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June 1990 / Volume 70 Number
6
SURVEY OF CURRENT BUSINESS
1
Business Situation
1
3
Robert A. Mosbacher 7 Secretary
Michael M. Darby / Under Secretary
for Economic Affairs
National Income and Product Accounts
3
17
19
U.S. Department of Commerce
Corporate Profits
Selected NIPA Tables
NIPA Charts
Reconciliation and Other Special Tables
20
The United Nations System of National Accounts:
An Introduction
Allan J-L Yornig / Director
Carol S Carson / Deputy Director
31
U.S. Multinational Companies: Operations in 1988
Editor-in-Chief: Carol B. Carson
Managing Editor: Leland L. Scott
45
Gross Product of U.S. Affiliates of Foreign Companies, 1977-87
Publication Staff; W. Ronnie Foster,
M. Gretefcen Gibson, Donald J, Parsehalk,
MaryZois.
54
International Investment Position: Component Detail for 1989
66
U.S. International Transactions, First Quarter 1990
Bureau of Economic Analysis
SURVEY OF CUKREHT BUSINESS.
Published
monthly by the Bureau of Iconomie Analysis of the
U.S. Department of Commerce. Editorial correspondence should be addressed to the Editor-inChief , SURVEY OF CUEEE^T BUSINESS, Bureau of Economic Analysis, U.S. Department of Commerce,
Washington, DC 20230.
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and at additional mailing offices. (USPS 337-790).
The Secretary of Commerce has determined
that the publication of this periodical is necessary
in the transaction of the public business required
by law of this Department*
110
Constant-Dollar Inventories, Sales, and Inventory-Sales Ratios
for Manufacturing and Trade
112
Subject Guide
C-pages: Business Cycle Indicators
(Seepage C-l for contents)
S-pages: Current Business Statistics
(See page S-.36 for contents and subject index )
Inside back cover: BEA Information
Nom-This issue of the SUKVEY went to the printer on June 29,1990. It
incorporates data from the following monthly BEA news releases;
Gross National Product (June 21),
Personal Income and Outlays (June 22V and
DEPOSITORY ITEM O-23.Q '
-'
Composite Indexes of Leading, Coincident, and Lagging
• — -' • '
'fca^^aft
the BUSINESS SITUATION
Corporate Profits
JL ROFITS from current production—
profits before tax with inventory valuation adjustment (IVA) and capital consumption adjustment (CCAdj)—
increased $4 billion, to $2891/2 billion,
in the first quarter of 1990 after declining $9x/2 billion in the fourth quarter of
1989 (table I).1
Profits of domestic financial corporations, up $7^2 billion, more than
accounted for the first-quarter increase; profits from the rest of the
world declined $3^2 billion, and profits
of domestic nonfinancial corporations
changed little. Real gross product
of domestic nonfinancial corporations
was flat, and profits per unit were unchanged as higher unit costs (mainly
labor costs) offset higher unit prices.
Profits before tax and related
measures.—Profits before tax (PBT) increased $9*/2 billion after declining
$l!/2 billion. The difference between
the $4 billion increase in profits from
current production and the $9x/2 billion
increase in PBT reflected declines in
the IVA and in the CCAdj. (Both adjustments are added to PBT to obtain
the current-production measure.)
The IVA is an estimate of inventory
profits with sign reversed. Inventory
profits increased $lx/2 billion, reflecting a pickup in the rate of increase in
prices of inventoried goods, especially
farm products. The CCAdj, which declined $4*/2 billion, is the difference
between the predominantly tax-based
depreciation measure that underlies
PBT, on the one hand, and BEA's approximation of economic depreciation,
on the other.
Profits tax liability increased almost
$8 billion; as a result, profits after tax
NOTE.—Daniel Larkins prepared this section.
1. Quarterly estimates in the national income and
product accounts are expressed at seasonally adjusted
annual rates, and quarterly changes are differences
between those rates.
(PAT) increased less than $2 billion.
A decline in profits from the rest of
the world, such as occurred in the first
quarter, lowers PBT but does not affect
profits tax liability.
For domestic corporations, PBT increased $13 billion and PAT increased
$5V2 billion (table 1.16 of the "Selected NIPA Tables"). PAT consists
of net dividend payments (that is,
payments less receipts) and undistributed profits. In the first quarter, net dividend payments of domestic corporations increased, in large
part because dividends paid by the
rest of the world, most of which
are received by domestic corporations, declined. Undistributed profits
of domestic corporations—the difference between PAT and net dividend
payments—declined.
Cash flow from current production,
a profits-related measure of internally
generated funds available to corporations for investment, declined $7^2
billion after declining $1 billion.
PBT with IVA but without CCAdj.—
Profits from current production is not
available by industry; PBT with IVA is
the best available measure of industry
profits.
This measure of the profits of domestic financial corporations increased
$8!/2 billion after declining $5 billion.
Losses at savings and loan associa-
tions moderated. Profits of commercial
banks increased after a fourth-quarter
drop that reflected an unusually high
level of loan writeoffs.
Table 1.—Corporate Profits
Change from
preceding
quarter
Level
1990:1
1989.-IV 1990:1
Billions of dollars
Profits from current production
Domestic
Financial
Nonfinancial
Rest of the world
-9.3
-19.0
-4.3
-14.6
9.7
3.8
7.4
7.7
-.4
-3.6
289.7
237.9
26.2
211.7
51.8
Inventory valuation adjustment
Capital consumption adjustment
Profits before tax
.
Profits tax liability
Profits after tax...
,
-3.4
-4.6
-1.3
-5.7
4.3
-1.4
-4.4
9.6
7.9
1.8
-11.1
17.5
283.3
124.8
158.5
-4.7
-14.4
-4.8
-9.6
-12.2
1.7
-1.6
2.5
9.7
7.1
-2.5
8.2
11.8
8.5
3.3
6.1
-5.2
2.1
.3
-3.6
0
3.6
272.2
220.4
21.5
198.9
80.5
38.4
39.9
40.2
51.8
68.8
17.0
Profits by industry:
Profits before tax with IVA .
Domestic
. . .
. . .
Financial.
,..
Nonfinancial
Manufacturing
Trade
Transportation and public utilities...
Other
.
Rest of the world
.....
Receipts (inflows)
Payments (outflows)
Dollars
Unit prices, costs, and profits of domestic
nonfinancial corporations:
Unit price
Unit labor cost
Unit nonlabor cost
Unit profits from current production
.009
.012
.004
-.006
.013
.012
.001
0
1.198
.807
.307
.085
NOTE.—Levels of these and other profits series are found in tables
1.14, 1.16, 6.18B, and 7.18 of the "Selected NIPA Tables."
Looking Ahead...
• National Income and Product Accounts Revision. Revised estimates for
the 3-year period beginning with the first quarter of 1987 will be presented
in the July SURVEY. Selected data will be available as of July 27.
• U.S. Affiliates of Foreign Companies: Operations in 1988. Data and analysis of the operations in 1988 of foreign-owned U.S. companies, by industry
and by country of foreign owner, will be presented in the July SURVEY. A
discussion of the share of the U.S. economy accounted for by affiliates and
key measures by State will also be presented.
• Annual Revisions of State Personal Income. State personal income for
1987-89 will be presented in the August SURVEY.
SURVEY OF CURRENT BUSINESS
Profits of domestic nonfinancial corporations increased $3^2 billion after
declining $9]/2 billion. In manufacturing, the picture was mixed. For
example, chemical and nonelectric machinery profits increased substantially,
and profits in "other durables" jumped
after the settlement of a fourth-quarter
strike at a major aircraft manufacturer; in contrast, losses in motor ve-
hicles worsened, and profits in food,
petroleum, and "other nondurables"
declined. In wholesale and retail trade,
profits declined, partly reflecting the
increased costs of inventories that were
not fully passed through to prices; in
retail trade, the decline was more than
accounted for by general merchandise
and food stores.
Projected Vacancies
BEA expects to hire additional staffincluding economists, statisticians, and
accountants—in fall 1990. Potentially, the
positions will be in national economic accounting, balance of payments accounting,
and international investment surveys. Applications (Standard Form SF-171) and inquiries may be addressed to Mr. James
J. Hartman, Administrative Officer, Bureau
of Economic Analysis, U.S. Department of
Commerce, Washington, DC 20230.
June 1990
Profits from the rest of the world
declined $31/2 billion after increasing
$9^2 billion. This component of profits measures inflows of profits from
foreign affiliates of U.S. corporations
less outflows of profits from U.S. affiliates of foreign corporations. In the
first quarter, inflows were unchanged,
and outflows, mainly from chemical
affiliates of European firms, increased.
NATIONAL INCOME
AND PRODUCT ACCOUNTS
Selected NIPA Tables
New estimates in this issue: First quarter 1990, revised.
The selected set of 54 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 132 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 July 1988 SURVEY.
The tables shown are available the day of the GNP news release on printouts and diskettes on a subscription basis or from the Commerce Department's
Economic Bulletin Board. Estimates for 1986-88 are in the July 1989 issue of the SURVEY; estimates for 1985 are in the July 1988 issue; estimates
for 1984 are in the July 1987 issue; estimates for 1983 are in the July 1986 issue. Estimates for 1929-82 are in National Income and Product
Accounts, 1929-82: Statistical Tables. For more information, write to National Income and Wealth Division (BE-54), Bureau of Economic Analysis, U.S.
Department of Commerce, Washington, DC 20230.
NOTE.—This section of the SURVEY is prepared by the National Income and Wealth Division and the Government Division.
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
1988
1989
1988
IV
Gross national product
I
II
Seasonally adjusted at annual rates
1990
1989
III
IV
1988
4,880.6 5,234.0 5,017.3 5,113.1 5,201.7 5,281.0 5,340.2 5,433.1
455.2 473.2 467.4 466.4 471.0 486.1 469.5 489.9
1,052.3 1,123.4 1,078.4 1,098.3 1,121.5 1,131.4 1,142.4 1,168.2
1,727.6 1,874.4 1,778.2 1,816.7 1,851.7 1,890.6 1,938.7 1,971.2
Gross national product
1990
1989
1988
I
IV
I'
Personal consumption expenditures '... 3,235.1 3,471.1 3,324.0 3,381.4 3,444.1 3,508.1 3,550.6 3,629.4
Durable goods
Nondurable goods
Services '
1989
II
III
IV
I-
4,024.4 4,144.1 4,069.4 4,106.8 4,132.5 4,162.9 4,174.1 4,193.4
Personal consumption expenditures '... 2,598.4 2,669.6 2,627.7 2,641.0 2,653.7 2,690.1 2,693.7 2,704.3
Durable goods... .
Nondurable goods
Services '
413.6 425.2 420.5 419.3 424.9 436.4 420.3 434.4
904.5 916.7 912.0 915.0 909,7 920.8 921.1 913.2
1,280.2 1,327.7 1,295.2 1,306.7 1,319.0 1,332.9 1,352.2 1,356.7
Gross private domestic investment
750.3
773.4
752.8
769.6
775.0
779.1
770.1
752.9
Gross private domestic investment
715.8
720.7
709.1
721.1
719.8
724.6
717.3
705.4
Fixed investment
Nonresidential
Structures.
Producers' durable equipment
Residential
Change in business inventories
Nonfarm
.
Farm
719.6
487.2
140.3
346.8
232.4
30.6
34.2
-3.6
746.3
511.7
144.9
366.7
234,6
27.1
22.2
4.9
734.1
495.8
142.5
353.3
238.4
18.7
40.8
-22.2
742.0
503.1
144.7
358.5
238.8
27.7
19.1
8.6
747.6
512.5
142.4
370.1
235.1
27.4
23.6
3.8
751.7
519.6
146.2
373.4
232.1
27.4
19.8
7.5
744.0
511.4
146.4
365.0
232.6
26.1
26.4
-.3
764.6
526.1
151.3
374.8
238.5
-11.7
-16.1
4.4
Fixed investment
Nonresidential
.
Structures...
Producers' durable equipment
Residential
Change in business inventories
Nonfarm
Farm
687.9
493.8
122.2
371.6
194.1
27.9
30.7
-2.8
698.8
510.3
120.0
390.3
188.5
21.9
17.7
4.3
690.8
492.7
121.4
371.3
198.1
18.3
31.9
-13.6
696.6
501.0
121.1
379.9
195.6
24.5
16.9
7.6
700,7
511.4
118.1
393.2
189.3
19.1
19.5
-.5
702.7
517.9
120.4
397.6
184.8
21.9
16.2
5.6
695.1
510.8
120.3
390.6
184.3
22.2
18.0
4.2
709.0
520.4
123.1
397.4
188.6
-3.6
-7.8
4.2
Net exports of goods and services '
-73.7
^17.1
-70.8
-54.0
-50.6
-45.1
-38.8
-32.0
Net exports of goods and services l
-74.9
-52.6
-73.8
-55.0
-51.2
-57.1
-47.2
-33.6
547.7
621.3
625.9
673.0
579.7
650.5
605.6
659.6
626.1
676.6
628.5
673.6
643.5
682.3
664.7
696.6
530.1
605.0
589.2
641.8
551.4
625.2
569.7
624.6
587.5
638.7
593.1
650.2
606.6
653.8
625.1
658.7
785.1
806.4
806.4
799.7
810.3
805.3
810.4
817.3
328.9
261.5
67.4
456.2
337.1
256.5
80.6
469.3
343.9
261.6
82.3
462.5
335.5
254.4
81.1
464.2
343.6
255.8
87.8
466.7
336.1
260.1
76.0
469.2
333.3
255.7
77.7
477.0
335.2
254.5
80.7
482.1
Exports '
Imports l
,
Government purchases of goods and
services
Federal
National defense
Nondefense
State and local
„....,
968.9 1,036.6 1,011.4 1,016.0 1,033.2 1,038.9 1,058.3 1,082.9
381.3
298.0
83.3
587.6
403.2
302.2
101.1
633.4
406.4
300.5
105.9
604.9
399.0
298.7
100.4
617.0
406.0
301.3
104.7
627.2
402.7
307.8
94.9
636.2
405.1
300.9
104.2
653.2
413.7
308.6
105.1
669.2
Exports '
Imports '
Government purchases of goods and
services
Federal
National defense
Nondefense
State and local
1. See the box on page 21 of the July 89 SURVEY OF CURRENT BUSINESS.
1. See the box on page 21 of the July 89 SURVEY OF CURRENT BUSINESS.
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
1988
1989
1988
IV
Gross national product
Final sales
Change in business inventories
Goods
Final sales
Change in business inventories
Durable goods
Final sales
Change in business inventories
Nondurable goods
Final sales
Change in business inventories
Services
Structures
1989
I
II
Seasonally adjusted at annual rates
1990
HI
IV
4,850.0 5,206.9 4,998.7 5,085.4 5,174.3 5,253.6 5,314.2 5,444.8
30.6
27.1
18.7
27.4
27.4
27.7
26.1 -11.7
1,931.9 2,072.3 1,987.4 2,030.9 2,079.1 2,096.3 2,082.8 2,108.6
1,901.3 2,045.1 1,968.7 2,003.2 2,051.7 2,068.9 2i056.7 2,120.3
30.6
27.1
18.7
27.4
27.7
27.4
26.1
-11.7
909.1
897.3
11.8
888.5
856.5
32.0
905.2
899.2
6.0
1988
IV
4,880.6 5,234.0 5,017.3 5,113.1 5,201.7 5,281.0 5,340.2 5,433.1
863.7
838.6
25.0
1989
P
Gross national product
Final sales
Change in business inventories
1990
1989
I
II
HI
IV
I'
4,024.4 4,144.1 4,069.4 4,106.8 4,132.5 4,162.9 4,174.1 4,193.4
3,996.5 4,122.2 4,051.0 4,082.3 4,113.5 4,141.0 4,151.9 4,197.0
19.1
22.2
-3.6
24.5
21.9
27.9
21.9
18.3
1,771.6 1,837.1 1,789.4 1,823.2 1,843.9 1,851.3 1,830.2 1,832.6
Goods
Final sales .....
Change in business inventories
1,743.7 1,815.2 1,771.0 1,798.7 1,824.8 1,829.4 1,808.0 1,836.2
22.2
-3.6
19.1
18.3
24.5
21,9
21.9
27.9
924.1
941.1
-17.0
Durable goods
Final sales
Change in business inventories
883.6
860.9
22.7
913.5
904.0
9.5
900.5
872.4
28.1
902.3
884.2
18.1
913.0
908.0
5.0
931.3
927.2
4.2
907.6
896.7
10.9
922.8
936.6
-13.9
1,068.3 1,163.1 1,098.9 1,136.2 1,173.9 1,166.2 1,176.3 1,184.5
1,062.6 1,147.9 1,112.2 1,130.5 1,152.5 1,144.0 1,164.5 1,179.2
22.2
5.6
15.3 -13.3
21.4
5.7
11.8
5.3
Nondurable goods..
Final sales
Change in business inventories
888.0
882.8
5.2
923.6
911.2
12.4
888.9
898.6
-9.7
920.9
914.5
6.4
930.9
916.8
14.1
920.0
902.3
17.7
922.6
911.4
11.3
909.9
899.6
10.3
894.7
872.8
22.0
930.1
924.9
5.2
906.5
892.2
1.4.2
2,499.2 2,702.7 2,570.0 2,620.8 2,667.5 2,728.1 2,794.2 2,846.4
449.5
459.1
459.9
461.3
455.1
456.6
463.2
478.1
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
1988
Services
.
1,873.5 1,935.9 1,896.7 1,905.1 1,919.9 1,945.0 1,973.5 1,980.5
379.3
371.1
383.3
378.5
368.8
366.6
370.4
380.2
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
SURVEY OF CURRENT BUSINESS
June 1990
Table 1.5.—Relation of Gross National Product, Gross Domestic Purchases,
and Final Sales to Domestic Purchasers
Table 1.6.—Relation of Gross National Product, Gross Domestic Purchases,
and Final Sales to Domestic Purchasers in Constant Dollars
[Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1988
1989
1988
IV
HI
II
I
547.7
621.3
2
Less: Change in business inventories
Equals: Final sales to domestic
purchasers3....
625.9
673.0
579.7
650.5
605.6
659.6
626.1
676.6
IV
628.5
673.6
643.5
682.3
27.1
18.7
27.4
27.7
27.4
26.1
1989
664.7
696.6
-11.7
4,923.7 5,254.0 5,069.5 5,139.4 5,224.9 5,298.7 5,352.9 5,476.8
1988
1990
1989
IV
I"
4,954.3 5,281.1 5,088.1 5,167.1 5,252.3 5,326.1 5,379.0 5,465.1
30.6
1988
1990
4,880.6 5,234.0 5,017.3 5,113.1 5,201.7 5,281.0 5,340.2 5,433.1
Gross national product
Less: Exports of goods and services
Plus: Imports of goods and services
Equals: Gross domestic purchases
1989
I
m
II
IV
I'
4,024.4 4,144.1 4,069.4 4,106.8 4,132.5 4,162.9 4,174.1 4,193.4
Gross national product
Less: Exports of goods and services
Plus: Imports of goods and services
Equals: Gross domestic purchases
530.1
605.0
2
551.4
625.2
569.7
624.6
587.5
638.7
593.1
650.2
606.6
653.8
625.1
658.7
4,099.3 4,196.7 4,143.2 4,161.8 4,183.7 4,220.0 4,221.4 4,227.0
Less: Change in business inventories
Equals: Final sales to domestic
purchasers *.
589.2
641.8
27.9
21.9
18.3
24.5
19.1
21.9
22.2
-3.6
. 4,071.4 4,174.8 4,124.9 4,1373 4,164.7 4,198.2 4,199.2 4,230.5
1. See the box on page 21 of the July 89 SURVEY OF CURRENT BUSINESS.
2. Purchases in the United States of goods and services wherever produced.
3. Final sales in the United States of goods and services wherever produced.
1. See the box on page 21 of the July 89 SURVEY OF CURRENT BUSINESS.
2. Purchases in the United States of goods and services wherever produced.
3. 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 1.8.—Gross National Product by Sector in Constant Dollars
[Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
1988
1989
1988
rv
Gross national product
Gross domestic product
Business .
Nonfarm
Nonfarm less housing
Housing
Statistical discrepancy
Households and institutions
Nonprofit institutions
Government
Federal
State and local
Rest of the world
1989
I
II
Seasonally adjusted at annual rates
1990
m
IV
1989
I'
4,880.6 5,234.0 5,017.3 5,113.1 5,201.7 5,281.0 5340.2 5,433.1
4,8473 5,198.4 4,982.9 5,078.5 5,170.8 5,247.4 5,296.7 5390.9
4,153.5 4,447.1 4,271.1 4,347.2 4,426.7 4,489.0 4,525.6 4,601.1
4,087.1 4,386.0 4,225.5 4,280.0 4,356.0 4,431.3 4,476.7 4,538.1
3,685.6 3,954.2 3,813.5 3,862.7 3,932.5 3,992.9 4,028.6 4,084.9
401.5 431.8 412.0 417.2 423.5 438.5 448.2 453.3
89.0
83.2
88.6
76.1
85.5
91.3
78.7
62.3
-9.6 -24.4
-16.6 -24.1
-18.3 -25.5
-29.8
-25.6
1988
W
Gross national product
Business
Nonfarm
Nonfarm less housing
Housing
*-*vu""*&
Farm.
Statistical discrepancy
210.6
9.6
201.0
195.5
9.5
186.0
201.2
9.5
191.7
207.1
9.6
197.5
214.4
9.7
204.7
219.7
9.7
209.9
224.9
9.8
215.1
Households and institutions
Private households
Nonprofit institutions
505.8
159.3
346.5
540.6
169.6
371.0
516.3
160.8
355.5
530.1
168.3
361.8
536.9
169.1
367.9
544.0
170.1
373.9
551.5
171.1
380.4
564.9
178.2
386.7
Government
Federal
State and local
333
35.6
34.5
34.5
31.0
33.5
43.5
42.2
Rest of the world
1990
1989
I
II
m
IV
P
4,024.4 4,144.1 4,069.4 4,106.8 4,132.5 4,162.9 4,174.1 4,193.4
3,996.3 4,115.3 4,040.8 4,078.5 4,107.3 4,135.9 4,139.7 4,160.4
Gross domestic product
188.0
9.4
178.7
Addendum:
,
3,482.9 3,586.9 3,521.7 3,555.7 3,580.7 3,605.1 3,606.1 3,623.6
3,418.2 3,529.0 3,474.2 3,494.5 3,518.6 3,549.7 3,553.3 3,565.8
3,127.9 3,232.7 3,181.7 3,200.8 3,223.1 3,252.6 3,254.5 3,265.9
290.3 296.3 292.5 293.8 295.5 297.1 298.8 299.9
61.2
80.8
76.0
76.5
77.9
72.7
77.5
76.9
-20.2
-23.7
-8.0 -19.7 -13.7 -19.7 -14.8
-20.5
........
»..
137.3
8.8
128.4
146.3
9.0
137.4
140.5
8.9
131.6
142.7
8.9
133.8
145.4
8.9
136.5
148.0
9.0
139.0
149.2
9.0
140.1
150.7
9.0
141.6
376.1
125.2
250.9
382.1
126.9
255.2
378.6
126.0
252.7
380.1
126.4
253.7
381.2
126.5
254.7
382.7
127.0
255.7
384.5
127.6
256.9
386.2
128.5
257.7
28.1
28.8
28.5
283
25.2
27.0
34.4
33.0
Addendum:
Gross domestic business product less
3,744.3
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
1988
Gross domestic business product less
3,183.7
housing
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
SURVEY OF CURRENT BUSINESS
June 1990
Table 1.9.—Relation of Gross National Product, Net National Product, National
Income, and Personal Income
Table 1.14.—National Income by Type of Income
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1988
1989
1988
IV
II
III
IV
Less: Capital consumption allowances
with capital consumption adjustment ..
Capital consumption
allowances without capital
consumption adjustment..
Less: Capital consumption
adjustment
Equals: Net national product
Less: Indirect business tax and nontax
liability
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of
government enterprises
Equals: National income......
Less: Corporate profits with 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..
Equals: Personal income
513.6
552.3
524.1
533.0
541.0
565.2
570.1
562.1
526.4
539.1
531.3
532.7
533.6
544.8
545.4
536.6
12.8
-13.2
7.1
-.3
-7.3
-20.5
-24.7
-25.5
4,367.1 4,681.7 4,493.2 4,580.1 4,660.8 4,715.7 4,770.1 4,871.0
18.5
417.0
31.8
-24.4
9.2
402.7
30.1
-16.6
20.4
407.7
30.8
-24.1
19.5
413.4
31.5
-18.3
15.5
421.5
32.2
-25.5
-.3
425.2
32.9
-29.8
434.1
33.6
-25.6
2.2
9.3
3,972.6 4,266.5 4,097.4 4,185.2 4,249.6 4,287.3 4,344.0 4,438.3
Compensation of employees
Wages and salaries
Government and government
enterprises
Other
.....
Supplements to wages and salaries
Employer contributions for social
insurance
Other labor income
Proprietors' income with inventory
valuation and capital consumption
adjustments
Farm
. ..
Proprietors' income with
inventory valuation adjustment....
Capital consumption adjustment
Equals: National income
Equals: Gross domestic purchases
Plus: Command-basis net exports of
goods and services
Command-basis exports *
Imports
Equals: Command-basis gross
national product...........
478.6
513.3
492.0
501.0
509.4
517.2
525.8
540.0
249.7
228.9
265.0
248.3
255.6
236.5
259.7
241.3
263.4
246.0
266.6
250.7
270.4
255.3
278.5
261.5
327.8
352.1
328.3
359.3
355.5
343.3
350.3
374.6
39.8
46.2
32.0
59.0
51.3
36.1
38.5
51.9
47.3
-7.5
53.4
-7.2
39.2
-7.2
66.2
-7.2
58.4
-7.1
43.5
-7.5
45.5
-7.1
59.0
-7.0
288.0
259.2
-1.5
30.3
305.9
280.4
-1.3
26.8
296.3
267.8
-1.3
29.8
300.3
274.4
-2.5
28.5
304.2
278.7
-1.9
27.4
307.2
281.0
311.8
287.3
322.7
298.6
0
-.7
-L2
26.2
25.2
25.2
285.9
477.2
289.7
480.4
444.6
479.2
455.2
469.7
476.4
482.0
488.7
505.1
Rental income of persons with
capital consumption adjustment
15.7
7.9
16.1
11.8
9.8
5.4
4.8
8.1
0
0
0
0
0
0
0
0
Rental income of persons
Capital consumption adjustment
65.4
-49.8
62.8
-54.9
66.1
-49.9
62.9
-51.1
62.5
-52.7
63.8
-58.4
62.0
-57.2
61.9
-53.8
555.7
571.1
102.2
29.0
600.5
657.4
112.4
31.8
563.7
598.6
106.4
30.1
585.6
629.0
109.4
30.8
595.3
655.1
111.4
31.5
604.2
667.8
113.2
32.2
616.8
677.7
115.7
32.9
638.9
685.2
118.0
33.6
328.6
301.3
340.2
316.3
307.8
295.2
285.9
289.7
281.8
272.0
298.7
279.7
275.5
268.7
264.0
272.2
Dividends
Undistributed profits
306.8
137.9
168.9
110.4
58.5
290.7
129.7
161.0
122.1
38.9
318.8
143.2
175.6
115.2
60.4
318.0
144.4
173.6
118.5
55.1
296.0
134.9
161.1
120.9
40.2
275.0
122.6
152.4
123.3
29.1
273.7
116.9
156.7
125.6
31.1
283.3
124.8
158.5
128.1
30.4
Inventory valuation adjustment
-25.0
-18.7
-11.1
4,064.5 4,427.3 4,185.2 4,317.8 4,400.3 4,455.9 4,535.3 4,638.8
4,024.4 4,144.1 4,069.4 4,106.8 4,132.5 4,162.9 4,174.1 4,193.4
Corporate profits with inventory
valuation and capital consumption
adjustments
Corporate profits with inventory
valuation adjustment
Capital consumption adjustment
Net interest
480.2
508.4
488.1
493.5
498.9
518.6
522.4
514.6
3,544.2 3,635.7 3,581.2 3,613.3 3,633.6 3644.3 3,651.7 3,678.8
327.8
333.9
331.2
331.3
331.8
335.5
336.8
335.1
-8.0
-19.7
-13.7
-19.7
-14.8
-20.5
-23.7
-20.2
3,224.5 3,321.6 3,263.7 3,301.6 3,316.6 3,329.3 3,338.7 3,363.9
4,024.4 4,144.1 4,069.4 4,106.8 4,132.5 4,162.9 4,174.1 4,193.4
-74.9
530.1
6050
-52.6
589.2
641 8
-738
551.4
6252
-55.0
569.7
6246
-51.2
587.5
638.7
-57.1
593.1
6502
-47.2
606.6
6538
-33.6
625.1
6587
4,099.3 4,196.7 4,143.2 4,161.8 4,183.7 4,220.0 4,221.4 4,227.0
-71.7
533.3
605.0
-44.9
596.9
641.8
-68.0
557.2
625.2
-51.1
573.5
624.6
-47.7
590.9
638.7
-43.6
606.6
650.2
-37.2
616.6
653.8
-30.2
628.5
658.7
4,027.5 4,151.8 4,075.2 4,110.7 4,136.0 4,176.5 4,184.2 4,196.8
100.6
101.2
101.1
100.7
100.7
102.3
101.6
100.5
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.
446.5 476.9 456.3 466.9 473.5 480.2 487.0 496.9
1,982.5 2,154.2 2,048.9 2,093.8 2,135.3 2,174.5 2,213.1 2,248.6
295.2
471.5
Addendum:
Terms of trade2
2,429.0 2,631.1 2,505.1 2,560.7 2,608.8 2,654.7 2,700.1 2,745.5
307.8
458.4
[Billions of 1982 dollars]
Less: Net exports of goods and
services
Exports
Imoorts
3,972.6 4,266.5 4,097.4 4,185.2 4,249.6 4,287.3 4^44.0 4,438.3
2,907.6 3,144.4 2,997.2 3,061.7 3,118.2 3,171.9 3,225.9 3,285.5
316.3
436.1
Table 1.11.—Command-Basis Gross National Product in Constant Dollars
Gross national product
I'
340.2
415.7
Less: Indirect business tax and nontax
liability plus business transfer
payments less subsidies plus current
Statistical discrepancy
IV
301.3
460.8
[Billions of 1982 dollars]
Equals: Net national product
1990
III
328.6
392.9
Table 1.10.—Relation of Gross National Product, Net National Product, and
National Income in Constant Dollars
Gross national product
II
Proprietors* income
Inventory valuation adjustment
Capital consumption adjustment
Profits before tax
Profits tax liability
Less: Capital consumption allowances
with capital consumption adjustment..
1989
I
I'
4,880.6 5,234.0 5,017.3 5,113.1 5,201.7 5,281.0 5,340.2 5,433.1
393.5
29.0
-9.6
1988
IV
National income
Gross national product
1989
1990
1989
I
1988
-20.1
-38.3
-20.5
-6.3
-9.7
46.8
29.3
41.5
36.6
32.3
26.5
21.9
17.5
392.9
460.8
415.7
436.1
458.4
471.5
477.2
480.4
190.7
171.6
196.9
171.9
172.9
172.6
168.9
165.0
402.0
394.4
411.5
388.6
391.7
399.3
398.3
391.0
80.3
49.5
81.7
53.4
52.0
49.3
43.3
36.9
321.7
344.9
329.7
335.2
339.7
349.9
354.9
354.2
-25.0
427.0
-18.7
413.2
-20.1
431.6
-38.3
426.9
-20.5
412.2
-6.3
405.6
-9.7
408.0
-11.1
402.1
Addenda:
Corporate profits after tax with
inventory valuation and capital
consumption adjustments
Net cash flow with inventory
valuation and capital
consumption adjustments
Undistributed profits with
inventory valuation and
capital consumption
adjustments
,
Capital consumption allowances
with capital consumption
adjustment
Less: Inventory valuation
adjustment
Equals: Net cash flow
SURVEY OF CURRENT BUSINESS
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
June 1990
Table 1.17.—Auto Output
[Billions of dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1988
1989
1988
1989
IV
I
II
1988
1990
m
IV
Net domestic product
Indirect business tax and nontax
liability plus business transfer
payments less subsidies
Domestic income
Compensation of employees
Wages and salaries
,
Supplements to wages and
salaries . . .
.
Corporate profits with inventory
valuation and capital
consumption adjustments
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment....
Capital consumption adjustment..
Net interest
Gross domestic product of
financial corporate business..
Gross domestic product of
nonfinancial corporate
business
Capital consumption allowances with
capital consumption adjustment
Net domestic product
Indirect business tax and nontax
liability plus business transfer
payments less subsidies
Domestic income
Compensation of employees
Wages 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 profits
Inventory valuation adjustment...
Capital consumption adjustment.
Net interest
2,955.0 3,141.3 3,048.6 3,078.6 3,126.1 3,168.5 3,192.0 3,238.0
321.7
344.9
329.7
335.2
339.7
349.9
354.9
354.2
2,633.3 2,796.4 2,718.9 2,743.4 2,786.4 2,818.6 2,837.1 2,883.9
278.6 295.8 284.8 288.5 293.1
300.2 301.3
307.8
2,354.7 2,500.6 2,434.0 2,454.9 2,493.3 2,518.4 2,535.7 2,576.1
1,951.2 2,104.4 2,012.0 2,050.6 2,087.7 2,122.3 2,157.1 2,189.8
1,640.5 1,775.8 1,691.9 1,730.2 1,761.6 1,791.2 1,820.4 1,847.1
310.7
328.6
320.0
320.4
326.1
331.2
336.6
342.7
285.0
263.2
137.9
125.3
84.2
41.1
-25.0
46.8
118.6
253.5
242.9
129.7
113.1
96.3
16.8
-18.7
29.3
142.7
293.7
272.3
143.2
129.1
87.2
41.9
-20.1
41.5
128.4
269.7
271.5
144.4
127.1
102.0
25.0
-38.3
36.6
134.5
264.2
252.4
134.9
117.4
96.8
20.6
-20.5
32.3
141.4
249.5
229.3
122.6
106.6
99.0
7.6
-6.3
26.5
146.5
230.5
218.3
116.9
101.4
87.5
13.9
-9.7
21.9
148.1
237.9
231.5
124.8
106.7
102.2
4.5
-11.1
17.5
148.4
Capital consumption allowances with
capital consumption adjustment
Net domestic product
Indirect business tax and nontax
liability plus business transfer
payments less subsidies
Domestic income
1990
II
III
IV
I'
223.7
234.4
232.2
235.8
238.9
232.3
230.5
241.8
Final sales
Personal consumption expenditures
New autos
Net purchases of used autos
Producers' durable equipment
New autos
Net purchases of used autos
Net exports of goods and services
Exports
Imports
Government purchases of goods and
services
Change in business inventories of
new and used autos
New
Used
129.9
132.4
132.0
134.5
131.7
135.8
127.6
120.8
128.8
144.2
101.2
43.0
21.4
51.3
-29.9
-38.4
8.7
47.1
130.7
143.4
100.4
43.1
20.8
50.7
-30.0
-35.0
9.5
44.5
130.1
146.6
102.4
44.2
21.2
52.3
-31.1
-39.3
9.2
48.5
123.9
142.7
99.8
42.9
19.0
47.7
-28.7
-39.5
9.7
49.2
135.4
144.5
101.1
43.5
23.4
54.7
-31.3
-34.4
8.7
43.1
141.8
150.9
110.8
40.2
23.6
53.7
-30.1
-34.3
9.1
43.4
121.9
135.5
89.8
45.7
17.0
46.9
-29.9
-31.9
10.6
42.5
132.7
146.7
102.0
44.8
19.8
50.0
-30.2
-35.7
10.2
46.0
1.6
1.6
1.5
1.7
1.9
1.5
1.3
1.9
1.1
.5
.6
1.7
1.8
-.1
1.9
1.5
.4
10.5
11.1
-.5
-3.7
-3.9
.2
-5.9
-7.9
2.0
5.7
7.8
-2.1
101.6
60.8
104.4
58.9
107.6
58.5
106.9
57.2
107.1
60.4
102.9
62.6
100.6
55.2
-12.0
-11.9
0
Addenda:
Domestic output of new autos '
Sales of imported new autos 2
Table 1.18.—Auto Output in Constant Dollars
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
1988
297.1
317.2
303.6
308.4
312.2
321.9
326.4
90.0
58.7
1. Consists of final sales and change in business inventories of new autos assembled in the United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and government
purchases.
2,731.3 2,906.9 2,816.4 2,842.7 2,887.2 2,936.2 2,961.4 2,996.2
1989
325.0
1988
1990
1989
IV
I
n
HI
IV
I'
2,434.2 2,589.7 2,512.8 2,534.4 2,575.0 2,614.3 2,635.0 2,671.2
Auto output
260.0 276.2 265.9 269.3 273.7 280.3 281.3 287.3
2,174.2 2,313.5 2,246.9 2,265.0 2,301.3 2,334.0 2,353.7 2,383.9
1,799.1 1,938.4 1,854.6 1,889.3 1,923.1 1,954.3 1,987.0 2,017.3
1,511.2 1,634.2 1,558.1 1,592.5 1,621.2 1,647.8 1,675.4 1,700.0
287.9
304.2
296.5
296.7
301.9
306.5
311.6
317.3
249.3
233.4
105.4
128.0
83.0
45.0
-25.0
40.9
125.8
226.2
220.7
99.3
121.4
93.2
28.2
-18.7
24.2
148.9
258.2
242.2
109.4
132.8
86.4
46.5
-20.1
36.1
134.0
235.3
242.2
110.6
131.6
98.3
33.3
-38.3
31.5
140.4
230.5
223.8
100.6
123.1
93.7
29.4
-20.5
27.3
147.6
226.7
211.5
94.7
116.8
96.0
20.8
-6.3
21.5
152.9
212.1
205.3
91.3
114.1
84.7
29.4
-9,7
16.4
154.6
211.7
210.0
94.0
116.0
99.5
16.5
-11.1
12.8
154.9
Billions of 1982 dollars
Gross domestic product of
nonfinancial corporate
business
1989
I
IV
Auto output........
Capital consumption allowances with
capital consumption adjustment
1988
I'
Billions of dollars
Gross domestic product of
corporate business
1989
2,419.5 2,481.5 2,453.2 2,459.1 2,471.3 2,497.2 2,498.5 2,500.0
279.3 292.8 283.2 285.9 288.8 296.7 299.8 296.8
2,140.2 2,188.7 2,170.0 2,173.2 2,182.5 2,200.4 2,198.6 2,203.2
213.4
209.2 213.2
211.9 211.3 211.8 214.4 215.1
1,931.0 1,975.6 1,958.1 1,961.9 1,970.8 1,986.0 1,983.5 1,989.8
Final sales
Personal consumption expenditures
New autos
Net purchases of used autos
Producers' durable equipment
New autos
.
Net purchases of used autos
Net exports of goods and services
Exports
Imports
Government purchases of goods and
services
Change in business inventories of
new and used autos
New
Used
108.9
109.1
110.1
110.9
109.3
112.0
104.4
96.6
108.6
117.0
84.4
32.7
18.3
42.8
-24.5
-28.1
7.1
35.2
108.2
114.7
82.1
32.6
17.4
41.5
-24.1
-25.3
7.5
32.8
109.5
117.9
84.6
33.4
18.1
43.2
-25.1
-27.9
7.5
35.4
103.2
113.8
81.6
32.2
16.2
39.0
-22.8
-28.3
7.8
36.1
111.5
115.4
82.4
33.0
19.5
44.6
-25.0
-25.1
6.9
32.0
117.9
121.7
91.2
30.5
20.0
44.2
-24.2
-25.1
7.1
32.2
100.4
108.0
73.1
34.9
14.0
38.1
-24.2
-22.8
8.3
31.1
107.7
116.1
81.8
34.4
15.5
40.1
-24.6
-25.5
8.0
33.4
1.4
1.4
1.4
1.4
1.6
1.3
1.2
1.6
.4
-.1
.5
.9
1.1
-.2
.6
.3
.3
7.7
8.2
-.5
-2.1
-2.2
.1
-5.9
-7,4
1.5
4.0
5.8
-1.8
-11.1
-11.0
-.1
84.5
50.7
84.7
48.1
88.6
48.3
86.9
46.7
87.1
49.2
83.6
51.5
81.2
45.0
70.7
47.1
Addenda:
Domestic output of new autos '
Sales of imported new autos 2
1. Consists of final sales and change in business inventories of new autos assembled in the United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and government
SURVEY OF CURRENT BUSINESS
June 1990
Table 1.19.—Truck Output
Table 1.20.—Truck Output in Constant Dollars
[Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1988
1989
IV
Truck output '
Final sales
Personal consumption expenditures
Producers' durable equipment
Net exports of goods and services
Exports
Imports
Government purchases of goods and
services
I
II
III
IV
I'
66.3
65.9
71.2
70.3
68.1
62.9
62.3
58.5
65.9
29.2
36.7
-5.6
65.2
30.7
35.3
-6.4
67.0
29.8
38.9
-6.9
65.5
30.3
35.7
-6.3
65.6
29.8
36.5
69.2
34.0
36.2
-6.3
60.3
28.8
32.7
-6.6
64.9
30.4
33.4
-5.0
3.8
9.5
3.5
9.9
3.7
3.9
10.2
3.5
9.8
3.6
10.5
10.1
3.4
8.4
57
55
.7
.4
Change in business inventories
-6.3
3.1
9.4
52
5.8
5.7
5.4
5.3
6.1
4.2
4.8
2.6
-6.4
2.0
-6.4
1989
1988
1990
1989
1988
Truck output '
Final sales
Personal consumption expenditures
Producers' durable equipment
Net exports of goods and services
Exports
Imports
.
Government purchases of goods and
services
1989
1988
1990
IV
I
II
III
IV
I'
55.7
53.3
58.3
57.0
55.4
51.3
49.7
46.6
55.3
24.6
30.8
-4.7
3.2
7.9
52.8
25.0
28.5
-5.2
2.8
8.0
54.9
24.8
31.6
-5.7
3.0
8.7
53.3
24.8
29.0
-5.1
3.2
8.3
53.5
24.4
29.6
-5.1
2.5
7.6
56.3
27.8
29.3
-5.2
2.8
8.0
48.2
23.2
26.0
-5.2
2.8
8.1
51.6
24.0
26.7
-4.Q
2.7
6.7
4.7
4.5
4.2
4.7
4.6
4.4
4.2
4.9
.3
.5
3.3
3.7
1.9
-5.0
1.5
-5.0
Change in business inventories
1. Includes new trucks only.
1. Includes new trucks only.
Table 2.1.—Personal Income and Its Disposition
Table 2.2.—Personal Consumption Expenditures by Major Type of Product
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1988
1989
1989
1988
rv
I
III
II
IV
Commodity-producing industries
Manufacturing
Distributive industries
Service industries
Government and government
enterprises
696.3
524.0
571.9
714.4
738.2
552.9
615.1
801.0
714.7
538.1
587.5
746.7
726.6
546.3
598.8
768.4
733.7
549.9
610.8
790.8
742.6
555.7
619.4
812.4
749.7
559.6
631.2
832.2
754.0
560.5
645.0
849.6
446.5
476.9
456.3
466.9
473.5
480.2
487.0
496.9
Other labor income
228.9
248.3
236.5
241.3
246.0
250.7
255.3
261.5
Proprietors' income with
inventory valuation and capital
consumption adjustments
327.8
352.1
328.3
359.3
355.5
343.3
350.3
374.6
39.8
288.0
46.2
305.9
32.0
296.3
59.0
300.3
51.3
304.2
36.1
307.2
38.5
311.8
51.9
322.7
Farm
Nonfarm
Rental income of persons with
capital consumption adjustment...
Personal dividend income
Personal interest income
Transfer payments
Old-age, survivors, disability, and
health insurance benefits
Government unemployment
insurance benefits
Veterans benefits
Government employees retirement
benefits
Other transfer payments
Aid to families with dependent
children
,
Other
Less: Personal contributions for
social insurance
Personal consumption
expenditures1
1989
Motor vehicles and parts
Furniture and household equipment ....
Other
Nondurable goods
Clothing and shoes
Gasoline and oil
Other nondurable goods
Fuel oil and coal
Other.
I
n
1990
III
IV
P
3,235.1 3,471.1 3,324.0 3,381.4 3,444.1 3,508.1 3,550.6 3,629.4
Durable goods
455.2
473.2
467.4
466.4
471.0
486.1
469.5
489.9
211.6
162.0
81.6
213.9
173.6
85.8
215.3
166.1
86.0
211.7
172.1
82,6
212.9
173.5
84.6
225.6
173.9
86.7
205.3
174.8
89.4
219.0
181.1
89.8
1,052.3 1,123.4 1,078.4 1,098.3 1,121.5 1,131.4 1,142.4 1,168.2
.....
Services'
559.7
186.8
76.8
229.0
19.5
209.5
594.9
200.1
84.0
244.5
20.4
224.1
574.1
193.9
77.6
232.8
19.7
213.1
587.3
195.0
77.9
238.1
18.7
219.4
592.2
198.9
89.5
241.0
19.6
221.4
598.1
202.2
85.2
245.9
19.9
226.0
601.8
204.3
83.2
253.1
23.4
229.6
616.5
208.9
85.3
257.5
20.5
237.0
1,727.6 1,874.4 1,778.2 1,816.7 1,851.7 1,890.6 1,938.7 1,971.2
Housing
Household operation
Electricity and gas
Other
Transportation
Medical care
Other '
501.3
197.6
93.7
104.0
117.9
398.3
512.4
534.0
204.4
95.6
108.7
126.5
452.8
556.7
520.2
201.1
93.6
107.5
124.4
432.3
538.7
513.0
202.4
95.8
106.6
121.5
417.4
523.9
527.7
202.3
94.6
107.7
125.6
445.1
551.0
538.4
202.4
93.6
108.8
126.7
459.1
564.0
549.8
211.6
100.8
110.9
129.5
474.6
573.1
557.3
206.2
93.9
112.3
133.0
490.8
583.9
15.7
102.2
571.1
584.7
7.9
112.4
657.4
632.3
16.1
106.4
598.6
593.8
11.8
109.4
629.0
616.4
9.8
111.4
655.1
626.8
5.4
113.2
667.8
636.4
4.8
115.7
677.7
649.7
8.1
118.0
685.2
672.5
300.5
325.3
304.0
316.9
322.9
327.9
333.4
345.8
13.0
17.0
14.3
17.3
12.5
17.0
13.5
17.6
14.1
17.5
14.5
17.3
15iO
16.9
15.7
17.6
82.7
171.5
88.5
186.9
83.7
176.5
86.9
181.5
88.1
184.2
88.9
187.7
90.1
194.4
94.2
199.2
Table 2.3.—Personal Consumption Expenditures by Major Type of Product in
Constant Dollars
17.2
154.3
17.9
169.0
17.5
159.0
17.6
163.9
17.7
166.4
18.0
169.7
18.4
176.0
19.1
180.1
[Billions of 1982 dollars]
194.9
214.2
199.6
210.0
213.0
215.4
218.2
226.6
1. See the box on page 21 of the July 89 SURVEY OF CURRENT BUSINESS.
Seasonally adjusted at annual rates
1988
Less: Personal tax and nontax
payments
1988
IV
2,429.0 2,631.1 2,505.1 2,560.7 2,608.8 2,654.7 2,700.1 2,745.5
Wage and salary disbursements
1989
I'
4,064.5 4,427.3 4,185.2 4,317.8 4,400.3 4,455.9 4,535.3 4,638.8
Personal income
1988
1990
586.6
648.5
597.8
628.3
652.6
649.1
664.1
1989
672.3
1988
IV
1990
1989
I
II
III
IV
I-
Equals: Disposable personal income.... 3,477.8 3,778.8 3,587.4 3,689.5 3,747.7 3,806.8 3,871.3 3,966.5
3,333.1 3,574.4 3,424.0 3,483.8 3,547.0 3,611.7 3,655.3 3,735.0
Less: Personal outlays
3,235.1 3,471.1 3,324.0 3,381.4 3,444.1 3,508.1 3,550.6 3,629.4
Personal consumption expenditures
Interest paid by consumers to
business
Personal transfer payments to
foreigners (net)
Equals: Personal saving
Durable goods
,
96.1
101.7
98.1
100.1
101.5
102.0
103.1
104.4
1.9
1.7
1.9
2.2
1.4
1.6
1.5
1.2
144.7
204.4
163.4
205.7
200.7
195.1
216.0
231.5
Addenda:
Disposable personal income:
2,793.2 2,906.3 2,835.9 2,881.7 2,887.6 2,919.2 2,936.9 2,955.4
Total, billions of 1982 dollars
Per capita:
Current dollars
14,116 15,186 14,504 14,884 15,084 15,280 15,495 15,840
11,337 11,680 11,466 11,625 11,622 11,717 11,755 11,802
1982 dollars
249.8 250.4
Population (mid-period, millions).... 246.4 248.8 247.3 247.9 248.5 249A
Personal saving as percentage of
disposable personal income
4.2
5.4
4.6
5.6
5.4
5.1
5.6
5.8
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Personal consumption
expenditures '
2,598.4 2,669.6 2,627.7 2,641.0 2,653.7 2,690.1 2,693.7 2,704.3
.
413.6
425.2
420.5
419.3
424.9
436.4
420.3
434.4
Motor vehicles and parts
Furniture and household equipment ....
Other
179.2
164.8
69.6
178.0
177.1
70.2
180.6
168.0
71.8
176.1
174.8
68.4
177.0
178.5
69.4
188.4
177.4
70.6
170.4
177.6
72.3
180.1
183.4
70.9
904.5
916.7
912.0
915.0
909.7
920.8
921.1
913.2
460.0
161.3
97.1
186.1
25.4
160.7
462.8
168.9
97.1
187.8
25.3
162.5
462.1
164.6
98.2
187.2
26.6
160.5
466.0
165.0
97.6
186.5
24.0
162.4
461.4
165.8
96.5
186.0
24.4
161.5
463.2
173.3
96.6
187.6
24.7
162.9
460.5
171.5
97.9
191.3
28.1
163.2
458.2
171.3
95.3
188.4
21.5
166.8
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 '
1,280.2 1^27.7 1,295.2 1,306.7 1319.0 1,332.9 1,352.2 1356.7
366.1
164.1
82.8
81.3
94.5
278.2
377.4
372.7
165.6
82.2
83.4
98.2
296.2
395.0
368.0
165.7
83.3
82.4
96.2
283.9
381.3
369.6
163.4
80.7
82.7
96.3
289.0
388.3
1. See the box on page 21 of the July 89 SURVEY OF CURRENT BUSINESS.
371.7
164.4
81.4
82.9
97.1
293.1
392.7
373.6
164.5
81.0
83.5
98.8
298.1
398.0
376.0
170.3
85.6
84.7
100.5
304.4
401.1
377.3
163.5
78.9
84.6
100.7
310.9
404.2
SURVEY OF CURRENT BUSINESS
8
June 1990
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
1988
1989
1988
IV
Receipts
...
972.4 1,047.2
Personal tax and nontax receipts.....
Estate and gift taxes
Nontaxes
Corporate profits tax accruals
Federal Reserve banks
Other
Indirect business tax and nontax
accruals
Customs duties
Nontaxes
Contributions for social insurance
I
II
.
1988
1990
III
IV
1989
994.6 1,036.2 1,053.2 1,043.2 1,056.1 1,084.7
1988
1989
I
IV
P
Receipts
413.0
403.5
7.9
1.6
460.4
449.7
9.0
1.8
420.3
410.7
8.0
1.6
446.8
437.0
8.1
1.7
465.1
453.3
10.1
1.8
459.1
448.7
8.6
1.8
470.8
459.9
9.1
1.8
476.7
465.4
9.5
1.9
Personal tax and nontax receipts
111.4
17.4
94.1
105.5
19.8
85.7
115.8
18.6
97.3
117.0
19.5
97.5
109.7
20.3
89.4
99.9
19.6
80.3
95.4
19.7
75.7
101.8
19.8
82.0
Corporate profits tax accruals
56.7
34.2
16.4
6.1
58.7
35.2
17.5
6.1
57.8
35.1
16.9
5.8
58.0
35.1
17.1
5.9
58.2
35.1
17.2
5.9
59.4
35.2
17.7
6.6
59.3
35.4
18.0
5.9
60.1
36.5
17.7
5.9
391.3
422.5
400.6
414.3
420.2
424.8
430.6
446.1
1,118.3 1,195.7 1,162.1 1,183.7 1,198.6 1,187.9 1,212.6 1,255.6
Expenditures
Purchases of goods and services
National defense
Nondefense
To persons
1989
Income taxes
Nontaxes.....
Other
Indirect business tax and nontax
accruals
Sales taxes
Property taxes
Other ...
Contributions for social insurance
Federal grants-in-aid
Expenditures .
1990
II
HI
IV
?
701.6
746.6
716.5
732.6
742.6
750.3
760.9
780.8
173.7
188.1
177.5
181.5
187.5
190.0
193.2
195.6
88.5
70.3
14.8
97.4
74.9
15.7
90.3
72.0
15.1
92.9
73.2
15.3
97.6
74.3
15.6
98.7
75.5
15.8
100.4
76.7
16.1
101.3
78.0
16.3
26.5
24.2
27.4
27.4
25.2
22.8
21.5
23.0
336.8
358.2
344.9
349.7
355.3
362.1
366.0
374.0
160.5
131.0
45.2
170.8
140.3
47.2
164.8
134.5
45.7
166.8
136.8
46.1
169.4
139.1
46.7
173.1
141.4
47.5
173.8
143.7
48.4
178.0
146.3
49.7
53.3
56.7
54.6
55.4
56.2
57.1
58.1
59.0
111.4
119.4
112.2
118.7
118.4
118.3
122.1
129.3
381.3
298.0
83.3
403.2
302.2
101.1
406.4
300.5
105.9
399.0
298.7
100.4
402.7
307.8
94.9
405.1
300.9
104.2
651.9
413.7
308.6
105.1
702.6
670.8
406.0
301.3
104.7
683.8
695.1
705.5
726.1
743.4
Purchases of goods and services
587.6
633.4
604.9
617.0
627.2
636.2
653.2
669.2
438.2
425.4
12.9
472.7
459.0
13.7
447.6
429.4
18.2
460.4
448.9
11.5
466.9
455.7
11.1
475.6
461.6
14.1
488.1
469.9
18.2
502.7
488.7
14.0
Compensation of employees
Other
346.5
241.2
371.0
262.4
355.5
249.5
361.8
255.1
367.9
259.3
373.9
262.2
380.4
272.9
386.7
282.5
Transfer payments to persons
Net interest paid ..
Grants-in-aid to State and local
governments
111.4
119.4
112.2
118.7
118.4
118.3
122.1
129.3
Net interest paid
.
Interest paid
To persons and business
To foreigners....
151.4
173.8
144.8
29.1
171.2
192.1
158.5
33.7
157.0
178.3
147.2
31.1
167.0
187.4
154.9
32.5
172.0
191.9
157.6
34.4
171.2
193.1
159.1
33.9
174.8
196.1
162.3
33.8
179.2
201.7
167.3
34.3
.
.....
130.3
141.5
134.3
136.7
139.6
142.7
146.9
150.2
-40.3
-42.7
-41.1
-41.7
-42.3
-43.0
-43.6
-44.5
Interest paid
Less: Interest received by
government
,
59.9
65.9
62.2
63.7
65.1
66.6
68.1
69.5
100.2
108.5
103.3
105.4
107.5
109.6
111.7
114.0
Less: Dividends received by
government
8.3
9.7
8.8
9.1
9.5
10.1
10.0
10.1
-17.5
-19.9
-18.5
-19.0
-19.8
-20.4
-20.4
-21.4
.7
.8
.8
.8
.8
.8
.8
.8
18.3
20.7
19.3
19.8
20.6
21.1
21.2
22.2
0
0
0
0
0
0
0
0
49.7
44.0
45.7
48.8
47.5
44.9
34.7
37.4
71.1
-21.4
78.0
-34.1
73.8
-28.1
75.4
-26.6
77.1
-29.6
79.1
-34.3
80.5
-45.7
82.3
-44.9
Subsidies less current surplus of
Less: Interest received by
government
22.4
Subsidies less current surplus of
government enterprises
Subsidies
Less: Current surplus of government
enterprises
Less: Wage accruals less
disbursements
20.9
21.2
20.4
20.0
21.9
21.4
22.4
36.0
28.9
29.1
27.0
38.9
35.9
38.5
34.2
35.3
28.5
20.1
18.3
22.6
27.0
30.7
32.8
-7.1
-2.1
-3.0
-4.3
-6.8
-1.8
4.4
2.1
0
0
0
0
0
0
0
0
Surplus or deficit (-), national
income and product accounts ... -145.8 -148.5 -167.6 -147.5 -145.4 -144.7 -156.5 -170.9
64.1
64.3
54.8
63.6
62.7
63.7
65.7
66.1
-200.6 -212.6 -231.2 -210.1 -209.1 -209.0 -222.3 -236.9
Social insurance funds
Other.
Subsidies
Less: Current surplus of government
enterprises
......
Less: Wage accruals less
disbursements
Surplus or deficit (-), national
income and product
accounts
Social insurance funds
Other
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
1988
1989
IV
Government purchases of
goods and services
National defense
Durable goods
Nondurable goods.........
Services
Compensation of employees
Military
,
Nondefense
Durable goods
Nondurable goods
Commodity Credit Corporation
inventory change
Other nondurables
Services
Compensation of employees
Other services
Structures
State and local
Durable goods
Nondurable goods
Services
Compensation of employees
Other services
Structures
.
I
n
Seasonally adjusted at annual rates
1990
HI
IV
.
1988
1989
P
968.9 1,036.6 1,011.4 1,016.0 1,033.2 1,038.9 1,058.3 1,082.9
Federal
Other services
Structures
1989
1988
381.3
403.2
406.4
399.0
406.0
402.7
405.1
413.7
298.0
83.9
10.9
196.1
113.2
76.0
37.2
82.9
7.0
302.2
82.1
11.1
202.6
119.8
79.3
40.5
82.9
6.4
300.5
85.1
11.1
197.4
113.7
76.2
37.6
83.6
7.0
298.7
82.7
10.8
198.8
119.1
79.1
40.0
79.8
6.3
301.3
82.8
11.7
200.5
119.4
79.0
40.4
81.2
6.3
307.8
84.5
11.0
205.4
120.0
79.3
40.7
85.4
6.8
300.9
78.1
10.8
205.7
120.6
79.6
41.0
85.1
6.3
308.6
81.0
10.0
211.4
124.7
82.7
41.9
86.8
6.2
83.3
4.6
-8.2
101.1
5.1
2.9
105.9
4.9
11.0
100.4
5.2
3.8
104.7
5.3
5.9
94.9
4.9
-3.1
104:2
5.0
4.9
105.1
5.4
.4
-15.6
7.4
80.0
46.1
33.9
6.8
-4.0
6.9
85.9
49.9
36.1
7.1
4.1
6.9
83.6
47.1
36.5
6.5
-3.8
7.6
84.9
49.2
35.7
6.5
-1.0
6.9
86.6
49.7
37.0
6.9
-10.0
6.8
86.0
50.1
35.9
7.1
-1.4
6.3
86.3
50.5
35.8
8.0
-6.3
6.7
90.9
53.6
37.3
8.4
587.6
633.4
604.9
617.0
627.2
636.2
653.2
669.2
29.4
46.9
442.1
346.5
95.6
69.3
32.8
52.6
475.5
371.0
104.5
72.6
30.6
48.3
453.9
355.5
98.4
72.2
31.5
50.6
463.2
361.8
101.4
71.6
32.3
52.4
471.3
367.9
103.5
71.1
33.1
52.7
479.3
373.9
105.4
71.0
34.1
54.5
488.0
380.4
107.7
76.7
34.6
56.0
497.7
386.7
111.1
80.8
1988
IV
Government purchases of
goods and services
1989
I
n
1990
ffl
'
IV
I'
785.1
806.4
806.4
799.7
810.3
805.3
810.4
817.3
328.9
337.1
343.9
335.5
343.6
336.1
333.3
335.2
National defense
Durable goods
Nondurable goods
Services
Compensation of employees <
Military
Civilian
Other services
Structures
261.5
84.6
14.3
156.9
89.1
60.0
29.1
67.8
5.7
256.5
82.5
14.1
155.1
89.7
59.6
30.1
65.5
4.8
261.6
85.0
14.7
156.4
89.1
59.8
29.3
67.3
5.4
254.4
82.1
13.9
153.5
89.5
59.7
29.8
64.0
4.8
255.8
82.8
14.5
153.7
89.4
59.5
29.9
64.3
4.7
260.1
84.3
14.1
156.7
89.8
59.6
30.1
67.0
5.1
255.7
80.6
13.9
156.6
90.0
59.7
30.3
66.6
4.5
254.5
80.8
12.2
157.0
89.7
59.5
30.2
67.3
4.5
Nondefense
Durable goods
Nondurable goods
Commodity Credit Corporation
inventory change
Other nondurables
Services
Compensation of employees
Other services
Structures
67.4
5.4
-8.7
80.6
5.6
2.6
82.3
5.6
3.9
81.1
5.7
3.6
87.8
5.8
9.1
76.0
5.5
-1.7
77.7
5.5
-.7
80.7
5.8
-.4
-15.6
6.9
64.8
36.1
28.7
5.9
-3.5
6.0
66.5
37.2
29.3
5.9
-2.2
6.0
67.4
36.9
30.5
5.5
-3.3
6.9
66.3
36.9
29.4
5.5
3.1
6.0
67.2
37.0
30.2
5.7
-7.7
5.9
66.3
37.3
29.0
5.9
-5.9
5.2
66.3
37.6
28.7
6.5
-6.1
5.7
68.4
38.8
29.7
6.8
456.2
469.3
462.5
464.2
466.7
469.2
477.0
482.1
26.1
48.6
323.7
250.9
72.8
57.8
28.1
51.1
331.6
255.2
76.3
58.5
26.9
49.5
326.8
252.7
74.1
59.3
27.4
50.1
328.6
253.7
75.0
58.0
27.9
50.7
330.6
254.7
75.8
57.5
28.4
51.4
332.4
255.7
76.7
57.0
28.9
52.1
334.6
256.9
77.8
61.4
29.3
52.5
336.0
257.7
78.4
64.2
Federal
State and local
Durable goods
Nondurable goods
Services
Compensation of employees
Other services
..
Structures
SURVEY OF CURRENT BUSINESS
June 1990
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
1988
1989
1988
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 l
Weapons support 2
Personnel support 3
Transportation of materiel
Travel of persons
Other
Structures
Military facilities
Other.
,
,
1989
I
II
Seasonally adjusted at annual rates
1990
III
IV
1988
1989
I'
298.0
302.2
300.5
298.7
301.3
307.8
300.9
308.6
83.9
82.1
85.1
82.7
82.8
84.5
78.1
81.0
72.9
29.3
12.4
8.4
4.2
6.0
12.5
11.0
72.1
26.7
13.6
9.9
3.5
6.3
12.1
9.9
74.3
30.5
13.3
9.3
3.7
6.5
10.9
10.7
72.9
27.7
12.9
10.2
3.7
5.9
12.5
9.8
72.2
26.0
14.3
9.0
3.4
6.3
13.1
10.6
74.4
25.6
14.2
10.3
3.8
7.2
13.3
10.1
68.8
27.5
13.1
9.9
3.0
6.0
9.4
9.3
71.9
24.7
14.4
10.3
3.2
6.9
12.4
9.1
10.9
11.1
11.1
10.8
11.7
11.0
10.8
10.0
4.4
3.9
2.6
4.7
3.7
2.7
4.7
3.8
2.6
4.6
3.6
2.7
4.6
4.2
2.9
4.4
3.9
2.7
5.3
3.0
2.5
4.5
3.0
2.5
196.1
202.6
197.4
198.8
200.5
205.4
205.7
211.4
113.2
76.0
37.2
82.9
119.8
79.3
40.5
82.9
113.7
76.2
37.6
83.6
119.1
79.1
40.0
79.8
119.4
79.0
40.4
81.2
120.0
79.3
40.7
85.4
120.6
79.6
41.0
85.1
124.7
82.7
41.9
86.8
30.7
23.8
8.9
11.8
3.7
4.0
0
30.8
23.4
9.0
11.9
3.9
3.9
0
31.4
23.6
9.1
11.7
3.8
3.9
.1
29.8
22.3
8.9
11.4
3.6
3.7
0
30.2
22.8
9.0
11.6
3.8
3.9
-.2
31.2
25.2
9.0
12.8
4.0
3.9
-.6
32.0
23.4
9.1
11.7
4.2
4.0
.6
33.7
23.9
9.1
11.6
4.2
4.1
.1
7.0
6.4
7.0
6.3
6.3
6.8
6.3
6.2
4.7
2.4
4.1
2.3
4.6
2.4
4.0
2.2
3.9
2.4
4.3
2.5
4.1
2.2
3.7
2.4
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.
Table 4.1.—Foreign Transactions in the National Income and Product Accounts
1988
1989
IV
National defense purchases
Durable goods
Military equipment
Aircraft
Missiles
Ships..
Vehicles
Electronic equipment
Other
Other durable goods
.
Nondurable goods
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..
n
I
1990
III
IV
P
261.5
256.5
261.6
254.4
255.8
260.1
255.7
254.5
84.6
82.5
85.0
82.1
82.8
84.3
80.6
80.8
70.8
29.0
13.5
7.1
4.5
5.6
11.2
13.8
69.6
27.0
14.9
7.9
3.7
5.7
10.5
12.8
71.8
30.4
14.1
7.8
3.9
6.0
9.7
13.2
69.7
26.6
14.4
8.4
4.0
5.4
10.9
12.4
69.4
25.9
15.5
7.3
3.6
5.7
11.4
13.4
71.3
26.0
15.0
8.3
4.1
6.4
11.5
13.0
68.1
29.2
14,6
7.8
3.0
5.4
8.1
12.5
68.8
25.1
15.4
8.1
3.4
6.2
10.5
12.0
14.3
14.1
14.7
13.9
14.5
14.1
13.9
12.2
7.9
4.1
2.2
8.1
3.8
2.2
8.6
4.0
2.2
7.8
3.8
2.3
7.8
4.3
2.4
7.7
4.1
2.3
9.0
2.9
2.0
7.1
3.1
2.1
156.9
155.1
156.4
153.5
153.7
156.7
156.6
157.0
89.1
60.0
29.1
67.8
89.7
59.6
30.1
65.5
89.1
59.8
29.3
67.3
89.5
59.7
29.8
64.0
89.4
59.5
29.9
64.3
89.8
59.6
30.1
67.0
90.0
59.7
30.3
66.6
89.7
59.5
30.2
67.3
25.5
18.2
7.6
8.9
3.9
3.8
0
24.7
17.3
7.4
8.5
4.0
3.6
0
25.7
17.8
7.6
8.6
3.9
3.7
24.4
16.8
7.4
8.3
3.6
3.4
0
24.1
16.9
7.5
8.4
3.9
3.6
-.1
24.9
18.3
7.3
9.1
4.1
3.6
-.5
25.4
17.0
7.3
8.2
4.3
3.7
.5
26.6
17.2
7.4
8.2
4.4
3.6
.1
5.7
4.8
5.4
4.8
4.7
5.1
4.5
4.5
3.7
1.9
3.0
1.8
3.5
1.9
3.0
1.7
2.9
1.8
3.2
1.9
2.9
1.7
2.6
1.8
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 4.2.—Exports and Imports of Goods and Services in Constant Dollars
[Billions of 1982 dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1988
1989
1988
IV
II
m
IV
Exports of goods and services '
Merchandise 2
Durable goods 2
Nondurable goods
Services ' .
Factor income 3 4
Other 5
Capital grants received by the United
States (net)
Payments to foreigners 6
Imports of goods and services 6
Merchandise 2
Durable goods 2
Nondurable goods
Services 6
Factor income 3 .....
Other 7
Transfer payments (net)
From persons (net)
From government (net)
Interest paid by government to
foreigners
Net foreign investment
625.9
579.7
605.6
626.1
628.5
643.5
664.7
547.7
322.0
206.8
115.2
225.7
116.7
108.9
625.9
368.9
240.6
128.3
257.0
136.9
120.2
579.7
341.0
221.3
119.7
238.6
125.5
113.2
605.6
358.7
231.4
127.2
246.9
131.9
115.1
626.1
372.1
239.1
133.0
254.0
136.2
117.8
628.5
370.4
246.0
124.4
258.1
134.5
123.6
643.5
374.4
245.8
128.5
269.2
145.0
124.2
664.7
392.4
258.3
134.1
272.2
142.1
130.2
0
0
0
0
0
0
0
0
547.7
625.9
579.7
605.6
626.1
628.5
643.5
664.7
621.3
449.0
294.5
154.5
172.3
83.4
88.9
673.0
480.2
309.9
170.3
192.9
101.2
91.6
650.5
468.8
312.6
156.3
181.6
91.0
90.6
659.6
469.8
309.6
160.3
189.8
97.3
92.5
676.6
480.0
308.0
172.0
196.6
105.2
91.4
673.6
482.2
309.8
172.4
191.4
101.0
90.4
682.3
488.6
312.0
176.6
193.7
101.4
92.2
696.6
499.5
309.9
189.6
197.2
99.8
97.3
14.7
1.9
12.9
15.4
1.7
13.7
20.2
1.9
18.2
13.8
2.2
11.5
12.5
1.4
11.1
15.7
1.6
14.1
19.6
1.5
18.2
15.2
1.2
14.0
33.7
31.1
32.5
34.4
33.9
33.8
34.3
-96.2 -122.0 -100.3
-97.5
-94.8
-92.2
-81.5
29.1
-117.5
1. See footnote 5 and the box on page 21 of the July 89 SURVEY OF CURRENT BUSINESS.
2. Estimates beginning with the first quarter of 1986 exclude repairs and alterations of equipment, which
was reclassified to "other" services.
3. Line 7 less line 16 equals rest-of-the-world product as shown in table 1.7.
4. Estimates beginning with the first quarter of 1986 exclude noninterest income of banks, which was
reclassified to "other" services.
5. Estimates beginning with the first quarter of 1986 cover many business, professional, and technical
services and incorporate improved measurement of telecommunications services and insurance services;
incorporate new source data on travel and passenger fares; cover foreign students' expenditures in the United
States; cover repairs and alterations of equipment; and cover noninterest income of banks.
6. See footnote 7 and the box on page 21 of the July 89 SURVEY OF CURRENT BUSINESS.
7. Estimates beginning with the first quarter of 1986 cover many business, professional, and technical
services and incorporate improved measurement of telecommunications services and insurance services;
incorporate new source data on travel and passenger fares; cover U.S. students' expenditures abroad; cover
repairs and alterations of equipment.
I
I'
547.7
1990
1989
1988
IV
n
III
IV
I'
530.1
589.2
551.4
569.7
587.5
593.1
606.6
625.1
Merchandise 2
Durable goods 2
Nondurable goods
344.3
234.0
110.4
386.8
265.6
121.2
358.6
248.0
110.5
372.5
254.0
118.5
386.9
262.8
124.1
390.6
272.3
118.3
397.2
273.4
123.8
416.5
288.4
128.1
Services '
Factor income 3 4
Other 5
185.8
94.7
91.1
202.4
106.2
96.2
192.8
100.0
92.8
197.2
104.0
93.2
200.6
106.1
94.5
202.5
103.9
98.6
209.4
110.9
98.5
208.6
107.3
101.3
605.0
641.8
625.2
624.6
638.7
650.2
653.8
658.7
467.1
280.8
186.3
494.4
300.0
194.4
483.4
291.3
192.1
477.4
290.7
186.7
487.5
296.1
191.4
504.3
303.8
200.5
508.2
309.2
199.0
512.4
306.3
206.1
137.9
66.6
71.3
147.5
77.5
70.0
141.9
71.4
70.4
147.2
75.7
71.6
151.1
80.9
70.2
145.9
76.9
69.0
145.6
76.5
69.1
146.3
74.3
72.0
Exports of goods and services '
Receipts from foreigners '
1989
1990
1989
I
1988
Imports of goods and services6
Merchandise 2
Durable goods 2
Nondurable goods
Services 6
Factor income 3
Other7
.
1. See footnote 5 and the box on page 21 of the July 89 SURVEY OF CURRENT BUSINESS.
2. Estimates beginning with the first quarter of 1986 exclude repairs and alterations of equipment, which
was reclassified to "other" services.
3. Line 6 less line 13 equals rest-of-the-world product as shown in table 1.8.
4. Estimates beginning with the first quarter of 1986 exclude noninterest income of banks, which was
reclassified to "other" services.
5. Estimates beginning with the first quarter of 1986 cover many business, professional, and technical
services and incorporate improved measurement of telecommunications services and insurance services;
incorporate new source data on travel and passenger fares; cover foreign students' expenditures in the United
States; cover repairs and alterations of equipment; and cover noninterest income of banks.
6. See footnote 7 and the box on page 21 of the July 89 SURVEY OF CURRENT BUSINESS.
7. Estimates beginning with the first quarter of 1986 cover many business, professional, and technical
services and incorporate improved measurement of telecommunications services and insurance services;
incorporate new source data on travel and passenger fares; cover U.S. students' expenditures abroad; cover
repairs and alterations of equipment.
10
SURVEY OF CURRENT BUSINESS
June 1990
Table 4.3.—Merchandise Exports and Imports by Type of Product and by EndUse Category
Table 4.4.—Merchandise Exports and Imports by Type of Product and by EndUse Category in Constant Dollars
[Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1988
1989
IV
Merchandise exports '
Foods, feeds, and beverages
Industrial supplies and materials
Durable goods .
Nondurable goods .. . . . .
Capital goods, except autos
Autos
Consumer goods
Durable goods
Nondurable goods
Other1
Durable goods ' 2
Nondurable goods 2
.•
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' 2
Nondurable goods 2
,
I
II
1988
1990
1989
1988
III
rv
1988
IV
V
Merchandise exports '
322.0
368.9
341.0
358.7
372.1
370.4
374.4
392.4
32.9
83.0
27.9
55.1
112.4
32.5
24.2
11.0
13.2
37.0
23.1
14.0
35.9
95.5
33.5
62.0
130.6
34.7
32.1
16.2
15.9
40.1
25.7
14.5
34.6
86.4
30.2
56.3
119.7
34.3
26.6
12.2
14.4
39.5
24.9
14.5
38.6
92.6
32.5
60.1
123.4
35.5
29.9
15.1
14.8
38.7
25.0
13.7
37.9
99.0
34.0
65.0
129.3
34.4
32.2
16.5
15.7
39.3
24.9
14.4
32.3
96.6
34.4
62.2
138.3
33.2
32.0
15.9
16.1
37.9
24.1
13.7
34.8
93.6
33.0
60.6
131.3
35.6
34.3
17.3
17.0
44.7
28.6
16.1
38.0
99.2
34.8
64.4
143.4
34.6
37.0
19.2
17.9
40.2
26.3
13.9
449.0
480.2
468.8
469.8
480.0
482.2
488.6
499.5
24.9
25.1
25.1
25.1
25.1
24.9
25.3
27.9
76.4
40.9
35.6
39.3
101.8
87.9
96.4
52.8
43.6
22.3
11.2
11.2
78.4
42.6
35.8
50.4
113.4
86.2
103.0
55.8
47.2
23.6
11.8
11.8
80.6
44.1
36.5
36.9
107.1
93.0
101.8
56.1
45.6
24.4
12.2
12.2
80.2
43,5
36.6
43.4
108.7
91.3
98.4
54.7
43.7
22.7
11.4
11.4
78.1
42.5
35.6
53.8
113.9
84.8
101.2
55.2
46.0
23.1
11.5
11.5
77.4
42.0
35.4
52.2
114.1
84.9
104.9
56.9
48.0
23.8
11.9
11.9
78.0
42.2
35.8
52.2
116.9
83.8
107.5
56.5
50.9
24.9
12.4
12.4
77.4
40.8
36.5
61.3
115.9
84.8
104.3
54.4
49.9
27.8
13.9
13.9
38.1
283.8
409.7
41.3
327.6
429.8
39.2
301.9
432.0
43.1
315.6
426.4
43.4
328.7
426.3
38.6
331.8
430.1
40.0
334.4
436.4
42.9
349.5
438.1
Foods, feeds and beverages
Industrial supplies and materials .. .
Durable goods
Nondurable goods
Capital goods, except autos
Autos
Consumer goods
Durable goods
Nondurable goods
Other l
Durable goods ' 2
Nondurable goods 2
.
,
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 goods1 2
Nondurable goods 2
1989
I
II
1990
HI
IV
r
344.3
386.8
358.6
372.5
386.9
390.6
397.2
416.5
33.1
79.7
26.8
52.9
144.3
28.1
21.7
10.3
11.4
37.5
24.5
13.0
35.2
91.7
32.1
59.7
162.3
29.0
27.9
14.7
13.2
40.7
27.5
13.2
31.9
81.8
28.5
53.2
152.4
29.2
23.6
11.3
12.3
39.7
26.6
13.1
36.1
88.7
31.2
57.5
152.7
29.9
26.0
13.7
12.3
39.0
26.5
12.5
36.2
94.1
32.3
61.8
160.4
29.0
28.0
14.9
13.1
39.2
26.2
13.1
32.2
93.2
32.9
60.3
170.5
27.7
27.7
14.5
13.3
39.3
26.7
12.5
36.0
91.0
31.9
59.1
165.6
29.4
29.8
15.8
14.0
45.3
30.6
14.7
39.0
95.7
33.7
62.0
180.2
28.6
31.8
17.3
14.5
41.1
28.5
12.6
467.1
494.4
483.4
477.4
487.5
504.3
508.2
512.4
22.7
23.9
22.7
22.9
23.1
24.5
25.1
26.5
73.7
39.5
34.2
86.2
121.2
66.4
78.2
44.3
33.9
18.7
9.4
9.4
72.4
39.6
32.8
92.4
140.8
63.6
81.8
46.2
35.6
19.5
9.7
9.7
75.1
41.1
34.0
90.3
124.8
68.8
81.7
46.6
35.1
20.0
10.0
10.0
72.7
39.4
33.3
87.9
129.5
67.4
78.5
45.2
33.3
18.6
9.3
9.3
71.2
38.8
32.4
91.6
138.8
63.2
80.7
45.9
34.8
19.0
9.5
9.5
72.0
39.5
32.5
97.4
144.2
63.0
83.4
47.2
36.2
19.7
9.9
9.9
73.7
40.6
33.1
92.5
150.9
61.0
84.4
46.4
38.0
20.6
10.3
10.3
72.7
40.0
32.7
98.6
149.0
61.8
81.2
44.2
36.9
22.7
11.4
11.4
37.6
306.7
380.9
39.4
347.4
402.0
36.2
322.3
393.1
40.1
332.4
389.5
40.7
346.2
395.9
37.1
353.5
406.9
39.8
357.4
415.7
42.4
374.1
413.8
,
Addenda:
Addenda:
Exports of agricultural products 3
Exports of nonagricultural products ...
Imports of nonpetroleum products
1989
Exports of agricultural products 3
Exports of nonagricultural products ....
Imports of nonpetroleum products
1. Estimates beginning with the first quarter of 1986 exclude repairs and alterations of equipment, which
was reclassified to services other than factor income.
2. Because no data are available to distribute exports and imports of "other" merchandise between durable
and nondurable goods prior to 1986, or to distribute imports of "other" merchandise for all time periods,
estimates were distributed equally.
3. Includes parts of line 2 and line 5.
1. Estimates beginning with the first quarter of 1986 exclude repairs and alterations of equipment, which
was reclassified to services other than factor income.
2. Because no data are available to distribute exports and imports of "other" merchandise between durable
and nondurable goods prior to 1986, or to distribute imports of "other" merchandise for all time periods,
estimates were distributed equally.
3. Includes parts of line 2 and line 5.
NOTE.—Beginning with 1985, the definitions of the end-use categories have been changed. For a
description of the new definitions, see the technical notes in "U.S. International Transactions, First Quarter
1988," SURVEY OF CURRENT BUSINESS 68 (June 1988): 34-39 and 57.
NOTE.—Beginning with 1985, the definitions of the end-use categories have been changed. For a
description of the new definitions, see the technical notes in "U.S. International Transactions, First Quarter
1988," SURVEY OF CURRENT BUSINESS 68 (June 1988): 34-39 and 57.
Table 5.1.—Gross Saving and Investment
[Billions of dollars]
Seasonally adjusted at annual rates
1988
1989
1988
IV
Gross saving
Gross private saving
Personal saving
Undistributed corporate profits with
inventory valuation and capital
consumption adjustments
Undistributed profits
Inventory valuation adjustment
Capital consumption adjustment
Corporate capital consumption
allowances with capital
consumption adjustment
Noncorporate capital consumption
allowances with capital
consumption adjustment
Wage accruals less disbursements
Government surplus or deficit (-),
national income and product
accounts
Federal
State and local
1989
II
I
1990
III
IV
I'
642.4
701.7
647.4
693.5
695.8
709.9
707.7
697.0
738.6
144.7
806.2
204.4
769.3
163.4
792.1
205.7
793.7
200.7
809.7
195.1
829.4
216.0
830.5
231.5
80.3
58.5
-25.0
46.8
49.5
38.9
-18.7
29.3
81.7
60.4
-20.1
41.5
53.4
55.1
-38.3
36.6
52.0
40.2
-20.5
32.3
49.3
29.1
-6.3
26.5
43.3
31.1
-9.7
21.9
36.9
30.4
-11.1
17.5
321.7
344.9
329.7
335.2
339.7
349.9
354.9
354.2
191.9
0
207.4
0
194.4
0
197.8
0
201.3
0
215.3
0
215.2
0
208.0
0
-96.1 -104.5 -121.9 -98.7
-97.9
-99.8 -121.8 -133.5
-145.8 -148.5 -167.6 -147.5 -145.4 -144.7 -156.5 -170.9
49.7
45.7
48.8
44.0
47.5
44.9
34.7
37.4
Capital grants received by the
United States (net)
0
0
0
0
0
0
0
0
Gross investment
632.8
677.3
630.8
669.3
677.5
684.3
677.8
671.4
773.4 752.8 769.6
-96.2 -122.0 -100.3
775.0
-97.5
779.1
-94.8
770.1
-92.2
752.9
-81.5
-16.6
-18.3
-25.5
-29.8
-25.6
Gross private domestic investment
Net foreign investment
Statistical discrepancy
750.3
-117.5
-9.6
-24.4
-24.1
SURVEY OF CURRENT BUSINESS
June 1990
11
Table 5.8.—Change in Business Inventories by Industry
Table 5.9.—Change in Business Inventories by Industry in Constant Dollars
[Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
1988
Change in business
inventories
1989
1988
1989
Seasonally adjusted at annual rates
1990
IV
I
II
III
IV
27.1
18.7
27.7
27.4
27.4
26.1
-3.6
4.9
-22.2
8.6
3.8
7.5
-.3
4.4
34.2
70.6
-36.4
22.2
49.8
-27.6
40.8
71.2
-30.4
19.1
76.8
-57.8
23.6
54.5
-30.9
19.8
27.2
-7.3
26.4
40.9
-14.5
-16.1
-.2
-15.9
Manufacturing
Durable goods
Nondurable goods
9.1
8.7
.4
6.2
6.6
-.4
14.9
14.6
.3
4.5
10.2
-5.7
9.8
5.3
4.5
14.5
9.8
4.8
-3.9
1.1
-5.0
1.9
-.8
2.7
Wholesale trade
Durable goods
Nondurable goods
8.9
7.3
1.6
3.5
3.5
0
4.5
2.2
2.3
-4.6
1.2
-5.9
6.1
6.9
-.9
3.3
1.9
1.4
9.1
3.9
5.2
2.0
4.5
24
Merchant wholesalers
Durable goods
Nondurable goods .
7.7
6.0
1.7
4.1
3.8
.4
2.4
-.2
2.6
-4.1
1.7
-5.8
6.4
7.7
-1.3
.3
-.4
.6
14.0
6.1
7.9
-.8
4.4
-5.1
Nonmerchant wholesalers
Durable goods
Nondurable goods
1.2
1.3
-.1
-.7
-.3
-.4
2.1
2.4
-.3
-.5
-.4
-.1
-.4
-.8
.4
3.1
2.3
.8
-4.9
-2.2
-2.7
2.8
.1
2.7
Retail trade
Durable goods
Automotive
Other
Nondurable goods
8.3
6.1
3.1
3.1
2.1
6.7
.3
1.4
-1.1
6.4
13.6
11.4
7.7
3.7
2.1
9.9
7.3
10.6
-3.3
2.6
3.1
-5.4
-3.6
-1.8
8.4
-2.0
-7.3
-10.6
3.3
5.3
15.9
6.6
9.4
-2.8
9.3
-29.3
-22.7
-25.0
2.3
-6.6
Other
Durable goods
Nondurable goods
7.9
2.9
5.0
5.8
1.5
4.3
7.9
3.8
4.1
9.3
3.3
6.0
4.6
-.9
5.5
4.0
,8
3.2
5.3
2.7
2.6
9.3
2.0
7.2
Nonfarm . . ..
Change in book value
Inventory valuation adjustment '
1989
IV
Change in business
inventories
-11.7
1990
1989
1988
I"
30.6
Farm
1988
I
II
HI
IV
I'
-3.6
27.9
21.9
18.3
24.5
19.1
21.9
22.2
Farm
-2.8
4.3
-13.6
7.6
-.5
5.6
4.2
4.2
Nonfarm
30.7
17.7
31.9
16.9
19.5
16.2
18.0
-7.8
8.5
8.2
.3
4.9
5.2
-.3
12.2
13.2
-1.0
3.8
8.3
-4.5
8.3
4.1
4.2
12.0
8.2
3.9
-4.5
.3
-4.8
3.0
-.8
3.8
8.5
6.6
1.9
2.4
2.9
-.4
1.9
1.9
0
-2.4
1.0
-3.4
4.5
6.2
-1.7
2.4
1.4
1.0
5.3
2.9
2.4
4.1
4.2
-.1
7.5
5.4
2.1
3.4
3.2
.3
.4
-.3
.7
-2.1
1.5
-3.5
5.2
7.0
-1.7
-.5
-.6
.1
11.1
4.9
6.2
.4
4.0
-3.6
1.0
1.2
-.3
-1.0
—3
-.1
1.5
2.2
-.7
-.4
-.8
-.8
0
2.9
2.0
1.0
-5.9
-2.0
-3.8
3.7
.2
3.5
7.3
5.4
2.6
2.8
1.9
5.7
.2
1.2
-1.0
5.4
11.6
9.8
6.6
3.2
1.9
8.4
6.1
9.0
-2.9
2.3
2.6
-4.6
-3.0
-1.5
7.2
-1.6
-6.1
-9.0
2.9
4.5
13.2
5.5
7.9
-2.4
7.7
-24.4
-19.0
-21.0
2.0
-5.4
6.5
2.5
4.0
4.7
1.2
3.4
6.2
3.2
3.0
7.1
2.7
4.4
4.1
-.8
4.9
3.4
.7
2.7
4.0
2.2
1.8
9.5
1.7
7.8
Manufacturing
Durable goods
Nondurable goods
,
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
,
Nonmerchant wholesalers
Durable goods
Nondurable goods
,
Retail trade
Durable goods
Automotive
Other
Other
Durable goods
Nondurable goods
. ..
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 fromi In
Internal Revenue Service statistics.
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
Seasonally adjusted quarterly totals
1988
IV
Inventories '
1989
I
II
III
IV
1990
1988
I'
IV
1,004.0 1,026.6 1,033.9 1,041.8 1,054.9 1,058.1
Farm .
75.7
78.2
77.4
77.5
80.8
84.2
1990
1989
I
II
III
IV
P
911.5
890.5
896.6
901.4
906.8
912.4
67.8
69.7
69.6
71.0
72.1
73.1
Nonfarm
Durable goods
Nondurable goods
..
928.3
549.5
378.7
948.4
561.8
386.6
956.5
564.3
392.2
964.3
568.6
395.7
974.1
571.8
402.3
973.9
569.7
404.2
Nonfarm
822.7
476.7
346.0
826.9
481.2
345.7
831.8
482.4
349.4
835.8
483.5
352.4
840.3
486.2
354.1
838.4
482.7
355.7
Manufacturing
Durable goods
Nondurable goods
..
368.6
246.9
121.7
376.5
253.2
123.4
378.2
254.0
124.1
382.9
257.9
125.0
382.1
257.1
125.0
383.3
258.1
125.2
M
327.3
215.4
111.9
328.3
217.5
110.8
330.4
218.5
111.9
333.4
220.5
112.8
332.2
220.6
111.6
333.0
220.4
112.6
218.6
140.7
77.9
221.6
142.9
78.7
223.8
145.2
78.6
225.4
146.6
78.8
228.4
147.9
80.6
230.3
149.7
80.6
Wholesale trade
193.5
121.8
71.7
192.9
122.0
70.9
194.0
123.6
70.4
194.6
123.9
70.7
195.9
124.6
71.3
197.0
125.7
71.3
191.0
123.7
67.3
193.1
125.8
67.4
195.4
128.3
67.1
196.2
129.0
67.2
200.3
130.9
69.4
201.5
132.6
68.9
167.0
107.0
60.0
166.5
107.4
59.1
167.8
109.1
58.7
167.7
109.0
58.7
170.4
110.2
60.2
170.6
111.2
59.3
27.6
17.0
10.6
28.5
17.1
11.3
28.4
16.9
11.5
29.2
17.6
11.6
28.1
17.0
11.2
28.8
17.1
11.7
26.5
14.7
11.7
26.4
14.6
11.8
26.2
14.4
11.8
26.9
14.9
12.0
25.5
14.4
11.0
26.4
14.5
11.9
223.7
116.2
59.4
56.8
107.4
229.0
119.0
62.3
56.7
110.0
231.3
118.3
61.5
56.8
113.0
231.7
117.0
59.1
57.9
114.7
237.8
119.2
61.8
57.5
118.6
232.0
113.6
55.3
58.3
118.3
Retail trade
193.6
100.8
50.6
50.3
92.8
195.7
102.3
52.8
49.5
93.4
196.4
101.2
52.0
49.2
95.2
196.0
99.7
49.8
49.9
96.3
199.3
101.1
51.8
49.3
98.2
193.2
96.3
46.5
49.8
96.9
Other
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
Durable goods
Automotive
Other
Nondurable goods
Other
Final sales 2
Final sales of goods and structures2
. ...
.
117.4
121.2
123.3
124.4
125.8
128.3
354.4
202.4
360.0
205.4
366.6
208.9
371.8
210.5
375.0
210.0
384.4
216.5
2.83
2.62
2.85
2.63
2.82
2.61
2.80
2.59
2.81
2.60
2.75
2.53
4.59
4.62
4.58
4.58
4.64
4.50
Ratio of inventories to final sales
Inventories to final sales
Nonfarm inventories to final sales
Nonfarm inventories to final sales of goods and
N d rable sood
Nonmerchant wholesalers
Durable goods
.
Automotive
Other
<
Final sales 2
Final sales of goods and structures 2
108.2
110.0
111.0
111.9
112.9
115.3
291.9
179.5
294.3
181.4
296.8
182.8
298.6
183.0
298.7
181.5
302.3
184.7
3.05
2.82
3.05
2.81
3.04
2.80
3.04
2.80
3.05
2.81
3.02
2.77
4.58
4.56
4.55
4.57
4.63
4.54
Ratio of inventories to final sales
Inventories to final sales
Nonfarm inventories to final sales of goods and
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.
Merchant wholesalers
<
1. Inventories are as of the end of the quarter. Quarter-to-quarter changes calculated from this table are at
quarterly rates, whereas the constant-dollar change in business inventories component of GNP is stated at
annual rates.
2. Quarterly totals at monthly rates. Business final sales equals final sales less gross product of households
and institutions, government, and rest of the world, and includes a small amount of final sales by farms.
12
SURVEY OF CURRENT BUSINESS
June 1990
Table 5.12.—Fixed Investment by Type
Table 5.13.—Fixed Investment by Type in Constant Dollars
{Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
1988
1989
1988
IV
1989
II
I
Seasonally adjusted at annual rates
1990
III
IV
1988
1989
V
1988
1990
1989
I
IV
II
III
rv
p
Fixed investment
719.6
746.3
734.1
742.0
747.6
751.7
744.0
764.6
Fixed investment
687.9
698.8
690.8
696.6
700.7
702.7
695.1
709.0
Nonresidential
487.2
511.7
495.8
503.1
512.5
519.6
511.4
526.1
Nonresidential
493.8
5103
492.7
501.0
511.4
517.9
510.8
520.4
Structures
Nonresidential buildings,
excluding farm
Public utilities
Mining exploration, shafts, and
wells
Other
1403
144.9
142.5
144.7
142.4
146.2
146.4
15U
122.2
120.0
121.4
121.1
118.1
120.4
120.3
123.1
97.8
26.1
100.4
28.5
97.9
28.6
101.3
28.8
98.5
28.5
101.3
28.3
100.4
28.3
104.4
28.9
78.7
22.6
77.6
23.9
78.1
24.2
79.8
24.5
76.6
24.0
77.7
23.6
76.3
23.4
78.9
23.7
12.0
4.5
10.6
5.5
11.0
4.9
9.7
4.8
9.9
5.5
10.7
5.9
11.9
5.9
11.7
6.3
Structures
Nonresidential buildings,
excluding farm .•
Public utilities
Mining exploration, shafts, and
wells
Other..
17.2
3.7
14.0
4.5
15.0
4.1
12.9
3.9
13.1
4.5
14.2
4.8
15.8
4.8
15.5
5.0
Producers' durable equipment
Information processing and
related equipment
Industrial equipment
Transportation and related
equipment..................................
Other
346.8
366.7
353.3
358.5
370.1
373.4
365.0
374.8
3903
371.3
379.9
393.2
397.6
390.6
397.4
121.6
91.6
115.1
87.8
117.8
92.2
122.7
90.7
122.0
91.6
124.1
92.0
126.6
93.6
Producers' durable equipment
Information processing and
371.6
114.7
81.9
174.2
68.4
189.0
73.8
172.2
72.0
180.3
74.9
189.1
73.5
191.1
73.5
195.5
73.2
199.1
73.2
76.3
73.9
74.1
79.4
76.7
73.7
72.2
76.3
77.6
79.0
79.8
80.1
66.7
82.3
73.4
81.2
65.7
63.3
61.8
65.7
64.7
62.4
60.7
63.9
64.8
65.7
66.9
66.0
54.8
67.2
59.5
65.6
232.4
116.5
23.3
92.6
234.6
115.6
23.8
95.2
238.4
119.2
23.4
95.8
238.8
121.5
24.1
93.2
235.1
114.8
25.0
95.3
232.1
112.4
24.1
95.6
232.6
113.6
22.1
96.9
238.5
120.3
21.4
96.8
194.1
96.2
19.3
78.6
1883
91.4
18.9
78.2
198.1
97.9
19.2
80.9
195.6
98.3
19.5
77.8
1893
91.1
19.8
78.4
184.8
87.9
18.8
78.0
184.3
88.4
17.2
78.7
188.6
93.7
16.6
78.2
Residential
Single-family structures.....
Multifamily structures
Other.
Industrial equipment
Transportation and related
equipment
Other
Residential
Single-family structures
Other
Table 6.3B.—National Income Without Capital Consumption Adjustment by
Industry
Table 6.18B.—Corporate Profits by Industry
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1988
1989
1988
IV
National income without
capital consumption
adjustment. .
II
III
IV
rv
Corporate profits with inventory
valuation and capital consumption
adjustments
3,952.8 4,272.5 4,083.4 4,178.4 4,249.8 4300.5 4361.2 4,456.4
3,919.5 4,236.8 4,048.9 4,143.9 4,218.9 4,266.9 4317.7 4,414.1
Private industries
3352.6 3,630.5 3,470.1 3,549.6 3,616.8 3,656.7 3,699.0 3,780.4
II
in
IV
P
285.0 253.5 293.7 269.7 264.2 249.5 230.5 237.9
Financial .
Nonfinancial
90.4
34.4
211.2
97.9
37.6
224.0
82.5
33.9
217.4
109.5
35.0
220.5
102.7
37.2
221.6
88.7
38.3
224.3
90.8
39.8
229.6
104.6
41.3
235.0
Rest of the world
Manufacturing
Durable goods
Nondurable goods
788.6
455.0
333.6
818.7
467.2
351.5
816.1
469.2
346.9
817.1
469.9
347.2
818.2
466.7
351.5
823.1
467.9
355.2
816.3
464.4
351.9
824.7
472.3
352.4
Domestic industries
Transportation and public utilities...
Transportation
Communication
Electric, gas, and sanitary
services
300.2
131.1
83.6
320.8
140.6
89.0
311.1
134.9
85.7
314.5
137.1
87.8
321.4
140.0
90.0
322.0
142.1
87.2
325.1
143.1
91.2
334.0
146.3
92.9
85.5
91.1
90.6
89.7
91.4
92.7
90.8
94.8
Wholesale trade
Retail trade
Finance, insurance, and real estate..
Services
234.5
335.6
568.8
789.0
255.1
357.0
631.2
888.3
244.9
344.2
594.5
825.5
244.7
346.6
613.3
848.3
251.6
353.9
633.3
876.9
257.2
362.8
638.4
902.1
267.1
364.6
639.7
925.8
267.4
370.7
652.0
950.6
566.9
6063
578.8
5943
602.0
610.2
618.7
633.8
333
35.6
34.5
34.5
31.0
33.5
43.5
42.2
1990
1989
I
328.6 3013 340.2 3163 307.8 295.2 285.9 289.7
Domestic industries
Agriculture, forestry, and fisheries..
Mining
Construction
Rest of the world
1988
P
Domestic industries
Government and government
enterprises
1989
1990
1989
I
1988
35.7 27.3 35.5 34.4 33.6 22.8
18.5 26.2
249.3 226.2 258.2 235.3 230.5 226.7 212.1 211.7
43.7
Corporate profits with inventory
valuation adjustment
46.5
46.6
43.6
45.7
55.4
51.8
281.8 272.0 298,7 279.7 275.5 268.7 264.0 272.2
238.2 224.1 252.2 233.1
Financial
Federal Reserve banks
Other
Nonfinancial..
47.8
,
22.2
20.6
1.5
231.8
223.0 208.6 220.4
17.8
20.4
-2.6
13.0
20.7
-7.7
21.5
20.8
.7
208.4 202.0 222.1 203.9 203.2 205.2 195.6
198.9
29.8
18.1
11.7
30.1
19.3
10.8
29.3
20.3
9.0
28.6
21.2
7.4
98.4
86.9
105.5
96.5
90.3
86.6
74.4
80.5
Durable goods
Primary metal industries
Fabricated metal products
Machinery, except electrical
Electric and electronic equipment
Motor vehicles and equipment
Other
38.1
6.4
6.1
4.8
4.6
2.4
13.8
29.7
6.1
6.0
2.5
4.7
-1.4
11.9
39.8
7.4
5.9
2.1
6.6
4.5
13.4
35.6
6.5
7.2
2.0
4.4
3.0
12.4
31.5
6.6
6.7
2.8
5.1
-1.9
12.2
28.6
6.7
6.2
2.3
3.0
-2.0
12.3
23.0
4.5
3.8
2.7
6.2
-4.7
10.6
31.0
4.9
5.7
4.5
5.6
-6.1
16.4
Nondurable goods
Food and kindred products
Chemicals and allied products
Petroleum and coal products
Other
60.3
15.7
17.4
3.7
23.5
57.3
15.1
16.8
2.2
23.1
65.7
17.2
22.0
5.3
21.2
60.9
17.4
18.5
1.2
23.8
58.8
14.8
18.1
1.0
24.9
58.0
14.8
15.9
3.9
23.4
51.4
13.4
14.8
2.7
20.4
49.4
12.2
17.6
1.9
17.8
39.3
40.1
30.6
39.9
39.1
36.0
43.5
41.8
31.3
41.6
34.1
31.7
40.8
36.9
35.2
39.4
41.9
37.4
37.8
43.6
39.9
39.9
38.4
40.2
43.7
47.8
46.5
46.6
43.6
45.7
55.4
51.8
Manufacturing
Transportation and public utilities
Wholesale and retail trade
Other
Rest of the world
13
SURVEY OF CURRENT BUSINESS
June 1990
Table 7.1.—Fixed-Weighted Price Indexes for Gross National Product, 1982
Weights
Table 7.2.—Fixed-Weighted Price Indexes for Gross National Product by
Major Type of Product, 1982 Weights
[Index numbers, 1982=100]
[Index numbers, 1982=100]
Seasonally adjusted
Seasonally adjusted
1988
1989
1988
1989
rv
I
II
III
IV
I'
Gross national product
124.1
129.6
126.2
127.7
129.3
130.2
131.4
133.4
Personal consumption expenditures
125.9
131.8
128.1
129.6
131.6
132.3
133.8
136.2
112.9
117.2
135.5
115.1
123.8
141.9
114.1
119.4
138.1
114.7
121.0
139.8
114.7
124.5
141.1
115.2 115.9
124.3 125.6
142.6 144.3
117.1
129.4
146.0
111.3 115.6
109.0 113.1
107.1 112.1
110.2 113.8
119.5 124.2
112.7
110.5
109.1
111.5
120.1
114.1
111.8
110.5
112.7
121.8
115.2
112.6
111.6
113.3
123.9
116.1
113.5
112.7
114.0
125.3
118.1
115.7
114.3
116.6
126.3
Durable goods...
Nondurable goods
Services
1988
1990
1988
1989
1990
IV
I
II
III
IV
I'
124.1
129.6
126.2
127.7
129.3
130.2
131.4
133.4
« 124.0
..
129.5
126.1
127.6
129.2
130.1
131.2
133.3
115.1
119.9
117.3
118.1 120.0
120.3
121.2
123.6
115.0
119.7
117.1
118.0
119.8
120.1
121.0
123.4
108.2 110.9
108.3 111.1
109.1
109.2
109.9 110.6
110.1 110.8
111.2
111.3
112.0
112.1
113.3
113.4
119.8
119.5
122.8
122.5
123.6
123.4
126,3 126.4
126.1 126.2
127.4
127.1
130.6
130.3
Gross national product
Final sales
Change in business inventories
1989
Goods
Final sales
Gross private domestic investment
Fixed investment
Nonresidential
Structures...
....
Producers' durable equipment
Residential
Change in business inventories
Net exports of goods and services
«
Exports
Imports
111.2 114.5
106.3 110.7
Government purchases of goods and services.... 125.1
Federal
National defense
Nondefense....
State and local
117.1
114.5
113.6
115.1
126.0
..
117.9
117.9
118.0
130.4
113.3
107.3
113.7
109.5
114.6 114.4
111.1 109.8
114.6 116.0
111.0 113.5
126.9
129.4
130.5 131.4
132.5
134.6
122.9 119.3
122.5 119.0
123.8 120.0
136.9 132.6
122.3
122.0
123.0
134.7
122.7
122.5
123.2
136.2
123.0
122.5
124.2
137.6
123.5
123.0
124.7
139.1
125.9
125.8
125.9
141.1
129.2 130.1
129.0 129.9
100.6 98.2
136.1 137.2
131.2
131.4
97.8
138.8
133.3
135.6
101.9
140.6
130.9
Durable goods
.
Final sales
Change in business inventories
Nondurable goods
Final sales
Change in business inventories . .
Services
133.7
140.1
136.0
138.0
139.4
140.7
142.2
144.2
Structures
113.7
118.6
115.2
116.8
118.2
119.4
120.1
120.8
Table 7.3.—Fixed-Weighted Price Indexes for Relation of Gross National
Product, Gross Domestic Purchases, and Final Sales to Domestic Purchasers,
1982 We ights
Addenda:
Final sales
.
Personal consumption expenditures, food
Personal consumption expenditures, energy
Other personal consumption expenditures
124.0 129.5 126.1 127.6
122.2 129.2 124.9 126.6
92.4 97.7 92.9 94.0
131.0 136.7 133.3 134.8
125.9
125.7
..
[Index numbers, 1982=100]
Seasonally adjusted
1988
1989
IV
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Gross national product
,
Less: Exports of goods and services
Plus: Imports of goods and services
Equals: Gross domestic purchases'
Less: Change in business inventories
..
Equals: Final sales to domestic purchasers 2
1989
1988
I
1990
II
in
IV
I'
124.1
129.6
126.2 127.7
129.3
130.2
131.4
133.4
111.2
106.3
114.5
110.7
113.3
107.3
113.7
109.5
114.6
111.1
114.4
109.8
114.6
111.0
116.0
113.5
123.7
129.4
125.7
127.4
129.1
129.9
131.2
133.3
123.5 129.2
125.6
1273 128.9
129.7
131.0
133.2
..
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
14
June 1990
Table 7.7.—Implicit Price Deflators for the Relation of Gross National Product,
Net National Product, and National Income
Table 7.4.—Implicit Price Deflators for Gross National Product
[Index numbers, 1982=100]
[Index numbers, 1982=100]
Seasonally adjusted
1988
1989
1988
IV
1989
I
II
Seasonally adjusted
1990
III
IV
1988
p
1989
1988
IV
Gross national product
Personal consumption expenditures
Durable goods
Nondurable goods
Services
121.3
126.3
124.5
130.0
123.3 124,5 125.9
126.5 128.0 129.8
126.9
130.4
127.9
131.8
129.6
134.2
110.1 111.3 111.2 111.2 110.8 111.4 111.7 112.8
116.3 122.6 118.2 120.0 123.3 122.9 124.0 127.9
134.9 141.2 137.3 139.0 140.4 141.8 143.4 145.3
.
Gross private domestic investment
Fixed investment
.
Nonresidential
Structures
Producers' durable equipment
Residential
Change in business inventories
Net exports of goods and services
104.6
98.7
114.9
93.3
119.7
106.8
100.3
120.8
94.0
124.5
106.3
100.6
117.3
95.2
120.4
106.5
100.4
119.5
94.4
122.1
106.7
100.2
120.6
94.1
124.2
107.0
100.3
121.5
93.9
125.6
107.0
100.1
121.7
93.5
126.2
107.8
101.1
122.9
94.3
126.5
103.3 106.2 105.1 106.3 106.6 106.0 106.1 106.3
102.7 104.9 104.0 105.6 105.9 103.6 104.4 105.8
Exports
Imports
Government purchases of goods and services.... 123.4
Federal
National defense
Nondefense
State and local
... .
115.9
114.0
123.6
128.8
128.5
125.4
127.1
127.5 129.0
130.6
132.5
119.6
117.8
125.3
135.0
118.2
114.9
128.7
130.8
118.9
117.4
123.8
132.9
118.2
117.8
119.2
134.4
121.5
117.7
134.2
136.9
123.4
121.2
130.2
138.8
119.8
118.3
125.0
135.6
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Gross national product
121.3
[Index numbers, 1982=100]
121.3 126.3 123.3
Gross national product
126.9
127.9
129.6
1214 1263 123.4 124.6 125.8 126.9 128.0 129.7
Final sales
Change in business inventories
109.0
Goods
Final sales
109.0
Durable soods
Final sales
977
97.4
111.1 111.4 112.8 113.2 113.8 115.1
112.7 111.2 111.4 112.4 113.1 113.8 115.5
112.8
99.5
99.3
98.7
98.2
99.2
98.7
99.2
99.0
99.9
99.8
99.9 100.1
99.5 100.5
1203 1259 1236 123.4 126.1 126.8 127.5 130.2
120.4 126.0 123.8 123.6 125.7 126.8 127.8 131.1
Nondurable goods
Final sales
Services
Structures
124.5 125.9
133.4
.
118.5
139.6
123.7
135.5
120.0
137.6
121.9
138.9
123.4
140.3 141.6
124.6 125.1
143.7
125.7
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Table 7.6.—Implicit Price Deflators for Gross National Product by Sector
[Index numbers, 1982=100]
Gross domestic product
Business
Nonfarm
Nonfarm less housing
Housing
Farm
.,
Households and institutions
Private households
Federal
State and -local
Rest of the world
Addendum:
Gross domestic business product less housing
127.9
129.6
129.6
127.0
127.3
125.1
151.1
113.6
127.0
123.3
123.3
121.3
121.6
119.9
140.8
101.8
121.3
124.5
124.5
122.3
122.5
120.7
142.0
113.0
122.3
137.0 143.9
105.9 107.3
139.1 146.3
1345 141.5
127.2 133.7
138.1 145.4
139.1
106.4
141.3
136.4
127.7
140.7
141.0 142.4 144.8 147.3
107.0 107.4 107.4 107.6
143.2 144.7 1473 149.8
139^5 140.9 142.1 143.4
133.1 1337 1339 134.1
142.6 144.4 146.3 148.1
149.3
108.5
151.9
128.8
125.5
126.8
1283 129.4
132.4
121.3
119.3
119.6
117.8
1383
104.6
1193
, 123.3
125.9
125.9
123.6
123.8
122.0
143.3
115.7
123.6
126.9
126.9
124.5
124.8
122.8
147.6
109.5
124.5
126.3
126 J
124.0
124.3
122.3
145.7
110.3
124.0
121.3
Gross national product
127.9
125.5
126.0
123.8
150.0
102.8
125.5
130.7
146.3
138.7
150.1
1176
NOTE.—Percent changes from preceding period for selected hems in this table are shown hi table 8.1.
123.3
II
124.5 125.9
1990
HI
V
IV
126.9 127.9
129.6
Less: Capital consumption allowances with
capital consumption adjustment .
106.9
108.6
107.4 108.0
108.4 109.0 109.1
109.2
Equals: Net national product
123.2
128.8
125.5
128.3
132.4
126.8
129.4 130.6
Less: Indirect business tax and nontax liability
plus business transfer payments less subsidies
plus current surplus of government enterprises- 123.3 131.7 124.5 126.5 129.4 135.3 135.4 136.8
Statistical discrepancy
119.3
123.2
Equals: National income
124.0
121.3 122.3 123.6
124.5 125.5 127.0
128.4
125.5
128.8
126.8
128.1
130.1
131.9
Table 7.8.—Implicit Price Deflators for Command-Basis Gross National
Product
[Index numbers, 1982=100]
121.3
Less: Net exports of goods and services
Exports
Imports
126.3
123.3
124.5
125.9
126.9
127.9
129.6
103 3 1062 105 1 1063 1066 1060 106 1 1063
1027 1049 1040 1056 1059 1036 1044 1058
120.9 125.8 122.8 124.2 125.5 126.2 127.4 129.3
Equals: Gross domestic purchases
Table 7.5.—Implicit Price Deflators for Gross National Product by Major Type
of Product
126.3
1989
I
Plus: Command-basis net exports of goods and
services
Command-basis exports
Equals: Command-basis gross national
product
1027 1049
1027 1049
1040 1056 1059 1036 1044 1058
1040 1056 1059 1036 1044 1058
121.2
123.1
126.1
124.4 125.8
126.4 127.6
129.5
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
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
Durable goods
125.9
131.8
128.1
112.9
115.1
114.1
129.6
114.7
131.6
132.3
133.8
136.2
114.7
115.2
115.9
117.1
118.6 120.5 119.5 120.5 120.6 120.1 120.9 121.9
103.8 105.0 104.7 104.8 104.1 105.3 105.8 106.4
1185 1235 121 1 121 7 1230 1242 1252 1283
117.2 123.8 119.4 121.0 124.5 124.3 125.6 129.4
Motor vehicles and parts
Furniture and household equipment
Other
Nondurable goods
122.2
115.8
791
1275
76.8
1345
135.5
1364
119.9
1127
127.4
1266
144.5
1379
Food
Clothing and shoes
Gasoline and oil
Fuel oil and coal
Other
Services
Housing
.
Household operation
Electricity and gas
Other
Transportation
Medical care
Other
129.2
118.5
865
1353
80.4
1427
141.9
1427
122.6
1158
129.7
1305
154.6
144 1
1249
117.9
79 1
1298
73.9
1374
138.1
126.6
118.2
799
132 1
77.6
1394
139.8
129.0
119.9
927
1344
80.2
141 6
141.1
129.9
116.7
882
1363
805
1438
142.6
131.4
119.1
850
1386
832
1460
144.3
1356
121.9
895
1419
957
148 1
146.0
1389
121.7
1147
1288
1285
148.5
1399
1402
122.4
1155
129.5
1304
151.3
141 5
1414
122.4
1156
129.4
1305
153.5
1434
1435
122.2
1149
129.7
1300
155.7
1450
1456
123.7
1173
130.3
1309
1577
1463
1470
1251
1186
1319
1333
1599
1479
Table 7.14.—Fixed-Weighted Price Indexes for Exports and Imports of Goods
and Services, 1982 Weights
[Index numbers, 1982=100]
111.2
Exports of goods and services
113.3
113.7
114.6
114.4
114.6
116.0
121 3 1265 1233 1248 126 1 127 1 1279 1300
1242 1298 1264 1277 1293 1304 1317 1334
1163 1207 1179 1196 1204 1213 1213 1240
Services
Factor income
Other ..
Imports of goods and services
106.3
Merchandise
Durable goods
Nondurable goods
Services
Factor income
Other
114.5
.... 104.1 106.2 106.3 106.1 1068 105.7 1054 1062
104.3 106.6 105.5 105.8 106.6 106.7 107.4 1080
103.9 105.3 108.0 107.1 106.7 104.3 102.8 103.9
Merchandise
Durable goods
Nondurable goods
.. . .
;
110.7
107.3
109.5
111.1 109.8
99.5 103.3 99.8 102.5 104.5
1180 1202 1205 121 0 1199
800 853 787 835 879
1260 132.1 1293 1303 131.4
123.3 128.8 125.5 126.8 128.4
128.1 134.7 132.2 133.0 133.7
102.1
119 5
843
1324
129.5
134.7
111.0
113.5
103.1 105.6
120 1 1208
856 900
1344 1368
130.7 132.4
137.3 1401
SURVEY OF CURRENT BUSINESS
June 1990
15
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
1988
Merchandise exports
Foods, feeds, and beverages
Industrial supplies and materials
Durable goods
.. .
Nondurable goods
Capital goods, except autos
Autos ..
Consumer goods ..
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
.
Merchandise imports
Foods, feeds, and beverages
Industrial supplies and materials, excluding
petroleum
Durable goods
Nondurable goods
Petroleum and products
Capital goods except autos
Autos
Consumer goods
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
..
....
1989
1988
Seasonally adjusted
1989
1990
IV
I
II
HI
IV
I'
104.1
106.2
106.3
106.1
106.8
105.7
105.4
106.2
99.6
104.1
104.1
104.0
102.6
115.6
111.7
106.4
115.9
101.0
94.2
107.7
102.1
104.0
104.4
103.9
105.1
119.6
116.1
110.0
120.8
101.6
93.2
109.9
108.3
105.7
105.7
105.7
103.4
117.6
113.1
107.8
117.2
102.2
93.8
110.5
106.8
104.4
104.4
104.4
103.7
118.6
115.8
110.1
120.3
102.2
94.2
110.2
104.6
105.2
105.3
105.2
104.7
118.7
115.8
110.7
119.9
102.8
95.1
110.5
100.3
103.5
104.7
103.1
105.4
120.0
116.2
109.8
121.3
100.0
90.3
109.8
96.4
102.9
103.3
102.7
106.2
121.3
116.3
109.6
121.6
101.4
93.3
109.4
97.4
103.7
103.3
103.8
107.4
121.2
117.6
110.5
123.2
101.3
92.3
110.2
99.5
103.3
99.8
102.5
104.5
102.1
103.1
105.6
109.9
105.1
110.6
109.9
108.9
101.6
100.6
105.2
104.1
104.1
104.0
45.6
115.3
132.4
123.1
119.2
128.7
119.2
119.2
119.2
108.2
107.2
109.2
54.5
116.5
135.5
125.8
121.0
132.5
121.4
121.4
121.4
107.4
107.4
107.4
40.8
118.0
135.2
124.4
120.6
129.9
121.7
121.7
121.7
110.1
110.0
110.1
49.4
117.6
135.5
125.2
121.0
131.1
122.5
122.5
122.5
109.3
109.0
109.6
58.7
116.3
134.3
125.3
120.3
132.3
121.5
121.5
121.5
107.3
105.7
109.0
53.5
116.5
134.7
125.6
120.7
132.5
120.7
120.7
120.7
106.0
104.0
108.1
56.4
116.2
137.5
126.9
121.9
134.0
121.0
121.0
121.0
107.1
102.5
111.8
62.2
118.8
137.3
128.0
123.0
135.2
122.4
122.4
122.4
Table 7.17.—Fixed-Weighted Price Indexes for National Defense Purchases of
Goods and Services, 1982 Weights
[Index numbers, 1982=100]
1988
1989
1988
IV
Government purchases of goods and
services
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 facik'ties
Other
.
. . .
II
HI
IV
122.5
122.5
123.0
125.8
109.3 111J 110.1
111.3
112.2
111.5
111.1
110.5
110.8
106.9
117.7
125.6
89.8
108.1
111.9
102.4
112.6
106.9
116.6
131.7
92.1
111.1
116.4
105.6
111.4
106.6
118.1
127.3
91.0
109.2
113.9
103.9
113.8
110.5
118.7
130.2
90.2
110.6
115.2
105.0
112.8
106.6
119.7
131.6
91.5
111.0
116.0
105.5
112.2
106.4
114.4
132.3
93.1
111.3
116.6
105.8
111.5 112.3
104.2 105.9
113.7 112.7
132.6 133.7
93.5 93.0
111.5 111.6
117.7 118.3
106.2 106.8
73.9
75.5
74.7
74.9
76.7
74.4
75.9
78.9
58.2
98.9
115.5
58.9
102.3
119.0
58.7
99.5
117.8
58.5
101.1
118.1
60.9
102.1
118.5
57.2
102.4
118.8
58.8
103.4
120.5
63.2
103.1
121.0
125.8
131.5
126.9
130.5
131.3
131.8
132.4
136.1
127.2
126.7
128.1
123.2
120.3
130.6
117.6
156.5
94.6
107.2
133.6
133.0
134.8
127.5
124.7
136.2
121.9
158.1
97.5
111.8
127.7
127.3
128.3
125.5
122.1
132.8
119.2
161.2
99.0
108.8
133.1
132.6
134.1
125.5
122.2
132.8
119.9
157.9
99.8
111.9
133.5 133.7
132.8 133.0
134.9 135.1
127.1 128.1
125.3 125.3
135.0 137.6
121.1 122.8
155.6 157.0
97.5 96.5
111.5 111.0
134.0
133.4
135.1
129.3
125.8
139.4
123.8
161.8
96.1
11-2.9
138.9
139.0
138.9
130.5
126.9
140.8
124.3
162.0
96.5
117.2
124.2
133.7
128.8
130.8
132.1
134.2
137.5
137.7
125.3
122.6
135.6
130.7
132.3
123.6
132.5
128.4
133.2
130.3
135.8
131.7
141.0
132.3
141.1
132.6
1. Includes utilities, communications, rental payments, maintenance and repair, and payments to contractors
to operate installations.
2. Includes depot maintenance and contractual services for weapons systems.
3. Includes compensation of foreign personnel, consulting, training, and education.
IV
P-
125.1
130.9
126.9
129.4
130.5 131.4
132.5
134.6
117.9
122.9
119.3
122.3
122.7
123.0
123.5
125.9
National defense
Durable goods
Nondurable goods
Services
Compensation of employees
Military
Civilian
Other services
Structures
117.9
109.3
73.9
125.8
127.2
126.7
128.1
123.2
124.2
122.5
111.3
75.5
131.5
133.6
133.0
134.8
127.5
133.7
119.0
110.1
74.7
126.9
127.7
127.3
128.3
125.5
128.8
122.0
112.2
74.9
130.5
133.1
132.6
134.1
125.5
130.8
122.5
111.5
76.7
131.3
133.5
132.8
134.9
127.1
132.1
122.5
111.1
74.4
131.8
133.7
133.0
135.1
128.1
134.2
123.0
110.5
75.9
132.4
134.0
133.4
135.1
129.3
137.5
125.8
111.3
78.9
136.1
138.9
139.0
138.9
130.5
137.7
Nondefense
Durable goods
.
Nondurable goods
Commodity Credit Corporation inventory
change
Other nondurables
Services
Compensation of employees
Other services
Structures
118.0
101.6
123.8
105.3
120.0
103.3
123.0
104.6
123.2
104.8
124.2
105.3
124.7
106.3
125.9
107.2
98.6
124.2
127.5
119.2
115.2
104.8
130.1
134.0
124.0
120.1
99.8
124.9
127.7
120.6
116.6
103.1
128.9
133.4
122.1
118.2
104.0
129.9
134.1
123.4
119.6
105.2
130.6
134.3
124.8
120.8
106.8
130.9
134.3
125.8
121.7
105.1
133.7
138.1
126.8
122.6
130.4
136.9
132.6
134.7
136.2
137.6
139.1
141.1
113.4
97.3
136.7
137.8
131.6
119.6
117.4
103.7
144.0
145.5
137.5
123.7
115.0
98.4
139.5
140.8
133.4
121.3
116.2
101.8
141.5
142.7
135.8
122.9
117.0
104.2
143.2
144.5
137.0
123.2
117.7
103.5
144.9
146.4
137.9
123.9
118.8
105.3
146.6
148.2
139.1
124.5
119.2
107.5
148.8
150.2
142.3
125.4
Federal..
.. ..
State and local
Durable goods
Nondurable goods
Services
Compensation of employees
Other services ... .
Structures
Table 7.18.—Current-Dollar Cost and Profit Per Unit of Constant-Dollar Gross
Domestic Product of Nonfinancial Corporate Business
Seasonally adjusted
I'
122.0
122.5
in
[Dollars]
119.0
117.9
1990
1989
II
I
1990
1989
I
1988
IV
Seasonally adjusted
1988
1989
1988
Current-dollar cost and profit per unit
of constant-dollar gross domestic
product '
Capital consumption allowances with capital
consumption adjustment
»
Net domestic product
Indirect business tax and nontax liability plus
business transfer payments less subsidies
Corporate profits with inventory valuation
and capital consumption adjustments
Profits tax liability
Profits after tax with inventory valuation
and capital consumption adjustments
Net interest
1.129
1989
1.171
1989
1988
IV
I
II
1.148
1.156
1.168
1990
III
IV
1,176 1.185
I'
1.198
.123
.128
.124
.125
.126
.129
.131
.130
1.006
1.044
1.024
1.031
1.042
1.047
1.055
1.068
.107
.899
.744
.111
.932
.781
.108
.916
.756
.110
.921
.768
.111
.931
.778
.112
.935
.783
.113
.942
.795
.115
.954
.807
.103
.044
.091
.040
.105
.045
.096
.045
.093
.041
.091
.038
.085
.037
.085
.038
.059
.052
.051
.060
.061
.055
.051
.057
.053
.060
.053
.061
.048
.062
.047
.062
1. Equals the deflator for gross domestic product of nonfinancial corporate business with the decimal point
shifted two places to the left.
SURVEY OF CURRENT BUSINESS
16
June 1990
Table 8.1.—Percent Change From Preceding Period in Selected Series
[Percent]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1988
1989
1988
IV
Gross national product:
Current dollars
1982 dollars
mphcit price deflator
p. , " . , . .' . "j
Personal consumption expenditures:
Current dollars *
1982 dollars *
p P. F . .
F' A
ht A ' ' H
*"
Durable goods:
Current dollars
1982 dollars
p.".
• ' A '
Fixed-weighted price index
Nondurable goods:
Current dollars
1982 dollars
Chain price index
Fixed-weighted price index
Services:
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
,
Nonresidential:
Current dollars
1982 dollars .
Implicit price deflator
Chain price index
Fixed-weighted price index
Structures:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
Producers' durable equipment:
Current dollars
I
II
1990
IV
ffl
1988
,
Implicit price deflator
Chain price index
Fixed-weighted price index
Residential:
Current dollars
1982 dollars
Implicit price deflator
Chain once index
Fixed-weighted price index
1989
7.2
3.0
4.1
4.2
4.5
7.5
2.7
4.7
4.1
4.3
7.9
3.7
4.0
4.6
4.8
7.1
2.5
4.6
4.9
5.0
6.2
3.0
3.2
2.8
2.9
4.6
1.1
3.2
3.5
3.6
7.1
1.9
5.4
6.0
6.4
7.4
3.4
3.9
4.1
4.3
7.3
2.7
4.4
4.5
4.7
7.6
3.0
4.6
4.8
4.9
7.1
2.0
4.8
4.7
4.8
7.6
1.9
5.7
5.8
6.3
7.6
5.6
1.9
2.1
2.2
4.9
.5
4.4
4.4
4.4
9.2
1.6
7.5
7.2
7.5
8.1
6.2
1.9
2.2
2.4
4.0
2.8
1.1
1.8
2.0
13.8
9.9
3.7
3.1
3.2
-.9
11
0
2.1
2.0
4.0
5.5
-1.4
-.3
0
13.5 -13.0
11.3 -14.0
2.2
1.1
1.4
2.6
1.6
2.5
18.5
14.1
4.0
3.6
4.4
National defense:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
5.4
1.6
3.7
4.0
4.1
6.8
1.3
5.4
5.4
5.7
4.7
.7
3.8
4.5
4.5
7.6
1.3
6.2
5.5
5.5
8.7
-2.3
11.5
11.5
12.0
3.6
5.0
-1.3
-1.0
-.6
3.9
.1
3.6
4.5
4.1
9.3
-3.4
13.2
12.7
12.8
Nondefense:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
8.5
3.8
4.6
4.7
4.8
8.5
3.7
4.7
4.7
4.7
7.9
2.6
5.1
5.4
5.5
8.9
3.6
5.0
5.0
4.9
7.9
3.8
4.1
4.1
3.9
8.7
4.3
4.0
4.2
4.3
10.6
5.9
4.6
4.7
4.9
6.9
1.3
5.4
4.9
4.8
7.2
6.2
3,1 -9.2
.7 -12.7
9.2
6.9
2.8
-.7
2.1
2.7
-4.5
-4.0
-8.6
-6.5
3.7
1.6
2.1
3.3
3.9
4.3
-3.0
7.5
3.8
4.2
4.4
3.4
.8
4.1
5.0
3.1
2.4
.8
3.7
3.9
2.2
1.1
1.1
3.0
3.5
-4.0
-4.3
0
2.6
3.2
11.5
8.2
3.0
2.7
3.5
9.7
8.4
1.2
2.4
3.4
5.0
3.3
1.6
2.9
3.8
2.1
-6.5
9.2
4.4
4.7
6.0
6.9
-.8
3.2
4.7
7.7
8.6
-.8
2.1
3.0
5.7
5.2
.4
2.3
3.1
-6.2
-5.4
-.8
2.8
3.6
12.0
7.7
4.1
3.6
4.3
4.9
-.1
5.0
4.5
5.2
3.3
-1.8
5.1
4.3
4.7
1.4
-5.1
6.8
3.9
4.5
6.3
-1.0
7.7
4.8
5.3
-6.2
-9.5
3.7
4.6
4.2
11.1
8.0
3.0
4.5
3.9
.5
-.3
.7
3.5
3.1
14.1
9.6
4.0
2.7
2.8
11.7
11.5
.1
1.6
2.2
5.7
5.0
.8
2.4
3.3
2.3
-6.9
10.3
4.6
4.8
6.0
9.6
-3.3
2.6
4.4
13.6
14.8
-1.3
1.1
2.2
3.6
4.6
-.8
1.4
2.6
-8.7
-6.9
-1.7
2.5
3.9
11.2
7.1
3.5
3.9
5.2
2.7
-.4
3.0
3.1
3.1
.9
-2.9
4.0
4.0
4.0
9.2
6.3
2.7
2.7
2.6
.7 -6.1
-5.0 -12.3
5.8
7.1
5.9
7.3
7.2
5.8
-5.0
-9.2
4.6
4.7
4.6
.9
-1.1
1.9
2.0
2.0
10.5
9.7
1.0
.8
1.0
22.1
17.6
3.8
4.9
5.3
14.3
11.1
2.8
2.5
2.9
17.5
15.5
1.5
2.0
2.4
19.1
14.0
4.6
1.5
1.6
14.2
13.1
1.1
2.3
2.5
1.5
3.9
-2.2
-.4
9.9
9.4
.4
.8
.5
13.8
12.8
.8
4.3
4.9
10.7
6.8
3.7
5.3
5.0
8.3
6.1
2.1
3.7
4.1
18.9
12.6
5.2
5.0
4.2
5.7
-.4
6.3
7.2
8.6
10.7
9.3
1.1
4.4
5.7
-1.8
7.4
-8.4
-3.6
-4.4
5.3
2.2
3.1
3.6
4.6
8.7
3.0
5.5
7.8
9.3
I
II
ffl
IV
P
Government purchases of goods and services:
7.9
4.4
3.3
3.7
4.2
7.3
5.8
1.5
2.6
3.3
1990
1989
1988
IV
I"
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
Federal:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
,
,
,
State and local:
Current dollars
1982 dollars
Implicit price deflator
.
Chain price index
Fixed-weighted price index
4.6
.4
4.1
3.7
4.6
7.0
2.7
4.1
4.5
4.7
23.9
16.7
6.3
3.8
3.5
1.8
-3.3
5.5
8.0
8.0
6.9
5.4
1.3
3.7
3.3
2.2
-2.4
4.8
2.9
2.8
7.7
2.6
5.1
3.2
3.3
9.6
3.4
5.9
6.9
6.7
-.1
-3.2
3.1
2.3
4.1
5.7
2.5
3.2
3.9
4.2
49.5
33.7
12.0
3.1
2.1
-7.1
-9.4
2.4
10.2
10.4
7.2
10.0
-2.3
2.4
1.2
-3.2
-8.4
5.5
1.8
1.2
2.4
-3.3
5.8
1.1
1.4
8.8
2.3
6.4
8.5
8.0
1.1
-1.4
2.6
2.2
3.6
1.4
-1.9
3.3
3.8
3.9
6.1 -2.4
4.4 -10.6
1.8
9.0
2.8
9.6
2.5 10.4
3.5
2.2
1.4
1.8
1.6
8.9
6.9
1.7
1.4
.3
-8.7
-6,6
-2.0
.8
1.4
10.6
-1.9
12.4
8.5
9.6
-4.0
-9.4
5.9
2.4
5.4
21.4 383.9 -19.2
18.3 -32.5
37.4 -43.9
19.6 231.3 -5.7
1.4 45.9 -14.4 -14.1
20.9
4.1
4.2 11.8
2.8
4.3
.4
3.4
1.2 10.4
4.9
45.3
3.5
9.3 16.4
32.9 -11.4
2.0
8.7
4.2
1.4
7.9
3.2
4.5
4.7
4.9
7.8
2.9
4.8
4.9
5.0
9.7
5.7
3.8
4.2
4.4
8.2
1.5
6.6
6.6
6.4
6.8
2.2
4.6
4.6
4.7
5.9
2.2
3.6
3.6
3.9
11.1
6.8
3.9
4.6
4.6
10.2
4.3
5.7
5.9
5.8
3.3
3.8
4.2
2.4
4.3
4.6
2.5
4.5
4.5
1.8
5.2
5.5
2.1
5.1
5.4
3.5
2.4
2.5
3.9
4.0
.5
6.5
6.8
4.3
3.7
4.2
3.1
4.2
4.5
4.7
4.1
4.3
3.1
4.6
4.8
3.1
4.9
5.0
2.7
2.8
2.9
1.1
3.5
3.6
4.4
6.1
6.4
3.2
3.8
4.2
2.5
4.3
4.6
4.5
4.4
4.5
1.2
5.3
5.5
2.7
5.1
5.3
3.3
2.4
2.5
3.9
4.0
3.0
6.5
6.8
Command-basis gross national product:
1982 dollars
Implicit price deflator
4.5
3.3
3.1
4.0
2.2
5.0
3.5
4.3
2.5
4.6
4.0
1.9
.7
3.9
1.2
6.1
Gross domestic product:
1982 dollars
Imolicit once deflator
4.4
3.3
3.0
4.1
2.5
4.7
3.8
4.0
2.9
4.6
2.8
3.2
.4
3.2
2.0
5.4
46
31
3.0
3.9
2.5
4.8
3.9
3.3
2.8
4.3
2.8
2.9
.1
3.3
2.0
4.9
5.2
2.8
3.2
3.9
4.6
5.8
2.4
3,0
2.8
4.3
3.6
3.3
.4
3.9
1.4
4.2
8.5
4.4
8.7
4.0
8.9
4.3
11.9
6.6
6.5
.8
6.5
4.4
7.0
2.4
10.2
2.5
Addenda:
Gross domestic purchases:
Chain price index.
Fixed investment:
Current dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
1989
Final sales:
1982 dollars
Chain price index
Fixed-weighted price index
Final sales to domestic purchasers:
1982 dollars
Chain price index
Business:
1982 dollars
Implicit price deflator
.
Nonfarm:
1982 dollars
Implicit price deflator
Disposable personal income:
Current dollars
1982 dollars
•
Exports of goods and services:
1982 dollars1
Implicit price deflator
Chain price index
Fixed-weighted price index
Imports of goods and services:
Current dollars l
1982 dollars '
Implicit price deflator
Chain price index
Fixed-weighted price index
,
,
Q
1. Percent changes for 1986 and the first quarter of 1986 reflect discontinuities in the series.
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 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.
17
SURVEY OF CURRENT BUSINESS
June 1990
NIPA Charts
Dec. Nov.
P
T
1964 65
66
67
68
69
70
Jan. July
P T
71
72
73
74
75
76
77
78
79
80
July
P
81
Nov.
T
82
83
84
85
86
87
88
89
90 1991
18
SURVEY OF CURRENT BUSINESS
Percent Change
•~-*i—^
\.
Percent Change
.101
—
1 GNP PRICE INDEX (FIXED WEIGHTS)1
• GROSS DOMESTIC PURCHASES PRICE INDEX
(FIXED WEIGHTS)1
REAL GNP1
REAL GROSS DOMESTIC PRODUCT1
10
198?
June 1990
1988
,
1989
^
r 1990
Percent Change
1987
Biflfon $
500
I CORPORATE PROFITS WITH IVA AND CCAdj2
I CORPORATE PROFITS BEFORE TAX 2
REAL GROSS DOMESTIC PURCHASES1
REAL FINAL SALES TO DOMESTIC PURCHASERS1
10
400
300
200
100
1990
198T
Percent Change
1987
Percent
10
PERSONAL SAVING RATE3
1
REAL DISPOSABLE PERSONAL INCOME
lluil.lit
I
; ' ' " 1990
1987 ;
;12Percent clmn^e; at; annual rate from .pr&e&ng quarter; >ased dri:s0aspAaliy adjusted; estimates,
Seasonally adjt*ste(3; annual ralB; JVA k ,joven^ry vaiua^on adjustment and CCAiJj \i ^pital consumption
3
Personaj savirtg- as;pereenta0|-of disposal pef^onai income? based on seasQrta1y,adlusted jestjrr^L,, ,
U,S.i Department of Commerce, Bureau
1988
Analysis
19
SURVEY OF CURRENT BUSINESS
June 1990
Reconciliation and Other Special Tables
Table 1.—Revisions in Selected Component Series of the NIPA's, First Quarter of 1990
Seasonally adjusted at annual rates
Preliminary
Final
Percent change from
preceding quarter at annual
rates
Difference
Preliminary
Final
Billions of current dollars
GNP
5,431.4
5,433.1
1.7
7.0
7.1
National income
4434.7
4,438.3
3.6
8.6
9.0
3,285.3
3,285.5
.2
7.6
7.6
287.8
861.5
289.7
863.1
1.9
1.6
2.7
14.8
5.4
15.6
4,638.0
4,638.8
.8
9.4
9.4
Compensation of employees
Corporate profits with inventory valuation and capital consumption
Other
Personal income
Billions of constant (1982) dollars
GNP
Less' Exoorts
Plus' Imports
4,188.0
4,193.4
5.4
1.3
1.9
617.9
658.2
625.1
658.7
7.2
.5
7.7
2.7
12.8
3.0
4,228.4
4,227.0
-1.4
.7
.5
2,709.6
518.8
189.1
-5.9
816.7
2,704.3
520.4
188.6
-3.6
817.3
-5.3
1.6
-.5
2.3
.6
2.4
6.4
10.8
1.6
7.7
9.7
3.1
3.4
6.7
6.3
5.7
7.1
6.4
6.0
5.4
6.8
. .
Equals: Gross domestic purchases......
Personal consumption expenditures
Nonresidentialfixedinvestment .
Residential investment
.
Change in business inventories
„
...
. ...
,
!
Index numbers, 1982=100
GNP price index (fixed weights)
GNP price index (chained weights)
GNP implicit price deflator
. . ..
.
P
133.5
133.4
-.1
129.7
133.4
129.6
133.3
-.1
1. Not at annual rates
NOTE.—For the first quarter of 1990, the following revised or additional major source data were incorporated: For personal consumption
expenditures, revised retail sales for March; for nonresidential fixed investment, revised construction put in place for March and revised
manufacturers' shipments of equipment for March; for residential investment, revised construction put in place for March; for change in business
inventories, revised manufacturing and trade inventories for March; for net exports of goods and services, revised merchandise exports and imports
for March, revised investment income receipts and payments for the quarter, and revised services exports and imports for the quarter; for
government purchases of goods and services, revised State and local government construction put in place 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, revised domestic
book profits for the quarter and revised profits from the rest of the world for the quarter; and for GNP prices, revised residential housing prices for
the quarter.
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 Balan ce of Payments Accounts (BPA's)
[Billions of dollars]
Seasonally adjusted at annual rates
Line
1989
1989
I
IV
604.5
3.0
.1
.8
0
18.2
7.2
602.6
2.6
4.0
-6.5
0
18.6
7.4
618.2
2.1
2.9
-3.9
.1
19.0
7.5
635.0
2.4
-.4
3
-4.8
.1
19.4
7.6
I
Exports of goods and services, BPA's *
...
Less: Gold, BPA's
Capital gains net of losses in direct investment income receipts, BPA's 2
Statistical differences '
Other items 4
. .
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
603.2
2.5
1.9
-1.5
0
18.4
7.3
587.3
2.3
.7
3.5
0
17.8
7.1
8
625.9
605.6
626.1
628.5
643.5
664.7
Imports of goods and services, BPA's '
Less: Payments of income on U.S. Government liabilities
Gold BPA's
Capital gains net of losses in direct investment income payments, BPA's
Statistical differences '
. . . . ...
Other items
.
Plus: Gold NIPA's
Adjustment for U S territories and Puerto Rico
Imputed interest paid to foreigners
. .
. ...
Equals' Imports of goods and services, NIPA's
9
10
11
12
13
14
15
16
17
18
698.5
36.0
3.6
2.6
-1.6
0
-2.2
10.0
7.3
673.0
681.5
34.8
3.2
.4
-1.7
0
-2.2
10.0
7.1
659.6
707.1
35.7
3.7
2.9
3.0
0
-2.4
10.0
7.2
676.6
698.9
36.2
3.4
2.8
-1.9
0
-2.1
10.0
7.4
673.6
706.5
37.1
4.3
4.1
-5.9
0
-2.1
10.0
7.5
682.3
712.8
37.6
1.8
-1.2
5
-6.5
0
-2.2
10.2
7.6
696.6
Balance on goods and services BPA's (1—9) '
Less- Gold (2-11+15)
Capital gains net of losses in direct investment income, BPA's (3—12)
Statistical differences (4-13) '
Other items (5-14)
Plus1 Payments of income on U S Government liabilities (10)
Adjustment for U S territories and Puerto Rico(6— 16)
Equals' Net exports of goods and services NIPA's (8—18)
19
20
21
22
23
24
25
26
-95.3
-3.3
-.6
.1
0
36.0
8.4
-47.1
-94.2 -102.6
-3.1
-3.1
.3
-2.8
-2.2
5.1
0
0
34.8
35.7
7.8
8.2
-54.0
-50.6
-96.2
-2.9
1.2
-4.6
0
36.2
8.6
-45.1
-88.2
-4.2
-1.3
2.0
.1
37.1
9.0
-38.8
-77.8
-1.6
.8
6
1.7
.1
37.6
9.2
-32.0
1. The BPA estimates shown in this table for all time periods reflect this month's revision of the BPA's
(see "U.S. International Transactions, First Quarter 1990" in this issue of the SURVEY OF CURRENT BUSINESS).
The only NIPA estimates that reflect these revisions are the estimates for the first quarter of 1990; these firstquarter estimates incorporate the change in the BPA's estimates from the fourth quarter of 1989. The "statistical
differences" lines in this table reflect the differences in level between the BPA's and the NIPA's; the BPA levels
back to the first quarter of 1987 will be incorporated in next month's revision of the NIPA's.
2. As explained in the technical notes in the article cited in footnote 1, capital gains and losses associated
with currency translation adjustments on receipts of income from direct investment have been excluded from
exports of goods and services in the BPA's. All capital gains and losses will continue to be excluded from the
NIPA's.
1990
m
n
.
3. Includes -$0.9 billion resulting from revisions in Census Bureau merchandise trade data for March, which
became available too late for incorporation in the BPA's, but in time for incorporation in the NIPA's.
4. As explained in the technical notes in the article cited in footnote 1, transfers of goods and services under
U.S. military grant programs, net, have been reclassified as exports in the BPA's. In the NIPA's, however, these
transactions will continue to be included in Federal Government purchases; they will be included in "other items
5. Includes $0.5 billion resulting from revisions in Census Bureau merchandise trade data for March, which
became available too late for incorporation in the BPA's, but in time for incorporation in the NIPA's.
6. See footnotes 3 and 5.
By CAROL S. CARSON and JEANETTE HONSA
The United Nations System of National Accounts:
An Introduction
The United Nations System of National Accounts (SNA) is not widely
known in the United States. However, interest is growing. Early this year,
a working group on improving economic statistics, chaired by the Chairman
of the Council of Economic Advisers and including the Commerce Department's Under Secretary for Economic Affairs, recommended that the United
States move to the SNA, and the BEA budget now before Congress requests
funds for such a move by the mid-1990's.
The SNA provides a more comprehensive, integrated picture of the economy than the present U.S. economic accounts. In particular, it integrates
the recording of the economy's stocks and flows, both financial and nonfinancial. Thus it provides a better analytical base for policy. Most other
countries follow the SNA, adapting it to fit their economies and statistical systems; were the United States following the SNA, U.S. measures of
economic growth, inflation, the saving rate, and other key policy variables
would be more comparable with those from other countries. Because policy
is increasingly formulated in an international setting, comparability across
countries is becoming even more important. The SNA is currently being
revised to reflect advances in economic accounting in the last 20 years and
the emergence of new economic institutions and policy concerns, and thus
a move by the United States to the SNA over the next few years would be
opportune.
This article introduces the SNA. The first part of the article describes the
SNA as a system, comparing and contrasting it with the U.S. economic accounts in very general terms. The second part presents estimates prepared
by BEA, based on a set of reconciling adjustments, that approximate some
of the major aggregates of the SNA. Although this part focuses on differences, the many similarities in coverage and presentation between BEA's
national income and product accounts and the corresponding part of the
SNA are noteworthy. The third part describes the revision of the SNA that
is currently under way.
Part 1. The SNA as a System
The SNA has had two main goals: To facilitate international comparisons and to serve as a guide to countries as
they develop their own economic accounting systems. Most
countries with market economies use the SNA as a guide.
