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June 1988 / Volume 68 Number
SURVEY OF CURRENT BUSINESS
1 Business Situation
1 Corporate Profits
3 National Income and Product Accounts Tables
3
16
U.S. Department of Commerce
a William Verity / Secretary
Bobert Grtner / Under Secretary
for Economic Affairs
Bureau of Economic Analysis
Allan H. Ywwig / DirGetwr
Carol & Carson / Deputy &$reeter
Editor-in-Chief: Carol S, Carson
Managing Editor: Leland L. Scott
Staff Contributors to This Issue: Leo M.
Bernstein, David W. Cartwrlght, Howard L,
Friedenfcerg, Kenneth P, Johnson, Harlan King,
Russell C. Krueger, Daniel J, Larking, Kwok Lee,
Jeffrey H, Lowe, William McCormick, Howard
Mttrad, National Income and Wealth Division,
Alicia M. Qmjano, Vernon Eenshaw, Charles S.
Robinson, Resell B. SehoH, Eugene P. SesMn,
David F* Sullivan, Obie G. Whichard.
SUKVEY OF COBSENT BUSINESS.
Published
monthly by the Bureau of Economic Analysis of the
U.S. Department of Commerce. Editorial correspondence should be addressed to the Editor-inChief, SUSVEYQF Ct3HREJNrBtJsnsi:ss, Bureau of Economic Analysis, U«S. Department of Commerce,
Washington, DC 20230.
Annual subscription: Second-class mail—
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Mail subscription orders and address changes to
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Make checks payable to the Superintendent of
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Second-class postage paid at Washington, DC
and at additional mailing offices, CUSPS 337-790)*
Selected NIPA Tables
Reconciliation and Other Special Tables
18
Composite Indexes of Leading, Coincident, and
Lagging Indicators
19
Plant and Equipment Expenditures, the Four Quarters
of 1988
23
Tracking the BEA Regional Projections, 1983-86
28
U.S. International Transactions, First Quarter 1988
70
Selected Military Transactions in the U.S. International
Accounts, 1983-87
76
The International Investment Position of the United States
in 1987
85
U.S. Multinational Companies: Operations in 1986
97
Constant-Dollar Inventories, Sales, and Inventory-Sales
Ratios for Manufacturing and Trade
99
Subject Guide
Blue pages: Current Business Statistics
(See page S-36 for subject index to Current Business Statistics)
Inside back cover: BEA Publications
NOTE,—This issue of the SUKVET went to the printer on July 11,198$, It incorporates
data from the following monthly BEA news releases:
Gross National Product (June 23),
Personal Income and Outlays (June 24), and
Composite Indexes of Leading, Coincident, and Lagging
Indicators (June 29).
the BUSINESS SITUATION
Corporate Profits
ROFITS from current production
declined $2 billion in the first quarter
of 1988 after a similar decline in the
fourth quarter of 1987. Despite these
two declines, profits in the first quarter were $17 billion higher than a
year earlier.
The first-quarter decline resulted
from a sharp drop in profits from the
rest of the world (ROW) that was not
quite offset by an increase in domestic
profits. ROW profits plummeted $12
billion in the first quarter after an increase of about one-half that size in
the preceding quarter; domestic profits, which also reversed direction, increased $10 billion after a decline of
$9 billion. Relative to year-earlier
levels, ROW profits were down $6 billion while domestic profits were up
$23 billion.
The $12 billion first-quarter drop in
ROW profits reflected a $1 billion decline in profits of U.S.-owned corporations abroad and an $11 billion increase in profits of foreign-owned corporations in the United States. Usually profits of foreign-owned corporations do not affect national profits because they enter domestic profits as a
positive and enter ROW profits as a
negative. However, as explained in
detail in the May "Business Situation/' profits of foreign-owned corporations did affect national profits in
the first quarter because the measure
included as a positive in domestic
profits was smaller than the measure
included as a negative in ROW profits. In ROW profits, profits of foreignowned corporations are based on financial accounting standards; about
one-third of the sharp increase in the
profits of foreign-owned corporations
reflected a change in one of these
standards. In domestic profits, in contrast, profits of foreign-owned (as well
as U.S.-owned) corporations are based
on tax accounting rules; thus changes
in financial accounting standards
should have no effect.
Profits from current production
equals profits before tax (PBT) plus
the inventory valuation adjustment
(IVA) and the capital consumption adjustment (CCAdj). PBT declined $4
billion in the first quarter, following
an increase of $x/2 billion, yet was
$24 Vk billion higher than a year earlier. Inventory profits—the IVA with
sign reversed—declined $5 billion because inventory price inflation
slowed. The CCAdj—the difference between depreciation based on tax accounting and economic depreciation
as estimated by BEA—declined $3 billion in the first quarter, reflecting the
less liberal depreciation rules in the
Tax Reform Act of 1986.
Domestic profits by industry.—Quarterly estimates of the CCAdj are not
available by industry. PBT with IVA
alone—i.e., PBT less inventory profits—is the best available quarterly
measure of profits. For domestic in-
dustries, this measure of profits increased $12x/2 billion in the first quarter after a decline of $10 billion in the
preceding quarter; profits of nonfinancial corporations dominated these
changes, increasing $12 billion after a
decline of $8V2 billion.
Manufacturing profits increased $8
billion after declining the same
amount in the preceding quarter.
Within manufacturing, first-quarter
increases were widespread; only profits in petroleum refining declined.
Trade profits, which increased $5
billion after a $3V2 billion decline,
have been erratic for some time. Profits have failed to register movements
in the same direction in two consecutive quarters since mid-1985 in retail
trade and since mid-1984 in wholesale
trade, so that undue weight should
not be attached to a single quarter's
movement. A better indication of
trends can be obtained by averaging
profits in one quarter with profits in
the preceding quarter. Retail trade
profits smoothed in this way have not
increased for seven quarters, and the
level in the first quarter of 1988 was
$4 billion lower than in the second
quarter of 1986. Smoothed profits in
wholesale trade increased in five of
Looking Ahead . . .
• Annual Revisions of the National Income and Product Accounts. Revised estimates will be presented in the July SURVEY. The revisions cover
the 3-year period beginning with the first quarter of 1985.
• Conference Presentations of New Economic Data. Papers and discussion from the "New Horizons in Data Sets" sessions from last May's 50th
Anniversary Jubilee of the Conference on Research in Income and
Wealth will appear in a fall issue of the SURVEY. The "new horizons"
papers present new economic data from U.S. statistical agencies and from
Statistics Canada that will be useful for analytical purposes.
SURVEY OF CURRENT BUSINESS
the seven quarters, and the level in
the first quarter of 1988 was $3% billion higher than in the second quarter of 1986.
Profits of financial corporations increased
$1 billion after a decline of
$11/2 billion. Current net earnings of
Federal Reserve banks, which are
treated as corporate profits in the
NIPA's, more than accounted for the
increase. For depository institutions,
profits were unchanged after declining $1V2 billion in the preceding quarter; savings and loan associations reg-
June 1988
istered losses for the second consecutive quarter.
Table 1 on page 16 shows the
second revision of the NIPA estimates
for the first quarter of 1988.
Statistical Conventions Used for NIPA Estimates
Most of the estimates are presented
in billions of dollars. The major exceptions are certain current-dollar
annual estimates, which are presented in millions of dollars, and estimates presented as index numbers.
Current-dollar estimates are valued in
the prices of the period in which the
transaction takes place. Constantdollar estimates are valued in the
prices of a period designated the base
period (at present, 1982), thus removing price change from any period-toperiod movement in the series. The
designation of 1982 as the base period
also means that price levels in 1982
are set equal to 100 in calculating
price indexes and implicit price deflators.
For quarters and months, the estimates (except price indexes) are presented at annual rates. Annual rates
show values for a quarter or a month
at their annual equivalent (that is,
the value that would be registered if
the rate of activity measured for a
month or a quarter were maintained
for a full year). Annual rates make it
easier to compare values for time periods of different lengths—for example, quarters and years.
The percent changes shown in table
8.1 are also at annual rates and are
calculated from the published quarterly estimates, which are rounded to
the nearest one-tenth of a billion dollars. The annual rates for quarterly
percent changes are calculated with
the formula:
x 100,
where r = the percent change at an
annual rate, and Qt and Qt-i = the
quarterly estimates for a quarter and
the preceding quarter, respectively.
Quarterly and monthly NIPA estimates are seasonally adjusted, if necessary. Seasonal adjustment removes
from the time series the average
impact of variations that normally
occur at about the same time and in
about the same magnitude each
year—for example, weather, holidays,
and tax payment dates. The statistical
procedures used are based on historical experience; the Census Bureau's
X-ll program is widely used. After
seasonal adjustment, cyclical and
other short-term changes in the economy stand out more clearly.
SURVEY OF CURRENT BUSINESS
June 1988
National Income and Product Accounts Tables
Selected NIPA Tables
New estimates in this issue: First quarter 1988, revised (0The selected set of 52 national income and product accounts (NIPA) tables shown in this section presents quarterly estimates, which are
updated monthly. (In most of these tables, annual estimates are also shown.) The full set of 130 tables usually shown in July presents annual
NIPA revisions. For more information on the presentation of the estimates, see "National Income and Product Accounts Estimates: When They
are Released, Where They Are Available, and How They Are Presented" in the January 1988 SURVEY.
The full set of estimates for 1984-86 is in the July 1987 issue of the SURVEY; estimates for 1983 are in the July 1986 issue. Estimates for
1929-82 are in National Income and Product Accounts, 1929-82: Statistical Tables (GPO Stock No. 003-010-00174-7, price $23.00). These publications are available from the Superintendent of Documents; see address on inside front cover.
The full set of NIPA tables is available on diskette for $240 per year (12 updates, for the quarterly estimates prepared each month). 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
1986
1987
1986
1987
I
IV
Gross national product
2,799.8 2,967.8 2,858.6 2,893.8 2,943.7 3,011.3 3,022.6 3,068.3
402.4 413.7 419.8 396.1 409.0 436.8 413.0 424.0
939.4 982.9 946.3 969.9 982.1
986.4 993.1
998.4
1,458.0 1,571.2 1,492.4 1,527.7 1,552.6 1,588.1 1,616.5 1,645.9
Durable goods
Nondurable goods
Services
Gross private domestic
investment
...
Net exports of goods and
services
717.5
660.2
699.9
702.6
707.4
760.2
762.7
655.2
436.9
137.4
671.5
443.4
134.2
666.6
439.7
132.9
648.2
422.8
128.7
662.3
434.6
129.7
684.5
456.6
137.1
690.8
459.6
141.1
704.9
477.8
140.0
299.5
218.3
309.2
228.1
306.7
226.9
294.1
225.4
304.9
227.7
319.5
227.9
318.5
231.2
337.8
227.2
46.1
64
36.2
5.1
9.9 -11.6
51.6
48.7
2.9
40.3
27.3
13.0
22.9
11.1
11.7
69.4
57.5
12.0
57.8
38.2
19.6
-105.5 -119.6 -116.9 -112.2 -118.4 -123.7 -124.3 -111.1
376.2 427.8 383.3 397.3 416.5
485.8
439.2 458.1
481.7
547.4 500.2 509.5 534.8 562.9 582.4 596.9
Exports
Imports
Government purchases of goods
and services
Federal
National defense
Nondefense
State and local
671.0
15.7
16.8
-1.1
.....
1986
1987
Ir
IV
4,235.0 4,488.5 4,288.1 4,377.7 4,445.1 4,524.0 4,607.4 4,665.1
Personal consumption
expenditures
Fixed investment
Nonresidential
Structures
Producers' durable
equipment
Residential
Change in business
inventories
....
Nonfarm.w..
Farm
III
II
Seasonally adjusted at annual rates
1988
869.7
922.8
886.3
896.2
917.1
929.0
948.8
945.1
366.2
277.8
88.4
503.5
379.4
295.2
84.2
543.4
368.6
279.0
89.6
517.7
366.9
287.5
79.4
529.3
379.6
294.5
85.1
537.6
382.1
299.0
83.0
546.9
388.9
299.8
89.2
559.9
375.1
300.4
74.7
570.0
1986
III
V
IV
2,450.5 2,497.2 2,480.5 2,475.9 2,487.5 2,520.7 2,504.6 2,527.9
383.5 388.2 399.0 375.9 385.4 406.9 384.5 394.7
877.2 878.1 880.3 883.2 879.0 875.7 874.6 878.1
1,189.8 1,230.9 1,201.1 1,216.9 1,223.1 1,238.1 1,245.6 1,255.1
Durable goods
Nondurable goods
Services
Gross private domestic
investment
Fixed investment
....
Nonresidential
Structures
Producers' durable
equipment
Residential
Change in business
inventories . .
Nonfarm
Farm
654.0
687.6
631.0
671.8
673.7
681.9
723.1
741.8
640.2
443.8
130.3
644.7
448.3
124.5
645.4
443.2
124.6
624.2
426.0
120.4
634.7
437.9
120.4
657.3
463.8
127.2
662.6
465.6
129.8
680.8
488.3
127.6
313.5
196.4
323.9
196.4
318.6
202.2
305.6
198.2
317.5
196.8
336.6
193.5
335.8
197.0
360.7
192.5
42.9 -14.4
2.3
32.5
166
10.4
47.6
43.9
3.7
39.0
22.7
16.3
24.6
12.1
12.5
60.5
51.5
9.0
61.0
39.4
21.6
13.8
15.4
-1.6
Net exports of goods and
services
1458
.
Government purchases of goods
and services. ..
Federal
National defense
Nondefense
State and local .
II
3,713.3 3,821.0 3,731.5 3,772.2 3,795.3 3,835.9 3,880.8 3,915.4
Gross national product
Personal consumption
expenditures
Exports
Imports
I
1988
1987
.
IV
...
135.5 -151.8 -135.2 -132.7 -138.4 -135.8 -120.3
453.5 477.4
388.3 397.8 414.5
437.1
540.1 533.0 547.2 575.6 589.3 597.8
377.4
523.2
425.8
561.3
754.5
771.7
771.8
759.6
766.7
771.7
788.9
766.0
332.5
250.7
81.8
422.1
336.0
264.2
71.7
435.8
344.6
252.7
91.9
427.1
327.3
257.4
69.9
432.3
332.6
263.5
69.1
434.1
336.3
268.3
67.9
435.4
347.6
267.7
80.0
441.3
322.7
263.9
58.9
443.2
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
1986
1987
1987
1986
IV
I
II
Seasonally adjusted at annual rates
1988
III
IV
Final sales
Change in business
inventories
1,693.8 1,782.2 1,698.9 1,738.7 1,763.5 1,798.3 1,828.4 1,854.5
1,678.0 1,736.2 1,705.3 1,687.1 1,723.2 1,775.4 1,758.9 1,796.7
15.7
46.1
-6.4
51.6
40.3
22.9
69.4
57.8
Durable goods
Final sales
Change in business
726.8
721.9
773.3
748.0
737.3
741.8
747.0
711.9
756.7
734.6
785.7
787.6
803.8
757.7
815.4
793.8
-4.5
Nondurable goods
Final sales
Change in business
967.0 1,008.9
956.1 988.2
46.0
21.5
22.1
19
35.2
991.7 1,006.8 1,012.6 1,024.6 1,039.2
975.2 988.6 987.8 1,001.2 1,002.9
Services
Structures
4.8
25.3
961.6
963.5
23.4
36.3
24.8
18.2
10.9
20.7
19
16.5
2,116.2 2,271.3 2,160.0 2,212.0 2,252.2 2,289.3 2,331.5 2,368.3
425.1
435.0 429.3 426.9 429.4 436.4 447.5 442.2
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
1987
Ir
Gross national product...... 4,235.0 4,488.5 4,288.1 4,377.7 4,445.1 4,524.0 4,607.4 4,665.1
4,219.3 4,442.5 4,294.6 4,326.0 4,404.8 4,501.1 4,537.9 4,607.3
Final sales
Change in business
69.4
57.8
15.7
64
51.6
40.3
22.9
46.1
inventories
Goods
1986
IV
Gross national product
Final sales
Change in business
inventories
Goods
Final sales
Change in business
inventories
1987
1986
I
II
13.8
42.9 -14.4
47.6
39.0
24.6
60.5
61.0
731.2
735.5
739.2
707.8
753.2
733.4
786.4
787.3
803.3
761.4
828.2
807.9
10
41.9
886.4
867.8
898.0
857.3
770.5
747.5
4.3
23.1
-4.3
31.4
19.9
Nondurable goods
Final sales
Change in business
inventories
878.1
868.6
884.7
864.8
871.4
881.4
886.8
870.6
885.0
865.9
.
F
60.5
47.6
39.0
61.0
42.9 -14.4
24.6
13.8
1,595.0 1,655.2 1,602.6 1,626.0 1,638.2 1,666.8 1,689.7 1,726.2
1,581.3 1,612.3 1,616.9 1,578.4 1,599.2 1,642.2 1,629.2 1,665.2
716.9
712.6
Structures
IV
3,713.3 3,821.0 3,731.5 3,772.2 3,795.3 3,835.9 3,880.8 3,915.4
3,699.5 3,778.1 3,745.8 3,724.5 3,756.3 3,811.4 3,820.3 3,854.3
Durable goods .
Final sales .
Change in business
Services
1988
III
880.4
854.9
20.4
18.6
40.7
16.2
19.1
25.5
19.9 -10.0
9.5
1,730.8 1,782.1 1,741.3 1,764.0 1,777.4 1,787.1 1,800.0 1,806.3
382.8
387.4 383.7 387.5 382.1 379.7 382.0 391.0
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
SURVEY OF CURRENT BUSINESS
June 1988
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
1986
1987
1986
1987
IV
I
Seasonally adjusted at annual rates
1988
in
II
Less: Exports of goods and
services
Plus: Imports of goods and
services
Equals: Gross
domestic
purchases 1
376.2
427.8
383.3
397.3
416.5
439.2
458.1
485.8
481.7
547.4
500.2
509.5
534.8
562.9
582.4
596.9
4,340.5 4,608.2 4,405.1 4,489.8 4,563.4 4,647.7 4,731.7 4,776.2
Less: Change in business
inventories
15.7
Equals: Final2 sales to domestic
purchasers
46.1
64
51.6
40.3
22.9
1987
Ir
IV
4,235.0 4,488.5 4,288.1 4,377.7 4,445.1 4,524.0 4,607.4 4,665.1
Gross national product
1986
69.4
57.8
4,324.8 4,562.1 4,411.5 4,438.2 4,523.2 4,624.8 4,662.2 4,718.4
1986
1987
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
II
I
1988
III
r
IV
3,713.3 3,821.0 3,731.5 3,772.2 3,795.3 3,835.9 3,880.8 3,915.4
377.4
425.8
388.3
397.8
414.5
437.1
453.5
477.4
523.2
561.3
540.1
533.0
547.2
575.6
589.3
597.8
3,859.1 3,956.6 3,883.3 3,907.4 3,927.9 3,974.4 4,016.6 4,035.7
13.8
42.9 -14.4
47.6
39.0
24.6
60.5
61.0
3,845.3 3,913.6 3,897.6 3,859.7 3,888.9 3,949.8 3,956.1 3,974.7
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.
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 1.7.—Gross National Product by Sector
Table 1.9.—Relation of Gross National Product, Net National Product,
National Income, and Personal Income
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
1986
1987
1987
1986
I
IV
1988
III
II
IV
lr
4,235.0 4,488.5 4,288.1 4,377.7 4,445.1 4,524.0 4,607.4 4,665.1
4,201.3 4,461.2 4,260.6 4,346.9 4,417.3 4,500.6 4,579.8 4,646.4
Gross national product
Gross domestic product...
3,605.2 3,823.8 3,650.8 3,725.2 3,785.0 3,858.5 3,926.6 3,977.9
3,533.8 3,746.7 3,586.6 3,650.4 3,704.1 3,785.5 3,846.7 3,911.1
3,186.3 3,372.2 3,228.5 3,286.5 3,333.8 3,408.1 3,460.3 3,518.1
347.4 374.5 358.1 363.9 370.3 377.4 386.4 393.0
75.7
84.1
83.9
82.0
76.4
81.7
79.6
76.9
-2.1 -12.8
-4.9
-4.6 -11.6
-2.2
-3.1 -10.9
Business
Nonfarm
Nonfarm less housing
Housing
Farm
Statistical discrepancy
Gross national product
Less: Capital consumption
allowances with capital
consumption adjustment
Capital consumption
allowances without
capital consumption
adjustment
Less: Capital
consumption
adjustment
Equals: Net national product
Households and institutions
Private households
Nonprofit institutions
152.2
9.3
142.8
164.2
9.9
154.2
155.4
9.6
145.8
158.9
9.7
149.2
162.2
9.9
152.3
165.9
10.0
155.9
169.7
10.1
159.6
174.3
10.2
164.1
Less: Indirect business tax and
nontax liability
Business transfer
payments
Statistical discrepancy
Government
Federal
State and local
443.9
143.9
299.9
473.2
150.4
322.8
454.5
144.7
309.8
462.9
148.8
314.1
470.0
150.2
319.8
476.2
150.6
325.6
483.5
151.9
331.6
494.2
155.8
338.3
Plus: Subsidies less current
surplus of government
enterprises
33.7
27.4
27.5
30.7
27.8
23.4
27.5
18.7
Rest of the world
Addendum:
Gross domestic business
product less housing
3,249.8
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
1986
1987
1986
IV
1987
I
II
1988
III
IV
lr
3,713.3 3,821.0 3,731.5 3,772.2 3,795.3 3,835.9 3,880.8 3,915.4
Gross national product
3,683.5 3,797.6
3,197.9 3,303.4
3,117.5 3,222.1
2,841.9 2,938.4
275.5 283.7
85.3
84.7
-3.9
-4.3
Gross domestic product
3,707.3 3,745.6 3,771.4 3,815.9 3,857.5 3,899.5
Households and institutions
Private households
Nonprofit institutions
125.9
9.0
116.9
3,218.5 3,254.7 3,278.4 3,320.3 3,360.3 3,400.2
3,142.5 3,171.4 3,196.2 3,243.7 3,277.0 3,328.0
2,863.7 2,890.7 2,913.5 2,959.1 2,990.5 3,039.6
278.8 280.7 282.7 284.7 286.5 288.5
84.9
86.0
85.0
83.1
86.3
85.2
27 -9.4
-1.8 -10.9
102 -1.9
130.9 127.2 128.9 130.0 131.9 132.8 134.2
9.6
9.5
9.7
9.8
9.5
9.2
9.3
121.4 118.0 119.5 120.6 122.3 123.1 124.5
Government
Federal
State and local
359.7
122.6
237.1
363.3
122.9
240.4
361.6
123.0
238.6
362.0
122.7
239.3
363.0
122.8
240.2
363.7
122.9
240.8
364.5
123.0
241.5
365.0
122.9
242.1
29.8
23.4
24.2
26.6
23.9
20.0
23.3
15.9
Business
Nonfarm
Nonfarm less housing
Housing
Farm
Statistical discrepancy
..
Rest of the world
. ...
Equals: Personal, income
456.7
479.1
465.9
469.7
476.6
483.0
486.9
492.5
4777
5061
4843
4966
502.8
509.1
5161
5191
26.2
27.1
26.1
292
26.8
18.4
21.0
266
3,778.4 4,009.4 3,822.3 3,907.9 3,968.5 4,040.9 4,120.5 4,172.6
371.8
347.7
367.8
351.9
358.3
365.2
22.3
-4.9
23.2
22.6
-4.6 -11.6
22.8
-2.2
23.3
23.1
-3.1 -10.9
375.9
381.6
23.8
23.6
-2.1. -12.8
19.3
13.0
8.7
2.3
9.9
204
140
11.6
3,422.0 3,636.0 3,471.0 3,548.3 3,593.3 3,659.0 3,743.5 3,793.9
2844
326.1
304.7
337.1
2811
321.7
2940
323.6
2968
331.1
3149
340.6
3130
353.3
3109
3573
374.3
394.5
381.0
386.7
390.9
396.6
403.7
429.9
0
o
o
o
o
.3
3
496.0
497.6
81.2
519.9
516.2
87.5
504.1
496.8
82.9
510.9
499.8
84.5
518.4
506.3
86.3
522.5
520.0
88.7
527.8
538.8
90.5
545.7
541.7
92.1
22.3
23.2
226
22.8
23.1
90 o
23.6
23.8
o
3,534.3 3,746.5 3,593.6 3,662.0 3,708.6 3,761.0 3,854.4 3,899.1
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
Equals: National income
29131
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
Less: Corporate profits with
inventory valuation and
capital consumption
adjustments
Net interest
Contributions for social
insurance
Wage accruals less
disbursements
Plus: Government transfer
payments to persons
Personal interest income....
Personal dividend income ..
Business transfer
payments
Statistical discrepancy
Addendum:
Gross domestic business
product less housing
Equals: National income
4,235.0 4,488.5 4,288.1 4,377.7 4,445.1 4,524.0 4,607.4 4,665.1
3,713.3 3,821.0 3,731.5 3,772.2 3,795.3 3,835.9 3,880.8 3,915.4
442.0
458.7
449.1
453.2
456.6
460.4
464.6
468.3
3,271.2 3,362.3 3,282.4 3,318.9 3,338.7 3,375.5 3,416.2 3,447.1
314.2
320.5
-4.3
-3.9
318.7
-10.2
316.2
319.9
-1.9
-2.7
323.6
-9.4
322.4
326.3
-1.8
-10.9
2,961.4 3,045.7 2,973.9 3,004.6 3,021.5 3,061.3 3,095.6 3,131.7
June 1988
SURVEY OF CURRENT BUSINESS
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
Table 1.14.—National Income by Type of Income
Seasonally adjusted at annual rates
[Billions of dollars]
1986
1987
1987
1986
National income
Compensation of employees
1988
1987
I
IV
II
III
IV
Proprietors' income with
inventory valuation and
capital consumption
adjustments
Farm
Proprietors' income with
inventory valuation
adjustment
Capital consumption
adjustment
3,422.0 3,636.0 3,471.0 3,548.3 3,593.3 3,659.0 3,743.5 3,793.9
2,504.9 2,647.6 2,552.0 2,589.9 2,623.4 2,663.5 2,713.5 2,765.0
2,089.1 2,212.7 2,128.5 2,163.3 2,191.4 2,226.5 2,269.9 2,309.2
Proprietors' income
Inventory valuation
Capital consumption
adjustment .
Rental income of persons with
capital consumption
adjustment
Rental income of persons
Capital consumption
adjustment
415.8
434.8
423.5
426.6
432.0
437.0
443.6
455.9
214.7
201.1
224.6
210.2
219.1
204.4
220.0
206.7
222.5
209.5
225.9
211.1
230.1
213.5
240.5
215.4
289.8
327.4
297.8
320.9
37.2
48.4
36.6
51.3
56.0
44.5
59.0
79
77
261.2
223.9
269.7
232.4
45.4
-8.1
-7.6
252.6
217.7
279.0
238.9
323.1
47.3
322.7
342.7
338.5
40.6
54.3
45.8
55.0
48.3
-7.7
275.8
236.5
7.7
282.1
240.6
61.7
53.0
-7.4
-7.3
288.4
246.2
292.7
249.5
15
g
16
42.4
43.8
44.3
Gross domestic product
of financial corporate
business
16.7
19.3
18.4
20.0
18.9
17.3
20.9
22.2
67.6
64.6
Gross domestic product
of nonfinancial
corporate business
62.2
-45.5
-483 -46.2
66.2
-46.3
67.2
-48.3
66.9
-49.6
70.0
-49.1
-1.0
71.6
-49.4
284.4
304.7
281.1
294.0
296.8
314.9
313.0
310.9
Corporate profits with
inventory valuation
adjustment
238.4
256.5
239.0
245.7
248.8
267.3
264.3
265.0
231.9
105.0
126.8
86.8
40.0
274.1
136.3
137.8
93.8
43.9
247.9
113.9
134.0
88.6
45.4
257.0
128.0
129.0
90.3
38.7
268.7
134.2
134.5
92.4
42.1
284.9
143.0
141.9
95.2
46.7
285.6
140.0
145.6
97.3
48.3
281.5
137.2
144.2
99.3
44.9
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
adj ustments
Undistributed profits with
inventory valuation and
capital consumption
adjustments
Capital consumption
allowances with capital
consumption
adjustment
Less: Inventory valuation
Equals' Net cash flow
Capital consumption
adjustment .. .
Net interest
40.9
-1.8
6.5 -17.5
89 -11.3
200 -17.6
-21.3
164
46.0
48.2
42.1
48.2
48.0
47.7
48.7
45.8
326.1
337.1
321.7
323.6
331.1
340.6
353.3
357.3
179.4
168.4
167.1
165.9
162.6
172.0
173.0
173.6
282.8
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
39.1
.4
IV
Ir
2,539.1 2,674.8 2,572.0 2,613.7 2,646.8 2,703.3 2,735.4 2,783.9
Capital consumption allowances
with capital consumption
adjustment
36.9
Corporate profits with
inventory valuation and
capital consumption
adjustments
Profits before tax
Profits tax liability .
Profits after tax
Dividends
Undistributed profits
Gross domestic product
of corporate business
41.6
-1.5
1988
III
Billions of dollars
35.1
-.2
II
V
Wages and salaries
Government and
government enterprises ...... 394.8 421.4 403.8 412.2 418.1 424.5 430.9 439.1
1,694.3 1,791.3 1,724.7 1,751.1 1,773.3 1,801.9 1,839.0 1,870.1
Other
Supplements to wages and
salaries
Employer contributions for
social insurance
Other labor income
1987
I
IV
Seasonally adjusted at annual rates
1986
1986
,
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
Capital consumption
adjustment
Net interest
296.2
289.3
291.8
294.5
297.8
300.9
304.5
2,256.2 2,378.6 2,282.7 2,321.9 2,352.3 2,405.5 2,434.5 2,479.4
242.2 255.2 244.8 248.0 253.9 259.2 259.8 264.5
2,014.1 2,123.3 2,037.9 2,073.9 2,098.4 2,146.3 2,174.7 2,214.9
1,689.1 1,777.2 1,715.3 1,741.1 1,760.7 1,786.6 1,820.4 1,850.6
1,414.4 1,494.5 1,437.1 1,463.1 1,480.2 1,502.6 1,532.1 1,555.8
274.7
282.7
278.2
278.1
280.6
284.0
288.3
294.8
253.2
200.7
105.0
95.6
71.5
24.1
270.6
240.0
136.3
103.7
86.5
17.2
251.4
218.2
113.9
104.3
72.0
32.3
261.3
224.4
128.0
96.4
80.2
16.2
263.8
235.7
134.2
101.5
84.1
17.5
283.1
253.0
143.0
110.0
87.6
22.4
274.3
246.9
140.0
106.9
94.1
12.8
284.1
254.7
137.2
117.5
78.7
38.8
-8.9
6.5
175
113
200
17 6 -21.3
164
46.0
71.8
48.2
75.5
42.1
71.1
48.2
71.5
48.0
73.9
47.7
76.7
48.7
80.1
45.8
80.2
163.0
180.9
167.3
178.9
181.4
182.2
181.3
183.3
2,376.1 2,493.8 2,404.7 2,434.8 2,465.4 2,521.1 2,554.0 2,600.6
264.4 275.8 269.6 271.8 274.3 277.2 280.0 283.0
2,111.7 2,218.0 2,135.1 2,163.0 2,191.2 2,243.9 2,274.0 2,317.6
226.4 238.2 228.5 231.4 237.0 242.0 242.4 246.9
1,885.3 1,979.8 1,906.6 1,931.6 1,954.2 2,001.9 2,031.6 2,070.7
1,560.7 1,630.7 1,582.6 1,598.4 1,615.1 1,638.6 1,670.5 1,700.3
1,306.4 1,370.6 1,325.2 1,342.5 1,357.1 1,377.5 1,405.3 1,428.7
254.2
260.1
257.3
256.0
258.0
261.1
265.2
271.5
225.8
174.6
78.3
96.3
74.1
22.2
243.7
213.0
107.8
105.2
88.8
16.5
224.6
192.1
87.2
104.9
75.6
29.2
233.4
196.9
99.8
97.1
82.4
14.7
235.9
207.9
105.3
102.6
86.3
16.4
256.2
226.0
114.4
111.6
89.9
21.7
249.3
221.4
111.8
109.7
96.5
13.2
258.4
228.3
109.9
118.5
81.2
37.3
6.5 -17.5
44.6
98.9
48.2
105.5
-8.9
41.4
99.4
-11.3
47.8
99.8
-20.0
47.9
103.2
17 6 -21.3
47.8
107.1
49.1
111.8
164
46.5
112.1
Billions of 1982 dollars
375.4
370.8
367.9
367.3
364.6
374.6
376.6
378.8
92.6
74.6
78.5
75.6
70.1
76.8
75.7
74.3
282.8
296.2
289.3
291.8
294.5
297.8
300.9
304.5
6.5 -17.5
368.9 388.3
-8.9 -11.3
-20.0 -17.6
376.7 378.7 384.6 392.2
21.3 -16.4
397.9 395.3
Gross domestic product
of nonfinancial
corporate business
2,182.2 2,239.0 2,199.3 2,207.6 2,219.9 2,254.4 2,274.1 2,315.0
Capital consumption allowances
with capital consumption
259.8 269.1 263.9 266.2 267.9 270.0 272.3 274.0
adjustment
l;922.4 1,969.9 1,935.3 1,941.4 1,952.0 1,984.4 2,001.8 2,041.0
Net domestic product
Indirect business tax and
nontax liability plus
business transfer payments
less subsidies.
.. .. 200.3 203.2 203.4 200.5 202.5 205.6 204.3 206.8
1,722.1 1,766.6 1,731.9 1,740.9 1,749.5 1,778.7 1,797.5 1,834.2
Domestic income
SURVEY OF CURRENT BUSINESS
Table 1.11.—Command-Basis Gross National Product in Constant
Dollars
June 1988
Table 1.17.—Auto Output
[Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1986
1987
1986
1987
IV
I
II
1986
1988
III
-145.8
377.4
523.2
Exports
Imports
Equals: Gross domestic
purchases
1355
425.8
561.3
1518
388.3
540.1
1352
397.8
533.0
1327
414.5
547.2
1203
477.4
597.8
1384 -135.8
437.1 453.5
575.6 589.3
3,859.1 3,956.6 3,883.3 3,907.4 3,927.9 3,974.4 4,016.6 4,035.7
Plus: Command-basis net
exports of goods and services.... -114.6 -122.7 -126.3 -117.4 -121.1 -126.5 -125.8 -111.3
Command-basis
408.6 438.6 413.9 415.6 426.1 449.1 463.5 486.5
exports 1
523.2 561.3 540.1 533.0 547.2 575.6 589.3 597.8
Equals: Command-basis gross
national product
3,744.4 3,833.9 3,757.0 3,790.0 3,806.8 3,847.9 3,890.8 3,924.4
Addendum:
Terms of trade 2
108.3
103.1
106.6
104.5
102.9
102.8
1987
I
IV
Auto output
Less: Net exports of goods and
1986
1988
II
m
IV
109.7
107.1
116.1
lr
lr
IV
3,713.3 3,821.0 3,731.5 3,772.2 3,795.3 3,835.9 3,880.8 3,915.4
Gross national product
1987
102.2
101.9
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.
119.4
111.9
124.6
114.9
104.5
Final sales
118.5 108.0 121.0
95.6 104.8 124.9 106.5 114.5
Personal consumption
expenditures
135.3 130.2 141.3 117.5 125.1 148.3 129.8 132.8
New autos
101.5
93.7 105.3
83.8
89.3 109.3
92.5
98.5
Net purchases of used autos..
33.8
36.5
36.0
33.7
35.8
39.0
37.3
34.4
Producers' durable equipment..
20.7
17.5
15.8
21.0
17.6
17.9
18.5
20.4
New autos
45.8
44.6
40.6
45.5
44.5
47.7
45.8
47.2
Net purchases of used autos.. -25.1 -27.2 -24.5 -24.7 -26.8 -29.2 -27.8 -26.8
Net exports of goods and
services
389 -41.1 -42.6 -39.2 -39.5 -43.1 -42.7 -40.6
Exports
6.3
6.9
6.1
5.8
7.2
8.2
6.3
8.3
Imports
45.2
48.0
45.0
48.7
46.6
49.4
50.9
48.9
Government purchases of
goods and services
1.4
1.4
1.4
1.4
1.6
1.5
1.3
1.8
Change in business inventories
of new and used autos
New
Used
.9
.7
.2
4.0
3.8
.2
3.6
6.0
-2.4
19.3
20.0
7
98.2
55.8
93.8
53.5
101.1
62.3
99.3
46.7
4.9 -17.9
4.4 -18.2
.5
.3
9.7 -10.0
8.8 -12.6
.8
2.6
Addenda:
Domestic
output of new
autos 1
Sales of imported new autos 2...
93.4
50.0
85.1
59.5
97.2
57.7
86.3
57.2
1. Consists of final sales and change in businei s inventories of new autos assembled in the
United States.
2. Consists of personal consumption expenditure 3, producers' durable equipment, and government purchases.
Table 1.19.—Truck Output
Table 1.18.—Auto Output in Constant Dollars
[Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
1986
1987
Truck output 1.....
Final sales
Personal consumption
expenditures
Producers' durable equipment..
Net exports of goods and
Exports
Imports
Government purchases of
goods and services
Change in business inventories...
II
I
IV
III
IV
r
58.4
63.3
58.3
61.4
61.3
63.5
66.9
67.9
58.3
61.7
58.0
55.7
61.5
66.3
63.5
66.8
27.6
32.4
29.3
34.7
26.9
31.4
27.0
32.1
29.9
34.9
31.7
36.3
28.6
35.5
29.7
37.1
-7.4
3.0
10.3
-7.0
3.5
10.5
-5.9
3.2
9.1
-8.0
3.0
11.0
-7.8
3.2
11.0
-6.5
3.3
9.9
58
4.4
10.3
-5.5
3.9
9.4
5.7
4.8
5.7
4.6
4.5
4.8
5.2
5.5
.1
1.5
.3
5.7
-.1
-2.8
3.4
1.2
1. Includes new trucks only.
Table 1.20.—Truck Output in Constant Dollars
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
1986
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...
1. Includes new trucks only.
1987
1986
I
II
III
IV
1986
1987
1986
IV
Auto output
106.4
98.3
109.6
1987
I
102.3
1988
II
m
IV
F
97.0
93.5
100.6
91.1
Final sales
107.3
95.4 107.8
85.9
93.4 109.4
92.8 100.2
Personal consumption
expenditures
119.1 110.1 122.6 101.7 106.2 124.5 108.0 111.2
New autos
89.3
79.7
90.6
72.0
76.3
92.6
77.8
83.0
Net purchases of used autos..
29.8
30.4
32.0
29.7
29.9
31.9
30.2
28.3
Producers' durable equipment18.5
17.3
14.9
13.0
15.2
16.0
15.4
17.7
New autos
40.3
37.9
39.1
38.0
34.9
40.4
38.5
39.8
Net purchases of used autos.. -21.8 -23.0 -21.8 -21.8 -22.8 -24.4 -23.1 -22.1
Net exports of goods and
29 5 -32.2 -31.9 -30.4
services
-31.6 -30.9 -33.3 -30.0
5.4
Exports
5.1
5.7
4.9
5.9
5.2
6.7
6.8
37.1
Imports
38.4
36.6
34.9
35.4
37.4
38.6
37.2
Government purchases of
1.3
goods and services
1.3
1.2
1.4
1.2
1.1
1.3
1.6
Change in business inventories
_^ g
of new and used autos
3.0
1.8
16.3
3.6
15 9
7.8 -9.1
-LI
New
2.8
17.0
4.0
3.2 -16.2
7.1 -11.2
.2
Used
.2 -2.1
-.7
.5
.2
.7
2.1
Addenda:
1988
1987
IV
Seasonally adjusted at annual rates
1988
1987
1986
F
50.5
50.4
53.7
49.6
49.4
52.4
52.4
53.7
56.4
52.5
47.6
52.5
56.1
53.6
57.4
56.4
23.8
28.0
24.9
29.5
23.0
26.7
23.0
27.5
25.5
29.9
27.0
30.6
24.1
30.0
25.0
31.3
64
2.6
8.9
60
3.0
8.9
51
2.7
7.7
68
2.6
9.4
-6.6
2.7
9.4
-5.5
2.8
8.3
-4.9
3.8
8.7
-4.6
3.3
7.9
4.9
.1
4.1
4.8
3.9
3.8
4.1
4.4
4.7
1.3
.2
4.8
-.1
-2.3
2.8
1.0
Domestic
output of new
autos 1
Sales of imported new autos 2...
85.3
49.1
79.6
45.4
86.3
53.7
85.8
40.1
79.7
42.7
71.4
50.3
81.7
48.5
72.3
48.2
1. Consists of final sales and change in businei 5 inventories of new autos assembled in the
United States.
2. Consists of personal consumption expenditure , producers' durable equipment, and government purchases.
SURVEY OF CURRENT BUSINESS
June 1988
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
1986
1987
1986
rv
1987
I
n
Seasonally adjusted at annual rates
1988
III
IV
1986
F
1987
1986
1987
IV
II
1988
III
lr
IV
3,534.3 3,746.5 3,593.6 3,662.0 3,708.6 3,761.0 3,854.4 3,899.1
Personal income
Wage and salary
disbursements
2,089.1 2,212.7 2,128.5 2,163.3 2,191.4 2,226.1 2,270.2 2,309.2
Commodity-producing
industries
Manufacturing
Distributive industries
Service industries
Government and
government enterprises
,
*
623.3
470.5
497.1
573,9
641.1
484.0
522.9
627.3
628.4
474.5
504.7
591.6
632.9
477.2
511.5
606.7
635.0
479.0
518.9
619.3
641.8
485.1
526.3
633.9
654.7
494.7
535.0
649.3
663.6
501.2
543.1
663.4
394.8
421.4
403.8
412.2
418.1
424.2
431.2
439.1
201.1
210.2
204.4
206.7
209.5
211.1
213.5
215.4
Proprietors' income with
inventory valuation and
capital consumption
adjustments
289.8
327.4
297.8
320.9
323.1
322.7
342.7
338.5
37.2
252.6
48.4
279.0
36.6
261.2
51.3
269.7
47.3
275.8
40.6
282.1
54.3
288.4
45.8
292.7
.
Rental income of persons
with capital consumption
adjustment . .
Personal dividend income
Personal interest income
Transfer payments
16.7
81.2
497.6
518.3
19.3
87.5
516.2
543.1
18.4
82.9
496.8
526.6
20.0
84.5
499.8
533.7
18.9
86.3
506.3
541.5
17.3
88.7
520.0
545.8
20.9
90.5
538.8
551.4
22.2
92.1
541.7
569.5
269.2
282.8
273.5
278.0
282.3
284.4
286.5
297.8
16.4
16.8
14.6
16.6
16.6
16.4
15.6
16.6
14.9
16.7
14.5
16.6
13.2
16.4
13.4
16.9
71.0
145.0
76.2
152.9
72.4
147.7
73.9
149.6
76.0
151.5
77.3
153.0
77.6
157.6
80.5
161.0
16.2
128.7
16.7
136.2
16.4
131.3
16.5
133.1
16.7
134.7
16.8
136.3
16.8
140.8
16.9
144.1
Less: Personal contributions
for social insurance
159.6
169.9
161.8
166.7
168.4
170.7
173.6
189.4
Less: Personal tax and nontax
payments
512.2
564.8
532.0
536.1
578.0
565.7
579.4
576.5
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
.
Equals: Disposable personal
income
3,022.1 3,181.7 3,061.6 3,125.9 3,130.6 3,195.3 3,275.0 3,322.6
Less: Personal outlays
2,891.5 3,062.7 2,952.6 2,987.5 3,037.4 3,106.5 3,119.3 3,166.7
Personal consumption
2,799.8 2,967.8 2,858.6 2,893.8 2,943.7 3,011.3 3,022.6 3,068.3
expenditures..
Interest paid by consumers to
89.9
93.5
92.1
92.1
92.6
95.4
93.9
97.0
business
'.
Personal transfer payments to
1.7
1.9
1.7
1.2
1.2
1.3
foreigners (net)
1.4
1.3
Equals: Personal saving
130.6
119.0
109.0
138.4
93.2
88.8
155.7
155.9
Addenda:
Disposable personal income:
Total, billions of 1982
dollars
Per capita:
Current dollars
1982 dollars
Population (mid-period,
millions)
Personal saving as
percentage of disposable
personal income
2,645.1 2,677.2 2,656.7 2,674.6 2,645.5 2,674.7 2,713.8 2,737.4
12,508 13,050 12,626 12,865 12,858 13,090 13,384 13,546
10,947 10,980 10,956 11,008 10,865 10,958 11,090 11,160
241.6
243.8
242.5
243.0
243.5
244.1
244.7
245.3
4.3
3.7
3.6
4.4
3.0
2.8
4.8
4.7
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
Personal consumption
expenditures
Durable goods
Other labor income
Farm
Nonfarm
I
Motor vehicles and parts
Furniture and household
eouipment
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
2,799.8 2,967.8 2,858.6 2,893.8 2,943.7 3,011.3 3,022.6 3,068.3
402.4
413.7
419.8
396.1
409.0
436.8
413.0
194.9
193.9
201.2
177.6
189.6
215.2
193.3
197.7
139.9
67.6
146.7
73.1
143.8
74.8
146.0
72.5
146.0
73.5
147.9
73.7
146.8
72.9
152.1
74.2
939.4
982.9
946.3
969.9
982.1
986.4
993.1
998.4
497.8
167.5
75.3
198.8
16.0
182.8
515.8
177.0
80.3
209.7
15.8
193.9
507.5
169.6
68.4
200.8
15.1
185.7
514.8
174.0
75.8
205.3
15.4
189.8
515.0
175.8
80.6
210.7
16.1
194.6
514.0
178.7
82.7
211.0
15.6
195.5
519.3
179.6
82.1
212.0
16.2
195.8
523.7
178.7
81.1
214.9
16.5
198.4
424.0
1,458.0 1,571.2 1,492.4 1,527.7 1,552.6 1,588.1 1,616.5 1,645.9
436.9 469.3 449.0 456.3 464.1 472.9 483.7 492.4
178.6 182.1 179.8 176.6 179.6 186.2 186.0 189.6
87.4
85.8
90.0
90.9
87.5
84.8
88.9
87.6
93.8
96.3
97.1
98.7
91.0
94.7
92.3
91.8
97.6 102.1 103.7 106.3 109.1 111.0
95.1 105.3
319.8 351.0 330.1 338.5 346.8 355.4 363.3 370.3
427.7 463.6 435.8 454.3 458.5 467.2 474.5 482.5
Table 2.3.—Personal Consumption Expenditures by Major Type of
Product in Constant Dollars
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
1986
1987
1986
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
1988
1987
I
II
III
IV
Ir
2,450.5 2,497.2 2,480.5 2,475.9 2,487.5 2,520.7 2,504.6 2,527.9
383.5 388.2 399.0 375.9 385.4 406.9 384.5 394.7
175.7
169.5
179.1
158.1
166.4
186.6
166.8
170.9
144.7
63.1
152.8
65.9
150.7
69.3
151.5
66.4
152.5
66.5
154.1
66.2
153.3
64.4
159.0
64.8
877.2
878.1
880.3
883.2
879.0
875.7
874.6
878.1
444.9
158.0
100.3
174.1
21.5
152.6
441.2
159.5
101.1
176.4
21.1
155.3
444.0
158.4
102.5
175.4
22.3
153.1
447.5
160.4
99.8
175.5
21.0
154.5
441.6
157.3
102.1
178.1
21.4
156.6
437.1
161.7
100.9
176.1
20.4
155.6
438.6
158.6
101.5
175.9
21.5
154.4
441.6
158.0
102.3
176.2
21.5
154.6
1,189.8 1,230.9 1,201.1 1,216.9 1,223.1 1,238.1 1,245.6 1,255.1
350.0 358.8 353.1 355.3 357.7 360.0 362.2 364.5
151.3 153.6 152.8 150.0 151.4 156.5 156.6 159.6
77.7
76.1
78.2
76.8
81.1
79.3
79.8
75.8
75.9
78.4
76.7
75.3
74.2
74.6
74.5
77.3
88.1
84.4
90.2
88.6
87.5
85.5
89.5
86.9
251.9 263.3 256.3 258.7 262.0 265.2 267.2 268.0
352.3 367.1 353.6 366.0 364.5 367.8 370.1 372.8
SURVEY OF CURRENT BUSINESS
8
June 1988
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
Seasonally adjusted at annual rates
1986
1987
1986
Receipts
827.4
915.7
n
I
IV
Personal tax
and nontax
receipts 1
Income taxes
Estate and gift taxes
Nontaxes
1987
852.5
879.3
922.9
1988
in
IV
923.0
937.6
954.0
403.7
395.3
7.4
1.0
376.4
368.5
7.0
.9
381.5
373.6
7.2
.7
415.6
406.8
8.0
.9
404.3
395.4
7.7
1.2
413.5
405.6
6.7
1.3
406.4
398.0
7.0
1.4
Corporate profits tax accruals
Federal Reserve banks
Other
83.7
17.8
65.9
109.4
17.0
92.4
90.5
17.2
73.3
103.0
16.6
86.3
107.9
17.1
90.8
114.5
17.1
97.5
112.3
17.3
95.1
108.8
.17.4
91.4
Indirect business tax
and
nontax accruals 2
Excise taxes
Customs duties
Nontaxes
50.9
31.2
13.7
6.0
54.1
32.5
15.4
6.1
51.1
31.3
14.0
5.8
53.3
32.1
15.2
6.0
54.2
32.4
15.7
6.1
53.9
32.5
15.1
6.2
54.9
32.9
15.8
6.2
56.5
33.6
16.6
6.3
329.8
348.4
334.5
341.5
345.2
350.3
356.8
382.3
Expenditures
Purchases of goods and services...
National defense
Nondefense
Transfer payments
To persons
To foreigners
1,032.0 1,067.1 1,041.2 1,049.8 1,062.1 1,058.8 1,097.8 1,097.0
366.2 379.4 368.6 366.9 379.6 382.1 388.9 375.1
277.8 295.2 279.0 287.5 294.5 299.0 299.8 300.4
88.4
89.2
84.2
89.6
79.4
85.1
83.0
74.7
399.9 413.5 405.7 406.7 412.0 413.4 421.8 432.5
385.9 401.9 391.0 396.0 401.5 403.7 406.2 421.8
14.0
11.6
14.7
10.7
9.8
15.6
10.7
10.5
Receipts
Personal tax and nontax
receipts
Income taxes
Nontaxes
Other
Corporate profits tax accruals
Indirect business tax and
nontax accruals
Sales taxes
Property taxes
Other
Contributions for social
insurance
Federal grants-in-aid
.
Expenditures
Purchases of goods and servicesCompensation of employees
Other
Grants-in-aid to State and local
governments... .
106.9
103.4
102.8
102.2
106.0
103.5
102.0
111.2
Net interest paid
Interest paid
To persons and business
To foreigners
135.7
157.8
135.2
22.6
142.8
160.8
136.6
24.3
137.8
157.4
134.4
22.9
139.5
158.2
135.1
23.1
139.8
158.1
133.6
24.5
142.9
161.0
136.7
24.3
148.9
166.0
140.8
25.2
148.8
169.1
142.0
27.1
22.1
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
18.0
18.7
18.1
18.3
17.1
20.3
23.3
25.5
28.0
31.3
26.3
24.5
34.3
38.7
24.8
27.5
17.2
20.7
35.8
38.4
29.6
31.8
2.2
3.3
-1.8
4.3
2.6
3.5
2.7
2.3
0
0
0
0
.3
-.3
-204.7 -151.4
15.4
22.7
-220.0 1741
Social insurance funds
Other
19.6
0
0
1887 -170.5 -139.2 -135.8 -160.2 -143.1
16.7
20.1
19.3
22.9
28.5
41.3
2054 -190.6 -158.6 -158.7 -188.8 -184.4
I
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
II
in
IV
Ir
618.8
651.1
629.1
632.1
651.3
657.6
663.5
682.5
149.3
161.1
155.6
154.6
162.3
161.4
165.9
170.1
76.3
60.3
12.6
82.0
65.3
13.7
80.5
62.1
13.0
77.9
63.4
13.3
84.1
64.7
13.6
81.6
66.0
13.8
84.6
67.3
14.0
87.2
68.5
14.4
21.3
26.9
23.4
25.0
26.4
28.4
27.7
28.5
296.8
313.7
300.7
305.0
311.0
317.9
320.9
325.1
139.8
114.6
42.4
149.9
122.6
41.2
143.8
117.5
39.4
145.3
119.4
40.3
148.9
121.5
40.6
152.8
123.6
41.5
152.9
125.7
42.3
154.8
127.7
42.7
44.5
46.1
46.5
45.2
45.7
46.3
47.0
47.6
106.9
103.4
102.8
102.2
106.0
103.5
102.0
111.2
561.9
607.1
543.4
578.5
517.7
591.1
529.3
600.7
537.6
611.1
546.9
625.6
636.9
503.5
559.9
570.0
299.9
203.6
322.8
220.6
309.8
207.9
314.1
215.1
319.8
217.8
325.6
221.3
331.6
228.3
338.3
231.7
113.0
114.9
118.8
121.6
110.1 118.0
-31.5 -32.9
Transfer payments to persons
1988
1987
1986
IV
Net interest paid
Less: Interest received by
government
1987
lr
363.0
355.2
7.1
.7
Contributions for social
insurance
1986
-31.9 -32.2
116.9
-32.7
-33.1 -33.7
123.9
-34.3
48.0
53.9
50.0
51.4
52.9
54.7
56.5
58.0
79.5
86.8
81.9
83.7
85.6
87.8
90.1
92.3
5.6
6.3
5.7
5.9
6.2
6.5
6.8
7.2
-14.6
-15.1
-14.7
-15.0 -14.9
-15.0 -15.4 -15.6
.8
1.0
.9
.9
.9
1.0
1.0
1.1
15.4
16.0
15.5
15.9
15.8
15.9
16.4
16.6
0
0
0
0
0
0
0
0
56.8
44.0
50.6
41.0
50.6
49.4
7.4
51.7
-7.7
51.3
-.7
50.2
-9.1
51.0
-.4
37.9
46.5
52.1
53.4
-5.6 -15.5
45.6
55.0
-9.4
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
1986
1987
1986
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
Other nondurables
Services
Compensation of
employees
Other services
Structures
State and local
Durable goods
Nondurable goods
Services
Compensation of employeesOther services
Structures
1987
I
II
1986
1988
1987
lr
ni
IV
948.8
388.9
299.8
89.2
11.4
191.5
945.1
110.0
74.2
35.8
81.5
7.7
112.6
75.9
36.7
84.0
6.6
869.7
366.2
277.8
83.9
11.1
176.2
922.8
379.4
295.2
89.9
10.6
187.2
886.3
368.6
279.0
85.9
9.9
176.3
896.2
366.9
287.5
88.0
9.7
182.5
917.1
379.6
294.5
89.2
10.5
188.0
929.0
382.1
299.0
93.4
11.0
186.8
104.3
70.4
33.8
71.9
6.6
108.8
73.3
35.5
78.4
7.4
105.0
71.0
34.0
71.3
7.0
107.7
72.7
35.0
74.8
7.2
108.6
73.0
35.5
79.5
6.8
108.9
73.4
35.6
77.9
7.8
88.4
4.1
11.2
84.2
4.7
2.0
89.6
4.0
13.1
79.4
4.2
2.0
85.1
4.8
1.5
83.0
4.6
.2
89.2
74.7
5.0
4.9
4.1 -11.2
5.3
5.9
66.3
43
6.2
69.8
7.3
5.8
66.1
36
5.6
66.3
51
6.6
70.8
61
6.4
70.4
23
6.4
71.7
173
6.1
72.2
39.6
26.7
6.7
41.6
28.2
7.8
39.8
26.3
6.5
41.0
25.2
7.0
41.6
29.1
8.0
41.7
28.7
7.8
41.9
29.7
8.4
43.2
28.9
8.8
503.5
543.4
517.7
529.3
537.6
546.9
559.9
570.0
24.6
39.1
378.5
299.9
78.5
61.4
27.4
43.7
409.0
322.8
86.3
63.3
25.7
39.5
391.0
309.8
81.2
61.5
26.3
41.6
397.2
314.1
83.1
64.1
27.0
43.1
404.8
319.8
85.0
62.7
27.8
44.6
413.1
325.6
87.5
61.4
28.5
45.5
421.0
331.6
89.4
64.9
29.2
45.5
429.9
338.3
91.6
65.4
375.1
300.4
86.4
10.8
196.6
1986
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
Other nondurables
Services
Compensation of
employees
Other services
Structures
State and local
Durable goods
Nondurable goods
Services
Compensation of employees...
Other services
Structures
1987
I
II
1988
III
IV
Ir
754.5
332.5
250.7
77.9
15.1
152.0
771.7
336.0
264.2
87.7
14.5
155.8
771.8
344.6
252.7
80.3
15.3
151.3
759.6
327.3
257.4
83.7
14.0
153.6
766.7
332.6
263.5
86.4
14.5
157.0
771.7
336.3
268.3
92.3
14.5
155.2
788.9
347.6
267.7
88.7
15.2
157.5
766.0
322.7
263.9
85.9
13.8
158.9
88.8
59.9
28.9
63.2
5.6
89.1
60.2
28.9
66.8
6.1
89.2
60.3
28.9
62.1
5.9
89.0
60.3
28.8
64.6
6.1
89.0
60.1
28.9
68.0
5.7
89.1
60.2
28.9
66.1
6.4
89.2
60.3
28.9
68.4
6.2
89.0
60.1
28.8
69.9
5.3
81.8
4.6
13.6
71.7
5.3
1.3
91.9
4.5
24.6
69.9
4.8
3.1
69.1
5.3
25
67.9
5.2
28
80.0
5.8
7.3
58.9
5.5
131
7.8
5.8
57.5
50
6^2
58.3
18.8
5.8
57.0
25
5.6
55.8
91
6.6
59.3
92
6.3
58.7
1.0
6.3
59.4
190
5.9
58.7
33.8
23.7
6.1
33.8
24.5
6.9
33.8
23.1
5.9
33.7
22.1
6.3
33.8
25.4
7.1
33.8
24.8
6.9
33.8
25.6
7.4
33.9
24.7
7.7
422.1
435.8
427.1
432.3
434.1
435.4
441.3
443.2
22.7
43.3
301.7
237.1
64.6
54.4
24.8
46.2
309.2
240.4
68.8
55.5
23.5
44.4
304.8
238.6
66.2
54.5
24.0
45.1
306.5
239.3
67.2
56.7
24.6
45.8
308.4
240.2
68.2
55.3
25.1
46.6
310.0
240.8
69.3
53.7
25.7
47.4
311.8
241.5
70.4
56.4
26.2
47.9
313.5
242.1
71.4
55.6
SURVEY OF CURRENT BUSINESS
June 1988
Table 3.10.—National Defense Purchases of Goods and Services in
Constant Dollars
Table 3.9.—National Defense Purchases of Goods and Services
[Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1986
1987
1986
I
IV
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
*
Weapons support 23
Personnel support
Transportation of materiel ....
Travel of persons
Other
Structures
.
. ..
Military facilities
Other
1987
1988
II
III
IV
1986
1987
lr
277.8
295.2
279.0
287.5
294.5
299.0
299.8
300.4
83.9
89.9
85.9
88.0
89.2
93.4
89.2
86.4
71.6
32.4
12.1
8.7
4.8
5.1
8.4
12.4
77.9
33.7
13.5
8.7
4.6
5.7
11.7
12.0
73.4
36.0
12.1
8.4
5.1
5.4
6.5
12.4
76.4
33.1
12.6
8.5
5.0
5.6
11.5
11.6
77.0
31.6
14.5
9.3
4.7
5.7
11.2
12.1
80.8
35.5
13.6
8.6
4.0
5.9
13.4
12.5
77.4
34.6
13.4
8.5
4.6
5.7
10.6
11.7
74.6
30.9
12.9
8.3
4.6
5.9
12.1
11.9
11.1
10.6
9.9
9.7
10.5
11.0
11.4
10.8
4.3
4.3
2.5
4.2
4.0
2.5
3.3
4.1
2.5
3.4
3.9
2.4
3.8
4.1
2.6
4.3
4.3
2.5
5.3
3.7
2.4
4.3
3.8
2.6
176.2
187.2
176.3
182.5
188.0
186.8
191.5
196.6
104.3
70.4
33.8
71.9
108.8
73.3
35.5
78.4
105.0
71.0
34.0
71.3
107.7
72.7
35.0
74.8
108.6
73.0
35.5
79.5
108.9
73.4
35.6
77.9
110.0
74.2
35.8
81.5
112.6
75.9
36.7
84.0
29.3
18.6
7.7
9.5
3.3
3.3
.2
29.2
21.7
9.3
10.3
4.1
3.7
.1
29.6
18.3
7.8
8.9
3.5
3.2
.1
29.3
20.3
8.7
9.2
3.7
3.4
.3
30.0
21.8
9.4
10.3
4.0
3.7
.2
28.3
22.1
9.2
10.8
4.1
3.9
-.7
29.2
22.6
9.9
10.9
4.5
3.8
.7
31.0
24.5
9.6
10.8
4.2
3.6
.3
6.6
7.4
7.0
7.2
6.8
7.8
7.7
6.6
4.2
2.5
4.9
2.5
4.3
2.6
4.4
2.8
4.5
2.3
5.2
2.6
5.3
2.4
4.2
2.4
1986
1987
IV
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 *
Weapons support 2
Personnel support 3
Transportation of materiel ....
Travel of persons
Other
Structures
Military facilities
Other
I
1988
II
III
IV
lr
250.7
264.2
252.7
257.4
263.5
268.3
267.7
263.9
77.9
87.7
80.3
83.7
86.4
92.3
88.7
85.9
63.8
26.8
11.3
7.6
5.2
4.8
8.2
14.0
72.8
30.6
12.9
7.6
4.9
5.3
11.5
15.0
66.2
30.9
11.5
7.3
5.3
5.1
6.1
14.1
69.4
28.4
11.4
7.4
5.3
5.3
11.6
14.3
71.3
28.1
13.7
8.1
5.1
5.3
10.9
15.0
76.6
33.1
13.1
7.4
4.3
5.5
13.2
15.7
73.9
32.8
13.2
7.4
5.0
5.3
10.3
14.8
70.9
29.3
12.7
7.2
4.8
5.4
11.6
15.0
15.1
14.5
15.3
14.0
14.5
14.5
15.2
13.8
8.5
4.3
2.3
8.4
3.8
2.3
8.9
4.0
2.3
8.0
3.8
2.2
8.1
4.0
2.4
8.2
4.1
2.2
9.6
3.5
2.2
8.0
3.5
2.3
152.0
155.8
151.3
153.6
157.0
155.2
157.5
158.9
88.8
59.9
28.9
63.2
89.1
60.2
28.9
66.8
89.2
60.3
28.9
62.1
89.0
60.3
28.8
64.6
89.0
60.1
28.9
68.0
89.1
60.2
28.9
66.1
89.2
60.3
28.9
68.4
89.0
60.1
28.8
69.9
25.8
15.6
6.8
7.7
3.8
3.3
.2
25.3
17.6
8.1
7.9
4.2
3.6
.1
26.0
15.3
6.8
7.0
3.8
3.1
.1
25.6
16.7
7.7
7.1
4.0
3.2
.2
26.2
17.8
8.3
8.0
4.0
3.6
.2
24.4
17.9
8.1
8.3
4.2
3.7
.5
24.9
18.0
8.5
8.2
4.6
3.6
.6
26.2
19.4
8.2
8.1
4.3
3.4
.2
5.6
6.1
5.9
6.1
5.7
6.4
6.2
5.3
3.4
2.2
3.9
2.2
3.6
2.3
3.6
2.4
3.6
2.0
4.2
2.2
4.2
2.1
3.2
2.0
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.
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
1986
1987
1986
IV
1987
I
II
Seasonally adjusted at annual rates
1988
III
IV
427.8
383.3
397.3
416.5
439.2
458.1
485.8
376.2
224.9
139.7
85.1
151.3
86.1
65.2
427.8
257.6
159.5
98.2
170.1
94.6
75.5
383.3
231.7
144.0
87.6
151.6
82.3
69.3
397.3
235.6
146.6
89.0
161.7
87.9
73.8
416.5
247.4
150.9
96.5
169.0
92.6
76.4
439.2
267.2
164.0
103.2
171.9
94.2
77.7
458.1
280.3
176.4
103.9
177.8
103.7
74.1
485.8
304.2
189.9
114.3
181.6
103.0
78.5
0
0
0
0
0
0
0
0
Payments to foreigners
376.2
427.8
383.3
397.3
458.1
481.7
367.5
237.7
129.8
114.2
52.3
61.8
547.4
411.3
262.1
149.1
136.1
67.2
68.9
500.2
382.8
249.8
132.9
117.5
54.8
62.7
509.5
386.1
249.1
137.0
123.4
57.2
66.2
416.5
534.8
401.8
256.8
145.0
133.0
64.8
68.2
439.2
Imports of goods and services
Merchandise
Durable goods
Nondurable goods
Services
Factor income 1
Other
562.9
421.7
264.1
157.7
141.1
70.8
70.3
582.4
435.4
278.6
156.8
147.0
76.1
70.9
485.8
596.9
439.1
284.2
154.9
157.8
84.4
73.4
15.7
1.7
14.0
13.0
1.4
11.6
16.6
1.9
14.7
12.4
1.7
10.7
11.6
1.2
10.5
11.0
1.2
9.8
16.9
1.3
15.6
12.0
1.3
10.7
Capital grants received by the
United States (net)
Transfer payments (net)
From persons (net) .
From government (net)
Interest paid by government to
foreigners
gn
,
,
22.6
24.3
22.9
23.1
24.5
24.3
25.2
27.1
-143.9
1569
1565
1477
1545
1590
1664
1502
I
II
377.4
425.8
388.3
397.8
414.5
Merchandise
Durable goods
Nondurable goods
244.6
153.1
91.5
Services
Factor income 1
Other
132.8
74.5
58.2
281.1
176.5
104.6
144.7
79.3
65.4
256.7
159.8
96.9
131.7
70.7
61.0
258.7
161.7
96.9
139.2
74.7
64.5
523.2
561.3
540.1
420.2
248.1
172.1
444.5
264.6
179.9
435.7
255.7
179.9
533.0
425.2
253.5
171.7
270.5
166.9
103.6
144.0
77.9
66.1
547.2
103.0
44.8
58.2
116.8
55.9
60.9
104.5
46.5
58.0
107.8
48.1
59.7
Exports of goods and services
Durable goods
Nondurable goods
Services
Factor income 1
Other
1988
1987
1986
IV
Imports of goods and services
1. Line 7 less line 16 equals rest-of-the-world product as shown in table 1.7.
1987
r
376.2
Receipts from foreigners ...
Exports of goods and services
Merchandise
Durable goods
.
Nondurable goods
Services
Factor income 1
Other
1986
432.8
258.3
174.5
114.4
54.0
60.4
r
III
IV
437.1
291.4
181.7
109.7
145.7
78.7
67.1
453.5
477.4
303.8
195.8
108.1
149.7
85.9
63.8
325.4
210.0
115.3
152.1
85.1
67.0
575.6
589.3
597.8
454.9
266.2
188.8
120.6
58.7
62.0
465.3
280.5
184.8
465.8
281.0
184.8
124.0
62.7
61.3
131.9
69.2
62.7
1. Line 6 less line 13 equals rest-of-the-world product as shown in table 1.8.
SURVEY OF CURRENT BUSINESS
10
June 1988
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
Seasonally adjusted at annual rates
1986
1987
1986
1987
I
IV
1986
1988
II
III
1987
r
IV
1986
1987
n
I
IV
258.7
270.5
1988
III
IV
r
224.9
257.6
231.7
235.6
247.4
267.2
280.3
304.2
Merchandise exports
244.6
281.1
256.7
291.4
303.8
325.4
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 1
22.6
24.6
22.7
21.5
23.4
28.3
25.3
30.0
25.7
30.0
27.5
26.3
28.8
34.5
30.4
34.0
58.1
16.6
41.6
79.8
25.4
14.5
5.7
8.8
24.4
12.2
12.2
67.0
19.1
47.9
90.8
27.2
18.0
7.4
10.6
30.0
15.0
15.0
60.5
17.5
43.0
82.3
24.9
15.6
6.5
9.1
25.7
12.9
12.9
62.1
17.9
44.1
82.1
25.9
16.4
6.8
9.6
27.6
13.8
13.8
66.2
18.3
47.9
84.5
26.2
17.6
7.3
10.4
29.5
14.8
14.8
68.2
19.6
48.6
95.7
26.0
18.7
7.6
11.2
30.3
15.1
15.1
71.7
20.6
51.1
100.7
30.7
19.2
8.1
11.2
32.6
16.3
16.3
78.6
22.7
55.9
109.6
31.9
21.2
9.2
12.0
32.9
16.5
16.5
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 1
Nondurable goods 1
63.5
18.1
45.4
94.2
22.6
14.0
5.9
8.1
24.6
12.3
12.3
70.2
20.0
50.2
110.4
23.8
17.0
7.5
9.5
29.7
14.8
14.8
67.4
19.5
47.9
98.5
22.0
15.0
6.7
8.3
26.2
13.1
13.1
67.6
19.5
48.1
98.5
22.9
15.6
6.9
8.7
27.8
13.9
13.9
70.1
19.4
50.8
102.6
22.9
16.7
7.4
9.3
29.4
14.7
, 14.7
70.4
20.2
50.2
116.2
22.7
17.6
7.7
10.0
29.9
14.9
14.9
72.8
20.9
51.9
124.3
26.7
18.1
8.1
10.0
31.6
15.8
15.8
77.7
22.5
55.2
135.1
27.7
19.6
9.1
10.5
31.3
15.6
15.6
Merchandise imports
367.5
411.3
382.8
386.1
401.8
421.7
435.4
439.1
Merchandise imports
420.2
444.5
435,7
425.2
432.8
454.9
465.3
465.8
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 1
Nondurable goods 1
24.0
24.4
24.4
23.9
24.4
24.5
24.6
25.5
22.9
23.5
23.0
23.2
24.2
23.5
23.2
23.4
61.4
32.1
29.3
33.8
75.4
78.1
77.8
43.6
34.2
17.0
8.5
8.5
66.0
33.5
32.4
42.5
87.1
85.2
87.0
46.8
40.2
19.1
9.5
9.5
64.1
33.5
30.6
32.0
79.3
82.0
82.9
46.1
36.9
18.0
9.0
9.0
63.6
32.7
30.9
34.8
79.2
82.4
82.9
45.2
37.7
19.2
9.6
9.6
62.3
31.8
30.5
40.0
85.1
84.3
87.5
46.5
41.1
18.3
9.1
9.1
65.6
33.1
32.5
50.6
89.0
85.1
87.9
47.4
40.5
19.1
9.5
9.5
72.4
36.6
35.8
44.8
95.2
88.9
89.7
48.0
41.6
19.8
9.9
9.9
76.8
39.6
37.2
39.5
98.4
87.6
91.9
48.9
43.0
19.4
9.7
9.7
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 goods1
Nondurable goods 1
72.8
38.0
34.8
74.3
93.3
66.3
74.1
42.2
31.8
16.7
8.3
8.3
73.6
37.6
36.0
77.4
108.1
68.1
76.3
42.1
34.2
17.5
8.8
8.8
75.1
38.9
36.2
78.5
97.6
67.3
77.1
43.3
33.7
17.2
8.6
8.6
74.9
38.6
36.3
69.5
96.8
67.2
75.3
41.7
33.6
18.2
9.1
9.1
71.0
36.4
34.6
72.1
103.8
67.6
77.2
42.0
35.2
16.9
8.5
8.5
71.3
36.1
35.2
87.5
111.4
67.7
76.3
42.4
33.9
17.3
8.7
8.7
77.3
39.2
38.0
80.5
120.3
69.9
76.5
42.2
34.2
17.7
8.8
8.8
77.3
40.0
37.3
81.3
123.3
67.5
76.2
41.8
34.4
16.9
8.4
8.4
Merchandise exports
,
,
.
..
Addenda:
Addenda:
Exports of 2agricultural
products
Exports of nonagricultural
products
Imports of nonpetroleum
products
27.0
29.9
28.1
26.2
28.7
33.6
31.1
36.7
197.9
227.7
203.6
209.4
218.8
233.6
249.2
267.5
333.7
368.7
350.7
351.3
361.9
371.1
390.6
399.6
Exports of 2agricultural
products
Exports of nonagricultural
products
Imports of nonpetroleum
products
30.3
35.3
33.7
31.2
34.1
40.2
35.9
40.0
214.4
245.8
222.9
227.4
236.4
251.2
267.9
285.3
345.9
367.1
357.2
355.7
360.7
367.4
384.8
384.6
1. Because no data are available to distribute exports and imports of "other" merchandise
between durable and nondurable goods, they are distributed equally.
2. Includes parts of line 2 and line 5.
1. Because no data are available to distribute exports and imports of "other" merchandise
between durable and nondurable goods, they are distributed equally.
2. Includes parts of line 2 and line 5.
Table 5.1.—Gross Saving and Investment
Table 6.3B.—National Income Without Capital Consumption
Adjustment by Industry
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
1986
1987
1986
IV
I
II
Seasonally adjusted at annual rates
1988
1987
III
rv
1986
F
1987
IV
Gross saving
Gross private saving
Personal saving
Undistributed corporate
profits with inventory
valuation and capital
consumption adjustments
Undistributed profits
Inventory valuation
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
Federal
State and local
554.3
551.3
559.3
595.9
625.3
672.6
119.0
515.3
653.4
109.0
683.8
138.4
639.9
93.2
648.7
88.8
718.2
155.7
722.8
155.9
92.6
40.0
74.6
43.9
78.5
45.4
75.6
38.7
70.1
42.1
76.8
46.7
75.7
48.3
74.3
44.9
6.5
17 5
89 -11.3
200
17 6
21 3 -16.4
46.0
48.2
48.0
47.7
48.7
532.0
565.2
679.8
130.6
282.8
296.2
42.1
289.3
48.2
291.8
294.5
297.8
300.9
45.8
304.5
173.8
182.8
176.6
178.0
182.1
185.3
186.0
188.0
0
0
0
0
0
0
0
0
-147.8 -107.4 -138.1 -129.5
-204.7 -151.4 -188.7 170.5
41.0
50.6
44.0
56.8
88.6 -89.3 -122.3 -97.5
139.2 -135.8 -160.2 -143.1
45.6
46.5
37.9
50.6
Capital grants received by the
United States (net)
0
0
0
0
0
0
0
0
Gross investment
527.1
560.6
503.7
552.1
548.1
548.4
593.8
612.5
760.2
1664
762.7
1502
Gross private domestic
investment
Statistical discrepancy
671.0 717.5 660.2 699.9 702.6
-143.9 -156.9 -156.5 -147.7 -154.5
-4.9
-4.6 -11.6
-2.2
-3.1
707.4
1590
-10.9
-2.1 -12.8
1987
1986
I
II
1988
III
IV
F
National income without
capital consumption
adjustment
...... 3,394.5 3,602.3 3,446.2 3,515.0 3,560.4 3,626.2 3,707.5 3,760.5
3,360.7 3,574.9 3,418.6 3,484.2 3,532.6 3,602.8 3,680.0 3,741.8
Domestic industries
Private industries
2,864.7 3,045.9 2,910.7 2,967.0 3,007.2 3,070.2 3,139.2 3,189.1
Agriculture, forestry, and
fisheries
Mining
Construction
82.9
40.2
181.8
93.9
40.0
190.5
81.9
37.1
186.2
96.4
37.3
188.4
92.7
39.0
190.5
86.1
41.1
190.0
Manufacturing
Durable goods
Nondurable goods
684.4
410.7
273.7
720.5
423.0
297.4
695.5
412.7
282.8
697.3
419.8
277.5
710.5
419.0
291.5
269.5
113.8
70.9
277.0
120.6
72.7
271.7
117.3
71.1
269.6
117.4
70.8
274.7
119.1
72.2
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
93.1
42.5
196.2
734.5
429.0
305.5
100.4
42.4
193.1
739.6
424.3
315.3
756.7
436.4
320.3
277.6
121.0
73.8
286.3
124.9
74.1
286.9
125.8
73.5
84.7
83.7
83.3
81.3
83.4
82.8
87.3
87.6
210.1
301.3
219.3
313.8
213.0
303.3
219.0
308.9
213.2
311.2
221.2
317.6
223.7
317.7
230.1
325.0
465.6
629.0
510.6
680.2
477.4
644.7
492.8
657.3
504.3
671.1
515.1
687.0
530.4
705.6
536.4
722.3
496.1
529.0
508.0
517.3
525.4
532.6
540.8
552.7
33.7
27.4
27.5
30.7
27.8
23.4
27.5
18.7
11
SURVEY OF CURRENT BUSINESS
June 1988
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
Seasonally adjusted at annual rates
1986
1987
1986
1987
IV
Change in business
inventories
Farm .
15.7
-1.1
Nonfarm
Change in book value
Inventory valuation
adjustment l
46.1
64
9.9 -11.6
I
II
51.6
40.3
69.4
Change in business
inventories
57.8
11.7
12.0
19.6
48.7
61.5
27.3
49.7
11.1
31.0
57.5
81.5
38.2
57.2
Nonfarm
198
Manufacturing
Durable goods .
Nondurable goods
-4.6
-5.2
.6
6.2
4.6
1.6
47
-7.6
2.9
5.9
1.4
4.5
Wholesale trade
Durable goods
Nondurable goods
4.0
1.7
2.3
8.3
5.2
3.1
52
58
.6
7.4
6.1
1.3
4.0
2.0
2.0
8.1
4.7
3.4
-5.0
-6.1
1.1
0
-.3
.3
.3
.5
-.3
Retail trade
.
Durable goods
Nondurable goods
6.9
3.7
3.2
Other
Durable goods
Nondurable goods
10.5
4.6
5.9
84 -12.8
-22.4
-19.9
-3.7
-1.6
-2.2
-24.1
-19.0
12.8
9.2
3.6
10.0
9.4
.6
15.3
9.8
5.5
8.1
6.2
1.9
1.4
27
4.1
16.4
11.3
5.1
23.4
21.7
1.7
5.2
5.0
.2
11.2
7.1
4.1
.9
-3.0
3.9
15.0
9.7
5.3
20.9
19.9
1.0
-.2
.2
-.5
2.2
1.1
1.1
-3.0
9
-2.1
.5
.3
.2
1.3
1.6
-.2
2.5
1.8
.7
14.6
9.7
4.9
7.4
2.6
4.8
28.3
21.4
6.9
7.0
5.8
1.2
7.7
6.3
1.4
7.2
6.3
.9
16.9 -9.5
10.7 -14.1
6.2
4.6
6.0
6.7
-.7
6.4
5.6
.8
22.9 -6.8
20.8 -13.8
2.0
6.9
8.2
4.5
3.7
1986
1987
I
IV
13.0
6.8
Nonmerchant wholesalers
Durable goods
Nondurable goods
22.9
1987
Ir
IV
2.9
36.2
55.9
Merchant wholesalers
Durable goods
Nondurable goods
III
Farm ..
16.8
10.0
5.1
13.5
1986
1988
13.8
-1.6
1988
II
III
IV
Ir
42.9 -14.4
47.6
39.0
24.6
60.5
61.0
10.4 -16.6
3.7
16.3
12.5
9.0
21.6
15.4
32.5
2.3
43.9
22.7
12.1
51.5
39.4
Manufacturing
Durable goods
Nondurable goods
52
52
0
5.6
4.2
1.4
49
71
2.1
5.3
1.1
4.2
-4.4
17
27
12.1
8.5
3.5
9.4
8.7
.6
15.3
9.1
6.2
Wholesale trade
Durable goods
Nondurable goods
3.7
1.7
2.1
7.0
4.9
2.1
-5.9
53
6
6.6
5.7
.9
5.6
5.6
0
1.6
-2.4
4.0
14.2
10.7
3.4
24.4
19.8
4.5
Merchant wholesalers
Durable goods
Nondurable goods
3.7
1.9
1.8
6.9
4.4
2.6
-4.7
-5.5
.8
3.6
4.6
-1.0
9.6
6.4
3.1
1.2
-2.7
3.9
13.3
9.1
4.2
21.5
18.0
3.5
Nonmerchant wholesalers
Durable goods
0
3
.3
0
.5
5
-1.3
.2
15
3.0
1.1
1.9
-4.0
8
32
.3
.3
0
.9
1.6
g
2.9
1.8
1.1
6.6
3.6
3.0
13.2
8.7
4.5
6.7
2.2
4.5
25.2
18.8
6.4
10.2
4.2
6.0
6.7
5.3
1.4
6.4
5.8
.5
6.8
5.8
1.0
Retail trade
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
6.3
3.7
2.6
15.5 -8.0
9.8 -12.2
5.7
4.2
6.0
6.2
-.2
6.4
5.1
1.3
20.2
56
18.3 -11.9
1.9
6.3
7.7
4.0
3.7
5.4
3.3
2.1
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
1987
1986
IV
Inventories l
Farm
Durable goods
Durable goods
Nondurable goods
Wholesale trade
Nondurable ffoods
Merchant wholesalers
N
N
n
hi 0 r\
H
HI
hant wholesalers
H
Nondurable goods
Retail trade
Nondurable goods
Other
Final sales 2
••
Final sales of goods and structures 2
I
II
III
IV
Seasonally adjusted quarterly totals
1988
1986
r
IV
884.6
906.9
921.4
948.1
969.8
66.7
69.4
76.3
79.3
81.9
87.7
796.7
469.6
327.1
815.2
480.0
335.2
830.5
487.9
342.6
842.1
493.1
349.0
866.2
511.5
354.7
882.1
519.8
362.3
Nonfarm
Durable goods
Nondurable goods
324.3
217.1
107.1
327.7
217.6
11.0.1
185.2
120.0
65.3
329.3
217.7
111.6
336.6
222.6
113.9
343.7
228.8
114.9
350.1
232.5
117.6
Manufacturing
Durable goods
Nondurable goods
189.8
122.3
67.5
198.1
127.2
70.9
206.1
133.7
72.4
Wholesale trade
Durable goods
Nondurable goods
160.1
105.8
54.3
192.2
123.0
69.2
167.0
108.6
58.4
172.5
112.2
60.3
25.6
15.0
10.6
179.5
118.1
61.3
26.6
15.5
11.1
209.5
105.0
104.5
116.4
181.5
117.8
63.8
157.6
103.8
53.7
23.9
13.9
10.0
25.1
14.2
10.9
165.1
108.3
56.8
24.7
14.0
10.7
189.5
95.3
94.2
197.8
101.4
96.3
204.3
105.1
99.2
25.2
14.3
10.9
101.4
104.5
107.2
110.2
210.0
107.9
102.0
114.4
304.8
177.9
306.1
176.2
312.1
179.4
319.6
184.3
321.4
183.9
326.7
186.6
2.83
2.61
2.89
2.66
2.91
2.66
2.88
2.63
2.95
2.69
2.97
2.70
4.48
4.63
4.63
4.57
4.71
4.73
203.2
102.3
100.9
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.
II
III
IV
F
903.9
845.8
857.7
867.4
873.6
888.7
73.2
74.1
78.2
81.3
83.6
89.0
772.5
438.7
333.9
783.5
446.5
337.0
789.2
451.5
337.7
792.2
451.3
341.0
805.1
461.7
343.4
814.9
466.8
348.1
317.0
205.3
111.7
318.3
205.5
112.8
317.2
205.1
112.1
320.2
207.3
113.0
322.6
209.4
113.1
326.4
211.7
114.7
177.6
109.6
68.0
179.2
111.1
68.2
180.6
112.5
68.2
181.0
111.9
69.2
190.7
119.5
71.2
Merchant wholesalers
Durable goods
Nondurable goods....
151.5
96.6
54.9
152.4
97.7
54.7
155.1
98.7
56.5
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
Durable goods
Nondurable goods
Other
26.1
13.1
13.0
26.8
13.3
13.5
174.8
87.3
87.5
181.1
92.0
89.1
154.8
99.3
55.5
25.8
13.1
12.7
185.0
94.4
90.6
184.6
114.5
70.0
158.4
100.9
57.5
26.1
13.6
12.5
.
Farm
*
Final sales 2
Final sales of goods and structures 2
25.9
13.2
12.7
183.0
91.4
91.6
188.0
95.9
92.1
163.8
105.5
58.4
26.8
14.0
12.8
186.6
93.0
93.7
103.2
104.9
106.4
108.0
109.9
111.3
269.4
167.0
267.3
163.4
270.0
164.9
274.6
168.7
275.0
168.4
278.3
170.7
3.14
2.87
3.21
2.93
3.21
2.92
3.18
2.88
3.23
2.93
3.25
2.93
4.62
4.80
4.79
4.70
4.78
4.77
Ratio of inventories to final sales
Ratio of inventories to final sales
N f
'
to 'es to final sales
Nonfarm inventories to final sales of goods and
Inventories 1
863.4
1988
1987
I
Inventories to final sales
•.
Nonfarm inventories to final sales
Nonfarm inventories to final sales of goods and
structures
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.
SURVEY OF CURRENT BUSINESS
12
Table 6.18B.—Corporate Profits by Industry
Table 7.1.—Fixed-Weighted Price Indexes for Gross National Product,
1982 Weights
[Billions of dollars]
[Index numbers, 1982=100]
Seasonally adjusted at annual rates
1986
1987
1986
IV
Corporate profits with inventory
valuation and capital
consumption adjustments
Domestic industries
Financial
Nonfinancial
. . .
Corporate profits with inventory
valuation adjustment
IV
Financial
Federal Reserve banks
Other
Manufacturing
115.1
284.4 304.7 281.1 294.0 296.8 314.9 313.0 310.9
Gross national product
253.2 270.6 251.4 261.3 263.8 283.1 274.3 284.1
27.5 27.0 26.8 28.0 27.9 26.9 25.0 25.7
225.8 243.7 224.6 233.4 235.9 256.2 249.3 258.4
Personal consumption expenditures
34.0
29.7
32.6
33.0
31.9
38.7
26.8
238.4 256.5 239.0 245.7 248.8 267.3 264.3 265.0
181.1 195.5 183.2 185.5 188.0 208.4 200.1 211.9
69.4 88.6 75.4 75.4 85.5 100.7 92.9 100.9
Nonfinancial
1986
I'
207.2 222.5 209.3 213.1 215.8 235.4 225.6 238.3
26.1 27.0 26.1 27.6 27.8 27.0 25.5 26.4
16.0 16.0 15.5 15.7 16.1 16.1 16.2 17.5
9.3
8.9
10.1 10.9 10.6 11.9 11.7 10.9
Domestic industries
Seasonally adjusted
1988
III
II
1987
1986
IV
31.2
Rest of the world
1987
I
June 1988
1987
n
I
1988
III
IV
r
119,1 116.1 117.4 118.6 119.6 120.7 121.8
115.2 120.0 116.4 118.0 119.5 120.7 121.9 122.7
106.2 109.1 107.1 107.9 108.6 109.7 110.3 110.7
107.7 112.6 108.2 110.4 112.4 113.2 114.3 114.6
123.1 128.3 124.9 126.2 127.6 129.0 130.5 131.8
Durable goods
Nondurable goods
Services
Gross private domestic investment
107.3
104.9
102.9
106.1
115.8
105.7
103.9
100.8
105.8
112.0
106.4
104.3
101.6
106.0
113.5
107.1
104.7
102.6
106.0
115.3
107.9
105.2
103.5
106.2
117.4
107.9
105.4
104.0
106.2
117.0
108.7
106.1
105.0
106.9
117.7
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential
Change in business inventories
104.9
103.2
100.7
104.7
110.9
Exports
Imports
103.6 106.0 103.5 104.5 105.6 106.4 107.3 108.9
92.6 99.5 93.5 96.3 98.9 100.7 101.8 102.7
Durable goods
Primary metal industries
Fabricated metal products
Machinery, except electrical
Electric and electronic
equipment
Motor vehicles and equipment
Other
31.1
-1.8
4.1
3.9
37.2
.8
5.0
5.2
31.3
-.4
3.6
3.1
38.7
.8
3.9
4.9
37.4
-.7
3.8
5.0
42.8
1.4
6.7
7.0
29.9
1.7
5.5
3.7
35.2
2.2
7.0
5.2
4.3
5.9
14.7
4.2
5.0
17.1
1.6
6.4
17.0
2.9
7.1
19.1
5.6
7.4
16.3
6.2
3.5
18.0
2.0
2.2
14.8
3.2
2.4
15.1
Nondurable goods
Food and kindred products
Chemicals and allied products
Petroleum and coal products
Other
38.4
8.7
6.7
5.4
17.6
51.5
9.9
9.2
11.6
20.7
44.1
9.1
8.4
5.9
20.8
36.7
7.7
7.9
2.3
18.8
48.2
8.4
7.8
12.7
19.2
57.9
11.1
10.2
14.7
21.9
63.0
12.5
10.9
16.6
22.9
65.6
13.3
13.6
15.1
23.6
Transportation and public utilities
Wholesale and retail trade
Other
42.4
52.1
17.2
38.8
50.5
17.5
41.9
49.7
16.3
37.4
56.2
16.6
39.0
45.2
18.3
37.9
52.1
17.6
40.9
48.7
17.6
38.8
53.7
18.5
31.2
34.0
29.7
32.6
33.0
31.9
38.7
26.8
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
Rest of the world
[Index numbers, 1982=100]
Government purchases of goods and
services
116.5 121.2
111.3 114.4
112.1 115.3
109.3 112.1
120.3 126.2
Federal
National defense
Nondefense
State and local
117.6 119.3
111.1 113.2
112.1 114.2
108.7 110.5
122.4 123.8
120.6 121.7 123.1 124.9
114.3 114.4 115.7 117.5
115.3 115.3 116.5 118.2
111.7 112.4 113.6 115.7
125.2 127.1 128.6 130.4
Addenda:
Final sales
Personal consumption expenditures,
food
.
Personal consumption expenditures,
energy
Other personal consumption
expenditures
115.0 118.9 116.0 117.3 118.5 119.5 120.5 121.6
112.2 117.2 114.5 115.3 116.9 117.8 118.8
,
90.8
92.1
85.0
90.3
91.9
93.6
92.8
119.1
92.0
119.1 124.2 120.8 122.2 123.6 124.8 126.3 127.5
[Index numbers, 1982=100]
Seasonally adjusted
1986
1987
1986
IV
I
II
Seasonally adjusted
1988
1987
III
IV
I
1986
r
1987
1986
IV
Gross national product
Final sales
Change in business inventories
Goods
Final sales
Change in business inventories
115.1
II
1988
III
IV
lr
119.1 116.1 117.4 118.6 119.6 120.7 121.8
115.0 118.9 116.0 117.3 118.5 119.5 120.5 121.6
108.3 111.0 108.5 109.7 110.8 111.2 112.1 112.6
108.1 110.8 108.3 109.6 110.6 111.1 111.9 112.5
Gross national product
Less' Exports of goods and services
Plus' Imports of goods and services
Equals: Gross domestic purchases 1
115.1 119.1 116.1 117.4 118.6 119.6 120.7
103.6 106.0 103.5 104.5 105.6 106.4 107.3
92.6 99.5 93.5 96.3 98.9 100.7 101.8
114.1 118.5 115.2 116.7 118.0 119.1 120.2
121.8
108.9
102.7
121.2
Less: Change in business inventories
Durable goods
Final sales
..
Change in business inventories
105.7 106.8 106.0 106.7 106.7 106.9 107.0 107.0
105.7 106.8 105.9 106.6 106.6 106.8 107.0 107.1
Nondurable goods
Final sales
Change in business inventories
109.9 113.7 110.1 111.8 113.5 114.2 115.5 116.4
109.8 113.5 109.9 111.6 113.3 114.0 115.3 116.1
Services
122.5 127.8 124.3 125.8 127.1 128.4 129.9 131.4
Structures
106.5 109.5 107.0 107.9 109.1 110.4 110.6 111.7
1987
I
Equals: Final 2sales to domestic
purchasers ...
113.9 118.4 115.0 116.5 117.9 119.0 120.1 121.1
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.
SURVEY OF CURRENT BUSINESS
June 1988
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
1986
1987
1986
IV
Gross national product
1987
I
II
r
IV
104.9 106.6 105.2 105.4 106.1 107.4 107.4 107.4
107.1 111.9 107.5 109.8 111.7 112.6 113.6 113.7
122.5 127.6 124.3 125.5 126.9 128.3 129.8 131.1
Gross private domestic investment
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential.
Change in business inventories
Seasonally adjusted
1988
III
114.1 117.5 114.9 116.1 117.1 117.9 118.7 119.1
114.3 118.8 115.2 116.9 118.3 119.5 120.7 121.4
Personal consumption expenditures
Durable goods
Nondurable goods
Services. .
13
102.3 104.2 103.3 103.9 104.4 104.1 104.3 103.6
98.5 98.9 99.2 99.3 99.2 98.4 98.7 97.8
105.5 107.8 106.7 106.9 107.8 107.8 108.7 109.7
95.5 95.5 96.3 96.3 96.0 94.9 94.9 93.6
111.1 116.1 112.2 113.7 115.7 117.8 117.4 118.0
1986
1987
1986
IV
1987
I
II
III
1988
IV
lr
114.1 117.5 114.9 116.1 117.1 117.9 118.7 119.1
Gross national product
Less: Capital consumption allowances
with capital consumption adjustment
103.3 104.4 103.7 103.6 104.4 104.9 104.8 105.2
Equals* Net national product
115.5 119.2 116.4 117.7 118.9 119.7 120.6 121.0
Less: Indirect business tax and nontax
liability plus business transfer
payments less subsidies plus current
surplus of government enterprises
Statistical discrepancy
115.0 117.9 113.8 114.4 118.3 121.4 117.6 120.0
112.7 115.8 113.4 114.5 115.5 116.2 116.9 117.0
115.6 119.4 116.7 118.1 118.9 119.5 120.9 121.1
Equals: National income
Net exports of goods and services
Exports
Imports
99.7 100.5
92.1 97.5
f
Government purchases of goods and
services ..
. . .
Federal...
. ... ...
National defense
Nondefense
State and local
98.7
92.6
99.9 100.5 100.5 101.0 101.7
95.6 97.7 97.8 98.8 99.8
115.3 119.6 114.8 118.0 119.6
110.2 112.9 107.0 112.1 114.1
110.8 111.7 110.4 111.7 111.8
108.1 117.3 97.5 113.6 123.1
119.3 124.7 121.2 122.4 123.8
120.4 120.3 123.4
113.6
111.4
122.2
125.6
111.9
112.0
111.5
126.9
116.2
113.8
126.9
128.6
NOTE.—Percent changes from preceding period for selected items in this table are shown intable 8.1.
[Index numbers, 1982=100]
Goods
106.2 107.7 106.0 1069 1076 1079 1082 1074
106.1 1077 1055 1069 1078 1081 1080 1079
Final sales
Change in business inventories
1014 1004 1008 101 1 1005 999 100 1
1013 1001 1009 1006 1002 1000 995
Durable goods
Final sales
Change in business inventories
Nondurable goods
Final sales
Change in business inventories
...
Services
110.1 1140 1103 1118 1138 1150 1156 1157
110 1 1143 1093 1120 1142 1155 115 4 117 0
Table 7.6.—Implicit Price Deflators for Gross National Product by
Sector
[Index numbers, 1982=100]
Gross national product
117 i 1179 1187 119 1
117 i 1179 1187 1192
1155 1162 1169 1170
1159 1167 1174 117 5
1144 1152 1157 1157
131 0 1326 1349 1362
991 976 965 957
1155 1162 1169 1170
1248 1258 1278 1299
1044 1044 1044 1045
126.3 127.5 1297 131.9
Households and institutions
Private households
Nonprofit institutions
114 1 117 5 1149 116 1
114.1 117.5 114.9 116 1
1127 1158 1134 1145
1134 1163 1141 115 1
112.1 1148 1127 1137
1261 1320 1285 1297
902 958 878 902
112.7 115.8 113.4 1145
1208 1254 1221 1233
103.6 104.4 104.1 1044
122.2
127.1 123.6 124.8
,
Government
Federal
State and local
, 123.4 130.2 125.7 127.9 129.5 130.9 132.6 135.4
117.4 122.4 117.7 121.3 122.3 122.5 123.5 126.8
1265 1342 1298 1313 1332 1352 1373 1398
Gross domestic product
Business
Nonfarm
Nonfarm less housing
Housing
Farm
Statistical discrepancy
.
Rest of the world
921
921
975
975
92.6
92.6
95.6
95.6
977
97.7
97.8
97.8
98.8
98.8
99.8
99.8
113.1 117.1 114.1 115.5 116.8 117.6 118.4 118.9
Table 7.9.—Fixed-Weighted Price Indexes for Personal Consumption
Expenditures by Major Type of Product, 1982 Weights
[Index numbers, 1982=100]
Personal consumption
expenditures
115.2 120.0 116.4 118.0 119.5 120.7 121.9 122.7
Durable goods
Motor vehicles and parts
Furniture and household equipment
Other
Food
Clothing and shoes
Gasoline and oil
Other nondurable goods
Fuel oil and coal
Other
Services
Housing
Household operation
Electricity and gas
Other
Medical care
Other
1062 109 1 107.1 107 9 1086 1097
1100 114 1 1115 1122 1136 1148
101.1 102.3 100.5 102.2 101.8 102.8
1080 1119 109.7 1099 1112 1124
107.7
112.2
1060
753
115.7
75.0
1213
123 1
1245
118.2
1139
1227
1135
1281
122.6
1103 1107
1157 1154
102.6 103.2
1140 1154
112.6 108.2 110.4 112.4 113.2 114.3
117.2 114.5 115.3 116.9 117.8 1188
111 1 1071 1086 111 8 1106 1133
794 667 759 790 820 809
1206 116.3 118.8 1200 1215 1225
75.6 67.8 75.9 750 761 755
1269 1230 1247 1262 127 7 129 1
1283 124.9 1262 1276 1290 130 5
1303 1268 1280 1293 1309 133 1
118.4 117.9 117.6 1183 1189 1186
111 9 1118 1115 1122 1123 1117
1250 124.1 124.0 1247 1256 1257
121 0 1152 1192 120 1 1217 1232
1350 1304 132 2 1341 1356 1379
1277 124.3 125.8 1271 128.4 1295
1146
1191
113 1
793
1241
764
1307
131 8
1346
1187
111 6
1260
1245
1400
1307
Table 7.14.—Fixed-Weighted Price Indexes for Exports and Imports of
Goods and Services, 1982 Weights
[Index numbers, 1982=100]
115.5 119.3 116.5 1178 1189 119.7 1206 121 1
103.6 106.0 103.5 104.5 105.6 106.4 107.3 108.9
96.3 97.8 95.2 96.2 97.3 98.2 99.3 101.5
99.3 101.5 99.4 100.3 101.3 101.8 102.6 104.0
924 928 896 906 920 934 949 982
1116
Services
Factor income
Other
1142 1179 1155 1166 1177 1183 1189 1197
1159 1197 1169 1181 1193 1201 1210 1215
1113 1148 1130 1138 1149 1151 1153 1165
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
99.9 100.5 100.5 101.0 101.7
95.6 97.7 97.8 98.8 99.8
Merchandise
Durable goods
Nondurable goods
Addendum:
Gross domestic business product less
housing
98.7
92.6
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
Nondurable goods
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
99.7 100.5
92.1 97.5
112.5 116.5 113.4 114.9 116.2 116.9 117.8 118.3
Equals: Gross domestic purchases
984
983
1223 127 4 1240 1254 1267 128 1 129 5 131 1
109.7 1134 1108 111 7 113 1 1142 114 4 115 5
Structures
114 1 117 5 114.9 116.1 117.1 117.9 118.7 119.1
Gross national product
Less* Net exports of goods and services
Exports ..
Imports
Equals: Command-basis gross national
product
114.1 117.5 114.9 116.1 117.1 117.9 1187 119.1
1141 1176 1147 116 1 117 3 118 1 1188 1195
Final sales
Change in business inventories
[Index numbers, 1982=100]
Plus: Command-basis net exports of
goods and services
Command-basis exports
Imports
Table 7.5.—Implicit Price Deflators for Gross National Product by
Major Type of Product
Gross national product
Table 7.8.—Implicit Price Deflators for Command-Basis Gross National
Product
Exports of goods and services
Imports of goods and services
92.6
995
93.5
96.3
98.9 100.7 101.8 1027
Merchandise
Durable goods
Nondurable goods
862 933 86.8 898 927 948 956 964
1003 1073 103.2 104.5 1067 108.1 1098 1128
719 792 70.2 749 785 81.4 813 799
Services
Factor income
Other
111.4 1174 113.0 115.2 117.0 117.8 1196 1208
115.5 119.3 116.5 117.7 118.9 119.7 120.6 121.1
108.2 115.9 110.4 113.2 115.5 116.3 118.9 120.6
14
SURVEY OF CURRENT BUSINESS
June 1988
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
1986
Merchandise exports
96.3
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
87.8
91.6
91.6
91.6
98.2
112.4
103.0
96.7
108.0
99.4
99.4
99.4
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
1987
1987
1986
Seasonally adjusted
IV
I
II
in
IV
95.2
96.2
97.3
98.2
99.3 101.5
82.1 82.4 81.7 81.4
95.4 89.7 91.8 94.4
95.4 89.7 91.8 94.4
95.4 89.7 91.8 94.4
100.2 98.6 99.5 100.1
114.3 113.4 113.3 114.1
106.0 104.0 105.3 105.8
98.9 97.3 98.3 98.5
111.6 109.3 110.8 111.6
101.1 98.1 99.3 100.4
101.1 98.1 99.3 100.4
101.1 98.1 99.3 100.4
82.0
96.8
96.8
96.8
100.2
114.5
106.1
98.8
111.9
101.3
101.3
101.3
97.8
83.3
98.5
98.5
98.5
100.8
115.2
106.6
99.7
112.1
103.1
103.1
103.1
90.2
90.3
90.0
55.0
99.4
125.1
113.8
111.2
117.6
108.9
108.9
108.9
84.9
85.0
84.7
40.8
95.6
121.9
107.5
106.3
109.3
104.6
104.6
104.6
85.3
85.4
85.1
50.1
97.8
122.6
110.0
108.3
112.5
105.6
105.6
105.6
88.3
88.5
88.1
55.5
99.4
124.7
113.1
110.7
116.6
108.2
108.2
108.2
92.7
92.9
92.5
57.8
99.3
125.7
115.0
111,9
119.5
110.2
110.3
110.2
94.3
94.5
94.1
55.7
101.1
127.2
117.0
113.7
121.6
111.8
111.8
111.8
88.2
101.2
101.2
101.2
102.1
114.9
108.5
101.1
114.4
105.2
105.2
105.2
99.9
100.1
99.8
48.6
102.8
129.7
120.2
116.9
124.9
115.1
115.1
115.1
Table 7.17.—Fixed-Weighted Price Indexes for National Defense
Purchases of Goods and Services, 1982 Weights
IV
Government purchases of goods
and services
IV
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
Military facilities
Other
I
II
III
IV
114.4 111.1
112.1
112.4
70.8
116.3
117.4
117.6
117.1
114.0
117.2
115.3
112.9
70.4
120.9
122.2
121.8
123.0
118.5
120.7
Nondefense
Durable goods
Nondurable goods
Commodity Credit Corporation
inventory change
Other nondurables
Services
Compensation of employees
Other services
Structures
109.3 112.1 108.7 110.5 111.7 112.4 113.6 115.7
98.9 99.5 99.1 99.7 99.8 99.2 99.4 100.7
112.2 112.9
113.3 114.1
117.7 118.7
118.7 119.1
118.0 118.8
92.0 91.8
108.8 109.3
103.7 104.8
107.1 107.5
74.1 73.7
56.9 55.6
109.3 111.3
111.1 112.0
63.0 65.3
42.2 45.6
105.2 104.6
107.9 108.6
120.9
122.2
121.8
123.0
118.5
116.9
117.7
117.8
117.6
115.3
119.5
121.0
120.7
121.7
116.4
120.6
122.0
121.5
123.0
117.8
121.1
122.3
121.8
123.1
118.8
122.5 124.9
123.3
123.0
124.0
120.8
126.5
126.1
127.4
121.6
115.6
123.8
114.6
149.5
95.5
105.7
114.0
121.0
113.7
135.3
90.9
103.8
114.2
121.9
113.6
141.4
93.0
105.2
114.7
122.9
113.8
149.1
96.4
105.1
116.0
124.3
114.4
149.7
96.2
106.3
117.3
126.0
116.4
157.7
96.4
106.3
118.2
126.7
116.5
160.7
97.2
106.3
70.8
54.0
104.8
107.1
116.3
117.4
117.6
117.1
114.0
113.4
120.0
113.8
129.8
87.3
102.3
11.6.0
121.1
129.5
117.6
94.5
107.7
101.9
104.2
117.2 120.7 118.0 118.9 119.7 121.2 122.9 125.2
120.4 124.2 121.1 122.3 123.1 124.3 127.0 129.6
112.4 115.5 113.3 113.8 114.7 116.6 116.7 118.5
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.
112.1
112.7
63.0
116.9
117.7
117.8
117.6
115.3
118.0
113.2 114.3 114.4 115.7 117.5
114.2
113.9
65.3
119.5
121.0
120.7
121.7
116.4
118.9
115.3
113.8
70.5
120.6
122.0
121.5
123.0
117.8
119.7
115.3
111.7
71.8
121.1
122.3
121.8
123.1
118.8
121.2
116.5
112.2
74.1
122.5
123.3
123.0
124.0
120.8
122.9
118.2
112.9
73.7
124.9
126.5
126.1
127.4
121.6
125.2
....
State and local
Durable goods
Nondurable goods
Services
Compensation of employees
Other services
Structures
94.7
115.6
117.3
113.1
109.4
96.9
120.1
123.1
115.6
111.0
94.0
116.2
117.7
114.0
109.8
96.6
118.9
121.9
114.3
110.2
96.9
119.9
123.1
115.0
110.6
97.5
120.5
123.3
116.2
111.4
120.3 126.2 122.4 123.8 125.2 127.1
96.4
121.2
124.0
116.9
111.9
108.6
90.5
126.5
127.3
122.8
113.2
110.6
94.9
132.7
134.2
125.6
114.0
109.7
89.4
128.6
129.8
122.9
112.9
109.9
92.7
129.9
131.3
123.9
113.0
110.3
94.4
131.6
133.1
124.7
113.5
111.3
96.5
135.5
137.3
127.3
115.1
111.0
96.1
133.6
135.2
126.5
114.5
97.7
123.5
127.5
117.3
113.2
128.6 130.4
111.9
95.5
137.7
139.7
128.5
117.3
Seasonally adjusted
lr
113.0
116.4
121.1
118.0
92.5
108.4
103.1
106.0
71.8
54.2
107.3
110.3
114.6
122.3
116.3
117.3
94.6
107.6
101.6
104.2
P
[Dollars]
115.8
120.2
130.1
117.8
93.2
107.9
102.4
104.9
70.5
52.7
106.1
109.6
114.5
118.9
124.9
117.9
93.1
108.2
102.8
105.6
70.4
52.4
106.8
109.9
114.4
123.6
114.2
117.2
87.3
107.2
102.6
103.1
IV
111.3
1986
1987
1986
IV
112.1 115.3 112.1 114.2 115.3 115.3 116.5 118.2
112.4 112.9 112.7 113.9 113.8 111.7
1988
III
II
National defense
Durable goods
Nondurable goods
Services
Compensation of employees .
Military
Civilian
Other services
Structures
1988
1987
1986
1987
I
116.5 121.2 117.6 119.3 120.6 121.7 123.1 124.9
Federal
Seasonally adjusted
1987
1986
Table 7.18.—Current-Dollar Cost and Profit Per Unit of Constant-Dollar
Gross Domestic Product of Nonfinancial Corporate Business
[Index numbers, 1982=100]
1986
1987
lr
86.2 93.3 86.8 89.8 92.7 94.8 95.6 96.4
104.9 103.6 106.2 102.9 101.0 104.3 106.2 109.1
84.4
84.5
84.3
45.5
92.5
117.8
105.0
103.2
107.5
102.0
102.0
102.0
1986
1988
Current-dollar cost and profit per
unit of constant-dollar
gross
domestic product 1
1.089 1.114
1987
I
II
1.093 1.103 1.111
1988
III
1.118
IV
r
1.123 1.123
Capital consumption allowances with
capital consumption adjustment
.121
,123
.123
.123
.124
.123
Net domestic product
.968
.991
.971
.980
.987
.995 1.000 1.001
.104
.864
.715
.106
.884
.728
.104
.867
.720
.105
.875
.724
.107
.880
.728
.107
.888
.727
.107
.893
.735
.107
.894
.734
.103
.036
.109
.048
.102
.040
.106
.045
.106
.047
.114
.051
.110
.049
.112
.047
.068
.045
.061
.047
.062
.045
.061
.045
.059
.046
.063
.048
.060
.049
.064
.048
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
.123
.122
1. Equals the deflator for gross domestic product of nonfinancial corporate business with the
decimal point shifted two places to the left.
15
SURVEY OF CURRENT BUSINESS
June 1988
Table 8.1.—Percent Change From Preceding Period in Selected Series
[Percent]
Seasonally adjusted at annual rates
1986
1987
IV
Gross national product:
Current dollars ..
.
1982 dollars
Implicit price deflator
.
Personal consumption expenditures:
Current dollars ...
1982 dollars
Chain price index
Fixed-weighted price index
Durable goods:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
Nondurable goods:
Current dollars
1982 dollars
Implicit price deflator
Fixed-weighted price index
Gross private domestic investment:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
Fixed investment:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
,
I
II
III
IV
6.0
2.9
3.0
3.2
3.4
2.1
1.5
.7
2.0
2.3
8.6
4.4
4.2
4.2
4.5
6.3
2.5
3.5
3.7
4.1
7.3
4.3
2.8
3.3
3.4
7.6
4.8
2.7
3.1
3.6
5.1
3.6
1.4
3.3
3.7
6.5
4.2
2.2
2.5
2.6
6.0
1.9
3.9
4.1
4.2
3.1
.5
2.5
3.0
3.0
5.0
_i
e!o
5.5
5.7
7.1
1.9
4.9
5.2
5.2
9.5
1.5
5.4 -2.5
4.1
4.1
4.0
4.0
4.0
4.2
6.2
3.8
2.3
2.6
2.7
9.1
8.7
.4
1.0
1.2
71
2.8
1.2 -6.3
1.6 -.8
2.4
1.6
2.7
1.6
207
21.2
.8
2.9
3.2
13.7
10.5
2.7
2.2
2.6
30.1 -20.1
24.3 -20.3
5.0
0
3.6
2.2
4.1
2.3
11.1
11.0
0
1.3
1.4
2.9
3.3
-.4
—1
4.6
.1
4.5
4.5
4.5
2.7
.2
2.6
2.6
2.6
5.1
1.8
10.4
1.3 -1.9 -1.5
7.1
3.3
8.8
7.8
3.1
8.2
3.2
7.6
8.3
2.7
-.5
3.6
3.9
3.9
2.2
1.6
.4
.7
.9
8.2
3.4
4.6
4.7
4.7
7.8
3.5
4.2
4.3
4.2
6.4
3.0
3.3
3.6
3.6
9.8
5.4
3.9
4.6
4.5
6.7
2.1
4.5
4.4
4.2
9.5
5.0
4.5
4.6
4.5
7.3
2.4
4.8
4.7
4.7
7.5
3.1
4.1
4.2
4.1
4.6
2.8
6.9 -.4
5.1 -8.4
26.3
28.5
1.6
1.1
2.8
5.0
33.4
26.4
1.3
10.8
9.0 14.1
6.9 15.0
1.9 -1.1
2.7
3.3
2.6
3.1
3.7
8.4
3.3 11.4
.8 -2.7
2.4
-.7
.2
2.8
-1.3
-2.3
1.0
1.1
1.4
1.5
1.0
.4
1.5
1.6
5.8 14.5
5.1 -14.6
.8
.4
2.6
1.4
2.1
1.8
11.6 21.8
11.7 25.8
— 4 -3.2
'A 1.1
1.4
1.8
2.7 16.8
1.6 21.0
1.2 -3.6
3
2.5
.7
3.0
-9.9 -2.3
-12.8 -4.5
3.3
2.2
Chain price index
,
.8
2.8
.4
Fixed-weighted price index
2.2
5.6 -12.1
6.3 -12.8
4
.8
2.1
3.7
1.3
3.3
Structures:
Current dollars
1982 dollars
Residential:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
3.1
0
3.4
4.2
3.8
3.2
2.9
.3
1.2
2.0
3.2
3.3
0
.9
1.3
5.8 -15.4
15.5
16.5
4.7 -15.3
1.3
0
-1.2
1.2
2.8
.4
0
2.6
.9
15.5
12.5
2.7
2.6
2.5
4.5
0
4.5
4.5
4.4
5.7 -2.6
2.2
77
3.3
5.5
5.4
3.5
3.5
5.3
Exports of goods and services:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
1.7
3.3
-1.6
5
.1
7.3
13.7
12.8
9.5
.8 -2.0
2
2.1
2.3
0
Imports of goods and services:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
7.2
10.5
-2.8
-.9
-3.1
13.6
7.3
5.9
7.0
7.4
24.9
24.6
0
4.0
3.7
12.2 -3.1
8.4 -6.6
3.4
3.7
1.7
4.0
1.9
3.8
20.6
1.2
g
26 3
0
4.5
0
-1.1
.7
0
26.5
33 1
5.4
1.9
2.4
1987
I
Federal:
Current dollars
1982 dollars
Implicit price deflator
Chain price index . .
Fixed-weighted price index
National defense:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
Nondefense:
6.2
3.8
2.4
2.3
2.5
6.1
3.6
7.9
2.3
3.7 -4.1
3.3
3.0
3.8
4.0
3.5
2.6
.9
.5
.5
3.6 -2.8 -1.8
1.1 15.2 -18.6
20.5
2.5 -15.5
5.8
1.4 -1.0
.3
7.7
2.8
7.1
5.9
1.2
1.0
.9
6.3
5.4
.8
1.1
2.9
-11.4
-10.5
-1.1
-1.4
.5
4.5
6.2
11.6
5.0
5.8
12.8
7.6
4.8
6.1
7.9
31.9 -38.3
-6.6 -4.8
-6.5 -12.3 153.9 66.5
84.3
8.5 -48.3
.7
5.1
-.9
2.2
7.1
-.6
2.5 -.2
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
State and local:
Current dollars
,
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
II
9.7
3.8
5.5
3.0
4.6
1988
III
5.3
2.6
2.7
3.6
3.7
IV
F
16
8.8
9.2 -11.1
-.3 10.7
5.6
3.5
6.2
4.6
7.3 -13.5
14.6
2.7
4.5 14.1 -25.7
6.6
7.3 — 1.7 —5.9 16.3
5.6
.4
2.0
.6
4.4
6.6
4.0
.5
10.1
9.8
.4
0
3.9
6.3
1.4
.2
-.2
1.1
.8
2.2
3.0
4.3
6.6
5.2
6.2
32.0
9 5 33.4 50 8
4.5
6.8 92.7 -70.6
67.8
37.9 -2.9 -30.7
6.9
2.4
1.1 -1.4
7.4
4.6
4.4
2.3
8.3
4.8
3.4
3.6
3.8
7.9
3.2
4.5
4.7
4.9
8.5
2.4
5.8
6.0
6.3
9.3
5.0
4.0
4.5
4.5
6.4
1.7
4.7
4.7
4.9
7.1
1.2
5.9
5.9
6.0
9.9
5.5
4.2
4.5
4.8
7.4
1.7
5.5
5.6
5.9
3.9
2.3
2.5
2.5
3.7
3.9
.4
2.9
3.1
2.5
5.0
5.3
2.1
4.4
4.7
4.8
3.8
3.8
4.3
3.2
3.7
1.9
3.2
3.4
2.8
2.4
2.7
2.1
3.2
3.4
3.7 -2.3
2.1
4.2
2.3
4.5
3.5
3.7
4.1
6.0
3.3
3.4
.9
3.1
3.6
3.6
3.3
3.7
3.7
2.3
2.4
1.8
3.7
3.9
2.5
3.0
3.1
38
5.0
5.3
3.1
4.4
4.7
6.4
3.8
3.8
.6
3.2
3.7
1.9
3.2
3.4
Command-basis gross national product:
1982 dollars ..
Implicit price deflator
3.1
2.4
2.4
3.5
0
1.8
3.6
5.0
1.8
4.6
4.4
2.8
4.5
2.7
3.5
1.7
Gross domestic product:
1982 dollars
Implicit price deflator
3.1
2.6
3.1
3.0
2.2
.7
4.2
4.2
2.8
3.5
4.8
2.8
4.4
2.7
4.4
1.7
3.3
2.3
3.3
2.8
2.3
-.4
4.6
3.9
2.9
3.5
5.2
2.4
4.9
2.4
4.8
.3
3.2
2.5
3.4
2.6
2.9
.4
3.7
3.6
3.2
2.8
6.1
2.8
4.2
2.4
6.4
.3
6.4
4.0
5.3
1.2
3.1
.5
8.7
2.7
.6
4.3
8.5
4.5
10.4
6.0
5.9
3.5
Addenda:
Final sales:
1982 dollars
V
r\
Vifpfl
'
' H
Final sales to domestic purchasers:
1982 dollars
L/nam price inaex.
Business:
1982 dollars
Implicit price deflator
Nonfarm:
1982 dollars
Implicit price deflator
Disposable personal income:
Current dollars
1982 dollars
••••
4.1
.4
5.9 -6.7
2.8 -6.5
7.4
88
7.2
7.5 -1.4
2.1
7.2
7.5
14
2.2
6.7
7.3 -1.4
2.3
15.4
10.2
5.0
3.8
4.0
20.8
17.9
2.4
4.0
4.4
23.6
23.7
0
2.7
3.1
18.4
15.9
2.0
3.1
3.4
26.5
22.8
2.8
5.8
6.2
11.2
7.6
-.8 -5.2
12.1 13.6
8.5 10.8
8.7 12.5
21.4
11.1
9.1
10.0
11.3
22.7
22.4
.4
6.6
7.5
14.6
9.9
4.2
3.8
4.3
10.3
5.9
4.1
4.7
3.6
NOTE.—The fixed-weighted price index and 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
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
1Qfl9 <4r»llavo
5.8 106
4.2 -12.5
1.6
2.3
2.9
2.7
2.4
2.6
1986
Government purchases of goods and
services:
Fixed-weighted price index
,
1987
IV
Gross domestic purchases:
,
2.5
.7
1.9
2.5
2.3
Producers' durable
equipment:
Current dollars
1982 dollars
Implicit price deflator
Chain price index.......
Fixed-weighted price index
1986
F
3.7
1.8
1.8
1.5
1.6
Nonresidential:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
Seasonally adjusted at annual rates
1988
5.6
2.9
2.6
2.4
2.7
Fixed-weighted price index
Services:
Current dollars
1982 dollars
1987
1986
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.
SURVEY OF CURRENT BUSINESS
16
June 1988
Reconciliation and Other Special Tables
Table 1.—Revisions in Selected Component Series of the NIPA's, First Quarter of 1988
Seasonally adjusted at annual rates
First
revision
Second
revision
Difference
Percent change from
preceding quarter at
annual rates
First
revision
Second
revision
Billions of current dollars
GNP
4,668.7
4,665.1
-3.6
5.4
5.1
National income
Compensation of employees
Corporate profits with inventory valuation and capital
consumption adjustments
Other
3,792.8
2,764.5
3,793.9
2,765.0
1.1
.5
5.4
7.7
5.5
7.8
309.9
718.4
310.9
718.0
1.0
4
-3.9
.8
-2.7
.6
3,902.3
3,899.1
32
5.1
4.7
Personal income
Billions of constant (1982) dollars
GNP
Less' Exports
Plus' Imports
3,918.0
475.3
594.3
3,915.4
477.4
597.8
26
2.1
3.5
3.9
20.7
3.4
3.6
22.8
5.9
Equals: Gross domestic purchases
Personal consumption expenditures
Nonresidential fixed investment
Residential investment
Change in business inventories
Government purchases
4,037.1
2,530.9
488.1
192.2
55.4
770.5
4,035.7
2,527.9
488.3
192.5
61.0
766.0
-1.4
-3.0
.2
.3
5.6
-4.5
2.1
4.3
20.8
-9.4
1.9
3.8
21.0
-8.8
-9.0
-11.1
Index numbers, 1982=100 x
GNP price index (fixed weights)
GNP price index (chained weights)
GNP implicit price deflator
Gross domestic purchases price index (fixed weights)
121.8
121.8
0
119.2
121.2
119.1
121.2
-.1
0
3.7
3.3
1.4
3.4
3.6
3.3
1.7
3.4
1. Not at annual rates.
NOTE.—For the first quarter of 1988, the following revised or additional major source data were incorporated: For personal
consumption expenditures, revised retail sales for March; for nonresidential fixed investment, revised manufacturers' shipments of
equipment for March and revised construction put in place for March; for residential investment, revised construction put in place
for March; for change in business inventories, revised manufacturing and merchant wholesale inventories for March and revised
retail inventories March; for net exports of goods and services, revised service receipts for the quarter; for government purchases of
goods and services, additional Commodity Credit Corporation commodity loan and inventory data for the quarter and revised State
and local government 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
from the rest of the world for the quarter; for corporate profits, 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 and unit-value indexes for
merchandise exports and nonpetroleum merchandise imports for March.
Table 2.—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
Exports of goods and services, BPA's
Less- Gold BPA's
Capital gains net of losses
in direct investment income receipts, BPA's
Statistical differences 1
Other items
Plus' Adjustment for U S territories and Puerto Rico
Services furnished without payment by financial intermediaries except
life insurance carriers and private noninsured pension plans.
Equals' Exports of goods and services NIPA's
1
2
3
4
5
6
7
8
9
10
Less' Payments of income on U S Government liabilities
11
Gold BPA's
Capital gains net of losses
in direct investment income payments, BPA's.... 12
1
13
Statistical differences
14
Other items
15
Plus- Gold NIPA's
16
Adjustment for U S territories and Puerto Rico
17
18
F
1 • I n rt«? of ffoods and services NIPA's
19
Balance on foods and services BPA's (1 9)
20
Less* Gold (2 11-1-15)
21
Capital gains net of losses in direct investment income, BPA's (3-12)
22
Statistical differences (4 13)
23
Other items (5 14)
24
25
Adjustment for U S territories and Puerto Rico(6 16)
26
Equals* Net exports of goods and services NIPA's (8 18)
1988
1987
1987
II
III
IV
I
424.8
2.6
15.6
-1.9
0
13.3
6.0
395.6
1.9
18.7
-3.2
0
13.3
5.8
401.4
1.9
3.7
-1.5
0
13.3
5.9
425.3
2.8
4.0
-1.3
0
13.3
6.0
477.0
3.7
36.1
-1.6
0
13.3
6.1
475.4
7.8
4.2
-2.9
0
13.3
6.2
427.8
565.3
24.1
3.8
-.2
1.9
0
-12
6,8
6-0
547.4
397.3
534.3
23.8
3.0
5.7
4.0
0
-.8
6.S
5?8
509.5
416.5
552.3
23:9
1.9
,5
2.8
0
-1.2
439.2
581.2
23.9
3.6
1.7
.7
0
-1,3
6.8
6,0
562.9
458.1
593.6
24.6
6.6
-8.5
.1
0
-1.3
6.8
6.1
582.4
485.8
621.8
26.6
7.5
1.4
.5
0
-1.9
6.8
6.2
596.9
e;s
5.9
534:8
-140.5 -138J6 -150.9 -155.9 116.6 - 146.4
-4.2 -1.6
11 -2.1
19
-2.3
44.7
2.8
13.1
3.3
2.3
15&
-3.4
-7.3 -4.3 -2.0 -1.7
-3.8
0
0
0
0
0
0
24.1
23^8
23.9
23,9
24.6
26.6
6.5
e;s
6.5
6.5
6.5
-119.6 1122 1184 1237 -124^3 -111.1
1. Consists of statistical revisions in the BPA's that have not yet been incorporated in the NIPA's.
17
SURVEY OF CURRENT BUSINESS
June 1988
Table 4.—Gross Private Domestic Investment by Type in Constant
Dollars
Table 3.—Gross Private Domestic Investment by Type
[Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
1985
1986
1987
1987
I
Gross private domestic
investment
Fixed investment
Nonresidential
Structures ..
Nonresidential
buildings, excluding
farm
Public utilities
Mining exploration,
shafts, and wells
Other1
A
Producers' durable
equipment
Information processing
and related
equipment
Industrial equipment
Transportation and
related equipment
Other2
Residential
Single family structures
Multifamily structures
Other
....
Change in business
inventories ....
.
Nonfarm
Manufacturing
Durable goods
Wholesale trade
Durable goods
Nondurable goods
Retail trade
Automotive
Other durable goods
Nondurable goods
Other
Farm
II
III
IV
671.0
717.5
699.9
702.6
707.4
760.2
762.7
631.6
442.6
152.5
655.2
436.9
137.4
671.5
443.4
134.2
648.2
422.8
128.7
662.3
434.6
129.7
684.5
456.6
137.1
690.8
459.6
141.1
704.9
477.8
140.0
95.2
25.9
90.8
26.2
87.3
27.3
85.7
24.8
85.0
26.3
87.4
29.0
91.3
29.1
90.5
28.9
25.9
5.5
15.8
4.5
15.2
4.3
14.1
4.1
14.3
4.3
16.3
4.5
16.3
4.4
16.1
4.4
290.1
299.5
309.2
294.1
304.9
319.5
318.5
337.8
95.0
68.3
96.5
70.4
101.1
73.4
96.6
70.9
98.6
71.5
106.3
73.9
102.9
77.3
111.0
80.2
63.8
63.0
189.0
86.0
29.9
73.1
68.2
64.4
218.3
102.0
32.5
83.8
66.7
68.0
228.1
114.6
27.1
86.4
61.7
64.9
225.4
110.2
29.9
85.3
68.1
66.8
227.7
113.7
27.7
86.4
69.5
69.7
227.9
115.6
25.2
87.1
67.6
70.7
231.2
118.7
25.8
86.8
72.9
73.7
227.2
116.4
23.8
87.0
10.0
13.6
-7.8
-5.4
24
2.8
0
2.9
11.2
6.3
2.6
2.3
7.4
36
15.7
16.8
-4.6
-5.2
.6
4.0
1.7
2.3
6.9
.8
3.0
3.2
10.5
-1.1
51.6
48.7
5.9
1.4
4.5
7.4
6.1
1.3
28.3
24.0
-2.6
6.9
7.2
2.9
40.3
27.3
-3.7
-1.6
22
8.1
6.2
1.9
16.9
3.4
7.3
6.2
6.0
13.0
22.9
11.1
12.8
9.2
3.6
1.4
-2.7
4.1
-9.5
137
-.4
4.6
6.4
11.7
69.4
57.5
10.0
9.4
.6
16.4
11.3
5.1
22.9
16.2
4.6.
2.0
8.2
12.0
57.8
38.2
15.3
9.8
5.5
23.4
21.7
1.7
68
153
1.6
6.9
6.3
19.6
1. Consists of farm buildings; streets, dams, reservoirs, sewer and water facilities, parks,
airfields, etc.; brokers' commissions on sale of structures; and net purchases of used structures
(see the July 1987 SURVEY, national income and product accounts tables, table 5.4, lines 18, 22,
23, and 24).
2. Consists of furniture and fixtures; agricultural, construction, mining and oilfield, and
service industry machinery; electrical equipment not elsewhere classified; and other equipment;
less the sale of equipment scrap other than autos (table 5.6, lines 22.through 30).
1985
1986
1987
I
641.6
46.1
36.2
6.2
4.6
1.6
8.3
5.2
3.1
14.6
7.5
2.2
4.9
7.0
9.9
Seasonally adjusted at annual rates
1988
1987
I
Gross private domestic
investment.
Fixed investment .
. .
