.2
90.1
94.6
96.1
93.1
92.9
94.6
91.3
92.7
94.6
90.8
91.9
94.9
89.0
93.2
96.6
89.7
90.6
98.0
83.1
103.7
1088
99.8
105.8
1128
100.3
104.3
110.3
99.5
104.4
111.3
99.1
105.3
112.4
99.7
106.0
113.3
100.3
107.4
114.3
102.0
108.5
115.1
103.4
Exports of goods and services
Imports of goods and services
Merchandise
Durable goods
Nondurable goods
Services
Factor income
Other
June 1986
SURVEY OF CURRENT BUSINESS
14
Table 7.15.—Fixed-Weighted Price Indexes for Merchandise Exports and
Imports by Type of Product and by End-Use-Category, 1982 Weights
Table 7.16.—Fixed-Weighted Price Indexes for Government Purchases
of Goods and Services by Type, 1982 Weights
[Index numbers, 1982 = 100]
[Index numbers, 1982 = 100]
Seasonally adjusted
Seasonally adjusted
1984
1985
IV
Merchandise exports .
Foods, feeds, and beverages
Industrial supplies and
materials
Durable goods
Nondurable goods
Capital goods, except autos
Autos
Consumer goods
Durable goods
Nondurable goods
Other ..
Durable goods
Nondurable goods
Merchandise imports
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
I
II
III
IV
1985
r
102.1
107.5
99.2
95.5
100.9
100.4
100.2
98.9
100.0
98.6
98.7
94.9
98.1
89.9
98.5
93.1
100.2
100.2
100.3
100.0
107.1
100.5
96.7
103.4
103.6
103.6
103.6
95.5
101.9
,
1984
1986
1985
1984
95.7
95.7
95.7
100.8
109.6
99.9
94.3
104.3
101.3
101.3
101.3
92.7
97.8
99.3
99.3
99.3
100.8
107.2
100.0
95.2
103.8
102.4
102.4
102.4
97.5
97.5
97.5
100.9
107.7
99.6
94.0
104.0
101.9
101.9
101.9
94.1
94.1
94.1
100.7
110.6
100.1
94.5
104.5
101.0
101.0
101.0
94.6
99.9
92.9
99.2
96.1
96.1
96.1
101.2
109.4
99.7
93.9
104.2
102.0
102.0
102.0
92.7
97.8
91.9
96.4
95.0
95.0
95.0
100.4
110.7
100.2
94.6
104.6
100.3
100.3
100.3
93.2
97.7
94.7
94.7
94.7
100.0
111.2
101.6
95.8
106.1
100.8
100.8
100.8
90.6
103.7
93.7
93.7
93.7
88.9
92.3
104.6
99.5
97.1
103.0
98.5
98.5
98.5
87.4
87.4
87.4
84.4
88.7
107.1
99.7
95.9
105.2
96.8
96.8
96.8
92.1
92.1
92.1
87.8
90.4
105.4
99.7
95.8
105.3
97.8
97.8
97.8
88.7
88.7
88.8
85.8
88.2
105.0
99.3
95.2
105.0
96.3
96.3
96.3
88.0
88.0
88.0
85.8
88.1
105.8
98.8
95.1
104.1
96.2
96.2
96.2
87.3
87.3
87.3
82.4
88.6
106.3
99.7
95.6
105.5
96.6
96.6
96.6
85.7
85.7
85.7
83.9
89.8
110.7
101.0
97.6
105.9
98.1
98.1
98.1
84.9
85.0
84.9
68.8
91.2
113.4
102.3
99.4
106.4
99.5
99.5
99.5
IV
Government purchases of
goods and services
1986
1985
1984
I
lr
II
III
IV
117.2
112.4
113.4
111.4
88.7
116.9
109.6
107.9
107.6
108.9
89.8
109.7
114.6
111.2
111.7
111.0
89.6
114.4
111.0
108.4
108.3
110.0
89.8
110.5
112.7
109.9
110.2
111.4
89.0
113.2
113.8
110.1
110.5
110.2
90.1
113.8
114.8
110.6
111.1
111.3
90.0
114.2
116.5
112.2
113.1
111.1
89.6
116.5
109.8
109.8
109.8
109.5
105.5
108.6
97.8
115.1
115.2
114.8
113.1
108.5
109.9
99.0
110.3
110.1
110.6
110.9
107.4
108.5
98.3
113.9
114.0
113.8
111.7
108.1
109.8
98.7
114.4
114.3
114.5
112.8
108.2
109.9
98.8
114.5
114.2
115.0
113.6
108.4
109.5
99.1
117.6
118.5
115.9
114.3
109.5
110.2
99.4
117.8
118.6
116.3
115.1
112.0
110.1
99.3
100.8
109.0
100.7
113.5
102.0
110.0
102.1
112.6
101.3
113.3
99.8
113.7
99.8
114.5
92.1
115.0
,
109.6
108.1
103.9
114.8
111.5
107.3
110.4
109.3
105.1
113.8
110.7
105.9
114.5
111.4
107.1
115.0
111.7
108.0
115.9
112.2
108.3
116.4
112.9
109.1
State and local
...
Durable goods
Nondurable goods
Services
Compensation of employees..
Other services
Structures
110.8
104.3
99.0
113.5
113.8
112.5
104.6
117.2
106.4
99.4
120.9
121.6
117.5
111.1
112.9
104.8
98.8
116.0
116.4
114.4
106.7
114.7
105.7
98.6
118.1
118.6
115.7
108.4
116.5
106.3
99.6
120.0
120.6
116.9
110.8
117.9
106.4
98.1
121.8
122.6
118.2
112.2
119.6
107.3
101.4
123.6
124.5
119.3
112.7
120.6
107.4
95.3
125.6
126.6
120.8
113.1
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
Other nondurables
Services
Compensation of
employees
Other services
Structures
Table 7.17.—Fixed-Weighted Price Indexes for National Defense
Purchases of Goods and Services, 1982 Weights
Table 7.18.—Current-Dollar Cost and Profit per Unit of Constant-Dollar
Gross Domestic Product of Nonfmancial Corporate Business
[Index numbers, 1982=100]
[Dollars]
Seasonally adjusted
1984
1985
IV
National defense
purchases
Durable goods
107.6
.
Military equipment
Aircraft
Missiles
Ships
Vehicles
Electronic equipment .
Other ..
Other durable goods
Nondurable goods
Petroleum products
Ammunition
Other nondurable goods
Services
Compensation of employees
Military
Civilian
Other services
Contractual research and
development
Installation support 1
Weapons support 23
Personnel support
Transportation of materiel ....
Travel of persons
Other
Structures
Military facilities
Other
Seasonally adjusted
1985
1984
I
1986
II
III
IV
111.1
111.3
113.0
125.0
107.8
113.0
74.5
104.7
107.1
103.7
90.0
80.0
114.4
107.5
114.2
114.5
114.2
115.0
113.6
113.1
111.1
112.8
125.2
107.0
113.1
74.9
104.8
105.7
103.5
89.6
78.9
114.5
109.1
116.5
117.6
118.5
115.9
114.3
113.4
111.4
113.0
125.1
105.0
114.8
75.1
105.5
106.9
103.9
88.7
77.5
113.8
110.0
116.9
117.8
118.6
116.3
115.1
110.2
115.1
115.2
114.8
113.1
111.4
113.0
125.6
108.3
112.7
72.0
105.3
106.4
103.9
89.0
78.4
113.6
108.1
113.2
113.9
114.0
113.8
111.7
110.5
110.2
111.7
121.9
108.4
113.3
71.3
105.1
107.2
103.5
90.1
79.7
114.4
109.0
113.8
114.4
114.3
114.5
112.8
109.8
113.1
111.0
105.9
99.0
105.3
112.0
118.6
113.2
108.0
104.9
110.6
111.4
114.7
112.5
105.9
101.3
105.8
112.5
115.0
113.1
104.4
103.3
109.4
111.2
118.8
113.4
107.4
104.5
110.3
112.1
120.1
113.2
107.4
105.9
111.5
112.4
120.7
113.2
113.0
106.0
111.5
112.9
121.3
113.4
117.5
105.9
111.8
105.5
105.3
105.9
108.5
108.2
109.0
107.4
108.1
108.4
107.6
108.2
108.0
108.5
108.4
109.5
108.8
110.5
112.0
111.9
112.3
108.9
110.4
122.3
106.1
108.4
77.4
104.0
101.9
102.1
89.8
82.3
106.7
104.1
109.7
109.8
109.8
109.8
109.5
107.5
107.3
107.6
109.6
1. Includes utilities, communications, rental payments, maintenance and repair, and payments
to contractors to operate installations.
2. Includes depot maintenance and contractual services for weapons systems.
3. Includes compensation of foreign personnel, consulting, training, and education.
1985
F
108.3
110.0
111.7
124.2
107.3
111.0
71.8
105.3
104.1
102.6
89.8
80.9
111.6
105.0
110.5
110.3
110.1
110.6
110.9
111.7
111.0
112.6
124.4
107.8
113.0
73.1
104.9
106.6
103.6
89.6
79.2
114.2
108.4
114.4
1984
1984
IV
Current-dollar cost and
profit per unit of
constant-dollar gross
domestic product *
Capital consumption
allowances with capital
consumption adjustment
Net domestic product
Indirect business tax and
nontax liability plus
business transfer payments
less subsidies. .
Domestic income
Compensation of employees...
Corporate profits with
inventory valuation and
capital consumption
adjustments
Profits tax liability
Profits after tax with
inventory valuation and
capital consumption
adjustments
Net interest...
1985
I
1986
II
III
IV
Ir
1.056
1.088
1.070
1.077
1.086
1.092
1.097
1.104
.119
.937
.121
.967
.120
.950
.120
.957
.121
.965
.121
.971
.123
.975
.123
.982
.099
.838
.687
.102
.865
.710
.100
.850
.697
.100
.857
.703
.103
.862
.709
.102
.869
.709
.102
.872
.719
.105
.877
.722
.108
.035
.114
.029
.109
.032
.111
.029
.111
.028
.120
.030
.114
.029
.117
.025
.073
.042
.085
.041
.077
.044
.081
.043
.083
.042
.090
.040
.085
.039
.093
.038
1. Equals the deflator for gross domestic product of nonfmancial corporate business with the
decimal point shifted two places to the left.
15
SURVEY OF CURRENT BUSINESS
June 1986
Table 8.1.—Percent Change From Preceding Period in Selected Series
[Percent]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1984
1984
1985
1985
IV
I
II
1984
1986
III
IV
F
Fixed-weighted price index....
11.0
6.5
4.1
4.3
4.3
5.7
2.2
3.3
3.5
3.6
4.3
.6
3.7
3.4
3.5
6.9
3.7
3.0
3.5
3.5
4.5
1.1
3.3
3.5
3.6
5.8
3.0
2.9
2.6
2.7
4.3
.7
3.3
3.7
3.9
5.7
2.9
2.9
2.1
2.5
Personal consumption
expenditures:
6.6
3.3
3.1
3.4
3.4
6.9
3.4
3.4
3.6
3.6
7.4
4.8
2.6
2.7
2.7
6.2
2.6
3.7
3.7
3.8
14.3
12.3
1.8
1.7
9.2
8.4
.8
1.0
13.2
12.6
.4
.9
12.2
9.3
2.7
2.9
5.8
6.5
-.4
1.8
1.0
.9
2.8
.1
6.8
3.4
3.3
3.3
4.6
2.3
2.2
2.3
3.0
-1.2
4.2
4.3
5.8
5.6
.4
.3
6.6
3.3
3.0
3.3
3.4
1982 dollars
Implicit price deflator
I
Chain price index
Fixed-weighted price index....
8.7
4.4
4.1
4.3
4.3
2.3
4.2
•3
3.4
6.8
4.6
2.2
2.4
2.6
4.5
.1
4.4
4.6
4.6
5.2
3.8
1.1
1.5
1.6
23.7
24.3 -13.3
-.8
-.8
1.3
-1.1
1.2
_ Y
L9
2.1
Durable goods:
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price
index
Nondurable goods:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price
-1.0
1.1
2.2
1.9
1.5
.4
.7
6.2
.6
5.7
5.7
3.2
6.6
-3.3
-3.1
.7
5.7
q I
8.6
3.0
5.5
5.6
7.3
2.5
4.8
4.8
8.1
4.3
3.6
3.8
7.3
2.9
4.3
4.4
6.0
1.0
5.0
5.0
6.0
1.4
4.6
4.6
9.1
4.4
4.5
4.7
7.6
3.1
4.5
4.7
5.6
Gross private domestic
investment:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
4.8
3.9
4.4
5.0
4.7
4.6
4.8
34.3
31.4
Fixed investment:
Current dollars
1982 dollars
.
Implicit price deflator
Chain price index
Fixed-weighted price
index
-.7
19
-6.6 -10.6
77
11 7
9.6
10.4
39
-6.3
9.1
6.8
23.2
18.7
Producers' durable
equipment:
Current dollars
1982 dollars
Implicit price
deflator
Chain price index
Fixed-weighted
Residential:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price
index
19.4
17.6
1.5
1.8
11.9
10.5
1.2
1.7
1.2
0
1.2
I
11.9
11.1
.8
1.2
5.3
4.0
1.6
1.3
12.0
9.7
2.0
2.6
-4.4
-7.6
3.1
.4
1.7
1
9.0
7.5
1.5
1.5
1.8
2.0
.5
1.4
1.8
2.6
.7
20.1
19.5
.5
.8
11.3
9.7
1.5
1-4.
22.0
19.8
2.0
1.9
1.3
-.5
1.6
.3
13.3
12.5
.8
1.3
3.7
2.4
1.2
1.4
1.0
1.8
2.2
.9
1.6
2.0
17.0
14.6
15.3
11.5
16.5
12.1
24.6
19.8
9.0
5.2
1.7
1.2
2.2
2.2
3.4
2.6
4.1
3.3
4.0
1.1
3.6
1.9
.4
2.1
2.4
3.2
4.3
.1
2.2
2.6
3.2
1.1
1.7
2.0
3.2
-.1
21.7
22.2
9.2
8.8
25.1
24.2
-9.5
102
15.9
16.9
4.8
3.0
-.4
.4
.8
.8
1.2
.4
I
g
.9
2.0
1.0
0
.7
2.4
-.6
.3
Structures:
Current dollars
1982 dollars
Implicit price
deflator
Chain price index
Fixed-weighted
price index
F
III
II
IV
-6.3
-5.1
-1.5
-1.8
-1.5
5.2
6.6
-1.2
-.1
-.1
7.4
6.6
.8
1.3
2.0
10.9
12.8
-1.7
1.0
-1.6
29.6
24.5
3.8
5.3
5.4
-.8
2.4
-2.9
-4.0
6.6
Exports of goods and services:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
8.6
6.2
2.3
2.8
2.9
-3.8
-3.0
-.9
-.4
-.2
-1.9
.4
-2.3
1.4
-1.5
Imports of goods and services:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
23.5
23.6
-.1
-.1
1.0
2.7
-1.6
-1.7
-1.6
7.6
10.6
2.4
-1.9
-2.0
-30.3
27.6
-3.7
-5.1
-4.9
17.8
18.2
-.4
.1
.2
9.0
4.3
4.5
4.6
4.6
10.7
6.0
4.4
4.8
4.6
11.8
6.9
4.5
4.0
4.0
4.7
14
6.3
6.1
6.2
9.4
20.4
12.4
-9.4
4.7
4.3
4.7
4.1
18.2
2.1
4.7
3.6
9.2
2.8
4.7
5.3
138
5.0
2.3
2.3
9.9
6.2
3.5
3.6
13.6
10.3
3.0
3.4
19.3
15.1
3.8
2.0
1.8
38
6.0
5.7
4.1
2.1
1.8
2.4
36.0
37.3
-.7
4.3
23.7
23.4
0
3.2
-25.8
30 1
6.3
1.4
Government purchases of goods
and services:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
Federal:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price
index
10.5
9.8
-8.8 -10.9
.8
— 1.2
.6
-.6
1.1
-.2
1.4
1.6
.8
1.5
1.9
1.0
.3
17.8
13.2
4.1
4.1
3.6
1.7
1.9
1.8
-9.6
10.8
1.1
1.3
.7
1.7
-.7
-1.1
8.5
7.1
.7
1.1
9.7
8,5
1.1
1.1
11.3
5.7
5.7
5.3
12.4
9.7
2.6
2.5
4.0
1.9
1.4
-.7
.9
1.2
5.2
2.5
12.2
10 4
11.3 -13.3
.8
3.2
1.6
-.4
1.9
.1
10.0 -11.8
7.2
15 4
13.5 -9.8
13.5 -12.1
3.5
3.1
1.9
5.8
.9
1.5
4.5
.7
National defense:
Current dollars
1982 dollars
Implicit price deflator .
Chain price index
Fixed-weighted price
index
9.9
6.3
3.5
3.5
10.5
7.0
3.3
3.3
20.6
16.0
3.8
2.4
3.3
-2.1
5.6
5.6
10.8
8.7
1.8
3.0
23.6
22.0
1.1
5.7
3.3
-3.2
7.0
3.5
5.9
54
-.7
1.8
3.6
3.8
3.0
7.4
1.0
2.3
5.3
1.2
Nondefense:
Current dollars
1982 dollars
Implicit price deflator .
Chain price index
Fixed-weighted price
9.8
5.9
3.8
3.7
23.2
20.2
2.5
3.8
16.5
13.0
3.0
1.0
-2.3 -14.2
92
160
7.3
2.2
6.2
.7
82.8
95.9
-6.7
1.2
g
2.1
.5
5
2.4
5
8.4
3.0
5.3
5.4
8.5
2.7
5.6
5.8
6.4
.9
5.5
5.4
6.9
.5
6.2
6.3
13.6
6.9
6.1
6.4
9.6
4.7
4.9
5.0
4.2
1 fi
5.9
5.8
5.6
2.8
2.7
3.1
5.4
5.8
5.4
6.4
6.4
5.0
5.9
3.4
Gross domestic purchases:
1982 dollars
Chain price index ..
Fixed-weighted price index
8.5
4.0
4.0
2.8
3.3
3.5
1.9
3.3
3.5
.4
2.9
3.1
4.4
3.4
3.6
5.0
2.6
2.7
3.0
4.2
4.5
2.5
1.4
1.7
Final sales:
1982 dollars
Chain price index
Fixed-weighted price index
4.5
4.3
4.3
3.9
3.6
3.5
4.0
3.5
3.4
6.2
3.6
3.5
1.2
3.6
3.6
5.0
2.7
2.6
1.3
3.7
3.9
-1.7
2.2
2.4
Final sales to domestic
purchasers:
1982 dollars
Chain price index
Fixed-weighted price index
6.4
4.0
4.0
4.5
3.3
3.5
5.2
3.3
3.5
2.7
2.9
3.1
4.5
3.5
3.6
7.0
2.7
2.7
3.5
4.3
4.5
19
1.5
1.6
Command-basis gross national
product:
1982 dollars
Implicit price deflator
6.8
4.0
2.3
3.3
.6
3.8
3.9
3.0
1.1
3.3
3.0
2.6
.2
4.0
3.4
2.2
Gross domestic product:
1982 dollars
Implicit price deflator
6.8
4.1
2.5
3.3
.8
3.7
4.2
3.0
1.4
3.3
3.1
2.9
.7
3.3
3.3
2.9
7.7
4.0
2.7
3.0
.7
3.8
4.8
2.2
1.5
3.0
3.4
2.6
.5
2.9
3.5
2.2
7.6
3.7
2.6
3.4
1.8
3.8
3.5
3.0
2.3
3.7
2.6
2.9
.7
2.2
4.4
3.3
10.1
5.7
4.9
1.6
4.1
.6
2.3
12.0
-.3 ., 8.2
-2.5
45
6.7
2.3
6.8
5.5
NOTE.—The fixed-weighted price index arid the chain price index, both of which are weighted
averages of the detailed prices used in the deflation of GNP, are measures of price change. In
calculating changes in these indexes, the composition of GNP is held constant. Consequently
these changes reflect only changes in prices. The fixed-weighted price index measures price
change over any period, using as weights the composition of GNP in 1982. The chain price index
measures price change between two consecutive periods, using as weights the composition of
97.4 -60.8
125.4
678
-12.7
22.3
2.3
.4
State and local:
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price
Addenda:
Business:
1982 dollars
Implicit price deflator
Nonfarm:
19&2 dollars
Implicit price deflator .
Disposable personal income:
Current dollars
1982 dollars
1986
1985
I
3.4
Services:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price
Nonresidential:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price
index
1984
IV
Gross national product:
1982 dollars
Implicit price deflator
1985
GNP in the first period. The implicit price deflator is a byproduct of the deflation of GNP. It is
derived as the ratio of current- to constant-dollar GNP (multiplied by 100). It it the average of
the detailed prices used in the deflation of GNP, but the prices are weighted by the composition
of GNP in each period. Consequently, the implicit price deflator reflects not only changes in
prices but also changes in the composition of GNP, and its use as a measure of price change
should be avoided.
16
SURVEY OF CURRENT BUSINESS
June 1986
Reconciliation and Other Special Tables
Table 1.—Relation of Net Exports of Goods and Services in the National Income and Product
Accounts (NIPA's) to Balance of Goods and Services in the Balance of Payments Accounts
(BPA's)
[Billions of dollars]
Seasonally adjusted at annual rates
Line
I
1 Exports of goods and services BPA's
2 Less- Gold BPA's
3
Capital gains net of losses in direct investment income receipts,
BPA's.
4
Statistical differences 1
5
Other items
6 Plus: Adjustment for U.S. territories and Puerto Rico
7
Services furnished without payment by financial intermediaries
except life insurance carriers and private noninsured pension plans.
8 Equals' Exports of goods and services NIPA's
9 Imports of goods and services, BPA's
10 Less' Payments of income on U S Government liabilities
11
Gold, BPA's
12
Capital gains net of losses in direct investment income payments,
BPA's.
13
Statistical differences 1
14
Other items
15 Plus- Gold NIPA's
16
Adjustment for U.S. territories and Puerto Rico
17
Imputed interest paid to foreigners
18 Equals: Imports of goods and services, NIPA's
19
20
21
22
23
24
25
26
1986
1985
1985
II
III
IV
363.5
1.9
12.0
I
366.4
1.3
8.8
358.5 352.2
1.7
1.9
4.9 -11.0
357.4
1.2
3.9
360.9
2.0
14.8
-1.1
0
11.6
5.4
-1.4
0
11.6
5.2
.1
0
11.6
5.3
-2.0
0
11.6
5.4
369.9
379.6
369.2
363.2
367.8
374.4
461.2
21.3
3.2
•6
443.5
21.2
4.0
1.2
461.2
21.1
2.3
2.1
458.8
21.5
3.7
-.5
481.3
21.5
2.8
-.4
489.0
22.8
7.5
1.9
-1.6
0
-.1
5.4
5.4
448.4
5.7
0
-.1
5.4
5.2
421.9
6.9
0
0
5.4
5.3
439.5
-6.1
0
-.1
5.4
5.4
451.0
130
0
-.1
5.4
5.5
481.2
130
0
.1
5.0
5.6
480.2
11
0
11.6
5.5
11
0
11.4
5,6
-102.7 -91.3 -103.8 -97.8 117.8 -122.5
Balance on goods and services, BPA's (1 — 9) .
11
-6.3
-1.5
-2.2
17
10
Less' Gold (2 11 + 15)
6.9
4.3 -12.3
1.7
15.3
12.4
Capital gains net of losses in direct investment income, BPA's (3 — 12)..
11.9
.5 -7.1
68
4.1
11.9
Statistical differences (4 13)
0
0
0
0
0
0
Other items (5 14)
22.8
21.3
21.2
21.1
21.5
21.5
Plus' Payments of income on U S Government liabilities (10)
6.4
6.2
6.2
6.2
6.2
6.2
Adjustment for U S territories and Puerto Rico (6 16)
-78.5 -42.3 -70.3 -87.8 -113.4 -105.8
Equals' Net exports of goods and services NIPA's (8 18)
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.
Text continues from p. 35
Beginning with the second quarter of
1982, transactions with unincorporated affiliates were required to be reported separately by account. However, many large U.S. companies encountered reporting problems. The reporting problems in the last three
quarters of 1982 and errors in BEA's
estimates of first quarter 1982 transactions resulted in the understatement of equity capital outflows and
the overstatement of reinvested earnings of unincorporated affiliates.
When reporters filed the 1982 benchmark survey, they provided corrected
data by account, which led to sizable
revisions in the estimates. The revisions were particularly large in the
petroleum industry, which conducts
proportionally more of its direct investment activities through unincorporated affiliates.
Timing differences may also have
generated sizable capital flow revisions, especially in the intercompany
debt component. BEA calculates debt
flows as the change in debt balances
from one period to the next. The balance must be reported to BEA on the
quarterly survey no later than 45
days after the close of an affiliate's
quarter and is based on preliminary,
unaudited data. The benchmark
survey, in contrast, was filed several
months after the close of the year and
was based on final, audited data. Because of the preliminary nature of the
quarterly data, the dates on which
transactions are recognized frequently
differ from those in the final, audited
financial statements. The differences
are particularly large for debt transactions because of their size and volatility.
The $1.2 billion, or 5 percent, downward revision in income probably resulted from affiliates switching from
FASB 8 to FASB 52 (discussed earlier)
and from changes to reported data.
Royalties and license fees, which
were previously combined with fees
for other services in one account (entitled "fees and royalties"), are now
shown separately. Royalties and li-
cense fees were revised up 10 percent,
and fees for other services were revised down 23 percent. The latter revision is partly due to a clarification
of the instructions on the form for
this item. The clarified instructions
stressed that sales of services, as well
as reimbursements for services rendered, were to be reported. (Sales of
services are receipts for services rendered that are normally included in
sales in the income statement of the
seller; reimbursements are receipts
for services, such as allocated or overhead charges, that are normally included in "other income" in the
income statement of the provider of
the service.) Previously, some companies excluded sales of services. Because fees for "other services" a&)
shown on a net basis, the downward
revision implies that the prior estimates excluded larger sales of services by foreign affiliates to U.S. parents than by U.S. parents to foreign
affiliates. The revisions also reflected
corrections to the data for a small
number of affiliates.
By EUGENE P. SESKIN and DAVID F. SULLIVAN
Plant and Equipment Expenditures,
the Four Quarters of 1986
BUSINESS plans to spend $387.2
billion for new plant and equipment
(P&E) in 1986, 0.2 percent more than
in 1985, according to the BEA survey
conducted in April and May (tables 1
and 2, and chart I).1 Spending was
$386.4 billion in 1985, 9.0 percent
more than in 1984.
The latest estimate of planned
spending for 1986 is $7.9 billion lower
than that reported in April for the
survey conducted in January through
March. The previous survey showed
planned spending of $395.1 billion for
1986, 2.3 percent more than in 1985.2
Although downward revisions were
I. 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 domestic P&E expenditures for all industries surveyed
quarterly, which account for nearly 90 percent of capital spending by U.S. nonfarm business. Sample data
are 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. The estimates of planned spending have been adjusted for systematic reporting biases. The bias adjustments are calculated by industry for each planning
horizon. For a given time period, the bias-adjustment
factor is the median of the ratios of planned to actual
expenditures for that time period in the preceding 8
years. Before adjustments, 1986 planned spending was
$379.05 billion in "all industries," $152.10 billion in
manufacturing, and $226.94 billion in nonmanufacturing.
Table 1.—New Plant and Equipment Expenditures by Business
widespread, three-fourths of the total
revision was accounted for by the petroleum manufacturing and mining
industries. The latest estimate for the
two industries combined indicates a
decline in 1986 of $10.0 billion, a decline $5.9 billion larger than reported
in the previous survey; in 1985, the
two industries combined showed little
change in spending. (If the two industries are excluded from "all industries/' the 1986 planned increase
would be 3.2 percent.)
Real spending—capital spending adjusted to remove price changes—is estimated to decline 1.3 percent in 1986.
Real spending increased 7.6 percent
in 1985, following an increase of 15.1
percent in 1984 (tables 2 and 3). Estimates of real spending are calculated
from survey data on current-dollar
spending and from estimated capital
goods price deflators developed by
[Percent change from preceding year]
Actual
Planned
^HffiffiHH^^HHHH
1986
1984
All industries 1
Oct.-Nov.
1985
survey
Jan.-Mar.
1986
survey
Apr.-May
1986
survey
16.3
Manufacturing
Durable goods
Primary metals 2
Blast furnaces, steel works
Nonferrous metals
Fabricated metals
Electrical machinery
Machinery, except electrical
Transportation equipment 2
Motor vehicles
Aircraft
Stone, clay, and glass....;
Other durables
;....
.
. .
„
1
Mining
Transportation
Railroad
Air
Other..
Public utilities
Electric
Gas and other
Commercial and other
.
..".'•
... .....
9.0
2.4
2.3
19.5
24.8
18.4
8.9
22.6
22.5
27.9
14.1
42.8
53.7
22.7
11.6
22.2
15.0
13.3
23.7
21.8
18.3
10.3'
26.2
14.8
> . ...
.
Nondurable goods
Food including beverage
Textiles
Paper
Chemicals
Petroleum
Rubber
Other nondurables
Nonmanufacturing
1985
10.3
10.4
8.2
15.9
11 6
3.5
6.5
3.7
19.2
29.0
-3.3
10.1
19.6
10.2
16.6
-7.3
18.3
7.4
4.5
23.4
16.6
-.1
25
-3.3
68
-1.4
-.5
102
-3.7
2.4
3.7
3.0
.7
2.3
2.1
-.2
11 8
3.6
-.7
3.4
6.3
4.5
-.9
-2.9
-.1
-2.1
1.9
7.5
-10.7
-3.9
.5
1.8
2.8
-4.6
9
1.1
4.6
.9
3.8
5.6
-8.1
3.1
9.3
-2.6
-1.4
.1
22
-.6
13.2
-4.7
-7.9
1.1 :
3
13.9
-5.0
5.5
36
1.7
-4.3
6.7
4.3
-24.4
4.4
16.4
H.3
11.0
18.3
39.1
183
30.6
5.6
6
35.6
17.7
8.2
-5.9
8.8
4.0
34.1
-.5
> 2.7
25
20.9
11.8
4.1
-6.2
5.1
2.3
19.3
-2.0
44
-7.0
3.0
7.7
4.3
-12.5
5.8
-2.2
28.5
-2.6
-.5
-1.8
3.4
7.4
2,1
222
11
-8.8
20.1
25
-4.8
68
1.0
7.0
1. Surveyed quarterly.
2. Includes industries not shown separately.
:
CHART 1
New Plant and Equipment Expenditures
Percent Change
-30
0.2
ALL INDUSTRIES
-20
-10
0
10
,,,,-^^r
20
30
40
Air Transportation
Commercial and
Other
Gas and Other
Utilities
Durable Goods
Manufacturing
Other
Transportation
Nondurable Goods
Manufacturing
Electric Utilities
, Railroad
Transportation
Mining
U.S. Department of Commerce, Bureau of Economic Analysis
17
157-584 O - 86 - 2 : QL 3
18
SURVEY OF CURRENT BUSINESS
June 1986
Table 2.—New Plant and Equipment Expenditures by Business in Current and Constant Dollars
Billions of dollars; quarters seasonally adjusted at annual rates
1984
AH industries2
I
II
III
IV
I
II
1
III 1
IV 1
354.44
.
..
Addenda:7
Total nonfarm business 8
Manufacturing
Nonmanufacturing
Surveyed quarterly 9
Surveyed annually
387.25
371.16
387.83
388.90
397.74
376.08
387.42
388.87
396.61
153.15
73.14
7.73
4.10
1.88
3.56
15.57
15.97
19.29
14.45
3.46
3.40
7.62
80.01
10.29
1.78
8.53
16.45
26.68
3.83
12.45
149.17
72.09
7.74
4.01
1.87
4.03
14.83
14.72
19.51
14.40
3.94
3.23
8.03
77.09
10.46
1.70
9.10
17.16
20.17
4.00
14.50
145.65
69.87
7.62
3.92
2.00
3.42
15.58
15.86
17.08
12.02
3.53
3.20
7.12
75.78
9.41
2.01
7.76
16.43
25.44
3.36
11.37
154.33
73.96
7.44
3.92
1.76
3.31
17.09
16.31
18.86
14.14
3.37
3.43
,;m,7.52
" 80.36
10.40
1.86
8.10
16.90
27.69
3.58
11.83
154.04
72.85
7.71
4.09
1.85
3.72
15.30
15.55
18.97
13.92
3.65
3.60
8.00
81.19
10.44
1.74
8.64
16.28
27.25
3.86
12.99
158.57
75.87
8.16
4.48
1.90
3.79
14.31
16.17
22.26
17.72
3.27
3.38
7.82
82.70
10.90
1.50
9.60
16.19
26.35
4.53
13.63
143.06
67.74
7.83
3.89
1.87
4.05
12.88
14.18
18.13
13.12
3.82
3.04
7.63
75.32
9.44
1.52
8.63
16.02
22.48
4.31
12.91
148.01
72.20
7.69
3.83
1.80
3.89
15.18
14.85
19.22
14.40
3.67
3.25
8.12
75.80
10.66
1.77
8.97
16.82
19.56
4.18
13.85
148.47
71.42
7.47
4.06
1.74
3.96
15.78
14.37
18.47
13.38
3.92
3.35
8.03
77.04
10.80
1.77
9.19
17.27
19.18
3.63
15.20
157.16
76.98
7.95
4.25
2.06
4.22
15.48
15.47
22.21
16.72
4.33
3.29
8.35
80.19
10.95
1.76
9.59
18.52
19.45
3.87
16.05
215.61
16.86
16.52
6.79
3.56
6.17
47.48
37.03
10.44
134.75
44.93
33.91
28.70
27.21
. .
386.41
138.82
66.24
7.15
3.54
2.13
3.44
14.61
15.41
16.18
11.20
3.57
3.09
6.37
72.58
8.82
1.92
7.21
15.32
25.53
3.11
10.68
233.26
15.88
17.97
7.06
4.78
6.13
48.74
36.12
12.62
150.67
50.71
39.24
28.70
32.02
238.07
12.35
18.16
6.44
5.74
5.98
46.40
33.65
12.75
161.16
225.51
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
233.51
16.51
17.50
7.48
3.66
6.37
48.47
36.04
12.43
151.02
51.67
37.46
28.70
33.19
234.86
15.94
19.09
8.13
5.20
5.77
48.14
35.34
12.80
151.69
50.74
40.44
27.37
33.15
239.16
15.40
19.06
6.61
6.06
6.39
49.89
36.45
13.44
154.81
51.11
42.56
29.91
31.24
233.02
12.85
17.76
5.82
6.54
5.40
47.15
34.33
12.82
155.27
52.65
41.79
27.91
32.91
239.41
12.61
17.99
6.95
5.11
5.94
47.59
34.49
13.10
161.22
240.40
12.49
19.21
7.31
5.78
6.12
44.98
32.59
12.39
163.73
239.45
11.43
17.68
5.67
5.54
6.47
45.89
33.19
12.70
164.45
398.99
138.82
260.16
215.61
44.55
Manufacturing
Durable goods 3
Primary metals
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
Nonmanufacturing 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
1986
1985
1985
431.21
153.15
278.07
233.26
44.81
149.17
145.65
154.33
154.04
158.57
143.06
148.01
148.47
157.16
239.41
240.40
239.45
238.07
225.51
233.51
234.86
239.16
233.02
Billions of 1982 dollars, quarters seasonally adjusted at annual rates 10
All industries
2
352.88
379.74
374.77
365.27
381.52
381.78
390.39
365.87
375.00
375.64
382.56
142.20
65.46
6.95
3.44
2.06
3.36
14.21
15.31
16.34
11.06
3,79
3.03
6.26
76.74
8.57
1.85
7.00
15.34
30.50
3.03
10.46
154.78
71.69
7.43
3.95
1.80
3.44
15.07
15.82
19.22
14.12
3.66
3.29
7.42
83.10
9.85
1.69
8.18
16.27
31.34
3.69
12.09
148.36
69.92
147.41
68.53
7.34
3.78
1.92
3.32
15.06
15.68
17.09
11.77
3.72
3.10
6.94
78.88
9.04
1.92
7.47
16.28
29.88
3.24
11.05
156.24
72.55
7.16
3.78
1.69
3.20
16.56
16.16
18.80
13.84
3.56
3.32
7.34
83.69
9.97
1.77
7.78
16.72
32.52
3.45
11.50
155.66
71.33
7.40
3.93
1.77
3.59
14.79
15.39
18.91
13.59
3.87
3.47
7.79
84.33
9.98
1.65
8.27
16.09
32.05
3.71
12.59
159.82
74.33
7.82
4.30
1.81
3.65
13.86
16.04
22.09
17.29
3.48
3.25
7.61
85.49
10.41
1.42
9.19
15.99
30.92
4.35
13.23
143.34
65.92
7.46
3.71
1.77
3.88
12.39
13.95
17.98
12.71
4.03
2.91
7.36
77.41
8.94
1.43
8.20
15.73
26.60
4.11
12.40
147.21
70.09
147.35
69.21
155.56
74.47
77.12
78.14
81.09
Nonmanufacturing 2...
.
Mining .
Transportation....
Public utilities. . .
Commercial and other
.
Wholesale and retail trade
Finance and insurance
Personal and business services 6
Communication
.
210.68
19.68
15.67
45.24
130.08
42.92
34.46
27.77
24.93
224.95
18.18
16.63
45.93
144.21
47.64
40.27
27.44
28.85
226.40
14.04
16.50
43.31
152.56
217.85
17.98
15.16
45.84
138.87
46.55
37.05
27.65
27.63
225.27
18.90
16.24
45.70
144.43
48.67
38.37
27.45
29.94
226.12
18.26
17.62
45.27
144.97
47.59
41.47
26.11
29.80
230.57
17.59
17.52
46.90
148.57
47.77
44.18
28.56
28.04
222.53
14.65
16.26
44.17
147.46
48.75
42.78
26.43
29.50
227.79
14.29
16.39
44.47
152.64
228.29
14.19
17.42
41.92
154.76
227.00
13.02
15.94
42.67
155.37
Addenda:11
Total nonfarm business 8
Manufacturing
Nonmanufacturing ..
Surveyed quarterly 9
Surveyed annually
396.81
142.20
254.61
210.68
43.94
423.82
154.78
269.04
224.95
44.08
Manufacturing.
Durable goods.. 3
Primary metals
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......
.5
Other nondurables
.
.
78.44
148.36
147.41
156.24
155.66
159.82
143.34
147.21
147.35
155.56
226.40
217.85
225.27
226.12
230.57
222.53
227.79
228.29
227.00
1. Estimates are based on planned capital expenditures reported by business in April and May
1986. The planned expenditures are adjusted for systematic biases in reporting. The adjustment
procedures are described in the February 1985 SURVEY OF CURRENT BUSINESS. Before bias adjustment, current-dollar plans for 1986 were $379.05 billion for "all industries," $152.10 billion for
manufacturing, and $226.94 billion for nonmanufacturing industries surveyed quarterly.
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.
7. The latest estimates for the industries surveyed annually are based on the survey conducted
in January through March 1986. The current-dollar plans for 1986 were $445.31 billion for total
nonfarm business, $293.47 billion for total nonmanufacturing, and $50.18 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. Estimates for the fourth-quarter and the year 1985 have been revised.
11. The latest estimates for the industries surveyed annually are based on data reported by
business in January through March 1986. The constant-dollar plans for 1986 were $432.62 billion
for total nonfarm business, $280.95 billion for total nonmanufacturing, and $49.60 billion for nonmanufacturing industries surveyed annually.
SURVEY OF CURRENT BUSINESS
June 1986
Table 3.—New Plant and Equipment Expenditures by Business in Constant (1982) Dollars
[Percent change from preceding year]
Planned
Act ual
1986
1984
All industries 1
1985 r
Oct.-Nov.
1985
survey
Jan.-Mar.
1986
survey
Apr.-May
1986
survey
15 1
76
14
09
13
189
88
8
19
4i
Durable goods
Nondurable goods
238
150
95
83
31
12
36
-5
25
-56
l
12.6
129
150
3.6
15.8
6.8
2.9
76
61
1.5
10.9
70
2.7
-5.5
6.8
Manufacturing
Nonmanufacturing
Mining
Transportation
Public utilities
Commercial and other
2.9
137
11
-1.5
6.7
.6
228
8
-5.7
5.8
r
Revised.
1. Surveyed quarterly.
NOTE.—Percent changes are calculated from constant-dollar estimates, which are based on actual and planned current-dollar
spending and on estimated capital goods price deflators developed by BEA.
BE A.3 The capital goods deflator for
"all industries" is projected by BEA
to increase 1.5 percent in 1986, following a 1.3-percent increase in 1985.
Current-dollar spending in the first
quarter of 1986 declined 5.4 percent,
to an annual rate of $376.1 billion, following a 2.3-percent increase in the
fourth quarter of 1985; first-quarter
spending was 3.7 percent lower than
anticipated in the previous survey.
Plans reported in the latest survey indicate a 3.0-percent increase in the
second quarter of 1986, a 0.4-percent
increase in the third, and a 2.0-percent increase in the fourth.
Real spending declined 6.3 percent
in the first quarter of 1986, following
a 2.3-percent increase in the fourth
quarter of 1985. Estimates indicate a
2.5-percent increase in the second
quarter of 1986, a 0.2-percent increase
in the third, and a 1.8-percent increase in the fourth.
The first-quarter decline in capital
spending and the widespread downward revisions in spending plans for
the year are consistent with several
indicators of investment activity. Specifically, the large downward revisions in spending by petroleum manufacturing and mining are apparently
related to the recent steep decline in
prices of petroleum products. More
generally, other unfavorable indicators include first-quarter declines in
iiet new capital appropriations; corpo3. Specifically, the current-dollar figures reported by
survey respondents are adjusted using implicit price
deflators derived from unpublished detailed estimates
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.
rate profits, both before and after tax;
corporate net cash flow; new orders of
nondefense capital goods; and the
manufacturing capacity utilization
rate. One bright spot in the investment outlook is the continued decline
in interest rates. Furthermore, proposed changes in the tax laws may be
influencing investment decisions and
may continue to do so during the remainder of the year.
Manufacturing Programs
In manufacturing, current-dollar
spending declined 9.8 percent in the
first quarter of 1986, to an annual
rate of $143.1 billion, following a 2.9percent increase in the fourth quarter
of 1985. Durable goods industries declined 10.7 percent in the first quarter
of 1986, and nondurables, 8.9 percent.
Manufacturers plan a 3.5-percent increase in the second quarter, a 0.3percent increase in the third, and a
5.9-percent increase in the fourth.
For the year 1986, manufacturers
plan to spend $149.2 billion, 2.6 percent less than in 1985; in the previous
survey, a planned decline of 0.9 percent was reported. Manufacturers'
spending increased 10.3 percent in
1985, following a 19.5-percent increase
in 1984.
Durable goods industries plan a 1.4percent decline in 1986; the largest
planned decline is in machinery
(except electrical), 7.9 percent. Stoneclay-glass and electrical machinery
plan declines of 5.0 percent and 4.7
percent, respectively. Aircraft and
fabricated metals plan increases of
13.9 percent and 13.2 percent, respectively. The weakness in machinery
(except electrical) may be related to
19
first-quarter declines in the industry's
sales and capacity utilization rate;
one of the industry's biggest customers, the electric utilities industry, has
also cut back 1986 capital spending
plans. The planned increase in aircraft follows a decline in 1985 and
may be related to the high demand
for commercial aircraft, continued
high levels of defense spending, and a
relatively high level of capacity utilization. The planned increase in fabricated metals may reflect the large
1985 increase in sales.
Nondurable goods industries plan a
3.6-percent decline in 1986. A large
planned declined in petroleum, 24.4
percent, and a smaller one in textiles,
4.3 percent, more than offset planned
increases in the other nondurable industries. The planned decline in petroleum is probably related to the
continuing decline in oil prices and to
lower company profits. The largest
planned increase in the nondurables
industries is in "other nondurables,"
16.4 percent, and is led by printingpublishing, which continues to adopt
new labor-saving technologies.
Real spending by manufacturers is
estimated to decline 4.1 percent in
1986—2.5 percent in durables and 5.6
percent in nondurables. In 1985, real
spending increased 8.8 percent—9.5
percent in durables and 8.3 percent in
nondurables.
Nonmanufacturing Programs
In nonmanufacturing, currentdollar spending declined 2.6 percent
in the first quarter of 1986, to an
annual rate of $233.0 billion, following a 1.8-percent increase in the
fourth quarter of 1985. Nonmanufacturing industries plan a 2.7-percent
increase in the second quarter of
1986, a 0.4-percent increase in the
third, and a 0.4-percent decline in the
fourth.
For the year 1986, nonmanufacturing industries plan to spend $238.1
billion, 2.1 percent more than in 1985;
in the previous survey, a planned increase of 4.3 percent was reported.
Nonmanufacturing industries' spending increased 8.2 percent in 1985, following a 14.3-percent increase in 1984.
In 1986, the largest increases are
planned in air transportation, 20.1
percent, and in "commercial and
other," 7.0 percent. The largest declines are planned in mining, 22.2
percent; railroads, 8.8 percent; and
20
SURVEY OF CURRENT BUSINESS
electric utilities, 6.8 percent. The increase in air transportation is
planned despite recent losses experienced by airlines and may reflect
heightened competition and the
recent wave of proposed mergers in
the industry. In "commercial and
other," much of the strength in 1986
spending plans is in retail trade and
in insurance. The planned decline in
mining industries is widespread, but
is sharpest in oil and gas extraction,
which has been adversely affected by
the decline in oil prices. The planned
decline in railroads may be related to
lack of growth in railroad traffic and
to cutbacks in the nonrail operations
of railroad firms. The planned decline
in electric utilities appears to result
from current overcapacity in that industry; the Federal Reserve Board capacity utilization rate for electric utilities declined more than 3 percentage
points, from 84.1 percent in the first
quarter of 1985 to 80.7 percent in the
first quarter of 1986. In addition, electric utilities have been finding it difficult to obtain rate increases from reg-
June 1986
ulatory agencies to finance cost overruns or cancellations of projects, especially nuclear plants.
Real spending by nonmanufacturing industries is estimated to increase
0.6 percent in 1986; it increased 6.8
percent in 1985. An estimated increase in "commercial and other," 5.8
percent, more than offsets estimated
declines in mining, 22.8 percent;
public utilities, 5.7 percent; and transportation, 0.8 percent.
New plant and equipment expenditures shown in the table below are based on the survey
conducted in January through March 1986 and include estimates, not published earlier, for
nonmanufacturing industries surveyed only annually. (Estimates from the January-March
survey for the manufacturing and nonmanufacturing industries surveyed quarterly were
published in the April 1986 SURVEY OF CURRENT BUSINESS.) For industries surveyed quarterly, the estimates of planned spending for 1986 shown below differ from those shown in the
preceding article, which are based on the survey conducted in April and May 1986.
The nonmanufacturing industries surveyed only annually account for about 11 percent of
capital spending by total nonfarm business. Current-dollar spending for the annual-only industries increased 0.6 percent in 1985; a 2.0-percent decline in new plant expenditures was
more than offset by a 5.3-percent increase in new equipment expenditures. Estimates based
on the January-March survey indicate a 12.0-percent increase in planned spending for 1986,
somewhat stronger than the increase planned by the nonmanufacturing industries surveyed
quarterly.
Percent change from preceding
year
Billions of dollars
Manufacturing . . . .
Plant
Equipment
.
......
Nonmanufacturing
Plant
Equipment
Surveyed quarterly
Plant
Equipment
Surveyed annually 3
Plant
Equipment
. . . .
3.3
396.81
149.46
247.35
423.47
149.28
274.19
432.62
15.0
11.2
17.4
6.7
-.1
10.8
10.3
3.8
12.8
— .9
142.20
40.92
101.28
154.67
40.88
113.79
151.67
18.9
15.2
20.4
8.8
.1
12.4
14.5
12.4
16.2
6.9
2.8
10.0
5.5
254.61
108.54
146.07
268.79
108.40
160.39
280.95
13.0
9.7
15.5
5.6
.1
9.8
4.5
14.3
10.8
16.7
15.5
17.4
12.2
8.2
4.4
10.5
.6
20
4.3
210.68
80.72
129.95
43.94
27.82
16.12
224.74
81.59
143.15
44.05
26.81
17.24
231.34
12.6
8.1
15.6
14.6
14.8
14.2
6.7
1.1
10.2
.3
-3.6
7.0
2.9
398.99
149.63
249.36
431.21
154.15
277.07
445.31
16.2
13.3
18.0
8.1
3.0
11.1
138.82
37.60
101.22
153.15
39.02
114.13
151.84
19.5
16.1
20.8
260.16
112.02
148.14
278.07
115.13
162.94
293.47
215.61
83.04
132.57
44.55
28.98
15.57
233.26
86.71
146.55
44.81
28.41
16.40
243.28
1. The planned expenditures are adjusted for systematic biases in reporting. The adjustment
procedures are described in the February 1985 SURVEY.
2. To estimate real spending plans, BEA adjusts the survey results for assumed price changes.
1986
2
1985
1985
50.18
Percent change from preceding
year
Billions of 1982 dollars
1984
1984
Total nonfarm business
Plant
Equipment
1986
1
1984
1985
5.3
1986
12.0
49.60
1984
1985
1986
2.2
-1.9
12.6
3. Consists of real estate; professional services; membership organizations and social services;
and forestry, fisheries, and agricultural services.
By THOMAS M. HOLLOWAY and JANE S. REEB
Sources of Change in Federal Transfer Payments
to Persons: An Update
J. RANSFER payments to persons by
the Federal Government are income
payments, generally in monetary
form, for which no current services
are rendered.1 From 1970 to 1985,
transfer payments, which are compo>nents of both Federal expenditures
and personal income, increased by
about $300 billion—an annual rate of
growth of 13 percent. Because their
growth rate was higher than that of
Federal expenditures (11 percent) and
personal income (10 percent), the
transfer payments share increased
from 30 percent of Federal expenditures in 1970 to 37 percent in 1985
and from 7 percent of personal
income to 11 percent during the same
period. Over this period, however,
these shares did not increase continuously; they fluctuated throughout the
period, with a peak in 1983 and a decline thereafter (table 1). The recent
decline was largely the result of the
recovery from the 1981-82 recession.
This article discusses the sources of
change in transfer payments. It uses
the same analytical framework and
categorizations of transfer payments
as an article in the October 1982
SURVEY OF CURRENT BUSINESS on the
same subject.2 The first section describes the framework. The second
section provides an overview of the
sources of change in total transfer
payments. The section presents revised estimates of the sources of
change from the earlier article and
updated estimates for 1982-85. The
third section focuses on the sources of
change in the major categories of
v./l. In the national income and product accounts
(NIPA's), there are two components of Federal transfer payments—to persons and to foreigners. This article deals only with the former. Total Federal transfer
payments to persons are reported in NIPA table 3.2;
components of the total are reported in NIPA table
3.11. In subsequent references, "transfer payments"
refers only to transfer payments to persons.
2. Thomas M. Holloway, "Sources of Change in Federal Government Transfer Payments to Persons, 197081," SURVEY OF CURRENT BUSINESS 62 (October 1982):
25-32.
Table 1.—Federal Transfer Payments to
Persons, 1970-85
transfer payments. Emphasis is
placed on developments in the 1980's.
Analytical framework
Changes in transfer payments can
be attributed to several sources: (1)
Automatic cyclical effects, (2) automatic inflation effects, and (3) legislation and other factors. Automatic cyclical effects reflect automatic responses of transfer payment programs
to fluctuations in economic activityfluctuations indicated by changes in
the unemployment rate. In cyclically
sensitive programs, increases in the
unemployment rate increase payments; decreases in the unemployment rate decrease payments.3
Automatic inflation effects reflect
the automatic responsiveness of transfer payment programs to changes in
prices. Inflation-sensitive programs
can be categorized as indexed or nonindexed.4 Indexed programs, which
3. The cyclically sensitive programs are old-age, survivors, and disability insurance, food stamps, veterans
readjustment, and unemployment insurance. They are
discussed in Holloway, "Sources," pp. 25-32. The automatic cyclical responses are estimated using the cyclically adjusted budget, In the 1982 "Sources" article,
the estimates were made using a variant of the cyclically adjusted budget based on potential GNP and the
corresponding unemployment rate. The estimates in
this article are made using a variant based on middleexpansion trend GNP and the corresponding unemployment rate. The potential GNP variant and methods are discussed in Frank de Leeuw, Thomas M.
Holloway, Darwin G. Johnson, David S. McClain, and
Charles A. Waite, "The High-Employment Budget:
New Estimates, 1955-80," SURVEY 60 (November 1980):
13-43. The middle-expansion trend variant and methods are discussed in Frank de Leeuw and Thomas M.
Holloway, "Cyclical Adjustment of the Federal Budget
and Federal Debt," SURVEY 63 (December 1983): 25-40
and in Thomas M. Holloway, Cyclical Adjustment of
the Federal Budget and Federal Debt-Detailed Methodology and Estimates, Bureau of Economic Analysis
Staff Paper No. 40 (Washington, DC: U.S. Government
Printing Office, 1984), pp. 6-7, 10-12, and 222.
4. The indexed programs are old-age, survivors, and
disability insurance, railroad retirement, military retirement, Federal civilian retirement, workers' compensation, black lung benefits, food stamps, supplemental security income, and veterans pension and disability benefits. Nonindexed inflation-sensitive programs include unemployment insurance and hospital
and supplementary medical insurance (medicare). For
details, see Holloway, "Sources," pp. 25-32.
Billions of
dollars
1970
1971
1972..
1973..
1974
1975
1976
1977
93.7
1150
146.8
159.3
1701
1978
1979
1980
1981
1982
1983
1984
1985
182.4
2056
247.0
282 1
3163
340.0
3444
366.3
61.6
730
809
Percentage
of total
Federal
Government
expenditures
Percentage
of personal
income
32 5
34.8
7.4
82
82
8.5
95
40.5
11.2
11.0
29.6
325
376
403
395
106
38.8
10.1
40.2
40 1
10.9
395
405
40.6
384
37.2
101
112
118
12.0
11 1
11.1
include most transfer payment programs, are linked by legislation to
changes in a specific price index. Nonindexed inflation-sensitive programs
automatically respond to inflation
through responsiveness to nominal
wages (e.g., unemployment insurance)
or price changes of goods and services
covered by the program (e.g., medicare).
Legislative changes and other factors reflect discretionary policy actions, the effects of demographic
changes, noncyclical growth in real
wages, and other factors not attributable to automatic cyclical and automatic inflation effects. The legislative
changes and other factors source is
derived as a residual by subtracting
automatic cyclical effects and automatic inflation effects from changes
in total transfer payments. Because it
is a residual, the causes of its fluctuations vary from quarter-to-quarter.
Overview of the sources of change
Table 2 and chart 2 show estimates
of changes in transfer payments and
estimates of automatic cyclical effects
(cycle-induced changes), automatic inflation
effects (inflation-induced
21
22
SURVEY OF CURRENT BUSINESS
2
Sources of Change in Transfer Payments to Persons
-5 mm I i M n i i i n
> \ M i n t \ \ \ n ( n t li i In
i
10
-5
1970
82
83
84
85
Note.—Business cycle peaks (P), and troughs (T), are turning points in economic activity, as designated by the National Bureau of Economic Research, Inc.
Shaded areas represent recessions.
U.S. Department of Commerce, Bureau of Economic Analysis
86-
June 1986
changes), and changes5 due to legislation and other factors. The table also
shows transfer payments in dollar
levels and as percentages of personal
income.
Cycle-induced changes generally increased transfer payments during recessions and decreased them during
recoveries (second panel in chart 2).
Chart 3 shows changes in the unemployment rate gap—an indicator of
changes in economic conditions.6 The
close relationship between changes in
the unemployment rate gap and
cycle-induced changes in transfer payments in chart 2 is apparent. Sharp
cycle-induced increases accompanied
the 1974-75, 1980, and 1981-82 recessions; cycle-induced declines accompanied the subsequent recoveries. Because automatic cyclical effects tend
to be offsetting over time, the sustained—and often large—increases accompanying the 1980 and 1981-82 recessions were offset by sustained—
and often large—declines during
1983-85.
Inflation-induced changes increased
transfer payments in all quarters
(third panel in chart 2). The sharp
upward movements starting in 1975
mainly reflected cost-of-living adjustments (COLA's) to indexed programs—especially to Social Security.
The relationship between the inflation rate shown in chart 3 and inflation-induced changes in chart 2 is not
obvious.7 The reason is that the
COLA's reflect an adjustment in a
single quarter based on several earlier quarters of inflation. The lags
often exceed 6 months. The indexing
provisions of Social Security illustrate
the lag relationship. Under current
law, the Social Security COLA occurs
in January on the basis of the change
in the Consumer Price Index (CPI)
5. The revisions of the estimates for 1970-81 are
fairly small and are mainly due to changes in the
methodology for measuring the effects of the business
cycle on transfer payments. See footnote 3 for details.
The other source of revision is the comprehensive revision of the national income and product accounts
that was released in December 1985.
6. The unemployment rate gap is the actual unemployment rate minus the middle-expansion trend n( j
employment rate. The change in the unemployment
rate gap is approximately equal to the change in the
actual unemployment rate because the trend unemployment rate changes very little from one quarter to
the next. For estimates of the unemployment rate gap,
see Thomas M. Holloway, "The Cyclically Adjusted
Federal Budget and Federal Debt: Revised and Updated Estimates," SURVEY 66 (March 1986): 13.
7. The inflation rate is measured by the percentage
change in the all items measure of the Consumer
Price Index (CPI) for wage and clerical workers. The
inflation rate in chart 3 is shown at quarterly rates.
June 1986
SURVEY OF CURRENT BUSINESS
from the third quarter of 2 years
prior to the third quarter of the prior
year.8 Consequently, changes in the
inflation rate may not be reflected in
inflation-induced changes for a considerable length of time.
The deceleration of inflation during
the 1980's that was evident in chart 3
was reflected, with a lag, by smaller
inflation-induced changes in chart 2.
Nevertheless,
inflation-induced
changes consistently contributed to
increases in transfer payments because prices generally continued to
rise, albeit at a slower rate.9 Consequently, automatic inflation effects,
unlike automatic cyclical effects, tend
to be cumulative. Current benefit
levels reflect not only the most recent
inflation adjustments, but the inflation adjustments of the past as well.
Changes in transfer payments attributable to legislation and other fac8. An example of the current-law procedure was the
January 1986 COLA. It was based on the CPI change
from 1984:111 to 1985:111. From 1975-83, the COLA occurred in July based on a first-quarter-to-first-quarter
change in the CPI.
9. The CPI declined in one quarter (1983:1) during
the period. For most transfer payment programs, declining prices over a sustained period would not result
in a decline in benefits; COLA's simply would not
occur.
tors were very volatile throughout the
period (fourth panel in chart 2). In
some quarters, changes due to this
source could be identified as discre-
23
tionary policy actions—such as legislated Social Security benefit increases
in the early 1970's, the one-time payment under the Tax Reduction Act of
3
Inflation Rate and Change in the Unemployment Rate Gap
Percent
Change in unemployment Rate Gap
-2
M i l I l l h » li M i l l
1970
84
Note.— Business cycle peaks (P), and troughs (T), are turning points in economic activity, as designated by the National Bureau of Economic
Research, Inc. Shaded areas represent recessions. The unemployment rate gap is the actual unemployment rate minus the middle-expansion
trend rate. The inflation rate is a quarterly rate. See footnotes accompanying the text for details.
U.S. Department of Commerce, Bureau of Economic Analysis.
Table 2.—Federal Transfer Payments to Persons and Sources of Change, 1970-85
[Billions of dollars, except where noted; quarters at seasonally adjusted annual rates]
Year and quarter
1970
1971
1972
1973
1974....
1975
1976
1977
Level
Percentage of
personal
income
Change from preceding period
Total
Due to
automatic
cyclical
effects
Due to
automatic
inflation
effects
Due to
legislation
and other
factors
61.6
73.0
80.9
93.7
115.0
146.8
159.3
170.1
7.4
8.2
8.2
8.5
9.5
11.2
11.0
10.6
10.8
11.4.
7.9
12.8
21.3
31.8
12.5
10.8
2.0
1.9
4
-2.2
.7
8.7
-2.6
-3.7
1.1
1.2
.9
1.3
3.6
7.1
8.9
8.8
7.8
8.3
7.4
13.7
17.1
15.9
6.2
5.8
1978....
1979
1980
1981
1982
1983
1984
1985
182.4
205.6
247.0
282.1
316.3
340.0
344.4
366.3
10.1
10.1
10.9
11.2
11.8
12.0
11.1
11.1
12.3
23.2
41.4
35.1
34.2
23.7
4.4
21.9
4.7
22
4.7
2.0
10.7
1.3
-11.5
27
10.1
14.4
22.2
26.2
23.0
13.3
11.2
13.2
6.9
11.0
14.4
6.9
.6
9.1
4.7
11.4
1970:1.
53.9
63.2
63.1
66.4
67.5
74.6
74.5
75.6
77.7
77.9
78.8
89.3
90.8
92.3
94.6
97.4
104.9
.111.8
118.6
124.8
134.4
148.3
151.4
153.0
6.7
7.6
7.5
7.8
7.8
8.4
8.3
8.2
8.2
8.1
8.0
8.7
8.6
8.5
8.5
8.5
9.0
9.4
9.7
10.0
10.7
11.5
11.4
11.2
1.7
9.3
.8
.8
.7
1.1
.3
.1
.2
0
-.1
-.2
-.2
-.7
-.9
-.4
-.5
-.3
.4
0
.7
2.2
5.5
2.2
-.6
5
.3
.2
.3
.3
.2
.3
.5
•1
.2
.6
8.3
-1.2
1.8
.6
6,7
^.8
,
Ill
TV
1971:1
TT
HI
TV
1972:1
Ill
IV
1973:1..
II.
Ill
IV
1974:1
II
Ill
TV
1975:1
II
Ill
IV
..
7.3
1.1
7.1
i
LI
2.1
.2
.9
10.5
1.5
1.5
2.3
2.8
7.5
6.9
6.8
6.2
9.6
13.9
3.1
1.6
a
.5
.3
.2
.2
.8
.5
1.4
.6
1.5
.7
1.6
.7
6.8
.8
to
2.1
.3
.6
10,9
2.2
1.7
2.0
2.6
5.8
6.4
4.5
3.2
2.6
11.0
31
1.3
Year and quarter
1976- I
II
III
IV
1977:1
II
Ill
IV
1978:1
n
Ill
IV
1979: I
II
Ill
IV
1980: I
II
Ill
IV.....
1981: I
II
in.
IV
1982:1
II
Ill
IV
1983:1
II
Ill
IV
1984* I
II
III
IV
1985- 1
II
III
IV
Level
;.,..,,
.
„.;.,....
156.3
155.5
161.4
163.9
166.4
166.4
172.3
175.3
177.5
177.3
185.7
189.0
193.6
197.8
212.9
218.2
226.7
233.3
262.2
265.7
270.8
273.1
290.4
294.1
298.0
307.1
322.3
337.9
338.2
343.6
338.2
340.1
342.5
343.5
345.3
346.4
362.9
364.2
368.8
369.4
Percentage of
personal
income
11.1
10.9
11.0
10.9
10.8
10.5
10.6
10.5
10.3
9.9
10.1
9.9
9.9
9.9
10.3
10.3
10.4
10.6
11.5
11.2
11.1
11.0
11.3
11.4
11.4
11.6
12.0
12.4
12.3
12.2
11.9
11.6
11.3
11.1
11.0
10.9
11.2
11.1
11.2
11.0
Change from preceding period
Due to
Due to
automatic
cyclical
effects
Due to
automatic
inflation
effects
legislation
and other
factors
-1.8
— 1.0
.2
-.2
.8
1.2
5.6
.6
4.3
-1.0
.1
2.1
-1.1
17
-1.2
13
.8
1.4
6.1
1.3
2.9
.4
1.0
3.0
1.6
3.0
-.3
1.4
2.3
1.2
4.1
2.1
1.3
.8
1.1
7.3
1.8
1.3
1.5
12.2
2.6
1.8
2.4
18.6
3.2
.2
.2
0
3.7
2.7
2.4
17.8
1.7
2.3
0
-.4
1.7
3.0
3.3
3.0
4.1
2.0
3.9
13.5
2.5
1.1
2.0
-1.3
9.1
.6
-.8
-3.7
1.5
1.9
1.3
1.0
2.4
1.0
1.8
1.1
-3.6
-2.5
.9
-1.3
7.8
.9
1.0
1.5
—2.9
5.2
-1.9
2.6
1.7
.9
16.5
1.3
4.6
.6
.1
-.2
9.5
1.2
1.3
1.4
6.9
.3
4.2
0
Total
3.3
-.8
5.9
2.5
2.5
0
5.9
3.0
2.2
-.2
8.4
3.3
4.6
4.2
15.1
5.3
8.5
6.6
28.9
3.5
5.1
2.3
17.3
3.7
3.9
9.1
15.2
15.6
.3
5.4
rA
— 1.0
-.3
-.8
-.5
-.9
.1
-.1
1.9
-.8
3.8
3.6
2.9
2.7
5.5
0
8.1
1.6
7
4.3
24
1975, and legislated temporary unemployment benefits associated with the
1981-82 recession. However, in most
quarters, changes due to this source
were not associated with any one program and reflected a complex mix of
many small changes.
Sources of change in major transfer
payment programs
Federal transfer payments may be
placed in five categories: (1) Social Security (excluding medicare); (2) other
retirement and disability programs,
which consist of Federal civilian retirement, military retirement, railroad retirement, workers' compensation, and black lung benefits; (3) medicare; (4) programs with a needs test,
which consist of supplemental security income (SSI), food stamps, veterans
pension and disability benefits, and
the earned income credit; and (5)
other programs, which include unemployment benefits, veterans readjustment, veterans life insurance, and
military medical insurance.10 The remainder of this section highlights the
sources of change in each of the five
categories. For each category, table 3
shows the dollar levels, the dollar
levels as percentages of personal
income, and the sources of change.
Chart 4 shows each category as a percentage of personal income. The table
and chart show clear differences in
the trends and sources of change
among the categories.
SURVEY OF CURRENT BUSINESS
CHART 4
Federal Transfer Payments to
Persons by Category,
Percent of Personal Income
Percent
Social Security (Exefudlrig Medicare)
5h*\V\
June 1986
early 1970's, but did not change much
since then. None of the programs are
cyclically sensitive, but all of them
are indexed. As in the case of Social
Security, the combination of the deceleration of inflation and shifts in
the effective dates of COLA's contributed to inflation-induced changes that
were much smaller in recent years
than those during 1980-82.12
Social Security. —Social Security
(excluding medicare) was the dominant category throughout the period.
In 1985, benefits amounted to $183
billion, and accounted for 50.0 percent
of transfer payments and 5.6 percent
of personal income. Over the period,
Social Security as a percentage of personal income had an upward trend,
with two periods of decline or leveling
(1977-79 and 1983-85). Although the
automatic cyclical effects accounted
for some of the change in the category, the automatic inflation effects
were much more important. Since indexing of Social Security began in
Medicare. — Medicare
benefits
amounted to $70 billion in 1985, and
accounted for 19.1 percent of transfer
payments and 2.1 percent of personal
income. Over the period, medicare as
a percentage of personal income had
a strong upward trend with no periods of decline. While the rate of inOther Betireniant and DIsa^lilKfegfafin^'i
crease in this percentage slowed since
1983, the percentages of all other categories declined.13 Medicare is not cyclically sensitive, but it does automatically respond to inflation through
its sensitivity to health care costs. Inflation-induced changes consistently
accounted for one-half or more of the
annual changes in medicare benefits
since the mid-1970's. Inflation-induced
changes in the past few years did not
decrease as much from their peak
year levels as in the Social Security
I . . : I t J: '
........
1970
72
74
76
78
80
82
84
and other retirement and disability
categories. In those categories, inflaU.S. Department of Commerce, Bureau of Economic Analysis
se-6-4
tion-induced changes were noticeably
1975, most of the change could be at- smaller in recent years than their
tributed to inflation-induced changes. peak year values. Part of the explanaPrior to that time, the legislation and tion lies in the difference between
other factors source— partly reflecting overall price changes and medical
legislated increases— accounted for care price changes. Based on the all
most of the change. The combination items measure of the CPI used to
of the deceleration of inflation during index most of the programs in the
the 1980's and the omission of the first two categories and shown in
Social Security COLA in 1983 contrib- chart 3, the annual inflation rate was
uted to much smaller inflation-in- 9.1 percent from 1975-81 and only 4.0
duced changes ir recent years than percent from 1981-85. The comparain
during 1980-82.
ble estimates using the medical care
Other retirement and disability pro- component of the CPI were 9.7 pergrams.— Benefits paid under the five cent from 1975-81 and 8.2 percent
programs in this category amounted from 1981-85. Thus, inflation-induced
to $50 billion in 1985, and accounted changes in medicare remained relafor 13.6 percent of transfer payments tively large because increases in medand 1.5 percent of personal income.
As a percentage of personal income,
12. Actions in addition to shifts in the effective
this category increased during the dates of the COLA's affected inflation-induced
10. Detailed discussions of the programs in each of
these categories—including the program descriptions
and origins, indexing provisions, and number of beneficiaries—are provided in the earlier article. See
Holloway, "Sources," pp. 27-32. Military medical insurance was not discussed in the earlier article. It is
described in "An Advance Overview of the Comprehensive Revision of the National Income and Product
Accounts," SURVEY 65 (October 1985): 20.
11. The shift of the Social Security COLA from July
to January, discussed earlier, was accomplished by
omitting the adjustment scheduled for July 1983 based
on changes in the CPI from 1982:1 to 1983:1 and replacing it with a COLA in January 1984 based on
changes in the CPI from 1982:111 to 1983:111. Although
there was no COLA in 1983, there was an annual inflation^nduced change because the full-year effect in
1983 of the July 1982 COLA was greater than the
part-year effect in 1982 of the 1982 COLA.
;
changes. One was a one-time reduction in the civilian
retirement COLA in 1983 for beneficiaries under age
62. See Joseph A. Pechman, ed., Setting National Priorities: The 1984 Budget (Washington, DC: The Brookings Institution, 1983), pp. 98-102.
13. Part of the deceleration of the increase in the
medicare percentage was probably due to cost containment provisions established by the Tax Equity and
Fiscal Responsibility Act of 1982. These provisions involve guidelines on hospital cost increases that provide financial incentives to hospitals to limit their cost
increases.
25
SURVEY OF CURRENT BUSINESS
June 1986
Table 3.—Composition of Federal Transfer Payments to Persons and Sources of Change, 1970-85
[Billions of dollars, except where noted]
Change from preceding period
Level
Social Security (excluding medicare):
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981....
1982
1983
1984
1985
Percentage of
personal
income
Total
.6
.7
1.3
-1.1
1.0
1.3
1.5
1.5
2.4
2.4
3.2
2.4
2.2
2.6
4.0
5.0
4.7
3.5
2.5
0
3.9
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
.4
.4
.4
.5
1.3
1.8
1.4
1.3
1.7
2.4
3.9
3.6
3.1
1.8
.7
1.6
.9
1.1
1.1
1.8
1.1
.6
.7
.8
1.1
2.8
3.0
2.9
3.3
0
0
0
0
0
0
0
0
.4
.5
.3
.4
1.0
1.6
1.6
1.8
5.0
5.2
4.3
9.8
6.9
8.3
8.6
8.7
8.2
11.2
16.0
20.0
15.1
10.7
8.6
10.3
1985
8.2
9.7
11.2
13.6
16.0
19.2
21.6
23.8
26.4
30.4
35.4
40.1
43.6
46.1
46.1
50.0
1.0
1.1
1.1
1.2
1.3
1.5
1.5
1.5
1.5
1.5
1.6
1.6
1.6
1.6
1.5
1.5
Medicare:
1970
1971
1972
1973
1974
1975
1976
1977
7.1
7.8
8.6
9.7
12.5
15.5
18.4
21.7
.9
.9
.9
.9
1.0
1.2
1.3
1.4
ical care prices did not decelerate as
much as increases in overall prices.
Programs with a needs test.—Benefits paid under the programs in this
category amounted to $35 billion in
1985, and accounted for 9.4 percent of
transfer payments and 1.0 percent of
personal income. As a percentage of
personal income, this category increased noticeably in 1974 with the
start of the SSI program. Since then,
the percentage had a slight downward
trend. The automatic cyclical effects
reflect the cyclical sensitivity of food
stamps. The automatic inflation ef-
Change from preceding period
Due to
legislation and
other
factors
5.0
5.0
4.3
9.9
7.1
5.2
3.4
4.3
3.4
3.9
3.1
4.2
1.6
4.1
3.9
5.1
3.8
4.1
4.2
4.6
4.8
5.0
5.1
5.2
5.0
5.0
5.3
5.5
5.8
5.8
5.6
5.6
.,
Due to
automatic
inflation
effects
0
0
0
0
0
2.6
4.9
4.7
5.3
7.7
12.8
15.3
12.8
5.4
5.8
6.1
31.4
36.6
40.9
50.7
57.6
65.9
74.5
83.2
91.4
102.6
118.6
138.6
153.7
164.4
173.0
183.3
Other retirement and disability programs:
1970
1971
1972
....
1973 .
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
Due to
automatic
cyclical
effects
0
.2
.1
_i
'.2
.5
.4
-.3
-.5
— 4
!i
:
1.4
1.0
•8
.9
1.6
1.1
1.1
.4
.7
2.2
.1
.3
.5
.8
1.8
1.4
1.3
1.5
Level
Total
Due to
automatic
cyclical
effects
Due to
automatic
inflation
effects
Due to
legislation and
other
factors
Medicare — Continued
1978
1979
1980
1981
1982
1983
1984
1985
24.9
29.2
35.6
43.3
50.8
57.2
62.7
70.1
1.4
1.4
1.6
1.7
1.9
2.0
2.0
2.1
3.2
4.3
6.4
7.7
7.5
6.4
5.5
7.4
0
0
0
0
0
0
0
0
1.9
2.4
3.4
4.1
5.2
4.5
3.6
4.0
1.3
2.0
3.0
3.6
2.3
1.9
1.8
3.3
Programs with a needs
test:
1970
1971
1972
1973
1974
1975
1976
1977
1978....
1979
1980
1981
1982
1983
1984
1985
6.5
7.6
8.3
8.7
14.5
16.8
18.6
19.2
20.1
23.1
26.8
30.5
31.3
33.4
33.9
34.6
.8
.8
.8
.8
1.2
1.3
1.3
1.2
1.1
1.1
1.2
1.2
1.2
1.2
1.1
1.0
1.1
1.1
.7
.4
5.8
2.3
1.8
.6
.9
3.0
3.7
3.7
.8
2.1
.5
.7
0
.1
0
2
0
.8
.3
-.3
-.5
-.4
.6
.2
.5
0
-.6
1
0
0
.1
.1
.7
.5
.5
.3
.5
1.0
1.1
2.0
1.0
1.0
.5
.8
1.2
.9
.7
.5
5.1
1.0
1.5
.6
.8
2.4
1.9
1.5
_7
LI
.6
0
Other transfer programs:
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
8.5
11.3
11.9
11.1
14.4
29.3
26.2
( 22.2
19.7
20.4
30.6
29.6
36.9
38.8
28.7
28.4
1.0
1.3
1.2
1.0
1.2
2.2
1.8
1-4
1.1
1.0
1.4
1.2
1.4
1.4
.9
.9
2.8
2.8
.6
-.8
3.3
14.9
-3.1
40
25
.7
10.2
-1.0
7.3
1.9
-10.1
3
2.0
1.6
-.4
19
.8
7.4
27
-3.1
-3.8
-1.4
4.0
1.2
9.4
0
98
-1.6
.2
.3
.2
.3
.5
.7
.5
.6
.7
.9
1.0
1.2
1.0
.6
.7
.6
.6
1.0
.8
.8
2.0
6.9
9
-1.5
.6
1.1
5.2
-3.5
30
1.3
-1.0
.8
fects reflect the inflation sensitivity of
food stamps, SSI, and part of veterans
pensions.1-4 In most years, these automatic effects were not very large.
Other transfer programs.—Benefits
paid under programs in this category
amounted to $28 billion in 1985, and
accounted for 7.8 percent of transfer
payments and 0.9 percent of personal
income. The category is dominated by
unemployment benefits. As a percent14. The veterans pensions program consists of three
groups of beneficiaries: "Old law/' "new law," and
"improved law." Only benefits of "improved law"
beneficiaries are indexed. See Holloway, "Sources," p.
31.
Percentage of
personal
income
age of personal income, the category
increased during recessions and declined during recoveries. For example,
there was a sharp decline from 198384 during the economic recovery. The
decline was an important source of
the decline in total transfer payments
as a percentage of personal income
during the same period. Although
automatic inflation effects account for
some of the change in the category,
the automatic cyclical effects are
much more important. Because of the
importance of the cyclical effects,
even the total dollar amount of the
category declined in many years.
By RUSSELL B. SCROLL
The International Investment Position
of the United States in 1985
FOREIGN assets in the United
States exceeded U.S. assets abroad at
the end of 1985, resulting in a negative net international investment position of the United States of $107.4
billion (table 1). The position shifted
$111.8 billion from the positive $4.4
billion (revised) at the end of 1984.
The 1985 negative position was the
first recorded since 1919, when systematic compilation of asset and liability estimates began. (For the years
before 1919, rough and intermittent
estimates indicate a negative position
for 1914 and earlier years.) At the end
of 1985, U.S. assets abroad were
$952.4 billion, and foreign assets in
the United States were $1,059.8 billion. Recorded net capital inflows
were $94.7 billion. Other net changes
in the position, amounting to a negative $17.2 billion, were more than accounted for by price appreciation of
U.S. securities, particularly stocks, in
foreign portfolios; the effects of dollar
depreciation on U.S. assets were
partly offsetting.
A decline in the U.S. net international investment position had been
underway for several years, as growth
of foreign assets in the United States
exceeded growth of U.S. assets abroad
(table 2). Valuation gains had added
substantially more to foreign assets in
the United States than to U.S. assets
abroad, and net capital inflows to the
United States had been large since
1983. Net inflows of funds through securities markets, attracted partly by
high—although declining—yields on
U.S. securities, had become sizable.
Banks in the United States had
sharply reduced their net internationNOTE.—The sections on "U.S. Direct Investment Abroad," on "Foreign Direct Investment
in the United States," and the technical note
on U.S. direct investment abroad were written
by Barbara F. Brereton, Ned G. Howenstine,
and Ralph Kozlow, respectively.
26
al creditor position by curtailing foreign lending and relying more extensively on foreign borrowing. Other net
inflows to U.S. corporations had been
buoyed by large foreign direct investments in the United States. These
combined net inflows of capital were
the necessary counterpart to the persistently rising U.S. trade and current-account deficits, which reached
$124.4 billion and $117.7 billion, respectively, in 1985. In addition, there
had been large positive (inflows) statistical discrepancies in the U.S. international transactions accounts since
1978. If part of these net unrecorded
inflows were accounted for by capital
inflows, foreign assets in the United
States would have been understated
by that amount.
In 1985, the increase in foreign
assets in the United States reflected
several interrelated developments:
Continued strong U.S. demand for foreign funds, especially through new
issues of securities abroad; rapidly
falling interest rates and associated
price appreciation on debt instruments; and economic growth in the
United States that slowed substantially but still matched or exceeded
growth in most leading industrial
countries abroad. Despite the large
decline in the dollar's exchange value,
foreign demand for U.S. assets, especially by Japan, was substantial; the
focus was on longer term securities
with higher yields and the greatest
prospects for price appreciation. An
easing of capital restrictions facilitated the accumulation of dollar assets
by foreign investors. Net inflows to
U.S. banks continued, but were much
smaller than those generated by securities transactions. Among U.S. assets
abroad, foreign stocks and direct investment both were bolstered by the
appreciation of leading foreign currencies against the dollar.
Changes in U.S. Assets Abroad
Bank claims
Claims of U.S. banks were virtually
unchanged in 1985, following a 2-year
slowdown in lending to foreigners.
International demand for U.S. bank
credit remained constrained by moderate economic growth and the availability of attractively priced financing
alternatives in the securities markets.
U.S. banks further reduced their exposure in the Eurodollar interbank
market and with major debtor countries. A rise in claims on own foreign
offices was due to temporary yearend
financing needs.
Claims on foreigners reported by
U.S. banks increased $1.1 billion to
$446.7 billion in 1985 (line 19); the increase reflected small capital flows
and an adjustment for the introduction and enhanced coverage of claims
of U.S. savings and loan institutions.
U.S. banks provided back-up facilities
for note issuance and revolving underwriting facilities and participated
in
the
Eurocommercial paper
market—all alternatives to traditional syndicated bank credit activities.
Banks in the United States remained
reluctant to lend to countries with
payments problems or large international indebtedness, despite some
progress in debt reschedulings and
improvement in balance of payments
positions by large debtor countries in
Latin America; continued efforts of
U.S. bank supervisory authorities to
reduce bank exposure and improv/^
capital adequacy reinforced the more
conservative lending policies.
U.S. banks' claims on their own foreign offices increased $18.2 billion in
1985, mostly due to temporary yearend financing needs. In addition, Japanese-owned banks in the United
States accelerated their lending to
home offices after authorities in
27
SURVEY OF CURRENT BUSINESS
June 1986
Japan allowed credit costs there to
rise steeply in the fourth quarter.
Claims on unaffiliated banks decreased $9.1 billion, as U.S. banks
continued to withdraw from overseas
financing. Claims on other private
foreigners decreased $6.7 billion; the
decrease included the sale of international assets of a major U.S. bank to
its foreign parent. In addition, banks
sharply curtailed dollar acceptances
payable by foreigners. Claims on foreign public borrowers decreased $1.9
billion, primarily on Europe and
Asian countries. Public borrowers in
Latin America received only $0.5 billion, mostly claims on Argentina that
finalized agreement with the International Monetary Fund (IMF) on austerity measures and new credits.
Banks' claims for domestic customers'
accounts decreased $4.0 billion, as
U.S. money market mutual funds and
large U.S. corporations drew down
their deposits at overseas banking offices. In contrast to reductions in
dollar-denominated claims, U.S. bank
claims payable in foreign currencies
increased $4.2 billion.
Foreign securities
U.S. holdings of foreign securities
increased $12.0 billion due to price appreciation, $8.0 billion due to net purchases, and $4.2 billion due to appreciation in foreign currencies. The
combined $24.2 billion, or 27 percent,
increase brought U.S. portfolio holdings to $114.1 billion in 1985 (line 15).
Strong price performance in major
foreign stock markets—Western European market prices advanced 30 to 50
percent—contributed to $6.3 billion in
price appreciation. That amount, plus
Table 1.—International Investment Position of the United States at Yearend, 1984 and 1985
[Millions of dollars]
Position, by area
Changes in position in 1985 (decrease (— ))
Western Europe
Attributable to:
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
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 long-term assets 4 ..
Repayable in dollars
. .
Other 5 . .
U.S. foreign currency holdings and
U.S. short-term assets.
PosiExTotal
tion
1984'- Capital Price change Other (a+b+
flows changes rate 1 changes2 c+d)
(d)
(a)
(b) changes
(c)
4,384 -94,670 -24,335
Foreign official assets in the United
States.
U S Treasury securities
Other
.:.
Other U.S. Government liabilities 9
U.S. liabilities reported by U.S. banks,
not included elsewhere.
Other foreign official assets
Other foreign assets in the United StatesDirect 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.
8,540
1,212
6
32,436
34,933
11096
5,641
11,541
3,858
4,400
897
-908
755
1,314
84,636
3,869
2,824
2,331
42
82,657
80,847
1810
1,979
2,935
2,961
26
111
-7
1
8
35
2
2
11,991
4,182
4,182
1,648
2,534
1,218
921
11,991
5,688
6,303
6,656
11,991
1,533
143,014
135,510
7,504
14,798
26,090
-841
546
-295
483
522
1,563
1,072
491
15,225
694,676
164,583
58,330
128,560
1,488
128,430
17,856
20,500
50,859
2,944
31,819
1,533
5,002
26^817
1,533
32,724 46,004
95,836 4,855
31,024 -1,172
1,569
25,248
1985
1984
1985
1984
1985
Other
Latin
countries,
American
Republics international
and other organizations,
and
Western
Hemisphere unallocated t
1984
54,180 952,367
8,252 43,185
6 11 090
1,652
7,293
406 11,947
272,148 316,552 115,006 118,670
4,119
1985
1984
1985
2
-111
(*)
2,037
(*)
709
(*)
619
2,037
443
361 15,510 16,535 57,462 59,723
676
676
589
589
425
425
33
30
18
339 15,154 16,245 55,983 58,377
339 14,730 15,854 54,844 57,213
391 1,139 1,164
424
290 1,479 1,346
356
22
12,856
4,119
8,491
10,511
10,179
2,930
2,964
-34
148
85,587
83,811
1,776
1,831
10,419
10,172
247
92
10,036
9,815
221
143
1,099 446,730
1,038 166,004 1,059,807
2
3,181 202,308
1
-1
722 143,736
526 136,036
196
7,700
482 15,280
521 26,611
1,456 16,681
1,040 162,823 857,499
512 18,368 182,951
25,502 83,832
79,210 207,770
-750
49,107 81,831
30,103 125,939
-1,922 29,102
1,278
257,518 297,882 114,297
92,017 106,762 46,830
31,414 50,063 40,662
19,667 29,748 29,671
11,747 20,315 10,991
9,796 5,158
9,479
124,608
56,288, 267,040 266,102 195,630 194,755
28,277 30,330
500
4,365
11,096 11,090
5,641 7,293
11,541 11,947
..(*)
87,418
43,146 821,764
19,673 232,667
24,150 114,147
11,354 73,425
12,796 40,722
-1,776 28,220
48,362
8,491
6,200
1,533
312,179 40,387
1984
2,782
408
893,803 127,106 36,326
199,127 1 324 4,507
Position
1985"
174 -111,824 -107,440 -150,522 -198,480 56,511 52,926 -19,269 -45,531 78,311 54,048 39,350 29,597
898,187
U.S. private assets
778,618 25,754
Direct investment abroad
212,994 18,752
Foreign securities
89,997 7,977
Bonds
62,071 4,018
Corporate stocks
27,926 3,959
U.S. claims on unaffiliated foreigners
29,996 -1,665
reported by U.S. nonbanking
concerns.
U.S. claims reported by U.S. banks, not 445,631
691
included elsewhere.
Foreign assets in the United States
7,007
Japan
Canada
131,261 21,647
4,365
500
118,051 45,882 51,562 251,030 249,567 109,891 104,702
46,435 7,920 9,095 25,229 29,479 6 40,99* 6 40,896
46,806 3,508 5,383 2,689 2,225 11,724 9,670
33,297
659 1,532 2,087 1,548 9,987 7,300
602
677 1,737 2,370
13,509 2,849 3,851
1,491 10,237 9,457 3,578 3,047
4,429 1,544
20,381 32,910
35,593 212,875 208,406 53,591 51,089
422,670 515,032 58,485 65,744 67,631 101,819 188,729 212,054 156,280 165,158
9,359 11,781
72,322 77,862 1,686 1,473
(8)
(8)
2,684
3,098
157
156
(8)
1,564
1,361
,908
766
9,487
9,899
(8)
350,348 437,170
108,211 120,906
56,809 64,271
15,286 16,678 16,044
179,370 200,273
19,116 16,201 17,050 8,841 9,201
(8)
89,519
150,117
19,718 25,317
4,193
10,542 8,107 12,314 7,023 9,480
25,585
63,934
11,412
67,453
82,664
11,986
1,290 1,579
18,428 23,738
3,022 2,388
2,910
1,283
2,475
8,628 1,236 1,826 1,703 2,345
1,914 6,871 10,488 5,320 7,135
2,969 7,190 4,654 6,925 7,105
41,665 353,844
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
p
3. Reflects U.S. Treasury sales of gold medallions and commemorative and bullion coins; these
demonitizations are not included in international transactions capital flows.
4. Also includes paid-in capital subscriptions to international financial institutions and outstanding amounts of miscellaneous claims that have been settled through international agree-
ments 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.
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 international shipping companies, in operating oil and gas drilling equipment that is moved from
country to country during the year, and in petroleum trading companies.
7. Details not shown separately are included in totals in lines 21 and 28.
8. Details not shown separately are included in line 20.
9. Primarily includes U.S. Government liabilities associated with military sales contracts and
other transactions arranged with or through foreign official agencies.
28
SURVEY OF CURRENT BUSINESS
$2.5 billion in exchange rate gains
due to sharply appreciating currencies and a record $4.0 billion in net
purchases brought U.S. holdings of
foreign stocks to $40.7 billion (line 17).
British stocks were in strongest
demand, comprising 40 percent of
U.S. purchases. U.S. residents accelerated their purchases of Canadian
stocks—to $1.2 billion—although the
Canadian dollar weakened. U.S. holdings of Japanese stocks increased $1.0
billon to $3.9 billion on price and exchange rate appreciation; U.S. pur-
chases were small. Among other countries, there were sizable U.S. purchases in Hong Kong.
U.S. holdings of foreign bonds increased $11.4 billion to $73.4 billion;
net purchases and valuation adjustments were $4.0 billion and $7.4 billion, respectively (line 16). For the
second consecutive year, U.S. investors made large purchases of outstanding British gilt-edge bonds because of their high yields and currency hedging options offered by U.S.
dealers marketing these securities in
the United States. Newly issued
June 1986
bonds in the United States—a major
source of foreign securities for U.S.
investment—were unchanged at $5.6
billion despite a strong rally in the
U.S. bond market. U.S. holdings of
Canadian securities increased, mostly
due to a step-up in new issues. Holdings of international and regional organizations dropped, as U.S. net sales
exceeded new issue purchases. Holdings of outstanding Japanese bonds
increased somewhat, possibly attracted by actual and expected yen appreciation.
Table 2.—International Investment Position of the United States at Yearend, 1970-85
[Millions of dollars]
Line
Type of investment
1 Net international investment position of the
United States (line 2 less line 20).
?,
8
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
U.S. official reserve assets 1
Gold 1
Special drawing rights *
Reserve position in the International
Monetary Fund l.
Foreign currencies *
....
U.S. Government assets, other than
official reserve assets.
U.S. loans and other long-term
assets2.
Repayable in dollars
Other 3
U.S. foreign currency holdings and
U.S. short-term assets.
U.S. private assets
Direct investment abroad 4 .
Foreign securities
Bonds
Corporate stocks
U.S. claims on unaffiliated foreigners
reported 5 U.S. nonbanking
by
concerns .
U.S. claims reported by U.S. banks,
not included elsewhere 6.
Foreign assets in the United States
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
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
Corporate stocks 7
U.S. liabilities to unaffiliated
foreigners reported by U.S.
nonbanking concerns 5.
U.S. liabilities reported by U.S. banks,
not included elsewhere 6.
r
1970
58,473
1981 r
1982 r
1973
1974
1975
1976
1977
1978
1979
45,511
37,036
47,894
58,731
74,240
83,578
72,741
76,115
94,457 106,037 140,704 136,200
1983 r
88,494
1984 r
1985"
4,384 -107,440
165,385 179,004 198,694 222,430 255,719 295,100 347,160 379,105 447,847 510,563 606,867 719,687 824,875 874,053 898,187
14,487 12,167 13,151 14,378 15,883 16,226 18,747 19,314 18,650 18,956 26,756 30,075 33,957 33,748 34,933
11072 10206 10487 11652 11 652 11599 11 598 11719 11671 11 172 11 160 11 151 11,148 11 121 11,096
5,641
5,250
5,025
4,096
2,610
2335
1 100 1958
1 558 2724
2629
2395
2166
2374
851
5,054
7,348 11,312 11,541
2,852
4,946
1,253
4,434
1,047
465
552
1,852
2,212
585
1,935
952,367
43,185
11,090
7,293
11,947
629
276
241
8
5
80
321
20
4,374
3,807
10,134
9,774
10,212
6,289
6,656
12,856
32,143
34,161
36,116
38,807
38,331
41,804
45,994
49,544
54,200
58,423
63,545
68,451
74,333
79,250
84,636
87,418
29,691
31,768
34,118
36,187
36,268
39,809
44,124
47,749
52,252
56,477
61,821
66,995
72,651
77,553
82,657
85,587
23,509
6182
2,452
25,582
6185
2,393
28,418
5699
1,998
30,617
5570
2,620
33,030
3238
2,063
36,815
2994
1,995
41,309
2,815
1,870
45,154
2595
1,795
49,817
2435
1,948
54,085
2392
1,946
59,597
2,224
1,724
64,722
2,273
1,456
70,675
1,976
1,682
75,692
1,861
1,697
80,847
1,810
1,979
83,811
1,776
1,831
118,755 132,676 149,427 169,245 201,505 237,070 282,418 310,247 374,997 433,184 516,566 621,161 716,585 761,055 778,618
75480 82760 89,878 101,313 110,078 124,050 136,809 145,990 162,727 187,858 215,375 228,348 207,752 207,203 212,994
20,892 23,360 27,383 27,446 28,203 34,913 44,157 49,439 53,384 56,800 62,653 63,452 75,672 84,270 89,997
14319 15 719 16846 17420 19192 25328 34,704 39329 42148 41966 43,487 45,791 56,698 57,719 62,071
9,585
9,453 10,110 11,236 14,834 19,166 17,661 18,974 26,551 27,926
9,011
7,641 10,537 10,026
6,573
9,637 11,427 13,767 16,989 18,340 20,317 22,256 28,070 31,497 34,672 35,853 28,583 35,077 29,996
8,546
821,764
232,667
114,147
73,425
40,722
28,220
92,562 130,816 157,029 203,866 293,508 404,578 434,505 445,631
446,730
13,837
16,919
20,739
26,719
46,235
59,767
81,135
106,912 133,493 161,658 174,536 196,988 220,860 263,582 306,364 371,730 416,106 500,830 578,983 688,675 785,559 893,803 1,059,807
26,151 52,485 62,998 69,266 79,865 86,910 104,445 140,867 173,057 159,852 176,062 180,425 189,109 194,599 199,127 202,308
17,709
17,662
44402
44,364
52,906
52,607
47
38
299
1,435
8,469
53,777
52,903
874
2,388
12,595
58,072
56,504
1568
2,726
18,420
63,553
61,107
2446
4,215
16,262
72,572 105,386 128,511 106,640 118,189 125,130 132,587 136,987 143,014
70,555 101,092 123,991 101,748 111,336 117,004 124,929 129,716 135,510
7,504
7,658
7,271
4294
4892
8,126
6,853
2017
4520
8,860 10,260 12,749 12,749 13,367 13,029 13,639 14,362 14,798
17,231 18,004 23,327 30,540 30,381 26,737 24,989 25,534 26,090
143,736
136,036
7,700
15,280
26,611
1,763
6,679
1,252
6,831
80,761
81,008
7217
9923 14,125 15,529 17,894 17,716 15,225
2880
5782
8470
188
506
647
98,660 105,270 117,123 133,950 159,137 165,497 198,673 256,254 324,768 398,558 499,566 590,960 694,676
857,499
13,270
13,914
14,868
20,556
25,144
27,662
30,770
34,595
42,471
54,462
83,046 108,714 124,677 137,061 164,583
182,951
1 194
34,786
1 194
40,209
1 159
50,693
958
46,116
1655
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 oo q22 58,330
93,567 114,710 128,560
83,832
207,770
7,577
27,209
8,831
9,398
30,811
9,238
11,634
39,059
10,714
12,600
33,516
11,712
10,671
24,221
13,586
10,025
35,638
13,905
11,964
42,949
12,961
11,456
39,779
11,921
11,457
42,097
16,019
10,269
48,318
18,669
9,545
64,569
30,426
10,727
64,626
30,606
16,805
76,762
27,532
32,724
95,836
31,024
81,831
125,939
29,102
22,680
16,454
21,226
25,928
41,846
42,475
53,465
60,184
77,719 110,326 121,069 165,361 227,988 278,330 312,179
353,844
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 through May 7, 1972; thereafter, at $38 per fine troy ounce
through October 17, 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 subscriptions to international financial institutions and outstanding amounts of miscellaneous claims that have been settled through international agreements to be payable to the U.S. Government over periods in excess of 1 year. Excludes World
War I debts that are not being serviced.