By doing so, they take advantage of the substantial body
of experience that the SNA represents and increase the
comparability of their estimates with those of other countries. The European Communities adopted a version of the
SNA to be followed by its member countries beginning in
1970. Canada, which—along with the United Kingdom—
cooperated with the United States in developing national
income and product accounts during World War II, follows
the broad outline of the SNA. Japan and Australia moved to
the SNA after the 1968 revision. Until recently, countries
with centrally planned economies followed the System of
Balances of the National Economy, also called the material
product system, or MPS. (This system was developed by an
economic organization of which these countries are members to accord with the theory on which their economies are
based, and it is used by the United Nations to report information from them.) Consistent with their transition to
market-oriented economies, the Soviet Union and a number of the others either are preparing accounts on both an
SNA basis and on an MPS basis or are moving to the SNA.
The SNA aims to record all the stocks and flows that are
defined as part of the economy. Like other sets of economic
accounts, it does so by grouping transactors and transactions in a way that is 2meaningful for economic analysis,
forecasting, and policy,
For transactors, the SNA groups households, governments, and business enterprises (financial and nonfinancial) into sectors (table 1). However, some transactors
1 HE origins of the System of National Accounts (SNA)
can be traced back to some of the same theoretical developments and economic conditions that helped shape the
U.S. accounts during the 1930's and early 1940's. The first
SNA was drafted by a group of experts from various countries (including the United States) under the auspices of
the United Nations and was adopted by the U.N. Statistical Commission in 1953. The 1953 SNA drew on work in
a number of countries and by the predecessor of the Organisation for Economic Co-operation and Development. A
central feature was that it placed national income and product totals, which at one time had been the center of interest,
in an integrated system of economic transactions. This system was similar to the five-account summary of the U.S.
national income and product accounts (NIPA's). Like the
U.S. accounts, it defined the economy essentially in terms of
market transactions, and it presented consumption, investment, and saving measures in addition to the income and
product totals. A revision of the SNA in 1968 substantially
extended the U.N. system to include input-output accounts,
flow of funds accounts, and balance sheets.1
NOTE.—Carol S. Carson, who is participating in the revision of the SNA,
wrote the first and third parts of the article. Jeanette Honsa prepared the
SNA-basis estimates and wrote the second part of the article.
1. The publication following that revision, often referred to as the "Blue Book,"
can be taken as representing the present SNA; see United Nations, A System of
National Accounts, Studies in Methods, Series F, No. 2, Rev. 3 (New York: United
Nations, 1968). A subsequent publication rounded out the guidelines on balance
sheets; see United Nations, Provisional International Guidelines on the National
and Sectoral Balance-Sheet and Reconciliation Accounts of the System of National
Accounts, Statistical Papers, Series M, No. 60 (New York: United Nations, 1977).
A useful overview of the present SNA is in National Accounts Statistics: Main Aggregates and Detail Tables, 1986\ see the box "International Estimates of GNP and
GDP."
20
2. For a discussion of the principles of economic accounting with particular reference to the United States, see "An Introduction to National Economic Accounting"
in the March 1985 SURVEY OF CURRENT BUSINESS. This article, by Allan H. Young and
Helen Stone Tice, is reprinted as Methodology Paper Series MP-1 (Washington, DC:
U.S. Government Printing Office, 1985).
June 1990
SURVEY OF CURRENT BUSINESS
are not easily grouped because they have characteristics
of more than one of these sectors. The SNA deals with
these transactors either by treating them as a separate sector or by combining them with one or more of the other
sectors. Private nonprofit institutions serving households
are grouped into a separate sector. Some unincorporated
enterprises are in the business enterprise sector, and the
others are in the household sector. Foreigners, to the extent that they have transactions with residents, are treated
like a sector, called the rest of the world. In addition, the
SNA groups producing establishments into industries (or
the equivalent).
The SNA groups transactions according to the major
categories of economic activity—production, income and
outlay, capital accumulation, and capital finance. The
transactions—often referred to as "flows"—are supplemented by revaluations for price change; together the
flows and revaluations "explain" the differences between
the opening and closing balance sheets, which record the
stocks of assets and liabilities at a point in time (table 2).
Each group of flows and the stocks are arranged in a
two-sided account in which the totals balance either by
definition or by inclusion of a balancing item. When the
transaction (and associated stock) accounts are set up for
each transactor group, the result is a set of macroeconomic
accounts for the Nation and for the several sectors (and
industries). The SNA aggregates—such as gross product,
saving, and national wealth—are usually a total for an
account or a balancing item. Although the derivation of
aggregates is not the main purpose of the SNA, the agTable 1.—SNA Grouping of Transactors into Sectors
I. Nonfinancial enterprises, corporate and quasi-corporate
A. Private
1. Corporations
2. Unincorporated units owned by nonresidents
3. Large partnerships and sole proprietorships with complete accounts
4. Nonprofit institutions mainly serving business
B. Public
1. Public corporations
2. Large unincorporated units that sell mostly to the public
II. Financial institutions
A. Central bank
B. Other monetary institutions
C. Insurance companies and funded pension funds that are not part of public
social security schemes and that engage in capital market transactions
D. Other financial institutions
III. General government—all public agencies not elsewhere classified (bodies
carrying out the usual functions of government and providing services free or at
less than cost; nonprofit institutions controlled by or financed (at least mainly)
by public authorities or serving government; social security arrangements for
large sections of community; unincorporated public units that produce mainly for
government or sell to the public on a small scale; lending and saving bodies that
are financially integrated with government or lack authority for independent
market activity)
A. Central government
B. State and local government
C. Social security funds
IV. Private nonprofit institutions serving households—institutions not financed (at
least mainly) or controlled by government, employing the equivalent of two or
more persons, and furnishing services free or at less than cost
V. Households—resident households plus unincorporated enterprises not in I and
private nonprofit institutions not in IV
VI. Rest of the world l
1. Treated as a sector.
SNA System of National Accounts
21
gregates are useful summary indicators for analysis and
comparisons over time and space.
The accounts for the Nation and sectors are supplemented in several ways. A set of tables provides for recording additional information—either detail not easily shown
in account form or information related, but not integral,
to the accounts. Standard classifications are indicated for
industries, the functions of government, household expenditure on goods and services, capital formation, etc. Finally,
guidelines are provided for constant-price measures.
Thus, the SNA provides a comprehensive framework: It
includes measures of production, income, saving and investment, and wealth; it encompasses both domestic and
foreign activities; it links financial and nonfinancial transactions; and it provides for both current and constant-price
measures. Further, the SNA is an integrated system—that
is, the several subsets of accounts use consistent definitions,
classifications, and accounting conventions (valuation, time
of recording, extent of consolidation, extent of netting,
etc.).3
The SNA includes accounts that are separate systems in
the United States. The NIPA's, prepared by BEA, cover
the transactions that are grouped in the SNA as production, income and outlay, and capital accumulation. The
input-output accounts, also prepared by BEA, cover the production accounts by industry. The flow of funds accounts,
prepared by the Federal Reserve Board, cover the financial transactions. Finally, the Federal Reserve Board also
prepares revaluation accounts and balance sheets, but they
only cover the private domestic sectors. (The SNA does not
include balance of payments accounts, but the SNA's restof-the-world transactions and the International Monetary
Fund's balance of payments guidelines have moved closer
together.)
Compared with the U.S. economic accounts, the SNA is
more comprehensive in coverage. The U.S. accounts do not
include a complete set of either revaluation accounts or of
balance sheets. In addition, the SNA is more fully integrated. For the U.S. accounts, the NIPA's and input-output
accounts are integrated conceptually and statistically. The
NIPA's and BEA's balance of payments accounts differ conceptually and statistically, but they are reconciled by a few
regularly published items. The NIPA's and the flow of funds
accounts also differ conceptually and statistically; they are
not fully reconcilable.
The SNA's definitions, classifications, accounting structure, and accounting conventions differ to some extent
from those used in the U.S. accounts. With regard to the
sector definitions, the SNA includes some unincorporated
enterprises in the household sector and treats nonprofit
institutions serving households as a separate sector; the
U.S. accounts include all unincorporated enterprises in the
business sector and include the nonprofits in the household
sector. With regard to accounting structure and conventions, the SNA details the sector accounts more fully. The
SNA presents a set of production, income and outlay, and
capital accumulation accounts for each sector; the usual
NIPA presentation of these accounts is more consolidated,
although the separate sector accounts can be derived. The
NIPA's five-account summary presents, for example, a pro3. In fact, the integration is not yet complete, partly because several unforeseen
problems were encountered in developing guidelines for balance sheets in the decade
following the publication of the guidelines for the flows.
22
SURVEY OF CURRENT BUSINESS
June 1990
Table 2.—SNA Grouping of Stocks and Flows into Accounts
Account
Key aggregates
Balance sheet, opening....
National wealth, net worth..
Accounts for the Nation and the sectors show assets (financial, tangible, and
nonfinancial intangible), liabilities, and net worth.
Production
GDP, value added
A consolidated account for the Nation shows GDP as the total of the income and
expenditure components. Accounts for the sectors and industries show output
(sales, etc.), intermediate consumption, and value added (compensation of
employees, operating surplus, etc.).
Income and outlay..
National disposable income, saving.
A consolidated account for the Nation shows disposable income as the total.
Accounts for the sectors show the forms in which income is received
(compensation of employees, operating surplus, property and entrepreneurial
income, and current transfers), disbursements (final consumption expenditures,
property income, current transfers, etc.), and saving.
Capital accumulation..
Capital formation...
A consolidated account for the Nation shows saving, capital transfers to foreigners,
and capital formation. Accounts for the sectors show finance of accumulation
(saving and capital transfers) and accumulation (capital formation, purchases of
land, purchases of nonfinancial intangible assets, capital transfers, and net
lending).
Capital finance...
Net lending
Accounts for the Nation and the sectors show acquisition of financial assets
(deposits, securities, loans, etc.), incurrence of liabilities (deposits, securities,
loans, etc.), and net lending.
Revaluation..
Holding gain or loss..
Accounts for the Nation and the sectors show changes in the value of assets and
liabilities as a result of price changes (and some reconciliation items, such as for
unforeseen events and for new finds less depletion of natural resources).
Balance sheet, closing..
National wealth, net worth..
Accounts for the Nation and the sectors show assets (financial, tangible, and
nonfinancial intangible), liabilities, and net worth.
Coverage
NOTE.—This presentation is a stylized summary based on the SNA standard accounts and supporting tables.
GDP Gross domestic product
SNA System of National Accounts
duction account that is consolidated for all sectors combined
with the income and outlay account for the business sector.
These differences and others that will be discussed in
part 2 exist for several reasons. Some arise because the
U.S. system has been constructed to fit the U.S. economy and to use the data that are, or could reasonably be,
available, whereas the SNA is meant to be a universal system without compromises to fit specific national situations.
Some of these differences exist even for countries that follow the SNA. Some other differences are with respect to
economic accounting issues that are generally agreed to
have no "correct" answer (and where concern for international comparability of economic measures might tip the
balance toward the SNA answer).
Part 2.
BEA's Estimates of SNA Aggregates
This part of the article focuses on the subset of SNA
accounts that corresponds to the NIPA's. In doing so, it
moves the comparison and contrast of the SNA and the
U.S. accounts from the general to the specific. This part
serves two purposes. Pragmatically, it explains how the estimates of major U.S. aggregates on an SNA basis published
by the international organizations are reconciled with the
NIPA estimates published by BEA. (See the accompanying
box for references to publications that present U.S. estimates on an SNA basis.) More generally, in explaining the
reconciliations, it introduces several economic accounting
issues, some of which are mentioned again in discussing
the revision of the SNA.
The SNA-basis estimates described in this part are prepared by BEA in response to a questionnaire used by
the United Nations and the Organisation for Economic
Co-operation and Development.4 The annual estimates prepared for this purpose are conversions of the published
NIPA estimates to the SNA basis by a series of reconciling5
adjustments based on underlying detail and related data.
The adjustments are not able to deal with all differences.
In particular, adjustments cannot be made when the information needed to quantify a definitional or classification^!
difference is not currently available. For example, information is not available to adjust inventories to exclude the
kinds of livestock—breeding stock, dairy cattle, animals
raised for wool, etc.—that are treated in the SNA as fixed
capital formation. In addition, some of the adjustments
only roughly approximate the SNA definition or classification. Further, the adjustments do not deal with some other
differences, such as those related to valuation. For example, the SNA records merchandise exports on a "free on
board," or f.o.b., basis and imports on a "cost, insurance,
4. The questionnaire for 1988, the most recent year for which it is available,
consisted of 66 tables. The United States, like most countries, supplied considerably
less than the full set. The United States submitted 49 tables; 41 were derived
from the NIPA's, and 8 were derived from the Federal Reserve Board's flow of funds
accounts.
5. A standard package of computer listings showing the conversion of annual NIPA
estimates into 10 of the major SNA tables is available from BEA. The cost is $25.
New listings are usually available in December, covering the same 4 years as the
NIPA estimates published the preceding July. Orders, accompanied by a check or
money order payable to Economic and Statistical Analysis/BEA, should be addressed
to the National Income and Wealth Division, BE-54, Bureau of Economic Analysis,
U.S. Department of Commerce, Washington, DC 20230. Custom computer listings,
detailing other years (1960-88) or other SNA tables, are available at cost; for more
information, write the same address or call (202) 523-0669.
23
SURVEY OF CURRENT BUSINESS
June 1990
and freight," or c.i.f., basis (with additional f.o.b. information); because of data limitations, BEA records exports and
imports on a "free alongside ship," or f.a.s., basis.
Tables 3 and 4 show how the adjustments affect expenditures on gross domestic product (GDP) and charges against
GDP, respectively. For 1988, the latest year for which there
is a reconciliation, SNA-basis GDP is about three-fourths
of 1 percent less than NIPA-basis GDP; prior to 1986, the
two GDP measures differed by less. These tables also show
some of the differences in magnitudes of the major components and introduce some of the differences in terminology
between the two systems.
The discussion that follows will deal with (1) the principal
measure of production in each system; (2) three differences
between the NIPA's and the SNA that cause differences in
total GDP; (3) some differences that cause NIPA components to differ from their SNA counterparts but that do not
affect total GDP; (4) differences in types of income and in
saving; and (5) differences in presentation.
Principal measure of production
Gross national product (GNP) is the principal measure of
aggregate production in the NIPA's; GDP is the principal
measure in the SNA. The NIPA's focus on GNP, but they
show GDP as a subtotal in a table that presents product
by sector. The SNA includes only GDP, but the U.N. publications show GNP in a reconciliation of commonly used
aggregates.
Gross national product is the market value of goods and
services produced by labor and property supplied by residents of a country, regardless of whether or not that labor
and property is located within the geographical confines of
the country. Gross domestic product is the market value of
goods and services produced by labor and property located
within the geographical confines of the country, regardless
of the residence of that labor and property. The difference
between the two measures is net factor income received
from abroad, which is included in GNP but not in GDP
(table 5). Net factor income received from abroad is the
difference between factor income earned abroad by U.S. residents, on the one hand, and factor income earned in the
United States by foreign residents, on the other; it can,
therefore, be either positive or negative.6 GDP is usually
thought to be preferable for analyzing production and employment, for example, because these variables may need
to be related to a geographic area. GNP may be preferable
for analyzing the sources and disposition of income, because
receipts from and payments to the rest of the world may be
relevant parts of the total picture.
For the United States, annual growth rates of GNP and
GDP differ by less than one-half percentage point because
net factor income received from abroad is small compared
with the rest of the economy. For other countries, however,
the two measures can be quite different. For countries that
have had much more investment from abroad than they
have invested abroad, GDP can be significantly higher than
GNP. For countries that have a sizable number of residents
who work abroad, GNP can be noticeably higher than GDP.
Differences that affect GDP
Government nonmilitary structures and equipment, imputed charges for certain financial services, and Federal
Government pensions affect GDP differently in the NIPA's
than in the SNA. As illustrated in table 5, the treatment of
the first and third of these items has tended to make GDP
higher in the SNA than in the NIPA's in recent years, but
this tendency has been more than offset by the treatment
of the second item.
Government nonmilitary structures and equipment.—-The
NIPA's do not distinguish between government purchases
on current account (that is, "consumption") and government
purchases on capital account (that is, "investment"); all
government purchases are treated as current-account purchases. The SNA does make this distinction. Purchases of
nonmilitary structures and equipment are assigned to the
6. Net factor income from abroad on the SNA basis differs from that on the NIPA
basis: (1) SNA-basis factor incomes do not include reinvested earnings of direct
investors and (2) SNA-basis factor incomes do not include imputed interest (see the
section on the imputation for financial services).
Table 4.—Charges Against GDP, NIPA and SNA, 1988
Billions of dollars]
SNA
NIPA
Table 3.—Expenditures on GDP, NIPA and SNA, 1988
Billions of dollars]
SNA
NIPA
Personal consumption expenditures
3,235.1
3,202.0 Private final consumption expenditure
Compensation of employees'
2,907.7
944.7 Operating surplus' 2
440.2 Corporate and quasi-corporate enterprises
504.5 Private unincorporated enterprises
Indirect business tax and nontax liability
393.5
363.9 Indirect taxes, net
393.5
Indirect taxes
29.6
Less: Subsidies
750.3
839.0 Gross capital formation
Change in business inventories
Fixed investment
30.6
719.6
15.8 Increase in stocks
823.2 Gross fixed capital formation
Less: Subsidies less current surplus of
government enterprises.
18.5
Government purchases of goods and
services.
968.9
883.7
Capital consumption allowances with
CCAdj.
513.6
Net exports of goods and services l
-107.0
Exports!
Imports '
GDP
430.9
537.9
4,847.3
424.0 Exports of goods and services '
537.9 Less: Imports of goods and services '
4,810.8
GDP
1. In GDP, exports and imports exclude factor income.
^lloTE.—SNA GDP and exports of goods and services are $7.0 billion lower than submited to the
international organizations. The difference is a correction to the treatment of imputed exports of services of
financial institutions.
GDP Gross domestic product
NIPA National Income and product accounts
SNA System of National Accounts
Compensation of employees'
29.0
285.0
327.8
15.7
403.2
Gross private domestic investment
Government final consumption expenditure
2,922.4
Business transfer payments
Corporate profits with IVA and CCAdj'
Proprietors' income with IVA and CCAdj...
Rental income of persons with CCAdj
Net interest'
Statistical discrepancy
—9.6
Charges against GDP
4,847.3
589.4
-9.6
4,810.8
Consumption of fixed capital
Statistical discrepancy
Charges against GDP
1. In GDP, factor incomes exclude net payments to rest of the world.
2. In the SNA, the operating surplus includes the IVA and CCAdj.
NOTE.—SNA GDP and operating surplus of corporate and quasi-corporate enterprises are $7.0 billion lower
than submitted to the international organizations. The difference is the result of a correction to the treatment
of imputed exports of services of financial institutions.
CCAdj Capital consumption adjustment
GDP Gross domestic product
IVA Inventory valuation adjustment
NIPA National income and product accounts
SNA System of National Accounts
24
SURVEY OF CURRENT BUSINESS
Table 5.—Reconciliation of NIPA GNP to SNA GDP, 1988
[Billions of dollars]
GNP, NIPA
4,880.6
Less: Net factor income from the rest of the world
33.3
Equals: GDP, NIPA
4,847.3
Plus: Services of nonmilitary government structures and equipment—capital consumption
allowances with CCAdj
Less: Imputed financial service charges
.,
Plus: Federal Government pensions
Equals: GDP, SNA
57.5
104.0
10.0
'.
4,810.8
CCAdj Capital consumption adjustment
GDP Gross domestic product
GNP Gross national product
NIPA National income and product accounts
SNA System of National Accounts
capital account (and included in gross capital formation).
The rationale is that these items yield useful services for
much longer than a single accounting period, and their purchase cannot, therefore, be regarded as a current cost of
that accounting period alone. Other nonmilitary purchases,
along with virtually all military purchases, are assigned
to the current account (and included in government final
consumption expenditure).
Treating government structures and equipment as investment requires that the current account include the
value of the services that the capital assets provide. The
value of these services covers depreciation (that is, the consumption, or using up, of fixed capital) and a net return on
the capital assets. The NIPA treatment can be traced to
the difficulty of estimating these services. In the business
sector, the value of services rendered by capital is reflected
in property incomes, including profit; profit is measured by
subtracting the costs of production from the market value
of output. Because government output is not normally sold
on the market, this calculation cannot be made; the value
of services provided by government capital must be imputed. Although BEA does not make this imputation for
the NIPA's, it does estimate the depreciation on government
assets; the depreciation estimates are part of its capital
stock estimates, which include government structures and
equipment.
In the SNA, only capital consumption is included as a
measure of the value of the services of government assets.
Further, the SNA does not provide for capital consumption
on all government assets. Because of the practical difficulties of making the estimates, capital consumption is not
provided for in the case of government assets such as roads,
dams, breakwaters, or other forms of construction except
structures. This treatment is rationalized by suggesting
that outlays on repair and maintenance may be sufficient
to maintain the assets in their original condition.
Thus, both the NIPA and SNA treatments are reflections
of the practical difficulties of imputing the value of the services of government capital. Several approaches to such
an imputation are available. One approach is to impute a
value to the services of government assets on the basis of
the market value of the services of similar private assets.
The value of the services of government-owned office buildings, for example, might be imputed on the basis of rents
actually earned by privately owned office buildings. (This
procedure is used for the value of services of owner-occupied
residential buildings.) For many government assets, however, close market analogies are not available. Another
approach is a cost-based approach, in which the value of
June 1990
the services is estimated as the sum of depreciation and
an imputed value that is calculated by applying a rate of
return—often a rate on an alternative investment—to the
net stock of government assets. Several groups of U.S.
researchers have applied variants of this approach, using
BEA's depreciation and stock estimates. One of the problems encountered is in determining the appropriate rate of
return to apply to the stock. This difficulty is suggested by
the wide range found by a study that calculated four estimates using alternative assumptions about the rate. For
1979, the estimated value of the services of government
capital in the United States ranged from $90.1 billion to
$163.4 billion, and for the 1969-79 decade, the average annual changes in the four estimates ranged from 8.2 percent
to 11.4 percent.7
Imputation for financial services.—Measuring the product of banking has been a continuing source of bedevilment
to economic accountants. It is probably fair to say that
no single solution to the problem enjoys much enthusiastic support. (Other depository institutions present similar
problems. Historically the issue has been discussed under
the rubric of the "banking" imputation, and terminology for
that discussion is followed here for brevity.) Banks make
explicit charges for some of the services that they render,
but these charges are by no means the bulk of their income.
The bulk of their income is from interest, dividends, and
other property income. Because they pay much less interest than they receive, the application of standard economic
accounting rules to banks leads to small oif negative value
added by the industry.
The view that has been taken in economic accounting is
that banks make implicit charges for other services by paying out to depositors less interest than they earn in the
form of interest, dividends, and other property income on
deposited funds. The SNA and the NIPA's impute an estimate of this implicit charge and include it in the gross
product of banking. The SNA and the NIPA's also impute
an income payment and include it in net interest paid by
banking. In principle, the imputations are equal to the
difference between interest, dividends, and other property
income received on depositors' funds and interest paid on
depositors' funds.
The precise nature of the services for which the value is
imputed is not clear, however. Some explanations refer to
the services of liquidity provided by the financial institution. Others stress checking and bookkeeping services or
safety. In the NIPA's, these services are assumed to be
rendered to depositors; in the SNA, no explicit allocation is
made.
In the NIPA's, the value of these services is allocated
to the accounts of persons, government, business, and the
rest of the world in proportion to the deposit balances of
each sector. For persons and for government, expenditures
are increased by the value of imputed bank service charges
paid, and incomes are increased by the (identical) value
of imputed interest received. The increased expenditures
by these two sectors lead directly to increased GDP. For
businesses that receive imputed interest, in contrast, the
imputation has no effect on GDP: Net interest of these businesses declines by the amount of imputed interest received,
7. Frank D. Martin, J. Steven Landefeld, and Janice Peskin, "The Value of Services Provided by the Stock of Government-Owned Fixed Capital in the United
States, 1948-79," The Review of Income and Wealth, Series 30 (September 1984):
346.
SURVEY OF CURRENT BUSINESS
June 1990
but the decline is offset by the (identical) value of imputed
bank service charges paid. For the rest of the world, imputed bank service charges paid by the rest of the world are
considered to be payments for exports of U.S. services, and
higher exports lead directly to higher GDP. These higher
exports are not offset by higher imports because imputed
bank interest received by the rest of the world (representing payments for U.S. imports of capital) is a part of that
sector's factor incomes, which are excluded from GDP.
The SNA does not allocate the imputation to specific sectors. Instead, the SNA treats the entire imputation as
interest paid by banks to a dummy financial industry and as
imputed service charges received by banks from the dummy
industry. Value added by banks increases by the amount
of the imputation, and value added by the dummy industry
is negative in the same amount. As a result, GDP is not
affected by the imputation.
Both the NIPA and the SNA imputations are open to
criticism. Both are complex and difficult to explain and
both assign a value to a service that is not clearly defined.
In addition, the NIPA imputation may be criticized both
for assuming that services are rendered only to depositors
and for assuming that deposit balances (irrespective of the
25
turnover rates) are an appropriate indicator for allocating
those services. The SNA imputation may be criticized for
adopting the artificial device of a dummy industry.
Federal Government pensions.—In the NIPA's, the pension component of compensation of Federal Government
employees is measured by the Federal Government's contributions to pension funds. In the SNA, this component is
measured by the benefits paid by the pension fund.
To determine how to measure the pension component of
employee compensation, the SNA asks two questions. First,
is the pension plan funded—that is, does it maintain its assets separate from the employer's? Second, are the assets
of the pension fund invested only in securities other than
those of the employer? If the answer to either of these questions is "no"—and the answer to the second question is "no"
for Federal Government pension funds, which invest primarily in U.S. Government securities—then the SNA does
not regard the fund as separate from the employer. To
portray the outlays actually made, the SNA measures the
pension component of compensation by benefits paid.
In recent years, as benefits paid have exceeded employer
contributions, the effect of Federal pensions has raised
SNA-basis GDP relative to NIPA-basis GDP.
Differences that do not affect GDP
International Estimates of GNP and GDP
A short, annotated list of publications presenting GNP and GDP
estimates for the United States and other countries follows. Secondary sources (such as the Statistical Abstract of the United States)
are not included.
International Monetary Fund. International Financial Statistics Yearbook, 1989 (annual). Washington, DC: International
Monetary Fund, 1989. GNP/GDP in local currencies for over
100 countries on an SNA basis. Monthly update, International
Financial Statistics, presents current estimates.
Organisation for Economic Co-operation and Development
(OECD). National Accounts, Volume 1: Main Aggregates, 19601988 and Volume 2: Detailed Tables, 1975-1987 (annual). Paris:
OECD, 1989. For OECD countries on an SNA basis, volume 1
contains GDP in local currencies and in U.S. dollars (using both
exchange rates and purchasing power parities) and volume 2 contains GDP and other measures in local currencies. Quarterly update,
Quarterly National Accounts, presents current estimates, generally
on an SNA basis; U.S. estimates on a NIPA basis adjusted by the
OECD to put government purchases of structures and durables into
investment.
Statistical Office of the European Communities. National Accounts ESA-Aggregates, 1970-1987 (annual). Luxembourg: Statistical Office of the European Communities, 1989. GDP and various
measures for the 12 members of the European Community plus the
United States and Japan on the basis of the European System of Integrated Economic Accounts (ESA). Comparisons of GDP using both
purchasing power parities and the European Currency Unit based
on exchange rates.
United Nations. National Accounts Statistics: Main Aggregates
and Detailed Tables, 1986 (annual). New York: United Nations,
1989. GDP and other measures in local currencies for 165 countries
or areas—the SNA basis for market economies and the System of
Balances of the National Economy (MPS) basis for centrally planned
economies. Includes summary descriptions of both the SNA and
MPS.
U.S. Central Intelligence Agency (CIA). Handbook of Economic
Statistics, 1989 (annual). Washington, DC: U.S. Government Printing Office, 1989. World GNP, GNP/GDP, and per capita GNP/GDP
in U.S. dollars for 50 countries. U.S. estimates on NIPA basis as
published by BEA; other estimates by CIA using various sources.
World Bank. The World Bank Atlas, 1989 (annual). Washington,
DC: World Bank, 1989. GNP, total and per capita, in U.S. dollars
(using exchange rates) for 151 countries on an SNA basis.
Some aspects of government activity are treated differently in the NIPA's and the SNA without, however,
affecting GDP. Adjustments that affect components of GDP
without affecting the total are identified as shifts from government to other sectors in table 6. (Table 6 also includes
the other adjustments discussed so far.)
State and local government pension funds.—In the
NIPA's, pension funds for State and local government
employees are classified with government, and their administrative expenses are counted as government purchases of
goods and services. In the SNA, however, these funds are
classified along with private funds in the enterprise sector,
and their administrative expenses are counted as private final consumption instead of government final consumption.8
(The adjustment is labeled "Other" in the personal/private
consumption expenditure reconciliation.) Likewise, saving of these funds is classified as household, instead
of government, saving (see the section on differences in
saving).
Some services provided by government for payment.—
Goods and services provided by government to persons for
payment fall into three general classes. The first two are
treated similarly in the NIPA's and the SNA, but the third
is treated differently.9
First, fees are charged for some services that are strictly
governmental in nature. Examples include fees charged
for passports and drivers licenses. Both the NIPA's and
the SNA treat these transactions similarly; the fees do not
represent private consumption in either framework—they
are a form of nontax payment to government in the NIPA's
and government fee in the SNA.
8. State and local government contributions to pension funds are counted as part
of government compensation in the SNA, just as in the NIPA's.
9. For a discussion of the three classes in the NIPA's, see U.S. Department of
Commerce, Bureau of Economic Analysis, Government Transactions, Methodology
Paper Series MP-5 (Washington, DC: U.S. Government Printing Office, 1988): 5.
26
SURVEY OF CURRENT BUSINESS
Second, government enterprises provide goods and services that are very similar to those that are provided by
private firms, and they charge prices that are designed to
cover a substantial portion of the costs of providing the
good or service. Examples include State liquor stores and
the Tennessee Valley Authority. Purchases by households
(and businesses) from such enterprises are treated no differently than purchases from private suppliers. Purchases
by households enter the NIPA's and the SNA as private
consumption purchases from the business sector.
Third, governments provide some services that are similar to services provided by nonprofit organizations. Examples include services of State universities, government
recreational facilities, and public hospitals. In the NIPA's,
charges for these services are treated as nontax payments
and are not included in personal consumption expenditures. Instead, these services enter GDP as government
purchases, valued at the cost to the government of providing the services. In the SNA, the charges paid are
considered private consumption expenditure; the portion of
the cost of providing these services that is not covered by
consumer payments remains in government consumption
expenditure.
U.S. military grant programs.—In the NIPA's, goods and
services transferred by the U.S. Government to foreign
countries are counted as government purchases. In the
SNA, these transfers are counted as exports. One rationale
for the NIPA treatment is that these transfers are made
primarily to promote the security or other interests of the
United States and are made at the discretion of the U.S.
Government. (The adjustment is labeled "Other" in the
exports reconciliation in table 6.)
June 1990
Differences in types of income and in saving
Types of income.—The discussion of GNP and GDP so far
has dealt with the product (or expenditures) components;
summing these components is the approach to measuring
GNP or GDP most used in the United States. Alternatively,
gross product may be measured by summing value added
across industries. For this approach, both the SNA and the
NIPA's show compensation of employees, the consumption
of fixed capital, and indirect taxes less subsidies as charges
against gross product. However, the two systems differ in
their presentation of the return to capital.
In the SNA, the production account's remaining component of value added, the operating surplus, is defined
as the return to providers of all forms of capital. The
disbursement of the operating surplus, along with other
sources of income, is shown in the income and outlay accounts for the sectors and for the Nation. These accounts
show both receipts and payments of property income (interest, dividends, and rent), of entrepreneurial income, and of
miscellaneous income and transfers.
In the NIPA's, the production account for the Nation
is combined with the income and outlay account for the
business sector. As a result, instead of showing an aggregate return to capital, this account distinguishes corporate
profits, proprietors' income, net interest, rental income of
persons, operating surplus of government enterprises, and
business transfer payments. Moreover, both the dividend
component of corporate profits and interest are measured
net of receipts of similar income.
Saving.—In both the SNA and the NIPA's, saving is
derived as the difference between current receipts and
outlays. Total saving, whether gross or net of capital consumption, is larger in the SNA than in the NIPA's, because,
as previously discussed, the SNA treats government ex-
Table 6.—Reconciliation of NIPA GNP Components to SNA GDP Components,
1988
[Billions of dollars]
Government purchases of goods and services, NIPA
Plus: Services of government capital—capital consumption allowances with CCAdj
Federal Government pensions
Less.' Imputed financial service charges
Less shifts to other components:
Government investment
Payments to government for personal services
Other
Equals: Government final consumption expenditure, SNA
Personal consumption expenditures, NIPA
Less: Imputed financial service charges
Plus shifts from other components:
Payments to government for personal services
Other
Equals: Private final consumption expenditure, SNA
,
968.9
57.5
10.0
5.9
57.1
1.0
883.7
3,235.1
91.1
57.1
.9
3,202.0
Table 7.—Reconciliation of NIPA Net Saving to SNA Net Saving, Total and by
Sector, 1988
[Billions of dollars]
Total net saving, NIPA
Plus: Government investment
Less: Services of total government capital—government capital consumption allowances with
CCAdj
„.
Equals: Total net saving, SNA
128.8
88.8
Personal saving, NIPA
Plus: Estate and gift taxes paid
Plus shifts from other sectors:
Shift of State and local government retirement funds from government to personal sector
Equals: Household saving, SNA
144.7
11.5
Gross private domestic investment, NIPA
Plus shifts from other components: Government investment..
Equals: Gross capital formation, SNA..
750.3
88.8
839.0
Corporate saving (undistributed corporate profits with IVA and CCAdj), NIPA
Plus: Income of Federal Government enterprise pensions from interest and employee contributions....
Plus shifts from other sectors:
Shift of net saving of government enterprises from government to business sector'
Equals: Corporate and quasi-corporate enterprise saving, SNA
Exports of goods and services, NIPA
Less: Factor income payments from the rest of the world
Imputed financial service charges
Plus shifts from other components: Other
Equals: Exports of goods and services, SNA
547.7
116.7
7.0
.1
424.0
Government surplus or deficit (-), NIPA....;
Plus: Government investment
Less: Services of total government capital—government capital consumption allowances with
Imports of goods and services, NIPA
Less: Factor income payments to the rest of the world
Equals: Imports of goods and services, SNA
621.3
83.4
537.9
NOTE.—SNA exports of goods and services are $7.0 billion lower than submitted to the international
organizations. The difference is the result of a correction to the treatment of imputed exports of services of
financial institutions.
CCAdj Capital consumption adjustment
GDP Gross domestic product
GNP Gross national product
NIPA National income and product accounts
SNA System of National Accounts
Estate and gift taxes received
,
Income of Federal Government enterprise pensions from interest and employee contributions
Less shifts to other sectors:
Shift of State and local government retirement funds from government to personal sector
Shift of net saving of government enterprises from government to business sector
Equals: General government saving, SNA
75.9
141.7
68.1
224.3
80.3
7.5
-12.0
75.8
-96.1
88.8
11.5
7.5
68.1
—12.0
-158.4
1. Net saving of government enterprises is calculated as NIPA current surplus of government enterprises,
less government enterprise capital consumption allowances with capital consumption adjustment, plus
adjustment for Federal Government enterprise pensions.
CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
NIPA National income and product accounts
SNA System of National Accounts
June 1990
SURVEY OF CURRENT BUSINESS
penditures on nonmilitary structures and equipment as
investment and includes the consumption of this capital in
the current account, where it is included in government
final consumption expenditure.
The allocation of saving among sectors also differs substantially between the SNA and the NIPA's. Table 7 shows
a reconciliation of NIPA and SNA net saving by sector. The
largest sectoral difference is in the treatment of State and
local government pension funds; as mentioned earlier, in
the NIPA's, the saving of these funds is included in government saving, and in the SNA, it is included in household
saving. Because these funds are currently running a substantial surplus, the surplus in State and local government
social insurance funds (and thus government saving) is
lower, and personal saving is higher, in the SNA than in
the NIPA's.
The table also shows two smaller differences. (1) In the
NIPA's, estate and gift taxes are included in personal outlays and in government receipts and thus affect saving of
the two sectors. In the SNA, they are treated as capital
transfers and, therefore, do not affect saving. (2) In the
NIPA's, government enterprises are given a mixed treatment in which some types of transactions are recorded as
if they were part of the government sector and others as if
they were part of the business sector.10 In the SNA, public
enterprises are included in the enterprise sector.
Differences in presentation
The extent of netting.—The SNA does not net offsetting transactions to the same extent as the NIPA's. For
example, the SNA income and outlay account of the enterprise sector shows the receipt of dividends on one side
of the account and the payment of dividends on the other.
In contrast, the NIPA measure of corporate dividends is
net dividends paid (that is, dividends paid less dividends
received). Thus, enterprise income and total outlays in
the SNA are larger than comparable NIPA measures (although this difference in treatment does not change sectoral
saving).
Base year for constant-dollar estimates.—The base year
for calculation of constant-dollar estimates in the international organizations' publications usually differs from
that in BEA's publications. Currently, the U.N. publications show 1980 as the base year; the BEA publications
shows 1982 as the base year. When BE A converts NIPA
1982-dollar estimates to SNA 1980-dollar estimates, the
NIPA estimates are rebased at detailed expenditure levels. The year used for the base period affects the levels
of constant-price GDP (and components) and the rates of
growth calculated from them. Levels of constant-price GDP
usually are higher with a later base period because inflation
reduces the purchasing power of the unit of account—the
dollar, for example—in which it is measured. The later
base period also tends to result in lower rates of growth, reflecting the inverse relationship between price and quantity
changes that generally prevails over long timespans.
10. For a discussion of the treatment of government enterprises in the NIPA's, see
U.S. Department of Commerce, Bureau of Economic Analysis, Government Transactions, Methodology Paper Series MP-5 (Washington, DC: U.S. Government Printing
Office, 1988): 6-8.
27
Part 3. The Revision of the SNA
The revision of the SNA currently underway is based on
a worldwide review of progress in economic accounting over
the last 20 years and of the needs for domestic and crosscountry analysis and policy formulation. This part first
describes the revision process. Next, it describes some of
the recommendations for revision. It illustrates the definitional and classificational revisions with those that relate
to the issues discussed in part 2, and it summarizes some
of the revisions to the accounting structure that highlight
the comprehensiveness of the SNA and its flexibility. Finally, this part discusses the unresolved issues relating to
the definition of investment and environmental accounting.
Goals and organization of the revision
Early in the process, it was decided that the revision
would not make major conceptual changes or extensions.
Instead, the revision would update the SNA, clarify and
simplify its presentation, and harmonize the SNA with
other international guidelines. The goal of updating the
SNA was to reflect new economic institutions, statistical
developments, and new analytical applications. For example, the SNA does not deal with the value added tax,
which is now widely used in Europe and which poses difficulties for economic accounting. The goal of clarifying
reflects a widely felt need for a publication describing the
system that is easier to understand, and simplifying has
come to be interpreted as the need for a series of handbooks
to explain how the system could be put into practice. The
harmonizing is to be with the guidelines for the System of
Balances of the National Economy, other international statistical systems (such as the Balance of Payments Manual
and A Manual on Government Finance Statistics prepared
by the International Monetary Fund), and international
classification systems (such as the International Standard
Industrial Classification of all Economic Activities and the
Classification of the Functions of Government).
The process has been planned and funded by the United
Nations, the Organisation for Economic Co-operation and
Development, the Statistical Office of the European Communities, the International Monetary Fund, and the World
Bank. These organizations, operating through an InterSecretariat Working Group, arranged a series of eight
topical "expert group" meetings beginning in 1986. These
meetings reviewed issues and made recommendations for
revision. The participants reflected the balancing of several
perspectives—producers of economic accounts and users,
economic accounting generalists and specialists, national
statistical offices and international organizations. Five
"core" experts participated in all meetings to provide continuity. Beginning in January 1989, the core experts were
supplemented by six other experts to become the "coordinating group." This group will make recommendations on
unresolved issues, review drafts, and otherwise see the revision through to the end. U.N. consultants—a primary
author and several others doing selected parts—are preparing a draft of the revised SNA manual. The drafting is
largely based on the recommendations made in the expert
group meetings.
As of mid-1990, a provisional draft of the revised SNA
manual and a discussion paper prepared by the InterSecretariat Working Group are being circulated to national
28
SURVEY OF CURRENT BUSINESS
Information About the SNA Revision
The SNA revision process has been extensively documented. Background papers were prepared for each of the expert group meetings,
a summary set of conclusions was agreed upon by each expert group,
and a full report of each meeting was prepared. For a copy of the
summary paper "System of National Accounts (SNA) Review Issues,"
prepared for the 1990 U.N. regional commission meetings, write Mr.
Jan van Tbngeren, National Accounts and Special Projects Branch,
United Nations Statistical Office, United Nations, New York, NY
10017.
The Conference on Research in Income and Wealth, affiliated with
the National Bureau of Economic Research, is planning a workshop
on the SNA revision. This workshop, scheduled for November 1990,
will be a forum for comment.
statistical offices and will be discussed in meetings of the
U.N. regional commissions. A final draft of the revised
manual, reflecting comments on the provisional draft and
discussions in the coordination group, is to be submitted
to the U.N. Statistical Commission for approval in early
1993. (See the accompanying box for information about
documentation of the revision process and the status of the
recommendations.)
Recommendations for revision
The recommendations—which include several hundred
individual points—range from conceptual issues to specific
treatments. Despite the diversity, several themes have
emerged; they include improving the integration of flows
and stocks, adapting the accounts to portray economies
experiencing inflation, improving the measurement of the
household sector, and updating the treatment of financial
institutions and transactions.
Several of these recommendations are related to issues
discussed in part 2, and they will serve to illustrate the
kinds of definitional and classificational revisions being
considered.
• Reintroduce GNP as one of the family of aggregates.
However, because GNP is derived by adding net factor
income from the rest of the world to GDP, it would be
considered an income aggregate rather than a value
added aggregate (and it may be renamed gross national
income).
• Eliminate for government employee pension funds the
criterion of classification regarding the investment of
funds in the employer's own securities. (If the pension
fund invested only in the employer's securities, it was
classified in the sector of the employer.) Thus, government employee pension funds that have been classified
in the government sector could be classified with other
pension funds in the enterprise sector.
• Broaden the definition of government capital formation to include expenditure on goods purchased for the
military when the expenditure would be capital formation if made by others. Continue to treat as current
expenditure only expenditure on goods used solely as
weapons and means of delivering weapons.
• Introduce the calculation of capital consumption
for government assets such as roads, dams, and
breakwaters.
• Retain the calculation of the imputed bank service
charge as property income received by financial in-
June 1990
termediaries less interest paid and, instead of using
the device of a dummy industry, allocate the service
charge—to be renamed the imputed service charge for
financial intermediation—among final consumption of
government and households, exports and imports, and
intermediate consumption of industry. The allocation
is to be based on the difference between (1) interest
flows actually paid on deposits and received on loans
and (2) corresponding interest flows calculated with
a central "reference" rate (such as an interbank loan
rate or a prime rate). This approach to allocation
recognizes that different uses are accorded differing
amounts of service, reflecting the spread between the
actual interest rate paid or received and the reference
rate.
• Introduce imputed rent on buildings owned and occupied by government. (As yet, however, the recommendation has not been supplemented with an approach to
implementing it.)
The recommendations for the accounting structure are
not independent of the recommendations for the definitions
and classifications; by and large, the accounting structure
can be viewed as implementing the specific definitional and
classificational recommendations. Overall, the accounting structure is seen as having four parts: (1) A central
framework, which consists of a hierarchial structure of classifications, sets of accounts, and sets of tables that together,
as a closed and articulated system, define the SNA; (2) alternative matrix presentations, which are conversions of
the accounts in the central framework; (3) supplementary
analyses, including satellite accounts; and (4) links with
other systems of statistics.
The recommendations for two parts of the structure will
serve to illustrate important characteristics of the revised
system.
The sequence of accounts and the goods and services
accounts.—Within the central framework, the core of the
system is the "sequence of accounts" (table 8). This set
of accounts is pedagogical in intent, rather than for publication of estimates. It demonstrates the comprehensive,
integrated structure that is being recommended: All transactions are recorded in it, and, in principle, the sequence
can be applied to all sectors (and subsectors) as well as to
the Nation.11 A shortened sequence, accounts I and II.l.l,
is to be applied to industries.
The full sequence is an elaboration and refinement of the
set of accounts in the present SNA. (The production and the
income and outlay accounts shown in table 2 correspond to
accounts I and II in table 8; the capital accumulation, capital finance, and revaluation accounts in table 2 correspond
to accounts III.) The elaboration and refinement is particularly noteworthy for the "distribution and use of income
accounts" and the "other changes in assets accounts."
The elaboration of the income accounts (accounts II) is
designed to improve the portrayal of the process of distributing and redistributing income by separating it into
steps. As the first step, the "primary distribution of income accounts" show how value added, from the production
11. However, not all transactions are relevant for all sectors, and, similarly, not all
accounts are relevant for all sectors. For example, the use of income account, account
II.4 in table 8, is relevant for the sectors that engage in final consumption expenditure, but not for the enterprise sectors, which do not engage in final consumption
expenditure.
29
SURVEY OF CURRENT BUSINESS
June 1990
Table 8.—Sequence of Accounts Proposed for the Revised SNA
Account
I. Production account
Value added
II. Distribution and use of income accounts:
1. Primary distribution of income accounts:
1. Generation of income account
2. Appropriation of primary income account
1. Entrepreneurial income account
2. Appropriation of other primary income account
2. Secondary distribution of income account
3. Redistribution of income in kind account
4. Use of income account:
1. Use of disposable income account
2. Use of adjusted disposable income account
Operating surplus/mixed income
Primary income
Entrepreneurial income
Primary income
.
Disposable income
Adjusted disposable income
III. Accumulation accounts:
1. Capital account
2. Financial account
3. Other changes in assets accounts:
1. Other changes in the volume of assets account
2. Revaluation account
1 . Neutral revaluation
1. Real holding gains/losses
IV. Balance sheets:
1. Balance sheet, opening
2. Change in balance sheet
3. Balance sheet, closing
SNA
Main aggregate
Balancing item
Domestic product
.
Saving
Saving
National income
National disposable income
National saving
VJttVlllg
Net lending/net borrowing
Net lending/net borrowing
Changes in net worth from other changes in the
volume of assets.
Changes in net worth from changes in actual prices
Changes in net worth from changes in the general
price level.
, Changes in real net worth from changes in relative
prices.
Net worth
Changes in net worth
Net worth
National wealth
Changes in national wealth
National wealth
System of National Accounts
account, is distributed to labor and capital as factors of
production and to government. Second, the "secondary distribution of income account" brings in cash income flows
not related to production; disposable income is the balancing item. Third, the "redistribution of income in kind
account" brings in social benefits in kind and the value of
services, such as education, provided by government and
nonprofit institutions to individual households; the balancing item is adjusted disposable income. For the use of
income, two subaccounts correspond to the two measures
of disposable income; they record corresponding measures
of consumption—that is, without and with the social benefits in kind—so that they show the same measure of
saving as their balancing items. (The introduction of measures of income and consumption that include the value
of services provided by government and nonprofit institutions to individual households is one of the major proposed
revisions.)
The elaboration of the "other changes in assets accounts"
(accounts III.3) is central to the better integration of flows
and stocks and to the analysis of inflation. These accounts
cover changes other than those from saving and voluntary
transfers of wealth; they cover (1) discovery or depletion of
subsoil assets, destruction by war, natural disasters, etc.,
and (2) changes in the general price level and in relative
prices. The latter is in the revaluation account, which
shows the changes in net worth from changes in the actual prices of assets and liabilities. These nominal holding
gains/losses are then separated into two parts. Changes in
net worth from changes in the general price level—neutral
revaluations—are obtained by applying an index of the
general price level to the opening value of all assets and
liabilities. Changes in net worth from changes in relative
prices—that is, real holding gains/losses—are obtained as
the difference between nominal holding gains/losses and
neutral revaluations.
The central framework also includes a "goods and services account," the key account in a set of accounts that
are called transactions accounts. This account records for
the Nation the total resources (output and imports) and
total uses (intermediate consumption, final consumption,
changes in stocks, gross fixed capital formation, and exports) of goods and services. It is balanced globally—that
is, there is a balance between all resources and all uses.
(In contrast, the other transactions accounts, which present
total resources and total uses for a particular kind of transaction, balance for each kind of transaction.) Thus, the
goods and services account summarizes the information in
the accounts for the sectors to yield a measure of national
expenditure.
Satellite accounts.—One of the general recommendations
is to emphasize "flexibility" in the application of the SNA,
thus recognizing the diversity of the world's economies and
statistical systems. Satellite accounts are one of two major kinds of supplementary analyses designed to implement
this emphasis. (The other is the flexible application of the
central framework—for example, by using the hierarchy of
the central classification to provide more or less detail or
by using a complementary classification.)
A satellite account's basic element of flexibility is that
it can use definitions differing from those in the central
framework as long as they are consistent within the satellite account. Satellite accounts can add information about
a particular aspect of the economy to that in the central
framework; in particular, they can seek to integrate mon-
30
SURVEY OF CURRENT BUSINESS
etary and physical data. They can arrange information
differently—for example, they can cut across sectors to
assemble information on both intermediate and final consumption. They can use a classification other than the
primary one used in the central framework—for example,
they can identify expenditure on "research in education"
as part of expenditure on research even if it is included in
expenditure on education in the central framework.
The recommendation to include satellite accounts builds
on the experiences of several countries that have constructed satellite accounts, largely on an ad hoc basis, for
such fields as health, education, agriculture, research and
development, and the environment. The draft SNA manual includes a chapter that provides a general framework
and demonstrates how that framework might be used for
some of the fields in which satellite accounts would be most
useful.
Outstanding issues
In several areas, final recommendations have not yet
been made. One of the areas deals with the extension
of the concept of investment, now essentially limited to
outlays on structure and equipment, to include outlays
on research and development (R&D), mineral exploration,
computer software, and intellectual property such as films
and sound recordings.
The discussion about treating R&D as investment is illustrative. The arguments for the change referred to R&D's
kinship with outlays on capital assets in that the purpose
of both is to generate income in future periods. Updating
the definition of capital formation was called for in light
of studies that showed that R&D outlays (and some other
outlays on intangible assets) were important in explaining
economic growth. Several unofficial sets of accounts, including those by Robert Eisner and John W. Kendrick for
the United States, have already included R&D as capital;
a number of the countries where R&D outlays are sizable
have experience with data collection using the guidelines
drawn up by the Organisation for Economic Co-operation
and Development.
The arguments against the change centered on (1) the
high degree of uncertainty of return, which is one of the
reasons given in the SNA to explain the present convention; (2) the major break in continuity of time series in
the countries where most the world's R&D is conducted
(the change would raise GDP by 1 to 2 percent); (3) the
practical difficulties of calculating capital consumption and
June 1990
constant-price estimates; and (4) the difficulty of identifying
the asset created by R&D outlays. Further, the conceptual basis for including R&D outlays but not some other
outlays—such as on education and on literary and artistic
work (for example, films and sound recordings)—was questioned. Initially, the recommendation had been to include
R&D outlays as investment. Recently, an additional difficulty has come to light: The guidelines for balance sheets
include patents (once purchased and sold), so including both
what might be called R&D assets and patents would lead
to double-counting. Thus, the earlier recommendation is
being reviewed.
The treatment to be given natural resources and the environment in the revised SNA is another area in which final
recommendations have not yet been made. The SNA is criticized because GDP, as now measured, is seen as flawed
in the way it treats environmental protection costs and the
degradation and depletion of natural resources. Adjustments for "defensive expenditures" to restore and protect
the environment and for depletion and degradation of natural resources are called for; only with the adjustments, it
is argued, will a country know the maximum amount that
can be consumed without causing impoverishment in the
long run.
Especially since the early 1980's, international organizations have made a substantial effort to develop environmental accounting. So far, there has not been agreement on
a recommendation to include any of the suggested frameworks for environmental accounting in the new manual.
The argument that has prevailed is that too many questions of identifying, defining, and measuring environmental
issues are as yet unresolved. Instead, the recommendation
so far is that the new manual should stress that GDP is
not a measure of welfare and that care should be taken in
interpreting the accounts. More specifically, the new manual is to discuss the interpretation of the main aggregates,
such as GDP, in relation to environmental degradation,
depletion, and defensive expenditures.
However, it is acknowledged that interest in environmental accounting is growing. Concurrently, work in
environmental accounting continues, and the field may
have progressed substantially by the time the new manual
is near completion. Two issues remain unresolved. What
balance should the new SNA manual strike in describing
the strengths and weaknesses of GDP? Can and should
a framework for environmental accounting, including an
adjusted measure of GDP, be featured in introducing and
explaining satellite accounts?
By RAYMOND J. MATALONI, JR.
U.S. Multinational Companies: Operations in 1988
IN 1988, operations of U.S. multinational companies (MNC's) continued
to grow, but at a slower pace than
in 1987. Assets of U.S. MNC's increased 5 percent, compared with a
12-percent increase in 1987, as the assets of both U.S. parents and their
foreign affiliates grew more slowly (table 1). Sales by MNC's grew 7 percent after an 8-percent increase, and
employment was virtually unchanged
after a 1-percent increase. The slowdown in sales and employment was
much less than that in assets, because
slower or negative growth for U.S. parents was largely offset by faster growth
for foreign affiliates.
Parent companies' assets increased
4 percent after a 10-percent increase.
Their sales increased 5 percent after
a 6-percent increase, and their employment fell slightly after a 1-percent
increase.
Affiliates' assets increased 8 percent,
compared with a 19-percent increase in
1987. In contrast, employment and, to
a lesser extent, sales of foreign affiliates accelerated. Affiliate employment
increased 2 percent after a year of
negligible growth; the 1988 increase,
although modest, was the largest since
this data series began in 1983. After
increasing 13 percent in 1987, affiliate
sales increased 14 percent—also the
largest increase since 1983.
Affiliate assets and sales were probably affected by changes in the value
of the U.S. dollar against major foreign currencies. In 1984-87, the dollar
values of these measures were probably raised by rapid dollar depreciation,
NOTE.—The 1988 annual survey of U.S. direct
investment abroad was conducted under the
supervision of Patricia C. Walker, Chief, Direct Investment Abroad Branch, International
Investment Division. David H. Galler, Chief,
Annual and Benchmark Surveys Section, was
project leader for the survey. Marie C. Gott and
Arnold Gilbert designed and ran the computer
programs for data retrieval and analysis.
whereas, in 1988, the dollar's value
was relatively more stable. Thus, in
the absence of exchange-rate changes,
the growth in affiliate assets and sales
in 1988 probably would have been
stronger.
Table 1.—Total Assets, Sales, and Employment of
Nonbank U.S. MNC's, U.S. Parents, and Foreign
Affiliates, 1977 and 1982-88
MNC's
worldwide
Parents
Affiliates
Total assets
Millions of dollars:
1977
1982
1983
1984
1985
1986
1987
1988
2,033 418
3,493,105
3,653,615
1 548,240
2 741,619
2,902,793
3060031
490 178
751,486
750,823
759 994
834 636
931,293
1 110654
1,203,914
89
-1
12
3 820 025
4 297 034 3 462 398
4,723,294 3,792,001
5 285 962 4 175 308
5,557,280 4,353,366
,
Percent change:
1977 82 '
11 4
122
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
46
46
125
9.9
59
54
95
98
116
11.9
10.1
19.3
51
43
84
2 060 263
3 284 168
3,263,802
3 407 337
3,482 155
3,473,354
3,742,022
4 022 039
1 412 293
2 348 388
2,377,488
2 508 779
2 586 695
2,544,439
2,689,227
2 827 223
647969
935 780
886,314
898 558
895 460
928,915
1,052,795
1 194816
9.8
-.6
44
2.2
-.3
7.7
7.5
10.7
12
7.6
-53
13 1
Sales
Millions of dollars:
1977
1982 .
1983
1984
1985.
1986
1987
1988 .
. . . .
Percent change:
1977-82 '
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
55
31
-1.6
57
5.1
14
-.3
3.7
133
13.5
Number of employees
Thousands:
1977
1982
1983
1984
1985
1986
1987
1988
.
Percent change:
1977-82 '
1982-83
1983-84
1984-85
1985-86
1986-87
. . . .
26,081.3
253448
24 782.6
24 548.5
24,531.9
18,884.6
187046
183995
18,1309
18,112.6
24 082 0
24 255 4
24,339.0
17 831 8
17 985 8
17,935.2
-.6
.
1987 88
1. Compound annual rate.
MNC Multinational company.
-2.2
-.9
-1
-1.8
.7
.3
-2
-1 6
-1.5
-2
-1.6
.9
-3
7,196.7
66402
63831
64175
6,419.3
62502
62696
6,403.8
-1.6
-3.9
.5
-2.6
.3
21
The expansion of overseas operations in 1988—as measured by employment, which is not directly affected
by currency fluctuations—may have
been encouraged
by rising profitability abroad.1 Overseas profits of U.S.
MNC's rose worldwide, but most notably in Europe and Southeast Asia.
In Southeast Asia, for example, improved profitability was fueled by rapid
economic development and increases in
per capita spending.
Classification changes.—Data for U.S.
parent companies were significantly
affected by industry ^classifications.
Continued merger and acquisition activity in the United States led to
changes in the classification of parent
companies whose principal business
activity shifted because of the merger
or acquisition. In addition, the adoption of Financial Accounting Standards
Board Statement Number 94 (FASB94) in October 1987 required parent
companies to consolidate all of their
majority-owned subsidiaries on their financial statements for fiscal years ending on or after December 15,1988. Previously, firms were not required to consolidate domestic subsidiaries whose
operations differed substantially from
those of the parents. BEA had allowed
these subsidiaries to file separate reports and had treated them as separate
U.S. parent companies. With this accounting change, a number of large
U.S. parent companies in the survey
sample were consolidated. In all cases,
the parents consolidated were previously classified in separate industries,
1. For majority-owned foreign affiliates (MOFA's)—
affiliates in which the combined ownership of all U.S.
parents exceeds 50 percent—net income rose from 14
percent of owners' equity in 1986 and 15 percent in
1987 to 18 percent in 1988. Although this measure of
profitability is subject to several limitations—including
its use of book values rather than current values
in calculating owners' equity and its applicability to
existing investments rather than to the new investments being considered—the increases probably raised
MNC's expectations about the profitability of additional
investments.
Table 2.—Employment of Nonbank U.S. MNC's, U.S. Parents, and Foreign Affiliates, by Industry of U.S. Parent, 1986-88
Number of employees (thousands)
MNC's worldwide
1986
1987
1988
Percent change
Parents
1986
1987
Affiliates
1988
MNC's
worldwide
1986
1987
1988
6,250.2
6,269.6
6,403.8
1987
Parents
1988
1987
Affiliates
1988
1987
1988
Affiliates
as a
percentage of
MNC's
worldwide
1988
All industries
24,082.0 24,255.4 24,339.0 17,831.8 17,985.8 17,935.2
Petroleum
1,168.1
Manufacturing
,
Food and kindred products
Chemicals and allied products
;:
,
Machinery, except electrical
Electric and electronic equipment .
Transportation equipment
Other manufacturing
.
Wholesale trade
1,006.8
977.0
693.8
656.4
355.8
313.0
320.6
14,848.9 14,605.5 14,264.5 10,431.0 10,195.9
1,817.2 1,745.0 1,661.9 1,215.5 1,158.2
1,984.4 1,988.3 1,941.7 1,265.6 1,258.7
920.8
900.6
667.1
887.1
674.1
1,826.0 1,728.1 1,699.8 1,217.7 1,131.0
2,156.5 1,576.7 1,468.6 1,601.0 1,149.3
3,236.0 3,308.8 3,228.0 2,317.0 2,331.7
2,908.0 3,358.0 3,377.4 2,147.0 2,493.0
9,815.0
1,065.8
1,219.0
664.9
1,103.6
1,043.7
2,219.7
2,498.3
4,417.9
601.7
718.8
253.7
608.3
555.5
919.0
760.9
4,409.6
586.8
729.6
226.5
597.2
427.4
977.1
865.0
4,449.5
596.1
722.6
222.2
596.2
424.9
1,008.3
879.1
812.4
.7
.3
.9
-.3
.3
2.1
26
-13.8
-3.0
-14.6
-5.4
-12.0
2.4
33
-1.6
-4.0
.2
-2.2
-5.4
-26.9
2.2
15.5
-2.3
-4.8
-2.3
-1.5
-1.6
-6.9
-2.4
.6
-2.3
-4.7
-.5
1.0
-7.1
-28.2
.6
16.1
-3.7
-8.0
-3.2
-1.4
-2.4
-9.2
-4.8
.2
_2
-2^5
1.5
-10.7
-1.8
-23.1
6.3
13.7
.9
1.6
-1.0
-1.9
-.2
-.6
3.2
1.6
31
36
37
25
35
29
31
26
441.7
448.9
478.2
317.6
314.7
332.0
124.2
134.2
146.2
1.6
6.5
-.9
5.5
8.1
9.0
31
Finance (except banking), insurance, and real estate
1,438.2
1,500.0
1,525.5
990.8
1,054.1
1,049.9
447.4
445.9
475.6
4.3
1.7
6.4
-.4
-.3
6.6
31
Services
1,439.8
1,692.6
1,968.4
1,262.5
1,478.0
1,740.4
177.3
214.6
228.1
17.6
16.3
17.1
17.8
21.0
6.3
12
Other industries
4,745.3
5,001.7
5,125.4
4,017.6
4,249.3
4,341.5
727.7
752.3
783.8
5.4
2.5
5.8
2.2
3.4
4.2
15
MNC Multinational Company.
Data Availability
These estimates are based on data from BEA's 1988 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). The annual survey covers the overall operations of parents and affiliates and includes their transactions and positions with
all parties, not just with each other. However, data published by BEA on the U.S. direct investment position abroad and on related
capital and income flows included in the U.S. balance of payments accounts cover only the 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 National Technical Information Service (NTIS), 5285 Port
Royal Road, Springfield, VA 22161; price $45.00 (plus $3.00 for handling); accession number NTIS PB86-169117. NTIS orders may
be placed by telephone at (703) 487-4650 and may be charged on major credit cards.
The most recent data on the U.S. direct investment position abroad and on the related capital and income flows may be found in
"International Investment Position: Component Detail for 1989" and "U.S. International Transactions, First Quarter 1990," respectively, hi this issue of the SURVEY. Additional detail from the annual survey of U.S. direct investment abroad—including estimates of
U.S. parent and foreign affiliate balance sheets, income statements, sales, and merchandise trade and the external financial position
of affiliates—is available in the publications listed below. The publications for 1983-85 and the diskettes for 1983-88 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. Enclose a check or money order payable to "Economic and Statistical Analysis/BEA."
Allow 2 to 4 weeks for delivery. The publications for 1986-88 are available from the Superintendent of Documents, U.S. Government
Printing Office (GPO), Washington, DC 20402. The prices and stock or accession numbers, which should be quoted when ordering,
are as follows:
Diskette
Publication
Year
Title
BEA accession
number
GPO stock
number
Price
BEA accession
number
Price
$5.00
$5.00
$5.00
$4.25
BEA IID 86-403
BEA IID 87-409
BEA IID 88-403
BEA IID 89-403
BEA IID 90-403
BEA IID 90-404
$20.00
$20.00
$20.00
$20.00
$20.00
$20.00
U.S. Direct Investment Abroad: Operations of U.S. Parent Companies and Their
Foreign Affiliates:
1983
1984
1985
1986
1987
1988
Revised 1983 Estimates
Revised 1984 Estimates
Revised 1985 Estimates
Revised 1986 Estimates
Revised 1987 Estimates
Preliminary 1988 Estimates
BEA IID 86-103
BEA IID 87-103
BEA IID 88-103
003-010-00189-5
003-010-00201-8
003-010-00202-6
(*)
t1)
1. Call GPO at (202) 783-3238 for prices.
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 International Investment Division (BE-50), Data Retrieval and Analysis Branch, Bureau of Economic Analysis, U.S. Department
of Commerce, Washington, DC 20230.
June 1990
whereas the new parent was classified in the single industry in which
the consolidated entity's sales were
largest.2
Organization of the article.—This
article discusses selected measures—
employment, assets, U.S. merchandise
trade, and sales—of MNC operations
in 1988. Other measures were also collected in the annual BEA survey upon
which the estimates are based. Some
of them are shown in the accompanying tables, and others are available
in separate publications or on diskette
(see box). All of the estimates cover
nonbank U.S. parent companies and
their nonbank foreign affiliates.3
Employment
Employment by U.S. MNC's worldwide remained virtually unchanged in
1988, at 24.3 million workers, because
of offsetting changes in parent and affiliate employment (table 2). While
parent employment decreased slightly,
to 17.9 million, affiliate employment
increased 2 percent, to 6.4 million.
U.S. parents.—For U.S. parents, decreases in employment in manufacturing and petroleum were partly offset by
an increase in employment in services
(tables 3 and 4). In manufacturing, the
largest decreases were in foods, electrical machinery, and transportation
equipment. In both foods and electrical
machinery, divestitures accounted for
much of the decrease. In transportation equipment, the decrease reflected
falling auto production, increasing reliance on outside suppliers for parts,
and advances in factory automation; in
addition, an auto parts manufacturer
sold off several unrelated product lines.
In petroleum, the decline in employment partly reflected the reclassification of a large parent firm to finance af2. For example, the domestic finance subsidiaries
of two U.S. auto manufacturers, which had previously
been treated as separate U.S. parent companies in
finance, were consolidated with the U.S. auto manufacturers and were reclassified to transportation equipment manufacturing. In nearly all cases, these changes
affect only the classification of U.S. parent companies
for 1988 forward; although early application of FASB-94
was encouraged, few companies voluntarily submitted
revised data to BEA for 1987.
3. 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 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. The data needed to de-
SURVEY OF CURRENT BUSINESS
ter it was consolidated with its domestic finance subsidiary in accordance
with FASB-94. The increase in employment in services resulted from the
expansion of a temporary-employment
services franchise and the entry of a
new parent company in armored car
services into the survey universe.
Foreign affiliates.—Foreign affiliates,
unlike their U.S. parent firms, increased their employment in 1988 (tables 5-7). Nearly two-thirds of the
increase was in Canada, where major
acquisitions were made, and in Australia, where labor intensive industries
stepped up operations. In Canada,
the increases were spread among several industries; significant increases
resulted from the purchase of a Canadian natural gas producer by a U.S.
petroleum company, the establishment
of a major soft drink manufacturer,
and expansions of retail trade affiliates. In Australia, retail trade affiliates were largely responsible for the
increase.
Significant employment growth also
occurred in some Latin American countries, such as Mexico and Chile, and
in virtually all of the newly industrialized countries of Southeast Asia.
In Mexico, affiliates producing automotive parts, household appliances,
and electrical machinery accounted for
most of the increase. Nearly all these
affiliates, which were mainly engaged
in labor-intensive assembly operations,
were located near the U.S. border and
were taking part in the Mexican Government's maquiladora program. Under this program, U.S. producers have
been able to export components free of
customs duties to Mexican affiliates for
assembly, if at least 80 percent of the
finished goods are exported back to the
United States. U.S. duties on the goods
are levied only on the value added in
Mexico. In Chile, nearly one-half of
the increase in employment resulted
from the establishment of new affiliates; the new investments may have
been encouraged by the country's relatively favorable business climate and
pro-foreign-investment policies.
In the newly industrialized countries
of Southeast Asia, roughly one-half
of the increase occurred in industries
serving the local market, namely snack
rive 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 1988 fiscal year is its
financial reporting year that ended in calendar year
1988. The estimates were obtained by expanding the
sample data collected in BEA's annual survey of U.S.
direct investment abroad to universe totals.
33
foods, soft drinks, and fast food franchises. The remaining one-half largely
resulted from expansion by producers of computer memory chips in the
electrical components and accessories
industry.
In contrast, affiliate employment declined in South Africa. The decline was
widespread by industry but was most
pronounced in metal mining and manufacturing, which partly reflected the
sale of foreign affiliates.
By industry, employment growth
was widespread; the largest increases
occurred in "other industries";4 in services; in finance (except banking), insurance, and real estate (FIRE (except banking)); and in manufacturing. "Other industries" accounted for
nearly one-half of the overall increase.
The rapid overseas expansion of a discount department store chain and a
fast food chain and the establishment
of a large construction firm in the
United Kingdom were primarily responsible for the increase in "other
industries." In services, the increases
were mainly in Canada and the European Communities (EC(12)). The establishment of new affiliates—a Canadian armored transport services affiliate and advertising and telecommunications affiliates in various EC(12)
countries—accounted for most of these
increases. Also contributing to the
increases in services was the establishment of an architectural affiliate in
Central America.
In FIRE (except banking), the
largest increase occurred in Japan,
where brokerage affiliates expanded
their operations following their 1987
admission to the Tokyo Stock Exchange. Employment also grew substantially in Canada, reflecting, in
part, the acquisition of a large real
estate firm by a U.S. parent company. In manufacturing, affiliates in
chemicals and transportation equipment more than accounted for the increase. In chemicals, nearly all of
the increase occurred in the EC(12).
Over one-half of that increase involved
new ventures, either acquired or established. In transportation equipment,
one-third of the increase in employment occurred in Mexico and mainly
reflected U.S. auto manufacturers' increased production of components in
Text continues on page 39.
4. "Other industries" consists of agriculture, forestry
and fishing; mining; construction; transportation,
communication, and public utilities; and retail trade.
34
June 1990
SURVEY OF CURRENT BUSINESS
Table 3.—Selected Data for Nonbank U.S. Parents, by Industry of U.S. Parent, 1987
Millions of dollars
Sales
Total
assets
Total
liabilities
Owners'
equity
4,175,308
3,058,937
464,866
304,010
21,030
12,053
8,977
333,801
331,341
(D)
(D)
106,282
3,752
Services
Net
income
Expenditures for
property,
plant, and
equipment
Employee
compensation
Number of
employees
(thousands)
Total
Goods
1,116,371
2,689,227
1,926,433
762,793
125374
162,139
579,715
17,985.8
160,856
301,459
282,663
18,796
4^17
22,455
27,687
693.8
14,544
9,056
5,488
196,808
195,384
(D)
(D)
90,637
2,021
6,486
2,997
3,489
136,993
135,957
(D)
(D)
15,646
1,731
7,242
2,968
4,274
231,072
228,027
(D)
(D)
60,168
2,976
4,335
2,776
1,559
224,791
221,816
(D)
(D)
53,367
170
2,907
192
2,715
6,281
6,211
(D)
(D)
6,801
2,806
-855
-167
-687
4,978
4,699
(D)
(D)
39
155
1,288
1,094
194
19,172
19,040
(DD)
( )
1,855
140
2,471
446
2,026
21,851
21,480
(D)
(D)
2,993
372
68.9
10.3
58.5
547.2
537.9
(DD)
( )
68.4
9.3
1,546,844
972,941
573,903
1,338,593
1,231399
107,194
74,926
76,223
363,514
10,195.9
154,567
41,176
56,404
56,987
92,363
20,346
34,012
38,005
62,205
20,830
22,393
18,982
172,847
42,185
52,588
78,073
170,506
(D)
51,840
(D)
2,340
(D)
748
(D)
9,551
3,066
4,394
2,091
7,726
2,215
2,793
2,719
28,834
6,955
9,687
12,191
1,158.2
297.9
368.7
491.6
235,115
106,810
63,074
40,351
7,536
17,344
132,338
63,084
29,731
24,952
4,807
9,763
102,778
43,726
33,343
15,399
2,729
7,581
196,708
88,061
49,049
37,983
4,844
16,771
190,363
84,890
48,347
36,422
(D)
(D)
6,344
3,172
702
1,561
(DD)
( )
14,569
6,096
5,402
1,743
286
1,042
13,216
6,764
3,142
1,731
472
1,107
46,320
20,807
13,066
7,814
748
3,885
1,258.7
553.3
343.9
228.1
23.0
110.4
85,676
48,869
24,715
24,153
36,807
55,867
33,210
20,726
12,484
22,657
29,809
15,659
3,989
11,670
14,150
86,177
47,230
26,061
21,169
38,947
83,676
45,392
25,693
19,699
38,284
2,501
1,838
369
1,470
663
2,199
940
606
334
1,259
3,988
2,307
988
1319
1,681
23,032
12,971
8,368
4,603
10,061
674.1
322.0
189.2
132.8
352.1
160,475
9,603
18,331
102,854
29,687
68,786
6,974
9,606
35,956
16,251
91,689
2,630
8,725
66,898
13,436
125,182
6,603
17,701
69,926
30,953
105,109
5,872
17,207
52,081
29,949
20,074
731
494
17,845
1,004
8,705
-28
366
8,139
227
7,539
208
583
5,483
1,265
45,550
1,955
4,687
28,458
10,451
1,131.0
54.1
123.0
626.5
327.3
Electric and electronic equipment
Household appliances
Radio television and communication equipment
Electronic components and accessories
Other
172,992
5,109
27,858
22,659
117,366
114,817
2,864
15,321
10,797
85,835
58,175
2,245
12,537
11,862
31,531
127,506
7,004
30,792
21,159
68,551
107,890
(D)
(D)
20,801
(D)
19,616
(D)
(D)
358
(D)
7,180
103
1,424
764
4,889
8,112
320
1,494
1,345
4,953
39,193
1,591
10,860
7,023
19,719
1,149.3
60.3
302.7
227.0
559.4
Transportation equipment
Motor vehicles and equipment
Other
443,712
327,132
116,580
333,162
253,017
80,145
110,550
74,115
36,435
355,094
219,346
135,748
321,674
193,483
128,192
33,420
25,863
7,557
15,085
10,601
4,483
19,143
12,646
6,497
102,141
54,678
47,463
2,331.7
1,114.5
1,217.2
294,306
17,070
21,945
22,571
51,664
38,864
15,261
8,932
9,380
15,681
84,175
8,763
175,609
10,036
14,545
13,845
26,820
23,963
9,361
5,608
6,798
10,145
49,264
5,225
118,697
7,035
7,400
8,727
24,844
14,901
5,900
3,323
2,582
5,536
34,911
3,538
275,079
12,313
27,438
22,988
50,538
37,535
16,318
9,631
7,155
14,580
65,877
10,705
252,180
(D)
27,296
(D)
49,725
30,903
16,031
9,542
6,754
14,504
54,835
10,509
22,899
(D)
142
(D)
813
6,632
287
89
401
76
11,042
196
17,638
1,244
669
1,340
3,689
3,142
2,535
434
246
540
3,629
169
16,498
438
1,029
1,316
4,276
2,380
1,042
464
400
697
4,059
398
78,445
1,778
7,656
4,549
12,120
9,524
5,533
2,476
2,513
4,289
24,900
3,108
2,493.0
72.4
407.8
147.2
348.9
317.7
146.1
94.1
76.9
107.6
663.7
110.7
67,615
35,921
31,695
42,639
22,954
19,684
24,977
12,966
12,010
174,483
96,415
78,068
171,963
94,667
77,296
2,520
1,748
772
1,842
871
972
3,561
2,181
1,380
8,760
4,021
4,739
314.7
137.0
177.8
1,438,853
494,625
940,420
2,310
1,498
1,307,587
468,095
837,325
1,496
671
131,266
26,531
103,095
814
827
361,057
62,880
297,072
(D)
(D)
13,967
2,315
11,544
108
0
347,089
60,565
285,527
(D)
(D)
19335
2,778
16,515
(D)
(D)
8,937
2,271
6,618
(D)
(D)
39,134
14,892
24,119
112
11
1,054.1
236.4
814.6
2.9
(*)
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 ..
111,094
13,053
28,491
7,046
3,748
3,608
7,062
7,027
16,948
11,666
19,290
21,645
73,720
11,616
18,761
5,060
3,191
2,706
4,358
3,447
10,527
6,035
13,138
13,642
37,374
1,437
9,730
1,986
558
902
2,704
3,580
6,421
5,632
6,152
8,003
87,154
11,230
24,294
5,900
2,553
1,220
5,080
9,540
8,785
6,947
17,473
18,425
13,309
(D)
2,494
(D)
0
139
156
(D)
2,379
1,950
588
(D)
73,845
(D)
21,800
(D)
2,553
1,081
4,925
(D)
6,406
4,998
16,885
(D)
3,936
378
1,410
180
52
45
461
672
343
-573
432
1,945
9,890
1,981
2,133
141
57
260
947
729
427
181
1,538
3,630
28,955
3,954
8,890
1,855
764
158
1,755
4,357
1,545
2,658
5,850
6,058
1,478.0
299.8
534.9
47.6
18.8
5.2
56.8
406.6
43.8
71.6
281.8
246.1
Other industries
Agriculture, forestry, and fishing
Mining
Metal mining
Nonmetallic minerals
Construction
Transportation communication and public utilities
Retail trade
546,034
3,472
12,169
6,183
5,985
8,239
369,580
152,574
358,039
2,403
6,157
3,856
2,300
6,052
228,716
114,712
187,995
1,070
6,012
2,327
3,685
2,187
140,864
37,862
426,482
3,223
5,475
2,758
2,717
16,665
214,333
186,786
213,132
3,070
5,435
2,722
2,713
13,435
(D)
(D)
213,350
153
40
36
4
3,230
(DD)
( )
21,018
226
594
582
12
-20
15,529
4,689
41,072
378
812
345
467
295
33,575
6,013
111,665
538
1,165
488
677
5,101
68,751
36,110
4,249.3
26.2
30.4
14.0
16.4
135.2
1,731.3
2,326.3
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
.
...
Fabricated metal products
Machinery, except electrical
Farm and garden machinery
Construction, mining, and materials handling machinery
Office and computing machines
Other
,
Other manufacturing
Tobacco manufactures
«
Lumber wood furniture and fixtures
Paper and allied products
.
Printing and publishing
Rubber products
Miscellaneous plastics products
Glass products
,
,
Other
Wholesale trade
Durable goods
Nondurable goods
Finance (except banking), insurance, and real estate
Finance, except banking
Real estate .
Holding companies
D
.
.
.
Suppressed to avoid disclosure of data of individual companies.
* Less than $500,000 or 50 employees.
.
.
June 1990
SURVEY OF CURRENT BUSINESS
35
Table 4.—Selected Data for Nonbank U.S. Parents, by Industry of U.S. Parent, 1988
Millions of dollars
Sales
Expenditures for
property,
plant, and
equipment
Employee
compensation
Number of
employees
(thousands)
Total
assets
Total
liabilities
Owners'
equity
4,353,366
3,212,867
1,140,498
2,827,223
2,017,559
809,664
156,045
176,783
591,134
17,935.2
425,066
266,155
158,911
293,826
273,937
19,889
20,927
27,903
29,194
656.4
20,518
12,585
7,933
312,053
309,377
(D)
(D)
88,191
4,305
13,520
8,986
4,534
177,182
175,774
(D)
73,008
2,445
6,998
3,599
3,399
134,870
133,602
(D)
(D)
15,183
1,860
8,157
3,184
4,973
231,233
228,111
(D)
(D)
51,079
3,357
4,791
(D)
(D)
224,386
221,335
(D)
(D)
44,572
188
3,366
(D)
(D)
6,847
6,776
(D)
(D)
6,507
3,169
-93
91
-183
19,827
19,614
(D)
(D)
1,077
115
1,624
1,369
255
23,968
23,818
(D)
(D)
2,170
140
2,952
495
2,457
22,828
22,423
(D)
(D)
2,996
419
77.2
10.2
67.0
506.4
496.8
(D)
(D)
61.8
11.0
1,629,848
1,048,622
581,226
1,429,967
1,310,715
119,252
89,069
80,227
366,337
9,815.0
165,932
39,990
69,301
56,641
100,739
19,836
44,975
35,928
65,193
20,154
24,326
20,713
181,191
42,785
62,993
75,413
178,787
(D)
61,870
(D)
2,405
(D)
1,123
(D)
11,432
2,668
5,657
3,107
8,450
2,263
3,122
3,065
27,369
6,642
10,696
10,031
1,065.8
290.2
402.0
373.6
260,880
111,635
69,967
51,233
9,132
18,914
151,984
65,381
33,117
37,382
5,776
10,328
108,896
46,254
36,850
13,851
3,355
8,586
213,402
95,862
55,212
36,948
6,579
18,801
206,772
92,258
54,213
(D)
(D)
(D)
6,630
3,604
999
(D)
(D)
(D)
21,713
8,648
8,883
2,440
553
1,189
14,831
7,656
3,876
1,607
570
1,121
47,931
20,951
14,332
7,354
970
4,325
1219.0
501.8
368.6
205.3
25.9
117.4
91,196
49,259
23,308
25,951
41,937
63,535
36,943
23,254
13,690
26,592
27,661
12,316
55
12,261
15,345
94,210
49,820
25,197
24,623
44,390
90,953
47,975
24,775
23,200
42,977
3,257
1,844
422
1,422
1,413
1,327
-800
-3,105
2,306
2,127
4,647
2,547
1,047
1,500
2,100
23,977
12,978
8,044
4,935
10,999
664.9
297.6
163.1
134.5
367.3
169,958
10,464
19,215
108,370
31,909
74,349
7,335
10,438
38,466
18,110
95,608
3,129
8,777
69,904
13,799
138,312
7,318
19,770
76,312
34,911
116,657
6,517
18,938
57,571
33,631
21,654
801
832
18,741
1,280
12,133
371
995
9,706
1,061
9,182
212
867
6,765
1,338
47,655
2,004
4,812
30,437
10,402
1,103.6
49.6
117.0
619.7
317.2
185,820
6,676
28,493
22,109
128,543
128,417
4,138
15,374
10,107
98,797
57,403
2,538
13,118
12,001
29,745
132,552
7,518
31,757
21,449
71,827
109,956
(D)
(D)
21,056
(D)
22,596
(D)
(D)
7,676
321
1,525
1,231
4,599
6,054
349
1,558
1,559
2,588
37,025
1,516
10,747
6,181
18,581
1,043.7
59.2
278.2
198.1
508.1
Transportation equipment
Motor vehicles and equipment
Other
430,502
316,578
113,924
326,897
249,836
77,060
103,606
66,742
36,864
372,276
235,221
137,055
336,623
207,547
129,076
35,653
27,674
7,979
18,105
12,318
5,788
17,693
11,468
6,225
101,691
56,139
45,552
2,219.7
1,067.5
1,152.2
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
325,561
24,454
20,129
28,811
61,329
45,445
14,395
8,631
10,133
15,957
87,125
9,153
202,701
17,333
13,577
18,268
33,614
27,996
8,486
4,685
7,514
12,361
53,212
5,654
122,860
7,121
6,552
10,542
27,,714
17,448
5,909
3,946
2,619
3,596
33,913
3,498
298,025
13,936
24,725
29,380
59,889
40,260
13,166
9,886
6,898
14,571
73,965
11,350
270,967
11,452
24,554
(D)
58,917
32,900
(D)
(D)
(D)
(D)
61,668
10,870
27,058
2,483
171
(D)
972
7,360
(D)
(D)
(D)
(D)
12,298
480
16,681
1,374
865
1,661
5,170
3,072
671
642
244
-590
3,543
29
19,370
478
1,027
1,630
5,647
2,637
910
477
509
665
4,766
623
80,689
2,283
6,709
5,989
13,560
9,796
3,808
2,563
2,741
3,888
26,263
3,089
2,498.3
97.5
340.7
206.5
366.2
323.8
117.3
87.7
77.4
95.0
678.8
107.5
77,844
41,962
35,882
48,392
26,209
22,183
29,453
15,753
13,700
193,510
104,730
88,780
190,572
102,560
88,012
2,938
2,170
768
2,447
1,095
1,353
4,520
2,925
1,595
9,623
4,425
5,198
332.0
145.0
187.0
1,538,710
539,257
995,357
1,659
2,438
1,392,036
507,719
881,554
1,111
1,652
146,675
31,538
113,803
547
786
377,025
70,040
306,101
(D)
(D)
12,242
1,534
10,687
21
0
364,783
68,506
295,414
(D)
(D)
19,077
3,498
15,771
(D)
(D)
9,033
2,293
6,732
8
(*)
40,131
14,236
25,811
70
14
1,049.9
255.3
793.0
1.6
(*)
119380
12,189
34,770
5,853
4,378
2,727
8,927
12,885
19,430
6,992
19,033
26,966
81,961
9,772
24,857
4,397
3,738
2,216
5,905
8,601
12,513
2,866
14,035
17,918
37,419
2,416
9,913
1,456
640
511
3,022
4,284
6,918
4,126
4,998
9,048
90,605
10,477
27,749
4,551
2,827
769
5,881
13,721
10,078
4,749
15,983
21,569
13,438
(D)
2,828
(D)
0
172
167
(D)
3,004
740
394
(D)
77,168
(D)
24,921
(D)
2,827
596
5,715
(D)
7,074
4,009
15,589
(D)
4,801
-135
1,871
173
63
68
404
1,163
398
-203
822
2,047
12,374
1,841
2,104
80
58
154
819
994
584
224
1,397
6,224
32,709
4,050
11,382
1,949
925
150
1,905
6,454
1,816
2,178
5,991
7,292
1,740.4
288.5
788.4
45.7
19.8
4.8
57.9
660.3
49.3
57.3
287.4
269.4
562,516
3,607
11,250
5,640
5,609
8,690
380,854
158,114
375,701
1,923
5,017
3,042
1,975
6,342
242,510
119,910
186,815
1,684
6,233
2,598
3,635
2,349
138,345
38,204
442,289
3,208
6,456
3,520
2,936
19,389
226,773
186,463
216,655
(D)
6,406
(D)
(D)
15,706
24,364
(D)
225,634
19,724
234
560
606
-46
-9
13,884
5,054
42,726
230
1,257
(D)
0
329
35,261
5,649
113,140
599
• 1,222
593
628
5,476
69,977
35,867
4,341.5
24.2
31.5
15.6
15.9
147.1
1,810.9
2,327.9
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
Wholesale trade
Durable goods
Nondurable goods.
.
.
.
«
..
....;...
Finance (except banking), insurance, and real estate
»
V. WW, except
V. WW|yl banking...
.
Finance
. . . .
fe
Real estate
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
..
.
. . . .
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 companies.
* Less than $500,000 or 50 employees.
(D)
Total
Goods
Services
&
8
(D)
(D)
3,684
202,409
(D)
Net
income
36
June 1990
SURVEY OF CURRENT BUSINESS
Table 5.—Selected Data for Nonbank Foreign Affiliates, Major Industry and Area of Affiliate, 1987 and 1988
1988
1987
Millions of dollars
Total
assets
Sales
U.S.
exports
Net
income shipped
to
affiliates
U.S.
imports
shipped
by
affiliates
Employee
compensation
Number
of
employees
(thousands)
1987-88
Millions of dollars
Total
assets
Sales
U.S.
exports
Net
income shipped
to
affiliates
U.S.
imports
shipped
affiliates
Employee
compensation
Number
of
employees
(thousands)
*
of
employees
1,203,914 1,194,816 76,754
95,027
87,156
151,098
6,403.8
2.1
76,137
38,325
28,655
6,249
2,909
18,800
10,705
463
344
7,289
90
62,251
36,999
14,340
9,339
1,573
<D)
11,490
1,835
444
131,145
24,128
85,225
14,386
7,406
19,286
10,860
606
3,257
4,563
667
4,406.5
966.6
2,631.9
355.6
452.4
1,969.6
1,255.2
89.1
91.8
533.6
27.7
2.3
6.5
.9
3.3
.9
1.9
1.8
-.9
-7.9
4.7
-3.4
9,219
5,352
3,620
10,602
6,333
1,588
3,244
926
575
3,764
566
261
2,309
629
505
296.1
147.9
46.9
71.7
11.5
17.8
130.6
29.2
15.8
50.8
34.9
17.6
2.2
3.6
36.7
-11.5
1.5
10.5
1.5
5.6
.4
-1.8
3.9
-3.9
4,140.8
2,715.3
484.3
1,845.0
• 222.6
163.4
1,425.5
970.9
38.6
16.8
399.2
3.1
-.2
.9
-8.5
1.8
1.2
8.2
-7.7
3.2
1,110,654 1,052,795 62,108
78,887
75,937
136,104
871,136 46,808
144,732 7,494
563,178 33,980
113,372 3,133
49,855 2,201
176,303 15,298
90,803 8,903
782
10,908
906
15,851
58,742 4,707
2
5,356
63,580
34,010
22,060
4,907
2,603
15,258
8,969
296
301
5,693
49
53,402
30,670
13,015
8,739
978
22,531
9,454
1,975
396
10,706
4
118,404
21,209
78,355
12,364
6,477
16,991
9,440
577
3,228
3,745
709
4,308.5
907.8
2,608.0
344.3
448.4
1,932.4
1,233.2
89.9
99.7
509.7
28.7
935,540
175,548
576,563
128,900
54,529
255,242
161,774
12,137
22,539
58,792
13,132
993,444 58,873
168,135 8,936
627,565 42,998
141,212 4,137
56,532 2,802
195,228 17,502
103,092 9,565
10,599 1,061
15,644 1,430
65,893 5,447
6,144
379
8,669
6,581
1,505
4,107
526
443
2,277
243
395
429
1,211
-189
2,178
1,384
10,126
5,638
3,493
(D)
4,484
1,094
1,603
146
1,641
4
10,164
5,984
1,386
3,404
779
415
3,612
548
219
2,289
556
567
289.8
142.8
34.3
81.1
11.3
16.1
128.6
27.6
15.7
51.7
33.6
18.3
192,818
138,906
33,089
74,864
19,815
11,137
44,387
10,009
8,604
10,350
15,424
9,525
208,424
148,777
19,325
94,172
25,771
9,509
55,380
18,873
6,868
8,943
20,697
4,266
9,863
7,326
1,300
4,441
919
666
2,481
504
339
482
1,156
56
2,394
1,076
CO
889
Japan
Australia, New Zealand, and South Africa
Developing countries
Latin America and Other Western Hemisphere
Other Africa
Middle East
Other Asia and Pacific
International
198,033 213,173
139,563 151,733
29,925 20,627
80,043 98,106
19,942 23,213
9,786
9,653
48,129 57,578
11,446 18,362
9,722
7,517
12,156
9,836
14,805 21,863
10,342
3,862
1,230
652
255
32
292
88
<D)
1,640
(D)
208
618
(D)
Developed countries
Canada
Europe
Japan
Australia, New Zealand, and South Africa
.
Developing countries
Latin America and Other Western Hemisphere
Other Africa
Middle East
Other Asia and Pacific
426,404 519,619 28,977
353,024 445,186 23,206
54,275 81,084 3,601
228,809 276,819 16,701
53,534 67,454 1,918
987
16,405 19,830
73,380 74,433 5,770
43,914 47,465 3,075
211
1,595
1,371
249
2,671
7,529
20,566 22,702 2,236
55,973
44,819
29,677
12,079
1,868
1,194
11,154
6,991
113
166
3,883
57,299
43,265
25,976
8,805
7,983
500
14,034
6,782
(DD)
()
6,875
89,176
79,587
12,876
54,897
8,810
3,004
9,589
6,898
143
401
2,147
4,117.8
2,717.6
469.7
1,848.7
220.7
178.5
1,400.2
959.3
35.7
18.2
387.0
455,165
374,319
61,915
235,132
59,934
17,338
80,846
48,445
1,425
7,763
23,212
619,766 38,164
528,836 30,135
98,220 4,832
322,096 21,818
85,406 2,179
23,114 1,307
90,930 8,029
57,684 4,467
273
1,895
3,444
613
27,907 2,677
66,369
53,340
34,353
15,398
2,233
1,356
13,029
8,053
144
156
4,675
68^41
51,580
31,601
10,617
8,616
746
16,762
8,025
8( )
98,126
86,670
14,497
59,003
9,890
3,280
11,456
8,144
156
. 429
2,728
7,058
5,958
387
4,906
505
159
1,100
485
-25
42
597
19,440
16,771
3,154
9,299
2,959
1,359
2,669
1,070
14
82
1,503
6,726
3,971
746
2,189
745
290
2,756
586
14,572
13,294
1,360
9,516
1,652
766
1,278
567
61
95
554
495.6
408.6
54.5
274.7
42.1
37.2
87.0
46.1
6.0
2.9
31.9
107,579
94,041
8,660
63,632
15,512
6,237
13,537
6,427
413
534
6,163
203,048
181,351
15,004
137,895
20,447
8,005
21,697
8,572
563
776
11,786
8,191
6,762
583
5,107
760
312
1,428
558
-45
52
864
24,626
20,875
3,556
11,937
3,895
1,486
3,751
1,396
18
137
2,200
7,416
4,394
1,054
1,963
720
658
3,022
780
(DD )
<>
2,174
16,603
15,250
1,556
10,730
2,048
916
1,354
605
54
91
604
504.4
419.1
54.9
282.9
43.4
37.9
85.3
42.7
6.5
2.8
33.2
1.8
2.6
.6
3.0
3.0
1.7
-2.0
-7.3
8.0
-3.8
4.0
46,065 12,986
33,081 7,976
8,732 1,210
19,033 6,443
166
3,961
158
1,355
12,984 5,010
11,249 4,488
82
83
104
117
336
1,535
29
24
(*)
24
(*)
4,982
4,650
904
3,144
420
181
333
163
7
10
152
153.6
132.7
30.8
84.1
8.9
8.9
20.9
10.6
.6
.3
9.4
349,425
255,129
50,624
166,398
29,822
8,285
94,297
84,691
584
1,597
7,424
50,637 15,273
37,754 11,005
9,845 1,200
20,885 9,550
181
5,602
74
1,422
12,883 4,269
10,743 3,362
274
87
180
109
1,944
453
68
(D)
(DD)
()
0
(D)
5,806
5,419
1,015
3,498
700
206
387
180
7
9
190
165.4
140.1
32.7
88.0
11.2
8.2
25.3
12.3
.6
.3
12.1
7.7
5.6
6.2
4.6
25.5
-7.9
21.1
17.0
0
-4.2
27.9
7,690
6,625
839
4,983
394
409
1,065
646
26
245
148
347.9
259.6
58.9
171.0
8.3
21.4
88.3
63.3
5.3
10.8
8.8
36,808
31,224
5,901
22,033
1,647
1,643
5,584
3,428
238
932
987
36,767
32,158
4,197
24,426
1,829
1,706
4,609
2,661
288
826
834
2,276
1,846
296
1,508
38
4
430
328
20
69
13
325
161
32
123
1
5
164
(D)
(*)
15
(D)
8,898
7,719
1,070
5,720
463
465
1,179
692
27
271
189
369.4
280.9
73.0
181.9
9.3
16.7
88.5
64.9
5.1
9.8
8.8
6.2
8.2
23.8
6.3
12.8
-21.6
.3
2.4
-4.5
-10.0
.5
9,520
8,264
3,843
2,410
308
1,702
1,115
618
121
187
188
141
865.0
647.3
259.5
148.5
53.0
186.3
207.4
126.2
26.5
15.7
38.9
10.3
62,120
41,921
15,360
14,503
2,170
9,889
16,592
8,775
872
1,363
5,582
3,607
76,175
64,569
21,545
28,091
2,157
12,776
9,729
4,558
898
1,547
2,726
1,877
2,987
1,800
726
574
60
439
864
345
200
34
285
323
1,246
(°)
(D)
290
11,062
9,755
4,402
3,030
359
1,964
1,145
673
100
149
223
162
927.7
703.3
274.9
162.5
57.5
208.4
214.3
135.2
22.5
11.4
45.3
10.1
7.3
8.7
5.9
9.4
8.6
11.8
3.4
7.1
-15.2
-27.7
16.6
-2.6
AH industries
<
Developed countries
Canada
Europe
. .
.
Japan
Australia, New Zealand, and South Africa
Developing countries
•
Latin America and Other Western Hemisphere
Other Africa
Middle East
Other Asia and Pacific
International
843,237
150,935
535,993
108,326
47,983
253,534
162,517
13,366
24,309
53,343
13,882
Petroleum
Developed countries
Canada
Wholesale trade .
.
Developed countries
Canada
Europe
.
Japan
Australia New Zealand, and South Africa
Developing countries
. . .
. . .
Latin America and Other Western Hemisphere
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
Latin America and Other Western Hemisphere
Other Africa
..
. ..
Middle East
Other Asia and Pacific
99,736 174,359
87,297 156,395
8,123 12,576
61,551 121,702
13,066 15,615
6,501
4,557
12,439 17,964
6,090
6,889
384
521
514
688
9,866
5,451
295,410
196,770
40,894
130,663
18,199
7,014
98,641
89,794
810
1,590
6,447
(D)
444
(°)
(°)
747
389
136
37
185
47
1
2
0
0
4
Latin America and Other Western Hemisphere
Other Africa
Middle East
Other Asia and Pacific
30,992
26,787
3,293
20,601
1,354
1,539
4,204
2,565
269
710
660
2,108
1,640
195
1,444
-1
2
468
360
22
59
26
271
131
19
108
1
3
139
(°)
(*)
8
(D)
Other industries ...
..
Developed countries
Canada
Europe .
Japan
Australia, New Zealand, and South Africa
Developing countries
Latin America and Other Western Hemisphere
Other Africa
Middle East
Other Asia and Pacific
International
58,763
39,315
13,382
15,053
1,978
8,902
15,908
8,304
857
1,485
5,261
3,541
68,588
57,954
18,419
26,917
1,775
10,844
9,140
4,273
924
1,828
2,116
1,493
2,311
1,447
596
379
20
453
673
252
97
23
301
191
997
451
(D)
106
O
(D)
544
(°)
33
7
(°)
D
,
Suppressed to avoid disclosure of data of individual companies.
* Less than $500,000.
J
<3
(*)
n
32,306
27,268
4,335
19,874
1,607
1,453
5,038
2,968
222
1,034
813
Services
Developed countries
Canada
Europe
Japan
Australia, New Zealand, and South Africa
8
o
n
o
0
0
(*)
69
8
0
0
(D)
°0
(*)0
1,717
(DD)
(D)
()
(*)
(D)
(DD)
(D)
()
68
0
6,269.6
8
18
<°)
0
80
0
3
46
3
(°)
%
D
0
(DD)
()
0
0
(*)
98
(DD)
()
0
0
(DD)
( 0)
(t
l
8
8(*)
1
(D)
0
.6
37
SURVEY OF CURRENT BUSINESS
June 1990
Table 6.—Employment of Nonbank Foreign Affiliates, Country by Industry of Affiliate, 1987
[Thousands]
Manufacturing
All
industries
Petroleum
Total
Food and Chemicals Primary
and
kindred and allied
products products fabricated
metals
Machinery,
except
electrical
Wholesale
Electric TransporOther
trade
and
tation
manufacelectronic equipment
turing
equipment
Finance
(except
banking),
insurance,
and real
estate
Services
Other
industries
AH countries
6,269.6
289.8
4,117.8
407.1
579.8
261.4
565.1
684.6
774.3
845.5
495.6
153.6
347.9
865.0
Developed countries
4,308.5
142.8
2,717.6
214.2
353.3
181.5
463.8
363.0
560.8
581.0
408.6
132.7
259.6
647.3
907.8
34.3
469.7
33.2
65.0
38.4
41.3
50.9
133.1
107.8
54.5
30.8
59.0
259.5
2,608.0
81.1
1,848.7
146.1
223.5
115.2
370.8
273.5
321.6
398.0
274.7
84.1
171.0
148.5
2,452.4
121.1
19.9
355.1
552.9
10.3
35.8
237.2
7.6
130.4
22.3
162.5
797.4
70.0
3.6
(°)
7.2
14.3
1.0
.8
5.3
(*)
7.9
(°)
.8
27.8
1,780.5
87.9
10.2
250.4
430.8
4.7
31.4
192.7
7.2
86.0
15.3
137.5
526.3
137.3
7.5
2.6
14.5
16.5
1.0
3.1
13.1
0
10.1
2.0
19.3
47.6
217.1
18.1
.5
30.6
34.3
1.5
4.0
26.4
0
13.7
2.5
20.2
65.4
111.5
3.8
.6
12.5
28.1
0
1.1
3.9
.9
9.7
(*)
18.4
32.5
355.4
13.3
(*)
65.0
69.8
0
6.0
87.5
1.0
9.0
(*)
6.9
96.8
259.0
14.0
4.5
55.8
79.2
(*)
5.8
23.2
(*)
9.4
5.6
20.2
40.6
314.8
(°)
(*)
19.1
136.1
0
.8
12.7
0
(D)
(°)
33.0
84.6
385.3
(°)
1.5
53.0
66.8
1.9
10.6
25.9
4.8
(°)
(D)
19.6
158.9
231.7
16.6
6.6
55.7
37.1
2.0
1.8
21.5
(*)
15.0
4.2
12.4
58.9
72.2
1.5
(*)
4.7
6.6
(*)
(*)
1.7
(*)
4.7
(*)
.8
51.4
152.9
9.1
1.9
23.7
22.8
1.2
1.3
10.0
0
9.7
1.6
6.1
65.7
145.2
2.3
(D)
13.6
41.3
1.4
(*)
6.0
0
7.2
(D)
4.8
67.3
155.6
31.9
5.6
19.3
37.5
47.9
10.7
2.7
11.1
1.0
(*)
5.8
1.2
.7
1.6
(*)
68.2
13.3
1.2
7.0
24.2
14.2
6.5
1.8
8.8
1.1
0
(*)
6.0
(DD)
( )
0
6.3
.9
12
3.0
.5
(*)
3.7
(*)
0
(°)
(°)
1.4
0
0
15.4
.6
(*)
(*)
12.0
1.5
(*)
(*)
14.5
4.7
(*)
(°)
(°)
3.7
1.6
0
6.8
(°)
0
0
(°)
0
2.0
(D)
12.7
(°)
(*)
(DD)
( )
(DD)
( )
(D)
43.1
6.1
3.9
4.7
9.4
18.1
.5
(*)
11.9
8.9
0
(*)
(*)
2.5
0
(*)
18.1
1.9
(*)
1.4
2.0
11.3
1.3
(*)
3.3
.6
(*)
(*)
(*)
1.1
.9
(*)
Europe.
.. .
.
European Communities (12)
Belgium.
.
France
Germany, Federal Republic of
Greece .
.
Ireland
Italy
Luxembourg
.
..
Netherlands
Portugal
Spain
United Kingdom
Other Europe
Austria
Finland
Norway
Sweden
Switzerland
Turkey
Other... .......
.....
.
.
.
(*)
Japan
344.3
11.3
220.7
10.0
34.7
6.1
38.6
25.2
71.2
34.8
42.1
8.9
8.3
53.0
Australia New Zealand and South Africa
Australia
New Zealand
.
South Africa
448.5
343.7
17.1
87.7
16.1
9.2
(°)
D
( )
178.6
114.3
9.3
55.0
24.9
8
P)
30.1
22.1
1.2
6.8
21.8
6.6
(°)
15.0
13.1
7.5
.5
5.0
13.4
11.5
.6
1.3
34.9
25.4
37.3
27.8
4.2
5.3
8.9
6.3
21.4
15.6
(*)
5.7
186.3
170.5
1.0
14.8
1,932.4
128.7
1,400.2
192.9
226.5
79.9
101.3
321.6
*
40.3
(°)
(D)
16.2
213.4
264.6
87.0
20.9
88.3
207.4
1,233.2
27.6
959.3
131.9
166.5
63.0
70.8
157.1
180.8
189.3
46.1
10.6
63.4
126.3
670.9
68.4
432.7
12.9
44.2
12.0
17.0
74.3
9.4
19.3
3.7
5.4
(*)
4.2
1.2
2.3
1.8
(*)
546.0
53.0
387.4
6.2
26.2
6.7
5.7
55.8
5.1
71.0
10.6
34.7
1.2
4.1
1.2
1.6
15.3
2.5
94.2
15.2
56.4
1.2
8.3
1.6
2.6
8.5
(*)
39.6
1.6
25.7
1.9
2.1
(*)
(*)
7.3
(*)
52.6
(°)
48.1
0
(°)
0
0
.8
(*)
72.0
2.3
62.4
<*!>,
108.9
(°)
72.9
1.2
(°)
2.4
.9
11.7
1.4
32.7
6.2
10.8
3.2
2.3
1.2
1.6
7.0
(*)
6.2
.7
2.8
0
34.2
1.8
18.2
.9
6.5
(*)
(*)
5.7
(*)
32.6
3.0
8.0
5.3
0
107.6
10.3
87.2
(*)
1.9
.8
0
6.9
(*)
523.1
438.1
22.4
62.6
6.0
2.4
(°)
(°)
400.3
377.0
2.1
21.2
57.9
48.6
.5
8.8
70.0
65.4
.6
4.0
23.2
22.4
(*)
18.2
18.2
0
0
84.6
83.2
0
1.4
73.3
73.3
0
0
73.1
65.9
.9
6.3
11.8
9.2
1.4
1.2
1.4
(*)
(*)
.6
16.2
14.7
.9
.7
87.6
34.4
(D)
(D)
39.2
6.6
3.1
5.3
2.3
3.7
2.4
15.9
2.3
(*)
(*)
(*)
(*)
13.1
(*)
0
2.6
(*)
1.3
(*)
8.4
3.0
0
0
.6
(*)
(*)
0
2.2
2.3
(*)
0
(*)
(*)
1.0
0
(
0
0
0
0
0
0
0
0
7.3
(*)
0
1.7
0
(*)
0
5.3
1.7
(*)
(*)
(*)
(*)
(*)
(*)
(*)
3.0
(*)
1.4
(*)
(*)'
(*)
(*)
13.0
4.8
1.2
1.2
.9
1.0
1.9
1.9
6.1
.8
(*)
.9
(*)
(*)
(*)
4.1
35.7
6.5
3.4
0
3.1
29.2
0
5.9
23.3
10.1
6.1
1.4
.9
(*)
(*)
4.7
(*)
1.2
3.4
.6
(*)
(*)
0
0
.5
(*)
0
(*)
5.3
2.6
1.9
(*)
.6
2.8
(*)
(*)
2.1
26.5
(*)
(*)
0
(*)
26.3
(D)
.8
(°)
2.9
(°)
(*)
(*)
(*)
0
(*)
10.9
2.3
7.9
(*)
(*)
8
(°)
9.4
3.0
0
(°)
1.4
2.0
.7
.6
8.8
2.2
(*)
1.3
(*)
(*)
1.8
.9
(*)
(
*>9
0
0
10.4
16.6
30.8
Developing countries
Latin America and Other Western Hemisphere
South America
Argentina
Brazil ..
Chile
Colombia
Ecuador
Peru
..
Venezuela
Other
,
,
,
Mexico
Panama
Other
Other Western Hemisphere
Bahamas
Trinidad-Tobago
United Kingdom Islands Caribbean
Other
Other Africa
Saharan
Eevot
LK
!
Other
Sub-Saharan
Liberia
Nigeria
Other
.Z.7I!;7.!Z."".Z"'...;.'
Middle East
Israel
Saudi Arabia
United Arab Emirates
Other
Other Asia and Pacific
Hong Kong
India?
..
Indonesia
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
.
Other .
International
..
99.7
15.6
74.3
3.2
6.6
..
.
•.
..
Addendum: OPEC (1)
D
.
.
.
.
89.9
15.5
9.5
1.0
5.0
74.4
(°)
12.2
C3)
.
509.7
48.9
54.7
37.9
63.5
91.5
51.5
56.5
53.2
31.0
21.0
(
*>8
15.7
4.7
3.0
.8
.9
11.0
(
1,
7.2
51.7
.9
(°)
*
33.6
.6
<°)
18.8
2.9
(°)
3.0
(°)
§
<*/
(*)
9.4
0
.9
8.5
(*)
4.4
1.4
1.0
0
(*)
3.1
0
1.8
1.3
*l0
0
(*)
0
0
(*)
(*)
0
0
0
0
0
(*)0
.6
2.5
;
!i
(*)
2.3
0
<!,
tf
(*)
(*)
0
0
(*)
(*)
(*)
{
"l0
0
0
0
(*)
(*)
6.2
(°)
(D)
0
(°)
(°)
0
2.9
<°)
18.2
9.6
6.1
(*)
2.4
(*)
0
0
0
(*)
5.4
1.6
3.5
(*)
(*)
2.9
.5
.6
0
1.8
.8
(*)
(*)
(*)
(*)
5.4
4.5
.9
0
0
387.0
29.0
52.0
6.7
54.0
72.5
39.4
50.9
45.7
23.0
13.7
50.8
1.8
<°)
11.6
.8
5.5
(*)
(*)
1.4
.5
.8
1.7
(*)
0
29.1
2.6
11.2
153.0
10.3
4.5
32.6
.6
3.1
1.5
(°)
1.8
50.2
1.1
20.4
2.2
1.5
8.2
1.4
3.1
4.5
1.6
6.3
<V
(*)
23
(
'L
28.7
183
0
0
0
217.4
76.0
81.2
17.8
17.6
i 8
0
0
.7
0
0
.7
(°)
(D)
0
0
0
0
(°)D
()
0
(*)
(°)
p)D
()
1.0
0
0
62.4
12.5
(°)
(°)
8.1
17.1
1.0
\1
<°)
9.5
(°)
3.4
<°)
0
12.6
24.7
19.4
26.7
11.1
(°)
30.0
0
1.3
0
0
(*)
1.8
(°)
3.7
0
(°)
0
0
0
0
0
0
8.6
1.2
9.8
7.7
18.6
12.0
Is
<°)
(°)
31.9
11.3
(*)
(°)
3.4
3.2
4.0
(°)
3.4
3.2
(°)
8
8
(*)
(D)
(*)
.8
2.5
*
( )
D
3.7
3.1
15.7
(D)
38.9
2.8
(°)
Is
(D)
2.7
(°)
(°)
P>
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.
38
SURVEY OF CURRENT BUSINESS
June 1990
Table 7.—Employment of Nonbank Foreign Affiliates, Country by Industry of Affiliate, 1988
Manufacturing
All
industries
Petroleum
Total
Food and Chemicals Primary
and
kindred and allied fabricated
products' products
metals
Machinery,
except
electrical
Wholesale
Electric TransporOther
trade
and
manufactation
electronic equipment
turing
equipment
Finance
(except
banking),
insurance,
and real
estate
Services
Other
industries
AH countries
6,403.8
296.1
4,140.8
416.7
595.3
229.4
562.0
676.0
804.0
857.5
504.4
165.4
369.4
927.7
Developed countries
4,406.5
147.9
2,715.3
220.8
364.9
153.9
462.5
346.3
576.7
590.1
419.1
140.1
280.9
703.3
966.6
46.9
484.3
37.4
62.7
42.1
42.1
49.1
136.9
113.8
54.9
32.7
73.0
274.9
2,631.9
71.8
1,845.0
151.3
238.6
94.5
368.1
259.1
332.3
401.2
283.0
88.0
181.9
162.5
2,470.5
124.3
19.5
366.1
542.0
10.6
39.0
235.1
7.6
132.0
22.1
155.1
817.2
60.9
3.3
(°)
6.5
9.5
1.0
.7
5.3
(*)
7.6
25.2
1,772.6
91,5
10.0
251.2
417.0
4.9
34.3
194.3
7.1
86.9
13.8
129.1
532.6
141.2
7.3
2.5
16.1
17.0
1.1
3.5
11.9
0
11.1
2.2
18.2
50.3
231.6
19.7
.8
32.0
37.8
1.7
4.0
29.6
0
14.5
2.9
22.2
66.5
91.6
3.7
.8
11.7
25.6
0
1.3
3.2
.9
9.0
(*)
5.6
29.6
353.5
14.6
(*)
63.2
69.7
0
6.5
86.7
.8
8.9
(*)
7.1
95.5
243.5
14.1
3.7
51.7
62.9
(*)
6.6
26.1
(*)
8.7
5.9
20.6
42.4
323.0
(D)
(*)
18.6
137.2
0
2.5
13.0
0
(DD)
( )
35.2
88.1
388.2
(D)
1.4
57.9
66.8
1.7
9.9
23.8
5.0
(DD)
( )
20.3
160.2
237.9
15.3
6.5
61.4
39.7
2.0
2.0
19.9
(*)
15.7
5.3
12.4
57.7
75.8
1.7
(*)
4.8
7.7
(*)
(*)
1.8
(*)
5.0
(*)
1.5
52.2
164.4
9.7
2.0
25.5
24.7
1.2
1.3
11.0
0
11.7
2.5
5.9
69.1
159.0
2.9
(D)
16.8
43.5
1.5
(*)
2.9
0
5.2
(D)
5.3
80.4
161.4
33.4
5.9
20.6
37.5
47.0
14.5
2.5
10.9
1.0
(*)
5.6
1.2
.7
1.6
(*)
72.4
14.4
1.1
8.3
24.6
12.4
10.0
1.6
10.0
1.2
0
(*)
6.7
(D)
7.0
1.1
(*)
2.8
(*)
0
(°)
(D)
(*)
(*)
0
14.6
.6
(*)
(*)
11.4
1.2
(*)
(*)
15.5
5.1
(*)
(D)
(D)
3.8
1.3
0
9.4
(D)
0
0
(D)
0
4.1
(D)
13.0
(D)
(*)
(D)
(D)
(D)
(D)
(D)
45.1
6.3
4.2
4.8
9.2
19.5
.8
(*)
12.2
9.1
(*)
(*)
(*)
2.6
0
(*)
17.4
1.9
(*)
1.5
1.8
10.6
1.3
(*)
3.5
.6
(*)
(*)
(*)
1.2
.9
(*)
,
355.6
11.5
222.6
8.9
34.0
5.9
39.3
25.4
72.1
37.0
43.4
11.2
9.3
57.5
Australia, New Zealand, and South Africa
Australia
New Zealand
South Africa
452.4
372.0
18.8
61.6
17.8
10.5
(D)
(D)
163.4
113.2
8.2
42.0
23.2
(D)
(D)
(D)
29.6
21.7
1.4
6.6
11.5
5.8
(*)
5.6
13.0
8.4
.5
4.1
12.7
11.8
.7
(*)
35.3
25.9
(D)
(D)
38.1
0
(D)
14.9
37.9
29.6
4.2
4.1
8.2
6.8
(D)
D
( )
16.7
14.5
(*)
2.0
208.4
197.5
2.9
8.0
1,969.6
130.6
1,425.5
195.9
230.4
75.4
99.5
329.6
227.3
267.4
85.3
25.3
88.5
214.3
1,255.2
29.2
970.9
124.7
171.4
61.2
67.9
161.2
191.1
193.4
42.7
12.3
64.9
135.2
663.3
67.4
425.9
14.5
46.1
1L4
16.3
71.6
10.1
20,9
3.5
6.0
65.5
12.2
35.3
.5
4.0
.9
1.2
9.1
2.4
98.8
15.1
58.8
2.0
9.2
1.6
2.6
9.0
(*)
40.1
1.5
26.0
2.1
2.1
(*)
(*)
7.5
(*)
48.6
(D)
43.8
0
(D)
0
0
1.2
(*)
60.0
2.1
49.8
.5
1.2
(*)
(*)
5.3
(*)
108.2
10.3
87.9
0
2.1
1.0
0
6.7
(*)
113.9
(D)
78.3
1.1
(D)
2.2
.8
12.3
1.4
28.6
5.2
7.1
4.2
2.2
1.2
1.6
6.7
(*)
6.2
.7
2.6
(°)
(D)
(*)
(D)
(*)
0
34.8
1.4
18.3
.6
7.4
(*)
(*)
6.0
(*)
37.8
3.2
12.0
(DD)
( )
2.3
O
3.9
(D)
70.5
65.8
.7
4.0
21.0
20.3
(*)
19.4
19.3
0
(*)
100.8
99.2
0
1.5
82.9
82.9
0
0
71.3
63.9
1.0
6.4
12.5
9.9
1.3
1.3
2.9
1.9
(*)
18.2
15.8
.8
1.5
90.2
33.9
(D)
(D)
2.1
(*)
0
0
0
0
0
0
0
0
0
0
0
(*)
0
0
0
0
0
(*)
(*)
0
0
0
0
0
0
0
0
8.2
(*)
0
1.9
0
(*)
0
6.1
1.6
(*)
(*)
(*)
(*)
(*)
(*)
(*)
3.3
(*)
1.6
(*)
(*)'
(*)
(*)
11.9
5.1
1.1
.7
1.0
1.0
1.0
2.0
7.2
.8
(*)
1.2
(*)
(*)
(*)
4.9
1.1
1.1
6.6
(°)
(°)
0
(°)
(D)
0
3.1
(°)
8
( )
8( )
6.5
1.4
.7
(*)
(*)
5.2
.6
(*)
(*)
0
0
.5
(*)
0
(*)
5.1
2.5
1.9
(*)
.6
2.6
(*)
(*)
2.0
22.5
(*)
(*)
0
(*)
22.2
(*)
(*)
(*)
0
(*)
9.8
2.8
6.4
(*)
(*)
3.5
4.0
<•>'
3.5
3.3
(°)
12.1
3.7
0
(*)
1.5
2.3
.9
.8
(°)
(D)
(°)
8.8
2.0
(*)
1.4
(*)
.6
2.1
.9
.5
(*)
(*)
0
0
0
17.5
11.4
Canada
European Communities (12)
Belgium
Denmark
France
Germany Federal Republic of
Greece
Ireland
Italy
Luxembourg
Netherlands
Portugal
Spain
United Kingdom
Other Europe ....
Austria .
Finland
Norway
Sweden
Switzerland
Turkey
Other
Japan
.
.
.. .
.
....
Developing countries
Latin America and Other Western Hemisphere
n
*
(
°1
(")
535.1
53.5
380.0
6.3
27.2
6.3
5.2
51.1
5.5
551.5
461.7
23.2
66.6
5.9
2.3
(°)
D
( )
421.9
397.8
2.2
21.9
56.2
46.5
(*)
9.2
40.4
6.8
3.2
5.2
2.2
3.8
1.5
17.8
2.4
(*)
(*)
(*)
14.0
(*)
0
2.7
W
H.3
3.0
0
0
(*)
(*)
(*)
0
2.4
Other Africa
Saharan
Egypt
Libya
Other
Sub-Saharan
Liberia
Nigeria
Other
89.1
15.7
9.7
1.4
4.7
73.3
(D)
12.4
(°)
15.8
4.9
2.9
1.1
.9
10.9
(*)
3.7
7.0
38.6
6.7
4.0
0
2.7
31.9
(*)
6.2
25.7
11.4
.8
(*)
0
(*)
10.6
(
Middle East
Israel
Saudi Arabia
United Arab Emirates
Other
91.8
15.1
68.4
3.2
5.2
50.8
.9
(°)
(D)
(D)
16.8
8.6
5.9
(*)
2.2
Other Asia and Pacific
Hong Kong
India
Indonesia
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Other
533.6
49.7
52.0
39.0
64.3
95.9
55.5
65.8
55.5
33.6
22.3
34.9
.6
(°)
19.7
2.8
399.3
27.8
49.7
7.3
54.4
73.0
41.0
59.2
46.2
24.8
15.8
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
International
Addendum: OPEC (1)
D
.
(
1,
1.0
°k
.7
<*Y
1.5
(°)
(*)
(°)
(°)
(*)
9.3
IA
2.1
1.6
(*)
n
o
(*)
(*)1.0
0
(*)
*l0
(*)
4.6
1.4
1.1
0
(*)
3.2
0
1.9
1.4
2.7
(*)
(*)
0
(*)
2.4
0
(*)
2.3
(*)
0
0
0
4.9
1.1
3.5
(*)
(*)
2.7
(*)
.6
0
1.6
59.7
1.6
49.5
1.1
18.3
2.6
1.4
7.9
.6
3.6
4.9
1.9
7.2
8.9
1.4
1.8
(*)
.6
1.3
.7
.5
1.7
.5
0
29.7
2.5
9.0
1.1
1.0
(*)
9.4
0
0
9.0
2.4
*>s
9.8
(*)
%.9
34.3
(*)
4.0
1.8
1,
27.7
17.6
0
0
0
208.4
77.7
76.8
11.7
18.6
.9
0
(*)
(*)
0
0
(*)
.7
(*)
(*)
(*)
(*)
*L
(D)
(*)
5.3
4.5
.8
0
0
D
0
0
.7
0
0
.7
(D)
(D)
0
0
0
156.5
8.6
4.6
0
42.1
12.6
27.1
23.4
24.8
11.5
(°)
33.9
0
2.3
0
0
(*)
1.4
(°)
4.6
0
(D)
0
0
10.1
7.7
D
0
(DD)
()
0
(*)D
()
(D)
0
.9
0
0
61.1
12.7
(D)
(D)
8.5
16.2
1.4
(°)
4.1
O5)
(D)
<*J,
3.8
2.8
(°)
(*)
(D)'
33.2
11.9
1
.9
(D)
(D)'
11.4
(D)
(D)
(°)
(°)
45.3
3.7
(°)
(D)
2.4
(D)
4.1
(°)
(D)
(D)
(°>
0
10.1
15.5
26.1
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.
June 1990
Text continues from page 33.
their maquiladora plants. Automakers also increased employment at their
other Mexican plants, in part to increase production of automobiles for
export to the U.S. market. Mexican automobile exports to the United
States—mostly from affiliates of U.S.
companies—grew 30 percent in 1988.
MOFA's.—In 1988, MOFA's employed 4.8 million workers, or 74 percent of total foreign affiliate employment (tables 8-10). For some purposes, analysis of MOFA's is preferable
to that of all nonbank affiliates, because MOFA's represent operations in
which U.S.
MNC's have a controlling
interest.5 In addition, more detailed
data are collected for MOFA's than for
other affiliates.
Of countries having total affiliate
employment of more than 50,000 persons, the MOFA shares were much
higher than average in Malaysia (92
percent), Canada (91 percent), and
Singapore (90 percent). The MOFA
shares were lower than average in India (20 percent), Japan (34 percent),
and South Korea (39 percent).
Employment by MOFA's generally
followed the same industry pattern as
that of employment by all affiliates.
MOFA employment grew in all major industries; the largest growth occurred in manufacturing and "other
industries," and the smallest growth
occurred in petroleum and wholesale
trade.
Assets
Worldwide assets of U.S. MNC's
grew 5 percent in 1988, to $5,557 billion, after increasing 10 percent in
1986 and 12 percent in 1987. Assets
of foreign affiliates grew faster than
those of their parents for the third
consecutive year.
As mentioned earlier, increases in
affiliate assets during 1984-87 probably were affected by the rapid decline
in the value of the U.S. dollar in that
period. Affiliate assets increased 10
percent in 1985, 12 percent in 1986,
and 19 percent in 1987; rates of decline in the value of the dollar during
this period were of about the same or
5. Although U.S. MNC's often prefer to hold a controlling interest in their affiliates, many considerations
could lead them to have a minority share in a foreign enterprise. In some cases, host governments may restrict
foreign ownership of domestic firms. In other cases,
U.S. MNC's may acquire minority interests to share designs, technology, marketing networks, or production
facilities with foreign firms.
SURVEY OF CURRENT BUSINESS
Table 8.—Employment of All, Majority-Owned,
and Minority-Owned Nonbank Foreign Affiliates,
by Area, 1988
Number of employees
(thousands)
All
affiliates
Majorityowned
affiliates
Minorityowned
affiliates
Percent
accounted
for by
majoriowned
affiliates
AH countries
6,403.8 4,768.7 1,635.1
74.5
Developed countries
Canada
Europe
Of which: Germany,
Federal Republic of
United Kingdom
4,406.5 3^24.9 1,081.6
966.6
877.7
88.9
2,631.9 2,102.5
529.5
75.5
90.8
79.9
464.4
680.0
77.5
137.2
85.7
83.2
355.6
119.2
236.4
33.5
452.4
225.5
226.8
49.9
1,969.6 1,421.3
Japan
Australia, New Zealand, and
South Africa
Developing countries
Latin America and Other
Western Hemisphere
Other Africa
Middle East
Other Asia and Pacific
Of which: India
South Korea
International
541.9
817.2
548.3
72.2
1,255.2
89.1
91.8
533.6
52.0
65.8
....
922.9
60.8
71.9
365.7
10.6
25.4
332.3
28.3
19.9
167.9
41.4
40.4
73.5
68.2
78.4
68.5
20.3
38.6
27.7
22.5
5.2
81.2
greater magnitude.6 Thus, absent the
translation effects, the increases in affiliate assets, if any, would probably
have been much smaller. In contrast,
the dollar was relatively more stable
in 1988; thus, the growth in affiliate
assets in 1988 probably would have
been stronger if the effects of these
exchange-rate changes were excluded.
U.S. parents.—Assets of U.S. parents increased 4 percent, to $4,353
billion. Merger and acquisition activity
contributed to this increase by bringing
new companies into the survey sample
and by causing parent company assets
to be revalued to reflect what the purchaser paid for them, including any
premium for "goodwill."7
6. On a trade-weighted basis against the currencies
of 10 industrial countries, from December to December, the U.S. dollar depreciated 16 percent in 1985,
15 percent in 1986, and 17 percent in 1987; it appreciated 4 percent in 1988. For assets, December-toDecember exchange-rate changes provide an approximate measure of currency translation effects because,
in accordance with the Financial Accounting Standards
Board Statement Number 52 (FASB-52), assets denominated in foreign, currencies are translated using
end-of-fiscal-year rates.
7. For accounting purposes, any premium paid for an
acquired company's assets beyond their book value is
treated as an increase in the assets of the consolidated
firm. Part of this premium represents a restatement of
the acquired company's assets from book value to fair
market value. Any premium remaining is recorded as
"goodwill," which is considered an amortizable, intangible asset. In mergers and acquisitions between large
parent companies, billions of dollars in goodwill may be
generated. If the premium is not sufficient to raise the
assets to their fair market value, negative goodwill is
recorded.
39
Roughly 60 percent of the increase
in parent company assets was in FIRE
(except banking). This increase was related to the wave of mergers and acquisitions in the brokerage industry that
followed the collapse of stock prices
in October 1987.
Factors prompting the mergers and acquisitions included the acquired firms' need for cash
and the substantial declines in their
stock prices, which made them more
attractive candidates for acquisition.
Several large transactions resulted in
new companies entering the survey
universe.
U.S. parents in manufacturing accounted for most of the remaining increase in assets. The largest increases
were in chemicals, foods, and "other
manufacturing." In chemicals, most
of the increase resulted from the acquisition of an MNC cosmetics manufacturer by a non-MNC holding company. In food, the substantial increase
resulted from the goodwill generated
when one large U.S. parent acquired
another. In "other manufacturing," the
increases were mainly in the paper,
tobacco, and lumber industries. The
increase in paper manufacturing was
due to the expansion of production facilities and the entry of a new parent
firm into the survey universe. In tobacco manufacturing, the merger of a
U.S. parent in cigarette manufacturing
and a U.S. insurance company not previously in the survey universe caused
the increase in assets. In lumber
manufacturing, the increase in parent assets reflected the construction of
new production facilities and a rise in
mortgage loans issued by a diversified
parent.
The increases in manufacturing and
FIRE (except banking) were partly offset by a decrease in petroleum. The
decrease mainly reflected the sale of
assets by two petroleum parents in
1988. One sold its department store
chain, and the other sold various assets
as part of its post-bankruptcy restructuring. The previously mentioned reclassification of a petroleum wholesaling parent to finance also contributed
to the decline.
Foreign affiliates.—Assets of foreign
affiliates rose 8 percent, to $1,204 billion. Affiliates in FIRE (except banking) accounted for 58 percent of the
increase, more than one-half of which
was in the EC(12). Assets of Japanese
affiliates increased 64 percent, largely
Text continues on page 42.
40
SURVEY OF CURRENT BUSINESS
June 1990
Table 9.—Selected Data for Majority-Owned Nonbank Foreign Affiliates, Major Industry and Area of Affiliate, 1987
[Millions of dollars]
Sales
assets
All industries
Developed countries
Canada!
„
Europe
Japan
Australia, New Zealand, and South Africa
Developing countries
Latin America and Other Western Hemisphere
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 and Other Western Hemisphere
Other Africa
Middle East
Other Asia and Pacific
International
.
.
. . ..
Manufacturing
Developed countries
. .
Canada
Europe
Japan
Australia, New Zealand, and South Africa
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 and Other Western Hemisphere
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 and Other Western Hemisphere
Other Africa
Middle East
.
Other industries . . . .
Developed countries
Canada
Europe
japan
Australia, New Zealand, and South Africa
Developing countries....
Latin America and Other Western Hemisphere
Other Africa
Middle East
.
,
Suppressed to avoid disclosure of data of individual companies.
* Less than $500,000.
Goods
Services
U.S.
U.S.
shipped to
MOFA's
shipped by
MOFA's
Employee
compensation
Number of
employees
(thousands)
507,441
353,382
815,541
718,086
97,455
54,246
74,907
65,542
105,452
4,664.2
399,935
78,870
275,631
24,842
20,592
102,478
67,262
6,601
7,480
21,135
5,028
242,470
58,984
160,218
11 828
11,440
104,194
75,692
4,849
5,164
18,489
6,718
674 989
135 474
463,114
42439
33963
136 383
74,049
8,792
9,102
44,441
4,169
601,265
119,417
415,977
35,527
30,344
116820
59,800
8,172
7,902
40,946
73,724
16,057
47,136
6,912
3,619
19,563
14,249
620
1,200
3,494
4,168
40,718
7,008
30,285
1,942
1,483
13,398
8,108
711
61,037
33,856
21,069
3603
2,508
13835
8,073
259
44,704
29,890
12,090
1,981
91,620
19,955
62,503
5049
4,114
13,331
7,433
406
2,711
2,780
148,965
99,222
25,144
63,872
89,615
64,138
11,653
45,542
59,350
35,084
13,491
18,330
6,395
2,035
(D)
(D)
(°)
(°)
(D)
(D)
161,490
115,978
17,752
80,241
8,902
9,083
45,511
16790
6403
5846
16473
(*)
2,800
-54
10,803
10,523
1,326
7,327
1,764
25,237
20731
3,402
15,403
1,229
(*)
41,10!
10781
9,172
8580
12,568
8,643
21,785
4330
5,356
5522
6,577
3,692
19,316
6450
3816
3058
5992
4,951
167,885
118014
18227
81,569
8,977
9,240
47,072
17482
6706
6052
16832
2800
302,533
257,473
49,780
182,375
14,076
11,243
45,059
31,273
163,807
142,616
23,813
104,633
7,649
6,521
21,191
16,000
795
551
432
281
138,725
114857
25,967
77,742
6,427
4,722
23,868
15,273
388,424
337 329
77,550
227,721
17,648
14,410
51,094
35,008
377,620
326 806
76,224
220,393
15,884
14,305
50,814
34,749
926
431
923
426
12,440
4,478
7,962
14,729
14,717
88^77
77,075
7,303
58,828
6,422
4,522
11,302
5,413
55,104
48,715
4,467
36,965
4,337
2,947
6,388
3,021
33,273
28,359
2,836
21,863
2,085
1,575
4,914
2,392
147,934
132,665
10,528
105,940
10,522
5,675
15,269
5,447
273
465
223
191
157,920
141,650
11,251
112,731
11,231
6,438
16,269
5,872
50
274
302
622
270
488
5,151
2,953
2,198
9,473
9,065
258,999
164,324
39,894
106,326
11973
6131
94,675
87,063
161,451
116,800
30,119
72,572
9613
4496
44,652
40,237
97,548
47,525
9,775
33,755
2360
1635
50,023
46,826
38,718
26,448
8,575
13,144
3611
1 118
12270
10776
268
224
206
333
363
270
467
955
42
86
1,288
5,651
3,875
1,776
1,365
27,195
22,914
3,321
17,642
16,863
14576
1,889
11,134
10,331
8339
1,431
6,508
26,896
23420
2,602
18,741
632
201
914
571
. ...
Total
income
642,404
137,855
435,849
36,669
32,031
206,672
142,954
11,450
12,644
39,624
11,747
1,319
4280
2,594
International
D
.
equity
860,823
673
Services
Developed countries
.
Canada
Europe
japan
Australia, New Zealand, and South Africa
.
Developing countries
.
Latin America and Other Western Hemisphere
Other Africa
Middle East
Other Asia and Pacific
liabilities
34,754
21,396
12,413
6,806
555
997
2288
1,168
118
612
390
20,600
13,090
6,929
4,785
(D)
265
(°)
10,254
5,829
335
1,110
6,175
2,506
265
846
541
3,244
3,104
2,863
1,336
77
323
1 992
1,427
82
302
181
14,154
8,306
5,484
2,020
67
734
4,080
3,323
70
306
381
1,768
693
222
1
44
37
0
0
7
1,624
1253
150
1,086
233
555
491
(*)
18
370
331
4
17
18
35,698
28,128
17,269
9,208
29,149
24,338
14,762
8,096
1,384
3476
2 197
474
1,329
75
157
1,560
692
303
206
359
106
280
260
3
5
12
9,985
8,985
723
6,791
709
763
1,000
426
33
134
408
38,450
26,224
8,574
12,922
3610
1 117
12,226
10,739
42
86
1,358
25,272
22,167
2,452
17,655
693
1,366
3 106
1,866
228
538
474
459
148
239
4,120
5,355
10,281
130
35
(*)
501
3,234.6
842.4
2,057.5
111.6
223.2
1,406.1
919.8
59.0
74.9
352.5
23.4
6,658
4,601
1,312
2,798
2,136
1378
9,991
5,508
3,395
D
8,469
4729
1,244
2,894
242.1
114.4
29.6
67.5
109
382
2,111
233
389
318
1 171
697
4,506
2,516
4,482
1 092
1 603
53,066
43 188
29,594
11,188
1,304
1,103
9,877
6,171
47,433
34844
25,345
7,933
1,293
146
1 641
(*)
273
12,589
5,919
(D)
(D)
(D)
(D)
3,372
114.1
513
(°)
CO
472
368
246
(D)
CO
27.3
13.5
66,757
59859
12,301
42,284
2,997
2,277
6,899
5,237
3,030.5
20432
447.3
1,406.8
64.8
124.4
987.3
702.1
22.2
87
110
81
41
3,584
(D)
1,464
257.0
6,966
5,910
18,528
15,941
3,097
9,207
2,280
1,357
2,587
1,014
6,550
3,847
13,461
12,297
1,224
9,209
1,107
452.0
376.2
46.9
264.0
28.7
36.7
75.8
40.3
375
4,910
468
157
1,055
453
-21
37
587
12,214
7,236
1,178
5,755
157
146
4978
4517
63
87
311
1,817
1 450
148
1,324
-16
-6
366
307
19
26
15
1,355
278
218
60
1,373
6,202
2,713
583
1,355
1,551
1,368
1,263
4,811
2,446
572
1,125
110
1,391
266
11
106
382
83
103
1,368
(D)
725
382
136
25
183
33
158
8
6,549
3,790
2,508
1,112
230
883
()
2
1,823
788
592
95
-5
668
0
(D)
(D)
744
20,838
8,347
1,970
-18
213
185
H
71
1,491
29
24
(*)
24
(*)
o
5
2
0
0
4
261
125
13
108
(*\
3
136
121
(*\
6
9
887
382
(D)
100
(°)
(°>
504
383
31
5
85
2
(D)
(D)
716
2,156
685
290
758
2,703
1,163
535
4
516
50
83
514
(D)
(D)
(*)
(*)
0
(*)
(*)
3,576
3314
851
1,897
6.0
46
2.3
28.6
109.0
92.9
29.3
48.2
86
68
o
(*)
o
o
o
415
152
262
142
3
6
111
53
(°)
4
6,536
5676
2853
2155
706
455
(D)
4,367
146.7
(*)
o
o
(°)
(°)
o
(*)
l
o
1316
(D)
430
38
(*)
274
329
861
537
23
196
104
6652
5744
3629
1 852
(°)
16 1
89
.3
.2
6.7
54
179
698
51 5
49
78
55
545.3
3925
2439
1243
(D)
(°)
(°)
(°)
774
488
(°)
(°)
143
92.3
(*)
68
(°)
115
133
4
99
8
o
SURVEY OF CURRENT BUSINESS
June 1990
41
Table 10.—Selected Data for Majority-Owned Nonbank Foreign Affiliates, Major Industry and Area of Affiliate, 1988
[Millions of dollars]
Sales
assets
All industries .. .
.
Developed countries
Canada
Europe
.
..
Japan
Australia, New Zealand, and South Africa
Developing countries
Latin America and Other Western Hemisphere
Other Africa
.
Middle East
.
.
Other Asia and Pacific . .
.
International
Petroleum
,
;
".
Canada
Europe
Japan
Australia New Zealand, and South Africa
Developing countries
Other Africa
Middle East
..
Other Asia and Pacific
International
.
.
..
,
Manufacturing
Canada
Europe
Japan
. ..
.
Australia, New Zealand, and South Africa
. . ..
..
Latin America and Other Western Hemisphere
Other Africa
..
Middle East
Other Asia and Pacific
...
Wholesale trade
Canada
Europe
.
.
Australia New Zealand and South Africa
Developing countries
.
Latin America and Other Western Hemisphere
Other Africa
Middle East
Other Asia and Pacific
.
.
.
.
Finance (except banking), insurance,and real estate
Canada
Eurooe
Japan
""V..!. .V ! '.'. "
!
Australia, New Zealand, and South Africa
Developing countries
Latin America and Other Western Hemisphere
Other Africa
Middle East
Other Asia and Pacific
.
....
1. . '
.
*
Services
Developed countries
Canada
Europe
*
Australia New Zealand and South Africa
Developing countries
Latin America and Other Western Hemisphere
Other Africa
Middle East
Other Asia and Pacific
Other industries
.
Developed countries
Canada
. . .
Europe
Japan
Australia New Zealand and South Africa
Other Africa
Middle East. ..
Other Asia and Pacific
International
D
.
.
... .
.
.
Suppressed to avoid disclosure of data of individual companies.
* Less than $500,000.
..
liabilities
equity
Total
Goods
Services
income
U.S.
U.S.
shipped to
MOFA's
shipped by
MOFA's
Employee
compensation
Number of
employees
(thousands)
951,834
583,377
368,457
928,417
817,271
111,147
66,670
90,916
76,042
117,420
4,768.7
737,256
160922
486 930
50,425
38,979
203,596
139,511
10206
10,895
42,984
10,981
478,689
98500
317,380
37,667
25,142
100,278
63,259
6,448
6,103
24,467
4,410
258,567
62,421
169,551
12,758
13,838
103,318
76,252
3,758
4,792
18,516
6,572
773,601
156300
525 138
53,382
38,781
149,937
83,422
8307
7,902
50,306
4,879
687,003
138 988
469 510
44,033
34,472
130,267
69,853
7,642
6,686
46,086
(*)
86,598
17312
55,628
9,350
4,308
19,669
13,568
665
1,216
4,220
4,879
51,606
8,114
38,896
2,325
2,271
14,669
8,496
867
616
4,690
395
73,757
38,080
27,750
5,092
2,836
17,087
9,596
429
190
6,872
72
52,991
36,186
13,220
2,178
1,406
102,087
22,006
68,961
6,207
4,913
14,888
8,447
434
2,731
3,276
446
3,324.9
877.7
2,102.5
119.2
225.5
1,421.3
922.9
60.8
71.9
365.7
22.5
151,005
105,626
30,585
63,074
3589
8,378
37,452
9,225
8041
7096
13,090
7,927
93,270
68,490
17,463
43,340
2600
5,088
21,538
4,019
5,273
4,494
7,753
3,242
57,735
37,136
13,122
19,734
989
3,291
15,914
5,206
2,769
2,603
5,337
4,684
166,090
116,833
17,785
80,275
9938
8,835
46,087
18,001
6034
5,483
16,569
3,170
158,649
114,173
17,277
78,475
9760
8,661
44,476
17,354
5723
5,261
16,138
(*)
7,441
2,660
508
1,799
178
175
1,611
647
311
222
430
3,170
7,678
5,369
1,069
3,333
365
601
2,219
486
335
353
1,045
90
2,349
1,070
72
887
(D)
9,140
8,872
5,092
1,483
2,817
(D)
(°)
3,486
511
(°)
253.4
123.4
44.2
60.4
325,235
275,676
57094
190 329
15,165
13,088
49,559
34453
842
637
13,626
178,602
155,087
28 165
111 108
8,543
7,270
23,516
17309
470
322
5,414
146,633
120,590
28928
79,221
6,622
5,818
26,043
17 144
371
316
8,212
464,112
401,830
93658
269051
21,525
17,597
62,281
42601
1 106
510
18,063
451,104
389,254
92039
260486
19,281
17,449
61,850
42 192
1 103
505
18,050
13,007
12,576
1619
8565
2244
149
431
409
4
5
13
32,818
26,895
4,501
20,078
1,148
1,168
5,923
3545
220
32
2,125
63,237
51,782
34,282
14,619
1,592
1,288
11,456
7032
116
31
4,277
57,714
42,549
30,926
9546
95,909
83,466
7880
60,948
8,435
6203
12443
5,751
313
485
5895
61,469
54,612
4782
39,613
5,902
4315
6857
3,132
200
201
3,324
34,441
28,854
3,098
21,335
2,533
1 888
5,587
2,619
113
284
2,571
184,524
164,533
13430
127,751
15,419
7933
19991
7,527
340
705
11 419
173,075
154,256
12636
(D)
11,448
10,277
795
(D)
(D)
1 074
1 172
496
37
158
480
23,782
20,123
3 388
11,850
3,401
1 484
3659
1,327
15
124
2 193
7,286
4,282
6859
18819
7,031
302
547
10939
7,989
6,607
574
5,096
627
310
1,382
526
-36
48
844
314,354
225,230
49,574
146 199
22,122
7,335
89 125
81,122
468
1 289
6246
209,524
169,710
39,126
105 190
19,679
5,716
39813
34,857
203
293
4,460
104,831
55,520
10,449
41,009
2,443
1,619
49311
46,264
265
996
1,786
43,871
31,982
9,665
15963
5,153
1,201
11 890
10,051
46
75
1 718
401
117
1
110
6
(D)
(D)
(D)
(D)
14,522
10,176
1,173
8774
158
70
4346
3,506
260
151
428
68
o
o
43,470
31,864
9,664
15853
5 147
1,200
11 606
(D)
46
75
30,801
26,045
4,543
19250
770
1,483
4,756
3033
217
778
728
20,036
17,596
2,763
12,960
656
1,217
2,440
1 338
116
456
530
10,765
8,449
1,780
6290
114
265
2,315
1 694
102
322
198
31,199
27,342
3,310
21 507
999
1,526
3,857
2359
258
611
629
1,885
1,415
243
1 154
0
19
470
(°)
4
26
D
()
29,314
25927
3,067
20354
999
1 508
3,387
(D)
254
585
(D)
34,529
21,213
11,246
7,130
344
2,492
10,262
5,928
325
610
3,399
3055
20,476
13,194
6,201
5,169
288
1,536
6,115
2,604
187
338
2,986
1,167
14,053
8,019
5,044
1,961
57
956
4,147
3,325
138
272
412
1,888
38,622
31,081
18452
10,593
348
1 688
5,831
2,883
523
517
1,908
1 709
32,156
27,788
16794
6,466
3294
1 658
1
284
(D)
(D)
O5)
1 485
4,368
2,583
511
346
930
o
(D)
(D)
(D)
204
1,463
300
12
172
979
1 709
(D)
1,210
649
254
20
287
70
(D)
1
18
(D)
10,237
1,830
(D)
(D)
(D)
5,280
3,574
(D)
2
(°)
(D)
1,638
(D)
207
618
(°)
1,491
586
15,165
7018
(D)
(D)
(D)
1 007
1933
684
658
3004
764
4
(D)
(D)
o
(D)
(D)
1
0
0
(°)
(D)
(D)
(°)
o
o
o
o
(D)
(*)
1,974
1,630
242
1 370
25
-6
344
293
17
36
-2
321
160
31
123
1
5
161
129
(*)
63
7
5
2
0
0
56
56
(D)
D
( )
(*)
0
1,689
929
554
245
2
128
455
140
70
-4
248
305
1,159
(D)
o
(D)
(D)
(D)
117.0
25.8
(D)
(D)
520
294
28.8
13.0
74,407
66,299
13,832
46,268
3,575
2,625
8,108
6,104
93
138
1,773
3,063.7
2,076.3
460.4
1,425.3
68.4
122.2
987.3
6976
236
58
2604
15,268
14,008
1 341
10,428
1,331
908
1,260
552
45
80
583
462.6
387.4
47 i
2735
293
375
752
36.9
5.3
23
307
4,534
4,257
952
2432
684
188
271
143
4
6
125
123.0
104.7
30.8
7,415
6,466
128
302.5
233.0
59.8
1523
65
144
695
525
47
6.8
5.5
6,925
5965
3482
2,145
5635
400 1
2355
1352
916
4872
309
369
950
598
25
199
558
108
7.3
183
9.4
3
2
84
(D)
(D)
306
253
674
(D)
(D)
(*)
D
(D)
(D)
(D)
(D)
(D)
800
538
(D)
1539
1006
149
152
31 9
44
(D)
(D)
2
(D)
()
(D)
(°)
(*)
(D)
o
(D)
(D)
(D)
(D)
(D)
95
42
Text continues from page 39.
in response to a brokerage firm's expansion following its 1987 admission to
the Tokyo Stock Exchange. In Canada,
assets of affiliates in FIRE (except
banking) were boosted by the acquisition of a major Canadian real estate
developer by a U.S. parent.