Nonresidential
Structures
Nonresidential
buildings, excluding
farm
Public utilities
Mining exploration,
shafts, and wells
Other1
Producers' durable
equipment
Information processing
and related
equipment
Industrial equipment
Transportation and
related equipment
Other 2
Residential
Single family structures
Multifamily structures
Other
Change in business
inventories
Nonfarm
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Retail trade
Automotive
Other durable goods
Nondurable goods
Other
Farm
II
1988
III
IV
I
636.1
654.0
687.6
671.8
673.7
681.9
723.1
741.8
628.7
454.1
149.4
640.2
443.8
130.3
644.7
448.3
124.5
624.2
426.0
120.4
634.7
437.9
120.4
657.3
463.8
127.2
662.6
465.6
129.8
680.8
488.3
127.6
84.8
24.2
78.7
24.1
72.7
24.7
72.6
22.6
71.0
23.8
72.1
26.3
75.1
26.2
73.9
25.7
35.3
5.0
23.5
4.0
23.3
3.7
21.7
3.5
21.8
3.7
25.0
3.9
24.8
3.8
24.3
3.7
304.8
313.5
323.9
305.6
317.5
336.6
335.8
360.7
120.5
64.2
128.7
64.7
137.6
66.2
128.5
64.4
132.4
64.7
146.1
66.6
143.5
69.0
159.6
70.9
61.5
58.6
174.6
79.4
27.6
67.7
60.9
59.2
196.4
91.4
29.1
76.0
58.1
62.0
196.4
97.8
23.2
75.4
53.5
59.1
198.2
96.4
26.2
75.7
59.8
60.7
196.8
97.3
23.7
75.8
60.4
63.6
193.5
97.2
21.2
75.2
58.6
64.7
197.0
100.2
21.7
75.1
63.3
66.9
192.5
97.7
20.0
74.8
7.4
12.0
-7.8
-5.4
-2.5
2.5
-.1
2.6
10.4
5.8
2.4
2.1
7.0
-4.6
13.8
15.4
-5.2
-5.2
0
3.7
1.7
2.1
6.6
.7
2.8
3.0
10.2
16
42.9
32.5
5.6
4.2
1.4
7.0
4.9
2.1
13.2
6.6
2.1
4.5
6.7
10.4
47.6
43.9
5.3
1.1
4.2
6.6
5.7
.9
25.2
21.3
-2.5
6.4
6.8
3.7
24.6
39.0
22.7
12.1
-4.4
12.1
8.5
17
3.5
-2.7
1.6
5.6
5.6 -2.4
0
4.0
-8.0
15.5
3.0 -11.9
6.8
-.3
5.7
4.2
6.0
6.4
16.3
12.5
60.5
51.5
9.4
8.7
.6
14.2
10.7
3.4
20.2
14.1
4.3
1.9
7.7
9.0
61.0
39.4
15.3
9.1
6.2
24.4
19.8
4.5
56
133
1.4
6.3
5.4
21.6
1. Consists of farm buildings; streets, dams, reservoirs, sewer and water facilities, parks,
airfields, etc.; brokers' commissions on sale of structures; and net purchases of used structures
(see the July 1987 SURVEY, national income and product accounts tables, table 5.5, lines 18, 22,
23, and 24).
2. Consists of furniture and fixtures; agricultural, construction, mining and oilfield, and
service industry machinery; electrical equipment not elsewhere classified; and other equipment;
less the sale of equipment scrap other than autos (table 5.7, lines 22 through 30).
NOTE.—Tables 3 and 4 expand upon the detail shown for gross private domestic investment in
the set of "Selected NIPA Tables" shown regularly in the SURVEY. These tables will be
incorporated into the selected tables after the annual revision.
18
SURVEY OF CURRENT BUSINESS
June 1988
Composite Indexes of Leading, Coincident, and Lagging Indicators
Recent Data and Percent Changes
1987
Index
June
July
1988
Sept.
Aug.
Oct.
Nov.
Dec.
192.1
'189.7
r
190.4
r
190.0
172.9
r
r
173.7
r
173.4
143.4
144.7
Jan.
Feb.
1988
1987
Mar.
Apr.
May"
II
III
IV
I
190.7
191.1
173.0
174.6
Index (1967 =100)
Leading index
r
Coincident index .
r
Lagging index
190.5
168.2
142.6
r
191.0
r
169.7
r
141.9
191.8
170.4
141.6
r
192.0
r
170.6
r
143.1
142.5
172.4
143.3
191.5
r
191.8
r
192.8
192.6
188.9
r
174.7
r
175.8
r
175.6
175.9
167.9
r
145.0
r
145.7
r
146.4
146.5
142.1
142.2
.5
-.1
1.3
1.4
SI
.2
.4
1.4
1.6
.9
.1
-.4
.1
.6
1.4
191.6
170.2
143.1
145.1
Percent change from preceding month (quarter)
Leading index
Coincident index.....
Lagging index
i.o
r
.3
.4
.1
M
-1.2
.4
r
r
r
.9
.4
.1
1.3
-.3
.8
-.2
-.5
2
1.1
-.4
.6
.1
'.9
A
A
r
r
-.2
r
r
.8
.2
.7
.6
.2
r
.5
r
r
.5
r
-.5
r
.2
r
p
Revised.
Preliminary.
NOTE.—Quarterly data are averages of monthly figures. Quarterly percent changes are computed from quarterly data.
Long -Term Perspective: January 1968 to May 1988
1967 = 100 (Ratio scale)
1967=
J100
1968
Note.—Peak (P) indicates the end of business cycle expansion and the beginning of recession
(shaded area). Trough (T) indicates the end of business cycle recession and the beginning of
'expansion. Business cycle peaks and troughs are designated by the National Bureau of Economic
U.S. Department of Commerce, Bureau of Economic Analysis
88
Research, Inc. The numbers entered on the chart indicate the length of leads (-) and lags (+) in
months from the business cycle turning dates.
1. Beginning with data for January 1984, the net business formation component has been suspended
from this index.
By EUGENE P. SESKIN and DAVID F. SULLIVAN
Plant and Equipment Expenditures,
the Four Quarters of 1988
The latest estimate of planned spending plans for the remainder of
spending for 1988 is $7.3 billion 1988 were revised up. The previous
higher than that reported in April for survey showed planned spending of
the survey conducted in January $423.0 billion for 2 1988, 8.8 percent
through March. Although first-quar- more than in 1987.
Real spending—capital spending adter spending was lower than planned,
justed to remove price changes—is estimated to increase 11.9 percent in
The estimates presented are universe totals of do1988; in the previous survey, an 8.0mestic P&E expenditures for all industries surveyed
quarterly, which account for nearly 90 percent of cappercent increase was estimated. Real
ital spending by U.S. nonfarm business. Sample data
spending increased 1.7 percent in
are compiled from reports on a company basis, not
1987, following a decline of 2.6 perfrom separate reports for plants or establishments. A
company's capital expenditures are assigned to a
cent in 1986 (tables 2 and 3). Estisingle industry in accordance with the industry classimates of real spending are calculated
fication of the company's principal product or service.
BUSINESS plans to spend $430.2
billion for new plant and equipment
(P&E) in 1988, 10.7 percent more than
in 1987, according to the BEA survey
conducted in April and May (tables 1
and 2, and chart I).1 Spending was
$388.6 billion in 1987, 2.4 percent
more than in 1986.
1. The survey covers expenditures for new facilities
and for repair, 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 that are not capitalized; 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.
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.
Table 1.—New Plant and Equipment Expenditures by Business
[Percent change from preceding year]
Actual
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, 1988 planned spending was
$424.13 billion for "all industries," $168.55 billion for
manufacturing, and $255.58 billion for nonmanufacturing industries surveyed quarterly.
Planned
1988
1986
All industries
1
.. .. . . . .
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
.
. . .
Nondurable goods
Food including beverage
Textiles
Paper
Chemicals
Petroleum. .. . .
Rubber
Other nondurables
. . ..
Nonmanufacturing 1
Transportation
Railroad
Air
..
. ....
.
Other
Public utilities
Electric. .
Commercial and other
1. Surveyed quarterly.
2. Includes industries not shown separately.
...
.
•
1987
Oct.-Nov.
Jan.-Mar.
survey
survey
1987
1988
Apr. -May
1988
survey
-2.0
2.4
7.3
8.8
10.7
-7.0
1.9
8.1
9.8
12.1
-5.6
-8.0
-19.4
3.0
12.1
84
-14.9
30
-4.6
10.0
-7.7
7.6
2.6
20.8
39.2
10.7
.2
7.7
1.2
113
-13.8
66
7.0
11.7
3.0
12.5
14.1
13.0
1.3
5.6
1.3
29
-3.3
39
-1.9
5.6
6.8
15.1
17.8
16.9
10.0
11.8
5.2
24
-4.8
1.5
2.6
10.1
9.5
19.4
23.3
21.3
6.1
18.0
8.4
18
-4.0
1.2
8.0
10.0
-8.3
2.6
-5.9
2.0
2.3
32.9
.8
11.1
1.3
4.1
17.0
1.8
2.6
5.5
-9.5
13.7
13.0
7.8
.7
25.3
10.3
11.8
2.5
17.6
12.6
10.6
4.5
26.5
8.4
11.1
4.3
14.9
14.5
14.9
9.5
27.5
11.7
10.5
9.7
15.9
1.3
2.7
6.8
8.3
9.9
-29.4
4.3
-6.0
30.5
-4.2
-5.0
-6.1
-1.8
6.3
1.1
.2
11.3
4.7
8.5
-3.5
-6.9
5.7
4.9
6.0
8.0
3.8
16.4
3.4
1.1
-2.0
8.8
8.2
6.4
11.9
10.2
14.7
10.6
4.0
1.8
9.3
9.1
9.2
12.7
12.6
16.4
9.1
5.4
4.2
8.3
10.8
CHART 1
New Plant and Equipment
-12
ALL INDUSTRIES
-6
Percent Change
0
6
12
18
1987 Actual
1988 Plani
Air Transportation
Nondurable Goods
Manufacturing
Railroad
Transportation
Commercial and
Other
Durable Goods
Manufacturing
Mining
Other
Transportation
Gas and Other
Utilities
Electric Utilities
I
I
U.S. Department of Commerce, Bureau of Economic Analysis
19
SURVEY OF CURRENT BUSINESS
20
June 1988
Table 2.—New Plant and Equipment Expenditures by Business in Current and Constant Dollars
Billions of dollars; quarters seasonally adjusted at annual rates
All industries 2
Manufacturing
Durable goods
Primary metals 3
Blast furnaces, steel works
Nonferrous metals
Fabricated metals
..
Electrical machinery
Machinery except electrical
Transportation equipment 3
Motor vehicles
Aircraft
Stone clay and4 glass
Other durables
Nondurable goods
Food including beverage
Textiles
Paper
Chemicals ....
.
Petroleum ..
.
Rubber
Other nondurables 5
.
. . . .
.
....
.....
.
....
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
<
,
,
,
,
.
1988 i
1988
1987
1986
1987
379.47
388.60
430.23
374.23
377.65
393.13
409.37
142.69
69.14
7.13
3.32
1.93
4.00
14.17
13.61
18.88
13.95
3.80
3.14
8.20
73.56
10.60
1.67
8.77
16.81
17.92
3.89
13.90
145.46
70.91
8.62
4.63
2.14
4.01
15.26
13.77
16.74
12.02
3.55
3.36
9.16
74.55
11.04
1.95
8.92
16.37
16.94
3.52
15.81
163.01
77.63
10.29
5.71
2.59
4.26
18.01
14.93
16.43
11.54
3.59
3.63
10.07
85.39
12.69
2.14
11.37
18.29
18.73
3.86
18.32
140.65
70.47
7.78
4.11
1.73
4.01
14.99
13.07
18.62
13.93
3.57
3.21
8.78
70.18
11.25
1.86
8.06
15.24
15.08
3.22
15.47
140.79
68.76
8.16
4.31
2.10
3.89
14.59
12.98
17.40
12.52
3.70
3.22
8.52
72.03
10.77
2.10
8.77
16.00
15.14
3.70
15.54
147.56
71.78
9.10
4.86
2.36
3.92
15.97
14.04
15.41
10.75
3.52
3.65
9.69
75.78
10.80
1.83
8.84
17.27
17.39
3.72
15.92
152.84
72.64
9.42
5.22
2.36
4.23
15.48
14.99
15.51
10.89
3.40
3.37
9.64
80.20
11.34
2.01
10.02
16.97
20.14
3.43
16.28
236.78
11.22
18.80
6.66
6.26
5.89
46.38
33.91
12.47
160.38
55.46
43.79
28.20
32.93
243.14
11.34
18.85
5.91
6.55
6.39
44.76
31.58
13.18
168.19
58.09
47.98
30.02
32.10
267.22
12.39
21.25
6.65
7.62
6.97
47.18
32.90
14.28
186.40
233.58
10.31
18.98
5.55
7.46
5.97
43.60
30.85
12.75
160.70
56.13
45.12
28.79
30.66
236.87
11.02
17.67
5.77
5.72
6.19
43.48
31.13
12.35
164.69
57.13
46.16
30.02
31.38
245.58
11.64
19.17
6.21
5.91
7.05
44.90
31.31
13.58
169.87
57.33
48.93
30.77
32.83
256.53
12.39
19.57
6.10
7.12
6.35
47.07
33.01
14.06
177.50
61.77
51.70
30.50
33.52
427.23
142.69
284.54
236.78
47.75
439.59
145.46
294.13
243.14
50.99
I
II
III
IV
II 1
III1
IV 1
409.73
429.01
438.22
443.95
157.79
75.33
10.50
5.66
2.78
4.42
17.20
15.27
14.60
9.93
3.39
3.49
9.84
82.45
12.70
2.01
9.58
17.85
19.27
3.63
17.42
162.82
79.00
10.41
5.77
2.57
4.44
17.83
15.34
17.11
12.07
3.79
3.62
10.25
83.82
12.51
2.13
11.18
17.77
18.01
3.43
18.79
165.73
79.30
10.49
5.90
2.57
4.08
18.54
14.76
17.65
12.73
3.58
3.73
10.04
86.43
12.95
2.10
11.86
18.73
18.08
3.93
18.78
165.71
76.87
9.76
5.50
2.45
4.09
18.46
14.35
16.36
11.42
3.59
3.69
10.16
88.84
12.60
2.30
12.87
18.80
19.54
4.45
18.29
251.95
12.50
20.59
6.76
6.90
6.94
44.31
29.94
14.37
174.54
62.42
49.36
32.16
30.61
266.19
12.87
20.81
6.78
7.44
6.58
46.37
32.55
13.81
186.15
272.49
12.51
22.61
6.81
8.43
7.37
48.94
34.31
14.63
188.44
278.24
11.67
20.99
6.26
7.73
7.00
49.10
34.81
14.30
196.48
I
7
Addenda:
Total nonfarm business 8
Manufacturing
Nonmanufacturing
Surveyed quarterly9
Surveyed annually
..
..
.~
...
...
•
..
.
••
163.01
140.65
140.79
147.56
152.84
157.79
1(52.82
165.73
165.71
267.22
233.58
236.87
245.58
256.53
251.95
266.19
272.49
278.24
Billions of 1982 dollars; quarters seasonally adjusted at annual rates 10
All industries 2
Manufacturing
Durable goods
.
....
Primary metals 3 .
Blast furnaces steel works
Nonferrous metals
Fabricated metals
Electrical machinery
Machinery, except electrical
Transportation equipment 3
Motor vehicles .
..
....
Aircraft
Stone, clay, and4 glass
Other durables
Nondurable goods
Food including beverage
Textiles ....
.
..
Paper
Chemicals
Petroleum
Rubber
Other nondurables 5
.
Nonmanufacturing 2
Mining
Transportation
Public utilities
Commercial and other
Wholesale and retail trade
Finance and insurance
Personal and business services 6
Addenda: 7
Total nonfarm business 8
Manufacturing
Nonmanufacturing
Surveyed quarterly
Surveyed annually 9
..
....
....
.
382.40
388.83
435.18
374.49
376.95
394.54
409.35
413.40
433.43
443.06
450.83
146.99
70.60
7.02
3.21
1.97
3.93
14.65
14.79
18.99
13.74
4.08
3.05
8.18
76.38
10.01
1.59
8.76
17.00
20.86
3.73
14.43
148.62
72.09
8.37
4.41
2.17
3.90
15.72
15.06
16.77
11.75
3.82
3.22
9.05
76.52
10.21
1.82
8.80
16.39
19.76
3.32
16.23
167.85
80.45
143.61
71.51
7.58
3.94
1.76
3.91
15.42
14.21
18.61
13.63
3.82
3.09
8.68
72.10
10.48
1.74
7.97
15.31
17.65
3.06
15.88
143.36
69.70
7.93
4.11
2.13
3.78
14.98
14.12
17.39
12.22
3.96
3.08
8.41
73.66
9.98
1.96
8.65
16.00
17.61
3.49
15.97
151.42
73.30
8.87
4.63
2.40
3.81
16.53
15.47
15.54
10.54
3.82
3.50
9.59
78.12
9.98
1.71
8.75
17.34
20.38
3.51
16.45
156.08
73.87
9.11
4.95
2.40
4.09
15.95
16.45
15.54
10.61
3.68
3.21
9.51
82.21
10.39
1.85
9.83
16.92
23.38
3.21
16.62
162.44
77.74
10.25
5.38
2.87
4.33
18.02
17.15
14.83
9.77
3.74
3.35
9.82
84.70
11.66
1.85
9.49
17.96
22.28
3.41
18.04
167.56
81.73
170.54
82.22
170.86
80.10
85.83
88.32
90.76
235.41
13.54
17.14
43.34
161.39
54.60
50.60
27.06
29.13
240.22
13.77
16.84
41.12
168.48
56.55
56.04
28.24
27.65
267.33
14.55
18.54
42.44
191.80
230.88
12.49
17.12
40.40
160.87
54.84
52.16
27.23
26.64
233.58
13.32
15.86
40.03
164.37
55.45
53.59
28.25
27.08
243.12
14.23
17.05
41.17
170.67
55.93
57.61
28.93
28.20
253.27
15.04
17.32
42.90
178.01
59.98
60.79
28.56
28.67
250.96
14.86
18.13
40.19
177.78
61.73
59.73
30.30
26.02
265.87
15.12
18.21
41.83
190.71
272.52
14.61
19.67
43.92
194.32
279.97
13.60
18.15
43.83
204.39
431.95
146.99
284.96
235.41
49.55
441.24
148.62
292.62
240.22
52.41
87.40
167.85
143.61
143.36
151.42
156.08
162.44
167.56
170.54
170.86
267.33
230.88
233.58
243.12
253.27
250.96
265.87
272.52
279.97
1. Estimates are based on planned capital expenditures reported by business in April and May
1988. 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 1988 were $424.13 billion for "all industries," $168.55 billion for
manufacturing, and $255.58 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 data reported by busi-
ness in January through March 1988. The current-dollar plans for 1988 were $477.12 billion for
total nonfarm business, $317.44 billion for total nonmanufacturing, and $54.16 billion for nonmanufacturing industries surveyed annually. The constant-dollar plans for 1988 were $475.38 billion for total nonfarm business, $313.53 billion for total nonmanufacturing, and $55.46 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 1987 have been revised.
SURVEY OF CURRENT BUSINESS
June 1988
Table 3.—New Plant and Equipment Expenditures by Business in Constant (1982) Dollars
[Percent change from preceding year]
Planned
Actual
1988
1986
All industries l
Manufacturing
Durable goods
Nondurable goods
Nonmanufacturing 1 .
Mining
Transportation
Public utilities
Commercial and other
1987 r
Oct-Nov.
1987
survey
Jan.-Mar.
1988
survey
Apr.-May
1988
survey
2.6
1.7
7.3
8.0
11.9
7.8
54
98
1.1
2.1
.2
8.6
3.4
13.4
8.9
6.5
11.2
12.9
11.6
14.2
1.0
29 7
2.5
60
6.9
2.0
1.7
-1.7
-5.1
4.4
6.5
6.3
5.8
-.6
8.3
7.5
4.4
9.5
1.9
8.9
11.3
5.6
10.1
3.2
13.8
r
Revised
1. Surveyed quarterly.
from survey data on current-dollar
spending and from estimated capital
goods price deflators developed by
BEA.3 The capital goods deflator for
"all industries'7 is projected by BEA
to decline 1.1 percent in 1988; the deflator increased 0.7 percent in 1987
and 0.6 percent in 1986.
The latest estimates indicate a
larger upward revision in planned
real spending than in planned current-dollar spending because of
changes in the capital goods price deflator for "all industries/' The projected decline in the deflator contrasts
with the 0.8-percent increase reported
in April because the four quarters on
which the latest projection is based
now incorporate a decline in the deflator in the first quarter of 1988,
rather than an increase in the first
quarter of 1987. If the previously projected deflator were used to adjust the
latest survey results, a 9.9-percent increase in real spending would be indicated for 1988.
Current-dollar spending in the first
quarter of 1988 increased 0.1 percent,
to an annual rate of $409.7 billion, following a 4.1-percent increase in the
fourth quarter of 1987. First-quarter
spending was 3.1 percent lower than
anticipated in the previous survey.
Plans reported in the latest survey indicate a 4.7-percent increase in the
second quarter of 1988, a 2.1-percent
increase in the third, and a 1.3-percent increase in the fourth.
3. Specifically, the current-dollar figures reported by
survey respondents are adjusted using implicit price
deflators developed for each industry from unpublished detail on current- and constant-dollar nonresidential fixed investment in the national income and
product accounts. To estimate real spending, the implicit price deflator for each industry is projected
using the deflator's growth over the latest four quarters for which it is available.
Real spending increased 1.0 percent
in the first quarter of 1988, following
a 3.8-percent increase in the fourth
quarter of 1987. Estimates indicate a
4.8-percent increase in the second
quarter of 1988, a 2.2-percent increase
in the third, and a 1.8-percent increase in the fourth.
The small increase in capital spending in the first quarter of 1988 and
the upward revision in 1988 spending
plans occurred when indicators of
future investment activity were generally improving. In the first quarter,
both new orders of durable goods and
new orders of nondefense capital
goods increased for the fourth consecutive quarter. Real final sales of
GNP, both including and excluding
transactions of the Commodity Credit
Corporation, also increased in the
first quarter, following little change
in the fourth quarter of 1987. Manufacturing capacity utilization increased for the sixth consecutive
quarter, to its highest level since the
first quarter of 1980. Several indicators of corporate ability to finance
capital expenditures, including domestic corporate profits (both before and
after tax) and domestic corporate net
cash flow, also increased in the first
quarter, following declines in the
fourth quarter of 1987. In addition, interest rates as measured by Moody's
corporate bond yield declined, following three consecutive quarterly increases.
Manufacturing Programs
In manufacturing, current-dollar
spending increased 3.2 percent in the
first quarter of 1988, to an annual
rate of $157.8 billion, following a 3.6percent increase in the fourth quarter
of 1987. Durable goods increased 3.7
21
percent in the first quarter of 1988,
and nondurables increased 2.8 percent. Manufacturers plan a 3.2-percent increase in the second quarter, a
1.8-percent increase in the third, and
little change in the fourth.
For the year 1988, manufacturers
plan to spend $163.0 billion, 12.1 percent more than in 1987; in the previous survey, a planned increase of 9.8
percent was reported. Manufacturers'
spending increased 1.9 percent in
1987, following a 7.0-percent decline
in 1986.
Durable goods industries plan a 9.5percent increase for 1988; the largest
planned increases are in blast furnaces-steel works, nonferrous metals,
and electrical machinery. Large increases are also planned in "other durables," machinery (except electrical),
and stone-clay-glass. Smaller increases are planned in fabricated
metals and aircraft. A 4.0-percent decline is planned in motor vehicles.
Nondurable goods industries plan a
14.5-percent increase for 1988; the
largest planned increase is in paper.
Large increases are also planned in
"other nondurables," food-beverage,
chemicals, petroleum, rubber, and
textiles.
Real spending by manufacturers is
estimated to increase 12.9 percent for
1988—11.6 percent in durables and
14.2 percent in nondurables. In 1987,
real spending increased 1.1 percent—
2.1 percent in durables and 0.2 percent in nondurables.
Nonmanufacturing Programs
In nonmanufacturing, currentdollar spending declined 1.8 percent
in the first quarter of 1988, to an
annual rate of $251.9 billion, following a 4.5-percent increase in the
fourth quarter of 1987. Nonmanufacturing industries plan a 5.7-percent
increase in the second quarter of
1988, a 2.4-percent increase in the
third, and a 2.1-percent increase in
the fourth.
For the year 1988, nonmanufacturing industries plan to spend $267.2
billion, 9.9 percent more than in 1987;
in the previous survey, a planned increase of 8.3 percent was reported.
Nonmanufacturing industries' spending increased 2.7 percent in 1987, following a 1.3-percent increase in 1986.
For 1988, the largest planned increases are in air transportation, railroads, and "commercial and other."
22
Large increases are also planned in
mining, "other transportation," and
gas utilities; a smaller increase is
planned in electric utilities.
SURVEY OF CURRENT BUSINESS
June 1988
Real spending by nonmanufacturing industries is estimated to increase
11.3 percent in 1988; it increased 2.0
percent in 1987. For 1988, the largest
increases are estimated in "commercial and other" and transportation;
smaller increases are estimated in
mining and public utilities.
New plant and equipment expenditures shown in the table below are based on the survey conducted in January through March 1988 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
1988 SURVEY OF CUBRENT BUSINESS.) For the industries surveyed quarterly, the estimates of planned
spending for 1988 shown below differ from those shown in the preceding article, which are based on
the survey conducted in April and May 1988.
The nonmanufacturing industries surveyed only annually account for about 11 ^2 percent of capital spending by total nonfarm business. Current-dollar spending for the annual-only industries
increased 6.8 percent in 1987; spending for new plant increased 8.0 percent and spending for new
equipment increased 4.5 percent. Estimates based on the January—March survey indicate a 6.2percent increase in planned spending for 1988, somewhat smaller than the 8.3-percent increase
planned by nonmanufacturing industries surveyed quarterly.
Billions of dollars
Percent change from
preceding year
1987
1988
8.5
431.95
142.19
289.76
441.10
140.36
300.74
475.38
1.9
.3
2.5
9.8
146.99
34.14
112.85
148.57
33.35
115.22
161.84
2.2
.2
3.6
3.4
1.1
4.9
7.9
284.96
108.05
176.91
292.53
107.01
185.52
313.53
1.3
-2.1
3.4
2.7
-1.4
5.0
8.3
235.41
78.19
157.22
240.15
75.14
165.01
6.6
7.5
5.0
6.8
8.0
4.5
6.2
49.55
29.86
19.69
52.38
31.87
20.51
1988 *
1986
...427.23
...149.98
..277.24
439.59
151.36
288.23
477.12
-1.1
-2.8
-.1
2.9
0.9
4.0
Manufacturing
Plant
Equipment
..142.69
....34.44
...108.25
145.46
34.54
110.92
159.68
-7.0
119
5.4
Nonmanufacturing ..
Plant
Equipment
..284.54
...115.54
...169.00
294.13
116.83
177.30
317.44
Surveyed quarterly
Plant
Equipment
..236.78
....-85.00
...151.78
243.14
83.83
159.31
263.28
Surveyed annually 3
Plant
Equipment
....47.75
3054
1722
50.99
32.99
18.00
54.16
Total nonfarm business
Plant
Equipment
1987
1988
Percent change from
preceding year
2
1986
1987
1986
Billions of 1982 dollars
1986
1987
-1.5
-5.9
.8
2.1
-1.3
3.8
7.8
1.1
-2.3
2.1
8.9
2.1
-2.3
5.0
2.7
-1.0
4.9
7.2
258.07
1.0
-5.6
4.6
2.0
-3.9
5.0
7.5
55.46
7.8
7.7
8.1
5.7
6.7
4.2
5.9
-7.8
-15.8
-5.0
1988
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.
3. Consists of real estate; professional services; membership organizations and social services; and forestry, fisheries, and
agricultural services.
By KENNETH P. JOHNSON, HOWARD L. FRIEDENBERG, and VERNON RENSHAW
Tracking the BEA Regional Projections, 1983-86
OEA's projections of population the projections have missed the mark
growth for 1983-86 are within narrow and to help BEA prepare the next set
margins of error in most regions, but of projections.1
the projections of employment growth
show wider margins of error in most Employment growth
industries and regions. These results
For the Nation, projected growth in
are from comparisons of projected
total
employment is 2.8 percentage
percent changes from BEA's most
recent long-term regional projections
1. The projections for 1990 and 2000 appeared in the
with measured changes. The projec- May 1985 SURVEY OF CURRENT BUSINESS. Projections
tions, which are based on growth for 1986, based on interpolation, are available from
Regional Economic Analysis Division, BE-61,
trends through 1983, were published the
Bureau of Economic Analysis, U.S. Department of
in 1985. Because trends change, the Commerce, Washington, DC 20230. The measured emprojections are tracked to alert users ployment and population levels through 1986 are
available from the Regional Economic Measurement
to the industries and regions in which Division,
BE-55, at the same address. (Employment esNOTE.—John Turner provided statistical and
programming assistance.
timates for 1987 have not yet been completed.) Earlier
articles tracking BEA's regional projections appeared
in the April 1976 and May 1983 issues of the SURVEY.
The next set of BEA long-term regional projections is
scheduled for publication in 1990.
points less than measured growth
(tables 1 and 2). The difference reflefts partly offsetting industry patterns: In service-type industries, projected employment growth is 6.1 percentage points less than measured,
and in goods-producing industries,
projected growth is 6.3 percentage
points more than measured (table 3).
The offset is partial because the
number of jobs in goods-producing industries is substantially less than in
service-type industries.
Growth in service-type employment
was underprojected because the projections did not fully account for the
Text continues on p. 26.
Table 1.—Projected and Measured Percent Changes in Employment by Industry, 1983-86, United States
Projected
Total
Agriculture, forestry, fisheries, and other
Farms
....
Agricultural services, forestry, fisheries, and other..
Mining
Coal mining ..
Oil and gas extraction
Metal mining
Nonmetallic minerals, except fuels
Nondurable goods manufacturing
Food and kindred products
Tobacco manufactures
Textile mill products .
Apparel and other textile products
Paper and allied products
Printing and publishing ...
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastics products
Leather and leather products .
Durable goods manufacturing .. ..
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery, except electrical
Electrical and electronic machinery. ..
Transportation equipment, excluding motor vehicles
Motor vehicles and equipment
Instruments and related products
Miscellaneous manufacturing industries
78
105
28
-3.3
15.3
17.9
6.5
95
-2.6
8.1
-9.6
-8.1
— 11.0
18.8
6.5
10.8
9.0
90
oo
17.7
20.0
17.5
29.6
5.7
4.6
17.4
22.0
5.7
2.6
.6
-.3
-12.2
51
-4.2
2.1
11.3
-2.0
-13.4
112
27.4
5.2
3.0
6.7
73
9.8
2.8
-2.9
5.1
12.5
10.6
24.0
4.8
9.4
12.6
3.9
-9.4
45
.9
4.7
16.1
158
10
9
11.3
4.6
-2.2
7.7
20.5
124
17.5
14.2
-1.7
76
136
89
-5.5
21
5.6
4.9
84
3.1
_ g
. . . .
Differ-1
ence
3.2
6
11.8
Construction
Measured
218
-34
16.1
14.0
10.4
11.6
11.0
169
184
18.9
14.4
234
146
79
Transportation and public utilities
Railroad transportation
Trucking and warehousing
Transportation by air
Pipelines, except natural gas
m j. ^
rf t"
Co
' t^
Fl t ' > s » H
't
y
Trade
Wholesale
Retail
F"
R
*
k ' ' f g>
f
th
r
H
1 t t
'pd't
i ag i , h Id"
g
p
'
,
Services
Hotels and other lodging places .
repair services
.. .
Auto repair services and garages
Amusement and recreation services
Motion pictures
Private households
Health services
Educational services
Legal and miscellaneous services
Government
Federal civilian
State and local
Federal military
....
.
Measured
74
-6.6
74
60
10.7
5.7
134
3
11 0
66
7.3
-14.3
15.5
109
21.6
14.3
27 5
52
29
57
0.1
7.7
-8.1
49
10.9
20.0
141
49
139
9
7.6
86
7.2
11.3
86
12.2
-3.8
•0
-5.0
96
18 0
8.4
11 6
8.8
67
126
9.7
291
g
1.0
-22.4
9.0
4.7
18.1
19.5
-9.1
14.9
13.1
8.9
104
59
-65
10.1
10.9
65
113
33.7
25.9
14.7
21.4
-3.1
10.9
9.0
96
161
-20.5
-17.0
-4.3
-15.5
-3.5
-.8
1.9
3.1
-4.8
.4
9
1
1.6
5.1
5.1
5.4
4.0
-4.7
-4.2
-5.3
-2.4
d
Insurance
Real estate
Difference *•
Projected
1. Percentage-point difference between projected and measured percent changes, 1983-86. A
negative difference indicates an underprojection, and a positive difference indicates an overprojection.
23
24
SURVEY OF CURRENT BUSINESS
June 1988
Table 2.—Projected and Measured Percent Changes in
Nondurables goods
Construction
Mining
Total
Agriculture, forestry, fisheries,
manufacturing
and other
Projected Measured Difference Projected Measured Difference Projected Measured Difference Projected Measured Difference Projected Measured Difference
Line
1
7.8
10.5
-2.8
3.2
-3.3
6.5
8.1
-9.6
17.7
17.4
22.0
-4.6
5.7
0.6
5.2
8.6
9.5
4.0
8.7
10.1
7.1
10.6
12.9
11.9
12.6
12.4
19.5
12.6
14.0
-4.3
-2.4
-8.6
-3.7
-9.3
-5.4
34
6.3
4.2
4.5
10.0
5.1
11.2
4.0
7.8
9.6
1.3
14.7
12.9
10.6
-3.8
-1.5
54
3.2
47
78
.6
7.7
12.8
13.6
1.7
14.9
9.5
35.2
6.9
17.1
10.3
-6.9
31.4
34.7
14.1
58
-4.4
3.3
8.6
165
253
21.1
12.7
16.3
17.4
10.3
21.7
1.0
15.2
15.0
38.1
29.9
46.6
41.0
39.3
41.3
34.8
-21.9
-12.5
-36.3
-19.3
-38.3
-26.0
-19.8
5.4
8.2
1.8
5.1
5.0
5.2
9.6
5.8
9
-14.2
-6.7
-9.7
.9
7.1
11.2
9.1
16.0
11.8
14.8
4.3
2.5
9 Mideast
10
Delaware
11
District of Columbia
12
Maryland
13
New Jersey
14
New York
15
Pennsylvania
5.7
4.7
2.8
6.9
7.6
5.3
4.9
9.3
13.7
8.3
12.9
11.5
9.0
6.8
37
90
-5.5
60
39
37
19
5.8
1.7
14.9
4.2
8.6
5.1
6.1
1.4
-.7
3.0
5.0
10.6
-2.1
.8
4.4
2.4
11.8
-.8
-2.1
7.3
5.4
5.8
20.7
3.7
9.5
10.4
13.6
3.7
-3.9
-13.8
23.6
-1.5
19.8
3.6
93
9.7
34.5
-19.8
11.0
-9.4
10.0
12.9
16.8
8.3
7.7
12.8
19.5
19.8
14.5
29.0
18.9
39.1
34.4
32.8
31.6
20.7
12 2
106
-31.4
-21.6
-13.3
-11.7
-6.3
3.1
4.3
2.9
5.8
4.2
2.5
2.4
-3.4
1.9
-1.3
.6
g
53
44
6.5
2.4
4.1
5.2
5.0
7.8
6.8
16 Great Lakes
17
Illinois
18
Indiana
19
Michigan
20
Ohio
21
Wisconsin.
7.2
5.4
9.1
9.3
7.2
5.6
10.0
8.0
9.8
13.6
10.1
9.0
29
25
-.7
-4.3
-3.0
-3.5
g
2.5
1.4
-3.2
2.6
-7.1
-3.1
-4.6
-2.6
-2.4
1.3
-6.7
2.2
7.1
3.9
-.8
1.3
-.4
12.0
9.8
16.5
15.0
11.6
14.1
.6
.3
10
15.3
-5.7
21.2
11.5
9.5
17.4
-.3
17.3
-7.1
18.4
13.6
21.5
27.2
17.5
14.7
22.3
20.4
21.5
29.5
21.8
18.3
39
-6.8
.1
-2.3
-4.3
-3.6
5.1
1.3
8.1
4.9
7.3
6.5
4.3
-.7
6.1
10.0
4.0
7.2
.8
2.0
2.0
-5.1
3.2
22 Plains
23
Iowa
24
Kansas
25
Minnesota
26
Missouri
27
Nebraska
28
North Dakota...
29
South Dakota
6.7
5.2
6.0
8.2
7.0
6.1
6.3
5.4
7.8
3.9
7.4
10.0
10.8
5.2
.2
5.4
11
1.3
14
-1.8
38
1.0
6.1
0
.5
3.8
.6
-5.9
1.0
3.4
1.6
1.7
-7.3
-5.7
-9.6
-8.4
-2.3
-11.5
-13.0
-7.3
7.8
9.5
10.3
2.6
3.2
15.0
14.6
9.1
7.3
4.5
5.3
-3.0
5.6
9.9
26.3
9.4
-5.6
10.2
-.2
-20.3
-1.6
5.6
-29.5
.4
12.9
-5.7
5.5
17.3
7.2
4.3
55.8
9.1
18.8
19.8
17.2
20.6
18.2
17.9
15.9
21.3
15.2
4.6
12.5
22.4
27.7
6.5
-23.0
12.6
3.6
15.3
4.6
-1.8
-9.5
11.4
38.9
8.7
6.2
3.5
7.2
10.7
3.5
6.2
8.4
7.2
3.9
-.9
8.2
6.4
1.3
9.3
6.1
2.7
2.3
4.3
-.9
4.3
2.2
31
2.4
4.5
30 Southeast
31
Alabama
32
Arkansas
33
Florida
34
Georgia.
35
Kentucky
36
Louisiana
37
Mississippi
38
North Carolina
39
South Carolina
40
Tennessee
41
Virginia
42
West Virginia
8.5
4.9
9.3
11.6
10.4
6.6
6.3
6.7
8.9
7.5
8.8
6.7
7.9
11.8
9.3
8.6
17.5
16.3
9.1
-.5
6.1
12.2
10.5
11.8
14.7
3.1
-3.3
-4.4
.8
-5.9
-5.9
-2.4
6.8
.6
-3.4
-3.0
-3.0
-8.0
4.8
5.1
-.6
6.5
15.2
2.6
3.2
4.4
.2
6.0
5.3
1.9
5.8
3.5
-5.9
-10.1
-13.2
5.7
-12.5
-1.9
-6.2
-12.0
-11.2
-10.5
1.7
-9.3
-5.6
11.0
9.5
19.7
9.6
15.1
5.1
10.5
12.2
17.2
15.8
.2
15.1
9.1
7.7
14.5
7.9
11.7
10.5
9.2
.4
10.1
6.8
10.2
8.8
13.8
12.7
-8.4
-4.9
.3
6.2
15.7
-1.9
-17.0
-8.2
13.0
-.2
-4.3
-.7
-15.8
16.1
19.4
7.7
5.5
-5.2
11.1
17.4
18.3
-6.2
10.3
13.1
14.5
28.5
18.1
12.1
19.8
19.2
21.9
20.7
13.3
18.3
18.3
17.5
20.9
14.5
26.2
23.9
23.6
20.2
26.2
37.2
19.4
-14.7
4.0
34.2
23.7
27.2
42.8
8.8
-5.8
-11.5
-.4
-7.0
-15.3
1.3
28.1
14.3
-16.0
-6.3
-6.3
-28.3
17.4
6.2
6.6
8.9
10.9
7.9
4.6
5.7
7.8
4.5
5.8
5.2
4.6
3.9
5.7
4.4
4.0
6.1
2.2
.7
12.4
3.6
4.9
8.2
10.9
3.6
13.0
8.8
15.0
8.1
4.9
8.5
8.4
24.0
10.0
.5
7.2
.3
-9.0
-1.8
4.4
1.3
-3.3
9.7
3.2
-1.7
-5.6
-7.2
10.6
-3.4
-4.1
-10.7
3.9
-.9
6.6
2.4
5.0
6.7
5.8
1.4
-2.5
10.0
-12.8
-16.1
-19.4
-16.2
-11.0
19.5
22.0
20.8
13.7
21.0
11.4
24.6
21.0
8.9
8.8
5.4
40.9
7.0
-8.1
1.2
6.0
-16.4
13.9
17.0
7.5
8.3
13.7
7.1
6.7
8.1
.6
2.2
4.9
4.7
5.7
3.9
-6.7
4.2
_4
-2'.4
-5.7
1.0
-9.1
_9
17!3
2.6
29
23
9.3
-3.6
4.5
9.6
10.5
48 Rocky Mountain
49
Colorado
50
Idaho
51
Montana
52
Utah
53
Wyoming
9.2
9.7
7.7
7.4
9.8
10.0
8.3
9.4
6.0
3.3
12.9
.2
1.0
.4
1.7
4.1
-3.1
9.8
5.3
7.6
4.3
4.9
3.8
3.2
.6
4.5
12
23
1.5
-3.3
4.7
3.1
5.6
7.2
2.2
6.5
14.6
11.5
11.3
25.4
12.9
17.1
-22.3
139
22 1
162
40 1
-27.7
36.9
25.4
33.4
41.6
52.9
44.8
16.3
13.9
15.5
17.3
19.8
22.3
5.6
1.9
12.1
-5.9
14.8
14.5
10.6
12.1
3.4
23.2
4.9
7.8
9.0
9.0
6.8
8.7
11.2
8.3
5.1
4.2
7.4
-6.4
10.1
12
3.9
4.8
.5
15.2
1.2
9.5
54 Far West
55
California
56
Nevada
57
Oregon
58
Washington
9.2
8.9
10.8
8.2
11.3
13.2
13.6
16.2
10.8
11.7
-4.0
-4.7
-5.4
-2.6
-.4
10.0
10.6
8.8
5.5
11.2
3.3
4.0
8.0
.5
1.6
6.7
6.5
.8
4.9
9.6
4.1
1.1
20.4
14.5
15.4
-4.3
-6.5
6.8
-2.6
10.9
8.3
7.6
13.6
17.1
4.5
22.2
22.3
22.0
22.4
21.9
32.4
36.4
37.4
22.9
15.9
-10.2
-14.1
-15.4
-.5
6.0
8.1
8.1
9.6
8.0
8.4
4.4
4.0
19.0
2.0
8.2
3.7
4.1
-9.4
6.0
.1
59 Alaska
60 Hawaii
11.4
7.0
5.4
6.8
6.0
.2
20.1
8.3
10.3
46
9.9
12.9
22.3
4.7
13.0
5.2
9.3
-.5
19.3
21.4
236
5.9
42.9
15.4
19.2
4.1
8.5
-1.4
10.8
5.5
United States
2 New England
3
Connecticut
4
Maine
5 Massachusetts
6
New Hampshire
7
Rhode Island
8
Vermont
43 Southwest
44
Arizona
45
New Mexico
46
Oklahoma
47
Texas
..
,
NOTE.—For the definition of the difference, see the footnote to table 1.
25
SURVEY OF CURRENT BUSINESS
June 1988
Employment by Industry, 1983-86, United States, Regions, and States
Durable goods manufacturing
Government
Services
Finance, insurance, and real
Trade
Transportation and public
utilities
estate
Line
Projected Measured Difference
Measured Difference
Projected
Difference
Measured
Measured
Projected
Projected
Difference
Projected Measured Difference
Projected Measured Difference
16.1
4.8
11.3
7.4
7.3
0.1
7.6
11.3
-3.8
9.6
18.0
-8.4
9.0
18.1
-9.1
0.4
5.1
-4.7
1
16.2
13.3
15.9
18.6
19.0
10.1
20.1
1.8
-1.7
10.4
.9
12.4
3.9
4.0
14.4
15.0
5.5
17.7
6.7
6.3
16.1
8.9
10.3
4.2
8.8
10.0
7.0
11.0
10.0
12.9
11.3
7.4
13.6
10.8
14.2
-1.2
-2.6
-7.1
1.4
-3.6
-3.8
-3.3
7.9
8.9
4.0
7.4
11.6
6.7
11.0
15.4
13.3
18.6
14.3
24.6
16.3
16.8
-7.5
-4.3
-14.6
-7.0
-13.0
-9.6
-5.8
9.6
9.9
5.2
9.7
12.9
6.8
12.2
22.3
21.9
26.9
20.6
33.1
17.7
30.8
-12.7
-12.1
-21.7
-10.8
-20.3
-10.9
-18.6
8.8
10.5
4.8
8.0
11.4
9.2
9.9
19.4
19.2
20.5
18.5
27.7
18.6
17.9
-10.6
-8.6
-15.7
-10.5
-16.3
-9.4
-8.0
.2
.9
-2.9
.1
2.8
0
2.7
6.1
6.8
5.0
5.8
8.1
4.7
6.0
-5.8
-5.9
-7.8
-5.8
-5.3
-4.7
-3.3
2
3
4
5
6
7
8
12.6
15.4
13.7
21.6
11.5
13.6
10.4
-3.6
-4.7
126.1
-2.5
-5.0
-2.7
-4.5
16.2
20.1
-112.4
24.1
16.5
16.3
14.9
6.0
4.1
4.7
9.8
7.1
6.0
3.9
4.5
12.2
-2.0
6.3
13.7
1.1
2.4
1.5
-8.1
6.7
3.5
-6.7
5.0
1.6
4.9
4.4
1.3
5.1
8.1
4.0
4.1
10.4
14.7
7.9
14.4
12.1
9.9
8.2
-5.5
-10.3
-6.6
-9.3
-4.1
-5.9
-4.1
7.4
7.5
3.9
7.8
9.6
7.5
5.9
15.3
42.6
11.0
22.5
23.0
10.9
16.4
-7.9
-35.1
-7.1
-14.7
-13.4
-3.4
-10.6
7.1
6.0
6.7
7.6
10.2
6.3
6.6
17.0
25.0
15.6
21.1
19.8
15.3
16.1
-9.8
-19.0
-8.9
-13.5
-9.7
-9.0
-9.5
-1.4
-1.9
-0.7
2.9
-0.4
-2.8
-2.6
3.4
4.7
1.9
1.4
3.5
6.5
-0.3
-4.8
-6.6
-2.5
1.5
-3.9
-9.3
-2.2
9
10
11
12
13
14
15
15.4
12.5
16.1
18.3
13.5
18.0
5.3
-2.4
3.1
14.9
4.0
5.3
10.1
14.9
18.0
3.4
9.5
12.8
6.1
5.5
6.7
7.3
6.2
5.0
8.7
10.8
11.7
7.9
4.8
9.3
-2.6
-5.3
-5.0
-0.6
1.3
-4.3
6.1
4.7
8.6
8.0
5.7
4.6
10.7
9.0
10.2
12.7
12.3
8.4
-4.6
-4.3
-1.6
-4.7
-6.6
-3.8
8.6
6.8
9.6
11.0
9.2
8.5
14.0
10.1
14.1
19.3
15.9
13.0
-5.4
-3.3
-4.6
-8.3
-6.7
-4.6
8.2
8.2
8.5
9.5
7.9
6.5
17.1
15.5
19.3
19.0
17.2
15.4
-8.9
-7.4
-10.7
-9.5
-9.3
-8.9
-1.0
-3.3
2.0
0.6
-0.6
-2.5
4.3
2.9
4.3
5.3
3.2
7.8
-5.3
-6.2
-2.3
-4.7
-3.8
-10.2
16
17
18
19
20
21
17.5
16.5
16.6
18.5
17.2
16.6
16.6
24.6
6.2
-1.0
5.5
7.0
10.3
-0.8
3.1
15.9
11.3
17.6
11.1
11.4
7.0
17.5
13.5
8.7
5.8
4.7
3.9
7.2
5.4
6.0
9.9
8.9
5.8
3.5
3.4
7.9
8.5
1.2
1.8
6.1
0
1.1
.6
-0.7
-3.0
4.8
8.1
2.8
6.5
4.1
5.1
8.4
7.1
6.7
7.2
4.9
6.4
1.8
6.3
7.9
9.7
4.7
.8
2.3
.2
2.2
-1.2
.5
-2.6
2.0
6.5
2.5
9.0
8.5
7.7
9.7
8.7
9.4
11.0
11.0
15.6
10.8
14.6
17.6
18.1
14.1
9.0
17.2
-6.6
-2.2
-6.9
-7.9
-9.4
-4.7
2.0
-6.2
8.2
5.8
7.8
9.8
8.5
8.4
7.5
6.5
15.9
13.8
14.5
17.0
18.2
13.4
10.9
13.1
-7.7
-8.1
-6.7
-7.2
-9.8
-5.0
-3.4
-6.6
-0.5
-3.0
.4
1.8
-0.1
-2.1
-1.1
-2.7
5.2
1.6
7.6
8.8
3.9
4.0
5.4
2.8
-5.7
-4.5
-7.2
-7.1
-4.1
-6.1
-6.5
-5.5
22
23
24
25
26
27
28
29
17.8
16.6
17.3
19.2
17.6
19.0
20.4
18.0
17.4
18.0
17.9
15.9
14.8
11.6
9.7
6.6
17.3
20.6
5.6
-9.3
13.4
11.6
6.9
16.3
10.5
3.2
6.2
7.0
10.8
1.9
-3.0
13.4
29.8
4.6
5.8
11.1
1.6
5.4
11.5
8.3
4.9
9.0
9.6
11.6
5.8
6.9
6.7
9.1
8.9
8.5
6.6
5.3
8.9
4.2
15.6
8.2
14.2
10.4
-7.2
6.0
12.4
5.4
17.3
15.0
-2.1
-0.6
'.8
-6.6
1.4
-2.6
-4.6
14.1
'.6
-3.3
3.6
-8.7
-8.4
7.5
9.2
4.7
9.6
11.5
12.1
7.0
5.9
7.3
9.4
8.5
8.7
8.5
7.6
14.7
14.1
10.6
16.9
20.2
11.3
.3
7.8
18.2
17.9
13.7
19.2
5.6
-5.5
-9.3
-1.0
-5.3
-8.1
-4.3
5.6
-0.5
-8.8
-9.5
-5.0
-10.7
2.0
11.5
6.8
12.0
14.1
13.5
8.7
9.5
9.9
10.4
11.3
10.9
9.9
10.3
20.4
17.1
17.8
22.5
24.9
15.4
11.1
16.8
21.3
22.5
19.3
23.2
10.5
-8.9
-10.3
-5.8
-8.4
-11.4
-6.8
-1.6
-6.9
-10.9
-11.3
-8.4
-13.3
-0.2
9.4
4.3
9.8
12.0
11.9
6.0
7.8
6.6
10.0
7.5
9.8
8.1
8.1
19.9
16.6
15.9
23.2
24.9
15.9
8.3
9.8
22.3
21.4
20.8
22.7
11.6
-10.5
-12.3
-6.2
-11.2
-13.0
-9.9
-0.5
-3.2
-12.3
-13.8
-11.0
-14.6
-.3.4
1.9
-1.7
1.3
4.0
3.6
-0.7
.4
-0.7
4.2
1.2
3.7
.3
2.1
5.4
3.2
4.4
10.8
5.8
5.1
1.2
4.2
5.5
4.4
3.4
5.2
2.2
-3.5
-4.9
-3.1
-6.7
-2.2
-5.8
-0.9
-4.9
-1.3
-3.2
.3
-4.9
-0.1
30
31
32
33
34
35
36
37
38
39
40
41
42
21.5
22.8
13.9
21.4
21.6
3.1
19.9
12.3
-2.3
0
18.5
2.8
1.6
23.7
21.6
10.4
15.5
7.5
6.8
10.6
5.5
17.8
3.7
-1.0
5.1
4.9
-2.4
3.8
7.8
5.4
9.8
16.5
9.0
5.9
9.4
8.0
22.1
12.2
-2.3
7.3
1.7
-5.6
-3.2
8.1
2.1
10.8
16.6
13.0
7.4
10.2
21.0
39.6
20.3
8.8
19.4
-10.2
-23.0
-7.4
-1.4
-9.2
10.8
16.3
11.0
7.4
10.4
18.2
32.2
18.7
12.0
16.6
-7.4
-16.0
-7.6
-4.6
-6.2
1.5
4.9
1.7
-1.9
1.7
6.9
9.6
6.0
1.0
8.0
-5.4
-4.7
-4.3
-2.8
-6.3
43
44
45
46
47
19.1
19.2
21.5
17.3
18.2
22.9
3.5
2.3
1.7
1.1
7.3
2.5
15.7
16.9
19.8
16.2
10.9
20.3
9.2
9.0
8.7
7.5
9.6
11.6
4.5
6.4
1.9
4.1
6.7
-5.7
4.7
2.6
6.9
3.4
3.0
17.4
9.1
9.4
8.0
7.1
9.4
11.2
5.8
6.3
3.9
-1.3
12.5
-2.3
3.3
3.1
4.2
8.4
-3.1
13.5
12.2
11.7
12.2
11.5
13.4
14.0
19.1
21.4
14.2
12.4
21.3
7.5
11.5
11.4
10.2
9.6
13.0
12.7
18.4
19.3
13.0
14.5
23.7
11.8
-7.0
-7.8
-2.8
-4.9
-10.7
.8
1.0
2.6
-1.3
-1.1
,.7
-1.0
5.5
5.1
3.8
1.5
10.1
3.7
-4.6
-2.5
-5.2
-2.6
-9.4
-4.7
48
49
50
51
52
53
15.4
15.0
20.5
15.3
17.7
7.7
7.1
15.2
7.3
11.0
7.7
7.9
5.3
7.9
6.7
6.7
5.7
12.2
8.1
10.0
9.0
9.0
10.8
6.2
10.1
-2.3
-3.3
1.4
1.8
-0.1
8.6
8.3
13.0
7.5
9.9
13.0
13.9
16.2
9.2
9.3
-4.4
-5.6
-3.2
-1.7
.6
10.3
9.5
12.2
10.9
15.4
19.8
20.3
24.6
12.8
19.7
10.9
10.7
10.5
9.5
13.1
19.1
19.0
18.7
20.2
18.7
-8.2
-8.3
-8.2
-10.7
-5.6
1.2
.6
2.7
-0.5
5.1
6.1
6.3
1.9
6.2
6.1
-4.9
-5.7
..7
-6.7
-1.0
54
55
56
57
58
24.6
14.7
1.7
2.3
22.9
12.4
15.7
13.5
-2.0
10.7
17.7
2.8
15.0
7.5
5.1
8.7
9.9
-1.2
17.4
9.4
14.6
7.2
14.4
10.4
15.6
12.1
-1.2
-1.8
1.0
.5
6.3
2.4
-5.2
-1.9
59
60
-7.0
-9.7
-2.0
-1.0
-7.9
6.5
-9.5
-10.8
-12.4
-1.9
-4.4
2.8
2.1
26
SURVEY OF CURRENT BUSINESS
June 1988
Table 3.—Percentage-Point Differences Between Projected and Measured Percent Changes in Employment by Industry, 1983-86, United States and
Regions
Goods-producing
Service-type
Total
Total
Services
Finance,
insurance,
and real
estate
Government
Trade
Transportation and
public
utilities
Total
Mining
Durable
goods
manufacturing
Agriculture,
forestry,
fisheries,
and other
Nondurable goods
manufacturing
Construction
-2.8
-6.1
-9.1
-8.4
-4.7
-3.8
0.1
6.3
17.7
11.3
6.5
5.2
-4.6
Coastal regions
New England
Mideast
Far West
Coastal Southeast 1
-4.3
-4.3
-3.7
-4.0
-5.5
-7.3
-8.7
-6.8
-6.5
-8.3
-10.1
-10.6
-9.8
-8.2
-12.6
-9.6
-12.7
-7.9
-9.5
-10.3
-4.7
-5.8
-4.8
-4.9
-4.0
-6.0
-7.5
-5.5
-4.4
-7.8
-.7
-1.2
1.5
-2.3
-1.9
4.5
6.8
6.8
3.6
1.9
7.9
-4.4
9.7
8.3
6.3
10.9
14.4
16.3
7.7
3.7
8.2
-1.5
4.4
6.7
13.8
5.9
11.2
6.5
3.7
4.8
13.2
-21.9
122
-10.2
-13.5
Interior regions
Great Lakes
Plains
Southwest
Rocky Mountain 2
Interior Southeast
-1.1
-2.9
-1.1
.3
1.0
0
-4.8
-6.3
-4.4
-3.9
-3.0
-4.0
-7.9
-8.9
-7.7
-7.4
70
71
-7.0
-5.4
-6.6
-10.2
-7.0
-6.1
-4.8
-5.3
-5.7
-5.4
-4.6
-2.8
-1.4
-4.6
.2
1.7
3.3
-2.1
.8
-2.7
0
4.9
4.7
1.3
7.9
5.0
6.9
11.5
12.7
8.6
19.8
11.5
12.9
19.5
36.9
18.2
11.6
10.1
11.3
18.5
15.7
9.2
5.6
2.2
7.8
3.9
4.7
8.4
4.2
.8
2.3
9.3
3.9
7.1
3.6
-3.9
3.6
6.0
10.6
7.1
United States
1. Consists of Virginia, North Carolina, South Carolina, Georgia, and Florida.
2. Consists of West Virginia, Kentucky, Tennessee, Arkansas, Louisiana, Mississippi, and Alabama.
continuing strength of the service
economy. In addition, projected and
measured growth were Jbased on dif-2
ferent concepts of self-employment.
The difference in concept contributed
to shortfalls between the projected
and the measured growth of self-employment, mainly in the real estate,
personal services, business services,
and miscellaneous repair services industries. Goods-producing employment, in contrast, was overprojected
because the projections did not fully
anticipate the employment effects of
declines in farm and energy prices
and the uncharacteristically slow recovery of durable goods manufacturing from the 1981-82 recession.
The industrial patterns of underprojection and overprojection have
different effects on regions, inasmuch
as regions' industry specializations
differ. In general, the underprojection
of service-type employment, while affecting all regions, most affects regions along the Atlantic and Pacific
coasts (including the part of the
Southeast region on the Atlantic
coast), and the overprojection of
2. The 1986 comprehensive revisions to the State
personal income series (see the August 1986 SURVEY
OF CURRENT BUSINESS) introduced a job count measure
of self-employment. In 1985, when the projections
were published, self-employment was mainly a count
of persons. The person count measure is lower than
the job count measure because of multiple job holding.
NOTE.—Negative differences indicate underprojections, and positive differences indicate overprojections. Within the service-type group, the industries are listed from left to right by size of
underprojection, and within the goods-producing group, the industries are listed from left to right
by size of overprojection.
goods-producing employment most affects interior regions (including the
other States in the Southeast region).
Coastal regions.—Unexpectedly, employment growth in service-type industries and construction far exceeded growth in other industries during
the recovery from the 1981-82 recession; in each coastal region, projected
employment growth in these industries—and in the all-industry total—
fell substantially short of measured
growth. In the Far West and coastal
Southeast, the national defense buildup early in the expansion benefited
research and development and other
services as well as construction. The
national defense buildup also benefited New England and the Mideast. In
addition, these regions provided business and professional services to
growing national and international
markets, and the gains in these service industries stimulated construction
activity. (New England and the Mideast had not participated in the late
1970's construction boom, which had
been centered in interior regions,
where sharp price increases for farm
commodities and oil stimulated
growth.)
In the Mideast, despite the large
underprojections
of employment
growth in service-type industries and
construction,
total
employment
growth was underprojected less than
in any other coastal region. The
major reason was a partly offsetting,
large overprojection of employment
growth in durables manufacturing.
The overprojection for Pennsylvania,
in particular, reflected the failure of
the primary metals (steel) industry to
recover from the 1980 and 1981-82 recessions in the face of import competition.
Interior regions.—Largely reflecting
unexpected developments in goodsproducing industries, the Rocky
Mountain, Southwest, and interior
Southeast regions show overprojections of total employment growth, and
the Plains and Great Lakes regions
show relatively small underprojections.
In the Rocky Mountain and Southwest regions, total employment, projected to grow faster than in the
Nation in 1983-86, grew more slowly.
The overprojections were mainly due
to the direct and indirect effects of declines in energy-related mining. Declining oil prices—especially the
sharp drop in 1986—substantially curtailed oil and gas exploration, coal
mine development, and related activities such as construction and financial services; strength in these activi-
SURVEY OF CURRENT BUSINESS
27
ties had contributed to rapid employ- dustries more than offset the overproment growth in these regions before jection in goods-producing industries,
resulting in a total employment un1983.
Large overprojections of total em- derprojection about equal to the naployment growth due to declines in tional average.
energy-related mining extended to
States outside the Rocky Mountain
and
Southwest
regions—notably, Population growth
Alaska, North Dakota, Louisiana, and
Projected growth in population for
West Virginia. The energy-related
the
Nation (2.8 percent) was close to
overprojections in Louisiana and West
measured
growth (2.9 percent). All
Virginia were especially large and
offset underprojections of total em- the regions projected to grow at a
ployment growth in other States in slower rate than the Nation did so,
and all the regions projected to grow
the interior Southeast region.
at a faster rate than the Nation—
In the Plains region, total employ- except the Rocky Mountain region—
ment—although projected to grow did so (table 4). The Rocky Mountain
more slowly than in the Nation— region, projected to grow faster than
grew even more slowly than had been any other region in 1983-86, grew
projected, largely reflecting unexpect- more slowly than the national avered weakness in the farm economy. In age. The overprojection was mainly
the 1970*8, a long-term decline in the due to sharp declines in job opportunumber of farm proprietors appeared nities in energy-related industries.
to be bottoming out, as high prices enThe other regions for which BEA
couraged farmers to retain, and even overprojected population growth are
to expand, their businesses. In the the Plains, interior Southeast, New
first half of the 1980's, a falloff in England, and Mideast regions. In
farm prices and high interest rates each, population in 1983-86 grew
led to increased bankruptcies and con- more slowly than in the Nation. In
tinued decline in the farm economy. New England, the overprojection ocEmployment in farm-related construc- curred despite large gains in employtion and trade, in turn, was adversely ment; this overprojection reflected a
affected.
wider gap than was expected in the
In the Great Lakes region, employ- responsiveness of population migrament growth in goods-producing in- tion to growing job opportunities in a
dustries—in particular, durables man- region with a longstanding trend of
ufacturing—was overprojected. Dura- relatively slow employment growth.
bles employment in the region was
The regions for which BEA underweak in the 1981-82 recession, as is projected population growth are the
typical in recessions. Uncharacteristi- Far West, coastal Southeast, and
cally, durables employment—except Southwest regions. In the Southwest,
in motor vehicles—did not recover the underprojection occurred despite
strongly after the recession; in the weakness in employment, reflecting—
face of competition from imports and in the converse of the New England
from regions with lower labor costs, case—a wider gap than was expected
firms laid off workers and closed in the responsiveness of population
plants to cut costs. An underprqjec- migration to reduced job opportunition of employment in service-type in- ties.
Table 4.—Projected and Measured Percent
Changes in Population, 1983-86, United
States, Regions, and States
June 1988
Projected Measured
United States
Differ-1
ence
28
29
0.1
New England
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
2.4
21
21
2.3
4.3
20
34
20
16
23
1.2
7.1
21
29
.4
.5
-.1
1.1
-2.8
1
.6
Mideast
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
1.3
2.9
-.4
25
2.5
9
.6
1.1
4.5
.3
38
2.1
6
_.l
.2
-1.5
-.7
13
.4
.3
.6
.5
.4
9
7
.1
1.0
.5
.5
5
10
.1
.8
0
-.1
.4
-.3
0
.3
Plains
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
1.8
5
20
23
23
1.3
2.1
1.6
.9
19
13
16
2.0
.1
-.3
1.3
.9
2.4
.6
.7
.3
1.3
2.4
.3
Southeast
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
..
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
West Virginia
3.6
14
2.4
7.6
50
7
1.8
1.8
35
31
31
3.3
-.2
4.0
22
20
8.6
64
4
13
1.6
41
38
24
41
-2.3
-.4
-.8
.4
-1.0
14
.3
.5
.1
6
_7
7
-.8
2.1
46
88
4.7
1.4
4.5
54
115
55
-2
5.5
27
-8
16
-1.0
Rocky Mountain
Colorado
Idaho
Montana
Utah
Wyoming
4.9
57
29
2.4
6.0
34
2.8
38
14
4
4.3
17
2.1
20
15
2.1
1.7
51
Far West
California
Nevada
Oregon
Washington
4.7
4.7
7.5
25
5.4
5.8
6.6
7.4
14
3.7
-1.1
-1.9
.1
11
1.8
Alaska
Hawaii
9.5
43
10.6
42
Great Lakes
Illinois
Indiana
Michigan
Ohio
Wisconsin
..
Southwest
Arizona
New Mexico
Oklahoma
Texas
..
...
...
....
,
g
-1.1
1
1. Percentage-point difference between projected and measured percent changes, 1983-86. A negative difference indicates
an underprojection, and a positive difference indicates an
overprojection.
By RUSSELL C. KRUEGER
U.S. International Transactions, First Quarter 1988
1 HE U.S. current-account deficit increased to $39.8 billion in the first
quarter of 1988 from $33.5 billion in
the fourth quarter of 1987.l The increase was more than accounted for
by a $12.7 billion shift in the net services balance to a deficit of $0.7 billion
from an unusually high fourth-quarter surplus of $12.0 billion. The shift
1. Quarterly estimates for U.S. current- and capitalaccount components are seasonally adjusted when statistically significant seasonal patterns are present.
$41.2 billion, as a strong increase in
exports exceeded the increase in imports. Net unilateral transfers decreased $1.2 billion to $3.2 billion.
A large increase in foreign official
assets in the United States mostly
reflected placement of dollars in the
United States by foreign monetary authorities. U.S. official reserve assets
decreased.
In the private capital accounts,
large reductions in both U.S. bank
claims on foreigners and U.S. liabil-
was primarily due to changes in
direct investment income transactions. Receipts of income on U.S.
direct investment abroad were sharply lower due to a substantial reduction in capital gains from currency
translation; payments of income on
foreign direct investment in the
United States were higher due to a
shift from capital losses to small gains
and a change in a financial accounting standard. The merchandise trade
deficit decreased to $35.9 billion from
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 ( )
19 36
1Q87
1Q8fi
I
1 Exports of goods and services (1)
19 87
II
III
IV
II
I
IV
III
1988
Change:
I"
1988:1
375 053
223 969
151 084
424 823
249 570
175 253
93067
54113
38954
94088
56946
37142
93493
56268
37225
94408
56 642
37766
98907
56 791
42 116
100 353
59864
40489
106 318
64902
41416
119 247
68 013
51 234
118 847
74672
44 175
400
6659
7059
498,573
-368,516
- 130,057
565 342
409,850
155,492
122 552
89546
33006
123717
90807
32910
124 781
92989
31792
127 526
95 174
32352
133 564
96662
36902
138 080
99416
38664
145 305
104 567
40738
148 397
109 205
39 192
155 447
110 617
44830
7 050
1412
5638
-11,738 -10,011
-2,086
-3,246
-3,450
-2,956
-2,100
-2,241
-2,125
-3,545
-2,283
1,262
3 571
3434
886
839
799
867
884
855
828
868
9 U S assets abroad net (increase/capital outflow ( )) (35)
10
US official reserve assets net (36)
U.S. Government assets, other than official reserve assets, net (41)...
11
U S private assets net (45)
12
97991
312
-2,000
96303
75987
9149
1,162
86297
15626
115
-206
15305
24 515
16
-211
24320
26 213
280
-1,592
24 901
31 635
132
10
31 777
11 072
1 956
67
9 049
22878
3419
-170
26 127
25 292
32
252
25 576
38 891
3 741
1,012
43 645
47 782
8 891
2 238
1 503
-1,792
-780
51 814
8 169
13 Foreign assets in the United States, net (increase/capital inflow (+))
(50),
Foreign official assets, net (51)
14
Other foreign assets, net (58)
15
221,253
211,490
39,050
50,128
69,884
62,192
33,100
50,660
71,658
56,072
27,876 -28,196
35,507
185,746
44,968
166,522
2719
36,331
15838
34,291
15779
54104
1 171
61020
13977
19 122
10332
40327
611
71 047
20047
36025
24372
3 504
4325
32521
15,566
18,461
9033
8100
8133
6565
6547
13071
4399
16 342
2 984
13 358
I
II
2
3
Merchandise, excluding military (2)
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).
g
1fi Allocations of special drawing rights (64)
. . . .
17 Statistical discrepancy (65)
r
p
1 047
40
Revised.
Preliminary.
Table B.—Selected Transactions with Official Agencies
[Millions of dollars]
I
1 Changes in foreign official assets in the United States, net (decrease
-) (table 1, line 51).
2
3
4
Members of OPEC 2
6
6a
6b
Activity under U.S. official reciprocal
currency arrangements with
foreign monetary authorities: 3
Foreign drawings or repayments ( ) net
Reoavments
p
.. .
II
III
IV
III
1988
Change:
I"
1988:1
44,968
2,719
15,838
15,779
1,171
13,977
10,332
611
20,047
24,372
4,325
29,379
-9,327
15,455
49,231
-9,956
5,693
-257
1,899
1,077
11,979
-2,166
6,025
13,316
-3,020
5,483
4,341
-6,040
2,870
16,561
-2,801
217
17,533
-2,681
-4520
926
1,723
3260
16,063
-2,750
6,734
20,469
-1,331
5,234
4,406
1,419
-1,500
9,149
-115
16
280
132
1,956
3,419
32
3,741
1,503
-2,238
75
75
212
421
-209
-89
146
-235
27
225
-198
31
221
-190
129
550
-421
98
329
-231
198
642
-444
-167
446
-613
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.
28
IV
35,507
312
5 Changes in U.S. official reserve assets, net (increase -) (table 1, line
36).
19 87
19 86
1987
Line
-225
-225
SURVEY OF CURRENT BUSINESS
29
private foreigners increased strongly,
partly reflecting rising bond prices
and the relative stability of the dollar
during the quarter. There was a shift
to net foreign purchases of other U.S.
securities after a record selloff in the
fourth quarter. Net U.S. purchases of
foreign securities increased.
Outflows for U.S. direct investment
abroad decreased sharply, mostly because smaller capital gains resulted
in lower reinvested earnings. Inflows
for foreign direct investment in the
United States slowed somewhat but
remained strong.
The statistical discrepancy (errors
and omissions in reported transactions) was an inflow of $3.0 billion,
following an inflow of $16.3 billion.
Technical notes, which follow the
text, describe revisions to the estimates of U.S. international transactions, including changes to the enduse classification system for merchandise trade.
June 1988
ities to foreigners mostly reflected repayments of earlier borrowing in the
interbank market.
In securities transactions, net purchases of U.S. Treasury securities by
CHART 2
Indexes of Foreign Currency Price of the U.S. Dollar (1977 = 100)
170
TRADE-WEIGHTED AVERAGES
160
150
140
130
120
110
100
90
80
I II I I I I I I I I I I i I I I I I I I I I I I I I I I
I I I I I I I I I I I
1985
1986
1987
1988
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.
88-6-2
U.S. dollar in exchange markets
In the first quarter, the U.S. dollar
depreciated 2 percent on a tradeweighted quarterly average basis
against the currencies of 10 industrial
countries, but appreciated 6 percent
against the currencies of 22 OECD
countries. This relative stability was
in contrast to the dollar's sharp depreciation in the fourth quarter.
The dollar began the quarter at historic lows against many major currencies. It sharply appreciated early in
the quarter, partly due to concerted
intervention purchases of U.S. dollars
and to interest rate reductions in several European countries. Also, in midJanuary, a joint United States-Japanese statement pledged support adequate to maintain stability between
the dollar and yen.
From mid-January until midMarch, the dollar was essentially
stable against the yen and the Euro-
Table C.—Indexes of Foreign Currency Price of the U.S. Dollar
[1977=100]
19 87
Trade-weighted average against 22 OECD currencies
1
Trade-weighted average against 10 currencies 2
Selected currencies: 3
Canada
..
United Kingdom .
European Monetary System currencies:
Belgium
.. ..
..
France
.
Germany
Italy
Netherlands
Switzerland
.. .
Japan
...
..
1988
II
III
IV
I
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
137 1
137 4
1430
1358
1442
1352
1346
1383
1392
1440
141 0
1440
1404
136 1
131 0
1423
1456
1448
96.5
93.7
95.4
89.2
87.0
95.7
93.8
928
945
960
961
940
934
884
857
863
880
867
126.0
113.1
125.5
106.2
124.5
107.8
123.5
99.5
119.4
97.0
124.3
109.5
124.2
106.9
1263
1046
1261
1070
1249
1083
1248
1090
1239
1060
1234
1049
1240
982
1231
953
121 1
968
1194
99 1
1177
95 1
106.3
124.6
79.2
147.4
84.5
64.4
57.0
104.4
1226
77.7
146.7
82.9
62.1
53.1
106.3
124.7
79.1
150.2
84.3
63.5
54.7
992
117.0
73.4
140.8
78.1
58.4
50.5
97.7
115.3
72.1
139.5
76.7
57.2
47.6
106.0
124.2
79.0
147.3
84.4
64.1
56.4
104.8
122.7
78.0
146.0
83.2
62.3
53.2
1032
1215
769
1456
820
612
523
1052
1235
782
1485
834
628
538
1068
1251
795
1510
847
640
560
1072
1259
798
1517
851
640
548
1048
1232
780
1479
831
626
104 4
1223
775
1469
825
622
534
98 1
116 1
724
1398
77 1
576
504
95 1
1126
703
1358
748
554
477
964
988
113 5 1166
730
71 1
1374 1410
757
77 6
561
579
47 5
48 1
978
1157
72 1
1400
767
577
473
1. Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France, Germany,
Greece, Iceland, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Spain,
Sweden, Switzerland, Turkey, United Kingdom. Data: U.S. Department of the Treasury. End-ofmonth rates for months; averages of end-of-month rates for quarters. Index rebased by BEA.
2. Belgium, Canada, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, United
1988
19 87
I
Kingdom. Data: Federal Reserve Board. Monthly and quarterly average rates. Index rebased by
BEA.
3 rjata: Federal Reserve Board. Monthly and quarterly average rates. Indexes prepared by
BEA.
June 1988
SURVEY OF CURRENT BUSINESS
30
CHART 3
CHART 4
Current- and Constant-Dollar
Changes in Merchandise Exports
Indexes: 1986:1=100
160
Current Dollars
Constant 1982 Dollars
Indexes: 1986:1=100
190 f
180 f-
record levels.
— Current Dollars
— Constant 1982 Dollars
170
160
Computers and Other
Office and Business
Machines
150
140
130
120
110
100
90
Other Capital Goods
i
n
1986
m
rv
i
n
m
1987
U.S. Department of Commerce, Bureau of Economic Analysis
Industrial Supplies and Materials
Excluding Nonmonetary Gold
90
U.S. Department of Commerce,(Bureau of Economic Analysis
quarter from $41.2 billion in the
fourth, as a strong increase in exports
Current- and Constant-Dollar
exceeded the increase in imports.
Changes in Capital Goods Exports Both exports and imports rose to
iv
i
1988
88-6-4
pean Monetary System (EMS) currencies, but depreciated against the currencies of several countries with
robust growth and high interest rates.
The Canadian dollar was particularly
attractive for these reasons and rose
against the U.S. dollar despite extensive intervention by Canadian authorities. The British pound was also
attractive for these reasons and because of indications that British authorities would not intervene to prevent some appreciation of the pound
relative to the mark and other EMS
currencies. The pound appreciated
nearly 7 percent against the dollar between mid-February and mid-March,
before a drop in U.K. interest rates
and intervention sales of pounds by
British authorities (mostly against the
mark) began to slow the rise in the
pound.
Depreciation of the dollar against
the yen resumed during the last 2
weeks of the quarter, possibly because
Japanese corporations sold dollars in
preparation for their end-of-fiseal-year
accounting.
On a quarterly average basis, the
dollar depreciated 6 percent against
the Japanese yen, 3 percent against
the Canadian dollar and British
pound, and 1 to 2 percent against the
EMS currencies.
Merchandise trade
The merchandise trade deficit decreased to $35.9 billion in the first
Exports.—Exports increased $6.7
billion, or 10 percent, to $74.7 billion;
volume increased 8 percent. Both agricultural and nonagricultural exports increased. Spurred by the cumulative effect of the depreciation of the
U.S. dollar, which has sharply lowered the foreign currency cost of U.S.
exports, exports have increased 31
percent in value and 28 percent in
volume since the first quarter of 1987.
The share of U.S. goods production
that is exported has increased to a
record 18.8 percent from 15.9 percent
in the first quarter of 1987.
The values and volumes of all
major end-use categories have increased during the past year (charts 3
and 4 ). The similarity between the
value and volume patterns since the
first quarter of 1987 indicates that
commodity export prices have been
relatively stable over the period. This
stability suggests that U.S. exporters
in general have taken advantage of
the depreciation of the dollar to build
export volume and market share
abroad rather than to increase profit
margins on exported goods. The exceptions to the general picture of
price stability are in industrial supplies and materials excluding nonmonetary gold, where rising prices in
commodity markets worldwide have
contributed to higher U.S. export
prices, and in computers and other
office and business machines, where
rapid improvements in productivity
and technology have contributed to
price decreases.
Agricultural exports increased $1.4
billion, or 18 percent, to $9.0 billion;
volume increased 14 percent. Wheat
increased $0.4 billion to $1.3 billion;
the increase was entirely in shipments to the Soviet Union under a
U.S. export promotion program. Since
the first quarter of 1987, wheat exports have doubled; two-thirds of the
increase has been accounted for by
the Soviet Union. Corn increased $0.2
billion, and soybeans, $0.1 billion. Industrial supplies and materials increased $0.3 billion, led by a $0.2 billion increase in tobacco.
Nonagricultural exports increased
$5.3 billion, or 9 percent, to a record
$65.7 billion; volume increased 8 percent. Industrial supplies and materi-
June 1988
als increased $2.5 billion to $19.4 billion. The increase was broadly based;
an exception was a small decrease in
fuels and lubricants. Nonmonetary
gold increased $1.0 billion to $1.9 billion. Continuing purchases by Taiwan
accounted for most of the increase;
several other Southeast Asian countries made smaller purchases.
Capital goods increased $2.3 billion
to $26.4 billion. The broadly based increase was led by computers and peripheral equipment, up $0.6 billion,
and civilian aircraft, up $0.4 billion.
Automotive products decreased
slightly to $7.6 billion. Exports to
Canada remained strong, but were
$0.3 billion less than the record shipments of $5.7 billion in the fourth
quarter. Recent strength in exports of
complete cars to Canada may reflect
both the strength of the Canadian
economy and some shift in Canadian
imports from more expensive Japanese cars. Exports to other areas increased $0.3 billion to a record $2.2
billion.
Consumer goods increased $0.5 billion to $5.3 billion. Durables increased
15 percent^ and nondurables, 7 percent.
Imports.—Imports increased $1.4
billion, or 1 percent, to $110.6 billion;
volume increased 1 percent. Nonpetroleum imports increased, and petroleum imports decreased.
Import volume increases have
slowed in recent quarters (charts 5
and 6). Volume increases have been
held down by the increased dollar cost
of imports and, for consumption-oriented imports, by stable real consumer demand, as measured by personal consumption expenditures for
goods in constant (1982) dollars. The
share of imports in real gross domestic purchases excluding services was
20.7 percent in the first quarter, virtually unchanged over the last three
quarters. Price increases have continued to push import values higher.
Nonpetroleum imports increased
$2.7 billion, or 3 percent, to a record
$100.6 billion; volume increased less
than 1 percent. Industrial supplies
and materials increased $1.5 billion to
$21.4 billion. Much of the large
amount of nonmonetary gold imported during the last two quarters was
subsequently exported to Taiwan and
several other Southeast Asian countries, as previously mentioned.
Capital goods increased $0.8 billion
to $24.1 billion. Computers and other
31
SURVEY OF CURRENT BUSINESS
Current- and Constant-Dollar
Changes in Capital Goods Imports
Current- and Constant-Dollar
Changes in Merchandise Imports
Indexes: 1986:1=100
130
Indexes: 1986:1=100
200
Current Dollars
Constant 1982 Dollars
— Current Dollars
— Constant 1982 Dollars
190
180
170
120 -
Computers and Other
Office and Business
Machines
160
Industrial Supplies and Materials
Excluding Petroleum
and Nonmonetary Gold
150
140
110 -
130
120
110
Other Capital Goods
I
I
I
100
I
n
m
1986
iv
i
n
m
1987
U.S. Department of Commerce, Bureau of Economic Analysis
iv
i
1988
ss-e-e
office and business machines increased $0.2 billion to $5.4 billion, and
other capital goods increased $0.6 billion to $18.7 billion, reflecting continued strength in business investment.
Consumer goods increased $0.6 billion
to $23.6 billion. Foods, feeds, and beverages increased $0.2 billion to $6.5
billion; meat and poultry increased
$0.3 billion to $1.1 billion.
Automotive products decreased $0.3
billion to $21.9 billion. An increase in
new cars from Canada was more than
offset by a decrease in new cars from
other areas. The number of cars from
Japan decreased 30 percent; prices increased 4 percent. For the year
ending March 1988, Japan did not
export as many cars to the United
States as allowed under Japan's voluntary export restraint program. Passenger cars from Germany decreased
15 percent; cars from South Korea increased 27 percent.
Petroleum imports decreased $1.3
billion, or 12 percent, to $10.0 billion,
entirely due to lower prices. The average price per barrel decreased to
$15.24 from $17.46; the average
number of barrels imported daily increased to 7.16 million from 7.08 million. High production quotas for
OPEC members, increases in production by non-OPEC countries, and possible price discounting contributed to
the price decline. Domestic inventories rose strongly and production was
unchanged.
U.S. Department of Commerce, Bureau of Economic Analysis
32
SURVEY OF CURRENT BUSINESS
Service transactions
The net services balance shifted to
a deficit of $0.7 billion in the first
quarter, compared to an unusually
large surplus of $12.0 billion in the
fourth. Receipts decreased $7.1 billion
to $44.2 billion, and payments increased $5.6 billion to $44.8 billion;
both changes were primarily due to
direct investment income.
Receipts of income on U.S. direct
investment abroad decreased to $11.1
billion from a record $19.2 billion.
Nearly all the decrease was accounted
for by a decrease in capital gains to
$1.1 billion from $9.0 billion in the
fourth quarter, when currency translation gains, especially in Western
Europe, were exceptionally large. Operating earnings slipped $0.2 billion
to $10.5 billion.
Payments of income on foreign
direct investment in the United
States increased $5.3 billion to a
record $5.6 billion, as fourth-quarter
capital losses shifted to small gains
and as earnings increased. The increase partly reflected a change in a
financial accounting standard that increased reported income of some foreign-owned U.S. affiliates.
Receipts of income on other private
investment abroad decreased $1.0 billion to $11.9 billion; the decrease was
due to lower interest rates and a decrease in bank-reported claims. U.S.
Government income receipts increased $0.9 billion to $2.1 billion; a
rescheduling of interest receipts with
Egypt accounted for most of the increase.
Payments of income on other private investment in the United States
decreased $0.8 billion to $13.4 billion;
most of the decrease was due to lower
interest rates and a large decrease in
U.S. bank liabilities to foreigners.
U.S. Government income payments
increased $0.4 billion to $6.6 billion.
Travel receipts increased slightly to
$4.0 billion. Receipts from overseas
visitors were up 10 percent; a continued increase in the number of visitors
was probably associated with the depreciation of the dollar. Receipts from
Canada increased, and those from
Mexico decreased. Travel payments
increased $0.2 billion to $5.6 billion;
most of the increase was accounted
for by increased air and land travel to
the Mexican interior. Payments to
Canada and overseas areas were up
slightly.
Table D.—Selected Direct Investment Transactions With Netherlands Antilles Finance Affiliates
June 1988
[Millions of dollars]
19 87
1986
4245
'864
Capital
5317
785
2558
928
III
I
II
2052
25
1 824
'296
797
286
Reinvested
427
152
472
123
388
902
Intercompany debt.. -4,208 -4,920 -3,014 -1,955 -1,968 -1,510
2752
708
2 174
688
3 132
Of which interest. ... -4,772 -3,888 -3,251 -1,024 -1,012
p
648
-925
IV
644
1 392
235
513
709
-928
1988
IP
IV
II
III
1324
507
1331
103
369
294
1033
132
69
189
632 -1,762 -1,302
82
-581
147
-886
503
-805
580
-748
I
467
24
597
-855
512
-760
563
-831
o
Preliminary.
NOTE.—Table shows only transactions with affiliates established primarily to borrow funds abroad and relend them to their
U.S. parents.
Table E.—U.S. Merchandise Trade, Current and Constant (1982) Dollars
[Balance of payments basis, millions of dollars, Quarters seasonally adjusted]
Constant (1982) dollars 1
Current dollars
1986
1987
1987
I
II
1988
III
Ip
IV
1986
1988
1987
1987
I
II
III
IV
I"
Exports
Agricultural
Nonagricultural..
223,969 249,570 56,791 59,864 64,902 68,013 74,672 242,974 271,050 62,178 65,222 70,466 73,184 79,325
27,357 29,517 6,486 7,118 8,287 7,626 9,018 30,612 34,894 7,721 8,464 9,913 8,796 9,987
196,612 220,053 50,305 52,746 56,615 60,387 65,654 212,362 236,156 54,457 56,758 60,553 64,388 69,338
Imports
Petroleum and
products
Nonpetroleum
products
368,516 409,850 96,662 99,416 104,567 109,205 110,617 419,237 438,933 105,542 106,220 111,878 115,293 116,016
34,391 42,882 8,760 10,075 12,759 11,288
9,983
74,750 77,210 17,312 17,895 21,810 20,193 20,457
334,125 366,968 87,902 89,341 91,808 97,917 100,634 344,487 361,723 88,230 88,325 90,068 95,100 95,559
" Preliminary.
1. Constant-dollar estimates will be revised in July to incorporate new deflation procedures.
Passenger fare receipts increased
$0.2 billion to $1.7 billion. During the
past year, the number of travelers on
U.S. flag carriers from developed
countries increased by 50 percent, due
largely to the depreciation of the
dollar. Lesser depreciation or appreciation of the dollar against the currencies of many developing countries
has contributed to an increase in
travelers from developing countries of
less than 20 percent, including an increase of only 2 percent from Latin
America. Passenger fare payments decreased slightly to $2.2 billion.
Other transportation receipts increased $0.3 billion to $4.7 billion.
Payments increased $0.2 billion to
$5.0 billion.
Receipts from unaffiliated foreigners for other private services (e.g. reinsurance, securities commissions,
communications, etc.) were unchanged at $2.8 billion. Receipts of
commissions on securities transactions decreased, due to a decrease in
the volume of stock transactions/Payments decreased $0.1 billion to $2.0
billion; the decrease was more than
accounted for by lower securities commissions.
Transfers under U.S. military
agency sales contracts increased $0.4
billion to $2.6 billion; the increase
mostly reflected increased deliveries
of aircraft and missiles. Direct defense expenditures abroad were unchanged at $3.4 billion.
Unilateral transfers
Net unilateral transfers decreased
$1.2 billion to $3.2 billion due to lower
U.S. Government grants. A few countries had received large portions of
their annual grants in the fourth
quarter, the first quarter of the U.S.
Government fiscal year.
U.S. assets abroad
U.S. assets abroad decreased $8.9
billion in the first quarter of 1988,
compared to an increase of $38.9 billion in the fourth quarter of 1987.
U.S. official reserve assets.—U.S. official reserve assets decreased $1.5 billion in the first quarter, compared to
$3.7 billion in the fourth. Most of the
decrease reflected intervention sales
of foreign currency holdings.
Claims reported by banks.— U.S.
claims on foreigners reported by U.S.
banks decreased $17.4 billion in contrast to an increase of $23.5 billion.
U.S. banks' dollar claims on own foreign offices and on unaffiliated banks
decreased $13.6 billion, mostly in Jan-
June 1988
uary; earlier borrowing was repaid
Foreign securities.—Net U.S. purand interest rate differentials, which chases of foreign securities were $4.4
had favored depositing abroad in the billion compared to $1.8 billion. A refourth quarter, narrowed. Claims on sumption of net purchases of foreign
most areas decreased; an increase in stocks after the large fourth-quarter
claims on Japan was a notable excep- selloff was partly offset by reduced
tion.
purchases of foreign bonds.
U.S. banks' dollar claims on foreign
Net U.S. purchases of foreign stocks
public borrowers and other private were $0.7 billion following record net
foreigners decreased $5.1 billion com- sales of $3.9 billion. As indicated in
pared to $1.8 billion. Claims on for- chart 7, net purchases of foreign
eign public borrowers in Latin Amer- stocks resumed in February and
ica continued to decrease. A decrease March, when stock prices in major
with Mexico partly reflected the ex- markets rose sharply. Net purchases
change of some U.S. bank claims for a in Japan accounted for most of the
special Mexican Government bond. shift, as Japanese stock prices inThe U.S. Government's imposition in creased to near record levels. Gross
February of restrictions on the trans- transactions in foreign stocks refer by U.S. banks of funds to Panama mained below levels prior to the Octocontributed to the decrease in claims. ber plunge in stock prices.
Also, international financial instituNet U.S. purchases of foreign bonds
tions made repayments on earlier bor- were $3.7 billion compared to $5.7 bilrowing.
lion. New foreign bonds issued in the
U.S. banks' dollar claims for domes- United States were $2.1 billion comtic customers' accounts increased $0.5 pared to $3.7 billion. Placements by
billion compared to $3.4 billion.
Canada were slightly higher, while
Claims payable in foreign curren- placements by other areas and intercies increased $1.0 billion compared to national financial institutions de$8.6 billion.
clined. Net U.S. purchases of special
Mexican Government bonds, mentioned above, were about $0.3 billion.
The
bonds were issued in March in
CHART?
exchange for deeply discounted public
Purchases and Sales of U.S.
sector debt held by U.S. banks and
were collateralized by special nonmarand Foreign Stocks
ketable U.S. Treasury zero-coupon
Billion $
40
bonds.
Purchases and Sales of U.S.
Net U.S. purchases of outstanding
Stocks ,by Foreigners
foreign bonds were $1.7 billion compared to $2.0 billion. Continued purchases of British gilt-edge bonds and a
shift to net purchases of Canadian
bonds probably reflected widening interest differentials in favor of longterm assets denominated in pounds
and Canadian dollars, as well as the
strength of those currencies in exchange markets. Transactions in Jap• Purchases
anese bonds shifted to net sales.
D Sales <;
Direct investment.—Net outflows
—
Net
(Purchases
+;
Sales-)
-10
for U.S. direct investment abroad
20
were $4.8 billion compared to $19.7
US. Purchases and Sales of
billion. Reinvested earnings fell to
Foreign Stocks
$3.6 billion from $15.8 billion, due to
10
lower capital gains; distributed earnings increased. Equity capital shifted
to inflows of $0.8 billion from outflows
Purchases
of $2.8 billion, as several companies
D Sales
sold foreign petroleum interests. In
-10 — Met (Sales +; Purchases
the United Kingdom, a petroleum
July Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar.
company purchased in the fourth
1987
1988
quarter was resold in the first, and in
Latin America and in other developU.S. Department of Commerce, Bureau of Economic Analysis
ss-e
33
SURVEY OF CURRENT BUSINESS
ing countries, interests in several petroleum operations were sold. Intercompany account debt outflows increased to $2.0 billion from $1.1 billion.
Foreign assets in the United States
Foreign assets in the United States
increased $27.9 billion in the first
quarter of 1988, compared to an increase of $56.1 billion in the fourth
quarter of 1987.
Foreign official assets.—Foreign official assets in the United States increased a record $24.4 billion in the
first quarter compared to $20.0 billion in the fourth. The increase reflected placement of dollars in the
United States by monetary authorities
of key industrial countries and some
increases in dollar assets of smaller industrial countries in Western Europe.
Assets of OPEC members continued to
decrease. Assets of other countries,
particularly several Southeast Asian
countries, increased.
Liabilities reported by banks.—U.S.
liabilities to private foreigners and
CHART 8
Purchases and Sales of U.S.
Treasury Securities by Private
Foreigners
Billion $
140
120
m Purchases
a Sales
—Net (Purchases -K Sates-)
100
80
60
40
20 -
-20
July Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar.
1987
1988
U.S. Department of Commerce, Bureau of Economic Analysis
ss-e-s
34
SURVEY OF CURRENT BUSINESS
international financial institutions reported by U.S. banks, excluding U.S.
Treasury securities, decreased $16.0
billion in contrast to an increase of
$29.8 billion. Decreases in dollar liabilities to own foreign offices and to
unaffiliated banks were widespread in
January, as earlier borrowing was
repaid; an exception was Japan,
where liabilities to own foreign offices
increased. Dollar liabilities to other
private foreigners and international
financial institutions increased $0.4
billion, compared to a decrease of $3.3
billion.
Liabilities payable in foreign currencies increased $1.6 billion, compared to $9.2 billion; the smaller increase partly reflected the relative
stability of the dollar.
An increase in U.S. banks' custody
liabilities was mostly with U.S. banks'
offices in the Caribbean.
U.S. Treasury securities.—Net foreign purchases of U.S. Treasury securities by private foreigners and international financial institutions were
$7.0 billion compared to $0.5 billion
(chart 8). In February and March,
the volume of transactions surged to
record levels, reflecting the steady increase in bond prices, increased investor confidence that the dollar had stabilized, and a shift toward higher
yielding longer term assets. European
investors continued net purchases
during the first quarter; Japanese investors, who account for about onehalf of transactions, shifted from net
sales in the fourth quarter to small
net purchases in the first.
Other U.S. securities.—Net foreign
purchases of U.S. securities other
than U.S. Treasury securities were
$2.3 billion in contrast to net sales of
$5.0 billion. Net sales of stocks slowed
substantially, and net purchases of
U.S. bonds slowed slightly.
Net foreign sales of U.S. stocks
slowed to $0.2 billion from a record
selloff of $7.8 billion following the decline in U.S. stock markets in October. Although interest in the U.S.
market picked up with some recovery
of U.S. stock prices and more stable
foreign exchange markets, the volume
of gross transactions remained well
below the previous two quarters
(chart 7).
Net foreign purchases of U.S. bonds
slowed to $2.5 billion from $2.8 billion. The decrease was more than accounted for by a continued slowdown—to $2.6 billion from $3.3 bil-
lion—in bonds newly issued abroad by
U.S. corporations. Foreign investors
remained cautious about acquiring
more U.S. corporate and dollar-denominated assets, and U.S. borrowers
found alternative funding in the domestic bond and commercial paper
markets.
Direct investment.—Inflows for foreign direct investment in the United
States were $10.2 billion compared to
$11.7 billion. Equity capital inflows
were $5.7 billion compared to $11.3
billion. The largest transactions were
a Japanese acquisition of a division of
a U.S. entertainment company and of
a U.S. hotel chain and two British acquisitions in service industries. Reinvested earnings shifted to an inflow of
$3.8 billion after a net outflow of $1.9
billion. A shift to small capital gains
from capital losses and a change in a
financial accounting standard boosted
first-quarter earnings. Intercompany
account debt inflows were $0.7 billion
compared to $2.4 billion.
Technical Notes
As is customary each June, estimates of U.S. international transactions are revised to incorporate new
information and improved methodologies. Revisions were limited to 198487, except for those related to a reclassification of passenger fare payments to and receipts from Canada
and Mexico for 1983-87 and revisions
to merchandise trade for 1978-87.
For U.S. international transactions,
tables 1 and 2 present annual estimates for 1960-87 and quarterly estimates for 1982-87. For merchandise
trade, table 3 presents annual estimates for 1978-87 and quarterly estimates for 1986-87. For account and
area detail, tables 4-10 present
annual estimates for 1985-87 and
quarterly estimates for 1986-87. For
selected country detail, table lOa presents annual estimates for 1985-87.
Seasonal adjustment factors—for
the current-account items that show
seasonal patterns; for repayments on
U.S. Government credits and other
long-term assets, other than official
reserve assets; and for U.S. direct in-
NOTE.—Revisions to the end-use commodity
classification system and to the merchandise
trade estimates were prepared by Howard
Murad and Kwok Lee. Howard Murad prepared
the Technical Notes.
June 1988
vestment abroad—were recalculated
by extending through 1987 the period
used to derive the factors.
Passenger fares
Beginning with estimates for 1983,
passenger fare payments to and receipts from Canada and Mexico are
reclassified from travel to passenger
fares. The average annual revision to
payments due to this reclassification
was $190 million for Canada and $412
million for Mexico. The average
annual revision to receipts was $504
million for Canada and $125 million
for Mexico.
Merchandise trade
A new end-use commodity classification system has been developed and
is introduced with data presented in
this issue of the SURVEY. The new
system presents considerably more
detail than the old and includes a few
definitional changes. In addition, seasonal factors have been recalculated
and applied to revised unadjusted
data for 1978 to the present, and the
format of table 3 has been modified.
End-use commodity classification
system.—The end-use commodity classification system has undergone a
number of changes since its introduction. The last major change occurred
in 1978 when a new Statistical Classification of Domestic and Foreign Commodities Exported from the United
States (Schedule B) for exports and a
new Tariff Schedule of the United
States Annotated (TSUSA) for imports were adopted. The new end-use
system is being introduced in this
issue of the SURVEY because it offers
analytical advantages in that it provides more detail. The new end-use
system was designed to incorporate
the Harmonized System (HS), which
comprises nearly 8,000 10-digit export
codes and 14,500 10-digit import
codes. The HS was developed under
the auspices of the Customs Cooperation Council to establish an internationally accepted standard for the
classification of internationally traded
goods in order to eliminate classification as a source of nontariff trade barriers. The HS has already been adopted by the major trading partners of
the United States and is awaiting approval by the U.S. Congress.
A complete outline of the new enduse system is presented at the end of
these notes (table J). It uses five-digit
35
SURVEY OF CURRENT BUSINESS
June 1988
codes instead of four-digit codes to facilitate future revisions to the system.
Users will be able to derive trade
summaries at the one-, two-, three-,
and five-digit levels. The four-digit
summary level is not used at present
because it is the same as the five-digit
summary level in nearly all cases.
Future changes in the five-digit classifications may require the introduction
of a four-digit summary level. Some
definitional changes have also been
made.
Table F summarizes changes in the
lowest level of product detail for each
one-digit commodity category for the
new and old systems, as measured by
the number of categories in each
group, and table G indicates changes
in the relative importance in various
categories that have occurred since
1978, as measured by the share of
total dollar exports and imports in
each group.
The larger number of changes in
imports than exports reflects the
changing patterns of trade in recent
years. The largest areas of import
growth have been in capital goods
and consumer goods, and that is reflected by the greater degree of detail
in these categories under the new
schedule. Industrial supplies no 'included in industrial supplies. For
longer dominate imports to the extent capital goods, the major changes rethat they once did, and many detailed flect: (1) television receivers imported
categories are no longer shown be- as parts ($1.1 billion in 1987), previcause they have become relatively in- ously classified in electrical machinery, are now a part of consumer
significant.
Table H presents a comparison of goods; and (2) blank audio and visual
the current and previous series for disks and other media ($1.3 billion in
1978, the earliest year for which re- 1987), previously classified in business
vised data could be produced, and machines, are now part of industrial
1987. The differences between current supplies as a new category. Within
and previous data for 1978 are solely capital goods imports, computers are
due to changes in definition; the dif- now a separate category (21300) (refferences for 1987 include, in addition erences are to the complete end-use
to changes in definition, the effects of outline presented in table J), as are
the retabulation of Census Bureau peripherals, accessories, and parts
data to reflect actual month of trans- (21301). Both were previously included
action, the inclusion of errata to !in business machines. Imports of
Census data, and the inclusion of the jchemicals are now consolidated under
most recent United States-Canadian lone major 3-digit grouping and are
[comparable with exports. Another
reconciliation revisions.
The definitional changes affected ichange in imports provided for sepaimports more than exports. For im- rate identification of agricultural
ports, the changes in petroleum and jproducts. Total agricultural imports
products largely reflect the addition lean be identified under the new
of benzene and xylene to conform system by adding agricultural foods,
more closely with the definition used feeds, and beverages (00), agricultural
by the Department of Energy ($0.5 industrial supplies and materials
billion in 1987). These products were (120), and nursery stock and cut flowpreviously classified as chemicals and ters (42000).
Table H.—Comparison of Current and Previous Series, 1978 and 1987
[Millions of dollars, balance of payments basis]
Exports
1987
1978
Table F.—Number of Categories
Amount due to:
Current
Previous
change
0
17
17
249,570
29,517
220,054
250,814
29,545
221,269
25,155
132
24,586
39,044
5,334
33,711
4,507
1,585
29,204
224
48
177
268
273
445
69,115
6,344
62,771
9,222
4,666
53,549
46,713
38,536
7,086
46,471
38,332
7,321
242
204
-235
15,521
10,443
5,079
15,741
10,437
5,304
219
6
-225
10,520
10,466
54
17,953
5,191
5,176
15
23,525
176,001
42,649
133,352
176,001
42,312
133,689
0
337
-337
409,850
42,883
366,967
Current
Previous
142,054
29,885
112,169
142,054
29,902
112,152
Foods feeds and beverages
25,287
Industrial supplies and materials
Agricultural products
Nonagricultural products
Energy products
38,820
5,286
33,534
4,775
1,858
28,759
Imports
Change
Redefinition
Other
sources
-1,244
-28
-1,215
0
-24
24
1,244
4
-1,239
24,370
216
165
51
69,181
6,438
62,743
7,759
4,014
54,984
-66
-94
28
1,463
652
-1,435
217
76
293
1,201
440
-908
283
-18
-265
262
212
-527
88,100
70,648
15,871
89,229
71,616
15,955
1,129
-968
-84
-369
-325
—9
-760
-643
-75
26,291
19,302
6,989
26,566
19,327
7,239
275
-25
-250
-327
-93
-234
52
68
-16
17,890
63
301
-238
23,578
-53
13
-66
410,015
42,321
367,694
-165
562
-727
0
533
-533
-165
29
-194
Old New Old New
Total
122
135
121
142
Foods, feeds, and beverages
14
18
11
17
Industrial supplies and materials.. .
Capital goods, except automotive .. .
Automotive vehicles, engines, and
parts
,
Consumer goods (nonfood), except
automotive
Other
48
30
46
31
65
14
51
31
6
6
6
7
15
9
25
9
22
3
31
5
Consumer goods
[Percent]
Exports
...
Foods feeds and beverages
Industrial supplies and materials
Petroleum and products
Nonpetroleum products
Capital goods, except automotive
Automotive vehicles, engines, and
parts
Canada
Other countries
Consumer goods (nonfood), except
automotive
Other
. ..
. .
.
Exports n e e and reexports
Imports
1978 1987 1978 1987
...
Other nonaffricultural oroducts
Capital goods except automotive
Machinery except consumer-type
Civilian aircraft engines and parts
To Canada
To other areas
Table G.—Relative Importance of Major
Categories
Total .
Exports
Agricultural products
Nonagricultural products
100.0 100.0 100.0 100.0
6.1
9.9 9.0
17.8
27.3 27.7 47.3 27.8
1.3 1.9 24.2 10.5
26.0 25.8 23.1 17.3
32.9 35.3 11.0 20.7
10.9
7.3
3.6
10.5
7.7
2.8
14.2
5.9
8.3
20.8
6.0
14.8
7.4
3.7
7.2
9.4
16.7
1.8
21.6
3.0
Imports
Petroleum and products
Nonpetroleum products
Foods feeds and beverages
15,835
15,397
438
24,748
24,330
418
448
-30
Industrial supplies and materials
83,221
46,412
36,809
83,613
46,070
37,543
392
342
734
114,091
46,673
67,418
113,138
46,038
67,100
953
635
318
806
536
270
147
99
48
19,356
18,166
856
19,705
18,448
982
349
282
126
84,787
77,142
6,506
87,675
79,161
7,494
-2,888
-2,019
-988
-2,840
-2,020
-942
48
1
-46
25,010
10,424
14,586
24,992
10,420
14,572
18
4
14
85,150
24,523
60,627
85,271
24,601
60,670
-121
-78
-43
6
-80
86
-6
2
-129
29,399
28,943
456
88,676
87,230
1,446
1,551
-105
3,180
3,350
-170
12,399
12,371
28
29
Nonenergy products
Capital goods except automotive
Machinery except consumer-type
Civilian aircraft engines and parts
Automotive vehicles, parts, and engines
From Canada
From other areas
Consumer goods
Imports n e e and U.S goods returned
n.e.c. Not elsewhere classified.
,
-1
36
SURVEY OF CURRENT BUSINESS
For exports, nuclear fuels have
been redefined to match the definition used in imports by including uranium oxide ($1.1 billion in 1987), previously part of chemicals, and excluding nuclear fuel rods ($.1 billion in
1987), now part of generators, transformers, and parts.
Two new end-use import codes are
being introduced in anticipation of
the HS. Passenger and cargo vessels
(22200) and electric energy (10400),
which were not included in the
TSUSA, will be separately identified
under the new 10-digit codes. In addition, for both exports and imports,
spacecraft, engines, and parts, except
military (22300) are being added in
anticipation of future need for separate identification. No exports were
recorded in 1987, and imports were
$34 million.
Table I indicates commodity codes,
as listed in the complete outline in
table J, that are summarized in each
commodity category shown in section
C of table 3.
Seasonal
adjustment. —Published
totals for commodity groupings are
the sum of the five-digit categories.
All five-digit categories have been
tested for seasonality and have been
adjusted when they meet statistical
criteria for seasonality incorporated
in the X-11-ARIMA seasonal adjustment program. Unadjusted data are
used for series not meeting the statistical criteria. In all, 19 export series
and 24 import series—accounting for
10 percent and 13 percent of the
values of exports and imports, respectively—are not seasonally adjusted.
New seasonal factors were applied to
revised unadjusted data for 1978-87.
Data AvailabUity
A hard copy version of Table 3, Section
C, for 1978-88:1 is available. These data
are also available on diskettes. Those interested should order as follows:
Printout: Table 3, section C, 1978-88:1,
seasonally adjusted and unadjusted quarters and years. Accession No. BEA BPD
87-201, price $10.00.
Diskette: Table 3, section C, 1978-88:1,
seasonally adjusted and unadjusted quarters and years. Accession No. BEA BPD
87-401, price $40.00 (2 diskettes).
Orders should be sent to Economic and
Statistical Analysis/BEA, U.S. Department of Commerce, Citizens and Southern National Bank, 222 Mitchell Street,
P.O. Box 100606, Atlanta, GA 30384. A
check or money order payable to "Economic and Statistical Analysis/BEA"
must accompany all orders.
These data will also be available on
the Commerce Department's electronic
bulletin board.
June 1988
Previously, seasonal factors were
applied to quarterly data. Beginning
this year, monthly data are seasonally adjusted and then summed to
derive quarterly totals for most series.
It was necessary to continue use of
Table I.—Summary of Export and Import Codes Included in Table 3, Section C
Exports (line items in table 3)
Merchandise trade, by principal end-use category, adjusted to balance of
payments basis, excluding military:
Merchandise exports, balance of payments basis, excluding military
Agricultural products
Nonagricultural products
,
Foods, feeds, and beverages
Agricultural
Grains and preparations
Wheat
Corn
Soybeans
Meat products and poultry
Vegetables, fruits, nuts, and preparations
Other agricultural foods, feeds, and beverages..
Nonagricultural (fish, distilled beverages, etc.)
Fish and shellfish
Industrial supplies and materials..
Agricultural
Raw cotton
Tobacco, unmanufactured
Hides and skins, including furskins
Other agricultural industrial supplies...
Nonagricultural..
Energy products
Fuels and lubricants
Coal and related fuels
Petroleum and products
Paper and paper base stocks
Textile supplies and related materials ..
Chemicals, excluding medicinals
Building materials, except metals
Other nonmetals
Metals and nonmetalic products
Steelmaking materials
Iron and steel products
Nonferrous metals
Nonmonetary gold
Other precious metals
Other nonferrous metals
Other metal and nonmetalic products..
Capital goods, except automotive
Machinery, except consumer-type
Electric generating machinery, electric apparatus, and parts
Nonelectric, including parts and attachments
Oil drilling, mining, and construction machinery
Industrial engines, pumps, and compressors
Machine tools and metalworking machinery
Measuring, testing, and control instruments
.....
Other industrial, agricultural, and service industry machinery..
Computers, peripherals, and parts
Semiconductors
Telecommunications equipment
Other office and business machines
Scientific, hospital, and medical equipment and parts
Civilian aircraft, engines, and parts
Civilian aircraft, complete, all types...
Other transportation equipment
Automotive vehicles, parts, and engines
To Canada
Passenger cars, new and used
Trucks, buses, and special purpose vehicles ...
Engines and engine parts
Other parts and accesories
To other areas
Passenger cars, new and used
Trucks, buses, and special purpose vehicles..
Engines and engine parts
Other parts and accesories
Consumer goods (nonfood), except automotive..,
Consumer nondurables, manufactured
Medical, dental, and pharmaceutical preparations, including
vitamins.
Consumer durables, manufactured
Household and kitchen appliances and other household goods...
Unmanufactured consumer goods (gem stones, nursery stock)
Exports, n.e.c., and reexports
Other domestic exports and balance of payments adjustments not
included above (minimum value shipments and miscellaneous
exports).
Foreign (reexports)
See footnote at end of table.
End-use categories included
0, 1, 2, 3, 4, 5, and 6
00, 10, 42000, and 61000
01, 11, 12, 13, 2, 3, 4 except 42000, 5, and 6 except
61000
00
000 and 002
00000
00200
00100
00300
00320, 00330, and 00340
00110, 00310, 00350, 00360, and 00370
01
01000
1 and 61030
10
10000
10100
10120
10130, 10140, and 10150
11, 12, and 13
11
110, 111, 112, and 113
110
111
124
126
125
13
12700, 12750, 12765, and 12770
120,121, 122, 123, 12720, and 12760
12000
121
122
12260 and 61030
12270
12200, 12210, and 12290
123, 12720, and 12760
20 and 21
20
21
210
21100
21120
21160
21110, 21130, 21140, 21150, 21170, 21180, 21190, and
21200
21300 and 21301
21320
21400
21500
216
220
22000
221, 222, and 223
3 Canada and rest of world
3 Canada
30000 Canada
301 Canada
30200 Canada
30210, 30220, and 30230 Canada
3 rest of world
30000 rest of world
301 rest of world
30200 rest of world
30210, 30220, and 30230 rest of world
40
40100
41
410
42
5 and 6 except 61030
5 and 60
61 except 61030
37
SURVEY OF CURRENT BUSINESS
June 1988
Table I.—Summary of Export and Import Codes Included in Table 3, Section C—Continued
Imports (line items in table c
Merchandise trade, by principal end-use category, adjusted to balance of
payments basis, excluding military:
Merchandise imports, balance of payments basis, excluding military
Petroleum and products
Nonpetroleum products
Foods, feeds, and beverages
Agricultural
Coffee, cocoa, and sugar
Green coffee
Meat products and poultry
Vegetables, fruits, nuts, and preparations
Wine and related products
Other agricultural foods, feeds, and beverages..
Nonagricultural (fish, distilled beverages, etc)
Fish and shellfish
Whiskey and other alcoholic beverages
Industrial supplies and materials..
Agricultural
Nonagricultural products
Energy products
Fuels and lubricants
Paper and paper base stocks
Textile supplies and related materials
Chemicals, excluding medicinals
Building materials, except metals
Other nonmetals
Metals and nonmetallic minerals
Steelmaking materials
Iron and steel products
Nonferrous metals
Nonmonetary gold
Other precious metals
Bauxite and aluminum
Other nonferrous metals
Other metalic and nonmetalic products..
Capital goods, except automotive
Machinery, except consumer-type
Electric generating machinery, electric apparatus and parts
Nonelectric, including parts and attachments
Oil drilling, mining, and construction machinery
Industrial engines, pumps, and compressors
Machine tools and metalworking machinery
,
Measuring, testing, and control instruments
Other industrial, agricultural, and service industry machinery..
Computers, peripherals, and parts
Semiconductors
Telecommunications equipment
Other office and business machines
Scientific, hospital, and medical equipment and parts..
Transportation equipment, except automotive..
Civilian aircraft, engines, and parts
Civilian aircraft, complete, all types
Automotive vehicles, parts, and engines
From Canada
Passenger cars, new and used
Trucks, buses, and special purpose vehicles...
Engines and engine parts
Other parts and accesories
From other areas
Passenger cars, new and used
Trucks, buses, and special purpose vehicles..
Engines and engine parts
Other parts and accesories
Consumer goods (nonfood), except automotive
Consumer nondurables, manufactured
Textile apparel and household goods, except rugs
Footwear of leather, rubber, and other materials
Consumer durables, manufactured
Household and kitchen appliances and other household goodsToys, shooting, and sporting goods, including bicyclesTelevisioni iand* video
" receiversRadio and stereo equipment, including records, tapes, and disksUnmanufactured consumer goods (gem stones, nursery stock)
Imports, n.e.c., and U.S. goods returned
U.S. goods returned
Other products, including balance of payments adjustments not
included above (minimum value shipments and miscellaneous
imports).
n.e.c. Not elsewhere classified.
End-use categories included
0, 1, 2, 3, 4, and 5
100
0, 1 except 100, 2, 3, 4, and 5
0
00
000
00000
00100
00120, 00130, and 00140
00190
00110, 00150, 00160, 00170, 00180, and 00200
01
01000
01010
1
120
10, 11, 121, 123, 125, 13, 14, 15, and 16
10
100, 101, and 103
11
121
125
13
16110 and 16120
14, 15, 16040, and 16050
14000
14100, 15000, and 15100
142
14270
14280
14200
14220, 14240, 14250, 14260, and 14290
16040 and 16050
20 and 21
20
21
210
21100
21120
21160
21110, 21130, 21140, 21150, 21170, 21180, 21190, and
21200
21300 and 21301
21320
21400
21500
216
22
220
22000
3 Canada and rest of world
3 Canada
30000 Canada
301 Canada
30200 Canada
30210, 30220, 30230 Canada
3 rest of world
30000 rest of world
301 rest of world
30200 rest of world
30210, 30220, 20230 rest of world
4
40
40000, 40010, and 40020
40040
41
410
41120
41200
41210 and 41220
42
5
50020
5 except 50020
quarterly seasonal factors for 27
export and 18 import series because
they wexe too erratic for seasonal adjustment on a monthly basis. Generally, the series for which this procedure
was used were concentrated in agricultural products, petroleum products,
and passenger cars. The seasonality of
agricultural products, especially exports, ir> affected by weather conditions, which force changes in monthly
harvest and shipping patterns. Petroleum and products have been affected
by a variety of supply and price movements that have also altered monthly
patterns. (Crude petroleum remains
too erratic for either monthly or quarterly seasonal adjustment.) For passenger cars, there has been a change
in the previous monthly pattern of introducing models during certain
months of the year.
Presentation of data.—The format
for table 3 has been changed to improve its analytical usefulness. Section C, commodity detail on a balance
of payments basis, is expanded, and
section D, commodity detail on a
Census basis, is eliminated. The old
section I) differed from section C by
the amount of the balance of payments adjustments, many of which
could not be distributed by the detailed commodity categories in section
D. Exports were primarily affected because limited commodity detail was
available for undocumented exports
to Canada, which account for a substantial part of the United States-Canadian reconciliation adjustments.
More commodity information is now
being made available to BEA from
the United States-Canadian reconciliation studies than previously. When
both countries develop a common set
of data in the early 1990's, even greater commodity detail will become
available.
Table J appears on pages
38, 39, and 57.
June 1988
SURVEY OF CURRENT BUSINESS
38
Table J.—Outline of BEA End-Use Classification System for Exports and Imports, With End-Use Code Numbers
Exports
Foods feeds and bevera es
000
00000
00010
Soybeans and other oil seeds and food oils
Soybeans
Other oilseeds and food oils
001
00100
00110
Feedstuff
Corn
002
00200
00210
00220
Q. i
aniryP]
.... .
fpoHs n e c '
..
Nuts and preparations
Bakery and confectionary products..
Other foods (lard, soft beverages, spices, etc.)
Wine and related products
00370 ;
Nonagricultural (fish, distilled beverages, etc.)
01
010 |
01000
01010
01020
Fish and shellfish
Alcoholic beverages, except wine and related products
Other nonagricultural foods and food additives
Industrial supplies and materials
10
Raw cotton
Raw cotton
»
100
10000
Other agricultural materials for industry and farming
101
10100
10120
10130
10140
10150
Hides and skins, including furskins
Other agricultural materials for industry—unmanufactured
Agricultural materials for farming— unmanufactured
Other agricultural materials—manufactured
.. .
Energy products
11
Coal and related fuels
Metallurgical grade coal
Other coal and related fuels
,
... .
110
11010
11020
111
11100
11110
11120
11130
Gas—natural
Gas—natural
112
11200
Nuclear fuel materials and fuels
Nuclear fuel materials and fuels ... .
113
11300
Electric energy
Electric energy
114
11400
.. .
Nonagricultural, except fuels.....
12
Steelmaking and ferroalloying materials
Steelmaking and ferroalloying materials
Iron and steel mill products
Iron and steel products, except advanced manufactures
120
12000
,
Nonferrous metals—crude and semimanufactured
Bauxite and aluminum
Copper
Nonmonetary gold
Other precious metals
Other nonferrous metals .
121
12100
12110
122
12200
12210
12260
12270
12290
Finished metal shapes and advanced metal manufactures, including advanced steel ..
Finished metal shapes and advanced metal manufactures, including advanced
steel
12300
Paper and paper-base stocks
Paper-base stocks—pulpwood and woodpulp
Newsprint and other paper products
124
12420
12430
Chemicals, excluding medicinals and food additives
Plastic materials
Fertilizers, pesticides, and insecticides
.
Industrial inorganic chemicals
Industrial organic chemicals
...
Other chemicals (coloring agents, photographic chemicals, printing inks, and
paint)
125
12500
12510
12530
12540
Textile supplies and related materials
Cotton and other natural fibers, yarn, and fabric
Synthetic fibers, yarn, and fabric
Other materials (hair, waste materials, etc.)
Finished textile supplies (labels, buttons, etc.)
Leather and fur — unmanufactured
126
12600
12620
12630
12640
12650
Other nonagricultural industrial materials
Synthetic rubber— primary
Nonmetallic minerals, n.e.c. —unmanufactured (industrial diamonds, sulphur,
etc)
Industrial rubber products
Mineral supplies—manufactured (clay, glass, etc.)
Blank audio and visual tapes and other media
Other—manufactured and unmanufactured
127
12700
See footnote at end of table.
. ..
00
.
Coffee, cocoa, and sugar
Green coffee
Cocoa beans
Cane and beet sugar
000
00000
00010
00020
Other agricultural foods
Meat products and poultry
Dairy products and eggs
Fruits and preparations, including frozen juices
Vegetables and preparations
Nuts and preparations
Food oils and oilseeds
Bakery and confectionary products
Tea spices and preparations
Other (soft beverages processed coffee etc )
Wine and related products
001
00100
00110
00120
00130
00140
00150
00160
00170
00180
00190
•
002
00200
Feedstuff and foodgrains
Feedstuff and foodgrains
agr
,
01
^
010
01000
01010
01020
Fish and shellfish
Other nonagricultural foods and food additives
1
Industrial supplies and materials .
Energy products
.
•
1
Agricultural
Petroleum and products
Crude
Fuel oil
Other petroleum products
Liquified petroleum gases
!
003
00300 !
00310
00320
00330
00340
00350
00360
.. ..
0
' Foods, feeds, and beverages. ..
Agricultural
00
Wheat rice and other food grains
Wheat
Snd-use
code
Abbreviated description
0
Agricultural
Other agricultural foods
Meat products and poultry
Dairy products and eggs .
Fruits and preparations including frozen juices
Imports
'
End-use
code
Abbreviated description
123
12550
12720
12750
12760
12765
12770
10
100
10000
10010
10020
10030
Crude
Other petroleum products
Fuels, n.e.c. —coal and gas
Coal and related fuels
Gas—natural
101
10100
10110
Nuclear fuel materials and fuels
103
10300
Electric energy
104
10400
P! rbJe stocks
Pulpwood and woodpulp
110
11000
gy
11
.. .
111
11100
11110
Newsnrint
Paoerand oaoer oroducts n e e
12
Agricultural products textile supplies and chemicals
Agricultural
Cotton, wool and other natural fibers
Hides, skins, and furskins —raw
Farming materials, including farm animals and animals for breeding
Other agricultural materials for industry .
Textile supplies and related materials.. . .
Cotton fibers, yarn, and fabric
Wool and other natural fibers yarn and fabric
Synthetic fibers yarn and fabric
F' ' h H t tM
r fl h 1 h ft
I. \
Leather and furs — unmanufactured
Oth
ofh
ma te ia
' 1s ex
i - 'i
120
12000
12030
12060
12070
. . .
...
'
'
' 1
P cnemicas..
"
121
12100
12110
12135
12140
12150
12160
123
12320
C emicals
' m d' '
f
Plastic materi Is
Fertilizers neaticides and insectic'des
Industrial moreanic chemicals
Industrial oreanic chemicals
Other chemicals (coloring agents, photographic chemicals, printing inks, and
paint)
125
12500
12510
12530
12540
12550
13
Building materials except metals
.
130
13000
13010
13020
Other building materials except metals
Glass—plate, sheet etc except automotive .
..
Other—finished (shingles, molding wallboard etc )
Nontextile floor and wall tiles and other coverings
131
13100
13110
13120
Lumber and other unfinished building materials
Plywood and veneers
Stone, sand cement, and lime
Unfinished metals associated with durable goods output .
14
Steelmaking and ferroalloying materials— unmanufactured... .
Steelmaking and ferroalloying materials— unmanufactured
140
14000
Iron and steel mill products—semifinished
Iron and steel mill products—semifinished
141
14100
JNonicrrous metals cruae ana scmiiinisnca
142
14200
14220
14240
14250
14260
14270
14280
14290
Copper
Nickel
Tin
Zinc
Nonmonetary
gold
M'
Pret-lous m ^ais
........................
ry,
Table J.—Outline of BEA End-Use Classification System for Exports and Imports, With End-Use Code Numbers—Continued
Exports
Imports
End-use
code
Abbreviated description
Building materials, except metals
Finished metals associated with durable goods output
Lumber and other wood supplies
Logs, lumber, plywood, and veneers....
Wood supplies, manufactured
131
13100
13110
Other building materials, except metals
Glass—plate, sheet, etc., except automotive
Other—finished (shingles, molding, wallboard, etc.)
Nontextile floor and wall tiles and other coverings
132
13200
13210
13220
Capital goods, except automotive
2
Electric generating machinery, electric apparatus, and parts...
20
Electric and electric generating equipment
Generators, transformers; and accessories
Electric equipment and parts, n.e.c
200
20000
20005
Nonelectric, including parts and attachments
21
Oil-drilling, mining, and construction machinery
Drilling and oilfield equipment
Specialized mining and oil-processing equipment
Excavating, paving, and construction machinery
Nonfarm tractors and parts
End-use
code
Abbreviated description
,
210
21000
21010
21030
21040
Industrial and service machinery, n.e.c
Industrial engines, pumps, compressors, and generators
Food- and tobacco-processing machinery
Machine tools, metal-working, molding, and rolling-mill machinery
Textile, sewing, and leather-working machinery
Woodworking, glass-working, and plastic- and rubber-molding machinery
Pulp and paper machinery, bookbinding, printing, and packaging machinery
Measuring, testing, and control instruments
Materials-handling equipment
Other industrial machinery
Photo- and service-industry machinery and trade tools
211
21100
21110
21120
21130
21140
21150
21160
21170
21180
21190
Agricultural machinery and equipment
Agricultural machinery and equipment
212
21200
Computers, peripherals, and semiconductors
Computers
Computer accessories, peripherals, and parts
Semiconductors and related devices
213
21300
21301
21320
Telecommunications equipment
Telecommunications equipment
214
21400
Other office and business machines
Other office and business machines
215
21500
Scientific, hospital, and medical equipment and parts
Laboratory testing, and control intruments
Other scientific, hospital, and medical equipment
216
21600
21610
Transportation equipment and spacecraft, except automotive..
22
Iron and steel products, except advanced manufactures
Iron and steel products, except advanced manufactures..
150
15000
Iron and steel manufactures-advanced
Iron and steel manufactures-advanced
151
15100
152
15200
Finished metal shapes and advanced manufactures
Finished metal shapes and advanced maufactures
Nonmetals
16
Unfinished
Sulfur and nonmetallic minerals....
Other (synthetic rubber, wood, cork, gum, resin, etc.)
160
16040
16050
Finished
Blank audio and visual tapes and other media
Other (boxes, belting, glass, abrasives, etc.)
161
16110
16120
Capital goods, except automotive
Electric generating machinery, electric apparatus and parts
20
Electric generating machinery, electric apparatus and parts....
Generators, transformers, and accessories
Electric equipment and parts, n.e.c
200
20000
20005
Nonelectric, including parts and attachments
21
Oil-drilling, mining, and construction machinery
Drilling and oilfield equipment
Specialized mining and oil-processing equipment
Excavating, paving, and construction machinery
Nonfarm tractors and parts
210
21000
21010
21030
21040
Industrial and service machinery, n.e.c.
Industrial engines, pumps, compressors, and generators
Food- and tobacco- processing machinery
Machine tools, metal-working, molding, and rolling-mill machinery
Textile, sewing, and leather-working machinery
Woodworking, glass-working, and plastic- and rubber-molding machinery
Pulp and paper machinery, bookbinding, printing and packaging machinery..,
Measuring, testing, and control intruments
Materials-handling equipment
Other industrial machinery
Photo- and service- industry machinery and trade tools
211
21100
21110
21120
21130
21140
21150
21160
21170
21180
21190
Agricultural machinery and equipment
Agricultural machinery and equipment
212
21200
Computers, peripherals, and semiconductors
Computers
Computer accessories, peripherals, and parts
Semiconductors and related devices
Telecommunications equipment
Telecommunications equipment
Other office and business machines
Other office and business machines
,
,
213
21300
21301
21320
214
21400
215
21500
Civilian aircraft, engines, and parts
Civilian aircraft, complete, all types.....
Parts for civilian aircraft
Engines for civilian aircraft
220
22000
22010
22020
Railway transportation equipment
Railway transportation equipment
221
22100
Vessels, except military and pleasure craft
Passenger and cargo vessels, except scrap vessels
Other commercial vessels (barges, tugboats, fishing, and patrol boats)..
Marine engines and parts
222
22200
22210
22220
Civilian aircraft, engines, and parts
Civilian aircraft, complete—all types
Parts for civilian aircraft
Engines for civilian aircraft
220
22000
22010
22020
Spacecraft, engines, and parts, except military
Spacecraft, engines, and parts, except military...
223
22300
Railway transportation equipment
Railway transportation equipment
221
22100
Vessels, except military and pleasure craft
Passenger and cargo vessels, except scrap vessels
Other commercial vessels (barges, tugboats, fishing and patrol boats)
Marine engines and parts
222
22200
22210
22220
Spacecraft, engines, and parts, except military
Spacecraft, engines, and parts, except military
223
22300
Automotive vehicles, parts, and engines
Trucks, buses, and special-purpose vehicles
Complete and assembled
Bodies and chasses for trucks and buses
3
30
300
30000
301
30100
30110
Parts, engines, bodies, and chasses
Engines and engine parts (engines, carburetors, etc.)
Bodies and chasses for passenger cars
Automotive tires and tubes
Other parts and accessories
302
30200
30210
30220
30230
Automotive vehicles, parts, and engines
Automotive vehicles, parts, and engines
Passenger cars, new and used
Passenger cars, new and used
300
30000
Trucks, buses, and special-purpose vehicles
Trucks, buses, and special-purpose vehicles....
301
30100
Parts, engines, bodies, and chasses
Engines and engine parts (engines, carburetors, etc.)
Bodies and chasses for passenger cars
Automotive tires and tubes....
Other parts and accessories
302
30210
30220
30230
Consumer goods (nonfood), except automotive...
Consumer nondurables, manufactured
40
Vpparel, footwear, and household goods
Textile apparel, footwear, and household goods....
Nontextile apparel, footwear, and household goods..
Sporting and camping apparel, footwear and gear....
400
40000
40030
40050
Other consumer nondurables....
Medicinal, dental, and pharmaceutical preparations, including vitaminsBooks, magazines, and other printed matter
Toiletries and cosmetics...
Cigars, cigarettes, other tobacco manufactures
,
Other products (notions, writing and art supplies, etc.)
,
401
40100
40110
40120
40130
40140
Consumer durables, manufactured..
Household and kitchen appliances and other household goods..
Furniture, | household items, and baskets
Glassware, porcelain, and chinaware
Cookware, cutlery, house and garden wares, and tools
Household and kitchen appliances
Rugs and other textile floor coverings
Other (clocks, portable typewriters, other household goods) ...
See footnote at end of table.
41
410
41000
41010
41020
41030
41040
41050
Scientific, hospital, and medical equipment and parts
Laboratory testing, and control instruments
Other scientific, hospital, and medical equipment
Transportation equipment and spacecraft, except automotive
Automotive vehicles, parts, and engines
Passenger cars, new and used
Passenger cars, new and used
216
21600
21610
22
Consumer goods (nonfood), except automotive..
Consumer nondurables, manufactured
Apparel, footwear, and household goods
Apparel and household goods—cotton
,
Apparel and household goods—wool
Apparel and household goods—other textiles
Nontextile apparel and household goods
Footwear of leather, rubber, and other materials
Sporting and camping apparel, footwear and gear
Other consumer nondurables
Medicinal, dental, and pharmaceutical preparations, including vitamins...
Books, magazines, and other printed matter
Toiletries and cosmetics
Other products (notions, writing and art supplies, tobacco products, etc.)..
Table J continues on p. 57.
40
400
40000
40010
40020
40040
40050
401
40100
40110
40120
40140
40
SURVEY OF CURRENT BUSINESS
June 1988
Table 1.—U.S. International
[Millions
(Credits +; debits — ) *
Line
2
1 Exports of goods and services .
2
3
Merchandise adjusted excluding military 3
Transfers under U S military agency sales contracts
4
5
6
Travel
Passenger fares
Other transportation
7
8
9
10
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
. .
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
. .