3. Includes indebtedness that the borrower may contractually, or at its option, repay with its
currency, with a third country's currency, or by delivery of materials or transfer of services.
p
1980 r
1971
1972
17,454
97,256
26,937
16,681
4. Estimates are linked, for 1982 forward, to the U.S. Department of Commerce 1982 benchmark survey and, for 1977-1981 and 1966-76, to the Commerce 1977 and 1966 benchmark surveys, respectively.
5. Breaks in the series reflect: in 1971, 1972, and 1978, expanded reporting coverage; in 1982, ar
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 1970-85 are available upon request from the Balance of Payments Division (BE-58), Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230.
June 1986
SURVEY OF CURRENT BUSINESS
29
U.S. direct investment abroad and to reserves reflected the rise in the ter credit developments. Funds came
value of the market basket of curren- mainly from banks in the United
other private assets
cies used to value SDRV and the IMF Kingdom and Caribbean banking cenPosition estimates for U.S. direct reserve position.
ters. Liabilities to other private forinvestment abroad were revised downThe increase in U.S. Government eigners also slowed. Falling interest
ward, reflecting 1982 benchmark assets, other than reserve assets, rates, dollar depreciation, and resurvey results. (See the technical note slowed for the first time in several duced demand for funds limited the
following this article.) Based on the years. Assets increased $2.8 billion to increase to $3.5 billion, one-third the
revised series, direct investment $87.4 billion; the smaller than usual 1984 increase. Deposits from Latin
abroad increased $19.7 billion to increase consisted of a slowdown in America—the bulk of the 1985 in$232.7 billion; reinvested earnings long-term credits extended by the crease—slowed, while those from
doubled, largely due to currency Export-Import Bank and the Com- Canada ceased and those from Westtranslation gains from the dollar's de- modity Credit Corporation, including ern Europe shifted to reductions.
preciation (line 14). Other capital reduced purchases of private sector Banks' custody liabilities increased
flows on equity and intercompany loans under commercial export credit $2.7 billion. Liabilities payable in fordebt account were small. Net capital and investment guarantee programs eign currencies increased $6.7 billion.
inflows from Netherlands Antilles fi- (line 8).
On a net basis, banks in the United
nance affiliates ceased, as U.S. parent
States borrowed $39.7 billion from forcompanies borrowed directly in the
Changes in Foreign Assets in eigners (excluding official liabilities)
Eurobond market rather
than
in 1985, up from $22.7 billion in 1984.
the United States
through these affiliates. (Details on
1985 direct investment developments
U.S. Treasury securities
are in a separate section on "U.S. Bank liabilities
Direct Investment Abroad" in this arLiabilities to private foreigners and
Private foreigners and internationticle.)
international financial institutions re- al financial institutions purchased a
Claims on unaffiliated foreigners ported by U.S. banks increased $41.7 net $20.5 billion in marketable U.S.
decreased $1.8 billion to $28.2 billion; to $353.8 billion at the end of 1985 Treasury securities, predominantly
U.S. nonbanking concerns continued (line 35). The increase was larger bonds; price appreciation added anto reduce financial and commercial than in 1984, but was mostly confined other $5.0 billion, bringing total holdclaims, although at a slower pace to a temporary run up in positions ings to $83.8 billion at yearend (line
than in 1984 (line 18). Financial with own foreign offices at yearend. 30). Removal of the U.S. withholding
claims fell $1.1 billion to $18.0 billion, Banks also relied on foreign funds tax on interest paid to private forand commercial claims, $0.6 billion to early in the year, when U.S. demand eigners in July 1984 and subsequent
$10.0 billion. Claims of U.S. savings for bank credit and U.S. interest rates clarification of U.S. rulings to protect
and loan institutions on foreigners, as temporarily rose. Otherwise, liabil- foreign investor anonymity encourpreviously mentioned, were shifted ities to unaffiliated foreigners slowed. aged foreign purchases. Relatively
from nonbank to bank-reported Foreign depositing in the United high U.S. yields and prospects for capclaims, accounting for the $0.1 billion States was limited by the convergence ital gains contributed to heavy
negative valuation adjustment.
of U.S. and foreign interest rates, demand. In 1985, Japan became the
dollar depreciation, and attractive in- principal buyer, accounting for over
U.S. official reserve assets and other vestment alternatives in securities two-thirds of net purchases, as a
markets.
result of eased Japanese restrictions
U.S. Government assets
U.S. banks issued a large volume of on foreign holdings in institutions'
U.S. official reserve assets increased floating rate notes in the Eurobond portfolios and the Japanese ruling to
$8.3 billion to $43.2 billion; the in- market in 1985 to assure some of tax the principal portion of stripped
crease included $4.4 billion in ex- their funding needs rather than securities at capital gains rates. Also,
change rate gains (line 3). Acquisi- borrow from foreign banks. Expanded a continued large interest rate differtions of foreign currencies—mainly coverage from inclusion of U.S. sav- ential of over 400 basis points favored
German marks, Japanese yen, and, to ings and loan institutions increased li- Japanese purchases. In contrast, Eua lesser extent, British pounds—by abilities $1.3 billion.
ropean holdings, after advancing in
Liabilities to own foreign offices in- 1984, declined as interest differentials
U.S. authorities occurred as part of
coordinated intervention sales of dol- creased $23.0 billion, largely to offices narrowed. In response to foreign
lars in exchange markets by major in- in Western Europe, the Caribbean, demand, the U.S. Treasury placed
dustrial countries, especially in the and Japan. As in bank claims, most of $1.0 billion in foreign targeted issues
latter part of the year/Holdings of the increase was in liabilities of for- in 1985.
\JLrgentine pesos were eliminated, rep- eign-owned banks in the United
resenting repayment in January of a States at yearend. U.S.-owned banks Other U.S. securities
special credit extended to Argentina borrowed from their overseas offices
Substantial increases in foreign
at yearend 1984. U.S. authorities ac- most heavily in the first quarter,
quired special drawing rights (SDR's), when U.S. credit conditions tightened demand and large capital gains led to
while the reserve position in the IMF temporarily. The increase in liabil- an unprecedented 62-percent growth
declined largely because fewer U.S. ities to unaffiliated foreign banks in foreign holdings of U.S. securities
dollars were drawn from the IMF by slowed to $4.5 billion; much of that in- in 1985. Holdings advanced to $207.8
member countries. Valuation changes crease was also related to first-quar- billion, on record net purchases of
$50.9 billion and on price appreciation, largely in U.S. stocks, of $26.8
billion (line 31). Foreign interest in
U.S. bonds carried over from 1984,
when the U.S. withholding tax on interest paid to foreigners was removed
in July and favorable clarification of
U.S. rulings protecting foreign investor anonymity followed. By yearend
1985, foreigners held $81.8 billion,
$49.1 billion more than at the prior
yearend (line 32). Declining interest
rates and heavy U.S. corporate
demand for long-term funds contributed to substantial new issues abroad.
U.S. borrowers took advantage of declining rates to repay short-term indebtedness and large credits from
merger and acquisition financing in
1984 and to restructure their balance
sheets. On the foreign demand side,
portfolio managers worldwide were
attracted to relatively high, albeit declining, yields on U.S. securities and
the potential for capital gains; in
some cases, purchases of U.S. securities were facilitated by deregulation.
Under such conditions, U.S. corporate
borrowers placed one-third—or $37.6
billion—of their new bond issues in
overseas markets. Most new issues
were fixed-rate bonds denominated in
dollars, but 15 percent were foreign
currency or dual currency placements. U.S. financial institutions
raised $10.2 billion in floating rate
notes. U.S. Government federally
sponsored agencies raised $2.0 billion
in special foreign targeted issues. Because the majority of U.S. corporate
bonds issued overseas are through underwriters in London, the recent expansion is primarily reflected in
Western Europe, although there is
worldwide distribution of these bonds.
U.S. stocks in foreign portfolios increased $30.1 billion to $125.9 billion,
on price appreciation of $25.2 billion
and near-record net purchases of $4.9
billion (line 33). U.S. stock prices
lagged advances in many foreign markets until the fourth quarter, when
prices rose sharply to account for
most of the 26-percent advance in
1985. Foreign net sales ceased in early
1985 but did not shift to strong purchases until the last half of the year,
when expectations of U.S. economic
growth and corporate earnings improved. British, German, and Caribbean holdings advanced strongly.
Foreign official assets
Foreign official assets in the United
States increased $3.2 billion to $202.3
billion: Transactions reduced assets
$1.3 billion, while price appreciation
added $4.5 billion in value. Although
the reduction in transactions was
moderate, there were significant
shifts among major country groups.
Dollar assets of OPEC members decreased $6.8 billion, bringing to $19.2
billion the cumulative drop in 198385. Losses of oil revenues due to declining production and prices accounted for the reduction. Other developing
countries increased their dollar assets
$3.9 billion. Some large debtor countries in Latin America added to their
dollar reserves, as did several newly
industrialized countries in Asia that
had large trade surpluses. Assets of
industrial countries increased $1.0 billion; substantial drawdowns in the
first quarter and smaller ones in the
fourth, associated with stepped-up
coodinated intervention operations,
were more than offset by increases in
the second and third quarters.
Foreign direct investment in the
United States and other liabilities
Foreign direct investment in the
United States slowed to an 11-percent
increase, following a 20-percent surge
in 1984: Investment increased $18.4
billion to $183.0 billion, including a
valuation adjustment of $0.5 billion
(line 29). In 1985, U.S. economic
growth moderated, and funding costs
in the United States declined, substantially reducing the need for capital transfers from abroad. Equity
capital and intercompany debt inflows
slowed to $16.8 billion; reinvested
earnings fell to $1.1 billion. (Details
on 1985 direct investment developments are in a separate section on
"Foreign Direct Investment in the
United States" in this article.)
Other liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns decreased $1.9 billion to
$29.1 billion (line 34). One-half of the
decrease represented a shift of liabilities, mostly to Latin America, of U.S.
savings and loan institutions to coverage in U.S. bank-reported liabilities.
The remaining decrease, largely to
banks in the Caribbean and United
Kingdom in the first half of the year,
includes net repayments on loans connected with financing large mergers
and acquisitions in the United States
in 1984. After repayments subsided,
net inflows resumed in the second
half of the year and increased sharply
in the fourth quarter.
Direct Investment
U.S. direct investment abroad
The U.S. direct investment position
abroad increased 9 percent in 1985, to
$232.7 billion (table 3). This increase
was the largest since 1980, when the
position rose 15 percent; following the
worldwide recession of 1981, the position fell in 1982 and maintained a
pattern of limited growth through
1984.1
The position increased in 1985 primarily for two reasons. First, U.S.
parent companies were no longer
placing new debt issues through their
finance affiliates in the Netherlands
Antilles. In the third quarter of 1984,
the U.S. Government removed the
withholding tax on interest paid to
foreigners. Previously, because the
Netherlands Antilles had tax-exempt
status, U.S. parent companies had
their Netherlands Antilles affiliates
borrow in the European capital markets and re-lend the proceeds to them.
The affiliates' loans to their U.S. parents gave rise to sizable intercompany
debt inflows. With the removal of the
withholding tax, U.S. parent companies could borrow directly in the European capital markets. As a result,
intercompany debt with their Netherlands Antilles affiliates shifted $6.5
billion, to net outflows of $2.9 billion,
as prior borrowings were paid down.
Second, the sharp depreciation of
the dollar against most major currencies in 1985 resulted in capital gains
of $4.9 billion, primarily from translating affiliates' financial statements
from foreign currencies into dollars.
(In 1984, by comparison, the appreciation of the dollar resulted in capital
losses of $8.7 billion.) Translation
gains, which are included in earnings
but are not available for distribution,
become part of foreign affiliates' reinvested earnings. Thus, reinvested
earnings, which contribute to the
overall position, more than doubled,
from $9.1 billion to $20.7 billion.
1. The position is the book value of U.S. direct investors' equity in, and outstanding loans to, their foreign
affiliates. A foreign affiliate is a foreign business enterprise in which a single U.S. investor owns at least
10 percent of the voting securities, or the equivalei^}
Estimates for 1982-84 have been revised to incorporate the results of the
1982 benchmark survey of U.S. direct investment abroad, which was completed
in 1985. See the technical note at the end
of this article for a discussion of the revi-
SURVEY OF CURRENT BUSINESS
June 1986
31
Table 3.—U.S. Direct Investment Position Abroad at Yearend
[Millions of dollars]
198 5
1984
All
industries
Petro- Manufac- Wholesale
leum
turing
trade
Banking
Finance
and
insurance
Services
Other
industries
All
industries
Petro- Manufac- Wholesale
leum
turing
trade
Banking
Finance
and
insurance
Other
industries
Services
13,010
212,994
59,089
85,253
21,790
13,246
15,828
4,625
13,165
232,667
58,347
95,586
23,822
14,728
21,914
5,260
157,461
36026
66403
16303
6076
21362
3388
7903
172750
36,627
75,853
17,844
7,466
23,389
3,785
7,786
Canada
46830
11241
20 879
2684
521
6098
703
4704
46435
9548
22097
2721
570
6207
776
4,515
Europe
92,017
20,953
37,312
10,913
4,981
13,886
2,460
1512
106,762
22,638
45,214
12,428
6,326
15,628
2,738
1,790
69688
4,602
1 144
6,224
14,794
257
2,839
4592
399
6201
28 635
22,329
521
191
2,822
205
2,186
851
14865
228
460
15543
708
603
479
2,892
115
-13
570
7
1806
8375
5,410
(D)
5261
688
280
982
613
61
29
477
3
615
1512
5,652
125
125
156
3709
230
28
291
1,125
8039
43
14
251
901
41 497
2,913
197
5128
10,659
55
2,705
3577
290
3415
12 560
3,717
89
6235
808
424
1 198
639
55
1,915
155
28
215
46
8
7
89
203
179
4,710
(D)
100
82071 16746
711
5,105
1 282
572
7835
589
16,746
2,601
222
141
-42
3,748
5644
476
7
461
2111
7064
9593
33963
5,892
24,691
(D)
477
265
(D)
3,297
2,774
216
38
2,598
176
(D)
929
(D)
16230
224
95
27
455
9,393
44
(D)
202
1,035
(D)
1 353
157
11
88
373
13
-2
176
0
214
325
159
5
4,655
300
37
359
1,337
(D)
1742
170
23
165
61
8
6
68
0
544
695
718
30
2
30
105
24
34040
2,606
185
3 986
8,830
66
2,179
2729
245
2848
10 383
3,272
134
18
194
79
1,469
330
921
35
92
1,630
174
(D)
144
431
13
(D)
176
0
223
462
160
6
8
5
7
51
(D)
(D)
9
3
7920
2052
3942
10,694
8674
510
1,510
1,780
1253
(D)
(D)
50 131
25229
All countries
'".
Developed countries
European Communities (10)
Belgium
Denmark
France
Germany
Greece .
Ireland..
Italy.
Luxembourg
Netherlands
United Kingdom .
Other Europe
Austria
Finland
Norway
Portugal
Spain
Sweden
Switzerland...
.
Turkey
Other
(D)
(D)
334
199
91
1420
1,271
12
7
0
9
202
(D)
237
55
82
5925
5,847
(D)
o
994
41
5
(D)
1
22
142
5,328
0
246
1 314
176
347
31
4,270
3329
151
790
1,393
1 172
82
139
398
370
(D)
1,031
918
59
53
194
170
3
20
18 651
18 849
5 487
7 170
5 534
6320
14566
2841
4998
6560
19,006
2,746
9377
46
2,267
371
1903
1762
534
9828
4568
4 467
792
3605
3412
13 009
257
24626
871
3,007
465
3,544
443
302
44
1 075
192
1083
265
140
734
75
548
112
2042
912
87
(D)
9,986
1568
6764
276
694
126
111
950
49
4 150
3632
996
174
410
49
83
26
68
163
24
1 153
410
701
42
692
979
340
474
81
1,427
46
1 113
11
46
12
5
217
1
2 615
194
2387
35
10 602
333
12704
Other Africa
Saharan
Egypt.
JLibya
Other
Sub-Saharan
Liberia
Nigeria..
Other..
4752
2,035
1536
348
152
2,717
152
301
2264
3 329
1711
1 281
319
111
1,618
26
193
1399
404
47
29
0
18
358
Middle East.
Israel
Saudi Arabia
United Arab Emirates
Other...
5,032
733
2356
971
971
2613
482
157
303
26
3
636
(D)
231
15,119
3249
403
3,987
1,175
1264
1,943
731
736
1088
542
6 389
372
(D)
3618
630
202
403
(D)
3396
364
296
94
395
427
911
190
491
163
65
5,402
4,411
10345
6579
Japan
Australia, New Zealand and South Africa..
Australia
New Zealand
South Africa
1
Developing countries
Latin America
....
South America
Argentina
.
Brazil
Chile
Colombia
Ecuador
Peru
Venezuela
Other
Central America........
Mexico
Panama ....
Other.....
Other Western Hemisphere
Bahamas.
Bermuda
Jamaica
Netherlands Antilles
Trinidad-Tobago..
United Kingdom Islands, Caribbean
Other
...
Other Asia and Pacific
Hong Kong
India
Indonesia
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Other........
International
.
.
•,
.
Addendum— OPEC l
2,387
(D)
192
(D)
(D)
(D)
771
5
201
(D)
967
826
(D)
(D)
794
245
(D)
o
(D)
48
8
573
(D)
10
(D)
(°)
6
49
(D)
(D)
(D)
3
(D)
167
87
1,729
443
1,102
36
(D)
(D)
(D)
qq
(D)
652
4
692
1730
6,193
167
197
235
366
215
121
1972
1,671
21
(»)
1,036
308
41
51
6,832
6,235
(D)
(D)
o
(D1
)
(D)
(D)
271
191
4962
(D)
100
270
0
1,286
34
7
26
135
5,696
0
262
o
554
814
823
15
2
35
(D)
75
8
635
(D)
(D)
(D)
431
38
(D)
179
17
54
(D)
134
o
85
273
1 585
(D)
412
14
51
18
(D)
15
129
(D)
1
1
4
(D)
(D)
(D)
39
(D)
(D)
3
9
19
(D)
401
3
380
24
3 618
1900
' (D)
6
(D)
2
1,530
22
219
125
125
o
1
94
(*)
56
37
444
(D)
(D)
(D)
(D)
55
115
1881
1 138
1
1509
543
16
25
23
253
245
219
119
42
25
(D)
79
79
276
(D)
94
57
24
603
335
(D)
25040
3
1,331
2178
4 621
1442
177
519
74
83
1,629
1 461
7
161
10,459
8564
'549
1346
2,263
1691
3,921
3114
161
646
1,253
1 046
109
99
393
366
1,035
953
37
45
196
175
4
18
1,398
1,220
17
162
1 237
4 271
54474
17 314
19 733
5 978
7 262
1 474
1 476
4187
468
2 595
29479
5299
15 323
3095
5416
2628
498
2,475
328
54
135
24
2
1
1 746
122
178
136
18,625
2785
9 480
71
2142
406
1 684
1 548
510
10374
5087
4 611
'676
479
3377
14 104
141
21 645
480
3,525
497
3,231
440
286
31
1026
10,145
1 578
7078
276
691
129
58
837
50
4587
4093
209
284
592
40
1,008
181
429
42
58
30
63
180
26
1288
489
760
39
799
229
426
18
44
16
(D)
801
360
285
108
1,387
53
1085
16
38
13
5
214
5
2,642
190
2430
22
6657
96
13660
9
21994
3
1,508
61
342
61
135
28
2
1
(D)
100
1,711
111
182
154
(D)
4994
2668
1 911
589
167
2327
197
33
2 097
3497
2299
1618
557
125
1,198
31
108
1275
399
53
34
123
19
346
(D)
o
()
(D)
88
258
33
43
229
128
127
0
1
101
1
56
46
(D)
12
5127
855
2 622
744
905
2326
(P)
914
580
471
174
261
37
1
724
361
(D)
235
152
5
505
(D)
(D)
(D)
505
3
560
10
49
6 191
351
67
3710
604
47
368
4
8
768
281
3539
341
333
101
453
389
973
212
552
125
60
2 036
1308
1
(D)
79
75
227
124
48
24
17
27
177
228
269
58
46
(D)
871
516
5
28
15
107
55
124
11
2
6
383
212
(*)
141
14 874
3 124
466
4 087
1,217
983
1,897
757
754
1022
567
597
7
(D)
164
(D)
138
27
(»)
17
21
130
991
(D)
(D)
9095
5,443
4,406
515
10391
6301
1455
623
330
342
638
58
(D)
11
(D)
(D)
94
55
(D)
685
261
(D)
90
(*)
69
21
50
58
98
6
20
(D)
(D)
165
(D)
5
13
(D)
(D)
(D)
59
(D)
(D)
35
48
16
3
78
55
36
577
75
58
(D)
(D)
(D)
(D)
(D)
23
10
(D)
(D)
502
116
(D)
o
(*)
(D)
(D)
(D)
15
(D)
154
152
23
6
19
340
2
380
5
33
363
856
495
(D)
22
16
99
61
128
10
351
736
(D)
(D)
(D)
(D)
(°)
258
(*)
(D)
(°)
(°)
21
15
(*)
10
(D)
471
(D)
(D)
19
(D)
160
(n)
(D)
27
35
(D)
(D)
(D)
(D)
(D)
946
133
(D)
700
56
554
90
1368
858
188
(.*)
84
400
7
206
(D)
(D)
94
22
38
(D)
148
o
(D)
(D)
15
4
D
(D)
253
(D)
51
(D)
(D)
(D)
(D)
6
7
17
(D)
459
1
451
9
4156
2050
(D)
5
(D)
(*)
1,849
17
(D)
20
1256
387
(D)
(D)
90
(*)
66
25
66
79
122
6
20
(D)
(°)
68
(D)
608
261
141
207
155
25
5
10
D
( )
(D)
(D)
67
(D)
38
49
47
(D)
3
0
89
68
48
610
85
67
(D)
(D)
(D)
(D)
(D)
21
(D)
525
118
(D)
D
( )
23
(*)
(D)
(D)
(D)
51
19
19
1
12
(D)
(D)
(D)
(D)
23
(D)
1,037
702
* 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
32
SURVEY OF CURRENT BUSINESS
By account— The $19.7 billion increase in the position consisted of capital outflows of $18.8 billion and net
positive valuation adjustments of $0.9
billion. Capital outflows consisted of
reinvested earnings of $20.7 billion,
intercompany debt outflows of $0.4
billion, and unusually large net
equity inflows of $2.3 billion. (For
data on capital outflows by account,
see Table 5 in "U.S. International
Transactions, First Quarter 1986," on
page 59 of this issue.)
The large net equity inflows were
more than accounted for by petroleum and finance affiliates. Inflows
from petroleum affiliates were $2.6
billion. In an effort to consolidate operations and retire some of the debt
incurred from recent large acquisitions in the United States, three U.S.
petroleum companies sold off one
large affiliate in Canada and partial
interests in two other affiliates—one
in Canada and one in Colombia.
These sales also required valuation
adjustments of $0.9 billion to reflect
the fact that the equity was sold for
more than the book value carried in
the position.
Net equity inflows from finance affiliates were $1.2 billion. The inflows
were largely the result of U.S. parent
companies reducing their equity stake
in Netherlands Antilles finance affiliates.
U.S. companies reported $1.1 billion
in equity outflows to manufacturing
affiliates. The outflows, which were
widely distributed among developed
and developing countries, may have
reflected an expectation of further expansion abroad.2
In contrast to large net intercompany debt inflows in 1984, companies
reported net outflows of $0.4 billion in
1985. Most of the shift was due to the
reversal of transactions with finance
affiliates in the Netherlands Antilles,
as U.S. parent companies repaid old
debt and discontinued new borrowing
from their affiliates.
Reinvested earnings were up $11.5
billion from 1984, as earnings increased $12.6 billion, to $39.6 billion;
distributed earnings increased only
$1.1 billion. The increase in earnings,
which occurred primarily in manufacturing, was largely due to a shift from
capital losses of $8.7 billion in 1984 to
capital gains of $4.9 billion in 1985.
Earnings net of these capital gains
and losses were almost unchanged.
2. Based on a survey taken in December, majorityowned foreign manufacturing affiliates increased capital expenditures 9 percent last year and planned to
increase spending 14 percent in 1986. See Jeffrey H.
Lowe, "Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies, 1986," SURVEY OF
CURRENT BUSINESS 66 (March 1986): 18-23.
By country.—The position increased
10 percent in developed countries, to
$172.8 billion, primarily in manufacturing. Increases in Europe and
Japan, largely attributable to the depreciation of the dollar, were partly
offset by declines in Canada, Australia, and South Africa. In Europe, the
position increased 16 percent, to
$106.8 billion. The position with
Japan increased 15 percent, to $9.1
billion, primarily due to currency
translation gains and increased equity
outflows.
In Canada, the position fell $0.4 billion. Very large equity inflows from
the sale of interests in several petroleum affiliates were partly offset by reinvested earnings of $1.8 billion,
largely among manufacturing affiliates. In Australia and South Africa,
the combination of declining earnings
but stable distributed earnings resulted in negative reinvested earnings,
which lowered the position. The position with Australia fell $0.1 billion, to
$8.6 billion, and that with South
Africa fell $0.2 billion, to $1.3 billion.
In developing countries, the position increased 9 percent, to $54.5 billion. Most of the increase was with
Latin America; the position with
Latin America increased 17 percent,
to $29.5 billion, largely because of the
shift to intercompany debt outflows
with Netherlands Antilles finance affiliates. The position with South
America, in contrast, fell 2 percent, to
$18.6 billion, primarily due to the sale
of an interest in the petroleum extraction affiliate in Colombia mentioned earlier and to declining petroleum earnings in Peru and Venezuela. The position with Mexico increased 11 percent, to $5.1 billion,
largely in manufacturing.
In "other Asia and Pacific/' the position fell 2 percent, to $14.9 billion.
Positions with most Asian countries
increased slightly. These increases,
however, were more than offset by declines in Hong Kong, Singapore, Thailand, and, particularly, in the Philippines, where the position fell 22 percent. Growth of the position with Indonesia, which was 43 percent in
June 1986
1984, slowed to 3 percent last year, as
easing of restrictions on the repatriation of petroleum earnings led to distributed earnings of $1.2 billion.
Foreign direct investment in the
United States
The foreign direct investment position in the United States increased 11
percent in 1985, to $183.0 billion, compared with a 20-percent increase in
1984 (table 4).3 Growth slowed because (1) an exceptionally large intercompany debt inflow in petroleum in
1984 was followed by a much smaller
inflow in 1985, (2) equity capital inflows dropped substantially, (3) affiliates' reinvested earnings declined,
and (4) valuation adjustments were
smaller than in 1984.
The large 1984 intercompany debt
inflow in petroleum—over $4 billion—
financed an increase in a Netherlands
parent's ownership stake in its U.S.
petroleum affiliate. The inflow was in
the form of a loan from a British affiliate of the Netherlands parent to the
U.S. petroleum affiliate. The increase
in ownership also involved an inflow
in 1985, but less than one-fourth that
in 1984.
Equity capital inflows decreased
$3.1 billion in 1985. The decrease occurred despite a significant increase
in acquisitions of new U.S. affiliates.4
The decrease in inflows mainly reflected the decline in U.S. interest
rates. The lower U.S. rates caused
borrowing in U.S. capital markets to
take a larger share, and funds from
foreign parents a smaller share, in financing for new and existing investments.
Affiliates' reinvested earnings declined $1.8 billion, to $1.1 billion. The
decline was largely attributable to a
sharp drop in affiliates' earnings,
which was widespread among industries. The drop in earnings probably
reflected the slowdown in U.S. economic growth in 1985.
3. The position is the book value of foreign direct irC
vestors' equity in, and net outstanding loans to, their
U.S. affiliates. A U.S. affiliate is a U.S. business enterprise in which a single foreign direct investor owns at
least 10 percent of the voting securities, or the equivalent.
4. Data from BEA's survey of new foreign direct investments in the United States indicate that outlays
to acquire new U.S. affiliates increased 49 percent in
1985. See Michael A. Shea, "U.S. Business Enterprises
Acquired or Established by Foreign Direct Investors in
1985," SURVEY 66 (May 1986): 47-54.
SURVEY OF CURRENT BUSINESS
June 1986
33
Table 4.—Foreign Direct Investment Position in the United States at Yearend
[Millions of dollars]
1985
1984
All
industries
All countries
FiOther
Petro- Manu- Trade Banking nance, Insur- Real indusleum facturing
except ance estate tries
banking
164 583 25400
51 802 31 219
4 115
10326
5633
8922 17761 13519
All
industries
FiOther
Petro- Manu- Trade Banking nance, Insur- Real indusexcept ance estate tries
leum facturing
banking
182 951 28123
60798 34212
11 503
4,708 11,069 18,557 13,982
513
1,337
2,580
1,985
108 211 23 142
39 083 16 934
5 740
3 457
6748
8 255
4 850
120 906 25 437
46 515 17 en
5 963
2387
8,921
8,821
5,251
European Communities (10)
Belgium
France
Germany
Italy
Luxembourg
Netherlands
United Kingdom
Denmark, Greece, and Ireland
96555 22813
(D)
2548
(D)
6591
12,330
71
(D)
1438
(D)
'753
33,728 9,981
38,387 10,991
779
(D)
32990 15,238
471
296
5368
728
4389 4,256
5335
4163
106 004 25114
(D)
2288
(D)
6295
(D)
14417
(D)
1401
(D)
584
36124 11315
43,766 12,246
1,129
(D)
37553 15738
340
477
581
5485
6198 4,726
(D)
273
(D)
86
12986 2,544
11,884 6,847
404
165
5616
8,238
9
26
1,049
Other Europe
Sweden
Switzerland
Other
11,655
2258
8,146
1251
16,044
Canada
15 286
Europe
Japan
Australia, New Zealand, and South
Africa
1 544
1734
oqq
(D)
(D)
1 219
608
1 804
2879
5424
(D)
(D)
(D)
420
272
298
623
335
91
1295
7714
10
66
966
(D)
(D)
(D)
(D)
1445
2,548
(D)
2471
4,135
42
745
387
8
1,152
1,325
50
541
688
(D)
1,325
119
1 152
54
393
148
513
138
744
74
12,497
9,719
139
2,787
6,732
216
1427
2,194
214
121
1,970
743
2
329
307
19
3
6,093
1048
4774
271
1,696
650
794
252
405
579
(D)
(D)
(D)
271
536
-88
2,460
9,941
1,853
(D)
(D)
o
(D)
o
16 678
1 659
5 130
2143
1,424
(D)
583
0
444
139
685
D
(D)
(D)
()
710
122
1,054
582
92
1,656
1,570
2,539
199
1,873
790
778
305
347
3
88
255
2,176
(D)
(D)
482
19,116
31
2,621 11,822
(D)
705
46
627
125
(D)
8,961
1 132
7431
398
OOQ
(D)
24
2,325
4,623
(D)
7,497
(D)
917
(D)
25
129
2,088
262
3
296
(D)
(D)
0
1,975
3,727
(D)
4,566
(D)
(D)
697
(D)
22
1,321
1,638
52
1,681
(D)
483
222
300
14,902
2384
11040
1478
(D)
1 332
(D)
(D)
1,232
2 152
57
362
(D)
51
(D)
(D)
120
(D)
2 702
101
747
(D)
63
19
(D)
117
(D)
16,201
Latin America
656
5,537
2,027
665
861
580
4,664
1,212
17,050
608
5558
2,099
1,122
917
662
4,808
1,276
2859
1,924
935
50
45
5
981
959
22
44
14
30
(D)
115
108
7
(D)
372
256
116
186
6
181
3385
2137
1248
112
104
g
803
842
39
190
113
78
1041
(D)
132
123
8
(D)
307
199
108
(D)
1
80
(*)
66
785
5
480
D
(D)
24
4,501
110
3,945
602
14
(*)
288
12
(D)
0
399
47
(D)
(D)
521
334
188
186
o
746
1
745
(D)
4
(D)
South and Central America
Panama
Other
Other Western Hemisphere
Bermuda
Netherlands Antilles
United Kingdom Islands,
Caribbean
Other
(D)
574
D
13,343
1370
10935
606
110
452
4,555
306
4092
1,983
363
1394
()
866
172
(D)
(D)
140
18
186
40
16
0
109
13
Middle East .
Israel
Other
5336
525
4811
15
6
9
116
97
20
(D)
(D)
481
319
162
(D)
(D)
Other Africa, Asia, and Pacific
1,353
75
128
291
318
4892
12
21
(D)
268
Memorandum — OPEC
1 418 2 844
1
(D)
o
(D)
746
7
643
(D)
(*)
(°)
(D)
(D)
4,292
151
3715
1,025
(D)
543
369
57
(D)
709
(D)
9
o
o
o
o
709
(D)
28
(D)
423
9
o
707
(°)
o
10
13,665
1903
10603
496
97
406
4,755
955
3717
1,909
983
177
(D)
63
19
190
(D)
(D)
(D)
(D)
1364
(D)
(D)
(°)
4
()
(D)
(°)
(°)
4961
505
4455
(D)
(D)
58
54
3
(D)
o
o
(°)
1,538
(D)
171
231
327
16
(D)
430
(D)
(D)
4 560
19
36
(D)
309
2
o
737
(D)
6
(D)
(D)
(D)
* Less than $500,000 (±).
Suppressed to avoid disclosure of data of individual companies.
1. See footnote 1, table 3.
D
Valuation adjustments raised the
position $0.5 billion in 1985, compared
with $2.2 billion in 1984. Virtually all
of the 1984 adjustments resulted from
a reconciliation of data reported in
BEA's quarterly survey—the basis of
the estimates presented here—to data
reported in the related annual survey
of foreign direct investment in the
United States. The adjustments reflected the cumulative effect on the
1984 position of numerous small
transactions in prior years that were
either omitted or reported incorrectly
in the quarterly survey; most of the
adjustments corrected for omitted
equity inflows.
By account.—The $18.4 billion increase in the position in 1985 consisted of capital inflows of $17.9 billion
and valuation adjustments of $0.5 billion. Capital inflows consisted of
equity capital inflows of $11.9 billion,
intercompany debt inflows of $4.8 billion, and reinvested earnings of $1.1
billion. (For data on capital flows by
157-584 0 - 86,- 3 : QL 3
account, see table 5 in "U.S. International Transactions, First Quarter
1986," on page 59 of this issue.)
A substantial portion of both the
equity capital and intercompany debt
inflows financed acquisitions of U.S.
businesses by foreign direct investors
or by their existing U.S. affiliates. In
addition, a large equity capital
inflow—over $1 billion—resulted from
the capitalization of intercompany
debt of a U.S. construction affiliate by
its Middle Eastern parent; that inflow
was completely offset by an intercompany debt outflow. Another large
equity capital inflow was from a Canadian parent to its U.S. mining affiliate. The affiliate, which had been unprofitable for several years, used the
funds to reduce debt and, thus, to
lower interest expenses. Partly offsetting these inflows were two sizable
outflows. One resulted from a Netherlands parent's sale of a portion of its
equity in a metals trading affiliate to
U.S. investors; the other resulted
from a Canadian parent's sale of its
minority interest in a U.S. paper
manufacturing operation.
The largest intercompany debt
inflow, other than to finance acquisitions of U.S. companies, was the previously mentioned loan from the British affiliate of the Netherlands parent
that financed an increase in the parents' ownership of its U.S. petroleum
affiliate.
The $1.1 billion in reinvested earnings was more than accounted for by
affiliates in wholesale trade, petroleum, insurance, and banking. Reinvested earnings of affiliates in manufacturing, real estate, retail trade,
and "other industries" were negative;
the negative reinvested earnings resulted because affiliates maintained
earnings distributions in spite of declines in their earnings. In manufacturing, the negative reinvested earnings were more than accounted for by
affiliates in machinery and metals.
By country.—The largest increase in
the position—$5.4 billion—was from
34
SURVEY OF CURRENT BUSINESS
the United Kingdom. Increases were
largest in manufacturing, petroleum,
and insurance. In manufacturing,
over one-half of the $2.2 billion increase was in chemicals and "other
manufacturing/' In chemicals, a sizable intercompany debt inflow financed the acquisition of a U.S. company. In "other manufacturing," intercompany debt inflows to affiliates
in stone, clay, and glass manufacturing increased sharply. The increase in
petroleum largely reflected the intercompany debt inflow from the British
affiliate of the Netherlands parent
discussed earlier. In insurance, an
equity inflow of over $0.7 billion was
used to acquire a U.S. insurance brokerage company.
The positions of parents in Japan,
Switzerland, the Netherlands, and
Germany also increased substantially.
Almost two-thirds of the increase in
the position of Japanese parents was
in wholesale trade. As in 1984, the increase was largely in the form of reinvested earnings of U.S. affiliates importing Japanese automobiles for sale
in the United States.
Almost all of the increase in the position of Swiss parents was in food
manufacturing. In what was by the
far the largest single inflow from a
parent in any country in 1985, a
Swiss parent made a sizable loan to
its U.S. affiliate. The affiliate used
these funds, together with funds borrowed from U.S. banks, to acquire a
U.S. manufacturer of dairy and other
food products for about $3 billion.
The position of Netherlands parents
increased $2.4 billion. Over one-half of
the increase was in petroleum and
was mainly in the form of reinvested
earnings.
Most of the $2.1 billion increase in
the position of German parents was
in manufacturing, mainly chemicals.
In chemicals, a major German chemical company made a large loan to its
U.S. affiliate to acquire a U.S. maker
of inks and automobile finishes.
the institutional changes in the
market in the past 2 years. To replace
a single index based only on pricing
of 2-year issues used in the past, separate indexes were introduced to reflect differences in maturity holdings
of official and private foreigners. Foreign official holdings are now valued
on the basis of prices of issues with
maturities of 2 years and, to a lesser
extent, of 5-7 years. Foreign private
holdings are now valued on the basis
of prices of issues with maturities out
to 30 years, with heavy weighting
toward long maturities.
The method of valuing U.S. corporate bonds held by foreigners for
yearly price and exchange rate
changes was modified to account for
the proliferation in types of issues
since 1984 and the considerable price
variation among them. To replace a
single domestic U.S. corporate bond
price index used in the past, a price
index was introduced that is based on
five major types of bonds issued
abroad: Straight fixed-rate, floating
rate, zero coupon, convertible, and
foreign currency. Price changes for
each type are based on a sampling of
issues, and price performance of each
type is weighted into a single index
based on each type's proportion of
total holdings. In addition, exchange
rate revaluations for foreign currency
issues was introduced.
Direct investment
For U.S. direct investment abroad,
results of the 1982 benchmark survey,
released in December 1985, have led
to revisions in the 1982-85 estimates
of capital flows, income flows, royalties and license fees, and fees for
other services and in the 1982-84 estimates of the direct investment position. Prior estimates for these years
were based on the 1977 benchmark
survey. A preliminary estimate of the
1985 position is also provided in this
article.
For a detailed description of the
methodology for U.S. direct investment abroad, including basic concepts
Technical Notes
and definitions, see U.S. Direct Investment Abroad: 1982 Benchmark Survey
Securities
Data.5 For descriptions of how the
The method for valuing long-term 1982 fiscal-year data
marketable U.S. Treasury securities benchmark survey are reported in a
adjusted to a
for yearly price changes was revised
for 1984 and 1985 to account for
recent changes in the maturity com5. This publication also contains reprints of the
position of foreign holdings. The report forms and instructions, and 317 tables showing
for fiscal year
be
change was necessary to reflect more data Superintendent 1982. Copies may U.S.obtained from
the
of Documents,
Government
accurately the varied price perform- Printing Office, Washington, DC 20402; price $18.00,
ance in different maturity ranges and stock number 003-010-00161-5.
June 1986
calendar-year basis and of how the
adjusted data are then used, together
with data reported in BEA's quarterly
surveys, to derive quarterly and
annual estimates of the direct investment position and balance of payments transactions for subsequent
years, see the technical note in R.
David Belli, "Foreign Direct Investment in the United States in 1983,"
SURVEY OF CURRENT BUSINESS 64 (October 1984): 31-36. Although that
technical note specifically pertains to
the 1980 benchmark survey of foreign
direct investment in the United
States, the procedures discussed also
generally apply to the 1982 benchmark survey of U.S. direct investment
abroad.
In years between benchmark surveys, universe estimates are made by
extrapolating forward the universe
data reported in the most recent
benchmark survey, using data reported in the quarterly sample survey.
Over time, the universe estimates for
a given year may deviate from the
"correct" estimate. The reasons for
revisions in the estimates may fall
into the following general categories:
(1) The nonreported part of the universe for the years between benchmark surveys when only sample data
were available was over- or underestimated; (2) data were incorrectly reported in the sample surveys but correctly reported in the benchmark
survey; (3) the prior and current estimates were based upon different accounting standards; and (4) the reported data used to generate the prior
and current estimates reflected differences in timing. Also, changes in definitions or in direct investment methodology may lead to revisions; however, there were no changes in definition from the prior to current estimates.
In table 5, the prior and current estimates for the position at yearend,
capital flows, income, royalties and license fees, and fees for other services
are compared. The position estimate
for 1982 based on the 1982 benchmark
survey is $14.1 billion less than the
estimate based on the 1977 benchmark survey. Capital outflows are
$2.1 billion higher, income is $1.2 billion lower, royalties and license fees
are $0.3 billion higher, and fees for
other services are $0.6 billion lower
than previously estimated.
The $14.1 billion revision in the position represents a cumulative difference of 6 percent over the 5-year
SURVEY OF CURRENT BUSINESS
June 1986
35
Table 5.—Comparison of Prior and Current Estimates for 1982 of U.S. Direct Investment Abroad Based on the 1977 and 1982 Benchmark Surveys
[Millions of dollars]
Direct investment position
1982
basis
Difference
1977
basis
1982
basis
221,843
56,810
90,609
74,424
207,752
57,817
83,452
66,483
14 091
1,007
-7,158
-7,941
4,424
-3,313
-569
8,306
2,369
-3,312
1 767
7,448
Developed countries
Petroleum
Manufacturing
Other
Canada
Petroleum
Manufacturing
Other
Europe
Petroleum
Manufacturing
Other
Other
Petroleum
Manufacturing
Other
164,312
37,134
71,399
55,778
46,190
10,357
19,725
16,108
99,525
22,539
44,131
32,855
18,597
4,239
7,543
6,815
154,381
35,641
64,137
54,603
43,511
10,421
18,825
14,265
92,449
21,230
37,820
33,399
18,421
3,990
7,492
6,939
9931
1 494
-7,262
1 175
2679
64
-900
-1,843
-7,076
-1,309
6311
'544
-176
249
-51
124
Developing countries
Petroleum
Manufacturing
Other
Latin America
Petroleum
Manufacturing
Other
Other
Petroleum
Manufacturing
Other
52,618
16,040
19,210
17,369
32,655
6,677
15,640
10,337
19,964
9,363
3,570
7,031
48,058
17,777
19,315
10,966
28,161
7,626
15,789
4,746
19,897
10,151
3,526
6,220
4561
1,737
105
6 403
4 494
949
149
5 591
-67
788
44
-811
3,613
3 348
-47
7,008
6,392
-1,368
38
7,722
-2,779
-1,980
85
4,913
5,314
401
264
All areas
Petroleum
Manufacturing
Other
International
Income
Capital outflows
1977
basis
1,075
446
-521
1,150
1,609
-109
-2
1,719
849
592
1 036
-405
316
37
516
-164
714
Difference
1977
basis
1982
basis
Fees for other services
Royalties and license fees
Difference
1977
basis
1982
basis
Difference
1977
basis
1982
basis
Difference
2 055
1
1 199
-858
22,600
10,227
5,014
7,360
21,380
9,026
4,128
8,226
1 220
-1,201
886
867
3,184
-27
2,627
584
3,507
29
2,741
737
323
57
114
152
2,376
372
1,013
991
1,816
568
1,053
195
-560
196
40
-796
21
468
-1,000
553
2,051
484
-38
1,605
-1,506
292
1 169
-629
-524
-309
207
422
-1,054
21
479
13,423
4,879
4,296
4,249
2,886
1,079
897
910
9,054
3,241
2,932
2,881
1,484
559
467
457
11,558
4,061
3,229
4,268
2,547
767
940
840
7,609
2,816
1,809
2,984
1,401
478
481
443
1 865
-818
-1,067
20
339
-311
43
-71
-1,444
425
1 123
104
82
-81
13
14
2,961
6
2,458
497
410
1
364
45
2,067
4
1,734
329
483
(*)
360
123
3,236
21
2,541
674
437
2
345
90
2,232
2
1,802
428
568
17
393
157
275
15
83
177
27
1
19
45
164
3
69
98
84
17
34
33
1,635
324
845
466
552
77
335
140
913
203
490
220
170
44
20
106
1,194
263
852
79
640
79
354
207
359
149
471
261
195
35
26
134
-441
-61
7
-387
88
2
19
67
-554
-54
-19
-481
25
-9
6
28
2,456
3410
-768
6,634
5,138
-917
-660
6,715
-2,682
-2,493
108
1 157
-63
-720
374
-1,253
451
698
-1,006
96
514
8,791
3,969
899
3,923
3,494
786
346
2,362
5,297
3,183
553
1,561
352
700
181
871
680
-260
85
855
-328
-440
96
16
260
4
169
87
157
2
102
53
103
2
67
34
271
9
200
62
157
7
113
37
114
2
87
25
10
5
31
26
0
5
11
16
10
(*)
20
-10
912
222
168
522
432
67
85
280
480
155
83
242
573
234
202
137
4
13
84
-93
569
221
118
230
-340
12
33
-385
-429
54
-1
-374
89
66
34
11
1,031
294
37
(*)
37
171
49
220
597
442
593
36
-114
-657
299
-133
-224
839
-272
310
-257
81
632
8,439
4,669
718
3,052
2,814
1,046
261
1,508
5,625
3,624
457
1,544
108
156
738
22
* Less than $500,000 (±).
period.6 Most of the revision represents cumulative unrecorded transactions, largely in reinvested earnings.
Reinvested earnings, which are derived by subtracting distributed earnings from total earnings, were previously overstated because distributed
earnings were underreported on the
quarterly surveys. Although the underreporting may not have been significant for any one year, the cumulative effect of underreporting during
the 5-year period was significant. It
should be noted that a cross-check of
data on distributed earnings from the
quarterly surveys against related data
from BEA's new annual survey of
U.S. direct investment abroad resulted in moderate upward revisions in
BEA's estimates of distributed earnings, and downward revisions in its
estimates of reinvested earnings, for
1983 and 1984 as well.
6. The revision to the position resulted from cumulative, partly offsetting transactions in 1977-82 because of the way the position is calculated. The position for a given year equals the position at the end of
the last benchmark year plus BEA's estimates of subsequent capital outflows and valuation adjustments.
Thus, it provides an estimate of cumulative investment as of a given date. Any errors in the estimates of
the benchmark position or of the subsequent transactions would cause errors in position estimates for the
year in which the error was made and all subsequent
periods. Thus, for the position, errors are cumulative
over time. For the other estimates compared, however,
the effect of errors are not cumulative, because those
estimates represent transactions for a given year.
The 1982 position estimates were
also revised to incorporate changes in
the way companies accounted for exchange gains and losses and for translation adjustments on the quarterly
and benchmark surveys. Some companies followed Financial Accounting
Standards Board Statement Number
8 (FASB 8) in completing the quarterly survey but later followed FASB 52
in completing the benchmark survey.7
BEA required that data on both the
quarterly and benchmark surveys be
in conformance with generally accepted accounting principles (GAAP).
Under GAAP, the use of FASB 52 was
required for reporting transactions for
calendar or fiscal years beginning on
or after December 15, 1982; for earlier
years, restatements to reflect the use
of FASB 52 were encouraged, but not
required. For 1982, therefore, either
FASB 8 or FASB 52 could properly
have been followed. Some companies
followed FASB 8 in the quarterly
7. Under FASB 52, assets, liabilities, revenues, and
expenses are translated into dollars at current exchange rates. For assets and liabilities, the current exchange rate is the rate in effect at the end of the calendar or fiscal year; for revenues and expenses, it is
the weighted average of exchange rates for the period
covered by the income statement. Under FASB 8, certain assets, liabilities, revenues, and expenses are
translated into dollars using an historical exchange
rate—the rate in effect when the asset was initially
acquired or liability incurred.
survey for 1982 but restated their
books and followed FASB 52 in filing
the 1982 benchmark survey. The onetime adjustments to the position that
resulted from restatements were excluded from income and reinvested
earnings and, instead, recorded as
valuation adjustments the position.
The valuation adjustments moderately lowered the estimate of the position.
The $2.1 billion upward revision in
capital outflows consisted of upward
revisions in equity capital outflows
and intercompany debt outflows of
$5.5 billion and $1.9 billion, respectively, partly offset by a downward revision of $5.3 billion in reinvested
earnings. The upward revision in
equity capital outflows and downward
revision in reinvested earnings largely reflected a shifting of items between these two accounts for unincorporated affiliates. Before the second
quarter of 1982, reinvested earnings,
intercompany debt transactions, and
equity capital transactions of unincorporated foreign affiliates were not
separately reported to BEA. Instead,
the sum of transactions in all three
accounts combined was reported to
BEA, and, for the first quarter of
1982, BEA estimated the components.
Text continues on p. 16
By RUSSELL C. KRUEGER
U,S, International Transactions, First Quarter 1986
JLHE U.S. current-account deficit ability of financing alternatives in the
was $33.7 billion in the first quarter, securities markets; the increase in liunchanged from the fourth. The mer- abilities to foreigners was much
chandise trade deficit decreased smaller than in the fourth quarter,
slightly: A sharp drop in petroleum partly due to lower interest rates.
imports and an increase in nonagri- Outflows for U.S. direct investment
cultural exports were largely offset by abroad were unchanged, while inflows
a strong increase in nonpetroleum im- for foreign direct investment in the
ports. A decrease in net service re- United States decreased as there were
ceipts was more than accounted for no substantial new equity inflows.
U.S. official reserve assets increased
by a decrease in net investment
income. Unilateral transfers de- $0.1 billion. Foreign official assets in
creased due to lower U.S. Govern- the United States increased $2.5 billion.
ment grants.
The statistical discrepancy (errors
In the private capital accounts, net and omissions in reported transacforeign purchases of both U.S. corpo- tions) was an inflow of $2.9 billion.
rate and Treasury securities remained strong, due to rising stock and U.S. dollar in exchange markets
bond prices, lower foreign currency
The dollar depreciated 7 percent in
costs for U.S. securities, and expectations of enhanced U.S. economic per- the first quarter on a trade-weighted
formance. Net U.S. purchases of for- quarterly average basis against the
eign securities were at a record level: currencies of 10 industrial countries
Purchases of foreign stocks set a and 2 percent against the currencies
record, as foreign stock prices rose of 22 OECD countries (table C; chart
strongly; new bond issues in the 5). The dollar fell sharply against
United States increased; and transac- most major currencies except the
tions in outstanding British bonds British pound and the Canadian
were unusually large. In transactions dollar. The decline largely reflected
reported by U.S. banks, claims on for- the course of U.S. short-term interest
eigners decreased, reflecting contin- rates.
ued weakness in the demand for U.S.
In the first quarter, U.S. long-term
bank credit, partly due to the avail- interest rates continued to decline,
and short-term rates resumed their
decline after several quarters of stability. Elsewhere, interest rate movements were mixed. Japanese rates
began the quarter at a high level
after a significant tightening of credit
markets in the fourth quarter, but
fell rapidly through the quarter. Canadian and British rates rose sharply
early in the quarter in response to
pressures on their currencies, but fell
thereafter. German and Swiss rates
fell, but not as rapidly as U.S. rates,
and the differentials in both long- and
short-term rates that had favored
U.S. dollar assets narrowed.
The rapid fall in crude oil prices
contributed to the decline in the
dollar. While lower prices were
viewed as favorable to U.S. inflation
and economic growth prospects, concern grew about the impact on the petroleum industry and on banks with
large exposures in energy-related
loans. Lower oil prices also affected
the Canadian dollar and the British
pound by lowering growth prospects
and by reducing exports and government revenues. In contrast, the major
industrial oil importers, such as
Japan and Germany, were viewed as
benefiting, and their currencies
tended to strengthen as oil prices declined.
Table A.—Summary of U.S. International Transactions
[Millions of dollars, seasonally adjusted]
Lines in tables 1 2, and 10 in which transactions are included are
indicated in ( )
Line
1 Exports of goods and services (1)
2
Merchandise excluding military (2)
3 Other goods and services (3-14)
.
4 Imports of goods and services (16)
5 Merchandise excluding military (17)
6
Other goods and services (18—29)
7 U.S. Government grants (excluding military grants of goods and
services) (32).
8
9
10
11
12
360 111
219,900
140,211
358,498
214,424
144,074
16
17 Statistical discrepancy (65)
Preliminary.
36
Change:
- 1986:1
1 QR^vTV
III
IV
I"
90,234
52,498
37,736
90,873
52,727
38,146
91,605
53,548
38,057
732
821
-89
-454,420 -461,191 107,779 -114,447 115,797 -116,396 -110,872 -115,309 -114,688 120,324 -122,242
84,242
84,173 -90,079 -90,133
79,415 -83,684 -84,144 -85,179 -80,369
332 422 338 863
30,245 -32,109
31,217
31,653
30,503 -31,067 -30,515
-121,998 -122,328 -28,364 -30,763
-1,918
-8,536 -11,196
3621
3787
23639
32436
net increase/ca ital outflow
35
3 131 -3,858
U S official reserve asset* net (36)
U.S. Government assets, other than official reserve assets, net (41)... -5,523 -2,824
-14,986 -25,754
U S private assets net (45)
.
..
13 Foreign assets in the United States,net (increase/capital inflow (+))
(50).
14
Foreign official assets net (51)
15
Other foreign assets net (58) ..
..
p
1985
1986
19 35
19 84
1984
I
II
89,907
53,614
36,293
-1,472
896
89,053
54,590
34,463
III
IV
90,631
55,691
34,940
90,522
56,005
34,517
I
II
88,040
55,324
32,716
89,350
53,875
35,475
-1,522
-2,232
-3,310
-2,224
-2,577
-3,087
-917
-875
-933
-1,056
-881
-914
16,443 -16,338
-1,110
-799
-717
-1,388
18,630 -14,512
-510
-2,793
-807
530
-1,055
-1,382
3571
20171
-657
-566
-2,029 -1,386
885 -18,220
233
356
-3,307
-2,063
-937
-968
-5,867 -23,266
-3,148
-121
-540
-422
5,324 -19,579
-8,677
-115
-146
-8,416
-54
-1,864
1,244
-31
14,589
3,033
394
11,163
102,767
127,106
22,251
41,963
2,668
35,885
14,247
25,358
35,665
51,837
39,484 -12,353
3,037
99,730
-1,324
128,430
-2,947
25,198
157
42,120
765
3,433
6,906
28,979
11,066
25,313
8,486
16,872
2,577
33,088
1,322
53,158
2,510
36,974
3,832
16,184
27338
23,006
1,560
6,040
9,162
10,570
12,375
6,852
-1,343
5,125
2,861
-2,264
37
SURVEY OF CURRENT BUSINESS
June 1986
free market rate, was devalued rapidly and by the end of the quarter was
nearly equal to the free market rate.
Despite the convergence, Mexican authorities indicated that the two-tier
currency system would continue.
meeting. Within the European Monetary System, pressures on existing
parities intensified early in the quarter, and several countries intervened
by selling dollars and German marks
to maintain parity rates. Similar pressures, related to the possibility that
the new government in France would
devalue the franc, built up near the
end of the quarter.
In contrast, the dollar was little
changed against the British pound. At
times, concerns about the impact of
lower oil prices caused the pound and
the U.S. dollar to depreciate in
tandem against other currencies.
The U.S. dollar appreciated 2 percent against the Canadian dollar. Canadian authorities intervened to slow
the movement and tightened monetary conditions early in the quarter.
The U.S. dollar appreciated 6 percent against the Mexican free market
peso, measured from the beginning to
the end of the quarter, a marked
slowdown from appreciation in the
fourth quarter. The controlled peso
rate used for foreign commercial and
debt transactions, which began the
quarter 19 percent higher than the
The dollar depreciated most against
the Japanese yen, 9 percent on a
quarterly average basis. The dollar
had depreciated 25 percent by the end
of the quarter from the level prior to
the Group of Five (G-5) meeting in
September, when monetary authorities of those countries agreed to take
joint action to lower the exchange
value of the dollar. Contributing to
the strong rise of the yen in the first
quarter were the large continuing
Japanese current-account surplus, the
favorable impacts on import costs of
weak or declining commodity and oil
prices, and the narrowing of longterm interest rate differentials in
favor of U.S. assets. However, as the
quarter progressed, Japanese authorities expressed concern that the dollar
had fallen too far and too fast, and
the dollar appreciated slightly toward
the end of March amid market concern that intervention or other steps
might be taken to bolster its value.
The dollar also depreciated sharply
against the major continental European currencies, 7 to 8 percent on a
quarterly average basis and 16 to 18
percent from rates prior to the G-5
Merchandise trade
The merchandise trade deficit was
$36.6 billion in the first quarter, down
$0.8 billion from the fourth quarter.
Nonpetroleum
imports
increased
strongly to a record level, but the increase was offset by a sharp drop in
petroleum imports. Nonagricultural
exports increased, and agricultural
exports were unchanged.
Exports increased $0.8 billion, or 2
percent, to $53.5 billion; the increase
was all in volume. Agricultural exports were unchanged at $7.1 billion;
volume fell 4 percent. Agricultural exports continued to be restrained by
competition from other suppliers and
by increased local production, partly
reflecting record or near-record crops
of cotton and grains. However, prices
turned up, the first increase after a
steady 2-year decline that had reduced average prices by 20 percent.
Table B.—Selected Transactions With Official Agencies
[Millions of dollars]
1984
I
1 Changes in foreign official assets in the U.S., net (decrease — )(table 1,
line 51).
2
Industrial countries l
3
Members of OPEC 2 ...
4
Other countries
5 Changes in U.S. official reserve assets (increase -) (table 1, line 36)
1986:1
6,906 -11,066
8,486
2,577
-1,322
2,510
3,832
2 801
847
3258
-1,110
6361
1923
2782
-233
6851
1843
3478
-356
2201
2889
1002
1831
1,881
1 519
-121 -3,148
437
1,395
1,552
-115
1,764
2,397
329
3,033
500
545
45
500
143
143
-1,324
-2,947
-157
-765
1 178
6599
4097
-3,858
827
2525
405
-657
1041
2127
929
-566
2552
499
2286
-799
490
545
55
500
143
643
10
Activity under U.S. official reciprocal currency arrangements with
foreign monetary authorities: 3
6
Foreign drawings, or repayments (— ) net ....
6a
Drawings
fib
Repayments
1 Qfi£-TV
lp
IV
463
4304
6878
-3,131
10
II
IV
III
3,037
I
Change:
1986
1985
II
500
III
143
143
" 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]
1986
19 85
1986
19 85
I
Trade-weighted average against 22 OECD currencies
Trade-weighted average against 10 currencies 2
Selected currencies:3
Canada
United Kingdom
European Monetary System currencies:
Belgium
France
Germany
Italy
Netherlands
Switzerland
Japan .
l
II
III
IV
I
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
1627
151 2
1632
144 1
1559
1345
1514
1239
1479
1155
1616
1528
163 1
1446
1637
1449
1627
1427
1564
1362
157 3
1329
1540
1344
1527
1263
1503
1238
1512
121 6
1498
1195
144.4
1148
149.6
112.2
1276
156 4
1290
1388
1281
1266
1299
121 5
1322
1210
1304
1549
1286
1408
1296
1396
1288
1361
1274
1262
1279
1259
1291
1278
1287
1226
1296
121 1
1314
1207
1325
1224
1323
1219
131.9
1188
1822
2025
140 1
2283
1499
1147
959
1734
1916
1329
2224
1420
1080
933
1603
1765
1225
2136
1304
982
887
1462
1604
1112
197.6
1185
889
77 1
1339
1466
1010
1805
1079
824
699
1848
2050
1419
2346
1518
1167
960
1736
1920
133 1
2230
1424
1080
937
1744
1929
1338
2239
1429
1089
937
1721
1898
1318
2204
140 6
107 1
926
1634
1799
1251
2145
1333
1002
898
1576
1735
1202
2113
1279
956
884
1600
1760
122 1
2149
1299
989
880
1495
1640
1138
2015
121 4
903
799
1462
1809
1116
1980
1190
887
760
1429
1563
1081
1932
1152
876
755
138.7
1521
1049
187.7
1119
860
745
133.4
1455
1003
179.2
1072
814
688
129.6
1423
979
174.7
1045
79.7
665
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. Index 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.
SURVEY OF CURRENT BUSINESS
38
5
Indexes of Foreign Currency Price of the U.S. Dollar (1977=100)
180
Trade- Weighted Averages^ -
170 ~
160
150
22. OEGD currencies
140
130
120
110
mn
I I I t I I I.
I
1986
1. Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland Italy, Japan Netherlands
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.
U.S. Department of Commerce, Bureau of Economic Analysis
1983
1984
Spain and Portugal acceded to the
European Communities (EC) on January 1. On March 1, in conjunction
with their incorporation into the EC's
Common Agricultural Policy, the two
countries instituted various restrictions on imports of agricultural products, which may further restrain U.S.
exports.
Nonagricultural exports increased
$0.8 billion, or 2 percent, to $46.4 billion; the increase was all in volume.
Industrial supplies and materials increased $0.2 billion to $13.6 billion; an
increase in chemicals was partly
offset by a drop in petroleum and
products. A $0.3 billion increase in
capital goods to $18.9 billion was
widespread except for a small decline
in civilian aircraft. Automotive products decreased $0.2 billion to $5.9 billion due to a drop in shipments to
Canada as production in Canada for
export to the United States was cut
back. Consumer goods increased $0.2
billion to $3.4 billion.
Imports were unchanged at $90.1
billion; volume increased 1 percent.
Petroleum imports decreased $4.1 bil-
1985
lion, or 29 percent, to $10.0 billion;
the decrease was due to a 15-percent
decline in volume to 5.09 million barrels per day and a sharp drop in the
average price per barrel to $21.56
from $26.30. Expectations of lower
prices may have caused U.S. importers to reduce imports temporarily.
World petroleum prices began to fall
rapidly in the fourth quarter; the
actual world average sales price fell
from over $27.00 in the fourth quarter
to about $17.00 by the end of March.
Spot prices fell most sharply; the
price of U.K. Brent crude oil, for example, fell from around $30.00 in November to about $12.00 by the end of
March. Concurrently, crude oil
bought under long-term purchase contracts was increasingly priced using
"netback" arrangements, which link
the export price of crude oil to the
eventual sales price of the products
refined from that oil plus a profit
margin. Netback prices fell through
the first quarter as product prices declined.
Nonpetroleum imports increased
$4.1 billion, or 5 percent, to a record
June 1986
$80.1 billion; the increase was all in
volume and covered all major categories except automotive products,
which declined due to a sharp drop in
passenger cars from Canada.
The increase occurred despite the
substantial drop in the foreign exchange value of the U.S. dollar since
its peak in the first quarter of 1985.
As of the first quarter, the depreciation of the dollar has resulted in only
limited and selective increases in
import prices, as shown in chart 6.
Several factors may explain this price
behavior. First, international commodity prices remain weak. Nonpetroleum commodity prices declined 20
percent on average between early
1984 and late 1985; agricultural
prices, predominantly coffee, turned
up in the fourth quarter, but metals
prices remained low.
Second, the dollar has not depreciated, or has depreciated only slightly,
against the currencies of several
major trading partners, most importantly Canada, Mexico, and the newly
industrialized countries of Asia. Thus,
all U.S. trade should not be expected
to be directly affected by the depreciation of the dollar. Moreover, price
competition from goods imported from
these countries may tend to hold
down prices of similar imports from
countries whose currencies have appreciated against the dollar.
Third, the pricing behavior of foreign exporters may have mitigated
the effects thus far of dollar depreciation. Some foreign exporters may
have reduced profit margins to lessen
price increases to U.S. consumers in
order to maintain their market position.
Finally, the decline in the dollar
has in some cases reduced production
costs of countries exporting to the
United States, particularly major foreign industrial importers of petroleum and other raw materials denominated in U.S. dollars. Japanese wholesale prices, for example, declined at
an annual rate of over 15 percent
during the first quarter.
Service transactions
Net service receipts decreased $2.0
billion to $5.9 billion, mostly due to
an increase in payments of income on
both direct and portfolio investments
in the United States.
Receipts of income on U.S. direct
investment abroad decreased slightly
June 1986
to $10.8 billion. Operating earnings
increased; higher earnings in petroleum were partly related to improved
margins for petroleum refiners in the
EC. Capital gains decreased to $2.2
billion from $3.0 billion.
Payments of income on foreign
direct investment in the United
States increased $1.3 billion to $2.1
billion. Fourth-quarter payments had
been unusually low, reflecting large
operating losses by a petroleum company and a construction company and
a smaller loss by a European manufacturing company. Improved earnings for some of these companies accounted for most of the increase in
the first quarter. There was a shift to
capital gains in the first quarter, following a large capital loss of a petroleum service company in the fourth.
Receipts of income on other private
investment decreased $0.3 billion to
$11.9 billion, as the effects of lower
interest rates and reductions in U.S.
bank claims more than offset that of
increased U.S. holdings of foreign securities. Payments increased $0.5 billion to $9.6 billion; over one-half the
increase was due to interest paid on
foreign holdings of U.S. corporate
bonds.
Receipts on U.S. Government assets
increased $0.2 billion to $1.6 billion;
payments on U.S. Government liabilities increased $0.3 billion to $5.7 billion, mostly due to the continued increase in foreign holdings of U.S.
Treasury bonds.
Net travel and passenger fare payments decreased to $2.2 billion from
$2.4 billion. Receipts from foreign
visitors increased $0.2 billion to $3.1
billion. Increases in expenditures by
visitors from overseas and Canada
were partly offset by a drop in those
from Mexico. Payments by U.S. travelers increased $0.1 billion to $4.3 billion. Automobile travel to Canada and
visits to the Mexican border region increased. An increase in the number of
overseas travelers was partly offset by
slightly lower average expenditures.
Passenger fare receipts were unchanged at $0.8 billion; payments
were down slightly to $1.8 billion.
Other transportation receipts decreased $0.2 billion to $3.5 billion, due
to lower air and ocean port receipts.
Payments decreased $0.3 billion to
$4.0 billion. Freight payments decreased due to the drop in petroleum
imports.
SURVEY OF CURRENT BUSINESS
39
CHART 6
Fixed-Weighted Price Indexes for Nonpetroleum Imports
Index (1982 = 100)
120
110
Automotive Products
Consumer Goods
'"
\
100
Foods, Feeds, and Beverages , Capital Qoods
90
Nonpetroleum Industrial Supples and Materials
80
IV
1984
IV
1985
IV
1986
U.S. Department of Commerce, Bureau of Economic Analysis
Transfers under U.S. military
agency sales contracts increased $0.2
billion to $2.1 billion, primarily due to
increased shipments to Western
Europe. Direct defense expenditures
abroad decreased $0.1 billion to $3.1
billion.
Unilateral transfers decreased $1.2
billion to $3.0 billion, due to a drop in
U.S. Government grants. In the
fourth quarter, Israel drew its entire
economic support fund grant for the
fiscal year; a small part was returned
in the first quarter.
U.S. assets abroad
U.S. official reserve assets increased
$0.1 billion, compared with $3.1 billion in the fourth quarter, when there
were intervention purchases of foreign currencies. In the first quarter, a
$0.2 billion increase in foreign currencies was due to interest earned on foreign currency holdings. Special drawing rights increased $0.3 billion, and
the U.S. reserve position in the International Monetary Fund decreased
$0.3 billion.
Net U.S. purchases of foreign securities were a record $6.1 billion, compared with $1.4 billion. Stock purchases were a record $2.1 billion as
prices appreciated strongly in most
foreign markets. Over one-half of the
purchases were in Japan, where stock
prices rose 15 percent and the yen's
appreciation continued.
New foreign bond issues in the
United States were $1.9 billion, up
$0.4 billion. Issues were limited to a
small number of top-quality borrowers from Canada, an international organization, and Australia and New
Zealand.
Net purchases of outstanding foreign bonds were $2.8 billion. In the
United Kingdom, there were continuing large purchases of gilt-edge bonds
and additional purchases of non-British bonds. Partly offsetting were large
sales in Japan, as investors realized
price and exchange rate gains.
U.S. claims on foreigners reported
by U.S. banks decreased $7.8 billion,
in contrast to an $8.5 billion increase.
Claims of U.S.-owned banks on their
own offices decreased $6.1 billion,
mostly due to a reversal of large yearend outflows. Foreign-owned banks in
the United States increased claims on
their foreign offices by $5.7 billion.
Claims of foreign-owned banks on
Japan had increased strongly in the
fourth quarter, when credit conditions
were tightened and short-term Japanese rates rose sharply, but the increase slowed in the first quarter as
rates fell. A rise in claims on Canada
40
SURVEY OF CURRENT BUSINESS
June 1986
billion from the fourth quarter. Lower
rates spurred U.S. corporations to
issue a record volume of bonds during
1986
19 85
19 84
(Credits +; Debits
the past two quarters; about 20 per-)
IV
I"
I
II
IV
I
II
III
III
cent of the borrowing was overseas.
However, in the first quarter, the
-927 -1,249 -2,057
Capital
53
-917
3,136
1,527
1,301
296 -1,394
1,730 -3,040
201
165
Equity capital
-2
136
368
-981
703
-292
-896
-171
379
-1,411
more rapid decline in U.S. rates than
Reinvested
-144
-245
-150
earnings
-994
-286
-283
-98
-199
-280
-943
-874
-276
in Eurobond rates, and the longer ma-818 -1,466 -2,079
Intercompany debt..
5,542
750 -1,675
51
-635
3,654 -2,868
2,105
2,473
turities available domestically, caused
779
802
821
770
892
846
847
3 246
3 429
3 240
814
877
an increase in the share of domestic
Of which interest.... -4,591 -5,213 -4,957 -1,199 -1,321 -1,344 -1,349 -1,255 -1,249 -1,267 -1,186 -1,116
issues. Also, foreign investors, conn.a. Not available.
Preliminary.
cerned about the decline in the dollar,
NOTE.—Table shows only transactions with affiliates established primarily to borrow funds abroad and relend them to their
were increasingly interested in forU.S. parents.
eign currency issues. Consequently,
about 40 percent of new U.S. issues
Net purchases of U.S. Treasury se- abroad were denominated in foreign
reflected a tightening of credit conditions early in the first quarter and curities by private foreigners and currencies (mostly in Japanese yen
drawings by the Canadian Govern- international financial institutions and Swiss francs) or were dual curment on stand-by lines of credit with were $8.3 billion, compared with $5.7 rency issues. Generally, the proceeds
U.S. banks, partly to support the Ca- billion. Most of the increase was ac- of the foreign currency issues were
counted for by a shift in bills to net swapped with other foreign investors
nadian dollar in exchange markets.
Claims on unaffiliated foreign purchases of $1.2 billion from sales of for U.S. dollars. Most issues were
banks decreased $5.7 billion, and $1.4 billion, largely due to shifts to placed in the United Kingdom, but a
claims on public and other foreign purchases by Canadians and interna- substantial volume of foreign currenborrowers were unchanged as interna- tional financial institutions. Net bond cy issues was placed in Japan and
tional demand for U.S. bank credit re- purchases rose slightly to $7.1 billion. Switzerland.
mained weak. Increased demand for
Japanese purchases of Treasury
Liabilities to foreigners and interforeign currencies and readily avail- bonds fell to $0.6 billion, following national financial institutions reportable funding through securities mar- much larger purchases in the three ed by U.S. banks, excluding U.S.
kets contributed to the weak demand. previous quarters. The slowdown was Treasury securities, increased $8.6 bilClaims in dollars of banks' domestic probably due to the decline in the lion in the first quarter, compared
customers decreased $5.7 billion; most dollar relative to the yen, to a nar- with $20.4 billion in the fourth. The
of the decrease was with the United rowing of the interest differential fa- slower increase probably was due to
Kingdom. Claims payable in foreign voring U.S. issues, and to some lower interest rates, the decline in the
currencies increased $4.3 billion; part switching to U.S. corporate issues. dollar, and the increased attractiveof the increase reflected a higher The drop in purchases from Japan ness of long-term investments and
dollar value of foreign currency bal- (which apparently was reversed other currencies. Liabilities of foreignances.
during the second quarter) was offset owned banks in the United States to
Net outflows for U.S. direct invest- by a shift by the United Kingdom to their own foreign offices increased
ment abroad were unchanged at $10.1 net purchases after three quarters of $3.9 billion, reflecting a partial reverbillion. Reinvested earnings decreased net sales. Falling long-term rates in sal of substantial yearend funding of
as distributions from earnings in- the United Kingdom and the compar- these banks by their own foreign ofcreased. In intercompany debt flows, ative stability of the dollar-pound ex- fices and a slowdown in lending to dolarger outflows primarily reflected change rate were probable contribut- mestic customers. Liabilities of U.S.shifts to outflows by several petrole- ing factors. International financial in- owned banks to their own foreign ofum companies in developing coun- stitutions accounted for most of the fices decreased $1.8 billion.
tries. Net equity capital outflows were remaining net purchases.
Liabilities to unaffiliated foreign
$0.1 billion.
Net foreign purchases of U.S. secu- banks increased $1.1 billion. Liabilrities other than U.S. Treasury securi- ities to other private foreigners deForeign assets in the United States
ties were $18.8 billion, down $3.6 bil- creased $0.5 billion. Inflows from
Foreign official assets in the United lion from the record fourth quarter. Canada occurred early in the quarter
States increased $2.5 billion, com- Strong inflows continued, attracted by when the Canadian dollar came
pared with a $1.3 billion decrease in rising stock and bond prices and the under exchange market pressure.
Liabilities payable in foreign curthe fourth quarter. Dollar assets of in- drop in the foreign currency cost of
rencies increased a record $6.0 billiori,
dustrial countries decreased $0.4 bil- U.S. securities.
Net foreign purchases of U.S. stocks compared with $2.4 billion. Most W
lion following a $2.4 billion decrease
in the fourth quarter that was mostly were a record $6.1 billion. Purchases the increase was due to a step-up in
due to drawdowns related to interven- were strongest late in the quarter. inflows, although some reflected the
tion. Dollar assets of OPEC members Most of the purchases were from higher dollar value of the foreign curincreased $1.3 billion. Assets of other Western Europe, primarily the rencies. Foreign-owned banks accounted for most of the increase, onecountries increased $1.4 billion; in- United Kingdom and Switzerland.
Falling long-term interest rates con- half of which was with Japan.
flows from Asia were partly offset by
Net inflows of capital for foreign
declines from Latin America and tributed to the still strong net bond
purchases of $12.7 billion, down $5.7 direct investment in the United
Africa.
Table D.—Selected Direct Investment Transactions With Netherlands Antilles Finance Affiliates
[Millions of dollars]
p
June 1986
SURVEY OF CURRENT BUSINESS
Change in presentation: fees and
royalties.— Changes have been made
in the presentation of transactions in
royalties and fees because new data
from direct investment benchmark
and annual surveys are now available. Beginning in 1982, lines 7 and
22 of table 1 are redefined to include
only net receipts and net payments,
respectively, for the use or sale of intangible property rights, including
patents, industrial processes, trademarks, copyrights, franchises, designs,
know-how, formulas, techniques, and
manufacturing rights. Net receipts
and net payments for other direct investment services—which include fees
for manangement, professional, and
Technical Notes
technical services; charges for the use
of tangible property; film and televiAs is customary each June, esti- sion tape rentals; and other charges
mates of U.S. international transac- and fees—are shown in lines 9 and 24,
tions are revised to incorporate new respectively. Data on the redefined
information and improved methodolo- basis are not separately available
gies. With the exception of one revi- prior to 1982. With the change, the
sion for 1960-85 discussed below, revi- treatment of affiliated transactions
sions are limited to 1982-85. For U.S. parallels the treatment of unaffiliated
international transactions, tables 1 transactions.
and 2 present revised annual estimates for 1960-85 and quarterly estiChange in classification: membermates for 1980-85. For merchandise ship contributions to international ortrade, table 3 presents revised annual ganizations.—Membership contribuestimates for 1975-85 and quarterly tions to international organizations
estimates for 1984 and 1985. For ac- have been reclassified from payments
count and area detail, tables 4-10 for miscellaneous services (purchases)
present revised annual estimates for by the U.S. Government (table 1, line
1983-85 and quarterly estimates for 26) to other unilateral transfers of the
1984 and 1985. For selected country U.S. Government (line 34) for 1960detail, table lOa presents revised 85. The rationale for the previous
classification was based on the conannual estimates for 1983-85.
Seasonal adjustment for selected cept that a sovereign government, as
current-account items and for repay- part of a membership in an internaments on U.S. Government credits tional organization, received services
and other long-term assets, other in exchange for financial contributhan official reserve assets, were re- tions. Such contributions were considcalculated by extending through 1985 ered to be in the nature of dues paythe period used to derive seasonal ad- ments, and the services received were
justment factors. With some excep- in matters pertaining to health, food,
tions, the new factors were applied to education, transportation, security,
quarterly data for 1984 and 1985. For and similar services; increased intermerchandise trade, new factors were national cooperation; and various ecoapplied to the "actual" trade data for nomic and political considerations of
1983-85, which were presented in the a reciprocal nature. The previous clasDecember SURVEY OF CURRENT Busi- sification also recognized that contriJESS (see technical note, pp. 63-64). butions for program budgets of interFor travel payments and other trans- national organizations were distinct
portation payments estimates, new from contributions for services. Consefactors were applied to quarterly data quently, contributions for program
for 1983-85 because new source data budgets for projects of a purely hubecame available for those years. For manitarian character were considered
the U.S. direct investment abroad as grants or gifts for charitable purincome and capital accounts, new fac- poses, and hence were carried in the
tors were applied for 1982-85 because unilateral transfer account.
Although the rationale for considerbenchmark survey data for 1982
ing membership contributions "in the
became available.
States were $1.3 billion, the smallest
increase in 8 years. Equity capital inflows were $0.3 billion; outflows to
Europe reflected the repurchase by a
U.S. company of its stock from its foreign parent and the return by another U.S. company of a capital contribution. There were no major acquisitions of U.S. companies by foreigners. Intercompany debt inflows were
$0.6 billion, primarily from Japan and
Canada. Reinvested earnings shifted
to an increase reflecting higher reported earnings after an exceptionally
low fourth quarter.
41
nature of dues payments" has not
necessarily weakened, increased difficulty in separating these transactions
from "charitable contributions" to the
many international programs in
which the United States participates
makes the change in treatment desirable on pragmatic grounds. The
change also brings the treatment into
conformity with international guidelines for balance of payments reporting established by the International
Monetary Fund.
Other transportation accounts.—
Other transportation receipts and
payments (table 1, lines 6 and 21, respectively) have been revised for
1983-85 to reflect recalculations of
merchandise imports that were introduced in December 1985. These recalculations recorded more correctly the
arrival dates of waterborne imports;
associated tonnage data were used in
preparation of the other transportation estimates.
Direct investment accounts.—For
the years 1982-85, estimates for the
U.S. direct investment abroad accounts (lines 7, 9, 12, and 46 of tables
1, 2, and 10, and lines 1-36 of table 5)
have been revised to incorporate the
results of the 1982 benchmark survey
of U.S. direct investment abroad. Previously, estimates were based on the
1977 benchmark survey.
For income (line 12), royalties and
license fees (line 7), and fees for other
services (line 9), the revisions were
relatively small in most years. For
capital outflows, the revisions were
more sizable, particularly for 1982
and 1983.
The reasons for the revisions were:
(1) The nonreported part of the universe for the years between benchmark surveys when only sample data
were available was over- or underestimated; (2) data were incorrectly reported in the sample surveys but correctly reported in the benchmark
survey; (3) the prior and current estimates were based upon different accounting standards; and (4) the reported data used to generate the prior
and current estimates reflected differences in timing. There were no
changes in definition from the prior
to the current estimates. For a more
detailed discussion of the reasons for
the revisions, see the technical note
in "The International Investment Position of the United States in 1985,"
in this issue of the SURVEY.
42
SURVEY OF CURRENT BUSINESS
June 1986
Table 1.—U.S.
[Millions
Line
(Credits +; debits -)
Ref.
lines
(table 12, March
1986
SURVEY)
1
1 Exports of goods and services 2 .
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1
28,861
29,937
31,803
34,214
38,826
41,087
44,562
47,314
52,363
57,522
2
3
Merchandise, adjusted excluding military 3
Transfers under U.S. military agency sales contracts
2
3
19650
335
20108
402
20781
656
22,272
657
25,501
747
26,461
830
29,310
829
30,666
1,152
33,626
1,392
36,414
1,528
4
5
6
Travel
Passenger fares
Other transportation
4
5
3
919
175
1,607
947
183
1,620
957
191
1,764
1,015
205
1,898
1,207
241
2,076
1,380
271
2,175
1,590
317
2,333
1,646
371
2,426
1,775
411
2,548
2,043
450
2,652
7
8
9
10
11
Royalties and license fees from affiliated foreigners 4
Royalties and license fees from unaffiliated foreigners
Other private services from affiliated foreigners
Other private services from unaffiliated foreigners
U.S. Government miscellaneous services
7
8
590
247
662
244
800
256
890
273
1,013
301
1,199
335
1,162
353
1,354
393
1,430
437
1,533
486
9
10
570
153
607
164
585
195
613
236
651
265
714
285
814
326
951
336
1,024
353
1,160
343
12
13
14
Receipts of income on U.S. assets abroad:
Direct investment
Other private receipts
U.S. Government receipts .
11
12
13
3,621
646
349
3,823
793
383
4,241
904
473
4,636
1,022
499
5,106
1,256
462
5,506
1,421
510
5,260
1,669
599
5,603
1,781
636
6,591
2,021
756
7,649
2,338
925
1,695
1,465
1,537
1,562
1,340
1,636
1,892
2,039
2,547
2,610
15 Transfers of goods and services under U.S. military grant programs, net .
14
16 Imports of goods and services
15
— 23,670 — 23,453 —25,676 — 26,970 — 29,102 -32,708 -38,468
41,476 -48,671 -53,998
17
18
Merchandise adjusted excluding military 3
Direct defense expenditures
16
17
14758
-3,087
14537
-2,998
16260
-3,105
17,048 -18,700 -21,510 -25,493 -26,866
2,952
3,764 -4,378
-2,961 -2,880
19
20
21
Travel
Passenger fares
Other transportation
18
19
20
-1,750
513
1402
-1,785
506
1437
-1,939
567
1558
-2,114
612
1,701
-2,211
642
-1,817
-2,438
717
-1,951
2,657
-753
-2,161
3,207
-829
-2,157
-3,030
-885
2,367
-3,373
-1,080
-2,455
22
23
24
25
26
Royalties and license fees to affiliated foreigners 4
Royalties and license fees to unaffiliated foreigners
Other private services to affiliated foreigners
Other private services to unaffiliated foreigners
U S. Government miscellaneous services
21
22
35
—40
43
-46
57
—44
61
-51
-67
-60
-68
-67
-64
76
-62
104
-80
-106
101
-120
23
24
593
254
588
-268
528
-296
493
-370
-527
-415
-461
-457
-565
-561
668
-631
-751
-586
27
28
29
Payments of income on foreign assets in the United States:
Direct investment
Other private payments
U S Government payments
25
26
27
394
-511
332
432
-535
278
-399
-586
339
-459
701
—401
-529
802
-453
657
942
-489
711
-1,221
-549
-821
-1,328
598
-876
-1,800
-702
-848
3,244
-777
-506
513
32,991 -35,807
-4,535 -4,856
, 28
— 1,695
— 1,465
— 1,537
-1,562
1,340
-1,636
-1,892
-2,039
2,547
-2,610
31 Unilateral transfers (excluding military grants of goods and services), net
29
-2,367
-2,662
-2,740
-2,831
-2,901
-2,948
-3,064
-3,255
-3,082
-3,125
32
33
34
30
31
32
-1,672
273
-423
-1,855
373
—434
-1,916
-347
-477
-1,917
-339
575
-1,888
-399
614
-1,808
463
-677
-1,910
-499
-655
-1,805
-571
-879
-1,709
-537
836
-1,649
537
-939
-9,757 -10,977
11,585
30 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
4099
5 538
4 174
7270
9,560
5,716
—7,321
36
37
38
39
40
U.S. official reserve assets, net 5
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
34
35
36
37
38
2145
1703
607
857
1,535
890
378
461
171
125
1,225
1,665
570
571
53
1,170
-870
1,173
1,179
-967
442
-135
115
626
19
29
-112
266
-220
-94
-346
537
538
—94
1,023
870
-1,173
-1,034
822
41
42
43
44
U S Government assets other than official reserve assets net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets 6
U.S. foreign currency holdings and U.S. short-term assets, net
39
40
41
42
1 100
1214
642
-528
910
1928
1,279
-261
1085
-2,128
1,288
-245
1,662
-2,204
988
-447
-1,680
-2,382
720
-19
-1,605
2,463
874
-16
-1,543
-2,513
1,235
-265
2,423
-3,638
1,005
209
-2,274
-3,722
1,386
62
-2,200
3,489
1,200
89
45
46
47
48
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
43
44
45
46
5144
2940
-663
-394
5235
2653
-762
-558
-4,623
2851
-969
-354
-5,986
3,483
-1,105
157
-8,050
-3,760
677
-1,108
5,336
-5,011
-759
341
6,347
-5,418
-720
-442
-7,386
4,805
-1,308
-779
-7,833
-5,295
1,569
-1,203
8,206
-5,960
-1,549
126
47
— 1,148
-1,261
-450
-1,556
2,505
93
233
-495
233
-570
50 Foreign assets in the United States, net (increase/capital inflow ( + ))
48
2,294
2,705
1,911
3,217
3,643
742
3,661
7,379
9,928
12,702
1,986
816
803
12
429
742
1,660
432
434
2
298
930
134
-141
-134
7
65
210
-672
1,527
-1,548
21
113
742
3,451
2,261
2,222
39
83
1,106
-774
-769
798
29
15
10
1,301
-2,343
2,269
74
251
792
35 U S assets abroad net (increase/capital outflow ( ))
49
51
52
53
54
55
56
57
Foreign official assets in the United States net
U S Government securities
U.S. Treasury securities7
Other 8
Other U.S. Government liabilities 9
U S liabilities reported by U S banks not included elsewhere
49
50
51
52
53
54
55
1,473
655
655
765
233
233
215
603
25
508
1,270
1409
1,410
1
152
291
58
59
60
61
62
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
56
57
58
59
60
821
315
364
282
-90
1,939
311
151
324
226
641
346
-66
134
-110
1,231
231
-149
287
-37
1,983
322
-146
-85
75
607
415
-131
-358
178
4,333
425
356
906
476
3,928
698
-135
1,016
584
10,703
807
136
4,414
1,475
14,002
1,263
68
3,130
792
61
678
928
336
898
1,818
503
2,882
1,765
3,871
8,886
989
1 124
360
907
— 457
629
— 205
438
-1,516
4,521
6,127
5,303
3,387
5,224
7,244
6,331
4,414
6,801
9,724
8,711
6,823
4,951
8,378
7,238
5,431
3,817
6,095
4,941
3,031
3,800
5,838
4,388
2,583
635
3,693
2,320
611
607
3,524
2,048
399
1 535
1,118
378
1,558
171
1,362
1 225
69
570
-785
53
3,368
870
-759
1,179
-1,552
63
62
64
63
1 019
66
67
68
69
Memoranda:
Balance on merchandise trade (lines 2 and 17)1 1
. .
Balance on goods and services (lines 1 and 16)
Balance on goods, services, and remittances (lines 67 33 and 34)
ll
Balance on current account (lines 67 and 31)
64
65
66
67
4,892
5191
4,496
2,824
5,571
6484
5,677
3,822
70
71
Transactions in U.S. official reserve assets and in foreign official assets in
the United States:
Increase ( ) in U S official reserve assets net (line 36)
Increase (+) in foreign official assets in the United States (line 51 less line
68
69
2145
1,258
607
741
65
See footnotes on page 71.
43
SURVEY OF CURRENT BUSINESS
June 1986
International Transactions
of dollars]
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
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
348,665
333,257
360,111
358,498
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
11,986
201,820
12,221
219,900
10,103
214,424
9,001
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
12,590
11,353
3,028
13,812
11,663
2,989
13,972
4
5
6
1,758
573
1,927
618
2,115
655
2,513
712
3,070
751
3,543
757
3,531
822
3,883
1,037
4,705
1,180
4,980
1,204
5,780
1,305
5,794
1,490
1,294
332
1,546
347
1,764
357
1,985
401
2,321
419
2,920
446
3,584
489
3,848
557
4,296
620
4,403
520
5,158
398
5,856
499
3,507
1,669
1,816
6,522
533
3,597
1,625
2532
6,547
630
3,923
1,619
2437
7,086
629
4,123
1,700
2,526
7,235
874
7
8
9
10
11
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
21,381
58,050
4,118
20,499
51,920
4,832
21,509
59,483
5,229
34,320
50,180
5,491
12
13
14
2,713
3,546
4,492
2,810
1,818
2,207
373
203
236
465
756
679
585
194
190
64
15
-59,901
-66,414
-79,237
-98,997
-137,274
-132,745
-162,109
-193,764
-229,869
-281,659
-333,020
-361,995
-348,879
-370,380
-454,420
-461,191
16
-39,866
-4,855
-45,579
-4,819
-55,797
12
-4,784
-70,499
12
-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
-12,260
-268,900
-12,590
-332,422
-11,930
-338,863
-11,918
17
18
-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
-13,556
-5,484
-12,222
-15,449
-6,502
-14,835
-16,502
-7,322
-15,928
19
20
21
-111
-114
-118
-123
-155
-139
-209
-176
-160
-186
-287
-186
-293
-189
-243
-262
-393
-277
-523
-309
-428
-297
-362
-289
-827
-576
-956
-592
-1,043
-589
-1,180
-640
-1,262
-722
-1,551
-789
-2,006
-911
-2,190
-951
-2,573
-1,099
-2,822
-1,239
-2,909
-1,214
-3,002
-1,287
-326
-292
403
-3,543
-1,460
-405
-315
471
-3,404
-1,567
-597
-362
478
-3,801
-1,531
-467
-380
694
-3,965
-1,737
22
23
24
25
26
-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
-33,443
-18,285
-5,598
-28,987
-17,825
-9,229
-38,471
-19,769
-8,068
-35,429
-21,306
27
28
29
-2,713
-3,546
-4,492
-2,810
-1,818
-2,207
-373
-203
-236
-465
-756
-679
-585
-194
-190
-64
30
-3,443
-3,856
-4,052
-4,103
13
-7,431
-4,868
-5,314
-5,023
-5,552
-6,128
-7,593
-7,425
-8,917
-9,481
-12,157
-14,983
31
-1,736
-611
-1,096
-2,043
-696
-1,117
-2,173
-770
-1,109
-1,938
-915
-1,250
13
-5,475
-939
-1,017
-2,894
-1,068
-906
-3,146
-1,250
-917
-2,787
-1,378
-859
-3,176
-1,532
-844
-3,550
-1,658
-920
-4,731
-1,818
-1,044
-4,466
-2,041
-918
-5,501
-2,251
-1,165
-6,286
-2,207
-987
-8,536
-2,194
-1,427
-11,196
-2,171
-1,616
32
33
34
-9,337
-12,475
-14,497
-22,874
-34,745
-39,703
-51,269
-34,785
-61,130
-64,331
-86,118
-111,031
-121,273
-50,022
-23,639
-32,436
35
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
-375
-118
-1,133
-65
-8,155
-5,175
(*)
-4,965
-1,196
-3,131
-3,858
1 89A
— l,oZ4
— 1 371
l,o 1 1
-33
182
-1,265
-30
-294
158
732
— 65
1 9AQ
i,z4y
4,231
-4,683
-^-2,491
-861
-2,552
-1,041
fifi —979
— DD
-4,434
-995
-1,156
3,304
—897
908
-3,869
36
37
38
39
40
-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
-10,229
-7,590
-1,076
-596
-12,940
-7,618
-1,113
-1,229
-12,925
-7,747
-618
-1,054
-967
-2,980
6,359
22,970
6,908
9,439
9,411
28
-456
-2,075
— 179
1 1£
fifi
— DO
— 78
10
-466
-2,212
-317
-268
1 91
— 1Z1
1 1 Qft
— l,loO
-189
257
i
— IDfi
-1,667
-6,472
13
366
-5,001
4,826
13
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
-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
4,292
-360
-5,005
-9,966
5,012
-51
-5,523
-9,640
4,499
-382
-2,824
-7,579
4,644
111
41
42
43
44
-20,388
-11,353
-671
-2,383
-33,643
-9,052
-1,854
-3,221
-35,380
-14,244
-6,247
-1,357
-44,498
-11,949
-8,885
-2,296
-30,717
-11,890
-5,460
-1,940
-57,202
-16,056
-3,626
-3,853
-59,453
-25,222
-4,726
-3,291
-72,802
-19,222
-3,568
-3,174
-100,758
-9,624
-5,778
-1,181
-110,177
2,369
-8,102
6,626
-43,821
-373
-7,007
-6,513
-14,986
-3,858
-5,082
5,081
-25,754
-18,752
-7,977
1,665
45
46
47
48
-3,506
-5,980
-19,516
-13,532
-21,368
-11,427
-33,667
-26,213
-46,838
-84,175
-111,070
-29,928
-11,127
-691
49
21,461
18,388
34,241
15,670
36,518
51,319
64,036
38,752
58,112
83,322
94,078
85,496
102,767
127,106
50
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
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
3,593
5,085
5,779
-694
605
-1,747
350
5,968
6,496
6,972
-476
725
545
1798
3,037
4,703
4,690
13
436
555
-2,657
-1,324
-841
-546
-295
483
522
-1,488
51
52
53
54
55
56
57
-550
1,464
81
2,189
2,014
-3,909
367
-24
2,289
369
10,986
949
-39
4,507
815
12,362
2,800
-216
4,041
1,035
23,696
4,760
697
378
1,844
8,643
2,603
2,590
2,503
319
18,826
4,347
2,783
1,284
-578
14,503
3,728
534
2,437
1,086
79,527
11,946
8,721
8,636
-118
99,730
25,359
23,059
12,759
4,704
128,430
17,856
20,500
50,859
-1,172
58
59
60
61
62
-6,298
-6,911
4,754
4,702
16,017
628
10,990
6,719
65,633
50,342
33,849
40,387
63
867
717
710
-219
-9,779
-1,879
-2,654
-1,458
5,917
10,544
-2,023
2,603
5,773
4,067
2,331
-2,260
2,423
610
-1,433
-6,416
-1,742
-3,622
-5,795
911
11,244
9,078
7,140
-5,505
9,392
7,436
1,962
8,903
22,984
21,011
18,116
-9,483
9,521
7,354
4,207
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
13
30,358
7,897
2,178
2,254
1,889
14
16,141
52,416
11,877
4,960
1,351
1,621
14
42,615
16,918
2,645
5,457
6,852
14
78,362
25,195
2,946
7,176
917
14
90,486
13,792
7,052
6,392
-2,383
14
14
32,607
10,743
42,128
1,139
1,152
1,093
12,521
25,431
24,982
20,276
36,325
11,130
27,338
23,006
65
-31,091
-9,488
-11,724
-14,511
-33,947
-9,875
-12,251
-15,427
-27,536
5,138
2,559
-991
-25,480
9,466
6,604
1,873
-27,978
13,764
10,805
6,339
-36,444
-214
-3,630
-9,131
-67,080
-37,123
-40,317
-46,604
-112,522
-94,308
-97,929
-106,466
-124,439
-102,694
-106,481
-117,677
66
67
68
69
-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
2,601
-3,858
-1,807
70
71
64
44
SURVEY OF CURRENT BUSINESS
June 1986
Table 1.—U.S. International
[Millions
Line
(Credits +; debits -)
1 Exports of goods and services 2
1981
1980
Ref.