Assets of manufacturing affiliates
also increased substantially; the largest
increases were in Japan, "other Asia
and Pacific," Latin America, and
Canada. In Japan and "other Asia and
Pacific," minority-owned firms were responsible for virtually all of the increase. In Latin America, assets of
manufacturing affiliates increased 10
percent—the most rapid increase since
this survey began in 1983. The construction of new facilities and the
expansion of existing ones in Chile
and Brazil accounted for a significant
part of the increase. In Chile, one
of the largest new ventures was financed through the Chilean Government's debt-for-equity-swap plan.8 In
Canada, the stock of plant and equipment grew rapidly as many new affiliates were established and as existing
affiliates expanded capacity.
U.S. merchandise trade
U.S. merchandise exports and imports associated with U.S. MNC's increased in 1988 for the second consecutive year (table 11). Unlike in 1987,
however, MNC-associated U.S. exports
grew faster than MNC-associated U.S.
imports. Exports—the sum of goods
shipped to affiliates by all U.S. persons and goods shipped to unaffiliated
foreigners by U.S. parents—increased
20 percent, to $215 billion. Imports—
the sum of goods shipped by affiliates to all U.S. persons and goods
shipped by unaffiliated foreigners to
U.S. parents—increased 8 percent, to
$180 billion.
The increase in MNC-associated exports was fairly evenly split between
exports shipped to affiliates and those
shipped to unaffiliated foreigners. Parents in manufacturing and wholesale
trade were responsible for nearly all of
the increase. U.S. exports associated
with MNC's accounted for 67 percent
8. Under this plan, private foreign investors have
been able to purchase Chilean Government debt from
the original lenders at a discount and then redeem the
debt at the Chilean central bank at a rate closer to its
face value. In most cases, the currency earned must
then be invested in local businesses.
SURVEY OF CURRENT BUSINESS
Table 11.—U.S. Merchandise Exports and Imports
Associated With Nonbank U.S. MNC's, 1987 and
1988
[Millions of dollars]
1987
MNC-associated U.S. exports, total
Shipped to affiliates !
To majority-owned foreign affiliates
By U.S. parents
By unaffiliated U.S. persons
178,898
78,887
74,907
65,248
9,659
3,980
1988
215,392
95,027
90,916
78,336
12,579
4,112
Shipped to unaffiliated foreigners by U.S.
MNC-associated U.S. imports, total
Shipped by affiliates !
By majority-owned foreign affiliates
To U S parents
To unaffiliated U.S. persons
By other affiliates 2
Shipped by unaffiliated foreigners to U.S.
100011
120 365
166,423
75,937
65542
55867
9,675
10,395
179,543
87,156
76042
65881
10,161
11,114
90,486
92,387
1. As reported on foreign affiliates' forms.
2. In the annual survey, U.S. exports shipped to minority-owned
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.
MNC Multinational company.
of total
U.S. merchandise exports in
1988.9
Imports shipped by affiliates to their
U.S. parents accounted for more than
four-fifths of the total increase in
MNC-associated imports.
Imports
shipped to U.S. parents in manufacturing more than accounted for the
increase, which was partly offset by a
decline in imports shipped to parents
in petroleum. U.S. imports associated
with MNC's accounted for 41 percent
of total U.S. merchandise imports in
1988.10
Sales
Sales by U.S. MNC's increased 7
percent, to $4,022 billion, after an 8percent increase in 1987. Affiliates'
sales grew faster than those of their
parents—14 percent, compared with
5 percent—and accounted for most of
the overall increase. As was the case
with assets, the increase in affiliates'
sales in 1988 might have been significantly larger were11it not for currency
translation effects.
9. The data on total U.S. exports, including reexports
and military grant shipments, used in this comparison
are on a Census basis.
10. The data on total U.S. imports used in this
comparison are on a Census Bureau basis.
11. On a trade-weighted basis against the currencies
of 10 industrial countries, the average monthly value of
the U.S. dollar declined 14 percent in 1987 and 4 percent in 1988. For affiliate sales, unlike for their assets,
average monthly exchange rates provide an appropriate measure of currency translation effects, because,
in accordance with FASB-52, sales denominated in foreign currencies are translated using weighted average
exchange rates for the year.
June 1990
Sales by U.S. parents increased 5
percent, to $2,827 billion. Increases
were widespread by industry; the only
significant decline occurred in petroleum.
Manufacturing parents accounted for two-thirds of the increase;
the largest increases occurred in transportation equipment, chemicals, nonelectrical machinery, and "other manufacturing." In transportation equipment, the increase was largely due
to the consolidation of U.S. automakers and their domestic finance subsidiaries in accordance with FASB94.
In chemicals, sales growth
was widespread as a result of rising demand. In nonelectrical machinery, computer manufacturers had the
largest increase; however, the rate of
growth was faster in farm equipment
manufacturing—because of rising agricultural exports—and in construction
equipment manufacturing—because of
rising U.S. home sales. In "other
manufacturing," U.S. parents in instruments and related products, paper, and lumber had the largest sales
increases. In instruments, a domestic finance subsidiary was consolidated
with its parent firm. In paper and lumber, the increases reflected favorable
markets. In petroleum, the decline resulted from the previously mentioned
divestments of assets.
Sales by foreign affiliates grew 14
percent, to $1,194 billion. Manufacturing affiliates had the largest and most
rapid sales growth. Sales by affiliates
in wholesale trade and services also increased substantially. In these three
industries, sales increased worldwide,
but growth was particularly rapid in
Southeast Asia, Latin America, and
Canada.
In manufacturing, well over one-half
of the increase by Japanese affiliates
was generated by minority-owned auto
manufacturing affiliates; in addition, a
computer manufacturing affiliate substantially increased its local sales. In
"other Asia and Pacific," most of the
rise in sales resulted from affiliates'
The divergent effects of currency translation on affiliate assets and sales in 1988 reflected differences
between the movements in December-to-December and
average monthly exchange rates. During 1987-88, the
dollar reached its lowest value in December 1987; thus,
the December-to-December comparison used for assets
showed the dollar appreciating. However, the dollar's
average value for the year, used for sales, was higher
in 1988.
Although these changes in exchange rates probably
boosted affiliates' sales in both 1987 and 1988, the effect
was proportionately larger in 1987.
SURVEY OF CURRENT BUSINESS
June 1990
43
increased non local sales by affiliates
engaged in marketing products produced in Southeast Asia, such as toys,
tropical fruits, and tires. In Latin
America, non local sales by commodity
brokers in the Caribbean and by agricultural brokers and computer manufacturers in Central and South America accounted for much of the sales
increase.
In services, sales by affiliates grew
most rapidly in Japan and Canada.
The increased sales reflected new investments in the motion picture industry in both countries. Rising sales by a
Japanese film processing affiliate and
worldwide exports of computer equipment and semiconductors. In Latin
America, local sales of automobiles,
computers, and food products largely
accounted for the increase. In Canada,
rising transportation equipment sales
in both the domestic and U.S. markets accounted for nearly one-half of
the increase.
In wholesale trade, the increase
in sales by Japanese affiliates was
mostly generated by wholesalers of automobiles, computers, and nondurable
goods—chiefly, cigarettes. Increases in
"other Asia and Pacific" were concentrated in Hong Kong; they reflected
the establishment of a Canadian architectural affiliate also contributed to the
increases.
Petroleum was the only major industry in which affiliates' sales fell.
Most of the decline was in Europe;
it resulted from the divestiture of a
large West German petroleum affiliate and from widespread overcapacity
in the European oil refining industry. In most other areas, declines
reflected falling oil prices resulting
from overproduction in some OPEC
countries.
Sales of services.—The remainder of
this section deals with sales of services
Table 12.—Sales of Goods and Services by Nonbank U.S. Parents and Foreign Affiliates, 1986-88
Services as a percentage
of total
Millions of dollars
1986
Total
Goods
2,554,439
n.a.
n.a.
n.a.
n.a.
1,837,048
n.a.
n.a.
n.a.
n.a.
1988
1987
Total
Goods
707,391
692,779
14,612
4,784
9,828
2,689,227
n.a.
n.a.
n.a.
n.a.
1,926,433
n.a.
n.a.
n.a.
n.a.
Services
Total
Goods
762,793
748,857
13,936
3,597
10,339
2,827,223
n.a.
n.a.
n.a.
n.a.
2,017,559
n.a.
n.a.
n.a.
n.a.
Services
Services
1986
1987
1988
U.S. parents
All nonbank parents of nonbank affiliates
To U S persons
To foreign affiliates
To other foreign persons
.
.
.
.
...
809,664
789,505
20,160
4,277
15,883
27.7
n.a.
n.a.
n.a.
n.a.
28.4
n.a.
n.a.
n.a.
n.a.
28.6
n.a.
n.a.
n.a.
n.a.
Foreign affiliates
928,915
n.a.
n.a.
1,052,795
n.a.
n.a.
1,194,816
n.a.
n.a.
n.a.
n.a.
n.a.
720,069
171,329
548,740
637,447
151,718
485,729
82,622
19,611
63,011
815,541
198,868
616,673
718,086
175,958
542,128
97,455
22,910
74,545
928,417
226,929
701,488
817,271
202,903
614,367
111,147
24,026
87,121
11.5
11.4
11.5
11.9
11.5
12.1
12.0
10.6
12.4
79,979
66,639
13,340
70,205
58,722
11,483
9,774
7,916
1,857
88,922
73,761
15,161
78,479
65,352
13,127
10,444
8,409
2,035
101,239
82,186
19,053
90,826
74,143
16,682
10,413
8,042
2,371
12.2
11.9
13.9
11.7
11.4
13.4
10.3
9.8
12.4
640,091
140,691
535,400
567,242
92,996
474,246
72,849
11,695
61,154
726,618
125,107
601,511
639,607
110,606
529,001
87,011
14,501
72,510
827,178
144,744
682,435
726,445
128,760
597,685
100,733
15,983
84,750
11.4
8.3
11.4
12.0
11.6
12.1
12.2
11.0
12.4
To other foreign affiliates
To unaffiliated foreigners
471,775
21,355
450,420
411,038
16,468
394,570
60,737
4,887
55,850
539,375
25,725
513,650
466,694
20,252
446,442
72,681
5,473
67,208
606,837
31,113
575,724
521,408
24,332
497,076
85,429
6,781
78,648
12.9
22.9
12.4
13.5
21.3
13.1
14.1
21.8
13.7
Sales to other countries
To other foreign affiliates
To unaffiliated foreigners
168,315
83,335
84,980
156,204
76,528
79,676
12,111
6,808
5,303
187,244
99,382
87,862
172,913
90,354
82,560
14,331
9,028
5,302
220,341
113,631
106,710
205,037
104,429
100,608
15,304
9,202
6,102
7.2
8.2
6.2
7.7
9.1
6.0
6.9
8.1
5.7
208,846
n.a.
n.a.
237,254
n.a.
n.a.
266,399
n.a.
n.a.
n.a.
n.a.
n.a.
4.7
n.a.
n.a.
n.a.
n.a.
6.1
5.4
44.7
18.9
53.6
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 foreign persons . .......
To other foreign affiliates
To unaffiliated foreign persons
•
Percent change from previous year
U.S. parents
All nonbank parents of nonbank affiliates...............
To U S persons
To foreign persons .
.
To foreign affiliates
To other foreign persons
;
13.4
14.4
-20.7
17.5
-31.5
-1.2
n.a.
n.a.
n.a.
n.a.
-6.4
n.a.
n.a.
n.a.
n.a.
3.7
n.a.
n.a.
13.3
n.a.
13.5
n.a.
n.a.
2.5
-.1
3.3
.6
-2.0
1.5
19.1
17.4
19.6
13.3
16.1
12.4
12.7
16.0
11.6
18.0
16.8
18.3
13.8
14.1
13.8
13.8
15.3
13.3
14.0
4.9
16.9
-11.4
-12.0
-8.5
-.3
-1.6
5.6
11.2
10.7
13.7
11.8
11.3
14.3
6.9
6.2
9.6
13.9
11.4
25.7
15.7
13.5
27.1
-.3
-4.4
16.5
4.3
45.3
3.6
2.3
5.5
1.8
22.4
35.6
20.1
13.5
-11.1
12.3
12.8
18.9
11.5
19.4
24.0
18.6
13.8
15.7
13.5
13.6
16.4
13.0
15.8
10.2
16.9
5.2
-10.1
6.0
3.3
-15.1
4.3
19.5
11.8
20.2
14.3
20.5
14.0
13.5
23.0
13.1
19.7
12.0
20.3
12.5
20.9
12.1
11.7
20.1
11.3
17.5
23.9
17.0
1.9
14.1
-7.8
-.2
11.2
-9.1
39.3
60.1
19.4
11.2
19.3
3.4
10.7
18.1
3.6
18.3
32.6
(*)
17.7
14.3
21.5
18.6
15.6
21.9
6.8
1.9
15.1
8.4
n.a.
n.a.
13.6
n.a.
n.a.
12.3
n.a.
n.a.
5.3
n.a.
n.a.
n.a.
n.a.
4.9
n.a.
n.a.
n.a.
n.a.
7.8
8.1
-4.6
-24.8
5.2
5.1
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
»
.
. . . . . .
.. .
-10.2
-10.8
-6.8
To U.S persons
To U S. parents
To unaffiliated U.S. persons
To foreign persons.....
To other foreign affiliates
,
Local sales
To other foreign affiliates
To unaffiliated foreigners
Sales to other countries.
To other foreign affiliates
To unaffiliated foreigners
Minority-owned affiliates
n.a. Not available.
* Less than 0.05 percent (±).
.
....
..
'
44
by U.S. MNC's.12 The collection of information on such sales is part of a
larger BEA effort to improve and expand the information it provides on
international sales of services.
Of the $2,827 billion in sales by nonbank U.S. parent companies in 1988,
goods accounted for 71 percent, and
services for 29 percent (table 12).13 Of
the $928 billion in sales by MOFA's,
12. For purposes of distributing sales between goods
and services, "services" are defined as activities characteristic of a particular group of industries: The
"services" division of the Standard Industrial Classification, petroleum services, FIRE (except banking),
agricultural services, metal mining services, and transportation, communication, and public utilities. A parent
or affiliate need not be classified in one of these industries to have sales of services; in fact, a significant
portion of sales of services is accounted for by entities
in manufacturing and other goods-producing industries
that sell services as a secondary activity. Additional
details on the methodology underlying BEA's data on
sales of services by MNC's are in "U.S. Sales of Services
to Foreigners," SURVEY OF CURRENT BUSINESS 67 (January
1987): 22-41.
13. In examining U.S. parent sales of goods in table
12, 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 11)
are similar, but not conceptually identical. The major
difference between them is that sales are recorded on
the basis of the location of the person to whom the sales
are charged and 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 may also differ between the
two measures, because goods may not be charged in the
same period that they are shipped. Further differences
SURVEY OF CURRENT BUSINESS
goods accounted for 88 percent, and
services for 12 percent.
Of total U.S. parent sales of services to foreigners, 77 percent were
to unaffiliated foreigners. These sales
increased 54 percent in 1988, to $16
billion. Most of the increase occurred
in services industries, chiefly business
information services, brokerage, insurance, air travel, and telecommunications. However, some of the fastest
growth occurred in manufacturing industries, where exports of services are
less common. The growth largely reflected a new U.S. venture by a chemical manufacturing parent to supply
services to the petroleum processing industry at home and abroad and the
acquisition of a U.S. international engineering services firm by a construction
equipment manufacturer.
Sales of services by parent companies to U.S. persons increased much
less rapidly—only 5 percent—in 1988.
Parent companies in FIRE (except
banking) accounted for a large share—
37 percent—of the total increase,
mainly because of the previously mentioned mergers and acquisitions. A
related increase occurred in manufacmay 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.
June 1990
turing; it reflected the consolidation of
an electronic equipment manufacturer
and its domestic finance subsidiary in
accordance with FASB-94. Much of
the remaining increase occurred in various services industries; one of the
largest increases resulted from the entry of a new U.S. parent company into
the survey universe when a regional
telephone company acquired its first
foreign affiliate.
For MOFA's, sales of services increased 14 percent. However, the
services share of total MOFA sales
remained virtually unchanged at 12
percent. In the 4 previous years, in
contrast, sales of services grew faster
than sales of goods, and services' share
of total MOFA sales increased.
Sales to unaffiliated foreign (nonU.S.) persons accounted for nearly all
of the increase in sales of services
by MOFA's. MOFA's in FIRE (except
banking), services, wholesale trade,
and manufacturing had the largest increases. In FIRE (except banking), the
increase reflected the previously mentioned acquisition of a Canadian real
estate firm and rising foreign sales by
MOFA's in life insurance. In services,
it reflected the establishment of new
advertising affiliates in the EC(12). In
both wholesale trade and manufacturing, affiliates of computer companies
increased their sales of user-support
services.
By JEFFREY H. LOWE
Gross Product of U,S, Affiliates of Foreign Companies, 1977-87
THIS
article presents estimates of
gross product (value added) of nonbank
U.S. affiliates of foreign companies—
the affiliates' contribution to U.S. gross
domestic product (GDP)—for 197787.l Gross product is an economic
accounting measure of production. For
an individual business, it can be defined as sales plus inventory change,
less purchases from other businesses.
Thus, it measures value added by the
business. It can also be defined as the
sum of income from current production
plus certain nonfactor charges. For
affiliates, the major types of income
are employee compensation, profit-type
return, and net interest; nonfactor
charges are indirect business taxes
and capital consumption allowances.
The estimates presented in this article were prepared by summing these
items.
Estimates of affiliate gross product
are useful in measuring the size and
economic impact of affiliates on the
U.S. economy as a whole and on individual U.S. industries. Although
sales by affiliates can also be used
to measure this impact, gross product is a preferable measure for some
purposes. Gross product indicates the
extent to which affiliates' sales result
from their own production rather than
from production that originates elsewhere, whereas sales data do not distinguish between these two sources of
production. In addition, gross product estimates measure the value added
to the economy by affiliates in a specific time period. In contrast, sales in
a given period may represent production of earlier periods, that is, out of
inventory.
The gross product estimates, while
useful measures of U.S. GDP at-
1. A U.S. affiliate is a U.S. business enterprise in
which a single foreign person owns or controls, directly
or indirectly, 10 percent or more of the voting securities
of an incorporated business enterprise or the equivalent
interest in an unincorporated business enterprise.
tributable to firms in which there is
foreign direct investment, are subject
to several limitations or qualifications.
Movements in affiliate gross product
reflect acquisitions of existing U.S.
businesses, as well as the establishment of new affiliates and changes in
production by existing affiliates. Thus,
an increase in affiliate gross product
may not represent an increase in U.S.
GDP; rather, it may simply represent
a shift in the ownership or control of
productive resources that would have
contributed to GDP in any event.2 Furthermore, because the estimates are in
current dollars, they reflect changes in
prices as well as changes in real output. Finally, it should be emphasized
that not all of the factors of production
that generate affiliate gross product
are foreign owned. The largest share
of affiliate gross product is accounted
for by employee compensation, almost
all of which accrues to U.S. workers,
and some of the profit-type return of
affiliates that are not wholly owned by
foreign direct investors accrues to U.S.
owners.
The remainder of this article is divided into three sections. The first
reviews the growth and distribution
from 1977 to 1987 of U.S. affiliate
gross product by industry of affiliate,
by country of ultimate beneficial
owner
(UBO), and by component.3 The sec2. Because data on U.S. affiliates are reported to
BEA on a consolidated basis, it is not possible to isolate increases in gross product due to acquisitions from
increases due to other factors. When a U.S. business
enterprise is acquired by an existing U.S. affiliate, data
for the acquired entity are consolidated with those of
the existing affiliate and cannot be separately identified. It should be noted that although the primary effect
of the acquisition of an existing business enterprise is
merely a shift in ownership, secondary effects on U.S.
GDP may occur. For example, some or all of any funds
that were brought into the United States from abroad
and transferred to the previous owners may be used
for investment in the United States, or the new owners
may utilize resources more or less efficiently than the
previous ones. Data needed to gauge such secondary
effects are unavailable.
3. The UBO is that person, proceeding up a U.S. affiliate's ownership chain beginning with and including the
foreign parent, that is not owned more than 50 percent
by another person.
ond compares the level, growth, and
composition of affiliate gross product
with those of all-U.S.-business gross
product, as measured in the national
income and product accounts (NIPA's).
The third illustrates how gross product data, together with other data on
U.S. affiliates' operations, can be used
to analyze the structure of affiliates'
production. A technical note at the end
of the article discusses data sources,
estimation procedures, and conceptual
differences between the components of
U.S. affiliate and NIPA gross product.
Growth and Distribution of
U.S. Affiliate Gross Product,
1977-87
Overview
Gross product of U.S. affiliates grew
from $35.2 billion in 1977 to $151.9
billion in 1987 (table 1). The average
annual growth rate during this period
was 16 percent. Affiliate gross product grew much more rapidly during
1977-81, although from a smaller base,
than during 1981-87—an average annual rate of 29 percent, compared with
7 percent. The faster growth in the
earlier period may have reflected several factors. First, during that period,
U.S. companies were being acquired
by foreigners at a rapid pace. After
slowing in 1982-83, the pace and the
size of acquisitions picked up again in
1984. However, after 1981, disinvestment increased, as some of the acquisitions made earlier proved unprofitable
and as foreign parents sold off unwanted divisions of recently acquired
affiliates.4
4. The pattern of rapid growth during 1977-81 followed by slower growth from 1981-87 is also reflected
in other measures of foreign direct investment in the
United States. For example, sales by affiliates grew at
an average annual rate of 27 percent in 1977-81 and
6 percent in 1981-87. The respective growth rates for
assets were 30 percent and 15 percent; for employment,
19 percent and 5 percent; and, for the foreign direct investment position in the United States, 33 percent and
16 percent.
45
SURVEY OF CURRENT BUSINESS
46
Second, growth in affiliate gross
product slowed considerably in 1982
because of the worldwide economic recession. Slack demand led to sharp
declines in production by existing affiliates, and slow recovery overseas
limited foreigners' ability to make new
investments.
Third, inflation rates in the United
States were higher during 1977-81
than after 1981. (As noted earlier, the
estimates are in current dollars and
thus reflect price changes as well as
changes in real output.)
Finally, growth in affiliate gross
product may have been affected by
fluctuations in the value of the dollar vis-a-vis foreign currencies. During
1977-80, depreciation of the dollar encouraged new investment in the United
States by making it cheaper for foreigners to produce and invest here.
When the dollar appreciated during
1981-85, these activities became relatively more expensive, and new U.S.
investment may have been dampened.
By industry
The pattern of rapid growth of affiliate gross product in 1977-81, and
of much slower growth in 1981-87,
was widespread by industry. For example, in manufacturing—which accounted for nearly 50 percent of the
affiliate total throughout 1977-87—
gross product grew at an average annual rate of 30 percent in 1977-81,
compared with 8 percent in 1981-87,
about the same rates as those for all
industries combined. In petroleum, a
29-percent growth rate was followed by
June 1990
a negative 2-percent rate. All other industries combined grew at a 30-percent
rate in 1977-81 and a 12-percent rate
in 1981-87.
In manufacturing, growth in gross
product throughout 1977-87 was at
an average annual rate of 16 percent.
Within manufacturing, the most rapid
growth was in "other manufacturing"
and chemicals.5
In "other manufacturing," growth
was particularly strong in motor vehicles and equipment. However, most
U.S. affiliates of large foreign automobile manufacturers are classified in
motor vehicle and equipment wholesale trade and not in motor vehicle and
equipment manufacturing, because a
majority of their sales result from the
wholesale distribution of imported cars
rather than from their sales of cars
manufactured in the United States.
For analytical purposes, it is useful
to combine these two segments of the
auto industry and examine them together. In the tables, the data for the
combined industries are shown in the
addenda, under the heading of "total
motor vehicles and equipment."
Most of the growth in total motor
vehicles and equipment occurred between 1977 and 1985. Surging demand
for fuel-efficient imported vehicles induced foreign auto companies—mainly
5. Industries in "other manufacturing" are textile
products and apparel; lumber, wood, furniture, and
fixtures; paper and allied products; printing and publishing; rubber and plastics products; stone, clay, and
glass products; transportation equipment; instruments
and related products; and manufacturing industries not
elsewhere classified.
from Japan and Germany—to expand
their U.S. wholesale operations. Fears
of U.S. trade protectionism may have
also encouraged them to produce in
the United States rather than to supply U.S. markets entirely from abroad.
Some increases in production from affiliates of Japanese UBO's may have
resulted from Japan's institution of a
voluntary export restraint program for
motor vehicles in 1981. In addition, a
French UBO's acquisition in 1979 of a
U.S. automobile manufacturer boosted
affiliate production.
In 1986-87, gross product in total motor vehicles and equipment declined. The French UBO's automobile
manufacturer proved unprofitable and
was sold to a U.S. company in 1987.
That same year, a German UBO closed
its U.S. production facilities following
several years of poor sales. In addition, gross product declined in 198687, when wholesalers were forced to
raise prices for imported vehicles, because of dollar depreciation. These
higher prices dampened demand. Although several joint ventures between
Japanese and U.S. companies to produce cars in the United States were
launched during 1986-87, they did
not make substantial contributions to
gross product in those years, because
they had not become fully operational.
Since 1987, most of these ventures
have become operational, and their
gross product has probably increased.
In chemicals, gross product rose at
an average annual rate of 17 percent
in 1977-87. Growth was very rapid
in 1977-81; however, much of it occurred in 1981, when gross product
Table 1.—Gross Product of U.S. Affiliates, by Industry of Affiliate, 1977-87
Percent
Millions of dollars
Average annual growth rate
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1977-81
AH industries
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery
Wholesale trade
Retail trade
Finance, except banking
Insurance
Real estate
Services..
Other industries
.
Addenda:
Motor vehicles and equipment manufacturing
Motor vehicles and equipment wholesale trade
Total motor vehicles and equipment
D
1981-87
1977-87
1977
1987
100
35,222
42,920
55,424
70,906
98,828
103,489
111,490
128,761
134,852
142,120
151,905
29
7
16
100
7,654
9,263
11,869
16,988
21,336
20,453
19,901
20,782
21,162
17,165
18,786
29
-2
9
22
12
16,672
2,603
5,373
20,403
2,868
6,273
26,429
3,398
7,417
3,080
6,081
6,452
47,189
4,833
18,323
3,557
9,532
10,944
52,461
5,375
19,857
5,540
9,776
11,913
61,423
5,939
22,296
6,840
11,876
14,472
62,536
6,299
21,893
7,023
11,520
15,801
73,796
6,222
25,690
2,125
4,160
4,976
47,117
4,847
18,623
3,994
65,794
2,010
3,191
3,494
30,981
3,884
8,240
3,662
7,432
7,764
30
17
36
19
30
32
8
4
6
10
5
13
16
9
17
14
15
20
47
7
15
6
9
10
49
4
17
5
8
15
5,044
2,310
238
925
429
586
1,363
5,319
2,786
331
1,263
698
911
1,946
6,624
3,899
8,366
5,265
11,191
13,650
8,004
19,656
10,304
4,394
19,639
12,439
881
1,678
1,722
1,554
3,470
14,154
8,646
2,744
17,153
462
1,349
1,165
1,223
2,404
7,123
22
28
46
21
57
36
40
9
9
35
17
10
21
5
14
16
39
19
27
27
18
14
7
1
3
1
2
4
12
7
4
3
3
4
5
38
1,091
1,129
(°)
(°)
1,629
1,484
6,712
8,196
160
32
46
-3
12
8
44
20
22
(*)
3
3
1
4
5
Suppressed to avoid disclosure of data of individual companies.
* Less than 0.5 percent.
NOTE.—Details may not add to totals because of rounding.
Distribution
1987
1,217
1,721
2,938
9,105
10,548
6,192
1,078
2,007
2,606
2,034
5,267
1,511
1,747
2,396
3,907
3,333
5,080
1,650
1,609
2,580
2,209
6,145
1,736
3,931
5,667
1,692
3,512
2,975
5,405
1,765
4,662
6,427
9,501
4,103
1,241
4,564
4,066
5,928
2,741
6,513
9,254
6,381
22,564
7,407
11,942
17,500
4,741
5,932
6,416
4,114
4,423
5,166
6,964
2,669
8,209
10,878
2,221
7,386
9,607
1,768
4,359
7,183
12,373
22,329
18,879
10,505
6,504
5,250
4,564
6,498
SURVEY OF CURRENT BUSINESS
June 1990
more than doubled because a Canadian
UBO acquired a minority interest in
a major producer of industrial chemicals and synthetics. The rate of growth
slowed in 1981-87, largely because increased affiliate production resulting
from several acquisitions in 1985-86
was mostly offset by the disinvestment
of a large agricultural chemicals affiliate that repurchased the minority
equity interest held by its German
UBO.
In petroleum, gross product grew at
an average annual rate of 9 percent in
1977-87. During 1977-81, gross product of petroleum affiliates increased at
the same rate as that of all affiliates.
The increase mainly reflected rising
crude oil prices and stepped-up production in Alaska. However, crude oil
prices began to fall in 1982; in 1986
alone, they fell by one-half. As a result of the price collapse, gross product
in petroleum declined in 1981-87, and
these affiliates' share of total affiliate
gross product fell from 22 percent in
1981 to 12 percent in 1987.6
In finance (except banking), gross
product of affiliates grew at an average annual rate of 39 percent. These
affiliates accounted for a small, but
growing, share of affiliate gross product. Their faster-than-average growth
mirrored the faster growth of this industry in the U.S. economy as a whole.
Increased consolidation and globalization and a surge in the varieties of
6. The acquisitions of the remaining shares of a
petroleum affiliate by a Netherlands UBO in 1985 and
those of a different petroleum affiliate by a British UBO
in 1987 did not by themselves increase gross product.
Because the data are not adjusted for percentage of foreign ownership, the gross product of these affiliates was
already included in the data before the acquisitions of
the remaining shares.
47
financial instruments available made
it essential for successful competitors
in this industry to have access to
large amounts of capital. Foreign investors were willing to supply this capital in return for minority ownership
interests.7
By country of UBO
Gross product of affiliates with European UBO's grew at a 14-percent
average annual rate in 1977-87 (table 2). These affiliates accounted for
69 percent of total affiliate gross product in 1977, but their share fell to
60 percent by 1987, because of their
slower-than-average growth over the
period. Gross product of affiliates
with UBO's in Africa, Asia, and Pacific
had faster-than-average growth, particularly in 1981-87; thus, their share
of the total increased from 9 percent to
16 percent. Although the gross product of affiliates with Canadian UBO's
also grew faster than average, much
of the growth occurred in 1981 and resulted from a single transaction—the
previously mentioned purchase of the
minority interest in a major producer
of industrial chemicals.
Among affiliates with European
UBO's, growth rates varied by country.
Growth was relatively rapid
for affiliates with UBO's in Germany,
Switzerland, the United Kingdom, and
"other" Europe; it was relatively slow
for affiliates with UBO's in Prance and
the Netherlands. The differences in
growth rates mostly reflected differences in the distribution of gross prod7. The growth of affiliate gross product in this industry would have been even larger, but a South African
UBO and a Middle Eastern UBO each sold minority
interests in large affiliates to U.S. buyers in 1987.
uct by industry. For example, affiliates with French UBO's were concentrated in manufacturing industries—
such as paper, transportation equipment, and stone, clay, and glass—
that were among those most affected
by recession-related layoffs and financial losses in the early 1980's; their
gross product did not exceed the 1981
level until 1986. Growth among affiliates with Netherlands UBO's was
particularly slow; it partly reflected
the concentration of their investment
in petroleum. (As noted earlier, gross
product in petroleum declined during 1981-87.) Affiliates with German and Swiss UBO's, in contrast,
were concentrated in industries—such
as industrial chemicals and drug
manufacturing—that grew relatively
quickly. Increases in gross product
of affiliates with UBO's in the United
Kingdom probably reflected the large
number and size of acquisitions by
these UBO's. In "other" Europe, much
of the growth reflected the reclassification of a finance affiliate's UBO to
Belgium from Kuwait in 1986.
Gross product of affiliates with
UBO's in Africa, Asia, and Pacific increased every year and exhibited the
fastest growth among the major areas with a substantial amount of gross
product.8 Compared with other areas, growth was strong during 198187. Affiliates with Japanese UBO's
accounted for most of the gross product
in this area. In the early 1980's, these
UBO's rapidly expanded their wholesale trade operations in the United
8. Affiliates with UBO's in the Middle East and the
United States grew somewhat faster in 1977-87, but
they accounted for only 1-3 percent of total affiliate
gross product in any single year.
Table 2.—Gross Product of U.S. Affiliates, by Country of Ultimate Beneficial Owner, 1977-87
Millions of dollars
Percent
Average annual growth rate
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1977-81
AH countries
Canada
Europe
France
Germany, Federal Republic of.
Netherlands
Switzerland
United Kingdom
Other
.
... ..
.. .
Latin America
Middle East
Africa Asia and Pacific
Japan
Other
.
..
.
..
United States
* Less than 0.5 percent.
NOTE.—Details may not add to totals because of rounding.
Distribution
1987
1981-87
1977-87
1977
1987
100
35,222
42,920
55,424
70,906
98,828
103,489
111,490
128,761
134,852
142,120
151,905
29
7
16
100
5,991
7,176
8,727
10,933
20,641
20,469
23,238
26,949
25,927
27,714
28,275
36
5
17
17
19
24,231
3,153
2,938
6,390
2,005
7,687
2,058
29,953
3,825
4,445
6,998
2,488
9,858
2,339
39,218
4,332
7,922
8,228
3,284
12,702
2,750
50,401
6,158
8,765
11,330
3,791
17,278
3,079
63,817
7,462
10,901
14,295
4,440
22,695
4,023
66,930
6,865
11,273
15,267
5,177
23,910
4,438
69,047
6,081
12,092
14,756
5,906
24,630
5,582
77,976
7,275
14,102
15,981
6,611
27,240
6,767
81,550
7,059
15,156
15,084
7,138
30,056
7,058
85,795
8,299
13,421
15,170
8,055
29,193
11,657
91,115
8,246
15,144
15,675
8,510
31,956
11,584
27
24
39
22
22
31
18
6
2
6
2
11
6
19
14
10
18
9
16
15
19
69
9
8
18
6
22
6
60
5
10
10
6
21
8
1,349
128
1,427
207
1,837
381
2,296
589
2,912
1,464
2,732
1,744
3,869
2,563
4,379
2,570
3,965
3,495
3,880
2,477
4,698
1,569
21
84
8
13
28
4
(*)
3
1
3,274
2,488
786
3,837
2,860
977
4,867
3,797
1,070
6,229
4,961
1,268
9,098
6,533
2,565
10,596
7,227
3,369
11,873
8,329
3,544
16,310
11,720
4,590
19,255
13,562
5,692
21,211
13,717
7,494
24,123
16,828
7,295
29
27
34
18
17
19
22
21
25
9
7
2
16
11
5
248
321
395
458
896
1,018
899
578
661
1,044
2,124
38
15
24
1
1
SURVEY OF CURRENT BUSINESS
48
June 1990
States, particularly in motor vehicles lowances. The shares of the other
and equipment and in electrical goods. three components—profit-type return,
More recently, growth has mainly re- net interest, and indirect business
sulted from the acquisition of minority taxes—declined. As discussed below,
these changes in shares may have reinterests in several largefinancecompanies and the startup or expansion flected changes in the industry compoof manufacturing facilities. The rapid sition of total affiliate gross product,
growth of affiliates with UBO's in coun- variations in general economic conditries other than Japan partly reflected tions, and other factors. Each factor
a number of large acquisitions by Aus- is discussed in relation to the compotralian UBO's and the establishment nent it most directly affects. A given
of wholesale trade operations by in- factor, however, also affects the shares
vestors from the newly industrialized of other components, because a higher
countries in Asia, particularly South (lower) share for one component necessarily means a lower (higher) share for
Korea.
other components.
Employee compensation.—The share
By component
of total gross product accounted for by
The distribution of U.S. affiliate employee compensation (EC) increased
gross product by component is pre- from 53 percent in 1977 to 62 percent
sented for major industries in table in 1987. This increase in share partly
3. The components whose shares reflected the relatively faster growth
of total affiliate gross product grew in gross product of affiliates in laborfrom 1977 to 1987 were employee com- intensive industries. For example, in
pensation and capital consumption al- 1987, EC accounted for 105 percent
and 80 percent of total gross product
in finance (except 9banking) and services, respectively. These industries
grew much faster than the average
for all industries combined in 1977-87.
In contrast, the much more capitalintensive petroleum industry—which
had an EC share of only 26 percent
in 1987—grew more slowly than average. The increased EC share may also
have reflected the increased concentration of affiliates in certain high-wage
industries, such as manufacturing.
Capital consumption allowances.—
The share of total gross product
accounted for by capital consumption allowances (CCA)—a measure of
depreciation—increased from 9 percent
in 1977 to 12 percent in 1987. Most
9. The employee compensation share infinance(except banking) could exceed 100 percent because the
share of another component—net interest (paid)—was
negative. (That is, interest received was larger than
interest paid.)
Table 3.—Gross Product of U.S. Affiliates, Industry of Affiliate by Component, 1977 and 1987
1987
1977
Total
Employee
compensation
Profittype
return
Indirect
business
taxes,
etc.
Net
interest
Capital
consumption
allowances
Total
Employee
compensation
Profittype
return
Indirect
business
taxes,
etc.
Net
interest
Capital
consumption
allowances
Millions of dollars
AH industries
Petroleum
Manufacturing
...
.
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery
Other manufacturing.....
Wholesale trade
Retail trade
.
Finance except banking. .
Insurance .
Real estate
Services
Other industries
» II1UIIWW,
WlVWfSl
...
V/UIIIV1..5
»
.
....
Addenda:
Motor vehicles and equipment manufacturing
Motor vehicles and equipment wholesale trade
Total motor vehicles and eauioment
35,222
18,781
6,181
2,177
5,025
3,058
151,905
93,652
13,609
8,325
18,568
7,654
1,905
2,380
682
1,709
977
18,786
4,903
3,859
1,153
5,161
3,710
16,672
2,603
5,373
2,010
3,191
3,494
10,713
957
3,477
1,507
2,413
2,359
2,132
190
822
165
373
582
111
(DD)
()
121
126
158
1,680
1,284
165
45
84
102
1,370
(DD)
()
172
195
293
73,796
6,222
25,690
7,183
12,373
22,329
49,946
3,788
14,940
5,689
10,431
15,098
6,699
239
4,178
64
-248
2,467
4,076
530
1,442
353
398
1,353
4,838
1,183
1,673
250
437
1,296
8,236
482
3,458
827
1,354
2,115
5,044
2,310
238
925
429
586
1,363
2,528
1,402
217
488
84
400
1,043
917
282
57
476
-113
54
-5
523
17
-48
-173
280
25
94
832
491
6
118
79
28
82
243
117
6
17
99
79
148
18,879
10,505
6,504
5,250
4,564
6,498
7,123
10,536
7,363
6,833
2,758
802
5,167
5,344
1,164
84
1,069
1,628
-492
-251
-151
565
759
1,847
26
2,458
631
504
5,002
1,402
59
660
716
341
388
1,612
896
389
178
1,080
611
1,038
38
1,091
1,129
34
390
424
(D)
366
(D)
ifl( )
3
184
187
5
42
47
1,484
6,712
8,196
1,195
2,822
4,017
-3
1,117
1,114
49
-219
-170
97
2,296
2,393
146
697
843
D
17,751
Percent distribution
AH industries
Petroleum
.
Manufacturing
. ..
Food and kindred products
Chemicals and allied products....
Primary and fabricated metals
Machinery
,
Wholesale trade
Retail trade
Finance except banking...
,
» 1I1U1IVW,
WAVVfl.
UUllIUllg
Insurance
Real estate
Services
Addenda:
Motor vehicles and equipment manufacturing
Motor vehicles and equipment wholesale trade
Total motor vehicles and equipment
D
Suppressed to avoid disclosure of data of individual companies.
* Less than 0.5 percent (±).
NOTE.—Details may not add to totals because of rounding.
100
53
18
6
14
9
100
62
9
5
12
12
100
25
3.1
9
22
13
100
26
21
6
27
20
100
100
100
100
100
100
64
37
65
75
76
68
13
7
15
8
12
17
5
(DD)
()
6
4
5
10
49
3
2
3
3
8
('/
(D)
9
6
8
100
100
100
100
100
100
68
61
58
79
84
68
9
4
16
1
2
11
6
9
6
5
3
6
7
19
7
3
4
6
11
8
13
12
11
9
100
100
100
100
100
100
100
50
61
91
53
20
68
77
18
12
24
51
-26
9
(*)•
10
1
-20
-19
65
4
7
16
21
3
13
18
5
6
5
5
3
2
23
13
11
100
100
100
100
100
100
100
56
70
105
53
18
80
75
6
1
16
31
-11
-4
-2
3
7
-28
(*)
54
10
7
26
13
13
16
5
5
9
9
6
3
24
9
15
100
100
100
89
36
38
(D)
34
(D)
(D)
10
(D)
8
17
17
13
4
4
100
100
100
81
42
49
(*)
17
14
3
-3
-2
7
34
29
10
10
10
June 1990
of the increase occurred after 1981
and may have reflected the availability of accelerated depreciation methods
for calculating income taxes under the
Economic Recovery Tax Act of 1981.
Although CCA for affiliates are computed on the basis of book depreciation, rather than tax depreciation, the
1981 Act may have encouraged new investment in depreciable assets, thus
yielding higher CCA for affiliates. The
increased CCA share may have also reflected stepped-up investment in assets
that have relatively short service lives,
such as computers.
Profit-type return.—The share of
gross product accounted for by profittype return (PTR) declined from 18
percent in 1977 to 9 percent in 1987.
This component is more sensitive to
changes in general economic conditions
than other components. Although generally trending downward, the PTR
share of total gross product fluctuated considerably during 1977-87. It
averaged about 15 percent in 197881 but declined sharply to 7 percent
in 1982, when the economic recession caused profits to drop. Manufacturing affiliates—particularly those in
nonelectrical machinery, transportation equipment, primary metals, and
stone, clay, and glass products—
suffered large losses. The profits of
petroleum affiliates declined slightly,
as crude oil prices began to fall from
their 1981 peak.
After 1982, production and profits
began to recover. By 1984, the share
of gross product accounted for by PTR
grew to 13 percent. After 1984, however, the PTR share declined. In
each year, sharp decreases in the PTR
of different industries accounted for
the overall decline. In 1985, manufacturing affiliates' profits decreased.
In 1986, petroleum affiliates' PTR declined because of the steep drop in
crude oil prices. In 1987, profits in
retail trade and finance were down;
the decline in retail trade may have
reflected the increased debt burden
and higher interest expenses associated with leveraged buyouts of several
U.S. retailers. (Retail trade was one of
the few industries in which the net interest share of gross product increased
from 1982 to 1987.) The decline in finance affiliates' PTR probably reflected
the sharp decline in stock prices and
the divestiture of several affiliates in
that year.
Indirect business taxes.—The share
of gross product accounted for by indirect business taxes (IBT) declined
SURVEY OF CURRENT BUSINESS
49
from 14 percent in 1977 to 12 percent
in 1987. This decline partly reflected
slower growth in two industries—
food manufacturing and petroleum—in
which IBT accounted for a large share
of gross product. In food manufacturing, the large share mainly reflected
excise taxes on alcoholic beverages;
production grew slowly, partly because
of shifting tastes away from distilled
liquors. In petroleum, growth was slow
for the reasons discussed earlier.
Net interest.—The share of gross
product accounted for by net interest
was roughly the same in 1977 and
1987—6 percent and 5 percent, respectively. However, it was as high as 9
percent in 1982. The increase from
1977 to 1982 probably reflected rising
interest rates. Following 1982, the
net interest share generally declined
through 1987. The decline probably
reflected falling interest rates and a
slight increase in the portion of affiliate operations that was financed with
funds from their foreign parent groups.
(These funds tend to cost less than externally borrowed funds.) By industry,
the net interest share was by far the
largest in real estate, where affiliate
assets tend to be heavily leveraged.
the sources of data for affiliate and
NIPA estimates differ, differences in
timing, valuation, and industry classification could also significantly hamper
detailed industry comparisons. Despite these limitations, analyses for
major industries probably are not significantly affected, and comparisons of
the two data sets can provide a picture of the relative shares of all-U.S.business gross product accounted for
by affiliates in the major industries.
U.S. affiliates accounted for 4.3 percent of all-U.S.-business gross product
in 1987 (table 4), up from 2.3 percent in
1977. Nearly all of the increase, however, occurred during 1977-81, when
growth in affiliate production mainly
reflected the rapid pace of acquisitions
of U.S. businesses by foreigners. From
a relatively small base, affiliate gross
product grew during this period at an
average annual rate of 29 percent, compared with about 11 percent for all U.S.
businesses; thus, the affiliate share
of all-U.S.-business gross product rose.
Since 1981, however, both affiliate and
all-U.S.-business growth have slowed
to about the same 7-percent average
annual rate, and the affiliate share
of all-U.S.-business gross product has
remained constant.
Comparison With
All-U.S.-Business Gross
Product
By major industry
Despite the increase in the affiliate
share of all-U.S.-business gross prodThis section examines the U.S. af- uct since 1977, the share in 1987 refiliate share of all-U.S.-business gross mained relatively small. In four indusproduct and how it has changed since tries that accounted for over 60 percent
1977. In addition, distributions of affil- of the all-U.S.-business gross product
iate and all-U.S.-business gross prod- in 1987—retail' trade, real estate, seruct by component are compared. Cer- vices, and "other industries"—the affiltain adjustments were made to the all- iate share ranged from only 1 percent
U.S.-business data, which are from the to 3 percent.11 In only one major innational income arid product accounts dustry, manufacturing, did the affiliate
(NIPA's), to make them more compara- share exceed 10 percent.
ble to the U.S. affiliate data.10 Overall,
In retail trade and services, much
therefore, the affiliate gross product of the all-U.S.-business gross prodestimates are conceptually consistent uct is accounted for by small busiwith the NIPA estimates. However, nesses, such as proprietorships, which
it is important to note that the af- usually do not attract foreign investfiliate data are on an enterprise, or ment. In real estate, despite the widely
company, basis, while those for all publicized foreign investment in some
U.S. businesses are on an establish- expensive "trophy" properties—mainly
ment, or plant, basis. Thus, the two urban office buildings—most investsets of data are not strictly comparable ments by foreigners tend to be fairly
at a detailed industry level. Because small; in addition, the vast majority
of U.S. commercial properties remain
domestically owned. In "other indus10. Specifically, gross product originating in banks, tries," the low affiliate share partly
government and government enterprises, and private
households; imputed GDlP of owner-occupied farm and
nonfarm housing; rental income of persons; business transfer payments; subsidies; and the statistical
discrepancy were excluded from the all-U.S.-business
data.
11. "Other industries" consists of agriculture, forestry,
and fishing; mining; construction; transportation; and
communication and public utilities.
50
SURVEY OF CURRENT BUSINESS
reflects restrictions on foreign investment in some segments of these industries, especially in transportation,
communications, and public utilities.
Additionally, like retail trade and services, much of the remainder of this
industry group consists of small businesses that do not attract foreign
investment.
Affiliate shares in manufacturing
and finance (except banking) increased
sharply from 1977 to 1987—from 5.0
percent to 10.5 percent in manufacturing and from 2.2 percent to 9.4
percent in finance (except banking).12
In manufacturing, as in all industries
combined, virtually all of the increase
in share occurred before 1982. Although, for the reasons stated earlier, exact comparisons of affiliate data
with all-U.S.-business data are inappropriate at a detailed industry level,
affiliate shares probably increased
in most manufacturing subindustries.
The increase appears to have been
particularly large in chemicals.13
In chemicals, the increase in the
affiliate share reflected several factors. Rather than exporting to the
United States, foreigners may have
preferred establishing production facilities here, partly because of the availability of raw material feedstocks, such
as petroleum. In addition, foreign
pharmaceutical companies may have
found it easier to obtain U.S. Federal Government approval of new products by producing them here rather
than abroad.
Before 1977, foreign chemical manufacturers—mostly
European—gained a share of U.S. production mainly by establishing operations in the United States. Since then,
they have expanded their U.S. presence primarily through acquisitions of
existing companies. Much of this expansion reflected a single acquisition,
mentioned earlier, in 1981—that of a
minority interest in a major producer
of industrial chemicals and synthetics by a Canadian UBO. Since 1982,
growth in the affiliate share has slowed
partly because numerous acquisitions
have been largely offset by the divestiture, mentioned earlier, of the minority interest in the German-owned
agricultural chemicals affiliate.
In finance (except banking), most
of the increase in the affiliate share
of all-U.S.-business gross product resulted from the foreign acquisitions of
minority interests in large U.S. finance
companies mentioned earlier.
12. In this section, unlike elsewhere in this article,
manufacturing includes petroleum refining and coal
products, and petroleum is not shown as a separate major industry. Instead, in order to be consistent with the
industry classification of the all-U.S.-business data, affiliate gross product in the various petroleum subindustries is distributed among the other major industries.
Thus, in table 4, manufacturing includes petroleum refining and coal products, wholesale trade includes petroleum wholesale trade, retail trade includes gasoline
service stations, and so on.
13. This statement is based upon an examination of
the two measures of affiliate operations—employment
and sales—that are available on an industry-of-sales
basis, which approximates an establishment-based classification. The employment data were collected on this
basis only for the 2 years—1980 and 1987—-for which
BEA conducted benchmark surveys of foreign direct investment. By either measure, chemicals had a higher
initial share, a faster growth rate, and a higher share
in 1987 than any other major manufacturing industry.
June 1990
the affiliate and all-U.S.-business distributions changed between 1977 and
1987, the pattern of change differed
mainly for employee compensation and
net interest.
The employee compensation share
of affiliate gross product increased
sharply—from 53 percent to 62 percent—in 1977-87, even though for
all U.S. businesses, it increased only
slightly, from 58 percent to 59 percent.
The share increase for affiliates occurred because, compared with all U.S.
businesses, affiliates have become increasingly concentrated in industries—
such as manufacturing, finance (except
banking), and insurance—in which
Table 5.—Gross Product of U.S. Affiliates and
Gross Domestic Product of All U.S. Businesses,
by Component, 1977 and 1987
1977
1987
Gross
Gross
GDP of
of
product GDP
all U.S.
all U.S. product
of U.S. businessof U.S. businessaffiliaffiliates
ates
Millions of dollars
35,222 1,555,047 151,905 3,542,815
Total
Employee compensation
Profit-type return
Net interest
Indirect business taxes, etc
Capital consumption
allowances
18,781
6,181
2,177
5,025
907,422
308,542
57,778
137,942
93,652 2,097,461
13,609 472,229
8,325 207,728
18,568 310,393
3,058
143,363
17,751
455,004
Percent
By component
Total
In 1977, the distributions of the
components of affiliate and all-U.S.business gross product were similar
and only differed significantly for employee compensation and indirect business taxes (table 5).14 Although both
Employee compensation
Profit-type return
Net interest
Indirect business taxes, etc
Capital consumption
100
100
100
100
53
18
6
14
58
20
4
9
62
9
5
12
59
13
6
9
9
9
12
13
1. Excludes GDP of banks, of government and government enterprises, and of private households; imputed GDP of owner-occupied
farm and nonfarm housing; rental income of persons; business transfer
payments; subsidies; and the statistical discrepancy.
NOTES.—(1) For differences in the definition of affiliate gross
product and all-U.S-business GDP, see the text. (2) Details may not
add to totals because of rounding.
GDP Gross domestic product
14. Conceptual differences between U.S. affiliate and
all-U.S.-business gross product components, that is,
NEPA components, are discussed in the technical note.
Table 4.—Growth in Gross Product of U.S. Affiliates and Gross Domestic Product of All U.S. Businesses, 1977-87
Millions of dollars
Gross
product of
U.S.
affiliates '
All industries
Wholesale trade
Retail trade
.
Finance except banking
Insurance
Real estate
Services
Other industries . ..
.
•
Percent
1987
1981
1977
GDP of
all U.S.
businesses 2
Gross
product of
U.S.
affiliates '
GDP of
all U.S.
businesses 2
Gross
product of
U.S.
affiliates '
GDP of
all U.S.
businesses 2
Average annual growth rate
U.S. affiliates
1977
1981
1987
197781
198187
All U.S. businesses
197787
197781
198187
197787
35,222
1,555,047
98,828
2^64,507
151,905
3,542,815
2.3
4.2
4.3
29
7
16
11
7
9
23,053
5,250
2,310
238
925
429
1,171
1,846
464,090
139,205
191,111
10,814
39,322
77,059
246,099
387,347
65,886
12,066
6,192
1,078
2,007
2,606
2,853
6,140
641,213
213,090
266,787
25,714
49,764
118,708
413,352
635,879
88,848
21,037
10,506
6,504
5,250
4,564
6,655
8,541
849,560
311,263
422,405
69,173
100,314
194,816
777,995
817,289
5.0
3.8
1.2
2.2
2.4
.6
.5
.5
10.3
5.7
2.3
4.2
4.0
2.2
.7
1.0
10.5
6.8
2.5
9.4
5.2
2.3
.9
1.0
30
23
28
46
21
57
25
35
5
10
9
35
17
10
15
6
14
15
16
39
19
27
19
17
8
11
9
24
6
11
14
13
5
7
8
18
12
9
11
4
6
8
8
20
10
10
12
8
1. In this table, unlike other tables in this article, petroleum is not shown as a separate major industry.
Instead, to be consistent with the industry classification of the all-U.S.-business data, affiliate gross product in
the various petroleum subindustries is distributed among the other major industries. Thus, manufacturing includes petroleum refining and coal products, wholesale trade includes petroleum wholesale trade, retail trade
includes gasoline service stations, and so on.
U.S. affiliate share of allU.S.-business GDP
2. Excludes GDP of banks, of government and government enterprises, and of private households; imputed
GDP of owner-occupied farm and nonfarm housing; rental income of persons; business transfer payments; subsidies; and the statistical discrepancy.
NOTE.—For differences in the definitions of affiliate gross product and all-U.S.-business GDP, see the text.
GDP Gross domestic product
SURVEY OF CURRENT BUSINESS
51
for by major securities firms, which
generally have very high levels of compensation. Moreover, foreign parents
may be shifting more of their higher
paid positions, such as those involving
financial management and marketing,
from abroad to their U.S. affiliates.
The net interest share of affiliate
gross product decreased slightly—from
6 percent in 1977 to 5 percent in
1987. The share for all U.S. businesses increased from 4 percent to 6
percent. The different pattern may
reflect two factors. First, between
1977 and 1987, affiliates had become
relatively more concentrated than all
U.S. businesses in certain industries—
particularly finance (except banking)
and insurance—in which the net interest share of gross product is usually very small or negative. Second, although the degree of leverage
has increased both for affiliates and
all U.S. businesses since 1977, affiliates' interest payments may have
been held down by an increase in the
portion of borrowed funds that are
from their foreign parent groups; these
funds are often supplied at interest
rates below those charged by financial
intermediaries.
June 1990
compensation per employee (CPE) is
higher than average, and relatively
less concentrated in industries, such
as services and retail trade, in which
CPE is lower than average. Furthermore, affiliate CPE tends to be
higher than all-U.S.-business CPE in
the high-CPE industries and to be
lower than all-U.S.-business CPE in
the low-CPE industries. The affiliate share may also have increased
because foreign investors focused their
more recent acquisition efforts on large
companies, which tend to pay aboveaverage compensation. For example,
in finance (except banking), most of
the affiliate gross product is accounted
Table 6.—Structure of Affiliate Production, by Industry of Affiliate, 1977 and 1987
[Millions of dollars or percent]
Ratio of
Purchases
Sales
(1)
Gross Inventoproduct change
(2)
MerOther '
Total
(cols. chandise (cols.
4-5)
1-2+3) imports
(4)
(3)
(6)
(5)
Local
content
of
sales2
(cols.
2+6)
product to
sales plus
inventory
change
(percent)
(cols. (2/
(1+3)) x
100)
(7)
(8)
Ratio of
Ratio of
merchanlocal
dise
imports to content to
total
sales
purchases (percent)2
(percent) (cols. (7/1)
(cols. (5/4)
x 100)
x 100)
(9)
(10)
1977
AH industries
Petroleum
Manufacturing..
....
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery
Other manufacturing
Wholesale trade
Retail trade
Finance except banking
Insurance
Real estate
Services
Other industries
..
,
35,222
25753
7654
365
18464
50,489
6,983
16,303
6,881
9,838
10,484
16672
2,603
5,373
2,010
3,191
3,494
815
127
211
66
242
170
95,151
8349
1 328
6785
5,044
2310
926
189
20
935
Addenda:
Motor vehicles and equipment
manufacturing
Motor vehicles and equipment
wholesale trade
Total motor vehicles and
equipment
2,403 161,172
193,991
238
925
429
586
o
0
9
78
43,896 117,276 152,498
18
27
79
6094
12370
20024
29
33
78
34632
4,507
11,141
4,937
6,889
7,160
5624
751
986
948
1,896
1042
29008
3,756
10,155
3,989
4,993
6,118
45680
6,359
15,528
5,999
8,184
9,612
32
16
90
37
33
29
32
33
17
9
19
28
15
91
95
87
83
92
91,033
6228
1 110
5860
31,369
323
59,664
5905
64,708
8215
(D)
(D)
(D)
(*)
(*)
43
(D)
5860
6785
34
5
(D)
(*)
(*)
5
100
100
98
(D)
5
27
18
14
46
42
35
(D)
(D)
506
794
506
751
935
68
98
(D)
1 371
3,831
1363
102
38
4
68
33
35
73
36
49
71
18,182
1091
212
17,303
9,737
7,566
8,657
6
56
48
18,284
1,129
216
17,371
9,770
7,601
8,730
6
56
48
4,671 584,158 140,617 443,541 595,446
21
24
81
8,981
65,749
25
16
88
2,546
(D)
1337
1987
731,392 151,905
AH industries
Petroleum
18,786
220,702
22,424
70,238
27,138
38,791
62,112
73796
6,222
25,690
7,183
12373
22,329
3242 150,148
-54 16,148
570 45,118
77 20,032
553 26,971
2,095 41,878
23420 126,728 200524
1,658 14,490 20,712
5,104 40,014 65,704
3,856 16,176 23,359
6,735 20,236 32,609
6,068 35,810 58,139
33
16
28
36
26
31
91
10
11
19
25
35
14
92
94
86
84
273 887
. . . 47,193
26,465
39,106
10,538
18,001
21,005
18 879
10505
6504
5250
4564
6,498
7,123
1753 256 761 105 323 151,438 170 317
2,290 34,311 44816
-87 36,601
35 19,383 25,887
19,418
-543
11 33,867
(*) 33,867 39,117
7
5,896 10,460
5,903
-71
84 11,615 18,113
196 11,699
476 13,342 20,465
-64 13,818
7
22
25
13
44
36
34
41
6
(*)
(*)
(*)
1
3
Manufacturing
.
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery
Other manufacturing
Wholesale trade
Retail trade
.
Finance except banking
Insurance
.
Real estate
. . .
Services
Other industries
.
..
55,944
74,494
,
Addenda:
Motor vehicles and equipment
manufacturing
Motor vehicles and equipment
wholesale trade
..
Total motor vehicles and
equipment
236
46,963
94
62
95
98
100
99
101
97
5,569
1,484
-429
3,656
1,524
2,132
3,616
29
42
65
84,984
6712
-1217
77,055
49,831
27,224
33,936
8
65
40
90,553
8,196
-1,646
80,711
51,355
29,356
37,552
9
64
41
Structure of Affiliate
Production
The estimates of U.S. affiliate gross
product, together with other information on U.S. affiliates' operations, can
be used to analyze how affiliates structure their production (table 6). Data
on gross product, sales, and inventory
change can be used to derive estimates
of affiliates' purchases from outside
suppliers (i.e., as sales minus gross
product plus inventory change). These
estimates, together with the data on
sales and gross product, can in turn
be used to gauge the extent to which
affiliates' sales result from their own
production (as measured by gross product) or from the production of others (as
measured by purchases). In addition,
by subtracting affiliates' imports from
their total purchases, the portion of
total purchases that is from U.S. businesses can be estimated. By summing
affiliates' gross product and purchases
in the United States, an estimate of
the local (U.S.) content of U.S. affiliates' sales can be made; this estimate
includes both the affiliates' own production and the production of other
U.S. businesses that is used as inputs
into the affiliates' production.
The remainder of this section briefly
discusses some of these estimates by
industry of affiliate to illustrate 15a
few uses of the gross product data.
One possible extension of the analysis presented here would be to compare these data by industry to similar
data for all U.S. businesses to determine whether affiliates and all U.S.
businesses structure their production
differently.
D
Suppressed to avoid disclosure of data of individual companies.
* Less than $500,000 or 0.5 percent.
1. Includes purchases of goods and services in the United States, and purchases of services from foreigners.
2. "Local content of sales" is overstated to the extent that purchases from domestic suppliers includes merchandise imports and to the extent
that they include purchases of services from foreigners that were not reported separately, and thus could not be broken out. As a result, the ratio of
local content to sales of the services industry in 1987 exceeds 100 percent.
NOTE.—Details may not add to totals because of rounding.
15. Data by country of UBO will not be presented
in this section because differences among countries in
the ratios shown in table 6 mainly reflect variations
in the industry mix of affiliates of the UBO's in those
countries.
52
The extent to which affiliate sales
are provided by the affiliates' own
production, rather than by production
originating elsewhere, is indicated by
the ratio of gross product to sales.16
This ratio indicates the degree of vertical integration of affiliates; the higher
the ratio, the higher the degree of integration. For all industries, the ratio
increased from 18 percent in 1977 to
21 percent in 1987. (Consequently, the
portion of affiliate sales derived from
the production of others declined.) The
increase suggests that production in
the United States may have become a
somewhat more important way for foreign companies to serve the U.S. market during this period. However, the
ratio has remained roughly constant
at between 21 percent and 22 percent
since 1983, perhaps indicating that the
degree of vertical integration of affiliates has stabilized or that there have
been offsetting industry mix effects.
By industry, the ratio of manufacturing affiliates, which accounted for
nearly one-half of affiliate gross product, increased slightly, from 32 percent in 1977 to 33 percent in 1987.
Within manufacturing, however, there
were larger, mostly offsetting changes.
The ratios of affiliates in chemicals
and "other manufacturing" increased,
while the ratios of affiliates in foods,
in primary and fabricated metals, and
in machinery decreased. In total motor
vehicles and equipment (defined earlier as the sum of motor vehicles and
equipment manufacturing and wholesale trade), the ratio increased from
6 percent to 9 percent. In wholesale trade, where affiliates mainly distribute, without adding significantly to
their value, goods produced by others,
the ratio increased from 5 percent to 7
percent, but it remained lower than in
any other industry. Its increase may
reflect the fact that some affiliates classified in wholesale trade—particularly
in motor vehicles and equipment—
have expanded into manufacturing and
have increased the extent to which
their sales resulted from their own
production.
16. Because, as mentioned earlier, affiliate sales can
come out of inventory (which may have resulted from
affiliate production) or production may be added to inventory, the extent to which affiliate sales are provided
by the affiliates' own production is measured in table
6 by comparing gross product to the sum of sales and
inventory change, rather than to sales alone. However, because inventory change tends to be very small
compared to either gross product or sales, the ratio is
referred to in this section as the "gross product to sales"
ratio.
SURVEY OF CURRENT BUSINESS
If sales by affiliates do not result
from their own production, they must
result from the production of others,
as shown by total purchases by affiliates. This measure can be derived
by subtracting affiliate gross product
from affiliate sales and adding inventory change.17 The ratio of imports
to total purchases by affiliates indicates the extent to which purchases of
goods and services used by the affiliate are provided by imports. For all
industries, imports as a percentage of
total purchases declined from 27 percent in 1977 to 24 percent in 1987;
however, the decline was not continuous. From 1979 to 1983, the import
content dropped steadily, mostly because the price (and volume) of imports
shipped to petroleum affiliates declined
sharply. In 1983-87, however, the import content rose, perhaps in response
to the relatively high value of the
U.S. dollar, particularly through 1985,
which made it cheaper for affiliates to
import. (In 1987, the import content
rose slightly from 1986, although the
dollar declined sharply.)
By industry, the sharp decline in
petroleum affiliates' imports-to-totalpurchases ratio, from 33 percent in
1977 to 16 percent in 1987, was partly
offset by an increase in the ratio in
wholesale trade, from 34 percent to 41
percent. The ratio for manufacturing
affiliates was unchanged at 16 percent. Within manufacturing, declines
in the ratios for food, machinery, and
"other manufacturing" affiliates were
offset by an increase in the ratio for
chemical affiliates. In the total motor vehicles and equipment industry,
the ratio increased from 56 percent to
64 percent. The very high, and rising, ratio in 1977-87 probably reflected
the significant reliance by these affiliates on imports both of goods for resale
without additional processing and of
components to be used in subsequent
production.18
Inputs to production that are not
imported by affiliates are purchased
domestically. By adding domestic purchases to the gross product of affiliates
and by comparing the sum to affiliate
sales, an estimate of the ratio of "lo-
17. Affiliate inventory data were not available for
yearend 1976; thus, it was necessary to estimate the
inventory change for 1977.
18. Additional data on trade of U.S. affiliates in 1987
can be found in Foreign Direct Investment in the United
States: 1987 Benchmark Survey, Preliminary Results.
This publication can be ordered from the U.S. Government Printing Office, Washington, DC (GPO Stock No.
003-010-00188-7, price $5.00).
June 1990
cal content" to affiliate sales can be
derived.19 Over time, this ratio usually
moves inversely to the ratio of imports
to total purchases. For all industries,
the ratio increased slightly, from 79
percent in 1977 to 81 percent in 1987.
However, the 1987 ratio reflects a decline since 1983, when local content
was about 85 percent; in recent years,
affiliates, like all U.S. businesses, have
apparently increased their reliance on
imported inputs.
By industry, a large increase in the
ratio of local content to sales by petroleum affiliates and a small increase
by manufacturing affiliates were partly
offset by a large decline in wholesale trade and a smaller decline in
retail trade. In petroleum, the ratio
rose from 78 percent in 1977 to 88
percent in 1987, because of a slowdown in the use of imports as an
input to production. Within manufacturing, the small increase—from
90 to 91 percent—reflected offsetting
changes. Increases in foods, machinery, and "other manufacturing" were
offset by declines in chemicals and in
primary and fabricated metals. In the
total motor vehicles and equipment industry, the ratio of local content to
sales declined from 48 percent to 41
percent. However, the ratio probably increased in 1988-89, because several manufacturing joint ventures between Japanese and U.S. companies
increased U.S. affiliate production during these years. In addition, some
foreign parts manufacturers that previously exported goods to the United
States have located production facilities here to be closer to their U.S.
customers.
Technical Note
Data sources
For all years except 1980 and 1987,
U.S. affiliate gross product estimates
were based on universe estimates derived from sample data from BEA's
19. These estimates should be used with caution, because the calculation of "local content" is subject to
several qualifications. First, merchandise imports are
reported on a "shipped" basis, that is, on the basis of
when, where, and to whom the goods were physically
shipped. Most affiliates keep their sales data on a
"charged" basis, that is, on the basis of when, where,
and to whom the goods were charged. Thus, the derived data on purchases are on a "charged" basis and are
not completely comparable to the import data. Second,
local purchases are overstated to the extent that purchases from domestic suppliers include imports. Third,
local purchases are overstated because they include
purchases of services from foreigners, which were not
reported separately and thus could not be subtracted
from total purchases in deriving local purchases.
SURVEY OF CURRENT BUSINESS
June 1990
Annual Survey of Foreign Direct Investment in the United States. For
1980 and 1987, the estimates were
based on universe data from BEA's
Benchmark Survey of Foreign Direct
Investment in the United States.
Estimates of 1987 all-U.S.-business
gross product were obtained from table
6.1, GNP by Industry, in the national
income and product accounts (NIPA's)
tables in the July 1988 SURVEY OF
CURRENT BUSINESS. Estimates for 1977
and 1981 were obtained from The National Income and Product Accounts of
the United States, 1929-82: Statistical
Tables.20
Estimation
Although most of the data required
to obtain affiliate gross product were
collected in the BEA surveys mentioned above, several data items had
to be estimated for some or all of the
years. Capital gains and losses had
20. BEA is currently incorporating several improvements into its estimates of GNP by industry; revisions
will be available back to 1977. However, most of the improvements relate to the constant-dollar estimates that
are published in NIPA table 6.2, GNP by Industry in
Constant Dollars. For additional information on these
improvements, see SURVEY 69 (June 1989): 2.
53
to be estimated for 1977-79, because,
for those years, data on them were
not collected in the annual surveys.
(Profit-type return (PTR) is measured
before capital gains and losses.)
An inventory valuation adjustment
(IVA) was estimated for all years and
applied to affiliate PTR. The IVA is
defined as the excess of the replacement cost of inventories used up over
their historical cost. In the NIPA's,
the IVA is calculated from information
on inventory book values, accounting
methods for valuing inventories, and
price changes. Because this information is not available for U.S. affiliates,
affiliate IVA was estimated.
Except for the benchmark survey
years of 1980 and 1987, when data
on monetary interest paid and received
were collected, it was necessary to estimate these items in order to calculate
the net interest component of gross
product. In addition, for all years,
it was necessary to estimate imputed
interest paid and received.
ble 7. In general, the U.S. affiliate
gross product components are conceptually consistent with the corresponding NIPA components. The net effect of the conceptual differences is
about 2 percent of all-U.S.-business
GDP. These differences include bad
debt, business transfer payments, subsidies, and depreciation of expenditures for mining exploration, shafts,
and wells.21 In addition, both profittype return and capital consumption
allowances (CCA) reflect a conceptual
difference in the measure of depreciation; however, its effects are offsetting
and do not affect total gross product.
NIPA estimates of CCA are, for the
most part, based on Federal income tax
returns; therefore, valuation of these
charges reflects tax accounting practices under Internal Revenue Service
regulations.22 Affiliate depreciation
charges, in contrast, are drawn from
accounting records on which annual reports are based, which usually do not
conform to tax regulations.
Differences in U.S. affiliate and NIPA
gross product components
21. A comparison of the components was made for
1983 data and is available as part of the supplementary
table package discussed in the box below.
22. Two measures of depreciation, or capital consumption, are used in the NIPA's: (1) CCA and (2) CCA with
capital consumption adjustment (CCAdj). In contrast to
the tax-return-based CCA measure, CCA with CCAdj is
based on the use of uniform service lives, straight-line
depreciation, and current replacement cost. Because
CCA with CCAdj is not available by industry in the
NIPA's, CCA is used in the GDP estimates in tables 4
and 5.
U.S. affiliate and NIPA gross product components are compared in ta-
Table 7.—Comparison of U.S. Affiliate and NIPA Gross Product Components
NIPA component
U.S. affiliate component
Employee compensation
Wages and salaries
Supplements to wages and salaries..
Same as NIPA's
Same as NIPA's
Profit-type return
Corporate profits and proprietors' income with inventory
valuation adjustments (on a tax return basis), both before
the following adjustments:
Bad debt; depreciation of expenditures for mining exploration,
shafts, and wells; and other adjustments that could not be
made for affiliates.
Same as NIPA's (except on an annual report
basis)
Not estimated
Net interest
Monetary interest paid
Imputed interest paid
Less: Monetary interest received.
Less: Imputed interest received....
Same as NIPA's
Same as NIPA's
Same as NIPA's
Same as NIPA's
Indirect business taxes
Indirect business taxes and nontax liability..
Business transfer payments
,
Less: Subsidies
Same as NIPA's
Not estimated
Not estimated
Capital consumption allowances
Depreciation (on a tax return basis) before the following
adjustments:
Depreciation of expenditures for mining exploration, shafts,
and wells, and other adjustments that could not be made for
affiliates.
NIPA National income and product accounts
Same as NIPA's (except on an annual report
basis)
Not estimated
The aggregate estimates of affiliate gross
product in this article draw upon detailed
estimates made available by BEA in a package of tables in January 1990. However,
the aggregate estimates incorporate revisions to net interest, and thus to total gross
product, for 1981-86, and thus supersede
those in the detailed tables. The estimates
made available in January contained a discontinuity between 1986 and 1987. The
revisions will be incorporated in the detailed tables when the tables are updated to
include estimates for 1988.
The detailed tables include estimates of
(1) gross product of U.S. affiliates by detailed industry of affiliate, (2) gross product
of U.S. affiliates, industry of affiliate by
component, (3) gross product of U.S. affiliates, industry of affiliate by country of
UBO, and (4) profit-type return of U.S. affiliates, industry of affiliate by country of
UBO. To order, write to Economic and Statistical Analysis/BEA, U.S. Department of
Commerce, Citizens and Southern National
Bank, 222 Mitchell Street, P.O. Box 100606,
Atlanta, Georgia 30384. When ordering,
refer to the Gross Product of Nonbank
U.S. Affiliates Table Package, Accession No.
BEA/IID 89-107, and make the check for
$10.00 payable to Economic and Statistical
Analysis/BEA.
By RUSSELL B. SCROLL
International Investment Position:
Component Detail for 1989
In past years, BEA has presented estimates of the net international investment position and of total U.S. assets abroad and total foreign assets in the United States.
These estimates were obtained by summing components that reflected a mix of valuations. Some components were valued in current-period prices, and others were valued
in prices of earlier periods. It has become increasingly clear that using such a mix
of valuations does not provide a useful indicator of the level of investment—that is,
of the investment position. Therefore, estimates of the net position and of the total
positions abroad and in the United States have been suspended and are not shown
in this article. Research is underway at BEA to develop investment measures using
current-period prices for each component for which such valuation is appropriate.
BEA plans to introduce these estimates next year. Introduction of current-price estimates is one of the recommendations of the Working Group on Economic Statistics
headed by the Chairman of the Council of Economic Advisers (see "Improving the
Quality of Economic Statistics" in the February 1990 SURVEY OF CURRENT BUSINESS).
Several studies suggest that, when stated in current prices, the level of the net
international investment position is less negative than that computed by BEA for recent
years. The direct investment positions prepared by BEA have been a major source
of misstatement, according to these studies, because they were stated in book values,
which reflect prices at the time transactions occurred. Consequently, because U.S.
direct investment abroad is more "mature," on average, than foreign direct investment
in the United States, it is subject to larger understatement.01
There are several approaches to revaluing direct investment to reflect current-period
prices. One approach relies on stock market prices; another, on price indexes for
equipment and structures; and a third, on capitalized earnings. BEA will review these
and other approaches for revaluing direct investment and will present estimates using
one or more of them. BEA will also revalue other components of the position to the
extent that it is appropriate and feasible.
This article continues to present each of the components of the international investment position, reflecting the mix of valuations that has been used in past years. The
components are of interest individually; furthermore, if combined, they may provide
a useful indication of the direction of the annual change in the investment position.
The box on page 57 briefly describes the valuation basis for each component. Much
of the information is drawn from the statement "Measuring the U.S. International
Investment Position," presented in the June 1989 SURVEY. (However, problems of outdated or incomplete source information that were described in that statement are not
discussed here.) The second column of table 1 summarizes the information in the
box by showing whether each component is stated in current or historical prices. As
described in the box, some components reflect a mix of valuations for their subcomponents; for these, the valuation basis shown in table 1 reflects that used for the major
part of the category.
In the table, both book values and face values are designated as being in historical
prices. In some instances, face value may also be considered equivalent to a currentprice valuation. For some assets or liabilities, the turnover is frequent or maturity
period is short, and thus the difference between a current valuation and an historical
one is small.
a. Some of the studies that have revalued components of the investment position are:
Robert Eisner and Paul J. Peiper, "The World's Greatest Debtor Nation?", paper presented to joint
session of North American Economics and Finance Association and American Economic Association,
New York, December 1988. Forthcoming inThe North American Review of Economics and Finance.
Walther Lederer, "The Valuation of U.S. Direct Investments Abroad," unpublished (Washington, DC:
Board of Governors of the Federal Reserve System, May 6, 1990).
Michael Ulan and William G. Dewald, "The U.S. Net International Investment Position: Misstated
and Misunderstood," in James A. Dorn and William A. Niskanen, ed., Dollars, Deficits, and Trade
(Norwell, MA: Kluwer Academic Publishers for the CATO Institute, 1989),
Changes in U.S. Assets
Abroad
Bank claims
OTRONG dollar lending to the interbank market overseas in the second half of the year accounted for
much of the $49.9 billion increase, to
$658.0 billion, in U.S. bank-reported
claims (line 18). Foreign demand for
dollars was attributable to tightened
credit conditions overseas, as indicated
by the sharp rise in foreign interest rates while U.S. interest rates declined; by sustained economic growth
overseas; and by stepped-up demand
for funds for corporate restructuring
overseas. Interbank lending was especially heavy to banks' own offices in the
Caribbean and Japan and to unaffiliated banks in Asian banking centers.
Lending to nonbank foreigners was
limited, mostly because of continued
heavy use of international bond markets by international borrowers and,
to a much more limited extent, because of U.S. banks' further reductions
in loans to Latin American countries.
Banks' claims payable in foreign currencies contracted after several years
of growth.
Banks' own claims payable in dollars increased $44.5 billion, to $535.7
billion. Claims on own foreign offices
in the Caribbean and Japan increased
$39.7 billion, to $297.2 billion, and
claims on unaffiliated banks, mostly in
Asian banking centers, increased $5.4
billion, to $134.8 billion. U.S.-owned
banks placed substantial funds with
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 by Alicia M. Quijano and Steve D.
Bezirganian, respectively. Harlan King contributed to the data preparation for the accounts
other than the direct investment accounts.
June 1990
their offices in the Caribbean in the
second half of the year to offset withdrawals by U.S. residents and to fund
lending to other U.S. banks by those
offices. Foreign-owned banks were encouraged to transfer funds to offices in
Japan for much of the year by the increase in Japanese interest rates relative to U.S. interest rates and to transfer funds to meet strong demand for
dollar credits in Asian banking centers.
U.S. banks' own dollar claims on
foreign public borrowers and other private foreigners decreased $0.6 billion,
to $103.7 billion, reflecting a moderate
increase in claims on Japan, Canada,
and the Caribbean that was more than
offset by an $8.1 billion decrease in
claims on Latin America. This reduction principally represented further
widespread cutbacks in outstanding
bank claims on those debtor countries
through write-downs, debt swaps, and
sales of loans in secondary markets.
Among the largest debtor countries,
Brazil suspended interest payments in
late 1989, after temporarily becoming
current following debt restructuring in
1988; Argentina's U.S. loans were subject to write-downs by U.S. banks at
the urging of federal regulators; and
Mexico's prolonged negotiations with
foreign commercial banks on major
debt restructuring continued.
U.S. claims payable in foreign currencies decreased $1.1 billion, to
$68.2 billion, following 5 consecutive years of large increases. Much
of the decrease was attributable to
Japan, reflecting repatriation to the
Japanese domestic market of yendenominated business booked at U.S.
banking offices and, possibly, a shift in
Japanese investors' preferences toward
dollar-denominated assets.
Banks' domestic customers' claims
increased $6.5 billion, to $54.0 billion, partly because of a step-up in
deposits by U.S. money market mutual
funds in the Caribbean and the United
Kingdom.
In addition, claims increased $1.9 billion when banks acted
as trustees for foreign governments
that raised dollar funds in U.S. capital markets to prepay Foreign Military
Sales credits that carried high interest
rates.
Foreign securities
Holdings of foreign securities in U.S.
portfolios increased $32.8 billion, or
20 percent, to $189.6 billion (line 14).
Record net purchases of $21.9 billion
were augmented by $13.3 billion in
SURVEY OF CURRENT BUSINESS
55
price appreciation of stocks. Exchange
rate depreciation reduced the value of
holdings only modestly.
U.S. holdings of foreign stocks increased $28.4 billion, to $91.1 billion;
record net purchases of $16.6 billion
were augmented by $12.5 billion in
price appreciation, a 45-percent increase (line 16). Net purchases of
Western European stocks increased
sharply, to $14.9 billion, as U.S. demand responded to buoyant markets
in Europe, where prices climbed 12
to 30 percent, bolstered by continued
economic growth and strength in corporate earnings. Net purchases of British
stocks were augmented in the third
quarter by a single large exchange
of stock associated with a foreign direct investment transaction. Net purchases of stocks from the Netherlands, Switzerland, and France also
rose sharply. Net purchases from
West Germany strengthened in the second half, partly in anticipation of the
economic expansion that might occur
as a result of political and economic
union with East Germany. Net purchases of Canadian stocks remained
strong, at $4.0 billion, and holdings
were bolstered by a 17-percent appreciation in Canadian stock prices and
the advance of the Canadian dollar
over the U.S. dollar. Despite record
highs in Japan's stock market, U.S.
sales virtually offset purchases over
the year.
U.S. holdings of foreign bonds increased $4.5 billion to $98.5 billion,
primarily as a result of large net purchases of British gilt-edged bonds (line
15). Net purchases of bonds of $5.3
billion and price appreciation of $0.7
billion were partly offset by $1.5 billion
in exchange rate depreciation, mostly
on British gilts.
Table 1.—U.S. Assets Abroad and Foreign Assets in the United States: Changes and Amounts Outstanding
[Millions of dollars]
Changes in 1989 (decrease (-))
Attributable to:
Line
Type of investment
Type of valuation
Amounts
outstanding,
yearend
1988 r
Valuation adjustments
Capital
flows
(a)
ExPrice
Other
change
changes
changes *
rate
changes!
(d)
(b)
(c)
Total
(a+b+c+d)
Amounts
outstanding
yearend
1989"
1 U.S. assets abroad:
2
3
4
5
6
7
8
9
10
11
U.S. official reserve assets
Gold
Special drawing rights
Reserve position in the International
Monetary Fund.
Foreign currencies . . . .
...
Current 3
Historical
Current
Current
Current
U.S. Government assets, other than
official reserve assets.
U.S. loans and other long-term assets 5..
Repayable in dollars
Other 6 ...
U.S. foreign currency holdings and
U.S. short-term assets.
Historical
Historical
Historical
Historical
Historical
84,892
83,427
1,465
680
Historical
Current
Current
Current
Historical
333,501
156,778
94,046
62,732
33,932
31,722
21,938 ""l3259"
721
5,284
12,538
16,654
-1,391
Historical
608,036
50,684
Current '
321,611
8,823
Current
Current
Current
Historical
Historical
260,934
252,962
7,972
14,788
31,519
1,716
333
1,383
332
4,940
14,370
Historical
Current
Current
U.S. private assets:
Direct investment abroad
Foreign securities
Bonds
Corporate stocks
U.S. claims on unaffiliated foreigners
reported by U.S. nonbanking
concerns.
U.S. claims reported by U.S. banks,
not included elsewhere.
12
13
14
15
16
17
18
25,293
1,512
535
-^71
-221
-226
17,363
25,229
1,959
85,571
-1,185
-15
-24
-1,035
-1,080
45
-151
-3
-16
9
-25
-8
-1,054
-1,071
17
-171
83,838
82,356
1,482
509
9,679
39,935
32,847
4,452
28,395
-1,391
373,436
189,625
98,498
91,127
32,541
-763
49,921
657,957
6,768
15,591
337,202
3,246
3,030
216
4,962
3,363
1,599
332
4,940
265,896
256,325
9,571
15,120
36,459
1,835
3,522
5,357
19,727
328,851
100,877
395,582
72,244
29,951
39,568
3,979
55,926
71,967
33,930
94,223
400,817
134,807
489,805
Current
Historical
194,606
200,976
36,039
32,964
6,604
2,867
34,969
59,254
2,837
229,575
260,230
38,876
Historical
613,744
61,199
61,011
674,755
47,802
11,057
9,637
9,745
2
42
-3
-12
-1,466
-2,350
-1,553
-797
26,807
2
314
-697
74,609
11,059
9,951
9,048
27,188
44,551
-1,224
84,347
19 Foreign assets in the United States:
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
Foreign official assets in the United
States.
U.S. Government securities
U S Treasury securities
Other .
Other U.S. Government liabilities 12
U.S. liabilities reported by U.S. banks,
not included elsewhere.
Other foreign official assets
Other foreign assets in the United States:
Direct investment in the United States...
U S Treasury securities
.
U.S. securities other than U.S.
Treasury securities.
Corporate and other bonds
Corporate stocks
U.S. liabilities to unaffiliated
foreigners reported by U.S.
nonbanking concerns.
U.S. liabilities reported by U.S. banks,
not included elsewhere.
See footnotes at end of table.
Current
-277
3,276
52,650
-1,271
-1,271
-30
-188
56
SURVEY OF CURRENT BUSINESS
New issues of dollar bonds in the
United States barely exceeded redemptions in 1989. Although U.S. long-term
interest rates declined sharply in the
year, foreign borrowers limited their
placements to $6.6 billion, approximately the prior year's level. Canadian
new issues in the United States were
nearly unchanged at $2.7 billion, despite a widening in the differential
of Canadian interest rates over U.S.
rates. New issues by other countries
slowed, to $2.5 billion, partly offset
by a step-up in placements by international financial institutions, to $1.4
billion. Redemptions of outstanoling
dollar bonds mostly by Canada and in-
June 1990
ternational financial institutions were
$5.6 billion.
Net U.S. purchases of other outstanding bonds, at $4.3 billion, were
more than accounted for by purchases
of $8.0 billion in British bonds. U.S.
purchases were encouraged by a considerable widening in long-term interest rate differentials as British rates
climbed and U.S. rates fell. Similarly, purchases of outstanding Canadian bonds increased as that differential also widened over U.S. rates.
Holdings of Japanese bonds were liquidated, mostly during the midyear
political uncertainties that affected the
ruling Japanese party.
U.S. direct investment abroad and other
private assets
U.S. direct investment abroad increased $39.9 billion, or 12 percent—a
near doubling of the rate of growth—to
$373.4 billion, strengthened by sustained economic growth and rising foreign interest rates overseas (line 13).
Strong capital outflows consisted of
reinvested earnings of $22.4 billion,
intercompany debt outflows of $14.2
billion, and partly offsetting equity inflows of $4.9 billion from the sale of
affiliates.
Valuation adjustments of
$8.2 billion reflected the sale of several affiliates for more than the book
Table 1.—U.S. Assets Abroad and Foreign Assets in the United States: Changes and Amounts Outstanding—Continued
[Millions of dollars]
Amounts outstanding, by area
Latin America and
Other Western
Hemisphere
Type of valuation
Type of investment
Line
Japan
Canada
Western Europe
1989
1988
1989
1988
1989
1988
1988
Other countries,
international
organizations, and
unallocated t
1989
1988
1989
30,439
11,057
9,637
9,745
30,144
11,059
9,951
9,048
86
57,556
57,323
56,377
946
233
57,110
56,997
56,008
989
113
1 U.S. assets abroad:
2
3
4
5
6
U S official reserve assets
Gold
Reserve position in the International Monetary Fund
. .. Current3
Historical
Current
Current
Current
14,970
29,744
14,970
29,744
Historical
Historical
Historical
Historical
Historical
9,059
9,012
8,853
159
47
8,487
8,451
8,312
139
36
156,932
84,887
47,361
37,526
15,155
Historical
Current 9
Current
Current
Current
Historical
Historical
7
8
9
10
11
U S Government assets other than official reserve assets
U S loans and other long-term assets *
Repayable in dollars
.
Other 6
U.S. foreign currency holdings and U.S. short-term assets....
12
13
14
15
16
17
U.S. private assets:
18
Bonds
Corporate stocks
U.S. claims on unaffiliated foreigners reported by U.S.
nonbanking concerns.
U.S. claims reported by U.S. banks, not included
elsewhere.
Historical
Current
Current
Current
Historical
.
(*)
2,345
13,562
(*)
(*)
T,345'
13,562
48
1,159
343
320
320
306
290
290
31
27
23
16
31
27
18,584
18,238
17,878
360
346
18,416
18,099
17,745
354
317
176,736
109,528
49,765
59,763
14,193
62,610
65,508
42,945
22,563
3,429
66,856
74,575
46,217
28,358
3,035
17,927
19,341
1,495
8 8
1,618
51,041
1,070
(8)
1,070
10,376
61,364
1,383
(8)
1,383
9,645
155,085
159,848
24,066
20,178
138,661
154,588
226,105
248,964
125,161
(")•
(")
(")
4,180
(")
135,710
(")
9,670
(")
(")
(")
314
(")
9,780
<")
(")
(")
324
(")
(.0)
(.0)
(10)
(10)
(10)
(.0)
11,049
(")
1,681
1,896
580
( ll )
9,964
(")
(")
(")
696
(")
(")
(10)
(10)
(")
(")
(*)
48
1,159
7
44,991
5,3 10
3,739
1,571
3,477
8
8
8
64,119
7
49,139
"4,139
"2,516
" 1,623
4,050
74,379
19 Foreign assets in the United States:
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
Foreign official assets in the United States
U S Government securities
. ..
U.S. Treasury securities
Other
Other U S Government liabilities l2
U.S. liabilities reported by U.S. banks, not included
elsewhere.
Other foreign official assets
;
Other foreign assets in the United States:
Direct investment in the United States
U S Treasury securities
U.S. securities other than U.S. Treasury securities
Corporate and other bonds
Corporate stocks
.
..
U.S. liabilities to unaffiliated foreigners reported by U.S.
nonbanking concerns.
U.S. liabilities reported by U.S. banks, not included
elsewhere.
Current
(10)
(10)
8
8
S
(10)
(10)
(10)
(10)
8,032
8,673
(10)
(10)
(10)
(10)
<")
(")
(")
Historical
Current
Current
Current
Current
Historical
216,418
(10)
258,203
139,474
118,729
18,741
262,011
27,361
31,538
53,354
69,699
17,019
20,348
14,698
17,220
309,578
160,078
149,500
21,147
33J11
4,979
28,534
2,089
41,154
6,172
34,982
2,414
50,235
30,996
19,239
5,817
65,144
37,750
27,394
6,885
28,438
6,212
22,226
2,534
41,395
9,994
31,401
2,506
25,193
12,945
12,248
6,858
32,534
15,581
16,953
5,924
Historical
(10)
(10)
(10)
(10)
0°)
(10)
(10)
(10)
(10)
(10)
' 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. Currency translation adjustments, previously included in U.S. direct investment capital flows, are
now included as valuation adjustments in exchange rate changes.
2. Includes changes in coverage, statistical discrepency, and other adjustments to the value of assets.
3. Includes gold valued at the official price of $42.2222 per fine ounce.
4. Reflects changes in gold stock from U.S. Treasury sales of gold medallions and commemorative and bullion coins; also reflects replenishment through open market purchases. These demonetizations/monetizations are
not included in international transactions capital flows.
•5. 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.
6. Includes indebtedness that the borrower may contractually, or at its option, repay with its currency, with a
third country's currency, or by delivery of materials or transfer of services.
p
8
3,530
(")
8
(10)
(10)
(10)
(10)
(10)
(10)
(10)
(10)
7. 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.
8. 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.
9. Includes other U.S. Government liabilities and liabilities reported by U.S. banks, not included elsewhere,
valued at historical prices.
10. Details not shown separately.
11. Details not shown separately are included in totals in line 20.
12. Primarily U.S. Government liabilities associated with military sales contracts and other transactions arranged with or through foreign official agencies.
NOTE.—Current value—Assets valued at current prices. Historical value—Assets valued at prices at time of
transactions. If assets turn over frequently, or maturities are short-term, historical valuation may approximate
current valuation.
June 1990
value carried in last year's position. A
partly offsetting exchange rate adjustment, which was formerly recorded in
capital flows, reflected a loss in dollar values resulting from translation
of foreign affiliates' assets and liabilities from foreign currencies into dollars
SURVEY OF CURRENT BUSINESS
57
between the end of accounting periods. Reinvested earnings accelerated
in 1989; they had been held to low levels in 1988 when affiliates distributed
unusually large dividends. The distribution of dividends returned to more
normal levels in 1989 and was aug-
mented by continued strong operating
earnings abroad. Intercompany debt
outflows accelerated; several U.S. parent companies made loans to existing
foreign affiliates for purposes of acquisitions by their affiliates. Equity
inflows reflected sell offs of foreign
of Valuation
U.S. official reserve assets
Line 3 .Gold is valued, pursuant to Public Law 93-110, at the official price of $42.2222 per fine troy ounce on the books of the U.S.
Treasury. The market price of nonmonetary gold was over $400 per
fine ounce at yearend 1989.
Lines 4-5 Special drawing rights and the reserve position in the
International Monetary Fund are the U.S. dollar equivalents of the
SDR amounts outstanding at end of period, stated in current values
and converted at end-of-period SDR/U.S. dollar exchange rates.
Line 6 Foreign currency reserves are the U.S. dollar equivalent
of foreign currencies converted at end-of-period exchange rates or at
rates negotiated between monetary authorities.
U.S. Government assets
Lines 9-11 U.S. Government assets, other than official reserve assets, are amounts outstanding based on value at time of transaction,
as reported by U.S. Government agencies. Amounts outstanding denominated in currencies other than U.S. dollars are converted to
dollars at end-of-period exchange rates under terms of applicable
domestic regulations and/or bilateral and international agreements.
U.S. private assets
Line 13 U.S. direct investment abroad is the amount outstanding
as carried on the books of foreign affiliates and, thus, reflects prices
on affiliates' books at the time of investment rather than prices of the
current period. Capital flows, which measure transactions between
U.S. parents and foreign affiliates during the year, are recorded at
transactions value. Valuation adjustments are made for changes in
book value that do not arise from capital flows. They also are made
for changes in value that arise because of changes from the end of one
accounting period to the next in exchange rates applied in translation
of foreign affiliates' assets and liabilities from foreign currencies into
U.S. dollars.
Lines 15-16 Foreign securities held by U.S. residents are valued
at current market prices at end of period. Outstanding stocks are
revalued by changes in price indexes of major foreign stock markets,
and outstanding bonds are revalued by changes in prices of foreign
dollar bonds in the United States. Foreign currency securities are
revalued by changes in U.S. dollar exchange rates. These holdings are
not tied to a recent benchmark; the last census of foreign securities
held in the United States was in 1941.
Line 17 U.S. claims on unaffiliated foreigners reported by U.S.
nonbanking concerns are face amounts Outstanding on U.S. reporters'
books at end of period, mostly valued at initial cost. Financial claims,
mostly less than 1 year in maturity, account for more than one-half
of reported amounts. Foreign currency claims are reported in U.S.
dollars at exchange rates at or near end of period.
Line 18 U.S. claims on foreigners reported by banking institutions
in the United States are face amounts outstanding on the U.S. reporters' books at end of period valued at initial cost. Interbank claims,
mostly under 3 months in maturity, account for two-thirds of reported
amounts. Some claims on countries encountering debt-servicing problems, although on reporters' books at face value, are subject to steep
discounting in the secondary market. Foreign currency claims are
reported in U.S. dollars at exchange rates at or near end of period.
Foreign official assets
Line 22 U.S. Treasury securities held by foreign official agencies include (1) Short-term Treasury bills—mostly 6 months or less
in maturity—reported by U.S. banking institutions at par value;
(2) a small amount of nonmarketable Treasury bonds carried at
transactions value at time of issue; and (3) marketable Treasury
bonds—which account for most of the holdings—revalued to current
market prices at end of period. Holdings of Treasury bonds are
rebenchmarked about every 5 years; the most recent benchmark was
for 1984.
Line 23 Other U.S. Government securities held by foreign official agencies are revalued to current market prices at end of period.
Holdings are rebenchmarked about every 5 years; the most recent
benchmark was for 1984.
Line 24 U.S. Government liabilities to foreigners are amounts outstanding, based on value at time of transaction, as reported by U.S.
Government agencies. A small amount of liabilities denominated in
currencies other than U.S. dollars are reported in dollars at end-ofperiod exchange rates under terms of applicable domestic regulations
and/or bilateral and international agreements.
Line 25 U.S. liabilities to foreigners reported by banking institutions in the United States are face amounts outstanding on U.S.
reporters' books at end of period valued at initial cost. Liabilities are
largely under 1 year in maturity.
Line 26 U.S. securities, other than Treasury securities, held by foreign official agencies are valued at current market prices at end of
period. Outstanding stocks are revalued by changes in the Standard
and Poor's composite 500 index, and outstanding bonds are revalued
by changes in prices of U.S. bonds. Holdings are rebenchmarked about
every 5 years; the most recent benchmark was for 1984.
Other foreign assets in the United States
Line 28 Foreign direct investment in the United States is the
amount outstanding as carried on the books of U.S. affiliates and,
thus, reflects prices on affiliates' books at the time of investment
rather than prices of the current period. Capital flows, which measure
transactions between foreign parents and U.S. affiliates during the
year, are recorded at transactions value. Valuation adjustments are
made for changes in book value that do not arise from capital flows.
Line 29 U.S. Treasury securities held by other foreigners primarily
consist of marketable Treasury bonds outstanding revalued to current market prices at end of period. Holdings of Treasury bonds are
rebenchmarked about every 5 years; the most recent benchmark was
for 1984. Small amounts of Treasury bills—mostly 6 months or less
in maturity—are reported by U.S. banking institutions at par value.
Lines 31-32 U.S. securities, other than Treasury securities, held
by other foreigners are valued at current market prices at end of period. Outstanding stocks are revalued by changes in the Standard
and Poor's composite 500 index, and outstanding bonds are revalued
by changes in prices of U.S. bonds issued abroad. Bonds denominated
in foreign currencies are converted to U.S. dollars at end-of-period exchange rates. Holdings are rebenchmarked about every 5 years; the
most recent benchmark was for 1984.
Line 33 U.S. liabilities to unaffiliated foreigners reported by U.S.
nonbanking concerns are face amounts outstanding on U.S. reporters'
books at end of period, mostly valued at initial cost. Financial liabilities, mostly less than 1 year in maturity, account for one-half of
reported amounts. Foreign currency liabilities are reported in U.S.
dollars at exchange rates at or near end of period.
Line 34 U.S. liabilities to foreigners reported by banking institutions in the United States are face amounts outstanding on the U.S.
reporters' books at end of period valued at initial cost. Interbank liabilities, ranging from overnight to 3 months in maturity, account
for two-thirds of reported amounts. Foreign currency liabilities are
reported in U.S. dollars at exchange rates at or near end of period.
58
SURVEY OF CURRENT BUSINESS
affiliates by U.S. companies engaged
in restructuring their worldwide operations. (Details on 1989 direct investment developments are in a separate section on "U.S. Direct Investment
Abroad" in this article.)
Claims on unaffiliated foreigners reported by nonbanking concerns in the
United States decreased $1.4 billion, to
$32.5 billion, reflecting a reduction in
Eurodollar deposits of major U.S. corporations (line 17). Their withdrawals
from U.S. banks' foreign offices in the
United Kingdom and the Caribbean
were heavy in the second half, accounting for much of the $3.7 billion
decrease, to $18.1 billion, in U.S. nonbanking concerns' financial claims. Export financing accelerated, leading to a
$2.3 billion increase, to $14.4 billion,
in commercial claims, bolstered in the
second half by declining U.S. interest
rates.
overseas interbank market and to fund
limited U.S. domestic loan expansion
(line 34). Dollar funds came largely
from banks in Caribbean banking centers, Japan, and a few countries in
Western Europe. Depositing in the
United States by nonbank foreigners
was substantial. Sustained strength
of the dollar in exchange markets contributed to dollar inflows. Banks' liabilities payable in foreign currencies
decreased after large increases for the
past several years.
Banks' own liabilities payable in dollars increased $58.0 billion, to $545.4
billion, mostly in the second half of the
year. U.S. banks' liabilities to own foreign offices increased $29.4 billion, to
$318.6 billion, and liabilities to unaffiliated banks increased $15.0 billion,
to $135.3 billion. U.S.-owned banks
borrowed heavily in the second half of
the year from Caribbean offices to finance a surge in lending to other world
financial centers. In the first half
of the year, encouraged by declining
Eurodollar rates relative to U,S. interest rates, overseas borrowing financed
part of the surge in domestic lending for corporate restructuring in the
United States. Foreign-owned banks
borrowed heavily in the fourth quarter; most borrowing was by Japanese
banks to fund home offices in Japan
and to increase their domestic U.S.
loan portfolios.
Banks' own liabilities to other private foreigners and international financial institutions increased $13.6
billion—the largest increase since
1982—to $91.6 billion. Most of the increase occurred in the second quarter,
when the U.S. dollar exchange rate appreciated sharply, and in the fourth
quarter.
Banks' custody liabilities payable in
dollars increased $11.6 billion, to $62.9
billion. Borrowing in the first half of
the year reflected a surge in demand
for bank credit for merger-related acquisitions in the United States. Additional drawing on Eurodollar credits by
nonbank residents in the United States
was induced by a significant widening of the prime-LIBOR differential
favoring overseas borrowing.
Banks' own liabilities payable in foreign currencies decreased $8.6 billion,
to $66.4 billion, reflecting a sharp
cutback in yen funding by Japaneseowned banks in the United States. An
increase in funding in foreign currencies from banks in the Caribbean and
Western Europe offset some of this
drop.
U.S. official reserve assets and other
U.S. Government assets
U.S. reserve assets increased $26.8
billion, to $74.6 billion, almost entirely from exchange market intervention purchases of German marks and
Japanese yen (line 2). Net positive
valuation adjustments of $1.5 billion
mostly reflected appreciation of German mark holdings partly offset by
depreciation of Japanese yen holdings.
Holdings of Special Drawing Rights increased, and the reserve position with
the International Monetary Fund decreased; both included a negative valuation adjustment reflecting a decline in
the market basket of currencies used
to value them.
U.S. Government assets other than
official reserve assets decreased $1.2
billion, to $84.3 billion; repayments
again exceeded credit disbursements
(line 7). Disbursements of credits
through most government lending programs continued to decline, and foreign
countries continued to prepay Foreign
Military Sales credits, although at a
slower pace than in 1988.
Changes in Foreign Assets
in the United States
Bank liabilities
Liabilities to private foreigners and
international financial institutions reported by U.S. banks increased $61.0
billion, to $674.8 billion, reflecting substantial borrowing from foreign banks
to fund surges in dollar lending to the
June 1990
U.S. Treasury securities
Record net purchases of $30.0 billion and price appreciation of $3.9
billion boosted holdings of U.S. Treasury securities by private foreigners
and international financial institutions
to $134.8 billion (line 29). Record
net purchases—$27.2 billion—of marketable Treasury bonds accounted for
much of the increase despite a substantial narrowing in interest rate differentials between U.S. and foreign
government bonds. Foreign demand
accelerated early in the year, bolstered
by the dollar's recovery in exchange
markets and relatively high U.S. interest rates. Demand picked up again
later in the year when prospects for
capital gains strengthened as the U.S.
economy appeared to slow and as international investing was affected by political uncertainties in Asia. Net purchases of Treasury securities by British
residents tripled and were especially
heavy in the third quarter. Other continental European investors also added
significant amounts to their holdings.
Net purchases by other countries were
limited. Japan's net purchases were
small, because periods of heavy buying
were offset by large midyear sales.
Other U.S. securities
Foreign holdings of U.S. securities
other than U.S. Treasury securities increased $94.2 billion, or 24 percent, to
$489.8 billion, reflecting large net purchases of U.S. bonds and substantial
price appreciation of U.S. stocks (line
30).
Foreign holdings of U.S. bonds increased $35.0 billion, to $229.6 billion,
as a result of net purchases of $33.0
billion and price appreciation of $3.3
billion; exchange rate depreciation was
partly offsetting (line 31). New issues
of bonds sold abroad by U.S. corporations, although virtually unchanged
from last year, at $19.3 billion, were
heavy in the first half. In the second half, U.S. demand slowed, especially for financing corporate restructuring. U.S. industrial corporations
accelerated their overseas placements,
mostly in the first half, and financial institutions reduced their placements. Straight fixed-rate bonds dominated new issues, but, as the year
progressed, foreign currency issues in
Japanese yen, British pounds, and
Swiss francs became more popular.
59
SURVEY OF CURRENT BUSINESS
June 1990
mostly from $52.6 billion in price appreciation resulting from a 13-percent
advance in U.S. stock prices (line 32).
Net purchases were $6.6 billion and
were strongest from May to October when the dollar appreciated, U.S.
stock prices rose rapidly, and shortand long-term U.S. interest rates fell.
Strong net purchases of $3.2 billion by
Japan and of $2.9 billion by institutional investors in Caribbean countries
accounted for most of the rise in net
purchases. Within Western Europe,
net sales by Switzerland, West Ger-
Equity-related issues were very small
despite the buoyant U.S. stock market.
Foreigners substantially accelerated
their net purchases of U.S. federally
sponsored agency bonds to $13.7 billion. Demand was strongest from the
United Kingdom and Japan: Foreign
investors chose to enhance the quality
of their portfolios as weakness arose
in the U.S. corporate bond market
and as political uncertainties in Asia
heightened.
Foreign holdings of U.S. stocks increased $59.3 billion, to $260.2 billion,
many, and other Western European
investors were nearly offset by strong
British net purchases of $3.5 billion.
Western European investors may have
shifted funds to their domestic stock
markets, which advanced strongly in
1989.
Foreign official assets
Foreign official assets in the United
States increased $15.6 billion, to
$337.2 billion: Net purchases in-.
Table 2.—-U.S. Assets Abroad and Foreign Assets in the United States: Amounts Outstanding at Yearend, 1975-89
[Millions of dollars]
Type of investment
Line
Type of valuation
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984'
1985 '
1986'
1987'
1988 '
1989"
16,226
11,599
2,335
2,212
18,747
11,598
2,395
4,434
19,314
11,719
2,629
4,946
18,650
11,671
1,558
•1,047
18,956
11,172
2,724
1,253
26,756
11,160
2,610
2,852
30,075
11,151
4,096
5,054
33,957
11,148
5,250
7,348
33,748
11,121
5,025
11,312
34,933
11,096
5,641
11,541
43,185
11,090
7,293
11,947
48,510
11,064
8,395
11,730
45,800
11,078
10,283
11,349
47,802
11,057
9,637
9,745
74,609
11,059
9,951
9,048
1 U.S. assets abroad:
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
U.S. official reserve assets '
Gold1
Special drawing rights!
»
Reserve position in the International
Monetary Fund '.
Foreign currencies '
Current2.....
Historical
Current.......
Current
80
321
20
4,374
3,807
10,134
9,774
10,212
6,289
6,656
12,856
17,322
13,090
17,363
44,551
U.S. Government assets, other than
official reserve assets.
U.S. loans and other long-term assets3....
Repayable in dollars
Other4
. .
U.S. foreign currency holdings and U.S.
short-term assets.
Historical
41,804
45,994
49,544
54,200
58,423
63,768
68,677
74,584
79,491
84,895
87,676
89,598
88,569
85,571
84,347
Historical
Historical ....,
Historical
Historical
39,809
36,815
2,994
1,995
44,124
41,309
2,815
1,870
47,749
45,154
2,595
1,795
52,252
49,817
2,435
1,948
56,477
54,085
2,392
1,946
62,023
59,799
2,224
1,745
67,201
64,959
2,242
1,476
72,884
70,948
1,936
1,700
77,814
75,991
1,823
1,677
82,883
81,103
1,780
2,012
85,814
84,087
1,727
1,862
88,747
87,149
1,598
851
87,628
86,014
1,614
941
84,892
83,427
1,465
680
83,838
82,356
1,482
509
U.S. private assets:
Direct investment abroad 5
Foreign securities
Bonds
Corporate stocks..
U.S. claims on unaffiliated foreigners
reported 6by U.S. nonbanking
concerns .
U.S. claims reported by U.S. banks, not
included elsewhere 7.
Current
124,050 136,809 145,990 162,727 187,858 215,375 228,348 207,752 207,203 211,480 230,250 259,800 314,307 333,501 373,436
34,913 44,157 49,439 53,384 56,800 62,653 63,151 75,300 83,393 88,917 112,226 131,736 146,714 156,778 189,625
25,328 34,704 39,329 42,148 41,966 43,487 45,791 56,732 57,529 61,900 72,934 81,723 92,044 94,046 98,498
9,453 10,110 11,236 14,834 19,166 17,360 18,568 25,864 27,017 39,292 50,013 54,670 62,732 91,127
9,585
18,340 20,317 22,256 28,070 31,497 34,672 35,853 28,583 35,117 30,056 29,023 36,417 31,085 33,932 32,541
Historical
Current
Current
Current
Historical
81,135
92,562 130,816
157,029 203,866 293,508 404,578 434,505 445,631 447,363 507,338 549,457 608,036 657,957
Historical
59,767
Current 8
Current
Current
86,910 104,445 140,867 173,057 159,852 176,062 180,425 189,109 194,468 199,690 202,545 241,195 282,886 321,611 337,202
63,553 72,572 105,386 128,511 106,640 118,189 125,130 132,587 136,987 144,665 145,063 178,915 220,548 260,934 265,896
61,107 70,555 101,092 123,991 101,748 111,336 117,004 124,929 129,716 138,168 138,438 173,310 213,713 252,962 256,325
4,294
6,625
6,497
7,271
7,658
8,126
6,853
4,892
4,520
2,017
2,446
7,972
5,605
9,571
6,835
14,231 14,971 15,865
8,860 10,260 12,749 12,749 13,367 13,029 13,639
4,215
18,000
15,497 14,788 15,120
16,262 17,231 18,004 23,327 30,540 30,381 26,737 24,989 25,534 26,090 26,734 27,920 31,838 31,519 36459
19 Foreign assets in the United States:
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
Foreign official assets in the United States .
U.S. Government securities9
U.S. Treasury securities
Other 9
Other U.S. Government liabilities 10
U.S. liabilities reported by U.S. banks,
not included elsewhere.
Other foreign official assets 9
Historical
Historical
Current
Other foreign assets in the United States:
Direct investment in the United States " . Historical
Current.....
U.S. Treasury securities9
U.S. securities other than U.S. Treasury
securities 9.
Current
Corporate and other
bonds9
Corporate stocks 9
U.S. liabilities to unaffiliated foreigners Historical
reported by U.S. nonbanking
concerns 6.
Historical
U.S. liabilities reported by7 U.S. banks,
not included elsewhere .
—
;.
2,880
5,782
7,217
8,470
9,923
27,662
4,245
45,663
30,770
7,028
54,913
34,595
7,562
51,235
42,471
8,910
53,554
54,462
14,210
58,587
83,046 108,714 124,677 137,061 164,583 184,615 220,414 271,788 328,851 400,817
16,113 18,505 25,758 33,846 62,121 87,954 96,078 82,588 100,877 134,807
74,114 75,085 92,988 113,811 128,477 207,868 310,883 346,187 395,582 489,805
10,025
35,638
13,905
11,964
42,949
12,961
11,456
39,779
11,921
11,457
42,097
16,019
10,269
48,318
18,669
9,545
64,569
30,426
42,475
53,465
60,184
77,719 110,326 121,069
' Revised.
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 $42-2/9 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. Includes gold valued at the official price.
3. 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.
4. 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.
5. 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.
14,125
15,529
10,694
64,391
30,606
17,894
16,709
76,279
27,532
17,716
17,454
96,357
26,937
13,964
14,882
16,359
15,003
14,370
19,727
32,421 82,290 141,943 170,544 194,606 229,575
96,056 125,578 168,940 175,643 200,976 260,230
31,024 29458 26902 29818 36039 38 876
165,361 227,988 278,330 312,179 354,497 451,613 540,731 613,744 674,755
6. Breaks in the series reflect: in 1972 and 1978, expanded reporting coverage; in 1982, an increase in reporters' exemption levels.
7. 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.
8. Includes other U.S. Government liabilities and liabilities reported by U.S. banks, not included elsewhere,
valued at historical prices.
9. Estimates include results of 1974, 1978, and 1984 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.
10. Primarily U.S. Government liabilities associated with military sales contracts and other transactions arranged with or through foreign official agencies.
11. 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.—Current value—Assets valued at current prices. Historical value—Assets valued at prices at time of
transactions. If assets turn over frequently, or maturities are short-term, historical valuation may approximate
current valuation.
Revised area tables for 1975-89 are available upon request from the Balance of Payments Division (BE-58),
Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230.
60
creased $8.8 billion, and price appreciation added $6.8 billion (line 20).
Assets of OPEC members increased
$10.7 billion, mostly in purchases of
U.S. Treasury bonds, following substantial reductions every year since
1982. Assets of industrial countries
were unchanged: Substantial intervention sales of dollars in exchange
markets in the second and fourth quarters were offset by increases in holdings in the first and third quarters.
Other countries increased their dollar
assets $1.8 billion, but a few newly industrialized countries in Asia reduced
their dollar assets significantly.
Foreign direct investment in the United
States and other liabilities
Foreign direct investment in the
United States increased $72.0 billion,
or 22 percent, to $400.8 billion (line
28). Capital inflows accelerated, to
a record $72.2 billion; equity inflows
were $46.7 billion, intercompany debt
inflows were $25.6 billion, and reinvested earnings were negligible. Large
equity and intercompany debt inflows
from Japan, the United Kingdom, and
continental Europe reflected continued
strong foreign acquisition activity and
repayment of loans to U.S. finance affiliates by foreign parent companies.
Reinvested earnings were negligible as
a result of the marked slowdown in
operating earnings. (Details on 1989
direct investment developments are in
a separate section on "Foreign Direct
Investment in the United States" in
this article.)
Liabilities to unaffiliated foreigners
reported by nonbanking concerns in
the United States increased $2.8 billion, to $38.9 billion, reflecting a slowdown in U.S. corporate overseas borrowing and in advance receipts from
foreigners (line 33). Financial liabilities, mostly to Japan and the United
Kingdom, increased $1.9 billion, to
$17.4 billion, partly to finance U.S.
corporate restructuring early in the
year. Commercial liabilities increased
$0.9 billion, to $21.5 billion, following
a substantial increase in 1988. The
step-up in deliveries of aircraft reduced
advance receipts of U.S. aircraft manufacturers, and higher foreign interest
rates limited U.S. use of foreign trade
credits.
SURVEY OF CURRENT BUSINESS
Direct Investment
U.S. direct investment abroad
The U.S. direct investment position
abroad increased 12 percent ($39.9 billion) in 1989, to $373.4 billion, com-1
pared with 6 percent in 1988 (table 3).
The positions in affiliates in Canada
($66.9 billion) and the United Kingdom ($60.8 billion) remained by far the
largest.
Sustained economic growth overseas, particularly in Western Europe
and East Asia, contributed to the increased pace of investment in 1989.
The faster pace mostly reflected a
sharp increase in reinvested earnings and a smaller increase in intercompany debt outflows. A decline
in equity capital inflows and larger
positive valuation
adjustments also
contributed.2
Reinvested earnings rose $9.8 billion, to a record $22.4 billion. The
sharp rise reflected an increase in the
reinvestment ratio—that is, the fraction of earnings that are reinvested—
and, to a lesser extent, an increase in
the already high level of earnings. The
reinvestment ratio rose from 0.25 to
0.42. In 1988, the ratio was particularly low, because a number of unusually large dividends were paid by
foreign affiliates. In response to higher
U.S. interest rates, U.S. parent companies may have found it more cost effective to finance domestic expansion and
corporate restructuring by repatriating
a larger portion of their strong overseas profits rather than by borrowing
in the United States. In addition, some
U.S. parent companies may have felt
that the U.S. dollar had reached a low
against several major foreign currencies and, therefore, that they should
repatriate earnings before a stronger
dollar lowered the conversion values.
In 1989, foreign interest rates generally rose, and the gap between U.S. and
foreign interest rates narrowed. As a
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.
2. Several direct investment accounts have been redefined, with the result that reinvested earnings (and,
therefore, capital flows and income) now exclude, and
valuation adjustments now include, capital gains and
losses associated with translation adjustments. The
overall change in the position is not affected because
translation adjustments have been reclassified from one
component of the change (capital flows) to another (valuation adjustments). For a discussion of the revisions
and a table showing their effect on historical data, see
the technical note in "U.S. International Transactions,
First Quarter 1990," in this issue.
June 1990
result, some U.S. parents may have
relied more heavily than in 1988 on
the reinvestment of affiliates' earnings
to finance overseas operations. In addition, affiliates stepped up expansion
plans in response to increasing global
competition—particularly the prospect
of increasing competition and economic
growth resulting from full implementation of the European Communities
(EC(12)) single-market initiative by
yearend 1992.
U.S. parents may
have sought to finance these expansions by raising the portion of affiliates' earnings that were reinvested.
Furthermore, higher earnings were
available for reinvestment because of
stronger economic growth abroad; affiliate earnings rose $2.6 billion, to $53.9
billion.
Intercompany debt outflows increased $4.3 billion, to $14.2 billion. As
was the case with reinvested earnings,
increased intercompany debt outflows
may have been spurred by higher interest rates abroad. In addition, several
U.S. parents acquired foreign affiliates
indirectly by lending funds to existing affiliates, which, in turn, acquired
other foreign companies. U.S. parents have increased reliance on such
indirect acquisitions in recent years.
To the extent that they replace direct
acquisitions by the U.S. parents themselves, indirect acquisitions tend to
increase intercompany debt outflows at
the expense of equity capital outflows.
Equity capital inflows decreased $1.5
billion, to $4.9 billion. The decrease
was more than accounted for by the
absence in 1989 of the large inflows
in 1988 that resulted from returns of
capital from, or liquidations of, sev-3
eral Netherlands Antillean affiliates.
Partly offsetting were increased inflows related to selloffs of foreign affiliates by U.S. parent companies that
were restructuring their worldwide
operations, in part to reduce debt.
3. Most of these affiliates were established in the late
1970's and early 1980's to borrow funds in the European
capital markets and relend them to their U.S. parents. The parents were prompted to borrow indirectly
through these affiliates, rather than directly from Euromarkets, because the associated interest payments were
exempt from U.S. withholding taxes under a United
States-Netherlands Antilles tax treaty. To realize this
tax advantage, the affiliates were required to be incorporated separately in the Netherlands Antilles. However, in the third quarter of 1984, the U.S. withholding
tax on interest paid to foreigners was repealed, eliminating the principal advantage to borrowing through
Netherlands Antillean affiliates. Consequently, relatively little new borrowing from these affiliates has
occurred, and repayments of previous borrowings have
increased substantially. Concurrently, U.S. parents
have been liquidating or otherwise reducing their equity
in these affiliates.
61
SURVEY OF CURRENT BUSINESS
June 1990
Table 3.—U.S. Direct Investment Position Abroad at Yearend
[Millions of dollars]
19 89
1988
Finance
All
Petrole- Manu- WholeServices
and
Banking
sale
facturing trade
um
industries
insurance
AH countries
....
.
Developed countries
Other
industries
Finance
Petrole- Manu- WholeAll
Banking
Services
and
sale
facturing trade
um
industries
insurance
Other
industries
333,501
57,745 139,584
33,812
19,072
60,477
7,786
15,025
373,436
57,945
155,704
37,735
19,875
77,112
8,812
16,253
252,757
40,601 114,147
27,751
10,027
43,668
6,043
10,519
279^10
39,986 126,468
30,725
10,072
53,994
6,974
11,091
5,684
Canada
62,610
11,679
28,859
3,516
778
10,868
1,272
5,638
66,856
10,912
32,333
3,917
945
11,680
1,385
Europe
156,932
21,713
71,072
19,223
8,080
30,016
4,244
2,585
176,736
22,365
77,846
21,912
7,855
38,944
4,985
2,828
131,115
7,448
1,163
13,150
21,742
195
6,212
9,540
850
16017
546
4,979
49,274
15,537
513
68,252
3,917
282
8,749
14,018
109
4,553
6,933
552
6163
198
3,040
19,739
12,200
1,791
466
2,132
1,140
33
16
1,144
5
2312
125
789
2,246
6,431
427
41
241
1,372
-24
8
262
204
173
107
584
3,036
22,840
569
175
598
2,155
(°)
1,702
477
85
3,529
(D)
26
13,499
3,358
195
2,497
36
149,975
8,290
1,246
14,747
23,059
265
6,237
10,634
904
17,168
612
6,002
60,810
17,034
502
(D)
1,050
2,600
(D)
-28
574
5
1,907
50
98
10,063
74,893
4,407
288
9,490
14,430
91
5,082
6,830
543
7,541
230
3,865
22,097
13,730
1,945
482
2,531
1,285
49
18
1,417
6
2,471
147
915
2,464
6,486
335
42
211
1,456
27
7
281
253
177
131
681
2,884
31,177
796
226
872
2,515
3,929
267
(D)
275
-46
29
6
189
0
1,088
2,726
38
(D)
318
820
(D)
-8
288
0
185
8
119
955
25,817
688
408
4,371
1,119
18,357
246
629
6,176
127
7,023
377
331
366
228
5,605
33
83
1,648
49
886
15
1
32
-7
88
18
(*)
6
(D)
D
( )
11
39
(D)
(D)
26,761
688
484
3,640
1,102
19,952
312
583
(D)
99
40
2,953
75
27
66
740
1,757
99
188
8,183
338
354
371
241
6,749
53
77
1,369
41
(D)
20
1,508
33
(D)
7,176
31
0
123
50
6,712
0
260
5,330
172
3,779
(D)
(D)
85
40
2,819
71
24
44
646
1,757
62
215
japan
17,927
3,356
8,941
3,485
263
1,291
224
366
19,341
3,194
9,959
Australia, New Zealand, and South Africa
15,288
13 186
833
1269
3,853
3147
1,527
1290
156
81
906
1,930
0
1,493
1,367
57
69
303
261
(D)
5,276
4557
213
506
3,515
3009
(D)
(D)
77,560
14,494
25,437
6,062
9,045
51,041
4,630
18,702
2,689
7,073
21 690
2597
12460
691
2,248
431
986
1,897
379
2 111
426
278
71
388
175
348
295
130
13044
1398
9544
9
593
154
66
1,191
88
544
94
49
30
13,119
5694
6632
793
1,560
62
1342
156
5,409
4776
248
385
16,232
4,010
19,040
134
-11,633
447
3574
661
959
207
114
(D)
(")
(D)
248
33
0
71
24
10
(D)
(D)
199
0>)
4 199
2065
1,670
315
80
2 134
134
660
1,340
3050
1 726
1,370
303
53
1 324
53
534
736
344
76
51
0
26
267
56
212
3,806
700
1,782
672
651
2105
58
533
549
965
435
228
165
22
20
341
18,515
5244
436
2925
1,135
1,511
2,290
1,501
1,622
1,132
719
4,709
205
9
2509
485
127
505
10
5,957
596
391
91
543
686
1,313
694
1,248
326
70
2,954
2240
-1
(D)
63
108
110
48
171
64
International
3,184
2,651
Addendum—OPEC '
8825
5037
1 681
European Communities (12)
Belgium
France . .
Germany, Federal Republic of
Greece
Ireland
Italy
,
Netherlands
Portugal
Spain .
United Kingdom
Other Europe
Austria
Finland
Norway
Sweden
Switzerland
Turkey
Other.
*
New Zealand
South Africa
Developing countries
..
.
Latin America and Other Western Hemisphere
South America
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Venezuela
Other
.
.
. .
.. .
Central America
,
Panama
Other
.
.
Other Western Hemisphere..;
Bermuda
Jamaica
Netherlands Antilles
Trinidad and Tobago
United Kingdom Islands Caribbean
Other
Other Africa
Saharan
Egypt
Libya
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
Singapore
South Korea
Taiwan
Thailand
Other
..
(D)
957
2,296
45
-18
496
3
2306
(D)
115
8,628
(D)
(D)
(D)
602
(D)
o
(D)
21
(D)
(D)
184
-29
(D)
-41
170
o
1,102
(D)
308
1,351
288
791
5
-7
56
0
432
8
116
774
(D)
(D)
3,007
(D)
1,055
97
3,798
(D)
28
20,599
(D)
295
1,748
102
17
2
5
7
40
(D)
(D)
1,056
16
1
13
(*)
(D)
7,767
29
0
157
61
7,264
0
256
3,381
214
1,981
248
363
6,331
5771
379
181
1,514
1273
178
63
1,058
355
313
26
15
2,216
(D)
o
1,388
1 115
199
75
(D)
1,251
27
(D)
(D)
11
(D)
39
(0)
(D)
16,377
14,495
1,167
714
16,808
1,743
3,972
90,552
15,179
29,235
7,010
9,803
23,118
1,838
4,368
13,847
1,331
2,770
61,364
5,057
21,285
3,272
7,416
19,856
1,485
2992
1 201
373
544
248
7
1
-6
6
30
1 780
176
1 324
181
2 173
66
115
117
23557
2624
14687
1 018
1900
395
912
1,537
484
2 185
489
506
51
306
125
320
274
113
14427
1 316
11 023
170
626
168
67
964
94
534
127
69
37
42
63
127
1 486
380
810
261
g
(*)
(D)
6
1 905
177
1 361
282
973
67
782
39
1
1
31
(°)
836
64
607
34
2
(*)
(D)
114
(D)
2046
' 67
136
177
(D)
(D)
(D)
74
(D)
(D)
1,242
351
858
33
344
(D)
295
3,835
-31
3841
26
289
161
97
31
439
15,880
7079
7906
895
1,691
68
1 425
198
6,600
5837
318
445
1,699
395
1 288
16
349
(D)
294
903
335
400
22
-28
24
64
86
5,527
2,700
(D)
7
(D)
8,231
733
18,384
(°)
-11,893
4
774
<°)
205
-28
104
33
(*)
21928
4,463
17,849
167
-6,286
530
4404
801
1 181
502
-169
(D)
57
(D)
(D
258
50
0
55
28
11
5581
2530
-W
(D\
(°)
1039
417
451
36
(*)
24
1
HI
361
_2
-2
93
75
72
3
(*)
17
4310
2235
1,802
311
122
2076
149
461
1,466
3095
1 829
1,447
295
87
1 265
56
388
821
452
82
57
25
370
1 737
775
304
432
23
16
451
(D)
41
67
180
(D)
78
44
8
6
33
(D)
(D)
(D)
44
29
(D)
(D)
(D)
(D)
2622
18
154
66
65
0
(*)
89
2
39
48
-232
4
(D)
(D)
(D)
(D)
o
0
363
46
o
(D)
52
(D)
(D)
7
(D)
(D)
(D)
(D)
81
(D)
(D)
-49
(D)
158
29
(D)
-23
8
40
(D)
119
79
(D)
(D)
-5
41
49
4
-12
317
(D)
786
132
580
114
37
182
-22
-82
257
( )
15
3886
770
1,812
674
631
205
84
826
112
(*)
CO
26
125
43
30
26
(D)
200
20,991
5853
549
3696
1098
1 682
2213
1 889
1 949
1 279
782
5,290
178
7
3231
'343
132
518
9
533
3,574
2,780
660
8977
5264
-6
(D\
(D)
(?)
1,815
1 360
2
46
29
146
64
141
(D)
2,049
646
35
-6
-12
270
218
566
176
99
56
-5
11
17
372
107
762
206
(D)
(D)
(*)
-4
o
49
38
12
-2
(D)
(D)
D
(D)
288
544
(D)
(D)
645
(D)
o
o
53
317
(D)
(°)
(D)
(°)
(DJ
(°)
(D)
D
(D)
24
-18
(D)
(D)
4562
130
4410
23
278
138
103
38
699
(D)
68
(D)
234
(D)
134
35
-1
(D)
55
15
247
(D)
(D)
2859
-19
13389
929
17368
9
-6,600
4
1 410
269
73
54
(D)
136
89
89
375
_3
-3
112
93
86
68
90
(Di
19
(D)
1
47
3
-12
56
378
68
o
19
(D)
g
310
(D)
(D)
818
116
644
33
36
102
17
88
279
(D)
230
1030
259
2
"M4
(D)
129
39
31
(D)
41
(D)
(D)
7
(D)
o
o
o
68
(D\
(DJ
(D)
-208
4
(DJ
(D)
46
133
4
(D)
6723
798
458
106
624
781
1 226
859
1 402
358
110
3213
2 169
1
36
64
120
225
125
249
113
110
2458
693
80
34
-9
312
122
797
247
120
63
2069
1 692
1
51
42
156
31
57
31
(D)
(°)
208
65
1
-6
(D)
52
52
10
1 747
315
119
807
84
(D\
(°)
10
(D)
D
(D
tf
40
(D)
8
(D)
—23
59
(0)
(D)
15
(D\
D
246
794
641
* Less than $500,000 (±).
D
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.
62
By account.—-The $39.9 billion increase in the position consisted of capital outflows of $31.7 billion and valuation adjustments of $8.2 billion. Capital outflows consisted of reinvested
earnings of $22.4 billion and intercompany debt outflows of $14.2 billion,
partly offset by equity capital inflows
of $4.9 billion. (For estimates of capital outflows by account, see table 5 in
"U.S. International Transactions, First
Quarter 1990" in this issue.)
The equity capital inflows reflected
a continuation of the pattern of 1988,
when equity increases to acquire new
affiliates or to increase parents' equity
in existing affiliates, although sizable,
were smaller than equity decreases,
most of which were from partial or total sales of affiliates. Much of the
decreases in equity in both years reflected restructuring of U.S. parents'
worldwide operations.
Petroleum affiliates more than accounted for the equity capital inflows.
Inflows from manufacturing affiliates
were slightly more than offset by outflows to all other affiliates, particularly
those in finance and banking.
In petroleum, the inflows resulted
from the sale of a Canadian affiliate and several North Sea affiliates.
The sale of the Canadian affiliate followed the emergence of its parent from
bankruptcy. The sale was to the Canadian affiliate of a different U.S. parent.
This transaction resulted in net inflows
because, whereas all of the proceeds
of the sale were inflows to the original U.S. parent, only a portion of
the purchase price was financed with
funds supplied by the new U.S. parent.
The proceeds from the sale of North
Sea affiliates—in the United Kingdom
and Norway—were used to reduce the
debt incurred in connection with the
U.S. parent's merger with another U.S.
company.
In manufacturing, the inflows were
spread among affiliates in foods, primary and fabricated metals, machinery, and electrical machinery. In foods,
a U.S. company that had recently
changed ownership through a leveraged buyout sold five European subsidiaries to a French company. (Later
in the year, two of the affiliates were
repurchased by another U.S. food company.) In metals, a foreign-owned
U.S. parent sold its Canadian metalsprocessing affiliate.
In machinery,
the inflows (and related outflows in finance) reflected the swap of a minority
interest in an Italian computer man-
SURVEY OF CURRENT BUSINESS
ufacturer for an interest in an Italian
holding company. In electrical machinery, the inflows partly reflected a U.S.
parent's sale of part of its interest in a
Japanese joint venture.
The outflows in finance were concentrated in the United Kingdom and
Italy. In the United Kingdom, the outflows reflected the purchase of a London property company and a capital
contribution to a holding company to finance several joint ventures in electrical appliance manufacturing. In Italy,
the outflows resulted from the previously mentioned swap of an interest in
an Italian computer manufacturer for
an interest in an Italian holding company. In banking, the outflows were
mainly capital contributions to affiliates in Europe and "other Asia and
Pacific."
Nearly all of the $14.2 billion of
intercompany debt outflows were accounted for by finance affiliates. About
one-half of the outflows reflected loans
to British affiliates that were partly
to finance investment banking and securities trading activities throughout
Europe, where the pace of mergers
and acquisitions had picked up. The
remainder reflected U.S. parents' repayments of loans to their Netherlands
Antillean finance affiliates. In transportation equipment, a loan by a U.S.
parent to its British affiliate to finance the purchase of another British
company was nearly offset by loans
from two German affiliates to their
respective U.S. parents.
Reinvested earnings, at $22.4 billion, reflected U.S. affiliates' record
profits due to strong economic growth
abroad. By industry, manufacturing
affiliates accounted for two-thirds of
the reinvested earnings. Affiliates in
wholesale trade and finance accounted
for most of the remainder. About
one-half of the reinvested earnings in
manufacturing were in Europe. Reinvested earnings of petroleum affiliates
were very small, because most of their
earnings were distributed.
Valuation adjustments were $8.2
billion.4 Translation adjustments were
a negative $1.5 billion; these are capital gains or losses that arise because of
changes from the end of one accounting
period to the next in the exchange rates
applied in translating affiliates' assets
and liabilities from foreign currencies
4. Valuation adjustments are made to reflect differences between changes in the position, measured at
book value, that occur during the year, and transactions
values used to record capital flows.
June 1990
into dollars. Large negative adjustments to the position in the United
Kingdom and Japan, which reflected
U.S. dollar appreciation against the
pound and the yen, were partly offset
by positive adjustments to the position
in the other EC(12) countries. The
U.S. dollar depreciated against most of
those countries' currencies, especially
the German mark.
Other valuation adjustments were
$9.7 billion. About one-half of the
adjustments were in petroleum and
mostly reflected the aforementioned
sales of Canadian and North Sea affiliates for more than book value.5 Most
of the remaining adjustments were
in manufacturing. Within manufacturing, the adjustments were widespread, but they were particularly
large in foods because of the previously
mentioned sale of the five European
subsidiaries for more than book value.
By country.—The position in developed countries rose 11 percent ($26.6
billion) to $279.3 billion. Among these
countries, the largest increase by far—
$11.5 billion—was in the United Kingdom. Most of this increase resulted
from loans by U.S. parents to affiliates
in finance, transportation equipment,
and petroleum; the increase may have
partly reflected less favorable borrowing conditions in the United Kingdom
than in the United States. Dampening
the increase was a negative $1.6 billion
translation adjustment that reflected
the appreciation of the dollar vis-avis the pound. Moderate increases in
most other European countries were
mostly attributable to reinvested earnings, particularly those of manufacturing affiliates. They reflected favorable prospects for continued economic
growth. The position in Canada increased $4.2 billion. As in Europe,
the increase was mostly attributable
to reinvested earnings. Positive translation adjustments also contributed to
the increase.
The position in Japan increased $1.4
billion, reflecting several factors: sizable reinvested earnings of affiliates
in most manufacturing industries, a
large loan to a securities firm, and
the acquisition of a minority interest
in an automotive lighting manufacturer. Partly offsetting this increase
were partial sales of minority interests
5. When a foreign affiliate is sold for more than its
book value, a positive valuation adjustment is made to
reflect the difference between the (higher) capital inflow
to the U.S. parent as a result of the sale, and the (lower)
book value removed from the direct investment position.
June 1990
in automobile and electrical machinery
manufacturers, the sale of a wholesaler
of household and personal products,
and the negative translation adjustments that reflected the appreciation
of the dollar against the yen.
In developing countries, the position increased 17 percent ($13.0 billion) to $90.6 billion. Most of the
increase—$10.3 billion—was in Latin
America, particularly in the Netherlands Antilles, Brazil, and Mexico. In
the Netherlands Antilles, the $5.3 billion increase reflected repayments by
U.S. parents of loans from their finance affiliates. Smaller increases in
Brazil and Mexico partly resulted from
the reinvestment of earnings of manufacturing affiliates. The increase in
Brazil may have also reflected restrictions (which were recently lifted) by
that country on repatriations of earnings. The increase in Mexico may have
partly reflected the Government's liberalization of its policies towards foreign investment. The remainder of
the increase in the position in developing countries was mostly in "other
Asia and Pacific," where the high level
of reinvested earnings reflected continued strong growth in most industries.
Except for small declines in Singapore
and Malaysia, the increase in position
was widespread among countries.
Foreign direct investment in the United
States
The foreign direct investment position in the United States increased
22 percent ($72.0 billion) in 1989, to
$400.8 billion, after a 21-percent increase in 1988 (table 4).6 The United
Kingdom had the largest position, at
$119.1 billion, followed by Japan, at
$69.7 billion, and the Netherlands, at
$60.5 billion. As in recent years,
the large number and size of acquisitions of U.S. companies financed from
abroad contributed substantially to the
strong growth. The growth occurred
despite a sizable overall drop in earnings of affiliates and large dividend
payments to foreign parents, which led
to negative reinvested earnings.
Since the mid-1980's, foreign multinational companies have pursued a
strategy of rapid global expansion and
diversification, largely through acqui6. 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.
SURVEY OF CURRENT BUSINESS
sitions. Acquisitions of U.S. companies
have often been attractive as a means
for foreign companies to gain access to
the large U.S. consumer market and
to benefit from the extended U.S. economic expansion. Some foreign manufacturers may also have been prompted
to invest here because of concern that
the large U.S. trade deficit might lead
to restrictions on their ability to supply
U.S. markets from abroad. Additionally, relatively high saving rates in
several major industrialized countries
and renewed strength in some foreign
stock markets held down the cost of
capital needed for investment in the
United States.7
Capital inflows increased $13.8 billion, to a record $72.2 billion, in 1989.
Equity capital inflows increased substantially, and intercompany debt inflows more than doubled. Reinvested
earnings, in contrast, shifted from positive to negative, as dividend payments
to foreign parents exceeded affiliates'
earnings for the year.
Equity capital inflows increased $6.3
billion, to. $46.7 billion. As in previous years, these inflows financed many
of the acquisitions of U.S. companies.
The largest increases were in manufacturing (specifically, in chemicals and
metals), finance, and real estate.
Intercompany debt inflows increased
$14.1 billion, to $25.6 billion. Although a large portion of these inflows
7. For a discussion of these and other factors affecting foreign direct investment, see "U.S. Business
Enterprises Acquired or Established by Foreign Direct
Investors in 1989," SURVEY OP CURRENT BUSINESS 70 (May
1990): 23-32. The data from BEA's survey of new
foreign direct investments in the United States, summarized in that article, indicate that total outlays to
establish or acquire new U.S. affiliates were $64.6 billion in 1989, down from $72.7 billion in 1988. The
1989 data, however, are preliminary and will be revised up next year. 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 and include disinvestments
as well as increases in investments; however, only
transactions with the foreign parent (or other members
of the foreign parent group) are included. Notwithstanding these differences, the two types of data are
related. Any outlays to acquire or establish new U.S.
affiliates that are funded by foreign parents (or other
members of the foreign parent group) are part of capital inflows, a component of the change in the position.
They represent the portion of capital inflows that finance new foreign direct investments in the United
States. New data on the sources of funding of outlays
to acquire or establish new U.S. affiliates, presented
for the first time in the May 1990 article, indicate that
foreign parent groups provided $44.1 billion of total outlays for new investments in 1989. Thus, $44.1 billion of
the $64.6 billion of new investment outlays, and of the
$72.0 billion change in the direct investment position,
represent capital inflows to finance the acquisition and
establishment of new U.S. affiliates.
63
helped finance affiliates' acquisitions of
other U.S. companies, the repayment
of loans to existing finance affiliates by
their foreign parents also contributed
substantially to the increase.
Reinvested earnings shifted $6.6 billion, to a negative $0.1 billion. The
shift partly reflected a sharp drop
in earnings, as declines in operating
earnings (earnings excluding capital
gains and losses) in many industries
more than offset an increase in capital gains. It also reflected a large
increase in distributed earnings. Operating earnings declined $7.0 billion,
to $4.2 billion. Capital gains were
$2.6 billion, an increase of $1.7 billion
from 1988. The gains were mostly accounted for by affiliates of Canadian,
British, and Swiss insurance companies and reflected increases in the
value of these affiliates' investment
portfolios. Distributed earnings increased $1.4 billion, to $6.6 billion, in
part because an affiliate of a British
petroleum company made a large dividend payment in the first quarter in
connection with the reorganization of
its North American operations.
By account.—Capital inflows almost
entirely accounted for the $72.0 billion increase in the position in 1989.
Valuation adjustments were a negative
$0.3 billion. Capital inflows consisted
of equity capital inflows of $46.7 billion and intercompany debt inflows of
$25.6 billion, partly offset by negative
reinvested earnings (outflows) of $0.1
billion.
Although a significant portion of
the equity capital inflows funded expansions of existing operations, the
largest individual inflows financed acquisitions of U.S. companies. In 1989,
as in other recent years, several acquisitions of over a billion dollars were
financed by equity capital inflows. The
largest transaction was the merger,
through a stock swap, of a British and
a U.S. pharmaceutical concern. Other
large transactions financed entirely by
equity capital included the acquisition
of a diversified U.S. firm by a Swiss
conglomerate, the acquisition of two
communications businesses by a large
British communications concern, and
the acquisition of a controlling interest in a business-financing firm by a
Japanese bank.
In many other large 1989 acquisitions, the foreign parent provided financing in the form of intercompany
debt or a combination of equity and
debt. A major portion of intercompany
SURVEY OF CURRENT BUSINESS
64
debt inflows, which reached a record
$25.6 billion, helped finance acquisitions of U.S. companies. Affiliates in
manufacturing and finance accounted
for almost two-thirds of the inflows.
Intercompany debt inflows in manufacturing were particularly large in
food products and machinery. Substantial inflows helped finance the
largest single foreign direct investment
in 1989: The U.S. affiliate of a British
food, drink, and hotel conglomerate acquired a restaurant operator and food
products manufacturer. In machinery,
a Japanese and a Netherlands electronics company made large loans to
their U.S. affiliates.
In finance, inflows were largely attributable to repayments of loans that
affiliates had made to their foreign
parent groups in 1988. Most of the
repayments were of loans by U.S. affiliates of European and Australian
banks to these banks' affiliates in the
Caribbean. The U.S. finance affiliate
of an Italian bank and U.S. affiliates of
Japanese securities firms also received
large loan repayments.
June 1990
lands parent, whose stronger earnings
helped finance several acquisitions in
the United States.
Reinvested earnings declined substantially in several industries, including wholesale trade, manufacturing
(particularly in chemicals), banking,
petroleum, and real estate. In wholesale trade, a considerable portion of
the decline was the result of weaker
earnings by affiliates of Japanese auto
companies. In chemicals, some of the
decline may have been related to the
previously mentioned merger of the
British and U.S. pharmaceutical concerns and to the acquisition of an industrial chemicals concern by a U.S. affiliate of a French-Government-owned
petrochemical company. In banking,
affiliates made dividend payments to
their parents despite declines in earnings. In petroleum, negative reinvested earnings resulted from the large
dividend payment mentioned earlier.
In real estate, operating losses were
widespread.
Although reinvested earnings declined in most industries, those of
some individual affiliates rose significantly. One example was a U.S. food
manufacturing affiliate of a Nether-
By country.—In 1989, parents in
the United Kingdom and Japan realized the largest increases in position,
each accounting for over one-fifth of
the total increase. Among major areas, the EC(12) accounted for almost
three-fifths of the overall increase;
in addition to parents in the United
Kingdom, parents in the Netherlands,
France, and West Germany had large
increases.