1969
1960
1961
1962
1963
1964
1965
1966
1967
1968
28,861
29,937
31,803
34,214
38,826
41 087
44562
47,314
52363
57,522
19650
335
20 108
402
20781
656
22272
657
25501
747
26461
830
29310
829
30666
1 152
33626
1392
36414
1528
919
175
1607
947
183
1620
957
191
1764
1015
205
1898
1207
241
2076
1380
271
2175
1 590
317
2333
1646
371
2426
1775
411
2548
2 043
450
2652
590
247
662
244
800
256
890
273
1013
301
1 199
335
1 162
353
1354
393
1430
437
1533
486
570
153
607
164
585
195
eia
236
651
265
714
285
814
326
951
336
1,024
353
1,160
343
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
1669
599
5,603
1781
636
6,591
2021
756
7,649
2,338
925
1,695
1,465
1,537
1,562
1,340
1,636
1,892
2039
2547
2,610
-23,670 -23,453 -25,676 -26,970
29,102
32,708
38468
41 476
48 671
53998
-14,758 -14,537 -16,260 -17,048
-3,087 -2,998 -3,105 -2,961
18700
2,880
21510
2952
25493
3764
26866
4378
32 991
4 535
35807
4856
,
,
-1,750
-513
-1,402
-1,785
-506
-1,437
-1,939
-567
-1,558
-2,114
-612
1701
2211
642
1817
2438
717
1951
2657
753
2 161
3207
829
2157
3030
885
2367
3373
1080
2455
,
-35
40
-43
46
-57
44
61
51
67
60
68
67
64
76
62
104
80
106
101
120
593
-254
588
-268
528
-296
493
-370
527
415
461
457
506
513
565
561
668
631
751
586
-394
-511
-332
-432
-535
-278
-399
-586
-339
—459
-701
-401
529
802
453
657
942
489
711
1 221
549
821
1328
598
876
1 800
702
848
3244
30 U S military grants of goods and services net
1,695
1,465
1,537
1 562
1 340
1 636
1 892
2039
2 547
2610
31
2 367
2 662
2 740
2 831
2 901
2 948
3 064
3 255
3 082
3 125
1672
-273
423
1855
-373
434
1916
-347
477
1917
-339
575
1888
-399
614
1808
-463
677
1 910
-499
655
1805
-571
879
1709
-537
836
1649
-537
939
. . . . . .
.
... ,.
.
. . . . .
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
,
. . . .
U S Government grants (excluding military grants of goods and services)
U.S. Government pensions and other transfers
Private remittances and other transfers
32
33
34
111
4099
5 538
4 174
7 270
9 560
5716
7321
9 757
10977
11,585
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
2145
1,703
607
857
1535
890
378
461
171
125
1225
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
1023
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
1100
1 214
642
528
910
1928
1,279
261
1085
2128
1,288
245
1662
2204
988
447
1680
2382
720
19
1605
2463
874
16
1543
2,513
1,235
265
2423
3638
1,005
209
2274
3722
1,386
62
2,200
3,489
1,200
89
45
46
47
48
49
U S private assets net
Direct investment
Foreign securities . .
5 144
2940
663
394
-1,148
5235
-2,653
762
558
-1,261
4623
-2,851
969
354
-450
5986
-3,483
1 105
157
-1,556
8050
-3,760
677
1 108
-2,505
5336
-5,011
759
341
93
6 347
-5,418
720
442
233
7386
-4,805
1308
779
-495
2 294
2,705
1 911
3,217
3,643
742
3,661
7,379
9928
12,702
1,473
655
655
765
233
233
215
603
25
508
1270
1,409
1,410
1
152
-291
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
821
315
364
282
90
678
1,939
311
151
324
226
928
641
346
66
134
110
336
1231
231
149
287
37
898
1983
322
146
-85
75
1,818
607
415
131
-358
178
503
4333
425
356
906
476
2,882
3928
698
- 135
1,016
584
1,765
10703
807
136
4,414
1475
3,871
14002
1263
68
3,130
792
8,886
989
1 124
360
907
457
629
205
438
3 817
6095
4941
3031
3800
5838
4388
2 583
635
3693
2 320
611
607
3524
2048
399
570
785
53
3368
870
759
1 179
1 552
35 U S assets abroad net (increase/capital outflow ( ))
US claims reported by U.S. banks, not included elsewhere
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
» . .. .
US Government securities7
U.S. Treasury
securities
Other 8
Other U S Government liabilities 9
U S liabilities reported by U10S banks, not included elsewhere
Other foreign official assets
58
59
60
61
62
63
Other foreign assets in the United States net
Direct investment
U S Treasury securities
US 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
8206
7833
-5,295 -5,960
1549
1569
126
1 203
-570
233
64 Allocations of special drawing rights
65
1 019
Memoranda:
66 Balance on merchandise trade (lines 2 and 17) ll
67 Balance on goods and services (lines 1 and 16)
68 Balance on goods services and remittances (lines 67 33 and 34)
69
4,892
5,191
4 496
2824
5,571
6,484
5,677
3822
4,521
6127
5303
3387
5224
7244
6331
4414
6 801
9724
8711
6823
4951
8378
7238
5431
2145
1258
607
741
1 535
1118
378
1558
171
1 362
1 225
69
Transactions in U.S. official reserve assets and in foreign official assets in the United
States:
70
71
I c e se (4-) in foreign official assets in the United States (line 51 less line 55)
See footnotes on page 67.
1 516
SURVEY OF CURRENT BUSINESS
June 1988
41
Transactions
of dollars]
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
Line
65,674
68,838
77,495
110,241
146,666
155,729
171,630
184,276
219,994
286,796
342,485
376,499
349,570
334,534
360,772
360,574
375,053
424,823
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
12,344
219,900
9,817
215,935
8,738
223,969
8,583
249,570
11,529
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
10,947
3,610
12,590
10,873
3,626
13,809
11,197
" 3,648
14,674
12,462
4,175
15,458
14,778
5,398
16,985
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
6,577
517
3,507
1,669
1,816
7,384
576
3,597
1,679
2,532
7,498
666
3,921
1,709
2483
8,012
714
4,096
1,899
2,490
8,184
878
5,427
1,885
2,996
9,393
595
6,917
2,122
2391
10,851
526
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
4,1.18
20,499
51,920
4,832
21,217
59,464
5,227
33,202
50,131
5,504
38,417
45,273
6,420
52,308
46,116
5,332
12
13
14
2,810
1,818
2,207
373
203
236
465
756
679
585
180
153
46
101
2,713
3,546
4,492
-59,901
-66,414
-79,237
-39,866
-4,855
-45,579 -55,797
-4,819 12 _4}784
58
15
-98,997 -137,274 -132,745 -162,109 -193,764 -229,869 -281,659 -333,020 -362,155 -349,292 -371,300 -455,746 -460,667 -498,573 -565,342
16
-98,185 -124,228 -151,907 -176,001 -212,009 -249,749 -265,063 -247,642 -268,900 -332,422 -338,083 -368,516 -409,850
-8,294 -10,511 -11,224 -12,260 -12,587 -11,916 -12,169 -12,955 -13,897
-7,352
-5,823
-4,895
-4,795
17
18
-70,499 -103,811
-4,629
-5,032
12
-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
-13,149
-6,003
-12,222
-15,020
-7,049
-14,843
-16,040
-7,885
-15,643
-17,250
-7,474
-16,715
-20,496
-8,785
-18,161
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
-3,162
-1,287
-326
-292
403
-3,957
-1,460
-405
-318
471
-4,245
-1,567
-597
-359
478
-5,070
-1,531
-467
-425
696
-6,019
-1,732
-602
-437
1284
-7,252
-1,689
-774
-563
866
-8,406
-1,895
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
-28,953
-17,825
-9,229
-38,421
-19,769
-6,079
-35,516
-21,306
-5,379
-38,982
-22,607
-10,504
-48,825
-24,052
27
28
29
-2,713
-3,546
-4,492
-2,810
-1,818
-2,207
-373
-203
-236
-465
-756
-679
-585
-180
-153
-46
-101
-58
30
-3,443
-3,856
-4,052
-4,103
13
-7,431
-4,868
-5,314
-5,023
-5,552
-6,128
-7,593
-7,460
-8,956
-9,480
-12,102
-15,010
-15,308
-13,445
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
-953
-5,501
-2,251
-1,204
-6,288
-2,207
-985
-8,543
-2,159
-1,399
-11,223
-2,138
-1,649
-11,738
-2,197
-1,374
-10,011
-2,212
-1,222
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 -110,951 -121,153
-49,777
-22,304
-32,636
-97,991
-75,987
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
-3,131
-3,858
312
9,149
-78
-2,212
-268
-16
-1,667
-6,472
-5,175
(*)
-1,824
-2,491
-861
-1,196
-66
-466
-317
-1,133
65
-1,136
-189
257
-4,965
-172
-1,265
-30
732
- 65
1,249
4,231
-4,683
-8,155
9
-33
182
-375
118
-121
-294
158
-1,371
-2,552
-1,041
-66
-4,434
3,304
-979
-995
-1,156
-897
908
-3,869
-246
1,501
-942
-509
2,070
7,588
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
13
366
-5,001
13,4,826
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
-5,006
-9,967
5,012
-51
-5,489
-9,599
4,490
-379
-2,829
-7,666
4,719
118
-2,000
-9,059
6,078
982
1,162
-6,493
7,620
35
41
42
43
44
-10,229
-7,590
-1,076
-596
-967
-12,940
-7,618
-1,113
-1,229
-2,980
-35,380
-14,244
-6,247
-1,357
-13,532
-44,498
-11,949
-8,885
-2,296
-21,368
-30,717
-11,890
-5,460
-1,940
-11,427
-57,202
-16,056
-3,626
-3,853
-33,667
-59,453
-25,222
-4,726
-3,291
-26,213
-72,802 -100,679 -110,058
2,369
-9,624
-19,222
-7,983
-5,699
-3,568
6,626
-1,181
-3,174
-46,838 -84,175 -111,070
-43,576
-373
-6,762
-6,513
-29,928
-13,685
-2,821
-4,756
5,019
-11,127
-25,950
-18,068
-7,481
923
-1,323
-96,303
-27,811
-4,297
-4,220
-59,975
-86,297
-44,455
-4,456
3,145
-40,531
45
46
47
48
49
-12,925 -20,388 -33,643
-9,052
-7,747 -11,353
-671 -1,854
-618
-1,054 • -2,383 -3,221
-5,980 -19,516
-3,506
6,359
22,970
21,461
18,388
34,241
15,670
36,518
51,319
64,036
38,752
58,112
83,032
93,746
84,869
102,621
129,900
221,253
211,490
50
6,908
9,439
9,411
28
-456
-2,075
26,879
26,570
26,578
-8
-510
819
10,475
8,470
8,213
257
182
1,638
185
6,026
641
59
582
936
4,126
323
10,546
4,172
3,270
902
301
5,818
254
7,027
5,563
4,658
905
1,517
-2,158
2,104
17,693
9,892
9,319
573
4,627
969
2,205
36,816
32,538
30,230
2,308
1,400
773
2,105
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
5,845
6,496
6,972
-476
602
545
-1,798
3,140
4,703
4,690
13
739
555
-2,857
-1,196
-1,139
-838
-301
767
645
-1,469
35,507
33,150
34,364
-1,214
2,054
1,187
-884
44,968
44,931
43,361
1,570
-2,824
3,901
-1,040
51
52
53
54
55
56
57
-550
1,464
81
2,189
2,014
^6,298
-3,909
367
-24
2,289
369
-6,911
10,986
949
-39
4,507
815
4,754
12,362
2,800
-216
4,041
1,035
4,702
23,696
4,760
697
378
1,844
16,017
8,643
2,603
2,590
2,503
319
•628
18,826
4,347
2,783
1,284
-578
10,990
14,503
3,728
534
2,437
1,086
6,719
79,023
11,946
8,689
8,164
-118
50,342
99,481
25,359
23,001
12,568
4,704
33,849
131,096
19,022
20,433
50,962
-366
41,045
185,746
34,091
3,809
70,969
-2,906
79,783
166,522
41,977
-7,596
42,213
2,150
87,778
58
59
60
61
62
63
11,154
26,760
17,839
15,566
18,461
65
-67,080 -112,522 -122,148 -144,547 -160,280
-36,766 -94,975 -100,093 -123,520 -140,519
-39,957 -98,533 -103,880 -127,090 -143,953
-46,246 -107,077 .-115,103 -138,828 -153,964
66
67
68
69
9,149
47,792
70
71
30,358
7,897
2,178
2,254
1,889
16,141
14
52,416
11,877
4,960
1,351
1,621
32,607
14
42,615
16,918
2,645
5,457
6,852
10,743
14
78,072
25,195
2,927
6,905
917
42,128
14
90,154
13,792
7,027
6,085
-2,383
65,633
14
64
867
717
710
1,139
1,152
1,093
-219
-9,779
-1,879
-2,654
-1,458
5,917
10,544
-2,023
12,521
25,431
24,982
19,942
36,085
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
-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
14,344
11,350
6,884
-36,444
278
-3,177
-8,679
2,481
7,364
2,349
27,389
-4
10,293
158
5,090
-1,467
10,244
-849
5,509
-2,558
13,066
-375
35,416
732
31,202
-1,133
-13,624
-8,155
14,881
-5,175
5,298
-4,965
2,988
14
-1,196
5,243
-3,131
2,401
-3,858
-1,963
312
33,453
42
SURVEY OF CURRENT BUSINESS
June 1988
Table 1.—U.S. International
[Millions
Line
/p__j:f_
i . (lolnfe
19 32
"J 1
1 Exports of goods and services
2
2
3
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts
4
5
6
Travel
Passenger fares
Other transportation
7
8
9
10
11
Royalties and license fees from affiliated foreigners *
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
. .
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
.
92,918
85,078
82078
81 499
83 553
82420
87062
56688
3161
50101
2861
49122
3029
49652
3669
50592
3 136
48032
3064
53 544
2475
3161
3331
2593
2781
3,135
3446
1003
3117
2455
3062
3004
2950
3 131
3361
1027
3255
3254
883
403
398
894
418
403
901
425
424
802
422
599
1,815
1883
1870
871
419
585
200
1921
' 93
897
420
669
1 026
1,766
830
424
592
1 870
1 874
4,554
15 135
1030
5655
13 166
1 108
4275
12568
1 130
5,817
13917
1038
16 Imports of goods and services
. . ..
. . . .
...
.
IV
III
II
55287
2936
159
15 Transfers of goods and services under U S military grant programs, net
I
IV
89,497
670
. . . . . . .
1£ 83
ni
II
I
821
123
5,354
15833
942
680
810
159
976
1884
252
4971
12 533
1 311
142
5242
13 247
1 305
2212
797
419
679
113
6011
13 572
1 086
89
118
233
145
34
26
46
74
86766
88320
90189
84018
82 020
91 470
97 954
99 856
62660
2904
61432
3118
63535
3094
60015
3 143
58852
3 102
65 614
3 124
70 304
3*166
74 130
3 195
2506
1 126
2923
3409
1473
3087
2567
2769
2317
1 185
2779
71
71
47
912
79
72
118
968
374
100
75
139
77
77
13
1 068
1 038
-306
-707
-8,123
—4,503
-834
-9,229
-4,363
3 912
1 231
2931
76
73
99
1009
433
942
348
705
910
-8,584
4705
-7,507
4714
233
385
1085
-6,709
4428
3461
1 924
2957
85
78
74
4572
1*637
3228
105
81
105
1 054
1051
1 512
-6,919
4368
1640
—7,425
4462
447
390
2799
1 257
3*258
138
83
279
1 103
345
1 361
-7,901
4567
89
118
46
74
31 Unilateral transfers (excluding military grants of goods and services), net
2,238
1,914
1 978
2 827
1 647
1 932
2288
3613
32
33
34
1493
1 113
1 117
1778
1 Oil
1 245
1 549
2483
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
453
293
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
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
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
Other8
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
63
Other foreign assets in the United States, net
.
.
.
736
312
485
151
445
294
*827
304
15629
787
16
529
953
98
2139
1450
303
212
531
209
88
826
1996
1,225
2,378
1,229
1246
2,421
1,213
1207
2755
1,511
1328
2413
1058
415
61
21405
-2,813
-230
3 518
7756
2600
1,308
-233
3616
13348
-3,488
2,247
16919
22886
1742
-1,549
-2,776
20303
-1093
-3,274
9 527
15,635
19386
33847
2689
*973
6960
3*003
2576
*427
1 353
3 560
26887
1736
1652
1044
1398
21 057
20092
24,899
1089
1 132
794
1950
400
547
142
241
814
-77
434
459
99
297
732
920
899
1,849
1,013
2549
3452
-63
1,724
2,524
1,025
—225
31 954
1862
38583
1,598
3,879
33343
471
22338
1656
-3397
-308
39403
27,166
33,720
955
-52
808
960
2238
1,300
—21
17 182
978
-77
18280
14,580
16,002
3265
1629
1,327
1 534
1835
2,094
2694
4662
4854
*192
2629
3887
4346
38
-133
1 684
2797
1 870
' 87
11
459
186
990
454
181
10
30,431
2,080
1,297
1263
15,586
3,166
14
1,391
11,951
5,041
14
2,246
1 781
25856
32,186
3,505
14
2,093
2486
2023
26125
10756
6,282
5,035
-7,373
2,731
1,985
4,744
4598
3797
2684
1,089
3,132
-1132
65
450
237
8435
25681
259
562
26
815
41,439
302
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
595
266
34
33941
628
.
467
333
145
2641
3012
371
-404
1 893
382
38
1 612
1 825
1995
170
382
231
826
38
611
362
101
464
14,023
4,097
14
3,116
2470
2896
16,039
1,789
14
2,913
2873
2*763
11 227
4404
22,075
4,325
14
1,008
1777
1 311
13654
14,490
10,278
11,065
4,970
6870
13434
5111
5972
7089
10893
1940
2988
4766
9200
1 157
2168
15022
7917
8 604
9850
22272
15534
16272
17 821
794
1950
2443
787
366
555
282
13
64
545
498
27
546
523
126
64 Allocations of special drawing rights
65 Statistical discrepancy (sum of above items with sign reversed)
66
67
68
69
Memoranda:
Balance on merchandise trade (lines 2 and 17)
.
Balance on goods and services (lines 1 and 16) 11
Balance on goods services and remittances (lines 67 33 and 34)
11
Balance on current account (lines 67 and 31)
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)
70
Increase (+) in foreign official assets in the United States (line 51 less line 55)
71
See footnotes on page 67.
,
493
972
2705
521
16
1 230
1 811
20 586
12794
13924
16407
529
953
2790
6437
SURVEY OF CURRENT BUSINESS
June 1988
43
Transactions—Continued
of dollars]
1985
1984
I
II
III
IV
I
II
1986
III
IV
I
1987
II
III
IV
I
1988
Line
II
I'
IV
III
89,765
90,882
88,323
91,802
87,867
91,600
88,385
92,722
92,822
95,691
90,818
95,723
98,846
102,410
102,701
120,866
118,655
1
53,668
2,639
55,963
2,464
53,420
2,522
56,849
2,192
55,381
2,630
55,500
2,285
50,779
2,000
54,275
1,823
54,266
1,881
58,167
2,024
53,820
2,108
57,716
2,570
57,165
3,330
61,429
3,307
61,702
2,745
69,274
2,147
75,055
2,551
2
3
2,629
854
3,237
2,821
1,033
3,434
3,025
974
3,550
2,398
765
3,588
2,850
843
3,515
2,891
986
3,568
3,075
1,008
3,707
2,381
811
3,885
2,951
932
3,745
3,132
1,081
3,832
3,600
1,203
3,978
2,779
959
3,903
3,403
1,108
3,947
3,793
1,469
4,166
4,331
1,578
4,421
3,251
1,243
4,450
4,067
1,504
4,612
4
5
6
880
408
558
2,045
157
956
420
620
1,961
186
922
433
655
2,007
178
1,163
448
651
1,999
193
850
464
602
2,028
218
907
475
623
2,033
231
862
480
626
2,017
275
1,477
479
640
2,106
154
1,135
465
713
2,300
161
1,303
465
778
2,332
151
1,324
471
757
2,307
129
1,666
484
748
2,454
155
1,512
504
481
2,618
103
1,609
522
578
2,684
124
1,666
540
539
2,757
177
2,130
556
794
2,792
122
1,639
571
792
2,802
113
7
8
9
10
11
7,551
13,912
1,227
4,759
14,949
1,315
3,350
15,934
1,354
5,557
14,669
1,331
4,201
12,994
1,292
8,269
12,694
1,140
9,638
12,244
1,674
11,094
12,199
1,398
10,705
11,985
1,583
9,601
11,532
1,294
8,113
10,870
2,138
9,999
10,886
1,405
12,623
10,658
1,395
10,162
11,286
1,280
9,457
11,283
1,506
20,066
12,889
1,152
10,950
11,941
2,057
12
13
14
25
31
44
54
6
6
9
26
19
11
19
53
8
26
13
12
15
15
-105,577 -116,895 -117,216 -116,058 -108,072 -118,043 -116,087 -118,465 -118,644 -126,525 -126,075 -127,329 -128,986 -141,172 -147,099 -148,085 -150,536
16
-78,203
-2,903
-84,913
-3,065
-83,772
-2,864
-85,534
-3,083
-78,761
-2,938
-85,565
-2,934
-83,721
-2,828
-90,036
-3,470
-87,110
-3,289
-92,668
-3,307
-92,531
-3,184
-96,207
-3,175
-2,680
-1,462
-3,384
-4,039
-2,250
-3,770
-5,001
-1,901
-3,867
-3,300
-1,436
-3,823
-2,871
-1,637
-3,563
-4,389
-2,588
-3,984
-5,404
-2,102
-3,922
-3,376
-1,558
-4,175
-3,169
-1,691
-3,913
-4,594
-2,145
-4,107
-5,815
-2,072
-4,428
-3,672
-1,566
-4,367
-3,687
-1,887
-3,992
-5,550
-2,738
-4,592
-6,842
-2,378
-4,802
-4,417
-1,782
-4,776
-4,268
-1,945
-4,697
19
20
21
-137
-85
212
-1,152
-348
-126
-87
114
-1,179
-384
-152
-91
22
-1,198
-413
-182
-95
131
-1,541
-386
-128
-101
94
-1,377
-433
-96
-105
107
-1,391
-429
-120
-108
197
-1,560
-465
-123
-111
298
-1,692
-405
-149
-104
284
-1,702
-445
-164
-105
311
-1,826
-389
-185
-110
299
-1,841
-480
-105
-118
390
-1,884
-375
-199
-130
125
-1,982
-378
-183
-139
209
-2,196
-437
-174
-145
135
-2,100
-540
-219
-148
397
-2,128
-540
-227
-148
74
-2,049
-528
22
23
24
25
26
-2,356
-8,423
-4,656
-2,569
-9,865
-4,762
-2,294
-10,625
-5,059
-2,010
-9,508
-5,291
-2,284
-8,779
-5,296
-2,544
-8,854
-5,272
-1,937
-8,749
-5,369
686
-9,135
-5,369
-2,061
-9,669
-5,627
-2,388
-9,585
-5,560
-577
-9,462
-5,690
-353
-10,266
-5,731
-3,390
-10,373
-5,952
-2,807
-11,966
-5,964
-3,971
-12,271
-5,980
-337
-14,216
-6,156
-5,626
-13,444
-6,639
27
28
29
30
-93,734 -101,324 -104,436 -110,356 -107,588
-3,408
-3,596
-3,486
-3,450
-3,408
17
18
-25
-31
-44
-54
-6
-6
-9
-26
-19
-11
-19
-53
-8
-26
-13
-12
-15
-2,277
-2,330
-2,983
-4,511
-3,211
-3,378
-3,951
-4,470
-2,890
-4,075
-4,185
-4,158
-2,893
-3,037
-2,933
-4,583
-3,057
31
-1,473
-470
-334
-1,526
-445
-359
-2,230
-450
-304
-3,314
-795
-403
-2,230
-484
-497
-2,585
-416
-377
-3,085
-459
-408
-3,323
-779
-368
-2,086
-456
-349
-3,246
-511
-318
-3,450
-435
-300
-2,956
-794
-407
-2,100
-490
-303
-2,241
-472
-324
-2,125
-513
-295
-3,545
-738
-300
-2,283
-522
-252
32
33
34
-4,413
-20,204
17,265
-14,951
-2,490
-2,584
-7,474
-20,088
-16,365
-26,104
-26,185
-29,337
10,620
-24,546
-24,587
-37,474
8,003
35
-657
-566
-799
-1,110
-233
-356
-121
-3,148
-115
16
280
132
1,956
3,419
32
3,741
1,503
-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
-104
366
-246
163
508
-391
-31
283
-120
76
606
1,274
-171
335
3,255
-210
407
-165
-205
722
3,225
155
446
901
36
37
38
39
40
-2,153
-2,792
892
-252
-1,295
-2,695
1,397
3
-1,408
-2,190
912
-130
-633
-1,922
1,289
1
-929
-1,799
940
-70
-1,002
-2,554
1,285
266
-438
-1,733
1,278
17
-460
-1,581
1,217
-96
-383
-1,813
1,411
20
-153
-1,631
1,434
43
-1,559
-4,259
1,737
964
95
-1,356
1,496
-45
-118
-978
1,012
-153
-110
-2,112
1,862
140
292
-2,060
2,353
-2
1,099
-1,342
2,392
49
-962
-2,180
1,062
156
41
42
43
44
-1,603
-1,678
758
873
-1,557
-18,344
1,002
-764
1,564
-20,146
19,472
1,220
-1,106
1,541
17,817
-13,209
-3,365
-3,644
1,041
-7,241
-1,329
-127
-2,474
988
284
-1,226
-4,388
-2,219
2,056
3,325
-6,915
-7,317
-1,572
-1,874
3,847
-16,480
-6,236
-1,217
-247
-8,779
-15,867
-12,180
-5,960
-2,642
4,916
-25,967
-8,791
-1,076
-2,440
-13,660
-24,906
-6,309
277
34
-18,909
-29,564
-531
2,462
828
-32,322
8,783
-10,957
-1,639
-491
21,870
-27,855
-7,949
-88
2,603
-22,422
-24,911
-7,205
-972
-215
-16,519
-42,314
-18,345
-1,757
1,248
-23,460
7,462
-5,553
-4,388
n,a.
17,402
45
46
47
48
49
22,116
41,855
2,472
36,178
16,491
25,073
35,044
53,292
39,050
50,128
69,884
62,192
33,100
50,660
71,658
56,072
27,876
50
-2,956
-271
-274
3
150
-2,242
-593
-156
-125
-271
146
576
363
-970
-884
-487
-571
84
-73
400
-724
7,136
5,586
5,806
-220
86
2,034
-570
-10,992
-7,499
-7,177
-322
-373
-3,007
-113
8,477
8,886
8,750
136
535
-120
-824
2,450
-358
-414
56
264
2,927
-383
-1,130
-2,168
-1,997
-171
342
845
-149
2,719
3,061
3,238
-177
430
-1,131
359
15,838
13,896
14,540
-644
1,001
1,472
-531
15,779
11,895
12,171
-276
1,143
3,043
-302
1,171
4,298
4,415
-117
-520
-2,197
-410
13,977
12,131
12,193
-62
-1,337
3,543
-360
10,332
11,339
11,083
256
-1,309
615
-313
611
1,556
842
714
-287
-34
-624
20,047
19,905
19,243
662
108
-223
257
24,372
27,452
27,568
-116
-251
-1,996
-833
51
52
53
54
55
56
57
25,073
5,199
1,950
1,333
5,066
11,525
42,011
9,009
6,336
362
4,714
21,590
3,355
4,853
5,303
1,447
-3,056
-5,192
29,042
6,298
9,412
9,426
-2,020
5,926
27,484
5,321
2,590
9,615
-2,148
12,106
16,596
5,342
5,188
7,194
-1,778
650
32,594
5,007
7,736
11,669
870
7,312
54,422
3,352
4,919
22,484
2,690
20,977
36,331
4,014
5,820
18,730
-1,930
9,697
34,291
5,686
3,820
22,752
-1,293
3,326
54,104
8,087
-1,754
17,107
1,084
29,580
61,020
16,304
-4,077
12,380
-767
37,180
19,122
7,979
-2,826
18,373
1,696
-6,100
40,327
7,229
-2,431
15,998
1,570
17,961
71,047
15,026
-2,835
12,819
-116
46,153
36,025
11,742
496
-4,977
-1,000
29,764
3,504
10,169
7,001
2,328
n.a.
-15,994
58
59
60
61
62
63
387
6,692
12,140
7,541
9,415
7,332
4,084
-2,991
6,027
10,886
-4,257
2,910
-10,688
15,686
259
13,204
-941
65
-24,535
-15,813
-16,616
-18,090
-28,950
-26,013
-26,817
-28,343
-30,352
-28,893
-29,647
-31,877
-28,685
-24,256
-25,454
-28,768
-23,380
-20,205
-21,185
-23,415
-30,065
-26,443
-27,236
-29,821
-32,942
-27,702
-28,569
-31,654
-35,761
-25,743
-26,890
-30,213
-32,844
-25,822
-26,626
-28,712
-34,501
-30,834
-31,664
-34,909
-38,711
-35,257
-35,992
-39,442
-38,491
-31,607
-32,808
-35,765
-36,569
-30,139
-30,931
-33,032
-39,895
-38,763
-39,559
-41,799
-42,734
-44,398
-45,205
-47,330
-41,082
-27,220
-28,257
-31,802
-32,533
-31,881
-32,655
-34,938
66
67
68
69
-657
-3,106
-566
-732
-799
-811
-1,110
7,050
-233
-10,619
-356
7,942
-121
2,186
-3,148
-1,472
-115
2,289
16
14,837
280
14,636
132
1,691
1,956
15,314
3,419
11,641
32
898
3,741
19,939
1,503
24,623
70
71
64
SURVEY OF CURRENT BUSINESS
44
June 1988
Table 2.—U.S. International
[Millions
1982
(Credits +; debits -) l
Line
1 Exports of goods and services
2
2
3
Merchandise adjusted excluding military 3
Transfers under U S military agency sales contracts
4
5
6
Travel
Passenger fares
Other transportation
.,
.
7
8
9
10
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
• •»
US Government receipts
. .
.
.
. . ••
.
.
*.. . .
.
*
•
.....
.
.
....
*
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
Direct defense expenditures
3
19
20
21
Travel
Passenger fares
Other transportation
.
22
23
24
25
26
Royalties and license fees to affiliated foreigners4
Other private services to affiliated foreigners ...
Other private services to unaffiliated foreigners
US 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
.
......
.
.
.
•
•
>
*
.
•
30 US military grants of goods and services net
.
31 Unilateral transfers (excluding military grants of goods and services), net
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 ( — ))
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 assets6.
U-S foreign currency holdings and U.S. short-term assets, net
45
46
47
48
49
U S private assets net
.........
II
I
.
*
1983
rv
III
IV
III
II
I
90,005
91,261
87,640
80,666
81,571
81,899
85,592
85,474
55,416
2,936
55,166
3,161
52,592
2,861
48,024
3,029
49,317
3,669
49,224
3,136
50,824
3,064
52,455
2,475
3,280
805
3,129
3,178
795
3,114
3,039
774
3,058
2,896
800
3,016
2,647
899
3,034
2,662
900
3,111
2,999
879
3,187
2,639
932
3,258
929
403
429
1,766
139
895
418
415
1,815
120
945
425
443
1,883
192
738
424
529
1,921
125
856
422
633
1,870
147
910
420
679
1,884
241
924
419
610
1,870
132
907
419
610
1,874
147
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
46
74
89
118
233
145
34
26
-87,844
86,542
-89,779
85 126
-83,577
-89,544
-97,236 -100,951
-62,954
-2,904
-60,306
-3,118
-64,249
-3,094
60133
3143
-59,488
-3,102
-70,839
-3,166
-74,167
-3,195
-3,074
-1,233
-3,016
-3,165
-1,183
-2,982
2,945
-1,148
-2,874
-3,210
1208
2838
-2,966
-1,336
-2,880
-64,406
-3,124
«
-3,259
-1,517
-2,865
-3,501
-1,542
-3,157
-3,425
-1,609
-3,320
-71
-71
47
-912
-323
-79
-72
118
-968
-361
-76
73
99
-1,009
-416
100
75
139
1068
359
-77
-77
13
1038
-404
-85
-78
74
-1,054
-431
-105
-81
105
-1,051
-372
-138
-83
279
-1,103
-361
-707
-8,123
-4,503
834
9,229
4,363
705
8584
4,705
-910
7507
4714
-1,085
-6,709
-4,428
-1,512
-6,919
-4,368
-1,640
-7,425
-4,462
-1,361
-7,901
-4,567
89
118
233
-145
-34
-26
-46
-74
-2,313
2,007
-1,988
2,648
1,744
-2,012
-2,399
-3,328
-1,493
509
311
1,113
577
317
-1,117
574
297
1,778
591
279
1011
542
191
-1,245
-559
-208
-1,549
-550
-300
-2,483
-557
-288
-32,560
-40,810
-25,592
22,191
23,634
464
-8,561
17,119
-1,089
-1,132
-794
-1,950
-787
16
529
953
-400
-547
-142
-241
-814
-77
-434
-459
99
-297
-732
-920
-98
-2,139
1,450
-303
-212
531
-209
-88
826
'498
545
<
-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
-1,136
-2,378
1,319
-77
-1,263
-2,421
1,196
-38
-1,171
-2,755
1,546
38
-1,436
-2,413
950
27
...
-30,671
-579
-628
3,879
33343
-37,951
2,231
-471
-308
-39,403
-22,274
1,720
-3,397
808
21405
-19,162
1002
-3,488
2,247
-16,919
-21,711
2,917
-1,549
-2,776
-20,303
783
308
-2,813
-230
3,518
7919
2762
-1,308
-233
-3,616
14 730
-836
-1,093
-3,274
-9,527
27,166
33,720
18,280
14,580
16,002
15,635
19,386
33,847
-3,265
1629
-1,327
-302
-133
1684
181
1,534
1,835
-2,094
259
562
2,797
10
2,629
3,887
4,346
-459
186
-990
454
-38
2,641
3,012
-371
-404
-1,893
-382
1,612
1,825
1,995
170
382
231
-826
-2,689
-973
611
362
101
-1,353
-464
6,960
3,003
2,576
427
523
3,560
-126
11,951
5,041
2,246
1,781
-13
2,896
16,039
1,789
2,913
2,873
-2,763
11,227
22,075
4,325
1,008
1,777
1,311
13,654
26,887
1,736
1,652
1,044
1,398
21,057
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
. . .
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
*. .. ..
Other s
Other U S Government liabilities 9
U S liabilities reported by U1DS banks not included elsewhere
Other foreign official assets . . .
.
. .
58
59
60
61
62
63
Other foreign assets in the United States net .
Direct investment
..
.
»
US 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 .
..
.......
30,431
2,080
1,297
1,263
65
25,856
32,186
3,505
2,093
2,486
-2,023
26,125
12
2,694
4,662
4,854
-192
-11
1 870
87
15,586
3,166
1,391
555
-282
10,756
12
12
14,023
4,097
3,116
2,470
-64
4,404
12
12
64 Allocations of special drawing rights.
65 Statistical discrepancy (sum of above items with sign reversed)
65a
.
•
.
Memoranda:
66
l
67 R 1 CP o ffoods and services (lines 1 and 16) *
68 R 1 P o foods services and remittances (lines 67 33 and 34)
Fl
1
o
cu
rent
account
(lines
67
and
31)
*
*
' '
69
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) ... . .
. .
See footnotes on page 67.
5,546
-736
4,378
-657
11,439
-3,051
14,719
4,441
11,383
318
5 514
-544
3,218
-3,652
2,077
3,888
-7,538
2,161
1,341
152
5 140
4,719
3,825
2,712
-11,657
2 139
3 010
4 127
12 109
4460
-5,330
-7,108
-10,171
-2,006
-2,739
-3,750
-15,182
-7,645
-8,412
-9,657
-20,015
-11,644
-12,494
-14,043
-21,712
15 477
16 322
18 805
1089
-3,132
-1,132
972
-794
2,705
-1,950
2,443
-787
366
16
1,230
529
2790
-953
6,437
45
SURVEY OF CURRENT BUSINESS
June 1988
Transactions—Seasonally Adjusted
of dollars]
1984
1986
1985
II
m
IV
89,725
89,526
91,495
90,023
53,240
2,639
54,656
2,464
56,170
2,522
55,834
2,192
2,638
938
3,332
2,703
944
3,436
2,698
853
3,500
2,834
892
3,541
944
408
594
2,045
149
973
420
620
1,961
201
1,000
433
657
2,007
164
7,676
13,912
1,210
4,762
14,949
1,437
25
31
I
III
IV
87,891
90,110
91,327
91,245
55,067
2,630
54,197
2,285
53,434
2,000
53,237
1,823
2,843
916
3,595
2,773
895
3,572
2,748
893
3,642
1,004
448
612
1,999
197
927
464
642
2,028
230
939
475
616
2,033
233
4,302
15,934
1,255
4,476
14,669
1,325
4,284
12,994
1,271
44
54
6
1988
1987
Line
I
II
I
I
IV
III
II
III
IV
93,067
94,088
93,493
94,408
98,907
100,353
106,318
119,247
118,847
1
54,113
1,881
56,946
2,024
56,268
2,108
56,642
2,570
56,791
3,330
59,864
3,307
64,902
2,745
68,013
2,147
74,672
2,551
2
3
2,832
944
3,865
2,933
1,019
3,826
3,012
975
3,844
3,211
1,066
3,910
3,306
1,115
3,878
3,369
1,211
4,030
3,661
1,331
4,189
3,865
1,405
4,345
3,883
1,451
4,421
4,039
1,655
4,706
4
5
6
927
480
633
2,017
244
1,303
479
599
2,106
171
1,225
465
764
2,300
189
1,343
465
766
2,332
133
1,412
471
768
2,307
127
1,447
484
698
2,454
147
1,634
504
520
2,618
109
1,661
522
573
2,684
132
1,776
540
549
2,757
145
1,846
556
749
2,792
141
1,766
571
853
2,802
118
7
8
9
10
11
8,112
12,694
1,286
10,516
12,244
1,549
10,290
12,199
1,397
10,789
11,985
1,578
9,273
11,532
1,443
8,996
10,870
1,979
9,361
10,886
1,420
12,749
10,658
1,384
9,717
11,286
1,426
10,670
11,283
1,336
19,173
12,889
1,186
11,108
11,941
2,065
12
13
14
6
9
26
19
11
19
53
8
26
13
12
15
15
-108,220 -114,382 -116,358 -116,784 -111,421 -115,296 -114,845 -119,108 -122,552 -123,717 -124,781 -127,526 -133,564 -138,080 -145,305 -148,397 -155,447
16
II
I"
-79,635
-2,903
-83,332
-3,065
-84,339
-2,864
-85,116
-3,083
-80,770
-2,938
-83,843
-2,934
-84,032
-2,828
-89,438
-3,470
-89,546
-3,289
-90,807
-3,307
-92,989
-3,184
-95,174
-3,175
-96,662
-3,408
-3,512
-1,661
-3,550
-3,717
-1,760
-3,663
-3,798
-1,795
-3,782
-3,993
-1,833
-3,848
-3,779
-1,868
-3,750
-4,031
-2,030
-3,883
-4,085
-1,996
-3,826
-4,145
-1,990
-4,184
-4,196
-1,907
-4,131
-4,231
-1,661
-4,009
-4,342
-1,939
-4,313
-4,480
-1,967
-4,262
-4,854
-2,132
-4,221
-5,060
-2,147
-4,490
-5,199
-2,256
-4,681
-5,383
-2,251
-4,769
-5,620
-2,203
-4,960
19
20
21
-137
-85
212
-1,152
-362
-126
-87
114
-1,179
-371
-152
-91
22
-1,198
-383
-182
-95
131
-1,541
-415
-128
-101
94
-1,377
-445
-96
-105
107
-1,391
-420
-120
-108
197
-1,560
-432
-123
-111
298
-1,692
-435
-149
-104
284
-1,702
-455
-164
-105
311
-1,826
-385
-185
-110
299
-1,841
-448
-105
-118
390
-1,884
-401
-199
-130
125
-1,982
-386
-183
-139
209
-2,196
-435
-174
-145
135
-2,100
-500
-219
-148
397
-2,128
-574
-227
-148
74
-2,049
-538
22
23
24
25
26
-2,356
-8,423
-4,656
-2,569
-9,865
-4,762
-2,294
-10,625
-5,059
-2,010
-9,508
-5,291
-2,284
-8,779
-5,296
-2,544
-8,854
-5,272
-1,937
-8,749
-5,369
686
-9,135
-5,369
-2,061
-9,669
-5,627
-2,388
-9,585
-5,560
-577
-9,462
-5,690
-353
-10,266
-5,731
-3,390
-10,373
-5,952
-2,807
-11,966
-5,964
-3,971
-12,271
-5,980
-337
-14,216
-6,156
-5,626
-13,444
-6,639
27
28
29
-99,416 -104,567 -109,205 -110,617
-3,596
-3,408
-3,486
-3,450
17
18
-25
-31
-44
-54
-6
-6
-9
-26
-19
-11
-19
-53
-8
-26
-13
-12
-15
30
-2,364
-2,435
-3,073
-4,230
-3,290
-3,481
-4,036
-4,205
-2,972
-4,085
-4,249
-4,003
-2,967
-3,125
-2,980
-4,373
-3,151
31
-1,473
-536
-355
-1,526
-555
-354
-2,230
-524
-319
-3,314
-544
-372
-2,230
-542
-518
-2,585
-522
-374
-3,085
-531
-420
-3,323
-544
-338
-2,086
-517
-369
-3,246
-521
-318
-3,450
-489
-310
-2,956
-670
-377
-2,100
-544
-323
-2,241
-559
-325
-2,125
-551
-304
-3,545
-558
-270
-2,283
-598
-270
32
33
34
-3,555
-19,450
17,382
-16,678
-1,620
-1,623
-7,593
-21,802
-15,626
-24,515
-26,213
-31,635
11,072
-22,878
-25,292
-38,891
8,891
35
-657
-566
-799
-1,110
-233
-356
-121
-3,148
-115
16
280
132
1,956
3,419
32
3,741
1,503
-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
-104
366
-246
163
508
-391
-31
283
-120
76
606
1,274
-171
335
3,255
-210
407
-165
-205
722
3,225
155
446
901
36
37
38
39
40
-2,007
-2,792
1,037
-252
-1,338
-2,695
1,354
3
-1,405
-2,190
915
-130
-737
-1,922
1,184
1
-769
-1,799
1,100
-70
-1,054
-2,554
1,234
266
-454
-1,733
1,262
17
-553
-1,581
1,124
-96
-206
-1,813
1,587
20
-211
-1,631
1,377
43
-1,592
-4,259
1,703
964
10
-1,356
1,411
-45
67
-978
1,198
-153
-170
-2,112
1,802
140
252
-2,060
2,314
-2
1,012
-1,342
2,305
49
-780
-2,180
1,244
156
41
42
43
44
-891
-965
758
873
-1,557
-17,547
1,799
-764
1,564
-20,146
19,586
1,334
-1,106
1,541
17,817
-14,832
-4,988
-3,644
1,041
-7,241
-618
584
-2,474
988
284
-213
-3,375
-2,219
2,056
3,325
-7,018
-7,419
-1,572
-1,874
3,847
-18,102
-7,859
-1,217
-247
-8,779
-15,305
-11,619
-5,960
-2,642
4,916
-24,320
-7,144
-1,076
-2,440
-13,660
-24,901
-6,303
277
34
-18,909
-31,777
-2,745
2,462
828
-32,322
9,049
-10,691
-1,639
-491
21,870
-26,127
-6,220
-88
2,603
-22,422
-25,576
-7,870
-972
-215
-16,519
-43,645
-19,676
-1,757
1,248
-23,460
8,169
-4,845
-4,388
n.a.
17,402
45
46
47
48
49
22,116
41,855
2,472
36,178
16,491
25,073
35,044
53,292
39,050
50,128
69,884
62,192
33,100
50,660
71,658
56,072
27,876
50
-2,956
-271
-274
3
150
-2,242
-593
-156
-125
-271
146
576
363
-970
-884
-487
-571
84
-73
400
-724
7,136
5,586
5,806
-220
86
2,034
-570
-10,992
-7,499
-7,177
-322
-373
-3,007
-113
8,477
8,886
8,750
136
535
-120
-824
2,450
-358
-414
56
264
2,927
-383
-1,130
-2,168
-1,997
-171
342
845
-149
2,719
3,061
3,238
-177
430
-1,131
359
15,838
13,896
14,540
-644
1,001
1,472
-531
15,779
11,895
12,171
-276
1,143
3,043
-302
1,171
4,298
4,415
-117
-520
-2,197
-410
13,977
12,131
12,193
-62
-1,337
3,543
-360
10,332
11,339
11,083
256
-1,309
615
-313
611
1,556
842
714
-287
-34
-624
20,047
19,905
19,243
662
108
-223
257
24,372
27,452
27,568
-116
-251
-1,996
-833
51
52
53
54
55
56
57
25,073
5,199
1,950
1,333
5,066
11,525
42,011
9,009
6,336
362
4,714
21,590
3,355
4,853
5,303
1,447
-3,056
-5,192
29,042
6,298
9,412
9,426
-2,020
5,926
27,484
5,321
2,590
9,615
-2,148
12,106
16,596
5,342
5,188
7,194
-1,778
650
32,594
5,007
7,736
11,669
870
7,312
54,422
3,352
4,919
22,484
2,690
20,977
36,331
4,014
5,820
18,730
-1,930
9,697
34,291
5,686
3,820
22,752
-1,293
3,326
54,104
8,087
-1,754
17,107
1,084
29,580
61,020
16,304
-4,077
12,380
-767
37,180
19,122
7,979
-2,826
18,373
1,696
-6,100
40,327
7,229
-2,431
15,998
1,570
17,961
71,047
15,026
-2,835
12,819
-116
46,153
36,025
11,742
496
-4,977
-1,000
29,764
3,504
10,169
7,001
2,328
n.a.
-15,994
58
59
60
61
62
63
2,297
1,910
4,886
-1,806
8,083
-4,057
11,491
3,950
11,948
2,533
5,217
-2,115
103
-3,981
578
3,569
9,033
3,006
8,100
-2,786
-8,133
-3,876
6,565
3,655
-6,547
4,141
13,071
-2,615
-4,399
-4,658
16,342
3,138
2,984
3,925
65
65a
-26,395
-18,495
-19,386
-20,859
-28,676
-24,856
-25,765
-27,291
-28,169
-24,863
-25,706
-27,936
-29,282
-26,761
-27,677
-30,991
-25,703
-23,530
-24,590
-26,820
-29,646
-25,186
-26,082
-28,667
-30,598
-23,518
-24,469
-27,554
-36,201
-27,863
-28,745
-32,068
-35,433
-29,485
-30,371
-32,457
-33,861
-29,629
-30,468
-33,714
-36,721
-31,288
-32,087
-35,537
-38,532
-33,118
-34,165
-37,121
-39,871
-34,657
-35,524
-37,624
-39,552
-37,727
-38,611
-40,852
-39,665
-38,987
-39,842
-41,967
-41,192
-29,150
-29,978
-33,523
-35,945
-36,600
-37,468
-39,751
66
67
68
69
-657
-3,106
-566
-732
-799
-811
-1,110
7,050
-233
-10,619
-356
7,942
-121
2,186
-3,148
-1,472
-115
2,289
16
14,837
280
14,636
132
1,691
1,956
15,314
3,419
11,641
32
898
3,741
19,939
1,503
24,623
70
71
64
46
SURVEY OF CURRENT BUSINESS
June 1988
Table 3.—U.S.
[Millions
Line
1987
1978
1979
1980
1981
1982
1983
1984
1985
1986
143,682
181,860
220,626
233,677
212,193
201,656
218,722
212,606
226,470
102
109
156
178
163
166
169
194
175
243
36
159
317
1,285
883
350
330
406
457
718
756
2,118
-4,720
899
4662
-3,229
1,043
5,103
-3,317
1,151
5,108
-4,921
967
4485
-7,369
1164
5014
-6,546
1373
5164
-5,719
1345
6771
-5,461
1298
1607
-4,549
-5,686
A Balance of payments adjustments to Census trade data:
EXPORTS
1 Merchandise exports, Census basis
military grant shipments.
1
including reexports and including
252,684
Adjustments:
2
Private gift parcel remittances
3
Gold exports nonmonetary
4
5
6
Inland U S freight to Canada
U S -Canadian reconciliation adjustments n e e net 2
Merchandise exports transferred under
U.S. military agency sales contracts
identified in Census documents 3.
Other adjustments net 4
. .
7
....
8 Equals: Merchandise exports, adjusted to balance of payments basis
excluding "military" (table 1, line 2).
80
13
341
606
124
16
139
74
118
4
142,054
184,473
224,269
237,085
211,198
201,820
219,900
215,935
223,969
249,570
174,757
209,458
244,871
261,305
243 941
261 724
330 514
336 228
365 672
406 043
422
844
623
1,407
664
2,772
940
1,816
-247
-162
403
-225
419
-394
623
-307
910
1462
1118
115
-427
999
290
1325
1292
-446
1067
474
1504
841
-774
1 022
559
1376
708
-1,005
872
2 163
1410
'645
-1,199
986
2 133
1739
387
343
1,418
686
523
3716
478
612
243
279
176,001
212,009
249,750
265,063
247,642
268,900
332,422
338,083
368,516
409,850
IMPORTS
g Merchandise imports Census basis 1 (general imports)
Adjustments:
10
11
12
13
14
15
Electric energy
Gold imports nonmonetary
Inland freight in Canada
. . ..
U S -Canadian reconciliation adjustment n e e net 2
Merchandise 3imports of U.S. military agencies identified in Census
documents .
Other adjustments, net 5
16 Equals: Merchandise imports, adjusted to balance of payments basis,
excluding "military" (table 1, line 17).
-1,330
B Merchandise trade, by area 6and country, adjusted to balance of payments
basis, excluding military:
EXPORTS
1 Total all countries (A-8)
142 054
184,473
224,269
237,085
211,198
201,820
219,900
215 935
223 969
249 570
2
3
4
5
6
7
g
9
10
11
Western Europe
European Communities
Belgium and Luxembourg
France
Germany Federal Republic of
Italy
Netherlands
United Kingdom
Other
Western Europe excluding EC
39546
31778
3682
4258
7204
3371
4843
7277
1 123
7768
54177
42474
5223
5663
8694
4459
6334
10686
1425
11703
67603
53466
6673
7539
11449
5606
7454
12818
1693
14137
65108
51366
5643
7431
10502
5415
7358
12483
2,622
13,742
59701
46905
5153
7194
9213
4641
7455
10694
2419
12796
55448
43776
5055
6029
8641
3947
7286
10,572
2,246
11,672
56867
46,380
5194
6055
8,775
4,310
7,486
12,201
2,359
10,487
56015
45191
4805
6097
8,939
4557
7241
11087
2,465
10,824
60630
52082
5462
7166
10 491
4754
7250
11198
5761
8548
68758
59660
6141
7959
11548
5468
8058
13791
6,695
9,098
12
13
14
Canada 2
Japan
Australia New Zealand and South Africa
31229
12960
4213
38690
17629
5434
41626
20806
7117
46,016
21,796
8,980
39,203
20,694
7,656
44,512
21,789
6,604
53,037
23,241
7,849
55,390
22,145
6,967
56,601
26,344
7,115
61,092
27,604
7,403
15
Eastern Europe
3 893
5913
4 143
4440
3749
2976
4290
3 258
2044
2238
16
17
18
19
20
Latin America and Other Western Hemisphere
Brazil
Mexico
Venezuela
Other
22033
2,959
6,689
3727
8658
28,555
3,425
9,931
3933
11266
38844
4,359
15,231
4574
14680
42,804
3,784
18,207
5441
15372
33,152
3,446
11,736
5192
12 779
25,641
2,556
9,094
2707
11,284
29766
2,746
12,020
3386
11614
30,788
3,311
13,386
3063
11,028
30887
3,903
12,368
3102
11514
35,041
4,119
14,582
3548
12792
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 .
28,180
23,466
8633
863
1,625
2,929
1,452
2,165
4,576
1,886
34,075
29,141
8372
1731
2,082
3,830
2,251
3,089
4,706
1,557
44,097
37,332
9655
3821
2,682
4,403
3,028
4,089
6,504
2,281
47,853
39,473
11597
3624
2,633
4,998
2,967
4,033
7,873
3,207
46,978
39,817
12000
2920
2450
5,286
3,206
4,006
6,933
2,647
44,785
38,639
10217
2228
2,572
5,732
3,715
4,291
5,876
1,733
44,817
39,005
8419
3017
3118
5,887
3,687
4,765
5,526
1,316
41,180
35,265
6203
3854
2754
5,728
3,444
4,274
5,619
1,558
40,348
35,599
5856
3069
3005
5822
3,353
5,123
4,493
910
47,434
42,865
5763
3506
3990
7576
4,058
7,106
4,329
779
31
International organizations and unallocated
33
88
65
65
33
192
137,152
17,368
69,716
141,900
21,097
74,000
127,254
20651
63228
128 353
15256
58146
140 991
13771
65 105
140 517
11409
63817
150 690
10470
62809
164 857
10709
74004
Memoranda:
32
33
34
Industrial countries 6
Members of OPEC 6
Other countries "
See footnotes on page 67.
...
87,948
14,846
39,260
115,930
14,556
53987
47
SURVEY OF CURRENT BUSINESS
June 1988
Merchandise Trade
of dollars]
Not seasonally adjusted
1986
I
II
I
III
IV
58,575
54,237
58,541
46
35
42
52
58
58
170
67
162
152
55,117
Seasonally adjusted
1987
1986
III
IV
I"
62,271
70,096
75,626
54,956
52
59
74
60
147
363
56
14
II
57,806
1988
62,511
314
321
313
350
367
423
399
418
-1,300
-950
-869
-1,430
-1,221
-1,685
-1,396
-1,384
II
I
1
1987
I
III
IV
57,371
56,677
57,466
46
35
42
52
58
58
170
67
162
152
57,423
1988
Line
ra
IV
65,458
68,834
75,240
52
59
74
60
2
147
363
56
14
3
4
5
6
II
60,969
IP
426
323
304
321
350
376
399
411
421
428
-1,076
-1,300
-950
-869
-1,436
-1,221
-1,685
-1,396
-1,384
-1,076
v-
1
31
16
30
41
3
-19
6
14
5
31
16
30
41
3
-19
6
14
5
7
54,266
58,167
53,820
57,716
57,165
61,429
61,702
69,274
75,055
54,113
56,946
56,268
56,642
56,791
59,864
64,902
68,013
74,672
8
86,459
91,596
92,405
95,212
93,111
100,807
103,299
108,826
105,698
88,895
89,735
92,864
94,178
96,040
98,899
103,429
107,675
108,728
9
278
697
336
456
-280
206
487
365
279
-275
174
180
325
—304
-348
214
799
384
— 164
-296
241
264
418
242
170
451
256
560
441
247
1,139
429
228
1,573
486
247
1,139
429
228
1,573
486
-345
-378
214
799
384
-164
-296
256
560
441
-370
174
180
325
-304
-348
242
170
451
-330
206
487
365
279
-275
241
264
418
-285
278
697
336
456
-280
-285
-330
-370
-345
-378
10
11
12
13
14
76
10
98
59
-16
-16
251
60
-20
76
10
98
59
-16
-16
251
60
-20
15
87,110
92,668
92,531
96,207
93,734
101,324
104,436
110,356
107,588
89,546
90,807
92,989
95,174
96,662
99,416
104,567
109,205
110,617
16
54,266
58,167
53,820
57,716
57,165
61,429
61,702
69,274
75,055
54,113
56,946
56,268
56,642
56,791
59,864
64,902
68,013
74,672
1
15,292
13,331
1,354
1,848
2,598
1,188
1,918
2,864
1,561
1,961
14,903
12,728
1,389
1,746
2,425
1,302
1,707
2,844
1,315
2,175
14,026
11,772
1,273
1,792
2,339
990
1,529
2,559
1,290
2,254
16,409
14,251
1,446
1,780
3,129
1,274
2,096
2,931
1,595
2,158
17,024
14,921
1,487
1,852
2,974
1,409
2,281
3,288
1,630
2,103
17,091
14,824
1,454
1,969
2,716
1,435
1,889
3,597
1,764
2,267
15,862
13,721
1,587
1,857
2,650
1,174
1,756
3,254
1,443
2,141
18,781
16,194
1,613
2,281
3,208
1,450
2,132
3,652
1,858
2,587
21,646
18,744
1,841
2,634
3,643
1,639
2,472
4,462
2,053
2,902
15,263
13,306
1,356
1,852
2,598
1,184
1,894
2,873
1,549
1,957
14,586
12,468
1,353
1,694
2,373
1,279
1,706
2,763
1,300
2,118
14,685
12,337
1,326
1,865
2,445
1,041
1,628
2,668
1,364
2,348
16,096
13,971
1,427
1,755
3,075
1,250
2,022
2,894
1,548
2,125
16,943
14,846
1,482
1,851
2,955
1,399
2,252
3,293
1,614
2,097
16,664
14,460
1,411
1,912
2,647
1,407
1,867
3,486
1,730
2,204
16,682
14,442
1,657
1,942
2,788
1,235
1,882
3,396
1,542
2,240
18,469
15,912
1,591
2,254
3,158
1,427
2,057
3,616
1,809
2,557
21,548
18,651
1,839
2,632
3,626
1,630
2,436
4,465
2,023
2,897
2
3
4
5
6
7
8
9
10
11
13,795
5,425
1,867
15,336
7,827
1,574
13,232
6,593
1,764
14,238
6,499
1,910
14,326
5,809
1,635
15,888
6,486
1,915
14,206
7,515
1,913
16,672
7,794
1,940
16,848
8,770
1,918
13,848
5,376
1,873
14,964
7,703
1,518
13,656
6,952
1,834
14,133
6,313
1,890
14,347
5,710
1,636
15,399
6,378
1,851
14,796
7,959
1,993
16,550
7,557
1,923
16,867
8,673
1,921
12
13
14
846
530
275
393
340
697
572
629
1,168
816
547
295
386
323
705
632
578
1,108
15
7,059
782
3,067
696
2,514
7,962
824
3,318
845
2,975
7,879
1,181
2,993
766
2,939
7,987
1,116
2,990
795
3,086
7,613
727
3,346
667
2,873
8,473
909
3,557
842
3,165
9,368
1,320
3,744
984
3,320
9,587
1,163
3,935
1,055
3,434
9,711
994
4,334
1,024
3,359
7,036
778
3,065
692
2,501
7,780
797
3,241
831
2,911
8,247
1,242
3,119
803
3,083
7,824
1,086
2,943
776
3,019
7,553
722
3,328
658
2,845
8,247
882
3,456
822
3,087
9,823
1,372
3,916
1,086
3,499
9,418
1,143
3,882
1,032
3,361
9,685
996
4,330
1,018
3,341
16
17
18
19
20
9,982
8,783
1,540
876
730
1,392
849
1,176
1,133
250
10,035
8,923
1,471
850
706
1,517
814
1,232
1,051
201
10,051
8,805
1,337
628
746
1,450
865
1,241
1,178
254
10,280
9,088
1,508
715
823
1,463
825
1,474
1,131
205
10,418
9,332
1,298
863
912
1,671
959
1,333
1,046
193
10,879
9,763
1,369
704
909
1,867
973
1,578
1,051
205
12,266
11,120
1,460
839
1,037
1,998
994
1,715
1,083
164
13,871
12,650
1,636
1,100
1,132
2,040
1,132
2,480
1,149
217
14,994
13,754
1,837
1,096
1,192
2,401
1,259
3,181
1,163
288
9,901
8,738
1,538
880
726
1,376
851
1,167
1,097
240
9,848
8,726
1,439
824
691
1,492
788
1,220
1,062
203
10,599
9,261
1,414
653
782
1,538
898
1,311
1,265
274
10,000
8,874
1,465
712
806
1,416
816
1,425
1,069
193
10,279
9,225
1,279
860
904
1,636
961
1,310
1,014
188
10,620
9,516
1,343
685
886
1,830
941
1,548
1,039
206
13,017
11,764
1,558
880
1,090
2,140
1,034
1,820
1,186
181
13,518
12,361
1,583
1,081
1,110
1,970
1,122
2,428
1,090
204
14,870
13,662
1,817
1,094
1,189
2,366
1,261
3,166
1,131
278
21
22
23
24
25
26
27
28
29
30
31
36,379
2,637
15,250
39,640
2,681
15,846
35,615
2,505
15,700
39,056
2,647
16,013
38,794
2,293
16,078
41,380
2,593
17,456
39,496
2,764
19,442
45,187
3,059
21,028
49,182
3,304
22,569
36,360
2,618
15,135
38,771
2,634
15,541
37,127
2,646
16,495
38,432
2,572
15,638
38,636
2,259
15,896
40,292
2,545
17,027
41,430
2,938
20,534
44,499
2,967
20,547
49,009
3,267
22,396
32
33
34
SURVEY OF CURRENT BUSINESS
48
June 1988
Table 3.—U.S. Merchandise
[Millions
Line
1987
1978
1979
1980
1981
1982
1983
1984
1985
1986
176 001
212 009
249,750
265063
247 642
268,900
332,422
338,083
368,516
409,850
36608
29,049
1,762
4,067
9,969
4,107
1,590
6,470
1,009
7,559
41817
33,219
1,739
4,781
10,952
4,922
1,851
8,004
1,032
8,598
47235
36,077
1,912
5,261
11,692
4,298
1,895
9,842
1,137
11,158
52864
41,416
2,281
5,838
11,388
5,179
2,348
12,742
1,693
11,448
52900
42,342
2,386
5,531
11,902
5,289
2,476
13,042
1,696
10,558
55623
45,161
2,502
6,185
13,163
5,695
3,029
12,660
1,927
10,462
72054
57,774
3,089
7,957
17,426
8,056
4,126
14,418
2,702
14,280
77454
62,591
3,269
8,907
19,535
9,355
4,111
14,475
2,939
14,863
89,039
74,231
3,941
9,546
24,543
10,353
4,099
15,079
6,670
14,808
96,215
81,527
4,224
10,450
26,952
11,035
4,806
17,209
6,851
14,688
33,756
24540
4440
39227
26260
5493
42,901
31,216
6,532
48,253
37,597
5,608
48,523
37,683
5,033
55,982
42,844
5,443
67,630
60,210
5,632
70,394
65,653
5,601
69,621
80,766
5,948
73,647
84,548
5,354
B Merchandise trade, by area6 and country, adjusted to balance of payments
basis, excluding military — Continued:
IMPORTS
35 Total, all countries (A-16) .. .
36
37
38
39
40
41
42
43
44
45
Western Europe
European Communities
Belgium and Luxembourg
France
Germany, Federal Republic of
Italy
NetherlandsUnited Kingdom
Other
,
Western Europe, excluding EC
46
47
48
Canada 2
Japan
Australia, New Zealand, and South Africa
49
Eastern Europe
1,508
1896
1,444
1,553
1,066
1,413
2,217
1,847
1,979
1,919
50
51
52
53
54
Latin America and Other Western Hemisphere
Brazil
Mexico
Venezuela
Other
23,038
2826
6091
3589
10,532
30532
3133
8798
5204
13,397
37,522
3,793
12,581
5,314
15,834
39,096
4,475
13,767
5,563
15,294
38,554
4,808
15,556
4,761
13,434
42,836
5,132
17,243
5,011
15,450
48,364
7,754
18,076
6,660
15,874
46,109
7,195
19,104
6,521
13,289
42,064
6,990
17,711
4,811
12,552
47,314
8,178
20,322
5,642
13,172
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
51,359
35,683
16,162
326
3,476
3,746
1068
5174
15500
12794
65,599
42,425
19,306
594
3,998
4,047
1467
5908
22965
19699
81,613
49,931
22,792
1,057
4,739
4,244
1,921
6,854
31,103
26620
80,092
55,296
23,330
1,892
5,422
5,141
2,114
8,049
24,648
20020
63,860
47,894
14,784
2,284
5,531
5,667
2,193
8,892
15,941
10,840
64,758
52,200
10,933
2,314
6,615
7,475
3,032
11,611
12,472
7,894
76,315
64,423
11,629
3,114
8,357
9,857
3,959
15,429
11,793
6,801
71,025
60,777
8,459
3,830
7,936
9,980
4,127
15,480
9,890
5,945
79,099
71,301
8,318
4,690
8,787
12,807
4,591
19,761
7,692
4,308
100,853
90,178
11,522
6,298
9,833
16,962
6,152
24,605
10,595
5,937
65
International organizations and unallocated
752
1 185
1287
23
1
99344
33286
42,619
112797
45039
52,988
127 884
55602
64,977
144 322
49934
70,807
144 139
31517
71,963
159,893
25282
83,724
205,526
26,852
100,044
219,102
22,680
96,301
245,374
18,894
104,248
259,764
24,367
125,719
33947
27 536
25481
27 978
36444
67080
2938
2729
1,920
191
2765
736
3253
807
114
209
12360
9*255
3,484
882
2258
*463
4483
2,682
12244
9950
3,362
1 593
886
236
5,010
-259
6801
4563
2,767
1663
2689
648
4,979
2,348
175
1385
2,553
156
4522
1748
4,257
2,088
3,105
20368
17389
4,761
2278
243
1 308
5559
2,976
556
2,979
2527
11580
227
537
8631
59
1275
10410
585
.
.
.
.
.
.
.
.
Memoranda:
Industrial countries6 6
Members of OPEC
Other countries 6
66
67
68
BALANCE (EXCESS OF EXPORTS +)
69 Total all countries
70
71
72
73
74
75
76
77
Western Europe
European Communities
Belgium and Luxembourg
France
Germany Federal Republic of
Italy
Netherlands
United Kingdom
79
Western Europe, excluding EC
80
81
82
Canada 2
Japan
Australia New Zealand and South Africa
83
Eastern Europe
84
85
86
87
88
Latin America and Other Western Hemisphere .. .
Brazil
Mexico
Venezuela .
Other
89
90
91
92
93
94
95
96
97
98
Other countries in Asia and Africa
Asia
Members of OPEC
China
Hong Kong
Korea, Republic of
Singapore
Taiwan
Africa
Members of OPEC
99
International organizations and unallocated
-.
.... . .
2,294
2,238
2,237
- 15,801
3372
-9320
- 16,989
2623
1,210
-11,470
-21,055
1 161
112,522 -122,148 -144,547 -160,280
-21,439
— 17,400
1,536
2810
10596
4,798
3,130
-3,388
-28,409
-22,149
1,521
-2,380
-14,052
—5,599
3,151
3,881
3,793
4,039
-6,260
-27,457
-21,867
1,917
-2,491
-15,404
—5,567
3,252
3,418
i fjfi
-5,590
-14,593
-36,969
2217
-15,004
43,508
1,366
13,020
54,422
1,167
-12,555
-56,944
2,049
15187
11394
2,105
1902
8651
3746
3,360
-2,217
2385
4017
2699
2887
2683
1,563
2,073
1,411
65
319
-1005
133
598
138
-1874
1,977
292
1133
1271
2431
1,322
566
2650
740
-1,154
3,708
691
4440
-122
78
-5,402
1362
3820
431
-655
-17,195
2576
8,149
-2,304
-4,166
-18,598
5008
-6056
—3,274
-4,260
-15,321
3,884
-5,719
-3,458
-2,262
11,177
-3,087
-5,343
1,709
-1,038
-12,273
-4,059
-5,740
2,094
-380
23 179
12217
7 529
537
-1851
-817
384
-3,009
-10,924
-10,908
31 524
13284
10934
1 137
-1,916
-217
784
-2,819
-18,259
- 18,142
37516
12599
13 137
2*764
-2,057
159
1,107
-2,765
-24,599
-24,339
32 239
15823
11 733
1732
-2,789
-143
853
-4,016
-16,775
-16,813
16 882
8077
2784
'636
-3,081
-381
1013
-4,886
-9,008
-8,193
19973
13561
716
86
-4,043
-1,743
683
-7,320
-6,596
-6,161
31 498
25417
3210
' 97
-5,239
-3,970
-273
- 10,663
-6,267
-5,485
29845
25512
2256
24
-5,182
-4,252
-683
-11,206
-4,271
-4,387
38751
35702
2462
1621
-5,782
-6,985
-1,238
-14,638
-3,199
-3,398
-53,419
47 313
5759
2792
-5,843
-9,386
-2,094
-17,499
-6,266
-5,158
-1,185
-1,254
88
42
64
33
192
3,133
-30,483
999
9,268
-38,234
4739
-2,422
-28,837
3193
-16,885
-10,866
8735
-31,540
-10,026
25578
-64,535
-13,081
34939
-78,585
-11,271
32484
-94,684
-8,424
41 439
-94,907
-13,658
51715
-752
Memoranda:
100
101
102
Industrial countries6 6
Members of OPEC
Other countries 6
See footnotes on page 67.
-11,396
-18,440
3359
49
SURVEY OF CURRENT BUSINESS
June 1988
Trade—Continued
of dollars]
Seasonally adjusted
Not seasonally adjusted
I
II
III
IV
I
1986
1988
1987
1986
II
III
IV
I"
I
II
1987
III
rv
I
II
1988
III
IV
I"
Line
87,110
92,668
92,531
96,207
93,734
101,324
104,436
110,356
107,588
89,546
90,807
92,989
95,174
96,662
99,416
104,567
109,205
110,617
35
21,027
17,048
860
2,195
5,598
2,535
929
3,442
1,489
3,979
22,844
18,983
1,196
2,675
6,081
2,444
1,060
3,857
1,670
3,861
21,566
18,516
939
2,285
6,172
2,750
1,039
3,643
1,688
3,050
23,602
19,684
946
2,391
6,692
2,624
1,071
4,137
1,823
3,918
22,295
18,837
877
2,316
6,424
2,633
986
4,022
1,579
3,458
23,964
20,170
1,017
2,604
6,999
2,657
996
4,232
1,665
3,794
23,016
19,588
1,071
2,587
6,179
2,804
973
4,249
1,725
3,428
26,940
22,932
1,259
2,943
7,350
2,941
1,851
4,706
1,882
4,008
25,301
21,319
1,174
2,811
6,672
2,847
1,832
4,198
1,785
3,982
21,638
17,555
887
2,266
5,772
2,607
954
3,539
1,530
4,083
22,373
18,593
1,172
2,617
5,950
2,392
1,040
3,783
1,639
3,780
21,677
18,611
945
2,297
6,203
2,761
1,045
3,663
1,697
3,066
23,351
19,473
937
2,366
6,618
2,593
1,060
4,095
1,804
3,878
23,027
19,456
906
2,398
6,645
2,719
1,014
4,144
1,630
3,571
23,483
19,765
999
2,549
6,850
2,602
978
4,155
1,632
3,718
23,042
19,610
1,073
2,591
6,185
2,806
974
4,254
1,727
3,432
26,663
22,696
1,246
2,912
7,272
2,908
1,840
4,656
1,862
3,967
26,027
21,937
1,209
2,900
6,880
2,933
1,860
4,317
1,838
4,090
36
37
38
39
40
41
42
43
44
45
17,128
17,836
1,395
18,306
20,523
1,377
16,299
21,112
1,479
17,888
21,295
1,697
18,024
19,519
1,278
18,528
21,127
1,356
17,072
21,282
1,470
20,023
22,620
1,250
20,637
20,960
1,652
17,615
18,396
1,436
17,939
20,086
1,347
16,374
21,221
1,486
17,693
21,063
1,679
18,580
20,185
1,319
18,172
20,681
1,328
17,084
21,302
1,471
19,811
22,380
1,236
21,219
21,610
1,700
46
47
48
455
590
478
456
426
489
500
504
514
467
580
480
452
437
482
501
499
526
49
11,041
1,650
4,753
1,340
3,298
10,456
1,808
4,406
1,186
3,056
9,966
1,720
4,076
1,123
3,047
10,601
1,812
4,476
1,162
3,151
10,868
1,709
4,680
1,311
3,168
11,726
1,858
5,197
1,375
3,296
12,113
2,264
5,005
1,532
3,312
12,607
2,347
5,440
1,424
3,396
12,736
2,369
5,705
1,200
3,462
11,299
1,698
4,869
1,354
3,378
10,264
1,770
4,321
1,176
2,997
10,012
1,728
4,094
1,129
3,061
10,489
1,794
4,427
1,153
3,115
11,149
1,763
4,813
1,322
3,251
11,550
1,823
5,109
1,373
3,245
12,136
2,268
5,015
1,538
3,315
12,479
2,324
5,385
1,409
3,361
13,057
2,434
5,860
1,211
3,552
50
51
52
53
54
18,228
16,132
2,425
1,114
1,853
2,686
988
4,120
2,074
1,153
18,572
16,815
1,913
979
1,967
3,095
1,081
4,682
1,733
945
21,631
19,590
1,997
1,324
2,519
3,666
1,220
5,597
2,001
1,096
20,668
18,764
1,983
1,273
2,448
3,360
1,302
5,362
1,884
1,114
21,324
19,443
2,122
1,573
2,078
3,476
1,327
5,479
1,868
943
24,134
21,602
2,335
1,516
2,280
4,339
1,454
6,209
2,510
1,426
28,983
25,640
3,894
1,721
2,918
4,696
1,648
6,713
3,324
1,945
26,412
23,493
3,171
1,488
2,557
4,451
1,723
6,204
2,893
1,623
25,788
23,378
2,928
1,829
2,214
4,510
1,756
5,926
2,392
1,300
18,695
16,572
2,452
1,142
1,911
2,768
1,018
4,249
2,100
1,162
18,218
16,481
1,894
959
1,925
3,029
1,059
4,582
1,713
939
21,739
19,688
2,007
1,330
2,532
3,686
1,226
5,626
2,011
1,102
20,447
18,560
1,965
1,259
2,420
3,324
1,288
5,304
1,868
1,106
21,965
20,057
2,149
1,622
2,149
3,599
1,372
5,667
1,895
949
23,720
21,196
2,328
1,484
2,232
4,251
1,424
6,078
2,502
1,429
29,031
25,677
3,905
1,722
2,922
4,705
1,650
6,720
3,335
1,952
26,137
23,248
3,140
1,470
2,530
4,407
1,706
6,139
2,863
1,608
26,478
24,037
2,958
1,883
2,283
4,650
1,809
6,110
2,420
1,309
55
56
57
58
59
60
61
62
63
64
65
57,386
5,300
24,424
63,050
4,375
25,243
60,456
4,580
27,495
64,482
4,639
27,086
61,116
4,706
27,912
64,975
5,372
30,977
62,840
7,654
33,942
70,833
6,635
32,888
68,550
5,744
33,294
59,085
5,356
25,105
61,745
4,334
24,728
60,758
4,604
27,627
63,786
4,600
26,788
63,111
4,758
28,793
63,664
5,361
30,391
62,899
7,678
33,990
70,090
6,570
32,545
70,556
5,802
34,259
-32,844
-34,501
-38,711
-38,491
-36,569
-39,895
-42,734
-41,082
-32,533
-35,433
-33,861
-36,721
-38,532
-39,871
-39,552
-39,665
-41,192
-35,945
69
-5,735
-3,717
494
-347
-3,000
-1,347
989
-578
72
-2,018
-7,941
-6,255
193
-929
-3,656
-1,142
647
-1,013
-355
-1,686
-7,540
-6,744
334
-493
-3,833
-1,760
490
-1,084
-398
-796
-7,193
-5,433
500
-611
-3,563
-1,350
1,025
-1,206
-228
-1,760
-5,271
-3,916
610
-464
-3,450
-1,224
1,295
-734
51
-1,355
-6,873
-5,346
437
-635
-4,283
-1,222
893
-635
99
-1,527
-7,154
-5,867
516
-730
-3,529
-1,630
783
-995
-282
-1,287
-8,159
-6,738
354
-662
-4,142
-1,491
281
-1,054
-24
-1,421
-3,655
-2,575
667
-177
-3,029
-1,208
640
264
268
-1,080
-6,375
-4,249
469
-414
-3,174
-1,423
940
-666
19
-2,126
-7,787
-6,125
181
-923
-3,577
-1,113
666
-1,020
-339
-1,662
-6,992
-6,274
381
-432
-3,758
-1,720
583
-995
-333
-718
-7,255
-5,502
490
-611
-3,543
-1,343
962
-1,201
-256
-1,753
-6,084
-4,610
576
-547
-3,690
-1,320
1,238
-851
-16
-1,474
-6,819
-5,305
412
-637
-4,203
-1,195
889
-669
98
-1,514
-6,360
-5,168
584
-649
-3,397
-1,571
908
-858
-185
-1,192
-8,194
-6,784
345
-658
-4,114
-1,481
217
-1,040
-53
-1,410
-4,479
-3,286
630
-268
-3,254
-1,303
576
148
185
-1,193
70
71
72
73
74
75
76
77
78
79
-3,333
-12,411
472
-2,970
-12,696
197
-3,067
-14,519
285
-3,650
-14,796
213
-3,698
-13,710
357
-2,640
-14,641
559
-2,866
-13,767
443
-3,351
-14,826
690
-3,789
-12,190
266
-3,767
-13,020
437
-2,975
-12,383
171
-2,718
-14,269
348
-3,560
-14,750
211
-4,233
-14,475
317
-2,773
-14,303
523
-2,288
-13,343
522
-3,261
-14,823
687
-4,352
-12,937
221.
80
81
82
66
67
68
391
-60
-203
-63
-86
208
72
125
654
349
-33
-185
-66
-114
223
131
79
582
83
-3,982
-868
-1,686
-644
784
-2,494
-984
-1,088
-341
81
-2,087
-539
-1,083
-357
— 108
-2,614
-696
-1,486
-367
—65
-3,255
-982
-1,334
-644
— 295
-3,253
-949
-1,640
-533
— 131
-2,745
-944
-1,261
-548
8
-3,020
-1,184
-1,505
-369
38
-3,025
-1,375
-1,371
-176
—103
-4,263
-920
-1,804
-662
-877
-2,484
-973
-1,080
-345
—86
-1,765
-486
-975
-326
22
-2,665
-708
-1,484
-377
—96
-3,596
-1,041
-1,485
-664
—406
-3,303
-941
-1,653
-551
— 158
-2,313
-896
-1,099
-502
184
-3,061
-1,181
-1,503
-377
-3,372
-1,438
-1,530
-193
211
84
85
86
87
88
-8,246
-7,349
-885
-238
-1,123
-1,294
-139
-2,944
-941
-903
-8,537
-7,892
-442
-129
-1,261
-1,578
-267
-3,450
-682
-744
-11,580
-10,785
-660
-696
-1,773
-2,216
-355
-4,356
-823
-842
-10,388
-9,676
-475
-558
-1,625
-1,897
-477
-3,888
-753
-909
-10,906
-10,111
-824
-710
-1,166
-1,805
-368
-4,146
-822
-750
-13,255
-11,839
-966
-812
-1,371
-2,472
-481
-4,631
-1,459
-1,221
-16,717
-14,520
-2,434
-882
-1,881
-2,698
-654
-4,998
-2,241
-1,781
-12,541
-10,843
-1,535
-388
-1,425
-2,411
-591
-3,724
^1,744
-1,406
-10,794
-9,624
-1,091
-733
-1,022
-2,109
-497
-2,745
-1,229
-1,012
-8,794
-7,834
-914
-262
-1,185
-1,392
-167
-3,082
-1,003
-922
-8,370
-7,755
-455
-135
-1,234
-1,537
-271
-3,362
-651
-736
-11,140
-10,427
-593
-677
-1,750
-2,148
-328
-4,315
-746
-828
-10,447
-9,686
-500
-547
-1,614
-1,908
-472
-3,879
-799
-913
-11,686
-10,832
-870
-762
-1,245
-1,963
-411
-4,357
-881
-761
-13,100
-11,680
-985
-799
-1,346
-2,421
-483
-4,530
-1,463
-1,223
-16,014
-13,913
-2,347
-842
-1,832
-2,565
-616
-4,900
-2,149
-1,771
-12,619
-10,887
-1,557
-389
-1,420
-2,437
-584
-3,711
-1,773
-1,404
-11,608
-10,375
-1,141
-789
-1,094
-2,284
-548
-2,944
-1,289
-1,031
89
90
91
92
93
94
95
96
97
98
99
-21,007
-2,663
-9,174
-23,410
-1,694
-9,397
-24,841
-2,075
-11,795
-25,426
-1,992
-11,073
-22,322
-2,413
-11,834
-23,595
-2,779
-13,521
-23,344 -25,646
-3,576
-4,890
- 14,500 -11,860
-19,368
-2,440
-10,725
-22,725
-2,738
-9,970
-22,974
-1,700
-9,187
-23,631
-1,958
-11,132
-25,354
-2,028
-11,150
-24,475
-2,499
-12,897
-23,372
-2,816
-13,364
-21,469
-4,740
-13,456
-25,591
-3,603
-11,998
-21,547
-2,535
-11,863
100
101
102
SURVEY OF CURRENT BUSINESS
50
June 1988
Table 3.—U.S. Merchandise
[Millions
Line
C
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
Merchandise trade, by principal end-use
category, adjusted to balance of
payments basis, excluding military:2
1 Merchandise exports, balance of payments basis, excluding military (A-8)
142,054
184,473
224,269
237,085
211,198
201,820
219,900
215,935
223,969
249,570
2
3
Agricultural products
Nonagricultural products
29,885
112,169
35,593
148,880
42,157
182,112
44,035
193,050
37,231
173,967
37,140
164,680
38,401
181,499
29,573
186,362
27,357
196,612
29,517
220,053
4
Foods feeds, and beverages
25,287
30,171
35,893
38,338
31,783
31,754
31,790
24,140
23,129
24,588
24179
13,367
4600
5294
5,201
1028
1,947
2,636
28,843
16,598
5,583
7017
5,739
1187
2,361
2,958
34,640
20,737
6,658
8,547
5,888
1359
3,089
3,567
36,956
21,995
8,153
8,009
6,229
1,565
3,407
3,760
30,515
17,032
6,920
5,637
6,251
1,366
2,886
2,980
30,551
18,092
6,651
6,523
5,817
1,251
2,632
2,759
30,650
18,065
6,672
7,036
5,299
1,277
2,661
3,348
22,870
12,557
3,863
5,202
3,748
1,221
2,573
2,771
21,350
9,758
3,288
2,659
4,315
1,497
2,869
2,911
22,608
10,485
3,268
3,250
4,330
1,856
3,163
2,774
1,108
832
1,328
1,020
1,253
904
1,382
1,073
1,268
985
1,203
912
1,140
845
1,270
1,019
1,779
1,282
1,980
1,587
38,820
57,812
71,583
69,743
63,622
58,416
63,296
60,275
64,068
69,115
5,286
1,754
1,358
914
1,253
6,236
2,213
1,184
1,313
1,502
6,954
2,880
1,334
1,037
1,671
6,529
2,278
1,458
1,021
1,773
6,257
1,980
1,547
1,017
1,713
6,164
1,845
1,465
1,004
1,791
7,271
2,488
1,541
1,372
1,820
6,272
1,612
1,499
1,303
1,812
5,387
823
1,204
1,509
1,670
6,344
1,651
1,091
1,731
1,791
33,534
4,775
4,771
2,132
1858
51,576
6,844
6,841
3,507
2329
64,629
9,307
9,269
4,800
3,487
63,214
11,948
11,926
6,019
4676
57,365
14,400
14,395
6,113
6,953
52,252
10,831
10,828
4,114
5,304
56,025
10,935
10,924
4,239
5,126
54,003
11,426
11,417
4,543
5,413
58,681
9,956
9,945
4,060
4,532
62,771
9,221
9,211
3,503
4,667
2544
2507
9850
2567
2,628
3276
3691
13996
3670
3,811
4,871
4,258
17,156
3750
4,786
4841
4276
16831
3293
5,093
4,235
3,280
15,562
3,067
4,686
4,185
2,793
15,282
3,309
5,126
4,503
3,090
17,439
3,134
5,294
3,996
2,995
16,680
3,036
5,354
4,683
3,145
17,163
3,333
6,243
5,961
3,641
20,482
4,246
6,377
,
8,663
927
1,628
3,283
1 168
230
1,884
2,825
16,288
1464
2,075
9,280
5371
'688
3,221
3,479
20,502
1,605
2 923
11,738
4259
2273
5,206
4,236
16,935
956
2,724
8,723
4447
647
3,629
4,532
12,135
823
1,957
5,591
2,232
400
2,959
3,764
10,725
904
1,517
5,166
1,785
709
2,672
3,138
11,631
1,247
1,393
5,652
2,172
492
2,988
3,339
10,515
1,258
1,249
5,029
1,740
358
2,931
2,979
14,158
1,334
1,179
8,622
5,648
350
2,624
3,023
12,843
1,244
1,390
6,401
2,598
434
3,369
3,808
,
46,714
59,183
75,140
82,426
74,345
69,230
74,273
76,519
79,342
88,100
38536
4,085
34,451
6,675
2646
1487
2001
10,693
47641
5,053
42,588
7,478
3476
1742
2545
12^874
59278
6,267
53,011
9,483
4337
2202
3203
15,691
66517
7,117
59,400
11,192
4726
2610
3740
17,188
62,355
6,912
55,443
9,901
4,496
2002
3726
14,746
56511
6,342
50,169
6,037
3730
1446
3610
12,395
62,777
6,997
55,780
5,886
3,478
1,543
3,920
13,257
61,684
6,324
55,360
6,418
3,249
1,623
4,011
12,194
62,760
7,544
55,216
5,356
2,926
1,848
3,829
12,020
70,647
8,431
62,218
4,757
3,089
2,036
4,223
13,888
4,115
1516
2214
994
1,655
5,377
2069
2504
1203
2,115
7,450
2786
2,791
1,378
2,456
8,478
2837
3247
1,482
2,943
8,937
3,063
3,449
1,407
2,958
10,398
3,683
3,596
1,432
2,921
13,467
4,764
3,511
1,453
3,016
13,702
3,627
3,863
1,275
3,141
14,311
4,056
4,074
1,125
3,476
17,357
5,434
4,667
1,432
4,005
7129
3,657
1,049
10373
6,297
1,169
14103
8,601
1,759
13703
8,809
2,206
9,712
4,906
2,278
10,891
5,818
1,828
9,758
4,143
1,738
13,046
6,716
1,789
14,793
7,334
1,789
15,871
7,525
1,582
15522
18065
17,088
19284
16,984
18,316
22,147
24,728
24,917
26,290
10,443
2617
1094
1135
5597
11,810
3289
1501
1209
5811
10,194
3037
1003
1092
5062
11,464
3155
1096
1347
5866
10,698
2344
745
1375
6234
13,840
3857
1071
1632
7280
17,098
4565
1701
1868
8964
19,349
5,722
2,096
1,982
9,549
19,407
7,002
2,431
1,728
8,246
19,302
6,274
2,564
1,868
8,596
5079
1025
1,643
537
1874
6255
1400
1768
701
2386
6894
959
1963
827
3,145
7820
841
2131
'916
3932
6286
579
1666
856
3185
4476
391
907
711
2467
5049
305
724
939
3081
5,379
342
645
932
3460
5,510
521
611
902
3,476
6,988
1,167
732
932
4157
10,520
12899
16311
16142
14538
13968
13818
13134
14612
17952
5,260
1,521
4,570
2,047
532
6423
1,722
5398
2374
718
7,652
2,072
7,522
2,969
753
8375
2,312
6665
3256
584
8013
2,427
5,690
2783
418
7757
2,653
5168
2461
500
7961
2,791
5044
2430
473
7726
2,863
4539
2053
'501
8532
3,203
5035
2069
627
10312
3,393
6576
2684
794
5,191
6,343
8,254
11 152
9926
10136
14576
17139
17901
23525
2,690
3,208
4,209
6,407
5,029
5,554
8,780
10,938
10,704
14,621
2 501
3 135
4045
4745
4897
4582
5796
6201
7 197
8904
5
6
7
g
9
10
11
12
Agricultural
Grains and preparations
Wheat
Corn
Soybeans
Meat products and poultry
Vegetables, fruits, nuts, and preparations
Other agricultural foods, feeds, and beverages
13
14
Nonagricultural (fish distilled beverages, etc ) . .
Fish and shellfish
.
.
15
.
Industrial supplies and materials
16
17
18
19
20
Agricultural
Raw cotton
Tobacco unmanufactured
Hides and skins including furskins
Other agricultural industrial supplies
21
22
23
24
25
Nonagricultural
Energy products
Fuels and lubricants 7
Coal and related fuels
Petroleum and products
26
27
28
29
30
Paper and paper base stocks
Textile supplies and related materials
Chemicals excluding medicinals
Building materials except metals
Other nonmetals
31
32
33
34
35
36
37
38
Metals and nonmetalic products
Steelmaking materials
Iron and steel products
Nonferrous metals
Nonmonetary gold
Other precious metals
Other nonferrous metals
Other metal and nonmetalic products
39
. . . .
,
Capital goods, except automotive
40
41
42
43
44
45
46
47
Machinery, except consumer-type
Electric generating machinery, electric apparatus, and parts
Nonelectric, including parts and attachments
Oil drilling, mining, and construction machinery
Industrial engines, pumps and compressors
Machine tools and metalworking machinery
Measuring, testing, and control instruments
Other industrial, agricultural, and service industry machinery
48
49
50
51
52
,
,
Computers, peripherals, and parts
Semiconductors
Telecommunications equipment
Other office and business machines
Scientific, hospital, and medical equipment and parts
53
54
55
Civilian aircraft, engines, and parts
Civilian aircraft, complete, all types
Other transportation equipment
56
Automotive vehicles, parts, and engines
57
58
59
60
61
To Canada
Passenger cars, new and used
Trucks, buses, and special purpose vehicles
Engines and engine parts .
Other parts and accesories
62
63
64
65
66
To other areas
Passenger cars, new and used.
Trucks, buses, and special purpose vehicles
Engines and engine parts
A
Other parts and accesories
67
,
. .
.
Consumer goods (nonfood), except automotive
68
69
70
71
72
73
74
75
Consumer nondurables, manufactured
Medical, dental, and pharmaceutical preparations, including vitamins
Consumer durables, manufactured
Household and kitchen appliances and other household goods
Unmanufactured consumer goods (gem stones, nursery stock)
Exports, n.e.c., and reexports
Other domestic exports and balance of payments adjustments not included
above (minimum value shipments and miscellaneous exports).
Foreign (reexports)
See footnotes on page 67.
51
SURVEY OF CURRENT BUSINESS
June 1988
Trade—Continued
of dollars]
Seasonally adjusted
Not seasonally adjusted
1986
I
II
54,266
58,167
III
IV
53,820
57,716
I
II
57,165
61,429
III
IV
I"
61,702
69,274
75,055
I
II
54,113
56,946
1988
1987
1986
1988
1987
III
IV
56,268
56,642
II
I
III
IV
Line
I"
56,791
59,864
64,902
68,013
74,672
1
6,486
50,305
7,118
52,746
8,287
56,615
7,626
60,387
9,018
65,654
2
3
7,639
46,627
6,000
52,167
5,847
47,973
7,871
49,845
7,078
50,087
6,724
54,705
7,054
54,648
8,661
60,613
9,652
65,403
7,176
46,937
6,532
50,414
6,639
49,629
7,010
49,632
6,364
5,095
5,356
6,314
5,605
5,546
6,411
7,026
7,668
6,167
5,574
5,604
5,784
5,343
5,876
7,022
6,347
7,497
4
6,087
2,902
870
1,098
1,504
324
653
704
4,711
2,000
745
449
929
342
656
784
4,619
2,414
1,045
426
447
371
627
760
5,933
2,442
628
686
1,435
460
933
663
5,287
2,451
604
679
1,132
398
686
620
5,137
2,564
749
944
718
454
754
647
5,639
2,739
1,093
772
933
457
754
756
6,545
2,731
822
855
1,547
547
969
751
7,212
3,572
1,192
979
1,558
462
835
785
5,770
2,817
943
1,049
1,189
336
700
728
5,113
2,165
816
456
1,132
349
693
774
5,147
2,463
881
544
874
382
694
734
5,320
2,313
648
610
1,120
430
782
675
4,902
2,323
665
628
785
416
740
638
5,390
2,727
826
925
782
462
782
637
6,565
2,846
914
960
1,688
471
832
728
5,751
2,589
863
737
1,075
507
809
771
6,862
3,481
1,303
924
1,187
483
901
810
5
6
7
8
9
10
11
12
277
193
384
239
737
607
381
243
318
237
409
310
772
673
481
367
456
358
397
308
461
317
457
332
464
325
441
355
486
387
457
364
596
481
635
529
13
14
14,616
17,638
15,948
15,866
15,723
17,300
17,273
18,819
21,332
14,852
17,262
16,305
15,649
15,852
16,847
17,742
18,674
21,401
15
1,409
203
293
437
439
1,151
105
247
393
341
1,107
185
166
333
380
1,720
330
498
346
510
1,622
372
323
470
435
1,455
382
247
452
357
1,292
341
132
385
420
1,975
556
389
424
579
2,253
762
405
532
542
1,278
163
311.
353
414
1,283
101
336
378
404
1,357
255
244
401
414
1,469
304
313
377
438
1,432
283
337
380
410
1,593
391
329
428
428
1,584
470
187
459
454
1,735
507
238
464
499
1,990
603
426
438
511
16
17
18
19
20
13,207
2,529
2,525
858
1,332
16,487
2,504
2,502
1,117
1,096
14,841
2,425
2,423
1,085
977
14,146
2,498
2,495
1,000
1,127
14,101
1,996
1,995
745
1,116
15,845
2,429
2,426
901
1,192
15,981
2,313
2,310
905
1,100
16,844
2,483
2,480
952
1,259
19,079
2,037
2,024
710
1,123
13,574
2,735
2,731
1,107
1,290
15,979
2,422
2,420
998
1,125
14,948
2,432
2,430
988
1,086
14,180
2,367
2,364
967
1,031
14,420
2,187
2,186
960
1,092
15,254
2,358
2,355
806
1,209
16,158
2,361
2,357
820
1,236
16,939
2,315
2,313
917
1,130
19,411
2,241
2,229
917
1,122
21
22
23
24
25
1,077
759
4,221
809
1,427
1,144
781
4,262
785
1,769
1,211
772
4,375
809
1,575
1,251
833
4,305
930
1,472
1,355
875
4,727
960
1,521
1,512
952
5,234
985
1,617
1,567
892
5,228
1,118
1,543
1,527
922
5,293
1,183
1,696
1,795
1,057
6,168
1,282
1,785
1,089
766
4,249
793
1,438
1,102
742
4,092
760
1,725
1,212
803
4,379
842
1,583
1,280
834
4,443
938
1,497
1,367
882
4,751
938
1,530
1,461
905
5,014
951
1,563
1,571
927
5,224
1,168
1,555
1,562
927
5,493
1,189
1,729
1,820
1,066
6,184
1,251
1,793
26
27
28
29
30
2,385
332
297
1,025
260
102
663
731
5,242
353
276
3,839
3,087
87
665
774
3,674
318
273
2,354
1,678
81
595
729
2,857
331
333
1,404
623
80
701
789
2,667
212
324
1,296
475
84
737
835
3,116
341
348
1,439
485
127
827
988
3,320
314
345
1,654
702
115
837
1,007
3,740
377
373
2,012
936
108
968
978
4,955
283
418
3,161
1,946
146
1,069
1,093
2,504
416
297
1,030
260
95
675
761
5,136
311
265
3,822
3,087
86
649
738
3,697
302
283
2,375
1,678
90
607
737
2,821
305
334
1,395
623
79
693
787
2,765
266
324
1,307
475
78
754
868
3,002
310
336
1,417
485
125
807
939
3,352
311
355
1,678
702
126
850
1,008
3,724
357
375
1,999
936
105
958
993
5,056
359
412
3,170
1,946
135
1,089
1,115
31
32
33
34
35
36
37
38
19,111
20,262
19,355
20,614
19,901
21,390
22,155
24,654
26,369
19,099
19,721
20,365
20,157
19,831
20,812
23,337
24,120
26,383
39
15,135
1,713
13,422
1,605
744
459
942
2,997
16,196
2,001
14,195
1,429
738
448
996
3,099
15,212
1,903
13,309
1,131
683
458
940
2,874
16,217
1,927
14,290
1,191
761
483
951
3,050
15,714
1,889
13,825
1,052
680
472
940
3,096
17,531
2,126
15,405
1,185
739
541
1,068
3,520
17,541
2,066
15,476
1,188
794
496
1,063
3,430
19,861
2,350
17,512
1,331
876
527
1,152
3,842
21,168
2,541
18,626
1,485
1,007
541
1,211
4,291
15,349
1,717
13,632
1,636
782
460
957
3,034
15,736
1,931
13,805
1,373
727
430
990
2,949
15,675
1,963
13,712
1,161
708
480
957
2,981
16,000
1,933
14,069
1,186
709
478
925
3,056
15,894
1,888
14,006
1,066
713
475
960
3,129
17,024
2,044
14,980
1,127
732
519
1,060
3,352
18,131
2,137
15,995
1,235
825
520
1,085
3,567
19,598
2,362
17,237
1,329
818
522
1,118
3,840
21,439
2,543
18,896
1,499
1,060
542
1,238
4,336
40
41
42
43
44
45
46
47
3,311
833
1,006
269
845
3,442
1,103
1,039
276
839
3,506
1,070
928
283
850
4,052
1,050
1,101
297
942
3,835
1,113
1,045
326
939
4,194
1,345
1,143
344
1,003
4,281
1,446
1,151
371
982
5,047
1,530
1,328
391
1,081
5,343
1,576
1,384
373
1,228
3,365
858
1,025
275
826
3,388
1,042
1,018
271
832
3,670
1,060
940
286
882
3,888
1,096
1,091
293
936
3,880
1,147
1,061
330
919
4,150
1,262
1,120
340
994
4,493
1,430
1,170
375
1,020
4,834
1,595
1,316
387
1,072
5,420
1,628
1,403
378
1,205
48
49
50
51
52
3,527
1,729
449
3,559
1,785
507
3,737
1,830
406
3,970
1,990
427
3,820
1,874
367
3,440
1,475
419
4,214
2,084
400
4,397
2,092
396
4,775
2,485
426
3,297
1,507
453
3,482
1,694
503
4,284
2,335
406
3,730
1,798
427
3,567
1,633
370
3,377
1,392
411
4,805
2,629
401
4,122
1,871
400
4,511
2,236
433
53
54
55
6,463
6,994
5,306
6,154
6,294
6,783
5,672
7,541
7,855
6,267
6,414
5,929
6,307
6,090
6,213
6,352
7,635
7,574
56
5,186
1,976
538
449
2,223
5,526
2,170
817
469
2,070
4,025
1,347
524
334
1,820
4,670
1,509
552
476
2,133
4,674
1,399
456
502
2,317
5,043
1,854
699
498
1,992
4,039
1,145
647
400
1,847
5,546
1,876
762
468
2,440
5,683
1,830
771
571
2,511
4,964
1,868
557
421
2,118
5,003
1,866
712
429
1,996
4,585
1,657
560
385
1,983
4,855
1,611
602
493
2,149
4,439
1,308
470
475
2,186
4,538
1,554
604
459
1,921
4,611
1,422
679
460
2,050
5,714
1,990
811
474
2,439
5,377
1,704
781
540
2,352
57
58
59
60
61
1,277
104
144
208
821
1,468
123
181
245
919
1,281
98
112
232
839
1,484
196
174
217
897
1,620
241
175
230
974
1,740
301
161
227
1,051
1,633
204
153
218
1,058
1,995
421
243
257
1,074
2,172
516
230
250
1,176
1,303
101
157
211
834
1,411
122
175
236
878
1,344
137
110
241
856
1,452
161
169
214
908
1,651
234
191
236
990
1,675
299
155
218
1,003
1,741
289
151
223
1,078
1,921
345
235
255
1,086
2,197
501
251
251
1,194
62
63
64
65
66
3,396
3,665
3,612
3,939
4,078
4,549
4,545
4,780
5,270
3,419
3,545
3,694
3,954
4,107
4,383
4,649
4,813
5,283
67
2,046
800
1,137
502
129
2,143
819
1,248
499
149
2,151
787
1,189
511
167
2,192
797
1,461
557
182
2,346
854
1,494
609
169
2,608
886
1,694
666
195
2,697
858
1,585
678
214
2,661
795
1,803
731
216
2,919
961
2,071
852
241
2,053
770
1,151
504
132
2,100
791
1,178
484
142
2,160
818
1,251
521
178
2,219
824
1,455
560
175
2,362
830
1,503
607
174
2,553
851
1,593
647
185
2,687
876
1,680
694
232
2,710
836
1,800
736
203
2,922
914
2,076
848
245
68
69
70
71
72
4,316
4,513
4,243
4,829
5,564
5,861
5,646
6,454
6,561
4,309
4,430
4,371
4,791
5,568
5,733
5,800
6,424
6,534
73
2,705
2,748
2,470
2,781
3,585
3,576
3,464
3,996
3,953
2,692
2,694
2,526
2,792
3,554
3,497
3,564
4,006
3,915
74
1,611
1,765
1,773
2,048
1,979
2,285
2,182
2,458
2,608
1,617
1,736
1,845
1,999
2,014
2,236
2,236
2,418
2,619
75
52
SURVEY OF CURRENT BUSINESS
June 1988
Table 3.—U.S. Merchandise
[Millions
1987
1978
1979
1980
1981
1982
1983
1984
1985
1986
76 Merchandise imports, balance of payments basis, excluding military (A-16)
176,001
212,009
249,750
265,063
247,642
268,900
332,422
338,083
368,516
409,850
77
78
Petroleum and products
Nonpetroleum products
42,649
133,352
60,956
151,053
79,355
170,395
78,580
186,483
62,018
185,624
55,342
213,558
58,030
274,392
51,262
286,821
34,391
334,125
42,882
366,968
79
Foods, feeds, and beverages
15,836
18,001
18,548
18,531
17,462
18,871
21,873
21,873
24,345
24,749
12,106
5,126
3,728
2,176
1,600
832
2,370
3,730
2,194
912
13,716
5,358
3,820
2,836
1,884
986
2,653
4,285
2,621
1,028
14,552
6,263
3,872
2,650
1,939
1,083
2,618
3,996
2,593
1,137
14,149
5,236
2,622
2,243
2,847
1,169
2,654
4,382
2,943
1,230
12,874
3,922
2,730
2,445
2,783
1,257
2,478
4,588
3,123
1,256
13,851
3,960
2,561
2,383
2,883
1,397
2,920
5,020
3,559
1,235
16,596
4,866
3,099
2,539
3,874
1,562
3,799
5,277
3,683
1,312
16,335
4,433
3,079
2,711
3,826
1,607
3,767
5,538
3,927
1,273
17,701
5,387
4,263
2,819
4,092
1,759
3,701
6,644
4,746
1,247
16,768
3,664
2,710
3,305
4,356
1,863
3,580
7,981
5,589
1,407
83,221
108,464
132,256
134,944
110,922
109,193
124,026
113,678
104,264
114,090
1,572
81,649
46,412
45,990
1,771
106,693
65,620
64,998
1,948
130,308
85,006
84,341
2,863
132,081
84,751
83,812
2,630
108,292
68,728
67,818
2,701
106,492
61,198
60,199
3,086
120,940
64,041
62,973
2,738
110,940
56,813
55,792
2,730
101,534
38,574
37,702
3,093
110,997
46,673
45,687
3,906
2,054
3,884
4,596
1,127
4,693
2,185
4,577
5,057
1,367
5,148
2,254
5,246
3,962
1,632
5,456
2,910
5,914
3,974
1,896
5,136
2,587
5,617
3,437
1,952
5,323
3,363
6,682
4,866
2,411
7,103
3,833
8,697
5,694
3,225
6,926
3,402
8,651
6,256
3,639
7,382
4,559
8,971
7,438
4,429
8,778
5,422
9,918
7,310
4,754
19,670
1,901
7,362
7,748
1,765
893
1,823
3,267
2,659
23,194
2,156
7,638
10,315
2,913
1,869
1,752
3,781
3,085
27,060
1,728
7,393
15,055
5,565
2,921
2,066
4,503
2,884
27,207
2,088
9,916
12,545
4,014
1,936
2,413
4,181
2,658
20,835
1,090
7,703
9,652
3,403
1,545
2,025
2,679
2,390
22,040
1,122
7,748
10,469
2,395
2,910
2,122
3,042
2,701
28,347
1,394
11,593
11,454
3,359
2,004
2,754
3,337
3,906
25,253
1,250
10,099
10,206
3,179
1,991
2,132
2,904
3,698
30,178
1,193
9,974
15,263
7,859
2,159
2,654
2,591
3,748
28,142
1,273
10,960
11,874
3,781
1,889
2,976
3,228
4,035
19,356
24,460
31,420
36,912
38,407
43,193
60,460
61,434
72,139
84,787
18,166
1,813
16,353
1,371
1,168
1,735
482
5,263
22,560
2,362
20,198
1,395
1,599
2,635
606
6,225
27,068
2,786
24,282
1,788
1,744
1,964
727
8,049
32,618
3,296
29,322
3,466
2,129
2,123
862
8,840
34,448
3,703
30,745
3,775
1,718
2,028
845
8,621
39,361
4,432
34,929
1,406
1,566
1,693
1,078
9,482
55,586
6,070
49,516
3,144
2,299
2,268
1,524
12,266
54,770
6,752
48,018
3,265
2,353
2,852
1,725
12,999
65,025
8,047
56,978
3,125
2,682
3,440
2,032
15,831
77,142
9,630
67,512
3,209
2,732
3,291
2,470
18,559
977
1,788
1,674
1,207
688
1,219
2,516
2,023
1,213
767
1,452
3,342
2,958
1,405
853
1,912
3,865
3,568
1,573
984
2,689
4,577
3,853
1,534
1,105
5,384
5,488
5,578
1,840
1,414
8,342
7,857
7,434
2,598
1,784
8,404
5,607
6,027
2,691
2,095
11,020
5,947
6,924
3,314
2,663
14,876
7,779
8,121
3,525
2,950
1,190
856
271
1,900
1,371
519
4,352
3,123
1,015
4,294
3,844
1,339
3,959
3,524
1,132
3,832
3,189
1,012
4,874
3,700
1,081
6,664
5,309
1,833
7,114
6,038
1,903
7,645
6,506
2,027
Line
C Merchandise trade, by principal end-use
category, adjusted to balance of
payments basis, excluding military2—Continued:
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
,
Agricultural
Coffee, cocoa, and sugar
Green coffee
..
Meat products and poultry .
..
Vegetables, fruits, nuts, and preparations
Wine and related products
Other agricultural foods, feeds and beverages
Nonagricultural (fish distilled beverages etc)
Fish and shellfish
Whiskey and other alcoholic beverages
,
. . . . . .
Industrial supplies and materials
Agricultural
Nonagricultural products
Energy products
Fuels and lubricants 7
Paper and paper base stocks
Textile supplies and related materials
Chemicals, excluding medicinals
Building materials, except metals
Other nonmetals
Metals and nonmetallic products ..
Steelmaking materials
Iron and steel products.. ..
Nonferrous metals
. .
Nonmonetary gold
Other precious metals .
Bauxite and aluminum..
Other nonferrous metals
Other metalic and nonmetalic products
.
...
Capital goods, except automotive
Machinery, except consumer-type
.,
Electric generating machinery, electric apparatus and parts
Nonelectric, including parts and attachments
Oil drilling, mining, and construction machinery
Industrial engines, pumps, and compressors
Machine tools and metalworking machinery
. .. . .. ..
Measuring, testing, and control instruments.
Other industrial, agricultural, and service industry machinery
Computers, peripherals, and parts
.
Semiconductors
Telecommunications equipment .
Other office and business machines
Scientific, hospital, and medical equipment and parts
Transportation equipment, except automotive
Civilian aircraft, engines, and parts
Civilian aircraft, complete, all types
.
25,009
26,454
28,058
30,885
34,040
43,218
56,561
65,077
78,110
85,151
127
128
129
130
131
From Canada
Passenger cars, new and used
Trucks, buses, and special purpose vehicles
Engines and engine parts.. ..
Other parts and accesories
10,423
4,027
2,290
1,113
2,993
9,668
3,652
2,143
816
3,057
8,708
3,727
2,004
529
2,448
10,686
4,372
2,721
766
2,827
13,058
5,584
3,285
941
3,248
17,335
7,840
3,559
1,375
4,561
22,755
9,904
4,697
1,902
6,252
24,528
11,086
4,793
1,826
6,823
24,667
11,681
4,231
1,600
7,155
24,524
10,195
5,245
1,720
7,364
132
133
134
135
136
From other areas .
Passenger cars, new and used .
Trucks, buses, and special purpose vehicles
Engines and engine parts
Other parts and accesories
14,586
9,545
1,473
745
2,823
16,786
11,135
1,682
782
3,187
19,350
13,137
2,124
832
3,257
20,199
13,474
2,201
874
3,650
20,982
14,475
1,995
1,002
3,510
25,883
16,809
2,335
1,659
5,080
33,806
20,601
3,605
2,225
7,375
40,549
24,897
4,774
- 2,542
8,336
53,443
33,468
6,199
3,035
10,741
60,627
37,728
5,497
3,696
13,706
29,399
11,226
5,269
2,634
15,824
4,550
1,775
2,064
2,292
2,349
31,207
11,975
5,552
2,955
16,912
4,976
2,153
2,166
1,959
2,320
34,222
12,997
6,350
2,527
18,327
5,634
2,505
1,396
1,926
2,898
38,302
14,765
7,564
2,728
20,593
6,271
2,803
2,152
2,459
2,944
39,661
16,010
8,201
3,017
21,050
6,828
3,223
2,145
2,285
2,601
47,200
19,332
9,765
3,637
24,037
8,069
3,252
3,147
2,466
3,256
61,155
25,957
13,469
4,554
31,451
10,487
4,383
5,329
3,438
3,747
66,345
27,707
14,528
4,563
34,724
11,167
4,653
6,783
3,452
3,914
79,179
33,393
17,449
4,877
41,236
13,372
5,778
8,094
4,229
4,550
88,676
39,313
20,511
5,557
44,863
16,071
7,193
6,405
4,846
4,500
3,180
2,548
632
3,423
2,879
544
5,246
4,316
930
5,489
4,531
958
7,150
5,204
1,946
7,225
5,017
2,208
8,347
5,793
2,554
9,676
6,221
3,455
10,478
6,450
4,028
12,397
7,187
5,210
126
Automotive vehicles, parts, and engines
.
137
138
139
140
141
142
143
144
145
146
Consumer goods (nonfood), except automotive... .
Consumer nondurables, manufactured . . . .
Textile apparel and household goods except rugs
Footwear of leather, rubber, and other materials
Consumer durables, manufactured
.. ..
Household and kitchen appliances and other household goods
Toys, shooting, and sporting goods including bicycles
Television and video receivers
Radio and stereo equipment, including records tapes and disks
Unmanufactured consumer goods (gem stones, nursery stock)
147
148
149
Imports, n.e.c., and U.S. goods returned
U.S. goods returned
,
. .
Other products, including balance of payments adjustments not included
above (minimum value shipments and miscellaneous imports).
See footnotes on page 67.
..
SURVEY OF CURRENT BUSINESS
June 1988
53
Trade—Continued
of dollars]
Seasonally adjusted
Not seasonally adjusted
1986
I
II
III
IV
I
II
HI
IV
I"
1987
1986
1988
1987
I
II
III
IV
I
II
1988
III
IV
Line
IP
87,110
92,668
92,531
96,207
93,734
101,324
104,436
110,356
107,588
89,546
90,807
92,989
95,174
96,662
99,416
104,567
109,205
110,617
76
10,340
76,770
7,890
84,778
7,974
84,557
8,187
88,020
8,711
85,023
10,058
91,266
12,712
91,724
11,401
98,955
9,927
97,661
10,412
79,134
7,840
82,967
8,018
84,971
8,121
87,053
8,760
87,902
10,075
89,341
12,759
91,808
11,288
97,917
9,983
100,634
77
78
6,134
6,000
5,943
6,268
6,065
6,227
6,052
6,405
6,526
6,083
5,983
6,110
6,169
6,050
6,215
6,199
6,285
6,512
79
4,700
1,527
1,206
655
1,254
352
906
1,434
1,029
271
4,435
1,418
1,170
604
1,040
450
911
1,565
1,160
254
4,183
1,266
986
735
845
480
909
1,760
1,269
318
4,383
1,176
901
826
953
479
975
1,885
1,288
404
4,261
953
689
793
1,306
383
827
1,804
1,248
342
4,302
995
768
866
1,124
473
844
1,925
1,392
302
3,936
819
620
846
922
465
885
2,116
1,498
329
4,269
897
633
800
1,005
543
1,024
2,136
1,451
433
4,638
881
638
1,059
1,390
410
898
1,888
1,313
358
4,523
1,477
1,206
655
997
441
947
1,560
1,107
318
4,394
1,413
1,170
604
981
435
950
1,589
1,152
288
4,405
1,319
986
735
1,026
464
912
1,705
1,217
323
4,379
1,178
901
826
1,088
420
894
1,790
1,270
318
4,104
907
689
793
1,061
470
873
1,946
1,341
392
4,261
988
768
866
1,064
459
884
1,954
1,381
344
4,156
857
620
846
1,110
455
889
2,043
1,436
330
4,247
912
633
800
1,122
480
934
2,038
1,431
340
4,474
835
638
1,059
1,128
501
951
2,038
1,407
415
80
81
82
83
84
85
86
87
88
89
27,495
26,618
24,576
25,575
25,700
27,110
30,252
31,029
31,002
27,849
25,949
24,727
25,739
25,954
26,505
30,457
31,175
31,372
90
742
26,753
11,593
11,315
663
25,955
8,770
8,565
624
23,952
8,802
8,627
701
24,874
9,409
9,195
901
24,799
9,727
9,486
770
26,340
10,812
10,571
667
29,585
13,583
13,327
756
30,273
12,550
12,303
855
30,147
11,065
10,838
657
27,192
11,539
11,261
660
25,289
8,765
8,560
702
24,025
8,936
8,762
711
25,028
9,334
9,119
794
25,160
9,689
9,448
769
25,736
10,864
10,622
749
29,708
13,713
13,457
782
30,393
12,406
12,160
781
30,591
11,027
10,799
91
92
93
94
1,726
1,067
2,316
1,816
1,055
1,736
1,327
2,340
2,132
1,182
1,934
1,031
2,180
2,062
1,102
1,986
1,135
2,136
1,429
1,090
2,111
1,232
2,428
1,618
1,176
2,100
1,373
2,455
1,901
1,228
2,205
1,386
2,356
1,979
1,153
2,361
1,432
2,678
1,812
1,197
2,509
1,372
3,107
1,740
1,247
1,742
1,079
2,254
2,036
1,084
1,745
1,272
2,245
1,963
1,125
1,960
1,019
2,280
1,914
1,109
1,935
1,190
2,193
1,526
1,111
2,124
1,243
2,357
1,764
1,202
2,120
1,312
2,368
1,749
1,170
2,236
1,372
2,450
1,861
1,159
2,297
1,496
2,742
1,936
1,223
2,521
1,395
3,017
1,889
1,275
95
96
97
98
99
7,180
236
2,489
3,557
1,857
485
589
627
898
8,468
375
2,473
4,633
2,620
530
814
669
987
6,841
311
2,496
3,070
1,253
539
664
614
964
7,689
271
2,516
4,003
2,129
605
587
682
894
6,507
212
2,755
2,594
755
462
668
709
946
6,471
315
2,737
2,406
472
437
729
768
1,013
6,923
334
2,647
2,964
903
496
744
822
978
8,243
412
2,821
3,910
1,651
494
835
930
1,100
9,107
411
3,117
4,363
1,883
453
892
1,135
1,216
7,458
319
2,634
3,595
1,857
485
600
654
910
8,174
340
2,371
4,517
2,620
530
748
619
946
6,807
275
2,450
3,109
1,253
539
664
653
973
7,739
259
2,519
4,042
2,129
605
642
666
919
6,781
289
2,906
2,626
755
462
676
733
960
6,153
282
2,622
2,280
472
437
656
715
969
6,917
301
2,613
3,017
903
496
748
870
989
8,293
401
2,819
3,951
1,651
494
896
911
1,122
9,467
559
3,264
4,422
1,883
453
895
1,190
1,222
100
101
102
103
104
105
106
107
108
16,274
18,110
18,594
19,162
18,591
20,863
21,734
23,600
23,500
16,736
17,875
18,591
18,938
19,156
20,594
21,739
23,299
24,108
109
14,611
1,733
12,878
807
639
766
459
3,604
16,103
2,005
14,098
822
722
847
506
4,038
16,930
2,092
14,838
839
700
934
513
4,100
17,382
2,217
15,165
657
620
893
554
4,089
17,116
2,152
14,964
699
647
806
542
4,235
18,948
2,486
16,462
814
692
858
614
4,701
19,635
2,407
17,228
843
663
793
606
4,656
21,444
2,585
18,859
853
730
834
708
4,968
21,774
2,579
19,195
1,010
763
965
705
5,194
15,103
1,811
13,292
844
648
814
472
3,684
15,849
1,969
13,880
775
666
852
495
3,863
16,910
2,095
14,815
816
698
890
526
4,124
17,163
2,172
14,991
690
669
884
539
4,160
17,713
2,252
15,461
744
653
859
559
4,328
18,670
2,435
16,235
762
640
856
602
4,498
19,617
2,409
17,208
814
662
753
623
4,665
21,143
2,534
18,609
889
777
823
686
5,069
22,412
2,688
19,724
1,077
771
1,031
728
5,260
110
111
112
113
114
115
116
117
2,387
1,314
1,536
770
596
2,581
1,463
1,685
784
650
2,803
1,615
1,793
861
680
3,250
1,555
1,910
900
737
3,187
1,625
1,774
780
669
3,432
1,903
1,944
785
719
3,750
2,080
2,180
927
730
4,507
2,171
2,223
1,033
832
4,330
2,337
2,128
997
766
2,412
1,360
1,657
775
626
2,624
1,429
1,701
818
657
2,923
1,579
1,724
853
682
3,061
1,579
1,842
869
698
3,233
1,689
1,911
784
701
3,505
1,862
1,963
822
725
3,900
2,024
2,104
925
738
4,238
2,203
2,144
993
787
4,395
2,389
2,290
993
790
118
119
120
121
122
1,663
1,290
235
2,007
1,843
797
1,664
1,394
411
1,780
1,511
460
1,475
1,302
226
1,915
1,658
557
2,099
1,658
541
2,156
1,888
703
1,726
1,568
353
1,633
1,261
235
2,026
1,867
797
1,681
1,408
411
1,775
1,502
460
1,443
1,272
226
1,924
1,674
557
2,122
1,678
542
2,156
1,882
702
1,698
1,542
353
123
124
125
17,665
20,536
18,723
21,186
20,432
22,454
19,197
23,067
21,337
18,013
19,133
20,624
20,340
20,954
20,992
21,021
22,183
21,854
126
6,132
2,721
1,190
402
1,819
6,849
3,454
1,227
419
1,749
5,183
2,135
1,018
355
1,675
6,503
3,371
796
424
1,912
6,551
2,920
1,217
465
1,949
6,307
2,538
1,366
423
1,980
4,821
1,639
1,250
368
1,564
6,844
3,098
1,411
464
1,871
7,177
3,423
1,403
499
1,852
6,137
2,811
1,125
394
1,807
6,261
3,138
1,070
391
1,662
6,080
2,581
1,261
403
1,835
6,189
3,151
775
412
1,851
6,550
3,018
1,137
454
1,941
5,831
2,320
1,211
405
1,895
5,596
1,986
1,487
408
1,715
6,546
2,871
1,409
453
1,813
7,150
3,514
1,329
485
1,822
127
128
129
130
131
11,533
6,930
1,460
692
2,451
13,687
8,554
1,588
801
2,744
13,540
8,594
1,608
695
2,643
14,683
9,391
1,543
847
2,902
13,881
8,176
1,602
927
3,176
16,147
10,190
1,582
947
3,428
14,376
9,028
1,087
874
3,387
16,223
10,334
1,226
948
3,715
14,160
8,043
1,154
1,080
3,883
11,876
7,266
1,460
690
2,460
12,872
7,879
1,587
779
2,627
14,544
9,494
1,608
724
2,718
14,151
8,830
1,544
842
2,935
14,404
8,672
1,602
935
3,195
15,161
9,393
1,582
912
3,274
15,425
9,947
1,087
908
3,483
15,637
9,716
1,226
941
3,754
14,704
8,561
1,154
1,097
3,892
132
133
134
135
136
17,086
7,510
3,993
1,185
8,524
2,798
1,077
1,720
812
1,052
18,763
7,682
3,949
1,107
9,992
3,287
1,352
2,030
1,028
1,089
22,151
9,761
5,266
1,367
11,147
3,648
1,686
2,252
1,161
1,242
21,179
8,439
4,241
1,219
11,573
3,639
1,663
2,093
1,228
1,167
19,957
8,969
4,888
1,290
9,890
3,650
1,429
1,564
1,003
1,099
21,594
9,657
5,027
1,379
10,860
4,051
1,736
1,551
1,117
1,077
24,156
11,111
5,965
1,504
11,857
4,192
2,115
1,626
1,309
1,188
22,968
9,576
4,631
1,384
12,256
4,177
1,914
1,665
1,417
1,136
22,158
10,217
5,165
1,457
10,587
4,108
1,642
1,296
1,107
1,354
18,320
7,859
4,099
1,185
9,400
2,983
1,263
1,908
943
1,062
19,363
7,912
4,079
1,164
10,303
3,328
1,392
2,085
1,089
1,149
20,332
8,586
4,498
1,248
10,547
3,472
1,491
2,112
1,042
1,199
21,164
9,035
4,773
1,281
10,986
3,589
1,632
1,990
1,155
1,140
21,439
9,410
5,010
1,313
10,915
3,857
1,680
1,734
1,163
1,114
22,202
9,921
5,192
1,435
11,155
4,095
1,784
1,585
1,180
1,125
22,029
9,734
5,068
1,365
11,155
3,992
1,862
1,513
1,170
1,141
23,005
10,248
5,241
1,444
11,638
4,126
1,868
1,574
1,333
1,120
23,600
10,576
5,159
1,466
11,652
4,328
1,929
1,434
1,281
1,373
137
138
139
140
141
142
143
144
145
146
2,456
1,482
974
2,641
1,635
1,006
2,544
1,562
982
2,837
1,771
1,066
2,989
1,777
1,212
3,076
1,735
1,341
3,045
1,739
1,306
3,287
1,936
1,351
3,065
1,742
1,323
2,545
1,563
982
2,504
1,550
954
2,605
1,610
995
2,824
1,727
1,097
3,109
1,866
1,243
2,908
1,654
1,254
3,122
1,792
1,330
3,258
1,875
1,383
3,171
1,828
1,343
147
148
149
54
SURVEY OF CURRENT BUSINESS
June 1988
Table 4.—Selected U.S. Government Transactions
[Millions of dollars]
1986
1986
1985
Line
II
I
Al U.S. Government grants (excluding military) and transactions increasing Government assets,
total.
1988
1987
in
IV
II
I
in
IV
I"
18,771 19,815 16,469
3,879
4,833
6,745
4,358
3,231
4,213
4,187
4,838
4,307
11,223 11,738 10,011
2,964 3,873 2,816
8,259 7,865 7,195
2,086
668
1,418
3,246
1,252
1,994
3,450
1,454
1,996
2,956
500
2,456
2,100
715
1,386
2,241
683
1,558
2,125
611
1,514
3,545
807
2,739
2,283
994
1,289
By category
2
3
4
Grants, net (table 1, line 32, with
sign reversed)
Financing military purchases 1
Other grants
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
7,666
1,302
9,059
1,481
6,493
1,212
1,813
208
1,631
394
4,259
715
1,356
165
978
189
2,112
282
2,060
407
1,342
333
2,180
279
5,841
82
442
7,017
121
440
4,716
115
450
1,489
17
100
1,130
6
101
3,378
60
107
1,020
38
133
685
6
109
1,693
19
118
1,484
61
107
853
41
115
1,682
-11
231
Foreign currency holdings and short-term assets, net (table 1, line 44, with sign reversed)
Foreign currency holdings (excluding administrative cash holdings) net
Receipts from:
-118
-77
-982
-12
-35
-129
-20
8
-43
(*)
-964
-15
45
-4
153
-66
-140
20
2
5
-49
47
-156
-28
10
37
107
50
53
119
45
76
54
8
19
33
25
15
24
12
7
16
5
13
47
2
34
7
5
14
20
24
17
12
14
11
14
(')
20
19
15
48
12
30
11
6
1
4
3
3
2
3
2
4
240
-54
10
1
271
-908
15
(*)
2
5
1
1
7
7
3
301
236
3
1
77
-48
75
18
54
-935
65
57
112
165
61
-134
45
45
83
161
67
-171
7
8
9
10
11
12
13
14
15
16
;
Reverse grants
Other sources
Less currencies disbursed for:
Grants and credits in the recipient's currency
Other grants and credits
17
18
19
20
...
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
21
22
23
14
14
(*)
(*)
(*)
(*)
14
(*)
(')
(*)
(*)
(*)
(*)
76
141
21
61
-14
-22
54
15
-48
-162
43
Capital subscriptions and contributions to international financial institutions, excluding IMF .. 1,302 1,481 1,212
2,270 1,873 1,621
Under Agricultural Trade Development and Assistance Act and related programs
12,254 13,194 11,246
Under Foreign Assistance Act and related programs
990
1,802 1,226
249 1,139
713
Under Commodity Credit Corporation Charter Act
540
584
539
Under other grant and credit programs
142
221
159
Other foreign currency assets acquired (lines A13, A14, and A16)
240
271
301
Less foreign currencies used by U.S. Government other than for grants or credits (line A19)....
306
436
368
Other (including changes in administrative cash holdings), net
208
454
2,507
356
93
139
81
77
120
394
366
3,556
310
83
106
50
75
44
715
667
3,873
455
857
113
28
54
91
165
387
3,259
106
107
225
61
65
113
189
239
2,230
152
212
114
46
112
162
282
374
2,767
486
76
122
37
61
130
407
590
2,640
199
209
93
32
45
61
333
417
3,609
153
217
212
28
83
-47
279
328
3,094
152
78
130
42
67
272
12,318 13,263 11,617
6,138 5,256 5,350
2,423 2,906 2,472
2,945 3,742 2,807
1,536 1,448 1,492
3.043
1,333
680
603
303
3,275
1,404
541
1,160
412
4,730
1,334
1,266
1,447
384
2,215
1,186
421
532
348
2,353
1,325
426
457
218
3,214
1,066
948
809
499
3,183
1,520
501
868
504
2,869
1,438
597
674
272
3,379
1,118
1,505
539
108
1,315
545
796
300
353
169
747
190
55
1,063
569
183
184
70
72
239
88
173
310
306
151
364
111
266
402
40
206
431
182
106
By program
24
25
26
27
28
29
30
31
32
By disposition 3
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 1.
By short-term
credits
.
'
..
By grants x
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 grants7 and transactions increasing
Government assets (including changes in retained accounts) (line Cll).
Less receipts on short-term U.S. Government assets (a) financing military sales contracts, 1
(b) financing 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).
33
34
35
36
37
38
39
40
41
42
43
44
Estimated dollar payments to foreign countries and international financial institutions
45
Bl Repayments on U S Government long-term assets, total (table 1, line 43)
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
2
3
4
5
6
7
4
5
6
7
8
9
10
Associated with military sales contracts 2
U.S. Government cash receipts from foreign governments (including principal repayments
on credits financing military sales contracts), net of refunds *.
Less U S Government receipts from principal repayments
.
.
Less U.S. Treasury securities issued in connection with prepayments for military
purchases in the United States.
Plus financing of military sales contracts by U S Government 5 (line A36) ..
By long-term credits
By short-term credits *
gy grants *
Less transfers of goods and services
(including transfers financed by grants for military
purchases, and by credits) l 2 (table 1, line 3).
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
Sales of nuclear material by Department of Energy
Sales of space launch and other services by National Aeronautics and Space
Administration.
er esan
c a
pe
15
2,294
1,182
479
4
-11
1
-10
8
-9
1
21
52
7
7
5
2
4
5
^
38
1
19
4
4
240
271
301
77
75
54
65
112
61
45
83
67
See footnotes on page 67.
1
6,453
6,552
4,854
836
1,558
2,015
2,143
880
1,001
1,001
1,972
928
4,719
6,078
7,620
1,411
1,434
1,737
1,496
1,012
1,862
2,353
2,392
1,062
4,290
289
1,238
2,488
158
118
5,636
367
1,677
2,902
570
122
7,171
275
2,340
4,285
151
120
1,301
85
461
719
26
11
1,324
46
323
900
51
4
1,624
91
354
740
436
3
1,386
145
538
543
56
104
901
31
250
564
47
9
1,750
53
357
1,313
25
1
2,241
46
601
1,543
46
5
2,279
145
1,131
865
33
105
831
131
371
314
11
6
441
110
111
449
109
110
113
113
112
113
231
767
2,054 -2,824
430
1,001
1,143
-520 -1,337 -1,309
-287
108
-251
971
8,003
2,099 -2,527
7,251 7,868
462
1,958
996
1,446
1,209
1,517
-568 -1,325 -1,136
2,330 1,971 2,223
-217
1,723
150
1,951
-224
1,601
429
8
Cl US Government liabilities other than securities, total, net increase ( + ) (table 1, line 55)
2
3
1,409
563
503
607
633
875
-565
1,301
373
219
O
150
-564
170
-524
337
523
161
262
160
700
387
-324
594
-266
184
-371
2,945
1,536
3,742
1,448
2,807
1,492
603
303
1,160
412
1,447
384
532
348
457
218
809
499
868
504
674
272
539
108
1,409
8,738
2,294 1,315
8,583 11,529
300
1,881
747
2,024
1,063
2,108
184
2,570
239
3,330
310
3,307
364
2,745
402
2,147
431
2,551
-1
1
_^
1
4
-11
1
-10
8
-9
-208
-109
-144
-34
-77
47
-298
-75
-68
-22
-24
5
-3
-15
24
-58
-21
2
48
-16
16
13
27
14
173
25
-56
69
3
-29
43
-20
2
-25
-20
3
44
4
155
2
12
39
49
1
-92
-38
-26
-7
SURVEY OF CURRENT BUSINESS
June 1988
55
Table 5.—Direct Investment: Income, Capital, Royalties and License Fees, and Other Private Services
[Millions of dollars]
1986
1985
Line
1986
1987
1987
II
1988
I
II
III
IV
I
10,705
7,623
3,082
11,585
4,814
6,771
-880
351
-1,232
9,601
7,511
2,089
10,435
3,400
7,035
-834
404
-1,238
8,113
6,028
2,085
8,884
5,054
3,830
-770
375
-1,145
q nqo
7^616
2,383
10,772
8,699
2,072
-773
362
-1,136
12,623
7,936
4,687
13,260
4,331
8,929
-637
374
-1,011
10,162
9,230
932
10,723
4,062
6,661
-561
398
-960
9,457
8,469
988
10,057
4,423
5,635
600
431
1031
-18,068 -27,811 -44,455 -12,180
-302
2,210
-274
-2,470
-7,349
12226 -11,366 -1,897
1,595
11,952
9,559
8,896
6771
19709
19009
35669
5,107
6,315
7828
1,269
1,864
446
3,192
709
....