(table 12, March
1986
SURVEY)
1
I
III
II
I
IV
III
II
IV
1
2
3
4
5
6
Travel
Passenger fares ..
Other transportation
....
7
8
9
10
11
Royalties and license fees from affiliated foreigners 4
Royalties and license fees from unaffiliated foreigners
Other private services from affiliated foreigners
Other private services from unaffiliated foreigners
U.S. Government miscellaneous services...
12
13
14
Receipts of income on U.S. assets abroad:
Direct investment
Other private receipts
U.S. Government receipts
....
..
..
..
..
. ..
...
.
15 Transfers of goods and services under U.S. military grant programs, net
16 Imports of goods and services
84,745
82,697
90,045
93,173
96,691
91,245
94,651
54,501
1,702
57,389
1,923
53,504
2,437
58,875
2,212
60,354
2,084
61,699
2,656
55,845
2,943
59,187
2,358
4
5
6
2,425
502
2,699
2,691
637
2,880
3,140
888
2,994
2,332
564
3,045
2,951
602
3,105
3,254
815
3,140
3,721
1,041
3,198
2,987
653
3,117
7
8
.
84,999
2
3
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts
1,278
311
1,421
319
1,404
330
1,678
344
1,360
361
1,420
372
1,402
378
1,612
379
9
10
1,212
84
1,277
77
1,315
125
1,354
112
1,430
82
1,460
135
1,473
151
1,493
131
11
12
13
11,773
8,011
501
7,501
8,089
541
8,644
7,277
640
9,228
9,422
880
8,631
11,374
840
8,516
12,443
781
6,545
13,546
1,002
8,857
12,820
1,057
14
143
151
259
203
183
206
230
61
-90,563
-89,693
15
84,743
83,600
80,963
83,714
-88,639
-93,100
17
18
Merchandise adjusted excluding military 3
Direct defense expenditures
16
17
-64,956
2550
-62,870
2484
-59,175
2610
-62,748
2867
65902
-2,693
67930
-3,012
64,605
-2,624
-66,626
-2,895
19
20
21
Travel
Passenger fares .
Other transportation
18
19
20
-2,026
740
2,946
-2,680
-1,099
-3,036
-3,526
-1,042
2882
-2,165
726
-2,926
-2,347
1014
-3,020
-2,948
1365
-3,287
3870
-1,218
-3,194
-2,314
-890
-2,974
22
23
24
25
26
Royalties and license fees to affiliated foreigners 4
Royalties and license fees to unaffiliated foreigners
Other private services to affiliated foreigners
Other private services to unaffiliated foreigners
U.S. Government miscellaneous services
21
22
-109
76
-66
74
-52
74
200
151
-73
28
-105
-72
-77
-70
23
24
-725
280
-742
-286
-747
350
-695
298
-749
293
734
-339
-742
-337
-778
-317
27
28
29
Payments of income on foreign assets in the United States:
Direct investment
Other private payments
U.S. Government payments
25
26
27
-1,728
5537
-3,071
-2,092
5213
-2,957
-3,291
4203
-3,011
1524
-5,940
-3,553
1717
-6,704
-3,977
1,948
-7,164
-4,271
-1,826
-7,661
4309
-1,407
-7,024
-4,321
73
74
30 U.S. military grants of goods and services, net
28
143
151
259
-203
-183
-206
-230
31 Unilateral transfers (excluding military grants of goods and services) net
29
-2,005
-1,488
-1,623
-2,477
-1,641
1,678
-1,890
-2,217
32
33
34
30
31
32
810
-445
-233
-919
-468
236
-1,660
469
-348
-960
496
986
U.S. Government grants (excluding military grants of goods and services)
U.S. Government pensions and other transfers
Private remittances and other transfers ..
35 U.S. assets abroad, net (increase/capital outflow ( ))
1 342
-436
-227
61
185
-448
-244
1,232
-455
-203
-1,288
-643
286
16,701
-48,301
225
-647
868
-134
-358
754
33
-13,699
-24,997
-18,916
-28,507
23837
22,192
36
37
38
39
40
U.S. official reserve assets, net 5
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
34
35
36
37
38
3268
502
1 109
-4,279
-905
1 152
-34
2082
112
-99
489
-261
-294
-554
1,285
1240
-4,324
-4,529
(*)
-1,441
707
-2,381
41
42
43
44
U S Government assets other than official reserve assets net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets 6
U.S. foreign currency holdings and U.S. short-term assets, net
39
40
41
42
1 530
-2,611
918
164
1 131
-2,350
1,171
49
1394
-2,576
1,173
9
-1,108
-2,322
1,195
20
-1,469
-2,594
958
168
-1,482
2365
1,060
-177
1261
-2,420
1,128
31
886
-2,295
1,267
143
45
46
47
48
49
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
43
44
45
46
47
8 901
-5,849
-787
1062
-1,203
-24,367
-2,790
-1,387
25
-20,165
16413
3538
-944
509
-12,440
-23,121
7045
-450
-2,596
13030
-17,838
2422
-505
-3,248
11664
-19,805
-5,613
1579
2,389
-15,002
15437
-585
-720
1,178
-15,310
-47,678
-1,004
-2,976
-1,500
-42,199
23
-780
-102
262
48
8,582
9,873
14,430
25,226
8,788
14,548
17,402
42,584
51
52
53
54
55
56
57
Foreign official assets in the United States net
U.S. Government securities
U.S. Treasury securities 7 . ..
Other 8
Other U.S. Government liabilities 9 . .
U S liabilities reported by U S banks not included elsewhere
Other foreign official assets 10
49
50
51
52
53
54
55
-7,413
4556
-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
5,502
7,696
7,242
454
87
-3,109
828
-3,159
-1,542
2,078
536
-218
2048
649
5992
-4,071
-4,615
544
-516
2380
975
8,609
4,239
4,470
231
309
3,867
194
58
59
60
61
62
63
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
56
57
58
59
60
61
15,995
3,321
3,300
2,435
340
6,599
2,142
5,756
-1,271
496
1,671
4509
6,866
4,713
-278
263
1,252
916
17,612
3,128
894
2,263
3,590
7,737
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
14 _444
772
1,084
16,478
50 Foreign assets in the United States, net (increase/capital inflow ( + ))
14
33,975
11,251
1,253
393
-301
21,380
14
64 Allocations of special drawing rights
62
1,152
65 Statistical discrepancy (sum of above items with sign reversed)
63
5,713
15,467
4,374
-573
11,062
5,731
507
2,97^
66
67
68
69
Memoranda:
Balance on merchandise trade (lines 2 and 17) 11
Balance on goods and services (lines 1 and 16)
Balance on goods, services and remittances (lines 67 33 and 34)
Balance on current account (lines 67 and 31) 1 1
64
65
66
67
10455
256
-407
-1,749
-5,481
1,144
467
343
5671
1,735
1,030
112
3873
6,331
5,514
3,854
5548
4,534
3,853
2,893
6231
3,591
2,899
1,913
-8,760
682
24
-1,208
-7,439
4,957
4,028
2,741
70
71
Transactions in U.S. official reserve assets and in foreign official assets in the United
States:
Increase ( — ) in U.S. official reserve assets, net (line 36)..
Increase ( + ) in foreign official assets in the United States (line 51 less line 55)
68
69
3268
-7,394
502
7,137
1 109
7,631
4279
7,507
-4,529
5,415
905
-2,941
-4
-5,476
262
8,300
See footnotes on page 71.
1,093
SURVEY OF CURRENT BUSINESS
June 1986
45
Transactions—Continued
of dollars]
19 82
I
1983
III
II
I
IV
III
II
II
I
IV
1986
19 35
1984
III
IV
I
IV
III
II
_
Une
I"
89,279
92,735
84,841
81,810
81,113
83,275
82,114
86,754
89,534
90,540
87,924
92,113
87,575
90,984
87,561
92,378
90,901
1
55,287
2,936
5,8
668
3,161
50,101
2,861
49,122
3,029
49,652
3,594
50,592
3,157
48,032
3,037
53,544
2,433
53,668
2,628
55,963
2,457
53,420
2,602
56,849
2,417
55,347
2,699
55,472
2,209
50,185
2,195
53,420
1,898
53,411
2,132
2
3
3,161
670
3,062
3,331
821
3,135
3,446
1,003
3,117
2,455
680
3,004
2,722
653
2,950
2,904
826
3,131
3,462
893
3,255
2,320
665
3,254
2,779
680
3,238
2,944
882
3,435
3,131
832
3,551
2,499
634
3,589
3,009
655
3,375
3,003
841
3,399
3,186
833
3,526
2,465
660
3,672
3,077
700
3,449
4
5
6
883
403
398
1,590
117
894
418
403
1,632
123
901
425
424
1,647
199
830
424
592
1,653
93
802
415
599
1,630
124
897
407
669
1,625
252
871
403
585
1,642
141
1,026
401
679
1,651
113
880
401
570
1,811
120
956
403
588
1,733
185
922
406
634
1,784
173
1,164
410
645
1,758
152
859
416
616
1,796
218
906
422
621
1,804
230
886
428
599
1,795
273
1,473
434
690
1,840
155
902
441
658
1,918
165
7
8
9
10
11
5,817
13,917
1,038
5,354
15,833
942
4,554
15,135
1,030
5,655
13,166
1,108
4,275
12,568
1,130
4,971
12,533
1,311
5,242
13,247
1,305
6,011
13,572
1,086
7,617
13,916
1,227
4,725
14,953
1,316
3,175
15,939
1,355
5,992
14,675
1,331
4,285
13,010
1,291
8,238
12,700
1,139
9,723
12,256
1,677
12,074
12,214
1,384
10,590
11,880
1,579
12
13
14
89
118
233
145
35
28
49
81
41
44
45
61
10
12
15
28
20
15
-105,298 -116,633 -116,887 -115,602 -107,893 -117,971 -115,946 -119,382 -118,671
16
-86,546
-88,226
-90,152
-83,954
-81,850
-91,244
-97,696
-99,591
-62,660
-2,904
-61,432
-3,118
-63,535
-3,094
-60,015
-3,143
-58,852
-3,102
-65,614
-3,125
-70,304
-3,168
-74,130
-3,195
-78,203
-2,909
-84,913
-3,072
-83,772
-2,836
-85,534
-3,113
-78,813
-2,945
-85,824
-2,938
-83,830
-2,814
-90,396
-3,220
-88,096
-3,077
17
18
-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
-2,779
-3,587
-1,771
-2,957
-4,693
-1,483
-3,228
-2,893
-1,139
-3,258
-2,778
-1,340
-3,382
-4,145
-2,116
-3,768
-5,136
-1,730
-3,865
-3,390
-1,316
-3,820
-2,999
-1,491
-3,571
-4,512
-2,440
-3,994
-5,536
-1,932
-4,123
-3,455
-1,459
-4,240
-3,153
-1,568
-3,832
19
20
21
-71
-71
47
-693
-306
-79
-72
118
-874
-374
-76
-73
99
-972
-433
-100
-75
139
-1,004
-348
-77
-75
13
-890
-385
-85
-77
74
-847
-447
-105
-80
105
-815
-390
-138
-83
279
-852
-345
-137
-87
212
-879
-348
-126
-90
114
-925
-384
-152
-92
22
-921
-414
-182
-93
131
-1,075
-386
-128
-94
88
-1,001
-432
-97
-94
131
-971
-429
-119
-95
196
-984
-468
-124
-97
279
-1,009
-407
-143
-98
228
-1,064
-446
22
23
24
25
26
-707
-8,123
-4,503
-834
-9,229
-4,363
-705
-8,584
-4,705
-910
-7,507
-4,714
-1,085
-6,715
-4,428
-1,512
-6,927
-4,368
-1,640
-7,434
-4,462
-1,361
-7,911
-4,567
-2,356
-8,434
-4,656
-2,569
-9,877
-4,762
-2,294
-10,638
-5,059
-2,010
-9,522
-5,291
-2,475
-8,736
-5,296
-2,691
-8,841
-5,272
-2,144
-8,727
-5,369
-759
-9,126
-5,369
-2,095
-9,618
-5,708
27
28
29
-89
-118
-233
-145
-35
-28
-49
-81
-41
-44
-45
-61
-10
-12
-15
-28
-20
30
-2,229
-1,904
-1,968
-2,817
-1,680
-1,932
-2,236
-3,633
-2,290
-2,351
-2,995
-4,522
-3,212
-3,375
-3,891
-4,506
-2,925
31
-1,493
-453
-283
-1,113
-467
-323
-1,117
-595
-256
-1,778
-736
-303
-1,011
-485
-184
-1,245
-450
-236
-1,549
-445
-242
-2,481
-827
-325
-1,472
-477
-340
-1,522
-453
-377
-2,232
-458
-305
-3,310
-806
-405
-2,224
-492
-496
-2,577
-424
-374
-3,087
-466
-337
-3,307
-789
-410
-2,063
-464
-398
32
33
34
-33,963
-41,470
-25,694
-20,145
-24,957
-875
-8,495
-15,696
-4,817
-20,522
16,567
-14,867
-1,999
-3,022
-5,734
-21,681
-10,114
35
-1,089
-1,132
-794
-1,950
-787
16
529
-953
-657
-566
-799
-1,110
-233
-356
-121
-3,148
-115
-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
-180
72
-248
-264
388
-245
-189
168
-3,126
-274
344
-185
36
37
38
39
40
-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
-2,377
1,230
-77
-1,246
-2,421
1,213
-38
-1,207
-2,755
1,511
38
-1,328
-2,413
1,058
27
-2,149
-2,792
896
-252
-1,339
-2,735
1,396
(*)
-1,405
-2,190
916
-130
-630
-1,922
1,292
1
-929
-1,793
935
-70
-1,003
-2,495
1,230
262
-437
-1,727
1,270
20
-456
-1,564
1,210
-102
-278
-1,717
1,405
35
41
42
43
44
-31,976
-1,862
-650
3,879
-33,343
-38,615
1,598
-502
-308
-39,403
-22,351
1,656
-3,410
808
-21,405
-17,235
978
-3,541
2,247
-16,919
-22,945
1,742
-1,608
-2,776
-20,303
356
-61
-2,872
-230
3,518
-7,817
-2,600
-1,368
-233
-3,616
-13,415
546
-1,160
-3,274
-9,527
-2,011
-1,999
671
873
-1,557
-18,617
797
-832
1,564
-20,146
18,770
597
-1,185
1,541
17,817
-13,128
-3,254
-3,736
1,103
-7,241
-837
346
-2,577
1,058
335
-1,664
-4,495
-2,325
1,706
3,450
-5,176
-6,004
-1,664
-1,517
4,009
-18,077
-8,599
-1,411
418
-8,485
-9,721
-11,425
-6,138
n.a.
7,842
45
46
47
48
49
27,221
33,780
18,365
14,712
16,200
15,756
19,531
34,009
22,251
41,963
2,668
35,885
14,247
25,358
35,665
51,837
39,484
50
-3,265
-1,629
-1,327
-302
-133
-1,684
181
1,534
-1,835
-2,094
259
562
2,797
10
2,694
4,662
4,854
-192
-11
-1,870
-87
2,629
3,887
4,346
-459
186
-990
-454
38
2,641
3,012
-371
-328
-1,893
-382
1,591
1,825
1,995
-170
361
231
-826
-2,662
-973
-611
-362
128
-1,353
-464
7,002
3,003
2,576
427
565
3,560
-126
-2,947
-271
-274
3
159
-2,242
-593
-157
-125
-271
146
576
363
-970
-765
-487
-571
84
-154
400
-524
6,906
5,586
5,806
-220
-144
2,034
-570
-11,066
-7,480
-7,174
-306
-445
-3,025
-116
8,486
8,821
8,685
136
606
-107
-834
2,577
-35
-81
46
58
2,932
-^378
-1,322
-2,147
-1,976
-171
263
722
-160
2,510
3,079
3,256
-177
192
-1,124
363
51
52
53
54
55
56
57
22,194
4,325
1,016
1,888
1,311
13,654
27,007
1,736
1,660
1,156
1,398
21,057
25,198
5,199
1,959
1,449
5,066
11,525
42,120
9,009
6,347
460
4,714
21,590
3,433
4,853
5,318
1,510
-3,056
-5,192
28,979
6,298
9,435
9,340
-2,020
5,926
25,313
3,607
2,217
9,567
-2,156
12,078
16,872
5,757
5,123
7,223
-1,837
606
33,088
6,111
7,484
11,628
589
7,276
53,158
2,382
5,676
22,441
2,232
20,427
36,974
1,288
8,311
18,793
n.a.
8,582
58
59
60
61
62
63
30,486
2,080
1,302
1,313
-65
25,856
32,246
3,505
2,098
2,541
-2,023
26,125
14
15,671
3,166
1,398
633
-282
10,756
14
12,083
5,041
2,254
1,905
-13
2,896
14
16,162
1,789
2,921
2,988
-2,763
11,227
14
14,165
407
,9
3,124
2,604
-64
4,404
14
14
64
6,238
5,086
14,608
10,394
11,174
-4,981
6,781
-1,844
620
7,002
12,723
6,993
11,282
8,026
2,344
1,354
1,326
65
-7,373
2,733
1,997
504
-4,744
4,509
3,718
2,605
-13,434
-5,311
-6,162
-7,279
-10,893
-2,144
-3,183
-4,961
-9,200
-737
-1,406
-2,417
-15,022
-7,968
-8,655
-9,901
-22,272
-15,581
-16,268
-17,817
-20,586
-12,837
-13,989
-16,469
-24,535
-15,764
-16,582
-18,054
-28,950
-26,093
-26,922
-28,444
-30,352
-28,963
-29,725
-31,958
-28,685
-23,489
-24,700
-28,010
-23,466
-20,318
-21,305
-23,529
-30,352
-26,988
-27,785
-30,362
-33,645
-28,384
-29,188
-32,275
-36,976
-27,004
-28,203
-31,510
-34,685
-27,770
-28,632
-30,695
66
67
68
69
-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
-3,106
-566
-732
-799
-611
-1,110
7,050
-233
-10,621
-356
7,880
-121
2,519
-3,148
-1,585
-115
2,318
70
71
46
SURVEY OF CURRENT BUSINESS
June 1986
Table 2.—U.S. International
[Millions
Line
(Credits +; debits -)
'
1 Exports of goods and services 2
19 81
19850
Ref.
l
(table 12, March
1986
SURVEY)
I
III
II
I
IV
II
IV
III
1
85317
82 856
85583
88731
93946
94,878
93,436
93,501
2
3
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts.
2
3
54,752
1,702
55,843
1,923
55,785
2,437
57,889
2,212
60,793
2,084
60,064
2,656
57,812
2,943
58,416
2,358
4
5
6
Travel
Passenger fares
Other transportation
4
5
6
2547
612
2,771
2534
642
2,843
2737
'682
2,935
2770
655
3,069
3108
3102
7
8
9
10
11
Royalties and license fees from affiliated foreigners 4
Royalties and license fees from unaffiliated foreigners
Other private services from affiliated foreigners
Other private services from unaffiliated foreigners
U.S. Government miscellaneous services
7
8
1,367
311
1 465
319
1,453
330
1,495
344
9
10
1,212
94
1,277
77
1,315
102
12
13
14
Receipts of income on U.S. assets abroad:
Direct investment ....
Other private receipts
U.S. Government receipts
11
12
13
11348
8,011
590
7253
8,089
591
9 849
7,277
681
•.
734
804
3,180
3,108
3,228
804
3,137
3,475
769
3,135
1,458
1,445
1,448
1,443
361
372
378
379
1,354
1,430
1,460
1,473
1,493
125
97
131
125
146
8696
9,422
700
8427
11,374
900
8,415
12,443
878
7,554
13,546
988
8,153
12,820
914
15 Transfers of goods and services under U.S. military grant programs, net
14
143
151
259
203
183
206
230
61
16 Imports of goods and services
15
— 85,064
-82,692
—80,490
— 84,777
—88,806
-91,978
-91,016
-90,196
17
18
Merchandise, adjusted, excluding military 3
Direct defense expenditures
16
17
64478
2550
62 409
2484
59,778
2610
63085
2867
65268
2693
-67,369
3012
-66,209
2624
-66,217
2,895
19
20
21
Travel
Passenger fares
Other transportation
18
19
20
-2,603
840
—3055
2481
891
2998
-2,611
951
— 2,813
-2,702
925
— 2924
-2,913
1 127
3119
-2,761
1 100
-3,189
-2,894
1 119
-3,125
-2,911
1,141
-3,041
22
23
24
25
26
Royalties and license fees to affiliated foreigners 4
Royalties and license fees to unaffiliated foreigners
Other private services to affiliated foreigners
Other private services to unaffiliated foreigners ...
U.S Government miscellaneous services
21
22
109
76
66
74
52
74
200
73
151
74
-28
73
-105
23
24
—725
292
742
285
-747
349
-695
-749
-734
-742
778
289
314
329
330
-314
27
28
29
Payments of income on foreign assets in the United States:
Direct investment
Other private payments .
U.S. Government payments
25
26
27
1728
5537
3071
2092
5213
2957
3291
4203
-3,011
1524
5940
-3,553
1717
-6704
-3,977
1948
-7,164
4,271
- 1,826
-7,661
4,309
-1,407
7,024
-4,321
28
143
151
— 259
—203
— 183
-206
230
-61
1,639
— 1,708
-2,004
-2,075
30 U.S. military grants of goods and services, net
77
-70
72
31 Unilateral transfers (excluding military grants of goods and services) net
29
2031
1497
1,650
2,415
32
33
34
30
31
32
1342
440
249
810
443
244
919
467
1660
960
468
-264
-287
-480
-199
-986
-478
-244
-1,232
-542
230
-1,288
-542
-245
33
12 949
24893
19522
28,752
23,351
—22,297
-17,248
48,134
U.S. Government grants (excluding military grants of goods and services)
U.S. Government pensions and other transfers
Private remittances and other transfers ....
35 U.S. assets abroad, net (increase/capital outflow ( ))
5
36
37
38
39
40
U S official reserve assets net
Gold
)
Special drawing rights
Reserve /position in the International Monetary Fund.....
Foreign /currencies
34
35
36
37
38
3268
502
1 109
4279
4529
-905
_4
262
1 152
-34
2082
112
-99
489
261
— i,44i
707
-2,381
-23
225
-134
-294
1285
-1,240
-4,324
-780
-102
-647
868
358
754
41
42
43
44
U.S. Government assets, other than official reserve assets net
U Si credits and other long-term assets
Repayments on U.S. credits and other long-term assets6
U S foreign currency holdings and U S short-term assets net
39
40
41
42
1441
2611
1,006
164
1 159
2350
1,142
49
1,382
2576
1,185
9
— 1,178
2322
1,124
20
-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
45
46
47
48
49
U.S. private assets, net.
Direct investment
Foreign, securities
U.S. claims on unaffiliated foreigners reported by U S nonbanking concerns
43
44
45
46
47
8240
5188
787
-1,062
1 203
24236
2659
1387
-25
20 165
17,031
4156
944
509
12 440
-23,295
—7,219
450
-2,596
13030
-17,461
-2,044
505
-3,248
11664
19,901
-5,709
-1,579
2,389
15002
15,976
1,124
-720
1,178
15 310
-47,420
-745
-2,976
-1,500
42,199
554
50 Foreign assets in the United States, net (increase/capital inflow ( + ))
48
8,582
9,873
14,430
25,226
8,788
14,548
17,402
42,584
51
52
53
54
55
56
57
Foreign official assets in the United States, net
U.S. Government securities . .
.....
U S Treasury securities 7
Other 8
Other U.S. Government liabilities 9
U S liabilities reported by U S banks not included elsewhere
Other foreign official assets 10
....
49
50
51
52
53
54
55
-7,413
—4,556
5357
801
-19
3 198
360
7,731
4,610
4360
250
593
1676
851
7,564
4,343
3794
549
-67
1823
1,465
7,614
7,498
6 911
587
107
460
469
5,502
7,696
7,242
454
87
3109
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
58
59
60
61
62
63
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
56
57
58
59
60
61
2142
5,756
1271
496
1 671
-4,509
6,866
4,713
3,286
3,146
1390
2,422
121
-3,793
17,706
5,294
747
3,589
13
8,063
23,395
5,505
12 _444
916
17,612
3,128
894
2,263
3590
7,737
772
1,084
16,478
33,975
11,251
1,253
393
-301
21,380
'64 Allocations of special drawing rights
65 Statistical discrepancy (sum of above items with sign reversed)
65a
Of which seasonal adjustment discrepancy
15995
3,321
3 300
2,435
340
6,599
12
1,152
63
63a
4,993
720
16,353
886
1,649
2725
1,987
2560
9,969
1093
6,558
827
-571
1078
4,319
1,342
9726
253
436
-1,778
6566
164
523
-1,333
3993
5,093
4362
3,443
5196
3,954
3 199
1,539
4475
5,140
4461
3,501
—7305
2,900
2178
1,192
8397
2,420
1648
416
-7,801
3,305
2,518
1,230
-3268
7394
502
7 137
-4279
7,507
-4529
5,415
-905
-2,941
_4
-5,476
262
8,300
Memoranda:
Balance on merchandise trade (lines 2 and 17) ll
Balance on goods and services (lines 1 and 16)
..
Balance on goods services and remittances (lines 67 33 and 34)
Balance on current account (lines 67 and 31) 11 .
64
65
66
67
70
71
Transactions in U.S. official reserve assets and in foreign official assets in the United
States:
Increase ( — ) in U.S. official reserve assets, net (line 36)
Increase (+) in foreign official assets in the United States (line 51 less line 55)
68
69
1252
12
62
66
67
68
69
See footnotes on page 71.
278
263
1
1,093
-1 109
7,631
June 1986
47
SURVEY OF CURRENT BUSINESS
Transactions—Seasonally Adjusted
of dollars]
19 32
I
II
19 33
III
IV
I
II
III
I
IV
1986
19 35
19 34
II
III
II
I
IV
III
IV
_
Une
I"
89,885
91,019
86,881
80,881
81,598
81,659
84,687
85,316
89,907
89,053
90,631
90,522
88,040
89,350
90,234
90,873
91,605
1
55,482
2,936
55,118
3,161
52,079
2,861
48,519
3,029
49,642
3,594
49,216
3,157
50,351
3,037
52,611
2,433
53,614
2,628
54,590
2,457
55,691
2,602
56,005
2,417
55,324
2,699
53,875
2,209
52,498
2,195
52,727
1,898
53,548
2,132
2
3
3,280
805
3,129
3,178
795
3,114
3,039
774
3,058
2,896
800
3,016
2,806
774
3,034
2,822
769
3,111
3,012
713
3,187
2,768
781
3,258
2,796
796
3,329
2,815
801
3,417
2,794
689
3,476
2,948
742
3,590
3,031
765
3,470
2,874
758
3,383
2,840
694
3,451
2,918
772
3,668
3,114
822
3,549
4
5
6
929
403
429
1,590
129
895
418
415
1,632
109
945
425
443
1,647
182
738
424
529
1,653
113
856
415
633
1,630
137
910
407
679
1,625
231
924
403
610
1,642
124
907
401
610
1,651
138
948
401
596
1,811
128
972
403
595
1,733
166
982
406
663
1,784
148
1,021
410
583
1,758
187
940
416
642
1,796
231
932
422
627
1,804
213
953
428
630
1,795
248
1,298
434
627
1,840
182
977
441
686
1,918
177
7
8
9
10
11
5,798
13,917
1,058
5,351
15,833
1,000
5,319
15,135
974
4,912
13,166
1,086
4,298
12,568
1,211
5,028
12,533
1,171
6,205
13,247
1,232
4,968
13,572
1,218
7,726
13,916
1,218
4,753
14,953
1,398
4,157
15,939
1,300
4,873
14,675
1,313
4,449
13,010
1,267
8,285
12,700
1,268
10,647
12,256
1,599
10,938
12,214
1,357
10,775
11,880
1,586
12
13
14
49
44
45
61
10
12
15
28
20
15
89
118
233
145
35
28
81
41
-87,211
-87,058
-89,928
-84,680
-83,441
-89,714
-96,849 -100,379
-107,779
-62,540
-2,904
-60,916
-3,118
-64,435
-3,094
-59,751
-3,143
-59,476
-3,102
-64,798
-3,125
-70,740
-3,168
-73,886
-3,195
-79,415
-2,909
-83,684
-3,072
-84,144
-2,836
-85,179
-3,113
-80,369
-2,945
-84,242
-2,938
-84,173
-2,814
-3,074
-1,233
-3,016
-3,165
-1,183
-2,982
-2,945
-1,148
-2,874
-3,210
-1,208
-2,838
-3,087
-1,235
-2,880
-3,373
-1,380
-2,865
-3,582
-1,399
-3,157
-3,514
-1,470
-3,320
-3,702
-1,546
-3,507
-3,810
-1,618
-3,657
-3,869
-1,642
-3,780
-4,068
-1,696
-3,891
-4,034
-1,733
-3,701
-4,136
-1,860
-3,883
-71
-71
47
-693
-323
-79
-72
118
-874
-361
-76
-73
99
-972
-416
-100
-75
139
-1,004
-359
-77
-75
13
-890
-404
-85
-77
74
-847
-431
-105
-80
105
-815
-372
-138
-83
279
-852
-361
-137
-87
212
-879
-363
-126
-90
114
-925
-371
-152
-92
22
-921
-392
-182
-93
131
-1,075
-407
-128
-94
88
-1,001
-448
-707
-8,123
-4,503
-834
-9,229
-4,363
-705
-8,584
-4,705
-910
-7,507
-4,714
-1,085
-6,715
-4,428
-1,512
-6,927
-4,368
-1,640
-7,434
-4,462
-1,361
-7,911
-4,567
-2,356
-8,434
-4,656
-2,569
-9,877
-4,762
-2,294
-10,638
-5,059
-2,010
-9,522
-5,291
-2,475
-8,736
-5,296
-114,447 -115,797 -116,396
-110,872 -115,309 -114,688 -120,324 -122,242
16
-90,079
-3,220
-90,133
-3,077
17
18
-4,138
-1,847
-4,031
-4,194
-1,882
-4,313
-4,277
-1,823
-3,971
19
20
21
-97
-94
131
-971
-415
-119
-95
196
-984
-443
-124
-97
279
-1,009
-431
-143
-98
228
-1,064
-463
22
23
24
25
26
-2,691
-8,841
-5,272
-2,144
-8,727
-5,369
-759
-9,126
-5,369
-2,095
-9,618
-5,708
27
28
29
-89
-118
-233
-145
-35
-28
-49
-81
-41
-44
-45
-61
-10
-12
-15
-28
-20
30
-2,303
-1,997
-1,978
-2,639
-1,752
-2,021
-2,375
-3,333
-2,368
-2,439
-3,107
-4,243
-3,280
-3,458
-4,001
-4,244
-3,031
31
-1,493
-509
-301
-1,113
-577
-307
-1,117
-574
-287
-1,778
-591
-270
-1,011
-541
-200
-1,245
-559
-217
-1,549
-550
-276
-2,481
-557
-295
-1,472
-543
-353
-1,522
-562
-355
-2,232
-532
-343
-3,310
-556
-377
-2,224
-549
-507
-2,577
-530
-351
-3,087
-538
-376
-3,307
-554
-383
-2,063
-559
-409
32
33
34
-32,582
-40,841
-25,605
-22,244
-23,691
-523
-8,621
-17,186
-3,571
-20,171
16,443
-16,338
-510
-2,793
-5,867
-23,266
-8,677
35
-1,089
-1,132
-794
-1,950
-787
16
529
-953
-657
-566
-799
-1,110
-233
-356
-121
-3,148
-115
-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
-i'94
-143
-772
-264
281
-250
-180
72
-248
-264
388
-245
-189
168
-3,126
-274
344
-185
36
37
38
39
40
-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
-1,134
-2,377
1,320
77
-1,263
-2,421
1,196
—38
-1,171
-2,755
1,546
38
-1,436
-2,413
950
27
-2,029
-2,792
1,015
252
-1,386
-2,735
1,349
-1,388
-2,190
932
130
-717
-1,922
1,204
1
-807
-1,793
1,056
-70
-1,055
-2,495
1,178
262
-422
-1,727
1,285
20
-540
-1,564
1,126
-102
-146
-1,717
1,536
35
41
42
43
44
-30,693
-579
-650
3,879
-33,343
-37,982
2,231
-502
-308
-39,403
-22,287
1,720
-3,410
808
-21,405
^19,215
-1,002
-3,541
2,247
-16,919
-21,770
2,917
-1,608
-2,776
-20,303
724
308
-2,872
-230
3,518
-7,979
-2,762
-1,368
-233
-3,616
-14,797
-836
-1,160
-3,274
-9,527
-885
-872
671
873
-1,557
-18,220
1,194
-832
1,564
-20,146
18,630
457
-1,185
1,541
17,817
-14,512
-4,638
-3,736
1,103
-7,241
530
1,714
-2,577
1,058
335
-1,382
-4,213
-2,325
1,706
3,450
-5,324
-6,152
-1,664
-1,517
4,009
-19,579
-10,101
-1,411
418
-8,485
-8,416
-10,120
-6,138
n.a.
7,842
45
46
47
48
49
27,221
33,780
18,365
14,712
16,200
15,756
19,531
34,009
22,251
41,963
2,668
35,885
14,247
25,358
35,665
51,837
39,484
50
-3,265
-1,629
-1,327
-302
-133
-1,684
181
1,534
-1,835
-2,094
259
562
2,797
10
2,694
4,662
4,854
-192
-11
-1,870
-87
2,629
3,887
4,346
-459
186
-990
-454
38
2,641
3,012
-371
-328
-1,893
-382
1,591
1,825
1,995
-170
361
231
-826
-2,662
-973
-611
-362
128
-1,353
-464
7,002
3,003
2,576
427
565
3,560
-126
-2,947
-271
-274
3
159
-2,242
-593
-157
-125
-271
146
576
363
-970
-765
-487
-571
84
-154
400
-524
6,906
5,586
5,806
-220
-144
2,034
-570
-11,066
-7,480
-7,174
-306
-445
-3,025
-116
8,486
8,821
8,685
136
606
-107
-834
2,577
-35
-81
46
58
2,932
-378
-1,322
-2,147
-1,976
-171
263
722
-160
2,510
3,079
3,256
-177
192
-1,124
363
51
52
53
54
55
56
57
22,194
4,325
1,016
1,888
1,311
13,654
27,007
1,736
1,660
1,156
1,398
21,057
25,198
5,199
1,959
1,449
5,066
11,525
42,120
9,009
6,347
460
4,714
21,590
3,433
4,853
5,318
1,510
-3,056
-5,192
28,979
6,298
9,435
9,340
-2,020
5,926
25,313
3,607
2,217
9,567
-2,156
12,078
16,872
5,757
5,123
7,223
-1,837
606
33,088
6,111
7,484
11,628
589
7,276
53,158
2,382
5,676
22,441
2,232
20,427
36,974
1,288
8,311
18,793
n.a.
8,582
58
59
60
61
62
63
30,486
2,080
1,302
1,313
-65
25,856
32,246
3,505
2,098
2,541
-2,023
26,125
12
15,671
3,166
1,398
633
-282
10,756
12
12,083
5,041
2,254
1,905
-13
2,896
12
16,162
1,789
2,921
2,988
-2,763
11,227
12
14,165
4,097
3,124
2,604
-64
4,404
12
12
64
4,990
-1,248
5,097
12
12,265
-2,343
13,970
3,576
11,086
-88
-5,157
-176
3,626
-3,155
1,573
3,417
1,560
940
6,040
-962
9,162
-3,561
10,570
3,577
12,375
1,094
6,852
-1,174
-1,343
-3,687
5,125
3,771
2,861
1,535
65
65a
-7,058
2,674
1,864
371
-5,798
3,961
3,077
1,964
-12,356
-3,047
-3,908
-5,025
-11,232
-3,799
-4,660
-6,438
-9,834
-1,843
-2,584
-3,595
-15,582
-8,055
-8,831
-10,076
-20,389
-12,162
-12,988
-14,537
-21,275
-15,063
-15,915
-18,396
-25,801
-17,872
-18,768
-20,240
-29,094
-25,394
-26,311
-27,833
-28,453
-25,166
-26,041
-28,273
-29,174
-25,874
-26,807
-30,117
-25,045
-22,832
-23,888
-26,112
-30,367
-25,959
-26,840
-29,417
-31,675
-24,454
-25,368
-28,455
-37,352
-29,451
-30,388
-33,695
-36,585
-30,637
-31,605
-33,668
66
67
68
69
-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
-3,106
-566
-732
-799
-611
-1,110
7,050
-233
-10,621
-356
7,880
-121
2,519
-3,148
-1,585
-115
2,318
70
71
,
June 1986
SURVEY OF CURRENT BUSINESS
48
Table 3.-U.S.
[Millions
Line
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
107,651
115,229
121,231
143,682
181,860
220,626
233,677
212,193
201,656
218,722
212,606
92
86
92
102
109
156
178
163
166
169
251
14
36
159
317
1285
883
350
330
406
659
691
756
899
2,027
-3,285
2,118
-4,720
4,662
-3,229
1 151
5,108
-4,921
967
1,546
-2,976
1043
5,103
-3,317
1,164
5,014
-6,546
1,373
5,164
-5,719
1,345
5,202
-5,461
1985
A Balance of payment adjustments to Census trade data:
EXPORTS
1 Merchandise exports, Census basis 1 including reexports and
excluding military grant shipments.
Adjustments:
2
Private gift parcel remittances
3
Gold exports, nonmonetary
4
5
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
3
contracts identified in Census documents .
Other adjustments, net 4
6
7
601
1,148
-2,620
4,485
-7,369
216
201
46
80
13
341
606
124
16
-139
75
107,088
114,745
120,816
142,054
184,473
224,269
237,085
211,198
201,820
219,900
214,424
98509
8 Equals: Merchandise exports, adjusted to balance of payments basis
excluding "military" (table 1, line 2).
123,478
150 390
174 757
209 458
244 871
261 305
243 941
261,724
330,514
336,228
103
83
164
608
353
1286
422
844
1407
1030
'559
1438
IMPORTS
9 Merchandise imports, Census basis 1 (general imports)
Adjustments:
10
11
12
13
Electric energy
Gold imports, nonmonetary
Inland freight in Canada
U.S.-Canadian reconciliation adjustment, n.e.c., net 2
Merchandise 3imports of U.S. military agencies identified in Census
documents .
Other adjustments net 5
14
15
623
664
940
910
2772
1816
1462
1 118
999
290
1067
1504
-841
-774
474
-188
-239
-247
-162
403
419
623
-297
-225
-394
-307
-427
57
367
305
387
343
1418
686
523
3716
478
613
98,185
124,228
151,907
176,001
212,009
249,750
265,063
247,642
268,900
332,422
338,863
107 088
114 745
120 816
142 054
184 473
224 269
237 085
211 198
201,820
219,900
214,424
29884
22*854
2464
3*105
5 052
2 855
3809
4881
31883
24*917
3 003
3552
5404
3 059
4161
5101
34 094
26494
3 167
3536
5850
2790
4172
6035
7030
6966
7600
39 546
31778
3 682
4258
7204
3371
4843
7277
1 123
7768
54 177
42474
5223
5663
8694
4459
6334
10686
1425
11703
67603
53466
6 673
7539
11449
5 606
7454
12 818
1693
14137
65108
51366
5 643
7 431
10502
5415
7358
12 483
2622
13 742
59701
46905
5153
7 194
9213
4641
7455
10,694
2419
12,796
55448
43,776
5055
6029
8,641
3947
7286
10,572
2246
11,672
56,867
46,380
5194
6,055
8,775
4310
7,486
12,201
2359
10,487
56015
45,191
4805
6097
8,939
4557
7,241
11,087
2465
10,824
23537
9567
3508
16 Equals: Merchandise imports, adjusted to balance of payments
basis, excluding "military" (table 1, line 17).
-160
-293
1325
1,292
-446
26336
10196
3920
28533
10566
3777
31229
12960
4213
38690
17629
5434
41 626
20806
7 117
46016
21796
8980
39,203
20694
7,656
44,512
21789
6,604
53,037
23,241
7,849
53,879
22,145
6,967
-92
115
-1,005
B Merchandise trade, by area and country, adjusted to balance of
payments basis, excluding military: 6
EXPORTS
1 Total, all countries
2
3
4
5
6
7
8
9
10
11
.
Western Europe..
European Communities
Belgium and Luxembourg
France
Germany, Federal Republic of
Italy
Netherlands
United Kingdom
Other
Western Europe, excluding EC
..
615
2
12
13
14
Canada
Japan
Australia, New Zealand, and South Africa
15
Eastern Europe
16
17
18
19
20
Latin America and Other Western Hemisphere
Brazil
Mexico
Venezuela
Other... .
21
22
23
24
25
26
27
28
29
30
Other countries in Asia and Africa .
Asia. ..
Members of OPEC....
China
Hong Kong
Korea, Republic of
Singapore
Taiwan
Africa
Members of OPEC
31
726
925
International organizations and unallocated
3249
4 123
2895
3893
5913
4143
4440
3,749
2,976
4,290
3,258
17 108
na
5166
2250
16871
na
5011
2622
17921
na
4834
3162
22,033
2,959
6689
3727
8658
28,555
3,425
9931
3933
11266
38,844
4,359
15231
4574
14 680
42,804
3,784
18207
5441
15372
33,152
3,446
11,736
5192
12 779
25,641
2,556
9,094
2,707
11284
29,766
2,746
12,020
3,386
11614
30,788
3,311
13,386
3,063
11028
23030
na
7319
na
na
na
na
na
na
1839
28 180
23466
8633
34075
29141
8372
1731
2082
3,830
2251
3089
4,706
1557
44 097
37 332
9655
3821
2682
4403
3028
4089
6504
2281
47853
39473
11597
3624
2 633
4998
2967
4033
7873
3207
46978
39817
12,000
2,920
2450
5,286
3206
4006
6 933
2647
44,785
38639
10,217
2,228
2572
5,732
3,715
4291
5,876
1733
44,817
39005
8,419
3,017
3118
5,887
3,687
4765
5,526
1316
41,180
35265
6,203
33
88
65
65
33
192
137 152
17368
69716
141 900
21097
74 000
127,254
20651
63228
128,353
15256
58,146
140,991
13771
65,106
139,008
11409
63,815
20235
21416
...
5809
na
6948
na
...
na
na
na
na
na
1484
na
1581
863
1625
2929
1452
2165
4576
1886
q QKQ
2754
5,728
3,444
4274
5,618
1557
Memoranda:
32
33
34
Industrial countries 6
Members of OPEC 6
Other countries 6
See footnotes on page 71.
66,496
9957
30 635
72,335
11561
30,849
76970
12877
30969
87,948
14846
39260
115,930
14556
53987
SURVEY OF CURRENT BUSINESS
June 1986
49
Merchandise Trade
of dollars]
Not seasonally adjusted
1984
I
III
II
Seasonally adjusted
1985
I
IV
II
III
IV
I
I"
II
1986
1985
1984
1986
III
I
IV
III
II
IV
Line
I"
53,163
55,644
53,289
56,626
55,039
54,966
49,708
52,893
52,999
53,099
54,296
55,560
55,767
55,005
53,394
52,022
52,185
53,122
1
47
39
24
59
67
57
54
73
58
47
39
24
59
67
57
54
73
58
2
45
38
57
190
310
1,406
-1,344
376
1,221
-1,276
344
1,307
-1,535
343
1,230
-1,564
131
38
143
94
58
45
38
57
190
131
38
143
94
58
3
330
1,290
-1,405
370
1,459
-1,383
328
1,230
-1,407
317
1,223
-1,266
314
1,249
-1,300
318
1,406
-1,344
351
1,221
-1,276
345
1,307
-1,535
359
1,230
-1,564
340
1,290
-1,405
344
1,459
-1,383
328
1,230
-1,407
333
1,223
-1,266
328
1,249
-1,300
4
5
6
[
41
-79
-66
-35
-104
-35
128
85
33
41
-79
-66
-35
-104
-35
128
85
33
7
53,668
55,963
53,420
56,849
55,347
55,472
50,185
53,420
53,411
53,614
54,590
55,691
56,005
55,324
53,875
52,498
52,727
53,548
8
77,550
84,442
83,287
85,235
78,180
85,270
82,951
89,827
87,013
78,762
83,214
83,659
84,879
79,736
83,688
83,294
89,510
89,051
9
262
71
393
66
-147
250
149
365
-260
-202
306
141
373
-318
-239
250
114
373
090
-186
225
138
354
264
52
382
292
293
350
250
76
352
263
697
354
250
76
352
263
697
354
-287
-307
250
114
373
329
-186
292
293
350
-249
306
141
373
318
-239
264
52
382
-219
250
148
365
-260
-202
224
138
354
-251
262
71
393
66
-147
-251
-218
-249
-287
-307
10
11
12
13
14
8
169
223
78
168
74
193
178
. 75
8
169
223
78
168
74
193
178
75
15
78,203
84,913
83,772
85,534
78,813
85,824
83,830
90,396
88,096
79,415
83,684
84,144
85,179
80,369
84,242
84,173
90,079
90,133
16
53,668
55,963
53,420
56,849
55,347
55,472
50,185
53,420
53,411
53,614
54,590
55,691
56,005
55,324
53,875
52,498
52,727
53,548
1
14,704
11,801
1,283
1,554
2,246
1,148
2,037
2,964
569
2,903
14,087
11,602
1,294
1,532
2,184
1,162
1,884
2,961
585
2,485
13,304
11,038
1,281
1,440
2,096
931
1,589
3,107
594
2,266
14,772
11,939
1,336
1,529
2,249
1,069
1,976
3,169
611
2,833
14,945
12,201
1,238
1,591
2,419
1,236
1,787
3,298
632
2,744
14,040
11,507
1,152
1,517
2,291
1,261
1,797
2,798
691
2,533
12,535
10,029
1,147
1,346
1,928
952
1,693
2,400
563
2,506
14,495
11,454
1,268
1,643
2,301
1,108
1,964
2,591
579
3,041
15,268
13,343
1,344
1,844
2,540
1,190
2,022
2,845
1,558
1,925
14,701
11,823
1,284
1,564
2,251
1,148
2,021
2,985
570
2,878
13,724
11,280
1,253
1,485
2,118
1,135
1,869
2,852
568
2,444
13,855
11,463
1,335
1,485
2,173
972
1,671
3,208
619
2,392
14,587
11,814
1,322
1,521
2,233
1,055
1,925
3,156
602
2,773
14,972
12,237
1,242
1,600
2,430
1,238
1,777
3,318
632
2,735
13,603
11,143
1,109
1,462
2,216
1,226
1,770
2,692
668
2,460
13,127
10,492
1,197
1,401
2,018
998
1,789
2,498
591
2,635
14,313
11,319
1,257
1,634
2,275
1,095
1,905
2,579
574
2,994
15,286
13,351
1,351
1,858
2,548
. 1,187
2,001
2,876
1,530
1,935
2
3
4
5
6
7
8
9
10
11
12,977
5,582
1,939
14,301
5,997
2,059
12,711
5,686
1,930
13,048
5,976
1,921
13,382
5,857
1,704
15,125
5,356
1,679
12,761
5,283
1,880
12,611
5,649
1,704
12,930
5,434
1,859
13,096
5,530
1,950
13,831
5,917
1,996
13,060
5,987
1,992
13,050
5,807
1,911
13,477
5,816
1,711
14,604
5,251
1,609
13,187
5,589
1,948
12,611
5,489
1,699
13,054
5,405
1,886
12
13
14
961
947
925
1,457
1,183
861
351
863
834
925
985
1,031
1,349
1,146
903
386
823
802
15
6,851
506
2,804
831
2,710
7,265
674
2,884
808
2,899
7,606
781
3,060
830
2,935
8,044
785
3,272
917
3,070
7,567
855
3,334
747
2,630
7,572
733
3,381
824
2,634
7,600
694
3,268
786
2,853
8,049
1,029
3,403
706
2,911
7,101
786
3,070
700
2,545
6,830
506
2,793
826
2,705
7,081
656
2,814
793
2,819
7,936
816
3,182
870
3,067
7,919
768
3,231
897
3,023
7,535
852
3,323
740
2,620
7,353
712
3,283
800
2,558
7,952
728
3,403
833
2,988
7,948
1,019
3,377
690
2,862
7,136
790
3,098
706
2,542
16
17
18
19
20
10,654
9,305
2,191
573
649
1,388
824
1,098
1,289
349
11,274
9,823
2,110
576
835
1,584
936
1,158
1,386
310
11,258
9,611
2,062
829
770
1,462
858
1,163
1,569
299
11,631
10,266
2,056
1,038
864
1,454
1,068
1,346
1,282
358
10,634
9,138
1,645
763
747
1,457
902
1,152
1,410
404
10,797
9,121
1,524
955
740
1,646
884
1,034
1,611
401
9,700
8,362
1,525
989
611
1,316
845
944
1,260
348
10,049
8,644
1,509
1,146
656
1,309
813
1,144
1,338
405
9,985
8,801
1,525
902
732
1,392
845
1,188
1,117
242
10,582
9,268
2,189
564
651
1,369
832
1,090
1,256
344
11,023
9,580
2,053
560
811
1,560
902
1,139
1,373
311
11,830
10,062
2,156
868
801
1,537
885
1,231
1,675
319
11,382
10,095
2,021
1,025
855
1,421
1,068
1,305
1,222
342
10,592
9,124
1,645
766
748
1,445
908
1,140
1,381
398
10,510
8,843
1,476
916
718
1,615
849
1,015
1,602
400
10,234
8,796
1,599
1,027
643
1,394
876
1,011
1,355
368
9,844
8,502
1,483
1,144
645
1,274
811
1,108
1,280
391
9,979
8,838
1,535
913
735
1,387
856
1,186
1,098
239
21
22
23
24
25
26
27
28
29
30
75
42
75
75
42
75
35,889
2,944
16,440
36,199
2,885
16,345
32,459
2,808
14,843
35,976
2,929
16,344
35,067
2,809
15,957
33,851
2,958
15,614
33
35,201
3,568
14,898
36,442
3,375
16,111
33,631
3,337
16,452
35,717
3,491
17,641
33
34,460
2,772
16,188
35,491
2,619
15,302
35,277
3,554
14,783
35,468
3,299
15,790
34,894
3,499
17,298
35,355
3,418
17,232
31
34,112
2,714
15,901
35,631
2,631
15,286
32
33
34
50
SURVEY OF CURRENT BUSINESS
June 1986
Table 3.—U.S. Merchandise
[Millions
Line
1976
1975
1977
1978
1979
1980
1981
1982
1983
212 009
249 750
1985
1984
B Merchandise trade, by area and country, adjusted to balance of
payments basis, excluding military 6 — Continued:
IMPORTS
35 Total, all countries
98 185
124 228
151 907
176 001
265 063
247 642
268 900
332,422
338,863
36
37
38
39
40
41
42
43
44
45
Western Europe
European Communities
Belgium and Luxembourg
France
Germany. Federal Republic of
Italy
Netherlands
United Kingdom
Other....
Western Europe, excluding EC
20764
16513
1 184
2144
5358
2391
1082
3737
631
4,251
23003
17739
1 116
2,521
5581
2525
1076
4160
756
5,264
28226
22119
1449
3,046
7249
3038
1478
5135
821
6,107
36608
29049
1762
4067
9969
4107
1 590
6470
1009
7,559
41817
33219
1739
4,781
10952
4922
1 851
8004
1032
8,598
47235
36077
1 912
5,261
11692
4298
1895
9842
1 137
11,158
52864
41416
2281
5,838
11388
5179
2348
12742
1693
11,448
52900
42342
2386
5,531
11 902
5289
2476
13042
1696
10,558
55623
45 161
2,502
6,185
13163
5,695
3029
''•12660
1,927
10,462
72054
57774
3,089
7,957
17426
8,056
4126
14418
2,702
14,280
77454
62,591
3,269
8,908
19,535
9,355
4111
14,474
2,939
14,863
46
47
48
Canada 2
Japan
Australia, New Zealand, and South Africa
21854
11257
2242
26652
15531
2,479
29864
18565
2792
33756
24 540
4440
39227
26260
5,493
42901
31 216
6532
48 253
37597
5,608
48523
37683
5033
55982
42844
5,443
67630
60210
5,632
71 173
65653
5,601
49
Eastern Europe
734
875
1 127
1 508
1896
1444
1066
1,413
2,217
1,847
50
51
52
53
54
Latin America and Other Western Hemisphere
Brazil
Mexico
Venezuela
Other
16177
na
3059
3727
na
17208
na
3599
3,597
na
21 164
na
4694
4117
na
23 038
2826
6091
3589
10532
30532
3 133
8798
5204
13397
37 522
3793
12581
5314
15834
39 096
4475
13767
5,563
15294
38 554
4808
15556
4,761
13434
42836
5132
17 243
5,011
15450
48364
7754
18076
6,660
15874
46,110
7 194
19,104
6,521
13291
55
56
57
58
59
60
61
62
63
64
Other countries in Asia and Africa
Asia
Members of OPEC..
China
Hong Kong
Korea, Republic of
Singapore
..
Taiwan
Africa
Members of OPEC
25,157
na
8531
na
na
na
na
na
38,171
na
13,090
na
na
n.a
na
na
na
10178
49,515
na
17020
na
na
na
na
na
14020
51,359
35683
16162
326
3476
3746
1068
5174
15500
12794
65,599
42425
19306
594
3998
4,047
1467
5908
22965
19 699
81,613
49931
22792
1057
4739
4244
1921
6854
31 103
26620
80,092
55296
23 330
1892
5422
5,141
2114
8049
24 648
20020
63,860
47 894
14784
2284
5531
5,667
2193
8892
15941
10 840
64,758
52200
10,933
2314
6615
7,475
3 032
11,611
12472
7894
76,315
64423
11,629
3114
8357
9,857
3959
15,429
11793
6801
71,025
60,776
8,460
3830
7,936
9,978
4,126
15,480
9891
5,945
65
International organizations and unallocated
309
654
752
1 185
1287
23
1
56117
18897
23171
67665
27409
28845
79447
35778
36028
99344
33286
42619
112 797
45039
52988
127 884
55 602
64977
144,322
49934
70807
144,139
31 517
71963
159,893
25282
83,724
205,526
26852
100,044
219,881
22,680
96,302
69 Total, all countries
8903
9483
31 091
33947
27536
25481
27,978
— 36,444
70
71
72
73
74
75
76
77
78
79
9120
6 341
l'280
8880
7 178
1887
1 031
177
534
3085
941
30
1702
5868
4375
1*718
490
1399
248
2694
900
104
1493
2938
2729
1920
191
2765
736
3253
807
114
209
12 360
9 255
3484
882
2258
463
4483
2682
393
3 105
20368
17389
4761
2278
243
1 308
5559
2976
556
2979
12244
9 950
3362
1593
886
236
5010
— 259
929
2294
6801
4563
2767
1663
2689
316
1331
7 999
985
2527
11 580
227
537
8 631
59
1 275
10 410
585
2237
15801
3,372
2683
6178
1 553
Memoranda:
Industrial countries 6
Members of OPEC 6
Other countries 6
66
67
68
....
BALANCE (EXCESS OF EXPORTS + ) '•
Western Europe
European Communities
Belgium and Luxembourg
France
Germany, Federal Republic of
Italy
Netherlands
United Kingdom
Other ....
Western Europe, excluding EC
961
306
464
2727
....
1 144
16
2779
2
— 67,080 -112,522
124,439
-175
1385
2,553
2 238
156
4522
1748
4257
-2,088
319
1,210
-15,187
11394
2,105
1902
-8651
3 746
3,360
-2,217
343
-3,793
-21,439
17400
1,536
2,811
-10,596
4798
3,129
-3,387
—474
-4,039
9 320
16989
2,623
11,470
21 055
1,161
— 14,593
36969
2,217
-17,294
43,508
1,366
648
4979
2,348
723
80
81
82
Canada
Japan
Australia, New Zealand, and South Africa.
1683
1690
1266
5 335
1441
83
Eastern Europe
2 515
3248
1768
2385
4 017
2699
2887
84
85
86
87
88
Latin America and Other Western Hemisphere
Brazil
Mexico
Venezuela
....
Other
931
337
na
2,107
— 1477
na
na
1,412
na
3243
na
140
— 955
na
1005
133
598
138
1874
1977
292
1 133
1271
2131
1322
566
2650
740
1 154
3708
691
4,440
122
78
89
90
91
92
93
94
95
96
97
98
Other countries in Asia and Africa
Asia
Members of OPEC
China
Hong Kong
Korea, Republic of
Singapore
Taiwan
Africa
Members of OPEC
—4922
na
—2722
na
na
n.a.
na
n a.
na
-4694
— 16,755
na
-6,142
na
na
n.a.
na
n.a
na
-8,597
—26485
na
—9701
na
na
n.a.
na
na
na
— 12181
23 179
12 217
7529
537
1851
-817
384
3009
10924
10908
31 524
13284
10934
1 137
1916
— 217
784
2819
18 259
18142
37516
12599
13 137
2764
2057
159
1 107
2765
24599
24339
32239
15823
11,733
1732
2789
-143
853
4016
16775
16813
16882
8077
2,784
636
3081
-381
1013
4886
9008
8 193
99
International organizations and unallocated
309
654
752
1 185
88
4,670
15848
2,004
-2,477
22901
-5,059
-11,396
18440
-3,359
3,133
30483
999
-2,422
28837
3193
. ...
. ..
975
1 254
2073
1,411
-18,598
-5008
-6,056
-3,274
4260
-15,322
-3,883
5,719
-3,458
2,262
— 19,973
13561
-716
86
4,043
-1,743
683
-7,320
6596
6161
-31,498
25417
-3,210
97
5,239
-3,970
273
-10,663
6267
5485
-29,845
25,511
-2,256
22
-5,182
-4,251
-683
-11,206
4272
-4,388
42
64
33
191
-16,885
10866
-8,735
-31,540
10026
-25,578
-64,535
13 081
-34,939
-80,873
-11,271
-32,487
1 563
5 402 — 17,195
1 362
2576
—3,820
-8,149
—2,304
431
4166
655
Memoranda:
100
101
102
Industrial countries 6
Members of OPEC 6
Other countries 6
See footnotes on page 71.
10,379
8940
7,464
9,268
38234
4,739
SURVEY OF CURRENT BUSINESS
June 1986
51
Trade—Continued
of dollars]
Not seasonally adjusted
1984
I
II
Seasonally adjusted
1985
III
IV
I
II
III
IV
I"
I
III
II
IV
1986
IP
1985
1984
1986
IV
I
III
II
Line
78,203
84,913
83,772
85,534
78,813
85,824
83,830
90,396
88,096
79,415
83,684
84,144
85,179
80,369
84,242
84,173
90,079
90,133
35
17,165
13,754
752
1,819
4,359
1,851
1,095
3,283
595
3,411
18,350
14,685
846
2,012
4,275
1,913
1,157
3,789
694
3,664
17,496
14,034
737
2,068
4,078
2,157
864
3,512
618
3,462
19,043
15,301
754
2,058
4,714
2,135
1,010
3,834
795
3,743
17,416
13,939
748
1,995
4,575
2,131
841
2,974
675
3,477
19,838
16,039
888
2,492
4,809
2,317
1,101
3,748
684
3,799
18,805
15,308
772
2,036
4,619
2,348
1,036
3,750
747
3,497
21,395
17,305
861
2,385
5,532
2,559
1,133
4,002
833
4,090
21,265
17,254
877
2,207
5,635
2,555
966
3,500
1,514
4,011
17,497
14,018
767
1,866
4,472
1,891
1,101
3,312
609
3,479
18,027
14,427
831
1,967
4,174
1,874
1,147
3,754
680
3,600
17,566
14,092
740
2,075
4,089
2,165
870
3,532
621
3,474
18,964
15,237
751
2,049
4,691
2,126
1,008
3,820
792
3,727
17,835
14,277
768
2,053
4,697
2,180
858
3,029
692
3,558
19,414
15,698
867
2,432
4,686
2,269
1,084
3,693
667
3,716
18,882
15,371
776
2,046
4,637
2,356
1,040
3,766
750
3,511
21,323
17,245
858
2,377
5,515
2,550
1,129
3,986
830
4,078
21,817
17,712
901
2,274
5,803
2,620
986
3,576
1,552
4,105
36
37
38
39
40
41
42
43
44
45
16,520
12,923
1,346
17,759
15,339
1,396
15,795
15,845
1,449
17,556
16,103
1,441
17,354
14,907
1,272
18,855
16,247
1,456
16,656
16,542
1,541
18,308
17,957
1,332
17,625
18,164
1,413
16,863
13,272
1,377
17,432
14,995
1,367
15,854
15,902
1,453
17,481
16,041
1,435
17,728
15,318
1,301
18,479
15,832
1,427
16,721
16,606
1,546
18,245
17,897
1,327
18,052
18,700
1,449
46
47
48
478
455
653
631
483
496
391
477
474
482
450
657
628
488
491
391
476
482
49
12,130
1,662
4,615
1,513
4,341
12,173
1,769
4,567
1,839
3,998
11,846
2,128
4,296
1,691
3,731
12,215
2,195
4,598
1,617
3,804
11,319
1,790
4,685
1,374
3,470
11,212
1,785
4,837
1,510
3,081
11,489
1,873
4,637
1,703
3,275
12,090
1,746
4,945
1,934
3,465
10,731
1,677
4,378
1,342
3,335
12,135
1,697
4,622
1,471
4,345
12,146
1,737
4,554
1,875
3,980
11,919
2,135
4,321
1,706
3,757
12,164
2,185
4,579
1,608
3,792
11,381
1,830
4,709
1,343
3,500
11,131
1,746
4,807
1,534
3,044
11,549
1,879
4,661
1,716
3,293
12,049
1,739
4,928
1,928
3,454
10,877
1,722
4,445
1,320
3,390
50
51
52
53
54
17,641
14,590
2,701
711
1,701
2,122
993
3,342
3,036
1,680
19,441
16,262
2,986
806
1,993
2,583
920
4,024
3,152
1,951
20,688
17,697
3,146
856
2,495
2,860
1,022
4,339
2,969
1,702
18,545
15,874
2,796
741
2,168
2,292
1,024
3,724
2,636
1,464
16,062
14,013
1,563
812
1,831
2,223
1,038
3,606
2,023
1,103
17,720
14,483
1,976
922
1,796
2,505
1,029
3,816
2,975
1,834
18,406
16,093
2,057
1,046
2,211
2,770
1,017
4,231
2,267
1,354
18,837
16,188
2,863
1,050
2,098
2,482
1,043
3,827
2,625
1,654
18,424
16,309
2,442
1,127
1,878
2,712
1,011
4,160
2,094
1,171
17,789
14,807
2,634
724
1,746
2,178
1,012
3,432
2,970
1,627
19,267
16,038
3,039
795
1,948
2,527
901
3,934
3,204
2,001
20,793
17,773
3,173
858
2,504
2,869
1,026
4,353
2,995
1,717
18,466
15,805
2,783
737
2,159
2,283
1,020
3,710
2,624
1,456
16,318
14,297
1,542
825
1,880
2,282
1,060
3,703
1,994
1,074
17,468
14,200
1,996
910
1,748
2,444
1,006
3,718
3,008
1,866
18,477
16,154
2,070
1,050
2,218
2,780
1,021
4,246
2,278
1,360
18,762
16,125
2,852
1,045
2,090
2,473
1,039
3,813
2,611
1,645
18,756
16,662
2,411
1,148
1,934
2,789
1,039
4,282
2,073
1,146
55
56
57
58
59
60
61
62
63
64
65
47,953
6,339
23,911
52,843
7,234
24,836
50,586
6,940
26,247
54,144
6,340
25,051
50,948
4,416
23,448
56,396
5,673
23,755
53,545
5,626
24,660
58,992
6,965
24,439
58,467
5,332
24,297
49,010
6,172
24,234
51,821
7,372
24,491
50,775
7,000
26,369
53,921
6,309
24,950
52,182
4,334
23,853
55,152
5,748
23,342
53,755
5,660
24,757
58,792
6,938
24,349
60,018
5,257
24,858
66
67
68
-24,534
-28,950
-30,352
-28,685
-23,466
-30,352
-33,645
-36,976
-34,685
-25,801
-29,094
-28,453
-29,174
-25,045
-30,367
-31,675
-37,352
-36,585
69
-2,461
-1,953
531
-265
-2,113
-702
942
-319
-26
-508
-4,263
-3,083
448
-480
-2,091
-752
727
-828
-109
-1,179
-4,192
-2,998
544
-628
-1,982
-1,226
725
-405
-24
-1,196
-4,270
-3,362
582
-529
-2,465
-1,066
966
-665
-184
-910
-2,471
-1,738
489
-405
-2,156
-895
946
324
-43
-733
-5,798
-4,532
264
-976
-2,518
-1,056
695
-950
7
-1,266
-6,270
-5,279
375
-690
-2,691
-1,396
657
-1,350
-184
-991
-6,900
-5,851
407
-741
-3,232
-1,451
831
-1,411
-254
-1,050
-5,997
-3,911
467
-364
-3,095
-1,365
1,056
-655
44
-2,086
-2,796
-2,195
517
-302
-2,221
-743
920
-327
-39
-601
-4,303
-3,147
422
-482
-2,057
-738
722
-902
-112
-1,156
-3,711
-2,629
595
-590
-1,916
-1,193
802
-324
-2
-1,082
-4,377
-3,423
571
-529
-2,458
-1,071
917
-664
-190
-954
-2,863
-2,040
474
-453
-2,267
-943
920
289
-60
-823
-5,811
-4,555
241
-970
-2,470
-1,043
686
-1,001
1
-1,256
-5,755
-4,879
420
-645
-2,619
-1,358
748
-1,268
-159
-876
-7,010
-5,926
399
-744
-3,240
-1,455
776
-1,407
-256
-1,084
-6,531
-4,361
450
-417
-3,254
-1,432
1,015
-700
-22
-2,170
70
71
72
73
74
75
76
77
78
79
-3,543
-7,341
593
-3,458
-9,342
663
-3,084
-10,159
481
-4,508
-10,127
480
-3,972
-9,050
432
-3,730
-10,891
223
-3,895
-11,259
339
-5,697
-12,308
372
-4,695
-12,730
446
-3,767
-7,742
573
-3,601
-9,078
629
-2,794
-9,915
539
-4,431
-10,234
476
-4,251
-9,502
410
-3,875
-10,580
182
-3,534
-11,017
402
-5,634
-12,408
372
-4,998
-13,295
437
80
81
82
483
492
272
826
700
365
-40
386
360
443
535
374
721
658
412
-5
347
320
83
-5,279
-1,156
-1,811
-682
-1,631
-4,908
-1,096
-1,683
-1,031
-1,099
-4,240
-1,346
-1,236
-862
-797
-4,171
-1,411
-1,326
-700
-734
-3,752
-936
-1,351
-626
-840
-3,640
-1,052
-1,456
-686
-446
-3,889
-1,179
-1,370
-918
-423
-4,041
-717
-1,542
-1,228
-554
-3,630
-891
-1,308
-642
-790
-5,305
-1,191
-1,829
-645
-1,640
-5,065
-1,081
-1,740
-1,082
-1,162
-3,983
-1,319
-1,140
-835
-690
-4,245
-1,417
-1,348
-712
-769
-3,846
-978
-1,386
-602
-879
-3,778
-1,034
-1,523
-735
-486
-3,597
-1,151
-1,258
-882
-305
-4,101
-719
-1,551
-1,238
-592
-3,741
-932
-1,347
-614
-848
84
85
86
87
88
-6,987
-5,284
-509
-137
-1,051
-734
-169
-2,245
-1,748
-1,331
-8,167
-6,439
-876
-230
-1,159
-1,000
16
-2,866
-1,766
-1,645
-9,430
-8,085
-1,084
-27
-1,725
-1,398
-164
-3,174
-1,400
-1,403
-6,914
-5,608
-741
297
-1,305
-838
44
-2,379
-1,353
-1,106
-5,428
-4,874
82
-50
-1,084
-765
-136
-2,454
-613
-699
-6,923
-5,362
-452
33
-1,055
-858
-145
-2,782
-1,365
-1,433
-8,706
-7,731
-532
-57
-1,600
-1,454
-172
-3,287
-1,008
-1,006
-8,788
-7,544
-1,354
96
- 1,443
-1,173
-230
-2,683
-1,287
-1,249
-8,439
-7,508
-917
-225
-1,146
-1,320
-166
-2,972
-977
-929
-7,207
-5,539
-445
-160
-1,095
-810
-181
-2,342
-1,714
-1,284
-8,244
-6,458
-986
-235
-1,137
-967
1
-2,795
-1,830
-1,690
-8,963
-7,710
-1,017
9
-1,703
-1,332
-141
-3,122
-1,320
-1,398
-7,084
-5,710
-762
288
-1,305
-862
48
-2,405
-1,402
-1,113
-5,726
-5,174
103
-59
-1,132
-836
-151
-2,563
-612
-676
-6,958
-5,357
-519
5
-1,030
-829
-158
-2,702
-1,406
-1,466
-8,243
-7,357
-471
-23
-1,575
-1,386
-145
-3,236
-923
-992
-8,918
-7,623
-1,370
98
-1,445
-1,200
-229
-2,705
-1,332
-1,254
-8,777
-7,824
-877
-234
-1,198
-1,402
-183
-3,097
-974
-907
89
90
91
92
93
94
95
96
97
98
75
42
75
75
42
75
- 15,060 -20,196
-1,473
-2,788
-7,007
-7,410
-21,086
-2,817
-9,818
-16,206
-1,406
-7,509
-20,085
-2,940
-7,384
-19,904
^2,702
-9,143
33
-12,752
-2,770
-9,013
-16,400
-3,859
-8,724
-16,954
-3,602
-9,796
-18,426
-2,849
-7,410
33
-24,533
-4,193
-8,250
-22,979
-2,713
-8,995
-13,732
-2,618
-9,451
-16,353
-4,073
-8,701
-15,881
-3,501
-9,071
-18,566
-2,890
-7,718
99
-24,680
-4,224
-8,448
-24,387
-2,626
-9,572
100
101
102
52
SURVEY OF CURRENT BUSINESS
June 1986
Table 3.—U.S. Merchandise
[Millions
Line
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
107 088
114 745
120 816
142 054
184 473
224 269
237 085
211,198
201,820
219,900
214,424
22243
84846
23380
91365
24332
96484
29902
112 152
35595
148 878
42156
182 113
44035
193 050
37230
173,968
37 140
164,681
38,398
181,502
29,595
184,829
19234
18907
12648
2882
3,377
327
19829
19408
12223
3322
3,864
421
19 725
19113
10244
4411
4,458
611
25155
24 132
13480
5201
5451
1,023
30005
28794
16711
5739
6343
1,212
35721
34593
20858
5888
7,848
1,128
38163
36893
22126
6229
8,538
1,270
31 620
30,454
17 169
6,251
7,034
1,166
31598
30,498
18222
5,817
6,459
1,100
31,625
30,600
18202
5,299
7,098
1,025
24,043
22,840
12,713
3,751
6,375
1,203
29,789
3 120
26,669
4760
4742
989
21910
459
31,993
3688
28,305
4673
4653
1,078
23632
354
34,312
4642
29 670
4780
4763
1,335
24891
1093
39,044
5334
33711
4507
4502
1,585
29204
1 163
58,139
6311
51 828
6679
6676
1,970
45149
5293
71,947
7032
64 915
8984
8945
2,997
55931
4 176
69,949
6630
63,319
11036
11015
4,059
52283
4398
63,620
6357
57,263
13294
13,289
6,465
43969
1,999
58,446
6256
52,190
9770
9,767
4,903
42421
1,704
63,362
7,353
56,008
9704
9,693
4,710
46304
2,210
60,056
6,357
53,700
10,153
10,144
4,996
43,546
1,740
C Merchandise trade, by principal end use category, adjusted to
balance of payments basis, excluding military: 2
EXPORTS
1 Total (A-9)
2
3
4
5
6
7
8
9
Agricultural products
Nonagricultural products
Foods, feeds, and beverages
Foods, feeds, and beverages — agricultural
....
Grains
Soybeans
Other agricultural foods, feeds, and beverages
Nonagricultural foods, feeds, and beverages
.
.
10
11
12
13
14
15
16
17
Industrial supplies and materials
Agricultural . .
Nonagricultural
Energy products
Fuels and lubricants
Petroleum and products
Other nonagricultural
Nonmonetary gold
18
19
20
21
?,?,
Capital goods, except automotive
Machinery, except consumer-type
Civilian aircraft, complete — all types
Parts and engines for civilian aircraft
Other transportation equipment
36639
29,880
3,189
2732
838
39113
32,034
3,214
2971
893
39766
33,487
2,750
2940
589
46471
38332
3,657
3664
818
58843
47206
6,297
4354
986
74210
58,316
8,600
5820
1,474
81613
65,580
8,809
4986
2,239
73675
61,606
4,883
4,939
2,248
68887
56,067
5,818
5,206
1,795
74,115
62,532
4,143
5,734
1,706
75,645
60,754
6,742
6,393
1,755
23
?A
25
Automotive vehicles, parts and engines ...
To Canada
To all other areas
10794
7,187
3606
12229
8,494
3735
13535
9,694
3841
15 742
10,437
5304
18402
11877
6526
17540
10,287
7252
19791
11,566
8224
17,393
10,741
6651
18,657
13,895
4761
22,508
17,131
5,377
24,538
18,899
5,640
26
27
Consumer goods (nonfood), except automotive
All other, including balance of payments adjustments not included
in lines C 4-26.
6,560
4,071
8,022
3,557
8,931
4,546
10,466
5,176
12,845
6,240
16,633
8,218
16,386
11,183
14,723
10,167
14,039
10,194
13,751
14,539
12,952
17,190
28 Total (A-18)
98 185
124 228
151 907
176 001
212 009
249 750
265 063
247,642
268,900
332,422
338,863
?,9
30
Petroleum and products
Nonpetroleum products
27,018
71 167
34,572
89656
44982
106 925
42312
133 689
60482
151 527
79,263
170 487
77,794
187 269
61,269
186,374
54,988
213,912
57,315
275,107
50,525
288,338
31
Foods, feeds, and beverages .
32
33
34
35
36
Industrial supplies and materials
Energy products
Fuels and lubricants
Nonenergy products . . . .
Nonmonetary gold
37
38
39
40
....
IMPORTS
9642
11546
13981
15397
17366
18 127
18113
17 108
18,485
21,303
21,317
50637
28556
28453
22082
330
63717
37 138
36974
26580
939
79933
48006
47654
31927
1935
83613
46070
45648
37543
1765
108 976
65095
64472
43881
2912
133 291
85065
84,400
48226
5565
135 222
83960
83,020
51262
4014
111311
67,960
67,050
43,352
3,403
109 706
60,704
59,705
49,002
2,411
123,885
63,314
62,246
60,571
3,411
113,471
56,022
54,992
57,449
3,179
Capital goods, except automotive.
Machinery, except consumer-type
Civilian aircraft, engines and parts
Other transportation equipment
10166
9,521
548
97
12282
11,815
406
61
13985
13264
592
129
19705
18448
982
275
25029
23037
1518
474
31161
26,989
2985
1,188
36679
32,605
3 749
325
38,338
34,517
3,439
383
43,064
39,443
3,083
538
61,061
56,412
3,783
866
64,022
56,811
5,973
1,238
41
42
43
44
45
Automotive vehicles, parts and engines
From Canada
Passenger cars new and used
From all other areas
Passenger cars new and used
12085
5838
2803
6247
4332
16782
8025
3478
8758
5470
19359
9238
3795
10 121
6856
24993
10420
4129
14 572
9545
26433
9670
3707
16763
11 135
27,903
8711
3802
19193
13017
30,895
10 706
4295
20189
13474
34,083
13071
5,805
21,013
14,475
43,501
17,733
7,267
25,768
16,623
56,577
22,781
10,116
33,796
20,601
65,105
24,624
11,168
40,480
24,897
46
47
Consumer goods (nonfood) except automotive
All other, including balance of payments adjustments not included
in lines C 31-46.
13211
2,443
17 165
2,735
21796
2,853
28 943
3,350
30566
3,638
34445
4,823
38,664
5,491
39,660
7,142
46,969
7,175
61,262
8,334
65,158
9,790
See footnotes on page 71.
...
SURVEY OF CURRENT BUSINESS
June 1986
53
Trade—Continued
of dollars]
Not seasonally adjusted
1984
I
II
Seasonally adjusted
1985
III
IV
I
II
III
IV
I"
I
II
1986
1985
1984
1986
III
IV
I
II
III
IV
Line
I"
53,668
55,963
53,420
56,849
55,347
55,472
50,185
53,420
53,411
53,614
54,590
55,691
56,005
55,324
53,875
52,498
52,727
53,548
1
10,640
43,028
9,213
46,750
8,235
45,185
10,310
46,539
8,816
46,531
7,026
48,446
5,824
44,361
7,929
45,491
7,554
45,857
10,032
43,582
9,716
44,874
9,334
46,357
9,316
46,689
8,338
46,986
7,458
46,417
6,678
45,820
7,121
45,606
7,104
46,444
2
3
8,566
8,391
4,708
1,879
1,803
176
7,613
7,395
4,270
1,353
1,772
218
7,094
6,670
4,452
675
1,542
425
8,352
8,144
4,772
1,392
1,980
207
6,862
6,678
3,804
1,266
1,608
183
5,756
5,489
3,153
716
1,620
267
5,097
4,524
2,534
468
1,522
574
6,328
6,149
3,223
1,302
1,624
179
6,258
6,022
2,928
1,516
1,577
236
8,372
8,102
4,543
1,602
1,956
270
8,052
7,792
4,516
1,540
1,737
260
7,632
7,387
4,787
968
1,631
246
7,569
7,319
4,357
1,189
1,773
250
6,767
6,469
3,674
1,079
1,716
298
6,101
5,768
3,338
848
1,583
333
5,408
5,070
2,782
681
1,607
338
5,767
5,532
2,919
1,144
1
1,469
235
6,104
5,724
2,788
1,265
1,671
380
4
5
6
7
8
9
14,956
2,134
12,822
1,928
1,919
979
10,893
392
16,276
1,700
14,575
2,769
2,768
1,234
11,806
406
16,030
1,478
14,551
2,517
2,516
1,045
12,034
806
16,100
2,040
14,061
2,489
2,489
1,452
11,572
606
15,470
2,035
13,434
2,349
2,349
1,271
11,085
466
15,044
1,445
13,599
2,406
2,400
997
11,192
299
14,555
1,203
13,352
2,517
2,515
1,185
10,835
506
14,987
1,673
13,314
2,880
2,880
1,543
10,434
470
14,471
1,401
13,070
2,143
2,140
1,170
10,927
334
15,066
1,815
13,251
2,134
2,125
968
11,117
392
15,889
1,808
14,080
2,648
2,647
1,227
11,433
406
16,357
1,859
14,499
2,439
2,438
1,059
12,059
806
16,050
1,872
14,178
2,482
2,482
1,455
11,695
606
15,657
1,766
13,892
2,600
2,600
1,258
11,292
466
14,718
1,598
13,119
2,264
2,258
989
10,855
299
14,794
1,510
13,284
2,427
2,425
1,204
10,857
506
14,887
1,482
13,405
2,862
2,862
1,546
10,543
470
14,870
1,248
13,622
2,409
2,406
1,160
11,214
334
10
11
12
13
14
15
16
17
17,665
14,941
905
1,436
383
18,803
15,867
1,154
1,414
368
18,147
15,558
775
1,389
425
19,500
16,165
1,309
1,496
531
19,158
15,568
1,686
1,446
458
19,791
15,960
1,813
1,599
420
17,868
14,474
1,385
1,595
414
18,828
14,752
1,858
1,754
464
18,884
14,899
1,708
1,824
454
17,813
15,176
829
1,425
383
18,220
15,452
1,020
1,379
368
18,760
15,832
1,060
1,444
425
19,322
16,072
1,233
1,486
531
19,195
15,790
1,515
1,432
458
19,118
15,548
1,590
1,560
420
18,745
14,762
1,906
1,662
414
18,587
14,652
1,731
1,740
464
18,928
15,119
1,548
1,807
454
18
19
20
21
22
5,731
4,450
1,281
6,045
4,712
1,333
5,126
3,814
1,312
5,606
4,156
1,451
6,160
4,794
1,366
6,934
5,475
1,459
5,571
4,188
1,383
5,873
4,442
1,431
6,108
4,758
1,350
5,566
4,266
1,301
5,424
4,132
1,292
5,725
4,372
1,353
5,793
4,362
1,431
5,961
4,574
1,387
6,230
4,812
1,419
6,258
4,835
1,422
6,089
4,678
1,412
5,915
4,544
1,371
23
24
25
3,418
3,332
3,553
3,673
3,356
3,667
3,424
3,867
3,331
4,366
3,352
4,595
3,047
4,047
3,222
4,182
3,366
4,324
3,454
3,343
3,406
3,599
3,453
3,764
3,438
3,833
3,362
4,382
3,215
4,493
3,140
4,153
3,235
4,162
3,389
4,342
26
27
78,203
84,913
83,772
85,534
78,813
85,824
83,830
90,396
88,096
79,415
83,684
84,144
85,179
80,369
84,242
84,173
90,079
90,133
28
14,434
63,769
14,565
70,348
13,920
69,852
14,396
71,138
10,696
68,117
13,368
72,456
12,288
71,542
14,173
76,223
10,242
77,853
13,966
65,449
14,940
68,744
14,067
70,077
14,342
70,837
10,403
69,966
13,632
70,610
12,371
71,802
14,119
75,960
10,014
80,119
29
30
5,166
5,253
5,290
5,594
5,418
5,297
5,003
5,599
5,887
5,204
5,179
5,442
5,478
5,424
5,219
5,170
5,504
5,940
31
30,434
16,028
15,766
14,406
700
32,232
15,969
15,719
16,263
979
30,336
15,282
14,976
15,054
878
30,883
16,035
15,786
14,847
854
26,418
12,163
11,939
14,255
1,009
29,727
14,880
14,616
14,847
564
27,819
13,465
13,173
14,353
917
29,507
15,513
15,263
13,994
689
27,401
11,545
11,282
15,856
776
30,127
15,424
15,162
14,704
700
32,028
16,374
16,124
15,654
979
30,652
15,590
15,284
15,063
878
31,078
15,926
15,676
15,151
854
26,335
11,759
11,534
14,576
1,009
29,394
15,158
14,894
14,236
564
28,010
13,694
13,402
14,316
917
29,732
15,411
15,161
14,321
689
27,503
11,236
10,973
16,267
1,875
32
33
34
35
36
13,534
12,610
846
78
15,404
14,383
771
250
16,037
14,568
1,150
319
16,086
14,852
1,016
219
15,263
13,629
1,334
299
15,948
14,046
1,595
307
15,700
13,971
1,389
341
17,111
15,166
1,654
291
17,307
15,407
1,675
225
14,067
13,143
846
78
15,203
14,182
771
250
15,951
14,482
1,150
319
15,840
14,605
1,016
219
15,824
14,190
1,335
299
15,735
13,834
1,595
307
15,587
13,857
1,389
341
16,876
14,930
1,655
291
17,947
16,048
1,675
225
37
38
39
40
13,629
5,670
2,480
7,959
4,991
14,932
6,210
2,878
8,722
5,397
12,931
5,088
2,201
7,843
4,537
15,085
5,813
2,556
9,272
5,676
14,846
5,961
2,528
8,885
5,363
16,894
6,574
2,956
10,319
6,447
15,110
5,436
2,514
9,674
5,723
18,255
6,653
3,170
11,602
7,364
17,930
6,274
2,860
11,656
6,988
13,500
5,621
2,451
7,880
4,860
13,864
5,533
2,493
8,332
5,035
14,355
5,926
2,621
8,429
5,113
14,858
5,702
2,551
9,156
5,593
14,721
5,896
2,491
8,825
5,229
15,716
5,867
2,548
9,849
6,020
16,720
6,307
2,969
10,412
6,453
17,948
6,554
3,160
11,394
7,196
17,818
6,217
2,840
11,601
6,830
41
42
43
44
45
13,459
1,981
14,864
2,228
17,145
2,033
15,794
2,092
14,700
2,168
15,333
2,625
17,779
2,419
17,346
2,578
17,072
2,498
14,446
2,071
15,301
2,109
15,711
2,033
15,804
2,121
15,786
2,279
15,719
2,459
16,254
2,432
17,399
2,620
18,305
2,620
46
47
54
SURVEY OF CURRENT BUSINESS
June 1986
Table 3.—U.S. Merchandise
[Millions
Line
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
108,112
115,419
121,293
143,766
182,024
220,782
233,739
212,275
201,708
218,744
212,619
22095
86,016
85,555
23274
92,145
91,955
24219
97074
97,012
29 796
113,970
113,884
35212
146 812
146,647
41759
179,023
178,867
43 814
189,925
189,863
37012
175,263
175,182
36,858
164,850
164,798
38,145
180,599
180,577
29,469
183,150
183,134
19,086
19,712
19,591
25,032
29,617
35,313
37,888
31,352
31,310
31,353
23 898
18764
12,582
5350
2,865
3,317
19 307
12,199
4082
3,315
3,793
19006
10,242
2929
4393
4,371
24034
13,469
4600
5208
5,357
28436
16,690
5583
5701
6,045
34226
20,794
6658
5880
7,552
36673
22,060
8154
6,186
8,427
30235
17,087
6921
6,218
6,930
30,274
18,006
6652
5,936
6,332
30,397
18,050
6,672
5,420
6,926
22,764
12,677
3863
3,884
6,203
1985
D Merchandise trade, by end-use category, Census basis, l including
military grant shipments:
1 Merchandise exports, Census basis, including military grant
shipments.
?,
Agricultural products
Nonagrieultural products
Excluding military grant shipments
3
4
5
'.
Foods, feeds, and beverages
6
7
8
9
10
Agricultural
Grains and preparations
Wheat
Soybeans
Other agricultural goods, feeds and beverages
11
322
405
585
999
1 181
1087
1,215
1,117
1,035
957
1,134
29,651
31,864
34169
38800
57046
70 211
67300
61483
56730
61,761
58376
3 116
1,001
852
1,263
3683
1,058
922
1,704
4636
1538
1,094
2004
5327
1754
1,358
2215
6286
2213
1,183
2891
7000
2880
1,334
2786
6630
2277
1,458
2895
6 357
1980
1,547
2830
6198
1845
1,465
2887
7303
2,488
1,541
3,274
6306
1612
1,499
3196
26536
4,753
3351
993
28181
4,684
2997
1,084
29534
4763
2741
1335
33 474
4,502
2132
1 585
50759
6676
3507
1970
63211
8775
4780
2847
60 670
10,725
6019
3769
55126
13,008
6080
6 217
50 532
9,829
4138
4940
54458
9,718
4239
4,735
52070
10,167
4543
5,019
Paper and paper base stocks
Textile supplies and materials
Chemicals excluding medicinals
Other nonmetals (minerals, wood, rubber, tires, etc.)
2500
1604
7393
4208
2720
1,904
8094
4,965
2682
1870
8642
5184
2628
2197
10367
6071
3364
3262
14498
8300
4973
3746
17756
9337
4968
3,764
17962
9042
4341
2800
16 960
8206
4278
2,342
16518
8181
4597
2,521
18834
8,558
4072
2,479
18 044
8,179
Steel making materials
Iron and steel products
Other metals, primary and advanced, including advanced steel .
Precious metals (gold silver platinum)
847
2076
3,157
682
725
2,005
3,085
450
482
1875
4,034
1 169
845
2029
4,833
1356
1347
2487
10,825
5621
1496
3493
13,634
5989
900
3390
9,920
3760
779
2459
6,573
1516
862
1832
6,692
2 101
1174
1,769
7,287
2,294
36,269
38,678
39312
45 948
57 510
72600
80,173
72,678
67,602
72,484
73,680
29567
5,308
1 144
2345
1,820
24258
6650
1,923
9288
1,430
2960
2,228
2007
31657
6,590
1497
3071
2,022
25068
6,236
1,907
9748
1,617
3274
2,588
2285
33074
7,238
1637
3316
2285
25 836
5633
1997
9940
1587
4050
3264
2630
37 875
8,110
1422
3708
2981
29764
6421
2425
10462
1 755
5241
4 199
3460
45 999
9,740
1508
4637
3,595
36259
7 815
3,081
12577
1643
6773
5460
4370
57050
11,817
1816
5677
4,324
45234
9958
3,837
15306
1926
9076
7,540
5131
64524
12,920
2124
5740
5,056
51605
11 614
4,187
17243
2,232
10562
8,837
5767
60,781
12,939
2049
5,967
4,923
47842
10,306
3,704
15,666
1,795
11008
9,324
5 364
55,080
13,284
1 667
6,672
4,945
41796
6,460
3,105
13,235
1,476
12,592
11,082
4,928
61,072
14,985
1,685
7,762
5,538
46,087
6,436
3,799
13,210
1,602
15,984
14,347
5,056
59,195
13,462
1,520
6,500
5,442
45,733
6,310
3,660
12,910
1,888
15,930
14,460
5,034
5901
3169
801
6175
3,204
846
5679
2739
559
7280
3616
793
10531
6177
980
14076
8256
1474
13467
8613
2182
9 683
4,825
2214
10774
5,721
1749
9,738
4,098
1674
12,991
6,693
1494
10240
11372
12286
14 621
16 698
16168
18362
15,914
17,061
20,869
22,873
6633
3606
7637
3735
8 445
3841
9316
5304
10 173
6526
8916
7252
10 137
8224
9263
6,651
12300
4,761
15 492
5,377
17 234
5,640
, Nonagrieultural (fish, distilled beverages, etc.)
12
Industrial supplies and materials
13
14
15
16
Agricultural
Raw cotton, including linters . . . . .
Tobacco, unmanufactured
Other agricultural industrial supplies (hides tallow, etc )
17
18
19
?,0
Nonagrieultural
.
.
Fuels and lubricants 7
Coal and related fuels
Petroleum and products
21
m
23
24
25
26
27
28
29
Capital goods, except automotive.
30
33
34
35
36
37
38
39
40
41
42
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 e
Agricultural machinery and farm tractors
Business and office machines, computers etc
Electronic computers and parts
Scientific, professional and service industry equipment
43
44
45
Civilian aircraft, engines parts
Civilian aircraft, complete, all types
Other transportation equipment
31
32
46
Automotive vehicles, parts and engines
47
48
To Canada
To all other areas
1 184
1,537
6,408
1649
49
50
51
Passenger cars, new and used
Trucks, buses, and special vehicles
Bodies, engines, parts and accessories n e e
2,884
2199
5156
3,266
2068
6037
3627
2041
6618
3692
2770
8160
4720
3330
8648
4010
3052
9107
4005
3310
11047
2,930
2468
10517
4,256
1,983
10821
4,922
2,443
13504
6,072
2,745
14,056
52
Consumer goods (nonfood), except automotive
6476
7916
8817
10308
12485
16249
15868
14 307
13,496
13,411
12,611
2,840
3375
262
3573
4010
334
3763
4688
366
4603
5201
504
5400
6382
702
7890
7627
732
6976
8336
556
5,950
7971
386
5,330
7,695
471
5,057
7,908
446
4,498
7,636
477
53
54
55
Consumer durables, manufactured
Consumer nondurables, manufactured . . .
Unmanufactured consumer goods (gem stones)
56
Special category (military-type goods)
2996
2600
3208
4489
3017
3264
4 178
6,540
5,844
5,019
5,366
57
Exports, n e e and reexports
3394
3276
3909
4567
5651
6977
9971
10 001
9665
13,847
15,815
1,904
1490
1,602
1674
1,702
2207
2,030
2537
2,426
3225
2,863
4115
5,193
4778
4,898
5103
5,039
4,626
8,012
5,836
9,571
6,244
58
59
Domestic (low-value, miscellaneous)
Foreign (reexports) . . . . .
See footnotes on page 71.