The position of British parents increased $17.2 billion, to $119.1 billion.
The largest increases were in manufacturing (particularly in chemicals and
food products) and "other industries"
(particularly in services). Approximately one-half of the total increase
was attributable to two transactions
in manufacturing mentioned earlier:
The merger of the British and the
U.S. pharmaceutical concerns and the
Table 4.—Foreign Direct Investment Position in the United States at Yearend
[Millions of dollars]
1989
1988
All
industries
Petro- Manu- Trade
leum facturing
328,850 34,704
AH countries
Europe
European Communities (12)
Belgium
France
Germany, Federal Republic of
Italy
Luxembourg
Netherlands
.
91,932 36,709
9,099
2,417
193,912 31,169
(D)
4,024
11,364
(D)
172
23,845
79,525 32,898
8,804
1,745 13,535 10,016 16,220
(DD)
367
395
92
989
9,908
13,268
107
346
695
520
6,851
515
(D)
17,153 5,15i
37,021 18,647
935
(D)
60,483 10,660
119,137 16,811
73
3,519
(D)
(D)
(D)
671
2,277
2,160
D
72
27,217
4,925
19,329
2,963
106,411 36,548 10,420
872
35
1,205
870
13,916
763
15,232 7,393
699
264
94
209
202
745
79
370
295
2,402
(°) 14,294
(D)
220
253
137
17,255 21,005
4,441
69,699
68
(°)
6332
425
3396
P)
1,942 -3,108
1,150
5,217
2,766
20348
1,473
4,230
4,442
2,026
47
(D)
46
1
338
216
122
(D)
5,915
2,961
2955
968
541
252
(D)
(D)
1,888D
(D)
4878
(D)
3,190
1,354
(D)
12040
1,680
10,591
-1,104
3815
3608
873
452
107
264
(°)
(D)
Middle East
Israel
Other
5,831
(D)
281
5,312
(°)
Other Africa, Asia, and Pacific
3,243
(D)
Addendum—OPEC l
6,221
745
328
3,118
355
13
(D)
7,084
200
(D)
(D)
(D)
97 -3 154
(D)
(*)
83
153
14 -3,658
(D)
(*)
-113
(D)
1
2
0
242
92
77
(D)
506
113
321
(°)
14432
1,936
10570
1 128
(D)
6,425
422
(°)
0
(D)
6003
(D)
99
47
798
216
(D)
657
433
224
(°)
0
923
1
922
1,109
709
390
-26
8
655
(D)
4,263
571
(D)
363
26
0
879
(D)
7462
(D)
(D)
910
(D)
(D)
o
29
939
-7
(D)
(D)
(D)
1,202
(D)
(»)
(D)
3,923
1,587
2,083
(D)
1,845
1,737
2,671
15,221
3,557
10,107
1,557
416
326
-53
512
(D)
373
10,017
209
116
1,173
1,412
896
(D)
501
-95
2,089
(DD)
()
4,507
(D)
406
28
73
3,148
3,748
1,405
-838
6
440
(D)
198
(*)
134
24,101 5,550
50,704 21,013
2,863
622
439
105
79
26
-468
-351
506
8
3,895
446
5310
494
89
12,222 18,736
11
3,921
14,787 10,586 20,896
(D)
(D)
3,483
4,903
4,685
6,863
(D)
876
234,794 30,244
4,535
(DD)
16,375
250
28,223
1,586
(°)
(D)
717
Other
industries
17,459 11,330 23,297
3,190
870
3,340
5,323 10,737
Real
estate
6316
(D)
4,978
2,747
2,232
(D)
46
(D)
1,493
1,935
3,934
* Less than $500,000 (±).
D
Suppressed to avoid disclosure of data of individual companies.
1. See footnote 1, table 3.
1,034
3,189
(D)
4,221
o
(°)
10
11386
1,411
898
519
1,079
(D)
0
Insurance
262,011 30,866 121,633 40,471 10,639
246
17,019
,
1,776
(DD)
()
Finance,
except
banking
160,216 71,350 19,581 11,403 22,713 35,853 44,611
517
13
388
116
419
Netherlands Antilles
U.K. Islands, Caribbean
Other
12
95
1,679
295
(°)
0
181
2,279
Other Western Hemisphere
(*)
139
31,538
3,811
1,482
2,083
287
.
15,812 10,532 18,380
400,817 35,089
12,407
3,618
8,072
-79
•South and Central America
Panama
Other . .
(D)
15
3,624
Banking
935
5,624
Latin America and Other Western Hemisphere
2,729
3,669
56
-764
-626
4,169
Petro- Manu- Trade
leum facturing
(D)
53354
Australia, New Zealand, and South Africa
34
687
293
446
12
2,993
All
industries
733
-120
Japan
2,124 20,252 31,929 36,024
216,418 31,536
9^91
22,505
5,263
15,896
1,347
Other Europe. .
Sweden
Switzerland
Other
Other
industries
600
1,614
48,991
(D)
101,909 18,779
(D)
2587
Other EC
Real
estate
1,458
667
525
,
121,434 64,929 17,453
Insurance
3,513
27^61
Canada
Banking
Finance,
except
banking
545
-4
3689
154
99
4 139
278
(D)
2,786
2 129
800
-176
416
(DD)
()
218
(D)
(°)
(D)
1,701
(D)
526
(D)
(D)
822
(°)
0
5,266
7,222
(D)
(D)
(D)
(D)
2,345
2,279
(D)
5,830
-90 -1,497
(D)
()
138
-532
183
121
62
-715D
()
223
21 -1 299
(D)
(D)
(D)
3,410 3,842
5,234 13,584
(D)
(D)
158
(°)
379
(D)
1,387
4,223
3,099
(D)
308
(D)
204
105
(D)
(°)
(D\
3915
-133
(D)
3
218
3239
S5
(D)
(D\
98
(°)
(D)
53
(D)
481
-24
670
460
210
194
(DD)
()
o
o
o
936
1
935
402
216
11
770
(°)
372
26
o
883
(°)
(D\
7
(D\
June 1990
acquisition of the restaurant operator and food products manufacturer.
In services, the aforementioned equity
capital inflows from a communications
concern for the purchase, by an existing services affiliate, of two U.S.
communications businesses were sizable. Two other large equity capital
inflows, one to a wholesale trade affiliate and the other to a manufacturing
affiliate, financed sizable acquisitions.
The position of Japanese parents increased $16.3 billion, to $69.7 billion.
The largest increases were in manufacturing (particularly machinery and
chemicals), real estate, and finance.
The increase in machinery was partly
the result of the previously mentioned
loan to the U.S. affiliate of a Japanese
electronics company. Other machinery
affiliates received capital contributions
from their Japanese parents to expand their operations. In chemicals,
the increase was largely the result of
equity inflows that financed two investments in Pharmaceuticals. In real
SURVEY OF CURRENT BUSINESS
estate, the position of Japanese parents grew to $14.3 billion, as U.S.
affiliates continued to make numerous
acquisitions using funds supplied by
their parents. In finance, the increase
was primarily the result of two previously mentioned inflows: The equity
capital for the acquisition of a diversified business-financing firm and the
loan repayments to the U.S. affiliates
of Japanese securities firms.
Capital inflows from the Netherlands, France, and Germany combined
accounted for over one-fourth of the increase in the position. The position
of Netherlands parents increased $11.5
billion, to $60.5 billion; the largest
increase was in manufacturing, particularly in machinery and chemicals. In
machinery, as previously mentioned,
a major Netherlands electronics company loaned a sizable amount of capital
to its U.S. affiliate. In chemicals, a
foreign parent group made loans to its
U.S. affiliate, which acquired two large
U.S. cosmetics firms.
65
The position of French parents increased $5.0 billion, to $16.4 billion.
The increases were centered in manufacturing, particularly in metals and
chemicals. In metals, a French manufacturer of aluminum products contributed additional capital to a U.S.
affiliate acquired in 1988. In chemicals, several Government-owned chemical firms helped finance the operations of their U.S. affiliates, including
acquisitions of other U.S. companies.
The position of German parents increased $4.4 billion, to $28.2 billion;
the largest increase was in manufacturing, particularly in chemicals. The
affiliate of a German chemical and
consumer goods producer acquired a
division of a U.S. chemical corporation. The affiliate of another German
chemical company used a combination
of reinvested earnings, equity inflows,
and intercompany debt inflows to continue its expansion of operations in the
United States, which included several
acquisitions.
By ROBERT E. NICHOLSON, JR.
U.S. International Transactions, First Quarter 1989
increase in exports, and to lower net
unilateral transfers.1
In the private capital accounts, both
U.S. assets abroad and foreign assets
in the United States decreased in the
first quarter, in contrast to substantial
increases in the fourth quarter. The
shift in U.S. assets abroad was primarIE U.S. current-account deficit de- ily due to U.S. claims on foreigners recreased to $22.9 billion in the first ported by U.S. banks, which decreased
quarter of 1990 from $26.7 billion (re- $45.7 billion, in contrast to an increase
vised) in the fourth quarter of 1989.
The decrease in the deficit was due to
1. Quarterly estimates of U.S. current- and capitala smaller deficit on merchandise trade, account
components are seasonally adjusted when
which resulted from an unusually large significant seasonal patterns are present.
of $32.7 billion. The shift in foreign
assets in the United States was the
result of several factors. U.S. liabilities reported by U.S. banks, excluding U.S. Treasury securities, decreased
$28.1 billion, in contrast to an increase
of $36.7 billion. Inflows for foreign
direct investment decreased substantially, to $7.6 billion from $21.5 billion.
Transactions in U.S. Treasury securities shifted to small net sales, and
net purchases of other U.S. securities
decreased.
U.S. official reserve assets increased
$3.2 billion, the same as in the fourth
Services have been redefined to exclude investment income. Currency translation adjustments
have been removed from U.S. direct investment
income and U.S. direct investment capital. See
"Technical Notes" for explanations of these and
several other changes.
Tin
Table A.—Summary of U.S. International Transactions
[Millions of dollars, seasonally adjusted]
U
n_
1988
Lines in table 1 and 10 in which transactions are included are indicated
in()
1 Exports of goods, services, and income (1)
2
3
4
Merchandise, excluding military (2)
Services (3).
Income' receipts on investments (11)
5 Imports of goods services and income (15)
6
Merchandise excluding military (16)
7
Services (17)
g
Income payments on investments (25)
.
...
.
.
....
9 Unilateral transfers (29)
10 U.S. assets abroad, net (increase/capital outflow (—)) (33)
U S official reserve assets net (34)
11
12
13
.
U.S. Government assets, other than official reserve assets, net (39)
U.S. private assets net (43)
14 Foreign assets in the United States.net (increase/ capital inflow (+)) (48)
Foreign official assets, net (49)
15
16
Other foreign assets, net (56)
17 Allocations of special drawing rights (62)
18 Statistical discrepancy (63)
p
H
I
19 89
I
IV
III
IV
HI
II
1990
Change:
I"
19901
533 438
320 337
103 053
110048
603,169
360,465
115169
127 536
128 329
76497
24852
26980
131 565
79,392
25434
26739
134782
80511
26329
27942
138762
83937
26439
28 386
146 826
88267
27687
30872
151 131
91 111
28088
31 932
150 653
89349
29202
32 102
154558
91 738
30*191
32629
158 750
96044
31 649
31 057
4 192
4 306
1 458
1 572
-647 295
-447 323
-91 534
-108 438
-698 483
-475 329
-94 706
-128 448
-157 535
-109 988
-22 967
-24 580
-159 380
-110494
-22 556
-26 330
-162079
-111 290
-22 706
-28 083
-168 299
-115551
-23 303
-29445
-170 375
-116360
-23 608
-30 407
-176 774
-119333
-23*552
-33 889
174714
119 152
-23 477
-32*085
-176619
—120484
—24 067
-32 068
178 202
-12^415
25 338
30449
1 583
1 931
1 271
1 619
-15,005
-14,720
-3476
-3,060
-3461
-5008
-3555
-3006
-3530
-4631
-3489
1 142
-84,176
-3912
2,969
-83 232
-127,061
-25 293
1,185
-102 953
4,569
1 502
-1,594
4661
-19,856
-26 508
1 925
3,452
-31 885
-32 859
-4000
962
-29 821
-1 381
12095
-303
11 017
-44076
5996
574
-38 654
-48 745
3 202
-47
—45 496
29509
3 177
-486
33 172
78254
-847
-19 048
-42 383
-7380
1,957
-36 960
-439
78 668
221,442
39,515
181,927
214,652
8,823
205,829
26,079
24840
1,239
65,270
5,970
59,300
49,797
-2015
51 812
80,295
10720
69575
68,402
7797
60605
2,794
-4961
7755
74,136
13003
61 133
69,320
7016
76336
-27,489
8 825
18 665
-96,809
1 809
95 QQi
-8,404
22443
2 034
-14 539
23 344
-19 242
-8439
27236
2469
6 117
20922
14 805
39
25
Preliminary.
Table B.—Selected Transactions with Official Agencies
[Millions of dollars]
19 89
19 88
Line
I
1 Changes in foreign official assets in the United States, net (decrease -) (table 1, line
49).
Industrial countries *
.«
3
Members of OPEC 2
2
4
5 Changes in U S official reserve assets, net (increase —) (table 1, line 34)
II
III
IV
I
II
III
IV
1990
Change:
I"
19901
39,515
8,823
24,840
5,970
-2,015
10,720
7,797
-4,961
13,003
-7,016
-8,825
-1,809
30,306
-2,996
12,205
-88
10713
-1,802
21,075
-1,443
5,208
6,872
-1,843
5,391
460
7,540
4,532
4,587
1,646
7,100
-949
-7,021
941
-3,032
-452
1,469
1,600
931
-2,253
-1,379
-3,384
-8,302
2,976
-3,499
-6,049
4,355
-115
-3,912
-25,293
1,502
39
-7,380
1,925
-4,000
-12,095
-5,996
-3,202
-3,177
25
17
1,196
1,954
-758
129
550
-110
-50
50
-160
1,233
-1,283
48
80
-32
402
450
—48
^50
-421
1,243
1,343
-100
-160
742
Activity under U.S. official reciprocal currency arrangements with foreign monetary
authorities: 3
6
6a
6b
Foreign drawings or repayments (—), net
Drawings
.
Repayments
•
1,913
-1,896
' 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.
66
-450
1
161
80
79
1,325
-1,245
1,164
-1,085
67
SURVEY OF CURRENT BUSINESS
June 1990
early February, continuing optimism fied. The dollar appreciated 1 percent
about the West German economy and against the Canadian dollar; it dedevelopments in Eastern Europe con- preciated 2 percent against the South
tributed to a moderate depreciation Korean won and 1 percent against the
of the dollar.
However, following Taiwan dollar.
the proposal of a currency union with
East Germany on February 7, concerns Merchandise trade
about higher German inflation led to
The merchandise trade deficit dea moderate dollar appreciation, even
U.S. dollar in exchange markets
though German interest rates were creased to $26.4 billion in the first
quarter from $28.7 billion in the fourth
comparable U.S. rates.
On a quarterly average basis, the above
quarter. Consistent with the trend
The
dollar
depreciated
4
percent
trade-weighted value of the dollar de- against the British pound on a quar- of recent quarters, both exports and
clined 4 percent against the currencies terly average basis. The dollar depreci- imports increased to record levels.
of 10 industrial countries and less than ated gradually for most of the quarter,
Exports.—Exports increased $4.3 bil1 percent against the currencies of then appreciated sharply after mid- lion, or 5 percent, to $96.0 billion;
22 OECD countries and 4 newly in- March as concerns about slow growth volume also increased 5 percent. Agridustrialized countries in the Par East and rising inflation in Britain intensi- cultural exports increased somewhat
(table C, chart 1). However, there
were considerable differences in the
dollar's movements within the quarter
Indexes of Foreign Currency Price of the U.S. Dollar
and against individual currencies.
(December 1980 = 100)
The dollar remained relatively stable against the Japanese yen in the
first half of the quarter. It appreci- 120
TRADE-WEIGHTED AVERAGES
ated strongly in the second half as two
developments eroded confidence in the
yen: First, the Bank of Japan failed
to raise its official discount rate as
expected after the February 18 elec- 110
tions, and second, prices on the Tokyo
Stock Exchange declined sharply. Exchange market intervention by U.S.
and Japanese monetary authorities
and a large increase in the Japanese
discount rate on March 20 were not 100
immediately effective in stemming the
dollar's advance. On a quarterly average basis, the dollar appreciated 3
26 Currencies1
percent.
The dollar depreciated 7 percent
J_
i i i i i I i i i i i
_L
J_
against the German mark on a quar- 90
1987
1988
1989
1990
terly average basis. Following pro1. Currencies of 22 OECD countries—Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France, Federal Republic of Germany,
Greece, Iceland, Ireland, Italy, Japan, Netherlands, -New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, United Kingdom—plus
nounced depreciation toward the end
Hong Kong, Republic of Korea, Singapore, and Taiwan.
of the fourth quarter, the dollar flucData: U.S. Department of the Treasury. End-of-month rates.
2. Currencies of Belgium, Canada, France, Federal Republic of Germany, Italy, Japan, Netherlands, Sweden, Switzerland, and United Kingdom.
tuated only moderately against the
Data: Federal Reserve Board. Monthly average rates. Index rebased by BEA.
mark in the first quarter. Through U.S. Department
of Commerce, Bureau of Economic Analysis
gc
quarter, and foreign official assets in
the United States decreased $8.8 billion, compared with a decrease of $7.0
billion.
The statistical discrepancy (errors
and omissions in recorded transactions) was an inflow of $20.9 billion,
compared with an inflow of $6.1 billion.
Table C.—-Indexes of Foreign Currency Price of the U,S. Dollar
[December 1980=100]
1989
19 89
1990
1990
I
II
III
IV
I
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
l
100.4
103.7
102.7
101.4
101.1
101.5
101.0
105.3
1049
101 7
1043
102 1
1024
1017
1000
1002
101 0
1020
Trade-weighted average against 10 currencies 2
105.6
110.4
110.5
107.0
102.4
106.7
107.0
110.9
1134
1090
1105
112 1
1088
107 8
1044
1023
101.5
1035
Selected currencies: 3
Canada
United Kingdom
European Monetary System currencies:
Belgium
999
994
997
134.4
982
978
137.0
989
138.0
144.0
1443
1472
1494
1479
1493
97 1
147 1
980
148.1
141.7
983
147.0
1002
151.2
994
144.4
1422
1000
1384
98 7
1445
122.5
138.3
94.2
145.2
97.8
88.8
61.2
127.7
143.6
98.2
150.1
102.0
95.1
65.7
127.1
142.8
97.8
148.6
101.5
93.1
67.8
120.3
135.4
92.1
143.4
95.8
90.2
68.1
111.5
125.9
86.0
134.3
89.2
84.6
70.4
123.4
139.1
95.0
146.8
98.7
90.4
62.1
123.7
138.8
95.1
146.6
128.7
144.5
1308
147.4
1006
1529
1044
1250
1408
1274
1429
1290
1446
961
992
1239
139 1
1120
1264
1106
1249
884
860
852
111 9
1264
1466
1507
1030
1466
1338
91 4
947
91 5
1390
91 9
88 1
1354
959
685
1486
101 7
121 4
1366
93 1
1446
1155
1304
980
893
852
690
885
835
Trade-weighted average against 26 currencies
Germany, Federal Republic of.
Italy ...±
......
Netherlands
Switzerland
Japan
996
998
989
977
1. Currencies of 22 OTCD countries-Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland,
France, Federal Republic of Germany, Greece, Iceland, Ireland, Italy, Japan, Netherlands, New Zealand,
Norway, Portugal, Spain, Sweden, Switzerland, Turkey, United Kingdom—plus Hong Kong, Republic of
Korea, Singapore, and Taiwan. Data: U.S. Department of the Treasury. End-of-month rates for months; averages of end-ofrmonth rates for quarters.
989
988
92.5
62.9
990
1507
1027
97.1
657
998
669
932
673
69 1
949
987
677
967
909
683
684
69 1
867
1338
899
850
730
2. Currencies of Belgium, Canada, France, Federal Republic of Germany, Italy, Japan, Netherlands, Sweden,
Switzerland, and United Kingdom. Data: Federal Reserve Board. Monthly and quarterly average rates. Index
rebased by BEA.
3. Data: Federal Reserve Board. Monthly and quarterly average rates. Indexes prepared by BEA.
SURVEY OF CURRENT BUSINESS
68
CHART 3
more rapidly than nonagricultural
exports.
Agricultural Exports and
Nonagricultural exports increased
Petroleum Imports
$3.6 billion, or 4 percent, to $85.1
billion; volume increased 5 percent.
Exports of capital goods accounted for
$3.1 billion of the increase, reflecting
the recovery of exports of civilian aircraft after a strike at a major U.S.
producer in the fourth quarter. Exports of industrial supplies and materials increased $1.3 billion, and exports of consumer goods increased $0.7
billion. Exports of automotive products decreased slightly, as decreases
in exports to Canada more than offset
increases to other areas.
Agricultural Exports
Agricultural exports increased $0.7
i
I I i I I I
billion, or 7 percent, to $11.0 bil1988
1989
1990
lion; volume increased 6 percent. The
Seasonally Adjusted
largest increases were in vegetables,
fruits, and nuts and in meat and poul- U.S. Department of Commerce, Bureau of Economic Analysis
90-6-3
try. Exports of wheat increased, but
those of corn decreased sharply as a reImports.—Imports increased $1.9
sult of lower shipments to the Soviet
Union. Agricultural export prices were billion, or 2 percent, to $122.4 billion;
unchanged except for those of corn and volume was unchanged. Petroleum
cotton, which increased 2 percent each. imports increased sharply, while nonSince the first quarter of 1988, nona- petroleum imports decreased slightly.
Nonpetroleum imports decreased
gricultural exports have grown steadily
at an average rate of 2.9 percent $0.4 billion, or less than 1 percent,
per quarter (chart 2). Virtually all to $106.8 billion; volume decreased 1
of the growth has been in volume, percent. Imports of consumer goods
because nonagricultural export prices decreased $0.8 billion, and imports of
have risen only slightly (chart 4). Agri- nonpetroleum industrial supplies and
cultural exports have grown at an av- materials decreased $0.8 billion. Auerage rate of 2.6 percent; however, tomotive imports increased slightly, as
quarter-to-quarter variation has been an increase in imports from areas other
greater as a result of fluctuations in than Canada more than offset a decrease in imports from Canada. Imboth volume and price (charts 3, 4).
ports of foods, feeds, and beverages
also increased.
June 1990
Petroleum imports increased $2.3
billion, or 17 percent, to $15.6 billion.
Volume increased 6 percent, as refiners and distributors replenished inventories that were drawn down in the
fourth quarter. Consumption, which
had increased sharply in the fourth
quarter as a result of unusually cold
weather, decreased in the first quarter. Domestic production decreased
slightly. The average price per barrel
increased 10 percent, from $17.65 to
$19.47, its highest level since the first
quarter of 1986.
Since the first quarter of 1988, nonpetroleum imports have grown at an
average rate of less than 1 percent
per quarter; most of the limited increase has been in volume, because
prices have changed little (charts 2, 5).
Petroleum imports have grown at an
average rate of 5.8 percent, but with
considerable quarter-to-quarter variation as a result of fluctuations in both
volume and price (charts 3, 5).
Balances by area.—Trade deficits
with most major countries and areas
decreased in the first quarter. As
a result of increased exports and decreased imports, the deficit with Japan
decreased $1.9 billion, to $10.4 billion,
and the deficit with the newly industrialized countries in the Far East decreased $1.8 billion, to $4.6 billion.
Increased exports led to a reduction in
the deficit with Canada of $1.1 billion,
to $1.6 billion, and to a shift in the
balance with Western Europe of $1.4
billion, to a surplus of $0.4 billion. The
deficit with Mexico increased $0.8 billion, to $1.2 billion, and that with the
CHART 2
Nonagricultural Exports and
Nonpetroleum Imports
BiHj0n $
wmmmmmmm
Export Prices
Indexes: 1982=100
110
110
CHART 4
CHART 5
Import Prices
Indexes: 1982=100
140
Nonagricultural
120
100
105
Nonpetroleum Imports
Nonpetroleum
100
Nonagricultural Exports
90
100
80
80
Petroleum
95
60
70
60
I
I I
1988
i
I
I
I
1989
Seasonally Adjusted
U.S. Department of Commerce, Bureau of Economic Analysis
I I
1990
90
I
I I
1988
1989
J r
1990
Fixed-Weighted Price Indexes
Seasonally Adjusted
U.S. Department of Commerce, Bureau of Economic Analysis
40
j
i
1988
t
1989
i
1990
Fixed-Weighted Price Indexes
Seasonally Adjusted
U.S. Department of Commerce, Bureau of Economic Analysis
i
Table D.—Selected Direct Investment Transactions with Netherlands Antilles Finance Affiliates
[Millions of dollars]
1988
I
Capital
Equity capital
Reinvested earnings
Intercompany debt
,
.
Income
Of which interest
II
-3012
1,422
-635
-3,799
-2967
2,491
-86
-5,372
-5248
595
-250
-5,593
-1 396
2
-186
-1,212
-2088
-3,334
-1956
-2,817
-1 511
-2,333
-487
-736
1989
III
IV
1990
III
II
I
IV
IP
-1 592
120
45
-1,757
-158
8
-91
-76
179
-66
2,361
146
-2,328
41
-83
-25
-2218
50
-13
-2,255
-1 485
235
-116
-1,603
-1 479
269
-38
-1,709
-130
71
-131
-70
-360
-688
-510
-685
-600
-709
-437
-613
-444
-578
-404
-578
-226
-564
-236
-494
' 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
Current dollars
1989
1988
1989
1989
1990
1988
I
II
III
IV
I"
1989
I
II
1990
III
IV
I."
Exports
Agricultural products
Nonagricultural products
320,337 360,465 88,267 91,111 89,349 91,738 96,044 343,809 378,848 91,935 95,011 94,475 97,427 102,047
38,237 41,466 10,647 10,677 9,917 10,225 10,950 37,713 39,659 9,923 10,016 9,536 10,184 10,831
282,100 318,999 77,620 80,434 79,432 81,513 85,094 306,096 339,189 82,012 84,995 84,939 87,243 91,216
Imports .
Petroleum and products
Nonpetroleum products
447,323 475,329 116,360 119,333 119,152 120,484 122,415 466,194 492,347 118,893 121,925 125,274 126,255 126,508
39,632 50,893 10,879 13,519 13,173 13,322 15,608 86,921 93,800 22,202 23,229 24,622 23,747 25,215
407,691 424,436 105,481 105,814 105,979 107,162 106,807 379,273 398,547 96,691 98,696 100,652 102,508 101,293
f
69
SURVEY OF CURRENT BUSINESS
June 1990
Preliminary.
OPEC countries increased $0.8 billion,
to $6.7 billion.
Service transactions
Payments for other private services increased $1.1 billion, to $3.7 billion.
Much of the increase was in net payments for reinsurance, that is, premium payments less losses recovered;
losses recovered, which were unusually
large in the fourth quarter, declined to
more normal levels in the first quarter.
Transfers under U.S. military agency
sales contracts increased $0.4 billion,
to $2.3 billion. Technical services, missiles, and aircraft accounted for the
increase. U.S. direct defense expenditures abroad were virtually unchanged
at $3.7 billion.
Portfolio income.—Receipts of income on other private investment
abroad decreased $0.9 billion, to $16.5
billion. Lower receipts on bank claims,
reflecting a sharply lower level of
claims outstanding as well as lower average yields, accounted for most of the
decrease. Receipts of income on U.S.
Government investment increased $0.2
billion, to $1.7 billion.
Payments of income on other private
investment in the United States decreased $1.0 billion, to $19.1 billion.
Payments on bank liabilities to foreigners decreased $0.7 billion, mostly as a
result of lower average yields. Payments on corporate stocks and bonds
held by foreigners also decreased. Payments of income on U.S. Government
liabilities increased $0.1 billion, to $9.4
billion.
Unilateral transfers
Net unilateral transfers decreased
$1.1 billion, to $3.5 billion, in the first
quarter. A decline in U.S. Government
grants accounted for the decrease.
Fourth-quarter transactions had been
boosted by large U.S. Government
grants to Israel.
U.S. assets abroad
The balance on services was in surU.S. assets abroad decreased $29.5
plus by $6.3 billion in the first quarter,
billion
in the first quarter, in contrast
compared with a surplus of $6.1 bilto an increase of $48.7 billion in the
lion in the fourth quarter. Receipts
fourth. A large swing in bank claims
increased $1.5 billion to $31.6 billion,
accounted for much of the shift.
reflecting increases in most major comU.S. official reserve assets.—U.S. ofponents. Payments increased $1.3 bilficial reserve assets increased $3.2 billion, to $25.3 billion; the rise in other
lion, the same as in the fourth quarter.
private services accounted for most of
Most of the increase was in holdings
the increase.
of foreign currencies, due both to inTravel receipts increased $0.3 bil- Investment income
tervention purchases and earnings of
lion, to $9.7 billion. Receipts from
Net investment income was un- interest. Transactions also included an
overseas more than accounted for the
increase; receipts from Canada and changed at $0.6 billion in the first extension of $1.3 billion in short-term
Mexico decreased slightly. Travel pay- quarter. Receipts of income on U.S. as- credit to Mexico under currency swap
ments decreased $0.1 billion, to $9.0 sets abroad decreased $1.6 billion, to arrangements.
Claims reported by banks.—U.S.
billion. A decrease in payments to $31.1 billion. Payments of income on
Mexico more than offset an increase foreign assets in the United States also claims on foreigners reported by U.S.
in payments overseas. Passenger fare decreased $1.6 billion, to $30.4 billion. banks decreased $45.7 billion^ln conDirect investment income.—Receipts trast to an increase of $32.7 billion in
receipts increased $0.3 billion, to $3.0
billion, and passenger fare payments of income on U.S. direct investment the fourth quarter. Banks' own claims
abroad decreased to $12.9 billion from payable in dollars accounted for most
increased $0.2 billion, to $2.3 billion.
Other transportation receipts were $13.7 billion. A shift from capital gains of the shift. Claims on own foreign
unchanged at $5.3 billion. An increase of $0.6 billion to capital losses of $0.1 offices and unaffiliated foreign banks
in freight receipts from higher exports billion for nonpetroleum affiliates ac- decreased $30.6 billion, in contrast to
was offset by a decrease in port expen- counted for most of the decrease. Oper- an increase of $34.4 billion. Large rediture receipts. Other transportation ating income was virtually unchanged. ductions in claims on banks in most
payments increased $0.2 billion to $5.5 Payments of income on foreign direct foreign countries and areas reflected a
billion. A decrease in freight pay- investment in the United States de- widespread decline in demand for U.S.
ments from lower nonpetroleum im- creased to $1.9 billion from $2.7 billion. bank credit.
Claims on nonbank foreign borrowports was more than offset by higher A shift from capital gains of $1.0 billion
to capital losses of $0.3 billion more ers decreased $11.7 billion, in contrast
port expenditure payments.
Receipts from other private services than offset a $0.6 billion increase in to an increase of $1.4 billion. Most of
the decrease was in claims on borrowincreased $0.2 billion, to $7.9 billion. operating income.
70
ers in Latin America. In February, the
Government of Mexico and its foreign
creditor banks agreed on a program to
restructure Mexico's external debt. As
part of the program, U.S. banks exchanged $3.0 billion in claims for Mexican Government bonds collateralized
by U.S. Treasury bonds. Other bank
claims on Mexico decreased $3.5 billion. In unrelated transactions, claims
on Brazil decreased $2.0 billion, and
claims on Argentina decreased $1.3
billion.
Banks' own claims payable in foreign
currencies were virtually unchanged in
the first quarter, after decreasing $5.6
billion in the fourth. Banks' domestic
customers' claims decreased $3.3 billion, in contrast to an increase of $2.4
billion.
Foreign securities.—Net U.S. purchases of foreign securities were $4.9
billion, compared with $4.1 billion. Net
purchases of bonds more than offset
net sales of stocks.
Net purchases of foreign bonds were
$4.9 billion, compared with $0.3 billion. New issues of foreign bonds in the
United States increased $4.0 billion
to $5.8 billion. Smaller rises in U.S.
bond rates than in foreign rates encouraged the issuance of bonds in the
United States, particularly by Canada
and the World Bank. In addition, Mexico exchanged bonds valued at $2.5
billion for a portion of its outstanding
bank debt as part of the debt restructuring program mentioned previously.
Redemptions were unchanged at $1.3
billion. Net purchases of outstanding
bonds were $0.4 billion, in contrast to
net sales of $0.3 billion.
Transactions in foreign stocks shifted
to net sales of $0.1 billion from net
purchases of $3.8 billion, partly in response to substantial price declines in
most foreign stock markets. Net sales
of Japanese stocks, prompted by both a
record decline in Japanese stock prices
and a marked depreciation of the yen,
accounted for more than one-half of
the shift. Net purchases of German
and Canadian stocks partly offset the
net sales of Japanese stocks. Interest in German stocks was sustained by
that country's strong economy and the
appreciation of the mark.
Direct investment.—Net outflows for
U.S. direct investment abroad were
$7.6 billion, compared with $8.8 billion. A large shift to intercompany
debt inflows more than offset a shift
to equity capital outflows and an increase in reinvested earnings. Intercompany debt shifted from outflows of
$6.6 billion to inflows of $0.5 billion.
SURVEY OF CURRENT BUSINESS
The shift reflected the partial repayment of a few unusually large loans
made in the fourth quarter to affiliates in the United Kingdom and the
Caribbean. Equity capital shifted from
inflows of $2.0 billion to outflows of
$1.8 billion; a $1.0 billion purchase
of petroleum properties from a British
company and the absence of two large
sales that had dominated the fourth
quarter were largely responsible. Reinvested earnings increased $2.1 billion,
to $6.3 billion.
Foreign assets in the United States
Foreign assets in the United States
decreased $27.5 billion in the first
quarter, in contrast to an increase of
$69.3 billion in the fourth. A large
swing in bank liabilities, greatly reduced inflows for foreign direct investment in the United States, and much
lower net purchases of U.S. securities other than U.S. Treasury securities
accounted for the shift.
Foreign official assess.—Foreign official assets in the United States decreased $8.8 billion, compared with a
decrease of $7.0 billion (table B). Assets of industrial countries decreased
$8.3 billion, compared with a decrease
of $2.3 billion. The decrease in the first
quarter may have partly reflected intervention sales of dollars in February
and March. Assets of OPEC members
increased $3.0 billion, compared with a
decrease of $1.4 billion. Assets of other
CHART 6
Interest Rate Differentials
(Plus (+) Indicates Differentials in Favor
of U.S. Dollar Assets)
Percentage points
10
LONG TERM'
Japan
West Germany
10
SHORT TERM2
West Germany
1988
1989
1990
1. Interest rate on U.S. Government bonds (composite over 10 years)
less interest rate on Japanese Central Government bonds. Interest
rate on U.S. Government bonds (composite over 10 years) less
interest rate on West German 7-15 year public sector bonds
Data: OECD.
2. Interest rate on 90-day Eurodollar deposits less Japanese
Gensaki rate. Interest rate on 90-day Eurodollar deposits less
German interbank rate. Data: Federal Reserve Board.
U.S. Department of Commerce, Bureau of Economic Analysis
90.6.6
June 1990
countries decreased $3.5 billion, compared with a decrease of $3.4 billion;
the first-quarter decrease included a
partly offsetting purchase by Mexico of
$3.0 billion of U.S. Treasury bonds as
collateral for bonds exchanged for bank
debt.
Liabilities reported by banks.—U.S.
liabilities reported by U.S. banks, excluding U.S. Treasury securities, decreased $28.1 billion, in contrast to an
increase of $36.7 billion. Banks' own
liabilities payable in dollars decreased
$35.9 billion, primarily because the
sharp drop in foreign demand for U.S.
bank credit lowered requirements for
foreign funds. Most of the decrease occurred in January; liabilities increased
somewhat in March as banks resumed
drawing on foreign funds in order to
increase lending in the United States.
Repayment in the first quarter of unusually large borrowings by Japaneseowned banks in the fourth quarter also
contributed to the decrease. Banks'
own liabilities payable in foreign currencies were almost unchanged in the
first quarter, after decreasing $6.2 billion in the fourth. Banks' custody
liabilities increased $7.7 billion, after
having been unchanged in the fourth
quarter.
U.S. Treasury securities.—Net foreign sales of U.S. Treasury securities
were $0.9 billion, in contrast to net
purchases of $5.7 billion. Marketable
bonds and notes largely accounted for
the shift to net sales; net purchases
of short-term Treasury obligations increased slightly. Investors in Canada
and Japan reduced their holdings of
Treasury securities, while investors in
the United Kingdom increased them at
a much slower rate.
Other U.S. securities.—Foreign acquisitions of U.S. securities other than
U.S. Treasury securities were $2,7 billion, compared with $10.8 billion. Net
purchases of corporate and U..S. agency
bonds more than offset net sales of
stocks.
Net foreign purchases of U.S. corporate and agency bonds were $6.1 billion, compared with $12.5 billion. U.S.
corporations lowered new bond issues
abroad to $3.1 billion from $4.6 billion, as foreign bond yields rose faster
than bond yields in the United States.
For the same reason, foreign investors
reduced net purchases of agency and
other outstanding bonds to $3.0 billion
from $7.9 billion.
Foreign investors sold $3.4 billion
of U.S. stocks, following net sales of
$1.7 billion. The relatively low prof-
June 1990
its reported by U.S. corporations for
1989 contributed to the higher sales.
Japanese investors shifted from net
purchases of $1.2 billion in the fourth
quarter to net sales of $0.7 billion
in the first. Western European and
Canadian investors, who had sold $2.9
billion of U.S. stocks in the fourth quarter, sold $1.7 billion of U.S. stocks in
the first.
Direct investment.—Net inflows for
foreign direct investment in the United
States were $7.6 billion, compared
with $21.5 billion. A sharp decrease in
equity capital inflows (from exceptionally large inflows in the fourth quarter) and a shift to intercompany debt
outflows largely accounted for the decrease. Equity capital inflows were
$10.0 billion, compared with $15.7 billion. Although inflows from most
countries and areas decreased, nearly
two-thirds of the decrease was in inflows from Japan. Intercompany debt
shifted to outflows of $1.2 billion from
inflows of $6.4 billion. The shift
reflected partial repayments of loans
extended by foreign parents in 1989
for the acquisition of U.S. businesses.
Reinvested earnings were negative because dividends paid to shareholders
exceeded earnings.
Technical Notes
As is customary each June, estimates of U.S. international transactions are revised to incorporate new
source data, improved methodologies,
and changes in definitions. Several
major improvements are introduced
this year.
• Services have been redefined to
exclude investment income, and services and investment income have been
given positions of equal importance
in tables 1 and 10. Corresponding
changes have been made to the presentation of partial balances in tables 1
and 10.
• Transfers of goods and services
under U.S. military grant programs,
net (previously shown in line 15) have
been combined with transfers under
U.S. military agency sales contracts in
new line 4, and U.S. grants of goods
and services, net (previously shown in
line 30) have been combined with U.S.
Government grants in new line 30.
• Capital gains and losses associated
with currency translation adjustments
have been removed from U.S. direct
investment income and from U.S. direct investment capital flows. These
71
SURVEY OF CURRENT BUSINESS
translation adjustments are more appropriately classified as valuation adjustments to the direct investment position than as income and capital flows
in the international accounts.
• Additional work has been completed on the services estimates introduced last June. Refinements were
made to travel and passenger fare receipts and payments and to education
services receipts and payments. Revisions to noninterest income earned by
banks and to direct defense expenditures abroad were extended to earlier
years.
• Information from the U.S. Treasury Department's benchmark survey
of foreign portfolio investment in the
United States for 1984 has been incorporated. The information resulted in
increases to previous estimates of U.S.
Government income payments and of
stock dividends paid to foreigners.
• The definition of principal enduse categories for merchandise exports
has been changed to include reexports. Reexports—that is, exports
of foreign merchandise—are now assigned to detailed end-use categories
in the same manner as exports of
domestic merchandise.
Table 1 presents annual estimates
of U.S. international transactions for
1960-89 and quarterly estimates (both
unadjusted and adjusted for seasonal
variation) for 1978-89.
Table 2
presents annual merchandise trade estimates for 1978-89 and quarterly estimates for 1988-89. Tables 3-10
present account and area detail for annual estimates for 1987-89 and quarterly estimates for 1988-89. Table 3
on selected international service transactions has been expanded to include
additional detail on royalties and fees
and on insurance transactions. Tables
P and G present updated estimates for
the detailed presentation of other private services transactions and for royalties and license fee transactions with
unaffiliated foreigners, respectively.
Seasonal adjustment factors—for the
current-account items that show seasonal patterns, for repayments on U.S.
Government credits and other longterm assets, and for U.S. direct investment abroad—were recalculated by extending through 1989 the period used
to derive the factors. For merchandise exports, seasonal factors were recalculated for 1978-89 to account for
the assignment of reexports—that is,
exports of foreign merchandise—to detailed end-use commodity categories
in the same manner as exports of
domestic merchandise.
Redefinition of services
The term "services" has been redefined to exclude investment income,
and the presentation in tables 1 and
Table F.—Other Private Services, Unaffiliated
[Millions of dollars]
Receipts
Total
Payments
1986
1987
1988
1989
1986
1987
1988
1989
12,061
19,129
20,805
22,160
25,046
9,986
11,935
12,536
Education
3,495
3,821
4,142
4,551
433
452
543
601
Financial services
3,301
3,731
3,831
5,011
1,769
2,077
1,656
1,992
1,970
1,525
2,700
1,175
445
1,714
1,269
2,295
1,596
2,823
1,227
699
2,009
1,310
1,669
1,500
3,157
1,657
169
1,862
1,694
1,297
1,449
3,365
1,916
-152
1,722
1,874
2,201
477
954
477
1,724
6,263
4,538
3,241
616
1,208
592
2,625
7,330
4,705
2,655
561
1,112
551
2,094
7,875
5,781
733
559
1,075
516
174
8,629
8,455
Telecommunications .
1,827
2,111
2,203
2,724
3,253
3,736
4,577
5,422
Business, professsional, and technical services
Accounting auditing and bookkeeping
Advertising
Computer and data processing
Data base and other information services
Engineering, architectural, construction, and mining, net '
Installation, maintenance and repair of equipment
Legal services
Management consulting, and public relations
Medical services
Research and development, commercial testing, and laboratory
services
*
Other
4,428
21
94
985
124
857
1,033
97
306
490
4,280
27
109
649
133
972
1,087
147
327
516
5,536
37
154
1,255
196
1,074
1,289
271
362
541
6,132
35
156
1,121
219
1,170
1,736
337
337
588
1,252
29
77
32
23
379
466
40
60
1,319
37
128
74
25
266
496
56
67
1,869
31
176
107
39
465
618
98
73
1,979
22
232
58
31
415
757
82
151
282
139
177
136
236
121
255
178
76
70
114
57
182
80
137
94
Other
4,108
105
656
2,999
348
4,567
126
740
3,333
368
4,779
140
784
3,464
391
5,331
142
1,082
3,713
394
1,078
834
73
1,110
889
39
1,236
971
40
1,334
1,030
50
171
182
225
254
Insurance ...
Primary insurance, net
Premiums
Losses ..
Reinsurance, net
Premiums
Losses
»
...
.
Film rentals
Expenditures of foreign governments and international organizations ..
Other
. . . .
1. Engineering, architectural, construction, and mining services are published net of merchandise exports, which are included in the
merchandise trade account, and net of outlays abroad for wages, services, materials, and other expenses.
72
10 has been changed. Beginning
with this presentation, services are defined to include only services such as
travel, other transportation, and business, professional, and technical services. Investment income is no longer
considered as part of services and is
given a position of importance equal to
services in tables 1 and 10. This redefinition aligns the terms more closely
with general usage, and is consistent
with work that is underway to enhance the harmonization of classification systems of foreign sector accounts
contained in the International Monetary Fund's Balance of Payments Manual and the United Nation's System of
National Accounts.
The redefinition of services necessitates corresponding changes in the
partial balances that appear as memoranda items at the end of the tables 1
and 10. The four basic building blocks
of the balance on current account
are now merchandise, services, investment income, and unilateral transfers.
Thus, the partial balances are as follows: Balance on merchandise trade;
balance on services (redefined); balance on investment income; and unilateral transfers. The components are
combined into the balance on goods,
services, and income and the balance
on current account. The balance on
goods, services, and income is equivalent to the previously defined balance
on goods and services. Both are equivalent to net exports of goods and services in the national income and product accounts (after adjustments for a
few conceptual differences between the
two sets of accounts). The revised
partial balances are presented on an
annual basis from 1960 to the present
and on a quarterly basis from 1978 to
the present in table 1.
Memoranda items previously presented in lines 71 and 72 have been
dropped. These items related to calculation of the official settlements balance, which BEA has not published for
some time. The balance on goods, services, and remittances has also been
dropped.
Reclassification of U.S. military grants
In another change to tables 1 and
10, transfers of goods and services
under U.S. military grant programs,
net (previously shown in line 15) have
been combined with transfers under
U.S. military agency sales contracts in
new line 4, and U.S. military grants
of goods and services, net (previously
shown in line 30) have been combined
SURVEY OF CURRENT BUSINESS
Table G.—Royalties and License Pees, Unaffiliated
I Millions of dollars]
Receipts
Industrial processes
.. .
Books, records, and tapes
Trademarks
Broadcasting and recording of live
events
Franchises. .
.. ..
Other
Payments
Industrial processes
Books, records, and tapes
Trademarks
Broadcasting and recording of live
events
Franchises
Other
D
1987
1988
1989
2,171
2,522
2,639
1,592
1 871
1902
125
282
142
329
150
349
57
113
2
46
134
47
181
10
520
1,086
871
436
449
597
35
34
52
72
104
77
10
451
53
4
1
(D)
(D)
2
38
Data surpressed to avoid disclosure.
with U.S. Government grants in the
new line 30. The changes combine
various U.S. Government military exports, whether by sale or by gift, in
new line 4, and combine all U.S. Government grants in new line 30. The
change affects the balance on services
(redefined) and the balance on goods,
services, and income, but the balance
on current account is unaffected. The
amounts shifted to new lines 4 and
30 averaged $354 million annually in
1976-85 and $67 million annually in
1985-89. This change in classification
has been taken back to 1960.
Removal of currency translation
adjustments from direct investment
Capital gains and losses associated with currency translation adjustments—that is, gains and losses that
arise because of changes from the end
of one accounting period to the next
in exchange rates applied in translating affiliates' assets and liabilities from
foreign currencies into dollars—have
been removed from U.S. direct investment abroad income receipts and from
the reinvested earnings component of
U.S. direct investment abroad capital,
where the adjustments were entered
with the opposite sign from that in the
current account.
In principle, currency translation
adjustments should be removed from
both U.S. direct investment abroad and
foreign direct investment in the United
States. However, for now, because of
data limitations discussed below, the
adjustments were removed only from
U.S. direct investment abroad.
U.S. companies must report data in
dollars on the direct investment surveys conducted by BEA. Companies are
instructed to follow generally accepted
June 1990
accounting principles which, for translation of affiliate accounts into dollars,
are contained in Financial Accounting
Standards Board Statement No. 52
(FASB-52). Until now, translation adjustments that resulted from applying
FASB-52 were summed with other capital gains and losses and included in
direct investment income and direct
investment capital.
Translation adjustments arise when
U.S. parent companies translate foreign affiliates' assets and liabilities
into dollars. They are not reflected
in foreign affiliates' accounts, stated in
foreign currencies, and are not available for distribution. However, translation adjustments are a component of
the change in the value of direct investment, measured in dollars, from
the perspective of the U.S. parent.
Thus, BEA's removal of these gains
and losses from direct investment income and capital recognizes that they
are more appropriately classified as
valuation adjustments to the U.S. direct investment position abroad rather
than as income and capital flows in the
international accounts.
Capital gains and losses other than
currency translation adjustments continue to be included in direct investment income and capital. Such gains
and losses are included in either affiliates' net income or taken directly to
retained earnings, are reflected in affiliates' accounts measured in foreign
currencies, and are generally available
for distribution as dividends.
Implementation of the change.—The
absence of separate data on translation
adjustments affected implementation
of the revised treatment of translation adjustments. Only data on capital
gains and losses included in affiliates'
net income, and, separately, gains and
losses taken directly to equity, were
available. The latter included, but
did not separately identify, translation
adjustments.
For U.S. direct investment abroad,
data were revised back through 1982,
the year that many U.S. companies
began using FASB-52 to translate affiliate accounts. Based on knowledge of
U.S. accounting practices, discussions
with reporting companies, and inspection of the data, BEA was confident
that, in the historical data, translation
adjustments accounted for by far the
largest portion of total capital gains
and losses taken directly to equity.
Thus, all capital gains and losses taken
to equity were assumed to be translation adjustments and were removed
June 1990
from direct investment income and
capital flows. The impact on published
estimates is shown in table H.
Beginning in the second quarter of
1990, BEA's quarterly report forms
for U.S. direct investment abroad will
identify translation adjustments separately from other capital gains and
losses taken directly to equity. From
then on, only translation adjustments,
not all capital gains and losses taken
to equity, will be removed from direct
investment income and capital flows.
For foreign direct investment in
the United States, no revisions are
being made now. Translation adjustments do arise on the books of U.S.
affiliates that have foreign affiliates,
themselves. However, evidence from
BEA's recently completed 1987 benchmark survey of foreign direct investment in the United States suggests
that the amounts are quite small.
For 1982-86, BEA was unable to isolate these small amounts from other
reported capital gains and losses taken
to equity. For 1987 forward, data
on capital gains and losses from the
benchmark survey will be reviewed
over the next year. If, in the course
of that review, translation adjustments
can be isolated, they will be removed
from foreign direct investment income
and capital flows, and revised estimates will be presented in the June
1991 SURVEY.
Beginning in the first quarter of
1991, BEA's quarterly report forms
for foreign direct investment in the
United States will identify translation
adjustments separately from other capital gains and losses taken directly
to equity. From then on, translation
adjustments will be removed from foreign direct investment in the United
States income and capital flows in a
manner parallel to that for U.S. direct
investment abroad.
Revised estimates of services
Several of the services estimates
that were introduced last June have
been refined or extended back to earlier
years.
Travel and passenger fares.—Refinements have been made to the overseas
travel and passenger fare estimates
for 1984:11-1988:111 that were introduced last June. New source data
have been incorporated for 1988:IV1989:111. Estimates for 1989:IV-1990:I
are extrapolations. A methodological
change was made to travel payments
for all quarters to boost the number
of travelers in geographical areas or
73
SURVEY OF CURRENT BUSINESS
countries that were underrepresented
in the survey upon which the estimates
are based. The average annual revisions were as follows: Travel receipts,
-$198 million; passenger fare receipts,
-$11 million; travel payments, $734
million; and passenger fare payments,
$69 million. Limitations of these estimates remain much the same as were
discussed in the June 1989 SURVEY.
Education.—Refinements have been
made to estimates introduced last June
for education services for 1981-89 to
include a more accurate count of the
number of students for both exports
and imports. Updated parameters
and source data were incorporated for
1988-89. The average annual revision
for exports was an increase of $20 million and for imports was a decrease of
$5 million.
Noninterest income.—Noninterest income earned by banks, which was
reclassified from portfolio income re-
ceipts to other private service receipts
for 1986-89 last June, has now been
reclassified for 1978-1985; 1978 is the
first year for which noninterest income is available. The average annual
revision was $1,445 million.
Direct defense expenditures abroad.—
Direct defense expenditures abroad
have been reestimated for 1984-86
to correct for an underestimate of
military purchases of petroleum from
sources abroad. The correction has
been carried forward through 1989.
The average annual revision was $442
million.
Information from U.S. Treasury
benchmark survey
Limited information from the U.S.
Treasury Department's benchmark survey of foreign portfolio investment in
the United States for 1984 is now
available.
Table H.—Effect of Removal of Translation Adjustments From U.S. Direct Investment Abroad Accounts
[Millions of dollars, not seasonally adjusted]
Old basis (including translation adjustments)
(Credits +; debits-)
Direct
investment
income
Capital
gains (+)/
losses (-)
Reinvested
earnings '
Direct
investment
capital
New basis (excluding translation adjustments)
Direct
investment
income
Capital
gains (+)/
losses (-)
Reinvested
earnings '
Direct
investment
capital
Addendum:
Translation
adjustments
[gains (+),
losses (-)] 2
21,380
5,817
5,354
4,554
5,655
-3,447
-1,014
-903
-536
-994
1,359
2,767
42
546
-1,996
2,369
-1,862
1,598
1,656
977
24,717
6,803
6,229
5,062
6,622
-111
-28
-28
-28
-27
4,695
3,754
917
1,054
-1,029
-967
-2,849
723
1,148
11
-3,337
-986
-875
-508
-967
20,499
4,275
4,971
5,242
6,011
-6,314
-1,632
-1,189
-1,232
-2,260
7,139
2,066
2,159
2,690
225
-373
1,742
-61
-2,600
546
26,822
9
422
-108
128
^34
13,462
-6,695
4,120
3,241
4,050
2,051
-313
-1,142
-3,960
-1,280
-6,323
-2,054
-1,082
-1,360
-1,826
21,217
7,551
4,759
3,350
5,557
-8,828
120
-2,930
-3,411
-2,608
8,447
5,367
2,488
1,274
-682
-2,821
29,984
7,697
7,380
6,962
7,945
-62
-1,677
1,002
1,220
-3,365
266
-309
201
-219
17,214
5,512
5,109
4,886
1,706
-11,587
-1,823
-1,619
-2,392
-5,753
-8,766
-146
-2,621
-3,612
-2,388
1985
I
II
Ill
33,202
4,201
8,269
9,638
11,094
5,344
-2,534
983
3,956
2,939
19,009
776
6,518
6,869
4,846
-18,068
-127
-4,388
-7,317
-6,236
28,295
6,701
7,218
5,977
8,399
437
-34
-68
295
244
14,102
3,276
5,467
3,208
2,151
-13,162
-2,627
-3,337
-3,656
-3,541
4,907
-2,500
1,051
3,660
2,695
1986
38,533
10,711
9,866
8,498
9,458
8,606
2,803
1,938
2,056
1,809
17,654
6,448
7,117
3,849
240
-26,311
-11,852
-9,165
-6,352
1,058
30,900
8,794
7,933
6,557
7,616
973
886
6
114
-33
10,021
4,531
5,184
1,907
-1,601
-18,679
-9,935
-7,233
-4,411
2,900
7,633
1,917
1,932
1,942
1,842
55,465
13,399
11,050
10,149
20,867
16,942
34,592
-45,922
4,957
1,260
1,052
9,673
9,093
7,125
5,951
12,422
-11,439
-8,601
-8,745
-17,136
40,588
8,609
10,621
9,570
11,787
2,065
167
831
473
593
19,714
4,304
6,696
5,373
3,342
-31,045
-6,650
-8,173
-8,167
-8,056
14,877
4,790
429
579
9,080
48,918
12,391
10,416
9,018
17,093
-734
694
-2,731
-2,422
3,726
11,713
3,768
2,639
4,456
850
-15,317
-6,813
-1,198
-4,349
-2,957
49,819
12,361
13,760
11,810
11,888
167
663
613
370
-1,479
12,614
3,737
5,984
7,248
-4,355
-16,218
-6,782
-4,542
-7,142
2,249
-901
31
-3,344
-2,793
5,205
52,151
453
20,950
-30,256
53,617
1,919
22,416
-31,722
-1,466
9,447
9,145
14,968
18,591
-3,312
-4,722
3,450
5,036
3,652
3,445
10,096
3,758
-3,510
-5,387
-13,040
-8,319
12,940
13,885
12,521
14,271
181
18
1,004
716
7,144
8,184
7,649
-562
-7,003
-10,126
-10,594
-3,999
-3,493
-4,740
2,446
4,320
1982
ri!.'"!.'!.'"!.'"!.'"!"!"!.!.
m
rv
1983
ii
in
IV
1984
11..,,.
Ill
IV
rv
II
III
IV
1987
I
II...
HI
IV
1988
I
II
Ill
IV
1989
ri!""""""!"."!"..!.!.
Ill
IV
6,329
6,053
6,602
7,838
1. Reinvested earnings is a component of both direct investment income and direct investment capital. It is shown here as a component of
income; as a component of capital, values are the same but signs are opposite.
2. Translation adjustments, in the data as previously published, were included in reinvested earnings, a component of both direct investment
income and direct investment capital. They are shown here as a component of income; as a component of capital, values are the same but signs are
opposite.
74
U.S. Government income payments.—
Based on that survey, foreign holdings
of U.S. Treasury marketable bonds
were revised up $12.6 billion in 1984,
and holdings of U.S. agency issues
were revised up $2.1 billion in 1984.
Estimates of holdings for 1985-89 were
also revised up by the same amount.
Related U.S. Government income payments were revised up $1.4 billion in
1984. The average annual upward revision to income payments in 1985-89
was $1.6 billion. The estimates for income payments have been extrapolated
back to 1980 in proportion to trading
in bonds in each year.
Dividend payments.—Details from
the Treasury survey also suggested an
underestimate of dividend payments
on U.S. stocks. Therefore, estimates of
dividend payments to foreigners were
revised up $736 million in 1984. The
annual upward revision in dividend
payments rose to $2.7 billion in 1989.
The estimates have been extrapolated
back to 1980 in proportion to trading
in U.S. stocks in each year.
Previous estimates were based on a
direct measure of dividend payments
SURVEY OF CURRENT BUSINESS
June 1990
obtained from the 1978 benchmark
survey and brought forward by yields
multiplied by changes in trading in
U.S. stocks. Because no direct measure of income is available from the
1984 survey or from the 1989 survey
(in progress), a change in methodology
was introduced to limit underestimates
in future years and to reflect current
conditions more accurately. For 1984
and later years, the dividend yield on
the Standard and Poor's 500 stock index is applied to positions outstanding
developed from the Treasury survey by
BEA to derive dividend payments to
foreigners.
U.S. balance of payments adjustments
for timing, coverage, and valuation
previously made to the Census-basis
data.
For 1988 and 1989, balance of payments adjustments of $300 million
and $535 million, respectively, were
made to Census-basis data for the
understatement of imports of crude
petroleum from Canada.
Reexports.—A change has been made
to the definition of principal end-use
export categories.
Reexports—that
is, exports of foreign merchandise—
which were previously shown separately in table 2, have now been assigned to detailed end-use categories
in the same manner as exports of
domestic merchandise. In 1989, reexports totaled $14.3 billion. The
growth of reexports in recent years
largely reflects expansion of manufacturing activities within foreign trade
zones, particularly the manufacture of
capital goods and consumer goods. Revised end-use commodity export series
have been prepared for 1978-89; seasonal adjustment factors have been
reestimated.
Improvements to merchandise trade
Canada.—Beginning in the first
quarter of 1990, U.S.-compiled exports to Canada are replaced with the
counterpart Canadian import statistics, and Canadian-compiled exports to
the United States are replaced with
the counterpart U.S. import statistics.
This exchange of statistics between the
Census Bureau and Statistics Canada
eliminates the need for many of the
SURVEY OF CURRENT BUSINESS
June 1990
75
Footnotes to U.S. International Transactions Tables l-10a
P Preliminary.
General notes for all tables:
*Less than $500,000 (±)
n.a. Not available.
Table 1:
1. Credits, +: Exports of goods and services; unilateral transfers to United States; capital
inflows (increase in foreign assets (U.S. liabilities) or decrease in U.S. assets); decrease in U.S.
official reserve assets; increase in foreign official assets in the United States.
Debits, -: Imports of goods and services; unilateral transfers to foreigners; capital outflows
(decrease in foreign assets (U.S. liabilities) or increase in U.S. assets); increase in U.S. official
reserve assets; decrease in foreign offical assets in the United States.
2. Excludes exports of goods under U.S. military agency sales contracts identified in Census
export documents, excludes imports of goods under direct defense expenditures identified in Census
import documents, and reflects various other adjustments (for valuation, coverage, and timing) of
Census statistics to balance of payments basis; see table 2.
3. Includes some goods: Mainly military equipment in line 4; major equipment, other materials,
supplies, and petroleum products purchased abroad by U.S. military agencies in line 18; and fuels
purchased by airline and steamship operators in lines 7 and 21.
4. Includes transfers of goods and services under U.S. military grant programs.
5. Beginning in 1982, line 8 and line 22 are redefined to include only net receipts and payments
for the use or sale of intangible property rights. Other services are reclassified to lines 9 and 23.
6. Affiliated and unaffiliated transactions, previously shown separately, have been combined.
7. For all areas, amounts outstanding March 31, 1990, were as follows in millions of dollars:
Line 34,76,303; line 35,11,060; line 36,10,092; line 37,8,727; line 38,46,424. Data are preliminary.
8. Includes sales of foreign obligations to foreigners.
9. Consists of bills, certificates, marketable bonds and notes, and nonmarketable convertible
and nonconvertible bonds and notes.
10. Consists of U.S. Treasury and Export-Import Bank obligations, not included elsewhere, and
of debt securities of U.S. Government corporations and agencies.
11. Includes, primarily, U.S. Government liabilities associated with military agency sales
contracts and other transactions arranged with or through foreign official agencies; see table 4.
12. Consists of investments in U.S. corporate stocks and in debt securities of private corporations
and State and local governments.
13. Conceptually, the sum of lines 69 and 62 is equal to "net foreign investment" in the national
income and product accounts (NIPA's). However, the foreign transactions account in the NIPA's
(a) includes adjustments to the international transactions accounts for the treatment of gold, (b)
excludes capital gains and losses of foreign affiliates of U.S. parent companies from the NIPA's
measure of income receipts from direct investment abroad, and from the corresponding income
payments on direct investment in the United States, (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).
14. 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 4 as a long-term
lease to Australia.
15. Includes extraordinary U.S. Government transactions with India. See "Special U.S.
Government Transactions," June 1974 SURVEY, p. 27.
16. Includes foreign currency-denominated notes sold to private residents abroad.
17. Break in series. See Technical Notes in the June 1989 and June 1990 SURVEY.
Table 2:
1. Exports, Census basis, represent transactions values, f.a.s. U.S. port of exportation, for all
years; imports, Census basis, represent 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 in the 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 in the 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 SURVEY and in the June 1988 SURVEY). Prior to 1983, annual data are as published by
the Census Bureau, except that for 1975-80 published Census data are adjusted to include trade
between the U.S. Virgin Islands and foreign countries.
2. Beginning in 1990, the Census Bureau replaced its compiled export statistics with counterpart
Canadian import statistics. Similarly, Statistics Canada replaced its compiled export statistics with
counterpart U.S. import statistics. This exchange of data has eliminated the need for the inland
freight adjustmen£ on U.S. exports, but not on U.S. imports.
3. Adjustments in lines A5 and A13, B12, B47, and B82 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 Al.
4. Exports of military equipment under U.S. military agency sales contracts with foreign governments (line A6), and direct imports by the Department of Defense and the Coast Guard (line
A14), to the extent such trade is identifiable from Customs declarations. The exports are included
in tables 1 and 10, line 4 (transfers under U.S. military agency sales contracts); the imports are
included in tables 1 and 10, line 18 (direct defense expenditures).
5. 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; coverage adjustments
for special situations in which shipments were omitted from Census data; deduction of the value
of repairs and alterations to foreign-owned equipment shipped to the United States for repair; and
the inclusion of fish exported outside of U.S. customs area.
6. 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 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; coverage adjustments for
special situations in which shipments were omitted from Census data; and the deduction of the
value of repairs and alterations to U.S.-owned equipment shipped abroad for repair.
7. Correction for the understatement of crude petroleum imports from Canada in 1988 and
1989.
8. Beginning in 1986, New Zealand and South Africa are included in "Other countries in Asia
and Africa," with New Zealand included as part of "Asia" and South Africa as part of "Africa."
9. Annual and unadjusted quarterly data shown in this table correspond to country and area
data in table 10, lines 2 and 16. Trade with international organizations includes purchases of
nonmonetary gold from the 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 America and
Other Western Hemisphere, and other countries in Asia and Africa, less OPEC. Before 1984, complete geographic area detail was not available for some balance of payments adjustments. Therefore,
the detail shown does not always sum to the values shown for the area aggregates. For all years,
"Asia" and "Africa" exclude certain Pacific Islands and unidentified countries included in "Other
countries in Asia and Africa."
10. Includes nuclear fuel materials and fuels.
Table 3:
1. Patented techniques, processes, and formulas and other intangible property rights that are
used in goods production.
2. Copyrights, trademarks, franchises, rights to broadcast live events, and other intangible
property rights.
3. Other unaffiliated services receipts (exports) include mainly expenditures of foreign governments and international organizations in the United States. Payments (imports) include mainly
wages of foreign residents temporarily employed in the United States and Canadian and Mexican
commuters in U.S. border areas.
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.
8. Excludes return export from the United States, at a contractual replacement value of $48
million in 1988:111 and $52 million in 1989:IV, of leased aircraft originally reported in table 1, line
18. Transactions recording the offsets for this leased property are included in line C15.
Table 5:
1. Also included in line 4. Excludes currency translation adjustments. See Technical Notes in
the June 1990 SURVEY.
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 industriesagriculture, 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 (IDB).
3. Estimate for scheduled redemptions and identifiable early retirements. Includes estimates based on Canadian statistics for redemptions of Canadian issues held in the United States.
Unidentified and nonscheduled retirements appear in line 28.
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 (IDB), 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 1-13, see table 1.
14. The "European Communities (12)" includes the "European Communities (6)," United
Kingdom, Denmark, Ireland, Greece, Spain, and Portugal.
15. The "European Communities (6)" includes Belgium, France, Federal Republic of Germany,
Italy, Luxembourg, Netherlands, European Atomic Energy Community, European Coal and Steel
Community, and European Investment Bank.
16. Includes, as part of international and unallocated, the estimated direct investment in foreign
affiliates engaged in international shipping, in operating oil and gas drilling equipment that is
moved from country to country during the year, and in petroleum trading.
17. Details not shown separately; see totals in lines 49 and 56.
18. Details not shown separately are included in line 61.
Table lOa:
For footnotes 1-13, see table 1.
14. Details not shown separately are included in line 61.
NOTE.—Country data are based on information available from U.S. reporting sources. In some
instances the statistics may not necessarily reflect the ultimate foreign transactor. For instance:
U.S. export statistics reflect country of reported destination; in many cases the exports may be
transshipped to third countries (especially true for the Netherlands and Germany). The geographic
breakdown of security transactions reflects country with which transaction occurred but may not
necessarily reflect the ultimate sources of 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.
76
SURVEY OF CURRENT BUSINESS
June 1990
Table 1.—U.S. International
[Millions
1971
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1 Exports of goods, services, and income
30,556
31,402
33,340
35,776
40,165
42,722
46,454
49,353
54,911
60,132
68,387
72,384
2
19,650
20,108
20,781
22,272
25,501
26,461
29,310
30,666
33,626
36,414
42,469
43,319
6,290
2,030
6,295
7,348
8,824
2,465
9,616
2,721
11,917
3,939
12,806
14,171
2,219
7,840
2,086
10,667
1,867
6,941
2,193
4,138
4,214
16,358
5,472
919
175
1,607
947
183
1,620
957
191
1,764
1,015
205
1,898
1,207
241
1,380
271
2,175
1,590
317
1,646
371
1,775
411
2,043
2,333
2,426
2,548
2,652
2,331
544
3,125
2,534
2,076
837
570
153
906
607
164
1,056
585
195
1,162
613
236
1,314
651
265
1,534
714
285
1,516
814
326
1,747
951
336
1,867
1,024
353
2,019
1,160
343
2,331
1,294
332
2,545
4,616
3,621
646
349
4,999
3,823
5,618
4,241
904
473
6,157
6,824
7,528
5,260
1,669
599
10,913
7,649
2,338
12,707
1,421
510
8,021
5,603
1,781
636
11,748
5,106
1,256
462
7,437
5,506
9,367
4,636
8,169
2,671
907
9,160
2,641
906
(Credits +; debits -) '
Line
3
4
5
6
7
8
9
10
11
12
13
14
Services 3
Transfers under U S military agency sales contracts 4
Travel
Passenger fares
.
. .
Other private services 6
U S Government miscellaneous services
Income receipts on U S assets abroad
Direct investment receipts
Other private receipts
U S Government
receipts
...
.
793
383
1,022
499
3,191
6,591
2,021
756
450
925
615
3,299
1,546
347
15 Imports of goods, services, and income
-23,670 -23,453 -25,676 -26,970 -29,102 -32,708 -38,468 -41,476 -48,671 -53,998 -59,901 -66,414
16
-14,758 -14,537 -16,260 -17,048 -18,700 -21,510 -25,493 -26,866 -32,991 -35,807 -39,866 -45,579
Direct defense expenditures
-7,674
-3,087
-7,671
-2,998
-8,092
-3,105
-8,362
-2,961
-8,619
-2,880
-9,111 -10,494 -11,863 -12,302 -13,322 -14,520 -15,400
-2,952 -3,764 -4,378 -4,535 -4,856 -4,855 -4,819
19
20
21
Travel
-1,750
-1,785
-1,939
-2,114
-2,211
-2,438
nthw trancnnrtnrinn
-513
-506
-567
-612
-642
-717
-753
-829
-885
-1,402
-1,437
-1,558
-1,701
-1,817
-1,951
-2,161
-2,157
-2,367
-3,373
-1,080
-2,455
-3,980
-1,215
-2,843
-4,373
-1,290
-3,130
22
23
24
Royalties and license fees s 6
Other private services 6
U S Government miscellaneous services
-74
-593
-254
-89
-588
-268
-100
-528
-296
-112
-493
-370
127
-527
-415
135
-461
-457
-140
-506
-513
-166
-565
-561
-186
-668
-631
-221
-751
-586
-224
-827
-576
-241
-956
-592
-1,238
-1,245
-1,324
-1,560
-1,783
-2,088
-2,481
-2,747
-3,378
-4,869
-5,515
-394
-511
-332
-432
-535
-278
-399
-586
-339
-459
-701
-401
-529
-802
-453
-657
-942
-489
-711
-821
-876
-1,221
-1,328
-1,800
-549
-598
-702
-777
-3,617
-1,024
-5,435
-1,164
-2,428
-1,844
-4,062
-4,127
-4,277
-4,392
-4,240
-4,583
-4,955
-5,294
-5,629
-5,735
-6,156
-7,402
-3,367
-3,320
-3,453
-3,479
-3,227
-3,444
3,802
-3,844
-4,256
-4,259
-4,449
-5,589
-273
-423
-373
-434
-347
-477
-339
-575
-399
-614
-463
-677
-499
-655
-571
-879
-537
-836
-537
-939
-611
-696
-1,096
-1,117
-4,099
-5,538
-4,174
-7,270
-9,560
-5,716
7,321
2,145
1,703
607
857
1,535
890
378
461
171
125
1,225
1,665
570
571
53
1,170
-870
1,173
-1,179
442
-135
-115
626
19
29
-112
266
-220
-94
-346
537
-538
-94
-1,023
-870
-1,034
-1,173
822
-1,100
-1,214
-910
-1,928
-1,085
-2,128
-1,662
-2,204
-1,680
-2,382
-1,605
-2,463
-2,423
-3,638
-2,274
3722
642
-528
-1,543
-2,513
-2,200
3489
1,279
-261
1,288
-245
988
-447
720
-19
874
-16
1,235
-265
1,005
209
1,386
62
1,200
89
-5,144
-2,940
-5,235
-2,653
-4,623
-2,851
-5,986
-3,483
-1,105
-8,050
-3,760
-5,336
-5,011
-6,347
-5,418
-677
157
-1,108
-2,505
-720
-442
233
-7,386
-4,805
-1,308
-7,833
-5,295
-1,569
-1,203
-1,556
-759
341
93
17
18
25
26
27
28
.
.
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
U S. Government payments
29 Unilateral transfers, net
30
•31
32
U S Government grants 4
.
U S Government pensions and other transfers
Private remittances and other transfers
..
.
33 U.S. assets abroad, net (increase/capital outflow (-))
34
35
36
37
38
U S official reserve assets net 7
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
.
39
40
41
42
U S Government assets other than official reserve assets net
U S credits and other long-term assets
Repayments on U S credits and other long-term assets 8
U S foreign currency holdings and U.S. short-term assets, net
43
44
45
46
47
U.S. private assets, net
Direct investment
.
.
...
,
-2,657
-3,207
-3,030
-848
-3,244
-9,757 -10,977 -11,585
-967
-875
-9,337 -12,475
2,481
787
-851
389
2,156
2,349
-1,589
-1,884
-4,181
3 293
1,721
-16
866
-249
1,350
382
2,115
182
-8,206 -10,229 -12,940
-5,960 . -7,590 -7,618
-1,549 -1,076 -1,113
-126
-596 -1,229
-570
-2,980
-967
-663
-394
-762
-558
-1,148
-1,261
48 Foreign assets in the United States, net (increase/capital inflow (+))
2,294
2,705
1,911
3,217
3,643
742
3,661
7379
9,928
12,702
6^59
22,970
49
50
51
52
53
54
55
Foreign official assets in the United States net
U S Government securities .
U S Treasury securities 9
Other10
Other U.S. Government liabilities n
U S liabilities reported by U S banks not included elsewhere
Other foreign official assets l2
1,473
655
655
765
233
233
1,270
1,409
1,410
21
113
742
3,451
2,261
2,222
39
83
1,106
-774
769
-798
29
-15
10
6,908
9,439
26,879
26,570
26,578
152
-291
134
-141
-134
-7
65
210
-1,301
-2,343
-2,269
25
508
1,660
432
434
-2
298
930
-672
215
603
1,986
816
803
12
429
742
56
57
58
59
60
61
Other foreign assets in the United States, net
Direct investment
U S Treasury securities . . .
. . . .
U.S. securities other than U.S. Treasury securities
U S liabilities to unaffiliated foreigners reported by U S nonbanking concerns
U S liabilities reported by U S banks not included elsewhere
821
315
-364
282
-90
678
1,939
311
151
324
226
928
641
346
-66
134
-110
336
1,231
231
-149
287
-37
898
1,983
322
-146
-85
75
1,818
607
415
-131
-358
178
503
4,333
3,928
10,703
14,002
425
-356
906
476
698
-135
1,016
584
1,765
807
136
4,414
1,475
3,871
1,263
-68
3,130
792
8,886
-550
1,464
81
2,189
2,014
-6,298
867
717
-1,019
-989
-1,124
-360
-907
-457
629
438
-1,516
-219
-9,779
4,892
-1,385
3,379
6,886
-4,062
2,824
5,571
4,521
635
-385
607
-516
-2,260
-1,151
4,294
7,664
-4,277
3,387
5,224
-1,014
4,596
8,806
-4,392
2,603
-1,376
3,755
7,949
-4,127
3,822
-349
957
5,990
6,240
-5,629
6,044
6,233
8,486
-6,156
7,272
5,969
-7,402
-1,433
U S claims on unaffiliated foreigners reported by U S nonbanking concerns
U S claims reported by U S banks not included elsewhere
-969
-354
-450
.
-1,527
-1,548
2,882
-779
-495
233
-74
251
792
62 Allocations of special drawing rights
63 Statistical discrepancy (sum of above items with sign reversed)
64
65
66
67
68
69
Memoranda:
Balance on merchandise trade (lines 2 and 16)
Balance on services (lines 3 and 17)
Balance on investment income (lines 11 and 25)
Balance on goods services, and income (lines 1 and 15 or lines 64 65 and 66) '3
Unilateral transfers, net (line 29)
.
.
Balance on current account (lines 1, 15, and 29 or lines 67 and 68) I3
See footnotes on page 75.
4,414
6,801
-779
5,041
11,063
-4,240
6,823
4,951
-287
5,350
10,014
-4,583
5,431
3,817
-877
5,047
7,987
-4,955
3,031
-205
3,800
-1,196
5,274
7,878
-5,294
2,583
611
6,135
-5,735
399
9,411
28
-456
-2,075
2,331
-8
-510
819
-3,909
367
-24
2,289
369
-6,911
77
SURVEY OF CURRENT BUSINESS
June 1990
Transactions
of dollars]
Line
1986
1987
1988
1989
366,049
384,135
432,134
533,438
603,169
1
215,935
223,367
250,266
320,337
360,465
2
66,483
9,969
67,832
8,699
79,786
8,596
91,332
11,273
103,053
9,520
115,169
8,331
3
4
10,947
3,610
12,590
" 17,050
" 4,014
13,809
17,663
4,323
14;674
20,273
5,457
15,458
23,366
6,866
16,989
28,935
8,771
18,939
34,432
10,101
20,416
5
6
7
5,177
13,308
576
5,276
14,472
666
5,629
15,296
714
5,995
15,601
878
7,254
22,153
595
9,060
23,251
526
10,858
25,359
672
11,815
29,461
613
8
9
10
84,975
32,549
48,746
3,680
85,346
"24,717
56,512
4,118
81,972
26,822
50,318
4,832
92,935
29,984
57,725
5,227
82,282
28,295
48,487
5,499
80,982
30,900
43,669
6,413
90,536
40,588
44,638
5,311
110,048
49,819
53,530
6,699
127,536
53,617
68,377
5,542
11
12
13
14
-333,774
-364,192
-352,154
-374,065
-465,703
-472,908
-513,519
-579,873
-647,295
-698,483
15
-249,750
-265,063
-247,642
-268,900
-332,422
-338,083
-368,425
-409,766
-447,323
-475,329
16
-41,491
-10,851
-45,503
-11,564
-47,415
-12,460
-50,616
-12,687
-63,739
-12,116
-68,710
-12,795
-75,081
-13,503
-84,897
-14,803
-91,534
-14,972
-94,706
-14,651
17
18
-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 "-23,305
-6,003 "-5,878
-12,222
-14,843
-25,155
-6,650
-15,643
-26,746
-6,666
-16,715
-30,022
-7,411
-18,086
-33,098
-7,932
-19,675
-34,977
-8,522
-20,791
19
20
21
-671
-2,573
-1,099
-831
-2,822
-1,239
-724
-2,909
-1,214
-650
"-3,562
-1,287
-617
-4,003
-1,460
-723
-4,264
-1,568
-955
-5,108
-1,534
-891
-5,840
-1,735
-1,062
"-8,703
-1,686
-1,363
-11,319
-1,893
-2,054
-11,843
-1,960
-2,245
-11,481
-2,040
22
23
24
-14,217
-2,834
-5,841
-5,542
-21,680
-4,211
-8,795
-8,674
-32,961
-6,357
-15,481
-11,122
-42,532
-8,635
-21,214
-12,684
-53,626
-6,898
-29,415
-17,313
-57,097
-3,155
-34,659
-19,282
-54,549
-5,598
-29,958
-18,993
-69,542
-9,229
-39,158
-21,155
-66,115
-6,079
-37,064
-22,972
-70,013
-5,379
-40,563
-24,071
-85,210
-9,500
-50,419
-25,291
-108,438
-16,748
-61,526
-30,164
-128,448
-14,004
-78,489
-35,955
25
26
27
28
-5,686
-5,226
-5,788
-6,593
-8,349
-8,331
-9,775
-9,956
-12,621
-15,473
-16,009
-14,575
-15,005
-14,720
29
-3,519
-1,250
-917
-2,990
-1,378
-859
-3,412
-1,532
-844
-4,015
-1,658
-920
-5,486
-1,818
-1,044
-5,145
-2,041
"-1,144
-6,087
-2,251
-1,438
-6,469
-2,207
-1,280
-8,696
-2,159
-1,766
-11,268
-2,138
-2,068
-11,867
-2,197
-1,946
-10,276
-2,212
-2,087
-10,744
-2,491
-1,770
-10,963
-2,432
-1,326
30
31
32
-39,703
-51,269
-34,785
-61,130
-64,331
-86,118
-110,951
-124,490
-56,100
-31,070
-27,721
-92,030
-62,946
-84,176
-127,061
33
-849
-2,558
-3,131
-3,858
312
9,149
-3,912
-25,293
-16
-1,667
-6,472
-5,175
(*)
-1,824
-2,491
-861
-1,196
-78
-2,212
-268
-1,133
-65
-1,136
-189
257
-4,965
-66
-466
-317
732
-65
1,249
4,231
-4,683
-8,155
-172
-1,265
-30
-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
127
1,025
-5,064
-535
471
-25,229
34
35
36
37
38
15
366
-5,001
4,826
15
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
-2,821
-7,657
4,719
117
-2,022
-9,084
6,089
973
997
-6,515
7,625
-113
2,969
-7,674
10,378
265
1,185
-5,513
6,548
151
39
40
41
42
-20,388
-11,353
-671
-2,383
-5,980
-33,643
-9,052
-1,854
-3,221
-19,516
-35,380
-14,244
-6,247
-1,357
-13,532
-44,498
-11,949
-8,885
-2,296
-21,368
-30,717
-11,890
-5,460
-1,940
-11,427
-57,202
-16,056
-3,626
-3,853
-33,667
-59,453
-25,222
-4,726
-3,291
-26,213
-72,802
-19,222
-3,568
-3,174
-46,838
-100,679
-9,624
-5,699
-1,181
-84,175
-113,394
"-967
-7,983
6,626
-111,070
-49,898
-6,695
-6,762
-6,513
-29,928
-22,451
-11,587
-4,756
5,019
-11,127
-21,043
-13,162
-7,481
923
-1,323
-90,321
-18,679
-4,271
-7,396
-59,975
-73,091
-31,045
-5,251
5,324
-42,119
-83,232
-16,218
-7,846
-2,847
-56,322
-102,953
-31,722
-21,938
1,391
-50,684
43
44
45
46
47
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
130,012
221,599
218,470
221,442
214,652
48
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
-1,083
-1,139
-838
-301
880
645
-1,469
35,588
33,150
34,364
-1,214
2,135
1,187
-884
45,210
44,802
43,238
1,564
-2,503
3,918
-1,007
39,515
43,050
41,741
1,309
-710
-319
-2,506
8,823
1,716
333
1,383
332
4,940
1,835
49
50
51
52
53
54
55
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
186,011
34,091
3,809
70,969
-2,641
79,783
173,260
46,894
-7,643
42,120
2,863
89,026
181,927
58,436
20,239
26,353
6,664
70,235
205,829
72,244
29,951
39,568
2,867
61,199
56
57
58
59
60
61
1,139
1,152
1,093
-1,879
-2,654
-1,458
5,917
10^44
-2,023
12,521
25,431
25,736
19,934
36,612
11,374
27,456
20,041
15,824
6,790
-8,404
22,443
63
-6,416
973
8,192
2,749
-8,544
-5,795
911
989
12,153
14,053
-6,913
7,140
-5,505
1,213
15,503
11,210
-9,249
1,962
8,903
3,501
12,787
25,191
-7,075
18,116
-9,483
3,401
15,975
9,894
-5,686
4,207
-31,091
3,845
17,961
-9,285
-5,226
-14,511
-33,947
4,164
20,144
-9,639
-5,788
-15,427
-27,536
3,003
30,136
5,603
-6,593
-991
-25,481
6,093
28,856
9,467
-8,349
1,119
-27,978
11,852
31,349
15,223
-8,331
6,892
-36,444
12,101
28,250
3,907
-9,775
-5,868
-67,080
9,469
27,423
-30,188
-9,956
-40,143
-112,522
2,744
23,394
-86,385
-12,621
-99,006
-122,148
-877
16,166
-106,859
-15,473
-122,332
-145,058
4,706
10,969
-129,384
-16,009
-145,393
-159,500
6,434
5,326
-147,739
-14,575
-162,314
-126,986
11,519
1,610
-113,857
-15,005
-128,862
-114,864
20,463
-913
-95,314
-14,720
-110,034
64
65
66
67
68
69
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
81,986
113,050
148,484
157,936
172,002
184,479
220,230
287,261
343,241
379,414
356,060
343,877
379318
49,381
71,410
98,306
107,088
114,745
120,816
142,054
184,473
224,269
237,085
211,198
201,820
219,900
17,841
5,856
19,832
5,369
22,591
5,197
25,497
6,256
27,971
5,826
31,485
7,554
36,353
8,209
39,692
6,981
47,584
9,029
57,354
10,720
59,516
12,572
60,085
12,524
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
2,770
1,764
357
3,225
1,985
401
3,821
2,321
419
4,300
2,920
446
4,353
3,584
489
4,920
3,848
557
5,885
4,717
620
6,184
5,439
520
7,085
6,276
398
7,284
10,250
517
14,765
10,949
2,949
866
21,808
16,542
4,330
936
27,587
19,157
7,356
1,074
25,351
16,595
7,644
1,112
29,286
18,999
8,955
1,332
32,178
19,673
10,881
1,625
41,824
25,458
14,523
1,843
63,096
38,183
22,618
2,295
71,388
37,146
31,680
2,562
-79,237
-98,997
-137,274
-132,745
-162,109
-193,764
-229,869
-281,659
-55,797
-70,499
-103,811
-98,185
-124,228
-151,907
-176,001
-212,009
-16,868
14
-4,784
-18,843
14
-4,629
-21,379
-5,032
-21,996
-4,795
-24,570
-4,895
-27,640
-5,823
-32,189
-7,352
-36,689
-8,294
-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
-294
-1,043
-589
-385
-1,180
-640
-346
-1,262
-722
-472
-1,551
-789
-482
-2,006
-911
-504
-2,190
-951
-6,572
-1,284
-2,604
-2,684
-9,655
-1,610
-4,209
-3,836
-12,084
-1,331
-6,491
-4,262
-12,564
-2,234
-5,788
-4,542
-13,311
-3,110
-5,681
-4,520
-8,544
-6,913
15
-9,249
-7,075
-6,665
-770
-1,109
-4,748
-915
-1,250
15
-7,293
-939
-1,017
-5,101
-1,068
-906
-14,497
-22,874
-34,745
-4
547
-703
153
-1
158
-1,467
9
-33
182
-1,568
-3,819
2,086
165
-2,644
-4,638
2,596
-602
-12,925
-7,747
-618
-1,054
-3,506
1972
15
30,358
7,897
2, 178
2,254
1,889
16,141
16
710
52,416
11,877
4,960
1,351
1,621
32,607
16
42,615
16,918
2,645
5,457
6,852
10,743
16
17
78,072
25,195
2,927
6,905
917
42,128
16
90,154
13,792
7,027
6,085
-2,383
65,633
16
16
17
62
78
SURVEY OF CURRENT BUSINESS
June 1990
Table 1.—U.S. International
[Millions
Not seasonally adjusted
II
I
1 Exports of goods, services, and income
2
Merchandise, adjusted excluding military 2
3
4
Services3
Travel
Passenger fares
Other transportation
5
6
7
8
9
10
11
12
13
14
. ...
. ..
.
.
.
Royalties and license fees 56
U S Government miscellaneous services
Income receipts on U S assets abroad
Direct investment receipts
Other private receipts
U S Government receipts
.
.
..
...
15 Imports of goods, services, and income
16
Merchandise adjusted, excluding military 2
17
18
Services3...
Direct defense expenditures
19
20
21
Travel
Passenger fares
Other transportation
22
23
24
56
Royalties and license fees
Other private services6
U S Government miscellaneous services
...
Income payments on foreign assets in the United States
Direct investment payments
.
Other private payments . . .
.
U.S. Government payments
25
26
27
28
..
....
....
.
29 Unilateral transfers, net
U.S. Government grants4
U S Government pensions and other transfers
Private remittances and other transfers
30
31
32
1979
1978
(Credits +; debits -) »
Line
...
,
.
33 U.S. assets abroad, net (increase/capital outflow (-))
34
35
36
37
38
U.S. official reserve assets, net 7
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
.
39
40
41
42
U.S Government assets, other than official reserve assets, net...
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets s
U S foreign currency holdings and U S short-term assets net
43
44
45
46
47
U S private assets net
Direct investment
Foreign securities
....
U S claims on unaffiliated foreigners reported by U S nonbanking concerns
U S claims reported by U S banks not included elsewhere
..
*
.
...
48 Foreign assets in the United States, net (increase/capital inflow (+))
49
50
51
52
53
54
55
Foreign official assets in the United States net
U S Government securities9
.
. ..
U.S. Treasury
securities
Other10
n
Other U S Government liabilities
U S liabilities reported by U2S banks not included elsewhere
Other foreign official assets '
.
56
57
58
59
60
61
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities
U S liabilities to unaffiliated foreigners reported by U S nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
,
,
,
III
IV
See footnotes on page 75.
III
IV
55,511
53,683
62,403
64,497
69,878
71,538
81,349
30,686
36,732
34,539
40,097
41,694
45,138
44,959
52,682
8,446
2,170
8,908
1,983
9,624
1,957
9,375
2,099
9,328
1,932
9,846
1,742
10,437
1,669
10,082
1,638
1,624
305
1,817
1,885
364
2,026
2,113
533
2,136
1,561
402
2,159
1,924
413
2,231
2,214
524
2,401
2,368
704
2,642
1,935
515
2,697
1,342
1,056
133
1,406
1,077
167
1,432
1,282
172
1,705
1,302
148
1,410
1,296
122
1,482
1,333
151
1,519
1,358
176
1,773
1,452
71
9,501
5,869
3,250
382
9,872
5,978
3,375
519
9,521
5,532
3,595
394
12,931
8,079
4,304
548
13,475
8,044
4,942
489
14,893
9,294
5,087
512
16,142
9,879
5,698
565
18,586
10,967
6,891
728
-53,158
-57,525
-58,947
-60,240
-61,891
-68^81
-72,908
-78,279
-41,861
-44,114
-44,184
-45,842
-46,717
-51,403
-54,099
-59,790
-6,939
-1,680
-8,109
-1,752
-9,144
-1,874
-7,997
-2,045
-7,925
-2,001
-9,368
-1,936
-10,296
-2,087
-9,100
-2,270
-1,523
-640
-2,066
-2,176
-882
-2,236
-2,994
-798
-2,382
-1,782
-576
-2,439
-1,708
-669
-2,378
-2,575
-975
-2,656
-3,187
-889
-2,899
-1,943
-651
-2,972
-169
-612
-249
-160
-631
-271
-167
-655
-275
-175
-676
-303
-200
-687
-281
-203
-698
-325
-197
-703
-334
-231
-734
-299
-4,358
-630
-1,785
-1,943
-5,302
-1,262
-1,965
-2,074
-5,619
-1,261
-2,211
-2,147
-6,401
-1,058
-2,834
-2,509
-7,249
-1,423
-3,067
-2,758
-7,811
-1,623
-3,464
-2,724
-8,513
-1,769
-3,991
-2,753
-9,388
-1,542
-4,959
-2,888
-1,394
-1,480
-1375
-1,539
-1,398
-1,461
-1,744
-1,990
-846
-369
-179
-880
-379
-222
-838
-351
-186
-848
-434
-256
-882
-334
-182
-958
-313
-191
-976
-566
-203
-1,199
-446
-345
-15,399
-5,775
-9,455
-30,501
-8,736
-15,921
-25,600
-14,073
187
248
115
-3,585
322
2,779
-16
324
-121
-104
437
-85
-43
195
-37
182
-65
1,412
3,275
-4,440
-1,142
-86
-2,357
-649
-65
6
-78
394
-52
2,831
27
-611
-1,071
-1,671
643
-43
-1,199
-1,998
787
12
-1,431
-2,161
708
22
-959
-1,640
804
-122
-1,163
-1,900
783
-47
-918
-1,906
972
17
-802
-1,808
965
41
-863
-2,083
1,205
14
-14,515
-4,889
-1,115
-2,241
-6,270
-4,824
-3,947
-1,094
315
-98
-8,139
-2,468
-510
-29
-5,132
-29,724
-4,753
-907
-1,898
-22,167
-3,989
-5,918
-908
-3,088
5,926
-15,326
-7,417
-492
504
-7,921
-27,577
-6,675
-2,331
-739
-17,833
-12,561
-5,213
-995
32
-6,385
18,183
851
16,882
28,120
2,307
6,862
24,449
5,134
15,448
13,021
12,904
117
553
1,456
418
-5,113
-5,598
-5,809
211
-94
-64
643
4,903
3,556
3,093
463
323
919
105
18,440
13,242
13,367
-125
1,694
3,240
264
-8,697
-8,837
-8,832
-5
-31
-51
222
-9,775
-12,766
-12,860
94
353
2,436
202
6,036
5,359
5,026
333
339
172
166
-1,228
-5,728
-5,769
41
-701
4,656
545
2,735
1,355
881
396
507
^104
5,964
2,313
793
1,082
304
1,472
11,979
2,620
-1,068
296
912
9,219
11,004
1,553
2,564
409
-296
6,773
16,637
3,353
-57
524
799
12,018
18,413
3,382
1,502
166
210
13,153
3,135
8,418
-789
1,757
4,083
9,224
4,266
7,858
-7,382
799
4,570
-2,013
-1,480
-3,494
-9,645
480
3,902
-5,263
-1,375
-6,638
5745
1,378
6,530
2,162
-1,539
624
-5,023
1,403
6,226
2,606
-1,398
1,208
-6,265
479
7,083
1,296
-1,461
-165
-9,140
140
7,629
-1,371
-1,744
-3,115
-7,108
981
9,198
3,071
-1,990
1,081
16
9,681
1,608
1,572
480
166
5,854
16
6,362
3,588
951
252
908
663
16
1,139
63 Statistical discrepancy (sum of above items with sign reversed)
64
65
66
67
68
69
II
48,633
62 Allocations of special drawing rights
Memoranda!
Balance on merchandise trade (lines 2 and 16)
. .
Balance on services (lines 3 and 17)
.
Balance on investment income (lines 11 and 25)...
,
Balance on goods, services, and income (lines 1 and 15 or lines 64, 65, and 66) 13
Unilateral transfers, net (line 29)
Balance on current account (lines 1, 15 and 29 or lines 67 and 68) 13
I
,
,
,
-11,175
1,507
5,143
-4,525
-1,394
-5,919
79
SURVEY OF CURRENT BUSINESS
June 1990
Transactions—Continued
of dollars]
Not seasonally adjusted
1983
1982
1981
1980
II
III
IV
83,836
84,695
85,049
84,487
89,646
1
49,122
49,652
50,592
48,032
53,544
2
14,219
3,174
15,420
3,703
14,961
3,162
15,693
3,110
14,011
2,549
3
4
3,446
1,003
3,117
2,455
680
3,004
2,593
810
2,950
2,781
976
3,131
3,361
1,027
3,255
2,212
797
3,254
5
6
7
1,312
2,935
123
1,326
3,274
200
1,254
3,559
93
1,224
3,981
159
1,317
3,341
252
1,290
3,508
142
1,445
3,641
113
8
9
10
21,372
"6,804
13,530
1,038
22,640
6,229
15,469
942
20,840
5,062
14,748
1,030
20,495
6,622
12,765
1,108
19,623
6,329
12,163
1,130
19,496
6,053
12,133
1,311
20,762
6,602
12,855
1,305
22,091
7,838
13,168
1,086
11
12
13
14
-90,332
-87,411
-88,995
-90,918
-84,831
-82,708
-92,158
-98,622
-100,577
15
-66,626
-62,660
-61,432
-63,535
-60,015
-58,852
-65,614
-70,304
-74,130
16
II
HI
IV
I
II
HI
IV
I
II
III
85,142
84,895
82,956
90,248
94^70
97,414
92,138
95,493
91,561
94,264
86399
54,501
57,389
53,504
58,875
60,354
61,699
55,845
59,187
55,287
56,688
50,101
10,595
1,845
11,636
2,074
13,184
2,695
12,170
2,415
13,523
2,267
14,336
2,862
15,556
3,173
13,940
2,418
14,902
3,025
14,936
3,279
15,459
3,093
2,425
502
2,699
2,691
637
2,880
3,140
888
2,994
2,332
564
3,045
2,951
602
3,105
3,254
815
3,140
3,721
1,041
3,198
2,987
653
3,117
3,161
670
3,062
3,331
821
3,135
1,589
1,450
84
1,740
1,537
77
1,734
1,608
125
2,022
1,681
112
1,721
2,795
82
1,792
2,320
154
1,780
2,493
151
1,991
2,642
131
1,285
3,540
159
20,047
11,773
7,773
501
15,870
7,501
7,829
541
16,268
8,644
6,984
640
19,203
9,228
9,095
880
20,493
8,631
11,022
840
21,379
8,516
12,082
781
20,736
6,545
13,190
1,002
22,367
8,857
12,453
1,057
-84,901
-83,778
-81,147
-83,948
-89,122
-93,604
-91,134
-65,902
-67,930
-64,605
17
Line
I
I
IV
-64,956
-62,871
-59,175
-62,748
-9,537
-2,635
-10,553
-2,569
-11,368
-2,695
-10,034
-2,952
-10,561
-2,778
-11,999
-3,097
-12,385
-2,709
-10,558
-2,980
-10,930
-2,954
-12,614
-3,168
-12,821
-3,144
-11,050
-3,193
-11,092
-3,127
-13,193
-3,149
-14,270
-3,191
-12,062
-3,220
17
18
-2,026
-740
-2,946
-2,680
-1,099
-3,036
-3,526
-1,042
-2,882
-2,165
-726
-2,926
-2,347
-1,014
-3,020
-2,948
-1,365
-3,287
-3,870
-1,218
-3,194
-2,314
-890
-2,974
-2,506
-1,126
-2,923
-3,409
-1,473
-3,087
-3,912
-1,231
-2,931
-2,567
-942
-2,769
-2,317
-1,185
-2,779
-3,461
-1,924
-2,957
-4,572
-1,637
-3,228
-2,799
-1,257
-3,258
19
20
21
-185
-725
-280
-141
-742
-286
-126
-747
-350
-273
-695
-298
-224
-885
-293
-102
-862
-339
-177
-880
-337
-147
-936
-317
-142
-973
-306
-151
-952
-374
-149
-1,021
-433
-174
-1,056
-348
-153
-1,145
-385
-163
-1,091
-447
-185
-1,067
-390
-221
-962
-346
22
23
24
-10,409
-1,728
-5,597
-3,084
-10,354
-2,092
-5,292
-2,970
-10,604
-3,291
-4,277
-3,036
-11,166
-1,524
-6,048
-3,594
-12,660
-1,717
-6,895
"-4,048
-13,675
-1,948
-7,365
-4,362
-14,144
-1,826
-7,886
-4,432
-13,147
-1,407
-7,269
-4,471
-13,821
-707
-8,410
-4,703
-14,949
-834
-9,537
-4,578
-14,561
-705
-8,879
-4,978
-13,766
-910
-7,833
-5,023
-12,764
-1,085
-6,961
-<719
-13,352
-1,512
-7,171
-4,668
-14,049
-1,640
-7,663
-4,746
-14,385
-1,361
-8,164
-4,860
25
26
27
28
17
-2,149
-1,638
-1,882
-2,680
-1,923
-1,906
-2,198
-2,305
-2,440
-2,049
-2,296
-2,991
-1,811
-1,987
-2,435
-3,723
29
-1,485
-436
-227
-961
-445
-233
-1,178
-468
-236
-1,863
^69
-348
-1,142
-496
-285
-1,192
-448
-266
-1,462
-455
-280
-1,349
-643
-313
-1,582
-453
-405
-1,231
-467
-350
-1,350
-595
-351
-1,923
-736
-332
-1,045
-485
-280
-1,272
-450
-265
-1,595
-445
-395
-2,557
-827
-340
30
31
32
-13,699
-24,997
-18,916
-28,507
-23,805
-22,177
-16,678
-48,291
-34,928
-42314
-26,189
-21,059
-26,953
-1,897
-9,795
-17,455
33
-3,268
502
-1,109
-4,279
-905
-4
262
-1,089
-1,132
-794
-1,950
-787
16
529
-953
-1,152
-34
-2,082
112
-99
489
-261
-294
-554
1,285
-1,240
-4,324
-4,529
(*)
-1,441
-707
-2,381
-23
-780
-102
-225
-647
868
-134
-358
754
-400
-547
-142
-241
-814
-77
-434
-459
99
-297
-732
-920
-98
-2,139
1,450
-303
-212
531
-209
-88
826
545
-1,996
498
34
35
36
37
38
-1,530
-2,611
918
164
-1,131
-2,350
1,171
49
-1,394
-2,576
1,173
9
-1,108
-2,322
1,195
20
-1,469
-2,594
958
168
-1,482
-2,365
1,060
-177
-1,261
-2,420
1,128
31
-886
-2,295
1,267
143
-899
-1,849
1,013
-63
-1,724
-2,524
1,025
-225
-2,549
-3,452
955
-52
-960
-2,238
1,300
-21
-1,225
-2,378
1,229
-77
-1,246
-2,421
1,213
-38
-1,207
-2,755
1,511
38
-1,328
-2,413
1,058
27
39
40
41
42
-8,901
-5,849
-787
-1,062
-1,203
-24,367
-2,790
-1,387
-25
-20,165
-16,413
-3,538
-944
509
-12,440
-23,121
-7,045
-^50
-2,596
-13,030
-17,807
-2,422
-473
-3,248
-11,664
-19,790
-5,613
-1,564
2,389
-15,002
-15,413
-585
-697
1,178
-15,310
-47,668
-1,004
-2,966
-1,500
-42,199
-32,940
-2,849
-628
3,879
-33,343
-39,458
723
-471
-308
-39,403
-22,846
1,148
-3,397
808
-21,405
-18,149
11
-3,488
2,247
-16,919
-24,940
-313
-1,549
-2,776
-20,303
-667
-1,142
-2,813
-230
3,518
-9,117
-3,960
-1,308
-233
-3,616
-15,175
-1,281
-1,093
-3,274
-9,527
43
44
45
46
47
17
8,582
9,873
14,430
25,226
8,719
14,465
17,330
42,518
27,166
33,720
18,280
14,580
16,002
15,635
19386
33^47
48
-7,413
-4,556
-5,357
801
-19
-3,198
360
7,731
4,610
4,360
250
593
1,676
851
7,564
4,343
3,794
549
-67
1,823
1,465
7,614
7,498
6,911
587
107
-460
469
5,502
7,696
7,242
454
87
-3,109
828
-3,159
-1,542
-2,078
536
-218
-2,048
649
-5,992
-4,071
-4,615
544
-516
-2,380
975
8,609
4,239
4,470
-231
309
3,867
194
-3,265
-1,629
-1,327
-302
-133
-1,684
181
1,534
-1,835
-2,094
259
562
2,797
10
2,694
4,662
4,854
-192
-11
-1,870
-87
2,629
3,887
4,346
-459
186
-990
-454
-38
2,641
3,012
-371
-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
49
50
51
52
53
54
55
15,995
3,321
3,300
2,435
340
6,599
2,142
5,756
-1,271
496
1,671
-4,509
6,866
4,713
-278
263
1,252
916
17,612
3,128
894
2,263
3,590
7,737
3,217
3,146
1,386
2,357
121
-3,793
17,623
5,294
741
3,512
13
8,063
33,909
11,251
1,248
332
-301
21,380
30,431
2,080
1,297
1,263
-65
25,856
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
56
57
58
59
60
61
5,872
15,645
4,558
-339
10,668
5,809
541
2,917
6,051
5374
14,723
10,465
10,775
-4,641
6,979
-1,738
63
-10,455
1,058
9,638
241
-2,149
-1,908
-5,482
1,083
5,516
1,117
-1,638
-521
-5,671
1,816
5,664
1,809
-1,882
-73
-3,873
2,136
8,038
6,300
-2,680
3,620
-5,548
2,962
7,834
5,248
-1,923
3,325
-6,231
2,337
7,704
3,810
-1,906
1,904
-8,760
3,171
6,593
1,004
-2,198
-1,194
-7,439
3,381
9,219
5,162
-2,305
2,857
-7,373
3,972
7,551
4,151
-2,440
1,711
-4,744
2,322
7,692
5,269
-2,049
3,221
-13,434
2,638
6,278
-4,518
-2,296
-6,814
-10,893
3,169
6,729
-995
-2,991
-3,986
-9,200
4,329
6,859
1,987
-1,811
177
-15,022
1,768
6,145
-7,109
-1,987
-9,096
-22,272
1,424
6,714
-14,135
-2,435
-16,570
-20,586
1,949
7,706
-10,931
-3,723
-14,654
64
65
66
67
68
69
16
23,323
5,505
-448
704
1,084
16,478
16
16
32,186
3,505
2,093
2,486
-2,023
26,125
16
15,586
3,166
1,391
555
-282
10,756
16
16
14,023
4,097
3,1 16
2,470
-64
4,404
16
16
1,093
1,152
62
80
SURVEY OF CURRENT BUSINESS
June 1990
Table 1.—U.S. International
[Millions
Not seasonally adjusted
1984
(Credits +; debits -) >
Line
I
1 Exports of goods, services, and income
2
Merchandise adjusted excluding military 2
3
4
Services3
.
Transfers under U S. military agency sales contracts'*
5
6
7
Travel
Passenger fares
..
.
8
9
10
11
12
13
14
Income receipts on U S assets abroad
Direct investment receipts
Other private receipts
U S Government receipts
.
. . .
..
.
. . .
1985
III
IV
I
II
HI
IV
91,938
95,836
94,934
96,610
92,682
92,906
87,898
92,563
53,668
55,963
53,420
56,849
55,381
55,500
50,779
54,275
15,847
2,663
16,694
2,495
17,708
2,566
16,233
2,246
16,740
2,625
16,760
2,272
17,621
1,964
16,711
1,838
3,459
"826
3,237
4,635
1,106
3,434
5,046
1,189
3,550
3,910
893
3,588
3,890
828
3,515
4,705
1,097
3,568
5,172
1,334
3,707
3,896
1,064
3,885
1,289
4,217
157
1,375
3,463
186
1,354
3,825
178
1,611
3,792
193
1,315
4,350
218
1,382
3,506
231
1,342
3,827
275
1,956
3,919
154
22,423
7,697
13,499
1,227
23,179
7,381
14,483
1,315
23,806
6,962
15,490
1,354
23,528
7,945
14,252
1,331
20,561
6,701
12,573
1,287
20,645
7,218
12,288
1,140
19,499
5,978
11,847
1,674
21,577
8,399
11,780
1,398
17
,
II
-107^96
-119,351
-120,809
-118,147
-110,588
-121,309
-120,182
-120,830
16
-78,203
-84,913
-83,772
-85,534
-78,761
-85,565
-83,721
-90,036
17
18
-13,284
-2,953
-16,741
-3,115
-18,530
-2,914
-15,185
-3,133
-14,691
-3,091
-18,263
-3,092
-19,606
-2,986
-16,149
-3,627
-4,167
-1,139
-3,384
-6,484
-1,591
-3,770
-7,982
-1,806
-3,867
-4,672
-1,342
-3,823
-4,677
-1,286
-3,563
-7,291
-1,863
-3,984
-8,420
-2,096
-3,922
-4,767
-1,405
-4,175
-222
-1,070
-349
-213
-1,183
-384
-244
-1,303
-415
-277
-1,552
-386
229
-1,413
-433
-201
-1,403
-431
-228
-1,489
-466
-234
-1,536
-406
-15,909
-2,356
-8,608
-4,946
-17,697
-2,569
-10,052
-5,077
-18,507
-2,294
-10,808
-5,405
-17,428
-2,010
-9,691
-5,727
-17,136
-2,284
-9,114
-5,738
-17,480
-2,544
-9,238
-5,698
-16,855
-1,937
-9,151
-5,768
-14,645
686
-9,562
-5,768
15 Imports of goods, services, and income
Direct defense expenditures
19
20
21
Travel
Passenger fares
Other transportation
22
23
24
Royalties and license fees s 6
Other private services 6
U S Government miscellaneous services
25
26
27
28
17
.
.
17
.
.
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
U S Government payments
.
.
.
.. *
-2,465
-2,397
-3,153
-4,606
-3,403
-3,425
-4,105
-4,541
U S. Government grants4
U S Government pensions and other transfers
Private remittances and other transfers
-1,498
-470
-496
-1,557
-445
-395
-2,273
-450
-430
-3,368
-795
-444
-2,236
-484
-683
-2,591
-416
-418
-3,093
-459
-553
-3,348
-779
-415
33 U.S. assets abroad, net (increase/capital outflow (—))
-4,559
-22,825
13,653
-17,339
-4,982
-1,533
-3,813
-17,394
-657
-566
-799
-1,110
-233
-356
-121
-3,148
-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
29 Unilateral transfers, net
30
31
32
34
35
36
37
38
U S. official reserve assets, net 7
Gold
39
40
41
42
U S Government assets other than official reserve assets net
U.S. credits and other long-term assets
Repayments on U S. credits and other long-term assets 8
-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
-920
-1,790
940
-70
-1,002
-2,553
1,285
266
-437
-1,733
1,278
18
-462
-1,581
1,217
-98
43
44
45
46
47
U S private assets net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U S nonbanking concerns
-1,749
-1,823
758
873
-1,557
-20,965
-1,619
-764
1,564
-20,146
15,860
-2,392
-1,106
1,541
17,817
-15,597
-5,753
-3,644
1,041
-7,241
-3,829
-2,627
-2,474
988
284
-175
-3,337
-2,219
2,056
3,325
-3,255
-3,656
-1,572
-1,874
3,847
-13,784
-3,541
-1,217
-247
-8,779
Foreign currencies
..
48 Foreign assets in the United States, net (increase/capital inflow (+))
49
50
51
52
53
54
55
Foreign official assets in the United States, net
U S Government securities9
U.S Treasury
securities .
.
.
Other10
Other U.S. Government liabilities u
U S liabilities reported by U S banks not included elsewhere
Other foreign official assets 12
56
57
58
59
60
61
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities
U S liabilities to unaffiliated foreigners reported by U S nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
62 Allocations of special drawing rights
Memoranda:
Balance on merchandise trade (lines 2 and 16) .
Balance on services (lines 3 and 17)
Balance on investment income (lines 1 1 and 25)
.
Balance on goods services and income (lines 1 and 15 or lines 64 65 and 66) 13
Unilateral transfers net (line 29)
Balance on current account (lines 1, 15, and 29 or lines 67 and 68) l3
See footnotes on page 75.
.
.
.
.
.
.,
.
...
,
,
\
63 Statistical discrepancy (sum of above items with sign reversed)
64
65
66
67
68
69
.
.
22,116
41,855
2,472
36,178
16,507
25,103
35,082
53,320
-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
-10,976
-7,499
-7,177
-322
-357
-3,007
-113
8,507
8,886
8,750
136
565
-120
-824
2,488
-358
-414
56
302
2,927
-383
-1,102
-2,168
-1,997
-171
370
845
-149
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
365
6,882
12,903
7,305
9,782
8,257
5,119
-3,118
-24,535
2,564
6,513
-15,458
-2,465
-17,922
-28,950
-41
5,482
-23,515
-2,397
-25,912
-30,352
-822
5,299
-25,875
-3,153
-29,028
-28,685
1,048
6,099
-21,537
-4,606
-26,144
23380
2,049
3,425
-17,906
-3,403
-21,308
-30,065
-1,503
3,165
-28,403
3425
-31,828
-32,942
-1,985
2,643
-32,284
-4,105
-36,388
-35,761
562
6,933
-28,267
-4,541
-32,808
,
.
SURVEY OF CURRENT BUSINESS
June 1990
81
Transactions—Continued
of dollars]
Not seasonally adjusted
I
1988
1987
1986
I
11
1
II
1990
1989
IV
I
II
Line
If
II
III
IV
94,916
97,337
94,451
97,432
99,497
107,143
108,286
117,209
127,962
133,841
132,975
138,660
146,022
153,953
149,062
154,131
157,624
1
54,052
58,017
53,734
57,564
57,668
61,696
61,635
69,267
77,010
81,229
77,877
84,221
88,433
93,520
86,622
91,890
96,049
2
18,926
1,915
18,948
1,987
21,563
2,140
20,349
2,555
21,503
3,202
22,674
3,385
24,634
2,602
22,520
2,084
24,118
2,535
25,157
2,569
28,295
2,568
25,484
1,848
26,880
2,042
27,724
1,969
31,508
2,411
29,057
1,910
30,632
2,340
3
4
4,411
1,105
3,745
4,900
1,234
3,832
6,239
1,822
3,978
4,723
1,296
3,903
4,722
1,289
3,945
5,783
1,752
4,163
7,226
2,187
4,415
5,635
1,638
4,466
5,849
1,785
4,608
7,006
2,180
4,771
9,058
2,865
4,801
7,022
1,941
4,759
7,155
2,187
4,980
8,381
2,405
5,157
10,390
3,217
5,056
8,506
2,292
5,224
8,619
2,551
5,284
5
6
7
1,575
"6,014
161
1,754
5,091
151
1,787
5,468
129
2,138
5,580
155
2,015
6,228
103
2,119
5,348
124
2,214
5,812
177
2,711
5,863
122
2,402
6,815
124
2,595
5,858
179
2,576
6,238
189
3,285
6,448
181
2,711
7,649
158
2,836
6,826
151
2,808
7,473
154
3,460
7,514
151
3,052
8,637
149
8
9
10
21,938
8,794
11,560
1,583
20,371
7,933
11,140
1,298
19,154
6,557
10,460
2,137
19,519
7,616
10,509
1,394
20,325
8,609
10,332
1,384
22,773
10,621
10,873
1,279
22,017
9,570
10,942
1,505
25,421
11,787
12,491
1,143
26,834
12,361
11,751
2,722
27,455
13,760
12,488
1,207
26,803
11,810
13,670
1,323
28,956
11,888
15,621
1,447
30,709
12,940
16,616
1,153
32,709
13,885
17,836
989
30,933
12,521
16,543
1,868
33,185
14,271
17,382
1,531
30,943
12,833
16,428
1,682
11
12
13
14
-122,009
-129,587
-130,941
-130,982
-132,186
-144,446
-150,950
-152,292
-152,846
-161,391
-164,240
-168,817
-165,368
-178,700
-177,156
-177,259
-173,125
15
-87,113
-92,674
-92,524
-96,114
-93,458
-101,189
-104,510
-110,609
-107,482
-111,573
-110,634
-117,634
-113,595
-120,350
-118,702
-122,682
-119,676
16
-16,744
-3,399
-18,646
-3,429
-21,933
-3,300
-17,758
-3,375
-18,293
-3,594
-21,995
-3,646
-23,950
-3,780
-20,660
-3,784
-20,784
-3,611
-23,488
-3,708
-25,524
-3,712
-21,738
-3,942
-21,366
-3,806
-24,461
-3,636
-26,369
-3,525
-22,510
-3,685
-23,000
-3,710
17
18
-5,261
-1,418
-3,913
-6,639
-1,646
-4,107
-9,110
-2,084
-4,428
-5,736
-1,518
-4,267
-5,742
-1,526
-3,925
-8,339
-1,925
-4,483
-9,506
-2,251
-4,664
-6,435
-1,709
-5,015
-6,424
-1,702
-4,890
-8,744
-2,059
-5,013
-10,656
-2,370
-4,932
-7,274
-1,801
-4,840
-6,718
-1,829
-4,936
-9,265
-2,209
-5,181
-11,259
-2,613
-5,347
-7,735
-1,871
-5,327
-7,212
-1,984
-5,312
19
20
21
-262
-2,045
-446
-279
-2,157
-389
-301
-2,235
-476
-220
-2,266
-376
-332
-2,797
-379
-326
-2,840
-436
-324
-2,886
-540
-382
-2,797
-538
-594
-3,095
-468
-598
-2,907
-459
-426
-2,897
-530
-435
-2,944
-502
-443
-3,147
-487
-543
-3,127
-501
-532
-2,575
-519
-727
-2,631
-534
-608
-3,655
-519
22
23
24
-18,152
-2,061
-10,073
-6,018
-18,268
-2,388
-9,957
-5,923
-16,484
-577
-9,864
-6,042
-17,110
-353
-10,669
-6,088
-20,435
-3,412
-10,756
-6,267
-2U62
-2,606
-12,369
-6,287
-22,490
-3,648
-12,562
-6,280
-21,023
166
-14,732
-6,457
-24,580
-3,807
-13,855
-6,918
-26,330
-4,512
-14,449
-7,369
-28,083
-4,373
-15,889
-7,821
-29,445
-4,056
-17,333
-8,056
-30,407
-2,949
-18,751
-8,707
-33,889
^,638
-20,329
-8,922
-32,085
-3,729
-19,307
-9,049
-32,068
-2,689
-20,102
-9,277
-30,449
-1,924
-19,115
-9,410
25
26
27
28
17
III
IV
HI
III
IV
-3,129
-4,169
-4,408
-4,304
-3,244
-3,196
-3,301
-4,834
-3,489
-2,913
-3,412
-5,191
-3,616
-2,782
-3,527
-4,797
-3,662
29
-2,102
-456
-571
-3,274
-511
-384
-3,481
-435
-491
-3,010
-794
-500
-2,111
-490
-643
-2,275
-472
-449
-2,241
-513
-548
-3,649
-738
-447
-2,338
-494
-657
-2,018
-589
-306
-2,452
-537
-423
-3,935
-871
-384
-2,556
-507
-553
-2,044
-487
-251
-2,621
-585
-321
-3,742
-853
-201
-2,615
-652
-395
30
31
32
-14,082
-24,542
-24,618
-28,789
12,914
-24,572
-25,542
-25,746
3,231
-23,263
-43,095
-21,049
-33,909
-4,199
-44,999
-43,953
28,847
33
-115
16
280
132
1,956
3,419
32
3,741
1,503
39
-7,380
1,925
-4,000
-12,095
-5,996
-3,202
-3,177
-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
180
69
-210
-35
202
-7,547
-173
307
1,791
-188
316
-4,128
68
-159
-12,004
-211
337
-6,122
-204
-23
-2,975
-247
234
-3,164
34
35
36
37
38
-381
-1,826
1,423
22
-158
-1,637
1,436
43
-1,576
-4,265
1,736
953
93
-1,356
1,494
-44
-121
-978
1,010
-153
-100
-2,127
1,867
159
289
-2,067
2,360
-4
929
-1,343
2,388
-116
-1,672
-2,808
1,031
105
-814
-2,021
1,185
22
1,985
-1,458
3,386
57
3,469
-1,388
4,776
81
891
-1,009
1,896
4
-280
-1,167
832
56
606
-2,143
2,779
-30
-32
-1,195
1,042
121
-452
-1,208
766
-11
39
40
41
42
-13,586
-9,935
-5,930
-2,637
4,916
-24,400
-7,233
-1,051
-2,456
-13,660
-23,322
-4,411
181
-183
-18,909
-29,014
2,900
2,529
-2,120
-32,322
11,079
-6,650
-1,749
-760
20,237
-27,891
-8,173
-287
3,442
-22,873
-25,864
-8,167
-1,159
322
-16,860
-30,415
-8,056
-2,056
2,320
-22,623
3,400
-6,782
-4,539
-363
15,085
-22,488
-4,542
1,333
-6,823
-12,456
-37,701
-7,142
-1,592
-537
-28,430
-26,444
2,249
-3,047
4,876
-30,521
-30,800
-7,003
-2,062
1,851
-23,586
8,175
-10,126
-6,144
-2,384
26,829
-39,609
-10,594
-9,623
1,877
-21,269
-40,719
-3,999
-4,109
47
-32,658
32,476
-8,308
-4,871
n.a.
45,655
43
44
45
46
47
39,032
50336
69,909
62,323
33,449
51,096
73,564
60,360
26,079
65,271
49,797
80,295
68,402
2,794
74,136
69,320
-27,489
48
2,704
3,061
3,238
-177
415
-1,131
359
15,884
13,896
14,540
-644
1,047
1,472
-531
15,766
11,895
12,171
-276
1,130
3,043
-302
1,234
4,298
4,415
-117
-457
-2,197
-410
14,109
12,131
12,193
-62
-1,205
3,543
-360
10,292
11,340
11,084
256
-1,380
615
-283
742
1,555
841
714
-153
-35
-625
20,068
19,776
19,120
656
236
-205
261
24,840
27,568
27,730
-162
-133
-1,751
-844
5,970
6,055
5,853
202
-478
810
-417
-2,015
-3,197
-3,769
572
-196
1,886
-508
10,720
12,624
11,927
697
97
-1,264
-737
7,797
5,351
4,630
721
-200
2,191
455
-4,961
-9,823
-9,726
-97
470
3,820
572
13,003
12,961
12,771
190
-350
-251
643
-7,016
-6,773
-7,342
569
412
-820
165
-8,825
-6,405
-5,874
-531
-368
-1,926
-126
49
50
51
52
53
54
55
36,328
4,014
5,820
18,730
-1,933
9,697
34,453
5,686
3,820
22,752
-1,131
3,326
54,142
8,087
-1,754
17,107
1,122
29,580
61,088
16,304
-4,077
12,380
-699
37,180
19,341
8,180
-2,826
18,372
2,153
-6,538
40,805
7,876
-2,431
15,960
1,045
18,355
72,822
16,277
-2,835
12,676
109
46,595
40,292
14,561
449
-4,888
-444
30,614
1,239
9,616
5,911
2,423
1,535
-18,246
59,300
13,885
5,473
9,702
139
30,101
51,812
11,896
3,443
7,464
2,822
26,187
69,575
23,038
5,412
6,764
2,168
32,193
60,605
21,348
9,323
8,731
3,717
17,486
7,755
17,055
2,339
9,574
-407
-20,806
61,133
12,375
12,618
10,470
-2,175
27,845
76,336
21,466
5,671
10,793
1,732
36,674
-18,665
7,592
-864
2,732
n.a.
-28,125
56
57
58
59
60
61
5,272
10,626
-4,393
4,320
-10,430
13,974
-2,056
5303
-936
-11,544
27,974
-23,898
-11332
28,933
2,484
2,558
17,806
63
-33,061
2,182
3,786
-27,093
-3,129
-30,221
-34,657
303
2,104
-32,251
-4,169
-36,420
-38,790
-370
2,670
-36,490
-4,408
-40,898
-38,550
2,591
2,409
-33,550
-4,304
-37,854
-35,790
3,211
-110
-32,689
-3,244
-35,933
-39,493
680
1,511
-37,303
-3,196
-40,499
-42,875
683
-473
-42,665
-3,301
-45,966
-41,342
1,861
4,398
-35,083
-4,834
-39,917
-30,472
3,334
2,254
-24,885
-3,489
-28,374
-30,344
1,669
1,125
-27,550
-2,913
-30,463
-32,757
2,771
-1,279
-31,265
-3,412
-34,677
-33,413
3,745
-489
-30,157
-5,191
-35,348
-25,162
5,515
302
-19,345
-3,616
-22,961
-26,830
3,263
-1,179
-24,747
-2,782
-27,528
-32,080
5,139
-1,153
-28,094
-3,527
-31,620
-30,792
6,547
1,117
-23,128
-4,797
-27,925
-23,627
7,631 <
494
-15,502
-3,662
-19,164
64
65
66
67
68
69
62
82
SURVEY OF CURRENT BUSINESS
June 1990
Table 1.—U.S. International
[Millions
Seasonally adjusted
1979
1978
(Credits +; debits -) »
Line
II
I
1 Exports of goods, services, and income
I
III
IV
64,487
II
III
IV
48,884
54,018
56,055
61,274
68,028
74,411
80334
30,568
35,542
36,589
39,355
41,587
43,637
47,295
51,954
8,704
2,170
8,772
1,983
9,203
1,956
9,673
2,099
9,664
1,932
9,713
1,742
9,936
1,669
10,378
1,638
1,673
367
1,878
1,788
367
1,987
1,839
407
2,088
1,883
462
2,183
2,044
497
2,298
2,075
532
2,364
2,058
540
2,589
2,264
587
2,720
1,418
1,056
142
1,407
1,077
163
1,472
1,282
159
1,588
1,302
156
1,469
1,296
128
1,515
1,333
152
1,566
1,358
156
1,633
1,452
84
9,612
5,917
3,250
445
9,704
5,841
3,375
488
10,263
6,231
3,595
437
12,246
7,469
4,304
473
13,236
7,742
4,942
552
14,678
9,063
5,087
528
17,180
10,882
5,698
600
18,002
10,496
6,891
615
15
-54,028
-56,525
-58,565
-60,752
-62,720
-67,414
-72,605
-78,921
16
-42,044
-43,431
-44,687
-45,839
-46,810
50608
-54,751
-59,840
-7,612
-1,680
-7,768
-1,752
-8,248
-1,874
-8,561
-2,045
-8,649
-2,001
-8,960
-1,936
-9,329
-2,087
-9,751
-2,270
-2,008
-731
-2,145
-2,028
-710
-2,216
-2,231
-730
-2,321
-2,208
-725
-2,442
-2,230
-760
-2,470
-2,377
-794
-2,630
-2,381
-802
-2,828
-2,425
-828
-2,978
-169
-612
-267
-160
-631
-271
-167
-655
-270
-175
-676
-290
-200
-687
-301
-203
-698
-322
-197
-703
-331
-231
-734
-285
-4,372
-630
-1,785
-1,957
-5,326
-1,262
-1,965
-2,099
-5,630
-1,261
-2,211
-2,158
-6,352
-1,058
-2,834
-2,460
7261
-1,423
3067
-2,770
-7,846
-1,623
-3,464
-2,758
-8,525
-1,769
3991
-2,765
-9,330
-1,542
-4,959
-2,829
-1,396
-1,477
-1,425
-1,491
-1,462
-1,552
-1,632
-1,949
,
-846
-365
-185
-880
-382
-215
-838
-388
-199
-849
-398
-244
-883
-385
-194
-958
-400
-194
-976
-424
-232
-1,198
-450
-301
,
-15,219
-5,606
-9,703
30,601
-8,214
15,777
26,069
-14,271
187
248
115
-3,585
322
2,779
-649
-65
-16
324
-121
-104
437
-85
-43
195
-37
182
-65
1,412
3,275
-4,440
1 142
-86
-2,357
6
-78
394
-52
2,831
27*"
-611
-1,009
-1,671
705
-43
1 257
-1,998
729
12
-1,394
-2,161
745
22
-999
-1,640
763
-122
-1,094
-1,900
853
-47
-970
1,906
919
17
-779
-1,808
988
41
-904
-2,083
1,165
14
-14,397
-4,771
-1,115
2241
-6,270
-4,597
-3,720
1094
315
-98
-8,424
-2,753
-510
-29
-5,132
-29,784
-4,812
-907
-1,898
-22,167
-3,535
-5,465
-908
-3,088
5,926
-15,129
7,220
^92
504
-7,921
-28,069
-7,166
-2,331
-739
-17,833
-12,718
5,370
-995
32
-6,385
18,183
851
16,882
28,120
2307
6,862
24,449
5,134
15,448
13,021
12,904
117
553
1,456
418
-5,113
-5,598
-5,809
211
-94
-64
643
4,903
3,556
3,093
463
323
919
105
18,440
13,242
13,367
-125
1,694
3,240
264
-8,697
-8,837
-8,832
-5
-31
-51
222
-9,775
-12,766
-12,860
94
353
2,436
202
6,036
5,359
5,026
333
339
172
166
-1,228
-5,728
-5,769
41
-701
4,656
545
2,735
1,355
881
396
507
-404
5,964
2,313
793
1,082
304
1,472
11,979
2,620
-1068
296
912
9,219
11,004
1,553
2,564
409
-296
6,773
16,637
3,353
57
524
799
12,018
18,413
3,382
1,502
166
210
13,153
3,575
440
8,739
322
-3,244
-2,455
3,450
1,693
4,463
380
9,852
628
1,446
-2,820
9,673
1,815
-11,476
1,092
5,240
-5,144
-1,396
-6,540
-7,889
1,004
4,378
-2,507
-1,477
-3,984
-8,098
955
4,633
-2,510
-1,425
3935
-6,484
1,112
5,894
522
-1,491
-969
-5,223
1,015
5,975
1,767
-1,462
305
-6,971
753
6,832
614
-1,552
-938
-7,456
607
8,655
1,806
-1,632
174
-7,886
627
8,672
1,413
-1,949
-536
2
Merchandise, adjusted, excluding military 2
3
4
Services3
Transfers under U.S. military agency sales contracts4
5
6
7
Travel
Royalties and license fees 5 6
8
9
10
U S Government miscellaneous services
Income receipts on U S assets abroad .
Direct investment receipts
.
..
11
12
13
14
U S Government receipts
.. .
.
.
....
....
17
18
Services3
19
20
21
Travel
22
23
24
Royalties and license fees 5 *
Other private services *
U S Government miscellaneous services
.
Other transportation
Income payments on foreign assets in the United States
Direct investment payments
25
26
27
28
U.S. Government payments
29 Unilateral transfers, net
U.S. Government grants4
U S Government pensions and other transfers
Private remittances and other transfers
. . .
30
31
32
33 U.S. assets abroad, net (increase/capital outflow (—))
. ..
.
34
35
36
37
38
U S official reserve assets net 7 .
Gold
39
40
41
42
U S Government assets other than official reserve assets net .
U S credits and other long-term assets
43
44
45
46
47
U S private assets net
Direct investment
..
Foreign securities
..
...
.
.
.
.......
,
U S. foreign currency holdings and U.S short-term assets, net
..
. ...
.
U S claims reported by U S banks not included elsewhere . . . . .
.
...
48 Foreign assets in the United States, net (increase/capital inflow (+))
49
50
51
52
53
54
55
Foreign official assets in the United States net
U S. Government securities .. ..
.
U.S. Treasury securities9
Other10
Other U S Government liabilities "
U S liabilities reported by U S banks not included elsewhere
Other foreign official assets 12
56
57
58
59
60
61
Other foreign assets in die United States net
Direct investment
U S Treasury securities
U S securities other than U S Treasury securities
,
.
.
U S liabilities reported by U S banks not included elsewhere
16
9,681
1,608
1,572
480
166
5,854
62 Allocations of special drawing rights
Memoranda:
Balance on merchandise trade (lines 2 and 16)
Balance on services (lines 3 and 17)
...
Balance on investment income (lines 11 and 25)
Balance on goods, services, and income (lines 1 and 15 or lines 64, 65, and 66) l3
Unilateral transfers, net (line 29)
Balance on current account (lines 1 15 and 29 or lines 67 and 68) 13
See footnotes on page 75.
6,362
3,588
951
252
908
663
16
1,139
63 Statistical discrepancy (sum of above items with sign reversed)
63a
Of which seasonal adjustment discrepancy
64
65
66
67
68
69
16
.....
,
SURVEY OF CURRENT BUSINESS
June 1990
83
Transactions—Continued
of dollars]
Seasonally adjusted
1982
1981
1980
Line
1983
III
IV
I
II
III
IV
93,013
88,624
82,867
84,345
83,822
87,223
88,494
1
55,288
52,206
48,426
49,315
49,337
50,333
52,835
2
14,906
3,025
15,028
3,279
14,870
3,094
14,712
3,174
15,303
3,703
15,072
3,162
15,237
3,110
14,475
2,549
3
4
3,475
769
3,135
3,280
805
3,129
3,178
795
3,114
3,039
774
3,058
2,896
800
3,016
2,647
899
3,034
2,662
900
3,111
2,999
879
3,187
2,639
932
3,258
5
6
7
1,826
2,535
132
1,822
2,679
147
1,332
3,196
139
1,313
3,229
120
1,370
3,343
192
1,162
3,539
125
1,278
3,595
147
1,330
3,666
241
1,343
3,587
132
1,326
3,624
147
8
9
10
21,375
8,415
12,082
878
21,732
7,554
13,190
988
21,520
8,153
12,453
914
21,374
» 6,786
13,530
1,058
22,697
6,228
15,469
1,000
21,548
5,826
14,748
974
19,729
5,878
12,765
1,086
19,727
6,353
12,163
1,211
19,413
6,109
12,133
1,171
21,653
7,566
12,855
1,232
21,184
6,798
13,168
1,218
11
12
13
14
-90,072
-92,017
-90,713
-91,390
-88,490
-87,226
-90,509
-85,927
-84,265
-90,249
-97,903
-101,651
15
-66,052
-66,895
-65,333
-66,783
-62,955
-60,306
-64,249
-60,132
-59,488
-64,406
-70,839
-74,167
16
-10,760
-2,952
-11,360
-2,778
-11,447
-3,097
-11,236
-2,709
-11,460
-2,980
-11,715
-2,954
-11,971
-3,168
-11,698
-3,144
-12,029
-3,193
-12,012
-3,127
-12,492
-3,149
-13,015
-3,191
-13,099
-3,220
17
18
-2,611
-951
-2,813
-2,702
-925
-2,924
-2,913
-1,127
-3,119
-2,761
-1,100
-3,189
-2,894
-1,119
-3,125
-2,911
-1,141
-3,041
-3,074
-1,233
-3,016
-3,165
-1,183
-2,982
-2,945
-1,148
-2,874
-3,210
-1,208
-2,838
-2,966
-1,336
-2,880
-3,259
-1,517
-2,865
-3,501
-1,542
-3,157
-3,424
-1,609
-3,320
19
20
21
-140
-742
-285
-126
-747
-349
-273
-695
-289
-225
"-884
-314
-101
-870
-329
-177
-882
-330
-147
-926
-314
-142
-973
-323
-151
-961
-361
-149
-1,022
-416
-175
-1,046
-359
-154
-1,144
-405
-163
-1,101
-438
-186
-1,069
-369
-221
-949
-356
22
23
24
-10,409
-1,728
-5,597
-3,084
-10,354
-2,092
-5,292
-2,970
-10,604
-3,291
-4,277
-3,036
-11,166
-1,524
-6,048
-3,594
-12,660
-1,717
-6,895
"-4,048
-13,675
-1,948
-7,365
-4,362
-14,144
-1,826
-7,886
-4,432
-13,147
-1,407
-7,269
^t,471
-13,820
-707
-8,410
-4,703
-14,949
-834
-9,537
-4,578
-14,562
-705
-8,879
-4,978
-13,766
-910
-7,833
-5,023
-12,765
-1,085
-6,961
-4,719
-13,351
-1,512
-7,171
-4,668
-14,049
-1,640
-7,663
-4,746
-14,385
-1,361
-8,164
-4,860
25
26
27
28
-2,174
-1,648
-1,909
-2,618
-1,900
-1,946
-2,278
-2,207
-2,459
-2,182
-2,287
-2,846
-1,816
-2,135
-2,526
-3,478
29
-1,485
-440
-249
-961
-443
-244
-1,178
-467
-264
-1,863
-468
-287
-1,143
-480
-277
-1,192
-478
-276
-1,462
-542
-274
-1,349
-542
-316
-1,582
-509
-368
-1,231
-577
-374
-1,350
-574
-363
-1,923
-591
-332
-1,045
-542
-229
-1,271
-559
-305
-1,595
-550
-381
-2,557
-557
-364
30
31
32
-12,949
-24,893
-19,522
-28,752
-23,319
-22,282
-17,225
-48,124
-33,547
-41,684
-26,102
-23,158
-25,688
-1,544
-9,920
-18,951
33
-3,268
502
-1,109
-4,279
-4,529
-905
-4
262
-1,089
-1,132
-794
-1,950
-787
16
529
-953
-1,152
-34
-2,082
112
-99
489
-261
-294
-554
1,285
-1,240
-4,324
-1,441
-707
-2,381
-23
-780
-102
-225
-647
868
-134
-358
754
-400
-547
-142
-241
-814
-77
^434
-459
99
-297
-732
-920
-98
-2,139
1,450
-303
-212
531
-209
-88
826
545
-1,996
498
34
35
36
37
38
-1,441
-2,611
1,006
164
-1,159
-2,350
1,142
49
-1,382
-2,576
1,185
9
-1,178
-2,322
1,124
20
-1,361
-2,594
1,065
168
-1,491
-2,365
1,051
-177
-1,268
-2,420
1,121
31
-976
-2,295
1,176
143
-800
-1,849
1,112
-63
-1,727
-2,524
1,022
-225
-2,524
-3,452
980
-52
-1,080
-2,238
1,179
-21
-1,136
-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
39
40
41
42
-8,240
-5,188
-787
-1,062
-1,203
-24,236
-2,659
-1387
-25
-20,165
-17,031
-4,156
-944
509
-12,440
-23,295
-7,219
-450
-2,596
-13,030
-17,429
-2,044
-473
-3,248
-11,664
-19,886
-5,709
-1,564
2,389
-15,002
-15,953
-1,124
-697
1,178
-15,310
-47,410
-745
-2,966
-1,500
-42,199
-31,658
-1,566
-628
3,879
-33,343
-38,825
1,357
-471
-308
-39,403
-22,784
1,210
-3,397
808
-21,405
-20,129
-1,969
-3,488
2,247
-16,919
-23,765
863
-1,549
-2,776
-20,303
-297
-111
-2,813
-230
3,518
-9,278
-4,121
-1,308
-233
-3,616
-16,562
-2,668
-1,093
-3,274
-9,527
43
44
45
46
47
I
II
III
IV
I
II
III
IV
I
II
85,038
82,949
86,052
89,204
94,422
95,844
94,726
94,426
91,558
54,330
55,785
55,995
58,159
60,389
60,077
58,159
58,460
55,278
10,997
1,845
11,491
2,074
12,543
2,696
12,554
2,415
13,684
2,267
14,392
2,862
14,835
3,173
14,446
2,419
2,547
612
2,771
2,534
642
2,843
2,737
682
2,935
2,770
655
3,069
3,108
734
3,180
3,102
804
3,108
3,228
804
3,137
1,678
1,450
94
1,784
1,537
77
1,783
1,608
102
1,839
1,681
125
1,819
2,474
102
1,817
2,562
137
19,711
11,348
7,773
590
15,673
7,253
7,829
591
17,514
9,849
6,984
681
18,491
8,696
9,095
700
20,349
8,427
11,022
900
-85,649
-82,498
-80,747
-84,882
-64,905
-62,038
-59,851
-62,956
-10,335
-2,635
-10,106
-2,569
-10,292
-2,695
-2,603
-840
-3,055
-2,481
-891
-2,998
-185
-725
-292
17
17
8,582
9,873
14,430
25^26
8,719
14,465
17,330
42,518
27,166
33,720
18,280
14,580
16,002
15,635
19^86
33,847
48
-7,413
-4,556
-5,357
801
-19
-3,198
360
7,731
4,610
4,360
250
593
1,676
851
7,564
4,343
3,794
549
-67
1,823
1,465
7,614
7,498
6,911
587
107
-460
469
5,502
7,696
7,242
454
87
-3,109
828
-3,159
-1,542
-2,078
536
-218
-2,048
649
-5,992
-4,071
-4,615
544
-516
-2,380
975
8,609
4,239
4,470
-231
309
3,867
194
-3,265
-1,629
-1,327
-302
-133
-1,684
181
1,534
-1,835
-2,094
259
562
2,797
10
2,694
4,662
4,854
-192
-11
-1,870
-87
2,629
3,887
4,346
-459
186
-990
^54
-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
49
50
51
52
53
54
55
15,995
3,321
3,300
2,435
340
6,599
2,142
5,756
-1,271
496
1,671
-4,509
6,866
4,713
-278
263
1,252
916
17,612
3,128
894
2,263
3,590
7,737
3,217
3,146
1,386
2,357
121
-3,793
17,623
5,294
741
3,512
13
8,063
33,909
11,251
1,248
332
-301
21,380
30,431
2,080
1,297
1,263
-65
25,856
56
57
58
59
60
61
6,000
128
16,217
572
1,696
-2,862
1,822
2,161
11,057
389
5,937
128
-1,841
-2,382
4,776
1,859
-10,575
662
9,302
-611
-2,174
-2,785
-6,253
1,385
5,319
451
-1,648
-1,197
-3,856
2,251
6,910
5,305
-1,909
3,396
-4,797
1,794
7,325
4,322
-2,618
1,704
-5,663
2,324
7,689
4,350
-1,900
2,450
-6,818
2,945
7,700
3,827
-1,946
1,881
-7,174
3,599
7,588
4,013
-2,278
1,735
-8,323
2,986
8,373
3,036
-2,207
829
16
1,152
23,323
5,505
-448
704
1,084
16,478
16
16
32,186
3,505
2,093
2,486
-2,023
26,125
15,586
3,166
1,391
555
-282
10,756
11,951
5,041
2,246
1,781
-13
2,896
16
16
16
5,772
-279
4,359
-1,015
11,994
-2,729
14,484
4,019
-7,677
3,191
7,554
3,068
-2,459
609
-5,018
3,057
7,748
5,787
-2,182
3,605
-12,043
3,172
6,986
-1,885
-2,287
-4,172
-11,706
2,683
5,963
-3,060
-2,846
-5,906
16
16
22,075
4,325
1,008
1,777
1,311
13,654
26,887
1,736
1,652
1,044
1,398
21,057
11,423
648
-5,529
-888
3,740
-3,239
1,739
3,477
63
63a
-10,173
3,291
6,962
80
-1,816
-1,736
-15,069
2,580
6,062
-6,427
-2,135
-8,562
-20,506
2,222
7,604
-10,680
-2,526
-13,206
-21,332
1,376
6,799
-13,157
-3,478
-16,635
64
65
66
67
68
69
16,039
1,789
2,913
2,873
-2,763
11,227
16
14,023
4,097
3,1 16
2,470
-64
4,404
1,093
62
84
SURVEY OF CURRENT BUSINESS
June 1990
Table 1.—U.S. International
[Millions
Seasonally adjusted
(Credits +; debits -)!
Line
1984
I
1 Exports of goods, services, and income
Merchandise adjusted excluding military 2
3
4
Services 3
.
Transfers under U S military agency sales contracts *
95,413
92353
91,703
89,620
91373
55,803
56,305
55,167
54,104
52,764
53,900
. .
....
16,129
2,664
16,874
2,495
16,814
2,566
16,666
2,246
17,063
2,625
16,964
2,273
16,604
1,964
17,201
1,837
3,852
"984
3,332
4,501
1,044
3,436
4,288
984
3,500
4,410
1,002
3,541
4,350
979
3,595
4,558
1,042
3,572
4,367
1,099
3,642
4,387
1,204
3,865
1,352
3,796
149
1,393
3,804
201
1,433
3,879
164
1,452
3,818
197
1,391
3,893
230
1,414
3,872
233
1,407
3,881
244
1,782
3.955
171
22,531
7,822
13,499
1,210
23,303
7,383
14,483
1,437
24,659
7,914
15,490
1,255
22,442
6,865
14,252
1,325
20,623
6,785
12,573
1,265
20,635
7,061
12,288
1,286
20,252
6,855
11,847
1,550
20,772
7,595
11,780
1,397
-116,881 -119,087
....
-119,151
-114,544
-118,618
-118,036
-121,714
-79,635
-83,332
-84,339
-85,116
-80,770
-83,843
-84,032
-89,438
-15,040
-2,953
15,851
-3,115
-16,241
-2,914
-16,607
-3,133
-16,638
-3,091
-17,295
-3,092
-17,148
-2,986
-17,632
-3,627
-110,585
15 Imports of goods, services, and income
16
Services 3
Direct defense expenditures
IV
97,276
Income receipts on U.S. assets abroad
17
18
HI
54,610
17
U S Government receipts
II
94,787
Royalties and license fees 5 6
Other private services *
11
12
13
14
I
53,182
Other transportation
8
9
10
IV
91342
Travel
5
6
7
1985
III
..
.
2
II
.