1,715 -7,120 -3,123 -3,243
-8,791
-3
-1,839
1,836
-7,035
1753
1739
-531 -10,957
-927
673
-6,451 -3,478
2,551
7,124
-2,072 -8,929
868 -1,101
1,296 -2,254
1,153
-428
-7,948
1,283
-1,283
2,566
-6,661
-2,570
-2,137
-433
7205
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
TJ S parents' payments
33,202
27,858
5,344
37,324
18,315
19,009
-4,122
1,560
-5,683
)1
10
11
12
13
14
15
16
17
Capital (table 1 line 46)
Equity capital
Increases in equity capital 2
Decreases in equity capital 3
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
. .
21
22
23
Other private services (table 1, line 9)
U S parents' receipts
. ..
U S parents' payments
..
. ...
,
. ...
. ..
38,417
28,779
9,639
41,675
21,967
19,709
-3,258
1,492
4750
52,308
36,666
15,642
54,701
19,031
35,669
-2,393
1,637
-4,029
20,066
11,032
9,035
20,660
6,215
14,445
594
433
-1,027
10,950
9,894
1,056
11,437
7,090
4,347
-488
455
-942
18345
25
2801
1913 -4,692
1,888
1,891
-'5,635 -14,445
-1,545 -1,099
1,005
194
-2,550 -1,293
5553
814
2050
2,864
-4,347
2020
-1,642
-378
14
-6,309
-643
-2,039
1,396
-3,830
-1,836
1,598
-3,434
4,096
4,222
-126
5,427
5,533
106
6,917
7,065
-148
1,134
1,154
-19
1,303
1,325
22
1,324
1,345
-21
1,666
1,710
-44
1,512
1,529
-17
1,609
1,640
-31
1,666
1,721
-54
2,130
2,175
45
1,639
1,663
-24
2,490
4,752
2,262
2,996
5,413
-2,417
2,391
5,147
-2,756
713
1,307
-593
778
1,359
581
757
1,366
-609
748
1,381
-633
481
1,175
-694
578
1,286
-708
539
1,290
751
794
1,396
-602
792
1,469
677
33,202
9,306
14,677
9,219
27,858
9,526
11,366
6,966
38,417
8,065
17,911
12,442
28,779
6,275
13,509
8,994
52,308
8,130
27,041
17,137
36,666
6,628
18,668
11,370
10,705
3,461
3,764
3,480
7,623
2,401
2,962
2,260
9,601
1,731
4,734
3,136
7,511
1,409
3,546
2,556
8,113
1,044
4,411
2,659
6,028
1,049
3,026
1,954
Q QQQ
1^829
5,002
3,168
7,616
1,416
3,976
2,224
12,623
1,985
6,561
4,077
7,936
1,466
3,953
2,516
10,162
1,718
4,916
3,527
9,230
1,646
4,641
2,943
9,457
1,627
4,305
3,526
8,469
1,495
3,818
3,156
20,066
2,799
11,260
6,007
11,032
2,021
6,256
2,755
10,950
2,439
4,923
3,588
9,894
1,808
5,191
2,895
274
2,210
2470
1541
2,594
1589
287
-205
3,216
-97
1950
-676
19709 -35,669
-19,009
-2,594
-470
-2,933
-10,054 -11,158 -20,385
-6,362
8080 -12,352
-1,269 -7,828 -6,315
1,432 -1,953
-135
1,298 -1,897
503
-3,999 -3,979 -6,684
302
277
-15
-6,771
-1,201
-2,588
-2,982
-5,107
-1,694
-819
-2,593
-3
-888
187
697
-7,035
-512
-3,849
-2,673
-1,753
1,645
-857
-2,541
-643
43
-10
-676
-3,830
884
-3,082
-1,632
-1,836
-1,059
242
-1,019
673
-132
2,761
-1,956
-2,072
359
-1,638
-793
868
-844
-463
2,175
-927
-241
40
-726
-8,929
-721
-5,073
-3,134
-1,101
394
-554
-941
1,283
-107
233
1,157
-6,661
-704
-3,370
-2,587
-2,570
636
-214
-2,992
25
2801
109 -l[350
-304
174
170 -1,277
5635 -14,445
180 -1,328
-2,451 -9,492
-3,004 -3,626
1 545 -1,099
90
1075
1,311
40
-1,782
-969
814
1,474
-132
528
4347
867
-2,380
-2,061
-1,559
-502
-1,362
-1,042
-320
-699
-889
190
-2,388
-2,707
319
-1,569
-901
-667
-819
-1,029
210
-577
-1,546
968
213
-1,052
1,265
-790
-1,009
220
-353
-1,621
1,268
487
-1,529
2,016
-840
-1,063
223
-3,390
-1,972
-1,418
-2,601
-956
-1,645
-789
-1,005
217
-2,807
-2,690
-116
-1,965
-1,229
-736
-841
-1,070
229
-3,971
-3,553
-418
-2,877
-796
-2,081
-1,094
-1,273
179
-337
-2,471
2,134
749
-1,176
1,925
-1,086
-1,330
245
-5,626
-5,278
-349
-4,537
-786
-3,751
-1,090
-1,313
223
4,014
41,977
1,839
25,477
3,810
29,376
-3,899 -1,971
320
2,537
1,854
13,962
2,679
15,647
1 685 -825
5,685
3,217
3,905
-688
667
1,802
2,192
390
8,087
7,566
7,921
-355
-1,265
1,786
2,241
-455
16,304
12,464
15,027
-2,563
-2,016
5,856
6,299
443
7,979
3,406
4,478
-1,072
1,645
2,929
4,000
1071
7,229
4,105
4,780
-675
736
2,388
2,991
-603
15,026
6,700
8,073
-1,373
2,081
6,245
6,673
-428
11,742
11,266
12,045
-779
-1,925
2,401
1,983
417
10,169
5,699
5,812
-113
3,751
719
2,152
-1,433
174
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
..
564
745
1 952
-1,650
2020
508
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 -f- ) 5
Earnings (net of withholding taxes)
Distributed earnings
Reinvested earnings
Interest (net of withholding taxes)
U S affiliates' payments
U S affiliates' receipts
-6,079
-7,548
1,469
-3,029
-4,407
1,378
-3,050
-3,739
688
-5,379 -10,504
-7,433 -10,686
182
2,054
-2,231 -6,695
-4,524 -4,158
2,293 -2,537
-3,148 -3,810
-3,990 -4,679
842
869
53
54
55
56
57
58
59
60
Capital (table 1, line 59)
Equity capital
Increases in equity capital 2 .
Decreases in equity capital 3
Reinvested earnings
Intercompany debt
U S affiliates' payables
U S affiliates' receivables
19,022
15,214
18,623
-3,408
-1,378
5,186
8,942
-3,756
34,091
25,086
30,663
-5,578
2293
11,298
13,412
-2,113
61
62
63
Royalties and license fees (table 1 line 22)
U S affiliates' payments
U S affiliates' receipts
-466
-568
102
-602
-773
171
-774
-995
221
-149
-173
24
-164
-204
41
-185
-207
22
-105
-189
84
-199
-220
21
183
-232
49
236
62
-219
-308
89
-227
275
49
64
65
66
Other private services (table 1, line 24)
U S affiliates' payments
U S affiliates' receipts
696
-1,346
2,042
1,284
-1,524
2,808
866
-1,928
2,794
284
-317
601
311
-398
709
299
-336
634
390
-474
864
125
-476
601
209
470
679
135
394
528
397
-589
986
74
-758
831
-6,079
-2,153
-200
-3,726
-7,548
-2,858
1,062
3,628
-5,379 -10,504
-302
-2,456
-75 -4,515
-5,001 -3,533
-7,433 -10,686
-1,430 -2,433
-2,318 -5,109
-3,685 -3,143
-2,061
-380
-126
-1,555
-1,559
-458
-176
-925
-2,388
159
-974
-1,573
-2,707
-458
1,008
1241
577
114
50
-353
-195
1,075
1,232
1,621
2807
351
525
746
-3,390
-292
838
2260
-1,972
292
-973
-707
1359
-811
-2,690
-657
-1,351
-682
3971
-754
-1,481
-1,736
-3,553
-702
-1,519
-1,332
-337
-773
-837
1,273
-2,471
-782
-1,267
-422
-5,626
-1,745
-1,851
-2,030
-5,278
-1,690
-1,818
-1,770
15,214
1,252
5,875
8,087
-1,378
565
-1,478
-465
5,186
1,329
3,652
204
25,086
1,226
9,488
14,372
2293
-1,114
1,897
718
11,298
550
4,274
6,474
1,839
31
334
1,474
320
20
254
554
1,854
-395
1,481
769
3,217
21
1,103
2,093
667
-487
536
619
1,802
-167
549
1,420
12,464
906
5,197
6,361
-2,016
-298
-1,838
120
5,856
806
1,701
3,349
3,406
41
2,197
1,168
1,645
-23
454
1,214
2,929
258
2,657
14
4,105
45
1,767
2,294
736
361
860
-485
2,388
437
374
1,578
6,700
350
3,829
2,521
2,081
531
986
564
6,245
4,141
3,076
-972
11,266
11
5,417
5,838
1925
509
-155
-2,279
2,401
-250
-1,019
3,670
5,699
8
793
4,898
3,751
1,424
1,373
954
719
-99
1,261
-442
. ..
By industry of affiliate: 4
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
Petroleum
Manufacturing
Other
..
Income before capital gains/losses (line 45) . ..
Petroleum
. .
Manufacturing
Other
Capital:
Equity capital (line 54)
....
.
Manufacturing
Other
Reinvested earnings (line 57 or line 49 with sign reversed)
Petroleum
Manufacturing
Other
Intercompany debt (line 58)
Manufacturing
Other
See footnotes on page 67.
.....
25,477
447
13,210
11,821
2,537
1,378
2,146
-987
13,962
4,585
5,088
4,290
641
1546
163
609
-773
7,566
267
2,854
4,445
-1,265
-349
-341
-574
1,786
307
544
935
637
56
SURVEY OF CURRENT BUSINESS
June 1988
Table 6.—Securities Transactions
[Millions of dollars]
19 37
19 86
(Credits +; debits — )
Al Foreign securities, net U.S. purchases (-), (table 1, line 47 or lines 2 +
11 below).
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
3
4
5
6
7
g
9
2358
1936
II
-1,639
-88
599
1988
III
-972
IV
1"
-1,757
-4,388
3937
660
1 483
240
375
104
1936
532
320
-532
-1,033
161
1492
839
-671
-320
-123
-210
1214
' 65
183
15
1305
-171
1858
830
209
107
1,451
-316
1131
918
1169
982
431
338
851
621
92
562
2,077
—43
1 180
4142
271
2
310
956
367
23
1515
3015
246
148
660
36
566
82
934
156
-6,814
-4,024
725
697
979
276
511
-1,355
5,694
3,727
-6,708
-6,216
-1,863
-843
896
3,106
1,139
1,001
377
3699
2058
-3,223
400
-934
1039
-3,150
1 186
-926
1446
-2,329
2368
-179
1340
-885
385
-96
497
-497
247
-342
159
-150
245
-1,426
395
—680
605
-891
188
-60
-193
325
-87
396
-261
116
-984
1739
-668
893
-1,509
-2,229
-198
-55
-566
1039
-996
-1,477
-713
-1,994
-642
-481
440
134
-414
-2,789
1446
-1,526
1341
-885
497
-300
99
-492
245
— 1,112
605
—565
— 190
2125
3717
1052
963
1030
550
550
397
852
663
530
1 094
447
347
800
2442
2994
447
1347
672
1,400
350
300
350
500
725
1275
1200
275
200
300
500
300
450
250
200
500
322
6098
5275
364
-413
5825
26
15192
13485
768
6,281
9653
3592
8039
8955
1060
-14
5521
2833
5546
5484
407
1,789
1331
516
2247
1613
465
217
3011
764
4580
4223
105
999
2712
3055
2819
2165
1
3,276
2599
231
1223
1202
'l85
-803
1980
712
2664
3582
156
1,685
1847
2545
3243
1894
'351
-932
1279
2669
2837
2165
949
669
448
50,962
70,969
42,213
18,730
22,752
17,107
12,380
18,373
15,998
12,819
-4,977
2,328
4,329
17166
15521
6002
6,775
4277
112
9,837
8,421
5,026
7 763
220
1811
711
142
1559
286
257
1975
9095
311
1451
4592
714
3225
4132
1210
119
1326
260
911
11084
2316
4698
608
1395
2220
116
342
846
3711
36
781
1286
198
846
2,020
1867
171
107
1392
395
1378
637
1181
90
618
306
5
659
629
4548
87
335
2352
260
3447
1,582
3044
149
413
1,488
20
4,041
1,316
1973
1009
1830
1098
8355
' 36
2060
5063
506
1766
1680
2,548
-3,017
-5,596
By area:
Western Europe
Of which Germany
Switzerland
United Kingdom
Canada
Japan
Other
I
974
-3,793
Stocks net foreign purchases
IV
1801
5042
854
1,626
-1,831
7,038
689
bonds »
HI
-309
356
476
599
944
1,600
-536
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).
2
2,462
3,253
-1,398
-565
. . . . . -1,140
_7
—708
. . .
Other transactions in outstanding bonds net 3
Western Europe
Of which United Kingdom
Canada
Japan
*
Other
277
-2,684
463
Private corporations
28
29
30
31
32
33
-1,076
1 280
New issues in the United States
By issuer:
Central governments and their agencies and corporations
Redem tions of U S held forei
Western Europe
Canada
Other countries
-5,960
-924
104
Bonds, net U.S. purchases
23
24
25
26
27
-4,456
3 688
New issues in the United States
Of which Canada
By area:
Western Europe
Canada
Japan
Latin America
Other countries
-4,297
II
-435
72
Stocks net U S purchases
Transactions in outstanding stocks net
Western Europe
Of which United Kingdom
Canada
.
.
Japan
.
Other
-7,481
I
99
-197
-247
-159
799
-590
1 363
-232
-1,450
148
383
-797
315
-116
112
397
-205
-149
1 528
909
2277
1070
36
415
93
14
1483
125
32
944
-597
1140
396
622
944
10
Corporate and other bonds, net foreign purchases
46,633
53,803
26,692
12,728
15,976
12,831
12,268
8,536
7,576
7,793
2,787
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
37,598
4,635
4,400
39378
8,180
6,245
22585
3,395
712
9977
1,492
1,259
11,825
2,692
1,459
10254
1,760
817
7322
2,236
2,710
7000
773
763
5929
767
880
6348
726
719
3308
1 129
-1,650
40,080
2002
4,009
33141
184
5,431
1,052
114
39,745
312
4,566
34125
542
9,568
3,163
785
21,665
15
1,643
19638
1,289
1,552
1,476
710
9,726
196
1,243
8466
-229
2,415
473
343
12,710
129
2,193
10374
183
1,496
860
727
8547
197
778
7808
195
3,305
1,025
241
8762
48
352
7477
393
2,352
805
44
6385
125
697
5535
449
1,555
149
2
6,457
65
338
5910
230
-8
724
173
7114
8,136
-301
-1,589
120
20,943
14,215
-1,214
-1,617
732
4,942
31,182
1,570
-445
-597
-5,761
1,356
-177
93
265
4,590
5,632
-644
-685
153
4,020
3366
276
538
236
-381
3861
117
487
78
-3,287
8213
62
36
325
-1,601
10650
256
231
83
-1,940
6204
714
250
374
-3,848
14
15
16
17
18
19
20
21
By area:
Western Europe
Switzerland
United Kingdom
Canada
Japan
Other countries
International financial institutions 2
35
721
6084
125
198
467
111
1709
110
-113
2109
485
193
136
650
497
302
1291
250
215
1 000
193
424
644
101
994
104
2626
217
-295
2235
437
-63
"1765
83
524
533
827
Memoranda:
Other foreign transactions in marketable, long-term U.S. securities
included elsewhere in international transactions accounts:
Foreign official assets in the United States (lines in table 9):
1
U S Treasury marketable bonds (line A4)
2
Other U S Government securities (line A6)
3
U S corporate and other bonds (part of line A14)
.
4
U S stocks (part of line A14)
5 Other foreign transactions in U.S. Treasury bonds and notes (table 9,
line.B4).
6 New issues of bonds sold abroad by U.S. corporations' finance
affiliates
in the Netherlands Antilles (included in table 5, line 17) 4.
See footnotes on page 67.
40
6 115
662
72
185
1,628
20282
116
36
798
6,305
57
SURVEY OF CURRENT BUSINESS
June 1988
Table 7.—Claims on and Liabilities to Unaffiliated Foreigners Reported by U.S. Nonbanking Concerns
[Millions of dollars]
Line
(Credits + ; increase in U.S. liabilities or decrease in U.S. assets.
Debits — ; decrease in U.S. liabilities or increase in U.S. assets.)
1985
923
Al Claims total (table 1 line 48)
2
3
4
5
6
7
8
9
10
11
12
13
14
1986
.
2,440
5,294
-1,020 -3,268
1,273 -1,394 -1,167
-3,106
-136
2,764
77
2,447
-2,461
-1,014 -3,494
-324 -2,996
402
-760
813
-2,217
6
-11
763
233
600
585
15
247
215
32
48
209
670
588
82
Commercial claims
Denominated in US dollars
Denominated in foreign currencies
1,442
-97
1,315
1,922
-982
442
545 -1,011
29
-103
15
16
By type* Trade receivables
480
190
292
150
1,133
151
609
9
286
-39
17
18
19
B area- Industrial countries
••
Members of OPEC4
Other
410
61
199
501
21
-80
868
31
145
354
25
271
181
-64
130
-366
-2,906
Bl Liabilities, total (table 1, line 62)
2
3
4
Denominated in US dollars . .
Denominated in foreign currencies
5
6
7
By area: Industrial countries 2
Of which United Kingdom
Caribbean banking centers 3
9
10
11
Commercial liabilities
Denominated in US dollars
Denominated in foreign currencies
1
1530
-386 -1,337
-193
387
1,164
1,047
-1,136
.
-14
348
-362
4127
-367
760
1,853
1,093
358
-150
-101
485
-1,154 -1,133
174
-1,376
-1,594
218
-541
2,150
12
13
By type* Trade payables
Advance receipts and other liabilities
320
47
-395
-981
14
15
16
By area* Industrial countries4 2
Members of OPEC
Other
40
27
434
1249
-411
284
150
452
142
105
1,281
1,151
130
III
-491
2,603
-215
1,248
n.a.
30,125
-517
-154
-363
2,582
2,869
287
582
110
472
1,480
2,016
-536
n.a.
n.a.
n.a.
19,426
16,904
2,522
589
2,812
—230
523
13,505
1,105
2,416
—936
a.
— 1,106
-367
-496
574
-748
648
587
a.
a.
a.
a.
12,375
8,046
2,805
6,772
279
155
1,126
1,158
1,530
149
223
100
264
422
272
-453
-464
26
246
526
2,129
-121
21
-315
86
-16
-22
-120
52
52
21
-308
104
230
126
-459
1,570
1,696
102
84
119
-705
170
325
1,529
1,372
160
-1,093
— 1,089
297
142
124
376
1,994
1,279
-614
-109
-45
-6
9,538
1,161
a.
a.
6,199
1,018
3,482
a.
28,837
a.
a.
11,309
8,067
3,242
a.
9,988
a.
775
546
857
60
1,361
1,199
353
572
723
n.a.
n.a.
3
24
539
-28
567
1986
-174
-99
125
-767
-14
10,699
9,972
727
-480
-1,431
-1,150
-281
-146
n.a.
n.a.
n.a.
-123
1,316
1,232
- 1,067
-581
-232
-210
-22'
-65
1,084
1,104
1806
1,420
-797
-732
336
1,133
1,031
160
265
105
-808
-220
27
232
183
49
664
806
142
120
698
-34
541
616
218
215
231
561
252
344
-352
528
-847
87
1,157
286
1,443
664
79
527
483
446
742
11
1,293
32
-372
IV"
-161
171
standing
December 31,
1987
I
II
282
388
106
1,930
2,910 -1,648
2,427 -1,952
304
483
140
784
828
34
2,687
2661
-26
4662
4504
-158
-660 -3,117
-1,196 -1,940
-859
678
31 -1,323
-222
882
.
.. .
2,642
3242
3342
100
Denominated in foreign currencies
By area* Industrial countries 2
Of which United Kingdom
Canada
Caribbean banking centers 3
Other
3,145
II
I
IV
III
I
4841
'714
253
41
212
Financial claims
By type: Deposits
Other claims *
4,220
1987
1988 Amounts
19 87
19 86
-58
16
152
96
524
27
-300
-116
1,000
-1,303
-1,137
-166
162
1,357
1,887
625
1,153
— 1,659
126
70
1Q
155
-769
Q1
530
209
1,472
-1,263
1,187
1,161
26
357
80
277
a.
a.
17,528
15,641
1,887
315
243
944
5
352
n.a.
n.a.
7,394
10,134
914
n.a.
n.a.
n.a.
11,117
2,313
4,098
-106
371
113
49
140
215
832
-214
-343
See footnotes on page 67.
Table J.—Outline of BEA End-Use Classification System for Exports and Imports, With End-Use Code Numbers—Continued
Exports
Abbreviated description
Recreational equipment and materials
,
Pleasure boats and motors
Toys, shooting and sporting goods, bicycles, and motorcycles, excluding apparel
Musical instruments, photographic and optical equipment, and other recreational
equipment
Home entertainment equipment
Television receivers, video receivers, and other video equipment
Radios, phonographs, tape decks, and other stereo equipment and partsRecords, tapes, and disks
Coins, gems, jewelry, and collectibles
Numismatic coins
Jewelry (watches, rings, etc.)
Artwork, antiques, stamps, and other collectibles
Unmanufactured consumer goods (gem stones, nursery stock)..
Nondurables—unmanufactured
Nondurables—unmanufactured (nursery stock, cut flowers, and Christmas trees)..
Durables—unmanufactured
Durables—unmanufactured (gem diamonds and other gem stones, including
imitation stones)
Special category (military-type goods)..
Special category (miltary-type goods)
Special category (miltary-type goods)
Special category (miltary-type goods)
Imports
End-use
code
411
41110
41120
41140
412
41200
41210
41220
413
41300
41310
41320
42
420
42000
421
42100
5
50
500
50000
Exports, n.e.c., and reexports..
Reexports (exports of foreign merchandise)
Reexports (exports of foreign merchandise)
Agricultural
Reexports of special category goods
Reexports of nonmonetary gold
Other nonagricultural reexports
n.e.c. Not elsewhere classified.
Consumer durables, manufactured.
,
Household and kitchen and appliances and other household goods
Furniture, household items, and baskets
Glassware, porcelain, and chinaware
Cookware, cutlery, house and garden wares, and tools
Household and kitchen appliances
Rugs and other textile floor coverings
Other (clocks, portable typewriters, other household goods)
Recreational equipment and materials
Motorcycles and parts
Pleasure boats and motors
Toys, shooting and sporting goods, including bicycles, excluding apparel
Photographic and optical equipment
Musical instruments and other recreational equipment
Home entertainment equipment
Television receivers, video receivers, and other video equipment
Radios, phonographs, tape decks, and other stereo equipment and partsRecords, tapes, and disks
Coins, gems, jewelry, and collectibles
Numismatic coins
Jewelry (watches, rings, etc.)
Artwork, antiques, stamps, and other collectibles
Unmanufactured consumer goods (gem stones, nursery stock)..
End-use
code
41
410
41000
41010
41020
41030
41040
41050
411
41100
41110
41120
41130
41140
412
41200
41210
41220
413
41300
41310
41320
42
420
Nondurables- -unmanufactured
Nondurable 3—unmanufatured (nursery stock, cut flowers, and Christmas trees)...
42000
Durables—unmanufactured
Gem diamonds
Other gem stones, including imitation stones ...
42100
421
42110
Imports, n.e.c and U.S. goods returned..
Domestic exports, n.e.c
Domestic exports, n.e.c
Minimum value shipments
Other (movies, miscellaneous exports, and special transactions)..,
Abbreviated description
600
60000
60010
61
610
61000
61020
61030
61040
Imports, n.e.c and U.S. goods returned
Imports, n.e.c and U.S. goods returned
Military aircraft and parts
Other military equipment
U.S. goods returned, and reimports
Minimum value shipments
Other (movies, miscellaneous imports, and special transactions)..
50
500
50000
50010
50020
50030
50040
58
SURVEY OF CURRENT BUSINESS
June 1988
Table 8.—Claims on Foreigners Reported by U.S. Banks
[Millions of dollars]
19 36
Line
(Credits +; decrease in U.S. assets.
Debits -; increase in U.S. assets.)
1985
1986
1987
I
II
19 37
III
IV
1 Total (table 1 line 49)
1323
59,975
40,531
4,916
13,660
18,909
32,322
By type:
Banks' own claims
5347
53023
38667
1818
10220
15409
1037
43137
13970
5 143
8832
12285
18045
8670
1,731
6,607
37271
6292
-3,587
4,013
11578
4372
-1,234
3,214
791
5413
-1,251
190
8414
2838
577
1,843
5986
11706
4,653
26
2010
' 80
2467
7575
1,751
6140
1660
-696
12059
3036
3685
37297
8302
346
9111
11947
229
currencies
4310
9886
24697
Banks' domestic customers' claims
Payable in dollars
Deposits
Negotiable and readily transferable instruments
4024
4034
43
4,473
482
10
6,952
5,025
1,078
-4,713
766
-1,927
2
3
4
5
6
7
g
9
10
H
12
13
14
15
16
17
18
19
20
Payable in dollars
By borrower:
Claims on:
own foreign offices
unaffiliated foreign banks
foreign public borrowers *
other private foreigners
By bank ownership: 2
U.S.-owned banks' claims on:
unaffiliated foreim banks
other foreigners
Foreign-owned banks' claims on:
unaffiliated foreien banks
other foreigners
Pa able in forei
Payable in foreign currencies
1,864
3,822
740
-2,640
1 922
1^958
standing
March
31, 1988
17402
530 374
29212
18891
21873
15625
20060
17924
491 575
27163
27250
22169
8124
10927
18703
440 Oil
11299
3212
' 95
2,131
18349
5655
-3,008
-151
21085
5583
-960
1,542
14532
8559
764
158
5288
1553
-2,813
1,530
12843
157
1,775
— 16
2761
10832
3,795
1,315
220 350
116 486
61,534
41,641
3567
1283
2,460
3679
4635
3,040
1 132
3002
-4,724
6174
5384
662
12365
450
-1,164
161
437
-543
3885
3078
2,796
1020
2949
3,373
97689
41787
60,179
5349
3753
365
4847
1555
40
7620
7847
814
19481
2653
1565
14911
199
80
2 167
8 109
2086
5 127
1 116
740
16728
2921
1 037
3781
7*883
1737
122 661
74699
42996
3,325
1388
3124
3,098 -3,440
3,944 -3481
904
679
1,473 -2,762
1 567
40
41
-846
Caribbean banking centers 4
-939
-8,704
Other areas
Of which Members of OPEC, included below 5
Latin America
Asia
Africa 6
Other
7,262
1,317
5,158
1,705
384
15
-3,688
178
675
-2,282
396
-2,477
-9,027 -28,235 -15,286
1,859
-9,340 -21,369
4,685
-1,496 -5,638 — 10517
4 -3,019
182
-266
1,791
1,805
-2,368
4,258
-871
840
8659
-6,627
2390
2,341
-482
215
I"
23460
27
See footnotes on page 67.
IV
16519
28
29
30
31
32
33
5,438
273
-9,300 -33,673
2781
8618
III
22422
21
22
23
24
25
26
Memoranda:
34 International banking facilities' (IBF's) own claims, payable
in dollars (lines 1-13 above).
By borrower:
Claims on:
own foreign offices
35
unaffiliated foreign banks
36
foreign public borrowers
37
all other foreigners
38
By bank ownership: 2
U S -owned IBF's
. . ..
39
40
Foreign-owned IBF's
,
41
P
P y
y
gn
II
Amounts
21 870
By area:
Industrial countries '
Western Europe
Of which United Kingdom
Canada
Japan
Other
47583 -30605
7646
2212
10551
6734
3414
5765
4522
1,304 -5,150 -5,077
27,831
-2,698 -32,463
581
91
482
I
1988
2049
8359
296
7 501
9 133
779
51 564
3500
3110
3296
2192
558
745
-1,717 -1,707
1 021
260
204
918
2979
2484
1031
3,493
2040
495
549
1640
93
-833
714
1091
894
750
371
-687
434
144
3400
3916
'569
-4,613
1 266
516
522
263
1 440
2,285
1 108
'259
38799
37 989
5 111
24,399
8 479
810
104
7,057
6465
-2,169
-5,286
294
-9754
5853
3057
23
4,426
502
11561
26164
3941
7814
8301
1479
-40 -2,964
-3,497 -19,254
-210
—5
12576
9000
5932
846
2,703
27
-8,418
5,248
-4,848
-6,638
-2,466
7,899
-1,508
-918
1,353
-809
-134
— 1,918
-228
672
171
-258
207
-348
942
-20
86
896
30
—70
-710
-137
251
-2,070
224
885
-3,692
-337
167
-850
-65
-2,944
1,395
-1,472
850
1,153
-327
-281
-2,363 -11,060 -16,671
-3,135
667
-442
547
-4,452 -11,414
-6,097 -4,466
-1,136
-570
345
59
3,885 -1,391
603
—2,966 -14,945 — 15,280
1 178
1 387
431
22374
809
19998
1234
8979
14533
6021
94
5948
243 -4,141
-2,025
—6,177 -10,142 -14,215
111
361
-408
9315
11 506
7 539
2,210
-5,197
796
261 616
128 330
72193
28,414
101,126
3,746
-3,152 -11,243
-1,922
3,763
122,448
-4,467
-1,279
-1,086
-37
-1
-3,343
-1,540
200
1,723
-4,162
-6
905
4,324
1,030
-500
2,131
-100
2,793
146,310
19,582
98,007
39,184
3,677
5,442
10,369 -11,963 -10,363
-3,329
13,380
224,138
-2,836
-1,211
1,364
-646
8,199
5,501
-521
201
70,258
81,121
47,794
24,965
339
13,041
5034
76,382
147,756
18800
3,104
1,633
-134
2,237
200
801
9,319
876
442
-268
-4,192
—8,371
-809
1,409
-6,976
-1,811
-815
-761
950
9,419
215
-7,184
-4,779
1783
3,711
-6,136
-4,227 -7,040
1 921 1 529
59
SURVEY OF CURRENT BUSINESS
June 1988
Table 9.—Foreign Official Assets and Other Foreign Assets in the United States Reported by U.S. Banks
[Millions of dollars]
1986
(Credits +; increase in foreign assets.
Debits — ; decrease in foreign assets.)
Line
1985
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
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 l 2
Other liabilities
Banks' custody liabilities payable in dollars 1 3
Other foreign official assets (table 1 line 57)
1987
35,507
44,968
I
II
1988
Amounts
IV
I"
standing
March
31, 1988
24,372
307,463
27,568
6,794
20,282
492
662
-116
-251
108
-223 -1,996
238,767
95,624
142,351
792
8,141
13,895
29,848
1987
in
IV
I
II
III
2,719
15,838
15,779
13,977
10,332
611
20,047
34,364 43,361
3,238
-838
2,682
-6,725 22,399 13,179
1,356
8,136 14,215 31,182
-800
-2,250 -2,250 -1,000
1,570
-177
-301 -1,214
2,054 -2,824
430
767
3,901 -1,131
1,187
645
14,540
9,858
5,632
-950
-644
1,001
1,472
4,415 12,193
12,171
3,980
554
9,305
8,213
3,861
3,366
500
117
62
276
1,143
520 -1,337
3,543
3,043 -2,197
11,083
1,033
10,650
600
256
1309
615
842
4962
6,204
400
714
287
-34
19,243
13,128
6,115
1,014
3,258
4,593
1,796
-160
-319
191
254
-865
1,931
-453
1,576
1,646
2,039
4,855
-34
643 -2,145
-1,152 -3,406
359
884 -1,040
-1,469
2,012
215
58
1,739
-540
-531
372
2,889
-176
-348
2,458
569
2,668 -1,910
654
243
-313
-360
344
57
742
1 143
'310
-624
15,530
43,318
-1,196
By type:
U S Treasury securities (table 1 line 53)
Bills and certificates
Bonds and notes, marketable
1986
1,171
3,502 -1,935
372
-236
707
-353
3,031 -1,954
-262
-459
-302
-410
341
148
1 838
2,031
564
257
1 811
72
699
1 184
185
833
26,897
2,020
11,718
13,159
2,951
16,812
By area (see text table B):
2
By type:
U S Treasury securities (line 60)
3
4
By security:
Bills and certificates
Marketable bonds and notes
5
6
7
By holder:
Foreign banks
Other private foreigners
International financial institutions 4
8
9
10
U S liabilities reported 1by U S banks (line 63)
Banks' own liabilities
Payable in dollars
12
13
14
By account:
Liabilities to own foreign offices
Liabilities to unaffiliated foreigners:
demand deposits
time deposits 1
other liabilities 2
15
16
17
18
By holder:
Liabilities to:
own foreign offices
unaffiliated foreign banks
other private foreigners
international financial institutions 4
11
19
20
21
22
23
24
By bank ownership:5
U.S.-owned banks' liabilities to:
own foreign offices
unaffiliated foreign banks
other private 4foreigners and international financial
institutions .
Foreign-owned banks' liabilities to:
own foreign offices
unaffiliated foreign banks
other private 4foreigners and international financial
institutions .
28
30
31
32
33
34
35
36
37
38
Banks' custody liabilities, payable in dollars 1 3
Of which negotiable and readily transferable instruments
By area:
Industrial countries 6 ..
Western Europe
Canada
Other
Caribbean banking centers 7
Other areas
Of which Members of OPEC, included below8
Asia
Africa
Other 9
Memoranda:
1 International banking facilities' (IBF's) own liabilities, payable in
dollars (in lines A9, and BIO above).
2
3
4
5
6
7
By holder:
Liabilities to:
own foreign offices
.
unaffiliated foreign banks
foreign official agencies
....
other private 4foreigners and international financial
institutions .
By bank ownership: 5
U S -owned IBF's
Foreign-owned IBF's
1
8 Negotiable certificates of deposit held for foreigners (in lines A13 and
B27 above).
See footnotes on page 67.
15,517
20,433
3,809 -7,596
5,820
3,820 -1,754 -4,077 -2,826 -2,431 -2,835
510
20,943
1,835
1 133
4,942 -5,761
1,230
4,590
-200 -1,373
-491
-790 -1,225
4,020
-381 -3,287 -1,601 -1,940
1615
20,827
1,221
-850
152
6,594 -1,183
5,563
2937
299
1,970
3,551
557
-41
-663
4,731
3,108 -3,215
1468 -4,821
-199
9,697
9,579
3,605
3,326
2,284
-703
29,580
28,044
22,840
37,180 -6,100
35,212 -4,610
35,042 -13,075
20,607 -5,363
83,592
,
7,146
27,826
33,103 -8,926
30,260 -8,993
609,344
496
7,001
85,391
1,013 -1,132
1,628
3848
696
6,305
13,609
71,782
225
140
-693
426
2677
261
' 76 -2,164 -3,236
72
807
239
463
7,050
512
9,596
71,308
4,487
17,961
14,648
13,715
46,153
45,115
38,344
29,764
29,990
20,833
15 994
21 690
23 268
523,953
474,000
417,510
8,852
16,658
18,398
10 198
237,600
782
5,833
1,752
1 707
14,351
9,042
792
1,687
1,884
8694
1 136 -3,584
19,882
126,673
33,355
8,852
6,107
947
2 191
16,658 18,398 -10,198
15,742
5,711 -13,494
3,879 -1,308 -1,050
2,065
1 968 1,474
237,600
109,857
65,991
4,062
7,341
5,527 -1,167 -1,984
23,866 -1,382 -6,524
3,239
376
2,195 -1,556
2091 -1,877
82
-669 -2,432
1,922 -1,434 -1,145
770
298
2,742 -6,991
15,767
4,422 -3,324
2,310
3,493 -1,583
-324
99,851
21,724
43,089
1,511
5,731
-99
3 207
891 15,656
11,320
9,035 -15,804
2,451 -1,693
748
137,749
88,133
26,964
41,045
38,637
31,854
79,783
75,119
60,784
87,778
85,143
59,817
23,265
35,680
38,545
2,554
1,434
11,085
1,238
4,279
3,072
2,493
14,066
8,545
-765
15,329
6,708
-750
1,253
-9 -1,772
1,810 -1,618
-80
9,539
2,296
23,265
4,619
3,362
608
35,680
21,723
2,043
1,338
38,545
22,567
51
1 346
2,554
1,806
512
1 267
1,434
2837
1,162
462
11,085
10,120
805
830
9,148 -3,546
-230
1,466
3,417
558
Payable in foreign currencies
27
80,182
61,478
Bl Other foreign assets in the United States (table 1, lines 60 and 63)
14,117
4,849
552
39,226
20,257
2,823
14,679
22,649
-626
3,936
1433
1,677
7,958
746
402
5,558
11,997
865
6,783
14,335
25,326
5,974
2,987
5,204
2,408
360
4,664
929
2,635
652
118
-244
1,042
855
1,536
-699
35,995
11,911
775
23,309
11,608
13,875
2,863
5,128
5,868
1,078
1,801
50,427 64,455
20,615 50,145
5,985
9,454
8,325
20,358
9,923
30,355
5,804
2,810
3,966
150
1,422
667
3,452 11,236
28
589
720 -6,882
11,127
43,224
12,189
9,768 13,816
6,842
196
3,957
5,750
894
1,224
6,243
8,965
1,702
780 -1,815 16,785
-807 -2,775
2,548
-824
350
39
1,400
-920
281
1,382
1,023
-67
174
-770
182
2,314
2,856
3897
2,070
6,308
6,057
1 527
6739
554
5363
20,607
12,634 -4,993
-436 -3,467
748
2,237
21,774 -3,379
3437
10,439
-121 -1,285
8,465
933
6,771
9,157
1,578
56,490
1,490
1,968
1,017 -1,389
3,313
1,549
1,038
-728
226
1,220
5,696
-352
49,953
13,371-
4,548 14,203
14,654
6,567 18,807
9,620
376 -3,840
1,586
764
3,448 -2,395
1,211
14,605 11197
2,277
116
3,844
1,410
-996
585
707
-94 -1,763
-760
3,702
1,114
-194
189
36
4,329
440
2,635
27,032
10,529
4,725
11,778
13,483
2,803
2,790
1,211
2,511
30
-949
18,672 10,447
14,242 -12,841
4,724 -4,776
7,170
294
485
6,426
5,162
969
762
-121
1,267
2,916
5,783 -3,076
156
-125
1,254
2,044
327,152
212,719
30,526
83,907
175,672
106,520
21,760
52,626
40,234
2,278
11,382
170
35,179
1,526 -2,514
14,846
29,366 -10,998
13,551
20,177
12,449 -17,525
244,252
6,881 20,925 11,417
2,768 21,009 22,091
3,472
3,897
1,877
-399 -2,607 -1,801
767
260
1,200
2,876
1,313
33
-474 -1,211
4793
3,868 16,030
10,266 12,419 -3,509
-50
33
2,518
679 -1,601 -2,646
4,187
, 5,826
2,388
1,150
9,126 -2,343
2,897
13,382
6,392 -13,871
2,357 -1,223
-520
1,541 -1,846
-791
114,012
91,664
16,419
22,157
5,964 -1,736
23,402 -9,262
434
13,117
8,518
11,659
359
-499
-855
54
11,073
3077
46,300
9,198
25,981
-631
-2,349
-183
1051 -5,536 -2,454
3,022 17,300
2,576
-3,242
-184
309
768
1,982
10,467
-305
17220
73,905
170,347
812
11
7,325
60
SURVEY OF CURRENT BUSINESS
June 1988
Table 10.—U.S. International
[Millions
EC(10)12
Western Europe
(Credits +; debits -) l
Line
1 Exports of goods and services 2
2
3
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts...
4
5
6
Travel
Passenger fares
Other transportation
7
8
9
10
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
...
..
United Kingdom
Euroj ean
Communit
1985
1986
1987
1985
1986
1987
1985
1986
1987
.
..
106,309
116,368
138,635
85,496
98,586
119,773
28,381
25,936
36,066
...
....
...
56,015
2,064
60,630
2,033
68,758
3,334
45,191
1,350
52,082
1,551
59,660
2,594
11,087
393
11,198
405
13,791
330
2,263
1,140
4,335
2,924
1,478
4,857
3,812
2,097
5,244
1,731
913
3,260
2,393
1,304
3,968
3,104
1,806
4,336
435
353
807
577
419
858
713
547
1,036
2,675
704
848
1,990
191
3,521
652
1,346
2,524
130
4,697
695
948
3,111
121
2,321
552
732
1,549
155
3,159
525
1,145
1,995
107
4,226
550
900
2,460
96
552
126
318
697
69
725
108
390
871
58
980
112
395
1,119
44
19,800
13,339
946
22,781
12,471
1,023
30,860
13,864
1,094
16,317
10,968
459
18,992
10,588
778
27,084
12,156
801
6,224
7,232
87
3,365
6,886
76
9,030
7,903
65
15
26
4
,
,
15 Transfers of goods and services under U S military errant programs net
1
20
2
-133,963 -150,017 -172,796 -107,999
125,279
145,961
-33,762
-38,301
-48,557
-77,454
-7,799
-89,039
-8,651
-96,215
9,574
62591
-7,306
74231
8,318
-81,527
9,077
-14,475
-898
-15,079
-874
-17,209
-1,105
-5,477
-5,389
-4,984
-5,025
-4,745
-5,199
7,127
-5,670
5,647
4,359
-4,030
3,551
4,159
-3,870
4,024
-5,877
—4,606
-4,520
-1,639
-1,517
-796
-1,433
-1,327
-809
-1,974
-1,679
-1,099
-373
-299
86
-2,422
-572
-425
-300
145
-2,786
-511
-559
-407
208
3197
-544
293
243
190
2061
375
-284
238
293
2,478
405
-363
-318
336
-2,852
-406
-83
-123
76
-1,403
-65
-99
-74
12
-1,547
-52
-102
-104
114
-1,668
49
.
-5,241
-14,935
-9,105
-5,701
-18,566
-9,214
-8,717
-24,583
-10,764
-4,801
-12,055
-6,522
-4,878
15,920
-6,767
7,111
-21,456
8,184
-2,127
-8,788
-1,923
-2,611
-12,360
-2,048
-4,355
-16,887
-2,440
-15
-26
-4
-1
20
-2
31 Unilateral transfers (excluding military grants of goods and services), net
-623
-390
50
219
265
565
211
277
310
32
33
34
U S Government pensions and other transfers
Private remittances and other transfers
-546
708
631
-589
-759
958
-330
-766
1,146
-20
-525
764
191
613
1,069
-84
624
1,273
-83
294
-87
364
92
402
35 U.S. assets abroad, net (increase/capital outflow ( ))
32,995
-45,001
-31,196
-29,570
-46,228
-29,050
-16,195
-21,911
13,797
-682
2,517
1,672
-18
2
-3
16 Imports of goods and services.
....
17
18
Direct defense expenditures
19
20
21
Travel
Passenger fares
Other transportation ..
22
23
24
25
26
Royalties and license fees to affiliated foreigners 4
...
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
..
30
5
36
37
38
39
40
U.S official reserve assets, net
Gold
Special drawing rights
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
45
46
47
48
49
U S private assets net
Direct investment
Foreign securities ...
Foreign currencies
...
...
.
..
..
..
U S claims reported by U S banks not included elsewhere
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 securities7
US. Treasury
securities
Other8
Other U.S. Government liabilities 9
U S liabilities reported by U10S banks not included elsewhere
Other foreign official assets
58
59
60
61
62
63
Other foreign assets in the United States net
Direct investment
U S Treasury securities
US 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 .
...
....
2,734
-431
2,168
-2,734
-431
2,168
682
2,517
1,672
-is
2
-3
331
-792
1,171
-47
346
-1,077
1,436
-13
53
1525
1,491
87
320
-112
461
-29
247
-763
998
13
223
-963
1,112
75
124
37
158
3
196
352
202
-7
347
5
-30,592
13622
-9,336
-1,009
-6,625
-44,916
15,376
-17,390
-1,587
-10,564
33 417
-23,724
-11,073
-856
2,236
29,209
-11,849
-10,143
1025
6,192
-43,959
-12,825
-18,811
1,522
-10,800
-30,945
20,870
-12,032
-912
2,869
16,301
-4,831
-5,916
-1,031
4,522
-22,104
-2,252
-14,577
-1,861
-3,414
-14,146
-7,951
11,702
-259
5,765
73,094
106,648
145,094
62,568
100,240
125,644
48,526
66,146
78,895
15,127
36,058
)
)
( )
0 )
831
0 )
0 )
(16)
(16)
(16)
5,185
..
(15)
(15)
(15
(15)
(15)
(15
(15
(15)
(15
7
(16)
( 16 )
(16)
(16)
169
551
950
(15
(15)
(15
(16)
(15
(15)
(15
(16)
67,910
12,794
(15)
41,891
1,333
(15)
91,521
21,729
(15)
48,838
295
(15)
109,037
34,974
(15)
22,876
1,024
(15)
(16)
( ll
(l
(16)
(16)
(16)
(16)
(16)
(16)
36
x
( )
(011 ))
(154)
(16)
44
(16)
(16)
(16)
(ll
(16)
(16)
(16)
31,352
4,665
)
( )
10,827
(16)
(16)
(16)
(16)
145
(16)
(16)
(16)
18,562
9,824
19,095
(16)
(16)
37,930
940
16
13,706
42,327
329
i 6 37,658
22,148
1,138
i670,970
34,701
961
i 6 8,156
38,716
583
16
15,866
19,897
306
i 6 39,985
(16)
(16)
(16)
(16)
64
65 Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above
items with sign reversed).
-11,824
-27,608
-79,787
-10,715
-27,585
-70,971
-27,161
-32,147
-52,918
Memoranda:
66
67 Balance on foods and services (lines 1 and 16) ll
67 33 and 34)
68 Balance on goods services and remittances (lines
69 Balance on current account (lines 67 and 31) 1 1
-21,439
-27,654
-27,731
-28,276
-28,409
-33,649
-33,450
-34,039
27457
-34,162
33782
34112
17400
-22,502
22263
-22,283
22,149
26692
26,236
-26,427
-21,867
-26,188
-25,539
-25,623
-3,388
-5,381
-5,171
-5,171
-3,881
-12,365
-12,089
-12,089
-3,418
-12,490
-12,181
-12,181
See footnotes on page 67.
61
SURVEY OF CURRENT BUSINESS
June 1988
Transactions, by Area
of dollars]
European Communities (6) 13
1985
1986
Canada
Eastern Europe
1985
1987
1986
1987
1985
1986
Japan
Latin America Republics and
Other Western Hemisphere
1987
1987
1986
1985
1985
Australia, New Zealand, South
Africa
Line
1987
1986
1985
1987
1986
52,006
62,213
70,107
3,797
2,954
2,592
72,398
74,744
82,415
63,375
61,999
65,603
32,848
40,241
44,860
10,745
11,031
12,669
1
31,639
799
35,123
740
39,174
1,119
3,258
2,044
2,238
55,390
109
56,601
98
61,092
167
30,788
483
30,887
303
35,041
289
22,145
329
26,344
164
27,604
375
6,967
489
7,115
364
7,403
629
2
3
1,179
495
1,885
1,535
677
2,198
2,055
977
2,449
100
75
70
2,571
478
885
2,689
496
876
3,252
604
965
3,567
603
1,890
3,757
749
2,068
4,007
841
2,525
1,418
816
2,021
1,614
895
2,369
2,111
1,132
2,524
442
246
447
493
250
285
570
407
301
4
5
6
1,688
405
315
749
81
2,245
377
546
948
41
2,939
399
365
1,101
41
12
18
16
79
11
77
5
86
5
467
101
740
862
52
587
98
850
1,105
31
586
157
953
1,228
56
119
109
183
1,827
107
178
110
202
1,910
89
165
113
172
2,074
91
485
606
-114
306
15
718
679
-284
516
16
1,076
750
395
842
12
235
80
208
319
28
280
67
206
288
11
240
94
156
332
4
7
8
9
10
11
9,094
3,383
295
14,109
3,229
447
15,169
3,844
477
166
172
141
595
142
35
4,307
6,383
53
5,086
6,181
48
7,022
6,292
41
2,338
20,788
573
3,403
17,738
607
3,870
15,811
604
1,617
3,021
184
3,345
3,520
345
3,642
5,018
170
373
882
28
932
716
23
1,818
699
17
12
13
14
-1
-1
(*)
(*)
-3
9
26
19
-1
-69,107
-76,610
-86,273
-2,191
-2,349
-2,339
-77,720
-77,034
-82,480
-70,304
-66,079
-75,922
-77,988
-96,283 -103,335
-7,613
-8,145
-8,087
16
-45,177
-6,159
-52,482
-6,923
-57,467
-7,346
-1,847
-3
-1,979
-3
-1,919
-4
-70,394
-252
-69,621
-215
-73,647
-200
-46,109
-308
-42,064
-334
-47,314
-329
-65,653
-1,593
-80,766
-1,991
-84,548
-2,019
-5,601
-55
-5,948
-44
-5,354
-46
17
18
-2,315
-2,176
-1,960
-2,119
-1,869
-2,087
-3,045
-2,147
-2,438
-96
-85
-116
-152
-168
-172
-2,503
-191
-608
-3,030
-212
-476
-2,949
-195
-612
-5,475
-1,004
-1,885
-6,124
-1,122
-1,939
-6,813
1354
-2,235
-458
-311
-2,601
-747
-334
-3,096
-911
-366
-3,331
-622
-416
-415
-745
-464
-448
19
20
21
-205
-116
98
-603
-267
-178
-160
281
-802
-273
-246
-203
208
-1,123
-269
_1
-2
-1
-23
-40
-40
-42
-42
-48
-12
-10
-347
-473
-108
-6
-9
48
-494
-97
-7
-19
-141
-614
-149
-19
-15
33
-2,138
-270
-20
-13
3
-2,314
-278
14
-16
29
-2,614
-325
72
-83
318
-290
-42
-168
-100
423
-650
-58
-219
-108
237
-833
-62
-3
-8
1
24
-42
-3
-5
-1
-47
-67
-925
575
-514
I
-5
-23
-79
-57
-2,605
-3,174
-4,448
-2,208
-3,323
-4,468
2538
-4,291
-5,367
-29
-1
-29
-2
-34
-4
-348
-1,970
-503
-390
-1,932
-600
-896
-2,148
-904
693
-12,946
-862
1,395
-12,044
-1,219
53
-13,897
-1,092
1561
-1,629
-4,013
-1,009
-2,435
-5,350
-1,178
-3,952
-6,045
-27
-122
-327
-28
-136
-210
-28
-153
-326
27
28
29
15
22
23
24
25
26
(*)
(*)
3
9
26
19
1
1
1
158
377
559
-204
-159
-159
-242
-276
-296
-2,794
-2,656
-3,031
-68
-68
-68
-79
-86
-100
31
20
-337
515
24
-362
763
11
-364
934
51
-21
-132
-15
-19
-125
-11
-18
-130
-2
-271
31
-9
-288
20
-£3
-1,618
-372
-804
1421
-390
-845
1746
-416
-869
6
-74
_4
-64
-14
-54
-1
-20
-58
-2
-21
-63
-8
-22
-70
32
33
34
-12,724
-24,373
-12,303
426
-656
145
1,108
-9,309
-13,953
2,204
-14,441
-11,878
-5,973
-27,147
-18,505
971
-1,363
-1,942
35
-663
-2,514
1,674
500
198
167
1635
313
5,253
-663
-2,514
1,674
144
199
116
176
-31
156
44
51
64
-12,206
-6,184
-4,846
-13
-1,163
-22,058
-9,634
4063
348
-8,709
13,185
(16)
(16)
(16)
(16)
114
(16)
(16)
(16)
(16)
3,180
-42
5,188
163
-14,093
-10,796
240
-643
-2,894
386
-261
-18
50
336
-3
-134
-124
-19
46
-45
31,421
42,525
-20
165
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(1.6)
(16)
(16)
(16)
(16)
(16)
(16)
270
85
(16)
(16)
(*)
(16)
(16)
(*)
(16)
(16)
(*)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
16
3,512
-206
19,806
91
-7
94
4
72
-7
68
11
154
158
-5
-1,033
2364
1^269
62
1,018
705
-1,677
686
1,304
-9,381
-2,644
-850
-737
-5,150
-14,106
-6,358
-4,003
1,331
-5,077
2,737
-4,083
1,920
691
4,209
-55
1,497
13,597
12,029
20,281
(16)
-213
789
3,019
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
1,710
911
12,809
2,547
135
28
12,421
8,040
4,746
(16)
16
-395
1855
610
851
16
2,248
579
27,192
-32
12
16
16
-2
3
164
16
(15)
167
-1,635
-313
5,253
85
-13
99
-1
84
320
46
318
1
49
6
56
-1
99
87
-3
128
-28
34
12
41
42
43
44
-13,418
-7,360
3,509
-1,538
-8,028
-11,061
-7,166
876
2,312
-7,084
-4,424
-1,160
618
52
-2,698
-26,918
1 982
7,880
-353
-32,463
-24,077
2639
6,178
215
-27,831
922
409
1
33
481
-1,462
198
2310
69
581
-1,988
1 388
577
-114
91
45
46
47
48
49
30,810
-640
6,104
490
50
(16)
(16)
(16)
(16)
(16)
(16)
(16)
51
52
53
54
55
56
57
11,005
31,376
51,211
39,460
(15)
(15)
(15)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
100
63
-133
(16)
(16)
-175
(16)
(16)
-145
(16)
(16)
-103
(15)
(15)
-44
(16)
(16)
69
(15)
(15)
(16)
(16)
(16)
(16)
9,011
959
471
-447
(15)
1,259
-451
2,201
-134
(15)
(15)
(16)
(16)
(16)
(16)
719
-332
-1,453
3,394
(16)
(16)
(15)
-156
85
16
198
-826
2 141
1,247
69
(16)
(16)
(16)
(16)
(15)
2,114
-2,042
19,623
16
36
37
38
39
40
-984
-2,045
1,144
-82
500
40
60
90
10
30
4,383
-1,798
28,600
16
(16)
(16)
2,311
-1,203
11,524
16
16
(16)
(16)
6,181
7,268
(16)
(16)
12,795
5,687
402
551
21,889 i6 30,677
(16)
(16)
(16)
(16)
16
12,635
1,389
19,359
16
(16)
222
354
(16)
(16)
(16)
(16)
(16)
(16)
1,235
2,719
(16)
(16)
167
417
-234
-108
-2,030 16 2,722
-24
(16)
(16)
206
66
-753
58
59
60
61
62
63
(16)
996
(16)
16
64
16,483
6,971
-14,616
-1,808
45
-184
2,959
-1,722
2,285
-12,762
-9,632
14,223
19,806
32,045
37,588
-3,384
-7,541
-3,031
65
-13,538
-17,102
-16,924
-16,944
-17,359
-14,397
-13,996
-14,020
-18,293
-16,165
-15,595
-15,606
1,411
1,606
1,453
1,402
65
605
462
446
319
253
105
94
-15,004
-5,322
-5,562
-5,565
-13,020
-2,290
-2,558
-2,567
-12,555
-65
-361
-361
-15,321
-6,929
-8,105
-9,723
-11,177
-4,080
-5,316
-6,736
-12,273
-10,319
-11,604
-13,350
-43,508
-45,140
-45,208
-45,208
-54,422
-56,042
-56,109
-56,109
-56,944
-58,476
-58,544
-58,544
1,366
3,132
3,055
3,054
1,167
2,886
2,801
2,799
2,049
4,582
4,490
4,482
66
67
68
69
62
SURVEY OF CURRENT BUSINESS
June 1988
table 10.—U.S. International
[Millions
Other countries in Asia and
Africa
International organizations
and unallocated 14
Western Europe
1987
Line
1986
1987
66,356
63,917
73,742
4,746
41,180
5,264
40,348
5,621
47,434
6,735
192
936
365
4,065
985
307
3,864
1,026
317
4,239
932
1,066
1985
1 Exports of goods and services
2
2
3
Merchandise adjusted excluding military 3
Transfers under U S military agency sales contracts
4
5
6
Travel
Passenger fares
Other transportation
....
1986
1985
3,800
1987
II
I
1988
III
IV
1"
33,241
31,767
30,513
43,114
36,865
17,024
818
17,091
774
15,862
795
18,781
947
21,646
1,042
1,118
699
380
1,273
1,007
551
1,210
1,220
683
1,397
886
483
1,364
942
584
1,428
4,308
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
115
288
594
1,505
290
143
262
607
1,575
310
154
297
513
1,707
233
32
1,297
184
69
1,399
3
45
1,471
3
1,071
167
149
743
23
1,041
171
173
771
32
1,140
176
194
793
39
1,445
181
432
805
28
1,063
187
426
790
39
12
13
14
Receipts of income on U.S. assets abroad:
Direct investment
Other private receipts
U S Government receipts
4,507
4,570
2,679
3,283
3,642
2,970
5,159
3,242
2,686
259
982
869
-412
865
810
-63
1,050
685
7,628
3,030
236
5,236
3,448
262
4,515
3,434
266
13,481
3,952
330
5,133
3,311
276
23
51
36
-1
2
1
2
3
-38,907
-44,091
-44,612
-45,187
-46,701
-22,295
-2,410
-23,964
-2,426
-23,016
-2,507
-26,940
-2,231
-25,301
-2,364
-70
-1,298
-737
-1,202
-1,260
-2,267
-1,897
-1,322
-2,880
-1,449
-1,553
-1,243
-1,122
-1,512
-924
-1,211
-1,499
-150
-1
-140
-93
42
-740
-100
-125
-101
92
-819
-150
-124
-106
43
-832
-135
-170
-108
32
-807
-160
-161
-107
32
-717
-159
-3,000
-6,265
-2,789
-918
-7,259
-2,748
-4,450
-6,749
-3,028
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
....
-87,960
-95,798 -118,137
-71,025
-2,160
-79,099 -100,853
-1,718
-1,726
-1,409
-506
-3,722
-1,494
-529
-3,944
-1,655
-555
-4,351
14
-9
605
581
657
19
-9
673
-795
635
26
-7
556
-877
709
405
3,533
5,381
355
-3,582
5,042
263
-3,742
4,507
. ..
-23
-51
-36
-9,759
-10,719
-8,932
-8,206
-9,009
-7,340
30 U.S. military grants of goods and services; net
31 Unilateral transfers (excluding military grants of goods and services),
net.
32
33
34
U.S. Government grants (excluding military grants of goods and
services).
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
45
46
47
48
U S private assets net
Direct investment
49
58
59
60
61
62
63
344
1 248
2,002
246
1,388
-116
Foreign official assets in the United States, net
U.S. Government securities7
U.S. Treasury securities
Other 8
Other U S Government liabilities 9
U.S. liabilities reported by U.S.
banks, not included elsewhere
Other foreign official assets 10
1
-127
^
352
1 114
259
969
-316
-410
-2,448
-5,018
-2,507
-2,351
-6,041
-2,720
1
-2
-1
-2
-3
-1,241
-954
-909
50
53
-48
-5
-46
-799
-693
-576
-438
4
248
13
-54
-101
-154
183
268
185
292
187
279
-211
307
-194
301
380
171
47
258
21 402
2,895
12946
6,866
12
1,254
1,561
298
660
682
1,893
656
897
908
246
1,501
509
2,070
298
660
682
1,893
656
55
-266
314
7
-117
-541
367
58
43
-470
536
23
72
-249
276
46
13
-204
253
37
3,534 -14,910
-3,773 -11,264
1 747 -2,883
455
91
6,197
-2,230
3 105
n.a.
2,193
2135
4,335
-7
-821
-824
4
-923
927
4
-784
-788
4
3,574
143
1,309
417
212
1,443
3,829
65
805
3,341
3,478
211
430
173
921
3
-160
796
1,038
-5
-824
161
683
1,991
2239
1 153
3,752
13,634
9,108
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
-138
625
2607
-138
409
,
(16)
(16)
(16)
(16)
(16)
(16)
16
2,348
2,714
-1,386
16
11,521
1,246
926
16
9,222
16
9,037
-14,546
8,963
-1,218
11,532
35,074
49,015
29,520
31,485
-2,453
(*)
-52
11,044
11,807
-2,930
16,136
4,146
(*)
-52
-916
-916
697
(16)
1 668
5590
(16)
(16)
(16)
40
151
565
137
653
66
586
16
-96 —21,946
-6,451
-2,236
4 535
1 908
-629
-773
-5,642
1 988
559
321
(16)
(16)
-321
(16)
160
-31
672
354
(16)
(16)
-140
-35
333
-457
3051
2,499
95
..
U.S. liabilities to unaffiliated foreigners reported by U.S.
nonbanking concerns.
U.S. liabilities reported by U.S. banks, not included elsewhere
68
1444
-2,245
-1,572
3601
1,937
92
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking
concerns.
Direct investment
U S Treasury securities
468
1 242
68
1277
....
50 Foreign assets in the United States, net (increase/capital inflow ( + ))....
51
52
53
54
55
56
57
313
1 240
2,868
-2,929
-1,618 16 -6,309
(15)
(15)
(15)
-163
(15)
(15)
(15)
22
(15)
(15)
(15)
(15)
24,030
6,263
37,209
7,206
(15)
10,933
222
(15)
(15)
9,503
1,727
(15)
(15)
(15)
(15)
292
(15)
(15)
32,449
12,710
(16)(15)
(15)
76
(15)
(15)
(15)
(15)
(15)
-280
(15)
(15)
15,349
8,795
-6,600
5,012
9,086
-21
-6,646
-904
1,223
n.a.
(15)
(15)
(15)
(15)
(15)
(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).
66
67
68
69
Memoranda:
Balance on merchandise trade (lines 2 and 17)
Balance on goods and services (lines 1 and 16) ll
Balance on goods, services, and remittances (lines
67, 33, and 34)
Balance on current account (lines 67 and 31) 11
See footnotes on page 67.
25,608
29,212
42,831
-756
767
4,535
-29,717
-15,342
-18,267
-16,461
5,470
-29,845
-21,604
-23,157
-31,363
-38,751
-31,881
-33,591
-42,600
-53,419
-44,395
-45,987
-53,328
192
1,817
1,376
577
932
671
23
2,063
1,730
1,154
-5,271
-5,665
-5,580
-5,615
-6,873
-12,324
-12,217
-12,271
-7,154
-14,099
-14,008
-14,147
-8,159
-2,073
-1,977
-2,078
-3,655
9837
-9,729
9883
SURVEY OF CURRENT BUSINESS
June 1988
63
Transactions, by Area—Continued
of dollars]
European Communities(12) 12
European Communities(6) 13
United Kingdom
1987
II
III
IV
I"
9,862
17,565
15,734
14,868
21,941
18,012
1
4,462
142
10,003
334
9,463
298
9,024
281
10,684
206
12,229
243
2
3
206
152
280
341
186
566
531
256
567
714
340
666
469
195
650
446
264
688
4
5
6
291
29
125
292
3
213
30
155
288
9
698
96
25
268
4
653
98
41
269
14
696
101
48
282
11
892
104
251
282
12
679
107
210
279
21
7
8
9
10
11
3,871
2,247
50
2,139
1,786
1
4,061
860
122
2,490
930
123
1,600
1,004
102
7,017
1,049
129
1,701
1,040
106
12
13
14
1
(*)
-22,081
-21,920
-22,813
-23,715
16
-14,273
-1,888
-13,614
-1,853
-16,344
-1,700
-15,336
-1,834
17
18
-304
-465
-519
-1,006
-723
-561
-1,174
-529
-682
-561
-430
-676
-370
-475
-685
19
20
21
-27
-28
14
-351
-18
-57
-48
47
-245
-47
-53
-50
64
-297
-83
-56
-52
28
-282
-72
-80
-53
69
-299
-68
-71
-53
1
-259
-67
22
23
24
25
26
-605
-4,960
-643
-2,015
-4,576
-729
-672
-780
-1,225
-728
-1,097
-1,386
-1,120
-1,137
-1,378
-18
-1,276
-1,378
-1,842
-1,231
-1,493
27
28
29
1
(*)
76
81
74
129
135
134
162
III
IV
I"
29,050
27,346
26,189
37,188
31,660
8,370
8,350
8,177
11,169
14,921
715
14,824
629
13,721
641
16,194
610
18,744
822
3,288
125
3,597
91
3,254
51
3,652
63
560
334
1,056
810
485
992
1,016
577
1,160
718
410
1,128
739
488
1,186
152
105
263
186
172
230
205
158
278
170
112
265
976
132
123
586
18
950
136
172
607
26
1,018
139
187
626
30
1,282
143
418
641
22
971
148
401
632
33
211
27
69
263
12
234
28
91
280
11
244
28
110
285
18
6,731
2,697
203
4,596
2,942
179
3,792
3,097
185
11,966
3,420
235
4,397
2,909
192
2,094
1,755
8
1,522
1,902
7
1,544
2,000
1
-1
2
1
2
2
-32,756
-37,049
-37,764
-38,392
-39,623
-10,880
-12,141
-12,825
-12,710
-13,135
-19,458
-18,837
-2,299
-20,170
-2,305
-19,588
-2,361
-22,932
-2,112
-21,319
-2,244
-4,022
-260
-4,232
-240
-4,249
-333
-4,706
-271
-4,198
-270
-13,236
-1,907
-569
-1,004
-1,003
-1,897
-1,477
-1,036
-2,294
-1,168
-1,265
-1,117
-957
-1,217
-715
-1,034
-1,230
-178
-370
-239
-639
,--507
-238
-758
-418
-327
-399
-384
-296
-235
-400
-302
-92
-73
67
-664
-75
-81
-79
104
-732
-121
-74
-82
66
-742
-102
-116
-84
99
-713
-108
-102
-84
17
-629
-109
-31
-23
16
-402
-10
-23
-26
37
-422
-17
-15
-28
34
-443
-11
-33
-28
27
-401
-12
-1,945
-4,355
-1,906
-1,909
-5,299
-2,049
-2,576
-5,482
-2,095
-681
-6,320
-2,134
-3,931
-5,886
-2,357
-1,234
-3,514
-614
-1,127
-4,136
-571
-1,389
-4,277
-612
70
83
1
-2
-1
-2
-2
138
124
126
177
164
III
II
Line
I
II
I
1988
1987
1988
1987
1988
I
I"
IV
-2
2
is*
15
30
152
31
-7
-40
-28
-10
-8
3
4
3
-1
-2
32
-156
300
-156
320
-156
309
-156
343
-165
337
-23
93
-23
106
-23
99
-23
105
-24
98
-91
223
-91
230
-91
227
-91
254
-97
251
33
34
-1,068
-20,482
3,852
-11,352
5,748
771
-11,581
2,396
-5,382
4,294
-1,261
-8,036
2,752
-5,759
2,012
35
-140
759
-769
1,821
722
-1
-1
-1
-1
-1
-139
760
-768
1,821
722
-140
759
-769
1,821
722
-1
-1
-1
-1
-1
-139
760
-768
1,821
722
36
37
38
39
40
22
-154
179
-3
54
-338
330
62
9
376
410
-25
138
-96
194
41
-101
-190
129
-41
17
201
26
108
(*)
-4
82
12
26
-26
13
4
204
-2
25
2
106
2
(*)
14
-18
12
70
14
-2
12
14
14
-39
41
42
43
44
-950
-6,160
-2,698
-814
-21,295
-1,724
-4,618
-701
4,612
-2,624
-2,420
88
-13,312
-10,361
-2,296
515
5,127
-2,940
-2,608
n.a.
755
-1,977
-2,506
-695
-11,782
-632
-4,415
-713
2,370
-1,331
-2,490
242
-5,489
-4,011
-2,291
907
4,295
-1,645
-1,599
n.a.
-1,118
-3,749
-192
-85
-8,878
-994
230
-3
3,509
-821
535
-160
-7,606
-5,232
-333
-395
1,315
-1,124
-1,054
n.a.
45
46
47
48
8,722
-14,252
9,568
-1,169
10,675
5,932
-6,021
5,948
-94
7,539
2,908
-8,111
3,955
-1,646
3,493
49
31,854
43,954
25,771
24,065
-607
19,774
24,017
23,983
11,121
-8,304
11,550
17,838
1,013
12,124
5,523
50
51
52
53
54
55
56
57
(16)
(16)
(16)
(16)
-130
(16)
(16)
(16)
-80
(16)
(16)
228
16
27,984
(16)
(16)
(16)
(16)
(16)
8,278
88
16
4,730
21,625
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
-300
-3
58
(16)
(16)
89
(16)
(16)
-81
(16)
(16)
-126
142
(16)
(16)
164
(16)
(16)
1
(16)
(16)
-94
(16)
(16)
(16)
(16)
-55
(16)
(16)
(16)
16
-7,111
(16)
(16)
(16)
2,434
2,738
10,421
(16)
(16)
(16)
1,607
n.a.
-4,466
-587
16
(16)
(16)
(16)
(16)
5,197
7,475
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
12,447
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
18
(16)
(16)
(16)
(16)
8,610
1,625
9,726
12
16,631
(16)
(16)
(16)
(16)
(16)
5,815
(16)
(16)
5,615
16
(16)
(16)
(16)
(16)
9,281
7,566
282
7,398
1,323
7,887
175
16
16
12,557
16
5,657
(16)
(16)
(16)
(16)
12,490
16
-12,147
6,924
(16)
1,969
16
13,662
688
-219
16
-1,567
(16)
(16)
2,300
4,354
(16)
(16)
(16)
1,149
186
1,855
-266
16
(16)
2,967
(16)
(16)
1,122
n.a.
-2,954
-1,474
16
(16)
3,131
2,803
2,970
(16)
(16)
(16)
(16)
472
n.a.
-1,444
878
16
8,173
16
2,807
58
59
60
61
62
63
64
-27,219
-13,892
-18,174
-11,686
2,658
-18,105
-8,726
-21,806
-4,279
7,208
-8,524
-3,590
3,153
-5,655
-1,984
65
-3,916
-3,706
-3,561
-3,568
-5,346
-9,703
-9,539
-9,579
-5,867
-11,575
-11,422
-11,449
-6,738
-1,204
-1,017
-1,027
-2,575
-7,963
-7,791
-7,799
-734
-2,509
-2,439
-2,439
-635
-3,792
-3,709
-3,709
-995
-4,649
-4,573
-4,573
-1,054
-1,541
-1,460
-1,460
264
-3,273
-3,199
-3,199
-3,233
-1,894
-1,762
-1,765
-4,810
-6,347
-6,208
-6,212
-4,590
-7,052
-6,916
-6,918
-5,660
-873
-710
-711
-3,107
-5,703
-5,549
-5,551
66
67
68
69
64
SURVEY OF CURRENT BUSINESS
June 1988
Table 10.—U.S. International
[Millions
Eastern Euro pe
Line
Canada
19 37
(Credits +; debits -) *
II
I
1 Exports of goods and services 2
19 87
1988
I"
IV
III
II
I
1988
III
IV
IP
.
433
780
661
718
1 251
20 115
20848
19435
22 017
22983
2
3
Merchandise, adjusted, excluding military 3
Transfers under US military agency sales contracts....
340
697
572
629
1168
14326
27
15888
44
14206
45
16672
51
16848
' 64
4
5
6
Travel
. ...
Passenger fares .
...
Other transportation
15
19
20
20
951
178
224
891
147
254
836
133
236
574
146
251
1044
16
4
4
4
4
4
21
1
21
1
22
2
22
1
22
1
136
34
213
308
6
145
39
264
306
9
147
41
205
311
33
157
43
271
305
9
144
43
289
317
6
34
17
35
8
37
5
37
5
si
2154
1,539
1307
1552
20
3
1724
1503
1837
1698
2218
1532
590
649
600
591
20322
20964
20047
21 148
23 148
504
1
514
1
18024
52
18528
52
17072
36
20023
61
20637
50
362
50
168
4
7
8
9
10
11
Royalties and license fees from affiliated foreigners
Royalties and license fees from unaffiliated foreigners
Other private services from affiliated foreigners
U.S. Government miscellaneous services
196
266
Receipts of income on U.S. assets abroad:
12
13
14
5
16
2
15
15 Transfers of goods and services under U.S. military grant programs, net
501
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
Rovalties and license fees to unaffiliated foreigners
Other Drivate services to affiliated foreigners
Other nrivate services to unaffiliated foreiffners
U S Government miscellaneous services
_1
500
1
-4
-26
75
11
5
-47
40
45
32
311
43
120
730
65
176
1 409
-41
(*)
(*)
(*)
(*)
ii
10
10
8
10
11
11
19
(*)
11
18
3
4
107
146
17
2
5
55
152
22
2
5
62
157
86
499
29
164
1
5
83
159
24
_7
-1
-8
_1
-11
—1
-8
1
-10
817
478
201
436
523
219
267
509
234
623
639
250
563
610
279
31 Unilateral transfers (excluding military grants of goods and services), net
-47
-36
-35
-42
-42
-69
-73
-81
-73
-60
U.S. Government grants (excluding military grants of goods and services)
U.S. Government pensions and other transfers
Private remittances and other transfers
-8
-5
-34
-2
-5
-29
_1
-2
32
(*)
-6
36
1
-6
-35
-74
5
(*)
-74
1
(*)
-75
6
-75
2
-77
18
3
— 153
78
223
4
1,894
3,070
1922
7,067
312
75
33
4
50
8
88
5
26
35
8
68
7
32
1
7
3
28
22
8
(*)
95
7
7
2
25
1
32
3
13
5
74
173
-4
2
15
- 1,982
1 830
1260
262
—3,075
664
930
544
-1,947
1237
1395
442
-7,102
2628
417
83
-426
-2
.
-489
Payments of income on foreign assets in the United States:
27
28
29
Other private payments
U S Government payments
.
58
152
2
5
237
164
21
30 U.S. military grants of goods and services, net
32
33
34
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 US credits and other long-term assets 6
U S foreign currency holdings and U S short-term assets net
45
46
47
U.S. private assets, net
Direct investment
Foreign securities
.
.
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking
concerns.
U S claims reported by U S banks not included elsewhere
48
49
...
-78
50 Foreign assets in the United States, net (increase/capital inflow ( + ))
51
52
53
54
55
56
57
58
59
60
61
62
63
U.S. Government securities7
U S Treasury securities
Other8
Other U S 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
2
66
-21
9
-8
n.a.
126
167
65
183
11
846
2025
243
4 141
10
101
167
441
5352
4636
5873
5441
431
-131
. .
16
-320
872
1659
n.a.
2210
1 259
(16)
(16)
(16)
(16)
(16)
3 134
1 575
(16)
1 028
(16)
(16)
(16)
(16)
(15)
(15)
(15)
(16)
(16)
(16)
(16)
(16)
(15)
(15)
(15)
(15)
(15)
(16)
(16)
(16)
(16)
(16)
(15)
(15)
(15)
(15)
(15)
(*)
(16)
(*)
(15)
1
(15)
2
.....
-186
-18
-2
27
(15)
(15)
(15)
(15)
(15)
(15)
(16)
2217
1 180
3062
196
4845
'296
4251
(16)
5009
715
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
-19
5
-135
16
9
6
16
107
16
(15)
(15)
(16)
-2
2992
(*)
(15)
(*)
(16)
21
35
(15)
542
(15)
(15)
(15)
(15)
66
12
710
250
250
17
24
991
n.a.
-49
332
9
n.a.
429
(15)
77
16
(15)
-426
(15)
(15)
(15)
(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
67 Balance on eoods and services (lines 1 and 16) x l
67 33 and 34)
68 Balance on goods services and remittances (lines
69 Balance on current account (lines 67 and 31) ll
See footnotes on page 67.
248
-12
45
86
208
68,
106
191
157
155
72
-114
12
22
-22
-1,064
-3,182
7,895
-3,259
830
1,796
125
654
118
76
76
661
620
619
3 698
2640
116
189
189
2 866
'612
3 351
3 789
-466
207
275
275
693
693
869
796
796
165
225
225
65
SURVEY OF CURRENT BUSINESS
June 1988
Transactions, by Area—Continued
of dollars]
Latin American Republics and Other Western Hemisphere
1987
II
III
IV
I"
14,581
16,240
17,095
17,687
17,465
7,613
62
8,473
109
9,368
64
9,587
55
9,711
61
858
186
535
1,002
216
624
1,019
269
681
1,128
170
685.
33
28
46
507
25
47
28
32
533
22
38
28
55
505
24
764
3,779
146
1,142
3,873
139
967
3,875
203
I
1988
1987
1988
1987
I
I
II
Line
IP
IV
III
II
III
IV
IP
9,67'8
10,602
11,458
13,122
13,911
2,845
3,222
3,292
3,311
3,186
1
5,809
185
6,486
67
7,515
37
7,794
85
8,770
115
1,635
229
1,915
130
1,913
140
1,940
130
1,918
174
2
3
912
196
681
542
259
611
468
373
613
694
247
642
407
253
659
715
385
676
88
49
69
165
92
75
220
128
79
97
138
78
116
75
90
4
5
6
48
29
39
530
20
36
30
24
542
21
189
180
-100
187
1
280
185
-58
196
6
249
190
-98
234
3
358
195
-140
225
2
286
201
-135
238
3
54
21
45
85
1
57
23
36
84
1
58
25
37
81
1
72
26
38
83
1
61
26
40
84
(*)
7
8
9
10
11
997
4,284
117
889
4,179
183
751
1,006
57
752
1,188
47
469
1,235
41
1,670
1,590
25
1,011
1,624
21
384
183
3
483
157
5
417
188
6
534
171
4
417
183
3
12
13
14
1
7
4
5
3
4
-17,629
-18,824
-19,355
-20,114
-20,940
-23,862
-25,774
-26,338
-27,361
-25,990
-1,860
-1,986
-2,189
-2,053
-2,378
16
-10,868
-87
-11,726
-84
-12,113
-99
-12,607
-59
-12,736
-70
-19,519
-459
-21,127
-484
-21,282
-502
-22,620
-575
-20,960
-550
-1,278
-9
-1,356
-12
-1,470
-12
-1,250
-13
-1,652
-15
17
18
-1,925
-328
-484
-1,565
-402
-621
-1,600
-397
-547
-1,723
-227
-584
-2,101
-365
-529
-150
-77
-744
-329
-129
-824
-234
-103
-885
-198
-57
-879
-193
-80
-895
-226
-118
-111
-207
-102
-126
-189
-186
-137
-303
-169
-140
-298
-124
-147
19
20
21
-5
-4
-1
-627
-67
-3
-4
10
-668
-68
-2
-4
11
-636
-92
-4
-4
9
-683
-98
-1
-4
7
-707
-92
-51
-26
73
-188
-14
-53
-27
26
-271
-16
-51
-27
62
-187
-15
-65
-28
76
-188
-17
-63
-28
73
-163
-17
(*)
-1
-4
-18
-19
(*)
-1
-4
-20
-11
-1
-1
-4
-22
-11
(*)
—1
-11
-20
-16
(*)
-1
-11
-19
-21
22
23
24
25
26
87
-3,046
-275
-50
-3,369
-274
-100
-3,461
-316
115
-4,022
-227
-262
-3,841
-239
-312
-844
-1,551
-80
-982
-1,480
-583
-1,012
-1,519
-203
-1,114
-1,495
-366
-1,139
-1,609
17
-33
-60
-20
-37
-89
-28
-39
-89
3
-44
-88
20
-44
-66
27
28
29
-10
-23
-16
-20
-17
-21
-27
-23
-28
-25
31
-1
-5
-21
-3
-5
-15
-2
-6
-20
(*)
-6
-19
32
33
34
-239
224
-1,537
958
35
15
1
_7
4
—5
—3
—4
-591
-845
-838
-756
-570
-288
-97
-205
-521
-88
-236
-521
-96
-222
-415
-135
-206
-273
-101
-196
3
-13
-4
-19
-6
-10
_7
-12
-9
-8
-2
-5
-14
6,735
-3,959
-14,195
-460
2,343
2,659
-242
-8,313
-12,608
-5,708
-390
225
-31
-129
1,003
2,595
293
1,363
375
-27
-27
30
36
37
38
39
40
225
31
-129
1,003
2,595
293
1,363
375
-267
-268
176
-175
-282
-791
388
121
-264
610
337
9
-171
-375
242
-38
-87
-460
380
-7
34
10
279
-4
3
14
20
18
-5
14
28
6
45
-36
245
35
(*')
-4
1
2
6
8
12
8
6
12
10
-15
7
8
41
42
43
44
7,029
-1,696
89
-89
-3,677
-2,966
583
1,993
-14,156
-1,737
14
-108
-257
-767
191
516
2,558
-914
209
n.a.
1,622
-540
-506
-35
-2,846
-930
3,762
499
-8,885
179
1,439
-361
-13,968
-1,347
1,482
112
-6,086
-623
-266
n.a.
-404
206
-510
-127
-258
-546
-182
109
207
37
108
-50
-1,533
-1,085
7
-46
944
-205
352
n.a.
45
46
47
48
8,725
-3,287
-12,325
-197
3,263
2,703
-6,177
-10,142
-14,215
-5,197
27
361
111
-408
796
49
-10,398
29
15,893
5,481
6,957
7,216
10,023
14,911
7,311
23,874
-1,502
2,304
2,190
-2,501
875
50
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(|J)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
-2
(16)
(16)
-104
-34
-34
-33
-221
(16)
(16)
49
(16)
(16)
(16)
(16)
46
(16)
(16)
-6
(16)
(16)
(16)
(16)
18
(16)
(16).
(16)
51
52
53
54
55
56
57
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
1,978
329
997
1,524
(16)
(16)
445
(16)
(16)
5,002
513
4,033
311
727
(16)
109
49
-397
3
173
n.a.
58
59
60
61
62
571
63
(16)
(16)
(16)
715
(16)
1,340
(16)
(16)
(16)
-593
(16)
1,066
-707
1,021
-842
16
(16)
-190
(16)
1,256
790
-13,157
(16)
(16)
-1,385
(16)
16
Australia, New Zealand, and South Africa
Japan
1988
16
15,758
691
n.a.
-1,032
-444
16
7,583
(16)
(16)
(16)
(16)
16
4,322
(16)
(16)
(16)
(16)
16
1,592
16
4,633
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
138
-69
-104
-83
(16)
(16)
(16)
(16)
(16)
(J«)
(16)
1,573
653
16
1,823
-418
2,426
(16)
2,027
-88
11,311
(16)
(16)
3,332
(16)
16
(16)
(16)
16
(16)
(16)
241
(16)
1,519
n.a.
280
20
214
-6
20,033
16
-1,302
16
1,809
16
1,310
16
C(16)
)
16
-2,570
2
(16)
129
16
64
7,303
7,358
1,401
-1,838
-5,255
4,319
5,414
8,298
19,556
-6,069
929
-3,273
-3,494
2,808
-2,616
65
-3,255
-3,049
-3,351
-3,639
-3,253
-2,583
-2,907
-3,428
-2,745
-2,261
-2,578
-3,099
-3,020
-2,427
-2,768
-3,183
-3,025
-3,475
-3,772
-4,045
-13,710
-14,184
-14,194
-14,194
-14,641
-15,172
-15,195
-15,195
-13,767
-14,880
-14,896
-14,896
-14,826
-14,240
-14,259
-14,259
-12,190
-12,080
-12,097
-12,097
357
985
965
964
559
1,236
1,210
1,208
443
1,103
1,083
1,080
690
1,258
1,232
1,231
266
808
783
783
66
67
68
69
SURVEY OF CURRENT BUSINESS
66
June 1988
Table 10.—U.S. International Transactions, by Area—Continued
[Millions of dollars]
Other countries in Asia and Africa
(Credits +; debits -) 1
Line
1987
II
I
1 Exports of goods and services
2
.
...
2
3
Merchandise, adjusted, excluding military 3
Transfers under U S military agency sales contracts
4
5
6
Travel
Passenger fares
Other transportation
7
8
9
10
11
Royalties and license fees from unaffiliated foreigners
Other mivate services from unaffiliated foreigners
U S Government miscellaneous services
Receipts of income on U.S. assets abroad:
12
13
14
Other private receipts
U S Government receipts
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
Royalties and
Other private
Other private
27
28
29
1987
III
IV
IP
I
1,024
16,930
17,963
19,123
19,726
21,884
10,418
2,008
10,879
2,184
12,266
1,664
13,871
880
14,994
1,096
265
56
927
260
90
1,084
342
118
1,101
159
53
1,128
338
68
1,204
29
70
105
424
47
40
73
114
425
52
35
76
143
427
74
50
78
151
432
60
48
80
150
427
44
1,007
852
723
1,290
805
667
1,341
746
791
1,522
838
506
1,273
787
1,374
2
20
8
6
7
-25,241
-28,396
-33,406
-31,094
-30,262
-21,324
-390
-24,134
-428
-28,983
-439
-26,412
-469
-25,788
-400
-334
-98
903
-426
130
-1,133
455
167
-1,173
-440
-160
1,141
-385
-94
-1,112
-2
121
-216
-151
1
-2
141
-220
-161
6
-2
85
218
191
21
-2
209
-223
-206
(*)
-2
273
-228
-201
82
-878
-1,148
130
-905
-1,128
7
909
967
44
1,050
1,264
-5
-965
1,355
15 Transfers of goods and services under U.S. military grant programs, net
16 Imports of goods and services
International organizations and unallocated
1988
«
license fees to affiliated foreigners 4
license fees to unaffiliated foreigners
services to affiliated foreigners
services to unaffiliated foreigners
Payments of income on foreign assets in the United States:
Direct investment
Other private payments
U S Government payments
II
14
1988
IV
III
I"
988
1,125
1,171
1,110
293
291
268
265
247
22
345
(*)
17
349
1
3
386
1
3
391
2
-2
381
(*)
65
236
193
—48
228
150
24
265
179
25
321
163
9
294
181
-665
-549
-503
-529
-525
-21
-328
-13
-343
-18
-315
-18
-311
-21
-316
-37
-37
1
-39
-37
-39
-70
-209
-102
-53
65
65
79
83
86
63
-2
-20
8
6
7
31 Unilateral transfers (excluding military grants of goods and services), net
-1,993
-1,955
-1,700
-3,284
-2,107
-213
-129
-192
-375
-191
32
33
34
-1,598
-86
-310
-1,548
-94
-313
-1,328
-82
290
2866
-83
335
-1,707
-86
313
-169
-44
-114
-16
-132
-60
-161
-214
-148
-43
2,194
3,320
919
-3,206
579
1,063
1,199
-2,435
127
3,273
682
165
197
517
602
76
606
-171
335
-210
407
-205
722
155
446
-278
278
-226
226
-189
189
-2,355
-68
736
1
-3,024
163
39
-662
-1
460
2,861
-5
67
n.a.
2,798
30
U.S. Government pensions and other transfers
35 U S assets abroad net (increase/capital outflow ( ))
36
37
38
39
40
Gold
Reserve nosition in the International Monetarv 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
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
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
US f
'en
c hold' es and U S short term assets net
Foreign assets in the United States net (increase/capital inflow ( + ))
Foreign official assets in the United States net
U S Treasury securities 7
Other8
Other U S Government liabilities 9
U S liabilities reported by U S banks not included elsewhere •
f r i assets in the United States net
D' ct 'n vestment
'
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
4
319
322
1
378
622
1,011
-11
463
-703
1,197
-31
1,347
-492
1,804
35
-732
-1,327
399
196
-122
-126
4
-158
-158
2,189
-809
2,032
201
765
2,942
-633
1,047
112
2,416
-1,382
606
127
-239
-410
-4,553
1,293
527
137
-3,924
1,312
705
28
n.a.
1,989
503
163
443
4
-107
1,192
26
166
-4
1,003
-2,892
-2,550
4,275
10,275
387
382
-3,535
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(*)
-52
(*)
(*)
165
(*)
-52
(*)
(*)
382
-3,483
(16)
(16)
269
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
-90
-25
-42
(16)
(16)
(16)
(16)
324
253
819
-34
193
1,055
-90
-348
-408
n.a.
(16)
16
-676
-1,302
897
(16)
(16)
-2,481
16
-2,008
16
3,745
9,966
16
-227
-153
-34
16
569
3720
16
-1,007
-171
-171
(16)
88
16
160
77
16
-1,586
(16)
(16)
(16)
-1,586
-903
82
477
16
-903
558
7
16
-2,151
(16)
-865
n.a.
16
694
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 n ^ ,
•
.
y
. ll
67
67 33, and 34)
68 Balance on goods services and remittances (lines
11
69 Balance on current account (lines 67 and 31)
See footnotes on page 67.
11,003
11,619
12,627
7,583
10,293
-1,591
2,027
2,908
1,191
-3,496
-10,906
-8,311
-8,706
-10,305
13255
-10,433
-10,840
-12,388
16,717
14,283
-14,655
-15,983
12541
11,368
-11,786
14,652
10794
8,378
-8,777
-10,485
359
316
147
439
423
309
622
562
430
643
429
268
585
542
394
Footnotes to U.S. International Transactions Tables 1-1 Oa
General notes for all tables: " Preliminary. "Less than $500,000 (±) n.a. Not available.
Table 1:
1. Credits, + : Exports of goods and services; unilateral transfers to United States; capital inflows (increase in foreign assets (U.S. liabilities) or decrease in U.S. assets); decrease in U.S. official reserve assets; increase in foreign official assets in the United States.
Debits, —: Imports of goods and services; unilateral transfers to foreigners; capital outflows
(decrease hi 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 15).
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, 1987, were as follows in millions of dollars:
Line 36, 43,186; line 37, 11,063; line 38, 9,899; line 39, 10,164; line 40, 11,579. Data are preliminary.
6. Includes sales of foreign obligations to foreigners.
7. Consists of bills, certificates, marketable bonds and notes, and nonmarketable convertible
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 69 and 64 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, (c) includes an adjustment for the
different geographical treatment of transactions with U.S. territories and Puerto Rico, and (d)
includes services furnished without payment by financial intermediaries, except life insurance
carriers and private noninsured pension plans. 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 of the balance on goods and services from the international accounts and the NIPA net exports appears in the Reconciliation
and Other Special Tables" section in this issue of the SURVEY OF CURRENT BUSINESS. A reconciliation of the other foreign transactions in the two sets of accounts appears in table 4.5 of the full
set of NIPA tables (published annually in the July issue of the SURVEY) .
12. Includes return import into the United States, at a depreciated value of $21 million in
1972:IV and $22 million in 1973:11, of aircraft originally reported in 1970:111 in line 3 as a longterm 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.
Table 2:
For footnotes 1-11, see table 1.
12. See footnote 14 to table 1.
Table 3:
1. Exports, Census basis, represent transaction values, f.a.s. U.S. port of exportation, for all
years; imports, Census basis, represent 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 sum of seasonally adjusted five-digit end-use categories (see Technical Notes in the June 1980
and June 1988 SURVEY s). Prior to 1983, annual data are as published by the Census Bureau,
except that for 1975-80 published Census data are adjusted to include trade between the U.S.
Virgin Islands and foreign countries.
2. Adjustments in lines A5 and A13, B12, 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. Beginning in 1986, estimates for undocumented exports to
Canada, the largest item in .the U.S.-Canadian reconciliation, are included in Census basis data
shown in line A-l.
3. Exports of military equipment under U.S. military agency sales contracts with foreign governments (line A6), and direct imports by the Department of Defense and the Coast Guard (line
A14), to the extent such trade is identifiable from Customs declarations. The exports are included
in tables 1, 2, and 10, line 3 (transfers under U.S. military agency sales contracts); the 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.-owned grains in storage in Canada; for 1975-82, 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 1974-81; 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 the
Panama Canal Zone before October 1, 1979; for 1975-82, 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 International Monetary Fund, transfers of tin to the International Tin
Council (ITC), and sales of satellites to Intelsat. The memoranda are defined as follows: Industrial
countries: Western Europe, Canada, Japan, Australia, New Zealand, and South Africa; Members
of OPEC: Venezuela, Ecuador, Iraq, Iran, Kuwait, Saudi Arabia, Qatar, United Arab Emirates,
Indonesia, Algeria, Libya, Nigeria, and Gabon; Other countries: Eastern Europe, Latin American
Republics, other Western Hemisphere, and other countries in Asia and Africa, less OPEC. Before
1984, complete geographic area detail was not available for some balance of payments adjustments. 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 military goods and services purchased through military sales contracts—first authorized (for Israel)
under Public Law 93-199, section 4, and subsequently authorized (for many recipients) under
similar legislation—are included in line 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 line CIO that was delivered without prepayment by the foreign purchaser. Also includes expenditures of appropriations available to release foreign purchasers from liability to
make repayment.
6. Includes purchases of loans from U.S. banks and exporters and payments by the U.S. Government under commercial export credit and investment guarantee programs.
7. Excludes liabilities associated with military sales contracts financed by U.S. Government
grants and credits and included in line C2.
Table 5:
1. 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 28.
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
Table 7:
1. Primarily mortgages, loans, and bills and notes drawn on foreigners.
2. 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. 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.
5. 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.
6. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
7. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama.
8. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting
countries.
9. 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), because
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.
67
SURVEY OF CURRENT BUSINESS
68
June 1988
Table 10a.—U.S. International Transactions,
[Millions
Belgium-Luxembourg
Line
2
1 Exports of goods and services
1986
1987 "
1985
1986
1987 *
8,904
10,227
10,289
12,137
14,428
15,429
19,168
22,178
5,462
29
6,141
65
6,097
116
7,166
89
7,959
90
8,939
238
10,491
247
11,548
466
Travel
Passenger fares
Other transportation
68
15
216
92
47
197
123
29
218
305
173
308
399
244
507
514
401
575
539
208
617
706
244
723
1,007
371
756
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
158
67
119
75
1
251
34
122
103
1
273
43
83
108
3
440
122
-157
175
13
478
100
-135
226
10
718
100
-156
302
16
580
112
37
230
53
733
114
172
289
23
1,042
128
65
350
13
1,023
820
5
1,531
1,031
4
1,844
1,294
3
1,447
1,240
10
2,062
984
7
2,590
1,313
6
3,401
226
249
4,723
289
414
5,715
261
456
4
5
6
Receipts of income on U.S. assets abroad:
Other nrivate receipts
U S Government receipts
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-4,584
5 152
-6,219
-12,167
-12,910
14685
31 887
37 412
41 671
3269
121
3941
117
4224
184
-8,907
-59
-9,546
-67
-10,450
-78
19535
5377
24543
6 156
-26,952
6384
...
94
196
142
96
168
167
138
150
223
-767
-435
-282
-756
-336
-284
-1,088
-429
-318
670
653
-811
690
617
863
990
730
931
;..
-19
-5
-5
-40
-34
21
9
5
-40
-36
22
8
10
40
42
72
25
2
123
105
-41
-31
61
-163
-86
-31
-44
40
-156
-92
-104
-47
130
-310
-76
-150
-87
232
-416
-106
-193
-124
201
-712
-81
141
410
108
20
443
129
237
742
199
157
1045
502
-54
-946
-661
-25
-1,253
-761
-605
-827'
-3,002
23
-1,047
-2,992
86
-1,164
-3,697
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
24
27
30
70
-80
-80
487
751
932
8
16
9
-18
—9
21
31
39
33
47
-34
-46
-127
614
-133
884
-133
1,065
5,941
6308
5,559
1,769
3,617
15 Transfers of goods and services under U S military grant programs, net
16 Imports of goods and services
3
17
18
Merchandise adjusted excluding military
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
....
••
.
. ..
,
....
........
. ..
..
30 U S military grants of goods and services, net
31
32
33
34
1985
4,805
80
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts
12
13
14
Germany
France
1987"
7,452
2
3
7
8
9
10
11
1986
1985
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
45
46
47
48
49
5,510
3,246
-7,724
-946
(*)
(*).
(*>
663
2 514
1,674
.. .
(*)
(*)
(*)
663
2,514
1,674
9
19
18
47
28
8
(')
5
64
. ..
15
-6
9
10
9
9
47
(*)
26
2
13
-5
2
-2
-5
64
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
-5,950
533
-4,154
3
-1,266
-6,327
185
-1,816
1,504
-595
-52
335
-3,645
1,263
7
93
-2,482
-5,518
2,049
-1,038
-400
-2,031
-2,583
1920
-371
27
-319
-5,205
3357
-1,492
54
-410
-2,684
43
--1,848
' }}
-5,577
1,618
-1,739
-13
-2,207
2,124
-100
-1,375
1,984
8,967
11,587
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 securities7
U S Treasury securities
Other 8
Other U S. Government liabilities 9
U S liabilities reported by U10S banks not included elsewhere
Other foreign official assets
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
'.
12
6,199
9,056
17,586
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
118
(12)
(12)
3,060
2,615
2,959
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
347
552
(12)
(12)
559
-93
1,838
12
1,045
-85
1,492
-7
70
(12)
56
27
(12)
(12)
41
(12)
(12)
(12)
12
(12)
(
)
30
-40
(12)
12
101
12
2,472
12
-251
-131
3,318
-25
12
(12)
61
(12)
(12)
141
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
1,017
2,551
(12)
(12)
0 QQQ
812
-254
7,351
(12)
12
2,292
1,982
(12)
(12)
1,042
-121
8,140
2,713
-114
12 1,247
12
-3
161
6,775
(12)
2,403
(12)
12
134
466
14,733
64 Allocations of special drawing rights
65 Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above
items with sign reversed).
1,113
-477
-1,034
758
-4,497
-5,740
13,018
16,161
1,921
Memoranda:
66
67 Balance on goods and services (lines 1 and 16) 11
67, 33, and 34)
68 Balance on goods services and remittances (lines
69 Balance on current account (lines 67 and 31) 11
1,536
2,868
2,844
2,844
1,521
3,752
3,725
3,725
1,917
4,008
3,978
3,978
-2,810
-1,878
1948
1948
2380
773
-853
-853
2491
-257
-337
-337
-10,596
-16,458
-15,971
-15,971
-14,052
-18,244
-17,493
-17,493
-15,404
-19,493
18561
18 561
See footnotes on page 67.
69
SURVEY OF CURRENT BUSINESS
June 1988
by Selected Countries (published annually)
of dollars]
1987 *
1986
1985
1986
1987"
1985
1986
1987 v
1986
1985
South Africa
Australia
Venezuela
Mexico
Netherlands
Italy
1985
1987 "
1985
1986
1987 *
1986
1985
1987"
7,540
9,481
9,691
11,248
12,522
13,578
21,006
18,934
21,511
5,276
4,929
5,424
7,659
7,668
9,075
1,768
1,840
2,026
1
4,557
66
4,754
66
5,468
86
7,241
300
7,250
309
8,058
412
13,386
3
12,368
7
14,582
3
3,063
268
3,102
42
3,548
49
5,060
480
5,089
355
5,300
619
1,188
(*)
1,151
1,284
2
3
135
89
219
169
115
246
206
137
280
132
10
525
169
27
525
205
39
620
2,013
130
259
1,942
117
355
2,036
145 \ 448
386
393
287
189
260
301
150
201
348
248
215
31
5
74
39
5
38
28
368
42
4
5
6
238
75
83
181
5
420
63
97
196
5
471
81
81
197
8
273
29
233
88
9
363
66
291
134
2
436
47
290
144
1
80
31
46
497
32
79
26
54
508
10
3
85
12
23
55
575 \ 174
22
150
40
{168
192
24
179
35
170
198
6
183
48
128
241
2
51
20
21
85
3
56
15
18
51
4
35
27
20
67
1
7
8
9
10
11
1,025
838
29
2,613
717
20
2,010
656
10
2,197
210
1
3,179
206
1
3,010
315
1
642
3,737
150
214
3,151
103
278
506
25
538
425
21
1,285
443
15
35
255
326
137
398
124
12
13
14
697
2,762
140
22
1,271
15
3
11
2
21
205
241
152
1,034
12
221
938
11
{
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.
15
-12,032
-12,708
-13,895
-8,438
-8,426
-9,804
-25,137
-23,924
-27,144
-7,778
-6,062
-6,775
-4,045
-4,060
-4,821
-2,176
-2,468
-1,418
16
-9,355
-516
-10,353
-484
-11,035
-585
-4,111
-86
-4,099
-99
-4,806
-116
-19,104
-1
-17,711
-2
-20,322
-4
-6,521
-1
-4,811
-1
-5,642
-2
-2,697
-47
-2,595
-36
-2,961
-39
-2,049
-1
-2,372
-1
-1,341
(*)
17
18
/-345
-200
-343
-475
-339
-433
2
4
-23
-57
-32
-6
-25
-31
-5
-9
-24
-8
-16
19
20
21
3
-8
-1
60
1-24
-397
260
-372
3
5
-1
-21
-43
(*)
(*)
(*)
-26
-11
(*)
(*)
(*)
-14
-19
7")
-12
-19
22
23
24
25
26
-22
-90
-325
-39
-98
-190
-46
-114
-296
-3
-24
(*)
-1
-18
-5
-4
-15
-2
27
28
29
-165
-505
-383
-239
-537
-512
12
21
-20
-46
-18
35
25
-16
-60
-13
2
-9
-30
-81
-13
-18
-514
-141
20
-585
-176
-2,131
-372
-531
-2,179
-373
-544
-2,382
-547
-534
-412
-243
-390
2
-18
-6
-84
-35
115
-520
-304
-3,280
-381
-308
-3,579
-420
-339
-3,928
-544
-441
(*)
-4
4
-893
-67
> -340
^-1
1
-843
-49
21
-936
-66
-1
-896
-48
-30
-785
-101
(*)
-1
(*)'
-864
-58
1
-1,083
-58
-427
-436
-74
-649
-91
\
-73
-569
-62
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
-213
-236
-241
-18
-19
-19
-491
-490
-556
-18
-18
-30
-41
-46
-48
-26
-26
-33
31
-17
-162
-34
-12
-178
-46
8
-179
-54
-8
-10
-9
-10
-9
-10
64
-162
-265
57
-172
-261
67
-174
-315
-2
-16
-2
-16
-3
-27
-15
-26
-16
-30
-17
-31
-1
-2
-23
-2
-2
-22
-6
-2
-25
32
33
34
-893
-1,229
1,044
-876
-5,495
-1,331
3,305
1,182
78
594
-548
17
475
-440
-1,767
1,130
417
-43
198
198
198
198
466
771
299
6
29
2
32
-1
31
37
42
31
(*)
38
-1
36
-6
44
-2
90
1
-4
79
-92
177
-6
118
-28
30
12
1
(*)
-5,536
-4,410
1,271
160
-2,557
-1,328
-2,439
239
-136
1,008
3,200
-436
79
546
3,011
1,301
134
227
132
808
346
-241
221
16
350
565
218
1
234
112
-579
-531
63
-35
-76
-20
54
50
-74
-50
439
271
240
-16
-56
-530
180
-1,274
33
531
-1,809
-1,157
-292
-91
-269
1,129
180
(*)
49
900
417
-45
35
36
391
-43
-122
5
-23
97
45
46
47
48
49
8,389
221
-832
-799
5,704
640
13
18
-77
50
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(*)
(12)
(12)
(*)
(12)
(12)
(12)
(12)
51
52
53
54
55
56
57
116
30
-15
41
-3
101
1
119
-3
29
1
9
-24
1
40
-995
-985
-80
38
32
-1,345
-419
462
24
-1,412
1,014
-1,357
654
6
1,711
-861
-1,241
354
-29
55
-906
1,948
1,487
2,948
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
26
-5
(12)
(12)
22
(12)
(12)
(12)
(12)
(12)
(12)
-5
(12)
114
(12)
73
-123
-873
12
351
-13
1,470
125
2
1,729
1,718
1,305
1,053
-1,373
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
9
5
-75
(12)
(12)
(12)
(12)
-16
(12)
(12)
-4
(12)
(12)
2
(12)
(12)
-230
(12)
(12)
(12)
(12)
-14
(12)
(12)
(12)
(12)
(12)
(12)
(12)
55
444
(12)
-29
1,209
(12)
(12)
12
86
419
-342
7,871
(12)
(12)
(12)
12
1,307
-15
2,718
(12)
(12)
(12)
4,374
2,776
(12)
12
9,248
(12)
(12)
(12)
(12)
(12)
(12)
-364
35
36
37
38
39
40
105
-134
238
1
102
(12)
(12)
(12)
(12)
12
-167
-587
-336
(*)
-8
10
-123
-32
-590
-301
-454
2
18
6
-134
-41
-617
-305
-389
V
1,114
220
118
12
12
222
315
(12)
(12)
158
-242
1,596
12
508
-218
-380
33
(12)
12
162
-28
1,136
(12)
12
57
-422
1,593
2
166
3
-1,972
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
12
-67
223
354
-24
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
119
-56
-799
(12)
2
191
-200
-2,222
2,606
(12)
12
408
-134
2,470
12
1
<1
(12)
(12)
-25
-34
66
12
84
10
26
-102
-12
-63
-3
(12)
(12)
12
58
59
60
61
62
63
(12)
(12)
907
205
78
-526
41
42
43
44
1
12
64
6,504
2,744
1,914
-4,864
-6,971
-11,672
-401
4,077
4,806
873
3,072
2,196
-3,249
-8,826
-3,079
-709
219
-455
65
-4,798
-4,492
-4,688
-4,705
-5,599
-3,227
-3,451
-3,463
-5,567
-4,204
-4,437
-4,445
3,130
2,810
2,792
2,792
3,151
4,096
4,077
4,077
3,252
3,774
3,755
3,755
-5,718
-4,131
-4,558
-4,622
-5,343
-4,990
-5,423
-5,480
-5,740
-5,633
-6,122
-6,189
-3,458
-2,502
-2,520
-2,520
-1,709
-1,133
-1,151
-1,151
-2,094
-1,351
-1,381
-1,381
2,363
3,614
3,573
3,573
2,494
3,608
3,562
3,562
2,339
4,254
4,206
4,206
-861
-408
-433
-434
-1,221
-628
-652
-654
-57
608
581
575
66
67
68
69
By WILLIAM McCORMICK
Selected Military Transactions
in the U.S. International Accounts, 1983-87
TRANSFERS under U.S. military Coast Guard, were $12.6 billion in
U.S. Military Transfers
agency sales contracts, which are pri- 1983, decreased to $11.9 billion in
Deliveries of goods and services
marily deliveries of goods and services 1984, and increased to $13.9 billion in
Expenditures by category under the FMS program accounted
to foreign governments under the for- 1987.
eign military sales (FMS) program, changed substantially, in part reflect- for over 97 percent of transfers under
reached a high of $12.3 billion in ing fluctuations in the exchange U.S. military agency sales contracts
1983, declined to $8.6 billion in 1986, value of the dollar. In 1983-84, dollar in 1983-87. These deliveries fulfilled
and advanced to $11.5 billion in 1987 appreciation encouraged U.S. person- DOD-negotiated FMS agreements
(chart 9). Completion of major deliv- nel to spend in local economies but with foreign governments and interery programs in the Middle East, moderated DOD operating costs over- national organizations that promote
Western Europe, and Japan led to the seas; in 1985-87, however, dollar de- U.S. strategic interests through the
decline in 1983-86; an increase in de- preciation increased operating costs sale of U.S.-origin military articles,
liveries to the Middle East contribut- just as DOD implemented major mod- services, and training. Actual delived to the advance in 1987. By catego- ernization programs abroad but dis- eries lagged sales agreements by
ry, deliveries of aircraft dominated; couraged personnel from spending in months or, for major weapon systems,
construction activity decreased sharp- local economies. DOD foreign expenditures for petroleum and expenditures
ly.
Direct defense expenditures, which for which DOD is reimbursed fell
CHART 11
are payments for goods and services throughout 1983-87.
Distribution
of
Transfers
Under
purchased abroad by the U.S. DepartU.S.
Military
Agency
Sales
ment of Defense (DOD) and the U.S.
Contracts, by Category
$12,344
NOTE.—For discussion of these transactions
in an earlier period, see "Military Transactions
in the U.S. International Accounts, 1976-82,"
SURVEY OF CURRENT BUSINESS 63 (May 1983):
18-24. Rodney D. Thorn contributed to the data
preparation for this article.
CHART 10
Foreign Military Sales
Agreements and Deliveries
Percent
100
$9,817
$8,738 $8,583
Million $
$11,529
Billion $
18
17 -
CHART 9
Selected Military Transactions in
the U.S. International Accounts
16
Billion $
14
Direct Defense Expenditures
13 _ Abroad for Goods and Services
12
Vehicles, Weapons & Ammunition2
I 14%
11
10
9
Transfers of Goods and
Services Under U.S.
Military Agency Sales Contracts
8
7
J
J_ _L _L
6
1978
79
80
81
82
83
J_ _L
I
84
85
U.S. Department of Commerce, Bureau of Economic Analysis
70
86
87
88-6-9
1978
us
79
80
81
82
83
84
85
Department of Commerce, Bureau of Economic Analysis
86
87
88-6-10
1983
1984
1985
1986
1. Includes reimbursable contractual activities.
2. Includes spare parts.
U.S. Department of Commerce, Bureau of Economic Analysis
1987
by years (chart 10). High delivery
levels in 1982-83 followed the 1980
and 1982 peaks in agreements. Similarly, deliveries mirrored with a lag
the sharp drop in agreements in
1982-86. The remaining 3 percent of
transfers were non-FMS deliveries of
surplus military property, special construction activities, and other items
and services. (For further description,
see the technical note at the end of
the article.)
The decrease in transfers in 198386 was primarily attributable to the
completion of construction activity in
Saudi Arabia, the fulfillment of F-16
deliveries to four European NATO
countries, and the decline in aircraft
deliveries to Japan. Irregularly
higher transfers in various years to
several countries (notably Pakistan,
Venezuela, Tunisia, Israel, Australia,
Taiwan, Egypt, Korea, Spain, and
Singapore) were partial offsets. In
1987, aircraft deliveries to Israel,
Egypt, Australia, and Spain contributed to an increase in transfers.
Aircraft deliveries dominated transfers throughout 1983-87 and accounted for over one-half of total transfers
12
Distribution of Transfers Under
U.S. Military Agency Sales
Contracts, by Area and Country
$12,344
$9,817
Percent
100
$8,738 $8,583
Million $
$11,529
to sharply lower reimbursable contractual activity with DOD for construction and other services (technical, financial, and administrative) related
to military development
projects. These construction and related services peaked at $2.3 billion in
1983, and they decreased to $0.4 billion in 1987 as a result of the completion of large multiyear projects. For
military hardware, final deliveries of
Middle East
F-15's and patrol craft occurred in
Transfers to the Middle East de- 1983, and final deliveries of RF-5's occreased from $7.0 billion in 1983 to curred in 1984-85. Aircraft deliveries
$4.0 billion in 1986, then advanced to rose in 1986-87 when Saudi Arabia
$5.4 billion in 1987 (table 1).
took delivery of sophisticated AirSaudi Arabia received the largest borne Warning and Control System
amount of U.S. military goods and (AWACS) aircraft and a fleet of KE-3
services under the FMS program, but refueling tankers. Shipments of parts
deliveries decreased nearly 55 per- for existing and new weapons systems
cent, from $5.3 billion in 1983 to $2.4 remained at high levels throughout
billion in 1987. This decrease was due 1983-87.
by 1987. The share of construction declined markedly; other categories
changed marginally (chart 11).
Countries in the Middle East and
Western Europe were the principal
recipients of transfers in 1983-87, although the country distribution
within the Middle East changed considerably (chart 12).
Table 1.—Transfers Under U.S. Military Agency Sales Contracts, by Area and Country
[Millions of dollars]
Total1
Western Europe
NATO Europe
Belgium/Luxembourg
Denmark
France
Germany
Greece
Italy
Netherlands
Norway
Portugal
Turkey
United Kingdom
Other3NATO2
Spain
Spain3
Switzerland
Other
U.S. Department of Commerce, Bureau of Economic Analysis
1987
88-6-12
7,973
6,516
8,274 10,041 11,986 12,344
1,099
862
29
15
2
217
112
19
38
24
5
183
184
34
1,400 2,351 2,708
1 180 2254 2421
316
302
187
202
239
30
4
13
13
439
406
293
128
133
135
25
43
36
396
374
126
240
261
25
7
4
12
118
127
127
368
277
182
164
74
31
1984 r
1985 r
1986 r
1987 r
9,817
8,738
8,583 11,529
2,948
2649
238
124
16
337
157
27
519
256
14
162
506
166
126
2,732
2,577
230
35
48
282
97
58
394
154
31
488
468
159
133
2,064
2,003
80
49
116
238
109
66
300
25
112
229
393
146
142
2,033
2,001
29
30
89
247
75
66
309
66
11
280
405
104
290
3,333
3,302
65
95
90
466
92
86
412
135
31
489
330
84
928
244
55
140
15
14
47
6
26
13
19
61
24
13
136
93
59
Canada
67
75
85
117
101
140
118
109
98
167
Latin American Republics and Other Western
Hemisphere
Venezuela
Other
58
4
54
71
5
66
72
8
64
57
12
44
180
27
153
251
129
123
206
49
157
483
268
214
303
42
260
289
49
240
5,604
(*)
7
2060
743
112
2,471
2
208
3,746
(*)
208
475
347
63
2,483
(*)
169
4,082
2
206
5,217
1
401
6,846
2
966
6,987
1
887
4,180
6
528
3,928
54
516
3,957
676
5,427
147
1,098
751
176
2,768
(*)
179
1,032
132
3,507
2
142
237
1040
119
245
4,530 5,294
' 4
2
321
185
202
80
3,100
14
250
519
138
2,623
5
72
243
39
2,867
16
75
1,384
68
2,398
240
93
311
46
9
144
103
9
448
44
83
203
107
12
627
32
21
234
245
94
736
43
46
359
197
92
638
35
46
399
139
19
723
32
70
379
174
68
517
46
23
270
146
32
610
38
75
325
144
27
923
80
180
556
89
18
605
61
67
344
94
39
40
53
42
133
370
481
390
466
329
164
375
295
444
327
266
252
301
314
249
465
390
Australia, New Zealand, and South Africa
205
88
328
363
167
454
489
364
629
Other
Pakistan
Tunisia
Other
280
37
1
242
202
68
43
92
269
72
12
186
207
59
23
126
311
453
163
13
277
436
270
25
141
830
535
158
137
478
260
85
133
276
140
22
113
314
130
48
135
Korea
1986
1983
1980
74
137
g
Japan
1985
1982
1979
57
173
7
Southeast Asia
Philippines
Singapore
Taiwan
Thailand
Other
1984
1981
1978
2724
2572
254
202
17
458
140
31
455
226
14
204
374
158
39
45
81
27
Middle East
Bahrain
Eervpt
Iran
Israel
Jordan
Saudi Arabia
United Arab Emirates
Other
1983
71
SURVEY OF CURRENT BUSINESS
June 1988
.. .
r
Revised.
* Less than $500,000.
1. For quarterly data, see table 1-2, line 3, of the international transactions presentation in the March, June, September, and
December issues of the SURVEY OF CURRENT BUSINESS.
2. Includes transfers to other NATO countries and to NATO agencies.
3. Transactions with Spain are included in NATO beginning the third quarter of 1982. Spain became a member of NATO on
May 30, 1982.
Source: U.S. Department of Commerce, Bureau of Economic Analysis, from information made available by operating agencies.
SURVEY OF CURRENT BUSINESS
72
June 1988
Egypt received the second largest missiles, equipment, and parts in 1987
amount under the FMS program; de- nearly doubled total transfers to $0.5
liveries exceeded $0.5 billion annually billion. Fewer missile deliveries lowin 1983-86 and reached $1.1 billion in ered transfers to the United Kingdom
1987. Aircraft deliveries were domi- from $0.5 billion in 1983 to $0.3 bilnant: F-16's in 1983, E-2C early warn- lion in 1987. Transfers increased subing and control aircraft in 1985-87, stantially to Spain ($0.9 billion in
and new-model F-16's in 1986-87. Sub- 1987: F-18's, AV-8B's, and ship compostantial deliveries of tanks and other nents) and to Turkey ($0.5 billion in
vehicles contributed to the high trans- 1984 and in 1987: F-4's, helicopters, F16's, and aircraft parts). Transfers infer levels.
After Israel acquired major weap- creased to Portugal (A-7's) and France
ons systems in the late 1970's and (aircraft parts) in 1985 and to Italy
early 1980's, transfers dropped to $0.2 (missile systems) throughout 1983-87.
billion for 3 of the 4 years during
1983-86. Acquisition of a substantial Other countries
number of F-16's accounted for much
Japan was also a major recipient of
of the surge to $1.4 billion in 1987. At
times throughout the period, parts transfers. In 1983-85, annual transand missile deliveries boosted transfer fers were in the $0.3-$0.5 billion range
(F-15, C-130, and E-2C aircraft). After
levels.
a low in 1986, transfers rebounded to
$0.4 billion in 1987 with the delivery
Western Europe
of additional C-130's, missiles, and asDeliveries to European NATO coun- sorted equipment.
Deliveries of modern weapons systries decreased from $2.6 billion in
1983 to $2.0 billion in 1986 before in- tems to many other countries increasing to $3.3 billion in 1987. The creased in 1983-87. Pakistan acquired
completion of the initial multiyear F-16's, helicopters, tanks, and weapprograms of F-16 deliveries (which ons in 1983-85, and transfers ranged
began in 1979-80) to four countries from $0.3 billion to $0.5 billion. Auswas primarily responsible for the tralia took final deliveries of patrol
1983-86 decrease. F-16 deliveries frigates in 1984 and deliveries of Fended in 1983 for Denmark, in 1984 18's in 1984-87. Deliveries to Korea
for Norway, and in 1985 for Belgium; included F-4's in 1984-85 and F-16's in
fewer F-16's went to the Netherlands 1986-87. Deliveries to Taiwan were
in each successive year. Increased de- large throughout the period; delivery
livery of aircraft parts was the major of C-130's raised the 1986 transfer
factor raising transfers to these coun- level to $0.6 billion. Tunisia took detries in 1987.
livery of F-5's in 1984-85, and SingaIn other NATO countries within pore took delivery of E-2C aircraft in
Europe, transfers to Germany de- 1985-86. Venezuela acquired F-16's in
creased through 1985; deliveries of 1983 and 1985, raising total deliveries
to $0.3 billion in 1985. El Salvador
and Honduras obtained various aircraft, weapons, ammunition, and construction services in 1983-87.
Direct Defense Expenditures
Abroad
Direct defense expenditures abroad
consist of outlays for goods and services purchased abroad by DOD agencies under all U.S. defense programs
and by the U.S. Coast Guard. These
expenditures include DOD outlays
that are reimbursed under FMS and
other programs. The reimbursed outlays are for goods (equipment, materials, and supplies) and services (construction and contractual services)
purchased abroad to fulfill contracts
with foreign governments and international organizations. (For further
description, see the technical note.)
Direct defense expenditures abroad
decreased from $12.6 billion in 1983 to
$11.9 billion in 1984, then increased
to $13.9 billion in 1987 (table 2). In
1983-84, markedly lower petroleum
prices and a drop in expenditures
abroad for reimbursable contractual
activities in the Middle East were primarily responsible for the decline.
CHART 13
Distribution of Direct Defense
Expenditures Aboard, by Category
$12,587 $11,916 $12,169 $12,955 $13,897
Million $
Other Expenditures
Percent
100
2%
90 - 13%
2Vo
10%
19%
Table 2.—Direct Defense Expenditures Abroad for Goods and Services, by Category
80
[Millions of dollars]
Total J
Department of Defense expenditures
Personnel and related expenditures
Foreign nationals (direct and contract hire)
Contractual services 2
Construction 2 . 2
Major equipment
Other materials and supplies 2
Petroleum products
NATO infrastructure
NATO AWACS 3
Military assistance program offshore
procurement ....
Military assistance program services
Coast Guard expenditures
Memorandum:
Reimbursable contractual activities
1980
15%
21%
1982
1983
1984
r
1985
r
1986
r
1987
r
1978
1979
7,351
8,294 10,511 11,224 12,260 12,587 11,916 12,169
7,342
1559
1,354
1898
1 117
220
402
682
82
8283 10,499 11212 12,247 12,575 11,902 12,162 12,945 13,890
1561 1675 1948 2663 3007 3,320 3,864 3,835 3,984
2,111 2,378
1,736
1,729
1,585 1,651 1,656
1,381 1,402
3375 4296 4547
2060 2272 2249 2456 2783 3,019
804
758
1221 1469 1703 1369 1787 1329 1020
644
642
468
508
836
646
303
435
273
695
744
666
756
660
697
529
492
619
551
716
536
1,149
1,675
1,158 2,315 2,112 2,177
263
121
157
145
142
203
149
156
106
17
37
223
376
353
1981
70
26%
12,955 13,897
1
28
(*)
30
(*)
32
(*)
29
32
(*)
27
25
(*)
23
(*)
42
(*)
24
10
11
12
12
12
11
14
7
11
7
1282
1413
1463
1946
1675
1783
1,355
825
470
247
r
Revised.
* Less than $500,000.
1. For quarterly data, see table 1-2, line 18, of the international transactions presentation in the March, June, September, and
December issues of the SURVEY OF CURRENT BUSINESS.
2. Includes foreign expenditures in fulfillment of reimbursable contractual activities by the U.S. Department of Defense on
behalf of foreign governments and international organizations.
3. Payments to the acquisition fund for Airborne Warning and Control Systems (AWACS) for NATO.
Source: U.S. Department of Commerce, Bureau of Economic Analysis, from information made available by operating agencies.
15%
_ Construction, Major Equipment, Materials'& Supplies 1_
33%
60
fentractuit Service^
50
14%
40
16%
Pay to Foreign Nationals
17%
14%
30
13%
20
10
1983
1984
1985
1986
1. Includes reimbursable contractual activities.
U.S. Department of Commerce, Bureau of Economic Analysis
1987
SURVEY OF CURRENT BUSINESS
June 1988
Dollar appreciation moderated the
rise in DOD's overseas operating costs
and encouraged U.S. military and civilian personnel to spend more in the
local economies.
In 1985-87, dollar depreciation and
DOD's efforts to modernize facilities
and improve military life abroad
quickly led to record foreign expenditure levels. Spending in local economies by U.S. personnel continued to
increase sharply in 1985, but further
dollar depreciation slowed its rise in
1986-87. Expenditures abroad for petroleum and for reimbursable contractual activities continued to decrease
in 1985-87.
Changes in the expenditure categories shifted the relative shares of total
expenditures abroad in 1983-87; contractual services, personnel expenditures, and pay to foreign nationals
gained larger shares (chart 13). Germany, Japan, and Korea received increased shares of tot^l expenditures
in 1983-87; the share to the rest of
the world (primarily the Middle East)
decreased (chart 14).
Expenditure categories
Personnel and related expenditures
increased from $3.0 billion in 1983 to
$4.0 billion in 1987 (table 2). U.S.
troop deployment abroad, which fluctuated between 485,000 and 531,000 in
1983-87, affected this expenditure pattern. In addition, the increase in the
annual average number of U.S. civilian employees (up from 42,000 in 1983
to 53,000 in 1987) and of dependents
of both military and civilian personnel (up from 385,000 to 418,000) contributed to higher expenditures
abroad. However, wide swings in the
dollar value of foreign currencies
were the dominant influences. In
1983-84, dollar appreciation encouraged U.S. troops, U.S. civilian employees, and their dependents to spend
more in local economies and less at
post exchanges (PX's) and commissaries. The spending surge continued
through 1985, but slowed in 1986 and
1987 as the cumulative depreciation
of the dollar caused personnel to increase the share of their expenditures
at facilities on base. Personnel expenditures in the local economies remained high in 1986-87 largely because DOD attempted to maintain the
$12,587 $11,916 $12,169 $12,955
Million $
Percent
100
[Millions of dollars]
9%
7%
S°/o
6%
15%
14% -
13%
R BSt of the A/or d
90 - 22%
18%
80
4%
Korea
5%
13%
Japan
5%
70
60
50
10%
13%
Wes :ern
4%
5%
24%
19%
Oth j r V i/estern Eur )pe
22%
20%
40 -
30
4%
m$
1
3&i!
48<$
•3S%i
( fermSfi
f
-
20
10
0
1983
1984
1985
1986
U.S. Department of Commerce, Bureau of Economic Analysis
1987
sa
r
1985
r
1986
r
1987
r
8,294 10,511 11,224 12,260 12,587 11,916 12,169 12,955 13,897
3800
3,623
93
51
52
2262
49
64
339
67
60
434
154
4,611
4,408
70
51
54
2637
258
48
495
61
53
507
173
6,320
6,136
96
50
46
2907
1002
76
558
68
85
691
556
6,328
6,160
130
48
41
3124
534
44
661
70
54
825
627
141
36
174
28
152
33
179
143
240
296
1981
7,798
7,772
121
64
59
5,377
184
53
516
86
75
898
172
168
7,367
7,342
165
55
64
4,376
537
85
568
83
44
905
293
166
146
22
7,168
7,055
116
59
52
3862
728
58
616
91
51
891
432
98
92
21
25
44
26
21
25
137
134
174
232
225
252
215
200
410
338
306
320
389
307
334
329
1 515 1 682 1 946 2 520
300
291
47
72
4
68
5
354
193
35
149
96
28
73
1,685
1,354
1,349
1,486
11
17
12
31
2,168
177
2,184
99
1,563
89
1,212
209
586
70
457
86
164
135
1,607
85
14
108
1,850
113
17
18
1,382
56
63
2
853
85
7
2
478
29
69
6
259
37
527
241
75
17
194
438
238
13
13
174
408
274
18
13
104
341
282
1
12
46
414
362
2
15
35
402
345
2
12
44
7,172
7,128
121
57
96
4587
250
48
440
137
48
925
227
191
8,651
8,630
117
89
67
6156
204
60
484
99
51
874
233
197
9,574
9,548
184
100
78
6384
221
97
585
116
68
1,105
357
254
Southeast Asia
Philippines
Taiwan
Thailand
Other
300
171
37
9
82
313
173
40
6
94
314
181
14
7
113
Japan
976
931
990
1,348
1,309
1,516
1,593
1,991
Korea
264
244
258
423
472
620
506
564
685
829
Australia, New Zealand, and South Africa
29
39
44
43
42
48
59
55
44
46
Other
48
36
90
51
55
68
76
46
36
42
r
.' '• :t',
1984
7,351
Middle East
Bahrain
Iran
Israel
Kuwait
Saudi Arabia
Other
48%,
1983
Western Europe
NATO Europe
Belgium/Luxembourg
Denmark
France. . . .
Germany
Greece...
... .
Iceland
Italy
Netherlands
Turkey
United Kingdom
Other 3NATO 2
Spain
Spain 3
Other
Latin American Republics and Other Western
Hemisphere
23%
1982
1979
Canada
W)hei e ^
1980
1978
1
Total
$13,897
living standards of U.S. personnel
overseas through substantially higher
cost-of-living adjustments.
DOD foreign expenditures for contractual services also increased, from
$2.8 billion in 1983 to $4.5 billion in
1987. Dollar depreciation pushed costs
for improving facilities and enhancing
military life overseas over the
amounts Congress had appropriated,
forcing DOD to draw extensively on a
special foreign currency fluctuation
account to cover the higher exchange
costs. Similarly, DOD tapped the account to help meet the payroll of foreign nationals, which increased from
$1.7 billion for 123,000 foreign nationals in 1983 to $2.4 billion for 125,000
foreign nationals in 1987. By 1987,
DOD had depleted the entire $1.3 billion balance in the account.
Foreign expenditures by DOD for
construction, major equipment, and
other materials and supplies together
decreased from $3.2 billion in 1983 to
$2.1 billion in 1987. The decline was
more than accounted for by the decline in expenditures, from $1.8 bil-
Table 3.—-Direct Defense Expenditures Abroad for Goods and Services, by Area and Country
CHART 14
Distribution of Direct Defense
Expenditures Aboard,
by Area and Country
73
299
177
2
12
107
1,089
2,019
Revised.
1. For quarterly data, see table 1-2, line 18, of the international transactions presentation in the March, June, September, and
December issues of the SURVEY OF CURRENT BUSINESS.
2. Includes payments to other NATO countries and to NATO agencies, to the NATO Infrastructure Program, and to the
acquisition fund for AWACS for NATO.
3. Expenditures in Spain are included in NATO beginning the third quarter of 1982. Spain became a member of NATO on
May 30, 1982.
Source: U.S. Department of Commerce, Bureau of Economic Analysis, from information made available by operating agencies.