55
SURVEY OF CURRENT BUSINESS
June 1986
Trade—Continued
of dollars]
Not seasonally adjusted
1984
I
II
Seasonally adjusted
1985
III
IV
II
I
III
IV
IP
I
III
II
1986
1985
1984
1986
IV
I
III
II
IV
I
Line
p
53,169
55,650
53,295
56,630
55,043
54,971
49,711
52,894
53,002
53,107
54,303
55,565
55,769
55,009
53,399
52,025
52,186
53,125
1
10,553
42,616
42,610
9,186
46,464
46,458
8,190
45,105
45,099
10,216
46,414
46,410
8,872
46,171
46,167
7,004
47,967
47,962
5,753
43,958
43,955
7,840
45,054
45,053
7,473
45,529
45,526
9,945
43,162
43,155
9,690
44,613
44,607
9,288
46,277
46,271
9,222
46,547
46,544
8,393
46,616
46,612
7,436
45,963
45,957
6,608
45,417
45,414
7,032
45,154
45,153
7,022
46,103
46,099
2
3
4
8,477
7,579
7,036
8,261
6,915
5,726
5,014
6,243
6,175
8,283
8,018
7,573
7,479
6,820
6,072
5,325
5,681
6,021
5
8,322
4,687
1,492
1,876
1,759
7,380
4,242
1,492
1,404
1,734
6,634
4,458
2,130
680
1,495
8,062
4,662
1,558
1,460
1,939
6,750
3,797
1,086
1,385
1,568
5,482
3,163
965
744
1,575
4,462
2,527
918
457
1,478
6,070
3,190
894
1,298
1,583
5,956
2,903
860
1,515
1,538
8,033
4,522
1,527
1,599
1,912
7,777
4,487
1,573
1,591
1,699
7,350
4,793
2,103
973
1,584
7,236
4,248
1,469
1,258
1,731
6,541
3,668
1,116
1,198
1,675
5,761
3,348 :
1,006
876
1,538
5,008
2,775
911
670
1,563
5,454
2,886
830
1,140
1,427
5,659
2,764
888
1,264
1,631
6
7
8
9
10
11
156
199
402
199
165
245
552
172
219
250
241
223
242
280
310
316
227
362
14,522
15,979
15,601
15,659
15,002
14,684
14,046
14,644
14,091
14,632
15,592
15,929
15,608
15,190
14,357
14,284
14,545
14,491
12
2,116
843
374
900
1,688
656
265
767
1,470
418
264
788
2,029
572
638
819
2,019
748
381
890
1,430
431
276
723
1,195
214
256
725
1,662
219
585
858
1,385
203
294
888
1,797
608
392
796
1,796
634
348
813
1,850
590
389
870
1,861
655
411
794
1,750
567
390
792
1,584
440
369
774
1,502
328
371
802
1,471
276
368
827
1,232
147
299
785
13
14
15
16
12,405
1,924
788
983
14,291
2,762
1,279
1,227
14,131
2,526
1,293
1,055
13,630
2,506
879
1,470
12,982
2,353
907
1,275
13,253
2,392
1,274
989
12,851
2,525
1,202
1,195
12,983
2,897
1,161
1,560
12,706
2,144
824
1,174
12,835
2,130
1,004
973
13,796
2,640
1,165
1,220
14,079
2,449
1,201
1,070
13,747
2,500
869
1,472
13,440
2,604
1,171
1,262
12,774
2,250
1,140
981
12,782
2,435
1,092
1,213
13,073
2,879
. 1,140
1,563
13,259
2,410
1,100
1,164
17
18
19
20
1,104
610
4,411
2,120
1,215
646
4,788
2,263
1,159
613
4,985
2,064
1,119
650
4,650
2,111
1,064
606
4,691
2,007
1,056
653
4,624
2,157
973
604
4,436
2,021
979
616
4,294
1,993
1,099
636
4,551
2,150
1,130
621
4,466
2,157
1,164
616
4,693
2,155
1,172
637
4,934
2,095
1,132
647
4,740
2,150
1,086
615
4,757
2,048
1,016
622
4,530
2,054
982
628
4,382
2,051
987
613
4,374
2,026
1,122
646
4,627
2,195
21
22
23
24
183
456
1,598
414
332
472
1,813
499
334
423
2,026
835
325
418
1,851
546
225
406
1,631
427
310
408
1,653
355
326
371
1,595
. 417
323
351
1,529
451
322
342
1,463
374
250
463
1,618
414
288
454
1,786
499
321
434
2,038
835
315
418
1,845
546
266
413
1,651
427
278
392
1,631
355
321
381
1,602
417
318
351
1,524
451
430
347
1,483
374
25
26
27
28
17,196
18,450
17,755
19,083
18,694
19,314
17,341
18,331
18,474
17,344
17,867
18,368
18,905
18,732
18,640
18,218
18,090
18,518
29
14,507
3,636
426
1,845
1,364
10,871
1,579
853
3,288
359
3,516
3,108
1,276
15,567
3,867
449
2,022
1,396
11,700
1,668
947
3,322
514
3,964
3,548
1,285
15,201
3,768
386
2,004
1,377
11,434
1,527
977
3,202
414
4,087
3,694
1,227
15,797
3,714
424
1,890
1,400
12,083
1,663
1,022
3,399
315
4,417
3,997
1,267
15,171
3,599
382
1,816
1,401
11,572
1,484
959
3,230
437
4,195
3,820
1,267
15,560
3,488
407
1,688
1,393
12,071
1,726
958
3,327
573
4,189
3,788
1,298
14,078
3,180
373
1,529
1,278
10,898
1,574
872
3,113
444
3,696
3,358
1,199
14,386
3,194
358
1,466
1,370
11,192
1,527
872
3,240
434
3,850
3,494
1,269
14,546
3,443
369
1,683
1,390
11,103
1,565
864
3,135
421
3,789
3,458
1,329
14,741
3,711
442
1,898
1,370
11,030
1,632
868
3,314
390
3,556
3,146
1,270
15,152
3,778
420
1,992
1,366
11,375
1,598
926
3,262
443
3,901
3,487
1,246
15,475
3,777
398
1,982
1,397
11,698
1,516
1,026
3,263
408
4,217
3,810
1,268
15,704
3,720
426
1,890
1,404
11,984
1,691
979
3,371
361
4,310
3,904
1,272
15,394
3,664
395
1,865
1,404
11,730
1,523
973
3,256
466
4,252
3,873
1,261
15,148
3,412
382
1,660
1,370
11,736
1,665
938
3,273
490
4,110
3,712
1,260
14,367
3,190
383
1,509
1,298
11,176
1,572
915
3,174
459
3,815
3,466
1,240
14,286
3,196
360
1,466
1,371
11,090
1,550
835
3,208
472
3,753
3,408
1,272
14,766
3,502
381
1,730
1,391
11,264
1,605
878
3,164
450
; . - 3,845
3,510
1,322
30
31
32
33
34
35
36
37
38
39
40
41
42
2,314
904
375
2,522
1,131
360
2,136
771
418
2,765
1,292
520
3,107
1,684
416
3,357
1,785
397
2,954
1,381
309
3,574
1,842
372
3,508
1,706
420
2,227
828
375
2,354
997
360
2,476
1,056
418
2,681
1,217
520
2,922
1,513
416
3,094
1,562
397
3,542
1,902
309
3,432
1,715
372
3,331
1,547
420
43
44
45
5,280
5,606
4,779
5,204
5,747
6,410
5,244
5,472
5,707
5,115
4,986
5,378
5,390
5,547
5,706
5,931
5,689
5,514
46
3,999
1,281
4,273
1,333
3,467
1,312
3,753
1,450
4,381
1,366
4,951
1,459
3,861
1,383
4,042
1,431
4,358
1,350
3,814
1,301
3,693
1,292
4,025
1,353
3,960
1,431
4,160
1,387
4,287
1,419
4,508
1,422
4,278
1,412
4,143
1,371
47
48
1,304
599
3,378
1,439
643
3,524
943
592
3,244
1,237
609
3,358
1,572
611
3,564
1,769
766
3,875
1,259
671
3,314
1,472
698
3,303
1,750
690
3,268
1,242
598
3,276
1,188
561
3,237
1,206
626
3,546
1,287
658
3,446
1,478
608
3,461
1,453
667
3,586
1,601
711
3,618
1,539
760
3,391
1,650
692
3,173
49
50
51
3,326
3,481
3,267
3,337
3,247
3,264
2,964
3,136
3,285
3,362
3,333
3,364
3,352
3,278
3,127
3,057
3,149
3,308
52
1,301
1,911
114
1,339
2,024
117
1,186
1,981
101
1,231
1,992
114
1,152
1,978
117
1,206
1,930
128
1,027
1,838
98
1,112
1,890
133
1,119
2,046
120
1,328
1,923
111
1,262
1,962
109
1,236
2,014
114
1,231
2,009
112
1,176
1,986
115
1,136
1,873
119
1,074
1,871
112
1,112
1,906
131
1,139
2,051
118
53
54
55
56
1,081
1,145
1,410
1,383
1,450
1,435
1,292
1,189
1,264
1,082
1,145
1,410
1,382
1,450
1,436
1,292
1,188
1,264
3,287
3,410
3,447
3,703
3,988
4,138
3,810
3,879
4,006
3,289
3,362
3,543
3,653
3,992
4,061
3,918
3,844
4,009
57
1,886
1,401
2,004
1,406
2,022
1,425
2,099
1,604
2,417
1,571
2,508
1,629
2,302
1,509
2,344
1,535
2,393
1,613
1,905
1,383
1,955
1,408
204
,4
1,499
2,107
1,546
2,447
1,546
2,430
1,631
2,336
1,582
2,358
1,485
2,422
1,587
58
59
56
June 1986
SURVEY OF CURRENT BUSINESS
Table 3.—U.S. Merchandise
[Millions
Line
1976
1975
1977
1978
1979
1980
1981
1982
1983
1984
1985
D Merchandise trade, by end-use category, Census basis, l including
military grant shipments — Continued:
98,509
123,478
150,390
174,757
209,458
244,871
261,305
243,941
261,724
330,514
336,228
61
Foods, feeds, and beverages
9,642
11,546
13,981
15,397
17,366
18,127
18,113
17,118
18,178
21,345
21,317
62
63
64
Coffee, cocoa, and sugar
Green coffee .
.
Cane sugar
3,747
1,561
1,865
4,144
2,632
1,154
5,468
3,910
1,076
5,118
3,728
723
5,349
3,820
974
6,255
3,872
1,988
5,230
2,622
2,142
3,917
2,730
863
3,982
2,593
1,068
4,859
3,098
1,291
4,424
3,079
848
65
66
67
68
69
Other foods feeds and beverages
Meat products and poultry
Fish and shellfish
Vegetables, fruits, nuts and preparations
Whiskey and other alcoholic beverages
5,895
1,174
1,344
972
1,033
7,402
1,480
1,842
1,162
1,174
8,513
1,316
2,041
1,490
1,287
10,279
1,908
2,198
1,681
1,744
12,017
2,590
2,625
1,874
2,014
11,872
2,404
2,599
1,946
2,233
12,882
2,051
2,950
2,625
2,399
13,201
2,125
3,132
2,448
2,513
14,196
2,046
3,601
2,567
2,624
16,487
2,119
3,694
3,009
2,874
16,894
2,279
3,891
3,240
2,880
50,645
62,925
78,333
82,380
106,348
129,211
131,423
108,202
106,108
122,582
111,900
28,480
27,044
36,986
34,598
47,598
44,961
45,573
42,197
63,930
59,888
83,788
78,795
82,058
77,107
66,365
60,835
58,348
53,686
62,259
57,323
55,009
50,543
60 Merchandise imports, Census basis
70
Industrial supplies and materials
71
72
Fuels and lubricants 7
Petroleum and products
73
74
2,716
'4,953
3,340
6,093
3,604
6,741
3,996
8,164
4,801
9,253
5,269
10,175
5,603
11,863
5,271
11,361
5,593
12,953
7,341
16,234
7,179
16,104
75
76
77
78
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)
1,178
343
2,229
1,203
1,574
392
2,579
1,548
1,584
322
3,068
1,767
1,951
399
3,765
2,049
1,851
439
4,531
2,432
2,040
455
5,187
2,492
2,555
633
5,966
2,709
2,269
740
5,711
2,641
2,675
591
6,714
2,973
3,573
641
8,441
3,579
3,476
549
8,526
3,554
79
80
81
82
83
84
85
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.)...
1,556
12,940
1,744
4,606
4,826
1,128
1,764
2,396
14,110
1,872
4,380
5,787
1,001
2,071
3,312
17,078
1,852
6,001
6,729
1,327
2,495
4,388
20,258
1,848
7,125
8,522
1,815
2,763
4,840
23,525
2,202
7,304
10,650
3,375
3,370
3,734
26,245
2,161
6,720
13,795
5,716
3,569
3,716
28,182
2,588
9,131
12,514
4,134
3,948
3,176
22,029
1,369
7,269
10,073
3,486
3,317
4,588
24,625
1,279
7,058
12,552
4,974
3,735
5,250
31,499
1,679
10,551
14,515
4,889
4,754
5,764
27,844
1,510
9,043
12,782
4,611
4,509
10,143
12,279
13,954
19,643
25,038
30,463
36,624
38,153
42,478
60,757
63,282
9,505
2,899
6,605
1,261
11,812
4,430
7,382
1,321
13,280
4,365
8,916
1,670
18,455
5,861
12,594
2,865
23,046
7,764
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
39,024
13,487
25,537
3,785
56,561
19,032
37,528
6,166
56,948
18,311
38,636
6,780
2,423
998
1,014
909
2,582
1,056
1,287
1,136
3,112
1,174
1,497
1,464
4,274
1,367
2,143
1,946
5,599
1,982
2,401
2,243
6,545
1,823
4,451
2,555
7,748
1,689
5,204
2,984
7,424
1,278
6,165
3,270
6,776
1,452
9,486
4,037
9,966
1,893
14,028
5,475
10,956
1,671
13,142
6,088
638
548
81
466
406
94
674
592
265
1,188
982
231
1,992
1,518
517
3,448
2,984
964
3,992
3,749
1,339
3,624
3,432
1,132
3,454
3,024
1,004
4,197
3,799
1,310
6,335
5,972
1,889
12,065
16,768
19,388
25,095
26,488
27,978
30,815
34,304
42,324
56,789
65,149
5,818
6,247
8,011
8,758
9,267
10,121
10,522
14,572
9,725
16,763
8,786
19,193
10,627
20,189
13,292
21,013
16,885
25,439
22,993
33,796
24,624
40,525
7,135
1,302
8,947
2,062
10,651
2,634
13,674
3,709
14,842
3,759
16,819
4,067
17,768
4,844
20,280
5,212
23,569
5,916
30,717
8,200
36,110
9,430
86
...
Capital goods except automotive
87
88
89
90
91
92
93
94
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 computer, etc
Scientific, professional, and service industry equipment
95
96
97
Transportation equipment, except automotive
Civilian aircraft, engines, parts
Civilian aircraft complete all types
98
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
105
106
107
108
109
Consumer goods (nonfood), except automotive
Consumer durables manufactured
Electric household appliances, radio, television
Consumer nondurables, manufactured
Textile products except rugs
Unmanufactured consumer goods (gems, nursery stock)
110
Imports, n.e.s. (low value, U.S. goods returned, military aircraft,
movies, exhibits).
See footnotes on page 71.
,
3,628
5,760
6,103
7,712
7,888
7,092
8,203
8,812
12,838
17,872
19,609
13,211
6,805
1,645
5,479
2,490
927
17,165
8,405
2,211
7,488
3,533
1,272
21,796
11,760
3,929
8,285
3,986
1,751
28,943
15,326
4,485
11,251
5,356
2,367
30,566
16,233
4,019
11,996
5,665
2,337
34,445
18,461
4,321
13,066
6,508
2,918
38,664
20,766
5,706
14,928
7,774
2,969
39,658
20,868
5,575
16,164
8,409
2,626
46,355
23,575
7,007
19,479
10,060
3,300
61,299
31,249
10,762
26,273
13,847
3,777
65,158
33,118
11,261
28,066
14,870
3,974
2,802
2,795
2,938
3,298
3,651
4,647
5,667
6,505
6,281
7,742
9,422
57
SURVEY OF CURRENT BUSINESS
June 1986
Trade—Continued
of dollars]
Seasonally adjusted
Not seasonally adjusted
1984
I
II
III
IV
1986
IP
1985
III
IV
I
II
I
III
II
1986
1985
1984
IV
I
II
III
IV
Line
I"
77,550
84,442
83,287
85,235
78,180
85,270
82,951
89,827
87,013
78,762
83,214
83,659
84,879
79,736
83,688
83,294
89,510
89,051
60
5,172
5,255
5,303
5,615
5,418
5,297
5,003
5,599
5,887
5,208
5,181
5,456
5,500
5,423
5,219
5,170
5,505
5,940
61
1,242
746
361
1,218
771
318
1,250
836
356
1,147
746
257
1,267
813
256
1,116
796
199
914
678
166
1,128
792
226
1,535
1,208
188
1,202
746
379
1,225
771
340
1,226
836
312
1,206
746
260
1,199
813
263
1,121
796
211
925
678
142
1,178
792
232
1,489
1,208
196
62
63
64
3,929
501
855
926
570
4,036
510
916
820
713
4,053
582
970
611
693
4,468
526
953
652
898
4,152
535
899
994
570
4,181
583
973
869
685
4,089
590
980
649
778
4,471
570
1,038
729
847
4,352
543
995
1,023
628
4,006
501
944
748
698
3,956
510
904
721
725
4,230
582
928
768
690
4,294
526
918
772
760
4,225
535
989
808
699
4,097
583
963
769
695
4,245
590
938
804
770
4,327
570
1,001
858
716
4,451
543
1,092
842
770
65
66
67
68
69
30,050
31,866
30,042
30,624
26,057
29,413
27,240
29,190
26,452
29,743
31,661
30,359
30,819
25,974
29,080
27,432
29,414
26,554
70
15,684
14,276
15,760
14,608
15,058
14,065
15,757
14,374
11,940
10,697
14,618
13,370
13,180
12,295
15,271
14,181
11,293
10,252
15,080
13,809
16,164
14,983
15,366
14,212
15,648
14,320
11,535
10,404
14,896
13,634
13,409
12,378
15,169
14,127
10,983
10,025
71
72
1,642
4,137
1,876
4,310
1,870
3,894
1,953
3,893
1,819
4,041
1,786
4,167
1,772
3,846
1,803
4,049
1,814
4,438
1,680
4,022
1,836
4,065
1,905
4,042
1,920
4,105
1,863
3,925
1,749
3,927
1,798
3,976
1,770
4,275
1,862
4,346
73
74
887
198
2,140
912
950
224
2,256
880
898
137
1,992
867
837
82
2,053
921
847
158
2,170
867
881
158
2,256
873
861
107
2,009
869
887
126
2,091
945
1,002
176
2,310
951
889
163
2,097
874
911
183
2,093
878
893
168
2,074
908
881
127
2,176
921
849
122
2,123
831
842
121
2,092
872
853
122
2,088
913
932
184
2,222
937
1,016
142
2,260
928
75
76
77
78
1,206
7,381
338
2,272
3,601
1,168
1,170
1,390
1,363
8,531
7,858
493
438
2,778 ' 2,798
4,045
3,470
1,360
1,160
1,216
1,151
1,291
7,730
411
2,703
3,399
1,202
1,217
1,228
7,030
282
2,286
3,303
1,322
1,159
1,558
7,283
405
2,415
3,268
1,121
1,195
1,550
6,893
460
2,248
3,099
1,080
1,086
1,429
6,638
363
2,094
3,111
1,088
1,069
1,468
7,440
309
2,244
3,776
1,675
1,111
1,298
7,662
422
2,485
3,587
1,168
1,168
1,292
8,304
444
2,704
3,945
1,360
1,211
1,267
7,780
421
2,694
3,510
1,160
1,154
1,392
7,754
392
2,668
3,473
1,202
1,221
1,339
7,312
367
2,485
3,303
1,322
1,156
1,452
7,056
361
2,330
3,174
1,121
1,191
1,435
6,814
437
2,157
3,131
1,080
1,088
1,538
6,663
344
2,070
3,174
1,088
1,074
1,619
7,743
408
2,448
3,779
1,675
1,108
79
80
81
82
83
84
85
13,556
15,258
15,847
16,096
15,044
15,861
15,490
16,887
17,208
14,090
15,058
15,760
15,849
15,606
15,648
15,376
16,652
17,849
86
12,630
4,260
8,370
1,318
14,394
4,808
9,585
1,627
14,600
5,000
9,600
1,576
14,936
4,963
9,973
1,645
13,639
4,434
9,205
1,634
14,110
4,494
9,616
1,710
14,032
4,513
9,519
1,677
15,166
4,870
10,296
1,760
15,407
4,788
10,619
1,810
13,164
4,546
8,618
1,319
14,193
4,824
9,369
1,626
14,515
4,842
9,672
1,576
14,689
4,820
9,870
1,645
14,200
4,726
9,474
1,635
13,898
4,502
9,396
1,709
13,919
4,361
9,557
1,677
14,930
4,722
10,209
1,760
16,048
5,110
10,938
1,812
87
88
89
90
2,285
461
3,086
1,219
2,585
538
3,505
1,331
2,565
452
3,575
1,432
2,531
442
3,862
1,493
2,504
438
3,338
1,292
2,859
448
3,126
1,474
2,725
379
3,111
1,626
2,868
406
3,567
1,696
2,975
460
3,623
1,750
2,372
456
3,226
1,244
2,429
484
3,497
1,332
2,528
490
3,662
1,416
2,636
463
3,642
1,483
2,597
434
3,488
1,319
2,688
403
3,120
1,477
2,689
409
3,177
1,605
2,981
425
3,356
1,686
3,091
458
3,790
1,788
91
92
93
94
926
848
292
865
: 771
222
1,246
1,154
511
1,159
1,025
285
1,405
1,334
480
1,750
1,595
602
1,458
1,389
351
1,722
1,654
456
1,801
1,675
466
926
848
292
865
771
222
1,246
1,154
511
1,159
1,025
285
1,405
1,334
480
1,750
1,595
602
1,458
1,389
351
1,722
1,654
456
1,801
1,675
466
95
96
97
13,540
15,114
13,006
15,129
14,890
16,894
15,110
18,255
17,930
13,412
14,047
14,429
14,901
14,765
15,717
16,720
17,947
17,818
98
5,581
7,959
6,392
8,722
5,163
7,843
5,857
9,272
5,961
8,929
6,575
10,320
5,436
9,674
6,653
11,602
6,274
11,656
5,532
7,880
5,715
8,332
6,000
8,429
5,746
9,156
5,896
8,869
5,867
9,850
6,307
10,412
6,554
11,394
6,217
11,601
99
100
7,471
1,836
8,275
2,259
6,738
1,944
8,233
2,162
7,935
2,264
9,404
2,441
8,236
2,124
10,534
2,601
9,847
2,640
7,311
1,850
7,528
2,084
7,734
2,168
8,143
2,098
7,764
2,300
8,568
2,245
9,422
2,346
10,356
2,539
9,670
2,701
101
102
4,233
4,581
4,324
4,734
4,691
5,049
4,750
5,120
5,442
4,250
4,435
4,528
4,660
4,702
4,904
4,952
5,052
5,447
103
13,464
6,604
2,060
5,950
3,131
910
14,865
7,479
2,505
6,497
3,413
889
17,156
8,520
3,111
7,656
4,172
980
15,814
8,645
3,086
6,170
3,132
998
14,700
7,424
2,522
6,328
3,480
948
15,334
7,890
2,729
6,543
3,444
901
17,779
8,742
3,023
8,014
4,286
1,022
17,345
9,061
2,986
7,181
3,661
1,103
17,072
8,385
2,844
7,624
4,097
1,063
14,451
7,261
2,352
6,281
3,292
909
15,302
7,753
2,631
6,653
3,481
896
15,722
8,056
2,853
6,680
3,538
986
15,824
8,178
2,926
6,659
3,537
987
15,786
8,175
2,861
6,666
3,630
946
15,719
8,132
2,837
6,679
3,500
907
16,254
8,239
2,744
6,986
3,616
1,029
17,399
8,572
2,820
7,735
4,124
1,092
18,304
9,227
3,236
8,017
4,258
1,060
104
105
106
107
108
109
1,768
2,085
1,932
1,957
2,071
2,471
2,329
2,551
2,464
1,858
1,965
1,933
1,986
2,182
2,305
2,342
2,593
2,586
110
58
SURVEY OF CURRENT BUSINESS
June 1986
Table 4.—Selected U.S. Government Transactions
[Millions of dollars]
1985
1984
Line
1984
1983
1985
I
III
II
I
IV
1986
III
II
IV
I"
16,303 18,559 18,664
Al U.S. Government grants (excluding military) and transactions increasing Government assets,
total.
4,517
4,257
4,553
5,232
4,088
4,809
4,795
4,973
3,746
By category
2
3
4
Grants, net (table 1, line 32, with sign reversed)
Financing military purchases 1
Other grants
6,286
934
5,352
8,536 11,196
2,022 2,964
6,514 8,232
1,472
350
1,122
1,522
354
1,168
2,232
807
1,426
3,310
512
2,799
2,224
874
1,350
2,577
891
1,687
3,087
564
2,523
3,307
635
2,672
2,063
668
1,395
5
6
Credits and other long-term assets (table 1, line 42, with sign reversed)
Capital subscriptions and contributions to international financial institutions, excluding
IMF.
Credits repayable in U S dollars
Credits repayable in other than U.S. dollars
.
Other long-term assets
9,966
1,369
9,640
1,427
7,579
1,302
2,792
324
2,735
311
2,190
376
1,922
415
1,793
335
2,495
340
1,727
336
1,564
290
1,717
208
8,025
151
421
7,656
160
397
5,754
82
442
2,321
54
93
2,294
33
98
1,686
22
105
1,355
50
101
1,301
52
104
2,043
6
105
1,251
14
127
1,159
9
106
1,393
17
100
Foreign currency holdings and short-term assets, net (table 1, line 44, with sign reversed)
51
79
382
-74
-111
82
252
-23
(*)
-28
130
-14
-1
-10
70
-19
-262
1
-20
27
102
-38
-35
1
3
56
111
(*)
43
105
10
35
104
(*)
13
17
(*)
11
29
(*)
9
20
(*)
10
40
(*)
8
20
10
12
25
(*)
7
32
(*)
8
27
(*)
11
24
30
7
8
9
10
11
Receipts from:
Sales of agricultural commodities
Interest
.
Repayments of principal.
Reverse grants
Other sources....
Less currencies disbursed for:
Grants and credits in the recipient's currency
Other grants and credits
Other U S Government expenditures
Assets acquired in performance of U.S. Government guarantee and insurance obligations,
net.
Other assets held under Commodity Credit Corporation Charter Act, net
. ..
Assets financing military sales contracts net 2
12
13
14
15
16
21
22
23
18
42
15
18
6
15
3
3
5
2
4
25
3
239
247
5
5
254
560
2
4
240
-53
4
1
(*)
(*)
(*)
(*)
68
269
72
67
57
162
1
5
56
62
50
6
50
-202
67
25
1
4
73
118
62
-50
-42
-5
14
-1
-1
-2
(*)
(*)
(*)
4
9
(*)
75
17
18
19
20
99
11
8
-38
16
-53
83
-61
-23
13
17
1,369 1,427 1,302
1,642 1,866 2,258
9,469 11,039 12,195
2,573 2,532 1,779
246
492
973
524
492
468
154
190
185
254
240
239
446
291
345
324
310
2,614
666
416
106
49
68
100
311
631
2,108
896
156
125
45
72
58
376
554
2,717
460
242
130
44
57
88
415
372
3,601
510
160
132
52
56
45
335
512
2,545
373
46
111
32
50
184
340
705
2,925
623
35
145
42
50
42
336
680
3,145
399
34
124
40
67
104
290
362
3,580
385
130
143
40
73
117
208
443
2,476
336
38
123
65
62
120
10,659 13,280 12,212
5,525 6,299 6,144
1,747 2,329 2,382
2,785 2,888 2,945
2,119 1,829 1,536
3,704
1,673
583
885
712
3,430
1,491
663
631
420
3,540
1,719
580
894
358
2,606
1,416
502
477
339
3,068
1,554
573
774
289
3,710
1,686
679
1,058
567
2,785
1,531
541
537
267
2,649
1,373
588
575
414
2,920
1,307
643
603
303
4
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 A 14 and A 16)
Less foreign currencies 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 services 4
Financing of military sales contracts by U S Government 5 (line C6)
By long-term credits
42
43
44
45
By grants 1
U.S. Government grants and credits to repay prior U.S. Government credits 1 4 6
U.S. Government long- and short-term credits to repay prior U.S. private credits and
other assets.
Increase in liabilities associated with U.S. Government grants 7and 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 repayment of private credits and other assets, and (c) financing
expenditures on U.S. merchandise.
Less foreign currencies used by U.S. Government other than for grants or credits (line
A19).
2
3
4
5
6
7
Receipts of principal on U S Government credits
Under Agricultural Trade Development and Assistance Act and related programs
Under Foreign Assistance Act and related programs
Under Export-Import Bank Act
Under Commodity Credit Corporation Charter Act
Under other credit programs
..... .
8
11
Associated with U.S. Government grants and transactions increasing Government assets
(including changes in retained accounts) 7 (line A42).
12
13
14
Associated with other liabilities
15
Sales of space launch and other services by National Aeronautics and Space
Administration.
Other sales and miscellaneous operations
See footnotes on page 71.
211
496
219
536
66
358
138
92
191
485
101
119
492
251
91
271
92
148
161
47
146
300
313
120
1
5
3
4
'(*)
-6
4
-1
5
-4
-1
3
62
66
41
19
8
3
20
10
7
5
3
4
239
254
240
68
72
57
56
50
50
67
73
5,279
6,456
813
827
1,013
2,625
1,020
1,104
2,009
2,324
826
916
1,292
935
1,230
1,270
1,210
1,405
813
51
284
420
47
12
1,183
160
338
555
24
105
830
30
239
544
10
7
1,125
51
308
743
23
(*)
1,161
68
346
663
78
6
1,100
140
287
531
38
104
1,296
84
475
708
21
7
109
,
5,012
4,499
4,644
896
....
4,608
366
1,283
1,925
64
970
4,070
333
1,329
2,173
108
127
4,215
288
1,180
2,481
150
117
790
41
319
414
9
8
1,284
81
389
783
28
3
404
429
429
105
113
725
436
483
159
576
980
10,177
639
8,575
689
7,984
174
2,156
770
-1,009
641
80
607
633
2,785
2,119
2,888
1,829
2,945
1,536
666 1,059
12,221 10,103
Associated with military sales contracts 2 ..
.
U.S. Government cash receipts from foreign governments (including principal repayments
on credits financing military sales contracts), net of refunds 1.
Less U S Government receipts from principal repayments
Less U.S. Treasury securities issued in connection with prepayments for military
purchases in the United States.
Plus financing of military sales contracts by U S Government 5 (line A36)
By long-term credits
By grants 1
.
.
Less transfers of goods and services (including transfers financed by grants for military
1 2
purchases, and by credits)
(table 1, line 3).
174
111
526
1,396
Receipts on other long-term assets
6
7
8
9
10
1,409
491
503
5,644
Cl U.S. Government liabilities other than securities, total, net increase ( + ) (table 1, line 55)
4
5
1,059
765
1,293
4
Estimated dollar payments to foreign countries and international financial institutions .
Bl Repayments on U.S. Government long-term assets, total (table 1, line 43)
2
3
666
310
593
105
109
110
-154
-144
-445
606
58
263
192
660
1,622
-143
2,428
53
2,370
-358
2,523
558
1,405
132
1,370
357
2,686
206
1,953
136
186
104 -1,050
135
728
183
299
116
840
179
-482
165
-585
146
860
219
(*)
885
712
631
420
894
358
477
339
774
289
1,058
567
537
267
575
414
603
303
1,409
9,001
174
2,628
211
2,457
536
2,602
138
2,417
485
2,699
492
2,209
271
2,195
161
1,898
3<i
2,132
£
4
(*)
-6
103
109
105
i
1
5
-259
271
77
-203
360
88
-211
109
-144
-18
33
31
-89
113
-12
-11
131
51
-86
84
18
-91
38
-16
50
-11
-36
-65
69
41
-15
36
69
20
37
97
L
-1
— L
-80
28
-48
-1
— 9(
32
-44
-13
24
n.a.
14
11
June 1986
59
SURVEY OF CURRENT BUSINESS
Table 5.—Direct Investment: Income, Capital, Royalties and License Fees, and Other Services
[Millions of dollars]
Line
1 QQQ
I
1986
19 85
19 34
1 no A
II
III
4,725
7,612
2886
5,833
3306
2528
1,108
405
1 513
3175
6,585
3410
4327
3218
1 109
1152
I
IV
II
III
IV
I"
U.S. direct investment abroad:
1
2
3
4
5
6
7
8
9
Income (table 1, line 12)
Income before capital gains/losses
Capital gains/losses (gains +• losses
Earnings (net of withholding taxes)
Distributed earnings
Reinvested earnings
Interest (net of withholding taxes).
U.S. parents' receipts
U S parents' payments
20,499
26,813
6314
24,107
16967
7 139
-3608
1,787
5395
21,509
30,192
8683
25,897
16771
9 126
4388
1,707
6 095
34320
29,420
4899
38,582
17918
20 664
-4262
1,618
5880
7617
7,512
373
4903
-9,900
4997
..
)1
3 858
1680
-8,882
7202
9126
6948
1036
7984
18752
2280
-6,675
8956
20664
368
455
87
1999
10
11
12
13
14
15
16
17
Capital (table 1, line 46)
Equity capital
Increases in equity capital 23
Decreases in equity capital
Reinvested earnings. ..
......
Intercompany debt
U.S parents' receivables
U.S. parents' payables ..
18
19
20
Royalties and license fees (table 1 line 7)
U.S. parents' receipts
U.S parents' payments
3597
3,718
121
3 923
4,018
21
22
23
Other private services (table 1, line 9)
U.S. parents' receipts..
U S parents' payments
2,532
4,544
2 012
105
8614
3169
5445
998
394
1 392
697
-1,660
962
5445
797
8,238
4,285
5,992
7,275
7,044
8,483
963
2491
2759
9,335
7,123
5,356
2904
4432
7078
6431
924
45
-1 131 -1,071 -1,097
387
392
427
482
1483
1 463
1 612
1 579
597
5
-1,861
9,723
6,031
3,692
10,805
3630
7,175
-1,082
411
1493
12,074
9,070
3,003
13,087
6,951
6,135
1,013
428
1440
10,590
8,391
2,199
11,565
3,653
7,912
-976
406
1382
-6,004
2,601
1,380
3,982
-7,175
1431
-1,450
19
-8,599
22
-2,339
2,317
6,135
-2,442
48
2,490
11,425
-122
-1,011'
oS9
7,912
-3,392
-338
3,053
3254
269
-2,118
2387
45
3478
958
4436
346
249
-1,479
1,588
4495
-548
-1,477
928
-6,431
2484
1514
970
1 164
1,199
858
879
20
906
938
32
886
918
32
1,473
1,501
-28
902
926
-24
611
3533
4123
4,235
880
900
20
956
976
20
2,437
4,465
2028
2,526
4,811
2285
570
588
645
616
1,049
1,105
1,120
1,191
1,119
503
620
1,156
535
599
1,171
572
690
1,365
675
658
1,302
644
20499
9441
4585
6,473
26,813
10612
8,158
8043
.
1247
-3,243
1997
2528
4572
1417
5989
21509
9729
5912
5,868
30,192
10995
10,887
8309
34 320
9204
14 954
10,162
29,420
9664
11,863
7893
7617
2847
2789
1,981
7,512
2831
2,763
1918
4725
2380
1383
962
7,612
2554
2,935
2123
3 175
2135
5992
2368
1694
1,930
8,483
3,163
2,932
2388
4285
1415
1,527
1,342
7,044
2,612
2,599
1832
8 238
2244
3,337
2,658
7,275
2,248
2,869
2158
9723
2,140
4,518
3,065
6,031
1,800
2,326
1906
12,074
3,404
5,573
3,097
9,070
3,004
4,069
1,997
10,590
3,576
3,752
3,262
8,391
2,846
3,109
2,435
-4,903
1680
389
2833
-7,139
1567
458
5 114
11669
3945
1623
6102
1,680
-1,247
262
13
998
-2,528
1451
206
871
4572
1,402
114
3055
5
173
322
144
-1,109
927
944
581
397
733
269
134
100
235
-45
738
-56
727
3478
-953
482
-2,043
249
81
— 105
273
-924
117
-378
663
1,021
101
451
469
-548
37
-401
-184
-6,431
-1,428
-2,540
2463
2,484
2,295
504
-315
2,601
2,577
-319
343
-7,175
-776
3,501
-2,898
-1,431
922
410
918
-22
-90
294
362
-6,135
347
4,095
-1,693
2,442
-10
189
-2,244
-122
-174
227
175
-7,912
2,359
2,706
-2,846
3,392
-756
124
-2,512
7 139
11669
5916
5753
95
112
4 144
479
517
1856
1 109
1710
i'l88
2898
922
943
20
634
486
35
546
1728
-924
1021
567
By industry of affiliate: 4
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
Income (line 1)
Petroleum
Manufacturing
Other
Income before capital gains/losses (line 2)
Petroleum
Manufacturing
Other
Capital:
Equity capital (line 11)
Petroleum
Manufacturing
Other
Reinvested earnings (line 14, or line 6 with sign reversed)
Petroleum
Manufacturing...
Other
Intercompany debt (line 15)
Petroleum
Manufacturing. . .
Other.......
.....
67
512
1235
-9,126
3429
964
4732
6948
3,358
623
4214
2280
2604
1 119
795
-20,664
2434
10514
7716
368
1464
1 176
3008
-697
22
102
617
—5,445
1789
1646
2010
4144
2 328
653
2469
45
996
6,585
2447
2,258
1881
1 125
1710
Foreign direct investment in the United States:
44
45
46
47
48
49
50
51
52
Income (table 1, line 27).
.
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
53
54
55
56
57
58
59
60
Capital (table 1, line 59).
Equity capital
Increases in equity capital 23
Decreases in equity capital
Reinvested earnings
Intercompany debt
U.S. affiliates' payables
U.S. affiliates' receivables
61
62
63
Royalties and license fees (table 1 line 22)
U.S. affiliates' payments
U S affiliates' receipts
64
65
66
Other private services (table 1, line 24)
U S affiliates' payments
U.S. affiliates' receipts
9229
9437
209
6279
3383
2896
2950
3 553
603
8068
7453
—615
5 040
3934
1 106
3028
3 713
2356
2250
-105
1 780
685
918
861
576
705
129
2569
2766
198
1766
850
916
803
962
159
2294
2205
-89
1536
817
719
758
916
158
2010
-2,215
205
1 197
-798
400
813
971
158
-2,475
-2,166
309
1,766
-1,082
684
-709
869
160
-2,691
-2,153
538
-1,959
-1,465
494
-732
898
166
-2,144
2,281
137
-1,332
639
-692
-812
972
160
759
-853
94
17
748
764
776
-975
199
2,095
-1,627
-468
1,388
-980
-407
707
895
188
11 946
8699
10200
1 501
^
5598
5169
-429
3316
3227
25359
15044
17378
2333
2896
7418
8,658
1 240
17 856
11 902
14949
3 046
1 106
4848
7336
2488
5198
3622
4014
391
861
715
929
214
9009
3577
4171
4 853
2978
3674
4516
5,519
1003
1156
456
700
6298
4,867
5519
652
400
1,031
1,753
722
3607
2,545
3003
458
684
378
1,247
869
5757
2,518
3318
800
494
2,745
2,928
183
6,111
3,254
4,101
847
692
2,164
2,036
128
2,382
3,585
4,526
941
-764
439
1,125
— 1,564
1,288
315
1,396
1081
407
565
983
-417
597
665
68
467
570
103
137
153
16
126
138
12
152
174
21
182
201
19
128
143
15
96
123
27
119
— 140
21
124
-163
39
143
-175
31
694
1 330
2,023
212
292
504
114
308
422
22
380
402
131
371
502
88
335
423
131
333
465
195
301
496
279
-361
639
228
-358
586
2010
2,475
663
475
1337
2166
-665
479
-1,022
2691
735
510
1445
2153
-708
538
-907
-2,144
864
347
933
2281
-838
-343
-1,099
-759
-162
216
813
853
337
-176
-339
-2,095
411
351
1,333
1627
437
-316
-873
2,545
63
1,028
1,454
684
329
89
266
378
-74
1 198
-746
2,518
144
1,599
775
494
240
152
101
2745
1292
1084
369
3,254
318
1,133
1,804
692
460
12
245
2164
61
1673
430
3,585
309
946
2,331
-764
-146
-685
67
439
-276
418
-580
315
17
-255
553
407
108
-51
351
565
-155
287
434
89
2282
2812
530
89
..
....
3159
5222
2063
405
465
60
595
916
696
719
471
478
1 163
1,634
1351
1,829
5598
1657
819
3122
5 169
-1,658
962
-2,549
9229
2788
2444
3996
9437
-2*694
2815
-3,928
8068
2 425
1 116
4 528
7 453
-2,548
1537
-3,368
2356
594
625
1 137
2250
—585
731
-935
2569
703
890
976
2766
-735
899
-1,132
2294
669
583
1042
2205
-616
673
-916
8699
495
2136
6,067
89
565
578
102
3 159
552
1984
1,727
15,044
644
3,169
11,231
2,896
1,628
860
408
7418
4,937
37
2,517
11 902
3,622
280
966
2,377
861
288
211
362
715
-370
236
1320
3,577
-100
2978
237
964
1,777
719
431
233
56
1 156
313
490
1333
By industry of affiliate: 4
67
68
69
70
71
72
73
vT ',}|
75
76
77
78
79
80
81
82
83
84
85
86
Income (line 44)
.
Petroleum
Manufacturing
Other
Income before capital gains/ losses (line 45)
Petroleum
Manufacturing
Other. . .
... .
CapitalEquity capital (line 54)
Petroleum
Manufacturing
Other
Reinvested earnings (line 57, or line 49 with sign reversed)
Petroleum
Manufacturing
Other
Intercompany debt (line 58)
Petroleum
Manufacturing
Other
See footnotes on page 71.
j.. ... .
833
4705
6,364
1,106
883
456
679
4848
1,002
4373
-527
455
3,222
916
444
495
-23
4516
4,966
135
-585
822
347
842
2215
-758
512
-945
4 867
228
784
3,855
400
466
79
13
1031
27
554
450
60
SURVEY OF CURRENT BUSINESS
June 1986
Table 6.—Securities Transactions
[Millions of dollars]
I
Al Foreign securities, net U.S. purchases ( — ), (table 1, line 47 or lines 2 +
12 below).
2
Stocks, net U.S. purchases
3
4
5
12
18
19
20
21
22
23
III
IV
I"
-1,185
-3,736
-2,577
-2,325
-1,664
-1,411
-6,138
-2,102
1 151
3 959
386
20
741
776
1 951
210
1,009
789
-435
72
-25
13
223
40
-166
37
-40
-85
72
-11
-152
187
2421
1827
-1026
170
880
116
697
604
-361
265
383
741
3524
1576
-687
1 160
— 111
675
411
83
-46
136
244
52
203
72
44
54
236
159
575
218
-6
8
45
394
736
541
-353
83
142
136
1866
-851
-386
297
-566
152
199
-307
-212
152
371
111
857
-213
-172
267
-96
281
-602
-205
83
—444
180
133
-2,102
556
-116
-536
1,097
87
3,930
—4,018
287
812
444
2,961
— 626
—2,116
-654
-622
-4,036
5 281
5669
5 596
680
2 287
864
1838
1 278
1610
1210
1498
1863
-1,771
1779
519
1212
-3,461
992
-418
798
-3,223
400
-934
1039
-163
492
-25
-1,738
250
-199
100
-350
250
— 114
150
-1,210
-290
-200
-195
593
-497
-200
-739
174
-1,210
-1,226
-885
-385
96
-497
2582
1 113
398
18
760
-798
1 509
-2229
198
55
-566
-1,039
25
475
100
18
62
1672
298
150
350
260
48
534
-80
100
200
-350
527
-831
239
-900
481
66
100
56
150
-576
548
45
-90
593
10
-68
-174
543
-148
198
-71
-337
-272
885
497
2095
510
885
555
145
2960
425
1595
590
350
2125
765
150
375
165
75
825
75
450
150
150
550
50
350
150
525
500
525
575
625
400
400
325
275
350
725
820
150
420
125
125
125
100
200
300
275
56
— 2243
2506
581
326
1392
1221
5647
4873
114
1 124
3416
547
-6,260
5407
376
472
5809
147
-832
687
221
115
643
710
793
510
122
292
1333
405
1431
1202
23
573
476
1673
-2,591
2474
190
144
964
127
-780
969
-87
41
1035
-1,006
-2,702
1752
340
193
1,163
31
-1,629
1600
115
250
1,795
301
-1,149
1086
8
374
1,816
-2,798
-5,269
-5,495
362
1,728
1,105
8,636
12,759
50,859
1,449
460
1,510
9,340
9,567
7,223
11,628
22,441
18,793
6395
Redemptions of U.S.-held foreign bonds 3 ...
Western Europe
Canada
Other countries .... ;
International financial institutions 2
29
30
31
32
33
34
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 official agencies, net foreign purchases ( + ), (table 1, line 61
or lines 2 + 10 below).
Stocks, net foreign purchases
3
4
5
6
7
8
9
II
96
835
-1,212
2
24
25
26
27
28
2
-832
I
823
2315
.. .
New issues in the United States
By issuer:
Central governments and their agencies and corporations
Other governments and their agencies and corporations *
Private corporations
.. .
International financial institutions 2
By area:
Western Europe
Canada
Japan
Latin America
Other countries
International financial institutions
671
IV
3 128
.
Bonds, net U.S. purchases
14
15
16
17
-7,977
III
II
-454
90
906
4855
1 049
117
1048
—790
— 1,140
551
1,375
4,069
6,096
3947
1046
1325
1771
1 151
274
1023
3061
48
1 542
676
1691
148
612
2079
730
75
1686
355
298
2123
168
360
181
232
721
39
121
494
81
254
147
169
8
216
1 736
227
1014
154
472
76
292
999
-100
455
-143
329
103
17
1359
-357
412
-253
217
191
193
271
67
-89
-248
-23
191
654
862
232
-87
693
169
124
468
2847
788
513
1,494
-8
422
808
4763
598
1,406
2,263
139
348
846
401
577
2,558
10,130
10,707
6,672
10,253
18,372
12,697
3 879
Transactions in outstanding stocks net
Western Europe....
..
Of which United Kingdom
Canada . .
..
Japan
Other..
13
-5,082
19
-1458
633
New issues in the United States..
Of which Canada ...
Japan
6
7
8
9
10
11
-7,007
1986
*55
19*34
By area:
Western Europe
Of which Germany
Switzerland
.
United Kingdom
Canada....
Japan
'
Other
,
1400
-80
548
-272
10
Corporate and other bonds, net foreign purchases
2,241
13,666
46,004
11
12
13
By type:
New issues sold abroad by U.S. corporations 4
U.S. federally-sponsored agency bonds, net
Other outstanding bonds net
320
461
1460
10,383
1 162
2121
37,597
4651
3756
57
458
180
36
361
1,881
383
294
8,322
800
1008
9,628
644
435
5,274
639
759
10,238
1,227
-1,212
12,457
2,141
3,774
9,977
1,597
1,123
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
1204
345
583
406
123
682
223
9
11 192
1 727
639
8436
62
1455
787
294
39424
2001
3987
32488
188
5,420
1086
114
154
46
135
278
56
218
65
20
160
297
18
184
43
306
79
75
1745
454
66
1085
12
391
372
38
9 133
930
690
7257
25
540
271
161
9852
202
808
9144
49
428
354
24
5,313
151
225
4,690
38
1,117
187
17
8,759
439
889
7,114
—70
1,442
115
7
15,500
1613
2,065
11,540
171
2,433
430
162
9,585
-118
1,209
8,351
-226
2,518
478
342
789
476
813
985
4,638
505
13
582
2075
20,994
8,427
295
1 602
114
21,359
1036
3
27
620
-234
567
146
501
469
3,981
421
84
10
534
5,029
457
220
118
452
12,218
-1384
306
44
73
1,743
5580
136
935
102
7,519
2,965
46
413
35
5,050
1266
171
210
50
7,047
1,375
177
97
266
7,063
5,752
9,942
3,840
2,827
3,044
231
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 A 14)
4
U S stocks (part of line A14)
5 Other foreign transactions in U.S. Treasury bonds and notes (table 9,
lineB4).
6 New issues of bonds sold abroad by U.S. corporations' finance affiliates
in the Netherlands Antilles (included in table 5, line 17) 4.
See footnotes on page 71.
40
40
SURVEY OF CURRENT BUSINESS
June 1986
61
Table 7.—Claims on and Liabilities to Unaffiliated Foreigners Reported by U.S. Nonbanking Concerns
[Millions of dollars]
(Credits +; increase in U.S. liabilities or decrease in U.S. assets.
Debits — ; decrease in U.S. liabilities or increase in U.S. assets.)
Al Claims total (table 1 line 48)
?,
3
4
5
6
7
8
9
10
11
12
13
14
....
By area: Industrial countries ..
Of which United Kingdom
Canada
Caribbean banking centers 3 . .. ...
Other
Commercial claims
Denominated in U.S. dollars
Denominated in foreign currencies
.
.
II
III
1 564
1 541
1 103
1 058
1706
1 517
1,242
707
Commercial liabilities
Denominated in US. dollars
Denominated in foreign currencies
.
By area: Industrial countries ...
Members of OPEC 4
Other
1 665
4,587
3979
608
1,050
1,137
1,526
840
210
390
292
1243
106
1 375
151
971
271
5464
-909
3937
650
245
1295
484
198
1 199
-62
1 187
339
1 067
175
2011
1687
2652
960
133
-626
672
195
988
557
119
493
210
335
28
-42
195
1248
-139
1536
671
810
84
74
531
212
513
733
-22
309
-238
5
365
651
494
139
351
248
615
873
682
191
427
15
582
88
-128
743
222
31
452
25
-26
41
-66
73
544
50
427
188
104
87
431
4
174
159
319
190
623
450
82
83
237
83
345
156
19
252
4,704 — 1,172
5,066
3937
3853
84
4284
4044
240
1 549
1009
2723
12
— 118
484
91
9Q9
478
231
-231
225
366
742
1 719
977
1095
474
457
564
2,229 — 1 159
613
57
767
430
146
220
.
By type: Trade payables
.
Advance receipts and other liabilities.. . . .
2
5 081
87
121
-174
By area: Industrial countries 2
Of which United Kingdom
Caribbean banking centers 3
Other. . . .
I
252
392
Financial liabilities
Denominated in US dollars
Denominated in foreign currencies
See footnotes on page 71.
IV
-63
77
Bl Liabilities, total (table 1, line 62).
14
15
16
III
— 140
. .
2
By area' Industrial countries 2
Members of OPEC 4
Other
12
13
II
3 627
-1,723
1879
—2,656
-90
By type' Deposits
Other claims *
17
18
19
9
10
11
I
-6,373
5987
386
Financial claims
;
Denominated in US dollars
Denominated in foreign currencies
By type: Trade receivables
Advance payments and other claims
5
6
7
8
1984
6 513
15
16
2
3
4
1983
1985
. .
283
484
860
430
58
308
751
1 518
-320
110
295
1 145
1 806
1084
1 440
1 123
23
23
384
1986 Amounts
19 85
19 84
Line
782
IV
I
standing
Dec. 31,
1985
418
n.a.
28,220
1,862
402
591
n.a.
1 837
25
-2,512
2307
-205
993
908
201
n.a.
n.a.
18,031
16,381
1,650
191
516
1711
151
2479
-33
332
661
n.a.
n.a.
14,804
3,227
745 -1735
-858
174
186
275
1 124 — 1,011
_7
234
1,166
296
766
-283
110
n.a.
n.a.
na
n.a.
n.a.
10,075
5,428
3,256
7,156
800
-575
n.a.
n.a.
na
10,189
10,039
150
156
995
124
227
-76
80
-165
26
393
42
-305
149
1,101
106
-762
187
n.a.
na
8,750
1,439
13
1
27
225
87
_]_
227
118
242
56
7
-219
523
194
278
356
_1
-218
na
n.a
n.a.
5943
1,069
3,177
4,714
3056
2020
2,156
1,837
589
2,232
n.a.
29,102
4336
4314
22
2704
2 456
248
1979
340
107
247
7
1 113
1054
59
na
2 680
804
233
254
2 049
' 70
1876
na
na
12,856
10835
2021
145
256
4 150
41
672
635
2330
298
578
73
173
219
2314 -1206
262
92
163
214
-5
65
621
493
-489
122
594
504
541
22
na
na
n.a.
na
9068
3,822
3,026
762
1604
1,025 -1,201
30
626
335
na
1 180
-424
171
164
1 119
243
37
na
n.a.
16 246
15060
1,186
32
47
-327
1 198
-406
160
495
991
128
na
n.a.
6,685
9,561
107
33
99
850
480
90
437
631
536
670
322
13
594
450
75
na
na
8,854
3421
3971
41
567
215
409
31
378
352
593
241
100
59
111
605
21
399
898
546
436
174
520
165
504
39
920
1 737
465
9
280
392
727
62
SURVEY OF CURRENT BUSINESS
June 1986
Table 8.—Claims on Foreigners Reported by U.S. Banks
[Millions of dollars]
19*54
(Credits + ; decrease in U.S. assets.
Debits — ; increase in U.S. assets.)
Line
1983
29928
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
By type:
Banks own claims
II
IV
III
20,146
17,817
5 -20298
1,557
— 7,241
I
II
335
III
3,450
4,009
IV
Amounts
IP
standing
March
31, 1986
-8,485
7,842
438,887
15,263
-8,573
935
141
5,632 -11,423
3,010
414,259
8850
538
1825
19 788
14981
—5868
1,569
1,702
6686 -10,495
6,413
394,695
9823
1095
4669
6737
18,218
9080
1906
6694
-2,916
1526
1214
4,429
-9,451
7808
1694
-835
6,759
7 571
138
789
-4,215
2384
-1,623
2,354
-1,502
1085
313
1,673
-5,161
4764
638
1,461
3,359 -14,914
1803
1428
904
51
995
2,565
438
5,702
-11
284
173,997
110,542
60,342
49,814
8881
2,901
-10232
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
6553
4,976
54
6 158
11,864
4,621
4949
2,301
3,583
3983
-2,661
-2,688
7 114
5,816
-101
4735
-480
-740
381
3,207
763
2742
2,534
2,103
956
2,624
-537
—4753
3,499
2,292
6,122
1,843
333
88,278
52,320
61,807
2,033
775
-5,468
5147
159
-355
1755
520
-1,883
—2,122
1,223
-2,419
2,230
-4
2,403 -10,161
-1196 -1,696
324
2,436
5,684
3,859
60
85,719
58,222
48,349
-634
— 10218
5362
3636
-3,270 -12,060
2784
6071
3,979
2014
-368
752
1904
1,471
-1,561
-1,054
-928
-3,403
19,564
288
600
-729
427
-836
534
129
3,309
3,112
936
2,477
-301
197
- 1,623
-1,539
444
-1,267
172
-84
2,938
3,190
22
4,099
887
-252
4,832
5,690
839
3,388
1,463
-858
24,628
23,190
2,496
15,943
4,751
1,438
6809
6,604
2,476
1,194
-572
-417
297
-316
-1,797
148
-185
56
-5,770
-3,875
-2,587
-2,557
315
347
5,631
3,016
2,413
1,492
936
187
-4,451
-5,857
3,266
799
335
272
-2,701
271
-1,010
1,585
4,245
-312
1,790
8,343
7,052
-1,350
-5,437
234
190,803
122,878
75,025
21,730
41,030
5,165
4897
7,431
-4,204
2,447
-1,581
6,250
-7,316
4,572
104,156
3038
-275
607
2811
207
173
3577
1,335
138
2956
144
339
-2,740
-943
391
-2,255
-160
-716
3,658
303
1,840
1,382
32
404
-600
-181
878
-1,500
226
-204
2,210
327
2,510
534
-45
279
1,532
872
526
2,365
172
-479
1,480
667
1,011
28
201
240
143,928
19,195
98,638
38,200
3,639
3,451
-5,979 -12,405
4,095
-2,136
-6,770
3,331
3,151
-8,431
1,959
191,730
6 136
5301
1898
3 169
930
951
308
283
1632
-334
1378
1208
3521
-3,519
821
1,091
1,020
2,087
238
14
1,109
521
1,275
246
-8,000
-376
-579
524
2,342
4,285
551
567
54,797
65,974
44,878
26,081
4355
8050
5695
2714
1381
4007
1097
1039
1802
-1,523
5247
1523
3,753
422
3,829
-683
3,834
1,556
-1,274
-7,157
2,015
2,258
299
639
71,242
120,488
28,819
476
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
...
27
Caribbean banking centers 4
28
29
30
31
32
33
Other areas
Of which Members of OPEC, included below 5
Latin America
Asia . .
Africa 6
Other
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's
7
Foreign-owned IBF's
8 Banks' dollar acceptances payable by foreigners
4715
I
1986
19* 5
19099
2461
12147
1721
By borrower:
Claims on:
own foreign offices
unaffiliated foreign banks
foreign public borrowers 1
other private foreigners
See footnotes on page 71.
691
1985
35428
Payable in dollars
By area:
Industrial countries 3
Western Europe
Of which United Kingdom . . .
Canada
Japan
Other
11 127
34952 — 13 603
1 Total (table 1, line 49)
1984
4753
4177
1,820
— 510
282
-2,705
5024
5406
-479
4,700
1 185
382
2476
1986
—411
1,258
1 139
490
4024
4,034
43
4,473
-482
10
1562
-2,259
-690
-884
-685
152
17
201
-377
193
135
2554
2,608
-1,117
2,417
1,308
54
1,332
1,620
1,195
102
8846
1868
2527
-3,905
1752
-1321
8384
6411
-7,994
-349
663
-961
7291
6445
-4,450
1,319
2659
12211
2685
2,336 -10363
-2,010 -6,663
-914
-777
-530
624
-404
-196
6696
717
200
953
14386
— 3105
9269
4567
— 570
20
2026
124
1 122
761
280
-423
6800
1321
4702
1713
385
175
7
-27,801 -16,425
-8,719
494
697
1044
1349
89
-219
8 959
7282
8858
2702
7 896
5476
5 326
2273
9 392
1287
1847
148
14007
13 794
439
4578
11 847
612
273
8992
8923
1840
4139
113
3 297
792
1742
498
OOQ
SURVEY OF CURRENT BUSINESS
June 1986
63
Table 9.—Foreign Official Assets and Other Foreign Assets in the United States Reported by U.S. Banks
[Millions of dollars]
Al Foreign official assets in the United States (table 1, line 51)
2
3
4
5
6
7
8
9
10
11
12
13
14
1983
1984
1985
II
I
1986
1985
1984
Line (Credits +; increase in foreign assets. Debits—; decrease in foreign assets.)
III
IV
I
II
III
IV
IP
Amounts
outstanding
March
31, 1986
5,968
3,037 -1,324 -2,947
-157
-765
6,906 -11,066
8,486
2,577 -1,322
2,510
204,702
6,972
7,683
789
-1,500
-476
725
545
4,690
-274
-546
5,635 -6,723
-660
505
8,427
1,036
1450 -2,250
-650
13
295
3
436
483
159
555
522 -2,242
-271
296
567
146
576
363
-571
650
421
800
84
-154
400
5,806 -7,174
5290
5,349
457
1384
500
-306
220
-144
-445
2,034 -3,025
8,685
3,905
5,580
800
136
606
-107
3,256
-81 -1,976
2,681
2096
3242
1,375
2,965
1,266
800
950
171
-177
46
192
58
263
2,932
722 -1,124
139,292
55,933
80,609
2,750
7,329
15,472
25,486
2,787
-61
1,788
1,060
-2,242
1798
By type:
U S Treasury securities (table 1 line 53)
Bills and certificates...
Bonds and notes marketable
Bonds and notes nonmarketable
Other U.S Government securities (table 1, line 54)
Other U S Government liabilities (table 1 line 55)
U.S. liabilities reported by U.S. banks, not included elsewhere
(table 1, line 56).
Banks' liabilities for own account payable in dollars 1
Demand deposits
Time deposits 1
Other liabilities 2
...
Banks' custody liabilities payable in dollars 1 3
Other foreign official assets (table 1 line 57)
-389
1,787 -2,303
15
100
255
2,056
-610
1,561
2430
29
1793
944 -1,265
61
2657 -1,488
-593
-490
29
814
1275
853
-970
-243
60
336
-639
643
-524
2,647 -2,188
146
100
1,516
-841
1,277
1447
-837
-613
-570
-116
966
41
633
374
1073
-834
2,445
270
-213
2,388
487
-378
908
564
-160
74
1,982
539
1,607
1344
158 -2,032
363
-160
21,733
1,917
10,396
9,420
3,753
17,123
By area: (see text table B)
Bl Other foreign assets in the United States (table 1, lines 60 and 63)
3
4
5
By security:
Bills and certificates
^
Marketable bonds and notes. 4
Nonmarketable bonds and notes
6
7
8
By holder:
Foreign banks
Other private foreigners
International financial institutions 5
9
10
11
,
U.S liabilities reported by U S banks (line 63)
Banks' own liabilities 1
Payable in dollars
13
14
15
16
17
18
19
22
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
6
7
15,361
14,295
5,729
14,760
26,103
16,893
455,295
23,059
20,500
1,959
6,347
5,318
9,435
2,217
5,123
7,484
5,676
8,311
92,143
5,357
4,638
-1,274
2,065
20,994
-859
21,359
2,193
-234
2,366
3,981
289 -2,783
5,029 12,218
2,434 -1,371
5,050
7,047
1,248
7,063
16,781
75,362
1,269 -1,892
16,334 21,089
5,456
1,303
1,134
-83
908
2,156
3,266
925
-606
5,593
331
33,849
32,603
29,236
40,387
37,650
30,941
6,572
2,115
17,725
2,824
22,966
4,486
3,136
353
17,170
-151
5,926
3,580
1,846
3,263
9,723
10,157
7,386
2,992
12,641
4,914
375
244
-931
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
By holder:
Liabilities to:
own foreign offices
unaffiliated foreign banks
foreign official agencies
other private 5
foreigners and international financial
institutions .
By bank ownership: 6
U.S.-owned IBF's
Foreign-owned IBF's
1
(in lines A13 and
474 -2,396
1,743
7,519
1 415 -845
2,870
7,558
3,292 , 192
857
6,614
634
208
7,595
319
398
4,010
2,064
315
4,343
3,653
9,869
65,260
17,014
7,276
6,268
3,605
20,427
19,094
16,699
8,582
8,747
2,765
363,152
343,590
322,313
11,525
10,920
10,372
21,590 -5,192
20,415
5508
19,627 -5,321
5,926
6,776
4,558
12,078
10,931
11,525
606
1,357
-888
22,966
3,209
11,422 -10,493
2,434
4,243
1,129
1,721
15,873
2,172
175,255
1,238
3,507
3,230
-181
7,451
-107
546
2,545 -1,600
1,347
6,148 -3,136
8,579 -3,809
-430
303
445
2,715
1,237
-812
1,459
254
-451
1,023
-751
186
1,158
18,277
105,967
22,814
4,243
1,129
5,662 -3,631
1,136
49
484
1,565
1,721
872
1,799
787
15,873
1,583
152
909
2,172
1,142
409
958
175,255
80,349
65,301
1,408
7,653 -1,914
1,443
-759
655
2,116
2,004
508
584
1,152 -1,766
2,544
236
-417 -2,221
83,283
21,228
39,027
3,194 -3,410
3,043
4,219 -2,872
1,770
965
-502
379
-283
1,380
428
14,721
1,819
-340
297
7,262
646
3,209 11,422 -10,493
2,434
4,381
5,090
2,866
2,150
3,237
4,317
1,676
1,565
-455 -1,202
630 -1,591
6,382
8,895
-60 -1,388
915
2,938
7,326
2,345
859
9 368
*509
1,894
760
380
-405
14,071
4,546
551
3 173
5,769
1,867
3,367
6,709
548
788
1,246
396
2,737
473
605
449
1,175
705
26,299
19,296
3,989
3,014
21,770
10,994
573
4,989
4,358
-57
1,704
36,255
23,343
3,392
9,520
6,972
13,681
2,023
6,350
3,651
243
3,437
35,988
10,964
111
24,247
11,287
13,612
2,464
5,361
5,538
1,079
1,634
10,113 16,245
-597
6,669 13,527 -3,349
1,971
1,472
421
1,972
747
2,331
2,361
6,828 -3,337
1,010
4,864
4,060
-68
2,014
-549
1,324
1,968
2,080
1 045 2,698
1,247
163
281
-180
568
-83
913
31,786
17,873
10,790
10,382
7,785 -3,254
14,026
9,400
1,133
7,227
2,301
12,026
1,308
2,238
6,858
2,466
1,867
-401
4,761
4,965
-418
1,074
1,275 -7,877
4,142
4,524
3,372
835
680
-103
1,149
1,306
1,354 -1,496
12,140
19,646
Payable in foreign currencies
126
26,893
6,572
10,006 14,487
10,588 10,795
2,724 -2,618
Banks' custody liabilities payable in dollars 1 3
Of which negotiable and readily transferable instruments
See footnotes on page 71.
27,937
1,643
20,045
1,630
By bank ownership: 6
U.S.-owned banks' liabilities to:
own foreign offices
unaffiliated foreign banks
other private 5
foreigners and international financial
institutions .
Foreign-owned banks' liabilities to:
own foreign offices
unaffiliated foreign banks
other private 5
foreigners and international financial
institutions .
8 Negotiable certificates of deposit held for foreigners
B27 above).
13,484
26,893
Memoranda:
1 International banking facilities' (IBF's) own liabilities, payable in
dollars (in lines A9, and Bll above).
2
3
4
5
60,887
50,342
50,586
50,211
By holder:
Liabilities to:
own foreign offices
unaffiliated foreign banks
other private foreigners
international financial institutions 5
20
56,908
4,368
4,979
-626
By account:
Liabilities to own foreign offices
Liabilities to unaffiliated foreigners:
demand deposits
time deposits l 2
other liabilities
12
59,063
8,721
By type:
U.S. Treasury securities (line 60)
248
17,625
55
10,735
4,363
6,019
1,195 -5,710
6,590
2,456
-3,960
129
-631
-658
1,298
4,096 -1,125
2,745
2,357
412
2,256
3,938
1 402
1,672
91,972
59,121
27,682
2,218
594
2,245
2,663
2,395
5,982
21,277
316
-850
595 -1,353
1,147
209
751
-768
1,008
446
1,333
586
-165
-511
19,562
11,742
7,325
3,050
-80
4,355
4,086
2,884
1,197
834
1,218
215
617
954 14,280
2,357
-713
659
1,480
2,326 10,443
1,126 -2,222
2,702
3,649
404
206
1,241
493
2,330
2,224
326
386
606
-483
13,429
6,270
36
7,123
8,297
4,377
657
2,793
234
924
894
14,749
173
5,741
8,835
-750
2,894
591
-750
1,338
771
3,077
237,707
154,300
25,629
57,778
117,629
99,959
17,369
46,976
29,635
2,194
21,154
9,172 -7,880 -1,497
10,995
1,512
184,551
1,621 -3,892
6,601
5 114
-556
873
1,506
253
-368
9,497
421
1,400
-60
1,610
-648 -1,512
769
1,249
-16
-490
84,759
63,382
9,544
26,866
3,617 -5,177
5,555
2 703
-83
1 414
1,698 -1,050
9,297
2,562
67,040
117,511
618 -3,242
6,603
-187
62
10,494
6,496
472
4,470
1,120
3,747
626
978
751
-21
2,039
2,960
400
2,560
-573
-1,064
-733
548
64
SURVEY OF CURRENT BUSINESS
June 1986
Table 10.—U.S. International
[Millions
Line
(Credits +; debits -)
Ref.
lines
table 10,
March
1986
SURVEY)
1
European Communities (10)
Western Europe
1983
1984
12
United Kingdom
1983
1985
1984
1985
1983
1984
1985
92,173
97,668
106,677
72,753
77,632
85,404
24,140
27,422
28,421
Merchandise adjusted excluding military
Transfers under U S. military agency sales contracts
>
3
55,448
2,920
56,867
2,857
56,015
2,200
43,776
1,932
46,380
1,682
45,191
1,453
10,572
506
12,201
473
11,087
401
Travel .. .... ..
Passenger fares
Other transportation
4
5
6
2,157
1,139
3,836
2,229
1,126
4,383
2,263
1,116
4,318
1,666
927
2,912
1,712
912
3,269
1,731
894
3,222
466
431
722
448
399
840
435
351
770
f
.... 8
9
10
2,355
628
757
1,320
158
2,467
604
691
1,598
152
2,687
634
794
1,604
191
2,059
538
726
1,038
135
2,166
491
619
1,292
111
2,330
516
675
1,283
156
472
133
254
388
51
491
132
250
519
57
554
138
265
491
69
, 11
12
13
7,207
13,203
1,045
7,970
15,800
925
20,543
13,366
947
5,354
11,126
564
5,397
13,148
453
16,501
10,995
459
2,615
7,439
90
2,814
8,711
87
6,513
7,259
87
98
28
14
2
3
(*)
(*)
126,576 -133,370
-80,193
100,668 -107,252
-26,156
-31,189
-32,784
1 Exports of goods and services 2
3
2
3
4
5
6
7
8
9
10
11
Royalties and license fees from affiliated foreigners 4
Royalties and license fees from unaffiliated foreigners
Other private services from affiliated foreigners
Other private services from unaffiliated foreigners
U.S. Government miscellaneous services
12
13
14
Receipts of income on U.S. assets abroad:
Direct investment
Other private receipts
U S Government receipts
15
14
59
16 Imports of goods and services
15
-99,977
16
17
-55,624
-7,370
-72,054
-7,168
77,454
-7,565
-45,162
-6,753
57,774
-6,606
62,591
-7,097
-12,660
905
-14,418
-925
-14,474
855
18
19
, 20
-3,793
-4,043
-3,949
4,824
-4,822
-4,985
5,495
-5,411
5,170
2,977
-2,960
2,889
3,668
-3,568
3,588
-4,374
-4,050
-3,683
-1,007
992
-755
-1,165
1,234
-847
1,645
-1,535
-814
21
22
-441
-264
41
-767
489
-373
277
64
771
-580
-238
-195
88
662
-350
-334
220
67
579
-338
292
-231
164
630
-382
68
-90
38
-296
68
-135
85
-50
-232
-47
-83
89
83
-256
-66
7054
-14,688
-9,061
6331
-14,904
9,105
-4,009
-8,347
5,740
-6,287
11,283
-6,490
-5,552
12,010
-6,522
-2,128
-5,920
-1,305
2,298
-8,066
-1,687
-2,410
-8,718
-1,923
17
18
Merchandise, adjusted excluding military 3
Direct defense expenditures
19
20
21
Travel
Passenger fares
Other transportation
22
23
24
25
26
Royalties and license fees to affiliated foreigners 4
Royalties and license fees to unaffiliated foreigners
Other private services to affiliated foreigners
.
U S Government miscellaneous services
Payments of income on foreign assets in the United States:
Direct investment
Other private payments
U.S Government payments
27
28
29
23
24
-318
-230
35
-778
476
25
26
27
-4,473
-11,380
-7,579
-28
14
-2
-3
(*)
(*)
-281
-618
-740
283
66
82
246
218
231
30
31
, 32
-288
711
718
-421
-696
499
-543
-708
511
-17
518
818
-25
525
616
-20
-525
627
-74
319
-78
296
-83
314
33
-7,649
-15,399
33407
6,359
-14,071
-29,321
2,832
-13,579
-16,187
34
35
36
37
38
1,123
-533
-2,734
675
527
-682
1,123
-533
-682
30
28
31 Unilateral transfers (excluding military grants of goods and services), net
29
32
33
34
U.S. Government grants (excluding military grants of goods and services)
U S. Government pensions and other transfers
Private remittances and other transfers
35 U S assets abroad net (increase/capital outflow ( ))
-59
-98
36
37
38
39
40
U S official reserve assets net 5
Gold
-2,734
675
527
41
42
43
44
U S Government assets other than official reserve assets net
U S credits and other long-term assets
Repayments on U S credits and other long-term assets 6
U.S. foreign currency holdings and U S short-term assets, net
39
40
41
42
-104
-1,171
1,031
37
32
1049
984
98
328
-792
1,173
-52
252
-239
451
40
324
-152
408
68
319
112
459
-28
125
-84
203
6
131
28
162
-2
119
37
158
-2
45
46
47
48
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
43
44
45
46
-8,668
525
-4,766
-1,497
-14,899
269
8738
626
31,000
-14,612
9676
-373
7,285
722
-5,369
-1,702
-13,868
7
-7,071
575
-28,958
12,227
10,474
-317
2,957
-126
-3,632
-1,726
-13,710
-915
-5,508
707
-16,288
-5,208
6,170
-460
47
-1,880
6518
6339
-936
-7,379
-5,941
2,527
-7,994
-4,450
48
38,742
50,193
71,208
30,973
46,412
60,634
19,831
29,240
47,601
49
50
51
52
53
54
55
6,574
t1
2,434
0 )
01 )
( )
-146
(1 )
(1 )
4,919
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
65
34
( 16 )
Resprvp nosition in thp International Monetarv Fund
F
'
'
49
50 Foreign assets in the United States net (increase/capital inflow ( + ))
51
52
53
54
55
56
57
58
59
60
61
62
63
Foreign official assets in the United States, net . . . .
U S Government securities
U S Treasury securities 7
Other 8
Other US Government liabilities 9
U.S liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 10
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
..-•
56
57
58
59
60
61
(*
(*
192
1
(1
t )
(16
(16
(15)
(15)
(15)
(16
(16
(15)
5,149
-1,454
8,130
1,658
41,503
716
(15)
(15)
(15)
(16)
(16)
- 1
1
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
9,602
3,728
6,882
13,292
7,774
20,985
16
23,025
16
13,122
16
(16)
(16)
5,303
(16)
(16
2,177
-531
37,481
364
8,887
1,298
3,116
-991
(16)
(16)
(16)
(16)
16
(16)
(16)
(16)
i
(16)
C16)
(16)
66,290
13,127
(15)
(15)
-18
(16
88
(16
415
(15)
(15)
47,758
14,686
32,168
9,134
-90
-18
7,760
969
14,468
is 13,627
34,175
478
16
7,611
64
62
65 Statistical discrepancy, and transfers of funds between foreign areas, net
(sum of above items with sign reversed).
63
-23,008
-5,267
-10,368
-17,458
-9,370
-9,547
-15,228
-12,113
-27,282
64
65
66
67
-176
7804
-7,798
-8,085
-15,187
-28,908
-29,105
-29,526
-21,439
26693
-26,891
-27,433
1,386
7440
-7,140
-7,157
-11,394
23037
-22,946
-22,971
17,400
-21,848
-21,746
-21,766
-2,088
-2,016
-1,771
-1,771
-2,217
-3,767
-3,549
-3,549
-3,387
-4,363
-4,132
-4,132
Memoranda:
,
66 Balance on merchandise trade (lines 2 and 17)
67
68 Balance on goods services and remittances (lines 67 33 and 34)
69 Balance on current account (lines 67 and 31) ll
See footnotes on page 71.
SURVEY OF CURRENT BUSINESS
June 1986
65
Transactions, by Area
of dollars]
European Communities (6) '3
1983
1984
1985
Canada
Eastern Europe
1983
1984
1985
Latin American Republics and
Other Western Hemisphere
1983
1984
Australia, New Zealand, and
South Africa
Japan
1983
1985
1984
1985
1983
1984
1985
1984
1983
Line
1985
44,232
45,582
51,701
3,601
4,855
3,812
61,894
71,049
70,541
57,654
64,348
62,992
31,480
33,565
32,792
9,765
11,669
10,804
1
30,958
1,142
31,820
1,066
31,639
884
2,977
4,290
3,258
44,511
140
53,037
118
53,879
111
25,640
249
29,766
203
30,788
478
21,789
392
23,241
489
22,145
385
6,604
171
7,849
517
6,967
586
2
3
1,106
437
1,707
1,161
449
1,865
1,179
474
1,869
3,168
3,092
3,037
764
839
926
3,726
594
1,600
3,388
469
1,621
3,567
459
1,685
1,128
700
1,899
1,294
771
2,071
1,418
798
1,995
388
231
345
438
253
346
442
241
348
4
5
6
1,497
389
381
579
76
1,586
342
287
696
48
1,694
359
310
715
81
18
23
24
94
7
82
7
83
11
447
75
619
663
50
488
82
721
691
32
477
86
767
700
52
117
116
207
1,165
79
152
96
188
1,284
85
133
97
174
1,414
104
392
523
-49
266
19
449
549
-109
251
13
476
576
-101
263
15
189
76
202
235
8
245
62
218
244
6
235
65
232
267
29
7
8
9
10
11
2,134
3,426
401
1,947
4,026
288
8,819
3,383
295
246
41
232
40
166
172
4,909
6,509
41
4,948
6,951
49
4,070
6,383
53
1,034
22,496
632
1,327
25,373
397
2,724
20,796
574
1,105
3,125
192
754
3,612
180
1,594
3,045
184
583
702
31
426
1,035
31
483
882
28
12
13
14
-1
(*)
53
21
10
-1
-1
-49,961
-64,669
-69,325
-1,689
-2,562
-2,205
-61,863
-74,786
-78,891
-64,147
-74,983
-70,318
-51,198
-71,198
-78,059
-7,366
-7,733
-7,610
16
-30,575
-5,255
-40,654
-5,381
-45,178
-5,994
-1,413
-3
-2,217
-3
-1,847
-3
-55,982
-232
-67,630
-225
-71,173
-250
-42,836
-318
-48,364
-403
-46,110
-306
-42,844
-1,309
-60,210
-1,524
-65,653
-1,588
-5,443
-48
-5,632
-59
-5,601
-54
17
18
-1,607
-1,691
-1,569
-2,146
-2,020
-1,983
-2,323
-2,174
-2,071
-70
-69
-96
-2,160
-2,416
-2,694
-124
-175
-163
-557
-555
-725
-5,452
-471
-1,752
-5,742
-569
-1,812
-5,748
-626
-1,878
-276
-245
-2,076
-400
-269
-2,542
-454
-311
-2,727
-481
-283
-380
-561
-318
-417
-614
-397
-417
19
20
21
-166
-103
52
-322
-237
-195
-134
103
-310
-246
-204
-140
80
-329
-274
-1
-2
-2
-15
-42
-23
-40
-25
-40
-17
-10
-296
-355
-117
-24
-11
-391
-418
-78
-15
-12
-326
-423
-107
-12
-11
81
-1,562
-246
-17
-13
69
-1,844
-242
-19
-14
30
-1,918
-268
-53
-53
209
-119
-48
-108
-63
180
-101
-26
-71
-66
321
-120
-42
-2
-4
(*)
-43
-50
-5
-4
(*)
-47
-45
-3
-4
1
-52
-42
22
23
24
25
26
-1,860
-2,349
-4,279
-3,933
-3,118
-4,652
-3,077
-3,192
-4,448
-22
(*)
-33
-29
-1
-10
-1,752
-376
-304
-2,340
-395
-695
-1,969
-503
-72
-11,226
-269
-75
-15,593
-379
290
-12,891
-862
-1,013
-1,107
-2,263
-1,884
-1,536
-2,715
-1,709
-1,628
-4,013
-50
-105
-477
77
-133
-589
31
-130
-327
27
28
29
1
1
(*)
-53
-21
-10
1
1
1
-235
-1,660
-2,391
-2,709
-49
-64
-54
-60
-75
-71
31
-1,333
-394
-664
-1,617
-405
-687
-i
-1
-63
6
-59
(*)••
-17
-43
-18
-55
-1
-20
-50
32
33
34
-395
828
35
'218
183
98
15
215
20
-2
-179
-177
-197
-17
-340
571
-25
-342
388
-20
-337
356
-74
-24
-81
-80
-23
-74
-50
-21
-126
-245
92
-258
86
-272
37
-726
-384
-551
-2,102
-500
-12,329
141
166
425
-7,965
-467
1,173
-12,681
737
2,804
-3,585
890
-6,071
675
-527
-663
2,083
-490
500
98
-134
-1,635
675
-527
-663
96
-22
104
14
152
-33
122
63
150
176
-25
-2,873
1,181
-1,405
111
-125
1,225
-1,773
-129
-2,760
30
-153
-172
1
-49.
-1,092
36
37
38
39
40
2,083
-490
500
98
-134
-1,635
-242
-45
64
-261
-146
-32
105
-218
39
-60
90
9
-76
-164
67
21
-100
-158
60
-2
90
-7
94
3
-269
-2,101
1,811
22
-1,483
-2,298
1,135
-320
-1,042
-2,310
1,214
54
16
-76
91
1
96
98
-3
86
-13
99
-1
-14
-120
60
47
18
-40
58
(*)
48
-6
56
-2
41
42
43
44
-11,816
-6,034
-4,922
124
384
311
386
1
50
(*)
4
-7,889
-605
-1,313
-2,067
-367
-2,387
542
1,826
1,083
769
-1,686
681
-14,496
3,692
658
-2,898
2,709
-324
2,178
2,690
3,345
-3,875
1,957
781
-3,699
-1,257
-480
-210
928
340
1,384
-133
-4,522
-1,131
-782
50
-1,078
252
-68
59
-413
1,090
-591
50
780
255
(*)
31
45
46
47
48
552
-984
333
307
336
-3,905
-349
1,319
-15,948
-1,835
4,483
-1,752
-663
-2,659
-.1,321
-961
494
49
10,019
16,872
12,169
51
-28
-17
6,249
7,638
1,153
28,653
20,745
20,191
6,968
16,607
31,930
2,763
-702
-1,443
50
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
364
-925
(15)
(15)
-213
(16)
(16)
(16)
72
(16)
-97
29
-14
(16)
(16)
(16)
(16)
()
*
(16)
(16)
-13
(16)
(16)
(16)
()
*
(16)
(16)
(16)
(16)
(16)
(16)
(15)
(15)
51
52
53
54
55
56
57
(16)
(16)
(16)
(16)
5,885
215
(16)
(16)
(16)
21
-14
32
-29
30
IB _46
16
(16)
(16)
(16)
3,919
6,213
(16)
16
5,605
(16)
1,104
274
16
9,378
(16)
(16)
(16)
(*)
3,889
(16)
891
-469
(16)
50"
3,254
-135
16
5,132
16
(15)
(15)
(15)
(15)
(16)
(15)
(15)
(15)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(15)
(15)
()
*
(15)
(15)
8
6
(16)
318
(16)
(16)
(16)
8,562
3,294
1,366
572
(15)
(15)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
-115
(6
.)
(16)
-142
(16)
(16)
(16)
(16)
4 4
7
(16)
615
684
(1.5)
(16)
(16)
673
545
845
3,195
2,209
-2,076
1,275
406
1,628
248
543
-526
12
(15)
(15)
(15)
16
26,875
16
15,772
16
19,516
16
4,259
11,097
(16)
(16)
(16)
186
125
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
50
62
22,832
16
2,070
171
-262
58
59
60
61
62
-2,036
63
(16)
(16)
559
1,148
218
(16)
5,717
502
(16)
153
220
(16)
(16)
16
(16)
(16)
363
3,081
1,307
230
16
(16)
(16)
(16)
(16)
956
215
(16)
(16)
.C16)
4,374
(16)
(,16)
-202
(16)
1,653
(16)
(16)
(16)
-401
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
16
-2,409
16
64
-2,402
2,695
17,786
-1,925
-2,254
-1,817
1,838
-3,261
6,259
-7,819
-8,457
-12,959
16,382
20,200
19,463
-4,011
-2,765
-2,508
65
383
-5,730
-5,498
-5,515
-8,834
-19,087
-19,041
-19,067
-13,539
-17,624
-17,605
-17,625
1,564
1,912
1,807
1,733
2,073
2,293
2,196
2,116
1,411
1,606
1,460
1,410
-11,471
31
-122
-122
-14,593
-3,737
-3,910
-3,910
-17,294
-8,350
-8,584
-8,584
-17,196
-6,493
-7,428
-8,153
-18,598
-10,635
-11,693
-13,025
-15,322
-7,326
-8,419
-10,036
-21,055
-19,717
-19,766
-19,766
-36,969
-37,633
-37,697
-37,697
-43,508
-45,267
-45,321
-45,321
1,161
2,399
2,340
2,339
2,217
3,936
3,863
3,861
1,366
3,194
3,125
3,124
66
67
68
69
66
SURVEY OF CURRENT BUSINESS
June 1986
Table 10.—U.S. International
[Millions
Western Europe
Internation al
organizations and
unallocated 14
Other countries in Asia and
Africa
Line
1985
1983
1 Exports of goods and services
2
3
4
5
6
Travel
Passenger fares
Other transportation
7
8
9
10
11
12
13
14
Receipts of income on U.S. assets abroad:
Direct investment
Other private receipts
U.S. Government receipts
4,959
4,747
24,249
66
(*)
33
(*)
192
14,945
614
912
409
3,386
936
375
3,671
791
984
932
121
203
618
1,633
271
115
218
599
1,653
288
1
(*)
112
1,059
66
111
1,303
63
4,655
4,829
2,291
.
4,472
41,180
5,243
99
190
682
1,745
243
Royalties and license fees from affiliated foreigners 4
Royalties and license fees from unaffiliated foreigners
Other private services from affiliated foreigners
Other private services from unaffiliated foreigners....
U S Government miscellaneous services
66,134
44,817
5,919
841
373
3,137
. . . .
71,998
44,785
8,348
Merchandise, adjusted, excluding military 3
Transfers under U S military agency sales contracts
1985
72,217
2
1984
5,531
5,524
2,653
4,630
4,561
2,664
1,008
810
560
553
956
954
71
27
15 Transfers of goods and services under U.S. military grant programs, net
83
16 Imports of goods and services
17
18
Merchandise adjusted excluding military 3
Direct defense expenditures
19
20
21
Travel
Passenger fares
Other transportation
22
23
24
25
26
Royalties and license fees to affiliated foreigners 4
Royalties and license fees to unaffiliated foreigners
Other private services to affiliated foreigners
Other private services to unaffiliated foreigners
U S Government miscellaneous services
27
28
29
-81,979
Payments of income on foreign assets in the United States:
Direct investment
Other private payments
U S Government payments
,
1983
-93,993 -87,769
I
1985
1984
26,276
25,945
30,207
28,679
14,040
492
12,535
661
14,495
433
15,268
665
498
256
978
573
282
1,088
661
328
1,123
531
250
1,128
573
290
1,052
61
1,250
184
549
155
169
391
62
630
157
174
396
24
517
160
185
405
55
992
162
266
413
51
546
164
237
419
59
277
982
869
2,002
3,411
219
4,812
3,386
223
5,893
3,178
245
7,836
3,390
260
5,910
3,218
278
8
9
7
5
30,053 -35,114
33,626
-34,578 -35,237
-17,416 -19,838 -18,805
-1,832
1,778
1,797
21,395 21,265
-2,157 -2,059
956
-587
-1,030 -1,158
1,221
1,383
-2,588 -2,970
-1,324
-377
-2,465
-1,437
-459
-3,180
-1,401
509
3521
-3
-5
442
443
-588
4
-6
580
-503
-610
14
-7
603
-548
-657
-88
1
20
-3,065
-6,102
10
-3,738
5786
345
3529
-5,381
329
-759
-582
1 105
-1,126
1,743
1908
-1,321
2,214
1,368
-1,340
1
-102
68
6
-172
165
-83
69
8
182
137
-92
-69
9
215
-135
-350
-1,114
1774
-3,419
2,352
-2,101
-3,679
2,264
-1,523
3,747
-2,294
68
65
65
-920 -1,171 -1,327
-98
1
-411
-843
-110
4
27
-83
-71
31 Unilateral transfers (excluding military grants of goods and services), net
-5,936
-7,417
-9,735 -1,163 -1,243 -1,242
32
33
34
-4,547
-326
-1,063
-5,966
-315
-1,136
-8,199
-313
1223
-10,635
-5,961
2,058
U S. Government grants (excluding military grants of goods and services)
U.S. Government pensions and other transfers
Private remittances and other transfers
35 U S assets abroad net (increase/capital outflow ( ))
U S credits and other long-term assets
Repayments on U S credits and other long-term assets 6
U S foreign currency holdings and U S short-term assets net
45
46
47
48
49
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
-9
-785
-438
-19
-246
6558
3,209
-1,974
12
979
-995
-21
-190
-173
110
-132
-174
115
-54
-172
135
-167
-189
151
-30
-180
189
-6,903
2,926
13,764
-9,813
2,363
-668
-73
-147
-1,846
-103
-1,846
-103
-73
-147
911
919
8
821
-824
4
42
191
300
-67
-50
261
202
10
187
-159
339
6
7,349
-1,749
-375
52
-5,277
2,931
—2,719
193
20
-424
3,610 -1,026
-117
-180
-666
1,288
442
1,996
-178
-324
411
49
—2
-684
564
-40
922
3
-321
6,277
— 914
-1,838
332
3,857
-2,804
3,536
24
3,065
-13,804
-5,191
-2,217
-577
-5,819
7,580
14,653
21,557
-5,946
0 )
0 )
6,701
4,209
81
4,576
3,697
1,988
3,738
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
47
21
165
471
425
47
(16)
(16)
(16)
(16
(16
(16
58
59
60
61
62
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
(16
(16
(16
252
1,240
(16
427
-296
16
-467
3,673
138
21
3,717
526
(16
(16)
(16)
751
351
106
383
413
227
-35
152
1,941
165
297
-1,106
16
388
-138
(16
(16
16
2,335
16
1,452
16
3,077
5
-205
-1,552 -1,031
1036
3568
5
1,916
100
(16)
(16)
(16)
(16)
-7
-92
3 030
-5,143
2,051
62
Foreign official assets in the United States, net
..
U S Government securities
U S Treasury securities 7
Other 8
Other U S Government liabilities 9
U S liabilities reported by U0S banks not included elsewhere
Other foreign official assets J
..
1,820
-932
4,059 -4,332
-2,195 -2,264
-192
897
908
51
52
53
54
55
56
57
111
-72
-1
-211
-138
-252
3286
-5,254
1,884
83
50 Foreign assets in the United States net (increase/capital inflow ( + ))
63
8
97
-71
42
-202
-143
-668
-736
-488
-20
66
-4,434
Reserve position in the International Monetary Fund
Foreign currencies
41
42
43
44
-652
-501
-11
-4,500
U S. official reserve assets net 5
Gold
36
37
38
39
40
I"
IV
-64,758 -76,315 -71,025
-3,310
-2,547
2,153
30 U.S military grants of goods and services net
1986
III
4
-2,162
II
16
409
11C
(15)
(15)
(15)
93
(15)
(15)
(15)
29
(lJ )
( )
(15)
(15)
(15)
(15)
13,526
2,917
7,952
3,967
17,348
4,240
(15
8,493
-921
(15
(15)
5,041
-326
(15
(15
9,622
1,089
(15
149
-182
332
-1
132
-265
429
-32
8,116
-2,392
-2,085 -5,825
-152
n.a.
8,277
272
27,418
13,113
-46 -1,883
(15
(15
(15
183
(15
(15
27,464
2,003
(15
18,347
874
(15
(15)
(15)
(15)
-28
(15)
(15)
14,996
439
(15)
14,347
n.a.
(15)
64 Allocations of special drawing rights
65 Statistical discrepancy, and transfers of funds between foreign areas, net (sum
of above items with sign reversed).
Memoranda:
66
6' Balance on goods and services (lines 1 and 16)ll
68
69 Balance on current account (lines 67 and 31)ll
See footnotes on page 71.
26,251
19973
-9,761
-11,150
-15,697
30,797
25,615
-31,498 -29,845
-21,995 -21,635
-23,446
23 171
-29,412 -31,370
3,423 -1,656
66
2,310
1,799
1,147
33
2,370
1,863
1,127
-677
192
1,777
1,320
535
5,379
-2,698
-2,471
-5,804
5867
-6,056
-5,798
-8,837
-8,897
-9,029
-21 -13,028
-6,270
-7,680
-7,718
-7,772
-6,900
-4,371
-4,409
-4,577
-4,m>
-5,997
-6,558
-6,550
-6,579
67
SURVEY OF CURRENT BUSINESS
June 1986
Transactions, by Area—Continued
of dollars]
European Communities (10)12
EC1212
1985
European Communities (6)13
United Kingdom
1986
1985
II
III
IV
lp
19,468
21,193
20,805
23,938
24,620
6,987
7,370
6,703
7,361
12,201
443
11,507
354
10,029
375
11,454
281
13,343
545
3,298
104
2,798
153
2,400
79
2,591
65
381
210
729
430
233
801
511
253
853
409
198
839
464
259
875
106
86
173
110
103
186
114
89
210
484
125
147
312
40
553
128
152
315
20
461
130
148
324
49
832
132
228
333
47
499
143
219
346
53
116
34
63
120
30
130
34
56
120
9
1,453
2,854
89
3,833
2,758
110
4,923
2,646
104
6,292
2,738
155
4,917
2,773
185
958
1,890
8
I
1986
1985
1986
I
Line
I
II
III
IV
Ip
6,733
11,254
12,499
12,876
15,072
15,303
1
2,845
135
8,271
267
8,018
167
7,066
254
8,284
196
8,940
205
2
3
105
73
201
125
100
189
248
112
413
286
115
480
372
153
490
273
94
485
280
124
455
4
5
6
123
35
69
125
29
185
35
77
126
(*)
116
36
75
128
38
351
87
62
175
8
407
89
71
177
9
323
91
62
180
17
614
92
115
184
47
351
93
84
187
11
7
8
9
10
11
1,847
1,816
8
1,681
1,740
9
2,027
1,813
63
1,131
1,809
7
317
878
66
1,745
854
81
2,969
819
80
3,788
832
68
3,636
827
109
12
13
14
III
II
I"
IV
2
1
()
*
1
5
(*)
()
*
(*)
15
-23,824
-28,219
-27,197
-28,012
-28,706
-7,074
-8,946
-8,472
-8,292
-8,533
-15,623
-18,021
-17,337
-18,343
-17,872
16
-13,939
-1,637
-16,039
-1,678
-15,308
-1,731
-17,305
-2,051
-17,254
-1,975
-2,974
-230
-3,748
-226
-3,750
-176
-4,002
-224
-3,500
-198
-10,290
-1,360
-11,607
-1,397
-10,811
-1,481
-12,470
-1,755
-12,240
-1,678
17
18
-433
-839
-796
-1,428
-1,375
-932
-1,702
-994
-960
-811
-842
-994
-465
-952
-988
-152
-288
-169
-518
-552
-195
-644
-392
-232
-331
-303
-219
-163
-321
-184
-247
-463
-441
-765
-748
-549
-890
-515
-515
-421
-448
-567
-232
-472
-509
19
20
21
-87
-57
23
-140
-95
-67
-57
31
-148
-101
-69
-58
22
-179
-101
-70
-59
88
-164
-86
-68
-60
30
-172
-109
-18
-22
23
-60
-24
-22
-22
25
-62
-21
-21
-22
7
-65
-14
-22
-23
29
-68
-7
-23
-23
19
-71
-17
-67
-35
5
-70
-61
-44
-35
11
-75
-69
-47
-35
11
-102
-76
-47
-36
54
-83
-69
-44
-36
6
-85
-77
22
23
24
25
26
-1,481
-2,655
-1,688
-1,856
-2,973
-1,597
-1,451
-3,027
-1,639
-765
-3,355
-1,598
-1,482
-3,653
-1,559
-781
-1,865
-516
-953
-2,150
-501
-453
-2,248
-462
-223
-2,456
-444
-819
-2,779
-454
-694
-765
-1,136
-888
-798
-1,059
-983
-754
-1,139
-513
-875
-1,114
-643
-809
-1,052
27
28
29
2
-1
(*)
_1
5
(*)
(*)
(*)
30
2
6
42
48
43
56
76
55
73
-5
-15
-7
25
37
31
-6
-131
138
-3
-131
140
33
_7
-132
171
—4
-132
179
— 14
-151
213
-20
63
-21
77
-21
97
-21
77
-22
95
—6
-84
85
3
-85
73
_7
-84
84
—4
-84
114
-4
-88
128
32
33
34
-7,598
-1,828
-12,318
-7,576
-3,090
-5,110
-909
-7,446
-2,723
487
-2,283
-501
-5,113
-4,432
-3,728
35
-682
-66
-49
115
-550
-16
-1
—1
-1
-1
-666
-65
-48
116
-550
-682
-66
-49
115
-550
-16
_i
-1
-1
-1
-666
-65
-48
116
-550
36
37
38
39
40
16
23
101
-62
2
64
56
10
142
_7
135
15
159
18
168
9
101
89
225
-35
22
7
-2
13
-4
111
58
-13
33
107
24
-1
22
(*)
-21
—35
13
1
110
1
57
1
46
-59
26
6
81
26
22
2
23
-24
41
42
43
44
-6,932
-1,404
-1,909
214
-3,833
-1,764
-1,555
-3,561
121
3,231
-12,412
-4,642
-2,318
-689
-4,763
-7,850
-4,626
-2,686
37
-576
-2,640
-3,804
-7,382
n.a
8,545
-5,115
-1,113
-1,355
-60
-2,587
-887
-1,445
-1,965
109
2,413
-7,452
-1,663
-1,838
-686
-3,266
-2,833
-987
-1,013
177
-1,010
430
-1,012
-5,611
n.a
7,052
-1,604
-114
-576
260
-1,174
-469
99
-1,489
20
901
-5,172
-2,758
-1,147
18
-1,285
-4,572
-3,262
-1,710
-174
574
-3,177
-2,807
-1,807
n.a.