19"
20
21
Travel
17
-5,507
17
Other transportation
-1,376
-3,550
-5,811
-1,473
-3,663
-6,122
-1,483
-3,782
-5,864
-1,546
-3,848
-6,154
-1,552
-3,750
-6,532
-1,741
-3,883
-6,448
-1,734
-3,826
-6,022
-1,624
-4,184
22
23
24
Royalties and license fees 5 '
Other private services 6
U S Government miscellaneous services
-222
-1,068
-364
-213
-1,195
-381
-243
-1,307
-390
-277
-1,540
-399
-229
-1,412
-*50
-201
-1,414
-432
-228
-1,490
-436
-234
-1,524
-417
-15,910
-2,356
-8,608
-4,946
-17,698
-2,569
-10,052
-5,077
-18,507
-2,294
-10,808
-5,405
-17,428
-2,010
-9,691
-5,727
-17,136
-2,284
-9,114
-5,738
-17,480
-2,544
-9,238
-5,698
-16,856
-1,937
-9,151
-5,768
-14,644
686
-9,562
-5,768
25
26
27
28
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
U S Government payments
-2,462
-2,558
-3,213
-4,388
-3,368
-3,598
-4,163
-4,345
U S Government grants 4
U S Government pensions and other transfers
Private remittances and other transfers
-1,498
-536
-428
-1,557
-555
-446
-2,274
-524
-415
-3,368
-544
-476
-2,236
-542
-590
-2,591
-522
-485
-3,093
-531
-539
-3,347
-544
-454
33 U.S. assets abroad, net (increase/capital outflow (-))
-3,727
-22,075
13,783
-19,050
-4,112
-571
-3,931
-19,110
-657
-566
-799
-1,110
-233
-356
-121
-3,148
-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
-2,033
-2,792
1,011
-252
-1,342
-2,695
1,350
3
-1,392
-2,190
928
130
-720
-1,922
1,201
1
-760
-1,790
1,100
-70
-1,053
-2,553
1,234
266
-453
-1,733
1,262
18
-555
-1,581
1,124
-$8
-1,037
-1,111
758
873
-1,557
-20,168
-822
-764
1,564
-20,146
15,974
-2,278
-1,106
1,541
17,817
-17 221
-7,377
-3,644
1,041
-7,241
-3,119
-1,917
-2,474
988
284
838
-2,324
-2,219
2,056
3,325
-3,357
-3,758
-1,572
-1,874
3,847
-15,408
-5,165
-1,217
-247
-8,779
29 Unilateral transfers, net ..
30
31
32
34
35
36
37
38
U S official reserve assets, net 7
Gold
.
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
39
40
41
42
U S Government assets other than official reserve assets net
U.S. credits and other long-term assets
43
44
45
46
47
U S private assets net
.
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
U S claims reported by U.S. banks, not included elsewhere
U S foreign currency holdings and U S short-term assets net
48 Foreign assets in the United States, net (increase/capital inflow (+))
49
50
51
52
53
54
55
56
57
58
59
60
61
,
U S Government securities9
...
U.S. Treasury securities
Other 10.
.
Other U.S. Government liabilities u
U.S. liabilities reported by U.S.
banks, not included elsewhere
Other foreign official assets l2
Other foreign assets in the United States, net
Direct investment
...
,
,
•
U S securities other than U S Treasury securities
U S liabilities to unaffiliated foreigners reported by U S nonbanking concerns
22,116
41,855
2,472
36,178
16,507
25,103
35,082
53,320
-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
-10,976
-7499
-7,177
-322
-357
-3,007
-113
8,507
8,886
8,750
136
565
-120
-824
2,488
-358
-414
56
302
2,927
-383
-1,102
2 168
-1,997
-171
370
845
-149
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
2^15
2,450
4^72
-2,010
8,770
-4,133
10,998
3,693
12,663
2,881
5,981
-2,276
1,428
-3,691
-24
3,094
-26,453
1,089
6,621
-18,743
-2,462
-21,205
-28,722
1,023
5,605
-22,094
-2,558
-24,652
-28,536
573
6,152
-21,811
3213
-25,024
-28,811
59
5,014
-23,738
-4,388
-28,126
-25,603
425
3,487
-21,691
-3,368
-25,059
-29,739
-331
3,155
-26,915
-3,598
-30,513
-31,268
-544
.3,396
-28,416
-4,163
-32,579
-35,538
-431
6,128
-29,841
-4,345
-34,186
62
63 Statistical discrepancy (sum of above items with sign reversed)
Of which seasonal adjustment discrepancy
63a
64
65
66
67
68
69
Memoranda:
Balance on merchandise trade (lines 2 and 16) ,
Balance on services (lines 3 and 17)
Balance on investment income (lines 11 and 25)..
Balance on goods, services, and income (lines 1 and 15 or lines 64, 65, and 66) n
Unilateral transfers net (line 29)
. .
Balance on current account (lines 1, 15, and 29 or lines 67 and 68) 13
See footnotes on page 75.
...
.
«
85
SURVEY OF CURRENT BUSINESS
June 1990
Transactions—Continued
of dollars]
Seasonally adjusted
I
II
IV
I
II
I
II
HI
IV
95,435
96,107
95,510
97,084
99,638
105,494
109,918
117,088
128,329
131,565
134,782
138,762
146,826
151,1
53,967
56,771
55,438
57,191
57,280
60,135
63,913
68,938
76,497
79,392
80,511
83,937
88,267
91,1
19,415
1,915
19,191
1,987
20,271
2,140
20,912
2,555
21,960
3,201
23,018
3,385
23,070
2,603
23,285
2,084
24,852
2,536
25,434
2,569
26,329
2,568
26,439
1,848
27,687
2,043
28,0
1,9
4,988
1,319
3,826
4,775
1,182
3,844
5,217
1,475
3,910
5,294
1,482
3,878
5,329
1,512
4,009
5,695
1,705
4,163
6,033
1,758
4,337
6,309
1,891
4,480
6,636
2,092
4,666
6,928
2,146
4,721
7,540
2,276
4,737
7,830
2,257
4,814
8,066
2,542
5,033
8,2
2,3i
5,0
1,664
"5,514
189
1,789
5,481
133
1,879
5,523
127
1,922
5,634
147
2,138
5,662
109
2,173
5,765
132
2,338
5,856
145
2,412
5,968
141
2,550
6,223
149
2,668
6,230
172
2,726
6,310
172
2,914
6,596
180
2,868
6,973
162
2,9
7,2'
1;
22,053
8,915
11,560
1,578
20,145
7,558
11,140
1,447
19,801
7,365
10,460
1,976
18,981
7,061
10,509
1,411
20,398
8,717
10,332
1,349
22,341
10,066
10,873
1,402
22,935
10,642
10,942
1,351
24,865
11,165
12,491
1,209
26,980
12,485
11,751
2,744
26,739
12,957
12,488
1,294
27,942
13,081
13,670
1,191
28,386
11,296
15,621
1,469
30,872
13,076
16,616
1,180
31,9:
13,0
17,8:
1,0
-126,516
-126,847
-128,680
-131,476
-136,625
-142,157
-148,721
-152,370
-157,535
-159,380
-162,079
-168,299
-170,375
-176,7
-89,549
-90,813
-92,982
-95,081
-95,916
-99,834
-104,903
-109,113
-109,988
-110,494
-111,290
-115,551
-116,360
-119,3:
-18,815
-3,399
-17,766
-3,429
-19,215
-3,300
-19,285
-3,375
-20,274
-3,594
-21,061
-3,646
-21,328
-3,780
-22,234
-3,784
-22,967
-3,611
-22,556
-3,708
-22,706
-3,712
-23,303
-3,942
-23,608
-3,806
-23,5:
-6,829
-1,685
-4,131
-5,950
-1,535
-4,009
-6,910
-1,712
-4,313
-7,057
-1,734
-4,262
-7,342
-1,785
-4,038
-7,490
-1,815
-4,480
-7,387
-1,863
-4,582
-7,803
-1,948
-4,986
-8,169
-1,973
-5,028
-7,899
-1,956
-5,002
-8,381
-1,953
-4,843
-8,649
-2,049
-4,802
-8,487
-2,121
-5,090
-2,1
-5,K
-262
-2,046
-463
-279
-2,168
-396
-301
-2,235
-444
-220
-2,254
-383
-331
-2,799
-385
-326
-2,851
-453
-324
-2,884
-508
-382
-2,784
-547
-594
-3,099
-493
-597
-2,921
-473
-427
-2,894
-496
-435
-2,928
-498
-443
-3,146
-515
-5'
-3,1-5
-18,152
-2,061
r40,073
*6,018
-18,268
-2,388
-9,957
-5,923
-16,483
-577
-9,864
-6,042
-17,110
-353
-10,669
-6,088
-20,435
-3,412
-10,756
-6,267
-21,262
-2,606
-12,369
-6,287
-22,490
-3,648
-12,562
-6,280
-21,023
166
-14,732
-6,457
-24,580
-3,807
-13,855
-6,918
-26,330
-4,512
-14,449
-7,369
-28,083
^,373
-15,889
-7,821
-29,445
-4,056
-17,333
-8,056
-30,407
-2,949
-18,751
-8,707
-33,8!
-4,6:
-20,3:
-8,9:
-3,087
-4,252
-4,445
-4,226
-3,178
-3,382
-3,308
-4,707
-3,476
-3,060
-3,461
-5,008
-3,555
-3,0!
-2,102
-517
-468
-3,274
-521
-457
-3,482
-489
-474
-3,010
-670
-546
-2,111
-544
-523
-2,275
-559
-548
-2,241
-551
-516
-3,649
-558
-500
-2,338
-620
-518
-2,018
-622
-420
-2,452
-626
-383
-3,935
-623
-450
-2,556
-604
-395
-2,0<
-5!
-J
-13,518
-22,822
-24,125
-31,563
13,410
-22,573
-25,239
-28,546
4,569
-19,856
•^12,383
-26,508
-32,859
-1,3!
16
280
132
1,956
3,419
32
3,742
39
-7,380
1,925
-4,000
-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
180
69
-210
-35
202
-7,547
-173
307
1,791
-188
316
^,128
-i2,o<
<
-u
-266
-1,826
1,538
22
-230
-1,637
1,364
43
-1,554
-4,265
1,758
953
29
-1,356
1,429
-44
-5
-978
1,126
-153
-177
-2,127
1,791
159
310
-2,067
2,381
-4
868
-1,343
2,327
-116
-1,594
-2,808
1,109
105
-847
-2,021
1,152
22
1,957
-1,458
3,358
57
3,452
-1,388
4,759
81
962
-1,009
1,967
4
-3(
-1,1(
8(
^13,137
-9,486
-5,930
-2,637
4,916
-22,608
-5,441
-1,051
-2,456
-13,660
-22,851
-3,940
181
-183
-18,909
-31,724
189
2,529
-2,120
-32,322
11,459
-6,269
-1,749
-760
20,237
-25,815
-6,097
-287
3,442
-22,873
-25,581
-7,884
-1,159
322
-16,860
-33,156
-10,797
-2,056
2,320
-22,623
4,661
-5,522
-4,539
-363
15,085
-19,048
-1,102
1,333
-6,823
-12,456
-36,960
-6,401
-1,592
-537
-28,430
-31,885
-3,193
-3,047
4,876
-30,521
-29,821
-6,024
-2,062
1,851
-23,586
11,01
-7,2i
-6,1*
-2,3f
26,8i
39,032
50,337
69,908
62,322
33,450
51,097
73,564
60,360
26,079
65,270
49,797
80,295
68,402
2,7J
2,704
3,061
3,238
-177
415
-1,131
359
15,884
13,896
14,540
-644
1,047
1,472
-531
15,766
11,895
12,171
-276
1,130
3,043
-302
1,234
4,298
4,415
-117
-457
-2,197
-410
14,109
12,131
12,193
-62
-1,205
3,543
-360
10,292
11,340
11,084
256
-1,380
615
-283
742
1,555
841
714
-153
-35
-625
20,068
19,776
19,120
656
236
-205
261
24,840
27,568
27,730
-162
-133
-1,751
-844
5,970
6,055
5,853
202
-478
810
-417
-2,015
-3,197
-3,769
572
-196
1,886
-508
10,720
12,624
11,927
697
97
-1,264
-737
7,797
5,351
4,630
721
-200
2,191
455
-4,9<
-9,8:
-9,7:
_c
4't
3,82
36,328
4,014
5,820
18,730
-1,933
9,697
34,453
5,686
3,820
22,752
-1,131
3,326
54,142
8,087
-1,754
17,107
1,122
29,580
61,088
16,304
-4,077
12,380
-699
37,180
19,341
8,180
-2,826
18,372
2,153
-6,538
40,805
7,876
-2,431
15,960
1,045
18,355
72,822
16,277
-2,835
12,676
109
46,595
40,292
14,561
449
-4,888
-444
30,614
1,239
9,616
5,911
2,423
1,535
-18,246
59,300
13,885
5,473
9,702
139
30,101
51,812
11,896
3,443
7,464
2,822
26,187
69,575
23,038
5,412
6,764
2,168
32,193
60,605
21,348
9,323
8,731
3,717
17,486
2,3:
9,5-5
-4(
-20,8C
8,654
3,382
7,477
-3,149
-8,168
-3,775
7,859
3,539
-6,695
3,735
11,521
-2,453
-6,214
-4,158
8,175
2,873
2,034
2,970
-14,539
-2,995
23^44
-4,630
-19,242
4,656
-8,439
3,093
27,22
-1,6$
-35,582
600
3,901
-31,081
-3,087
-34,168
-34,042
1,425
1,877
-30,740
-4,252
-34,992
-37,544
1,056
3,318
-33,170
-4,445
-37,615
-37,890
1,627
1,871
-34,392
-4,226
-38,618
-38,636
1,686
-37
-36,987
-3,178
-40,165
-39,699
1,957
1,079
-36,663
-3,382
-40,045
-40,990
1,742
445
-38,803
-3,308
-42,111
-40,175
1,051
3,842
-35,282
-4,707
-39,989
-33,491
1,885
2,400
-29,206
-3,476
-32,682
-31,102
2,878
409
-27,815
-3,060
-30,875
-30,779
3,623
-141
-27,297
-3,461
-30,758
-31,614
3,136
-1,059
-29,537
-5,008
-34,545
-28,093
4,079
465
-23,549
-3,555
-27,104
-28,22
4,52
-1,95
-25,64
-3.0C
-28,64
17
-115
?
1988
1987
1986
II
IV
III
I
1,502
III
-3,6:
-8,4:
-12,0(
7,7f
n,ot
86
SURVEY OF CURRENT BUSINESS
June 1990
Table 2.—U.S. Merchandise
[Millions
Line
1980
1982
1986
1987
1988
1989
226,471
253,934
323,384
362,808
175
243
245
265
457
718
592
544
1,298
1 609
1 845
1979
-4,550
-5,686
-5,220
-4,667
-484
-552
-509
-464
215,935
223^67
250,266
320,337
360,465
330,514
336,228
365,672
406,283
441,925
472,764
1,022
1984
1978
1979
143,682
181,860
102
109
156
178
163
166
169
194
36
159
317
1 285
883
350
330
406
756
2 118
-4,720
899
4,662
-3,229
1,043
5,103
-3,317
1 151
5 108
^,921
967
4485
-7,369
1 164
5014
-6,546
1 373
5 164
-5,719
1 345
6771
-5,461
80
13
341
607
-124
16
-139
74
142,054
184,473
224,269
237,085
211,198
201,820
219,900
174,757
209,458
244,871
261,305
243,941
261,724
422
844
623
664
2,772
940
910
1,407
1,816
1,462
1,118
1981
1983
1985
A Balance of payments adjustments to Census trade data:
EXPORTS
1 Merchandise exports, Census basis ' including reexports and including military
grant shipments.
220,626
233,677
212,193
201,656
218,722
212,606
Adjustments:
2
Private gift parcel remittances
3
Gold exports nonmonetary
4
5
Inland U S freight to Canada 2
U S -Canadian reconciliation adjustments n e e net 3
....
Merchandise exports transferred under
U.S. military agency sales contracts
identified in Census 5documents 4.
Other adjustments net
6
7
..
8 Equals: Merchandise exports, adjusted to balance of payments basis
excluding "military" (table 1, line 2).
IMPORTS
9 Merchandise imports, Census basis ' (general imports)
Adjustments:
10
11
12
13
14
15
Electric energy
Gold imports nonmonetary
Inland freight in Canada 2
. '
U.S.-Canadian reconciliation adjustment, ri.e.c., net 3
Merchandise 4imports of U.S. military agencies identified in Census
documents .
Other adjustments, net 6 7
16 Equals: Merchandise imports, adjusted to balance of payments basis,
excluding "military" (table 1, line 16).
999
290
1,067
474
559
1 504
-841
-774
1,376
-708
-1,005
872
2,163
1,643
-645
-1,199
986
2 133
1 830
825
3576
2254
86
2,134
2,120
-1,586
-247
-162
403
419
623
-225
-394
-307
-427
1,325
1,292
-446
-1,330
-1,686
387
343
1,418
686
523
3,716
478
611
-81
-136
429
-189
176,001
212,009
249,750
265,063
247,642
268,900
332,422
338,083
368,425
409,766
447,323
475329
142,054
184,473
224,269
237,085
211,198
201,820
219,900
215,935
223,367
250,266
320,337
360,465
39,546
31 778
3682
4258
7204
3371
4,843
7,277
1,123
7,768
54,177
42474
5223
5663
8694
4,459
6,334
10,686
1,425
11,703
67,603
53,466
6,673
7,539
11,449
5,606
7,454
12,818
1,693
14,137
65,108
51 366
5643
7431
10502
5415
7 358
12 483
2,622
13,742
59,701
46905
5 153
7 194
9213
4641
7455
10694
2,419
12,796
55,448
43776
5055
6029
8641
3947
7286
10572
2,246
11,672
56,867
46380
5 194
6055
8775
4310
7,486
12201
2,359
10,487
56,015
45 191
4805
6097
8939
4557
7241
11087
2,465
10,824
60,375
51 848
5456
7 119
10461
4750
7 190
11,152
5,720
8,527
68,605
59530
6 147
7949
11 533
5466
8026
13752
6657
9,075
86,404
74467
7,385
9910
14254
6671
9711
18064
8472
11,937
98,475
84590
8474
11 590
16395
7 101
11 258
20358
9,414
13,885
31,229
12,960
4,213
2,712
38,690
17,629
5,434
3,482
41,626
20,806
7,117
4,044
46,016
21,796
8,980
5,100
39,203
20,694
7,656
4,402
44,512
21,789
6,604
3,850
53,037
23,241
7,849
4,849
55,390
22,145
6,967
5,060
56,503
26,354
62,005
27,619
74,322
37,183
79,746
43,673
5,072
5,291
6,810
8,105
3,893
5,913
4,143
4440
3,749
2,976
4290
3258
2074
2262
3832
5578
22,033
2959
6,689
3,727
8,658
28,555
3,425
9,931
3,933
11,266
38,844
4,359
15,231
4,574
14,680
42,804
3784
18207
5,441
15,372
33,152
3446
11736
5,192
12,778
25,641
2556
9,094
2,707
11,284
29,766
2746
12020
3,386
11,614
30,788
3311
13386
3,063
11,028
30,757
3879
12310
3,094
11,474
34,971
4082
14558
3,534
12,797
43,658
4242
20582
4,532
14,302
48,825
4770
24671
2,962
16,422
28,180
23,466
8633
863
1,625
2,929
1,452
2,165
4,576
1,886
34,075
29,141
8372
1,731
2,082
3,830
2,251
3,089
4,706
1,557
44,097
37,332
9,655
3,821
2,682
4,403
3,028
4,089
6,504
2,281
47,853
39,473
11 597
3624
2633
4,998
2,967
4,033
7,873
3,207
46,978
39,817
12000
2920
2450
5,286
3,206
4,006
6933
2,647
44,785
38,639
10217
2228
2572
5,732
3,715
4,291
5876
1,733
44817
39,005
8419
3017
3 118
5887
3,687
4,765
5526
1,316
41 180
35,265
6203
3854
2754
5728
3,444
4274
5619
1 558
42,232
36,332
5780
3065
2981
5,862
3,344
5,115
5636
911
49513
43,694
5775
3512
3974
7 646
4044
7096
5581
778
68076
60,546
7383
5 100
5666
10637
5759
11 882
7 177
1 173
75890
67,805
8 169
5803
6260
13080
7315
10940
7733
1 336
33
88
65
65
33
192
52
173
137,152
17,368
69,716
141900
21097
74000
127 254
20651
63228
128 353
15256
58 146
140 994
13771
65 102
140 517
11 409
63817
207 344
13762
99 179
232 769
13071
1 14 452
115
B Merchandise trade, by area 9 and country, adjusted to balance of payments
basis, excluding military:
EXPORTS
1 Total, all countries (A-8)
2
3
4
5
6
7
g
9
10
11
Western Europe
12
13
14
15
Canada 3
Japan
Australia, New Zealand and South Africa 8
Australia ..
16
Eastern Europe
17
18
19
20
21
Latin America and Other Western Hemisphere
Brazil
Mexico...
Venezuela
Other..,
22
23
24
25
26
27
28
29
30
31
Other countries
in Asia and Africa 8 9
Asia8 9
Members of OPEC
China
Hong Kong
Korea, Republic of
Singapore
Taiwan
Africa 8 9..
Members of OPEC
32
International organizations and unallocated.
....
Belgium and Luxemboure
France
Germany Federal Republic of
Italy
Netherlands
United Kingdom
Other...
Western Europe excluding EC
.
.
.
.
.....
,
,
,
,
,
,
.
;
,
N
Memoranda:
33
34
35
Industrial countries '9
Members of OPEC
Other countries '
See footnotes on page 75.
,
87,948
14,846
39,260
115,930
14,556
53,987
150318
10387
62662
165 623
10706
73937
SURVEY OF CURRENT BUSINESS
June 1990
87
Trade
of dollars]
Seasonally adjusted
Not seasonally adjusted
II
I
77,676
81,751
III
IV
78,802
85,155
I
II
88,843
94,115
1988
1990
1989
1988
III
IV
I"
87,507
92343
97,089
77,159
I
II
79,941
1990
1989
I
III
IV
81,418
84,866
II
88,678
91,734
III
IV
I'
90,216
92,180
97,084
Line
2
58
54
58
75
62
58
67
78
60
58
54
58
75
62
58
67
78
60
14
296
126
156
133
71
123
217
132
14
296
126
156
133
71
123
217
132
3
453
473
458
461
442
553
482
502
457
447
475
466
440
524
501
514
-1,076
-1,304
-1,472
-1,368
-1,036
-1,076
-1,325
-1,230
-1,256
-1,076
-1,304
-1,472
-1,368
-1,036
-1,076
-1,325
-1,230
-1,256
4
5
6
-115
-41
-95
-258
-11
-201
-232
-20
24
-115
-41
-95
-258
-11
-201
-232
-20
24
7
77,010
81,229
77,877
84,221
88,433
93,520
86,622
91,890
96,049
76,497
79,392
80,511
83,937
88,267
91,111
89,349
91,738
96,044
8
105,528
109,737
109,927
116,733
112,943
119,685
118,199
121,937
119,386
108,034
108,658
110,583
114,650
115,708
118,668
118,650
119,738
122,126
(
238
1,573
665
190
1,460
554
230
224
501
167
319
534
23
443
532
23
579
555
24
464
504
16
648
529
23
119
586
238
1,573
665
190
1,460
554
230
224
501
167
319
534
23
443
532
23
579
555
24
464
504
16
648
529
23
119
586
-409
-387
-445
-445
-375
-409
-430
-372
-361
-409
-387
M45
-^45
-375
-409
-430
-372
-361
10
11
12
13
14
-113
19
197
326
29
-83
-59
-76
-77
-113
19
197
326
29
-83
-59
-76
-77
15
107,482
111,573
110,634
117,634
113,595
120,350
118,702
122,682
119,676
109,988
110,494
111,290
115^51
116,360
119,333
119,152
120,484
122,415
16
77,010
81,229
77,877
84,221
88,433
93,520
86,622
91,890
96,049
76,497
79,392
80,511
83,937
88,267
91,111
89,349
91,738
96,044
1
' 21,585
18,661
1,855
2,618
3,704
1,616
2,408
4,428
2,032
2,924
22,115
19,013
1,787
2,435
3,698
1,767
2,360
4,685
2,281
3,102
19,936
17,210
1,768
2,371
3,162
1,497
2,253
4,208
1,951
2,726
22,768
19,583
1,975
2,486
3,690
1,791
2,690
4,743
2,208
3,185
24,548
21,309
2,032
2,911
4,059
1,817
2,770
5,102
2,618
3,239
25,258
21,636
2,207
2,939
4,263
1,905
2,836
5,108
2,378
3,622
23,385
19,995
1,988
2,725
3,678
1,570
2,883
5,117
2,034
3,390
25,284
21,650
2,247
3,015
4,395
1,809
2,769
5,031
2,384
3,634
27,302
23,887
2,294
3,324
4,497
1,975
3,321
5,836
2,640
3,415
21,488
18,567
1,854
2,616
3,686
1,608
2,370
4,432
2,001
2,921
21,605
18,580
1,739
2,372
3,611
1,730
2,327
4,558
2,243
3,025
20,548
17,748
1,814
2,430
3,261
1,542
2,348
4,319
2,034
2,800
22,763
19,572
1,978
2,492
3,696
1,791
2,666
4,755
2,194
3,191
24,578
21,334
2,040
2,922
4,073
1,820
2,754
5,122
2,603
3,244
24,546
21,032
2,142
2,850
4,140
1,854
2,774
4,946
2,326
3,514
24,047
20,559
2,041
2,793
3,779
1,618
2,973
5,244
2,111
3,488
25,304
21,665
2,251
3,025
4,403
1,809
2,757
5,046
2,374
3,639
27,350
23,929
2,305
3,340
4,510
1,977
3,310
5,871
2,616
3,421
2
3
4
5
6
7
8
9
10
11
19,010
8,747
19,425
9,247
17,243
9,573
18,644
9,616
20,451
10,345
21,740
11,152
18,068
11,064
19,487
11,112
20,955
11,861
19,039
8,613
18,886
9,090
17,684
9,977
18,713
9,503
20,538
10,262
21,091
10,916
18,545
11,465
19,572
11,030
21,041
11,810
1,335
1,530
1,739
2,206
1,809
1,984
2,298
2,014
2,062
1,336
1,483
1,777
2,214
1,816
1,918
2,350
2,021
2,076"
12
13
14
15
1,206
1,056
543
1,027
1,737
1,832
646
1,363
1,534
1,141
1,097
596
998
1,673
1,875
703
1,327
1,468
16
9,602
951
4,324
997
3,330
10,632
1,189
4,976
1,044
3,423
11,323
1,043
5,375
1,231
3,674
12,101
1,059
5,907
1,260
3,875
11,869
1,045
6,034
1,012
3,778
12,194
1,085
6,198
684
4,227
12,013
1,237
6,089
599
4,088
12,749
1,403
6,350
667
4,329
12,435
1,240
6,456
571
4,168
9,546
954
4,306
986
3,300
10,367
1,156
4,846
1,020
3,345
11,709
1,067
5,558
1,276
3,808
12,036
1,065
5,872
1,250
3,849
11,846
1,047
6,024
1,007
3,768
11,869
1,050
6,031
668
4,120
12,719
12,391
1,406
1,267
6,333
6,283
666
621
4,220 • 4,314
12,454
1,249
6,465
572
4,168
17
18
19
20
21
15,525
13,920
1,812
1,069
1,200
2,386
1,250
3,245
1,536
287
17,172
15,095
1,704
1,285
1,352
2,580
1,398
3,432
1,980
306
17,520
15,569
1,831
1,334
1,631
2,849
1,527
2,704
1,872
262
17,859
15,962
2,036
1,412
1,483
2,822
1,584
2,501
1,789
318
17,626
15,895
2,112
1,477
1,482
3,048
1,777
2,402
1,651
250
19,360
17,485
1,981
1,288
1,796
3,493
1,730
2,980
1,766
333
19,148
16,897
1,719
1,758
1,540
3,311
1,839
2,611
2,174
400
19,756
17,528
2,357
1,280
1,442
3,228
1,969
2,947
2,142
353
19,621
17,773
2,120
1,236
1,619
3,445
1,828
2,946
1,782
337
15,334
13,778
1,783
1,064
1,194
2,336
1,252
3,227
1,489
274
16,812
14,759
1,672
1,257
1,318
2,534
1,358
3,358
1,959
309
18,220
16,156
1,914
1,383
1,676
2,972
1,560
2,812
1,976
282
17,710
15,853
2,014
1,396
1,478
2,795
1,589
2,485
1,753
308
17,506
15,809
2,098
1,450
1,483
3,024
1,784
2,394
1,618
243
18,896
17,056
1,937
1,255
1,748
3,427
1,674
2,911
1,732
329
19,848
17,494
1,792
1,834
1,589
3,429
1,881
2,706
2,272
419
19,640
17,446
2,342
1,264
1,440
3,200
1,976
2,929
2,111
345
22
23
24
25
26
27
28
29
30
31
125
279
125
19,566
17,739
2,109
1,229
1,621
3,423
1,840
2,942
1,760
329
279
58,702
3,524
29,539
62,825
3,170
29,775
58,735
3,501
29,377
62,925
3,152
29,688
33
34
35
48
52
51,259
3,251
22,500
52,931
3,208
25,038
49,234
3,511
25,132
53,920
3,792
26,509
57,773
3,523
27,089
60,813
3,156
29,551
55,481
2,868
28,273
52
51,057
3,196
22,244
51,660
3,152
24,528
48
50,747
3,667
26,097
53,880
3,747
26,310
57,816
3,494
26,909
59,129
3,088
28,894
57,089
2,988
29,272
32
SURVEY OF CURRENT BUSINESS
88
June 1990
Table 2.—U.S. Merchandise
[Millions
1978
Line
1979
1980
1982
1981
1984
1983
1985
1987
1986
1989
1988
B Merchandise trade, by area and country, adjusted to balance of payments
basis, excluding military 9—Continued:
IMPORTS
36 Total, all countries (A- 16)
37
38
39
40
41
42
43
44
45
46
Western Europe
European Communities
.
Bel&ium and Luxembourg
France
Germany, Federal Republic of.
Italy
Netherlands
United Kingdom
Other
Western Europe, excluding EC
47
48
49
50
Canada 3
Japan
Australia New Zealand and South Africa 8
Australia
.
.
51
Eastern Europe
52
53
54
55
56
Latin America and Other Western Hemisphere
Brazil
57
58
59
60
61
62
63
64
65
66
Other countries in Asia and Africa 8 '
Asia 89
Members of OPEC
.
China . ...
Hong Kong
Korea Reoublic of
Singaoore
".or
Taiwan
Africa 8 9
Members of OPEC
67
International organizations and unallocated
..
...
.
. ...
....
.
Other
.
176,001
212,009
249,750
265,063
247,642
268,900
332,422
338,083
368,425
409,766
447323
475,329
36,608
29,049
1,762
4,067
9,969
4,107
1,590
6,470
1,009
7,559
41,817
33,219
1,739
4,781
10,952
4,922
1,851
8,004
1,032
8,598
47,235
36,077
1,912
5,261
11,692
4,298
1,895
9,842
1,137
11,158
52,864
41,416
2,281
5,838
11,388
5,179
2,348
12,742
1,693
11,448
52,900
42,342
2,386
5,531
11,902
5,289
2,476
13,042
1,696
10,558
55,623
45,161
2,502
6,185
13,163
5,695
3,029
12,660
1,927
10,462
72,054
57,774
3,089
7,957
17,426
8,056
4,126
14,418
2,702
14,280
77,454
62,591
3,269
8,907
19,535
9,355
4,111
14,475
2,939
14,863
88,959
74,162
3,938
9,542
24,526
10,347
4,097
15,055
6,657
14,797
96,127
81,451
4,223
10,506
26,941
10,916
4,809
17,210
6,846
14,676
102,597
86,036
4,505
12,497
26,313
11,514
5,950
17,651
7,606
16,561
102,301
85,461
4,554
12,900
24,658
11,883
4,931
17,950
8,585
16,840
33,756
24,540
4,440
1,657
39,227
26,260
5,493
2,163
42,901
31,216
6,532
2,508
48,253
37,597
5,608
2,458
48,523
37,683
5,033
2,282
55,982
42,844
5,443
2,268
67,630
60,210
5,632
2,745
70,394
65,653
5,601
2,697
69,693
80,752
73,599
84,578
84,746
89,801
89,408
93,455
2,595
2,965
3,520
3,848
1,508
1,896
1,444
1,553
1,066
1,413
2,217
1,847
1,979
1,920
2,166
2,063
23,038
2,826
6,091
3,589
10,532
30,532
3,133
8,798
5,204
13,397
37,522
3,793
12,581
5,314
15,834
39,096
4,475
13,767
5,563
15,291
38,554
4,808
15,556
4,761
13,429
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
42,014
6,990
17,664
4,811
12,549
47,291
8,178
20,289
5,652
13,172
51,448
9,462
23,312
5,167
13,507
57,438
8,420
27,099
6,765
15,154
51,359
35,683
16,162
326
3,476
3,746
1,068
5,174
15,500
12,794
65,599
42,425
19,306
594
3,998
4,047
1,467
5,908
22,965
19,699
81,613
49,931
22,792
1,057
4,739
4,244
1,921
6,854
31,103
26,620
80,092
55,296
23,330
1,892
5,422
5,141
2,114
8,049
24,648
20,020
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
82,433
72,261
8,318
4,690
8,782
12,805
4,589
19,757
10,064
4,308
103,286
91,259
11,556
6,300
9,829
16,964
6,148
24,604
11,946
5,937
113,045
102,089
11,326
8,539
10,244
20,160
7,946
24,865
10,864
5,288
126,816
112,551
14,805
11,973
9,706
19,799
8,962
24,287
14,147
7,542
752
1,185
1,287
99,344
33,286
42,619
112,797
45,039
52,988
127,884
55,602
64,977
144,322
49,934
70,807
144,139
31,517
71,963
159,892
25,282
83,725
205,526
26,852
100,044
219,102
22,680
96,301
245,350
18,895
104,180
259,665
24,416
125,685
283,364
23,016
140,943
291,800
30,655
152,874
-33,947
-27,536
-25,481
-27,978
-36,444
-67,080 -112^22 -122,148 -145,058 -159,500 -126,986 -114,864
2,938
2,729
1,920
191
-2,765
-736
3,253
807
114
209
12,360
9,255
3,484
882
-2,258
-463
4,483
2,682
393
3,105
20,368
17,389
4,761
2,278
-243
1,308
5,559
2,976
556
2,979
12,244
9,950
3,362
1,593
-886
236
5,010
-259
929
2,294
6,801
4,563
2,767
1,663
-2,689
-648
4,979
-2,348
723
2,238
-175
-1,385
2,553
-156
-4,522
-1,748
4,257
-2,088
319
1,210
-15,187
-11,394
2,105
1902
-8,651
-3,746
3,360
-2,217
-343
-3,793
-21,439
-17,400
1,536
-2,810
-10,596
^,798
3,130
-3,388
-474
-4,039
-28,584
-22,314
1,518
-2,423
-14,065
5,597
3,093
-3,903
-937
-6,270
-27,522
-21,921
1,924
-2,557
-15,408
-5,450
3,217
-3,458
-189
-5,601
-16,193
-11,569
2,880
-2,587
-12,059
-4,843
3,761
413
866
-4,624
-3,826
-871
3,920
-1,310
-8,263
-4,782
6,327
2,408
829
-2,955
-2,527
-11,580
-227
1,055
-537
-8,631
-59
1,319
-1,275
-10,410
585
1,536
-2,237
-15,801
3,372
2,642
-9,320
-16,989
2,623
2,120
-11,470
-21,055
1,161
1,582
-14,593
-36,969
2,217
2,104
-15,004
-43,508
1,366
2,363
-13,190
-54,398
-11,594
-56,959
-10,424
-52,618
-9,662
-49,782
2,477
2,326
3,290
4,257
2,385
4,017
2,699
2,887
2,683
1,563
2,073
1,411
95
342
1,666
3,515
-1,005
133
598
138
-1,874
-1,977
292
1,133
-1,271
-2,131
1,322
566
2,650
-740
-1,154
3,708
-691
4,440
-122
81
-5,402
-1,362
-3,820
431
-651
-17,195
-2,576
-8,149
-2,304
-4,166
-18,598
-5,008
-6,056
-3,274
-4,260
-15,321
-3,884
-5,718
-3,458
-2,261
-11,257
-3,111
-5,354
-1,717
-1,075
-12,320
^,096
-5,731
-2,118
-375
-7,790
-5,220
-2,730
-635
795
-8,613
-3,650
-2,428
-3,803
1,268
-23,179
-12,217
-7,529
537
-1,851
-817
384
-3,009
-10,924
-10,908
-31,524
-13,284
-10,934
1,137
-1,916
-217
784
-2,819
-18,259
-18,142
-37,516
-12,599
-13,137
2,764
-2,057
159
1,107
-2,765
-24,599
-24,339
-32,239
-15,823
-11,733
1,732
-2,789
-143
853
-4,016
-16,775
-16,813
-16,882
-8,077
-2,784
636
-3,081
-381
1,013
-4,886
-9,008
-8,193
-19,973
-13,561
-716
-86
-4,043
-1,743
683
-7,320
-6,596
-6,161
-31,498
-25,418
-3,210
-97
-5,239
-3,970
-272
-10,664
-6,267
-5,485
-29,845
-25,512
-2,256
24
-5,182
-4,252
-683
-11,206
-4,271
-4,387
-40,201
-35,929
-2,538
-1,625
-5,801
-6,943
-1,245
-14,642
-4,428
-3,397
-53,773
-47,565
-5,781
-2,788
-5,855
-9,318
-2,104
-17,508
-6,365
-5,159
-44,969
^1,543
-3,943
-3,439
^,578
-9,523
-2,187
-12,983
-3,687
-4,115
-50,926
-44,746
-6,636
-6,170
3446
-6,719
-1,647
-13,347
-6,414
-6,206
-752
-1,185
-1,254
88
42
64
33
192
52
173
11,396
-18,440
-3,359
3,133
-30,483
999
9,268
-38,234
4,739
-2,422
-28,837
3,193
-16,885
-10,866
-8,735
-31,539
-10,026
-25,579
-64,532
-13,081
-34,942
-78,585
-11,271
-32,484
76020
-9,254
-41,764
-59,031
-17,584
-38,422
23
Memoranda:
Industrial countries 9
Members of OPEC 9
Other countries 9
68
69
70
.
. . . . ,.. .
BALANCE (EXCESS OF EXPORTS +)
71 Total all countries
72
73
74
75
76
77
78
79
80
81
Western Europe
European Communities
Belsium and Luxembourg
France
Germany Federal Republic of
Italy
..
Netherlands
.
United Kingdom
Other
Western Europe, excluding EC
82
83
84
85
Canada3
Japan
Australia New Zealand and South Africa 8
Australia
86
Eastern Europe
87
88
89
90
91
Latin America and Other Western Hemisphere
Brazil
Mexico .
.
Venezuela
Other
iJWl&.U... U.IU
..
... .
.
....
UUSlWll*UV*u>g
....
92
93
94
95
96
97
98
99
100
101
Other countries
in Asia and Africa 8 9
Asia 8 9
Members of OPEC
102
International organizations and unallocated
Hong Kong
Korea, Republic of
Singapore
Taiwan
Africa 8 9
Members of OPEC
»
.. ..
.
.
....
Memoranda:
103
104
105
Industrial countries 9
Members of OPEC 9
Other countries9
See footnotes on page 75.
-95,032
-8,508
-41,518
-94,042
-13,710
-51,748
89
SURVEY OF CURRENT BUSINESS
June 1990
Trade—Continued
of dollars]
Seasonally adjusted
Not seasonally adjusted
I
III
II
1990
1989
1988
I
IV
III
II
rv
I
I?
I
IV
III
II
1990
1989
1988
II
III
IV
Line
I"
107,482
111,573
110,634
117,634
113,595
120,350
118,702
122,682
119,676
109,988
110,494
111,290
115,551
116^60
119,333
119,152
120,484
122,415
36
25,205
21,242
1,172
2,784
6,644
2,847
1,833
4,178
1,784
3,963
26,151
21,728
1,199
3,292
6,490
2,782
1,616
4,577
1,772
4,423
24,113
20,364
992
3,227
6,103
2,826
1,186
4,131
1,899
3,749
27,128
22,702
1,142
3,194
7,076
3,059
1,315
4,765
2,151
4,426
25,012
20,716
1,125
3,107
6,157
2,712
1,210
4,215
2,190
4,296
25,960
21,626
1,200
3,447
6,158
2,962
1,087
4,406
2,366
4,334
24,559
20,845
1,075
3,047
5,959
3,034
1,185
4,547
1,998
3,714
26,770
22,274
1,154
3,299
6,384
3,175
1,449
4,782
2,031
4,496
26,256
22,029
1,166
3,071
6,823
3,101
1,250
4,672
1,946
4,227
25,812
21,757
1,201
2,859
6,817
2,918
1,856
4,278
1,828
4,055
25,892
21,507
1,186
3,256
6,418
2,752
1,605
4,535
1,755
4,385
24,266
20,492
998
3,248
6,142
2,843
1,194
4,158
1,909
3,774
26,627
22,280
1,120
3,134
6,936
3,001
1,295
4,680
2,114
4,347
25,655
21,251
1,154
3,191
6,323
2,785
1,238
4,323
2,237
4,404
25,726
21,431
1,189
3,415
6,097
2,935
1,078
4,367
2,350
4,295
24,660
20,933
1,079
3,060
5,984
3,048
1,190
4,566
2,006
3,727
26,260
21,846
1,132
3,234
6,254
3,115
1,425
4,694
1,992
4,414
26,911
22,578
1,194
3,148
7,004
3,178
1,278
4,784
1,992
4,333
37
38
39
40
41
42
43
44
45
46
20,799
20,854
22,514
21,501
19,768
22,263
21,665
25,183
22,805
22,927
23,562
23,323
20,319
23,419
22,722
23,786
22,136
21,595
21,285
21,408
22,296
21,275
19,885
22,415
21,280
24,703
23,368
23,543
23,351
23,097
20,395
23,514
22,294
23,301
22,670
22,165
1,068
969
899
795
857
852
949
959
1,088
990
991
889
799
841
875
942
963
1,014
47
48
49
50
514
627
477
548
563
486
526
488
593
524
622
479
541
574
482
527
480
606
51
12,755
2,350
5,731
1,244
3,430
12,759
2,290
5,876
1,377
3,216
12,944
2,536
5,663
1,325
3,420
12,990
2,286
6,042
1,221
3,441
13,504
2,096
6,394
1,458
3,556
14,912
2,155
7,122
1,729
3,906
14,412
2,186
6,732
1,609
3,885
14,610
1,983
6,851
1,969
3,807
15,587
2,037
7,483
2,020
4,047
13,009
2,403
5,858
1,249
3,499
12,647
2,266
5,821
1,375
3,185
13,006
2,550
5,694
1,326
3,436
12,786
2,243
5,939
1,217
3,387
13,783
2,146
6,544
1,463
3,630
14,806
2,135
7,065
1,727
3,879
14,458
2,194
6,756
1,610
3,898
14,391
1,945
6,734
1,965
3,747
15,886
2,088
7,644
2,026
4,128
52
53
54
55
56
26,386
23,606
2,905
1,813
2,202
4,505
1,743
5,899
2,761
1,304
27,122
24,273
2,651
1,892
2,297
4,793
1,927
6,144
2,832
1,537
30,274
27,582
2,961
2,376
2,891
5,529
2,079
6,677
2,655
1,253
29,263
26,628
2,809
2,458
2,854
5,333
2,197
6,145
2,616
1,194
27,932
24,796
3,105
2,254
2,104
4,707
1,923
5,359
3,095
1,508
31,158
27,362
3,824
2,687
2,188
4,913
2,163
6,089
3,765
2,012
34,508
30,770
3,992
3,609
2,727
5,216
2,327
6,727
3,707
2,104
33,218
29,623
3,884
3,423
2,687
4,963
2,549
6,112
3,580
1,918
32,519
27,953
4,641
3,107
2,132
4,288
2,244
5,423
4,536
2,785
26,959
24,155
2,920
1,859
2,260
4,624
1,789
6,051
2,786
1,306
26,873
24,034
2,646
1,874
2,272
4,741
1,907
6,075
2,822
1,536
30,440
27,742
2,964
2,392
2,912
5,565
2,094
6,717
2,660
1,254
28,773
26,158
2,796
2,414
2,800
5,230
2,156
6,022
2,596
1,192
28,562
25,399
3,122
2,318
2,163
4,833
1,976
5,507
3,122
1,510
30,929
27,144
3,818
2,667
2,169
4,865
2,145
6,032
3,754
2,011
34,635
30,894
3,995
3,628
2,740
5,238
2,340
6,758
3,709
2,104
32,690
29,114
3,870
3,360
2,634
4,863
2,501
5,990
3,562
1,917
33,163
28,571
4,659
3,184
2,188
4,401
2,301
5,566
4,559
2,787
57
58
59
60
61
62
63
64
65
66
67
68,508
5,759
33,215
71,773
5,851
33,949
67,641
5,850
37,143
75,442
5,556
36,636
72,355
6,435
34,805
74,539
8,031
37,780
69,926
8,098
40,678
74,980
8,091
39,611
71,685
9,777
38,214
70,194
5,785
34,009
71,052
5,840
33,602
68,070
5,856
37,364
74,048
5,535
35,968
74,220
6,465
35,675
73,853
8,020
37,460
70,204
8,102
40,846
73,523
8,068
38,893
73,486
9,809
39,120
68
69
70
-30,472
-30,344
-32,757
-33,413
-25,162
-26,830
-32,080
-30,792
-23,627
-33,491
-31,102
-30,779
-31,614
-28,093
-28,222
-29,803
-28,746
-26,371
71
-3,620
-2,581
683
-166
-2,940
-1,231
575
250
248
-1,039
-4,036
-2,715
588
-857
-2,792
-1,015
744
108
509
-1,321
-4,177
-3,154
776
.-856
-2,941
-1,329
1,067
77
52
-1,023
-4,360
-3,119
833
-708
-3,386
-1,268
1,375
-22
57
-1,241
-464
593
907
-196
-2,098
-895
1,560
887
428
-1,057
-702
10
1,007
-508
-1,895
-1,057
1,749
702
12
-712
-1,174
-850
913
-322
-2,281
-1,464
1,698
570
36
-324
-1,486
-624
1,093
-284
-1,989
-1,366
1,320
249
353
-862
1,046
1,858
1,128
253
-2,326
-1,126
2,071
1,164
694
-812
-4,324
-3,190
653
-243
-3,131
-1,310
514
154
173
-1,134
-4,287
-2,927
553
-884
-2,807
-1,022
722
23
488
-1,360
-3,718
-2,744
816
-818
-2,881
-1,301
1,154
161
125
-974
-3,864
-2,708
858
-642
-3,240
-1,210
1,371
75
80
-1,156
-1,077
83
886
-269
-2,250
-965
1,516
799
366
-1,160
-1,180
-399
953
-565
-1,957
-1,081
1,696
579
-24
-781
-613
-374
962
-267
-2,205
-1,430
1,783
678
105
-239
-956
-181
1,119
-209
-1,851
-1,306
1,332
352
382
-775
439
1,351
1,111
192
-2,494
-1,201
2,032
1,087
624
-912
72
73
74
75
76
77
78
79
80
81
.-1,789
-12,107
-3,089
-12,254
-2,525
-12,690
-3,021
-15,567
-2,354
-12,582
-1,822
-12,171
-2,251
-12,355
-3,235
-12,674
-1,181
-9,734
-2,246
-12,795
-3,410
-12,185
-2,201
-12,438
-2,567
-15,200
-2,830
-13,281
-2,260
-12,181
-1,850
-12,049
-2,722
-12,271
-1,629
-10,355
1,349
1,339
82
83
84
85
366
631
944
957
1,035
926
1,072
345
594
978
1,373
692
429
66
479
1,174
1,346
120
875
941
617
475
117
457
-3,153
-1,399
-1,407
-247
-100
-2,127
-1,101
-900
-333
207
-1,621
-1,493
-288
-94
254
-889
-1,227
-135
39
434
-1,635
-1,051
-360
-446
222
-2,718
-1,070
-924
-1,045
321
-2,399
-949
-643
-1,010
203
-1,861
-580
-501
-1,302
522
-3,152
-797
-1,027
-1,449
121
-3,463
-1,449
-1,552
-263
-199
-2,280
-1,110
-975
-355
160
-1,297
-1,483
-136
-50
372
-10,861
-9,686
-1,093
-744
-1,002
-2,119
-493
-2,654
-1,225
-1,017
-9,950
-9,178
-947
-607
-945
-2,213
-529
-2,712
-852
-1,231
-12,754
-12,013
-1,130
-1,042
-1,260
-2,680
-552
-3,973
-783
-991
-11,404
-10,666
-773
-1,046
-1,371
-2,511
-613
-3,644
-827
-876
-10,306
-8,901
-993
-777
-622
-1,659
-146
-2,957
-1,444
-1,258
-11,798
-9,877
-1,843
-1,399
-392
-1,420
-433
-3,109
-1,999
-1,679
-15,360
-13,873
-2,273
-1,851
-1,187
-1,905
-488
-4,116
-1,533
-1,704
-13,462
-12,095
-1,527
-2,143
-1,245
-1,735
-580
-3,165
-1,438
-1,565
-12,898
-10,180
-2,521
-1,871
-513
-843
-416
-2,477
-2,754
-2,448
-11,625
-10,377
-1,137
-795
-1,066
-2,288
-537
-2,824
-1,297
-1,032
-10,061
-9,275
-974
-617
-954
-2,207
-549
-2,717
-863
-1,227
-12,220
-11,586
-1,050
-1,009
-1,236
-2,593
-534
-3,905
-684
-972
125
279
-16,278
-4,567
-10,072
-8,860
-6,607
-8,439
52
-17,249
-2,508
-10,715
-18,842
-2,643
-8,911
48
-18,407
-2,339
-12,011
-21,522
-1,764
-10,127
-14,582
-2,912
-7,716
-13,726
-4,875
-8,229
-14,445
-5,230
-12,405
-19,392
-2,688
-9,074
976
1,393
-750
-1,178
-67
33
462
-1,937
-1,099
-520
-456
138
-11,063
-10,305
-782
-1,018
-1,322
-2,435
-567
-3,537
-843
-884
-11,056
-9,590
-1,024
-868
-680
-1,809
-192
-3,113
-1,504
-1,267
52
-19,137
-2,589
-11,765
941
1,099
1,387
-20,168
-1,788
-9,658
-16,404
-2,971
-8,766
1,062
847
862
86
-2,937
-1,085
-1,034
-1,059
241
-2,067
-927
-473
-989
322
-1,672
-539
-401
-1,299
567
-3,432
-839
-1,179
-1,454
40
87
88
89
90
91
-12,033
-10,088
-1,881
-1,412
-421
-1,438
-471
-3,121
-2,022
-1,682
-14,787
-13,400
-2,203
-1,794
-1,151
-1,809
-459
-4,052
-1,437
-1,685
-13,050 -13,597
-11,668 -10,832
-1,528
-2,550
-2,096
-1,955
-1,194
-567
-1,663'
-978
-525
-461
-2,624
-3,061
-1,451
-2,799
-1,572
-2,458
279
125
92
93
94
95
96
97
98
99
100
101
-14,788
-4,567
-9,516
103
104
105
48
-17,323
-2,189
-11,267
953
176
-14,724
-4,932
-8,566
-13,115
-5,114
-11,574
-10,561
-6,657
-9,432
102
90
SURVEY OF CURRENT BUSINESS
June 1990
Table 2.—U.S. Merchandise
[Millions
Line
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1978
1979
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
223,367
250,266
320,337
360,465
2
29,894
112160
35,587
148 886
42,165
182 104
44,038
193 047
37,234
173,964
37,144
164,676
38,405
181,495
29,577
186 358
27,355
196012
29,542
220,724
38,237
282,100
41,466
318,999
25700
30637
36417
38845
32,228
32,116
32,197
24513
23790
25,252
33,734
36,581
24,504
13,380
4,620
5,271
5,202
1,032
2024
2,866
29,246
16,595
5,590
7,019
5,736
1,191
2453
3,271
35,087
20,741
6,671
8,576
5,891
1,365
3 190
3,900
37,372
21,998
8,145
8,035
6,229
1,570
3525
4,050
30,860
17,040
6,945
5,640
6,251
1,370
2998
3,201
30,849
17,955
6,651
6,540
5,959
1,259
2735
2,941
30,987
17,927
6,651
7,018
5,439
1,284
2767
3,570
23,168
12,559
3,899
5,215
3,748
1,226
2693
2,942
21,813
9,760
3,297
2,657
4,315
1,501
2996
3,241
23,087
10,520
3,271
3,280
4,328
1,896
3491
2,852
30,767
15,441
5,104
5,146
4,944
2,693
4099
3,590
33,446
18,256
6,127
6,901
4,073
3,039
4466
3,612
1 196
1 391
1,073
1 368
1,076
1 210
973
1473
1,154
1 267
907
967
898
1 345
1,073
1 977
1,460
2 165
1,844
2967
2,540
3135
2,578
39,290
58,349
72,297
70,428
64,269
59,146
64,148
61,140
64,923
69,976
•89,990
98,481
5,340
1,755
1,370
920
1,287
6,288
2,214
1,195
1,322
1,536
7,014
2,880
1,344
1,043
1,716
6,590
2,278
1,467
1,028
1,819
6,300
1,981
1,558
1,022
1,741
6,219
1,850
1,477
1,010
1,825
7,349
2,491
1,553
1,377
1,878
6,352
1,613
1,509
1,308
1,876
5,478
834
1220
1,528
1,715
6,375
1,660
1,106
. 1,771
1,838
7,363
1,989
1,262
1,874
2,238
7,893
2,273
1,339
1,766
2,515
33,950
4840
4,836
2,133
1,922
52,061
6,900
6,897
3,508
2,385
65,283
9,479
9,442
4,802
3,658
63,838
12,057
12,035
6,020
4,784
57,969
14,513
14,508
6,114
7,066
52,927
11,022
11,018
4,114
5,484
56,799
11,151
11,142
4,239
5,344
54788
11 620
11,611
4,543
5,603
59445
10080
10,071
4,060
4,656
63,601
9219
9,208
3,501
4,636
82627
9,600
9,547
4,205
4,437
90,588
12285
12,093
4,921
5,606
2,575
2,489
9,882
2,718
2716
3,306
3,668
14,059
3,856
3920
4,911
4,167
17,215
3,946
4977
4,887
4,220
16,894
3,501
5252
4,281
3,244
15,632
3,227
4821
4,230
2,781
15,363
3,228
5256
4,549
3,061
17,553
3,092
5481
4,045
2,974
16,803
3,042
5527
4,737
3,119
17,330
3,378
6449
6,123
3,684
21,058
4,543
5444
7,706
4,669
26,236
6,141
6786
8,274
5,386
27,818
7,192
7994
8730
16352
1 467
2,098
9383
5,372
17027
12251
11047
11 912
1 252
1,430
5740
2,172
10777
1 265
1,278
5 151
1,740
14352
1 337
1,212
8728
5,648
13530
1 281
1,491
6865
2,666
405
587
21489
1 745
2,309
12617
5,879
3017
3083
2675
3075
3612
3893
6054
4818
21 639
2 194
4,133
10341
2,524
1,146
6671
4971
C Merchandise trade, by principal end-use category, adjusted to balance of
payments basis, excluding military:
1
3
Agricultural products ..
Nonagricultural products
4
Foods feeds and beverages
5
6
7
g
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
. ..
... . .
..
.
.
Agricultural
Grains and preparations
Wheat
Corn
Soybeans
Meat products and poultry
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 lubricants10
Coal and related fuels
Petroleum and products
...
.
.
26
27
28
29
30
Textile supplies and related materials
31
32
33
34
35
36
37
38
Metals and nonmetallic products
Steelmaking materials
39
40
41
42
43
44
45
46
47
Building materials, except metals
Other nonmetals
Nonferrous metals
Nonmonetary gold
Other precious metals
Other nonferrous metals
Other metals and nonmetallic 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
48
Computers, peripherals, and parts
49
50
51
52
Telecommunications equipment
Other office and business machines .
Scientific, hospital, and medical equipment and parts
53
54
55
56
Civilian aircraft engines parts
Civilian aircraft, complete, all types
Other transportation equipment
To Canada...
Passenger cars new and used
Trucks buses and special purpose vehicles
Engines and engine parts
.
Other parts and accessories
62
63
64
65
66
Trucks, buses, and special purpose vehicles
Engines and engine parts
Other parts and accessories
67
68
69
70
71
72
73
...
Automotive vehicles parts and engines
57
58
59
60
61
.
.
.
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 other products, including balance of payments
adjustments not included above.
See footnotes on page 75.
239
707
1,967
2,767
3,304
3,404
20588
1 611
2,944
11 890
4,259
2,304
5,327
4,143
47,330
60,044
76,259
39,015
4 185
34830
6778
2,644
1,502
2020
10,722
48,307
5226
43081
7518
3,427
1,768
2573
12,974
60,161
6476
53685
9532
4,292
2,237
3239
15,850
4,189
1,608
2201
1,034
1,674
5,510
2,235
2475
1,246
2,152
7,571
3,030
2781
1,427
2,496
7248
3,671
1,067
10,551
6,323
1,186
15677
10,487
2618
1 101
1,142
5,626
5,190
1,159
1,601
935
1,654
3374
1,168
.
...
...
1 330
960
826
908
2,759
8893
4,446
1,987
5738
2,232
1,563
5270
1,785
661
394
684
448
761
522
3,058
3,700
2,724
3,306
3,046
3,490
83,915
76,026
71,308
77,041
79618
82908
92,352
119005
138049
67,603
7 319
60284
11286
4,727
2,651
3783
17,323
63,635
7313
56322
9,986
4,361
2,051
3,785
14,893
58,183
6875
51 308
6074
3,505
1,492
3,673
12,576
65,100
7 614
57486
5951
3,272
1,607
4004
13,460
64,300
6803
57497
6475
3 154
1 683
4098
12,481
65,713
7981
57732
5394
2863
1 915
3936
12,297
74,316
8581
65735
4922
3,069
2 187
4458
14,878
95,831
11 368
84463
6532
4050
2661
5565
19,218
109,221
11 067
98 154
8650
5944
2987
4815
22,128
8,675
3,062
3277
1,551
2,991
9,145
3,323
3,534
1,480
3,008
10,825
4,047
3714
1,499
2,983
13,983
5,403
3687
1,542
3,092
14,387
4,242
4085
1 407
3,232
15,175
4,799
4309
1 259
3,591
18,885
6,399
5095
1 629
4,213
24,099
8,749
6502
1 755
5,332
24,220
12,159
8290
2242
6,719
14321
8,636
1,777
14081
8,892
2,231
10,080
4,956
2,311
11 255
5,887
1,870
10 154
4,219
1,787
13474
6857
1,844
15337
7,381
1,858
16374
7,656
1,662
21 282
10,432
1,892
27070
13787
1758
18265
17350
19657
17422
18620
22 581
25 144
25331
28 131
33869
34689
11,865
3290
1517
1,218
5,840
10,245
3039
1012
1,105
5,089
11,526
3 157
1 105
1,354
5,910
10,789
2344
1,407
6,284
13,942
3858
1 088
1,649
7,347
17,271
4566
1 722
1 885
9098
19,582
5724
2 126
1 993
9739
19603
7005
2453
1 735
8410
20,798
6775
3249
2 178
8596
23,419
7437
3220
2597
10 165
22461
7508
2878
2 116
9959
6,400
1,558
1,733
7,105
1,169
1,936
8,131
1,102
2,136
6,633
4,678
5310
5562
5728
7333
1,314
12228
3877
1 165
1596
5590
3,786
4,415
754
706
831
922
877
1,889
2,403
3,169
3,971
3,229
2,522
3 150
3547
3577
4288
10450
2747
1 187
1,246
5270
11,358
13,941
17,698
17,778
16,162
15,040
14,982
14381
16275
20275
26 869
35384
5,341
1,562
5,034
2 125
825
6,490
1,738
6,090
2466
1,000
7,738
2,087
8,400
3081
1,176
8,472
2,332
7,758
3 362
1,029
8,133
2,457
6,776
2891
837
7,874
2,684
5,827
2579
796
8091
2,825
5821
2586
732
7893
2,914
5394
2 181
111
8701
3,251
6207
2212
948
10716
3,485
8382
3031
1,177
13453
4,295
11 876
4 159
1,540
16 170
4,416
17505
6068
1,709
2,699
3,237
4,248
6,462
5,091
5,590
8,951
11,139
10,140
14,280
16,870
17,281
541
802
1,725
482
946
728
445
757
958
389
677
949
589
642
920
778
953
91
SURVEY OF CURRENT BUSINESS
June 1990
Trade—Continued
of dollars]
Seasonally adjusted
Not seasonally adjusted
II
I
1990
1989
1988
III
IV
I
II
III
IV
IP
I
II
1990
1989
1988
III
IV
I
II
III
IV
I"
Line
77,010
81,229
77377
84,221
88,433
93^20
86,622
91,890
96,049
76,497
79,392
80,511
83,937
88,267
91,111
89,349
91,738
96,044
1
9,770
67,240
8,956
72,273
8,896
68,981
10,615
73,606
11,321
77,112
10,338
83,182
8,917
77,705
10,890
81,000
11,643
84,406
8,936
67,561
9,341
70,051
10,113
70,398
9,847
74,090
10,647
77,620
10,677
80,434
9,917
79,432
10,225
81,513
10,950
85,094
2
3
8,033
7,858
8,592
9,251
9,944
9,070
8,281
9,286
9,842
7,690
8,261
9,003
8,780
9,771
9,435
8,457
8,918
9,729
4
7,485
3,587
1,192
980
1,628
478
963
829
7,197
3,720
1,310
1,180
932
614
1,005
926
7,398
3,826
1,337
1,355
911
778
956
927
8,687
4,308
1,265
1,631
1,473
823
1,175
908
9,167
4,978
1,748
1,739
1,552
733
1,055
849
8,434
4,740
1,398
1,952
787
807
1,165
935
7,167
4,052
1,860
1,095
404
732
1,005
974
8,678
4,486
1,121
2,115
1,330
767
1,241
854
9,025
4,483
1,284
1,822
1,486
802
1,315
939
6,980
3,385
1,192
975
1,218
521
1,019
837
7,482
3,668
1,310
1,057
1,259
629
1,001
925
8,247
4,150
1,337
1,525
1,359
778
1,034
926
8,058
4,238
1,265
1,589
1,108
765
1,045
902
8,805
4,829
1,748
1,772
1,217
791
1,112
856
8,697
4,645
1,398
1,764
1,148
815
1,151
938
7,772
4,328
1,860
1,251
647
728
1,093
976
8,172
4,454
1,121
2,114
1,061
705
1,110
842
8,694
4,350
1,284
1,846
1,134
876
1,384
950
5
6
7
8
9
10
11
12
548
451
661
543
1,194
1,088
564
458
777
671
636
496
1,114
965
608
446
817
666
710
614
779
660
756
652
722
614
966
860
738
596
685
540
746
582
1,035
885
13
14
22,162
23,332
22,006
22,490
23,878
26,316
24,283
24,004
25,492
22,147
22,688
22,417
22,738
24,027
25,457
24,736
24,261
25,700
15
2,255
764
397
546
548
1,729
536
299
465
429
1,478
276
217
432
553
1,901
413
349
431
708
2,117
561
467
436
653
1,870
571
286
479
534
1,723
534
174
420
595
2,183
607
412
431
733
2,560
953
436
487
684
1,928
622
308
469
529
1,836
552
319
453
512
1,841
407
376
491
567
1,758
408
259
461
630
1,811
419
388
375
629
1,951
536
321
464
630
2,111
726
304
472
609
2,020
592
326
455
647
2,208
755
377
424
652
16
17
18
19
20
19,907
2,052
2,041
724
1,110
21,603
2,505
2,497
1,110
1,154
20,528
2,544
2,525
1,197
995
20,589
2,499
2,484
1,174
1,178
21,761
2,811
2,788
1,054
1,276
24,446
3,434
3,400
1,396
1,403
22,560
2,825
2,798
1,174
1,392
21,821
3,215
3,107
1,297
1,535
22,932
3,003
2,826
1,087
1,483
20,219
2,262
2,250
914
1,129
20,852
2,377
2,370
1,008
1,129
20,576
2,507
2,488
1,131
1,024
20,980
2,454
2,439
1,152
1,155
22,216
3,112
3,090
1,345
1,286
23,506
3,240
3,206
1,249
1,356
22,625
2,775
2,747
1,080
1,436
22,241
3,158
3,050
1,247
1,528
23,492
3,370
3,193
1,430
1,507
21
22
23
24
25
1,821
1,114
6,360
1,399
1,685
1,919
1,156
6,606
1,673
1,754
1,965
1,158
6,769
1,529
1,670
2,001
1,241
6,501
1,540
1,677
2,070
1,304
6,748
1,658
1,958
2,154
1,415
7,631
1,968
2,072
2,116
1,318
7,047
1,799
2,004
1,934
1,349
6,392
1,767
1,960
2,106
1,527
6,873
1,958
2,250
1,853
1,122
6,341
1,410
1,667
1,860
1,106
6,375
1,619
1,669
1,957
1,191
6,721
1,566
1,696
2,036
1,250
6,799
1,546
1,754
2,102
1,309
6,746
1,673
1,930
2,092
1,353
7,362
1,906
1,973
2,110
1,361
7,012
1,838
2,031
1,970
1,363
6,698
1,775
2,060
2,145
1,540
6,884
1,980
2,216
26
27
28
29
30
5,476
299
451
3,591
2,233
199
1,159
1,135
5,990
527
517
3,734
1,986
164
1,584
1,212
4,893
457
548
2,709
925
160
1,624
1,179
5,130
462
793
2,583
735
161
1,687
1,292
5,212
491
1,041
2,466
583
256
1,627
1,214
5,772
637
1,064
2,759
754
307
1,698
1,312
5,451
565
1,086
2,597
651
282
1,664
1,203
5,204
501
942
2,519
536
301
1,682
1,242
5,215
442
986
2,482
593
240
1,649
1,305
5,564
382
443
3,604
2,233
199
1,172
1,135
5,846
455
504
3,710
1,986
164
1,560
1,177
4,938
463
554
2,716
925
160
1,631
1,205
5,141
445
808
2,587
735
161
1,691
1,301
5,344
616
1,028
2,483
583
256
1,644
1,217
5,580
540
1,045
2,727
754
307
1,666
1,268
5,498
564
1,097
2,604
651
282
1,671
1,233
5,217
474
963
2,527
536
301
1,690
1,253
5,357
569
976
2,499
593
240
1,666
1,313
31
32
33
34
35
36
37
38
28,191
29,847
28,932
32,035
32,836
35,243
34,624
35,346
37,960
28,386
29,311
29,504
31,804
32,976
34,598
35,286
35,189
38,214
39
22,851
2,735
20,116
1,561
1,057
588
1,316
4,576
23,576
2,858
20,718
1,575
922
667
1,375
4,812
23,653
2,826
20,827
1,630
979
643
1,386
4,731
25,751
2,949
22,802
1,766
1,092
763
1,488
5,099
26,324
2,710
23,614
2,201
1,460
705
1,162
5,321
27,831
2,863
24,968
2,269
1,475
773
1,227
5,875
26,673
2,769
23,904
2,016
1,383
767
1,211
5,453
28,393
2,725
25,668
2,164
1,626
742
1,215
5,479
29,517
3,171
26,346
2,234
1,597
791
1,252
5,973
23,027
2,777
20,250
1,562
1,061
596
1,351
4,619
23,055
2,771
20,284
1,552
897
639
1,375
4,592
24,206
2,847
21,359
1,655
1,025
680
1,401
4,850
25,543
2,973
22,570
1,763
1,067
746
1,438
5,157
26,437
2,766
23,671
2,190
1,450
714
1,198
5,364
27,207
2,775
24,432
2,231
1,436
741
1,227
5,623
27,311
2,781
24,530
2,053
1,455
810
1,220
5,585
28,266
2,745
25,521
2,176
1,603
722
1,170
5,556
29,733
3,250
26,483
2,224
1,581
806
1,296
6,058
40
41
42
43
44
45
46
47
5,886
1,906
1,509
415
1,302
5,877
2,128
1,646
437
1,279
5,739
2,346
1,616
453
1,304
6,597
2,369
1,731
450
1,447
5,826
2,830
1,854
601
1,654
6,043
2,977
2,064
587
1,678
5,900
3,074
1,941
537
1,622
6,451
3,278
2,431
517
1,765
6,572
3,222
2,329
516
1,860
5,944
1,939
1,509
413
1,256
5,860
2,040
1,646
421
1,262
5,973
2,328
1,616
465
1,366
6,322
2,442
1,731
456
1,448
5,843
2,866
1,854
597
1,595
6,027
2,862
2,064
567
1,654
6,163
3,049
1,941
552
1,702
6,187
3,382
2,431
526
1,768
6,614
3,266
2,329
513
1,796
48
49
50
51
52
4,882
2,389
458
5,826
3,153
445
4,836
2,148
443
5,738
2,742
546
6,037
2,898
475
6,971
3,561
441
7,521
4,247
430
6,541
3,081
412
8,033
4,653
410
4,901
2,389
458
5,811
3,153
445
4,855
2,148
443
5,715
2,742
546
6,064
2,898
475
6,950
3,561
441
7,545
4,247
430
6,511
3,081
412
8,071
4,653
410
53
54
55
8,726
8,956
7,470
8,717
9,235
9,156
7,382
8,916
9,044
8,387
8,378
8,334
8,770
8,967
8,567
8,248
8,907
8,649
56
6,445
1,997
899
715
2,834
6,284
2,031
873
674
2,706
4,998
1,606
730
565
2,097
5,692
1,803
718
643
2,528
6,168
2,177
823
576
2,592
5,986
2,008
706
587
2,685
4,764
1,510
673
431
2,150
5,543
1,813
676
522
2,532
5,583
1,708
572
590
2,713
6,096
1,852
866
670
2,708
5,789
1,735
809
645
2,600
5,661
1,903
785
651
2,322
5,873
1,947
760
631
2,535
5,884
2,052
789
544
2,499
5,508
1,709
658
563
2,578
5,380
1,795
712
501
2,372
5,689
1,952
719
508
2,510
5,191
1,536
535
543
2,577
57
58
59
60
61
2,281
580
238
256
1,207
2,672
710
308
304
1,350
2,472
547
282
322
1,321
3,025
910
359
364
1,392
3,067
1,020
310
457
1,280
3,170
984
304
424
1,458
2,618
593
240
351
1,434
3,373
1,280
311
364
1,418
3,461
1,258
311
378
1,514
2,291
549
238
257
1,247
2,589
672
308
296
1,313
2,673
732
282
330
1,329
2,897
794
359
363
1,381
3,083
978
310
462
1,333
3,059
924
304
413
1,418
2,868
828
240
363
1,437
3,218
1,147
311
358
1,402
3,458
1,184
311
382
1,581
62
63
64
65
66
6,002
6,852
6,705
7,310
8,423
9,268
8,336
9,357
10,141
5,991
6,509
6,937
7,432
8,401
8,747
8,743
9,493
10,164
67
3,063
999
2,608
966
331
3,367
1,077
3,076
1,025
409
3,450
1,097
2,862
1,023
393
3,573
1,122
3,330
1,145
407
3,764
1,088
4,245
1,492
414
4,074
1,118
4,726
1,661
468
4,087
1,063
3,858
1,411
391
4,245
1,147
4,676
1,504
436
4,480
1,175
5,153
1,791
508
3,070
972
2,594
944
327
3,281
1,044
2,823
999
405
3,448
1,107
3,090
1,053
399
3,654
1,172
3,369
1,163
409
3,783
1,065
4,209
1,445
409
3,968
1,081
4,316
1,618
463
4,081
1,070
4,264
1,469
398
4,338
1,200
4,716
1,536
439
4,530
1,167
5,135
1,739
499
68
69
70
71
72
3,896
4,384
4,172
4,418
4,117
4,467
3,716
4,981
3,570
3,896
4,245
4,316
4,413
4,125
4,307
3,879
4,970
3,588
73
92
SURVEY OF CURRENT BUSINESS
June 1990
Table 2.—U.S. Merchandise
[Millions
1978
Line
c
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
Merchandise trade, by principal end-use category, adjusted to balance of
payments basis, excluding military—Continued:
74 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
368,425
409,766
447,323
475^29
75
76
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
334,034
42,944
366,822
39,632
407,691
50,893
424,436
77
15,836
18,001
18,548
18,531
17,462
18,871
21,873
21,873
24,346
24,809
24,929
25,057
78
79
80
81
82
83
84
.85
86
87
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
17,702
5,387
4,263
2,820
4,092
1,760
3,701
6,644
4,746
1,247
17,266
3,664
2,710
3,305
4,426
1,916
3,955
7,543
5,591
1,356
17,467
3,145
2,284
3,475
4,640
1,906
4,303
7,462
5,423
1,504
17,712
3,274
2,273
3,310
4,876
1,795
4,456
7,345
5,399
1,586
83,221
108,464
132,256
134,944
110,922
109,193
124,026
113,678
104,263
113,746
122,683
134,945
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
101,533
38,574
37,702
3,106
110,640
46,781
45,796
3,403
119,280
43,701
42,878
3,965
130,980
54,786
54,135
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
1,869
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
4,558
8,972
7,438
4,430
8,670
5,417
9,812
7,390
4,546
10,211
5,500
12,380
7,401
5,028
9,620
5,429
13,055
7,733
5,999
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
4,182
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
30,179
1,193
9,974
15,264
7,859
2,159
2,654
2,592
3,748
28,024
1,277
10,822
11,894
3,784
1,889
2,982
3,239
4,031
35,059
' 1,921
12,587
15,475
4,861
2,026
3,669
4,919
5,076
34,358
1,966
11,975
15,623
3,645
2,159
3,858
5,961
4,794
Nonpetroleum products
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 .
88
Industrial suoolies and materials
89
90
91
92
Agricultural
Nona&ricultural Dfoducts
Energy products
Fuels and lubricants 7 10
93
94
95
96
97
98
99
100
101
102
103
104
105
106
..
•
.
Paper and paper base stocks
•
Textile supplies and related materials
Chemicals excluding medicinals
Building materials except metals
Other nonmetals
..
.
.
Metals and nonmetallic products
Nonferrous metals
Nonmonetary gold
Other precious metals
,
Other non ferrous metals
Other metallic and nonmetallic products
107
19,356
24,460
31,420
36,912
38,407
43,193
60,460
61,434
72,139
85,129
102,203
113,134
108
109
110
111
112
113
114
115
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
77,408
9,518
67,890
3,502
3,215
3,320
2,472
18,074
93,541
11,540
82,001
4,232
3,963
3,686
2,945
20,908
102,300
11,423
90,877
4,335
4,375
4,129
2,660
22,800
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
3,315
2,662
14,839
7,784
8,128
3,605
2,951
18,358
10,962
9,408
4,133
3,406
21,545
12,326
10,447
4,286
3,974
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
1,902
7,721
6,577
2,081
8,662
7,889
3,030
10,834
9,532
2,913
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
116
117
118
119
120
Computers peripherals and parts
Semiconductors
Telecommunications equipment
Other office and business machines
Scientific, hospital, and medical equipment and parts
121
122
123
Civilian aircraft complete all types
.
,
25,009
26,454
28,058
30,885
34,040
43,218
56,561
65,077
78,110
85,174
87,948
85,997
125
126
127
128
129
From Canada
Passenger cars new and used
Trucks buses and special purpose vehicles
Engines and engine parts
Other parts and accessories
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
24,668
11,681
4,231
1,600
7,156
24,531
10,185
5,261
1,720
7,365
29,198
13,256
6,080
1,978
7,884
29,478
12,879
6,973
2,051
7,575
130
131
132
133
134
From other areas
Passenger cars new and used
.
Trucks buses and special purpose vehicles
Engines and engine parts
Other parts and accessories
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
53,442
33,469
6,198
3,035
10,740
60,643
37,737
5,483
3,696
13,727
58,750
33,797
4,267
4,559
16,127
56,519
31,599
3,546
5,665
15,709
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
4,878
41,236
13,372
5,778
8,095
4,229
4,550
88,824
39,431
20,292
5,558
44,894
16,066
7,196
6,410
4,851
4,499
96,424
43,117
20,775
5,905
47,763
17,218
7,984
5,824
5,634
5,544
102,812
46,467
22,945
5,972
50,326
17,667
8,947
6,849
6,710
6,019
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
10,388
6,450
3,938
12,084
7,192
4,892
13,136
7,878
5,258
13,384
9,215
4,169
124
Automotive vehicles parts, and engines
135
136
137
138
139
140
141
142
143
144
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 (gemstones, nursery stock)
145
146
147
Imports n e e 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 75.
. ..
93
SURVEY OF CURRENT BUSINESS
June 1990
Trade—Continued
of dollars]
Seasonally adjusted
Not seasonally adjusted
I
1990
1989
1988
II
III
IV
I
II
III
IV
I"
I
II
1990
1989
1988
III
IV
I
II
III
IV
Line
I?
107,482
111,573
110,634
117,634
113,595
120,350
118,702
122,682
119,676
109,988
110,494
111,290
115,551
116,360
119,333
119,152
120,484
122,415
74
9,979
97,503
10,283
101,290
9,883
100,751
9,487
108,147
10,879
102,716
13,519
106,831
13,173
105,529
13,322
109,360
15,608
104,068
9,979
100,009
10,283
100,211
9,883
101,407
9,487
106,064
10,879
105,481
13,519
105,814
13,173
105,979
13,322
107,162
15,608
106,807
75
76
6,517
5,921
6,062
6,429
6,310
6,263
6,034
6,450
7,051
6,544
5,938
6,202
6,245
6,311
6,298
6,187
6,261
6,917
77
4,746
877
635
1,059
1,410
414
986
1,771
1,326
341
4,103
654
483
868
1,079
502
1,000
1,818
1,372
313
4,258
859
658
790
991
490
1,130
1,804
1,301
356
4,360
755
508
758
1,160
500
1,187
2,069
1,424
494
4,560
907
602
872
1,428
357
996
1,750
1,321
333
4,465
794
554
803
1,323
460
1,085
1,798
1,344
349
4,212
928
633
716
965
460
1,143
1,822
1,362
383
4,475
645
484
919
1,160
518
1,232
1,975
1,372
521
5,392
861
548
996
2,114
370
1,051
1,659
1,218
363
4,625
877
635
1,059
1,150
508
1,031
1,919
1,422
393
4,082
654
483
868
1,060
481
1,020
1,856
1,362
362
4,442
859
658
790
1,192
478
1,123
1,760
1,253
359
4,318
755
508
758
1,238
439
1,129
1,927
1,386
390
4,413
907
602
872
1,154
440
1,039
1,898
1,419
382
4,453
794
554
803
1,301
445
1,111
1,845
1,332
408
4,407
928
633
716
1,173
452
1,137
1,780
1,314
390
4,439
645
484
919
1,248
458
1,169
1,822
1,334
406
5,119
861
548
996
1,703
457
1,103
1,798
1,307
412
78
79
80
81
82
83
84
85
86
87
30,891
31,716
29,784
30,292
32,198
35,159
33,630
33,958
35,624
30,912
31,354
29,996
30,421
32,221
34,800
33,804
34,120
35,635
88
865
30,026
11,148
10,910
802
30,914
11,203
11,013
798
28,986
10,855
10,626
938
29,354
10,495
10,329
1,168
31,030
11,884
11,711
1,017
34,142
14,451
14,277
859
32,771
14,025
13,840
921
33,037
14,426
14,307
1,046
34,578
16,528
16,425
783
30,129
11,038
10,800
789
30,565
11,259
11,069
885
29,111
10,958
10,729
946
29,475
10,446
10,280
1,070
31,151
11,781
11,609
1,000
33,800
14,502
14,327
957
32,847
14,128
13,943
938
33,182
14,375
14,256
951
34,684
16,426
16,323
89
90
91
92
2,458
1,369
3,088
1,752
1,187
2,567
1,403
3,170
1,988
1,255
2,664
1,358
2,957
1,911
1,236
2,522
1,370
3,165
1,750
1,350
2,458
1,332
3,501
1,829
1,399
2,385
1,371
3,338
2,020
1,570
2,378
1,347
3,111
2,021
1,517
2,399
1,379
3,105
1,863
1,513
2,422
1,366
3,650
1,831
1,535
2,489
1,402
2,944
1,858
1,187
2,602
1,348
3,088
1,856
1,255
2,650
1,358
3,098
1,836
1,236
2,470
1,392
3,250
1,851
1,350
2,483
1,358
3,370
1,953
1,399
2,410
1,320
3,257
1,886
1,570
2,368
1,351
3,219
1,923
1,517
2,359
1,400
3,209
1,971
1,513
2,454
1,396
3,531
1,947
1,535
93
94
95
96
97
9,024
398
3,076
4,305
1,870
452
858
1,125
1,245
9,328
478
3,186
4,381
1,764
537
913
1,167
1,283
8,005
523
3,134
3,109
559
473
936
1,141
1,239
8,702
522
3,191
3,680
668
564
962
1,486
1,309
8,627
483
2,949
3,988
800
623
1,058
1,507
1,207
9,007
561
3,104
4,077
916
537
1,062
1,562
1,265
8,372
473
2,977
3,727
854
487
972
1,414
1,195
8,352
449
2,945
3,831
1,075
512
766
1,478
1,127
7,246
359
2,640
3,056
450
541
876
1,189
1,191
9,211
483
3,147
4,305
1,870
452
858
1,125
1,276
9,157
438
3,091
4,381
1,764
537
913
1,167
1,247
7,975
498
3,119
3,109
559
473
936
1,141
1,249
8,716
502
3,230
3,680
668
564
962
1,486
1,304
8,807
578
3,003
3,988
800
623
1,058
1,507
1,238
8,855
512
3,030
4,077
916
537
1,062
1,562
1,236
8,341
448
2,963
3,727
854
487
972
1,414
1,203
8,355
428
2,979
3,831
1,075
512
766
1,478
1,117
7,395
428
2,683
3,056
450
541
876
1,189
1,228
98
99
100
101
102
103
104
105
106
23,532
25,552
25,768
27,351
26,561
28,660
28,266
29,647
28,153
24,083
25,388
25,815
26,917
27,230
28,494
28,279
29,131
28,885
107
21,798
2,544
19,254
1,096
916
934
701
5,059
23,127
2,832
20,295
1,148
1,001
855
735
5,346
23,507
2,999
20,508
1,034
1,010
892
721
5,025
25,109
3,165
21,944
954
1,036
1,005
788
5,478
24,232
2,726
21,506
1,073
1,104
1,034
639
5,596
25,728
2,923
22,805
1,170
1,149
1,053
679
5,929
25,676
2,831
22,845
1,086
1,061
1,072
659
5,528
26,664
2,943
23,721
1,006
1,061
970
683
5,747
25,535
2,921
22,614
1,080
1,156
957
667
5,796
22,349
2,651
19,698
1,146
912
934
716
5,124
22,963
2,772
20,191
1,073
947
855
718
5,230
23,554
3,013
20,541
1,010
1,033
892
753
5,052
24,675
3,104
21,571
1,003
1,071
1,005
758
5,502
24,901
2,850
22,051
1,105
1,100
1,034
658
5,666
25,562
2,852
22,710
1,102
1,095
1,053
661
5,803
25,689
2,854
22,835
1,067
1,092
1,072
681
5,556
26,148
2,867
23,281
1,061
1,088
970
660
5,775
26,267
3,068
23,199
1,118
1,154
957
689
5,876
108
109
110
111
112
113
114
115
4,299
2,331
2,139
1,012
767
4,443
2,717
2,269
938
843
4,607
2,934
2,404
1,010
871
5,009
2,980
2,596
1,173
925
4,723
2,923
2,500
1,026
888
5,062
3,170
2,572
1,031
990
5,512
3,115
2,664
1,135
1,013
6,248
3,118
2,711
1,094
1,083
5,602
2,972
2,377
999
1,008
4,395
2,408
2,247
1,028
788
4,570
2,664
2,296
989
849
4,712
2,864
2,364
984
877
4,681
3,026
2,501
1,132
892
4,852
3,062
2,610
1,041
923
5,216
3,090
2,607
1,089
994
5,624
2,997
2,625
1,105
1,016
5,853
3,177
2,605
1,051
1,041
5,757
3,099
2,478
1,020
1,051
116
117
118
119
120
1,734
1,580
369
2,425
2,124
980
2,261
2,098
915
2,242
2,087
766
2,329
2,017
631
2,932
2,562
837
2,590
2,292
589
2,983
2,661
856
2,618
2,316
552
1,734
1,580
369
2,425
2,124
980
2,261
2,098
915
2,242
2,087
766
2,329
2,017
631
2,932
2,562
837
2,590
2,292
589
2,983
2,661
856
2,618
2,316
552
121
122
123
21,313
22,634
19,629
24,372
22,535
22,368
19,094
22,000
20,778
21,573
21,414
21,945
23,016
22,780
21,134
21,338
20,745
20,988
124
7,181
3,423
1,404
502
1,852
8,153
3,916
1,632
519
2,086
6,131
2,638
1,361
384
1,748
7,733
3,279
1,683
573
2,198
7,758
3,404
1,744
569
2,041
8,022
3,487
1,831
572
2,132
5,967
2,484
1,457
450
1,576
7,731
3,504
1,941
460
1,826
7,181
3,259
1,665
453
1,804
6,959
3,286
1,350
480
1,843
7,411
3,503
1,479
477
1,952
7,410
3,379
1,607
459
1,965
7,418
3,088
1,644
562
2,124
7,535
3,259
1,686
539
2,051
7,286
3,122
1,651
520
1,993
7,270
3,202
1,745
546
1,777
7,387
3,296
1,891
446
1,754
6,914
3,084
1,602
428
1,800
125
126
127
128
129
14,132
8,019
1,146
1,080
3,887
14,481
8,154
1,043
1,210
4,074
13,498
7,622
928
1,041
3,907
16,639
10,002
1,150
1,228
4,259
14,777
8,423
1,038
1,460
3,856
14,346
7,946
862
1,492
4,046
13,127
7,047
823
1,384
3,873
14,269
8,183
823
1,329
3,934
13,597
7,712
654
1,253
3,978
14,614
8,565
1,146
1,037
3,866
14,003
7,862
1,043
1,154
3,944
14,535
8,441
928
1,108
4,058
15,598
8,929
1,150
1,260
4,259
15,245
8,983
1,038
1,394
3,830
13,848
7,638
862
1,424
3,924
14,068
7,741
823
1,480
4,024
13,358
7,237
823
1,367
3,931
14,074
8,278
654
1,193
3,949
130
131
132
133
134
22,145
10,234
5,102
1,456
10,558
4,089
1,643
1,294
1,103
1,353
22,636
10,189
4,775
1,438
11,102
4,217
1,847
1,227
1,311
1,345
26,191
12,125
5,940
1,636
12,646
4,389
2,234
1,574
1,556
1,420
25,452
10,569
4,958
1,375
13,457
4,523
2,260
1,729
1,664
1,426
22,980
10,366
5,082
1,347
11,056
3,998
1,703
1,497
1,509
1,558
24,639
11,062
5,271
1,426
12,145
4,492
1,955
1,703
1,710
1,432
28,381
13,243
6,889
1,659
13,522
4,693
2,636
1,845
1,785
1,616
26,812
11,796
5,703
1,540
13,603
4,484
2,653
1,804
1,706
1,413
24,078
11,563
5,791
1,552
11,106
4,172
1,968
1,397
1,361
1,409
23,668
10,667
5,166
1,500
11,651
4,280
1,950
1,432
1,266
1,350
23,291
10,484
5,027
1,472
11,449
4,211
1,937
1,279
1,348
1,358
24,101
10,766
5,124
1,496
11,911
4,192
1,942
1,499
1,450
1,424
25,364
11,200
5,458
1,437
12,752
4,535
2,155
1,614
1,570
1,412
24,661
10,882
5,241
1,394
12,224
4,197
2,052
1,655
1,711
1,555
25,336
11,374
5,543
1,461
12,516
4,464
2,082
1,775
1,745
1,446
26,215
11,833
6,028
1,525
12,760
4,525
2,313
1,757
1,660
1,622
26,600
12,378
6,133
1,592
12,826
4,481
2,500
1,662
1,594
1,396
25,820
12,132
5,934
1,625
12,283
4,374
2,354
1,547
1,542
1,405
135
136
137
138
139
140
141
142
143
144
3,084
1,727
1,357
3,114
1,914
1,200
3,200
1,972
1,228
3,738
2,265
1,473
3,011
1,997
1,014
3,261
2,212
1,049
3,297
2,368
929
3,815
2,638
1,177
3,992
2,503
1,489
3,208
1,851
1,357
3,109
1,910
1,199
3,231
2,003
1,228
3,588
2,114
1,474
3,157
2,143
1,014
3,271
2,222
1,049
3,329
2,400
929
3,627
2,450
1,177
4,170
2,681
1,489
145
146
147
SURVEY OF CURRENT BUSINESS
94
June 1990
Table 3.—Selected Service Transactions
[Millions of dollars]
Seasonally adjusted
Not seasonally adjusted
1987
Line
1988
II
I
1 Exports of selected services
2
3
4
5
6
7
...
Travel (table 1 line 5)
Passenger fares (table 1 line 6)
Other transportation (table 1 line 7)
Freight
Port services
Other
.
.
.
.
.
8
9
10
11
12
13
14
Royalties and license fees (table 1 line 8)
Affiliated, net
U.S. parents' receipts
U.S. parents' payments
Unaffiliated
Industrial processes '
Other2
15
16
17
18
19
20
21
22
23
24
25
26
27
Other private services (table 1 line 9)
Affiliated 'services net
U S parents' receipts
U S parents' payments
Unaffiliated services
Education
Financial services
Insurance, net
Premiums received
Losses paid
Telecommunications
Business, professional, and technical services
Other unaffiliated services 3
. .
28 Imports of selected services
29
30
31
32
33
34
Travel (table 1 line 19)
Passenger fares (table 1, line 20)
.
Other transportation (table 1 line 21) .
Freight
.
Port services
. ...
Other
.
...
35
36
37
38
39
40
41
Royalties and license fees (table 1 line 22)
Affiliated net
, .
U.S. affiliates' receipts
U.S. affiliates' payments
Unaffiliated
Industrial
processes '
Other2
42
43
44
45
46
47
48
49
50
51
52
53
54
Other private services (table 1, line 23)
.
...
.
.
.....
.
U.S. affiliates' receipts
,
U S affiliates' payments
Unaffiliated services
Education
Financial services
Insurance, n e t
. . . .
.
Premiums paid
.. .
...
.
Losses recovered
.
Telecommunications
Business, professional, and3 technical services
Other unaffiliated services
.
........
See footnotes on page 75.
.. .
III
IV
I"
1990
1989
1990
1989
1989
I
II
III
IV
IP
79,533
92,861 106,225
24,680
25,604
28,943
26,996
28,143
25,482
25,960
26,669
28,112
29,154
23,366
6,866
16,989
4,700
11,575
714
28,935
8,771
18,939
5,364
12,820
755
34,432
10,101
20,416
5,846
13,815
755
7,155
2,187
4,980
1,457
3,341
182
8,381
2,405
5,157
1,497
3,471
189
10,390
3,217
5,056
1,334
3,531
191
8,506
2,292
5,224
1,559
3,472
193
8,619
2,551
5,284
1,673
3,409
201
8,066
2,542
5,033
1,457
3,394
182
8,291
2,362
5,099
1,497
3,413
189
8,638
2,536
4,994.
1,334
3,469
191
9,437
2,660
5,290
1,559
3,539
193
9,718
2,966
5,342
1,673
3,468
201
9,060
6,889
7,039
150
2,171
1,592
579
10,858
8,336
8,455
119
2,522
1,871
651
11,815
9,176
9,298
122
2,639
1,902
737
2,711
2,069
2,096
27
641
467
174
2,836
2,188
2,221
33
647
467
180
2,808
2,146
2,178
33
663
476
187
3,460
2,773
2,802
30
687
492
195
3,052
2,331
2,366
35
721
517
204
2,868
2,228
2,262
34
641
467
174
2,913
2,266
2,301
35
647
467
180
2,973
2,310
2,341
31
663
476
187
3,060
2,373
2,395
22
687
492
195
3,223
2,501
2,546
45
721
517
204
23,251
2,446
5,340
2,893
20,805
3,821
3,731
2,295
4,832
2,537
2,111
4,280
4,567
25,359
3,199
6,427
3,228
22,160
4,142
3,831
1,669
5,020
3,351
2,203
5,536
4,779
29,461
4,415
8,121
3,707
25,046
4,551
5,011
1,297
5,087
3,790
2,724
6,132
5,331
7,649
939
1,747
808
6,710
1,800
1,164
324
1,250
926
626
1,499
1,297
6,826
1,137
2,005
869
5,688
593
1,302
312
1,255
943
665
1,528
1,288
7,473
1,145
2,101
956
6,328
1,130
1,303
318
1,274
956
700
1,523
1,354
7,514
1,194
2,269
1,075
6,320
1,029
1,242
343
1,307
964
733
1,582
1,391
8,637
1,260
2,192
932
7,377
1,987
1,173
383
1,354
971
762
1,644
1,428
6,973
967
1,780
813
6,006
1,096
1,164
324
1,250
926
626
1,499
1,297
7,295
1,088
1,985
897
6,206
1,111
1,302
312
1,255
943
665
1,528
1,288
7,528
1,163
2,112
949
6,367
1,169
1,303
318
1,274
956
700
1,523
1,354
7,665
1,199
2,248
1,049
6,466
1,175
1,242
343
1,307
964
733
1,582
1,391
7,905
1,298
2,262
964
6,608
1,218
1,173
383
1,354
971
762
1,644
1,428
68,201
74,602
78,015
17,073
20,324
22,325
18,291
18,771
19,287
19,400
19,468
19,857
21,076
30,022
7,411
18,086
11,017
6,392
678
33,098
7,932
19,675
11,845
7,099
732
34,977
8,522
20,791
11,797
8,176
819
6,718
1,829
4,936
2,849
1,893
193
9,265
2,209
5,181
2,957
2,019
206
11,259
2,613
5,347
3,029
2,111
208
7,735
1,871
5,327
2,962
2,153
212
7,212
1,984
5,312
2,930
2,166
216
8,487
2,121
5,090
2,849
2,040
201
8,431
2,114
5,168
2,957
2,008
204
8,948
2,163
5,249
3,029
2,015
206
9,111
2,124
5,282
2,961
2,112
208
9,047
2,277
5,489
2,930
2,334
225
1,363
843
240
1,083
520
436
84
2,054
968
238
1,205
1,086
449
637
2,245
1,374
352
1,725
871
597
274
443
242
104
347
201
133
68
543
333
69
402
210
144
66
532
309
88
397
222
154
68
111
489
90
579
238
165
73
608
352
96
448
256
175
81
443
242
104
347
201
133
68
543
333
69
402
210
144
66
532
309
88
397
222
154
68
727
489
90
579
238
165
73
608
352
96
448
256
175
81
11,319
-616
2,683
2,067
11,935
452
2,077
3,241
8,538
5,297
3,736
1,319
1,110
11,843
-694
3,028
2,334
12,536
543
1,656
2,655
8,987
6,332
4,577
1,869
1,236
11,481
-581
3,498
2,918
12,061
601
1,992
733
9,704
8,971
5,422
1,979
1,334
3,147
-36
727
691
3,183
119
489
471
2,349
1,878
1,269
482
354
3,127
-118
823
705
3,246
149
483
465
2,403
1,938
1,322
506
322
2,575
-155
838
683
2,730
185
492
-99
2,453
2,552
1,382
487
283
2,631
-271
1,110
839
2,902
148
530
-105
2,499
2,604
1,449
505
375
3,655
150
906
1,056
3,505
134
570
574
2,543
1,969
1,526
408
294
3,146
-36
727
691
3,182
140
489
471
2,349
1,878
1,269
482
332
3,144
-118
823
705
3,262
149
483
465
2,403
1,938
1,322
506
339
2,576
-155
838
683
2,731
156
492
-99
2,453
2,552
1,382
487
315
2,612
-271
1,110
839
2,883
155
530
-105
2,499
2,604
1,449
505
349
3,655
150
906
1,056
3,505
159
570
574
2,543
1,969
1,526
408
269
SURVEY OF CURRENT BUSINESS
June 1990
95
Table 4.—-Selected U.S. Government Transactions
[Millions of dollars]
1989
1988
1987
Line
Al U.S. Government grants (excluding military) and transactions increasing Government assets, total
1989
1988
II
I
1990
IV
III
IP
III
IV
4,016
3,853
5,242
3,560
3,155
4,794
4,817
3,833
2,338
1,035
1,303
2,018
684
1,334
2,452
712
1,740
3,935
844
3,091
2,556
939
1,617
2,044
587
1,457
2,621
1,013
1,607
3,742
872
2,871
2,615
870
1,744
I
II
16,904 18,153 16,325
5,041
10,276 10,744 10,963
2,868 3,275 3,411
7,408 7,469 7,552
By category
2
3
4
Grants net (table 1 line 30 with sign reversed)
5
6
7
8
9
Credits and other long-term assets (table 1 line 40 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
6,515
1,212
4,740
114
450
7,674
1,314
5,827
77
457
5,513
1,173
3,758
116
467
2,808
279
2,425
-11
115
2,021
298
1,607
6
110
1,458
325
984
57
92
1,388
412
811
25
139
1,009
261
621
14
113
1,167
257
780
8
123
2,143
314
1,662
54
112
1,195
341
694
41
119
1,208
324
774
-5
115
Foreign currency holdings and short-term assets net (table 1 line 42 with sign reversed)
113
-129
-265
-74
-151
-38
-105
-12
-22
-46
-57
9
-81
-26
-4
9
-56
-19
30
-25
-121
-4
11
-5
41
77
53
35
40
69
25
29
60
4
13
16
1
12
21
31
10
9
(*)
6
23
6
12
26
2
8
16
11
4
7
6
5
U
(*)
8
19
12
6
30
3
1
5
7
13
5
5
9
6
10
(*)
3
(*)
2
(*)
4
(*)
6
(*)
304
236
(*)
218
-179
(*)
173
-1
(*)
44
-171
(*)
77
-8
(*)
44
(*)
53
2
(*)
40
9
(*)
48
6
(*)
59
6
(*)
26
-23
(*)
37
14
(*)
7
-12
-111
78
32
-65
-57
-23
-43
49
-94
2
1,212 1,314
1,173
1,796 2,065 1,817
11,310 12,500 10,834
998 1,057
706
252
713
815
582
622
667
143
120
115
304
173
218
455
368
447
279
365
3,775
253
79
111
29
44
196
298
540
2,597
312
83
90
34
77
140
325
646
2,302
294
66
211
22
44
30
412
513
3,826
198
24
210
29
53
82
261
461
2,462
133
4
143
43
40
93
257
408
2,114
174
3
131
31
48
85
314
569
2,525
322
796
141
24
59
162
341
379
3,733
77
13
251
22
26
28
324
436
2,653
154
7
148
32
37
117
11,853 13,720 12,046
5,518
5,679 5,267
2,476 4,526 3,763
2,860 2,280 2,286
1,492
671
730
4,132
1,331
1,925
580
108
3,081
1,102
932
729
332
2,913
1,453
694
528
179
3,593
1,793
977
443
111
2,907
1,426
902
534
114
2,464
1,172
810
464
189
3,742
1,324
1,183
662
120
2,934
1,346
868
626
248
3,162
1,596
930
558
296
472
238
108
-1
397
268
136
(*)
349
87
213
(*)
332
83
355
(*)
420
63
27
(*)
275
60
11
(*)
542
598
51
(*)
379
104
18
(*)
262
101
15
(*)
10
11
12
13
14
15
16
Receipts from:
Sales of agricultural commodities
Interest
Repayments of principal
Reverse grants
. .
.. .
•
.
Less currencies disbursed for:
17
18
19
20
21
22
23
Other grants and credits
Other U S Government expenditures
. . .
....
Assets acquired in performance of U.S. Government guarantee and insurance obligations, net
Other assets held under Commodity Credit Corporation Charter Act net .
Assets financing military sales contracts net 2 .. .
Other short-term assets (including changes in administrative cash holdings), net
,
By program
24
25
26
27
28
29
30
31
32
Capital subscriptions and contributions to international financial institutions, excluding IMF
Under Agricultural Trade Development and Assistance Act and related programs
Under Foreign Assistance Act and related programs
.
..
Under Export-Import Bank Act
....
..
Under Commodity Credit Corporation Charter Act
Under other grant and credit programs
.
Other foreign currency assets acquired (lines A13 A14 and A 16)
Less foreign currencies used by U.S. Government other than for grants or credits (line A 19)
Other (including changes in administrative cash holdings), net
.. .
By disposition 3
33
34
35
36
37
38
39
40
41
42
43
44
45
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
.
...
B y short-term credits '
.
.
.
.
By grants '
U S Government grants and credits to repay prior U S Government credits l 4
U.S. Government long- and short-term credits to repay prior U.S. private credits 6 and other assets
Increase in liabilities associated with U.S. Government
grants and transactions increasing Government
assets (including changes in retained accounts)7 (line Cll).
Less receipts on short-term U.S. Government assets (a) financing military sales contracts, ' (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)
Estimated dollar payments to foreign countries and international financial institutions
Bl Repayments on U S Government long-term assets, total (table 1, line 41)
2
3
4
5
6
7
Receipts of principal on U S Government credits
Under Agricultural Trade Development and Assistance Act and related programs
Under Foreign Assistance Act and related programs
..
Under Export-Import Bank Act
Under Commodity Credit Corporation Charter Act
Under other credit programs
8
Receipts on other long-term assets
.
Cl U.S. Government liabilities other than securities, total, net increase (+) (table 1, line 53)
2
3
4
5
6
7
8
9
10
Associated with military sales contracts2
.
U.S. Government cash receipts from foreign governments (including principal repayments on credits
financing military sales contracts), net of refunds '.
Less U S Government receipts from principal repayments
Less U.S. Treasury securities issued in connection with prepayments for military purchases in the United
States.
Plus financing of military sales contracts by U.S. Government5 (line A36)
By long-term credits.. ..
. . . . . . .
By short-term credits '
. .
By grants '
,
Less transfers
of
goods
and
services
(including
transfers
financed
by
grants
for
military
purchases,
and by
credits) ' 2 8 (table 1, line 4).
11
Associated with U.S. Government grants and transactions increasing Government assets (including changes in
retained accounts) 7 (line A42).
12
13
14
15
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
Other sales and miscellaneous operations
.
See footnotes on page 75.
. . . .
1,367
559
796
2
1,550
676
813
-2
1,615
825
107
(*)
52
31
30
4
7
18
3
7
4
16
2
304
220
173
44
77
44
55
40
48
59
26
37
5,051
4,433
4,279
910
935
940
1,649
653
691
1,052
1,883
671
7,625 10378
6,548
1,031
1,185
3,386
4,776
1,896
832
2,779
1,042
766
7,176
275
2,336
4,293
152
121
9,920
469
7,718
1,501
110
122
6,100
355
3,700
1,382
545
119
912
125
392
377
11
6
1,068
108
403
501
56
1
3,274
114
2,835
295
26
5
4,665
122
4,088
328
18
110
1,781
57
1,346
334
42
2
719
40
332
328
17
3
2,669
130
1,662
448
424
4
931
128
360
272
62
110
643
64
311
245
18
4
449
458
449
119
117
112
110
115
112
111
111
124
-2,503
-710
332
-133
-478
-196
97
-200
470
-350
412
-368
-2,259
-660
7,828 10,396
474
8,024
-164
1,604
-446
1,381
-166
3,849
115
3,563
-149
2,493
515
1,665
-373
2,034
481
1,832
-379
1,618
1,301
373
3,489
376
1,981
-425
184
-371
139
-152
1,417
606
1,749
293
1,145
-12
144
-^99
563
96
129
-10
132
83
2,860
1,492
2,280
730
2,286
671
580
108
729
332
528
179
443
111
534
114
464
189
662
120
626
248
558
296
1,367
11,273
1,550
9,472
1,615
8,279
472
2,535
397
2,569
349
2,520
332
1,848
420
2,042
275
1,969
542
2,411
379
1,858
262
2,340
2
-2
(*)
-1
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
-246
-75
-68
-103
-48
17
7
-72
-143
-48
-22
-73
32
-20
3
50
-32
-11
-1
-20
-30
46
-2
-75
-19
2
7
-27
-51
-32
-36
17
-46
-51
2
4
23
60
1
-38
-69
-25
11
-55
11
20
1
-9
96
SURVEY OF CURRENT BUSINESS
June 1990
Table 5.—Direct Investment: Income, Capital, Royalties and License Fees, and Other Private Services
[Millions of dollars]
1988
Line
1987
(Credits +; debits -)
1988
1989
I
II
1990
1989
HI
IV
I
II
III
IV
I"
U.S. direct investment abroad:
1
2
3
4
5
6
7
8
9
Income (table 1, line 12)
Income before capital gains/losses
Capital gains/losses (gains +; losses —) l
Earnings (net of withholding taxes) .
Distributed earnings
Reinvested earnings '.
Interest (net of withholding taxes)
U S parents' receipts
U.S. parents' payments
10
11
12
13
14
15
16
17
Capital (table 1 line 44)
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 8)
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
40,588
38,523
2,065
43,022
23,308
19,714
-2,435
1,671
-4,106
49,819
49,652
167
51,336
38,722
12,614
-1,517
2,126
-3,643
53,617
51,698
1,919
53,904
31,488
22,416
-287
3,086
-3,372
12,361
11,697
663
12,806
9,069
3,737
-445
455
-901
13,760
13,147
613
14,090
8,106
5,984
-330
552
-882
11,810
11,440
370
12,185
4,937
7,248
-375
530
-905
11,888
13,367
-1,479
12,255
16,610
-4,355
-367
589
-956
12,940
12,759
181
13,174
6,030
7,144
-234
636
-870
13,885
13,867
18
13,940
5,756
8,184
-55
751
-806
12,521
11,517
1,004
12,580
4,930
7,649
-58
781
-839
14,271
13,555
716
14,210
14,772
-562
61
918
-857
12,833
12,922
-89
12,650
5,631
7,019
183
969
-786
-31,045
-4,635
. . . . . . . -15,954
11,319
-19,714
-6,696
-5,381
-1,315
-16,218
6,311
-10,432
16,743
-12,614
-9,915
-4,001
-5,914
-31,722
4,860
-15,588
20,448
-22,416
-14,166
-13,975
-191
-6,782
738
-3,002
3,740
-3,737
-3,783
-2,758
-1,025
-4,542
2,550
-1,668
4,218
5,984
-1,108
-100
-1,008
-7,142
-89
-1,956
1,867
-7,248
196
-256
452
2,249
3,113
-3,806
6,918
4,355
-5,219
-886
-4,333
-7,003
2,979
-2,384
5,363
-7,144
-2,837
-2,245
-593
-10,126
144
-5,002
5,146
-8,184
-2,086
-4,413
2,328
-10,594
-305
-5,269
4,964
-7,649
-2,639
-2,728
89
-3,999
2,042
-2,933
4,975
562
-6,603
-4,588
2,015
-8,308
-1,751
-3,344
1,593
-7,019
462
109
353
6,889
7,039
-150
8,336
8,455
-119
9,176
9,298
-122
1,795
1,828
-34
1,966
1,996
-30
1,935
1,955
-20
2,640
2,675
-36
2,069
2,096
-27
2,188
2,221
-33
2,146
2,178
-33
2,773
2,802
-30
2,331
2,366
-35
2,446
5,340
-2,893
3,199
6,427
-3,228
4,415
8,121
-3,707
724
1,526
-802
883
1,646
-763
733
1,504
-771
860
1,752
-892
939
1,747
-808
1,137
2,005
-869
1,145
2,101
-956
1,194
2,269
-1,075
1,260
2,192
-932
40,588
7,159
19,229
14,200
38,523
7,317
18,617
12,589
49,819
7,874
25,504
16,441
49,652
7,700
25,977
15,974
53,617
8,463
26,322
18,833
51,698
7,645
27,175
16,877
12,361
2,465
5,731
4,165
11,697
2,136
5,961
3,600
13,760
2,088
6,731
4,941
13,147
1,858
6,794
4,495
11,810
1,976
6,164
3,670
11,440
1,712
6,267
3,462
11,888
1,345
6,879
3,664
13,367
1,995
6,955
4,417
12,940
1,946
6,736
4,258
12,759
1,700
7,082
3,977
13,885
1,936
6,832
5,116
13,867
1,817
7,200
4,849
12,521
2,021
5,879
4,621
11,517
1,668 •
5,866
3,984
14,271
2,559
6,875
4,838
13,555
2,460
7,028
4,067
12,833
2,375
6,206
4,252
12,922
2,365
6,291
4,266
-4,635
-2,218
-1,694
-724
-19,714
-189
-11,273
-8,253
-6,696
209
-290
-6,615
6,311
4,151
888
1,272
-12,614
1,158
-8,748
-5,024
-9,915
-2,269
196
-7,843
4,860
5,128
1,931
-2,199
-22,416
-213
-14,876
-7,328
-14,166
-913
124
-13,378
738
1,558
152
-973
-3,737
-477
-1,265
-1,995
-3,783
-897
750
-3,636
2,550
1,095
892
562
-5,984
-614
-3,069
-2,301
-1,108
-140
-248
-720
-89
64
229
-382
-7,248
-800
-3,806
-2,642
196
-395
926
-335
3,113
1,434
-386
2,064
4,355
3,049
-609
1,916
-5,219
-836
-1,231
-3,153
2,979
3,368
-721
332
-7,144
162
-4,505
-2,801
-2,837
315
-2,152
-1,001
144
-613
1,492
-736
-8,184
-817
-4,584
-2,783
-2,086
125
1,837
-4,048
305
1,373
-330
-1,348
-7,649
-517
-3,910
-3,222
-2,639
86
301
-3,027
2,042
1,000
1,489
-447
562
960
-1,876
1,479
-6,603
-1,439
138
-5,302
-1,751
-1,126
-1,362
738
-7,019
-645
-4,158
-2,216
462
330
-1,017
1,149
-9,500
-9,871
371
-5,874
-4,393
-1,481
-3,626
-4,813
1,187
-16,748
-15,882
-866
-11,830
-5,270
-6,560
-4,918
-6,240
1,321
-14,004
-11,437
-2,567
-6,533
-6,621
88
-7,471
-9,343
1,872
-3,807
-3,458
-349
-2,710
-937
-1,774
-1,097
-1,367
270
-4,512
-4,364
-148
-3,378
-2,021
-1,357
-1,134
-1,416
282
-4,373
-4,114
-259
-3,077
-995
-2,083
-1,295
-1,633
337
-4,056
-3,947
-109
-2,664
-1,317
-1,347
-1,392
-1,824
431
-2,949
-2,843
-106
-1,275
-3,713
2,438
-1,674
-2,038
364
-4,638
-3,909
-729
-2,887
-1,063
-1,824
-1,751
-2,227
477
-3,729
-3,026
-703
-1,886
-683
-1,204
-1,843
-2,328
485
-2,689
-1,659
-1,029
-485
-1,163
678
-2,204
-2,750
546
-1,924
-2,221
297
-26
-1,247
1,221
-1,898
-2,357
459
46,894
30,621
36,222
-5,601
1,481
14,792
21,364
-6,572
58,435
40,362
43,644
-3,282
6,560
11,513
17,747
-6,234
72,244
46,683
49,527
-2,844
-88
25,649
29,171
-3,521
9,616
9,600
10,921
-1,322
1,774
-1,758
-847
-911
13,885
9,318
9,754
-436
1,357
3,210
4,189
-978
11,896
7,938
8,678
-741
2,083
1,876
4,310
-2,434
23,038
13,507
14,290
-783
1,347
8,185
10,095
-1,911
21,348
7,163
8,813
-1,651
-2,438
16,624
15,206
1,417
17,055
10,525
11,005
-479
1,824
4,706
4,141
565
12,374
13,292
13,625
-333
1,204
-2,121
4,028
-6,149
21,466
15,703
16,084
-382
-678
6,441
5,795
646
7,592
9,972
10,375
-402
-1,221
-1,159
-866
-293
...
,
.
.
*
. .
By industry of affiliate: 4
Income (line 1)
Petroleum
Manufacturing
Other
Income before capital sains/losses (line 2)
Petroleum
Manufacturing
.
. ..
....
Other
.
CapitalEquity capital (line 1 1)
Petroleum
. ..
....
....
Manufacturing
Other
Reinvested earnings (line 14, or line 6 with sign reversed) '
Petroleum
....
Manufacturing
..
..
. ....
Other
Intercompany debt (line 15)
Petroleum
Manufacturing
Other
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
A..»W
V.V/.. J»»
J
Vl/»
V
V
.
-.
...
*,f
Foreign direct investment in the United States:
44
45
46
47
48
49
50
51
52
Income (table 1 line 26) .
.
. . . . .
Income before capital gains/losses
Capital gains/losses (gains —; losses +) 5
Earnings (net of withholding taxes)
..
53
54
55
56
57
58
59
60
Capital (table 1, line 57)
Equity capital
61
62
63
Royalties and license fees (table 1 line 22)
U S affiliates' payments
U S affiliates' receipts
-843
-1,083
240
-968
-1,205
238
-1,374
-1,725
352
-247
-289
41
-236
-292
56
-242
-305
63
-242
-320
78
-242
-347
104
-333
-402
69
-309
-397
88
-489
-579
90
-352
-448
96
64
65
66
Other private services (table 1, line 23)
U S affiliates' payments.....
U S affiliates' receipts
616
-2,067
2,683
694
-2,334
3,028
581
-2,918
3,498
-18
-646
628
255
-506
761
245
-521
765
213
-661
874
36
-691
727
118
-705
823
155
-683
838
271
-839
1,110
-150
-1,056
906
-9,500
-2,345
-3,864
-3,291
-9,871
-2,321
-4,166
-3,383
16748
-2,929
-7,172
-6,647
-15,882
-3,001
-5,961
-6,920
-14,004
-2,991
-5,752
5262
-11,437
-2,937
-5,305
-3,195
-3,807
-914
-1,460
-1,433
-3,458
-877
-1,393
-1,188
-4,512
-758
-1,986
-1,768
-4,364
-784
-1,849
-1,731
-4,373
-856
-1,815
-1,702
-4,114
-850
-1,438
-1,826
-4,056
-401
-1,911
-1,743
-3,947
-490
-1,282
-2,175
-2,949
-830
-1,149
-970
-2,843
-777
-1,167
-899
-4,638
-911
-2,068
-1,658
-3,909
-953
-1,695
-1,261
-3,729
-724
-1,714
-1,292
-3,026
-749
-1,485
-793
-2,689
-526
-821
-1,342
-1,659
-458
-958
-244
-1,924
-676
-1,489
242
-2,221
-752
-1,523
54
30,621
761
15,020
14,840
1,481
1,315
1,209
-1,042
14,792
4,543
7,144
3,105
40,362
866
17,573
21,923
6,560
46,683
698
25,405
20,580
-88
-461
1,403
-1,030
25,649
331
12,074
13,244
9,600
21
2,027
7,552
1,774
565
815
394
-1,758
-1,773
-627
642
9,318
164
5,836
3,318
1,357
-603
1,371
589
3,210
-342
3,252
301
7,938
-2
3,220
4,719
2,083
630
961
491
1,876
-14
646
1,244
13,507
683
6,490
6,334
1,347
105
883
359
8,185
-297
3,358
5,124
7,163
76
4,775
2,311
-2,438
-1,803
255
-890
16,624
1,176
6,778
8,669
10,525
233
5,568
4,724
1,824
638
1,088
98
4,706
-710
1,722
3,693
13,292
7
8,681
4,604
1,204
461
816
-73
-2,121
-22
2,542
-4,641
15,703
381
6,380
8,941
-678
243
-756
-165
6,441
-113
1,031
5,523
9,972
665
6,352
2,955
-1,221
334
334
-1,888
-1,159
-438
-3,117
2,396
Interest (net of withholding taxes)
U S affiliates' payments
U S affiliates' receipts
Decreases in equity capital
Reinvested earnings s
Intercompany debt
U.S. affiliates' payables
U S affiliates' receivables
3
.
.
.
By industry of affiliate: 4
67
68
69
70
71
72
73
74
Income (line 44)
Petroleum
Manufacturing
Other
Petroleum
Manufacturing
;
*
Capital:
75
76
77
78
79
80
81
82
83
84
85
86
Petroleum
Manufacturing
Other . .
....
Reinvested earnings (line 57, or line 49 with sign reversed) 5
Petroleum
Manufacturing
Other
.
.
.
.
. . .
Intercompany debt (line 58)
....
.
Petroleum
Manufacturing
Other
See footnotes on page 75.
4,030
1,834
11,513
-2,426
6,629
7,310
SURVEY OF CURRENT BUSINESS
June 1990
97
Table 6.—Securities Transactions
[Millions of dollars]
1987
(Credits +; debits -)
1988
1989
II
I
1990
1989
1988
Line
III
IV
I
II
III
IV
I"
-4,871
-7,846
-21,938
-4,539
1,333
-1,592
-3,047
-2,062
-6,144
-9,623
-4,109
-909
-16,654
-716
1,216
-228
-1,181
-850
-4,447
-7,518
-3,839
72
-2,665
-463
-1,079
-24
-7,556
-146
-286
-181
-24
-612
-111
-529
-30
-6,276
-30
-640
-86
-222
-15
4,795
-1,123
-1,888
-1,853
7,149
622
170
-577
198
521
-217
443
-9,098
-7,784
-3,603
-1,107
-124
-84
-716
-9
533
78
-901
116
1,502
574
660
45
551
332
-47
-1,560
-961
133
1,296
84
-569
418
-34
265
-1,163
-89
-739
^79
-706
-106
-598
443
-3,918
-4,550
-3,094
-196
1,180
-352
-1,242
-978
43
-385
208
-87
-3,199
-1,777
154
-420
-914
-88
294
-87
332
-439
1,519
-699
-7,381
-6,937
-5,284
-3,823
117
-1,364
-1,866
-1,212
-1,697
-2,105
-270
-4,943
-6,071
-6,855
-6,622
-2,115
-1,048
-2,051
-1,641
-1,584
-1,522
-1,672
-1,844
-5,839
-2,658
-1,876
-197
-1,340
-2,295
-1,496
-2,573
-491
-2,008
-2,008
-1,164
-1,442
-669
-949
-497
-725
-156
-150
-1,553
-192
-745
-397
-299
-200
-793
-691
-100
-433
-396
-397
-296
-529
-224
-99
-253
-921
-20
-650
-2,500
-1,326
-518
-1,495
-910
-1,745
-642
-1,483
-2,537
-1,079
-250
-1,015
-491
-1,043
-2,703
-284
-358
-1,291
-450
-99
-263
-333
-728
-642
-342
-419
-174
-745
-692
-248
-793
-50
-471
-1,150
-1,442
-137
-99
-156
-192
-506
-200
-147
-185
-296
-655
-496
-298
-1,423
-122
-2,500
-163 ••— -650
5,590
100
3,290
300
1,900
1,509
3,107
1,448
1,359
993
21
572
1,711
1,301
1,211
801
900
300
400
1,406
100
706
300
300
571
500
1,678
278
1,067
33
300
1,171
1,009
1,200
7,287
1,747
4,007
33
1,500
600
500
500
400
...
-4,304
-8,207
-8,989
-1,307
-12
5,222
-7,368
-5,715
-5,876
-5,722
1,803
2,266
-4,252
-6,140
-8,004
-3,320
3,266
1,942
-3,217
-2,840
-2,163
-1,460
669
414
-1,942
-1,265
-1,084
-2,048
415
956
-306
263
-314
-778
-583
792
1903
-1,873
-2,315
-1,436
1,302
104
-1,034
-378
-1,798
-1,388
706
26
-1,346
-2,217
-2,168
-587
935
523
-2,144
-2,669
-2,780
-1,448
1,597
376
273
-876
-1,258
103
28
1,018
-404
563
707
-476
.-199
-292
Bl U.S. securities, excluding Treasury securities and transactions of foreign official
agencies, net foreign purchases (+), (table 1, line 59 or lines 2 + 10 below).
42,120
26^353
39,568
2,423
9,702
7,464
6,764
8,731
9,574
10,470
10,793
2,732
15,587
-478
6,604
-215
821
1,085
-2,169
-62
3,524
4,842
-1,700
-3,369
1,336
-113
-1,279
362
915
11,096
2,240
-3,765
191
-2,326
-1,135
1,007
1,668
612
-122
-900
-2,469
3,519
-964
3,209
4,481
-1,005
187
•^16
-639
-100
999
-108
-758
-4
-480
-172
150
1,459
-30
-108
-20
-652
763
245
133
815
-1,894
28
-778
-1,087
712
-923
-64
-259
139
-1,458
727
69
-1,537
1,665
268
-363
523
1,059
1
1,931
1,324
2,006
-393
-319
2,140
-272
1,620
1,489
-2,137
-283
-1,215
-407
-762
1,195
4
-1,394
141
-942
-861
-272
-734
-970
Al
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
Foreign securities, net U.S. purchases (-), (table 1, line 45 or lines 2 + 11 below)
New issues in the United States
Of which Canada
Western Europe
Of which United Kingdom
Canada
Japan
Other
Bonds net U S. purchases
New issues in the United States
By issuer:
Central governments and their agencies and corporations
Other governments and their agencies and corporations *
international financial institutions
2
By area:
Western Europe
..
Canada
.
Japan
Latin America
Other countries
International financial institutions 2
,
Redemptions of U.S -held foreign bonds3
Western Europe . .
28
29
30
31
32
33
Other transactions in outstanding bonds net 3
Western Europe
Of which United Kingdom
Canada
Japan
.....
...
Other
3
4
5
6
7
8
9
-1,434
-1,340
,
23
24
25
26
27
2
2,994
447
1,347
,
International financial institutions 2
Stocks, net foreign purchases
By area:
Western Europe . .
. .
Of which Germany
Switzerland
United Kingdom
Canada
Japan
...
Other
-5,251
2,130
Stocks, net U.S. purchases
...
.....
....
.
. .
,
-250
-216
-647
-496
-747
-284
1,300
10
Corporate and other bonds, net foreign purchases
26,533
26,831
32,964
2,638
8,881
6,379
8,933
8,793
6,050
5,628
12,493
6,101
11
12
13
By type:
New issues sold abroad by U.S. corporations
U.S. federally sponsored agency bonds, net
Other outstanding bonds net
22,585
3,472
476
18,788
5,424
2,619
18,711
13,724
529
2,626
304
-292
4,957
2,448
1,476
4,803
889
687
6,402
1,783
748
4,598
3,304
891
5,570
1,945
-1,465
3,947
2,793
-1,112
4,596
5,682
2,215
3,146
2,719
236
14
15
16
17
18
19
20
21
By area:
Western Europe
Of which Germany
Switzerland
United Kingdom
Canada
Japan
Other countries
International financial institutions 2
21,469
27
1,581
19,460
1,289
1,584
1,481
710
16,675
1,341
459
13,438
701
7,642
2,368
-555
19,384
-248
-174
18,233
1,103
6,402
5,715
360
2,251
437
-81
1,761
84
525
605
-827
4,707
586
68
3,702
416
3,017
512
229
3,895
331
39
2,971
119
5,822
-13
433
5,004
201
2,328
658
-76
5,067
200
263
4,294
520
1,661
1,530
15
5,251
-200
-136
4,770
-16
-342
910
247
2,991
-209
-149
3,185
309
928
1,401
-1
6,074
-39
-152
5,984
290
4,155
1,874
100
2,656
-383
143
2,851
756
852
2,045
-208
31,058
1,564
-445
-562
-5,808
26,650
1,309
-107
-2,399
21,823
27,028
1,383
-197
2,031
27,169
20,450
-162
-40
-804
6,215
6,497
202
-7
-410
5,754
-5,301
572
-88
-420
3,806
5,004
697
28
-765
6,048
12,867
721
147
308
7,271
-1,449
-97
-250
821
3,178
13,598
190
-12
655
11,657
2,012
569
-82
247
5,063
-4,930
-531
12
-138
-1,724
. . .
&
593
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)
U.S. corporate and other bonds (part of line A14)
..
.
3
4
U.S. stocks (part of line A 14)
5 Other foreign transactions in U.S. Treasury bonds and notes (table 9, line B4)
See footnotes on page 75.
98
SURVEY OF CURRENT BUSINESS
June 1990
Table 7.—Claims on and Liabilities to Unaffiliated Foreigners Reported by U.S. Nonbanking Concerns
[Millions of dollars]
1987
Claims, total (table 1, line 46)
Al
2
3
4
5
6
7
8
9
10
11
12
13
14
Financial claims
.
Denominated in U S dollars
Denominated in foreign currencies
By type: Deposits
Other claims '
2
By area: Industrial countries
Of which United Kingdom
Caribbean banking centers 3 .
Other
.
.
.
Commercial claims
Denominated in U S dollars
Denominated in foreign currencies
.
1988
1989
I
II
1990
1989
1988
(Credits +; increase in U.S. liabilities or decrease in U.S. assets.
Debits -; decrease in U.S. liabilities or increase in U.S. assets.)
Line
III
IV
I
II
III
I"
IV
Amounts
outstanding
Dec. 31,
1989
5,324
-2,847
1,391
-363
-6,823
-537
4,876
1,851
-2,384
1,877
47
n.a.
32,541
5,924
5,926
-2
-1,519
-7,632
113
3,737
3,637
106
-197
-353
756
-6,233
H5,332
99
-804
-522
-252
5,715
5,575
140
1,837
7,575
22
-2,006
-2,775
772
2,407
2,500
-93
1,499
1,494
5
n.a.
n.a.
n.a.
18,146
16,466
1,680
5,036
888
-994
-525
4,316
-579
1,994
-2,191
-6,816
583
348
-1,152
3,480
2,235
1,022
815
-2,121
115
4,001
-1,594
1,414
85
n.a.
n.a.
11,573
6,573
3,547
1,388
1,965
2,271
106
-287
-530
505
-1,174
-58
3,200
2,454
415
776
-239
-691
-402
175
512
-18
-1,742
-1,868
-248
-4,477
-14
104
995
-695
-950
42
2,042
745
1,273
3,741
-68
1,180
1,141
129
582
75
-14
269
-408
-1,848
-144
1,259
769
190
1,028
120
775
275
504
1,014
-290
n.a.
n.a.
n.a.
n.a.
n.a.
10,121
6,543
1,923
5,200
2,825
-600
-545
-55
-1,328
-1,342
14
-2,346
-2,244
-102
-166
-379
753
-590
-541
-49
267
394
-127
-839
-876
37
14
76"
-2
-378
-406
28
-530
-526
-4
-1,452
-7,325
-124
n.a.
n.a.
n.a.
14,395
73,755
607
-754
154
-1,323
-5
-1,867
-479
-126
-40
-660
70
226
41
-763
-76
201
-187
-209
-169
-534
4
-1,325
127
n.a.
n.a.
12,727
1,668
-292
-81
-217
447
29
-209
-673
24
-190
-106
70
50
-289
-14
-75
-537
83
-76
-1,091
-86
-275
n.a.
n.a.
n.a.
9,274
906
4,215
15
16
By type: Trade receivables
Advance payments and other claims
17
18
19
By area* Industrial countries 24
Members of OPEC
Other
789
50
139
-686
51
-693
-2,023
53
-376
-168
79
-77
Bl Liabilities, total (table 1, line 60)
2,863
6,664
2,867
1,535
139
2,822
2,168
3,717
-407
-2,175
1,732
n.a.
38,876
3,057
2,949
108
1,929
7,923
6
1,716
7,503
273
-205
729
-334
1,380
7,425
-45
166
-108
274
2,258
2,066
792
-414
-194
-220
-1,068
-7,037
-37
1,153
1,088
65
n.a.
n.a.
n.a.
17,412
73,575
3,594
2
3
4
Denominated in U.S. dollars
,
Denominated in foreign currencies
290
-965
7,255
5
6
7
8
Caribbean banking centers 3
Other
1,009
417
-727
8
2,761
1,100
113
183
1,817
823
-12
124
1,415
744
316
-15
-329
-100
-14
138
1,780
1,257
-366
-34
-105
-801
177
94
2,801
2,683
-570
27
-954
-1,327
537
3
-1,168
-939
113
-13
1,138
406
-92
107
n.a.
n.a.
n.a.
n.a.
15,314
7,480
1,608
490
9
10
11
Commercial liabilities
Denominated in U S dollars
Denominated in foreign currencies
2,573
2,752
421
3,607
3,625
-18
938
7,772
-774
-181
-237
50
344
488
-144
1,442
1,450
-8
2,002
7,975
84
1,459
7,467
-8
7
505
-498
-1,107
-903
-204
579
643
-64
n.a.
n.a.
n.a.
21,464
20,579
945
12
13
By type* Trade payables
Advance receipts and other liabilities
856
1,717
-846
4,453
544
394
-851
670
306
38
-304
1,746
3
1,999
551
908
-671
678
77
-1,184
587
-8
n.a.
n.a.
7,002
14,462
14
15
16
By area* Industrial countries 24
Members of OPEC
Other
1,856
101
616
3,273
-480
814
639
88
211
230
-917
506
-12
253
103
1,396
15
31
1,659
169
174
687
235
537
-606
-84
697
-145
-85
-877
703
22
-146
n.a.
n.a.
n.a.
15,804
1,891
3,769
See footnotes on page 75.
.
..
99
SURVEY OF CURRENT BUSINESS
June 1990
Table 8.—Claims on Foreigners Reported by U.S. Banks
[Millions of dollars]
1989
1988
(Credits +; decrease in U.S. assets. Debits -; increase in U.S. assets.)
Line
1 Total (table 1, line 47)
By type:
Banks' own claims
2
-56,322
-50,684
15,085
11
III
IV
I
-12,456
-28,430
-30,521
-23,586
Amounts
I"
standing
March
31, 1990
III
IV
26,829
-21,269
-32,658
45,655
II
606,958
-41,458
14,540
-13,923
-28,611
-18,750
-17,957
23,514
-16,774
-30,241
42,354
553,991
-31,397
-45,135
15,495
-15,622
-18,014
-13,256
-13,890
13,338
-8,719
-35,864
42,293
493,019
-13,195
-4,663
-511
3,236
-32,709
-1,817
1,838
1,291
-39,749
-5,417
1,543
-1,512
1,395
10,004
-7,795
-5,766
-824
-1,237
-15,016
-1,222
-1,026
-750
-11,293
-4,833
2,953
-15,413
-452
-860
2,835
13,736
1,825
-366
-1,857
-7,525
-2,873
1,567
112
-30,547
-3,917
1,202
-2,602
19,089
11,546
7,025
4,633
278,095
123,295
53,104
38,525
-3580
7,570
2,409
-20 205
-19,985
2,344
-328
7,107
-3,949
-1,454
-12,767
-376
-2,783
-14,850
1,237
2,448
-2,800
8,960
3,524
2,091
589
518
2,062
-1,336
-8,386
-1,022
1,561
-17,759
2,259
-2,615
19,008
3,731
7,244
122,936
41,074
52,788
-9,615
-12,233
-12,504
-2,253
2,827
-14,902
-1,817
-607
-2,249
-846
1,007
-12,613
-1,041
861 -12,788
81
-87
4,776
1,307
-887
-1,851
359
1,090
6,480
2,005
3,557
-6,070
316
-6,176
1,215
7,815
4,414
155,159
82,221
38,841
.. ..
-25,090
-15,347
3,677
-955
1,699
-10,597
-5,494
-4,067
10,176
-8,055
5,623
61
60,972
Banks' domestic customers' claims
Payable in dollars
Deposits
... ..
Negotiable and readily transferable instruments
-1,896
-3,853
-9,578
-9,765
-4,597
-9,226
-6,490
-6,628
1,194
-1,056
-2,736
545
804
1,467
1,661
181 -11,771
3,315
3,662
-1,318
3,377
-1,255
-259
167
-5,629
-5,617
-3,758
-663
2,157
-194
740
2,944
-227
-347
-4,495
-2,660
-152
-2,260
-248
-1,835
-2,417
-1,875
-3,663
-230
2,018
-542
3,301
3,300
1,500
1,800
52,967
51,776
16,788
20,634
14,354
1,191
10,473
10,200
6,175
3,646
-4,018
-17,532
-4,755
-3,362
-1,102
-11,803
17,847
16,272
13,973
-1,052
2,602
..
... .
unaffiliated foreign banks
Foreign-owned banks' claims on:
11
12
13
unaffiliated foreign banks
other foreigners
.
Payable in foreign currencies
15
16
17
18
19
20
-42,119
I
1990
-46,744
... .
By bank ownership: 2
U.S.-owned banks' claims on:
14
1989
-40,223
By borrower:
Claims on:
own foreign offices
..
unaffiliated foreign banks
foreign public borrowers '
other private foreigners
.
3
9
10
1988
-15,133
..
3
4
5
6
7
1987
.
721
»
436
302
996
-2,652
-1,922
1,957
-6,165
-31,380
1,465
4,966
-5,175
-27,850
-47,400
-14444
-13,076
6,655
-40,349
By area:
188
-19,764
-7,761
735
3,361
305
-83
422
-487
-548
3,086
-3,026
-11,743
-2,898
-4,804
-4,041
669
-28
-10,868
-1,885
-2,133
1,200
-10,714
645
-19,809
-4,026
-2,974
-2,103
-13,449
-231
531
-27,196
-18,733
-14,144
3,912
-12,168
-207
-638
-13,779
-726
-2,599
-12
945
118
1
180
738
-19,108
-4,866
1,787
3,887
-15,926
-2,203
409
-14,163
-1,753
-2,608
2,119
-12,515
-2,014
128
25
27
-9,610
-6,635
-30,344
-168
9,137
-13,003
-2,601
-11,162
-725
-4,978
-13,479
6,556
164,159
28
29
30
31
32
33
-1,129
-787
-2,287
-1,522
5,879
-7,972
-676
4,780
1,061
1,140
2,443
-138
1,335
-1,784
-1,101
1,311
-2,352
-254
-489
-4,559
-1,962
1,263
-2,879
-724
5,884
-3,341
-921
2,355
-4,408
-2,128
-1,665
1,766
-4,112
-10
-1,647
-1,134
2,080
-3,018
482
-1,232
-2,813
6,905
-6,640
-336
-1,161
21,252
1,868
11,789
9,629
-799
-624
633
130,290
21,798
71,517
46,758
5,406
6,609
-15,546
-21,022
-28,843
12,797
-10,644
-4,439
-10,888
-25,694
-7,329
4,007
6,777
5031
-902
1,891
-8 894
-2 131
-211
-23 583
-558
-303
3,422
-8,651
-6895
2,600
-7,517
-13 505
3511
-5,977
-22 866
6,789
21
22
23
24
25
26
Of which United Kingdom
Canada
3
4
5
6
7
g
«...
Other
Of which Members of OPEC, included below 5
Latin America
Asia
Africa 6
Other
1
2
,
Memoranda:
International banking facilities' (IBF's) own claims, payable in dollars (lines
1-13 above).
By borrower:
Claims on:
own foreign offices
....
.....
unaffiliated foreign banks
foreign public borrowers
all other foreigners
By bank ownership: 2
U S -owned IBF's
Foreign-owned IBF's
....
.
. . . .
Banks' dollar acceptances payable by foreigners
See footnotes on page 75.
891
-1,138
-169
-713
-8
173
318
12479
4398
60
321
1291
-1 1 935
-940
480
-18,308
-3,165
823
907
704
30,895
4,807
6,934
3,508
22,171
312,509
143,164
77,887
20,200
144,888
4,257
4,898
-217
-2,924
2,165
-5,184
-265
2,560
499
-1,278
-24
242
-7,797
-15,378
-11,582
4,069
-4,877
-16,453
21,457
268,289
-8365 -13 101
-1 015 -2443
-385
924
-8 133
-3379
-236
1 808
1 254
1 018
-2932
-2478
-16 437
-2726
2296
121 728
88027
38*023
20511
78028
190 261
13575
-19
-85
659
551
166
-11
-396
414
6 133
8335
5805
1 184
-4343
-3454
-4783
10595
-837
-1 470
-10 112
2403
-2013
6082
-361
^4516
3688
-2 133
-14 320
13534
7923
313
758
890
385
929
100
SURVEY OF CURRENT BUSINESS
June 1990
Table 9.—-Foreign Official Assets and Other Foreign Assets in the United States Reported by U.S. Banks
[Millions of dollars]
1989
19 88
(Credits +; increase in foreign assets. Debits -; decrease in foreign assets.)
Line
Al Foreign official assets in the United States (table 1, line 49) .
2
3
4
5
6
7
8
9
10
11
12
13
14
By type:
U.S. Treasury securities (table 1, line 51)
Bills and certificates
Bonds and notes marketable
. .
.
Bonds and notes nonmarketable
. ..
Other U S Government securities (table 1, line 52)
Other U S Government liabilities (table 1, line 53)
U.S. liabilities reported by U.S. banks, not included elsewhere (table 1,
line 54).
Banks' liabilities for own account, payable in dollars1
Demand deposits
Time deposits * 2
Other liabilities
Banks' custody liabilities, payable in dollars 1 3
Other foreign official assets (table 1, line 55)
1990
Amounts
IP
standing
March
31, 1990
1987
1988
45,210
39,515
8,823
24,840
5,970
-2,015
10,720
7,797
-4,961
13,003
7,016
-8,825
327,145
43,238
13,180
31,058
-1,000
1564
-2,503
3,918
41,741
14,867
26,650
224
1,309
-710
-319
333
-26,740
27,028
45
1,383
332
4,940
27,730
6,788
20,450
492
-162
-133
-1,751
5,853
-354
6,497
-290
202
-478
810
-3,769
1,521
-5,301
11
572
-196
1,886
11,927
6,912
5,004
11
697
97
-1,264
4,630
-8,248
12,867
11
721
-200
2,191
-9,726
-8,288
-1,449
11
-97
470
3,820
12,771
-839
13,598
12
190
-350
-251
-7,342
-9,365
2012
11
569
412
-820
-5,874
-3,945
-4,930
3,001
-531
-368
-1,926
247,372
73,016
170,790
3,566
9,814
14,642
36,459
3,275
-510
2,346
1,439
643
-1,007
-1,593
152
-3,076
1,331
1,274
-2,506
3,962
283
763
2,916
978
1,835
-1,662
264
-1,077
-849
-89
-844
946
-185
1,266
-80
-52
-18
1,183
-136
-417
1,364
-508
-2,143
153
-1,929
-367
879
-737
979
-302
1,144
137
1,212
455
4,084
194
-873
4,763
-264
572
298
139
-493
652
-549
643
-1,399
252
985
-2,636
579
165
-379
-352
-645
618
-1,547
-126
31,071
2,189
10,530
18,352
5,388
18,858
81,383
90,474
91,150
-12,335
35,574
29,630
37,605
26,809
-18,467
40,463
42,345
-28,989
772,713
-7643
20239
29951
5911
5473
3443
5412
9323
2339
12618
5671
-864
129599
-1,835
-5808
-1,584
21 823
2,782
27 169
-304
6215
-281
5754
-363
3 806
-636
6048
2,052
7 271
-839
3 178
961
11 657
608
5063
860
-1 724
14,973
1 14 626
-850
-1,463
-5,330
-1,535
21,351
423
1,763
26,088
2,100
-539
6,967
-517
-383
3,784
2,072
-245
4,861
-1,173
-368
5739
41
-132
9433
22
544
303
1,492
1215
13573
-2,170
136
2779
2756
13
-57
-820
9358
1 14 229
6,012
89,026
86,721
60986
70,235
62,825
46059
61,199
49,640
58023
-18,246
-23,675
-24 198
30,101
29,934
31 639
26,187
22,864
14 125
32,193
33,702
24493
17,486
12,119
10431
-20,806
-24,508
17052
27,845
25,343
21 773
36,674
36,686
42871
-28,125
-35,863
-35 926
643,114
572,475
509513
39212
41,502
29,425
-10 650
28638
2275
21 239
1 605 -14 176
23 186
18 810
-13 933
304699
-895
15 137
7532
-686
6865
-1622
-413
17545
11466
-846
-9 120
-3582
1,282
3 176
-1 457
-1 419
7759
5510
297
5050
2093
548
4820
3458
-1 426
-2471
1 021
464
3 133
5010
1
-920
12063 -14048
11 997 -7025
18607
145912
40295
39212
22,965
65
-1 256
41 502
-3,668
8 397
-172
29425
14,955
13015
628
-10 650
-14,765
-876
2093
28638
897
2 186
-82
2275
7,624
4013
213
21 239
2,576
3074
-2396
1 605
7875
462
489
14 176
-7,510
4703
-69
23 186
-261
-1 008
-144
18810
13933
14851 -18,228
8 858 -3976
352
211
304699
117,264
844^3
3 147
24425
124
-1,352
25,180
-797
5,807
13377
1,668
5,632
-6624
1,331
1,783
9090
1,038
7975
744
1,941
14739
-2 872
1,045
-1 395
4044
-1,376
-7427
1057
1,584
14453
-3536
-485
7746
103
5,909
-9996
1 286
-3,815
131 107
22466
37,788
14787
22,841
161
16322
-2,871
2,418
16048
13,287
8,011
-4026
-16,096
-566
19548
897
1,066
-5700
6,880
2,285
6500
5448
-367
3000
3 831
2,327
-6749
-8567
3,050
8733
3275
-667
11 064
14748
3,301
3937
-19*514
50
173 592
94798
49,762
25,735
16,766
-8,383
523
-1,705
8,739
9209
1 688
-7456
3570
-6 185
2,305
157
7,410
629
11,559
2,202
5,429
1,441
167
-1,730
3,323
954
-1,509
-36
5367
1,945
3,702
849
2502
515
-12
-1,107
66605
50419
5963
10223
10471
4309
3,966
1,227
9836
29
-6,784
37625
11,750
-11 001
36876
43087
9,762
1,040
6,844
3553
38289
35982
-1 658
3965
39111
13,750
1,469
3,376
6024
-13 027
-13 859
-4685
5517
-1 989
2681
120
-756
320
4,030
2,837
-1 616
-113
1,572
20837
18 882
1 380
575
11 067
3670
-723
299
541
320
2,510
11 216
-1 293
1 658
14 167
15221
3 193
3449
1948
2625
-200
-1 180
18599
8020
—6038
16617
18788
218
-1 641
1 760
2 003
'l!3
-3658
21 674 -27 331
1*999
5712
4 348
8*248
11 614 -21 082
3 234
2 855
2280
5630
837
767
215
2656
3 ggg
1 317
18
130
923
1 397
25 323
9878
1 316
14 129
16065
-925
-459
-463
1 261
-67
-1 656
35,401
21,157
48,023
-16,431
15,184
8,265
14,139
15,575
-5,888
11 436
22313
1 912
-260
24326
-3049
-3 196
3,076
29 184
13436
4482
921
1 210
-14 791
-1 244
814
13418
763
7 145
657
1,423
12 881
3898
2 822
182
8 813
4083
2 114
565
9,197
26204
6,479
14,678
5,755
42268
-2266
-14 165
142
15042
946
7319
7657
6482
-183
-914
789
10
381
-1,347
42
1989
•'
II
III
620
I
IV
II
HI
IV
By area (see text table B):
Bl Other foreign assets in the United States (table 1, lines 58 and 61)
By type:
U S Treasury securities (line 58)
2
By security:
3
4
Marketable bonds and notes
By holder:
Foreign banks
Other private foreigners
International financial institutions 4
5
6
7
..
..
U.S. liabilities reported by U.S. banks (line 61)
8
9
10
Payable in dollars
12
13
14
By account:
Liabilities to own foreign offices
Liabilities to unaffiliated foreigners:
demand deposits ...
time deposits '
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
.