74
SURVEY OF CURRENT BUSINESS
lion to $0.2 billion, for which DOD
was reimbursed by foreign governments and international organizations
under FMS and other programs. (A
part of expenditures reimbursed is included in contractual services, discussed earlier.)
Expenditures for foreign petroleum
products fell sharply from $1.7 billion
in 1983 to $0.5 billion in 1986, mostly
because petroleum prices paid by
DOD declined 62 percent. Expenditures changed little in 1987. Purchases from European refineries,
mainly in Greece, accounted for 55-60
percent of each year's total, except in
1985, when large purchases from Bahrain were made.
Area and country
Western Europe.—Direct defense expenditures in Western Europe increased from $7.4 billion in 1983 to
$9.6 billion in 1987, declining only in
1984 (table 3). Increases in troops,
support personnel, and dependents,
together with dollar depreciation and
modernization efforts in 1985-87, accelerated these foreign payments.
Germany remained the primary location for U.S. overseas troop deployment (250,000 in 1987); the largest
overseas contingent of U.S. civilians
(34,000) and foreign nationals (60,000)
supported these troops. Over 228,000
dependents accompanied U.S. personnel in Germany in 1987. As a result,
DOD overseas expenditures were the
highest in Germany and increased
from $4.4 billion in 1983 to $6.4 billion in 1987. Exchange rate fluctuations were a major influence. From
the beginning of 1983 to the end of
February 1985, the dollar appreciated
40 percent against the German mark.
U.S. military personnel increased expenditures in the German economy
by 31 percent from 1983 to 1985 (from
$1.6 billion to $2.1 billion) and decreased their expenditures at PX's
and commissaries, to take advantage
of the cheaper mark. Dollar appreciation contributed to a slight reduction
in costs of German employees, supplies, and construction services.
From the end of February 1985 to
the end of 1987, the dollar depreciated
52 percent against the mark. Expenditures by U.S. personnel in Germany
continued to increase during much of
1985, but the dollar's decline led to a
leveling of expenditures in 1986-87.
DOD assisted its personnel by increasing the amount, and expanding the
application, of pay supplements in an
attempt to maintain their standard of
living. Personnel spent more at PX's
and commissaries than in 1983-85;
sales increased from $1.5 billion in
1985 to $2.0 billion in 1987.
U.S. military installations in Germany received the bulk of expanded
DOD funding to improve facilities and
enhance military life overseas in
1985-87. Contractual services provided by German companies (primarily
for the operation and maintenance of
real property) doubled from $1.0 billion in 1983 to $2.0 billion in 1986, reflecting both real growth and, in
1985-86, rising foreign exchange costs.
Congressionally mandated budget
cuts and the depletion of the special
foreign currency fluctuation account
in 1986-87 forced a scaledown of DOD
modernization efforts, but additional
foreign exchange costs raised payments for German services to $2.1 billion in 1987. Pay to German nationals
employed by DOD increased from $0.9
billion annually in 1983-85 to $1.3 billion in 1987.
In the United Kingdom, direct defense expenditures were $0.9 billion
annually in 1983-86, then increased
to $1.1 billion in 1987. A strong dollar
slowed the rise in operating costs in
1983-84; reduced outlays for petroleum and for major equipment (missiles, aircraft, engines, and related
parts) offset the rise in exchange costs
in 1985-86. Preparation and deployment of cruise missiles throughout
1983-87 led to higher U.S. troop, U.S.
civilian, and dependent levels (30,000,
2,700, and 38,000, respectively, in
1987) and to higher U.S. foreign costs.
Substantial dollar depreciation in
1985-87 contributed to increases in all
expenditure categories in 1987.
In Italy, expenditures fluctuated in
the $0.4-$0.6 billion range in 1983-87.
In 1983-86, expenditures for petroleum decreased, but expenditures related to deployment of cruise missiles
and the acquisition of helicopters increased. By 1987, U.S. troop strength
in Italy increased to 15,000 (along
with 2,000 U.S. civilian employees
and 16,000 dependents), and expenditures were $0.6 billion.
Among other countries in Western
Europe, expenditures in Greece in
1983-87 dropped sharply, mostly due
to the decline in petroleum prices.
Lower expenditures for petroleum
and for equipment reduced total expenditures in Belgium in 1984; cruise
June 1988
missile deployment in 1985-87 contributed to higher expenditures. Expenditures in Spain fluctuated around
$0.2 billion in 1983-86 and increased
to $0.3 billion in 1987. Completion of
payments into the acquisition fund
for NATO AWACS in 1983-84 contributed to the decline in total expenditures to NATO agencies in 198586; higher infrastructure payments
raised these total expenditures in
1987.
Japan, Korea, Philippines, and
Panama.—Expenditures in Japan increased from $1.3 billion in 1983 to
$2.0 billion in 1986 and remained
there in 1987. As in Western Europe,
exchange rate fluctuations were an
important influence. However, the
1983-84 dollar appreciation against
the yen was smaller (11 percent) and
the 1985-87 depreciation was greater
(53 percent). Because U.S. troops
(50,000), U.S. civilian employees
(4,200), and their dependents (44,000)
in Japan already faced high expenses
in 1983-84 and escalating expenses in
1985-87, they limited their expenditures to $0.6-$0.7 billion annually
throughout 1983-87. Purchases from
Japan for resale by the PX system (an
important component of personnel expenditures) have historically been a
major element of foreign expenditures, but the rise in foreign exchange
costs and a concerted effort to stock
PX shelves with U.S.-origin goods reduced real purchases of Japanese
products. Pay supplements to DOD
personnel were higher in Japan than
in any other overseas location.
Payments for Japanese contractual
services to improve conditions for
U.S. troops doubled from 1983 to 1986,
to $0.6 billion; budget cuts and tight
overall DOD funding slowed modernization efforts, but continued dollar
depreciation kept expenditures at $0.6
billion in 1987. Employment of Japanese nationals by DOD decreased
slightly to 17,000 by 1987, but annual
payroll costs increased from $0.3 billion in 1983 to $0.5 billion in 1986 and
1987. The Japanese Government
agreed in 1987 to cover more of the
costs of employing Japanese nationals.
Korea also has a large U.S. presence (44,000 troops, 2,400 U.S. civilian
employees, and 15,000 dependents in
1987). U.S. expenditures in Korea
were $0.6 billion in 1983, fell to $0.5
billion in 1984, then increased to $0.8
billion in 1987. In 1983-87, personnel
SURVEY OF CURRENT BUSINESS
75
U.S. Government credits or grants,
which are recorded elsewhere in the
U.S. international accounts. Transfers
in which the U.S. Government is the
purveyor to a foreign government or
an international organization are included. Transfers in which a private
U.S. contractor is the direct supplier
to a foreign government are included
elsewhere in the U.S. international
accounts, as are direct grant deliveries of military goods and services of
the U.S. Government.
Transfers under FMS contracts are
goods delivered to, and services performed for, foreign governments or
international organizations for use in
the United States or abroad. They include transfers of goods from stocks
at U.S. military installations overseas. Goods primarily include aircraft,
naval vessels, vehicles, weapons, ammunition, missiles, and communication equipment, plus associated parts.
Services generally entail training,
technical assistance, logistical support, and construction activities.
Transfers are recorded when goods
are delivered, when services are performed, or when construction is put
in place, not when contracts, orders,
offers, or any other types of agreement are negotiated.
In addition to FMS deliveries,
transfers under U.S. military agency
sales contracts also include small
amounts of non-FMS deliveries resulting from U.S. military agency sales of
surplus property to foreigners; sales
of material and services to foreign
countries or international organizations under logistical support programs; delivery of services to foreign
governments by U.S. military advisory missions abroad; and sales to foreigners of U.S. grant aid material declared excess by recipient countries
and returned to the U.S. Government.
Technical Note
Some construction activity outside of
Transfers
under U.S. military the FMS program is also included.
agency sales contracts consist primariDirect defense expenditures abroad
ly of deliveries of goods and services are outlays for goods and services
to foreign governments under * U.S. purchased abroad by the Department
foreign military sales (FMS) contracts of Defense (DOD) and by the U.S.
authorized by the Arms Export Con- Coast Guard. They consist of personal
trol Act of 1976 (Public Law 90-629, expenditures abroad by U.S. military
as amended) and previous legislation. and civilian personnel employed by
These transfers are often financed by DOD agencies; outlays by DOD for
foreign goods, including those purchased abroad for resale to U.S. personnel in overseas post exchanges and
commissaries; and payments for hire
of foreign personnel. These expenditures also include overseas outlays by
U.S. and foreign contractors employed
by DOD for construction, operation,
and maintenance of U.S. overseas
military installations and for construction projects managed abroad by
DOD, and U.S. payments to the commonly funded NATO infrastructure
program. Expenditures exclude foreign products imported into the
United States by U.S. companies to
fulfill defense contracts and purchases of crude petroleum by DOD for
the U.S. strategic petroleum reserve;
these imports are included in the
merchandise trade account in the
U.S. international accounts.
DOD reimbursable contractual activities abroad (mostly construction
and related services) are recorded in
both the transfers and expenditures
accounts. When a foreign government
or an international organization contracts for DOD services (whether
under the FMS program or not), the
foreign entity's provision of funds to
DOD creates a U.S. liability. DOD,
acting as a prime contractor, draws
on these funds to pay its agencies,
U.S. contractors, and foreign contractors for the delivery of goods and rendering of services. Delivered goods
and services are recorded as transfers
under U.S. military agency sales contracts and the liability is liquidated.
To the extent that foreign goods and
services are procured (including those
purchased by U.S. contractors) to fulfill DOD's contractual obligations,
purchases are recorded as direct defense expenditures abroad. Net receipts or payments from these reimbursable contractual activities overseas are the difference between total
DOD deliveries to fulfill the contracts
(transfers) and expenditures for foreign goods and services used in these
contracts (direct defense expenditures). If foreign contractors purchase
U.S.-origin goods and services, these
purchases are recorded (but not identified) in the merchandise trade account.
June 1988
and contractual service expenditures
both increased, petroleum expenditures dropped (especially in 1984), and
pay to Korean employees (17,000 in
1987) remained stable at $0.2 billion
annually.
Expenditures in the Philippines increased from $0.2 billion in 1983 to
$0.4 billion in 1986 and decreased to
$0.3 billion in 1987. To the benefit of
U.S. personnel (17,000 troops, 1,400 civilian employees, and 22,000 dependents in 1987), the dollar appreciated
against the Philippine peso throughout the period, and spending in the
local economy doubled to $0.2 billion.
Pay to Philippine nationals (15,000 in
1987) steadily increased until 1987; expenditures for contractual services
and supplies increased for most of
1983-87.
Panama has the largest overseas
U.S. troop contingent (10,000 in 1987)
in the Western Hemisphere, and DOD
foreign expenditures in Panama were
$0.2 billion annually in 1983-87. Because the U.S. dollar circulates in
Panama and is at par with the balboa
(the national currency), DOD expenditures in this country primarily reflect
DOD budgeted improvements and
levels of operations.
Middle East.—Expenditures in the
Middle East decreased from $2.2 billion in 1983 to $0.5 billion in 1987.
The decrease was attributable to expenditures abroad by the U.S. Army
Corps of Engineers and the U.S. Air
Force for reimbursable construction
and related services in Saudi Arabia;
these expenditures decreased from
$1.8 billion in 1983 to $0.2 billion in
1987 as major contracts were completed. (DOD's contractual obligations for
these activities were discussed in the
section on transfers.)
By RUSSELL B. SCHOLL
The International Investment Position
of the United States in 1987
THE negative net international investment position of the United
States increased $99.0 billion to $368.2
billion in 1987 from $269.2 billion (revised) in 1986 (table 1). Net capital inflows of $135.5 billion were accounted
for by substantial net inflows to U.S.
banks from banks overseas, large net
foreign purchases of U.S. corporate
securities, and increased foreign official inflows largely reflecting intervention purchases of dollars by several industrial countries. The capital inflows were partly offset by net valuation adjustments of $36.5 billion,
mostly reflecting exchange rate appreciation of U.S. official reserve
assets and of U.S. holdings of foreign
securities, and price depreciation of
U.S. securities held by foreigners. By
yearend 1987, foreign assets in the
United States increased to $1,536.0
billion from $1,340.7 billion (revised),
and U.S. assets abroad increased to
$1,167.8 billion from $1,071.4 billion
(revised) (table 2).
The increase in the negative net investment position in 1987 reflected
the continued large U.S. current-account deficit, which widened to $154.0
billion in 1987 from $138.8 billion in
1986. Net capital inflows, the mirror
image of the current-account deficit,
were attracted by a significant widening of the interest rate differentials
between (higher) U.S. and (lower) foreign rates and by U.S. economic expansion. Inflows of private capital
were augmented by large inflows of
official capital, as foreign monetary
authorities,
through
coordinated
intervention in exchange markets,
purchased substantial amounts of dollars. Banks in the United States
NOTE.—The sections on "U.S. Direct Investment Abroad" and on "Foreign Direct Investment in the United States" were written by
Jeffrey H. Lowe and Alicia M. Quijano, respectively. Harlan King contributed to the data
preparation for the accounts other than the
direct investment accounts.
76
stepped up their borrowing from the
interbank market overseas and limited their lending to that market, as
the cost of funding in the United
States rose. Until the October stock
market plunge, foreign investment in
U.S. stocks was particularly strong;
foreign purchases of bonds newly
issued overseas by U.S. corporations
slowed. Net outflows in the direct investment accounts were small, as
record U.S. direct investment abroad
was mostly offset by continued
strength in foreign direct investment
in the United States.
The statistical discrepancy in the
U.S. international transactions accounts was again a large net inflow in
1987. If part of these net unrecorded
inflows were capital inflows, net foreign assets in the United States would
be understated by that amount. On
the other hand, understatement of
some U.S. assets abroad—for instance,
because direct investment is carried
at book value—would work in the opposite direction. Thus, the net investment position is only a rough indicator, rather than a precise statistical
measure, and should be interpreted
with caution.
Changes in U.S. Assets Abroad
Bank claims
Claims on foreigners reported by
U.S. banks increased $40.5 billion, or
8 percent, to $547.9 billion (line 19).
Growth in U.S. claims denominated
in dollars in the overseas interbank
market was further curtailed in 1987,
especially by U.S.-owned banks.
Increased lending in foreign currencies offset some of the slowdown. The
slowing partly reflected the rise in
U.S. interest rates, as the U.S. prime
rate jumped from 7.5 to 9.25 percent
between April and September, and
the increase in demand for currencies
other than the dollar, especially the
Japanese yen. Outside the interbank
market, U.S. bank lending was practically stagnant; virtually no new loans
went to major debtor countries in
Latin America.
U.S. banks' own dollar claims increased $14.0 billion to $458.7 billion—only one-third the 1986 increase. Claims on own foreign offices
and unaffiliated banks abroad increased $15.9 billion to $350.4 billion.
The rise in claims in the overseas
interbank market occurred in April
and in the autumn of the year. In
both periods, foreign demand for
dollar credits surged in response to
temporary increases in Eurodollar interest rates compared with U.S. rates
and to strong demand for U.S. bank
credits in Asia, especially by Japan.
Most of the rise in U.S. claims was accounted for by foreign-owned banks in
the United States, especially Japanese-owned banks. In contrast, U.S.owned banks, which participated only
briefly in these lending surges, subsequently reduced their claims on banks
abroad, resulting in the third consecutive annual decline in their interbank
claims.
Unaffiliated banks in Japan received the largest share of U.S. lending—over one-half. Japanese banks
continued to expand their share of
international banking business and to
accommodate strong demand for bank
credit from nonbank Japanese residents. Claims on banks in France,
Canada, and other parts of Asia also
increased; in contrast, banks in the
United Kingdom made sizable repayments. U.S. bank offices in the Caribbean received only limited funding
from parent banks in the United
States.
U.S. banks' dollar claims on other
private and foreign public borrowers
decreased $2.0 billion to $108.3 billion;
an increase in claims on borrowers in
Japan and Canada was more than
offset by a decrease in Western
Europe and Latin America. Claims on
major debtor countries in Latin
77
SURVEY OF CURRENT BUSINESS
June 1988
America were reduced through loan
sales, equity swaps, and regular repayments; little new lending took
place. The claims reduction occurred
during a year when Brazil and Ecuador discontinued servicing a major
portion of their indebtedness with
international banks and U.S. banks
set aside substantial amounts from
current earnings as reserves for possible loan losses.
U.S. banks' and customers' claims
payable in foreign currencies in-
creased sharply, $22.7 billion, to $51.3
billion. Three-fourths of the increase
was with banks in Japan, which expanded their international banking
activities by advancing yen credits to
foreigners and to nonbank residents
in Japan.
U.S. bank claims for domestic customers' accounts, payable in dollars,
increased $3.8 billion to $37.7 billion
in 1987; deposits in banks overseas
slowed due to rising U.S. interest
rates.
Foreign securities
Holdings of foreign securities in
U.S. portfolios increased $13.5 billion
to $146.7 billion; net purchases of $4.5
billion and exchange rate appreciation of $14.7 billion were partly offset
by $5.6 billion in price depreciation
(line 15). Stock prices fell sharply in
major financial markets in the last
quarter of 1987, after having increased strongly earlier in the year.
Table 1.—International Investment Position of the United States at Yearend, 1986 and 1987
[Millions of dollars]
Position, by area
Changes in position in 1987 (decrease
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
Position
1986 r
TJ
J
Foreign assets in the United States
Foreign official assets in the United
States.
U.S. Government securities
Other
Other U.S. Government liabilities 10...
U.S. liabilities reported by U.S.
banks, not included elsewhere.
Other foreign assets in the United
States.
Direct investment in the United
States.
U.S. Treasury securities
U.S. securities other than U.S.
Treasury securities.
Corporate and other bonds
Corporate stocks
U.S. liabilities to unaffiliated
foreigners reported by U.S.
nonbanking concerns.
U.S. liabilities reported by U.S.
banks, not included elsewhere.
Attributable to:
Total
ExOther (a+b+
Capital Price change
c+d)
rate
flows (a) changes
chang- esMd)
(b)
es 1 (c)
-269,238 -135,503 15,931 15,285
U.S. assets abroad
1,071,432
48,510
U.S. official reserve assets
Gold
11,064
Special drawing rights
8,395
11,730
Reserve position in the International
Monetary Fund.
Foreign currencies. ..
17,322
89,534
U.S. Government assets, other than
official reserve assets.
U.S. loans
and other long-term
88,735
assets 4.
87,137
Repayable
in
dollars
Other5
1,598
799
U.S. foreign currency holdings and
U.S. short-term assets.
933,388
U.S. private assets ..
Direct investment abroad
259,562
133,218
Foreign securities
81,776
Corporate stocks
51,442
33,270
U.S. claims on unaffiliated
foreigners reported by U.S.
nonbanking concerns.
507,338
U.S. claims reported by U.S. banks,
not included elsewhere.
75,987 -5,585 21,083
6,424
-9,149
509
2,070
:::::::::::::
3,356
1 127
-7
1172
45
-35
2
-9
7
86,297
44,455
4,456
6,814
-2,358
-3,145
-5,585 14,659
-5,585 14,659
-4,532 6,958
-1,053 7,701
91,498
308,773
-7,596 -5,512
42,213 -12,421 ""5,798
3621
26,692
15,521 -8,800
2,150
451,613
87,778
5,798
1986
1987
10,277
17,538
366,642 407,000 132,254 147,046 92,481 113,324 280,947 294,454 199,108
198
31 31,188
986
11,267 12,073
(*)
(*) 5,857
11,064
8,395
11,730
205,982
32,710
11,078
10,283
11,349
47,045 50,730 -63,695 -80,707 18,413 22,447
198
17,329
12,073
9,930
(*)
546
(*)
392
8
1 126
87,609
9,833
9,872
528
370
322
4
17,118 18,024 60,934 59,339
28
20
4
1 142
16
24
85,995
1,614
775
9,644
189
146
9,699
173
58
528
370
322
4
18
22
30
32
16,730 17,634 59,913 58,288
390 1,021 1,051
388
366
394
297
211
4,863 100,234 1,033,622
4,863 49,318 308,880
13,530 146,748
9,240 91,016
4,290 . 55,732
3145 30,125
-402 195,370 1,536,040
41,385 283,132
5,857
352
142,112
139,878 25,547
30,624
647,920 785,242 85,209 96,316 156,176 194,031 262,534 272,007 188,831 188,444
9,050 8,757
93,652 128,108 2,265 5,265
4,297
4,372
258
321
1,513
°
554,268 657,134 82,944
144,181 177,963 20,318 21,732 26,824
-13,108 78,390
35,590 344,363
28,869 170,989
6,721 173,374
62 2,212 28,837
31
18,321 61,328 59,705
68,095 95,926 216,705 223,790 54,879 57,650
-464
41,513 261,927
986
36
345,396 384,997 131,708 146,654 86,272 112,302 263,420 276,102 6106,592 6113,567
122,165 148,954 49,994 56,879 11,332 14,270 34,790 42,337 41,282 46,441
794 1,155 7,370 6,398
478
69,081 83,271 50,971 55,446 5,002
41,006 49,989 35,110 35,390
761
794 1,155
1,710
478
28,075 33,282 15,861 20,056 5,002
12,038 12,894 5,196 3,705 1,843 1,628 11,131 8,820 3,062 3,078
-1,465 17,288
-402 153,985 1,252,908
1,410
8,304
15,287
12,328
13,584
18,768 20,144
13,807
14,287
4,383
15,761
1,883
4,891
8,916
5,252
4,781
9,506
6,429
560
253,484 263,250
91,051
33,361 16,763
220,085 239,861 31,071 32,203 25,042 37,868
112,203 135,287 2,170 3,384
107,882 104,574 28,901 28,819
12,988 14,003 1,961 1,816
10,988
735
°
19,497 23,154
5,545 14,714
3,418 4,706
3,359
15,409
3,006
87,778 539,391
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 changes in gold stock from U.S. Treasury sales of gold medallions and commemorative and bullion coins; also reflects replenishment through open market purchases. These demonetizations/monetizations are not included in international transactions capital flows.
4. Also includes paid-in capital subscription to international financial institutions and outstanding amounts of miscellaneous claims that have been settled through international agreements to
be payable to the U.S. Government over periods in excess of 1 year. Excludes World War I debts
that are not being serviced.
1987
11,267
9,979
41,773 219,056
40,602 211,198
1,171
7,858
2,824 14,967
3,901 31,821
41,977
1986
13,090
88,384
40,531 547,868
5,798
1987
4232
1150
44,931 -3,158
43,361 -2,759
1,570 -399
-2,824
3,901
142,120
166,653
26,625
1986
4,890 96,375 1,167,807
15 -2,710 45,800
3
15
15 11,078
1,888
10,283
380 11,349
40,531
5,798
Other
Latin American
countries,
Republics and
Other Western international
organizations,
Hemisphere
and
unallocated t
1987
1986
1987
1986
Japan
Canada
Position
1987 p
5,292 -98,995 -368,233 -281,278 -378,242
12
1 fl/tn -425
18,753
1,098,923 166,522 -17,933
220,414
1,379
1,689
7,588
1162
1,340,670 211,490 -21,516
241,747 44,968 -3,583
177,283
170,596
6,687
17,791
27,920
Western Europe
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 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.
7. U.S. holdings of foreign securities in some areas may be understated. This understatement is
in part due to the recording of security transactions by area of transactor rather than by area of
issuer.
8. Details not shown separately are included in line 20.
9. Details not shown separately are included in totals in lines 21 and 28.
10. Primarily U.S. Government liabilities associated with military sales contracts and other
transactions arranged with or through foreign official agencies.
78
SURVEY OF CURRENT BUSINESS
U.S. holdings of foreign bonds increased $9.2 billion to $91.0 billion
(line 16). U.S. purchases accelerated
in the fourth quarter when bond
prices rebounded, resulting in $6.8 billion in net purchases for the year.
Valuation adjustments reflected appreciation of $7.0 billion in foreign
currency bonds and a partly offsetting
$4.5 billion in price depreciation in
dollar bonds. U.S. net purchases of
new issues of foreign bonds in the
U.S. market were $6.2 billion, bolstered by the fourth quarter's rebound in prices. Issues were limited
to highly rated government borrowers
until the fourth quarter. Canada and
international financial institutions
were the principal issuers; redemptions of their outstanding issues largely offset U.S. purchases. Purchases of
Australian and New Zealand new
issues increased in popularity due to
their high yields. U.S. net purchases
of outstanding bonds—mostly highyielding British gilt-edged bonds—
were enhanced by appreciation of the
British pound.
U.S. holdings of foreign stocks increased $4.3 billion to $55.7 billion.
The increase was more than accounted for by exchange rate appreciation
of $7.7 billion, partly offset by $2.4
billion in net U.S. sales and price depreciation of $1.1 billion (line 17).
Most of the net sales and price depre-
June 1988
ciation occurred following the worldwide stock price plunge in the last
quarter of the year, although some
switching from Japanese to Canadian
and Western European stocks had
been underway earlier. Profit-taking
net sales of Japanese stocks began in
mid-1986 and accelerated in 1987,
nearly depleting U.S. holdings despite
buoyant Japanese stock prices and
the rising exchange value of the yen.
U.S. net purchases of British and Canadian stocks halted in the fourth
quarter, except for U.S. underwriters'
purchases of British Petroleum stock
from the British Government that
were contracted before the market
plunge.
Table 2.—International Investment Position of the United States at Yearend, 1972-87
[Millions of dollars]
Line
Type of investment
1 Net international investment position of the United
States (line 2 less line 20).
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
1972
1973
1974
1975
1977
1976
1978
1979
1980
1981
1982 r
1983 r
37,036 47,894 58,731 74,240 83,578 72,741 76,115 94,457 106,260 141,138 136,876 89,436
1984 r
1985 r
1986 r
1987"
3,514 -110,678 -269,238 -368,233
U.S. assets abroad ..
U.S. official
reserve assets 1
Gold1. .
Special drawing rights 1
Reserve position in the International Monetary
Fund i.
Foreign currencies 1
U.S. Government assets, other than official
reserve assets.
U.S. loans and other long-term assets 2
Repayable
in dollars
Other 3
U.S. foreign currency holdings and U.S. shortterm assets.
U.S private assets
Direct investment abroad 4
Foreign securities
Bonds
Corporate stocks
U.S. claims on unaffiliated foreigners
reported
by U.S. nonbanking concerns 5.
U.S. claims reported by
U.S. banks, not
6
included elsewhere .
198,694 222,430 255,719 295,100 347,160 379,105 447,847 510,563 607,090 719,834 824,928 873,889 896,067 950,314 1,071,432 1,167,807
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 43,185 48,510 45,800
10,487 11,652 11,652 11,599 11,598 11,719 11,671 11,172 11,160 11,151 11,148 11,121 11,096 11,090 11,064 11,078
8,395 10,283
7,293
1,958 2,166 2,374 2,335 2,395 2,629 1,558 2,724 2,610 4,096 5,250 5,025 5,641
11,730
11,349
465
552 1,852 2,212 4,434 4,946 1,047 1,253 2,852 5,054 7,348 11,312 11,541 11,947
Foreign assets in the United States ..
Foreign official assets in the United States
U S Government securities7
U S Treasury
securities
Other7
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 9
Direct investment in the United States
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 5
reported by U.S. nonbanking concerns .
U.S. liabilities reported
by U.S. banks, not
included elsewhere 6.
161,658
62,998
52,906
52,607
299
1,435
8,469
r
20 4,374 3,807 10,134 9,774 10,212 6,289 6,656
80
321
241
5
8
36,116 38,807 38,331 41,804 45,994 49,544 54,200 58,423 63,768 68,677 74,584 79,490 84,840
12,856
87,632
17,322
89,534
13,090
88,384
34,118 36,187 36,268 39,809 44,124 47,749 52,252 56,477 62,023 67,201 72,884 77,797 82,868
28,418 30,617 33,030 36,815 41,309 45,154 49,817 54,085 59,799 64,959 70,948 75,974 81,088
5,699 5,570 3,238 2,994 2,815 2,595 2,435 2,392 2,224 2,242 1,936 1,823 1,780
1,998 2,620 2,063 1,995 1,870 1,795 1,948 1,946 1,745 1,476 1,700 1,693 1,972
85,811
84,084
1,727
1,821
88,735
'87,137
1,598
799
87,609
85,995
1,614
775
149,427
89,878
27,383
16,846
10,537
11,427
169,245
101,313
27,446
17,420
10,026
13,767
201,505
110,078
28,203
19,192
9,011
16,989
237,070
124,050
34,913
25,328
9,585
18,340
282,418
136,809
44,157
34,704
9,453
20,317
374,997
162,727
53,384
42,148
11,236
28,070
433,184
187,858
56,800
41,966
14,834
31,497
516,566
215,375
62,653
43,487
19,166
34,672
621,082
228,348
63,373
45,817
17,556
35,853
716,386
207,752
75,473
56,707
18,766
28,583
760,651
207,203
83,826
57,679
26,147
35,117
776,294 819,497 933,388 1,033,622
211,480 230,250 259,562 308,880
89,127 112,833 133,218 146,748
61,813 72,994 81,776 91,016
27,314 39,839 51,442 55,732
30,056 29,051 33,270 30,125
20,739 26,719 46,235 59,767 81,135 92,562 130,816 157,029 203,866 293,508 404,578 434,505 445,631 447,363 507,338
547,868
500,830
176,062
118,189
111,336
6,853
13,367
30,381
578,696
180,425
125,130
117,004
8,126
13,029
26,737
688,052
189,109
132,587
124,929
7,658
13,639
24,989
784,453
194,468
136,987
129,716
7,271
14,231
25,534
892,553 1,060,992 1,340,670 1,536,040
199,300 202,633 241,747 283,132
143,014 143,440 177,283 219,056
135,510 135,740 170,596 211,198
7,858
6,687
7,700
7,504
17,791 14,967
14,971 15,738
26,090 26,734 27,920 31,821
647 2,880 5,782 7,217 8,470 9,923 14,125
188
506
98,660 105,270 117,123 133,950 159,137 165,497 198,673 256,254 324,768
14,868 20,556 25,144 27,662 30,770 34,595 42,471 54,462 83,046
1,159
958 1,655 4,245 7,028 7,562 8,910 14,210 16,113
50,693 46,116 34,892 45,663 54,913 51,235 53,554 58,587 74,114
15,529
398,271
108,714
18,505
75,085
17,894
498,943
124,677
25,758
92,988
17,716
589,985
137,061
33,846
113,811
15,225 16,721 18,753 17,288
693,253 858,359 1,098,923 1,252,908
164,583 184,615 220,414 261,927
58,195 83,636 91,498 78,390
127,272 206,153 308,773 344,363
174,536
69,266
53,777
52,903
874
2,388
12,595
196,988
79,865
58,072
56,504
1,568
2,726
18,420
220,860
86,910
63,553
61,107
2,446
4,215
16,262
263,582
104,445
72,572
70,555
2,017
8,860
17,231
306,364
140,867
105,386
101,092
4,294
10,260
18,004
371,730
173,057
128,511
123,991
4,520
12,749
23,327
11,634 12,600 10,671 10,025 11,964 11,456 11,457
39,059 33,516 24,221 35,638 42,949 39,779 42,097
10,714 11,712 13,586 13,905 12,961 11,921 16,019
416,106
159,852
106,640
101,748
4,892
12,749
30,540
10,269 9,545 10,694 16,709 17,454 32,724 82,479 142,120 170,989
48,318 64,569 64,391 76,279 96,357 94,548 123,674 166,653 173,374
18,669 30,426 30,606 27,532 26,937 31,024 29,458 26,625 28,837
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
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's), 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's, and $54 million reserve position in the IMF. The gold stock is
valued at $35 per fine troy ounce until May 8, 1972; thereafter, at $38 per fine troy ounce until
October 18, 1973, pursuant to the Par Value Modification Act (P.L. 92-268); and, thereafter, at
$42% per fine troy ounce pursuant to an amendment (in P.L. 93-110) to the Par Value Modification Act. Beginning in 1974, the value of the SDR, in which U.S. holdings of SDR's and the reserve position in the IMF are denominated, fluctuates based on the weighted average of exchange
rates for the currencies of principal IMF members. Foreign currency reserves are valued at exchange rates at time of purchase through 1973 and at current exchange rates thereafter.
2. Also includes paid-in capital subscription to international financial institutions and outstanding amounts of miscellaneous claims that have been settled through international agreements to
be payable to the U.S. Government over periods in excess of 1 year. Excludes World War I debts
that are not being serviced.
3. Includes indebtedness that the borrower may contractually, or at its option, repay with its
currency, with a third country's currency, or by delivery of materials or transfer of services.
p
310,247
145,990
49,439
39,329
10,110
22,256
354,497 451,613
539,391
4. Estimates are linked, for 1982 forward, to the U.S. Department of Commerce 1982 benchmark survey and, for 1977-81 and 1966-76, to the Commerce 1977 and 1966 benchmark surveys,
respectively.
5. Breaks in the series reflect: in 1972 and 1978, expanded reporting coverage; in 1982, an increase in reporters' exemption levels.
6. Breaks in the series reflect: in 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; in 1977 and 1982,
an increase in reporters' exemption levels; and in 1986, an increase in liabilities of nonbanking
concerns held in bank custody.
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 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 1972-87 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 1988
U.S. direct investment abroad and
other private assets
U.S. direct investment abroad increased $49.3 billion, a record 19 percent, to $308.9 billion (line 14). Reinvested earnings nearly doubled to
$35.7 billion; equity and intercompany
debt capital outflows totaled $8.8 billion, and valuation adjustments added
$4.9 billion. Earnings of foreign affiliates of U.S. companies improved substantially, augmented by large currency translation gains as the dollar
declined sharply against major foreign currencies. The strong increase
in reinvested earnings also reflected
changes in the Tax Reform Act of
1986 restricting the use of foreign tax
credits. Investment in Canada, Japan,
United Kingdom, and some other European countries increased; net funding of finance affiliates in the Netherlands Antilles slowed. (Details on 1987
direct investment developments are
in a separate section on "U.S. Direct
Investment Abroad" in this article.)
Claims on unaffiliated foreigners
reported by U.S. nonbanking concerns
decreased $3.1 billion to $30.1 billion;
financial claims decreased $4.1 billion, and commercial claims increased
$1.0 billion (line 18). U.S. corporations, faced with rising interest rates
in the United States, drew down their
deposits in Canada, the United Kingdom, and Caribbean banking centers
and expanded their trade credits to
industrial countries.
U.S. official reserve assets and other
U.S. Government assets
U.S. official reserve assets decreased $2.7 billion to $45.8 billion; reductions in assets of $9.1 billion were
partly offset by exchange rate appreciation of $6.4 billion (line 3). Most of
the reduction in assets was due to the
sale of German marks and Japanese
yen in exchange markets as part of
coordinated intervention with other
industrial countries. Exchange rate
appreciation offset about one-half the
decline in foreign currency holdings.
Valuation adjustments to other reserve assets mostly reflected a rise in
the value of the market basket of currencies used to value special drawing
rights and the U.S. reserve position in
the International Monetary Fund.
U.S. Government assets, other than
official reserve assets, decreased $1.2
billion to $88.4 billion—the first drop
since 1974 (line 8). Repayments on
SURVEY OF CURRENT BUSINESS
79
Export-Import Bank (EIB) credits
U.S. banks' liabilities payable in
were accelerated by creditors in the foreign currencies increased $25.3 bilUnited Kingdom, Japan, and other lion to $54.9 billion, mostly to finance
countries in Asia, and prepayments expanded foreign currency lending.
were made by Korea, Spain, Thailand, More than one-half of the increase
and Oman on credits financing mili- was to Japan; the remainder was
tary exports that had been contracted mainly to Western Europe.
at the high interest rates prevailing
Banks' custody liabilities increased
earlier in the 1980's. Concurrently, $2.6 billion to $44.3 billion; most of
disbursements of U.S. Government the increase occurred in the second
credits, particularly EIB credits, and third quarters, when U.S. interest rates increased sharply.
slowed.
Changes in Foreign Assets in
the United States
Bank liabilities
Liabilities to private foreigners and
international financial institutions reported by U.S. banks increased a
record $87.8 billion, or 19 percent, to
$539.4 billion (line 35). U.S. banks borrowed heavily from the overseas
interbank market, partly to finance
domestic expansion and increased
lending in foreign currencies. Inflows
were encouraged by a substantial widening of the differential between
(higher) U.S. and (lower) foreign interest rates and by a growing preference
for liquid dollar assets and foreign
currency credits by international investors. High yields on bank deposits
relative to yields on Treasury bills
also favored bank inflows. Dollar liabilities to own foreign offices and unaffiliated foreign banks increased
$61.1 billion to $371.1 billion. Foreignowned banks in the United States—
especially Japanese-owned banks—
that were rapidly expanding their
lending in the United States and
overseas accounted for more than 60
percent of the increase; most of the
borrowing occurred in the fourth
quarter, when demand for bank credit
surged. U.S.-owned banks borrowed
most heavily from their own foreign
offices in April and September, when
bank reserves tightened and the U.S.Eurodollar interest rate differential
widened, favoring funding from offshore.
Banks in Western Europe provided
over 60 percent of the increase in
interbank liabilities. Banks in Canada
and in Asian banking centers, excluding Japan, accounted for another 20
percent. Banks in Japan, faced with
heavy credit demands, withdrew
funds from the United States and also
received a substantial share of new
lending by banks in the United
States.
U.S. Treasury securities
U.S. Treasury securities held by private foreigners and international financial institutions decreased $13.1
billion to $78.4 billion, as a result of
$7.6 billion in net sales and $5.5 billion in price depreciation (line 30).
Foreigners sold $1.8 billion of bills
and $5.8 billion of bonds following 3
years of net purchases. Japanese sales
were especially large, as institutional
investors there shifted portfolios from
bonds to U.S. stocks and profited from
the fourth-quarter recovery in bond
prices. International financial institutions, switching to U.S. bank deposits,
also liquidated some of their holdings.
Sales through accounts in the Caribbean were also large. Although net
purchases for accounts in the United
Kingdom continued, they were 25 percent below last year's pace.
Other U.S. securities
Foreign holdings of U.S. securities,
other than U.S. Treasury securities,
increased $35.6 billion, or 8 percent,
to $344.4 billion, reflecting strong foreign demand for most of the year
(line 31). Net foreign purchases of
$42.2 billion were offset by $12.4 billion in price depreciation, mostly due
to the steep fall in U.S. stock prices in
October. Exchange rate appreciation
of foreign currency bonds issued by
U.S. companies and held overseas
added $5.8 billion to holdings.
Foreign holdings of U.S. corporate
and other bonds increased $28.9 billion, or 20 percent, to $171.0 billion,
bolstered by the above-mentioned $5.8
billion in exchange rate appreciation.
Partly offsetting was price depreciation of $3.6 billion (line 32). Rising
bond rates and a weak dollar in exchange markets reduced both the
demand for and the supply of U.S.
corporate bonds newly issued overseas, which fell 40 percent to $22.6
billion. U.S. industrial companies and
nonbank financial firms reduced their
80
SURVEY OF CURRENT BUSINESS
placements, and bank holding companies withdrew from the floating-rate
note market. Straight fixed-rate bonds
were preferred by international investors and accounted for most of the
U.S. issues; bonds convertible into
U.S. stock were increasingly issued
until the plunge in U.S. stock prices.
Foreign currency issues by U.S. corporations declined to less than one-half
the prior year's level.
Because most U.S. issues overseas
are initially placed through underwriters in the United Kingdom, holdings in Western Europe showed the
largest increase. Direct purchases by
Japanese institutions slowed substantially after 2 years of strong increases.
Foreign holdings of U.S. federally
sponsored agency bonds increased
$3.4 billion to $20.5 billion, entirely
reflecting net purchases by Western
European and Japanese residents.
Foreign holdings of U.S. stocks increased strongly until October; net
purchases for the first three quarters
of 1987 exceeded purchases for 1985
and 1986 combined. Large net sales
occurred in the fourth quarter, as
stock prices plummeted 30 percent in
October. For the year, foreign holdings increased $6.7 billion to $173.4
billion; net purchases of $15.5 billion
were partly offset by $8.8 billion in
price depreciation (line 33). Japan accounted for over 70 percent of the net
purchases, partly due to the relaxation of restrictions on Japanese institutional investors' foreign portfolios
and to the strong yen. Japanese purchases slowed considerably in the
fourth quarter. Western European
residents made large net purchases
before the market plunge, but sold
over 85 percent of these purchases in
the fourth quarter.
the Eurodollar market.) OPEC members again reduced their dollar assets,
by $10.0 billion, as petroleum revenues remained weak. Assets of other
countries, mostly those of newly industrialized countries in Asia with
large trade surpluses, increased $5.7
billion.
Foreign official assets
Foreign official assets held in the
United States increased $41.4 billion
to $283.1 billion, mostly reflecting
intervention purchases of dollars in
exchange markets—subsequently invested in U.S. Treasury securities—by
major industrial countries (line 21).
Capital inflows of $45.0 billion were
partly offset by $3.6 billion in price
depreciation. Industrial countries'
dollar assets increased $49.2 billion,
more than accounting for the increase
in total official holdings. (In addition,
some of their dollars acquired as a
result of intervention were placed in
Foreign direct investment in the
United States and other liabilities
Foreign direct investment in the
United States increased a record $41.5
billion, or 19 percent, to $261.9 billion
(line 29). Substantial acquisition activity continued as equity inflows remained strong at $25.5 billion; intercompany debt inflows increased to
$14.0 billion, and reinvested earnings
shifted to a positive $2.5 billion. The
largest inflow was from the United
Kingdom, followed by Japan and the
Netherlands. Sustained U.S. economic
expansion, the depreciation of the
dollar against major currencies, U.S.
corporate restructuring through the
sale of assets, and rising protectionist
sentiment in the United States were
among the factors contributing to the
growth of foreign investment in the
United States. (Details on 1987 direct
investment developments are in a separate section on "Foreign Direct Investment in the United States" in
this article.)
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns increased $2.2 billion to
$28.8 billion, reversing a 2-year decline (line 34). Commercial liabilities
increased $2.9 billion, partly associated with capital goods purchases in the
United States and partly representing
increased payables for petroleum imports. Financial liabilities decreased
$0.8 billion, as U.S. firms continued to
repay loans from foreign branches of
U.S. banks in the Caribbean.
Direct Investment
U.S. direct investment abroad
The U.S. direct investment position
abroad increased 19 percent ($49.2 billion) in 1987, to $308.8 billion, compared with 13 percent in 1986 (table
3).1 The 1987 increase marked the
fourth consecutive year of increased
1. The position is the book value of U.S. direct investors' equity in, and net 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 equivalent.
June 1988
growth and was a record, both in percentage and dollar terms.
Nearly three-fourths of the increase
resulted from the reinvestment of
earnings. Reinvested earnings were
$35.7 billion, nearly double the previous record level of $19.7 billion in
1986. Their rapid growth in 1987 was
due to increases in both earnings and
the reinvestment ratio.
Earnings rose $13.0 billion, to $54.7
billion, mainly because of the twofold
effects of dollar depreciation. First,
the translation into dollars, at the
new exchange rates, of affiliates'
assets and liabilities denominated in
foreign currencies resulted in large
capital gains, which are included in
earnings. Second, the translation into
dollars of affiliates' earnings denominated in foreign currencies resulted
in higher dollar-valued earnings. In
addition, improved operating profits
in manufacturing—particularly in
transportation equipment, chemicals,
and "other manufacturing"—and in
wholesale trade contributed to the increase in earnings. The improvement
probably reflected strong demand and
more cost-efficient operations resulting from recent corporate restructurings.
The reinvestment ratio, defined as
the fraction of earnings that are reinvested, increased substantially, from
0.46 in 1986 to 0.64 in 1987. Three factors contributed to the increase. First,
the earlier mentioned capital gains
resulting from dollar depreciation are
not available for distribution and thus
became part of reinvested earnings.
Second, U.S. parent companies, particularly in petroleum and manufacturing, have had reasons to reinvest a
larger portion of their affiliates' earnings. In petroleum, reinvested earnings are needed to finance increased
exploration and development in anticipation that the partial recovery in
crude oil prices in 1987 will be maintained. In manufacturing, affiliates
are facing increased global competition and are stepping up expansion
plans. Finally, the 1986 reinvestment
ratio had been lowered by U.S. parent
companies in response to provisions of
the Tax Reform Act of 1986 that imposed new restrictions on the use of
foreign tax credits. To lessen the
impact of the new restrictions, which
became effective at the beginning of
1987, U.S. parent companies had accelerated the distribution of their affiliates' earnings in the last half of
1986. (U.S. companies use foreign tax
SURVEY OF CURRENT BUSINESS
June 1988
81
Table 3.—U.S. Direct Investment Position Abroad at Yearend
[Millions of dollars]
19*57
198 6
All
industries
Petro- Manu- Wholesale
leum facturing trade
Banking
Finance
and
insurance
Other
industries
Services
All
industries
Petro- Manu- Wholesale
leum facturing trade
Banking
Finance
and
insurance
Services
Other
industries
259 562
61 731
104 877
26 168
14 576
34 413
4 ggg
12931
308 793
66381
126 640
31 330
15354
49097
6,812
13,179
194,691
39,479
85,015
20,469
8,408
28,490
4,009
8,821
233,315
43,762
104,759
24,900
9,353
35,946
5,069
9,526
Canada
49994
10922
23406
2 594
575
6429
856
5212
56879
11 931
25800
3 178
608
8851
919
5592
Europe
122 165
23803
51 988
14294
7 igg
20058
2876
1 978
148 954
25785
67 475
17 457
7831
24525
3758
2122
European Communities (12)
Belgium
Denmark
France .
Germany
Greece
Ireland
Italy
Luxembourg
Netherlands
Portugal
Spain
United Kingdom
98,472
5229
1 113
8857
20846
172
4395
6935
726
11 618
278
2612
35,692
17,572
491
347
471
3 287
126
50,082
2604
162
6095
12951
57
3269
4845
274
4463
98
1 377
13,889
8,196
1 284
'496
1 443
'978
35
32
884
4
1 084
' 52
348
1,557
5558
393
36
338
1 615
2,293
167
32
119
20
9
19
110
0
611
1,869
60
5
168
542
6
6
154
0
270
19,098
547
170
531
3319
'l32
23
252
16,846
708
53
244
1,674
3,011
267
38
93
17
1,945
43
611
64,914
3486
'253
8374
15974
94
4 111
6084
'193
5318
193
2567
18,268
5,804
504
915
122 247
7 078
1 114
11 478
24450
215
5484
8449
723
14 164
381
4037
44,673
10,629
1 522
562
1726
1035
297
230
198
44
336
2,128
12902
230
35
223
1 493
' (D)
1 095
378
(D)
1 767
2
25
7,405
Other Europe
Austria
Finland
Norway
Sweden
Switzerland
Turkey
Other.
23693
386
292
3626
1 002
17842
242
302
6230
' 88
6098
1 609
36
7 156
' (D)
584
2
2
26
2
109
3 250
' (D)
1 906
160
20
31
545
1 244
41
72
(D)
63
6
6828
46
303
327
209
5817
(D)
Japan
11332
2612
5443
2179
192
Australia, New Zealand, and South AfricaAustralia
New Zealand
South Africa
11,200
9120
513
1567
2,141
1615
4,177
3374
'l70
633
1,402
988
123
291
473
440
60270
18495
19862
34790
5714
14785
18644
2919
9187
224
2033
468
1131
2139
543
3304
'456
237
53
1023
258
438
666
172
9571
4750
4293
528
591
42
446
103
All countries
Developed countries
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 and Tobago
United Kingdom Islands, Caribbean
Other
Other Africa
Saharan..
Egypt
Libfa
Other
Sub-Saharan
Liberia
Nigeria
Other
::"::::::::'::::::::;":'::::::
Middle East
Israel
Saudi Arabia
United Arab Emirates
Other
Other Asia and Pacific
Honcr Kong
India . .
Indonesia
Malaysia
Philippines ....
Singapore
South Korea . ..
Taiwan
Thailand
Other
International
Addendum— OPEC l
6,575
276214765
107
15817
'368
3,771
620
(D)
268
(D)
3226
35
183
9,187
(D)
(D)
102
11
(D)
(D)
1820
846
409
(D)
37
312
(°)
203
(D)
231
270
155
5272
19
(D)
1 471
36
(D)
108
6646
o
(D)
(*)
(D)
(D)
3078
(D)
124
11,011
26707
'387
387
4 142
1 188
19973
241
390
6687
117
88
37
2562
109
25
91
617
1720
52
52
(D)
3 552
(D)
(D)
(D)
(D)
2027
47
(D)
22
(D)
1880
' 32
(D)
(D)
1389
446
288
2432
70
169
0
931
(D)
102
0
324
7
51
512
(D)
(D)
21
9,571
319
1,219
7679
23
747
24
1
32
3
177
20
(*)
(D)
121
(D)
o
(D)
127
7136
o
16
(D)
(D)
(D)
(D)
(D)
(D)
3
648
108
149
14270
2561
7073
2934
343
945
154
260
1,355
1241
' 53
61
168
140
2
26
1,482
1322
21
139
13,212
10988
635
1590
3,484
2943
1,332
1017
128
186
1,624
1,478
72
74
238
203
2
32
1,552
(D)
4,411
3493
211
707
571
(D)
(D)
5699
6 168
5924
857
3265
71 174
19009
21 881
6430
6,001
13,150
1,743
2,959
2773
4712
4190
549
2066
42337
5771
15902
2942
4312
10496
874
2040
10203
1586
7 141
278
585
152
49
886
82
981
168
436
45
57
28
64
159
25
635
355
62
166
1642
177
1 075
74
83
13
5
224
10
363
77
129
32
1517
100
107
131
19312
2?854
9955
224
2037
497
1 102
2 124
519
3020
398
273
59
1013
'237
367
534
139
11084
1,616
7730
221
585
157
63
1061
93
924
169
397
21
65
33
78
134
26
720
361
115
201
1,707
158
1,183
78
96
1,445
68
108
49
(D)
412
84
149
37
12
9
(°)
(D)
(D)
174
14
106
109
(D)
(D)
4323
3776
251
296
1 150
347
780
22
608
2289
'l58
2 113
' 18
10430
4 997
4*780
654
841
65
648
129
4553
3959
278
316
1205
277
901
27
470
2597
198
2,380
19
261
147
84
30
502
(D)
69
(D)
12594
2 566
18 229
90
13208
356
3,970
592
1910
792
530
264
26
813
318
316
23
22
3122
901
6,192
505
17230
201
16
53
4
20
(D)
258
33
o
94
25
11
(D)
642
260
267
27
6
(D)
(D)
3
4
12
(D)
(D)
574
(D)
3470
1 217
(D)
g
(D)
(*)
(D)
(D)
27
1,956
68
117
43
37
o
6
74
26
211
113
112
o
1
98
2
53
47
102
268
60
36
4590
600
1 972
857
1,161
2893
571
(D)
377
177
151
29
20
16,577
3980
446
4395
1109
1 135
2238
800
870
1,079
525
6,410
394
32
3766
694
106
469
8
11
720
233
4,432
443
373
225
316
568
1353
246
642
217
48
2,238
1621
1
4,602
3,758
10,906
7248
o
25
208
o
33
176
1477
(D)
(D)
(D)
183
52
(D)
(D)
55
63
187
(D)
154
38
27
505
(D)
(D)
259
398
14 173
(D)
16078
3
1,662
(D)
42
5
1
o
4
38
(*)
o
38
149
85
(D)
142
(D)
19
1,142
317
35
11
1
238
132
282
47
75
26
1,542
1 138
4
165
21
36
46
174
15
8
6
11
307
* 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, the United Arab
Emirates, and Venezuela.
D
o
(D)
(D)
(D)
289
253
177
67
395
2,056
(D)
236
663
6
270
86
3478
1*725
1 505
'195
24
1 753
' 6
500
1 259
(D)
(D)
(D)
(D)
(D)
(D)
66
1 108
(D)
1 905
83
559
2,035
274
1802
63
(D)
11
(D)
4313
2076
1814
196
67
2236
' 71
575
1 590
906
688
(D)
(D)
(D)
469
(D)
(D)
9
6
(D)
(D)
87
3
105
236
129
80
27
373
50
2
181
5
10
(D)
72
(D)
73
54
53
1
(*)
18
5
6
8
52
15
114
(D)
(D)
183
22
(*)
1
o
(D)
(D)
48
(D)
176
9
(D)
5
(D)
2
39
63
123
76
69
(°)
(D)
(D)
636
(D)
18991
5453
466
3929
1 111
1 211
2521
1 018
1*312
1282
687
6188
462
14
3251
'704
101
579
7
14
857
254
5264
563
416
234
329
602
1493
339
983
256
48
2771
2019
' (D)
844
4304
3610
759
11498
7334
(D)
630
45
(*)
(D)
(D)
(D)
1 079
595
(D)
419
(D)
(D)
6
(D)
(*)
184
65
65
408
201
163
20
24
447
408
(D)
29
(D)
81
28
2812
36
9
2
7
1,918
70
4762
'793
2385
762
820
(D)
(D)
(D)
66
o
7
47
o
(D)
53
(*)
28
25
o
(D)
(D)
(D)
308
71
41
(D)
141
311
106
21
7
(D)
4237
1 670
1 400
246
23
2567
4
1 120
1 450
7
13
(D)
(D)
(D)
o
5085
1 985
1 663
252
70
3 100
65
1267
1 768
22
149
30
18
17
8
48
21
' (D)
o
30
237
40
197
(D)
1
(D)
o
(*)
119
1
68
49
54
4
(D)
(D)
(D)
60
40
(D)
(D)
52
84
150
(D)
161
49
147
1
1,559
489
40
3
8
237
163
370
135
87
42
(D)
13500
3
1,857
(D)
(D)
(D)
(D)
(D)
93
9
24
(D)
(D)
(D)
74
(D)
40
(D)
57
4
(*)
o
4
53
23
0
30
85
65
63
1
(*)
20
5
7
8
132
82
234
156
17
(D)
539
39
582
-6
76
186
(*)
163
(D)
2,364
1 849
245
76
(*)
(*)
o
53
32
37
7
14
26
601
5
(*)
(D)
(D)
195
11
1
72
180
20
9
(D)
(D)
(D)
3
(D)
51
39
4
8
(D)
(D)
23
133
34
(D)
21
10
(D)
693
1677
491
327
479
629
562
82
credits to offset U.S. taxes on foreignearned income to the extent such
income is taxed abroad and distributed to the U.S. company.)
A $2.2 billion increase in equity
capital outflows, to $2.5 billion, contributed to the increased growth in
the position, although to a much
lesser extent than reinvested earnings. Shifts to outflows in manufacturing and banking were partly offset
by smaller outflows in finance and
larger inflows in "other industries."
Intercompany debt outflows decreased $1.5 billion, to $6.3 billion. A
$2.4 billion shift to inflows in manufacturing and a $1.8 billion decrease
in outflows in petroleum were partly
offset by a $2.7 billion increase in outflows to all other industries. In manufacturing, the shift to inflows partly
reflected sharply increased earnings
of affiliates in transportation equipment, which may have lessened their
need for U.S.-source funds. In petroleum, the decline in outflows reflected
an increase in U.S. parents' payables
to their affiliates due to higher crude
oil prices and an increased volume of
U.S. petroleum imports. The partly
offsetting increase in outflows to all
other industries mainly resulted from
larger U.S. parent receivables from
affiliates in finance and wholesale
trade, possibly to finance larger U.S.
exports in 1987.
By account—The $49.2 billion increase in the position consisted of capital outflows of $44.5 billion and valuation adjustments of $4.8 billion. Capital outflows consisted of equity capital outflows of $2.5 billion, intercompany debt outflows of $6.3 billion, and
reinvested earnings of $35.7 billion.
(For estimates of capital outflows by
account, see table 5 in "U.S. International Transactions, First Quarter
1988," on page 55 of this issue.)
The equity capital outflows were
concentrated in finance and petroleum. In finance, the outflows represented capital contributions to affiliates in Bermuda, the United Kingdom, and Hong Kong. A return of
capital from Netherlands Antilles finance affiliates was partly offsetting.
In petroleum, most of the outflows resulted from two acquisitions. In Australia, a company with substantial petroleum reserves was acquired, perhaps in response to the easing of Australian restrictions on foreign ownership in the petroleum industry. In the
United Kingdom, a minority interest
SURVEY OF CURRENT BUSINESS
in a large petroleum company was acquired. (The minority interest was
subsequently sold in early 1988, and
some of the proceeds were used to acquire a smaller British company with
sizable petroleum reserves.)
Partly offsetting the outflows in finance and petroleum were large inflows in "other industries"; they
mostly resulted from the sale of a
major British food retailer and partial
sales of two Australian mining operations. The British retailer was probably sold because the U.S. parent
needed funds to repay debt incurred
while opposing a hostile takeover attempt. One of the Australian sales reflected a public offering of a minority
interest in what was previously a
wholly owned affiliate. The other reflected the selloff of a minority interest in an affiliate; the proceeds were
used by the U.S. parent for a stock
buyback.
About one-half of the intercompany
debt outflows were for U.S. parents'
repayments of loans to their Netherlands Antilles finance affiliates.2
Much of the remaining outflows were
in finance as well; in one particularly
large transaction, a loan was made to
a holding company affiliate in
Canada, which, in turn, used the
funds to acquire a major Canadian
real estate company with substantial
U.S. holdings. Other intercompany
debt outflows were to affiliates in
wholesale trade, perhaps reflecting increased U.S. exports in 1987, and to
affiliates in services.
Reinvested earnings were boosted
by depreciation of the U.S. dollar
against major foreign currencies.
Nearly one-half of the $35.7 billion of
reinvested earnings were accounted
for by capital gains from currency
translation. By industry, affiliates in
manufacturing had reinvested earnings of $20.4 billion, mostly in Europe.
Reinvested earnings were $6.4 billion
in finance and insurance and $4.1 billion in wholesale trade.
2. Previously, these affiliates had borrowed funds in
European capital markets and re-lent them to their
U.S. parents. The parents were prompted to borrow
indirectly through these affiliates, rather than directly from Euromarkets, because the interest payments
on their borrowings from affiliates were exempt from
U.S. withholding taxes under a United States- Netherlands Antilles tax treaty. However, in the third quarter of 1984, the U.S. withholding tax on interest paid
to foreigners was repealed, ending any advantage to
borrowing through Netherlands Antilles affiliates.
Consequently, most borrowing from these affiliates
has ceased, and repayments of previous borrowings
have increased substantially.
June 1988
Valuation adjustments were $4.8
billion. They were particularly large
in "other industries" and reflected
the above-mentioned sales of the British food retailer and Australian
mining operations for more than book
value.
By country.—The position increased
20 percent, to $233.3 billion, in developed countries. Among these countries, the largest increase—$9.0 billion—was in the United Kingdom.
Most of the increase resulted from reinvested earnings that were boosted
by capital gains from currency translation. In addition, equity outflows to
the United Kingdom were larger than
to any other country. They reflected
the earlier mentioned capital contributions to affiliates in finance and the
purchase of a minority interest in a
petroleum company. Inflows from the
sales of several large retailing operations were partly offsetting. Several
other European countries—Germany
($3.6 billion), France ($2.6 billion), and
the Netherlands ($2.5 billion)—also
had large increases in position. In
each of these countries, reinvested
earnings accounted for most of the increase.
The position in Canada increased
$6.9 billion. As in Europe, the increase was mostly attributable to reinvested earnings. However, gains
from currency translation were not as
significant as in the United Kingdom,
in part because the U.S. dollar did not
decline as much against the Canadian
dollar as against the British pound.
The position in Canada was also
boosted by the earlier mentioned loan
to a Canadian holding company,
which was used to finance the purchase of a real estate company.
The position in Japan increased
$2.9 billion, mainly due to reinvestment of currency translation gains.
The $1.9 billion increase in Australia
mostly reflected widespread growth in
earnings from operations, most of
which were reinvested.
In developing countries, the position increased 18 percent, to $71.2 billion. Over one-half of the increase—
$6.0 billion—was in "other Western
Hemisphere," particularly in Bermuda and the Netherlands Antilles. In
Bermuda, the $3.5 billion increase
partly reflected a large capital contribution and several loans to affiliates
in finance. In the Netherlands Antilles, the increase reflected the continuation of U.S. parents' repayments of
loans to their finance affiliates.
83
SURVEY OF CURRENT BUSINESS
June 1988
In "other Asia and Pacific/' the position increased $2.4 billion. Most of
the increase was in Hong Kong, particularly in finance and wholesale
trade. It partly reflected the use of affiliates in that country as a base for
expansion elsewhere in the Far East.
In "other Africa/' most the the $0.8
billion increase was in Nigeria and
consisted primarily of equity capital
outflows to petroleum affiliates.
Foreign direct investment in the
United States
The foreign direct investment position in the United States increased 19
percent (a record $41.5 billion) in
1987, to $261.9 billion, following an
equal
rate of growth in 1986 (table
4).3 Growth in 1987 reflected both
continued acquisitions of U.S. businesses by foreign direct investors and
increases in foreign investors' ownership stakes in existing U.S. affiliates.
3. The position is the book value of foreign direct investors' 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.
Factors that contributed to the continued growth in foreign direct investment included dollar depreciation,
continued U.S. real economic growth,
corporate restructuring in the United
States, concerns over U.S. protectionist measures, and the availability of
large dollar holdings in several devel-4
oped countries with trade surpluses.
Capital inflows were $42.0 billion,
an increase of 23 percent from 1986.
An increase in intercompany debt inflows and a shift from negative to
positive reinvested earnings accounted for most of the increase. Equity
4. For a more detailed analysis of these and other
factors affecting foreign direct investment in the
United States, see "U.S. Business Enterprises Acquired or Established by Foreign Direct Investors in
1987," SURVEY 68 (May 1988): 50-54. The data from
BEA's survey of new foreign direct investments in the
United States, summarized in that article, indicate
that outlays to establish or acquire U.S. affiliates decreased to $30.5 billion in 1987, from a record $39.2
billion in 1986. These figures differ from those on
changes in the foreign direct investment position presented here, primarily because they cover only transactions involving the acquisition or establishment of
new U.S. affiliates and because they include financing
other than from the foreign parent, such as local borrowing by existing U.S. affiliates. Changes in the position, in contrast, reflect transactions of existing as
well as new U.S. affiliates, but only if the transactions
are with the foreign parent.
capital inflows increased only slightly
from the very high level in 1986.
Intercompany debt inflows increased $2.7 billion, to $14.0 billion.
The increase was more than accounted for by a British parent's loan of
roughly $5 billion to its U.S. petroleum affiliate. The funds financed part
of a tender offer for the publicly held
stock of the affiliate, which raised the
parent's ownership stake to 100 percent.
Reinvested earnings shifted $4.8 billion to a positive $2.5 billion. The
shift reflected both a reduction in capital losses and an improvement in
earnings before capital gains and
losses. Capital losses fell from $2.1 billion to $0.2 billion. The losses in 1986
were more than accounted for by a
large writedown of the assets of a
U.S. machinery affiliate and the writedown of oil reserves of U.S. petroleum affiliates following the collapse of
oil prices that year. In 1987, capital
losses in petroleum shifted to capital
gains, and capital losses in manufacturing declined substantially. Partly
offsetting was a shift from gains to
losses in insurance, which reflected
Table 4.—Foreign Direct Investment Position in the United States at Yearend
[Millions of dollars]
1987
1986
All
industries
All countries
Petro- Manu- Trade
leum facturing
220 414 29 094
Canada.
20318
Europe..
European Communities (12)
Belgium
France
Germany
Italy
Luxembourg
Netherlands
United Kingdom
Other EC
Other Europe
Sweden
Switzerland
Other
Japan
26,824
71 963 42921 12 394
6 108
1 432
144 181 26 139
127,221 25,892
(D)
2487
(D)
7709
45
17250
1,323
(D)
(D)
263
(D)
40717
55935 11758
(D)
1536
16,961
248
335
3963
12058
39
126
940
FiOther
Insur- Real indusBank- nance,
ing except
bank- ance estate tries
ing
2 831
56016 22 883
45,434 20,882
527
363
605
7 195
7426 5,956
151
215
(D)
38
13293 4,222
16500 9,089
(D)
238
10,582 2,001
847
2 696
928
7520
226
366
-34
3,578 13,977
1 366
5762
5,622
122
479
329
354
6
1661
2,156
516
140
(D)
(D)
67
2,704
7 239 15345 22 512 18948
2 469
3320
2344
4257 11 768
3,391 9,989
1
o
114
1387
80 1,553
(D)
(D)
0
101
2181 2654
2,377 5,630
(D)
(D)
866 1,778
151
182
897 1558
69
151
9 821
9,224
9
57
1,133
(D)
21
2,614
5,211
(D)
597
1
456
140
7 536
6,788
2,941
(D)
448
2,087
D
()
(D)
(D)
729
(D)
(D)
(°)
3,215
(D)
748
(D)
(D)
46
All
industries
FiOther
Insur- Real indusPetro- Manu- Trade Bank- nance,
ing except
leum facturing
bank- ance estate tries
ing
261 927 35395
21 732
1 433
177 963 32787
157,710 32,237
(D)
2598
(D)
10 195
29
19,637
1,230
(D)
(D)
154
47048
(°)
74,941
(°)
1,907
(°)
550
20,253
351
4699
143
14343
56
1211
33,361
30
91,025 47 126 13,848
7 478
7,982 15,951 24,478 26,121
1,606
3,360
2,425
3 575
1,388
70598 25606
58,832 22,677
410
669
635
8907
9,002 5,972
176
246
(D)
50
16,120 4,008
23,510 10,837
330
(D)
11,765 2,929
3,016 1 143
8,321 1,543
242
428
6,294
6,147
9
468
355
301
6
2,500
1,948
560
147
(DD)
()
85
5,916 13,101 10,709 12,953
4,626 10,953 10,183 12,055
o
13
(DD)
(D)
57
124
-718
()
895
1,115
649 1,620
28
(D)
(D)
(D)
0
52
17
-29
2,609 3,105 3,305
(D)
5,506 7,708
(DD) 6,061
(D)
(D)
(D)
()
898
526
1,290 2,148
7
-167
(DD)
(D)
389
1,352 1,857
(D)
129
105
()
(D)
5,232 14,987
3,402
2,643
467
(D)
4,431
(D)
5,634
()
1,800
()
62
()
27
235
()
6,634
96
3,115
228
23
110
()
329
(D)
16763
4,190
2202
1988
12,573
2,002
9,685
560
326
889
353
2,460
250
166
84
2,210
(D)
1,403
172
(D)
1,587
1,551
430
2
(D)
929
(D)
(D)
4
(DD)
(D)
3666
441
524
83
3,225
438
2,315
434
39
2392
273
175
98
2,119
(D)
1,113
187
(D)
1,793
1,733
428
(D)
312
293
(D)
15 287
4,237
2223
2014
11,050
2,188
8,895
275
242
687
225
36
0
22
14
0
4,786
327
195
132
4,459
145
3,915
314
85
2 039
(D)
10
(D)
3 643
552
596
44
3,091
413
2,258
390
30
0
1,159
4
7
11
-1,163
(D)
272
1820
(D)
1,067
(DD)
(D)
()
(D)
(DD)
()
1
0
4,186
246
119
127
3,940
229
3,313
381
17
2,657
(D)
16
(D)
(DD)
()
1,505
(D)
(D)
Middle East .
Israel. .
Other
4,870
567
4303
(D)
168
(D)
(D)
184
(D)
(D)
(D)
(D)
()
572
375
198
954
1
952
(D)
2
(D)
5,050
518
4532
(D)
250
(DD)
()
79
(DD)
()
582
407
175
188
(DD)
()
0
0
0
865
1
864
(D)
8
(D)
Other Africa, Asia, and Pacific
1,823
(°)
650
387
340
(°)
456
(D)
1,900
(°)
687
260
367
-184
9
598
(D)
4,787
(D)
84
152
332
(*)
o
o
o
(D)
o
933
(D)
4981
(°)
164
149
365
9
0
833
(D)
Australia, New Zealand, and South Africa
Latin America
South and Central America
Panama
Other
Other Western Hemisphere
Bermuda
Netherlands Antilles
U K Islands Caribbean
Other
1
Addendum — OPEC . .
D
(D)
(D)
536
215
334
(D)
o
* Less than $500,000 (±).
Suppressed to avoid disclosure of data of individual companies.
1. See footnote 1, table 3.
D
D
D
(D)
(D)
D
(D)
(D)
()
18
(D)
0
D
(D)
D
( )
(°)
1,421
(D)
(D)
(D)
462
63
321
(D)
(°)
(°)
o
(D)
(D)
60
0
(D)
(D)
D
84
SURVEY OF CURRENT BUSINESS
declines in the value of affiliates*
stock and bond portfolios, particularly
after the October stock market collapse.
Earnings before capital gains and
losses increased $2.6 billion, to $7.0
billion. The increases were more than
accounted for by affiliates in manufacturing and petroleum. They reflected improved performance in these industries, acquisitions of new U.S. affiliates, and increases in the ownership—and, thus, in foreign parents'
shares of the earnings—of existing affiliates. Partly offsetting were a shift
to losses in banking and an increase
in losses in real estate.
Equity capital inflows increased
$0.4 billion, to $25.5 billion. The high
level of inflows in both 1986 and 1987
reflected strong acquisition activity,
as well as increases in ownership of
existing affiliates, by foreign direct investors. Large increases in equity inflows in manufacturing and ' 'other industries" were partly offset by a decline in wholesale trade and a shift to
outflows in insurance.
Substantial portions of intercompany debt inflows financed acquisitions by U.S. affiliates and increases
in foreign parents' ownership in existing U.S. affiliates. The large intercompany debt inflow in petroleum
mentioned earlier was among the
largest ever for either a new investment or an increase in an existing investment. Other large intercompany
debt inflows occurred in manufacturing, wholesale trade, "other industries", and real estate and were dispersed among many affiliates. In
manufacturing, large intercompany
debt inflows (from the United Kingdom and the Netherlands) to a single
U.S. chemical affiliate refinanced the
affiliate's 1986 acquisition of a U.S.
manufacturer of chemical, cosmetic,
and health products.
Reinvested earnings were more
than accounted for by affiliates in
manufacturing, wholesale trade, and
petroleum; affiliates in banking and
real estate had negative reinvested
earnings. In manufacturing, U.S.
chemical affiliates accounted for a
substantial portion of reinvested earnings. European chemical companies—
attracted by strong demand; high
profitability, particularly in speciality
chemicals; and U.S. corporate restructuring—have expanded their U.S. operations over the past few years. The
high earnings that have accompanied
the expansion have tended to be reinvested rather than distributed to foreign parents. In wholesale trade, reinvested earnings were more than accounted for by Canadian-owned affiliates. In petroleum, reinvested earnings reflected the recovery of oil
prices in the first half of 1987 and an
increase in foreign ownership in a
large U.S. affiliate, which boosted the
foreign parent's share of the affiliate's
net income.
By country.—By far the largest
share of the increase in the position,
46 percent, was accounted for by the
United Kingdom. Japan and the
Netherlands accounted for 16 and 15
percent, respectively.
The position of British parents increased $19.0 billion, to $74.9 billion.
The largest increases were in manufacturing (particularly chemicals, machinery, and food), petroleum, and
"other industries." Two major factors
contributed to the surge in investment from the United Kingdom: The
By account.—The $41.5 billion increase in the position in 1987 consisted of capital inflows of $42.0 billion
and negative valuation adjustments of
$0.5 billion. Capital inflows consisted
of equity capital inflows of $25.5 billion, intercompany debt inflows of
$14.0 billion, and reinvested earnings
of $2.5 billion.
Equity capital inflows largely reflected acquisitions of U.S. businesses
by foreign direct investors. Three
large acquisitions, each involving inflows of over $1.0 billion, were financed through equity capital. One
involved the purchase of a large U.S.
employment agency by a smaller British employment agency. Another involved the purchase of a Wisconsinbased brewery by a large Australian
brewery. Finally, a British company
acquired the international hotel division of a large U.S. company that was
divesting most of its nonairline businesses.
In addition, a portion of the inflows
financed increases in foreign investors' ownership of existing affiliates.
The single largest equity capital
inflow, about $1.5 billion, financed the
increase in a Netherlands parent's
equity stake in a manufacturing joint
venture.
June 1988
sharp appreciation of the pound
against the dollar in 1987 and the deregulation of U.K. financial markets.
The latter provided an opportunity
for British parents to finance several
large acquisitions in the United
States by issuing their shares in the
London stock market.
The position of Japanese parents increased $6.5 billion, to $33.4 billion.
The largest increases, which were in
manufacturing and real estate, were
almost entirely related to acquisitions.
The position of Netherlands parents
increased $6.3 billion, to $47.0 billion.
The largest increases were in manufacturing (particularly chemicals), petroleum, and banking and reflected
both acquisition activity by Netherlands parents and transactions involving Netherlands finance affiliates of
direct investors in other countries. In
banking, the Netherlands affiliate of
a Hong Kong bank purchased the remaining shares of its U.S. affiliate.
Smaller inflows from France, Switzerland, and Germany—ranging from
$2.3 to $2.5 billion—accounted for
large percentage increases in the positions of these countries. The position
of French parents increased 32 percent, to $10.2 billion. The increase
was largely accounted for by equity
inflows in manufacturing. Several
French chemical companies made
capital contributions to their U.S. affiliates. In machinery, a French company acquired the consumer electronics business of a large U.S. company
in exchange for the French company's
medical equipment business and cash.
The 19 percent increase, to $14.3
billion, in the position of Swiss parents was primarily in manufacturing.
There was a shift to positive reinvested earnings as well as an equity
inflow to finance the acquisition of a
U.S. confectionery producer by a
Swiss company that manufactures
similar products. The position of
German parents increased 14 percent,
to $19.6 billion. The increase was accounted for by equity capital and intercompany debt inflows related to acquisitions in manufacturing. The
equity inflows financed the acquisition of a U.S. manufacturer of tires
and rubber products and the intercompany debt inflows financed a portion of a U.S. affiliate's purchase of a
U.S. chemical company.
By OBIE G. WHICHARD
U.S. Multinational Companies: Operations in 1986
MEASURES of the operations of
U.S. multinational companies (MNC's)
diverged in 1986: Assets increased,
sales were virtually unchanged, and
employment and U.S. merchandise
exports and imports associated with
U.S. MNC's declined. Measures that
were denominated in monetary units
tended to be boosted by the depreciation of the U.S. dollar against foreign
currencies, but both the monetary
and employment measures were depressed by the effects of a sharp drop
in petroleum prices and by the sale of
a large minority-owned affiliate. The
net effect of these developments on
the various measures of MNC operations was mixed.
The first part of this article presents these and other highlights
of
U.S. MNC operations in 1986.x The
NOTE.—The 1986 annual survey was conducted under the supervision of Patricia C. Walker,
Chief, Direct Investment Abroad Branch, International Investment Division. David H. Galler
was project leader for the survey. Marie C. Gott
and Arnold Gilbert designed the computer programs for data retrieval and analysis.
1. The estimates presented in this article cover nonbank U.S. parent companies and their nonbank foreign affiliates. A U.S. parent is a U.S. person that
owns or controls, directly or indirectly, 10 percent or
more of the voting securities of an incorporated foreign business enterprise or that owns or controls an
equivalent interest in an unincorporated foreign business enterprise. A foreign affiliate is a foreign business enterprise so owned or controlled. A U.S. MNC
consists of a U.S. parent company and its foreign affiliates.
In the estimates, sales and total assets of MNC's are
shown on an aggregated basis—that is, parent and affiliate data have been summed. The sums contain duplication because of intercompany positions and transactions between parents and affiliates and among affiliates of the same parent. Data needed to derive consolidated sales and assets of MNC's are not available.
The estimates are on a fiscal year basis. An individual parent's or affiliate's 1986 fiscal year is its financial reporting year that had an ending date in calendar year 1986.
The estimates were obtained by expanding, to universe totals, sample data collected in BEA's annual
survey of U.S. direct investment abroad. The sample
data accounted for a large share of the universe estimates of items covered by the survey. Based on employment, for example, sample data accounted for 89
percent of the universe estimate for U.S. parents and
81 percent of the universe estimate for foreign affiliates in 1986.
• Assets of parents in FIRE increased 27 percent, to $1,295 billion.
The increase - was financed by increases in both liabilities and owners'
equity. Increased net income, which
Highlights of Operations in
resulted from a rise in securities
1986
prices and trading volumes, was
largely reinvested and was coupled
Assets
with borrowed funds to support ex• Total worldwide assets of U.S. panded operations. Also, assets were
MNC's increased 10 percent, to $4,746 boosted by a reclassification of an afbillion (table 1). Assets of U.S. parent filiate from petroleum wholesale
companies increased 10 percent, to
$3,814 billion, and assets of their foreign affiliates increased 12 percent, to Table 1.—Total Assets, Sales, and Employment
of Nonbank U.S. MNC's. U.S. Parents, and
$932 billion. For both parents and afForeign Affiliates, 1977 and 1982-86
filiates, the largest increases were in
finance (except banking), insurance,
MNC's
worlwide Parents Affiliates
and real estate (FIRE) and in manufacturing. Decreases in petroleum
Total assets
were partly offsetting.
Millions of dollars:
490,178
2 033,418 1,548,240
1977
• A major factor contributing to the
751,486
3,493,105 2,741,619
1982
750,823
increase in assets of affiliates was the
1983
3,653,615 2,902,793
759,994
3,060,031
3,820,025
1984
decline in the value of the U.S. dollar
834,636
4 297,034 3,462,398
1985
932,255
4 746,087 3,813,832
1986
against major foreign currencies.
change:
During 1986, the dollar depreciated 15 Percent
8.9
12.2
11.4
1977-82
-.1
percent against a trade-weighted av5.9
4.6
1982-83
1.2
5.4
4.6
1983-84
erage of the currencies of 10 industri9.8
13.1
12.5
1984-85
11.7
10.2
10.5
1985-86
.
..
al countries and 5 percent against an
Sales
average of the currencies of 22 OECD
countries; in some individual coun- Millions
of dollars:
1977
647,969
2,060,263 1,412,293
tries with sizable U.S. direct invest935,780
3 284,168 2,348,388
1982
886,314
1983
3,263,802 2,377,488
ments, the dollar depreciation was
898,558
3,407,337 2,508,779
1984
895,460
1985
3,482,155 2,586,695
greater than indicated by these trade930,764
3,474,725 2,543,961
1986
weighted averages. As a result of
Percent change:
dollar depreciation, the dollar value
7.6
10.7
9.8
1977-82
-5.3
i:2
-.6
1982-83
of affiliate assets denominated in for1.4
5.5
44
1983-84
3.1
2.2
(*)
1984-85
eign currencies rose. Because U.S.
3.9
-1.7
-.2
1985-86
parent assets include the value of
Number of employees
their investment in foreign affiliates,
the increase in affiliate assets also Thousands:
7,196.7
26,081.3 18,884.6
1977
6,640.2
18,704.6
25,344.8
1982
raised the value of parent assets, al6,383.1
1983
18,399.5
24,782.6
though by a smaller percentage.
6,417.5
18,130.9
1984
24,548.5
6,419.3
18,112.6
1985
24,531.9
• To some extent, the geographic
6,262.7
17,861.0
24,123.7
1986
pattern of increases in affiliate assets Percent change:
6
-1.6
-.2
followed the pattern of changes in ex1977-82
-3.9
-2.2
-1.6
1982-83
change rates. The increases were con.5
-1.5
-.9
1983-84
-.1
.1
.2
1984-85
centrated in developed countries, par-2.4
-1.4
-1.7
1985-86
ticularly in Europe and Japan. Assets
MNC Multinational company.
of affiliates in developing countries
* Less than 0.05 percent (±).
1. Compound annual rate.
declined.
second part presents a detailed discussion of sales of services by MNC's, updating a series introduced last year.
l
1
l
85
86
SURVEY OF CURRENT BUSINESS
trade to finance (except banking), as a
result of a change in the composition
of its sales.2
• Assets of parents in manufacturing increased 10 percent, to $1,409 billion. Within manufacturing, increases
were concentrated in transportation
equipment and in electrical machinery.
• Assets of parents in petroleum declined 22 percent, to $423 billion. The
decline occurred for several reasons,
the most important of which was the
reclassification mentioned earlier.
The decline also reflected selloffs of
unprofitable assets or lines of business not related to petroleum. Finally,
a sharp drop in petroleum prices
caused companies to write down the
book values of inventories and other
assets to bring them into line with
the lower market values.
• Assets of affiliates in manufacturing increased 17 percent, to $450 billion. Within manufacturing, increases
were widespread; the largest increase,
44 percent, was in electrical machinery.
• Assets of affiliates in FIRE increased 15 percent, to $238 billion.
Over one-third of the increase was in
the United Kingdom, where assets
rose in response to the deregulation of
the London Stock Exchange in October 1986. The deregulation resulted in
an expansion of British financial markets and increased participation in
these markets by U.S.- and other foreign-owned (non-British) firms.
• Assets of affiliates in services increased 24 percent, to $26 billion. The
increase was centered in Europe.
Over 40 percent of the increase in
that area was accounted for by affiliates in computer and data processing
services.
• Assets of affiliates in petroleum
declined 4 percent, to $175 billion.
The decline, which was spread among
several countries, largely reflected the
previously mentioned drop in oil
prices. The largest decline was in the
United Kingdom and was accounted
for mainly by affiliates producing
crude oil in the North Sea area. In
that area, the decline was partly due
to a restructuring of intercompany accounts within an MNC: A parent company repaid a large loan from its affiliate; the repayment, in turn, enabled the affiliate to pay a large dividend to the parent, thus drawing
down the affiliate's assets.
2. Industry codes are assigned to the U.S. parent
and each of its foreign affiliates separately. A parent
or affiliate is first classified in the major industry
group that accounts for the largest percentage of its
sales and then in the two- and three-digit industries in
which its sales were largest. In a benchmark year, this
procedure is uniformly applied. Between benchmark
surveys, an entity's classification is changed only if
there is a significant or lasting change in the composition of its sales, so that the classification does not shift
back and forth due to small or transient fluctuations.
The reclassification of the U.S. parent company referred to here reflected an apparently lasting change
in the mix of its activities. For further discussion of
industry classification procedures, see U.S. Direct Investment Abroad: 1982 Benchmark Survey Data, pages
9-10.
June 1988
parents in petroleum; their sales declined 34 percent, to $289 billion. Declines also were recorded in several
other industries. Sales by parents in
FIRE increased 29 percent, to $338
billion, due to strong growth in revenues of finance and insurance companies.
• The increase in sales by affiliates
was spread ^ among several nonpetroleum industries and was concentrated
in developed countries. Much of the
increase appears attributable to the
depreciation of the U.S. dollar against
foreign currencies. In contrast, sales
by affiliates in petroleum declined
substantially as a result of the drop
in oil prices.
Sales
• Worldwide sales by U.S. MNC's
were virtually unchanged, at $3,475
billion. Sales by U.S. parents declined
2 percent, to $2,544 billion. Sales by
foreign affiliates increased 4 percent,
U.S. merchandise trade
to $931 billion.
• The decline in sales by U.S. par• U.S. merchandise exports and iments was more than accounted for by ports associated with U.S. MNC's deData Availability
These estimates are from the 1986 annual survey of U.S. direct investment abroad, which
collected key items on the operations of a sample of nonbank U.S. parent companies and
their nonbank foreign affiliates. (Banks were excluded from the survey.) U.S. direct investment abroad exists when one U.S. person (U.S. parent) has a direct or indirect ownership
interest of 10 percent or more in a foreign business enterprise (foreign affiliate).
The annual survey focuses on the operations of U.S. parents and their foreign affiliates,
and it covers parents' and affiliates' transactions and positions with all parties, not just
with each other. In contrast, data published by BEA on the U.S. direct investment position
abroad and on related capital and income flows cover only positions and transactions between parents and affiliates.
For a more detailed description of the differences between the two sets of data, see the
methodology section in U.S. Direct Investment Abroad: 1982 Benchmark Survey Data, which
may be obtained from the Superintendent of Documents, U.S. Government Printing Office,
Washington, DC 20402; price $18.00; stock number 003-010-00161-5.
The most recent data on the U.S. direct investment position abroad and on the related
capital and income flows may be found in "The International Investment Position of the
United States in 1987" and "U.S. International Transactions, First Quarter 1988," respectively, in this issue of the SURVEY.
Additional detail from the 1986 annual survey of U.S. direct investment abroad—including estimates of foreign affiliate balance sheets, income statements, and external financial
position and of U.S. parent and foreign affiliate sales and merchandise trade—is available
in U.S. Direct Investment Abroad: Operations of U.S. Parent Companies and Their Foreign
Affiliates, Preliminary 1986 Estimates. Revised estimates for 1983-85 are available in separate publications. These publications, which cost $5.00 each, may be obtained from Economic
and Statistical Analysis/BEA, U.S. Department of Commerce, Citizens and Southern National Bank, 222 Mitchell Street, P.O. Box 100606, Atlanta, GA 30384. Estimates on microcomputer diskette may be ordered from the same address at $80 (four diskettes) for each
year. When ordering, please specify title, year, accession number, and number of copies desired, and enclose a check or money order made payable to "Economic and Statistical Analysis/BEA." Allow 3 weeks for delivery. The accession numbers for the publications and diskettes are as follows:
Publications
1983
1984
1985
1986
BEA IID 86-103
BEA IID 87-103
BEA IID 88-103
BEA IID 88-104
Diskettes
BEA IID 86-403
BEA IID 87-409
BEA IID 88-403
BEA IID 88-404
Estimates are also available on magnetic tape, and BEA can prepare additional tabulations or perform regressions or other statistical analyses of the data at cost, within the
limits of available resources and subject to legal requirements to avoid disclosure of data of
individual companies. Requests should be directed to Office of the Chief, International Investment Division (BE-50), Bureau of Economic Analysis, U.S. Department of Commerce,
Washington, DC 20230.
June 1988
clined in 1986 (table 2). U.S. merchandise exports associated with MNC's—
the sum of goods shipped to affiliates
Table 2.—U.S. Merchandise Exports and Imports Associated With Nonbank U.S. MNC's,
1985 and 1986
[Millions of dollars]
1985
1986
MNC-associated U.S. exports, total
Shipped to affiliates, as reported on
affiliates' forms
»
To majority-owned foreign affiliates....
By U S parents
By unaffiliated U.S. persons
To other affiliates l
Shipped to unaffiliated foreigners by
U S parents
171,904
170,974
69,618
66,510
57567
8,943
3,108
71,284
67,998
59,093
8,905
3,286
102,286
99,689
MNC-associated U.S. imports, total
Shipped by affiliates, as reported on
affiliates' forms
By majority-owned foreign affiliates ...
To U S parents
To unaffiliated U.S. persons
By other affiliates l
. ..
Shipped by unaffiliated foreigners to
U S parents
153,570
147,107
68,181
60,301
51,751
8,551
7,879
65,580
57,195
49,847
7,348
8,386
85,389
81,527
61,852
61,607
54027
54,349
U.S. imports shipped to U.S. parents by
all affiliates, as reported on parents'
87
by all U.S. persons and goods shipped
to unaffiliated foreigners by U.S. parents—declined 1 percent, to $171 billion. U.S. merchandise imports associated with MNC's—the sum of goods
shipped by affiliates to all U.S. persons and goods shipped by unaffiliated foreigners to U.S. parents—declined 4 percent, to $147 billion.
• Exports associated with MNC's
accounted for nearly 80 percent of
total U.S. merchandise exports in
1986. The decline in MNC-associated
exports was in exports to unaffiliated
foreigners. It was more than accounted for by parents in petroleum and in
wholesaling of nondurable goods.
• Imports associated with MNC's
accounted for 40 percent of total U.S.
imports in 1986. The decline in MNCassociated imports was more than accounted for by MNC's with U.S. parents in petroleum. In that industry,
U.S. merchandise imports from affiliates and from unaffiliated foreigners
each declined by about 40 percent. Although trade data were not reported
by product in the annual survey, the
declines probably largely represented
a reduction in the dollar value of imported petroleum. Total U.S. petroleum imports (including those by companies that were not U.S. parents) declined 33 percent in 1986.
TaDle 6.—Distribution of Employment of Nonbank Foreign Affiliates, by Industry of U.S.
Parent and by Industry of Affiliate, 198(?
[Percent]
By
By
industry of industry of
parent
affiliate
All industries .
1000
1000
57
706
20
47
667
77
72
28
117
24
51
134
Petroleum
Manufacturing
Wholesale trade
Finance (except banking),
insurance, and real estate
Services
Other industries
ployment by foreign affiliates declined 2 percent, to 6.3 million (tables
6-9).
• Employment by parents in petroleum,
manufacturing,
wholesale
trade, and "other industries" declined. These declines were partly
offset by increases in employment by
parents in FIRE and services. The decline in U.S. parent employment
partly reflected a concentration in industries, such as manufacturing and
petroleum, in which total U.S. employment declined.
• The decline in employment by foreign affiliates was more than accounted for by a U.S. automaker's sale of
its minority interest in a large French
automaker. In the absence of this
sale, employment by affiliates would
have increased slightly.
Employment
• By industry, employment declined
• Employment by U.S. MNC's de- in petroleum, manufacturing, and
clined 2 percent, to 24.1 million. Em- "other industries" and increased in
ployment by U.S. parents declined 1 wholesale trade, FIRE, and services.
percent, to 17.9 million (tables 3-5). In
contrast, total private employment in
the United States rose in 1986. EmText continues on p. 93.
Addenda:
U.S. exports shipped by U.S. parents to
all affiliates,
as reported on parents'
forms 2
SURVEY OF CURRENT BUSINESS
MNC Multinational company.
1. In the annual survey, U.S. exports shipped to minorityowned foreign affiliates were not disaggregated by affiliation
of shipper, and U.S. imports shipped by minority-owned foreign affiliates were not disaggregated by affiliation of person
to whom the goods were shipped.
2. Includes exports shipped by U.S. parents to all foreign
affiliates—whether bank or nonbank, majority- or minorityowned, regardless of size—as reported on the U.S. parents'
report forms. Such exports may differ from exports shipped by
parents to affiliates, as reported on the affiliates' forms,
because of differences in timing, valuation, and method of
estimation. (Exports shown as being reported on affiliates'
forms had to be estimated for affiliates that fell below the
exemption levels for the annual survey. Data for exports to
these affiliates were, however, included in the data reported
on the parents' forms.)
3. Includes imports shipped to U.S. parents by all foreign
affiliates—whether bank or nonbank, majority- or minorityowned, regardless of size—as reported on the U.S. parents'
report forms. Such imports may differ from imports shipped by
affiliates to parents, as reported on the affiliates' forms,
because of differences in timing, valuation, and method of
estimation. (Imports' shown as being reported on affiliates'
forms had to be estimated for affiliates that fell below the
exemption levels for the annual survey. Data for imports from
these affiliates were, however, included in the data reported
on the parents' forms.)
Table 3.—Employment of Nonbank U.S. MNC's, U.S. Parents, and Foreign Affiliates, by Industry of U.S. Parent, 1984-86
Number of employees (thousands)
MNC's worldwide
1984
1985
1986
Percent chnage
Parents
1984
1985
Affiliates
1986
1984
1985
Parents
MNC's
worldwide
1986
1985
1986
1985
Affiliates
1986
1985
1986
Affiliates
as a
percentage of
MNC's
worldwide
1986
All industries
Petroleum
Manufacturing
. .
Food and kindred products
Chemicals and allied products . .
Primary and fabricated metals
Machinery except electrical
Electric and electronic equipment
Transportation equipment
Other manufacturing
Wholesale trade
24,548.5 24,531.9 24,123.7 18,130.9 18,112.6 17,861.0
1,493.7
15,349.8
1,492.0
2,048.2
1,114.1
2,225.9
2,253.8
2,927.4
3,288.5
1,429.4
1,170.7
1,061.5 1,010.6
812.5
6,417.5
6,419.3
6,262.7
-0.1
-1.7
-0.1
-1.4
432.1
418.8
358.2
-4.3
-18.1
-4.8
-19.6
15,194.4 14,803.9 10,660.4 10,502.8 10,384.7 4,689.4
488.4
1,623.5 1,822.5 1,003.5 1,092.4 1,215.5
719.6
2,001.6 1,987.7 1,328.6 1,291.4 1,264.1
737.2
1,022.4
897.6
825.7
657.3
288.4
2,076.0 1,851.8 1,566.0 1,406.5 1,237.9
659.9
564.7
2,095.3 2,123.0 1,689.1 1,557.1 1,559.8
3,289.6 3,221.7 1,908.8 2,195.8 2,310.8 1,018.6
949.8
3,085.9 2,899.5 2,338.6 2,222.4 2,139.3
4,691.6 4,419.2
531.1
607.0
710.1
723.6
285.3
240.4
669.5
613.9
538.3
563.2
1,093.9
910.9
863.5
760.1
-1.0
-1.5
-2.6
8.8
12.3
8.9
-2.3
-0.7
-2.8
-8.2 -12.2 -10.7
-6.7 -10.8 -10.2
-7.0
1.3 -7.8
12.4 -2.1
15.0
6.2 -6.0
50
455.5
446.8
449.4
372.7
367.5
325.7
82.8
79.3
123.7
1.9
.6
1,393.6
1,284.8
1,458.4
992.2
901.4
1,006.5
401.4
383.3
451.9
78
13.5
91
10.0
10.1
Services
1,192.4
1,319.3
1,451.7
1,060.3
1,167.5
1,273.7
132.1
151.8
178.0
10.6
Other industries
4,663.6
4,857.2
4,789.6
3,983.8
4,162.7
4,058.0
679.7
694.4
731.6
4.2
MNC Multinational company.
* Less than 0.05 percent (±).
-1.4
-1.1
11.3
-2.1
10.8
12.0
.2
5.2
-3.7
14 -11.4
4.5
11.7
9.1
-2.5
(*)
-3.1
-2.4
26
-14.5
31
-5.8
14.3
-1.3
1.9
-1.1
157
1.5 -8.3
-4.7
4.6
7.4 -16.7
91 -12.0
S
30
33
36
27
33
27
28
26
-4.2
55.9
28
-4.5
17.9
31
14.9
17.3
12
2.2
5.4
15
SURVEY OF CURRENT BUSINESS
June 1988
Table 4.—Selected Data for Nonbank U.S. Parents, by Industry of U.S. Parent, 1985
Millions of dollars
Sales
AH industries
Petroleum
Oil and gas extraction
Crude petroleum extraction (no refining) and natural gas
Oil and gas field services
Petroleum and coal products
.
Integrated petroleum refining and extraction
Petroleum refining without extraction
Petroleum and coal products nee
Petroleum wholesale trade
Other
Manufacturing
Food and kindred products
Grain mill and bakery products
Beverages
.
Other
Chemicals and allied products
.
Industrial chemicals and synthetics
Drugs
Soap cleaners and toilet goods
Agricultural chemicals
Other
Primary and fabricated metals
Primary metal industries
Ferrous
Nonferrous
Fabricated metal products
Machinery except electrical
Farm and garden machinery
Construction mining and materials handling machinery
Office and computing machines
Other
Electric and electronic equipment
,
Household appliances
Radio, television, and communication equipment
Electronic components and accessories
Other
Transportation equipment
Motor vehicles and equipment
Other....
Other manufacturing
Tobacco manufactures
Textile products and apparel
Lumber, wood, furniture, and fixtures
Paper and allied products
Printing and publishing
Rubber products
,
Miscellaneous plastics products
Glass products
Stone, clay, and other nonmetallic mineral products
Instruments and related products
Other...
Wholesale trade
Durable goods
Nondurable goods....
. . ..
• • .
,
„
Finance (except banking), insurance and real estate
Finance except banking
Insurance
Real estate
Holding companies
Services
Hotels and other lodging places
Business services
Advertising
Management consulting and public relations services
Equipment rental (ex automotive and computers)
Computer and data processing services
Other
Motion pictures including television tape and film
Engineering architectural and surveying services
Health services
Other services
Metal mining..,
Nonmetallic minerals
Construction
.
Transportation communication, and public utilities
Retail trade
. . . . . . ... .. .
D Suppressed to avoid disclosure of data of individual companies.
* Less than $500,000 or 50 employees.
,
Expenditures for
property,
plant, and
equipment
Number of
Employee employees
compen- (thousands)
sation
Total
assets
Total
liabilities
Owners'
equity
Total
Goods
3,462,398
2,421,620
1,040,778
2,586,695
1,962,749
623,946
107,163
185,027
554,033
18,112.6
544,878
28,032
15,035
12,997
331,601
329,101
363,049
18,535
11,282
7,253
192,928
190,880
181,829
9,497
3,753
5,744
138,674
138,221
440,760
11,529
4,811
6,718
321,320
317,50^
411,194
6,101
4,318
1,783
313,804
310,04D2
29,566
5,428
494
4,935
7,516
7 46
' D
14,658
-898
289
-1,187
13,318
13,19D9
42,718
2,703
2,086
617
33,755
33,634
39,864
3,633
653
2,980
27,446
27,04D6
1,010.6
98.9
15.6
83.3
684.9
673.8
181,018
4,227
149,253
2,334
31,765
1,893
<?•
104,599
3,312
91,034
256
13,565
3,056
2,065
173
6,029
232
8,383
402
216.5
10.3
1,275,062
117,863
38,153
23,471
56,239
194,646
89,042
50,587
30,446
8,676
15,895
97,283
52,818
25,732
27,086
44,465
162,187
6,564
21,945
98,397
35,281
157,040
8,045
41,597
24,564
82,835
324,614
241,731
82,884
221,428
733,358
64,187
19,220
11,985
32,982
94,246
46,680
20,008
14,920
4,568
8,070
63,103
34,463
18,182
16,282
28,640
73,075
3,632
12,665
38,680
18,099
93,469
4,287
24,674
11,056
53,452
229,996
180,949
49,046
115,281
541,704
53,675
18,933
11,486
23,257
100,400
42,363
30,579
15,526
4,108
7,825
34,180
18,355
7,551
10,805
15,825
89,112
2,932
9,280
59,717
17,182
63,571
3,757
16,922
13,507
29,384
94,619
60,782
33,837
106,147
1,150,224
142,121
36,788
18,711
86,622
172,265
74,167
40,947
31,278
96,177
5,300
487
2,546
2,268
6,293
2,471
702
2,093
79,437
7,784
2,769
1,400
3,615
12,983
6,740
2,469
1,983
350,701
25,887
6,634
3,998
15,255
43,615
18,675
11,379
7,178
10,502.8
1,092.4
305.9
122.2
664.3
1,291.4
483.6
332.3
217.9
(D)
(D)
83,356
49,863
27,808
22,055
33,493
119,463
6,087
19,622
59,188
34,566
128,900
10,964
41,83D2
6,136
2,068
773
1,294
4,069
20,886
290
1,439
16,620
2,538
19,851
286
8,52ol
292,469
188,808
103,661
211,650
25,342
17,784
7,558
12,369
18,948
20,757
34,723
26,365
16,988
2,509
8,128
14,794
46,456
10,852
10,954
17,133
13,905
8,882
1,049
4,030
7,108
22,40D3
8,095
9,803
17,590
12,460
8,106
1,461
4,098
7,686
24,053
1,246,401
147,421
37,275
21,256
88,890
178,558
76,638
41,649
33,371
8,692
18,208
89,493
51,930
28,581
23,349
37,562
140,349
6,377
21,061
75,808
37,103
148,751
11,250
50,354
26,638
60,509
317,811
206,592
111,219
224,019
15,511
25,841
22,412
34,057
29,789
21,532
3,642
8,336
14,495
37,837
10,568
4,391
2,970
1,463
1,507
1,421
10,073
184
697
7,150
2,042
9,526
478
3,191
2,313
3,544
18,156
12,741
5,416
16,524
400
913
1,648
3,787
1,986
2,423
182
606
918
3,325
336
25,555
15,042
9,236
5,807
10,513
50,157
2,102
6,422
29,041
12,593
51,828
3,007
19,048
8,707
21,066
89,665
50,597
39,068
63,995
2,529
7,573
5,235
8,805
7,619
7,285
947
3,176
3,949
13,796
3,081
737.2
373.7
223.0
150.7
363.5
1,406.5
55.7
172.4
746.9
431.5
1,557.1
105.0
543.1
297.4
611.6
2,195.8
1,095.1
1,100.7
2,222.4
92.9
421.2
167.9
255.0
302.3
211.9
40.5
102.1
116.3
395.0
117.3
55,747
33,054
22,693
35,686
21,281
14,405
20,061
11,773
8,288
1,020,260
298,308
718,736
2,303
9-13
923,424
283,156
638,772
1,377
119
76,270
7,658
22,685
5,676
2,454
4,425
3,929
6,202
7,039
6,111
16,719
16,059
490,181
3,090
9,028
3,480
5,548
12,958
317,370
147,734
Services
Net
income
(D)
25,778
63
33,761
25,273
21,078
295
4,515
454
7,921
14,331
33,628
10,286
414
164
4,209
282
58,858
8,468
2,892
1,718
3,859
9,477
1,472
4,868
2,029
254
854
-1,012
-1,965
-731
-1,234
953
9,827
73
476
7,960
1,317
7,214
325
2,559
-19
4,348
13,869
9,870
3,999
11,015
1,950
608
844
1,657
2,279
273
180
404
414
1,914
492
170,447
87,798
82,649
167,862
86,661
81,202
2,585
1,137
1,448
2,294
1,660
634
2,866
1,697
1,170
7,696
3,758
3,938
367.5
149.0
218.5
96,836
15,152
79,963
927
794
261,117
35,373
225,486
258
(*)
6,836
216
6,600
20
(*)
254,281
35,157
218,886
238
0
10,561
2,614
7,840
33
74
8,927
31,332
901.4
6,778
21,518
731.6
1
2
(*)
47,936
5,691
14,386
3,803
2,013
3,137
2,341
3,092
4,767
1,911
10,865
10,317
28,334
1,967
8,299
1,873
441
1,288
1,588
3,110
2,272
4,200
5,853
5,742
64,855
6,624
20,074
5,236
1,577
1,287
3,376
8,599
5,475
3,842
14,254
14,585
9,934
54,921
3,625
16,449
0
117
1,577
1,170
3,033
335
987
258
55
101
237
336
87
-598
981
1,241
7,629
1,433
1,641
153
35
305
729
419
94
243
2,150
2,068
22,814
2,435
8,166
2,319
635
135
1,288
3,788
870
1,520
4,834
4,989
1,167.5
208.4
377.1
62.2
15.8
4.9
48.4
245.7
29.0
52.6
276.3
224.0
318,168
1,667
3,307
1,234
2,074
9,481
195,945
107,767
172,013
1,424
5,721
2,247
3,474
3,477
121,425
39,967
403,114
2,937
4,455
1,748
2,707
21,781
192,308
181,633
17,760
96
194
-54
248
-572
12,798
5,244
43,450
164
650
170
480
557
34,971
7,109
101,625
487
994
407
587
6,558
58,087
35,499
4,162.7
20.0
28.6
13.1
15.5
190.8
1,585.4
2,337.9
2,852
5,747
948
471
1,031
2,895
13,783
13,554
216,698
186,416
2,630
17,844
26,693
165,185
77
3,937
165,615
16,448
89
SURVEY OF CURRENT BUSINESS
June 1988
Table 5.—Selected Data for Nonbank U.S. Parents, by Industry of U.S. Parent, 1986
Millions of dollars
Sales
All industries
Petroleum
Oil snd gas extraction
Oil and gas field services
Petroleum and coal products
^
'
Integrated petroleum refining and extraction
Petroleum refining without extraction
Petroleum wholesale trade
Other
. .
Manufacturing
'
Food and kindred products
Grain mill and bakery products
Beverages
Other
Chemicals and allied products
Industrial chemicals and synthetics
Drugs
Soap cleaners and toilet goods
Agricultural chemicals
Other
Primary and fabricated metals
. .
Ferrous
Nonferrous
Fabricated metal products
Farm and garden machinery
Construction, mining,1 and materials handling machinery
Office and computing machines
,;
Other .
. . .
Electric and electronic equipment <
.
Household appliances
,
Radio television and communication equipment
Electronic components and accessories .
.
Other .
Transportation equipment . . .
.
...
Motor vehicles and equipment
Other .
Other manufacturing
.
...
Tobacco manufactures
Textile products and apparel . . .
Lumber, wood, furniture, and fixtures
Paper and allied products
Printing and publishing
..
»»
Rubber products
...
Miscellaneous plastics products
Glass products
Stone, clay, and other nonmetallic mineral products
Instruments and related products..
. * .'
Other
Wholesale trade. .
Durable goods
Nondurable goods ..
.
.
. ..
Finance (except banking), insurance, and real estate
Finance, except banking .. .
Insurance .
. . .
Real estate...;
Holding companies
Services
Hotels and other lodging places
Business services
Advertising
,
Management, consulting, and public relations services
Equipment rental (ex automotive and computers)
- Computer and data processing services
Other
.. ..
Motion pictures including television tape and film
Engineering, architectural, and surveying services
Health services
Other services
Other industries
Agriculture, forestry, and fishing
Mining
.
Metal mining
Nonmetallic minerals
".
Construction
.
Transportation communication and public utilities
Retail trade
...
D Suppressed to avoid disclosure of data of individual companie
* Less than $500,000 or 50 employees.
Total
liabilities
Owners'
equity
3,813,832
2,732,696
1,081,136
2,543,961
1,834,335
709,626
108,600
170,026
561,826
17,861.0
423,046
25,851
15,028
10,823
318,946
316,234
74,007
4,241
253,118
18,664
11,680
6,984
180,030
178,433
(D)
(D)
52,127
2,297
169,928
7,187
3,349
3,838
138,916
137,801
(D)
(D)
21,881
1,944
289,215
8,358
3,601
4,757
211,656
208,855
(D)
(°)
66,205
2,995
268,294
4,834
3,278
1,556
205,271
202,539
(D)
(D)
57,955
234
20,921
3,524
322
3,201
6,385
6,315
(")
(°)
8,250
2,762
6,535
-2,354
472
-1,882
8,768
8,433
(°)
(D)
-17
138
25,694
2,118
1,794
324
19,707
19,629
(°)
(D)
3,620
249
33,638
2,782
549
2,232
23,326
22,923
(°)
(°)
7,137
394
812.5
70.0
12.0
58.1
550.8
540.0
(D)
(D)
181.2
10.4
1,408,850
148,338
45,942
41,440
60,956
210,419
90,228
57,474
38,528
8,301
15,888
84,567
54,558
24,406
30,153
30,009
157,830
6,243
19,369
99,249
32,969
193,520
8,437
134,929
23,450
26,703
385,804
297,660
88,144
228,371
(D)
20,428
16,218
40,197
35,436
16,306
7,876
8,330
14,723
50,236
(D)
861,820
85,937
23,683
23,225
39,029
115,923
52,310
25,689
24,389
5,018
8,517
55,132
37,252
21,182
16,070
17,880
69,187
3,540
11,438
36,205
18,005
125,778
4,118
95,275
12,220
14,165
284,922
225,924
58,997
124,942
(D)
12,039
8,272
-20,443
19,678
9,068
5,055
4,285
10,321
25,311
(°)
547,030
62,401
22,259
18,215
21,927
94,497
37,918
31,785
14,139
3,283
7,371
29,435
17,306
3,223
14,083
12,129
88,643
2,703
7,931
63,045
14,964
67,743
4,320
39,654
11,231
12,538
100,883
71,736
29,147
103,429
(D)
8,389
7,947
19,753
15,758
7,238
2,821
4,045
4,402
24,925
(D)
1,261,476
163,009
43,459
38,400
81,150
181,921
77,517
44,835
34,383
8,566
16,619
76,812
47,559
25,851
21,707
29,254
128,368
5,899
17,790
71,083
33,595
159,747
11,867
94,721
23,455
29,703
333,128
217,080
116,048
218,492
6,282
25,904
19,095
37,645
33,194
17,221
8,107
8,177
14,261
38,351
10,254
1,157,957
158,721
42,661
36,444
79,617
175,710
74,798
44,167
(°)
(D)
15,933
73,926
45,112
25,511
19,600
28,815
108,113
5,230
17,205
53,523
. 32,154
134,114
<")'
73,603
22,620
(D)
303,296
194,990
108,306
204,076
(D)
25,856
(D)
37,256
27,246
103,520
4,288
798
1,956
1,534
6,211
2,720
668
(°)
(D)
687
2,886
2,447
340
2,107
439
20,255
669
585
17,560
1,441
25,633
(D)
21,118
836
(D)
29,832
22,090
7,742
14,416
(D)
'48
(D)
7,580
14,232
33,687
10,014
388
5,948
(D)
(D)
597
28
4,664
240
56,913
10,575
4,401
3,327
2,847
13,138
4,749
6,168
1,961
-770
1,030
-2,049
-3,095
-3,762
667
1,046
5,785
-214
-662
6,456
206
4,656
279
4,693
1665
1,349
13,360
9,762
3,599
11,448
632
659
933
1,915 /
3,200
435
260
238
528
2,485
163
350,767
10,384.7
79,381
.28,618
8,681
1,215.5
7,427
3,057
348.7
1,947
180.4
6,776
.14,414
3,678
686.4
1,264.1
44,952
12,668
6,613
537.7
19,260
2,717
342.1
12,122
1,685
215.6
7,622
429
39.9
1,961
1,224
128.8
3,986
22,702
3,708
657.3
2,334
14,118;
349.3
8,544
873
195.9
5,574
153.4
1,461
8,584
1,374
307.9
48,248
7,943
1,237.9
187
52.2
1,911
514
5,316
136.3
5,525
,
695.3
29,809
1,717 .
354.2
11,212
54,547
10,602
1,559.8
2,877
485
109.2
32,646
7,234
'850.4
8,412
1,616
271.9
328.2
10,611 .
1,268
20,067 . 89,023 > 2,310.8
47,173
1,180.7
14,581
1,130.1
41,850
5,486
2,139.3
. 62,679
15,712
59.1
1,094
224
397.0
7,415
924
142.7
4,272
1,140
289.1
.9,802
3,606
309.0
. 8,430
2,759
172.0
5,794
1,747
97.1
2,301
496
, 91.6
2,943
488
106.0
3,773
800
363.7
13,781
3,099
112.0
3,074
429
66,919
39,776
27,143
44,535
27,530
17,004
22,385
12,246
10,138
172,654
95,411
77,243
170,733
94,104
76,629
1,921
1,307
614
1,542
647
895
3,011
1,565
1,447
8,536
4,130
4,406
325.7
153.8
171.9
1,294,805
448,534
843,145
2,237
890
1,173,989
423,927
748,376
1,591
95
120,816
24,607
94,769
646
795
337,644
62,746
273,806
(DD)
( )
20,989
(D)
10,740
190
(D)
316,655
(D)
263,066
(D)
0
21,042
4,478
16,525
(DD)
( )
8,438
2,304
6,127
7
(*)
38,651
1,006.5
(D)
(D)
785.5
91,490
8,558
28,334
7,702
2,945
6,457
4,982
6,250
7,578
10,126
18,680
18,214
56,661
6,421
18,769
5,495
2,448
4,948
3,109
2,769
4,086
2,905
12,858
11,622
34,829
2,137
9,565
2,206
497
1,509
1,873
3,481
3,492
7,221
5,822
6,591
76,252
8,017
23,730
6,845
1,851
1,777
3,978
9,279
5,035
6,399
16,249
16,822
12,929
(D)
3,494
(D)
0
277
52
(DD)
( )
2,151
701
1,319
63,323
(D)
20,236
(D)
1,851
1,500
3,926
(D)
(D)
4,248
15,548
15,504
3,040
323
1,338
225
58
148
256
651
323
-579
337
1,297
8,080
1,352
2,268
174
43
485
1,148
418
272
146
2,010
2,033
25,389
3,038
8,172
2,348
692
174
1,446
3,512
866
2,174
5,585
5,554
1,273.7
254.0
, 393.4
63.1
19.3
. 7.1
54.9
248.9
29.5
63.3
290.0
243.6
528,721
3,176
10,366
3,724
6,642
11,214
365,257
138,707
342,573
2,037
4,459
1,588
2,871
7,462
228,156
100,459
186,148
1,139
5,907
2,136
3,771
3,752
137,102
38,249
406,720
3,114
4,514
, 1,665
2,849
21,379
204,809
172,904
203,434
203,286
(D)
79
78
1
3,540
(D)
(D)
19,527
108
54
-86
140
3
14,570
4,792
45,422
212
568
122
446
479
38,007
6,156
104,846
474
1,111
391
720
6,378
63,860
33,021
4,058.0
20.6
33.3
17.4
15.9
169.6
1,701.2
2,133.3
8
,
.,
*
.
.. ..
. . ..
Employee
compensation
Number
of
employees
(thousands)
Total
assets
...
.
Expenditures for
property,
plant, and
equipment
Goods
Total
(D)
.
(D)
4,435
1,587
2,848
17,839
(D)
(D)
Services
.(D)
Net
income
23,512
(D)
(D)
(*)
90
SURVEY OF CURRENT BUSINESS
June 1988
Table 7.—Selected Data for Nonbank Foreign Affiliates, Major Industry and Area of Affiliate, 1985 and 1986
All industries
.
Developed countries
...
Canada
Europe
Japan
Australia, New Zealand, and South
Africa
Developing countries
Latin America
Other Africa
Middle East
Other Asia and Pacific
Petroleum
Developed countries
Canada
Europe
Australia, New Zealand, and South
Africa
. . . .
Developing countries
Latin America
Other Africa
Middle East
Other Asia and Pacific
Manufacture
Developed countries
Canada
Europe
• •
Australia, New Zealand, and South
Africa
. .
Developing countries
Latin America
.
Other Africa
.
Middle East
Other Asia and Pacific
Wholesale trade
Developed countries
Canada
Europe
'
Japan
Australia, New Zealand, and South
Africa
Developing countries
Latin America
Other Africa
Middle East
Other Asia and Pacific
Finance (except banking), insurance, and
real estate
Canada
Europe
. . ..
Australia, New Zealand, and South
Africa
Developing countries
Other Africa
Middle East
Other Asia and Pacific
Services
Developed countries
Canada
• •• •
Australia, New Zealand, and South
Africa
Latin America
Other Africa
Middle East
Other Asia and Pacific
Other industries
Developed countries
Canada
.
Japan
Australia, New Zealand, and South
Africa
Latin America
Other Africa
Middle East
Other Asia and Pacific
1985
1986
Millions of dollars
Millions of dollars
Net
income
dumber of
Smployee employees
compen- thousands)
sation
Net
income
U.S.
U.S.
exports imports
shipped shipped
by
to
affiliates affiliates
Number of
Smployee employees
compen- thousands)
sation
Total
assets
Sales
6,419.3
4,414.2
900.6
2,760.0
329.6
932,225
677,126
129,576
426,504
80,298
930,764 48,584
761,451 36,736
132,594 6,013
486,204 25,644
98,176 3,211
71,284
57,332
31,625
19,603
3,646
65,580
47,280
29,708
9,421
7,331
117,341
100,695
19,926
64,646
10,086
6,262.7
4,340.6
904.6
2,661.5
343.7
-2.4
-1.7
6,006
16,691
8,918
726
3,830
3,217
757
423.9
1,973.6
1,230.5
102.1
123.4
517.6
31.5
40,748 44,477 1,869
242,377 163,528 12,235
157,880 87,188 7,920
13,584 11,614
122
582
22,879 15,214
48,033 49,511 3,612
5,785 -387
12,722
2,457
13,919
8,060
314
466
5,080
33
820
18,300
8,192
1,293
401
8,414
1
6,036
16,018
8,439
668
3,536
3,374
628
430.8
1,894.3
1,189.7
87.0
108.1
509.6
27.8
1.6
-4.0
-3.3
-14.8
-12.5
-1.5
118
13,391
7,351
4,441
2,741
<°)
9,832
4,969
1,505
2,609
477
336.2
163.9
41.8
91.9
12.7
8,925
7,389
1,187
4,630
1,168
1,900
1,003
596
356
26
7,492
4,153
2,829
(°)
5
9,978
5,598
1,410
3,119
691
296.3
145.6
35.7
82.0
11.7
11.9
111
145
-10.7
-7.8
(°)
1,289
569
280
132
309
74
(")
6,036
1,569
1,734
456
2,277
4
379
4,237
617
375
2,659
586
626
17.5
149.9
32.1
21.8
60.7
35.3
22.5
403
2,019
850
-45
136
1,078
-483
26
866
390
168
106
202
31
(°)
3,337
1,014
1,033
203
1,089
1
378
3,887
519
325
2,443
600
493
16.2
133.0
27.4
17.4
54.5
33.7
17.6
-7.8
-11.2
-14.7
-20.2
-10.1
-4.5
-21.4
304,530 387,441 16,534
239,351 323,218 12,522
43,026 76,237 3,136
147,710 187,680 7,856
33,405 41,488 1,142
49,587
40,556
27,245
10,512
1,519
48,431
36,973
25,406
5,573
5,636
66,442
57,789
12,207
36,943
5,677
4,348.7
2,966.4
487.7
2,052.9
222.0
355,646 450,037 20,805
288,658 386,353 17,118
45,429 75,521 3,063
185,499 235,215 11,993
42,757 58,399 1,343
51,055
41,121
27,652
10,643
1,589
51,645
39,761
25,752
6,920
6,663
76,228
67,744
12,041
45,626
7,330
4,175.1
2,819.4
471.2
1,926.4
227.7
-4.0
-5.0
-3.4
6.2
2.6
17,813
64,223
43,625
1,366
1,927
17,304
388
4,012
2,649
109
2
1,251
1,281
9,030
5,722
92
167
3,050
358
11,458
5,363
37
146
5,913
2,962
8,653
6,292
130
383
1,849
203.8
1,382.3
934.3
33.9
20.7
393.3
67,557 129,678
55,218 113,022
5,631 10,137
39,356 87,962
9,056
6,636
4,206
3,137
310
2,499
209
16,249
13,865
2,710
8,207
1,757
4,777
3,171
596
1,631
(D)
9,379
8,239
1,090
5,697
803
458.4
370.7
46.5
250.7
35.2
3,595
12,340
6,968
526
655
4,190
5,866
16,657
7,892
484
828
7,453
120
1,068
596
-1
60
413
1,191
2,384
974
20
95
1,295
(°)
1,607
351
7
(")
(D)
649
1,140
573
49
116
402
38.3
87.7
50.8
5.3
3.5
28.1
207,123
114,819
28,098
74,489
7,398
31,667
19,580
6,535
10,279
1,756
8,346
4,049
619
3,022
214
13
8
0
0
0
0
0
2,942
2,653
774
1,608
152
4,834
92,304
86,013
765
1,243
4,283
1,010
12,086
10,920
97
211
858
194
4,297
4,086
32
48
130
c
0
1
0
0
0
0
0
0
20,664
16,162
2,001
12,617
591
19,671
16,361
1,956
12,426
721
1,147
861
107
721
27
193
103
10
64
1
e
953
4,502
2,590
265
1,044
603
1,259
3,310
1,549
255
1,008
497
6
286
76
13
170
27
29
90
38
51,989
31,897
12,935
11,127
969
66,373
53,138
16,846
27,582
880
1,649
1,094
506
364
25
1,121
608
359
6,866
16,977
9,127
926
2,497
4,428
3,115
7,830
11,478
4,644
897
4,108
1,829
1,757
199
503
60
-178
588
32
53
(D)
512
374
39
(°)
(°)
Total
assets
Sales
834,636
575,273
117,535
355,582
63,934
895,460 43,291
702,164 29,304
138,231 6,415
439,209 19,484
80,179 1,992
69,618
56,232
30,837
19,469
3,342
68,181
48,169
31,076
9,974
6,360
102,367
84,919
19,752
51,677
7,484
38,222 44,545 1,413
245,946 186,878 14,159
160,012 94,272 8,345
655
17,055 16,667
25,034 19,529 1,491
43,845 56,411 3,668
6,418 -171
13,417
2,585
13,310
7,681
431
453
4,745
76
760
20,008
7,927
2,011
630
9,440
4
182,771 260,630 11,410
117,826 176,846 7,640
25,843 26,520 1,738
70,284 113,281 5,021
375
14,935 26,278
2,455
1,092
513
520
(")
506
3,994
877
680
623
1,814
-224
6,764
54,644
13,716
13,097
12,197
15,633
10,301
15,210
65,179
41,598
1,475
7,398
14,709
10,767
79,123
25,642
13,567
11,446
28,469
4,661
D Suppressed to avoid disclosure of data of individual companies.
* Less than $500,000|(±).
U.S.
U.S.
exports imports
shipped shipped
by
to
affiliates affiliates
1985-86
percent
change
in
number
of
employees
8,151
57,061
20,919
8,386
8,168
19,588
4,317
719
3,687
1,971
186
-91
1,620
1,237
9,934
6,289
99
157
3,389
426
11,884
5,934
(")
(°)
5,693
2,748
8,483
6,084
129
388
1,882
194.1
1,355.7
917.3
30.8
17.6
390.0
4.7
-1.9
-1.8
-9.2
-15.4
-.8
81,200 149,549
69,039 132,183
7,044 10,984
48,484 103,077
9,593 11,797
5,752
4,603
347
3,711
342
16,980
14,571
3,069
8,375
1,994
4,932
2,859
672
1,263
662
11,892
10,736
1,253
7,517
1,253
483.0
397.3
53.8
262.9
40.6
5.4
7.2
15.7
4.9
15.4
3,918
12,161
6,507
427
576
4,651
6,324
17,366
8,091
459
726
8,090
203
1,149
571
-21
58
541
1,133
2,408
956
18
90
1,345
262
2,073
454
(DD)
()
1,565
713
1,156
523
52
114
466
40.0
85.6
46.6
5.7
3.2
30.2
4.3
-2.3
-8.2
5.8
-9.5
7.6
139.8
119.2
33.5
71.2
6.3
238,260
143,529
33,100
94,914
9,918
36,524
25,127
7,499
13,756
2,754
9,965
5,719
857
4,296
323
15
6
0
0
0
0
0
3,647
3,342
827
2,128
253
147.9
126.5
33.3
77.2
7.6
5.8
6.2
.5
8.4
20.1
120
289
163
10
20
97
8.2
20.6
10.3
.7
.9
8.7
5,597
94,731
86,996
641
1,450
5,643
1,117
11,397
10,155
88
102
1,052
242
4,246
4,128
85
0
g
0
0
0
0
0
0
135
305
164
10
c
122
8.4
21.4
11.1
.7
.3
9.3
3.0
3.4
7.2
7.1
5,220
4,392
595
3,235
219
296.1
214.5
39.2
148.8
6.0
25,662
21,084
2,855
16,273
903
25,489
22,127
2,611
17,335
1,011
1,083
806
169
643
7
174
75
12
58
1
24
(")
D4
6,464
5,545
685
4,198
311
320.8
232.7
53.0
155.2
6.2
8.3
8.5
35.0
4.3
3.9
20.5
81.6
56.9
4.4
10.9
9.5
1,053
4,578
2,667
256
851
804
1,171
3,362
1,824
242
701
594
-14
277
193
21
35
27
5
99
(°)
(*)
6
(")
(DD)
( 0)
0
0
343
828
450
34
229
115
0
*:
c
351
919
502
34
240
143
18.2
88.2
64.4
4.6
10.0
9.3
-10.8
8.0
13.1
4.3
-8.6
-2.2
1,577
670
630
27
(*)
8,552
6,877
3,582
1,586
156
840.1
579.6
252.0
144.6
47.4
56,483
36,001
13,547
13,112
1,337
69,368
57,242
17,499
27,868
1,379
2,055
1,100
388
371
27
1,160
556
297
166
37
9,132
7,729
3,710
2,059
249
839.6
619.0
257.6
157.7
49.8
-.1
6.8
2.2
9.1
5.1
13
907
644
233
(°)
1,554
1,543
824
128
424
167
131
135.6
251.5
146.1
36.0
26.7
42.7
9.0
8,005
17,048
9,158
823
2,298
4,768
3,434
10,496
10,658
4,562
847
3,434
1,815
1,468
314
858
206
66
404
182
96
57
602
332S
29
107
(°)
2
1,711
1,268
647
117
341
162
136
153.9
210.5
122.9
28.0
22.5
37.1
10.1
13.4
-16.3
-15.8
-22.3
-15.7
-13.1
12.2
0
5
c
8
7,202
46,870
11,828
10,064
10,300
14,677
9,288
17,218
63,684
41,637
1,592
2,083
18,372
(°:
(°)
(D:
(°)
174,973 199,797
118,815 138,419
27,601 18,479
68,223 88,953
15,790 22,836
-3'.6
4.3
I
1
0
(
0
(°:
14,973
66,989
40,724
1,372
7,403
17,489
164
c:
(*)
C5)
0
0
P)
(:
(*)
(*)
1,487
(D)
450
(°
(°
(D)
(°)
146
61]
0
6.9
SURVEY OF CURRENT BUSINESS
June 1988
91
Table 8.—Employment of Nonbank Foreign Affiliates, Country by Industry of Affiliate, 1985
[Thousands]
Manufacturing
All
industries
Petroleum
Total
Machin- Electric
Food
Chemi- Primary
and
ery,
and
cals and fabriand
elecexcept
allied
kindred
tronic
eleccated
products products metals
equiptrical
ment
TransOther
portation manufacequipturing
ment
Wholesale
trade
Finance
(except
banking),
Services
insurance, and
real
estate
Other
industries
840.1
6,419.3
336.2
4,348.7
399.2
576.8
279.3
573.5
680.7
950.4
888.8
458.4
139.8
296.1
4,414.2
163.9
2,966.4
213.5
358.0
196.1
473.5
364.7
756.7
603.8
370.7
119.2
214.5
579.6
Canada
900.6
41.8
487.7
39.8
66.6
38.6
45.8
50.7
128.2
118.0
46.5
33.5
39.2
252.0
Europe
2,760.0
91.9
2,052.9
139.8
226.6
129.4
372.3
269.0
513.0
402.8
250.7
71.2
148.8
144.6
2,425.5
131.4
19.3
510.2
538.6
10.2
35.2
231.1
8.5
133.8
807.3
77.8
3.6
1.8
8.7
16.3
1.0
.9
6.7
.1
8.2
30.4
1,832.4
99.4
9.5
415.8
423.9
4.9
32.0
188.1
8.1
93.0
557.7
115.5
6.1
2.5
16.5
15.4
.5
4.1
13.1
0
10.0
47.4
201.7
23.1
.5
33.9
33.3
1.7
4.0
23.7
.1
16.7
64.7
105.8
3.8
.5
15.6
30.6
(*)
1.1
7.4
.8
10.6
35.3
346.5
14.5
(°)
69.8
76.1
0
5.6
79.5
(D)
9.5
88.9
224.2
18.7
2.7
17.5
76.6
.3
6.9
28.0
.4
7.2
65.9
473.8
(")
128.5
0
(°)
9.0
0
(D)
94.1
364.9
(°)
(DD)
()
63.4
2.3
(D)
27.4
(D)
(°)
161.4
197.6
16.6
5.2
48.5
32.4
1.8
1.4
18.3
(*)
13.9
59.5
57.7
1.4
.2
2.9
5.0
(*)
.3
2.0
.3
3.6
41.9
125.1
7.7.
2.1
21.7
21.1
1.2
.5
8.2
0
8.5
54.1
134.9
2.7
.4
12.5
39.8
1.3
.1
7.8
0
6.7
63.6
334.5
35.1
5.2
21.0
25.0
152.7
37.7
46.8
9.0
2.0
14.1
1.2
.5
7.4
.5
^,8
1.2
.7
1.5
.3
220.5
16.1
.8
7.6
17.7
132.0
25.1
14.8
5.4
1.1
24.2
1.0
0
.1
1.6
16.6
3.4
(°)
(D)
0
24.9
.7
.1
.4
2.5
16.3
1.9
2.4
.5
.1
23.6
.1
0
(°)
D
()
18.9
.8
1.6
.1
0
25.8
1.2
0
(*)
.9
7.8
13.8
2.0
0
.2
44.8
4.7
.5
(D)
7.5
22.0
(D)
3.4
(D)
0
39.2
(D)
0
0
(D)
32.4
1.6
0
1.1
(*)
37.9
(D)
.3
1.6
3.6
18.0
(DD)
(D)
()
.7
53.1
6.7
3.2
4.2
3.8
8.7
8.6
17.4
.2
.3
13.5
8.8
0
(*)
(*)
1.2
.4
3.1
0
(*)
23.7
1.7
.6
(°)
(D)
9.6
.7
(*)
(D)
(")
4.5
.4
1.2
.9
.1
Japan
329.6
12.7
222.0
10.9
33.5
6.9
40.2
24.0
69.7
36.8
35.2
6.3
6.0
47.4
Australia, New Zealand, and South Africa
Australia
New Zealand .
South Africa
423.9
290.4
17.9
115.6
17.5
9.7
2.0
5.8
203.8
125.2
9.1
69.4
23.0
12.8
1.6
8.7
31.2
22.8
1.3
7.1
21.2
6.1
.3
14.8
15.2
9.7
.2
5.3
21.1
13.5'
1.0
6.6
45.8
(D)
(D)
11.6
46.3
(°)
(°)
15.3
38.3
23.8
3.1
11.4
8.2
5.5
.5
2.1
20.5
13.7
.8
6.0
135.6
112.5
2.3
20.8
1,973.6
149.9
1,382.3
185.6
218.9
83.2
100.0
316.0
193.7
285.0
87.7
20.6
81.6
251.5
1,230.5
32.1
934.3
126.2
161.9
67.0
68.9
133.6
167.6
209.2
50.8
10.3
56.9
146.1
South America
Argentina
Brazil
Chile
Colombia .. ..