1,436
45
46
47
48
49
7,122
11,652
19,790
22,069
10,221
19,232
16,988
2,989
-1,338
50
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(6
1)
(16)
(6
1)
(16)
-12
-64
(16)
(16)
(16)
(16)
(16)
(6
1)
(16)
(16)
(16)
(6
1)
2,089
()
*
(*)
11,803
6,345
(16)
(16)
(16)
(16)
(6
1)
(6
1)
(16)
(6
1)
(16)
(16)
(16)
(16)
(16)
(16)
(6
1)
(16)
(16)
(16)
(16)
(16)
60
-41
(6
1)
(16)
81
15,610
(16)
(16)
(16)
(16)
35
-68
(6
1)
(6
1)
(16)
(16)
92
(16)
(16)
(16)
(16)
(16)
-4,892
4,813
9,258
(6
1)
(6
1)
(16)
(6
1)
(16)
(16)
(6
1)
(16)
(6
1)
(16)
(16)
(16)
(16)
(16)
(6
1)
(16)
-25
36
-19
(6
1)
(16)
(16)
(6
1)
(6
1)
(6
1)
(16)
(16)
(16)
(16)
(16)
1,922
3
(16)
(16)
-13
(16)
39
6
(16)
(16)
16
( )
(16)
(16)
(16)
(16)
(6
1)
(16)
(16)
(16)
(6
1)
(16)
(16)
(16)
(16)
(16)
(16)
3,632
823
(16)
(16)
146
1,262
2,192
(16)
-72
454
631
1,135
1,453
670
-318
(6
1)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(6
1)
(16)
(16)
8,066
-859
16
3,057
(16)
4,910
-496
8,778
1,010
15,727
709
11,713
n.a
8,891
-558
4,442
-320
7,807
660
13,035
696
10,614
n.a
-829
286
442
-189
979
340
2,662
1,052
n.a.
-2,162
16
4,245
16
6,289
16
4,750
16
3,792
16
2,173
16
369
16
-529
16
5,598
16
5,884
16
-4,390
16
3,422
16
6,481
16
-381
16
-2,059
51
52
53
54
55
56
57
58
59
60
61
62
63
64
/
4,830
-2,803
-1,113
-10,461
-8,482
-6,649
-3,917
-1,083
-15,633
-15,749
11,549
1,225
323
4,689
7,598
65
-1,738
-4,356
-4,349
-4,355
-4,532
-7,026
-7,018
-7,021
-5,279
-6,392
-6,352
-6,359
-5,851
-4,074
-4,027
-4,032
-3,911
-4,086
-4,024
-4,038
324
-87
-44
-44
-950
-1,576
-1,519
-1,519
-1,350
-1,769
-1,693
-1,693
-1,411
-932
-876
-876
-655
-1,799
-1,726
-1,726
-2,019
-4,369
-4,368
-4,374
-3,589
-5,522
-5,534
-5,537
-3,745
-4,461
-4,461
-4,468
-4,186
-3,271
-3,242
-3,246
-3,300
-2,569
-2,529
-2,532
66
67
68
69
68
SURVEY OF CURRENT BUSINESS
June 1986
Table 10.—U.S. International
[Millions
Eastern Europe
(Credits +; debits -) 1
Line
I
1 Exports of goods and services
2
2
3
Travel
Passenger fares
Other transportation
II
III
I"
IV
1986
1985
1986
II
I
III
IP
IV
1,331
.
968
514
998
952
17,038
19,683
16,988
16,832
17,512
1,183
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts
4
5
6
Canada
1985
861
351
863
834
13,382
16
15,125
25
12,761
31
12,611
39
12,930
26
909
797
776
555
928
41
18
16
23
22
213
237
221
256
236
91
21
226
172
25
129
22
167
177
12
139
22
192
175
13
112
22
201
195
1
1,261
1,562
7
1,295
1,547
19
.
7
8
9
10
11
Royalties and license fees from affiliated foreigners4
Royalties and license fees from unaffiliated foreigners
Other private services from affiliated foreigners
Other private services from unaffiliated foreigners
U.S. Government miscellaneous services
6
6
6
6
6
20
9
21
1
21
1
21
1
22
1
118
21
183
176
1
12
13
14
Receipts of income on U.S. assets abroad:
Direct investment
Other private receipts
U S Government receipts
44
28
47
16
40
79
35
49
37
30
359
1,642
19
1,340
1,615
8
1,110
1,563
19
15 Transfers of goods and services under U.S. military grant programs, net
16 Imports of goods and services.....
17
18
Merchandise, adjusted, excluding military 3
Direct defense expenditures
19
20
21
Travel
Passenger fares
Other transportation
22
23
24
25
26
Royalties and license fees to affiliated foreigners 4
Royalties and license fees to unaffiliated foreigners
Other private services to affiliated foreigners
Other private services to unaffiliated foreigners
U S Government miscellaneous services
27
28
29
Payments of income on foreign assets in the United States:
Direct investment
Other private payments
U S Government payments
-578
-508
-558
553
-18,936
-20,768
-19,249
-19,938 -19,076
-483
-1
496
-1
391
-1
477
-1
474
(*)
17 354
-125
18855
-46
16 656
-53
-18,308 -17,625
27
57
-6
-23
-58
9
-4
-273
-640
-1,319
-462
-331
-45
-37
33
48
51
141
-204
-187
-194
-147
4
-3
76
-99
-26
5
-3
75
-100
-46
-2
-3
-63
-102
27
(*)
-3
-50
-104
8
-562
(*)
(*)
(*)
(*)
(*)
6
-12
6
-8
-6
-11
7
-9
7
-9
4
-3
-112
-123
-8
8
7
(*)
-7
-1
7
-1
-7
-1
132
-545
-116
200
-495
122
197
-477
131
-165
-451
134
-106
522
-123
31 Unilateral transfers (excluding military grants of goods and services), net
-47
-50
-51
-50
-34
-60
-57
-53
-66
-59
32
33
34
-12
-6
29
-16
-6
29
-12
-4
34
-10
-6
34
-2
6
-26
67
7
-68
11
-69
16
-69
4
71
12
10
5
144
277
359
-2,082
683
1,153
1,419
3,512
9
g
11
3
-10
43
34
-2
8
33
11
34
9
12
43
36
15
12
(*)
49
6
17
19
-5
7
12
-10
16
10
-2
16
(*)
13
2
1
5
136
244
371
29
-28
-22
27
10
126
33
211
n.a.
371
-2,125
1,068
-407
-229
-2,557
648
-974
-243
372
1,492
1,158
1,394
-727
-308
799
1,403
-720
-309
846
1,585
-3,527
1,148
-1,029
n.a.
1,350
6,071
30 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
35 U.S. assets abroad, net (increase/capital outflow ( — ))
36
37
38
39
40
U.S. official reserve assets, net 5 .
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
41
42
43
44
U.S. Government assets, other than official reserve assets net
45
46
47
48
49
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
Repayments on U.S. credits and other long-term assets 6
U S foreign currency holdings and U S short-term assets net
51
52
53
54
55
56
57
58
59
60
61
62
63
1
30
115
69
23
408
-711
1,329
127
Foreign official assets in the United States, net
U S. Government securities..
U.S. Treasury securities 7
Other8....
Other U S Government liabilities 9
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 10 .. .
.
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
198
-158
-6
-246
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
1
(16)
(16)
(*)
(16)
(16)
1
(16)
(16)
(*)
(16)
(16)
1
1
-15
( 15 )
(15)
(15)
(15)
4
(15)
(15)
1
(15)
(15)
28
(15)
(16)
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
(16)
(16)
(16)
(16)
(16)
5,912
258
(16)
(16)
(16)
553
296
(18)
15
-205
374
81
(16)
210
300
(15)
266
-276
1,335
-105
(16)
23
(15)
-29
360
399
368
366
50 Foreign assets in the United States, net (increase/capital inflow ( + ))
4
16.6
2
( 16 )
2
-24
43
16.H7
1692
-365
16
365
390
356
340
-40
6
-32
45
- 1
1
16
n.a.
16
159
(1.6)
(15)
(15)
(15)
99
-139
163
94
-87
n.a.
(")
(15)
(15)
(15)
3,631
1,170
-168
1,626
3972
-1,897
1957
-1,957
-3,730
-1,085
1 142
-1,142
3895
-2,261
-2,314
-2,314
-5,697
-3,106
-3,171
-3,171
64 Allocations of special drawing rights
65 Statistical discrepancy, and transfers of funds between foreign areas, net (sum
of above items with sign reversed).
Memoranda:
66 Balance on merchandise trade (lines 2 and 17)
67 Balance on goods and services (lines 1 and 16) * *
68
69 Balance on current account (lines 67 and 31) 11
See footnotes on page 71.
-732
700
770
735
723
-736
386
441
401
391
-93C
-4,695
1,564
-1,623
-1,623
June 1986
69
SURVEY OF CURRENT BUSINESS
Transactions, by Area—Continued
of dollars]
Latin American Republics and Other Western Hemisphere
1985
Australia, New Zealand, and South Africa
Japan
1986
Line
1986
1985
1986
1985
I
II
III
IV
I"
15,600
15,514
15,873
16,005
14,931
8,226
7,760
8,068
8,738
8,755
2,259
2,669
3,126
2,751
2,932
1
7,567
96
7,572
125
7,600
169
8,049
87
7,101
71
5,857
119
5,356
86
5,283
119
5,649
61
5,434
93
1,704
133
1,679
145
v 1,880
151
1,704
157
1,859
102
2
3
874
99
363
917
115
382
878
153
484
898
92
457
829
109
426
392
191
504
335
272
467
423
158
520
268
177
504
397
190
473
85
39
89
142
73
85
144
65
88
71
64
85
88
40
81
4
5
6
33
24
64
360
22
24
24
35
353
31
28
24
55
338
27
47
25
20
362
24
33
25
37
390
32
86
141
-20
64
5
79
143
-15
65
2
123
145
-25
67
5
187
147
-42
68
3
132
149
-28
70
10
47
16
43
64
4
54
16
55
65
1
61
16
70
68
14
73
17
64
70
10
52
17
57
71
6
7
8
9
10
11
595
5,411
92
495
5,239
202
726
5,205
187
909
4,941
94
978
4,773
127
30
809
48
175
757
37
483
720
48
907
759
51
876
862
97
-202
232
5
118
231
4
351
205
12
215
214
7
351
203
5
12
13
14
1
1
1
7
6
-17,806
-17,422
-17,446
-17,643
-17,011
-17,671
-19,176
-19,748
-21,465
-21,552
-1,783
-1,920
-2,024
-1,884
-1,870
16
-11,319
-69
-11,212
-74
-11,489
-90
-12,090
-73
-10,731
-80
-14,907
-368
-16,247
-404
-16,542
-359
-17,957
-456
-18,164
-427
-1,272
-13
-1,456
-12
-1,541
-17
-1,332
-13
-1,413
-14
17
18
-1,616
-150
-412
-1,418
-197
-459
-1,337
-183
-504
-1,377
-96
-504
-1,662
-150
-401
-70
-63
-606
-158
-112
-630
-119
-87
-759
-107
-49
-731
-105
-64
-710
-165
-69
-95
-124
-90
-105
-118
-124
-105
-207
-114
-112
-172
-86
-74
19
20
21
-4
-3
-7
-505
-67
_2
-3
9
-481
-67
-7
-3
21
-451
-75
-7
-3
8
-480
-59
-7
-4
6
-513
-81
-18
-16
53
-27
-11
-15
-16
62
-29
-7
-18
-17
95
-31
-16
-21
-17
111
-34
-8
-25
-17
101
-38
-21
(*)
-1
_^
-12
-17
-1
-1
•(*)'
-12
-8
(*)
-1
-13
-9
-2
-1
1
-14
-8
-1
-1
1
-14
-25
22
23
24
25
26
-108
-3,391
-155
-58
-3,272
-189
433
-3,114
-279
98
-3,177
-310
-427
-385
-825
-323
-395
-902
-437
-378
-1,081
-522
-470
-1,205
-298
-528
-1,255
8
-34
-112
11
-32
-89
8
-31
-73
4
-33
-53
18
-36
-53
27
28
29
-22
(*)
-11
-20
-20
-21
-16
-17
-21
31
-7
-13
(*)
-5
-11
(*)
-5
-12
(*)
-6
-15
(*)
-5
-16
-17
_1
-5
-11
-15
32
33
34
746
352
460
-730
-557
I
III
II
I
I"
IV
II
I"
IV
III
1
15
1
1
23
-3,113
-239
_j
_7
—6
-660
-777
-643
-630
-653
397
-108
-155
-512
-91
-174
-361
-105
-177
-348
-101
-180
-380
-93
-180
-7
-16
14
-14
6,172
-659
6,824
-9,534
2,815
-518
2,004
-806
-6,751
-5,376
500
-143
143
—82
—32
-241
— 1,280
—83
1
30
4
-15
.
35
36
37
38
39
40
500
143
143
82
32
241
1280
83
-228
399
206
-35
-287
-945
454
205
-249
-550
321
-19
-278
415
233
-96
-92
-388
266
29
23
-13
34
2
17
33
12
34
6
15
12
33
(*)•
14
-2
33
1
5
1
16
-1
9
-6
17
-2
18
18
-1
19
()
*'
11
1
41
42
43
44
5,900
607
372
653
4,267
-229
-1,373
860
983
-699
6,931
-1,809
545
-565
8,760
-9,256
-1,300
179
-290
-7,845
2,908
-3,041
365
n.a
5,583
-460
-49
-607
-119
315
2,019
108
564
411
936
-598
-227
-346
-360
335
-5,483
-963
-393
118
-4,245
-5,327
-521
631
n.a
-5,437
739
304
84
4
347
338
179
-23
-5
187
451
92
54
33
272
-748
-320
-115
-1
-312
-568
-173
-630
n.a.
234
45
46
47
48
49
3,441
2,845
1,445
12,460
-1,760
12,095
10,421
12,459
-403
21
-509
-551
1,264
50
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(J6)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(6
1)
(16)
(16)
(16)
(16)
(16)
(16)
4,473
4,942
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
-130
43
61
-186
(16)
(16)
-60
(16)
(16)
-7
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(6
1)
7
-17
^62
(16)
(16)
(16)
26
49
-17
67
81
(16)
(16)
(16)
(16)
(6
1)
(16)
(6
1)
(16)
(16)
(16)
(16)
(16)
(6
1)
(16)
(16)
(16)
(16)
(16)
89
995
-637
(16)
-205
(16)
232
771
828
1,250
(16)
(16)
(16)
(16)
(16)
(16)
3,948
660
-719
16
2,754
117
-527
16
1,046
922
466
16
11,768
550
n.a
16
-2,098
1,309
29
237
-186
16
4,320
16
2,850
1,317
377
16
9,565
(.)
16
-109
C16)
(16)
236
510
-1,296
(16)
(16)
(16)
(6
1)
(16)
(6
1)
(16)
16
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(6
1)
6,097
1?
(16)
645
-5
334
4
0
(16)
(16)
(16)
(16)
-17
-98
-48
-58
2,867
n.a
16
6
1 9
8
(16)
2,854
282
16
(16)
(
9,056
95
-45
16
-474
16-248
16
-426
(16)
141
-61
16
-888
84
n.a.
16
1,094
51
52
53
54
55
56
57
58
59
60
61
62
63
64
-6,746
499
-6,053
-659
1,678
5,513
4,471
402
9,077
5,734
-798
-1,107
-1,036
432
-1,749
65
-3,752
-2,207
-2,470
-2,866
-3,640
-1,909
-2,174
-2,686
-3,889
-1,573
-1,855
-2,216
-4,041
-1,638
-1,920
-2,268
-3,630
-2,081
-2,353
-2,733
-9,050
-9,445
-9,467
-9,467
-10,891
-11,416
-11,416
-11,416
-11,259
-11,680
-11,691
-11,691
-12,308
-12,727
-12,747
-12,747
-12,730
-12,797
-12,817
-12,817
432
476
455
455
223
749
734
734
339
1,102
1,086
1,085
372
867
850
850
446
1,062
1,041
1,041
66
67
68
69
70
SURVEY OF CURRENT BUSINESS
June 1986
Table 10.—U.S. International Transactions, by Area—Continued
[Millions of dollars]
International organizations and unallocated 14
Other countries in Asia and Africa
Line
(Credits +; debits -)
1
1985
I
1 Exports of goods and services
1986
1985
1986
III
IV
IP
I
17,583
16,904
15,847
15,799
16,032
1,289
1,210
1,200
10,634
1,722
2
II
10,797
1,335
9,700
1,064
10,049
1,121
9,985
1,175
75
42
229
251
193
.(*)
(*)
III
2
3
Merchandise, adjusted excluding military 3
Transfers under U S military agency sales contracts
4
5
6
Travel
Passenger fares
Other transportation
251
70
959
239
99
873
304
129
882
142
77
958
262
71
924
7
8
9
10
11
Royalties and license fees from affiliated foreigners 4
Royalties and license fees from unaffiliated foreigners
Other private services from affiliated foreigners
Other private services from unaffiliated foreigners
U.S. Government miscellaneous services
25
53
151
410
57
27
54
141
413
89
29
55
147
413
91
35
56
161
416
51
27
57
156
423
57
27
311
56
12
13
14
Receipts of income on U.S. assets abroad:
Direct investment
Other private receipts
.- .
U.S. Government receipts
1,407
1,216
627
1,197
1,171
469
1,089
1,109
836
937
1,066
731
1,129
1,005
762
94
245
253
5
3
6
13
-22,634
-22,568
-22,567
-16,062
592
-17,720
-605
-18,406
463
-18,837
493
1,108
260
237
29
316
2
-2
329
(*)
9
248
184
50
234
260
9
-22,222
1,048
72
235
252
102
254
181
20345
IV
(*)
305
68
5
319
57
15 Transfers of goods and services under U S military grant programs net
I"
75
II
-18,424
-440
16 Imports of goods and services
17
18
Merchandise, adjusted, excluding military 3
Direct defense expenditures
19
20
21
Travel
Passenger fares
Other transportation
-287
84
-850
-406
121
-898
-371
152
-868
-337
152
-906
-292
90
-899
22
23
24
25
26
Royalties and license fees to affiliated foreigners 4
Royalties and license fees to unaffiliated foreigners
Other private services to affiliated foreigners
Other private services to unaffiliated foreigners
U.S. Government miscellaneous services
(*)
-2
150
-131
153
7
—2
128
-134
-176
2
-2
145
-139
-176
4
-2
181
-143
153
(*)
-2
171
-148
-164
27
28
29
Payments of income on foreign assets in the United States:
Direct investment
Other private payments
U.S. Government payments
41
-872
1422
-20
856
-1,420
18
-877
-1,309
424
-925
1229
13
-936
1357
30 U.S. military grants of goods and services net
-771
-712
749
805
-12
-341
-18
-329
-18
361
-20
328
-25
(*)
-28
1
-28
29
30
-82
314
-104
286
-240
97
-67
-274
-81
-346
-738
20
-297
-5
-3
-6
-13
-9
31 Unilateral transfers (excluding military grants of goods and services), net
-1,969
-1,939
-2,767
-3,060
-1,942
-180
-346
-258
-458
-176
32
33
34
-1,493
-80
-396
-1,603
-79
-257
-2,443
-75
-249
-2,660
-79
322
-1,496
-83
363
-133
48
-315
^16
-15
-216
-40
-2
-121
-334
2
-156
-19
1
701
-2,027
-134
3,517
-1,136
123
-445
389
-66
372
17
-108
124
-22
70
-264
281
-180
72
264
388
-189
168
-274
344
-244
-244
202
-202
-165
165
-98
102
121
67
717
-1
662
400
34
-153
n.a.
587
403
2,895
403
2,895
U.S. Government grants (excluding military grants of goods and services)
U.S. Government pensions and other transfers
Private remittances and other transfers
35 U.S. assets abroad, net (increase/capital outflow ( ))
36
37
38
39
40
U.S. official reserve assets, net 5
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
41
42
43
44
U S Government assets other than official reserve assets net
U S credits and other long-term assets
Repayments on U S credits and other long-term assets 6
U S foreign currency holdings and U S short-term assets net
615
479
217
-972
326
31
-1,001
489
33
-803
539
47
-241
-792
562
-11
-293
-963
638
33
-209
213
45
46
47
48
49
U.S. private assets, net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns...
U S claims reported by U S banks not included elsewhere
1,316
-568
84
388
1,412
1547
-18
-196
-57
-1,277
83
-318
806
246
-650
3,758
787
594
-135
2,511
-843
1665
503
n.a.
319
69
-102
266
1,963
3,449
721
1,491
5,418
712
130
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
48
-36
-55
-48
36
55
50 Foreign assets in the United States, net (increase/capital inflow ( + ))
51
52
53
54
55
56
57
Foreign official assets in the United States net
U S Government securities
U S Treasury securities 7
Other 8
Other U.S. Government liabilities 9
.
U S liabilities reported by U S banks not included elsewhere
Other foreign official assets 10
58
59
60
61
62
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
63
-457
473
(16)
(16)
( 16 )
(16)
(16)
(16)
-74
300
(16)
(16)
235
-528
16
759
166
146
(16)
(16)
(16)
(16)
(16)
(16)
637
n.a.
-10
51
-20
21
57
14
-62
66
395
n.a.
16
16
5,994
5,834
8,966
4,822
4,194
-5,428
-2,762
3239
-4,732
6923
-5,318
-5,654
7256
8706
-6,786
7 110
-9,553
-8,788
-6,769
-7,169
-9,829
-8,439
-6,535
6981
-8,477
37
-857
76
535
113
2,969
-1,921
-281
(16)
464
-169
16
(16)
467
56
221
4
186
-504
(16)
-24
513
226
436
93
-61
249
(16)
(16)
(16)
(16)
(16)
16
133
(16)
(16)
276
(16)
4
4
1,250
4,409
16
718
16
165
-802
16
873
16
399
16
2,500
64 Allocations of special drawing rights
65 Statistical discrepancy, and transfers of funds between foreign areas, net (sum
of above items with sign reversed).
Memoranda:
66
67 Balance on goods and services (lines 1 and 16) 11
68 Balance on goods services and remittances (lines 67 33 and 34)
69 Balance on current account (lines 67 and 31) ll .
See footnotes on page 71.
-959
75
551
504
371
222
238
-179
42
439
408
93
75
488
446
230
299
-37
-158
-3^4
303
283
127
June 1986
SURVEY OF CURRENT BUSINESS
71
Footnotes to U.S. International Transactions Tables 1-1 Oa
General notes for all tables: p 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; increase in foreign official assets in the United States.
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; decrease in foreign offical assets in the United States.
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. Beginning in 1982, line 7 and line 22 are redefined to include only net receipts and payments
for the use or sale of intangible property rights, including patents, industrial processes, trademarks, copyrights, franchises, designs, know-how, formulas, techniques, and manufacturing
rights. Other direct investment services, net, which include fees for management, professional,
and technical services, charges for the use of tangible property, film and television tape rentals,
and all other charges and fees are shown in line 9 and line 24. Data on the redefined basis are not
separately available prior to 1982.
5. For all areas, amounts outstanding March 31, 1985, were as follows in millions of dollars:
Line 36, 44,918; line 37, 11,090; line 38, 7,839; line 39, 12,025; line 40, 13,965.
6. Includes sales of foreign obligations to foreigners.
7. Consists of bills, certificates, marketable bonds and notes, and nonmarketable covertible and
nonconvertible bonds and notes.
8. Consists of U.S. Treasury and Export-Import Bank obligations, not included elsewhere, and
of debt securities of U.S. Government corporations and agencies.
9. Includes, primarily, U.S. Government liabilities associated with military agency sales contracts and other transactions arranged with or through foreign official agencies; see table 4.
10. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and State and local governments.
11. 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 on direct investment in the United States, and (c) includes an adjustment for
the different geographical treatment of transactions with U.S. territories and Puerto Rico, and (d)
includes an adjustment for services furnished without payment by financial intermediaries,
except life insurance carriers. In addition, for NIPA purposes, U.S. Government interest payments to foreigners are excluded from "net exports of goods and services" but included with
transfers in "net foreign investment." A reconciliation table of the international accounts and
the NIPA foreign transactions account appears in the "Reconciliation and Other Special Tables"
section in this issue of the SURVEY OF CURRENT BUSINESS.
12. Includes return import into the United States, at a depreciated value of $21 million in 1972IV and $22 million in 1973-11, of aircraft originally reported in 1970-III in line 3 as a long-term
lease to Australia.
13. Includes extraordinary U.S. Government transactions with India. See "Special U.S. Government Transactions," June 1974 SURVEY, p. 27.
14. Includes foreign currency denominated notes sold to private residents abroad. See table 9,
line B5, footnote 4.
Table 2:
For footnotes 1-11, see table 1.
12. See footnote 14 to table 1.
TableS:
1. Exports, Census basis, represent transaction values, f.a.s. U.S. port of exportation, for all
years; imports, Census basis, represent transactions 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). From 1983 forward, both unadjusted and seasonally adjusted data
have been prepared by BEA from "actual" and "revised statistical" month data supplied by the
Census Bureau (see Technical Notes, December 1985 SURVEY). The seasonally adjusted data are
the summation of seasonally adjusted 4-digit end-use categories (see Technical Notes in the June
1980 SURVEY). Prior to 1983, annual data are published by the Census Bureau, except that for
1975-1980 published Census data adjusted to include trade between the U.S. Virgin Islands and
foreign countries.
2. Adjustments in lines A5 and A13, 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 are 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
A14), 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); imports are
included in tables 1, 2, and 10, line 18 (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.-pwned grains in storage in Canada; for 1975-1982, net timing adjustments for goods recorded in Census data in one period but found to have been shippped in another; and coverage
adjustments for special situations in which shipments were omitted from Census data.
5. 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 21 (other transportation); deduction of imports from
Panama Canal Zone before October 1, 1979; for 1975-1982, 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.
6. Annual and unadjusted quarterly data shown in this table correspond to country and area
data in table 10, lines 2 and 17. 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
^ graphic area detail was not available for some balance of payments adjustments. Therefore,
the detail shown does not always sum to the values shown for the area aggregates. For all years,
"Asia" and "Africa" exclude certain Pacific Islands and unidentified countries included in "Other
countries in Asia and Africa."
7. 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.
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 lines 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 debt, and other equity contributions.
3. Sales, liquidations, and other dispositions of equity holdings, total and partial.
4. Petroleum includes, and Manufacturing and "Other" industries exclude, the exploration, development, and production of crude oil and gas, and the transportation, refining, and marketing
of petroleum products, exclusive of petrochemicals. "Other" industries includes wholesale trade;
banking; finance (except banking), insurance, and real estate; services; and other industries—agriculture, forestry, and fishing; mining; construction; transportation, communication, and public
utilities; and retail trade.
5. Also included in line 47.
Table 6:
1. Primarily provincial, regional, and municipal.
2. Largely transactions by International Bank for Reconstruction and Development (IBRD),
International Development Association (IDA), International Finance Corporation (IFC), Asian Development Bank (ADB), and Inter-American Development Bank (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
are almost always guaranteed by the establishing U.S. parent and are often convertible 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
10.
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 (IDE), 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 Zealand, 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 1-11, see table 1.
12. The "European Communities (10)" includes the "European Communities (6)," United Kingdom, Denmark, Ireland, and Greece. "European Communities (12)" reflects the admission of
Spain and Portugal in 1986.
13. The "European Communities (6)" includes Belgium, France, Germany, Italy, Luxembourg,
Netherlands, European Atomic Energy Community, European Coal and Steel Community, and
European Investment Bank.
14. 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.
15. Details not shown separately; see totals in lines 51 and 58.
16. Details not shown separately are included in line 63.
Table lOa:
For footnotes 1-11, see table 1.
12. Details not shown separately are included in line 63.
NOTE.—Country data are based on information available from U.S. reporting sources. In some
instances the statistics may not necessarily reflect the ultimate foreign transactor. For instance:
U.S. export statistics reflect country of reported destination; in many cases the exports may be
transshipped to third countries (especially true for the Netherlands and Germany). The geographic breakdown of security transactions reflects country with which transaction occurred but may
not necessarily reflect the ultimate sources of foreign funds or ultimate destination of U.S. funds.
Data for individual countries within EC(6) may not add to the published totals for EC(6) since in
several 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.
72
SURVEY OF CURRENT BUSINESS
June 1986
Table 10a.—U.S. International Transactions,
[Millions
Line
(Credits +; debits -)
Ref.
lines
(table 10,
March
1986
SURVEY)
1
1 Exports of goods and services 2
1983
1985"
1984
Germany
France
Belgium-Luxembourg
1984
1983
1985"
1983
1984
1985"
1
6,779
7,131
7,385
8,308
9,075
10,264
12,356
11,934
15,380
2
3
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts
2
3
5,055
239
5,194
230
4,805
106
6,029
16
6,055
51
6,097
119
8,641
337
8,775
287
8,939
246
4
5
6
Travel
Passenger fares.,
Other transportation
4
6
66
31
138
63
18
151
14
175
254
135
230
288
165
265
305
166
314
542
179
622
553
180
657
539
199
622
7
10
11
Royalties and license fees from affiliated foreigners4
Royalties and license fees from unaffiliated foreigners.....
Other private services from affiliated foreigners
Other private services from unaffiliated foreigners
U.S. Government miscellaneous services..
9
10
152
21
68
46
1
153
19
68
41
3
159
20
115
46
1
456
135
-106
126
18
103
-126
140
16
441
108
-148
141
13
478
133
24
155
48
472
118
27
170
17
577
124
51
211
53
12
13
14
Receipts of income on U.S. assets abroad:
Direct investment
Other private receipts
U.S. Government receipts
11
12
13
223
732
7
311
874
1,054
817
5
-140
1,142
13
229
1,379
12
1,468
1,230
10
617
237
343
222
221
235
3,345
225
249
7
8
'..
15 Transfers of goods and services under U.S. military grant programs, net
14
16 Imports of goods and services.
15
-3,627
-4,390
-4,522
-8,279
-11,064
-12,210
-23,226
-28,927
-31,565
16
17
-2,502
-165
-3,089
-121
-3,269
-120
-6,185
-64
-7,957
-101
-8,908
-63
-13,163
-4,376
-17,426
-4,580
-19,535
-5,224
18
19
20
-61
-135
-99
-73
-162
-141
-94
-174
-161
-567
-338
-160
-705
-404
-256
-770
-457
-301
-396
-524
-727
-570
-667
-831
-672
-652
21
22
24
-18
-13
-6
-26
-30
-20
-12
2
-10
-30
-19
-9
-5
-11
-34
-52
-29
-7
-69
-68
-63
-35
49
-115
-85
-72
-37
-2
-89
-112
-82
-35
73
-138
-92
-100
-58
44
-98
-78
-103
-65
99
-128
-75
25
26
27
-254
-291
-27
-268
-423
-43
-109
-409
-108
416
-771
-385
178
-1,025
-545
150
-1,047
-502
-151
-557
-3,058
-803
-669
-3,091
-514
-846
-3,002
..„
17
18
Merchandise, adjusted, excluding military3.
Direct defense expenditures ..
19
20
21
Travel
Passenger fares
Other transportation
22
23
24
25
26
Royalties and license fees to affiliated foreigners4
.:
Royalties and license fees to unaffiliated foreigners....
Other private services to affiliated foreigners
Other private services to unaffiliated foreigners..
U.S. Government miscellaneous services
27
28
29
.
Payments of income on foreign assets in the United States:
Direct investment
Other private payments
U.S. Government payments
.,
:
n.a.
30 U.S. military grants of goods and services, net
28
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
31 Unilateral transfers (excluding military grants of goods and services), net
29
-18
-21
-24
-61
-68
520
349
329
-7
-11
-13
-16
-30
-31
-31
-39
-125
645
-131
480
-127
456
-2,164
134
-5,960
-421
-701
-1,769
1,519
-73
-3,378
(*)
(*)
675
-527
-663
675
-527
-663
20
24
U.S. Government grants (excluding military grants of goods and services)
U.S. Government pensions and other transfers...,.
Private remittances and other transfers
U.S. assets abroad, net (increase/capital outflow ( —))
U.S. official reserve assets, net5...
Gold.,
Special drawing rights
Reserve position in the International Monetary Fund....
Foreign currencies
U.S. Government assets, other than official reserve assets, net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets 6
U.S. foreign currency holdings and U.S. short-term assets, net..
-15
-22
16
-9
58
20
17
3
47
-2
6
14
5
19
17
-20
Foreign assets in the United States, net (increase/capital inflow ( + ))...
Foreign official assets in the United States, net
U.S. Government securities
;.
U.S. Treasury securities 7
Other 8 .
9
Other U.S. Government liabilities
U.S. liabilities reported by U.S. banks, not included elsewhereOther foreign official assets l!°.
-2,161
379
-1,373
-12
-1,155
76
-174
-1,277
-23
1,550
-5,969
-585
-4,159
10
-1,235
-406
609
-14
18
-1,019
-721
435
-522
42
-676
1,814
1,628
-600
-44
458
824
182
-7
28
621
430
559
52
-87
-94
-2,720
-2,010
-428
27
-309
-157
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..
17
41
1,876
1,818
1,405
3,767
2,682
2,015
4,471
5,916
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(2
1)
(12)
(12)
(12)
(12)
(12)
27
-50
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
-75
-112
1
(12)
(12)
Other foreign assets in the United States, net
<.
Direct investment
U.S. Treasury securities...
U.S. securities other than U.S. Treasury securities....
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns.
\
U.S. liabilities reported by U.S. banks, not included elsewhere
A
(12)
(12)
(2
1)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
307
431
(12)
-113
145
(12)
-267
-187
12
2
12
( )
58
(12)
(12)
(12)
(12)
(12)
-11
(12)
82
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
-201
774
-252
1,007
1,291
1,962
(12)
(12)
(12)
(12)
(12)
(12)
(12)
576
-113
-186
-68
-198
57
-227
-131
1,389
-45
1,679
164
2,731
-71
12
1,802
12
12
12
-363
2
1,387
12
1,241
1,525
12 1,801
-813
-4,730
1,303
-952
-1,009
1,103
6,816
12,246
13,318
2,553
3,152
3,134
3,134
2,105
2,741
2,720
2,720
1,536
2,863
2,839
2,839
-156
29
-32
-32
-1,902
-1,989
-2,057
-2,057
-2,811
-1,946
-2,016
-2,016
-4,522
-10,870
-10,350
-10,350
-8,651
-16,993
-16,644
-16,644
-10,596
-16,185
-15,856
-15,856
65
3,052
3,303
J
Statistical discrepancy, and transfers of funds between foreign areas, net (sum
of above items with sign reversed).
See footnotes on page 71.
53
(12)
(12)
-447
Allocations of special drawing rights
Memoranda:
Balance on merchandise trade (lines 2 and 1)..
7...
Balance on goods and services (lines 1 and 16)ll
Balance on goods, services, and remittances (lines 67, 33, and 3 ) .
4..
69 Balance on current account (lines 67 and 3D-11
C12)
(12)
(12)
...
..
73
SURVEY OF CURRENT BUSINESS
June 1986
by Selected Countries (published annually)
of dollars]
Netherlands
Italy
1983
1985"
1984
1983
Mexico
1985 "
1984
1983
1984
1985 "
1983
1984
South Africa
Australia
Venezuela
1983
1985''
1984
1985 ''
1983
Lme
1985 "
1984
6,110
6,911
7,605
10,471
10,333
11,017
15,917
19,972
20,941
4,215
5,497
5,280
5,954
7,830
7,786
2,779
2,647
1,773
1
3,947
29
4,310
60
4,557
72
7,286
521
7,486
439
7,241
341
9,094
15
12,020
4
13,386
3
2,707
129
3,386
51
3,063
269
3,850
157
4,849
506
5,060
576
2,139
(*)
2,281
1,188
(*)
2
3
111
88
181
128
77
217
135
85
218
133
4
536
129
9
575
132 \ 1,951
10
540
278
1,905
2,013
454
480
328
237
178
198
267
195
203
287
185
196
46
5
71
48
5
76
31
5
80
4
528
315
223
77
76
111
8
227
82
67
250
9
240
86
80
236
5
188
23
318
136
1
237
20
251
95
3
277
21
212
81
9
54
25
45
358
13
73
23
43
372
7
79
23
48 \
388 f
32 j
159
35
175
180
2
153
37
193
189
24
57
24
24
45
2
53
20
23
40
2
49
21
20
49
4
7
8
9
10
11
326
900
33
360
1,091
33
1,010
852
29
1,107
215
3
826
261
2
1,942
210
1
-290
4,022
352
324
4,757
129
705
528
26
356
505
25
88
278
-297
396
70
256
12
13
14
15
1
3
12
3
12
135
121
127
-669
1,353
15
716
3,775
150
2
15
155
1,296
19
<
40
1,271
15
105
36
i 160
\ 165
I
5
464
374
25
r
6
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.
-7,928
-10,732
- 12,013
-6,902
-9,555
-9,012
-22,755
-23,943
-24,981
-6,126
-8,052
-7,774
-3,640
-4,254
-4,049
-2,580
-2,228
-2,183
16
-5,695
-568
-8,056
-441
-9,355
-501
-3,029
-83
-4,126
-137
-4,111
-86
-17,243
-1
- 18,076
-1
-19,104
j
-5,011
-1
-6,660
-2
-6,521
-1
-2,268
-39
-2,745
-51
-2,697
-46
-2,436
-1
-2,090
-1
-2,049
-1
17
18
-461
-220
-280
-661
-262
-374
-619
-304
-402
-122
-474
-303
-137
-525
-381
-168 \ -3,618
-587 /
-359
-301
-3,599
-3,552
-289
-313
/-241
-136
-310
-292
-153
-346
-341
-190
-343
-25
-20
-29
-16
-22
-35
-7.
-28
-34
19
20
21
1
-8
2
-66
-36
2
-7
7
-60
-39
2
-6
9
-76
-35
-15
-18
-11
-23
-11
-14
-22
1
-27
-14
-12
-23
-20
-25
-18
-358
-1
(*)
-727
-25
• -307
(*)
-1
-1
-788
-58 i
-352
-1
1
-729
-48
-2
-3
(*)
-21
^ -29
-5
-4
(*)
-27
-27
—4
-3
-1
-18
-24
(*)
-1
(*)
-17
-16
(*•)
(*)
(*)
-17
-12
(*)
-1
(*)
-24
-11
22
23
24
25
26
18
-359
-256
73
-477
-437
96
-518
-304
-1,890
-371
-552
-3,113
-524
-536
-2,700
-372
-531
13
-814
-14
13
-1,210
-28
-23
-763
-21
-22
-953
-63
-30
-785
-79
-55
-64
-472
70
-89
-585
37
-94
-325
4
-35
-4
(*)
-34
-1
-4
-24
(*)
27
28
29
>
-8
-1,097
-58
<
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.
30
-209
-217
-213
-15
-18
-19
-363
-410
-471
-13
-13
-13
-38
— 44
-39
-12
-21
-15
-169
-25
-21
-165
-31
-17
-162
-34
-8
-7
-8
-10
-8
-11
-39
-157
-167
-25
-155
-230
-62
-162
-247
-2
-11
-2
-11
-2
-11
-13
-25
-14
-30
-15
-24
-2
-10
-1
-2
-18
-21
_i
-2
-18
32
33
34
-1,481
-118
-882
440
257
-340
-2,684
180
2,753
459
534
602
-798
-24
361
-299
179
1,091
35
1,218
36
37
38
39
40
1,218
38
31
40
-2
31
104
51
17
-14
66
-2
101
3
20
31
14
3
9
-23
587
— 365
953
-1
-118
— 488
370
(*)
104
— 134
238
(*)
-7
— 29
23
-1
37
_2
39
(*)
30
_2
32
(*)
-75
— 120
45
(*)
7
— 40
46
1
36
—6
44
-2
-1
-1
(*)
41
42
43
44
-1,519
-239
7
39
-1,326
-149
-138
-82
-52
123
-986
-1,004
-82
53
47
389
250
-18
38
119
240
544
56
-9
-351
-326
-806
347
78
55
-4,489
704
7
-127
-5,073
298
-177
86
377
12
2,649
-510
57
546
2,556
466
982
-66
84
-534
497
-80
202
75
300
572
205
21
234
112
-723
-17
-185
80
-601
-31
553
67
40
-691
325
147
240
-17
-45
-298
217
117
-21
-611
180
477
-149
10
-158
1,091
142
(*)
48
901
45
46
47
48
49
3,060
2,625
-980
3,700
4,133
2,731
2,541
2,378
1,860
225
2,223
1,045
2,725
-669
8
50
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(>2)
(12)
(12)
(12)
(12)
(12)
51
52
53
54
55
56
57
0
0
62
27
(12)
(12)
(12)
(12)
(12)
-44
-31
(12)
(12)
(12)
(12)
( )
( 2)
( 2)
(12)
(12)
5
( 2)
( 2)
( 2)
2
( 2)
( 2)
( )
15
2
( 2)
( )
5
(12)
(12)
2
16
(12)
(12)
(12,
(12)
(12)
(12)
(12)
(12)
(12)
12
( )
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12
(12
(12
(12
-16
4
7
(12)
(12)
(12)
(12)
(12)
(12)
(12
(12
(12)
(12)
(12)
-229
66
126
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
2,778
3,520
-39
(12)
-5
(12)
(12)
(12)
(12)
45
210
(12)
61
24
(12)
2,684
211
(12)
(12)
(12)
(12)
1,188
(I2)
180
203
2,927
2,431
74
-123
12
-889
-58
-199
12
1,174
-257
-69
12
983
100
303
12
-325
31
358
12
2,186
41
175
12
2,086
34
278
160
-242
12
1,747
12
-129
25
219
12
1,889
59
-422
12
1,592
19
161
12
-125
()
*
(12)
(12)
-58
-7
-23
()
*'
(12,
(12)
198
(12
(12
197
12
(12)
(12)
(12)
(12)
366
(12)
13
30
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
96
(12)
(12)
(12)
(12)
(12
(12
(12
28
12
-1,584
(12
(12)
(12)
-1
-1
1,969 12 -2,438
(12)
(12)
543
-2,222
(12)
-28
17
31
-99
12
158
(*)
(12)
(12)
(12)
7
(12)
196
-227
2
C2)
6
(12)
(12)
(12)
(12)
12
-121
4
(12)
-25
- 35
12
64
\
'
58
59
60
61
62
63
64
448
1,531
6,483
-7,694
-5,150
-4,377
7,344
1,823
-102
1,240
-189
860
-4,203
-2,839
-2,475
-1,748
-1,818
-2,012
-2,027
-3,746
-3,821
-4,017
-4,038
-4,798
-4,408
-4,604
-4,621
4,257
3,569
3,554
3,554
3,360
778
760
760
3,130
2,005
1,986
1,986
-8,149
-6,838
-7,162
-7,201
-6,056
-3,971
-4,356
-4,381
-5,718
-4,040
-4,449
-4,511
-2,304
-1,911
-1,924
-1,924
-3,274
-2,555
-2,568
-2,568
-3,458
-2,494
-2,507
-2,507
1,582
2,314
2,276
2,276
2,104
3,576
3,532
3,532
2,363
3,737
3,698
3,698
16
- 297
199
187
187
- 452
-668
65
191
419
399
398
-861
-410
- 430
- 43 1
66
67
68
69
74
SURVEY OF CURRENT BUSINESS
June 1986
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 fixed-weighted constant-dollar inventory-sales ratios, i.e., ratios
obtained by weighting detailed industry ratios by 1982 sales. Table 5 pre-
sents quarterly and monthly inventories for manufacturing by stage of
fabrication. Quarterly estimates beginning in 1976 and monthly estimates for 1985 were published in the February 1986 SURVEY OF CURRENT
BUSINESS.
Table 1.—Manufacturing and Trade Inventories in Constant Dollars,
Seasonally Adjusted, End of Period
Table 3.—Constant-Dollar Inventory-Sales Ratios for Manufacturing
and Trade, Seasonally Adjusted
[Billions of 1982 dollars]
[Ratio, based on 1982 dollars]
1985
I
639.8 647.5
Manufacturing and trade
Manufacturing
Durable goods
Primary metals
Fabricated metals
Machinery except electrical
Electrical machinery .
....
Transportation equipment
Motor vehicles
Other
Other durable goods *
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
1986
IV
1985
Dec.
Jan.
r
Feb.
Mar.
Apr. "
638.8 639.8 642.0 644.4 647.5 651.3
330.0 328.5 330.5 330.0 328.2 327.6 328.5 328.9
216.1 214.7 213.8 213.0 213.7 213.2
214.7 213.7
22.1
22.3
22.4
22.8
22.5
22.3
23.1
22.8
23.7
23.6
23.7
23.5
23.9
24.0
24.0
23.6
44.9
45.5
46.1
45.8
46.6
46.3
45.5
46.3
36.0
36.3
35.9
36.1
35.9 35.9
36.0
35.9
52.6
51.7
51.5 51.5 52.6
52.3
52.6
51.7
11.4
11.2
11.6
11.4
11.5
11.4
11.6 11.2
41.2
41.4
40.0
40.1
40.1
40.9
41.4
40.1
33.6
34.0
33.8 33.8 33.7
34.3
33.7
34.0
, 115.3 114.8 114.4 115.3 114.4 114.6 114.8 115.8
23.3
23.8
23.1
23.3
22.9 23.2
23.3
23.2
92.0
91.5
91.4
91.2
91.5 92.1
92.1
91.5
10.2
10.3
10.2
10.2
10.2
10.1 10.2
10.2
27.2
27.2
27.2
27.0
27.3
27.0
27.2
27.0
15.5
15.2
15.3 15.3
16.0
15.5
15.3
16.0
7.6
7.6
7.6
7.4
7.5
7.5
7.6
7.5
31.3
31.2
31.4
31.1 31.3 31.2
31.2
31.4
149.8 150.3
96.1
96.4
54.2
53.4
19.5
19.0
34.7
34.4
151.6
97.4
54.2
20.0
34.1
Merchant wholesalers
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
148.9
95.0
53.9
18.7
35.2
150.3
96.1
54.2
19.5
34.7
147.2 148.9
95.0
94.9
52.3
53.9
18.1 18.7
34.2
35.2
149.4
95.5
53.9
19.0
34.9
Retail trade
Durable goods
Auto dealers
..
Other durable goods
Nondurable goods
Food stores
Other nondurable goods
160.9
76.4
36.0
40.4
84.5
17.6
66.9
168.7
82.6
40.6
42.0
86.1
18.0
68.2
161.1 160.9
76.4
76.4
35.3 36.0
40.4
41.1
84.7
84.5
17.6
17.5
67.2
66.9
164.5 167.0 168.7 170.7
83.5
78.6
80.3 82.6
40.4
40.6
39.0
37.6
42.0
43.2
41.1
41.4
86.1 87.2
85.8 86.6
17.9
18.0 18.0
17.9
68.2
69.3
68.6
67.9
1986
IV
1986
1985
Nov.
I
19 35
Nov.
19 86
Dec.
Jan.
r
Feb.
Mar.
Apr. P
1.54
1 55
1 53
1 53
1 54
1.54
1 56
1 53
Manufacturing
Durable goods
Primary metals
Fabricated metals
Machinery, except electrical...
Electrical machinery
Transportation equipment
Motor vehicles
Other
Other durable goods l
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 73
2 14
2.49
175
2.44
237
205
74
424
1.88
1 27
.98
137
1.32
1.63
.83
1.56
1.65
1 73
2 16
2.47
179
2.54
247
2 10
70
464
1.77
1 26
.97
136
1.27
1.64
.80
1.61
1.66
1 72
2 14
2.50
1 72
242
233
208
70
457
1.90
1 25
.95
135
1.32
1.68
.79
1.51
1.64
1 73
2 16
254
1 81
248
236
204
75
4 10
1.89
1 26
99
1 36
129
1.62
.83
1.57
1.64
1 72
215
2.49
176
262
260
195
65
454
1.76
1 25
.94
1 36
1.26
1.62
.80
1.58
1.68
1.71
2 14
2.45
176
2.56
243
2.00
69
4.37
1.80
1 25
.97
135
1.25
1.61
.80
1.61
1.65
1 75
221
2.52
185
2.50
239
2.28
79
473
1.78
1 26
.98
136
1.29
1.70
.78
1.63
1.64
1 70
214
2.42
177
2.41
253
209
71
450
1.76
124
.99
133
1.25
1.58
.76
1.62
1.68
Merchant wholesalers
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
1.31
187
.86
.73
95
1.31
1 89
85
.74
93
1.30
1 87
83
.69
94
1.30
1 85
85
.72
93
1.30
187
.85
.72
93
1.31
1 89
.84
.73
.92
1.31
189
.85
.74
92
1.30
187
.84
.75
90
Retail trade
Durable goods
Auto dealers
Other durable goods
Nondurable goods
Food stores
Other nondurable goods
1.45
1.83
1 51
2.28
1 22
.78
1.43
1.50
1.95
168
2.31
1 22
79
1.43
1.46
1.86
1 50
235
1 22
78
1.44
1.43
177
1 44
223
1 22
78
1.43
1.47
1.84
1 52
2.27
1 24
.79
1.45
1.48
1.90
1 59
2.32
1 23
.79
1.44
1.49
1.98
176
2.26
1 20
.78
1.40
1.48
1.91
1 63
2.28
1 22
.78
1.43
Manufacturing and trade
See footnotes to table 4.
See footnotes to table 4.
Table 2.—Manufacturing and Trade Sales in Constant Dollars,
Seasonally Adjusted Total at Monthly Rate
Table 4.—Fixed-Weighted Constant-Dollar Inventory-Sales Ratios for
Manufacturing and Trade, Seasonally Adjusted
[Billions of 1982 dollars]
[Ratio, based on 1982 dollars]
1985
Manufacturing and trade ..
1986
IV
I
19 86
19 85
r
Nov.
Dec.
4182 4182 418 5 4162
Jan.
Feb.
Mar.
416 1 417 6
416.6
Manufacturing
Durable goods
Primary metals
Fabricated metals
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles
Other
Other durable goods '
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
191.3 190.2
1004 988
9.2
9.0
138 132
17.9
19.0
15.1 14.6
25.1
25.3
158 16 1
95
89
18 1 190
909 91 5
24.1
23.6
673 674
7.7
8.1
16.5
16.6
19.2
19.3
4.7
4.8
190 188
192.7 190.7 191.4 191.4 188.0 193.0
101 0 995 996 997 969 998
9.1
9.1
8.9
9.0
9.1
9.3
134
139 133 135 134 128
18.2
19.2
18.6
18.6
17.9
17.6
15.2
15.4
15.1
14.3
13.9
14.8
23.0
25.4
26.4
25.2
25.7
25.1
162 156 175 166 143 160
90
91
92
88
98
88
19 1
193 188 19.0
18.1 18.0
91 7 91 3 91 8 91 6 910 932
23.9
23.8
23.5
24.6
24.1
24.0
676 678 672 677 673 692
7.7
8.0
8.1
8.1
7.9
8.3
16.3 16.7
17.2
16.8 16.8 16.0
19.7
19.1
19.6 ' 20.4
19.3
19.0
4.7
4.7
4.9
4.7
4.8
4.8
19.1 192 185 189 190
187
Merchant wholesalers
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
113.6 114.6
508 509
628 637
26.3
25.7
37.2
37.4
113.6 115.0 114.6 114.3 114.9
507 51 4 510 509 508
64.0
63.6
63.4
62.8
63.6
26.4
26.2
26.3
26.0
25.9
37.6
37.7
36.6
37.3
37.3
111 1 112 8
41 7 423
239 24 1
177 182
695 70 5
226 228
46 8 477
110.4 112 5 1121 112 9 1134 115 2
43.1
41.1
436
428 424 41.7
236 250 247 245 23 1 247
175 18 1 18 1 179 186
189
69 3 69 4 69 4 70 5 71 7 71 5
225 226 226 229 23 1 229
468 468 46 8 47 6 486 48 7
Retail trade
Durable goods
Auto dealers
Other durable goods
Nondurable goods
Food stores
Other nondurable goods
See footnotes to table 4.
...
1986
1985
Apr. "
425 1
116.9
522
64.7
26.7
38.0
II
III
IV
I
1.53
1.52
1.52
1.54
Manufacturing
Durable goods
Nondurable goods
1.78
230
1.28
1.76
2.28
1.28
1.72
2.21
1.27
1.74
2.25
1.26
Merchant wholesalers
Durable goods
Nondurable goods
1.28
1.92
83
1.30
1.92
85
1.30
1.90
.87
1.30
1.92
.86
1.35
1.76
1 16
1.34
1.69
1.18
1.39
1.84
1.18
1.43
1.97
1.18
Manufacturing and trade
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 ^ p
establishment holding the inventory. Trade inventories are classified by the type of product solci'
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 1982 sales. For manufacturing, 21 industries were used; for merchant wholesalers, 20
kinds of business; and for retail trade, 8 kinds of business.
75
SURVEY OF CURRENT BUSINESS
June 1986
Table 5.—Manufacturing Inventories by Stage of Fabrication in Constant Dollars, Seasonally Adjusted, End of Period
[Billions of 1982 dollars]
1985
1986
1986
1985
Nov.
IV
Dec.
Jan.
Feb.
Mar.
Apr.'
Materials and supplies
108.0
106.5
107.0
108.0
106.9
106.8
106.5
107.3
Durable goods
Primary metals
Fabricated metals
Machinery, except electrical
Electrical machinery....
Motor vehicles
Other transportation equipment....
Other durable goods.
61.7
7.2
8.8
13.0
8.7
5.2
6.8
11.9
60.1
7.0
8.7
12.4
8.7
4.7
6.8
11.8
61.2
7.4
8.7
13.1
8.7
4.9
6.7
11.8
61.7
7.2
8.8
13.0
8.7
5.2
6.8
11.9
60.5
7.2
8.7
12.8
8.6
4.9
6.5
11.9
60.3
7.2
8.6
12.8
8.6
4.8
6.6
11.8
60.1
7.0
8.7
12.4
8.7
4.7
6.8
11.8
60.2
7.0
8.5
12.5
8.7
4.8
6.9
11.8
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.......
46.2
8.0
5.2
9.2
5.4
3.0
15.4
46.5
8.1
5.4
9.0
5.5
3.2
15.4
45.8
7.8
5.2
9.3
5.3
2.9
15.3
46.2
8.0
5.2
9.2
5.4
3.0
15.4
46.4
8.1
5.3
9.2
5.3
3.1
15.5
46.5
8.1
5.4
9.2
5.4
3.1
15.4
46.5
8.1
5.4
9.0
5.5
3.2
15.4
47.1
8.4
5.4
9.2
5.6
3.1
15.4
118.0
116.7
116.5
116.3
117.3
116.9
8.4
8.4
18.6
20.1
4.0
30.5
98.3
8.4
8.3
18.3
19.9
4.3
30.4
99.6
8.6
8.3
18.3
20.0
4.2
31.5
8.8
99.2
8.3
8.5
18.0
20.2
4.2
31.3
8.7
Manufacturing
Work-in-process
Manufacturing
116.7
Durable goods
Primary metals
Fabricated metals
Machinery, except electrical
Electrical machinery
Motor vehicles
Other transportation equipment
Other durable goods...,
,
98.5
.....
8.6
18.4
19.8
4.1
30.3
8.8
8.6
8.7
18.3
19.8
4.0
31.1
9.1
18.4
19.8
4.1
30.3
8.8
18.2
2.3
1.1
4.5
3.2
1.2
5.9
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
8.6
8.3
18.3
20.0
4.2
31.5
8.8
17.7
2.4
1.1
4.3
2.9
1.2
5.8
18.4
2.3
1.1
4.7
3.2
1.2
6.0
18.2
2.3
1.1
4.5
3.2
1.2
5.9
17.8
2.3
1.1
4.5
2.8
1.3
5.8
17.9
2.3
1.0
4.3
3.0
1.3
6.0
17.7
2.4
1.1
4.3
2.9
1.2
5.8
17.7
2.4
1.1
4.3
2.8
1.2
5.8
Finished goods
105.3
104.6
105.6
105.3
104.7
104.5
104.6
104.8
Durable goods
Primary metals
Fabricated metals
Machinery, except electrical
Electrical machinery
Motor vehicles
Other transportation equipment.
Other durable goods
54.5
6.9
6.7
14.9
7.4
2.3
3.0
13.2
54.0
6.7
6.6
14.8
7.3
2.3
3.0
13.1
55.3
7.2
6.5
15.2
7.4
2.5
3.2
13.4
54.5
6.9
6.7
14.9
7.4
2.3
3.0
13.2
54.5
6.9
6.7
14.7
7.4
2.4
3.1
13.2
54.3
6.9
6.6
14.8
7.4
2.5
3.0
13.3
54.0
6.7
6.6
14.8
7.3
2.3
3.0
13.1
53.8
6.8
6.7
14.4
7.4
2.4
3.0
13.1
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
50.8
12.9
3.9
13.4
7.4
3.2
10.0
50.6
12.9
3.8
13.8
7.0
3.2
10.0
50.3
12.8
3.8
13.4
7.1
3.2
10.0
50.8
12.9
3.9
13.4
7.4
3.2
10.0
50.2
12.7
3.9
13.5
7.1
3.2
50.2
12.9
3.8
13.5
6.9
3.2
9.9
50.6
12.9
3.8
13.8
7.0
3.2
10.0
51.0
13.0
3.9
13.7
7.1
3.2
10.1
Manufacturing
See footnotes to table 4.
Text continues from p. 76
Reconciliation and other special tables
Reconciliation of Net Exports and Balance on Goods and
Services. 3-6; 6-16.
U.S. investment abroad
Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies, 1986. Jeffrey H. Lowe. 3-18.
U.S. Merchandise Trade Associated With U.S. Multinational Companies. Betty L. Barker. 5-55.
U.S. Multinational Companies: Operations in 1983. R.
David Belli. 1-23.
Regional
Personal income
County and Metropolitan Area Personal Income, 198284. Regional Economic Measurement Division. 4-39.
Regional Nonfarm Wages and Salaries: Three Years of
Expansion. Howard L. Friedenberg, Rudolph E.
DePass. 4-37.
State Personal Income. 1-76; 4-62.
Subject Guide
January-June Issues of Volume 66 (1986)
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
Fixed capital stock
Fixed Reproducible Tangible Wealth in the United
States: Revised Estimates. John C. Musgrave. 1-51.
GNP by industry
Gross Product by Industry: Revised and Updated Estimates, 1947-85. Milo O. Peterson. 4-24.
Government transactions
Alternative Measure of the State and Local Government
Fiscal Position: Revised and Updated Estimates.
David J. Levin. 4-36.
Cyclically Adjusted Federal Budget and Federal Debt:
Revised and Updated Estimates. Thomas M.
Holloway. 3-11.
Federal Farm Programs for 1986-90. Joseph C. Wakefield. 4-31.
Federal Fiscal Programs. Joseph C. Wakefield. 2-26.
Federal Personal Income Taxes: Revised and Updated
Estimates of Liabilities and Payments, 1949-84. Thae
S. Park. 5-41.
Government Sector. 3-2; 5-3.
Receipts and Expenditures of State Governments and of
Local Governments: Revised and Updated Estimates,
1959-84. David J. Levin/Donald L. Peters. 5-26.
Reducing the Federal Government Deficit: An Update.
Joseph C. Wakefield. 2-32. Correction, 4-8.
Relationship Between Personal Income and Adjusted
Gross Income: Revised Estimates, 1947-83. Thae S.
Park. 5-34.
Sources of Change in Federal Transfer Payments to Persons: An Update. Thomas M. Holloway. 6-21.
State and Local Government Fiscal Position in 1985.
David J. Levin. 2-35.
Input-output
Errata for "Employment and Employee Compensation
in the 1977 Input-Output Accounts" in the November
1985 issue. 5-5.
Inventories and sales
Manufacturing and Trade Inventories and Sales in Constant Dollars. 2-46; 3-55; 6-74.
National income and product accounts (NIPA's)
Economic Interpretation of Hedonic Methods. Jack E.
Triplett. 1-36.
Errata for NIPA tables in December 1985 issue, 1-8 and
2-16, in January, February, March 1986 issues, 4-22.
Improved Deflation of Purchases of Computers. David
W. Cartwright. 3-7. Corrections to the Estimate of
Purchases of Computers, 3-10.
National Income and Product Accounts Tables, 1982-85.
3-57.
News or Noise: An Analysis of GNP Revisions. N. Gregory Mankiw, Matthew D. Shapiro. 5-20.
76
Quality-Adjusted Price Indexes for Computer Processors
and Selected Peripheral Equipment. Rosanne Cole, Y.
C. Chen, Joan A. Barquin-Stolleman, Ellen Dulberger,
Nurhan Helvacian, James H. Hodge. 1-41.
Revisions. Fourth Quarter of 1985, 2-1 and 3-5; First
Quarter of 1986, 5-1 and 6-2.
Selected National Income and Product Estimates, 192985. 2-17. Errata, 4-22.
Use of National Income and Product Accounts for
Public Policy: Our Successes and Failures. (Staff
Paper Summary.) Carol S. Carson, George Jaszi. 2-15.
Plant and equipment expenditures
Plant and Equipment Expenditures. Eugene P. Seskin,
David F. Sullivan. First and Second Quarters and
Second Half of 1986, 4-26; Four Quarters of 1986, 617.
Revised Estimates of Plant and Equipment Expenditures in Constant (1982) Dollars, 1978-86. 1-22.
Pollution abatement and control
Plant and Equipment Expenditures by Business for Pollution Abatement. Environmental Economics Division.
2-39.
Profits
Corporate Profits. Fourth Quarter 1985, 3-1; Year 1985,
4-7; First Quarter 1986, 5-2 and 6-1.
Reconciliation and other special tables
Cyclically Adjusted Federal Receipts, Expenditures, Surplus or Deficit, and Debt. 5-19.
Reconciliation of BEA Compensation and BLS Earnings.
2-15; 5-19.
Reconciliation of Net Exports and Balance on Goods and
Services. 3-6; 6-16.
International
Balance of payments
International Travel and Passenger Fares, 1981-85.
Joan E. Bolyard. 5-42.
U.S. International Transactions. Fourth Quarter and
Year 1985, Christopher L. Bach, 3-24; First Quarter
1986, Russell C. Krueger, 6-36.
Foreign investment in the United States
U.S. Business Enterprises Acquired or Established IF
Foreign Direct Investors in 1985. Michael A. Shea, o47.
Investment position
International Investment Position of the United States
in 1985. Russell B. Scholl, Barbara F. Brereton, Ned
G. Howenstine, Ralph Kozlow. 6-26.
Text continues on p. 75
CURRENT BUSINESS STATISTICS
The statistics here update series published in BUSINESS STATISTICS: 1984, a statistical supplement to the SURVEY OF CURRENT BUSINESS. That volume
(available from the Superintendent of Documents for $13.00, stock no. 003-010-00160-7) provides a description of each series, references to sources of
earlier figures, and historical data as follows: For all series, monthly or quarterly, 1981 through 1984, annually, 1961-84; for selected series, monthly or
quarterly, 1961-84 (where available).
The sources of the series are given in BUSINESS STATISTICS: 1984; they appear in the main methodological note for each series, and are also listed
alphabetically on pages 143-144. 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 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984
1985
Annual
1986
,, ..
1984
1985
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
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 (1982)
dollars
bil $
Personal consumption expenditures in
constant (1982) dollars
do
Durable goods
do
Nondurable goods
do ....
Services
do
Implicit price deflator for personal consumption
expenditures
index, 1982—100..
INDUSTRIAL PRODUCTION <>
Federal Reserve Board Index of Quantity Output
Not Seasonally Adjusted
Total index
1977 = 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
r
r
3,111.9
3,293.5
3,288.6
3,271.2
3,280.5
3,290.0
3,295.5
3,309.9
3,330.8
3,347.9
3,384.3
18349
19605
19405
19468
19585
1,959.8
19693
19812
1,991 5
20036
20222
20270
577.9
438.9
441.6
4694
346.1
193.4
607.3
457.6
468.8
5136
370.8
2064
603.2
453.9
463.8
5045
369.0
203.5
605.1
455.0
467.3
5069
367.4
204.8
605.8
455.8
471.0
5128
369.0
206.1
605.0
455.5
469.1
514.9
370.8
207.3
608.0
457.6
470.6
5180
372.7
208.5
609.9
458.3
473.9
523 1
374.3
209.5
614.8
463.2
473.9
5269
375.8
210.5
614.7
463.1
476.8
5318
380.3
2115
621.0
467.9
479.7
5384
383.0
212.4
622.9
466.9
480.2
5408
383.2
213.3
321
2016
212
2210
404
2169
144
2186
138
2188
12.2
222.1
116
2248
129
2289
175
2272
210
2269
314
2287
r
157
2336
r
108
74.6
4422
4547
138
789
4563
4845
128
786
4627
4809
13.9
78.7
4610
4812
14.9
78.8
4579
4809
15.5
78.9
4533
4900
162
791
4498
4860
117
79.2
4486
4884
16.0
79.4
4501
4898
139
799
4517
4914
17.8
80.1
4524
4925
r
18.7
80.9
4513
5018
r
132.4
3,053.3
149.1
3,246.1
1476
3,221.9
148.1
3,230.5
149.1
3,240.5
149.1
3,251.9
1497
3,258 1
1504
3,271.2
151.1
3,287.5
1519
3,301.0
153.1
3,326.9
3 1119
32935
32886
32712
32805
3,290 0
32955
33099
33308
33479
33843 '3,385.4
4418
2,670.2
2,497.7
2,423.0
331 1
8724
12196
4927
2,800.8
2,671 8
2,582.3
361 5
9122
13086
4798
2,808.8
26300
2,544.0
347 1
9125
12844
4137
2,857.5
2,663 0
2,575.5
3692
9095
12968
4936
2,786.9
26587
2,570.4
3532
9086
13086
4941
2,795.9
2,665 6
2,575.5
3553
9092
13110
4980
2,797.5
26974
2,606.2
3783
9129
13150
5026
2,807.3
27299
2,636.6
3943
9216
13207
5048
2,826.0
2,706 0
2,611.1
3557
9260
13293
5082
2,839.7
2,719 3
2,623.6
3572
9253
1341 1
r
r
5046
5049
5125
5042
5034
'2,895.5 r
'2,903.5 '2,943.5
2,871.8 r'2,881.2 r
2,771.3 2,772.5 r 2,786.1
2 766 5 2,758.3
2,669.8 '2,659.8 '2,672.0 '2,672.7 r2,685.5
r
r
r
3670
3543
3695
3730
3679
r
9339
9338
9391 r 9294
9335
13633 1 358 0 1,371 2 1,379 3 1 386 5
733
874
841
856
865
879
890
910
927
1.3
172.5
21
1290
18
1788
18
194.5
18
128.2
59
22
130.3
22
1001
22
774
22
120.0
936
22
1204
945
3,385.4
157.0
r
3,343.6
3,400.2
3,406 8
3 448 5 3,444 8
20344 '2 044 8 '2 047 5 2051 2
619.0
464.9
483.4
547 1
384.8
214.3
191
235.7
r
r
6196
r
465.0
r
483.4
'5562
388.4
216.2
'619.3
r
467.1
r
485.1
r
5538
386.6
215.3
117
2359
6195
465.1
482.9
5585
390.2
217.1
'454
2384
339
240.0
r
r
r
19.7
82.3
4501
5021
20.8
83.1
'4492
r
5040
157.4
r
3,354.9
158.0
r
3,368.9
r
r
r
r
3,400.2
962
970
r
r
3,406.8
r
5052
21.6
84.4
4480
5074
158.1
3,376.7
158.7
3,384.4
21.3
84.0
r
4485
r
3,448 5
r
975
r
984
r
22
1053
2.3
122.9
2.3
124.3
2.3
130.9
23
157.4
41
41
44
47
3,444.8
5072
2,937.6
2,812.2
2,710.7
3825
9344
1,393 8
992
47
65
46
58
54
43
37
35
38
40
2 468 4
2 508 8
2 530 9
2 567 1 2 498 5
2 504 0
2 501 4
2 504 2
2 5109
2 510 3
2 530 1 '2 531 5 '2 552 6 '2 568 6 2 605 2
22399
3186
828.0
10933
23130
3453
846.9
1 1208
22923
3323
848.8
1 1112
23138
3509
846.4
1 1165
23044
3376
8450
1 1218
23066
3402
845.6
1 1207
2 3303
3609
8492
1 1202
2351 9
3768
8547
1 1204
2 319 9
341 1
854.9
1 1239
2 319 2
3422
8479
1 1290
2 352 1 '2r 337 0 r2r 355 6 '2r 364 5 23768
3568
3509
3489
3383
3519
r
8643
8505
8507
8772
8796
1 144 8 1 135 4 1 142 31 146 5 1 1477
108.2
1116
1110
1113
111 5
1117
1118
1121
1125
113 1
2.3
125.4
1135
1138
1134
1130
1130
121.8
124.5
122.9
123.3
127.1
122.2
127.4
129.2
127.0
124.9
122.2
123.2
125.4
124.2
"124.0
123.5
1109
1239
122.5
124.8
1107
127 1
125.6
128.2
1076
1258
122.4
128.2
1067
1265
123.7
128.5
1106
1302
128.7
131.2
1084
1245
124.6
124.4
111 6
1304
131.7
129.4
111 4
1326
134.1
131.4
1087
1303
130.6
130.1
108 1
1282
127.2
128.8
111 8
124 1
122.3
125.3
1132
1253
122.7
127.1
1125
1279
126.3
129.0
1064
1274
125.9
128.4
/>1032
"1277
" 126.7
"128.4
101 1
1277
127.7
127.6
1218
1245
124 1
124 1
1243
124 1
125 2
125 1
124 4
1254
1264
126 7
125 6
1244
P1250
124 2
131 8
1313
1221
P
131 8
1312
1230
127 1
1278
118.2
1317
1320
120.7
1308
1313
1195
1314
1317
1200
1316
1316
1204
1316
1318
120.1
1330
1333
1215
1331
1333
1218
1318
1319
1208
1335
1337
1227
134 1
134 4
1242
134 4
134 4
1239
1331
1328
1232
132 6
"1322
"1236
See footnotes at end of tables.
S-l
S-2
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984
SURVEY OF CURRENT BUSINESS
Annual
,. „
1984
June 1986
1985
1985
Apr.
May
June
July
Aug.
1986
Sept.
Oct.
Nov.
Dec.
Feb.
Jan.
Mar.
Apr.
May
113.7
'114.1
109.6
e
94.0
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION 0-Continued
Seasonally Adjusted—- Continued
By market groupings —Continued
Final products—Continued
111.8
Durable consumer goods
1977 = 100...
112.6
112.9
111.5
113.6
109.8
115.1
113.1
Automotive products
do ....
109.6
Autos and trucks, consumer
do....
103.0
112.0
109.0
98.1
93.2
98.9
100.5
Autos, consumer
do ....
121.2
136.3
124.7
130.9
Trucks, consumer
do
110.4
110.2
Home goods
do
114.8
111.3
123.1
120.2
123.6
122.5
Nondurable consumer goods
do....
129.4
129.0
Consumer staples
do ....
125.0
128.5
Consumer foods and
128.9
tobacco
do
129.7
129.4
126.2
129.1
Nonfood staples
do....
127.6
123.9
129.1
147.1
Equipment
do....
147.0
146.9
140.5
Business
and defense
147.8
147.7
147.9
equipment
do
1396
141.9
141.2
142.0
Business equipment
do ....
134.9
Construction, mining,
67.4
684
and farm
do
666
677
113.1
112.4
109.4
112.8
Manufacturing..
.
do
83.8
82.8
79.2
81.8
Power
do
222.8
219.0
221.8
209.2
Commercial
do ....
102.9
1060
986
106 1
Transit
do
171.2
157.9
173.6
170.1
Defense and space equipment
do....
130.3
124.9
130.6
129.3
Intermediate products....
..
do
118.1
117.4
114.0
118.9
Construction supplies
do ....
140.7
1394
1342
1405
Business supplies
do
114.2
114.7
115.0
114.6
Materials
do ....
120.7
1223
121.8
122.8
Durable goods materials
do
110.4
111.3
111.2
112.3
Nondurable goods materials
do....
105.3
104.4
104.0
105.3
Energy materials
do....
By industry groupings:
111 1 111.3
1109
Mining and utilities
do
1107
109.8
109.0
109.6
Mining
do
1109
78.3
77.0
75.0
81.2
Metal mining
do
1287
1275
1285
Coal
do
1276
106.9
Oil and gas extraction #
do ....
109.1
106.3
106.5
1083
107 1
Crude oil
do
106 1
108 1
86.5
Natural gas
do
874
85.8
899
118.7
116.1
118.3
Stone and earth minerals
do
118.5
1137
Utilities
do
1109
1134
1136
119 1
1195
Electric
do
1168
1197
Manufacturing
do
1266
1239
1271
1266
1225
1256
1243
1247
Nondurable manufactures
do
1314
Foods
do
127 1
1310
1308
Tobacco products .. .
do
1007
984
957
1001
Textile mill products
do....
103.7
103.0
99.0
100.0
Apparel products
do...
102.8
101.8
100.2
100.3
Paper and products
do
1273
1276
1251
124 1
155.4
Printing and publishing
do ....
147.9
155.2
154.2
Chemicals and products
do
1267
1217
127 1
1258
868
873
Petroleum products....
do
874
874
Rubber and plastics products
do
1432
1469
144 9
144 3
Leather and products
do
767
708
699
710
Durable manufactures
do ...
128.2
128.2
127.9
124.8
Lumber and products
do
1109
1122
1091
1129
Furniture and fixtures
do
1367
1416
1410
1420
Clay, glass, and stone products
do
1123
1145
1163
1150
Primary metals
do
814
76.4
824
80.6
Iron and steel
do
735
706
719
654
993
972
Nonferrous metals
do
993
997
107.9
108.3
Fabricated metal products
do....
102.8
109.1
146.4
149.1
Nonelectrical machinery
.do . . . .
142.0
148.9
Electrical machinery
do
1724
1693
1689
1693
Transportation equipment
do
1232
1209
1136
1207
112.8
110.5
Motor vehicles and parts
do....
105.6
110.9
Instruments
do
1398
1399
1369
1385
BUSINESS SALES
Mfg and trade sales (unadj.) total
mil $ 4 940 798 5 104 187 425 937 442 179
Mfg. and trade sales (seas, adj.),
1
total
.
....
do ; 4 940 798 5 104 187 r423 215 r425 376
1
2 274 932 12 341 220 193 509 194 638
1 182 019 1243793 102 068 102 718
Durable goods industries
do
1 092 913 1 097 427 91 441 91 920
1
Retail trade total $
do
1 293 062 1 1 373 941 114 256 114026
r
Durable goods stores ....
do
465 798 514 207 r42,764 r42,592
827 264 859 734 r71 492 71 434
Nondurable goods stores
do
1
1
Merchant wholesalers total 1"
do
1 360 853 1 373 926 115 450 116712
Durable goods establishments
do .... 609,210 626,749 r51,976 53,575
Nondurable goods establishments
do
751 643 747 177 r63 474 63 137
Mfg. and trade sales in constant (1982)
415.3
4126
dollars (seas adj ), total §
bil $
188.1
187.2
Manufacturing
do
1110
1113
Retail trade
do
1159
1144
Merchant wholesalers
do
See footnotes at end of tables.
112.0
113.4
109.4
97.0
132.3
110.9
123.5
129.6
111.3
115.0
113.7
101.1
137.2
108.4
123.4
129.3
114.0
120.0
120.2
101.3
1554
109.5
124.2
130.3
112.9
117.8
116.6
98.8
149.7
109.3
125.1
131.0
111.4
112.9
108.7
92.3
139.1
110.2
124.3
130.1
115.5
116.8
113.7
94.9
148.6
114.5
125.4
131.0
116.8
116.6
112.0
99.9
134.5
116.9
127.0
133.0
116.6
117.0
116.2
103.6
139.5
116.4
126.5
132.2
116.3
118.3
118.8
107.0
140.6
114.8
125.7
131.7
113.0
112.3
107.6
95.1
130.6
113.6
125.5
131.5
"iie.o
"118.2
130.5
128.7
146.6
130.1
128.5
147.3
130.8
129.7
149.0
131.5
130.5
148.6
129.5
130.6
146.6
130.7
131.2
148.3
132.4
133.6
147.9
131.3
133.1
148.4
131.9
131.5
145.5
130.8
132.3
143.4
"131.4
"133.6
"143.6
133.6
142.1
147.4
140.7
147.9
141.3
1497
143.0
149.4
142.2
147.5
139.6
149.7
141.7
149.4
141.4
1503
142.9
148.3
141.1
147.1
139.1
"1482
"140.3
147 1
138.8
67.7
111.9
84.1
219.6
103.4
173.4
131.4
119.2
141.7
114.3
120.8
111.8
105.1
68.6
113.5
85.6
219.5
103.3
173.9
130.7
119.4
140.3
113.8
120.2
112.8
103.5
672
115.1
84.5
222.8
1060
175.5
132.0
121.5
1409
114.5
1218
113.5
102.7
670
114.8
85.1
219.4
1083
177.5
132.3
121.3
1417
114.2
120.2
114.7
103.4
65.9
111.7
85.5
213.9
1097
178.7
131.5
120.0
141 2
114.2
120.4
113.4
104.2
682
112.8
84.7
217.7
1112
180.7
132.7
120.9
1427
114.3
1217
113.0
102.5
683
112.8
87.1
217.9
1077
180.7
132.9
120.7
1433
115.9
122.1
114.9
105.8
677
113.1
84.5
219.2
1146
179.3
134.4
124.0
1432
116.2
1232
116.1
104.1
653
114.1
83.4
r
216.4
1114
176.7
134.1
123.5
143 1
115.4
121 5
116.4
103.9
r
62.3
114.0
r
82.0
r
215.6
1050
178.5
133.7
123.4
1426
114.3
120.0
115.2
103.7
"624
"113.5
"82.9
"215.7
"112 1
"179.0
"134.0
"123.5
"1429
"114.6
"119.9
"115.9
"104.2
111.6
110.6
77.5
1340
106.9
1082
87.5
117.9
1134
1194
1267
1255
1318
989
103.3
99.2
127 1
156.7
1264
87 1
1455
71 5
127.6
1135
1419
1161
78.3
676
985
107.4
145.6
1695
1218
110.5
1407
109.4
108.7
60.9
1280
106.9
109.1
85.9
116.6
1107
1175
1269
1256
1322
960
104.1
100.6
1290
154.3
1264
883
1456
1091
108.3
73.1
1277
105.5
1078
837
117.7
1103
1167
1282
1266
1326
977
106.3
1004
127 5
156.3
1282
882
148 0
72 7
1294
114 8
1443
1162
820
716
101 6
107.8
149.2
1661
1268
116.8
1418
1103
108.4
71.4
1263
106.0
1082
861
119.3
1132
1206
1277
1269
1325
978
106.7
1018
1286
156.2
1290
859
148 6
723
128.3
1159
1432
1162
803
697
1004
107.5
146.5
1651
1262
115.3
1394
1099
108.4
74.2
1301
104.8
1083
863
120.4
112 4
1193
1272
1264
1307
1053
104.9
102.6
1273
157.0
1279
877
1487
714
127.7
1165
1419
1156
83.1
744
995
108.4
143.0
1651
1245
111.7
139.8
1089
106.9
78.3
1255
103.5
1073
865
119.0
1122
1187
1284
1273
1314
1045
108.0
103.9
1282
159.0
1280
873
1505
721
129.2
1156
144 1
1152
83.6
753
993
107.9
145.6
1689
1265
114.5
1407
1108
107.4
74.3
1280
104.4
1095
87.3
114.0
1165
1244
1291
1280
1326
1035
106.3
105.0
1323
• 158.4
1285
88.7
1500
699
129.9
1165
1421
118.2
81.7
720
998
108.8
146.0
171 9
126.8
115.4
140.6
1102
107.4
75.5
1306
103.6
1089
856
117.1
1146
1199
1298
129 1
1332
993
107.4
105.8
133 1
158.9
1305
926
1505
675
130.4
1199
1439
1202
84.9
755
1027
109.3
146.2
1679
128.9
117.8
141.1
108.0
105.3
r
77.2
1249
101.4
1080
r
872
120.2
1124
1185
1288
1285
1338
979
110.4
103.6
132 1
155.4
1309
88.4
150 7
670
129.0
1182
1454
118.8
r
80.7
r
699
101.2
109.4
144.6
165.5
128.1
117.8
141.8
106.8
102.7
r
78.1
1235
r
98.5
1068
87.7
115.4
1136
1198
1278
1280
133.0
93.0
109.1
104.0
1314
156.7
130.7
r
87.8
1490
r
654
127.6
118.5
1445
119.5
r
77.3
r
650
100.5
108.0
143.4
165.6
124.2
110.4
142.5
"106.4
"101.8
"76.8
"1245
"97.1
"1066
433 541 409,121 432 109
431 396
440 377
400,358 399,191 r428,762
426,980
72*2
127.9
1130
1453
1151
79.0
687
985
107.3
147.5
1657
1237
112.8
141 1
418,378
193 871
102 657
91 214
113,599
42,444
71 155
111 073
51,004
60069
422,483
193 793
102 478
91 315
114,430
42,768
71662
113 301
50,998
62,303
430 417
196 593
105 311
91 282
116 276
44,209
72067
115 146
52,538
62608
406.4
187.3
1104
1087
409.9
187.7
1108
111.4
418.0
190.6
1132
114.3
r
430,763 449,535
428,998 426,033 431,965
194 229 197 229 200 131
103 656 106 479 107 007
90 573 90750 93 124
119,118 114,785 115,433
46,748 42,355 42,631
72370 72430 72802
114 344 113 675 115762
52,249 52,469 53,408
62,095 61,206 62,354
417.8
188.0
1160
113.7
413.5
190.6
110.5
112.4
416.6
192.7
110.4
113.6
434,952 431,957
199 084 198 716
105,777 105,631
93307 r93 085
116,861 117,349
44,187
43,882
73,162
72979
116 852 115 648
53,428
53,948
62,904
62,220
418.2
190.7
112.5
115.0
r
418.2
191.4
112.1
114.6
r
426,854
196,274
105,545
90729
117,200
43,949
73,251
113,380
52,994
60,386
r
418.5
191.4
112.9
114.3
r
420,230
191,051
102,693
r
88 358
116,684
r
43,279
r
73,405
112,495
r
52,674
r
59,821
r
416.2
188.0
113.4
114.9
"116.0
"101.0
"143.9
"114.3
"126.4
"132.5
"116.1
"114 1
"1207
"1286
"1288
"134.2
"109.7
"104.6
"1320
"157.7
"131.2
"90.1
"1484
"645
"128.4
"1454
"120.4
"77.9
"657
"100.9
"108.6
"142.6
"167.1
"127.0
"114.7
"142.7
426,295
194,916
106,073
88843
117,139
44,604
72,535
114,240
54,805
59,435
425.1
193.0
115.2
116.9
113.3
126.4
132.6
1125
e
82.4
214.6
1081
179.3
1338
123.3
e
113.9
1189
116.1
103.2
1052
e
996
C
95.0
1145
1279
1289
158.3
'90.9
127.2
'77.3
107.1
141.5
165.5
125.1
110.4
141.0
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984
S-3
SURVEY OF CURRENT BUSINESS
June 1986
1985
Annual
,r ..
u s
1984
1985
Apr.
May
June
July
1986
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Mar.
Feb.
Apr.
GENERAL BUSINESS INDICATORS—Continued
BUSINESS INVENTORIES
Mfg. and trade inventories, book value, end of
period (unadj ), total
mil $.
Mfg. and trade inventories, book value, end of
period (seas adj ), total
.
mil $
Manufacturing total
do
Durable goods industries..
do
Nondurable goods industries
„ do ...
Retail trade total $
do
Durable goods stores
do ...
Nondurable goods stores
do ...
Merchant wholesalers, total t
•
do...
Durable goods establishments
„
do ...
Nondurable goods establishments.....
do ....
Mfg. and trade inventories in constant (1982)
dollars, end of period(seas. adj.),total §....bil. $ ..
Manufacturing
.
.
do
Retail trade
do .
Merchant wholesalers
l..do....
BUSINESS INVENTORY-SALES RATIOS
Manufacturing and trade, total
„ ratio..
Manufacturing, total
do....
Durable goods industries
.do
Materials and supplies
do....
Work in process
do
Finished goods
do
Nondurable goods industries
do
Materials and supplies
do
Work in process
do . ,
Finished goods
do
Retail trade, total $
do....
Durable goods stores
do
Nondurable goods stores
do
Merchant wholesalers, total t
do....
Durable goods establishments
do ....
Nondurable goods establishments.....
do ....
Manufacturing and trade in constant (1982)
dollars total §
do
Manufacturing
do ..
Retail trade
,
do....
Merchant wholesalers
do
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS
Shipments (not seas adj.), total
mil $
Durable goods industries, total
do
Stone, clay, and glass products
,
do....
Primary metals
do
Blast furnaces, steel mills
do....
Fabricated metal products
do....
Machinery, except electrical
do ....
Electrical machinery
do....
Transportation equipment
do ....
Motor vehicles and parts
do....
Instruments and related products
do ..
Nondurable goods industries, total
do ....
Food and kindred products
do
Tobacco products
do
Textile mill products
do....
Paper and allied products
do
Chemical and allied products \
do . . . .
Petroleum and coal products
do....
Rubber and plastics products
do
Shipments (seas adj ) total
do
By industry group:
Durable goods industries, total #
do....
Stone, clay and glass products
do
Primary metals
do
Blast furnaces, steel mills
do .
Fabricated metal products
do
Machinery except electrical
do
Electrical machinery
do
Transportation equipment
do ....
Motor vehicles and parts
do
Instruments and related
products
do
Nondurable goods industries, total # do....
Food and kindred products
do
Tobacco products
do
Textile mill products
do
Paper and allied products
do
Chemicals and allied products
do....
Petroleum and coal products .
do
Rubber and plastics products
do
See footnotes at end of tables.
566,119
573,434
285,709
191,109
94,600
157,845
77,142
80,703
131,544
86,283
45,261
576,673
582 604
579,140
r
584,005 578 533 '578,037
281,884 286,049 284,900
189,164 192,475 191,546
93,574
92,720
93,354
165 324 159,500 159,470
82,875 '78,699
78,679
82,449 '80,801
80,791
135,940 132,984 133,667
87,246 r87,101 87,232
48,694 '45,883 46,435
577,841
575,766
574,575
578,331
590,970
593,692
576,673
577,997
585,078 '591,545
r
595,322
579,665
285,678
192,239
93,439
159,528
79,143
80,385
134,931
87,446
47,485
580,116
285,036
192,163
92,873
160,333
79,205
81,128
134,949
87,282
47,667
578,182
284,688
192,037
92,651
159,078
78,042
81,036
134,869
87,091
47,778
578,918
284,030
191,930
92,100
160,302
78,425
81,877
134,410
86,688
47,722
582,173
282,444
190,508
91,936
164,262
81,668
82,594
134,810
87,037
47,773
582,763
281,993
190,284
91,709
165,557
83,056
82,501
134,831
87,281
47,550
584,005
281 884
189,164
92,720
165,324
82,875
82,449
135,940
87,246
48,694
635.7
333.2
154.6
147.9
636.1
332.6
155.7
147.8
638.4
330.8
159.7
147.9
638.8
330.5
161.1
147.2
639.8
330.0
160.9
148.9
642.0
328.2
164.5
149.4
'644.4
'327.6
167.0
149.8
'647.5
'328.5
168.7
150.3
651.3
328.9
170.7
151.6
584,968 585,176 588,178
280,357 279,236 '279,571
188,518 187,644 188,333
91,839
91,592 '91,238
167,987 169,379 171,551
84,755 '85,863 '88,132
83,232 '83,516 '83,419
136,624 136,561 137,056
87,815
88,230 '88,521
48,809
48,331 '48,535
590,154
279,195
187,788
91,407
172,946
89,017
83,929
138,013
89,945
48,068
635.8
333.9
156.3
145.6
1.36
1.46
1.85
.53
.87
.45
1.02
.39
.16
.47
1.40
1.85
1.13
1.17
1.67
.75
2,274,932 2,341,220
1,182,019 1,243,793
57,255
54,993
125,777
131,152
53,836
52,519
139,213
168,953
210,168
212,620
182,534
185,514
313,427
288,306
203,371
191,493
53,511
56,743
1,092,913 1,097,427
295,050
296,142
16,918
20,606
55,078
52,627
95,944
97,565
211,833 214,345
200,588
194,030
52,147
48,246
635.7
333.6
155.2
146.9
636.5
333.8
155.6
147.1
1.37
1.48
1.89
.55
.88
.46
1.02
.40
.16
.47
1.40
1.84
1.13
1.15
1.68
'.72
1.36
1.46
1.86
.53
.87
.46
1.02
.39
.16
.47
1.40
1.85
1.13
1.15
1.63
.74
1.39
1.47
1.87
.53
.88
.46
1.02
.40
.16
.47
1.40
1.86
1.13
1.21
1.71
.79
1.37
1.47
1.88
.53
.89
.45
1.02
.39
.16
.47
1.40
1.85
1.13
1.19
1.71
.77
1.34
1.45
1.82
.51
.87
.44
1.01
.39
.16
.47
1.37
1.77 '
1.12
1.17
1.66
.76
1.35
1.46
1.85
.52
.89
.44
1.02
.39
.16
.47
1.35
1.68
1.13
1.18
1.66
.77
1.37
1.43
1.79
.50
.86
.43
1.01
.39
.16
.46
1.43
1.93
1.14
1.19
1.66
.78
1.35
1.41
1.78
.50
.85
.43
.98
.38
.16
.45
1.43
1.95
1.13
1.16
1.63
.76
1.34
1.42
1.79
.51
.85
.43
.99
.38
.16
.46
1.41
1.89
1.13
1.16
1.62
.77
1.35
1.41
1.78
'.50
'.86
.43
.99
.38
.15
.45
1.43
1.92
1.14
1.18
1.64
.78
1.37
1.42
1.78
.49
.85
.43
1.01
.39
.16
.46
1.44
1.95
1.14
1.20
1.66
.80
1.40
1.46
1.83
.50
'.89
.44
1.03
.40
.16
'.48
1.47
'2.04
1.14
1.22
1.68
.81
1.38
1.43
1.77
.49
.86
.43
1.03
.40
.15
.48
1.48
2.00
1.16
1.21
1.64
.81
1.54
1.78
1.41
1.27
1.34
1.45
1.85
.55
.85
.45
1.03
.41
.16
.46
1.39
1.85
1.13
1.12
1.62
.72
634.5
333.0
155.5
146.1
1.53
1.77
1.40
1.26
1.56
1.78
1.41
1.35
1.55
1.78
1.40
1.32
1.52
1.75
1.37
1.29
1.52
1.77
1.34
1.30
1.54
1.74
1.45
1.32
1.53
1.72
1.46
1.30
1.53
1.73
1.43
1.30
1.54
1.72
1.47
1.30
1.54
1.71
1.48
1.31
1.56
1.75
1.49
1.31
1.53
1.70
1.48
1.30
194,611
103,923
4,994
11,106
4,647
13,751
17,769
14,612
26,630
17,749
4,529
90,688
23,980
1,442
4,266
8,099
18,702
16,397
4,110
193,509
197,375
105,450
4,984
11,015
4,603
14,391
18,149
14,796
26,747
18,224
4,670
91,925
25,030
1,772
4,360
8,224
18,211
16,342
4,098
194,638
207,055
112,012
5,231
11,236
4,749
14,982
19,867
16,844
27,268
17,499
5,252
95,043
25,276
2,199
4,651
8,491
19,194
16,812
4,208
193,871
179,513
92,728
4,753
9,710
4,030
13,459
15,827
13,586
21,466
13,113
4,430
86,785
23,581
1,349
3,718
7,702
16,687
16,029
3,829
193,793
194,000
101,590
5,055
10,726
4,432
14,811
16,273
15,064
24,088
15,063
4,630
92,410
24,285
1,727
4,544
8,251
17,578
16,463
3,947
196,593
204,504
109,177
5,208
10,469
4,375
15,171
18,312
16,565
27,196
17,905
4,983
95,327
25,875
1,868
4,846
8,276
18,525
16,048
4,086
194,229
202,238 197,448 192,213 182,163 196,648 '200,540 196,170
109,516 105,135 101,517 '94,879 105,708 109,751 108,126
4,682
4,409
5,055
4,162
4,563
'4,841
5,028
10,520
9,940
9,187
9,815
10,509 10,691
10,605
4,314
4,081
4,153
4,369
3,945
'4,299
4,307
15,596
14,513
12,777
13,182
14,116 14,362
14,585
17,854
18,904 14,831 17,064 18,846
17,842
17,576
16,104
16,509
13,614
16,237
15,887 17,024
15,385
26,971
25,861
28,444
25,930
28,381 '27,533
28,972
18,180
18,824
17,783
14,177
18,891 17,879
19,476
4,383
4,692
4,799
5,068
4,556
'4,832
4,527
92,313
90,940 '90,789
88,044
92,722
90,696 '87,284
23,672
25,038
25,008 '25,646
24,793
24,559
24,326
1,854
990
'2,069
1,591
2,274
1,627
1,542
3,959
'4,708
4,513
4,220
4,443
4,479
4,859
8,422
8,906
'8,819
8,177
7,900
7,851
8,857
17,496
18,774
17,209
16,600
17,498
18,403 18,565
16,091
15,578
13,721 12,320
16,981
16,960
11,918
3,731
4,220
4,018
3,574
3,976
'3,926
3,987
197,229 200,131 199,084 198,716 196,274 191,051 194,916
102,068
4,933
10,586
4,413
13,548
18,117
14,589
25,317
16,475
102,718
4,822
10,579
4,478
13,975
18,067
14,801
25,175
16,673
102,657
4,753
10,481
4,377
13,854
17,979
15,669
24,335
15,291
102,478
4,808
10,666
.4,419
14,404
17,549
15,012
24,985
15,836
105,311
4,747
10,932
4,550
14,546
17,566
15,539
26,879
17,141
103,656
4,766
10,389
4,464
14,391
17,229
15,601
26,176
17,286
106,479
4,765
10,523
4,384
14,932
17,967
15,840
27,421
17,640
107,007
4,771
10,513
4,319
14,878
18,161
16,528
27,283
18,120
4,699
91,441
24,603
1,468
4,299
8,029
17,955
16,816
4,049
4,747
91,920
25,101
1,836
4,287
8,190
17,456
16,418
4,103
4,896
91,214
24,139
2,006
4,248
8,131
17,982
16,308
3,903
4,829
91,315
24,895
1,465
4,351
8,135
18,184
15,975
3,977
4,706
91,282
24,286
1,634
4,355
8,090
18,110
16,281
3,826
4,606
90,573
24,296
1,684
4,490
8,111
17,821
15,664
3,831
4,572
90,750
24,160
1,567
4,659
8,097
17,963
15,949
3,959
4,789
93,124
25,241
1,841
4,643
8,194
17,604
16,961
4,131
105,777 105,631 105,545 102,693
5,209
4,901
4,773
'4,784
10,119
'9,833
10,263
10,159
4,246
'3,926
4,326
4,173
14,466
14,300 13,733
14,232
17,622 16,764 16,939 17,377
14,841
16,338
15,819 16,187
28,520
27,962 '25,030
27,931
19,448
18,461 16,112
17,428
4,908
93,307
24,732
2,117
4,494
8,390
17,994
16,728
4,020
4,842
'93,085
25,817
1,089
4,551
8,687
18,403
15,729
4,049
4,696
90,729
24,933
1,800
4,452
8,637
18,185
13,955
4,005
'4,591
'88,358
'24,764
'2,155
'4,299
'8,462
17,068
12,798
'3,921
106,073
4,967
10,107
4,090
14,384
17,847
15,371
27,540
18,078
4,697
88,843
24,958
1,570
4,512
8,785
18,193
12,229
3,927
•
May
S-4
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984
SURVEY OF CURRENT BUSINESS
June 1986
1985
Annual
1986
*, ..