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
19
20
21
22
23
24
other private 4foreigners and international financial
institutions .
25
Payable in foreign currencies
Banks' custody liabilities, payable in dollars ' 3
Of which negotiable and readily transferable instruments
26
27
By area:
Industrial countries 6
Western Europe.....
Canada
Other
..
Caribbean banking centers 7
Other areas
Of which Members of OPEC, included below 8
Latin America
Asia
Africa 9
Other
28
29
30
31
32
33
34
35
36
T7
38
..
Memoranda:
1 International banking facilities' (IBF's) own liabilities, payable in dollars (in
lines A9 and BIO above).
2
3
4
5
By holder:
Liabilities to:
own foreign offices
unaffiliated foreign banks
foreign official agencies
other private 4foreigners and international financial
institutions .
-45
699
410
460
63
62962
7738
2,860
70639
14,499
18 623
28 616
18 393 -14218
3 219
926
—696
11 179
16957
1 445
-1 818
6765
324
85
1 681
968
1 192
3 451
239
605
3366
-653
381 469
255 557
21 309
104603
261 735
129509
26024
61,280
51 108
3442
13*679
6,920
31,416
-23,899
309,983
275
7 276
437
676
5 850
2 210
—648
-492
14 246
14419
172
—4429
18 464
1 sn^
1,497
166749
99*046
14500
29,688
1 854
13721
-709
-5 179
970
5950
3640
27776
5 190
18 709
82866
227 1 17
1,263
-89
-74
-311
393
7,634
7 <7Q
5
6
7
By bank ownership:
U.S.-owned IBF's
Foreign-owned IBF's
.
8 Negotiable certificates of deposit held for foreigners ' (in lines A13 and B27
above).
See footnotes on page 75.
SURVEY OF CURRENT BUSINESS
June 1990
101
Table 10.—U.S. International Transactions, by Area—Continued (Continued from page 107)
[Millions of dollars]
International organizations and unallocated l6
Other countries in Asia and Africa
II
I
1
2
Merchandise adjusted excluding military 2
3
4
Services 3
Transfers under U S military agency sales contracts 4
5
6
7
>
III
IV
I"
I
HI
IV
1,526
1,495
1,769
27,681
28^23
28,084
28,850
1*528
17,626
19,360
19,148
19,756
19,621
48
5,258
846
5,103
953
5,765
772
5,239
861
6,185
1,191
1,031
957
622
157
1,274
911
253
1,289
1,290
353
1,253
765
185
1,339
760
196
1,327
416
207
1,417
73
211
1,818
68
237
1,788
64
232
2,416
62
3,088
1,407
1,191
491
.
Travel
Passenger fares
Other transportation
IP
II
26,071
«
1990
1989
1990
1989
(Credits +; debits -) '
Line
1,855
125
279
964
1,064
1,029
404
354
442
418
616
(*)
552
1
609
(*)
621
1
611
(*)
3,044
1,475
1,143
427
449
18
245
186
569
63
326
180
531
59
276
196
580
88
301
191
547
82
266
199
-781
-734
-716
-817
-847
8
9
10
Other private services ..
192
2,110
59
11
12
13
14
Other private receipts
3,187
1,671
1,130
386
3,219
1,735
1,184
300
3,410
1,914
1,185
311
-34,726
-39,022
-42,423
-41,556
-39,755
-27,932
-31,158
-34,508
-33,218
-32,519
-3,650
-582
-4,411
-625
-4,315
-546
-4,548
-624
-3,941
-601
-624
-599
-587
•-661
-699
-1,216
-362
-1,000
-1,819
-362
-1,086
-1,671
-403
-1,110
-1,823
-366
-1,119
-1,254
-380
-1,049
-21
-484
-13
-461
-18
-444
-18
-519
-22
-550
-5
-288
-198
-1
-313
-205
-3
-377
-206
4
-411
-209
-3
-433
-222
-119
-124
-125
-124
-126
-3,143
106
-1,302
-1,947
-3,453
42
-1,509
-1,986
-3,599
-48
-1,438
-2,113
-3,791
-244
-1,503
-2,044
-3,294
-157
-135
-129
-156
-148
-1,380
-1,989
-79
-78
-98
-37
-93
-36
-114
-42
-94
-54
-2,337
-1,711
-2362
-3,428
-2,463
-244
-206
-241
-486
-339
-1,779
-88
-471
-1,391
-62
-258
-1,891
-102
-369
-3,065
-86
-277
-1,842
-92
-530
-217
-28
-163
-28
-16
-177
-64
-216
-270
-232
-107
4,469
-5,361
-2,457
-2,602
7,814
-726
6
15 Imports of goods* services, and income
16
Merchandise adiusted excluding military 2
17
18
Services 3
.
Direct defense expenditures
. . .
..
19
20
21
Travel
Passenger fares
Other transportation
22
23
24
Royalties and license fees * 6
Other private services '
.
U S Government miscellaneous services
25
26
27
28
.
. . . . .
.
... .
..
.
.
.
.
.
.
.
. . . . . . . .
. .
.
.
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
U.S. Government payments
29 Unilateral transfers, net
30
31
32
U.S. Government grants 4
U.S. Government pensions and other transfers
Private remittances and other transfers
33 U.S. assets abroad, net (increase/capital outflow (-))
34
35
36
37
38
U S official reserve assets, net 7
Gold
Special drawing
rights
Reserve position in the International Monetary Fund
Foreign currencies
39
40
41
42
U.S. Government assets, other than official reserve assets, net
U S credits and other long-term assets
. . .. ...
Repayments on U.S. credits and other long-term assets 8
U.S. foreign currency holdings and U.S. short-term assets, net
43
44
45
46
47
U.S. private assets, net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
....
318
-1,246
203
-1,678
,
127
-91
126
-227
-13
,
-188
316
68
-159
-211
337
-204
-23
-247
234
,
....
...
....
48 Foreign assets in the United States, net (increase/capital inflow (+))
49
50
51
52
53
54
55
Foreign official assets in the United States, net
U.S. Government securities9
U.S. Treasury securities
Other10 ..
.
..
..
Other U.S. Government liabilities n
U.S liabilities reported by U.S.
banks,
not
included elsewhere
Other foreign official assets 1Z
56
57
58
59
60
61
Other foreign assets in the United States, net
Direct investment
U S Treasury securities
U.S securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U S liabilities reported by U.S. banks, not included elsewhere
549
-430
973
6
5
-415
411
9
911
-432
1,319
25
204
-371
542
33
-89
-455
365
(*)
-191
-191
-191
-191
-239
-239
-254
-254
-251
251
3,919
-877
144
43
4,609
-5,366
-614
236
-252
-4,736
-3,369
-131
16
161
-3,415
-2,806
-431
888
-375
-2,888
7,903
-339
-450
n.a.
8,692
381
180
135
-1
67
-965
-83
416
-12
-1,286
316
-211
142
-8
459
-1,197
-143
-333
12
-733
-463
-32
-1,260
n.a.
829
8,894
9,014
4,780
-662
-7363
273
1349
-2,557
3^21
-1,043
(18)
(18)
(18)
(18)
(18)
(*)
(*)
9
(*)
C8)
(18)
(18)
(18)
(18)
(18)
(18)
137
(18)
(18)
235
-146
(*)
(*)
9
(*)
(18)
(18)
73
-26
273
1,549
-2,557
3,512
-1,043
(18)
(,8)
(18)
(18)
(.8)
-127
45
355
221
52
1,276
-53
-369
18
-2,135
73
78
18
3,361
-192
n.a.
18
-851
R
8
178
(18)
(")
(.8)
(18)
265
(ii)
(18)
(18)
(.8)
.
377
561
6,962
655
(~8)
(IS)
18
(18)
(18)
(18)
816
18
717
169
7,868
(18)
18
1,192
-27
2,823
(18)
(18)
(18)
(18)
(18)
(18)
18
1,127
-45
-2,052
18
n.a.
-7,190
18
18
62 Allocations of special drawing rights . .
63 Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above
items with sign reversed).
64
65
66
67
68
69
Memoranda:
Balance on merchandise trade (lines 2 and 16)
Balance on services (lines 3 and 17)
Balance on investment income (lines 11 and 25)
Balance on goods, services, and income (lines 1 and 15 or lines 64, 65 and 66) "
Unilateral transfers, net (line 29)
Balance on current account (lines 1, 15, and 29 or lines 67 and 68) "
See footnotes on page 75.
-2371
9399
14,138
20,165
12,917
-1,093
-888
1,818
-2309
1,099
-10,306
1,608
44
-8,654
-2,337
-10,992
-11,798
692
-234
-11,340
1,711
-13,052
-15,360
1,450
-189
-14,099
-2,362
-16,461
-13,462
692
-702
-13,473
-3,428
-16,901
-12,898
2,243
-250
-10,905
-2,463
-13,368
48
407
292
747
-244
503
358
434
792
-206
585
376
402
778
-241
537
125
403
424
952
-486
466
279
331
399
1,009
-339
670
102
SURVEY OF CURRENT BUSINESS
June 1990
Table 10.—U.S. International
[Millions
European Communities (12)
Western Europe
Line
1 Exports of goods, services, and income
5
6
7
1988
1989
1987
1988
1989
1987
1988
1989
135^01
164,634
187,149
115,672
140,249
159,204
35,059
44,934
51,038
68,605
86,404
98,475
59,530
74,467
84,590
13,752
18,064
20,358
30,118
3,301
35,138
3,313
40,601
3,714
25,148
2,598
28,697
2,378
33,543
2,780
7,698
385
9,119
470
11,268
505
7,456
2,707
4,889
9,585
3,664
5,441
10,593
3,866
6,531
6,128
2,428
3,827
7,379
3,170
4,305
8,305
3,411
5,170
2,025
832
803
2,519
1,229
878
3,284
1,462
1,081
5,353
6,291
121
6,228
6,771
136
6,778
8,973
146
4,740
5,331
96
5,593
5,771
101
5,998
7,756
124
1,084
2,525
44
1,357
2,644
22
1,411
3,470
56
36,578
22,226
13,258
1,094
43,091
26,837
14,874
1,380
48,073
27,082
19,118
1,873
30,994
18,590
11,603
801
37,085
23,108
13,208
769
41,071
22,327
17,166
1,578
13,609
6,104
7,440
65
17,751
9,131
8,570
50
19,411
8,097
11,265
49
< -175,476
-196,213
-203,118
-149,132
-166,197
-171,464
-50,061
-57,500
-61,449
-96,127
-102,597
-102,301
-81,451
-86,036
-85,461
-17,210
-17,651
-17,950
;
8
9
10
11
12
13
14
Services 3
Transfers under U S military agency sales contracts 4
Travel
Passenger fares
Other transportation
...
.
.
Other private services *
Income receipts on U S assets abroad
Direct investment receipts
Other private receipts
U S Government receipts
.
..
.
15 Imports of goods, services, and income
United Kingdom
1987
2
3
4
l4
16
17
18
Services3
-34,753
-9,816
-37,724
-10,370
-38,456
-9,902
-30,542
-9,300
-32,846
-9,722
-33,650
-9,279
-8,985
-1,111
-9,564
-1,419
-9,565
-1,231
19
20
21
Travel
-9,979
-3,494
-5,541
-11,052
-3,738
-6,449
-11,493
-4,200
-7,391
-9,021
-2,937
-4,366
-9,983
-3,111
-5,169
-10,328
-3,552
-5,852
-2,971
-1,046
-1,085
-3,324
-1,071
-1,343
-3,349
-1,262
-1,731
22
23
24
Royalties a n d license fees * *
.
Other private services 6
U S Government miscellaneous services
,
-995
-4,387
-542
-1,347
-4,178
-590
-1,731
-3,135
-604
-722
-3,792
-405
-883
-3,507
-470
-1,303
-2,865
-472
-265
-2,458
-49
-341
-1,993
-74
-536
-1,374
-82
•
-44,596
-8,465
-25,634
-10,497
-55,892
-13,370
-30,179
-12,343
-62,361
-11,789
-35,745
-14,827
-37,139
-7,040
-22,192
-7,907
-47,315
-11,658
-26,099
-9,558
-52,353
-10,052
-30,557
-11,744
-23,866
-4,520
-17,321
-2,025
-30,285
-7,259
-20,248
-2,778
-33,934
-6,778
-22,944
-4,212
25
26
27
28
.
.
.
.
Income payments on foreign assets in the United States
Direct investment payments
..
......
Other private payments
...
U S Government payments
.
...
.
.
.
. . .
...
...
..
•
...
. ...
29 Unilateral transfers, net
30
31
32
U S Government pensions and other transfers
Private remittances and other transfers
. ...
33 U.S. assets abroad, net (increase/capital outflow (—))
34
35
36
37
38
U S official reserve assets net '
Gold
39
40
41
42
U S Government assets other than official reserve assets net
U S credits and other long-term assets ....
Repayments on U S credits and other long-term assets 8
U S foreign currency holdings and U S. short-term assets, net
43
44
45
46
47
. ...
Foreign securities
..
..
U S claims on unaffiliated foreigners reported by U S nonbanking concerns
U S claims reported by U S banks not included elsewhere .
48 Foreign assets in the United States, net (increase/capital inflow (+))
49
50
51
52
53
54
55
Foreign official assets in the United States, net
U S Government securities9
U S Treasury
securities
Other to
Other U S Government liabilities "
U S liabilities reported by U S banks not included elsewhere
Other foreign official assets 1Z ..
56
57
58
59
60
61
Other foreign assets in the United States net
Direct investment
U S Treasury securities . . .
U.S securities other than U S. Treasury securities
.
.
-56
136
511
516
855
1,018
298
542
441
-333
-766
1,043
-490
-825
1,452
-261
-840
1,612
-50
-624
1,191
-116
-651
1,622
-90
-684
1,792
-92
390
-2
-97
641
-105
546
-19,929
-34,330
-53,013
-18,240
-35,562
-46,344
-8,342
-24318
-25,017
2,168
-3,906
-12,412
1,672
-3,470
12570
-3
-3
-5
2,168
-3,906
12412
1,672
-3,470
-12,570
-3
3
-5
54
-1,532
1,499
87
860
-1,154
2,012
2
570
-940
1,500
10
223
-963
1,112.
75
-179
-660
486
-6
355
-378
724
9
352
96
108
347
5
107
-10
109
-1
-22,151
-12,691
-11,688
739
1,489
31 284
-8,464
-6,817
-1,542
-14,461
-41,172
-15,315
-21,993
958
-4,822
-20,134
-10,257
-12,608
600
2,131
-31,913
-9,103
-8,188
-1,068
-13,554
-34,129
-14,503
-19,850
821
-597
-8,692
-3,006
-11,967
1,315
4,966
-24,611
-4,697
-6,072
-766
-13,076
-25,120
-9,828
-18,628
1,549
1,787
151,313
58,855
113,752
131,120
57,511
98,640
83,085
36,771
54,926
36,050
(")
324
9,163
<;:,>
(18)
(18)
8
(17)
(")
115,263
40,436
(.7)
(17)
(17)
-154
(17)
(IT)
58,531
29,824
(17)
(17)
(17)
(18)
(18)
-650
-21
<;;>
-SI
(18)
(18)
-91
(18)
(18)
(IT)
(18)
(18)
104,589
47,368
(18)
(18)
(18)
36,174
(17)
(18)
28,365
42,486
19,263
1,879
22,132
1,575
"71,260
(IT)
(IT)
(IT)
22,805
1,585
(")
12,910
4,044
-91,154
6,918
-45,281
-79,937
-27,522
-4,635
-8,018
-40,175
-56
-40,231
-16,193
-2,585
-12,801
-31,579
136
-31,443
-3,826
2,144
-14,287
-15,969
511
-15,458
-21,921
-5,395
-6,144
-33,460
516
-32,944
(17)
8
(17)
14,681
3,377
11,178
21,871
1,736
33,085
<">
(18)
73
-19
-73
(")
22,444
(18)
(18)
18
(18)
(18)
(18)
(18)
(18)
18
19,823
700
40,045
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
18
<:0"):>
(18)
(18)
O8)
18,774
20,235
(18)
12,303
1,888
3,825
18
21$
18
1,244
11,768
62 Allocations of special drawing rights
63 Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above items with
sign reversed).
64
65
66
67
68
69
Memoranda:
Balance on merchandise trade (lines 2 and 16)
....
.
.
..
Balance on services (lines 3 and 17)
.
Balance on investment income (lines 1 1 and 25) ...
...
Balance on goods services and income (lines 1 and 15 or lines 64 65 and 66) '3.
Unilateral transfers net (line 29)
Balance on current account (lines 1 15 and 29 or lines 67 and 68) 13
See footnotes on page 75.
.
..
. . . .
3,145
11 569
-4,150
-10,229
25948
855
-25,093
-41,055
-60,040
-229
-19,939
-871
-107
-11,283
-12,260
1,018
-11,242
-3,458
-1,287
-10,257
-15,002
298
-14,704
413
-445
-12,535
-12,566
542
-12,024
2,408
1,703
-14,523
-10,412
441
-9,971
103
SURVEY OF CURRENT BUSINESS
June 1990
Transactions, by Area
of dollars]
European Communities (6) l5
1987
1988
1989
1987
1988
1989
1987
1988
1989
1987
1988
1989
Australia
Japan
Latin America and Other Western
Hemisphere
Canada
Eastern Europe
1987
1988
1989
1987
1988
1989
Line
67,140
78,912
89,919
2,759
4,445
6,958
82,919
98,865
105,104
68,497
81,784
97,107
47,092
62,538
76,356
9,327
12,535
14,018
1
39,121
47,931
54,818
2,262
3,832
5,578
62,005
74,322
79,746
34,971
43,658
48,825
27,619
37,183
43,673
5,291
6,810
8,105
2
13,553
1,058
15,213
1,007
17,382
1,357
343
455
(*)
590
(*)
8,996
165
9,956
189
11,226
174
13,771
300
15,254
301
17,067
286
12,060
350
14,385
308
17,185
285
2,439
624
3,169
916
3,120
441
3
4
3,403
1,422
2,287
3,996
1,692
2,479
4,082
1,713
3,028
129
177
253
94
108
140
3,294
604
901
3,986
648
927
4,856
722
972
5,541
1,241
2,639
6,378
1,390
2,852
7,679
1,469
2,915
3,941
1,483
2,558
4,857
1,808
2,757
6,594
2,484
2,781
547
304
255
711
457
239
869
612
306
5
6
7
3,308
2,035
41
3,752
2,229
57
4,016
3,130
55
9
105
5
34
126
10
14
174
9
739
3,237
56
802
3,371
33
935
3,521
46
267
3,692
91
303
3,911
119
339
4,258
123
1,916
1,800
12
2,420
2,205
31
2,529
2,491
21
230
477
2
324
517
5
374
516
2
8
9
10
14,466
10,208
3,782
477
15,769
11,086
4,232
451
17,719
11,094
5,361
1,265
155
158
790
120
35
134
24
247
543
11,917
5,588
6,288
41
14,588
7,276
7,281
31
14,132
6,884
7,221
27
19,755
3,843
15,305
606
22,872
4,367
17,911
594
31,215
7,986
22,721
508
7,413
2,321
4,921
170
10,969
2,852
8,052
66
15,498
2,629
12,525
344
1,597
1,072
509
16
2,556
2,065
481
10
2,793
2,081
707
5
11
12
13
14
-87,998
-95,891
-95,072
-2,487
-2,761
-2,685
-83,290
-96,707 -101,236
-79,123
-89,480 -104,252 -104,221 -113,063
-120,167
-4,763
-5,954
-6,252
15
-57,395
-60,779
-58,926
-1,920
-2,166
-2,063
-73,599
-84,746
-89,408
-47,291
-51,448
-57,438
-84,578
-89,801
-93,455
-2,965
-3,520
-3,848
16
-18,084
-7,478
-19,551
-7,689
-20,206
-7,401
-531
-4
-553
-3
-550
-3
-5,400
-212
-6,655
-249
-6,629
-229
-16,755
-424
-17,625
-339
-19,125
-347
-8,513
-2,055
-9,077
-1,963
-8,895
-1,748
-1,547
-42
-1,669
-52
-1,655
-45
17
18
-5,041
' -1,322
-2,345
-5,663
-1,478
-2,693
-6,034
-1,659
-2,941
-230
-261
-261
-185
-171
-154
-2,935
-204
-643
-3,228
-254
-759
-3,390
-224
-655
-8,638
-1,491
-2,291
-9,816
-1,613
-2,132
-10,848
-1,784
-2,076
-1,572
-457
-3,328
-1,803
-475
-3,676
-1,784
-493
-3,765
-622
-295
-424
-694
-332
-420
-672
-258
-527
19
20
21
-433
-1,195
-268
-520
-1,217
-291
-738
-1,145
-289
-64"
-48
(*)
-78
-40
-1
-91
-40
-25
-1,231
-149
-160
-1,891
-114
-64
-1,927
-140
-29
-3,558
-324
-10
-3,411
-304
-10
-3,737
-323
-325
-714
-62
-359
-703
-99
-454
-574
-78
-8
-125
-32
3
-140
-34
19
-136
-36
22
23
24
-12,519
-2,416
-4,585
-5,518
-15,561
-4,217
-5,428
-5,916
-15,940
-3,103
-6,894
-5,943
-36
-42
-72
-32
-4
-41
-72
-4,291
-943
-2,249
-1,099
-5,305
-1,082
-2,749
-1,474
-5,199
-894
-2,708
-1,597
-15,077
247
-14,010
-1,314
-20,407
-893
-18,170
-1,344
-27,689
-73
-26,073
-1,543
-11,130
-846
-3,949
-6,335
-14,184
-1,478
-5,280
-7,426
-17,817
-1,278
-7,416
-9,123
-251
174
-134
-291
-764
-120
-195
-449
-748
173
-339
-582
25
26
27
28
508
676
936
-421
-394
-415
-307
-331
-354
-3,181
-3,109
-3,240
-93
-108
-134
-61
-77
-73
29
-8
-364
880
-11
-378
1,065
1,328
-&
-11
-18
-392
-9
-20
-365
-12
-20
-382
-299
-9
-318
-13
-332
-22
-1,823
-416
-941
-1,686
-467
-956
-1,791
-457
-992
1
-14
-80
""-29"
-79
1
-36
-100
-17
-44
-18
-58
-20
-53
30
31
32
163
-1,085
-422
-13,273
869
-1,023
-14,655
-3,949
-33,675
-17,360
-41,971
-26,028
-1,395
-603
-4,544
33
167
-17
-1,111
5,253
-1,142
-11,620
-7,676
-8,801
-19,562
1,674
-3,467
-12,565
1,674
-3,467
-12,565
116
51
63
172
141
51
65
52
-1
52
11
135
37
-9,466
-5,858
-64
-712
-2,832
-5,386
-2,739
-2,244
-160
-243
-7,059
-3,035
-1,493
-722
-1,809
43,931
7,866
39,834
(18)
(18)
(.8)
(.8)
8
O)
(18)
18
(18)
(18)
(18)
8,742
(18)
21,297
2,303
623
27,351
18
2,239
1,378
-^,563
-1,269
160
19,844
11 620
6
(*)
30
3
318
3
4
2
-1,055
-1,352
-3,986
396
3,887
-13,822
-8,127
839
2,207
-8,741
-3,694
-2,705
1,213
-1,435
-767
-32,716
-10,004
2
730
-23,444
-22,935
-1,493
6,289
119
-27,850
-40,835
-1,259
507
267
-40,349
'(*')"
-14,408
-1,217
2,858
-123
-15,926
-1,595
733
8,944
60,804
50,724
42,716
87,016
4,614
-19
110
31
158
-6
50
29
-9
-1,226
58
-18
38
-29
-23
-57
-1,146
-60
-52
170
-13,425
-6,200
-4,020
1,970
-5,175
791
-2,587
-3,754
477
6,655
-148
285
411
12,672
3,020
(")
(18)
iS"
(18)
-17
-161
(18)
(18)
(18)
(18)
(.8)
(,8)
«
30
18
<:>
a(*)
(18)
(18)
<*)
(18)
18
-1,142
322
33
(18)
(18)
5,253
152
-1,077
1,197
31
79
(18)
(18)
(18)
-1,111
152
(18)
(18)
13,548
-i?
-238
-1,217
1,020
-41
-394
-975
558
22
a8
-198
<3
(18)
167
-1,000
-2,057
1,146
-90
-86
(18)
(18)
(18)
(18)
(.8)
106
(.8)
(•8)
-86
18
68
196
19
18
-18
410
(17)
2
a
3
10
(17)
(17)
(17)
9,652
1,614
-6,208
2,847
*8
-131
(17)
752
2,736
(17)
1,707
239
140
-465
(17)
(17)
(17)
(")
8
8
(17)
(17)
-168
(18)
(18)
(18)
(18)
(18)
(,8)
(.8)
(18)
(>8)
(18)
-42
116
-67
(.8)
(18)
(18)
(18)
(18)
(18)
<:;>
(18)
(18)
221
0")
(18)
(18)
(18)
(18)
(18)
(18)
-4,200
5,899
2,494
7,504
17,838
(18)
(18)
(18)
18
(18)
(18)
(18)
(18)
2,320
-906
11,897
18
2,983
473
51,491
18
6,626
-48
41, 536
12,680
1,346
21,253
18
9,310
1,193
58,454
42
30
31
30
12
26
4
18
12
39
40
41
42
-1,437
-953
-263
-45
-176
-633
-1,011
-225
-152
755
-4,574
-1,459
-403
-86
-2,626
43
44
45
46
47
23,372
187
4354
848
48
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
a
49
50
51
52
53
54
55
<:;> <; >
$<:>
<:>
«£
9,610
1,032
-4,755
-183
(18)
(18)
(.8)
(18)
(18)
18
(IS)
-414
216
(18)
18
34
35
36
37
38
18
(.8)
(18)
(.8)
469
532
(•8)
838
(18)
(18)
205
70
-527
18
69
538
3,629
18
383
23
-212
56
57
58
59
60
61
62
-15,905
17,239
-16,055
134
-490
-3^48
1,280
-1,103
-3,224
19,518
-46,049
-6,666
31,867
5,589
46,601
-3,296
-10,256
-3,999
63
-18,274
-4,531
1,947
-20,858
508
-20,350
-12,848
-4,339
208
-16,979
676
-16,304
-4,108
-2,824
1,779
-5,153
936
-4,218
342
-188
119
273
-421
-149
1,666
-98
116
1,684
-394
1,291
3,515
40
718
4,273
-415
3,859
-11,594
3,597
7,626
-371
-307
-678
-10,424
3,300
9,282
2,159
-331
1,828
-9,662
4,597
8,933
3,868
-354
3,514
-12,320
-2,983
4,677
-10,626
-3,181
-13,807
-7,790
-2,371
2,465
-7,696
-3,109
-10,805
-8,613
-2,057
3,526
-7,144
-3,240
-10,384
-56,959
3,547
-3,718
-57,130
-93
-57,223
-52,618
5,308
-3,215
-50,525
-108
-50,633
-49,782
8,289
-2,318
-43,811
-134
-43,945
2,326
893
1,346
4,564
-61
4,503
3,290
1,500
1,792
6,581
-77
6,505
4,257
1,465
2,045
7,767
-73
7,694
64
65
66
67
68
69
104
SURVEY OF CURRENT BUSINESS
June 1990
Table 10.—U.S. International
[Millions
1 Exports of goods? services, and income .
.
Merchandise adjusted excluding military 2
3
4
Services 3
.
Transfers under U S military agency sales contracts *
8
9
10
11
12
13
14
16
Merchandise, adjusted, excluding military 2
17
18
Services3
Direct defense expenditures.
..
..
...
19
20
21
Travel
Passenger fares
Other transportation
22
23
24
Royalties and license fees 5 6
Other private services *
U S Government miscellaneous services
25
26
27
28
.. . ...
..
..
4,016
8,881
956
9,728
756
11,405
1,169
10,588
832
9,980
855
3,588
948
5,156
1,234
1,603
1,616
1,903
765
1,557
2,618
850
1,671
3,412
1,387
1,644
2,660
864
1,659
2,160
873
1,677
748
6,104
333
847
7,132
264
2,155
3
2,353
4
2,397
2
1,559
2,092
49
1,603
2,201
29
1,528
2,232
34
2,088
2,449
35
1,778
2,595
42
13,911
6,325
3,617
3,969
12,904
6,727
4,690
1,488
1,718
-15
1,048
685
1,903
97
1,180
626
2,128
228
1,148
752
11,592
6,725
4,489
378
12,702
7,246
5,075
381
10,598
5,535
4,522
541
13,181
7,576
5,032
573
12,055
6,808
4,521
726
-127,748 -139,911
157,726
-2,766
-3,208
-3,048
-48,055
-53,079
-51,494
-50,490
-50,314
-25,012
-25,960
-24,559
-26,770
-26,256
5,915
-1,803
-2,429
-2,471
-8,258
-2,539
-10,417
-2,424
-11,315
-2,425
-8,467
-2,514
-9,093
-2,455
-6,529
-1,493
-4,315
-70
-1,367
-70
-1,899
-70
-1,908
-1,784
-741
-1,716
-3,442
-1,135
-1,886
-4,467
-1,455
-1,909
-1,800
-869
-1,880
-2,010
-846
-1,872
-181
-983
-111
-4
-1,389
-818
-365
-1
-459
-1
-492
-1
-343
-990
-144
-422
-967
-141
-369
-533
-156
-598
-644
-162
-443
-1,320
-147
-8,865
334
-4,060
-5,139
-11,064
196
-4,462
-6,798
-13,986
-144
-5,752
-8,090
-963
-779
-577
351
-612
-450
-329
-384
-193
-14,785
-2,779
-8,556
-3,450
-16,702
-3,897
-9,255
-3,550
15620
-3,062
-8,790
-3,768
-15,254
-2,051
-9,144
-4,059
-14,965
-2,162
-8,530
-4,273
.
-9,486
-9,781
-9338
-971
-1^41
-1,178
(*)
115
234
162
326
,.
-7,473
-349
-1,664
-7,693
-349
-1,739
-8,126
-338
-1,374
-638
-333
-865
-465
-12
-773
-389
-16
-112
-199
310
-62
-200
377
-11
-207
452
-77
-235
473
-21
-221
568
2,615
-6,010
-5,952
..
.
Income payments on foreign assets in the United States
U S Government payments
.
.
.
U S Government pensions and other transfers
Private remittances and other transfers
34
35
36
37
38
U S official reserve assets net'
Gold
Special drawing
rights
Reserve position in the International Monetary Fund
Foreign currencies
... . ....
39
40
41
42
U S. Government assets, other than official reserve assets, net
U S credits and other long-term assets
Repayments on U S credits and other long-term assets *
U.S. foreign currency holdings and U.S. short-term assets, net
43
44
45
46
47
U S private assets net
.
. . . . . . . . . . .
Direct investment
Foreign securities.
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
U S claims reported by U S banks not included elsewhere
Foreign official assets in the United States net
U S Government securities
U.S. Treasury securities '
;
Other I0
Other U S Government liabilities "
U S liabilities reported by U.S.
banks, not included elsewhere
Other foreign official assets l2
U S Treasury securities
-15,597
-2,250
-15,801
-1,997
16,924
-2,376
-6,046
-1,400
-4,307
-6,244
-1,450
-4,170
18
-876
-735
..
...
48 Foreign assets in the United States, net (increase/capital inflow (+))
56
57
58
59
60
61
3,960
5,111
-103,286 -113,045 -126,816
33 U S assets abroad net (increase/capital outflow (—))
49
50
51
52
53
54
55
27,302
3,393
11,405
5,552
3,189
2,664
29 Unilateral transfers n e t
30
31
32
49,337
25,284
546
5,494
235
•
. . . . . .
49,052
23,385
3,241
804
5,013
.
-2,404
-10,874
-11,435
-19,444
-11,260
10,978
1,152
-64
-3,534
-5,308
-2,185
-1,385
-801
-509
2,070
127
1,025
-535
471
-3,534
-5,308
2,185
-U85
1,670
-1,648
3,245
73
-784
-788
4
-968
-969
1
-875
--875
378
-186
562
2
-181
-338
178
-21
425
-133
584
-26
-53
-283
175
55
-124
-272
149
-1
577
1 803
3,236
292
-1 148
-9,068
-694
495
-402
-8,467
-7,622
-2,053
1,284
-423
-6,430
111
222
374
4
-489
2,718
503
760
-3
1,458
-1,465
-323
360
-9
-1,493
-7,718
-4,247
-1,502
1,152
3 121
-5,947
-3,421
-7,469
141
4,802
-17,685
-6,570
-9,912
550
-1,753
-9,822
-1,077
-3,110
-885
-4,750
11,903
-4,342
-28
n.a.
16,273
8,335
11,733
22,026
-5,548
-9
2,785
30,552
13398
37,194
32,409
-7,587
(18)
-52
(*)
8
191
2758
11,061
669
1,000
(17)
(17)
(17)
P,
<")
(17)
(17)
8
<)
(18)
(18)
(18)
(18)
(18)
(18)
-311
-2,305
815
-52
(*)
8
(17)
(17)
(.7)
(17)
(")
(17)
(17)
(17)
(17)
(17)
(17)
(17)
(17)
16,356
10,328
26,132
12,261
(18)
(18)
(18)
(18)
(18)
-9
2,777
1,496
<">
-5,496
1,071
30,361
16,616
(18)
(18)
(18)
(18)
(18)
(18)
(17)
(17)
1,222
864
18
7,483
94
131
10,323
3,413
658
15,601
653
52
18
-6,201
-741
-22
"754
114
-194
"2,857
4,809
3,181
18
18
(17)
(")
-81
145
(18)
1,539
(")
-591
-80l""
-303
(18)
(18)
U S liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U S liabilities reported by U.S. banks, not included elsewhere
,
2,902
3,059
-4,334
7,154
239
18
»
888
1,561
2,038
-2,138
4,334
-157
(18)
.
I"
45,388
2,458
527
4,419
»
IV
25,258
. . . . .
Income receipts on U S assets abroad
1990
III
47,688
21,365
3,431
.
II
I
24,548
20,736
4,493
.
1989
45,021
20,211
6,533
.
1988
173
75,890
»
1987
1989
6,317
110,160
68,076
U S Government miscellaneous services
Western Europe
International organizations
and unallocated l6
52
102,723
Royalties and license fees *6
15 Imports of goods, services, and income .
1989
49,513
«
Other private receipts
U S Government receipts .
1988
81,129
.
Travel
Passenger fares
Other transportation
1987
.
....
2
5
6
7
Other countries in Asia and
Africa
(Credits +; debits -) l
Line
(17)
99
(17)
31,740
8,163
(17)
-8,586
4,429
(17)
5,519
-1,484
4,997
-1,031
3,938
1,213
1,262
n.a.
(")
(17)
(17)
(17)
(17)
62 Allocations of special drawing rights
63 Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above
items with sign reversed).
64
65
66
67
68
69
Memoranda:
Balance on merchandise trade (lines 2 and 16)
.
Balance on investment income (lines 1 1 and 25)
. . .
Balance on goods, services, and income (lines 1 and 15 or lines 64, 65, and 66) 13
Unilateral transfers net (line 29)
Balance on current account (lines 1, 15 and 29 or lines 67 and 68) "
See footnotes on page 75.
.
45,155
41,246
41,331
3,286
-4,258
-2,473
-16,643
3,113
-11,878
-19,872
-2,741
-53,773
4,614
2,540
-46,620
-9,486
-56,105
-44,969
4,935
2,847
-37,188
-9,781
-46,969
-50,926
4,441
-1,082
-47,567
-9,838
-57,405
1,590
755
2,345
-971
1,374
52
1,531
1,124
2,707
-1,341
1,366
173
1,544
1,551
3,269
-1,178
2,091
-464
623
-3,193
-3,034
(*)
-3,035
-702
-690
-3,999
-5,391
115
-5,276
-1,174
90
-5,022
-6,105
234
-5,871
-1,486
2,121
-2,073
-1,438
162
-1,276
1,046
887
-2,910
-977
326
-651
105
SURVEY OF CURRENT BUSINESS
June 1990
Transactions, by Area—Continued
of dollars]
European Communities (12) l4
European Communites (6) I5
United Kingdom
1989
Line
1990
1989
1990
1989
1990
II
III
IV
I'
I
II
III
IV
I'
12,169
13,430
12,694
12,745
12,964
21,478
22,596
21,698
24,147
24,426
1
5*102
5,108
5,117
5,031
5,836
13,589
14,150
12,844
14,235
15,411
2
8,127
610
2,223
116
2,915
143
3,200
125
2,930
121
2,722
167
3,828
303
4,037
306
4,980
440
4,537
308
4,267
281
3
4
1,979
747
1,278
1,661
754
1,307
534
285
232
907
317
319
1,061
549
279
782
311
252
643
353
261
754
309
756
928
363
763
1,399
649
748
1,001
392
761
844
344
772
5
6
7
1,355
1,922
29
1,826
2,125
30
1,542
2,217
36
297
744
16
340
874
15
320
854
12
454
998
13
318
954
25
950
739
18
930
739
8
922
808
14
1,216
845
14
1,072
943
10
8
9
10
10,755
5,970
4,488
297
9,066
4,479
4,129
458
11,204
6,241
4,426
538
10,310
5,555
4,117
638
4,844
2,124
2,719
1
4,377
1,688
2,688
1
4,784
1,783
2,955
46
4,406
1,648
2,757
2
4,061
2,614
1,266
182
4,409
2,710
1,442
257
3,874
2,187
1,310
377
5,375
3,583
1,343
450
4,748
2,987
1,202
559
11
12
13
14
-40,368
-44,850
-43,791
-42,456
-42,448
-14,052
5,407
2,503
2,903
1
-16,383
-15,638
-15,377
-15,187
-22,755
-24,452
-24,260
-23,606
-23^95
15
-20,716
-21,626
-20,845
-22,274
-22,029
-4,215
-4,406
-4,547
-4,782
-4,672
-14,311
-14,854
-14,300
-15,461
-15,411
16
-7,239
-2,406
-9,153
-2,294
-9,884
-2,191
-7,374
-2,388
-7,859
-2,290
-2,083
-342
-2,790
-300
-2,772
-270
-1,920
-320
-2,313
-300
-4,362
-1,911
-5,359
-1,829
-5,862
-1,754
-4,624
-1,907
-4,725
-1,830
17
18
-1,610
-628
-1,350
-3,089
-943
-1,529
-3,992
-1,231
-1,504
-1,637
-750
-1,469
-1,811
-722
-1,446
-594
-215
-348
-1,012
-316
-483
-1,267
^28
-469
-476
-303
-431
-619
-265
-439
-885
-306
-712
-1,822
-449
-753
-2,311
-564
-731
-1,016
-340
-745
-1,040
-342
-727
19
20
21
-273
-862
-111
-347
-841
-110
-303
-539
-123
-379
-622
-128
-349
-1,127
-114
-89
-476
-19
-163
-496
-20
-113
-206
-20
-170
-197
-23
-139
-529
-23
-178
-304
-67
-176
-258
-71
-183
-244
-76
-201
-339
-75
-12,413
-2,381
-7,339
-2,693
-14,070
-3,361
-7,921
-2,788
-13,062
-2,581
-7,483
-2,998
-12,808
-1,729
-7,814
-3,265
-12,560
-1,840
-7,251
-3,469
-7,753
-1,349
-5,527
-877
-9,187
-2,251
-5,969
-967
-8,319
-1,643
-5,573
-1,103
-8,675
-1,535
-5,875
-1,265
-8,202
-1,376
-5,419
-1,407
-4,082
-1,013
-1,646
-1,423
-4,239
-1,026
-1,763
-1,450
-4,098
-883
-1,726
-1,489
-3,521
-181
-1,759
-1,581
-3,759
^65
-1,669
-1,625
25
26
27
28
182
187
318
331
440
102
117
129
93
180
158
192
-6
-172
496
-16
-171
519
-12
-180
631
(*)
-98
290
321
1
-99
419
29
-60
-170
418
264
(*)
-98
363
349
-8
-170
360
(*)
-103
452
30
31
32
-9,420
-10,443
-18,830
-7,650
9,247
-3,527
-5,509
-2,168
-1,366
-3,527
-5,509
-2,168
343
-90
434
(*)
-75
-107
45
-12
31
-52
97
-13
-6,236
-3,902
-1,186
1,013
-2,161
-4,860
-3,315
-7,237
-81
5,773
28,039
8,815
I
II
III
IV
IP
I
38,689
40,461
38,636
41,419
42,325
21,309
21,636
19,995
21,650
23,887
7,334
752
8,071
546
9,575
903
8,564
579
1,451
648
1,266
2,074
735
1,342
2,801
1,281
1,284
1,403
1,773
41
1,414
1,935
24
10,046
5,638
4,123
285
(18)
(18)
(18)
(18)
-26
128
-26
143
-27
155
-26
120
-27
207
-2,799
_1
-1,533
-16,403
-4,282
13,095
-6,255
-7,900
-2,652
-2,755
-2,711
33
-772
-1
-1
-1
-1
-3,526
-5,508
-2,167
-1,364
-771
-1,366
-772
-1
-1
-1
-1
-1
-3,526
-5,508
-2,167
-1,364
-771
34
35
36
37
38
55
-128
149
34
-1
-65
66
-2
5
-3
3
102
9
6
55
-3
3
14
-5
12
-7
9
9
5
109
-7
-6
9
-15
39
40
41
42
-16,694
-6,914
-9,323
599
-1,056
-6,339
-372
-2,104
-710
-3,153
10,021
-4,126
-1,681
n.a.
15,828
-2,803
-1,791
-2,999
1,164
823
-1,529
-3,220
-5,440
197
6,934
-16,405
-5,674
-8,778
655
-2,608
-4,383
857
-1,411
-^67
-3,362
13,096
-1,778
901
n.a.
13,973
-2,738
-1,421
989
-172
-2,134
-2,398
232
-1,250
-298
-1,082
-479
-1,056
-55
-31
663
-1,445
-791
-1,177
-221
744
-1,949
-1,771
-2,280
n.a.
2,102
43
44
45
46
47
36,435
25,351
-5,487
19,898
2,972
20,162
11393
-3,405
8,219
5399
13,601
12,615
-3,152
48
09(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
49
50
51
52
53
54
55
(18)
(18)
(18)
(18)
(18)
(-8)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
-158
-96
-12
9
26
-23
22
-196
(18)
(18)
(*)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(.8)
(18)
(18)
5,447
2,477
-786
6,264
(18)
(18)
(18)
(18)
(18)
126
-459
75
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
15,763
9,364
12,104
5,254
(18)
(18)
(18)
(18)
18
5,860
-1,569
-4,966
18
5,110
-901
20,581
18
(")
(18)
(18)
(»8)
4,929
1,101
13,992
0")
<">
9,135
1,151
(18)
18
1,732
n.a.
-8,212
18
3,175
(18)
(18)
5,021
3,363
2,475
5,829
-1,505
'"-4,515
18
5,325
-1,050
10,431
18
5,577
436
3,377
u
1,989
n.a.
-4,609
18
787
-237
1,428
17
38
(18)
(18)
(18)
(18)
5,972
3,105
'" 3,478
22
23
24
(*)
-98
256
(18)
-280
-201 .
-514
-71
(18)
(18)
0")
(18)
6,592
5,821
-351
-83
-10
18
18
-596
125
7,676
(18)
(18)
-1
(18)
(18)
-65
(18)
(18)
(18)
(18)
18
-1,109
355
10,750
-336
n.a.
-4,627
56
57
58
59
60
61
1,877
2,620
(18)
(18)
(18)
(18)
(18)
18
62
-17,121
5329
-12,768
-16,995
-4,077
-15,319
1,396
-944
-5,073
-7,647
-846
4,165
-8,652
-10,722
4,982
63
593
95
-2,367
-1,679
182
-1,498
10
-1,083
-3,316
-4,388
187
-4,201
-850
-309
-3,996
-5,155
318
-4,837
-624
1,190
-1,604
-1,038
331
-706
1,858
269
-2,249
-123
440
317
887
140
-2,909
-1,882
102
-1,780
702
125
-3,780
-2,953
117
-2,836
570
428
-3,943
-2,945
129
-2,816
249
1,010
-3,891
-2,632
93
-2,539
1,164
409
-3,796
-2,223
180
-2,043
-722
-534
-20
-1,277
158
-1,119
-704
-1,321
170
-1,856
192
-1,664
-1,456
-882
-224
-2,562
264
-2,298
-1,226
-87
1,854
542
321
863
(*)
-458
990
531
349
880
64
65
66
67
68
69
106
SURVEY OF CURRENT BUSINESS
June 1990
Table 10.—U.S. International
[Millions
E astern Europ e
Line
26,899
1534
20451
164
176
173
53
86
74
57
37
29
52
3
41
2
3
44
3
4
43
3
65
66
598
62
3
62
4
64
534
113
(*)
136
Travel
Passenger fares
Other transportation
40
22
Royalties and license fees 5 6
Other private services 6
5
45
2
Income receipts on U S assets abroad
Other private receipts
U.S. Government receipts
15 Imports of goods, services, and income
16
Merchandise, adjusted, excluding military 2
17
18
Services 3
Direct defense expenditures
19
20
21
Travel
Passenger fares
Other transportation
22
23
24
Royalties and license fees s *
Other private services 6
U S. Government miscellaneous services
,
.
.
.
.
.
...
. . . . .
.
. ...
.
Income payments on foreign assets in the United States .. ..
Direct investment payments
Other private payments
.
.
U.S. Government payments
,
..
...
29 Unilateral transfers, net
30
31
32
1,770
1363
1,832
Services 3
Transfers under U S military agency sales contracts 4
25
26
27
28
1,601
646
2,034
1737
3
4
11
12
13
14
1,408
1,915
.
Merchandise adjusted excluding military 2
g
9
10
I*
III
1 Exports of goods, services, and income
5
6
7
rv
II
U S Government grants 4
U S Government pensions and other transfers
Private remittances and other transfers.
.
.
......
....
33 U.S. assets abroad, net (increase/capital outflow (—))
.
34
35
36
37
38
U S official reserve assets net 7
Gold
Special drawing
rights
Reserve position in the International Monetary Fund
39
40
41
42
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 *
U S foreign currency holdings and U S short-term assets net
43
44
45
46
47
U S private assets net
.
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
1990
1989
1990
I
2
Canada
1989
(Credits +; debits -) »
III
IV
28^99
24,436
25370
27,622
21740
18068
19487
20955
2879
38
2895
30
2924
75
'2529
31
3246
21
1,285
211
234
1,326
58
181
240
1,275
161
244
970
169
253
1,505
245
273
6
50
2
196
909
6
257
848
13
229
926
14
253
837
15
238
954
10
62
63
59
3
63
3,569
1,746
1,809
14
3,765
1,919
1,846
(*)
3/M 4
1,606
1,825
13
3,354
1,613
1,741
(*)
3,420
1,566
1,842
13
II
I
I>
-659
-662
-751
HJ13
-709
-25,225
-26,769
-24,047
-25,195
-24,641
-563
-486
-526
-488
-593
-22,805
-23,562
-20,319
-22,722
-22,136
-82
1
-157
-1
-206
-1
-105
-89
_1
-1 195
-52
-1 661
-2462
-60
-1 311
-56
-1379
-55
-22
-85
-131
-23
-12
-29
-40
-40
-45
-39
-390
-44
-140
-1612
-85
176
-563
-36
-173
-389
-46
-180
(*)
-21
-10
(*)
-22
-9
(*)
-24
-10
(*)
-25
-11
(*)
-26
-11
-17
-531
-21
-500
-37
-17
-476
-37
-17
-420
-46
-27
-651
-31
-14
-19
-19
-20
-27
-14
-19
-19
-20
-21
-6
-1225
-148
-666
-411
-1,546
-379
-754
-413
-1,266
-258
-621
-387
-1 162
-109
-667
-386
-1,126
-82
-661
-383
-98
-99
-98
-119
-101
-S7
-100
-95
-72
-93
-6
-93
-4
-4
-91
-2
-4
-93
-7
-6
-106
(*)
-6
-95
-77
-10
-85
-16
-86
-10
-86
14
-88
-6
278
114
-853
-1,977
1302
371
-919
-4,269
2
17
-1
18
38
-125
-86
86
-86
86
-61
-825
-59
-166
-14
.
72
15
-3
18
28
11
-513
-975
454
8
71
1
15
1
-3
15
3
2
271
75
-340
52
-211
-7
-27
305
-2
30
47
-8
7
-339
-43
-62
157
-8
n.a.
-203
-1992
134
-1,480
-8
-638
1505
-498
-1,034
-471
3508
353
-784
-1,123
141
2 119
-921
-204
-349
734
—1 102
-4287
-1 782
-1 453
n.a.
1 052
48 Foreign assets in the United States, net (increase/capital inflow (+))
62
-11
35
325
510
4,226
-7,101
1,798
1310
-3,601
49
50
51
52
53
54
55
Foreign official assets in the United States net
.
U.S. Government securities
U S Treasury
securities '
...
10
Other
Other U S Government liabilities "
U S. liabilities reported by UI2S banks not included elsewhere ....
Other foreign official assets
(18)
(18)
(18)
(18)
(18)
(18)
(18)
578
-530
-622
555
-1 157
(")
(18)
(18)
(18)
(18)
(18)
(18)
0"
56
57
58
59
60
61
Other foreign assets in the United States net
Direct investment
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
..
. ...
. . . . .
.
.
(*)
. ..
63 Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above
items with sign reversed).
See footnotes on page 75.
5
2
(18)
(18)
U S liabilities to unaffiliated foreigners reported by U S nonbanking concerns
Memoranda:
Balance on merchandise trade (lines 2 and 16)
Balance on services (lines 3 and 17)
Balance on investment income (lines 11 and 25)
Balance on goods, services, and income (lines 1 and 15 or lines 64, 65, and 66) l3
Unilateral transfers net (line 29)
Balance on current account (lines 1 15, and 29 or lines 67 and 68) I3 ..
39
0")
62 Allocations of special drawing rights
64
65
66
67
68
69
7
,8
.8
(")
(18)
(*)
(")
0")
0
(18)
0")
(*)
(")
(18)
,8
(*
(")
(17)
17
(17)
17
17
(17)
(17)
(17)
(17)
(17)
(17)
(17)
(17)
10
-33
(")28
(")
(")
(")
(")
O7)
-6571
1 838
2420
944
1 255
1 125
2444
291
589
-117
(17)
38
122
-472
-324
484
517
-15
-146
(18)
(18)
3
8
-7
-11
_1
(")
5
3648
-I 171
(17)
(17)
,7
(")
(17)
(17)
(17)
10
(17)
(17)
-2
32
18
32
-38
18
17
-1,498
-1,376
259
-1,233
-1344
-3^36
4,069
-2,463
-994
4,983
1 174
31
51
1,256
-98
1,158
1 346
-21
47
1,372
-99
1,273
120
-42
579
657
-98
559
875
71
42
988
-119
869
941
83
36
1,060
-101
959
2354
1 684
2344
1,674
-87
1 587
1 822
1 234
2219
1,631
-100
1 531
2251
462
2 179
389
-95
294
-3435
1 218
2 192
175
72
103
1 181
1 868
2295
2,981
93
288?
10
18
43
18
318
18
(17)
(17)
(17)
(17)
,
107
SURVEY OF CURRENT BUSINESS
June 1990
Transactions, by Area—Continued
of dollars]
1989
1990
1989
1990
1989
Australia
Japan
Latin America and Other Western Hemisphere
Line
1990
I
II
III
IV
I"
I
II
III
IV
I"
23,151
23,888
24,927
25,141
24316
18305
19,296
19,172
19,582
20,431
3,132
3,441
3,913
3,532
3,443
1
11,869
12,194
12,013
12,749
12,435
10,345
11,152
11,064
11,112
11,861
1,809
1,984
2,298
2,014
2,062
2
4,019
53
3,925
68
4,658
93
4,466
72
4,612
66
4,034
64
4,263
62
4,670
81
4,217
78
4,617
85
665
84
718
101
958
221
779
36
790
123
3
4
1,676
335
733
1,711
320
700
2,191
429
749
2,101
385
732
2,097
385
755
1,449
601
674
1,592
648
731
1,880
714
699
1,673
521
677
1,819
714
697
180
118
71
170
153
84
256
173
83
263
168
69
221
138
79
5
6
7
66
1,120
36
73
1,023
31
104
1,063
29
97
1,052
27
90
1,191
29
613
626
7
606
621
3
641
649
6
669
594
6
626
673
2
81
132
(*)
87
123
(*)
93
132
1
113
130
1
82
146
1
8
9
10
7,264
1,495
5,607
161
7,769
1,647
6,050
72
8,256
2,473
5,583
199
7,927
2,370
5,481
76
7,269
1,869
5,255
145
3,926
768
3,135
24
3,881
705
3,126
50
3,438
438
2,928
72
4,253
719
3,336
198
3,953
578
3,207
169
658
517
139
2
740
570
167
3
657
496
160
1
740
499
241
11
12
13
14
-25355
-26,561
-25,991
-26345
-27,504
-29,172
-30,280
-30,223
-30,491
-27,784
-1394
-1,594
-1,512
:
-1,752
591
456
131
3
-1,572
15
-13,504
-14,912
-14,412
-14,610
-15,587
-22,927
-23,323
-23,419
-23,786
-21,595
-852
-949
-959
-1,088
-990
16
-5,072
-115
-4,481
-86
-4,735
-78
-4,837
-68
-5,164
-111
-2,096
-503
-2,351
-429
-2,336
-403
-2,113
-413
-2,213
-475
-388
-14
-385
-10
-413
-13
-470
-9
-423
-12
17
18
-2,747
-474
-538
-2,387
-436
-495
-2,779
-460
-533
-2,935
-414
-510
-3,012
-538
-566
-399
-117
-916
-560
-142
-927
-445
-126
-1,002
-380
-108
-920
-375
-105
-897
-160
-70
-113
-147
-62
-120
-154
-66
-132
-211
-60
-162
-160
-47
-160
19
20
21
-2
-1,117
-80
-2
-994
-81
-2
-801
-82
-5
-826
-80
-4
-852
-81
-104
-35
-23
-104
-171
-18
-138
-204
-18
-108
-164
-19
-126
-218
-18
27
-41
-12
(*)
-37
-9
-4
-35
-9
-4
-17
-6
-5
-28
-10
22
23
24
-6,778
-134
-6,270
-374
-7,169
-76
-6,764
-329
-6,844
51
-6,482
-413
-6,898
86
-6,557
^27
-6,753
161
-6,505
-409
-4,149
-46
-1,798
-2,305
-4,607
-283
-1,858
-2,466
-4,468
-505
-1,782
-2,181
-4,593
-444
-1,978
-2,171
-3,976
30
-1,849
-2,157
-154
54
-66
-142
-259
-46
-72
-141
-140
93
-82
-151
-194
73
-119
-148
-159
55
-75
-139
25
26
27
28
-786
-743
-912
-798
-917
-42
-20
-35
-37
-51
-20
-17
-18
-19
-24
29
-449
-96
-242
-423
-96
-224
-541
-108
-263
-379
-157
-263
-520
-125
-272
-9
-33
-9
-11
-9
-26
-9
-29
-9
-42
-5
-15
-5
-12
-5
-13
-5
-14
-5
-19
30
31
32
-11315
-2,687
-6,656
-13,017
14,736
-14,024
14,861
-12366
-14,499
826
-784
54
-3,796
-17
-388
33
-402
450
-1,243
85
-166
-192
-7,146
-2,694
-1,588
-2,283
-402
450
-1,243
85
-166
-192
-7,146
-2,694
-1,588
-2,283
125
-202
336
-9
45
-223
206
62
-7
-364
403
-45
-11
-287
253
23
-19
-229
220
-9
(*)
(*)
1
-1
(*)
7
7
9
7
13
g
1
-1
(*)
(*)
7
39
40
41
42
-11,038
-1,780
424
767
-10,449
-3,182
-2,820
-137
-1,843
1,618
-5,406
-3,093
-119
1,022
-3,216
-13,090
-2,311
-166
784
-11,397
14,921
-1,035
-2,385
n.a.
18,341
(*)
22,007
-2,314
2,114
36
22,171
5
4
13
(*)
-13,832
9
108
-170
-13,779
5
2
-9,673
1,016
1,805
21
-12,515
-12,909
73
-1,169
-10
-11,803
3,110
-690
1,198
n.a.
2,602
-791
-422
116
95
-580
47
-377
-268
-13
705
-3,805
-755
-424
-17
-2,609
-25
96
173
-151
-142
-401
-89
-485
n.a.
173
43
44
45
46
47
6,153
5,299
17,943
21330
7,829
18,215
-20,789
14,485
11,461
-15,805
27
1,236
459
-*73
-429
48
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
op
(
(
(
49
50
51
52
53
54
55
(18)
(
I?
(
1?
(18)
11
25
21
(18)
(18)
(18)
(.8)
(18)
(18)
(18)
(18)
1,199
323
(18)
(18)
18
2,827
-431
3,423
18
1,455
970
1,650
18
!?
I?
I?
59
1?
(
(
I?
(18)
(18)
(18)
(18)
(18)
(18)
(18\
III
I"
IV
34
35
36
37
38
(18)
(18)
(18)
(18)
(18)
(18)
(
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
-14
-74
I?
0")
II
I
—38
—77
84
269
-60
—40
-59
-153
43
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(.8)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
-2,855
3,827
-218
4,615
3,205
1,552
7,898
2,815
149
490
-182
380
302
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(.8)
1,644
-494
19,627
18
700
-93
16,836
18
1,172
n.a.
6,913
18
123
301
13,253
18
1,589
-84
-25,583
18
2,548
-185
10,301
18
5,350
1,000
-2,726
18
118
n.a.
-18,698
18
135
145
-388
18
78
154
572
101
-180
873
18
18
69
-96
-1,269
18
-103
n.a.
-554
56
57
58
59
60
61
62
8,152
804
-9311
-6311
-18,461
6,719
16,933
8,967
13,983
22,382
-961
-3,120
954
-872
-1,030
63
-1,635
-1,054
485
-2,203
-786
-2,990
-2,718
-556
601
-2,673
-743
-3,416
-2,399
-77
1,411
-1,064
-912
-1,976
-1,861
-372
1,029
-1,204
-798
-2,002
-3,152
-552
516
-3,188
-917
-4,104
-12,582
1,938
-223
-10,867
-42
-10,909
-12,171
1,913
-726
-10,984
-20
-11,004
-12,355
2,334
-1,030
-11,051
-35
-11,086
-12,674
2,105
-339
-10,909
-37
-10,946
-9,734
2,404
-23
-7,353
-51
-7,404
957
277
503
1,737
-20
1,717
1,035
333
480
1,848
-17
1,831
1,339
546
517
2,401
-18
2,384
926
309
545
1,780
-19
1,762
1,072
367
431
1,871
-24
1,847
64
65
66
67
68
69
108
SURVEY OF CURRENT BUSINESS
June 1990
Table 10a.—-U.S. International Transactions,
[Millions
1987
1988
Federal Republic of Germany
France
Belgium-Luxembourg
(Credits +; debits -) !
Line
1989"
1987
1988
1989"
1987
1988
1989"
9,707
11,428
12,797
13,862
16,899
20,041
20,171
23,633
27,725
6,147
7,385
8,474
7,949
9,910
11,590
11,533
14,254
16,395
1,005
65
1,327
214
1,502
187
3,067
90
3,355
37
4,147
61
4,965
424
5,517
356
6,041
595
Travel
Passenger fares
Other transportation
150
43
204
175
38
258
187
74
335
845
546
494
950
569
515
1,032
690
738
1,544
495
719
1,910
664
822
1,855
559
910
Royalties and license fees 5 '
Other private services *
U S. Government miscellaneous services
305
235
3
327
312
3
354
364
1
814
262
16
918
350
16
1,036
586
4
1,174
596
13
1,191
550
24
1,245
835
42
Income receipts on U.S. assets abroad
Direct investment receipts
Other private receipts
U S Government receipts
2,555
1,285
1,267
3
2,716
1,278
1,436
2
2,821
1,397
1,423
2,846
1,569
1,271
6
3,634
2,155
1,474
5
4,304
2,235
2,065
4
3,673
3,002
215
456
3,862
3,097
330
435
5,289
3,459
578
1,252
15 Imports of goods, services, and income
-6,496
-7,101
-7378
-14,818
-17,902
18,668
-42,585
-43330
-42,213
-4,223
-4,505
-4,554
-10,506
-12,497
-12,900
-26,941
-26,313
-24,658
-737
-184
-781
-196
-868
-168
-2,188
-81
-2,575
-96
-2,929
-102
-10,934
-6,486
-11,549
-6,691
-11,530
-6,519
-127
-85
-214
-158
-78
-225
-185
-97
-267
-1,138
-255
-314
-1,233
-297
-412
-1493
-334
-474
2203
-464
-889
-2,423
-549
-1,078
-2,637
-606
-1,152
29
-56
-42
-37
-54
-33
-30
-89
-32
-69
-239
-92
-84
-363
-90
-130
-310
-86
-302
-510
-80
-329
-376
-103
-381
-117
-118
-1,536
-346
-801
-389
-1,815
-428
-1,000
-387
-1,956
-350
-1,087
-519
-2,124
-56
-1,363
-705
-2,830
-414
-1,601
-815
2839
198
-2,237
-800
-4,710
172
-1,138
-3,744
-5,968
-589
-1,349
-4,030
-6,025
-627
-1657
-3,741
-38
-29
-31
-102
-99
-99
904
1,090
1,383
-9
29
-9
-20
-9
-22
-34
-68
-35
-64
-39
-60
-133
1,037
-140
1,230
-144
1,527
-5,107
-2,501
1,077
-4,631
-2^12
-6,511
1,499
-1,337
-11495
(*)
(*)
(*)
(*)
1,674
-3,467
-12,565
(*)
(*)
1 Exports of goods, services, and income
2
Merchandise, adjusted, excluding military 2
3
4
Services3
5
6
7
8
9
10
11
12
13
14
16
Merchandise, adjusted, excluding military 2
17
18
Services3
Direct defense expenditures
19
20
21
Travel
22
23
24
Royalties and license fees * 6
Other private services 6
U S Government miscellaneous services
25
26
27
28
<,
.
.
Other transportation
..
Income oavments on foreign assets in the United States
Direct investment payments
Other private payments
.
U S Government payments .....
.
.
29 Unilateral transfers, net
30
31
32
....
..
U S Government grants 4
...
U S Government pensions and other transfers
Private remittances and other transfers
.
.
.
. .
.
33 U.S. assets abroad, net (increase/capital outflow (—))
34
35
36
37
38
U S official reserve assets net '
Gold
Special drawing rights
Reserve position in the International Monetary Fund
39
40
41
42
U S Government assets other than official reserve assets net
U S credits and other long-term assets
... ...
Repayments on U.S. credits and other long-term assets 8
U.S. foreign currency holdings and U.S. short-term assets, net
43
44
45
46
47
U.S. private assets, net
.
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. claims reported by U.S. banks, not included elsewhere
.
.
.
48 Foreign assets in the United States, net (increase/capital inflow (+))
49
50
51
52
53
54
55
Foreign official assets in the United States net
.
..
U S Government securities9
U.S. Treasury
securities
Other I0
Other U S Government liabilities " .
U.S. liabilities reported by U.S.
banks, not included elsewhere
Other foreign official assets I2
..
56
57
58
59
60
61
Other foreign assets in the United States, net
Direct investment
U S Treasury securities
.
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
(*)
(*)
1,674
-3,467
-12,565
18
(*)
13
8
16
34
64
6
-3
9
9
9
-9
9
4
13
-5
14
2
14
20
64
6
-3
-5,125
-1,109
-1,731
-10
-2,275
-2,501
-916
-2,676
-12
1,103
1,064
-699
-341
-18
2,122
-4,639
-1,059
-1,039
-414
-2,127
-2,828
-1,871
-743
97
-311
-6,545
-635
-2,359
-242
-3,309
-239
790
1,802
-104
-1,147
2,124
2,011
1,278
-85
-1,080
1,273
-134
2,369
-116
-846
2,798
3,027
2,297
11,408
-2,295
8,523
18^43
-1,240
13,976
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
123
(14)
(14)
&
(,4)
°1
(14)
(14)
(14)
8
%
(M)
(14)
(14)
8
(M)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
-83
-60
-24
(14)
(.4)
(")
(14)
(14)
(14)
(,4)
(14)
(14)
-40
(14)
(,4)
<;>
(14)
(14)
(14)
(14)
(14)
1,747
955
2,471
(14)
962
(14)
5,299
103
5
14
2,652
-161
135
1,389
-862
38
"2,226
1,044
-123
14
8,040
-181
-40
14
-3,034
-372
-1
14
3,637
-864
-4^24
-8,762
-5,719
6,209
-3,286
1,924
268
1,019
3,211
-38
3,173
2,880
546
901
4,327
-29
4,298
3,920
634
865
5,419
-31
5,388
-2,557
879
722
-956
-102
-1,058
-2,587
780
804
-1,003
-99
-1,102
-1,310
1,218
1,465
1,373
-99
1,274
(14)
«
(14)
(14)
14
(14)
(14)
(14)
3,150
2,306
4,229
-87
410
14,747
1,532
952
14
-6,154
-1,148
-77
14
10,964
21,684
10,424
-12,059
-6,032
-2,106
-20,197
1,090
-19,107
-8,263
-5,489
-736
-14,488
1,383
-13,105
(14)
(14)
14
(14)
(14)
62 Allocations of special drawing rights
63 Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above item with
sign reversed).
64
65
66
67
68
69
Memoranda:
Balance on merchandise trade (lines 2 and 16)
Balance on services (lines 3 and 17)
.
Balance on investment income (lines 11 and 25) .
.
.
.
Balance on goods, services, and income (lines 1 and 15 or lines 64 65, and 66) l3
Unilateral transfers, net (line 29) ...
13
Balance on current account (lines 1, 15 and 29 or lines 67 and 68)
See footnotes on page 75.
.
.
.
..
1,668
-15,408
-5,969
-1,037
-22,414
904
-21,510
109
SURVEY OF CURRENT BUSINESS
June 1990
by Selected Countries (published annually)
of dollars]
Venezuela
Mexico
Netherlands
Italy
South Africa
Line
1989"
1988
1987
1989"
1988
1987
1988
1987
1989'
1989"
1988
1987
1988
1987
1989"
9,761
11,490
12,135
13,629
15,459
17,227
21,444
28,545
34,269
5,504
6,695
5,260
1,923
2,281
2,231
1
5,466
6,671
7,101
8,026
9,711
11,258
14,558
20,582
24,671
3,534
4,532
2,962
1,281
1,683
1,656
2
2,170
72
2,452
65
2,620
92
2,348
410
2,559
334
3,075
424
3,528
3
4,093
13
5,191
7
867
48
928
27
1,039
15
299
300
308
3
4
585
306
268
645
386
307
664
340
389
279
32
602
316
35
577
344
50
656
2,040
145
394
2,652
191
252
3,391
229 \
249
86
89
84
519
643
754
62
52
64
5
6
7
549
382
8
641
396
12
661
466
8
466
558
1
675
620
2
720
880
1
104
820
22
133
825
27
154 .
1,136 I
25 1
21
18
279
240
54
53
104
105
2 11
8
9
10
2,125
1,378
737
10
2,367
1,659
700
8
2,414
1,495
913
6
3,255
2,974
280
1
3,189
2,896
292
1
2,894
2,509
382
3
3,358
706
2,512
140
3,870
1,186
2,521
163
4,407
1,510
2,772
125
1,103
196
896
11
1,235
270
956
9
298
157
141
(*)
267
85
182
(*)
11
12
13
14
-14,687
-15,699
-16365
-9,413
-11353
-10,447
-27,410
-31,507
-36399
-6,920
-10,916
-11,514
-11,883
-4,809
-5,950
-4,931
-20,289
-23,312
-27,099
-5,652
-3,012
-611
-3,311
-559
-3,287
-490
-1,213
-117
-1,335
-146
-1,591
-122
-6,073
-4
-6,916
-3
-7,913
-3
-550
-2
-623
-1
-1,447
-197
-443
-1,669
-208
-544
-1,534
-259
-629
-126
-321
-486
-180
-346
-134
-185
-363
-3,975
-544
-442
-5,668
-471
-392
-24
-249
-41
-32
-245
-54
-49
-286
-40
-10
-141
-12
-39
-179
-11
-147
-343
-12
-3
-1,039
-66
-4,828
-463
-372
!
-1,178
-73
1
-1,305
-75
-548
-759
53
-635
-177
-874
83
-712
-245
-1,195
140
-839
-496
-3,391
-2,240
-648
-503
-4,068
-2,869
-766
-433
-3,925
-2,464
-1,074
-387
-1,048
11
-991
-68
-1,279
-36
-1,099
-144
-1,387
133
-1,302
-218
-718
-81
-565
-72
-817
-133
-654
-30
-233
-250
-1
-184
-65
-290
-23
-25
-26
-568
-576
-580
-40
-8
-179
-46
(*)
-189
-101
-9
-14
-9
-16
-10
-16
-79
-174
-315
-67
-189
-320
-65
-197
-318
(*)
1,532
H540
-782
-966
-1,513
-2,043
5
3,439
-707
(*)
198
-5
-674
-608
10
-87
11
-809
-660
506
-106
-549
-963
-2,051
252
-169
1,005
-1,508
-1,356
-113
-73
34
2,417
27
29
1
29
5
1,502
-848
652
-14
1,712
1,636
54
13
j
96
257 |
1,259
136
1,116
7
343
229
114
(*)
-6,607
-8,291
-1,482
-1,719
-1,670
15
-5,167
-6,765
-1,342
-1,529
-1,532
16
-575
-1
-115
(*)
-166
(*)
-122
(*)
17
18
-68
-99
-60
-34
-25
19
20
21
(
-574
I
1
-12
-19
-17
-17
-2J"
-16
22
23
24
-951
-81
-829
-41
-25
-4
-17
-4
-24
-2
-22
-16
-1
-15
25
26
27
28
-27
-30
-30
-22
-42
29
(*)
-37
-1
-3
-23
-27
-8
-2
-20
-12
-2
-8
-21
-2
-19
30
31
32
233
302
1,006
183
36
566
33
-622
-1,084
34
35
36
37
38
-1,084
198
-5
9
-201
209
1
39
-115
154
(*)
37
30
21
(*)
-1
-5
-466
-771
299
6
38
-1
29
1
21
(*)
(*)
-1
2
39
40
41
42
-2,038
-906
-1,668
-237
773
273
-328
221
46
334
3,430
-579
-103
-70
4,182
338
-1,360
11
10
1,677
196
85
50
-44
105
272
188
-9
55
38
985
68
11
81
825
183
97
12
-24
98
37
224
14
-30
-171
564
409
40
32
83
43
44
45
46
47
11315
1,014
1,196
457
38
-274
2
3,725
9,743
5,961
1,265
-811
714
124
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
8
-19
-53
54
-50
2
-8
5
-66
-27
-22
(14)
(14)
(14)
-73
(14)
(14)
(.4)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
-334
-1,039
987
8,293
4,766
9,826
26
18
99
-23
193
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
(14)
163
-35
858
208
-16
14994
(14)
14
29
-2
34
(
(*)
-5
-3
j
-4
30
]
1
125
44
1,793
14
91
115
3,269
14
111
52
2,628
1,118
286
119
14
14
958
216
-33
1,002
148
389
14
14
(14)
14
334
68
759
14
119
-54
-787
14
6
16
269
('T
(J )
(14)
(14)
(14)
194
(14)
-10
-22
247
(14)
4
(14)
521
14
(*)
(*)
-62
-13
-240
(14)
-22
(14)
(,4)
1
-9
14
56
57
58
59
60
61
(14)
-184
(14)
14
-10
20
212
1
14
48
49
50
51
52
53
54
55
62
1,991
2,682
1377
-12,970
-8,529
-16,026
5,515
-1,097
2,152
2,034
-820
1341
-718
-614
-811
63
-5,450
-842
1,366
-4,926
-233
-5,159
-4,843
-859
1,493
-4,209
-250
-4,459
-4,782
-667
1,219
-4,230
-290
-4,520
3,217
1,135
-136
4,216
-23
4,193
3,761
1,224
-879
4,106
-25
4,081
6,327
1,484
-1,031
6,780
-26
6,754
-5,731
-2,545
2,310
-5,966
-568
-6,534
-2,730
-2,823
2,591
-2,962
-576
-3,538
-2,428
-2,722
3,020
-2,130
-580
-2,710
-2,118
317
385
-1,416
-40
-1,456
-635
305
418
88
-27
61
-3,803
464
308
-3,031
-30
-3,061
-61
184
318
441
-30
411
154
134
274
562
-22
540
124
186
251
561
-42
519
64
65
66
67
68
69
110
June 1990
SURVEY OF CURRENT BUSINESS
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 1986 forward were published in
the September 1989 SURVEY OF CURRENT BUSINESS.
Table 1.—Manufacturing and Trade Inventories in Constant Dollars,
Seasonally Adjusted, End of Period
Table 2.—Manufacturing and Trade Sales in Constant Dollars, Seasonally
Adjusted Total at Monthly Rate
[Billions of 1982 dollars]
[Billions of 1982 dollars]
1989
1989 1990
IV
I'
702.0 696.7
Manufacturing and trade
332.2 333.0
Manufacturing
Durable goods
Primary metals
Fabricated metals
Machinery except electrical .
Electrical machinery
Transportation equipment
Motor vehicles
Other.
Other durable goods '
2206 2204
17.8 17.8
Nondurable goods
Food and kindred products
Nonfood
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastic products
Other nondurable goods 2
1-11.6 1126
22.9 22.7
88 8 899
Merchant wholesalers .
.
.
Retail trade
Durable goods
Auto dealers
Other durable goods
Nondurable goods
Food stores
Other nondurable goods
223
456
35.9
63.2
112
52.0
35.7
63.4
11 1
52.3
358
356
Dec.
19 90
1989
1990
Jan.' Feb.' Mar.' Apr.'
IV
I'
705.3 702.0 700.7 696.4 696.7 697.3
334.2 332.2 334.9 334.1 333.0 333.9
2219 220.6 2227 2219 2204 2215
17.8 17.8 17.9 18.1 17.8 17.9
222 21.9 225 225 223 223
466 460 462 46 1 456 458
36.1 35.9 36.2 36.1 35.7 35.7
62.5 63.2 64.1 63.6 63.4 64.1
117 11.2 11 5 112 11.1 112
50.8 52.0 52.6 52.4 52.3 529
366
358
358
355
356
356
112.3 111.6 1122 1122 112.6 1124
22.9 22.9 22.7
22.7
22.7
22.7
894 88 8 895 895 899 898
102
102
102
102
103
103
102
102
27.3
13.4
8.4
27.1
14.4
8.1
27.6
13.5
8.5
27.3
13.4
8.4
26.9
14.1
8.3
26.8
14.0
8.2
27.3
14.3
8.1
295
300
297
295
299
301
27.1
14.4
8.1
30.0
170.4
170.6
171.1
170.4
170.4
170.2
170.6
169.8
1102
60.2
, 19.6
40.7
1112
59.3
18.9
40.4
110.6 1102
60.5 60.2
19.4 19.6
41.1
40.7
1116 111.9 111.2 1101
58.7 58.3 59.3 59.8
18.9 18.2 18.9 18.9
39.8 40.1 40.4 40.9
199.3
193.2
200.0 199.3
195.4
192.1
193.2
193.5
101 1
51.8
49.3
98.2
963
1020 101 1
51.6 51.8
50.4 49.3
98.0 98.2
970
185
192
191
189
79.1
78.4
78.8
79.1
79.6
96.3
46.5
49.8
96.9
18.5
78.4
96.6
46.4
50.3
96.9
191
95.1
45.7
49.4
97.0
18.5
78.5
,
..
Durable goods
..
Nondurable goods
Groceries and farm products
Other nondurable goods
219
460
Nov.
46.5
49.8
96.9
47.9
49.1
98.4
297
187
78.1
Manufacturing and trade . . .
Manufacturing
Durable goods
Primary metals
Fabricated metals
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles
Other.
Other durable goods *
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
Retail trade
Durable goods
Auto dealers
Other durable goods
Nondurable goods
Food stores
Other nondurable goods
.
»
..
,
468.2 4703 4645
466.5 466.5 461.9
209.4 208.8
210.0
1117 1109
91
92
12.0
118
26.2 26.6
1124 111 7 1069 1122 113 8 1109
99
92
89
92
93
91
120 119 11.6 11 8 120 11 7
26.3 26.3 26.3 264 270 263
174 182 173 179 17 6 176
275 268 224 269 28 1 266
170 157 11 7 157 170 157
105 112 107 11 2 11 1 108
20.0
19.6 20.1 201 198 196
107
176
258
148
110
19.9
20.0
16.2
Merchant wholesalers
19 90
Jan.' Feb.' Mar.' Apr."
Dec.
465.9 466.8
177
269
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
19 89
Nov.
208.7 203.3 210.2 212.8
977
978
976
27.9
69.8
27.8
701
27.8
698
8.2
175
8.2
175
18.3
6.6
19.2
18.4
6.6
19.3
17 5
18.0
6.5
19.5
129.0
129.7
59.7
62.9
693
26.1
432
97 1
27.7
694
965
27.4
69.1
98 1
27.9
702
80
176
8.1
174
82
174
18.6
6.7
18.6
17.9
6.5
19.2
18.6
6.7
19.4
17 8
18.6
6.7
19.4
128.8
130.3
129.8
129.4
130.0
128.6
60.1
59.7
62.6
62.9
63.3
61.6
668
687
705
672
665
667
670
25.0
418
26.2
425
25.4
452
25.4
418
24.7
418
25.0
417
25.1
419
127.6
128.3
127.8
127.5
128.8
128.6
127.5
126.4
50.5
27 3
23.2
77 1
23.4
518
279
507
275
497
267
52.6
514
289
516
274
23.1
111
23.4
23.6
763
22.9
24.3
769
23 1
23.6
756
23.3
537
535
23.2
770
23.4
53 6
27 5
23.8
762
23.0
508
272
23.9
765
23.0
544
533
539
532
523
83
990
985
28.1
709
27.5
71 0
83
82
180
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]
Manufacturing and trade
Manufacturing
Durable goods
Fabricated metals
Machinery, except electrical
Electrical machinery.
Transportation equipment
Motor vehicles ..
Other
Other durable goods '
. . .
1990
IV
I'
Durable goods.
* ....
Nondurable goods
Groceries and farm products
Other nondurable goods..
1.51
1.49
1.59
160
159
1.98
1 95
1.83
1.76
2.03
1.99
1.97
1 95
1.85
1.77
2.07
194
189
1.72
2.03
Dec.
19 90
1988
Jan.' Feb.' Mar.' Apr."
IV
1.51
1.52
1.59
165
1.98
201
1.84
1.75
1.98
1.49
1.48
1.50
159
157
160
2.08
1 95
1.98
1 97
1.94
2.00
1 96
195
192
1.76
2.09
1.75
2.02
1.86
1.69
2.03
237
72
468
177
226
65
470
192
191
1.75
2.04
4.86
1.80
246
75
476
178
227
69
483
236
.72
466
1.84
1.83
286
98
493
178
1.80
241
71
488
181
1.14
1.15
1.15
1.15
1.16
1.14
1.14
1.14
.82
.82
128
.82
128
.83
.83
.81
.83
1.25
1.55
1.22
1.58
1.28
1.28
1.55
1 29
1.27
1.55
.82
128
1.27
1.23
1.52
1 26
1.26
1.52
1.26
1.54
73
128
79
123
75
130
72
127
79
128
76
124
77
121
1.53
1.55
1.53
1.59
1.55
1.55
1.55
1 23
1.51
1.32
1.32
1.33
1.31
1.31
1.32
1.31
1.32
1 77
1.84
1.85
1 78
1 79
89
.76
97
.88
.74
97
.85
.77
.90
87
.74
95
178
88
.74
.96
1.76
.,
185
87
.75
94
.89
.76
.97
89
.75
98
1.56
1.51
1.57
1.56
1.52
1.50
1.52
1.53
,
2.00
1.86
1 67
2.01
1 88
2.17
1 27
2.03
1.85
1.84
194
2.04
1.26
1.88
1 69
2.09
1.27
1.90
1 71
2.13
.80
.81
128
.80
1,46
1.47
1.49
.. .
Retail trade
190
127
.82
208
127
.81
1.47
1.47
2 13
..
19 89
Nov.
1.51
1.27
1.24
1.56
Merchant wholesalers
1989
235
.70
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
See footnotes to table 5.
18.4
6.6
19.8
See footnotes to table 5.
See footnotes to table 5.
Durable goods
Auto dealers
Other durable goods
Nondurable goods
Food stores
.
Other nondurable goods.
209.4
.82
.82
166
208
129
.82
1.47
1.46
1.49
2.14
1.26
167
78
1.45
1.45
1.46
1.44
1.56
1.56
1.57
1.57
1.58
1.93
1.16
1.99
1.16
1.98
1.16
1.98
1.18
2.01
1.16
2.00
1.18
1.29
1.28
1.28
1.26
1.26
1.24
1.85
1.85
1.87
1.84
1.84
1.77
.
90
.87
.86
.84
.85
.86
. . .
1.43
1.45
1.45
1.42
1.47
1.41
2.01
1.17
2.06
1.18
2.00
1.20
1.93
1.19
2.02
1.21
1.87
1.20
. ••
See footnotes to table 5.
.
I
1.46
Merchant wholesalers
Durable goods
Nondurable goods
IV
1.44
Durable goods
Nondurable goods
Retail trade
1990
III
1.53
Manufacturing and trade
Manufacturing
Durable goods
Nondurable goods
19 89
II
I
111
SURVEY OF CURRENT BUSINESS
June 1990
Table 5.—Manufacturing Inventories by Stage of Fabrication in Constant Dollars, Seasonally Adjusted, End of Period
[Billions of 1982 dollars]
IV
Nov.
I'
19 90
1989
1990
1989
Dec.
Jan.'
Feb."
Mar.'
Apr."
Materials and supplies
105.4
Manufacturing
Durable goods
. ..
Primary metals
.
Fabricated metals
Machinery except electrical
Electrical machinery
Motor vehicles
Other transportation equipment
Other durable goods '
.
.
105.1
618
52
81
125
96
4.5
8.4
.
613
52
81
123
96
4.6
7.8
106.2
623
52
83
129
97
4.6
8.0
105.4
61 8
52
81
125
96
4.5
8.4
105.8
624
5.2
82
127
97
4.7
8.1
105.1
619
53
82
125
97
4.7
7.9
105.1
613
52
81
123
96
4.6
7.8
105.0
612
5.2
80
122
95
4.6
7.9
13.5
13.7
13.6
13.5
13.8
13.6
13.7
13.7
43.7
43.8
43.9
43.7
43.4
43.8
43.9
8.1
5.5
9.6
4.3
33
130
8.3
5.5
9.8
4.0
34
130
43.3
8.3
5.5
9.7
4.1
128
8.1
5.5
9.6
4.0
33
129
8.1
5.5
9.5
3.8
33
130
8.1
5.5
9.6
4.3
33
130
8.1
5.5
9.6
4.4
33
129
122.2
122.0
122.2
122.2
123.7
122.6
122.0
122.9
1037
1036
1035
103.7
1052
1036
1045
Primary metals
Fabricated metals
7.2
76
196
39
396
8.8
7.2
79
198
170
39
405
8.8
38
404
8.7
7.1
77
190
169
37
405
8.6
7.1
78
192
39
396
8.8
7.3
78
194
172
39
388
9.2
7.2
Electrical machinerv
Motor vehicles
Other transportation equipment
Other durable goods '
7.1
77
190
169
37
405
8.6
7.2
76
196
1043
38
409
8.6
18.5
18.4
18.7
18.5
18.5
18.3
18.4
18.4
2.2
1.1
48
29
1.1
6.4
2.2
2.2
1.1
48
30
1.0
6.3
2.2
1.1
50
27
10
64
Nondurable goods..
Food and kindred products
Paper and allied products...
Chemicals and allied products
8.3
5.5
9.7
4.1
33
128
Rubber and plastic products
Other nondurable goods 2
33
Work-in-process
Manufacturing..
17 1
Nondurable goods
Food and kindred products....
;
Petroleum and coal products
Rubber and plastic products
Other nondurable goods 2
.
.
.
.
...
2.2
1.1
49
29
1.1
6.3
2.2
1.1
48
30
1.0
6.3
2.2
1.1
49
2.7
1.1
6.7
17 1
2.2
1.1
49
29
1.1
6.3
78
193
17 1
48
29
1.0
6.3
17 1
Finished goods
Manufacturing
.
;
•
Durable goods
Primary metals
Fabricated metals
Machinery except electrical
.
.
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 2
....
.
.
. .
.
.
.
.
.
.
.
. . .
. . .
.
•
.
.
104.6
105.9
105.8
104.6
105.5
106.4
55.2
55.6
56.1
55.1
55.8
55.6
5.4
62
140
9.2
2.9
4.0
135
5.6
6.5
5.4
6.2
55.2
5.5
6.4
5.6
6.5
14.3
14.4
13.7
14.3
5.6
6.5
9.4
2.9
4.0
132
9.4
2.8
4.0
13.2
13.3
50.4
12.5
50.6
12.4
50.4
12.4
105.9
106.0
558
5.6
65
144
92
28
41
133
502
13.3
13.8
5.4
62
140
9.2
2.9
4.0
135
49.5
12.4
50.4
12.4
49.7
12.4
49.5
12.4
3.6
3.6
36
3.7
3.6
12.7
12.7
12.9
12.7
12.5
12.5
12.7
6.5
4.0
6.8
3.9
6.5
4.0
7.2
4.0
12.7
7.1
3.8
7.3
3.9
7.1
3.8
10.3
10.7
10.0
7.2
3.8
10.3
10.6
10.8
10.7
10.4
3.6
9.2
2.8
4.0
9.1
3.2
4.0
14.3
9.2
2.8
4.0
3.6
12.4
36
' Revised.
f
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.
Text continues from page 112.
Guide to BEA's Statistics on Foreign Direct Investment
in the United States. 2:29.
U.S. Business Enterprises Acquired or Established by
Foreign Direct Investors in 1989. 5:23.
Investment positions
International Investment Position: Component Detail
for 1989. 6:54.
Reconciliation and other special tables
Reconciliation of NIPA Net Exports and BPA Balance
on Goods and Services. 3:18; 6:19.
17.5. investment abroad
Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies: Plans for 1990 and
Spending Patterns During 1977-89. 3:21.
U.S. Multinational Companies: Operations in 1988.
6:31.
Regional
Personal income
Accounting for Regional Differences in Per Capita Personal Income Growth: An Update and Extension.
1:29.
County and Metropolitan Area Personal Income, 198688. 4:31.
Regional Perspectives. Total Personal Income Growth
in Recent Quarters, 1:25; State Personal Income:
Methodological Improvements, 4:29.
State Personal Income, Summary Estimates. Third
Quarter 1989, 1:27; Fourth Quarter and Year 1989,
4:55.
Projections
Regional and State Projections of Income, Employment, and Population to the Year 2000.
5:33.
112
SURVEY OF CURRENT BUSINESS
June 1990
Subject Guide
Volume 70 (1990), Numbers 1-6
This guide lists articles and "Business Situation" sections by subject, giving the
title, issue number, and beginning page number.
General
Improving the Quality of Economic Statistics. 2:2.
The United Nations System of National Accounts: An
Introduction. 6:20.
A User's Guide to BEA Information. 2:39.
National
Business cycle indicators
Composite Indexes of Leading, Coincident, and Lagging Indicators. 1:24; 2:19; 3:20. (Beginning with
issue number 4, see the new section "Business Cycle
Indicators.")
Government transactions
Federal Fiscal Programs. 2:20.
Government Sector. Fourth Quarter 1989, 3:2; First
Quarter 1990, 5:2.
State and Local Government Fiscal Position in 1989.
2:26.
Input-output
Business Situation: Revisions in Estimates for Real
GNP and Prices. Fourth Quarter 1989, 2:1; First
Quarter 1990, 5:1. (See also "Revisions in Selected Component Series of the NIPA's" under
Reconciliation and other special tables.)
National Income and Product Accounts Tables. Selected NIPA Tables: 1:10; 2:3; 3:4; 4:11; 5:4; 6:3. (See
also entries under Reconciliation and other special
tables.)
Updated Measures of Revision for Quarterly GNP
Estimates. 4:27.
Profits
Corporate Profits. Fourth Quarter 1989, 3:1; First
Quarter 1990, 5:1 and 6:1.
Corporate Profits and Property Income in 1989. 4:8.
Reconciliation and other special tables
Cyclically Adjusted Federal Receipts, Expenditures,
and Surplus or Deficit. 3:19; 5:21.
Gross National Product in 1987 Dollars. 2:18; 5:22.
Reconciliation of BEA Compensation and BLS Earnings. 2:17; 5:21.
Reconciliation of NIPA Net Exports and BPA Balance
on Goods and Services. 3:18; 6:19.
Revisions in Selected Component Series of the NIPA's.
Fourth Quarter 1989, 2:17 and 3:18; First Quarter
1990, 5:20 and 6:19.
Annual Input-Output Accounts of the U.S. Economy,
1985. 1:41.
Inventories and sales
Constant-Dollar Inventories, Sales, and InventorySales Ratios for Manufacturing and Trade. 3:67;
6:110.
National income and product accounts (NIPA's)
Business Situation: Advance Estimates for Real GNP,
Prices, and Personal Income. Fourth Quarter and
Year 1989, 1:1; First Quarter 1990, 4:1.
International
Balance of payments
U.S. International Transactions. Fourth Quarter and
Year 1989, 3:33; First Quarter 1990, 6:66.
Foreign investment in the United States
Gross Product of U.S; Affiliates of Foreign Companies,
1977-87. 6:45.
Text continues on page 111.
BUSINESS CYCLE INDICATORS
Data tables
Footnotes for pages C-l through C-5
Charts
,
C-l
C-6
C-7
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.
Current and historical data for the series shown in the C-pages are available on printouts, diskettes, and the Commerce Department's Economic
Bulletin Board. For more information, write to Statistical Indicators Branch, Business Outlook Division (BE-52), Bureau of Economic Analysis, U.S.
Department of Commerce, Washington, DC 20230.
NOTE.—This section of the SURVEY is prepared by the Statistical Indicators Branch.
Series
no.
Year
1989
1990
Series title and timing classification
1989
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Apr.
May
145.2
12.3
'-.5
' 145.1
'-.8
"6.8
" 146.2
"9.5
.08
.07
.06
'-.07
-.08
.30
.08
Feb.
Mar.
1. CYCLICAL INDICATORS
1.1 Composite Indexes
The Leading Index
910* Composite index of leading indicators, 1982=100 (L,L,L).......
• Percent change over 1 -month span AR
Percent change over 3-month span, AR
Contributions of leading index components:
,
(i) Average weekly hours, mfg (L L,L)
Average weekly initial claims for unemployment
(5)
insurance (inverted) (L,C,L) $.
New orders in 1982$, consumer goods and materials
(8)
(L,L,L).
Vendor performance, slower deliveries diffusion index
(32)
(L,L,L).
Contracts and orders for plant and equipment in 1982$
(20)
(L,L,L).
Building permits, new private housing units (L,L,L)
(29)
Change in unfilled orders in 1982$, durable goods,
(92)
smoothed (L,L,L) f.
Change in sensitive materials prices, smoothed (L,L,L) f ....
(99)
Stock prices 500 common stocks, NSA (L,L,L)
(19)
Money supply M2 in 1982$ (L,LL)
(106)
Index of consumer expectations, NSA (L,L,L)
(83)
Diffusion index of 1 1 leading indicator components:
950
Percent rising over 1-month span
Percent rising over 6-month span
The Coincident Index
920* Composite index of coincident indicators, 1982=100
(C.C.O.
•
Percent change over 3-month span AR
(41)
(51)
(47)
(57)
951
Contributions of coincident index components:
Employees on nonagricultural payrolls (C C C)
Personal income less transfer payments in 1982$ (C,C,C)...
Industrial production (C,C,C)
Manufacturing and trade sales in 1982$ (C,C,C)
Diffusion index of 4 coincident indicator components:
Percent rising over 1 -month span
Percent rising over 6-month span
The Lagging Index
930* Composite index of lagging indicators, 1982=100
(Lg,Lg,Lg).
(91)
(77)
(62)
(109)
(101)
(95)
(120)
952
•
940*
Percent change over 3-month span AR
.
.. .. Contributions of lagging index components:
Average duration of unemployment (inverted)
(Lg,Lg,Lg) J.
Ratio, mfg. and trade inventories to sales in 1982$
(Lg,Lg,Lg).
Change in labor cost per unit of output, mfg., smoothed
(Lg,Lg,Lg)t.
Average prime rate, NSA (Lg,Lg,Lg)
Commercial and industrial loans in 1982$ (Lg,Lg,Lg)
Ratio, consumer installment credit to personal income
(Lg,Lg,Lg).
Change in CPI for services, smoothed (Lg,Lg,Lg) f
Diffusion index of 7 lagging indicator components:
Percent rising over 1-month span
. ..
... .
Percent rising over 6-month span
Ratio, coincident index to lagging index, 1982=100 (L,L,L)...
See footnotes on page C-6.
144.8
6.0
2.8
145.0
1.7
.8
144.4
-4.9
-.6
144.6
1.7
.8
145.3
6.0
2.5
145.3
0
-2.2
0
0
-.03
-.15
-.30
-.07
.11
-.08
-.09
.08
-.07
.07
-.16
'-.22
'.25
'.16
'-.07
.24
-.02
.20
-.17
.11
.08
.04
.11
.23
-.25
-.13
.24
'-.20
.02
.08
-.09
.01
.07
.11
.32
.59
.14
-.83
-10
-.15
-.03
-.30
'-.07
-.12
-.09
-.03
.01
.10
.31
.02
0
.04
-.05
-.15
-.12
.07
-.11
-.25
.13
.08
.04
'-.09
-.14
-.27
-.08
'-.10
-.16
.06
-.08
.24
.13
-.01
0
.35
0
'0
.10
.26
.19
-.12
-.17
50.0
54.5
31.8
45.5
36.4
45.5
63.6
27.3
54.5
36.4
36.4
40.9
31.8
"54.5
68.2
36.4
"63.6
132.6
133.9
133.5
133.0
133.6
134.0
132.8
' 134.2
134.5
' 134.0
-1.8
4.3
12.4
2.1
-3.5
1.2
-4.4
-.9
5.5
1.5
3.7
-.6
-10.2
'1.8
'13.4
1.5
'2.7
'3.7
'-4.4
'0
1
.22
.18
.08
-.07
.12
.17
-.02
-.23
.09
.17
.12
.78
.15
-.03
-.04
-.19
.05
.07
-.13
-.22
.20
.24
.10
.10
.08
.24
.13
.26
'-.38
-.28
-.25
.27
'.31
.26
.34
'.09
.13
'.13
.11
'-.02
'.10
'0
-.32
.16
-.01
.24
25.0
100.0
75.0
100.0
50.0
50.0
100.0
75.0
25.0
100.0
50.0
75.0
100.0
75.0
100.0
100.0
25.0
'75.0
100.0
100.0
100.0
'37.5
'66.7
119.3
120.3
120.5
120.1
120.1
119.9
120.3
120.1
119.9
'119.0
'118.5
'118.9
'119.1
-7.7
3.4
10.5
1.3
2.0
2.7
-3.9
-.7
0
-2.0
-2.0
.7
4.1
0
-2.0
0
-2.0
'-4.2
'-8.6
'-5.2
'-4.9
'-3.3
'4.1
'.3
'2.0
2
1.4
.37
-.36
.26
-.05
-.10
.05
.05
-.31
.20
-.15
'-.05
.13
.26
-.52
.13
.26
.13
-.13
.13
-.39
-.22
-.18
-12
'-.22
'-.05
'-.07
-.02
0
0
-.06
-.06
-.23
'-.17
'-.34
-.06
'.33
'-.34
0
'.53
'-.22
0
'.05
-.09
0
-.29
144.9
.3
0
145.8
9.5
-3.8
144.2
-12.4
-1.9
144.0
-1.6
-4.6
144.1
.8
1.7
-.03
-.04
.22
.17
-.22
-.12
0
-.14
0
-.08
-.37
.21
-.11
-.06
-.25
.48
-.16
-.01
-.04
.08
-.17
-.08
-.03
-.07
-.03
-.04
.24
.06
-.13
.09
.09
-.15
-.01
-.04
-.02
-.01
.23
.03
.03
-.10
-08
-03
-.06
.01
.10
-.22
-.02
-.15
-.10
.11
0
0
-.17
.18
-.21
-.16
-.29
.21
-.27
-.11
-.28
.17
.12
.07
-.28
.14
.23
.13
-.19
.24
.21
-.19
44.3
38.7
72.7
18.2
18.2
36.4
40.9
50.0
50.0
36.4
132.9
132.8
132.5
132.8
2.3
1.8
7.5
1.5
-2.7
2.4
2.8
-.6
.15
.17
.04
.05
.16
.05
.20
.39
.15
-.10
-.02
-.07
68.7
85.4
100.0
75.0
119.8
2.9
2.3
.06
-.14
.03
-.26
0
.01
.44
.19
0
0
143.8
-11.7
-.3
0
1
2
134.2
1-8
118.9
2
-2.0
.35
.26
'0
-.15
-.17
-JO
.03
.03
.07
.37
0
0
0
.12
-.01
.07
-.09
.36
.19
-.25
.17
-.03
-.05
.08
-.34
-.28
.53
.03
0
-.19
0
0
-.06
-.16
-.01
-.14
-.05
-.14
.05
-.05
-.14
-.05
.05
.14
.24
.10
.19
54.2
56.0
110.9
21.4
71.4
111.3
57.1
42.9
110.1
42.9
28.6
110.2
57.1
71.4
110.4
57.1
57.1
111.5
42.9
42.9
111.3
35.7
28.6
110.6
64.3
28.6
111.2
35.7
'35.7
111.8
28.6
'35.7
'111.6
42.9
2
50.0
'113.2
'42.9
'42.9
'113.1
'112.5
.02
-.19
1
0
-.27
2
30.0
"112.9
C-2
Series
no.
SURVEY OF CURRENT BUSINESS
Year
1989
Series title and timing classification
1989
June 1990
Apr.
May
June
July
1 Aug.
1990
Sept.
Oct.
1 Nov.
Dec.
Jan.
| Feb.
Mar.
Apr.
May
1. CYCLICAL INDICATORS — Continued
1.2 Employment and Unemployment
1*
21 *
5*
46*
60
48*
42
41 •
963
40*
90*
37
43*
45
91*
44
Marginal employment adjustments:
Average weekly hours, mfg. (L,L,L)
Average weekly overtime hours, mfg. (L,C,L)
Average weekly initial claims for unemployment
insurance, thous. (L,C,L) ' $.
Job vacancies:
Index of help-wanted advertising, 1967=100 (L,Lg,U)
Ratio, help- wanted advertising to unemployment (L,Lg,U)..
Employment:
Employee hours in nonagricultural establishments,
bil. hours, AR(U,C,C).
Persons engaged in nonagricultural activities, thous. a(U,C,C).
Employees on nonagricultural payrolls, thous. (C,C,C)
Diffusion index of employees on private nonagricultural
payrolls, 349 industries:
Percent rising over 1 -month span
Percent rising over 6-month span
Employees in goods-producing industries, thous. (L,C,U)....
Ratio, civilian employment to population of working age,
percent (U,Lg,U).
Unemployment:
Number of persons unemployed, thous. (L,Lg,U) $
Civilian unemployment rate, percent (L,Lg,U) $.
.....
Avg. weekly insured unemploy. rate, percent (L,Lg,U) ' $..
Average duration of unemploy. in weeks (Lg.Lg.Lg) $
Unemployment rate, 15 weeks and over, percent
(Lg,Lg,Lg) t
41.0
41.3
41.0
41.0
41.0
40.8
41.0
41.0
40.7
40.6
40.7
40.7
3.9
3.8
3.8
3.9
3.8
3.8
3.7
3.7
3.6
3.7
3.6
299
312
328
338
316
320
357
343
354
363
353
40.8
"3.6
346
'40.7
3.8
324
356
'41.1
'4.0
346
151
.687
159
.724
152
.704
147
.666
150
.678
147
.671
146
.658
151
.684
145
.648
149
.666
146
.665
140
.632
139
.637
137
.602
'133
'.595
3.5
201.94
202.10
200.85
201.37
202.54
201.67
202.73
203.37
204.91
202.79
203.89
204.85
'205.08
'203.70 ' 204.79
114,142
113,940
113,995
114,404
114,219
114,275
114,200
114,388
114,676
114,691
114,728
114,957
115,133
114,983
108,581
108,101
108,310
108,607
108,767
108,887
109,096
109,171
109,452
109,570
109,931
110,304 ' 1 10,427 '110,404 ' 110,568
609
597
479
'523
623
660
630
579
577
602
534
583
583
25,634
63.0
25,671
62.9
25,672
62.9
25,648
63.1
25,669
63.0
25,694
63.0
25,614
62.9
25,603
62.9
25,609
63.0
51 9
'602
25,532
63.0
585
"553
25,518
62.9
579
"539
25,686
63.0
'25,606
63.1
6,528
5.3
2.1
11.9
1.1
6,531
5.3
2.1
12.6
1.1
6,419
5.2
2.0
11.9
1.1
6,569
5.3
2.1
11.2
1.0
6,577
5.3
2.1
11.9
1.2
6,520
5.3
2.1
11.4
1.1
6,604
5.3
2.1
11.5
1.1
6,563
5.3
2.2
11.7
1.1
6,652
5.3
2.2
11.6
1.1
6,658
5.3
2.3
11.5
1.1
6,535
5.3
2.3
12.1
1.1
6,594
5.3
2.2
11.7
1.1
6,495
5.2
2.3
12.0
1.1
577
582
556
556
574
553
'47 1
115,045
'523
'25,491 ' 25,439
62.9
63.0
6,770
5.4
2.3
12.1
1.1
6,653
5.3
2.3
11.6
1.1.
1.3 Production and Income
50*
49
52
51 *
53*
47*
73*
74*
82*
Output and income:
Gross national product, bil. 1982$, AR (C,C,C)
Percent change from previous quarter, AR
Value of goods output, bil. 1982$, AR (C,C,C)
Personal income bil 1982$ AR (C C C)
Personal income less transfer payments, bil. 1982$, AR
(C,C,C).
Wages and salaries in mining, mfg., and construction,
bil. 1982$, AR (C,C,C).
Industrial production indexes, 1987=100:
Total (C C C)
Durable manufactures (C C C)
Nondurable manufactures (C L L)
Capacity utilization rate mfg percent (L C U)
4,144.1
3.0
1,837.1
3,404.9 ""3,390.3
2,918.6 2,908.2
4,132.5
567.7
566.4
564.3
565.7
108.1
110.9
106.4
83.9
108.6
111,6
106.5
84.8
108.3
111.4
106.4
84.5
108.4
111.8
106.2
84.4
4,162.9
3.0
1,851.3
3,420.5
2,932.1
3,420.4
2,930.2
3,424.9
2,934.3
4,174.1
1.1
1,830.2
3,443.1
2,948.0
566.3
570.2
569.1
572.1
567.6
565.0
557.4
561.6
562,3
'558.5
'563.0
107.8
110.6
106.1
83.6
108.2
111.3
106.2
83.8
108.2
111.5
106.0
83.6
107.7
109.4
107.2
82.9
108.1
110.1
107.3
83.0
108.6
110.4
106.7
82.8
107.5
108.6
107.5
82.0
108.5
110.7
' 108.3
' 83.0
' 109.0
'111.9
' 107.3
82.9
'109.0
'111.2
' 107.8
'82.6
' 109.7
' 112.6
' 107.9
'83.0
109.02
88.78
110.41
86.12
98.75
'82.68
101.07
86.69
401,595 402,621 406,439
3.82
1.04
1.03
.82
1.10
1.05
413,899
7.46
2.06
414,899
1.00
2.50
42.5
47.2
2.5
1,843.9
3,384.4 ""3,398.7 ""3,407.7
2,902.8 2,912.8 2,922.6
'4,193.4
'1.9
• 1,832.6
3,455.0 ' 3,443.2 ' 3,458.5 '3,465.4 '3,469.1 '3,469.2
2,961.9 ' 2,940.3 '2,958.1 ' 2,965.7 '2,971.4 "2,971.0
1.4 Consumption, Trade, Orders, and Deliveries
7*
8•
92*
32*
57 *
75*
59*
58
83*
122
123*
Orders and deliveries:
Mfrs.' new orders, durable goods, bil. 1982$ (L,L,L)
Mfrs.' new orders, consumer goods and materials,
bil. 1982$ (L,L,L).
Mfrs.' unfilled orders, durable goods, mil. 1982$
Change from previous month, bil. 1982$
Change from previous month, bil. 1982$, smoothed
(L,L,L) f .
Vendor performance, slower deliveries diffusion index,
percent (L,L,L).
Consumption and trade:
Manufacturing and trade sales, mil. 1982$ (C,C,C)
Index of industrial production, consumer goods,
1987=100 (C,L,C).
Sales of retail stores, mil. 1982$ (U,L,U)
Indexes of consumer attitudes:
Consumer sentiment,
U. of Michigan, 1966:1=100,
NSA(L,L,L)© 2 .
Consumer expectations, U. of Michigan, 1966:1=100,
2
NSA(L,L,L)© .
Consumer confidence, The Conference Board,
1985=100 (L,L,L).
Consumer expectations, The Conference Board,
1985=100 (L,L,L).
1,281.39
1,054.18
110.01
89.73
413,899
2.15
2.01
398,072
3.81
2.72
47.6
52.6
104.68
87.85
105.69
86.77
103.15
82.76
397,872 400,440 403,249 400,552
-2.70
2.81
2.57
-.20
2.24
2.42
1.56
2.26
49.5
47.6
46.3
5,517,461 '460,758 '459,307
106.8
107.0
106.7
457,821
106.3
1,475,739 ' 122,335 ' 122,744
105.06
87.84
106.89
90.45
43.8
44.6
104.07
87.60
42.9
43.0
453,579
105.2
467,831 464,351 460,267
105.6
107.3
106.3
122,463
123,253
124,914
125,200
' 107.57 ' 102.83 ' 106.65
'89.34 '88.16 '92.27
413,199 '416,022 '416,941 '417,624
'.92
'2.82
-1.70
' 68
'2.10
2.20
'1.60
'1.89
47.6
48.6
462,060
107.4
462,080 '457,494 '463,742 ' 465,826 ' 459,974
106.0
108.3
' 107.0 ' 107.6 ' 107.4
' 108.0
122,984
123,286
123,041
124,379
43.3
45.8
124,093 ' 123,085 ' 121,955 ' 120,858
92.8
91.5
90.7
90.6
92.0
89.6
95.8
93.9
90.9
90.5
93.0
89.5
91.3
93.9
90.6
85.2
83.2
80.1
82.0
85.5
80.3
88.6
87.2
84.3
85.5
83.4
81.3
81.3
83.9
j 79.3
116.8
116.6
116.7
117.2
120.4
115.4
116.3
117.0
115.1
113.0
106.5
106.7
110.6
' 107.3
' 106.7
104.8
101.8
103.0
105.1
106.6
103.7
106.1
106.4
103.7
104.4
97.0
93.7
101.9
'99.2
'99.4
1262
56,821
124 1
' 1226
56,380 '54,968
' 122.5
1.5 Fixed Capital Investment
12 *
13*
10
20*
27*
9*
11
97
Formation of business enterprises:
Index of net business formation 1967=100 (L L L) . ...
Number of new business incorporations (L,L,L)
Business investment commitments:
Contracts and orders for plant and equipment, bil.$
(L,L,L).
Contracts and orders for plant and equipment, bil. 1982$
(L,L,L).
Mfrs.' new orders, nondeferise capital goods, bil. 1982$
(L,L,L).
Construction contracts awarded for commercial
and
industrial buildings, mil. sq. ft. (L,C,U) © 3 .
Newly approved capital appropriations, mfg., bil.$
(U,Lg,U).
Backlog of capital appropriations, mfg., bil.$ (C,Lg,Lg)
See footnotes on page C-6.
1247
680,140
1250
'57,631
1256
57,419
125.9
57,048
124.4
55,180
1232
55,916
1227
55,390
123.0
54,651
123.4
55,180
124.3
57,040
126.9
59,397
524.82
45.83
'42.31
43.82
46.00
41.61
40.62
40.84
43.30
48.85
43.04
40.10
'44.98
'40.67
'40.59
578.21
49.91
'46.63
47.80
49.95
46.80
46.62
45.93
48.06
52.89
47.71
45.09
'49.94
'45.89
'46.21
530.04
45.48
42.54
43.98
46.22
43.14
42.31
41.98
44.52
49.30
43.92
41.88
'46.66
'42.62
'42.60
881.70
71.99
75.73
76.36
76.25
67.05
83.97
74.33
67.63
67.06
73.56
66.49
69.01
62.12
66.84
165.36
112.94
38.41
37,11
117.90
'39.83
117.14
'37.44
'112.94
' 109.78
Series
no.
C-3
SURVEY OF CURRENT BUSINESS
June 1990
Year
1989
Series title and timing classification
1989
May
Apr.
June
July
Aug.
1990
Sept.
Oct.
| Nov.
Dec.
Jan.
Feb.
Mar. 1 Apr.
May *
1. CYCLICAL INDICATORS — Continued
1.5 Fixed Capital Investment — Continued
61
100 *
69«
76*
86 •
87 «
88 •
28*
29*
89 •
Business investment expenditures:
New plant and equipment expenditures by business, bil $
AR(C,Lg,Lg).
New plant and equipment expenditures by business,
bil. 1982$, AR(C,Lg,Lg)§.
Mfrs.' machinery and equipment sales and business
construction expenditures, bil.$, AR (C,Lg,Lg).
Index of industrial production, business equipment,
1987=100 (C,Lg,U).
Gross private nonres. fixed investment, bil. 1982$, AR:
Total (C Lg C)
Structures (Lg Lg Lg)
.
Producers' durable equipment (C Lg C)
Residential construction and investment:
New private housing units started, thous., AR (L,L,L)
Index of new private housing units authorized by local
building permits, 1967=100 (L,L,L).
Gross private residential fixed investment, bil 1982$, AR
(L,L,L).
475.52
48493
47086
r
474.34
T
469 92
T
483.48
486.80
'50029
486.32
r
488.36
487.01
487.06
490.84
484.22
508.96
503.82
486.12
485.31
491.20
496.94
522.50
119.1
119.6
120.2
121.4
119.9
120.4
120.7
116.0
118.7
119.9
118.0
' 120.1
5103
120.0
390.3
1,376
107.6
1,341
108.1
1,308
107.8
1,414
105.5
1,424
102.2
1,325
106.4
1,263
104.5
1,423
108.6
1,347
108.8
5204
' 123.1
' 397 A
1,273
112.9
1,568
138.7
184.3
184.8
189.3
188.5
r
5108
120.3
390.6
5179
120.4
397.6
511 4
118 1
393.2
'"506.84
'"500.34
494.84
1,488
103.4
'510.76 ' 500.84
'121.9
' 123.9
' 1,307
98.2
' 1,224
88.4
> 1,207
84.9
'-4.2
"9.5
' 122.3
1
' 188.6
1.6 Inventories and Inventory Investment
Inventory investment:
Change in business inventories bil 1982$ AR (LLL)
30 •
Change in mfg. and trade inventories, bii.$, AR (L,L,L)
31 *
Inventories on hand:
Mfg. and trade inventories, bil 1982$ (Lg,Lg,Lg)
70
77 *
(Lg,Lg,Lg).
21 9
41.2
' 67.2
19 1
'78.3
34.2
81.1
701.97
1 51
691.15
1 50
693.00
1 51
694.54
1 52
696.96
1 54
222
21 9
33.1
699.04
149
'-36
-38.2
3.9
31.7
40.2
697.01
1 50
701.45
1 52
705.26
1 53
701.97 '700.67 ' 696.42 ' 696.72 ' 697.28
1 52
' 1 50 p i 52
1 53
1 50
-32.3
21.4
1.7 Prices, Costs, and Profits
99*
98
23*
120*
19*
16*
18*
22*
81 *
26*
35
63
62*
Sensitive commodity prices:
Index of sensitive materials prices, 1982=100
Percent change from previous month
Percent change from previous month, smoothed
(L,L,L)t.
Index of producer prices for sensitive crude and
intermediate materials, 1982=100 (L,L,L).
Cattle hides
... .
Lumber and wood products
Wastepaper news
Wastepaper mixed NSA
Wastepaper corrugated
Iron and steel scrap
Copper base scrap
.
Aluminum base scrap
Other nonferrous scrap n e e NSA . ..
... .
Sand gravel and crushed stone
Raw cotton
Domestic apparel wool
.
Index of spot market prices, raw industrial materials,
1967=100, NSA (U,L,L) © >.
Copper scrap $ per Ib ©
Lead scrap $ per Ib ©
.;.;
Steel scrap, $ per ton ©
Tin, $ per Ib. ©
Zinc, $ per Ib., NSA ©
Burlap $ per yd ©
Cotton $ per Ib ©
Print cloth $ per yd ©
..
Wool tops, $ per Ib., NSA ©
Hides, $ per Ib. ©
Rosin, $ per 100 Ib. ©
Rubber, $ per Ib., NSA©
Tallow, $ per Ib., NSA ©
Consumer Price Index for services 1982-84=100
Percent change from previous month AR
Percent change from previous month, AR, smoothed
(Lg,Lg,Lg)t.
Index of stock prices, 500 common stocks, 1941-43=10,
NSA (L,L,L).
Profits and profit margins:
Corporate profits after tax, bil.$, AR (L,L,L)
Corporate profits after tax, bil. 1982$, AR (L,L,L)
Ratio, corporate domestic profits after tax to corporate
domestic income, percent (L,L,L).
Ratio, corporate domestic profits after tax with IVA and
CCAdj to corporate domestic income, percent (U,L,L).
Ratio, implicit price deflator to unit labor cost, all
persons, nonfarm business sector, 1977=100 (L,L,L).
Corporate net cash flow, bil. 1982$, AR (L,L,L)
Unit labor costs:
Index of unit labor cost, all persons, business sector,
1977=100 (Lg,Lg,Lg).
Index of labor cost per unit of output, mfg., 1987=100
Percent change from previous month, AR
Percent change from previous month, AR, smoothed
(Lg,Lg,Lg)t.
131.87
-.33
.09
134.52
-.83
.84
133.26
-.94
.48
132.53
-.55
.13
131.49
-.78
-.20
130.85
-.49
-.43
131.19
.26
-.47
131.02
-.13
-.45
128.54
-1.89
-.63
125.87
-2.08
-.93
'125.32
'-.44
'-1.04
123.54
'-1.42
-1.16
125.34
1.46
-.87
126.67
1.06
-.45
126.67
0
-.14
140.86
141.91
142.66
141.53
140.96
140.59
140.86
141.94
140.07
138.31
' 137.43
136.60
137.93
141.26
142.79
213.3
126.7
124.2
115.3
181.3
173.7
179.9
204.3
165.2
122.8
105.8
137.8
325.3
209.4
124.5
138.2
124.4
196.1
185.8
186.4
214.7
173.8
122.1
99.7
139.3
335.0
200.4
126.0
134.1
117.4
186.9
188.6
187.9
212.2
169.6
122.5
99.3
132.5
330.5
206.7
127.1
124.9
110.5
176.2
182.0
172.8
205.2
164.4
122.7
100.4
133.4
329.1
218.0
128.4
112.9
103.7
166.7
174.3
169.2
196.7
157.7
122.9
105.3
130.2
326.7
219.0
129.0
108.9
101.2
164.6
167.2
183.0
186.4
158.3
123.1
111.3
129.3
325.0
222.9
129.1
107.5
100.6
162.1
164.7
187.3
188.4
161.9
123.5
116.1
133.0
327.0
222.7
131.2
108.7
100.4
165.3
159.2
196.5
186.5
164.2
123.7
121.6
132.0
325.7
225.6
130.3
110.6
100.4
171.6
153.9
175.9
188.2
155.3
123.9
120.4
134.0
314.2
229.6
129.7
108.5
101.5
177.8
152.6
157.2
183.3
146.5
124.0
111.2
124.5
301.7
'206.2
129.8
'109.4
'100.8
' 173.2
' 154.0
'160.3
' 177.5
' 146.0
' 123.9
105.9
121.2
300.9
233.0
129.8
105.9
80.3
176.8
149.8
157.2
157.5
138.4
124.4
111.0
105.3
301.1
217.1
130.0
107.4
80.8
170.5
155.3
170.0
157.0
156.1
124.8
115.0
105.8
304.5
220.7
131.7
109.1
89.8
163.8
165.2
178.7
168.4
162.6
124.6
115.5
96.6
310.9
225.0
131.5
111.8
91.2
169.1
175.5
183.2
166.1
162.2
125.5
114.9
86.2
314.7
.958
.241
106.939
4.814
.830
.283
.639
.710
5.722
1.001
63.958
.507
.142
131.9
5.0
4.9
1.070
.235
115.071
5.791
.879
.277
.595
.670
6.250
.927
65.261
.553
.143
130.6
3.7
5.1
.993
.226
118.730
5.977
.854
.274
.584
.720
5.570
.887
65.261
.520
.144
131.1
4.7
5.0
.940
.223
117.460
5.928
.809
.282
.586
.790
5.400
.909
64.759
.494
.150
131.6
4.7
4.9
.940
.221
113.565
5.471
.804
.289
.648
.828
5.200
.973
63.126
.492
.142
132.3
6.6
5.0
1.014
.236
102.439
4.919
.829
.287
.704
.789
5.220
.996
63.126
.473
.131
132.7
3.7
4.9
1.030
.249
101.640
4.628
.822
.296
.726
.767
5.250
1.018
62.812
.462
.138
133.0
2.7
4.6
1.031
.244
97.826
4.402
.804
.295
.752
.744
5.180
1.035
62.624
.461
.144
133.6
5.5
4.5
.894
.239
96.000
3.665
.761
.284
.719
.719
5.000
1.040
62.500
.457
.144
134.2
5.5
4.6
.768
.228
94.094
3.531
.734
.279
.647
.699
4.800
1.052
62.438
.449
.136
134.9
6.4
4.9
.777
.236
97.143
3.543
.688
.276
.643
.727
4.680
1.085
63.690
.448
.136
135.7
7.4
5.4
.841
.258
96.836
3.378
.669
.279
.669
.713
4.500
1.109
65.217
.458
.142
136.2
4.5
5.6
.846
.238
98.000
3.424
.762
.286
.689
.722
4.738
1.056
65.347
.460
.134
137.1
8.2
6.0
.951
.234
109.566
3.483
.830
.284
.701
.711
5.000
1.032
63.370
.457
.128
137.5
3.6
6.0
.938
.227
116.303
3.459
.870
.285
.697
.692
5.000
1.022
62.874
.458
.133
137.9
3.5
5.6
322.84
302.25
313.93
323.73
331.93
346.61
347.33
347.40
340.22
348.57
339.97
330.45
338.47
338.18
350.25
' 104.7
5.9
'1.3
' 104.6
'-1.1
'.9
f 104.8
"2.3
".8
161.1
133.2
4.7
161.0
132.7
4.5
152.4
123.6
4.2
156.7
126.4
4.0
' 1585
' 125 6
4.1
4.9
52
50
4.5
4.4
98.1
98.2
98.2
977
'97.2
402.7
401.9
394.9
397.3
'390.9
184.1
184.9
103.2
3.7
3.1
101.9
-14.1
2.5
102.2
3.6
2.0
185.6
102.6
4.8
2.1
103.5
11.0
3.3
103.7
2.3
3.9
187.9
103.7
0
3.7
105.4
21.5
6.0
104.1
-13.8
4.7
'191.1
104.3
2.3
3.6
104.6
3.5
2.9
' 104.2
'-4.5
'1.6
1.8 Money and Credit
Money:
85 •
Percent change in money supply Ml (L,L,L)
102 *
Percent change in money supply M2 (L,C,U)
105
Money supply Ml bil 1982$ (LLL)
106 •
Money supply M2 bil 1982$ (LLL)
See footnotes on page C-6.
.08
.39
6099
2435 1
-.43
.08
6120
24174
-.75
-.13
6050
24048
.53
.70
.82
.17
.63
601 6
24118
.32
.53
66
57
16
60
6040
24240
68
64
6050
24393
6055
24465
6067
2449 1
6054
24544
6072
24607
-.32
o
26
83
72
600 8
24409
6026
2 445 4
P 20
32
42
' 16 * 22
42
6024
603 4 "601 3
24448 '2445 1 P 2 435 o
C-4
Series
no.
SURVEY OF CURRENT BUSINESS
Year
June 1990
1989
1990
Series title and timing classification
May
Apr.
1989
June
July
Aug.
Sept.
1
Oct.
Nov.
Jan.
Dec.
Mar.
Feb.
Apr.
May *
1. CYCLICAL INDICATORS — Continued
1.8 Money and Credit — Continued
Velocity of money:
Ratio GNP to money suppy Ml (CCC)
Ratio, personal income to money supply M2 (C,Lg,C)
107
108
Credit flows:
112*
Net change in business loans, bil.$, AR (L,L,L)
Net change in consumer installment credit, bil.$, AR
113 *
(L,L,L).
Percent change in business and consumer credit
111
outstanding, AR (L,L,L).
1.415
44.20
1.425
1.424
1.421
1.416
1.412
57.05
39.92
105.85
50.34
27.41
19.62
40.50
32.87
82.48
42.22
-7.86
26.22
3.97
53.16
8.6
10.3
3.8
4.9
6.5
-.1
-.2
3.1
r
1.415
1.419
1.417
' 1.426
1.426
1.431
-.28
-.98
'48.34
' 56.29
' 121.75
45.23
32.66
' 14.46
'.48
' 28.91
' 1.433
" 1.440
'2.06 "-27.48
"7.01
-2.2
'577 176
'561 388
601 912
'6789
6753
1.420
571 785
110 •
6.764
6.692
6679
p 492 222
markets, mil.$, AR (L,L,L).
Credit difficulties:
Current liabilities of business failures, mil $ NSA
(L,L,L)t
Percent of consumer installment loans delinquent 30 days
and over (L,L,L) $.
14
39
93
94
119 •
114*
116 •
115 *
117
118
109*
66
72
101 *
95*
Bank reserves:
Free reserves mil $ NSA (L U U) $
Member bank borrowings from the Federal Reserve,
mil.$, NSA (L,Lg,U).
Interest rates (percent, NSA):
Federal funds rate (L,Lg Lg) . .
.
Discount rate on new issues of 91 -day Treasury bills
(C,Lg,Lg).
Yield on new issues of high-grade corporate bonds
(Lg,Lg,Lg).
Yield on long-term Treasury bonds (C,Lg,Lg)
Yield on municipal bonds, 20-bond average (U.Lg.Lg)
Secondary market yields on FHA mortgages (Lg,Lg,Lg)
Average prime rate charged by banks (Lg,Lg,Lg)
Outstanding debt:
Consumer installment credit outstanding mil $
(Lg,Lg,Lg).
Commercial and industrial loans outstanding, mil.$,
(Lg,Lg,Lg).
Commercial and industrial loans outstanding, mil. 1982$
(Lg,Lg,Lg).
Ratio, consumer installment credit outstanding to personal
income, percent (Lg,Lg,Lg).
35,663.6 " 6,145.6 " 1,873.2 "2,186.0 " 4,073.4 ' 2,960.0 " 1,751.2 ' 2,223.9 " 2,000.8 " 5,085.4
2.64
2.35
2.34
2.30
2.86
2.73
2.88
2.71
263
2.64
2.45
2.41
2.46
450
217
512
332
378
251
267
486
617
677
602
76
687
1,141
2,289
1,720
1,490
694
675
693
555
349
265
440
1,448
2,124
'672
1,628
"506
" 1,335
9.22
8.12
9.84
8.70
9.81
8.40
9.53
8.22
9.24
7.92
8.99
7.91
9.02
7.72
8.84
7.63
8.55
7.65
8.45
7.64
8.23
7.64
8.24
7.76
8.28
7.87
8.26
7.78
8 18
7.78
9.55
10.11
9.82
9.24
9.20
9.09
9.29
9.04
9.20
9.23
9.56
9.68
9.79
10.02
9.97
8.59
7.23
10.24
10.87
9.18
7.49
10.88
11.50
8.95
7.25
10.55
11.50
8.40
7.02
10.08
11.07
8.19
6.96
9.61
10.98
8.26
7.06
9.95
10.50
8.31
7.26
9.94
10.50
8.15
7.22
9.73
10.50
8.03
7.14
9.69
10.50
8.02
6.98
9.72
10.50
8.39
7.10
10.01
10.11
8.66
7.22
10.22
10.00
8.74
7.29
10.30
10.00
8.92
7.39
10.75
10.00
8.90
7.35
10.23
10.00
716,624
691,432
695,627
697,262
700,000
703,518
705,703
710,133
713,903
716,624
436,323
427,230
436,051
438,335
441,710
448,583
447,928
448,259
448,236
448,154 '452,182 '456,873 ' 467,019 '467,191 "464,901
388,688
380,436
385,204
388,251
391,587
400,521
398,512
397,393
397,725
396,596 '393,544 '399,365 '408,948 '409,817 "406,027
15.79
15.76
15.82
15.78
15.75
15.78
15.80
15.78
15.72
15.70
' 15.59
' 15.48
' 15.41
" 15.38
223.1
202.7
'220.1
' 203.5
'220.9
'223.0
201.7
202.1
' 224.8
203.8
'228.2
' 203.2
'229.9
' 202.5
' 233.0
'201.6
' 228.6
'200.9
' 227.2
'203.1
' 226.0
202.6
" 224.9
" 205.2
r
7 17,829 '717,869 ' 720,278 "720,862
1.9 Alternative Composite Indexes
990* CIBCR long-leading composite index, 1967=100 !
991 0 CIBCR short-leading composite index, 1967=100 '
'222.8
'201.7
225.1
203.6
225.7
204.6
2. OTHER IMPORTANT ECONOMIC MEASURES
2.1 Savings
Price Movements
310
311
+
320
323 *
4
336
337 •
334 •
•
333
4
332
331 •
•
Implicit price deflator for gross national product 1982—100
Percent change from previous quarter, AR
Fixed-weighted price index gross domestic business
product, 1982=100.
Percent change from previous quarter, AR
Consumer Price Indexes for all urban consumers:
All items, 1982-84=100, NSA
Percent change over 1-month span
Percent change over 6-month span, AR
All items less food and energy 1982-84-100
Percent change over 1-month span
Percent change over 6-month span, AR
Producer Price Indexes:
Finished goods 1982-100
Percent change over 1-month span
Percent change over 6-month span, AR
Finished goods less foods and energy, 1982=100
Percent change over 1-month span
Percent change over 6-month span, AR
Finished consumer goods 1982—100
. ... ..
Percent change over 1 -month span
Percent change over 6-month span, AR
Capital equipment 1982-100
Percent change over 1-month span .
Percent change over 6~rnonth span AR
Intermediate materials, supplies, and components,
1982=100.
Percent change over 1-month span
Percent change over 6-month span, AR
Crude materials for further processing, 1982=100
Percent change over 1 -month span
. . .
Percent change over 6-month span, AR
See footnotes on page C-6.
1263
1259
1275
1272
123.1
123.8
1290
128 1
1286
113.6
113.1
113.9
.4
4.5
.4
5.0
122.1
.3
4.1
1121
.4
5.5
7
5.2
.2
4.3
.6
4.4
.4
4.3
.4
4.0
.7
2.5
120.8
121.5
111 9
112.9
.1
3.9
8
4.6
.6
3.7
.9
2.0
117.4
-.1
3.6
118.1
.3
3.7
112.0
112.5
112.6
.2
.5
.1
2.3
2.4
103.1
6
104.5
10
104.5
6.1
3.2
118.8
.6
3.4
1.1
o
-1.4
1279
3.2
129 1
2.6
5.3
4.4
124.0
.4
4.9
1269
3.2
128.0
4.6
4.1
' 1296
'5.4
' 131 2
'62
38
124.1
.2
3.8
1290
.3
3.6
124.4
.3
3.4
1295
.4
4.1
124.6
0
3.3
1297
.2
4.1
125.0
.2
3.6
130 i
.3
4.1
125.6
5
5.2
1307
.5
4.5
125.9
3
62
131 2
.4
5.3
126.1
4
6.7
131 6
.3
6.1
127.4
1i
60
1324
.6
5.6
128.0
5
56
133 1
.5
54
128.7
5
128.9
2
1292
2
1340
.7
1343
.2
1347
3
114.0
.1
3.0
122.3
.7
4.2
112.8
-.1
2.7
118.8
.6
4.5
112.3
113.6
-.4
2.8
122.1
-2
4.5
1121
-.6
2.5
118.9
.1
45
112.1
113.3
-.3
1.6
122.7
.5
3.8
111.6
-.4
.7
119.3
.3
3.9
111.8
1141
.7
2.6
123.2
.4
3.3
1125
8
2.3
1201
7
32
112.2
1147
.5
'7.3
123.5
.2
'4.0
113 3
7
'8.9
1200
_i
34
112.4
1148
1155
.6
5.9
1243
.4
3.4
114 1
7
6.9
1207
2
27
112.2
'1177
'19
42
'1245
'2
3.3
'1170
25
4.6
1209
2
32
113.6
1176
'- 1
46
1249
'3
33
1167
1174
_2
117 1
-3
1174
3
1253
3
1255
2
1258
2
1163
_3
115 9
3
1162
3
121 7
4
121 9
2
121 9
0
112.8
112.9
-.3
.5
103.3
-1 1
-2.3
-.2
-2
103.5
2
-3.6
-.3
-.7
101.1
-23
-2.5
4
-.2
102.3
12
2.7
2
2.7
102.6
3
'6.9
o
12
9
' 107.0
'22
2
112.8
1
7.7
1238
.2
3.6
1133
o
9.3
1204
3
32
112.2
_2
18
103.2
6
13.1
1.1
104.7
15
7.4
r_3
5.2
121 2
2
25
112.8
7
1i
107.5
r 5
-1 2
o
106.0
14
'
102.7
31
102.6
'
Series
no.
C-5
SURVEY OF CURRENT BUSINESS
June 1990
Series title and timing classification
Year
1989
1990
1989
Apr. 1
May
June
July
Aug.
Sept. 1 Oct.
Dec.
Nov.
Jan.
Feb.
1 Mar.
Apr. 1 May *
2. OTHER IMPORTANT ECONOMIC MEASURES — Continued
2.2 Prices, Wages, and Productivity — Continued
Wages and Productivity
Index of average hourly compensation, all employees,
nonfarm business sector, 1977=100.
Percent change from previous quarter AR
346 Index of real average hourly compensation, all employees,
nonfarm business sector, 1977=100.
Percent change from previous quarter AR
370 Index of output per hour, all persons, business sector,
1977=100.
Percent change over 1 -quarter span AR
•
Percent change over 4-quarter span AR
•
358 Index of output per hour, all persons, nonfarm business
sector, 1977=100.
345
'2152
208.5
2074
209.9
213.0
5.5
101.9
56
101.6
5.0
102.1
6.0
1026
'42
101.6
r
.6
114.2
-.4
114.2
2.1
114.7
19
114.8
1.1
1.6
1.1
111.9
1.5
'.3
112.6
112.7
112.1
-36
' 114.1
r
.4
-21
" 112.0
2.3 Labor Force and Employment
Civilian labor force thous
Civilian employment, thous
.
Civilian labor force participation rates (percent):
Males 20 years and over
Females 20 vears and over
Both sexes 16-19 years of age
441
442
451
452
453
123,869 123,615
1 17,342 117,084
78.1
57.7
559
78.2
57.6
557
123,551 124,111
117,132 117,542
77.9
57.6
55.5
78.3
57.7
564
124,013 124,070
117,436 117,550
78.0
57.8
556
124,023 124,148
117,419 117,585
78.0
57.7
55.7
124,546
117,888
78.0
57.8
566
78.1
57.8
561
124,397 124,630
1 17,863 118,035
77.8
57.8
552
77.9
57.9
55 1
29228 p 35 483
12887
222 194 221337 216 120 220 028 217509 214,486 218 190 211 677 209027 p 214 526
11 056
77.9
57.7
565
78.0
57.5
563
124,488
117,836
124,829
118,334
124,886
118,116
125,004
118,350
77.9
57.9
56.4
77.9
58.0
55.4
77.9
58.1
54.6
2.4 Government Activities
Defense indicators:
517
525
543
548
557
570
564 •
Defense Department prime contract awards mil $
Defense Department gross unpaid obligations outstanding
mil.$.
Manufacturers' new orders, defense products, mil.$
Index of industrial production, defense and space
equipment, 1987=100.
Employment, defense products industries, thous
Federal Government purchases of goods and services,
national defense, bil.$, AR.
30408
29633
107,325
97.4
8,551
97.1
7,572
97.6
1,520
302.2
1,528
1,530
301.3
363,978
40,295
73,118
472 977
49,373
69,679
360,465
475,329
-114,864
30,969
3,387
6150
38615
4,730
5,869
30,578
3,618
4937
40955
4,680
5770
91,111
119,333
-28,222
360980
209027
31 199
29634
30232
8,938
98.3
7,626
98.7
7,956
98.9
10,639
98.9
9,571
96.6
11,267
96.7
9,770
96.6
6,488
97.5
7,676
97.6
'8,023
'97.5
'8,298
'97.3
1,526
1,522
1,515
3078
1,513
1,507
1,507
300.9
1,505
1,503
1,503
'3086
'1,500
' 1,495
31,473
3,173
6412
41 915
4,141
5 894
30,627
3,243
6230
40739
4,154
5705
91,738
120,484
-28,746
30,842
3,156
6443
38522
4,270
5655
31,939
3,543
7001
41 261
5,881
5203
31,817 '33,492
3,500
3,270
6883
6779
37916 '41 856
5,158
5,126
6489
5432
' 96,044
' 122,415
' -26,371
32,307
3,282
6661
39247
3,988
5433
30259
31 145
26377
13392 p 15 840
> 9,877
'97.2
2.5 U.S. International Transactions
602
604
606
612614
616
618 4
620*
622
Exports, excluding military aid shipments, mil.$
Exports of domestic agricultural products, mil.$
Exports of nonelectrical machinery mil $
General imports mil $
Imports of petroleum and petroleum products, mil.$
Imports of automobiles and parts mil $
Merchandise exports, adjusted, excluding military, mil.$ l'
Merchandise imports, adjusted, excluding military, mil.$
Balance on merchandise trade, mil.$ '
31,208
3,638
6,382
39702
4,001
5289
29,662
3,657
6371
39 216
4,130
5621
30,248
3,139
6290
40424
4,227
5426
89,349
119,152
-29,803
30,367
3,374
6,413
38,524
4,000
6215
2.6 International Comparisons
47 4
721 *
728 4
725 *
7264
7224
727 4
723 4
320
738 •
4
735
736 •
4
732
4
737
4
733
4
19 4
748 4
745 4
7464
742 4
747 4
743 4
7504
758 4
7554
7564
752 4
757 4
753 4
Industrial Production Indexes (1987=100)
108.2
108.4
108.3
108.6
108.1
United States
..<
..
107.7
108.2
107.8
1075
1086
1081
1085
106
108
OECD, European Countries 2
,
109
109
108
109
111
109
109
110
110
109
114.1 '115.9 '117.0 '114.9 '1167 '116.1 '116.4 '1167
115.8
Japan
1169 '1169 '1170
104
Federal Republic of Germany
109
108
110
110
108
111
110
110
111
112
110
109
108
109
109
France
108
110
109
109
110
109
110
108
104
104
103
103
105
United Kingdom
'105
105
105
' 104
'105
' 104
104
r 108 6
1095
1066
1085
1099
Italy
1090
1092
1106
1165
111 4
1107
1124
1073
1072
1075
1077
Canada
1078
1079
107 1 ' 1075 '1059 r JOS 8
1064
1075
Consumer Price Indexes (1982-84=100)
124.1
123.8
123.1
124.0
United States, NSA
124.4
1259
125 6
1250
1246
1274
126 1
1280
4.3
3.4
3.8
5.2
4.9
Percent change over 6-month span, AR
5.2
3.6
62
60
67
33
56
108 1
1092
1084
1086
1087
108 1
Japan NSA
1100
1092
1090
1089
1083
1095
4.4
4.4
4.4
3.1
Percent change over 6-month span, AR
1.3
3.2
2.0
26
33
1.3
17
1093
1099
1094
1092
1094
1093
109 1
Federal Republic of Germany NSA
1102
1097
1092
1109
111 3
2.4
2.0
2.0
2.8
2.9
Percent change over 6-month span, AR
.
20
24
31
28
18
35
128.7
128.5
128.0
128.7
France NSA
129.5
129.2
129.0
130.5
130.3
130.1
131 1
1308
3.2
3.5
Percent change over 6-month span, AR
3.3
3.5
3.4
3.4
3.5
3.1
3.5
2.9
3.3
135.1
United Kingdom, NSA
137.0
135.6
134.3
135.3
1361
135.7
1396
1392
138 1
141 2
1404
Percent change over 6-month span, AR
7.9
7.0
10.1
7.8
7.2
7.1
7.4
7.3
124
11 6
88
79
150.4
149.6
1507
150.3
149.0
Italy, NSA
151 6
1544
153 1
1509
155 3
1537
1564
6.0
6.4
7.0
6.3
Percent change over 6-month span, AR
5.4
5.5
5.4
5.7
6.1
5.6
5.9
5.7
129.3
1296
1289
1276
1307
1304
Canada NSA
131 2
1305
131 5
131 6
1327
1334
6.1
5.8
6.4
Percent change over 6-month span, AR
4.4
5.7
5.3
3.1
4.2
4.6
4.8
41
5.1
Stock Price Indexes (1967=100, NSA)
3522
328 8
3512
361 1
341 5
United States
3778
3779
3770
369 8
379 2
370 1
3595
23263 2231 0 22843 2241 9 2 287 9 23836 23782 24170 24684 25894 2498 2 2 427 8
Japan
3097
2959
2959
3105
Federal Republic of Germany
3382
3134
3270
3286
370 8
343 1
318 1
3846
885.0
847.3
838.9
868.8
France
9340
8905
9023
904 1
9097
8890
9004
8562
1,062.8 1,023.5 1,053.6 1,065.6 1,107 8 1 1499 1,1559 1 065 6 1 0536 1 1138 1 125 8 1 0897
United Kingdom
422.2
451.1
Italy
426.8
447.0
5108
4769
4502
4645
5064
4538 M07 1 P 389 i
Canada
445.5
425.0
418.9
409.9
429.5
448.7
4428
4486
453.1
4186
4455
4166
Exchange Rates
98.52
97.24 100.81 103.09
Exchange
value of U.S. dollar, index: March 1973=100,
99.12 100.44 101.87
98.92
94.88
97.99
93.00
92.25
NSA 3 .
Foreign currency per U.S. dollar (NSA):
14498 145 69
Japan (yen)
13204 13786 14398 140 42 141 49 14507 14221 14353 14369
13799
1.8792
Federal Republic of Germany (d. mark)
1.8901 1.9268 1.9502
1.8697 1.9461 1.9789
1.8662 1.8300
1.6914 1.6758
1.7378
6.3753
6.3223 65815 6.7135 64105 65085 6.5855 63339 62225 59391 57568 56897
France (franc)
.6439
.6132
.6111
6147
.5880
United Kingdom (pound)
6363
6271
6300
6264
6359
6056
5896
1,371.31 1,371.80 1,415.83 1,434.40 1,367.39 1 384 24 1 404.18 1 369 24 1 343 83 1 291 93 1 261 87 1 243 68
Italy (lira)
.
1.1841
Canada (dollar)
<
1.1888 1.1925 1.1986 1.1891 1 1758 1.1828 1 1749 1 1697 1 1613 1 1720 1 1965
See footnotes on page C-6.
'1090 ' 109 0 p 109 7
f 110
'1188 p 117 5
' 110
p 109
P 106
P HI 7
P 1057
1287
1289
1099
110 8
1292
1114
111 6
131 6
132 1
1426
1470
1483
1570
157 6
1580
1339
133 9
1346
368 2
'2 175 1 '
407 5
8724
1 0596
P 390 3
411 2
94.11
367 9
381 0
1 959 4 2 1426
412 1 M03
6
9384 P 9547
P
M039
3775
M18 3
4047
93.51
92.04
153 31 158 46 15404
1.7053 1.6863 1.6630
57555 5 6638 5 5989
6156
6108
5962
1 257 67 1 238 38 1 221 93
1 1800 1 1641 1 1747
C-6
SURVEY OF CURRENT BUSINESS
June 1990
FOOTNOTES FOR PAGES C-l THROUGH C-5
a
AR
c
©
e
*
Anticipated.
Annual rate.
Corrected.
Copyrighted.
Estimated.
Available data for later period(s) listed in notes.
NSA
p
r
*
§
Not seasonally adjusted.
Preliminary.
Revised.
Graph included for this series.
Major revision-see notes.
L,C,Lg,U Cyclical indicator series are classified as L (leading), C (coincident), Lg (lagging), or U (unclassified) at reference cycle peaks, troughs, and overall.
Series classifications are shown in parentheses following the series titles.
$ Cyclical indicator series denoted by $ are inverted (i.e., the sign is reversed) for cyclical analysis calculations, including classifications, contributions to
composite indexes, and current high values.
t Cyclical indicator series denoted by f are smoothed by an autoregressive-moving-average filter developed by Statistics Canada.
For information on composite indexes and other concepts used in this section, see "Composite Indexes of Leading, Coincident, and Lagging Indicators" in
the November 1987 issue of the SURVEY OF CURRENT BUSINESS (pages 24-27) and "Business Cycle Indicators: Revised Composite Indexes" in the January 1989
issue of the SURVEY (pages 23-28).
References to series in this section use the prefix "BCI-" followed by the series number. Unless otherwise noted, series are seasonally adjusted.
Percent change data are centered within the spans: 1-month changes are placed in the ending month, 3-month changes are placed in the 3d month, 6-month
changes are placed in the 4th month, 1-quarter changes are placed in the ending quarter, and 4-quarter changes are placed in the 3d quarter.
Diffusion indexes are defined as the percent of components rising plus one-half of the percent of components unchanged.
High values reached by cyclical indicators since the last reference cycle trough (November 1982) are bolded; high values reached prior to the period shown
in the table are listed in the notes. For inverted series, low values are indicated as highs.
Sources for series in this section are shown on pages C-27 and C-28 in the April 1990 SURVEY.
Page C-l
NOTE.—The following series reached its current high value before April 1989: BCI-940
(116.1) in January 1984.
1. Excludes BCI-57, for which data are not available.
2. Excludes BCI-77 and BCI-95, for which data are not available.
* Preliminary June values: BCI-23 = 317.1, BCI-19 = 362.99, BCI-85 = 0.42; anticipated
3d quarter values: BCI-61 = 511.59, BCI-100 = 504.03; anticipated 4th quarter values: BCI-61
= 510.21, BCI-100 = 502.17.
1. Copyrighted. This series may not be reproduced without written permission from
Commodity Research Bureau, Inc., 75 Wall Street, 22d Floor, New York, NY 10005.
Page C-4
Page C-2
NOTE.—The following series reached current high values before April 1989: BCI-5 (290) in
October 1988; BCI-46 (162) in November 1987; BCI-60 (0.736), BCI-7 (113.53), and BCI-8
(92.64) in December 1988; BCI-37 (6,198), BCI-43 (5.0), BCI-53 (572.3), and BCI-12 (128.0)
in March 1989; BCI-82 (85.1) in January 1989; BCI-92 change (8.31), BCI-92 smoothed (4.40),
BCI-58 (101.0), and BCI-83 (97.7) in March 1984; BCI-32 (67.5) in November 1983; BCI-122
(120.7) in February 1989; BCI-123 (124.3) in May 1983; BCI-13 (65,318) in December 1986;
BCI-9 (93.19) in September 1985; and BCI-11 (50.01) in 1st Q 1989.