Ecuador
Peru
Venezuela
Other
638.9
70.9
392.0
11.9
50.2
11.9
18.3
74.3
9.4
21.8
4.5
5.6
.4
4.4
1.0
2.8
2.4
.5
506.4
52.9
347.7
5.8
30.5
7.2
5.0
53.6
3.8
68.6
11.6
36.4
.7
4.2
2.0
1.0
11.6
1.2
86.7
12.1
52.2
1.2
9.3
1.6
1.9
7.8
.5
41.0
2.3
28.5
1.8
2.0
.1
.4
5.6
.2
47.4
3.7
42.5
0
.1
0
0
.7
.4
55.5
2.3
47.5
.5
1.2
.5
.2
3.3
(*)
86.5
9.3
66.8
.2
1.6
.6
0
7.6
.2
120.7
11.5
73.7
1.5
12.0
2.4
1.5
17.0
1.2
31.8
6.3
12.8
1.8
2.2
.9
(°)
5.8
(°)
4.9
.7
2.0
(D)
.6
.1
(D)
o'
26.5
1.9
11.1
.8
5.3
.6
.4
6.1
.3
47.5
4.5
12.8
P)
7.2
2.0
(")
6.0
(D)
Central America
Mexico
Panama
Other
. .
551.7
465.9
21.1
64.6
5.7
2.3
(DD)
()
414.9
392.2
2.0
20.8
55.8
46.9
.5
8.5
72.0
67.9
.5
3.6
25.6
25.1
(*)
.5
21.4
21.4
0
0
76.7
75.2
0
1.5
81.1
81.1
0
0
82.2
74.6
1.0
6.6
17.5
14.9
1.3
1.3
2.3
1.0
.6
.6
19.5
17.5
.9
1.1
91.8
38.0
(°)
<")
39.9
7.2
2.7
6.2
2.5
5.8
.7
14.7
4.6
.4
.1
.3
.3
(D)
(*)
(D)
13.0
.5
0
3.3
.2
1.4
.1
7.6
1.7
0
0
.4
.1
.1
0
1.1
3.2
.4
0
1.2
.1
1.0
0
.4
.4
0
0
0
(*)
0
0
.3
0
0
0
0
0
0
0
0
1.5
0
0
0
0
0
.1
1.4
0
0
0
0
0
0
0
0
6.3
.1
0
1.6
0
.2
0
4.3
1.5
.2
.2
.2
.1
.2
.2
.5
3.2
.2
1.6
.1
.6
.3
.2
.2
10.8
5.1
.7
1.2
1.1
1.0
.3
1.4
6.7
.9
.1
1.0
.2
P)
(*)
(D)
102.1
19.6
10.2
4.4
5.1
82.5
15.1
11.0
56.4
21.8
8.7
3.5
4.1
1.2
13.1
.2
3.9
9.0
33.9
7.4
4.2
0
3.1
26.5
0
4.2
22.3
8.7
.4
.1
0
.4
8.3
0
.9
7.4
4.3
1.2
(D)
0
D
()
3.1
0
1.8
1.3
2.2
.2
.1
0
.1
2.0
0
.2
1.8
.1
.1
0
0
.1
4.5
(D)
(D)
0
(°)
(°)
0
(D)
(")
(DD)
()
(°)
0
D0
(")
(D)
(°)
0
(°)
9.4
0
(D)
(°)
5.3
1.1
.7
.2
.2
4.3
(*)
1.2
3.0
.7
.1
.1
0
0
.6
.2
0
.4
4.4
2.2
1.5
.1
.5
2.2
.2
.4
1.6
36.0
.2
.2
0
.1
35.8
14.5
1.3
20.0
Middle East
Israel
Saudi Arabia
United Arab Emirates
Other
123.4
16.9
93.8
4.4
8.4
60.7
1.0
(°)
(DD)
()
20.7
11.7
6.4
.1
2.6
.3
0
.2
0
.1
4.2
1.2
2.7
'\s
4.0
(°)
(D)
0
2.0
.8
.4
.1
.1
.3
6.7
5.8
.9
0
0
0
0
(°)
(D)
(°)
0
0
3.5
1.5
.6
.5
.9
.9
.6
.1
0
.2
10.9
1.7
8.2
.7
.3
(D)'
(°)
(°)
Other Asia and Pacific
Hong Kong
India
Indonesia
Malaysia
Philippines
Singapore
South Korea
.
Taiwan
.
Thailand
Other
517.6
47.6
70.1
45.9
64.8
91.2
47.4
40.0
58.7
30.9
20.9
35.3
.6
1.7
20.1
3.0
(°)
3.2
(D)
(*)
(DD)
()
393.3
29.6
67.9
8.1
56.6
71.6
36.1
35.2
52.6
23.0
12.7
50.4
1.7
(D)
.2
1.1
29.4
.7
2.5
1.1
(°)
1.4
48.4
1.1
20.9
2.9
1.3
7.7
1.2
2.5
3.3
1.8
5.6
10.0
.6
5.8
.2
.1
1.3
.2
.8
.8
.1
0
29.6
3.0
11.6
.2
1.2
.3
10.8
0
2.0
.5
0
171.2
9.8
12.6
(")
47.1
14.7
20.5
15.5
36.6
11.6
(D)
21.8
0
2.6
0
0
(D)
1.8
(D)
3.3
0
(D)
61.8
13.4
(°)
(D)
5.7
(D)
.9
(°)
5.4
(°)
(D)
28.1
9.3
.1
.4
3.3
3.7
4.4
1.0
2.7
2.6
.7
8.7
3.8
0
.2
.4
2.0
.6
.6
(DD)
(D)
()
9.5
2.3
.2
1.4
.1
.5
1.2
1.1
.7
1.0
.9
42.7
2.0
.2
15.6
1.3
(°)
1.9
(DD)
()
(°)
(D)
31.5
22.5
254.0
90.6
79.7
14.9
16.9
7.2
1.0
7.2
8.3
24.1
9.9
.9
17.6
55.3
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
Developing countries
Latin America
Other Western Hemisphere
Bahamas , ...
Bermuda
Jamaica
Netherlands Antilles
Trinidad-Tobago
United Kingdom Islands, Caribbean
Other
Other Africa
Saharan
EevDt
Libya' ' '.
Other
Sub-Saharan
Liberia
Nigeria
Other
International
Addendum—OPEC *
,
'
(
0
.7
.6
.5
8
( 0)
0
(°)
(D)
(°)0
5.5
2.1
9.8
1.0
.2
26.7
9.0
D Suppressed to avoid disclosure of data of individual companies.
* Fewer than 50 employees.
1. OPEC is the Organization of Petroleum Exporting Countries. Its members are Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab
Emirates, and Venezuela.
SURVEY OF CURRENT BUSINESS
92
June 1988
Table 9.—Employment of Nonbank Foreign Affiliates, Country by Industry of Affiliate, 1986
[Thousands]
Manufacturing
All
industries
Petroleum
Total
Machin- Electric
Chemi- Primary
Food
and
and
ery,
cals and
and
elecfabriexcept
kindred
tronic
allied
eleccated
products products metals
equiptrical
ment
TransOther
portation manufacequipturing
ment
Wholesale
trade
Finance
(except
banking),
insurServices
ance, and
real
estate
Other
industries
839.6
6,262.7
296.3
4,175.1
405.3
571.8
271.6
581.8
745.7
751.3
847.6
483.0
147.9
320.8
4,340.6
145.6
2,819.4
219.2
357.0
193.2
482.9
420.0
565.5
581.6
397.3
126.5
232.7
619.0
904.6
35.7
471.2
39.1
63.2
37.3
43.8
47.6
127.3
112.9
53.8
33.3
53.0
257.6
2,661.5
82.0
1,926.4
146.1
225.3
128.2
381.6
325.3
330.4
389.4
262.9
77.2
155.2
157.7
2,503.3
133.3
19.3
368.9
555.8
9.8
33.7
235.6
8.7
135.8
22.1
158.1
. 822.3
69.6
3.6
.8
7.7
15.4
1.0
.9
5.4
.1
7.8
.5
.8
25.7
1,856.3
99.8
10.1
270.8
436.7
4.5
29.8
192.6
8.3
93.4
15.1
134.5
560.6
139.8
7.0
2.5
15.8
14.9
.3
3.2
13.5
0
10.3
1.7
17.8
52.8
220.4
22.0
.6
33.5
32.9
1.5
3.8
25.3
(*)
14.5
2.4
16.5
67.3
123.3
3.8
.5
15.4
30.6
(*)
1.2
6.6
.8
10.8
.2
18.6
34.7
364.3
16.7
.3
69.4
74.9
0
5.7
81.0
(")
10.0
(°)
8.3
95.9
310.0
18.6
4.6
62.3
80.2
.5
5.4
28.3
.4
8.6
4.6
21.1
75.3
324.8
(D)
373.7
(D)
1.3
52.9
65.8
2.2
10.0
26.2
(°)
19.1
(D)
19.4
148.3
219.5
17.9
5.8
49.6
35.1
1.8
1.5
19.9
9.2
59.6
65.6
1.5
.2
3.6
5.4
(*)
.3
2.1
.3
3.3
(*),
1.3
47.4
138.4
7.7
2.0
24.1
22.0
1.2
1.1
8.9
0
9.0
1.5
6.2
54.8
154.0
2.8
.4
13.0
41.3
1.3
.1
6.7
0
7.1
1.0
6.0
74.2
158.2
35.2
5.8
21.8
38.3
46.1
9.0
1.9
12.5
1.2
.5
7.2
1.2
.6
1.5
.3
70.1
16.1
1.2
7.6
25.1
14.1
5.1
.9
63
1.1
0
.1
3.4
(°)
(D)
0
4.9
.8
.1
.5
1.5
1.3
.5
.1
4.9
.2
0
(D)
.6
2.0
(D)
0
17.3
1.1
.3
O
14.0
1.7
0
.3
15.3
4.6
.4
(DD)
()
3.6
1.5
0
15.8
(")
.4
(°)
(°)
(°)
11.6
9.1
0
.1
.4
2.0
0
(*)
16.8
1-1
?>)
(°)
43.4
6.5
4.0
4.7
9.2
18.3
.4
.4
343.7
11.7
227.7
10.5
36.6
6.5
39.4
25.4
71.3
38.1
40.6
7.6
16.2
8.9
2.0
5.3
194.1
121.9
9.1
63.1
23.5
14.1
1.5
8.0
31.9
23.0
1.2
7.7
21.2
6.1
.3
14.7
18.1
12.4
.5
5.2
21.7
15.1
.8
5.8
36.6
New Zealand
South Africa
430.8
309.8
19.6
101.4
7.3
41.1
(°)
(°)
14.4
40.0
26.2
4.0
9.8
8.4
5.8
.5
2.1
Developing countries
1,894.3
133.0
1,355.7
186.1
214.8
, 78.4
98.9
325.7
185.8
266.0
85.6
21.4
88.2
1,189.7
27.4
917.3
130.4
156.6
62.7
69.1
150.3
157.9
190.3
46.6
11.1
64.4
122.9
636.4
68.9
405.2
13.2
40.7
11.4
17.2
68.7
11.1
19.7
3.6
5.5
.4
4.2
1.2
2.3
2.1
.5
511.4
51.7
362.0
5.8
24.2
6.2
4.6
50.9
5.9
68.4
10.8
33.5
.7
4.2
1.3
1.2
13.6
3.0
86.4
13.3
51.7
1.2
8.5
1.6
1.9
7.6
•5
41.1
2.7
27.1
1.8
2.9
.1
.4
6.0
.2
50.3
3.0
45.9
0
.1
0
0
.9
.4
69.0
2.2
59.1
.5
.7
.5
.2
5.4
.4
86.9
9.1
69.0
.2
1.5
.6
0
6.3
.2
109.4
10.6
75.7
1.4
6.2
.2.1
.9
11.1
1.2
32.8
6.6
13.5
2.4
1.7
.9
1.6
5.7
.4
6.2
.7
2.9
(°)
.5
<")'
.3
0
28.6
1.6
13.5
.9
5.3
.6
.4
6.0
.3
. 37.6
4.7
7.8
(D)
4.8
2.3
(D)
3.6
4.1
515.4
431.8
21.9
61.7
(D)
5.2
2.0
392.9
371.3
2.0
19.7
59.3
50.9
.5
8.0
68.0
63.7
.5
3.8
21.2
20.7
(*)
.5
18.8
18.8
0
0
79.8
. 78.3
0
1.5
71.0
71.0
0
0
74.7
67.9
1.0
5.9
12.4
9.6
1.4
1.3
1.8
.8
.4
.6
24.1
22.1
.9
1.1
79.0
25.9
(°)
(D)
0
0
0
0
0
0
0
0
1.5
0
0
0
0
0
.1
1.4
0
0
0
0
0
0
0
0
6.2
.1
0
1.7
0
.2
0
4.3
1.5
.1
.2
.2
.1
.2
.2
.5
3.1
.2
1.6
.1
.5
.3
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.2
11.7
4.9
1.4
1.2
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1.0
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2.0
6.4
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(*)
1.0
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.1
(*)
4.3
5.4
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(DD)
()
0
0
.7
0
0
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(D)
(°)
(D)
0
CO
(°)
0
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(D)
5.7
1.2
.8
.2
.2
4.4
(*)
1.1
3.3
.7
.1
.1
(D)
D
((D)
)
All countries
.... ..
Developed countries
Canada
.
Europe
European Coniniunities (12)
Belgium
Germany
Greece
Italy
Luxembourg
Portugal
United Kingdom
Other Europe
Finland
Sweden
Switzerland
Turkey
Other
Australia, New Zealand, and South Africa
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 Africa
Saharan
Effvpt
Other
Sub-Saharan
Liberia
Nigeria
Other
Middle East
Israel
Saudi Arabia
United Arab Emirates
Other
.
.
. .
.
Other Asia and Pacific
Hong Kong
.'
India
Indonesia
. . ... .
Malaysia
•
Philippines
South Korea
TaiwanThailand
.
Other
Addendum— OPEC 1
... .
....
.
.
•
•
. • ...
<
2.4
.3
.1
.2
.2
.7
(*)
.8
13.0
.5
0
2.4
.2
1.3
.1
8.5
2.7
0
0
.5
.1
.1
0
2.1
2.2
.4
0
.3
.1
1.0
0
.4
.3
0
0
0
(*)
0
0
.3
87.0
15.1
9.1
1.2
4.9
71.9
(D)
11.8
(D)
17.4
5.5
3.5
.9
1.1
11.8
.1
3.9
7.8
30.8
5.7
2.8
0
2.9
25.1
0
5.3
19.8
6.9
.4
.1
0
.3
6.5
0
.8
5.8
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0
0
.1
()
0
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()
0
2.4
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108.1
13.7
83.6
4.1
6.6
54.5
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( )
17.6
8.7
6.5
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1.1
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0
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.1
.2
4.7
3.9
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0
0
509.6
46.8
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62.8
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47.2
46.7
62.1
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.7
1.6
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3.0
(D)
(*)
(DD)
()
390.0
27.0
61.3
7.6
54.6
72.7
35.2
41.5
55.0
22.2
13.1
10.1
.6
5.8
.2
.1
1.3
.2
.8
.9
.1
0
28.5
2.7
11.3
.2
1.0
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9.5
.1
2.8
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0
165.3
8.7
11.6
1.2
31.8
.8
2.6
1.2
(D)
1.8
49.2
1.1
22.2
2.3
1.3
7.4
1.5
2.7
3.3
1.7
5.8
76.7
16.0
16.9
7.4
1.2
27.8
17.6
221.9
79.6
D Suppressed to avoid disclosure of data of individual comp
* Fewer than 50 employees.
1. See footnote 1, table 8.
(D)
37.9
6.7
3.4
5.2
2.1
3.6
.7
16.2
0
0
0
.1
48.6
1.6
(D)
2L5
137.3
0
.5
11.7
0
20.1
(D)
32.8
86.2
5.6
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0
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0
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(D)
(D)
(D)
D
.
(
i!3.92
0
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.7
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(*)
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.1
6.2
49.8
18.2 ^ 153.9
133.9
13.0
.1
3.9
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5.1
210.5
4.6
2.3
1,6.
.1
.6
2.3
.2
.4
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27.7
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( )
0
0
0
1.2
0
0
3.2
1.5
.4
.6
.7
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2.1
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.6
.3
43.0
12.5
20.7
16.2
38.7
11.3
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25.2
0
1.2
0
0
.3
1.6
(°)
3.3
0
(D)
63.0
12.3
(DD)
()
8.0
19.1
.9
(°)
4.8
(°)
(D)
30.2
10.6
.1
.4
3.1
3.7
4.2
(D)
3.0
3.0
(D)
9.3
4.4
0
.3
.4
1.9
.6
.7
(DD)
()
(°)
9.3
2.1
.2
1.3
.2
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1.8
1.2
.7.4
.8
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1.9
.9
10.1
1.4
D
()
2.5
(°)
(°)
(")
(D)
10.5
6.9
17.8
9.7
.7
16.4
38.8
(D)
(°)
.3
(*)
o'
10.1
-
SURVEY OF CURRENT BUSINESS
June 1988
Text continues from p. 87.
• The largest increases in employment were recorded for affiliates in
Australia, Germany, the United Kingdom, Japan, and Brazil. The largest
declines were in France, Mexico,
South Africa, and Saudi Arabia.
• Employment by majority-owned
foreign affiliates (MOFA's)—those in
which U.S. parents held more than a
50-percent interest—declined 2 percent, to 4.7 million (tables 10-12). The
pattern of changes in employment by
MOFA's by industry and by country
was similar to that of all affiliates
(discussed earlier), except that it was
not affected by the disinvestment in
the minority-owned French automaker.
• In 1986, MOFA's accounted for 75
percent of the employment by all affiliates. Among countries in which affiliate employment was sizable, the
MOFA shares were higher than average in Canada (93 percent), Brazil (92
percent), Germany (84 percent), and
the United Kingdom (83 percent). The
MOFA shares were lower than average in Japan (31 percent), South
Korea (34 percent), and India (35 percent). The countries with lower-thanaverage shares restricted, or had previously restricted, majority ownership
by foreigners. In addition, in some
cases, factors other than government
policy may have influenced the decision to have only a minority interest.
For example, interests in several
large minority-owned automotive afTable 10.—Employment of All, MajorityOwned, and Minority-Owned Nonbank Foreign Affiliates, by Area, 1986
Percent
accounted
for
by
Minority- majority
owned owned
'J
affiliaffiliates
ates
Number of employees
(thousands)
All
affiliates
Majorityowned
affiliates
All countries
6,262.7 4,722.9 1,539.8
75.4
Developed countries
Canada
Europe
.
Of which: Italy
Spain
Austria
4,340.6 3,273.8 1,066.8
840.7
63.9
904.6
577.4
2,661.5 2,084.1
80.2
235.6
155.4
158.1
104.2
53.9
35.2
20.7
14.5
75.4
92.9
78.3
65.9
66.0
58.7
30.7
Japan
. . ....
Australia, New Zealand,
and South Africa
...
343.7
105.6
238.1
430.8
243.4
187.4
56.5
468.0
257.1
164.0
30.9
31.6
148.7
41.8
30.8
75.3
78.4
62.0
64.5
70.8
70.8
34.8
34.0
Developing countries
1,894.3 1,426.3
932.6
Latin America
..... 1,189.7
431.8
267.8
Of which: Mexico....^
Other Africa
....
87.0
56.1
108.1
76.5
Middle East
509.8
361.1
Other Asia and Pacific
64.1
22.3
Of which: India
46.7
15.9
South Korea
International
27.8
22.8
5.0
82.0
filiates may have been acquired more
to transfer technology and facilitate
trade than to gain control.
Sales of Services
Beginning with 1982, BEA's benchmark and annual surveys of U.S.
direct investment abroad have requested a disaggregation of sales (or
gross operating revenues) of U.S. parents and MQFA's into goods and services. Results for 1982-84 were presented in the SURVEY OF CURRENT BUSINESS early last year.3 This part of the
article brings the series up to date
with the revision of estimates for 1984
and the addition of estimates for 1985
and 1986.
For purposes of distributing sales
between goods and services, "services"
are defined as the activities characteristic of a particular group of industries, consisting of the "services" division of the Standard Industrial Classification; petroleum services; FIRE; agricultural services; metal mining services; and transportation, communication, and public utilities. A parent or
affiliate need not be classified in one
of these industries in order to have
sales of services; in fact, a significant
portion of sales of services was accounted for by entities in manufacturing and other goods-producing industries that sold services as a secondary
activity.
The remainder of this part discusses the composition of, and the
growth in, sales of services by U.S.
MNC's in 1986.
Composition of sales
Of total sales by U.S. parents in
1986 of $2,544 billion, $1,834 billion,
or 72 percent, were goods, and $710
billion, or 28 percent, were services
(table 13).4 5 Of total sales by MOFA's
3. See "U.S. Sales of Services to Foreigners,"
SURVEY 67 (January 1987): 22-41. That article contains
a more detailed discussion of methodology, definitions,
and results than is provided here.
4. Most of the sales categories shown in table 13 are
disaggregated by industry of parent or affiliate, or by
country of affiliate, in the publications mentioned in
the accompanying box.
5. In examining U.S. parent sales of goods in table
13, it should be noted that parent sales of goods to foreign persons (which are not separately available) and
U.S. parent merchandise exports (shown in table 2)
are related, but not conceptually identical. The major
difference between them is that, whereas sales are recorded on the basis of the location of the person to
whom the sales are charged, merchandise exports are
recorded on the basis of the location of the person to
whom the goods are shipped. Although the two locations usually are the same, goods are sometimes
charged to a person in one country but shipped to a
person in another. The time of recording a transaction
93
of $720 billion, $638 billion, or 89 percent, were goods, and $83 billion, or
11 percent, were services.
For both parents and MOFA's, most
sales of services were'to customers in
the country of the entity making the
sale (that is, local), reflecting the
need, in many instances, to deliver
services through an entity located
near the customer. Of U.S. parent
sales, 98 percent were to U.S. persons.
Of MOFA sales, nearly 75 percent
were local, 14 percent were to persons
in other foreign countries, and 12 percent were to U.S. persons.
Most sales of services by MNG's to
foreign (non-U.S.) persons were to unaffiliated persons. For U.S. parents,
sales to unaffiliated foreigners^-that
is, to foreign persons other than a
parent's own affiliates—accounted for
three-fourths of sales of services to all
foreigners. For MOFA's, the share of
sales to foreigners that were to unaffiliated persons—that is, to foreign
persons besides other affiliates of the
same parent—was over 85 percent.
Even though total sales of services by
parents were several times larger
than thpse by affiliates, affiliates had
much larger sales to unaffiliated foreigners—$63 billion, compared to $13
billion.
Sales by U.S. parents to unaffiliated
foreigners were concentrated in a few
industries in which cross-border
transactions are a common means of
delivering services to foreign customers. About one-third of the sales were
by parents in transportation, communication, and public utilities. In that
industry group, the sales largely consisted of two types of transactions:
U.S. telecommunications carriers' receipts from foreign carriers for their
share of revenues from transmitting
messages originating abroad to U.S.
destinations, and U.S. airlines' ticket
sales to foreigners. (The ticket sales,
although attributable to U.S. parents,
may have been made largely through
foreign ticket offices of the parents.
In BEA's surveys, such an office is
treated as an extension of the parent,
rather than as a foreign affiliate, if it
services only the parent's own operations.)
may also differ between the two measures, because
goods may not be charged in the same period as they
are shipped. Further differences may arise because of
differences in the sources companies use to compile
the data: sales usually are compiled on the basis of accounting records, whereas merchandise exports usually are compiled on the basis of export declarations or
other shipping documents.
94
SURVEY OF CURRENT BUSINESS
Growth in sales
of goods and a 14-percent increase in
sales of services. The share of services
in total sales rose from 24 percent to
28 percent. It was 23 percent in 1982
and 1983, and 22 percent in 1984. The
decline in the services share in 1984
U.S. parents.—The previously mentioned 2-percent decline in sales by
U.S. parents in 1986 was the net
result of a 7-percent decline in sales
June 1988
occurred because a major U.S. telephone company divested several regional operating companies that, at
that time, did not have direct investment abroad (and thus were not included in the 1984 estimates). Some of
Table 11.—Selected Data for Majority-Owned Nonbank Foreign Affiliates, Major Industry and Area of Affiliate, 1985
Millions of dollars
Sales
Total
assets
Total
liabilities
Owners'
equity
Total
Goods
Services
Net
income
U.S.
imports
shipped
U.S.
exports
shipped
to
MOFA's
Employee
compensation
MOFA's
Number
of
employees
(thousands)
655,630
391,311
264,320
702,837
633,502
69,334
36,634
66,510
60,301
80,364
4,810.4
444,313
105,954
295,407
18,898
24,054
200,368
139,946
14,941
12,164
33,317
10,950
277,846
58,987
189,309
12,695
16,855
108,121
71,652
9,294
8,556
18,619
5,344
166,466
46,967
106,099
6,202
7,199
92,247
68,294
5,647
3,608
14,698
5,606
548,872
129,086
358,716
28,018
33,052
149,322
78,350
14,591
12,235
44,145
4,642
502,623
116,345
330,939
24,882
30,456
130,876
64,918
13,779
10,690
41,489
3
46,250
12,742
27,776
3,136
2,596
18,446
13,432
812
1,545
2,656
4,639
24,687
6,036
16,697
854
1,101
12,142
7,246
811
849
3,235
195
54,412
30,682
18,726
2,533
2,471
12,046
6,950
386
268
4,443
52
41,290
30,329
9,127
1,209
624
19,012
7,374
1,952
276
9,409
0
66,398
18,394
41,364
2,657
3,983
13,477
7,211
567
3,168
2,531
490
3,329.7
838.0
2,142.6
98.0
251.1
1,456.2
927.1
67.4
86.3
375.5
24.5
144,239
89,286
21,395
60,814
2,448
4,629
46,424
12,338
12,587
8,472
13,026
8,529
90,993
59,413
9,652
44,268
1,877
3,616
27,407
5,583
7,811
6,354
7,659
4,173
53,246
29,873
11,743
16,546
571
1,013
19,017
6,755
4,777
2,119
5,367
4,356
214,766
143,803
24,043
99,649
9,566
10,546
67,667
24,451
12,824
7,649
22,743
3,296
206,572
141,251
23,220
98,142
(")
(D)
65,318
23,477
12,300
7,260
22,281
3
8,194
2,552
823
1,506
(°)
(°)
2,349
974
524
389
462
3,292
9,157
5,674
1,468
3,666
42
497
3,731
794
670
551
1,716
249
2,385
1,081
512
517
(D)
(°)
1,254
565
278
116
294
50
13,117
7,333
4,441
(°)
2
(°)
5,783
1,569
1,734
204
2,277
0
8,510
4,151
1,386
2,279
3,980
542
(°)
(D)
514
379
8
284.6
135.1
37.2
79.0
(°)
(°)
133.0
27.2
(°)
(°)
29.1
16.4
217,633
177,054
39,121
119,374
8,660
9,900
40,578
29,674
758
566
9,580
120,493
99,939
18,417
70,169
4,968
6,385
20,554
15,887
445
330
3,892
97,140
77,116
20,704
49,205
3,692
3,515
20,025
13,787
313
236
5,688
293,989
248,381
72,034
152,688
10,011
13,648
45,608
32,692
755
521
11,640
287,384
242,005
70,975
148,388
9,065
13,577
45,379
32,482
754
517
11,627
6,605
6,376
1,059
4,300
946
71
229
210
2
4
13
13,780
10,973
3,036
7,186
430
321
2,807
1,798
87
2
920
47,117
39,150
27,125
9,841
952
1,232
7,968
5,102
54
31
2,780
41,353
30,463
24,692
4,885
661
225
10,890
4,929
(°)
(D)
5,882
50,631
43,992
11,468
28,519
1,683
2,321
6,640
5,067
80
124
1,369
3,201.8
2,198.3
457.0
1,527.9
61.8
151.6
1,003.5
700.6
21.2
7.8
273.9
60,698
49,628
5,254
37,465
3,480
3,429
11,070
6,133
370
568
3,998
38,489
32,584
3,055
24,720
2,421
2,388
5,905
3,094
217
296
2,298
22,209
17,044
2,199
12,745
1,059
1,041
5,165
3,039
153
272
1,700
116,757
102,009
9,450
80,480
6,449
5,630
14,748
6,598
260
732
7,158
110,822
97,056
8,830
76,926
6,207
5,093
13,766
6,110
229
591
6,835
5,935
4,953
620
3,554
242
537
982
487
30
141
323
4,062
3,061
297
2,503
142
119
1,000
546
3
51
401
15,764
13,500
2,679
8,141
1,548
1,132
2,264
876
16
82
1,290
4,403
2,841
585
1,481
546
229
1,563
310
(D)
(°)
(D)
8,645
7,619
983
5,474
541
621
1,026
513
38
97
377
416.4
342.9
41.2
241.3
24.2
36.2
73.4
41.6
3.9
2.8
25.2
183,836
96,233
27,222
61,419
3,749
3,843
87,603
83,340
552
434
3,276
111,389
65,812
20,526
39,723
2,936
2,627
45,576
42,900
307
297
2,073
72,447
30,421
6,696
21,695
813
1,216
42,027
40,441
246
137
1,203
27,046
15,909
6,406
7,249
1,450
804
11,137
10,327
50
63
696
55
39
1
36
(DD)
()
16
16
0
0
0
26,991
15,870
6,405
7,213
(DD)
()
11,120
10,311
50
63
696
7,734
3,565
606
2,581
205
173
4,170
4,009
. 15
35
111
13
8
0
0
0
0
0
0
0
0
0
0
0
2,063
1,856
735
914
116
91
207
141
5
5
56
94.9
80.1
32.2
38.0
4.5
5.5
14.7
8.4
.4
.3
5.7
Services
Developed countries
Canada
Europe
Japan
Australia, New Zealand, and South Africa
Developing countries
Latin America
Other Africa
Middle East
Other Asia and Pacific
18,008
14,455
1,914
11,515
284
741
3,553
2,022
202
892
437
11,040
9,183
1,080
7,219
260
624
1,857
1,014
98
451
294
6,967
5,271
835
4,296
24
118
1,696
1,007
105
440
143
17,202
14,644
1,804
11,426
420
993
2,559
1,233
200
735
391
1,141
1,024
71
879
0
74
117
67
4
41
5
16,061
13,619
1,733
10,547
420
919
2,442
1,167
196
694
386
950
762
96
646
24
-4
188
47
6
119
16
191
103
10
64
8
(°)
5
5
3
1
0
0
(*)
(*)
0
0
0
4,518
3,926
559
2,943
163
261
592
342
27
140
83
248.4
189.5
38.1
132.9
3.6
14.9
58.9
43.8
4.0
5.6
5.6
Other industries
Developed countries
Canada ..
Europe
Japan
Australia New Zealand and South Africa
Developing countries
Latin America
Other Africa
Middle East
..
Other Asia and Pacific
International
31,217
17,656
11,047
4,821
277
1,511
11,140
6,438
470
1,232
3,000
2,421
18,906
10,914
6,257
3,209
233
1,215
6,822
3,174
417
828
2,404
1,171
12,310
6,741
4,790
1,612
43
296
4,319
3,265
54
404
597
1,250
33,077
24,127
15,350
7,224
122
1,431
7,604
3,049
503
2,535
1,517
1,347
27,528
21,247
13,248
6,569
(DD)
()
6,280
2,766
492
2,282
742
0
5,550
2,879
2,102
655
(DD)
()
1,323
284
11
253
775
1,347
952
653
532
116
11
6
246
52
31
91
71
54
1,039
570
355
(°)
(D)
(°)
467
365
37
(D)
(°)
2
1,423
648
608
(°)
(*)
(D)
775
566
(D)
(*)
(°)
0
5,996
4,854
3,263
1,234
(°)
(°)
1,032
608
(°)
(°)
131
111
564.4
383.7
232.3
123.5
(")
(D)
172.6
105.5
(D)
12.5S
36.0
8.1
All industries
Developed countries
Canada
Europe
Japan
Australia, New Zealand and South Africa
Developing countries
Latin America
Other Africa
Middle East
Other Asia and Pacific
.
International
.?•
Petroleum
Developed countries
Canada
EuroDe
Japan
Australia New Zealand and South Africa
Developing countries
Latin America
Other Africa
Middle East
Other Asia and Pacific
International
Manufacturing
Developed countries
Canada
Europe
. ..
Japan
. .
Australia New Zealand and South Africa
Developing countries
Latin America
Other Africa
Middle East
Other Asia and Pacific
••••
•
. ...
Wholesale trade
Developed countries
Canada....
Europe
Japan .
Australia, New Zealand, and South Africa
Developing countries
Other Africa
Middle East
Other Asia and Pacific
Finance (except banking), insurance, and real estate
Developed countries
Canada
.
Europe
Japan
Australia New Zealand and South Africa
Developing countries
Latin America
Other Africa
Middle East
Other Asia and Pacific
,
,
,
D Suppressed to avoid disclosure of data of individual companies.
* Less than $500,000 (±).
8
()
D
0
5
5
0
0
1
888
37
SURVEY OF CURRENT BUSINESS
June 1988
to U.S. persons, which increased 14
percent. Sales of services by U.S. parents to foreign persons declined 5 percent, reflecting a decline in sales to
unaffiliated foreigners.
these companies, although not major
direct investors, have since established or acquired foreign affiliates.
The increase in sales of services
was more than accounted for by sales
95
The increase in sales by U.S. parents to U.S. persons was concentrated
in FIRE, which accounted for over 70
percent of the total increase. Some of
the increase probably was in the form
Table 12.—Selected Data for Majority-Owned Nonbank Foreign Affiliates, Major Industry and Area of Affiliate, 1986
Millions of dollars
NllmVu»>
Sales
Total
assets
Total
liabilities
Owners'
equity
Total
Goods
Services
Net
income
U.S.
exports
shipped
to
MOFA's
U.S.
imports
shipped
Employee
compensation
of
employees
(thousands)
MOFA's
728,579
431,871
296,708
720,229
637,662
82,567
40,781
67,998
57,195
91,969
4,722.9
519,655
118,696
349,337
25,062
26,561
198,263
140,051
11,608
11,112
35,491
10,661
325,471
67,733
223,039
16,887
17,811
101,686
69,501
6,940
6,321
18,925
4,714
194,184
50,963
126,298
8,175
8,750
96,577
70,551
4,668
4,791
16,567
5,946
585,730
124,895
396,550
34,378
29,907
129,939
73,986
9,534
9,453
36,966
4,561
525,197
110,919
357,793
29,545
26,941
112,458
61,303
8,839
8,285
34,030
7
60,532
13,976
38,757
4,833
2,966
17,481
12,683
694
1,168
2,936
4,554
30,388
5,819
21,661
1,618
1,291
10,564
7,415
61
49
3,040
172
55,335
31,501
18,852
2,610
2,372
12,636
7,326
275
300
4,736
27
39,900
29,186
8,633
1,443
638
17,294
7,509
1,288
127
8,370
(*)
78,562
18,782
52,000
3,976
3,804
12,980
7,012
507
2,882
2,579
427
3,273.8
840.7
2,084.1
105.6
243.4
1,426.3
932.6
56.1
76.5
361.1
22.8
136,360
88,943
23,265
57,796
(")
(°)
39,798
11,106
9,593
6,997
12,102
7,618
82,559
58,586
11,094
41,669
(D)
(°)
20,772
4,363
5,659
4,219
6,531
3,201
53,800
30,357
12,172
16,127
(D)
(D)
19,026
6,743
3,934
2,778
5,571
4,417
158,892
107,889
16,379
74,992
8,856
7,662
47,767
20,306
7,659
5,267
14,535
3,236
151,441
105,526
15,838
73,382
(D)
45,907
19,496
7,256
5,011
14,144
7
7,451
2,363
541
1,610
(D)
(D)
1,860
810
403
256
391
3,228
6,220
4,721
1,077
3,119
211
314
1,758
841
57
6
967
259
1,846
985
588
354
(D)
(D)
836
389
167
93
188
25
7,287
4,111
2,800
(D)
2
(D)
3,176
1,013
1,032
42
1,089
(*)
8,495
4,556
1,283
2,741
(°)
(°)
3,638
484
(D)
(°)
524
301
250.5
118.6
31.1
70.1
(°)
(D)
118.7
24.8
(°)
(°)
27.7
13.2
Manufacturing
Developed countries
Canada
Europe.
Japan
Australia, New Zealand, and South Africa
Developing countries
Latin America.
Other Africa
Middle East
Other Asia and Pacific
252,360
210,159
42,870
146,380
10,432
10,477
42,202
30,210
686
515
10,791
139,275
118,687
20,462
85,952
6,032
6,240
20,588
16,235
376
297
3,680
113,085
91,471
22,408
60,428
4,400
4,236
21,614
13,975
311
218
7,110
336,205
290,383
72,858
191,380
13,518
12,627
45,822
32,686
830
395
11,912
327,105
281,589
71,832
184,975
12,238
12,544
45,516
32,396
828
391
11,901
9,100
8,793
1,026
6,405
1,280
83
306
290
2
4
11
18,197
15,092
3,028
10,724
774
567
3,105
1,721
137
-12
1,258
48,527
39,694
27,572
10,019
947
1,156
8,832
5,629
67
34
3,102
43,741
32,537
25,280
6,188
819
250
11,204
5,413
(D)
(D)
5,650
57,894
51,404
11,579
35,274
2,437
2,114
6,490
4,999
76
97
1,318
3,104.4
2,103.0
451.1
1,443.7
63.7
144.5
1,001.3
710.5
19.0
5.6
266.2
Wholesale trade
Developed countries
Canada
Europe
Japan
Australia, New Zealand, and South Africa
Developing countries
Latin America
Other Africa
Middle East.....
Other Asia and Pacific
73,037
61,979
6,621
46,437
5,025
3,896
11,058
5,843
293
509
4,413
45,036
39,323
3,827
29,462
3,377
2,658
5,713
2,865
170
221
2,456
28,001
22,656
2,794
16,975
1,648
1,239
5,345
2,978
123
287
1,958
136,449
120,794
10,128
95,519
8,869
6,278
15,654
7,004
256
652
7,742
128,212
113,459
9,364
90,198
8,333
5,564
14,753
6,646
225
507
7,375
8,236
7,335
765
5,321
536
714
901
358
31
145
367
5,682
4,554
344
3,702
307
201
1,128
553
-16
54
537
16,378
14,055
3,036
8,252
1,637
1,131
2,323
894
14
74
1,340
4,774
2,753
657
1,214
621
262
2,021
404
5
(D)
11,088
10,029
1,135
7,301
886
708
1,059
481
42
99
438
446.2
370.7
48.1
254.4
28.6
39.5
75.6
41.3
4.2
2.7
27.4
210,714
120,391
32,144
77,509
5,890
4,848
90,323
84,194
432
1,165
4,532
130,571
84,674
24,581
52,111
4,589
3,394
45,897
41,870
312
296
3,419
80,143
35,717
7,563
25,399
1,301
1,454
44,426
42,324
120
869
1,113
31,080
20,470
7,372
9,762
2,341
996
10,610
9,597
43
74
895
133
(D)
30,948
(D)
7,371
9,641
(°)
995
(°)
(D)
43
74
895
8,954
4,857
845
3,463
317
232
4,096
4,052
110
27
127
15
6
(*)
6
(*)
0
9
8
0
0
1
0
0
0
0
0
0
0
0
0
0
0
2,631
2,410
787
1,307
201
114
221
134
5
6
76
101.8
86.2
31.8
42.4
5.5
6.5
15.6
8.8
.3
.3
6.2
22,111
18,382
2,134
14,986
368
894
3,729
2,216
224
706
584
14,088
12,101
1,210
9,809
356
726
1,987
1,061
119
421
386
8,023
6,281
924
5,177
12
168
1,742
1,155
105
285
198
22,288
19,634
2,090
16,025
569
950
2,654
1,489
208
481
477
1,428
1,251
99
1,128
0
25
177
157
4
7
9
20,860
18,383
1,991
14,897
569
925
2,477
1,332
204
473
468
858
678
132
560
5
19
180
152
18
-4
14
172
74
12
58
(*)
5
98
84
(*)
5
8
24
(D)
4
(D)
0
0
(D)
(D)
0
5,547
4,845
585
3,762
225
273
702
392
30
172
109
262.6
194.7
39.2
137.7
3.7
14.2
67.9
51.3
4.1
6.3
6.2
33,997
19,802
11,663
6,229
(D)
(D)
11,153
6,483
379
1,221
3,069
3,042
20,341
12,100
6,560
4,036
(D)
(D)
6,729
3,107
303
867
2,452
1,513
13,655
7,702
5,103
2,192
(D)
357
4,424
3,376
76
354
617
1,529
35,315
26,559
16,068
8,873
226
1,393
7,431
2,904
537
2,584
1,406
1,325
29,344
5,971
(D)
13,786
7,989
(D)
(D)
(D)
(D)
527
2,369
602
0
(D)
2,282
884
(D)
(D)
(D)
(°)
11
215
804
1,325
871
486
393
94
4
5
298
96
88
22
136
87
1,059
520
294
164
(D)
(D)
538
322
27
93
96
2
6,314
5,319
3,412
1,615
(D)
(D)
869
522
(D)
(D)
114
126
557.4
400.5
239.4
135.8
(D)
(D)
147.2
95.8
(D)
(°)
27.4
9.7
All industries
Developed countries
Canada
Europe
Japan
Australia, New Zealand, and South Africa
Developing countries
Latin America
Other Africa
Middle East
. .
Other Asia and Pacific
International
,
.
Petroleum
Developed countries
Canada
Europe
Japan
Australia, New Zealand and South Africa
Developing countries
Latin America
Other Africa
Middle East
Other Asia and Pacific
..
International
.
,
,
Finance (except banking), insurance, and real estate
Developed countries
Canada
Europe
Japan
Australia New Zealand and South Africa
Developing countries
Latin America
..
.
Other Africa
Middle East
Other Asia and Pacific
Services
Developed countries
Canada
Europe
.
. ..
Australia New Zealand and South Africa
Developing countries
Other Africa
Middle East
Other Asia and Pacific
Other industries
Developed countries
Canada
Europe
•
Australia New Zealand and South Africa
Latin America
Other Africa
Middle East
Other Asia and Pacific
D Suppressed to avoid disclosure of data of individual companies.
* Less than $500,000 (±).
(D)
120
(D)
1
(°)
(D)
0
0
0
(D)
(*)
(*)
1,368
(D)
444
(D)
(*)
(D)
(D)
(D)
(D)
(*)
(°)
0
of investment income.6 In transportation, communication, and public utilities, there was a sizable increase in
sales to U.S. persons, but sales to unaffiliated foreigners declined substantially.
6. In the annual survey, investment income is treated as a service if it is included in sales or gross operating revenues. In finance and insurance, this income is
included in gross operating revenues because it is gen.erated by a primary activity of the company. In most,
other industries, however, investment income is considered an incidental revenue source and is included
In the income statement in a separate "other mcoriie"
category. In order to reflect more accurately services
performed, BEA plans to introduce a three-way breakdown of revenues of parents and MOFA's—into goods,
services, and investment income—beginning with the
next benchmark survey of U.S. direct investment
abroad, which will cover 1989. (Such a breakdown was
introduced in surveys of foreign direct investment in
the United States beginning with the benchmark
survey that covers 1987.)
The increase in sales to foreign perMOFA's.— Sales by MOFA's increased 2 percent, to $720 billion. As sons was spread among affiliates in a
in previous years, sales of services in- number of industries. MOFA's classicreased faster than sales of goods—19 fied in office and computing machine
percent, to $83 billion, compared to 1 manufacturing and in computer and
percent, to $638 billion, for goods. data processing services had particuThus, the share of total sales account- larly large increases. Most of the served for by services increased—to 11 ices sold by MOFA's in both induspercent, compared with 10 percent in tries were probably computer and
1985 and 9 percent in each of the data processing services. Sizable increases were also recorded for
years 1982-84.
The increase in MOFA sales of MOFA's in wholesale trade, insurservices was almost entirely in sales ance, and finance (except banking).
to foreign persons, which increased 22
Sales of services to foreigners by
percent, to $73 billion. Sales to other
foreign affiliates (of the same U.S. MOFA's in petroleum declined signifiparent) increased 15 percent, and cantly. Part of the decline was due to
sales to unaffiliated foreigners in- the drop in oil prices, which led to
creased 23 percent. Sales to U.S. per- cutbacks in exploration and developsons increased 1 percent, to $10 bil- ment activity and reduced the
demand for oil and gas field services.
lion.
Table 13.—Sales of Goods and Services by Nonbank U.S. Parents and Foreign Affiliates, 1984-86
Services as a
percentage of total
Millions of dollars
1984
1986
1985
Services
Total
Goods
2,508,779
n.a.
n.a.
n.a.
n.a.
1,963,557
n.a.
n.a.
n.a.
n.a.
Goods
Total
Services
Goods
Total
Services
1984
1985
1986
U.S. parents
All nonbank parents of nonbank affiliates
To U.S. persons
To foreign persons
..
To foreign affiliates ...<
To other foreigners
..
.
545,221 2,586,695
527,393
n.a.
17,828
n.a.
4,142
n.a.
n.a.
13,686
1,962,749
n.a.
n.a.
n.a.
n.a.
623,946
605,526
18,420
4,071
14,349
2,543,961
n.a.
n.a.
n.a.
n.a.
1,834,335
n.a.
n.a.
n.a.
n.a.
709,626
.692,117
17,509
4,486
13,023
21.7
n.a.
n.a.
n.a.
n.a.
24.1
n.a.
n.a.
n.a.
n.a.
27.9
n.a.
n.a.
n.a.
n.a.
Foreign affiliates
All nonbank affiliates of nonbank parents
Majority-owned affiliates
To affiliated persons
To unaffiliated persons
,
To U S persons
To U S parents
To unaffiliated U S persons
To other foreign affiliates
To unaffiliated foreigners
*
,
"
'
Local sales
To other foreign affiliates .
To unaffiliated foreigners
.
'.
Sales to other countries
To other foreign affiliates
To unaffiliated foreigners
898,558
n.a.
n.a.
895,460
n.a.
n.a.
930,764
n.a.
n.a.
n.a.
n.a.
n.a.
717,410
173,486
543,924
649,992
156,459
.493,532
67,418
17,027
50,391
702,837
171,533
531,284
633,502
154,884
478,618
69,344
16,699
52,666
720,229
169,413
550,816
637,662
151,428
486,234
82,567
17,985
64,581
9.4
9.8
9.3
9.9
9.7
9.9
11.5
10.6
,11.7
89,116
75,774
13,342
79,667
67,836
11,831
9,449
7,938
1,511
89,055
74,744
14,311
79,250
66,698
12,552
9,805
8,046
1,759
79,885
66,495
13,390
70,003
58,461
11,543
9,881
8,034
1,847
10.6
10.5
11.3
11.0
10.8
. 12.3
12.4
12.1
13.8
628,294
97,712
. 530,582
570,325
88,624
481,702
57,969
9,088
48,880
613,781
96,809
516,972
554,252
88,186
466,066
59,530
8,623
50,907
640,344
102,919
537,426
567,659
92,967
474,692
72,686
9,951
62,734
9.2
9.3
9.2
456,017
24,293
431,724
406,237
19,269
386,968
49,780
5,024
44,756
448,589
23,756
424,833
397,754
19,386
378,368
50,835
4,370
46,465
471,669
21,898
449,771
410,946
17,083
393,863
60,723
4,815
55,908
10.9
20.7
10.4
11.3
18.4
10.9
12.9
22.0
12.4
172,277
73,419
98,858
164,088
69,355
94,734
8,189
4,064
4,124
165,192
73,053
92,139
156,498
68,800
87,697
8,695 .. 168,675
4,253
81,020
4,442
87,655
156,712
75,884
80,828
11,963
5,136
6,827
4.8
5.5
4.2
5:3
5.8
4.8
7.1
6.3
7.8
181,148
n.a.
n.a.
192,623
n.a.
n.a.
n.a.
n.a.
n.a.
13.7
14.3
-4.9
10.2
-9.2
n.a.
n.a.
210,535
Percent change from previous year
1
U.S. parents
To U S persons
.
To foreign affiliates
To other foreigners
.
...
..
5.5
n.a.
n.a.
n.a.
n.a.
7.2
n.a.
n.a.
n.a.
n.a.
2
.7
11.5
35.3
5.4
1.4
n.a.
n.a.
1.6
7.0
.1
1.6
6.9
(*)
2.5
7.5
.9
16.0
18.1
5.7
16.0
18.0
6.0
15.7
18.5
3.1
1
-.3
_i
2
3
.2
-.2
-2.6
-.1
(*)
n.a.
n.a.
n.a.
n.a.
14.4
14.8
.7
1.6
4.8
-1.6
n.a.
n.a.
n.a.
n.a.
-6J5
n.a.
n.a.
n.a.
n.a.
.1
n.a.
n.a.
3.9
n.a.
n.a.
-1.9
-1.0
-2.2
-2.4
-.9
-2.9
2.8
-2.0
4.5
2.5
-1.1
3.7
.7
-2.1
1.6
19.1
7.9
22.6
(*)
13
7.3
-.4
1.6
6.1
3.8
1.4
16.4
-10.2
-10.9
-6.3
-11.6
-12.2
-7.9
.8
(*)
5.0
.6
5
.8
-2.2
6
25
—2.7
-.3
-4.3
2.8
-3.8
4.0
4.3
6.3
4.0
2.4
5.4
1.9
22.1
15.4
23.2
-.3
-1.2
-.2
.3
78
1.3
15
21
-1.5
-2.0
.6
21
2.1
-12.9
3.8
5.1
-7.7
5.9
3.3
-11.8
4.1
19.5
10.2
20.3
.2
.5
(*)
.1
(*)
.1
2.7
10.3
-3.8
40
_4
-6/7
45
7
73
6.2
4.6
7.7
2.1
10.9
48
.1
10.3
77
37.6
20.8
53.7
.4
n.a.
n.a.
8.1
n.a.
n.a.
9.3
, n.a.
n.a.
3.1
n.a.
n.a.
n.a.
n.a.
Foreign affiliates
All nonbank affiliates of nonbank parents
..
Majority-owned affiliates
To affiliated persons
To unaffiliated persons
.
....
To U S persons
To U S parents
To unaffiliated U S persons
.
To other foreign affiliates
To unaffiliated foreigners
Local sales
To other foreign affiliates
To unaffiliated foreigners
To other foreign affiliates
To unaffiliated foreigners
Minorit
moriy-o
-owned affiliates
n.a. Not available.
* Less than 0.05 percent (±).
•
•
;
9.7 - 11.4
9.7
8.9
11.7
9.8
97
SURVEY OF CURRENT BUSINESS
June 1988
Constant-Dollar Inventories, Sales, and Inventory-Sales Ratios for Manufacturing and Trade
Tables 1, 2, and 3 present quarterly and monthly constant-dollar inventories, sales, and inventory-sales ratios, respectively. 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 presents quarterly and monthly inventories for manufacturing by stage of
fabrication.
Quarterly constant-dollar manufacturing and trade inventories, sales,
and inventory-sales ratios for 1984 forward were published in the September 1987 SURVEY OF CURRENT BUSINESS. Quarterly and monthly constant-dollar manufacturing and trade inventories, sales, and inventorysales ratios and constant-dollar manufacturing inventories by stage of
fabrication for 1967-87, are available in hard copy at a cost of $100.00
from the National Income and Wealth Division (BE-54), Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230.
Table 1.—Manufacturing and Trade Inventories in Constant Dollars,
Seasonally Adjusted, End of Period
Table 2.—Manufacturing and Trade Sales in Constant Dollars,
Seasonally Adjusted Total at Monthly Rate
[Billions of 1982 dollars]
[Billions of 1982 dollars]
1987
1988
IV
I
669.0 676.8
Manufacturing and trade
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
322.6
209.4
18.7
22:7
418
370
54.0
11.3
42.7
35.3
1131
240
89.1
10.4
27.6
13.3
8.0
,
297
19 B8
1987
1988
Jan. r Feb/ Mar/ Apr."
IV
I
19 37
Nov.
Dec.
666.1
669.0 673.8 675.5 676.8 677.6
326.4 322.1 322.6 325.4 326.9 326.4 326.7
211.7 209.7 209.4 211.3 212.5 211.7 212.5
19.1 19.1 19.0 18.8
19.0
18.5 18.7
22.6
22.8
22.7
22.8 22.9
22.6
22.8
43.3
43.0
42.7
41.8
42.3
430
41.6
36.6 36.5
37.0
37.0 36.9
37.5
366
54.0
54.6 55.2
55.1 55.7
54.4
55.1
11.4 11.3 11.8 11.7 11.5 11.3
11.5
44.4
43.6
42.7
43.5
42.9
43.0
43.6
35.4
35.4
35.3 35.4 35.7
35.0
35.4
1147 1124 113.1 114.1 114.4 114.7 114.3
23.9
23.8
24.0
24.0
23.9
24.1
238
90.4
90.9
90.5
90.9
88.3
89.1 90.0
10.3
10.4
10.4
10.4
10.6
10.2
10.4
27.9
28.4
28.6
27.6
28.4
28.4
27.4
13.8
13.3 13.1 13.3 13.9
13.4
13.9
8.2
8.3
8.3
8.0
8.3
8.3
7.9
30.2
29.9
29.7
29.7
29.8
29.5
299
163.8 164.6
105.5 105.8
58.4
58.8
19.8
19.4
39.1
39.0
Merchant wholesalers
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
158.4 163.8
100.9 105.5
58.4
57.5
19.5 19.4
380 390
157.4 158.4 161.7 163.6
100.2 100.9 103.9 104.8
58.8
57.8
57.2 57.5
20.0
19.5 19.4
19.4
38.8
38.4
38.0
37.8
Retail trade
Durable goods
Auto dealers
Other durable goods
Nondurable goods
Food stores
.
Other nondurable goods ....
188.0 186.6
93.0
95.9
45.5
48.8
47.5
47.1
921 937
178 184
75.3
74.3
186.6 188.0 186.7 185.0 186.6
93.0
95.9
94.3 92.0
95.2
45.5
44.9
47.2
48.1 48.8
47.0
47.5
47.1
47.1
47.0
93.1 93.7
92.4
914 92.1
18.4
18.2
17.8
17.9
17.6
75.3
74.9
74.3
74.5
73.8
186.2
92.5
44.8
47.6
93.7
18.2
75.5
Manufacturing and trade
19 37
Dec.
Nov.
1988
Jan. r Feb.r Mar.r Apr."
438.5 440.4 442.0 447.2 451.4
440.4 446.9
449.4
Manufacturing
Durable goods
Primary metals
Fabricated metals
Machinery, except electrical... .
Electrical machinery
Transportation equipment
Motor vehicles
Other
Other durable goods 1
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
2004 202 8 200 1 2009 201 3 202 7 2045 2047
1045 1061 1037 106 1 104 1 1063 1078 1060
96
90
89
92
91
96
99
88
105 108
105 108 104 110 110 110
222 235 215 22.7
230 235 240 23.5
178 178
179 18.0
17.8 17.7 18.0 17.5
25.4
25.2
24.9
24.6
25.0
24.8
25.6 25.9
157 159
158 157 152 165 159 158
92
92
94
92 100
95
90
95
194 196
194 19.4
196 197 197 19.9
98.7
960 968
964 94.8
972 96.3 96.7
26.4
26.6
269
26.8
27.5
26.6
26!6 27.3
68.4
69.4
69.9
69.8
69.7
70.1
71.3
69.6
9.2
9.0
9.1
9.1
9.1
9.1
9.3
9.0
17.1 17.4
17.0
17.4
17.5 17.1 17.5 18.1
17.1 18.2
17.7
18.2
18.1 18.6
18.2
17.4
6.3
6.6
6.3
6.8
6.7
6.3
6.3
6.5
19.1 18.7
19.3 18.8 18.4 18.8 18.8 18.8
Merchant wholesalers
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
123.0 124.6
553 557
677 689
272 278
40.5
41.1
122.0 121.6 122.8 125.0 125.9 124.8
548 543 '547 558 566 569
67.8
681 692 69.4
671 67.3
27.1
27.6
269 26.9
28.0
27.8
40.4
41.4
41.8
40.7
40.3
40.1
Retail trade
Durable goods
Auto dealers .
Other durable goods
Nondurable goods
Food stores
Other nondurable goods
1169 1195
457 479
258 274
200 206
712 716
21.8
22.1
49.4
49.5
1165 117.9 117 9 119 6 121.0 119.9
455 463 470 480 488 488
255 26.1
268 274 279 27.9
20.9
202 206 20.9
200 20.2
71.1
70.9
71.5 72.2
710 71.6
22.2
22.2
22.4
21.8 21.8
21.6
49.9
49.7
48.9
49.2
49.3
49.4
See footnotes to table 4.
See footnotes to table 4.
Table 3.—Constant-Dollar Inventory-Sales Ratios for Manufacturing
and Trade, Seasonally Adjusted
Table 4.—Fixed-Weighted Constant-Dollar Inventory-Sales Ratios for
Manufacturing and Trade, Seasonally Adjusted
[Ratio, based on 1982 dollars]
[Ratio, based on 1982 dollars]
1987
1988
IV
I
19 88
1986
Jan. r Feb.r Mar.r Apr. P
IV
19 37
Nov.
Dec.
1.52
1.52
1.52
1.52
1.52
1.51
1.50
1.51
Manufacturing
Durable goods
Primary metals
Fabricated metals
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles
Other
Other durable goods1
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 goods2
1 61
2.01
1.94
215
1.89
2.08
217
.72
465
182
118
90
1.29
1.14
1.61
.76
1.27
1.56
1 61
2.00
2.12
209
1.83
2.05
217
.72
459
180
1 19
.89
1.30
1.14
1.64
.77
1.26
1.60
161
2.02
1.93
216
1.93
2.09
219
.72
479
181
1.17
.90
1.27
1.12
1.58
.77
1.25
1.53
1 61
1.98
1.88
210
1.85
2.06
214
.72
448
182
119
.91
1.30
1.13
1.63
.78
1.27
1.58
1.62
2.03
2.17
2.20
1.84
2.08
2.22
.78
4.56
1.81
1.17
.88
1.29
1.12
1.62
.72
1.32
1.62
1.61
2.00
2.15
2.09
1.82
2.09
2.15
.71
4.75
1.82
1.19
.90
1.30
1.17
1.67
.73
1.27
1.57
1.60
1.96
2.06
2.05
1.79
2.03
2.13
.72
4.39
1.80
1.19
.90
1.30
1.16
1.63
.77
1.21
1.59
1.60
2.00
2.07
2.07
1.84
2.09
2.23
.72
4.82
1.78
1.16
.87
1.27
1.14
1.54
.74
1.22
1.60
Merchant wholesalers
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
129
183
85
.72
.94
1.32
189
.85
.70
.95
1.29
183
.85
.72
.94
1.30
186
.86
.73
.94
1.32
1.90
.85
.69
.96
1.31
1.88
.85
.72
.94
1.30
1.86
.84
.71
.93
1.32
1.86
.87
.73
.96
Retail trade
Durable goods
Auto dealers
Other durable goods
Nondurable goods
Food stores
Other nondurable goods
1.61
2.10
190
236
129
.82
1.51
1.56
1.94
166
231
1.31
.83
1.52
1.60
2.09
189
235
1.29
.81
1.50
1.60
2.07
187
234
1.29
.82
1.49
1.58
2.01
1.76
2.34
1.30
.83
1.51
1.55
1.92
1.64
2.28
1.30
.82
1.52
1.54
1.91
1.63
2.27
1.30
.82
1.51
1.55
1.89
1.61
228
1.32
.82
1.54
Manufacturing and trade
See footnotes to table 4.
Manufacturing and trade
1988
19 37
I
II
III
IV
I
1 47
1 50
1 49
1 47
1 49
1 49
1.66
212
122
1 67
2 13
1 23
1.64
2 11
120
1 63
208
120
1 62
207
119
1.63
206
122
Merchant wholesalers
Durable goods
Nondurable goods
1 25
184
83
1 24
1 82
82
1 25
184
83
1 22
178
82
1 26
185
85
1 28
190
85
Retail trade
Durable goods
Nondurable goods ....
1 39
187
117
1 47
209
1 18
1 48
208
121
1 45
196
122
1 51
211
123
1 48
196
125
Manufacturing
Durable goods
Nondurable goods ..
r
Revised.
p
....
Preliminary.
1. Includes lumber and wood products; furniture and fixtures; stone, clay, and glass products;
instruments and related products; and miscellaneous manufacturing industries.
2. Includes tobacco manufacturers; textile mill products; apparel products; printing and
publishing; and leather and leather products.
NOTE.—Manufacturing inventories are classified by the type of product produced by the
establishment holding the inventory. Trade inventories are classified by the type of product sold
by the establishment holding the inventory.
Table 4: The I-S ratios shown in this table were obtained by weighting detailed industry I-S
ratios by 1982 sales. For manufacturing, 21 industries were used; for merchant wholesalers, 20
kinds of business; and for retail trade, 8 kinds of business.
SURVEY OF CURRENT BUSINESS
98
June 1988
Table 5.—Manufacturing Inventories by Stage of Fabrication in Constant Dollars, Seasonally Adjusted, End of Period
[Billions of 1982 dollars]
1987
1988
1988
1987
Nov.
IV
Dec.
Jan.
Feb.
Mar.
Apr.*
Materials and supplies
Manufacturing.....
Durable goods
Primary metals
Fabricated metals
Machinery, except electrical
Electrical machinery
Motor vehicles
Other transportation equipment
Other durable goods
Nondurable goods
Food and kindred products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastic products
Other nondurable goods
105.7
59.8
5.8
8.6
12.1
9.7
4.6
6.7
12.3
46.0
9.7
5.6
9.7
4.1
3.1
13.7
106.6
60.1
6.1
8.4
12.2
9.7
4.5
6.7
12.6
46.5
9.6
5.6
10.0
4.5
3.3
13.5
104.6
59.1
5.6
8.1
12.0
9.5
4.6
6.9
12.3
45.5
9.6
5.4
9.6
4.2
3.1
13.6
105.7
59.8
5.8
8.6
12.1
9.7
4.6
6.7
12.3
46.0
9.7
5.6
9.7
4.1
3.1
13.7
106.3
60.1
5.9
8.7
12.0
9.8
4.6
6.6
12.4
46.2
9.7
5.7
9.7
4.0
3.3
13.9
106.1
60.0
5.9
8.6
12.1
9.7
4.6
6.4
12.6
46.2
9.6
5.7
10.0
4.0
3.3
13.6
106.6
60.1
6.1
8.4
12.2
9.7
4.5
6.7
12.6
46.5
9.6
5.6
10.0
4.5
3.3
13.5
106.6
60.2
6.0
8.5
12.2
9.8
4.5
6.8
12.6
46.4
9.6
5.6
10.0
4.4
3.2
13.6
114.8
96.4
7.3
7.5
16.7
19.1
4.4
32.3
\8.9
18.4
2.4
1.0
4.5
2.9
1.2
6.3
116.8
97.6
7.3
7.6
17.4
18.5
4.5
33.3
9.1
19.2
2.4
1.0
4.8
3.0
1.3
6.7
115.6
97.2
7.1
7.8
16.8
19.7
4.5
32.5
8.8
18.4
2,5
1.0
4.5
3.0
1.1
6.3
114.8
96.4
7.3
7.5
16.7
19.1
4.4
32.3
8.9
18.4
2.4
1.0
4.5
2.9
1.2
6.3
115.8
97.1
7.4
7.5
16.9
18.9
4.7
32.7
9.0
18.7
2.5
1.0
4.7
2.8
1.2
6.4
116.9
98.3
7.4
7.7
17.1
18.9
4.7
33.4
9.1
18.5
2.4
1.0
4.7
2.8
1.3
6.4
116.8
97.6
7.3
7.6
17.4
18.5
4.5
33.3
9.1
19.2
2.4
1.0
4.8
3.0
1.3
6.7
117.2
98.1
7.3
7.7
17.3
18.5
4.4
33.8
9.1
19.0
2.4
1.0
4.7
3.0
1.3
102.0
53.3
5.6
6.6
13.0
8.2
2.3
3.6
14.0
48.8
11.9
3.8
13.5
6.3
3.7
9.6
103.0
54.0
5.7
6.6
13.4
8.3
2.6
3.7
13.8
49.0
11.8
3.8
13.6
6.4
3.7
9.7
101.9
53.4
5.8
6.8
12.7
8.3
2.3
3.6
13.9
48.5
12.0
3.7
13.2
6.3
3.7
9.6
102.0
53.3
5.6
6.6
13.0
8.2
2.3
3.6
14.0
48.8
11.9
3.8
13.5
6.3
3.7
9.6
103.2
54.1
5.7
6.6
13.5
8.3
2.4
3.6
13.9
49.2
11.8
3.8
13.9
6.3
3.8
9.6
103.9
54.2
5.8
6.6
13.5
8.3
2.4
3.6
14.0
49.7
11.9
3.9
13.9
6.5
3.8
9.7
103.0
54.0
5.7
6.6
13.4
8.3
2.6
3.7
13.8
49.0
11.8
3.8
13.6
6.4
3.7
9.7
103.0
54.1
5.6
6.6
13.8
8.2
2.4
3.8
13.8
48.8
11.9
3.7
13.2
6.5
3.7
9.9
Work-in-process
Manufacturing
Durable goods
Primary metals
Fabricated metals
Machinery, except electrical
Electrical machinery..
Motor vehicles
Other transportation equipment
Other durable goods
Nondurable goods
Food and kindred products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastic products
Other nondurable goods
Finished goods
Manufacturing
Durable goods
Primary metals
Fabricated metals
Machinery, except electrical
Electrical machinery
Motor vehicles
Other transportation equipment
Other durable goods
Nondurable goods
Food and kindred products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastic products
Other nondurable goods
See footnotes to table 4.
SURVEY OF CURRENT BUSINESS
June 1988
99
Subject Guide
Volume 68, Numbers 1-6 (1988)
This guide lists articles and "Business Situation" sections by subject, giving the title, issue number, and beginning page
number for each entry.
National
Business cycle indicators
Composite Indexes of Leading, Coincident, and Lagging
Indicators. 1:28; 2:18; 3:20; 4:24; 5:20; 6:18.
Leading Indicators. 2:1; A Note on Revisions, 5:21.
Government transactions
Federal Fiscal Programs. 2:19.
Government Sector. Fourth Quarter 1987, 3:2; First
Quarter 1988, 5:2.
State and Local Government Fiscal Position in 1987.
2:25.
GNP by industry
Gross Product by Industry, 1987. 4:25.
Information
National Income and Product Accounts Estimates:
When They Are Released, Where They Are Available,
and How They Are Presented. 1:11.
User's Guide to BEA Information. 3:62.
Input-output
Annual Input-Output Accounts of the U.S. Economy,
1982. 4:31.
Inventories and sales
Constant-Dollar Inventories, Sales, and Inventory-Sales
Ratios for Manufacturing and Trade. 3:60; 6:97.
National income and product accounts (NIPA's)
National Income and Product Accounts Estimates:
When They Are Released, Where They Are Available,
and How They Are Presented. 1:11.
National Income and Product Accounts Tables. 1:15; 2:3;
3:4; 4:10; 5:4; 6:3. (See also entries under Reconciliation and other special tables.)
Preliminary Estimates for Selected Component Series of
the NIPA's: Real GNP, GNP Prices, and Personal
Income. Fourth Quarter 1987, 1:1; First Quarter 1988,
4:1.
Revisions in Selected Component Series of the NIPA's.
Fourth Quarter 1987, 2:1; First Quarter 1988, 5:1. (See
also this entry under Reconciliation and other special
tables.)
Plant and equipment expenditures
Plant and Equipment Expenditures. First and Second
Quarters and Second Half of 1988, 4:26; Four Quarters
of 1988, 6:19.
Pollution abatement and control expenditures
Pollution Abatement and Control Expenditures, 198386. 5:22.
Profits
Corporate Profits. Fourth Quarter 1987, 3:1; Year 1987,
4:8; First Quarter 1988, 5:1 and 6:1.
Reconciliation and other special tables
Cyclically Adjusted Federal Receipts, Expenditures, Surplus or Deficit, and Debt. 3:17; 5:18.
Gross Private Domestic Investment. 2:17; 3:18; 4:23; 5:19;
6:17.
Reconciliation of BEA Compensation and BLS Earnings.
2:16; 5:18.
Reconciliation of NIPA Net Exports and BPA Balance
on Goods and Services. 3:17; 6:16.
Revisions in Selected Component Series of the NIPA's.
Fourth Quarter 1987, 2:16 and 3:19; First Quarter
1988, 5:17 and 6:16.
International
Balance of payments
International Travel and Passenger Fares, 1987. 5:47.
Selected Military Transactions in the U.S. International
Accounts, 1983-87. 6:70.
U.S. International Transactions. Fourth Quarter and
Year 1987, 3:27; First Quarter 1988, 6:28.
Foreign investment in the United States
U.S. Affiliates of Foreign Companies: Operations in
1986. 5:59.
U.S. Business Enterprises Acquired or ^Established by
Foreign Direct Investors in 1987. 5:50.
Information
User's Guide to BEA Information. 3:62.
Investment position
International Investment Position of the United States
in 1987. 6:76.
Reconciliation and other special tables
Reconciliation of NIPA Net Exports and BPA Balance
on Goods and Services. 3:17; 6:16.
U.S. investment abroad
Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies, 1988. 3:21.
U.S. Multinational Companies: Operations in 1986. 6:85.
100
SURVEY OF CURRENT BUSINESS
June 1988
Regional
Gross state product
Gross State Product by Industry, 1963-86. 5:30.
Information
User's Guide to BEA Information. 3:62.
Regional Aspects of the Strengthening in Manufacturn
^ 1:9State Quarterly Personal Income. First Quarter 1985 to
Third Quarter 1987, 1:29; First Quarter 1981 to Fourth
Quarter 1987, 4:72.
Personal income
County and Metropolitan Area Personal Income, 198486. 4:47.
Projections
Tracking the BEA Regional Projections, 1983-86. 6:23.
CURRENT BUSINESS STATISTICS
The statistics here update series published in BUSINESS STATISTICS: 1986, a statistical supplement to the SURVEY OF CURRENT BUSINESS. That volume
(available from the Superintendent of Documents for $16.00, stock no. 003-010-00181-0) provides a description of each series, references to sources of
earlier figures, and historical data as follows: For all series, monthly or quarterly, 1983 through 1986, annually, 1961-86; for selected series, monthly or
quarterly, 1961-86 (where available).
The sources of the series are given in BUSINESS STATISTICS: 1986; they appear in the main methodological note for each series, and are also listed
alphabetically on pages 145-146. 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 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
Annual
., ..
1986
1987
1987
Apr.
June
May
1988
Aug.
July
Sept.
Oct.
Nov.
Dec.
Jan.
Mar.
Feb.
Apr.
May
GENERAL BUSINESS INDICATORS
PERSONAL INCOME BY SOURCE
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
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 consumptibn expenditures in
constant (1982) dollars
do
Durable goods
do
Nondurable goods
do ....
Services
do
Implicit price deflator for personal consumption
expenditures
index 1982 — 100
3,891.1
r
22933
2 308 9
r
657 5
497.6
5404
658.4
4370
2149
661 6
499.0
5437
664.5
4391
215.4
5452
'667.2
4410
215.9
402
2926
596
2953
r
r
3,936.7
r
3,940.8
3,534.3
3,746.5
3,701.9
3,708.5
3,715.3
3,739.2
3,760.6
3,783 2
3,854.4
3,839.8
3,869 1
2089 1
22127
2 181 5
2 1937
2 1989
22097
22288
22398
2257 6
2271 9
22811
6233
470.5
497 1
573.9
394.8
201.1
641 1
484.0
5229
627.3
421.4
210.2
6328
477.1
518 1
614.6
4160
2100
6359
479.8
5194
620.3
4181
209.0
6365
480.0
5192
623.1
4201
2096
6367
480.3
5229
627.9
4222
2104
6423
485.3
5266
635.6
424.2
211 1
6462
489.8
5293
638.1
4263
2119
651 5
492.7
5328
645.0
4284
2127
6557
495.2
5353
650.0
4309
2135
6569
496.1
5369
652.9
4344
2144
372
2526
484
2790
580
2741
416
2758
423
277 7
439
2799
377
2828
402
2836
77 5
2860
37 5
2891
47 9
290 2
r
r
376
2903
r
16.7
812
497.6
5183
19.3
875
516.2
543 1
19.7
853
5038
537 3
18.9
865
5063
5454
18.2
870
5088
541 7
17.8
87 9
5140
5452
17.3
888
5198
5452
16.7
894
5262
547 0
19.1
900
5330
551 4
21.3
905
5389
5508
22.5
910
5445
551 8
r
22.3
914
5430
5653
r
1596
3,475 2
1699
3,676 6
1677
36228
1686
36451
1689
36512
169 6
36735
1708
3701 1
171 6
3 721 1
1728
37550
1737
37804
1743
37992
35343
3746 5
3701 9
3708 5
37153
37392
37606
37832
3 8544
38398
3 869 1 r3 869 6 r3 891 1
5122
3022 1
2,891.5
2,799.8
4024
9394
1 4580
5648
3 181 7
3,062.7
2,967.8
4137
9829
1 571 2
633 6
30684
3,025.1
2,931.5
4086
977 1
1 5458
5420
3 1665
3,031.2
2,937.7
4027
9836
1 551 5
5583
3 157 0
3,055.9
2,961.8
4158
9856
1 5604
5609
3 178 2
3,078.1
2,983.6
424 6
984 6
1 5744
566 1
3 1946
3,123.9
3,028.8
447 8
990 1
1 591 0
570 1
3 213 0
3,117.3
3,021.5
4380
984 4
1 5990
574 5
32799
3,102.9
3,006.5
4034
985 4
1 617 7
5790
32608
3,115.9
3,019.2
4120
9937
1 613 5
r
r
582 1 r r6190
572 0
5754
5848
3 284 3 rr 3 294 3 r3 319 1 r3 354 6 3 321 8
'3,202.3
3,139.3 3,146.3 '3,165.6 '3,188.3
'3,102.8
'3,067.2 r3,089.3
3,042.0 '3,048.4
r
r
r
r
4235
432.3
4244
4251
4225
r
994 8 1 008 6 1 003 5
991 8
1 000 1
1 618 4 1 634 11 647 4 1 656 3 1 667 1
95.0
95.3
89.9
93.5
92.4
92.4
92.9
93.3
93.9
94.6
14
1190
12
43 2
12
1352
12
101 1
12
100 1
12
706
12
957
13
177 0
13
1450
13
1450
43
37
34
30
35
29
28
35
43
48
45
2 645 1 2 677 2
2 603 1 2 674 9
2 658 2
24972 2487 0 24817 24939
390 2
3882
380 2
3858
880.0
878.1
878.3
878.8
1 230 9 1 222 5 1 221 5 1 2253
r
r
477
298.7
453
300.5
r
541.6
r
5753
21.8
93.6
542.2
5766
1905
r
3,855.0
191,2
r
3,871.0
192.1
3,886.6
r
r
3,954.1
r
22;0
93l2
5753
3 936 7
r
r
3 940 8
r
98.1
98.5
13
119.6
13
151.9
44
44
2 721 4
2 699 9
2 720 1
24999
383 6
874.0
1 2423
r
2,537.4 2,532.6
25195 r 2r 515 5 r2,530.8
r
r
4018
3962
395 1
3928
3937
869.2
'882.9
-•878.6
'872.9
881.4
1 2444 1 249 9 1 256 0 1 259 5 1 261 6
2 675 8
2 718 4
2 738 6
5838
33703
3,218.5
3,118.6
430.8
1 Oil 1
16767
13
1663
97.6
47
45
6710
505.2
553.9
679.5
444.9
216.9
r
'22.1
926
!3
13
1535
1480
r
5515
r
673.7
442.9
216.4
r
541.0
r
r
r
r
6690
r
502.4
r
25366 2 5162 2 494 6
3762
4164
4067
868.2
879.1
870.0
1 241 2 1 239 6 1 2502
2 673 1 2 675 4
25094
397 5
878.2
1 2337
r
671 8
r
507.1
r
97.0
96.6
3,954.1
2 325 3 r 2 337 1 23493
'22.2
922
541.0
5680
1894
1884
r
3 810 1 r3,828.9
95.9
17
1306
24505
383 5
877.2
1 189 8
3,869.6
2 755 3
2711 3
1143
1188
117 9
118 4
1188
1189
119 4
120 1
1205
1208
1207
121 2
121 2
121 8
1225
INDUSTRIAL PRODUCTION <>
Federal Reserve Board Index of Quantity Output
Not Seasonally Adjusted
Total index...
By industry groupings:
Mining and utilities
Manufacturing
Nondurable manufactures
Durable manufactures
Seasonally Adjusted
Total index
By market groupings:
Products, total
Final products
Consumer goods
1251
1298
1263
1270
1319
1287
1343
1353
1352
1327
1299
1308
134 2
134 1
"134.1
134.8
do
do
do....
do....
1035
129.1
130.1
128.4
1043
134.7
136.8
133.1
984
131.5
132.5
130.8
986
132.4
134.1
131.1
1030
1374
140.5
135.3
1039
133.5
138.7
129.8
1092
139.2
145.0
135.0
1062
1409
145.8
137.3
1047
1410
143.0
139.6
1069
137.5
139.1
136.3
1081
134.0
135.0
133.3
1118
134.4
134.2
134.6
111.2
138.5
138.4
138.6
105 7
139.3
139.2
139.5
"103.8
"139.8
"139.6
"139.9
102.2
140.8
140.4
141.1
do
1251
1298
127 4
1282
1291
1306
1312
1310
1325
1332
1339
1344
1344
1347
"1355
1360
do
do ...,
do
133.3
132.4
1240
138.3
136.8
1278
135.8
134.5
1255
136.9
135.5
1273
137.8
136.2
1272
139.5
137.9
1289
139.9
138.4
1294
139.4
137.8
1277
140.9
139.3
1290
141.0
139.2
1294
141.3
139.8
1298
142.7
141.1
1312
143.4
141.6
1313
143.6
141.8
1312
"144.0
"142.4
"131 6
144.5
143.0
1320
1977 — 100
See footnotes at end of tables
S-l
S-2
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
Annual
IT .,
unils
1986
June 1988
1988
1987
1987
Apr.
June
May
Aug.
July
Sept.
Nov.
Oct.
Dec.
Jan.
Mar.
Feb.
Apr.
May
125.4
127.8
126.9
'98.9
GENERAL BUSINESS INDICATORS-Continued
INDUSTRIAL PRODUCTION <>— Continued
Seasonally Adjusted— Continued
By market groupings— Continued
Final products— Continued
Durable consumer goods
1977 = 100 ...
Automotive products
do....
Autos and trucks, consumer
do....
Autos, consumer
do ....
Trucks consumer
do
120.2
118.5
115.1
90.7
1605
121 6
130.6
1374
116.7
115.0
110.9
90.8
1480
118 1
128.7
1355
120.1
118.8
114.6
92.7
1553
121 2
130.0
1367
117.4
114.9
107.9
87.4
1460
1193
130.9
1376
120.4
117.5
112.3
86.4
1604
1225
132.1
1389
121.2
118.0
112.4
76.8
1784
1236
132.5
1392
118.6
114.2
107.2
79.1
1594
121 9
131.0
1378
124.3
124.3
122.2
94.7
1732
1243
130.8
1374
123.9
121.3
118.7
91.9
168 5
1258
131.5
1383
120.3
115.4
110.2
83.7
1595
1239
133.3
1407
121.7
118.7
112.8
77.5
1783
1240
134.7
142.3
120.6
117.6
111.8
79.5
1716
1228
135.3
142.9
120.6
120.6
116.4
86.3
1722
1206
135.1
142.4
"123.1
"122.0
"118.0
"91.0
"1682
"123.9
"134.8
"142.1
123.6
134.4
141.7
Home goods
Nondurable consumer goods
Consumer staples
Consumer foods and
tobacco
Nonfood staples
Equipment
Business
and
defense
equipment
Business equipment
Construction, mining,
and farm
Manufacturing
Power
Commercial
Transit
....
do
do ....
do
115.6
115.3
112.9
97.3
141 8
1158
127.1
1339
do
do
do
1327
1352
1436
1363
138 5
1489
134 5
1365
1464
1360
137 5
1463
1360
1392
1481
137 2
1406
1497
137 4
141 2
1502
137 0
1386
1512
1375
1372
1530
1373
1394
1522
1392
1422
1531
1403
1443
154.3
1408
145.0
155.3
1396
145.3
156.0
"138.3
"146.0
"156.7
145.3
157.6
do
do
148 1
1394
1536
144 5
151 7
142 1
151 4
141 7
1532
1442
1544
1456
1545
1456
1552
1463
1572
1487
1566
1483
1578
1498
1592
1512
1603
1524
1608
1534
"161.7
"154.7
162.6
155.9
do
do .
do
do
do
622
1179
826
2267
2279
1054
188.6
143.3
131.5
1534
1172
1240
124.1
99.4
1061
188.7
145.0
133.1
1552
1185
1252
127.6
99.0
66.4
120.9
828
2277
1047
189.1
145.3
132.5
1563
1194
1255
128.3
100.9
66.1
122.0
81 1
2291
1051
189.8
144.9
132.3
1556
1197
1264
128.6
100.2
66.5
120.5
830
2324
1125
190.3
146.1
133.3
157 1
1212
1287
128.2
101.8
663
120.6
831
2321
1112
188.7
147.3
134.2
1584
1225
1302
129.6
102.8
67.4
122.2
842
2355
1091
188.9
146.5
133.8
1574
1237
1320
132.5
101.7
67.1
125.4
862
2380
1065
190.6
148.1
136.8
157 8
1230
131.8
129.9
101.4
67.6
124.9
883
r
2403
108.2
191.0
149.4
137.7
1594
122.1
131.4
128.1
100.6
r
68.7
127.0
r
878
r
2399
111.1
189.8
149.7
136.9
1606
122.5
131.4
130.1
100.3
"70.2
do....
do ....
do ..
do
do
do
do....
do
603
1144
828
221 2
1089
189.3
141.8
129.1
1526
1163
1226
123.9
987
650
1204
81 8
1084
188.9
143.4
1315
153 5
1182
1250
125.9
998
574
114.4
81 6
2248
1067
189.2
140.3
128.2
1506
1159
1222
124.1
97.8
630
1172
840
Defense and space equipment
Intermediate products
Construction supplies
Business supplies.
Materials. ..
.
Durable goods materials . . .
Nondurable goods materials
Energy materials
By industry groupings:
Mining and utilities .
Mining
Metal mining
Coal
Oil and gas extraction #
Crude oil
Natural gas
Stone and earth minerals
Utilities .
Electric.
..
.
Manufacturing
Nondurable manufactures
Foods
Tobacco products
..
Textile mill products
Apparel products
Paper and products
Printing and publishing
Chemicals and products
Petroleum products
Rubber and plastics products
Leather and products
Durable manufactures
Lumber and products
Furniture and fixtures
Clay, glass, and stone products
Primary metals
Iron and steel
.
Nonferrous metals
....
Fabricated metal products
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments.
.
557
1140
824
2174
1088
182.0
136.2
126.4
1446
1138
1200
117.5
997
'71.2
129.5
'88.3
'242.1
115.6
188.7
149.7
136.8
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do....
do ....
do
do
do ....
do
do
do ....
do
do
do
do
do ....
do
do....
do. .
do
1035
1004
74 2
1277
939
1050
839
123.1
1085
1224
1291
1301
1344
971
1092
1031
1365
1609
132.0
92.7
151 4
61 4
128.4
124 1
1438
118.2
751
634
972
1080
145.0
1657
127.5
111.5
1398
1043
1007
77 6
131 8
927
1003
855
1282
1103
126 6
1347
1368
137 8
103 5
1159
1074
1444
1721
140.2
93.5
1636
600
133.1
1303
1528
119.1
81 3
706
1016
111 0
152.7
1723
129.2
1118
1439
1014
986
657
121 9
931
1022
85 1
125.4
1060
1223
1324
1346
1360
996
1166
1053
1405
1692
137.3
94.0
1605
602
130.9
1278
1482
120.6
76 1
650
972
1099
150.4
168.4
127.8
109.8
1428
1031
992
71 7
127 2
921
1006
844
1276
1096
1288
1332
1357
137 4
1066
1157
1064
141 3
171 4
138.1
92.6
1622
61 4
131.4
1303
1505
117.2
77 0
657
983
108 5
149.7
171 1
129.4
1120
142 1
1030
992
707
1288
918
1002
83 9
128.5
1094
1288
1340
1369
137 7
1070
1172
1077
1426
174 1
139.3
92.3
1654
608
132.0
131 1
1539
117.9
788
683
985
111 1
151.8
1705
126.5
107.4
144 5
1037
992
71 4
127 9
918
986
837
1307
111 2
131 0
1356
1385
1385
1068
1183
1097
1488
174 0
140.8
94.1
167 2
592
133.5
1328
1562
118.8
814
709
101 2
111 1
155.3
1725
127.6
1094
1438
1054
1009
793
1305
930
995
849
130.3
1129
1320
1359
1388
1388
1104
1198
1084
1489
1747
142.3
92.9
1648
61 3
133.8
131 1
1552
116.5
85 1
760
1022
110 1
154.3
1743
128.1
109.1
1463
1054
101.9
865
1333
933
979
849
130.0
1112
1275
1357
138.6
1395
1017
1182
1076
147 4
1749
142.4
93.5
1652
607
133.7
1269
1559
118.6
84.5
746
1033
111 1
156.6
173.4
125.5
105.6
1456
106.8
103.6
856
1403
941
1007
84 5
131.0
112 1
1268
1373
138.1
1380
1037
1168
1080
146.0
1752
141.5
94.6
1667
596
136.8
1298
1560
118.9
90.6
820
106.9
113 5
158.0
175.5
132.0
116.0
1467
1079
104.6
904
1429
942
101 1
882
134.1
1132
1275
1379
139.6
1389
1065
1173
1094
148.3
1757
144.4
93.3
1699
607
136.7
1340
158 5
120.5
90.2
797
110.0
1136
157.2
175.6
130.4
114.0
147 8
1073
104.6
965
1406
941
1007
886
135.6
1117
1256
138.9
141.3
1401
1105
118.2
107.8
150.6
1769
147.9
96.1
1706
57 5
137.3
133.6
1594
120.1
90.6
819
107.0
1158
161.0
175.9
128.1
110.2
1455
107.8
103.3
915
1402
931
99.6
87 2
132.1
1152
1303
139.4
141.4
1412
105.8
116.2
108.7
149.9
1775
147.9
96.3
1705
583
137.9
136.3
1580
120.4
86.5
77.8
103.0
117 1
162.9
177.4
128.6
109.7
148.2
106.8
101.5
r
839
1337
r
92.4
r
98.4
871
134.3
115.6
130.7
139.5
141.1
141.9
107.0
115.3
108.5
148.0
178.7
145.4
95.9
1723
597
138.4
139.0
1583
121.6
r
86.4
r
77.4
103.5
117.6
163.6
177.8
128.4
109.3
149.2
106.4
102.1
847
1291
r
94.0
r
99.2
861
136.6
113.5
129.0
140.0
141.8
1414
106.4
117.5
108.7
149.5
180.3
146.3
'98.2
1722
r
595
138.8
137.1
1592
122.2
r
85.0
r
74.2
105.5
118.8
164.8
176.6
129.9
113.0
149.7
"107.2
"104.0
107.0
103.2
"136.0
135.8
'93.8
490 348
423 137
450 610 r499 134
477 808
BUSINESS SALES
Mfg and trade sales (unadj ) total
Mfg. and trade sales (seas, adj.),
total . . . .
Manufacturing total
Durable goods industries
Nondurable goods industries
Retail trade, total $ .
Nondurable goods stores
Merchant wholesalers, total t
Durable goods establishments
Nondurable goods establishments
Mfg. and trade sales in constant (1982)
dollars (seas adj ) total
Manufacturing
Retail trade.
....
Merchant wholesalers
See footnotes at end of tables.
2265
5 109 020 5 421 136 r449 076
mil $
1
r
474 997
471 554
r
r
r
r
454 274
440 647
470 810
452 968
r
456 545
r
r
do
5 109 020 1 5 421 136 445 132 447 284 453 701 454 330 460 047 ""464 984 464 947 462 975 468,303
1 2 273 298 1 2 408 578 195 916 196 929 200 591 199 395 200 404 205 732 206 396 207 226 211 356
do
do... 1,201,704 1,263,601 102,834 102,477 104,476 103,032 104,135 108,433 108,251 108,378 113,026
do
98330
98 145
1 071 594 1 144 977 r93 082
98848
97299
96269
96363
96 115
94452
1
1 437 4971 1 510 579 124 609 124 844 126511 127 230 129 981 127 815 126808 127 248 128,615
do
r
r
47
948
48000
47 067
46889
49614
46984
47 579
45 942 45 786
559 105
538 618
80615
79 651
79 527
80 181
79919
79867
80367
951 474 r78 667 r79 058
898 879
do
1
126,599 127,705 129,662 131,437 131,743 128,501 128,332
125,511
do.. 1,392,313 1,520,827 124,607
r
64,265
62,387
61,830
60,183
do..
61,983
62,325
63,584
62,155
60,686
681,177
739,277
66,349
67275
67478
64769
64825
711 136
do
66176
67853
65550
781 550 r64 424
bil $
do..
do
do..
4343
4332
4350
4382
4403
193.9
1178
122.6
193.8
1171
122.2
195.3
118.0
121.7
196.3
118.7
123.2
195.3
120.0
125.0
443 1
199.3
117.6
126.2
4423
200.4
116.4
125.5
4385
200.1
1165
122.0
4404
200.9
117.9
121.6
"128.5
"88.0
"241.0
"112.8
"189.1
"149.6
"137.0
"160.4
"123.8
"133.0
"131.0
"101.4
"94.9
"100.1
"137.6
"112.6
"128.2
"140.8
"142.1
"140.0
"181.3
"147.1
"99.6
"173.6
"59.5
"139.9
"137.4
"160.5
"121.7
"85.3
"75.1
"104.6
"119.5
"166.6
"179.7
"130.4
"115.0
"151.0
465,730
470,656
479,709
478,767
207 241
108,946
98295
128,769
48689
80080
129,720
62,486
67234
208 913
110,522
98391
130 121
49708
80413
131,622
63,795
67827
r
214 601
112,286
102,315
131,761
50381
81380
132,405
65,397
67,008
r
4420
201.3
117.9
122.8
r
4472
202.7
r
119.6
125.0
113,764
100 801
132,259
r
50 480
r
81 779
132,885
r
64,881
r
68,004
r
113.4
141.5
141.8
"117.7
"109.5
"149.4
r
214 565
124.5
134.4
131.6
101.0
4514
204.5
449.4
204.7
121.0
125.9
119.9
124.8
181.0
'96"l
'141.2
'87".9
'120.5
168.0
179.8
133.2
119.8
151.3
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
S-3
SURVEY OF CURRENT BUSINESS
June 1988
1988
1987
Annual
,, ..
ljniis
1986
1987
Apr.
May
Aug.
July
June
Oct.
Sept.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
GENERAL BUSINESS INDICATORS—Continued
BUSINESS INVENTORIES
Mfg. and trade inventories, book value
(non-LIFO basis), end of period,
(unadjusted), total
mil $
Mfg. and trade inventories, book value
(non-LIFO basis), 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
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 f
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 ...
643 308
692 801 r677 046 673 898 673 618 674 002 671 546 678 293 699 538 707 711 692 801
652 624
318,238
207 854
110,384
185 996
91085
94911
152 887
100,871
52,016
709 853
333 656
216 753
116 903
211 100
107 948
103 152
165 097
107 996
57,101
670 924 r677 214
321 848
208 684 209 096
111 986 112,752
194
498 196 806
r
96 245 98712
r
98 253 98094
155 756 158 560
103,171 105,513
''52,585 53,047
r
r
320 670
r
1 50
161
200
57
92
.51
119
46
19
54
158
2 19
1 22
1 25
1 69
83
r
684 154
323 333
209 951
113 382
202 210
101 590
100 620
158 611
104*.514
54,097
r
685 150
325 394
2io 921
114 473
202 684
101 569
101 115
157 072
103,324
53,748
r
689 513
326 670
211 680
114 990
203 708
102 394
101 314
159 135
103,933
55,202
r
r
703 425
331 812
215931
115,881
208 260
106 490
101 770
163 353
106,503
56,850
709 853
333 656
216 753
116,903
211 100
107 948
103 152
165 097
107,996
57,101
6638
3203
1863
157 2
6661
322.1
1866
1574
669.0
322.6
1880
1584
697 648
328,554
213 436
115,118
206 577
104 846
101 731
162 517
106,734
55,783
715 027
336,815
219 014
117,801
209 824
106 377
103 447
168 388
111,259
57,129
717,882
338,552
220 318
118,234
208,698
104,479
104 219
170 632
112,661
57,971
673.8
325.4
1867
1617
r
675.5
r
r
720,099 723,715
340,978
220 730 221 793
118,815 119,185
r
208,822 209,406
103,631 104,132
105 191 105 274
171 732 173 331
113,694 114,378
'58,038 58,953
r
339,545
r
r
676.8
r
677.6
326.7
1862
1646
6570
3172
1850
1548
6588
318.9
1855
154 4
6574
3195
1847
1532
1 51
164
203
58
93
.52
120
47
19
54
156
209
1 25
1 25
1 71
82
1 51
163
204
58
93
.52
119
47
19
54
158
2 16
1 24
1 26
1 74
82
1 50
160
200
57
92
.51
118
46
19
53
158
2 14
1 25
125
169
84
1 51
162
204
58
94
.52
118
46
19
53
159
2 14
1 26
124
168
83
1 49
162
203
57
94
.52
119
46
19
53
156
205
1 26
1 21
166
80
1 48
159
1 95
55
91
.49
118
47
19
53
159
2 14
1 27
1 21
163
81
1 50
159
1 97
55
92
.50
117
46
19
52
163
224
1 27
123
166
83
152
160
199
55
93
.51
117
46
19
52
164
226
1 27
127
171
86
152
158
1 92
54
90
.49
119
46
19
53
164
225
1 28
129
174
86
154
1.63
201
56
94
.51
1.20
47
19
54
1.63
2 18
1 29
130
178
.85
153
1.62
1 99
55
93
.51
1.20
47
19
54
1.60
2 10
1 30
130
177
.85
150
158
1 94
54
90
.49
1.18
47
19
53
1.58
205
129
129
175
.85
151
1.59
198
55
92
.50
1.16
46
19
52
1.59
207
129
131
1.75
.88
1 50
164
1 54
124
151
165
1 56
126
151
163
1 57
127
150
163
1 56
125
1 49
164
1 54
1.23
149
161
1 56
123
150
160
1 60
125
152
161
1 60
1.29
152
161
1 60
1.30
1.52
1.62
1 58
1.32
1.51
1.61
1 55
1.31
1.50
1.60
1 54
1.30
1.51
1.60
155
1.32
MANUFACTURERS' SHIPMENTS,
INVENTORIES, AND ORDERS
Shipments (not seas, adj ) total
mil $ 2 273 298 2 408 578 196 715
Durable goods industries total
do
1 201 704 1 263 601 104 429
Stone clay and glass products
do
56787
5264
60977
Primary metals
do
101 733 111 456
9012
Blast furnaces steel mills
do
42830
48013
3846
Fabricated metal products
do
135 974 134 248
11 483
205 804 212 759
Machinery except electrical
do
17 123
Electrical machinery
do
205 613 224 037
17357
314 081 323 403
Transportation equipment
do
28019
Motor vehicles and parts
do
194 725 201 163
18 145
Instruments and related products
do
60860
63277
4972
Nondurable goods industries total
do
1 071 594 1 144 977 92286
Food and kindred products
do
314 500 334 774
26922
Tobacco products . ..
do
18016
1 156
18619
Textile mill products
do
54607
4 601
56 548
Paper and allied products
do.... 103,834
9,516
118,831
Chemical and allied products
do.... 198,348
17,986
214,671
Petroleum and coal products
do.... 129,320 129,871
10,324
Rubber and plastics products
do
72170
6646
78897
Shipments (seas, adj.), total
do
195916
By industry group:
Durable goods industries total #
do
102
834
r
Stone, clay, and glass products
do ....
5006
r
Primary metals
do
8592
r
Blast furnaces, steel mills
do
3 645
Fabricated metal products
do
11 291
Machinery, except electrical .
do
17 107
Electrical machinery
do....
18
108
r
Transportation equipment.
do
26 763
Motor vehicles and parts
... do
16,688
Instruments and related
r
products
do ...
5151
r
Nondurable goods industries, total # . do
93
082
r
Food and kindred products
do
27 535
Tobacco products
do
1 156
r
Textile mill products
. .
do
4682
r
9463
Paper and allied products . .
do
Chemicals and allied products
do....
17 489
Petroleum and coal products
do . . . .
10,351
r
6,479
Rubber and plastics products
do ....
See footnotes at end of tables.
680 880
321 621
208 654
112 967
200 424
100 716
99708
158 835
104 746
54,089
6558
3193
1823
154 1
6527
3187
1814
1525
1 54
170
2 11
60
97
.54
124
48
20
57
155
2 13
1 21
130
176
86
r
706 576 717 849 r724 645 730 245
6583
3202
1830
155 1
r
326.9
1850
1636
326.4
1866
1638
204 228
108 872
4 552
10205
4404
10445
20615
20244
26979
14348
5597
95356
28411
2169
4350
10,112
18,250
10,630
6212
211,356
190 746 210,522 r225 397 215,809
668 114 130
97 974 111 377 121
r
5374
5316
4868
4446
563 11202
9803 10598 11
r
4,964
5094
4,754
4333
10269 11,723 r12 406 12,092
16555 19087 r22 115 19740
17540 19 421 21 068 18803
24547 28910 r31 449 29218
822 19,070
15828 18856 19
r
5,686
5994
5,481
4903
729 101 679
92772 99 145 103
27 331 28875 r30 162 29136
1,347
1967
1,369
920
r
4774
5036
4661
4083
11,074
10,525 10,969 11,064
18,533 19,517 r21,158 21,040
10,916
9,914 10,240
10,174
r
7,461
7,521
7,109
6,323
207,241 208,913 r214,565 214,601
102 477 104 476 103 032 104 135 108 433 108 251 108 378 113 026
5280
5282
5382
4872
4934
4946
4961
5098
9336
8643
9950 10 113 10608 11 273
9 282
9018
4794
4077
3721
4741
4510
4353
3879
4 118
11 062 11 202 11 013 10959 11 061 10915 11 166 11 460
17 110 17328 18095 18 100 18580 18 546 18 103 19351
19,471
18326 18,527
18,801 19,133 19321 19163 19377
26323 26985 24 108 25288 27 667 27 480 27 107 29 156
16320 16297 14481 15,828
16788 17 491 17116 17,050
764 112 286
108 946 110 522 113
r
5,100
5,235
5,179
5,136
10675
890
10371 10270 10
r
4,701
4838
4606
4501
11 264 11707 r11 858 11890
19,692 19,652 20,223 19,669
19,805 19,502 19,675 19,572
25713 27126 r28 936 27898
17,199 17,715 17,519
16,239
198 265
104 192
5 144
9034
3928
11 317
17 187
17829
27 378
17 512
5185
94073
27 531
1 670
4 621
9,591
18109
10,756
6598
196 929
5216
94452
27498
1670
4585
9547
17,887
10,743
6,528
212 816 185 228 197 896 217 014
113 238 93 412 100 585 114 002
5572
4909
5380
5092
9 239 10005
8684
9 623
3789
4271
4052
4 198
11 047
11*570
11 976 10392
19 552 16 400 16 626 19 733
20105 16*686 18724 20 952
28787 20*674 22921 28225
17700 11*408 13737 17076
4976
5724
5791
5 150
99578 91 816 97 311 103 012
28662 27 305 27 752 30332
1 144
2060
1 486 1 954
4 171
5 255
5012
5 126
9,772 10,094 10,435
10,295
18892 16,577 17,769 19262
11,346
11,218 11,598 11,862
5825
7041
6868
6330
200 591 199 395 200 404 205 732
5,284
96115
27880
2060
4754
9,786
17,779
11,074
6,591
5,354
96363
28382
1 144
4862
10,275
18,008
11,470
6,142
5,250
96269
27943
1 486
4,816
9,950
18,048
11,717
6,392
211 949
111 685
5699
10211
4487
11 449
18 544
19 413
28820
18749
5485
100 264
29384
1 291
5 102
10,367
17903
11,393
7 179
206 396
5418
5458
97 299 98145
28405 28713
1 954 1 291
4793
4,818
10200 10408
18202 18,519
11,158 11,312
6,745
6,505
205 722
107 625
5 132
10*152
4451
10*928
17776
19928
27 452
17425
5389
98097
28*604
1 874
4795
10,071
17,687
11,068
6827
207,226
5,375
98848
28646
1874
4,880
10,451
18,850
11,099
6,826
5,398
98330
28389
2169
4,587
10,600
18,626
10,796
6,869
5,411
98,295
29383
920
4,710
10,777
18,883
10,366
6,795
r
5,893
5,692
5,548
102,315
98,391 100,801
r
28999 29 492 29791
1,967
1,347
1,369
r
4,872
4,692
4,713
10,627 10,674 11,011
19,102 19,923 20,351
10,937
10,123 10,304
r
7,263
7,356
6,945
May
S-4
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
SURVEY OF CURRENT BUSINESS
Annual
I T .,
Unlts
1986
June 1988
1988
1987
1987
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SHIPMENTS,
INVENTORIES, AND ORDERS— Continued
Shipments (seas, adj.)— Continued
By market category:
Home goods and apparel
mil $ .
Consumer staples
do
Equipment and defense products,
except 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
Inventories, end of year or month:
Book value (non-LIFO basis),
(unadjusted), total
do....
Durable goods industries, total
do
Nondurable goods industries, total
do
Book value (non-LIFO basis),
(seasonally adjusted) 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
By stage of fabrication:
Materials and supplies
do
Work in process
do
Finished goods
do
Nondurable goods industries,
total #
do
Food and kindred products
do....
Tobacco products
do
Textile mill products
do
1
153,075
1
447 890
1
' 162 635 13 409
' 476 050 '38 798
r
372 198
'217 223
'385413
31 340
' 225 420 18 794
1
179 596
' 192 845 15 734
1
903 3 16 '965981
1
71 541
1 428 686
1
321 761
1
106 925
13746
40 151
13518
39 604
13683
40 044
13795
40602
13732
40403
13677
40859
13,725
40852
13,961
40835
13,851
40919
13,640
'42 255
13,673
42582
31 151
18 344
32000
18379
32516
16 493
32349
17 806
33 531
18 851
32797
19 661
32282
19053
35361
18927
34097
18288
34562
19 305
'35,890
'19 909
34,797
19775
15619
15745
16 117
15732
16 115
16 187
16 600
16817
16456
16823
'16718
16959
'77 841
78900
80 570
81 147
81 314
82838
83616
84755
85674
83604
83453
'86 153
86,815
r
'75958
6259
' 446 907 rr36 336
'337 113 27 476
' 109 794 r8860
6294
36 211
26974
9237
6445
37 289
27 852
9437
6164
37012
28 106
8906
6376
37 289
28494
8795
6407
39233
29709
9524
6428
38 129
28 995
9 134
6566
37 862
28 622
9240
6,433
40825
30731
10094
6,717
39083
30 650
8433
6,618
39215
30715
8500
'6,497
'41 202
'31 705
'9497
6,502
39397
30928
8469
322,978
210 363
112615
324,696
211 505
113 191
322,472
209 890
112582
324,070
210 939
113 131
326,648
212 106
114 542
325,852
211 586
114 266
328,414
213 166
115 248
330,713
214 613
116 100
328,816
212 704
116 112
335,081
216 882
118 199
339,758 '340,352
220 870 '221 463
118,888 118,889
343,397
223,512
119,885
320 670
321 848
321 621
325 394
326 670
328 554
331 812
333 656
336 815
338 552 '339 545
340,978
208
684 209 096
r
7015
6994
16 539
16312
r
7 287
7370
'21 380 21 343
r
41 092
41 171
r
39,277
39,120
r
54084
53 785
208 654
6973
16,228
7 270
21 223
40902
39,220
54199
209 951
7020
16229
7 296
21 402
40824
39,277
55092
210 921
7055
16466
7 407
21 501
40879
39,384
55582
211 680
7029
16667
7 514
21 747
40512
39,579
55987
213 436
7096
16940
7715
21 927
40944
39,788
56790
215 931
7 135
17249
7849
21 971
41 191
40,190
57889
216 753
7 162
17,542
8022
22072
41 418
39,975
58079
219 014
7 136
18,020
8415
22361
41 832
40,195
58827
220 318 '220 730 221,793
7,030
'7,010
7133
18,223
18,188 18,202
8540
'8467
8453
22483
22468 '22 283
42734
42 104 '42 523
40,176
40,326 '40,134
60,027
59,018 '59,501
313,697
204 025
109 672
328,816
212 704
116 112
318 238
333 656
r
207 854
6978
17 211
7786
21 175
41 518
38,878
52786
216 753
7*162
17542
8022
22072
41 418
39,975
58079
r
11,090
11413
11,079
11,188
11,155
11,160
10,961
11,324
11,267
11,459
11,413
11,806
11,669
11,536
11,507
12585
12710
12 475
12544
12461
12511
12561
12675
12560
12619
12710
12757
12,863
12,847
12,920
59371
95310
53 173
60494
101 246
55013
'59 619
'95 605
r
53 460
59723
95768
53605
59759
96060
52835
59417
96904
53 630
59 328
97 706
53887
59 554
98 623
53 503
59 587
99390
54459
60031
100 824
55076
60494
101 246
55013
60930
102 221
55863
61 167 '61 692 62069
103 103 102 888 103 673
56,051
56048 '56 150
116
903 111 986
r
24,778 '23,865
r
5689
5569
r
6840
6874
11 284 10 790
112 752
'24,211
5803
6 810
10 909
112967
'24,639
5928
6751
10 906
113382
'24,170
5936
6796
10 923
114 473
'24,091
5903
6957
11 021
114 990
'24^645
5744
6896
11 052
115 118
'24,522
5627
6931
10953
115881
'24,691
5600
6930
10995
116 903
'24,778
5569
6874
11 284
117 801
27,864
5628
6984
11 391
118 234 '118 815 119 185
28,529
27,983 '28,139
5,673
'5641
5608
6,987
'6,920
6,959
11 501 '11 450 11529
26783
26465
26862
26,847
26,999
27,166
27,321
27,743
28,372
28,815
'28,846
28,606
10227
10348
10546
11 031
10769
10752
10732
10,646
10298
10,301
10,548
10,705
8677
8647
8803
9,104
9,069
9,100
9,121
9,220
9,576
9,531
'9,523
9,477
44,045
18,029
50678
44,184
18,134
50649
44,394
18,034
50954
44,603
18,386
51 485
45,288
18,432
51 270
45,109
18,554
51 455
45,420
18,736
51 725
45,722
18,628
52 553
46,206
18,757
52838
46,418
18,594
53222
'46,887
18,928
'53,000
47,213
18,955
53017
25783
41988
25613
42592
25853
42 135
25825
42136
26129
42142
26421
42,128
26628
42,476
27,040
42,717
27,099
42,944
27,151
43,029
'27,095
'43,306
27,064
43,311
92316
13 591
92225
13 544
92 632
13 566
93 326
13458
93 339
13773
94 148
13698
95108
13919
95149
13,837
95786
14247
96,395
14,123
'97,420
13,988
97,816
13,969
24,734
110384
'23,645
5585
6 560
10 480
Chemicals and allied
products
do
27743 r26 875
26983
Petroleum
and
coal
products
.. .
do
9907
10646 10 278
Rubber and
plastics
r
products
do
8600
9220
8,586
By stage of fabrication:
Materials and supplies
do ....
45,722 '43,578
42,986
Work in process
do....
18,628 17,837
17,338
Finished goods
do
50060
52553 r50 571
By market category:
Home goods and apparel
do
27040 r25 611
24960
Consumer staples
do ..
41,127
42717 r41 570
Equip, and defense prod.,
exc. auto... .
do
91 990
95 149 '92 230
Automotive equipment
do
13837 13 469
13393
Construction materials, supplies, and
24,196 '22,975
intermediate products
do ....
22,658
Other materials, supplies, and
intermediate products
do....
130,717 124,815
124,110
Supplementary series:
13,384 13,179
12,944
Household durables
do ....
Capital goods industries
do
661
110 830 106
105 726
Nondefense
. .
do
71 721
73 804 r71 897
37 026 '34 764
Defense
do
34005
New orders, net (unadj.), total
do.... 2,273,781 2,438,430 200,818
Durable goods industries, total
do .. 1,201,566 1,291 210 108,067
92,751
Nondurable goods industries, total
do .... 1,072,215 1,147,220
1
New orders net (seas adj ) total
do
2 273 781 ' 2 438 430r200 688
By industry group:
Durable goods industries, total
do .... '1,201,566 '1,291,210 107,137
r
'102 155 '116 334
Primary metals
do
9248
1
r
Blast furnaces, steel mills ...
do
'51041
43 560
4228
Nonferrous and other prir
4245
'48
103
mary metals
do
'
55
502
1
Fabricated metal products
do
134 969 ' 134*901 11 218
1
Machinery, except electrical
do
17
733
'215
116
199
601
1
Electrical machinery
do
207 800 '226271 19 730
Transportation equipment
do .. '318,641 '339185 r28,286
1
r
9433
104 539 '115775
Aircraft missiles and parts
do
Nondurable goods industries, total
do.... '1,072,215 ' 1,147,220 '93,551
Industries
with
unfilled
orders J
do
'270,650 ' 297 757 '24,532
Industries without unfilled
' 801 565 ' 849 463 '69 019
orders Q
do
By market category:
'153 144 ' 163 427 '13 397
Home goods and apparel
do
Consumer staples
do
' 447 892 ' 475 982 '38 812
'373513 '398587 '33 816
Equip and defense prod , exc auto
do
Automotive equipment
do . '216,996 '225541 18,841
Construction materials, supplies, and
intermediate products
do
' 179 223 1 193 002 15 677
Other materials, supplies, and
intermediate products
do... '903,013 '981809 '80,145
Supplementary series:
Household durables
do
'71714
'6180
'76331
Capital goods industries
do. . '430,187 '466051 '39 809
Nondefense
do
' 320 057 ' 355 582 '28 534
Defense
do
'110 130 '110 469 '11 275
See footnotes at end of tables.
13438
39477
23,186
23,180
23,398
23,459
23,547
23,689
23,989
24,196
24,633
'24,573
24,718
124,984
124,467
125,749
127,191
127,740
128,470
129,692
130,717
132,106
133,120 133,163
134,100
13,295
106 804
71 938
34866
200,163
106,201
93,962
201 397
13,164
106 751
71902
34849
214,098
114 356
99,742
205 454
13,263
107 581
71 982
35599
191,040
98600
92,440
206 065
13,137
108 380
72315
36065
198,583
101,163
97,420
203 391
13,241
108 078
71767
36311
216,845
113,844
103,001
206 719
13,321
109 229
72361
36868
213,019
112,797
100,222
209 399
13,370
110 672
73063
37 609
209,404
111,659
97,745
209 626
13,384
110 830
73804
37 026
208,377
113,164
95,213
213 822
13,512
111 563
74,460
37 103
200,357
107,311
93,046
212 571
13,540
112,299
74,994
37,305
216,702
117,343
99,359
212,641
13,390
113,175
'75,870
'37,305
'229,375
125,609
103,766
'216,013
13,304
113,944
76,406
37,538
218,749
117,156
101,593
218,675
106,992
9 509
4241
109,181
9976
4541
109,213
9718
4380
106,678
9461
4159
109,345
10735
4697
111,095
10437
4278
110,949
10903
5053
115,620
11997
5333
114,196
10254
4308
114,319 115,252
10,377 10,936
'4,594
4,318
116,437
10,905
4,440
4 398
11 036
17583
18353
29,571
10 277
94,405
4 695
11603
17496
19672
28,794
9 636
96,273
4 542
11 261
18864
19421
27,970
12 132
96,852
4475
11 014
18412
19,234
27,087
9404
96,713
5094
11200
18806
19994
26 493
8680
97,374
5343
11 077
18953
19,999
28,573
9784
98,304
4 945
11 290
18024
20,288
28,603
9 094
98,677
5840
11472
19195
19,762
31,155
12755
98,202
5 190
11 142
20552
20716
28,946
10603
98,375
'5445
5204
11758 11,744
19,720 '20,216
19,452 '18,707
30,525 '31,376
11 600 11 752
98,322 100,761
5630
11905
20,099
19,488
31,403
11 464
102,238
24,089
24,771
25,596
24,995
24,894
25,627
25,460
25,214
26,015
25,849
'25,885
26,691
70316
71 502
71 256
71718
72480
72677
73217
72988
72360
72473
'74,876
75547
13472
39434
35175
18,577
13668
40 147
34653
18,384
13 668
39595
36019
16,410
13734
39739
33,873
17,763
13 832
40 587
33413
18856
13776
40365
33,918
19,505
13 500
40888
34434
19,098
13463
40899
35353
18,880
14 200
40761
36251
18,136
14 179
41087
37,892
19,122
'13 675
'42 278
'37,243
19,848
13 651
42550
36218
19,827
15607
15790
16209
15828
16023
16247
16799
17097
16372
16840
16 627
16905
79,132
82812
84164
82,454
84008
85,588
84907
88130
86851
83,521
'86,342
89,524
6353
39472
30031
9 441
6396
40564
29 987
10577
6225
41905
31 982
9923
6398
39061
29 540
9 521
6402
38865
29753
9 112
6400
40417
30 416
10001
6361
39824
30085
9739
6205
42927
33 879
9048
6893
43895
34791
9 104
6983
42,320
33764
8556
'6577
'42,279
'32 475
'9804
6493
43122
33 105
10017
May
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
S-5
SURVEY OF CURRENT BUSINESS
June 1988
Annual
TT ,,
Unlts
1986
1988
1987
1987
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
May
Apr.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SHIPMENTS,
INVENTORIES, AND ORDERS—Continued
Unfilled orders, end of period (unadjusted),
total
mil $
Durable goods industries, total
do
Nondurable goods industries with
unfilled orders $ .
do
Unfilled orders, end of period (seasonally
adjusted) total
mil $
By industry group:
Durable goods industries, total #
do
Primary metals
do
Blast furnaces, steel mills
do ....
Nonferrous and other primary metals
do....
Fabricated metal products
do
Machinery, except electrical
do
Electrical machinery
do
Transportation equipment
do....
Aircraft, missiles, and
parts
do
Nondurable goods industries with
unfilled orders $
do
By market category:
Home goods and apparel
do ....
Consumer staples
do
Equip, and defense prod., excl.
auto
do
Automotive equipment
do....
Construction materials, supplies, and
intermediate products
do....
Other materials, supplies, and
intermediate products
do
Supplementary series:
Household durables
do ...
Capital goods industries
do ....
Defense
do
BUSINESS INCORPORATIONS @
New incorporations (50 States and Dist. Col.):
Unadjusted
number
Seasonally adjusted
do...
382 003 383 901 385 183 390 995 391 682 391 513 392 583 396 265 400 414
368 972 370 981 372 099 377 287 377 865 377*707 378 819 382*853 387 145
370 410 400 414
359 536 387 145
10874
372 974
13269
13031
12920
13084
13708
13817
13806
r
13764
13412
13269
410 025 416 205 '420 183 423,123
396 482 402,448 '406,389 409,415
13543
13757
13,794
13,708
398 630 401 030 403 496
408 826 412 554 '414 002 418,076
361 855 389 860 r364 406 367 510 372 215 378 396 380 939 381 851 384 695 387 266 389 860
17318 22335 17 987 18688 19646 20028 20207 20992 21316 21611 22335
9,165 12,251
11,400 11,712 12,251
'9,887 10,282 10,944 11,247 11,288 11,632
395 110 398 907 '400,395 404,546
22218 22,325 '22,371 22,601
12,058 11,770 11,526 11,265
5,395
7,106
6,168
5,679
'5,487
6,048
5,998
19556 r18 530 18415 18816 19064 19119
18,893
55296 57664 r55 777 56017 56185 56954 57 266
93844 96233 91 863 91 656 92*801 93421 93522
160,965 176,803 163,358 165,919 167,728 171,590 173,389
7,106
6,930
6,477
7,045
19258 19420 19544 19556
57492 57899 57820 57664
94 195 95031 95942 96*233
172,215 173,308 174,804 176,803
7,166
19434
58524
97 144
180,036
8,185
'7,731
7,515
19485 '19,371 19,386
58592 '58 585 59015
97094 '96 126 96042
183,435 185,875 189,380
137 671 152 209 139 761 141 099
158 650 '161 023 164 115
403 496 377 303 380 354 385 217 391 887 394 640 395 627
11,119
13,636
3,511
770
4,410
698
141 890
146 017
147 734
147 407
148 980
149 636
152 209
155 126
12 897
12844
13002
13491
13701
13776
13935
13764
13636
13716
'4,625
r
721
4,645
703
4,567
699
4,717
690
4,768
675
4,805
660
4,849
622
4,672
651
4,410
698
r
238 796 252 196 238 511 241 369 244 022 247 525 249 049 248 931 250 052 252 204 252 196
5,619
'5,684
5,735
5*735
5J82
5,737
5,893
5,888
6,014
6,009
5,931
10,432
113 846
10,593
'9,996
129 864 '117 766
9,958
10,050
10,146
10,054
117 715 119 957
122 974
124 114
125 284
9,913
10,114
10,313
10,593
127 256 127 408 129 864
'3,826
3,069
3,881
3,449
3449
3677
3882
3910
3915
3893
3,832
289,918 309,273 '291,296 293,349 296,624 301,517 303,289 302,921 305,209 307,171 309,273
127,820 146,294 130,349 133,161 135,296 139,172 140,218 140,262 141,683 143,146 146,294
162 098 162 979 '160 947 160 188 161 328 162 345 163 071 162 659 163 526 164025 162 979
13647
13,607
13,530
4,649 * 4,977
792
624
'5,012
'815
4,990
783
254 350 257 680 '259 033 260 454
5,391
'5,339
5,400
5,583
10,509
10,526
10,435
10,381
::::
133 111 133 179 '133 368 136 077
4,061
'4,070
3,990
3625
314,085 317,190 '318,267 321,992
150,435 153,484 154,254 156,431 '...".'....'.'.....'.
163 650 163 706 164 013 165 561
702,101 683,686
62679
58,252
55548
54,993
61412
57234
58345
57145
54225
58181
55297
56773
55226
55006
49118
55753
55912
53453
53274
55610
'57 030
'57,490
INDUSTRIAL AND COMMERCIAL
FAILURES @
Failures, total
number
61,601 61235
Commercial service
do
20,966 24,029
Construction
do...
7,110
6,724
Manufacturing and mining
do....
5,699
4,939
Retail trade
do
13623 12185
Wholesale trade
do
4865
4304
Liabilities (current), total.
mil $. 43 284 7 33 024 5
Commercial service
do ... 8,370.2 8,088 7
Construction
do
17827 22786
Manufacturing and mining
do
89558 47464
Retail trade
do
27180 37137
Wholesale trade
do
20354 13368
Failure annual rate
No. per 10,000 concerns...
120.0
102.0
5320
1905
562
445
1060
388
20248
7084
2099
2179
171 4
974
6331
2443
698
469
1228
426
28724
9071
2905
3090
1826
1130
4937
2035
'542
367
898
351
27423
6590
1690
5867
1184
980
5518
2 197
616
456
1093
403
21427
7930
1103
2077
1801
1243
4419
1775
531
367
859
320
1 907 4
*6226
2025
1328
1417
813
4302
1766
*477
318
863
289
20262
4954
85 1
1410
1443
89 1
5284
2104
616
431
1092
390
3 1516
5652
1533
1995
2297
818
4441
4077
1875
1*684
*438
467
320
323
913
763
296
317
16105 55162
5443
4546
1076
843
1733 1 382 7
1687 1 5317
626
128 1
4790
1971
486
346
928
368
4 1018
7738
975
2623
1867
828
4775
1,974
528
386
969
343
4 093.3
1 433.1
1720
1 1945
1523
1120
67,198
59,205
COMMODITY PRICES
PRICES RECEIVED AND PAID BY
FARMERS t
Prices received, all farm products
1910-14=100..
Crops #
do ....
Commercial vegetables
do...!
Cotton
do
Feed grains and hay
do....
Food grains
do
Fruit...
do
Tobacco
do
Livestock and products #
do....
Dairy products
do
Meat animals
do
Poultry and eggs
do
Prices paid:
Production items
do ....
All commodities and services, interest, taxes,
and wage rates (parity index)
1910-14-100..
Parity ratio §
do....
CONSUMER PRICES 0
(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
ALL ITEMS, WAGE EARNERS AND
CLERICAL WORKERS, REVISED
(CPI-W)
1982-84=100..
ALL ITEMS, ALL URBAN CONSUMERS
(CPI-U)
1982-84=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.
561
460
646
462
309
300
624
1 337
666
766
817
293
578
458
716
502
269
281
668
1 266
705
767
922
246
569
435
676
425
265
284
568
1 229
710
752
932
256
586
465
654
507
290
288
625
1 229
714
734
954
245
595
474
628
559
285
265
737
1 229
722
728
977
237
589
468
661
577
271
252
721
1236
715
734
960
239
581
444
634
538
260
258
651
1 232
725
752
965
250
588
451
643
548
263
278
683
1328
732
777
967
255
580
458
610
544
271
296
728
1 334
.707
789
931
225
601
517
1,011
549
278
310
875
1327
689
789
885
240
582
487
883
542
291
313
629
1 327
681
777
886
224
599
496
990
512
294
319
628
1 305
706
764
935
230
592
472
644
480
304
331
615
1 298
718
752
972
217
593
477
678
487
307
325
603
1 298
714
728
966
231
'594
'482
'658
'502
'316
'327
'592
'1 228
'711
'709
971
223
613
501
579
476
322
331
726
1228
730
697
1003
240
835
850
849
858
870
880
898
1,096
51
1,115
52
1,114
51
1,126
52
1132
51
1138
53
1,154
51
108.6
112.5
111.6
111.9
112.4
112.7
113.3
113.8
114.1
114.3
114.2
114.5
114.7
115.1
115.7
116.2
109.6
113.6
112.7
113.1
113.5
113.8
114.4
115.0
115.3
115.4
115.4
115.7
116.0
116.5
117.1
117.5
108.0
109.8
1088
111.6
113.6
1126
110.8
112.7
1117
111.1
113.0
112 1
111.7
113.5
1125
111.8
1138
1127
112.3
114.5
1133
113.0
1151
1139
113.2
1155
1142
113.3
1157
1144
113.2
1155
1143
113.3
1157
1146
113.5
1160
1148
114.0
1166
1153
114.7
1172
1159
115.2
117.6
1163
S-6
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
SURVEY OF CURRENT BUSINESS
.. .,
Annual
June 1988
1988
1987
tnit8
1986
1987
Apr.
June
May
July
Aug.
Sept.
Nov.
Oct.
Dec.
May
Apr.
Mar.
Feb.
Jan.
COMMODITY PRICES—Continued
CONSUMER PRICES t-Continued
(U.S. Department of Labor Indexes}— Continued
Not Seasonally Adjusted
All items (CPI-U)—Continued
Commodities
1982-84= 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
12/82=100..
Fuel and utilities #
1982-84—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
104.4
103.5
98.5
106.6
101.7
115.4
109.0
107.3
110.9
115.8
118.3
119.4
104.1
107.7
107.5
101.8
108.2
104.3
120.2
113.5
111.9
114.2
121.3
123.1
124.8
103.0
107.2
106.9
101.3
107.7
103.9
118.9
112.8
111.3
113.2
120.2
122.0
123.6
101.3
107.5
107.2
101.4
107.9
104.0
119.3
113.3
112.0
113.6
120.5
122.3
124.0
102.2
107.7
107.4
101.4
108.2
104.1
12.0.1
113.8
112.6
114.3
120.8
122.3
124.2
104.9
107.6
107.3
101.3
108.4
104.1
120.5
113.7
112.1
114.7
121.3
123.0
124.4
105.0
108.2
108.1
102.6
108.3
104.9
121.2
113.8
112.1
115.4
122.2
123.8
125.4
105.9
108.9
109.0
104.0
108.3
105.7
121.7
114.1
112.4
115.6
122.5
124.4
126.0
105.5
109.3
109.4
104.6
108.8
106.3
121.9
114.3
112.4
115.5
123.2
124.8
127.1
103.2
109.5
109.5
104.8
109.6
106.7
122.0
114.2
112.1
115.5
123.4
124.8
127.4
102.4
109.3
109.1
103.7
109.5
106.0
122.2
114.7
112.8
115.6
123.7
125.6
128.0
102.0
109.2
109.1
102.8
109.4
105.5
122.9
115.7
114.1
116.2
124.6
126.0
128.5
102.4
109.1
109.0
102.7
109.4
105.4
123.4
115.7
113.9
116.6
125.0
126.3
129.0
102.8
109.8
109.8
104.1
109.5
106.3
123.8
115.9
113.9
117.0
125.6
126.4
129.2
102.7
110.7
111.0
105.6
109.7
107.3
124.1
116.6
114.6
117.3
125.8
126.6
129.4
102.8
111.1
111.4
106.0
109.9
107.6
124.6
117.0
115.1
117.7
126.2
126.9
129.9
103.5
77.6
105.7
77.9
103.8
77.5
100.8
77.1
102.5
77.2
108.1
77.1
107.6
77.8
108.7
77.6
108.2
78.5
103.3
80.3
101.4
80.5
100.9
80.8
101.5
80.9
101.9
80.5
101.7
80.2
101.6
80.0
102.6
105.2
105.9
102.3
101.2
110.6
108.8
117.0
122.0
107.1
110.6
105.4
104.2
114.6
113.1
121.1
130.1
107.2
111.5
104.2
103.0
113.6
111.3
120.9
128.7
107.1
111.1
104.7'
103.5
114.0
113.4
120.6
129.2
107.1
109.3
105.4
104.3
114.3
114.7
120.2
129.9
107.2
107.3
106.0
104.9
114.7
115.4
120.2
130.7
107.3
109.4
106.5
105.4
114.4
115.5
121.5
131.2
107.5
113.3
106.6
105.4
114.1
116.0
122.1
131.7
107.4
115.4
107.1
106.0
115.2
116.2
121.2
132.3
107.4
115.4
107.8
106.8
116.6
116.5
122.0
132.8
107.3
112.7
107.6
106.5
116.6
116.3
122.1
133.1
107.5
110.4
107.1
106.0
116.2
116.0
121.8
134.4
107.7
110.2
106.8
105.7
116.2
116.0
120.8
135.5
108.3
114.3
106.5
105.4
116.0
116.1
121.4
136.3
109.1
117.0
107.2
106.0
115.9
116.6
122.4
136.9
109.3
116.3
108.1
107.0
116.3
117.0
122.4
137.5
.4
107.1
103.9
112.7
111.0
111.0
104.6
103.4
113.9
119.3
.4
107.4
104.2
113.3
111.8
111.4
104.8
103.6
114.1
119.7
.3
107.8
104.4
113.9
112.5
110.8
105.3
104.2
114.4
120.0
.3
108.0
104.7
113.8
112.1
109.9
105.9
104.8
114.8
120.4
.4
108.4
105.3
113.9
112.1
110.3
106.7
105.6
115.0
121.0
.3
108.8
105.5
114.5
112.7
111.3
106.8
105.7
115.2
121.2
.3
109.1
105.9
114.7
112.8
112.7
107.2
106.2
115.5
121.7
.3
109.3
106.2
114.8
112.8
113.1
107.7
106.6
115.7
122.2
.2
109.2
105.9
115.3
113.5
112.2
107.4
106.4
115.7
122.6
.3
109.4
106.0
115.6
113.7
112.3
107.3
106.3
115.5
123.2
.2
109.3
105.9
115.3
113.0
112.0
107.1
106.1
115.8
123.7
.5
109.9
106.6
115.7
113.4
114.2
107.2
106.2
116.2
124.2
.4
110.6
107.3
116.5
114.3
116.5
107.5
106.5
116.2
124.6
.3
111.0
107.7
117.0
114.9
116.5
108.2
107.2
116.4
125.0
101.9
102.6
103.0
103.5
103.8
103.7
104.1
104.2
104.2
104.6
104.6
104.9
105.8
106.5
Seasonally Adjusted
All items, percent change from
previous month
Commodities
1982-84 — 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
1982—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..
OhernTcalR 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 i
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. #....,
do....