1984
Apr.
1985
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS— Continued
Shipments (seas, adj.)— Continued
By market category:
Home goods and apparel
mil $.. '156,346 '158,665
'403,584 '416,515
Consumer staples
do
Equipment and defense products,
except auto
do.... '338,881 '364,145
Automotive equipment
do .... '215,445 '226,166
Construction materials, supplies, and
intermediate products
do .... '179,172 '206,611
Other materials, supplies, and
intermediate products
do .... '981,500 '968,923
Supplementary series:
'75,036
'78,031
Household durables
... .
do ...
Capital goods industries
do .... '386,980 '411,381
'314,475 1 326,712
Nondefense
do
'72,503
'84,669
Defense
do
Inventories, end of year or month:
281,956
277,885
Book value (unadjusted), total
do ....
186,014
Durable goods industries total
do
188,091
93,865
91,871
Nondurable goods industries, total
do....
285,709
281,884
Book value (seasonally adjusted), total
do....
By industry group:
Durable goods industries,
191,109
189,164
total #
...
do
Stone, clay, and glass
5,666
5,869
products
do
17,837
20,632
Primary metals
.
do
7,830
Blast furnaces, steel mills
do....
9,401
19,385
19,251
Fabricated metal products
do ....
40,696
39,448
Machinery except electrical
do
32,783
33,496
Electrical machinery
do
47,418
49,068
Transportation equipment
do ....
Motor
vehicles
and
11,219
11,477
parts
do
Instruments and related
9,594
9,412
products
do ....
By stage of fabrication:
53,527
56,469
Materials and supplies ..
do
89,912
88,105
Work in process
do....
45,725
46,535
Finished goods
do....
Nondurable goods industries,
94,600
92,720
total #
.
do
Food and kindred products
do....
21,500
23,533
3,270
3,558
Tobacco products
do ....
6,744
7,017
Textile mill products
do
9,728
Paper and allied products
do....
9,691
Chemicals and allied
21,872
21,419
products
do
Petroleum
and
coal
8,427
7,920
products
...
do
Rubber and plastics
5,989
6,313
products
do
By stage of fabrication:
Materials and supplies
do....
36,635
35,503
Work in process
do....
14,811
14,568
Finished goods
...
do
43,154
42,649
By market category:
Home goods and apparel
do ....
23,046
22,060
Consumer staples
.
do
34,262
33,823
Equip, and defense prod.,
83,372
83,871
exc auto
do
13,713
Automotive equipment
.
do
13,795
Construction materials, supplies, and
intermediate products
do
19,551
19,256
Other materials, supplies, and
111,765
109,079
intermediate products
do ....
Supplementary series:
11,585
10,974
Household durables
...
do
94,813
Capital goods industries
do ....
96,735
72,296
70,465
Nondefense
.
do
22,517
Defense
do
26,270
New orders, net (not seas, adj.),
2,299,609 2,349,640
Durable goods industries, total
do.... 1,207,327 1,251,657
Nondurable goods industries, total
do .... 1,092,282 1,097,983
New orders net (seas adj ) total
do
'2,299,609 '2,349,640
By industry group:
Durable goods industries, total
do .... ' 1,207,327 '1,251,657
Primary metals
do . .. '129,346 ' 126,373
'52,547
'53,022
Blast furnaces, steel mills
do ....
Nonferrous and other pri'61,342
'58,193
mary metals
...
do
Fabricated metal products
do .... '140,282 '167,724
'213,008 '210,691
Machinery except electrical
do
Electrical machinery
do
'191,281 '189,012
Transportation equipment
.do .... '301,530 '320,028
'93,227 ' 101,549
Aircraft, missiles, and parts
do....
Nondurable goods industries, total
do.... '1,092,282 1 1,097,983
Industries with
unfilled
'244,241 '253,010
orders "j'
do
Industries without unfilled
'848,041 '844,973
orders ^
...
do .
By market category:
'156,164 1 158,436
Home goods and apparel
do
Consumer staples
do.... '403,509 '416,615
Equip, and defense prod., exc. auto
do.... '361,887 '372,485
Automotive equipment
do .... '214,151 '225,235
Construction materials, supplies, and
intermediate products
do ... '179,527 '206,388
Other materials, supplies, and
intermediate products
do .... '984,368 '970,244
Supplementary series:
'77,761
Household durables
do....
'74,969
Capital goods industries
do .... '413,931 '423,055
'324,208 '326,584
Nondefense
..
do
'89,723
'96,471
Defense . .
do....
See footnotes at end of tables.
13,114
33,979
13,214
34,923
13,173
34,802
13,021
34,704
13,509
34,250
13,335
34,403
13,408
34,043
13,661
35,385
13,315
35,666
13,463
36,173
13,551
35,870
13,528
'35,765
13,317
35,850
30,170
18,413
29,843
18,600
31,123
17,190
29,992
17,631
30,519
18,973
29,945
19,151
30,871
19,550
30,915
20,034
31,906
19,291
'28,871
21,459
'29,793
20,287
'30,412
17,822
30,342
19,844
17,014
17,396
17,488
17,442
17,624
17,619
18,086
17,357
16,640
18,170
17,679
17,969
18,498
80,819
80,662
80,095
81,003
81,718
79,776
81,271
82,779
82,266
'80,580
79,094
'75,555
77,065
6,443
33,454
27,102
6,352
6,574
33,393
26,809
6,584
6,608
34,703
27,482
7,221
6,377
33,869
27,042
6,827
6,444
34,952
27,788
7,164
6,625
33,848
26,722
7,126
6,505
35,392
27,721
7,671
6,746
35,629
27,771
7,858
6,519
36,573
28,630
7,943
6,720
'32,385
'25,352
7,033
6,720
'34,145
'26,564
7,581
'6,838
'34,383
'27,304
'7,079
6,662
34,578
27,201
7,377
288,095
193,991
94,104
286,049
287,400
193,692
93,708
284,900
286,071
193,077
92,994
285,678
284,842
192,382
92,460
285,036
284,979
192,582
92,397
284,688
282,567
191,127
91,440
284,030
282,136
189,961
92,175
282,444
280,930
188,867
92,063
281,993
277,885
186,014
91,871
281,884
279,029
186,961
92,068
280,357
280,374 '280,348
188,382 189,131
91,992 '91,217
279,236 '279,571
281,187
189,245
91,942
279,195
192,475
191,546
192,239
192,163
192,037
191,930
190,508
190,284
189,164
188,518
187,644 188,333
187,788
5,920
19,297
8,717
19,093
41,609
33,744
48,091
5,880
19,083
8,619
18,804
41,273
33,957
48,060
5,982
19,100
8,587
18,893
41,009
34,270
48,582
5,981
18,822
8,427
18,540
40,981
34,504
48,869
5,826
18,597
8,362
18,622
40,874
34,443
49,384
5,841
18,486
8,295
18,890
40,392
34,315
49,837
5,648
18,146
8,139
19,282
39,999
33,910
49,251
5,721
17,986
8,082
19,317
39,710
33,524
49,611
5,666
17,837
7,830
19,385
39,448
33,496
49,068
5,618
17,316
7,504
19,148
39,441
33,617
49,232
5,546
17,281
7,615
18,885
39,285
33,452
48,931
'5,576
17,220
'7,578
18,926
'39,017
'33,544
'49,896
5,540
16,999
7,457
18,991
38,378
33,715
50,060
11,254
10,979
11,127
11,262
11,555
11,403
11,263
11,335
11,477
11,301
11,355
11,264
11,281
9,709
9,684
9,657
9,686
9,651
9,636
9,741
9,701
9,594
9,613
9,535
'9,533
9,436
55,638
89,537
47,300
54,693
89,654
47,199
54,714
90,306
47,219
54,257
91,383
46,523
54,217
91,473
46,347
53,844
92,181
45,905
53,644
91,072
45,792
52,999
91,020
46,265
53,527
89,912
45,725
52,317
90,477
45,724
51,921
90,125
45,598
'51,688
'91,236
'45,409
51,785
90,769
45,234
93,574
23,929
3,470
6,876
9,782
93,354
23,612
3,426
6,747
9,690
93,439
23,465
3,301
6,737
9,678
92,873
23,217
3,317
6,662
9,533
92,651
23,496
3,220
6,598
9,650
92,100
23,610
3,227
6,689
9,660
91,936
23,564
3,314
6,781
9,629
91,709
23,427
3,245
6,651
9,659
92,720
23,533
3,270
6,744
9,728
91,839
23,203
3,266
6,477
9,806
91,592
23,386
3,316
6,554
9,725
'91,238
'23,439
3,267
'6,609
'9,781
91,407
23,437
3,223
6,596
9,799
21,364
21,499
22,050
21,887
21,826
21,895
21,697
21,677
21,419
21,549
21,434
'21,554
21,518
7,973
8,183
7,953
7,736
7,366
7,028
7,190
7,464
7,920
7,326
6,916
'6,436
6,300
6,044
6,055
6,094
6,143
6,248
6,262
6,094
6,161
6,313
6,382
6,478
'6,449
6,338
36,399
14,351
42,824
36,107
14,318
42,929
36,448
14,336
42,655
35,917
14,216
42,740
35,974
14,161
42,516
35,433
14,310
42,357
35,539
14,607
41,790
35,051
14,680
41,978
35,503
14,568
42,649
35,500
14,150
42,189
35,484
14,185
41,923
'35,131
13,908
'42,199
35,436
13,764
42,207
22,797
34,234
22,340
34,247
22,354
34,053
22,351
34,126
22,278
34,125
22,012
33,650
21,916
34,022
21,876
33,677
22,060
33,823
21,973
33,640
21,936
33,885
'22,197
'33,798
22,330
34,380
85,377
13,689
85,586
13,449
85,567
13,498
86,111
13,642
86,086
13,948
86,214
13,800
85,136
13,641
85,188
13,731
83,871
13,795
84,141
13,558
83,634
13,631
'83,514
13,557
83,122
13,604
19,007
18,939
19,077
107,143 107,566
106,682
19,352
19,336
19,555
19,253
19,139
19,184
18,791
19,178
19,256
18,953
110,600
109,942
110,651
109,553
109,112
109,170
108,938
108,343
109,079
108,092
11,703
97,299
73,293
24,006
11,487
97,467
73,505
23,962
11,407
98,019
73,298
24,721
11,489
98,362
73,045
25,317
11,451
98,508
72,585
25,923
11,226
98,878
72,402
26,476
11,176
97,879
71,292
26,587
11,156
97,669
71,071
26,598
10,974
96,735
70,465
26,270
10,935
97,102
70,340
26,762
192,564
101,914
90,650
191,081
195,193
103,166
92,027
195,019
208,112
112,968
95,144
198,261
179,067
92,085
86,982
195,793
192,940
100,755
92,185
198,782
205,698
110,339
95,359
197,332
201,856
109,151
92,705
195,381
99,839
11,169
4,734
102,971
10,559
4,215
106,780
10,736
4,344
104,370
10,604
4,509
107,661
11,038
4,826
106,641
10,212
4,179
5,101
13,457
17,002
14,378
23,975
6,433
91,242
5,013
13,593
17,332
14,947
26,416
8,002
92,048
5,229
13,426
17,822
16,200
28,300
10,573
91,481
4,859
14,206
17,766
15,189
26,730
9,336
91,423
4,919
14,560
17,812
14,685
29,861
11,321
91,121
11,098
'97,253
'70,173
'27,080
11,179
96,886
69,324
27,562
192,718
100,621
92,097
196,865
198,395 188,488 '201,355 '205,866
107,294 101,034 110,155 115,035
91,200 '90,831
91,101 '87,454
201,213 '201,133 198,559 192,996
194,619
106,557
88,062
193,177
104,495
10,749
4,638
103,796
10,560
4,421
107,531 108,194 107,545 104,682
10,059
10,596
10,614
'9,762
4,228
4,516
'4,110
4,085
104,507
9,599
3,879
4,733
14,356
17,370
16,856
28,080
9,235
90,691
4,858
14,837
16,718
15,820
26,503
7,911
90,886
4,638
15,280
17,983
16,250
24,199
5,993
93,069
10,979
96,493
70,239
26,254
4,876
14,146
16,195
16,297
31,031
12,961
93,682
4,994
14,326
15,603
15,346
31,002
10,928
'92,939
4,825
14,274
18,277
15,704
28,458
8,720
91,014
'4,463
13,141
16,081
17,066
'28,496
'8,238
'88,314
4,282
14,367
16,710
15,190
27,917
7,857
88,670
20,396
21,243
21,367
21,101
20,692
21,483
21,180
21,090
22,093
'21,948
22,063
'21,660
21,898
70,846
70,805
70,114
70,322
70,429
69,208
69,706
71,979
71,589
70,991
68,951
'66,654
66,772
12,843
33,988
29,299
18,247
13,118
34,943
30,738
18,461
13,210
34,770
33,946
17,438
12,964
34,696
31,800
17,357
13,448
34,205
32,386
19,112
13,350
34,474
32,319
18,989
13,577
34,086
28,595
19,327
13,468
35,402
28,085
19,918
13,151
35,676
33,690
18,939
13,942
36,132
'29,852
21,482
13,549
35,916
'29,968
20,512
13,534
'35,858
'32,463
18,132
13,216
35,864
30,511
19,815
17,036
17,200
17,324
17,339
17,640
17,662
18,216
17,230
16,838
18,220
17,869
17,399
18,378
79,668
80,559
81,573
81,637
81,991
80,538
81,580
82,762
82,919
81,505
80,745
'75,610
75,393
6,195
31,591
25,461
6,130
6,453
34,367
25,594
8,773
6,616
39,222
27,984
11,238
6,291
36,279
26,685
9,594
6,328
37,824
27,554
10,270
6,652
37,346
29,240
8,106
6,711
33,271
27,092
6,179
6,665
32,598
25,788
6,810
6,328
37,718
30,566
7,152
7,139
'34,638
'24,288
10,350
6,639
'35,837
'28,637
7,200
'6,824
'36,987
'26,540
10,447
6,619
33,814
26,075
7,739
!
SURVEY OF CURRENT BUSINESS
June 1986
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984
., .,
1984
S-5
1985
Annual
1985
Apr.
May
June
July
Aug.
1986
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS— Continued
Unfilled orders, end of period (unadjusted),
total
mil $
Durable goods industries total
do
Nondurable goods industries with
unfilled orders "j"
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 "jr
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
mil $
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 ..
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)
1967-100..
f""^ ITEMS, ALL URBAN CONSUMERS
-tCPI-U)
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.
352 940 361 360
343 026 350 891
9914
10469
r
361 728 359 545 360 602 360 156 359 096 360 290 359 908 355 178 361 360 r367 685 r372 392 rr377 718 376 167
351 638 349 353 350,309 349,666 348 831 349,993 349,628 345,114 350 891 r357 046 361 493 366,777 365,208
10090
10192
10293
10490
10265
10297
10280
10064
10469
10639
10899
10 941
10959
363,809 r366,226 r368,511 r370,456 368,717
355,640 363 809
354 731 355,112
359,502 361,502 363,691 366,794
364,946 361,680
345 443 353 036
19,100
19747
8,660
9,191
344 874 345 127
19576 19,556
9,291
9,028
349,250 351,142 353 492 356 477
19,811 19,749
19,855
19,678
9,085
8,995
9,361
9,076
354,493 351 282 353 036 r355 599 r357 599 r359 588 358,022
19,904 19,951
19747
20,224 20,679 r20,608 20,100
r
9,489
9,330
9,432
9,191
9,173
9,516
9,700
7,444
7064
21,651 20414
61,328 59,407
78,868 82,339
147,596 154,122
7118
7,223
7,528
21222 20840 20,412
62,547 61,814
61,657
81,423 81,569 82,100
143,189 144,428 148,393
7,412
20,214
61,874
82,277
150,138
7,192
6,951
7,203
7,204
7064
20,228 20193 20,098 20,500 20414
62,120 62,261 61,012 60,834 59407
81,423 82,678 82,658 82,380 82,339
153,120 155,024 154,106 151,022 154,122
7422
20274
58 246
82,844
156,604
119,920
130,785
117,351 118,529
121,735
123,442
126,779
128,702
128,441
126,867
130,785
134,093 134,871 135,647
10197
10773
9857
9985
10,252
10,360
10,199
10317
10,453
10398
10773
10627
10912
4,562
649
4,202
751
4,552
675
4,456
695
4,493
663
4,436
655
4,375
610
4,390
681
4,559
724
4,366
741
4,202
751
4,681
710
4,679
756
219,947
6,287
228,264
5,377
12,640
221,820 222,714 225,537 227,345 229,212 231,586 229,310
6,256
6,117
6,365
6,091
6,230
6,068
5,845
12,418
12,621
12,425
111,555 112,797
108,807
108,705
12,158
12,174
12,217
110,183 110,817
12,261
111,090
111,852
4155
3749
263 713 275 320
133,938 133 823
129,775 141,497
3982
3990
3,904
4 103
265 054 266 028 270,547 272,957
133 285 132 070 132,572 132,215
131,769 133,958 137,975 140,742
12,347
r
r
7,212
6,742
7511
20248 19 656 19,639
r
59,584 r58,288 57,151
82729 83,608 83,427
157,100 160,566 160,943
r
10 868
r
4,685
849
135,587
10695
4,584
863
226,480 228,264 r229 245 r229 420 r231,471 231,640
r
5,729
5,906
5,377
5,400
5,625
5,935
12,220
12,418
12,468
112,161 112,144
112,797
113,722
12,658
12,088
11,968
115,373 115,428 113,756
r
3788
3815
4021
3940
3749
4 168
4087
4073
4030
275 829 279 327 277 206 274 175 275 320 r277 573 r279 265 r281 869 281 105
131 981 134 499 133 870 131 887 133 823 132 759 134 832 134 068 132 942
143,848 144,828 143,336 142,288 141 497 144 814 144 433 147 801 148 163
634,991 668 904
58827
55,866
59491
56,124
54,841
55,339
55,706
53,926
54587
55,418
52639
55,999
60455
57,576
51015
57,320
57958
57785
52078
12,787
6936
5,759
13787
4,882
29,268 6
4,058.1
1,651.4
5,954.3
23854
3 567 8
4586
1261
569
462
1074
369
32798
3218
1505
420.5
6249
1101
5914
1828
679
555
1362
464
32619
4949
1492
898.7
3024
1912
4,388
1,307
518
418
987
381
29956
8072
1154
783.8
1455
2190
4,185
1,209
538
401
985
363
21505
5626
1243
185.2
1475
1892
5468
1703
700
512
1288
440
31624
3858
1423
5156
2561
3195
4 146
1 168
520
410
992
367
19253
4899
1053
4602
1274
1719
4767
1420
565
485
1 133
390
18246
4708
1060
3490
1582
1438
5776
1763
701
585
1331
473
50269
1,781 8
290.8
1,350.3
2185
5039
4 168
1361
491
413
923
366
17078
2679
2497
3460
1817
1992
551
486
571
465
350
345
689
1 529
618
752
730
290
561
482
564
479
333
354
710
1 526
643
771
111
281
650
600
673
554
459
394
751
1 484
701
823
854
307
57067
16626
6956
5,647
13418
4815
33 375 9
7,091 8
2,028 3
7,651.5
28382
28978
587
523
647
472
386
365
694
1 516
654
779
802
271
601
547
621
481
417
390
671
1 530
656
789
815
251
594
544
565
485
420
376
703
1 529
645
764
806
245
587
534
506
509
410
354
711
1 529
643
740
801
261
578
530
642
511
395
337
713
1 529
627
740
770
261
557
499
616
473
373
334
696
1 436
617
740
748
267
581
500
671
473
344
368
726
1 499
665
771
806
304
585
512
885
450
358
370
660
1 423
661
771
802
298
60497
57452
567
489
685
447
361
365
591
1 423
649
764
794
278
55769
61083
557
478
581
468
357
360
569
1 411
640
759
787
265
557
482
626
464
356
372
556
1 386
635
746
769
284
r
551
r
492
r
734
r
476
r
358
r
370
r
540
1 379
r
612
734
r
742
263
565
500
802
460
369
350
583
1 374
631
728
781
266
897
873
884
882
876
868
865
856
862
860
866
862
(2)
842
1,130
58
1,121
52
1,128
53
1,127
53
1,125
52
1,119
52
1,117
50
1 113
50
1,112
50
1,116
52
1 116
52
1 121
51
1 119
50
(2)
1 102
50
307.6
318.5
316.7
317.8
318.7
319.1
3196
3205
3213
3226
3234
3243
3232
3214
3204
3214
311.1
322.2
320.1
321.3
322.3
322.8
323.5
324.5
325.5
326.6
327.4
328.4
327.5
326.0
325.3
326.3
295.1
311.3
307.3
303.9
323.3
317.7
302.8
320.8
315.8
303.4
322.4
317.0
304.3
323.6
317.9
304.4
324.2
318.4
304.6
325.0
318.9
3057
326.2
319.9
3063
327.4
320.8
3072
328.5
321.9
3079
328.9
322.6
3088
329.5
323.4
3074
328.5
322.2
3052
326.6
320.5
3036
325.7
319.7
3047
326.7
320.6
857
(2)
SURVEY OF CURRENT BUSINESS
S-6
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984
,, .,
1984
June 1986
1985
Annual
1985
May
Apr.
July
June
1986
Aug.
Nov.
Oct.
Sept.
Dec.
Jan.
Feb.
Mar.
Apr.
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
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
Commodities
1967 — 100
Commodities less food
do
Food . .
do....
Food at home
do....
Apparel and upkeep
do
Transportation
do
Private
do
New cars
do...
Services
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=$1.00..
Consumer prices
do
See footnotes at end of tables.
280.7
286.6
270.8
2665
2670
3630
3029
292.6
336.5
3617
2493
107.3
387.3
286.7
2932
277.2
2707
2725
3815
3098
296.8
349.9
3820
2646
113.1
393.6
286.8
2927
276.5
2726
2728
3762
3096
297.7
345.9
3759
2604
111.3
388.7
287.0
293.3
278.0
2716
2734
3789
308.9
296.2
348.5
3795
2626
112.4
393.0
286.9
293.7
278.4
2704
273 1
3813
309.3
296.0
350.4
381 0
2636
112.8
399.4
286.5
293.5
277.9
2693
2724
383.3
309.5
296.2
351.6
3832
265.0
113.5
399.9
286.5
2937
278.1
2686
2723
3849
3097
295.9
352.9
3859
2666
114.3
398.9
287.1
294.6
279.6
2687
273 1
386.5
309.9
295.6
353.8
3869
267.7
114.6
400.5
287.9
2951
280.7
2702
2744
3877
3098
295.3
354.4
389 1
2699
115.1
395.6
289.2
2964
282.0
271 5
2757
3887
3110
296.6
355.0
3913
2717
115.8
392.1
289.9
2974
282.0
2714
2757
3895
3132
299.3
355.8
3923
2724
1163
393.3
290.1
2977
280.4
2714
2747
3917
3156
302.5
356.8
3938
2734
116.7
394.6
287.4
2943
2745
2705
2709
3933
3153
301.5
3565
3948
2737
1170
390.0
283.7
2895
2656
2697
2652
3949
3154
3012
3570
3970
2750
1179
385.5
281.2
2863
2592
2692
2612
3968
3161
301 5
3580
4001
2779
1187
381.8
282.1
2874
2605
2696
262 1
3979
3170
3021
3585
400 9
2784
1189
382.5
641.8
445.2
619.5
452.7
623.5
445.9
620.8
454.7
612.0
465.6
601.9
467.1
594.6
465.1
601.7
466.5
615.3
453.9
641.6
440.5
657.3
439.9
650.3
442.6
5912
444.5
5499
4423
5183
4392
4968
4446
242.5
200.2
311.7
3066
208.5
375.7
385.2
379.5
2472
206.0
319.9
3142
215.2
379.7
402.8
403.1
247.9
205.9
320.0
3146
214.1
386.4
398.0
398.0
247.6
205.3
321.4
3160
214.5
384.2
398.4
399.5
247.1
204.6
321.8
3163
214.7
380.3
399.3
401.7
246.5
202.8
321.8
316.1
214.7
376.7
402.4
404.0
247.0
205.3
320.7
3149
214.6
374.0
403.7
406.6
247.1
209.6
319.7
3136
214.5
374.3
408.0
408.3
248.4
211.1
320.9
3147
216.2
375.3
411.5
410.5
248.9
211.2
323.2
3170
218.4
376.4
412.8
413.0
2488
209.0
324.0
3178
219.4
375.6
412.9
414.7
248.8
205.0
323.9
3173
219.9
374.1
419.6
418.2
2490
204 1
319.2
3122
2204
370.7
422.2
422.3
2498
2063
309.6
302 1
2203
3672
421.2
425.8
2496
2073
303.3
2953
221 2
364.8
422.2
428.0
2499
2064
3057
2978
2230
3636
423.7
429.7
3
2862
2728
308.7
296.3
2054
3209
3155
214.1
3775
2
2859
272.5
308.4
295.4
2053
3202
3148
214.5
379.6
2
2861
272.5
309.1
295.6
2059
3202
3147
215.0
381.3
2
2860
272.2
309.2
295.6
2056
3203
314.6
215.2
383.0
2
2862
272.3
309.6
295.6
2059
3198
3140
215.7
384.4
2
2867
272.5
310.7
296.4
2068
3193
313.2
216.2
385.1
4
2875
2735
311.1
296.9
2077
3205
3143
217.0
386.7
6
2890
274.8
313.2
299.4
2084
3226
3165
217.7
389.0
4
2902
2755
315.2
301.8
2083
3239
3177
218.4
390.3
3
291 1
276.0
315.9
302.6
2077
3255
319 1
218.6
391.9
4
2876
2719
313.8
299.5
2066
3209
3140
219.5
3937
4
2837
2660
314.1
299.4
2063
3118
3044
2199
3956
3
2807
261.0
315.0
300.0
2069
3040
2962
221.2
397.8
2
2814
2613
316.4
301.2
2065
3049
2970
2230
3982
3089
3047
3003
2979
2992
3103
r
3087
3093
3098
3092
3090
3073
3055
3079
3095
3102
3308
r
3061
3110
309 1
3056
3038
2953
2918
2978
3047
3043
r
r
301.0
290.5
2809
272.8
278.9
318.7
r
293.7
'291.8
3005
319.3
293.1
291.2
2999
319.9
294.1
292.4
3003
319.3
294.0
292.2
3005
318.6
294.8
293.1
3008
317.9
293.5
291.4
3010
317.7
290.0
288.2
2963
317.6
294.7
292.3
3035
318.1
296.4
294.4
303.8
318.9
297.2
295.4
303.7
r
317.4
r
313.5
292.3
288.9
304.2
309.4
288.1
283.5
304.3
307.0
286.9
281.6
305.6
306.8
289.0
284.2
305.8
2973
3172
3043
298.1
3105
297 1
3184
3042
297.6
3108
2976
3189
305.2
298.4
312 1
297 8
3175
3048
298.7
311 0
2978
3173
304.6
298.7
3106
2978
3141
3038
298.6
3090
2952
3130
302.2
296.0
3084
2988
3143
304.4
299.7
3092
2985
317.6
305.4
299.5
3114
2985
318.8
306.0
299.5
3125
r
2981
r
316.8
r
304.8
r
299.0
r
2983
309.0
301.0
299.2
302.7
2987
300.6
297.3
299.5
294.7
2995
295.7
296.0
300.3
291.2
2997
297.9
296.9
300.5
292.8
2624
2558
265.0
322.6
300.8
2505
r
2305
r
2604
r
323.8
'303.2
2531
2368
2609
323.8
303.3
2502
2304
2600
325.3
303.2
249 1
2294
2588
324.8
303.7
2494
2293
2594
324.4
304.6
2440
2180
2573
323.7
304.6
2409
2128
255.3
322.3
304.7
2451
2199
2578
324.2
303.0
2510
2304
261.2
324.7
302.6
2526
2322
262.8
325.1
301.9
r
251 5
r
227.4
r
2479
2206
261.9
319.4
304.8
2470
218.9
261.5
314.0
303.1
2461
217.9
260.6
311.3
299.6
2506
226.0
262.5
311.7
298.6
656.8
2187
286.3
307.4
293.1
316.1
337.3
318.5
246.8
210.0
2626
261.5
r
6336
r
6339
2217
284.7
301.5
298.1
316.8
345.5
3276
246.6
210.7
2682
266.2
647.3
2217
284.2
306.8
298.4
316.4
348.1
327.3
246.4
210.5
269 1
267.3
6406
221 6
285.5
313.1
298.9
314.9
349.3
327.1
246.2
210.2
2693
267.5
635.4
2220
284.6
310.1
299.2
314.5
349.7
326.8
245.8
210.2
2699
267.7
6276
2220
286.3
305.5
299.6
314.7
350.3
326.9
244.8
210.4
2700
267.7
628.6
2219
287.2
300.5
299.8
314.4
349.9
326.6
245.1
210.3
2599
254.8
628.0
2218
288.6
299.4
299.9
314.2
350.5
327.2
245.2
210.1
2752
273.3
634.7
2222
290.0
296.9
300.1
313.3
350.5
327.3
245.5
210.6
2752
273.2
639.6
2224
292.4
298.1
300.4
313.4
351.1
327.4
246.0
210.6
2741
271.9
r
620.3
r
571.5
2224
294.1
297.2
301.6
311.0
352.3
330.9
247.4
210.8
2735
270.4
512.2
2229
295.0
300.2
301.9
311.5
351.9
331.4
246.7
211.1
2738
270.7
480.8
223.0
296.0
307.1
302.6
310.6
352.9
332.4
246.5
211.1
2757
273.2
484.4
223.4
297.5
308.3
302.8
310.6
353.8
333.2
246.7
211.3
2758
273.7
5
2
2
2
3
5
9
7
6
7
11
6
6
3073
3193
2935
291.9
270.8
2975
2409
340.1
299.6
3056
3200
294.2
292.6
268.6
2997
241.4
343.8
300.0
3038
3185
293.6
291.6
268.4
2984
242.1
340.7
300.4
3030
317.8
294.3
292.5
270.9
2984
242.1
340.7
300.7
296 1
3174
293.4
291.2
269.0
2975
242.3
339.0
301.3
2931
317.2
291.8
289.6
266.4
2963
239.8
338.9
299.7
3022
3175
294.4
292.1
270.8
2980
243.0
339.3
302.7
3080
318.6
296.4
294.5
273.7
3000
243.8
342.3
303.4
3070
3199
298.3
296.7
276.5
3019
243.6
346.0
303.8
'3029
'318.4
'296.1
'294.1
'274.9
'2988
'242.3
'341.3
303.3
288 1
313.8
291.7
288.3
270.5
2924
242.6
330.0
303.5
2799
3100
288.6
284.1
271.2
2858
2439
317.5
304.3
2697
3070
286.8
281.5
271.6
2817
245.6
308.9
305.3
2759
3063
288.6
283.8
27f ]>
28i-l
2458
312.0
305.5
.341
312
.340
311
.340
310
.339
.310
.341
309
.345
.308
.339
.307
.337
.306
.336
.305
.338
305
.342
.305
.347
307
.349
307
.346
306
320.0
291.1
290.3
2940
2936
3233
302.9
293.9
3123
.343
321
r
2216
'286.1
303.6
298.9
314.9
347.8
r
327.2
'245.9
210.4
2695
267.3
.340
310
296.0
'293.8
r
303.9
310.6
263.3
r
323.8
r
305.1
2227
'293.7
'298.9
r
301.1
r
311.0
'352.5
r
330.6
'246.9
'210.7
r
2733
'270.3
'
15
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984
8-7
SURVEY OF CURRENT BUSINESS
June 1986
1986
1985
Annual
Units
1984
1985
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
CONSTRUCTION AND
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: <0
Total privately owned
do
One-family structures
do
New private housing units authorized by building
permits (17,000 permit-issuing places): t
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.
312,988
257,801
145,059
114,620
342,364
280,022
148,249
113,428
26,714
22,375
11,533
8,828
28,936
23,664
12,332
9,552
31,605
25,565
14,279
10,202
31,396
24,938
13,624
10,582
32,240
25,534
13,951
10,797
32,621
25,795
13,929
10,653
31,958
25,847
13,913
10,605
29,763
24,338
12,847
10,061
27,257
22,729
11,177
8,713
24,269
20,076
10,132
8,128
'23,794
19,862
10,093
'7,826
'25,779
r
21,426
11,491
'9,123
27,829
22,800
12,589
9,992
74,147
13,745
48,107
88,223
15,765
60,056
7,328
1,352
4,957
7,523
1,368
5,084
7,428
1,314
5,026
7,471
1,345
5,071
7,790
1,338
5,312
8,027
1,418
5,483
8,004
1,402
5,487
7,834
1,391
5,352
7,673
1,452
5,218
6,950
1,172
4,827
6,723
1,208
4,577
'6,698
1,057
'4,637
6,924
1,100
4,798
7,174
55,187
17,883
1,636
1,829
2,839
16,294
7,294
62,342
20,173
1,523
1,964
3,154
19,949
618
4,339
1,572
131
157
250
1,192
651
5,272
1,641
122
182
288
1,860
654
6,040
1,878
137
194
266
2,224
645
6,458
1,930
123
154
310
2,344
653
6,707
1,947
117
192
250
2,523
617
6,827
1,980
138
242
292
2,417
662
6,111
1,803
127
118
227
2,294
589
5,425
1,690
129
122
289
1,722
570
4,528
1,597
120
130
284
1,152
508
4,193
1,531
110
131
283
897
r
510
'3,932
1,534
103
140
'295
805
580
'4,352
1,610
'91
140
'282
'982
5,029
1,795
121
149
289
1,332
341.9
282.0
146.5
112.6
339.9
276.4
142.3
112.0
343.8
278.9
147.2
112.2
344.2
279.5
148.7
112.8
343.2
279.4
146.9
113.4
346.1
282.5
148.9
113.8
344.5
282.1
150.9
115.6
343.8
281.3
149.7
115.2
351.7
286.9
150.7
116.6
355.1
286.7
151.7
118.7
'358.8
290.2
155.2
121.9
'353.9
'284.8
155.5
122.9
356.7
287.3
159.6
127.0
91.2
17.3
61.2
89.4
16.4
60.1
86.2
15.2
58.3
85.9
15.4
58.0
88.0
15.1
59.9
89.6
15.6
61.2
88.6
15.6
60.7
89.9
16.3
61.1
93.9
17.4
64.5
92.5
15.7
64.3
'92.3
16.3
63.2
'87.5
13.8
'60.9
86.3
14.2
59.4
7.7
59.9
19.6
1.6
1.9
3.2
19.9
7.5
63.5
19.9
1.5
2.1
3.3
22.3
7.6
64.9
21.2
1.6
2.1
3.4
21.1
7.4
64.7
21.4
1.5
1.9
3.4
19.6
7.3
63.9
20.8
1.3
2.3
3.0
20.2
7.1
63.6
21.0
1.5
2.3
3.0
19.6
6.9
62.4
20.6
1.4
1.6
3.1
19.2
6.8
62.6
20.1
1.5
1.6
3.0
19.8
7.0
64.8
20.5
1.4
1.7
3.5
20.8
7.3
68.4
20.6
1.4
1.6
3.8
22.0
7.4
'68.6
21.9
1.4
1.8
4.1
'22.0
7.3
'69.0
'21.7
1.2
1.7
'3.3
'22.9
69.4
22.5
1.5
1.8
3.6
22.2
r
211,480
'150
49,068
162,412
227,650
'161
54,224
173,426
'20,692
163
'4,805
15,888
r
22,532
161
'5,514
17,018
18,718
154
4,693
14,024
21,923
164
5,134
16,789
20,687
164
5,000
15,687
19,891
167
4,873
15,019
21,146
168
5,164
15,982
17,120
162
3,910
13,211
15,166
162
3,860
11,306
13,681
146
2,974
10,706
14,572
162
4,212
10,361
17,733
149
4,243
13,490
22,438
176
5,384
17,054
21,589
160
5,236
16,352
74,259
101,389
35,833
80,750
106,771
40,129
'6,793
10,111
'3,788
'7,888
10,523
'4,120
6,070
8,819
3,828
7,577
10,608
3,738
7,236
9,625
3,826
7,300
9,067
3,524
8,487
9,598
3,060
6,208
8,015
2,897
5,308
6,976
2,882
4,998
6,623
2,060
4,726
6,602
3,244
5,589
9,069
3,076
6,634
11,791
4,012
6,482
11,252
3,854
193,603
206,622
14,013
16,011
12,870
13,229
18,894
14,265
22,852
25,088
19,975
18,812
16,793
17,478
12,929
1,755.8
1,749.5
1,084.2
1,744.9
1,741.8
1,072.4
176.0
175.8
108.7
170.5
170.2
107.5
163.4
163.2
101.7
161.0
160.7
105.6
161.1
160.7
99.5
148.6
147.7
89.9
173.2
173.0
104.7
124.1
124.1
73.4
120.5
120.5
66.0
115.7
115.6
72.0
107.2
107.2
65.1
151.0
151.0
'97.0
189.8
189.8
120.3
189.7
127.8
1,851
1,129
1,684
1,041
1,693
1,036
1,673
1,068
1,737
1,071
1,653
1,006
1,784
1,118
1,654
1,006
1,882
1,098
2,034
1,335
2,001
1,202
1,960
1,221
'2,039
1,262
1,888
1,262
1,785
1,098
1,682
922
1,733
957
1,694
940
1,727
926
1,717
958
1,709
961
1,782
990
1,846
956
1,703
984
1,668
932
1,839
963
1,861
1,060
1,808
1,033
1,834
1,043
1,885
1,139
295.6
283.5
26.2
28.0
25.1
24.3
27.7
24.5
27.7
20.9
16.9
18.9
18.7
20.5
22.9
288
287
272
285
286
283
291
287
285
280
266
240
249
169.1
168.8
168.9
171.2
171.6
172.1
163.7
168.8
166.8
166.2
165.1
169.5
169.1
169.8
357.8
386.2
358.1
389.0
155.0
172.1
167.4
168.1
169.3
354.2
385.7
355.2
387.7
170.3
170.4
171.0
169.6
169.3
1704
168.9
168.3
169.2
359.3
391.1
173.9
362.2
392.8
170.4
360.6
391.9
359.5
390.4
175.3
360.5
390.3
359.5
391.7
171.5
359.5
391.5
172.9
174.3
171.4
171.3
172.0
171.2
1710
171.9
170.8
170.7
171.5
359.8
389.8
172.2
360.9
392.6
361.2
392.7
175.7
171.7
171.5
172.3
363.3
393.7
2
366.4
2
396.8
SURVEY OF CURRENT BUSINESS
S-8
Unless otherwise stated in footnotes
methodological notes are as shown in
BUSINESS STATISTICS: 1984
1984
June 1986
1985
Annual
1985
Apr.
June
May
July
Aug.
1986
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
CONSTRUCTION AND REAL ESTATE—Continued
REAL ESTATE <>
Mortgage applications for new home construction:
17.6
51.0
14.8
14.8
17.1
16.3
16.6
15.2
115.6
FHA applications
thous. units..
41.0
39.1
24.8
24.1
17.1
15.8
180.8
201
548
212
219
190
207
162
455
441
336
329
208
186
169
Seasonally adjusted annual rates
do
18.2
28.6
'27.3
16.9
16.4
14.3
16.8
17.0
16.8
21.4
18.6
19.6
198.7
17.8
17.9
215.0
Requests for VA appraisals
do....
'291
216
240
198
326
191
215
219
211
218
236
223
214
189
Seasonally adjusted annual rates
do
Home mortgages insured or guaranteed by:
Fed. Hous. Adm.: Face amount
mil. $.. 14,524.93 23,963.94 2,406.29 1,432.77 2,572.88 801.85 1,957.07 3,317.63 2,430.88 3,277.07 1,605.68 3,150.98 3,276.93 4,032.79 3,390.61 5,277.44
943.72 867.87 961.45 1,104.49 1,275.00 1,318.29 1,120.09 1,693.10 1,347.17 1,304.65 1,242.44 1,621.70 1,298.65 1,742.12
Vet. Adm.: Face amount §
do.... 12,728.42 13,047.56
Federal Home Loan Banks, outstanding advances
to member institutions, end of
87,190 86,892 87,231 91,107
91,882
76,277 77,787 79,629 81,607 84,218 85,745 86,797 86,942 88,835
period
mil. $.. 74,621 88,835
New mortgage loans of all savings and loan
14,507 15,993 16,607 16,731 14,319 19,442 12,133 11,691 14,578 16,911
16,219
15,069 16,266
associations, estimated total
mil. $.. 172,234 180,207
By purpose of loan:
2,345
'2,434
'2,332
2,271
2,544
2,205
2,154
'2,087
1,653 1,649
1,942
2,303
2,143
Home construction
do.... 25,542
r
9,476 11,508
9,016
9,759
7,817
'7,763
10,753 10,632 11,157
'9,755 11,579
9,354 10,314
Home purchase *
do.... 102,757 111,751
r
'2,900
'3,242
3,702
3,286
2,986
'2,737
'2,225
'2,717
5,499
2,696
4,305
3,573
All other purposes *
do.... 43,933 43,067
DOMESTIC TRADE
ADVERTISING
Magazine advertising (Leading National
Advertisers):
Cost total
Apparel and accessories
Automotive, incl. accessories
Building materials
Drugs and toiletries
Foods, soft drinks, confectionerv
Beer wine liquors
Houshold equip., supplies, furnishings
Industrial materials
Soaps cleansers etc
mil $
do ....
do....
do
do
do
do
do ....
do
do
4 668.0
240.0
473.5
68.7
463.6
468.1
24.7
59.3
5.7
52.1
436.7
17.5
50.6
11.5
54.6
334.9
242.1
35.7
22.2
29.8
19.2
191.6
48.0
34.6
422.6
2,148.5
20.8
4.2
4.3
29.1
209.8
23.4
4.5
4.2
26.8
196.0
All other
do
Newspaper advertising expenditures (Newspaper
Advertising Bureau, Inc.):
23,523 25,170
2,038
Total
mil $
7,657
8,376
720
Classified
do
3,352
269
3,081
National
do
12,784
13,443
1,049
Retail
do
WHOLESALE TRADE t
Merchant wholesalers sales (unadj.),
total
. mil. $.. 1,360,853 1,373,926 117,050
609,210 626,749
53,068
Durable goods establishments
do
751,643 747,177
63,982
Nondurable goods establishments
do
Merchant wholesalers inventories, book value,
132,733 137,139 134,287
end of period (unadj ), total
mil $
87,624
Durable goods establishments
do.... 86,024 86,984
Nondurable goods establishments
do . . . . 46,709 50,155
46,663
RETAIL TRADE $
All retail stores:
Estimated sales (unadj ), total
mil $ 1,293,062 1,373,941 112,945
Durable goods stores 4£
.
do
465,798 514,207
43,816
Building materials, hardware, garden
supply, and mobile home dealers mil. $.. 69,488 74,062
6,463
Automotive dealers
do . 278,534 312,793 27,836
Furniture, home furnishings,
61,843 68,112
and equipment
do
5,095
827,264 859,734
69,129
Nondurable goods stores
..
.do
General merch. group stores
do.... 152,913 159,456
12,331
22,731
Food stores
do .... 270,230 282,198
8,348
Gasoline service stations
do.... 99,464 100,767
Apparel and accessory stores
do.... 65,103 69,673
5,603
10,843
Eating and drinking places
do,... 124,541 131,035
3,703
Drug and proprietary stores
do .... 43,174 46,014
18,157
17,802
1,375
Liquor stores
do
114,256
Estimated sales (seas adj ) total
do
'42,764
Durable goods stores #
do...,
Bldg. materials, hardware, garden sup'6,251
ply, and mobile home dealers#
mil. $.,
Building materials and
'4,554
supply stores
do
'928
Hardware stores
do
'26,114
Automotive dealers
do
Motor vehicle and miscellaneous
24,049
auto dealers
do...,
Auto and home supply
'2,065
stores
do
Furniture, home furnishings,
'5,475
and equipment #
do...,
Furniture, home furnish'2,986
ings stores
.
..
.do
Household appliance, radio, and
'2,105
TV stores
do
See footnotes at end of tables.
1,889
708
223
957
2,402
708
335
1,358
2,280
573
264
1,442
2,165
725
300
1,140
2,144
762
281
1,102
123,536
55,664
67,872
110,634
51,106
59,528
113,211 116,066
51,406 54,272
61,805 61,794
111,775 121,011
52,040 57,296
59,735 63,715
113,874 116,941
52,393 52,653
61,481 64,288
112,335
50,115
62,220
102,577 113,986
47,324 '53,148
55,253 '60,838
115,679
56,066
59,613
132,425
87,058
45,367
133,469
87,883
45,586
132,836
87,457
45,379
132,424
87,178
45,246
133,789
87,642
46,147
136,122
87,298
48,824
136,376
87,019
49,357
137,139
86,984
50,155
137,103
86,586
50,517
137,385 138,407
87,701 '88,610
49,684 '49,797
139,280
90,395
48,885
120,188
47,158
114,777
44,592
115,225
44,919
120,772
46,053
113,842
45,165
115,750
42,787
118,060
41,120
138,646
46,346
105,642
38,985
7,112
29,835
6,835
27,772
6,973
28,091
6,899
28,507
6,541
28,544
6,950
25,007
6,236
23,103
5,993
23,093
5,393
23,811
5,465
73,030
13,236
24,368
8,794
5,707
11,560
3,803
1,447
114,026
'42,592
5,381
70,185
12,343
23,601
8,774
5,297
11,514
3,675
1,450
113,599
42,444
5,457
70,306
11,488
24,148
9,070
5,073
11,673
3,726
1,514
114,430
42,768
5,816
74,719
13,513
24,837
9,005
6,172
11,979
3,866
1,532
116,276
44,209
5,509
68,677
12,027
22,753
8,380
5,491
10,987
3,595
1,491
119,118
46,748
5,983
72,963
13,217
23,709
8,647
5,881
11,307
3,863
1,430
114,785
42,355
6,406
76,940
16,422
24,297
8,285
6,809
10,754
3,832
1,544
115,433
42,631
8,102
92,300
24,720
25,409
8,618
9,783
10,728
5,186
2,077
116,861
43,882
5,565
66,657
9,383
23,948
8,067
4,694
10,338
3,828
1,363
117,349
44,187
2,046
743
242
1,061
2,152
741
295
1,116
2,285
726
340
1,219
99,661 114,236 115,131 123,623
37,469 '42,843 '45,882 '48,913
'7,772
'28,057
1
8,448
'29,419
'5,605
5,101
'5,717
62,192 '71,393 '69,249
9,550 12,661 12,499
21,813 '24,213 '23,327
7,122
'6,903
'7,173
4,401
'5,737
'6,128
9,826 11,309 11,337
'3,861
3,619
'3,997
1,242
1,387
1,395
117,200 116,684 117,139
43,949 '43,279 '44,604
'6,093
74,710
'14,058
'25,547
'7,179
'6,184
' 11,938
'4,062
'117,053
'44,709
'7,473
'7,159
4,996
23,328
'6,401
'26,241
1
'6,017
5,963
6,147
6,209
6,226
6,409
6,456
6,641
6,925
6,908
'7,143
'4,408
'903
'25,998
4,341
894
26,079
4,412
906
26,150
4,529
937
27,322
4,493
936
29,790
4,679
1,012
25,065
4,683
941
25,289
4,882
940
26,164
5,121
927
26,327
5,053
953
26,040
'5,121
'974
'25,026
5,460
959
'26,101 '26,251
'23,957
24,065
24,145
25,296
27,740
23,018
23,187
24,117
24,286
24,002
'23,029
'24,139
'2,041
2,014
2,005
2,026
2,050
2,047
2,102
2,047
2,041
2,038
1,997
1,962
'5,664
5,571
5,590
5,677
5,796
5,884
5,909
6,012
5,969
5,971
'6,049
'6,027
'3,075
3,057
3,085
3,118
3,137
3,123
3,160
3,211
3,253
3,300
3,329
3,315
2,187
2,116
2,103
2,149
2,239
2,307
2,301
2,348
2,263
2,244
'2,268
2,239
'24,289
'6,198
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984
S-9
SURVEY OF CURRENT BUSINESS
June 1986
1985
Annual
1986
., .,
1984
1985
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
72,430
13,322
11,295
726
23,787
22,453
8,420
5,897
72,802
13,455
11,430
721
24,043
22,692
8,420
5964
72,979
13,416
11,416
723
24,250
22,873
8,499
5,954
73,162
13,340
11,330
768
24,337
23,002
8,421
5915
73,251
13,621
11,532
747
24,261
22,948
8,186
5,996
Mar.
Apr.
May
DOMESTIC TRADE—Continued
RETAIL TRADE $— Continued
All retail stores— Continued
Estimated sales (seas, adj.)— Continued
Nondurable goods stores
General merch. group stores
Department stores
Variety stores
Food stores
.
Grocery stores
Gasoline service stations
Apparel and accessory stores $
Men's and boys' clothing and
r
71,492
13,288
11191
760
r
23,445
r
22,093
r
8,571
r
5680
mil. $.
do...
do
do
. do
do...
do...
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 4tdo
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
r
71,434
13,203
11,126
r
751
r
23,343
r
21,985
8,464
r
5772
r
r
71,662
13,164
11,131
733
23,505
22,189
8,477
5,757
72,067
13,441
11,345
737
23,521
22,186
8,432
5,879
72,370
13,410
11,270
775
23,828
22,505
8,388
5,890
r
73,405
13,801
11,705
r
803
r
24,463
r
23,131
r
7,615
r
6189
r
r
72,535 1 72,344
13,872 13,768
11,803 11,764
777
r
24,lll 1 24,144
r
22,824
22,811 1 1
r
6,910
7,051
1
r
6,099
6,214
699
680
678
687
684
697
704
704
695
730
752
769
2386
r
947
10,989
r
3,788
1,472
2,392
912
10,987
3,808
1,457
2,441
902
10,950
3,857
1,466
2,487
916
10,950
3,913
1,462
2,497
898
11,009
3,878
1,591
2,470
885
11,107
3,954
1,465
2,493
891
11,110
3,910
1,482
2,505
893
11,003
3,911
1,495
2,498
886
11,274
3,938
1,503
2,492
924
11,255
3,925
1,489
2,562
r
937
11,400
r
4,017
1,520
2,538
950
11,394
r
4,009
1,509
159 751 158 461 157,952
80,427 80059 77,999
156,747
75,224
161,329
76,126
171,829
81,529
175,337
84,310
160 372
81,979
161865 167 319
84 120 r87 254
172 651
90 649
693
2,356
r
927
10,897
r
3,763
1,490
71,155
13,071
11008
746
23,377
22,066
8,428
5718
r
r
153 046
76280
160 372
81979
160 920
80,906
12,383
37451
13,176
42404
13,415
40391
13,514
39852
13,272
39896
13,371
37,656
13,517
34,218
13,559
34,544
13,749
38326
13,564
41,293
13,176
42404
13,547
44 113
13,980
46462
12,749
78,393
12,396
80,014
12,452
79,324
12,497
78,402
12,342
79,953
12,502
81,523
12,734
85,203
13,423
90,300
13,704
91,027
12,749
78,393
12,593
77,745
12,641
r
80,065
12,989
82,002
28,104
22,264
15474
28,002
22,086
16278
30,459
24,182
15446
30,054
23,777
15394
29,335
22,986
15445
29,922
23,226
15403
30,916
23,981
15346
32,942
25,676
15662
35,581
27,795
16385
36,035
28,477
16696
28,002
22,086
16278
27 739
21,730
16 190
r
30,718
24,335
16275
13,653
157,845
77,142
14,418
165,324
82,875
15,937
16,966 17,259
160,302 164,262 165,557
78,425 81,668 83,056
14,418
165,324
82,875
12859
37,265
13696
42,193
12,961
38,763
13,032
38,319
13025
38,923
13,331
38,582
13531
37,032
13,710
37,224
13,930
39,799
13,912
41,459
13696
42,193
13995
43418
12141
80703
31 136
24,574
15,275
12943
82449
31059
24404
16069
12 509
80933
30713
24,255
15,508
12527
80791
30515
24017
15,518
12447
80 385
30253
23721
15491
12454
81 128
30384
23,748
15,685
12477
81036
30340
23697
15723
12,633
81,877
30,752
24,086
15,836
12957
82594
31066
24360
15,970
13076
82501
31,079
24,402
15,947
12 943
82449
31059
24,404
16,069
12942
83232
31 568
24,778
16,288
14 540
15387
14580
14626
14551
14826
14909
14992
15285
15647
15387
450 603 472 244
37697 40049
37451
3170
40044
3538
38011
3371
37327
3284
40626
3380
36963
3138
39527
3346
44041
3717
4687
4895
412 906 432 195
410
34281
431
36506
417
34640
423
34 043
426
37246
409
33825
455
36181
142 334
148 957
146 983
25354
26,999
148 412
156 131
154 083
28 120
28404
11432
12592
12423
2239
2307
12316
13574
13418
2239
2459
11488
12943
12787
2134
2458
10636
13 140
12987
2003
2494
12553
13570
13413
2607
2586
11 140
12408
12260
2212
2,386
24387
26016
2042
39162
402
10769
649
12820
2294
2150
39 182
403
10653
642
12840
2289
2074
39038
399
10 542
636
12890
2308
2099
39217
394
10661
624
12858
2328
2195
39604
402
10889
625
12738
2380
1002
444
994
450
1024
455
1043
450
11,337
4,042
1
14,575
48581
11,971
76,766
1
14,420 14,187
160,004 159,470
79,071 78,679
2,107
2,146
13,954
14,678 15,297
159,528 160,333 159,078
79,143 79,205 78,042
2,149
2,191
1 037
472
2,247
29,244
22,954
16201
14,063 14,964 15,455
167,987 169,379 171,347
84,755 r85,863 88,007
14 022
44,250
14 137
46,048
12 952
31,603
24,788
16,365
13067
83340
31,573
24,882
16,340
15 403
15 653
15595
56786
5246
34 526
2679
r
32 703
r
2554
39076
3 116
454
40,324
437
51 540
361
31 847
r
r
341
30,149
413
35,960
12 239
12979
12822
2351
2436
15387
13516
13340
2849
2,379
23218
14177
13880
4234
2,405
8708
13401
13235
1743
2,268
8911
12 073
11 904
1,726
r
2,125
11900
13406
13214
2,551
2,483
2016
39717
418
10808
664
13043
2373
2122
39664
419
10827
616
12925
2403
2 HI
40028
429
10974
606
13015
2448
3174
40234
423
10940
609
13181
2423
2083
40077
424
10851
640
13156
2435
1939
40r 282
437
11r060
607
13 125
r
2497
2216
40432
435
11 195
673
13240
2525
1058
451
1059
461
1 100
452
1077
459
1099
452
1111
r
477
1 109
488
2,207
r
2,212
2,198
2,227
2,164
2,189
r
r
83 516
r
r
2,169
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
....percentEmployed 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.
178,080
115,241
1,697
176,383
113,544
105,005
8,539
64.4
179,912
117,167
1,706
178,206
115,461
107,150
8,312
64.8
59.5
60.1
3,179
3,321
101,685 103,971
2,737
2,305
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
8,011
179,798
118,274
1,702
178,096
116,572
107,819
8,753
115,256
64.8
106,872
60.1
3,353
103,519
8384
115,339
64.8
106 939
60.1
3,284
103,655
8400
115,024 115,272 115,343 115,790
64.7
64.6
64.7
64.8
106,601 106,871 107,210 107,519
60.1
59.9
60.0
60.2
3,140
3,095
3,120
3,017
103,461 103,751 104,115 104,502
8,401
8,423
8133
8,271
2,374
2,274
2,328
179,967
119,240
1,704
178,263
117,536
108,854
8,682
2,329
180,131
118 405
1,726
178,405
116,679
108,628
8,051
2,274
180,304
117,582
1,732
178,572
115,850
107,867
7,984
2,307
180,470
118,046
1,700
178,770
116,346
108,428
7,917
180,642
117,799
1,702
178,940
116,097
108,282
7,815
180,810
117 478
1,698
179,112
115,780
108,063
7,717
116,114 116,130 116,229
65.0
64.9
64.9
107,813 107,969 108,206
60.3
60.3
60.4
3,058
3,070
3,151
104,755 104,899 105,055
8301
8023
8161
2,277
2,205
2,188
2
181,361
117 122
1,691
179,670
115,431
106 959
8,472
181,512 181,678 181,843 181,998
117,416 118 002 118 012 118,886
1,691
1,687
1,693
1,695
179,821 179,985 180,148 180,311
115,725 116,309 116,317 117,199
106,685 107,643 108,201 109,041
9,041
8,667
8,158
8,115
116,786 117,088 117,207
65.0
65.1
65.1
108 955 108 561 108 788
60.6
60.4
60.4
3,299
3,285
3,096
105,655 105,465 105,503
7831
8527
8419
2,056
2,340
2,258
117,234
65.1
108 892
60.4
3,222
105,670
8342
117,664
65.3
109 110
60.5
3,160
105,950
8554
2,135
2,209
SURVEY OF CURRENT BUSINESS
S-10
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984
Annual
June 1986
1985
1986
HiTta
1984
1985
Apr.
May
June
July
Aug.
Sept.
Nov.
Oct.
Dec.
Jan.
Mar.
Feb.
Apr.
May
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 §
Employees on payrolls of nonagricultural estab.:
Total, not adjusted for seas, variation
thous..
Private sector (excl. government)
do ....
Seasonally Adjusted
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 and 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
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.
75
66
68
189
6.5
159
107
46
57
104
72
62
66
186
6.2
151
105
43
56
104
73
63
6.7
179
6.3
152
104
43
58
10.7
73
61
68
188
6.2
154
106
40
57
10.8
73
64
6.7
186
6.4
144
106
4.6
5.8
9.9
73
62
6.6
193
6.3
150
109
4.4
5.7
10.3
71
60
66
175
6.1
141
104
41
54
10.8
71
61
6.7
181
6.1
152
104
43
5.6
11.3
71
61
64
198
6.1
149
11 1
42
53
10.4
70
60
64
184
5.9
156
107
43
55
10.0
69
59
6.2
188
5.9
149
104
43
5.3
•9.4
74
14.3
75
72
7.2
13.1
77
76
7.3
13.3
79
77
7.2
11.0
78
78
7.3
13.5
77
7.9
7.3
13.4
79
7.9
7.1
13.1
78
79
7.2
13.6
77
77
7.1
13.5
75
73
7.0
13.4
77
76
13.5
13.2
13.2
11.9
12.5
14.0
14.0
13.3
12.9
2.6
2.4
2.3
2.3
2.7
2.7
2.9
2.7
4.9
8.5
6.4
11.0
6.3
4.8
8.2
6.2
10.4
6.2
4.9
8.8
6.7
10.4
6.7
67
57
61
184
5.7
144
101
43
51
99
73
62
67
19 0
64
148
123
45
55
99
72
62
66
182
6.2
147
103
45
56
10.1
71
60
64
196
6.1
148
104
42
53
9.4
73
64
65
190
6.2
148
110
45
54
10.2
6.9
12.6
73
7.3
6.7
12.9
70
70
72
13.2
72
74
7.2
13.0
72
68
7.2
12.0
68
68
7.3
13.3
75
73
12.5
10.6
10.9
14.3
11.9
13.4
15.8
2.3
2.1
2.0
2.3
2.4
2.4
2.1
2.2
4.9
8.8
6.0
10.6
7.4
4.4
8.5
6.7
10.9
9.0
4.2
8.9
7.2
10.6
9.4
47
9.0
8.3
12.3
97
53
9.1
9.5
12.3
124
4.8
8.9
8.6
12.3
10.8
4.4
8.8
8.0
11.1
8.2
4.8
8.7
7.3
10.4
7.3
1
5.0
9.1
7.5
11.5
85
4.8
8.8
7.2
11.2
86
4.6
8.6
7.8
11.5
8.2
5.0
8.9
6.5
10.3
6.0
5.0
9.1
6.8
10.7
6.6
r
94,496
'78,472
'97,614
'81,199
'96,888
'80,286
'97,745
'81,080
'98,317
'81,870
'97,531
'81,841
'97,782
'82,241
'98,643
'82,383
'99,176
'82,436
'99,428
'82,534
'99,546
'82,686
'97,903
'81,286
'98,113
'81,165
'98,617
'81,604
'99,569 "100,370
'82,553 "83,309
r
'97,614
'81,199
'61,885
'24 930
'930
'4687
'19 314
'11 516
'700
'493
'590
'812
1,467
'2,181
'97,104
'80,800
'61,444
'24 996
'949
'4691
'19 356
'11 559
694
'493
'590
'821
1,474
'2,208
'97,338
'80,991
'61,668
'24 949
'944
'4682
'19 323
'11 542
697
'490
'590
'818
1,472
'2,202
'97,442
'81,082
'61,792
'24,897
'936
'4671
'19 290
'11 517
'696
'491
'589
'814
1,468
'2,190
'97,672
'81,222
'61,954
'24 875
'928
'4679
'19 268
'11 483
'698
'492
'589
'807
1,465
'2,176
'97,890
'81,428
'62,172
'24 880
'922
'4702
'19 256
'11 473
700
'495
'591
798
1,463
'2,164
'98,128
'81,592
'62,394
'24,843
'917
'4728
'19 198
'11 421
'702
'491
'590
795
1,459
'2,147
'98,428
'81,853
'62,617
'24,903
'913
'4754
19 236
'11 447
'705
'493
'591
'797
1,460
'2,146
'98,666
'82,073
'62,814
'24,931
'907
'4765
'19 259
'11 453
'708
'493
'591
'801
1,459
'2,139
'98,910
'82,281
'62,992
'24,977
'901
'4787
'19 289
'11461
'710
'494
'593
'803
1,456
2,133
'99,296
'82,659
'63,356
'25,101
'897
'4901
'19 303
'11 466
'716
'494
'596
'798
1,455
2,137
'99,429
'82,748
'63,454
'25,038
'880
'4864
'19 294
'11 455
'716
'494
'597
'795
1,452
'2,127
'99,484
'82,785
'63,530
'24,945
'852
'4838
'19 255
'11 418
'715
'493
'594
'787
1,450
2,118
'99,797
'83,077
'63,830
'25,038
'821
'4 970
'19 247
'11 416
'720
'494
'600
'785
1,450
2,108
"99,946
"83,205
"63,997
"24 988
"789
"4991
"19 208
"11 385
"721
"497
"599
"779
"1,447
"2,101
2208
1,900
'2207
1,971
'2222
1,963
2216
1,965
r
2,207
1,970
'2196
1,970
'2195
1,977
'2,179
1,970
'2181
1,987
'2,179
1,993
'2,182
1,998
'2,182
1,996
'2,181
1,998
'2,177
1,989
'2,178
1,988
"2,174
"1,974
r
713
r
'723
'368
'7,798
1,608
'64
'703
'724
'370
'7,797
1,603
'65
'708
723
'369
'7,781
1,604
'65
'703
'724
'368
'7,773
1,611
'65
'700
724
'366
'7,785
1,604
'64
'698
'724
'366
'7783
1,608
64
'698
'723
'365
'7,777
1,607
65
'697
722
'365
'7,789
1,610
64
'699
723
'367
'7,806
1,612
65
'701
725
'367
'7,828
1,623
64
'702
'724
'368
'7,837
1,623
64
'702
'725
'370
'7,839
1,631
'63
'705
'726
'369
'7,837
1,632
'63
'707
'724
'369
'7,831
1,632
'63
'703
"725
"368
"7,823
"1,634
"62
"706
1 185 '1 125
'682
'681
1,376
1,435
1,049
1,045
189
177
'1 126
681
1,425
1,052
182
1 119 1 109 1 122 '1 117
'682
'683
'681
'682
1,433
1,440
1,429
1,442
1,046
1,045
1,048
1,043
179
178
181
177
'1 122
'687
1,454
1,037
170
'1 130
686
1,457
1,035
169
'1 133
687
1,461
1,034
168
'1 122
'687
1,467
1,032
167
'1 117
688
1,469
1,031
166
1 120 "1 117
689
"689
1,472
"1,474
1,028
"1,025
166
"165
94,496
'78,472
'59,094
r
24r727
966
r
4383
19 378
1l'505
'703
'486
r
592
'857
1,463
r
2,197
r
382
7873
1,612
r
64
r
746
r
'780
189
69 769
r
5159
r
5555
16 545
'789
166
'72 684
'5242
'5740
17,360
'5689
r
20 797
16 024
2807
'3734
'9482
'5939
'5953
'5 888 '5913
'21 974 '21 741 '21 838 '21,893
'16,415 16,304 16,347 16,360
2872
2875
2859
'2869
'3848
'3822
'3831 '3835
'9,653
'9692
'9623
'9647
r
63 415
13,285
'65,635
13,130
'64,831
13,099
'65,572
13,121
'63,415
17,377
'686
'3406
13 285
'7,739
'589
'390
'65,635
17,459
'660
'3670
13,130
'7,660
'586
'394
'65,315
17,521
'674
'3685
13,162
'7,699
579
'394
'455
'651
1,078
1,329
'452
'615
1,085
1,311
1,354
1,215
1,305
1,251
r
'398
'277
'393
'265
'789
166
'72 108
'5230
'5705
17,240
'786
165
'72,389
'5241
'5721
17,329
'784
164
'72,545
'5238
'5,736
17,379
'784
167
'72 797
'5241
'5740
17,404
1 121 '1 121
'682
'683
1,447
1,442
1,042
1,040
171
171
'785
'787
165
165
'73 010 '73,285
'5257
'5219
'5,777
'5762
'17,464 17,489
'790
164
'73,525
'5260
'5,796
17,543
'794
164
'73,735
'5272
'5,796
17,589
'798
164
'73,933
'5277
'5809
17,622
'802
163
'74,195
'5286
'5,830
17,734
'803
162
'74,391
'5277
'5,843
17,795
'804
160
'74,539
'5280
'5,841
17,828
'801
"797
"154
157
'74,759 "74,958
'5244 "5240
'5,857 "5,868
17,853 "17,897
'5964
'5988
'21 998 '22 115
16,450 16,462
'2879
2886
'3851
'3855
'9720
'9721
'6014
'22,212
16,536
'2899
'3878
'9759
'6038
'22,313
16,575
'2895
'3895
'9785
'6070
'22,415
16,593
2904
'3901
'9788
'6095
'22,501
16,629
'2913
'3904
'9812
'6 123
'22,585
16,637
2918
'3916
'9803
'6157
'22 638
16,681
'2918
'3924
'9839
'6184
'22,707
16,699
'2923
'3927
'9849
'6231 "6259
'22,854 "22 953
16,720 "16,741
2921 "2923
'3938 "3951
'9861 "9867
'66,250
13,204
'66,165
12,986
'66,544
13,153
'66,673
13,213
'66,758
13,174
'66,830
13,127
'66,946
13,085
'65,558
12,969
'65,407
12,973
'65,795
12,982
'66,665 "67,372
13,002 "13,020
'65,469
17,476
'673
'3668
13,135
'7,683
'582
'392
'65,526
17,424
'665
'3,654
13,105
'7,654
'580
'65,627
17,400
'659
'3,662
13,079
'7,621
'586
'392
'65,815
'17,414
'655
'3681
13,078
'7,619
'589
'395
'65,936
17,381
'650
'3,702
13,029
'7,572
'590
'392
'66,168
17,425
'647
'3719
'13,059
'7,594
'593
'393
'66,347
17,440
'642
'3724
'13,074
'7,594
'595
'394
'66,510
17,486
'638
'3748
13 100
'7,595
'597
'394
'66,856
17,597
'634
'3852
'13 111
'7,595
'602
'394
'66,945 '66,916
17,536 17,454
'598
'622
'3795
'3817
'13 097 '13,061
'7,579
'7,545
'602
'602
'395
'394
'452
'620
1,090
1,327
'452
618
1,089
1,324
'452
615
1,085
1,315
'452
'610
1,082
1,304
'453
'603
1,082
1,299
'452
'602
1,079
1,288
'453
'603
1,080
1,289
'454
'608
1,078
1,283
'455
'611
1,076
1,278
'459
'606
1,076
1,280
'459
'604
1,072
1,272
'459
'596
1,069
1,267
'463
'596
1,073
1,264
"461
"590
"1,070
"1,256
1,321
1,253
1,314
1,252
1,304
1,252
1,293
1,248
1,289
1,253
1,273
1,244
1,274
1,258
1,270
1,260
1,267
1,263
1,262
1,259
1,258
1,258
1,252
1,247
1,250
1,247
"1,250
"1,234
'396
'267
394
'266
rqqo
394
'265
'392
'262
392
'264
'390
'262
'389
'262
'389
'263
'390
'264
391
'266
392
'268
'392
'266
'67,162 "67,263
17,554 "17/1
'573
P&S0
'3914 "3916
'13,067 "13036
'7,554 "7526
'606
"608
'396
"398
'393
'266
"392
"267
SURVEY OF CURRENT BUSINESS
June 1986
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984
„k
1984
S-ll
1985
Annual
1985
Apr.
May
June
July
Aug.
1986
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
'5,505
1,137
48
'606
'5516
1,137
48
'608
'5518
'1,145
'47
609
Mar.
Apr.
May
'5,513
'1,143
'47
'608
P
5510
p
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT §— Continued
Seasonally Adjusted
Production or nonsupervisory workers— Continued
Nondurable goods
thous .
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
AVERAGE HOURS PER WEEK §
Seasonally Adjusted
Avg. weekly hours per worker on private nonag.
payrolls: <)
Not seasonally adjusted...
hours
Seasonally adjusted
do '.,
Mining ij"
do
Construction $
do
Manufacturing:
Not seasonally adjusted
do...,
Seasonally adjusted
do
Overtime hours
.
do
Durable goods
do
Overtime hours
..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
Overtime hours
.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 t
•
do
Leather and leather products $
do.. .
Transportation and public utilities
do....
Wholesale trade
do
Retail trade
do
Finance, insurance, and real
estate t
do
Services ...
.
do
AGGREGATE EMPLOYEE-HOURS §
Seasonally Adjusted
Employee-hours, wage & salary workers in nonagric. establish, for 1 week in the month,
seas adj. at annual rate
bil. hoursTotal private sector
. ...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 ....
Government
do
Indexes of employee-hours (aggregate weekly): 0
Private nonagric. payrolls, total
1977 = 100..
Goods-producing
do
Mining
do....
Construction
do ....
Manufacturing .
do
Durable goods
do....
Nondurable goods
. ..do
Service-producing
do ....
Transportation and public
utilities
...
do
Wholesale trade
do
Retail trade
do
Finance, insurance, and real
estate
do
Services
do. ..
See footnotes at end of tables.
'5,546
1,119
'48
'645
'1002
'511
'758
'583
11
1
'5,470
1,122
'48
'607
'948
'515
'793
'579
'107
'5,463
1,117
'49
611
'949
513
'787
'581
109
'5,452
1,119
49
'607
'942
'514
'789
'580
108
'5,451
1,127
49
'605
'934
516
'792
'579
108
'5,458
1,119
'48
'603
'946
516
'797
'578
108
'5,459
1,122
48
'603
'941
517
'799
'577
108
'5,457
1,122
49
'602
'944
516
'798
'578
104
'5,465
1,124
48
603
'945
517
'799
'577
104
'5,480
1,126
'48
'605
'946
'520
'804
'575
'105
'952
520
'808
'575
'104
'956
521
'811
'573
104
'5,516
1,145
48
611
l 143
P
611
'946
'521
'815
'574
104
'940
'521
'817
'573
'103
'944
'522
'820
'572
'103
P
941
P
525
P
822
P
570
P
P
621
P
103
'607
158
'46,037
'4,261
'4454
'14 765
'610
'610
'607
137
137
137
'48,176 '47 794 '47,993
'4,342
'4,329
'4,341
'4591 '4606
'4616
'15 458 '15 356 '15 435
'605
'605
'607
'607
'611
'615
'619
'623
'623
138
136
'137
'137
'137
'136
'136
'135
134
'48,102 '48,227 '48 401 '48 555 '48 743 '48 907 '49 024 '49259 '49 409
'4,337
'4,340
'4,325
'4,356
'4,362
'4,374
'4381
'4384
'4377
'4615
'4620
'4637
'4 642
'4659
'4658
'4 665
'4 686 '4 695
'15 479 '15 491 '15 542 '15 556 '15 613 '15 657 '15 669 '15 794 15 854
'625
133
'49 462
'4 373
'4 693
15 867
'624
'130
'49 608
'4 340
'4704
'15 887
'4229
18 328
'4414
'19346
'4367
'19 151
'4 386
'19 225
'4405
'19 266
'4423
19 353
'4440
'19 457
'4455
19 546
'4 472
'19 637
'4 495
'19 723
'4 513
'19 796
'4 532
'19 863
'4 554
'19 929
'4 571
'19 958
'4 603
'20 074
'352
'349
433
'378
434
377
'347
'34.9
'43 4
'378
'349
'35.0
435
'381
'352
'34.9
437
'380
'351
'34.8
'428
'386
'352
'349
433
'384
'350
'349
437
'385
'349
'349
43 2
rOQ o
'348
'348
'432
'367
'352
'349
43 8
'36 9
'347
'350
444
'37 2
'344
'349
42 4
'35 2
'347
'34 9
'423
'364
'347
'348
'41 9
'37 5
P
34 7
P
347
P
41 3
P
40.7
40.5
34
414
36
399
397
42.0
417
414
41.9
33
412
35
'399
394
41.9
415
413
41.5
40.1
'403
'33
'410
'35
'396
393
'41.9
410
'412
'41.3
40.3
404
'32
41 1
'33
398
'390
'42.0
'413
'412
41.4
'40.7
'405
32
412
'34
401
'391
41.9
'41 5
'414
41.6
40.1
'404
32
'41 1
'34
'398
'390
'41.9
414
'414
'41.4
'405
406
33
413
34
'401
'393
42.0
417
41 4
41.6
408
407
33
413
35
401
39 4
42.0
415
'415
41.6
'408
407
34
413
35
'402
'39 5
42.1
418
41 5
'41.5
409
407
34
413
36
399
39 4
'41.8
'419
'415
41.6
'417
'40 9
36
'416
'37
402
'399
'41.8
'42 1
416
'41.7
407
'408
'35
'41 5
'36
404
'400
'42.7
'41 9
'41 5
'41.6
'403
'407
34
'41 4
35
'400
397
'41.9
42 1
41 5
'41.6
407
407
34
41 4
36
40 2
'39 4
'41.9
'41 9
'41 4
41.6
405
'407
'3 4
'41 3
'35
'403
'39 1
42.5
'41 2
41 2
'41.8
P
40
P
40
P
6
6
34
P
41 2
P
34
P
40 1
P
39 3
P
42.4
P
41 9
P
41 0
P
41.8
410
42.7
406
'42.6
'403
'42.4
404
42.6
406
'42.4
'404
'42.6
407
42.9
40 5
42.9
40 6
42.8
'409
'42.7
'41 1
'43.0
'41 0
'42.8
'40 9
42.7
41 0
'42.7
'41 1
'42.1
P
408
P
413
39.4
'397
31
398
38.9
39.9
41 0
39.4
'396
31
400
37.2
39.7
407
'38.9
'393
30
'398
'35.0
'38.9
40 9
'39.2
'395
'30
401
'37.1
'39.2
41 1
39.4
'395
30
'398
'37.7
'39.5
'40 8
'38.6
394
30
400
'33.9
'39.2
'409
'39.1
396
31
'400
'37.1
40.0
409
'41 0
'40.2
39 8
32
'400
'36.4
'40.8
'41 6
'40.7
'40 0
34
'40 1
'38.1
'41.0
'41 1
'39.8
'399
'3 3
'40 1
'37.7
'40.8
'41 2
'39.3
'397
32
'39 8
'36.6
'40.6
41 3
39.9
398
'3 2
39 9
'37.5
'40.7
'41 3
'39.7
'39 9
33
'402
'36.6
41.2
P
41 0
P
39 8
31
'40 1
'38.3
'40.5
'409
'40.3
'39 8
32
'402
'39.3
40.7
364
431
37.9
41.9
43.7
'364
43 1
'37.8
41.9
43.0
'36 0
'42 9
37.6
41.9
42.0
36 2
43 0
'37.5
41.9
'41.9
363
429
'37.6
'41.9
'42.7
'36 4
'42 9
37.5
41.8
'43.0
364
'43 1
37.9
'41.9
43.3
'36 6
43 1
'37.9
'41.7
'43.3
36 6
'43 2
37.9
'41.8
'44.2
368
43 3
'37.9
41.9
'43.2
'368
'43 5
'38.1
42.0
'43.6
'367
'43 6
38.0
41.9
'43.5
'363
'43 5
'38.0
41.8
43.7
36 5
'43 5
38.0
'41.9
'43.8
'36 9
'43 0
'38.0
41.9
'43.5
P
417
368
394
'385
'298
41 1
'372
'395
'384
'294
409
'369
394
'38 5
'294
409
'374
395
'38 5
'296
41 2
'379
395
'38 5
'295
40 6
'37 5
'393
'384
'294
407
37 3
'395
'384
'294
41 1
'37 6
395
'38 4
'29 4
41 1
'37 6
395
'384
'29 3
41 3
'37 6
394
'38 4
'29 3
420
'37 9
395
'384
'29 2
41 4
'37 1
394
'38 5
'29 3
41 0
'36 0
39 5
'38 4
'29 3
41 3
'36 3
'396
'38 5
'29 3
41 0
'36 4
'393
'38 5
'29 2
P
41 3
P
365
'326
364
'325
364
'325
'36 4
'325
36 7
'325
36 3
'32 4
36 3
'32 5
'36 5
'324
36 3
'32 5
362
'324
36 7
'32 5
36 4
'326
'36 8
'326
'367
'32 5
'364
'32 5
P
36
P
177.32
'145 49
'218
'862
'4092
'1059
'11.12
'2564
182.27
'149 58
'2 10
'919
'4072
1077
1146
'2654
181.05 181.65
'148 74 '149 20
'2 16
'2 15
'927
'916
'40 53
'40 60
'1074
'1074
'11 42 '1145
'2636
'2665
181.88
'149 44
'2 12
'906
'4078
'1080
'1146
'2772
181.80
'149 21
'207
'914
'4045
1072
'1147
'2660
'1080
'35.62
'3183
'1128
'3751
'3269
'1106
'3709
'3231
11 19
'37 26
'3245
'1133
'37.37
'3244
'1126
'3749
'3258
112.3
988
1109
116.6
'948
'94.1
'958
119.8
115.4
'988
1066
125.4
'933
'92.7
'943
1245
114.7
'988
109.6
126.6
'930
'92.6
'935
1235
115.2
'987
1094
125.3
'931
'92.7
'937
1243
115.2
'98.3
107.9
123.5
'930
'92.6
'937
124.6
115.0
'982
1062
124.8
'927
'92.0
'938
1244
115.7
'987
'1058
'1254
'932
'92.4
'943
'1250
115.9
'986
'1049
1268
'92 9
'91.8
'945
'1254
116.3
'990
'1042
1277
'93 2
'92.2
'948
'1258
116.4
'989
'1034
'1262
'933
'92.2
'951
'1260
116.8
'99 3
'1028
1264
'940
'92.7
'958
'1265
117.8
'100 6
'104 5
'134 1
'939
'92.6
'959
'127 3
117.5
'98 8
'99 3
'1263
'93 5
'92.1
'955
'127 8
1050
'1140
1122
'107 1
'1179
1159
'1066
'1175
115.0
'107 1
1179
1163
'1070
'1181
116.3
1066
1179
1160
1068
1184
'1163
'107 5
1185
1164
'107 7
1189
'1165
'107 7
'1189
'1168
'108 1
'119 1
'116 5
'107 9
'119 9
'117 8
'1246
1321
'1299
'138.9
1285
'137.7
'1290
138.2
'1306
138.5
'129 4
1387
1302
1399
'131 4
'1401
'131 2
'1412
'1319
1414
'133 5
'142 3
'133 3
'143 2
182.58 183.11 184.42 184.58
'149 88 '150 05 '150 68 '150 89
'2 08
'2 08
'203
'2 04
'9 18
'9 27
'9 25
9 36
'40 59
'40 50
'40 68
'4074
'1074
'10 81
'10 83
'10 86
'11 50 '1153
'11 56 1158
'2670
'26 69
'26 64
'2679
'1133
'3777
'3270
'11 42
'3780
'33 06
'11 41
'38 11
'33 73
'11 45
'3820
'33 69
128
49 765
P
4'337
P
4*702
P
15919
P
P
P
4 618
20 189
379
41.8
39.4
39 9
P
34
P
40 3
P
38.1
P
41.0
P
36 5
P
43 0
P
38.0
P
42.2
P
43.0
36 8
P
39 3
P
384
P
29 1
3
32 5
184.81 185.63 185.29 185.41 185.93 P185.65
'151 58 '152 68 '152 24 '152 33 '152 74 P152 41
p
'203
'2 09
1 96
1 81 P l 70
'1 89
'9 26
'9 80
'9 27
'928
9 78 P 971
'41 00 '40 98
'40 74
'40 85
'40 58 P40 52
'10 87
'1087
'1084
'1086
'10 76 p10 69
'11 59 '11 67 11 68
'11 68 '11 80 P ll 71
'2675
'2705
'27 15
'27 22
'27 18
27 06
11 65
'3841
'32 23
'11 61
'3865
'32 96
'11 81
'39 03
'33 20
p
ll 82
P
3922
P
117.4
'98 5
'950
'126 6
'93 3
'91.7
'957
'127 8
117.7
'99 4
'89 9
'1334
'93 3
'91.6
'95 8
'127 9
P
117.7
P
98 8
P
84 1
P
133 1
P
92 9
P
91.0
P
958
P
128 1
'108 0
'119 8
'1183
'108 2
'120 1
'106 6
'120 4
'118 1
P
106
P
120
P
'1354
'1437
'1356
143 5
'1354
'144 3
P
135 5
P
'11 78
'38 69
'33 05
11 81
'38 84
'33 08
33 24
5
0
117 9
145 1
S-12
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984
SURVEY OF CURRENT BUSINESS
June 1986
1985
Annual
1986
,, ..
1984
1985
Apr.
May
June
July
Aug.
Sept.
Nov.
Oct.
Dec.
Jan.
Mar.
Feb.
Apr.
May
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HOURLY AND WEEKLY EARNINGS §
Average hourly earnings per worker: ^>
Not seasonally adjusted:
Private nonagric. payrolls
dollarsMining
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
dollarsMining
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.
-8.32
11.63
12.13
'9.19
'8.82
9.74
'9.33
8.03
'6.84
9.57
11.47
'9.40
9.96
'8.57
11.98
12.31
r
9.53
'9.16
10.10
9.69
'8.22
'7.17
'9.84
11.68
'9.70
10.29
'8.52
11.94
12.24
r
9.50
'9.15
10.03
'9.65
'8.06
'7.06
'9.81
11.64
'9.67
10.17
'8.51
11.88
12.24
'9.49
'9.15
10.05
'9.67
'8.14
'7.09
'9.81
11.64
'9.66
10.22
'8.54
12.02
12.17
'9.52
'9.15
10.08
9.68
'8.26
'7.17
'9.85
11.65
'9.68
10.28
'8.52
11.92
12.21
'9.55
'9.19
10.10
9.72
'8.22
'7.20
'9.90
11.78
'9.70
10.31
'8.52
11.99
12.28
'9.49
'9.12
10.06
9.65
'8.27
'7.20
9.87
11.63
'9.64
10.26
'8.67
12.05
12.46
'9.57
'9.16
10.15
9.72
'8.33
'7.27
'9.91
11.69
'9.74
10.38
'8.64
12.00
12.42
'9.56
'9.17
10.15
'9.73
'8.30
'7.29
'9.87
11.61
'9.71
10.41
'8.66
12.07
12.28
'9.63
'9.23
10.22
9.78
'8.29
'7.32
'9.91
11.77
'9.76
10.48
'8.71
12.27
12.47
'9.74
'9.31
10.34
9.86
'8.35
'7.38
'9.95
11.84
'9.91
10.55
'8.72
12.24
12.34
'9.70
'9.31
10.27
9.86
'8.30
'7.36
'9.96
11.81
'9.85
10.50
'8.74
12.32
12.35
'9.70
'9.33
10.29
'9.88
'8.36
'7.31
'9.94
11.96
'9.85
10.53
'8.73
12.35
12.22
'9.72
'9.33
10.30
'9.88
'8.33
'7.35
'9.93
11.99
'9.88
10.58
'8.72
12.43
'12.28
9.70
'9.33
10.28
'9.88
'8.33
'7.35
10.00
12.00
'9.84
10.55
"8.72
"12.41
"12.36
"9.71
"9.33
"10.28
"9.88
"8.36
"7.39
"10.04
"12.03
"9.82
"10.55
9.04
12.20
9.47
12.72
9.40
12.63
9.39
12.63
9.46
12.66
9.47
12.65
9.50
12.65
'9.54
12.78
'9.55
12.78
9.61
12.85
9.68
13.06
'9.60
12.91
9.60
12.87
'9.62
12.90
'9.61
12.87
"9.63
"12.85
'8.84
'9.16
r
r
'9.08
'9.10
'9.12
'9.17
'9.19
'9.25
'9.24
'9.27
'9.39
'9.32
'9.39
'9.41
'9.40
"9.38
7.05
'8.38
'8.06
r
8.39
11.22
6.46
7.30
r
8.71
r
8.38
'8.57
11.94
6.71
'7.23
'8.70
'8.40
'8.61
12.04
6.70
'7.30
'8.67
'8.37
'8.61
12.56
6.68
'7.30
'8.69
'8.37
'8.58
12.76
'6.68
'7.32
'8.75
'8.42
'8.57
12.83
6.69
'7.28
'8.70
'8.36
'8.50
12.34
6.72
'7.33
'8.73
'8.36
'8.53
11.34
6.75
'7.32
'8.72
'8.37
'8.51
11.31
6.76
'7.37
'8.79
'8.43
'8.61
11.97
6.79
'7.48
'8.87
'8.50
'8.71
11.78
6.83
'7.48
'8.86
'8.52
'8.72
11.89
'6.85
'7.50
'8.86
'8.53
'8.71
12.38
6.83
'7.51
'8.88
'8.54
'8.74
12.76
6.86
'7.48
'8.88
'8.55
8.75
12.84
'6.88
"7.48
"8.90
"8.56
"8.79
"13.38
"6.90
5.55
10.41
'9.41
11.07
13.44
5.73
10.82
'9.71
11.56
14.06
'5.75
10.72
'9.62
11.47
14.21
'5.70
10.75
'9.62
11.44
14.02
'5.71
10.79
'9.63
11.51
13.99
5.70
10.91
'9.69
11.59
14.05
'5.69
10.86
'9.76
11.60
14.02
5.75
10.91
'9.81
11.65
14.09
'5.74
10.91
'9.78
11.70
13.99
5.75
10.97
'9.83
11.80
14.07
5.80
11.07
'9.92
11.85
14.24
'5.82
11.02
'9.85
11.86
14.26
'5.79
10.99
'9.86
11.81
14.21
'5.80
11.03
9.90
11.78
14.22
5.80
11.05
9.87
11.83
14.15
"5.77
"11.10
"9.90
"11.85
"13.89
8.29
'5.71
11.12
'8.89
r
5.85
'8.54
5.82
11.40
r
9.16
'5.94
'8.49
'5.85
11.28
'9.12
'5.92
'8.47
5.83
11.25
'9.13
'5.93
'8.51
5.83
11.34
'9.16
'5.91
'8.55
'5.84
11.37
'9.14
'5.90
'8.52
'5.81
11.42
'9.12
'5.88
'8.56
'5.83
11.54
'9.22
'5.98
'8.54
'5.77
11.48
'9.16
'5.95
'8.63
5.83
11.59
'9.23
'5.97
'8.73
5.83
11.61
'9.33
'5.99
'8.69
'5.86
11.59
'9.28
'6.03
'8.69
5.83
11.64
'9.36
'6.04
'8.72
5.86
11.62
'9.33
'6.03
8.68
'5.89
11.58
'9.29
'6.01
"8.77
"5.88
"11.57
"9.30
"6.01
'7.63
'7.59
'7.94
'7.89
'7.86
'7.82
'7.85
'7.82
'7.96
'7.85
'7.88
'7.80
'7.91
'7.82
'8.04
'7.99
'8.01
'7.99
'8.06
'8.05
'8.15
'8.12
'8.14
'8.12
'8.28
'8.17
'8.30
'8.18
'8.28
'8.12
"8.29
"8.10
'8.32
11.58
12.13
'9.19
11.12
'8.89
'5.85
'8.57
11.95
12.31
'9.53
11.40
'9.16
'5.94
'8.52
C1)
12.29
'9.49
11.32
'9.11
'5.90
'8.53
C1)
12.29
'9.50
11.33
'9.13
'5.92
'8.57
C1)
12.29
'9.53
11.40
'9.18
'5.92
'8.55
C1)
12.29
'9.54
11.39
'9.15
'5.93
'8.59
0)
12.32
'9.57
11.43
'9.17
'5.94
'8.62
0)
12.35
'9.58
11.49
'9.20
'5.98
'8.63
(x)
12.33
'9.61
11.47
'9.19
'5.96
'8.65
C1)
12.34
'9.63
11.52
'9.24
'5.97
'8.70
(x)
12.40
'9.68
11.56
'9.30
'6.02
'8.68
C1)
12.25
'9.65
11.56
'9.22
'5.99
'8.71
C1)
12.29
'9.68
11.62
'9.34
'5.99
'8.73
C1)
12.23
'9.70
11.65
'9.36
'6.01
'8.71
C1)
12.33
'9.68
11.61
'9.27
'5.99
"8.74
C1)
"12.41
"9.72
"11.65
"9.30
"6.00
7.62
'7.59
7.93
'7.89
7.85
'7.81
'7.85
'7.84
7.98
'7.91
'7.91
'7.88
'7.98
'7.93
'8.04
'7.97
'8.04
'7.98
'8.08
'8.02
'8.14
'8.05
'8.10
'8.05
8.21
'8.11
'8.27
'8.16
'8.27
'8.11
"8.29
"8.12
160.3
r
97.8
173.8
148.0
162.8
161.7
164.4
153.2
165.2
r
94.1
178.9
150.4
168.6
166.3
169.0
155.6
164.2
'94.0
178.7
150.3
167.8
164.9
168.4
154.8
164.4
'94.1
177.9
150.2
168.2
165.3
168.5
155.2
165.2
'94.2
179.0
149.8
168.7
166.4
169.0
155.2
165.0
'93.9
178.9
149.9
169.0
166.2
168.5
155.3
165.5
'94.1
178.8
150.3
169.4
166.6
168.3
155.7
166.4
'94.4
179.4
150.7
169.5
167.9
170.2
156.8
166.2
'94.0
178.8
150.4
169.7
167.4
169.1
156.4
166.8
'93.9
180.1
150.3
170.2
168.5
170.3
156.5
167.7
'94.0
181.7
151.2
171.0
169.1
172.1
157.5
167.3
93.5
180.9
149.7
170.7
168.6
171.1
157.0
168.2
'94.4
180.5
149.7
171.3
169.6
172.4
157.3
168.5
'95.1
180.1
149.2
171.8
170.2
171.9
157.4
168.4
'95.4
181.0
150.6
172.0
169.8
171.3
157.2
"168.8
"95.4
"180.6
"151.3
"172.4
"170.3
"171.6
"157.4
165.7
161.8
171.8
168.2
170.2
166.7
170.0
167.0
172.2
'168.7
170.7
167.7
171.4
168.9
174.0
169.8
173.2
169.9
174.3
170.9
176.2
171.6
175.8
171.7
178.8
173.1
179.2
174.0
178.6
'173.1
"178.9
"173.2
15.71
20.66
13.33
15.95
20.96
13.62
15.91
20.89
13.59
16.01
20.98
13.42
16.00
21.01
13.68
16.00
21.01
13.54
15.97
20.95
13.60
15.95
21.00
13.73
15.92
12.02
13.51
15.93
20.97
13.91
16.05
20.97
13.97
16.05
21.02
13.67
16.10
21.14
13.91
16.10
21.14
13.77
16.12
21.20
13.60
16.19
21.21
r
292.86
172.78
'299.09
170.42
'297.35
170.30
'298.55
170.80
'299.09
170.62
'297.54
169.44
'299.79
170.43
'300.84
170.74
'301.19
170.45
'301.02
169.49
'303.63
170.20
'303.80
169.72
'303.98
170.58
'304.68
171.94
'303.11 "303.28
171.73 "171.54
r
r
299.09
'519.93
'464.09
r
385.97
r
416.12
'344.92
'295.64
'518.20
'462.67
'380.95
410.23
'339.30
'297.00
'516.78
'466.34
'382.45
'413.06
'340.73
'300.61
'525.27
'462.46
'387.46
417.31
'344.12
'299.05
'510.18
'471.31
'382.96
410.06
'343.88
'299.90
'519.17
'471.55
'384.35
'412.46
'345.39
'303.45
'526.59
'479.71
'390.46
420.21
'349.20
'301.54
'518.40
'475.69
'390.05
'419.20
'347.93
'301.37
'521.42
'450.68
'393.87
'424.13
'351.60
'306.59
'537.43
'460 14
'406.. o
439.45
'359.24
'302.58
'543.46
'459.05
'394.79
425.18
'352.63
'300.66
'522.37
'434.72
'390.91
'421.89
'347.31
'302.93
'522.41
'444.81
'395.60
'426.42
'352.54
'302.58
'520.82
'460.50
392.85
423.54
'351.65
r
438.13
'342.27
174.33
'450.30
'351.74
174.64
'442.18
'349.30
172.27
'442.13
'351.51
174.94
'451.33
'353.58
176.71
'449.12
'352.80
177.59
'454.52
'351.12
176.99
'458.14
'354.97
175.81
'453.46
'351.74
173.74
'457.81
'355.36
173.73
'460.92
'360.14
178.50
'452.01
'355.42
173.06
'456.29
'355.68
172.74
'457.83
'357.34
174.27
'452.78 "452.39
'355.81 "357.12
173.69 "174.29
r
'289.02
'256.43
'286.10
'253.37
'285.74
'253.37
'292.13
'256.70
'286.04
'255.84
'287.13
'256.50
'293.46
'258.88
'290.76
'259.68
'291.77
'260.02
'299.11
'263.90
'296.30
'263.09
'304.70
'264.71
'304.61
'265.03
'301.39 "300.93
'263.09 "262.44
292.86
503.58
r
458.51
r
374.03
403.24
332.69
r
278.50
'247.43
126.4
139
132
132
129.2
131.6
124.9
1318
133.1
126.2
133.1
125.5
129.7
136.4
1342
126.0
1306
137 1
134.8
o
130.6
130.7
124.4
1309
124.6
1272
1326
1303
131
128.4
128.3
123.1
1280
127.7
131.9
138.8
136.8
141
141
134
136
140
144
145
143
142
138
"302.58
"512.53
"468.44
"394.23
"422.51
"354.22
132
SURVEY OF CURRENT BUSINESS
June 1986
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984
,, ..