1. Data exclude Puerto Rico, which is included in figures published by the source agency.
2. Copyrighted. This series may not be reproduced without written permission from the
University of Michigan's Survey Research Center, Institute for Social Research, P.O. Box 1248,
Ann Arbor, MI 48106-1248.
3. Copyrighted. This series may not be reproduced without written permission from McGrawHill Information Systems Company, F.W. Dodge Division, 1221 Avenue of the Americas, New
York, NY 10020.
PageC-3
NOTE 1.—The following series reached current high values before April 1989: BCI-87 (151.4)
in 2d Q 1985; BCI-28 (2,260) and BCI-29 (158.5) in February 1984; BCI-89 (200.3) in 4th Q
1986; BCI-30 (83.4) and BCI-22 (6.9) in 1st Q 1984; BCI-31 (93.7) in October 1987; BCI-77
(1.58) and BCI-62 change (29.1) in March 1986; BCI-99 index (135.64) in March 1989; BCI-99
change (3.21) in August 1983; BCI-99 smoothed (2.09) in November 1983; BCI-120 change
(8.4) in July 1984; BCI-16 (175.6) in 4th Q 1988; BCI-18 (151.8) and BCI-35 (424.9) in 3d Q
1988; BCI-81 (8.6) and BCI-26 (99.8) in 3d Q 1985; BCI-62 smoothed (6.3) in January 1985;
BCI-85 (2.66) in December 1986; BCI-102 (2.67) in January 1983; BCI-105 (637.4) in July
1988; and BCI-106 (2,472.5) in June 1988.
NOTE 2.—Major data revision: The series on new plant and equipment expenditures by
business in 1982 dollars (BCI-100) has been revised by the source agency from 1947 forward
to reflect a change in the methodology. Further information concerning this revision may be
obtained from the U.S. Department of Commerce, Bureau of the Census, Industry Division,
Washington, DC 20233.
NOTE.—The following series reached current high values before April 1989: BCI-107 (7.034)
in 4th Q 1984; BCI-113 (132.08) in September 1985; BCI-111 (23.2), BCI-116 (14.49), BCI-115
(13.00), and BCI-117 (10.67) in June 1984; BCI-110 (897,756) in 4th Q 1985; BCI-14 (829.2)
in July 1983; BCI-39 (1.78) in February 1984; BCI-93 (-2,380), BCI-94 (8,017), BCI-119
(11.64), BCI-114 (10.49), and BCI-109 (13.00) in August 1984; BCI-118 (15.01) in May 1984;
and BCI-95 (15.97) in January 1989.
* Preliminary June values: BCI-119 = 8.28, BCI-114 = 7.72, BCI-116 = 9.68, ECU 15 =
8.64, BCI-117 = 7.23, and BCI-109 = 10.00,
1. These indexes are compiled by Columbia University's Center for International Business
Cycle Research (CIBCR), Graduate School of Business, Columbia University, New York, NY
10027. The components of each index are:
Long-leading index: Building permits for new private housing units (BCI-29), bond prices
(Dow-Jones & Company), ratio of price to unit labor cost in manufacturing (CIBCR),
and deflated M2 money supply (BCI-106).
Short-leading index: Average weekly hours in manufacturing (BCI-1), average weekly initial claims for unemployment insurance (BCI-5), layoff rate under 5 weeks (CIBCR),
deflated new orders for consumer goods and materials (BCI-8), vendor performance
(BCI-32), change in business population (CIBCR), deflated contracts and orders for
plant and equipment (BCI-20), inventory change (National Association of Purchasing Management), change in industrial materials prices (Journal of Commerce), stock
prices (BCI-19), and change in deflated total debt (CIBCR).
Page C-5
* Preliminary June values: BCI-19 = 394.9, BCI-748 = 2,177.9, BCI-745 = 399.6, BCI-746
= 934.6, BCI-747 = 438.6, BCI-743 = 413.5, BCI-750 = 92.86, BCI-758 = 153.30, BCI-755 =
1.6918, BCI-756 = 5.7004, BCI-752 = 0.5911, BCI-757 = 1,244.00, and BCI-753 = 1.1726.
1. Balance of payments basis: Excludes transfers under military grants and Department of
Defense sales contracts (exports) and Department of Defense purchases (imports).
2. Organisation for Economic Co-operation and Development.
3. This index is the weighted-average exchange value of the U.S. dollar against the currencies
of the other G-10 countries plus Switzerland. Weights are the 1972-76 global trade of each of
the 10 countries. For a description of this index, see the August 1978 Federal Reserve Bulletin
(p. 700).
SURVEY OF CURRENT BUSINESS
June 1990
C-7
Composite Indexes
July May
P T
Aug. Apr.
P T
Apr. Feb.
P T
Dec. Nov.
P
T
Nov.
P
Mar.
T
Jan. July July
P T
P
Nov.
T
910. Composite index of 11 leading indicators
(series 1,5,8,19,20,29,32,83,92,99,106}
920. Composite index of 4 coincident indicators
(series 41,47, It 57)
T~"
930. Composite index of 7 lagging indicators
(series 6&?7,91,95,1W, 109,120)
940. Ratio, coincident index to lagging index
195354 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 891990
NOTE.—The numbers and arrows indicate length of leads (-) and lags (+) in months from business cycle turning dates.
Current data for these series are shown on page C-1.
C-8
SURVEY OF CURRENT BUSINESS
June 1990
ImiCAL INDICATORS
Composite Indexes: Rates of Change
July May
F T
Aug. Apr.
P T
Apr, Feb.
P T
Jan. July July Nov.
P T
P
T
Percent change at annual rate
910c. Composite index of 11 leading indicators
1-month span •
3-month span •
-30->
920c. Composite index of 4 coincident indicators
930c. Composite Index of 7 lagging indicators
Composite Indexes: Diffusion
Percent of components rising
950, Diffusion index of 11 leading indicator components
1-month span
6-month span
951. Diffusion index of 4 coincident indicator components
,
Jil
}j ',!! iil
952. Diffusion index of 7 lagging indicator components
195354 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 891990
NOTE.—Current data for these series are shown on page C-1.
June 1990
C-9
SURVEY OF CURRENT BUSINESS
CYCLICAL INDICATORS
Composite Indexes: Leading Index Components
July May
P T
Aug. Apr.
P T
Apr. Feb.
P T
Dec. Nov.
P
T
Jan. July July Nov.
F T P
T
1. Averaae weekly hours of oroduction or
manufacSBring (hours) M77
5. Average weekly initial claims for unemployment insurance, State
programi (thousands—inverted scale)
8. Manufacturers' new orders In 1982 dollars, consumer goods and
materials industries (Mi. dol.) HIT
"'
32. Vendor performance—slower deliveries diffusion index (per
20. Contracts and orders for plant and equipment in 1982
. dol.) H
~
195354 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 891990
NOTE.—Current data for these series are shown on page C-2.
C-10
SURVEY OF CURRENT BUSINESS
June 1990
CMieAfc INDICATORS
Composite Indexes: Leading Index Components-Continued
July May
P T
Aug.Apr.
P T
Apr. Feb
P T
Dec. Nov.
P
T
Nov. Mar.
P
T
Jan. July July
P T
P
Nov.
T
29. New private housing units authorized by
local building permits (index: 1967=100)
82. Change in manufacturers' unfilled orders in 1982 dollars, durable
goods industries, smoothed1 (bil. dol.)
C H =.
99. Change in sensitive materials prices, smoothed1 (percent)
19. Stock prices, 500 common stocks (index: 1941-43=10)
_
„
.
V
106. Money supply M2 in 1982 dollars (bil. dol.)
HIT]
83. Consumer expectations, U. of Michigan2 (index: 1966:1=100)
195354 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 891990
1. This series is smoothed by an autoregressive-moving-average filter developed by Statistics Canada.
2. This is a copyrighted series used by permission; it may not be reproduced without written permission Irom the University
of Michigan, Survey Research Center.
NOTE—Current data for these series are shown on pages C-2 and C-3.
June 1990
SURVEY OF CURRENT BUSINESS
C-ll
CYCLICAL INWe/TORS
Composite Indexes: Coincident Index Components
July May
P T
Aug. Apr.
P T
Apr. Feb.
P T
Dec. Nov.
P T
Nov.
P
Mar.
T
Jan. July July Nov.
P T
P
T
51. Personal income less
ann. rate, btt. dol.)
450-
195334 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 891990
NOTE.—Current data for these series are shown on page C-2.
C-12
SURVEY OF CURRENT BUSINESS
June 1990
Composite Indexes: Lagging Index Components
July May
P T
Aug. Apr.
P T
Apr. Feb.
P T
Dec, Nov.
P
T
Nov. Mar.
P
T
Jan. July July Nov.
P T
P
T
91. Average duration of unemployment (weeks—inverted scale) |lg,L|
77. Ratio, manufacturing and trade inventories to sales in 1982 dollars
(ratio)
62. Change in index of tabor cost per unit of output,
manufacturing, smoothed1 (ann. rate, percent)
LSD
109. Average prime rate charged by banks (percent)
101. Commercial and Industrial loans outstanding in 1982 dollars
(bil. dol.)
95. Ratio, consumer installment credit outstanding io
personal income (percent) |Lg,Lg,Li
120. Change in Consumer Price Index for services, smoothed1
(ann. rate, percent) |lg,lg,Lg|
195354 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 891990
1. This series is smoothed by an autoregressive-moving-average filter developed by Statistics Canada.
More.—Current data for these series are shown on pages C-2, C-3, and C-4.
C-13
SURVEY OF CURRENT BUSINESS
June 1990
CYCLICAL INDICATORS
Employment and Unemployment
Dec. N o v .
P
T
. Average weekly overtime hours of production or nortsupervisory
workers, manufacturing (hours) (IcT!
46. Help-wanted advertising in newspapers (index: 1967=100)
180-j
160 -
«s*»
W7
7
hours in nonagricultural establishments
oil, hours) fy^c]
;-,:
• -~-~~
40. Employees on nonagricultural payrolls, goods-producing
90, Ratio, civilian employment to population of working age (percent)
-XXW-T""
S
T—
W
,! 43. Civilian unemployment rate (percent—inverted scale)
1964
65
66
67
68
69
70
71
NOTE.—Current data for these series are shown on page C-2
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90 1991
C-14
SURVEY OF CURRENT BUSINESS
June 1990
CYCLICAL INDICATORS
Production and Income
Jan. July
P T
July
P
Nov.
T
and salaries in 1982
Ion (ann. rate, bil.
rable manufactures (index: 1987=100)
1964
65
66
67
68
69
70
71
NOTE.—Current data lor these series are shown on page C-2.
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90 1991
SURVEY OF CURRENT BUSINESS
June 1990
C-15
CYCLICAL INDICATORS
Consumption, Trade, Orders, and Deliveries
Dec. Nov.
P
T
Jan. July
F T
July
P
Nov
T
140-j
120-
100-
120100'
60
140
120
100
60 ->
ions, The Conference Board (index: 1985=100)
130
120
no
100
90
80
70
60
50
1964
65
66
67
68
69
70
71
NOTE—Current data for these series are shown on page C-2.
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90 1991
C-16
SURVEY OF CURRENT BUSINESS
June 1990
CYCLICAL INDICATORS
Fixed Capital Investment
Dec.
P
Nov.
P
Nov
T
Mar.
T
siness formation (index: 1967=100)
r of new business incorporations (thousands)
r
27. Manufacturers' new orders in 1982 dollars,
t"r I nondefense capital goods industries (bil. dol.)
. _ JCtion contracts awarded for cxsmmercial and industrial
buildings1 (mil, sq. ft. of floor space; 5-term moving avg.)
1964
65
66
67
68
69
70
71
72
73
74
75
76
77
78
1. This is a copyrighted series used by permission; it may not be reproduced without written permission Irom McGraw-Hill
Information Systems Company, F.W. Dodge Division.
NOTE.—Current data for these series are shown on page C-2.
79
80
81
82
83
84
85
86
87
88
89
90 1991
C-17
SURVEY OF CURRENT BUSINESS
June 1990
Fixed Capital Investment-Continued
Dec.
P
Nov.
T
Nov.
P
Mar.
T
Jan. July
F T
July
P
Nov.
T
100. Hew plant and equipment expenditures by business in
t982 dollars, Q (ann. rate, bipdol.)
vMt—-i
_
Ss—,
machinery and eq
uction expenditures (ann. rate, bil. dol.)
equipment (index: 1987=100)
strial production,
L
Gross private
(ann. rate, bit. dol.)
1964 65
66
67
68
69
in 1982 dollars-
70
71
NOTE.—Current data tor these series are shown on page C-3.
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90 1991
C-18
SURVEY OF CURRENT BUSINESS
June 1990
Fixed Capital Investment-Continued
Nov.
P
Mar
T
Jan. July
F
T
July
Nov.
P
T
28. New private housing units started (ann. rate, millions) [L,L,L
_.• ~^-**^|W* *-—*-— —
-
-
-t**~—
-ww-rt*
—
89. Grosspflvate residential fixed investment In 1982 dollars, Q
(ann. rate, bil, dol.)
Inventories and Inventory Investment
30. Change in business inventories in 1982 dollars, Q
,toil,dol.) fpj]
.. , ~
31. Change in manufacturing and trade inventories
rate, ML dol.; 6-term m^ng
1964 65
66
67
68
69
70
71
NOTE—Current data for these series are shown on page C-3.
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90 1991
June 1990
C-19
SURVEY OF CURRENT BUSINESS
eYGWlAL INDICATORS
Prices, Costs, and Profits
Dec. Nov.
P
T
Jan. July
F T
July
P
Nov.
T
(index: 1967:100)
23. Spot market prices, raw
flit
(ann. rate, bil, dol.)
profits after tax in 1
dollars, Q (ann. rate. Ml. dol.)
16. Corporate prof
80 -!
domestic profits
81. Ratio, corporate
corporate domestic
Q (percent)^
IVA and CCAdj to
implicit price deflator
, Q (index: 1977=100)
1964 65
66
67
68
69
70
71
72
73
74
75
76
77
78
IVA Inventory valuation adjustment.
CCAdj Capital consumption adjustment.
1. From June 1981 forward, this is a copyrighted series used by permission; it may not be reproduced without written
permission tram Commodity Research Bureau, Inc.
NOTE.—Current data for these series are shown on page C-3.
79
, nonfarm business
80
81
82
83
84
85
86
87
88
89
90 1991
C-20
SURVEY OF CURRENT BUSINESS
June 1990
Money and Credit
Nov.
P
Dec. Nov.
P
T
Jan. July
F T
Mar.
T
July
P
Nov.
T
85. Change in money supply M1 (percent; 6-term moving avg.)
1& Change in money supply M2 (percent; 6-term moving avg.) ;•
I
112. Net change in business loans
(ann. rate, bil. dol.; 6-term moving avg.)
SI
113. Net change in consumer installment credit
(ann. rate, bil. dol.; 6-term moving avg.)
110. Funds raised by private nonfinancial borrowers
increditmarkets,Q(ann. rate, bil. dol.)
"
1964 65
66
67
68
69
70
71
72
NOTE.—Current data for these series are shown on pages C-3 and C-4.
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90 1991
SURVEY OF CURRENT BUSINESS
June 1990
C-21
Money and Credit-Continued
Dec. Nov.
P
T
Nov.
P
Mar.
T
Jan. July
P T
July
P
Nov.
T
119. Federal funds rate (percent)
Nf
114. Discount Jitfi^D new issues
_it **j
• _ _ . «*».jLxi.i_
• •>>
*
USJfleMfln long-term Treasury bonds (percent)
Alternative Composite Indexes
990. CIBCR long-leading composite index (1967d
991. CIBCR short-leading composite index (1967=100)
1964 65
66
67
68
69
70
71
72
73
CIBCR Center lor International Business Cycle Research (Columbia University).
NOTE.—Current data for these series are shown on page C-4.
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90 1991
C-22
SURVEY OF CURRENT BUSINESS
Price Movements
Jan. July
P T
Jjjly
P
June 1990
Other Measures
Alof.
T
Jan. July
P T
Percent change at annual rate
'icejndex,
gross domestic business product (1-Q span)
Q]
July
P
Nov.
T
293. Persona) saving rate, Q (percent)
Consumer Price Indexes for all urban consumers—
323c. All items less food and energy
[T|
Productr Pries Mixes—
370c. Change In output per hour, all persons,
business sector (ann. rate, percent)
t 4-quarter span
337c. Finished goods less foods and energy
purchases of goods
defense, Q
334c. Finished consumer goods
332c. Intermediate materials, supplies, and components
331c. Crude materials for further processing
1978 79
80
81
82
83
84
85
86
NOTE—Current data for these series are shown on pages C-4 and C-5.
87
88
89 1990
1978
79
80
81
82
83
84
85
86
87
88
89 1990
SURVEY OF CURRENT BUSINESS
June 1990
C-23
Nti*]
•nl*
it,'
*m
International Comparisons: Industrial Production
Jan. July
P T
July
P
International Comparisons: Consumer Prices
Jan. July
P T
Nov.
T
July
P
Nov.
T
Percent change over 6-month span, annual rate
Consumer prices—
320c. United States
738c. Japan
735c. Federal Republic of Germany
736c. France
737c. Italy
733c. Canada
1978
79
80
81
82
83
84
85
NOTE.—Current data for these series are shown on page C-5.
86
87
88
89 1990
1978
79
80
81
82
83
84
85
86
87
88
89 1990
C-24
SURVEY OF CURRENT BUSINESS
International Comparisons: Stock Prices
Jan. July
P
T
July
Nov.
P
T
June 1990
International Comparisons: Exchange Rates
Jan. July
F
T
July
Nov.
P
T
750. Weighted-average exchange value of the U.S. dollar
(index: March f8^3=100^7
Stock prices—
Foreign currency per U.S. dollar—
755. Federal Republic of
Germany (d. mark)
745. Federal Republic of Germany
756. France (franc)
752. United Kingdom (pound)
1978 79
80
81
82
83
84
85
NOTE.—Current data for these series are shown on page C-5.
86
87
88
89 1990
1978
79
80
81
82
83
84
85
86
87
88
89 1990
CURRENT BUSINESS STATISTICS
New feature in this issue: Changes are made in the presentation of "Consumer Installment Credit" on page S-14.
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.
Current data for the series shown in the S-pages are available on diskette on a subscription basis or from the Commerce Department's Economic
Bulletin Board. Historical data, data sources, and methodological notes for each series are published in BUSINESS STATISTICS, 1961-88. For more information, write to Business Statistics Branch, Current Business Analysis Division (BE-53), Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230,
NOTE.—This section of the SURVEY is prepared by the Business Statistics Branch.
Unless otherwise stated in footnotes below,
data through 1988 and methodological
notes are as shown in BUSINESS STATISTICS,
1961-88
Annual
1990
1989
irnjte
umi*
1988
June
May
Apr.
19S9
July
Sept.
Aug.
Oct.
Nov.
Dec.
Jan.
4,467.1
4,500.3
4,541.5
4,564.1
2 694.7
2,712 2
2,724.7
Feb.
Mar.
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 saying as percentage of disposable
4,064.5
INDUSTRIAL PRODUCTION 0
Federal Reserve Board Index of Quantity Output
Not Seasonally Adjusted
Total index
1987-100
By industry groups:
Mining
do
Utilities
do
Manufacturing
do
Durable
. .
.
do
Nondurable... .
do
Seasonally Adjusted
Total index
do ..
By market groups:
Products, total
do ....
Final products
do
Consumer goods
do....
4,387.1
4,396.3
4,417.5
4,443.7
4,456.9
r
4,603.6 '4,637.9 '4,674.8 '4,686.8
4,700.8
2,747.9 '2,763.9 '2,780.3
2,790.6
2631 1 26013
26035
26217
26447
26510
26684
26934
7382
5529
615.1
8010
476.9
2483
7325
5486
610.0
7875
471.2
2444
732.6
5490
609.1
7883
473.6
246.0
736.1
5520
613.3
796.6
475.7
247.5
739.2
5534
620.2
8073
478.0
249.1
744.2
5569
615.6
810.9
480.2
250.7
744.6
5568
622.5
818.9
482.4
252.2
751.9
5631
628.0
828.7
484.9
253.8
748.9
5577
628.9
830.0
487.0
255.3
748.4
5579
636.7
838.1
489.1
256.9
746.3
5550
641.4
842.8
494.2
259.5
755.7
561.0
645.0
850.2
496.9
261.5
760.0
'565.7
'648.5
'855.7
'499.6
263.6
'756.2
'563.7
'655.6
'866.5
'502.0
265.1
763.4
569.6
654.2
868.0
504.9
266.7
398
2880
462
3059
564
3046
543
303.5
432
3046
388
3063
36 5
308.0
329
307.4
39.3
306.3
38.9
313.7
37.2
315.6
44.3
'319.8
49.0
'323.0
'62.5
'325.1
'52.6
'325.3
49.7
326.1
15.7
1022
571.1
5847
7.9
1124
657.4
6323
9.8
1110
648.4
6239
9.8
111 4
655.2
6255
9.7
111 8
661.8
6309
9.3
1128
665.0
6326
8.4
1133
667.9
6364
-1.6
1136
670.4
6402
-8.0
114.8
674.0
6446
10.2
115.8
677.7
653 1
12.2
116.4
681.3
6514
'9.7
117.2
'683.4
6724
'7.1
118.1
'685.2
'671.1
'7.4
118.8
'687.0
'674.1
'7.7
119.8
'689.0
'672.4
8.1
121.0
691.2
675.1
1949
4,003 7
2142
43596
212 &
43094
2127
43205
2138
43526
2148
43831
2152
43986
2163
44124
217.8
4,439.3
217.9
4,480.9
219.0
4,505.1
225.5
'227.5
'225.0
227.3
4,537.7 '4,567.3 '4,590.8 '4,612.6
227.6
4,629.5
4,064.5
24290
696.3
5240
571.9
7144
446.5
228.9
r
4,427.3
4,387.1
4,396.3
4,417.5
4,443.7
4,456.9
4,467.1
4,500.3
4,541.5
4,564.1 '4,603.6 '4,637.9 '4,674.8 '4,686.8
4,700.8
5866
34778
33331
3,235.1
4552
1,052.3
17276
6485
37788
3 574 4
3,471.1
4732
1,123.4
1 8744
649 1
6684
37187 37472
35344 35479
3,432.1 3,445.0
4665
4774
1,112.9 1,126.7
1 841 8 18519
6402
37772
35586
3,455.4
469 1
1,125.0
18613
6452
37985
35887
3,485.3
4784
1,130.0
18770
6483
38086
3'624 8
3,521.2
4989
1,129.7
18926
6538
38134
36216
3,517.8
4809
1,134.6
19023
6604
38400
36321
3,528.1
4703
1,135.0
19227
6631
38784
3,649.7
3,545.0
4679
1,140.5
1,936.6
'682.3
'676.6
673.1
667.3
6686
3,895.5 r3,936.3 '3,964.8 '3,998.2 '4,004.5
3,684.0 '3,723.4 '3,735.0 '3,746.6 '3,765.4
'3,629.2 '3,640.9 '3,659.8
3,578.7 '3,618.0
r
'488.8
'480.2
'484.8
504.6
4703
1,151.6 1,156.2 1,176.0 1,172.5 1,168.3
1,956.8 1,957.1 1,968.5 1,988.1 '2,002.8
687.6
4,013.2
3,765.5
3,659.8
476.1
1,167.8
2,015.9
96 1
101 7
101 5
1019
1017
1020
1022
1025
1032
103.7
104.2
104.5
104.5
104.3
104.5
1.5
211.5
1.2
r
212.9
1.2
'229.8
1.2
'251.7
1.2
'239.1
1.2
247.6
'55
'58
'60
6.1
19
144.7
42
Disposable personal income in constant (1982)
dollars
bil $
Personal consumption expenditures in
constant (1982) dollars
do....
Durable goods
do
Nondurable goods
. do
Services.
.. .
do
Implicit price deflator for personal consumption
expenditures
index 1982—100
4,427.3
101 0
17
204.4
14
1843
14
1994
14
2186
16
2098
16
1837
16
1918
15
2079
1.5
228.7
54
55
54
55
54
51
51
54
56
r
56
2,961.3
2,793 2
29063
28740
28841
29045
29134
2 924 0
2,920.1
2,921 5
2,940.3
2,948.9 '2,944.4 '2,957.1 '2,964.7 '2,964.7
2,598.4
4136
9045
1 2802
2,669.6
4253
9167
1 3277
2,652.4
4305
9063
1 3157
2,651.5
421 3
9117
1 3184
2,657.1
4230
9112
1 3229
2,673.3
4298
9162
13273
2,703.3
447 1
922.5
1 3338
2,693.8
4325
923.6
13377
2,684.2
4225
9169
1 3448
2,687.6
4187
918.3
1 3507
'2,706.8 '2,699.7 '2,709.5
2,709.2 '2,706.3
r
'434.7
'426.5
'430.0
446.6
419.7
'904.4
'909.6
920.0
909.9
928.3
1,361.2 1,349.8 1,356.8 1,363.6 1,370.4
2,700.6
423.6
902.7
1,374.3
1245
1300
1294
1299
1300
1304
1303
1306
1314
131.9
132.1
133.7
'134.1
134.9
135.1
135.5
1054
1081
107.9
106.5
110.0
106.0
110.5
110.9
109.2
107.7
106.8
106.0
109.0
108.8
107.9
"108.0
1018
104.4
1058
1076
1036
1005
107.0
108 9
1109
1064
1013
1005
1092
1123
1052
994
92.7
1084
111 2
105.0
98.9
99.3
111 9
113.9
109.4
96.1
104.8
1070
107.3
106.6
100.2
104.6
112.0
112.2
111.7
100.8
100.0
1128
113.8
111.7
101.8
95.3
1112
111.6
110.7
103.8
102.2
108.6
110.1
106.6
101.5
126.3
105.5
108.2
102.1
102.4
128.2
104.4
106.1
102.2
103.1
120.0
108.6
110.9
105.7
101.8
112.3
109.2
112.5
105.0
102.0
102.7
108.8
111.1
106.0
"100.9
"94.2
"109.9
"112.4
"106.7
105.4
108,1
108.6
108.3
108.4
107.8
108.2
108.2
107.7
108.1
108.6
107.5
108.5
109.0
109.0
"109.7
105.3
1056
104.0
108.6
1091
106.7
108.9
109 5
107.0
108.9
1096
106.8
109.1
1098
106.3
108.2
108.7
105.2
108.5
109.1
105.6
108.8
1096
106.3
108.1
1085
107.3
108.9
109.4
107.4
109.7
110.3
108.3
108.4
108.5
106.0
109.4
109.7
107.0
110.2
110.8
107.6
110.0
110.6
107.4
"110.8
"111.6
"108.0
See footnotes at end of tables.
S-l
S-2
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88
SURVEY OF CURRENT BUSINESS
Annual
.,„
If
Unrts
1988
June 1990
1990
1989
1989
Apr.
May
June
July
Aug.
Sept
Oet,
Nov.
Dee,
Jan.
Feb.
Mar.
Apr.
May
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION <>—Continued
Seasonally Adjusted— Continued
By market groups—Continued
Final products—Continued
Consumer goods—Continued
Durable
1987=100...
Automotive products
do ....
Autos and trucks
do ....
Other durable goods
.do....
Nondurable
do....
Foods and tobacco
do
Clothing
do
Chemical products
do
Paper products
do
Energy products. .. .
do
Equipment, total
Business equipment
Information processing
and related.
Office and computing
machines
Industrial
Transit
Autos and trucks
Defense and space equipment
Oil and gas well drilling
Manufactured homes
Intermediate products
Construction supplies
Business supplies
Materials
Durable
Nondurable
Energy
By industry groups:
Mining
Metal mining ,,-,,
,
,—,,.,
Coal
Oil and gas extraction #
Natural cas
Stone and earth minerals
Utilities
Electric
Gas ....
Manufacturing
Durable
Lumber and products
Furniture and fixtures
Clay, glass, and stone products
Primary metals
Iron and steel
Nonferrous .. .
Fabricated metal products
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments
Nondurable
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
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
Durable goods stores
Merchant wholesalers total
Durable goods establishments
Mfg. and trade sales in constant (1982)
dollars (seas, adj.), total
Manufacturing
.
Retail trade
Merchant wholesalers
See footnotes at end of tables.
"iio.2
"108.5
"ioe.0
mi.6
"107,4
"ioe.4
do . ..
do . ..
104.9
105.9
105.3
104.1
103.7
102.2
101.1
107.5
105.8
104.5
107.6
111.8
107.9
106.9
105.7
108.8
106.4
104.2
101.6
109.5
114.3
106.7
112.3
119.1
110.0
110.2
109.8
110.0
106.2
104.9
102.0
107.8
112.8
106.5
112.6
119.6
109.2
109.2
109.6
109.3
106.2
104.2
101.9
110.1
112.7
106.1
113.1
120.2
108.4
106.7
106.2
109.8
105.8
103.0
102.3
109.8
112.9
106.1
114.3
121.4
105.6
101.1
97.1
109.2
105.1
102.2
101.4
109.6
113.1
105.2
113.2
119.9
105.8
103.2
101.1
107.9
105.6
103.3
100.3
110.1
114.1
104.7
113.6
120.4
107.6
104.9
103.1
109.8
106.0
103.7
101.6
107.8
116.2
106.0
113.8
120,7
106.8
102.9
99.7
109.8
107.4
105.6
101.9
110.3
117.2
106.0
110.1
116.0
105.7
102.4
98.4
108.4
107.8
105.8
100.1
111.3
118.1
108.0
112.0
118.7
106.8
104.5
100.1
108.6
108,7
106.4
99.4
110.3
116.9
115.2
112.9
119.9
99.4
85.2
66.3
110.6
107.8
105.5
100.6
112.7
116.2
107.9
111.8
118.0
106.2
'99.3
'92.7
111.6
107.2
106.2
99.6
112.0
117.6
101.5
113.3
120.1
111.0
109.5
107.7
112.2
106.7
105.9
'97.4
111.1
117.1
102.6
114.9
122.3
107,3
102.1
'95.7
111.4
107.S
'106.5
'98.0
113.0
117.1
103.4
114.8
121.9
do
112.6
121.7
121.4
122.5
124.0
122.7
122.0
123.7
119.9
123.5
124.0
124.0
124.7
126.1
126.9
"12B.4
do ....
do
do
.do ....
do....
do ....
.do....
do ....
do ....
do ....
do....
do
.. ..do . .
do ....
121.1
109.8
114.4
104.9
98.0
100.0
97.8
104.4
104.4
104.4
105.6
109.0
103.0
101.8
137.2
113.8
123.8
103.9
97.4
93.7
92.3
106.8
106.1
107.3
107.4
111.6
105.3
101.3
134.0
115.4
127.9
107.8
97.1
94.0
95.4
107.2
106.3
107.8
108.0
112.3
106.0
101.9
137.6
113.8
127.6
105.3
97.6
92.5
92.8
106.6
105.9
107.1
107.3
111.5
105.4
101.2
139.1
114.9
128.3
102.9
98.3
96.7
92.8
106.7
106.2
107.0
107.6
112.1
105.5
101.0
137.1
115.1
123.8
95.9
98.7
95.3
86.5
106.7
106.5
106.8
107.3
111.5
106.7
100.1
139.3
113.8
128.4
101.6
98.9
95.3
89.5
106.4
105.5
106.9
107.8
112.0
105.7
101.7
141.8
113.8
127.0
103.1
98.9
97.3
87.5
106.3
105.2
107.0
107.4
112.0
104.2
101.6
132.8
112.4
112.9
97.6
96.6
97.3
87.9
106.9
106.3
107.3
107.1
110.8
106.1
101.3
141.0
113.4
117.0
98.0
96.7
99.9
89.4
107.3
107.0
107.5
107.0
110.8
104.9
101.9
142.7
112.8
123.4
97.6
96.6
100.3
91.6
107.9
107.4
108.2
106.9
110.4
104.3
102.7
142.7
113.5
111.4
69.6
97.5
98,3
91.6
108.0
107.9
108.0
106.2
109.4
105.4
101.2
144.3
113.4
122.7
'91.7
97.6
100.1
94.3
108,4
108.2
108.5
107.1
110.8
105.8
101.7
147.2
113.9
130.6
104.5
'97.5
106.0
92.9
108.3
106.9
109.2
107,2
110.8
105.3
102.2
151.4
114.4
125.9
'95.1
'97.3
114.3
'89,7
108,1
106.6
109.2
107.5
110.5
106.2
103.2
"152.6
"115,0
"132.3
"104,9
, ..do
-,, -,do ,
do ....
do ....
101.8
122.7
105.0
99.4
97.3
102.5
106.8
104.4
104.6
103.9
105.8
107.6
104.6
103.6
106.4
110.3
113.8
105.4
106.2
113.8
106.5
105.0
105.5
110.1
103.6
102.8
101.4
99.8
102.2
102.9
103.6
105.4
1034
105.9
99.6
100.5
141.4
105.7
95.5
91.4
102.7
113,9
107.0
108.1
103.0
108.9
110.9
103.1
105.3
108.0
109.2
109.3
109.0
107.2
121.8
109.5
107.2
104.9
116.4
106.4
105.5
99.6
101.9
104.3
103.2
108.5
108.5
106.1
108.9
103.7
101.7
135.7
111.1
96.7
92.0
103.9
111.2
106.4
107.1
103.4
109.4
111.6
102.7
105.8
107.7
112.7
115.4
108.7
106.9
121.6
110.1
109.4
108.6
117.5
106.5
106.2
104.0
104.1
105.1
103.0
108.6
107.5
104.5
108.5
105.1
101.1
136.1
104.7
97.0
92.9
104.3
113.0
106.3
107.4
102.2
109.2
111.4
102.3
107.9
108.2
107.0
104.8
110.0
107.9
121.8
108.8
109.6
107.8
118.0
106.4
105.5
101.7
103.2
104.9
102.1
108.4
108.4
104.6
109.8
102.8
100.4
143.3
100,3
96.3
92.1
103.9
115.0
106.3
107.6
101.8
109.3
111.8
103.5
107.0
108.0
108.7
107.1
110.9
108.3
123.4
109.1
109.0
105.0
118.3
106.2
104.2
100.4
102.4
105.2
101.8
108.6
109,1
106.6
109.0
102.2
100.0
151.7
101.1
94.9
89.9
104.0
116.8
106.6
108.5
99.3
108.6
110.6
102.8
104.9
106.2
108.8
107.5
110.4
107.6
121.6
108.6
106.6
99.6
118.5
106.1
104.0
94.2
104.2
104.4
104.1
106.6
109.7
108.2
109.0
103.7
100.7
144.3
103.1
96.3
92.6
102.9
113.3
106.2
108.1
99.2
109.1
111.3
102.4
104.5
107.8
111.7
109.8
114.0
106.5
121.8
110.6
107.8
102.7
116.4
106.2
104.8
95.0
101.5
104.7
103.0
107.8
109.6
107.0
109.0
103.2
101.6
145.4
109.6
95.9
91.3
102.7
114.1
105.9
107.1
101.0
109.1
111.5
102.6
105.7
106.5
109,9
109.7
109.8
106.0
123.4
110.8
108.0
103.2
116.2
106.0
105.4
93.3
101.5
104.5
102.2
109.4
107.5
108.7
108.5
103.5
100.7
143.2
109.9
94.3
89.6
102.0
118.0
107.4
109.7
99.1
108.4
109.4
103.2
105.6
107.7
108.6
109.2
107.6
105.9
119.0
110.2
102.1
99.7
116.1
107.2
106.8
99.7
101.9
103.9
105.3
109.3
109.4
106.9
108.8
102.2
101.2
145.9
108.1
95.5
90.5
104.2
115.8
108.3
109.5
103.9
108.9
110.1
104.8
104.4
108.2
104.8
104.1
105.8
106.9
122.9
110.1
102.8
99.0
115.6
107.3
107,4
98.8
99.3
103.7
104.1
109.6
109.8
109.3
109.1
99.4
100.1
155.5
103.5
94.0
89.6
102.0
119.7
116.1
116.3
115.6
108.8
110.4
106,4
105.1
108.6
102.6
100.3
105.8
106.3
123.8
110.1
104.4
98.7
114.8
106.7
108.0
98.5
99.8
102.6
103.4
109.6
107.6
104.3
110.1
103.0
101.7
144.8
114.1
94.4
88.2
101.3
121,2
106.8
108,3
101.2
108.1
108.6
106.0
105.1
110,0
105.0
104.6
105.6
105,1
123,7
110.1
94.7
76.8
116.0
107.5
106.8
101.3
100.6
102.4
103.8
110.7
109.9
108.6
110.7
104.3
101.0
143.4
111.9
'94.1
'87.7
103.0
120.0
104.0
107.1
'92.3
109.6
110.7
104.3
104.8
108.0
107.9
110.6
104.0
105.6
124.2
111.0
103.5
'94.1
116.2
108.3
107.4
102.3
103.0
102.1
105.0
112.1
110.5
112.0
109.1
102.9
100.8
139.6
112.9
'94.5
'88.5
101.1
114.2
107.7
110.9
'95.9
109.9
111.9
105.0
106,0
106.7
105.3
'106.1
104.1
105.4
125.1
112.3
107.9
103.5
115.9
107.3
107.1
100.0
101.0
99.9
103.0
111,5
109.5
109,1
109.8
103.0
102.5
143,8
114.2
'96.1
88.9
"102.5
"144.8
"114,0
5,883,709 6,263,424
516,168
536,588
545,090
489 864
538,787
537,166
536,419
530,160
549,506
485,961 '499,778 '556,432
529,733
5,883,709 1 6,263,424 '523,494 r524,119
1
2,611,589 1 2,781,576 234,042 233,071
1,388,211 1,471,549 123,331 122,962
1,223,378 1,310,027 110,711 110,109
1
1,650,005 '1,733,654 143,744 144,715
627,370
645,524 '53,986 r54,049
1,022,635 1,088,130 r89,758 r90,666
1
do
'1,622,115 1,748,194 145,708 146,333
do...
859,960 "70,875
795,372
72,068
74,265
826,743
888,234 r74,833
521,132
231,236
121,720
109,516
144,384
53,704
90,680
145,512
70,735
74,777
516,216
225,922
117,114
108,808
145,438
54,327
91,111
144,856
71,545
73,311
531,599
238,150
128,347
109,803
146,649
55,521
91,128
146,800
72,696
74,104
527,778
233,562
124,393
109,169
147,235
55,508
91,727
146,981
72,388
74,593
525,160
231,995
121,840
110,155
145,244
53,627
91,617
147,921
73,048
74,873
527,948
232,826
123,209
109,617
146,340
53,768
92,572
148,782
73,970
74,812
526,391
231,003
121,998
109,005
145,804
52,683
528,549 '535,996 '538,984
226,704 '234,472 '237,299
116,716 123,224 125,089
109,988 111,248 112,210
149,877 149,904 149,302
55,037 '54,663
56,217
94,867 '94,639
93,660
151,968 151,620 152,383
77,018 '77,612
76,653
74,602 '74,771
75,315
533,041
234,352
122,090
112,262
147,931
53,756
94,175
150,758
75,918
74,840
462.2
209.3
458.1
204.7
127.8
125.6
472.5
468.9
211.4
129.8
127.8
464.8
209.3
466.5
215.4
129.6
127.6
466.5
208.7
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 ..
mil $
do
do
do...
do ...
do
do ...
bil. $ .
do
. do
do
1
464.8
463.5
212.1
126.4
126.3
210.6
126.9
126.0
126.9
126.0
127.5
128.0
210.0
127.8
128.8
93 121
149,584
73,180
76404
127.5
130.3
461.9
203.3
128.8
129.8
468.2
210.2
128.6
129.4
116.7
108.5
111.7
'96.6
109.7
111,2
102.5
107.3
106.2
106.2
106.5
105.9
104.7
126.4
111.0
104.9
'95.8
116.2
107.8
107.8
98.0
101.9
100.5
105.2
110.9
110.1
109.7
109.6
102.6
'470,3
'212.8
464.5
209.4
127.5
130.0
126.4
128.6
"98.5
"113.2
"117.9
"101.7
"116.3
"123.9
"97.2
"118.6
"89.4
"108.1
"106.5
"109.2
"108.0
"112.0
"106.1
"102.4
"96,1
"'iie!
"107.3
"110.5
"95.7
"110.6
"112.6
"102.8
"107.5
"106.0
"106.2
"105.9
"106.7
"105.7
"127,2
"111,5
"109.3
"104.4
"118.2
"107.9
"107.9
"96.0
"102.2
"100.7
"105.6
"111.6
"110.0
"107.5
"111.4
"101.0
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88
s-a
SURVEY OF CURRENT BUSINESS
June 1990
Annual
1990
1989
1!mMss
unws
198®
1989
Apr,
May
June
July
Auf,
Sept,
Nov.
Get
Dee,
Jan.
Feb.
Apr,
Mar.
May
GENERAL BUSINESS INDICATORS—Continued
BUSINESS INVENTORIES
Mfg. and trade inventories, book value
(non-LIFO basis), end of period,
(unadjusted), total
rail,
Mfg. and trade inventories, book value
(non-UFO basis), end of period,
(seas, adj,), total
Manufacturing, total
Durable goods industries,
Nondurable goods industries
Retail trade, total
Durable goods stores
Nondurable goods stores
Merchant wholesalers, total
Durable goods establishments
$.,
743,191
784,384
778,788
781,642
781,130
785,197
788,810
786,474
805,456
811,676
784,884
789,871
798,738 196,488
799,769
mil, $„
758,299
354,168
238,666
120,497
220,510
795,416 172,908
871,082 363,458
246,222 240,486
124,860 122,972
285,514 r!26,618
779,486
865,055
241,689
123,866
229,775
782,288
366,492
242,295
124,197
281,059
789,048
870,808
245,818
124,990
282,127
791,798
871,489
246,878
125,111
284,579
792,119
870,890
245,621
125,269
286,181
794,757
871,712
246,427
125,285
284,942
798,104
872,818
247,610
125,208
286,284
795,415
794,460
117 169 115 987
117 142
117 826
118 248
119 925
121 048
118 450
118 667
106,262
180,818
117,314
62999
118,345 110,681
188,819 182,882
123,954 120,848
64865 "62 489
112,638
184,606
121,789
62817
118,288
184,737
121,874
62863
118,879
115,088
185,098
122,148
62950
116,492
188,108
128,716
64887
117,567
189,057
124,868
64694
371,276 „„„„„„„„
146,536
115,740
183,156
114,400
118,856
188,928
128,797
62511
114,654
185,730
122,989
62791
794,016
878,169
247,095
126,074
232,000
118,552
118,448
188,847
125,685
68162
'871,746
"245,485
126,811
114 248
797,102
874,116
248,278
125,858
288,701
114,194
119,507
189,375
125,510
68865
193,669
371,082
246,222
124,860
185,514
117,169
118,345
188,819
123,954
64865
6911
829,1
1949
1671
698.0
694.5
880,4
697.0
883,5
699,0
884.4
697,0
838,4
700,7
884,9
"696,4
1947
1688
1961
168.6
1960
167,7
705,8
884.2
200,0
702.0
882.2
1964
1678
701,4
888,5
197,7
170,2
171,1
199,8
170,4
195,4
170,4
884,1
192,1
170,2
1,50
1,58
1,99
1,53
1.64
2.10
1,49
1,56
1.92
1.50
1.59
1.97
1,51
1.60
2,02
1,51
1,60
2,01
1,51
1,61
2,02
1,51
1,65
2,18
1.48
1,59
2,01
,55
,95
.51
,55
,96
,50
,58
1,02
,53
.66
,96
,50
1.14
do,,..
do..,.
do,,..
do
do
do ,„.
do „„
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
, do
Durable goods establishments
do
Nondurable goods establishments
do
Manufacturing and trade in constant (1982)
dollars total
do
Manufacturing
„
.
do
Retail trade
do
Merchant wholesalers
,
do
MANUFACTURERS' SHIPMENTS,
INVENTORIES, AND ORDERS
Shipments (not seas adj ) total
mil $
Durable goods industries, total
do
Primary metals
Blast furnaces steel mills
do
do
Machinery exeer»t electrical
Electrical machinery
Transportation equipment
A
do.,..
do ....
Instruments and related products
Nondurable goods industries, total
Food and kindred products
Tobacco products
Textile mill products
Paper and allied products
Chemical and allied products
Petroleum and coal products
Rubber and plastics products
,
Shipments (seas adj ) total
By industry group:
Durable goods industries, total #
Stone, clay, and glass products
Primary metals
,.
Blast furnaces, steel mills
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles and parts.....
Instruments and related
products
Nondurable goods industries, total $
Food and kindred products
Tobacco products
Textile mill products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products .
See footnotes at end of tables.
do.,..
do ....
do
do ...
do
do
do....
do....
do ....
do
148
1,55
1.95
1,49
1,57
1,97
.54
92
49
.54
98
,49
1.11
1.12
42
19
.50
158
215
128
1.25
2 611 589 2 781 576
1 388 211 1 471 549
64044
64755
145 416
142 196
60950
59248
162 639
144 064
247 152 265 523
227[l36
289,351
351,927
372,910
232 849
219 257
72,456
77,110
1,223,878 1,310,027
388 431
356 804
22,240
24,101
59774
63606
124,187
180 408
240,476
255,598
124,218
138,489
91,089
95,768
819,6
1956
1678
42
18
.51
159
r
217
124
1.26
186,113
128,602
,55
94
.50
.58
99
,58
,58
,91
,48
1.18
1.15
1,14
48
19
.52
160
219
125
1.27
48
19
.53
160
218
125
1,28
.54
.98
.50
1,18
1,18
,42
,19
,53
,42
,19
,52
1,12
1.26
1,27
1.25
1.26
1.27
1.27
1,27
1,27
1,27
1,26
2,03
1,28
1,25
1.55
2,06
1,25
1,25
1,56
"1,08
1.25
1.24
1.61
1.58
1.18
1.16
1.26
M
1J8
.87
1,48
1,57
1,52
1,81
1,50
1.60
1.58
1,82
285,273
113,599
169
85
164
,85
168
,85
149
158
151
181
151
159
155
151
159
151
159
152
1.57
1.88
1.56
1,81
1,49
1,59
1,50
1,82
247 698
182 887
5715
12210
4841
14 581
238 280
125 850
281 820
122 261
5414
228 665
207 266 "284 079 "249,864
122,669
4648
10,107
104,018
4772
10,771
4429
152
168
152
184
148
155
151
182
285 258
125 254
288 725
124 198
207 794
104 423
288 026
122 298
5709
12940
5556
12*587
5289
13760
245 779
181 766
5915
5725
12*120
4868
281 286
5034
11040
4464
12419
19405
17,869
22,072
11 728
5*,918
108,871
80698
1300
4581
10489
20,213
11,905
7,194
225 922
121 720
117 114
5466
12*179
4,858
18827
22558
19839
80,003
5287
12 100
4,867
18892
21 586
19564
27,096
15752
18 927
1886
5607
10949
21,099
11,495
8,127
288 150
24486
22,814
88,865
19 962
7,055
115,356
84 416
2,831
5754
11,091
21,887
12,076
8,249
288 562
do . ,
do
do
do ....
do
do
do
do ....
do
123 381
5451
do
do
do ....
do
do
do
do.,..
do
do
6308
110711
82,288
6439
6398
6264
6844
6,549
110 109
109 516
108 808
109 808
109 169
82,470
2088
82,245
81,780
82,968
2104
5837
10,927
21,497
12806
8174
1898
5811
10,906
21,457
11986
8072
1792
1961
82,258
2008
5815
10,900
21,478
11984
8810
5254
10,846
21,820
5842
10,885
21,455
10992
8246
12486
5,128
18269
22054
20299
81,489
20146
18 154
11522
8021
128 347
5451
12215
4,978
14060
22842
20064
85,295
22598
,42
,19
,58
156
168
86
150
158
155
188
20950
19,854
81,128
19455
6*,134
110,728
82654
1.14
169
86
150
157
154
188
122,962
5404
12250
5,048
18,870
22258
19,952
81,177
19805
,56
,96
,51
1,14
149
155
154
182
11887
,98
,49
48
,19
.52
162
222
169
84
22,468
12,881
8,683
1,49
1,59
2.02
1.15
169
85
2899
5747
1,47
1,57
1,96
",53
48
.19
,52
161
221
178
85
19 246
6*,949
114,013
198,§
169,8
42
.19
.52
162
221
172
84
21 972
19,324
32,584
21266
6,387
109,582
82421
2,267
5268
10,787
21,789
11,988
8,516
288 071
697,8
388,9
198.2
170,6
48
.19
.58
160
218
1.15
169
85
12*955
5208
14*869
25744
21,282
81,888
65181
*696.7
"838,0
48
.19
.52
160
216
170
84
5891
13 591
22010
19,558
82,854
21 789
6,085
109,999
81 618
1,788
5286
11001
22,418
12,094
8,466
284 042
,56
,95
,51
181,562
118,951
118,611
189,361
124,901
"64460
124 898
5828
11978
4,868
18,989
22245
20,812
82,167
19289
1,88
5900
12059
4890
14 506
21 561
20,098
81,212
20121
6,659
112,880
88,791
2,111
5657
11,046
20,566
12,108
7,954
281 995
121 840
5515
11 819
4,845
18,988
21 985
19,980
29,819
18518
11,271
4586
18698
21*845
20,865
81,955
20686
6,456
109,059
82,689
2,868
5428
10,641
20,202
11,545
7,322
282 826
128,209
5481
11,499
4,765
14,114
22855
19,994
31,142
19,829
"6,571
6,539
6,587
109,988 1 11,248 "112,210
83,290 "88,737
32,550
"2,001
2,017
2,111
"5,180
5,254
5,208
10,767 "10,985
10,678
21,045 "21,280 "21,595
12,672 "li,452
12,849
"7,659
7,477
7,590
6,587
112,262
83,212
2,478
4,561
18,570
22,213
19,900
25,429
18,785
7,512
7,651
4,818
14 171
11067
19,462
81,718
10,018
6,888
111,674
82,595
2,107
5,108
10,826
22,S02
12,107
7,888 II"I"
284,352
122,090
5,390
11,817
4,524
13,842
22,255
20,217
80,461
18,480
4,401
10,561
21,327
12,211
11924
7,556
5,611
11,651
4,737
128,224 "125,089
"5,387
5,482
11,168 11,892
"4,666
4,565
18,887 "14,148
22,449 "28,105
20,598 "20,248
30,843 "32,141
18,874 "19,985
18,943
22,206
20,839
80,455
18,857
2,184
11902
7,943
• 5 481
12,074
"4,968
116,716
5,422
11,288
5,895
11,007
21,266
11,492
5,811
5179
11,441
4623
121,998
5,822
10,947
6,658
109,005
82,776
2,008
10,976
21,166
P
14 060 15 202
12129
21*780 "15619
19119
20,360 "21,688
17,594
32,199 "85,142
22,706
20272 "11 806
18234
6,948
6,899
6,004
108,258 110,688 114,967
82,989 "84,491
80,408
"2,887
1,701
1,866
"5,446
5,160
4,568
11,015 11,249
10,548
20,553 "21,588 "22,884
11,908 11,860
12,468
"8,100
7,704
6,909
226 704 "284 472 "237,299
6,564
109,617
32,858
5,216
128,896 184,897
4 118
12718
24448
21,890
81,485
16248
6,871
105,996
82,860
2,527
4,500
10,105
20,696
12,205
7,081
281 008
6,595
110,155
82,882
2828
10,857
20,877
1.65
1,52
1,81
,42
,19
.51
5,181
10,787
21,884
11,814
7,615
S-4
Un!e§§ ©thfrwigg stated in foetnete§
Mow, date through 10g§ and
fflfthedeief kai netes are as §h0wn ifl
Bu§iMg§§ §fAfi§ne§, 1061-11
SURVEY OF CURRENT BUSINESS
Annual
,vnn
ittitf.
*
wm
June 1990
1900
1089
Apr,
19S9
Ms,
June
July
AU£,
Sept,
Oet,
Nov,
0«e,
Jan,
F«b,
Mar,
Apr,
May
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SHIPMENTS,
INVENTORIES, AND ORDERS-Continued
Shipments (seas, adj,)=Continued
By markit category;
Home goods and apparel
mil, $„
Consumer staples
„
,
„
do
Equipment and defense produets,
except auto
do
Automotive equipment
,„„
do ....
Construction materials, ittppliti, 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, tnd of year or month:
Book value (non-LIFO basis),
(unadjusted),
total
„„„„„„
do „„
Durable goods industrits,
total
do „„
Nondurable goodi industrits, total
do,,,.
Book valut (non-LIFO basis),
(seasonally adjusted),
total
do ..„
By industry group?
Durablt goods industries,
tetal^,
,„.„„
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
„„
,. ,„, mi
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 „„
Paper and allied products,,,,.,,
do,.,.
Chemicals and allied
products
do
Petroleum
and
coal
products .......... ,„..,„„.„„ .
do
Rubber
and
plastics
products „„„„„„.
,.,...„ ,,,.,,,,,,,,do ...
By stage of fabrication:
Materials and supplies
...........do „„
Work in process
do..,.
Finished goods....,,,......,,.
do
By market category:
Home goods and apparel „„„
, do ....
Consumer staples „„„„„.,„„„„„ ,.„,„„„ do
Equip, and defense prod.,
exc, 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
New orders, net (unadj.), total
.do.,.,
Durable goods industries, total.,..
do....
Nondurable goods industries, total
do
New orders, net (seas, adj.), total
do....
By industry group:
Durable goods industries,
total
do .,.,
Primary mttals ...,,,„,„,.„.„,., ,,.. do
Blast furnaces, steel mills
do ....
Nonferrous and other primary metals... I..... <».., ...,».. .,
do
Fabricated metal products.
do,...
Machinery, except electrical ... ........... .do ...
Electrical machinery
,.
do,,.
Transportation equipment.......
do
Aircraft, missiles, and parts.,
do...
Nondurable goods industries, total
do
Industries
with
unfilled
'170,754
'601447
'177,232
'550,072
14,804
45,727
14,660
45,002
14,668
45,471
14,513
45,362
14,828
46,622
14,657
46,076
14,018
46,808
14,745
46,780
14,848
47,144
14,525
46,630
14,622
47,318
14,512
'48,081
14,076
48,258
'488,768
'248,002
'465,007
'261,286
38,837
22,522
88,616
22,256
38,878
20,356
38,817
17,956
40,285
24,963
40,530
21,578
38,644
20,908
30,184
22,205
39,004
20,689
80,978
15,967
41,044
20,716
'40,638
'22,803
40,076
20,814
' 204,748
'210,051
17,478
17,881
17,355
17,124
17,800
17,468
17,767
17,700
17,017
17,677
17,003
17,529
17,554
1,052,700 1,117,078
05,080
04,806
04,508
92,650
08,558
93,258
92,025
02,212
01,406
91,982
02,869
'94,236
03,574
6,781
6,705
42,456
34,263
6,918
7,025
42,424
84,171
8,253
6,907
42,875
34,122
8,753
44,759
84,961
0,798
6,882
43,680
35,187
8,403
7,069
44,984
36,S26
8,103
6,758
44,062
85,780
9,232
7,172
45,082
86,146
8,086
'7,047
'44,070
'36,154
'8,816
6,745
44,186
85,454
8,732
1
70,081
487,056
'880,418
'106,688
'88,076
'520,016
'418,707
'106,210
6,077
48,232
84,500
8,688
6,048
43,224
34,527
8,607
48,084
34,750
0,225
348,465
220,040
110,425
864,814
241,804
128,510
865,848
242,105
128,658
868,621
244,712
123,000
366,698
242,874
123,819
371,440
246,576
124,864
372,752
247,377
125,875
369,102
244,580
124,522
870,808
245,807
125,001
371,480
246,486
124,958
864,814
241,304
128,510
372,907
246,602
126,305
375,074 '372,287
248,350 '246,081
126,724 126,206
374,528
248,213
126,315
354,163
871,082
368,458
865,055
866,402
870,808
871,480
870,890
371,712
372,813
871,082
874,126
873,169 '371,746
872,276
233,666
7,505
20,270
10,110
23,552
46,720
40,683
63,220
246,222
7,800
20,565
10,500
28,303
48,061
40,780
72,845
240,486
7,704
21,086
10,568
28,047
47,660
41,558
66,681
241,680
7,740
21,223
10,526
28,802
47,820
41,564
67,557
242,205
7,748
21,275
10,532
28,726
47,885
41,087
68,888
245,818
7,840
21,418
10,658
24,105
48,234
41,687
70,081
246,878
7,700
21,233
10,657
24,170
48,370
41,787
70,164
245,621
7,844
21,040
10,613
23,084
48,429
41,316
69,785
246,427
7,870
20,822
10,533
23,761
48,411
41,318
70,666
247,610
7,832
20,742
10,570
23,732
48,681
41,101
71,725
246,222
7,800
20,565
10,509
28,303
48,061
40,730
72,845
248,273
7,770
20,528
10,629
23,070
48,339
40,072
78,772
247,005 '245,435
'7,727
7,758
20,559 '20,240
10,672 10,482
28,933 '23,681
48,277 '47,714
40,836 '40,471
73,119 '72,869
246,536
7,762
20,818
10,481
23,667
47,902
40,405
78,706
11,830
11,846
12,134
12,287
12,152
18,080
12,686
12,330
12,488
12,310
11,846
12,167
11,845
11,625
11,827
14,040
14,017
14,861
14,062
14,107
14,008
14,005
14,277
14,350
14,452
14,017
14,160
14,005
14,067
14,011
65,252
108,302
60,022
67,375
117,303
61,544
66,887
118,881
60,218
66,748
114,201
60,650
66,681
114,668
60,046
67,565
116,487
61,761
67,746
116,560
62,072
67,611
115,477
62,583
68,010
115,756
62,661
68,058
117,051
62,501
67,375
117,308
61,544
68,002
118,854
61,827
67,402 '66,744
117,601 116,921
62,002 '61,770
66,726
117,785
62,025
120,497
26,361
5,600
7,605
12,065
124,860
26,842
5,450
128,866
26,181
124,107
26,180
5,525
7,808
12,820
124,000
26,416
5,669
7,973
12,488
125,111
26,326
5,659
8,003
12,572
125,260
26,442
5,587
8,086
12,507
125,208
26,283
5,431
7,810
12,070
125,285
26,248
5,583
12,605
5,551
8,071
12,554
124,860
26,342
5,459
12,571
122,072
26,588
5,408
7,648
11,948
12,571
125,853
26,865
5,723
8,280
12,725
126,074 126,311
26,470 '26,677
'§,748
5,887
'8,387
8,388
12,609 12,640
125,740
26,700
5,730
8,895
12,661
27,515
28,018
28,816
20,060
20,182
20,200
20,806
20,415
29,386
20,273
28,918
28,553
28,497
'28,735
28,822
8,879
10,440
10,846
10,428
10,605
10,554
10,452
10,885
10,370
10,286
10,440
11,276
11,310
11,380
10,044
10,326
10,542
10,555
10,567
10,610
10,657
10,631
10,620
10,640
10,502
10,542
10,422
10,337
10,100
10,219
47,204
10,201
53,012
46,780
20,025
57,146
46,780
20,408
55,600
46,679
20,200
56,807
46,773
20,524
56,000
46,891
20,887
57,262
47,078
20,010
57,110
46,648
20,085
57,641
46,769
21,405
57,111
47,069
21,146
56,988
46,780
20,025
57,146
46,721
20,098
58,189
46,748
20,807
58,484
47,063
'20,880
'58,868
46,861
20,832
58,047
26,313
44,000
27,766
45,526
26,257
44,077
26,410
44,000
26,286
45,260
26,811
45,666
27,218
45,788
27,548
45,777
27,729
45,731
27,987
45,711
27,766
45,526
28,025
46,062
28,007
46,226
'27,978
'46,815
27,617
46,877
105,287
14,611
114,147
14,818
109,160
15,165
100,580
15,245
110,611
15,287
111,854
16,243
112,073
15,845
111,923
15,428
112,353
15,447
118,574
15,266
114,147
14,818
114,892
15,145
114,019 118,507
14,882 14,677
114,120
14,915
1
8,153
8,153
25,250
25,727
24,086
25,405
25,521
26,038
26,087
26,025
26,059
25,987
25,727
25,788
'25,777
25,811
137,802
148,008
142,018
148,407
148,518
144,191
144,478
144,189
144,898
144,888
148,098
144,214
144,338 148,497
148,436
12,701
121,064
§5,691
35,373
2,650,525
1,435,605
1,223,920
'2,659,525
18,531
181,867
08,080
87,087
2,820,084
1,520,408
1,800,581
'2,820,084
18,110
125,418
80,051
36,862
240,054
180,202
100,852
280,007
18,146
126,541
80,755
86,786
281,106
121,766
100,480
288,758
18,026
127,100
90,414
86,776
246,498
182,111
114,887
285,157
18,232
128,543
91,448
87,100
218,860
100,964
108,896
280,447
18,513
120,122
01,720
87,402
220,008
118,828
110,775
286,793
13,687
128,884
01,808
37,031
247,045
132,758
115,102
284,854
18,688
129,794
92,075
37,719
237,360
125,267
112,102
284,067
18,717
131,239
03,098
38,141
288,524
180,044
108,480
289,710
13,581
181,867
93,980
87,937
230,124
188,898
105,726
240,752
13,565 13,604
13,664
133,046 132,512 131,599
93,686 '98,041
94,482
38,826 '88,558
88,614
218,817 '284,078 '255,140
110,834 123,474 139,645
103,483 1 10,604 115,405
227,572 '•231,759 '241,071
18,549
182,314
03,417
88,897
236,088
124,468
111,620
285,602
'1,435,605 '1,520,408
1
144,162 '142,204
'57,080
'60,250
120,872
12,865
128,524
12,481
4,870
125,187
11,770
4,424
122,081
11,510
4,486
126,766
11,251
4,485
125,227
11,899
124,262
11,022
4,768
180,175
11,240
4,640
131,719
10,982
4,588
117,909
11,803
4,789
120,782 128,872
10,910 11,786
'4,680
4,422
128,887
11,617
4,626
18,007
22,781
19,890
87,062
15,240
110,585
6,686
12,702
22288
18,677
88,470
11,405
110,229
6,528
18,485
23,848
19,598
88,414
12,812
110,020
6,205
12,820
20,017
10,778
84,012
17,184
108,416
5,972
18,275
22,648
19,424
36,514
12,426
110,027
18,689
22,554
20,808
82,555
11,570
109,127
5,465
18,875
21,476
20,181
38,185
12,185
109,805
5,828
18,800
22,676
21,609
86,779
14,901
109,585
5,627
18,955
21,778
22,774
88,501
16,287
109,083
5,695
'6,108
5,871
13,548 14,186
18,776
22,348 '22,384
22,471
19,921 10,588
19,878
29,928 '37,129
27,171
15,364
9,109
11,747
109,668 ••110,977 112,199
18,916
21,693
20,381
31,682
10,779
112,215
'75,016
'73,301
'142,607 '150,875
'254,440 '267,116
'227,382 '240,404
'SS0,685 '425,208
'137,359 '165,658
'1,228,020 '1,300,581
'311,395 '825,442
Industries without unfilled
orders <)
,..,,,,
do
'912,525 '084,089
By market category:
Home goods and apparel.
do... '170,251 '177,628
Consumer staples
do... '501,628 '550,107
Equip, and defense prod., exc. auto..... .....do... '468,268 '500,048
Automotive equipment
do... '247,752 '260,071
Construction materials, supplies, and
intermediate products
do... '205,204 '208,680
Other materials, supplies, and
intermediate products
do.,. '1,066,842 '1,124,410
Supplementary series:
Household durables
do...
'88,111
'7S,S68
Capital goods industries
do ... '580,817 '575,660
'420,831 '467,846
Defense
do... '109,086 '108,814
Sst feotnotts at end of tabta.
8,140
8,158
4,741
7,168
4,541
6,012
25,607
6,120
27,805
27,815
27,544
26,768
27,571
27,282
27,040
27,485
26,301
26,987
27,780
'28,317
28,428
88,280
82,014
82,476
81,648
82,456
81,845
82,765
82,050
82,732
82,676
'88,197
'83,882
88,787
14,977
45,688
48,728
22,844
14,861
46,186
40,188
22,011
14,558
45,554
48,069
20,255
14,540
45,278
40,711
17,777
14,769
46,651
40,089
24,820
14,828
46,040
41,707
21,428
15,148
46,809
40,684
20,788
14,816
46,798
44,506
22,280
14,958
47,084
49,545
20,669
14,006
46,588
41,891
15,960
14,098
47,298
39,586
20,486
14,145
'48,072
'44,492
'22,126
14,150
48,197
89,228
20,974
17,866
17,205
17,219
16,805
17,837
17,546
17,685
17,575
17,841
17,698
17,880
17,341
17,647
95,809
98,812
94,502
95,836
93,127
92,815
08,008
98,790
91,155
91,429
92,961
'94,895
95,411
7,119
6,689
44,862
87,290
7,572
6,678
48,084
89,146
8,988
6,801
6,918
45,546
35,975
6,994
50,188
88,901
11,267
7,117
45,086
37,180
7,956
6,898
45,980
35,841
10,689
7,139
49,071
41,445
7,626
54,159
44,889
9,770
6,566
44,835
88,347
6,488
6,743
43,770
36,094
7,676
'6,879
'48,912
'40,889
'8,028
6,784
44,907
36,871
8,086
48,040
40,889
8,551
9,571
: : :;: :;: : :
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88
S-5
SURVEY OF CURRENT BUSINESS
June 1990
Annual
Iljnlts
T .
1988
1990
1989
1989
Apr.
May
June
July
Sept.
Aug.
Oct.
Nov.
Jan.
Dec.
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 "f"
do
By market category:
Home goods and apparel
do....
Consumer staples
do
Equip, and defense prod., excl.
auto
do
Automotive equipment
do
Construction materials, supplies, and
intermediate products
'.
do ....
Other materials, supplies, and
intermediate products
do....
Supplementary series:
Household durables
do
Capital goods industries..
do
Nondefense
do
Defense
do
BUSINESS INCORPORATIONS @
New incorporations (50 States and Dist. Col.):
Unadjusted .
number
Seasonally adjusted
do
463 934
443 957
509 942
490 624
493 060
472 295
490 531
469 868
491 250
470 213
496 816
475 754
492 888
471 779
493 140
472 195
492 279
472 112
499 483
479 895
509 942
490 624
516 493
496 945
516,492 r522,268
497 023 r502 271
523,078
503 135
19 977
19 318
20765
20663
21 037
21062
21 109
20945
20167
19588
19318
19548
19,997
19,943
468 860
514 499
487 231
487 913
491 834
496 359
495 002
495 794
497 866
504 750
514 499
515 367
512 654 r516 426
517 676
447 868
25737
10,903
494 196
22510
8,730
466 938
25883
10,698
467 500
26 114
10,520
470 917
25705
10,086
475 834
25 115
9,655
474 253
24 151
9,117
475 087
23572
8,795
477 509
22775
8,718
484 475
22525
8,593
494 196
22510
8,730
495 389
22620
8,958
730
492 947 r496
22 362 r22 756
'8,829
8,815
498 027
23056
8,931
12,634
26,210
61,779
89985
12,431
25,960
62,088
90571
11737
11,611
25,538
61,900
92387
254,657
11 444
11357
25,550
61,472
94322
25,756
61,730
93800
11,545
25,574
60,291
92,627
269,734
19,469
12591
11 444
12781
13 140
13190
28,406
59,963
93498
25,550
61,472
94322
28,037
61,822
91 937
27,459
61,857
90662
27,567
62,647
90416
212 120
262 703
231427
233 720
237 131
13,059
26,995
61,978
90625
244,047
245 266
245 654
25,852
61,579
90772
249,020
262 703
264 445
11,214 11,396
25,462 r25,500
61,624 r60,853
93128 '92,473
263,525 r268,513
174 722
224 779
193 939
196 185
198 610
206 512
208 617
209 565
212 498
218 199
224 779
226 718
225 352 r231 022
231 865
20303
20293
20413
20917
20525
20749
20707
20357
20275
20303
19978
19 696
19649
20992
8,234
8,387
8,679
8,533
836
867
687
921
286 731
8888
328 716
7677
302 675
8640
304 197
8395
8,124
1 004
308 388
8294
8,151
920
8,097
8,263
8,493
8,564
8,679
949
913
914
927
867
8,160
825
310 782
8115
310 586
7972
311 763
7817
313 753
7672
319 075
7697
328 716
7677
330 634
7670
19707
r
7,269
r
796
7,343
329 126 r332 980
r
7263
7440
332 127
7,423
7,636
805
735
15,541
13,989
14,842
14,806
14,670
14,351
13,789
13,872
13,790
13,665
13,989
14,010
13,299
13,392
148,477
154,571
151,854
151,360
151,354
154,040
153,609
153,166
153,244
154,822
154,571
154,068
154,160 154,819
156,656
6 122
345 037
179 640
165 397
6099
398 602
231 182
167 420
6234
5925
365 412 367*050
200 244 203 007
165 168 164 043
5817
371 150
207 394
163 756
5913
377 765
214 576
163 189
5908
377 769
215 560
162 209
6043
378 787
215 171
163616
6 157
381 909
216 975
164 934
6 154
389 202
221 754
167 448
6099
398 602
231 182
167 420
5783
399 757
234 342
165415
r
5289
5457
398543 M02 485
r
233 610 238 345
5328
403 206
239 762
163 444
685 095
677 699
61 041
57 586
51 373
54478
56755
56642
51 014
54502
53 175
53*282
50214
55*180
54 017
57040
62 189
59*397
3989
3684
INDUSTRIAL AND COMMERCIAL
FAILURES @
Failures, total
number
57 099
Commercial service
do
22782
Construction
,
do
6828
Manufacturing and mining
do,
4,719
Retail trade
do
11,487
Wholesale trade
do
4459
Liabilities (current), total
mil $ 35 908 1
Commercial service
do
79872
Construction
do
1 8786
Manufacturing and mining
do
45500
Retail trade
do
39364
Wholesale trade
do
2071 7
Failure annual rate.....
No. per 10,000 concerns..
98.0
55 411
55 245
62242
57738
4 180
4406
3 679
1 411 1 655 1 441 1281
539
586
573
538
357
288
300
321
4184
962
948
814
10,803
820
315
3606
236
304
304
35 663 6 6 145 6 1 873 2 2 1860 40734
4132
4288
6,310 0 10768
441 5
129 3
2583 1
141 9
1009
141 1
38026
3127
2909
2340
3269
32033
2352
1395
1497
2598
590
632
1 026 6
81 1
1062
49719
17399
6829
3926
4231
1 394
628
387
920
314
4226
3 676
1299
1 230
607
532
336
387
968
832
319
275
29600 1 751 2 22239
4874
4536
5968
2257
1697
188 9
1599
2598
2648
201 1
2299
1 091 6
939
456
862
1325
530
380
832
287
2 000 8
1150
1859
1587
1049
1 229
498
291
799
264
50854
5544
9142
9455
2355
1102
672
555
691
552
373
411
771
1 398
794
948
988
306
681
551
742
519
375
420
673
1 400
817
985
1 017
309
5660
13,487
164 933 164 140
54 150
56821
63879
56380
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
632
546
716
485
378
378
683
1 295
721
746
949
269
674
582
775
502
405
428
704
1 400
769
826
983
314
676
612
871
496
436
442
667
1 395
742
752
957
316
682
613
778
492
436
441
751
1 395
752
746
966
335
674
596
755
483
415
426
743
1 395
754
752
972
328
673
592
835
502
398
421
658
1 392
757
771
980
314
661
554
698
508
379
417
675
1 377
773
807
996
316
656
547
663
540
378
416
736
1 441
769
856
968
316
662
552
714
555
371
418
771
1 416
778
899
984
293
705
587
1 260
505
379
414
616
1 398
827
960
1 042
316
379
399
638
686
555
722
541
387
392
662
1 396
1 396
814
881
822
838
1 059
298
693
577
1 119
*512
689
r
566
591
r
549
r
r
406
391
727
1 432
r
r
1 117
330
302
288
956
959
959
955
974
980
1 220
55
1 220
55
1 227
55
1 224
54
1 246
57
1 259
117.0
122.6
121.8
122.5
122.8
123.2
1183
1240
123 1
123 8
124 1
115.9
1183
1170
121.6
1237
1224
121.0
1229
121 7
121.7
123 5
1223
122.0
123 9
122 6
54
53
55
56
826
807
1 072
908
55
1 432
818
820
1 088
r
1 165
54
56
702
583
614
560
431
386
753
55
CONSUMER PRICES
(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
ALL ITEMS, WAGE EARNERS AND
CLERICAL WORKERS (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.
124.2
124.4
124.6
125.9
1250
1256
1259
126 1
127 4
122.6
1248
1234
123.1
1254
1240
123.3
1256
1242
123.5
1258
1244
125.0
1267
1257
123.2
123.6
1244
1246
122.0
1242
1229
122.0
1243
1230
127.1
127.3
127.5
1280
1287
1289
1292
125.7
127 3
1262
126.2
128 1
1269
126.5
1284
1271
126.7
1287
1273
126.4
SURVEY OF CURRENT BUSINESS
8-6
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88
June 1990
1990
1989
Annual
., ..
1989
1988
June
May
Apr.
Aug.
July
Sept.
Nov.
Oct.
Apr.
Mar.
Feb.
Jan.
Dec.
May
COMMODITY PRICES—Continued
CONSUMER PRICES— Continued
(U.S. Department of Labor Indexes) — Continued
Not Seasonally Adjusted
All items (CPI-U)— Continued
Commodities
1 982-84 — 1 00
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 other utilities #•
1982-84=100..
Fuel oil and other household
fuel commodities
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....
111 5
111 8
1058
110.4
107.7
125.7
1182
1166
118.5
127.1
127.8
131 1
104.4
1167
1182
111 7
1122
112.0
131.9
1251
1242
123.0
132.8
132.8
1373
107.8
1167
1184
1128
111.8
112.5
130.2
1242
1235
121.6
131.2
131.4
1354
106.2
117 5
1193
1139
111.9
113.2
130.8
1249
1244
122.1
131.8
131.7
1362
107.0
1172
1190
113.1
112.1
112.8
131.6
125.0
124.3
122.9
132.3
132.3
136.5
109.2
1170
1187
112.2
111.9
112.1
132.5
125.5
124.8
123.9
133.6
133.0
137.3
109.7
116.7
118.4
111.5
111.4
111.6
133.1
125.8
124.9
124.2
134.1
133.5
138.1
109.7
117.3
119'.3
112.9
111.3
112.4
133.4
126.1
125.0
124.3
134.1
133.9
138.9
109.7
118.1
120.1
114.1
112.1
113.4
133.7
126.5
125.4
124.4
134.8
134.7
139.7
108.0
118.3
120.0
113.6
113.0
113.4
134.1
126.9
125.8
124.5
135.2
135.2
140.3
107.5
118.2
119.8
112.6
113.5
113.0
134.6
127.4
126.5
124.9
135.6
135.5
140.9
108.4
119.9
122.0
114.2
113.8
114.1
135.4
130.4
131.0
125.9
136.3
135.8
141.1
110.8
120.6
122.9
115.0
113.7
114.6
136.0
131.3
132.1
126.1
136.6
136.0
141.0
110.2
121.1
123.8
116.5
113.4
115.4
136.9
131.5
131.9
126.8
137.8
136.5
142.2
109.9
121.4
124.2
117.4
113.1
115.9
137.1
131.3
131.1
126.8
138.0
137.0
142.5
109.4
121.4
124.2
117.5
113.2
115.9
137.6
131.3
130.9
127.1
138.3
137.3
143.1
109.9
78.1
104.6
81.7
107.5
82.5
105.0
81.5
106.1
80.2
110.5
79.7
111.1
78.9
111.3
79.3
111.0
82.0
107.6
83.9
106.1
88.7
107.0
113.1
107.5
95.4
108.3
91.5
107.9
89.6
106.8
88.0
107.8
109.4
115.4
108.7
107.6
1169
1180
123.3
138.6
111.2
118.6
114.1
112.9
1192
1204
129.5
149.3
110.7
120.9
114.6
113.6
119.4
120.7
128.4
146.8
110.8
120.4
116.0
115.0
119.5
121.0
128.9
147.5
111.1
117.8
115.9
114.9
119.1
121.3
129.6
148.5
111.4
115.0
115.4
114.3
118.6
121.1
129.7
149.7
111.4
115.0
114.3
113.1
117.7
120.3
130.1
150.7
111.7
120.0
113.7
112.4
117.0
119.8
130.1
151.7
111.9
122.7
114.5
113.3
118.6
119.7
130.6
152.7
111.9
122.1
115.0
113.7
120.5
120.1
131.3
153.9
111.7
119.2
115.2
113.9
121.8
119.7
131.7
154.4
112.1
116.7
117.2
115.9
122.3
118.9
134.2
155.9
112.8
120.4
117.1
115.6
121.9
117.4
136.7
157.5
112.8
125.4
116.8
115.1
121.3
116.6
139.1
158.7
112.8
126.7
117.3
115.5
120.7
116.2
140.3
159.8
113.2
125.5
117.7
115.9
120.7
116.9
140.9
160.8
.7
1166
112.5
124.2
123.2
119.3
1151
114.2
119.5
130.6
.4
1172
1130
124.9
124.1
119.5
1158
115.0
119.5
131.1
.2
117.3
112.9
125.2
124.4
118.9
115.7
114.8
119.3
131.6
3
117.3
112.8
125.6
124.6
118.3
115.3
114.3
118.8
132.3
.0
116.8
111.9
125.9
124.9
116.9
114.2
113.0
118.5
132.7
.2
117.1
112.2
126.3
125.1
118.6
113.9
112.7
118.1
133.0
117.7
112.8
126.8
125.6
119.4
114.5
113.3
118.8
133.6
.3
118.0
112.9
127.4
126.5
119.4
114.6
113.4
119.8
134.2
.4
118.2
113.1
128.0
127.1
119.0
115.0
113.8
120.8
134.9
1.1
120.3
114.9
130.5
130.8
119.0
117.4
116.2
121.6
135.7
g
121.0
115.6
131.1
131.5
122.9
117.7
116.3
121.4
136.2
.4
121.3
115.8
131.5
131.7
124.9
117.6
116.0
121.2
137.1
.1
121.2
115.8
131.2
130.8
125.0
117.7
116.1
120.9
137.5
.1
121.1
115.7
131.2
130.5
124.6
117.5
115.8
120.7
137.9
Seasonally Adjusted t
All items, percent cnange 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, and
components
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 ....
Foods and feeds, processed
Industrial commodities
Chemicals and allied products
Fuels and related prod., and
power
Furniture and household durables
Hides, skins, and leather products
Lumber and wood products
Machinery and equipment
Metals and metal products
Nonmetallic mineral products
Pulp, paper, and allied products
Rubber and plastics products
Textile products and apparel
Transportation equip. #
Motor vehicles and equip
1069
1122
1123
1132
112.9
112.8
112.0
112.4
112.8
112.7
113.0
114.9
114.4
114.2
114.0
114.5
960
1031
1044
1061
1041
1039
101.1
102.3
102.1
102.6
104.2
106.5
106.9
105.6
102.6
104.2
112.0
113.4
111.9
119.0
112.4
113.6
112.2
118.9
112.3
114.9
113.3
120.5
112.0
114.9
113.2
120.8
111.9
115.4
113.9
120.8
113.4
r
l!7.6
116.7
121.2
112.5
116.3
121.4
112.4
117.0
115.8
121.8
112.8
117.0
115.6
122.:
112.9
117.7
116.5
122.1
119.9
107.2
115.1
119.5
110.7
119.7
107.9
115.2
119.3
111.0
120.0
110.7
116.6
119.6
113.3
119.9
110.0
116.0
119.6
112.2
120.4
109.3
116.1
119.9
112.2
120.8
108.8
116.6
120.2
112.8
120.8
109.6
117.0
120.3
113.6
107.1
108.0
1062
114 3
112.0
113.6
112 1
1188
112.7
114.3
113 1
1188
112.5
114.1
1128
1187
im
1147
101 1
109.1
114.1
104.1
1190
107 1
114.3
1183
110.2
1187
107 4
114.4
117.8
110.8
1189
1086
115.0
118.1
111.6
1190
1082
114.9
118.3
111.3
118 8
1081
114.7
118.2
110.9
1190
1067
114.2
118.4
110.0
1192
107.2
114.5
118.6
110.4
do....
do
do . . . .
110.0
1049
112.7
106 3
116.3
115.4
1109
117.8
111 6
123.0
115.0
111 0
117.2
111 8
124.9
116.8
115 1
117.9
1124
124.9
115.4
111 8
117.4
1124
124.1
115.5
110 5
118.1
1122
123.1
115.0
109 3
117.9
1114
121.9
114.5
1080
117.9
111.9
121.4
114.5
107.8
117.9
112.4
121.4
115.5
109.0
118.9
112.1
121.0
116.6
111.5
119.3
112.3
121.0
118.3
114.J
120.2
114.1
121.2
118.5
115.7
120.0
113.6
122.1
118.7
115.(
120.8
113.2
122.1
118.4
112.8
121.4
113.1
122.0
120.2
113.1
123.9
113.3
122.3
do
do..
do...
do...
do...
do
do...
do..
do..
do
do..
do
667
1131
131.4
118.9
113.2
1187
111.2
130.4
109.3
1092
114.3
113.1
729
1169
136.3
126.7
117.4
124 1
112.6
137.8
112.6
1123
117.7
1162
742
116.2
136.1
125.2
116.5
1256
112.6
137.4
113.0
111 6
116.4
114.8
760
1165
134.8
126.5
116.9
1252
112.7
137.8
113.0
111 8
117.2
1156
758
117.0
135.2
127.4
117.3
1240
112.8
137.9
112.8
1122
117.6
115.9
75 5
117.5
136.9
128.9
117.8
123.0
112.8
138.0
112.8
1126
116.9
114.5
72.0
117.9
137.2
129.0
118.0
123.0
112.8
138.4
112.6
1129
117.1
114.5
73.9
117.9
138.0
129.0
118.2
123.7
112.9
138.6
112.7
1130
116.6
113.8
73.7
117.7
138.2
130.9
118.5
123.9
113.0
139.1
112.5
113.3
120.0
119.6
72.8
117.8
138.0
130.0
118.7
122.8
113.1
139.3
112.5
113.5
120.0
118.8
73.7
117.9
139.5
128.5
118.9
121.7
113.2
139.2
112.9
113.6
119.8
118.6
'79.8
118.4
138.9
129.0
119.6
121.7
113.8
140.3
113.2
114.6
119.7
117.2
76.8
118.6
141.0
129.8
119.7
120.9
113.9
140.4
112.9
115.0
120.0
117.3
74.6
118.8
140.9
130.5
119.9
122.0
114.1
140.6
113.2
114.8
120.1
116.9
73.0
119.0
142.4
132.5
120.2
123.0
114.3
140.8
113.4
114.8
120.1
116.8
73.6
119.2
143.3
132.0
120.3
123.0
114.6
140.7
113.6
114.8
120.1
116.4
PURCHASING POWER OF THE DOLLAR
As measured by:
Producer prices
1982— $1.00
Consumer prices
1982-84—$! 00
112.7
114.2
1132
1183
120.2
107.2
115.2
119.6
110.7
Seasonally Adjusted t
Finished goods, percent change from previous
month
By stage of processing:
Crude materials for further processing
. .
.
1982 — 100
Intermediate materials, supplies, and
components
do
Finished goods #
do..
Finished consumer goods
. do
Foods
do..
Finished goods, exc. foods
do..
Durable .
do
Nondurable
. .. . do
Capital equipment
do
See footnotes at end of tables.
112.4
113.0
1118
1176
1.9
92
84
88
80
104 5
1045
1033
1035
101.1
1023
102.6
103.2
104.7
107.0
107.5
106.0
102.7
102.6
1125
113.
1119
118.0
109.0
1164
104.
117 4
1126
113.9
1129
118.6
110.0
1172
105.5
118
1123
114.0
112.8
117.9
110.2
117.7
105.
1188
112
113.6
112.
118.
109.2
117
104.3
1189
111 8
113.3
111.6
118.5
108.2
1178
102.7
1193
1122
114.
112.
118.
109.7
1187
104.
120
1124
114.7
113.3
119.7
110.
118.
105.
1200
1122
114.8
113.3
120.7
109.7
118.7
104.4
1204
112.2
115.5
114.1
121.6
110.4
119.2
105.3
120.7
113.6
117.7
117.0
124.4
113.4
118.6
109.7
120.9
112.8
117.6
116.7
125.1
112.7
118.9
108.5
121.2
112.8
117.4
116.3
124.4
112.3
119.4
107.8
121.7
112.9
117.1
115.9
123.6
112.1
119.2
107.6
121.9
112.8
117.4
116.2
124.3
112.2
119.3
107.7
121.9
88
81
.87
80
.87
80
87
80
803
.88
80
.87
79
.870
795
.867
793
.852
.782
.85
.777
.85
.77
.850
.774
r
.850
.785
8-7
SURVEY OF CURRENT BUSINESS
June 1990
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88
„ .,
1990
1989
Annual
u lls
1988
1989
May
Apr.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
r
33880
27,205
15,927
11,079
May
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE
Private, total #
do
New housing units....
do....
Nonresidential buildings, except farm and
Industrial
Commercial
Public utilities:
.do . .
..do....
.'
Public, total #
do ....
Buildings (excl military) #
do
Housing and redevelopment
. do
Industrial
do. ..
Military facilities
....do....
Highways and streets
do
New construction (seasonally adjusted at
annual rates) total
bil $
Private, total #
do
Residential
do
New housing units
do....
Nonresidential buildings, except farm and
public utilities, total # ....
. bil $
Industrial
do ..
Commercial
do
Public utilities:
Public, total #
Buildings (excl military) #
Housing and redevelopment
Industrial
.S
Military facilities
Highways and streets
...
.
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: <>
Total privately owned
do....
One-family structures .
do
New private housing units authorized by building
permits (17,000 permit-issuing places): t
Monthly data are seas. adj. at annual rates:
Total
thous
One-family structures
do
Manufacturers' shipments of mobile homes:
Unadjusted
thous
Seasonally adjusted at annual
rates @
do
CONSTRUCTION COST INDEXES
Dept. of Commerce composite
1982 = 100 ..
Boeckh indexes:
Average, 20 cities:
Apartments,
hotels,
office
buildings
..
1982 — 100
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.
414 272
330 250
195 386
137,807
32 210
26288
15 791
11,161
35 894
28467
17 103
11,799
37 578
29,683
18 092
12,442
37 948
29,947
18 680
12,931
400 091
31,291
18953
13,015
39 050
30,084
18 122
12,604
38 209
30,226
17790
12,358
36 290
28,775
16715
11,906
31 770
25,344
14043
9,998
28 522
22,828
12763
9,339
28 368
22,822
12
481
r
9,077
97 102
14,930
58,103
99 273
16,756
57,484
7 657
1,232
4,462
8 252
1,331
4,832
8 419
1,393
4,894
8 198
1,344
4,790
9 166
1,547
5,309
8949
1,615
5,117
9 155
1,677
5,240
8 894
1,593
5,099
7940
1,535
4,445
7506
1,432
4,092
7,740
1,529
4,264
8 867
80,924
27455
1499
1,413
3,579
28523
8 559
84,022
30120
1,813
1,317
3,504
27662
682
5,922
2361
135
106
171
1757
786
7,427
' 2,497
177
121
323
2,540
766
7,895
2,597
175
128
360
2,939
699
8,000
2,766
164
105
266
2,898
791
8,800
2,919
170
122
315
3,407
726
8,966
2,844
145
166
410
3,266
767
7,983
2,688
149
87
173
3,004
785
7,514
2,682
164
93
305
2,461
820
6,426
2,545
153
111
296
1,760
590
5,694
2,428
133
120
277
1,341
411 9
332.5
2007
141.8
4165
330.6
1970
138.2
4125
329.0
1942
136.5
410.3
328.8
1952
136.6
416.3
331.9
194.4
135.8
4162
329.6
1928
134.0
411.5
328.7
191.4
133.9
416.5
327.8
190.3
134.9
415.1
321.4
189.5
135.6
425.0
334.2
196.7
138.1
438.5
342.9
199.3
142.0
96.0
16.2
556
97.5
15.9
568
98.7
16.3
574
97.6
16.4
566
101.7
17.5
577
101.1
17.9
571
101.4
17.9
58.2
101.5
18.0
57.8
95.1
17.3
54.4
100.4
19.3
55.4
106.2
r
20.9
r
59.7
88
79.4
292
16
1.3
21
278
89
85.9
299
21
1.4
39
274
86
83.5
29.5
2.1
1.5
4.3
27.3
85
81.5
30.1
2.0
1.3
32
26.1
83
84.4
30.6
2.0
1.5
3.8
27.4
84
86.6
30.9
1.7
2.0
49
27.6
84
82.9
30.9
1.8
1.0
2.1
26.2
88
88.7
32.5
2.0
1.1
3.7
28.7
9.3
93.8
33 3
1.8
1.3
3.6
32.5
91
90.8
33.0
1.6
1.4
o3
29.4
9.0
'95.5
34.5
1.6
.9
3.2
34.0
do....
do
do
do ..
do
do
CONSTRUCTION CONTRACTS
Construction contracts (F.W. Dodge
Division, McGraw-Hill):
Valuation, total
mil $
Index (mo. data seas, adj.)
1982=100 ..
Public ownership
mil $
Private ownership
do
By type of building:
Nonresidential
do ....
Residential
do
Non-building construction
do....
New construction planning
r
409 662
328 739
198 101
138,947
r
605
5,546
2,448
131
78
267
1,293
31 544
r
25,623
14,564
10,566
r
8,108
1,556
4,349
8,277
1,724
4,353
764
5,920
'2,552
156
148
'296
1,377
r
r
r
6,675
2,797
143
128
270
1,773
r
r
435.6
344.8
'203.3
142.5
432.4
344.8
202.7
141.0
103.6
r
21.0
r
55.9
104.2
22.5
54.8
9.3
90.8
r
34.0
1.9
1.8
r
3.6
r
29.3
87.6
34.4
1.7
1.5
3.2
26.9
r
r
r
260 752
166
67 875
192 876
261 163
"170
71 305
189 859
24134
181
6817
17 317
r
24,738
167
r
6925
17813
24,650
170
6859
17792
22,330
170
6 111
16219
24,128
169
6381
17747
23,371
185
6725
16647
22,669
180
6,278
16,391
19,137
167
5373
13,764
16,629
166
4,586
12,043
16,471
158
4,309
12,162
14,863
154
3,845
11,017
20,919
157
5,953
14,967
20,160
147
5,629
14,531
23,576
155
7,320
16,256
90,624
121 940
48,188
93,058
120 436
47,670
7,482
11 466
5,186
r
8,269
11
851
r
4,618
8,496
11568
4,586
7,976
10318
4,036
8,626
11 554
3,949
8,786
10 159
4,426
8,533
10517
3,619
6,778
8950
3,409
6,167
7,262
3,200
6,238
7,579
2,655
4,821
7,240
2,801
7,086
9,940
3,894
6,381
9,722
4,058
7,502
10,946
5,128
283 448
275 118
23 972
20 155
24 319
21 210
25 170
21 042
25 564
23 182
19075
18 132
22463
22343
18230
129 4
1004
131 7
101 4
143 2
1003
1347
980
1224
91 7
1093
824
130 1
912
96 6
719
750
53.4
99.2
67.9
86.9
65.9
108.5
r
83.2
119.5
r
90.6
120.7
92.0
1,341
1 028
1,308
977
1414
971
1424
1 029
1,325
987
1,263
969
1,423
1023
1,347
1010
1,273
931
1,568
1,099
1,488
1,154
1,307
r
996
1,224
r
905
1,207
896
1,057
791
(3)
(3)
1 488 1 1 376 1
1 081 3 1 0033
1 456
994
1 338
932
1 355
937
1 352
900
1 323
877
1 281
910
1 334
933
1 310
946
1362
959
1364
984
1,416
984
1,739
985
1,297
974
1,232
912
1,108
'813
2183
198 1
17 1
19 1
189
144
194
165
177
151
11.7
13.4
13.7
16.2
16.2
186
190
189
189
195
200
193
189
116.2
119.9
1202
1183
1223
124 6
1234
127 3
384 6
420.7
3907
4288
1847
1842
202
205
200
179
119.7
119.5
119.5
119.5
3880
425.7
120.4
3887
427.6
1767
3894
428.0
120.4
120.3
3906
428.8
3949
432.5
1839
120.5
120.2
3954
432.5
395.8
433.4
120.2
120.8
396.6
435.6
187.5
395.7
435.0
120.6
121.1
127.0
126.9
130.7
126.6
1263
130.3
126.5
1260
130.3
125 5
1252
1288
1255
125 1
1287
1248
1240
127 4
1242
123 5
1267
3877
425'.5
194
395.9
435.2
397.4
437.6
190.5
397.3
437.8
2
399.3
2
437.3
S-8
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88
SURVEY OF CURRENT BUSINESS
, T ..
l)nits
1988
June 1990
1990
1989
Annual
1989
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
CONSTRUCTION AND REAL ESTATE—Continued
REAL ESTATE <>
Mortgage applications for new home construction:
12.8
10.3
FHA applications
thous. units.
11.6
9.4
12.2
9.0
7.6
9.5
10.4
12.5
9.9
12.4
8.3
117.3
104.9
10.9
133
110
112
117
Seasonally adjusted annual rates
...do....
113
141
151
132
142
128
138
92
132
115
Requests for VA appraisals ..
do
8.0
8.5
6.9
10.4
7.9
4.4
7.0
9.0
109.6
150.8
9.5
10.4
9.0
9.5
9.1
87
Seasonally adjusted annual rates.. .
do
85
87
110
106
105
132
108
110
102
145
111
103
Home mortgages insured or guaranteed by:
Fed. Hous Adm.: Face amount
mil $ 42,577.16 45,893.24 3,064.37 3,166.56 3,773.70 3,059.58 3,511.30 4,325.96 4,790.37 5,332.30 3,541.91 4,428.43 4,075.71 4,442.46 4,267.19 4,381.55
Vet. Adm.: Face amount § . .
do 15,773.84 14,041.80 1,127.15 1,164.14 1,071.66
984.90 1,102.03 1,032.98 1,217.43 1,326.48 1,192.67 1,405.07 1,386.13 1,537.57 1,157.15 1,236.42
Federal Home Loan Banks, outstanding advances
to member institutions, end of
period..
mil $
152,777 141,794 165,630 164,268 161,870 159,648 156,293 151,101 148,745 145,337 141,794 138,108 136,626 132,853 131,210 130,752
New mortgage loans of SAIF-insured
institutions, estimated total @
mil $
14,316
15,701
16,533
13,218
15,266
15,683
15,772
16,124
16,112
240,298 2 186,567
By purpose of loan:
Home construction
do
2,039
1,792
1,665
1,957
2,335
2,426
2,267
29,555 2 2 24,952
1,803
2,397
Home purchase
do.
9,837
12,153
11,656
12,776
11,404
176,407 142,432
12,389
11,822
12,125
12,697
All other purposes
do.... 34,336 2 19,183
1,320
997
1,183
1,355
1,421
1,342
1,943
1,904
1,719
DOMESTIC TRADE
ADVERTISING
Magazine advertising (Leading National
Advertisers):
Cost, total
Apparel and accessories
Automotive, incl. accessories
Building materials
Drugs and toiletries
Foods, soft drinks, confectionery
Beer wine, liquors
Houshold equip., supplies, furnishings
:
.
mil $.
do
do
'do
do ..
do
do
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
31,197
11,771
3,586
15,840
32,368
12,245
3,239
16,885
WHOLESALE TRADE t
Merchant wholesalers sales (unadj.),
total
. .
mil $ 1,622,115 1,748,194
Durable goods establishments
do
795,372 859,960
Nondurable goods establishments .
do
826,743 888,234
Merchant wholesalers inventories, book value
(non-LIFO basis),
end of period (unadj.), total
mil. $
180,943 189,042
Durable goods establishments.....
do.... 115,647 122,053
Nondurable goods establishments
do.... 65,296 66,989
141,130
69,440
71,690
152,604
74,643
77,961
150,308
74,245
76,063
137,524
68,081
69,443
152,731
76,020
76,711
145,394
73,080
72,314
155,847
78,451
77,396
150,006
74,608
75,398
144,355
69,247
75,108
146,135
71,238
74,897
138,361 158,734
69,070 '80,795
69,291 '77,939
149,610
76,093
73,517
184,390
121,635
62,755
183,089
122,538
60,551
184,498
122,613
61,885
184,895
124,655
60,240
182,299
122,371
59,928
183,868
122,335
61,533
189,404
123,856
65,548
189,822
123,652
66,170
189,042
122,053
66,989
190,390
124,313
66,077
190,475 190,909
125,488 125,562
64,987 '65,347
190,518
125,232
65,286
144,079
54,908
142,342
51,707
148,834
51,951
176,486
57,004
132,560
49,283
127,338 148,334 144,850
46,720 '54,970 '53,996
8,029
32,969
8,153
29,678
7,517
28,344
6,841
26,475
6,035
29,915
7,346
89,171
15,600
29,396
9,593
7,533
14,677
4,936
1,651
147,235
55,508
7,421
90,635
16,532
28,718
9,865
7,546
14,728
5,051
1,591
145,244
53,627
8,234
96,883
21,098
29,248
9,529
8,708
13,999
5,217
1,658
146,340
53,768
9,993
119,482
32,336
32,352
9,761
12,844
14,519
6,754
2,311
145,804
52,683
7,150
83,277
12,069
28,470
9,427
5,802
13,478
5,254
1,478
149,877
56,217
7,826
7,699
7,769
7,567
7,839
8,062
'7,890
'7,639
5,600
1,032
32,988
5,591
1,012
31,230
5,611
1,022
31,111
5,495
989
30,429
5,794
1,038
33,274
5,974
1,059
31,408
'5,806
1,062
'31,484
5,679
1,039
'30,966
30,318
28,592
28,395
27,700
30,533
28,619
'28,706
'28,200
2,670
2,638
2,716
2,729
2,741
2,789
'2,778
2,766
7,505
7,573
7,674
7,406
7,682
7,813
'7,804
'7,841
4,038
4,077
4,250
3,987
4,235
4,228
'4,214
4,173
2,742
2,777
2,697
2,713
2,743
2,843
'2,847
2,932
RETAIL TRADE $
All retail stores:
Estimated sales (unadj.), total.....
mil. $.. 1,650,005 1,733,654 139,785 150,259 149,003 144,546 153,030
Durable goods stores # . . .
.
do
627,370 645,524
58,397 55,021
59,703
58,894
53,584
Building materials, hardware, garden
8,441
supply, and mobile home dealers mil. $.. 91,206
8,808
9,033
93,018
9,446
8,150
Automotive dealers
do
371,573 377,690
35,086 32,960
36,166
35,357
32,589
Furniture, home furnishings,
and equipment
do
85,395
7,696
7,181
7,485
90,016
7,331
6,908
Nondurable goods stores
do.... 1,022,635 1,088,130
90,606 89,525 93,327
86,201 91,365
General merch. group stores
do.... 191,800 202,570
15,911 14,790
16,616
16,214
15,305
Food stores
do
29,905 30,285 30,140
326,504 349,269
29,784
27,917
Gasoline service stations
do
10,454
10,383
107,906 115,534
10,264
9,636
10,425
Apparel and accessory stores
do.... 84,865 91,227
8,107
6,814
7,114
7,027
7,322
Eating and drinking places
do
15,434
15,238
165,511 173,527
15,672
14,909
14,382
Drug and proprietary stores
do.... 57,444
4,840
4,935
61,104
5,065
4,701
5,056
Liquor stores
do
1,717
19,605 20,009
1,716
1,768
1,686
1,547
Estimated sales (seas, adj.), total
do....
143,744 144,715 144,384 145,438 146,649
r
r
Durable goods stores #
.do
55,521
53,704 54,327
53,986 54,049
Bldg. materials, hardware, garden supr
ply, and mobile home dealers #
.mil. $..
7,953
7,840
7,851
7,834
'7,786
Building materials and
supply stores
do
5,697
5,687
5,619
'5,692
''5,684
r
Hardware stores .
do
1,023
1,024
1,011
1,019
984
r
Automotive dealers
do
31,940 32,779
31,328
31,811 '31,559
Motor vehicle and miscellaneous
r
auto dealers
do
28,778 29,368 30,191
29,288 '28,969
Auto and home supply
stores . .
do
2,550
2,588
2,572
'2,590
'2,523
Furniture, home furnishings,
and equipment #
do....
7,424
7,553
7,529
'7,510
'7,494
Furniture, home furnishings stores
do
4,139
4,045
4,069
4,087
4,138
Household appliance, radio, and
TV stores
do
2,713
2,729
2,801
'2,706
'2,780
See footnotes at end of tables.
"7,296
"2,495
"965
"3,835
8,952
3,228
841
4782
7,829
3,104
753
3,972
8,271
3002
750
4,518
5,911
27,776
'7,456
'33,326
'8,020
'32,391
1
152,944
' 57,704
1
' 8,790
34,340
'7,189
'7,541
6,698
'7,584
80,618 '93,364 '90,854 ' 95,240
12,674 16,189 15,908 17,013
1
27,304 '30,949 '29,629 1 31,468
10,076
'9,783
'9,772
8,786
'7,606 1 '7,781
'7,565
5,668
15,453
13,262 15,229 14,902
'5,291 1 5,392
'5,277
4,902
1,564
1,603
1,419
149,904 149,302 147,931 1 146,843
55,037 '54,663 '53,756 1 53,169
' 7,319
1
30,783
1
28,053
'7,755
SURVEY OF CURRENT BUSINESS
June 1990
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88
....
S-9
1990
1989
Annual
unils
1988
1989
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
DOMESTIC TRADE—Continued
RETAIL TRADE t— Continued
All retail stores— Continued
Estimated sales (seas, adj.) — Continued
Nondurable goods stores
mil $
General merch. group stores..
do
Department stores 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 supply, and mobile home dealers.
do
Automotive dealers
do
Furniture, home furnishings,
and equipment
do
Nondurable goods stores #
do
General merch. group stores
do....
Department stores excluding
leased departments
do
Food stores
do
Apparel and
accessory
stores
do
Book value (non-LIFO basis),
(seas, adj.), total ..
do
Durable goods stores #
do
Bldg. .materials, hardware, garden supply, and mobile home dealers
do....
Automotive dealers
do
Furniture, home furn.,
and equip
do
Nondurable goods stores •#
do
General merch. group stores
do
Department stores excluding
leased departments
do..
Food stores
do
Apparel and
accessory
stores
do
Firms with 11 or more stores:
Estimated sales (unadj.), total
mil $
Durable goods stores
do
Auto and home supply stores
do
Nondurable goods stores #
do
General merchandise group
stores
do
Food stores
do
Grocery stores
...
do
Apparel and accessory stores
do....
Eating places.....
do
Drug stores and proprietary
stores
do
Estimated sales(sea. adj.), total* . . .
do
Auto and home supply stores
do. .
Department stores 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....
r
89 758
16684
r
90 666
16 538
90 680
16785
91 111
16872
91 128
16771
91 727
17 096
91 617
17054
92572
17278
93 121
17313
93 660
17526
94 867
17,944
r
94 639
17,621
r
94 175
17,252
1
93,674
1
13,538
r
563
r
28
752
r
27 130
9655
r
7,566
13,377
r
571
'29
100
r
27 452
10 005
r
7,587
13,589
585
29 076
27440
9,805
7,633
13,619
597
29261
27627
9807
7,665
13,569
595
29 297
27658
9,557
7,734
13,781
602
29440
27815
9574
7,694
13,756
625
29513
27,849
9,672
7,678
13,898
669
29704
27991
9,773
7,822
14,030
614
29874
28131
9,940
7,681
14,162
590
29,864
28,062
10,061
7,651
14,498
605
30,296
28,466
10,041
7,814
14,322
r
584
r
30,380
r
28,552
r
9,992
r
7,937
14,024
571
r
30,743
r
28,881
'9,803
r
7,745
13,852
785
777
777
791
785
794
795
807
798
r
791
r
785
r
2696
1425
14,382
r
4,938
1,674
2718
1420
14,419
'5,016
1,688
2700
1 434
14,444
5,000
1,683
2696
1435
14,478
5,057
1,690
2713
1432
14,511
5,127
1,692
2694
1 423
14,619
5,229
1,697
2705
1 401
14,597
5,234
1,659
2736
1445
14,613
5,302
1,656
2713
1403
14,504
5,232
1,630
826
770
2701
1,431
15,191
5,346
1,701
2,824
1,428
15,168
r
5,298
1,716
2;782
1,387
15,007
5,410
1,704
225,652 r228 184
113,289 114,316
233 755
116,712
2691
1405
14,779
5,400
1,663
215 022
112,658
230,528
117,896
228 550
118,563
229 932
119,571
229 939
119,721
228 862
116 672
228 759
113,596
233 504
113,953
245 244
118 190
250 415
121 655
230 528
117896
15211
60,987
15244
65,151
16462
65,901
16645
66412
16428
66,558
15951
63434
15747
59,380
15624
58752
15600
60671
15 454
63436
15244
65151
16 130
102,364
36,068
16 156
112,632
40,479
15767
109,987
40,702
15795
110361
40,409
15881
110,218
40,068
15834
112 190
41,257
16 117
115 163
42672
16514
119 551
45,386
17 681
127 054
49685
17808
128 760
50,700
16 156
112632
40479
27,920
21 844
31572
23 495
31,670
21 954
31482
22259
31,159
22390
31,882
22323
32859
22223
35044
22589
38546
23789
39853
24333
31572
23495
31605
23287
21020
21 046
17 048
16985
16502
17048
18 401
18370
18 130
18957
19738
20236
219 791
112 254
235 514
117 169
226 366
115 669
229 775
117 142
231 059
117 826
232 127
118 248
234 579
119 925
236 131
121 048
234 942
118 450
236 234
118 667
235 514
117 169
15,928
59080
15,946
62945
15,859
62942
16,020
64014
15,950
64337
15,824
64487
15763
65724
15878
66574
15984
63685
15965
63 616
15946
62945
16 179
107 537
39718
16205
118 345
44597
15975
110 697
40482
16052
112 633
41 446
16 106
113 233
41 835
16223
113 879
42221
16263
114 65442467
16 270
115 083
42933
16 524
116 492
43 511
16 643
117 567
44203
16 205
118 345
44597
30,614
21733
34,656
23399
31,294
22 148
32157
22445
32593
22421
32902
22505
32958
22639
33375
22707
33783
23 169
34475
23311
34656
23399
r
r
15
835
r
61,375
16628
62253
15990 15 909
112 363 113,868
40,354 r41,820
16 115
117043
43,408
r
32,904
r
34154
23242
15391
61,129
23 059
17 800
18603
233 701 232 000
114 194 113552
232 751
114 110
15,819
r
59 039
15,958
59 121
16417 16 452
448
119 507 118
44843 r44 277
16410
118641
44072
35078
23469
r
34 782
r
34 639
23301
r
15883
60 113
23 372
18035
18 652
18 606
18 783
18 905
19 052
19 015
18 948
18 920
18 926
18 652
18956
18 757
18829
608 039
72941
7546
535 098
649 144
77 600
8240
571 544
50659
5954
654
44705
53794
6 619
734
47 175
53 197
6499
748
46698
51 803
6 318
744
45485
54922
6 582
767
48340
52409
6 267
722
46 142
53425
6 319
753
47 106
60036
7 129
735
52907
80 162
10362
712
69800
47 395
5492
617
41 903
r
46 399
r
5307
r
*605
r
41 092
55332
6369
748
48963
176 335
185 099
182709
45,474
41 686
186 082
196 000
193 503
49,667
44426
14036
15647
15468
3783
3728
14853
16575
16 383
3959
3773
14620
16494
16304
3 860
3 836
13486
16722
16 537
3632
3945
15261
16537
16 348
4558
4 015
14 247
16293
16 113
4 129
3734
15088
16031
15844
4089
3797
19403
16618
16 408
4844
3 613
30047
18574
18 188
7 319
3754
11 046
16*308
16 103
2951
3468
11 642
15 464
15 247
r
2,997
r
3404
14 903
17 545
17,323
4,199
3920
33759
36685
2763
53384
644
3009
53 665
685
2 958
54 137
700
2 ggQ
54277
707
3 017
54337
699
2 919
54806
711
2 967
54 653
709
3 127
55295
712
4368
55542
724
3 136
56277
729
r
r
2921
57 118
'781
3232
56924
758
13 049
439
15946
4 105
12761
449
16 093
4 154
13 148
465
16063
4 154
13 165
474
16 165
4 169
13 135
468
16 138
4234
13327
471
16 259
4231
13314
482
16 368
4 193
13426
421
16 507
4268
13579
487
16580
4 161
13 692
468
16601
4 221
14 069
486
16 792
r
4349
13946
464
16770
4391
1 480
907
2,955
1 537
884
3,000
1 478
898
3,018
1 479
903
3,057
1 481
907
3,098
1 467
909
3,145
1 476
888
3,153
1 498
910
1 472
862
1 475
876
1r 476
912
1 522
919
r
3,235
3,245
3,188
3,091
3,220
17,079
' 30,437
1
28,617
1
9,642
1
7,932
14,930
1
5,339
LABOR FORCE, EMPLOYMENT, AND EARNINGS
LABOR FORCE AND POPULATION
Not Seasonally Adjusted
Noninstitutional population, persons 16
years of age and over
Labor force @
Resident Armed Forces
,
Civilian noninstitutional population
Civilian labor force, total
Employed
Unemployed
Seasonally Adjusted <0
Civilian labor force total
Participation rate "|" ..
Employed, total
Employment-population ratio t
Agriculture
Nonagriculture
.
Unemployed, total
Long term, 15 weeks and
over
See footnotes at end of tables
thous
do
do....
do....
do....
do
do
do
percent
thous
percent ..
thous
do
do
do....
186 322
123 378
1,709
184,613
121,669
114968
6701
188 081
125 557
1,688
186,393
123,869
117 342
6528
659
66 5
62.3
3 169
111 800
63.0
3 199
114 142
1.610
1.375
187 708
124 260
1,684
186 024
122,576
116 347
6229
187 854
124*869
1,673
186 181
123,196
117 039
6 156
187 995
127235
1,666
186 329
125,569
118719
6850
188 149
127 904
1,666
186 483
126,238
119502
6736
188 286
127 132
1,688
186 598
125,444
119 092
6*352
188 428
125530
1,702
186 726
123,828
117498
6330
188 580
126 125
1,709
186 871
124,416
118 194
6*222
188 721
126*368
1,704
187 017
124,664
118 168
6495
188 865
125 698
1,700
187 165
123,998
117 698
6300
188 990
124 990
1,697
187 293
123,293
116 037
7 256
189 090
125 120
1,678
187 412
123,442
116 308
7 134
189 198
125 458
1,669
187,529
123,789
117 093
6697
189 326
125 473
1,657
187,669
123,816
117 359
6457
189 467
126 279
1,639
187,828
124,640
118 277
6363
123 615
66 5
117 084
62.9
3 144
113 940
6531
123 551
664
117 132
62.9
3 137
113 995
6419
124 111
666
117 542
63.1
3 138
114 404
6,569
124 013
665
117 436
63.0
3217
114 219
6577
124 070
665
117 550
63.0
3275
114 275
6520
124 023
664
117 419
62.9
3219
114200
6604
124 148
664
117 585
62.9
3 197
114*388
6563
124 488
666
117 836
63.0
3 160
114*676
6652
124 546
66 5
117 888
63.0
3 197
114691
6658
124 397
664
117 863
62.9
3 134
114 728
6 535
124 630
665
118035
63.0
3079
114957
6594
124 829
666
118 334
63.1
3200
115 133
6495
124 886
665
118116
62.9
3 133
114 983
6,770
125 004
666
118 350
63.0
3305
115 045
6,653
1.391
1.331
1.295
1.461
1.338
1.359
1.378
1.362
1.430
1.369
1.333
1.386
1.374
1.422
S-10
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88
,, .,
June 1990
1990
1989
Annual
U n ts
1988
1989
Apr.
June
May
Aug.
July
Dec.
Nov.
Oct.
Sept.
Apr.
Mar.
Feb.
Jan.
May
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
LABOR FORCE— Continued
Seasonally Adjusted <>
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 ....
5.5
4.8
4.9
15.3
4.7
11 7
8.2
33
39
8.1
5.3
4.5
4.7
15.0
4.5
11 4
8.0
30
37
8.1
5.3
4.6
4.7
14.6
4.5
11 0
8.2
32
40
7.8
5.2
4.3
4.7
15.0
4.4
11 1
7.9
29
38
8.2
5.3
4.4
4.8
15.4
4.5
118
8.0
2.9
3.8
7.9
5.3
4.4
4.9
15.1
4.5
11 0
8.8
30
38
8.5
5.3
4.5
4.7
14.8
4.5
112
8.8
3.1
3.9
8.0
5.3
4.8
4.5
15.0
4.5
117
8.3
33
3.8
7.7
5.3
4.5
4.8
14.9
4.5
117
8.0
3.0
3.9
7.8
5.3
4.6
4.8
15.3
4.5
119
8.0
3.1
3.8
8.2
5.3
4.6
4.8
15.2
4.6
11.8
8.5
3.0
3.9
8.1
5.3
4.7
4.6
14.5
4.5
11.3
7.1
3.4
3.7
7.5
5.3
4.6
4.8
14.8
4.6
10.5
7.8
3.0
3.8
7.5
5.2
4.5
4.7
14.4
4.5
10.6
7,7
3.2
3.6
8.4
5.4
4.8
4.8
14.7
4.8
10.4
8.0
3.3
3.5
7.5
5.3
4.7
4.6
15.5
4.6
10.4
7.7
3.3
3.5
7.4
5.5
10.6
53
50
10.6
5.3
10.0
51
48
9.6
5.3
9.8
50
47
9.8
5.2
9.5
49
46
9.9
5.3
10.0
51
4.6
10.4
5.4
10.3
51
4.7
8.9
5.4
10.2
5.2
4.9
9.0
5.4
10.1
5.2
4.9
7.8
5.3
9.3
5.4
5.2
9.8
5.4
9.8
5.4
5.4
12.1
5.4
9.8
5.6
5.4
9.7
5.5
9.3
5.9
5.8
9.2
5.5
8.9
5.9
5.5
. 9.3
5.5
10.0
5.5
5.3
10.1
5.7
10.6
5.9
5.7
11.0
5.5
11.5
5.4
5.5
7.9
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
1.9
2.0
1.8
1.9
2.0
2.2
2.1
2.3
1.9
2.0
1.9
1.9
1.9
1.8
1.8
1.9
4.0
6.9
5.4
8.4
7.2
3.9
6.6
5.2
8.0
6.6
3.6
7.0
5.6
7.8
6.3
3.9
6.6
5.1
6.9
5.4
3.8
6.9
4.9
7.6
5.1
4.1
6.5
4.0
8.1
4.7
3.9
6.4
4.5
7.5
5.1
4.0
6.5
4.6
7.5
4.6
4.1
6.3
4.5
7.3
6.3
3.8
6.9
4.7
8.0
8.5
3.5
6.4
5.5
8.2
7.3
4.4
6.5
6.5
10.8
8.0
4.3
6.8
6.8
9.5
8.4
3.8
6.4
6.0
9.5
7.8
3.8
6.3
5.7
8.9
6.7
3.7
6.7
5.1
8.0
4.4
EMPLOYMENT
Employees on payrolls of nonagricultural estab.:
Total, not adjusted for seas, variation
thous..
Private sector (excl. government)
do....
105,584
88,212
108,581
90,854
107,944
89,975
108,745
90,715
109,534
91,742
108,540
91,733
108,666
91,973
109,486
91,916
109,975
91,904
110,390
92,158
110,416
92,232
108,372
90,429
110,263 "111,031
108,895 109,581
90,600 r91,088 '91,699 "92,306
109,931
91,975
72,620
25,518
745
5,418
19,355
11,287
770
522
601
764
1,407
2,143
1,989
1,920
110,304 ''110,427 110,404
92,302 '92,313 '92,187
'72,783
72,850 '72,890
'25,491
25,686 r25,606
r
755
751
749
'5,332
'5,432
5,485
19,452 19,423 19,404
11,352
11,398 11,385
r
'763
766
765
'520
523
522
'593
'599
602
'766
765
767
1,425
1,420
1,419
'2,125
2,133
2,140
1,981
1,990
1,991
'2,015
2,022
2,021
"110,568
"92,197
"72,828
"25,439
"757
"5,313
"19,369
"11,339
"762
"521
"593
"766
"1,421
"2,122
"1,976
"2,012
Seasonally Adjusted
Total employees, nonagricultural
payrolls
. .
do
105 584 108 581 108 101 108,310 108,607 108,767 108,887 109,096 109,171 109,452 109,570
91,699
91,622
91,328
91,083
91,230
91,016
90,884
90,475 90,623
90,854
88,212
Private sector (excl. government)
do....
72,210
72,105
71,671 71,791
71,439
71,367
71,234
70,956
70,803
68,809
71,242
Nonmanufacturing industries
do....
25,532
25,603
25,609
25,614
25,694
25,669
25,648
25,672
25,671
25,249
25,634
Goods-producing
do ....
739
737
731
730
729
715
706
722
720
722
Mining
do
721
5,304
5,335
5,355
5,325
5,321
5,314
5283
5125
Construction
do
5283
5279
5300
19,489
19,517
19,537
19,644
19,559
19,649
19,650
19,667
19,672
19,403
Manufacturing
do ....
19,612
11,409
11,457
11,439
11,480
11,551
11,567
11,594
11,549
11,600
11,437
Durable goods
do...
11,536
765
764
765
763
759
767
769
772
771
765
Lumber and wood products
do....
769
523
525
525
528
529
534
536
534
537
531
530
Furniture and fixtures
do....
600
600
602
597
601
602
603
604
606
600
Stone, clay and glass products
do....
603
771
772
776
777
786
787
787
788
774
Primary metal industries
do....
785
782
1,426
1,434
1,430
1,438
1,443
1,446
1,449
1,452
1,454
1,431
Fabricated metal products
do....
1,445
2,145
2,146
2,139
2,147
2,152
Machinery, except electrical
do....
2,154
2,151
2,150
2,144
2,082
2,145
1,992
2,012
2,018
Electric and electronic equip
do ....
2,023
2,034
2,041
2,070
2,040
2,050
2,058
2,037
2,022
2,020
2,031
2,038
2068
2073
Transportation equipment ..
do
2046
2062
2076
2053
2051
Instruments and related
774
778
779
780
782
779
777
products
do
778
777
749
781
391
389
391
393
393
Miscellaneous manufacturing
do ....
392
392
392
391
391
386
8,080
8,080
8,078
8079
Nondurable goods
do
8093
8100
8083
8073
8072
7 967
8076
1,676
1,673
1,676
1,674
1,667
Food and kindred products
do....
1,678
1,663
1,656
1,657
1,636
1,665
51
51
51
51
52
52
56
Tobacco manufactures
do....
53
54
53
53
719
721
724
Textile mill products
do....
723
727
730
729
728
729
728
726
Apparel and other textile
1,081
1,084
1,084
1,088
1,095
1,094
products
do..
1,093
1098
1095
1091
1092
697
697
697
697
700
Paper and allied products
do....
701
697
693
697
696
697
1,621
1,617
1,612
1,612
1,611
1,609
1,607
1,561
Printing and publishing
do....
1,603
1,601
1,607
1,103
1,098
1,096
1,095
1,097
1,091
1,096
1,090
1,065
Chemicals and allied products
do....
1,094
1,093
163
164
164
163
163
163
163
Petroleum and coal products
do....
162
162
162
162
Rubber and plastics prod832
835
837
837
841
841
ucts nee
.
do
841
843
843
829
839
137
138
139
139
140
140
142
144
Leather and leather products
do....
142
143
140
84,038
83,843
83,568
83,482
83,193
Service-producing
do
83098
82430
82947
82959
82638
80335
5,834
5,753
5,729
5,709
5,618
5,736
5,716
5682
Transportation and public utilities
.....do ...
5700
5705
5548
6,311
6,300
6,278
6,264
6256
6237
6230
Wholesale trade ..
do
6222
6206
6234
6029
19,718
19,744
19,679
19,632
19,621
Retail trade
do
19,586
19,551
19110
19575
19528
19489
Finance, insurance, and real
6,885
6,871
6,851
6,852
6,836
estate
do .
6,815
6,808
6,776
6,790
6,814
6676
27,419
27,345
27,188
27 159
27058
Services
..
do
26973
26711
26651
25600
26931
26892
17,871
17,830
17,843
Government
do...
17,866
17,804
17,723
17,751
17,687
17,626
17,727
17,372
2,974
2,982
2,984
2,999
Federal
do ..
2,996
3,000
2,995
2,982
2,999
2971
2,988
4,156
4162
4153
4182
4 154
4 145
4 136
State
do
4 119
4 111
4 134
4063
10,741
10,686
10706
10688
10651
Local
do
10606
10 592
10 569
10 533
10 606
10339
Production or nonsupervisory workers on private
74,745
74,695
74,477
74,475
74,547
74,324
74,343
nonagric. payrolls, not seas, adjusted
.thous.
72,751 73,428
71,413
73,536
13,292
13,365
13409
13254
13474
13452
Manufacturing
do
13296
13487
13 390
13 362
13 375
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.
776
395
8,068
1,676
51
718
776
395
8,054
1,674
51
714
775
392
'8,038
1,669
50
711
'774
390
'8,052
1,674
'49
'712
"774
"392
"8,030
"1,668
"50
"706
1,073
697
1,624
1,104
163
1,063
699
1,625
1,106
165
1,054
697
1,626
1,106
165
1,057
698
1,627
1,106
165
"1,051
"697
"1,627
"1,105
"165
826
136
84,413
5,850
6,332
19,822
821
136
84,618
5,865
6,332
19,794
'824
136
'84,821
'5,875
'6,342
19,785
"827
'829
"134
135
'84,913 "85,129
'5,871 "5,879
"6,354
'6,338
19,807 "19,803
6,896
27,557
17,956
2,998
4,178
10,780
6,916
27,709
18,002
3,006
4,197
10,799
'6,922
'27,783
18,114
3,088
'4,205
10,821
'6,919
'27,76:
18,217
'3,155
'4,211
10,851
"6,924
"27,798
"18,371
"3,289
"4,217
"10,865
72,984
13,018
73,119
13,113
'73,569
13,107
'74,139
13,124
"74,679
"13,137
'74,612 "74,584
17,865 "17,824
"547
'546
"4,108
'4,127
13,192 "13,169
"7,537
'7,546
"629
'631
'414
"413
71,413
17 775
519
4002
13 254
7,635
637
423
73,536
18022
519
4,127
13 375
7,687
638
423
73,204
18053
519
4104
13430
7,744
642
428
73,315
18058
521
4,111
13426
7,735
641
427
73,555
18022
511
4,111
13 400
7,706
638
426
73,670
18047
503
4,134
13 410
7,697
636
427
73,741
18,071
525
4,145
13401
7,696
633
421
73,837
17987
525
4,143
13319
7,632
629
420
73,897
17 978
527
4,144
13307
7,615
633
418
74,174
17,975
530
4,169
13276
7,594
633
417
74,224
17,908
531
4,115
13262
7,579
632
415
74,472
17,906
537
4,241
13,128
7,456
637
414
74,700
18,041
540
4,284
13,217
7,564
632
414
'74,724
17,969
542
4,236
13,191
7,559
'633
414
466
592
1,067
1,252
1,224
1,281
468
597
1,072
1,299
1,199
1,275
471
603
1,080
1,298
1,213
1,297
469
601
1,079
1,302
1,205
1,297
468
602
1,074
1,303
1,198
1,284
468
601
1,073
1,309
1,199
1,270
467
600
1,069
1,304
1,195
1,291
463
593
1,062
1,299
1,189
1,262
466
590
1,061
1,293
1,184
1,255
467
586
1,056
1,300
1,181
1,243
465
587
1,055
1,299
1,170
1,244
467
580
1,035
1,300
1,169
1,136
467
584
1,046
1,299
1,170
1,236
464
582
1,046
1,292
1,175
1,241
'459
'583
1,052
1,289
1,17
1,237
"457
"582
"1,048
"1,287
"1,171
"1,237
412
281
428
284
428
284
430
284
429
284
431
283
430
286
43
284
431
284
429
282
427
285
429
289
428
288
'426
'286
'428
282
"429
"284
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88
S-ll
SURVEY OF CURRENT BUSINESS
June 1990
1990
1989
Annual
I T ..
Unlts
1989
1988
Apr.
May
June
July
Oct.
Sept.
Aug.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT— Continued
Seasonally Adjusted
Production or nonsupervisory workers — Continued
Nondurable goods
thous
Food and kindred products
.do....
Tobacco manufactures
do....
Textile mill products
do....
Apparel and other textile
products
. . do
Paper and allied products
....do....
Printing and publishing
',
do....
Chemicals and allied products
do....
Petroleum and coal products
do....
Rubber and plastics products, nee
do....
Leather and leather products
do
Service-producing
do....
Transportation and public utilities
do....
Wholesale trade
do....
Retail trade
do ....
Finance, insurance, and real
estate
.. do
Services
..do ....
5619
1,163
42
632
5688
1,192
39
627
5686
1,184
40
630
5,691
1,184
38
630
5,694
1,190
38
630
5,713
1,205
39
631
5,705
1,197
39
627
5,687
1,203
38
623
5,692
1,205
38
625
5,682
1,200
38
622
5,683
1,201
38
621
5,672
1,205
39
618
5,653
1,200
38
614
'5,632
1,197
37
'611
'5,646
1,205
'36
'612
"5,632
"1,199
"37
"607
919
524
874
596
105
920
525
892
613
106
927
524
889
609
105
925
525
891
614
106
922
525
892
616
107
922
528
893
614
107
922
528
894
617
107
917
524
892
614
107
914
526
892
617
107
913
526
896
617
107
912
526
900
619
106
903
526
903
618
106
895
527
905
617
108
'884
525
r
905
'614
108
'887
'527
'903
'614
109
"883
"527
"902
"615
"109
646
119
53,637
4,610
4,854
16,936
655
116
55,515
4,755
5,017
17,326
660
118
55,151
4,735
4,996
17,235
660
118
55,257
4,752
5,007
17,280
656
118
55,533
4,763
5,016
17,317
657
117
55,623
4,779
5,021
17,338
658
116
55,670
4,665
5,038
17,388
653
116
55,850
4,758
5,037
17,391
653
115
55,919
4,782
5,053
17,383
649
114
56,199
4,800
5,066
17,490
647
113
56,316
4,880
5,071
17,456
641
113
56,566
4,888
5,096
17,544
636
113
56,659
4,900
5,091
17,501
r
638
113
'56,755
r
4,911
'5,095
17,496
'641
112
'56,747
'4,903
'5,094
17,529
"643
"110
"56,760
"4,917
"5,102
"17,488
4849
22,389
4,938
23,479
4,902
23,283
4,918
23,300
4,933
23,504
4,944
23,541
4,954
23,625
4,969
23,695
4,972
23,729
4,985
23,858
4,995
23,914
5,016
24,022
5,032
24,135
r
5,039
'24,214
'5,024
'24,197
"5,037
"24,216
34.7
34.7
34.8
349
42.8
37.9
34.5
34.6
42.0
37.7
34.8
34.6
42.6
38.0
35.1
34.8
42.5
38.9
34.9
34.6
43.2
39.0
34.7
34.7
43.7
38.6
34.8
34.7
43.9
39.2
34.5
34.6
43.6
38.1
34.7
34.5
43.7
37.0
34.2
34.5
43.6
37.6
34.3
34.6
43.2
37.2
r
34.4
34.6
43.0
37.9
34.5
34.6
'43.3
'37.3
"34.5
"34.6
"43.4
"38.2
40.9
41.0
3.8
415
3.9
39.7
39.4
41.9
43.2
41.7
42.5
41.1
41.0
3.8
415
3.9
39.8
39.4
42.2
43.3
41.5
42.5
40.5
41.0
3.9
415
4.0
39.6
39.5
42.3
43.0
41.5
42.4
40.8
41.0
41.2
41.0
41.6
3.9
40.2
39.6
42.5
42.9
41.5
42.2
41.6
3.9
40.2
39.6
42.2
42.8
41.6
42.3
40.9
40.8
3.7
41.2
3.8
40.4
39.2
42.3
42.5
41.5
42.0
41.1
40.7
3.7
41.2
3.7
40.3
39.4
42.4
42.6
41.4
42.1
41.3
40.6
3.6
41.2
3.6
40.1
39.2
41.5
42.5
41.2
42.0
40.6
40.7
3.7
41.3
3.7
40.5
39.8
42.2
42.5
41.1
42.1
40.4
40.7
3.6
41.3
3.6
39.8
39.5
42.1
42.3
41.3
42.2
40.7
40.8
r
3.6
41.4
3.7
40.3
39.2
41.9
'42.6
41.7
42.0
'39.8
'40.7
3.5
41.2
3.5
'40.2
'39.0
'41.8
'41.8
'41.3
'41.8
"40.9
"41.1
"4.0
"41.7
"4.2
"40.4
"39.4
"42.1
"43.1
"42.0
"42.4
AVERAGE HOURS PER WEEK
Seasonally Adjusted
Avg. weekly hours per worker on private nonag.
payrolls: 0
Not seasonally adjusted
hours
Seasonally adjusted
do
Mining :j:
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 j.
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 j"
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
42.3
37.9
42.8
37.9
41.1
41.0
3.9
41 8
4.1
40.3
39.4
42.3
43.6
41.9
42.6
3.8
416
3.9
40.1
39.5
42.3
43-.0
41.6
42.4
41.0
413
3.9
419
4.1
40.5
39.9
42.5
43.3
41.9
42.7
410
42.7
40.8
42.4
41.0
42.8
40.7
42.5
40.7
42.5
40.6
42.6
40.9
42.7
41.1
42.8
40.9
41.2
40.8'
40.9
40.5
41.9
40.8
41.4
41.1
41.5
41.1
'42.0
40.9
'42.2
"40.8
"42.8
41 5
39.2
40.1
3.7
40.3
39.8
41.1
412
39.4
40.2
3.7
40.7
38.6
41.0
415
39.8
40.4
3.8
40.7
38.1
41.7
411
39.6
40.2
3.7
40.5
39.5
41.4
413
39.4
40.3
3.6
40.7
40.1
41.4
414
39.3
40.2
3.8
41.0
37.9
41.2
41.1
39.4
40.2
3.6
40.8
37.3
41.0
41.0
39.2
40.2
3.7
41.0
40.3
40.6
41.1
39.3
40.2
3.7
40.8
40.2
40.7
41.0
39.7
40.1
3.6
40.8
39.0
40.5
40.9
39.3
39.9
3.6
40.6
38.1
40.2
41.0
39.4
40.0
3.6
40.5
37.6
40.5
41.0
39.5
39.9
3.5
40.5
37.7
40.2
41.1
39.4
'40.0
3.5
40.6
38.8
'40.1
41.4
39.1
'39.9
'3.5
'40.6
'38.0
'40.2
"41.8
"39.3
"40.2
"3.7
"41.0
"39.0
"40.8
370
43.2
38.0
42.3
44.4
370
43.3
37.8
42.4
44.3
37 6
43.4
37.9
42.6
44.3
37 1
43.3
37.7
42.1
43.9
37 1
43.3
37.8
42.5
,44.6
37 0
43.2
37.6
42.5
44.3
37 0
43.5
37.7
42.4
43.7
37 0
43.2
37.9
42.5
44.4
369
43.4
37.8
42.4
45.1
368
43.4
37.9
42.3
44.7
36.3
43.1
37.6
42.7
45.4
36.7
43.3
37.8
42.7
44.0
36.6
43.0
37.8
42.3
43.9
r
37.9
r
36.2
43.2
42.5
'44.2
'36.4
'43.2
'37.7
42.6
'44.2
"36.6
"43.5
"37.8
"42.4
"43.3
41 7
37.5
39.3
38 1
29.1
41 5
37.9
39.4
38 1
28.9
41 6
38.3
40.1
383
29.1
41 5
37.4
39.5
37 9
28.9
41 5
37.9
39.4
380
28.9
41 4
37.7
39.4
38 1
29.2
41 5
38.1
39.0
380
28.8
41 5
38.1
39.3
38 1
28.8
41 4
37.7
39.3
38 1
29.0
412
37.5
39.1
381
28.8
40.8
37.2
39.3
38.0
28.7
40.9
37.4
39.1
38.0
28.8
41.1
38.0
39.3
38.1
28.9
'41.3
37.8
'39.3
38.1
28.9
'41.0
'37.3
'39.3
38.2
29.0
"41.6
"37.2
"39.4
"38.1
"28.9
359
32 6
359
32 6
36 3
32 8
356
32 5
358
32 5
36 3
32 8
358
32 6
357
32 7
36 1
328
357
326
357
326
357
32 5
35.8
326
r
35.7
327
36.2
32.7
"35.6
"32.6
196.51
161.73
1.58
10.10
41.42
11.36
11.95
28.92
201.95
166.18
1.61
10.45
41.79
11.70
12.35
29.42
202.10
166.62
1.61
10.41
42.08
11.81
12.37
29.47
200.85
165.17
1.57
10.21
41.88
11.71
12.24
29.32
201.37
165.96
1.57
10.32
41.91
11.77
12.31
29.35
202.54
167.18
1.55
10.53
41.86
11.80
12.39
29.73
201.67
166.29
1.63
10.56
41.88
11.42
12.36
29.39
202.73
166.63
1.66
10.47
41.71
11.68
12.39
29.47
203.33
167.38
1.66
10.61
41.50
11.73
12.46
29.62
204.91
167.32
1.67
10.80
41.47
11.72
12.46
29.57
202.79
166.91
1.66
10.38
41.29
11.91
12.48
29.48
203.89
167.78
1.69
10.90
41.07
11.93
12.50
29.77
204.85
168.64
1.69
11.04
41.29
12.00
12.55
29.76
'205.08
168.70
1.69
10.83
'41.24
12.03
12.57
'29.77
'203.70
168.40
1.71
10.36
'40.69
12.03
12.61
'30.05
"204.79
"168.16
"1.71
"10.40
"41.31
"12.07
"12.54
"29.74
12.50
43.90
34.78
12.74
46.14
35.77
12.79
46.09
35.49
12.59
45.65
35.68
12.71
46.04
35.41
12.88
46.44
35.36
12.75
46.30
35.38
12.72
46.53
36.10
12.88
46.92
35.95
12.77
46.85
37.59
12.80
46.91
35.88
12.82
47.13
36.11
12.92
47.38
36.22
12.89
47.69
'36.38
13.05
47.91
'35.30
"12.83
"47.55
"36.64
124.9
101.5
81.8
137 5
955
936
98.3
137 8
128.4
102.7
82.9
141 9
961
93.8
99.5
1426
128.7
103.5
83.4
141 0
972
952
100.1
142 6
127.6
102.4
81.8
1382
964
94.3
99.5
141 5
128.1
102.5
81.2
1393
96.4
94.0
99.9
1422
129.2
103.0
80.3
1427
96.3
93.8
100.1
143.7
128.5
103.3
84.4
1435
96.4
94.0
99.9
142.4
128.9
102.8
85.3
1431
95.8
93.3
99.7
143.3
129.2
102.4
85.5
143.8
95.2
92.2
99.6
144.0
129.1
102.5
86.2
145.8
94.8
91.9
99.2
143.9
128.8
101.1
85.3
139.5
94.5
91.6
98.7
144.1
129.5
102.2
87.1
149.5
93.7
90.3
98.8
144.6
130.2
102.9
87.8
150.6
94.3
91.7
98.3
145.3
130.3
102.3
'87.7
146.7
94.4
91.9
'98.0
145.8
130.0
101.0
'88.8
139.5
'94.1
'91.4
'98.2
146.1
"130.0
"101.8
"89.1
"141.1
"94.8
"92.3
"98.6
"145.6
113.2
1228
1255
117.0
1270
127.7
118.6
1272
1277
117.3
1261
127.2
117.3
126.7
127.4
117.7
127.2
128.9
113.7
127.3
127.5
116.8
127.6
127.5
117.4
128.0
128.4
117.3
128.3
128.3
119.8
128.1
127.6
119.4
128.7
128.6
120.3
128.9
128.8
120.6
129.0
128.7
120.4
129.3
129.4
"121.1
"129.2
"128.7
140.9
161 5
143.2
169 5
1438
1689
141.9
167 5
142.7
169.0
145.0
1708
143.3
170.4
143.8
171.4
145.0
172.2
143.8
172.0
144.1
172.4
144.3
172.7
145.2
174.0
145.8
175.1
146.6
175.0
"145.3
"174.6
q 0
O.O
qO.Oo
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.
S-12
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88
SURVEY OF CURRENT BUSINESS
Annual
„ ..
June 1990
1990
1989
vms
1988
1989
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Mar.
Feb.
Apr.
May
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HOURLY AND WEEKLY EARNINGS
Average hourly earnings per worker: <>
Not seasonally adjusted:
Private nonagric. payrolls
Mining
Construction
Manufacturing
Excluding overtime
Durable goods
Excluding overtime
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products..
Machinery, except electrical
Electric and electronic
equip
Transportation equipment
Instruments and related
products
Miscellaneous manufacturing
Nondurable goods
Excluding overtime
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 plastics products, nee
Leather and leather products
Transportation and public utilities
Wholesale trade
Retail trade
. .
Finance, insurance, and real
estate
Services
.
dollars..
do
do
do
do....
do
.do
do....
do....
do....
do
do
do....
9.29
1275
1301
10 18
9.72
1071
1021
8.61
7.94
10.47
1215
1026
11.01
9.66
13 14
1337
1047
1001
11 00
1050
8.86
825
10.74
1236
1053
11.34
9.62
13 19
1330
1041
995
1093
1044
8.76
812
10.71
1226
1048
11.26
9.59
13 13
1328
1042
9.98
1094
1047
8.79
816
10.69
1225
1049
11.29
9.58
1303
13 24
10 44
9.98
1098
1049
8.85
823
10.73
1232
1051
11.32
9.63
1295
13 33
1047
1002
1099
1052
8.92
826
10.75
1240
1053
11.35
9.61
13 11
1333
10 44
997
1098
1049
8.93
829
10.77
1236
1050
11.32
9.77
13 15
13 48
1055
1005
11 10
10 58
8.98
840
10.79
1247
1064
11.41
9.81
13 10
13 52
1052
1004
11 06
1056
8.99
839
10.82
1243
10 57
11.43
9.81
13 13
13 51
10 58
1010
11 10
1060
8.99
840
10.87
1251
1061
11.48
9.84
1331
13 64
1067
1019
11 18
1067
9.00
842
10.88
1252
1069
11.57
9.88
13 31
1342
1059
10.15
11 05
10 59
9.00
845
10.87
1250
1056
11.51
9.91
13 30
1342
1066
1024
11 17
1072
8.96
839
10.85
1260
1066
11.53
9.93
1342
1347
1073
10<28
11 24
1076
r
9.07
841
10.95
1265
1072
11.57
'9.96
13 52
1338
1074
10.36
1122
•1084
r
9.11
8.42
11.10
1283
10 62
11.52
"9.98
"13.49
"1351
"1082
"10.34
"1133
"10.81
"9.17
"8.47
"11.07
"1277
"10.79
"11.62
do
do....
10 13
13.31
1038
13.70
1031
13.60
1033
13.58
1037
13.65
1041
13.61
1040
13.70
1047
13.89
1043
13.84
1047
13.85
1052
13.93
1050
13.57
1054
13.90
1058
14.05
10 58
13.92
"1067
"14.15
10 57
1057
"10 62
r
do
9 98
1026
10 17
10 17
1025
1031
1029
1032
1035
10 36
1049
1053
10 55
do
do
do....
do....
do....
do
801
943
9.02
9.10
14.68
737
831
974
9.31
9.33
15.37
7 68
821
965
9.25
9.32
15.87
7 60
824
968
9.28
9.34
16.13
7 62
824
970
9.28
9.37
16.48
765
829
977
9.34
9.35
16.34
7 66
820
971
9.27
9.28
15.72
7 69
839
980
9.32
9.32
14.69
776
838
980
9.34
9.27
1491
777
849
986
9.41
9.38
1501
782
860
9 95
9.51
9.50
1531
787
859
995
9.54
9.47
15.48
792
8 58
9 96
9.56
9.48
15.70
7 92
860
1002
9.61
r
9.56
16.46
r
795
860
1007
r
9.71
r
9.56
17.11
r
792
"855
"10.10
"9.67
"9.60
"17.12
"800
do
do....
do....
do....
do ....
6 12
11.65
10.52
12.67
14.98
635
11.93
10.87
13.06
15.44
632
11.83
10.73
12.92
15.50
632
11.89
10.76
12.98
15.34
633
11.91
10.75
12.98
15.23
628
12.04
10.83
13.12
15.34
632
11.90
10.89
13.08
15.23
641
11.99
11.05
13.18
15.43
639
11.97
11.04
13.25
15.63
642
12.08
11.05
13.26
15.64
645
12.14
11.07
13.31
15.76
641
12.13
11.09
13.31
15.89
645
12.12
11.09
13.24
15.92
r
653
12.13
11.13
13.30
16.14
r
657
12.26
11.08
13,45
16.35
"6 59
"12.31
"11.12
"13.45
"16.08
do
do....
do ....
do....
do
9 14
6.27
12.32
9.94
631
942
6.58
12.57
1038
654
9 35
6.55
12.51
1036
652
940
6.58
12.49
1028
649
941
6.59
12.48
1031
649
945
6.54
12.58
1040
649
944
6.53
12.56
1035
6 50
946
6.63
12.70
1047
6 61
947
6.64
12.69
1050
662
950
6.67
12.67
1055
6 64
9 58
6.73
12.76
1062
6 66
9 59
6.80
12.80
1061
674
959
6.82
12.85
1066
673
>9 62
6.84
12.82
1065
r
676
r
960
r
"977
"6.91
"12.88
"10.70
"677
909
891
957
939
959
934
948
930
948
926
959
933
950
929
962
949
971
959
969
9 61
976
969
982
973
990
975
987
975
9.29
1275
1301
10 18
12.32
994
631
9.66
13 14
1337
1047
12.57
1038
6 54
9.61
(i)
1333
1040
12.52
1036
6 51
9.60
(i)
1332
1042
12.54
1028
6 49
9.62
(i)
1332
1045
12.54
1033
6 52
9.69
(i)
1342
1048
12.61
10 44
6 54
9.69
(i)
1337
1052
12.57
10 39
6 57
9.74
(i)
1339
1055
12.67
1047
6 58
9.78
(i)
1344
10 55
12.68
10 54
6 61
9.78
(i)
1352
1057
12.61
1054
6 61
9.83
(i)
1360
1061
12.71
1059
6 65
9.83
(i)
1334
1055
12.79
1057
6 69
9.88
(i)
1343
1065
12.82
1062
671
9.92
(i)
1347
1071
12.86
1065
r
675
909
891
957
939
9 54
932
945
933
9 53
934
968
946
9 57
943
966
949
977
9 58
9 67
9 54
979
962
975
962
9 78
965
982
970
1733
2267
1500
17 79
2321
17 64
23 05
1533
17 64
23 05
1529
17 74
23 12
1535
17 74
23 12
1545
17 74
23 12
1607
17 93
23 15
1621
17 93
23 57
16 10
17 98
23 61
1606
18 10
23 71
1628
18 10
2371
1620
18 10
2371
1655
32236
167 81
33520
166 52
33539
167 44
332 16
165 17
33285
165 10
337 21
166 85
33527
165 98
33798
166 74
33937
166 85
33839
165 80
339 14
16551
339 14
16368
341 85
164 11
322.36
53933
493 08
418 40
447 gg
378 14
335.20
56239
50672
429 27
457 60
391 55
334.78
56453
50407
426 81
455 78
38697
330.86
551 46
500 66
426 18
454 01
387 20
333.38
555 08
503 12
429 08
457 87
39091
338.01
550 38
518 54
424 04
449 49
390 80
335.39
566 35
51987
425 95
453 47
391 31
339.02
574 66
52033
434 66
462 87
396 90
341.39
575 09
52998
430 27
457 88
394 94
338.45
572 47
51473
434 84
460 65
398 34
341.45
581 65
504 68
440 67
468 44
401 98
337.90
58032
504 59
429 95
455 26
39601
339.91
574 56
49922
430 66
457 97
394 42
do
do
Seasonally adjusted:
Private nonagricultural payrolls
dollars..