Motor vehicles and equip
do
100.2
102.8
87.7
93.7
92.4
94.8
95.1
96.0
96.5
95.7
95.3
94.7
94.4
'93.7
94.6
94.1
95.7
97.1
99.1
103.2
101.4
109.7
101.5
105.4
103.6
111.7
100.2
105.1
103.2
111.6
100.9
105.4
103.7
111.6
101.5
105.5
103.9
111.4
102.1
106.0
104.4
111.6
102.5
105.9
104.3
111.7
102.7
105.7
104.2
111.2
103.1
106.2
104.4
112.5
103.4
106.3
104.5
112.5
103.6
105.8
104.0
112.4
104.2
106.3
104.5
112.9
104.1
105.9
104.0
112.9
104.6
106.2
104.3
113.2
105.5
106.9
105.1
113.6
106.2
107.5
105.7
113.9
107.5
94.8
101.7
107.5
96.0
109.9
97.5
104.4
109.6
99.2
109.1
96.5
103.5
109.0
98.1
109.2
97.6
104.0
109.1
98.9
109.3
98.2
104.3
109.1
99.5
109.7
98.8
104.8
109.4
100.1
110.0
99.0
105.1
109.7
100.5
110.2
98.8
105.1
109.7
100.4
111.4
98.5
105.8
110.9
100.7
111.7
98.6
106.0
111.1
100.9
112.0
98.3
106.0
111.4
100.6
112.8
98.5
106.6
112.2
101.1
112.8
98.5
106.5
112.1
101.0
113.2
98.7
107.0
112.5
101.6
113.8
99.8
107.8
113.1
102.6
114.0
100.8
108.5
113.4
103.7
101.2
92.9
105.4
100.0
102.6
103.7
95.5
107.9
102.6
106.4
103.3
95.7
107.2
101.6
105.2
105.9
99.9
109.1
101.9
105.9
105.5
98.8
109.0
102.4
107.1
105.2
97.9
109.0
103.1
107.0
104.0
95.7
108.2
103.7
107.1
104.6
96.1
108.9
103.5
107.5
104.1
94.9
108.7
104.0
108.2
104.1
96.3
108.1
104.2
108.8
104.0
95.7
108.2
104.2
109.1
105.3
r
97.3
109.3
104.4
110.6
105.2
97.5
109.2
104.4
110.8
105.7
97.7
109.7
104.7
112.8
106.5
99.0
110.3
105.6
113.8
108.1
101.7
111.4
106.1
114.5
69.8
108.2
113.0
107.2
108.8
103.2
110.0
116.1
101.9
103.2
110.5
109.1
70.2
109.9
120.4
112.8
110.4
107.1
110.0
121.8
103.0
105.1
112.5
111.7
69.1
109.6
118.3
110.7
110.0
104.4
109.9
120.9
101.8
104.2
113.0
112.3
69.7
109.8
120.7
110.7
110.2
105.2
109.9
121.0
102.0
104.4
112.4
111.8
71.1
109.9
120.2
111.4
110.1
105.8
110.1
121.2
102.3
104.8
112.3
111.5
72.6
110.0
121.0
112.4
110.4
106.7
110.1
121.6
102.9
105.3
112.2
111.4
73.8
110.3
121.3
113.7
110.6
107.7
109.9
122.2
103.2
105.6
111.9
110.8
72.2
110.3
123.0
116.2
110.6
108.8
110.0
122.9
103.7
106.0
110.9
108.9
71.1
110.5
124.1
116.1
110.9
110.8
110.4
123.8
104.4
106.4
113.8
114.2
70.8
110.7
124.3
116.9
111.0
111.7
110.5
123.9
105.1
106.6
113.5
113.3
69.5
110.9
125.7
117.1
111.3
112.9
110.4
124.2
105.5
107.0
112.5
111.8
r
67.2
111.6
128.4
117.8
111.9
114.4
110.8
126.6
106.2
107.6
113.2
112.0
66.8
111.9
129.2
118.1
112.0
114.4
110.8
127.1
106.9
107.9
112.7
111.7
65.9
112.1
133.9
118.8
112.3
115.1
111.0
127.7
107.2
108.4
113.3
111.8
67.5
112.4
134.4
119.2
112.6
116.8
111.1
128.7
107.8
108.7
113.4
111.9
68.4
112.6
134.6
119.1
112.9
117.1
111.1
129.5
108.7
109.0
113.5
112.0
.6
.2
.1
c
Q
.1
rC
'-.3
.6
.4
.5
92.3
100.2
105.1
103.3
109.6
100.2
111.3
94.3
111.4
94.3
100.8
105.3
103.6
110.8
100.1
111.2
94.1
111.5
94.6
101.3
105.4
103.7
110.7
100.3
111.3
94.4
111.4
95.6
101.9
105.7
104.1
110.3
101.0
111.5
95.3
111.6
96.7
102.4
106.0
104.3
109.5
101.7
111.5
96.3
111.9
96.0
102.7
106.4
104.7
110.2
102.0
112.2
96.4
112.5
96.1
103.2
106.1
104.5
109.9
101.8
112.2
112'.0
94.9
103.6
106.2
104.5
110.0
101.7
112.1
96.1
112.1
94.7
103.8
105.9
104.0
108.6
101.8
111.8
96.3
112.3
94.5
104.2
105.9
103.9
109.3
101.3
112.3
954
112.7
94.1
104.8
106.5
104.6
110.1
101.8
113.0
95.8
113.2
95.3
105.6
106.9
105.1
110.5
102.4
112.7
96.8
113.4
96.4
106.2
107.4
105.6
111.5
102.7
112.9
97.1
113.8
.951
.886
.949
.884
.948
.880
.943
.878
.944
.873
.946
.869
.942
.867
.941
.865
.945
.866
.944
.862
.942
.858
.935
.854
.930
.851
Seasonally Adjusted
Finished goods, percent change from previous
month
By stage of processing:
Crude materials for further processing
1982= 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
1982—$! 00
Consumer prices
1982-84— $1.00.
See footnotes at end of tables.
.969
.913
.949
.880
r
93.9
104.2
106.2
104.4
110.5
101.4
112.3
r
95.5
112.8
r
.941
.864
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
S-7
SURVEY OF CURRENT BUSINESS
June 1988
f; .,
Units
1986
1988
1987
Annual
1987
Apr.
May
June
July
Aug.
Sept.
Feb.
Oct.
Nov.
Dec.
Jan.
37008
29629
18 113
13068
34742
28 225
16720
12436
31 177
25817
14416
10579
25950
21 369
12218
9*328
Mar.
Apr.
May
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE
New construction (unadjusted), total
mil $ 388 817
Private, total #
do
316 589
Residential
do
187 148
New housing units
do
133 192
Nonresidential buildings, except farm and
public utilities total #
mil $
91 171
Industrial
do
13747
Commercial
do
56761
Public utilities:
Telephone and telegraph
do
8427
Public, total # .. . .
do
72228
Buildings (excl. military) #
do
23494
Housing and redevelopment ...
do
1456
Industrial
do
1657
Military facilities
do
3920
Highways and streets . .
do
23*359
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
398 943
323 622
197 347
139 688
30503
24835
15003
10976
33824
27 573
17030
11 927
88768
13095
53 199
6864
900
4 143
7452
1 105
4475
8685
75321
25310
1517
1458
4204
23248
678
5669
2035
112
103
284
1 428
CONSTRUCTION CONTRACTS
Construction contracts in 50 States (F.W. Dodge
Division, McGraw-Hill):
Valuation, total
mil $ 248 588 254 673
Index (mo. data seas, adj.)
1982=100 ..
'158
'162
Public ownership
mil. $.. 59,862 65,857
Private ownership
do
188 726 188 816
By type of building:
Nonresidential
do
83721 89422
Residential
do
122 896 119 915
Non-building construction
do
41972 45337
New construction planning
(Engineering News-Record) §
do
288 568 267 823
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):
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
1,807.1
18054
1,179.4
CONSTRUCTION COST INDEXES
Dept. of Commerce composite
1982=100..
Boeckh indexes:
Average, 20 cities:
Apartments,
hotels,
office
buildings
1982- 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.
1,622.7
1 6205
1,146.4
26,074 r29,455
21 411 r24 068
11
853 14 065
r
8681 10 180
r
36566
29 150
18 401
13 144
38443
30846
19 561
13275
38612
30445
19 114
13290
7408
1 099
4428
7462
1087
4447
7912
1 191
4782
8020
1308
4792
8081
1 230
4865
8295
1 270
5034
7820
1 227
4588
6672
968
3953
6954
1019
4073
711
6251
2 150
121
140
366
1942
767
6950
2 146
131
119
363
2420
762
7416
2264
'l36
110
417
2626
859
7 596
2311
136
120
349
2752
827
8 167
2343
133
143
507
2874
768
7 379
2154
*127
104
359
2795
733
6517
2151
*120
104
395
2 140
823
5360
2090
123
109
264
1403
475
4581
1882
114
108
389
992
572
M663
1953
104
109
364
1010
396.2
3205
1995
139.7
3967
321 4
1959
139.4
3972
3243
2009
138.2
3985
3238
1980
137.9
4029
3298
2002
138.2
4028
3249
1970
140.0
3989
3222
1945
141.1
4040
3270
1937
142.4
4039
3263
1945
143.1
394.5
3192
1920
138.9
396.0
3181
1901
137.0
84.8
11 5
509
88.7
134
532
86.7
130
518
88.0
130
525
90.1
137
541
89.2
144
528
89.9
135
539
95.3
143
577
93.0
136
550
91.1
133
544
92.0
138
541
82
757
253
13
12
34
227
86
753
26 1
15
17
44
226
82
729
242
16
14
44
21.7
87
746
250
16
13
50
224
98
730
248
16
14
42
220
92
779
253
16
17
61
235
84
767
248
15
12
43
250
88
769
258
14
12
47
247
97
776
270
15
13
32
258
74
753
251
14
13
47
250
37278
30328
19655
12662
r
r
81
779
r
270
12
13
4.4
25.8
r
r
30,885
25057
14463
10885
l 155
1067
r
4170
7 645
1270
4447
689
5387
2176
124
120
404
1305
5828
2,170
122
120
392
1697
r
r
r
401.2
3193
1912
138.2
r
r
401.8
3225
191.9
138.7
92.5
147
537
94.4
160
54.8
83
818
r
283
15
14
48
r
277
793
273
15
14
4.7
27.7
r
r
23077
157
5,957
17 120
r
22,054
157
r
6,000
16 053
24712
167
7,114
17 598
24004
165
6,515
17489
23914
174
5,938
17977
22038
160
5,867
16 170
22492
164
6,258
16235
17930
157
4,377
13553
17626
157
4,698
12928
14,523
145
3,919
10604
16,247
159
4,223
12024
21,708
154
5,562
16145
20,510
144
5,311
15,199
23,013
157
6,468
16,545
7331
11 577
4169
r
6971
10*664
r
4418
8227
10986
5498
8 125
11*279
4*600
8358
10919
4637
8047
10 158
3*832
8573
10 124
3795
6967
8229
2734
6646
7827
3153
5354
6610
2,560
5386
7846
3,016
6957
10898
3,852
6438
10326
3,746
6826
11,004
5,182
24 192
20378
22429
19670
17323
20656
18713
17829
25375
28423
28172
31547
159.6
1593
118.3
158.3
1580
114.1
163.2
1629
114.1
152.8
1524
111.5
143.8
1436
100.7
152.3
1520
109.1
139.1
139 1
96.6
118.9
1188
79.3
85.4
854
61.2
78.2
782
55.8
90.3
902
64.0
129.0
1288
••99.9
153.0
152.8
106.0
139.2
139.1
102.4
1 635
1 201
1 599
1 125
1 583
1 086
1 594
1 142
1 583
1 109
1 679
1*211
1 538
1 105
1661
1 129
1399
1035
1382
1016
1,519
1,102
1,529
1,172
1,576
1,088
1,384
988
1,42^
968
1 769
1078
1 535
1024
1 596
1053
1 504
1 008
1 539
1022
1 510
994
1 514
1014
1 501
*983
1 453
962
1459
971
1 372
957
1 248
918
1429
1,003
1476
1,030
1,449
960
2443
2328
21 1
202
21 5
210
220
21 7
222
170
143
130
152
188
188
229
224
234
243
234
240
234
228
227
200
208
212
213
113.8
114.1
114.5
114.9
115.0
115.1
114.2
114.8
114.2
114.3
114.7
115.0
114.5
111.8
114.2
1149
113.2
1173
117 3
115.1
1197
367.3
3995
375.6
4102
1716
1720
372.8
4052
372.9
4057
1179
1158
1202
1173
1152
1197
117 1
115.0
1194
373.0
4084
1728
375.7
4100
377.6
4136
378.0
4148
1719
380.2
415 1
379.6
4146
383.2
4169
1728
381.8
416 1
120.0
118.3
122.3
1196
117.7
1218
1185
116.2
1201
118 1
116.1
1207
382.0
4164
383.5
4175
2018
384.2
4180
'384.4
*4183
S-8
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
SURVEY OF CURRENT BUSINESS
„.,
June 1988
1988
1987
Annual
Unlte
1986
1987
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
CONSTRUCTION AND REAL ESTATE—Continued
REAL ESTATE 0
s for new home construction:
.. Mentions
thous. units..
5.8
10.1
10.1
13.8
14.0
15.1
325.5
7.8
14.2
165.3
Seasonally adjusted annual rates
do....
86
100
117
161
114
158
162
155
Requests for VA appraisals
do....
10.8
13.8
14.4
18.8
17.7
18.6
21.4
193.0
14.6
Seasonally adjusted annual rates
do....
201
182
180
212
168
213
Home mortgages insured or guaranteed by:
Fed. Hous. Adm.: Face amount
mil. $.. 57,108.02 81,880.51 9,035.56 9,265.48 7,566.47 7,341.31 8,901.72 6,179.54 4,816.08 4,092.54
Vet. Adm.: Face amount §
do.... 24,721.62 33,322.54 3,021.48 2,621.57 3,424.22 2,978.52 2,819.12 2,488.48 2,182.60 1,882.55
Federal Home Loan Banks, outstanding advances
to member institutions, end of
period
mil. $.. 108,645 133,054 108,820 111,665 114,335 115,321 116,846 120,090 124,775 127,056
New mortgage loans of FSLIC-insured
institutions, estimated total @
mil. $.. 265,513 '253,413 24,569 24,597 27,727 23,609 20,509 20,587 20,327 16,875
By purpose of loan:
Home construction
do....
2,082
2,473
2,585
2,579
2,688
2,983
2,550
28,415
Home purchase
do.... 195,513 190,747
19,407 19,473 21,336 18,089 15,437 14,897 15,014 12,483
All other purposes
do.... 41,169 '34,248
2,310
2,840
3,104
2,494
2,573
2,940
3,412
6.5
95
9.4
190
7.4
108
10.5
194
8.3
101
13.4
162
10.8
103
16.5
162
9.6
102
12.5
140
10.5
112
4,452.92 3,350.77 2,926.84 2,508.44 3,545.40
1,511.22 1,143.23 1,503.09 1,381.52 1,038.50
133,054
130,911 129,582 129,503 130,238 132,118
'21,530
13,083
1r4,542
4,523
1,547
9,372
••2,165
2,828
893
334
1,600
2,507
717
240
1,549
2,165
845
284
1,036
137,621 126,896
69,005 61,096
68,616 65,800
132,747
62,725
70,022
118,752 124,987 142,148 130,996
54,944 59,327 '69,184 65,569
63,808 65,660 '72,964 65,427
157,255 158,425 157,211 154,651 158,624 163,892 164,406 165,819
105,611 105,703 105,052 103,382 104,729 107,150 106,314 107,257
51,644 52,722 52,159 51,269 53,895 56,742 58,092 58,562
168,783 171,742 173,184 174,212
109,662 111,920 113,888 114,878
59,121 59,822 '59,296 59,334
13,645
18,617
'2,562
1,757
9,416 12,814
2,472 '2,987
2,528
13,490
2,599
DOMESTIC TRADE
ADVERTISING
Magazine advertising (Leading National
Advertisers):
Cost, total
mil $
Apparel and accessories . .
do
Automotive, incl. accessories .. .
do
Building materials
do
Drugs and
toiletries
do. .
Foods, soft drinks, confectionery ,
do
Beer, wine, liquors
do
Houshold equip., supplies, furnishings
do
Industrial materials....
. . .
do
Soaps, cleansers, etc
do
Smoking materials
do
All other
do...
Newspaper advertising expenditures (Newspaper
Advertising Bureau, Inc.):
Total
mil $
Classified
do
National
do
Retail
do
26,989
9,303
3,376
14,311
29,412
10,691
3,494
15,227
WHOLESALE TRADE t
Merchant wholesalers sales (unadj.),
total .
' mil $ 1,392,313 1,520,827
Durable goods establishments
do
681,177 739,277
Nondurable goods establishments
do .... 711,136 781,550
Merchant wholesalers inventories, book value
(non-LIFO basis),
end of period (unadj.),
total
mil. $.. 153,571 165,819
Durable goods establishments
do.... 100,212 107,257
Nondurable goods establishments
do.... 53,359 58,562
2,516
907
302
1,307
2,666
346
1,325
2,396
907
292
1,197
2,274
911
250
1,114
2,494
993
272
1,229
2,469
919
309
1,241
127,622 126,672 130,275 127,653 126,500 132,110
62,691 60,643 64,887 62,586 61,837 65,226
64,931 66,029 65,388 65,067 64,663 66,884
156,484
103,587
52,897
2,658
969
319
1,370
2,173
841
269
1,064
RETAIL TRADE *
All retail stores:
Estimated sales (unadj.),
total
mil. $., 1,437,497 1,510,579 124,739 128,689 128,987 129,258 131,536 124,515 128,298 126,897 157,189 113,639 115,101
Durable goods stores #
do
41,293 44,126
538,618 559,105
47,370 48,262 50,834 50,037 50,627 47,675 46,755 44,732 53,526
Building materials, hardware, garden
5,214
4,852
6,215
6,359
supply, and mobile home dealers mil. $.. 75,842 78,005
7,172
6,890
7,080
7,309
7,234
7,372
6,787
Automotive dealers..
do.. 320,336 326,850 29,022 28,985 31,122 30,477 30,918
24,942 27,422
28,512 27,028 24,517 25,618
Furniture, home furnishings,
and equipment .
do
6,457
6,577
9,729
6,997
6,642
80,347 84,148
7,399
7,075
7,116
6,470
6,929
6,789
Nondurable goods stores
do.... 898,879 951,474 77,369 80,427 78,153 79,221 80,909 76,840 81,543 82,165 103,663
72,346 70,975
General merch. group stores
do .... 165,074 175,885 13,722 14,642 13,577
10,318 10,662
12,883 14,555 13,268 14,826 17,533 28,132
Food stores
do
25,682 24,693
301,762 314,287
25,745 27,125 26,419 27,658 26,707 25,867 26,895 25,431 28,287
8,018
Gasoline service stations
.....:
do.... 97,277 103,154
8,316
8,817
8,788
8,595
9,012
9,348
9,377
8,469
8,845
9,015
4,952
Apparel and accessory stores
do.... 74,765 79,069
5,103
11,112
6,416
7,132
6,748
6,823
5,894
6,592
6,403
6,115
Eating and drinking places
do.... 135,308 147,645 12,262 12,906 12,830 13,197
11,518 11,347
12,574
13,290 12,223 12,699 11,936
Drug and proprietary stores .
do
4,642
4,619
6,342
4,640
4,733
4,582
4,593
4,599
4,535
51,631 56,000
4,468
4,582
Liquor stores
do
1,348
1,443
2,314
1,638
1,653
1,635
1,705
1,635
1,562
1,600
1,504
19,635 19,506
Estimated sales (seas, adj ), total .. .
.do
124,609 124,844 126,511 127,230 129,981 127,815 126,808 127,248 128,615 128,769 130,121
Durable goods stores #
do...
'45,942 '45,786 46,984 47,579 49,614 47,948 46,889 47,067 48,000 48,689 49,708
Bldg. materials, hardware, garden supply, and mobile home dealers*
mil. $..
6,817
6,496
6,377
'6,312 '6,422
6,558
6,605
6,615
6,569
6,455
6,582
Building materials and
supply stores
do
5,045
4,841
4,923
4,787
4,844
4,965
4,929
4,969
4,829
'4,620 '4,715
Hardware stores
do
1,196
1,148
1,158
1,204
1,238
1,163
1,105
1,172
1,152
1,208
1,177
Automotive dealers
do...
'26,879 '26,712 27,788 28,109 30,175 28,465 27,673 27,499 28,220 28,935 29,523
Motor vehicle and miscellaneous
auto dealers
.
do
'24,705 '24,522 25,554 25,852 27,849 26,159 25,344 25,194 25,877 26,528 27,038
Auto and home supply
stores
do ...
2,485
'2,190
2,407
2,329
2,326
2,257
2,234
'2,174
2,343
2,305
2,306
Furniture, home furnishings,
and equipment $
do
6,988
7,194
6,940
7,146
'7,037 '6,974
7,348
6,979
7,054
7,146
6,944
Furniture, home furnishings stores
do...
'3,679
3,708
'3,724
3,797
3,671
3,759
3,709
3,616
3,701
3,723
3,744
Household appliance, radio, and
TV stores
do
2,845
2,958
2,927
2,826
2,873
3,071
2,963
2,775
2,881
2,846
2,849
See footnotes at end of tables.
131,589 131,003 '134,941
'51,327 '51,177 1 53,057
'6,590
'32,144
r
7,364 1 8,034
'31,360 ' 32,046
'7,208 '7,061 ' 7,167
'80,262 '79,826 '81,884
13,743 13,791 14,521
'26,968 '26,917 '27,497
'8,708 '8,851 '9,223
'6,640
'6,451 '6,541
12,537 12,850 '13,056
'4,987
'4,830 '4,951
1,462
1,506
132,259 131,761 '131,880
'50,480 '50,381 '50,062
'6,987
'6,986
'6,998
'5,188
1,240
'29,895
5,200
1,278
'29,656 '29,296
'27,401
'27,164
'2,494
2,492
'7,513
'7,612
'3,892
3,939
'3,155
3,205
'26,804
'7,600
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
S-9
SURVEY OF CURRENT BUSINESS
June 1988
.,..
1988
1987
Annual
Units
1986
1987
May
Apr.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
79,919
14,742
80,181
14,805
80,615
15,035
80,080
14,953
80,413
14,650
-•81,779
14,911
May
Apr.
DOMESTIC TRADE—Continued
RETAIL TRADE t-Continued
All retail stores—Continued
Estimated sales (seas, adj.)— Continued
Nondurable goods stores
mil. $..
General merch. group stores
do....
Department stores excluding
leased departments............
do
Variety stores
do
Food stores
do ..
Grocery stores
do....
Gasoline service stations
do....
Apparel and accessory stores # .. .. do
Men's and boys' clothing and
furnishings stores
do....
Women's clothing, specialty stores,
and furriers
do
Shoe stores
do
Eating and drinking places
do ...
Drug and proprietary stores
do ....
Liquor stores
do
Estimated inventories, end of period:
Book value (non-LIFO basis),
(unadjusted) total
mil $
Durable" goods stores #
do
Bldg. materials, hardware, garden sup-
r
78,667
14,372
11r 924
702
r
26 156
r
24,670
r
8,563
r
6493
r
740
r
79,058
14,618
12r111
698
r
26 151
r
24
660
r
8,565
r
6462
730
r
2590
2575
1 186 1182
12 141 12210
4,636
4,585
1 610 1648
r
79,527
14576
79,651
14,507
80,367
14,788
12309
700
26,554
24,996
8,945
6667
79,867
14,580
12166
692
26,341
24,791
8,872
6680
759
760
762
774
722
111
783
767
2649
1233
12,283
4,709
1625
2620
1,205
12,284
4,768
1629
2603
1,188
12,353
4,786
1637
2,578
1,209
12,604
4,803
1651
2,597
1,276
12,791
4J54
1642
2,582
1,175
12,547
4,832
1589
2,606
1,163
12,636
4,891
1,578
197 511 199 007
101 171 102 192
199 470
100 428
14787
53478
15306
53640
15359
54377
15054
52574
15 199
90680
31 280
16881
98449
33401
15 116
97 542
35 160
15362
96340
34087
15469
96815
33820
15567 15818 16578
99042 101 185 105 215
35145 36017 38049
24559 26032
20044 20 581
Apparel and accessory
14625 17471
stores
do
Book value (non-LIFO basis),
(seas adj.), total . . . .
do
185 996 211 100
Durable goods stores #
do
91 085 107 948
Bldg. materials, hardware, garden supply and mobile home dealers
do
13997 15234
Automotive dealers
do
45267 57312
Furniture, home furn.,
and equip
do
15260 16932
Nondurable goods stores #
do
94911 103 152
34405 36742
General merch group stores
do
Department stores excluding
leased departments.
do
26870 28481
Food stores
do.... 19,803 20,334
Apparel and accessory
stores
do.
15760 18827
Firms with 11 or more stores:
Estimated sales (unadj ) total
mil $ 534 148 569 081
Durable goods stores
do.... 59,789 67,665
Auto and home supply stores
do .. .
7185
6744
Nondurable goods stores #
do
474 359 501 436
General merchandise group
153 110 162 289
Food stores
do
171 121 179 635
Grocery stores
do
168 343 176 918
Apparel and accessory stores
do
39002 42405
Eating places
do .... 34,976 37,486
Drug stores and proprietary
30030 32868
stores
do
Estimated sales(sea adj ) total #
do
Auto and home supply stores. .
do
Department stores excluding
leased departments
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
27 578
20 078
26714
20034
26359
20363
27 392
20 211
28080
20060
29683
20 151
17 146
17035
17755
18881
19705
do
do
17 168
194 576
96352
15119
47907
14759
47014
8,996
6,689
r
r
768
753
2,624
1,198
12,610
r
4,974
1,594
14834
56313
17554 17707
111 002 111 592
41 383 41 587
16881
98449
33401
16598 16,537 17,049
298 103 884
97415 100
33361 r35 191 37067
32482
20773
32734
21 113
26032
20581
26156
20420
r
27 581
r
20 482
28981
20711
20554
20925
17471
16933
17 997
18796
15074
53292
14863
53755
14675
55680
14872
56703
15234
57312
15356
55500
15162
52620
15238
98224
35201
15486
98094
34629
15547 15852
99708 100 620
35271 35796
27441
20,214
26957
20,251
27515
20,439
28066
20,531
28052
20,536
28 082
20,318
28568
20,253
28390
20,188
28 481
20,334
29,192
20,467
17202
17532
17800
17971
18420
18625
18,584
18,817
18,827
15946 16414
101 115 101 314
35743 35*800
16,670 16,673 16,932
101 731 101 770 103 152
36241 36259 36742
15 375
56 403
r
209,824 r208,698 208,933
106 377 104 479 103 461
14774
51 419
15
499
r
53 307
15,631
51,902
17,006 17,101 17,397
219 105 472
103 447 104
37145 r37 500 38039
r
29,404
r
20,665
29,694
20,796
18,710
18,904
18,928
r
45774
5,237
630
40537
47 524
5,471
641
42053
45 665
5,510
634
40 155
45913
5,494
639
40419
47 817
5,667
636
42160
45 201
5,444
615
39757
48517
5,663
642
42864
50998
6,223
596
44775
70238
9,494
618
60744
41 161
4,661
513
36510
40 583
r
4,674
r
489
r
35 909
47597
5,569
634
42,028
12623
14726
14497
3553
3,141
13 476
15401
15188
3402
3,264
12 490
14769
14559
3253
3,228
11 792
15663
15451
3093
3,365
13 424
15010
14806
3766
3,405
12222
14614
14 416
3425
3,052
13642
15535
15323
3598
3,217
16271
14700
14489
3*946
2,970
26264
16580
16 199
6277
3,106
9510
15064
14862
2537
2,918
r
9845
14 257
14
042
r
2506
r
2,891
12716
15569
15,342
3,606
3,160
2679
46837
612
2686
46886
*613
2660
47239
608
2644
47417
*600
2652
48081
611
2566
47 623
'602
2684
48015
'586
2730
48070
'579
4037
48404
588
2724
48504
614
r
r
2696
48,288
r
614
2,931
48,945
639
11610
563
14,629
3473
11746
551
14,689
3485
11704
548
14,796
3541
11791
554
14,800
3576
11,916
568
15,062
3564
11,787
561
14,740
3,570
11,968
568
14,964
3,597
12,031
565
14,922
3,554
12,182
569
14,902
3,553
12,128
544
14,922
3,531
11,853
532
15,050
r
3,492
12,125
538
15,175
3,570
1 443
709
1430
745
1414
751
1420
'720
1r 402
712
1397
783
r
2,955
2,736
2,721
2,737
1 428
742
' 12,542
'4,996
16022
56018
14503
57740
14 191
50 145
1 408
715
12,339
12,367
670
r
'27,369
27,021
r
'25,828
25,475
r
8,931 '8,981
r
6,619 '6,729
2,605
1,227
12,664
r
4,977
1586
r
14545
55868
14602
52627
196 806 200 424 202 210 202 684 203 708 206 577 208,260 211 100
98712 100 716 101 590 101 569 102 394 104 846 106 490 107 948
14964
53384
12,468
r
691
r
27,036
r
25,507
r
' 81,818
14,717
1
197 390 201 518 215 174 219 614 205 138 202 712 r206 349 210 948
96205 96303 104 172 108 022 106 689 105 297 106 051 107 064
14503
57740
General merch &TOUD stores
Department stores excluding
leased departments
12,252
693
26,612
25,072
8,715
6,537
12526
693
26,169
24,622
8,754
6514
761
13339
45529
do
12,548
711
26,309
24,787
8,687
6,708
2613
2616
1218
1219
12,231
12,289
4,685
4,668
1 610 1616
197 584
100 042
do
12403
700
26,259
24,739
8,761
6594
12 162
688
26272
24,711
8,805
6650
180 530 205 138
89 850 106 689
Automotive dealers
Furniture, home furnishings,
and equipment
12,322
698
26,309
24,774
8,801
6637
12094
'687
26394
24,865
8,602
6602
'81,380
14,734
1 443
754
1424
*749
1 454
721
1 412
734
2,911
2,814
2,769
2,904
185,225
122,366
1,755
183,470
120,611
113,809
6,802
185,370
121,956
1,750
183,620
120,206
113,679
6,526
185,571
121,491
1,749
183,822
119,742
112,139
7,603
119,890 120,306 119,963 120,387 120,594
65.7
65.7
65.7
65.6
65.5
112,639 113,050 112,872 113,210 113,504
61.9
61.8
61.8
61.6
61.6
3,249
3,143
3,172
3,184
3,212
109 427 109,907 109,688 109,961 110,332
7,177
7,256
7,090
7,091
7,251
120,722
65.7
113,744
61.9
3,215
110,529
6,978
121,175 121,348 120,903 121,323
65.9
65.7
66.0
65.9
114,129 114,409 114,103 114,713
62.0
62.3
62.2
62.1
3,204
3,228
3,228
3,293
110,836 111,182 110,899 111,485
6,610
6,801
6,938
7,046
120,978
65.6
114,195
61.9
3,035
111,160
6,783
1,834
1,791
1,540
1,609
2,734
2,743
2,771
2,773
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 0
Civilian labor force,
total
do....
Participation rate t
percentEmployed,
total
thous ..
Employment-population ratio f percent ..
Agriculture
thous ..
Nonagriculture
do
Unemployed,
total
do...
Long term, 15 weeks and
over
do....
See footnotes at end of tables.
182,293
119,540
1,706
180,587
117,834
109,597
8,237
184,490
121,602
1,737
182,753
119,865
112,440
7,425
65.3
65.6
60.7
3,163
106434
61.5
3,208
109 232
2,232
1,983
184,079
120,082
1,735
182,344
118,347
111,041
7,306
184,259
121,421
1,726
182,533
119,695
112,377
7,318
184,421
122,871
1,718
182,703
121,153
113,498
7,655
119,363 119,907 119,608
65.5
65.7
65.5
111,806 112,334 112,300
61.5
61.3
61.5
3,192
3,269
3,250
108 556 109 065 109,108
7,573
7,557
7,308
2,060
2,067
2,029
184,605
123,825
1,720
182,885
122,105
114,652
7,453
1,920
184,738
123,350
1,736
183,002
121,614
114,527
7,088
1,896
184,904
121,627
1,743
183,161
119,884
113,027
6,857
1,904
185,052
122,485
1,741
183,311
120,744
113,898
6,845
1,801
1,733
185,705 185,847
121,678 121,693
1,736
1,736
183,969 184,111
119,942 119,957
112,460 112,867
7,090
7,482
1,740
1,722
185,964 186,088
121,996 122,489
1,714
1,732
184,232 184,374
120,264 120,775
113,905 114,222
6,553
6,359
S-10
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
TT ..
Units
1986
June 1988
1988
1987
Annual
Apr.
1987
June
May
Aug.
July
Sept.
Oct.
Nov.
Jan.
Dec.
Apr.
Mar.
Feb.
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
i
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...
j
do....
Chemicals and allied products
do
Petroleum and coal products....
;do ....
Rubber and plastics products, nee
do
Leather and leather products... .....,..do ....
Service-producing
i
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.
7.0
61
62
183
60
145
10.6
4.4
5.2
9.8
62
54
54
169
53
130
88
3.9
4.3
9.2
6.3
56
55
173
55
130
92
4.1
4.4
9.4
63
56
54
17 6
54
137
88
40
42
9.5
61
55
53
160
53
128
86
40
40
9.5
60
54
54
158
52
127
81
38
4.2
9.3
60
52
53
162
52
124
81
3.7
4.3
9.0
59
50
54
164
51
123
82
37
4.2
8.8
60
51
52
172
52
121
83
37
4.2
8.9
5.9
50
52
166
51
122
90
3.5
4.2
8.5
5.8
49
52
161
49
12.2
8.1
3.4
4.3
8.4
5.8
51
51
160
50
122
7.2
3.6
4.2
8.9
5.7
49
52
154
48
12.6
8.3
3.4
4.1
8.3
5.6
49
48
165
4.7
12.8
8.2
3.4
4.0
7.5
5.4
46
4.8
15.9
4.6
12.2
9.3
3.0
3.8
8.7
5.6
4.9
4.9
15.6
4.7
12.4
9.0
3.3
3.9
8.4
70
13 1
71
69
12.5
62
116
60
58
10.5
63
120
63
62
9.5
63
12 1
63
62
9.4
61
11 7
57
54
9.3
61
108
60
60
10.9
60
113
56
55
10.6
59
11 9
56
54
8.6
59
11 2
57
52
10.6
58
106
53
48
11.1
57
106
51
48
10.9
58
122
56
55
11.5
57
110
56
59
10.2
56
107
52
52
11.0
53
106
53
4.8
10.6
57
10.5
5.4
4.9
13.9
2.4
2.3
2.1
2.2
2.4
2.5
2.4
2.4
2.2
2.0
2.1
2.1
2.0
1.6
1.7
1.7
47
8.6
7.2
10.9
78
43
7.7
6.1
9.4
71
43
7.6
6.5
9.8
65
42
7.3
6.1
9.4
44
45
79
5.9
8.4
51
43
7.5
5.4
8.9
56
44
7.6
5.2
8.1
57
44
7.5
5.1
7.8
58
42
7.3
4.9
8.3
68
41
7.5
5.2
8.3
84
36
7.0
5.2
8.7
87
44
7.7
6.9
10.4
103
41
8.0
6.9
10.3
95
41
7.0
6.8
9.8
86
35
6.4
5.3
8.6
6.3
41
6.8
5.1
8.3
6.1
••99,525 102,310 101,478 102,268 102,910 102,212 102,471 103,288 104,210 104,548 104,809 102,802 103,373 104,161 105,144 "105,946
r
82,832 '85,295 '84,182 '84,965 '85,861 '86,057 '86,478 '86 556 '86 855 '87 034 '87,318 '85,593 '85,844 '86,490 '87,486 "88,252
'99
525 '102 310 '101 615 '101 829
r
82,832 '85,295 '84,653 '84,859
'66,230 '65,711 '65,889
'63,867
r
24 558 '24 784 '24 596 '24 653
r777
'711
'721
'716
r
'4943 '4967
'4998
4816
18 965 '19065 '18 942 '18 970
11r 230 '11 218 '11 146 '11 159
'735
710
'740
738
r
'509
498
'518
'514
'582
'582
'585
'581
r
743
752
'749
'743
1407
1423
1 397 '1397
r
2053
'2002
'2023
'2007
r
'2073 '2072
'2,084
2,116
r
2,025
'2,048
'2,048
'2,048
'102 078 '102 430 '102 672 '102 906 '103 371 '103 678 '104 001 '104 262 '104 729
'85,094 '85,421 '85,656 '85,851 '86,241 '86,520 '86,794 '87,044 '87,475
'66,112 '66,352 '66,545 '66,695 '67,016 '67,223 '67,446 '67,675 '68,085
'24 684 '24 788 '24 851 '24 902 '25 025 '25 123 '25 201 '25 180 '25 271
'731
'728
'735
'736
'740
'728
'722
'719
'734
'5150
'5083
'5118
'5090
'5060
'5012
'5012
'4997
'4983
'18 982 '19 069 '19 111 '19 156 '19 225 '19 297 '19 348 '19 369 '19 390
'11 166 '11 190 '11 246 '11 269 '11 315 '11 355 '11 390 '11 393 '11 404
'756
'754
'754
750
'744
'744
'739
740
'736
'535
'536
'533
'531
'526
'524
'524
'516
'529
'584
'583
'588
'585
583
'580
'580
'580
'579
770
'769
768
'768
'766
'755
'751
746
'761
1438
'1 429 1 433 1435
'1 400 '1 404 1 405 1 412 '1421
'2,091
'2074
'2062
'2085
'2049
'2031 '2039
'2020
'2013
'2,112
'2,110
'2112
'2100
'2094
'2081 '2085
'2075
'2066
'2,031
'2,036
'2,046
'2,047
'2,052
'2,052
'2,032
'2,047
'2,063
'105 020 '105 269 "105 478
'87,700 '87,957 "88,122
'68,295 '68,498 "68,647
'25 330 '25 438 "25,446
"737
'739
'733
'5,240 "5,234
'5192
'19,405 '19,459 "19,475
'11 411 '11 458 "11 470
"757
'757
'755
'536
"537
'534
'587
"583
'585
"775
'773
'772
'1,444 "1,449
'1,439
'2,110 "2,117
'2,099
'2,118 "2,116
'2,115
'2,044 "2,050
'2,025
'706
'361
'7734
1609
59
'703
696
'370
'7 847
1624
••54
'725
'693
364
'7 796
'1622
'54
'719
'694
693
368
366
'7 811
'7816
1 618 '1 621
''55
'55
'721
'724
695
370
'7879
'1 629
'55
'730
'696
'372
'7865
1 625
'54
'728
'696
'374
'7887
'1 627
'53
'730
'700
'377
'7910
1 630
'52
'731
'704
'379
'7942
'1 636
'54
'733
'704
'379
'7958
'1638
'54
'733
'704
'380
'7976
'1*647
'55
'732
'705
'382
'7986
'1649
'54
'732
'705
'382
'7994
1647
'54
'729
'705
'384
'8,001
'1,648
54
'727
"707
"379
"8,005
"1,640
"53
"728
1,101
674
1,459
'1022
'169
1,100
'679
1,507
'1026
165
1,092
677
1,496
'1017
164
1,095
'678
1,501
'1 020
165
1,116
678
1,510
'1 025
165
'1,098
'680
1,514
'1 029
165
1,104
'682
1,518
'1 032
166
1,106
'682
1,522
'1 036
167
1,110
'683
1,528
1 041
167
1,106
'684
1,532
1 047
167
1,105
'685
1,538
'1 047
166
1,104
'686
1,544
1049
165
1,106
'687
1,548
1 052
*164
1,100
'688
1,554
1055
165
"1,099
"689
"1,556
"1059
"165
790
149
'74 967
'5255
'5753
17 930
'813
'823
142
144
'77 525 '77019
'5354
'5 385
'5872
'5829
'18 509 '18*394
1,098
'677
1,505
1 014
165
'815
'816
142
142
'77 176 '77 394
'5363
'5356
'5860
'5841
'18 417 '18 481
'6283
'6549
'23 053 '24 196
'16 693 '17 015
2899
2943
'3893 '3963
'9901 10 109
'6518
'6539
'23 962 '24 053
'16 962 '16 970
'2930
'2936
'3955 '3954
10 077 '10 080
'67,018
'12 877
'69,039
'12 995
'68,086
'12 832
'67018
17 197
'545
'3775
12,877
'7426
'597
'398
'69 039 '68 535
'17,412 '17 264
'505
'515
'3 902 '3858
12,995 12,901
'7395
'7453
'619
'616
'415
'408
'68,819
'12 890
'6553
'24 153
'16 984
'2939
'3946
'10 099
'824
147
'77 642
'5*373
'5874
'18 543
'827
145
'77 821
'5394
'5892
'18 569
'830
145
'78 004
'5427
'5914
'18 605
'839
145
'78 346
'5448
'5935
'18 705
'845
145
'78 555
'5*466
'5958
'18 761
'851
146
'78 800
'5481
'5984
18 784
'856
'854
147
147
'79 082 '79 458
'5,513
'5499
'6035
'6010
'18 927 '19 045
'6570
'24 273
'17 009
'2941
r
3965
'10 103
'6581
'24 369
'17 016
'2943
'3971
'10 102
'6588
'24 415
'17 055
2962
'3973
'10 120
'6604
'24 524
'17 130
'2966
'3985
'10 179
'6608
'24 604
'17 158
'2974
'3988
'10 196
'6619
'24 725
'17 207
'2980
'4001
10*226
'6633
'24 795
'17 218
'2973
'4006
'10 239
'69,593 '69,706
'13 024 '12 893
'68 703 '68 890
'17 306 '17 334
'512
'510
'3883
'3873
12,923 12,939
'7417
'7408
'616
618
'413
'411
'6636
'24 975
'17 254
'2972
'4014
10 268
'860
• 147
'79 690
'5,530
'6061
'19 050
"870
'864
146
"146
'79 831 "80,032
'5,542 "5,561
'6089 "6,113
'19 083 "19,128
'6651 '6649 "6,639
'25 078 '25 156 "25 235
'17 320 17*312 "17 356
'2968 "2954
'2970
'4040 "4067
'4031
'10 319 '10 304 "10,335
'70,085 '70,135 '70,369 '70,523 '70,767 '69,028 '69,239 '69,797 '70,697 "71,356
'13 098 '13 240 '13 226 '13 256 '13 239 '13 101 '13 136 '13 165 13 210 "13268
'69 155
17 417
'517
'3894
13,006
'7432
'619
'420
'69 343
'17 468
'522
'3908
13,038
'7 483
'617
'419
'69 463
'17 506
'528
'3903
13,075
'7499
'621
'420
'69 766
'17 601
'534
'3949
13,118
'7 532
'621
'424
'69 988 '70 234
17 678 '17 743
'530
'531
'3998
'3972
13,175 13,215
'7 564 '7 590
630
627
'427
'425
'70 405
'17 698
'524
'3949
13,225
'7 582
'629
'428
'70 787 '70 961 '71 152 "71 239
17 798 17 839 '17 909 "17 913
"531
'534
'529
'527
'4096 "4081
'4059
'4022
13,249 13,251 13,279 "13,301
'7 632 "7 648
'7 599 '7 598
'632
'631
"634
'631
'427
"430
'426
'427
'450
566
1,052
1,221
1,227
1,272
'450
'564
1,044
1,199
1,222
1,291
'450
'558
1,034
1,181
1,212
1,294
'449
'559
1,034
1,186
1,214
1,294
'448
561
1,038
1,192
1,211
1,293
'448
565
1,040
1,197
1,221
1,274
'448
'571
1,043
1,207
1,224
1,305
'449
'577
1,050
1,213
1,225
1,292
'451
'580
1,055
1,221
1,233
1,290
'453
'584
1,063
1,230
1,235
1,285
'457
'584
1,068
1,238
1,241
1,283
'453
583
1,068
1,244
1,240
1,273
'454
'586
1,071
1,250
1,241
1,271
'455
'588
1,071
1,256
1,242
1,261
'457
'591
1,074
1,263
1,245
1,273
"452
"593
"1,081
"1,269
"1,244
"1,277
'382
'262
'379
'270
376
266
'376
267
376
269
378
'270
'378
'271
'380
'272
'383
'274
'385
'277
'385
'277
'387
'277
'388
'280
'388
'280
'389
'281
"391
"277
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
S-ll
SURVEY OF CURRENT BUSINESS
June 1988
Annual
1988
1987
TT
u
LJnlts
1986
Apr.
1987
May
June
July
Aug.
Sept.
Nov.
Oct.
Dec.
Jan.
Feb.
Mar.
May
Apr.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT §— Continued
Seasonally Adjusted
Production or nonsupervisory workers—Contin-
ued
Nondurable goods
Pood and kindred products
Tobacco manufactures
Textile mill products . . . .
Apparel and other textile
products
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products nee
Leather and leather products
Service-producing
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real
estate
Services
.
thous ..
do ....
do....
do
'5,450
••5,543
'5,506
'5,515
1,131
1,149
r
1,148
1,145
'608
r
629
'624
do....
do ....
do....
do....
do ....
'927
r
924
r
516
r
'918
'515
'833
'570
'107
'44
511
817
568
106
41
842
'576
108
r
'631
639
119
120
51 628 '51,271
r
'4,433
4464
r
'4665
4704
16 454 16 365
do
do....
.do...
do ....
do
do
'615
123
49,822
r
4,345
r
4615
15 969
do....
do
r
4,645
'20 248
r
4807
'21 198
348
348
r
'41
r
'5,650
1,172
'5,653
1,169
1,168
'5,647
1,167
"5,653
"1,161
'41
'42
'41
41
40
"40
'636
'636
'636
'636
'634
'632
"633
'932
'518
'856
'585
109
'930
'519
'858
589
'109
'929
'520
'863
589
109
'928
'521
'867
'589
108
'930
'521
'870
'592
107
'926
'521
871
'593
107
"924
"523
"870
"597
"107
'5,586
'1,153
'5,611
'5,625
'5,643
1,159
1,161
'634
'634
'927
'520
'849
'582
109
'929
'518
'851
'582
109
'5,555
1,149
'5,576
'1,151
'635
'632
'923
'514
'840
'569
108
'939
'516
'842
576
108
'922
'516
'846
579
108
'633
'632
119
119
'51 397 '51,556
'639
124
'641
121
'644
121
'650
121
'655
121
'661
121
'664
122
'666
122
'669
121
'670
120
"677
"121
'51,957
'4,502
'4736
'52,165
'4,517
'4752
'52,310
'4,533
'16 520
16 610
'16,651
'52,491
'4,545
'4802
'16,671
'52,707
'4,560
'4,825
16,795
'52,989
'4,574
'4,848
16,902
'53,122
4,587
'4,881
16,897
'53,243
'4,599
'4,901
16,941
"53,326
"4,617
"4,920
"16,942
'4,831
'4,824
'4,818
'21 531 '21 649 '21 696
'4,827
'21,838
'4,825
'21,932
'4,819
'21,983
"4,814
"22,033
'5,522
1,148
'5,574
'1,153
'41
'42
'626
'628
'920
'514
836
572
108
'42
'41
'4,439
'4676
'4,450
'4695
'51,738
'4,460
'4706
'51,875
'4,477
'4720
'16 384
16 433
16 486
'16 508
'4,811
'4,805
'4,815
'21 003 '21 087 '21 163
'39
'39
'4,821
'4,822
'4,819
'4,822
'21 267 '21 348 '21 378 '21 464
'40
'4 777
AVERAGE HOURS PER WEEK §
Seasonally Adjusted
Avg. weekly hours per worker on private nonag.
payrolls: 0
Not seasonally adjusted
hours
Seasonally adjusted. . . .
do
Mining $
.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
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
r
422
374
424
r
37.8
'345
34.7
'41.6
37.4
348
350
'348
42.4
38.5
'347
40.9
40.7
41.0
40.4
'407
34
413
35
37
415
3.8
35
40.3
40.6
r
398
400
42.2
41.9
41.3
416
42.3
43.1
41.5
422
38.1
41.1
410
38
410
37
41.5
40.6
'392
'42.0
'42.5
41.2
41.8
41.6
'3.8
'40.9
'400
42.3
'42.9
'41.5
42.2
41.2
3.6
'350
34.8
'42.0
38.6
'35.2
'34.8
'42.7
38.6
40.6
41.0
40.9
3.8
41.6
34.6
'42.3
'36.5
34.9
34.9
'42.9
38.8
34.8
'34.8
'42.6
37.1
'34.8
34.6
'43.1
37.6
«
34.4
'34.7
'42.1
'35.9
34.5
'34.8
'41.8
'36.1
'34.4
34.6
'41.9
'37.4
'34.7
34.9
'42.8
'37.9
"34.6
"34.7
"42.4
"38.4
40.8
41.3
'412
40.7
41.0
'40.9
'40.9
41.0
41.2
347
410
3.8
406
'37
41.0
'39.6
'395
'42.0
'43.2
'40.9
'41.7
3.8
3.8
40.6
40.6
400
400
42.0
'43.0
'41.6
'42.3
'42.3
'43.2
'41.5
'42.5
'41.5
'3.9
'40.5
'400
'42.2
'43.3
41.5
'42.3
3.7
41.4
41.2
41.8
41.0
41.0
'41.1
'39
3.9
3.8
3.9
'41.8
'4.0
40.4
'401
'42.5
'43.6
'41.9
42.6
'41.8
41.5
'41.6
r
4.0
3.8
3.8
4.2
'40.7
'40.2
'42.4
'43.5
42.1
42.7
40.4
39.8
42.5
'43.4
41.7
'42.6
'40.2
'39.6
42.0
'43.4
'41.8
'42.7
'40.3
'39.5
'42.3
'43.1
'41.6
42.6
40.1
39.3
'42.3
'43.3
'41.6
42.5
'40.6
'39.5
'42.5
43.4
42.0
42.8
"41.0
"41.1
"4.0
"41.9
"4.2
"40.1
"39.3
"42.3
"43.7
"42.1
"42.6
410
4.0
3.9
3.7
3.7
41.5
'41.5
4.0
41.9
410
409
42.3
'42.0
'407
41.9 ^
'409
42.2
'409
41.9
'409
'41.8
'409
'41.8
'41.4
'410
'42.4
'42.3
40.9
'41.5
'41.1
'42.0
40.9
'42.0
'40.9
'42.1
41.2
43.0
"41.1
"43.1
410
39.6
399
41 4
'39.4
402
'41 1
'39.1
'399
'414
'39.4
'403
'41 4
'39.4
40.2
'415
'39.5
40.3
'416
'39.7
40.3
'410
'38.9
40.1
'419
'39.5
'404
'414
'39.2
'40.3
'41.2
'39.2
40.3
'41.8
'39.1
'40.3
41.3
'39.3
'40.2
'41.7
'39.4
'40.3
37
36
38
'37
37
3.8
3.6
40.2
'40.0
'377
'415
40.1
393
40.1
'412
421
'40.1
'373
'423
'40.2
'378
'420
40.2
'401
'414
'40.4
'41 4
'418
'40.4
'40.9
'41.6
'40.5
40.5
'41.5
'40.6
39.2
'41.5
'40.3
'38.6
'41.6
41.4
'39.2
40.1
'3.6
'40.1
'39.3
'41.2
40.2
'38.6
'41.6
"41.4
"39.3
"40.0
"3.7
"40.2
"39.6
"40.9
'364
'43.1
37.7
42.2
'44.0
'37 1
43.5
'38.0
'422
'44.0
'370
'43.4
'38.0
'422
'43.6
'372
43.5
38.1
42.2
'44.9
'372
43.4
'38.1
42.4
'43.6
'364
'43.7
'38.1
'42.5
'44.0
'373
'43.6
'38.1
'42.5
'44.0
371
43.5
38.0
'42.5
'44.1
'371
'43.3
'38.0
'42.5
'44.5
'36.8
'43.4
'38.1
'42.5
44.2
37.0
43.3
38.1
'42.4
'43.3
'37.0
'43.2
38.1
42.5
43.7
'37.4
'43.4
'38.2
'422
'44.1
"36.8
"43.3
"37.8
"42.0
"44.3
'41 2
'370
'391
'381
'41 7
'384
'393
'41 6
'38.4
'393
'41 6
38.9
'41 3
'37.8
'41 8
'38.8
'295
'382
'292
'417
'38.0
'39.5
'38.1
292
'382
'294
'416
'38.0
'391
'38.0
'293
381
293
'418
38.3
'392
'38.2
295
'41 7
'385
'390
'381
292
288
290
'41.6
'37.8
39.1
'38.2
'291
'41.7
'37.9
'38.8
'38.1
29.0
'41.9
'37.1
'39.2
'38.3
'29.2
"41.6
"37.5
"39.0
"38.1
"29.1
363
363
364
325
362
325
364
325
360
325
362
36.3
'36.2
'326
326
36.0
'325
326
36.4
'327
35.8
32.4
36.2
32.7
"35.7
"32.5
190.09 187.90 189.89
151 97 156 47 '155 16 155.87
157
1 54
1 59
1
71
r
r
937
'984
'966
982
r
r
'40.36
'39.98
40.59
40.15
10.92
10.91
10.99
10.74
11.63
1156
1165
1146
r
'2803
'2822
'28 10
2723
189.86
'155.91
190.48
191.28
'157.52
188.14
192.85
'156 93
'161
193.07
'159.00
193.31
'158.65
193.50
'159.24
195.29
160.75
195.00
160.24
196.60
161.72
"196.29
"161.23
10.03
1.60
10.30
"10.35
"41.48
"11.28
"12.11
"28.92
36
33
40.0
374
41 1
r
r
418
r
367
43.2
38.0
41.9
43.8
r
370
43.4
38.0
423
44.0
41 3
36.9
r
390
r
392
41 6
382
'392
r
381
'292
383
292
r
364
325
363
32 5
'34
'325
37
420
383
32 5
36
37
393
404
391
380
393
3.6
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. hours ..
Total 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): <)
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.
185.21
'1 57
'970
'40.34
10.92
11.62
'2806
922
'158 58
'164
'1009
'40.55
'40.66
'40.75
'41.10
'41.28
'10.17
'41.27
11.01
'11.63
'2826
11.06
11.71
'2848
11.03
1171
'28 50
11.17
1181
'2843
11.20
'11.81
'2846
'156 63
'1 58
'977
'162
'982
162
'10.06
'41.32
'41.29
11.18
'11.82
'2806
'9.71
41.35
11.27
11.89
'2852
11.25
12.01
'28.90
11.16
11.99
'28.77
'1.65
10.40
41.44
11.31
12.15
'28.99
164
159
1.59
"1.62
11.92
r
39.39
3325
1237
12.36
'41.16
'3402
12.42
'41.27
'3395
12.39
'41.45
'33 85
12.45
41.35
'3362
'12.34
'40.93
'3275
12.48
r
'41.69
'3375
'41.66
'3121
'12.43
'41.92
'3427
12.48
'42.11
'3407
12.39
'42.12
'34.66
12.50
'42.41
'34.26
12.58
'43.06
'34.53
12.38
'42.80
'34.76
12.52
'43.27
'34.87
"12.35
"43.11
"35.06
117.3
r
97.4
'85.9
1281
'92.0
90.2
r
94.7
128.3
120.9
r
99.2
'81.3
1335
'93.4
'90.9
'97.1
132.8
119.9
'97.6
'79.1
1311
'92.0
'89.5
'95.6
132.2
120.4
'98.7
'80.8
'1330
'92.9
'90.4
'96.7
132.4
120.5
'98.7
'80.8
'132.7
'93.0
'90.4
'96.7
132.5
121.1
'99.3
'81.9
'133.0
93.6
'90.7
'97.8
133.2
121.6
'99.6
'82.9
133.9
93.8
'91.3
'97.5
133.8
121.1
'98.0
'82.7
1270
'93.2
'90.3
'97.3
133.9
122.5
101.0
'85.0
'136.7
'94.8
'92.5
'98.3
134.3
122.8
101.2
'84.1
136.4
'95.1
'92.9
'98.5
134.7
122.5
101.3
'84.0
137.7
'95.0
'92.5
'98.7
134.2
123.0
100.5
'81.7
'132.1
'95.2
'92.7
'99.0
135.5
123.9
101.1
r
82.5
136.0
'95.2
'92.7
'99.0
136.4
123.6
101.6
'83.2
139.1
'95.2
'92.7
'98.8
135.8
125.0
102.7
'86.0
141.1
96.1
'94.0
'99.1
137.3
"124.5
"102.2
"95.8
"94.0
"98.5
"136.7
106.4
117.6
118.5
109.3
119.3
122.5
108.3
118.1
122.9
109.0
119.0
122.2
108.4
118.9
122.2
109.5
119.2
123.0
109.9
119.8
123.6
110.0
119.6
124.1
110.9
120.7
123.5
111.0
121.3
123.8
111.0
121.3
122.2
112.6
122.2
124.0
111.8
123.1
125.2
111.2
123.6
124.8
112.7
124.8
126.0
"112.5
"124.6
"125.5
136.8
145.7
140.9
152.4
141.0
151.0
141.5
151.6
141.6
152.1
141.4
152.9
141.8
153.5
140.6
153.7
141.1
154.8
141.3
155.3
139.6
155.6
141.3
156.5
141.6
158.0
139.6
157.2
141.0
159.0
"139.3
"158.4
r
"84.1
"139.8
S-12
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
SURVEY OF CURRENT BUSINESS
1986
June 1988
1988
1987
Annual
,, ,t
Unite
1987
Apr.
May
June
July
Aug.
Sept.
Nov.
Oct.
Dec.
Jan.
Feb.
Mar.
Apr.
May
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HOURLY AND WEEKLY EARNINGS §
Average hourly earnings per worker: 6
Not seasonally adjusted:
Private nonagric. payrolls
dollars..
8.76
Mining
do
1246
Construction
do
1248
Manufacturing
do
973
Excluding overtime
do....
9.34
Durable goods
do
1029
Excluding overtime
do....
9.87
r
Lumber and wood products
do....
8.34
Furniture and fixtures
do
746
Stone, clay, and glass products
do....
10.04
Primary metal industries
do....
11.86
r
Fabricated metal products
do....
9.88
Machinery, except electrical
do ....
10.57
Electric and electronic
equip
do
965
Transportation equipment
do....
12.81
Instruments and related
products
do..
947
Miscellaneous manufacturr
ing
.. .
do
755
Nondurable goods
do....
'8.95
r
Excluding overtime
do
859
r
Food and kindred products
do....
8.75
Tobacco manufactures
do....
12.88
Textile mill products
do....
6.93
Apparel and other textile
products
do
584
Paper and allied products
do
11 18
Printing and publishing
do....
9.99
Chemicals and allied products
do....
11.98
Petroleum and coal products
do ....
14.19
Rubber and plastics products, nee
do....
8.73
Leather and leather products
do....
5.92
Transportation and public utilities
do ....
11.70
Wholesale trade
do
935
Retail trade
do
603
Finance, insurance, and real
r
estate
do
836
r
Services
do . .
8.18
Seasonally adjusted:
Private nonagricultural payrolls
dollars . .
8.76
Mining
do
1246
Construction
do
1248
Manufacturing
do
973
Transportation and public utilities
do ....
11.70
Wholesale trade
do
935
Retail trade
do
603
Finance, insurance, and real
r
estate
do
836
r
Services
do
818
Indexes of avg. hourly earnings, seas, adj.: Q
Private nonfarm economy:
Current dollars
1977 - 100
1694
1977 dollars $
do
950
Mining $$
do....
181.4
Construction
do ....
152.4
Manufacturing
do
1722
Transportation and public utilities
do....
171.0
Wholesale trade
ft
do....
172.5
Retail trade
do
1583
Finance, insurance, and real
estate £j:
do
1798
Services
do
1744
Hourly wages, not seasonally adjusted:
Construction wages, 20 cities (ENR): §§
Common labor
$ per hr
1637
21 46
Skilled labor
do
Railroad wages (average, class I)
do....
13.89
Avg. weekly earnings per worker,
private nonfarm: Q
Current dollars, seasonally adjusted
30485
1977 dollars, seasonally adjusted $.
171 07
Current dollars, not seasonally adjusted:
Private nonfarm, total
dollars.. r 304.85
Mining
do
525 81
Construction
do
'466 75
Manufacturing
do
39601
Durable goods
do
42498
Nondurable goods
do.
'357 11
Transportation and public
utilities
do
45864
r
Wholesale trade
do
358 11
Retail trade
do
176.08
Finance, insurance, and real
estate
do
'304 30
r
Services
do
265 85
8.98
1252
1269
991
9.48
1043
r
9.98
8.40
767
10.25
11.94
10.00
10.70
8.91
1251
1262
987
'9.49
1038
r
9.97
'8.36
r
759
10.23
11.92
r
9.95
10.63
8.93
1250
1266
987
9.45
1038
'9.95
8.37
r
763
10.26
11.92
r
9.94
10.63
'8.91
1252
1266
987
9.44
1040
••9.95
r
8.43
766
10.28
11.91
r
9.98
10.68
'8.90
1241
1260
987
r
9.45
1038
'9.95
r
8.45
r
766
10.30
11.93
r
9.93
10.67
8.94
1240
1268
986
9.42
1039
'9.93
r
8.48
774
10.28
11.93
r
9.94.
10.70
r
988
12.95
r
981
12.79
'981
12.85
r
983
12.87
r
986
12.82
r
r
See footnotes at end of tables.
138
'9.08
1242
1282
995
'9.48
1048
'9.99
r
8.42
r
771
10.27
12.00
10.06
10.79
'9.13
'1254
'1283
1001
9.54
'1054
10.04
'8.47
'771
10.30
12.04
10.10
10.83
9.13
'1260
1281
'1007
'9.59
'1060
10.09
'8.43
'778
10.29
12.11
10.19
10.89
9.18
'1277
'1299
1007
'9.62
'1060
10.13
'8.51
'780
10.35
12.06
10.12
10.85
'9.17
'1271
1282
1005
9.63
'1058
10.13
'8.53
'774
10.33
12.03
10.13
10.82
'9.18
1259
1287
1007
9.64
'1059
10.13
'8.45
'776
10.36
12.07
10.14
10.84
9.22
1258
12.85
10.11
9.67
'1065
10.16
'8.49
7.81
10.40
12.12
10.22
10.88
"9.26
"12.53
"12.87
"10.14
"9.70
"1067
"10.18
"8.55
"7.87
"10.45
"12.14
"10.23
"10.91
r
994
1304
r
992
1307
'998
1318
'1003
'13.25
'1002
1322
'1002
'13.17
'1004
13.20
'1009
13.29
"10 11
"13.29
978
'983
'984
'993
'992
'988
'9.87
"9.91
779
r
9.20
r
878
'8.88
13.18
7.24
'780
'9.26
'884
'8.98
13.75
'7.29
7 91
'9.32
'889
'9.07
13.69
'7.31
797
'9.32
'892
'9.06
13.79
'7.34
'790
'9.31
'893
'9.06
14.01
'7.30
'791
'9.33
'895
'9.07
14.42
'7.31
'791
'9.36
'8.97
'9.12
14.99
'7.35
"798
"9.39
"9.00
"9.13
"15.29
"7.32
r
597
l!46
10.41
12.50
1466
'598
'11 49
10.39
12.55
'1477
'600
'1153
10.43
12.61
'14.73
'602
'11 54
10.38
12.55
'1489
'602
1150
10.40
12.55
14.96
'603
1152
10.45
12.53
14.98
'604
11.59
10.40
12.56
15.02
"606
"11.68
"10.45
"12.64
"14.93
971
r
965
r
966
'966
971
r
974
r
976
r
775
'9.18
r
878
'8.94
14.03
r
7.17
r
769
'9.16
r
881
'8.97
14.33
'7.10
r
774
r
9.14
r
876
'8.99
14.60
'7.12
'775
r
9.13
r
874
"•8.92
15.85
r
7.13
772
r
9.18
r
878
8.88
15.17
r
7.13
r
772
r
9.14
r
872
'8.82
14.55
7.16
r
778
••9.30
r
886
'8.95
13.34
7.23
r
r
593
1143
10.28
12.37
14.59
r
593
1139
10.17
12.30
14.55
r
587
1141
10.19
12.32
14.54
r
589
1142
10.19
12.28
1444
r
587
1149
10.24
12.37
14.51
r
588
1141
10.32
12.33
14.54
r
599
1166
10.48
12.56
1474
'8.91
'6.08
1203
r
959
r
611
r
8.84
'6.14
11.94
r
952
609
'8.86
6.05
1193
'956
609
r
8.89
•6.09
1194
1-954
608
'8.96
'5.99
12.00
'956
607
'8.93
'6.04
!2.06
r
960
r
607
'9.01
'6.13
1211
r
964
620
'8.93
'6.12
1212
'965
6 16
'8.98
'6.15
'1221
'972
'6 18
'9.04
'6.16
'12.24
'973
6 19
'9.00
'6.16
'1216
'978
'624
'9.00
'6.19
'1223
'978
'623
'9.00
'6.23
'12.19
978
'624
'9.03
'6.29
12.17
988
'625
"9.05
"6.28
"12.18
"988
"6.27
r
873
r
r
872
r
872
840
r
863
r
r
863
r
r
873
r
'876
861
'889
871
'881
8.73
'896
'881
'902
'8.81
'8.97
'8.80
'9.05
'8.82
"9.17
"8.87
8.98
1252
1269
991
12.03
r
959
8.91
(i)
1267
986
11.97
952
608
9.02
(i)
'9.07
0)
'1272
'999
12.12
'970
6 16
'9.10
(i)
'1281
'1000
12.13
'971
6 17
9.11
(i)
'1274
'1001
12.16
969
'6 19
'9.14
(i)
'1291
1002
12.14
'975
'620
9.13
(i)
'1282
1003
12.19
'972
'620
'9.16
(i)
'1290
'1005
12.21
'976
622
9.22
(i)
'1290
'1010
12.19
'9.88
'624
"9.28
(i)
"1291
"1015
"12.25
"9.89
"627
r
876
r
855
'882
860
'889
'865
884
'867
'892
872
'891
'872
'890
875
'900
'881
"916
"8.91
r
r
8.41
848
r
837
r
r
r
8,34
874
8.40
854
r
8.95
(i)
1270
988
12.00
r
957
609
8.95
(i)
1274
'989
12.00
'955
6 10
8.96
(i)
!271
'988
12.03
959
"•9.01
(i)
!272
r
994
12.09
r
965
6 13
868
'840
r
872
r
r
865
r
r
870
r
rg79
846
'853
1735
940
182.2
154.9
1749
176.1
177.1
1609
1725
'94 1
181.3
1545
1743
175.2
175.9
1599
1729
940
181.5
1548
1742
176.0
176.7
160 3
1729
938
181.9
1554
1745
175.6
176.3
1606
1732
937
181.8
1549
1745
176.2
176.5
161 1
174 1
937
181.4
155 1
1753
177.0
177.3
161 5
1746
r
937
182.8
r
!548
r
!763
176.8
178.1
162 3
1749
936
182.1
'1552
'176 1
177.5,
178.3
'162 1
'1756
938
184.1
1565
'1764
177.6
179.6
'1624
1757
'937
183.9
'1554
'1766
178.2
179.6
1627
'1766
'938
185.2
'1576
'1768
178.3
180.4
'1634
'1767
'937
184.6
156.8
'1770
179.1
180.5
'1634
'1770
'935
183.6
'157.5
1773
179.4
180.4
'1638
'177.8
'93.5
184.2
'157.5
1778
179.5
182.3
'1646
"1788
"936
"184.0
"157.6
"1784
"180.5
"182.4
"1653
187 5
181 1
1868
1794
1870
1800
1854
1802
1855
1809
188 1
1824
187 7
1825
'1884
1839
'1912
'1849
1899
'1852
192.9
'1865
'194.2
1863
'193.4
1869
195.0
'188.2
"197.4
"1904
1686
2212
14.25
1667
21 87
14.23
1672
21 94
14.28
16 84
2201
14.14
1689
2212
14.11
1699
2230
14.27
17 05
2241
14.26
17 05
2242
14.23
17 05
2243
14.39
17 05
2243
14.87
1706
2243
14.75
1707
2245
15.04
17 11
2254
14.75
17 11
2254
14.80
1720
2258
31250
16928
30918
16867
'311 46 r310 57
169 36 168 42
311 81
16864
313 55
168 76
31209
167 61
'316 54
'169 36
'316 68
'169 08
31521
16802
'317 16
'168 43
'317 72
'168 46
'316.94
'167 43
312.50
r
307.40
r
520 42
r
310.76
530 00
'487 41
40368
'430 77
r
367 43
r
311.85
r
529 60
r
r
311.50
r
521 22
r
r
314.69
r
529 48
r
r
314.04
r
528 75
r
466 84
r
407 59
r
431 14
r
'316.89
'532 82
'497 42
41094
'438 06
'372 60
'317.72
'534 20
'475 99
41441
'442 68
'375 96
'317.72
'543 06
'481 66
'420 93
'449 44
'381 19
315.79
'537 62
'466 34
41287
'440 96
'374 66
'316.37
'531 28
'462 80
'409 04
'436 95
'370 54
'315.79
'527 52
'481 34
'411 86
'440 54
'373 20
'319.93
'538.42
'487 02
'414 51
'444 11
'373 46
r
466 46
r
r
468 05
'36538
17997
'475 20
'365 19
182 10
r
478 78
r
367 68
r
r
474 71
r
366 32
r
'477 53
'369 60
'179 26
'479 85
'371 30
179 22
'479 81 '474 24
'371 69 '370 66
181 37 '176 59
'475 75
'370 66
'177 56
'470 53
'370 66
'178 46
'473 41 "472 58
'377 42 "376 43
'180 63 "181 83
'314 13
273 70
r
'312 41
273 55
'318 14
27636
r
314 28
r
'317 11
27983
'322 71
28308
'317 16
28285
'328 33
'287 21
'321 13
'284 24
'327 61 "327 37
'287 53 "287 39
rg H
r
'873
r
848
r
530.85
r
479 68
40631
r
432 85
'369 04
r
471 58
r
365 38
178 41
'316
90
r
275 60
471 99
39875
r
426 62
r
361 82
46327
r
361 76
17783
'316 54
27248
r
843
r
366 15
177 83
31654
272 16
r
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
r
988
!2.88
'9.05
!250
1279
r
999
9.53
1049
10.02
r
8.46
'7 74
10.37
12.19
10.00
10.74
r
153
149
153
rg 12
844
482 35
40566
'43368
r
367 94
r
r
r
486 36
40072
'425
58
r
367 20
r
489 45
40327
r
429 11
r
369 26
!83 31
r
r!270
iooo
12.07
r
964
rg Jg
374 79
!82 90
276 70
'324 35
'285 44
1359
137 5
1386
1406
139.3
130 1
1385
1412
131 3
1399
1422
1325
1408
1442
1347
1429
131.5
137 8
1458
1447
1327
1396
C
1492
1464
1341
1405
1506
148 1
1368
1423
1528
1503
152
152
r
!61
158
162
162
155
153
156
'158
321.78 "322.02
169 18 "168 60
158
"320.40
"531.27
"494 21
"415 74
"446 01
"375 60
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
S-13
SURVEY OF CURRENT BUSINESS
June 1988
Annual
„ .,
units
1987
1986
1988
1987
Apr.
June
May
July
Sept.
Aug.
Oct.
Nov.
Jan.
Dec.
Apr.
Mar.
Feb.
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....
68
529
12,140
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, insured unemployment,
average weekly
thous ..
46
174
4,481
2746
2
3
g
6
3
7
1
Q
o
3
5
1
o
3
151
7
201
16
278
g
471
18
361
46
1,155
1
353
12
223
0
159
7
37
17
337
6
203
14
208
2526
2216
2108
68,645
68,771
71,891
71,068
70,565
62,957
62,419
63,454
64,112
63,332
283,979
269,989
19673
1356
1 144
1309
2650
2456
2 155
2051
26
25
28
2337
15403
2304
1372
23
24
21
24
1903
1084
1862
1105
23
20
18
18
151
13
12
12
20
18
1398
20
17
114
19
16
105
19
17
112
26
19
15
12
FINANCE
BANKING
Open market paper outstanding, end of period:
Bankers' acceptances
mil. $ .
Commercial and financial company
paper, total
do
Financial companies
do....
Dealer placed
do....
Directly placed
do....
Nonfinancial companies
do....
Loans of the Farm Credit System: **
Total, end of period
mil $
Federal land banks and Federal
land bank associations
do ....
Federal intermediate credit banks and
production credit associations
do....
Banks for cooperatives
do....
Federal Reserve banks, condition, end of period:
Assets, total #
mil. $..
Reserve bank credit outstanding, total $
do
Loans
do
U.S. Government securities
do....
Gold certificate account
.do
Liabilities total #
do
Deposits, total
do
Member-bank reserve balances
do. .
Federal Reserve notes in circulation . .
do
All member banks of Federal Reserve System,
averages of daily figures:
Reserves held, total
mil. $..
Required
. ..
do
Excess
do
Borrowings from Federal Reserve
banks
do
Free reserves
do
Large commercial banks reporting to Federal
Reserve System, last Wed. of mo.: $
Deposits:
Demand, total #
mil. $..
Individuals, partnerships, and
corporations
do ....
States and political subdivisions
do....
U.S. Government
do....
Depository institutions in U.S
do
Transaction balances other than demand
deposits *
do
Nontransaction balances, total *
do....
Individuals, partnerships, and
Loans and leases(adjusted),total § .
.
do .
Commercial and industrial
do ..
For purchasing and carrying
securities
do .*.,
To nonbank depository and other
financial
do....
Real estate loans
do....
To States and political subdivisions
do....
Other loans
do
Investments, total
do
U.S. Treasury and Govt. agency securities,
total
do ....
Investment account
do....
Other securities
do ....
See footnotes at end of tables.
66,752
67,779
69,622
68,495
64,974
70,565
326,144
253,131
102,753
150,378
73,013
3
373,586
3
287,274
3
115,034
3
172,240
3
58,250
52,498
54,268
53,638
52,498
39,286
34,346
35,990
35,124
34,346
11,563
7,400
9,927
8,225
10,649
7629
10518
7995
9,927
8,225
267,359
275,566
349,763 355,445 351,253
269,578 276,216 272,186
105,583 107,353 109,010
163,995 168,863 163,176
86,312 80,185 79,229 79,067
273,590
255,122
265,548
347,421 347,917 360,173 361,124
268,049 270,455 280,848 279,957
105,285 107,898 113,988 108,064
162,764 162,557 166,860 171,893
79,372 77,462 79,325 81,167
257,388
252,736
262,649
270,048
354,012 '373,586
273,760 '287,274
103,234 '115,034
170,526 2 2172,240
80,252 86,312
266,491 275,566
224,285 236,046
3,815
1,565
211,316 222,551
11,084
11,078
267,359 275,566
56,899
48,368
48,107
41,784
232,512 216,741 223,568
972
832
2,464
218,883 207,304 212,306
11,069
11,070
11,076
273,590 255,122 265,548
50,652
65,713 45,219
38,144 36,102
35,149
217,861 215,937 221,753 229,428 230,022 236,046
3,815
790
587
1,941
634
566
208,170 207,238 211,941 217,614 218,960 222,55!
11,078
11,085 11,082
11,075
11,068
11,069
257,388 252,736 262,649 270,048 266,491 275,566
48,368
45,409 41,833 49,022 52,798 46,177
39,501 37,491 39,028 43,187 41,781 41,784
195,360
212,890
193,547
196,714
198,255
199,115
199,424
199,680
202,712
1
59,560
1
58,191
1
1
62,123
1
61,094
1
1,029
59,393
58,566
827
58,339
57,260
1,079
58,784
57,594
1,190
58,838
58,078
761
58,361
57,329
1,032
59,813
59,020
793
61,106
59,977
1,129
61,205
60,282
923
62,123
61,094
1,029
'827
'580
'777
'345
993
-46
1,035
240
776
673
672
372
647
664
940
84
943
375
625
424
777
345
379,192 389,156 388,492
296,593 302,541 302,755
122,838 127,032 129,698
173,755 175,509 173,057
82,599 86,615 85,737
265,174
260,693 265,072
226,563 225,526 227,504 244,006 233,886
3,304
2,590
2,311
336
333
218,411 216,891 217,496 203,971 223,192
11,063 11,063
11,063 11,063
[11,068
265,174 260,693 265,072 283,979 269,989
58,481 42,354
42,150
42,954
46,284
41,720 38,758
35,338 39,701 38,777
210,842 215,168
205,871 206,300
209,719
62,640
61,345
1,295
60,047
58,914
1,133
60,076
59,147
929
'62,064
'61,205
'859
60,680
59,652
1,027
1,082
272
396
812
1,752
704
2,993
1,988
2,578
1,305
'299,435 '247,359 '236,697 '239,637 '229,223 '222,523 '218,826 '247,662 '238,194 '225,252 '247,359
221,655 214,894
223,226
225,053 2J5.417
190,558 183,115 185,874 173,349 172,173 169,161 192,186 184,623 177,922 190,558
'230,624
r
'6,251
'6,744
'6,744
'6,391
'6,089
'5,925
'6,249
'6,373
7,810
'6,921
'6,081
'4,544
'3,258
'2,273
'2,156
'3,183
'2,569
'2,873
'3,144
1,337
'3,258
1,871
r
34,659 '27,448 '24,272 '28,130 '23,845 '23,564 '23,810 '26,664 '24,802 '23,542 '27,448
173,528
6,741
3,079
23,250
167,736
6,743
3,250
21,878
175,045
5,882
3,069
21,954
176,868
6,317
4,010
21,590
170,851
5,629
2,121
21,035
r
r
64,881 '67,094 '64,987 '63,766 '63,139 '64,023 '65,096 '65,110 '64,815 '65,539 '67,094
537,869 '565,046 '545,376 '552,810 '555,152 '555,783 '555,098 '556,013 '563,832 '565,981 '565,046
68,742 69,248
583,641 587,949
70,977
590,904
72,244
589,401
70,507
594,842
'496,382 '524,423 '504,249 '509,757 '512,875 '515,758 '515,393 '515,415 '523,404 '525,604 '524,423
r
836,845 '846,807 '833,235 '832,954 '831,850 '826,216 '829,948 '846,247 '852,240 '842,808 '846,807
'297,246 '287,232 '284,801 '286,474 '283,233 '277,246 '276,330 '282,932 '282,877 '283,311 '287,232
543,581 547,278 550,777
864,261 861,774 871,882
288,028 290,090 293,278
1,369
14,591
12,490
'20,545
14,287
14,198
14,508
14,171
18,133
19,205
207,873 212,890
12,555
12,490
12,600
12,853
14,216
549,652 553,766
881,326 882,613
297,918 299,004
13,081
11,704
r
22,031 22,350
22,492 21,782 22,274
28,449 '23,925 '25,559 '25,117 '25,038 '22,643 '22,182 '22,800 '22,688 '22,765 '23,925
r
'260,308 '235,323 '239,195 '243,606 '245,461 '247,890 '251,990 '254,830 '257,323 '260,308 267,728 268,713 271,581 273,834 276,959
222,785
r
30,993
31,258
I 32,422 32,076 31,632
'32,448
'33,373
'35,708
'33,525
'34^152
'34,005
'34,295
'35,093
'36,059
'32,448
36,953
r
236,821 '230,404 '230,948 '232,173 '230,682 '232,063 '235,370 '236,240 '239,115 '233,481 '230,404 240,991 236,260 238,901 243,204 241,603
196,123 196,268 190,087 189,596 186,408 191,150 192,465 193,384 194,152 196,692 196,268 . 202,980 204,712 202,529 202,133 205,463
119,454 122,902 116,537 117,293 113,423 119,606 120,939 121,792 122,746 123,616 122,902
'99,832 111,858 102,662 103,654 101,009 105,218 107,758 107,612 108,748 109,136 111,858
'76,669 '73,366 '73,550 '72,303 '72,985 '71,544 '71,526 '71,592 '71,406 '73,076 '73,366
129,273
115,280
73,707
132,168
114,980
72,544
129,797
114,258
72,732
130,107
115,498
72,026
132,752
117,084
72,711
S-14
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
SURVEY OF CURRENT BUSINESS
„ ..
UIMUJ
Annual
1986
June 1988
1988
1987
1987
Apr.
June
May
July
Aug.
Oct.
Nov.
Dec.
Jan.
2,214.7
2,227.6
2,232.1
331.7
194.2
1,701.7
331.1
196.2
1,704.8
2,230.6
333.2
2,242.0
331.3
193.7
1,689.8
May
Apr.
Mar.
Feb.
Sept.
FINANCE—Continued
BANKING—Continued
Commercial bank credit, seas, adj.: §
Total loans and securities 6
U.S. Government securities
Other securities
Total loans and leases 0
Money and interest rates:
Prime rate charged by banks on
short-term business loans
Discount rate (New York Federal
Reserve Bank) @@
Federal intermediate credit bank
loans
bil. $.,
^ do
do
do ....
2,089.9
309.3
2,230.6
333.2
196.1
1,584.5
196.0
1,701.4
2,152.0
2,166.0
2,176.7
318.1
194.4
1,639.6
321.3
195.5
1,649.3
321.3
195.9
1,659.6
2,181.3
322.9
2,199.0
328.5
194.3
1,664.1
193.7
1,676.8
196.0
1,701.4
'2,257.4 '2,272.4
338.9
334.0
334.1
197.4
195.7
194.0
1,713.9 1,727.6 1,736.1
2,295.9
343.1
198.2
1,754.6
percent-
8.33
8.22
7.75
8.14
8.25
8.25
8.25
8.70
9.07
8.78
8.75
8.75
8.51
8.50
8.50
8.84
do....
6.33
5.66
5.50
5.50
5.50
5.50
5.50
5.95
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
3
do
Home mortgage rates (conventional 1st
mortgages):
New home purchase (U.S. avg.)
percent..
Existing home purchase(U.S. avg.)
do...
Open market rates, New York City:
Bankers' acceptances, 90 days
do ....
Commercial paper, 6-month $
do ....
Finance co. paper placed directly, 6-mo
do
Yield on U.S. Gov. securities (taxable):
3-month bills (rate on new issue).. .percent..
8.54
9.70
2
2
9.74
9.80
6.39
6.39
2
2
8.94
8.94
6.75
6.85
8.52
8.44
8.42
8.41
8.45
8.43
8.55
8.65
8.57
8.56
()
8.84
8.79
8.99
8.93
9.05
9.02
9.01
9.05
9.01
9.05
9.03
8.91
8.86
8.86
8.92
8.89
8.78
8.86
8.75
8.92
8.76
8.84
8.77
8.84
'8.76
'8.93
8.59
8.88
6.41
6.50
6.91
7.04
6.83
7.00
6.59
6.72
6.64
6.81
7.31
7.55
7.85
7.96
7.07
7.17
7.48
7.49
6.77
6.92
6.49
6.58
6.51
6.64
6.79
6.92
7.12
7.31
6.31
6.37
6.14
6.47
6.50
6.35
6.34
6.90
7.17
5.960
5.820
5.760
5.750
5.690
5.780
6.000
6.320
6.400
mil. $..
581,336
623,628
574,383
577,584
585,167
592,527
599,711
607,777
610,751
do
do
do
do
do
265,926
1347660
77,075
43,490
56,914
285,856
141,118
82,044
46,907
64,099
264,140
132,295
76,283
39,830
58,550
265,551
132,644
76,635
40,233
59,122
268,610
134,740
77,881
40,276
60,137
271,899
136,863
79,006
40,192
60,834
274,086
139,049
80,208
40,633
61,854
278,679
141,558
81,079
40,678
61,940
279,668
142,339
81,450
41,182
62,349
6.64
6.53
6.27
6.23
6.51
6.75
5.800
5.900
5.690
5.690
5.920
6.270
612,341
623,628
621,579
618,926
621,625
626,850
279,606
141,523
81,692
42,438
63,495
285,856
141,118
82,044
46,907
64,099
286,159
140,811
81,669
44,725
64,456
286,024 r288,362
140,321 140,935
81,094 '81,645
42,673
43,078
64,873 ••64,564
291,346
141,716
82,285
42,560
65,389
6.69
5.810
CONSUMER INSTALLMENT CREDIT t
Not seasonally adjusted
Total outstanding (end of period) #
By major holder:
Commercial banks
Finance companies
Credit unions . .
. .
.
Retailers
Savings institutions
Seasonally adjusted
Total outstanding (end of period) #
By major holder:
Commercial banks
Finance companies
;
Credit unions
.
Retailers
Savings institutions
By major credit type:
Automobile
.
Revolving
.
Mobile home
Total net change (during period) #
By major holder:
Commercial banks
Finance companies
Credit unions
Retailers
Savings institutions
By major credit type:
Automobile
Revolving
Mobile home
do
580,072
581,233
587,878
593,512
598,190
602,978
606,927
608,726
613,021
619,258
624,293 '629,485
633,131
do .
do . ..
do
do
do
265,611
134,826
77,076
40,524
58,552
267,182
134,375
77,188
40,724
58,214
269,711
135,595
78,271
40,896
59,836
272,287
136,414
79,123
41,144
60,944
273,879
137,663
79,816
41,381
61,798
276,805
138,395
80,351
41,632
62,099
278,855
139,236
80,672
42,012
62,458
279,550
138,928
80,922
42,291
63,411
281,564
140,072
81,064
42,782
63,949
284,753
141,695
81,662
42,926
64,633
287,344 r290,832
142,946 144,053
81,897 '82,595
43,271
43,080
65,396 '65,078
292,968
144,516
83,150
43,295
65,435
do
do
do
251,211
140,339
26,825
251,741
141,876
26,639
4,620
1,161
256,585
147,809
26,966
5,634
259,558
149,815
26,879
4,678
261,902
152,553
26,845
4,788
263,823
155,196
26,698
3,949
264,474
156,425
26,604
do .
254,212
144,777
26,810
6,645
267,180
159,307
25,957
4,295
269,883
162,065
25,926
6,236
273,133 r276,762
163,462 165,644
25,857 '25,732
'5,191
5,035
278,308
167,253
25,745
3,646
do
do
do
do
do
2,342
1,571
-451
112
200
-338
2,529
2,576
2,926
2,050
819
852
248
1,108
732
535
251
301
841
321
380
359
695
-308
250
279
953
2,014
1,144
142
491
538
3,188
1,623
598
144
684
2,591
1,251
235
154
763
'3,487
1,220
1,083
172
1,622
1,592
1,249
693
237
854
1,107
'698
191
318
2,136
462
555
24
357
530
1,537
-186
2,471
2,901
171
2,373
3,032
2,973
2,006
2,344
2,738
2,706
2,882
2,704
2,758
-87
-34
-147
651
1,229
-94
3,250
2,643
156
-647
-32
'3,628
'2,182
'-125
1,546
1,609
13
914
384
300
578
do
do
do
1,713
2,578
14
1,921
1,799
FEDERAL GOVERNMENT FINANCE
Budget receipts and outlays:
Receipts (net)
mil $
85,525
56,987
62,354
60,213
92,410
64,223
'1 769,091 '854,143 122,897
82,945
47,691
Outlays (net) §§
do
83,988
990,231 '1,003,067
83,911 109,771
93,055
77,087
81,890
86,431
83,264
83,429
Budget surplus or deficit (-) §§
do.... ' -221,140 '-148,924
38,909 -35,573
-484 -22,208 -21,677 -15,323 -30,701 -26,924 -24,246
1
Budget financing, total §§
do
24,246
26,924
221,140 '148,924 -38,909
30,701
21,677 -15,323
22,208
484
35,573
Borrowing from the public §§
do .... ' 236,187 '150,989
10,136
24,756
33,010 -8,113
8,823
27,242
-3,163
12,834
9,719
Reduction in cash balances
..do .... 1- 15,047 ' -2,065 -47,732
14,110
2,168
3,459
25,371 -11,333 -7,210
22,739 -9,235
1
Gross amount of debt outstanding §§
do
2,129,964 '2,355,206 2,273,417 2,292,619 2,314,460 2,312,089 2,349,272 2,355,206 2,389,573 2,415,486 2,437,637
1
1
Held by the public §§
do.... 1,746,044 1,897,034 1,852,746 1,865,579 1,875,297 1,872,137 1,905,147 1,897,034 1,924,277 1,949,034 1,959,170
Budget receipts by source and outlays by
agency:
1
Receipts (net), total
mil $
56,987
47,691
769,091 '854,143 122,897
85,525
62,354
92,410
60,213
64,223
82,945
Individual income taxes (net)
do.... ' 348,959 '392,557
36,537
25,039
32,429
26,884
31,889
9,275
71,850
39,797
40,521
Corporation income taxes (net)
do . . . . 1 63,143
'83,926
17,748
1,667
1,855
1,566
2,358
1,844
11,189
20,506
10,973
Social insurance taxes and contributions
1
(net)
mil. $ ..
283,901 '303,318
25,712
30,218
33,646
23,756
22,177
25,403
23,346
24,712
23,361
1
Other
do
'74,342
73,087
6,525
6,051
6,630
6,740
6,354
6,213
7,880
5,891
6,705
Outlays (net), total §§
1 . . . .do
'990,231 ' 1,003,067
81,890
86,431
83,264
83,988
83,911 109,771
93,055
77,087
83,429
1
Agriculture Department
do....
'49,593
58,666
4,193
2,935
4,754
5,194
7,645
733
3,325
1,818
3,806
Defense Department, military
do .... 1 265,636 '274,007
23,707
23,477
22,836
20,660
25,274
21,470
24,012
23,758
28,356
Health and Human Services
Department
mil $
' 333,935 '351;315
30,587
30,552
29,563
29,804
28,531
28,792
27,748
32,344
47,607
Treasury Department
do .... '179,189 '180,345
14,198
12,047
11,143
13,866
12,323
26,202
15,912
11,796
29,084
National
Aeronautics
and
Space Adm
do...
'7,591
'7,403
661
936
645
671
699
525
772
698
843
Veterans Administration
do ...
'26,536
2,049
2,382
'26,952
1,133
3,380
2,457
2,178
3,771
893
3,639
GOLD AND SILVER:
Gold:
Monetary stock, U.S. (end of
period) @
mil $
Price at New York $$
dol. per troy oz.
Silver:
Price at New York $$
dol. per troy oz.
See footnotes at end of tables.
r
11,064
367.867
11,078
446.504
11,076
438.721
11,070
461.230
5.470
7.009
7.428
8.439
11,069
449.591
7.411
1,396
-69
65,730
60,355
81,791
94,877
84,260
65,786
16,005 -23,905 -29,147
29,147
23,905
-16,005
17,160
20,158
5,361
11,987
3,747
-21,366
2,454,096 2,477,438 2,493,195
1,964,452 1,984,612 2,001,771
81,791
43,987
3,630
60,355
25,651
28,162
28,500
5,230
84,260
975
59,711
109,323
82,173
95,433
13,890 -22,462
22,462
-13,890
7,559
-334
14,903
-13,556
2,508,342 2,526,492
2,001,437 2,008,997
65,730
20,637
12,706
109,323
53,334
12,026
59,711
17,958
25,676
33,396
6,745
82,173
3,642
20,271
1,613
643
23,066
94,877
4,358
25,756
37,357
6,606
95,433
4,449
26,103
12,441
13,902
30,790
15,184
32,479
13,900
32,044
14,704
30,025
16,681
622
1,210
606
2,158
804
816
2,555
3,748
777
1,432
11,063
443.607
451.833
450.840
6.478
6.543
6,012
65,786
4,428
19,227
11,069
450.809
11,068
460.883
11,075
460.198
11,085
465.355
11,082
466.468
11,078
486.305
11,068
476.580
11,063
441.903
7.678
7.847
7.590
7.562
6.662
6.790
6.732
6.325
6,711
6.413
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
S-15
SURVEY OF CURRENT BUSINESS
June 1988
....
1988
1987
Annual
vnm
1986
1987
Apr.
June
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
Feb.
Jan.
Mar.
Apr.
May
FINANCE—Continued
MONETARY STATISTICS
Currency in circulation (end of period)
bil $
2120
2302
2152
Money stock measures and components (averages
of daily figures): t
Measures (not seasonally adjusted): t
Ml
.. .
bil. $..
744.4
739.9
744.0
666.8
752.5
M2
do .. . r 2,687 2 2,861.8 2,855 1 r 28360 r 2,850.1
M3
do.. . 3,384 6 '3,586.9 3,555 0 r3,552 6 3,576.2
L (MS plus other liquid assets)
do
'4 022 3 '4 241 2 4 191 3 4 201 0 4 229 1
Components (not seasonally adjusted):
Currency
do
1886
1870
1848
1888
1744
Demand deposits
. . do
2944
2941
3011
2943
2810
Other checkable deposits #
do....
254.3
252.3
260.2
254.0
205.1
Overnight HP's and Eurodolr
lars Q
do
749
762
770
794
718
General purpose and broker/dealer
209.9
money market funds
do....
210.6
212.1
213.8
196.3
Money market deposit accounts
do....
555.1
558.6
566.8
551.8
544.0
Savings deposits
do
4173
4124
4059
4077
3288
Small time deposits @
do....
847.8
839.1
840.9
865.3
879.3
457.0
Large time deposits @
do....
453.7
447.2
459.6
446.9
Measures (seasonally adjusted): $
7421
7447
Ml
do
7465
M2
do
28474 28491 28517
M3
. do .
35498 rr 35644 rr3,580 1
4,189.6 4,217.7 4,232.3
L (M3 plus other liquid assets)
do . ..
Components (seasonally adjusted):
1878
1856
1870
Currency
do
2933
Demand deposits . . .
.
do
2989
2993
Other checkable deposits $$....
do
2543
253.9
2531
Savings deposits
do
413.1
409.5
4041
Small time deposits @
do .
845.9
852.1
8451
458.6
454.0
Large time deposits @
do ...
448.9
PROFITS AND DIVIDENDS (QTRLY.)
Manufacturing corps. (Bureau of the Census):
Net profit after taxes, all manufacturing
mil $
Food and kindred products
do
Textile mill products
do
Paper and allied products
do
Chemicals and allied products
do
Petroleum and coal products . ..
do
Stone, clay, and glass products ..
do
Primary nonferrous metal
do .
Primary iron and steel
do
Fabricated metal products
do.. .
Machinery (except electrical)
do
Electrical and electronic equipment . do
Transportation equipment (except motor
vehicles and equipment)
mil $
Motor vehicles and equipment
do
All other manufacturing industries
do.
Dividends paid (cash), all manufacturing
do
SECURITIES ISSUED
Securities and Exchange Commission:
Estimated gross proceeds total
By type of security:
Common stock
Preferred stock
By type of issuer:
Corporate total #
Manufacturing
Extractive
Public utility
Transportation
Communication
190.5
294.3
254.3
190.9
290.7
255.6
14,586 "20234
46044 "49512
3,618.3
42786
745.1 r 752.3 r 778.4
764.8
765.9
756.0
753.7
'2,895.3 rr2,900.1 rr2,914.8 rr2,937.3 r 2,933.4 2,958.9 2,999.8
3,642.0 3,664.0 3,677.7 r3,699.0 r3,707.3 '3,736.1 '3,770.3
43128 '4 333 8 '4 343 4 4 381 7 4 391 1 '4 421 5 44695
763.7
2,990.5
3,767.5
201.6
291.9
278.0
203.6
282.8
270.2
192.6
295.7
258.5
190.9
289.3
257.5
r
r
r
r
r
216.3
540.5
4173
873.2
465.9
218.2
533.9
4178
885.6
473.1
219.7
527.7
4132
903.8
481.3
221.1
525.2
4100
914.6
485.4
r
2 858.2
r
3,587.6
r
7436
4,235.1
7465
2,869 5
3,605.5
4,257.8
7475
2,880.9
3,620.5
4,283.5
7562
2,894.7
3,642.0
4,312.5
r
2,896.6
r
3,656.7
r
189.0
292.3
255.6
415.5
859.1
460.2
1902
292.1
257.2
417.8
865.9
462.4
191.4
290.5
258.6
418.6
872.1
465.3
193.1
295.9
260.3
417.0
883.3
472.3
195.0
291.3
259.5
415.0
901.7
480.5
835
79.8
860
r
4,324.0
r
33,252
'3r 869
547
1586
r
5614
3,829
r
976
r
526
356
1,411
r
2786
r
2,544
82.2
770.2
763.1
7508 r 7589 r 759.6
2,992.3
2,925.0 2,946.0 '2,967.5
r
3,661.1 '3,686.5 rr3,718.8 r3,742.9 '3,765.4
4,325.4 '4,363.0 4,395.4 4,422.9 4,469.1
770.1
3,004.4
3,780.0
202.5
290.1
270.3
'422.8
'964.8
'492.5
203.6
287.3
271.9
425.3
971.8
496.2
r
231.0
522.5
412.2
944.5
491.1
225.0
524.0
411.2
929.5
485.0
199.3
287.8
265.2
416.2
941.5
489.7
198.4
289.9
263.4
414.3
924.6
482.8
196.5
288.0
259.3
414.3 1
913.1
484.7 '
74.8
r
234.9
r
524.6
418.6
'953.7
'493.7
200.9
287.9
267.1
419.8
953.5
r
491.4
'26.127
r
4982
r
527
1495
r
2666
-185
r
435
203
'250
1,262
r
3,613
1,970
36,924
4548
388
1,744
6,378
4,996
94
802
369
1,481
3,017
2,734
1159
2,378
1,274
3,313
1233
r
2034
r
r
13 564
78.1
82.8
781
r
2,901.1
r
r
12 684
5,372
5,786
12,498
12,234
'241 023 r267 395
18561
19086
19847
17437
16860
24777
11987
10 245
20439
r
r
23 078
16595
do
do
169 554 184 487
55821 r65 384
11*546 11 415
13269
4811
481
11 509
6006
697
12894
5999
954
12318
4277
'642
12044
4295
521
17592
5,140
946
7040
3840
161
7232
2552
163
13974
5245
122
15 769
'2714
1,242
15 203
r
6764
'261
14331
1752
610
'236
921 244 033
r
42 063 42 191
7 566
4609
'24*369 18 277
r
6239
4810
14 238
5919
123 135 145 438
18561 18212
4490
1988
*985
1 669
786
1 407
23
511
528
67
10 615 10099
16860 23678 11041
2485
3*962
1731
'374
345
96
374
1 035 1 522
11
152
271
857
91
618
6249
11 377 16264
9947
'974
361
576
150
49
5931
19341 19 725 r22 228
r
1,983
2,946
1734
r
87
802
533
r
1429
492
2831
r
1
660
404
0
60
1 668
8084 12 905 16 842
16,693
1,579
189
1565
444
488
10280
do ..
do
142,544
20 111
98673
15486
19847 17237
2319
3 187
'363
664
1 961 1 284
1267
546
186
786
10310 10407
r
232.7
519.5
428.4
964.0
496.0
r
5941
r
r
77.1
1
212
r
3318
4877
r
199.2
279.9
266.3
'236.1
r
523.1
r
424.6
'960.5
'490.9
79.7
7527
197.2
279.1
262.0
197.1
295.8
265.3
199.4
298.5
261.6
195.9
294.1
259.3
213.1
545.0
4185
866.8
461.7
756
31,503
r
3849
r
376
1 321
r
4005
4435
r
841
r
69
r
402
1,238
'3
103
r
2457
3261 r/4677
8363 n 10 647
745.2
r
2,876.0
r
210.6
549.4
4205
859.6
456.5
r
83121 rl 115 599
13292 « 15 627
1706 n 1 891
3280 r/5520
12900 n 16 559
8823 1 10 900
2120 "2911
760 rl 1 077
i 356
3372 n
3,232 rl 4,427
6551 n 10 203
7619 "9570
SECURITY MARKETS
Stock Market Customer Financing
Margin credit at broker-dealers, end of year
or month
mil. $.. 36,840 31,990
Free credit balances at brokers, end of year
or month:
Margin-account
. . . do..
4750
4,880
Cash-account
do .
19,000 15,640
Bonds
Prices:
Standard & Poor's Corporation, domestic
62.7
municipal (15 bonds)
dol. per $100 bond..
65.1
Sales:
New York Stock Exchange, exclusive of some
stopped sales, face value, total
mil. $.. 10,464.10 9,726.24
See footnotes at end of tables.
745.0
2,868.2
3,602.8
42506
mil $
mil $
do
do
do
. . do
do
State and municipal issues (Bond Buyer): §
Long-term
Short-term
746.8
2,862.6
3,585.6
42266
r
2271
2302
2168
20 174
7,685
626
5,410
405
8,003
630
10,200
355
'6,180
'3,017
5,803
691
34,180
31,990
31,320
31,990
32,660
33,270
33,070
8,415
18,455
6,700
15,360
4,750
15,640
4,675
15,270
4,555
14,695
4,615
14,355
4,395
13,965
4,380
14,150
58.0
55.0
59.8
60.5
61.8
63.7
61.8
61.0
60.4
873.52
962.45
642.17
729.81
634.54
688.14
688.44
612.76
648.40
6644
1 216
7,255
2798
6863
282
11173
2005
7,718
2391
6,940
2272
5,744
491
39,820
38,890
38,420
40,250
41,640
44,170
38,250
4,660
17,285
4,355
16,985
3,680
15,405
4,095
15,930
4,240
16,195
4,270
15,895
63.2
59.8
61.2
61.6
61.1
932.27
780.02
790.99
793.38
720.53
8,494
1 854
S-16
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
Annual
IT ,t
unit8
1986
June 1988
1988
1987
1987
Apr.
June
May
July
Sept.
Aug.
Oct.
Nov.
Jan.
Dec.
Feb.
Mar.
Apr.
May
FINANCE—Continued
Bonds— Continued
Yields:
Domestic corporate (Moody's)
By rating:
Aaa
Aa. . .
A
Baa
.
By group:
Industrials
Public utilities
Railroads
Domestic municipal:
Bond Buyer (20 bonds)
Standard & Poor's Corp. (15
bonds)
U.S. Treasury bonds, taxable $
percent..
9.71
9.91
9.35
9.82
9.87
9.92
10.14
10.64
10.97
10.54
10.59
10.37
9.89
9.86
10.15
10.37
do
do
do
do
902
947
9.95
1039
938
968
9.99
1058
885
915
9.36
1004
933
959
9.83
1051
932
965
9.98
1052
942
964
10.00
1061
967
986
10.20
1080
1018
1035
10.72
11 31
1052
1074
10.98
11 62
1001
1027
10.63
1123
1011
1033
10.62
1129
988
1009
10.43
1107
940
960
9.94
1062
9 39
959
9.89
1057
9.67
986
10.17
1090
9.90
1010
10.41
11.04
996
946
985
983
998
963
940
930
930
981
982
953
987
987
956
982
1001
952
994
1033
969
1028
11 00
996
1060
11 32
1007
1025
1082
1030
1018
1099
1008
998
1075
1004
9.67
10 11
985
9.61
10 11
991
9.76
1053
1008
9.97
1075
10.03
do..
do
do
do ....
7.23
7.69
7.85
8.03
7.81
7.73
8.05
8.53
8.43
7.90
7.86
7.51
7.47
7.90
7.77
7.87
do
do
738
814
773
864
7 62
831
8 10
879
789
863
783
870
790
897
836
958
884
961
809
899
807
912
758
8.82
755
841
780
8.61
7.91
8.91
8.01
9.24
Stocks
Prices:
Dow Jones averages (65 stocks)
85752
70250
84946
Industrial (30 stocks)
1 792 76 2 275 99 2 302 64
Public utility (15 stocks)
20462
195.24
20170
Transportation (20 stocks)
93124
929.19
785.41
Standard & Poor's Corporation: §
Combined index (500 Stocks)
194143=10..
289.32
286.83
236.34
Industrial, total (400 Stocks) #
do....
33543
26216
33090
Capital goods
do
29195
28823
22714
Consumer goods
do....
326.16
323.77
260.72
Utilities (40 Stocks)
.do....
109.97
112.70
107.65
Transportation (20 Stocks)
1982=100...
222.25
200.19
228.91
Railroads
1941-43-10..
16027
14173
16690
Financial (40 Stocks)
1970-10.,
28.15
2836
2842
Money center banks
1941-43=10..
111.12
112.03
115.71
Major regional banks
do ....
114.41
110.72
109.54
Property-Casualty Insurance
do ....
312.67
301.46
311.50
N.Y. Stock Exchange common stock indexes:
Composite
12/31/65-50
13600
16170
16388
Industrial
do
15584
19903
19531
Transportation
do
14039
11987
13791
Utility
do
7430
7136
7274
Finance
do . ,
14720
15052
14648
NASDAQ over-the-counter price indexes:
Composite
2/5/71-100
36696
42277
40274
44935
Industrial
do
42272
36727
Insurance
do
42525
43057
42980
Bank
do
46495
41017
49322
NASDAQ/NMS composite
7/10/84= 100 ..
180.64
172.49
156.10
Industrial
do ...
16106
13803
17120
Yields (Standard & Poor's Corp.):
Composite (500 stocks)
percent
299
308
348
Industrials (400 stocks)
do ....
2.52
2.62
3.09
Utilities (40 stocks)
do
652
654
668
Transportation (20 stocks)
do....
220
243
223
Financial (40 stocks)
do....
3.60
3.22
3.45
Preferred stocks, 10 high-grade
do .
794
837
876
Sales:
Total on all registered exchanges (SEC):
Market value
mil. $.. 1,705,124 2,284,166 '209,786
r
Shares sold .
millions
63771
48,338
5333
On New York Stock Exchange:
Market value
mil $ 1 448 235 1 983 311 182 930
Shares sold (cleared or settled)
millions
39 150
4426
53038
New York Stock Exchange:
Exclusive of odd-lot stock sales
(sales effected)
millions
35680
3930
47801
NASDAQ over-the-counter:
Market value
mil. $.
44,773
498,301
378,216
Shares sold
millions
28737
3031
37890
Shares listed, NYSE, end of period:
Market value, all listed shares
bil $ . 2 199 26 2 216 31 2 581 26
Number of shares listed
millions.
59,620
62,518
71,802
739.31
759.10
722.21 739.63 766.55
92448 97411 93634 821.81 71613 70360
85802 89559
2 291 11 2 384 02 2 481 72 2 655 01 2 570 80 2 224 59 1 931 86 1 910 07 1 947 35 1 980 65 2 044 31 2 036 13 1 988 91
169.30
171.40
177.68
184.96
182.18
17605
182.49
188.68
198.23
20299 203.38 207.98
200.47
820.24
861.33 853.73
744.53 728.84
755.97 790.14
952.58 1,014.02 1,044.15 1,081.73 1,027.73 895.24
289.12
33610
299.77
322.75
108.06
231.31
16922
2780
114.97
110.32
295.91
301.38
34958
304.87
343.21
112.63
247.20
17405
29.55
125.53
117.56
310.87
310.09
36236
315.79
353.73
110.93
256.09
18670
29.44
122.72
116.27
310.69
329.36
384 94
336.67
378.96
117.70
268.34
19596
31.45
128.94
123.11
328.90
318.66
37249
327.04
365.08
114.98
257.77
19161
30.02
118.70
116.76
323.85
280.16
32313
280.84
309.49
111.73
226.47
16587
26.67
102.06
99.93
309.35
245.01
28011
240.41
273.59
106.49
188.23
14344
22.89
84.15
87.00
290.15
240.96
27768
245.87
272.17
102.36
185.50
14646
21.12
76.47
83.17
270.19
250.48
288.36
246.47
279.64
106.13
192.20
150.08
22.41
78.23
89.63
278.01
258.13
296.46
249.68
292.04
110.67
199.03
153.52
23.27
83.39
94.09
283.37
265.74
308.04
258.47
305.52
107.24
212.88
162.44
23.30
84.76
95.74
276.33
262.61
305.78
255.19
301.69
104.12
209.54
160.17
22.38
82.50
96.44
258.31
256.12
297.39
246.32
286.71
103.11
197.57
148.23
2228
84.24
99.23
256.05
16300
19878
14130
7164
14597
16958
20661
15039
7425
15273
17428
214 12
15748
7418
15225
184 18
22649
16402
7820
16094
17839
21952
15858
7613
15408
157 13
18986
14095
7327
13735
13721
16342
11757
6986
11830
13488
16219
11585
6739
11147
14055
16847
12120
7001
119.40
14513
17344
12609
7289
124.36
14988
18157
13515
7116
125.27
14846
18088
133.43
69.39
121.67
144.99
176.02
127.63
68.66
120.35
41663
44728
41405
47451
177.97
17053
42370
45095
50773
47716
181.14
17196
429 01
45603
43674
47360
183.47
17408
44839
477 19
46137
49662
192.17
18274
44280
473 10
45084
49426
189.82
181 31
38505
40195
413 18
43988
165.09
15408
31875
31974
36326
38431
136.92
12280
314 54
31890
34595
37887
135.51
12308
33928
34441
37555
41093
146.36
13297
35358
35462
40005
43503
152.69
135.97
37554
38634
40417
44607
162.34
149.52
377.24
387.54
400.42
447.76
163.05
149.52
371.88
382.72
392.32
441.27
160.65
148.02
302
2.54
6 89
215
3.58
841
292
2.46
6 64
203
3.39
831
283
2.36
6 69
190
3.40
825
269
2.26
630
190
3.19
832
278
2.33
642
197
3.39
864
325
2.78
660
237
3.93
899
366
3.15
695
262
4.50
9 11
371
3.18
7 19
2.63
4.83
908
366
3.14
704
2.57
4.66
904
356
3.07
673
2.44
4.49
9.02
348
2.96
699
2.34
4.51
9.07
3.57
3.02
730
2.46
4.78
9.19
186,900
4797
171,072
4622
189,896 210,518
5333
5543
197,013
4894
267,786
7489
152,649
5306
142,612
5263
128,230
4323
141,203
140,033 165,721
r
4,429
5,681
4,641
162 847
147 990 162 926
180 977
171 341 238 749
136 468
124 179
112 389
123,996
144,622
123,459
4386
4584
6408
4573
4374
3643
3,981
4,791
3,714
3991
3834
4067
3418
3594
3963
4063
3724
6095
3590
3927
3495
3694
4052
3,261
3,232
38,501
2795
42,752
3285
39,750
3392
44,959
3 149
40,424
3 115
52,213
4090
25,550
2520
26,946
2973
27,577
2465
27,609
2502
38,729
3,158
28,887
2,381
25,292
2,468
2 603 29 2 718 55 2 845 01 2 945 88 2 885 08 2 258 54 2 079 20 2 216 31 2 321 33 2,411 62 2,346.23 2,369.71 2,359.14
73,911 74,360
72,952 73,025 73,517
68,660 70,444 71,165 71,540 71,802
68,246
65,155
66,810
FOREIGN TRADE OF THE UNITED STATES
VALUE OF EXPORTS
Exports (mdse.), incl. reexports,
total @
Seasonally adjusted
By geographic regions:
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.
9.25
mil. $.. rl 227,158.5 rl 254,121.9 '20,677.7 '20,759.5 r21,636.7 '21,379.0 '20,079.1 '21,183.7 '22,777.8 '23,278.7 '24,314.4 '22,990.1 '24,138.6 '29,105.7 1 26,520.9
do ....
20,402.3 20,262.3 21,107.5 22,432.9 20,884.1 21,810.3 22,074.8 23,094.9 24,152.5 24,488.2 24,518.3 26,877.0 8 26,217.6
do .. .
do....
do
do....
do ....
do.. .
5,978.2
64,531.8
6,658.5
63,631.2
55,513.7
19,126.3
11,949.8
6,283.4
73,267.5
6,525.9
71,917.2
59,817.6
21,941.5
13,036.1
512.4
5,746.6
520.4
6,171.7
4,928.7
1,739.7
870.2
654.9
5,622.2
603.8
5,974.4
5,055.7
1,782.3
1,077.1
584.7
5,702.8
554.7
5,783.0
5,606.1
1,845.1
1,045.8
606.9
6,333.5
557.2
5,378.5
4,715.2
1,942.7
1,467.5
471.9
6,531.9
622.5
5,524.4
4,166.0
1,789.7
1,110.6
450.2
6,171.9
525.7
5,902.8
4,844.9
1,931.5
1,149.8
467.1
6,234.4
539.1
6,133.6
5,273.3
1,875.8
1,214.7
585.4
7,125.4
591.9
6,671.5
5,512.3
2,089.7
1,213.0
505.5
7,981.6
540.4
6,960.9
5,541.1
1,937.9
1,327.7
492.0
6,889.1
498.6
6,650.7
509.2
7,111.6
515.8
7,259.7
577.9
8,871.3
602.9
9,039.7
690.8
8,247.7
569.0
7,961.9
do . .
do....
1,981.8
1,158.3
2,210.3
1,281.2
196.2
105.9
332.4
108.9
217.1
103.1
266.7
89.3
126.1
121.8
83.6
111.4
129.6
109.7
163.0
130.0
117.6
131.9
174.8
115.6
127.7
108.1
119.2
161.8
165.9
108.9
do
do ....
5,602.5
26,881.6
5,545.7
28,248.6
443.4
2,170.6
521.6
2,151.5
473.2
2,293.0
472.4
2,561.3
520.6
2,657.9
437.9
2,424.3
448.9
2,392.4
509.5
2,637.7
462.5
3,001.3
2,668.0
2,937.0
3,232.3
3,015.9
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
S-17
SURVEY OF CURRENT BUSINESS
June 1988
Annual
.....
Units
1986
1988
1987
1987
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
May
Apr.
FOREIGN TRADE OF THE UNITED STATES-Contimied
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 ....
7,215.9
67.9
10,560.5
4,838.3
7,943.2
53.9
11,747.7
5,529.7
633.5
4.9
913.7
458.6
645.4
2.8
957.2
479.9
682.5
4.5
894.8
517.4
583.9
2.1
839.3
369.7
610.6
1.4
886.9
387.4
649.2
5.7
977.2
423.6
728.1
1.2
1,064.7
441.4
735.8
7.6
1,091.2
491.8
824.5
3.2
1,128.5
541.4
811.1
815.8
990.9
830.7
1,086.1
504.1
1,141.8
483.6
1,407.0
643.0
1,247.8
626.9
1,247.5
11,418.2
1,479.8
14,113.9
168.7
1,389.2
196.6
1,141.9
135.5
1,153.0
200.8
1,044.2
144.0
1,123.4
64.2
1,171.6
54.3
1,213.5
104.8
1,266.1
260.3
1,270.5
263.8
1,279.9
328.0
1,465.7
308.9
1,768.4
341.8
1,486.1
55,511.6
59,814.3
4,928.3
5,055.1
5,605.7
4,715.0
4,165.8
4,844.7
5,273.1
5,511.8
5,540.8
4,912.6
5,175.8
6,178.1
5,796.1
27,968.0 31,574.4 2,338.9
264.6
4,039.9
3,885.3
12,391.6 14,582.2 1,120.9
do
215.4
3,141.0
3,586.0
do.... rl 216,230.5 rl 245,115.0 19,936.6
do.... 26,061.0 28,636.2 2,270.1
do.... 190,494.2 215,222.7 17,485.1
Venezuela
Exports of U.S. merchandise, total §
Agricultural products, total
Nonagricultural products, total
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....
17,302.6
2,920.2
19,178.8
3,666.7
1,474.0
303.3
1,543.9
305.8
1,502.1
268.7
1,785.6
276.5
1,706.3
283.7
1,681.4
284.1
1,766.1
320.2
1,684.8
377.2
1,783.3
421.9
1,735.5
375.7
1,874.1
348.9
2,142.0
383.4
2,026.3
382.1
17,323.8
8,114.5
20,416.3
7,713.1
1,562.5
633.1
1,503.5
623.3
1,593.3
653.9
1,613.6
604.9
1,688.3
674.7
1,670.6
658.6
1,832.1
630.1
2,051.7
660.1
2,153.4
816.8
1,929.6
560.0
2,209.6
548.0
2,306.8
645.2
2,135.8
678.4
1,014.9
22,765.8
14,005.0
981.4
26,380.9
17,136.1
58.2
2,155.9
1,419.6
70.1
2,412.7
1,450.7
75.4
2,281.2
1,506.9
89.3
2,178.1
1,370.0
99.4
2,357.7
1,450.7
106.4
2,217.7
1,457.4
86.2
2,075.5
1,430.0
97.4
2,275.2
1,545.4
107.9
2,405.7
1,576.9
67.9
2,287.0
1,498.9
151.6
2,444.6
1,685.1
153.7
2,933.1
1,948.9
117.5
2,646.2
1,781.2
95,289.5 108,596.0
60,396.8 69,637.0
34,892.7 38,959.0
18,575.0 20,878.8
5,'510!7
3,485.6
1,762.3
8,959.6
5,762.8
3,196.9
1,879.8
9,078.6
5,853.2
3,225.5
2,045.3
8,745.0
5,516.8
3,228.2
1,344.0
8,253.5
5,648.9
2,604.6
1,367.8
9,478.5
6,067.7
3,410.8
1,777.9
9,210.1 10,622.3 10,388.3
6,134.5 6,775.2 6,700.1
3,075.6 3,847.0 3,688.2
1,812.9 2,178.5 1,782.7
VALUE OF IMPORTS
General imports,
total
do " 365,437.7rl 406,241.0
Seasonally adjusted
do .. .
By geographic regions:
Africa
do
10,348.1 11,939.4
Asia
do
153,869.1 174,452.3
Australia and Oceania
do....
3,717.0
4,135.9
Europe
do
91,826.0 97,418.7
Northern North America
do.... 68,259.0 71,093.5
Southern North America
do .
23,465.0 26,497.9
South America
:
do.... 18,477.2 20,362.8
By leading countries:
Africa:
Egypt
do....
464.9
111.5
Republic of South Africa
!!..!..!!I!do....
1,345.5
2,364.5
Asia; Australia and Oceania:
Australia, including New
Guinea
mil $
2,676.6
3,029.5
Japan
do
81,911.1 84,575.0
Europe:
France
do
10,128.6 10,730.2
German Democratic Republic
do....
85.4
86.5
Federal Republic of Germany
do.... 25,123.7 27,069.3
Italy
do
10,607.4 11,039.6
Union of Soviet Socialist Republics
;
do
424.7
558.2
United Kingdom
do . 15,396.0 17,341.3
North and South America:
Canada
do
68,252.6 71,085.0
Latin American Republics,
total #
-.. .
do
39,541.2 44,370.9
Brazil
do
6,812.9
7,865.4
Mexico.
do
17,301.7 20,270.8
Venezuela
do
5,579.0
5,096.7
By commodity groups and principal
commodities:
Agricultural products,
total
mil. $.. 21,284.4 20,686.9
Nonagricultural products,
total
do .... 348,676.9 385,213.7
Food and live animals #
do .... 20,802.5 20,547.1
Beverages and
tobacco
do ....
3,866.1
4,104.9
Crude materials, inedible, exc.
fuels #
do .
10,431.5 11,525.7
Mineral fuels, lubricants, etc
do.... 37,309.9 44,219.5
Petroleum and products
do .... 34,140.4 41,529.4
Oils and fats, animal and vegetable
do
515.9
568.1
15,000.7 16,213.4
Chemicals
do .
Manufactured goods #
do .... 48,825.9 53,356.3
Machinery
and
transport
equipment
do
161,561.6 177,808.7
Machinery, total #
do ..
87,548.6 99,432.9
Transport equipment
do .... 74,013.0 78,375.8
Motor vehicles and parts
do.... 66,572.4 70,763.8
See footnotes at end of tables.
2,621.3 2,639.6 3,001.6 2,639.0 2,839.1 2,785.3 2,994.9 2,913.8 2,623.9 2,728.5 3,349.3 2,966.7
368.0
340.7
304.8
340.6
371.4
400.3
279.7
387.7
398.3
306.2
618.5
2883
1,192.5 1,243.6 1,225.5 1,192.8 1,327.7 1,258.2 1,414.6 1,282.1 1,215.5 1,359.7 1,678.3 1,482.8
334.3
389.1
295.4
341.6
312.8
411.9
342.9
317.3
333.2
344.5
295.1
318.5
19,984.9 r20,806.5 '20,683.1 19,360.7 '20,413.8 '21,979.7 '22,434.2 '23,448.6 '22,106.9 '23,304.9 '28,138.0 ' 25,497.3
2,178.9 2,070.7 2,385.7 2,134.8 2,334.0 2,676.1 2,825.3 2,958.6 2,876.7 3,156.2 3,326.9 3,054.0
17,830.3 18,225.2 17,926.9 17,369.0 17,881.7 18,277.9 20,129.0 20,977.0 18,569.8 19,569.4 24,676.7 22,443.3
9,441.4 10,107.9 12,743.1 11,182.4 •••
6,431.7 6,515.9 7,993.4 7,079.3
3,009.7 3,592.0 4,749.7 4,103.1
1,729.9 2,110.6
'32,291.1 r33,170.0 '35,358.0 '35,809.9 '33,826.2 '33,667.5 '38,075.6 '35,210.9 '35,758.7 '32,995.1 '35,569.0 '37,030.0 1 34,801.8
31,978.2 32,513.6 34,418.1 34,625.4 34,492.3 34,582.4 35,966.5 35,316.1 36,586.4 34,257.6 37,729.0 36,643.7 '34,381.1
854.8
894.5
915.8
870.2 1,090.6 1,349.4 1,304.8 1,009.4 1,019.8 1,156.0 1,088.9
875.2
955.9
13,385.5 14,129.4 15,197.0 16,054.3 15,785.4 14,874.8 16,509.9 14,602.8 14,933.7 14,314.4 15,374.9 14,802.2 14,489.5
387.4
428.7
430.9
301.1
375.7
325.6
467.1
293.8
322.1
386.1
406.7
390.0
372.9
7,949.5 8,108.1 8,338.2 8,785.4 7,627.3 7,308.1 8,800.5 8,681.1 9,123.2 7,458.3 8,200.1 9,329.4 8,163.3
5,815.2 5,916.6 6,101.5 5,322.4 5,069.7 6,094.7 6,573.3 6,723.9 6,127.8
2,107.8 2,300.9 2,416.0 2,208.2 2,167.8 2,246.1 2,426.6 2,266.8 2,205.2
1,524.4 1,614.9 1,733.0 1,748.8 1,958.1 1,653.2 2,061.8 1,749.8 1,663.7
24.1
88.1
27.5
107.0
63.5
103.3
84.6
121.3
64.0
134.9
47.1
87.8
32.4
113.1
42.0
127.5
55.5
130.5
9.8
107.8
29.2
125.1
25.5
128.7
17.4
110.3
222.8
6,832.3
275.8
6,933.8
262.0
7,332.6
267.5
7,340.5
300.0
7,242.4
294.5
6,780.9
246.7
7,932.0
234.4
7,179.0
221.5
7,472.2
6,353.9
7,186.4
7,480.8
7,183.0
839.6
5.5
2,341.2
868.1
843.5
7.8
2,353.1
858.3
942.6
6.2
2,331.7
950.0
1,067.4
7.3
2,244.9
1,111.1
871.9
8.2
2,109.7
1,000.4
792.9
7.8
1,889.8
723.6
1,036.3
9.3
2,306.7
1,019.5
969.0
6.6
2,482.1
964.5
1,008.0
6.2
2,546.2
960.9
861.5
954.9
1,088.3
895.8
2,090.1
860.2
2,162.8
970.7
2,513.2
1,060.3
2,154.6
893.5
29.3
1,345.8
20.5
1,533.0
43.0
1,386.7
40.3
1,564.5
36.4
1,352.6
36.2
1,441.0
34.6
1,551.1
51.7
1,479.9
45.7
1,657.5
49.4
1,154.4
45.5
1,463.5
70.6
1,649.8
28.9
1,546.0
5,814.4
5,916.0
6,100.8
5,321.9
5,069.0
6,094.7
6,573.0
6,723.1
6,126.8
5,992.8
6,598.1
7,272.7
6,830.7
3,440.0
573.1
1,601.6
390.6
3,702.1
581.4
1,764.1
491.2
3,925.4
689.6
1,838.3
490.8
3,737.4
658.0
1,653.3
524.4
3,882.9
777.0
1,630.9
575.2
3,678.0
682.8
1,724.4
428.8
4,275.1
821.4
1,871.4
532.0
3,830.7
722.0
1,783.3
426.4
3,675.0
715.5
1,707.4
408.1
3,825.0
791.6
1,746.3
444.9
4,075.9
741.1
1,982.0
416.1
4,173.4
728.6
2,004.9
403.6
3,923.3
763.0
1,799.2
435.1
1,813.5 1,684.4 1,798.0 1,686.7 1,573.5 1,577.1 1,810.6 1,710.6 1,701.1 1,888.1 1,935.0 1,946.2 1,715.0
30,169.6 31,628.7 33,468.4 34,157.4 32,746.3 31,995.5 35,903.5 33,763.7 33,742.4 31,329.6 33,882.7 35,165.6 33,086.8
1,742.4 1,650.5 1,868.4 1,724.9 1,629.3 1,628.7 1,816.9 1,646.5 1,665.8
1,840.1 1,838.4 1,868.6 1,628.5
318.0
305.7
318.8
421.6
338.5
328.6
319.9
320.2
286.8
318.6
309.0
425.1
315.0
920.2
2,979.3
2,779.0
964.9
3,425.4
3,242.4
972.5
3,894.6
3,773.7
969.1
4,593.3
4,348.0
962.9
4,581.7
4,391.1
1,029.4
3,829.7
3,617.5
1,002.1
4,240.2
4,006.5
1,015.1
3,940.2
3,693.3
1,030.3
3,611.5
3,265.5
976.7
3,575.6
1,050.5
3,795.1
1,199.2
3,190.3
1,098.1
3,280.6
38.3
1,345.6
4,131.2
40.1
1,325.5
4,425.2
32.8
1,318.8
4,578.7
56.2
1,352.2
4,722.6
46.8
1,319.3
4,538.5
48.3
1,309.3
4,462.2
61.5
1,384.0
4,829.0
72.1
1,424.9
4,632.1
55.2
1,568.8
4,582.4
55.0
1,526.2
4,685.0
61.9
1,646.3
4,901.4
55.8
1,866.2
5,325.7
52.6
1,649.1
4,850.9
14,623.3 14,951.3 15,533.1 14,796.6 14,041.0 14,216.3 16,490.3 15,898.6 16,294.0 14,131.8 15,693.8 16,859.6 16,027.8
8,019.6 7,952.9 8,366.5 8,456.0 8,332.8 8,555.2 9,372.0 8,773.6 9,109.1 8,013.5 9,116.8 9,862.4 8,988.9
6,603.7 6,998.4 7,166.6 6,340.5 5,708.1 5,661.2 7,118.3 7,125.0 7,184.9 6,118.3 6,577.0 6,997.2 7,038.9
6,028.5 6,367.3 6,370.7 5,620.2 5,118.4 5,084.3 6,328.8 6,544.9 6,316.9
::::::::
S-18
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
Annual
„ .t
Unrts
1987
1986
June 1988
1988
1987
Apr.
July
June
May
Sept
Aug.
Nov.
Oct.
Jan.
Dec.
Mar.
Feb.
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 $
1554
1126
1750
1586
1270
2014
1582
1248
1974
1589
1259
2000
1579
1269
2004
1600
123 1
1970
1599
1228
1964
1639
1255
2057
161 4
127 1
2051
1606
1426
2290
1590
147 1
2340
1634
1307
2136
161 3
1424
2296
1626
1730
2812
1540
1649
2539
1646
1692
2785
1612
1633
2634
1635
1677
2743
1652
1757
2903
1680
1757
2952
1697
1666
2826
1708
1619
2765
1693
1834
3106
1697
1721
292 1
1688
1729
291 9
1687
162.1
2735
170.4
173.1
2949
171.5
178.2
3056
328 419
87946
28926
7*698
29255
8125
30164
7 886
31627
8330
30154
8593
30348
8040
30516
8366
450 214
217,781
33036
18,837
36910
19&4
40966
21,436
43018
22,025
r
43 742
r
38572
19,229
40491
21,902
3263
596
4210
2987
577
3,906
3160
2573
414
112
2427
387
103
2557
385
161
690
383
37
560
385
44
602
348
57
1750
171 0
1758
"1745
103.3
103.3
247.2
103.4
*94.5
105.2
467
2270
432
2688
21,418
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 *
Travel
Lodging industry:
Restaurant sales index.... same month 1967=100.
Hotels'. Average room sale Q
dollars
Rooms occupied
% of total.
Motor hotels: Average room sale ^
dollars .
Rooms occupied
% of total.
Economy hotels: Average room
sale Q
.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...
30209
3990
1 247
40921
39833
J
' 17
6444
3346
433
8616
8449
169
mil..
Motor Carriers
Carriers of property, large, class I, qtrly.:
Number of reporting carriers
Operating revenues,
total
mil $
Net income, after extraordinary and prior
period charges and credits
mil. $..
Tonnage hauled (revenue), common and
contract carrier service
mil tons
Freight carried—volume indexes, class I and II
intercity truck tonnage (ATA):
Common carriers of general freight,
seas adj
1967—100
Class I Railroads t
Financial operations, quarterly (AAR),
excluding Amtrak:
Operating revenues, total #
mil. $.
Freight
do
Passenger, excl. Amtrak
do
Operating expenses
do
Net railway operating income
do .
Ordinary income f
do
Traffic:
Revenue ton-miles, qtrly. (AAR)
bil.
Price index for railroad freight
12/84=100 .
See footnotes at end of tables.
36655 / 404 31
624
603
45 681 50451
49,987
39608
5623
833
1
48 725
1
176
1
1
324 48
4339
1 312
1
3482
636
4302
3625
654
4441
14,064
11271
1553
214
13028
479
3991
684
4839
4151
4120
2746
343
110
2824
357
107
2849
359
100
11 370
10545
355
3080
367
101
3179
776
231
911
346
34
3318
645
9,009
730
772
' 30
2665
2456
'l09
751
3158
586
4,012
15,338
12314
1637
'221
14,152
581
4111
615
374
99
2421
381
102
11934
11202
262
970
334
34
737
339
33
3331
2?882
305
723
721
731
100
4909
100
18480
100
18772
100
4673
100
4859
548
263
105
60
52
166
179
44
45
48
1480
163 9
1
25 957
1
25 098
110
1
658
322
35
573
312
36
7983
3 921
443
710
4,992
24 652
1168
733
867.7
100.8
2
219
7361
66
4807
62
3113
63
15,343
14 357
10,265
8,818
4,109
52749
1588
1580
1620
161 7
1636
1685
1709
1762
1734
6,840
6632
' 20
5982
538
690
26623
25798
95
23881
1*752
1 989
6625
6423
24
5733
572
556
6712
6513
r
100,1
100.3
242.3
100.1
100.2
100.2
243
86 16
209
8358
66
4623
54
232
81 50
178
8664
57
4711
54
217
88 17
32 10
31 88
3280
52
4187
22
6415
'239
299
939.7
100.1
100.1
100.2
230.5
100.2
' 223
8258
68
4779
62
216
8654
71
4783
69
253
8307
70
4798
64
243
7940
69
4695
67
232
7509
68
4785
71
208
77 52
220
83 10
70
68
4818
47 17
73
4745
63
3287
64
3324
65
3531
3218
3395
76
3355
78
3319
3304
64
67
rl
17,005
n
16 425
n
11,639
rl
10,239
4,872
55782
••517
3041
r
r
r
477
4978
73
4,483
4 191
4,594
4,008
536
7390
495
10004
71
372
10050
40
63
5,285
4872
3,792
3,327
333
6349
300
5 114
55
276
2383
r
248.7
100.1
52
4586
46
41
3,692
3820
2786
2539
'304
1395
S
77.2
105.1
63
4578
60
56
3
1,464
*1176
*892
a
891
326
1406
378
1 562
407
S-19
SURVEY OF CURRENT BUSINESS
June 1988
Unless otherwise stated in footnotes
Ann ual
1988
1987
Unlte
methodological notes are as shown in
BUSINESS STATISTICS: 1986
1986
1987
Apr.