1985
1984
S-13
1985
Annual
Apr.
July
June
May
1986
Sept.
Aug.
Nov.
Oct.
Dec.
Jan.
Feb.
Mar.
Apr.
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..
Workers involved in stoppages:
Beginning in month or year
thous ..
Days idle during month or year
do ....
UNEMPLOYMENT INSURANCE
Unemployment insurance programs:
Insured unemployment, all programs, average
weekly $• @
thous
State programs (excluding extended duration
provisions):
Initial claims ..
thous
Insured unemployment, avg.
weekly
do
Percent of covered employment: @ @
Unadjusted
Seasonally adjusted
Beneficiaries average weekly
thous
Benefits paid @
mil $
Federal employees, insured unemployment,
average weekly
....thous.
Veterans' program (UCX):
Initial claims .
do
Insured unemployment, avg.
weekly
do
Beneficiaries average weekly
do
Benefits paid . .
....
mil $
Railroad program:
Applications
thous
Insured unemployment, avg.
weekly
. do
Benefits paid
mil. $..
62
54
3
2
2
9
6
11
4
3
2
4
3
3
4
5
376
2
8,499
324
7,079
6
230
7
203
16
454
52
500
15
870
70
864
75
1,429
26
688
8
662
8
170
24
310
12
411
7
343
27
365
2565
2,662
2,766
2455
2,337
2,523
2,361
2,212
2,149
2,441
2884
3370
19632
20,840
1,633
1,486
1,418
1,912
1,454
1,344
1,758
1,816
2238
2465
2292
2139
2072
2355
2795
3262
67,188
66,882
66,235
2480
2580
2680
2385
2274
2455
2.9
2.9
2148
13400
2269
14,499
3.0
2.9
2478
1,346
2.6
2.8
2176
1,223
2.5
2.8
2,068
1,008
2.7
2.8
2,109
1,171
2.5
2.8
2034
1,094
2.3
2.8
1881
972
2.4
2.8
1762
968
2.7
2.9
1913
1,010
3.0
2.8
2385
1310
3.5
2.8
2837
1657
27
24
25
20
17
17
19
18
18
21
23
24
158
148
11
10
10
12
13
13
15
13
13
14
21
19
1351
20
18
130.2
19
17
10.5
17
16
10.2
16
15
86
17
15
9.6
17
15
9.4
18
15
9.0
21
19
117
22
19
118
22
24
126
23
21
138
3
3
12
31
8
7
8
11
12
25
25
12.7
18
8.1
15
6.0
19
6.7
20
8.3
22
21
27
31
41
69,505
70,845
69272
67,890
68180
100
28
148.0
FINANCE
BANKING
Open market paper outstanding, end of period:
Bankers' acceptances.
mil $
77 121
Commercial and financial company
paper total
do
231 760
Financial companies
do
166 776
Dealer placed
.. .do
57,191
Directly placed
do
109 585
Nonfinancial companies
do
64984
Agricultural loans and discounts outstanding of
agencies supervised by the Farm Credit Adm.:
Total, end of period
mil. $.. 78,003
Farm mortgage loans:
Federal land banks
do.... 50,714
Loans to cooperatives
do
8,760
Other loans and discounts
do.... 18,528
Federal Reserve banks, condition, end of period:
Assets total •$•
mil $ 208 523
Reserve bank credit outstanding, total #
do
174 052
Time loans
do
3577
U.S. Government securities
do.... 160,850
Gold certificate account
do
11096
Liabilities total $
do
208 523
Deposits total
do
28252
Member-bank reserve balances
do.... 21,818
Federal Reserve notes in circulation
.
do
168 327
All member banks of Federal Reserve System,
averages of daily figures:
Reserves held, total ...
.
mil $
MO 696
1
Required
do
39 843
Excess
.
do
'853
Borrowings from Federal Reserve
1
banks
. ...
do
3 186
i 2220
Free reserves
do
Large commercial banks reporting to Federal
Reserve System: $
Deposits:
Demand total #
mil $
223 965
Individuals, partnerships, and
corporations $$
do
172 700
States and political subdivisions
do....
6,219
U.S. Government
do....
1,160
Depository institutions in U.S. $$
do.... 26,297
Transaction balances other than demand
deposits *
do
36226
Nontransaction balances, total *
do.... 456,258
Individuals, partnerships, and
corporations
do
422 480
Loans and leases(adjusted), total §
do . . . . 659,091
Commercial and industrial
do.... 251,957
For purchasing and carrying
securities
do
18066
To nonbank depository and other
financial
. .do
25,460
Real estate loans
do.... 158,428
To States and political subdivisions ()
do.... 29,210
Other loans
do
175 970
127,885
Investments total
.
do
U.S. Treasury and Govt. agency securities,
78539
total 0
do
Investment account ^
do.... 64,697
Other securities 0
do.... 49,346
See footnotes at end of tables.
68,180
74,449
79,367
70,636
71,082
68205
293 909
213,739
79,596
134 143
80170
255 913 259 253 259,572 265,863 271 857 278 386 283 464 292 023 293 909
181 230 182 309 183,520 188,099 195 035 201,673 200 158 206 507 213 739
63,615 62,949 63,438 67,130 67,590 70,049 68209 73,127 79,596
117 615 119 360 120 082 120 969 127 445 131 624 131 949 133 380 134 143
74683 76944 76052 77764 76822 76713 83306 85516 80170
297 704 297 423 298 885 300,309
212 097 213,590 218,742 221,789
79,359 79,439 83,823 85,106
132 738 134 151 134 919 136 683
85607 83833 80143 78520
237 572
224 784
210 145 214 575 223 914 215 550 238 164
215 631 217 182 237 572
228 512 224 550 226 838 235015 229 691
195 296
3060
181,327
11090
237 572
39503
28,631
184 595
1 525
173,913
11 091
224 820
41939
21,962
173 557 179 013 176 348 180 252 180 518 178 153 179 906 195 296
3060
1765
1338
1567
2520
$86
1602
2068
164,245 169,110 167,095 170,109 169,702 168,705 169,168 181,327
11 091 11090 11090 11 090 11 090 11 090 11 090 11090
210 145 214 575 223 914 215 550 238 164 215 631 217 182 237572
26163 31 155 37383 29 933 54 806 29287 27062 39503
23,468 27,236 26,253 25,665 27,162 27,119 23,830 28,631
189 332 185 172 186 185 193 259 191 111
661
818
954
850
827
178,992 176,536 176,620 181,834 181,992
11090 11090 11090 11089 11085
228 512 224 550 226 838 235 015 229 691
40441 35063 37593 41733 38083
23,480 29,324 30,782 29,416 31,329
181 450
165 331 169 056
170 178
171 286
172 712
171 476
173 590
177 504
181 450
174 453 175 072
177 189
178 418
181 634
45469
44716
753
46382
45454
928
48 142
47085
1058
48060 46652
46949 45*555
1 111 1097
47274
46378
896
r
48 882
r
48 081
801
48412
47579
833
1741
706
1318
204
770
377
884
269
761
203
893
19
876
51
1
48 142
1
47 085
7
1058
41 652
40914
738
41 051
40247
804
42352
41447
905
42803
41948
855
42963
42135
827
44 447
43782
666
'1318
204
1323
450
1334
365
1205
149
1 107
85
1073
25
1289
420
220 230
182 743
192 166
190 792
197 428
186 750
186 682
195 740 211 612 220 230
193 230
195 234 200 318 222 160 223 183
164 788
5,748
2,068
29,131
139036
5,256
3,555
20,877
145 961 143 761 150 014
5,169
5,268
5,867
1,016
1,600
2,350
25,116 22,153 23,943
142 789
4,697
1,830
22,647
142 323
5,094
1,839
22,356
148 659
4,854
2,506
22,436
146 856
4,807
2682
22,442
148 975 152 583 167 022
5,194
5,012
6,072
2705
2,520
4,754
23,329 23,024 24,601
41799
482,622
37681 36374 36680 38585 38361 38079 39042 40584 41799
464,676 467,565 469,752 472,175 474,262 476,615 478,276 479,747 482,622
40983 41930 43 198 44323 44433
492,088 493,947 494,275 490,165 492,205
446 601
717,700
255,245
428 262 430 690 433 809 436 059 437 559 439 566 440 933 444 194 446 601
667,725 670,329 679,325 683,580 684,027 689,965 693,931 706,723 717,700
253,744 253,462 252,278 253,598 251,661 252,908 252,574 254,986 255,245
454 032 454 458 455 090 451 865 453 483
717,002 722,494 729,963 738,952 733,880
254,600 257,916 258,894 260,964 258,072
1
22527
25,279
179,122
33,257
202 270
153 310
85422
69,647
67,888
16663
14924
23,723 24,039
165,653 167,236
29,880 30,010
178 062 180,658
134,256 136,856
85471
69,127
48,785
87,417
72,499
49,439
19,618
18591
1 187
262
16052
16466
17052
23,750 24,300 24,804
168,638 170,632 172,449
29,993 30,449 30,987
185,048 186,010 188,074
135,651 135,897 137,811
24,359
174,128
30,846
191 258
140,468
24,272
176,658
31,326
192 049
137 079
87309
70,278
53,159
82863
67,082
54,216
86,264
70,607
49,387
86,085
72,244
49,812
84,736
70,626
53,075
160 610
5,346
2,907
26,530
20649
164 788
5,748
2,068
29,131
22527
25,086 25279
177,880 179,122
31,886 33,257
196 236 202 270
148 853 153,310
90441
70,549
58,412
85422
69,647
67,888
16503
16542
20704
21964
166 909
5,051
1861
27,045
18625
24181 23594 24061 24328 24812
181,825 183 464 185,250 187 513 189 826
36,954 36800 36,640 36,416 36216
202 939 204 178 204 414 207 767 206 329
162 240 166 581 159 009 161 794 160 763
87 106
69,152
75,134
94835
71,608
71,746
90179
70,193
68,830
92 526
71,031
69268
92761
72,031
68002
S-14
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984
SURVEY OF CURRENT BUSINESS
IT ..
Umts
1984
June 1986
1985
Annual
Apr.
1985
June
May
July
Aug.
1986
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
1,895.5
270.7
174.5
1,450.3
1,919.6
264.6
189.6
1,465.4
1,926.2
270.8
184.9
1,470.5
1,941.5
268.0
180.5
1,493.0
1,944.1
264.7
179.2
1,500.2
May
FINANCE— Continued
BANKING— Continued
Commercial bank credit, seas, adj.:
Total loans and securities Q
bil. $ ..
1,716.8
1,895.5
U S Treasury securities
do
260.3
270.7
Other securities
do
140.0
174.5
Total loans and leases 0
do....
1,316.5
1,450.3
Money and interest rates:
Prime rate charged by banks on
12.04
9.93
short-term business loans
percent
Discount rate (New York Federal
Reserve Bank) @@
do....
8.80
7.69
Federal intermediate credit bank
10.64
11.20
loans
do
Home mortgage rates (conventional 1st
mortgages):
2
2
11.88
New home purchase (U.S. avg.)
percent11.09
2
Existing home purchase(U.S. avg.)
do....
12.00
M1.18
Open market rates, New York City:
10.14
7.92
Bankers' acceptances, 90 days
do ....
10.16
Commercial paper, 6-month $
do....
8.01
Finance co. paper placed di9.65
rectly 6-mo .
do
7.75
Yield on U.S. Gov. securities (taxable):
3-month bills (rate on new issue)... percent..
9.580
7.490
CONSUMER INSTALLMENT CREDIT t
Not seasonally adjusted
Total outstanding (end of period) #
. mil. $.. 460,822 543,223
By major holder:
211,606
243,713
Commercial banks
do
96,747 120,842
Finance companies
do
67,070
75,726
Credit unions
do ....
Retailers
do
40,773
43,071
Savings institutions *
do
40,311
55,567
By major credit type:
Automobile
do
Revolving ..
do
Mobile home
do
Seasonally adjusted
Total outstanding (end of period) #
do....
By major holder:
Commercial banks
do
Finance companies
do ....
Credit unions
do....
Retailers
do
Savings institutions *
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 institutions *
do
By major credit type:
Automobile
do ....
Revolving
do
Mobile home
do
FEDERAL GOVERNMENT FINANCE
Budget receipts and outlays:
Receipts (net)
mil. $.. 1 666,457 '733,996
1
Outlays (net)
do
841,800 '945,927
Budget surplus or deficit (— )
do.... '-175,342 -211,931
1
Budget financing total
do
185,339 '211,931
Borrowing from the public
do .... 1 170,817 '197,269
Reduction in cash balances
do .... ' 14,522 '14,662
Gross amount of debt outstanding
do . . . .'1,576,748 '1,827,470
Held by the public
do.... '1,312,589 '1,509,857
Budget receipts by source and outlays by
agency:
Receipts (net), total
mil $
'666,457 '733,996
Individual income taxes (net)...
do.... '295,955 '330,918
Corporation income taxes (net)
do .... '56,893 '61,331
Social insurance taxes and contributions
(net)
mil $
'241,902 '268,805
'71,706
'72,942
Other
...
do
'841,800 '945,927
Outlays total #
.
do
Agriculture Department
do
'37,426 '49,596
Defense Department, military
do .... '220,838 '244,054
Health and Human Services
'292,313 '315,553
Department.
mil $
Treasury Department
do .... '141,105 '165,043
National
Aeronautics and
'7,048
'7,318
Space Adm
do
Veterans Administration
do .... '25,593 '26,333
GOLD AND SILVER:
Gold:
Monetary stock, U.S. (end of
11,096
11,090
period)
.mil. $..
Price at New York $$
dol. per troy oz.. 360.287
317.299
Silver:
8.141
6.142
Price at New York $$
dol. per troy oz..
See footnotes at end of tables.
1,768.8
261.4
140.2
1,367.1
1,788.5
266.3
142.2
1,380.0
10.50
1,802.7
267.1
144.5
1,391.0
1,819.0
271.6
145.4
1,402.1
1,828.8
271.4
148.2
1,409.2
1,841.3
273.1
151.3
1,416.9
1,844.4
270.0
154.8
1,419.7
1,869.6
275.0
160.7
1,433.9
10.31
9.78
9.50
9.50
9.50
9.50
9.50
9.50
9.50
9.50
9.10
8.83
8.50
8.00
7.81
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.10
6.83
6.50
10.97
10.77
10.56
10.38
10.36
10.25
10.22
10.24
10.26
10.24
10.24
10.20
10.13
10.01
11.55
11.62
11.55
11.62
11.31
11.29
10.94
11.02
10.78
10.87
10.69
10.76
10.64
10.86
10.55
10.80
10.47
10.70
10.40
10.40
10.21
10.46
10.04
10.24
9.87
'10.00
9.81
9.80
8.33
8.47
7.77
7.88
7.32
7.38
7.53
7.57
7.68
7.74
7.81
7.86
7.76
7.79
7.70
7.69
7.65
7.62
7.62
7.62
7.54
7.54
7.09
7.08
6.48
6.47
6.54
6.53
8.27
7.69
7.16
7.34
7.55
7.60
7.59
7.57
7.51
7.47
7.40
7.10
6.44
6.33
8.000
7.560
7.010
7.050
7.180
7.080
7.170
7.200
7.070
7.040
7.030
6.590
6.060
6.120
478,319
485,372
492,140 499,869
508,249
519,778
525,093
530,388
543,223
544,105 '543,585 '545,082
550,238
231,686
110,378
72,434
37,952
51,332
235,167
116,422
73,159
37,852
52,832
235,818 238,220 243,713
118,846 119,632 120,842
74,142 74,679 75,726
39,267 43,071
38,175
53,871
54,445 55,567
222,316 223,772 226,436
101,324 104,130 105,971
68,930 69,860 70,629
37,293 37,673 37,709
44,622 46,019 47,320
229,062
107,985
71,406
37,520
49,580
244,409 '243,619 '243,136 246,226
122,878 124,245 125,511 126,494
75,484 75,580 '76,141 76,902
41,147
39,558
39,258 39,093
55,823
56,613 '57,300 57,950
(4)
(4)
(4)
482,532 488,862 493,253 500,039
506,090
516,420
522,978 528,621
223,746 225,393 226,825 229,088 230,644 233,545 235,364
102,558 104,783 106,106 107,498 109,457 114,927 117,565
69,533 70,274 70,689 71,446 71,938
72,433 73,474
38,000 38,313 38,327 38,423 38,751
38,723 38,890
44,650 46,010 47,235 49,474 51,115 52,656 53,509
184,526 187,533
107,417 108,372
24,570 24,670
6,330
7,543
189,459
109,260
24,768
4,391
191,201
110,904
25,015
6,786
535,098
542,753 '547,852 '550,939
555,094
238,620 240,796
118,356 120,095
74,117
75,127
39,039
39,187
54,307 55,555
243,256 '244,761 '245,172 247,735
123,717 126,001 127,422 128,154
75,810
76,430 '76,952 77,578
39,497 39,844 39,826
39,416
56,290 57,048 '57,573 58,024
192,923 198,656 201,994 203,766 206,482
112,373 113,850 115,218 117,050 118,296
25,173 25,341 25,320 25,315
25,461
5,643
6,051
10,330
6,558
6,477
210,661 213,343 '214,361 215,028
119,682 120,723 '122,131 123,445
25,371 '25,573 '25,584 25,521
'5,099
'3,087
4,155
7,655
3,266
2,036
821
257
1,178
1,647
2,225
741
313
1,360
1,432
1,323
415
14
1,225
2,263
1,392
757
96
2,239
1,556
1,959
492
328
1,641
2,901
5,470
495
-28
1,541
1,819
2,638
1,041
167
853
3,256
791
643
149
798
2,176
1,739
1,010
148
1,248
2,460
3,622
683
229
735
'1,505
2,284
621
80
758
'411
1,421
'522
347
'526
2,563
732
626
-18
451
3,012
2,120
102
3,007
955
100
1,926
888
98
1,742
1,644
247
1,722
1,469
158
5,733
1,477
168
3,338
1,368
21
1,772
1,832
5
2,716
1,246
146
4,179
1,386
90
2,682
1,042
'202
'1,019
'1,407
'11
667
1,314
-63
94,599 '39,802 72,151 3 57,970 55,776 73,808 57,881
'83,214 '81,795 73,520 3 79,503 83,373 74,572 84,968
11,386 '-41,993 -1,369 -21,532 -27,597
-764 -27,087
764 27,087
-11,386 '41,993
1,369 21,532 27,597
17,036
16,333
11,857 23,921 16,157
5,975 11,390
-28,422 '25,661 -10,488 -2,389 11,440 -5,211 15,697
1,737,119 1,758,330 1,779,026 1,805,324 1,822,387 1,827,470 1,836,210
1,435,615 1,451,948 1,463,804 1,487,725 1,503,882 1,509,857 1,521,247
51,163
84,548
-33,386
33,386
45,863
-12,477
1,904,542
1,567,110
r
'94,599
'52,476
8,855
'39,802
'3,618
1,230
72,151
34,764
10,788
r
r
27,158
'6,109
83,214
'6,049
19,597
'28,416
'6,538
'81,795
'4,270
'21,652
21,049
5,549
73,520
3,053
20,247
26,671
12,964
27,445
'12,971
'594
'2,293
606
'3,203
76,710
53,370
46,246
68,193
49,557 91,438
82,849
83,201 77,950 79,700 81,510 85,642
9,928 -39,396
-14,656 -6,492 -24,580 -30,142
14,656
6,492 24,580 30,142 -9,928 39,396
12,660
16,010
8,441 14,213 17,960
33,261
24,141 21,436
-18,605 -6,168
8,570
21,701
1,950,293 1,966,846 1,983,428 1,991,098 2,012,556 2,035,634
1,600,371 1,613,032 1,629,042 1,637,483 1,651,696 1,669,656
57,970
26,252
1,892
55,776
25,770
1,078
73,808
34,643
10,950
57,881
30,595
1,181
51,163
23,405
1,390
68,193
30,199
12,287
76,710
41,130
2,825
53,370
25,376
620
49,557
12,572
8,113
91,438
45,120
8,716
46,246
9,820
1,448
22,853
6,974
79,503
3,822
21,478
22,943
5,985
83,373
3,872
22,580
21,977
6,237
74,572
3,113
21,018
19,565
6,540
84,968
5,269
21,243
20,145
6,222
84,548
6,321
21,569
19,656
6,050
82,849
5,182
23,184
26,002
6,752
83,201
5,697
20,249
22,040
5,335
77,950
3,546
20,659
22,785
6,089
79,700
4,114
23,370
31,756
5,847
81,510
5,763
22,234
28,745
6,233
85,642
5,444
23,105
27,362
22,318
27,104
11,942
27,112
12,997
25,091
10,491
27,276
11,443
27,175
13,772
26,627
23,788
28,085
13,921
27,281
13,622
26,636
12,305
27,959
13,255
28,441
13,651
537
904
571
2,320
553
3,408
593
939
889
2,126
603
3,296
749
2,407
572
2,070
687
2,321
380
1,072
632
2,332
614
3,44(
11,091 11,091 11,090
324.902 316.073 316.490
11,090
317.802
11,090 11,090
11,090
330.234 322.624 326.023
11,090
325.466
11,090
322.420
6.134
5.888
6.458
6.280
6.172
3
6.104
6.247
6.054
6.188
11,090 11,090 11,090 11,089 11,085
345.491 339.332 345.420 340.552 342.457
6.053
5.874
5.039
5.229
5.115
SURVEY OF CURRENT BUSINESS
June 1986
Unless otherwise stated in footnotes
methodological notes are as shown in
BUSINESS STATISTICS: 1984
1984
1985
S-15
1985
Annual
Apr.
June
May
1986
Aug.
July
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
FINANCE—Continued
MONETARY STATISTICS
1838
1975
Currency in circulation (end of period)
bil $
Money stock measures and components (averages
of daily figures): t
Measures (not seasonally adjusted): $
544.5
594.0
Ml
bil. $.
22777 r 24842
M2
do
M3
do
28478 r3,104 7
L (M3 plus other liquid assets)...
do... 3,365.5 3,684 9
Components (not seasonally adjusted):
Currency
do
1543
1650
2459
2594
Demand deposits
...
...
do
139.2
Other checkable deposits $$
do....
163.8
Overnight RP's and Eurodol631
567
lars ()
...
do
General purpose and broker/dealer
1504
1757
money market funds
do
3968
4801
Money market deposit accounts
do
297.5
2958
Savings deposits
do
838.9
Small time deposits @
do...,
883.7
3788
4243
Large time deposits @
do
Measures (seasonally adjusted): $
Ml
t:...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 indus107 648 r87 648
tries
mil $
9760 12 798
Food and kindred products . . . . .
do .
1,635
1,200
Textile mill products
do....
r
Paper and allied products
do....
3,015
2,880
r
Chemicals and allied products
do....
13,883
9,542
17,154 12,739
Petroleum and coal products
do....
Stone, clay, and glass products ..
do
1870
1627
Primary nonferrous metal
do....
-84 r — 1,000
Primary iron and steel
do....
379 r 1,349
Fabricated metal products (except ordnance,
machinery, and transportion
r
equipment)
mil. $..
4,646
3,388
r
Machinery (except electrical)
do ....
11,963
9,676
Electrical machinery, equipment,
r
and supplies
do....
8616
6886
Transportation equipment (except motor
r
vehicles, etc.)
mil. $..
4,117
3,594
r
Motor vehicles and equipment
do....
10,575
9,087
All other manufacturing industries
do....
20,877 16,580
Dividends paid (cash), all industries
do
45102 r45517
SECURITIES ISSUED
Securities and Exchange Commission:
Estimated gross proceeds, total
mil. $.. 89,247 131,539
By type of security:
Bonds and notes, corporate
do....
59,483
85,828
Common stock
.
..
do
22151 35646
Preferred stock
do
4219
6224
By type of issuer:
Corporate total $
mil $
85853 127 698
Manufacturing.
...
do
14467
25558
Extractive (mining)
do....
5,522
4499
Public utility
do....
7523
9914
Transportation
do ....
1,638
4,036
Communication
.... ..
do
2018
3854
Financial and real estate
do....
45,150
65,356
State and municipal issues (Bond Buyer):
Long-term ....do .... 101,882 203 954
Short-term
. . ..
do
31068
19492
SECURITY MARKETS
Stock Market Customer Financing
Margin credit at brokers, end of year
or month
..
..
mil $
22470
28390
Free credit balances at brokers:
Margin accounts
..
..
do
2715
1755
Cash accounts
do....
10,215
12,840
Bonds
Prices:
Standard & Poor's Corporation:
High grade corporate:
Composite §
dol. per $100 bond ..
0)
Domestic municipal (15 bonds)
do....
47.9
53.0
Sales:
New York Stock Exchange, exclusive of some
stopped sales, face value, total
mil. $.. 6,982.29 9,046.45
See footnotes at end of tables.
1859
581.7
24431
30581
3,627.6
576.5
24441
3,063 9
3,626.6
592.7
24807
30980
3,666.5
161 1
2546
160.8
163 1
2510
157.0
578
1762
4625
2906
881.8
4219
575.7
24344
3,052 0
3,618.9
1619
2518
156.5
289.0
8876
4259
1873
1975
602.0
25109
31273
3,710.9
1651
2594
162.2
1668
2618
164.5
1677
2604
167.3
1676
2650
170.3
1684
2656
172.3
1707
2690
176.4
613
608
607
636
642
647
658
1722
4664
292.2
883.5
4236
r
599.6
25010
3 1108
3,684 6
1754
4781
295.4
886.3
4204
1758
4872
2989
887.1
4161
1768
4952
298.9
882.5
4214
1767
4998
299.1
880.5
4276
1770
504 1
3029
881.3
4326
1768
5095
3033
880.7
4353
582.5
2 452 0
3,069 9
3,638.2
590.9
24790
3 098.0
3,667.4
596.2
24961
3,1133
3,685.2
604.8
25154
31314
r
3,713.1
1632
255.4
158.4
290.8
8895
425.0
1644
259.0
161.8
293.6
8903
422.7
1653
2604
164.8
296.7
8880
4183
1669
263.1
169.0
299.7
8809
4210
r
r
611.5
25295
r
3,151 5
r
3,741.1
1677
2664
171.5
300.3
8783
4256
612;2
621.7
651.7
639.9
633.5
619.2
630.5
652.8
25337 25491 25739 r2 577 7 r2 569 9 r2 593 2 26306 26380
163 0 r3 184 3 r3 212 8 r3 230 5 r3 231 3 r 32594 r3 294 8 32998
r
r
r
r
r
3,759.8 3,801.5 3,843 1 3,863 9 3 870 7 3 895 3
r
3
r
218
1687
2660
1737
302.3
8757
4297
1706
2715
1786
3036
8803
4365
r
10 959
1862
5205
3065
8918
r
4508
1736
2786
194.7
r
1758
2767
193.4
670
665
191 4
r
5251
r
3130
r
8899
r
447 5
1934
5306
3200
8846
444 9
1719
2689
1805
3040
r
8859
4479
r
1729
2692
183 1
3049
8910
451 2
1739
2732
1852
3069
8947
r
4504
1744
r
2757
1899
r
3115
r
896 2
r
452 0
1758
2816
1951
3186
8910
4461
373
1 914
1
r
3*832
11791
32 370
19802
2720
426
589
3,114
2,798
200
169
350
1386
1515
1726
919
r
768
1,340
4566
181 0
r
5163
r
3027
r
8917
4510
664
r
574
3105
r
r
r
r
67 5
20 146
r
3 626
r
466
r
695
r
771
r
3,276
r
432
r
545
r
409
1566
1239
r
2,870
1723
267 1
185.3
r
r
680
1777
5157
3027
r
8891
447 6
1706
2620
181.0
r
r
1799
696
1765
5120
301 8
8825
4387
1698
2678
1767
303.7
8760
4329
r
871
2,195
1,035
r
2,568
r
1705
2751
182.4
r
614.2
620.1
6266
6272
631 0
6384
6461
6586
25384 r 25508 r2 565 8 r2 569 0 r2 576 6 r2 591 2 r2 620 9 2647 0
166 0 r3 180 9 r3 200 1 r3 222 8 r3'2393 r3*259 1 r3 288 3 33066
r
r
r
r
3 762.3 3 798.8 3 836 8 3 858 7 3 878 3 3 891 1
21 413
r
3,542
r
269
r
597
r
2,212
r
3,451
r
504
r
278
r
271
397
173 1
2813
180.1
r
3
r
r
23 570
r
3,059
r
263
r
872
r
3,421
1,910
r
583
r
609.1
25210
3,145 0
3,736.8
r
1932
491
2,667
r
4647
1 103
2,489
3482
2513
11 756
11 961
10849
9,563
10,633
11,410
13,057
12,770
9,703
10,222
13194
19137
17,053
22,336
6,440
2587
5,799
3072
7139
3534
7682
3 848
8,508
3508
7 137
2416
10098
1 864
631
754
6,146
2904
15118
3420
450
8120 11 775
r
3 869 r3 406
570
1*872
15013
5810
9 414
9480
1961
11 410
2943
12 161
3441
12770
3060
9 703
1 689
9924
1 464
12 744
3 220
18 988
3 108
12 559 17 053
1 853 r3 204
21 470
4044
1 173
1308
2235
2342
387
752
717
942
782
55
609
653
371
782
257
685
576
831
647
333
270
4,603
655
504
616
250
4,452
4,797
99
839
904
610
216
447
328
146
885
5,983
5,798
5,686
4,998
5,777
12,422
7,375
1 928
r
7,890
10733
4685
12926
753
11 131
2821
13086
5 129
13766
12036
1 444
22342
1 049
31648
54439
1 654
3116
23900
24300
25260
25220
25780
25330
26350
26400
28390
26810
27 450
29090
30760
1790
9230
1780
9230
2215
10115
1950
9700
1810
9440
1 745
10080
1 715
9630
2 080
10340
2715
12840
2645
11 695
2545
12 355
2715
13 920
3 065
14 340
51.3
53.6
55.3
54.6
52.9
51.9
52.6
56.2
57.0
60.0
64.5
67.4
65.4
864.36
844.56
713.33
551.78
993.95 1,064.44
958.56
700.85
168
737
13,354
1320
876.17
79
486
o
620
277
966
257
372
65
747.23
541
450
767.98
467
831
325
580
640
836.45
721
907.61
147
321
601
546
613
1 660
10,184
r
7636
206
62.8
804.98
SURVEY OF CURRENT BUSINESS
S-16
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984
June 1986
1985
Annual
1986
,, ..
1984
1985
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)
millionsShares listed, NYSE, end of period:
Market value, all listed shares
bil. $ ..
Number of shares listed
millions..
1
13.49
12.05
12.89
12.47
11.70
11.69
11.76
11.75
11.69
11.29
10.89
10.75
10.40
9.79
9.51
969
1
12.71
13.31
1374
1419
11.37
11.82
1228
1272
1223
12.69
1314
1351
11.72
12.30
1270
13.15
10.94
11.46
1198
1240
10.97
11.42
1192
1243
11.05
11.47
1200
1250
11.07
11.46
1199
1248
1102
11.45
1194
1236
1055
11.07
1154
1199
1016
10.63
11 19
11 58
1005
10.46
1104
1144
967
1013
1067
11 11
900
9.49
1015
1049
879
9.21
983
1019
909
943
994
1029
13.21
14 03
1307
11.80
1229
1194
12.37
1342
1260
12.04
1289
12.39
11.48
1191
11.81
11.49
1188
1163
11.57
1193
1156
11.55
1195
1163
11.53
1184
1154
11.23
1133
1135
10.96
1082
11 18
10.83
1066
1086
1063
10 16
1058
1024
933
1005
998
902
978
985
9 52
958
10.12
9.07
9.37
8.81
8.80
9.01
9.09
9.33
8.76
8.51
8.33
7.86
6.98
7.15
7.33
7.70
10.15
11.99
9.18
10.75
9.48
11.42
9.08
10.96
8.78
10.36
8.90
10.51
9.18
10.59
9.37
10.67
9.24
10.56
8.64
10.08
8.51
9.60
8.06
9.51
744
9.07
707
8.13
732
7.59
767
8.02
7
463.10
1 178 48
13177
513.85
542.53 557.59
549.77 541.18 547.98
513.03 523.56
606.50
541.56
577.56
706.04 69926
614.75
659.83 693.86
1 328 23 1 266 36 1 279 40 1,314 00 1 343 17 1 326 18 1 317 95 1 351 58 1 432 88 1 517 02 1 534 86 1 652 73 1 757 35 1 807 05 1 801 80
164.29 163.87
157.30
154.54 15585 16398 16956
17344
157.58
15496 159.92
18093 186 35 18834 18348
648.66 685.75 683.94 660.91 652.77 679.68 707.14
645.11
590.59 611.86
715.74 77486 80440 80201 78955
160.46
181.26
171.84
150.87
6798
136.77
101.40
16.99
186.84
207.79
188.75
184.52
8297
166.62
123.17
22.04
180.62
201.13
182.94
177.40
8125
152.12
113.56
21.00
184.90
204.83
184.43
178.55
8360
159.45
117.19
22.49
188.89
208.50
183.59
188.71
8690
167.10
121.48
23.04
192.54
212.90
190.61
190.30
8722
177.97
130.00
23.19
188.31
209.40
189.60
185.93
8321
174.45
125.85
22.07
184.06
205.15
184.53
182.75
8146
168.07
123.58
21.06
186.18
207.65
184.97
187.49
8149
168.89
126.58
21.60
197.45
219.44
196.54
200.75
8680
177.68
133.46
23.79
207.26
230.29
210.81
212.60
9083
187.65
140.41
25.10
208.19
230.37
211.67
211.38
9206
191.27
142.49
25.87
219.37
241.91
223.60
22676
97 51
206.37
150.10
27.76
232.33
256.25
229.34
24855
102 01
212.11
156.43
30.27
237.98
263.89
232.60
26051
103 78
208.18
148.69
30.12
238.46
266.38
231.79
26598
102 39
201.88
142.02
28.93
63.82
9521
85.44
10162
83.55
10161
87.14
10704
89.24
10743
90.93
10655
85.57
10010
79.73
9428
82.48
9389
89.85
9955
97.89
10447
100.70
10395
100.33
10660
' 118.69
11890
125.26
12046
123.55
12082
181.26
246.47
230.30
254.56
259.92
257.13
250.40
243.24
249.47
278.01
283.54
294.56
314.73
337.97
329.19
325.94
9246
10801
85.63
46.44
8928
10809
12378
104.10
56.74
11421
10466
11993
96.47
55.51
10939
10700
121.88
99.66
57.32
11531
109.52
124.11
105.79
59.61
11847
11164
126.94
111.67
59.68
11985
10909
124.92
109.92
56.99
11468
10662
122.35
104.96
55.93
11021
10757
12365
103.72
55.84
11236
11393
13053
108.61
59.07
12283
11933
136.77
113.52
61.69
12886
12016
137.13
115.72
62.46
13236
12643
144.03
124.18
65.18
14213
13397
152.75
128.66
68.06
15394
13727
157.30
126.17
69.46
15507
13737
158.59
122.21
68.65
15128
464
4.05
948
322
535
1162
4.25
3.76
812
286
421
1044
437
3.87
831
309
441
1075
4.31
3.84
8 14
302
415
1060
4.21
3.75
784
285
404
10.05
4.14
3.67
784
267
402
992
4.23
3.73
818
274
423
1015
4.32
3.82
817
284
444
10.26
4.28
3.77
832
281
432
1035
4.06
3.59
784
265
384
1012
3.88
3.44
745
255
363
10.05
3.90
3.47
742
2.52
3.54
9.85
3.72
3.32
7 11
235
3.30
9.62
3.50
3.13
678
226
3.00
9.13
3.43
3.05
668
2.39
3.03
8.97
9.00
959 235 1 197,249
30,451
37,031
84952
2,610
104 175
3,205
97 104
2,875
106 150
3,208
85501
2,782
78885
2,476
822 714 1 023 179 72354
104 281 108 183
3,327
3,160
131,583 119,804 128,234
r
r
4,002
3,772
3,635
156,551 162,081
4,495
4,466
89154
83281
91 151
74974
67460
89592
101,520
109,681
131,144
138,839
25150
30222
2094
2641
2373
2653
2263
2032
2587
2744
3240
2,934
3087
3,546
3,653
23,071
27,511
1,982
2,350
2,117
2,463
1,924
1,860
2,543
2,445
2,802
2,879
2,899
3,215
3,240
1,586.10
49,092
92545 111,908
1,950.33 1,709.41 1,804.24 1,812.38 1,800.46 1,778.90 1,702.80 1,774.44 1,874.53 1,950.33 1,959.17 2,094.86 2,204.12 2,165.55 2,260.99
49,921 50,128 50,971 51,361 51,493 51,605 52,105 52,175 52,427
53,259 52,734 53,259 53,407 54,251
52,427
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
See footnotes at end of tables.
mil $ 217 888 1 213 146 1 17 972 6 18 337 2 18 012 0 16 726 5 16 584 3 17 034 2 17 618 3 17 720 5 16 994 3 17,006.2 17 734 6 18,912 9 17,964.8
do.... 217,865 2 213,133 0 17 970 0 18,336.5 18,010.1 16,725.3 16,583.7 17,033.2 17,617 8 17,720.2 16,993.8 17,005.9 17,734.2 18,910.8 17,964.1
(2)
17 778 9 17 414 3 17 437 8 17 411 5 17 423 2 17 732 2 17 368 1 17 975 5 17 023 9
do
do
do
do
do
do
do
do
do
do .
do
do
2,680
88266
64 532 6
57445
62 207 1
46 526 2
18 632 6
11,049 8
73881
60 745 3
63991
59 978 0
47 257 6
19 991 2
11,022 3
6345
48290
5168
51289
41720
1787 1
8650
7548
5,088 0
5065
51692
44679
13988
914.6
6622
5,043 4
4130
45592
45739
1,859 9
877.9
5761
5 150 9
6898
42345
37212
13538
985.8
5259
4,664.2
5178
45017
35021
1,909 2
864.0
5335
4,889 0
6066
44374
40310
1,541 7
930.9
5288
4,655 0
4793
51984
40856
1,747 8
901.0
5443
4,889.8
5355
5259 1
36959
18397
922.9
5350
5,120.2
4901
48927
32752
1,525 9
1,143.4
2,704 2
2,265.2
2,322 8
1,205 0
1942
91.9
2495
105.6
184.3
95.8
181.1
93.9
101.2
93.2
142.4
94.8
2025
89.9
205.6
84.2
175.3
73.7
139.1
77.0
4,845.8
23,575.0
5,481 1
22,630.8
446.5
1,732.7
442.6
1,814.5
353.9
1,750.6
602.0
1,845.2
440.1
1,742.9
487.2
1,925.7
407.1
1,834.1
470.3
1,972.1
433.9
1,760.8
371.1
1,762.5
4837
5,424.1
831 2
59604
36592
16735
880.9
4685
5,184.0
4333
5,290 0
4,058 1
1,632.6
898.2
185.8
78.5
151.8
98.3
132.0
92.3
467.1
1,813.0
688.8
1,998.1
370.0
1,905.8
4724
5042
4,742.9 4,843.5
474 4
5945
49752 5 623 9
39993 37861
1,517 1 1r 553 0
829.4
824.9
SURVEY OF CURRENT BUSINESS
June 1986
1984
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. $..
Nonagricultural 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.
O -
1986
Unite
1985
Apr.
- 2
June
May
FOREIGN
157-584
S-17
1985
Annual
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
OF THE UNITED STATES—Contained
6,036 7
136.9
90836
43749
6,095.7
72.3
90500
46252
487.7
9
7587
4872
566.3
3.1
7675
4769
7432
3513
407.1
4.0
6381
3547
6925
3084
471.9
1.4
6514
3158
532.8
1.2
8344
3562
550.5
19.5
7908
3716
508.1
12.8
680 1
388 1
548.2
6.0
7684
3902
743.0
g
9273
4052
6144
11.5
9177
4321
645.8
1.4
9193
3929
3,283.9
12 209 7
2,422.8
11 272 9
308.9
9639
295.7
9352
77.8
8549
43.8
8314
67.3
7844
50.3
8428
96.0
9259
292.1
8965
203.1
8206
139.2
8362
271.8
9115
171.6
1 1667
184.4
9267
46,524 3
47,251.1
4,171.7
4,467.5
4,570.5
3,720.9
3,502.0
4,030.0
4,085.3
3,695.7
3,275.0
3,999.1
3,786.0
36592
4,057 3
465.3
r
462.5
.£
26 301 7 27 849 8 2,403 1 2,053 6 2,513 6 2,045 8 2,535.8 22551 2,374 9 24058 23903 20839 21344 22829
2374
210.8
243.4
223.4
259.7
2,639 7
3,139 6
2684
246.8
234.5
4524
2742
2558
2469
863.3 1,377.3
820.3 1,405.7 1,015.7 1,170.8 1,214 1 1,017.4 1,023 2 1,064.8 10294
11,992 1 13,634.7 1,236.7
334.7
3,399.4
275.3
340.3
278.8
253.8
271.5
321.0
3,377.2
255.6
316.1
219.3
234.1
263.2
212,057.1 206,925.3 17,491.5 17,816.0 17,432.6 16,172.2 16,106.1 16,543.0 17,122.3 17,226.8 16,478.7 16,501.2 17,163.7 18,349.2
212 034 2 206 912 2 17 488 9 17 815 3 17,430 7 16 171 0 16 105 5 16 542 0 17 121 8 17 226 5 16 478 2 16 500 9 17 163 3 18 347 1
378139 29 241 5 2,702 8 2,1105 2,054 2 1,801 6 1,982 8 18849 23435 27860 26422 25358 24454 23996
174,243 2 177,683.8 14,788 7 15,705.5 15,378.4 14,370.5 14,123.3 14,658 1 14,778 8 14 440 8 13 836 5 13 965 4 14 718 2 15 949 6
22569
2421
11009
254.0
17,376.0
17 375 3
21204
15 255 5
24,462.6
2,849 4
19,267.9
2,958.2
1,665.3
2472
1,455.0
147.5
1,489.1
124.9
1,445.4
159.0
1,491.0
291.6
1,465.7
2433
1,601.5
2347
1,747.8
3800
1,543.1
3643
1,629.6
1669
1,460.8
2283
1,431.9
2737
1,222.5
2524
20,248.9
9,310.5
16,939.5
9,970.9
1,594.5
738.4
1,317.2
837.2
1,284.4
707.8
1,141.3
759.9
1,225.4
933.6
1,148.0
868.1
1,268.0
902.9
1,457.1
991.1
1,463.8
888.4
1,557.1
812.1
1,582.7
675.6
1,638.9
621.7
1,542.0
790.7
1,922.2
22 336 3
15 139 9
1,434.0
21 758 7
14 008 9
107.6
17676
1,239 3
106.4
18826
1,227 1
129.7
1,777 4
1,279.8
131.3
17806
1,119.0
99.2
1,859 6
1,174.0
99.2
18576
1 1053
113.7
18350
1 1664
110.5
16425
10955
107.1
16427
9949
97.4
17192
1 1229
108.3
18755
1 1169
88.8
20008
1 1967
103.4
18576
1 1695
89,972.7
60 317 5
29 655 2
17,547 9
94,278.4
59 488 2
34 790 2
19,364 0
7,964.5
49549
30096
1,776 2
8,555.4
53445
32109
1,819.9
8,357.6
5,234 0
3,123 6
1,841.1
7,414.8
46655
2,749.4
1,419.8
6,980.7
46967
2,284.0
1,338.7
7,535.3
47075
28278
1,670 8
7,796.3
49538
28426
1,664 8
7,694.1
47504
29437
16802
7,397.4
45299
28675
1,292 6
7,269.4
46817
25876
16015
7,894.5
49201
29744
1,613 1
8,693.8
53122
33815
16750
8,262.2
5 1299
3 1322
18205
325,725 7 345,275.5 28,571.7 29,302.1 30,135.5 27,000.3 26,247.3 31,349.1 28,429.4 30,010 4 30,728.0 32 005 2 28,895.4 31 971 5 28 761 6
28,295.3 28,684.8 29,424.8 26,630.2 26,083.3 31,764.2 27,594.0 30,285.1 32,887.6
C1)
14,354 9 11 964 3
120,132 2 131 884 2
3,558 0
3,819 3
73 306 7 81 692 1
66,496.3 69,014.4
26,833.7 25,969.5
21 043 0 20 931 6
9127
9839 1 0318
12092 1,208 1 1,159 3
9689
8901 12330 1231 1
8836
5934
943 1
10,660 4 10,948.3 11,091 8 10,558 7 10,469.6 12 635 2 10 478 2 11 622 4 11 468 3 13 158 7 11 402 8 13 028 1 11 157 7
451.0
314.0
3263
288.0
324.3
2781
2992
313.5
344.8
3177
268.7
3155
3128
64453 72362 73152 62740 61304 7 1122 67289 73266 76297 75586 70530 81281 75433
5,977.5 6,042.4 6,292.4 5,074.1 4,815.7 6,153 9 6,078.0 5,696 0 5,940.2 5,681.1 5,660.1 5,923.7 5,822.0
2,462.1 1,868.1 2,313.4 2,231.9 1,952.3 2,036.5 2,022.6 2,166.2 2,361.1 2,136.8 2,035.8 2,065.1 1,852.3
14909 16850 1639 1 1 497 8 15818 20802 18647 20309 17509 1921 1 15914 1 568 1 14802
1695
2,487.7
792
2,070.8
40
187.4
14 1
152.6
310
160.3
24
182.9
20
166.5
25
211.7
26
147.1
30
176.9
29
170.3
32
236.3
32
191.9
30
210.7
34
145.4
27028
57 135 0
28704
68 782 9
2237
59310
2238
57192
2495
58241
3647
54183
2202
54442
2099
64515
2198
52369
2201
60426
2681
62216
2404
69016
1939
58606
2244
7 1854
2379
63332
81130
148.9
16,995.9
79345
94819
91.5
20,239.2
96737
7452
11.6
1,690.0
7673
1 0459
6.7
1,656.4
8072
8518
4.6
1,680.6
8168
6702
5.2
1,480.1
7726
6757
5.2
1,488.4
8035
760 6
45
1,807.5
8782
7583
6.4
1,511.9
8174
9040
4.9
1,851.3
8965
8432
5.2
2,035.1
8399
8666
3.4
1,988.8
9600
7330
7.7
1,897.0
8236
8938
9.0
2,163.8
9378
9214
7.2
2,030.7
8057
5542
14 491 6
4086
14 937 3
261
10982
460
12426
566
14472
251
1297 1
129
12332
288
13001
366
14332
313
13314
301
13467
230
12730
419
12344
29 1
12885
220
12199
66,478 1
69,006 3
5,976 2
60417
6,291 8
50731
48137
61538
60779
56956
59397
56807
56595
5 922 9
5821 1
42 340 6
7 621 0
18,020 0
65428
43 447 5
7 526 2
19,131.8
65370
37151
515 5
1,937 0
4663
33140
650 1
1,327.5
5063
36802
6297
1,719 6
507 1
34487
554 9
1,708 0
4304
33092
638 2
1,461 0
454 2
38354
732 1
14794
6579
36821
607 4
15627
6963
39209
608 2
1647 1
6969
38880
579 3
17863
6015
37623 33473
581 6
631 2
1501 1 14744
3941
6647
34118
517 5
14877
5044
3 1705
5967
13769
3822
19,765.5 20,004.5 1,664.8 1,726.7 1,694.3 1,438.1 1,507.8 1,651 9 1,393.7 1 5906 1,868 9 20436 1,778.1 18612 17795
305,960.3 325,271.0 26,906.9 27,575.4 28,441.3 25,562.1 24,739.5 29,697.2 27,035.7 28,419.7 28,859.1 29,961.6 27,117.3 30,110.3 26,982.1
17,972 8 18,649.3 1,520 3 1,583 4 1,565 1 1,364 4 1,399 6 1 5426 12779 15216 17885 18896 16465 1 799 2 17218
3,653.4
3,726.7
283.2
336.0
347.2
276.7
319.4
360.0
320.3
349.7
343.1
325.7
261.5
296.2
300.8
110817
60,979.8
55,906 1
10 391 2
53,917.1
49,606.6
8509
4,875.8
4,452.6
8897
4,748.2
4,414.7
9154
5,087.8
4,750.2
8738
4,146.4
3,839.5
8499
3,936.8
3,684.3
9149
4,596.8
4,323.6
9096
4,699.2
4,382.9
7707
4,824.2
4,488.9
7314
5,228.2
4,840.7
8344
5,344.4
4,893.8
8180
3,874.3
3,509.5
8953
3,330.7
30237
9663
2,175.5
1,952 5
6960
13,697.4
46,144.7
6722
14,532.8
46,451.2
455
1,117.4
3,676.9
61.7
1,447.3
3,800.5
50.8
1,373.2
4,065.1
65.0
1,085.4
3,600.8
64.7
1,018.7
3,661.5
504
1,264.3
4,506.5
46.8
1,202.7
3,647.8
618
1,255.5
3,883.6
51.7
1,166.0
3,867.3
555
1,280.3
3,879 6
487
1,249 1
3,939 9
576
13623
42259
340
12752
37820
119,191 7 137 263 5 11,848 6 11,632.2 11,922.1 10,300.2 10,179.3 12,313 7 11,003.4 12 152 4 12,476.7 12 909 2 11 953 4 14 144 9 13 187 3
68,389.9 75,298.7 6,556.3 6,091.0 6,186.2 5,765.3 5,852.1 6,957.1 6,113.7 6,463.3 6,495.3 6,885.6 6,342.7 7,888.1 6,917.9
50,801.8 61,964.8 5,292.2 5,541.2 5,735.9 4,534.8 4,327.3 5,356.6 4,889.7 5,689.2 5,981.4 6,023.7 5,610.7 62567 62693
45,412.2 55,739.7 4,662.7 4,822.4 5,144.5 4,094.7 3,941.5 4,882.7 4,378.5 5,264.6 5,429.8 5,346.6 5,028.6 5,484.5 5,442 4
May
SURVEY OF CURRENT BUSINESS
S-18
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984
June 1986
1985
Annual
1986
Units
1984
Apr.
1985
June
May
Aug.
July
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
FOREIGN TRADE OF THE UNITED STATES—Continued
Indexes
Exports (U.S. mdse., excl. military grant-aid):
Unit value
1977-100
Quantity
do
Value
do
General imports:
Unit value
. do
Quantity
do....
Value
do
Shipping Weight and Value
Waterborne trade:
Exports (incl. reexports):
Shipping weight
thous. sh. tons..
Value
mil. $..
General imports:
Shipping weight
thous. sh. tons..
Value
mil. $..
1562
1151
1798
1550
1130
1752
1564
1138
1780
1576
1150
1813
1575
1126
1774
1564
1052
1646
1544
1053
1626
1545
1087
1679
1544
1129
1743
1536
1134
1742
1547
1084
1677
1562
107 5
1679
1553
112 5
1747
1555
120 1
1867
1551
114 0
1768
1635
136.7
2235
159.4
148.6
2369
1592
147.8
2353
1601
150.6
2412
158.4
156.7
2482
158.4
140.4
2223
159.1
135.9
2161
159.2
162.2
2582
159.7
146.6
234 1
1610
153.4
247 1
1620
156.2
2530
1602
164.5
2635
1580
1506
2379
1539
1710
2633
1526
155.2
2368
374,689
101,803
349,964
91,679
28,950
7,853
30,264
7,604
27,632
6,956
27,342
7,355
28,750
7,369
27,012
7,243
28,962
7,362
32,282
7,976
29,618
7,742
413,092 394,442
191,113 205,606
32,949
16,968
33,270
17,566
36,212
18,267
30,618
16,199
30,744
16,227
38,902
19,188
33,442
16,367
33,580
17,564
35,907
18,254
24.32
543
28.26
591
3,512
26.36
551
3289
1418
1386
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 *
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 "j"
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 A
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.
1
305. 12 '335.90
592
614
38,697 '41,252
1
43 790
1
36,978
'2952
705
1
41,662
'747
1
rl
27.39
637
o QQO
28.72
650
3,486
29.97
706
3,606
11,975
10,185
646
214
11,170
423
32.85
65.8
3,908
33.80
67.1
4,011
26.03
55.7
3,232
12,431
10,525
661
211
11,684
402
26.88
558
3,408
3,139
1984
2143
1997
275
100
2348
246
135
21 64
243 68 '27006
1
3 565 '3132
1,160
' 1,213
1
35,373
1
33,787
'416
2278
252
99
2293
260
99
2304
253
92
9,685
9,007
377
2543
257
88
2606
262
96
'6584
2,874
443
461
210
33
579
221
34
693
230
34
7.42
7.74
237
35
256
33
5575
5589
174
641
672
'6142
3,001
457
'7872
'7378
287
245
33
2132
2019
31
713
701
652
253
88
9,732
9,285
216
290
104
6.19
545
292
34
436
286
46
479
250
55
473
218
34
639
735
675
666
658
8030
8,116
100
17 413
100
17543
100
4326
4541
100
4587
'412
316
116
120
46
161
151
38
38
40
1439
1370
29,459
'28478
101
25804
'3655
2659
27,635
26660
103
25258
1769
1779
299
102
1
9215
99.3
2
213
69.01
66
4575
66
2990
65
14,242
13,909
8970
7,698
4,696
49,015
r
8761
99.9
1373
137 1
1337
100.0
2228
99.9
2
213
69.92
64
4771
64
203
71.62
247
71.45
227
68.19
68
4693
67
69
4754
67
4814
3013
3007
64
3011
3095
75
4,955
49,329
1322
1343
7,068
6840
26
6154
646
640
100.0
64
100
628
2,798
66
552
4,015
69
71
3,908
4,195
2,205
1,889
480
6,831
1351
1383
1403
1368
6,743
6524
26
5914
573
646
142 9
r
99.8
2162
99.8
99.8
99.8
217
67.02
65
4787
73
203
67.02
68
4824
73
204
67.82
63
4811
62
225
73.07
69
4822
65
214
68.18
3125
3141
3006
65
2949
64
4,878
4,413
2,734
2,444
2163
99.8
1462
6,700
6474
26
6040
410
402
6,745
6523
r
26
6736
159
85
99.8
P
r
2198
101.0
4
676
100.9
4
446
2,217
476
2,873
P
392
4521
846
100.9
3
1,201
3
1,041
3
677
3
76
461
9,342
78
353
9,142
279
5,504
630
275
4,140
100.9
218
69.66
49
4754
47
170
70.12
60
4848
58
3021
2951
101.0
2953
51
56
45
56
4724
55
247
261
368
382
1,896
1,328
1,419
1,308
r
S-19
SURVEY OF CURRENT BUSINESS
June 1986
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984
1986
1985
Annual
jj ..
1984
1985
May
Apr.
June
July
Nov.
Oct.
Sept.
Aug.
Dec.
Jan.
Mar.
Feb.
Apr.
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....
Access lines *
mil
Telegraph carriers, domestic and overseas: @
Operating revenues
mil $
Operating expenses
do ....
Net operating revenues (before
taxes)
do....
67,625
28,322
10,353
44,435
12,206
71,685
29,817
8,214
47,035
12,934
1,382.9
1,227.6
67.7
5,965
2,490
658
3,874
1,131
105.6
6,016
2,505
690
3,985
1,030
105.7
6,013
2,498
667
3,836
1,111
105.7
6,073
2,510
674
3,907
1,102
105.6
6,154
2,542
769
3,928
1,157
105.9
5,984
2,528
700
3,922
1,083
106.4
6,118
2,567
693
4,136
1,034
106.6
5,943
2,531
656
3,995
1,022
107.2
119.0
94.2
119.4
100.5
113.5
95.3
117.3
102.4
113.3
99.4
114.9
93.1
111.1
110.9
106.6
104.0
19.0
12.5
13.9
8.3
10.1
16.0
-6.5
-3.1
6,025
2,549
740
4,093
1,151
107.2
5,958
2,569
628
3,774
1,167
107.3
6,014
2,572
680
3,884
1,121
107.1
6,179
2,587
725
4,065
1,116
107.6
r
85
759
98
893
246
31
960
62
70
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic Chemicals
Production:
Aluminum sulfate, commercial (17% Al2Oa) $
1,129
1,003
thous. sh. tons ..
10,700
10,469
Chlorine gas (100% C12) $
do...
2,777
2,732
Hydrochloric acid (100% HC1) $
do....
386
359
Phosphorus elemental ij.
do
10959
Sodium hydroxide (100% NaOH) $
do
10914
737
Sodium silicate, anhydrous $ •
do
685
901
1,199
Sodium sulfate, anhydrous $
do....
Sodium tripolyphosphate
607
675
(100% NasPaOio) I
do....
Titanium dioxide (composite and
pure) $
do
835
814
Sulfur, native (Frasch) and recovered:
1
Production
thous. met. tons ..
9,407 1 10,324
2,434
Stocks (producers') end of period
do...,
2,799
Inorganic Fertilizer Materials
Production:
Ammonia, synthetic anhydrous $
thous. sh. tons .,
16,691
16,201
Ammonium nitrate, original solution $
. .. do..
7 146
6,906
Ammonium sulfate $
do....
2,067
2,049
7,726
Nitric acid (100% HNO3) $
do....
7,778
3,208
Nitrogen solutions (100% N) $
do....
2,907
11,370
10,492
Phosphoric acid (100% P2O5) $
do....
41,802
39,615
Sulfuric acid (100% H2SO4)
do....
Superphosphate and other phosphatic
fertilizers (gross weight):
Production
thous sh tons
17363
15475
Stocks, end of period
do
1 179
1 129
Potash, sales (K2O)
do....
5,964
6,195
4
Exports, total #
do..
24703 4
13,182
Nitrogenous materials
do....
2,313
1,207
4
Phosphate materials
do ....
13,680
6,921
4
Potash materials
do ....
1,044
597
Imports:
Ammonium nitrate
.
do
532
561
Ammonium sulfate
do
363
403
Potassium chloride
do
8233
8639
Sodium nitrate
do..
122
142
Industrial Gases i
Production:
Acetylene
...mil. cu. ft ..
4,855
4,481
Hydrogen (high and low purity)
do.... 109,059 106,850
Nitrogen (high and low purity)
do.... 601,206 647,030
Oxygen (high and low purity)
do.... 375,476 378,654
Organic Chemicals §
Production:
Acetylsalicylic acid (aspirin)
mil. lb..
'33.9
23.8
Creosote oil
mil. gal ..
'86.0
71.2
2144
Ethyl acetate t
mil. lb.. 1 1 210.4
Formaldehyde (37% HCHO)
do.... 5,814.5 5,699.1
Glycerin, refined, all grades
do
3027
321 1
Methanol, synthetic
mil. gal .. 1 1,232.8
900.5
Phthalic anhydride
mil lb
'8702
8357
ALCOHOL
Ethyl alcohol and spirits:
Production
mil. tax gal ..
631.3
'680.4
Stocks, end of period
do....
150.6
46.2
Denatured alcohol:
Production
.mil wine gal
4169
5044
Consumption (withdrawals)
do.. .
410.5
5146
For fuel use
do....
116.7
222.9
Stocks, end of period
do....
24.5
26.5
See footnotes at end of tables.
81
926
235
34
975
53
92
85
927
246
32
963
66
101
87
929
246
33
935
63
101
89
905
237
29
943
57
105
90
848
217
29
885
52
113
82
846
238
25
899
59
125
86
849
243
30
908
86
132
79
779
202
29
835
64
136
77
875
214
27
907
50
64
89
783
225
33
849
79
68
52
54
53
52
53
50
53
43
40
67
73
71
65
72
68
67
75
221
30
809
r
87
71
50
68
r
75
843
887
848
914
2,422
2,420
2,523
849
888
2,456
2,561
2,575
880
2,614
2,670
2,799
2,935
1,463
1,460
1,407
1,327
1,237
867
855
897
1,312
1,231
1,241
1,198
1,256
628
172
698
665
195
720
607
159
682
556
175
613
508
162
594
532
165
621
561
185
650
544
154
638
485
162
546
288
914
3,350
246
847
3,324
202
842
3,321
230
802
3,248
228
919
3,375
222
922
3,409
225
799
3,094
230
735
2,963
235
579
2,608
1456
1447
1318
1325
961
927
1220
1235
1 195
'799
1 147
1084
929
800
760
1,714
692
2,264
320
1,537
228
(4)
1129
1000
51
55
56
77
78
78
r
780
2,948
843
828
2,915
2,952
1,180
1,254
1,242
r
r
481
172
568
290
968
3,540
704
252
892
52
77
56
897
20
773
199
1,233
58
1,002
125
95
40
28
67
30
642
7
1045
(3)
833
544
23
12
399
14
400
385
369
9,053
53,051
29,824
8,362
53,010
30,954
32
11
586
(3)
58
30
682
6
38
43
712
1
47
24
503
4
1 136
'592
r
853
904
834
r
324
r
9,488
r
53 285
r
345
296
337
342
9,541
54845
32080
9,812
55,416
33,011
10,304
56720
33852
13968
237
261
r
778
429
278
235
24 8
63.6
99.4
58.4
94.5
55.4
60.5
59.4
53.0
466
472
462
47.1
45.6
448
532
453
379
407
446
445
358
419
244
265
324
444
22.0
12.0
412
466
192
265
51 1
18.8
12.4
365
365
157
51.8
400
237
169
74
66
1229
13
354
9,793
57277
34,742
5.8
215.7
203 3
64.1
52
40
835
29
422
13936
33 6
240.8
201 1
11.1
32 563
4.1
149
519
56.2
115.9
43.3
18.3
16.0
1 086
r
53
13
413
9
9,858
57989
32,048
1,481.6
18.1
14.3
288
818
3,212
85
33
903
9
382
4.4
183
618
287
34
37
568
13
7,967
55453
32281
7.2
57 1
53.3
20.9
23.9
280
842
3,252
387
425
19.2
55.6
130.7
246
666
2,736
r
765
8,191
54421
32,407
534
262
655
542
166
628
(4)
9,415
52,791
31,976
225.9
2228
269
613
193
691
(4)
382
267
434
521
169
584
(4)
8,923
52,172
32,650
283
798
545
95
873
246
32
926
54
69
393
24 1
184
254
15256
r
253
223.5
2163
27 9
"579
SURVEY OF CURRENT BUSINESS
S-20
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984
Annual
IT .,
unus
1984
June 1986
1985
1985
Apr.
May
June
July
Aug.
1986
Oct.
Sept.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
CHEMICALS AND ALLIED PRODUCTS-™Contfnuecl
PLASTICS AND RESIN MATERIALS
Production:
Phenolic resins
mil Ib
Polyethylene and copolymers.. .
do .
Polypropylene
do .
Polystyrene and copolymers
do....
Polyvinyl chloride and copolymers
do
FAINTS, VARNISH, AND LACQUER <>
Total shipments
mil $ .
Architectural coatings
do ....
Product coatings (OEM)
do
Special purpose coatings
do ....
1 656 3 1 1 423 3
15,385.7
14 620 6 1
5,180.3
1
5,652.0
6 827 5 '68938
1
1
3650
3,862.1
1,301.1
1,491.2
17215
1
5,216.4
1
6,857.0
1
8,686 4
3,629.4
32705
1,786.5
9,924.9
4,106.6
34889
2,329.4
925.5
405.6
3118
208.1
996.0
461.0
3150
219.9
942.9
429.1
3024
211.4
3478
3,810.7
1,336.9
1,379.4
1,659 8
925.5
417.8
2851
222.7
925.4
414.0
301 5
209.8
864.3
342.6
2983
223.4
3361
39136
1,418.4
1,372.9
18112
3470
39396
1,328.9
1,376.6
17594
878.4
344.2
3145
219.7
720.0
265.2
2744
180.5
609.9
228.0
2334
148.5
774.3
294.6
3032
176.6
194,789
174,741
20,048
192 427
169,473
22,954
219 255
193,895
25,359
217 735
195 920
21,815
r
753.5
284.7
2988
169.9
828.2
346.0
2938
188.4
192 433
169,114
23,319
196711
168,366
28,346
r
987.5
445.9
3253
216.3
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production:
Electric utilities total
mil kw -hr 2 416 304 2 469,841 184,877
2 095 154 2,188,686 160,473
By fuels
do
24,403
281,149
By waterpower
do
321,150
Sales to ultimate customers, total (Edison
m
2
Electric Institute) t
il kw -hr 2 286 040 rl rl 3 18,473
583,831 613,155
Commercial §
do
836,105 rl 821,661
Industrial §
do .
1
4 728
4488
Railways and railroads
do
780 664 rl 794 404
Residential or domestic
do
rl
14 396
14129
Street and highway lighting
do
64,346
Other public authorities
do
61029 rlrl
5,783
Interdepartmental
..
do
5,793
Revenue from sales to ultimate customers
142,281 rl 148,892
(Edison Electric Institute) $
mil. $..
GAS t
Total utility gas, quarterly
(American Gas Association):
50370
49494
Customers end of period total
thous
46299
45516
Residential
do
3845
Commercial
do
3751
178
180
Industrial
do
48
48
Other
do
12,298
13162
Sales to customers total
tril Btu
4,529
4628
Residential
do
2362
2396
5265
Industrial
do
5991
142
Other
do
146
Revenue from sales to custom61952
67 496
R ''d t' 1
d
27 485
26791
Commercial
do
12750
13 205
Industrial
do
26093
21749
661
Other
do ....
713
196,790
170,368
26,421
205 363
181,524
23,839
226 722
205,429
21,293
226 050
206,069
19,981
202,499
183,733
18,767
561,047
148,148
211,825
1092
178 184
3538
16,784
1,478
620,612
170,183
211,033
1 135
216,511
3,373
16,815
1,563
563 117
150,520
204,073
1 208
187 754
3663
14509
1,391
594,034
151,284
199,337
1271
220 216
3839
16532
1 555
36,174
41,347
35,928
37,609
49957
45910
3819
49,589
45,614
3,750
180
48
178
47
50370
46299
3845
2,345
1,990
739
396
383
272
1 184
1,315
26
19
11854
4581
2209
4951
178
48
3,205
1,242
9486
2674
1474
5255
655
1266
40
15686
7073
3379
5043
83
113
192
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES
Beer:
Production
mil bbl
Taxable withdrawals
do
Stocks end of period
do
Distilled spirits (total):
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.
19331
17513
1307
1797
1586
1521
1886
1760
1490
1823
1617
1524
1859
1663
1497
1771
1604
1393
1454
13.59
1377
103 06
7 66
7 82
7 20
6 02
4 68
7 57
12 03
870
642
3241
55431
3330
55251
3384
54998
1140
3288
54516
3541
53894
9 10
4957
640.44
1346
2858
535.56
1102
3332
53273
1200
4471
530.46
2737
529.58
8030
48213
7804
6004
46053
7968
513
557
48147
4 48
48064
394
3 13
47234
466.70
3589
3238
16.39
1491
r
3162
r
44936
378 88
63790
12749
r
463 45
r
376
400
256
329
407 89
59456
121.00
3527
510.52
9.46
3652
498.81
9.95
3870
448.70
11.16
13658
15398
253
557
571
124 24
1
1
15.21
13.01
1422
16.50
14.66
1468
697
784
792
466
530
504
8 64
416 30
53046
11578
19302
17556
1286
426 52
55461
117 86
1
3032
14.68
15.76
728
151
1 17
18.12
.92
874
581
510
48034
830
1.88
216
146
17.95
1.04
18.07
1.18
363
794
47703
502
597
347
276
338
945
1436
14.01
1323
13 12
12.39
13 12
13 13
12.11
1307
902
15.71
13.99
1348
683
497
509
463
500
463.68
46131
46053
459.04
805
827
621
437
3.09
5.28
3.36
2.34
1.98
2.21
2.45
19.14
.90
21.30
1.40
17.09
1.55
15.98
2.35
14.68
2.02
15.87
1.25
17.27
.76
17.01
1.04
5599
3891
40613
9.03
20791
34.45
602.22
10.46
10978
34.84
660.18
10.28
4034
3339
648.89
12.91
1842
3052
594.56
10.82
650
487
3845
417.47
9.06
2956
602.67
9.58
31.03
570.10
6.31
4.56
35.63
550.97
8.00
259
2447
4951
2922
1344
897
853
11 18
690
210
122
18.22
1.02
189
682
334
382
144
105
217
.97
7.37
S-21
SURVEY OF CURRENT BUSINESS
June 1986
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984
Annual
1986
1985
„ ..
1984
1985
May
Apr.
June
Aug.
July
Sept.
Oct.
Nov.
Dec.
Jan.
Mar.
Feb.
May
Apr.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
DAIRY PRODUCTS
Butter:
Production (factory)
mil Ib
1 103 3
296.6
Stocks, cold storage, end of period
do...
228.8
Producer Price Index
..1967 — 100
Cheese:
46740
Production (factory) total .
.
mil Ib
2,648.5
American, whole milk
do
986.2
Stocks, cold storage, end of period
do ...
884.8
American, whole milk.
do...
3060
Imports
do .*
Price, wholesale, cheddar, single daisies
1.704
(Chicago)
$ per Ib.
Condensed and evaporated milk:
Production, case goods
mil Ib
6477
Stocks, manufacturers', case goods, end of
417
period
do
81
Exports
do
Fluid milk:
135,479
Production on farms
do.
Utilization in manufactured dairy
products
.
.
do
76489
13.46
Price, wholesale, U.S. average
$ per 100 Ib ..
Dry milk:
Production:
Dry whole milk
....mil Ib
1196
Nonfat dry milk (human food)
do..., 1,160.7
Stocks, manufacturers', end of period:
54
Dry whole milk
do
Nonfat dry milk (human food)
do....
61.1
Exports, whole and nonfat
7
2027
(human food)
do.
Price, manufacturers' average selling, nonfat
912
dry milk (human food)
$ per Ib
GRAIN AND GRAIN PRODUCTS
Exports (barley, corn, oats, rye,
wheat)
mil bu
36110
Barley:
2
Production (crop estimate)
. do
599 2
Stocks (domestic), end of period, total
do..
436.9
On farms
do.. ,
307.3
Off farms
do ....
129.6
Exports, including malt §
do...
95.5
Producer Price Index, No. 2 feed,
Minneapolis
1967—100
2009
Corn:
Production (crop estimate, grain
only)
mil. bu ., 2 7,674.0
Stocks (domestic), end of period, total
do..., 5,864.2
On farms
. do
4304 1
Off farms
do..
1,560 2
Exports, including meal and flour
do .... 1,928.6
Producer Price Index, No. 2, Chicago
1967—100
2509
Oats:
2
Production (crop estimate)
mil. bu .
473.7
Stocks (domestic), end of period,
total
do....
358.1
On farms
do..
3003
Off farms
do ....
57.7
Exports, including oatmeal
do....
1.9
Producer Price Index, No. 2, Minneapolis
1967 = 100..
266.5
Rice:
Production (crop estimate)
mil. bags # .. 2 138.8
California mills:
(9)
Receipts, domestic, rough
mil. Ib..
Shipments from mills, milled
rice
do .
(9)
Stocks, rough and cleaned (cleaned basis),
end of period
mil. Ib..
(9)
Southern States mills (Ark., La., Tenn., Tex.):
Receipts, rough, from producers.....
mil. Ib..
9,476
Shipments from mills, milled
rice
do
6183
Stocks, domestic, rough and cleaned (cleaned
basis), end of period
mil. Ib..
2,868
Exports
do
4509
Producer Price Index, medium grain,
milled
...1967 = 100..
202.7
Rye:
2
Production (crop estimate)
mil. bu ..
32.5
Stocks (domestic), end of period
do....
(9)
Producer Price Index, No. 2,
Minneapolis
1967=100 ..
200.9
Wheat:
Production (crop estimate), total
mil. bu .. 2 2,595
Spring wheat
do .... 2 2 534
Winter wheat
do..
2 060
Distribution, quarterly @
do....
2,789
Stocks (domestic), end of period, total
do.... 2,141.0
On farms
do....
930.3
Off farms
..
do
1,210.8
Exports, total, including
flour
do.... 1,584.5
Wheat only
.. do
1,545 0
See footnotes at end of tables.
1 247 8
205.5
r
2171
111 4
272.7
217.5
1129
283.2
217.4
956
286.8
217.6
924
280.7
215.1
92 1
264.6
2161
92
247.0
2152
1093
231.6
218.8
994
206.9
218.5
1154
205.5
218.5
50249
2,854 4
8529
758.8
3025
4299
253.0
898.6
791.9
197
4562
273.5
911.0
803.0
206
4424
266.2
954.2
846.8
266
4386
259.0
9635
853.6
223
4227
2463
9629
856.8
247
3996
216.9
9410
841.5
278
4280
2291
8918
794.6
355
4118
2219
8775
782.5
316
1.620
1.631
1.677
1.667
1.582
1.651
1.556
1.556
1.556
6353
589
604
623
116
682
9
833
9
143,667
12,082
83,023
12.75
1358
206.3
2129
1194
245.5
213 1
4375
2366
8529
758.8
333
4259
2392
8358
742.1
229
3987
2272
8112
7219
372
1.556
1 556
1 556
r
120 2
283.3
213 1
121 7
304.8
2132
333.9
2132
4627
2636
4610
2661
8384
7429
8708
7759
1557
1558
r
r
8367
r
7246
209
175
1.556
582
598
562
474
51 1
495
485
431
435
502
526
976
1138
1199
8
117 1
9
1057
11
791
14
623
19
61 3
14
727
15
732
25
862
12,885
12,532
12,588
12,388
11857
12,058
11564
11968
12192
11314
12726
7238
12.90
7,694
12.50
7443
12.20
7419
12.10
7178
12.10
6522
12.30
6815
12.60
6281
12.60
6 648
12.60
7129
12.50
6721
12.40
1189
1,390.0
9.7
123.1
98
142.4
88
143.0
89
139.7
11 1
132.7
11 1
106.8
96
108.3
119
96.7
86
115.8
92
123.7
65
78.2
71
70.4
62
79.8
63
94.2
63
87.6
58
80.8
69
81.0
46
70.7
58
68.6
65
78.2
2761
17
12
10 697
11 193
7495
12.20
7733
12.00
"11.90
107
114.7
11 5
128.1
10 1
137.2
55
68.0
63
633
70
744
792
69
41.5
53
173
246
231
469
393
308
37
183
27 1
412
259
849
871
855
851
826
810
810
810
808
811
811
812
807
807
26950
2395
1978
1881
1651
1829
1533
2126
298 2
2428
238 3
1929
1633
117 7
2.8
3.9
5336
3651
1684
.1
1.5
.1
1232
123 2
1359
1359
1359
2
.4
84.0
3.0
1.6
3.9
5.3
6548
4615
1933
.9
1501
2
5892
5336
3651
168.4
34.8
1741
1741
1656
1529
1232
1189
8,865.0
7,891.3
55251
23662
1,731.6
204 8
2
1
3
2,835.5
3
20078
3
167.7
827 7
135.4
105.7
95.6
2234
2200
219 6
214 9
90.8
1,380 7
'6789
1
701 8
79.9
123.7
210.6
194 2
1857
172 2
188 0
216.8
192 1
.4
(10)
(10)
7,891 3
5525 1
23662
176.1
3786
310 2
684
(5)
164.8
119.6
190 7
1930
(10)
2
8
1359
1359
59453
39799
19654
97.6
56.9
187 1
189 7
127 4
199 8
\
518 6
378.6
3102
684
1.7
2
4
2474
4
163.4
4
4
179.9
4
146 4
4
.2
334
.1
.1
242.3
237.3
224.6
.1
218.9
.2
175.5
511 0
4160
950
.1
.2
175.5
167.0
1,553
186.2
(10)
(10)
(10)
.1
194.7
202.6
.1
185.4
.3
.1
191.1
158.1
452
174.6
136.0
9,230
358
228
180
183
900
2,876
673
739
207
201
148
5659
427
461
405
443
466
557
536
507
539
338
436
382
2,751
4,101
1,856
315
1,415
355
1,132
296
854
336
1,017
380
2,389
489
2,867
417
2,821
290
2,751
283
2,584
277
2,330
163
2,144
249
208
206.3
204.6
206.3
206.6
207.0
206.2
205.9
215.9
214.4
208.0
207.3
207.5
205.0
195.2
191.1
203.6
207.9
187.7
189.0
190.7
178.3
199.8
214.8
2126
1955
1976
1912
1976
2
ra
r
399
1720
20.6
196.9
2
2,425
2
598
2
1,827
r
2,054
2,526.1
1,011.2
1,515.0
926.8
8931
71.2
650
1,425.2
4
582.1
4
843.2
59.4
55.8
80.7
79.1
11 1 573
6
«244
4
65.6
63.6
86.5
85.6
886
2,971.1
1,248.4
1,722.7
72.3
720
r
86.0
856
83.8
813
449
2,526.1
1,011.2
1,515 0
66.5
605
404
21237
799.4
13243
71.8
686
73.1
677
65.2
60 1
599
54 0
S-22
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984
SURVEY OF CURRENT BUSINESS
,, .,
1984
June 1986
1985
Annual
1985
Apr.
May
June
1986
Sept.
Aug.
July
Oct.
Nov.
Jan.
Dec.
Feb.
Mar.
Apr.
May
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS— Continued
Wheat—Continued
Producer Price Indexes:
Hard, winter Ord, No. 1, Kansas City
1967 = 100..
204.6
228.3
Spring, No. 1, D.N. Ord, Minneapolis
1967 = 100..
186.4
220.8
Wheat flour:
Production:
Flour
thous. sacks (100 Ib.)
299 476 313,001
Millfeed,
thous. sh. tons ..
5,421
5,502
Grindings of wheat
thous bu 674 665 698 335
Stocks held by mills, end of period
4,787
thous. sacks (100 Ib.).. 1 4,230
Exports
do
16 955 14454
Producer Price Index
6/83=100 ..
96.6
97.8
POULTRY AND EGGS
Poultry:
Slaughter
mil. Ib.. 16,181
16,971
Stocks, cold storage (frozen), end of period,
324
total
mil Ib
267
125
150
Turkeys
do
Price, in Georgia producing area,
320
280
live broilers
.
$ per Ib
Eggs:
Production on farms
mil cases §
1900
1895
Stocks, cold storage, end of period:
24
Shell
thous. cases § ..
31
Frozen
mil Ib
13
13
Price, wholesale, large (delivered; Chicago)
.634
$ per doz..
.786
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
Calves
thous. animals..
3,030
3,168
Cattle
do
35880 34765
Prices, wholesale:
Beef steers (Omaha)
$ per 100 Ib
6533
5837
Steers, stocker and feeder
(Kansas City)
do
6311
6208
Calves, vealers (So. St. Paul)
do....
63.98
58.28
Hogs:
Slaughter (federally inspected) thous. animals .. 82,478 81,974
Prices:
Wholesale, average, all weights (Sioux City)
$per lOOlb..
49.03
44.98
Hog-corn price ratio (bu. of corn equal in
value to 100 Ib live hog)
154
176
Sheep and lambs:
Slaughter (federally inspected) thous. animals ..
6,549
5,976
Price, wholesale, lambs, average (Omaha)
$per!001b..
61.39
68.41
MEATS
Total meats (excluding lard):
Production
mil. Ib.. 38,987 39,131
Stocks, cold storage, end of period
do ....
696
607
Exports (meat and meat preparations)
do
1461
1422
Imports (meat and meat prepara2511
tions)
do
2160
Beef and veal:
Production, total
do
23895 24055
Stocks, cold storage, end of period
do ....
372
329
Exports
do ...
627
660
Imports
do
1277
1 449
Price, wholesale, beef, fresh steer carcasses,
choice (600-700 Ibs.)
1001
(Central U S )
$ per Ib
913
Lamb and mutton:
Production, total
mil. Ib..
372
350
Stocks, cold storage, end of period
do....
7
13
Pork (excluding lard):
Production, total
do
14720 14726
Stocks, cold storage, end of period
do....
274
229
197
192
Exports
do
784
934
Imports
do
Prices:
Producer Price Index, Hams, smoked
294.1
'284.5
1967 = 100..
Fresh loins, 8-14 Ib. average,
1 157
1 136
wholesale ( N Y )
.
$ per Ib
MISCELLANEOUS FOOD PRODUCTS
Cocoa (cacao) beans:
2661
1909
Imports (including shells)
thous Ig tons
Producer price, Accra (New
1262 2 1090
York)
.
$ per Ib
Coffee:
17734 18698
Imports total
thous bags A
3866
4148
From Brazil
do
Producer price, Santos, No. 4
1430 2 1430
(NY)
$ per Ib
Fish:
370
362
Stocks, cold storage, end of period
mil. Ib..
See footnotes at end of tables.
218.0
205.2
208.1
191.9
181.4
183.8
186.2
203.4
204.8
199.8
197.7
199.5
195.8
224.1
200.2
197.5
198.2
189.4
159.1
160.6
165.4
193.7
188.0
187.6
183.0
180.9
185.6
176.6
24,683
434
54976
26147
457
58142
24,079
419
53613
24,248
426
54157
27239
485
60723
26,760
469
59617
28,977
503
64888
28,324
504
63211
25161
446
55930
27403
479
61 095
27r069
471
60 128
25172
440
55386
25966
448
57754
2659
100.3
1548
97.0
4,980
693
96.3
850
95.2
381
93.1
4,992
132
93.7
131
94.9
1079
96.6
4,787
2569
96.7
1374
r
96.2
2312
96.0
4,466
2 171
96.9
2526
94.5
1,431
1,487
1,376
1,320
1,356
1,441
1,310
334
157
352
184
324
150
330
157
341
161
.260
15*8
1,523
1,540
1,415
1,644
r
r
420
243
490
305
569
388
626
444
664
484
377
208
.285
300
.285
.280
.280
.265
.300
280
285
153
157
158
154
160
157
163
163
147
26
13
30
14
21
15
30
18
20
18
22
16
23
15
28
14
24
13
28
13
.573
.529
.608
.586
.664
.705
.707
.746
.732
252
2848
246
3052
221
2774
274
3023
272
3089
271
2,877
298
3,097
268
2669
r
.270
159
1,365
339
150
98.8
1,505
379
186
414
226
290
280
275
13 7
13 1
21
13
20
11
32
12
40
12
.706
.657
.769
.626
.620
298
2778
289
3204
256
2613
276
2726
284
3096
257
3123
3
5872
5758
5669
5326
5194
5129
5802
6330
6294
5969
5642
5555
5369
5579
6606
60.00
6425
60.00
5911
63.44
57.43
62.25
57.81
58.59
56.27
60.00
59.12
60.00
6005
55.00
6204
45.94
6134
45.00
6168
52.50
5999
55.00
56.68
55.00
6221
55.83
7,177
7,364
6,209
6,399
6,810
6,738
7,566
6,818
6,640
6,968
6,127
6,662
7,160
6,699
41.85
42.70
45.67
47.09
43.91
40.42
44.20
44.46
47.11
45.60
43.80
41.08
40.59
46.43
169
176
174
173
r
195
198
190
184
176
173
19.4
153
154
204
512
494
423
485
496
480
554
460
490
507
441
524
477
417
69.50
74.25
72.56
71.98
71.42
68.94
63.32
62.50
60.62
61.75
68.50
67.00
68.00
80.75
3,295
773
3,488
785
3,085
759
3,277
738
3,402
677
3,252
654
3,544
645
3,123
633
3,145
607
3,482
617
2,937
615
3,133
r
622
3,478
663
3,387
676
112
116
116
130
139
118
139
122
123
124
123
123
132
213
214
221
230
232
226
198
196
201
225
196
197
179
1977
339
48
125
2131
312
53
130
1935
306
47
123
2102
331
64
145
2,164
322
63
152
2,027
319
55
144
2,154
307
64
114
1,854
314
48
106
1,901
329
55
122
2,185
330
63
134
1,809
313
60
115
1,904
308
50
109
2,156
311
60
101
2,152
330
892
895
885
822
800
.811
.9ll
.997
.988
.923
.868
.850
.833
.864
30
8
29
8
24
9
28
9
29
10
28
9
33
10
28
13
30
13
31
12
27
14
32
12
29
13
25
13
1,289
368
15
76
1,329
410
13
74
1,125
385
23
89
1,147
343
12
75
1,210
295
20
72
1,196
277
12
72
1,358
277
16
73
1,241
265
20
78
1,215
229
16
65
1,266
235
11
81
1,101
239
9
72
1,198
'254
11
77
1,292
284
14
69
1,210
281
272.5
264.1
261.6
272.1
273.5
267.6
284.4
310.3
319.5
288.3
276.8
272.3
260.2
264.9
1025
1.064
1.120
1.150
1.159
1.140
1.197
1.134
1.222
1.226
1.162
1.125
1.135
1.126
r
99
305
156
13.9
12.5
10.9
10.2
126
25.0
29.4
17.1
15.1
9.3
1430
330
1324
348
1,751
551
1,217
258
1,757
444
1,773
454
1,385
421
1,272
230
1,785
207
2,360
558
1,836
340
1,645
121
1,667
264
1430
1430
1430
1.430
1.430
1.430
1.430
294
298
362
311
283
259
'262
280
330
358
378
371
(2)
367
"257
SURVEY OF CURRENT BUSINESS
June 1986
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984
S-23
1985
Annual
1986
Units
1984
1985
Apr.
May
June
Aug.
July
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
FOOD AND KINDRED PRODUCTS; TOBACCO—Cont
MISCELLANEOUS FOOD PRODUCTS— Cont.
Sugar:
Exports, raw and refined
sh tons .
Imports raw and refined
thous sh tons
Producer Price Indexes:
Raw (cane)
1967=100..
Refined
12/77 = 100..
Tea imports
... .
thous Ib .
TOBACCO
Leaf:
Production (crop estimate)
mil Ib
Stocks, dealers' and manufacturers',
end of period
do ....
Exports incl scrap and stems
thous Ib
Imports, incl. scrap and stems
do....
Manufactured:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt
millions..
Taxable
..
do
Cigars (large) taxable
do
Exports, cigarettes
do ....
308,300
2947
375,782
2423
32,259
20,406
33,364
36,548
53,010
35,873
27,731
24,687
20,329
60,948
20,528
34,846
22,788
154
239
238
51
190
235
100
270
212
174
131
208
158
312.0
173.5
194,565
'291.3
165.6
174,617
298.6
166.1
13,342
301.9
167.0
15,337
304.2
166.7
15,054
302.5
166.1
15,586
296.3
165.2
12,745
288.5
165.1
14,942
273.3
163.8
14,878
267.6
163.1
13,656
272.6
163.0
13,493
'284.0
165.1
16,923
288.1
165.2
13,219
291.7
165.7
21,719
289.6
165.6
19,002
54102
32,710
15800
34,409
4,997
14230
33,772
20374
34,845
39168
46,941
5,151
41 104
33,624
48052
30,312
85377
47,782
5,293
89299
33,625
21580
32,507
31869
26,374
5,157
48826
40,183
45947
47,524
4,130
45,782
5,250
49,339
4,600
57,583
4,682
42,073
6,151
50,092
6,342
36,012
7,305
70606
5,760
49,853
5,684
47,972
6,153
41398
r
5,063
43179
5,906
51458
214
259
266
196
255
261
250
230
202
207
179
220
3,014
3,575
2,766
3,999
7,309
5,524
4,724
6,242
5,391
4,142
5,290
5,037
4,331
7,824
362.2
12,032
'368.5
10849
367.6
13050
368.3
13,652
368.9
2
'1728
1 513
5,293
5,444
528 451 538 648
409,102 430,273
67,112
597,893
2,961
56,517
288.9
165.5
66,491
594,922
2,740
58,968
LEATHER AND PRODUCTS
LEATHER
Exports:
Upper and lining leather
thous sq. ft
Producer Price Index, leather
1967=100..
LEATHER MANUFACTURES
Footwear:
Production, total <>
thous. pairs..
Shoes, sandals, and play shoes,
except athletic
thous. pairs..
Slippers
do
Athletic
do
Other footwear
do
Exports
do
Producer Price Indexes:
Men's leather upper, dress and casual
12/80=100..
Women's leather upper
1967 = 100..
Women's olastic uooer
12/80-100..
163,373
372.3
131,505
353.1
11,637
350.3
12,112
350.5
16,233
349.2
9,919
348.8
10,763
350.4
8,085
351.7
12310
354.9
12,452
360.1
301,398
266,042
22,264
24,948
21,187
19,759
24,620
22,489
24,863
21,127
18,829
21,911
20,845
'20,476
20,129
233,392
54026
13980
4,918
6,240
205,926
52372
7744
4,174
9,205
17,102
4499
18,562
5576
15,445
5051
15,558
3766
18,840
5118
17,407
4627
435
287
639
662
411
994
455
441
19,160
5172
16,284
4289
15,739
2519
17,872
3562
16,479
3867
15 781
4167
'528
15,188
4 370
1 174
107.9
219.2
102.9
109.7
223.5
104.0
109.7
223.0
102.5
110.6
223.7
102.7
110.8
224.4
104.7
381.7
663
336
698
810
322
619
691
376
615
104.7
223.5
104.8
110.7
223.4
104.0
1321
554
336
806
571
309
611
111.6
224.7
105.3
111.5
224.7
105.3
111.0
224.2
105.3
111.0
224.3
105.3
112.0
'224.8
105.3
3387
531
588
477
414
611
499
419
664
571
420
432
707
1039
112.2
224.6
105.6
112.6
224.4
105.0
112.6
225.8
105.0
3,046
3,347
112.6
224.3
104.0
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
1967 = 100..
See footnotes at end of tables.
2
2
37, 164
2
6 474
30 690
2
36,887
2
6322
2
30 565
3,296
3,256
3,101
3,034
3,299
3,196
2,851
2,649
517
559
522
2715
3349
2574
3031
471
2740
3496
535
416
3,092
2
2554
2944
2783
3294
2679
3162
502
2487
2899
2825
3478
2959
2507
469
2817
2532
519
425
2575
2955
504
2380
2828
2233
2809
437
2852
3221
2790
2660
2702
2359
2384
2452
2370
2937
6150
1,556
4594
6632
1,913
4719
6282
1774
4508
6198
1783
4 415
6445
1,812
4633
6535
1855
4 680
6555
1868
4687
6603
1904
4699
6770
1?920
4 850
6792
1922
4 870
6632
1913
4719
6769
1927
4 842
6916
1957
4959
6784
1938
4846
13,615
14,191
420
1,431
1,445
1,318
1,308
1,307
1,395
1,146
1,039
1,113
1,159
1,325
1,380
8,296
7,592
8,329
8409
7,620
7625
909
486
127
358
710
587
664
703
930
52
17
35
665
563
618
689
859
39
16
23
612
555
624
620
863
43
8
34
568
555
602
568
897
42
17
25
596
495
642
656
883
38
6
32
734
563
683
666
900
36
8
28
659
538
744
684
960
37
6
31
654
575
618
617
961
40
8
32
568
528
563
615
909
39
7
32
670
558
666
640
935
37
10
28
659
600
671
617
989
51
12
39
833
638
739
795
933
49
9
40
679
594
739
723
949
45
10
35
328.0
336.6
345.0
358.9
386.6
379.4
343.3
313.7
299.2
283.8
302.1
'314.2
304.3
315.8
332.7
37,390
6216
31,174
2
37,180
25994
2
31 186
2
2
561
914
543
150
393
528
556
537
541
532
527
499
480
516
517
503
529
541
358.2
S-24
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984
June 1986
1985
Annual
1986
n k
1984
1985
Apr.