Mining
do
Construction
do
Manufacturing
do
Transportation and public utilities
do ....
Wholesale trade
do
Retail trade
do
Finance, insurance, and real
estate
do
Services
do
Indexes of avg. hourly earnings, seas, adj.: <>
Private nonfarm economy:
Current dollars
1977 — 100 .
s
1977 dollars t
do
Mining $$
do
Construction
do
Manufacturing
do
Transportation and public utilities
do ....
Wholesale trade $$
do
Retail trade
do
Finance, insurance, and real
estate $$ •• •
do
Services
. . .
do
Hourly wages, not seasonally adjusted:
Construction wages, 20 cities (ENR): §§
Common labor
$ per hr
Skilled labor
do
Railroad wages (average, class I)
do
Avg. weekly earnings per worker,
private nonfarm: ()
Current dollars, seasonally adjusted
1977 dollars, seasonally adjusted t
Current dollars, not seasonally adjusted:
Private nonfarm, total
dollars..
Mining
do
Construction
do
Manufacturing
do
Durable goods
do
Nondurable goods .
do
Transportation and public
utilities .
do
Wholesale trade . .
do
Retail trade
do
Finance, insurance, and real
estate
do
Services
do
See footnotes at end of tables.
6.93
12.93
1076
r
678
r
998
981
"9.92
"9.76
9.95
(i)
1339
1073
12.93
1075
r
676
"9.99
(i)
"13.55
"1083
"12.93
"10 70
"678
r
990
978
"990
"978
1821
2371
1610
1822
23 77
16.25
18 16
2388
34323
16422
344.27
16457
"345.65
"165 07
341.59
577 06
51051
436 71
465
34
r
398 80
'343.62
r
r
585 42
r
499 07
r
427 45
r
r452 17
39474
"344.31
"585 47
"51608
"442 54
"471 33
"404 00
r
1790
933
185 5
1583
1788
181.1
1827
1659
1957
1898
r
484 18
378 71
183 62
495 26
39548
18901
497 90
39575
18843
490 86
389 61
18691
494 21
39281
189 51
500 68
398 32
194 05
494 86
394 34
192 40
500 38
398 91
191 03
499 99
402 15
191 32
495 40
401 96
189 90
501 47
405 68
194 47
496 64
401 06
18939
501 15
402 95
19046
501 26
40364
192 66
r
505 56
40996
19662
"506 18
"406 60
"194 98
32633
29047
343 56
306 11
348 12
30635
337 49
301 32
33938
30280
348 12
30882
340 10
305 64
343 43
30937
350 53
314 55
345 93
313 29
348 43
314 93
350 57
315 25
354 42
316 88
r
r
"353 15
"316 22
EMPLOYMENT COST INDEX @
Civilian workers t
6/89-100 .
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
1000
1016
1026
1043
1000
1000
1000
1020
101 1
1017
1029
102 0
1028
104 6
1036
1042
101 1
101 9
1027
1025
1020
1028
1037
1032
1040
1043
1055
105 1
.
1000
1000
1000
1000
158
151
159
152
352 36
31688
147
150
147
146
151
145
149
146
140
139
361 28
32079
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88
S-13
SURVEY OF CURRENT BUSINESS
June 1990
Annual
.. ...
1990
1989
Units
1988
1989
Apr.
June
May
July
Sept.
Aug.
Nov.
Oct.
Feb.
Jan.
Dec.
Apr.
Mar.
May
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
WORK STOPPAGES
Work stoppages involving 1,000 or more workers:
Number of stoppages:
Beginning in month or year
number
Workers involved in stoppages:
Beginning in month or year.
thous..
Days idle during month or year....
do....
UNEMPLOYMENT INSURANCE *
State programs:
Initial claims
thous
Average weekly insured unemployment
do
Rate of insured unemployment @
percentTotal benefits paid.. . . . .
mil $
Weeks of unemployment compensated
thous
Average weekly benefit
dollars
Federal civilian employe.es unemployment
insurance (UCFE):
Initial claims. . . .
thous
Average weekly insured unemployment
do
Total benefits paid
mil $
Weeks of unemployment compensated
thous
Average weekly benefit
dollars
Veterans unemployment insurance (UCX):
Initial claims
.,
thous ..
Average weekly insured unemployment
.
do
Total benefits paid .
mil $
Weeks of unemployment compensated
thous
Average weekly benefit
dollars..
40
51
6
g
2
6
6
6
5
5
1
3
3
5
5
4
118
4,364
452
16,996
9
770
56
1,337
3
925
46
1,274
203
3,761
14
1,922
69
3,221
8
2,344
5
376
4
312
18
281
40
720
33
813
6
535
15,984
17126
1 117
1 209
1 285
1555
1266
1082
1448
1564
2062
r
2 138
2.1
1 162
1 882
1.9
1 138
1 846
1.9
1 050
2055
2060
2.1
1062
1.9
1 198
1782
1.8
958
1 863
2.6
1045
r
13065
2 154
2.2
14 260
93416
14464
97 937
151 68
r
r
r
r
7284
8880
6490
150 68
148 98
177 55
6944
15590
1208
1144
90
78
10 5
2.1
223
1425
221
1435
133 28
l 795
151 28
7 158
151 83
81
89
107
8012
191
104
r
72 9
1 085 6
13221 143 07
1 0430
13667
124
172
103
184
10 1
r
r
r
r
71 9
143 14
72 3
139 87
205
106
758
139 92
r
13 2
206
106
209
11 2
964
13643
783
135 08
1505
74 10
226
1972
2,502
1,538
1,417
1,345
3051
r
r
2,503
2264
r
2.0
1 144
2.4
1248
2.9
1,844
2.8
1,637
2.7
1,717
1,476
7 671
15471
8312
10 574
160 44
11 163
159 66
9419
15578
12 133
158 53
93
97
119
r
r
2012
r
r
212
11 9
21.2
117
24.4
147
856
13908
823
14276
101 4
145 35
2930
2760
148.81
7.4
7.4
123
'21.3
127
18.3
105
r
833
147 95
'849
149 10
15250
75
r
22.3
687
142.8
116.9
9.0
9.2
'8.9
9.1
10.2
9.0
9.9
9.8
10.2
12.8
11.1
12.8
10.8
182
123 1
15 1
1047
14
3
r
78
137
'86
143
r
85
13 5
80
143
90
138
79
142
85
147
89
15 1
91
184
118
183
104
194
116
180
104
6440
162.57
r
522
161.92
r
489
163.73
549
47 5
51 2
536
158.12
164.31
165.72
166.12
166.48
r
544
166.59
r
705
166.74
r
623
167.16
r
697
165.86
170.81
540,732
398,548
185,202
213,346
142,184
552,256
402,941
186,959
215,982
149,315
7888
156.00
r
49 5
r
53 1
161.41
612
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: t
Total, end of period
;.
mil. $..
Long-term real estate loans
do
Short-term and intermediate-term
loans
do....
Loans to 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: 0
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
corporations
do
Loans and leases(adjusted), total §
do . . . .
Commercial and industrial
do....
For purchasing and carrying
securities
do
To nonbank depository and other
financial
do
Real estate loans
.
do
To States and political subdivisions
do....
Other loans
do
Investments, total
....do ....
U.S. Treasury and Govt. agency securities,
total. . .
do
Investment account....;
.do....
Other securities
do ....
See footnotes at end of tables.
66,631
62,972
64,357
62,396
64,141
65,588
65,764
63,814
63,660
63,802
62,972
60,019
57,852
451,762
354,127
161,535
192,592
97,635
521,859
398,456
188,580
209,876
123,403
498,606
379,647
172,577
207,070
118,959
501,589
378,388
170,122
208,266
123,201
504,371
380,375
170,174
210,201
123,996
503,095
381,029
175,978
205,051
122,066
513,786
388,935
180,822
208,113
124,851
511,881
385,798
178,481
207,317
126,083
512,446
384,785
173,119
211,666
127,661
516,426
387,137
175,770
211,367
129,289
521,859
398,456
188,580
209,876
123,403
530,926
397,937
183,585
214,352
132,989
540,283
404,097
187,800
216,297
136,186
51,428
32,182
50,707
30,245
50,390
30,624
50,589
30,474
50,707
30,245
51,196
29,923
9,256
9,990
10,020
10,442
9980
9,787
10,240
9,876
10,020
10,442
9,701
11,572
293,674
304,465
303,807
286,551
295,816
283,237
282,515
290,607
293,439
292,539
304,465
292,909
292,506
295,137
297,270
301,646
250,945
2,170
238,422
11,060
293,674
48,898
39,347
236,991
481
228,367
11,059
304,465
46,430
38,327
257,498
1,952
232,150
11,061
303,807
61,753
37,968
234,286
2,033
223,535
11,060
286,551
39,794
33,553
239,059
841
231,767
11,063
295,816
50,038
37,381
226,230
594
218,676
11,066
283,237
40,258
34,339
225,192
541
217,409
11,066
282,515
39,114
31,924
228,704
598
221,051
11,065
290,607
46,348
32,253
226,441
270
218,176
11,062
293,439
46,018
32,351
230,516
182
223,142
11,060
292,539
43,395
37,277
236,991
481
228,367
11,059
304,465
46,430
38,327
226,046
733
218,392
11,059
292,909
43,230
29,464
257,829
1,779
219,132
11,059
292,506
41,143
33,811
228,894
2,163
219,322
11,060
295,137
41,565
36,129
232,124
1,012
224,468
11,06.0
297,270
42,036
36,076
235,475
1,100
227,455
11,065
301,646
39,132
34,094
229,640
241,739
225,336
229,372
230,848
230,229
230,766
229,076
230,467
235,306
241,739
234,471
236,534
238,944
241,068
246,398
2
63,746
2
62,699
2
2
61,310
60,511
799
58,916
57,881
1,035
59,587
58,681
906
60,254
59,288
966
59,559
58,674
885
60,126
59,188
938
60,397
59,378
1,019
60,989
60,044
945
62,810
61,888
922
62,931
61,914
1,017
60,623
59,634
989
60,658
59,797
861
62,512
'61,615
'897
60,235
59,275
960
265
677
2,289
217
1,720
512
1,490
332
694
378
675
251
693
267
555
486
349
617
265
677
440
602
1,448
76
2,124
687
1,628
'672
1,335
500
247,112
248,307
220,021
244,114
219,187
215,981
215,034
222,501
216,550
223,373
248,307
232,351
233,383
220,035
219,106
234,527
195,301
6,993
2,711
24,187
197,212
7,248
1,865
24,251
174,716
6,247
4,649
18,567
189,983
5,894
2,678
25,996
173,820
6,078
2,516
20,081
172,343
5,862
3,046
19,246
172,097
5,182
3,084
19,517
175,734
6,415
3,113
19,506
173,248
5,978
2,262
19,716
178,974
5,623
1,793
21,049
197,212
7,248
1,865
24,251
185,121
7,160
2,246
21,283
185,814
6,935
2,987
22,398
176,918
5,661
2,430
19,570
174,129
6,477
4,007
19,247
183,275
6,086
1,472
23,840
75,384
624,038
79,238
704,060
77,604
667,428
74,271
673,096
71,824
674,735
72,951
682,063
73,459
686,827
72,787
687,094
74,794
700,138
76,012
703,876
79,238
704,060
80,236
719,888
81,177
724,933
80,619
730,926
83,580
730,316
80,099
741,164
585,178
918,698
301,013
666,397
994,060
318,691
626,154
948,493
314,548
631,788
963,570
317,429
634,594
963,811
313,436
642,708
967,448
319,341
647,353
971,706
317,064
648,506
976,688
314,783
661,528
986,018
317,857
665,907
992,651
318,983
666,397 680,988 685,592 691,572 691,238 702,169
994,060 1,003,423 1,006,834 1,005,614 1,007,576 1,010,010
318,691 319,954 323,310 323,019 325,252 322,754
1,047
2
1,716
2
575
2
62,810
61,888
2
922
2
2
14,937
13,526
14,090
16,261
14,102
15,640
17,028
16,360
16,280
16,699
16,948
15,760
16,261
16,041
16,465
16,914
22,858
301,629
28,441
250,667
200,806
22,334
352,500
24,940
259,334
223,349
20,064
322,112
27,436
250,231
205,775
21,426
325,963
27,143
255,969
209,890
21,810
330,487
26,996
254,054
212,393
21,813
333,971
26,735
249,228
214,014
21,815
340,854
26,514
249,179
214,323
21,590
342,740
26,222
254,654
213,744
22,424
345,702
26,061
257,026
226,339
22,872
350,282
25,389
259,365
227,886
22,334
352,500
24,940
259,334
223,349
21,709
358,587
24,756
262,376
240,924
22,158
362,353
24,581
257,967
242,429
21,797
365,507
24,270
254,107
235,932
22,633
22,151
366,109 371,661
23,716
23,998
255,129 255,720
234,862 1,350,938
128,633
114,447
72.173
156,556
140,002
66.793
134,058
121,154
71.717
137,220
124,003
72.670
140,742
128,575
71.651
142,550
129,326
71.464
143,671
131,501
70.652
143,947
132,031
69.797
157,973
138,399
68.366
161,418
141,011
66.468
156,556
140,002
66.793
173,980
148,843
66.944
175,488
152,147
66,941
170,856
153,148
65.076
171,136 1,287,552
155,939 159,623
63,386
63,726
S-14
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88
.,
1T
Unlts
1988
June 1990
1990
1989
Annual
1989
Apr.
June
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
FINANCE—Continued
BANKING— Continued
Commercial bank credit, seas, adj.: §
Total loans and securities <>
bil. $ ..
U.S. Government securities
do....
Other securities
do....
Total loans and leases 0
do ....
Money and interest rates:
Prime rate charged by banks on
short-term business loans
percent..
Discount rate (New York Federal
Reserve Bank) @
do ....
Federal intermediate credit bank
loans
do
Home mortgage rates (conventional 1st
mortgages):
New home purchase (U.S. avg.)
percentExisting home purchase(U.S. avg.)
do....
Open market rates, New York City:
Bankers' acceptances, 3-month
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..
2,422.2
361.4
192.2
1,868.6
2,582.6
394.5
180.3
2,007.9
2,469.2
370.5
188.3
1,910.5
2,482.9
372.5
187.8
1,922.6
2,496.0
373.7
187.3
1,935.0
2,512.4
374.0
186.3
1,952.1
2,527.4
375.5
183.8
1,968.2
2,538.9
378.1
183.1
1,977.7
2,563.3
389.9
180.9
1,992.5
2,579.0
394.8
179.3
2,004.9
2,582.6
394.5
180.3
2,007.9
2,585.8
402.4
180.2
2,003.2
2,603.8
412.2
180.1
2,011.6
2,623.8
418.9
180.2
2,024.7
2,635.0
422.7
180.2
2,031.6
9.32
10.87
11.50
11.50
11.07
10.98
10.50
10.50
10.50
10.50
10.50
10.11
10.00
10.00
10.00
10.00
6.93
7.00
7.00
7.00
7.00
7.00
7.00
7.00
7.00
7.00
7.00
7.00
7.00
7.00
7.00
6.20
3
()
8.83
9.01
2
9.77
2
9.81
9.88
9.76
9.82
10.13
10.09
10.27
10.06
10.10
9.83
9.81
9.87
9.82
9.77
9,86
9.78
9.80
9.70
9.69
9.59
9.68
9.56
9.74
9.70
9.74
9.83
9.82
9.87
9.83
7.56
7.68
8.87
8.80
9.68
9.78
9.35
9.29
8.97
8.80
8.54
8.35
8.47
8.32
8.59
8.50
8.42
8.24
8.21
8.00
8.15
7.93
7.97
7.96
8.03
8.04
8.15
8.23
8.21
8.29
8.12
8.23
7.14
8.16
9.29
8.97
8.22
7.80
7.49
7.56
7.50
7.45
7.33
7.34
7.40
7.49
7.74
8.04
6.690
8.120
8.700
8.400
8.220
7.920
7.910
7.720
7.590
7.650
7.640
7.640
7.760
7.870
7.780
7.780
mil. $..
674,719
727,561
686,250
691,223
695,602
698,232
705,908
708,370
711,295
715,145
727,561 '721,026 '717,062
l 12,970
715,827
do
do
324,792
146,212
88,340
48,302
63,399
3,674
0
343,865
140,832
90,875
42,638
57,228
3,935
48,188
320,593
140,650
88,787
38,090
61,462
3,597
33,071
323,055
142,207
89,235
38,269
61,471
3,768
33,218
324,967
143,858
89,694
37,899
60,208
3,957
35,019
325,893
144,425
90,004
37,668
60,454
4,077
35,711
330,488
145,033
91,017
37,942
60,243
4,255
36,930
332,502
146,296
91,285
37,400
59,556
4,052
37,279
335,657
143,293
91,291
37,045
58,720
3,947
41,342
337,285
142,802
90,965
37,906
58,236
3,853
44,098
343,865
140,832
90,875
42,638
57,228
3,935
48,188
342,266 339,418 '334,508 337,760
140,740 139,115 137,857 138,174
89,760
90,127 '89,723
90,452
37,207
37,677
37,904
39,959
53,606
'55,425 '54,771 '54,095
3,928
3,792
3,803
4,013
55,392
55,318
51,924
48,171
284,328
183,909
25,143
181,339
290,421
208,188
22,283
206,669
287,055
179,124
23,196
196,875
289,034
180,744
23,303
198,142
290,554
182,839
23,218
198,991
290,549
184,049
23,321
200,313
292,948
187,917
22,800
202,243
293,114
188,684
22,808
203,764
293,664
189,913
22,849
204,869
292,543
194,640
22,319
205,643
290,421
208,188
22,283
206,669
288,984
203,288
22,717
206,037
287,044
199,306
22,428
204,192
286,226
201,801
22,484
205,316
do....
691,432
695,627
697,262
700,000
703,518
705,703
710,133
713,903
716,624 '717,829 •-717,869 '720,278
720,862
do
do
do .
do
do
290,013
181,098
23,407
196,914
3,327
290,954
182,847
23,505
198,320
4,195
290,583
184,239
23,309
199,130
1,635
289,882
186,284
23,240
200,594
2,738
289,961
189,185
22,734
201,638
3,518
288,839
190,378
22,661
203,825
2,185
290,210
191,734
22,621
205,568
4,430
290,972
194,679
22,197
206,055
3,770
290,770 '290,904 '289,629 '291,445
'201,625
197,110 199,146 199,927
22,343 '22,604 r22,633 '22,710
206,401 205,175 205,680 204,499
2,409
40
1,205
2,721
288,942
203,984
22,702
205,234
584
122
1,859
4
1,342
941
1,749
98
1,406
-371
1,392
-196
810
-701
2,045
— 69
1,464
79
2,901
-506
1,044
-1,122
1,193
73
2,187
1,371
1,356
40
1,743
762
2,945
424
487
1,816
1,698
77
-1,181
-2,503
2,359
-8
735
2
2
CONSUMER INSTALLMENT CREDIT t
Not seasonally adjusted
Total outstanding (end of period) #
By major holder:
Commercial banks
Finance companies
TJ .
-1
'
Savings institutions
Gasoline companies *
Pools of securitized assets ft
By major credit type:
Automobile *
Revolving *
Other *
Seasonally adjusted
Total outstanding (end of period) #
By major credit type:
Automobile
Revolving
Mobile home
Other *
Total net change (during period) #
By major credit type:
Automobile
Revolving.. .
...
Mobile home
Other*
1 ""
do..
do....
do ....
do ....
do
do
do ....
do
do
do
FEDERAL GOVERNMENT FINANCE
Federal receipts and outlays:
1
Receipts (net)
mil $
908,166 '990,701
1
Outlays (net)
do
1,063,318 '1,142,691
Total surplus or deficit (— )
do.... '-155,151 '-151,989
Federal financing, total
do.... '155,151
'151,989
Borrowing from the public
do.... 1 166,139 ' 140,369
Other
do
'11,620
'-10,988
Gross amount of debt outstanding
do .... 1 2,614,581 '2,881,112
1
Held by the public
do
2,063,900 '2,204,270
Federal receipts by source and outlays by
agency:
1
Receipts (net) total. .
mil $
908,166 '990,701
Individual income taxes (net)
do
'401,181 '445,690
Corporation income taxes (net)
do . . . '94,195 ' 103,291
Social insurance taxes and contributions
(net) . .
...
mil $
'334,335 '359,416
Other
do
'82,392
'78,454
Outlays (net), total
do
'1,063,318 '1,142,691
Agriculture Department
do ...
'48,414
'44,003
Defense Department, military
do ... '281,935 '294,876
Health and Human Services
Department
mil $
'373,169 '399,774
Treasury Department
do... '201,644 '230,573
National
Aeronautics and
Space Adm
do
'9,092
'11,036
'29,249
'30,041
GOLD AND SILVER:
Gold:
Monetary stock, U.S. (end of
period)
mil $
Price at New York :j::j:
dol. per troy oz.
Silver:
Price at New York :j::(:
dol. per troy oz.
See footnotes at end of tables.
128,892
66,191
71,025 108,249
84,430
88,320
96,491 100,460
40,572 -25,466
7,789 -18,239
18,239
25,466 -7,789
-40,572
1,098 -3,962
-1,291
10,214
22,201
-39,281
15,252 -8,887
2,779,291 2,800,128 2,823,955 2,824,487
2,154,393 2,164,607 2,165,705 2,161,743
-202
2,431
146
346
134
2,036
261
-1,226
288,036
200,147
22,726
206,153
-1,275
781
29
505
r
64,819 139,624
65,170
99,538
89,130
71,213
68,426
99,233
76,136
97,107
91,271 100,434 118,155
94,427 100,958 103,903
98,286 105,300
42,518
8,267 -35,264 -53,336
-22,150 -6,067 -26,001 -29,746 -14,774
53,336 -42,518
35,264
14,774 -8,267
29,746
26,001
6,067
22,150
-5,935
56,090
18,221
15,841
6,821
19,790
36,690
6,672
35,854
17,043 -2,754 -36,583
7,953 -24,108
9,956
-13,704
-605 -10,689
2,860,454 2,881,112 2,924,765 2,946,111 2,975,537 3,004,900 3,025,827 3,081,893 3,093,076
2,197,597 2,204,270 2,240,959 2,260,749 2,267,570 2,284,743 2,302,965 2,359,054 2,353,119
128,892
68,533
14,689
71,025
25,336
1,926
108,249
49,876
20,878
66,191
29,377
2,042
76,136
36,932
1,963
99,233
45,026
19,430
68,426
35,493
729
71,213
34,448
2,385
89,130
37,385
18,878
99,538
56,044
3,118
65,170
28,830
1,231
64,819
13,174
12,655
139,624
74,375
13,375
39,496
6,173
88,320
4,589
20,590
35,349
8,414
96,491
3,677
24,327
31,276
6,215
100,460
3,209
28,379
27,941
6,832
84,430
3,018
20,478
28,470
8,794
98,286
2,247
25,313
29,259
5,518
105,300
3,074
27,750
24,308
7,896
94,427
3,821
19,152
26,791
7,588
100,958
5,167
24,586
25,805
7,062
103,903
3,553
27,759
32,863
7,517
91,271
3,762
21,137
29,055
6,054
100,434
3,297
24,157
32,961
6,030
118,155
5,058
28,691
43,821
8,052
97,107
5,109
21,385
31,650
16,443
34,363
19,227
38,818
35,659
31,642
14,325
34,859
16,886
34,590
14,482
33,207
14,813
34,029
19,457
35,840
40,660
35,172
15,315
36,045
17,758
37,736
18,215
35,677
15,859
809
1,246
966
2,805
998
3,587
822
1,211
989
2,257
1,003
3,628
1,126
1,492
976
2,611
1,065
3,653
904
1,077
923
2,590
1,087
3,844
1,093
1,313
11,057
436.931
11,059
381.283
11,061
384.400
11,060
371.316
11,063
367.598
11,066
374.978
11,066
364.928
11,065
361.890
11,062
366.884
11,060
392.320
11,059
409.150
11,059
415.596
11,059
416.826
11,060
393.059
374.265
369.191
6.535
5.499
5.791
5.447
5.280
5.236
5.179
5.133
5.133
5.465
5.533
5.243
5.278
5.058
5.046
5.074
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88
S-15
SURVEY OF CURRENT BUSINESS
June 1990
1T .,
vnns
1988
1990
1989
Annual
1989
Apr.
June
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Apr.
Mar.
May
FINANCE—Continued
MONETARY STATISTICS
Currency in circulation (end of period)
bil $
Money stock measures and components (averages
of daily figures): t
Measures (not seasonally adjusted):
Ml
bil $
M2
do
M3
..
do
L (M3 plus other liquid assets)
do
Components (not seasonally adjusted):
Currency
do
Demand deposits
do
Other checkable deposits $:|:
..do..
Overnight RP's and Eurodollars A
.
do
General purpose and broker/dealer
money market funds
do....
Money market deposit accounts
do.
Savings deposits
do
Small time deposits @
do
Large time deposits @
do
Measures (seasonally adjusted):
Ml
do
M2
do
M3...
do
Components (seasonally adjusted)
Currency
Demand deposits
Other checkable deposits l-i
Savings deposits
Small time deposits @
Large time deposits @
260 4
776 1
3017 6
38250
45346
7837
3 129 6
39877
r
4 782 8
791 6
3 1002
3971 1
47599
2053
2891
2744
217 5
2804
2785
839
233.1
517.8
426.1
980.6
513.5
7823
3 1327
4 0054
47929
778 1
3 1464
4011 7
r
4 811 6
779 1
3 156 3
40091
r
4 817 5
215 1
283 3
2863
2166
273 6
2703
2184
2767
2718
2197
2818
2727
219 2
2771
2737
2186
2763
2765
2189
2807
2781
2210
2815
282.1
2253
291.6
288.4
79 1
785
77 8
796
809
783
74 8
753
749
76.8
276.3
475.0
409.9
1,355.5
564.1
260.7
472.8
412.9
1,083.7
566.6
260.7
458.8
406.4
1,099.8
572.5
266.8
458.6
406.2
1,113.5
572.6
275.6
461.4
407.3
1,125.1
570.7
286.8
467.0
404.9
1,131.2
570.4
294.9
470.6
404.6
1,132.1
567.4
301.3
474.6
407.2
1,135.5
565.4
309.7
483.1
407.6
1,137.3
563.6
782.1
3 0894
3,965.1
4 757 0
776.2
30853
3,965.6
4 756 6
779.1
773.7
3 101 6 3 127 0
3,984.9 4,007.2
47788 4 803 8
780.4
3 1467
4,012.0
r
4 816 9
782.9
788.1
3 1633 3 181 4
4,016.2
4,012.0
r
4 822 1 r 4 830 6
789.4
3 2006
4,028.7
r
4 845 9
217.8
279.6
274.5
403.3
1,122.4
574.7
218.6
278.5
276.0
404.0
1,130.0
570.5
220.0
280.0
280.8
406.1
1,135.9
562.7
220.4
278.8
282.8
407.9
1,138.5
561.0
216.6
215.7
281.3 , 279.6
272.8
277.9
405.4
412.0
1,084.1 1,103 0
573.1
568.3
8349
r
1 344
3485
1 081
1 163
22 674
r
r
23 944
r
57,064
r
5601
65 244
17 585
228 387
(i)
172,499
45485
6 506
(')
(i)
(i)
mil $
do
do
do
do
.do ...
do....
224 490
33327
4742
12793
3078
4031
147,030
(i)
(i)
(i)
(i)
(i)
(i)
0)
do
do
117 829
22839
123 037
29002
8440
5023
8 176
963
14 634
4 577
32,740
34320
32610
33 140
34730
5,660
16595
7,040
18505
5,450
16125
5,250
15965
6,900
19080
Bonds
Prices:
Standard & Poor's Corporation, domestic
municipal (15 bonds)
dol. per $100 bond..
62.0
66.1
Sales:
New York Stock Exchange, exclusive of some
stopped sales, face value, total
mil. $.. 7,702.12 8,836.27
64.2
SECURITY MARKETS
Stock Market Customer Financing
Margin credit at broker-dealers, end of year
or month
mil. $..
Free credit balances at brokers, end of year
or month:
Margin-account
do....
Cash-account
do .
See footnotes at end of tables.
553.49
66.0
734.37
r
4
r
311.2
487.8
406.2
1,138.7
558.1
794.8
3 221 0
4,888.4
4,895.6
2229
283.0
289.4
2242
271.4
285.2
227.0
271.6
289.7
229.5
279.8
300.6
231.7
268.5
289.0
r
807.0
317.0
489.3
407.8
1,144.0
r
553.0
r
813.0
326.1
491.1
410.0
1,143.9
r
549.7
801.4
794.8
3 229 3 Tr 3 252 4
4,058.9
4 869 6 4879 5
r
4,044.8
r
221.9
279.7
285.7
409.0
1,142.3
558.3
224.6
277.3
285.4
410.2
1,142.5
r
554.2
r
226.6
280.2
287.0
413.6
1,141.2
r
549.5
r
789.0
816.0
318.7
495.1
416.1
1,143.2
534.6
804.8 • r807.4
266 2 r3,272.5
4,061.6 r4,066.7
r
4 897 7 48957
805.7
3,266.4
4,059.9
230.1
228.4
277.8
279.3
'291.8
289.5
r
4!5.8
414.6
1,144.1
1,143.8
r
537.8
543.6
231.7
274.5
291.8
415.3
1,146.0
534.8
r
3
r
r
249
4,029
1345
r
5262
1,189
15755
15,142
619
r
8,264
r
536
10,346
1,852
30,760
31,060
31,600
6,525
16,510
6,465
15,375
6,215
15,470
65.6
65.1
65.3
11 336
1 468
10 142
1 835
10427
814
14030
2426
r
7,727
1 168
r
6790 10,753
1 075 1711
34360
33940
35020
35 110
34630
34,320
32,640
31,480
5,420
16345
5,580
16015
5,680
15310
6,000
16 340
5,815
16,345
7,040
18,505
6,755
17,370
6,575
16,200
67.3
65.8
66.9
67.9
66.9
66.3
844.00 1,075.17
1,015.42
68.2
68.2
878.24
712.42
805.75
769.80
66.2
925.98
829.83
r
328.4
329.5
r
498.4
496.9
r
416.7
414.1
1,144.2 1,144.1
536.4
'•545.6
807.0
10646
5 457
9776
1 847
r
27 908
3,493
95
1,389
5,467
4,071
6
720
316
1,369
2,378
2,053
r
15 834
796.8
3,251.5
4,044.2
4,073.4
4,899.2
r
3
r
28 645
r
5,406
158
1,160
r
4,510
r
5,262
r
282
r
278
163
r
781
r
2,505
r
2,508
6243
817.3
r
3 261.0
r
4,060.2
r
r
4,041.7
r
4 867 8
r
795.7
7880
240 4
4,047.5
4,874.6
8023
r
3 241 0
r
4,053.9
r
r
33
459
r
3335
r
431
1,872
r
6,224
r
4741
r
876
1,076
r
427
1,451
r
2244
r
2295
36 535
r
3939
r
487
r
2,OM
r
6,829
r
3,830
r
836
r
l,203
r
447
r
l,654
r
2367
r
2,496
r
4315
r
219.3
278.1
278.4
405.5
1,132.6
565.6
r
r
154 583 136 490
20671 16 545
1,560
1416
r
7,047
8,081
23,651 r24,523
21225 19 512
2453
1
968
r
4,256
3/785
1 512
993
r
5,335
5,515
r
13778
9666
r
9663
11,143
5019
12474
217.2
276.3
273.0
403.4
1,114.0
574.9
do....
do
do
mil $
8121
3 233 9
055 8
4,885.3
7744
3099 1
3 9785
47716
PROFITS AND DIVIDENDS (QTRLY.)
Manufacturing corps. (Bureau of the Census):
Net profits after taxes, all
SECURITIES ISSUED
Securities and Exchange Commission:
Estimated gross proceeds, total
By type of security:
Bonds and notes, corporate
Common stock .
Preferred stock
By type of issuer:
Corporate, total #
Manufacturing
Extractive
:
Public utility
Transportation
Communication
Financial and real estate
State and municipal issues (Bond Buyer):
Long-term
Short-term ...
791 7
7850
3 178 9 32043
40163 r 40384
r
4 830 5 4,854 7
767 7
3071 2
39507
47449
do
do
do
do
do
do
Food and kindred products .. x '
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 ..
2604
2476
249 2
247 7
904.13
794.21
S-16
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88
,, ..
June 1990
1990
1989
Annual
unils
1988
1989
Apr.
June
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
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..
10.18
9.66
10.14
9.95
9.50
9.34
9.36
9.41
9.34
9.32
9.30
9.43
9.64
9.73
9.82
9.87
do....
do
do
do
9.71
9.94
10 24
1083
9.26
946
974
10 18
9.79
994
1020
10 61
9.57
975
1000
1046
9.10
929
9 59
1003
8.93
9.14
9 42
9 87
8.96
9.14
945
988
9.01
9.23
951
991
8.92
9.19
944
981
8.89
9.14
942
981
8.86
9.11
939
9.82
8.99
9.27
954
9.94
9.22
9.45
9.75
10.14
9.37
9.51
9.82
10.21
9.46
9.64
9.89
10.30
9.47
9.70
9.89
10.41
do....
do
do
9.91
1045
1003
9.66
966
(i)
10.13
10 14
1027
9.97
992
1031
9.51
949
1017
9.34
9 34
10 05
9.35
937
9.39
943
9.31
937
9.30
933
9.28
9.31
9.42
9.44
9.61
9.67
9.70
9.75
9.77
9.87
9.84
9.89
do
766
723
740
7 15
702
686
716
740
724
704
6.97
7.24
7.25
7.33
7.54
7.26
do
do....
774
8.98
7 24
8.58
7 49
9.18
7 25
8.95
6 97
8.40
6 97
8.19
708
8.26
7 27
8.31
7 22
8.15
713
8.03
701
8.02
713
8.39
721
8.66
7.29
8.74
7.36
8.92
7.34
8.90
Stocks
Prices:
Dow Jones averages (65 stocks)
Industrial (30 stocks)
Public utility (15 stocks)
Transportation (20 stocks)
Standard & Poor's Corporation: §
Combined, index (500 Stocks)
1941-43=10..
Industrial, total (400 Stocks) #
do....
Capital goods
do
Consumer goods
do
Utilities (40 Stocks)
do
Transportation (20 Stocks)
1982=100...
Railroads
1941-43-10..
Financial (40 Stocks)
1970=10..
Money center banks
1941-43=10..
Major regional banks
do
Property-Casualty Insurance
do ....
N.Y. Stock Exchange common stock indexes:
Composite
12/31/65-50..
Industrial
do ..
Transportation
do
Utility
.
do
Finance. .
....
do
NASDAQ over-the-counter price indexes:
Composite
2/5/71 = 100..
Industrial
do
Insurance
do
Bank
do
NASDAQ/NMS composite
7/10/84= 100..
Industrial .
...
do
Yields (Standard & Poor's Corp.):
Industrials (400 stocks)
Utilities (40 stocks)
Transportation (20 stocks)
1
do
do
do
772.17
2,060.82
17974
86383
972.19 1,006.45 1,004.68 1,022.50
955.80
932.47
99060 1,065.83 1,078.40 1,049.44 1,004.41 1,029.12 1,001.68
897.32
966.86
2,508.91 2,348.91 2,439.55 2,494.90 2,554.03 2,691.11 2,693.41 2,692.01 2,642.49 2,728.47 2,679.24 2,614.18 2,700.13 2,708.26 2,793.81
212.37
210.68
216.96
221.17
223.19
232.05
22102
21664
21595
21808
21552
20672
19629
187 98
20572
1 194 30 1 098 04 1 139 83 1 158 90 1 223 05 1 407 13 1 462 67 1 342 02 1 188.12 1,182.98 1,139.75 1,083.36 1,160.31 1,164.82 1,163.11
265.79
306.68
252.83
30595
10874
209.02
158.73
24.09
92.05
103.22
271.62
322.84
370.28
278.70
398 17
13216
271.78
197.31
30.24
116.14
122.18
326.34
302.25
348.47
265.71
36861
119 91
250.63
18219
28.31
113.23
11396
307.82
313.93
360.88
274.71
38624
12774
262.59
194.13
29.10
114.86
121.88
301.76
323.73
370.36
279.47
39970
13350
268.10
198.07
30.85
122.57
129.20
316.61
331.93
379.45
282.04
411 63
13722
276.07
197.89
31.70
122.12
132.01
321.65
346.61
396.63
296.33
43405
140.47
307.44
211.31
33.16
127.09
136.60
344.12
347.33
397.08
294.62
43076
140.98
315.42
215.45
33.24
125.45
135.63
345.97
347.40
396.34
288.65
439 31
14271
297.89
208.51
33.76
130.47
132.49
364.37
340.22
388.11
277.78
43031
143.37
272.41
198.92
32.48
117.79
123.77
381.59
348.57
398.43
286.06
43227
152.18
276.07
209.58
31.14
111.50
116.75
373.23
339.97
390.58
286.06
42316
146.04
270.90
210.40
29.68
103.93
114.22
362.11
330.45
381.11
283.39
40689
140.99
261.42
208.34
28.17
96.47
109.09
364.89
338.47
391.71
294.80
418.06
141.92
274.48
209.18
28.50
97.69
108.99
366.84
338.18
393.17
294.19
426.68
140.89
273.52
206.20
27.53
92.79
102.95
356.63
350.25
408.10
305.65
445.52
143.66
277.39
212.18
28.73
94.63
107.48
358.70
149.91
180.95
134 12
7177
12726
180.02
216.23
17528
87 43
15188
16938
204.81
16432
79 72
14326
175.30
211.51
16889
8407
14659
180.76
216.75
17347
8790
15409
185.15
221.74
179 32
9040
15778
192.94
231.32
19752
9290
16486
193.02
230.86
20202
9344
16551
192.49
229.40
19036
9467
16655
188.50
224.38
17426
9495
160.89
192.67
230.12
17725
9973
155.63
187.96
225.79
17367
95.69
150.11
182.55
220.60
166.58
92.15
142.68
186.26
226.14
175.08
93.00
143.09
185.61
226.86
173.54
91.92
138.57
191.35
234.85
173.52
93.29
142.94
374.43
37949
40817
444.14
161.95
14678
437.80
42838
504 75
457.08
191.02
167 51
417.13
40976
48035
45731
181.71
15995
435.99
431 81
48304
460.50
190.19
168 95
447.61
43784
50378
475.70
195.38
171 32
446.70
43403
51343
472.14
195.04
16985
461.83
44847
535.62
484.22
201.86
17563
469.28
45501
53304
485.08
205.14
17819
469.68
45591
53837
460.01
205.35
17864
454.70
441.63
546.07
427.08
198.82
173.11
449.01
440.00
547.35
395.94
196.47
172.83
439.35
436.80
522.05
386.67
192.26
171.71
424.52
427.83
491.38
375.76
185.72
168.26
436.09
447.48
503.71
374.38
190.91
176.25
428.99
447.38
490.70
353.23
187.74
176.32
442.60
467.97
490.90
347.83
193.92
184.78
3 64
314
708
248
434
9.24
3 45
301
639
2 14
3 73
904
3 59
3 10
695
221
3 90
950
3 52
306
662
209
3 85
9.32
3 44
301
635
204
3 64
896
3 38
297
620
1 98
3 58
8.81
3 28
286
611
1 93
3 42
8.75
329
288
605
1 88
3 44
8.82
329
289
5.95
202
339
8.85
339
2.98
5.93
232
3 57
8.73
3 33
2.94
5.53
233
377
8.75
341
3.01
5.58
237
3 98
8.80
354
3.12
5.84
2.42
425
8.90
349
3.07
5.84
2.32
4.25
9.02
3.51
3.13
5.92
2.33
4.38
9.05
9.04
Preferred stocks, 10 high-grade
do ....
Sales:
Total on all registered exchanges (SEC):
Market value
mil $ 1 587 012 1 844 768 136 598 157 168 178 088 144 776 190 751 153 234 185652 136 071 144,184 146,564 125,259 147,670 115,381
4 416
3,646
4,568
4030
4422
4446
4 056
4889
52533
Shares sold
millions
5 146
4967
4722
54239
4 141
4 115
On New York Stock Exchange:
98,732
Market value
mil $ 1 377 711 1 576 899 116 894 133 978 153 329 122 567 164 536 129 727 161 383 115 042 122,748 124,261 107,474 127,078
Shares sold (cleared or setr
2,906
3,696
3,286
3544
3 572
3 217
4 022
3 517
4242
3283
4 092
tled)
millions
3 887
3 356
44 140
44 018
New York Stock Exchange:
Exclusive of odd-lot stock sales
3,597
2,801
3,285
2,962
3,794
3,214
3,032
3035
(sales effected)
millions
4013
3948
3 250
3 967
3749
41 699
40850
NASDAQ over-the-counter:
48,795
35,371
40,117
30,647
41,869
34,645
31814
34690
Market value
mil $
45 016
39575
41 572
347 089
33 680
40 870
431 381
32232
"3,469
2,593
2,909
2,422
3029
2760
2538
3 166
2626
3031
31 070
Shares sold
millions
2502
3029
3080
2666
33530
Shares listed, NYSE, end of period:
Market value, all listed shares
bil. $ .
2,457.46 3,029.65 2,709.88 2,787.49 2,771.49 2,980.46 3,022.19 3,800.82 2,925.38 2,969.05 3,029.65 2,814.43 2,842.19 2,904.13 2,826.45 3,067.12
86,507
84,939
84,471
84,013
83,605
82,797
81,925
81,641
79,969
79,534
Number of shares listed
millions.
79,462
79,117
78,381
76,093
77,767
82,797
FOREIGN TRADE OF THE UNITED STATES
VALUE OF EXPORTS
(mdse.), incl. reexports,
Exports
total @
Seasonally adjusted t
Western Europe
European Economic Community
Belgium and Luxembourg
France.
.
Italy
Netherlands
United Kingdom . .
Eastern Europe
Union of Soviet Socialist Republics
. .. .
See footnotes at end of tables.
mil $ 322 426 4 363 982 8 31 367 2 31 271 1 31 536 9 28 726 7 29 609 5 30 009 0 31 906 1
do
30 969 2 30'578 0 31 208 2 29 662 4 30 248 5 30 367 2 31 474 1
do
87 857 7 100 434 8 86209 85890 83147 7 961 7 75330 88358 88702
do.... 75,755.3 86,591.5 7,372.8 7,322.3 7,216.5 6,878.3 6,372.6 7,644.5 7,632.1
do
6156
7506
7582
654 4
8340
721 5
7 4105
8656 5
7598
do
8226 1 014 1 1 0260
9367
99697 11 585 0
9584
987 7 1 0154
14 347 6 16 882 9 1 373 1 1 5553 1 447 5 1 169 7 1 216 9 1 463 8 1 623 2
do
'540 1
'5449
658 8
5982
67754
'621 6
5699
6285
7 232 4
do
9654
819 6 1 274 5 9206
801 4
9468
918 1
10 116 5 11*3928
do
18 364 4 20 866 1 1 8487 1 6290 1 6439 2093 6 1 5560 1 713 5 1 7443
do
1913
4784
1570
2553
2880
5768
36496
6284
52963
do
27689
4 271 2
4598
4420
4050
2288
134 5
904
179 3
30 351 9 30 815 7
30*627 2 30 843 2
83515 8,732 3
7,286.5 7,423.9
7677
7550
9638 10350
1 443 9 1 459 5
647 3
5904
9783
957 2
1 813 1 1 677 5
5379
4938
4264
4463
30 495 7 30 921 0 rr35,955.3 32,722.6
31 939 9 31 817 7 33,494.2 32,306.8
8,444.2 9,073.3 10,322.5 10,196.1
7,402.3 7,986.9 8,988.2 8,861.9
938.5
878.2
7233
717 1
9532 1 1475 1,213.3 1,096.6
1 4492 1 4456 1 7004 16965
7195
7365
6160
661 5
1 152 8 1 111 3 1 1669 1,301.7
1 611 3 20061 2,343.3 2,080.2
556.2
534.1
445.1
527.4
4212
3668
417.1
444.8
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88
S-17
SURVEY OF CURRENT BUSINESS
June 1990
,, .,
units
Annual
1988
1990
1989
1989
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
FOREIGN TRADE OF THE UNITED STATES—Continued
VALUE OF EXPORTS-Continued
Exports (mdse.), incl. reexports— Continued
Western Hemisphere:
Canada <>
mil $
71,622.0 78,638.9 7,308.4 7,417.6
Brazil
do
304.9
348.0
4,799.4
4,266.5
Mexico
do
20,628.4 24,968.8 2,058.8 2,091.7
Venezuela
do
3,035.7
222.4
247.9
4,611.9
Asia
China
do
471.0
5,021.4
404.4
5,807.4
Hong Kong
do
519.4
602.0
6,304.0
5,687.4
Japan
do
37,725.2 44,583.9 3,636.9 3,602.9
Republic of Korea
do
11,231.8 13,478.0 1,009.0 1,158.2
Saudi Arabia
do
290.5
302.6
3,576.0
3,776.1
Singapore
do
566.8
557.3
5,767.6
7,352.7
Taiwan
do
1,023.3 1,004.9
12,129.1 11,322.9
Africa:
Nigeria
do
40.7
19.4
491.8
356.7
138.2
Republic of South Africa....
do .
157.5
1,659.1
1,687.6
Australia
do
681.5
616.9
8,347.0
6,972.9
OPEC
do
13 994 3 13 234 5 1 1038 1 101 4
Exports of U S merchandise total @
do
310 049 1 349 650 4 30 224 8 30 109 9
By commodity groups and principal
commodities:
Agricultural products total
do
37 046 6 40 003 3 3421 1 3314 1
Nonagricultural products total
do
285 379 8 3100139 26 435 7 26 818 4
Food and live animals #
mil $
26 181 8 29 723 8 2497 1 25794
Beverages and tobacco
.
do
4330
3987
5 509 7
4 555 6
Crude materials, inedible, exc.
25 151 3 269467 2 262 3 22335
fuels #
do
Mineral fuels, lubricants etc #
do
8710
8139
98654
82352
Oils and fats, animal and vegetable
do
105 1
1057
1 521 7 1 3498
Chemicals.. .
do
322807 36 485 0 33280 3 406 5
Manufactured goods classified chiefly
by material
mil $
23 594 0 27,242 8 22661 23542
Miscellaneous manufactured
articles
. .
do
23 685 7 1 32 637 4 26505 2 672 3
Machinery and transport equipment,
total . . . .
mil $ 135 081 6 148 799 9 12 839 1 12 533 6
Machinery, total #
do
88 432 0
Transport equipment, total
do .... 46,702.8
Motor vehicles and parts....
do
24 019 7 2 23 6130 21433 2 1242
VALUE OF IMPORTS
General imports, total @
do ..
Seasonally adjusted "f
do
Western Europe
do
European Economic Community
do...
Belgium and Luxembourg
do...
France
do
Federal Republic of Germany .
do
Italy
do
Netherlands
do
United Kingdom .
do
Eastern Europe
do
Union of Soviet Socialist Republics
do
Western Hemisphere:
Canada
mil $
Brazil
do
Mexico . . .
do
Venezuela
do
Asia:
China
do
Hong Kong
do
Japan
do
Republic of Korea
do
Saudi Arabia
do
Singapore
do
Taiwan
do
Africa:
Nigeria
do
Republic of South Africa
do
Australia
do
OPEC... .
do
By commodity groups and principal
commodities:
Petroleum and products
mil. $
Nonpetroleum products
do
Food and live animals #
do ....
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 classified chiefly
by material
mil $
Miscellaneous manufactured
articles .
do
Machinery
and
transport
equipment
do.
Machinery, total #
do...
Transport equipment
do....
Motor vehicles and parts
........do....
See footnotes at end of tables.
6,958.0
434.5
2,154.3
223.9
5,147.7
395.5
2,042.1
215.6
6,228.5
461.5
2,145.4
188.7
6,404.1
401.6
1,998.7
208.7
6,962.9
458.6
2,346.0
255.0
6,557.9
434.9
2,000.7
206.7
5,834.2
505.7
2,060.2
227.0
6,271.5
404.6
2,153.0
166.0
6,706.7
483.1
2,052.0
199.8
355.2
659.6
3,966.4
1,302.5
275.4
606.5
940.0
644.7
501.1
3,942.3
1,241.5
243.1
666.8
924.2
703.7
506.5
3,932.9
1,087.5
251.1
618.8
976.1
456.2
585.8
3,555.4
1,170.6
282.7
592.3
894.9
555.3
469.2
3,723.9
1,110.0
286.8
581.7
1,010.3
306.6
483.7
3,751.8
1,120.4
327.3
699.6
965.7
443.4
514.2
4,072.6
1,160.5
344.7
706.1
1,125.2
359.4
439.1
3,974.2
1,150.4
282.6
610.9
996.3
516.7
626.2
3,765.8
1,069.4
248.7
549.2
883.4
r
8,047.9
. 373.8
2,300.9
227.7
7,312.9
305.6
2,042.5
238.3
356.4
556.3
4,222.6
1,339.6
341.1
664.1
1,172.3
374.9
613.8
3,603.4
1,138 0
260.1
601.0
971.8
41.6
42.3
27.4
53.8
33.6
37.7
38.6
39.2
27.3
112.8
33.1
146.2
167.3
114.1
148.9
151.1
117.0
149.8
150.5
127.0
124.4
149.4
694.5
722.7
563.2
848.6
640.2
630.4
813.2
909.7
799.7
714.7
690.7
9565 1,323.5 1,059.2
9745 1 088 0
9938 1,098 1 10362 14751 10326
9206
r
30 289 3 27 641 2 28 533 7 28 842 1 30 691 5 29 085 5 29 341 8 29 079 6 29 523 0 34 333 6 31 232 2
30488 29662 27682 3011 8 33922 36548 35598 37165 3 459 9 39868 3,291 7
26 862 6 24 928 1 25 614 7 27 440 2 28 487 4 26 515 0 27 622 7 25 488 0 25 881 4 301246 27,940 5
23965 25336 23324 23981 24016 25408 24730 25169 23927 2,718.6 2,470.0
594.4
614.8
4788
4347
449.9
5669
5709
4777
4464
3840
4526
22185
831 1
2 1785
7176
20458
8425
20586
841 1
23434
8869
2 184 5
981 1
24445
9459
25278
8864
23133
7663
27742
9641
22917
848.6
932
33649
1244
1090
3 111 4 30675
1653
29925
1132
29430
864
2821 4
1050
2 796 8
938
976
3 120 1 28684
1228
3 347 4
810
34273
23727
21581
23518
23325
2,470 5
2,226 0
2,239.1
2,561.4
2 408.3
2,767.6
2,655.6
3045 1
2671 9
27339
27973
2781 2
27923
2931 6
3 100 4
28193
35709
3,241 5
12 797 5 11 8107 11 965 8 13 212 1 13 508 6 11 864 8 13 145 1 12 787 8 14 145 5 16 083 5 14401 0
20384
440 952 3 472,976 6 38 185 1 40 895 7 40 494 1
38 615 3 40 955 0 39 701 7
100 442 8 101 725 1 83894 86673 85393
84 938 5 85,128 9 69353 7 212 9 7 1720
4041
4,569 6
4,493 3
3978
3941
12 508 5 13 028 6 1 1620 1 034 7 1 3000
26 361 9 24 833 7 2091 6 20861 1 9806
9253
11 576 0 11 945 9
9798 1 0533
4796 1
45589
370 9
3469
377 2
17 976 4 18 242 3 1 397 8 1 681 6 1 378 7
2 060 4
2 162 6
144 7
153 3
190 2
1 403 5 1 6685
1 9448
21715
2 080 5
39 456 4 40 513 9 38 605 8 43 404 3 40 913 4
39 215 6 40 424 0 38 524 1 41 914 8 40 739 1
8811 5 8>249 7 7 6607 93307 90925
7 4665 7 146 1 63974 77804 76116
418 1
4091
3725
2995
4201
9490 1 1278 1 161 5
1 111 7 1 Oil 2
2 155 1 20640 1 836 1 22334 2?1405
7751 1 1366 1 0956
l'l802 1 1137
4455
491 5
388 0
375 2
406 1
1 514 7 1 655 5 1 496 4 1724 6 1 6749
164 7
173 8
168 9
186 0
1667
19821
37 641 8
38 521 6
8 1768
68435
331.3
1 061 9
2 051 4
9540
3983
1 3998
145 1
1 740 1 22631
2,822.6
40 309 9 37 130.4 rr42,081.7
41 260 6 37 916 3 41 8559
87540 8 1137 9,608 6
7451 2 68417 7,961.6
447.6
348.5
366.8
937 2 10862
10737
22029 2 1150 25801
9995 1,055.5
1 0548
461 3
3860
4152
1 6426 1 506 9 1 659 2
1847
230 2
184 1
2,477.8
38,703.5
392472
8,840.2
7,429.9
394.5
10748
23713
1,064 2
3580
1 5064
1390
5860
7027
644
406
81 9
548
522
56 1
477
445
1240
702
772
486
81 397 9
92943
23 259 7
5 157 4
88 210 0
83790
27 186 3
67860
74832
7134
2 377 0
553 5
8 1388
627 1
2 543 7
632 1
7 506 6
8295
2 253 2
542 6
5 619 1 73930
7888
759 1
2 160 0 2 380 2
5527
5267
70143
6357
2 216 5
541 1
7 794 9
7294
2 436 4
650 8
7 680 9
6094
2 354 o
6652
6 755 9
608 1
2067 1
'6508
69065
7796
23808
7528
69337
6046
23883
571 5
80777
639.6
26168
6867
7 321 2
645.9
2 1855
5583
85109
10 237 8
89 518 7
20 105 1
56202
7 973 3
24 713 9
11 988 5
97386
93 585 9
19 741 9
7 181 4
8 949 8
24 325 6
7277
932 6
6349
7433
7 5302 78842
1 553 6 1 661 2
587 6
6237
780 0
686 6
1 863 7 20920
1 016 6
808 1
79065
1 699 0
630 7
6920
2 131 2
1 154 9
8759
79854
1 748 7
584 5
729 2
2 182 0
1 283 7
968 8
79148
1 754 6
654 4
795 3
23846
1 1830
8890
76188
1 691 5
564 3
818 5
2 176 5
1 338 4
1 0584
8*631 1
1*782 1
5348
8503
22907
1 130 4
941 7
747 8
8836
7751 6 75577
1 650 0 1 486 3
6885
6743
820 1
850 0
1 9909 1 851 2
404 7
1290
3094
2 458 0
490 6
136 1
332 0
2 640 4
653 0
111 6
340 5
2 789 4
483 6
123 1
311 2
492 7
1306
317 0
2 489 5
330 5
1236
380 2
2 595 7
453 2
1329
359 2
2 824 8
52265
3 2785
1 5129
1 5290
3 541 3 38983
22 962 2 30 601 0
523 4
1402
3267
2 900 6
63 5
2 817 9
398 9
111 3
3464
2 636 8
9889
937 0
9766
1 2003
6440
6457
5803
9098
6 833 7 68877 7 843 3 75553
1 605 4 1 3089 1 3890 1 5259
451 8
6658
6890
7830
7820
790 0
683 3
774 6
20609 1 5700 '1 801 9 1 8217
4528
6685
1079
1483
3938
323 6
3 634 i 29686
4837
5863
1055
1363
3023
296 1
3 170 1 24522
38 786 5 49 623 9 41358 48340 42949 43642 43992 4081 9 4409 1 4427 4 4 1004 58904 47682 4,774.4 3,799.2
402 165 8 423 301 9 34 088 0 36 240 2 35 985 6 34 690 8 36 632 8 34 417 3 38 922 9 36 512 1 33 490 7 34 494 7 32 552 4 37 172 4 34 904 3
20,109 8 20,685.4 16894 1,810 5 1,657 1 1 6126 17938 15142 17283 1 7023 1,689 3 1,9960 1,936 8 2,170.6 1,880.8
3435
3426
3295
321 1
43640
4 1226
3743
3369
454 5
371 5
3353
371 1
4908
371 5
327 1
1 2368
62861
1 151 8
50424
1 2246
4,942.7
12028
4,099.3
594
693
63 1
489
687
1 534 3 1 857 4 1 735 4 1 561 0 19359
57 6
17272
474
2,015.2
668
1,931.8
5067 8
43685
5,063.1
4,851.5
64928
58224
6 1165
59100
13 624 4
41 041 5
15 370 4
52 648 6
1 283 5 1 3737 1 2848
43922 5 104 1 45429
1 1808
4603 1
1 389 8 1 239 1 1 297 5 1 227 0 1 1563
4657 8 43267 46522 46360 43260
887 5
19 559 7
7308
20 752 3
624
383
1 704 2 17380
80 1
17762
593
1 6568
648
1 7230
62 249 0
61 991 3
5 1303
53652
52702
5 171 6 5471 5
49182
5533 1
5 121 6 4361 4
69 748 9
76 639 0
53756
6081 4
66267
7 1579
68653
77023
6750 1
58360
7 5434
1970167 205,761.1 17 195 9 18 021 1 17,518 2 16,233.1 16741 1 16,436 0 18 446 2 17 911 3 16 923 2 15,642 1 15,590.7 18,582.1 17,165.5
117,281 0
79,772.4 2
71,065.0 69,349.6 6,031.9 6,123.8 5,801.1 5,029.5 4,907.8 5,221.1 6,193.5 6,112.6 5,718.3 4,738.7 5,355.1 6,675.5 5,653.8
May
S-18
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88
„ .,
June 1990
1990
1989
Annual
Umts
1989
1988
Apr.
May
June
July
Aug.
Nov.
Oct.
Sept.
Dec.
Jan.
Feb.
Mar.
Apr.
May
FOREIGN TRADE OF THE UNITED STATES—Continued
Indexes
Exports of U.S. merchandise:
Unit value @
Quantity
Value..
General imports:
Unit value @
Quantity
Value.. ..
1977 — 100
do
do
:
do
do
do
Shipping Weight and Value
Waterborne trade:
Exports (incl. reexports):
Shipping weight
thous met tons
Value
.
mil $
General imports:
Shipping weight.
thous met tons
Value
mil. $..
1696
1498
254 1
1746
1694
2957
1756
1699
2984
1766
167 7
2962
1772
1559
2762
1729
175 1
3027
1815
1734
3148
1823
1856
338 2
181 5
1828
331 7
181 4
177 3
321 6
(3)
(3)
(3)
(3)
(3)
(3)
361 173
125*782
381 099
143 184
33036
12564
34 284
12756
34 563
11 957
29061
11 989
30 188
11 736
23 165
8878
33 676
12378
35408
12453
34879
12803
464 606
254,766
493 864
270,633
38573
21,372
44918
23,426
41 664
23,109
44013
24,113
44960
23,835
40768
21,667
43 826
25,265
42 567
23,273
37 983
21,316
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 Industry
Passengers carried, total tt
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 ft . .. .
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 |
do
Traffic:
Revenue ton-miles, qtrly (AAR)
bil
Producer Price Index, line haul
operations
12/84 = 100 ..
Travel
Lodging industry:
Restaurant sales index.. ..same month 1967 — 100
Hotels: Average room sale A
dollars
Rooms occupied
% of total
Motor hotels: Average room sale 0
dollars ..
Rooms occupied
% of total
Economy hotels: Average room
sale 0
dollars
Rooms occupied
% of totalForeign travel:
U.S. citizens: Arrivals (quarterly)..
thous
Departures (quarterly)
do.
Aliens: Arrivals (quarterly)
do....
Departures (quarterly)
do....
Passports issued
do
National parks, recreation visits # #
do....
See footnotes at end of tables.
42330
625
53800
1
63,633
1
50 296
'7478
'972
1
60,136
'1785
43271
632
55,457
3357
620
4,373
3538
62.5
4,535
4005
697
5,030
17,632
13 803
2142
237
16,497
577
4190
695
5,200
4438
724
5,441
3470
605
4,500
18,153
14199
2042
225
17,317
313
3615
619
4,711
3379
605
4470
3510
599
4,572
32931
4843
1367
1
50,052
' 47,562
1
1,027
32998
4 916
1 415
26 10
411
114
2694
418
110
2993
420
109
13,977
12,823
615
3093
404
101
3297
420
114
2542
424
109
13,754
13,270
87
27 64
453
114
2637
429
119
2689
387
180
93 99
4789
470
'13,332
'12361
' '720
10274
5359
496
748
451
39
844
432
38
10 12
457
38
3640
3657
38
1097
467
38
11 41
427
41
9 28
461
36
4382
4 031
226
8 51
489
40
7 42
498
44
822
425
70
8893
8904
785
756
764
688
760
734
785
751
701
100
100
' 18 668 ' 19 750
100
5 055
100
5094
100
5084
'464
'355
135
109
4
'170
'175
43
43
45
177 2
168 6
1732
1726
' 27 979 ' 27 956
' 27 135 ' 27 059
91
85
'24,883 ' 25 038
1,896
'1,961
'2319
'2010
1 0004
1 0033
104.8
106.4
169 5
160 1
168 5
1654
1669
1659
106.0
106.0
106.3
106.9
106.8
106.8
106.8
106.9
236
8512
66
45.88
64
240
8988
72
47.80
69
290
8963
70
46.32
68
272
8512
71
47.36
72
262
79 01
68
48.66
75
217
8073
72
47.74
75
245
8638
69
44.21
63
256
9296
74
44.91
68
232
9416
65
56.20
60
40 62
65
3905
67
3801
69
4080
77
4025
80
40 16
79
37 43
67
3699
68
416
5,044
4 504
4682
3654
3,158
396
7,722
289
10,019
5468
5010
4,725
4,323
230
6,525
' 17 583
' 17 209
' 13,804
'12,211
4061
55,422
' 17 966
' 17,403
' 14,995
'13,415
3691
56,422
.375
3,081
300
10,252
2538
2
1Q6.9
107.1
107.1
107.1
107.4.
107.3
3955
4139
3550
3,234
197
1,254
2
1 579
2
1290
2
1,165
2
331
1,510
437
2,268
399
'3,378
397
4,862
2484
251 1
254 6
1692
1732
173.5
7 012
6775
23
6,701
188
299
6864
6 631
23
5886
673
578
7 105
6893
23
6205
593
635
1720
165 5
232
4,865
227
2,379
1,140
292
1,500
802
2
81 1
S-19
SURVEY OF CURRENT BUSINESS
June 1990
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88
Annual
,, .,
1988
1990
1989
1989
Apr.
Sept.
Aug.
July
June
May
Nov.
Oct.
Feb.
Jan.
Dec.
Apr.
Mar.
TRANSPORTATION AND COMMUNICATION— Continued
COMMUNICATION
Telephone carriers:
Operating revenues #
Station revenues
Tolls, message
Operating expenses (excluding taxes)
Net operating income (after taxes)
Access lines
mil $
do
do
do.
do
mil
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic Chemicals
Production:
Aluminum sulfate, commercial (17% A^Os)
1 232
11257
2640
343
10,527
812
817
Chlorine gas (100% Cy
do
Hydrochloric acid (100% HC1)
do
Phosphorus elemental
do
Sodium hydroxide (100% NaOH)
do....
Sodium silicate, anhydrous
do
Sodium sulfate (100% Na2SO4)
do
Sodium tripolyphosphate
(100% Na5P3Oio)
do
Titanium dioxide (composite and
pure)
do
Sulfur, native (Frasch) and recovered:
Production
thous met tons
Stocks (producers') end of period
do
Inorganic Fertilizer Materials
Production:
Ammonia, synthetic anhydrous $
thous. sh
Ammonium nitrate, original solution :)"
Ammonium sulfate :j~ .. .
Nitric acid (100% HNO3) $
Nitrogen solutions (100% N) t
Phosphoric acid (100% P2O5) t
Sulfuric acid (100% H2SO4) f
Superphosphate and other phosphatic
fertilizers (gross weight):
Production
thous sh
Stocks, end of period
Potash, sales (KaO)
Imports:
Ammonium nitrate
thous. met.
Ammonium sulfate
Potassium chloride
Sodium nitrate
Industrial Gases
Production:
Acetylene
Hydrogen (high and low purity) .
Nitrogen (high and low purity)
Oxygen (high and low purity)
See footnotes at end of tables.
102
930
249
31
988
71
67
107
910
243
32
972
71
70
104
949
241
32
1,031
72
64
114
913
241
31
985
77
62
103
918
224
28
992
73
61
105
942
225
31
1,008
82
64
98
912
213
31
991
76
58
94
916
207
33
976
59
65
103
892
244
31
960
65
62
92
r
897
r
233
28
r
964
79
60
99
887
200
32
956
89
60
549
46
55
50
50
47
50
49
44
46
51
47
35
1 022
96
92
93
97
92
92
96
86
95
96
95
98
9 450
1 112
10399
1302
902
1 252
908
1 310
891
1 387
893
1498
868
1483
819
1 500
836
1 492
808
1 370
820
1 302
848
1274
787
1292
r
808
1 188
1 375
1506
tons
16821
1 471
1 505
1433
1 380
1268
1 292
1390
1 400
1 321
1439
do
do
do
do
do
do
7 504
2333
7991
2902
11*677
42 141
712
207
701
261
966
3 659
724
206
714
269
965
3 687
665
200
666
245
869
3291
635
198
640
247
927
3 504
606
195
616
204
971
3 691
596
191
593
228
958
3 541
673
194
661
250
1 012
3716
640
200
653
220
980
3 613
628
175
671
225
930
3 601
675
200
699
258
980
3 638
606
208
r
661
233
931
r
3424
697
212
729
247
1 016
3731
tons
do
do
16858
879
5705
1 640
913
731
1 594
874
637
1 366
1 Oil
238
1 455
962
256
1 472
826
529
1 429
769
409
1 578
852
489
1 540
943
414
1 422
937
762
1 528
902
560
1388
r
851
365
1646
732
454
4
411
4
307
54 498
150
46
48
659
11
38
30
427
21
46
14
261
22
21
9
89
2
29
19
472
12
24
16
495
g
29
48
558
(2)
26
21
460
13
29
21
431
23
5320
166 788
742 275
455 702
469
13708
61 188
37 985
362
13793
62387
40471
397
15 224
58910
39 432
357
14277
61 618
39 073
440
14 481
62'833
38'444
479
14 048
61*358
36 555
532
14 114
63 '7 19
36422
495
13 521
61 850
36827
383
13023
66094
34763
362
11295
62074
36,512
388
10,959
67,615
40,496
tons..
do
do
do
mil cu ft
do
do
do
Organic Chemicals §
Production:
Acetylsalicylic acid (aspirin)
thous. met. tons..
Ethyl acetate
do
Formaldehyde (37% HCHO)
do
Glycerin, refined, all grades
mil. lb..
Methanol, synthetic
thous. met tons
Phthalic anhydride
do
ALCOHOL
Ethyl alcohol and spirits:
Production
Stocks, end of period
Denatured alcohol:
Production
Consumption (withdrawals)
For fuel use
Stocks end of period
1
97
972
221
29
1,023
74
66
267
337
6796
131
5 297
177 008
722 013
451 999
1
1
10.8
•'us 3
2 848 8
281.7
1
3J 692 8
4529
5791
4
8.6
1298
28889
293.3
32377
499 6
24.0
28.5
24
31 8
740 6
22.0
901 6
130 3
23.4
23.1
18
31 3
7157
25.7
874 8
1222
27.2
26.2
mil tax gal
do
777 6
397
686
434
79 3
457
76 1
397
77 6
44 9
81 0
405
89 0
42 5
92 0
42*5
88 8
49 5
mil. wine gal..
do....
do
do
463.7
469.9
216 0
92
34.5
36.3
14 4
76
47.7
45.8
17 1
93
44.6
45.6
16 5
98
39.0
39.9
14 5
79
44.5
40.9
15 8
88
45.8
41.3
16 7
13 2
45.9
41.4
14 7
18 6
44.7
51.7
25 9
16 0
21
327
701 5
19.7
7093
117 1
356
10364
66437
37 709
23.8
25.8
1.6
285
675.7
28.4
7530
126.6
792
1 109
709
23.3
May
S-20
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88
IT .,
vmts
1988
June 1990
1990
1989
Annual
Apr.
1989
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Mar.
Feb.
CHEMICALS AND ALLIED PRODUCTS—Continued
PLASTICS AND RESIN MATERIALS
Production:
Phenolic resins
thous met tons
Polyethylene and copolymers..
do....
Polypropylene
,
do ....
Polystyrene and copolymers
do ..
Polyvinyl chloride and copolymers
do ....
7653
' 8,479.6
1
3,291.6
4,1662
1
3,895.5
PAINTS, VARNISH, AND LACQUER t
Total shipments
mil $
Architectural coatings
do
Product coatings (OEM)
do
Special purpose coatings
do ....
10716 1
4 372 l
40629
2,281.1
7,701.6
3,004.5
1,898.4
789.8
1,913.1
707.7
1,885.5
747.2
1,884.7
860.4
5,004 6
10315
1,254 3
12277
1,063.6
9857
399 1
3726
213.9
1 0727
4644
3820
226.2
1 091 5
4648
393 2
233.5
9659
431 0
319 8
215.1
1 1144
4842
381 6
248.7
1 0197
4144
3808
224.5
9959
399 0
379 5
217.4
9349
361 1
361 6
212.1
7724
2983
3088
165.3
8667
3488
3027
215.2
888 0
351 2
3129
223.9
219587
199 512
20076
218 980
197 794
21 186
258 637
236 815
21 823
237 047
213 611
23436
212717
188 556
24 162
1 069 1
4452
3578
266.0
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production:
Electric utilities, total
mil kw.-hr.. 2 704 250 2 780 775
By fuels
do
2481311 2515714
By waterpower
do
265 061
222 940
Sales to ultimate customers, total (Edison
Electric Institute)
mil kw -hr . 2549909 2 560 087
Commercial §
do
695 181 698 518
Industrial §
do
887 474
880 947
Railways and railroads
do
5 127
5 110
Residential or domestic
do
885 146
884 884
Street and highway lighting
do
14 537
14 537
Other public authorities
do
65 063
64*598
Interdepartmental .
do
4*392
4483
Revenue from sales to ultimate customers
(Edison Electric Institute)
mil $
163 364
162 188
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
52683
48377
4*088
168
50
10,691
4692
2304
2204
1 331
160
mil $
do
do
do
do
do
46,109
24,812
10,670
6702
3,387
539
207 749
183 672
24077
219 820
191 772
28049
235 394
209 512
25*881
256 737
234 067
22670
258 336
238 148
20 187
226 848
207 929
18 919
611 933
170802
225*488
1 233
193 532
3 347
16 388
l'l41
708 773
203 271
233 394
1 273
250 044
3486
16064
1 241
639 525
174818
226*341
1 342
213 945
3982
18056
1 042
654,492
173 215
220 221
1372
236,436
3 908
18 194
1145
39076
48 125
40 648
41 479
53143
48761
4 162
169
51
1,932
791
408
438
263
32
4>
8,531
4,496
1,913
1 335
669
117
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES
Beer:
Taxable withdrawals
do
Stocks, end of period
do
Distilled spirits (total):
Production
mil tax gal
Consumption, apparent, for beverage
purposes
mil wine gal
Stocks end of period
mil tax gal
Imports
mil proof liters
Whisky:
Production
mil tax gal
Stocks, end of period
do
Imports
mil proof liters
Wines and distilling materials:
Effervescent wines:
Production
mil. wine gal..
Taxable withdrawals
do....
Stocks, end of period
do
Imports .
mil liters
Still wines:
Production
mil. wine gal.
Taxable withdrawals
do .
Stocks, end of period ...
do
Imports
mil liters
Distilling materials produced at
wineries
mil wine gal
See footnotes at end of tables.
18 40
16 78
14.72
1875
16 94
14.35
18 28
16 23
14.60
18 35
17 41
14.33
15 28
14 77
13.56
15 82
14 32
13.06
14 78
13 40
12.86
13 45
12 10
14.60
1646
14 26
13.53
199 14
179 50
14.60
17 30
14 88
14.99
9484
988
970
893
477
664
1031
1228
1095
37820
420 92
36320
368 54
2842
429 09
2666
3063
433 04
30 52
31 70
423 77
23 97
2786
405 70
24 63
2990
422 59
3385
2847
413 86
3290
31 01
423 34
5408
37 51
423 93
4000
25 13
4835
364 56
231 90
a 223 97
8 12
37397
15 80
797
37597
19 35
645
370 86
14 46
260
325 93
13 36
5 24
370 53
21 44
556
361 28
18 34
493
36650
36 46
774
367 07
23 21
14 34
30.72
29.27
1862
4930
15 84
3
54 96
220
1.27
17 66
238
176
2.08
17 85
327
233
2.10
1807
2 50
218
1.27
1876
2 43
276
1.79
19 57
3 43
348
2.80
1944
4 11
309
4.17
24 99
7 82
311
4.54
18 03
17 63
173
3.02
1584
4 64
204
.96
17 70
47095
44517
58689
25740
582 16
3
242 05
473
3397
536 81
1988
5 13
3588
53569
21 48
636
41 54
533 86
1868
526
3162
439 14
1803
3656
3866
39684
2044
147 12
3412
538 39
17 76
119 11
3428
586 15
28 51
47 73
3623
58801
27 97
17 95
33 32
582 16
1975
834
3104
58723
4 58
493
556
509
1224
28 12
2472
907
7 61
198 02
178 23
14.89
131 76
3
1574
13 38
14.28
1797
1589
14.49
Apr.
May
S-21
SURVEY OF CURRENT BUSINESS
June 1990
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88
Annual
IT .,
Unite
1988
1990
1989
1989
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
j
DAIRY PRODUCTS
Butter:
Production (factory)
mil. Ib.
Stocks, cold storage, end of period
do...
Producer Price Index
1982-100 .
Cheese:
Production (factory) total
mil Ib
American whole milk
do
Stocks, cold storage, end of period
do...
American, whole milk . . .
do
Imports
thous. met. tons
Price, wholesale, cheddar, single daisies
(Chicago).
$ per Ib
Condensed and evaporated milk:
Production case goods
mil Ib
Stocks, manufacturers', case goods, end of
period
do
Exports
thous met tons
Fluid milk:
Production on farms t
mil Ib
Utilization in manufactured dairy
products
do
Price, wholesale, U.S. average
$ per 100 Ib ..
Dry milk:
Production:
Dry whole milk
mil. Ib..
Nonfat dry milk (human food)
do
Stocks, manufacturers', end of period:
Dry whole milk
. do
Nonfat dry milk (human food)
do
Exports, whole and nonfat
(human food).
thous. met tons
Price, manufacturers' average selling, nonfat
dry milk (human food)
$ per Ib
GRAIN AND GRAIN PRODUCTS
Exports (barley, corn, oats, rye,
wheat)
mil bu
Barley:
Production (crop estimate)
.....mil. met. tons..
Stocks (domestic), end of period, total . . .do
On farms
do
Off farms
do
Exports, including malt §
thous. met. tonsProducer Price Index, No. 2 feed,
Minneapolis
1982=100..
Corn:
Production (crop estimate, grain
only)
mil. met. tons
Stocks (domestic), end of period, total
do....
On farms
do ....
Off farms....
do
Exports, including meal and flour
do
Producer Price Index, No. 2, Chicago
1982 100
Oats:
Production (crop estimate)
mil. met. tons..
Stocks (domestic), end of period,
total
do
On farms...
do....
Off farms
do
Exports, including oatmeal
metric tons
Producer Price Index, No. 2, Minneapolis
1982-100..
Rice:
Production (crop estimate)
mil met tons
Southern States mills:
Receipts, rough, from producers
mil Ib
Shipments from mills, milled
rice
.
do
Stocks, domestic, rough and cleaned (cleaned
basis), end of period
mil Ib
Exports
thous met tons
Producer Price Index, medium grain,
milled
1982—100
Rye:
Production (crop estimate)
mil. met. tons .
Producer Price Index, No. 2,
Minneapolis
1982 = 100..
Wheat:
Production (crop estimate), total
mil. met. tons .-.
Spring wheat
do
Winter wheat
do
Distribution, quarterly C'
do....
Stocks (domestic), end of period, total
do....
On (arms
do
Off farms . ..
do
Exports, total, including flour
do....
Wheat only
mil. bu ..
1,207.5
214.7
8
90.8
1,260.3
256.2
88.0
125.6
377.2
885
122.5
438.3
885
95.3
464.1
885
72.2
461.3
883
80.1
439.7
905
82.1
407.9
894
92.7
370.6
855
93.6
294.1
85.4
107.7
256.2
84.9
127.1
262.0
74.0
115.7
285.8
74.0
120.2
318.8
74.1
120.0
348.1
74.3
5571 6
27566
388.1
2834
114 6
5579 6
26762
328.0
2348
S
1266
r
471 2
r
4949
247 0
424.9
309 1
82
4855
2400
431.9
311 5
88
4646
2268
430.4
3120
102
4604
2140
419.8
3023
123
4472
2003
370.2
2714
129
4530
2068
331.4
2501
133
454 2
2102
330.6
2352
145
4827
2287
328.0
2348
15.5
483 7
231 7
360.1
2608
471 9
2398
378.8
275.1
5300
2552
'395.8
r
291.8
5150
2499
405.2
295.2
233 1
412.1
2932
80
67"2
(5)
5887
5105
47 7
47 0
486
425
4?0
378
37 3
338
388
43 5
460
539
44 1
35
266
S
13 8
90 5
31
1026
12
117 5
14
1165
16
1167
g
987
697
428
266
4
480
65.8
84.5
123 518
122 531
10696
11027
10327
10 183
10074
9668
9878
9654
10047
10479
9,813
10,997
10,841
85089
12.22
85714
13.29
7 652
12.40
8 081
12.30
7 569
12.30
6799
12.60
6926
13.20
6490
14.00
6651
14.70
6428
15.50
6859
16.10
7373
15.70
7182
14.40
7943
13.70
7950
13.40
"13.20
172.3
9785
177.9
8713
14.3
998
14.1
998
13.9
81.0
12.7
608
14.5
539
13.9
46.3
17.6
480
16.6
508
17.6
625
18.9
614
12.9
71.1
10.9
77.4
128
451
130
494
117
979
101
984
109
775
90
667
89
569
62
44.6
80
361
100
324
130
49.4
180
493
162
57.0
15.2
59.2
153 1
*157 1
179
17 5
24 9
189
203
147
46
67
15
773
993
828
834
854
908
979
1 064
1 220
1 410
1 309
956
843
798
192.6
110.9
7 634
4 059
3 574
110.4
224.2
112.3
112.8
109.7
114.9
116.5
121.2
121.7
658
34483
(5)
2
6.314
7
2
8.784
7
8102
73973
74 129
2,244.4
7689
74092
7
3 597
8
1,841.8
110.4
117.9
2
125 19
7
179.63
7
108.72
7
2
191 20
7
179.82
7
119.36
7
60 46
8
56 66
97 1
102 4
7090
4632
2
2
6
6
3.158
4
4 276
4
1 840
4
308.6
2 436
223.8
171.4
225.7
9078
5 516
3 562
213.1
132.2
130.6
106.6
117.5
114.9
3
86 85
3
51 36
3
4 51
568
106 9
111 1
103 1
118.6
114.9
122.25
73.93
4832
339
2446
272
290
445
17982
11936
6047
7 47
102 4
94 8
94 7
91 8
95 9
94 2
'4904
y
2458
J
35 49
538
5501
2239
3 262
93 9
969
992
1088
1135
88.2
79.8
83.5
82.4
88.2
5.425
6
1626
*1.116
6
510
29989
557
8
58 387
4 402
6 436
2 353
5 064
3 138
4 798
6 597
2519
2423
135.4
107.1
118.1
117.0
104.9
92.5
85.3
84.5
82.4
87.4
92.2
27253
27007
8985
12918
1 037
631
516
428
558
3861
1 652
646
850
6722
8061
705
749
780
616
504
670
765
598
553
2011
2 199
2741
«3024
1 915
206
1 618
345
1 171
201
889
270
711
178
2 574
273
2950
279
2723
261
2741
260
1126
107 9
1047
1089
1108
111 6
112 1
1109
1108
1064
1060
107 1
107 7
1076
108.3
106.6
2
2
79.1
77.7
55.7
60.1
59.3
60.8
68.9
67.4
65.9
73.3
64.5
64.8
71.8
68.9
3.28
14.43
19.10
4
1 87
4
11 23
2.66
3.79
22.48
52.18
2264
29 54
3.71
2.50
13.58
38.75
16 11
2263
2.03
373
49.32
2
681
42 51
71.32
7
46.70
7
16 87
7
29 83
41.33
1,469.2
2
1
427
6
870
e 557
342
69.1
69.1
2
1427
6
.870
6
2
55.41
2
15 84
2
39 57
64.04
7
38.58
7
15 84
7
8
22 74
37.87
(5)
2.49
4.28
13.17
25.70
1037
1533
2.30
13.82
S-22
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88
r i ..
Unlts
1988
June 1990
1990
1989
Annual
1989
Apr.
June
May
Aug.
July
Nov.
Oct.
Sept.
Dec.
Mar.
Feb.
Jan.
May
Apr.
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..
Hard red spring. No. 1, ord. protein (Minn.)
1982=100..
Wheat flour:
Production:
Flour
thous sacks (100 Ib )
Millfeed
thous sh tons
Stocks held by mills, end of period
thous sacks (100 Ib )
Producer Price Index
6/83= 100 ..
90.8
109.1
108.3
115.0
111.2
107.3
106.6
105.2
105.6
107.7
109.2
108.6
102.7
98.6
101.9
94.3
93.1
108.7
109.4
114.6
107.5
106.1
106.9
106.1
106.2
105.0
108.6
110.1
104.7
99.7
103.4
103.7
344 154 343 927
6 175
6 163
769 699 777 506
27 186
482
60 659
28607
505
64 739
26 644
480
59 645
26 598
497
61 268
32334
589
74073
29790
533
68 045
31 806
560
71 895
30487
543
69 178
27771
486
62850
27906
497
63393
27963
493 267
64038
4 800
5341
960 80 1 195 53
110.5
102.0
128 48
109.5
103 44
112.0
5253
17 78
112.7
3574
112.1
114 51
110.7
5593
177 08
109.5
66 25
108.5
134 94
108.7
5341
71 42
109.6
109.4
107.8
2089
29335
512 977
67 090
5073
108.8
106.9
108.7
1,866
POULTRY AND EGGS
Poultry:
Slaughter
mil Ib
Stocks, cold storage (frozen), end of period,
total
mil. Ib..
Turkeys
..do....
Price, in Georgia producing area,
live broilers
$ per Ib..
Eggs:
Production on farms
mil. cases §..
Stocks, cold storage, end of period:
Shell
thous cases § ..
Frozen
mil Ib
Price, wholesale, large (delivered; Chicago)
$ per doz..
20705
22 144
1 655
1 951
1 959
1 777
1 862
1 971
1903
1879
1892
1717
2,029
451
250
469
236
488
299
552
356
658
455
686
497
768
574
769
569
776
572
479
258
469
236
504
267
513
272
575
319
618
353
.315
.352
.375
.440
.410
.375
.355
.355
.290
.290
.270
.280
.305
.350
.315
193.5
186.4
15.4
15.8
15.2
15.6
15.6
15.1
15.7
15.4
16.0
15.8
14.3
26
16
27
15
12
16
23
14
6
15
9
20
12
14
.583
.777
18
15
17
15
11
13
12
14
22
14
16
15
23
17
.335
21
17
.716
.698
.720
.718
.796
.772
.794
.891
.943
.886
.751
.861
.786
152
2576
157
2947
161
2,951
169
2,730
189
2,975
173
2,706
191
2,876
175
2,694
167
2,600
175
2,775
145
2,437
165
2,696
128
2,552
.603
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
Calves . . .
thous animals
Cattle
do
Prices, wholesale:
Beef steers (Omaha)
$ per 100 Ib
Steers, stocker and feeder
(Kansas City)
do....
Calves vealers (So St Paul)
dollars
Hogs:
Prices:
Wholesale, average, all weights (Sioux City)
$ per 100 Ib ..
Hog-corn price ratio (bu. of corn equal in
value to 100 Ib live hog)
Sheep and lambs:
Slaughter (federally inspected) thous. animals ..
Price, wholesale, lambs, average (Omaha)
$ per 100 Ib
MEATS
Total meats (excluding lard):
Production
mil Ib
2411
34048
2 100
33010
6958
7252
7531
74 52
7171
7074
7109
6844
6969
7248
7521
76.73
76.61
78.15
79.36
77.57
80.50
227 67
81.45
24862
78.58
26625
78.25
26005
79.08
25844
81.64
24688
84.54
263 00
83.56
25875
81.24
244 38
82.65
24290
82.30
23000
82.47
24850
82.86
25500
87.50
90.81
91.90
85 516
86 328
7 200
7 277
6 881
6 131
7 392
7 493
7 823
7 815
7 012
7 407
6643
7 279
6785
43.25
43.91
37.22
42.40
46.24
47.26
47.04
44.58
47.49
54.63
193
17 3
144
16 1
17 9
186
r
20 1
190
r
5,122
5,295
393
435
423
398
476
6071
61 20
74 50
7375
68 56
6573
39763
716
39418
535
3 131
764
3 397
732
3342
683
Exports (meats and meat preparations)
Imports (meats and meat preparations)
do
Beef arid veal:
Production, total
mil Ib
Stocks, cold storage end of period
do
Exports
thous met tons
Imports
do
Price, wholesale, beef, fresh steer carcasses,
choice (600-700 Ibs.)
(Central U.S.)
$ per Ib
Lamb and mutton:
Production, total
mil Ib
Stocks, cold storage end of period
do
Pork (excluding lard):
Production total
do
Stocks, cold storage, end of period
do...
Exports
thous met tons
Imports
do
Prices:
Producer Price Index, Hams, smoked
1982—100
Fresh loins, 8-14 Ib. average,
wholesale ( N Y )
$ per Ib
MISCELLANEOUS FOOD PRODUCTS
Cocoa (cacao) beans, imports
(including shells)
thous met. tons.
Coffee:
Imports, total
metric tons
From Brazil
do
U.S. Import Price Index
1985—100
Fish:
Stocks, cold storage, end of period
mil. Ib.
See footnotes at end of tables.
47.21
49.65
48.41
49.48
52.56
21 0
201
212
20.5
20.8
21.6
440
468
467
457
479
431
481
466
63 31
56 67
58 33
5503
56 38
(i)
3048
652
3483
576
3317
557
3 524
538
3,411
554
3,171
535
3,350
565
2,973
610
3,257
637
3,047
653
r
21A
1 081
2
1 301
105
110
119
116
117
101
121
122
109
1 263
2
1 110
91
98
94
91
95
74
87
89
93
1 783
282
45
53
2028
251
47
60
2051
248
55
56
1 915
255
57
59
2 121
248
53
59
1 941
237
44
45
2,072
225
54
54
1,934
242
48
56
1,852
256
43
61
1,959
265
1,729
274
1,898
312
1,770
300
1 138
1 126
1 064
1 049
1 043
1 021
1 031
1 070
1 114
1 133
1 128
1.136
1.147
32
8
31
8
23811
323
443
753
23 319
256
2
568
2
682
1 031
1 078
329
6
342
g
15 623
358
147
439
15 757
'256
2
152
2
358
962
(i)
1 188
(i)
2367
2
26
7
289
83874
31 128
430
330
25
8
29
8
27
30
8
31
8
31
8
1 288
256
14
26
1 108
343
13
25
1 333
278
12
30
1 349
278
12
24
1 421
276
17
26
1 446
279
15
27
246
184
181
234
140
204
95
104
77 223
12053
71 164
14 530
86 5
99368
18678
105 479
17 140
100 372
13 213
47 6
374
386
1 341
428
13
33
2661
26
8
1 266
380
13
32
1 322
432
12
33
16292
920 040 !1
252 780 2 249 295
69 2
91 0
394
28
7
357
119 698
19 526
117 088
20969
533
130 799
32745
428
444
427
419
430
32
8
1 359
272
29
9
1 215
307
1 328
297
62.80
22.7
1.143
1247
321
59 2
401
354
322
r
320
327
S-23
SURVEY OF CURRENT BUSINESS
June 1990
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88
,, .,
units
Annual
1988
1990
1989
1989
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
metric tons
Imports, raw and refined
thous met tons
Producer Price Indexes:
Raw (cane)
1982=100..
Refined
do
Tea, imports .
metric tons
TOBACCO
Leaf:
Production (crop estimate)
....
mil Ib
Stocks, dealers' and manufacturers',
end of period
do
Exports, incl. scrap and stems
metric tons
Imports incl scrap and stems
do
Manufactured products:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt
millions..
Taxable
do
Cigars (large), taxable
do....
Exports, cigarettes
do ....
877 365 4 412,044
1 213 4 1 542
27 337
84
22806
126
33 808
149
18350
181
45586
226
50385
106
51 657
97
45619
119
28927
85
115.5
1182
4
85 257
112.3
1158
7 170
113.8
116 9
7 193
115.4
117 6
7 124
118.3
119 6
7 394
118.3
1186
6790
118.8
1204
7 070
118.0
119 2
7 634
117.9
120 1
6964
117.5
1220
7053
19356
19 382
14 701
16202
3 514
11696
11 032
6,990
20427
10684
18418
3637
17729
11 553
18025
15234
32,072
13351
3 803
19 644
16 164
9502
44 351
174
9,129
12,800
52 858
241
1,248
13,027
51 549
246
1,701
11,668
26757
158
772
14,395
47 155
220
3,046
12,151
44444
208
2,220
48 177
202
2,672
12,966
49 863
201
2,760
14,030
34341
178
5,629
1715
172.5
172.9
173.0
111.9
108 9
90 143
J
1
1370
4020
216 481
196 429
132,953
543 378
2,430
118,499
118.9
1224
117.8
121 9
119.0
122 5
120.7
1234
119.5
1224
174.0
176.6
177.7
178.1
178.4
181.0
133.8
121.3
114.3
1,414
3 803
4
224 382
4
180 286
4
41,755
LEATHER AND PRODUCTS
LEATHER
Exports:
Upper and lining leather
Producer Price Index, leather...
thous sq. ft
215 358
1982 — 100 ..
167.5
170.4
1682
166.7
210 490
16 606
18725
168.0
171.4
LEATHER MANUFACTURES
Footwear:
Production, total
thous pairs
Shoes, sandals, and play shoes,
except athletic
thous pairs
Slippers
do
Athletic
do
Other footwear
do
Exports
do
Producer Price Indexes:
Men's leather upper, dress and casual
1982 = 100..
Women's leather upper
do .
Women's plastic upper
do...
235 141
162 507
55 181
17 453
3 410
18 394
13691
19 676
17405
18 956
17488
14322
17,824
17,186
18,537
9 183
3 889
619
240
12696
5863
1 117
342
11 735
4679
991
305
12502
5464
990
431
11 521
4 562
1405
510
10 125
2575
1622
254
12 106
3813
1905
r
335
11 677
3812
1,697
r
374
12643
4,206
1,688
442
125.3
1153
109.3
129.3
1180
109.1
131.0
1180
110.0
131.0
1180
109.2
131.0
1178
110.9
129.8
1187
112.5
131.6
118.9
114.3
132.8
119.8
114.3
133.7
120.2
114.3
133.8
119.8
114.2
766
530
779
796
849
945
559
912
916
845
808
527
845
840
850
3 680
271
267
127.5
1162
110.0
125.1
1153
109.8
125.0
1148
109.9
125.0
114 5
110.3
57 534
4 335
(3)
121.3
1125
107.5
17 506
11 538
5256
712
266
(3)
(3)
5 135
(3)
LUMBER AND PRODUCTS
LUMBER— ALL TYPES #
National Forest Products Association:
Production, total
mil bd ft
Hardwoods
do
Softwoods . . .
.
do
Shipments, total
do
Hardwoods
do
Softwoods .. ..
do
Stocks (gross), mill, end of
period, total
do..
Hardwoods
do ....
Softwoods
do
Exports, total sawmill products
do
Imports, total sawmill products
thous m3
2
49 576
2
11 446
2
38 130
2
49 134
2
ll
163
2
37*971
4999
3773
829
2 944
3 846
874
2972
4025
864
3 161
4 163
937
3 226
4273
799
3 474
4420
891
3 529
3 677
671
3 006
3754
752
3 002
4810
4 740
4 746
4748
64 355
5 405
5 432
5 301
4 205
6 479
5 146
5 766
5778
3913
10 031
636
10,029
9943
876
2202
344
1 859
9 552
501
9,620
9 687
809
4
24 781
335
4
2 450
737
626
759
770
730
267
29
239
741
592
793
775
748
186
22
163
931
583
948
940
756
211
24
187
762
565
778
780
754
144
11
134
800
540
806
825
735
245
33
213
853
583
815
810
740
200
28
172
850
527
949
906
783
186
29
158
688
506
754
709
828
241
22
220
780
501
766
785
809
472
36
436
135.7
151.6
156.8
137.8
33 547
4
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
thous m 3
Sawed timber
do
Boards planks scantlings etc
do
Producer Price Index, Douglas fir, dressed
1982-100..
See footnotes at end of tables.
154.3
159.9
163.0
167.1
162.8
160.7
138.4
852
560
850
793
866
141.2
144.2
146.5
149.3
141.4
S-24
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88
Annual
IT .,
Lnits
1988
June 1990
1990
1989
Apr.
1989
June
May
Aug.
July
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
LUMBER AND PRODUCTS—Continued
SOFTWOODS— Continued
Southern pine:
Orders, new
mil bd ft. 1 12 597
Orders, unfilled, end of period
do
834
1
Production
do
12 676
1
Shipments
do
12 600
Stocks (gross), mill and concentration yards,
end of period..... ...
mil bd ft
2 072
Exports, total sawmill products . . .
cu meters 1 237 6382 1206 526
Producer Price Index, southern pine,
dressed
1982 = 100..
112.4
108.0
Western pine:
Orders, new
mil bd ft
11 143
11 426
Orders, unfilled, end of period
do....
506
537
Production
do
11229
11395
Shipments
do
11 174
11 413
Stocks (gross), mill, end of period
do....
1,402
1,347
Producer Price Index, other softwood,
dressed
1982=100..
120.1
127.1
1 107
775
1 064
1 064
1236
797
1 123
1 213
1 176
775
1 153
1 199
942
715
982
1 002
2025
92824
1 984
68080
136 776
86923
97 206
106.1
104.5
108.8
113.1
107.2
105.5
112.0
105.8
105.9
847
542
884
896
1,307
904
546
915
900
1,322
1 058
581
1023
1 023
1,322
888
558
934
911
1,345
984
541
1 017
1 001
1,361
938
533
915
946
1,330
999
535
1 042
997
1,375
854
515
869
874
1,370
855
506
896
864
1,402
128.5
131.7
131.2
130.6
130.0
128.6
127.9
126.0
125.8
15.1
175
10.5
15.6
189
11.0
10.7
168
7.8
10.3
166
7.7
9.7
156
7.6
13.4
159
9.0
14.8
161
8.2
251
988
(3)
386
1 218
5
374
1 117
2
2 114
124 827
1 962
86351 126 304
58860
119.7
109.8
111.8
116.9
1 057
628
982
935
1,449
881
610
893
899
1,443
1084
652
1028
1 042
1,429
889
591
951
950
1,430
!26.2
127.9
130.2
133.1
131.6
15.9
199
6.6
16.3
16.4
7.1
16.5
18.7
7.1
313
1 137
1
365
1 045
2
335
1 274
1 111
73
15
1,120
91
47
1,313
96
26
106.9
r
HARDWOOD FLOORING
Oak:
Orders, unfilled, end of period
Shipments
Stocks (gross), mill, end of period
mil. bd. ft..
do
do....
8.9
1930
10.9
9.7
2065
7.6
15.0
168
9.8
12.8
146
8.9
11.9
191
9.8
10.6
190
8,8
METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
thous. sh. tons ..
Scrap
do
Pig iron
do
Imports:
Steel mill products
do
Scrap
do
Pig iron .. . .
do
303
1 101
1
461
1 233
1
364
754
2
618
1 054
1549
114
33
1458
72
45
1 531
74
40
1 400
70
39
1 714
76
75
1 491
72
23
1 028
105
20
1430
72
5
2,297
4086
6 526
4,572
2,176
4019
6216
4',623
1,871
3 545
5647
4,456
2,017
3 654
5844
4,427
2,099
3634
5799
4,450
2,030
4033
6024
4,591
1,990
3656
5653
4,617
1,983
3325
5347
4,620
2,208
3 552
5*968
4,355
113 09
111 67
107 33
10486
102 62
99 58
9667
97 05
10274
4 426
5418
1 599
5325
6243
2*284
5 195
6*495
2 176
5357
6*289
2 032
4 876
6220
4776
5437
1 520
4 703
5735
1 705
4 645
5*520
1 588
4 609
4078
1 325
4555
2021
822
4 572
1 378
1 023
4522
1976 •
71 156
5 996
7 331
6 850
7 178
7 342
6 699
6 642
6 176
5 580
3401
2 508
3 128
73059
5351
22476
4 575
15 730
2 171
6677
606
21 145
11 131
9 310
*704
6230
605
21 670
10 213
10 396
1 061
6216
780
21 544
8 949
11 002
1 593
6045
393
22 286
8 008
12 239
2039
5737
592
22 275
6 664
13 844
1 767
5506
406
21 448
4 107
15 546
1 795
5364
378
22476
4 575
15730
2 171
5951
100
22088
7 101
13 134
1853
5385
250
21 986
10 296
10265
1425
6079
20958
12 810
7313
835
55,745
1 59 047
'207
55,873
56 335
303
4,990
5 063
269
4,917
5 012
278
4,707
4 792
264
4,604
4 392
247
4,172
4 491
305
4,403
4 546
308
4,692
4 372
250
4,322
4 146
267
4,202
4 103
303
4,638
4 354
298
4,221
4,681
tons
do .
9247
6782
7 490
5323
696
485
743
542
649
468
512
396
639
475
579
426
639
453
565
395
453
324
do ..
do
348
184
283
129
24
11
27
12
25
11
16
7
26
13
25
12
21
g
19
8
17
7
Iron and Steel Scrap
Production
thous. sh. tonsReceipts, 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 met tons
Shipments from mines .
do
Imports
do
U.S. and foreign ores and ore agglomerates:
Receipts at iron and steel plants
Consumption at iron and steel
plants
.
Exports (domestic)
Stocks, total, end of period
At mines
At furnace yards
At U.S. docks
Manganese (manganese content),
general imports
do
do
do
do
do
do
2,069
10098
71
4,578
13 305
12
334
785
1
355
1 126
1
403
1 260
20 891
1 038
700
17 320
1 120
488
1 341
138
93
1472
101
55
1
27,445
J
49 613
1
76 822
4,554
25,454
46731
73 105
4,620
2,258
4 175
6 557
4,725
10898
107 30
11220
1 57 347
1
56 694
20 126
57 §72
56 530
19 596
1
73 216
71 863
5286
23490
3296
18'004
2*190
1
J
do
1 Q01
(3)
6 190
*527
21 429
22 588
4 976
6*004
14 933
14*780
1 520
1 804
5 764
715
(3)
10296
1 128
Pig Iron and Iron Products
Pig iron:
Production (including production of
ferroalloys)
thous. sh.
Consumption
Stocks, end of period
Castings, gray and ductile iron:
Shipments, total
thous sh
For sale
Castings, malleable iron:
Shipments, total
For sale
See footnotes at end of tables.
tonsdo
do
1
4,549
4,746
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88
S-25
SURVEY OF CURRENT BUSINESS
June 1990
Annual
„
.,
ljnns
1988
1990
1989
1989
Apr.
May
June
July
Oct.
Sept.
Aug.
Nov.
Jan.
Dec.
Feb.
Mar.
Apr.
May
METALS AND MANUFACTURES—Continued
Steel, Raw and Semifinished
Steel (raw):
Production
thous sh tons
Rate of capability utilization
percent
Steel castings:
Shipments total
thous sh tons
For sale, total..
do
Steel Mill Products
Steel products, net shipments:
Total (all grades)
thous sh tons
By product:
Semifinished products
do
Structural shapes (heavy),
steel piling
do
Plates
do
Rails and accessories
do
Bars and tool steel, total
do....
Bars: Hot rolled (including
light shapes)....
do....
Bars: Reinforcing
do
Bars: Cold finished
do
Pipe and tubing
do....
Wire-drawn and/or rolled
do....
Tin mill products
do
Sheets and strip (including electrical),
total
. do
Sheets: Hot rolled
do ...
Sheets: Cold rolled
do....
By market (quarterly):
Service centers and distributors
do ....
Construction, incl. maintenance
do ....
Contractors' products
do....
Automotive
do
Rail transportation
do ....
Machinery, industrial equip., tools...
do....
Containers, packaging, ship,
materials
do
Other
do
Producing steel mills, inventory, end of period:
Total
mil sh tons
Steel in process
do..
Finished steel
.
do
Steel service centers (warehouses), inventory,
end of period
mil sh tons
97,480
84.1
8,738
92.2
8,633
88.1
8,171
86.2
7,955
80.8
7,790
79.2
7,617
80.0
8,175
83.0
7,386
77.4
7,222
73.3
1,209
1,095
1,137
1,122
101
100
111
110
101
100
84
83
101
101
85
84
97
95
85
83
79
78
'99,924
89.2
1
7,624
85.1
8,505
85.7
7,569
83,840
84,259
7,164
7,446
7,331
6,387
7,224
6,779
6,652
6,053
6,863
6,502
'5,975
6,080
520
541
532
458
505
462
481
466
425
500
452
555
'5,209
'7,328
'615
'14,489
5,438
7,293
545
14,510
470
629
53
1,205
474
623
59
1,236
459
645
51
1,168
392
601
46
1,109
433
661
39
1,263
457
585
32
1,206
472
620
33
1,247
428
593
35
1,107
363
548
42
1,054
465
680
40
1,213
432
630
45
1,200
472
695
54
1,347
'7,834
'5,092
1,499
4,443
1,073
4,069
7,672
5,342
1,429
4,011
1,005
4,116
667
407
125
322
97
323
678
425
127
354
95
363
614
427
121
370
95
372
561
442
101
324
80
328
632
508
118
388
83
366
625
466
110
333
76
346
660
465
115
345
80
345
562
435
104
323
71
324
554
403
90
304
61
426
638
444
127
378
81
259
668
417
111
355
77
279
721
491
131
395
90
345
40,639
12,589
13,871
41,261
12,898
13,854
3,544
1,090
1,192
3,701
1,096
1,301
3,638
1,083
1,270
3,047
918
1,066
3,485
1,093
1,163
3,282
997
1,104
3,551
1,182
1,120
3,306
1,106
1,037
2,829
976
884
3,247
1,048
1,073
3,032
958
1,021
3,615
1,144
1,221
18,980
6,014
2,815
12,078
1,116
2,537
18,185
6,861
2,863
11,180
1,096
2,162
4,817
1,749
740
3,020
306
575
4405
1,778
737
2,492
262
501
4,261
1,683
713
2,433
232
470
4,423
'36,011
4,458
37,488
1 139
9635
1,139
9063
1,164
8,821
13.1
7.9
5.2
13.0
7.9
5.1
13.5
8.0
5.5
13.5
7.9
5.6
13.2
7.8
5.4
13.7
8.0
5.7
13.3
7.9
5.4
13.3
7.8
5.5
13.3
8.0
5.3
13.0
7.8
5.2
13.0
7.9
5.1
13.0
7.9
5.1
13.1
7.9
5.2
12.8
7.8
5.0
6.5
6.9
6.9
7.0
7.1
7.2
7.0
7.0
6.7
6.7
6.9
6.4
6.7
6.3
4,030
1,931
334
174
347
176
335
177
346
161
341
159
323
153
328
160
328
142
343
123
'345
145
311
150
343
153
3
923.0
3
92.4
30.9
75.5
30.4
73.9
32.0
71.8
27.3
91.9
33.0
83.6
23.6
65.2
25.2
53.9
24.2
54.2
22.7
84.4
29.2
73.4
27.5
3
593.0
3
446.1
33.3
35.7
34.1
60.4
44.6
37.4
46.2
35.1
52.0
41.6
46.1
34.5
68.8
33.0
72.7
32.2
80.0
27.4
79.0
36.7
65.1
34.4
.8784
.9638
.9780
.8766
.8040
.8137
.7830
.7976
.7581
.7356
.6967
.6554
.7085
15,443
12,359
7,797
2,415
1,246
1,046
657
218
1,343
1,100
702
229
1,399
1,116
696
206
1,251
1,019
641
135
1,386
1,103
691
196
1,314
1,014
628
193
1,295
1,022
613
201
1,208
917
547
193
1,084
846
537
159
1,234
981
599
1,154
r
936
'569
1,324
1,075
645
4,043
4,246
4,262
4,275
4,474
4,325
4,214
4,134
3,987
4,043
4,031
r
3,927
1,498.2
1,476.7
125.6
114.7
128.0
129.2
121.8
123.3
122.6
118.9
127.6
126.4
122.5
120.0
125.3
126.1
118.3
131.3
123.2
132.2
125.8
136.5
115.0
121.2
1,164.9
89.1
102.6
98.4
92.9
98.2
93.5
99.6
103.2
101.4
104.4
92.2
311.7
476.8
25.5
39.3
26.6
40.8
24.9
41.1
26.0
36.6
28.1
41.4
26.5
40.6
26.6
41.3
28.1
35.9
30.8
37.1
3
458.0
3
35.9
20.9
35.9
24.1
32.6
25.9
28.2
20.9
53.4
24.4
37.4
28.1
45.3
30.5
51.8
32.3
38.7
16.9
33.0
24.7
3
572.5
3
133.8
40.9
13.5
41.1
4.3
26.7
6.6
71.1
21.4
48.1
15.8
96.5
23.4
40.9
13.7
46.9
6.3
42.8
12.1
56.6
18.1
2,212
104
179
102
196
107
195
102
158
106
195
98
196
92
198
96
183
100
169
104
183
95
174
79
1.3094
1.4349
1.2715
1.1590
1.1349
1.2743
1.3844
1.3166
1.1811
1.0922
1.0864
1.1126
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production, primary (dom. and foreign ores)
thous. met. tons..
3,944
Recovery from scrap
do
'2,122
Imports:
Metal and alloys, crude
do.... 1,030.6
Plates, sheets, bars, etc
do....
388.5
Exports:
Metal and alloys, crude
do....
400.1
Plates, sheets, bars, etc
do....
342.5
Price, U.S. market, 99.7% purity,
monthly average
....$ per lb..
1.1009
Aluminum products:
Shipments:
Ingot and mill prod, (net ship.)
.....mil. lb..
15,453
Mill products, total
do
12,273
Sheet and plate
do
7,384
Castings
do
2,325
Inventories, total (ingot, mill products, and
scrap), end of period .
mil lb
4,151
Copper:
Production:
Mine, recoverable copper
thous. met. tons.. '1,419.6
Refined from primary materials...
do
' 1,406.0
Electrolytically refined:
From domestic ores @
do
'1,178.0
From foreign ores
do.. .
Electrowon
do
228.0
Refined from scrap.
do....
'453.3
Imports, unmanufactured:
Refined, unrefined,
scrap (copper cont.)..
do....
626.1
Refined
do
390.4
Exports:
Refined and scrap
do
707.7
Refined
do ....
66.5
Consumption, refined
(reported by mills, etc.)
do....
'2,210
Stocks, refined, end of period
do....
98
Price, avg. U.S. producer cathode, delivered §
1.2051
$perlb..
See footnotes at end of tables.
8,241
83.1
340.2
300.1
7,174
2
2
1,568
2
575
2
228
2
773
2
115
2
209
2
306
3,088
r
32.2
37.3
2
2
1,366
2
568
2
198
2
807
2
81
2
175
2
311
2,997
4,035
29.1
35.5
2
2
8,209
85.2
1,594
2
634
2
244
2
974
2
84
2
211
8,529
85.7
I::::::::::::
2
383
3,445
.7156
.7231
S-26
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88
SURVEY OF CURRENT BUSINESS
„ ..
June 1990
1990
1989
Annual
ljnlts
1988
1989
Apr.
June
May
Aug.
July
Sept.
Nov.
Oct.
Feb.
Jan.
Dec.
Apr.
Mar.
May
METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND
PRODUCTS— Continued
Copper-base mill and foundry products,
shipments (quarterly total):
Brass mill products. ..
mil Ib
Copper wire mill products
(copper content)
'
do
Brass and bronze foundry products
do
Lead:
Production:
Mine recoverable lead
thous met tons
Recovered from scrap (lead cont.)...
do....
Imports ore (lead content)
do
Consumption total
do
Stocks, end of period:
Producers', ore, base bullion, and in process
(lead content), ABMS
thous. met. tons..
Refiners' (primary), refined and antimonial
(lead content)
thous. met. tons..
Consumers' (lead content) £)
do
Scrap (lead-base, purchased), all smelters
Price, common grade, delivered @@
Tin:
Imports (for consumption):
385.0
737.0
256.6
1,230.7
1
$ per Ib..
Metal unwrought unalloyed
do
Recovery from scrap, total (tin cont.)
do....
As metal
do
Consumption, total
do ....
Primary
do
Exports (metal)
do
Stocks, pig (industrial), end of
period
do
Price, Straits quality (delivered)
$ per Ib..
Zinc:
Mine prod., recoverable zinc
thous. met. tonsImports:
Metal (slab, blocks)
do....
Consumption (recoverable zinc content):
Ores
do
Scrap all types
do
Slab zinc:
Production, total t
thous. met. tons ..
Consumption, fabricators
do....
Exports
do
Stocks, end of period:
Producers', at smelter (ABMS)
do
Consumers'
do
Price high grade
$ per Ib
33.8
65.3
9.8
101.3
36.1
66.3
10.4
101.6
33.2
61.6
9.0
95.2
38.6
65.9
11.3
102.7
34.3
64.4
9.3
105.9
35.1
73.5
13.4
114.0
32.9
67.1
9.4
106.2
30.1
66.9
8.5
97.3
38.6
68.7
7.9
104.1
See footnotes at end of tables.
36.1
73.0
69.6
7.6
106.7
111.7
63.9
59.7
18.3
58.2
16.5
58.2
18.4
.5411
51.1
73.5
54.9
63.6
67.3
73.2
77.8
73.7
83.0
78.6
73.5
67.6
15.6
60.0
37.5
68.3
29.7
66.5
29.0
65.0
31.4
65.9
27.9
63.6
27.5
63.7
18.8
62.3
14.6
58.6
15.6
60.0
14.7
59.1
19.9
.3714
17.4
.3935
15.3
.3502
13.2
.3634
14.3
.3915
16.0
.4029
17.3
.4175
18.0
.4363
18.5
.4363
20.1
.4126
17.4
.3889
20.2
.3981
18.5
.4184
2,610
650
4,018
642
2,734
594
3,027
617
3,862
659
37
3,281
490
2,746
589
2,538
r
577
4,500
3,400
47
2,372
621
47
4,100
3,100
98
2,833
526
51,600
39,000
3
904
2,490
627
47
4,500
3,400
41
4,000
2,900
25
4,200
3,200
71
4,100
3,000
94
4,300
3,200
56
4,000
3,000
25
3,300
2,300
38
4,666
3,000
95
4,000
2,900
31
4,200
3,200
6,072
5.2018
3,717
6.4213
4,945
6.2118
4,912
6.0796
5,597
5.6910
5,872
5.1789
6,241
4.9357
5,313
4.7714
5,530
4.1880
6,072
4.1334
5,975
4.0287
5,824
3.8040
6,197
3.8771
3.9417
18.5
17.8
3
3
216
52,639
7,438
r
607
24.7
244.3
278.2
22.4
23.4
24.3
20.8
25.3
23.1
25.1
22.8
20.9
26.9
405.7
740.8
3
41.0
5
711.6
1.5
58.1
3.1
62.1
8.4
70.5
.9
46.0
4.8
58.1
4.6
50.4
4.2
58.8
2.7
62.6
7.1
56.7
3.3
57.4
2.4
253.9
2.4
252.7
.2
22.0
.2
20.6
.2
20.6
.2
20.6
2o!e
.2
20.6
.2
20.6
.2
20.6
.2
20.6
.2
20.6
.2
20.6
194.4
1,089.0
.5
205.3
1,063.0
3
8.0
16.8
81.6
.4
17.7
97.0
.1
16.1
82.1
.9
16.2
76.1
.6
18.6
101.2
1.2
16.8
81.2
1.0
17.8
92.0
.8
16.2
92.7
2.0
17.4
78.0
.2
18.1
82.4
1.0
16.1
77.0
5.6
64.8
.6020
4.7
42.7
.8206
3.8
48.3
.8852
4.1
48.8
.8464
3.6
50.2
.8059
3.9
51.8
.7967
4.8
48.1
.8132
3.8
47.0
.8108
4.0
44.0
.7995
3.3
42.6
.7592
4.7
42.7
.7233
4.1
46.9
.6763
4.0
44.5
.6475
390.2
62.7
165.5
394.5
84.3
.138.1
213.4
176.3
171.5
169.8
180.5
175.7
162.8
164.7
192.8
171.0
163.1
138.2
153.4
153.0
147.3
142.0
141.3
147.1
157.9
164.3
160.0
156.0
169.5
168.6
158.4
158.1
164.0
183.6
196.3
193.1
183.2
175.5
197.5
192.8
175.0
189.8
171.6
191.7
192.7
186.4
189.6
172.2
182.0
187.9
189.9
1
MACHINERY AND EQUIPMENT
Heating, combustion, atmosphere equipment, new
Electric processing heating equipment
do....
Fuel-fired processing heating equip
do
Materials handling equipment, dollar value
bookings index f
J 1982 100
Industrial supplies, machinery, and equipment:
New orders index, seas, adjusted
1977 = 100..
Industrial suppliers distribution:
Sales index seas adjusted
1977 100
Inflation index, not seas. adj. (tools, material
handling equip., valves, fittings, abrasives,
fasteners, metal products, etc.)
1977 = 100..
Fluid power products shipments indexes:
Hydraulic products
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
r
35.3
r
15.4
89.8
4,943
4.4142
1
rt
33.2
64.1
6.5
99.2
66.9
2,837
43,493
' 15,088
'578
'1 45,073
37,008
1,573
1
M07.7
806.1
3
120.8
1,273.3
rl
110.0
256
413
3.6
2.9
.7378
96.1
17.3
26.7
77.8
99
291
99 5
248
30.0
4.0
18.7
180.0
181.0
182.1
182.8
183.1
184.3
184.9
185.8
184.5
186.3
187.1
129
120
144
133
151
129
150
148
148
144
130
123
147
141
140
126
145
134
141
129
133
115
143
130
138
127
158
150
146
124
2,707.90
2,315.75
1,574.55
1,400.10
1,805.5
1,976.35
1,722.80
2,358.60
2,059.20
1,423.3
152.80
138.50
184.05
168.35
1,895.3
147.90
138.10
158.40
145.40
1,884.8
158.85
123.05
235.70
199.95
1,808.0
133.20
112.00
175.60
155.45
1,765.6
156.25
120.70
169.90
147.20
1,751.9
192.45
174.50
228.50
188.75
1,715.8
144.90
135.70
183.55
161.95
1,677.2
128.90
108.15
228.60
201.10
1,577.5
158.55
135.20
312.75
260.40
1,423.3
141.15
117.70
162.20
143.40
1,402.2
116.30
100.45
169.50
143.60
1,349.0
198.20
132.60
214.15
179.80
1,333.1
206.65
187.45
168.95
141.65
1,370.8
137.55
116.55
193.80
171.95
1,314.6
882.95
749.35
824.55
702.20
3857
831.60
719.05
837.00
704.15
380.3
89.75
76.40
65.50
58.80
404.6
57.35
49.85
82.35
74.10
379.6
81.85
72.85
91.85
70.10
369.6
57.55
43.35
62.10
50.55
365.0
70.85
70.45
55.90
49.75
380.0
110.15
105.00
53.50
44.45
436.6
60.10
47.05
68.00
58.80
428.8
55.50
40.05
85.10
64.15
399.2
47.75
42.20
66.60
57.85
380.3
60.15
41.50
64.15
55.65
376.3
78.25
56.70
98.50
89.70
356.0
67.65
56.95
74.75
66.45
348.9
82.60
77.25
89.15
76,70
342.4
68.65
64.50
78.80
71.00
332.2
S-27
SURVEY OF CURRENT BUSINESS
June 1990
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88
Annual
„ .,
1988
1990
1989
1989
Apr.
May
June
July
Aug.
Sept.
Nov.
Oct.
Jan.
Dec.
Feb.
Mar.
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
ELECTRICAL EQUIPMENT
Batteries (auto.-type replacement),
shipments
thous
Radio sets, production, total market :j::j:
thous ..
Television sets (incl. combination models),
production total market 'j"j~
thous
Household major appliances, industry
shipments #
thous
Air conditioners (room)
do
Dishwashers
do
Disposers (food waste)
do....
Microwave ovens/ranges
. do
Ranges
do
Refrigerators
do
Freezers..
do
Washers
.do....
Dryers, including gas.......
..do....
Vacuum cleaners (qtrly )
do
GAS EQUIPMENT (RESIDENTIAL)
Furnaces, warm air, shipments
thous
Ranges, total, shipments
. .
do
Water heaters (storage), automatic,
shipments
do....
12 117
1 167 1
5 110
416.1
61 938
2092 1
63 487
23,623
10846
1 1837
4545
3832
60855
22257
1
20 170
3 075
337 4
1260
1038
16269
601 3
64433
25,254
4 172
1,927
24 859
2018
1 994
3 868
718
275
335
824
226
536
93
457
323
4326
748
292
336
907
263
686
111
533
374
1 47 070 1 46 567
;
14 637
5091
*3 668
3 907
4,233 1 4,363
10 598
10988
1
3 202 J7 3 048
'7227
7'099
J
219
l 349 '1
1
1
6,252
6,190
4,601
M,574
11 373
10 652
4 656
1,985
2338
269 6
1038
92.6
15117
559 9
2 570
2707
1 082
941
14 166
5024
4827
2,169
6295
2,712
6 357
2,454
6685
2,578
2431
1 461
2071
2520
4389
718
324
331
788
263
785
116
572
389
2 545
3 505
365
257
285
761
218
660
129
437
305
3 832
148
319
363
956
276
687
144
524
377
3971
170
303
434
1075
258
627
123
545
410
3 224
4982
2,140
5989
1,374
3758
1,344
4790
1,547
4599
1,415
6 114
2,567
6 714
1,563
2 233
2074
2308
1 661
1843
2321
1589
3834
97
338
426
958
275
614
95
582
432
3719
101
328
369
1036
291
546
84
535
398
3 502
275
301
299
940
242
494
90
474
361
2652
3 675
259
308
362
822
234
470
99
611
461
3 530
540
272
360
676
225
487
80
480
343
4286
822
313
394
764
266
602
88
550
370
3067
3670
655
280
297
644
241
527
90
500
323
2092
2227
2162
2167
132
163
142
182
168
185
186
149
216
191
246
181
251
200
196
215
165
194
156
185
124
161
136
192
124
181
3,956
4,130
354
324
345
303
295
309
397
365
398
318
324
360
328
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
Production
thous sh tons
Exports
thous met tons
Producer Price Index
1982 — 100
Bituminous and lignite:
Production
thous. sh. tons ..
Consumption, total
do ....
Electric power utilities...
do....
Industrial, total
do
Coke plants (oven and beehive)
do....
Residential and commercial
do....
Stocks, end of period, total
do....
Electric power utilities
do
Industrial, total .
do
Oven-coke plants
do....
Exports excluding lignite
thous. met. tons ....
Producer Price Index
1982 — 100
3 555
'817
101 2
946,711
880,242
756,459
117 730
41,866
6,054
151,446
139 583
11 863
3,125
85,282
953
299
72
1032
373
58
103 5
339
85
1043
291
9
104 5
307
286
334
297
1060
1060
1060
1060
66,269
90,824
84,618
87,657
85,043
72,554
89,883
81,510
91,059
83,350
69,609
70,237
62,808
60,454
128 800
127 794
129 189
135 854
5,577
96 1
7,351
96 5
8,691
96 4
8,370
97 0
8,776
97 6
7,146
97 1
97 7
960
968
965
978
3 509
3 447
8,302
3 255
3 239
3089
8,181
3 212
3336
3142
3329
1 642
63
1 763
1601
162
1 724
51
1 765
65
1,919
1,703
216
1703
122
1 846
1 889
1791
52.9
54.5
280
82
103 0
256
110
103 0
197
55
103 1
90,753
954
77,145
65,957
55,837
9701
3609
419
148,228
138 130
10'097
3,457
8,186
94 1
82,486
68,113
58,261
9 575
3521
276
154,461
144 417
10 045
3,404
8,701
94 5
78,544
73,233
63,548
9 442
3364
243
152,393
142 404
9990
3,350
8,648
948
33,015
39 329
3 200
3 337
8,194
3406
2 086
115
1 264
1 136
129
1 813
115
971,218
2
311
14
103 2
273
70
103 1
32 519
677
103 4r
r
1046
COKE
Production:
Beehive and oven (byproduct)
Petroleum coke § . . .
Stocks, end of period:
Oven-coke plants, total
At furnace plants..
At merchant plants
Petroleum coke
Exports
thous. sh. tons..
do
do....
do....
do
do
thous. met. tons..
32,405
39 811
1,583
1,420
163
1 558
1,011
PETROLEUM AND PRODUCTS
Crude petroleum:
Producer Price Index
1982 = 100 ..
46.2
Gross input to crude oil distillation
units
mil bbl
4 921 6
Refinery operating ratio
% of capacity
84
All oils, supply, demand, and stocks:
New supply, total 0
mil bbl
6301 7
Production:
Crude petroleum
do
2979 1
Natural gas plant liquids
do
614 2
Imports:
Crude and unfinished oils
do
2021 6
686 8
Change in stocks, all oils
do....
-102
6 6234
Exports:
Crude petroleum
do
567
241 0
P
See footnotes at end of tables.
1,919
1,703
216
1 703
2
1,043
1 931
60
r
1 756
100
1 736
196
58.9
59.5
58.3
59.9
53.5
56.2
57.6
57.6
59.8
'64.3
65.0
60.1
393 9
84
420 4
86
421 6
90
432 6
89
434 7
89
416 7
88
419 5
86
406 6
86
410 3
» 84
422 5
88
487 6
88
4209
84
6 280 2
5248
5320
512 1
5400
546 5
511 5
534 2
522 5
5049
5660
4870
524.2
2 785 3
5847
232 4
51 5
242 0
51 9
229 8
46 6
231 7
50 6
235 3
484
226 9
46 3
231 3
47 5
226 9
466
228 5
43 5
233 2
493
2090
45 6
2292
r
493
2267 4
642 7
142
6 605 1
1867
54 2
265
521 0
188 5
49 7
204 0
53 7
402
532 6
214 8
48 0
64
566 3
195 5
42 9
152
518 7
204 0
51 4
62
554 9
1966
52 3
69
545 9
1790
53 9
-87.3
619 8
1828
753
48.6
548 0
177 0
555
265
535 2
1893
46 3
147
550 5
7.3
499 6
203.5
r
42 1
45.5
556 8
51 7
259 5
42
20 0
4i
20 1
73
21 5
21
21 7
50
24 9
10
18 7
19
22 6
36
25 6
76
254
41
178
29
353
4.1
18 9
56.3
4 947 3
86
S-28
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88
SURVEY OF CURRENT BUSINESS
,, ..
June 1990
1990
1989
Annual
unils
1988
1989
Apr.
May
June
July
Aug.
Sept.
Oct.
Apr.
Mar.
Nov.
Dec.
Jan.
Feb.
5296
227 8
27
1012
373
44 1
56
87
59
64
448
1 638 9 1,643 5
955.9
9240
5823
5809
May
PETROLEUM, COAL, AND PRODUCTS—Continued
PETROLEUM AND PRODUCTS— Continued
All oils, supply, demand, and stocks —Continued
Domestic product demand, total #
mil. bbl..
Gasoline
do
Kerosene
do
Distillate fuel oil
do
Residual fuel oil
do
Jet fuel
do
Lubricants
do
Asphalt
do
Liquefied petroleum gases .. .
do
Stocks, end of period, total
do .
Crude petroleum
„>
do...
Strategic petroleum reserve
do
Unfinished oils, natural gasoline, etc
do
Refined products
do.
Refined petroleum products:
Gasoline (incl. aviation):
Production
do....
Stocks end of period
do
Prices, regular grade (excl. aviation):
Producer Price Index...
.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....
6,325 7
2694 8
352
1 1425
5043
5302
566
171 2
6061
1,597 2
8899
5595
62939
4968
26835
2154
307
20
892
1 151 0
4926
426
41 2
5423
564
46
1652
108
6075
452
1 583 1 1 5959
9074
9212
5799
5680
511 1
2307
16
917
34 2
41 2
57
155
420
16224
9157
5704
5217
2349
20
899
355
44 6
50
186
425
16077
9028
571 7
5365
5087
2277
2402
13
15
921
803
34 2
399
458
44 1
49
40
21 4
249
44 4
41 8
1 647 9 1 6544
9162
9064
5754
5744
4990
2176
13
87 2
291
44 8
47
195
469
16696
912.2
577 1
5305
2256
28
960
39 5
460
51
198
526
1 663 4
9144
5783
5167
221 5
31
99 5
37 4
455
44
120
493
1 6703
9307
5795
5868
2306
48
121 1
560
54 2
36
58
660
15831
9212
5799
5260
207 5
35
98 5
484
481
50
69
51 4
1 631 6
932.9
5806
4767
2003
36
91 0
399
41 1
52
1458
5616
1520
5099
1580
5305
1630
5438
1603
5447
1575
5840
1557
5825
1588
598.6
1624
5866
1597
5800
1520
5099
1526
5461
1590
556.0
1604
5272
2,555 2
1920
2,552.4
1792
2052
1906
2158
1858
2196
1804
228.9
1922
2229
1842
212.9
1880
213.1
1859
2121
1877
2139
1792
214.0
197 6
196.0
2033
205.6
1879
58.2
67.1
745
801
780
74.7
64.7
67.1
673
636
616
69.0
67.1
67.6
70.5
71.6
900
946
997
1022
1 047
1065
1098
1 119
1 093
1 114
1075
1092
1034
1057
1 007
1029
1 001
1027
975
999
961
980
1006
1042
1 Oil
1037
999
1023
1.027
1.044
1044
1.061
93
21
92
21
6
18
9
18
9
20
9
20
10
18
10
19
9
22
g
21
5
2l
5
20
6
19
6
18
288
73
269
51
20
58
14
57
21
58
17
60
17
65
24
76
23
75
28
75
27
51
41
65
27
57
22
51
51.6
57.8
61.3
59.5
1 046 3 1 0582
1102
1104
1235
1056
58.3
58.3
55.4
54.7
55.5
58.1
60.9
63.8
64.2
>-76.3
68.3
62.3
83 6
90
984
852
90
993
843
70
994
88 2
104
1154
90 1
79
116 1
885
73
1222
90 1
79
121 4
923
89
1194
101 3
100
1056
97 2
155
1180
77 1
100
1122
823
87
997
49.5
58.4
61.5
57.5
53.3
52.7
53.5
59.3
64.0
64.4
68.1
85.3
59.4
60.4
61.0
58.4
3387
2359
446
41.1
3476
2227
438
47.6
27 1
204
402
47.3
289
163
426
49.4
28 5
154
448
51.2
266
169
430
49.4
279
148
445
48.1
256
126
495
46.8
31 0
178
514
48.2
323
161
525
49.2
353
190
438
51.9
350
251
497
r
57.8
297
17.9
51.5
55.6
302
104
46.2
55.2
51.8
50.0
5013
438
5121
409
38 1
442
387
454
405
446
437
47 4
446
483
433
486
466
504
454
51 5
420
409
461
428
42.0
464
44.2
489
623
133
597
138
4Q
13 5
53
13 2
50
130
56
143
53
14 5
48
142
44
132
50
133
45
138
48
13 6
46
130
50
123
162 1
208
1550
206
10 5
33 1
14 0
32 4
155
30 6
17 7
279
18 3
21 8
18 2
21 9
147
178
11 4
182
78
206
78
222
91
260
107
285
6652
6529
58 5
60 3
54 7
57 6
554
52 0
52 0
49 0
46 i
527
499
545
4826
1826
97.3
451 4
2015
81.5
406
179
83.8
404
199
97.2
356
19 1
105.2
380
196
117.7
367
187
126.2
350
17 0
126.4
363
157
118.8
358
132
109.5
128
81.5
383
144
76.1
351
14.8
76.7
378
16.7
78.0
PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD
Receipts
thous cords (128 cu ft )
Consumption
do
Inventories, end of period
do
1
95 537
1
WASTE PAPER
Consumption
thous sh tons
Inventories, end of period
do .
1
1
WOODPULP
Production:
Total
thous sh
Dissolving pulp
Paper grades chemical pulp
Groundwood and thermomechanical
.
Semi-chemical
.
Inventories, end of period:
Producers' own use
Producers' market
Consumers' purchased
Exports, all grades, total
thous. met.
Dissolving and special alpha
All other
,
Imports, all grades, total
Dissolving and special alpha
All other
See footnotes at end of tables.
tons
do
do....
do
do
do ..
do....
do
tonsdo....
do....
do ..
do....
do....
1 99 279
1 98*414
5462
7 858
8040
4 402
8 005
8'll2
4 320
8 358
8*348
4 343
8 476
8548
4 191
8 946
8*498
4 415
8 491
8 167
4 ggi
8 876
8331
5*405
8 202
8070
5 581
7 844
7*936
5 4g2
8741
8553
5 571
8215
8 108
5597
8260
8341
5433
19 021 '•120014
1 044 1*058
1 555
1 024
1 624
1 024
1 591
l'037
1 576
1 007
1 726
1*096
1 669
1 083
1 760
1 082
1 674
1 111
1 596
1 095
1 768
1 107
1 617
1 055
1 804
1031
61 161 rl 61 998
1 367 1 425
49*.493 r50,181
5 193
106
4209
5087
109
4 125
5 102
102
4 167
5399
144
4 377
5301
108
4322
5063
128
4069
5295
110
4276
5021
133
4032
4 991
117
3995
5480
125
4418
r
5261
123
4272 •
r
6029
r
512
366
497
356
480
353
510
368
511
359
505
361
530
379
505
351
523
357
548
389
179
190
306
596
476
61
415
380
17
363
162
305
628
457
59
398
382
9
373
164
300
588
510
72
438
354
6
348
191
320
573
490
56
434
325
7
318
193
353
591
484
74
410
428
19
409
205
364
590
497
55
442
389
19
371
187
383
551
455
61
395
401
7
394
188
446
529
314
48
266
352
5
347
193
342
519
530
82
449
362
15
347
192
518
539
95 497
4888
5943
4*358
172
261
622
'5160
785
'4,373
1
4,506
126
1
4,381
4 363
r
279
r
592
'5653
759
'4,896
'4,673
162
1
4,513
r
4988
*r89
4050
509
340
501
365
215
531
542
203
486
475
r
S-29
SURVEY OF CURRENT BUSINESS
June 1990
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88
... .,
umis
1988
1990
1989
Annual
1989
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
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:
Orders, new
........thous. sh. tons..
Orders, unfilled, end of period
do ....
Shipments
do....
Coated papers:
Orders, new
do ....
Orders, unfilled, end of period...
do....
Shipments
.
do
Uncoated free sheet:
Orders new
'
do
Shipments
..
do
Unbleached kraft papers:
Shipments
thous. sh. tons..
1
76 466
38363
38 103
1
76 646
38 189
38'456
6 191
3042
3 150
6424
3*157
3266
6326
3 104
3222
6326
3067
3259
6615
3303
3312
6284
3 168
3116
6 603
3373
3230
6361
3234
3126
6 150
3077
3073
r
6689
r
r
6119
r
r
6 706
r
3354
3,352
6,425
3,222
3,202
140.1
115.6
142.3
115.1
1425
115.5
141.0
115.8
139.5
116.4
140.0
116.2
139.7
116.3
139.8
116.6
139.7
117.0
140.0
116.9
139.2
116.6
138.4
115.8
138.5
114.9
137.8
115.0
133.2
113.3
3 377
3,313
3121
2,998
1
1
'1784
211
1,754
134
178
149
154
186
151
149
199
139
151
191
148
168
217
153
177
238
152
152
212
167
129
196
153
150
211
123
162
190
157
150
'200
142
126
186
150
129
147
155
'7412
751
7 359
1
7,262
822
7 194
505
647
544
613
698
580
636
737
580
650
824
572
659
850
652
633
876
611
667
861
653
552
832
616
585
822
585
r
610
r
531
622
578
r
r
643
'658
r
614
656
747
567
'11 298 1 11 132
'll 277 n 11 043
870
923
864
955
916
902
868
867
1017
968
950
901
995
968
967
930
914
864
960
996
992
930
1,068
r
983
1,023
971
211
500
192
467
'1654
208
1,624
r
1
671
643
2,800
'5476
'2,681
'5636
199
451
206
474
229
469
212
458
227
484
210
473
239
489
241
474
216
460
216
474
190
452
9840
9740
288
9640
9607
321
804
775
442
830
842
430
789
809
409
815
775
449
837
811
475
760
830
405
846
852
399
788
816
371
767
817
321
797
716
403
747
718
432
794
825
401
786
815
372
5427
5,415
48
5523
5,515
56
449
442
78
458
462
73
452
452
73
474
472
74
462
469
67
469
470
66
477
478
66
468
481
53
483
480
56
502
497
61
462
467
56
492
493
56
491
493
53
12,244
12,241
1,051
1,037
983
951
1,033
1,109
1,115
930
1,060
933
7794
749
2
7 678
850
612
838
673
829
600
843
537
824
618
793
667
758
628
749
605
127.6
122.5
126.5
123.2
122.0
121.3
120.7
120.4
119.3
119.0
118.3
116.8
308,509
313,398
26,458
26,934
26,753
24,654
27,837
25,441
28,982
25,349
23,202
8535
8388
7968
Newsprint:
Canada: t.
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 <)
do ....
Publishers' stocks, end of period #
thous. metric tons ..
Imports
do
Producer Price Index,
standard newsprint
,
1982=100..
Paper products:
Shipping containers, corrugated and solid
fiber shipments
mil. sq. ft. surf, area..
1,000
848
714
1,029
966
r
r
r
U.S. Import Price Index
Synthetic rubber:
Production
.
8786
8667
87 48
65 10
8621
63 78
1060
8270
86 16
77 86
7223
8806
67 05
7325
8332
70 42
998
64 17
8774
71 59
do
do
2 334 72 2 301 82
2 016 85 2 116 11
32203
27928
460 01 2 579 08
207 17
194 68
29960
41 27
189 07
170 69
300 42
5439
179 59
165 41
303 67
51 30
17865
167 88
308 66
4371
18621
172 60
314 14
4821
201 66
171 11
323 42
5454
20471
181 53
32962
5464
thous
do
do
do
do
do
do
'211 351 '212870
264 811 264 049
59 347
62932
189 212 188 717
15985
12 666
33 191 39308
2
16 149 19 118
19 224
22 375
5770
15 221
1*384
42 791
1 634
19 090
23 022
5 806
15896
1 320
43 580
1 343
18312
24 558
5 130
18 198
1 231
42 695
1 295
14835
19 927
3 174
15 554
1 198
42 596
1 602
18288
23 955
4969
17*488
1*497
41 902
2 112
16963
23 151
4 947
16 913
1 291
39 852
1 566
18400
23 335
4910
17003
1 422
39 156
1 790
thous metric tons
TIRES AND TUBES
Pneumatic casings:
Production
Shipments total
Original equipment
Replacement equipment
Exports
...
Stocks end of period
Exports (Bu of Census)
Inner tubes:
Exports (Bu of Census)
6838
82 18
74 57
1985—100
Stocks end of period
Exports (Bu. of Census)
See footnotes at end of tables.
88867
91 98
909 42
1103
do
85828
6174
85382
1477
1 712
2
2
1 813
143
201
137
133
181
121
136
1,022
821
806
115.1
115.3
115.1
115.0
27,609
24,180
26,680
26,619
27,219
5205
91 98
6128
1003
r
6262
10009
7231
5730
10001
58 57
78 98
10150
81 87
1027
193 82
184 54
330 32
4359
16668
15354
322 03
4439
18050
169 30
31370
184 11
16452
31555
18791
168 72
313 10
16323
21 924
4706
16011
1206
38378
1 412
14721
18 545
3 532
13950
1 065
39308
1 396
17180
18831
4493
12984
1 354
46206
19297
22539
5312
15735
1 493
48084
803
836
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
thous metric tons
Stocks, end of period ..
do
135.8
114.0
C
C
96
174
18887
19763
3426
14*978
1 360
43 565
S-30
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88
SURVEY OF CURRENT BUSINESS
Annual
IT .
uims
1988
June 1990
1990
1989
1989
Apr.
June
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments, finished cement..
thous bbl
1
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
477 958 '474 346
Veneer base
Gypsum sheathing
Regular gypsum board
Type X gypsum board
Predecorated wallboard
5
/i e mobile home board
Water/moisture resistant board
.do..
do ....
do
do
do
do
do ....
44 585
47 085
43782
51 782
45282
49 298
40234
26303
6,930.0
6,746.7
569.2
636.6
625.9
587.4
690.2
593.0
634.5
469.7
466.0
(2)
253.0
(2)
24.8
(2)
25.8
(2)
24.4
(2)
22.4
(2)
21.4
(2)
19.4
(2)
22.4
537.1
(2)
20.6
387.7
(2)
300.9
(2)
17.7
(2)
16.4
(2)
16.3
4707
5137
41 5
462
469
388
488
426
44 5
39 2
370
397
381
1109
1122
111 9
111 6
1117
111 8
111 8
1120
113 2
113 3
113 5
1137
23,837
24831
25,784
25561
25,175
26442
24,311
23425
25,837
26010
21,837
25,258
20,963
20688
17,513
19976
21,859
1 939
6 114
2334
6250
6040
7775
2 394
6 228
7971
2066
2154
8018
2391
2342
6499
8279
2599
2 025
7940
2,198
2222
5810
5621
5885
4779
6390
752
878
755
555
122
44423
79
44862
83
43866
53
44409
GLASS AND GLASS PRODUCTS
Flat glass, mfrs.' shipments
thous $ 1 484,949
Glass containers:
Production
thous. gross- 284,473 280,586
Shipments, total
do
280,439 279 455
Narrow-neck containers:
Food. .
do
22740
22100
Beverage.. .
do
63551
64436
Beer
do
88575
86 285
Liquor and wine
do
25709
26,491
Wide-mouth containers:
Food and dairy products
do
68186
66675
Narrow-neck and wide-mouth containers:
Medicinal and toilet.
do
8731
13980
Chemical, household, and industrial
do
1 078
1 357
Stocks, end of period
do
42296
42408
GYPSUM AND PRODUCTS
Production:
Crude gypsum (exc byproduct) thous sh tons
Calcined
do
Imports, crude gypsum
do
Sales of gypsum products:
Uncalcined
do
Calcined:
Industrial plasters
do
Building plasters, total
(incl. Keene's cement)
do....
Board products, total
mil. sq. ft..
Lath
do
39 261
1
16
1
390
17 274
9,679
1
5 375
'150
20,563
21
472
'311
1
591.1
(2)
'21.5
20.4
r
44.0
39.8
114 1
1148
1150
22101
21,997
20563
'25,228
r
24,689
25,063
24,853
2160
1913
5706
1819
7819
2,221
5725
8282
2,455
5084
5887
5,512
751
804
818
891
107
41 709
63
42889
77
r
43 094
43262
653
605
633
12,803
12*803
^'457
10J62
11,289
11*289
lil04
9*.524
9,894
9*894
1*153
8,052
8,036
8*.036
584
661
689
702
4532
6554
1964
1 596
4 535
7160
1999
5480
5080
5769
777
655
647
89
44 590
65
45 243
88
42408
4*727
6460
1971
5481
6272
719
702
86
44 186
71
43820
6749
1 707
1 411
4 242
6430
2078
1 767
5242
7 029
2187
5061
21917
1 337
1 210
1 430
778
1 310
1 400
731
1 360
l'490
838
1 410
1 420
820
1 460
1 580
758
1 890
1 900
413
431
433
281
477
461
458
430
(2)
1,698
2
43
22
997
500
9
67
58
(2)
1,744
1
(2)
1,773
2
(2)
1,669
1
(2)
1,722
1
(2)
1,918
1
(2)
1,700
1
47
24
1 036
507
10
62
58
40
25
1 061
520
9
59
57
35
22
984
501
9
59
57
(2)
1,953
2
44
25
1 167
569
10
73
64
39
21
1 039
499
9
60
54
41
26
1 144
560
10
73
63
37
23
1 036
488
9
52
55
981
5,806
10,357
829
665
617
13,917
13,917
2*815
10*558
*544
75
(4)
235
1
1 110
1320
913
578.8
386 300
403 583
1 100
1 450
915
1
r
13,888
1
4,583
'132
'605
'550
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 0
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.
90
14,985
15,412
7,294
11,884
7,444
611
631
16,062
16^062
1,957
13,524
12,803
12*803
1,'457
10,762
10,683
581
584
3
382
3
781
545
663
9,353
9,951
9*951
1*.076
8*.229
8,580
8*,580
1*,219
6/760
6,985
6*985
'450
5,929
17,382
17^382
11*,807
4*.975
16,195
16*195
Il'l47
4*,458
15,157
15,157
1,221
7*378
623
646
601
606
600
590
'552
lo'ess
'707
5
11,558
12,233
3
r3
794
765
6,569
629
115.0
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88
S-31
SURVEY OF CURRENT BUSINESS
June 1990
„ ..
1990
1989
Annual
Units
1988
1989
Apr.
May
June
July
Sept.
Aug.
Nov.
Oct.
Jan.
Dec.
Mar.
Feb.
May
Apr.
TEXTILE PRODUCTS—Continued
COTTON AND MANUFACTURES— Cont.
Cotton (excluding linters) — Continued
5,649
Imports
thous. net-weight bales §..
1
3
Price(farm), American upland 0
cents per Ib ..
55.6
Price, Strict Low Middling, Grade 41, staple 34
(IVie"), average 10 markets
cents per Ib.. . 357.7
Spindle activity (cotton system spindles):
Active spindles, last working
day, total
mil
11.5
Consuming 100 percent cotton
do....
4.4
;
Spindle hours operated, all
78.1
fibers, total
bil.
.302
Average per working day
do
Consuming 100 percent cotton
do
28.9
Cotton cloth:
C