June
May
Oct.
Sept.
Aug.
July
Dec.
Nov.
Jan.
Mar.
Feb.
Apr.
May
TRAN SPORT ATION AND(^OMMIJNICA1ION— Continiled
COMMUNICATION
Telephone carriers: Q
Operating revenues # .
Station revenues
Tolls, message
,.,,.,,,,,
Operating expenses (excluding taxes)
Net operating income (after taxes)
Access lines
mil $
do
do
do .
do
mil ..
73897
31*218
8536
48553
13 140
74657
31669
9171
50384
13370
18900
7953
2312
13,139
3 164
113.2
18832
7974
2347
12823
3372
112.4
18606
7882
2293
12441
3376
111.1
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic Chemicals
Production:
Aluminum sulfate, commercial (17% AkOa) $
thous sh tons
1223
1222
10436 10980
Chlorine gas (100% C12) $
do
Hydrochloric acid (100% HC1) $
do ..
2,413
2495
364
343
Phosphorus, elemental $
do .
Sodium hydroxide (100% NaOH) $
do
10691 11 518
791
Sodium silicate, anhydrous $
do
948
Sodium sulfate anhydrous $
do
805
811
Sodium tripolyphosphate
565
617
(100% NasPaOio) £
do
Titanium dioxide (composite and
pure) $
do
952
931
Sulfur, native (Frasch) and recovered:
Production
....... . . .
thous met tons
9862 '9363
Stocks (producers') end of period .
do
2748
2316
Inorganic Fertilizer Materials
Production:
Ammonia, synthetic anhydrous $
14474 16161
thous sh tons
Ammonium nitrate, original solution $
do
6416
6089
Ammonium sulfate $.
do
2183
2080
6734
Nitric acid (100% HNOs) $ . .
do
7 102
Nitrogen solutions (100% N) $
do . .
2820
2,264
Phosphoric acid (100% P2O5) $
do
9578 10473
35759 38750
Sulfuric acid (100% H2SO4) $
do
Superphosphate and other phosphatic
fertilizers (gross weight):
Production
thous sh tons
12710 15674
Stocks, 6nd of period ,,
do
775
704
Potash, sales (KzO)
do
5521
6204
Imports:
Ammonium nitrate
do
561
307
Ammonium sulfate
do
291
285
Potassium chloride
do
7290
7536
Sodium nitrate
do
118
'l02
Industrial Gases 1
Production:
Acetylene
mil cu ft
5034
5605
Hydrogen (high and low purity)
do
141 815 163 659
Nitrogen (high and low purity) .. .
do
617 386 653 970
Oxygen (high and low purity)
do
346 839 390 067
Organic Chemicals §
Production:
Acetylsalicylic acid (aspirin)
mil. lb.. 1*30!5
'24 2
Ethyl acetate
do .... 1 198.1 1 198.3
Formaldehyde (37% HCHO)
do.... 5,549.4 6,064.4
Glycerin, refined, all grades
do....
295.0
276.4
Methanol, synthetic
mil gal 1 1X 085 1 1 0982
Phthalic anhydride
mil lb
8631 10352
ALCOHOL
Ethyl alcohol and spirits:
Production
Stocks, end of period
Denatured alcohol:
Production
Consumption (withdrawals)
For fuel use
Stocks, end of period
See footnotes at end of tables.
100
953
231
30
1,017
60
69
119
954
201
28
998
67
75
109
941
200
32
1008
89
68
95
966
198
27
1026
' 85
67
105
985
206
31
1036
82
70
102
903
214
30
939
85
60
101
907
221
30
946
59
65
107
974
226
30
1,031
f
63
r
69
43
46
46
50
41
41
48
54
53
83
79
77
85
78
83
81
86
62
793
2659
799
2622
775
2567
781
2488
735
2404
787
2316
796
2250
754
2133
r
815
1,963
778
1,893
1312
1269
1207
1238
1403
1357
1450
1409
1304
1,455
1,490
498
159
569
201
780
2962
461
187
521
218
809
3 102
387
182
462
166
900
3428
457
179
552
188
894
3353
555
181
629
232
943
3443
560
187
629
245
898
3237
594
181
663
254
967
3578
570
181
647
251
921
3383
577
191
639
231
958
3325
639
200
724
253
996
r
3547
608
187
698
248
994
3613
1 294
632
486
1 140
552
592
1 198
616
226
1438
615
440
1 418
539
552
1415
671
400
1304
'g32
366
1337
*704
577
1351
*750
699
1370
762
422
1,392
581
436
1,385
620
688
46
36
895
7
24
27
443
16
20
25
458
6
15
13
473
7
10
8
M16
13
12
16
690
15
20
481
2
14
10
532
3
14
17
856
6
30
64
698
26
22
692
7
27
44
912
12
35
42
952
42
505
13980
51 504
30 182
509
13607
52947
30927
436
14525
52904
29832
434
14864
52*956
31*098
419
15357
54 148
31 177
420
12949
60653
37 531
422
12167
59*417
36487
431
12566
60226
37907
419
12212
58894
36,165
457
12,369
61,351
38,445
96
876
222
30
897
76
69
100
892
207
28
922
83
65
104
880
208
28
909
75
69
49
51
47
47
74
82
83
76
754
2676
781
2675
783
2662
1424
1416
633
183
653
285
951
3383
581
193
610
285
847
3 186
1 415
420
768
20.9
16.9
58
56.2
1,613.5
24.6
2857
2726
109
936
210
26
967
73
66
21.5
109
958
206
27
1 004
74
70
23.9
(2)
490
14025
56*897
35693
34
507
1,548.5
24.0
2963
251 7
25.9
23.9
5.4
44.3
1,552.6
22.3
2780
2531
(2)
420
12408
60587
38064
24.0
23.3
r
24.2
24.9
•s
mil. tax gal ..
do
645.4
475
729.5
434
602
454
620
488
566
446
601
467
634
439
638
386
630
343
606
417
669
434
626
477
mil. wine gal .
do
do
do....
4086
4446
2267
23.8
4423
4597
207 5
9.7
359
387
17 0
8.0
368
374
15 1
10.6
369
41 0
182
6.0
400
37 1
165
8.2
394
409
189
8.7
394
414
187
6.0
376
394
19 1
6.3
31 8
302
11 8
7.2
493
401
179
9.7
365
348
148
10.2
S-20
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
Annual
....
June 1988
1988
1987
Units
1986
1987
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Apr.
Mar.
May
CHEMICALS AND ALLIED PRODUCTS—Continued
PLASTICS AND RESIN MATERIALS
Production:
(2)
Phenolic resins
mil lb.. 1 1,813 5
1 15 933 o 1 17 675 8
Polyethylene and copolymers
do
1
Polypropylene
»
do
66335
6 256 5
(2)
Polystyrene and copolymers . .
do
'70784
Polyvinyl chloride and copolymers . .
do .
'72836
79860
PAINTS, VARNISH, AND LACQUER 0
Total shipments
mil $
Architectural coatings
do
Product coatings (OEM)
do .
Special purpose coatings
do ....
94938
40168
3,578 1
1,898.8
10 153 4
42051
39459
2,002.4
911 3
3946
3394
177.3
9242
4045
3375
182.1
4 234 9
1*5784
43233
l'?432
45152
1754 1
1 990 9
i 990 6
20954
9409
4293
3325
179.2
914 1
4124
3098
191.9
8985
3959
3197
182.9
887 7
3758
3336
178.3
9045
3428
3778
183.9
7595
2858
3250
148.7
6887
2437
3061
138.9
7597
2731
342.0
144.5
8310
304.0
366.1
160.9
r
9675
r
384!o
r
396.5
187.0
9795
389.7
390.4
199.5
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production:
Electric utilities total
mil kw -hr 2 487 310 2 572 127
By fuels . . . .
do
2 196 465 2 322 432
By waterpower
do
290844 249 695
Sales to ultimate customers, total (Edison
Electric Institute) 0
mil. kw.-hr.. 2,355,311 r2,440,477
Commercial §
.
do
630 260 rr658 249
Industrial §
do
817 396 846 876
r
Railways and railroads
do
4714
4,753
Residential or domestic
do .... 820,826 r849,273
Street and highway lighting
do
738
14921 14
r
Other public authorities
do
62
169
62038
r
Interdepartmental
do
4419
5155
Revenue from sales to ultimate customers
(Edison Electric Institute) Q.
mil $ " 152 814 155 712
GASO
Total utility gas, quarterly
(American Gas Association):
Customers, end of period, total @
Residential
Commercial
Industrial @
Other
Sales to customers, total
Residential
Commercial
Industrial
Electric generation
Other
Revenue from sales to customers, total
Residential
Commercial
Industrial
Electric generation
Other
thous..
do
do
do
do .
tril. Btu..
do
do
do
do .
do. .
50,961
46818
3915
'176
52
11,126
4380
2238
2892
1449
167
51797
47 576
3994
174
53
'10115
'4350
1
2*132
'2158
'1306
'169
mil $
do ....
do
do ....
do
do ....
51194
24,750
11 268
10,554
3949
673
' 44 828
'23390
' 10 065
'7,204
'3569
'600
189 496 206 074 225 589 247 915 247 645 213 008 203 009 200 258 220 500
167 471 181 872 204 727 227 721 229 198 194 828 185 054 183 401 199 413
22025 24202 20863 20195 18446 18180 17955 16857 21087
237 586 216 813 213 838
215 371 197 648 194 324
22214 19165 19514
578,038
158 908
211 040
1,122
187,006
3482
15275
1204
676,627
186 440
222 491
1,155
244,803
3594
16996
1149
589,616
159 110
214 111
1,202
195,168
3771
15236
1,018
638,859
166 780
211,402
1,304
238,639
3755
16,098
881
36758
45084
36977
39,012
51657
47418
4010
176
54
2028
747
382
449
410
41
51,174
47039
3908
175
52
1478
381
254
453
362
28
51,797
47 576
3994
'174
53
2,798
1 246
601
614
292
46
12329
6522
2800
2,050
796
161
6237
2461
1 200
1454
1035
87
8914
4315
1 895
1482
1 069
. 153
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES
Beer:
Production
mil bbl
Taxable withdrawals
do
Stocks end of period
do
Distilled spirits (total):
Production
mil tax gal
Consumption, apparent, for beverage
purposes f
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 galTaxable 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.
19650
17872
1342
19542
17785
1294
17 42
1591
1547
17 44
16 14
1544
18 58
1662
1542
18 09
1704
1474
16 81
1582
14 17
1582
1431
1420
1550
1447
1366
13 18
1258
1285
1369
1232
1294
1580
1380
1347
1585
13.94
1385
1712
15.26
14 12
8570
7651
768
682
586
474
421
652
924
480
38773
45500
10689
3045
49269
745
3048
48801
805
3335
51208
774
30 18
47779
740
2900
47348
850
31 11
46986
825
31 09
46420
1057
672
37 56
54357
1279
441
39422
50072
10359
48 19
45500
696
449.63
771
622
7 53
712
5044
43363
67 68
3833
39372
7092
490
42801
523
389
42431
540
342
41991
482
293
41775
450
214
414 17
584
1 77
40883
547
234
40215
701
301
39812
860
202
39372
420
179
38931
497
367
500
434
3086
30.23
15.96
1430
2787
3032
1499
1387
112
2.00
16.91
1 11
174
236
1613
81
250
138
17.84
88
303
129
1695
96
286
340
1872
105
178
213
15.36
60
248
124
1650
72
94
72
482.34
448.14
59874
9031
44159
452.44
60163
8242
5.82
43.15
54588
813
4.51
41.68
46833
722
513
40.34
45385
689
7.58
39.37
39892
737
9615
36.11
44759
603
6 11
538
14317
14590
642
332
353
377
27 88
160
329
16.14
1 04
331
437
1372
1 96
280
438
1617
245
230
344
1499
1 23
17615
34.48
617 61
589
7880
3626
617 66
804
2570
3460
59820
772
2478
37.11
60163
5 80
623
35.02
58692
478
461
31.84
53939
498
4261
2479
437
679
760
1098
S-21
SURVEY OF CURRENT BUSINESS
June 1988
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
.....
1988
1987
Annual
Unlts
1986
1987
May
Apr.
June
Aug.
July
Oct.
Sept.
Nov.
Dec.
Jan.
May
Apr.
Mar.
Feb.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
DAIRY PRODUCTS
Butter:
Production (factory) .
mil Ib
1 2024 1 104 1
Stocks, cold storage, end of period
do ....
143.2
193.0
Producer Price Index
1982=100..
98.3
95.3
Cheese:
Production (factory), total
mil. Ib.. 52093 5,344 2
American, whole milk..
do
27982 27167
Stocks, cold storage, end of period
do ....
457.1
693.6
American, whole milk
do
6017
3674
Imports
do
2649
311 4
Price, wholesale, cheddar, single daisies
(9)
(Chicago)
$ per Ib
1.575
Condensed and evaporated milk:
Production case goods
mil Ib
5797
5844
Stocks, manufacturers', case goods, end of
period
do
318
450
52
108
Fluid milk:
Production on farms t
do.... 121,433 121,094
Utilization in manufactured dairy
products ....
do
82596 81740
Price, wholesale, U.S. average
$ per 100 Ib ..
12.54
12.50
Dry milk:
Production:
Dry whole milk
mil Ib
1459
1224
Nonfat dry milk (human food)
do
12841 10590
Stocks, manufacturers', end of period:
Dry whole milk
do
80
67
Nonfat dry milk (human food)
do
65 1
579
Exports, whole and nonfat
(human food)
do
482.4
387.8
Price, manufacturers' average selling, nonfat
dry milk (human food) . . .
$ per Ib
793
810
GRAIN AND GRAIN PRODUCTS
Exports (barley, corn, oats, rye,
wheat)
mil bu
20839
Barley:
2
Production (crop estimate)
do
6105
Stocks (domestic), end of period, total
do.... 66324.8
On farms
. do
199 3
Off farms
do
*1256
Exports, including malt §
do....
759
Producer Price Index, No. 2 feed,
Minneapolis
1982-100
746
Corn:
Production (crop estimate, grain
only)
mil bu 7 28 249 9
Stocks (domestic), end of period, total
do . 710 305 5
On farms . . .
.
do
6 795 5
Off farms
do .... 73,510 0
Exports, including meal and flour
do
10647
Producer Price Index, No. 2, Chicago
1982—100
835
Oats:
2
Production (crop estimate) .
.
mil bu
3864
Stocks (domestic), end of period,
6
total
do
183 7
6
On farms
do
147 2
Off farms
do
*365
Exports, including oatmeal
do
39
Producer Price Index, No. 2, Minneapolis
1982=100..
69.3
Rice:
2
Production (crop estimate)
mil. bags #
133 4
Southern States mills (Ark., La., Tenn., Tex.):
Receipts, rough, from producers
mil Ib
10 201
Shipments from mills, milled
r
rice
do....
6537
Stocks, domestic, rough and cleaned (cleaned
basis), end of period
mil Ib
3046
Exports
.
do.
5 111
Producer Price Index, medium grain,
milled
1982=100..
91.2
Rye:
2
Production (crop estimate)
mil. bu
195
Producer Price Index, No. 2,
Minneapolis
1982=100 ..
57.0
Wheat:
Production (crop estimate), total
mil. bu .. 2 2,092
2 570
Spring wheat. . . .
do
2
Winter wheat
do
1522
Distribution, quarterly @
. do
2076
7
Stocks (domestic) end of period total
do
2 673 5
7
On farms
do
10630
7
Off farms
do
1 6105
Exports, total, including flour
do
9390
Wheat only
do
8837
See footnotes at end of tables.
29204
*5270
6
335.6
6
193 9
*1417
1430
W
857
2
7 064 1
7
9 768 5
7
6 100 0
7
3,668 5
1 6067
677
1247
157.3
88.9
117 1
198.8
88.5
1164
221.1
88.8
1117
••239.8
88.8
4697
2326
457.1
3674
243
432.8
2258
452.8
3627
198
428.8
2210
445.9
357.5
17 1
483.9
2446
443.1
354.1
169
473.1
251.8
'453.3
r
360.6
166
498
562
442
41 6
530
544
348
3
318
2
402
1
518
6
59.7
2
71.3
2
9,572
10,038
10,205
9,740
10,647
10,593
11,041
6108
12.90
6851
12.70
6881
12.50
6847
12.30
7552
11.90
7,489
11.60
"11.40
153
647
128
655
124
900
136
838
134
858
129
958
15.7
102.6
57
551
64
450
65
451
80
651
91
569
90
635
66
562
8.4
70.8
58.0
39.3
13.7
15.7
13.7
21.9
12.0
28.1
15.3
791
801
793
783
780
744
738
.734
.734
2378
2673
2579
2162
2789
2885
2749
3277
3289
102
171
181
904
951
1026
247.9
93.8
982
251.1
94.5
81 5
237.9
96.5
752
211.2
100.6
664
187.3
100.3
779
176.2
100.2
91 2
165.6
93.5
87 9
158.5
93.2
1085
143.2
91.9
4621
2452
645.1
5533
156
4778
2622
666.8
5694
164
465.6
2459
659.0
5647
184
453.8
2353
642.5
5471
276
4260
2059
606.6
5097
249
4307
201 8
580.8
4853
239
4486
214 1
538.0
441 2
293
4318
2074
495.9
4034
333
491
555
542
493
477
41 1
500
588
4
699
4
842
11
939
4
1009
3
855
4
642
5
10,381
10,949
10,475
10,393
10,138
9,718
9,931
7283
12.20
7576
12.00
7353
11.90
7 117
12.00
6492
12.20
6418
12.74
6506
12.90
94
1077
115
1226
123
1092
114
995
123
804
130
657
92
653
66
868
82
834
73
713
63
654
26.4
35.4
27.0
66.1
792
794
795
793
2726
2507
2455
3047
17.2
«335.6
6
193 9
6
1417
107
7
77
93
925
1003
888
862
794
3
63322
J
3 491 8
"28404
1692
1835
680
759
1
4
J
1199
745
881 7
22845
'25912
111 3
1337
671
594
1352
1377
97685
61000
36685
1225
648
683
731
2
rt
161
9.8
7.2
15.8
9.0
914
*893
893
977
106.6
1335
7 631.5
44210
3,210.5
1237
1639
1663
80.8
80.2
80.1
148 8
757
8
733
282.9
88.8
463.5
370.2
102.4
81.3
23733
6
132 7
6
6
132 7
6
103 3
«294
21
W
92.5
2
2
103 3
«294
2
2
1
2
1
81.9
100.1
88.8
85.1
89.8
99.1
1
2
2
1
2
107.0
110.7
103.0
94.3
(6)
106.2
106.2
8
116.0
127 7
9651
r
439
r
418
271
775
3502
968
860
774
648
600
420
278
7791
r
r
639
651
634
875
762
638
582
593
556
596
491
400
2614
409
2,496
299
2,310
411
2,145
333
107.4
115.4
117.7
116.4
120.5
54.9
54.9
50.5
46.9
53.5
145.0
137 9
601
19085
7370
11715
143.8
141 7
479
679
2689
5247
1983
399
1748
560
1574
254
1330
582
1057
474
2639
439
2678
556
2698
517
2689
349
83.3
75.5
76.6
76.7
76.5
77.2
80.9
100.6
101.0
104.5
50.5
61.5
51.3
51.3
49.1
51.3
60.1
52.7
55.7
1632
1570
940
29885
1 1680
18205
1170
1125
2
ra
197
54.7
8
2
2,105
2
542
2
1563
r
2294
7
27 505 3
971 0
7
15343
1 1681
1 1067
437
1 820 9
'5600
4
1 260 9
70.6
718
639
65 1
4
1246
1194
1215
1180
1029
1004
r
488
25053
*9710
1 5343
755
690
1140
1098
" 1,570
148.0
147 3
153.4
1516
S-22
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
,,„,.
Unib>
1986
June 1988
1988
1987
Annual
Apr.
1987
Aug.
July
June
May
Nov.
Oct.
Sept.
Apr.
Mar.
Feb.
Jan.
Dec.
May
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS—Continued
Wheat—Continued
Producer Price Indexes:
Hard red winter, No. 1, ord. protein (K.C.)
1982=100..
70.6
73.4
Hard red spring, No. 1, ord. protein (Minn.)
1982=100..
68.8
72.5
Wheat flour:
Production:
Flour
thous. sacks (100 lb.).. r326
316 r338,484
r
r
Millfeed
thous. sh. tons..
6,135
5,799
Grindings of wheat
thous bu '737 537 r760 459
Stocks held by mills, end of period
r
5858
thous sacks (100 lb )
5228
Exports
do .
23,741 26,367
Producer Price Index
6/83=100 ..
89.7
91.4
71.9
80.4
64.4
70.3
67.1
65.1
64.5
70.7
72.1
69.6
78.0
*78.8
82.6
75.1
79.1
76.8
66.5
65.7
64.4
69.9
72.6
70.6
77.7
2
83.7
75.5
79.6
81.6
r
r
r
r
r
r
r
r
r
r
r
r
r
r
r
r
r
r
26,683
r
495
61 209
28,932
r
533
65 506
28,461
r
525
63 665
27,384
'499
61 729
29,538
'529
65 710
29,067
r
522
65 188
31,068
r
546
68 900
29,539
r
526
66,152
26,199
473
58,833
25,601
460
57,590
'26,498
'476
r
60,371
25,723
453
57,518
r
r
r
r
27,706
r
494
61,925
76.5
2,852
89.8
2,856
93.5
5581
2,233
90.1
2,633
88.4
1,902
88.0
5258
1,528
90.1
1,081
91.3
2,777
90.1
5,858
1,779
90.0
3,057
'91.2
883
94.3
5,719
273
90.8
782
93.5
1,662
1,598
1,694
1,779
1,641
94.0
POULTRY AND EGGS
Poultry:
Slaughter
mil lb
Stocks, cold storage (frozen), end of period,
total
mil lb..
Turkeys
do....
Price, in Georgia producing area,
live broilers
$ per lb
Eggs:
Production on farms
mil. cases §.,
Stocks, cold storage, end of period:
Shell
thous cases §
Frozen
mil lb
Price, wholesale, large (delivered; Chicago)
$ per doz..
18039
19882
1592
1590
1772
1752
1,807
1,850
369
178
501
282
457
251
513
298
593
382
676
473
745
560
842
641
841
630
1,618
1,618
530
322
501
282
526
299
562
335
594
353
'628
384
638
422
325
265
265
280
250
.250
.295
.255
.230
.235
.220
.245
.230
.250
.255
.315
1900
193.0
16.1
16.3
15.6
16.1
16.1
15.8
16.5
16.1
16.7
16.6
15.7
16.6
15.7
16.0
22
13
43
17
28
15
38
17
32
17
34
17
32
17
33
16
51
18
40
17
43
17
67
18
53
18
67
14
'14
17
21
20
.681
.579
.590
.518
.556
.554
.587
.648
.555
.563
.521
.512
.489
.536
.479
.471
2,679
34,468
215
2,875
189
2,780
214
2,945
220
3,009
202
2,972
229
2,977
233
3,024
211
2,640
242
2,793
205
2,832
203
2,679
216
2,812
169
2,707
171
2,830
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
Calves
thous. animals.,
Cattle
do...
Prices, wholesale:
Beef steers (Omaha) .
. $ per 100 lb ,
Steers, stocker and feeder
(Kansas City)
do...,
Calves, vealers (So. St. Paul)
do....
Hogs:
Slaughter (federally inspected) thous. animals ..
Prices:
Wholesale, average, all weights (Sioux City)
$perl001b..
Hog-corn price ratio (bu. of corn equal in
value to 100 lb live hog)
Sheep and lambs:
Slaughter (federally inspected) thous. animals ..
Price, wholesale, lambs, average (Omaha)
$per!001b..
MEATS
Total meats (excluding lard):
Production ...
...
Stocks, cold storage, end of period
Exports (meats and meat prepImports (meats and meat preparations)
Beef and veal:
Production, total
.
Stocks cold storage end of period
-
3,195
35,913
5774
6460
66.30
70.66
68.83
65.80
64.50
64.81
64.81
64.20
63.93
65.00
68.31
71.53
72.71
75.15
60.38
59.92
71.32
78.92
70.56
75.00
70.53
90.00
70.21
90.63
71.22
77.50
75.31
79.22
77.10
80.25
73.21
82.50
74.92
82.50
73.69
83.00
80.26
86.88
81.64
87.50
83.12
87.50
82.61
96.41
78.99
97.66
77,290
78,913
6,492
5,922
5,987
6,019
6,019
6,855
7,519
7,121
7,583
6,803
6,519
7,505
6,929
6,713
50.73
47.11
52.10
55.79
61.37
62.69
60.56
55.19
49.28
40.74
41.56
44.59
47.45
43.19
42.28
47.75
261
336
373
399
36.4
31.3
25.1
23.4
24.3
25.0
22.7
'22.3
24.8
r
350
388
414
5,042
477
363
407
411
400
446
399
439
380
408
535
67.54
75.77
85.50
89.94
85.42
74.02
70.86
67.14
66.00
63.50
72.44
78.17
79.38
79.50
(')
75.17
mil lb
do....
39050
564
38442
623
3 160
591
2975
'560
3 103
499
3 158
516
3135
496
3331
523
3521
576
3,197
614
3,378
623
3,242
656
3,070
693
3,354
716
3,158
'758
3,206
734
1 722
2017
157
176
167
177
178
180
176
191
181
159
153
165
179
do
2544
2755
240
222
268
277
244
249
244
191
156
290
238
280
247
1,948
292
do
do
24722 23821
293
318
868
884
1 505 1 599
MISCELLANEOUS FOOD PRODUCTS
Cocoa (cacao) beans, imports
(including shells)
thous Ig tons
Coffee:
Imports total
thous bags 0
From Brazil
°dov
U S Import Price Index T
1985-100
Fish:
Stocks, cold storage, end of period
mil. lb
1962
318
66
143
1883
285
69
132
1993
257
69
168
1 057
459
2,051
283
76
178
2,037
273
71
149
2,075
290
77
150
2,134
312
78
135
1,860
309
80
90
993
954
969
968
953
1,960
293
72
65
1,975
317
65
198
1,860
332
60
134
1,958
68
168
1,870
'30!
72
154
.945
.972
.995
1.035
1.052
1.117
sr
890
972
1009
1078
330
13
310
8
29
13
22
14
24
12
25
(
24
28
28
25
<
28
8
24
8
26
35
26
8
27
8
13998
197
14,312
285
1 t\t\
1 017
1,170
218
1,071
219
1,086
189
1,082
181
1,075
175
1,227
186
1,359
212
89
87
84
85
94
1,183
308
16
90
1,360
346
15
97
1,263
'396
22
81
1,231
389
78
1,390
285
22
80
1,244
287
86
1,312
252
22
86
-ion
928
Prices:
Producer Price Index, Hams, smoked
1982=100
Fresh loins, 8-14 lb. average,
wholesale (N.Y.)
$ per lb
328
5,464
Imports
do
Price, wholesale, beef, fresh steer carcasses,
choice (600-700 Ibs.)
(Central U S )
$ per lb
Lamb and mutton:
Production total
mil lb
Stocks, cold storage, end of period
do ...
Pork (excluding lard):
Production, total
do. .
Stocks, cold storage, end of period
do ..
See footnotes at end of tables.
334
77
102.0
104.2
98.4
99.4
100.4
103.4
103.1
108.3
113.2
113.1
117.7
»101.8
99.
99.6
93.1
92.7
1285
1265
1.228
1.363
1460
1.395
1.429
1.413
1.218
1.019
1.042
1.245
1,150
1.098
1.142
1.298
201 5
2585
30
206
102
106
140
56
221
239
439
27.0
30.
26.7
18.3
19483
2200
132
19906
3928
816
178
34
1 883
400
2 181
'363
798
1717
345
148
275
1770
523
769
2631
745
1 246
239
1056
161
855
1175
357
168
37
1,426
276
*92.8
1,179
315
320
354
39
42
421
419
39
34
42
27
28
436
447
r
372
38
"361
S-23
SURVEY OF CURRENT BUSINESS
June 1988
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
1988
1987
Annual
IInlfa
Unlts
1986
1987
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
FOOD AND KINDRED PRODUCTS; TOBACCO-Cont.
MISCELLANEOUS FOOD PRODUCTS-Cont.
Sugar:
Exports, raw and refined
sh tons
454394 617 947
Imports, raw and refined
thous sh tons
1275
1913
Producer Price Indexes:
Raw (cane)
1982=100 ..
110.3
104.9
Refined
do
1064
1033
Tea, imports. .. .
thous Ib 197 963 170 616
85425
146
87312
116
34371
74
52906
167
27609
65
26994
139
33431
87
32577
128
40787
51
11435
78
25483
104
14325
78
24,716
84
110.3
1065
14634
110.7
1063
16835
111.0
1068
12421
111.6
1072
12838
111.2
107 1
13538
110.9
107 4
11 207
110.6
107 1
15569
110.1
107 1
12562
109.7
1065
11480
'109.7
r4 105 7
14377
111.4
1067
15800
111.4
1067
17770
111.9
1074
19962
4,471
4979
466 630 425 886
457 658 489 861
41399
24782
32270
50250
4,435
20732
38027
19408
53679
15658
47834
r
4455
21 640
30372
28096
40936
53734
43352
4,471
64842
33135
72 022
33,369
37692
28,984
4,176
48364
40,392
56,740
43,969
74301 111 200
millions
do
583 020 576 998
do
2909
2649
do.... 63,945 100,246
8077
42212
204
7,169
8728
50996
225
8,786
11 608
61753
281
9,026
9547
37894
181
8,965
10 136
49814
211
9,835
10136
50*955
245
9,695
11 110
48564
241
9,639
10488
52556
203
8,996
9511
48508
209
8,985
8728
32441
145
7,583
10311
46100
185
9,50(4,
10195
55,291
214
9,478
9,058
16,033
* 158.0
18,431
159.0
18,430
177.6
14,647
174.8
15349
19,018
19993
(3)
(3)
111.8
1071
TOBACCO
Leaf:
Production (crop estimate)
Stocks, dealers' and manufacturers',
end of period
Exports, incl. scrap and stems
Imports, incl. scrap and stems .
Manufactured products:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt
Taxable...
Cigars (large), taxable
Exports, cigarettes
mil Ib
do
thous Ib
do
'1164
'1196
LEATHER AND PRODUCTS
LEATHER
Exports:
Upper and lining leather
Producer Price Index, leather
thous. sq. ft
160 888 194 152
1982-100..
140.9
122.9
18,874
137.5
18,818
140.5
19585
143.1
15,455
142.3
15015
1410
14806
1456
13557
1486
15703
1496
14 677
153.0
19852
20159
19947
17 641
14 854
(3)
(3)
(3)
r
176.0
LEATHER MANUFACTURES
Footwear:
Production, total
thous pairs
241 388 220 508
Shoes, sandals, and play shoes,
except athletic
thous. pairs.. 176,111
Slippers
do
55927 39895
Athletic
do
9350
Other footwear
. do
4150
2971
Exports
do
10277 14713
Producer Price Indexes:
Men's leather upper, dress and casual
1982=100..
107.2
111.4
Women's leather upper
do....
107.2
104.3
Women's plastic upper
do....
104.9
106.6
18959
18385
20025
15622
15,456
2932
571
458
1066
14,848
2989
548
485
988
14,929
4480
616
322
1 1^5
12,240
2897
485
215
1 226
109.4
106.7
105.1
109.4
106.7
107.0
109.8
106.5
95.0
111.8
107.1
104.5
294
1 268
323
1285
266
1425
12,108
2252
3823
(3)
494
230
264
1 539 1236
113.0
107.5
105.9
113.3
108.9
105.9
114.1
108.3
105.8
112.7
108.3
106.6
115.6
109.0
107.2
3935
(3)
4282
(3)
4297
(3)
(3)
3470
2675
(3)
(«)
(3)
4375
(3)
282
1 603
283
1903
1495
120.1
111.5
107.5
120.0
111.9
107.3
120.0
112.1
107.2
4042
951
3091
r
4092
1 084
r
3008
4311
1093
3218
4,242
1 068
3 174
267
1 278
r4
117.2
"110.7
'107.4
120.5
111.5
107.3
LUMBER AND PRODUCTS
LUMBER—ALL TYPES #
National Forest Products Association:
Production, total
mil bd ft 2 42 676 *246 053
Hardwoods ..
do
*7403
8143
Softwoods
do
*35273 * 37 910
2
Shipments, total
do
*242 618 47 090
Hardwoods
do
7486 29045
a 35 132 2 38 045
Softwoods ...
do
Stocks (gross), mill, end of
period, total
do
6,549
6183
Hardwoods
do
1 509 1412
Softwoods .. .
do
4771
5040
Exports, total sawmill products
do....
Imports, total sawmill products
do.... 14,607 15,217
r
3616
449
3 167
3686
499
3 187
3518
'430
3088
3656
471
3 185
3905
461
3444
4039
492
3547
3662
470
3 192
3671
'480
3 191
3 737
613
3 124
3812
*609
3 163
3 617
'586
3031
3540
609
2931
3 942
620
3 122
4034
646
3388
3458
279
2870
3470
301
2836
3829
998
2831
3865
1023
2842
3814
955
2859
3790
1 025
2765
6554
1373
5181
6432
1335
5097
6233
1306
4927
6237
1309
4928
5979
1 224
4755
6088
1 233
4855
6002
1 213
4787
5970
1 147
4*823
6183
1 412
4771
6251
1384
4867
6,282
1332
4950
6,341
1347
4994
1,293
1,332
1,383
1,329
1,182
1,449
1,264
1,210
1,146
991
1,134
1,338
1,186
843
728
892
898
932
61
14
47
966
753
883
941
874
56
9
47
896
746
835
845
814
57
9
48
700
625
826
821
819
54
8
45
704
555
745
717
779
60
9
52
717
547
678
725
732
62
13
49
758
618
716
687
761
55
7
48
734
573
809
779
791
61
10
51
889
681
826
781
836
65
8
57
91
25
66
131.4
136.5
r
j
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
1982=100..
See footnotes at end of tables.
9570
'668
9412
9430
881
522
105
417
10219
*547
10191
10340
732
684
138
546
124.5
125.1
122.7
121.3
976
704
964
1 025
813
55
21
34
121.5
804
695
824
813
824
53
8
45
124.6
127.6
138.2
860
568
849
917
751
57
g
48
128.2
126.1
127.7
" 129.8
130.4
134.3
S-24
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
.,„..
June 1988
1988
1987
Annual
Units
1986
Apr.
1987
May
June
Aug.
July
Nov.
Oct.
Sept.
Jan.
Dec.
Apr.
Mar.
Feb.
May
LUMBER AND PRODUCTS—Continued
SOFTWOODS-Continued
Southern pine:
1
Orders, new
mil bd ft
11 593 1 12 575
Orders, unfilled, end of period
do
*710
'835
1
Production
do .. . 11,678 1 12,437
Shipments
do
'11562 1 12 450
Stocks (gross), mill and concentration yards,
end of period
mil. bd. ft ..
2,010
1997
Exports, total sawmill products
thous bd ft
187 258 263 166
Producer Price Index, southern pine,
dressed
1982=100..
114.1
104.9
Western pine:
Orders, new
mil bd ft
10500 11294
Orders, unfilled, end of period ....
do
451
524
Production
do
10,482 11274
Shipments .
do
10482 11221
Stocks (gross), mill, end of period
do
1 312 1365
Producer Price Index, other softwood,
dressed
1982— 100
1097
1190
1092
806
1,092
1 114
1 116
936
988
997
1969
12174
1972
24865
1 156
1005
1071
1 092
1949
19877
857
792
1086
1 074
1960
18413
1 035
848
1007
1016
1950
13738
761
600
1004
953
2001
21 243
1 213
681
1102
1091
2013
30856
r
946
1018
789
1,050
1039
2046
27715
2056
33503
33770
118.1
119.0
118.5
118.6
115.7
968
619
879
873
1 371
949
605
986
963
1394
1 015
620
999
1000
1393
!16 1
117 1
1202
1209
1213
891
618
929
956
1024
835
994
947
843
894
938
909
1986
31673
1997
29668
2026
30745
rt
985
933
r
966
r
120.8
113.7
113.5
115.9
801
528
892
854
1321
1064
*548
1045
1 044
1322
849
505
923
892
1 353
878
524
871
859
1 365
1199
1244
1204
1194
1164
13.9
158
6.6
11.8
168
7.8
12.8
173
8.6
10.7
143
8.5
11.0
122
8.7
11.3
150
8.9
10.9
152
9.6
12.3
181
8.9
13.4
159
9.6
116
903
18
112.8
111.5
116.1
122.9
120.7
880
583
885
891
1344
966
582
928
967
1305
1 074
*607
1051
1049
1307
891
551
928
947
1 288
102°>
'58!
994
999
1 283
1200
1178
1190
1190
12.9
136
5.9
11.3
14 1
5.7
13.5
159
5.9
16.1
145
6.2
rt
HARDWOOD FLOORING
Oak:
Orders, unfilled, end of period
Shipments
Stocks (gross), mill, end of period
mil. bd. ft..
do
do....
11.0
1739
8.7
7.5
1453
7.4
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....
Composite price, No. 1 heavy melting scrap:
American Metal Market *
$ per long 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...,
Castings, gray and ductile iron:
Shipments, total
thous sh tons
For sale
do
Castings, malleable iron:
Shipments total
do
For sale
do
See footnotes at end of tables.
115
638
2
99
1258
12
84
1072
91
862
1
99
779
4
86
809
2
114
782
2
110
1009
2
89
649
15
100
630
114
724
3
1529
50
13
1 898
55
21
1697
60
30
1723
62
14
1 624
47
28
1 600
71
25
1 651
88
53
1812
' 89
53
1728
125
54
1810
89
136
1916
' 86
54
1 844
' 69
11
24781
46287
69,737
4,420
2150
3684
5,751
C
4,407
2063
3520
5714
4,260
2142
3682
5667
4316
2044
3490
5434
4363
2039
3929
6001
4,291
2137
4 184
6255
4279
2288
4667
6624
4505
2111
4350
6184
4695
2092
4289
6214
4,811
8573
7372
7494
7667
7829
8273
9135
10990
10969
10137
9972
11455
38,825
41,327
16749
16601
3,076
3,437
1 159
4,000
4,844
1580
4064
5128
1948
3521
4,819
1 173
4 116
5117
1 817
4623
5406
1 452
4515
5630
1493
2238
1 415
1467
986
900
51 307
58596
4479
5 159
6 127
6078
5994
6330
6 662
6292
6598
4559
2714
2952
6053
55283 60087
6501
6121
22133
3,255
17 163 16304
1 987 2024
5031
440
19885
10124
9204
557
5334
*911
19024
9281
9027
716
5035
1*463
19 196
8225
10006
965
4684
414
19397
6927
11350
1 120
5139
'438
21 570
8311
12 207
1 052
5 194
'626
19 508
5 142
13 343
1 023
5450
*647
20315
4276
14 554
1*485
5395
441
5765
644
5751
223
5504
27
5903
84
5707
801
64
57
95
57
58
62
85
116
101
85
64
96
48 137
49584
'274
4048
4222
223
4256
4200
'244
4079
4 123
239
4235
4255
'258
4 165
4327
262
4208
4327
260
4407
4664
'256
4351
4599
275
4447
4647
274
4683
4443
4842
8333
5536
9598
6342
874
553
796
524
875
559
786
535
774
539
797
482
962
650
770
533
690
461
674
428
320
154
431
202
40
17
34
17
41
20
32
14
30
16
39
19
42
19
30
13
35
18
35
18
929
11704
47
1,129
10367
' 50
20698
724
295
20414
843
355
26333
37928
65,856
4,344
7417
92
900
1
1533
'l02
77
I
883
43952
Ml 789
226
J
15452 16304
1 566 2024
r
722
477
r
34
16
852
533
47
23
4699
4,932
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
S-25
SURVEY OF CURRENT BUSINESS
June 1988
Annual
., ,,
1988
1987
Vnm
1986
1987
Apr.
June
May
July
Aug.
Nov.
Oct.
Sept.
Feb.
Jan.
Dec.
Apr.
Mar.
May
METALS AND MANUFACTURES—Continued
Steel, Raw and Semifinished
Steel (raw):
Production
thous. sh. tons .. 81,606
Rate of capability utilization
percent..
63.8
Steel castings:
Shipments, total
thous. sh. tons..
829
For sale, total
do
799
Steel Mill Products
Steel products, net shipments:
Total (all grades)
thous. sh. tons.. 1 70,263
By product:
Semifinished products
do....
4,954
Structural shapes (heavy),
1
steel piling
do
4,528
Plates
do
3,565
Rails and accessories
do
640
Bars and tool steel, total . .
do
12,171
Bars: Hot rolled (including
light shapes)
do....
6,559
Bars: Reinforcing
do....
4,299
1,257
Bars: Cold
finished
do....
Pipe and tubing .
do
2,836
1,080
Wire and wire products
do
Tin mill products
.
do .
3,802
Sheets and strip (including electrical),
total
.
do
36,686
Sheets: Hot rolled
do
'12,167
Sheets: Cold rolled
do . 1 13,250
By market (quarterly):
Service centers and distributors
do . 1 115,251
Construction, incl. maintenance
do .... 1 5,141
Contractors' products
.do..
2,559
'9,871
Rail transportation
do
'674
Machinery, industrial equip., tools
do.... '1,323
Containers, packaging, ship,
materials
do
4,075
Other
do
'23,367
Producing steel mills, inventory, end of period:
Total
mil. sh. tons
13.2
Steel in process
do
7.3
Finished steel
do
5.9
Service centers (warehouses), inventory, end
of period
mil sh tons
5.7
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production, primary (dom. and foreign ores)
thous. met. tons ..
3,036
1,739
• Recovery from scrap t
•
do....
Imports (general):
Metal and alloys, crude . . .
do
1,468.4
Plates, sheets, bars, etc
do.
495.3
Exports:
Metal and alloys crude
do
228.6
Plates, sheets, bars, etc
do....
203.3
Price, U.S. market, 99.7% purity,
monthly average
$ per Ib ..
.5587
Aluminum products:
Shipments:
Ingot and mill prod, (net ship.)
mil. Ib.. 14,386
Mill products, total
do.... 11,416
Sheet and plate
do .
6,629
Castings
do ....
2,187
Inventories, total (ingot, mill products, and
scrap), end of period
mil. Ib..
4,928
Copper.
Production:
Mine, recoverable copper
thous. met. tons.. 1,147.3
Refined from primary materials
do.... '1,073.2
Electrolytically refined:
From domestic ores @
do.... '947.9
From foreign ores
do
40.2
Electrowon
do....
125.4
Refined from scrap Q
do
'406.2
Imports, unmanufactured (general):
Refined, unrefined,
scrap (copper cont.)
do ....
667.5
Refined
do
503.1
Exports:
Refined and scrap
, do ....
497.1
Refined
do ....
14.9
Consumption, refined
(reported by mills, etc.) 0
do.... '2,102
'225
Stocks, refined, end of period 0
do...
Price, avg. U.S. producer cathode, delivered §
.6605
$perlb..
See footnotes at end of tables.
'89,151
79.5
7,402
80.3
7,641
80.2
7,349
79.7
7,324
77.3
7,494
79.1
7,694
83.9
8,073
84.4
7,882
85.2
7,916
82.8
8,380
88.1
7,984
89.7
8,763
92.2
874
850
63
61
59
57
61
59
67
65
73
72
80
78
80
79
78
77
80
79
72
70
r
82
'80
95
93
8,398
91.4
7,082
6,247
6,656
6,295
6,364
6,726
7,077
6,606
6,977
6,608
6,848
7,693
'5,456
539
519
541
485
546
574
545
550
525
569
515
512
497
5,120
4,048
515
'13,575
412
319
43
1,067
354
315
45
1,069
458
328
39
1,117
434
343
37
1,037
429
345
40
1,089
469
382
39
1,189
487
415
54
1,176
444
393
40
1,114
446
429
40
1,082
445
593
38
1,030
470
608
42
1,187
486
689
43
1,246
443
620
45
1,183
7,238
'4,918
1,361
3,570
1,105
3,988
602
348
112
254
107
333
577
380
107
288
94
336
656
342
115
341
97
358
473
361
114
317
94
361
591
380
113
323
87
351
676
390
118
340
90
339
671
371
128
370
95
317
607
388
114
349
84
297
582
385
110
359
75
435
581
323
121
363
88
260
742
329
111
365
94
274
714
390
136
457
103
334
650
395
133
439
106
353
39,279
13,048
13,859
3,238
1,096
1,135
3,227
1,066
1,153
3,377
1,112
1,200
3,184
1,075
1,124
3,154
1,023
1,126
3,303
1,041
1,163
3,617
1,163
1,297
3,335
1,110
1,142
3,586
1,238
1,245
3,220
1,009
1,127
3,295
1,033
1,141
3,823
1,234
1,306
3,395
1,056
1,181
76,654
6,312
'18,629
5,619
2,701
'11,135
734
2,096
4,113
1,335
613
2,415
157
372
4,925
1,474
700
2,467
176
521
5,291
1,470
807
2,765
218
563
* 1,610
2
491
'231
2
889
2
81
2
210
4,371
'31,337
1,127
6,841
1,146
7,981
1,158
8,392
2
2
337
2,759
2
1,620
2
480
2
232
2
950
2
105
2
204
2
302
2,955
2
2
1,920
2
530
2
245
2
1,051
2
113
2
245
2
368
3,190
C2
11.3
6.7
4.6
11.5
6.8
4.7
11.7
6.8
4.9
11.5
6.7
4.9
11.3
6.6
4.7
11.3
6.6
4.7
11.1
6.4
4.7
11.0
6.4
4.6
10.7
6.3
4.4
11.3
6.7
4.6
11.9
7.1
4.8
12.1
'7.1
'5.0
6.9
4.9
6.4
5.8
5.8
5.7
5.8
5.7
5.7
5.8
6.0
6.4
6.4
6.7
6.8
3,343
1,847
263
160
275
150
272
156
282
155
286
158
286
160
301
155
301
152
316
145
320
149
304
155
330
175
1,378.0
452.3
106.3
31.1
114.9
40.2
133.6
39.4
120.6
39.5
106.1
32.8
105.3
33.0
1&.2
42.1
101.6
37.2
111.6
36.0
101.4
36.4
115.6
49.7
309.9
284.5
26.0
24.1
16.8
23.7
16.1
28.5
29.0
19.4
30.6
23.2
30.7
20.6
22.7
22.9
39.1
26.8
20.3
25.8
15.1
25.5
21.8
35.1
.7230
.6497
.6890
.7254
.7424
.8166
.8069
.8439
.8016
.8339
.8971
.9628
1.0709
15,584
12,234
7,379
2,056
1,284
1,023
615
185
1,301
1,020
616
169
1,433
1,147
699
170
1,346
1,052
619
137
1,261
1,010
594
157
1,334
1,033
621
169
1,307
1,038
613
192
1,219
944
566
176
1,353
1,055
696
154
1,165
919
537
164
1,163
'964
'564
182
1,388
1,125
674
213
4,175
4,584
4,515
4,474
4,393
4,303
4,152
4,211
4,245
4,175
4,344
'4,401
4,369
1,274.7
1,146.0
100.8
79.9
106.7
85.1
104.0
94.0
106.6
90.5
109.9
90.2
108.0
102.8
107.5
109.8
111.3
111.8
113.1
115.6
113.8
103.6
105.5
105.4
123.6
115.9
987.1
68.7
72.7
80.6
76.5
76.8
89.0
95.4
95.9
98.5
'90.4
90.2
97.7
158.9
414.6
11.2
44.3
12.4
34.0
13.4
35.1
14.0
29.5
13.4
33.2
13.8
34.5
14.4
35.8
15.9
30.8
17.1
37.1
17.0
'34.5
15.3
'36.3
18.3
43.0
657.3
515.6
48.2
38.9
72.0
60.2
80.2
69.3
45.7
37.0
57.3
45.0
42.4
28.6
50.5
35.9
56.3
40.8
48.6
31.1
68.4
49.4
64.1
38.0
63.6
39.0
454.8
17.9
40.8
2.8
28.4
•8
33.0
1.1
39.7
.6
38.0
.5
36.5
.8
36.1
.7
38.5
2.3
50.5
3.2
35.5
4.9
50.2
2.0
56.6
3.8
'2,139
173
189
184
169
179
188
r
!73
r
!51
••201
177
188
185
179
178
151
179
116
180
114
176
12
182
136
207
138
.7098
.7435
.8042
.8218
.8561
.8885
1.0853
1.3332
1.3250
1.0752
1.0972
.8249
.6713
103.6
38.2
32.1
25.6
8,832
93.1
2
1,669
2
501
2
236
2
1,001
2
108
2
229
2
373
2,965
2
1.0712
1.1448
S-26
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
June 1988
SURVEY OF CURRENT BUSINESS
Annual
1988
1987
IT u
umts
Apr.
1987
1986
June
May
July
Sept.
Aug.
Nov.
Oct.
Mar.
Feb.
Jan.
Dec.
May
Apr.
METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND
PRODUCTS—Continued
Copper-base mill and foundry products,
shipments (quarterly total):
Brass mill products
.
mil Ib
Copper wire mill products
(copper content)
do
Brass and bronze foundry products
do ....
Lead:
Production:
Mine, recoverable lead
thous. met. tons..
Imports (general), ore (lead content),
metal
do
Consumption, total
do....
Stocks, end of period:
Producers', ore, base bullion, and in process
(lead content), ABMS
thous. met. tons..
Refiners' (primary), refined and antimonial
2,318
r
2,624
637
598
617
1,792
478
1,922
528
483
135
'485
131
481
135
1
310.5
' 682.1
23.5
55.6
27.0
59.3
26.2
53.9
28.9
59.9
24.0
63.4
28.1
53.3
28.4
67.3
23.1
55.9
25.4
55.1
27.9
52.2
'28.2
57.5
36.0
59.0
103.4
240.3
1,124.8 ' 1,186.8
17.8
97.8
20.3
98.0
23.5
100.2
26.2
94.3
24.3
99.7
28.4
108.2
19.2
115.1
21.8
102.8
27.1
97.2
21.2
96.0
21.9
'96.4
26.4
110.3
339.8
'614.9
Consumers' (lead content) 6
..do ....
Scrap (lead-base, purchased), all smelters
(gross weight)
thous met tons
Price, common grade, delivered @ ©....$ per Ib.....
74.0
59.2
56.6
56.5
58.4
58.6
67.7
67.0
69.7
62.8
59.2
57.0
59.9
53.9
20.0
83.8
21.6
67.7
28.6
58.0
29.6
60.7
18.6
59.5
10.6
60.9
11.0
64.3
11.5
65.4
14.9
65.5
18.1
68.2
21.6
67.7
21.8
70.2
26.6
'60.7
25.8
58.6
25.5
.4167
27.6
27.3
27.1
24.4
24.0
22.6
17.0
14.6
.4200
.4200
.4200
.4200
.4200
.3800
.3485
.3400
294
1,779
838
111
4,400
3,400
179
400
2,761
846
88
4,600
3,600
87
128
881
94
4,600
3,600
84
185
121
3,153
933
92
4,900
3,800
171
5,460
4.3328
4,428
4.2777
4,490
4.2659
'5,989
4.1950
5,607
4.2407
19.4
24.0
18.6
17.9
23.8
.2205
.3594
.2784
.3495
.3693
4,030
35,768
7,243
2,967
41,151
11,984
387
154
5,448
3,427
3,036
807
134
4,300
3,300
137
916
110
4,200
3,200
164
732
4,196
786
114
4,400
3,500
180
8,087
4.2179
6,663
4.1449
4,288
4.0309
59.0
Tin:
Imports (for consumption):
Metal unwrouffht unalloved
Recovery from scran total (tin cont )
As metal
Consumption total
Primary
do
do
. . do
do
do
Stocks, 'pig (industrial), end of
period
do .
Price, Straits quality (delivered)
$ per Ib..
Zinc:
Mine prod., recoverable zinc
thous. met. tons..
Imports (general):
Ores (zinc content)
do
Metal (slab, blocks)
do
Consumption (recoverable zinc content):
Ores
do
Scrap all types
do
Slab zinc: @
Production, total $
thous met. tons .
Consumption fabricators
do
Exports
do
Stocks, end of period:
Producers', at smelter (ABMS)
do....
Consumers'
do
Price high grade
$ per Ib
MACHINERY AND EQUIPMENT
Heating, combustion, atmosphere equipment, new
orders (domestic), net, qtrly #
mil. $..
Electric processing heating equipment
do....
Fuel-fired processing heating equip
do ....
Material handling equipment (industrial):
Shipments t
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.
3,369
875
94
4,400
3,500
135
905
102
4,400
3,500
74
56
4,168
888
94
4,300
3,300
77
5,373
4.1148
5,533
4.2073
6,402
4.2480
422
3,403
2,582
'932
119
50,100
37,400
3,022
53,100
39,800
1,701
4,802
3.6991
4,428
4.1878
7,263
4.1830
203.0
213.2
17.7
17.5
17.8
17.5
18.8
18.2
18.2
15.8
18.1
16.8
'18.2
22.3
197.7
667.1
425.5
705.9
28.2
58.7
40.0
50.7
37.2
53.4
35.7
66.4
38.5
68.5
32.7
61.3
54.8
67.0
32.8
56.5
31.1
63.4
34.4
53.2
27.2
48.6
32.6
71.7
.5
22.6
.5
23.5
.5
23.3
.5
24.8
.5
23.4
.5
23.1
.5
25.0
.5
25.0
.5
27.4
.2
26.1
.2
23.1
.2
22.5
16.6
60.6
(2)
13.6
55.6
.1
14.9
61.4
.2
15.5
59.1
.3
16.3
60.1
14.6
59.0
16.4
84.4
.1
14.9
79.5
(2)
16.4
'76.4
.1
'17.5
81.0
6.9
41.8
.4175
5.5
40.1
7.0
45.5
.4331
6.6
44.3
4.4
'46.0
'4.5
50.0
.4238
.4444
.4544
.4790
142.5
140.4
135.5
168.9
168.0
170.2
*714
4
3,009
859
150
4,700
3,400
249
21.9
273.8
1,457
1
6.0
285.6
269.9
' 706.0
220.5
1,037.0
1.9
1.1
23.0
59.1
(2)
16.5
59.0
(2)
15.5
'54.2
.3800
7.0
45.5
.4192
15.6
41.5
.3819
10.9
43.1
9.7
44.1
7.4
44.3
7.1
43.5
6.4
42.3
.4223
.4505
.4567
.4443
.4259
148.2
65.5
82.6
1
54.9
119.1
128.7
123.2
128.0
126.3
124.6
128.0
131.2
134.7
138.2
140.1
145.0
145.7
151.1
143.0
140.5
149.6
151.5
147.3
151.5
149.4
143.5
164.7
166.6
166.2
166.3
166.5
166.3
166.5
166.9
167.1
167.4
169.0
98
98
107
105
115
102
109
100
117
104
108
113
104
104
105
109
113
116
1,544.25
1,376.55
1,890.30
1,684.70
897.2
1,451.45
1,294.45
1,676.50
1,498.85
672.2
79.55
115.85
102.10
837.9
144.80
139.60
161.65
146.00
114.95
98.85
165.10
148.20
770.9
102.10
84.60
136.30
127.90
736.7
96.35
90.25
118.35
99.85
126.10
116.75
143.10
126.65
697.7
198.15
187.15
134.85
117.95
581.05
506.80
688.20
621.35
667.35
536.05
647.15
537.90
327.3
87.80
78.45
68.05
54.65
327.4
60.90
43.90
45.65
36.60
40.05
33.60
332.4
56.75
40.35
57.35
48.00
69.25
59.55
74.80
63.25
326.2
307.1
65.15
50.75
45.00
56.50
48.05
311.3
821.0
43.30
36.50
46.95
43.80
307.6
61.50
54.35
326.8
714.7
331.8
16.4
3.4
13.3
4.3
.5150
49.4
10.8
38.6
1010
15.3
85.7
48.2
17 2
31.0
226.0
'171.1
'4,700
'3,700
761.0
103
107
89.10
65.75
125.95
110.20
724.2
48.20
36.35
52.10
38.40
322.4
171.3
101
108
119
108
126
120
'137
136
134
118
175.25
154.80
226.20
208.90
672.2
223.95
205.75
70.20
250.40
217.95
108.90
97.00
966.4
191.90
174.15
137.85
123.95
1,020.4
195.30
146.45
95.30
67.15
54.65
62.20
44.05
327.3
73.55
60.30
47.65
40.90
57.55
62.55
47.90
68.95
48.10
318.8
61.80
312.4
61.60
825.0
72.15
64.05
328.7
"242.85
"205.65
"111.26
1,120.6 "U52.2
57.70
47.00
62.10
51.70
308.0
"81.95
"73.35
"68.45
"57.35
"321.5
S-27
SURVEY OF CURRENT BUSINESS
June 1988
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
.. M.
Umt8
1986
1988
1987
Annual
1987
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Jan.
Dec.
Mar.
Feb.
Apr.
May
METALS AND MANUFACTURES-Continued
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
60306
Radio sets production total market it
thous
*25 364
Television sets (incl. combination models),
production, total market $$
thous .. 23,351
Household major appliances (electrical), factory
shipments (domestic and export) $
thous
45072
Air conditioners (room)
do
2816
Dishwashers
do
3918
4269
Disposers (food waste)
do
12444
Microwave ovens/ranges @
do
Ranges
do
3318
Refrigerators
do
6510
Freezers
do .
1222
Washers
do .. .
5,765
Dryers (incl gas)
do
4245
9660
Vacuum cleaners (qtrly )
do
GAS EQUIPMENT (RESIDENTIAL)
Furnaces warm air shipments
thous
Ranges, total, shipments
do....
Water heaters (storage), automatic,
shipments
do....
2891
2784
1528
111 8
16 934
4695
9657
9708
5756
4332
64202
1,837 9
8440
8212
5,999
4219
53723
16790
2321
2610
1,539
1212
17,997
518.0
2706
2702
1437
1127
16809
4730
5,524
1329
4,194
1567
4,606
1528
4,031
5732
2524
6542
3 152
6889
2944
5387
2609
5418
1473
1,484
1,836
2,373
2,217
2,199
2,232
1,544
1,810
1,909
1,710
4207
93
342
409
1277
289
619
109
596
450
2860
4047
84
355
436
1318
307
552
87
497
403
3676
' 62
336
325
1210
285
499
93
470
391
3626
170
331
325
1,149
255
470
86
454
370
2733
3557
*200
307
361
957
235
444
91
531
413
3724
324
298
360
950
244
477
89
519
393
3955
702
308
361
761
251
512
82
498
359
2,733
3,895
686
334
306
778
253
533
108
471
328
59878
26775
3876
1 680
4272
2 132
5328
2435
5015
2507
23,497
1,552
1,776
2,094
1,582
47 838
3798
4032
4438
12610
3346
6972
1260
5,998
4637
10417
3993
*542
337
352
925
281
531
97
461
338
3947
655
294
347
807
256
589
106
452
323
4747
656
369
356
1021
289
821
136
602
426
2202
4012
350
322
343
913
286
732
137
484
363
3934
196
335
357
978
290
700
138
520
381
2105
1,940
2073
2,143
138
157
118
154
140
183
157
164
203
164
234
200
241
210
194
188
179
197
157
159
134
169
148
171
125
163
3,729
3,951
353
290
330
297
290
312
361
310
369
355
320
334
329
371
180
100.3
331
165
101.0
310
21
101.1
274
42
" 101.9
341
27
101.9
355
43
101.9
333
58
100.1
100.2
70,524 70,256 76,555 69,207 80,087 81,854 85,335 78,677 79,275
61,256 65,761 72,021 80,252 79,722 68,768 67,089 66,421 74,187
51,359 56,393 63,400 70,632 69,980 59,187 57,051 55,901 62,466
9,943 10,983
9,492
8,383
9,067
9,059
9,397
9,349
9,205
3,449
3,323
3,232
3,295
3,190
2,809
3,294
3,246
3,263
739
577
546
238
301
522
393
416
499
169,861 170,831 168,895 156,068 152,297 158,487 167,811 175,594 178,485
158,001 158,585 156,263 143,115 139,023 144,893 153,872 161,311 163,857
12,247 12,633 12,954 13,273 13,594 13,938 14,283 14,62g
11,859
3,879
3,697
3,515
3,375
3,334
3,465
3,728
3,021
3,597
8,009
7,037
6,448
6,456
6,474
7,174
6,183
7,614
6,489
96.3
95.9
96.0
96.0
96.8
97.2
95.7
96.1
96.5
74,874
77,736
84,608
76,376
74,030
67,702
61,162
58,518
8,885
95.2
95.4
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
Production t
thous. sh. tonsExports
do
Producer Price Index
1982—100
Bituminous:
Production t
thous. sh. tonsConsumption, total 1"
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
1982-100
4,292
1,460
99.7
4,177
1,181
100.1
886,023
801,780
684,227
111,120
35,973
6,433
168,072
154,707
13,365
2,985
84,017
100.8
912,674
834,337
716,922
111,696
36,920
5,719
178,485
163,857
14,628
3,879
77,645
97.1
339
45
99.4
333
96
99.4
359
154
99.4
426
121
99.8
441
144
100.0
441
191
100.1
155,613
372
152,406 "15M28
4,390
"95.6
4,451
96.7
7,099
96.3
COKE
Production:
Beehive and oven (byproduct)
Petroleum coke §
Stocks, end of period:
Oven-coke plants total
At furnace plants
At merchant plants
Petroleum coke ft
Exports
thous. sh. tons ..
do
25,540
36,903
do
do
do....
do....
do
2,066
1,778
288
1,206
1,063
PETROLEUM AND PRODUCTS
Crude petroleum:
Producer Price Index
1982- 100 ..
Gross input to crude oil distillation
units tt
mil. bbl ..
Refinery operating ratio tt
% of capacity..
All oils, supply, demand, and stocks: tt
New supply, total 0
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.
28,037
37,380
r
1,064
846
218
1,350
650
r
2,974
1,548
56
'3,087
7,073
'3,121
1,483
30
1,546
1,252
294
1,307
50
'3,190
1,279
98
'3,138
7,438
'3,047
1,223
32
1436
1,177
259
1,128
35
'3,060
1,009
29
'3,158
7,589
'3,384
3,464
3,164
3,414
1,072
38
1,064
846
218
1,350
110
1,463
58
1,437
92
1,441
30
24
49.0
53.2
54.7
56.4
59.8
57.8
56.9
56.6
54.1
"50.1
50.0
47.5
'379.1
r
81
'398.3
82
'399.2
'85
'422.0
'87
'419.3
'87
'399.8
'86
'399.8
'83
'392.2
'82
414.9
'84
408.3
83
374.3
81
410.5
84
6,026.1 '6,089.6
r
481.4
'497.5
'500.3
'541.9
'536.1
'510.8
'530.2
'515.3
'521.8
519.9
493.3
519.8
3,168.3 '3,047.4
r
605.6
587.1
'254.9
'49.2
'258.4
'50.9
'248.4
'48.8
'255.8
'51.0
'254.5
'50.6
'246.2
'49.4
'259.3
'51.9
'251.9
'51.4
'257.8
'52.2
255.6
50.5
242.9
47.6
258.8
52.6
1,642.7 1,837.3
r
628.0
599.4
14.9
73.7
6,227.9 r6,360.8
134.2
'43.0
'-17.4
'521.7
144.3
'43.9
'2.5
'517.4
157.9
'45.1
'6.2
'525.0
173.9
'61.3
10.5
'551.5
182.3
'48.7
'33.5
'527.2
162.9
'52.4
13.7
'523.9
172.2
'46.9
'4.3
'545.2
160.6
'51.3
'25.0
'512.3
156.2
'55.5
'-27.5
'573.5
156.0
57.9
'-10.2
561.5
146.1
56.7
-22.2
535.0
158.8
49.6
-16.6
569.4
7.4
18.6
2.1
18.4
3.5
16.6
4.6
16.4
4.4
16.1
3.5
'20.3
2.6
17.4
4.9
17.1
6.8
25.9
6.6
21.0
4.3
20.8
6.7
19.2
55.5
46.9
4,681.4
83
56.2
229.3
r
4,746.1
'83
'55.0
223.0
r
61.1
51.5
S-28
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
SURVEY OF CURRENT BUSINESS
Annual
June 1988
1988
1987
TT lt
unlts
Feb.
Mar.
r
r
'6 082 7 r4957
'5408
'4903
'5001 '5252
4968
'5305 '5067
5049
r
r
'2253
'2169
'2284
'2 639
1
2151
'2272
2271 '2359
2322
^2202
r
345
47
33
39
22
'20
'16
18
15
13
r
r
r
1
086 4 897
'1029
'977
'85 1
'792
'880
837
832
'841
r
r
'331
4615
'445
'361
'389
'365
'41
5
362
319
'355
r
r
5055
'453
'455
'408
'408
405
'408
'439
'431
'403
r
r
587
'50
47
'47
47
55
'54
'39
'51
48
r
1703
212
71
'126
176
22 0
'232
201
166
117
'53.0
'588.3
'58.5
'48.6
'42.5
'47.6
'42.0
'52.1
••39.9
'44.8
1r 607 5 15392 1 5417 1 5480 '1 5585 '1 592 0 1 605 7'1 610 0 '1 634 9 '1 607 5
'8896
'871 1 '891 5
8896
'9022
'8644
'8538
'8548
'8498
'8509
5320
5300
5406
5406
5385
5357
5339
5272
5251
5220
5340
2078
55
1090
489
475
42
38
64.1
15973
8882
542.7
5099
2038
4i
1018
464
437
50
5.4
57.5
15751
8920
544.1
543.4
226.0
31
1099
444
433
55
8.6
53.0
1,558 5
8986
544.9
1987
Apr.
June
May
Oct.
Sept.
Aug.
July
Dec.
Nov.
May
Apr.
Jan.
1986
PETROLEUM, COAL, AND PRODUCTS—Continued
PETROLEUM AND PRODUCTS t— 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
1982— 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) .
1982-100
Distillate fuel oil:
Production
mil bbl
Imports
do
Stocks end of period
do
Producer Price Index (middle
distillate)
1982- 100
Residual fuel oil:
Production
mil bbl
Imports . .
do
Stocks, end of period
do
Producer Price Index
1982-100
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...
59424
25791
359
10637
5177
4772
519
1636
552.1
1 5925
8428
5116
1532
r
535 1
1495
r
5424
1494
'5438
'1469
'5578
1510
'5765
'1504
'5843
'1496
'5688
'1474
'5854
1383
'5795
1427
5663
1437
5394
1478
5121
2 506 2
1911
r
2060
r
2029
2175
1977
2137
'1945
'2192
1908
'2159
1900
'2086
1934
'207 5
1841
'2077
1902
'2181
191 1
2091
2023
1958
2044
2082
195.9
544
595
586
595
614
63 1
655
619
61 1
619
575
2537
539
539
582
609
857
.927
897
.948
879
.934
888
.941
906
.958
921
.971
946
.995
940
.990
931
.976
928
.976
912
.961
881
.933
859
.913
.850
.904
.883
.930
.911
.955
117
22
'91
23
r 5
20
g
18
10
20
9
20
9
20
10
22
g
22
5
22
7
23
6
23
5
21
7
20
326
8.4
287
8.4
14
69
12
66
12
61
17
'65
20
71
27
8.0
37
87
35
93
33
84
32
72
34
69
2.1
6.4
52.7
542
1404
6094
24763
1964
r
1383
5795
r
r
608
583
*552
550
538
'91 1
'56
'1280
1005
'117
1345
932
110
1272
778
9.6
1096
84.3
7.5
893
593
612
581
54 8
515
497
53.3
54.3
27 1
'158
'444
547
'275
'128
'456
518
278
'170
'500
528
310
'202
'474
495
313
228
466
rt
454
289
230
455
441
293
189
441
422
40.5
42.6
541
504
514
532
553
579
581
600
9966
r
93.2
1345
766
r
57
1003
795
r
63
1013
807
'80
'1044
837
118
'1146
'839
'69
'1247
'824
'66
'1268
'862
'7.3
'1210
555
520
533
551
563
594
568
'279
'223
'447
582
'273
'159
'457
610
536
10212
90.3
1551
494
3
3243
2442
474
445
3232
'206
1
r
474
531
249
143
359
522
252
156
r
404
541
259
'144
'414
551
4720
497
r
r
376
r
47 2
388
474
376
'459
'418
467
434
477
'418
502
436
498
416
'510
446
499
439
463
401
436
450
467
60.9
133
r
52
125
r
49
121
53
117
53
117
'52
119
'51
'122
54
'126
52
'136
'48
133
5.2
14 1
5.1
139
5.8
139
1497
177
1584
188
120
'252
147
'244
17 1
227
198
209
192
197
182
183
163
180
'106
169
85
188
72
227
79
257
106
286
6185
'638 2
'533
'537
'520
'547
'532
'521
'538
'529
'543
534
51 0
559
4662
1523
102.7
r
r
r
'38 1
138
'99.4
'394
'153
103.9
'392
'140
111.9
'384
137
114.3
'401
137
112.5
'398
13 1
108.6
'409
134
'97.1
394
•140
80.7
375
134
70.2
409
149
68.8
490 1
499
r
58.2
142
4745
1637
'97.1
394
139
'85.4
400
137
r
94.2
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
Semi-chemical
do. .
Inventories, end of period:
At pulp mills:
Own use woodpulp
do. .
Market pulp
do
Market pulp at paper and board
mills
do
Exports, all grades, total
do...,
Dissolving and special alpha
do ...
All other
do
Imports, all grades, total
do...
Dissolving and special alpha
do ....
All other
do....
See footnotes at end of tables.
7873
7855
4950
7382
7582
4557
7743
7723
4651
8264
8195
4782
7643
7729
4703
8061
7856
5044
8436
7984
5301
7227
7401
5 211
8003
8*162
5096
7737
8223
4629
7924
7/743
4777
8345
8,249
4942
18 348
887
1437
775
1 500
752
1 474
773
1 508
797
1598
745
1544
810
1619
838
1553
817
1489
887
1567
847
1,504
847
1,624
916
57 017 '59582
1,312
1,258
46,081 48,310
4879
108
3964
4900
' 99
3981
4971
113
4035
5111
'l23
4141
5083
'l02
4162
4925
'll2
3947
5066
' 88
4110
4812
*137
3851
5 160
'l09
4227
5276
' 98
4285
'4919
116
3981
5230
109
4,259
5,487
4,191
5714
4,246
450
357
470
351
468
355
484
364
487
333
506
359
501
367
472
352
484
339
517
376
472
350
503
360
176
292
170
224
186
300
183
286
177
276
173
281
177
340
167
273
161
267
162
290
170
224
162
292
165
265
169
237
527
'4308
711
13599
' 4,340
148
1
4,193
529
'5047
691
'4520
'4,974
'96
'4,899
580
571
59
512
377
11
366
570
377
52
325
388
1
387
593
455
1
454
608
463
65
398
401
2
399
539
390
62
328
380
14
366
561
442
65
377
546
13
533
531
333
53
280
386
11
375
499
529
523
72
450
415
2
412
508
391
67
324
390
10
380
503
444
41
403
429
14
415
532
491
79
569
432
14
446
'90943
'94312
1
91 434 '93946
5096
4794
1
17,236
932
1
1
390
10
379
365
61
304
411
3
408
453
81
372
428
12
415
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
S-29
SURVEY OF CURRENT BUSINESS
June 1988
Annual
IT .,
Units
1986
1988
1987
1987
Apr.
May
June
July
Aug.
Sept.
Nov.
Oct.
Dec.
Jan.
Mar.
Feb.
Apr.
May
PULP, PAPER, AND PAPER PRODUCTS—Continued
PAPER AND PAPER PRODUCTS
Paper and board:
Production (API):
Total
thous sh tons.
Paper
do
Paperboard .
do
Producer Price Indexes:
Paperboard
1982 — 100
Building paper and board
do ..
Selected types of paper (API):
Groundwood paper, uncoated:
Orders new . . .
thous sh tons
Orders, unfilled, end of period
do ....
Shipments
do
Coated paper:
Orders, new
do
Orders, unfilled, end of period
do....
Shipments
do
Uncoated free sheet papers:
Orders new
do
Shipments ... .
do
Unbleached kraft packaging and industrial
converting papers:
Shipments
.. .
thous sh tons
Tissue paper, production
do
Newsprint:
Canada:
Production
thous metric tons
Shipments from mills
do
Inventory end of period
do
United States:
Production
do
Shipments from mills
do ..
Inventory end of period
do
Estimated consumption, all
users Q
do .
Publishers' stocks, end of period #
thous metric tons
Imports
thous sh tons
Producer Price Index,
standard newsprint
1982=100..
Paper products:
Shipping containers, corrugated and solid
fiber shipments
mil. sq. ft. surf. area..
1
70 885 r' 74 435
r
35 510 rr36 990
r
r
6228
r
3,119
r
r
6710
r
3,382
r
3327
6303
3,196
3107
123 1 **1266
rt
l!3.7
113.7
1228
114.0
1271
112.5
1326
113.3
130
181
111
132
187
128
137
r
204
129
133
193
141
127
186
129
563
693
587
611
734
588
r
627
693
638
r
583
'692
593
r
646
r
694
653
635
735
609
1029
988
919
927
978
982
r
944
963
r
917
r
943
1030
1,037
990
965
258
447
259
455
243
442
261
449
262
446
255
437
262
474
255
444
826
785
326
797
852
271
827
811
286
812
801
298
783
892
193
822
716
295
815
782
328
874
881
321
826
789
359
455
452
43
452
449
46
448
451
43
461
456
48
437
439
46
453
461
36
452
437
51
434
435
51
463
458
55
451
446
60
996
967
1041
958
964
1,057
885
776
931
741
905
708
905
727
931
697
6071
3010
3061
6 134
3,023
3111
6 140
3048
3092
6238
3081
3 157
6463
3' 163
3300
6254
3125
3 129
6390
3211
3 177
6135
3066
3069
6347
3,163
3 184
118 1
1112
1162
1091
1158
1098
1159
1102
116 1
111 1
1198
112.2
121 3
1132
1221
1138
1225
1134
i\ 553 n i 542
124
181
'1540 rl 1 485
109
116
120
119
115
121
126
124
120
134
137
132
136
148
127
130
153
126
121
150
124
113
153
112
561
443
548
630
521
554
651
604
569
623
647
584
632
678
597
570
666
591
610
729
603
189
11 228
892
926
902
912
923
933
945
945
996
968
946
949
3303
'5095
'3075
'5301
265
429
233
443
247
439
244
434
249
457
9289
9302
277
9673
9761
193
808
818
323
816
815
323
806
857
273
791
779
286
5107
5,115
49
5300
5310
36
420
428
45
454
452
47
444
451
40
11,937
12 322
1031
1073
849
8589
900
8975
869
740
848
761
103.3
112.3
37 445
35 375
1066
1088
r
'6334
'469
6263
1 10 485
1
10 681
'7099
734
6860
rj
ll
Tl
J
r
283,921 297,430
1,050
929
780
1,129
897
746
1,134
866
777
r
6466
r
3,216
3251
r
1,050
900
710
3109
r
962
811
1,011
977
725
108.5
108.7
108.7
112.7
116.3
116.9
116.9
117.1
117.0
* 127.1
126.7
127.0
127.2
25,631
23,637
25,620
25,341
24,977
25,925
27,647
23,281
23,141
24,782
24,679
27,222
26,053
r
65
r
r
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
74356 77582
Consumption
thous metric tons
Stocks end of period
do
3851
7246
Imports, incl. latex and guayule
thous. long tons .. 752.99 745.67
101.9
1157
U.S. Import Price Index t
1985-100..
Synthetic rubber:
Production
thous metric tons 2 012 77 2 182 12
Consumption . .
do
1 895 23 2 017 46
Stocks end of period
do
23561 229 65
Exports (Bu of Census)
thous Ig tons
33885 42264
TIRES AND TUBES
Pneumatic casings:
Shipments total
Original equipment
Replacement equipment
Exports
Stocks end of period
Exports (Bu of Census)
Inner tubes:
Exports (Bu of Census)
See footnotes at end of tables.
1
do
do
do
do
do
do
190 289
243 244
61 251
176 659
5334
34286
5202
do
809
1
202 978
255 220
60*758
186 406
8056
34338
9580
1 518
6230
8020
6261
7949
5630
7900
6735
8247
61 41
7701
61 85
7056
57 39
6585
6063
6547
6938
7246
r
7885
r
32.73
63.60
58.01
109.8
63.22
46.83
58.47
1191
56.76
62.85
77.67
130.6
81.89
17407
16058
239 85
3648
17971
16309
242 21
186 19
161 88
251 86
3356
164 15
16356
240 55
3879
17497
15779
241 79
3634
3275
17604
172 19
22276
3823
191 00
18508
213 60
3293
18294
167 56
213 82
3694
19482
174 07
22965
3653
16 680
21 022
5408
15024
16 982
20981
5400
14949
'632
40312
762
16 548
23829
5 145
17984
701
37872
844
15796
20 811
3605
16 531
16723
20656
4*316
15*682
*657
37 501
793
17 204
23218
4969
17 517
731
36234
1 155
18956
24926
5778
18 367
*781
34539
849
16 455 16428
21298 20326
4177
4966
15341
15584
809
*748
33702 34338
1 277 1259
76
114
590
39962
746
120
250
149
676
37344
745
109
102
141
96
7403
18695
15855
237 75
3907
r
17345
18795
4713
13061
1,021
37047
1 328
95
16
7532
8808
7071
68.49
85.65
132.4
17913
166 78
r
235 06
3676
20120
18262
23377
4111
4102
19305
22,808
5,752
15747
1,309
40,737
1477
1598
165
141
18027
19472
5065
13243
1,163
39904
1 410
138
1331
113.4
67.51
127.5
S-30
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
,,
u
Annual
June 1988
1988
1987
lt
1986
1987
Apr.
June
May
July
Sept.
Aug.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments, finished cement
thous. bbl.. '470,500 '480,410
CLAY CONSTRUCTION PRODUCTS
Shipments:
Brick, unglazed (common and face)
mil. standard brick ..
Structural tile, except facing
thous. sh. tons..
Sewer pipe and fittings, vitrified
do....
Floor and wall tile and accessories, glazed
and unglazed
mi sq ft
Producer Price Index, brick and structural
clay tile
12/84=100 ..
7,401.9
7,313.2
2
96.1
.
Water /moisture resistant board
45,638
47,638
50,011
38,298
30,840
20,979
26,293
36,404
39,926
654.2
651.8
11.5
33.1
700.1
16.9
31.4
721.0
16.5
31.6
669.3
692.0
704.4
557.4
497.3
398.8
486.7
••709.7
682.0
15.9
31.8
15.9
32.5
(2)
36.4
(2)
22.7
(2)
18.5
4.7
18.1
4.7
21.1
4.7
31.4
4.8
25.5
35.9
38.4
44.7
40.1
109.9
109.7
110.3
110.4
22,497
r
20,864
r
324.6
4.5
25.0
505.0
462.0
40.6
35.7
39.4
36.5
38.6
39.3
40.1
37.7
39.6
105.2
108.2
108.1
108.5
108.7
108.6
108.6
108.6
108.6
108.7
108.7
24,963
25,414
25,528
25,308
26,007
26,867
25,485
26,110
25,666
24,369
22,660
23,502
25,342
20,081
19,111
18,718
20,319
21,588
21,875
2,846
5,950
2,578
5,962
7,003
2,687
5,203
6,694
354,994
23,525
2,105
1,679
1,815
4,085
6,117
1,751
3,885
7,928
1,987
7,513
2,235
1,796
4,183
6,517
2,057
1,837
4,896
2,153
4,260
6,645
2,068
5,891
5,599
4,460
4,766
5,198
5,256
916
897
788
103
43,728
103
41,812
86
40,948
1,432
1,566
952
1,442
1,441
817
1,218
1,274
635
1,031
1,255
837
311
654
591
342
10
18
1,468
2
36
19
884
420
9
49
48
2,711
5,913
2,783
2,980
6,196
7,372
2,800
7,507
2,429
6,471
7,740
3,155
2,135
5,146
5,039
5,399
5,368
5,507
1,343
1,258
1,038
1,220
1,060
129
42,417
96
42,580
84
41,820
86
40,919
124
42,403
91
41,226
79
42,769
1,261
1,508
833
1,240
1,421
987
1,422
1,284
884
1,313
1,486
810
1,316
1,427
821
1,161
1,396
879
336
567
264
309
317
8,161
2,479
949
1,098
15,777
16,855
do
3,359
4,110
242
do
259
166
14
10
40
12
11
10
14
10
9
260
20,411
24
475
323
12,343
5,781
123
751
591
262
20,627
23
498
302
12,609
5,660
114
777
644
24
1,872
2
45
26
1,147
507
10
79
57
19
1,602
2
41
25
977
435
8
64
50
23
1,705
2
42
27
1,031
475
10
66
52
23
1,784
2
45
25
1,084
492
10
72
54
23
1,775
2
43
26
1,086
482
10
73
53
22
1,775
2
43
25
1,090
480
10
74
52
23
1,916
2
46
28
1,171
519
10
81
58
25
1,675
2
41
27
1,021
451
9
62
62
19
1,501
1
36
22
914
425
10
42
51
13,278
do....
mil. sq. ft..
do
do
do
do
.do....
do ....
do ....
9,717
r
353,737
378,798
392,126
16,227
17,538
9,559
do. ..
N
49,282
41,812
GYPSUM AND PRODUCTS
Production:
Crude gypsum (exc. byproduct) thous. sh. tons..
Regular gypsum board
Type X gypsum board
Predecorated wallboard
47,835
39,912
do....
Imports, crude gypsum
Sales of gypsum products:
Uncalcined
Calcined:
Industrial plasters
Building plasters, total
(incl. Keene's cement)
Board products, total
Lath. .
Veneer base
Gypsum sheathing
43,197
108.4
323.6
GLASS AND GLASS PRODUCTS
Flat glass, mfrs.' shipments
thous. $.. 1,259,746 1,457,587
Glass containers:
Production
thous gross
289,253 286,222
Shipments, total
do .. 283,057 283,091
Narrow-neck containers:
Food. . . .
do
29,554
25,266
Beverage
do....
62,434
59,885
Beer
.
do
85,357
86,922
Liquor and wine
do
27,856
27,535
Wide-mouth containers:
62,673
62,795
Food and dairy products
do....
Narrow-neck and wide-mouth containers:
Medicinal and toilet
do
14,167
18,843
Chemical, household, and industrial
do
1,371
1,490
Stocks, end of period
41,495
24,506
22,522
2,211
5,178
'6,032
r
2,423
r
24,950
24,357
2,445
5,753
7,503
2,523
5,508
5,225
737
'1,050
787
83
42,680
120
r
44,569
44,953
121
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.
6796
2,522
4271
504
211
293
9438
6,566
14358
14724
7446
13416
13,416
2,540
10,252
13722
13,722
2,525
10555
9731
624
642
1
573
586
8559
8,559
7836
7,836
429
3197
12907
12846
13336
708
540
606
6577
6,577
4787
4,787
16263
16,263
12,376
3239
3
1,016
1,256
1,097
6832
5870
4807
711
710
673
300
3809
678
648
7534
13336
11082
13936
753
621
606
14281
3
610
568
590
16242
16,242
10,799
4864
15581
15,581
7,652
7398
14823
14,823
4,825
9456
13722
13,722
2,525
10555
12394
12,394
642
727
11 245
11,245
1,312
9151
3
579
531
542
1,470
10197
782
3
738
560
9711
9,711
953
8607
8,607
7972
7028
786
791
788
111.1
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
S-31
SURVEY OF CURRENT BUSINESS
June 1988
Annual
....
1988
1987
vnm
1986
1987
Apr.
May
June
July
Aug.
Sept
Oct.
Nov.
Dec.
Jan.
Feb.
Apr.
Mar.
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 6
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 equivalent
thous. net-weight bales §..
Imports, raw cotton equivalent
do....
Producer Price Index, gray cotton
broadwovens
1982—100
5,683
2
64.6
529
(')
50.4
422
(»)
66.2
400
395
295
346
580
60.0
68.3
63.7
64.9
64.4
65.0
681
1
64.2
626
(*)
60.6
698
(')
56.8
57.7
57.3
*60.0
'53.2
57.7
65.9
70.4
73.1
75.9
71.4
64.3
64.7
62.3
59.7
57.8
59.6
60.1
11.8
4.6
11.6
4.6
11.8
4.8
11.9
4.8
11.7
4.6
11.7
4.6
11.8
4.7
11.8
4.8
11.8
4.7
11.6
4.6
11.6
4.6
11.6
4.6
11.5
4.6
11.7
'4.7
11.8
4.7
81.5
.309
29.2
82.9
.319
32.3
6.6
.331
2.5
6.5
.323
2.6
'7.8
.310
'3.0
5.8
.292
2.3
6.4
.322
2.6
'7.9
.318
'3.3
6.7
.335
2.7
6.6
.328
2.6
'6.8
.272
'2.6
6.2
.308
2.3
6.4
'.319
2.5
r
'8.0
r
.321
r
6.5
.326
2.5
21.1
98.7
23.4
102.6
29.6
107.6
112.7
112.9
114.3
5,666
7
3
51.5
2
3
512
1,221
4,777
293.6
1,322.2
260.0
1,617.2
21.7
119.6
20.3
119.3
22.1
140.4
19.0
143.3
23.0
140.4
19.9
130.1
20.6
146.6
20.5
143.8
19.9
135.3
101.1
105.2
102.5
103.0
103.3
106.0
103.9
107.1
109.5
110.6
111.5
1 199
467
100.5
45.2
103.6
1,014.7
1,108.6
1,014.2
1,058.6
14.0
251
12.9
18.2
290.3
333.2
279.1
329.8
'3.1
1,195
4,364
MANMADE FIBERS AND MANUFACTURES
Fiber production, qtrly:
Acetate filament yarn
mil Ib
214.8
191.1
Rayon staple, including
tow
do
413.8
403.7
Noncellulosic, except textile glass:
Yarn and monofilaments
do
3,836.7 4,009.7
Staple, incl
tow
do
3,991.8 4,306.2
Textile glass fiber . . . .
do
Fiber stocks, producers', end of period:
Acetate filament yarn
mil. Ib..
14.2
14.8
Rayon staple, including
tow
do ....
22.4
20.7
Noncellulosic fiber, except textile glass:
Yarn and monofilaments
do....
298.4
306.6
Staple, incl.
tow
do
326.4
319.6
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
1982=100 ..
105.6
101.9
Manmade fiber textile trade:
Exports, manmade fiber equivalent
mil. Ibs.. 519.31 591.87
Yarn, tops, thread, cloth
do .... 228.77 260.31
Cloth, woven
do .... 134.58 152.65
Manufactured prods., apparel,
furnishings
do
290.53 331.56
Imports, manmade fiber equivalent
do.... 1,702.95 1,805.44
Yarn, tops, thread, cloth
do .... 306.15 280.00
Cloth, woven
do
207.18 182.52
Manufactured products, apparel,
furnishings
do
1,396.81 1,525.44
Apparel,
total
. do
929.36 1,033.22
Knit apparel
do
431.18 485.36
735
::::::::::::: :::::::::::::::
rt
53.0
108.4
49.1
106.6
10232
1,069.5
1,015.5
1,066.6
14.2
20.7
13.2
20.3
298.4
319.6
299.4
305.7
5
103.9
105.3
106.4
106.9
107.9
108.6
109.0
109.2
110.0
111.1
111.7
54.20
24.22
15.24
52.70
24.09
12.76
52.23
23.45
14.73
42.61
17.22
9.31
48.25
21.01
13.52
52.37
23.60
13.79
51.24
22.60
12.80
52.66
22.62
13.36
51.09
23.22
13.27
63.42
26.56
12.54
72.30
31.16
12.81
88.68
37.16
16.56
29.98
148.14
24.43
15.75
28.61
161.99
26.92
17.68
28,78
178.33
27.10
16.81
25.40
190.72
26.95
17.54
27.24
174.07
25.24
17.48
28.77
145.57
20.32
12.26
28.64
147.60
23.08
14.48
30.04
114.00
20.16
13.31
27.88
120.66
21.21
14.62
36.86
141.98
22.22
14.63
41.14
135.01
18.86
12.49
51.51
125.48
21.23
14.93
123.71
80.85
37.82
135.07
91.75
47.37
151.23
104.58
53.96
163.77
116.64
62.10
148.84
103.88
54.51
125.25
85.41
45.89
124.53
82.65
40.60
93.84
59.53
24:70
99.45
64.24
23.02
119.76
82.40
28.54
116.15
76.04
26.86
104.25
64.60
23.63
129.7
13.1
105.1
31.1
10.9
1.2
8.7
2.2
10.6
1.2
13.4
3.8
"12.7
'.9
8.9
3.1
r
9.4
1.4
8.4
3.2
"11.7
6.7
2.8
10.9
1.4
7.0
2.0
"11.2
'.1
9.0
1.7
10.1
1.3
12.0
2.7
10.1
1.4
12.7
1.9
"13.5
'1.8
8.8
2.1
1.91
2.36
2.65
3.24
2.60
3.25
2.70
3.27
2.95
3.41
3.00
3.48
3.00
3.56
3.15
3.91
3.97
4.68
134.1
168.9
'45.9
'36.0
40.9
1,254.2
1,303.4
341 9
335.6
315.1
APPAREL
Women's, misses', juniors' apparel cuttings: t
Coats
thous. units..
8,959 23,982
Dresses
do
131,924 174,982
7,458
Suits (incl pant suits jumpsuits)
do
Skirts
do
89,769 111,162
Slacks, jeans, dungarees, and
jean-cut casual slacks
do.... 219,716 294,791
29,575 30,595
Blouses
thous dozen
6,638
47,423
1,619
25,397
6232
40,096
1,445
28,822
4,380
35,126
1,881
26,722
80088
9,864
78,495
9,614
65,108
9,616
FLOOR COVERINGS
Carpet, rugs, carpeting (woven, tufted, other),
shipments, quarterly #
mil. sq. yds..
See footnotes at end of tables.
126.8
10.0
97.0
30.9
116.0
::;;::::::::::
103.4
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
115.8
2.70
3.35
9.0
1.2
8.6
3.7
2.70
3.32
3.00
3.73
'1.2
r
9.6
1.1
8.2
2.7
3.00
3.47
4.35
4.96
111.9
112.3
10.1
1.3
9.1
1.7
r
4.53
5.64
4.63
5.64
S-32
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
SURVEY OF CURRENT BUSINESS
....
June 1988
1988
1987
Annual
Unito
1986
1987
May
Apr.
June
Aug.
July
Nov.
Oct.
Sept.
Dec.
Apr.
Jan.
Feb.
Mar.
24,013
25,729
26,i84
May
TEXTILE PRODUCTS—Continued
APPAREL-Continued
Men's apparel cuttings: fcj:
Suits
thous units
10552 12 167
Coats (separate), dress and sport ... .
do
19794 18236
Trousers, slacks, jeans, pants, etc.. .
do
293423 7480 350
Shirts, dress and sport
thous. doz.. 48028 86649
Hosiery, shipments
thous. doz. pairs.. 313,244 308,982
27,702
25,297
2874
4154
120 967
23861
24,363
27,509
24,060
2925
4578
125 823
21140
25,018
28,333
26,545
2967
3955
109 568
19689
22,875
TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
Orders, new (net), qtrly, total
mil $ *3110 836
U.S. Government
do . 3 68,001
Prime contract
do... 106,686
Sales (net), receipts, or billings, quarterly,
3
total
do
105 577
3
U.S. Government
do
65 326
Backlog of orders, end of period #
do . . 3 3148 212
U.S. Government
do.... 95,009
Aircraft (complete) and parts
do.... 33 62,032
Engines (aircraft) and parts
do.... 14,359
Missiles, space vehicle systems, engines,
propulsion units, and parts
mil $ . 3 24 320
Other related operations (conversions, modifications), products, services
mil. $.. 3 17,422
Aircraft (complete):
Shipments
do
12 518 0 12 295 0
Exports, commercial
do
7,207
7380
MOTOR VEHICLES (NEW)
Passenger cars:
Factory sales (from U.S. plants):
Total
thous ..
7,516 55 7,085
Domestic
do
6869
6 487
Retail sales, total, not seas, adj
do.... 11,450 10,278
8,215
Domestics §
do
7,081
3235
Imports §
do
3197
Total, seas. adj. at annual rate
mil ..
Domestics §
do...
Imports §
do....
Retail inventories, domestics, end of period: §
Not seasonally adjusted
thous ..
1,680
1,499
Seasonally adjusted
do...
1457
1499
Inventory-retail sales ratio, domestics §
2.5
2.1
Exports (BuCensus) total
do
66946 62765
To Canada
do .... 639.67 561.88
Imports (ITC), complete units
do
46913 45890
From Canada, total
do
11622
9269
Registrations 6» total new vehicles
do.... 11,140 10,122
Imports, including domestically
3444
sponsored
do
3625
Trucks and buses:
Factory sales (from U.S. plants):
Total
do
3393 663821
Domestic
do
3130
3509
Retail sales, domestics:
1
Total, not seasonally adjusted
do.... 3,947.2 4,088.4
0-10,000 IDS. GVW
do.... 3,671.3
3,786.1
10,001 Ibs. GVW and over
do.... 1 275.8
302.3
Total, seasonally adjusted
do
0-10,000 Ibs. GVW
do .
10,001 Ibs GVW and over ... .
do
Retail inventories, domestics, end of period: t
Not seasonally adjusted
thous
9679
8157
Seasonally adjusted
do...
854.5 1,015 4
Exports (BuCensus) ;
do
20906 229 27
Imports (BuCensus),,, including separate
1 572 35 137819
chassis and bodies
do
Registrations Q, new vehicles, excluding buses
not produced on truck chassis
thous
4939
4801
Truck trailers and chassis, complete (excludes
167 312 180 142
detachables) shipments
number
Van type
«..;
do... 120,647 135,380
Trailer bodies (detachable), sold
separately
do .
417
438
Trailer chassis (detachable), sold
separately
. .
do
15360 23014
RAILROAD EQUIPMENT
Freight cars (new), for domestic use; all
railroads and private car lines (excludes
rebuilt cars and cars for export):
Shipments
number.
Equipment manufacturers
do ...
New orders
. . .
do
Equipment manufacturers
do
Unfilled orders, end of period
do ..
Equipment manufacturers
do..
Freight cars (revenue), class I railroads(AAR): t
Number owned end of period
thous
Capacity (carrying), total, end of month
mil. tons .
Average per car
tons
See footnotes at end of tables.
11,508
11,508
12426
12426
2677
2677
1,363.1
1,003
11201
683
8960
439
10412
346
11431
937
6851
390
10815
730
8789
335
8852
781
17677
903
7374
504
1,235 3
744
14475
1,056
660
601
938
694
244
10.5
74
3.0
626
563
887
622
264
9.6
67
3.0
665
595
943
657
286
10.0
7.0
3.1
373
349
913
611
302
10.5
7.2
oo
377
355
968
654
314
12.4
87
3.7
582
529
905
613
292
11.7
8.0
38
670
610
802
524
278
9.3
5.9
3.3
583
533
737
486
251
9.9
6.6
3.3
500
458
843
551
293
10.9
7.5
3.4
473
436
765
531
234
10.4
7.3
3.1
563
503
888
649
238
11.0
7.9
3.1
670
597
1,006
734
272
10.7
7.7
3.0
1,904
1778
2.9
5961
53.91
3677
763
895
1,903
1812
3.3
6452
58.36
4198
764
830
1,900
1796
3.1
77 14
72.45
4352
890
963
1,657
1634
2.7
2531
20.14
393 1
51 8
899
1,438
1459
2.0
31 58
29.11
3427
348
903
1,396
1364
2.1
4922
47.20
2978
574
955
1,559
1495
3.0
51 14
44.07
4236
815
819
1,692
1554
2.8
6970
58.71
4278
1031
718
1,680
1,499
2.4
4855
41.72
4375
927
840
1,677
1,424
2.3
4380
33.94
3798
910
774
1,608
1,313
2.0
6814
60.17
3692
107.3
810
286
273
334
340
339
363
318
286
318
285
335
305
335
304
334
304
261
243
305
287
325
299
364
333
303
276
294
268
366.8
338.5
28.2
3383
3134
249
353.4
327.7
25.8
3291
3039
252
402.3
375.7
26.6
357 1
3327
244
367.8
341.5
26.3
3522
3277
245
349.8
324.5
25.3
4069
3805
264
328.7
302.7
26.0
3387
313!s
253
331.4
305.4
26.1
3447
319.9
248
323.9
299.9
24.0
3463
317.6
287
350.4
323.0
27.3
3426
316.8
258
10003
951.1
1862
1 0102
962.0
2243
9759
9424
2396
8837
963.6
1468
8744
926.1
1295
8984
945.1
21 20
9673
987.4
1919
9904
991.8
2414
967.9
1,015.4
2116
14222
12609
12332
11470
9166
9315
9425
11294
10554
434
403
485
455
424
459
403
367
417
384
379
443
432
14,601
10,791
16,111
11,325
13,888
9,668
15729
11,886
15589
11,727
16266
11,841
44
26
37
2145
1 544
1
13,236
1
13,236
1
17 368
1
1 637
'974
702
'272
10.2
7.3
'3.0
1,572
1,253
2.0
8371
70.40
355.2
114.0
919
1,571
1,262
2.1
68.78
57.38
1,595
1,317
2.2
281
306
284
317
295
344
318
402
364
306.6
284.3
22.3
'3626
4
336.3
4
26.3
374.8
348.1
26.7
384.6
353.8
30.9
439.7
407.4
32.3
374.5
344.6
29.9
382.4
350.2
32.1
377.2
348.2
29.0
426.0
395.8
30.2
386.4
357.0
29.4
1,024.0 •1,034.8
1,007.0 «986.3
22.57
18.65
1,022.7
972.1
28.01
1,020.4
968.4
23.32
992.9
943.8
94.04
120.94
109.40
9625
14369
10,460
15483
11,642
16394
12,281
16379
12,157
13894
10,467
14233
10,579
41
48
54
42
20
19
37
2 175
2323
1794
1481
1 805
1 711
r
39
2497
r
117.8
852
(2)
76
111
2356
2789
4,457
4,457
7244
7209
12,727
12,692
3,552
3,552
5077
5077
6736
6,736
3,848
3,848
3951
3951
5535
5535
3,198
3,198
4780
4780
5432
5*432
17 368
6736
6736
901
652
250
10.5
7.3
3.2
12,661
8,946
3521
(2)
799
749
779
774
771
764
763
759
755
748
749
744
742
743
740
67.20
8414
63.63
8501
65.76
8445
65.42
8451
65.19
8457
64.72
8468
64.65
8473
64.33
8480
64.02
8483
63.49
8489
63.63
8501
63.37
8513
63.52
8558
63.38
8529
63.21
8539
S-33
SURVEY OF CURRENT BUSINESS
June 1988
FOOTNOTES FOR PAGES S-l THROUGH S-32
General Notes for all Pages:
r
p
e
c
Revised,
Preliminary,
Estimated,
Corrected.
Page S-l
J 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" f°r P- S-2.
Page S-2
1. Based on data not seasonally adjusted.
O Effective Oct. 1987 SURVEY, the industrial production index has been revised back
to Jan. 1985. These revisions are available upon request.
# Includes data not shown separately.
t See note "t" for p. S-8.
t See note "t" for p. S-8.
Page S-3
# Includes data for items not shown separately,
t See note "t" for p. S-8.
t See note "$" for p. S-8.
Page S-4
1. Based on data not seasonally adjusted.
# Includes data for items not shown separately.
$ Includes textile mill products, leather and products, paper and allied products, and
printing and publishing industries; unfilled orders for other nondurable goods industries
are zero.
O For these industries (food and kindred products, tobacco, apparel and other textile
products, petroleum and coal, chemicals and allied products, and rubber and plastics products)
sales are considered equal to new orders.
Page S-5
@ Compiled by Dun & Bradstreet, Inc.
# Includes data for items not shown separately.
§ Ratio of prices received to prices paid (parity index).
| See note "$" for p. S-4.
t Effective with the Feb. 1988 SURVEY, data (back to 1984, for some commodities) have
been revised. These revisions are available upon request.
O See note "t" for p. S-6.
Address requests for data to:
Statistical Series Branch
Current Business Analysis Division
Bureau of Economic Analysis
U.S. Department of Commerce
Washington, D.C. 20230
§ Data for April, July, Oct., and Dec. 1987, and Mar. 1988 are for five weeks; other
months four weeks.
O Effective Feb. 1988 SURVEY, data for seasonally adjusted housing starts have been
revised back to 1985. These revisions are available upon request.
t Effective May 1988 SURVEY, data for seasonally adjusted building permits have been
revised back to Jan. 1986. These revisions are available upon request.
Page S-8
1. Advance estimate.
O Home mortgage rates (conventional first mortgages) are under money and interest
rates on p. S-l4.
§ Data include guaranteed direct loans sold.
# Includes data for items not shown separately.
@ Effective Oct. 1987 SURVEY, data are for mortgage loans closed as FSLIC-insured
institutions. Historical data back to 1976 are available upon request.
t Effective April 1988 SURVEY, wholesale trade data have been revised back to Jan.
1983. Revised data and a summary of changes appear in the report. Revised Monthly Wholesale
Trade Sales and Inventories BW-13-87S, available from the JBureau of the Census, Washington, DC 20233.
$ Effective April 1988 SURVEY, retail trade,data have been revised. Estimates of retail
sales and inventories have been revised back to January 1983. Some series have been revised
back to 1978. Revised data and a summary of changes appear |in the report Revised Monthly
Retail Sales and Inventories BR-13-87S, available from the Bureau of the Census, Washington, DC 20233.
PageS-9
1. Advance estimate.
# Includes data for items not shown separately.
!
O Effective with the January 1988 SURVEY, the seasonally adjusted labor force series
have been revised back to January 1983. The:January 1988 issue !of Employment and Earnings contains the new seasonal adjustment factors, ia description of the current methodology, and
revised data for the most recent 13 months or calendar quarters. Revised monthly data for
the entire 1983-87 revision period are in the February 1988 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.
$ See note "J" for p. S-8.
Page S-6
Page S-10
§ Effective with the release of the January 1988 index, all producer price indexes previously
expressed on a base of 1967 = 100, or any other base through December 1981, have been
rebased to 1982=100. Only indexes with a base later than December 1981 remain unchanged.
Selection of the 1982 period was made to coincide with the reference year of the shipment
weights, which have been taken primarily from the 1982 Census of Manufactures. The last
rebasing of these indexes occurred in February 1971, when the 1967 base was substituted
for the 1957-59 base. Historical data on the new base are available upon request. 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 release of the January 1988 index, all consumer price indexes previously
expressed on a base of 1967=100, or any other base through December 1981, have been
rebased to 1982-84=100. Only indexes with a base later than December 1981 remain
unchanged. Selection of the 1982-84 period was made to coincide with the updated expenditure
weights, which are based upon data tabulated from the Consumer Expenditure Surveys for
1982, 1983, and 1984. The last rebasing of these indexes occurred in February 1971, when
the 1967 base was substituted for the 1957-59 base. Historical data on the new base are
available upon request. Beginning with January 1987, data are calculated using 1982-84
expenditure patterns and updated population weights. Additional information regarding
these changes is available from the Bureau of Labor Statistics, Washington, DC 20212.
O See note "O" for p. S-9.
§ Effective June 1988 SURVEY, data have been revised back to April 1986 (not seasonally
adjusted) and January 1983 (seasonally adjusted) to reflect new benchmarks and seasonal
adjustment factors. The June 1988 issue of Employment and Earnings will contain a detailed
discussion of the effects of the revisions,
Page S-7
1. Computed from cumulative valuation total.
2. Index as of June 1, 1988: building, 384.0; construction, 421.3.
# Includes data for items not shown separately.
Page S-l 1
t This series is not seasonally adjusted because the seasonal component is small relative
to the trend-cycle and/or irregular components and consequently cannot be separated with
sufficient precision.
O Production and nonsupervisory workers.
§ Seenote"§" 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.
O Production and nonsupervisory workers.
$ Earnings in 1977 dollars reflect changes in purchasing power since 1977 by dividing by
Consumer Price Index. Effective Feb. 1988 SURVEY, this series has been revised back to
1983 to reflect new seasonal factors for the CPI-W. Revised data are available upon request.
§§ Wages as of June 1, 1988: Common, $17.36; Skilled, $22.54.
t Excludes farm, household, and Federal workers.
$$ See note "J" for p. S-l 1.
S-34
SURVEY OF CURRENT BUSINESS
Page S-13
1. Average for Dec.
2. Effective December 31, 1987, eight brokers and dealers in commercial paper were
added to the reporting panel resulting in a series break. End of month figures on the old basis
are as follows: All issuers, 352,915; financial companies, 275,907; dealer placed, 103,667;
directly placed, 172,240; and nonfinancial companies, 77,008.
$ Effective Jan. 1988, series revised due to changes in the panel of reporting banks. The
new reporting panel of 168 banks accounts for about 52 percent of total assets in U.S. offices
of domestically-chartered banks. Back data have been estimated for the years 1984-87.
# Includes data for items not shown separately.
# "Transaction balances other than demand deposits" consists of ATS, NOW, super
NOW, and telephone transfer accounts.
§ 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).
@ 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.
(o)@ Insured unemployment as a percent of average covered employment in a 12-month
period.
** Effective Aug. 1987 SURVEY, data are provided by the Farm Credit Corporation of
America on a quarterly basis. Quarterly data are available back to first quarter 1985, with
annual data available back to 1961.
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. Beginning Feb. 1988, data temporarily suspended by the Farm Credit Administration, which is revising the information it collects and amending the reports it distributes.
§ Effective Mar. 1988 SURVEY, data have been revised to reflect new benchmark and
seasonal adjustments. These revisions are available upon request.
t Effective Apr. 1988 SURVEY, the consumer installment credit series have been revised
back to Jan. 1980 to reflect newly available historical information and to incorporate new
seasonal factors. These revisions are available upon request.
# 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.
§§ Effective Apr. 1988 SURVEY, a total adjustment of $920 million for fiscal year (FY)
1987 and $1,565 million thru Feb. 1988 has been distributed by month for notes issued by
the Federal Savings and Loan Insurance Corporation (FSLIC) in lieu of cash and not reported as
outlays. The previous adjustment, in the Feb. 1988 SURVEY, has been reversed prior to
these corrections. Effective Sept. 1987 SURVEY, the outlays for the Federal Deposit Insurance Corporation (FDIC) have been adjusted by $442 million for 1986 and $158 million for
1987 to reflect FDIC debentures issued in lieu of cash and not reported previously as outlays.
$t Courtesy of Metals Week.
@@ Average effective rate
@ Revised for periods between October 1986 and February 1987. During this interval,
outstanding gold certificates were inadvertently in excess of the gold stock.
Page S-15
1. Beginning in the first quarter 1987, the universe of manufacturing corporations was
redefined to exclude corporations with less than $250,000 in assets at the time of sample
selection.
t Effective Feb. 1988 SURVEY, the money stock measures and components have been
revised and are available from the Banking Section of the Division of Research and Statistics at the Federal Reserve Board, Washington, D.C. 20551.
t Composition of the money stock measures is as follows:
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.
MS.—This measure equals M2 plus large-denomination time deposits (those issued in denominations of $100,000 or more) at all depository institutions (including negotiable CD's) plus
term RP's issued by commercial banks and savings and loan associations.
L.—This broad measure of liquid assets equals M3 plus other liquid assets consisting of
other Eurodollar holdings of U.S. nonbank residents, bankers acceptances, commercial
paper, savings bonds, and marketable liquid Treasury obligations.
t$ 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.
June 1988
# Includes data for items not shown separately.
§ Effective Apr. 1988 SURVEY, 1987 data have been revised. Revisions for Jan. 1987:
long-term, 7,486; short-term, 372.
Page S-16
1. Effective with the June 1988 SURVEY, total exports and imports have been revised
back to Jan. 1986. These revisions are available upon request.
2. Effective with the June 1988 SURVEY, seasonal adjustment of exports and imports
was reintroduced. The monthly data were last adjusted for December 1985. Historical data
from Jan. 1986 forward are available upon request.
§ Number of issues represents number currently used; the change in number does not
affect the continuity of the series,
t For bonds due or callable in 10 years or more.
# Includes data for items not shown separately.
@ Data may not equal the sum of the geographic regions, or commodity groups and
principal commodities, because of revisions to the totals not reflected in the component
items.
Page S-17
1. See note 1 for p. S-16.
2. 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.
Page S-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.
# Data have been revised back to 1981. They now include commuter railroads and small
transit systems. Revised data are available upon request.
$ 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.
@ Changes in these unit value indexes may reflect changes in quality or product mix as
well as price changes.
Page S-19
1. Reported annual total; monthly revisions are not available.
2. Less than 500 short tons.
# Includes data for items not shown separately.
§ Data are reported on the basis of 100 percent content of the specified material unless
otherwise indicated.
$ Data for 1985-86 (and 1984, for inorganic chemical production items) have been revised
and are available upon request.
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.
Page S-20
1. Reported annual total; monthly or quarterly revisions are not available.
2. Data are no longer available.
§ Data are not wholly comparable from year to year because of changes from one classification to another.
O Data for 1985-86 have been revised and are available upon request.
@ Includes less than 500 electric generation customers not shown separately.
t Effective with the May 1988 SURVEY, data have been revised back to 1985 and are
available upon request.
Page S-21
1. Previous year's crop. New crop is not reported until Sept. (crop year: Sept. 1-Aug. 31).
2. Crop estimate for the year.
3. Stocks as of June I.
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. Stock estimates for barley and oats are available once a year as June 1 stocks and
shown here in the May column and (as previous year's crop) in the annual column.
7. Stocks as of Dec. 1.
8. See note "§" for p. S-6 regarding a change to a new reference base in 1988.
9. Prices are no longer available.
10. Based on quotations for fewer than 12 months.
11. June 1 estimate of the 1988 crop.
§ Excludes pearl barley.
# Bags of lOOIbs.
@ Quarterly data represent the 3-month periods Dec.-Feb., Mar.-May, June-Aug.,
and Sept. -Nov. Annual data represent Dec.-Nov.
t Coverage for 21 selected States, representing approximately 85 percent of U.S. production.
June 1988
S-35
SURVEY OF CURRENT BUSINESS
Page S-22
1. Monthly quotation not available.
2. See note "§" for p. S-6 regarding a change to a new reference base in 1988.
3. See note "t" for this page.
§ Cases of 30 dozen.
O Bags of 60 kilograms.
t Effective with the release of 1st Qtr. 1988 data, the import price index for coffee has
been discontinued by BLS and replaced in the SURVEY with the import price index for
coffee and coffee substitutes. The weighting structure used for the import price index reflects
U.S. foreign trade flows based on 1985 data. Indexes, beginning with 2nd Qtr. 1975, are
available upon request.
tt Effective with the June 1988 SURVEY, data for 1987 have been revised and are available upon request.
Jt March, June, September and December are five-week months. All others consist of
four weeks.
Page S-28
1 . Reported annual totals; revisions not allocated to the months.
2. See note "§" for p. S-6 regarding a change to a new reference base in 1988.
# Includes data for items not shown separately.
t Except for price data, see note "tt" for p. S-27.
Page S-29
Page S-23
1. Crop estimate for the year.
2. Reported annual total; revisions not distributed to the months.
3. Data suppressed because they did not meet publication standards of the Bureau of
the Census.
4. See note "§" for p. S-6 regarding a change to a new reference base in 1988.
# Totals include data for items not shown separately.
Page S-24
1. Annual data; monthly revisions not available.
2. See note "§" for p. S-6 regarding a change to a new reference base in 1988.
* New series from the American Metal Market. The composite scrap price represents
the average of consumers' buying prices, delivered, at the following markets: Chicago,
Pittsburgh, and Philadelphia. Annual and monthly composite price data are available back
to January 1982.
Page S-25
1. Annual data; monthly revisions are not available.
2. For month shown.
@ Beginning 1987, includes foreign ores.
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.
Page S-26
1. Annual data; monthly revisions are not available.
2. Less than 50 tons.
3. Total for 5 months; data for May, June, Sept., Nov., and Dec.
4. Total for 10 months; no data for Jan. and Feb.
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.
a
$ 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.
t For an explanation of material handling equipment shipments and historical data, see
p. S-35 of the Dec. 1985 SURVEY.
@@ Beginning Oct. 1986, the Lead price represents North American Mean.
Page S-27
1. See note "§•" for p. S-6 regarding a change to a new reference base in 1988.
2. Beginning January 1986, data have been restated because a new methodology has
been adopted.
# Includes data for items not shown separately.
§ Includes nonmarketable catalyst coke. See also note "tffor this page.
O Includes small amounts of "other hydrocarbons and alcohol new supply (field
production)," not shown separately.
t Effective with the Oct. 1987 SURVEY, coal production data for 1986 have been revised.
Effective with the May 1988 SURVEY, coal consumption and stocks back through 1986
have been revised. These revisions are available upon request.
@ 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."
1 . Reported annual totals; revisions not allocated to the months.
2. See note "§" for p. S-6 regarding a change to a new reference base in 1988.
0 Source: American Paper Institute. Total U.S. estimated consumption by all newspaper
users.
# Compiled by the American Newspaper Publishers Association.
t Effective with the April 1988 SURVEY, the import price index for natural rubber has
been revised. The index is now expressed on a base of 1985= 100. Also new weights based on
1985 trade flows have been applied to all data from 1985 onward. Revised data are available
back to 4th qtr. 1983.
Page S-30
1 . Reported annual total; revisions not allocated to the months.
2. Monthly data are being withheld to avoid disclosing data from individual firms. Annual
total covers 9 months.
3. Data cover five weeks; other months, four weeks.
# Includes data for items not shown separately.
O Cumulative ginnings to the end of month indicated.
§ Bales of 480 Ibs,
Page 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. See note "§" for p. S-6 regarding a change to a new reference base in 1988.
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).
# Beginning 1st Qtr, 1986; quarterly data are estimated by the American Textile
Manufacturers Institute based on annual data collected by the Bureau of Census.
§ Bales of 480 Ibs..
t Beginning 1st Qtr. 1987, data are not comparable with earlier periods. Girls apparel
are now included with women's, misses' and juniors' and boys' apparel are now included
with men's. Also, some classification changes were made.
Page S-32
1 . Annual total includes revisions not distributed to the months.
2. Production of new vehicles (thous. of units) for May 1988: passenger cars, 692; trucks
and buses, 365.
3. Data are reported on an annual basis only.
4. Effective with the Feb. 1988 SURVEY, data have been revised back to 1985 and are
available upon request.
5. Beginning with January 1987, data include Honda, Nissan, and Toyota passenger cars
produced in U.S. plants.
6. Beginning with January 1987, data include Nissan trucks produced in U.S. plants.
7. Beginning with 1st qtr. 1987, jeans, jean-cut casual and dungarees are included with
trousers.
8. See note "t" for this page.
# Total includes backlog for nonrelated products and services and basic research.
§ Domestics comprise all cars assembled in the U.S. and cars assembled in Canada and
imported to the U.S. under the provisions of the Automotive Products Trade Act of 1965.
Imports comprise all other cars.
O Courtesy of R.L. Polk & Co.; republication prohibited. Because data for some states
are not available, month-to-month comparisons are not strictly valid.
$ Excludes railroad-owned private refrigerator cars and private. line cars.
t Effective with the Mar. 1988 SURVEY, retail inventories for trucks and buses have
been restated to exclude captive imports (vehicles manufactured overseas by U.S. affiliates). These data are available back through 1966.
M See note "t" for page S-3 1 .
SURVEY OF CURRENT BUSINESS
S-36
June 1988
Index to Current Business Statistics
Sections
General:
Business indicators
Commodity prices
Construction and real estate
Domestictrade
Labor force, employment, and earnings
Finance
Foreign trade of the United States
Transportation and communication
1-5
5,6
7,8
8,9
9-13
13-16
16-18
18,19
Industry:
Chemicals and allied products
Electric power and gas
Food and kindred products; tobacco
Leather and products
Lumber and products
Metals and manufactures
Petroleum, coal, and products
Pulp, paper, and paper products
Rubber and rubber products
Stone, day, and glass products
Textile products
Transportation equipment
19,20
20
20-23
23
23,24
24-27
27,28
28,29
29
30
30-32
32
Footnotes.
32-35
Individual Series
Advertising
Aerospace vehicles...
Agricultural loans
Air carrier operations..
Air conditioners (room).
Aircraft and parts
Alcohol, denatured and ethyl
Alcoholic beverages
Aluminum
Apparel
Asphalt
Automobiles, etc
8,12
32
13
18
27
4,5,32
19
8,20
25
2,4-6, 8-12,31, 32
28
2-4,6,8,9,14,15,17, 32
Banking
Barley
Battery shipments
Beef and veal
Beverages
Blastfurnaces, steel mills
Bonds, issued, prices, sales yields
Brass and bronze
Brick
Building and construction materials
Building costs
Building permits
Business incorporation (new), failures
Business sales and inventories
Butter
Carpets
Cattle and calves
Cement
Chain-store sales, firms with 11 or more stores.
13,14
21
27
22
8,17,20
3-5
15,16
26
30
2,4,5
7
7
5
2,3
21
31
22
30
9
21
Chemicals ......................... 2-4,10-12,15,17,19,20
Cigarettes and cigars
23
Clay products
2-4,30
Clothing (see apparel)
Coal
2, 27
Cocoa
22
Coffee
22
Coke
Combustion, atmosphere, heating equipment
Communication
Construction:
Contracts
Costs
Employment, unemployment, hours, earnings
Housing starts
New construction put in place
Consumer credit
Consumer goods output, index
Consumer Price Index
Copper and copper products
Com
Cost of living (see Consumer Price Index)
Cotton, raw and manufactures
Credit, commercial bank, consumer
Crops
Crude oil
Currency in circulation
Dairy products
Debt, U.S. Government
Deflator, PCE
Department stores, sales, inventories
Deposits, bank
Dishwashers and disposers
27
26
15,19
7
7
10-12
7
7
14
1,2
5,6
25,26
21
5,6
5,30,31
14
5,21-23,30
3,27
15
5,2V
14
1
9
13,15
27
Disposition of personal income.
Distilled spirits
Dividend payments
1
20
1,15
8,9
Earnings, weekly and hourly
Eating and drinking places
Eggsand poultry
Electric power
Electrical machinery and equipment
Employee-hours, aggregate, and indexes
Employment and employment cost
Exports (see also individual commodities)
12
8,9
5,22
2,20
2-5,10-12,15,27
11
10-12
16-18
5
Failures, industrial and commercial.
Farm prices
5,6
17
Fats and oils
14
Federal Government finance
13
Federal Reserve System
13
Federal Reserve member banks...
19
Fertilizers
22
Rsh
24
Flooring, hardwood
,
22
Hour, wheat
26
Ruid power products.
Food products
2-6, 8,10-12,15,17,20-23
Foreign trade (see also individual commod.)
16-18
Freight cars (equipment)
32
Fruits and vegetables
5
Fuel oil
6,28
Fuels
2, 6,17, 27, 28
Furnaces
27
Furniture
2,6,8-12
Gas, output, prices, sales, revenues .
Gasoline
Gass and products
Glycerin
Gold.
Grains and products
Grocery stores
Gypsum and products
2,6,20
28
30
19
14
5,21,22
9
30
..........
8
Hardware stores
r
.........
26
Heating equipment
Help-wanted advertising index
.........
12
6
Hides and skins
Hogs
'.'.'.'.'.'.'.'"
22
.........
8
Home loan banks, outstanding advances .
.........
8
Home mortgages
Hotels, motor hotels, and economy hotels.
..........
18
Hours, average weekly .
.........
11
Housefumishings . . .
............................
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 employ ment 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, 8, 9
Inventory-sales ratios
.............................
3
Iron and steel
................................
2, 15, 24, 25
9, 10
Laborforce
Lamband mutton
22
26
Lead
Leather and products
2, 6, 10-12, 23
5, 22
Livestock ......................................
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
Meatanimals and meats
...........................
5, 22
Medical care
...................................
6
Metals
..............................
2-6, 10-12, 15, 24-26
Milk
21
Wrfng\\\\\\\\\\\\\\\\\\\" .'.'.'.'.'.' .'.'.'.'.'.'.'.'.'.'.'.'.'.' 2,10-12
Mobile homes, shipments, installment credit
..............
7, 14
Monetary statistics
...............................
15
Money and Interest rates
...........................
14
Moneysupply
..................................
15
Mortgage applications, loans, rates
....................
8, 13, 14
Motor carriers
..................................
18
Motor vehicles
.........................
2-4, 6, 8, 9, 15, 17, 32
National parks, visits
Newsprint
New York Stock Exchange, selected data
Nonferrous metals
Oats
Oils andfats
Orders, new and unfilled, manufacturers'
Outlays, U.S. Government
18
29
16
2,4,5,15,25,26
21
17
4,5
14
Paintand paint materials
20
Paper and products and pulp
2-4,6,10-12,15, 28, 29
Parity ratio
5
Passenger cars
2^, 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
Rgiron
24
Plastics and resin materials
20
Population
9
Pork
22
Poultry and eggs
5,22
Price deflator, irrplidt (PCE)
1
Prices (see also individual commodities)
5,6
Printing and publishing
2,10-12
Private sector employment, hours, earnings
10-12
Producer Price Indexes (see also individual commodities)
6
Profits, corporate
15
Public utilities
1, 2, 7,15,16,20
Pulp and pulpwood
28
Purchasing power of the dollar
6
Radio and television
Railroads
Ranges and microwave ovens
Rayon and acetate
Real estate
Receipts, U.S. Government
Refrigerators
Registrations (new vehides)
Rent (housing)
Retail trade
Rice
Rubber and products find, plastics)
Saving, personal
Savings deposits
Savings institutions
Securities issued
Security markets
Services
Sheep and lambs
Shoes and other footwear
Silver
Spindle activity, cotton
Steel and steel manufactures
Stock market customer finandng
Stockprices, yields, sales, etc
Stone, day, glass products
Sugar
Sulfur
Sulfuric add
Superphosphate
Synthetic textile products
Tea imports
Telephone carriers
Television andradio
Textiles and products
Tin
Tires and innertubes
Tobacco and manufactures
Tractors
Trade (retail and wholesale)
Transit lines, urban
Transportation
Transportation equipment
Travel
Trucktrailers
Trucks
Unemployment and insurance.
U.S. Government bonds
U.S. Government finance
Utilities
Vacuum cleaners
Variety stores
Vegetables and fruits
t
8,27
13,16,18, 32
27
31
8,13
14
27
32
6
2,3,5, 8-12,14,32
21
2-4,6,10-12,29
1
13
8,14
15
15,16
6,10-12
22
23
14
31
24,25
15
16
2-4,10-12,15,30
23
19
19
19
31
23
19
27
2-4,10-12,15,30-32
26
,
29
2-4,10-12,23
27
2,3,5,8-12,32
18
6,10-12,15,16,18
2-6,10-12,15,17,32
18
32
2,32
9,10,13
16
15
. 2,6, 7,15,16, 20
27
9
5
1,12
Washers and dryers
Water heaters
Wheat and wheatftour..;
Wholesale trade
Wood pulp
Wool and wool manufactures
Zinc
27
27
21,22
2,3,5,8,10-12
28
31
; 26
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1988 RELEASE DATES FOR BEA ESTIMATES
Subject
Release
Date*
State Personal Income, 3d quarter 1987
Gross National Product, 4th quarter 1987 (preliminary).
Personal Income and Outlays, December 1987
Jan.
Jan.
Jan.
21
27
28
Composite Indexes of Leading, Coincident, and Lagging Indicators, December 1987.
Merchandise Trade (balance of payments basis), 4th quarter
1987.
Gross National Product, 4th quarter 1987 (1st revision)
Personal Income and Outlays, January 1988
Feb.
2
Feb.
24
Feb.
Feb.
25
26
Composite Indexes of Leading, Coincident, and Lagging In- Mar.
dicators, January 1988.
Mar.
Summary of International Transactions, 4th quarter 1987
Mar.
Gross National Product, 4th quarter 1987 (2d revision)
Mar.
Corporate Profits, 4th quarter 1987 (preliminary)
Mar.
Personal Income and Outlays, February 1988
Composite Indexes of Leading, Coincident, and Lagging In- Mar.
dicators, February 1988.
1
15
23
23
24
29
Plant and Equipment Expenditures, 4th quarter 1987 and
Revised Plans for 1988.
State Personal Income, 4th quarter 1987 and Per Capita
Personal Income, 1987 (preliminary).
Gross National Product, 1st quarter 1988 (preliminary)
Corporate Profits, 4th quarter 1987 (revised)
Personal Income and Outlays, March 1988
Composite Indexes of Leading, Coincident, and Lagging Indicators, March 1988.
Apr. 15
Personal Income for Counties and Metropolitan Areas, 1986....
Merchandise Trade (balance of payments basis), 1st quarter
1988.
Gross National Product, 1st quarter 1988 (1st revision)
..,
Corporate Profits, 1st quarter 1988 (preliminary)
,
Personal Income and Outlays, April 1988
..
May 4
May 25
Composite Indexes of Leading, Coincident, and Lagging Indicators, April 1988.
Plant and Equipment Expenditures, 1st quarter 1988 and
Revised Plans for 1988.
Summary of International Transactions, 1st quarter 1988
Gross National Product, 1st quarter 1988 (2d revision).
Corporate Profits, 1st quarter 1988 (revised)
Personal Income and Outlays, May 1988
Composite Indexes of Leading, Coincident, and Lagging Indicators, May 1988.
June
1
June
9
June
June
June
June
June
14
23
23
24
29
Apr. 20
Apr.
Apr.
Apr.
Apr.
26
26
27
29
May 26
May 26
May 27
For information, call (202) 523-0777, Bureau of Economic Analysis, U.S. Department of Commerce.
Subject
Release
Date*
State Personal Income, 1st quarter 1988
Gross National Product, 2d quarter 1988 (preliminary)
Personal Income and Outlays, June 1988
July 20
July 27
July 28
Composite Indexes of Leading, Coincident, and Lagging Indicators, June 1988.
State Per Capita Personal Income, 1987 (revised)
Merchandise Trade (balance of payments basis), 2d quarter
1988.
Gross National Product, 2d quarter 1988 (1st revision)
Corporate Profits, 2d quarter 1988 (preliminary)
Personal Income and Outlays, July 1988
Composite Indexes of Leading, Coincident, and Lagging Indicators, July 1988.
Aug.
Aug.
Aug.
Aug.
Aug.
25
25
26
30
Plant and Equipment Expenditures, 2d quarter 1988 and
Revised Plans for 1988.
Summary of International Transactions, 2d quarter 1988
Gross National Product, 2d quarter 1988 (2d revision)
Corporate Profits, 2d quarter 1988 (revised)
Personal Income and Outlays, August 1988
Composite Indexes of Leading, Coincident, and Lagging Indicators, August 1988.
Sept
8
Sept.
Sept.
Sept.
Sept.
Sept.
13
20
20
21
30
State Personal Income, 2d quarter 1988
Gross National Product, 3d quarter 1988 (preliminary).
Personal Income and Outlays, September 1988
2
Aug. 18
Aug. 24
.... Oct 18
... Oct. 26
... Oct. 27
Composite Indexes of Leading, Coincident, and Lagging Indicators, September 1988.
Merchandise Trade (balance of payments basis), 3d quarter
1988.
Gross National Product, 3d quarter 1988 (1st revision)
Corporate Profits, 3d quarter 1988 (preliminary)
Personal Income and Outlays, October 1988
Composite Indexes of Leading, Coincident, and Lagging Indicators, October 1988.
Summary of International Transactions, 3d quarter 1988
Gross National Product, 3d quarter 1988 (2d revision)
Corporate Profits, 3d quarter 1988 (revised)
Personal Income and Outlays, November 1988
Plant and Equipment Expenditures, 3d quarter 1988, Revised
Plans for 1988, and Plans for 198 .
Composite Indexes of Leading, Coincident, and Lagging Indicators, November 1988.
Nov.
1
Nov. 28
Nov. 29
Nov. 29
Nov. 30
Dec.
1
Dec.
Dec.
Dec.
Dec.
Dec.
13
20
20
21
211
Dec. 30
t A transfer of the Plant and Equipment Expenditures
survey to the Census Bureau is planned. Under the plan,
this release will be issued by the Census Bureau.
* These are target dates and are subject to revision.
@FedFRASER