July
June
May
Sept.
Aug.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
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
:
1967 = 100..
Western pine:
Orders, new
mil bd ft..
Orders, unfilled, end of period
do ....
Production
do ....
Shipments
do
Stocks (gross) mill end of period
do
Producer Price Index, othef softwood,
dressed
1967-100..
HARDWOOD FLOORING
Oak:
Orders, unfilled, end of period
mil bd. ft..
Shipments
do....
Stocks (gross), mill, end of period
do....
1
1
10 596
1,130
530
992
1 130
1,028
693
1,039
1039
644
528
894
814
958
577
920
909
958
640
920
892
895
618
895
913
924
628
944
915
719
581
783
766
829
595
761
791
889
612
881
872
890
687
825
816
986
678
968
997
1808
1863
184 793 169 925
1,723
18,594
1732
17071
1818
11 180
1829
11865
1868
15477
1,846
14,450
1876
15166
1893
16609
1863
9836
1872
13 108
1881
13278
1852
15780
17007
r
288.8
287.5
300.5
318.0
747
485
743
695
1343
728
501
736
712
1367
909
553
828
857
1338
836
498
893
891
1340
372.3
371.5
378.7
396.5
86
12.4
3.6
10 342
561
1
10,674
1
10 574
10 630
595
1
10,651
1
319.8
300.6
292.4
326.4
347.0
321.1
297.1
288.0
283.4
279.6
279.6
9011
407
8,992
9014
1257
9173
433
9,185
9147
1295
878
464
822
827
1,343
832
508
777
788
1332
798
499
783
807
1308
763
503
759
759
1,308
892
456
921
939
1,290
831
460
834
827
1,297
816
441
866
835
1328
734
446
733
729
1332
724
433
700
737
1295
385.5
378.8
373.6
376.4
395.6
391.7
382.1
376.2
371.5
368.8
370.8
7.3
109.6
5.7
5.5
121.8
6.2
6.3
9.8
6.0
5.3
9.9
6.6
5.6
10.5
7.3
4.0
12.4
6.1
4.2
10.2
6.0
5.5
8.7
6.2
5.8
11.1
4.7
6.6
10.6
4.2
82
12.2
3.7
77
765
1
73
984
2
81
868
1
87
73
892
4
74
72
1320
1 185
1063
5.0
9.9
6.9
4.6
11.1
6.1
4.1
11.0
6.0
r
317.4
392.8
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
Production
thous sh tons.
Receipts, net
do . .
Consumption
do....
Stocks end of period
do
Prices, steel scrap, No. 1 heavy melting:
Composite
$ per Ig ton
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
do
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.
qoo
85
694
13
83
885
1
81
856
1
1,961
1,577
61
1
2,362
66
33
5 077
2,634
3,670
6,216
5112
2,665
3,437
6,208
5222
8169
9238
7151
7754
7830
8500
51269
50883
17,160
48386
48 038
15,955
64881
65990
4993
32146
5187
24017
2,942
535
2
63
669
1
42
34
2,029
40
22
2,539
41
47
1,303
2,476
3,054
5,779
5772
2,488
3,014
5,594
5599
2,629
3,163
5,782
5584
2,571
3,212
5,817
5,556
7098
7450
6509
6950
66.15
7250
7051
7700
4894
4197
982
5711
5792
872
5258
5828
1,326
2974
5037
1,337
61,757
5,085
7,352
6,741
63658
7135
29389
5968
21290
2404
5,643
1697
27966
13410
13 144
1,412
6046
545
29 Oil
13328
14406
1277
5410
801
130
100.3
50012
51 460
3
239
98.4
10520
6247
380
180
71
813
1
980
9498
57
9935
32
26,171
577
702
24,279
611
344
1,915
59
23
1
36 128
1
29,524
1
3
30 455
5
38,816
3
70,491
3
65,702
5261
1
51 904
1
52 097
304
4
101
1267
39
20
1,700
1
2,147
2,043
66
13
1,748
41
33
74
22
2,704
3,400
6,215
5498
2,582
2,934
5,751
5257
2,381
2,777
5,371
5077
70.89
7500
6942
7350
6625
6950
4,102
5234
3,005
4229
5536
l'320
3718
4958
1,589
2,329
2919
1,265
6,858
7,139
6,312
5,762
5,620
4,848
1,280
4,914
31216
8790
20,419
2,007
5094
366
30576
7759
21029
1,788
5,083
509
29879
6548
21527
1,804
5086
514
29 389
5968
21290
2,404
5,476
13
27260
8073
17,065
2,122
5,209
669
29788
12796
15746
1246
5186
1 163
30727
9850
19087
1,790
63
80
53
41
61
97
50
66
4512
4,563
275
98.6
4553
4554
283
99.9
4301
4,241
4 114
4,333
289
96.9
4110
4,334
292
98.3
3883
4,122
3999
4,115
97.5
4060
4,275
246
97.5
3930
3,980
239
97.1
4297
4,177
264
97.6
9751
6050
929
574
894
578
829
535
792
531
817
545
760
462
896
545
707
429
631
354
r
606
r
378
187
35
18
35
17
33
16
26
10
28
14
29
14
33
19
30
14
26
13
1,601
26184
10407
13936
1,841
35
10
2,165
5235
586
29567
10'737
17248
1,582
1,964
6621
6950
4925
5819
1,679
1
296
99.8
811
276
236
97.3
49
24
66
r
3
2,529
3,121
5,811
4844
r
2,410
r
3,234
5,729
4794
2,568
3,306
6,047
4684
2,861
3443
1 106
1,209
1,168
46
52
r
r
755
1,292
403
r
47
17
1,444
143
218
104
53
98
4002
3,825
r
269
98.0
4,341
4,111
4,341
4,284
97.9
97.8
r
571
r
591
339
(2)
r
336
r
36
13
259
r
97.9
41
14
SURVEY OF CURRENT BUSINESS
June 1986
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984
IT
.,
""
1984
S-25
1986
1985
Annual
1985
Apr.
June
May
Aug.
July
Sept.
Oct.
Nov.
Jan.
Dec.
Mar.
Feb.
Apr.
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,
monthly average
„ $ 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 Q
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.) ()
do....
Stocks, refined, end of period A
do....
Price, avg. U.S. producer cathode, delivered §
$ per lb..
See footnotes at end of tables.
1
87290
653
7872
716
7830
689
7292
66.3
7010
621
7 130
632
6924
634
7351
652
7 051
647
6728
597
7665
694
7 171
718
7947
719
940
862
1
92 528
684
890
837
85
79
84
79
74
68
62
58
66
63
70
67
70
65
70
68
6
58
61
60
r
54
r
53
53
52
72 698
6425
6519
6 125
5053
6064
5848
6308
5654
5821
6437
5799
6142
4,350
374
407
361
282
362
362
381
354
333
395
383
411
430
' 4,843
4,313
888
1
12 231
221
419
96
1 129
403
421
90
1094
398
381
83
993
321
231
63
111
425
339
57
990
418
326
54
988
440
351
56
1078
373
328
54
941
384
338
63
862
448
334
73
1 128
370
294
72
993
414
312
74
1057
404
338
71
1 120
1
6,466
'4444
1261
4096
1,136
3,772
395
418
111
381
113
308
567
411
111
344
105
326
509
380
99
359
99
330
355
353
69
279
91
321
492
398
95
406
96
343
530
356
98
334
91
314
559
405
109
364
100
295
509
336
92
325
77
268
452
321
87
307
66
340
632
369
122
324
93
301
507
376
105
288
89
285
562
379
110
308
100
337
608
391
116
264
113
349
37 069
12,952
13,574
3232
1,139
1,190
3328
1,187
1,208
3 122
1,087
1,132
2690
942
1,000
3,045
1,108
1,067
2962
1,018
1,057
3243
1,110
1,202
2902
1,001
1,051
3129
1 167
1,129
3341
1 149
1207
2999
1 019
1093
3130
1049
1 151
3 195
1 030
1214
73 739
1
1
4,407
7
4156
4,339
1239
1
13 232
1
1
7,255
M 432
1484
4276
1,222
'4062
36806
13133
13,664
1
1
17548
6407
2,663
12,725
1059
2,129
17 234
'6052
2563
12,554
1036
2737
4337
26500
25.6
76
60
1
4572
1,695
688
3,360
316
555
4069
26 098
1072
6811
r
23.5
T4
r
62
r
25.0
r
7.8
r
62
r
24.6
76
r
63
r
24.3
7.4
r
63
V
4229
1,659
692
2,934
206
498
r
24.7
7.5
r
64
r
24.2
r
74
r
63
4346
1550
652
3242
253
523
1088
6314
-
4586
1556
676
2,960
209
488
942
6366
999
6811
r
23.7
r
74
r
62
r
23.3
72
r
61
r
23.0
71
r
63
r
r
26.1
26.3
62
74
60
73
r
62
6283
2
1415
2
559
2
231
1,099
78
189
370
2342
262
r
74
r
7787
735
75
60
235
60
58
60
60
60
61
60
58
57
56
58
60
60
59
60
453
44.7
r
41
r
536
r
r
50
r
48
r
r
47
r
49
r
r
45
r
43
r
r
47
r
45
r
r
45
r
43
r
r
43
r
49
r
r
43
r
48
r
r
40
r
41
r
r
41
r
37
r
36
67
37
36
68
36
35
68
37
37
4,099
1760
3,499
1728
295
147
304
146
288
143
292
145
289
142
280
149
285
166
265
139
271
135
272
147
251
129
9753
499.8
9609
4691
732
368
804
477
848
359
759
347
804
349
1034
458
950
377
767
351
640
377
905
414
1109
415
1409
405
1444
340
2862
2244
3799
1899
310
175
328
147
588
162
418
124
274
183
296
141
214
169
205
168
131
128
241
202
281
183
200
141
14 1
182
.6105
.4881
.5196
.5200
.4794
.4686
4753
4634
4573
4508
4998
5525
5682
6157
14,561
11030
6333
2 184
14,365
11 108
6440
2212
1,216
977
562
193
1,294
990
582
195
1,191
933
548
186
1,195
934
552
157
1,222
965
572
183
1,258
918
535
178
1,267
976
553
199
1,121
852
484
173
1,035
818
490
163
1,174
946
541
200
1,168
r
913
r
525
183
1,389
1 033
610
179
5850
5160
5728
5684
5596
5575
5488
5438
5337
5246
5 160
5 161
r
5 158
5046
1
1,091.3
1
1,200.2
1
1,084.3
115.9
309.5
1,110.7
1,039.1
890.4
55.2
363.2
92.5
93.9
80.1
5.5
31.6
95.7
100.5
86.6
5.3
31.2
88.9
76.5
63.5
4.8
34.7
89.6
89.0
74.7
5.8
32.0
86.3
77.1
65.3
3.4
30.0
80.7
80.9
68.6
4.0
29.6
93.1
85.6
73.8
4.2
25.9
923
77.8
667
3.9
287
993
87.2
758
3.7
285
956
79.7
766
3.1
265
652.7
5213
483.2
3907
28.1
223
33.5
268
51.1
415
34.2
272
31.1
257
41.5
346
29.7
220
50.2
404
56.4.
49 9
59.6
51 9
52.4
439
57.4
49 5
46.6
38 2
360.7
93.9
450.6
581
40.1
3.7
27.6
1.3
45.9
3.9
51.8
5.7
42.3
6.3
37.6
10
37.2
13
35.4
9
25.5
11
49.4
13
383
15
452
12
338
10
2,036
556
1,899
313
173
413
165
363
153
363
127
376
153
364
162
355
170
328
146
310
135
313
162
329
.6685
.6697
.7032
.6986
.6709
.6677
.6635
.6572
.6668
.6629
.6803
6988
555
49
52
45
43
45
51
48
44
6825
7616
695
SURVEY OF CURRENT BUSINESS
S-26
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984
Annual
June 1986
1986
1985
Units
1984
1985
Apr.
May
July
June
Aug.
Oct.
Sept.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
METALS AND MANUFACTURES—Contimied
NONFERROUS METALS AND
PRODUCTS—Continued
Copper-base mill and foundry products,
shipments (quarterly total):
Brass mill products
mil. lb..
Copper wire mill products
(copper content)
do ....
Brass and bronze foundry products
do ....
Lead:
Production:
Mine, recoverable lead
thous. met. tonsRecovered 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. tonsRefiners' (primary), refined and antimonial
(lead content)
thous. met. tonsConsumers' (lead content) 0
do —
Scrap (lead-base, purchased), all smelters
(gross weight)
thous. met. tonsPrice, common grade, delivered
$ per lb..
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 lb..
Zinc:
Mine prod., recoverable zinc
thous. met. tonsImports (general):
Ores (zinc content)
do....
Metal (slab, blocks)
do —
Consumption (recoverable zinc content):
Ores
do —
Scrap, all types
do —
Slab zinc: @
Production, total $
thous. met. tons..
Consumption, fabricators
do —
Exports
do ....
Stocks, end of period:
Producers', at smelter (ABMS).....
do—
Consumers'
do —
Price, high grade.
$ per lb..
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):
Shipments *
do ....
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 §
1985=100,
Pneumatic products §
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.
2,717
617
562
549
522
1,880
541
479
147
461
128
'427
128
429
138
321.9
' 582.8
1
2363
2,138
3
572
4094
5318
388
439
367
447
321
349
34 1
41 1
344
455
304
508
365
539
32 1
542
326
434
403
498
36 1
455
80.3
56.5
1,207.0 '1,130.2
5.0
90.1
4.1
86.0
3.0
77.0
7.9
67.8
5.6
101.8
2.0
100.4
4.5
106.3
3.1
90.7
2.2
82.4
6.3
96.7
4.0
85.4
107.9
61.3
77.9
78.2
66.0
75.6
76.6
70.1
70.1
68.8
61.3
83.9
61.9
84.1
71.9
98.5
71.8
118.0
70.7
112.9
68.1
106.6
66.1
103.0
63.3
92.5
62.8
81.7
65.2
83.9
61.9
86.9
63.8
226
.2011
21.1
.1905
22.9
.1888
26.5
.1910
27.3
.1920
23.8
.1893
21.3
.1905
22.0
.1897
24.0
.1835
1
1,566
799
168
4,200
3,200
242
2,746
916
156
4,400
3,300
101
44
3,572
752
22
2,651
873
4,500
3,400
245
10
3,145
785
145
4,400
3,300
217
4,300
3,200
193
4,500
3,400
341
22
2,805
811
148
4,200
3,100
278
3,354
744
112
4,000
3,000
333
2,523
'821
8
4,300
3,200
272
4,913
5,665
'5,310
185
307
106
578
3,700
2,900
680
67
5,081
36
500
246
.1779
53
3,915
847
172
4,600
3,500
303
214
3,278
936
65.2
218
220
.1907 ' .1992
1.7
61.7
47.7
97.1
2.3
4,684
20.9
.2555
3,273
41,241
'11,446
2,202
50,400
38,700
3,184
1,633
33,831
9229
4
\ 176
51 600
38,900
2,875
46
2,352
533
210
1,480
220
2,592
6.2380
5665
5
5.9595
2,228
5.9156
2,853
5.8861
3,042
6.0403
2,762
6.2631
2,663
6.2649
2,985
6.1007
4,121
6.1046
252.8
2175
178
189
188
139
142
148
191
163
188
204
184
95.6
632.5
914
5687
43
532
11
409
12 1
695
12
458
31
41 3
105
523
137
4
130
642
58
665
109
740
140
594
68.1
251.4
527
2510
55
214
4i
21 1
29
216
27
205
35
206
45
203
37
208
25
209
67
208
52
201
48
202
290.0
848.9
3010
'711 8
7
256
61 0
244
66 0
193
590
214
52 6
244
559
248
568
278
589
246
558
246
521
1
25.6
554
2
19.4
538
2
19.4
43.7
'72.5
.4860
356
754
4037
323
594
4488
362
48 4
3786
324
490
3576
339
49 1
3336
356
'439
'3361
305
486
3287
261
472
3088
254
3122
'5.
242
108.6
145.5
'2395
'1000
'1395
4261
,4.
42724
3696
2532
4008
3712
3725
3708
3743
3942
2831
120.6
119 9
118 6
121 8
125 5
1255
1203
119 5
1196
1185
1159
1183
1201
1164
1160
141.7
144.3
147.1
151.1
143.0
142.3
151.1
144.3
146.4
145.2
134.2
146.7
144.3
136.9
144.3
158.8
1629
1629
163 0
163 5
1636
1633
1634
1634
1629
1629
1634
1636
1638
100
96
95
101
105
105
96
103
93
96
86
91
91
101
91
94
98
104
90
99
97
116
96
105
97
101
104
'105
1,915.80
1,699.55
1,606.50
1,483.85
1,132.4
1 853 10 122 10
1 652 15 11285
103.15
1,742.25
1,548.50
98.15
1 2433 1 3228
17075
157 35
118.85
110.00
13748
18285
159 95
163.00
149.40
13946
14985
114 85
125.05
111.30
14194
13080
11570
143.05
137.20
14072
12410
10825
174.95
158.60
13563
15600
13495
129.90
114.05
13824
17155
16270
139.40
126.35
14146
11660
11005
287.85
223.55
12433
135.00
12475
91.50
74.05
12868
168.60
16065
123.90
109.50
1 331.5
1,000.00
931.50
679.35
608.75
542.2
' 675 00
'61000
'80295
'74295
414 2
61 40
5730
6660
6365
562 1
5195
4645
5845
5380
5556
5235
4855
7600
73.35
5320
5000
4305
6975
63.25
5122
5370
4690
7285
63.85
4930
5000
3660
6900
62.20
4740
7385
6925
6940
64.60
4785
2355
2095
5975
52.90
4423
5845
5320
8650
82.50
4142
5575
5020
5435
50.80
4156
41 80
3760
78.75
76.15
3787
1
320
545
4512
32 1
483
4373
323
558
4144
343
524
3984
2
56.7
22.4
34.3
555
24.7
30.8
850
253
261
2
106
111
159.90 "136.25
'146 05 "11840
171.55 "152.90
148.20 "140.85
1,319.8 "1,303.2
'5470
50.75
'77.25
'71.10
3562
r
"5720
"51.05
"57.20
"50.50
3562
143.1
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984
S-27
SURVEY OF CURRENT BUSINESS
June 1986
1986
1985
Annual
,. ..
1984
1985
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
METALS AND MANUFACTURES~-Coiitimied
MACHINERY AND
EQUIPMENT— Continued
Tractors used in construction, shipments, qtrly:
Tracklaying (ex. shovel loaders)
units
mil $
Wheel (contractors' off-highway)
units
mil $
Shovel loaders $
units..
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
2,095
1753
1817
130.4
14,012
487.1
8,917
7854
5602
421.9
45,622
1,791.9
7,897
6603
6315
4636
49,419
1,820.5
59,332
46,420
58,684
40,606
3,495
2,859
3,741
3,229
22,210
20,525
1,471
1,481
39,446
3,103
3491
4,087
9,132
3,074
5994
1281
5,049
3,684
41,797
3,022
3575
4105
10,883
3,142
6080
1236
5,278
3,914
3,509
524
276
275
827
251
472
90
412
286
1,849
1,732
1,822
1,828
3,502
3,529
1,823
1551
1447
101.9
12,357
448.1
4,011
3,410
4,073
2,885
5,359
3,243
1,970
992
1,611
4,182
632
286
360
1,056
260
564
112
468
307
3,830
416
322
355
855
270
648
136
462
319
3,318
171
307
293
728
261
668
149
422
298
112
125
115
143
131
174
324
278
270
1
1
1,882
1621
1444
1160
13,218
517.4
6,156
4,650
6,735
3,282
5,634
3,179
2,137
1,641
1,999
2,235
1,687
1,616
1,888
2,045
3,211
68
285
348
838
266
537
131
425
298
3,390
49
313
387
852
279
559
108
476
360
3,672
24
357
364
1,004
311
559
100
528
420
3,459
39
298
334
1,276
270
434
66
405
340
2,984
113
254
305
871
255
335
70
341
284
3,594
131
316
384
1,087
265
448
90
490
375
3,185
175
287
340
904
254
407
77
399
308
3466
422
295
339
870
240
419
80
408
314
3749
456
337
300
879
266
549
99
446
325
128
109
182
163
196
185
220
185
181
163
170
158
155
148
150
150
160
167
288
274
273
334
288
308
337
323
343
371
250
615.5
321
164
622.9
328
55
622.9
306
8
645.9
284
7
623.9
305
61
623.9
300
118
635.1
635.1
73 098
71 654
8181
5362
5345
1
1
1
1
6,487
2,256
4,776
2,096
3,511
1,969
3,760
2,630
4,089
1,570
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
Production f
thous sh tons
Exports . .
do
Producer Price Index
...1967 = 100 ..
Bituminous:
Production °j~
thous sh tons
Consumption, total t
•
do....
Electric power utilities
do
Industrial, total
..
.do
Coke plants (oven and beehive)
do....
Residential and commercial
do....
Stocks, end of period, total t
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:
Producer Price Index
....1967 = 100 ..
Gross input to crude oil distillation
units
mil bbl
Refinery operating ratio
% of capacity..
All oils, supply, demand, and stocks:
New supply, total §
mil. bbl ..
Production:
Crude petroleum
do
Natural gas plant liquids
do....
Imports:
Crude and unfinished oils
do....
Refined products
do....
Change in stocks, all oils
do
Product demand, total
do....
Exports: ;
Crude petroleum
do....
Refined products
do
See footnotes at end of tables.
4,162
680
611.3
3907
1,286
616.3
891 759
788,203
663 329
117,214
43,987
7,660
190,410
173 017
17393
6158
80792
543.5
882 189
815,078
692 808
115,801
41,029
6,469
163,008
149 188
13820
3409
91361
r
5435
30,561
32,131
28,651
33,046
3716
3363
353
968
1 130
2553
2148
404
1232
1 179
669.8
44710
76
r
249
69
614.9
335
168
614.9
420
128
614.8
338
64
614.8
340
168
614.8
316
119
615.2
76535 78240 73017 69010 79478 73818 80117 69288 70010
61,473 64,563 66,772 73,961 72,900 66,474 64,757 64,579 74,863
50810 54,497 57545 64160 62980 56706 54884 54228 63316
10,025
9,681
8,923
9,345
9,489
9,739 10764
9196
9294
3,776
3,282
3,434
3,417
3,190
3,849
3,358
3,311
3,163
385
304
638
456
431
572
612
579
783
177,983 180,548 180,941 172,138 168,889 168,947 172 809 170,421 163 008
164 859 167 293 167 555 158 858 155 716 155 880 159 491 156 852 149 188
13124 13255 13386 13280 13173 13067 13318 13569 13820
4522
4466
4579
4 164
3749
3334
3359
3384
3409
6989
9059
7781
7969
7162
7247 10245
7975
8492
544.3
5445
545.1
5467
5342
5470
5456
5404
537 1
2,566
1045
32
2,722
7,601
2,914
1 111
215
3279
2883
396
1 100
115
2,953
986
117
2,970
7,150
2,684
i 056
62
3217
2831
386
950
162
2942
1064
101
r
74 218
69011
73938
63965
54998
53810
144 896
143 986
147263
5922
5377
5145
5343
6089
5359
294
r
2,899
6,689
3271
3,097
2705
3006
1050
128
2553
2148
404
1232
87
1207
52
1 183
18
1456
83
67
309.0
r
619.4
617.6
620.9
620.1
618.9
614.1
615.5
618.5
621.4
624.3
618.1
494.5
371.9
4443 8
78
3590
76
3814
78
3741
79
3940
81
3802
78
3627
77
3833
78
3785
80
3948
81
389 5
80
3380
78
364 3
76
5,851.7
5,708.8
471.9
506.4
464.9
479.1
473.6
464.9
488.6
507.2
5074
4992
4284
4722
32497
613.1
32558
612.1
2653
49.2
2780
51.1
2689
49.7
2760
50.6
2758
52.8
2662
49.4
2772
51.7
2680
52.9
2768
54.3
2772
55.0
2503
48.9
277 1
51.4
1,368.8
620.2
1026
6,018.7
1,302.6
538.3
398
6,013.7
114.3
43.2
147
483.2
128.8
48.5
335
501.1
106.4
39.8
25
487.2
112.5
40.0
46
501.9
110.9
34.2
—221
520.4
106.4
43.0
73
477.6
113.1
46.7
75
5150
133.6
52.7
299
4933
121.9
54.3
58
5414
112.1
548
213
5200
90.2
39.1
227
4736
101.1
426
260
5237
66.2
1969
74.5
2099
7.1
158
7.7
141
6.8
139
4.8
161
7.5
157
5.6
185
38
176
8.6
224
61
225
49
21 5
45
196
66
153
300.4
SURVEY OF CURRENT BUSINESS
S-28
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984
Annual
June 1986
1985
1986
IT it
ljnus
1984
1985
Apr.
May
July
June
Aug.
Oct.
Sept.
Nov.
Dec.
Jan.
Feb.
Apr.
Mar.
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 petroleum 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 petroleum gases:
Production total
do
At gas processing plants
(L.P.G.)
do
At refineries (L R G )
do
Stocks (at plants and refineries)
....do....
5,755.6
24582
422
1,041.2
501.2
4302
5,729.2
24968
45.6
1,043.6
435.9
4362
460.4
2088
28
83.0
34.0
366
47
106
479.3
2189
466.5
2100
2.3
25
775
80.6
38.9
31.4
349
46
146
342
46
179
481.0
2178
2.2
76.0
32.3
37 1
497.2
2254
31
820
35.5
453.4
2000
26
776
28.8
32
909
31.5
4623
2042
35
809
371
381
44
102
480
512.8
2102
4496
1808
5018
2169
445
397
35
62
557
42
967
404
358
39
40
490
4936
2017
78
57
1003
43.9
1005
40
982
432
373
46
67
476
43
211
364
50
210
43.5
1,510.0
8194
4766
44.9
1,514.6
8101
4835
44.4
1,492.5
8049
487 1
46.5
1,499.9
8059
4893
54.9
1,492.4
8037
4899
1,522.3
8110
4915
60.5
1,516.4
8120
4933
1,537 8
8263
4944
1 5150
8273
4954
1,489 0
8378
4969
156.7
522.5
154.5
536.1
155.3
549.2
146.6
541.1
149.0
545.0
150.0
538.7
153.4
557.8
148.7
555.8
151.0
560.5
151.1
536.6
145.7
505.6
1904
184.4
2032
183.6
2037
188.6
2106
194.0
2122
190.0
1903
189.5
1976
181.3
1951
184.2
2067
191.9
2028
203.5
1772
209.0
1886
187.2
570
526
1495
575.5
1,556.2
7959
4505
1534
589.1
1,516.4
8120
4933
41.8
1,474.0
8067
4649
41.8
1,507.5
8283
4719
139.8
620.6
148.7
555.8
155.4
511.9
2371 1
207.9
23463
191.9
357
41
192
4936
2152
384
47
166
409
36
64
515.1
r
507.3
493.9
522.5
535.7
539.3
526.7
513.6
506.1
520.1
523.0
486.5
427.3
327.9
1.129
1.212
J
1.115
3
1.202
1.119
1.205
1.144
1.231
1.153
1.241
1.154
1.242
1.143
1.229
1.129
1.216
1.117
1.204
1.123
1.207
1.123
1.208
1.107
1.194
1034
1120
894
9.1
2.7
8.6
2.1
.7
2.4
.6
2.3
.7
2.2
.9
2.3
1.1
2.3
.9
2.3
.7
2.2
.8
2.4
.5
2.1
.6
2.1
9
2.4
7
22
7.7
2.6
8.1
1.7
7.5
2.1
2.7
7.7
3.2
8.1
3.3
8.7
3.7
9.5
3.8
7'.2
10.3
4.5
7.7
4.5
7.3
3.6
6.7
3.1
6.1
809.3
824.5
826.9
803.1
779.8
780.3
780.6
795.2
806.3
812.7
795.6
748.9
685.0
784
890
930
98.4
38.7
41.8
11.9
r
870.3
981 2
9786
742
161 1
143.9
97.1
821.5
820.3
851.0
326.2
249.2
318.5
187.0
26.6
12.7
'983.1
1,087.9
1,058.7
414.3
425.7
725
994
507
530
73
466
820
2.9
3.1
76
82
899
718
115.5
113.7
117.1
121.7
139.3
143.9
139.0
112.8
754.9
743.6
800.5
841.3
887.5
905.5
830.2
627.2
516.5
20.6
12.8
22.1
13.4
23.0
12.0
24.1
16.1
28.3
15.8
27.7
18.7
28.9
19.5
24.0
16.2
481
427
665.5
33.7
417
41.4
37.7
923
584.8
523.8
504.3
476.4
558.2
523.1
40.0
794
63
34.6
2
6.2
9.0
402
408
370
428
496
894.3
908.2
890.7
889.7
884.0
885.7
32.7
19.0
50.7
955.2
33.4
36.0
35.7
35.3
37.9
38.5
38.0
416
421
2
422
506
429
402
9.7
r
416
36
441
67
474
420
402
583
530
4.3
46
47
4.6
4.7
4.0
3.9
4.4
11.7
12.0
12.0
47
122
46
12.7
12.5
12.2
12.5
12.2
11.6
11.7
12.4
1413
1454
149
140
104
20.4
18.6
19.8
21.2
22.4
25.2
27.3
422
424
426
6.9
67
4.5
12.6
6.4
4.2
12.0
8.3
172
212
113
274
144
284
161
278
169
250
179
235
6209
6218
507
528
521
537
534
502
515
518
553
581
518
536
488.2
1327
100.8
483.5
1383
72.7
39.1
394
127
39.8
40.4
38.5
40.6
41.3
43.1
44.5
39.9
41.7
116
407
121
80.8
87.6
92.7
96.1
99.2
96.7
88.3
84.3
72.7
70.4
67.6
70.4
139
130
117
109
105
122
136
119
119
PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD
Receipts ....
.
thous cords (128 cu ft )
Consumption
do
Inventories end of period
do
WASTE PAPER
Consumption
thous sh tons
Inventories end of period
do
WOODPULP
Production:
Total
thous sh tons
Dissolving pulp ...
do
Paper grades chemical pulp
do
Groundwood and thermomechanical
do
Inventories, end of period:
At pulp mills:
Own use woodpulp
Market pulp
Market pulp at paper and board
mills
Exports all grades total
Dissolving and special alpha
All other
Imports all grades total
All other
See footnotes at end of tables.
503
85 744
5046
7009
7 148
5136
6958
7072
4952
6918
6943
4925
7003
7022
4881
7015
6925
4970
6913
6904
4958
7880
7666
5312
6,914
7 112
5,062
6,861
6907
5,046
r
8,088
r
7880
r
7,483
7261
5,807
7,294
7478
5,433
15 290
1245
1223
1 264
1212
1,011
1294
1266
1364
1,286
1,207
978
1,399
r
954
1,287
1,415
985
54 170
1,174
43696
4394
4522
4456
4492
4518
4,433
4595
4,499
4,385
4846
4,407
4,856
3506
3618
3 584
3626
3666
3604
3683
3,648
3,555
3,931
3,576
3,934
5506
4069
5251
4 050
451
441
352
428
346
447
OOO
427
348
423
324
454
353
421
333
408
328
463
346
425
311
467
346
174
585
163
475
165
636
175
560
192
529
186
563
180
541
184
502
175
507
190
537
164
486
165
444
157
422
143
372
r
545
3694
r
492
'3794
449
328
59
269
335
4
331
444
309
46
263
380
11
369
442
372
80
292
384
5
379
414
334
52
282
392
14
378
410
303
35
268
387
5
383
407
298
35
263
340
18
322
426
269
45
224
355
6
349
504
528
196
48
148
335
6
329
554
414
57
357
145
15
130
1
88 876
1
87 646
5574
1
1
15 926
1,053
1
55 470
1,206
44690
1
do
do
do....
do
do
do
do
.do
1
85
1
J
595
978
'2999
1
4 490
1
1
1
146
4,343
631
3,161
1
4,466
117
4,349
994
104
970
112
852
888
388
756.5
348.4
25.1
17.7
877.8
815
99.3
797.7
310.4
820
44
110.0
828
418
981
802
24.2
15.6
1,119.6
2
104.7
880.5
2
97
87
OOO
958
77
958
82
999
106
957
97
r
448
363
56
307
401
14
387
93
r
492
295
42
253
339
4
335
5,491
107
r
368
55
312
OOO
17
366
906
95
874
109
358
62
296
349
17
332
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984
S-29
SURVEY OF CURRENT BUSINESS
June 1986
„ ..
1984
1986
1985
Annual
1985
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
r
5,924
r
r
5,476
r
2761
r
2715
5,994
3034
2960
5,812
2880
2932
May
PULP, PAPER, AND PAPER PRODUCTS—Continued
PAPER AND PAPER PRODUCTS
Paper and board:
Production (API):
Total
thous. sh. tons.. 1 68,449 rlr 67,234
5,420
Paper
do
2811
34409 r34 044
Paperboard . .
do
2609
34039 33 190
Producer price indexes:
284.2
274.6
Paperboard
.1967=100 ..
281.4
Building paper and board
do....
257.6
257.3
259.0
Selected types of paper (API):
Groundwood paper, uncoated:
1
110
1575 77 1480
Orders new
thous sh tons
85
140 rl 106
Orders unfilled, end of period
do
123
1,519
Shipments
do
'1 565
Coated paper:
509
Orders new
do
'6281 rl 5r 642
445
393
Orders, unfilled, end of period ..
do
575
r
516
5,875
6,249
Shipments
do. .
Uncoated free sheet papers:
rl
Orders new
do
855
'8939 rl 9,727
;
856
Shipments
do .
9,474 10,014
Unbleached kraft packaging and industrial
converting papers:
1
1
258
3,410
Shipments
thous sh. tons .
3,666
1
394
Tissue paper, production
do
4 921 1 4,941
Newsprint:
Canada:
749
8,988
9,013
Production
thous metric tons .
756
8,996
9,018
Shipments from mills
do....
379
290
298
Inventory, end of period
do....
United States:
387
4924
5025
Production
do
408
4,927
Shipments from mills
do
5,065
63
57
60
Inventory, end of period...
do....
Estimated consumption, all
955
11431 11580
users A
do
Publishers' stocks, end of period #
977
910
thous. metric tons ..
874
743
8472
7899
Imports
thous sh tons
Producer Price Index,
332.6
332.5
standard newsprint
1967=100..
323.1
Paper products:
Shipping containers, corrugated and solid
fiber shipments
mil. sq. ft. surf, area.. 267,547 264,128 '22,871
5,756
2870
2886
5,496
2758
2738
5,384
2762
2622
5,772
2870
2903
5,546
2775
2772
5,821
2942
2879
5585
2818
2767
r
5,396
r
282.1
258.6
276.2
261.1
267.8
259.9
265.8
258.6
266.0
260.0
265.8
255.2
266.4
254.8
264.6
254.0
r
264.6
r
253.3
262.7
253.4
266.1
257.3
266.7
260.8
121
93
116
142
121
114
124
117
119
124
103
134
129
111
123
161
122
147
126
111
137
105
106
112
142
118
128
114
116
115
125
115
124
129
126
120
464
410
496
492
442
456
452
423
470
448
385
484
459
424
437
511
424
481
474
426
472
444
430
448
r
547
r
r
491
r
533
426
504
450
409
473
827
848
771
813
761
812
808
853
785
817
912
890
869
839
775
832
r
890
r
r
830
r
838
892
941
829
860
290
419
265
415
280
407
281
413
315
396
290
432
273
411
271
410
290
428
263
391
293
431
293
433
768
745
401
719
740
380
717
729
368
766
749
384
722
705
402
771
788
384
747
760
371
696
111
290
772
713
349
726
696
379
747
746
380
777
800
356
418
410
71
408
406
73
416
403
84
414
412
86
405
405
86
407
420
73
397
406
65
398
406
57
420
387
90
394
394
90
444
434
99
409
415
93
1009
964
888
949
985
1051
1041
1015
918
955
720
930
693
962
668
988
672
962
740
935
744
889
691
910
683
920
708
332.9
333.7
333.0
334.9
333.9
329.3
329.8
330.2
324.1
324.8
324.3
324.1
22,345
21,245
22,025
23,167
22,037
25,515
20,726
19,594
24,075
21,306
22,567
25,174
2740
2656
2985
2940
400
521
916
401
489
r
880
r
999
995
927
722
r
899
659
904
708
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
thous. metric tons..
51.67
750.74
751.21
Stocks, end of period
do
9639
9517
10191
Imports, incl. latex and guayule
thous. long tons .. 786.01 779.80
63.98
Price, wholesale, smoked sheets
2
(N.Y.)
$ per lb..
.418
.423
.495
Synthetic rubber:
Production
thous. metric tons .. 2,155.96 1,907.07
166.00
Consumption
do
2 062 30 1 880 00 15476
Stocks end of period
do
37205 34895
29396
Exports (Bu. of Census)
....thous Ig tons
32791 30693
2623
TIRES AND TUBES
Pneumatic casings, automotive:
Production
thous 1 209 375 1 195 972
17388
Shipments, total
do
242 454 242 049
20801
Original equipment
do
58770
62536
5708
Replacement equipment
do... 176 287 173,553
14,561
7397
5960
532
Exports
do
Stocks, end of period
do.... 39,623 39,823
49,168
Exports (Bu. of Census)
do
5627
548
6410
Inner tubes, automotive:
Exports (Bu. of Census)
do....
1,123
98
1,612
See footnotes at end of tables.
266.3
262.3
89.00
9590
45.16
9563
55.36
9793
47.30
9393
68.12
8491
47.15
8107
65.71
8513
5237
9517
59.43
9695
71.45
9728
71.27
10042
8466
4809
5997
4530
4070
6944
7181
6449
6364
70.32
7662
8312
.408
.420
.403
.418
.418
.438
.425
.398
15415
15267
292 46
3038
14254
14356
28635
2725
15036
13978
29579
2221
15421
150 64
41353
2495
16033
171 57
39728
2760
15364
17431
37494
2533
149 17
154 00
36700
2213
13176
140 27
34895
2544
16652
160 66
35275
23 49
15838
146 91
35307
2766
18410
17294
36832
2400
3539
16781
20794
5727
14,627
440
49,063
535
15216
20981
5271
15,341
369
46,909
453
12989
19326
4447
14502
377
44,349
433
16635
21054
4759
15819
476
43553
397
16844
22683
5?336
16868
479
41,514
339
17626
22638
5593
16667
378
40,425
444
15198
19290
5128
13797
365
40023
322
13786
17916
4233
13274
409
39823
404
16306
19 407
5603
13366
438
40717
C
409
15966
16966
5323
11 168
'475
43499
C
365
16968
18910
5429
13021
460
45359
0450
386
84
89
86
75
70
91
118
72
75
69
90
57
2
()
324.1
SURVEY OF CURRENT BUSINESS
S-30
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984
Annual
„ .,
1984
June 1986
1985
1985
Apr.
June
May
1986
Aug.
July
Oct.
Sept.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
23,660
32,340
41,463
May
STONE, CLAY, AND GLASS PRODUCTS
' PORTLAND CEMENT
Shipments, finished cement
thous. bbl., '435,787 '445,585
39,415
CLAY CONSTRUCTION PRODUCTS
Shipments: :j:
Brick, unglazed (common and face)
601.4
mil. standard brick .. 6,990.6 6,605.4
Structural tile, except facing
thous. sh. tons..
52.7
54.8
4.9
360
4426
3664
Sewer pipe and fittings, vitrified
do
Floor and wall tile and accessories, glazed
294
and unglazed
mi sq ft
4087
3697
Producer Price Index, Brick (common), f.o.b.
(4)
3503
plant or N.Y dock
1967 — 100
GLASS AND GLASS PRODUCTS
955 088 1 174 380
Flat glass mfrs ' shipments
thous $
Glass containers: t
291 682 r273 695 r23,927
Production
thous gross
289 950 r272 821 r24,228
Shipments total
do
Narrow-neck containers:
26 170 r23 770
1990
Food
do
r
5,606
61575 r60 085
Beverage
do
r
8,094
90,796 r83,777
Beer
.do..
r
2288
24429 r25 975
Liquor and wine
do
Wide-mouth containers:
r
r
4607
64302 59 935
Food and dairy products
do
Narrow-neck and wide-mouth containers:
1,506
20,311 17,322
Medicinal and toilet
do
Chemical, household, and in137
1957
dustrial
... .
do
2367
Stocks, end of period
do
42918 r38 843 r40,652
GYPSUM AND PRODUCTS
Production:
1215
Crude gypsum (exc. byproduct) thous sh tons
' 14 390 14784
14,829
17 135
1,555
Calcined
do .
Imports, crude gypsurn
do....
8,904
943
9922
Sales of gypsum products:
Uncalcined
do
'4544
345
4386
Calcined:
1
Industrial plasters
do....
522
544
50
Building plasters, total
(incl Keene's cement)
do
249
214
18
Board products, total
mil sq ft
18324 5 19 431
1685
2
Lath
do..
32
28
Veneer base
do..
37
407
432
Gypsum sheathing
do....
33
323
328
Regular gypsum board
do
995
11 474
11 631
Type X gypsum board
do
470
5507
'5083
7
11
Predecorated wallboard
do
128
125
5
/ie mobile home board
do....
'880
91
853
44,154
42,617
45,941
46,883
43,335
45,968
33,186
26,718
28,904
635.8
4.7
373
630.1
4.2
34.2
657.3
4.2
468
686.0
5.6
321
629.7
6.0
347
646.8
5.5
295
499.8
3.9
194
416.6
2.4
164
487.6
3.9
199
31 1
318
324
339
323
352
313
317
306
r
r
302 418
285 426
r
r
r
r
r
r
r
r
r
r
r
24,009
24,777
24,645
25,992
25,236
25,611
23,259
23,216
25,416
23,949
r
22 627
19,754
18,085
19,122
r
2276
r
5,762
r
r
2,092
r
5,998
r
7,810
r
r
2,124
r
6,279
r
7,970
r
r
2173
r
5,893
r
r
2,229
r
4,825
r
r
2,012
r
4,870
r
6,970
r
r
4,088
r
r
3,882
r
r
r
r
r
r
r
r
1,507
1,461
1,386
1,405
1,497
1,558
122
r
37,414
158
r
36,512
158
r
36,527
252
r
35,324
122
r
36,073
1,285
1,418
739
1,195
1,358
666
1,300
1,502
798
1,358
1,499
870
355
423
415
47
46
18
1647
2
39
31
970
467
11
82
17
1,572
3
34
28
940
446
11
68
8,152
2260
4566
2353
4,905
408.0
2.9
129
r
308
312 221
r
24,220
24,645
r
318
284 475
22,887
22,458
23,648
21,513
1859
4,303
7,209
1 848
2,027
4,065
6,540
1883
r
4,217
5295
4,935
1,412
1,291
1,767
1,902
210
r
37,781
169
r
40,194
152
r
38,843
177
38,568
161
40,553
1,352
1,416
1,071
1,430
1,632
820
1262
1,366
739
1,276
1,473
1,074
1919
1,511
694
1,084
1,173
804
1,135
1,542
640
446
429
377
358
374
271
266
212
48
49
44
51
43
36
46
19
1,674
2
37
29
992
486
11
69
19
1718
3
37
27
1021
488
12
81
17
1,586
3
37
28
938
455
10
72
19
1,883
2
40
30
1 135
530
12
82
17
1620
2
34
28
974
460
11
66
15
1,585
2
39
23
962
451
10
53
3
728
3
268
3
460
589
236
354
535
179
356
586
218
368
602
243
359
539
166
373
584
215
369
613
237
376
535
180
355
3
624
3
226
3
2432
6254
10134
560
562
477
15,820
15,820
11,464
3,726
630
15,372
15,372
8,648
6,165
559
14326
14,325
4793
8,963
569
2639
5,436
7,413
2786
5,689
r
6,636
2289
5,618
2 128
6,201
r
1528
5,859
1822
4 876
1,433
545.4
4.9
189
6,316
1831
41
47
16
1 696
3
41
32
1014
487
11
59
15
1,369
2
30
20
819
397
9
56
24
1,697
2
39
28
1037
472
10
63
668
258
410
570
228
342
516
189
327
r
593
r
573
227
346
570
226
344
520
190
330
486
595
499
13,683
13,682
2,374
10,696
612
12897
12,897
1490
10,726
681
12,121
12,120
1,125
10,271
724
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 Q
.
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.
7 538
2,515
5022
629
276
354
6967
2623
4343
582
228
354
12545
12982
5628
12988
13 534
'5268
11442
11,441
3208
7,551
682
13683
13,682
2374
10,696
612
532
199
334
635
263
372
539
183
356
3
668
3
237
3
419
439
3
6648
6,647
1032
4,817
798
5722
5,795
929
3,989
803
541
205
336
629
266
363
547
194
353
574
229
345
621
254
367
525
173
351
70
431
628
259
369
514
172
342
396
153
243
596
237
359
539
172
367
681
525
369
458
4911
4,910
625
3,576
709
4,055
4,054
425
2,908
721
16777
16,776
1326
2,830
686
3
398
582
228
354
533
183
349
r
235
355
r
570
230
r
340
r
543
198
r
345
12,369
3
r3
492
620
11,478
11,477
1890
9,624
764
10,725
10,724
902
9,035
787
495
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984
S-31
SURVEY OF CURRENT BUSINESS
June 1986
,, ..
unns
1985
Annual
1984
1985
Apr.
May
June
July
1986
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Mar.
Feb.
Apr.
May
TEXTILE PRODUCTS— Continued
COTTON AND MANUFACTURES—Cont.
Cotton (excluding linters) —Continued
Exports
thous. running bales.
Imports
. thous net-weight bales §
Price(farm), American upland ()
cents per Ib .
Price, Strict Low Middling, Grade 41, staple 34
(IVie") average 10 markets
cents per Ib.
Spindle activity (cotton system spindles):
Active spindles, last working
day, total
mil
Consuming 100 percent cotton
do...
Spindle hours operated, all
fibers total
bil
Average per working day
do....
Consuming 100 percent cotton
do....
Cotton cloth:
Cotton broadwoven goods over 12" in width:
Production (qtrly.)
mil. sq. yd ..
Orders, unfilled, end of period, compared
with average weekly production
no. weeks' prod...
Inventories, end of period, compared with
avg. weekly production
no. weeks' prod .,
Ratio of stocks to unfilled orders (at cotton
mills) end of period
Exports, raw cotton equiv. thous.
net-weight
.. .
. ...480 Ib bales.
Imports, raw cotton equivalent
..do....
Producer Price Index, gray cotton
broadwovens .
12/75—100
MANMADE FIBERS AND MANUFACTURES
Fiber production, qtrly:
Acetate filament yarn
mil Ib
Rayon staple including tow
do
Noncellulosic, except textile glass:
Yarn and monofilaments
do....
Staple incl tow
do
Textile glass fiber
do....
Fiber stocks, producers', end of period:
Acetate filament yarn
„ mil. Ib..
Rayon staple including tow
do
Noncellulosic fiber, except textile glass:
Yarn and monofilaments
do....
Staple, incl. tow
do....
Textile glass fiber ....
.
do
Manmade fiber and silk broadwoven fabrics:
Production(qtrly.), total #
mil. sq. yd..
Filament yarn (100%) fabrics #
do....
Chiefly rayon and/or acetate
fabrics
do ....
Chiefly nylon fabrics
do....
Spun yarn (100%) fabrics #
do....
Rayon and/or acetate fabrics, blends
do....
Polyester blends with cotton
do....
Acetate filament and spun
yarn fabrics
do..
Producer Price Index, gray synthetic
broadwovens
12/75=100 ..
Manmade fiber textile trade:
Exports, manmade fiber equivalent ....mil. Ibs..
Yarn, tops, thread, cloth
do....
Cloth, woven
do ....
Manufactured prods., apparel,
furnishings
do....
Imports, manmade fiber equivalent
do....
Yarn, tops, thread, cloth
do....
Cloth, woven
do ....
Manufactured products, apparel,
furnishings
do....
Apparel, total
do ....
Knit apparel
do....
WOOL AND MANUFACTURES
Wool consumption, mill (clean basis):
Apparel class
mil Ib
Carpet class
do
Wool imports clean yield
do
Duty-free
do
Wool prices, raw, shorn, clean basis, delivered
to U.S. mills:
Domestic —Graded territory, 64's, staple 2%"
and up
dollars per Ib..
Australian, 64's, Type 62, duty-paid
do....
Wool broadwoven goods, exc. felts:
Production (qtrly.)
mil. sq. yd..
FLOOR COVERINGS
Carpet, rugs, carpeting (woven, tufted, other),
shipments, quarterly
mil. sq. yds..
j
APPAREL
Women's, misses', juniors' apparel cuttings:
Coats
thous. units..
Dresses
do....
Suits (incl. pant suits, jumpsuits)
do....
Skirts
do ....
Blouses
... thous dozen.
See footnotes at end of tables
6,516
12
57.5
4,756
46
54.7
544
6
57.0
426
1
57.5
60.3
252
(i)
60.5
193
1
56.0
187
(i)
55.1
207
9
56.7
223
4
56.0
187
12
53.3
53.0
180
1
55.4
176
(i)
55.0
3
731
3
617
601
59.8
596
57.9
56.4
561
560
562
584
598
618
626
13 1
5.0
C
12.5
4.7
128
4.8
128
4.8
12.8
4.7
12 5
4.6
126
4.6
12.5
4.6
124
4.5
122
4.5
125
4.7
125
47
125
4.5
122
44
121
45
846
.327
309
75.5
.270
27.4
60
.298
2.1
60
.298
2.2
4
49
.246
1.8
59
.297
2.2
*74
.295
2.7
63
.313
2.2
63
.314
2.2
*63
.254
2.7
76
.305
27
r
65
'.325
2.3
4,002
3,921
60.5
353
1.2
.288
2.5
4
4
1,002
4
933
396
c
4
163
(i)
56.4
r
54.5
62
.312
21
77
.309
27
1537
1538
153 6
147.2
146.7
4
955
12.8
9.6
9.2
8.9
9.8
8.9
8.2
9.6
9.3
10.7
14.2
r
4.3
4.5
4.6
4.5
4.4
4.5
4.3
4.1
3.9
3.9
4.4
r
34
.47
.50
.51
.45
.51
.53
.41
.41
.36
.31
1709
10532
220.5
995.2
212
75.7
173
91.4
18.6
78.5
157
77.9
216
69.4
24.7
87.9
174
91.1
156
95.1
147
96.3
1584
1555
1562
1557
1558
1554
1537
1532
1549
1556
1555
1982
3892
2046
3527
546
858
484
872
3,790.2
37733
952.2
9442
967.1
9117
12.3
225
19.4
281
16.6
2994
292.5
311.8
310.3
340.8
305.0
345.9
11,852.4 10,796.6
4,947.8 4,754.9
2,685.7
1,191.1
26526
1,161 2
26964
12299
579.6
5,615.7
371.8
4,903.1
88.7
1,215.2
806
1 2190
845
1 181 1
1129
4,317.7
365
3,844.0
109
953.2
61
9573
90
9209
10570
8666
152.0
152.0
147.0
148.0
147.2
146.4
146.1
146.2
146.6
147.3
147.3
487.87
179.06
109.40
460.68
206.29
124.87
38.34
14.78
9.98
42.67
19.77
931
39.77
18.03
11 28
38.02
17.18
1145
42.29
19.67
1194
3987
19.53
1258
3883
18.19
1071
3844
19.26
1250
33.50
15.29
827
25439
30881
1,342.57 1,378.28
227.46
168.38
154.95
93.61
2357
90.56
11.36
5.68
2289
122.22
1827
9.23
2172
123.98
17.46
9.39
2084
136.98
15.34
8.31
2262
118.98
1239
630
2034
139.60
1361
646
2064
116.39
862
397
1918
106.82
878
331
1821
99.65
732
285
1,115.10 1,209.90
687.47
787.02
334.76
270.57
79.19
48.09
18.59
103.94
67.84
3044
106.52
73.10
3386
121.64
88.02
4027
10659
7384
3530
12598
8189
3863
10776
6821
3182
9804
5931
2396
9233
5631
2047
106 1
106
795
293
84
8
57
30
90
10
71
29
10 5
4
8
49
21
65
7
73
38
81
1i
45
17
69
17
86
g
71
27
88
7
55
17
2.28
2.63
1.92
2.19
1.82
2.27
1.91
2.34
1.93
2.29
1.93
2.30
1.93
2.26
1.93
2.24
1.93
2.24
1.93
2.17
159.4
138.3
39.5
243
340
1,114.9
1,159.2
306.0
301.2
2877
3,524.4
39473
1,394.0
r
12.4
285
r
301.7
352.7
2100
1290
13 1
942
309
11,934
162 296
11,327
98,544
27313
8,155
144,723
10,577
85,652
25609
5
2168
568
15,172
1,072
7,011
2118
712
13,816
1,238
7,233
2212
4
,
947
11,079
1,159
6,577
2137
873
10234
1,122
6,868
2040
1,066
10,204
1,291
7,146
2178
10 4
4
l1
978
10501
1,446
6,942
2139
11.1
34
3.7
29
33
1549
154 1
489
941
543
951
952.3
9730
979 1
9727
123
225
133
19 7
2925
3118
3194
3323
r
r
2049
4
9.8
2122
147.7
148.0
147.4
S9
12 6
4
80
24
10 2
25
11 6
8
88
25
1.93
2.22
1.93
2.31
1.89
2.29
4
4 7
997
11727
599
9784
393
7 829
8240
2 440
6591
2 218
6288
1 560
11
348
13 642
7953
1 957
r
399
12 509
r
7933
r
2080
14 7
4
9
76
20
1.80
2.31
476
12625
8 434
1 765
75
28
1.88
2.38
1.98
2.52
S-32
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984
SURVEY OF CURRENT BUSINESS
Annual
., ..
1984
June 1986
1986
1985
1985
Apr.
June
May
Aug.
July
Oct.
Sept.
Nov.
Dec.
Jan.
Mar.
Feb.
Apr.
May
TEXTILE PRODUCTS-Continued
APPAREL— Continued
Men's apparel cuttings:
Suits
thous. units..
11,994
Coats (separate), dress and sport
do....
20,656
Trousers (separate), dress . . .
do . 122,965
Slacks (jean cut), casual
do... 179,665
Shirts, dress and sport
thous. doz..
39,572
Hosiery, shipments
thous. doz. pairs.. 309,357
9,516
20,066
105 478
203,080
33,024
308,660
775
829
1,603
9016
17,943
2,741
24,229
1,877
9641
17,034
2,963
25,768
723
1,576
8012
19,020
2,694
26,859
553
760
1,435
7,450
16,679
2,393
29,388
1,848
9,265
19,680
2,905
23,364
812
1,841
8438
16,155
2,731
24,648
842
798
738
664
1,624
8183
19,008
2,927
28,412
676
757
1,898
8,637
19,124
3,387
30,111
1,324
6602
14,098
2,460
22,891
1,595
9237
17,219
3,192
24,239
1,580
r
9217
17 302
r
3,289
24,442
1,666
9373
13,537
3,429
25,537
1,003.1
3,776
694.5
2643
2,181.3
7306
755.3
28,452
TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
105
Orders new (net) qtrly total
mil $. 3 3 017
U S Government
do... 3 67,120
Prime contract
*
do
101 978
Sales (net), receipts, or billings, quarterly,
3
total
do.... 3 88,060
54,912
U.S. Government
do ....
3
133 542
Backlog of orders end of period $
do
3
86,643
U.S. Government
do ....
Aircraft (complete) and parts
.do ... 3 56,725
3
13 602
Engines (aircraft) and parts
do
Missiles, space vehicle systems, engines,
propulsion units, and parts
mil $. 3 17,865
Other related operations (conversions, modi3
17,892
fications) products services
mil $
Aircraft (complete);
Shipments t
do.... 7,911.5 10,939.9
33450 r40 872
Airframe weight "j"
thous Ib
6252
Exports commercial
mil $
3,989
MOTOR VEHICLES (NEW)
Passenger cars:
Factory sales (from U.S. plants):
8,002
Total
thous .
7,621
7,030
7,337
Domestic
do....
10,394
11,039
Retail sales, total, not seas, adj
do....
7,952
8,205
Domestics §
do ....
2834
2442
Imports §
do
Total, seas adj at annual rate
mil .
Domestics §
.. . .do....
Imports §
do
Retail inventories, end of period, domestics: §
1,630
1,415
Not seasonally adjusted
thous ..
1,530
1,410
Seasonally adjusted
.
do ....
21
2.2
Inventory-retail sales ratio, domestics §
Exports (BuCensus), total
..
. ..do....
613.66
701.16
58930
677 19
To Canada
do
Imports (ITC) complete units
do
35594 43949
From Canada, total
do . 1 1 067 4 1,146 3
Registrations Q, total new vehicles. . ..
do....
10,129 1 10 889
Imports, including domestically
sponsored
do
2524
'3011
Trucks and buses:
Factory sales (from U.S. plants):
3075
Total
do
3357
Domestic
do
2884
3126
Retail sales: *
Total, not seas, adj
do.... 3,485.4 3,913.2
0-10,000 Ibs. GVW
do.... 3,207.2 3,618.3
10 001 Ibs GVW and over
do
2782
2948
Total, seasonally adjusted
do
0-10,000 Ibs GVW
do..
10,001 Ibs. GVW and over
do....
Retail inventories, end of period:
7828
Not seasonally adjusted
do..
8276
Seasonally adjusted @
do....
802.0
849.2
18527
Exports (BuCensus)
do..
15338
Imports (BuCensus), including separate
chassis and bodies
thous 1 1 082 08 1 308 94
Registrations <0, new vehicles, excluding buses
1
4 049
not produced on truck chassis
thous
4 675
Truck trailers and chassis, complete (excludes
234,230 176,306
detachables), shipments
number
156 600 120 219
Van type
do
Trailer bodies {detachable), sold
899
286
separately
do ....
Trailer chassis (detachable), sold
15,591
25,529
separately
. .do....
RAILROAD EQUIPMENT
Freight cars (new), for domestic use; all
railroads and private car lines (excludes
rebuilt cars and cars for export):
Shipments
number.. 12,396 12,080
;
12 396 11674
1
15,460
9,510
New orders
. ..
do...,
'9510
15054
Equipment manufacturers
do
5,154
1,759
Unfilled orders, end of period
do...,
4,748
1,759
Equipment manufacturers
do....
Freight cars (revenue), class I railroads(AAR): :j:
948
867
Number owned end cf period
thous
Capacity (carrying), total, end of month
78.13
72.17
mil tons .,
8323
8240
Average per car
tons
See footnotes at end of tables.
983.4
3719
750.4
2961
892.1
3474
495
494
744
677
760
693
988
788
1,075
808
200
268
11.1
11.3
667
8.7
24
1,563
1,518
8.4
29
1,546
1,474
787.8
3,147
773.6
2,830
511
277
677
612
565
516
925
677
899
634
248
265
256
10.3
10.3
12.6
7.6
27
1,577
1,460
7.4
29
1,580
1,529
706.9
2,376
455
555
554
522
638
585
739
677
658
601
1,001
745
1,068
839
864
598
762
. 516
9.7
29
1,413
1,443
229
14.4
11.3
31
1,242
1,196
265
9.6
6.3
3.3
1,434
1,363
440
247
9.8
6.5
oo
1,606
1,536
r
819.7
1,443.5
798
201
575
921
531
540
499
713
662
675
618
655
590
713
647
812
558
870
636
832
613
897
649
972
720
11.5
11.5
10.9
(5)
254
234
8.1
34
8.6
29
1,630
1,530
1,763
1,618
219
248
9.7
6.9
2.7
11.1
1,907
1,813
1,945
1,805
8.1
27
1,867
1,744
252
8.1
3.1
(2)
1,072
786
e
286
11.3
8.2
31
e
1,867
1,735
21
2.1
2.3
2.5
1.8
1.3
2.6
2.8
2.3
2.3
2.6
3.1
2.7
72.39
6987
3436
68.08
6653
3825
1047
67.49
6627
431 8
111.0
52.09
4992
3321
33.61
3304
3216
42.25
3936
4293
100.0
57.26
5542
3952
89.8
63.52
61.99
351.5
95.4
69.63
6650
381.0
104.2
923
756
926
59.19
5675
410.5
106.9
73.01
70.22
699
949
61.39
6038
3287
109.0
912
59.03
5757
3909
110.4
1,105
973
828
849
913
822
848
906
216
211
256
291
284
275
275
284
294
277
236
259
266
286
266
320
298
295
273
206
189
280
261
316
296
321
303
276
255
242
220
294
274
280
262
281
258
308
281
3278
300.4
3530
326.9
349.3
323.7
351.5
326.5
284.9
262.2
330.5
305.7
320.8
294.6
262
3057
2809
24.8
3005
2763
24.2
3259
301.5
24.4
3370
314.6
22.4
3442
321.2
22.9
351 1
3261
24.9
325.9
300.7
25.2
303.0
283.1
19.9
339.2
313.7
25.5
318.8
291.3
248
349.4
321.9
27.5
283.0
262.2
20.8
299.1
277.4
21.6
282.2
264.7
17.4
298.4
277.7
20.7
318.2
295.0
23.1
266.8
244.6
22.2
340.3
315.0
25.3
310.7
287.9
22.8
377.2
354.1
23.2
332.5
310.7
21.8
8205
807.1
1739
8380
823.7
1784
830.5
807.4
17.64
725.0
780.7
14.53
760.9
797.0
12.43
782.4
801.7
17.07
836.5
830.3
13.22
872.1
854.5
17.94
827.6
849.2
16.31
907.5
881.1
15.51
959.8
936.4
15.47
976.5
958.3
16.66
1,006.3
989.5
20.68
991.1
973.6
11870
119 48
111 87
109 14
91 15
111 47
9556
11335
11658
14009
10941
134 15
13022
925
936
274
260
257
250
228
275
4
C
117.8
398
378
399
436
400
390
404
385
405
374
345
370
401
15,619
10367
16,043
10339
14,869
9609
13,818
9055
14,052
9806
13,940
9852
14,446
10,545
13,908
10148
15,827
11 519
13,991
9 122
11,719
8266
14,776
10,779
15,239
10,779
13
15
33
923
817
829
979
979
966
896
1,077
1077
816
816
593
593
4,466
4,396
4,093
4,093
1,075
1075
1,090
1,090
3,858
3,858
19
1,421
827
827
3,843
3,843
905
902
894
892
r
74.87
r
75.23
8345
74.68
83.58
74.58
83.65
8270
61
8
21
1,774
2,158
2,133
1,034
1034
1,020
1 020
1,169
1 169
153
153
980
980
3,594
3,594
2,583
2,583
2,394
2,394
770
770
885
74.17
8383 '
26
1,039
910
910
350
350
1,834
1,834
23
22
14
64
52
405
845
568
'415
567
714
714
443
443
544
544
1,425
1425
2,697
2,697
574
574
1,252
1252
3,375
3,375
607
607
1,850
1850
4,618
4,618
558
558
1,759
1,759
500
500
1,816
1,816
2.5
879
872
869
867
862
857
850
842
73.80
83.93
73.26
84.03
73.09
8410
72.17
8323
71.77
8327
71.36
82.30
70.98
8349
70.41
8362
(2)
SURVEY OF CURRENT BUSINESS
June 1986
S-33
FOOTNOTES FOR PAGES S-l THROUGH S-32
General Notes for all Pages:
r
p
e
c
Revised.
Preliminary.
Estimated.
Corrected.
Page S-l
Page S-8
t Revised series. The estimates of personal income have been revised as a part of the
comprehensive revision of the national income and product accounts released in 1985. An
article describing that revision appears in the Dec. 1985 issue of the SURVEY. See tables
2.6-2.9 in the March 1986 SURVEY for revised estimates for 1982-85. Pre-1983 estimates
will appear soon in The National Income and Product Accounts of the United States, 1929-82:
Statistical Tables.
$ 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.
O See note "O" for p. S-2.
1. Advance estimate.
# New series effective Sept. 1985 SURVEY. All activity reported on a gross basis (i.e., the
entire amount of loan) including refinancings and combination construction—purchase
loans. Revised data are now available back to Jan. 1984. Earlier data will be available later.
O Home mortgage rates (conventional first mortgages) are under money and interest
rates on p. S-l4.
§ Data include guaranteed direct loans sold.
t Effective April 1986 SURVEY, wholesale trade data have been revised back to Jan.
1976. Revised data and a summary of changes appear in the report Revised Monthly Wholesale
Trade Sales and Inventories BW-13-85S, available from the Bureau of the Census, Washington, D.C. 20233; $2.50 per copy.
$ Effective April 1986 SURVEY, retail trade data have been revised. Estimates of retail
sales have been revised back to Jan. 1983 and estimates of retail inventories have been
revised back to Jan. 1978. Revised data and a summary of changes appear in the report
Revised Monthly Retail Sales and Inventories BR-13-85S, available from the Bureau of
the Census, Washington, D.C. 20233; $3.00 per copy.
# Includes data for items not shown separately.
Page S-2
1. Based on data not seasonally adjusted.
O The figures presented here reflect revisions of the industrial production index introduced by the Federal Reserve Board in July 1985. The revision moves the reference year of
the index from 1967 to 1977 = 100, and increases the number of basic index series from 235
to 252. New value-added weights v/ere assigned to each series for 1977. A detailed description of the revision and its results are in the July 1985 issue of the Federal Reserve Bulletin
(pp. 487-501).
# Includes data not shown separately.
t See note "t" for p. S-8.
$ See note "$" for p. S-8.
§ Revised series, effective with the Feb. 1986 SURVEY. Data for inventories are available from 1959; sales and ratios 1967 forward. Revisions are available upon request.
S-3
#
t
$
§
Includes data for items not shown separately.
See note "t" for p. S-8.
See note "$" for p. S-8.
See note "§" for p. S-2.
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.
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.
S-5
1. Based on unadjusted data.
2. Effective with the Mar. 1986 SURVEY, the reporting frequency has been changed
from monthly to 3-month intervals.
@ Compiled by Dun & Bradstreet, Inc. Monthly data from 1984 to 1985 for failures and
liabilities, are available upon request, but are not comparable to the earlier years. The
failure annual rate data will be available at a later date.
# Includes data for items not shown separately.
§ Ratio of prices received to prices paid (parity index).
J See note "$" for p. S-4.
t Effective with the Feb. 1986 SURVEY, data (back to 1983, for some commodities) have
been revised and are available upon request.
S-6
§ For producer 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.
t Effective with the Feb. 1986 SURVEY, data back to 1981 have been revised and are
available upon request.
S-7
1. Computed from cumulative valuation total.
2. Index as of June 1, 1986: building, 368.4; construction, 398.9.
# Includes data for items not shown separately.
§ Data for May, Aug. and Oct. 1985, and Jan. 1986 are for five weeks; other months four
weeks.
O Effective Feb. 1986 SURVEY, data for seasonally adjusted housing starts have been
revised back to 1983. These revisions are available upon request.
t Effective May 1986 SURVEY, data for seasonally adjusted building permits have been
revised back to Jan. 1984. These revisions are available upon request.
S-9
1. Advance estimate.
2. Data beginning Jan. 1986 are not strictly comparable with earlier data because of a
change in estimation procedures.
$ See note "$" for p. S-8.
# Includes data for items not shown separately.
O Effective with the January 1986 SURVEY, the seasonally adjusted labor force series
have been revised back to January 1981. The January 1986 issue of Employment and Earnings contains the new seasonal adjustment factors, a description of the current methodology, and
revised data for the most recent 13 months or calendar quarters. Revised monthly data for
the entire 1981-85 revision period appear in the February 1986 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.
@ Data include resident armed forces.
S-10
O See note "O" for p. S-9.
§ Effective June 1986 SURVEY, data have been revised back to April 1984 (not seasonally adjusted) and January 1981 (seasonally adjusted) to reflect new benchmarks and seasonal adjustment factors. The June 1986 issue of Employment and Earnings will contain a .
detailed discussion of the effects of the revisions.
Page S-l 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.
O Production and nonsupervisory workers.
§ See note"§" for p. S-10.
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.
§ See note "§" for p. S-10.
<0 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, 1986: Common, $ 16.33; Skilled, $21.44.
@ 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.
$$ See note "$" for p. S-ll.
Page S-13
1. Average for Dec.
2. Reported annual; monthly revisions are not available.
$ 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.
S-34
SURVEY OF CURRENT BUSINESS
$$ 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.
3. Does not include a prior period adjustment of $326 million.
4. Effective with Apr. 1986 SURVEY, not seasonally adjusted data by type of credit for
certain holders are no longer available.
t Effective with Apr. 1986 SURVEY, the consumer installment credit series have been
revised for the period 1975 through 1985 to reflect newly available historical information
for financial institutions and retailers, and to incorporate new seasonal adjustment factors.
* New series. Effective with Apr. 1986 SURVEY, data for savings institutions (includes
savings and loan associations, mutual savings banks, and federal savings banks) are shown
for the first time.
# 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.
$$ Courtesy of Metals Week.
@@ Average effective rate
Page S-15
1. This series has been discontinued.
t Effective Feb. 1986 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.
$ Composition of the money stock measures is as follows:
Ml.—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.
$$ Includes ATS and NOW balances at all depository institutions, credit union share
draft balances, and demand deposits at thrift institutions.
O 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.
@ 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.
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.
June 1986
2. Effective with Jan. 1986 data, the practice of adjusting exports and imports for seasonal and working-day variations was discontinued.
§ Number of issues represents number currently used; the change in number does not
affect the continuity of the series.
$ 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.
Page S-17
1. See note 2 for p. S-16.
# 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.
PageS-18
1. Annual total; quarterly or monthly revisions are not available.
2. Restaurant sales index data represent hotels and motor hotels only.
3. For month shown.
# Includes data for items not shown separately.
§ Total revenues, expenses, and income for all groups of carriers also reflect nonscheduled service.
$ The threshold for Class I railroad status is adjusted annually by the Interstate Commerce Commission to compensate for inflation.
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.
t Before extraordinary and prior period items.
PageS-19
1. Reported annual total; monthly revisions are not available.
2. Effective with 1985, data are reported on a quarterly basis.
3. Less than 500 short tons.
4. Data are no longer available. Annual figure represents total exports for the period
Jan.-June.
5. Figure withheld because of not meeting publication standards of the Bureau of the
Census.
# Includes data for items not shown separately.
§ Data are reported on the basis of 100 percent content of the specified material unless
otherwise indicated.
# New series. Access lines are a communication circuit that connects a customer location to a switching center.
@ 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.
$ Data for 1984 (and 1983, for some commodities) have been revised and are available
upon request.
t Effective with 1985, data are reported on the basis of 100 percent content of ethyl
acetate material.
O Beginning January, 1986, data are not directly comparable to earlier periods because
the data represent only companies that have annual revenues over $100 million.
1. Reported annual total; monthly or quarterly revisions are not available.
2. See note 2 for p. S-19.
§ Data are not wholly comparable from year to year because of changes from one classification to another.
<> Effective with the Nov. 1985 SURVEY, data for 1982-84 have been revised and are
available upon request.
t Effective with the Nov. 1985 S U R V E Y , data for 1983-84 have been
revised. These revisions are available upon request.
# Effective with the Sept. 1985 SURVEY, monthly data have been restated back to Jan.
1984 to include consumption for Hawaii. Prior to 1984, consumption for Hawaii is reflected
in annual totals only.
$ Revised data for 1983-84 (and 1981, for revenue from sales to ultimate customers) are
available upon request.
Page S-21
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. Less than 50,000 bushels.
6. See note "@" for this page.
7. Reported annual total; revisions not distributed to the months.
8. Based on a 10-month average.
9. Data are no longer available.
10. Beginning with 1986, quarterly stock estimates are no longer available. However,
June 1 stock estimates, representing previous year's crop, will continue to be published.
11. June 1 estimate of 1986 crop.
June 1986
12. Effective with Apr. 1986 reporting, coverage has been reduced to 21 selected States,
representing approximately 85 percent of U.S. production.
§ Excludes pearl barley.
# Bags of 100 Ibs.
@ Data are quarterly except for June (covering Apr. and May) and Sept. (covering
June-Sept.).
1. Reported annual total; revisions not distributed to the months.
2. Prices are no longer available. Annual average is based on quotations for fewer than 12
months.
3. Effective with Mar. 1986 reporting, coverage has been reduced to 20 major States,
representing approximately 80 percent of U.S. production.
§ Cases of 30 dozen.
O Bags of 60 kilograms.
1. Crop estimate for the year.
2. Reported annual total; revisions not distributed to the months.
# Totals include data for items not shown separately.
O Effective Sept. 1985 SURVEY, the footwear production series have been revised for
1983 and 1984.
1.
2.
3.
dure
4.
S-35
SURVEY OF CURRENT BUSINESS
Annual data; monthly revisions not available.
Less than 500 tons.
Beginning January 1985, data have been revised because of a new estimation proceand may not be comparable to earlier periods.
See notes 1 and 3 for this page.
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.
O The source for these series is now the Bureau of Mines.
§ Source: Metals Week.
1. Annual data; monthly revisions are not available.
2. Less than 50 tons.
3. Beginning 1st quarter 1984, data have been revised because of a new sample and may
not be comparable to earlier periods.
4. Average for 8 months; no data for March, April, September, and October.
5. Average for 10 months; no data for November and December.
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.
§ Beginning with the Aug. 1985 SURVEY, unadjusted fluid power shipments indexes are
shown. Seasonally adjusted indexes are no longer available.
# New series. For an explanation of material handling equipment shipments and historical data, see p. S-35 of the Dec. 1985 SURVEY.
1. Data are for five weeks; other months 4 weeks.
# Includes data for items not shown separately.
§ Includes nonmarketable catalyst coke.
O Includes small amounts of "other hydrocarbons and alcohol new supply (field production)," not shown separately.
t Effective with the Oct. 1985 SURVEY, coal production data for 1984 have been revised.
Effective with the May 1986 SURVEY, coal consumption and stocks for 1985 have been
revised. These revisions are available upon request.
(5) Includes U.S. produced and imported microwave ovens and combination
microwave oven/ranges.
$ "Tractor shovel loaders" includes some front engine mount wheel tractors that had
previously been included in "Tractors, wheel, farm, and nonfarm."
Page S-28
1. Reported annual totals; revisions not allocated to the months.
2. Effective with June 1985, indexes reflect price movements through the middle of the
month for which they are shown. Indexes prior to June 1985 were based on prices for the
previous month; reflecting a one-month lag in pricing.
3. Effective with the Jan. 1985 price, gasoline that contains alcohol as an additive is
included.
# Includes data for items not shown separately.
Page S-29
1. See note 1 for p. S-28.
2. Data are no longer available.
,
O Source: American Paper Institute. Total U.S. estimated consumption by all newspaper users.
# Compiled by the American Newspaper Publishers Association.
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.
# Includes data for items not shown separately.
O Cumulative ginnings to the end of month indicated.
| Bales of 480 Ibs.
$ Monthly revisions for 1984 are available upon request.
t Monthly revisions for 1985 are available upon request.
S-31
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 9 months; no data for Oct.-Dec.
O 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.
§ Bales of 480 Ibs..
1. Annual total includes revisions not distributed to the months.
2. Production of new vehicles (thous. of units) for May 1986: passenger cars, 695; trucks
and buses, 316.
3. Effective with 1984, data are reported on an annual basis only. The annual/end of year
figure for 1982 has been revised and is available upon request.
4. See note "@" for this page.
5. Data are no longer available.
# 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 1984-85 are available upon request.
@ Effective with the Feb. 1986 SURVEY, retail inventories of trucks and buses have
been revised back to 1967. These revisions, which were made to reflect updated factors, are
shown on p. S-35 of the Feb. 1986 SURVEY.
# New series. GVW: gross vehicle weight. For an explanation of methodology for retail sales
of trucks and buses, see |p. S-35| of this SURVEY.
New
Sources: Motor Vehicle Manufacturers Association of the United
States; data seasonally adjusted by U.S. Department of Commerce,
Bureau of Economic Analysis.
The new series for retail sales of trucks and buses, first shown in this
issue of the SURVEY, are similar to those shown in previous issues; however, there are some differences. The new series exclude captive imports
(vehicles manufactured overseas by U.S. affiliates) and are, therefore,
more closely related to domestic production. Passenger vans are included
beginning with January 1971, rather than January 1980. Also, the
weight classes are different; the new classes are those used by the
Bureau of Labor Statistics for the Producer Price Indexes. The new
series for tracks and buses are those used in the estimates of GNP.
SURVEY OF CURRENT BUSINESS
S-36
June 1986
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GOVERNMENT PRINTING OFFICE
: 1986
O - 157-584
SECTIONS
General:
Business indicators ..................
Commodity prices „.„*,„.....„„„
Construction and red! estate...
Domestic trade ..*..„.......*.,«,,.„
Labor force, employment, and earnings.,.
Finance »«,..*.«.„,„.«..,...,.;»««..«..».....»**»«.
Foreign trade of the United States ....,„*,*
Transportation and communication ...,.,*,,
Industry:
Chemicals and allied products ...........
Electric power and gas.......................
Food and kindred products; tobacco .
Leather and products..,..„,*„„,„„«.....
Lumber and products ,**„.„.....„,.„.,*„,
Metals and manufacturers ..,„„*.**,„»„
Petroleum., coal, and products ,..,„.*.„
Pulp, paper, and paper products ........
Rubber and rubber products „.....„.*,,*
Stone, clay, and glass products,.......,.
Textile products „*„,.*,.......,...,..„*,....,.
Transportation equipment „*,„«...„....,»
Footnotes .*..
'- IrS
3,6
7,8
8,9
9-13
18, 19
19, 20
20
20-23
,'"&'
'23,24
24-27
21, 28
28,29
29
30
30-32
32
33-35
INDIVIDUAL SERIES
Advertising ....*,*,„*„..............,*«,**.»*,.*........,.,*„,»„. 8,12
Aerospace vehicles ,*,,,.*,.*...*....,»,,,.,*,,«,.........*,*,*.,*
32
Agricultural loans ..».,....,*,,.**,*,«....»...**,*.«.,,,,»,.*,..
13
Air carrier operations ,,.,..,..*,»«„.„.„.*..,...*„..,,.*,..
18
Air conditioners (room)..,...,..,,**,,*.,...,..,.......,.*,.*.,
27
Aircraft and parts ,..*„„„„„„«„.*„*. **„*»„„„....... 4, 32
Alcohol, denatured and ethyl „„„....„...,.**„**,.*„,..
19
Alcoholic beverages »».,....*.**,,**»,«*,..,,..«..,*.*,.**,.»,,.* $* 20
Aluminum ...»,.,4,,,.,,,,«,,....,..*,.»*,,*****,**»,.«..«*»»**..»».*.
25
Apparel „„..,.....„*,*»»,,»,„»»«.....,.***«+»,» 2, 4—6> 8—12,, 31, 32
Asphalt,*,.,, .....*.,.*,,»„,*.„„.,.«..,.*,*»*,,*«,*««.......*
28
Automobiles, etc *.,..„.*..,....... 2-4, 6, 8,9,14, IS, 17, 32
Banking ...;..*,*„**,.„......,*...**.**„*,„...,.*..«,»,.»«*«,*» 13,14
Barley ......,......,.,„„*,
**„„„*„.*,»*,.,...*.,„*„*»„**
21
Battery shipments „„„*..*„...,„..,*„.„,.*„.«,.,......*.**
27
Beef and veal „.„*..«*,,„,„«„...«.«..*.„***,**,.*........*..*
22
Beverages „„„..,.......*..*.„«,»............„,.*.*«,.*...*«*« 8,17,20
Blast furnaces, steel mills ...„.*„**,.*..,.,.—«..».**,. 3-5
Bonds, prices, sales, yields „..*»*„*„„*,.„.,.«„..„.,*„ 15,16
Brick ..„..„„....„«„„»,„*„„*,....«...**«*,«.,,,....„..,...«*..
30
Building and construction materials.*,**,.*,,.,*,.*,... 2, 4, 5
Building costs „.„„......*„**,,**,,*»,**„.*».......,....,*..*,*.»
7
Building permits ,**,„„—„**„*„***„„.*.„....«.....,„„
7
Business incorporation (new), failures .....—*.,**„
5
Business sales and inventories*,,*,.,,.*,,*,,,.*,.*.....,*.. 2,3
Butter *„„„*,.,..,....„«„*,„.*,..,..«.,„..*.*«,**,..,.,*..*......
21
31
Carpets ....,.rt«,«.«,,,«.....«.««^..«««,,»..«»« ..«
.,.*
22
Cattle and calves.,,,,*,,,,.......*..*...,«**,..*.,..»
30
Cement *........,. — *..*„*,.,.*.., —,..*„**„*„**„* .**,
Chain-store sales, firms with 11 or more
9
stores (retail trade) .---------**„.*„„*»,*„.,.,... ..„
**"
21
Chemicals ......„„.*„*,,«---------.* 2-4, 10-12, IS, 17, 19, 20
23
Cigarettes and cigars ,.,*,*.«..*......~*....**.«*».*. ..
Clay products ,.,,....*.^,M,««,;.,»»..«..«w...«,«,,«...« 2-4, 30
Clothing {see apparel)
Coal .....,*,,,»*..*..,.....,....,.,...*....,...'_______.„.,,»*„„*„„„„ 2, 27
22
Cocoa_____,.,4«0.«.,..,.....,,..«.«,w,,.«.«,.,..^««^; «
™
"
*
27
Combustion, atmosphere, heating equip*
ment «..*.*..o,,««.,.^.......«.««»».*«.«.«»«
.**.. 15, 19
Communication..,..,,,.....—,..,..*„*„„.„*..*.
Construction:
Contracts »•»»««»».«.»»«•««»*,»*»«»»«*«»««»*•»»»•»»*»*»»«*«,*«»
Costs .....**„*„„„..„..,.....,*,.**...*..,« —,..*,*..*.**
Employment, unemployment, hours,
earnings ,..,,..»,«.**,»*«.*»»«*•**.«...«««.••«,»«**«»»«»»,« ... 10-12
7
Housing starts ....*...,,.,*,,,**»,»*,»*»....,.......*...**«.
7
New construction put in place *„<........».,.<..*.
14
Consumer credit ,„*„*........,..«...„.....„,...........»..
1, 2
Consumer goods output, index *„*„;„*„*„,**,.«...
5, 6
Consumer Price Index ..„.*.,,.,........„..„»*„*,**»„
Copper and copper products *,.„*,..,....,.„..*.,.«*.» ,.* 25,26
Corn ,.......<(*..*,.««».,.«,,.,«.....»«»«««««'»»»—"»-»«»« ..*, ' ' 21
Cost of living (see Consumer Price Index)..... ,.*. 5,6
Cotton, raw and manufactures ,.«,.,>........,,.'*.*.«* 5, 30, 31
14
Credit, commercial bank, consumer ;«..„..,...„
Crops............... —...».„.„„„...,.«».,.*».««.....*.•« 5, 21, 23, 30
„., 3,27
Crude oil .
15
Currency in circulation
Dairy products .......
Debt, U,S* Government..........*„.„„„..,.
Deflator, PCE ....*....„»„..,„......,.«,»*«,«.
Department stores, sales, inventories «
Deposits, bank.......
Dishwashers and disposers ..„........„*„„.„*„„„».„„
27
Disposition of personal income ....,«,.„.*,.„*,„„„.„
1
Distilled spirits „„ „.„.„..„..,„„**,.......,..........„.
20
Dividend payments .«.»,....v...«,.«.**.,»*.*.,,,..,..,....,,, 1,15
Drugstores, sales ««,«»4.«»............ „*„*,.,.„.*,.. 8, 9
Earnings, weekly and hourly..,„. *.,.*,,,„,,....,..
12
Eating and drinking places ..,.......„...,„„„..*„*„.„» 8, 9
Eggs and poultry .........„..„...«„.,.«.....*.«.,„„.„*.,„, 5, 22
Electric power ...«..........,..,.,...»«.Mi,,............M....... 2, 20
Electrical machinery and equipment**..;............... 2-5,
' =
,,-''•
10^12,15,27
Employee-hours, aggregate, and indexes.............
11
Employment and employment cost ....„...,.,„„..„,, 10-12
Explosives........,........,*.*..,.,,,.............. *„*...„.**
20
Exports (see also individual commodities) „..*,..., 16-18
Failures, industrial and commercial ................
5
Farm prices ,***,**..«««.».*.....»««..,»««,**,««,««....«..»....,<,. 5,6
.
17
Fats and oils ***,*,.,**,.*.»........*,*U..,,»»,.,...«......«.,
14
Federal Government finance .,,.*.,.*,»*„,„„*„„ .....
13
Federal Reserve banks, large commercial .,*,,.„
Federal Reserve member banks *,,,.a...,......,,.*,.*<,** . 13
19
Fertilizers .,*«.*....«..........„„.«,,.»„.*.,*.,„„.*.„.,...,
22
Flooring* hardwood „„.„.„.„.„.,„*,..„,.„.,„.....,.„
24
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 ,.**'
5
Fruits and vegetables ...„*,„*,,„,„„,.„,....,*.„.*„*,*,
Fuel oil .*.**,».„.»*..,....»,«,..,..„.*„„.,.,»»,„,.,....«...«,,.,*' 6,28
Fuels .....„....,.,;.„,.*„„...„...,...,.«„*,.„,„*,.„ 2, 6, 17, 27, 28
Furnaces a*.*,.,.....,..,......,,.,*.,,,...,.*,,.,**,.......**,,*,,,*,*„
27
Furniture „.,„*.,,*»........«*.,*.,.*..***«»,,.+,.«.,«...«,«. 2, 6, 8-12
Gas, output, prices, sales, revenues **.„»„**,.*«..... 2, 6, 20
Gasoline ..,..*.,.....*,.*„,»*,»...,..............«.*„»„,»„«„*«...
28
Glass and products ,«*.„*„,.,«,„*,.....„,.,.*,**«*»*,«,„».
30
Glycerin „.„...,.......«*..„*„„.*,.*.„..„*.». .,.,*;,**,„*„*
19
Gold ,*„*„„„„,.*».,«..;...,..*„.»*,.*„«,„ ..............,*,«
14
Grains and, products
.,«„.»»,.........*,. 5, 21, 22
Grocery stores ,«**,........i.....,.....,*.«**,».......—.......
9
Gypsum and products .,.......,»,,«..,»*«»**,«**«»»*,.**«.....
30
Hardware stores ,«**„»»,»**„*.,*»...»......»*«.*..*.».*»«„»,..»
Mealing equipment »,»»»***,**»„,*„.....,.«....«....*»*,»*„*»
Help-wanted advertising index *,„.*,.*,.......,.,.»*.»
Hides and sMns .„*».*„.,„.*„..„.*.....,—,„«.*».,.*„*„
Mogs „.„,«.....».
,«„***,».,„.........„.....«....»*»,.*„.
Home loan banks, outstanding advances „—,«*,.
Home mortgages ,*«,„»»»»*..»».......*.....»»*»*»*,.*».*»»,*»,..
Hotels, motor hotels and economy hotels „„**„*«
Hours, average weekly ,«,.»,*.......,«,a,.,,,«..,*»,*.,*»«»,
Hotisefiirnishings ,*,*.„„*„,.„...
*.,..*„*.,*, 2,4, 6, 8, 9
Household appliances, radios, and television sets
27
Housing starts and permits „.,„„,.,„....—.....*..*»..
7
Imports (see also individual commodities) ,*„....., 17,18
Income, personal «*,,**,».„,.»,..««...*».*.««.,*».«.,.,....
1
Income and employment tax receipts ....„„*„,»„.„
14
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 ,.,..»...*..........«»»*.,*****o.* 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 ..,.......,...«,««»»,«.,,,*,,*1......,,
18
Newsprint ...*„*.,„*„*„„„,.,..,..
„*„«„«„*„,......
29
New York Stock Exchange, selected data, ,*„
16
Nonferrous metals,.......,,.*.,*,,*,*,,*,,*,.... 2, 4, 5,15, 25, 26
Oats ......„.,*„*„,..,...,*..„.,..„„.„.„«*„*,„»,,«..„..„.„,..
21
Oils and fats ,.*,,*,,,s,«,...,.......»,...,.;,«*»4*,.*«,.*,.*...,..
17
Orders, new and unfilled, manufacturers'........... 4, 5
Outlays, U.S. Government «»........,„.,„,„,„*„*„.....
14
20
Paint and paint materials *„...... *„„*„*.,..........
Paper and products and pulp.... .,;,.,„*„*„*,..... 2-4,: 6,10-42,15,28,29
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, :earninp ,w.,.,,.*,,*,,,,*,.*..,. .*„*„„„„„*.„ ..*„.,.„*, 10-12
Producer Price Indexes (see also individual com*
niodities) .............,.....„*„.„„„..,.....«,.,*„*,**„,«„.
6
Profits, corporate..*..........,..,,,**,,,..,,*........,..,,.*.,*,,,
15
Public utflities *,*„*„....,....„„..„„**„*„*....«« 1, 2,7, IS, 20
Piilp and pulpwood „„...............,.,*„*„,.„.*........,»,.
28
Purchasing power of the dollar ....,..*„«„„„*,.*.....
6
Radio and television .„*„*„*„„*..*.....„..,.*,****.»„,«... 8,27
Railroads »*„*....„.*„*„...,.„,**,*.*,*.„.......,.,.*,.,«„. 13,18* 32
Manges and microwave ovens ,*,,*„*»„„...,,„,..„„.„ ; 27
Eeal estate ,.*«,......„.„.**.*.„*,.......,...„...,.»*»**«,..«..» 8,13
Receipts, UJSL Government ,*,„.„...„„....*»,.,*„*,««.
14
Refrigerators and freessers „*„*„*,*,.*,»,..«*„„.*,..„»
27
Registrations (new vehicles) ..*„.»,„*,„.„.*,..,....,«„
32
Rent (housing) ....„*„*„„*..*,....„.,.**,**„*„*»,.*,.*«.....
6
Retail trade .........—,**„*„.,..»,.......,*.«,* V3,,5, 8-12, 32
Rice *„..,„*,,«»....«,..«.,....*.**,.».,*»„.*«„.,.....*.**»«»»«.».
21
Rubber and products (incl, plastics) .««...,..*„*„,« 2-4,
, . . ' ' , - ;
' -6*10-12,29
Saving, personal ,..*...»..«.,..*„»„,».,...«,.«....,..*.*».«»
1
Savings and loan associations*..,*.,,,,,.,........,*....*.* 8,14
Savings deposits „*„.**,..,..........,—*„.„...,.......,— 13,15
Securities issued .,..„**„*,„....*.............«,.*,„».,........
15
Security markets .,„„.„,.*,„„*..........«....„*,...«*..*«. 15,16
Services *„*„„,.,*........,..*..*„.*.,**,..»..„.......**„,**..*. 6,10-12
Sheep and Iambs *„«*,.,„„....,..*„*„**„.*,.*...«......*..**
22
Shoes and other footwear ..„.„...,..*.*»„*.,—,.—.
23
Silver ,.*„*„.,...„..*..*„.**,.*„*».,.....,.«*.,*.*.,*.***««.«...,..
14
Spindle activity, cotton .„,*„„„.*...,....„.*..*.*.,„«,...
31
Steel and steel manufactures „**„*„,—„.*..*.*„*..** 24, 25
Stock market customer financing ,*„*»...,......*„«,,«
15
Stock prices, yields, sales, etc .............,.«,«„*„*.„
16
Stone, clay* glass products ,...,,*,„— 2-4,10-12,15, 30
Sugar ,..,„..,..,„„*.**„„.««......««,.».,««»«..«...«,....*».»
23
Sulfur »,..„..*.....«....,..„*., .„.........*„*,,**„*«,*«.....
19
Sulfuric acid ..„.
.,***„*„*,„..........,*,;«*.,«.*„..*..
19
Superphosphate.........,.*,,**,,«,,,.,........,...,*.^,*««...
19
Synthetic textile products .„.„**„.,—,....,..**„»*,.«.
31
23
Tea imports „*,..»„.....,,..«*,*,**,**»„.
19
Telephone and telegraph carriers «..*....,
10-12,15, 30, 31
Textiles and products .„„*„*,..« 2-4* 6,
26
' Tin ...*.*,,,,,.,*,,,*,......-...**i.*.,*»**,**»,*.,.»«..«»*«'
29
Tires and inner tubes ..,.„*„*,„.*..*„.,......,„-*„,*,„.»„*
Tobacco and manufactures .......,.*.„**„„,„. 2-4,10-12, 23
27
Tractors »„*,„«*«..,.....***«****.*«»«»«»*»•««•**»**»*Trade (retail and wholesale) *»„.....„....„ 2,3*5,8-12,32
18
Transit lines, urban „.,..,—„.,.„„*„«*.«. .....„..,.**,
Transportation .,....„..,.„,.»...«...,.„.***..*.»« , 6,10-12* 15,18
Transportation equipment *,*,»...... 2-6, 10-12/15,17,32 '
,„*,,„,„„„
18
32
Truck trailers .,„*,.*,„.„.*,..«..,«*«**».,..« ,......,**„,*.
,,*^.....,.« 2,32
1
Unemployment and insurance ,„*„..„«,......„.„.** 9, 10, 13
16
U.S, Government bonds „.„„*,„**,„„„„.*,.„....„.*.,*
14
II.S. Government finance ..........„.*.,*„„....,.......,.„
7,15,20
27
Vacuum cleaners »„,*„„...*,..,*...,....,.„....,*,...;,.,.,,*.,*
9
Variety stores .....„.....„„,.„,.*„*.„»..—..,.»...*.,*„.
5
Vegetables and fruits ,*„,.*„.„..,. ,..„,*„*„„„„„
Wages and salaries,—......,..,„*„*»„.*„*„„„,*..*.,..„ 1,12
Washers and dryers ...,....,.......*.,,,*.,*.,.....*«*.,,»,.*.
27
Water heaters ..........,.......*,..„,,*„,.„„*..*..*,„.*,.......
27
Wheat and wheat flour ...—„**.**„„„„„„„.*.„.,„* 21, 22
Wholesale trade,**,,*,,, ,. .............*, 2, 3, 5, 8,10-12
Wood pulp ......,„*,«„„*„*.„.*„*,.*.„....».—*.«,,...,c.
28
Wool and wool manufactures ,„**,*.„.,.....»..,.....*..
31
26
Zinc.....
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